CHROMA — Call Transcript 2020

Feb 26, 2020

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CHROMA ATE INC. 2019.4Q Earnings Conference Call

Paul Ying, CFO Leo Huang, Chairman & CEO

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26[th] February, 2020

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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 forward-looking 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

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CORPORATE

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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).

• 2019 Consolidated Sales : NT$ 13.9 billion

• 2019 Net Income: NT$ 1.9 billion

• Chroma Group total of 2,989 employees (as of

December, 2019)

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Consolidated Chroma Ate Sales Others Consolidated CNMC Sales Consolidated MAS Sales

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16,931
14,901
13,910
17% 29% 7%
11,624
15%
3% 14%
12%
9,692
20%
13%
24%
58% 74% 66% 57% 76%
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2015

2016

2017

2018

2019

5

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Financial Performance

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Consolidated Sales Consolidated
Gross Margin
16,931
14,901
13,910
11,624
9,692
47% 47% 47%
44% 44%
2015 2016 2017 2018 2019
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Sales Revenues Gross Margin
R&D Expenses
R&D Expenses in % of Sales Revenues
8,111
Parent Only 8,018
7,547
7,233
56%
52% 52%
51% 51%
4,539
Chroma Employees ： 1,731  (R&D 39%)
17%
15%
14%
13% 13%
937 1,085 1,143 1,172
784
2015 2016 2017 2018 2019
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2018 2019

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6

Financial Performance

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ROE
22%
18%
17%
13% 13%
2015 2016 2017 2018 2019
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Dividend

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Basic EPS Cash dividend
Payout ratio
6.41 6.22
4.53 4.50
4.20
3.51
3.28 3.30
2.60
2.40
2014 2015 2016 2017 2018
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7

Global Operation Sites

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50 93 EST. 1999 EST. 2017 EST. 2008 EST. 2018 EST. 1993 EST. 2001
Operation Distributors
Sites
Netherlands: Germany: Japan: Korea: United States: United States:
Ede Augsburg 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
China/ Shenzhen China/ Beijing China/ Shanghai China/ Dongguan Taiwan: Taoyuan (Headquarters)
EST. 2006 EST. 2011 EST. 2011
EST. 2016
Others:
Thailand: Bangkok
China/ Suzhou China/ Xiamen China/ Chongqing
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EST. 2003 EST. 2009
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Taiwan: Hsinchu Taiwan: Kaohsiung

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

Quantel：Singapore

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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 Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2019 % 2018 % YoY %
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	2019 %	2019 %
(In Million NTD, except for EPS in NTD)
Net Sales	13,910 100%	16,931 100% (18%)
Consolidated Sales of Testing Equipment Business	10,546 76%	9,725 57% 8%
Consolidated Sales of MAS	1,009 7%	4,862 29% (79%)
Consolidated Sales of New Material	2,097 15%	2,005 12% 5%
Others	258 2%	339 2% (24%)
Cost of Goods Sold	(7,329) (53%)	(9,473) (56%) (23%)
Gross Profit	6,581 47%	7,458 44% (12%)
Operating Expenses: General & Administration Research & Development	(3,238) (23%) (1,283) (9%)	(3,164) (19%) 2% (1,255) (7%) 2%
Operating Income	2,060 15%	3,039 18% (32%)
Non-Operating Income (Expenses), net	279 2%	269 2% 4%
Income (Loss) Before Tax Income Tax	2,339 17% (449) (3%)	3,308 20% (29%) (761) (5%) (41%)
Net Income	1,890 14%	2,547 15% (26%)
Other Comprehensive Income (Losses)	(250) (2%)	4 - n/a
Comprehensive Income	$ 1,640 12%	$ 2,551 15% (36%)
Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests	1,854 14% 36 -	2,546 15% (27%) 1 - n/a
	$ 1,890 14%	$ 2,547 15% (26%)
EPS (Basic)	$ 4.48	$ 6.22 (28%)
EPS (Diluted)	$ 4.42	$ 6.08 (27%)

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10

Balance Sheet Highlights & Financial Ratio

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Consolidated (In Million NTD)		2019. Dec	2018. Dec	+ / - %
Balance Sheet Highlights
Cash & Short Term Investments		3,455	4,689	-	26%
Inventory		2,665	2,417		10%
Short Term Debt		2,381	821	190%
Long Term Debt		2,422	1,954		24%
Shareholders Equity		14,785	14,690		1%
Total Assets		25,437	23,202		10%
Inventory Turnover (Day)		127	93
AR Turnover (Day)		133	95
AP Turnover (Day)		129	106
Net Debt to Equity (%)		9%	Net cash
ROE (%)		13%	18%
ROA (%)		8%	11%
Cash Position	2019.A	2018.A	YoY
EBITDA	2,839	3,655	(22%)
Cash Flow from Operation	1,365	1,266	8%
Free Cash Flow	(902)	(569)	59%

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All ROE + ROA has been annualized.

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

2019.4Q Key Points

• Sales Revenue: $ 2,571 million,

up 31% QoQ, up 52% YoY

• Gross Margin: 47%

• Operating Margin: 21%

• Net Income: NT$ 604 million, up 26% QoQ, up 26% YoY

• 2019.4Q Highlights:

• The major growth in fourth quarter is

contributed from turnkey solutions, which presented a growth of 605% QoQ and 102% YoY respectively.

2,571

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2,037
1,970
1,922 1,958 1,961
1,697
1,541
54% 55%
52% 51% 52% 51% 52%
47%
23%
21% 22% 20% 19% 20% 21%
16%
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2018.1Q 2018.2Q 2018.3Q 2018.4Q 2019.1Q 2019.2Q 2019.3Q 2019.4Q

12

Year 2019.4Q Condensed Income Statement

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Condensed P&L – Parent Only 2019.4Q % 2019.3Q % QoQ 2018.4Q % YoY
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	2019.4Q %	2019.4Q %
(In Million NTD, except for EPS in NTD)		% %
Net Sales	2,571 100%	1,961 100% 31% 1,697 100% 52%
Cost of Goods Sold	(1,370) (53%)	(948) (48%) 45% (821) (48%) 67%
Gross Profit	1,201 47%	1,013 52% 19% 876 52% 37%
Operating Expenses: General & Administration Research & Development	(339) (13%) (311) (13%)	(265) (13%) 28% (305) (18%) 11% (304) (16%) 2% (293) (17%) 6%
Operating Income	551 21%	444 23% 24% 278 17% 98%
Non-Operating Income (Expenses), net	195 8%	106 5% 84% 242 14% (19%)
Income (Loss) Before Tax	746 29%	550 28% 36% 520 31% 43%
Income Tax	(142) (6%)	(70) (4%) 103% (41) (2%) 246%
Net Income	$ 604 23%	$ 480 24% 26% $ 479 29% 26%
Other Comprehensive Income	(211) (8%)	(95) (4%) 122% (93) (6%) 126%
Comprehensive Income	$ 393 15%	$ 385 20% 2% $ 386 23% 2%
EPS (Basic)	$ 1.45	$ 1.16 25% $ 1.16 25%
EPS (Diluted)	$ 1.43	$ 1.15 24% $ 1.13 27%

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100% owned subsidiaries’ income - New Material: 4m (QoQ ↓ 50%, YoY ↓ 67%), MAS: 49m (QoQ ↑ 14%, YoY ↓ 67%)

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13

Year 2019 Condensed Income Statement

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2019 % 2018 % YoY
Condensed P&L – Parent Only
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	ome Statement	ome Statement
	2019 %
(In Million NTD, except for EPS in NTD)		%
Net Sales	8,111 100%	7,547 100% 7%
Cost of Goods Sold	(4,018) (50%)	(3,630) (48%) 11%
Gross Profit	4,093 50%	3,917 52% 4%
Operating Expenses: Selling and General & Administration Research & Development	(1,231) (15%) (1,172) (14%)	(1,259) (17%) (2%) (1,143) (15%) 3%
Operating Income	1,690 21%	1,515 20% 12%
Non-Operating Income (Expenses), net	460 6%	1,414 19% (67%)
Income (Loss) Before Tax	2,150 27%	2,929 39% (27%)
Income Tax	(296) (4%)	(382) (5%) (23%)
Net Income	$ 1,854 23%	$ 2,547 34% (27%)
Other Comprehensive Income	(246) (3%)	- - n/a
Comprehensive Income	$ 1,608 20%	$ 2,547 34% (37%)
EPS (Basic)	$ 4.48	$ 6.22 (28%)
EPS (Diluted)	$ 4.42	$ 6.08 (27%)

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 29m (YoY ↓ 36%), MAS: 92m (YoY ↓ 91%).

14

Balance Sheet Highlights & Financial Ratio

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Parent Only (In Million NTD)	2019. Dec	2018. Dec	+ / - %
Balance Sheet Highlights
Cash & Short Term Investment	459	1,867	-	75%
Inventory	2,026	1,897		7%
Short Term Debt	1,615	630	156%
Long Term Debt	2,285	1,800		27%
Shareholders Equity	14,489	14,410		1%
Total Assets	21,807	19,327		13%
Inventory Turnover (Day)	178	189
AR Turnover (Day)	123	137
AP Turnover (Day)	102	121
Net Debt to Equity (%)	24%	4%
ROE (%)	13%	18%
ROA (%)	9%	13%

Cash Position	2019. A	2018. A	YoY
EBITDA	2,400	3,128	(23%)
Cash Flow from Operation	1,537	1,815	(15%)
Free Cash Flow	(218)	632	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

2019.4Q Product Mix and Consolidated Sales Breakdown

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		(Unit: Million NTD)	2019. 4Q	%	QoQ	YoY
		Test Instruments & Automatic Testing System (ATS)	1,316	51%	21%	27%
		Semiconductor / Photonics Test Solutions	654	25%	(6%)	80%
		Turnkey Solutions	409	16%	605%	102%
		Service & Others	192	8%	59%	106%
		Total of Parent Company Sales	2,571	100%	31%	52%
		+ Sales from Overseas Affiliates	851		70%	24%
		Chroma Consolidated Testing Equipment Business	3,422	76%	39%	44%
		MAS	312	7%	6%	(67%)
		New Material	662	15%	15%	29%
		Others	82	2%	9%	5%
		Consolidated Sales	4,478	100%	31%	14%

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17

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2019 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 % 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)	4,605 57% 4%	4,411 58%
		Semiconductor / Photonics Test Solutions	2,311 28% 22%	1,890 25%
		Turnkey Solutions	632 8% (19%)	778 11%
		Service & Others	563 7% 20%	468 6%
		Total of Parent Company Sales	8,111 100% 7%	7,547 100%
		+ Sales from Overseas Affiliates	2,435 12%	2,178
			10,546 76% 8%	9,725 57%
			1,009 7% (79%) 2,097 15% 5% 258 2% (24%)	4,862 29% 2,005 12% 339 2%
			13,910 100% (18%)	16,931 100%

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18

Year 2020 Guidance

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Chroma consolidated sales revenues reached 13.9 billion NTD in year 2019, presented a decline of 18% YoY, while the testing equipment business still presented a growth of 8%, consolidated sales hit a record high to 11 billion NTD. The Parent Company sales in 2019 also hit historical record high reached 8.1 billion, presented a growth of 7%, mainly contributed from Semiconductor / Photonics testing solutions which increased 22% compared to year 2018.

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2020 Business Outlook:

• Rapidly development of AIoT (convergence of AI and IoT) increases the demand for high performance CPU/GPU, Sensors, RF connections etc. which will be continuously driving the sales growth in Semiconductors / Photonics testing solutions. Particularly from:

• High Reliability Testing Solutions : Burn-in Test, SLT Test

• VCSEL / ToF testing for 3D sensing

• OFC (Optical Fiber Communication) testing

• The Test Instruments & ATS for power testing solutions will be focusing on green energy, included EV related components, battery module / pack and smart-grid and 5G generation related power testing.

• EV battery cell (formation system) will be the key contribution for Turnkey Solutions in 2020.

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• The In-line Nanoparticle Monitoring System, a breakthrough technology developed by Innovative Nanotech, which could precisely detect the particles down to 3nm and have been adopted by foundry customer.

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19

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Test Instruments & ATS

TECHNOLOGY

Two-quadrant Operation: Source & Load High Power Density: 15kVA at 3U Load Changed +90%~ -90% < 1.5ms Universal AC Input : 200Vac~480Vac Power Testing Current Slew Rate < 1ms Phase Lead/lag : 90 degree ~ -90 degree Regenerative Efficiency: up to 93% Capacitive/Inductive loading simulation 1H ‘2020 MARKET EV related (Charger Station, OBC, D2D ), Green Energy (PV,ESS, PCS, Battery/Fuel Cell), Server Power, Telecom Power, HV UPS Bidirectional DC Power Regenerative Grid Simulator 62000D Series 61800 Series 0~600V, 0-540A 0-350Vac, 5kVA-15kVA 6kW-18kW Regenerative DC Load Regenerative AC Load 63700 Series 63800R Series SOLUTION 0~600V, 0-540A 0-350Vac, 5kW-15kW 6kW-18kW

20

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Test Instruments & ATS

TECHNOLOGY

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High Precision & Multi-current Range Multi-current Range & Energy Regenerative
6V, 60A 6V, 100A
Battery Testing
Battery Pack Tester for Battery Pack Tester for
• Battery Module for Motorcycle • HPC/ESS
• 200V • 360kW~500kW
2H, ‘19 1H, ‘20
MARKET Battery for Electric Vehicle, ESS, etc.
Battery Charge & Discharge Tester
(Higher Power)
17208M-6-60 Battery Charge & Discharge Tester
17212M-6-100
Regenerative Battery Pack Test System Regenerative Battery Pack Test System
SOLUTION 17020E 17040
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SOLUTION
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21

TECHNOLOGY

Test Instruments & ATS

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Fully Automated 8K TV Test 16K QUHD Panel Inspection
Video/FPD Testing
Optical pattern inspection 128 Lanes V-by-One Signal
Audio, USB, Ethernet and functions test Pattern switching time < 200ms
Mini LED Backlight Optical Test
Cylindrical Battery Application:
Chromaticity, luminance, light intensity 、 、
Optical Testing 18650 20700 21700
and uniformity test
2D defect detection
Voltage and current measurement
2H, ‘19 1H, ‘20
MARKET 8K Display Mini LED Back light Battery
World’s
First 16K
TV Final Product ATS FPD Tester
7661-K002 2918
Mini LED Back Light Module Cylindrical Battery Cell AOI System
Automatic Optical Testing System 7505-K006
SOLUTION
7661-K003
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22

TECHNOLOGY

Semiconductor Test Solutions

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Complete PXIe based ATE ATE RF Options
Semiconductor • Max 512 I/O channels, • Sub 6G applications
Testing • 100Mhz • 5G / BT / WiFi / etc.
• Full CRAFT software suite • TWS, BT5.1, and 802.11ax
2H, ‘19 1H, ‘20
MARKET Baseband, SoC, Transceiver
PXIe ATE Series RF Option Ready
3300 3680 & 3380 Series
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SOLUTION
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23

TWS Test Solution

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High Performance

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High quality audio Active noise cancellation Bluetooth 5.1 Large embedded flash Long battery life MCU computing power

Price

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Cost Effective
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No. 1 in
China
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Chroma 3680

• 2048 pin SoC Test

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• 1Gbps Logic Pattern

• HDAVO ADDA Test

Disposable Acceptable audio Stable BT connection Daily battery charge

• HDRF Sub 6Ghz RF

Chroma 3380

• Memory Test Option

• HDVI High Precision VI

• 1280 pin MCU Test

• 8 Parallel Sites Testing

• 100Mhz Logic Pattern

• MAWI2 ADDA Test

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• MP5806 Sub 6Ghz RF

• Memory Test Option

Functionality

• MXPMU Cost Effective VI

• 16 Parallel Sites Testing

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TECHNOLOGY

Semiconductor Test Solutions

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Flexible Configuration : Tri-Temp System
IC One-Stop Turnkey Solution
ATE/SLT/ATE+SLT Dual Compressors
Testing Handler RF Test /6S/Reel Package
Max.144 Test Sites Range: – 70℃ to +125℃
2H, ‘19 1H, ‘20
MARKET CPU/MCU/GPU, ICs, MEMS, PMIC, FPGA, Sensors RF Power Amplifier
Full Temp.
+
FT & SLT Hybrid Test System Thermal Control Unit All-in-one Test Handler
3200 32000R 3140-CT
SOLUTION
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5G/Optical Fiber Communication Test Solution

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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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• End Application Products:  Laser diode of transmitter

• Laser diode of transceiver

Transmission Speed:

Network Layer / Speed	Existing	New (for 5G)
Access layer	10Gbps	25Gbps
Aggregation layer	50Gbps	100Gbps
Core layer	100Gbps	400Gbps

 Main Application Territory:

• Data center

• Telecom

• Datacom

• FTTx

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Semiconductor In-line Nanoparticle Monitoring System

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SuperSizer[TM] Series

The Unprecedented Yield Enhancer in theNanometer Range

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SuperSizerTM II SuperSizerTM V Semi S2 certified Semi S2 certified

Semi S2 certified

TS explosion-proof certified For high purity liquid chemicals

For CMP slurry

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• Measure particle sizes down to 3nm

• High resolution : ~3.5 to 10% of the particle size can be achieved

• Free from bubble interference

• 24/7 automatic monitoring

Monitoring Material

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Slurry NH4OH
IPA
(High Purity PGMEA &
H202
Liquid PGME
Chemicals)
Isobutyl
H2SO4
Propionate
HCI HF
Butyl
Acetate
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Chroma ATE in Top 35 Best Taiwan Global Brands

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Chroma ATE has been honorably recognized as one of the Top 35 Brands in the Interbrand 2019 Taiwan Top Global Brand Valuation League Table, out of 1000+ public listed survey candidates.

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www.chromaate.com

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Keep going beyond

Thank You !

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Copyright © 2018 Chroma ATE Inc. All rights reserved.

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