Macronix - Investor Presentation 2025

旺宏電子 2025 年第一季法人說明會

April 29, 2025

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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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1Q25 `營運概況`

1Q25 4Q24 1Q24 營收淨額 NT$ 6.1 NT$ 5.9 NT$ 5.8 (NT$ 十億 ) 營業毛利率 17.7% 13.1% 19.8% 營業淨利率 (17.6%) (29.6%) (22.6% )

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`重點議題`

研發費用因持續投入 3D NOR 及企業級 SSD 研發而偏高
生產端可以有更好的表現成果
消費者猜測新平台即將上市使 ROM 減少
將進一步採取行動以審慎且快速去化庫存

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1Q25 `合併綜合損益比較表`

`單位：新台幣佰萬元` (`每股盈餘為元`) `營業收入淨額` `營業毛利` `營業毛利率` `營業費用` `營業淨(損)利` `營業淨利率` `營業外收`(`支`) `稅前淨(損)利` `所得稅利益(費用)` `本期淨(損)利`	1Q25 4Q24 1Q24	QoQ YoY
	6,137 5,913 5,760 1,087 777 1,142 17.7% 13.1% 19.8% (2,169) (2,530) (2,444) (1,082) (1,753) (1,302) (17.6%) (29.6%) (22.6%) 113 42 105 (969) (1,710) (1,196) 97 159 118 (873) (1,551) (1,079)	4% 7% 40% (5%) 4.6ppt (2.1ppt) (14%) (11%) (38%) (17%) 12.0ppt 5.0ppt (43%) (19%) (44%) (19%)
`基本每股盈餘`--NT$	(0.47) (0.84) (0.58)
EBITDA EBITDA % `流通在外加權平均股數`(`佰萬股`)	398 (379) 76 6% (6%) 1% 1,854 1,854 1,854

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`營收及毛利率`

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2020 2021 2022 2023 2024
39,801M 50,573M 43,487M 27,624M 25,883M
Sales
Margin%
NTD M Net Sales Gross Margin%
16,000 80%
14,974
14,545
11,598 11,471
12,000 11,427 11,340 60%
10,957
10,158
9,627
9,415 9,271
9,078
47% [48% 48%] 7,755
8,000 44% 7,104 [7,429 ] 7,283 40%
43%
6,456
39%
5,808 5,760 5,913 [6,137 ]
35% [36%]
34%
32% [34%]
31%
30% 29%
28%
4,000 25% 24% 20%
19% [20%]
18%
13%
0 0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
20 21 22 23 24 25
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`公司價值`

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1Q25 1Q24
每股盈餘 -- NT$ (0.47) (0.58)
每股淨值 -- NT$ 23.69 25.79
每股盈餘每股淨值
NTD NTD
30.0
(1.73)
NT$ 0.5
cash dividend
25.8
24.9
24.6
2Q 3Q 23.7 23.7
(0.15) (0.16)
1Q25
1Q24 23.0
4Q
(0.47)
1Q24 2Q 3Q 4Q 1Q25
(0.58) (0.84)
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`股東權益報酬率` (GAAP)

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Annualized ROE - Reported Net Income / Sales
16%
13%
-11%
-7%
2017 2018 2019 2020 2021 2022 2023 2024 1Q25
2017 2018 2019 2020 2021 2022 2023 2024 1Q25
(LTM)
(LTM)
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Total Assets / Total Equity

Sales / Total Assets 63% 184% 33% 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 (LTM)

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171%
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2017 2018 2019 2020 2021 2022 2023 20241Q25
(LTM)
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1Q25 合併簡明資產負債表

`單位：新台幣佰萬元` `(每股淨值為元)`	3/31/'25	12/31/'24	3/31/'24
`現金及約當現金`	12,576	11,623	10,719
`存貨(淨額)`	13,027	13,406	13,158
`不動產、廠房及設備`	41,300	41,874	41,802
`總資產`	79,067	77,877	77,876
`短期應計息負債`	5,218	4,706	3,263
`長期應計息負債`	21,960	20,793	17,724
`總負債`	35,153	33,897	30,071
`負債佔資產比率`(%)	44.5%	43.5%	38.6%
`股東權益`	43,914	43,980	47,804
`每股淨值`-- NT$	23.69	23.72	25.79

Note: 期末流通在外股數 ( 佰萬股 ) 1,854

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`自由現金流量及資本支出`

`單位：新台幣佰萬元`	1Q25	4Q24	1Q24
`營業活動之淨現金流入`	(402)	1,095	(1,255)
`折舊 & 攤銷`	1,260	1,230	1,199
`投資活動之淨現金流入(出)`	(593)	(825)	(1,511)
`資本支出`	(592)	(825)	(1,667)
`籌資活動之淨現金流入(出)`	1,817	1,172	1,501
`現金及約當現金淨增加`(`減少`)*	952	1,448	(1,186)

`期末現金及約當現金餘額`	12,576	11,623	10,719
`自由現金流量`**	(994)	270	(2,922)

* `現金淨變動包含匯率變動之影響數`

** 自由現金流量 = 營業活動現金流量 - 資本支出

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- `第一季銷售額分析產品別` ( `母公司` )

`單位:新台幣佰萬元`

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8,000
8%
7%
11%
12% 10%
QoQ YoY
Change Change
4,000
58%
61% 68% NAND +24% -10%
NOR +27% +19%
ROM -37% -17%
18% 24%
14%
FBG -4% -8%
9% 8% 7%
0 * FBG (Foundry Business Group)
1Q24 4Q24 1Q25
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`營運現況` - ROM

 ROM Business

Switch 1 `在最後一年的營收較有限`

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Density shipment index: 1Q19 =100
600
545
483
406
383 [394 ] 386
400 368
348
331
307
290 292
280
256
248
222
214
193
176
200
159
147
117
100 91 95
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2019 2020 2021 2022 2023 2024 2025
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`營運現況` - NOR

 NOR Business

 `各應用需求貢獻穩定的營收`

全新 ArmorBoot MX76[*] 為車用 /IoT 市場提供安全性及高效能

Density shipment index: 1Q20 =100 ≧75 nm 55 nm

200

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150
139
117 [126 ] 117
105
100
100
100 94 92 90 86 87 93
73 76
68
66 66
57 56
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2020 2021 2022 2023 2024 2025
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Note:*Digitimes (2025/4/8) “Macronix introduces all new ArmorBoot MX76 to meet demand for security and high performance in AI, smart healthcare, and automotive IoT markets

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`車用的最佳` Flash Memory `解決方案`

 Auto business

在總體經濟不確性高下，汽車的穩定成長創新仍帶來穩定的品質收入與設計商機

NOR Flash by Automotive Density shipment Index: 1Q20 =100

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300
212
200
183 180 176
164
154 [164] 150 165
138 140 [150]
150 124 121 130 133 133
100 99
87
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2020 2021 2022 2023 2024 2025
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`營運現況` – NOR `應用別分析` ( `母公司` )

4Q24 NOR Revenue Breakdown 1Q25 NOR Revenue Breakdown

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消費性電子通訊相關 []
8% 18% 車用電子
電腦相關 22%
工規 / 醫療 /
33%
航太
19%
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消費性電子通訊相關 []
9% 18% 車用電子
電腦相關
工規 / 醫療 / 22%
33%
航太
18%
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電腦相關消費性電子通訊相關車用電子工規/醫療/航太 +15% QoQ +32% QoQ +17% QoQ +17% QoQ +16% QoQ +43% YoY +13% YoY +38% YoY -4% YoY +0% YoY

Note：[*] 通訊相關:包含手機應用

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`營運現況` – SLC NAND

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19 nm
Density shipment index: 1Q23 =100
≧36 nm
292
300
230
195
185
200
169
159
149
134
100
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2023 2024 2025
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Copyright © Macronix International Co., Ltd. 15
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For more information regarding Macronix http://www.macronix.com

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For all inquiries, suggestions and comments [email protected]

AI assistant

Macronix Investor Presentation 2025

52013_rns_2025-04-29_f8d6123c-b3c3-4d78-b621-98eba026375a.pdf

`免責聲明`

1Q25 `營運概況`

`重點議題`

1Q25 `合併綜合損益比較表`

`營收及毛利率`

`公司價值`

`股東權益報酬率` (GAAP)

Sales / Total Assets 63% 184% 33% 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 (LTM)

`自由現金流量及資本支出`

* `現金淨變動包含匯率變動之影響數`

- `第一季銷售額分析產品別` ( `母公司` )

`單位:新台幣佰萬元`

`營運現況` - ROM

 ROM Business

Switch 1 `在最後一年的營收較有限`

`營運現況` - NOR

 NOR Business

 `各應用需求貢獻穩定的營收`

`車用的最佳` Flash Memory `解決方案`

 Auto business

`營運現況` – NOR `應用別分析` ( `母公司` )

4Q24 NOR Revenue Breakdown 1Q25 NOR Revenue Breakdown

`營運現況` – SLC NAND

AI assistant

Macronix — Investor Presentation 2025

52013_rns_2025-04-29_f8d6123c-b3c3-4d78-b621-98eba026375a.pdf

免責聲明

1Q25 營運概況

重點議題

1Q25 合併綜合損益比較表

營收及毛利率

公司價值

股東權益報酬率 (GAAP)

Sales / Total Assets 63% 184% 33% 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 (LTM)

自由現金流量及資本支出

* 現金淨變動包含匯率變動之影響數

- 第一季銷售額分析 產品別 ( 母公司 )

單位:新台幣佰萬元

營運現況 - ROM

 ROM Business

Switch 1 在最後一年的營收較有限

營運現況 - NOR

 NOR Business

 各應用需求貢獻穩定的營收

車用的最佳 Flash Memory 解決方案

 Auto business

營運現況 – NOR 應用別分析 ( 母公司 )

4Q24 NOR Revenue Breakdown 1Q25 NOR Revenue Breakdown

營運現況 – SLC NAND

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Macronix Investor Presentation 2025

`免責聲明`

1Q25 `營運概況`

`重點議題`

1Q25 `合併綜合損益比較表`

`營收及毛利率`

`公司價值`

`股東權益報酬率` (GAAP)

`自由現金流量及資本支出`

* `現金淨變動包含匯率變動之影響數`

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`單位:新台幣佰萬元`

`營運現況` - ROM

Switch 1 `在最後一年的營收較有限`

`營運現況` - NOR

 `各應用需求貢獻穩定的營收`

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`營運現況` – NOR `應用別分析` ( `母公司` )

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