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During our recent site visit to P13 plant, management guided that it has started venturing into advanced packaging platforms such as flip-chip chip-scale packages, flip-chip ball grid arrays and 2.5D/3D stacked packaging. We gather that the group is in close collaboration with its key technology partner and is poised to commercialise its new product in the coming months.
We understand that the cost of setting up 1 advanced packaging line is costly, around USD50m. Management is currently looking at several solutions to fund its development.
看到另一个亮点：On 2 December 2024, Mi Equipment (M) Sdn. Bhd. was granted a new pioneer status for its artificial intelligence-enabled wafer-level advanced packaging die sorting machines for semiconductor industry, the statutory income of which is 70% tax-exempted for a period of 5 years effective 31 January 2024 and expiring 30 January 2029.
A wise man once told me, "Stop wasting time and energy worrying about things beyond your control. Instead, focus on what you can do to tackle the problems."
The group's outstanding orderbook currently stands at USD57.3m (RM258m), implying the next 6-month sales order is already in the bag. Management also voiced its intention to restructure the China and Korean units by reallocating some resources back to Malaysia. The solder ball business is expected to see positive growth this year with a gradual shift to high-margin solder ball products, while the equipment business is expected to see better performance in the 1H.
Taiwan's market remained the largest sales contributor, making up 46.2% followed by China (33.2%), Southeast Asia+ India (13.6%), Korea & Japan (4.7%) and North America (2.3%). By industry segments, mobility & wearables accounted for 73.5% followed by HPC & memory (17.6%), and automotive & renewable energy (8.9%).
Zoom into SEBU and SMBU. The equipment business under SEBU recorded net profit of RM39.1m (+26% YoY), led by Mi Equipment Malaysia (RM48.9m) and Mi Equipment Taiwan Singapore & US (RM1.4m). Meanwhile, the Mi Korea saw losses expand from RM8.9m to RM10.5m while Equipment China made a small loss of RM0.8m. For the full-year, the group delivered a total of 114 machineries with Mi & Vi Series making up 73% (83 units) followed by Si Series' 17% (20 units) and Ai Series' 10% (11 units).
The material business under SMBU registered net profit of RM42.2m (+87% YoY), mainly led by Accurus Taiwan (RM53.9m), partially offset by losses in Accurus China (RM9.8m) and Accurus Singapore (RM1.8m).
Management has set aside a bigger capex of USD20m (RM90m) this year (FY24: USD5.1m) to penetrate into the power module business under SSBU as it plans to roll out the prototype by mid-year. Products that are in the lineup are motor control unit, power distribution module, Insulated-gate bipolar transistor (IGBT), and silicon carbide (SiC). Lastly, the effective tax rate for FY25 is expected to stay below 20%.