CHROMA — Interim / Quarterly Report 2019

Oct 31, 2019

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CHROMA ATE INC.

2019.3Q Earnings Conference Call

Paul Ying, CFO

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31[st] October, 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

• 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).

• 2018 Consolidated Sales : NT$ 16.9 billion

• 2018 Net Income: NT$2.5 billion

• Chroma Group total of 2,948 employees (as September, 2019)

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Consolidated Chroma Ate Sales Others
Consolidated CNMC Sales
Consolidated MAS Sales
16,931
14,901
29%
17%
11,624
10,307 3% 14%
9,692 12%
7% 20%
13%
29%
24%
60% 58% 74% 66% 57%
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2014

2015

2016

2017 2018

5

Financial Performance

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

Consolidated Sales Consolidated

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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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2014

2015

2016

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
Operation Distributors
Sites
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EST. 1999 EST. 2017
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

Year 2019.1~3Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2019.1~3Q % 2018.1~3Q % YoY %
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		2019.1~3Q %	2019.1~3Q %
	(In Million NTD, except for EPS in NTD)
	Net Sales	9,432 100%	13,007 100% (27%)
	Consolidated Sales of Testing Equipment Business	7,124 76%	7,341 57% (3%)
	Consolidated Sales of MAS	697 7%	3,911 30% (82%)
	Consolidated Sales of New Material	1,435 15%	1,493 11% (4%)
	Others	176 2%	262 2% (33%)
	Cost of Goods Sold	(4,849) (51%)	(7,254) (56%) (33%)
	Gross Profit	4,583 49%	5,753 44% (20%)
	Operating Expenses: General & Administration Research & Development	(2,287) (24%) (954) (10%)	(2,281) (18%) - (938) (7%) 2%
	Operating Income	1,342 15%	2,534 19% (47%)
	Non-Operating Income (Expenses), net	168 1%	208 2% (19%)
	Income (Loss) Before Tax Income Tax	1,510 16% (244) (3%)	2,742 21% (45%) (677) (5%) (64%)
	Net Income	1,266 13%	2,065 16% (39%)
	Other Comprehensive Income (Losses)	(34) -	96 1% n/a
	Comprehensive Income	$ 1,232 13%	$ 2,161 17% (43%)
	Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests	1,251 13% 15 -	2,068 16% (40%) (3) - n/a
		$ 1,265 13%	$ 2,065 16% (39%)
	EPS (Basic)	$ 3.03	$ 5.06 (40%)
	EPS (Diluted)	$ 2.99	$ 4.95 (40%)

10

Balance Sheet Highlights & Financial Ratio

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Consolidated (In Million NTD)		2019. Sept	2018. Dec	+ / - %
Balance Sheet Highlights
Cash & Short Term Investments		2,916	4,689	- 38%
Inventory		2,631	2,417		9%
Short Term Debt		1,816	821	121%
Long Term Debt		3,044	1,954	56%
Shareholders Equity		14,357	14,690	-	2%
Total Assets		25,202	23,202		9%
Inventory Turnover (Day)		141	93
AR Turnover (Day)		142	95
AP Turnover (Day)		148	106
Net Debt to Equity (%)		13%	Net cash
ROE (%)		11%	18%
ROA (%)		7%	11%
Cash Position	2019.1~3Q	2018.1~3Q	YoY
EBITDA	1,884	2,998	(37%)
Cash Flow from Operation	867	1,026	(15%)
Free Cash Flow	(1,191)	(158)	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

2019.3Q Key Points

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• Sales Revenue: $ 1,961 million,

down 4% QoQ, flat YoY

• Gross Margin: 52%

• Operating Margin: 23%

• Net Income: NT$ 480 million, up 1% QoQ, down 22% YoY

• 2019.3Q Highlights:

• The growth of second quarter is

mainly contributed from

semiconductor / photonics testing, which presented a growth of 20% QoQ and 24% YoY respectively.

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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%
21% 22% 23%
20% 20%
19%
16%
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2018.1Q 2018.2Q 2018.3Q 2018.4Q 2019.1Q 2019.2Q 2019.3Q

12

Year 2019.3Q Condensed Income Statement

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Condensed P&L – Parent Only 2019.3Q % 2019.2Q % QoQ 2018.3Q % YoY
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	2019.3Q %	2019.3Q %
(In Million NTD, except for EPS in NTD)		% %
Net Sales	1,961 100%	2,037 100% (4%) 1,958 100% -
Cost of Goods Sold	(948) (48%)	(1,002) (49%) (5%) (962) (49%) (1%)
Gross Profit	1,013 52%	1,035 51% (2%) 996 51% 2%
Operating Expenses: General & Administration Research & Development	(265) (13%) (304) (16%)	(337) (17%) (21%) (313) (16%) (15%) (291) (14%) 5% (291) (15%) 4%
Operating Income	444 23%	407 20% 9% 392 20% 13%
Non-Operating Income (Expenses), net	106 5%	106 5% - 295 15% (64%)
Income (Loss) Before Tax	550 28%	513 25% 7% 687 35% (20%)
Income Tax	(70) (4%)	(37) (2%) 89% (75) (4%) (7%)
Net Income	$ 480 24%	$ 476 23% 1% $ 612 31% (22%)
Other Comprehensive Income	(95) (4%)	(6) - n/a (111) (6%) (14%)
Comprehensive Income	$ 385 20%	$ 470 23% (18%) $ 501 25% (23%)
EPS (Basic)	$ 1.16	$ 1.15 1% $ 1.49 (22%)
EPS (Diluted)	$ 1.15	$ 1.13 2% $ 1.46 (21%)

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100% owned subsidiaries’ income - New Material: 8m (QoQ ↓ 11%, YoY ↓ 20%), MAS: 43m (QoQ ↑ 258%, YoY ↓ 82%)

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13

Year 2019.1~3Q Condensed Income Statement

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2019.1~3Q % 2018.1~3Q % YoY
Condensed P&L – Parent Only
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	2019.1~3Q %	2019.1~3Q %
(In Million NTD, except for EPS in NTD)		%
Net Sales	5,539 100%	5,850 100% (5%)
Cost of Goods Sold	(2,647) (48%)	(2,809) (48%) (6%)
Gross Profit	2,892 52%	3,041 52% (5%)
Operating Expenses: Selling and General & Administration Research & Development	(892) (16%) (860) (15%)	(954) (16%) (6%) (851) (15%) 1%
Operating Income	1,139 21%	1,236 21% (8%)
Non-Operating Income (Expenses), net	265 5%	1,173 20% (77%)
Income (Loss) Before Tax	1,405 26%	2,409 41% (42%)
Income Tax	(154) (3%)	(341) (6%) (55%)
Net Income	$ 1,251 23%	$ 2,068 35% (40%)
Other Comprehensive Income	(35) (1%)	94 2% n/a
Comprehensive Income	$ 1,216 22%	$ 2,162 37% (44%)
EPS (Basic)	$ 3.03	$ 5.06 (40%)
EPS (Diluted)	$ 2.99	$ 4.95 (40%)

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Non-operating Income included 100% owned subsidiaries’ income - New Material: 25m (YoY ↓ 24%), MAS: 50m (YoY ↓ 94%).

14

Balance Sheet Highlights & Financial Ratio

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Parent Only (In Million NTD)		2019. Sept	2018. Dec	+ / - %
Balance Sheet Highlights
Cash & Short Term Investment		514	1,867	- 72%
Inventory		2,050	1,897		8%
Short Term Debt		1,600	630	154%
Long Term Debt		2,900	1,800	61%
Shareholders Equity		14,064	14,410	-	2%
Total Assets		21,684	19,327	12%
Inventory Turnover (Day)		201	189
AR Turnover (Day)		129	137
AP Turnover (Day)		119	121
Net Debt to Equity (%)		28%	4%
ROE (%)		12%	18%
ROA (%)		8%	13%
Cash Position	2019.1~3Q	2018.1~3Q	YoY
EBITDA	1,589	2,556	(38%)
Cash Flow from Operation	1,160	1,080	7%
Free Cash Flow	(850)	523	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

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2019.3Q Product Mix and Consolidated Sales Breakdown

		(Unit: Million NTD)	2019. 3Q	%	QoQ	YoY
		Test Instruments & Automatic Testing System	1,088	56%	(14%)	(5%)
		(ATS)
		Semiconductor / Photonics Test Solutions	695	35%	20%	24%
		Turnkey Solutions	58	3%	(11%)	(54%)
		Service & Others	120	6%	(11%)	(5%)
		Total of Parent Company Sales	1,961	100%	(4%)	-
		+ Sales from Overseas Affiliates	500		(17%)	13%
		Chroma Consolidated Testing Equipment Business	2,461	72%	(7%)	3%
		MAS	295	9%	130%	(66%)
		New Material	577	17%	25%	5%
		Others	75	2%	50%	(22%)
		Consolidated Sales	3,408	100%	4%	(13%)

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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	2019.1~3Q % 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)	3,289 59% (2%)	4,411 58%
		Semiconductor / Photonics Test Solutions	1,657 30% 9%	1,890 25%
		Turnkey Solutions	223 4% (61%)	778 11%
		Service & Others	370 7% (1%)	468 6%
		Total of Parent Company Sales	5,539 100% (5%)	7,547 100%
		+ Sales from Overseas Affiliates	1,585 6%	2,178
			7124 76% (3%)	9725 57%
			, 697 7% (82%) 1,435 15% (4%) 176 2% (33%)	, 4,862 29% 2,005 12% 339 2%
			9,432 100% (27%)	16,931 100%

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18

Year 2019 Guidance

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Chroma first three quarters consolidated sales revenues were 9.4 billion NTD, presented a decline of 27% YoY, consolidated gross margin has remained at 49%.

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2019 Business Outlook:

• Testing equipment business sales in 2H will further improve compared to 1H:

• Expects a short-term weakness in EV market due to cooling impacted the China economy and swings from subsidies reduction. However, we continue to be positive on long-term EV demand.

• China localize vendor policy and acceleration of 5G market development continues to drive the sales of Semiconductors / Photonics testing solutions, included VLSI testers and VCSEL / ToF for 3D sensing and optical fiber communication for 5G infrastructure capex.

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

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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
SOLUTION
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20

TECHNOLOGY

Test Instruments & ATS

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Restores the Battery Pack to Balance
Battery Testing 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
8700
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SOLUTION
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21

TECHNOLOGY

Semiconductor/Photonics Test Solutions

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IC Testing Handler	Full-Range ATC Test Handler Support package up to 120x120mm , Contact force up to 180Kg	One-Stop Turnkey Solution RF Test /6S/Reel Package
					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 3110 (New Generation )	Compact Turret Handler 3140-CT		Semiconductor Advanced Packaging 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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24

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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Copyright © 2018 Chroma ATE Inc. All rights reserved.

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