Alpha & Omega (AOSL) 4Q18財報之不完整摘要

4Q18財報

營收US$114.9M，flat QoQ, +11% YoY
靠高價值新產品的成長抵抗市場挑戰

MOSFET營收US$93M, +1% QoQ, +10% YoY
Power IC營收US$19M, flat QoQ, +23% YoY
(大部分是MOSFET，和台灣MOSFET design houses很像，只是AOSL是IDM)

Computing 49%, Consumer 16%, Power Supply/Industrial 19%, Communication 14%, Service 2%
(AOSL的應用領域比例，和台灣MOSFET公司非常接近，都是中低壓PC/Consumer應用比較多)
Non-GAAP Gross Margin 29.2% (前季29.7%)，去年同期27.4%
不含重慶廠 ramp up costs US$3.5M
Non-GAAP OPEX excluded 重慶廠 pre-production expenses US$3.7M

重慶12"晶圓廠持股51%
1Q19開始ramp up封測生產線，開始product sampling和客戶qualification process

home appliances和smartphone applications需求持續疲弱，1Q19擴展到high-end smartphone需求，客戶在降低庫存，讓AOSL必須調整生產計劃，中美貿易戰也有影響。
4Q18 AOSL在home appliances和smartphone applications市場贏得一些策略客戶訂單、在Computing市場擴大佔有率，並且在high-end Tablet產品BOM表中擴大供貨佔比。
經過這些調整，對AOSL來說，需求還是超過產能，Oregon fab滿載生產，期望ramping重慶廠之後能滿足需求。

AOSL的優勢在於R&D能力、1800個全球專利(包含申請中)、Total solution components(MOSFET、IGBT、Power IC)、deep system-level application know-how。

Computing (48%): 4Q18 +11% QoQ/+26% YoY
Growth by expanding BOM content
Power IC for Vcore
Design wins for latest graphics card platform
New global tablet OEM，切入Communication客戶的Tablet battery protection business.
1Q19還是有 CPU缺貨問題，預期2Q19解決
We are adjusting our forecast of Computing business marginally down for 1Q19.

Consumer (16%), 4Q18 -13% QoQ/+12% YoY
4Q18衰退因為TV季節因素和Chinese home appliance需求疲弱
IGBT仍有斬獲
IGBT 2018全年成長40% YoY，2019年也會有類似的成長
Gainning market sahre in refrigerator applications
New customers for Chinese home appliance market
Design wins for premium TV
We allocate more capacity and expect healthy growth in the Consumer segment for 1Q19

Power Supply and Industrial (20%), 4Q18 +2% QoQ/+7% YoY
Momentum for medium voltage product line
The trend for Quick charger and USB PD charger increasing voltage and current which requires more efficient MOSFET with higher ASP.
Even the near-term softening in the smartphone market,  we expect our quick charger business to expand in 2019.
A slight decrease in this segment in 1Q19.

Communication (14%), 4Q18 -11% QoQ/+10% YoY
需求持續疲弱，中國手機客戶調整庫存，但有得到新的全球手機品牌客戶，3Q18得到一家，4Q18得到第二家，1Q19持續放量，此外也有一些5G電信設備design wins
有信心1Q19是通訊業績的谷底，2Q19回升

1Q19 guidance

營收US$109~113M
Gross margin 25.2%+-1%
Non-GAPP Gross margin  28.5%+-1%
不含重慶廠ramp up cost US$3.2M，另有US$4.4M ramp up cost認列在OPEX

已經看到2Q19客戶訂單有回升，包含中國客戶和全球客戶，手機市場回升，加上CPU不在缺或，讓PC市場也回升

We did see some adjustments in 4Q18 in terms of booking and backlog.
Double booking clean up. Some customers especially in China smartphone customers are adjusting their booking.
Seeing fresh bookings from our new design wins.
Right now, after all those adjustments and then our backlog is still ahead of our capacity at this moment.
For 12" fab, trial production in 4Q18, sampling out in 1Q19, ramping up in 2Q19 maybe or 3Q19 certainly

Currently, our capacity is around US$115M range. The next wave of the capacity increase will depend on the ramp of 重慶12"廠，we want to ramp that fab and gradually in 2019 to fulfill the demand and fuel our growth. Some customers may qualify faster. Even right now, we've already received the first order from customers. We sill need sometime to qualify with customers. So I will say that probably in a quarter or two, we should be able to see some ramp up.

During the ramp up time, I would not expect to see a cost benefit, actually to the contrary. Once we ramp up to that first phase capacity, I would expect our 12" fab wafer cost neutralize with our 8" fab wafers and so.

現有8" fab在美國Oregon,  可創造目前約US$115M per quarter的營收，重慶12" fab Phase 1可創造額外US$150M營收，因為AOSL是IDM，本身有產品和終端客戶，不像foundry需要透過fabless讓產能得到出海口，因此在ramp up的過程，應該會比foundry快些。