Taiwan-based PCB equipment supplier Machvision (TPE: 3563) reported consolidated revenue of NT$330 million for April 2025, marking a 219.5% year-on-year increase and an 8.6% rise from March. The company said the growth broke its previous monthly revenue record set in August 2018. It also noted that increased U.S. tariffs have had no impact on its business so far, though it remains cautious about potential future developments.

Machvision, known for its automated optical inspection (AOI) systems, has traditionally focused on the PCB industry. However, 2025 marks the first full year of returns from its long-planned "dual-track, four-line" strategy—targeting both PCB and semiconductor packaging markets across four major product lines:

 ● PCB AOI systems

 ● PCB ATE (4-wire electrical testing) systems

 ● Semiconductor wafer AOI systems

 ● Semiconductor packaging inspection systems

The company emphasized that while some of these new systems address emerging demands such as FOPLP and silicon photonics, and others compete in established markets, it avoids “me-too” products. Instead, Machvision aims for differentiated functionality and maintains a strict gross margin target of at least 60% across all new product development.

Despite intense price competition in the Chinese PCB equipment market, Machvision's gross margin reached 65% in Q1 2025, reflecting its strong product competitiveness. As new systems from the remaining three product lines gradually enter the market, both revenue and profitability are expected to improve further.

In recent years, Machvision has aggressively expanded into the semiconductor AOI market. Traditionally a top player in PCB AOI systems, the company is now extending its reach into high-growth semiconductor packaging, aiming to make it a key revenue driver. This strategic shift is supported by investment from ASE Technology (TPE: 3711), the world's largest OSAT (outsourced semiconductor assembly and test) provider.

Machvision's semiconductor efforts are already paying off. Semiconductor-related equipment shipments helped drive monthly revenue growth of 26.2% in February and 12.1% in March. First-quarter revenue reached NT$792 million (up 198% year-on-year), a record high for the period. The company expects semiconductor revenue to account for 15–20% of total sales in the near term.

To meet growing demand, Machvision is expanding production. Its Hsinchu facilities are operating at full capacity, and a new plant in Kunshan, China, will begin volume production of PCB equipment in June, increasing total capacity by about 30%. A new Thailand facility focused on R&D and services is set to be completed by April 2025.

While the company's U.S. exposure remains limited—only 3% of its PCB equipment is exported to the U.S. under FOB shipping terms—Machvision is monitoring tariff developments closely. All its semiconductor equipment orders are currently Asia-based.

Financially, the company remains sound, with no long- or short-term debt and a debt ratio of just 15%. Management said it would consider M&A opportunities if market conditions are favorable.

Looking ahead, Machvision sees strong potential in the semiconductor AOI sector, driven by increasing inspection needs amid advanced process development. The company plans to expand its R&D headcount to over 200 by the end of 2025 to support this growth.

Adding to its recent recognition, Machvision was recently honored with the “2024 Outstanding Supplier Award” by major PCB manufacturer Kinwong Electronic. The company currently serves over 90 of the world's top 100 PCB firms with its AOI, AVI, and metrology systems spanning PCB, HDI, substrate, and semiconductor applications.