CHROMA — Call Transcript 2018

Jul 31, 2018

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CHROMA ATE INC. 2018.2Q Earnings Conference Call

Paul Ying, CFO Leo Huang, Chairman & CEO

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31[st] July, 2018

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1

Disclaimer

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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forwardlooking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law. This presentation and the information contained herein are the property of Chroma Ate Inc.

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2

Agenda

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• Corporate Profile

• • Financial Review

• • Operation Highlights

• • Q&A

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3

CORPORATE PROFILE

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4

Corporate Profile

• Chroma Group founded in 1984, a world leading own brand turnkey test & automation solution provider, specialized in electronics test and

measurement instruments and ATS (auto test

system). Businesses cover test and measurement instruments and ATS for various industries, and a turnkey solution as an integration of Test and Measurement , Automation and MES (manufacturing execution system).

• Key success: Precision, Reliability, Innovation

• Chroma group encompass business unit of Chroma Ate Inc., Modular Assembly System

• (MAS) and Chroma New Material Corp (CNMC).

• 2017 Consolidated Sales : NT$ 14.9 billion

• 2017 Net Income: NT$2.6 billion

• Chroma Group total of 2,961 employees (as June,

2018)

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Consolidated Chroma Ate Sales Others
Consolidated CNMC Sales
Consolidated MAS Sales
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14,901
17%
11,624
10,171 10,307 9,692 3% 14%
7% 20%
15%
13%
29%
24%
34%
47% 60% 58% 74% 66%
2013 2014 2015 2016 2017
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5

Financial Performance

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Sales Revenues Gross Margin
Consolidated Sales Consolidated
R&D Expenses
Gross Margin R&D Expenses in % of Sales Revenues
14,901
Parent Only
8,018
7,233
11,624
10,307 5,135
10,171
9,692
47% 47% 55% 56%
54%
52% 51%
44%
39% 4,539
37%
3,926
17%
16% 15%
13% 13%
755 784 937 1,085
631
Chroma Employees ： 1,721  (R&D 39%)
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
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6

Financial Performance

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ROE

Dividend

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Diluted EPS Cash dividend
Payout ratio
22%
6.18
17%
15%
14% 4.50
4.23
13%
3.30
3.30
3.20 3.10
2.60
2.50
2.40
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
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7

Global Operation Sites

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43 93 EST. 1999 EST. 2017
Operation Distributors
Sites
Netherlands: Germany:
Ede Augsburg
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EST. 2008 EST. 2018 EST. 1993 EST. 2001 Japan: Korea: United States: United States: Shin-Yokohama/ Pangyo Irvine, CA Foothill Ranch, CA Nagoya/ Osaka Santa Clara, CA Marlborough, MA Chandler, AZ Mexico： Ciudad Juarez

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EST. 1998 EST. 1999 EST. 2000 EST. 2001
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EST. 2003 EST. 2009
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China/ Shenzhen China/ Beijing China/ Shanghai China/ Dongguan

Taiwan: Taoyuan (Headquarters)

Taiwan: Hsinchu Taiwan: Kaohsiung

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EST. 2006 EST. 2011 EST. 2011
China/ Suzhou China/ Xiamen China/ Chongqing
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EST. 2016
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Quantel：Singapore

Others:

India: New Delhi/ Mumbai/ Bangalore Thailand: Bangkok Vietnam: Hanoi/ Ho Chi Minh Malaysia: Kuala Lumpur/ Penang Philippines: Manila/ Cebu Indonesia: Jakartar

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Others: Qingdao/ Zhengzhou/ Xian/Hefei/ Chengdu/ Wuhan/ Hangzhou/ Guangzhou/ Hong Kong

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8

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FINANCIAL REVIEW

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9

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Year 2018.1H Condensed Consolidated Income Statement

		Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)		2018.1H %		2017.1H % YoY %
		Net Sales		9,098 100%		5,760 100% 58%
		Consolidated Sales of Testing Equipment Business		4,940 54%		4,356 76% 13%
		Consolidated Sales of MAS		3,049 34%		242 4% 1160%
		Consolidated Sales of New Material		944 10%		1,000 17% (6%)
		Others		165 2%		162 3% 2%
		Cost of Goods Sold		(5,137) (56%)		(2,944) (51%) 74%
		Gross Profit		3,961 44%		2,816 49% 41%
		Operating Expenses: General & Administration Research & Development		(1,570) (17%) (619) (7%)		(1,235) (21%) 27% (571) (10%) 8%
		Operating Income		1,772 20%		1,010 18% 75%
		Non-Operating Income (Expenses), net		203 2%		(29) (1%) n/a
		Income (Loss) Before Tax Income Tax		1,975 22% (527) (6%)		981 17% 101% (189) (3%) 179%
		Net Income		1,448 16%		792 14% 83%
		Other Comprehensive Income (Losses)		206 2%		(178) (3%) n/a
		Comprehensive Income		$ 1,654 18%		$ 614 11% 169%
		Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests		1,458 16% (8) -		804 14% 81% (12) - (33%)
				$ 1,448 16%		$ 792 14% 83%
		EPS (Basic)		$ 3.57		$ 2.05 74%
		EPS (Diluted)		$ 3.49		$ 1.99 75%

10

Balance Sheet Highlights & Financial Ratio

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	Consolidated (In Million NTD) Balance Sheet Highlights Cash & Short Term Investments Inventory Short Term Debt Long Term Debt Shareholders Equity		2018. June 7,417 2,559 1,383 1,656 13,618	2017. Dec + / - % 7,028 6% 2,431 5% 1,688 - 18% 1,161 43% 13,463 1%
	Total Assets		25,913	22,018 18%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		87 94 139 Net cash	101 87 116 Net cash
	ROE (%)		22%	21%
	ROA (%)		12%	13%
	Cash Position EBITDA Cash Flow from Operation	2018.2Q 1,484 1,553	2018.1Q 661 20	QoQ YoY 125% 108% n/a 143%
	Free Cash Flow	16	(777)	n/a n/a

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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11

Quarterly Highlights

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Sales Revenues Gross Margin Operating Margin

2018.2Q Key Points

• Sales Revenue: $ 1,922 million,

• down 2% QoQ, up 2% YoY

• Gross Margin: 54%

• Operating Margin: 22%

• Net Income: NT$ 1,025 million,

up 138% QoQ, up 98% YoY

• 2018.2Q Highlights:

• The major sales contribution in

second quarter is mainly coming from Test instruments & ATS, presented a growth of 13% QoQ and 10% YoY.

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2,285
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2,046
1,970 1,922
1,890
1,797
54%
53% 52% 53% 52%
47%
26%
23%
22% 21% 22%
16%
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2017.1Q 2017.2Q 2017.3Q 2017.4Q 2018.1Q 2018.2Q

12

Year 2018.2Q Condensed Income Statement

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	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2018.2Q %		2018.1Q % QoQ %	2017.2Q % YoY %
	Net Sales		1,922 100%		1,970 100% (2%)	1,890 100% 2%
	Cost of Goods Sold		(892) (46%)		(955) (48%) (7%)	(908) (48%) (2%)
	Gross Profit		1,030 54%		1,015 52% 1%	982 52% 5%
	Operating Expenses: General & Administration Research & Development		(323) (17%) (285) (15%)		(319) (16%) 1% (275) (14%) 4%	(296) (16%) 9% (261) (14%) 9%
	Operating Income		422 22%		421 22% 1%	425 22% (1%)
	Non-Operating Income (Expenses), net		750 39%		128 6% 486%	182 10% 312%
	Income (Loss) Before Tax		1,172 61%		549 28% 113%	607 32% 93%
	Income Tax		(147) (8%)		(118) (6%) 25%	(90) (5%) 63%
	Net Income		$ 1,025 53%		$ 431 22% 138%	$ 517 27% 98%
	Other Comprehensive Income		180 9%		24 1% 650%	(2) - n/a
	Comprehensive Income		$ 1,205 63%		$ 455 23% 165%	$ 515 27% 134%
	EPS (Basic)		$ 2.51		$ 1.06 137%	$ 1.30 93%
	EPS (Diluted)		$ 2.46		$ 1.03 139%	$ 1.27 94%

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100% owned subsidiaries’ income - New Material: 19m (QoQ ↑ 375%, YoY ↑ 90%), MAS: 517m (QoQ ↑ 388%, YoY ↑ 1226%).

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13

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Year 2018.1H Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2018.1H %		2017.1H % YoY %
	Net Sales		3,892 100%		3,686 100% 6%
	Cost of Goods Sold		(1,848) (47%)		(1,757) (48%) 5%
	Gross Profit		2,044 53%		1,929 52% 6%
	Operating Expenses: Selling and General & Administration Research & Development		(641) (16%) (559) (14%)		(574) (15%) 12% (513) (14%) 9%
	Operating Income		844 22%		842 23% 1%
	Non-Operating Income (Expenses), net		878 23%		106 3% 728%
	Income (Loss) Before Tax		1,722 45%		948 26% 82%
	Income Tax		(266) (7%)		(144) (4%) 85%
	Net Income		$ 1,456 38%		$ 804 22% 81%
	Other Comprehensive Income		204 5%		(175) (5%) n/a
	Comprehensive Income		$ 1,660 43%		$ 629 17% 164%
	EPS (Basic)		$ 3.57		$ 2.05 74%
	EPS (Diluted)		$ 3.49		$ 1.99 75%

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 23m (YoY ↑ 109%), MAS: 623m (YoY ↑ 1788%).

14

Balance Sheet Highlights & Financial Ratio

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	Parent Only (In Million NTD) Balance Sheet Highlights Cash & Short Term Investment Inventory Short Term Debt Long Term Debt Shareholders Equity		2018. June 3,033 2,064 1,199 1,500 13,344	2017. Dec + / - % 2,878 5% 1,862 11% 1,500 - 20% 1,000 50% 13,230 1%
	Total Assets		20,957	18,560 13%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		191 140 132 Net cash	155 123 120 Net cash
	ROE (%)		22%	22%
	ROA (%)		15%	15%
	Cash Position EBITDA Cash Flow from Operation	2018.2Q 1,221 794	2018.1Q 596 230	QoQ YoY 105% 88% 245% n/a
	Free Cash Flow	(304)	(866)	(65%) n/a

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All ROE + ROA has been annualized.

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Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities)

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15

OPERATION HIGHLIGHT

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16

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2018.2Q Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)	(Unit: Million NTD)	2018. 2Q %	QoQ	YoY
Test Instruments & Automatic Testing System (ATS) Semiconductor / Photonics Test Solutions Turnkey Solutions Service & Others Total of Parent Company Sales + Sales from Overseas Affiliates Chroma Consolidated Testing Equipment Business	Test Instruments & Automatic Testing System (ATS)	1,182 62%	13%	10%
	Semiconductor / Photonics Test Solutions	518 27%	16% (15%)
	Turnkey Solutions	102 5% (71%) (3%)
	Service & Others	120 6% (6%) 25%
	Total of Parent Company Sales	1,922 100% (2%) 2%
	+ Sales from Overseas Affiliates	660 70% 90%
		2,582 46% 9% 15%
MAS New Material Others Consolidated Sales		2,444 43% 304% 1409% 518 9% 22% 6% 88 2% 14% (10%)
		5,632 100% 62% 89%

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17

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2018.1H Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)	(Unit: Million NTD)	2018.1H %	YoY	2017 %
Test Instruments & Automatic Testing System (ATS) Semiconductor / Photonics Test Solutions Turnkey Solutions Service & Others Total of Parent Company Sales + Sales from Overseas Affiliates Chroma Consolidated Testing Equipment Business	Test Instruments & Automatic Testing System (ATS)	2,228 57%	9% 4,253 53%
	Semiconductor / Photonics Test Solutions	966 25% (22%) 2,460 31%
	Turnkey Solutions	450 12% 118% 928 12%
	Service & Others	248 6% 32% 377 4%
	Total of Parent Company Sales	3,892 100% 6% 8,018 100%
	+ Sales from Overseas Affiliates	1,048 63% 1,855
		4,940 54% 13% 9,873 66%
MAS New Material Others Consolidated Sales		3,049 34% 1160% 2,538 17% 944 10% (6%) 2,054 14% 165 2% 2% 436 3%
		9,098 100% 58% 14,901 100%

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18

Year 2018 Guidance

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Chroma consolidated sales revenues continued to deliver a strong growth in the first half 2018. The impressive results was mainly contributed from MAS (the Automation business), presented an outstanding growth of 1160% YoY, while the Chroma testing equipment business also presented a double digits growth of 13% YoY. As a result of strong sales growth, the net income was almost double to last year first half.

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2018 Second Half Guidance.

• EV market remains strong. The demand of high power testing equipment from EV related components / modules and battery cell / pack testing remains strong. The Company expects a steady growth from power electronics testing product sectors.

• Semiconductor / photonics testing solution will start to grow in 2H. 3D sensing equipment shipment increase will be a key driver in 2H.

• MAS will continue to deliver strong results, the Company targets the 2018 annual

• sales to double the sales in 2017.

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19

TECHNOLOGY

Test Instruments & ATS

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For BMS testing
High Precision & Multi-current Range
Battery Testing High Precision Voltage Measurement
6V, 30A
0~5V, 0.02%FS
Speed up the misalignment
Energy Recycling High Frequency: 2kHz
Power Testing Efficiency Testing
Full Four Quadrant/Regenerative High Power Density: 6kVA@5U
Perform FOD automated test
’1H.18 ’2H.18
MARKET EV related (Charger Station, OBC, D2D ), Green Energy (ESS, PCS, Battery/Fuel Cell), Server Power, Telecom Power, HV UPS
Battery Charge
& Discharge Tester 16CH Battery Cell Simulator
17208M-6-30 87001
Regenerative Grid Simulator EV Wireless Charger ATS Prog. AC/DC Source
0-800VAC,120kVA 3.7-22kW 3kVA-6kVA
SOLUTION 618XX 8000 61500/61600 Series
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20

EV Wireless Charger Test Solution

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Charging
Vehicle Assembly
Controller
(Power Capture Resonator)
Ground Assembly (Power Source Resonator)
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WPT Testing Platform

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EV Wireless Charger ATS

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21

TECHNOLOGY

Test Instruments & ATS

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Independent 8K Graphics Core
DisplayPort 1.4/USB-C/12G-SDI
8K Pattern Switch Time<200ms
Video/FPD Testing
8K x 4K@60Hz 8K x 4K@120Hz
LC/IR Measurement; PD Detection/Analyzer
Passive Comp. & Hipot test & partial discharge combo tester
Test Voltage : up to 1KV(dc)
Safety Testing
PD Detection Range: 1pC ~2000pC
Charge Current : 50mA max
’1H.18 ’2H.18
MARKET Flat Panel Display, Portable & Wearable Device PCB, Connector, Relay ,Semiconductor, Insulation Materials Test
8K Video Pattern Generator
2238
8K FPD Tester
2918
12G-SDI
Partial Discharge Tester
Battery Cell Insulation Tester
USB-C 0.1kVac~10kVac,1pC~2000pC
11210
19501-K
SOLUTION
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22

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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VCSEL/EEL
6” Photonics Wafer Discrete Module Testing
Testing LIV & NF & FF Testing Parallel Test; Tiny Module Handling
OLED Burn-in
Mini LED/OLED High Speed Double Side Inspection Mini LED Probing
Testing 15ms per chip Multi-die Parallel Test Full Automation System,
>500 Channel Scalable Design
’1H.18 ’2H.18
MARKET 3D Image Sensing, Autonomous Driving, OLED, Mini LED
Wafer Package Wafer/Cell
Photonics Wafer Wafer Chip VCSEL/EEL Module Mini LED OLED
Probing Test System Inspection System Characterization System Probing Burn-in System
58635 7940 58621 Test System
SOLUTION
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23

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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Flexible Configuration :
IC Testing Handler ATE/ SLT/ ATE+SLT
Max.144 Test Sites
SoC/Photonics Multi Function VLSI Solution
Testing CIS CP solution 32 sites parallel test,
MIPI 1.5G-2.5G to 3D TOF application
’1H.18 ’2H.18
MARKET CPU/MCU/GPU, ICs, MEMS, PMIC, FPGA, Sensors, OFC CIS IC TOF application
New CIS Application
FT & SLT Hybrid Test System VLSI CISv Test System
3200
3380
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SOLUTION

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24

5G/IoT Connectivity Test Solution

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 Solution

• 3110 Handler

• 3240Q/3160A/3180 + 3380/3650 + Adivic MP5800 + RF Rack

 Application

• 5G IC

• IoT application

• WiFi

• BlueTooth V1.X~V5.X

• Zigbee

• 802.11ah, 802.11p, 802.11af

• Converter application

  • TV tuner, DVB, FM tuner

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3180 FT Handler
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3110 Handler

3240Q RF Handler

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25

AI Solution for Smart Factory

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 Defect Classification with AI AOI

 AI Surveillance

• Provide the defect classification capability with domain knowledge learnt by AI

• Surveillance analytics in production line

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GO
AOI Defect Defect Killer Operation SOP Detection
Equipment Database Classifier Defects
Repair Station
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MAS Photovoltaic Equipment Automation

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Design/Manufacture/System Integration

• Single & Poly-crystalline Si, Thin film Solar

• Production Line Type: 25 ~ 500MW

• Automation Station In: Un-packer/ string flip over/ layup/ ribbon cutter/ bussing/ lay EVA & BS/ EL tester/ buffer/ trimming/ crimping/ Hi-pot test/ packing

Thin Film Solar Energy Applications

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Rooftop Solar Tile

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BIPV Thin-film

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Solar Rooftop
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BIPV Curtain Wall
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Others:

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Vehicle Solar Roof
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Carport Roof
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Portable
Charger Paper
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www.chromaate.com

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Keep going beyond
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Thank You !

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Copyright © 2018 Chroma ATE Inc. All rights reserved.

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