Ap Memory Technology Corp. · TWSE:6531
Ap Memory Technology — Q4 2021 Earnings Presentation
24 slides from Ap Memory Technology's earnings presentation, Mar 1, 2022
Slide 1: AP Memory 2021 Q4 Investor Conference
AP Memory 2021 Q4 Investor Conference 2022 Mar 1st
Slide 2: Disclaimer
Disclaimer The forward-looking statements contained in the presentation are subject to risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements. AP Memory makes no representation or warranty as to the accuracy or completenes
Slide 3: Agenda
Agenda World’s leading IoT and AI customized memory 1 2021 Q4 Financial Highlight provider 2 Business Overview 3 Future Outlook 4 Q&A 3 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 4: 2021 Q4 Financial Highlight
01 2021 Q4 Financial Highlight COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 5: Consolidated Income Statement
Consolidated Income Statement (in NT$K) 4Q21 3Q21 4Q20 QoQ YoY Net Revenue 1,737,500 100% 2,019,004 100% 1,011,990 100% (14%) 72% Gross Margin 793,249 46% 939,142 47% 399,603 39% (16%) 99% Operating expenses (169,196) (10%) (185,136) (10%) (145,704) (14%) (9%) 16% Operating Margin 624,053 36% 754,00
Slide 6: Consolidated Income Statement
Consolidated Income Statement (in NT$K) 2021 2020 YoY Net Revenue 6,617,215 100% 3,549,497 100% 86% Gross Margin 3,025,608 46% 1,025,671 29% 195% Operating expenses (655,451) (10%) (505,925) (14%) 30% Operating Margin 2,370,157 36% 519,746 15% 356% Non-operating income and 144,109 2% 420,609 12% (66
Slide 7: Balance Sheet
Balance Sheet 2021.12.31 2021.09.30 2021.06.30 (in NT$K) AMT % AMT % AMT % Cash and Cash Equivalents 2,517,447 40% 2,446,151 44% 1,478,362 28% Account Receivables 854,080 14% 745,081 13% 779,104 15% Inventories 1,696,621 27% 1,352,127 24% 976,651 19% Total Assets 6,278,643 100% 5,609,237 100% 5,250,
Slide 8: Revenue & Gross Margin
Revenue & Gross Margin (NT$M) Revenue G/M 2,500 47% 47% 46% 50% 44% 45% 39% 2,000 40% 33% 35% 1,500 30% 26% 25% 20% 1,000 15% 16% 20% 16% 15% 500 10% 5% - 0% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 8 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 9: Operating Profit & Net Income
Operating Profit & Net Income Significant growth in 4Q20 net income mainly due to increase in non-operating income from disposal of subsidiary, Zentel Japan (NT$M) (NT$M) 56.2% 60.0% 36.6% 37.3% 36.0% 50.0% 32.1% 25.1% 40.0% 17.7% 33.5% 31.2% 9.3% 28.6% 27.9% 30.0% 4.8% 754 428 676 599 624 543 20.0%
Slide 10: GDR
GDR • Issue Date：2022/01/25 • The GDR Offering : 6,400,000 GDRs representing 12,800,000 new common shares • Equity Dilution Ratio：7.9％ • Offering Price：USD 29.65 per GDR (NT$410 per common share) • Fund raised：USD 189,760,000 • Use of proceeds： • Purchase of machinery equipment • Investments in the
Slide 11: Business Overview
02 Business Overview COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 12: Business Overview
Business Overview APM IoT Solutions APM AI Solutions • Sales of IoT RAM • Licensing, royalty-like DRAM wafer sales for 3DIC o Mostly Known-Good-Die (KGD) o Pre-production: License fee of VHM™ and VHMTM LInK IP Business model o Wafer-Level-Chip-Scale Package (WLCSP) o Production: sales of VHMTM wafer
Slide 13: Monthly Revenue Trend
Monthly Revenue Trend (in NT$K) 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 - 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 Jan Feb Mar Apr May Ju
Slide 14: IoT Revenue by category
IoT Revenue by category (in NT$M) 14 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 15: AI Revenue by category
AI Revenue by category (in NT$M) Licensing & Royalty Wafer Sales 350 300 250 200 150 83% 75% 4% 100 1% 48% 50 4% 96% 96% 99% 52% 17% 25% - 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 15 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 16: Future Outlook
03 Future Outlook COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 17: Positioning of APM Solutions
Positioning of APM Solutions AI Solutions AI HPC Networking ✓ >10X Bandwidth Edge AI Wearable Modem Display APM AI Solutions ✓ Up to 5X fewer pins ✓ Up to 10X lower power than standard DRAM Max Bandwidth ✓ >10X higher density than e-SRAM HBM APM IoT Solutions LPDDR5 LPDDR4 DDR5 LPDDR3 DDR4 LPDDR2 DD
Slide 18: VHM™: World's first 3D Logic-DRAM integration
VHM™: World’s first 3D Logic-DRAM integration TM VHM DRAM (Array) macro macro macro macro ✓ 2.5D ✓ 3D macro macro macro macro macro macro macro macro VHM™ macro macro macro macro SoC HBMx >100K 1K um Interposer SoC mm SoC (incl VHMTM LInk) 1000 2.5D VHM™: Very High-bandwidth Memory 100 3D 3D stackin
Slide 19: APM 3DIC Landscape
APM 3DIC Landscape WoW Hybrid Bonding CoW uBump Bonding Stacking partner Front End (Wafer Foundry) Back End (OSAT) Pitch < 3um Pitch ~ 40um pitch >>100K IO 1-2K IO Base technology BSI CIS HBM HPC CPU/GPU Application Mining AI Networking AR/VR 19 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 20: VHM™ Technological Superiority
VHM™ Technological Superiority Interface width Data Rate Bandwidth (GB/s) Power Efficiency (pin) (Gb/s/pin) (pJ/bit) TM VHM ~200k 0.5 12000 <1 HBM2E (per stack) 1024 3.2 410 ~6 GDDR6 32 16 64 ~7.5 LPDDR5 32 6.4 25.6 ~5.5 Source: Micron, APMemory *Based on one successful chip Core Tech Memory Hash/s
Slide 21: VHM™ Production Flow
VHM™ Production Flow WoW Hybrid Bonding Die Saw Package assembly VHM™ DRAM Wafer (Provide by APM) Logic Die DRAM Die SoC Wafer (Provide by Customer) Hybrid Bonding By stacking process 21 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 22: APM Si-Cap Opportunity
APM Si-Cap Opportunity Capacitor trend: Moving closer to compute die Smaller in size Capacitor chiplet on die Denser in capacity IPD Capacitor on land side Compute SOC Package Substrate Capacitor on Package PCB Capacitor on PCB 22 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 23: Future Outlook
Future Outlook APM IoT Solutions APM AI Solutions Core Focus • Revenue/profit growth • 3D ecosystem development: WoW, CoW Long-term • Growing cash cow, • Vast opportunities, Outlook riding long-term IoT execution is the key growth 23 COPYRIGHT © 2022 AP MEMORY. All rights reserved.
Slide 24: Q&A
Q&A IR mail：[email protected] IR Tel：+886-3-5601651 COPYRIGHT © 2022 AP MEMORY. All rights reserved.