ACM Research Inc (ACMR) 2023 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the ACM Research Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，感謝您的支持。歡迎參加 ACM Research 2023 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Yujia Zhai, Managing Director of The Blueshirt Group. Please go ahead.

現在，我想將會議交給今天的演講者，藍衫集團董事總經理翟玉佳。請繼續。

Thank you, operator. Good morning, everyone. Thank you for joining us on today's call to discuss second quarter 2023 results. We released results before the U.S. market opened today. The release is available on our website as well as from Newswire services. There is also a supplemental slide deck posted to the Investor portion of our website that we will reference during our prepared remarks.

謝謝您，接線生。大家早安。感謝您參加今天的電話會議討論 2023 年第二季的業績。我們今天在美國市場開盤前公佈了業績。新聞稿可在我們的網站以及新聞專線服務上查閱。我們網站的投資者部分也發布了補充幻燈片，我們將在準備好的演講中參考它。

On the call with me today are our CEO, Dr. David Wang; our CFO, Mark McKechnie; and Lisa Feng, the CFO of our operating subsidiary, ACM Shanghai.

今天與我一起通話的有我們的執行長 David Wang 博士；我們的財務長 Mark McKechnie；以及我們營運子公司 ACM 上海的財務長 Lisa Feng。

Before we continue, please turn to Slide 2. Let me remind you that remarks made during this call may include predictions, estimates and other information that might be considered forward-looking. These forward-looking statements represent ACM's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under the Risk Factors and elsewhere in ACM's filings with the SEC. Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinions only as of the date of this call. ACM is not obliged to update you on any revisions to these forward-looking statements.

在我們繼續之前，請翻到投影片 2。讓我提醒您，本次電話會議中的言論可能包括預測、估計和其他可能被視為前瞻性的資訊。這些前瞻性陳述代表了 ACM 對未來的當前判斷。然而，它們受到風險和不確定性的影響，可能導致實際結果大不相同。這些風險在「風險因素」和 ACM 向美國證券交易委員會提交的其他文件中進行了描述。請不要過度依賴這些前瞻性陳述，它們僅反映 ACM 截至本次電話會議之日的觀點。 ACM 沒有義務向您更新這些前瞻性陳述的任何修訂。

Some of the financial results that we provide on this call will be on a non-GAAP basis, which includes stock-based compensation and unrealized gain loss in trading securities. For our GAAP results and reconciliations between GAAP and non-GAAP amounts, please refer to our earnings release, which is posted on the IR section of our website in Slide 12.

我們在本次電話會議上提供的部分財務結果將採用非公認會計準則，其中包括股票薪酬和交易證券的未實現損益。有關我們的 GAAP 結果以及 GAAP 與非 GAAP 金額之間的對賬，請參閱我們的收益報告，該報告發佈在我們網站幻燈片 12 的 IR 部分。

With that, let me now turn the call over to David Wang, who will begin to Slide 3. David?

說完這些，現在讓我把電話轉給 David Wang，他將開始播放第 3 張投影片。 David？

Thanks, Yujia. Hello, everyone, and welcome to ACM Second Quarter 2023 Earnings Conference Call. Please turn to Slide 3. For the second quarter, revenue was $144.6 million, up 39% from the same quarter last year. Shipments were $153 million, up 37% from the same quarter last year. Gross margin was 47.6% and operating margin was 22.4%. We achieved record revenue and EPS as our operating and industrial supply chain largely returned to a new normal, following several years of COVID-related disruption.

謝謝，Yujia。大家好，歡迎參加 ACM 2023 年第二季財報電話會議。請翻到幻燈片 3。第二季度，營收為 1.446 億美元，比去年同期成長 39%。出貨量為 1.53 億美元，比去年同期成長 37%。毛利率為47.6%，營業利益率為22.4%。經過數年與新冠疫情相關的中斷後，我們的營運和工業供應鏈基本上恢復正常，實現了創紀錄的收入和每股盈餘。

This result were driven by strong mature node expansion by our China customer, market share gain and the penetration of new products, a new customer. Let me touch on each of these, beginning with a mature node investment in China.

這一結果得益於我們中國客戶的強勁成熟節點擴張、市場份額的成長以及新產品和新客戶的滲透。讓我逐一談談這些，先從中國成熟的節點投資開始。

Last year, following U.S.-China trade restrictions, some investor analysts predict that China's WFE market will be declined dramatically. At that time, we predict a fairly quicker shift to spending on mature node in China after expected pause as investor adjusted to the new export regulations. Our predictions appear to be playing out as we announce a broader sign that China has indeed sped up its capacity expansion in mature nodes. This is driven by the substantial gap between China's mature nodes capacity and their market consumption. We see continued investment in 28-nano and 45-nano and above front end fab capacity. We also see the ramp of EV production in China as a driver of China-based investment in both power devices and other 28 and 45 nano devices. This creates a good tailwind for us that we believe is still in early stage as China intensify effort to boost its domestic semiconductor capacity capabilities. We believe we are well positioned to benefit and further increase our market share due to our strong market position, leading differentiated technology and a broad multiproduct portfolio.

去年，隨著中美貿易限制措施的出台，一些投資人分析師預測中國的WFE市場將大幅下滑。屆時，我們預計，隨著投資者適應新的出口法規，在預期的暫停之後，中國將以相當快的速度轉向成熟節點的支出。隨著我們宣布更廣泛的跡象表明中國確實加快了成熟節點的產能擴張，我們的預測似乎正在實現。這是由於中國成熟節點容量與市場消費量之間存在巨大差距所致。我們看到 28 奈米、45 奈米及以上前端晶圓廠產能的投資持續增加。我們也看到，中國電動車產量的成長將成為中國對功率元件以及其他 28 奈米和 45 奈米裝置投資的驅動力。這為我們創造了良好的順風，我們相信，隨著中國加大力度提升國內半導體產能，這一順風仍處於早期階段。我們相信，憑藉強大的市場地位、領先的差異化技術和廣泛的多產品組合，我們完全有能力從中獲益並進一步增加我們的市場份額。

Moving to product. Please turn to Slide 4. Single wafer clean, Tahoe and semi-physical cleaning grew 55%. In the last few years, we introduced and began ramping our semi-critical product line, including auto bench. And then last year, we introduced Bevel etcher and high-temperature SPM tools. Over the past quarter, we built supercritical CO2 dry. Now ACM has one of the broadest cleaning product portfolio in the industry, covering nearly 90% of all cleaning process step. We believe this product portfolio will play a key role among mature nodes development in China and advanced nodes in our international effort going forward.

轉向產品。請翻到幻燈片 4。單晶圓清洗、Tahoe 和半物理清洗增加了 55%。在過去的幾年裡，我們推出並開始擴大我們的半關鍵產品線，包括汽車台架。去年，我們推出了斜面蝕刻機和高溫 SPM 工具。在過去的一個季度，我們建造了超臨界二氧化碳乾式反應器。目前ACM擁有業界最廣泛的清潔產品組合之一，涵蓋了近90%的清潔流程步驟。我們相信，該產品組合將在未來中國成熟的節點開發和國際努力的先進節點中發揮關鍵作用。

ECP, furnace and other technologies declined 7% due to quarterly fluctuations. However, for the first 6 months of 2023, ECP, furnace and other technology grew 40% year-over-year. Growth in this category was driven primarily by ECP product cycle with some contribution from furnace. Our higher temperature anneal and LPCVD furnace, including silicon nitride and poly and ARD have expanded to multiple customers and are under evaluation.

由於季度波動，ECP、熔爐和其他技術下降了 7%。然而，2023年前6個月，ECP、熔爐和其他技術年增了40%。此類別的成長主要由 ECP 產品週期推動，熔爐也做出了一些貢獻。我們的高溫退火和 LPCVD 爐，包括氮化矽和多晶矽以及 ARD，已擴展到多個客戶並正在評估中。

Advanced packaging exclude ECP service and (inaudible) grow 14% in Q2 and 58% year-over-date. This category includes a range of packaging tools, including coater, developer, scrubber, pr-sweeper and wet etch and service and spare parts. ACM is the only company that offers growth of full set of wet tools and advanced plating tool. We believe advanced packaging will become more important as industrial looks for packaging innovations such as 2.5D/3D and further, and find out to drive the higher performance for new applications such as AI and GPT.

先進封裝不包括 ECP 服務，（聽不清楚）第二季成長 14%，年增 58%。此類別包括一系列包裝工具，包括塗佈機、顯影機、洗滌器、PR 清掃器和濕蝕刻機以及服務和備件。 ACM 是唯一提供全套濕式工具和先進電鍍工具的公司。我們相信，隨著工業界尋求 2.5D/3D 等封裝創新以及尋求推動 AI 和 GPT 等新應用的更高性能，先進封裝將變得更加重要。

Finish up on products, we continue to make good progress on sales efforts with a new Track and PECVD platform. We're in active discussion with our key customers, and we are planning to deliver more evaluation tool this year. Similar to our cleaning, plating and furnace product line, our Track and PECVD platform have a proprietary technology that we believe were making them winner with major customers, both in China and outside China.

完成產品後，我們繼續透過新的 Track 和 PECVD 平台在銷售方面取得良好進展。我們正在與主要客戶進行積極討論，並計劃今年提供更多的評估工具。與我們的清潔、電鍍和熔爐產品線類似，我們的 Track 和 PECVD 平台擁有專有技術，我們相信這些技術使它們贏得了中國國內外主要客戶的青睞。

Moving on to the customer, please turn to Slide 5. We continue to make progress on customers, both inside China and internationally. In China, we believe ASM tools are now used by nearly all of the semiconductor manufacturers. Our sales and service teams are working to expand the deployment of each of our major product lines across our growing customer base. In addition to our current customers, we are also seeing a good number of well-funded new entrants. Our team has done a good job of getting good traction for our product with these customers.

關於客戶，請翻到投影片 5。我們在中國國內和國際客戶方面不斷取得進展。在中國，我們相信現在幾乎所有的半導體製造商都使用 ASM 工具。我們的銷售和服務團隊正在努力在不斷成長的客戶群中擴大我們每個主要產品線的部署。除了我們現有的客戶之外，我們還看到大量​​資金雄厚的新進者。我們的團隊已經做出了出色的工作，使我們的產品在這些客戶中獲得了良好的吸引力。

As this, our new customer will be reflected in our shipment this year until customer acceptance at a later date. Also, as some of you may have heard on July 21, 2023, Tahoe Semiconductor, a greater strategic customer announced the pricing of its Shanghai STAR Market IPO and expected to start trading soon. The total proceeds were RMB 21.2 billion or approximately USD 3 billion. In the U.S., evaluation at our key customers is progressing well, and we remain optimistic for qualification later this year.

這樣，我們的新客戶就會反映到我們今年的出貨量中，直到客戶稍後接受為止。另外，大家可能已經聽說了，2023年7月21日，我們的大策略客戶泰禾半導體宣布了其上海科創板IPO的定價，預計很快就會開始交易。總募集資金為人民幣212億元，約30億美元。在美國，我們主要客戶的評估進展順利，我們對今年稍後的資格認證仍然持樂觀態度。

In Europe, we announced an order for our first evaluation tool from a major semiconductor manufacturer in the first quarter of this year. The tool is planned for delivery in early Q4, and we are beginning to build a local service team to support effort. To support our growing initiatives, we continue making progress on our facility expansion in China and other regions.

在歐洲，我們宣布今年第一季從一家大型半導體製造商獲得了我們首個評估工具的訂單。該工具計劃於第四季度初交付，我們正在開始組建本地服務團隊來支援這項工作。為了支持我們不斷發展的計劃，我們繼續在中國和其他地區推動設施擴建。

Please turn to Slide 6. In China, construction of Lingang production and R&D center is nearly completed and expected to begin initial production later this year. In Korea, as noted in prior call, we have increased our commitment in this region. We believe a strong commitment to Korea will improve our relationship with our key customer, SK Hynix and others. In Q1 of this year, we completed the purchasing of land in the high-tech area outside Incheon as a site for new R&D and production center.

請翻到幻燈片 6。在中國，臨港生產和研發中心的建設已接近完成，預計今年稍後開始初步生產。在韓國，正如上次電話會議中所提到的，我們增加了對該地區的投資。我們相信，對韓國的堅定承諾將改善我們與主要客戶 SK Hynix 和其他公司的關係。今年第一季度，我們完成了在仁川郊外高科技區的土地購買，作為新研發和生產中心的選址。

In the U.S., as noted last quarter, we leased a facility in Oregon to add to our service support and the demonstration capability for R&D and customer activities in the region. As a reminder, for 2023, we expect to spend about $100 million CapEx. This includes continued investment in our Lingang facility, remodeling for new headquarters for ACM Shanghai and our other investment in Korea and the U.S.

在美國，正如上個季度所指出的，我們在俄勒岡州租賃了一個設施，以增強我們的服務支援以及該地區研發和客戶活動的演示能力。提醒一下，到 2023 年，我們預計資本支出約為 1 億美元。其中包括繼續投資我們的港口工廠、改造 ACM 上海的新總部以及我們在韓國和美國的其他投資。

I will now provide our outlook for the full year 2023. Please turn to Slide 9. We reaffirmed our 2023 revenue outlook to be in the range of $550 million to $585 million. The range of outlook reflects, among other things management's current assessment of the continuing impact from the international trade policy, together with various expect spending scenario of key customers, supply chain constraints and the timing of acceptance for the first 2 on evaluation in the field.

現在，我將提供我們對 2023 年全年的展望。請翻到投影片 9。我們重申 2023 年的營收預期在 5.5 億至 5.85 億美元之間。展望範圍反映了管理層目前對國際貿易政策持續影響的評估，以及主要客戶的各種預期支出情境、供應鏈限制和對該領域前兩項評估的接受時間。

Now let me turn the call over to our CFO, Mark, who will review details of our second quarter results. Mark, please?

現在，讓我將電話轉給我們的財務長馬克，他將審查我們第二季業績的詳細資訊。馬克，可以嗎？

Thank you, David. Good day, everyone. Please turn to Slide 10. Unless I note otherwise, I will refer to non-GAAP financial measures, which exclude stock-based compensation and unrealized loss on trading securities. Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. Also, unless otherwise noted, the following figures refer to the second quarter of 2023, comparisons are with the second quarter of 2022.

謝謝你，大衛。大家好。請翻到投影片 10。除非另有說明，否則我將參考非 GAAP 財務指標，這些指標不包括股票薪酬和交易證券的未實現損失。我們的收益報告中包含了這些非 GAAP 指標與可比較 GAAP 指標的對帳。此外，除非另有說明，以下數據是指 2023 年第二季度，與 2022 年第二季度進行比較。

I'll now provide financial highlights for the second quarter. Revenue was $144.6 million, up 38.5%. Total shipments were $153.4 million, up 37%. Revenue for single-wafer cleaning tools and semi-critical cleaning was $112.5 million, up 55%. Revenue for ECP furnish and other technologies was $19.1 million, down 6.7%. For the first 6 months of 2023, this category grew by 39.6% versus the prior year period.

我現在將提供第二季的財務亮點。營收為1.446億美元，成長38.5%。總出貨量為1.534億美元，成長37%。單晶圓清洗工具和半關鍵清洗的收入為 1.125 億美元，成長 55%。 ECP配料和其他技術的收入為1,910萬美元，下降6.7%。 2023 年前 6 個月，該類別較去年同期成長了 39.6%。

Revenue for advanced packaging, excluding ECP services and spares was $12.9 million, up 14.3%. Gross margin was 47.6%, up from 42.4%. This exceeded our normal expected range of 40% to 45%. The increase in gross margin was primarily due to a favorable product mix, improved gross margins for specific product lines and a favorable impact from fluctuations in the renminbi to U.S. dollar exchange rate. We expect gross margin to continue to vary from period-to-period due to a variety of factors such as sales volume, product mix and currency impacts.

先進封裝業務的收入（不包括 ECP 服務和備件）為 1,290 萬美元，成長 14.3%。毛利率為47.6%，高於42.4%。這超出了我們 40% 至 45% 的正常預期範圍。毛利率的成長主要得益於良好的產品組合、特定產品線毛利率的提高以及人民幣兌美元匯率波動的有利影響。我們預計，由於銷售量、產品組合和貨幣影響等多種因素的影響，毛利率將在不同期間繼續變化。

Operating expenses were $36.3 million, up from $22.3 million. The increase was due to higher R&D, sales and marketing and G&A costs in support of our new customer and new product activities and a boost in the post-COVID travel. Operating income was $32.4 million, up from $22.0 million. Operating margin was 22.4%, up from 21.1%. We recorded a realized gain of $3.9 million from the sale of trading securities for the quarter. Recall that realized gains are included in the non-GAAP earnings.

營運費用為 3,630 萬美元，高於 2,230 萬美元。成長的原因是，為支持我們的新客戶和新產品活動，研發、銷售和行銷以及一般行政費用增加，以及後疫情時代的旅行增加。營業收入為 3,240 萬美元，高於 2,200 萬美元。營業利益率為 22.4%，高於 21.1%。本季度，我們透過出售交易證券實現了 390 萬美元的收益。回想一下，已實現收益包含在非公認會計準則收益中。

Income tax expense was $7.6 million, down from $7.7 million. Recall that as a result of the change in Section 174 of the U.S. Internal Revenue Code. Our effective tax does remain elevated, primarily due to the requirement to capitalize and amortize previously deductible research and experimental expenses. Net income attributable to ACM Research was $31.3 million, up from $14.6 million. Net income per diluted share was $0.48, up from $0.22.

所得稅費用為 760 萬美元，低於 770 萬美元。回想一下，這是美國國內稅收法典第 174 條變更的結果。我們的實際稅率確實仍然很高，主要是因為需要將以前可扣除的研究和實驗費用資本化並攤提。歸屬於 ACM Research 的淨收入為 3,130 萬美元，高於 1,460 萬美元。每股攤薄淨利潤為 0.48 美元，高於 0.22 美元。

Now I'll review some selected balance sheet items. Cash and cash equivalents, restricted cash and time deposits were $376.1 million at the end of the second quarter versus $381.7 million at the end of the first quarter. Total inventory was $471.1 million at the end of the second quarter, generally flat versus the end of the first quarter. Capital expenses for the second quarter were about $6.7 million.

現在我將回顧一些選定的資產負債表項目。第二季末的現金及現金等價物、限制現金和定期存款為 3.761 億美元，而第一季末為 3.817 億美元。第二季末總庫存為 4.711 億美元，與第一季末基本持平。第二季的資本支出約為 670 萬美元。

I'll now provide an update on our auditor. On July 21, 2023, Armanino informed us that it will resign as our independent auditor effective as the earlier of: A, when we engage a new auditor or B, the filing of this year's third quarter 10-Q report. They advised us this was due to their decision to exit from the practice of providing financial statement audit services to all public companies. As a result, our Audit Committee has begun the process to select and appoint a new auditor. We filed an 8-K with the full details on July 27, 2023. And I would note that we've also seen a number of similar filings from other Armanino clients. Regarding the search for a new auditor that we are considering several options, including U.S. and China-based auditors.

我現在將提供有關我們審計員的最新情況。 2023 年 7 月 21 日，Armanino 通知我們，其將辭去我們的獨立審計師職務，生效時間為：A，當我們聘請新的審計師時；或 B，提交今年第三季 10-Q 報告時。他們告訴我們，這是因為他們決定退出向所有上市公司提供財務報表審計服務的業務。因此，我們的審計委員會已開始選擇和任命新審計師的程序。我們於 2023 年 7 月 27 日提交了一份包含全部詳細資訊的 8-K 表。我想指出，我們也看到了其他 Armanino 客戶提交的許多類似文件。關於尋找新的審計師，我們正在考慮幾個選擇，包括美國和中國的審計師。

That concludes our prepared remarks. Now let's open the call for any questions that you may have. Operator, Please go ahead.

我們的準備好的演講到此結束。現在讓我們開始回答你們可能提出的任何問題。接線員，請繼續。

(Operator Instructions) The first question comes from Quinn Bolton with Needham & Company.

（操作員指示）第一個問題來自 Needham & Company 的 Quinn Bolton。

Congratulations on the very strong second quarter results. I guess kind of big picture question for the second half of the year. I know you're not increasing your 2023 guidance. But since you're not increasing the guidance, it looks like revenues may flatten out or at least grow at a much, much slower rate in the second half. How are you thinking about the second half was the second quarter really that sort of COVID supply chain catch up and you see more normalization now? Or just any thoughts you could share on the second half or the shape of revenue in the second half would be helpful.

恭喜您第二季取得如此強勁的業績。我想這是一個關於下半年的大問題。我知道你不會提高 2023 年的指導。但由於你沒有提高指導價，看起來下半年的收入可能會趨於平穩，或至少以更慢的速度成長。您如何看待下半年？第二季的 COVID 供應鏈是否真的迎頭趕上，現在是否看到了更多的正常化？或者，如果您能分享一下對下半年或下半年收入狀況的想法，那將會很有幫助。

Yes. Okay, Quinn. In general, actually, looking at the last couple of years, our second half year is stronger than the first year and the first half of the year, right? I think that trend probably continue. And regarding to the supply chain, I should say, it's much better than last year, but still feel some components get constrained. I'm thinking maybe second half of this year are going to improve further and for supply chain. Mark, anything you want to add on?

是的。好的，奎因。總的來說，實際上，回顧過去幾年，我們下半年的表現比第一年和上半年強，對嗎？我認為這種趨勢可能會持續下去。至於供應鏈，我應該說，它比去年好多了，但仍然感覺有些組件受到限制。我認為今年下半年供應鏈可能會進一步改善。馬克，你還有什麼要補充的嗎？

Yes, you bet. So Quinn, our overall outlook, obviously, we factor in, we're looking at a flattish overall CapEx for overall China. I think there's a lot of debate about that, but we see better growth from our new products, share gains and new customers. First half, second half, I mean, you can look at the numbers, but it's about 40%, 60%. And so we'd expect Q3 to be up and depending on where the year plays out, that Q4 could be down, which is -- that's a normal type seasonality for us. Yes.

是的，沒錯。因此，奎因，我們的整體前景顯然已考慮到，我們預計整個中國的整體資本支出將持平。我認為對此存在很多爭論，但我們看到新產品、市場份額成長和新客戶帶來了更好的成長。上半年，下半年，我的意思是，你可以看看數字，但大約是 40%、60%。因此，我們預計第三季將會上升，而根據今年的情況，第四季可能會下降，這對我們來說是正常的季節性現象。是的。

Got it. So sort of perhaps a return to more of a down fourth quarter post a couple of years of COVID where I think seasonality was largely at the window. Got it. Second question, just Mark for you on the auditor. I know that this has been a thorn in your side for probably a couple of years now. To the extent that you select a China-based auditor, can you just sort of walk us through? I believe there's now a process in place where PCAOB has oversight of Chinese-based auditors. And so if you select China, that shouldn't have any impact on your listing status in the U.S. But I know it's been a subject that's raised lots of questions. So can you just walk us through the latest implications to the extent you do select a China-based auditor?

知道了。因此，在經歷了幾年的新冠疫情之後，第四季可能會再次出現下滑趨勢，我認為季節性因素在很大程度上已經顯現。知道了。第二個問題，請問審計員馬克的情況如何。我知道這可能已經成為你心中的一根刺好幾年了。就您選擇中國審計師的情況而言，您能否向我們簡單介紹一下？我相信，現在 PCAOB 已經建立了對中國審計師進行監督的流程。因此，如果您選擇中國，這應該不會對您在美國上市的狀態產生任何影響。但我知道這個話題引發了很多疑問。那麼，您能否向我們介紹一下選擇中國審計師的最新影響呢？

Yes, you bet. No, thanks for that question, Quinn. So I think as you know, yes, last year, we did cut over to Armanino as a U.S.-based auditor, and they completed a good audit for our 2022 signed by officially a U.S. auditor. But yes, the rules, there was a positive development late last year the PCAOB was able to inspect the China auditors. And so the so-called HIFCA Act, which would result in a delisting if you were on a certain list, 3 consecutive years in a row, that became mood at least for the foreseeable now that we believe the PCAOB has been granted the inspections in China. So that's why we pointed out in terms of our possibilities range U.S. auditor that we could certainly go with a China-based auditor as well and maintain our listing at this point.

是的，沒錯。不，謝謝你的提問，奎因。所以我想，正如你所知，是的，去年我們確實將 Armanino 轉交給了美國審計師，他們為我們 2022 年的審計工作完成了良好的審計，並由美國審計師正式簽署。但是，是的，規則方面，去年年底出現了積極的進展，PCAOB 能夠對中國審計師進行檢查。因此，所謂的《HIFCA法案》將導致上市公司連續三年被摘牌，至少在可預見的一段時間內，我們認為PCAOB已獲准在中國進行檢查。因此，我們指出，就我們的可能性範圍而言，美國審計師當然也可以選擇中國的審計師，並在此時維持我們的上市。

Great. And then a final quick one for me. David, you mentioned sort of expanding placements of track in PECVD this year. Can you give us sort of any sense how broad you may be able to go with those evaluations to an expanding customer base or to an expanding base within your existing customers with track in PECVD?

偉大的。最後，對我來說還有一個簡短的話題。大衛，您提到了今年 PECVD 中軌道佈局的擴大。您能否向我們介紹一下，透過這些評估，您可以將業務擴展到多大程度，以擴大客戶群，或在 PECVD 領域擴大現有客戶群？

Yes. Actually, as I mentioned, we do have also differentiated technology with the PECVD, right? So now we actually have 2 models, one for memory application, another one for the real logic, right, foundry application. So this year, we're working with probably both set of customer, and we try to get the evaluation going on. And obviously, revenue will come next year, right? So PECVD is a huge market and also has really our second dry product other than our furnace. We have a really high expectation and also we put a lot of effort and put both on this product and also expecting a very good outcome, good future and the driver of ACM continue to grow in the next few years at a high growth rate. So it's an exciting product.

是的。實際上，正如我所提到的，我們確實也擁有與 PECVD 不同的技術，對嗎？所以現在我們實際上有 2 個模型，一個用於記憶體應用，另一個用於真正的邏輯，對，代工應用。因此今年，我們可能正在與兩組客戶合作，並嘗試進行評估。顯然，明年就會有收入，對吧？因此，PECVD 是一個巨大的市場，也是我們除了熔爐之外的第二種乾法產品。我們對這款產品抱有很高的期望，也投入了大量的精力和精力，並期待它能取得非常好的結果和美好的未來，並且 ACM 的驅動力將在未來幾年繼續保持高增長率。所以這是一款令人興奮的產品。

The next question comes from Suji Desilva with ROTH Capital.

下一個問題來自 ROTH Capital 的 Suji Desilva。

Congrats on the progress here. So just digging a little bit on the ACP furnace category. I just want to make sure with the decline here. What was the furnace products uptake, the New York product uptake still ramping? And -- or within is there just supply chain catch up across that category?

恭喜你在這裡的進展。因此，只需對 ACP 爐類別進行一點挖掘。我只是想確認一下這裡的下降情況。熔爐產品的吸收量是多少，紐約產品的吸收量仍在增加嗎？或者說，該類別中是否存在供應鏈追趕？

Great. Great. Actually, for by end of last year, and we only have -- we got a free customer. However, this year, we're really -- we expect to increase more customer, right? Probably by end of this year, we're hoping our customer base becomes double digit. So revenue-wise, yes, not as quickly as contribution as a copper plating. However, our customer base increased quite dramatically, right? And now we also have other high-temperate neo and also LPCVD and nitride and [poly]. And also we -- 2 of our, what we call the ALD process, tool also on the customer qualification process and still they have very promised data. So we'll see that will be playing in probably next year, right, more of a contribution to revenue. As I said, this is also a quickly growing market for us.

偉大的。偉大的。實際上，截至去年年底，我們只有一位免費客戶。然而，今年我們真的——我們希望增加更多的客戶，對嗎？大概到今年年底，我們希望我們的客戶群能夠達到兩位數。因此，從收入角度來看，是的，不如鍍銅的貢獻那麼快。但是，我們的客戶群成長得相當快，對嗎？現在我們還有其他高溫釹鐵硼、LPCVD、氮化物和[多晶矽]。而且我們的 2 個 ALD 流程工具也用於客戶資格認證流程，而且他們仍然擁有非常有希望的資料。所以我們會看到，這可能會在明年發揮作用，對收入有更多貢獻。正如我所說，這對我們來說也是一個快速成長的市場。

Okay. Great. That's good progress there. And then for the Korea operations, David, could you give us what the next milestones are as you start to get the land there and try to build that out? Just give us some kind of things to look for in the next several quarters to track up?

好的。偉大的。這說明取得了良好的進展。然後，對於韓國業務，大衛，您能否告訴我們，當您開始在那裡獲得土地並嘗試建造時，下一個里程碑是什麼？能否告訴我們未來幾季需要關注的一些事情？

Great. Actually, Korea and SK Hynix become a customer 2011, right? It's really long-term relationship. We sell a lot of the tools onto the Wuxi Fab. And obviously, now they're building more of their property building factory more advanced nodes, most likely they could probably focus on the cleaning side. That's really because to our effort, more focused on the current market, and that's why we're continue increase investment, and we're still continuing higher more R&D people. And like our furnace and PECVD and also their Track in real joint development between PMB Shanghai and Korea.

偉大的。實際上，韓國和 SK Hynix 在 2011 年就成為客戶了，對嗎？這確實是一種長期關係。我們向無錫工廠銷售了許多工具。顯然，現在他們正在建造更多的房地產工廠和更先進的節點，他們很可能會專注於清潔方面。這確實是因為我們的努力更專注於當前市場，這也是我們繼續增加投資，並持續增加研發人員的原因。就像我們的熔爐和 PECVD 以及 PMB 上海和韓國之間的實際聯合開發一樣。

So we're now really fully engaged with Hynix regarding not just only cleaning, right? Cleaning actually we have about 90% of the process that we can cover and also engage with copper plating, and further revenue also obviously furnace in the PECVD and also Track we also try to -- we probably become the major supplier in the future for Hynix. Meanwhile, we'll be seeing a strong R&D and also their manufacturer base in Korea were really helping us expanding our technology further to U.S. and Taiwan region and also Europe market. So we really do R&D manufacturing center is really what makes ACM to be in build, flexible with a dynamic fab situation.

所以我們現在與海力士的合作不僅限於清潔領域，對嗎？實際上，我們可以覆蓋清潔過程的 90% 左右，也可以進行鍍銅，此外，我們還嘗試透過 PECVD 爐和 Track 獲得進一步的收入——我們可能成為海力士未來的主要供應商。同時，我們將看到強大的研發實力，而且他們在韓國的製造商基地確實幫助我們將我們的技術進一步擴展到美國和台灣地區以及歐洲市場。因此，我們確實建立了研發製造中心，這使得 ACM 能夠靈活地適應動態晶圓廠的情況。

Okay. Great. And it sounds like -- sounds like a good opportunity. And then lastly, just want to sneak one last question in. Just on your advanced packaging. With the talk in the market of AI and high bandwidth memory, TMSC and Intel you may have all these areas. I'm just curious, you see an exposure there to the growth in AI, Gen AI or is that advanced node versus trailing nodes? Or just give me a sense of the advanced packaging opportunity, you may be able to lever -- you may deleverage you there?

好的。偉大的。這聽起來像是一個好機會。最後，我只想偷偷問你最後一個問題。關於你們的先進包裝。隨著人工智慧和高頻寬記憶體市場的討論，TMSC 和英特爾可能擁有所有這些領域。我只是好奇，您是否看到了人工智慧、Gen AI 的成長，或者是高階節點與尾隨節點的對比？或者只是讓我了解先進封裝的機會，你也許能夠利用——你可以在那裡去槓桿？

Yes, actually good. And ACM has really good product line up, right, for their real advanced packaging. And we have really, I call -- flagship of the tool for copper plating. And also we have wider copper wet process tool, including coater, developer, wet etcher, stripper and cleaning, right? So it's real well preparation. Also we do have SFPs just astonishing and also for this advanced package application. So we are well positioned. And like, yes, we are fully engaged with the other top-tier customers. And also, we are most engaged with the customer in China, too. So it's really -- I see a very growing market and like I said, AI GPT definitely driving high end of the advanced packaging and application. So our product really prefer for this application.

是的，確實不錯。 ACM 擁有非常好的產品線，適合其真正的先進封裝。我們確實擁有我所說的鍍銅工具的旗艦產品。而且我們還有更廣泛的銅濕式處理工具，包括塗佈機、顯影機、濕蝕刻機、剝離機和清洗機，對嗎？所以這確實是充分的準備。此外，我們確實擁有令人驚訝的 SFP，並且適用於這種先進的封裝應用。因此我們處於有利地位。是的，我們與其他頂級客戶進行了充分的合作。此外，我們與中國客戶的互動也最為密切。所以這確實是——我看到了一個非常成長的市場，就像我說的，AI GPT 肯定會推動高端先進封裝和應用的發展。所以我們的產品確實比較適合這個應用。

The next question comes from Christian Schwab with Craig-Hallum Capital.

下一個問題來自 Craig-Hallum Capital 的 Christian Schwab。

Great. In the prepared comments, we talked about market share gains inside of China, do you think that -- can you give us an elaboration on that? Are we gaining market share across all product lines? Or is it more targeted at cleaning and ECP and furnace? Any color there would be great.

偉大的。在準備好的評論中，我們談到了中國國內市場份額的成長，您認為——您能詳細說明一下嗎？我們所有產品線的市佔率都在增加嗎？或者它更針對清潔和 ECP 以及熔爐？任何顏色都很棒。

Yes. Actually, you look at the cleaning, right? And the cleaning product were increased 55%. I mean, 3 years ago, we only have a single wafer or semi-critical tool, most single wafer side. However, the last 2, 3 years, introduced auto bench, which is really major, I call the market for their 45 nano technology and above also including power device. So this is really driving our cleaning tool continue to increase. And obviously, copper plating, and it also increased quite a lot, right? Now we're definitely #1 in like a local supplier, in cleaning #1, and also the copper plate #1.

是的。實際上，您看一下清潔情況，對嗎？清潔產品產量增加55%。我的意思是，3 年前，我們只有單晶圓或半關鍵工具，大多數是單晶圓面。然而，過去 2、3 年，我們推出了自動測試平台，這確實很重要，我稱之為 45 奈米及以上技術市場，其中也包括功率裝置。所以這確實推動了我們的清潔工具的不斷增加。顯然，鍍銅量也增加了很多，對吧？現在我們絕對是本地供應商中排名第一，清潔方面排名第一，銅板方面也排名第一。

And also, I say the furnace wise, as I mentioned, will continue to increase the customer base. And that will be also the -- look in the next few years will also become bigger driving for the revenue, too. More than that is also we now spread our cleaning and copper plating and in outside China, right? That's really exciting. We see that gain their intention or gain their interest and from their top-tier customers outside China.

而且，正如我所提到的，我說爐子方面將繼續增加客戶群。這也將是未來幾年營收成長的更大推動力。不僅如此，我們現在還在中國以外推廣我們的清潔和鍍銅技術，對嗎？這真是令人興奮。我們看到，他們獲得了意圖或興趣，並獲得了中國以外的頂級客戶。

Great. A question for Mark. Given the supply chain issues and COVID costs are kind of behind this or at least greatly diminished. Is it time to potentially raise the gross margin target range for the company on a consistent basis? Or is there just still too much volatility in mix to raise it at this point?

偉大的。問馬克一個問題。考慮到供應鏈問題和 COVID 成本已經下降，或至少大大減少。現在是否應該持續提高公司的毛利率目標範圍？還是混合物的波動性仍然太大，無法在此時提高？

Yes, I'll take that. So on the gross margin, you're correct. I mean, we've come in at the upper end of our range or maybe a little better past few quarters or so. Christian, I think we -- our gross margins are quite dependent upon product mix, new products and old products and that we have a range across them. I think for now, we're going to keep our 40% to 45% range. Of course, we always like to do as well as we can, but we're not ready to move that range higher.

是的，我接受。所以關於毛利率，你是對的。我的意思是，在過去幾個季度裡，我們已經達到了預期範圍的上限，或者可能稍微好一點。克里斯蒂安，我認為我們的毛利率很大程度上取決於產品組合、新產品和舊產品，而且我們在它們之間有一個範圍。我認為目前我們將保持 40% 至 45% 的範圍。當然，我們總是希望盡力而為，但我們還沒有準備好將這個範圍提高。

The next question comes from Chaolien Tseng with Credit Suisse.

下一個問題來自瑞士信貸的 Chaolien Tseng。

The first question is about the customer new order momentum. Can you talk about the recent customer new order momentum? Do you see that improving or compared with the first half of this year? And can you talk about the order momentum by -- again because we are thinking that back-end equipment order had earlier correct. We are thinking that is of now the back-end order may have some improvement, especially from the Chinese customers.

第一個問題是關於客戶新訂單動能。能否談談近期客戶新訂單的動能？您認為與今年上半年相比，情況是否有改善？您能否再次談談訂單勢頭——因為我們認為後端設備訂單早些時候已經糾正了。我們認為現在後端訂單可能會有所改善，尤其是來自中國客戶的訂單。

Okay. Actually, as you see, our front-end customer, existing customer, obviously, their continued spending, right, and that's driving our growing. Also, we see significant second tier, third tier customer order coming, right? That's really also become the -- actually driving our shipments and also driving our revenue too. So that's onsite. And also the banking really depends. Some customers still like our policy, and some customers still is kind of investment too, right? You say -- I should say, this year, obviously not good as last year, right? So looking forward, I should say still keep going, but maybe some customers still slow down, but there's some cost invest for back end. Well, we'll see.

好的。實際上，如您所見，我們的前端客戶、現有客戶顯然持續支出，對吧，這推動了我們的成長。此外，我們看到大量二線、三線客戶訂單即將到來，對嗎？這實際上也成為了推動我們出貨量和收入成長的動力。這就是現場。而銀行業務也確實有此需要。有些客戶仍然喜歡我們的政策，有些客戶仍然是一種投資，對嗎？你說——我應該說，今年顯然不如去年好，對吧？所以展望未來，我應該說仍然會繼續前進，但也許有些客戶仍然會放慢腳步，但後端會有一些成本投資。好吧，我們拭目以待。

Okay. So from -- we understand that there are many, many Tier 2, Tier 3 merger fabs in China. I mean, ASML talked about the same a few weeks ago. But we are just thinking if we look at front-end revenue exposure, do you -- would you say that right now the revenue contributions or from the order momentum, would you say it's about maybe 1/3 from these Tier 2 to 3 customers already or even maybe health of the new orders from the Tier 2, 3 customers?

好的。因此，據我們了解，中國有許多二線、三線合併工廠。我的意思是，ASML 幾週前也談論過同樣的事情。但我們只是在想，如果我們看一下前端收入敞口，您會說現在的收入貢獻或訂單勢頭，您是否會說大約有 1/3 來自這些 2 至 3 級客戶，或者甚至可能是來自 2 級、3 級客戶的新訂單的健康狀況？

Yes. I really cannot give the real breakdown, right? I mean this is real dynamic moving. For the end of this year, we can give you really what's the top 10, whatever, 10% above customer, right? I can say some second tier and third-tier customer will become, obviously, adding to our 10% customer end of this year, right? That you can see the people -- I mean, all the second-tier growth. But at this moment, I really cannot break it down percentage-wise. But a significant or, I can say, shipment revenue come from the second tier, third tier customer because they are all driving for the mature nodes.

是的。我真的無法給出真正的細目，對嗎？我的意思是這是真正的動態移動。到今年年底，我們可以為您提供真正的前 10 名，或 10% 以上的客戶，對嗎？我可以說，一些二線和三線客戶顯然會在今年年底增加到 10% 的客戶量，對嗎？你可以看到人們——我的意思是，所有二線的成長。但目前，我真的無法按百分比來細分它。但我可以說，相當一部分出貨收入來自二線、三線客戶，因為他們都在推動成熟的節點。

Okay. Significant revenue and shipments from, okay.

好的。收入和出貨量都有可觀的提升，好的。

Yes, increase rate and bulk rate.

是的，增加費率和批量費率。

Okay. Do you mean significant revenue shipments from the Tier 2, 3 customers? Or do you mean the significant increase…

好的。您指的是來自二、三級客戶的大量收入出貨量嗎？或者你是指顯著的成長…

Increase, increase, increase.

增加，增加，增加。

Increase. Okay. And next question is when you look across your product across clearly copper plating furnace, do you still have any tools that with over 6 month (inaudible). We still hear from a small number of international equipment suppliers that there remains some tools still with over 6 months lead time. So I'm just wondering if it's the same for ACM?

增加。好的。下一個問題是，當您查看透過鍍銅爐生產的產品時，您是否還有任何超過 6 個月的工具（聽不清楚）。我們仍然從少數國際設備供應商那裡聽說，有些工具的交貨時間仍超過 6 個月。所以我只是想知道 ACM 是否也是一樣？

Yes. Actually, last year, right, we do have a real experience a long leading time, right, some product, 10 months, sometimes even more than 10 months. This year, actually, that time has been shrinking, right? Actually, every still between 5 to 7 months, depends on product. It also depends on your specific components we have get in the hand. So as we improve -- and we're expecting continue to improve.

是的。實際上，去年，我們確實經歷了很長的領先時間，有些產品，10 個月，有時甚至超過 10 個月。實際上，今年這個時間一直在縮短，對嗎？實際上，每個仍然在5到7個月之間，取決於產品。這也取決於我們手中掌握的具體組件。因此，隨著我們的進步——我們期待繼續進步。

And next question is that when I look at the revenue by region, it's very great to see that the revenue from China actually grew quite recently in second quarter, although that's still just 7% revenue. So I'm just wondering, is this increased mainly from the front-end or back-end business.

下一個問題是，當我查看按地區劃分的收入時，很高興地看到來自中國的收入在第二季度實際上有所增長，儘管這仍然只是 7% 的收入。所以我只是想知道，這個成長主要是來自前端還是後端業務。

You mean outside China?

你是指中國境外嗎？

Yes. In the second quarter -- yes, that's about second quarter revenue.

是的。在第二季度——是的，這是關於第二季度的收入。

Yes, our majority is still come from in China right now, right? But we see that -- as I said, there are outside China sales activity keep grow and more attention from the customer, as I mentioned, in Korea. And Korea, so far, we have a Hynix as a major customer. Also, we see the traction for other packaging and customer in Korea, interest in our plating tool. And the same thing, we also have a customer from U.S. continue interest in other application tool and also we have also European customer, right? So we'll say, in the next few years, we're expecting a lot of happen for our international efforts. And for cleaning, plating and also expecting furnace you also play another revenue driving our international efforts.

是的，現在我們的大多數仍然來自中國，對嗎？但我們看到——正如我所說，中國以外的銷售活動持續成長，並且受到韓國客戶的更多關注。在韓國，到目前為止，海力士是我們的主要客戶。此外，我們也看到韓國其他包裝和客戶對我們的電鍍工具的興趣。同樣，我們也有來自美國的客戶對其他應用工具感興趣，而且我們也有歐洲客戶，對嗎？因此我們可以說，在未來幾年內，我們預計我們的國際努力將會取得巨大進展。對於清潔、電鍍和預期爐，您還可以從中獲得另一筆收入，推動我們的國際努力。

Okay. Understand. And David if possible may I just ask about furnace because I was -- I have been expecting some decent revenue growth from the furnace. So, I see in the second quarter, it seems that still not yet a lot of new revenues from furnace. So I'm just thinking, can you share a bit more about the furnace? I mean -- I know you talked about this earlier already, but I'm just thinking from the revenue perspective will be the major revenues, new revenues from furnace coming from 4Q this year or maybe from 2024.

好的。理解。大衛，如果可能的話，我可以問一下熔爐的情況嗎？因為我一直期待熔爐能帶來可觀的收入成長。因此，我認為在第二季度，熔爐似乎仍不會帶來太多新收入。所以我在想，您能否分享更多有關爐子的資訊？我的意思是——我知道您之前已經談過這個問題了，但我只是從收入角度考慮，主要收入將是來自熔爐的新收入，來自今年第四季度或可能來自 2024 年的收入。

I will say, we'll have more customer base increase, right, as mentioned earlier. And by end of last year, we have 3 customers for furnace. And this year, probably we're hoping by end of this year, we can increase the total customer number to double digits, right? So again, revenue-wise, it's hard to tell, right, new customer will take time. So I will say more of the revenue we expect to happen next year, or contribution.

我想說的是，如同前面提到的，我們的客戶群將會擴大。截至去年年底，我們已經有 3 個熔爐客戶。今年，我們可能希望到今年年底，我們的客戶總數能夠增加到兩位數，對嗎？所以，從收入角度來看，很難說，新客戶需要時間。所以我會說我們預計明年會有更多收入或貢獻。

(Operator Instructions) The next question comes from Mark Miller with The Benchmark Company.

（操作員指示）下一個問題來自 The Benchmark Company 的 Mark Miller。

Congratulations on a very strong quarter. Questions about the eval tools in Europe and also U.S. When would you expect them to be revenues? Would that be next year probably?

恭喜本季業績表現強勁。關於歐洲和美國的評估工具的問題。您預計它們何時會產生收入？那可能是明年嗎？

Good question. Actually, we have this tool to evaluation, and we are expecting while I mean the tool get a qualification end of this year, right? So either end of this year or beginning next year, that's our expecting become record revenue.

好問題。實際上，我們已經對這個工具進行了評估，我們期望這個工具在今年年底獲得資格，對嗎？因此，無論是今年年底還是明年年初，我們都預期收入將創下紀錄。

Are there any other tools outside of Europe and U.S. and especially in China that are eval tools?

除歐洲和美國以外，尤其是中國，還有其他評估工具嗎？

Outside China, or inside China?

在中國境外，還是在中國境內？

Inside China.

中國境內。

We also have eval tool, right, inside China and I mentioned about the foreign company they have their manufacture in China, and we have a copper plating. We also have our cleaning tool, also have advanced packaging tool, right, in those 4 ring company, which has a factory in China. We'll continue expanding other Phase II. Obviously, we also have a evaluation tool into the Chinese customer, too, right, which is quite a bit in the furnace and some plating tool and also our variety of cleaning tool, right? For instance, we have a Bevel etcher and also [silicon CO2] and those tools customer for evaluation.

我們在中國也有評估工具，我提到了外國公司，他們在中國有製造廠，我們有鍍銅。我們也有清潔工具，也有先進的封裝工具，對的，在那家在中國有工廠的四環公司。我們將繼續擴展其他第二階段。顯然，我們也有一個針對中國客戶的評估工具，對吧，其中包括爐子裡的一些電鍍工具以及各種清潔工具，對吧？例如，我們有一個斜角蝕刻機和[矽CO2]以及那些工具供客戶評估。

Just a couple of housekeeping questions. What was stock-based comp and cash from operations?

只是幾個日常問題。股票薪酬和經營現金流是多少？

Mark, stock-based comp was about -- it's in the press release, but about $2 million for Q2. And then cash flow from operations in Q2 was positive, about $6 million.

馬克，股票薪酬大約是——新聞稿裡說的，但第二季的薪酬約為 200 萬美元。第二季的經營現金流為正，約 600 萬美元。

The next question comes from Robert McKay with Blue Lotus.

下一個問題來自 Blue Lotus 的 Robert McKay。

I wanted to ask about inventory levels. They've been a little bit high for a couple of quarters. And I was just kind of wondering what the reason for that is? And if we can expect to see that come down in later quarters?

我想詢問庫存水準。幾個季度以來，他們的股價一直有點高。我只是有點好奇這到底是什麼原因？我們是否可以預期這一數字在以後的幾季會下降？

Mark, do you want to take that question?

馬克，你想回答這個問題嗎？

Yes, I didn't hear the question.

是的，我沒有聽到問題。

Can you speak louder? I think his questions are regarding our inventory and a little higher, he said, the next few quarters is going to be reduction or not? That was his question.

你能說大一點嗎？我認為他的問題是關於我們庫存的，而且有點高，他說，接下來的幾季會減少嗎？這是他的問題。

Okay. Yes, we did not. Can you hear us on our end? We didn't hear that question.

好的。是的，我們沒有。你聽得到我們說話嗎？我們沒有聽到這個問題。

Yes, I can hear you. I can hear you.

是的，我聽得到你的聲音。我聽到你的聲音。

Okay. Yes. Okay. So David repeated the question. So it's about the inventory. Is that correct?

好的。是的。好的。於是大衛又重複了這個問題。所以這跟庫存有關。對嗎？

Yes, exactly. Just wondering why it's a little bit high. Yes.

是的，確實如此。我只是想知道為什麼它有點高。是的。

Okay. So again, I didn't hear the question well, but I think I can address it if it has to do with the inventory. So our inventory at the end of the June quarter, there were 3 factors to it. So it was $471 million. It was split between raw materials, about $192 million. Work in process was $109.8 million, and then finished goods inventory was $168.9 million. So we did -- the finished goods inventory, a lot of that is tools that are under evaluation being evaluated by our customers. And so that is an important metric for us.

好的。所以，我再次沒有聽清楚這個問題，但如果它與庫存有關，我想我可以解決它。因此，我們 6 月底的庫存有三個因素。所以是4.71億美元。其價值約 1.92 億美元分成原料。在製品價值 1.098 億美元，成品庫存價值 1.689 億美元。所以我們做了——成品庫存，其中很多是正在由客戶評估的工具。所以這對我們來說是一個重要的指標。

In terms of our overall inventory levels, we are working on bringing them down a bit. We built some inventory, one based on our forecasts. But also given the supply chain tightness. But as David noted, some of the supply chain is loosening up. So we're looking to bring those inventories down to more normalized levels.

就我們的整體庫存水準而言，我們正在努力將其降低一些。我們建立了一些庫存，其中一個是基於我們的預測。但也考慮到供應鏈緊張的情況。但正如大衛所指出的，部分供應鏈正在放鬆。因此，我們希望將這些庫存降至更正常的水平。

Got it. Super clear. I don't know if you can hear me now.

知道了。超級清晰。我不知道你現在是否能聽到我說話。

Your sound is still light, can you close to speaker?

你的聲音還是很輕，能靠近揚聲器嗎？

I'm on my headset. Yes, I'll speak as loud as I can. I was wondering if there's kind of any information you can share on the orders from Huahong on its new expansion this year? Are we already factoring that into our revenue guidance?

我戴著耳機。是的，我會盡可能大聲地說話。我想知道您是否可以分享有關華虹今年新擴張的訂單資訊？我們是否已經將其納入我們的收入預期中了？

Yes. Actually, Huahong has been, as I said, (technical difficulty) So they have also multi fab building different locations, right? So it's really our strategic customer, (inaudible) quite a bit of contribution for our revenue in the future, right? And this year, something happened, so a lot of starting in next year, next 2 years. It's a great customer. And also, we have a strategic relationship, our cleaning tool, fab cleaning tool, our furnace, right, is wider, acceptor evaluates and then codify it in the Huahong Group. So it's great. We're looking for customer continue to grow and also we'll continue give a better service supporting with our portfolio product to the Huahong Group.

是的。實際上，正如我所說，華虹一直存在（技術難題），所以他們也在不同地點建造多座晶圓廠，對嗎？所以它確實是我們的策略客戶，（聽不清楚）對我們未來的收入有相當大的貢獻，對嗎？今年發生了一些事情，所以很多事情將在明年、未來兩年開始。這是一位很棒的顧客。此外，我們與華虹集團建立了戰略關係，我們的清潔工具、晶圓廠清潔工具、熔爐等等範圍更廣，接受者會進行評估，然後將其納入其中。所以這很棒。我們希望客戶能夠持續成長，同時我們也將繼續為華虹集團提供更好的服務支援和產品組合。

Got it. Got it. Very clear. Once again, sorry for my microphone quality. I just wanted to follow up a question on the revenue guidance. I think our revenue guidance is still quite wide. And I just wondering if there's anything you can share about why it remains so wide?

知道了。知道了。非常清楚。再次抱歉我的麥克風品質。我只是想跟進有關收入指導的問題。我認為我們的收入預期仍然相當廣泛。我只是想知道您是否可以分享為什麼它的寬度如此之大？

Yes. Well, I mean, probably, you're right, a little wider. I mean that's still they're uncertain, right? So we're probably in the Q3 time line, will be more lateral of their guidance. And at this moment, I think we'll be keeping, not changing.

是的。嗯，我的意思是，可能，你是對的，稍微寬一點。我的意思是他們仍然不確定，對嗎？因此，我們可能處於第三季的時間線，將更橫向地了解他們的指導。而目前，我認為我們會維持現狀，不會改變。

Got it. So is there just some uncertainty about some orders from some customers. Is that the reason for the wide range?

知道了。那麼，某些客戶的某些訂單是否存在不確定性？這就是範圍如此廣泛的原因嗎？

Can you repeat the question? You sound too small. Can you repeat again?

你能重複一下這個問題嗎？你的聲音太小了。 你能再說一次嗎？

Yes. I just wanted to know if the wide range is maybe due to some uncertainty about some customer orders or -- what kind of information did you need the most thinking about our guidance for the year?

是的。我只是想知道，這個範圍之廣是否可能是由於某些客戶訂單的不確定性，或者——考慮到我們今年的指導，您最需要什麼樣的資訊？

Yes. I think probably you are right, some still orders, some still components of each, right, both together, that probably give us kind of wider projection right now.

是的。我想你可能是對的，有些仍然是訂單，有些仍然是每個的組成部分，對，兩者結合在一起，這可能給我們現在更廣泛的預測。

Got it. Got it. Great. And then the last question I'll ask, and maybe I'll go back in the queue after is about the dividend. I think we -- a Shanghai subsidiary issued quite a large dividend. And I was wondering what we -- what our plans are for that dividend if we're just going to invest it and what we'll finally do with that, yes?

知道了。知道了。偉大的。然後我要問的最後一個問題，也許我會在之後回到隊列中，是關於股息的。我認為我們—上海的一家子公司發放了相當大的股利。我想知道我們——如果我們只是要投資的話，我們對這些股息的計劃是什麼，以及我們最終會用這些股息做什麼，是嗎？

Great. Actually, as we announced, we have a dividend, right, and go to the shareholder in Shanghai company, which is 82.5% comes to the ACM USA. We've been doing usual and investing in marketing, also continue invest in even our other R&D activity development center in the U.S. and also we're playing in other game too, right? So we're going to put the money into the -- we'll enhance our sales and marketing and build capability, healthy product and go to their first year customer and look.

偉大的。實際上，正如我們所宣布的，我們有股息，對吧，分配給上海公司的股東，其中 82.5% 分配給了 ACM USA。我們一直照常進行行銷投資，也繼續投資我們在美國其他研發活動開發中心，而且我們也在參與其他遊戲，對嗎？因此，我們將把資金投入到——我們將加強我們的銷售和行銷，建立能力，健康的產品，並關注他們的第一年客戶。

Our next question comes from Mark Miller with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的馬克米勒。

How should I think about modeling R&D for the remainder of this year?

我該如何考慮今年剩餘時間的研發建模？

Mark, I'm sorry, can you repeat the question?

馬克，對不起，你能重複這個問題嗎？

How should I think about modeling R&D expense for the rest of the year?

我該如何考慮今年剩餘時間的研發費用建模？

R&D expense, yes, let me give us some thoughts on that. R&D overall was about 12.7% non-GAAP in 2021, 15.3% in 2022. So we're looking at for the year, about 14% to 15% would be the right range for R&D.

研發費用，是的，讓我就此談談一些想法。 2021 年非 GAAP 研發總額約 12.7%，2022 年為 15.3%。因此，我們預計今年研發的合理範圍約為 14% 至 15%。

I show no further questions at this time. I would now like to hand the call back over to David Wang for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給 David Wang 做最後發言。

Thank you, operator. Thank you all for participating on today's call and for your supporting. Before we close, Yujia is going to mention our upcoming Investor Relations events. Yujia, please.

謝謝您，接線生。感謝大家參加今天的電話會議並給予支持。在結束之前，Yujia 將提及我們即將舉行的投資者關係活動。雨佳，有請。

Thanks, David. From August 22 to 23, we will be attending our Annual Needham Semiconductor and Semicap Conference. From August 29 to 30, we will be attending at the 20th Annual Jefferies Semiconductor Conference in Chicago. On September 13, we will present at the 10th Annual Benchmark TMT Conference in New York City.

謝謝，大衛。 8 月 22 日至 23 日，我們將參加年度 Needham 半導體和半導體資本會議。 8 月 29 日至 30 日，我們將參加在芝加哥舉行的第 20 屆 Jefferies 半導體年會。 9 月 13 日，我們將在紐約舉行的第十屆年度 Benchmark TMT 會議上發表演講。

As a reminder attendance at the conference is by invite only. For interested investors, keep contacting our respected sales attendant to register and schedule one-on-one meetings with he management team. All right. So this concludes the call. You may now disconnect. Thanks.

提醒一下，只有受邀者才能參加會議。對於有興趣的投資者，請繼續聯繫我們尊敬的銷售人員進行註冊並安排與管理團隊的一對一會議。好的。通話到此結束。您現在可以斷開連線。謝謝。