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CHROMA Call Transcript 2022

Sep 12, 2022

52029_rns_2022-09-12_6afbfa23-743a-4195-aa6e-98e1693e8b6c.pdf

Call Transcript

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CHROMA ATE INC. 2022.2Q Earnings Conference Call

Paul Ying, CFO Leo Huang, Chairman & CEO

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28[th] July, 2022

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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  • Financial Review

  • • Operation Highlights

  • • Q&A

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3

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FINANCIAL REVIEW

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4

Year 2022.1H Condensed Consolidated Income Statement
Condensed Consolidated P&L
(In Million NTD, except for EPS in NTD)
2022.1H
%
2021.1H
%
YoY %
Net Sales
9,334
100%
8,718
100%
7%
Consolidated Sales of Testing Equipment Business
8,118
87%
6,705
77%
21%
Consolidated Sales of MAS
409
4%
364
4%
12%
Consolidated Sales of New Material
635
7%
1,457
17%
(56%)
Others
172
2%
192
2%
(10%)
Cost of Goods Sold
(4,247)
(45%)
(4,546)
(52%)
(7%)
Gross Profit
5,087
55%
4,172
48%
22%
Operating Expenses:
General & Administration
(2,039)
(22%)
(1,947)
(22%)
5%
Research & Development
(844)
(9%)
(746)
(9%)
13%
Operating Income
2,204
24%
1,479
17%
49%
Non-Operating Income (Expenses), net
862
9%
1,898
22%
(55%)
Income (Loss) Before Tax
3,066
33%
3,377
39%
(9%)
Income Tax
(522)
(6%)
(609)
(7%)
(14%)
Net Income
2,544
27%
2,768
32%
(8%)
Other Comprehensive Income (Losses)
450
5%
207
2%
117%
Comprehensive Income
$ 2,994
32%
$ 2,975
34%
1%
Net Income (Losses) Attributable To:
Shareholders of the Parent
2,512
27%
2,729
31%
(8%)
Noncontrolling Interests
32
-
39
1%
(18%)
$ 2,544
27%
$ 2,768
32%
(8%)
EPS (Basic)
$ 5.98
$ 6.50
(8%)
EPS (Diluted)
$ 5.94
$ 6.47
(8%)		 Year 2022.1H Condensed Consolidated Income Statement
Condensed Consolidated P&L
(In Million NTD, except for EPS in NTD)
2022.1H
%
2021.1H
%
YoY %
Net Sales
9,334
100%
8,718
100%
7%
Consolidated Sales of Testing Equipment Business
8,118
87%
6,705
77%
21%
Consolidated Sales of MAS
409
4%
364
4%
12%
Consolidated Sales of New Material
635
7%
1,457
17%
(56%)
Others
172
2%
192
2%
(10%)
Cost of Goods Sold
(4,247)
(45%)
(4,546)
(52%)
(7%)
Gross Profit
5,087
55%
4,172
48%
22%
Operating Expenses:
General & Administration
(2,039)
(22%)
(1,947)
(22%)
5%
Research & Development
(844)
(9%)
(746)
(9%)
13%
Operating Income
2,204
24%
1,479
17%
49%
Non-Operating Income (Expenses), net
862
9%
1,898
22%
(55%)
Income (Loss) Before Tax
3,066
33%
3,377
39%
(9%)
Income Tax
(522)
(6%)
(609)
(7%)
(14%)
Net Income
2,544
27%
2,768
32%
(8%)
Other Comprehensive Income (Losses)
450
5%
207
2%
117%
Comprehensive Income
$ 2,994
32%
$ 2,975
34%
1%
Net Income (Losses) Attributable To:
Shareholders of the Parent
2,512
27%
2,729
31%
(8%)
Noncontrolling Interests
32
-
39
1%
(18%)
$ 2,544
27%
$ 2,768
32%
(8%)
EPS (Basic)
$ 5.98
$ 6.50
(8%)
EPS (Diluted)
$ 5.94
$ 6.47
(8%)		 Year 2022.1H Condensed Consolidated Income Statement
Condensed Consolidated P&L
(In Million NTD, except for EPS in NTD)
2022.1H
%
2021.1H
%
YoY %
Net Sales
9,334
100%
8,718
100%
7%
Consolidated Sales of Testing Equipment Business
8,118
87%
6,705
77%
21%
Consolidated Sales of MAS
409
4%
364
4%
12%
Consolidated Sales of New Material
635
7%
1,457
17%
(56%)
Others
172
2%
192
2%
(10%)
Cost of Goods Sold
(4,247)
(45%)
(4,546)
(52%)
(7%)
Gross Profit
5,087
55%
4,172
48%
22%
Operating Expenses:
General & Administration
(2,039)
(22%)
(1,947)
(22%)
5%
Research & Development
(844)
(9%)
(746)
(9%)
13%
Operating Income
2,204
24%
1,479
17%
49%
Non-Operating Income (Expenses), net
862
9%
1,898
22%
(55%)
Income (Loss) Before Tax
3,066
33%
3,377
39%
(9%)
Income Tax
(522)
(6%)
(609)
(7%)
(14%)
Net Income
2,544
27%
2,768
32%
(8%)
Other Comprehensive Income (Losses)
450
5%
207
2%
117%
Comprehensive Income
$ 2,994
32%
$ 2,975
34%
1%
Net Income (Losses) Attributable To:
Shareholders of the Parent
2,512
27%
2,729
31%
(8%)
Noncontrolling Interests
32
-
39
1%
(18%)
$ 2,544
27%
$ 2,768
32%
(8%)
EPS (Basic)
$ 5.98
$ 6.50
(8%)
EPS (Diluted)
$ 5.94
$ 6.47
(8%)
Condensed Consolidated P&L
(In Million NTD, except for EPS in NTD)		 2022.1H
%		 2021.1H
%
YoY %
Net Sales 9,334
100%		 8,718
100%
7%
Consolidated Sales of Testing Equipment Business 8,118
87%		 6,705
77%
21%
Consolidated Sales of MAS 409
4%		 364
4%
12%
Consolidated Sales of New Material 635
7%		 1,457
17%
(56%)
Others 172
2%		 192
2%
(10%)
Cost of Goods Sold (4,247)
(45%)		 (4,546)
(52%)
(7%)
Gross Profit 5,087
55%		 4,172
48%
22%
Operating Expenses:
General & Administration
Research & Development		 (2,039)
(22%)
(844)
(9%)		 (1,947)
(22%)
5%
(746)
(9%)
13%
Operating Income 2,204
24%		 1,479
17%
49%
Non-Operating Income (Expenses), net 862
9%		 1,898
22%
(55%)
Income (Loss) Before Tax
Income Tax		 3,066
33%
(522)
(6%)		 3,377
39%
(9%)
(609)
(7%)
(14%)
Net Income 2,544
27%		 2,768
32%
(8%)
Other Comprehensive Income (Losses) 450
5%		 207
2%
117%
Comprehensive Income $ 2,994
32%		 $ 2,975
34%
1%
Net Income (Losses) Attributable To:
Shareholders of the Parent
Noncontrolling Interests		 2,512
27%
32
-		 2,729
31%
(8%)
39
1%
(18%)
$ 2,544
27%		 $ 2,768
32%
(8%)
EPS (Basic) $ 5.98 $ 6.50
(8%)
EPS (Diluted) $ 5.94 $ 6.47
(8%)

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2022/2Q included the gain from disposal of investment (ADLINK) of NTD 414 million plus revert the gain from disposal of property to ADLINK of NTD 90m.

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2021/1Q included the gain from disposal of property and plant (Hua-ya HQ) of NTD 1,730 million with Capital gain tax of NTD 200 million

5

Year 2022.2Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2022.2Q % 2022.1Q % QoQ % 2021.2Q % YoY %
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2022.2Q
%		 2022.2Q
%
(In Million NTD, except for EPS in NTD)
Net Sales 4,935
100%		 4,398
100%
12%
4,445
100%
11%
Consolidated Sales of Testing Equipment Business 4,644
94%		 3,474
79%
34%
3,359
76%
38%
Consolidated Sales of MAS 188
4%		 221
5%
(15%)
221
5%
(15%)
Consolidated Sales of New Material 17
-		 618
14%
(97%)
765
17%
(98%)
Others 86
2%		 85
2%
-
100
2%
(14%)
Cost of Goods Sold (2,033)
(41%)		 (2,214)
(50%)
(8%)
(2,378)
(53%)
(15%)
Gross Profit 2,902
59%		 2,184
50%
33%
2,067
47%
40%
Operating Expenses:
General & Administration
Research & Development		 (1,093)
(22%)
(443)
(9%)		 (946)
(22%)
16%
(1,097)
(25%)
-
(400)
(9%)
11%
(381)
(9%)
16%
Operating Income 1,366
28%		 837
19%
63%
589
13%
132%
Non-Operating Income (Expenses), net 696
14%		 167
4%
317%
99
2%
603%
Income (Loss) Before Tax
Income Tax
Noncontrolling interests		 2,062
42%
(376)
(8%)
(25)
-		 1,004
23%
105%
688
15%
200%
(146)
(3%)
158%
(179)
(4%)
110%
(6)
-
n/a
(28)
-
(11%)
Net Income (attributable to parent) 1,661
34%		 852
20%
95%
481
11%
245%
EPS (Basic) $ 3.95 $ 2.03
95%
$ 1.14
246%
Net Income without disposal gain from investment $ 1,157
23%		 $ 852
19%
36%
$ 481
11%
141%
EPS (Basic) without disposal gain from investment $ 2.75 $ 2.03
35%
$ 1.14
141%

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2022/2Q included the gain from disposal of investment (ADLINK) of NTD 414 million plus revert the gain from disposal of property to ADLINK of NTD 90m.

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6

Balance Sheet Highlights & Financial Ratio

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Consolidated
(In Million NTD)		 2022. June 2021. Dec + / - %
Balance Sheet Highlights
Cash & Short Term Investments 5,888 4,947 19%
Inventory 4,756 3,916 21%
Short Term Debt 1,404 2,114 - 34%
Long Term Debt 1,258 1,447 - 13%
Shareholders Equity 19,107 18,947 1%
Total Assets 32,968 29,546 12%
Inventory Turnover (Day) 184 139
AR Turnover (Day) 79 98
AP Turnover (Day) 120 114
Net Debt to Equity (%) Net Cash Net Cash
ROE (%) 26% 24%
ROA (%) 16% 15%
Cash Position 2022.1H 2021.1H YoY
EBITDA 3,421 3,661 (7%)
Cash Flow from Operation 1,951 1,405 39%
Free Cash Flow 2,069 3,220 (36%)

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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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7

Quarterly Highlights

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Sales Revenues Gross Margin Operating Margin

2022.2Q Key Points

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  • Sales Revenue: $ 3,720 million,

up 30% QoQ, up 52% YoY

  • Gross Margin: 51%

  • Operating Margin: 28%

  • Net Income: NT$ 1,661 million,

  • up 95% QoQ, up 245% YoY

  • 2022.2Q Highlights:

− The major growth in second quarter is mainly contributed from Semiconductor / Photonics sector, which presented a growth of 67% QoQ and 82% YoY respectively.

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3,720
2,867
2,774
2,666
2,449
2,419
53% 54%
52% 51%
51%
48%
28%
26% 25% 25%
22%
18%
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8

2021.1Q 2021.2Q

2021.3Q 2021.4Q 2022.1Q 2022.2Q

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Year 2022.2Q Condensed Income Statement (Parent only)

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Condensed P&L – Parent Only 2022.2Q % 2022.1Q % QoQ 2021.2Q % YoY
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2022.2Q
%		 2022.2Q
%
(In Million NTD, except for EPS in NTD) %
%
Net Sales 3,720
100%		 2,867
100%
30%
2,449
100%
52%
Cost of Goods Sold (1,810)
(49%)		 (1,499)
(52%)
21%
(1,119)
(46%)
62%
Gross Profit 1,910
51%		 1,368
48%
40%
1,330
54%
44%
Operating Expenses:
General & Administration
Research & Development		 (490)
(13%)
(380)
(10%)		 (389)
(14%)
26%
(376)
(15%)
30%
(341)
(12%)
11%
(344)
(14%)
10%
Operating Income 1,040
28%		 638
22%
63%
610
25%
70%
Non-Operating Income (Expenses), net 902
24%		 309
11%
192%
(3)
-
n/a
Income (Loss) Before Tax 1,942
52%		 947
33%
105%
607
25%
220%
Income Tax (281)
(8%)		 (95)
(3%)
196%
(126)
(5%)
123%
Net Income $ 1,661
45%		 $ 852
30%
95%
$ 481
20%
245%
EPS (Basic) $ 3.95 $ 2.03
95%
$ 1.14
246%
Net Income without disposal gain $ 1,157
31%		 $ 852
30%
36%
$ 481
20%
141%
EPS (Basic) without disposal gain $ 2.75 $ 2.03
35%
$ 1.14
141%

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100% owned subsidiaries’ income - MAS: 26m.

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2022/2Q included the gain from disposal of investment (ADLINK) of NTD 414 million plus revert the gain from disposal of property to ADLINK of NTD 90m.

9

Year 2022.1H Condensed Income Statement (Parent only)

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2022.1H % 2021.1H % YoY
Condensed P&L – Parent Only
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2022.1H
%		 2022.1H
%
(In Million NTD, except for EPS in NTD) %
Net Sales 6,587
100%		 5,115
100%
29%
Cost of Goods Sold (3,308)
(50%)		 (2,385)
(47%)
39%
Gross Profit 3,278
50%		 2,730
53%
20%
Operating Expenses:
Selling and General & Administration
Research & Development		 (879)
(13%)
(722)
(11%)		 (746)
(14%)
18%
(677)
(13%)
7%
Operating Income 1,678
26%		 1,307
26%
28%
Non-Operating Income (Expenses), net 1,211
18%		 1,930
37%
(37%)
Income (Loss) Before Tax 2,889
44%		 3,237
63%
(11%)
Income Tax (376)
(6%)		 (508)
(10%)
(26%)
Net Income $ 2,512
38%		 $ 2,729
53%
(8%)
EPS (Basic) $ 5.98 $ 6.50
(8%)
Net Income without disposal gain $ 2,008
30%		 $ 1,199
23%
67%
EPS (Basic) without disposal gain $ 4.78 $ 2.85
68%

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Non-operating Income included 100% owned subsidiaries’ income – MAS 26.5m.

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2022/2Q included the gain from disposal of investment (ADLINK) of NTD 414 million plus revert the gain from disposal of property to ADLINK of NTD 90m.

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2021/1Q included the gain from disposal of property and plant (Hua-ya HQ) of NTD 1,730 million with Capital gain tax of NTD 200 million

10

Balance Sheet Highlights & Financial Ratio

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Parent Only
(In Million NTD)
Balance Sheet Highlights
2022. June
2021. Dec
+ / - %
Cash & Short Term Investment
932
1,274
- 27%
Inventory
3,455
2,989
16%
Short Term Debt
700
1,400
- 50%
Long Term Debt
1,050
1,250
- 16%
Shareholders Equity
18,649
18,514
1%
Total Assets
28,250
25,359
11%
Inventory Turnover (Day)
175
199
AR Turnover (Day)
94
89
AP Turnover (Day)
88
95
Net Debt to Equity (%)
3%
8%
ROE (%)
27%
24%
ROA (%)
19%
17%
Cash Position
2022. 1H
2021. 1H
YoY
EBITDA
3,125
3,407
(8%)
Cash Flow from Operation
267
1,100
(76%)
Free Cash Flow
686
3,136
(78%)

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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

OPERATION HIGHLIGHT

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12

2022.2Q & 1H Product Mix and Consolidated Sales Breakdown

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(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 Operations &
Related Subsidiaries
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 Operations &
Related Subsidiaries
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 Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business
MAS
New Material
Other Subsidiaries
Consolidated Sales		 2022.2Q
%
QoQ
YoY
2022.1H
%
YoY		 2021
%
Test Instruments & Automatic Testing
System (ATS)
Semiconductor / Photonics Test Solutions
Turnkey Solutions
Service & Others
Total of Parent Company Sales
+ Sales from Overseas Operations &
Related Subsidiaries
Chroma Consolidated Testing Equipment
Business		 Test Instruments & Automatic Testing
System (ATS)		 1,615
43%
4%
20%
3,173
48%
27%		 5,531
54%
Semiconductor / Photonics Test Solutions 1,458
39%
67%
82%
2,330
35%
26%		 3,589
35%
Turnkey Solutions 278
8%
58%
742%
455
7%
86%		 347
3%
Service & Others 369
10%
42%
40%
629
10%
18%		 841
8%
Total of Parent Company Sales 3,720
100%
30%
52%
6,587
100%
29%		 10,308
100%
+ Sales from Overseas Operations &
Related Subsidiaries		 924
52%
2%
1,531
(4%)		 3,247
4,644
94%
34%
38%
8,118
87%
21%		 13,555
77%
188
4%
(15%)
(15%)
409
4%
12%
17
-
(97%)
(98%)
635
7%
(56%)
86
2%
-
(14%)
172
2%
(10%)		 780
4%
2,804
16%
445
3%
4,935
100%
12%
11%
9,334
100%
7%		 17,584
100%

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13

Year 2022 Guidance

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For the first half in 2022, Chroma total consolidated sales revenues reached 9.3 billion NTD, presented a growth of 7% YoY. The Parent Company sales reached 6.6 billion, presented a growth of 29% YoY, all product sectors have increased over 20% compared to year 2021, mainly contributed from EV and HPC / Semiconductor industries.

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Year 2022 Second Half Business Outlook:

  • ✓ EV battery cell formation system will be the key driver in second half sales revenues, contributed by megatrend of EV industry.

  • ✓ The Test Instruments & ATS for power testing solutions continues benefit from green energy industry, included EV / Energy Storage related components, battery cell / module / pack and smartgrid and 5G / Server related power testing.

  • ✓ The demand continuity from development of 5G-related and high performance chip (HPC) will be supporting the growth of Semiconductors / Photonics testing solutions.

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14

Semiconductor Advanced Packaging Test Solution

TECHNOLOGY

Versatile Test Platform • Multi-sites: 6~24 Sites (SLT/FT and Combo Module) • IC Device: WLCSP, InFO , CoWoS and Heterogeneous • High-precision Contact: ± 1.75 ° • IC Warpage Detection: >2 mils (0.5mm) • Cooling Capacity: >1,200W

IC Test Handler

1H, ‘22 MARKET Advanced Packaging of Automotive, IOT, AI , Cloud, HPC, Network and Datacenter Chips 3200-24 FT & SLT Hybrid Test System

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2H,’22
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SOLUTION

15

TECHNOLOGY

Test Instruments & ATS

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EV Testing

HPC, High Power Charging

  • HPC (High Power Charging) EVSE testing up to 720kW/4ch • AC Input (Grid Simulator) : 500V/840kVA, eff.= 80% typical

  • DC Output (Battery Simulator) : 1000V/720kW, eff.=88% typical

  • Regenerative energy

BMS Power HIL Testbed

  • Integrate real-time system

  • Cell simulator

  • High current simulator

MARKET

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1H, ‘22
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EV Charging (EVSE)
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BMS for Electric Vehicle and Energy Storage System

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2H,’22
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SOLUTION
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EVSE ATS
8000
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BMS Power HIL Testbed Model 8630

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Test Instruments & ATS

TECHNOLOGY

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High Power Battery Pack Test System
High Power Li-ion Battery Test Application Li-ion Battery Deterioration Analysis
attery Cell Testing • High Power: 1.2MW/1700V/4800A
• Pulse Current : 4800A • High Accuracy : ± 0.01% of F.S.
• High Accuracy Measurement :
• Energy Regen. Efficiency : 75% • High Precision : ± 0.002% of F.S.
Current: ± 0.02% r.d.g. + 0.02% r.n.g.
Voltage: ± (0.05% of r.n.g.)
Battery Pack • High Current Slew Rate:
Testing 100~600kW@1ms; 800kW~1.2MW@10ms
• Battery Simulator function
1H, ‘22 2H, ‘22
MARKET Battery for EV, E-Scooter, Energy Storage System, Power Tools, Quality Inspection Agency, Academic Research
Battery Reliability Test System High Precision CHG & DHG Tester Regenerative Battery Pack Test System
17010H 17208M-5-12C 17040E
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SOLUTION

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TECHNOLOGY

Turnkey Solution

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  • Formation System Application

  • • Battery Type: 4680 Cylindrical Cell • Formation:

  • Battery Cell - Regular Power Tester (17108A-5-60)

  • Formation - Cylinder type clamping unit for 1 deck

  • DCIR: High Accuracy Power Tester (17208M-6-60) • OCV/ACIR: DM7276 + BT4560 Measurement System

  • Formation System Application

  • • Battery Type: 4680 Cylindrical Cell • Formation: • Composite Power Tester (17102H-80-30) • Air bag type clamping mechanism for 4 decks

  • • OCV/ACIR: DM7276 + BT4560 measurement system • Calibration Kit

1H, ‘22

MARKET

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SOLUTION

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Battery Cell (China, Japan, S. Korea)

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Cylindrical Battery Cell Formation System 17000-K0xx

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2H, ‘22

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Cylindrical Battery Cell Series CDC Formation System 17080-K0xx

18

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Thank You!

Get more information in the APP

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19 19

C o p y r i g h t © 2 0 2 2 C h r o m a A T E I n c . A l l r i g h t s r e s e r v e d .

w w w . c h r o m a a t e . c o m

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