Macronix — Investor Presentation 2016

Nov 15, 2016

旺宏電子 2016 年第三季法人說明會 October 27, 2016

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免責聲明

本簡報與會議中之討論內容包含有關於旺宏電子(股)公司營運、財務狀況與對未來 預期之前瞻性描述，此前瞻性描述將受到已知與未知不確定因素與風險的影響，而造成 。 實際結果與前瞻性描述中預期或暗示的結果可能存在重大差異

前述之不確定性因素與風險包含但不限於競爭產品/價格競爭的影響、客戶對公司 產品設計之接受度、公司即時的引進新技術、公司對新產品的即時量產能力、整體半導 。 體產業供需的轉變、產能過剩、產能供給、終端市場的財務狀況及其他等等風險

本簡報與會議內容中之前瞻性描述乃反映目前本公司對整體營運之看法，旺宏電子 (股)免除日後更新、通知之責任。

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2016 年第三季營運概況

2016第三季 2016第二季 實際營運 實際營運 營收淨額 NT$ 7.1B NT$ 5.2B 營業毛利率 31 % 14% 營業淨利率 10% -16%

• 營收淨額較上季增加 37% ，主因為客戶對各類產 ，

• 品的強勁需求： ROM(+269% QoQ) NOR(+9%) ， NAND(+40%)

• 營業毛利率較上季增加 17 個百分點，主因為存貨 跌價迴轉利益

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存貨水位

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NTD M
12,000
2013 2014 2015 2016
10,000 9,334
Increasing demand
9,652 8,231
9,136
8,000 7,275
6,761
Reduced
Inventory (net)
utilization rate
6,000
4,000
2,000
0
13Q4 14Q4 15Q4 16Q1 16Q2 16Q3
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2016 年第三季合併綜合損益比較表

016年第三季合併綜合損益比較表
單位：新台幣佰萬元(每股損益為元) 2016/Q3 2016/Q2 2015/Q3 營業收入淨額 7,092 5,181 5,647 營業毛利 2,176 707 786 營業毛利率 31% 14% 14% 營業費用 (1,500) (1,553) (1,836) 營業淨損 676 (846) (1,050) 營業利益率 10% (16%) (19%) 營業外收(支) (41) 11 104 稅前淨損 635 (835) (946) 所得稅費用 (2) 144 (5) 本期淨損 633 (691) (951) 其他綜合損益 187 (135) (119) 本期綜合損益 820 (825) (1,070) 淨利歸屬予 母公司業主 633 (689) (949) 非控制權益 (0) (2) (2)	QoQ YoY Change Change 37% 26% 208% 177% 17ppt 17ppt (3%) (18%) - - 26ppt 29ppt - - - - - - - - - -
基本每股虧損-- NT$ 0.18 (0.19) (0.27)	- -
EBITDA 1,219 (237) 594 流通在外加權平均股數 3,550 3,546 3,519

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2016Q3 財務重要資訊

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2016 YTD Sales = NTD 17,359M 2016 YTD GP = NTD 3,673M
+13% YoY +80% YoY
營業收入 營業毛利
單位：新台幣佰萬元 單位：新台幣佰萬元
2,045M 3,673M
10,000
15,329M 17,359M
2,000
8,000
6,000
1,000
4,000
2,000
0 0
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3 15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
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2016Q3 財務重要資訊

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2016Q3 2015Q3
營業毛利率 31% 14%
每股損益 NTD 0.18 (0.27)
營業毛利率 每股損益
GM% NTD
Reversal of Inventory loss
40%
1.00
(0.27)
31% 0.75
(0.72)
0.50
0.18
0.25
20%
0.00
12% 14% 15% 14%
13% 15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
(0.25)
8% (0.50) (0.10) (0.35) [(0.27)] (0.25) [(0.19)]
(0.47)
Reduced production (0.75)
0%
(1.00)
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
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2016 年第三季合併簡明資產負債表 / 現金流量資訊

單位：新台幣佰萬元(每股淨值為元)
	2016/09/30	2016/06/30
現金及約當現金	5,393	5,409
存貨(淨額)	6,761	7,275
固定資產	15,820	16,198
總資產	35,373	34,868
短期應計息借款	5,641	6,274
長期應計息借款	6,642	6,972
總負債	17,796	18,146
股東權益	17,577	16,722
負債佔資產比率(%)	50.3%	52.0%
每股淨值(新台幣元)	4.87	4.63
	2016/Q3	2016/Q2
折舊&攤銷	510	513
資本支出	(245)	(393)
營業活動淨現金流入(出)	1,214	731

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- 2016 年第三季銷售額分析 產品別 ( 母公司 )

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單位：新台幣佰萬元
8,000
11%
6,000
7%
QoQ YoY
10%
9%
Change Change
9% 10% 10%53%10%
4,000 6%
NAND +40% +93%
65%
66% NOR +9% +1%
62%
64% 66%
665%% 64%
ROM +269% +109%
2,000
28% FBG -18% -3%
17% 11% * FBG (foundry business group)
10%14% 12%19% 11%12%
11% 13% 8%
0 15%15% 14%10% 13% 14%
2015Q3 2016Q2 2016Q3
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- 2016 年第三季銷售量分析 產品別 ( 母公司 )

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單位：佰萬顆
700
600
7%
500 3% 8% QoQ YoY
Change Change
400
NAND +4% +164%
NOR +18% +16%
300
91% 91%
95% 92%4 94%1 ROM +153% +34%
95%4
200
FBG -17% +0%
100 * Equivalent 8” WF base for FBG
(foundry business group)
2% 1% 2%
0
2% 3%1 1%
2015Q3 2016Q2 2016Q3
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營運現況 - ROM

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Density shipment index: 2012Q1 =100
500 485
400
343
331
300
267
251
200 187
158
145 138 140
108 118 111
100 94 96
100 84 77 88
0
12Q1 Q2 Q3 Q4 13Q1 Q2 Q3 Q4 14Q1 Q2 Q3 Q4 15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
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營運展望 - ROM

� ROM business

• ≤45 奈米製程產品佔 2016 第三季 ROM 營收92%

• ROM為第三季主要成長動能，主因為客戶發行主要遊戲軟體

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NTD %
ROM (by tech & sales)
100%
80%
66%
60% 80% 76% 77% 74% 79% 76%
86%
92% 76%
≤ 45 nm
40% ≥ 65 nm
20%
34%
20% 24% 23% 26% 21% 24% 24%
14%
8%
0%
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3 2014 2015 2016(E)
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營運現況 - NOR Flash

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Density shipment index: 2012Q1 =100
300
258
240
250 243
228
214 214 213
200 190 192 190
181
177
169
160
154
141 142
150
130
100
100
50
0
12Q1 Q2 Q3 Q4 13Q1 Q2 Q3 Q4 14Q1 Q2 Q3 Q4 15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
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- 營運展望 NOR Flash

� NOR flash business

Rev contribution form automotive segment

• ≤75nm奈米製程產品佔 2016 第三季 NOR 營 收50%

• 各類終端應用對 NOR 皆呈現強勁需求

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≤ 55 nm
≤ 75 nm
NTD % NOR (by tech & sales) ≧ 0.10 µ m
100% 1% 1% 1%
32%
80% 33% 39% 42% 42% 42% 39%
46% 49% 48%
60%
40%
67% 68%
61% 58% 58% 58% 53% 50% 61% 51%
20%
0%
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3 2014 2015 2016(E)
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% of NOR business

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13%
12%
10%
8%
6%
3%
2011 2012 2013 2014 2015 2016YTD
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Speedy growth in automotive segment

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Revenue
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營運現況 – 2016 年第三季 NOR Flash 產品應用分析

2016 年第三季 NOR 營收分析

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Consumer,
36%
Comm, 25%
Computer,
20% Auto , 11%
I.M.A, 8%
Comm: including handsets
I (Industrial), M (Medical), A (Aero space-defense)
2016Q3 NOR QTY
Computer Consumer Communication Automotive
QTY. +14% QoQ +14% QoQ +39% QoQ +12% QoQ
(M ea)
+29% YoY +9% YoY +22% YoY +11% YoY
200 200 200 100
100 100 100 50
0 0 0 0
2016Q2 2016Q3 2016Q2 2016Q3 2016Q2 2016Q3 2016Q2 2016Q3
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營運現況與展望 – SLC NAND

� SLC NAND flash business

• 於先進製程增加的design-win 案件數量，是公司 未來成長之動力

• NAND 營收持續強勁成長，是公司主要成長來源

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Quarterly design-win
case count of 36nm
110
100
90
70
70
50
48
30
2016Q1 2016Q2 2016Q3
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SLC NAND Flash equivalent density shipment

2016 年第三季 NAND 營收分析

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Total density (Tb)
Density shipment index: 36 nm
2015Q1 =100 75 nm
Index 200,000 Comm,
55%
Consumer,
592 37%
80,000
600
479
60,000 100,000 Others, 8%
400
263
213 40,000
175 157
200 100 20,000
0 0 0
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3
2014 2015 2016(E)
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謹慎的資本支出規劃

� 謹慎的投資，以突破產能瓶頸

• 產能幾近滿載，目前出貨狀態已是配銷模式

• 董事會已通過額外的資本支出新台幣6.5億，將用於擴增先進製程

• 與高階產品所需的機器設備

• 輔以適當的安排，公司整體的先進製程產能每月約可增加 4,000 片

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The competence of Fab5 (12”) is taking off
Revenue
15,000
13,121
10,000 8,874 8,799
5,824
6,622
5,000
1,726
0
2011 2012 2013 2014 2015 2016 (E)
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For more information regarding Macronix http://www.macronix.com

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For all inquiries, suggestions and comments ir@mxic.com.tw