Potential of CMOS Image Sensors in Automotive Industrymops.twse.com.tw/nas/STR/623820160310E001.pdf · CMOS Image Sensors in Automotive Industry ... CMOS Image sensor Market Application

Potential of

1

Potential of CMOS Image Sensors

in Automotive Industry

Mar. Mar. 2016 2016

ⅠⅠⅠⅠ Climate Analysis

ⅡⅡⅡⅡ Segmentation, Targeting and Positioning

ⅢⅢⅢⅢ Target Customers Analysis

2

Index:

ⅣⅣⅣⅣ Kingpak Company Analysis

ⅤⅤⅤⅤ Kingpak Competition Analysis

ⅥⅥⅥⅥ Kingpak Performance





3

Index:

★




4

1. CMOS Image Senor Market

Market TAM:1. 2015: $10.73B; 2020: $17.52B2. CAGR(2015~2020) in Revenue: 10.30%

5

2. CMOS Image Senor Market

6.4 6.4

Market TAM:1. 6.4B unit market by 20202. CAGR(2014~2020) in Unit: 8.0%

CAGR for Automotive(40%) & Security(20%)

6

3. Who Are Major Players & Ranking (by Revenue)

SONY #1 in CCD Image sensor; leading BSI technology for Apple

SAMSUNG #1 Smartphone market share, plus leading Semiconductor Technology

OV Working with TSMC, 1st

BSI release for Apple, leading in low-end market

ON SEMI Merged Aptina in 2014, with a focus on Automobile & Security areas

7

Automotive(35%) & Security(20%) (2013-2017 CAGR)

4. CMOS Market Opportunity by Application

.





8

Index:

★




9

How we target and position our market

A. CAGR is higher than average 11% and market size is adequate

B. Entry barrier is higherB. Entry barrier is higher

C. Free from "commodity trap"

A. Automobile

10

11

1. CMOS Image sensor Market Application Segment

(CCD/CMOS)

★ CMOS image sensor sales for automotive safety systems will climb to CAGR of 41% till 2020★ Thanks to explosive growth, automotive will soon to be the second largest application.

12

2. CMOS Automotive Market Trend

1. Regulation in the US will impose rear view camera by 20182. Close to one camera per new car is average in 2015.3. Average of 3 cameras per new car before 2020.

12

SemiSemi--AutoAuto: collision-avoidance system

Assist: Line departure warning; Fatigue warning

FeatureFeature: Rear View & 360 surround view

13

3. Automotive Camera Market by Application & Pixel Size

Source:Toshiba Management

80Mp

More 1.3-Mega pixel parts coming …

14

4. Automotive Supply Chain

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/Tier2

Audit Certification

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Including:1. Panasonic2. Toshiba3. Pixelplus4. Clairpixel5. BYD

15

5. CCM Automotive Major Players

16

6. Automotive Camera Supply Chains

Integrator

16

17


1. Different Sensor Technology, including NIR, Infrared Cameras, etc…2. Up to 10 Cameras per car

17

18

8. Automotive Camera per Cars Roadmap

1. Y2015(Current): Surround View(Display)

2. Y2020: Assistance for Driving Monitoring

3. After Y2020: more cameras due with Semi-Auto/ADAS demand

19

9. Automotive Market Trend for ADAS

Adoption(Built-in vs. Timing) Rate:1. 3-5 years: 1~4ea per car for Surround View Display2. 7-10 years: 4~8ea for Assistance(Driving Monitoring)3. Over 10 years: 8~10ea per car for Semi-Auto(ADAS)

20


20

21

3D CMOS Sensor market in Automotive

B. Security /Surveillance

22

23

1. CMOS Security Market Scale

(CCD/CMOS)

CMOS sensor sales for security systems and surveillance applications are expected to grow by aCAGR of 17.0% in the five-year forecast period in 2019.

24

2. Security / Surveillance Supply Chain




25

Index:

★




26

� Headquarters: Phoenix, AZ

� Employees: ~22,000 globally

� Revenue: ~$3.3Bn(1)

� Market Capitalization: ~$4.1Bn(2)

� Ticker: ONNN

� Founded: Spun-off from Motorola 1999, IPO 2000

A. ON Semiconductor : 1) Biz Strategies

(1) 2014 revenue (2) According to NASDAQ - based on closing stock price on May 1, 2014 (3) Sector % based on 1Q14 results

Remark: Strategies in Biza. Investing in Automobile & Industrial Sectors to drive business Growth.b. #1 market share & expanding technology lead in automobile sectors.c. Strong position on Security / Surveillance sector.

2. ON Semiconductor -- Top 2027

Source: Gartner Dec’14, Preliminary Ranking of Top 25 Semiconductor Vendors by Revenue

Remark: Intend to be Top10 in coming 5 years

3. ON Semiconductor -- CMOS in Automotive

28

Remark: a. Strong technology

leadership: pioneer in auto imager sensors


sensorsb. Multi uses in autos

besides rear view camera

4. ON Semiconductor -- CMOS in Security/Industrial

29

Remark: a. Strong Positionb. Broadest product

portfolioc. #1 share in IP


c. #1 share in IP Camera market

d. Increase need for Surveillance

e. Software Capability

30

B. SONY : 1. Image sensor “Battle of the Giants”: Sony invests $4B. What does it mean for the CIS industry?

Sony’s Core: Sony’s Core: Sony’s Core: Sony’s Core: 1.1.1.1. Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Pioneer in BSI; Pioneer in BSI; Pioneer in BSI; Pioneer in BSI; 2.2.2.2. The The The The new new new new stacked sensors stacked sensors stacked sensors stacked sensors are presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSI....3.3.3.3. CapaCapaCapaCapa expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.

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2. Sony Aims at Automotive Cameras

1. Sony owns about 40% market share in CMOS.2. Now 5% share in automotive; to be No 1 in automotive sensors" by the time self-

driving cars are expected to hit the roads in early to mid-2020s. Sony’s plan to3. Sony’s new sensor is capable of capturing high-resolution color images in light

conditions as low as 0.005 lux, a level equivalent to that of a moonless night and one that is far below illumination levels under a star-filled night sky. The sensor sampling starts on Nov. 2014, mass production is planned for May. 2016.

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3. Sony CMOS Sensor Application FCST

Smartphone

Smartphone(Main)

Smartphone(Sub)





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Index:

★ ⅣⅣⅣⅣ Kingpak Company Analysis



★

34

Technology Field Distribution (%)

CSP/BGA21%

CMOS62%

Memory Card12%

Process/Test4%

Flip Chip1%

287

Technology Field Distribution (Patent Counts)

~500 Patents Filed~500 Patents Filed

1. 1. KingpakKingpak IPsIPs

287

98

58

5 17Pat

ent C

ount

s

CMOS CSP/BGA Memory Card Flip Chip Process/Test

Remark1 World#1 CSP Package Mass Production for DRAM

2 Y2000 started Micro SD PIP package, Y2005 World#1 MP

3 Most CMOS Image Sensor package IP Company

352. 2. KingpakKingpak Product & ServiceProduct & Servicea. Package Solutions a. Package Solutions

36

b. Kingpak Dedicated Reconstructed Assembly

1.• Class 10 clean room for CMOS Image Sensors

2.• Auto/Visual Inspection

3.• Polish Grinding

4.• Laser Grooving

5.• Auto/Visual Inspection

c. Kingpak Final Test

1.• Industrial Standard System

37

2.• In-house Developed System

383. 3. KingpakKingpak Quality System Quality System Qualification & Qualification & CertificationCertification

Continental May 2012

KostalMar

2013

Hitachi AMS Aug 2013

HyundaiOct 2013

MandoOct

2013

LGIT (Innotek) Oct 2013

Bosch Apr

2014

ValeoJun

2014

Delphi Jul 2014

Continuous 10 Automotive Customers Audit Pass at Excellence Grade

Remark : Remark : The average timeline for camera module house to certify the system is around 1 to 2 years.




39

Index:




★

40

BSI (Back Side illuminated)Pixel isolation / CFA Tech.

3D Stack IC Quantum Dot Film

Frond-End

PDAF (Phase Detection AF) eDOF (Extended Depth of Field )

HDR (High Dynamic Range )

Software / Design

1. CMOS Image Sensors Upstream/Down Stream Technology Drives

Frond-End Software / Design

Higher Level ReliabilitySmall Form Factor

Lower Cost

WLO (Wafer Level Optical )OIS (Optical Image Stabilization)

Dual Camera Lens

Packaging / Assembly Optical Module

Stage 1: IP Patent� Over 500 Patents, and 62% focus on CMOS

Stage 2: Quality System� System certify : TS16949 ; ISO14001� 0 dppm target : 6 sigma implement� Passed Tier 1 customer audit

Stage 3: Process Control

2. Entry Barriers for Package41

Stage 3: Process Control� High Level Clean room setup : Class 10� Good experience & Know-How at Particle control

Stage 4: Technical Supporting� Fully Turn-Key Solution� Small Pixel size Handling experience� Package development Know-How &

ProfileStage 5: Management Team

� Over 15 years CMOS experience Elite � Long term Relationship w/ Suppliers

3. Competition Technologies & Competitors Analysis

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43

Index:



ⅥⅥⅥⅥ Kingpak Performance★

44KINGPAK 2015Y Consolidated Statement of Financial Information(YoY)

Unit：：：：NTD K 2014Y % 2015Y % Y on Y.

Revenue 1,205,132 2,580,980 114.2%

Gross profit 55,709 4.62% 660,633 25.60% 1085.9%

Operating income 14,501 1.20% 399,516 15.48% 2655.1%

EPS 1.10 9.47 8.37

Note1：annualized returnIndex differentiation due to Kingpak M&A in 2015

EPS 1.10 9.47 8.37

ROA(Note1) 6.81% 34.24% 27.4%

ROE(Note1) 9.10% 49.38% 40.3%

Debt/Assets 15.52% 40.29% 24.8%

Current ratio 366.20% 149.95% -216.3%

Quick ratio 305.80% 123.39% -182.4%

45

KINGPAK 2015Y Consolidated Statement of Financial Information (YoY)

5.00

6.00

7.00

8.00

9.00

10.00

1,500,000

2,000,000

2,500,000

3,000,000

Unit

Unit

Unit

Unit：：：：NT

DNT

DNT

DNT

D

UUnit

UUnit

UUnit

UUnit ：：：：

NTD K

NTD K

NTD K

NTD K

2014Y 2015Y

Revenue 1,205,132 2,580,980

Gross profit 55,709 660,633

EPS 1.10 9.47

0.00

1.00

2.00

3.00

4.00

0

500,000

1,000,000

Unit

Unit

Unit

Unit

UUnit

UUnit

UUnit

UUnit

46KINGPAK Q4-2015 Consolidated Statement of Financial Information (QoQ)

Unit：NTD KQ1-2015 %

Q2-2015 %

Q3-2015 %

Q4-2015 %

Q1 o Q2

Q2 o Q3

Q3 o Q4

Revenue 704,343 500,443 664,185 712,009 -28.9% 32.7% 7.2%

Gross profit 156,733 22.25% 107,587 21.50% 188,758 28.42% 207,555 29.15% -31.4% 75.4% 10.0%

Operating income 90,178 12.80% 56,250 11.24% 111,173 16.74% 141,915 19.93% -37.6% 97.6% 27.7%

Revenue dropped due to major customer’s M&ANote1：annualized return

EPS 2.10 0.95 3.12 3.30 -1.15 2.17 0.18

ROA (note1) 25.37% 20.28% 28.12% 34.24% -5.1% 7.8% 6.1%

ROE (note1) 58.47% 40.97% 49.10% 49.38% -17.5% 8.1% 0.3%

Debt/Assets 72.34% 67.50% 56.67% 40.29% -4.8% -10.8% -16.4%

Current ratio 136.20% 135.31% 185.58% 149.95% -0.9% 50.3% -35.6%

Quick ratio 99.24% 98.96% 145.69% 123.39% -0.3% 46.7% -22.3%

47

KINGPAK Q4-2015 Consolidated Statement of Financial Information (QoQ)

1.50

2.00

2.50

3.00

3.50

400,000

500,000

600,000

700,000

800,000

Unit

Unit

Unit

Unit：：：：NT

DNT

DNT

DNT

D

Unit

Unit

Unit

Unit：：：：NT

D K

NTD K

NTD K

NTD K

Q1-2015 Q2-2015 Q3-2015 Q4-2015

Revenue 704,343 500,443 664,185 712,009

Gross profit 156,733 107,587 188,758 207,555

EPS 2.10 0.95 3.12 3.30

0.00

0.50

1.00

1.50

0

100,000

200,000

300,000

Unit

Unit

Unit

Unit

Unit

Unit

Unit

Unit

48KINGPAK Q4-2015 Revenue Breakdown(QoQ)

MEMORY MEMORY MEMORY MEMORY

35%35%35%35%

KINGPAK Q1KINGPAK Q1KINGPAK Q1KINGPAK Q1----2015 Revenue2015 Revenue2015 Revenue2015 Revenue

MEMORYMEMORYMEMORYMEMORY

22%22%22%22%


MEMORYMEMORYMEMORYMEMORY

19%19%19%19%

KINGPAK Q3KINGPAK Q3KINGPAK Q3KINGPAK Q3----2015 Revenue2015 Revenue2015 Revenue2015 Revenue MEMORYMEMORYMEMORYMEMORY

20%20%20%20%

PackagingPackagingPackagingPackaging

80%80%80%80%


1. Memory agency business will

gradually reduce ,only present products / customers will be serviced

2. The revenue of high gross margin products of automotive and security will gradually grow up

Packaging Packaging Packaging Packaging

65%65%65%65%


78%78%78%78%


81%81%81%81%

49

KINGPAK Q4-2015 ROA/ROE (QoQ)

40.00%

50.00%

60.00%

70.00%

KINGPAK Q4KINGPAK Q4KINGPAK Q4KINGPAK Q4----2015 ROA2015 ROA2015 ROA2015 ROA/ROE/ROE/ROE/ROE(QoQ)(QoQ)(QoQ)(QoQ)

註1：當季資產/股東權益報酬率係年化比率

Q1-2015 Q2-2015 Q3-2015 Q4-2015

ROA 25.37% 20.28% 28.12% 34.24%

ROE 58.47% 40.97% 49.10% 49.38%

0.00%

10.00%

20.00%

30.00%

50

KINGPAK Q4-2015 Key Financial RatiosRatios Analysis Q1-2015 Q2-2015 Q3-2015 Q4-2015

FinancialStructure Ratio of Liabilities toAssets 72.34 67.50 56.67 40.29 40.29 40.29 40.29

(%) Debt of Long Fund to Bank Property and Equipment

180.77 165.30 179.02 139.04 139.04 139.04 139.04

Solvency Current Ratio 136.20 135.31 185.58 149.95 149.95 149.95 149.95

(%) Quick Ratio 99.24 98.96 145.69 123.39 123.39 123.39 123.39

Times Interest Earned Ratio

12.36 9.58 14.61 20.01 20.01 20.01 20.01

Account Receivable Turnover 17.89 15.11 11.47 15.88 15.88 15.88 15.88

Operationg Days Sales in Account Receivable 20 24 32 23 23 23 23

Account Payable Turnover 18.84 19.31 16.10 Ability Account Payable Turnover 18.84 19.31 16.10 18.69 18.69 18.69 18.69

Days Pay in Account Payable 19 19 23 20 20 20 20

Cash Turnover 29 35 32 18 18 18 18

Inventory Turnover 12.98 12.35 15.90 25.59 25.59 25.59 25.59

Average Days in Sales 28 30 23 14 14 14 14

Fixed Property and Equipment Turnover

7.72 6.62 6.78 5.68 5.68 5.68 5.68

Total Assets Turnover 1.96 1.81 2.00 2.17 2.17 2.17 2.17

Ratio of Return on Total Assets 25.37 20.28 28.12 34.24 34.24 34.24 34.24

ProfitabilityRatio of Return on Shareholder’s Equity

58.47 40.97 49.10 49.38 49.38 49.38 49.38

Profit Ratio 12.06 7.59 18.84 20.02 20.02 20.02 20.02

Earnings per share 2.10 0.95 3.12 3.30 3.30 3.30 3.30

EBITDA 123,785 76,222 160,756 177,389 177,389 177,389 177,389

Net Equity per share 15.20 16.04 19.59 25.13 25.13 25.13 25.13

~THANK YOU~

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Documents

Potential of CMOS Image Sensors in Automotive Industrymops.twse.com.tw/nas/STR/623820160310E001.pdf · CMOS Image Sensors in Automotive Industry ... CMOS Image sensor Market Application