potential of cmos image sensors in automotive...
TRANSCRIPT
![Page 1: Potential of CMOS Image Sensors in Automotive Industrymops.twse.com.tw/nas/STR/623820160310E001.pdf · CMOS Image Sensors in Automotive Industry ... CMOS Image sensor Market Application](https://reader031.vdocuments.site/reader031/viewer/2022022004/5aaceb7f7f8b9aa9488da092/html5/thumbnails/1.jpg)
Potential of
1
Potential of CMOS Image Sensors
in Automotive Industry
Mar. Mar. 2016 2016
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
2
Index:
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
ⅣⅣⅣⅣ Kingpak Company Analysis
3
Index:
★
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
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1. CMOS Image Senor Market
Market TAM:1. 2015: $10.73B; 2020: $17.52B2. CAGR(2015~2020) in Revenue: 10.30%
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2. CMOS Image Senor Market
6.4 6.4
Market TAM:1. 6.4B unit market by 20202. CAGR(2014~2020) in Unit: 8.0%
CAGR for Automotive(40%) & Security(20%)
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3. Who Are Major Players & Ranking (by Revenue)
SONY #1 in CCD Image sensor; leading BSI technology for Apple
SAMSUNG #1 Smartphone market share, plus leading Semiconductor Technology
OV Working with TSMC, 1st
BSI release for Apple, leading in low-end market
ON SEMI Merged Aptina in 2014, with a focus on Automobile & Security areas
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Automotive(35%) & Security(20%) (2013-2017 CAGR)
4. CMOS Market Opportunity by Application
.
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
ⅣⅣⅣⅣ Kingpak Company Analysis
8
Index:
★
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
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How we target and position our market
A. CAGR is higher than average 11% and market size is adequate
B. Entry barrier is higherB. Entry barrier is higher
C. Free from "commodity trap"
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A. Automobile
10
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1. CMOS Image sensor Market Application Segment
(CCD/CMOS)
★ CMOS image sensor sales for automotive safety systems will climb to CAGR of 41% till 2020★ Thanks to explosive growth, automotive will soon to be the second largest application.
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2. CMOS Automotive Market Trend
1. Regulation in the US will impose rear view camera by 20182. Close to one camera per new car is average in 2015.3. Average of 3 cameras per new car before 2020.
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SemiSemi--AutoAuto: collision-avoidance system
Assist: Line departure warning; Fatigue warning
FeatureFeature: Rear View & 360 surround view
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3. Automotive Camera Market by Application & Pixel Size
Source:Toshiba Management
80Mp
More 1.3-Mega pixel parts coming …
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4. Automotive Supply Chain
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Including:1. Panasonic2. Toshiba3. Pixelplus4. Clairpixel5. BYD
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5. CCM Automotive Major Players
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6. Automotive Camera Supply Chains
Integrator
16
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7. CMOS Automotive Market Trend
1. Different Sensor Technology, including NIR, Infrared Cameras, etc…2. Up to 10 Cameras per car
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8. Automotive Camera per Cars Roadmap
1. Y2015(Current): Surround View(Display)
2. Y2020: Assistance for Driving Monitoring
3. After Y2020: more cameras due with Semi-Auto/ADAS demand
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9. Automotive Market Trend for ADAS
Adoption(Built-in vs. Timing) Rate:1. 3-5 years: 1~4ea per car for Surround View Display2. 7-10 years: 4~8ea for Assistance(Driving Monitoring)3. Over 10 years: 8~10ea per car for Semi-Auto(ADAS)
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10. CMOS Automotive Market Trend
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3D CMOS Sensor market in Automotive
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B. Security /Surveillance
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1. CMOS Security Market Scale
(CCD/CMOS)
CMOS sensor sales for security systems and surveillance applications are expected to grow by aCAGR of 17.0% in the five-year forecast period in 2019.
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2. Security / Surveillance Supply Chain
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
25
Index:
★
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
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� Headquarters: Phoenix, AZ
� Employees: ~22,000 globally
� Revenue: ~$3.3Bn(1)
� Market Capitalization: ~$4.1Bn(2)
� Ticker: ONNN
� Founded: Spun-off from Motorola 1999, IPO 2000
A. ON Semiconductor : 1) Biz Strategies
(1) 2014 revenue (2) According to NASDAQ - based on closing stock price on May 1, 2014 (3) Sector % based on 1Q14 results
Remark: Strategies in Biza. Investing in Automobile & Industrial Sectors to drive business Growth.b. #1 market share & expanding technology lead in automobile sectors.c. Strong position on Security / Surveillance sector.
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2. ON Semiconductor -- Top 2027
Source: Gartner Dec’14, Preliminary Ranking of Top 25 Semiconductor Vendors by Revenue
Remark: Intend to be Top10 in coming 5 years
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3. ON Semiconductor -- CMOS in Automotive
28
Remark: a. Strong technology
leadership: pioneer in auto imager sensors
Source: Gartner Dec’14, Preliminary Ranking of Top 25 Semiconductor Vendors by Revenue
sensorsb. Multi uses in autos
besides rear view camera
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4. ON Semiconductor -- CMOS in Security/Industrial
29
Remark: a. Strong Positionb. Broadest product
portfolioc. #1 share in IP
Source: Gartner Dec’14, Preliminary Ranking of Top 25 Semiconductor Vendors by Revenue
c. #1 share in IP Camera market
d. Increase need for Surveillance
e. Software Capability
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B. SONY : 1. Image sensor “Battle of the Giants”: Sony invests $4B. What does it mean for the CIS industry?
Sony’s Core: Sony’s Core: Sony’s Core: Sony’s Core: 1.1.1.1. Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Sony CCD’s Technology Transfer; Pioneer in BSI; Pioneer in BSI; Pioneer in BSI; Pioneer in BSI; 2.2.2.2. The The The The new new new new stacked sensors stacked sensors stacked sensors stacked sensors are presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSIare presented as the next evolution step, right after BSI....3.3.3.3. CapaCapaCapaCapa expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.expansion plan ~45% from60Kpcs to 87Kpcs per month from Sept. 2016.
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2. Sony Aims at Automotive Cameras
1. Sony owns about 40% market share in CMOS.2. Now 5% share in automotive; to be No 1 in automotive sensors" by the time self-
driving cars are expected to hit the roads in early to mid-2020s. Sony’s plan to3. Sony’s new sensor is capable of capturing high-resolution color images in light
conditions as low as 0.005 lux, a level equivalent to that of a moonless night and one that is far below illumination levels under a star-filled night sky. The sensor sampling starts on Nov. 2014, mass production is planned for May. 2016.
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3. Sony CMOS Sensor Application FCST
Smartphone
Smartphone(Main)
Smartphone(Sub)
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
ⅣⅣⅣⅣ Kingpak Company Analysis
33
Index:
★ ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
★
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Technology Field Distribution (%)
CSP/BGA21%
CMOS62%
Memory Card12%
Process/Test4%
Flip Chip1%
287
Technology Field Distribution (Patent Counts)
~500 Patents Filed~500 Patents Filed
1. 1. KingpakKingpak IPsIPs
287
98
58
5 17Pat
ent C
ount
s
CMOS CSP/BGA Memory Card Flip Chip Process/Test
Remark1 World#1 CSP Package Mass Production for DRAM
2 Y2000 started Micro SD PIP package, Y2005 World#1 MP
3 Most CMOS Image Sensor package IP Company
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352. 2. KingpakKingpak Product & ServiceProduct & Servicea. Package Solutions a. Package Solutions
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b. Kingpak Dedicated Reconstructed Assembly
1.• Class 10 clean room for CMOS Image Sensors
2.• Auto/Visual Inspection
3.• Polish Grinding
4.• Laser Grooving
5.• Auto/Visual Inspection
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c. Kingpak Final Test
1.• Industrial Standard System
37
2.• In-house Developed System
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383. 3. KingpakKingpak Quality System Quality System Qualification & Qualification & CertificationCertification
Continental May 2012
KostalMar
2013
Hitachi AMS Aug 2013
HyundaiOct 2013
MandoOct
2013
LGIT (Innotek) Oct 2013
Bosch Apr
2014
ValeoJun
2014
Delphi Jul 2014
Continuous 10 Automotive Customers Audit Pass at Excellence Grade
Remark : Remark : The average timeline for camera module house to certify the system is around 1 to 2 years.
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
39
Index:
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance
★
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BSI (Back Side illuminated)Pixel isolation / CFA Tech.
3D Stack IC Quantum Dot Film
Frond-End
PDAF (Phase Detection AF) eDOF (Extended Depth of Field )
HDR (High Dynamic Range )
Software / Design
1. CMOS Image Sensors Upstream/Down Stream Technology Drives
Frond-End Software / Design
Higher Level ReliabilitySmall Form Factor
Lower Cost
WLO (Wafer Level Optical )OIS (Optical Image Stabilization)
Dual Camera Lens
Packaging / Assembly Optical Module
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Stage 1: IP Patent� Over 500 Patents, and 62% focus on CMOS
Stage 2: Quality System� System certify : TS16949 ; ISO14001� 0 dppm target : 6 sigma implement� Passed Tier 1 customer audit
Stage 3: Process Control
2. Entry Barriers for Package41
Stage 3: Process Control� High Level Clean room setup : Class 10� Good experience & Know-How at Particle control
Stage 4: Technical Supporting� Fully Turn-Key Solution� Small Pixel size Handling experience� Package development Know-How &
ProfileStage 5: Management Team
� Over 15 years CMOS experience Elite � Long term Relationship w/ Suppliers
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3. Competition Technologies & Competitors Analysis
42
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ⅠⅠⅠⅠ Climate Analysis
ⅡⅡⅡⅡ Segmentation, Targeting and Positioning
ⅢⅢⅢⅢ Target Customers Analysis
43
Index:
ⅣⅣⅣⅣ Kingpak Company Analysis
ⅤⅤⅤⅤ Kingpak Competition Analysis
ⅥⅥⅥⅥ Kingpak Performance★
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44KINGPAK 2015Y Consolidated Statement of Financial Information(YoY)
Unit::::NTD K 2014Y % 2015Y % Y on Y.
Revenue 1,205,132 2,580,980 114.2%
Gross profit 55,709 4.62% 660,633 25.60% 1085.9%
Operating income 14,501 1.20% 399,516 15.48% 2655.1%
EPS 1.10 9.47 8.37
Note1:annualized returnIndex differentiation due to Kingpak M&A in 2015
EPS 1.10 9.47 8.37
ROA(Note1) 6.81% 34.24% 27.4%
ROE(Note1) 9.10% 49.38% 40.3%
Debt/Assets 15.52% 40.29% 24.8%
Current ratio 366.20% 149.95% -216.3%
Quick ratio 305.80% 123.39% -182.4%
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45
KINGPAK 2015Y Consolidated Statement of Financial Information (YoY)
5.00
6.00
7.00
8.00
9.00
10.00
1,500,000
2,000,000
2,500,000
3,000,000
Unit
Unit
Unit
Unit:: ::NT
DNT
DNT
DNT
D
UUnit
UUnit
UUnit
UUnit :: ::
NTD K
NTD K
NTD K
NTD K
2014Y 2015Y
Revenue 1,205,132 2,580,980
Gross profit 55,709 660,633
EPS 1.10 9.47
0.00
1.00
2.00
3.00
4.00
0
500,000
1,000,000
Unit
Unit
Unit
Unit
UUnit
UUnit
UUnit
UUnit
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46KINGPAK Q4-2015 Consolidated Statement of Financial Information (QoQ)
Unit:NTD KQ1-2015 %
Q2-2015 %
Q3-2015 %
Q4-2015 %
Q1 o Q2
Q2 o Q3
Q3 o Q4
Revenue 704,343 500,443 664,185 712,009 -28.9% 32.7% 7.2%
Gross profit 156,733 22.25% 107,587 21.50% 188,758 28.42% 207,555 29.15% -31.4% 75.4% 10.0%
Operating income 90,178 12.80% 56,250 11.24% 111,173 16.74% 141,915 19.93% -37.6% 97.6% 27.7%
Revenue dropped due to major customer’s M&ANote1:annualized return
EPS 2.10 0.95 3.12 3.30 -1.15 2.17 0.18
ROA (note1) 25.37% 20.28% 28.12% 34.24% -5.1% 7.8% 6.1%
ROE (note1) 58.47% 40.97% 49.10% 49.38% -17.5% 8.1% 0.3%
Debt/Assets 72.34% 67.50% 56.67% 40.29% -4.8% -10.8% -16.4%
Current ratio 136.20% 135.31% 185.58% 149.95% -0.9% 50.3% -35.6%
Quick ratio 99.24% 98.96% 145.69% 123.39% -0.3% 46.7% -22.3%
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47
KINGPAK Q4-2015 Consolidated Statement of Financial Information (QoQ)
1.50
2.00
2.50
3.00
3.50
400,000
500,000
600,000
700,000
800,000
Unit
Unit
Unit
Unit:: ::NT
DNT
DNT
DNT
D
Unit
Unit
Unit
Unit:: ::NT
D K
NTD K
NTD K
NTD K
Q1-2015 Q2-2015 Q3-2015 Q4-2015
Revenue 704,343 500,443 664,185 712,009
Gross profit 156,733 107,587 188,758 207,555
EPS 2.10 0.95 3.12 3.30
0.00
0.50
1.00
1.50
0
100,000
200,000
300,000
Unit
Unit
Unit
Unit
Unit
Unit
Unit
Unit
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48KINGPAK Q4-2015 Revenue Breakdown(QoQ)
MEMORY MEMORY MEMORY MEMORY
35%35%35%35%
KINGPAK Q1KINGPAK Q1KINGPAK Q1KINGPAK Q1----2015 Revenue2015 Revenue2015 Revenue2015 Revenue
MEMORYMEMORYMEMORYMEMORY
22%22%22%22%
KINGPAK Q2KINGPAK Q2KINGPAK Q2KINGPAK Q2----2015 Revenue2015 Revenue2015 Revenue2015 Revenue
MEMORYMEMORYMEMORYMEMORY
19%19%19%19%
KINGPAK Q3KINGPAK Q3KINGPAK Q3KINGPAK Q3----2015 Revenue2015 Revenue2015 Revenue2015 Revenue MEMORYMEMORYMEMORYMEMORY
20%20%20%20%
PackagingPackagingPackagingPackaging
80%80%80%80%
KINGPAK Q4KINGPAK Q4KINGPAK Q4KINGPAK Q4----2015 Revenue2015 Revenue2015 Revenue2015 Revenue
1. Memory agency business will
gradually reduce ,only present products / customers will be serviced
2. The revenue of high gross margin products of automotive and security will gradually grow up
Packaging Packaging Packaging Packaging
65%65%65%65%
PackagingPackagingPackagingPackaging
78%78%78%78%
PackagingPackagingPackagingPackaging
81%81%81%81%
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49
KINGPAK Q4-2015 ROA/ROE (QoQ)
40.00%
50.00%
60.00%
70.00%
KINGPAK Q4KINGPAK Q4KINGPAK Q4KINGPAK Q4----2015 ROA2015 ROA2015 ROA2015 ROA/ROE/ROE/ROE/ROE(QoQ)(QoQ)(QoQ)(QoQ)
註1:當季資產/股東權益報酬率係年化比率
Q1-2015 Q2-2015 Q3-2015 Q4-2015
ROA 25.37% 20.28% 28.12% 34.24%
ROE 58.47% 40.97% 49.10% 49.38%
0.00%
10.00%
20.00%
30.00%
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50
KINGPAK Q4-2015 Key Financial RatiosRatios Analysis Q1-2015 Q2-2015 Q3-2015 Q4-2015
FinancialStructure Ratio of Liabilities toAssets 72.34 67.50 56.67 40.29 40.29 40.29 40.29
(%) Debt of Long Fund to Bank Property and Equipment
180.77 165.30 179.02 139.04 139.04 139.04 139.04
Solvency Current Ratio 136.20 135.31 185.58 149.95 149.95 149.95 149.95
(%) Quick Ratio 99.24 98.96 145.69 123.39 123.39 123.39 123.39
Times Interest Earned Ratio
12.36 9.58 14.61 20.01 20.01 20.01 20.01
Account Receivable Turnover 17.89 15.11 11.47 15.88 15.88 15.88 15.88
Operationg Days Sales in Account Receivable 20 24 32 23 23 23 23
Account Payable Turnover 18.84 19.31 16.10 Ability Account Payable Turnover 18.84 19.31 16.10 18.69 18.69 18.69 18.69
Days Pay in Account Payable 19 19 23 20 20 20 20
Cash Turnover 29 35 32 18 18 18 18
Inventory Turnover 12.98 12.35 15.90 25.59 25.59 25.59 25.59
Average Days in Sales 28 30 23 14 14 14 14
Fixed Property and Equipment Turnover
7.72 6.62 6.78 5.68 5.68 5.68 5.68
Total Assets Turnover 1.96 1.81 2.00 2.17 2.17 2.17 2.17
Ratio of Return on Total Assets 25.37 20.28 28.12 34.24 34.24 34.24 34.24
ProfitabilityRatio of Return on Shareholder’s Equity
58.47 40.97 49.10 49.38 49.38 49.38 49.38
Profit Ratio 12.06 7.59 18.84 20.02 20.02 20.02 20.02
Earnings per share 2.10 0.95 3.12 3.30 3.30 3.30 3.30
EBITDA 123,785 76,222 160,756 177,389 177,389 177,389 177,389
Net Equity per share 15.20 16.04 19.59 25.13 25.13 25.13 25.13
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~THANK YOU~
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