CHROMA — Earnings Release 2014

Nov 13, 2014

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Your Testing Quality is Our Commitment.

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CHROMA ATE INC. 2014.3Q Earnings Release

2014

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31[st] October, 2014

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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Agenda

• Corporate Profile • Financial Review • Operation Highlights • Q&A

CORPORATE PROFILE

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Corporate Profile

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• 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 of 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 (NM).

• 2013 Consolidated Sales : NT$10.17 billion

• 2013 Net Income: NT$1.21 billion

• Chroma Group total of 2,231 employees (as Sept, 2014)

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Consolidated Chroma Ate Sales Consolidated NM Sales Consolidated MAS Sales

Others

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14,886
14,148
11%
8%
11,644
10,914
6% 10,171
12%
18%
56% 47% 48% 48% 34%
32% 40% 41% 43% 44%
2009 2010 2011 2012 2013
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Financial Performance

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Consolidated Sales Consolidated Gross Margin

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Sales Revenues Gross Margin R&D Expenses R&D Expenses in % of Sales Revenues

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Parent Only
14,886 5,640 55%
54%
14,148 51% 5,338
55%
52%
11,644 37% 4,174
3,926
10,914
29% 28% 29% 10,171 3,444
24%
16%
15%
14%
12%
11%
603 630 637 631
481
Chroma Employees ： 1,320  (R&D 37%)
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Financial Performance

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ROE Dividend
EPS Cash dividend
Stock dividend
25% 5.05
4.06
19% 3.80
3.21
14% 15%
2.52
2.50 2.50
12%
2.50
2.00 2.00
0.30 0.40
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Chroma Global Network

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Global Employees ： 2,231  , Branch Offices x16, Distributors x58, Subsidiaries x6

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Europe : Netherlands / Finland
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US :
Hong Kong : Neworld Irvine /
Foothill Ranch,
CA
Tempe, AZ
Japan: Shin Yokohama
China : Shenzhen / Dongguan / Xiamen / Suzhou
Nanjing / Shanghai / Beijing / Chongqing
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FINANCIAL REVIEW

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Year 2014.1~3Q Condensed Consolidated Income Statement

	Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)		2014.1~3Q %		2013.1~3Q % YoY %
	Net Sales		7,700 100.0%		7,739 100.0% -
	Consolidated Sales of Testing Business		4,508 58.6%		3,488 45.1% 29%
	Consolidated Sales of MAS		480 6.2%		1,217 15.7% (61%)
	Consolidated Sales of New Material		2,360 30.6%		2,697 34.9% (13%)
	Others		352 4.6%		337 4.3% 4%
	Cost of Goods Sold		(4,682) (60.8%)		(4,866) (62.9%) (4%)
	Gross Profit		3,018 39.2%		2,873 37.1% 5%
	Operating Expenses: General & Administration Research & Development		(1,438) (18.7%) (605) (7.9%)		(1,416) (18.3%) 2% (527) (6.8%) 15%
	Operating Income		975 12.6%		930 12.0% 5%
	Non-Operating Income (Expenses), net		179 2.3%		141 1.8% 27%
	Income (Loss) Before Tax Income Tax		1,154 14.9% (172) (2.2%)		1,071 13.8% 8% (156) (2.0%) 10%
	Net Income		982 12.7%		915 11.8% 7%
	Other Comprehensive Income (Losses)		(100) (1.3%)		176 2.3% n/a
	Comprehensive Income		$ 882 11.4%		$ 1,091 14.1% (19%)
	Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests		998 12.9% (16) (0.2%)		923 11.9% 8% (8) (0.1%) n/a
			$ 982 12.7%		$ 915 11.8% 7%
	EPS (Basic)		$ 2.66		$ 2.46 8%
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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			2014. Sept 4,043 1,742 858 2,521 8,919	2013. Dec + / - % 2,364 71% 1,531 14% 794 8% 819 n/a 8,717 2%
	Total Assets			15,336	12,768 20%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)			94 113 86 -	88 102 86 -
	ROE (%)			15%	15%
	ROA (%)			9%	10%
	Cash Position EBITDA Cash Flow from Operation	2014.1~3Q 1,395 682	2013.1~3Q 1,314 565		YoY 6% 21%
	Free Cash Flow	(844)	(822)		3%

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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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Quarterly Highlights

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2014.3Q Key Points

• Sales Revenue: $ 1,604 million,

up 28% QoQ, up 50% YoY

• Gross Margin: 53%

• Operating Margin: 24%

• Net Income: NT$ 487 million,

• up 46% QoQ, up 76% YoY

• 2014.3Q Highlights:

 The third quarter sales revenues presented a strong growth of 28% QoQ, mainly contributed from Turnkey Solutions particularly in Battery test solutions and Semiconductor Test Solutions.

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Sales Revenues Gross Margin
Operating Margin
1,604
1,249
56% 57%
56%
54% 53% 55% 53%
1,072
937
1,033
1,001
821
24%
23%
21%
18% 19% 18%
17%
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2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q 2014.3Q

Year 2014.3Q Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2014.3Q %		2014.2Q % QoQ %	2013.3Q % YoY %
	Net Sales		1,604 100.0%		1,249 100.0% 28%	1,072 100.0% 50%
	Cost of Goods Sold		(752) (46.9%)		(546) (43.7%) 38%	(463) (43.2%) 62%
	Gross Profit		852 53.1%		703 56.3% 21%	609 56.8% 40%
	Operating Expenses: General & Administration Research & Development		(268) (16.7%) (202) (12.6%)		(236) (18.9%) 14% (179) (14.3%) 13%	(216) (20.1%) 24% (165) (15.4%) 22%
	Operating Income		382 23.8%		288 23.1% 33%	228 21.3% 68%
	Non-Operating Income (Expenses), net		168 10.5%		91 7.3% 85%	71 6.6% 137%
	Income (Loss) Before Tax		550 34.3%		379 30.4% 45%	299 27.9% 84%
	Income Tax		(63) (3.9%)		(46) (3.7%) 37%	(23) (2.1%) 174%
	Net Income		$ 487 30.4%		$ 333 26.7% 46%	$ 276 25.8% 76%
	Other Comprehensive Income		(65) (4.1%)		(83) (6.7%) (22%)	36 3.3% n/a
	Comprehensive Income		$ 422 26.3%		$ 250 20.0% 69%	$ 312 29.1% 35%
	EPS (Basic)		$ 1.30		$ 0.88 48%	$ 0.73 78%

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 16m (QoQ ↑ 33%, YoY ↑ 60%), MAS: 55m (QoQ ↑ 175%, YoY ↑ 34%).

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Year 2014.1~3Q Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2014.1~3Q %		2013.1~3Q % YoY %
	Net Sales		3,790 100.0%		2,894 100.0% 31%
	Cost of Goods Sold		(1,719) (45.4%)		(1,283) (44.3%) 34%
	Gross Profit		2,071 54.6%		1,611 55.7% 29%
	Operating Expenses: General & Administration Research & Development		(688) (18.1%) (542) (14.3%)		(583) (20.2%) 18% (464) (16.0%) 17%
	Operating Income		841 22.2%		564 19.5% 49%
	Non-Operating Income (Expenses), net		290 7.7%		429 14.8% (32%)
	Income (Loss) Before Tax		1,131 29.9%		993 34.3% 14%
	Income Tax		(133) (3.5%)		(70) (2.4%) 90%
	Net Income		$ 998 26.4%		$ 923 31.9% 8%
	Other Comprehensive Income		(101) (2.7%)		176 6.1% n/a
	Comprehensive Income		$ 897 23.7%		$ 1,099 38.0% (18%)
	EPS (Basic)		$ 2.66		$ 2.46 8%

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 45m (YoY ↑ 41%), MAS: 84m (YoY↓ 71%).

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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		2014. Sept 2,276 1,427 672 2,401 8,794	2013. Dec 406 1,174 630 700 8,578	+ / - % n/a 22% 7% n/a 3%
	Total Assets		13,511	10,989	23%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		204 140 92 9%	231 149 84 11%
	ROE (%)		15%	15%
	ROA (%)		11%	12%
	Cash Position EBITDA Cash Flow from Operation	2014.3Q 594 (4)	2014.2Q 419 285	QoQ 42% n/a	2014.1~3Q YoY 1,253 13% 636 98%
	Free Cash Flow	297	(1,525)	n/a	(895) 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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OPERATION HIGHLIGHT

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Chroma Ate Inc. Sales Breakdown By Testing Solution

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(Unit: Million NTD) Test Instruments & ATS Semiconductor Test Solutions Turnkey Solutions Service & Others		2014.3Q % 781 48.7% 376 23.4% 407 25.4% 40 2.5%		2014.2Q % QoQ 734 58.7% 6% 260 20.8% 45% 203 16.3% 100% 52 4.2% (23%)	2013.3Q % YoY 744 69.4% 5% 219 20.4% 72% 58 5.4% 602% 51 4.8% (22%)
Total		1,604 100.0%		1,249 100.0% 28%	1,072 100.0% 50%

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Chroma Ate. Inc. Sales Mix Breakdown (YTD)

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A Turnkey Solution and Intelligent Automation Line Provider

Parent Only	Parent Only	5,640	5,338	4,174	3,926		3,790
			6%	7%	6%	5%	3%
	Others				10%	9%	20%
			19%	21%
					17%	20%
	Turnkey Solutions		10%	9%			21%
	Semiconductor Test Solutions
	Test Instruments & ATS
			65%	63%	67%	66%	56%
		2010	2011	2012	2013	2014.1~3Q

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Consolidated Sales Breakdown by Quarter

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(Unit: Million NTD) Chroma Ate. Inc. included overseas affiliates MAS New Material Others		2014.3Q % 1,951 63.6% 208 6.8% 781 25.5% 126 4.1%		2014.2Q % 1,466 55.8% 186 7.1% 851 32.3% 125 4.8%	QoQ 33% 12% (8%) -	2013.3Q % YoY 1,267 47.2% 54% 399 14.9% (48%) 897 33.4% (13%) 121 4.5% 4%
Consolidated Sales		3,066 100.0%		2,628 100.0%	17%	2,684 100.0% 14%

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Year 2014 Guidance

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In the third quarter 2014, the Chroma parent sales revenues presented a consecutively growth of 28% QoQ. This was mainly contributed from Turnkey Solutions and Semiconductor Test Solutions, which represented a consecutively growth of 100% and 45% QoQ respectively, while Test Instruments & ATS also presented a steady growth QoQ. Moving forward to traditional low season in the fourth quarter, the Company expected a sales revenues growth compared to last year.

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Aggressively penetrated and qualified by global top-tier customers through competitive R&D capabilities and well established global support network. The growth of year 2014 is expected to come from Chroma Ate business entity, particularly in Turnkey Solutions and Semiconductor Test Solutions, while the Test Instruments & ATS will maintain a solid position from enhanced power electronic applications, such as 4G LTE, servo power and clean tech related.

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Innovations in Test & Automation

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Turnkey
Solutions
Innovation
&
Speed
Test Semi-
Instruments conductor
& Test
ATS Solutions
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Test Instruments & ATS

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Innovation in Flat Panel Display Test Solution

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4K Video Pattern Generator

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New
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• High speed graphic engine support up to 4K x 2K

• ultra high resolution display test

• Comply with Display Port / HDMI standard

• Support 3D standard

(Model: 2235)

FPD AOI System

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New
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• Detection items: dot defect, line defect, etc.

• Applies to small and medium size display

• Integrated with video pattern generator or LCM ATS in one click to complete all measurements

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(Model: 7661)

Innovation in Power Electronics

& Electrical Safety Test Solution

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Regenerative Grid Simulator

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New
(Model: 61800)
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• Inverter/ battery inverter/ EV charger for smart grid application

• Bi-directional AC source (4-quadrant)

• High power 60kVA (1 & 3-phase output)

• Parallelable up to 300kVA

Impulse Winding Tester

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New
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• Test inductance range : 0.1uH~100uH

• Test voltage range : 10V~1000V; sampling resolution 0.25V

• Contact check by inductance measuring

• High test speed: < 40mS (Pulse 1.0)

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(Model: 19301)

Innovation in Battery Test Solution

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Battery Charge & Discharge Test System

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New
Energy
Recycling
Technology
(Model: 17011)
Battery Pack ATS
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• Battery capacity and DCIR test

• EDLC capacitance and DCR

• Driving cycle simulation

• Cycle life test

• 5V, 20A, 90 channels

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New
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(Model: 8700)
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• Initial checks

• Electrical tests

• CAN communication tests

• Performance test

• Final checks

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Semiconductor Test Solutions

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Innovation in Semiconductor Test Solution

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CIS VLSI Test & Handler Combo Solution

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New
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• 3380P + 3270 CIS Combo Solution

• Bundled test cell including ATE, handler, light source & capture cards

• NTSC supported

• Application coverage including smartphone 5M/8M CIS, automotive CIS, and etc.

(Model: 3380P + 3270 CIS as combo solution)

Full Range Active Thermal Control Handler

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New
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(Model: 3110-FT)
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• High throughput tri-temperature test

• Full range ATC -40~125 ℃ with socking buffer

• Remote control operation

• Intelligent auto retest & auto re-tray

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Turnkey Solutions

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Inductor Impulse Winding Test System

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New Patent
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 Semi 4-terminals impulse winding test

 High through-put: Up to 1,400 pcs / min

 Cpk and quality control software

(Model: 1871)

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Inductor Automatic Test & Packing Solution

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Inductor Automatic Test & Packing System

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New
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• High output speed: Up to 1,200 pcs / min

• DUT auto positioning for packing

• Cpk and quality control software

• Test Items :

• Winding phase

• Inductance, Q/ACR

• Winding resistance

• Impulse test (optional)

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(Model: 1870)
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Solar Cell Inspection Test & Sorting System

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New
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• High throughput: dual-lane sorter, 3,600/hr., >60megaW/yr

• Integrated with inspector and IV tester

• Modularized sorting bins

(Model: 3760)

• Low breakage rate

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Sorting
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IV Testing
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AOI
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Loading
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www.chromaate.com

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let’s make a better world Thank You!

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