Suss Microtec Se · XETR:SMHN
Suss Microtec — Investor Presentation (February 2021)
33 slides from Suss Microtec's investor presentation, February 2021
Slide 1: SUSS MicroTec Investor Presentation
SUSS MICROTEC INVESTOR PRESENTATION February 2021 SUSS MicroTec Investor Presentation
Slide 2: Disclaimer
DISCLAIMER SUSS MicroTec Investor Presentation 2
Slide 3: Agenda
AGENDA I. Overview II. III. IV. SUSS MicroTec Investor Presentation 3
Slide 4: SUSS MicroTec takes part of all electronic mega trends
SUSS MICROTEC TAKES PART OF ALL ELECTRONIC MEGA TRENDS SUSS MicroTec Investor Presentation 4
Slide 5: SUSS MicroTec benefits from all electronic mega trends
SUSS MICROTEC BENEFITS FROM ALL ELECTRONIC MEGA TRENDS Renewable Energies Smart Home Real-time Tracking Smart Devices Electronic Components LEDs RF MEMS Tire Pressure Sensor Smart Health Light Carpets LIDAR SUSS MicroTec Investor Presentation 5
Slide 6: Roadmap of electronic mega trends
ROADMAP OF ELECTRONIC MEGA TRENDS On the road to augmented intelligence Disruptive Technology 5G Motion sensing Olfactometry AI Driver-less Imaging HD Voice IoT Semiconductor Processing Augmented Audio business human Hyper Data Center Next-gen Robot home assistant Smartphone Holographic with AI inte
Slide 7: More than Moore technologies go beyond transistor scaling
MORE THAN MOORE TECHNOLOGIES GO BEYOND TRANSISTOR SCALING (MOORE’S LAW) Increase in computing power Technology nodes (nm) SQRT 2 = 1.4 10 nm Square Factor 2 Optimization of power consumption 14 nm Moore’s Law - Miniaturization SQRT 2 = 1.4 22 nm Advanced substrates 32 nm Scaling Miniaturization 45 n
Slide 8: An important need to develop More than Moore technologies
AN IMPORTANT NEED TO DEVELOP MORE THAN MOORE TECHNOLOGIES Improvement opportunities for next decade 100% 3D stacking 80% More than Moore Multi-chip architecture Memory Integration 60% Software Micro-architecture 40% Power management Includes litho 20% Process Technology Moore’s Law 0% Source: ASML S
Slide 9: Enabling the most valuable semiconductor processes
ENABLING THE MOST VALUABLE SEMICONDUCTOR PROCESSES “Moore’s Law” “More Than Moore” Front-end wafer fab Wafer-level packaging SUSS field of activity 100 k$ 600 – 1000 steps, cycle time > 3 month Total invest 300 mm fab: >$4 B We are handling SEMICONDUCTOR „GOLD“ 100 $ 1/10 of a percent yield improvem
Slide 10: SUSS well positioned
SUSS WELL POSITIONED ‘More than Moore’ market + + + + Consequences for SUSS + + + Extremely well positioned with a High degree of customization as SUSS is known for reliability, diversified range of equipment for processes are different at each efficiency and best-in-class ‘More than Moore’ applicat
Slide 11: Entering in a strong up-cycle
ENTERING IN A STRONG UP-CYCLE Assembly Equipment Market 5.0 50% 4.5 4.4 4.3 $ billions 4.0 4.0 30% 3.5 3.4 3.1 25.8% 3.1 3.0 3.0 16.4% 10% 12.5% 10.2% 10.6% 4.5% 2.0 -2.5% -10% -15.9% 1.0 -30% -31.5% 0.0 -50% 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E Market Size YoY Growth Rate Source: VLSI S
Slide 12: Use of MtM technologies is growing fast
USE OF MTM TECHNOLOGIES IS GROWING FAST Why do manufacturers need advanced packaging? + Advanced Packaging Overview 2014 -2025 + +7% CAGR Multiple short and mid term drivers AP 19% AP 27% AP 31% + 2014 2019 2025 + (92.2M) (108M) (141.3M) + + Others 81% Others 73% Others 69% SUSS MicroTec Investo
Slide 13: Broad product portfolio for different segments and markets
BROAD PRODUCT PORTFOLIO FOR DIFFERENT SEGMENTS AND MARKETS ‘Moore’s Law’ ‘More than Moore’ SEGMENTS Specials Frontend FRONTEND AND BACKEND Photomask Lithography Wafer Bonder Microoptics Processing Photomask Coater / Developer Micro optical PRODUCTS Exposure Systems Bonding Systems Equipment Injekt P
Slide 14: Wafer bonding is a highly attractive end market
WAFER BONDING IS A HIGHLY ATTRACTIVE ENDMARKT • • Overall wafer demand for More than Moore devices Breakdown by More than Moore application – in 8 inch eq 70,000,000 CAGR Wafer counts in 8 inch equipment 60,000,000 RF 13% 50,000,000 CIS 12% Mobile Automotive AR / VR 40,000,000 MEMS & 7% Mobi
Slide 15: Bonding product portfolio
BONDING PRODUCT PORTFOLIO Business Unit Bonder More than Moore – MEMS and related More than Moore – 2.5D and 3D Semi-Automated Bonders Automated Permanent Bonders Automated Temporary Bonders, Debonders and Cleaners 1) SUSS internal estimation SUSS MicroTec Investor Presentation 15
Slide 16: Favorable lithography market environment for SUSS
FAVORABLE LITHOGRAPHY MARKET ENVIRONMENT FOR SUSS New-brand Lithography equipment market (nr. of tools) Split by More than Moore device 250 CAGR Lithography: New BrandEquipment Advanced Packaging MEMS Devices Power Devices CIS RF Devices LED Devices 7% $117M $48M $28M $88M $32M $27M Others: 4%
Slide 17: Lithography product portfolio
LITHOGRAPHY PRODUCT PORTFOLIO SUSS Exposure Systems Semi-Automated Aligners Automated Aligners Imprint Metrology 17 SUSS MicroTec Investor Presentation
Slide 18: Packaging technologies overview MtM application
PACKAGING TECHNOLOGIES OVERVIEW MTM-APPLICATION WIRE BOND FLIPPED DIE EMBEDDED DIE 2.5D 3D EMERGING ARCHITECTURE Traditional Packaging Advanced Packaging IC Substrate (Organic) SUBSTRATE TYPES No Substrate Ceramic Substrate Lead frame Substrate Non-exhaustive list of technology and players examples
Slide 19: Bonding and lithography processes in the More than Moore field
BONDING AND LITHOGRAPHY PROCESSES IN THE “MORE THAN MOORE” FIELD Process Step Equipment Technology Applications Fusion bonding Advanced MEMS & Sensors Packaging; 3D CIS Direct Bonding Hybrid bonding stacked memory Permanent Anodic bonding Bonding W2W MEMS & Insulating bonding Sensors Bonding Interme
Slide 20: Agenda
AGENDA I. II. Strategy SUSS 2025 III. IV. SUSS MicroTec Investor Presentation 20
Slide 21: SUSS Strategy 2025: Overview
SUSS STRATEGY 2025: OVERVIEW MARKET CONDITIONS Megatrends “More than Moore” 5G, AI and IoT • • • • • SUSS MicroTec Investor Presentation 21
Slide 22: SUSS 2025 Strategy: Increase in sales
SUSS 2025 STRATEGY: INCREASE IN SALES Sales in €M 400 350 300 250 200 150 100 50 0 2016 2017 2018 2019 2020 2025p Growth in the coming years through market growth, new products and market share gains SUSS MicroTec Investor Presentation 22
Slide 23: SUSS Strategy 2025: Strategic targets
SUSS STRATEGY 2025: STRATEGIC TARGETS Top-line growth Focus on strategic growth • areas Improved operational • performance and profitability • • • • • Goal 2025: € 400M with > 15% EBIT SUSS MicroTec Investor Presentation 23
Slide 24: Agenda
AGENDA I. II. III. 9M and Preliminary Year End Results 2020 IV. SUSS MicroTec Investor Presentation 24
Slide 25: General business update
GENERAL BUSINESS UPDATE Q4 plus 21% yoy from € 61.5M to € 74.4M FY 2020 € 281.1M compared to prior year with € 219.3M – plus 28% yoy Good € 252M (prior year: € 213.8M) starting € 20.9M (prior year -€ 13.8M) EBIT margin of 8.3% > € 40M point for Order backlog at December 31, 2020: € 120.1M – FY 2021
Slide 26: Preliminary key group figures 2020
PRELIMINARY KEY GROUP FIGURES 2020 in € M FY 2020e FY 2019 Change Order entry 281.1 219.3 +28.2% Sales 252 213.8 ~18% EBIT 20.9 -13.8 +27.4M EBIT margin 8.3% -6.5% + 14.8% points Adjusted EBIT ~25 0.5 + € 24.5M Adjusted EBIT-margin 9.9% 0.2% + 9.7% points Free cash flow (in €) > +40 -36.9 > +75M S
Slide 27: Order entry: strong quarterly performance
ORDER ENTRY: STRONG QUARTERLY PERFORMANCE ORDER ENTRY: SPLIT PER SEGMENT 100 93.6 Comments: In € M 90 80 69.0 70 66.0 61.4 > 120M 60 50 46.7 45,0 46.7 40 Microoptics 30 20 Photomask Equipment 10 Bonder 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4e Q1e Lithography 2019 2019 2019 2019 2020 2020 2020 2020 2021
Slide 28: Segment overview 9M 2020
SEGMENT OVERVIEW 9M 2020 Lithography Photomask Equipment in € M 9m 2020 9m 2019 in € M 9m 2020 Sales 97.8 72.4 Sales 40.0 GP (margin) 29.7 (30.4%) 16.1 (22.2%) GP (margin) 16.7 (41.8%) EBIT (margin) 6.2 (6.3%) -8.1 (-11.2%) EBIT (margin) 11.0 (27.5%) Bonder Microoptics in € M 9m 2020 in €
Slide 29: Production sites
PRODUCTION SITES Order entry (9M 2020): America 10% EMEA 17% Asia Pacific 73% Order entry (2019): America 12% EMEA 25% Asia Pacific 63% SUSS MicroTec Investor Presentation 29
Slide 30: Agenda
AGENDA I. II. III. IV. Outlook SUSS MicroTec Investor Presentation 30
Slide 31: Markets estimates
MARKETS ESTIMATES Positive market outlook but impacted by COVID-19 uncertainties Economic development not easy to forecast Uncertain outlook with respect to US / China trade barriers BUT SUSS MicroTec Investor Presentation 31
Slide 32: Outlook
OUTLOOK € 252M 8.3% € 120M SUSS MicroTec Investor Presentation 32
Slide 33: SUSS MicroTec Investor Presentation
SUSS MicroTec Investor Presentation
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