ACM Research Inc (ACMR) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by, and welcome to the ACM Research fiscal third quarter 2024 earnings conference call.

感謝您的耐心等待，歡迎參加 ACM Research 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, we are recording today's call.

（操作員說明）謹此提醒，我們正在對今天的通話進行錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

Now I'll turn the call over to Mr. Gary Dvorchak, Managing Director of the Blueshirt Group.

現在我將把電話轉給 Blueshirt Group 董事總經理 Gary Dvorchak 先生。

Gary, please go ahead.

加里，請繼續。

Good day, everyone.

大家好。

Thank you for joining us to discuss third quarter 2024 results, which we released before the US market opened today.

感謝您與我們一起討論我們在今天美國市場開盤前發布的 2024 年第三季業績。

The release is available on our website as well as from Newswire services.

該新聞稿可在我們的網站以及新聞專線服務上取得。

There's also a supplemental slide deck posted to the Investors section of our website that we'll reference during our prepared remarks.

我們網站的投資者部分也發布了補充幻燈片，我們將在準備好的評論中參考。

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.

今天與我通話的是我們的執行長 David Wang 博士；我們的財務長馬克‧麥基尼 (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.

在我們繼續之前，請翻到投影片 2。

Let me remind you that remarks made during this call may include predictions, estimates or other information that might be considered forward-looking.

讓我提醒您，本次電話會議中發表的言論可能包括預測、估計或其他可能被視為前瞻性的資訊。

These forward-looking statements represent ACM's current judgment for the future.

這些前瞻性陳述代表了 ACM 目前對未來的判斷。

However, they are subject to risks and uncertainties that could cause actual results to differ materially.

然而，它們面臨風險和不確定性，可能導致實際結果出現重大差異。

Those risks are described under Risk Factors and elsewhere in ACM's filings with the Securities and Exchange Commission.

這些風險在 ACM 向美國證券交易委員會提交的文件中的「風險因素」和其他部分中進行了描述。

Please do not place undue reliance on these forward-looking statements, which reflect ACM's opinion only as of the date of this call.

請不要過度依賴這些前瞻性陳述，這些陳述僅反映 ACM 截至本次電話會議之日的意見。

ACM is not obliged to update you on any revisions to these forward-looking statements.

ACM 沒有義務向您通報這些前瞻性陳述的任何修訂。

Certain of the financial results that we provide on this call will be on a non-GAAP basis, which excludes stock-based compensation and an unrealized gain loss on short-term investments.

我們在本次電話會議上提供的某些財務表現將基於非公認會計原則（Non-GAAP），其中不包括基於股票的薪酬和短期投資的未實現收益損失。

For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release, which is posted on the IR section of our website and on slide 13 and refer to slide 13.

對於我們的 GAAP 結果以及 GAAP 和非 GAAP 金額之間的調節，您應該參閱我們的收益發布，該發布發佈在我們網站的 IR 部分和幻燈片 13 上，並請參閱幻燈片 13。

Let me now turn the call over to David Wang, who will begin with slide 3.

現在讓我將電話轉給 David Wang，他將從幻燈片 3 開始。

David?

大衛？

Thanks, Gary.

謝謝，加里。

Hello, everyone, and welcome to ACM Research third quarter 2024 earnings conference call.

大家好，歡迎參加 ACM Research 2024 年第三季財報電話會議。

Please turn to slide 3.

請翻到幻燈片 3。

For the third quarter, revenue was $204 million, up 21%.

第三季營收為 2.04 億美元，成長 21%。

Shipments were $261 million, up 23%.

出貨量為 2.61 億美元，成長 23%。

Profitability was good with a gross margin of 51.6% and operating margin of 27.5%.

獲利能力良好，毛利率為51.6%，營業利益率為27.5%。

We ended the quarter with approximately $369 million of cash and time deposit with a positive cash flow from operations for the quarter.

本季結束時，我們擁有約 3.69 億美元的現金和定期存款，本季的營運現金流為正。

Revenue for the first nine months of the year was $558.6 million, up 44%.

今年前 9 個月的營收為 5.586 億美元，成長 44%。

Year-to-date shipments were $709.7 million, up 56%.

年初至今的出貨量為 7.097 億美元，成長 56%。

We believe this growth is a significant demonstrate market share gain for ACM and the contribution from new product cycle.

我們認為，這一成長顯著證明了 ACM 的市佔率成長以及新產品週期的貢獻。

Now I will provide detail on product.

現在我將提供產品的詳細資訊。

Please turn to slide 4.

請翻到幻燈片 4。

Revenue from single-wafer cleaning, Tahoe and semi-critical cleaning product grew 22% in Q3 and represented 79% of total revenue.

第三季單晶圓清洗、Tahoe 和半臨界清洗產品的收入成長了 22%，佔總收入的 79%。

ACM offers comprehensive top to bottom cleaning portfolio.

ACM 提供全面的從上到下的清潔產品組合。

We estimate the global total available market or TAM for the cleaning is close to $6 billion and ACM products supporting more than 90% of all cleaning process steps in both memory and logic manufacturing.

我們估計用於清潔的全球總可用市場或 TAM 接近 60 億美元，ACM 產品支援記憶體和邏輯製造中 90% 以上的所有清潔製程步驟。

Our factor infer proxy mixing or STM have led to increased confidence toward our target for continued market share gain in cleaning.

我們的因子推斷代理混合或 STM 增強了我們對持續增加清潔市場份額的目標的信心。

As a reminder, we estimate SPM process represent about 25% of total front-end cleaning market, but so far, it has been a small contributor to our business.

提醒一下，我們估計 SPM 流程約佔整個前端清潔市場的 25%，但到目前為止，它對我們業務的貢獻很小。

During prior report, we announced a technical progress in our high-temperature STM solution.

在先前的報告中，我們宣布了我們的高溫STM解決方案的技術進展。

Recall that only one other major cleaning tool supplier service the high-temperature market for STM.

回想一下，只有另一家主要清潔工具供應商為 STM 的高溫市場提供服務。

During our first quarter call, I reported a technical breakthrough that could enable us to be the second player.

在我們第一季的電話會議中，我報告了一項技術突破，可以使我們成為第二位參與者。

We are now in late-stage evaluation at a number of key customers, and we are committed to become the second supplier in the world supporting commercial high-temperature STM cleaning.

我們目前正在多家重點客戶進行後期評估，致力於成為全球第二家支援商業高溫STM清洗的供應商。

That's not all.

這還不是全部。

Today, we issued a press release, marking a major performance breakthrough for Tahoe, ACM's environment solution for the middle and low-temperature STM segment.

今天，我們發布了新聞稿，標誌著ACM針對中低溫STM細分市場的環境解決方案Tahoe取得了重大效能突破。

The Ultra C Tahoe now achieved the performance of a stand-alone single wafer cleaning tool on low to high temperature STM process.

Ultra C Tahoe 現在在低溫到高溫 ​​STM 製程中實現了獨立單晶圓清潔工具的性能。

The Tahoe platform advanced cleaning capability have achieved average particle accounts of less than six particle at 26 nano size, meeting the stringent requirement for the advanced node manufacturing.

Tahoe平台的先進清潔能力已實現26奈米尺寸的平均顆粒數小於6個顆粒，滿足先進節點製造的嚴格要求。

The tool is also capable of removing YX nanoparticle for the most advanced logic memory applications with additional of smaller particle filtering system.

該工具還能夠透過附加的更小的顆粒過濾系統去除最先進的邏輯記憶體應用的 YX 奈米顆粒。

Tahoe's patented hybrid architecture is among the first in the industry to combine batch wafer process and single wafer cleaning chamber into the same STM tool.

Tahoe 的專利混合架構是業界率先將批量晶圓製程和單晶圓清洗室結合到同一個 STM 工具中的架構之一。

The hybrid architecture delivered enhanced cleaning performance, high throughput and process flexibility with up to 75% reduction in chemical consumption.

此混合架構提供了增強的清潔性能、高吞吐量和製程靈活性，且化學品消耗量減少了高達 75%。

ACM estimates cost saving of up to $500,000 per year from sulfuric acid alone with additional environment and cost benefit from reduced sulfuric acid and treatment and disposal.

ACM 估計，僅使用硫酸每年可節省高達 50 萬美元的成本，並且透過減少硫酸以及處理和處置而帶來額外的環境和成本效益。

With the rise of AI to the forefront of the consumer mind, we expect increased public attention on the environmental impact of semiconductor chip manufacturing.

隨著人工智慧逐漸成為消費者關注的焦點，我們預期大眾將越來越關注半導體晶片製造對環境的影響。

We believe ACM Ultra C Tahoe is well positioned to help customers increase production of advanced AI chips, but with a reduced footprint on the environment.

我們相信 ACM Ultra C Tahoe 能夠很好地幫助客戶提高先進人工智慧晶片的產量，同時減少對環境的影響。

Put another way, Tahoe is good for customers and good for planet.

換句話說，太浩湖對顧客和地球都有好處。

We believe the Ultra C Tahoe is another example of excellency from ACM innovation and world-class R&D team and demonstrate how innovation can achieve the information economy and protect environment.

我們相信Ultra C Tahoe是ACM創新和世界一流研發團隊的又一卓越典範，展示了創新如何實現資訊經濟和保護環境。

We also announced today that the upgrade Ultra C Tahoe is now in mass production at several high-volume customer facility in China and under evaluation at additional logic and memory customers.

我們今天也宣布，升級版 Ultra C Tahoe 現已在中國的多家大批量客戶工廠進行大量生產，並正在接受其他邏輯和記憶體客戶的評估。

We expect to deliver more units by end of the year.

我們預計在今年年底前交付更多單位。

The market opportunity for Tahoe is quite large as the middle and low temperature is more than 80% of the STM market and thus about 20% of the overall cleaning total tools market.

Tahoe的市場機會相當大，中低溫佔STM市場的80%以上，因此佔整個清潔總工具市場的20%左右。

We believe ACM's cleaning portfolio, including SAPS, Stiffel, Tahoe, semi-critical together with STM and supercritical CO2 dry put ACM in world-class status.

我們相信 ACM 的清潔產品組合（包括 SAPS、Stiffel、Tahoe、半臨界連同 STM 和超臨界 CO2 乾式）使 ACM 處於世界一流的地位。

We see good opportunity for continued market share gain in Mainland China, and we are confident we have what it takes to scale major customer in international markets.

我們看到了在中國大陸持續擴大市場份額的良好機會，並且我們相信我們有能力擴大國際市場的主要客戶規模。

Revenue from ECP furnace and other technology grew 36% in Q3 and represented 17% of total revenue.

ECP爐和其他技術的營收第三季成長了36%，佔總營收的17%。

Momentum for our plating tool remains solid for both front-end and back-end tools.

我們的電鍍工具的前端和後端工具的勢頭仍然強勁。

I'm pleased with the revenue performance.

我對收入表現感到滿意。

I also noted that shipment for the ECP furnace category grew by 67% year-to-date.

我還注意到，今年迄今為止 ECP 爐類別的出貨量增加了 67%。

Our furnace product cycle is also gaining traction with other memory and logic customers.

我們的熔爐產品週期也受到其他記憶體和邏輯客戶的關注。

Overall, we now anticipate having 17 furnace customers by the end of this year, up from nine at the end of last year.

總體而言，我們預計到今年年底將擁有 17 家熔爐客戶，高於去年年底的 9 家。

We expect the contribution to revenue from furnace to accelerate in 2025.

我們預計 2025 年熔爐對收入的貢獻將加速。

Revenue from advanced packaging, which exclude ECP, but includes service and spare declined by 21% for Q3 and was up 3% year-to-date and represented 4% of revenue.

先進封裝的收入（不包括 ECP，但包括服務和備件）第三季下降了 21%，今年迄今成長了 3%，佔營收的 4%。

This category, including a range of packaging tools, including coater, developer, scrubber, PR sweeper and wet etchers and also service and spare parts.

此類別包括一系列包裝工具，包括塗佈機、顯影機、洗滌機、PR 清掃機和濕蝕刻機以及服務和備件。

And we are exploring new products and technology to participate in the next generation of advanced packaging.

我們正在探索新產品和技術以參與下一代先進封裝。

We believe ACM is one of the only company that offers a full set of wet tool, cover plating tool and polish tool for advanced packaging.

我們相信 ACM 是唯一一家為先進封裝提供全套濕式工具、覆蓋電鍍工具和拋光工具的公司之一。

Year-to-date, growth of advanced packaging was low.

今年迄今為止，先進封裝的成長較低。

We attribute this to slower growth for China-based packaging firms who are more exposed to broader end market trend.

我們將此歸因於中國包裝公司的成長放緩，這些公司更容易受到更廣泛的終端市場趨勢的影響。

We also know this category does not include our ECP tool for advanced packaging.

我們也知道此類別不包括我們用於先進封裝的 ECP 工具。

In early September, we announced purchasing orders for four wafer level packaging tool from US customer and US R&D center.

9月初，我們宣布向美國客戶和美國研發中心採購四台晶圓級封裝設備的訂單。

These tools are scheduled for delivery in the first half of 2025.

這些工具計劃於 2025 年上半年交付。

We are very optimistic about our fan-out panel level packaging tools.

我們對我們的扇出面板級封裝工具非常樂觀。

We have recently announced three panel-level packaging tools, including vacuum flux clean tool for chiplet, the horizontal plating tool and the bevel etch tool.

我們最近推出了三種面板級封裝工具，包括用於小晶片的真空助焊劑清潔工具、水平電鍍工具和斜面蝕刻工具。

This three new panel tool makes a strong offer by ACM to address advanced panel level packaging market.

這三款新面板工具是 ACM 為滿足先進面板級封裝市場需求而提供的有力產品。

We have been developing this technology for years and believe the market is now coming to us.

我們多年來一直在開發這項技術，相信市場現在正在走向我們。

Our technology are applicable to micro order pitch, high-temperature, high density packaging.

我們的技術適用於微間距、高溫、高密度封裝。

This is especially relevant to AI packaging of GPU at high-density, high bandwidth memory, HBM.

這與 GPU 在高密度、高頻寬記憶體 (HBM) 上的 AI 封裝尤其相關。

We see a large global opportunity as several major leaders have choosing panel for their AI chip packaging solution.

我們看到了巨大的全球機遇，因為幾家主要領導者都選擇面板作為他們的人工智慧晶片封裝解決方案。

Finish up on the product.

完成產品。

We are making good progress with our Track and PECVD platforms.

我們的 Track 和 PECVD 平台正在取得良好進展。

Both of these products have innovation, a differentiated platform design and allow for process flexibility and high throughput.

這兩種產品都具有創新、差異化的平台設計，並具有製程靈活性和高吞吐量。

We have a solid list of ongoing demonstration and evaluation for both Track and PECVD.

我們有一份針對 Track 和 PECVD 正在進行的演示和評估的可靠清單。

We expect further progress for both PECVD and Track over the next year with revenue likely in late 2025 and more no contribution in 2026 and beyond.

我們預計 PECVD 和 Track 明年將取得進一步進展，收入可能會在 2025 年底實現，而在 2026 年及以後將不會有任何貢獻。

Moving on to the customer.

轉向客戶。

Please turn to slide 7.

請翻到幻燈片 7。

In Q3, we saw broader demand for foundry, logic, power, and memory.

在第三季度，我們看到了對代工、邏輯、電源和記憶體的更廣泛需求。

We had fall 10% customer for the period, represent 63% of the revenue.

在此期間，我們的客戶數量下降了 10%，佔收入的 63%。

In China, we have a leading position in cleaning and target additional market share gains.

在中國，我們在清潔領域處於領先地位，並致力於擴大市場份額。

We believe we have become a world-class multiproduct company with a competitive product in the market for plating furnace, and we have a solid evaluation pipeline for Track and PECVD.

我們相信我們已經成為一家世界級的多產品公司，在電鍍爐市場上擁有具有競爭力的產品，並且我們擁有針對 Track 和 PECVD 的可靠評估管道。

In the US, we continue to make steady progress.

在美國，我們持續取得穩定進展。

I already mentioned the order for four WLP tools scheduled for delivery in 2025.

我已經提到了四個 WLP 工具的訂單，計劃於 2025 年交付。

In addition, activity with our major US customer continues to progress.

此外，與我們主要美國客戶的活動繼續取得進展。

Both of our SAPS tools have already achieved supplier qualification, and we have moved to the production qualification process.

我們的兩種 SAPS 工具都已獲得供應商資格，並且我們已進入生產資格流程。

And the backside of the TEBO etch tool and with remainder of this year is in the later stage of supply qualification.

TEBO 蝕刻工具的背面以及今年剩餘時間都處於供應資格的後期階段。

In Europe, we are also in the later stage of qualification of Ultra C SAPS-V cleaning tool, which we delivered to a major global semiconductor manufacturer in Q3 of 2023.

在歐洲，我們也正處於 Ultra C SAPS-V 清潔工具資格認證的後期階段，我們已於 2023 年第三季向全球一家主要半導體製造商交付了該工具。

In Korea, we remain engaged with the customer for a range of tools.

在韓國，我們繼續與客戶合作提供一系列工具。

To support growth, we made progress on our facility expansion in China and other regions.

為了支持成長，我們在中國和其他地區的設施擴建方面取得了進展。

Please turn to slide 8.

請翻到幻燈片 8。

In China, on October 20, our subsidiary, ACM Shanghai, hosted an opening ceremony for the Lingang production and R&D center that are gathering employees, customers, supplier, and local officials.

在中國，10 月 20 日，我們的子公司 ACM 上海為臨港生產研發中心舉辦了開幕儀式，員工、客戶、供應商和當地官員齊聚一堂。

The first of two modern manufacturing floor, including state-of-the-art of automation system and has been initial operation.

兩座現代化製造車間中的第一座，包括最先進的自動化系統，並已初步投入運作。

During the third quarter, we also moved into the new ACM Shanghai headquarters.

第三季度，我們也搬進了新的ACM上海總部。

The facility is also in the Shanghai High-tech Zhanjiang Science Park and offer a great working environment for our engineering team.

工廠位於上海高新湛江科技園區，為我們的工程團隊提供了良好的工作環境。

In the US, on October 1, we completed the purchasing of our new Oregon facility, which including 5,200 square feet cleaning room.

在美國，我們於 10 月 1 日完成了對俄勒岡州新工廠的採購，其中包括 5,200 平方英尺的無塵室。

We plan to move in early next year.

我們計劃明年初搬進去。

We plan to deliver several tools in 2025 to provide easier access to major customers for advanced tools evaluation.

我們計劃在 2025 年提供多種工具，以便主要客戶更輕鬆地進行高級工具評估。

ACM is building a strong footprint in the US, including our own clean room R&D lab and the growing service team.

ACM 正在美國建立強大的影響力，包括我們自己的無塵室研發實驗室和不斷成長的服務團隊。

We see this a great opportunity to participate in the market growth of US semiconductor.

我們認為這是參與美國半導體市場成長的絕佳機會。

I will now provide our outlook.

我現在將提供我們的展望。

Please turn to slide 10.

請翻到投影片 10。

We have raised our 2024 revenue outlook to be in the range of $725 million to $745 million versus prior range of $695 million to $735 million.

我們將 2024 年營收預期上調至 7.25 億美元至 7.45 億美元，而先前的範圍為 6.95 億美元至 7.35 億美元。

At the middle point, our revised outlook represents a 32% year-over-year growth compared to 28% previously.

在中間點，我們修訂後的展望表示年增 32%，而之前為 28%。

Shipment activity remains strong, and we continue to expect the full year shipment growth rate to outpace the revenue growth rate.

出貨活動依然強勁，我們持續預期全年出貨成長率將超過營收成長率。

Our visibility for the remainder of the year is largely driven by our current order book and the qualification and customer acceptance of previously shipped evaluation tools to a range of customers.

我們今年剩餘時間的知名度很大程度上取決於我們目前的訂單以及先前向一系列客戶提供的評估工具的資格和客戶接受度。

From our perspective, we believe WFE spending in Mainland China will remain at a high level as the country continues on its goal to match the production capacity with end market consumption.

從我們的角度來看，隨著中國繼續實現產能與終端市場消費相符的目標，我們相信中國大陸的 WFE 支出將保持在高水準。

We continue to focus on market share gain, new product and increased localization to drive our growth objective in China market.

我們繼續關注市場份額的成長、新產品和加強在地化，以推動我們在中國市場的成長目標。

Further, we are expanding our business to new customers in the US, Korea, Taiwan, Europe and other Asian markets.

此外，我們正在將業務擴展到美國、韓國、台灣、歐洲和其他亞洲市場的新客戶。

Our long-term target is to generate half of our revenue from outside of China.

我們的長期目標是一半的收入來自中國境外。

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

現在讓我將電話轉給我們的財務長馬克，他將審查我們第三季業績的詳細資訊。

Mark?

標記？

Thank you, David.

謝謝你，大衛。

Good day, everyone.

大家好。

Please turn to slide 11.

請翻到投影片 11。

Unless I note otherwise, I'll refer to non-GAAP financial measures, which exclude stock-based compensation and unrealized gain, loss on short-term investments.

除非我另有說明，否則我將參考非公認會計準則財務指標，其中不包括基於股票的薪酬和未實現收益以及短期投資損失。

Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release.

這些非公認會計準則衡量標準與可比較公認會計準則衡量標準的對帳已包含在我們的收益發布中。

Also, unless otherwise noted, the following figures refer to the third quarter of 2024 comparisons are with the third quarter of 2023.

此外，除非另有說明，以下數據指的是 2024 年第三季與 2023 年第三季的比較。

I'll now provide financial highlights.

我現在將提供財務要點。

Revenue was $204 million, up 21% Revenue for single-wafer cleaning, Tahoe and semi-critical cleaning was $161 million, up 21.6%.

營收為 2.04 億美元，成長 21% 單晶圓清洗、Tahoe 和半臨界清洗收入為 1.61 億美元，成長 21.6%。

Revenue for ECP, front-end packaging, furnace and other technologies was $34.6 million, up 35.6%.

ECP、前端封裝、熔爐和其他技術的收入為 3,460 萬美元，成長 35.6%。

Revenue for advanced packaging, excluding ECP, services and spares was $8.4 million for the third quarter, down 21% but for the first nine months of the year, it grew by 2.9%.

第三季先進封裝收入（不包括 ECP、服務和備件）為 840 萬美元，下降 21%，但今年前 9 個月成長了 2.9%。

Total shipments for the quarter were $261 million, up 23%.

該季度總出貨量為 2.61 億美元，成長 23%。

Gross margin was 51.6% versus 52.9%.

毛利率分別為 51.6% 和 52.9%。

This exceeded our long-term gross margin target of 40% to 45%.

這超出了我們 40% 至 45% 的長期毛利率目標。

For the full year, we expect our gross margins above the high end of the range.

就全年而言，我們預計毛利率將高於該範圍的高端。

This is due to year-to-date gross margins of about 50% and our expectation for gross margin in the upper end of our 40% to 45% target range for Q4.

這是由於今年迄今的毛利率約為 50%，而我們對第四季毛利率的預期為 40% 至 45% 目標範圍的上限。

We continue to expect gross margin to vary from period to period due to a variety of factors such as sales volume, product mix and currency impacts.

我們仍然預計，由於銷售量、產品組合和貨幣影響等多種因素，毛利率會因時期而異。

Operating expenses were $49.2 million, up from $45.3 million, R&D was $24.5 million versus $22.7 million, Sales and marketing was $13.2 million versus $14.3 million, and G&A was $11.6 million versus $8.4 million.

營運費用為4,920 萬美元，高於4,530 萬美元；研發費用為2,450 萬美元，高於2,270 萬美元；銷售及行銷費用為1,320 萬美元，高於1,430 萬美元；一般行政費用為1,160 萬美元，高於840 萬美元。

For 2024, the full year, we plan for R&D in the 12% to 13% range, sales and marketing in the 7% to 8% range, and G&A in the 5% to 6% range.

對於 2024 年全年，我們計劃研發費用在 12% 至 13% 範圍內，銷售和行銷費用在 7% 至 8% 範圍內，一般管理費用在 5% 至 6% 範圍內。

Operating income was $56.1 million versus $43.8 million.

營業收入為 5,610 萬美元，而同期為 4,380 萬美元。

Operating margin was 27.5% versus 26.0%.

營業利益率分別為 27.5% 和 26.0%。

Realized gain from the sale of short-term investments was $0.2 million versus $0.7 million.

出售短期投資實現的收益為 20 萬美元，而同期為 70 萬美元。

Recall that unrealized gain is not included in non-GAAP earnings.

請記住，未實現收益不包含在非 GAAP 收益中。

Income tax expense was $4 million versus $0.7 million.

所得稅費用為 400 萬美元，對比 70 萬美元。

For the full year, we now plan for an effective tax rate on non-GAAP pretax income in the 12% to 14% range.

對於全年，我們現在計劃非 GAAP 稅前收入的有效稅率在 12% 至 14% 範圍內。

Net income attributable to ACM Research was $42.4 million versus $37.6 million.

ACM Research 的淨利潤為 4,240 萬美元，而淨利潤為 3,760 萬美元。

Net income per diluted share was $0.63 versus $0.57.

稀釋後每股淨利潤為 0.63 美元，而稀釋後每股淨利潤為 0.57 美元。

Our non-GAAP net income excluded $11.9 million or $0.18 per share in stock-based compensation expense.

我們的非 GAAP 淨利潤不包括 1,190 萬美元或每股 0.18 美元的股票補償費用。

Stock-based compensation expense declined sequentially in Q3 and due to the accelerated amortization for the ACM Shanghai stock option grants, we expect SBC to decline again in the fourth quarter.

第三季股票薪酬費用較上季下降，由於 ACM 上海股票選擇權授予的攤銷加速，我們預計 SBC 第四季將再次下降。

I will now review selected balance sheet and cash flow items.

我現在將審查選定的資產負債表和現金流量項目。

Cash, cash equivalents, restricted cash, and time deposits ended the third quarter at $369.1 million versus $366.8 million at the end of last quarter.

第三季末現金、現金等價物、限制性現金和定期存款為 3.691 億美元，而上季末為 3.668 億美元。

Inventory net was $628.7 million versus $602.9 million at the end of last quarter.

庫存淨額為 6.287 億美元，而上季末為 6.029 億美元。

This included raw materials and work in process of $329.8 million and finished goods inventory of $298.9 million.

其中包括 3.298 億美元的原料和半成品以及 2.989 億美元的成品庫存。

Finished goods inventory mainly includes first tools under evaluations at our customers.

成品庫存主要包括客戶正在評估的第一批工具。

It also includes finished goods at ACM's facilities.

它還包括 ACM 工廠的成品。

Cash flow from operations was $11.9 million for the third quarter and $63.9 million for the first nine months of the year.

第三季營運現金流為 1,190 萬美元，今年前 9 個月營運現金流為 6,390 萬美元。

Capital expenditures were $33.4 million for the third quarter, $73 million for the first nine months of the year.

第三季資本支出為 3,340 萬美元，今年前 9 個月為 7,300 萬美元。

For the full year 2024, we expect to spend about $100 million in capital expenditures.

2024 年全年，我們預計資本支出約為 1 億美元。

That concludes our prepared remarks.

我們準備好的演講到此結束。

Let's open the call for any questions that you may have.

讓我們開始通話，解答您可能有的任何問題。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Charles Shi, Needham & Company.

（操作員指令）Charles Shi，Needham & Company。

Maybe the first question, I think I heard you talking about the wet clean product portfolio you have right now covers 90% of the overall worldwide wet clean market, which includes all kinds of devices.

也許是第一個問題，我想我聽到您談論您目前擁有的濕式清潔產品組合涵蓋了全球濕式清潔市場的 90％，其中包括各種設備。

But I want to ask specifically on 3D NAND, what's that coverage percentage number look like?

但我想具體問一下 3D NAND，覆蓋百分比數字是什麼樣的？

Are you able to cover 100% of all the 3D NAND applications?

你們能100%涵蓋所有3D NAND應用程式嗎？

Charles, very good question.

查爾斯，非常好的問題。

Well, actually, as I said, our typical process cleaning, we cover almost 90% and this moment, I want to say the only single wafer phosphoric asset we have not put in the market yet.

嗯，實際上，正如我所說，我們典型的工藝清潔，我們覆蓋了幾乎 90%，此時此刻，我想說的是我們尚未投入市場的唯一單晶圓磷資產。

So basically, rest of the tool and we are either in R&D with the customer also we're putting the production.

所以基本上，工具的其餘部分，我們要么與客戶一起研發，要么投入生產。

And even including all this phosphoric etching for the Via and the 3D NAND and also high temperature of the STM process, right, and most of other TEBO process.

甚至包括 Via 和 3D NAND 的所有磷蝕刻以及 STM 製程的高溫（對）以及大多數其他 TEBO 製程。

So we're pretty fully engaged regarding this 3D NAND wet process, I call cleaning.

因此，我們非常積極地參與這種 3D NAND 濕法工藝，我稱之為清潔。

So basically, there is still some gaps, but you're engaged this comment would apply to 3D NAND as well?

所以基本上，仍然存在一些差距，但您認為這個評論也適用於 3D NAND 嗎？

Yes.

是的。

I should say probably by end of this year, we should be qualifying all the process and including we already put in production existing process.

我應該說，可能到今年年底，我們應該對所有流程進行資格認證，包括我們已經投入生產的現有流程。

So we have made a lot of progress.

所以我們已經取得了很大的進步。

The second question I have, I think you said that China WFE, you think it will remain at a high level next year.

我的第二個問題，我想你說中國WFE，你認為明年會保持在高水準。

There's a two-part question.

有一個由兩部分組成的問題。

So number one, in terms of the change from this year's level, you remain at this year's already at a pretty high level, but I want to understand when you say remain at a high level, you're expecting flat to up?

第一，就今年水平的變化而言，今年保持在相當高的水平，但我想明白，當你說保持在高水平時，你期望持平到上升嗎？

Or what's the expected range here?

還是這裡的預期範圍是多少？

That's one part.

這是一部分。

But the other part, the question, obviously, with the US election that happened a couple of days ago there, obviously, it's pretty uncertain at this point where the trade policy of the new US administration can go.

但另一方面，問題是，顯然，隨著幾天前發生的美國大選，顯然，目前美國新政府的貿易政策將走向何方還相當不確定。

But does that comment include any of the potential impact of any of the new tightening or you are assuming all the international export control rules to remain the same as of today?

但該評論是否包括任何新緊縮措施的潛在影響，或者您假設所有國際出口管制規則與今天保持不變？

Let's come to the first question.

我們先來說第一個問題。

I should say last four years, you can see the China WFE market growing quite steadily.

我應該說，過去四年，你可以看到中國WFE市場成長相當穩定。

And I would say probably the next few years, we still have the strong demand in China market.

我想說的是，未來幾年，我們在中國市場的需求仍然強勁。

While there's still a lot of memory and also logic foundry IGBT market, there is still the building process for the fab.

雖然記憶體和邏輯代工 IGBT 市場仍然很大，但晶圓廠的建造過程仍然存在。

So we will come to the next year, and it's hard to really give you number.

所以我們會到明年，很難真正給你數字。

We think (technical difficulty) and may be a little bit low, might be a little bit up, really hard to really predict at this moment.

我們認為（技術難度）可能有點低，可能有點高，目前很難真正預測。

But I want to say that strong still in the next few years, the building process to keep going.

但我想說的是，未來幾年建設進程仍將持續強勁。

You're looking at all other foundry business, they have up time, their utilization of the line is pretty heavy.

你看看所有其他鑄造企業，他們都有正常運作時間，他們對生產線的利用率相當高。

So I want to say we're still very positive about growing in the China market.

所以我想說，我們對中國市場的成長仍然非常樂觀。

Any question for the first one before I answer your second question?

在我回答你的第二個問題之前，你對第一個問題還有什麼疑問嗎？

Yes, please.

是的，請。

Please continue.

請繼續。

This is only one day.

這只是一天。

It's hard to predict.

很難預測。

We have to follow the rule of all the countries, all the regulation come out new or changing.

我們必須遵循所有國家的規則，所有規則都是新的或變化的。

And basically, we're going to really support all production ramping of a key customer in the global.

基本上，我們將真正支援全球主要客戶的所有產量提升。

Mark Miller, The Benchmark Company.

馬克·米勒，基準公司。

I'm just wondering, you've been consistently posting gross margins above your target range for this year.

我只是想知道，你們今年的毛利率一直高於目標範圍。

It sounds like they were expecting the margins to come back down to the high end of the range in December quarter.

聽起來他們預計 12 月季度的利潤率將回落至該範圍的高端。

Looking at your backlog, are we going to go back to your target range in 2025 for gross margins?

看看你們的積壓訂單，我們是否會在 2025 年回到你們的毛利率目標範圍？

And I think you did, yes, Q3, another good quarter year-to-date, just above 50%.

我認為你做到了，是的，第三季度，今年迄今為止又一個不錯的季度，略高於 50%。

It really has to do with our product mix and we have a lot of differentiation, and we've done well on that front.

這確實與我們的產品組合有關，我們有很多差異化，而且我們在這方面做得很好。

Foreign exchange has helped.

外匯有幫助。

But longer term, and we're not going to give guidance, obviously, for next year.

但從長遠來看，我們顯然不會為明年提供指導。

But in general, longer term, our target remains 40% to 45%.

但總的來說，從長遠來看，我們的目標仍然是40%到45%。

And that can change given a broad product line.

鑑於產品線廣泛，這種情況可能會改變。

Our backlog, the margins for that without giving too much, they're pretty good.

我們的積壓訂單，在沒有給予太多的情況下的利潤，它們非常好。

They're pretty healthy.

他們非常健康。

And so we'll leave it at that, Mark.

所以我們就這樣吧，馬克。

I think we're sticking to our 40% to 45% target.

我認為我們會堅持 40% 到 45% 的目標。

You announced the orders from a US customer for delivery in the first half of next year.

你們宣布了美國客戶的訂單，並將於明年上半年交貨。

Any thoughts on where we can expect in terms of your sales outside of China?

對於你們在中國以外的銷售情況有何預期？

Is that going to be significantly increasing next year?

明年這個數字會大幅增加嗎？

Yes.

是的。

I think our business outside of China, obviously, it's a corporate focus.

我認為我們在中國以外的業務顯然是企業的重點。

We believe that we really scaled up our business in Mainland China.

我們相信我們確實擴大了在中國大陸的業務。

The model is scale it up near some of the larger customers, these activities that have been going on, and this is where the spending has been and then expand that into the global markets.

該模式正在擴大規模，靠近一些較大的客戶，這些活動一直在進行，這就是支出所在，然後將其擴展到全球市場。

And we're planning for good growth in China alone next year.

我們計劃明年僅在中國實現良好成長。

International really depends on our customers and the evaluation status.

國際化確實取決於我們的客戶和評價狀況。

It's see where they are with their projects and what have you.

看看他們的專案進度如何以及你有什麼。

We've got a few demos in later stage and a lot of focus from the company.

我們在後期有一些演示，並且得到了公司的許多關注。

I think this clean room in Oregon is a good commitment.

我認為俄勒岡州的這個無塵室是一個很好的承諾。

So I think when we give our 2025 outlook range, when we give that early next year, we'll probably include some.

因此，我認為，當我們在明年初給出 2025 年展望範圍時，我們可能會包括一些內容。

But right now, we don't want to say exactly how much mix, but we'd expect some contribution next year from the non-China markets.

但現在，我們不想透露具體的混合比例，但我們預計明年非中國市場將做出一些貢獻。

Anything to add, David?

大衛，還有什麼要補充的嗎？

Yes.

是的。

Well, actually, we do see some customers obviously interest into our cleaning and also copper plating tool.

嗯，實際上，我們確實看到一些客戶顯然對我們的清潔和鍍銅工具感興趣。

And we see that a big potential, especially our SAPS mechatronic and also this Tahoe tool which can saving sulfuric acid up to 75%.

我們看到了巨大的潛力，特別是我們的 SAPS 機電一體化以及這款 Tahoe 工具，可以節省高達 75% 的硫酸。

So we see a lot of opportunity for our differential product and getting into the global market.

因此，我們看到我們的差異化產品有很多機會進入全球市場。

So we're expecting those different product will be in the state of accelerating, getting to their customer outside China.

因此，我們預計這些不同的產品將處於加速狀態，到達中國以外的客戶手中。

I would add, Mark, the activity is good.

我想補充一點，馬克，這項活動很好。

I know we're all looking for orders, but we've got a pretty good-sized team in US, Europe, other areas, and so we're pretty heavily engaged with a number of other customers that we haven't spoken about here.

我知道我們都在尋求訂單，但我們在美國、歐洲和其他地區擁有一支規模相當大的團隊，因此我們與許多我們尚未談論過的其他客戶進行了密切接觸這裡。

(Operator Instructions) Suji Desilva, ROTH Capital.

（操作員指令）Suji Desilva，羅斯資本。

Maybe following up on Mark's question there.

也許可以跟進馬克的問題。

The global customers that you expect to contribute in 2025, what geography do you think is the near-term opportunity across Europe, US, Korea, and Taiwan?

您預計在 2025 年貢獻的全球客戶，您認為歐洲、美國、韓國和台灣的近期機會是什麼？

Yes.

是的。

It's hard to give you that precisely right now.

現在很難準確地告訴你這一點。

And obviously, we see the opportunity in the U.S. as we have advanced packaging tool we got this year, we're shipping first half of next year.

顯然，我們看到了美國的機會，因為我們今年擁有先進的封裝工具，我們將於明年上半年發貨。

We'll continue to see that opportunity.

我們將繼續看到這個機會。

And we already have three tool in one of the key logic customer, their evaluation of the product on a different process step.

我們已經在關鍵邏輯客戶之一中擁有三種工具，他們在不同的流程步驟上對產品進行評估。

And also, we see other interest partly and actually in Asia.

此外，我們也部分地、實際上在亞洲看到了其他興趣。

So we're engaged with those customers.

所以我們正在與這些客戶接觸。

And next year, we see that CapEx continue going on with their projection or their plan.

明年，我們看到資本支出繼續按照他們的預測或計劃進行。

So we're really excited in engaging with those big guys and also outside China really try to penetrate our differential product in the production line.

因此，我們非常高興與這些大公司合作，而且在中國以外的地區也確實嘗試將我們的差異化產品滲透到生產線中。

As I said, a lot of our tool we will offer to the market and get the yield improve and also get a big asset saving at the same time, providing excellent particle removing performance.

正如我所說，我們將向市場提供許多工具，提高產量，同時節省大量資產，提供出色的顆粒去除性能。

So we'll see that, as I said, our different product, right for the market.

因此，正如我所說，我們會看到我們的不同產品適合市場。

And then on the high-temperature SPM solutions, it sounds like you have technical advantage there.

然後在高溫SPM解決方案上，聽起來你們在這方面有技術優勢。

What are the specific specs that you can come in to compete with the incumbent there?

您可以透過哪些具體規格來與那裡的現有企業競爭？

Is it throughput or -- more efficient?

是吞吐量還是效率更高？

Any color there would be helpful.

任何顏色都會有幫助。

Yes.

是的。

Well, actually, let me put this way.

好吧，實際上，讓我這樣說。

Our SPM product have two.

我們的SPM產品有兩個。

One is the high-temperature SPM single-wafer tool, which handle 170-degree higher sulfuric acid, right.

一種是高溫 SPM 單晶圓工具，可以處理 170 度以上的硫酸，對吧。

And then this tool actually, we did a breakthrough, as I mentioned before.

正如我之前提到的，這個工具實際上我們已經取得了突破。

We can much control our chemical splash outside chamber.

我們可以很好地控制室外化學物質的飛濺。

So therefore, we have a better cleaning environment and with our cleaning chamber, we don't need much time spending on the cleaning the chamber itself.

因此，我們有一個更好的清潔環境，並且有了我們的清潔室，我們不需要花太多時間來清潔室本身。

So that will give you uptime better, and also give a good particle performance.

這樣可以延長正常運作時間，並提供良好的顆粒性能。

The second one is real Tahoe tool.

第二個是真正的 Tahoe 工具。

They're actually targeting lower and middle level temperature of SPM.

他們實際上的目標是 SPM 的中低溫。

And this has been our flagship tool and their combined batch and single.

這是我們的旗艦工具及其組合的批量和單一工具。

And the real perform breakthrough this year is we have excellent particle remove efficiency.

今年真正的性能突破是我們擁有出色的顆粒去除效率。

As I said, 26 nano particle adding about six particle only.

正如我所說，26個奈米顆粒僅添加了大約6個顆粒。

So that's definitely equivalent to the single wafer process capability.

所以這絕對相當於單晶圓製程能力。

So with continued, I'd say, improving the filtering system, and this tool can be further used into the removing 1 external particle, which is really demand, right, for all the advanced nodes, memory and DRAM, and also logic.

因此，我想說，繼續改進過濾系統，這個工具可以進一步用於去除 1 個外部顆粒，這對所有先進節點、記憶體和 DRAM 以及邏輯來說都是真正的需求。

So we see that both tools and work in the market in China, also outside China.

所以我們看到，無論是在中國市場，或是中國以外的市場，這些工具和工作都有效。

As everybody in sulfuric acid process, they're actually very headache about their with treatment, also handle this material in the fab environment.

作為硫酸製程的每個人，他們實際上非常頭痛其處理，也在晶圓廠環境中處理這種材料。

So that's really we're giving a good performance and also environment, I call it protection saving for the other fab in the world.

因此，我們確實提供了良好的性能和環境，我稱之為為世界上其他晶圓廠提供保護。

So we see that the bigger opportunity for our tool.

所以我們看到我們的工具有更大的機會。

Edison Lee, Jefferies.

愛迪生李，傑弗里斯。

I just have a quick question because you did mention that the advanced packaging market in China is slowing down.

我有一個簡單的問題，因為您確實提到中國的先進封裝市場正在放緩。

And I think maybe you can actually help us understand whether that should be a leading indicator for front-end spending in China, whether we should be worried about front-end spending in China as a result of the slowdown in advanced packaging in China.

我認為也許你實際上可以幫助我們了解這是否應該成為中國前端支出的領先指標，我們是否應該因為中國先進封裝放緩而擔心中國的前端支出。

So how should we think about that?

那我們該如何思考呢？

Yes.

是的。

Well, I want to say that is really looking at last year and also in the first half of this year, it's slow.

嗯，我想說的是，去年和今年上半年的情況確實很慢。

However, we see that a gradual pickup in Q3, Q4.

然而，我們看到第三季、第四季逐漸回升。

And we do have other orders coming so you look at other market in the foundry business, they pick up.

我們確實有其他訂單來，所以你看看鑄造業務的其他市場，他們會回升。

I think from now on, the gradual pick up on this advanced packaging WFE spending.

我認為從現在開始，WFE這種先進封裝的支出會逐漸回升。

So we are positive, I should say, Q4 and next year.

所以我應該說，我們對第四季和明年持樂觀態度。

But I'm talking about past.

但我說的是過去。

Our revenue is really represented the last four months and last year, all the tool over shipping.

我們的收入實際上代表了過去四個月和去年的收入，所有工具都超過了運輸。

So that's our view about this advanced packaging status.

這就是我們對這種先進封裝狀態的看法。

Do you think that the Chinese packaging companies are actually doing something different versus the past?

您認為中國包裝企業實際上正在做一些與過去不同的事情嗎？

Are they moving into HBM or are they moving into like more CoWoS type of packaging that requires different equipment?

他們是轉向 HBM 還是轉向更多需要不同設備的 CoWoS 類型的包裝？

What is happening there?

那裡發生了什麼事？

Well, obviously, there's a quite different company.

嗯，顯然，有一家完全不同的公司。

And the certain company moving to this high-density packaging.

某些公司正在轉向這種高密度封裝。

And obviously, also, we see the company also moving the panel too.

顯然，我們也看到該公司也移動了面板。

So it's a lot of work on this advanced packaging, I call the technology and also the process development.

因此，這種先進封裝需要做大量工作，我稱之為技術和製程開發。

(Operator Instructions) Seeing no more questions in the queue, let me turn the call back to David Wang for closing remarks.

（操作員指示）看到隊列中沒有更多問題，讓我將電話轉回給 David Wang 進行結束語。

Thank you, operator, and thank you all for participating on today's call and for your support.

謝謝接線員，也感謝大家參加今天的電話會議並給予支持。

Before we close, Gary is going to mention our upcoming Investor Relation events.

在我們結束之前，加里將提及我們即將舉行的投資者關係活動。

Gary, please.

加里，請。

Thanks, David.

謝謝，大衛。

Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences.

在結束之前，我想向大家簡單提醒我們即將召開的投資人會議。

On November 19, we will present at Craig-Hallum Capital's 15 Annual Alpha Select Conference in New York.

11 月 19 日，我們將出席在紐約舉行的 Craig-Hallum Capital 第 15 屆年度 Alpha Select 會議。

On November 20, we will present at the ROTH 13 Annual Technology Conference also in New York.

11 月 20 日，我們將出席同樣在紐約舉行的羅斯第 13 屆年度技術會議。

And on December 4, we'll present at the UBS Global Technology and AI Conference in Scottsdale, Arizona.

12 月 4 日，我們將出席在亞利桑那州斯科茨代爾舉行的瑞銀全球技術和人工智慧會議。

Finally, on December 17, we'll present at the 13 Annual New York City NYC Summit in New York.

最後，12 月 17 日，我們將出席在紐約舉行的第 13 屆紐約市年度高峰會。

Attendance at the conferences are by invitation only.

僅限受邀人士參加會議。

For interested investors, please contact your respective sales representative to register and schedule one-on-one meetings with the management team.

對於有興趣的投資者，請聯絡您各自的銷售代表進行註冊並安排與管理團隊的一對一會議。

This concludes our call.

我們的通話到此結束。

You may all now disconnect, and have a good day.

你們現在可以斷開連接了，祝你們有美好的一天。