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CMOS Image Sensors in Automotive Industry
ADAS & AUTONOMOUSAre
Taking OffSep. Sep. 2019 2019
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Safe Harbor NoticeKINGPAK’s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including but not limited to, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the electronic device industries; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.
Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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1. Overall CIS CAGR in Revenue(Y2017-2023) ~9.4%2. Automotive CAGR in Revenue(Y2017-2023) ~16%3. Security CAGR in Revenue(Y2017-2023)~15%
2. CMOS Image Senor Market(in $M,%)
67.3%
7.9%
5.7%
5.3%
︱Status of the CIS Industry∣www.yole.fr∣©2018
** Adjusted by reducing $689 based on Yole’s report
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Market TAM:1. 5.2B units market in 2017 & should reach 8.2B units by 20232. CAGR(2017~2023) in Unit: 7.7%3. ‘18 vs ‘19 YoY in Unit for Automotive(26%) & Security(21%)
3. CMOS Image Senor Market (in unit M)
‘17~’23 CAGR in Unit for Automotive(19%) & Security(19%)
7.7%7.7%︱Status of the CIS Industry∣www.yole.fr∣©2018
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4. CMOS Image Senor Market(in $M)
‘17~’23 CAGR in Revenue for Automotive(16%) & Security(15%)
Automotive will become 2nd largest segment by Y2020
‘18~’19 YoY in Revenue for Automotive(23%) & Security(18%)
︱Status of the CIS Industry∣www.yole.fr∣©2018
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5. 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
OVT 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
︱Status of the CIS Industry∣www.yole.fr∣©2018
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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2. CMOS Automotive Top 10
Remark:1. On semi is No1 in automotive with 49% share,furthermore,55+% On OEM
sector.2. Sony, as No1 share in CIS, will be our 2nd largest customer in auto 2018.3. Omnivision will be very promising customer in 2019.
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3. Automotive Camera Supply Chains
1. The average timeline for camera module house to certify the system is ~ 1 to 2 years.2. These Tier1 & Tier2 module/system makers have qualified Kingpak System/Products.
資料來源資料來源: : KingpakKingpak Management Management
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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2. CMOS Security/Surveillance Top 10
Remark:1. Kingpak continues to support high tier customer in security and surveillance
customers.2. Continues to support and focus on high-end products sector.3. Security CAGR in Revenue(Y2017-2023)~15%
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Security / Surveillance Supply Chain
資料來源資料來源: : KingpakKingpak Management Management
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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c. Supply Chain Landscape – CAR maker name plate
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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1. Tapping the 19% CAGR growth in automotive camera market driven by ADAS and autonomous vehicle.
2. Leveraging Kingpak’s 55-65% global share in assembly/testing of automotive camera sensors. The global share is over 70% in OEM market.
1. Automotive Camera Market Growth
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Source: Yole
2. Automation Levels - Roadmap
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Source: Yole
3. Automotive Imaging – Device Segmentation
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4. CIS Anticipating More Applications & Sensor Fusion
Longer term, more automotive image sensor for 3D cameras, short to long distance, Infra-red
Source: Yole
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5. CIS Migration from 0.3MP to 1.0/2.0/3.0MPMoving forward to 2.0M and 3.0M or even higher resolution
Remark : Remark : Automotive camera sensor resolution migration (Upgrading from 0.3M to 1.3/2.0/3.0MP)
1.3M
2.0M
3.0M
Source: Toshiba
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6.EU NCAP Drives In-Cabin Sensing Opportunity
More than ninety percent of road accidents are caused by “human mistakes”Euro NCAP Road Map 2025 Primary Safety
Driver Monitoring (DM)(2020), Automatic Emergency Steering (2020, 2022), Autonomous Emergency Braking (2020, 2022), Vehicle to Vehicle Data Exchange and Vehicle to Infrastructure (2024)
China to match EU NCAP standards
Cars with DM: Lexus(2006), Cadillac CT6 (2017), Audi (2018), Subaru (2019), Mazda(2019), Volvo (2019), …
Source: Affectiva
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7.Regulation Untied Stimulating E-Mirror Opportunity
Japan Automobile Manufacturers’ Association (JAMA) allowed mirrorless cars in 2016
Lexus digital side-view monitor debuts on the new ES in October 2018
Regulation to be untied soon in EU and US
Source: Toyota
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8. Auto Market Trend for ADAS & Autonomous
ADAS to Autonomous vehicle – Increasing number of camera sensors per vehicle
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Source: Yole
9. Automotive Market Trend
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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Automotive; 38%
Security; 15%
Consumers; 23%
Memory; 24%
KINGPAK 2015 Revenue %
Automotive; 46%
Security; 30%
Consumers; 13%
Memory; 11%
KINGPAK 2016 Revenue %
1.Kingpak is an OSAT focusing on CIS(CMOS Image Sensor) for Auto.2.Kingpak has 55-65% of global market share in auto camera sensors outsourced Packaging & Testing
Automotive; 62%
Security; 22%
Consumers; 16% Memory;
0%
KINGPAK 2017 Revenue %
a. Overview of Kingpak:Product & Services
Automotive; 64%
Security; 24%
Consumers; 12%
Memory; 0%
KINGPAK 2018 Revenue %
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b-1 Product & Service (Package Solutions)
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Remark
1 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
More IPs under Filing
Technology Field Distribution (%)
~741 patent applications filedTotal 705 Patents Filed
c. Kingpak IPs
Technology Field Distribution (Application Count)
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d. Automotive Supply Chain Certification
Remark : Remark : The average timeline for tier 1 or 2 automotive integrator to certify is 1.5 to 2 years. Plus CIS package qualification=> The total timeline takes 3 ~4 years.
Multiple Automotive Customers Audit with Pass/Excellence
Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018/9
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Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
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Stage 1: IP Patent Over 700 Patents, and 77% 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 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
Entry Barriers for Package33
Ⅰ CIS Market OutlookⅡ Automotive CIS Market OutlookⅢ Security & Surveillance CIS Market OutlookⅣ Kingpak Major Customers & Landscape Ⅴ Kingpak’s Growth Potential & DriverⅥ Overview of KingpakⅦ Technology Competition & AnalysisⅧ Kingpak Performance Updated
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Index:
★
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KINGPAK Q2 2019 Consolidated Statement of Financial Information(QoQ)
Unit:NTD K Q1-2018 % Q2-2018 % Q3-2018 % Q4-2018 % Q1-2019 % Q2-2019 % Q1 o Q2
Revenue 572,498 594,884 572,786 538,069 623,097 545,066 -12.5%
Gross profit 199,576 34.86 193,557 32.54 191,347 33.41 179,374 33.34 206,325 33.11 162,931 29.89 -21.0%
Operating income 147,080 25.69 125,464 21.09 127,672 22.29 112,808 20.97 140,099 22.48 106,268 19.50 -24.1%
EPS 2.00 3.16 2.11 2.59 2.31 1.63 -0.68
ROA 12.39% 18.65% 17.94% 17.99% 19.87% 15.98% -3.89%
ROE 25.47% 38.31% 31.81% 31.09% 27.37% 25.86% -1.51%
Debt/Assets 51.40% 49.05% 28.71% 25.05% 30.57% 49.71% 19.14%
Current ratio 156.14% 128.22% 173.48% 199.95% 182.60% 118.33% -62.28%
Quick ratio 147.93% 115.53% 151.10% 170.39% 162.36% 107.12% -55.24%
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KINGPAK Q2 2019 Consolidated Statement of Financial Information
GM % 34.86% 32.54% 33.41% 33.34% 33.11% 29.89%
Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019Revenue 572,498 594,884 572,786 538,069 623,097 545,066 Gross profit 199,576 193,557 191,347 179,374 206,325 162,931 EPS 2.00 3.16 2.11 2.59 2.31 1.63
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700,000 Unit:NTDUnit:NTD K
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KINGPAK Q2 2019 Consolidated Statement of Financial Information
Q1-2015
Q2-2015
Q3-2015
Q4-2015
Q1-2016
Q2-2016
Q3-2016
Q4-2016
Q1-2017
Q2-2017
Q3-2017
Q4-2017
Q1-2018
Q2-2018
Q3-2018
Q4-2018
Q1-2019
Q2-2019
Gross profit 156,733 107,587 188,758 207,555 231,193 168,173 123,817 181,191 171,971 178,302 167,968 209,417 199,576 193,557 191,347 179,374 206,325 162,931Gross Margin 22.25% 21.50% 28.42% 29.15% 32.61% 29.68% 23.70% 32.40% 34.33% 33.23% 31.64% 35.85% 34.86% 32.54% 33.41% 33.34% 33.11% 29.89%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
0
50,000
100,000
150,000
200,000
250,000 Unit:%Unit:NTD K
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KINGPAK Q2 2019 Business Segment (In Revenue)
349 254
177 300 333 361
297 341 381 354 352 374 474
421
143
191 220
152 76 105
143 150
124 154 155 116
115
84 64
64 106
75 89
69 91 93 67 87 66 48
34
40
154
58 20 32
Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 Q4-2018 Q1-2019 Q2-2019
Automotive Security Consumer Memory
Unit:NTD in Million
●H1 2019 YoY +22% For Automotive in Revenue.
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KINGPAK Q2 2019 Business Segment (In %)
Automotive sector is going to dominate our business and keep growing
0%
10%
20%
30%
40%
50%
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Q1-2016
Q2-2016
Q3-2016
Q4-2016
Q1-2017
Q2-2017
Q3-2017
Q4-2017
Q1-2018
Q2-2018
Q3-2018
Q4-2018
Q1-2019
Q2-2019
49% 45%34%
54%66% 67%
56% 58%66% 59% 61%
70% 76% 77%
20% 34%42%
27%15% 20%
27% 26%22%
26% 27%22%
19% 15%
9%
11% 20% 13% 18% 13% 17% 16% 12% 15% 12% 8% 5% 8%22%
10% 4% 6% 1%
Automotive Security Consumer Memory
4040