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A A a1. Company at a Glance a1. Company at a Glance No. 155, - PDF document

Oct 24, 2023 •202 likes •371 views

MPI Corporation (6223.TT) MPI Corporation (6223.TT) Morgan Stanley Morgan Stanley 1 Confidential Confidential A A a1. Company at a Glance a1. Company at a Glance No. 155, Chung-Ho St., Chu-Pei, Hsinchu, Address 302 Taiwan, R.O.C.

  1. MPI Corporation (6223.TT) MPI Corporation (6223.TT) Morgan Stanley Morgan Stanley 1 Confidential Confidential A A a1. Company at a Glance a1. Company at a Glance No. 155, Chung-Ho St., Chu-Pei, Hsinchu, Address 302 Taiwan, R.O.C. Founded July, 25, 1995 Paid-in Capital NTD$ 776M (2010.07.31-the latest ) No. of Employees 848 (2010.07.31) No. 7, Luke 1st Rd., Luzhu Shiang, Kaohsiung, Southern Taiwan Branch 821 Taiwan, R.O.C. 2

  2. Milestone Milestone Milestone 1995 1995 Company established Company established 1998 1998 Technology transfer from MJC completed Technology transfer from MJC completed 2000 2000 Hsinchu New plant operation started Hsinchu New plant operation started Tainan branch and repair center established Tainan branch and repair center established 2001 2001 Pass ISO9001 certification Pass ISO9001 certification 2003 2003 MPI IPO in OTC Market MPI IPO in OTC Market 2006 2006 ST Branch Luzhu ST Branch Luzhu plant operation started plant operation started 2008 2008 Signed MOU with SUSS MicroTech Signed MOU with SUSS MicroTech Test System Test System 2010 2010 Solar cell B.U signed MOU with GET Solar cell B.U signed MOU with GET 3 A A a2. Business Portfolio : 2009 & 2Q 2010 a2. Business Portfolio : 2009 & 2Q 2010 80% 61% 60% 2009 42% 47% 38% 1Q 2010 31% 40% 22% 2Q 2010 24% 19% 15% 20% 0% Probe Card Leda Solar 4

  3. Agenda 1. LED: P. 6 - 17 2. Semi-conductor: P.19 - 24 3. Solar: P.26 - 27 4. Apendix 5/35 5 5 B1 B1 EPI-Wafer Process EPI-Wafer Process Wafer Wafer Laser Scriber Laser Scriber Mounter Mounter 400um 100um Breaker Breaker Grinder Grinder Expander Expander 1 7 1 7 6 6 PC PC PC PC PC PC PC PC Prober Prober PC PC PC PC MOCVD MOCVD Prober Prober Sorter Sorter 42(P)/Run 42(P)/Run • MPI Co. (75%) MPI Co. (75%) • • Fittech Fittech Co. Co. • • Chroma Chroma ATE Inc. ATE Inc. CCD • 2 5 Tape Mounter Tape Mounter Counter Counter 6 0 QC Prober QC Prober Sorter Sorter Post Post • MPI Co. (40+%) MPI Co. (40+%) • Inspection Inspection 6 • ASMP (HK) ASMP (HK) •

  4. B1 B1 MOVCD Makers 2010 MOVCD Makers 2010 MOVCD Makers MOVCD Makers’ ’ Ratio Ratio MOVCD Asia Order Ratio MOVCD Asia Order Ratio MOVCD Makers’ Ratio MOVCD Asia Order Ratio China, Korea, Taiwan, 7 Source: DIGITIMES ， 2010/4 B1 B1 G.L ASP Trend G.L ASP Trend 09’ 10’ 10’ 10’ 10’ 12/28 01/04 02/01 03/01 03/15 8 Source: GFK Japan, DIGITIMES ， 2010/4

  5. B1 B1 LED General Lightings TAM LED General Lightings TAM Source: GFK Japan, DIGITIMES ， 2010/4 LED TAM of General Lighting LED General Lighting 9 Penetration Rate B1 B1 03. Equipment Shipment 2009~2010 03. Equipment Shipment 2009~2010 % PC 300 300 300 300 3500% 3500% 3500% 3500% 3200% 252 2009 2009 2009 2009 2010 2010 2010 2010 Growth Growth Growth Growth 246 231 250 250 250 250 221 2500% 2500% 2500% 2500% 197 200 200 200 200 165 150 150 1500% 1500% 150 150 1500% 1500% 118 88 100 100 100 100 500% 500% 500% 500% 50 50 50 50 0 0 0 0 -500% -500% -500% -500% Jan. Feb. Mar. Apr. May Jun. Jul Aug. Sep. Oct. Nov. Dec. 10

  6. B1 B1 03. Geography & Product Mix 03. Geography & Product Mix 1H 1H’ 1H 1H 1H 1H ’ ’ 2010 ’ ’ ’ 2010 2010 2010 2010 2010 1H 1H ’ ’ 2010 2010 by Product by Product by Product by Geography by Geography by Geography % 100% PC 31 48 76 Korea, 100, Japan, 0, 219 80% 10% 0% 60% 223 40% 283 80 465 China, 332, 20% Sorter Taiwan, 32% Prboer 611, 58% 0% 1Q-10(S) 2Q-10(S) 1Q-10(AP) 2Q-10(AP) Season Country, PC, % AP: Approval Receipt S: Shipment AP: Approval Receipt S: Shipment 11 B1 B1 03. 1H’ 2010 Major Customers 03. 1H’ 2010 Major Customers Taiwan Taiwan Korea Korea China China 12

  7. B1 B1 03. Prober 03. Prober ����������������� ���������������������������� 13 B1 B1 03. Sorter 03. Sorter ��������� �������� !��������""��#������� 14

  8. B1 B1 03. State-of-the-Art 2 in 1 Machine 03. State-of-the-Art 2 in 1 Machine 15 B1 B1 03. Auto Sorting Machines 03. Auto Sorting Machines ���$%������&�' ���������������#����(���) 16

  9. B1 B1 03. Auto Taping Machine 03. Auto Taping Machine ���$*�����&�' �����������"��#����(���)� 17 Agenda 1.LED: P. 6 - 17 2.Semi-conductor: P.19 - 24 3.Solar: P.26 - 27 4.Apedix 18/35 18 18

  10. B2 B2 03. Categories of Probe Card 03. Categories of Probe Card Logic P/C LCD Driver IC 40 μ μ m pitch for LCD Driver IC μ μ 19 B2 B2 03. Product Mix in 2009 ~2Q 2010 % 80% 70% 70% 66% 65% 63% 63% 60% 60% 50% 40% 33% 32% 31% 29% 27% 30% 27% 20% LCD 8% 10% 7% 7% 5% Logic 4% 3% Memory 0% Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 20

  11. B2 B2 03. Monthly Shipment 2008~2Q 2010 Pin 400000 350000 300000 250000 200000 150000 100000 2008 50000 2009 2010 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21 B2 B2 03. B/B Ratio 2008~2Q 2010 1.5 1.5 1.5 1.5 1.24 1.17 1.14 1.2 1.2 1.2 1.2 1.05 1.05 1.03 0.85 0.83 0.9 0.9 0.9 0.9 0.6 0.6 0.6 0.6 2008 2009 0.3 0.3 0.3 0.3 2010 0 0 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 22

  12. B2 B2 03. 2Q 2010 Major Customers Design Houses Foundries Testing Houses Design Houses Foundries Testing Houses 23 B2 B2 03. Product & Customers Mix (%) 2Q 2010 2Q 2010 2Q 2010 2Q 2010 2Q 2010 2Q 2010 2Q 2010 2Q 2010 by Product by Customer by Product by Customer by Product by Customer Testing Design Memory, 4% house, 52% house, 41% Logic, 31% LCD, 65% Foundry, 7% 24

  13. Agenda 1.LED: P. 6 - 17 2.Semi-conductor: P.19 - 24 3.Solar: P.26 - 27 4.Apedix 25/35 25 25 B3 B3 01. Wafer Process in Solar ������� ������������� ��������������� �������� ����������������� ������� ������ ���������������� ������������� ��������������� �������������� ���������������� 26

  14. B3 B3 02. Shipment 2009 ~ 2010 PC % 1,192,862 596% 1,200,000 600% 2009 2010 Growth 1,000,000 500% 800,000 400% 600,000 300% 400,000 200% 200,000 100% 0 0% Jan. Feb. Mar. Apr. May Jun. Jul Aug. Sep. Oct. Nov. Dec. 27 Appendix 28/35 28 28

  15. B1 B1 02. LED Trend- Taiwan monthly output 02. LED Trend- Taiwan monthly output 29 2Q 10 2Q 10’ ’ ’ Income Statement Income Statement Income Statement- - - QoQ 2Q 10 QoQ QoQ Comparison Comparison Comparison Amount: NT$K 2Q’2010 1Q’2010 Net Sales 835,319 100% 514,256 100% Cost of Goods Sold 504,962 60.6% 312,687 60.8% Gross Profit 330,359 39.4% 201,569 39.2% Operating Expense 183,380 24.4% 145,407 28.3% Operating Income 144,650 14.9% 55,898 10.9% Investment Income & Others 33,851 3.8% 17,104 3.3% Net Income (before tax) 178,501 18.6% 73,002 14.2% Income tax 4,116 0.7% 4,718 0.9% Net Income 174,385 18.0% 68,284 13.3% Earnings Per Ordinary Shares-Diluted 2.37 0.89 30

  16. 2Q 10 ’ Income Statement - 2Q 10 2Q 10’ ’ Income Statement Income Statement- - YoY YoY YoY Comparison Comparison Comparison Amount: NT$K 1H’2010 1H’2009 Net Sales 1,349,575 100% 596,573 100% Cost of Goods Sold 817,647 60.6% 424,424 71.1% Gross Profit 531,928 39.4% 172,149 28.9% Operating Expense 328,787 24.4% 218,312 36.6% Operating Income 200,548 14.9% 46,044 7.7% Investment Income & Others 50,955 3.8% 2,461 0.4% Net Income (before tax) 251,503 18.6% 48,505 8.1% Income tax 8,834 0.7% 56 0% Net Income 242,669 18.0% 48,448 8.1% Earnings Per Ordinary Shares-Diluted 3.26 0.67 31

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