CHROMA — Interim / Quarterly Report 2014

Aug 8, 2014

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Your Testing Quality is Our Commitment.

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CHROMA ATE INC.

2014

2014.2Q Investor Conference Paul Ying, CFO Leo Huang, Chairman & CEO

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5[th] August, 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 2,179 employees (as June, 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 36%)
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 ： 2,179  , Branch Offices x16, Distributors x58, Subsidiaries x6

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

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Year 2014.1H Condensed Consolidated Income Statement

	Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)		2014.1H %		2013.1H % YoY %
	Net Sales		4,634 100.0%		5,055 100.0% (8%)
	Consolidated Sales of Testing Business		2,534 54.7%		1,934 38.3% 31%
	Consolidated Sales of MAS		295 6.4%		1,103 21.8% (73%)
	Consolidated Sales of New Material		1,579 34.0%		1,800 35.6% (12%)
	Others		226 4.9%		218 4.3% 4%
	Cost of Goods Sold		(2,877) (62.1%)		(3,087) (61.1%) (7%)
	Gross Profit		1,757 37.9%		1,968 38.9% (11%)
	Operating Expenses: General & Administration Research & Development		(897) (19.4%) (381) (8.2%)		(967) (19.1%) (7%) (341) (6.7%) 12%
	Operating Income		479 10.3%		660 13.1% (27%)
	Non-Operating Income (Expenses), net		109 2.4%		102 2.0% 7%
	Income (Loss) Before Tax Income Tax		588 12.7% (89) (1.9%)		762 15.1% (23%) (120) (2.4%) (26%)
	Net Income		499 10.8%		642 12.7% (22%)
	Other Comprehensive Income (Losses)		(35) (0.8%)		140 2.8% n/a
	Comprehensive Income		$ 464 10.0%		$ 782 15.5% (41%)
	Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests		511 11.0% (12) (0.2%)		647 12.8% (21%) (5) (0.1%) n/a
			$ 499 10.8%		$ 642 12.7% (22%)
	EPS (Basic)		$ 1.36		$ 1.73 (21%)
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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. June 4,488 1,754 189 2,674 8,398	2013. Dec + / - % 2,364 90% 1,531 15% 794 - 76% 819 n/a 8,717 - 4%
	Total Assets		15,367	12,768 20%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		103 115 97 -	88 102 86 -
	ROE (%)		12%	15%
	ROA (%)		7%	10%
	Cash Position EBITDA Cash Flow from Operation	2014.1H 743 825	2013.1H 925 816	YoY (20%) 1%
	Free Cash Flow	(1,105)	348	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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Quarterly Highlights

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2014.2Q Key Points

Sales Revenues Gross Margin Operating Margin

• Sales Revenue: $ 1,249 million,

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57%
56%
54% 53% 55%
56% 1,249
1,072
1,001 1,033
937
821
23%
21%
19%
18%
17% 18%
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up 33% QoQ, up 25% YoY

• Gross Margin: 56%

• Operating Margin: 23%

• Net Income: NT$ 333 million,

• up 87% QoQ, down 22% YoY

• 2014.2Q Highlights:

 In the second quarter sales revenues growth was mainly contributed from Semiconductor

Test Solutions and Turnkey

Solutions particularly in solar testing

applications.

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2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q

Year 2014.2Q Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2014.2Q %		2014.1Q % QoQ %	2013.2Q % YoY %
	Net Sales		1,249 100.0%		937 100.0% 33%	1,001 100.0% 25%
	Cost of Goods Sold		(546) (43.7%)		(421) (44.9%) 30%	(457) (45.6%) 19%
	Gross Profit		703 56.3%		516 55.1% 36%	544 54.4% 29%
	Operating Expenses: General & Administration Research & Development		(236) (18.9%) (179) (14.3%)		(183) (19.5%) 29% (162) (17.3%) 10%	(198) (19.8%) 19% (156) (15.6%) 15%
	Operating Income		288 23.1%		171 18.3% 68%	190 19.0% 52%
	Non-Operating Income (Expenses), net		91 7.3%		31 3.3% 194%	264 26.4% n/a
	Income (Loss) Before Tax		379 30.4%		202 21.6% 88%	454 45.4% (17%)
	Income Tax		(46) (3.7%)		(24) (2.6%) 92%	(25) (2.5%) 84%
	Net Income		$ 333 26.7%		$ 178 19.0% 87%	$ 429 42.9% (22%)
	Other Comprehensive Income		(83) (6.7%)		47 5.0% n/a	78 7.8% n/a
	Comprehensive Income		$ 250 20.0%		$ 225 24.0% 11%	$ 507 50.7% (51%)
	EPS (Basic)		$ 0.88		$ 0.48 83%	$ 1.15 (23%)

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 12m (QoQ ↓ 29%, YoY ↑ 20%), MAS: 20m (QoQ ↑ 122%, YoY↓ 90%).

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Year 2014.1H Condensed Income Statement

	Condensed P&L– Parent Only (In Million NTD, except for EPS in NTD)		2014.1H %		2013.1H % YoY %
	Net Sales		2,186 100.0%		1,822 100.0% 20%
	Cost of Goods Sold		(967) (44.2%)		(820) (45.0%) 18%
	Gross Profit		1,219 55.8%		1,002 55.0% 22%
	Operating Expenses: General & Administration Research & Development		(419) (19.2%) (340) (15.6%)		(368) (20.2%) 14% (298) (16.4%) 14%
	Operating Income		460 21.0%		336 18.4% 37%
	Non-Operating Income (Expenses), net		121 5.5%		358 19.7% (66%)
	Income (Loss) Before Tax		581 26.5%		694 38.1% (16%)
	Income Tax		(70) (3.1%)		(47) (2.6%) 49%
	Net Income		$ 511 23.4%		$ 647 35.5% (21%)
	Other Comprehensive Income		(35) (1.6%)		140 7.7% n/a
	Comprehensive Income		$ 476 21.8%		$ 787 43.2% (40%)
	EPS (Basic)		$ 1.36		$ 1.73 (21%)

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 29m (YoY ↑ 32%), MAS: 29m (YoY↓ 88%).

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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. June 2,570 1,392 3 2,552 8,270	2013. Dec 406 1,174 630 700 8,578	+ / - % n/a 19% n/a n/a - 4%
	Total Assets		13,483	10,989	23%
	Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)		239 149 110 -	231 149 84 11%
	ROE (%)		12%	15%
	ROA (%)		8%	12%
	Cash Position EBITDA Cash Flow from Operation	2014.2Q 419 285	2014.1Q 240 354	QoQ 75% (20%)	2014.1H YoY 659 (14%) 639 19%
	Free Cash Flow	(1,525)	332	n/a	(1,192) 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		2014.2Q % 734 58.7% 260 20.8% 203 16.3% 52 4.2%		2014.1Q % 594 63.4% 158 16.8% 146 15.6% 39 4.2%	QoQ 24% 65% 39% 33%	2013.2Q % YoY 687 68.6% 7% 206 20.6% 26% 62 6.2% 227% 46 4.6% 13%
Total		1,249 100.0%		937 100.0%	33%	1,001 100.0% 25%

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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**		2014.2Q % 1,466 55.8% 186 7.1% 851 32.3% 125 4.8%		2014.1Q % 1,069 53.3% 109 5.4% 728 36.3% 100 5.0%	QoQ 37% 71% 17% 25%	2013.2Q % YoY 1,186 41.0% 24% 684 23.7% (73%) 903 31.3% (6%) 115 4.0% 8%
Consolidated Sales		2,628 100.0%		2,006 100.0%	31%	2,888 100.0% (9%)

** Adjustments & Eliminations are mainly intercompany transactions and net to Chroma ATE.

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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	2,186
		6%	7%	6%	5%	4%
	Others			10%	9%	16%
		19%	21%
	Turnkey Solutions	10%	9%	17%	21%	19%
	Semiconductor Test Solutions
	Test Instruments & ATS
		65%	63%	67%	65%	61%
		2010	2011	2012	2013	2014.1H

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Year 2014 Guidance

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In the second quarter 2014, the Chroma parent sales revenues presented a growth of 33% QoQ, hit the highest quarterly sales for the past six quarters. This was mainly contributed from Semiconductor Test Solutions and Turnkey Solutions, which represented a growth of 65% and 39% QoQ respectively, while Test Instruments & ATS also presented a steady growth of 24% QoQ. The Company expects another sales revenues growth in the third quarter, especially the Turnkey Solutions would be a major contribution in second half. 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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