CHROMA — Call Transcript 2019

Jun 28, 2019

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CHROMA ATE INC. 2019.2Q Earnings Conference

Paul Ying, CFO Leo Huang, Chairman & CEO

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31[st] July, 2019

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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

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Consolidated Chroma Ate Sales Others
•
Chroma Group founded in 1984, a world leading
Consolidated CNMC Sales
own brand turnkey test & automation solution
Consolidated MAS Sales
provider, specialized in electronics test and
measurement instruments and ATS (auto test 16,931
system). Businesses cover test and measurement
14,901
29%
instruments and ATS for various industries, and a
turnkey solution as an integration of Test and 17%
11,624
Measurement , Automation and MES
10,307 3% 14%
(manufacturing execution system). 9,692 12%
• Key success: Precision, Reliability, Innovation 7% 20%
13%
•
Chroma group encompass business unit of
29%
Chroma Ate Inc., Modular Assembly System 24%
(MAS) and Chroma New Material Corp (CNMC).
•
2018 Consolidated Sales : NT$ 16.9 billion
•
2018 Net Income: NT$2.5 billion
• Chroma Group total of 2,934 employees (as June, 60% 58% 74% 66% 57%
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2019)

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2014 2015

2016 2017 2018

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
Parent Only 8,018
7,547
16,931
7,233
14,901
5,135 56%
11,624 54% 52% 51%
52%
9,692
47% 47%
10,307 44% 44% 4,539
39%
17%
15%
13% 13% 15%
1,143
755 784 937 1,085
Chroma Employees ： 1,698  (R&D 39%)
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2016

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2014

2015

2017

2018

2014

2015

2016

2017 2018

6

Financial Performance

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Dividend

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ROE Dividend
Basic EPS Cash dividend
22% Payout ratio
18%
17% 6.41 6.22
14%
13%
4.53 4.50
4.20
3.51
3.28 3.30
2.60
2.40
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
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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 2019.1H Condensed Consolidated Income Statement

		Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)		2019.1H %		2018.1H % YoY %
		Net Sales		6,024 100%		9,098 100% (34%)
		Consolidated Sales of Testing Equipment Business		4,663 77%		4,940 54% (6%)
		Consolidated Sales of MAS		402 7%		3,049 34% (87%)
		Consolidated Sales of New Material		858 14%		944 10% (9%)
		Others		101 2%		165 2% (39%)
		Cost of Goods Sold		(3,090) (51%)		(5,137) (56%) (40%)
		Gross Profit		2,934 49%		3,961 44% (26%)
		Operating Expenses: General & Administration Research & Development		(1,536) (26%) (619) (10%)		(1,570) (17%) (2%) (619) (7%) -
		Operating Income		779 13%		1,772 20% (56%)
		Non-Operating Income (Expenses), net		139 2%		203 2% (32%)
		Income (Loss) Before Tax Income Tax		918 15% (143) (2%)		1,975 22% (54%) (527) (6%) (73%)
		Net Income		775 13%		1,448 16% (46%)
		Other Comprehensive Income (Losses)		63 1%		206 2% (69%)
		Comprehensive Income		$ 838 14%		$ 1,654 18% (49%)
		Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests		771 13% 4 -		1,458 16% (47%) (8) - n/a
				$ 775 13%		$ 1,448 16% (46%)
		EPS (Basic)		$ 1.87		$ 3.57 (48%)
		EPS (Diluted)		$ 1.84		$ 3.49 (47%)

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		2019. June 4,015 2,450 468 3,546 13,917	2018. Dec + / - % 4,689 - 14% 2,417 1% 821 - 43% 1,954 81% 14,690 - 5%
	Total Assets		25,410	23,202 10%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		142 169 202 Net cash	93 104 123 Net cash
	ROE (%)		11%	18%
	ROA (%)		6%	11%
	Cash Position EBITDA Cash Flow from Operation	2019.1H 1,165 771	2018.1H 2,144 1,573	YoY (46%) (51%)
	Free Cash Flow	(1,514)	(762)	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

2019.2Q Key Points

• Sales Revenue: $ 2,037 million,

up 32% QoQ, up 6% YoY

• Gross Margin: 51%

• Operating Margin: 20%

• Net Income: NT$ 476 million,

• up 61% QoQ, down 54% YoY

• 2019.2Q Highlights:

• The growth of second quarter is mainly contributed from

semiconductor / photonics testing and test instruments & ATS, which presented a growth of 51% and 33% QoQ respectively.

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2,037
1,970 1,922 1,958
1,697
1,541
54% 55%
52% 51% 52% 51%
21% 22%
20% 20%
19%
16%
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2018.1Q 2018.2Q 2018.3Q 2018.4Q 2019.1Q 2019.2Q

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Year 2019.2Q Condensed Income Statement

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	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2019.2Q %		2019.1Q % QoQ %	2018.2Q % YoY %
	Net Sales		2,037 100%		1,541 100% 32%	1,922 100% 6%
	Cost of Goods Sold		(1,002) (49%)		(696) (45%) 44%	(892) (46%) 12%
	Gross Profit		1,035 51%		845 55% 22%	1,030 54% -
	Operating Expenses: General & Administration Research & Development		(337) (17%) (291) (14%)		(291) (19%) 16% (265) (17%) 10%	(323) (17%) 4% (285) (15%) 2%
	Operating Income		407 20%		289 19% 41%	422 22% (4%)
	Non-Operating Income (Expenses), net		106 5%		53 3% 100%	750 39% (86%)
	Income (Loss) Before Tax		513 25%		342 22% 50%	1,172 61% (56%)
	Income Tax		(37) (2%)		(46) (3%) (20%)	(147) (8%) (75%)
	Net Income		$ 476 23%		$ 296 19% 61%	$ 1,025 53% (54%)
	Other Comprehensive Income		(6) -		66 4% n/a	180 9% n/a
	Comprehensive Income		$ 470 23%		$ 362 23% 30%	$ 1,205 63% (61%)
	EPS (Basic)		$ 1.15		$ 0.72 60%	$ 2.51 (54%)
	EPS (Diluted)		$ 1.13		$ 0.71 59%	$ 2.46 (54%)

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100% owned subsidiaries’ income - New Material: 9m (QoQ ↑ 13%, YoY ↓ 53%), MAS: 12m (QoQ n/a, YoY ↓ 98%)

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13

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Year 2019.1H Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2019.1H %		2018.1H % YoY %
	Net Sales		3,557 100%		3,892 100% (9%)
	Cost of Goods Sold		(1,699) (47%)		(1,848) (47%) (8%)
	Gross Profit		1,879 53%		2,044 53% (8%)
	Operating Expenses: Selling and General & Administration Research & Development		(627) (17%) (556) (16%)		(641) (16%) (2%) (559) (14%) -
	Operating Income		695 20%		844 22% (18%)
	Non-Operating Income (Expenses), net		159 4%		878 23% (82%)
	Income (Loss) Before Tax		854 24%		1,722 45% (50%)
	Income Tax		(83) (2%)		(266) (7%) (69%)
	Net Income		$ 771 22%		$ 1,456 38% (47%)
	Other Comprehensive Income		60 1%		204 5% (71%)
	Comprehensive Income		$ 831 23%		$ 1,660 43% (50%)
	EPS (Basic)		$ 1.87		$ 3.57 (48%)
	EPS (Diluted)		$ 1.84		$ 3.49 (47%)

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 17m (YoY ↓ 15%), MAS: 7m.

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		2019. June 1,513 1,940 300 3,400 13,632	2018. Dec + / - % 1,867 - 19% 1,897 2% 630 - 52% 1,800 88% 14,410 - 5%
	Total Assets		22,007	19,327 14%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		203 134 129 15%	189 138 122 4%
	ROE (%)		11%	18%
	ROA (%)		8%	13%
	Cash Position EBITDA Cash Flow from Operation	2019.1H 974 961	2018.1H 1,817 1,024	YoY (46%) (6%)
	Free Cash Flow	(1,240)	(1,170)	6%

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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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2019.2Q Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD)	(Unit: Million NTD)	2019. 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)	1,258 62%	33%	6%
	Semiconductor / Photonics Test Solutions	578 28%	51%	12%
	Turnkey Solutions	65 3% (35%) (36%)
	Service & Others	136 7% 18% 13%
	Total of Parent Company Sales	2,037 100% 32% 6%
	+ Sales from Overseas Affiliates	604 26% (8%)
		2,641 80% 31% 2%
MAS New Material Others Consolidated Sales		128 4% (53%) (95%) 463 14% 17% (11%) 50 2% - (43%)
		3,282 100% 20% (42%)

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17

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2019.1H Product Mix and Consolidated Sales Breakdown

(Unit: Million NTD) 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 MAS New Material Other Subsidiaries Consolidated Sales	(Unit: Million NTD) 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 MAS New Material Other Subsidiaries Consolidated Sales	(Unit: Million NTD) 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 MAS New Material Other Subsidiaries Consolidated Sales		2019.1H %	YoY		2018 %
	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	Test Instruments & Automatic Testing System (ATS)		2,201 61%	(1%)	4,411 58%
		Semiconductor / Photonics Test Solutions		962 27%	-	1,890 25%
		Turnkey Solutions		165 5% (63%)		778 11%
		Service & Others		251 7% 1%		468 6%
		Total of Parent Company Sales		3,579 100% (8%)		7,547 100%
		+ Sales from Overseas Affiliates		1,084 3%		2,178
				4663 77% (6%)		9725 57%
				, 402 7% (87%) 858 14% (9%) 101 2% (39%)		, 4,862 29% 2,005 12% 339 2%
				6,024 100% (34%)		16,931 100%

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18

Year 2019 Guidance

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Chroma first half consolidated sales revenues have reached 6 billion NTD, presented a decline of 34% YoY, nevertheless consolidated gross margin has further improved to 49%.

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2019 Business Outlook:

• Testing equipment business sales in 2H will further improve compared to 1H, mainly contributed from:

• The demand from EV market, high power testing equipment will continue to driver Test Instruments & ATS sales.

• Due to acceleration of 5G market development, the sales drivers of Semiconductors / Photonics testing solutions will be coming from SLT testers for RF applications, VCSEL / ToF for 3D sensing and optical fiber communication for 5G infrastructure capex.

• Turnkey projects in second half included Automation project and EV battery cell (formation system).

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• Due to major client’s schedule changed, MAS’s delivery will be adjusted accordingly.

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19

Test Instruments & ATS

TECHNOLOGY

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Independent 8K Graphics Core
Video/FPD Testing HDMI 2.1 FRL/DSC/HDCP 2.3
8K Pattern Switch Time<200ms
8K x 4K@60Hz
High Frequency: 2kHz High Power DC Load
Power Testing
High Power Density: 6kVA@5U 60V / 1000A / 6kW
1H, ‘19 2H, ‘19
MARKET Green Energy, EV, Server/Telecom Power 8K Display Fuel Cell
8K Video Pattern Generator
2238
HDMI 2.1
A223805
Programmable AC Source DC Electronic Load
61507/61508/61509 63206A-60-1000
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SOLUTION
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20

TECHNOLOGY

Test Instruments & ATS

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Restores the Battery Pack to Balance High Precision & Multi-current Range Extending lifespan & improving the 6V, 60A / 6V, 100A performance of battery pack 1H, ‘19 2H, ‘19 MARKET EV related (Charger Station, OBC, D2D ), Green Energy (ESS, PCS, Battery/Fuel Cell), Server Power, Telecom Power, HV UPS 17208M-6-60 17212M-6-100 Prog. Battery Charge & Discharge Tester Battery Pack Balance ATS

Battery Testing

Battery Pack Balance ATS 8700

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SOLUTION

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21

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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Full-Range ATC Test Handler IC Testing Handler One-Stop Turnkey Solution Support package up to 120x120mm , RF Test /6S/Reel Package Contact force up to 180Kg Wafer Surface Profile Advanced Measurement & Analysis: 12” Packaging AOI 1um – 0.1nm Inspection Range 1H, ‘19 2H, ‘19 MARKET CPU/MCU/GPU, ICs, MEMS RF Power Amplifier IC Wafer Massive Computing IC Test Handler Compact Turret Handler Semiconductor Advanced Packaging 3110 (New Generation ) 3140-CT Optical Metrology System 7505-K005

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SOLUTION

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22

5G Smartphone Components Test Solutions

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5G 3D Sensing
 5G Baseband  VCSEL
 5G RF SoC  TOF
 5G RF Transceiver  EEL
Wireless
 Wifi, BT, GPS Photonics Wafer VCSEL/EEL Module
Probing Test System Char. System
58635 58621
Advanced SoC Test System
3680 + HDAVO/HDRF
5G RF IC
 Power Amplifier
Battery Cell  RF IC Final Test
 Insulation
 Surge
Battery Cell Insulation Battery Cell Surge
Tester 11210 Tester 19311 Compact Turret Handler RF Handler
3140-CT 3240Q
Case/Mechanical Parts
 Dimension measurement 5G RF Passive
 Defect detection Component
 MLCC
 High Freq. Inductor
Multi-Functional
Dimension Measuring System 7505-05
Inductor Test & Inductor Layer
Packing Machine Short ATS
1870D 1871
Display
Wireless Charger
 OLED  Transmitter Coil
 LCM
FPD Tester (by model 11050)
Ripple Current
27014 HF LCR Meter
Tester 11800
11050
23
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SoC Tester for 5G Application

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HDAVO Option Main Applications
•
5G Baseband
•
xDSL/Cable Modem
Advanced SoC
•
STB, Digital TV, Video Converter
Test System
•
Consumer/Portable Audio
3680
HDRF (Sub-6Ghz) Option
Main Applications
•
5G RF SoC
•
5G RF Transceiver
•
WiFi, BT, GPS, IoT SoC
RF Connector Interface
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5G/Optical Fiber Communication Test Solution

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• End Application Products:

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• Laser diode of transmitter

• Laser diode of transceiver

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LD BI Test System LD reliability Test System LD Test System 58603 58604 58620

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Source: Google data center

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• Main Application Territory:

• Data center

• Telecom

• Datacom

• FTTx

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Forbes Asia – July/August 2019

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Recognition!

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Source: https://www.forbes.com/custom/2019/07/15/taiwan-a-bright-future/ July 15, 2019

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www.chromaate.com

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Keep going beyond
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Thank You !

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