ACM Research Inc (ACMR) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by.

感謝您的支持。

Welcome to the ACM Research fiscal fourth quarter and fiscal year 2024 earnings conference call.

歡迎參加 ACM Research 財年第四季和 2024 財年財報電話會議。

Currently all participants on the list and only mode.

目前名單上的所有參與者均為唯一模式。

Later we will conduct a question and answer session.

稍後我們將進行問答環節。

Instructions will apply at that time.

屆時將適用相關指示。

As a reminder, we are recording today's call.

提醒一下，我們正在錄製今天的通話。

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

如果您有任何異議，此時您可以斷開連接。

Now I will now turn the call to Mr. Steven Pelayo, Managing Director of the Blue Shirt Group.

現在我將電話轉給藍襯衫集團董事總經理史蒂文‧佩拉約先生。

Steven, please go ahead.

史蒂文，請繼續。

Great, good day everyone.

太好了，大家好。

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

感謝您加入我們討論我們今天在美國市場開盤前發布的第四季度和 2024 財年業績。

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

您可在我們的網站以及新聞專線中查閱此新聞稿。

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

我們網站的投資者部分也發布了一份補充幻燈片，我們將在準備好的演講中參考它。

On the call with me today are our CEO, David Wang, our CFO, Mark McKechnie.

今天與我一起通話的有我們的執行長 David Wang 和財務長 Mark McKechnie。

And Lisa Feng, our CFO of our operating subsidiary ACM Shanghai.

還有我們營運子公司 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 materially.

這些前瞻性陳述實質上代表了 ACM 目前的判斷。

Those those risks are described under risk factors and elsewhere in ACM's filings with the Securities and Exchange Commission.

這些風險在風險因素以及 ACM 提交給美國證券交易委員會的其他文件中進行了描述。

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

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

ACM 沒有義務向您更新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-gap basis which excludes stock-based compensation and an unrealized gain and loss on short-term investments.

我們在本次電話會議上提供的某些財務結果將以非缺口基礎為基礎，不包括股票薪酬和短期投資的未實現損益。

For our GAAP results and reconciliations between GAAP and non-GAAP amounts, you should refer to our earnings release which is posted.

有關我們的 GAAP 結果以及 GAAP 與非 GAAP 金額之間的對賬，您應參考我們發布的收益報告。

The IR section of our website and the slides 14 and 15.

我們網站的 IR 部分和幻燈片 14 和 15。

Also, unless otherwise noted, the following figures refer to the 4th quarter and full year of 2024, and comparisons are with the 4th quarter and full year of 2023.

此外，除非另有說明，以下數據指的是 2024 年第 4 季和全年，並與 2023 年第 4 季和全年進行比較。

With that, I'll now turn the call over to David Wang.

說完這些，我現在將電話轉給 David Wang。

David.

大衛。

Thanks, Steven.

謝謝，史蒂文。

Hello, everyone, and welcome to ACM Research. fourth quarter and the fiscal year 2024, earnings conference call.

大家好，歡迎來到 ACM 研究。第四季及2024財年財報電話會議。

Before I review the results, I will address recent regulatory update from US government.

在回顧結果之前，我將介紹美國政府最近的監管更新。

On December second, the US Department of Commerce added 140 company to its entity list.

12月2日，美國商務部將140家公司列入實體名單。

Two of our subsidiary, ACM Shanghai and ACM Korea and other entity under their structure were added to the entity list.

我們的兩家子公司ACM上海和ACM韓國以及其架構下的其他實體被添加到實體名單中。

As we have noted, we are one of many that were added and we are not notified of any specific wrong doing.

正如我們所指出的，我們是眾多被添加的公司之一，我們沒有收到任何具體不當行為的通知。

To be clear, ACM Research Inc the US company, we were founded in California in 1998.

需要明確的是，ACM Research Inc 是一家美國公司，我們於 1998 年在加州成立。

It is our subsidiary that were added to the ended list and not ACM Research team.

被添加到結束清單中的是我們的子公司，而不是 ACM 研究團隊。

Move on regarding the operation of ACM Shanghai in mainland China.

繼續介紹ACM上海在中國大陸的運作。

The new regulation will make it difficult, if not impossible, to ACM Shanghai to obtain components from the US.

根據新規定，ACM上海公司將很難甚至不可能從美國採購零件。

On that note, we have been working to localize our supply chain for some time.

為此，我們一直致力於實現供應鏈本地化。

Events of the past few years, including the US restriction of 2022, have made it even more important for ACM Shanghai to localize its supply chain.

過去幾年發生的事件，包括 2022 年美國的限制措施，使得 ACM 上海的供應鏈在地化變得更加重要。

Thus we have reduced our US source components to just a small subset, and with our status on any list, we are working quickly to com complete the transition.

因此，我們將美國源組件減少到僅僅是一個小子集，並且憑藉我們在任何列表中的狀態，我們正在快速努力完成過渡。

Bottom line, we remain committed to support our customer and comply with all global regulation regulations.

最重要的是，我們仍然致力於支援我們的客戶並遵守所有全球法規。

We think the impact to their to our production is manageable and we do not expect a significant interruption of our business.

我們認為這對我們生產的影響是可控的，我們預計我們的業務不會受到重大干擾。

Regarding our global customer outside of mainland China, the new Department of commerce rule mainly restrict the US exports to ACM Shanghai and ACM Korea.

對於我們在中國大陸以外的全球客戶，美國商務部的新規定主要限制美國對ACM上海和ACM韓國的出口。

They do not directly affect US company buying tools from us.

它們不會直接影響美國公司向我們購買工具。

We are therefore confident we can continue our effort to expand our business to global customers.

因此，我們有信心繼續努力將我們的業務擴展到全球客戶。

Now on to our business results.

現在來談談我們的業務成果。

Please send to slide 3.

請寄至幻燈片 3。

I'm pleased with our fourth quarter results, which cap with a strong year.

我對我們第四季度的業績感到滿意，這對全年而言是一個強勁的收官。

For the first quarter of 2024, we delivered $223 million in revenue of 31%.

2024 年第一季度，我們的營收為 2.23 億美元，成長 31%。

For the 2024 fiscal year, we delivered $782 million in revenue of 40%.

2024 財年，我們的營收為 7.82 億美元，成長 40%。

Gross margin was 49.8% for the fourth quarter and 50.4% for the full year.

第四季毛利率為49.8%，全年毛利率為50.4%。

Operating profit increased 46% in the fourth quarter and 63% for the full year.

第四季營業利潤成長46%，全年營業利潤成長63%。

We ended the year with $259 million of net cash and term deposit.

我們截至年底的淨現金和定期存款為 2.59 億美元。

Compared to the %212 million at the end of 2023.

相較之下，2023 年底這一數字為 2.12 億。

For shipment shipments for the first quarter was $264 million of 80%.

第一季出貨量為2.64億美元，佔80%。

Shipments for the full year were $973 million out of 63%.

全年出貨量為 9.73 億美元，佔 63%。

We believe the strong growth reflects ACM expanding market presence and the momentum gained from the new product cycle.

我們認為強勁的成長反映了 ACM 不斷擴大的市場佔有率和新產品週期帶來的動力。

Now I will discuss the key growth drivers both for the market and specific to ACM research.

現在我將討論市場和 ACM 研究的關鍵成長動力。

Tend to slide 4 for our product.

我們的產品傾向於使用幻燈片 4。

We now estimate our product portfolio address $18 billion global market opportunities.

我們現在估計我們的產品組合涵蓋了 180 億美元的全球市場機會。

Our current business is a primary driven by three major product groups cleaning, plating, and advanced packaging.

我們目前的業務主要由三大產品組驅動：清潔、電鍍和先進封裝。

We anticipate con continued growth in this category and look to incremental revenue contributions from our newer products, starting with the

我們預計該類別將繼續成長，並期待透過我們的新產品增加收入，首先是

[Tahoe, SDM followed by track and the PCBD.]

[Tahoe、SDM 隨後是軌道和 PCBD。

Third party Sources [Sin] that global semiconductor WFE grow by 4% in 2024 to $1.7 billion.

第三方消息來源[Sin]稱，2024年全球半導體WFE將成長4%，達到17億美元。

Based on this global WFE, we now estimate that our product address.

基於這個全球 WFE，我們現在估計我們的產品地址。

Serve the available market or send about $18 billion in total.

服務現有市場或總計發送約 180 億美元。

For mainland China, WFE industry analysts estimate the market growth by 12% to $38 billion.

對於中國大陸，WFE 產業分析師估計市場將成長 12%，達到 380 億美元。

Our growth rate, 40% revenue and a 63% shipment was much higher than China WFE growth.

我們的成長率，40%的營收和63%的出貨量遠高於中國WFE的成長率。

We attribute our stress to market share gain from the current product, new product cycle, and the new customer.

我們將壓力歸因於當前產品、新產品週期和新客戶帶來的市場份額成長。

We also had a good execution from our production and the service teams.

我們的生產和服務團隊也表現出色。

Our success start with our customers to slide 6.

我們的成功始於我們的客戶（請參閱投影片 6）。

For 2024, we had a full customer that individually.

到 2024 年，我們將擁有一位單獨的完整客戶。

Account for 10% or more of the revenue. [The Huahong Group] was our top customer at the 15% of the sales.

佔收入的10%或更多。 [華虹集團]是我們最大的客戶，佔銷售額的15%。

SMIC was the second at the 14%.

中芯國際以 14% 的市佔率位居第二。

And 1 PC and the PXW were third and the fourth at 12%.

而1PC和PXW則分別以12%的份額位居第三和第四。

Now I will provide the detail on product.

現在我將提供有關產品的詳細資訊。

Please send to slide 7.

請寄至幻燈片 7。

Revenue from single wafer cleaning town ho and the semi-critical cleaning product grow 43% in the 2024 and we represent 74% of the total revenue.

單晶圓清潔鎮 ho 和半關鍵清潔產品的收入在 2024 年將成長 43%，佔總收入的 74%。

Our growth was driven by a significant increase in ULTRA C v backside cleaning tool and good growth from our several tools.

我們的成長得益於 ULTRA C v 背面清潔工具的大幅成長以及我們多種工具的良好成長。

We also had a contribution from our Tahoe and the Bed tools.

我們也得到了 Tahoe 和 Bed 工具的貢獻。

Look ahead in cleaning, we expect to see several significant product cycles, including high temperature SDM Tahoe, and other tools from continued growth in the mainland China.

展望清潔領域，我們預計將看到幾個重要的產品週期，包括高溫SDM Tahoe，以及來自中國大陸的持續成長的其他工具。

We offer a comprehensive top to bottom cleaning portfolio.

我們提供從上到下的全面清潔服務。

We estimate the global total available market, or Ten for the cleaning is close to $6.5 billion, and our product support more than 90% of all cleaning process steps.

我們估計全球清潔市場總額或十億美元接近 65 億美元，我們的產品支援 90％ 以上的清潔製程步驟。

If we take $6.5 billion [ten].

如果我們拿出 65 億美元[十]。

And the ACM $579 million in cleaning revenue for 2024.

到 2024 年，ACM 的清潔收入將達到 5.79 億美元。

The post ACM global market share of cleaning at about 9%.

ACM清洗後的全球市佔率約為9%。

We believe that all completed portfolio of cleaning tools including SAPS Tahoe and TEBO, Echer, and others put us in a strong position to take a more share in China and the global market.

我們相信，包括SAPS Tahoe、TEBO、Echer等品牌在內的完整清潔工具組合將使我們在中國和全球市場上佔有更大的份額。

Revenue from ECP Furnace and other technology grow 46% in 2024 and we represent 90% of the total revenue.

2024 年，ECP 爐和其他技術的收入將成長 46%，佔總收入的 90%。

In the fourth quarter, the segment achieved the record quarterly revenue of more than $50 million which contribute to more than $150 million for the year.

第四季度，該部門實現了創紀錄的季度收入，超過 5,000 萬美元，為全年貢獻超過 1.5 億美元。

We continue to see momentum for our plating tool for both front end and back end application.

我們繼續看到我們的電鍍工具在前端和後端應用方面的發展勢頭。

We are excited about the initial response to our new horizontal plating tool for panel level packaging.

我們對於用於面板級封裝的新型水平電鍍工具的初步反應感到非常興奮。

Where we believe our unique approach is opening the door to make to more global customers.

我們相信，我們獨特的方法將為更多的全球客戶打開大門。

In Q4, we announced that our thermal and the [plasma AD furnace] to have achieved the codification and the two mainland China semiconductor customers.

在第四季度，我們宣布我們的熱和[等離子AD爐]已經實現了編碼和兩家中國大陸半導體客戶的銷售。

Chip maker increasing the rely on their The position of the high quality ultra thin film with excellent staff coverage.

晶片製造商越來越依賴其在高品質超薄膜領域具有優秀員工覆蓋的地位。

We believe ACM is the proprietary AID furnace design a different differentiate from the other supplier and enable us to address challenging facing the demand 3D structure manufacturing.

我們相信 ACM 專有的 AID 爐設計與其他供應商不同，使我們能夠應對 3D 結構製造需求所帶來的挑戰。

Our fur product cycle is also gaining traction with both memory and the logic customers.

我們的毛皮產品週期也越來越受到記憶體和邏輯客戶的青睞。

Overall, we had a 17 furnace customers in 2024, up from nine at the end of 2023.

整體而言，到 2024 年，我們將擁有 17 個熔爐客戶，而 2023 年底則有 9 個。

We expected the revenue continue contribution from furnace to accelerator in 2025 versus small amount for 2024.

我們預計 2025 年熔爐對加速器的收入貢獻將持續，而 2024 年的收入貢獻則較小。

Revenue from advanced packages which exclude ECP but include service and then spare parts grow 3% in 2024 and represent the 7% of revenue.

不包括 ECP 但包括服務和備件的高級套餐收入將在 2024 年成長 3%，佔營收的 7%。

This gallery, including a range of packaging tools including Coulter, developers, scriber, PSweeper, and Web Acher and also service and spare parts.

畫廊包括一系列包裝工具，包括 Coulter、開發人員、劃線員、PSweeper 和 Web Acher，以及服務和備件。

We believe ACM is one of the only company that offer a full set of web tools, cover printing tool, and the tool for advanced packaging.

我們相信 ACM 是唯一一家提供全套網路工具、封面印刷工具和先進封裝工具的公司之一。

We had a new notable development for this category in 2024, including orders for the four wafer level packaging tools which are on track to ship to USA in the first half of 2025 and we announced three panel level packaging tools including vacuum flux, Canadianing tool, or Chile.

2024 年，我們在此類別中取得了顯著的新進展，包括四種晶圓級封裝工具的訂單，這些工具將於 2025 年上半年運往美國，並且我們宣布了三種面板級封裝工具，包括真空助焊劑、加拿大工具或智利。

Horizontal bleeding tool and the bevel edge tool which we see as essentially, especially relevant for packaging of GPU and high bandwidth memory HDF.

我們認為水平出血工具和斜邊工具至關重要，尤其適用於 GPU 和高頻寬記憶體 HDF 的封裝。

We are making good progress with our new track and the DCBT platform.

我們的新軌道和 DCBT 平台正在取得良好進展。

Both of these products come with the ACM innovation innovative and differentiated platform design and allow for process flexibility and high throughput.

這兩款產品均採用 ACM 創新的創新性和差異化平台設計，具有製程靈活性和高吞吐量。

We have a solid list.

我們有一個詳細的清單。

Of ongoing demonstration and the evaluation for both track and the GCVD for track, we plan to deliver a [30 milm WPH] inline care data tool in the middle of 2025.

透過正在進行的針對 Track 和 GCVD 的演示和評估，我們計劃在 2025 年中期交付 [30 milm WPH] 內聯護理資料工具。

We expect some initial revenue contribution in later 2025 with more in 2026 and beyond.

我們預計 2025 年下半年將有一些初始收入貢獻，2026 年及以後將有更多收入貢獻。

Next, let me provide an update on our production facility.

接下來，讓我介紹一下我們的生產設施的最新情況。

First, on [Liang], please turn to slide 8.

首先，關於[梁]，請翻到幻燈片8。

In the first quarter of 2024, we had grand opening ceremony for our Lingang production and R&D center.

2024年第一季度，我們臨港生產研發中心舉行了隆重的開幕典禮。

I'm pleased to report that we have begun initial operation and the factor.

我很高興地報告，我們已經開始了初步的營運和生產。

Site to play a key role in production development and the efficiency.

現場對生產發展和效率發揮關鍵作用。

High volume manufacturing.

大批量生產。

We expect most of our production to shift from our trans these the facility to our company owning gang facility at the end of Q2.

我們預計，到第二季末，我們的大部分生產將從我們的轉移工廠轉移到我們公司自有的幫派工廠。

We are proud of our 2,300 square meter plus 100 cleaning room which we expect will accelerate our product development speed and the in-house demonstration capability.

我們擁有 2,300 平方米加 100 平方米的無塵室，我們對此感到非常自豪，我們期望這將加快我們的產品開發速度和內部演示能力。

Next, our Oregon facility to slide 9.

接下來是我們的俄勒岡州工廠，滑到第 9 頁。

In October 2024, we complete the purchasing of a new 40,000 square foot Oregon facility.

2024 年 10 月，我們完成了對俄勒岡州一座 40,000 平方英尺新工廠的購買。

It includes a 5,200 square foot cleaning room, which will support advanced to demonstration and R&D.

它包括一個5,200平方英尺的清潔室，將支援先進的演示和研發。

The rest of the space will be for manufacturing for our global customers.

剩餘空間將用於為我們的全球客戶提供製造服務。

We see this as a great opportunity to further expand our customer base in the US.

我們認為這是進一步擴大美國客戶群的絕佳機會。

Before I review our other, I want to share some thoughts regarding our ownership in ACM Shanghai stock.

在回顧我們的其他股票之前，我想分享一些關於我們持有 ACM 上海股票的想法。

We are very pleased by the success of ACM Shanghai team, which has now become a key supplier to the Asia semiconductor industry.

我們對ACM上海團隊的成功感到非常高興，他們現在已成為亞洲半導體產業的重要供應商。

As in Shanghai has also proven to be greater source of capital to us in the form of a dividend.

事實證明，上海的股利形式也是我們更大的資本來源。

In 2023 and 2024, as the major shareholder in Shanghai, we received dividend net of tax of $19.2 million and $28.5 million respectively.

2023年和2024年，作為上海的大股東，我們分別獲得了稅後股息1920萬美元和2850萬美元。

And we expect the dividend to continue.

我們預計股息將繼續發放。

In fact, ACM Shanghai has formally announced its intention to pay a dividend of 25%-30% of net earning.

事實上，ACM上海已正式宣布其打算支付淨利25%-30%的股利。

Over the next three years, subject to normal shareholder approval.

未來三年內，需獲得正常股東批准。

We are using dividends to accelerate our global business development.

我們正在利用股利來加速我們的全球業務發展。

ACM Shanghai stock, which is now treated at $6.3 billion market cap on the Shanghai stock market.

ACM 上海股票，目前在上海證券交易所的市值為 63 億美元。

It is also a key strategic asset for us and our global shareholders.

這對我們和我們的全球股東來說也是一項重要的策略資產。

In fact, $181.5% ownership is now worth about $5.2 billion which is more than three times ACMR's current market cap of $1.5 billion.

事實上，181.5% 的所有權現在價值約 52 億美元，是 ACMR 目前 15 億美元市值的三倍多。

Let's give us some unique advantage.

讓我們擁有一些獨特的優勢。

In 2021, ACM Shanghai raised USD575 million in IPO, enabling us to scale our business and expand our product portfolio.

2021年，ACM上海透過IPO募集5.75億美元，使我們能夠擴大業務規模並擴展產品組合。

ACM Shanghai is now in the process of another raising of up to USD600 million to make the company to the next level.

目前，ACM 上海正在進行另一次高達 6 億美元的融資，以使公司更上一層樓。

I will clarify a few points that might be helpful for the market to evaluate the options.

我將澄清一些可能有助於市場評估選擇的觀點。

Our three year lockup on our ACM Shanghai stock expired last quarter and we now have additional flexibility to sell shares.

我們對 ACM 上海股票的三年鎖定期已於上季到期，現在我們擁有額外的彈性來出售股票。

We're very comfortable that ACM can sell some share of ACM Shanghai stock and the repatriate the cash back to the US.

我們非常放心 ACM 可以出售部分 ACM 上海股票並將現金匯回美國。

The timing of any sale, of course, would depend on pricing, market condition, and our own cash needs and other factors.

當然，任何銷售的時間都取決於定價、市場狀況、我們自己的現金需求和其他因素。

We believe the combination of ACM world class technology, and the customer supporting and access to their substantial capital market make us unique position to become a world class global WFE supplier.

我們相信，ACM 世界一流的技術、客戶支援以及其龐大的資本市場管道，將使我們成為世界一流的全球 WFE 供應商。

Now I will provide our outlook for the full year 2025.

現在我將提供我們對 2025 年全年的展望。

Please turn to slide 10.

請翻到第 10 張投影片。

In early January, we introduced our 2025 revenue outlook in a range of $850 million to $950 million.

1 月初，我們公佈了 2025 年收入預期，範圍為 8.5 億美元至 9.5 億美元。

This implies 15% of year over year growth at the middle point.

這意味著中間點的同比增長率為 15%。

We are irritating this outlook today.

我們今天正在激怒這種觀點。

I'm pleased to announce today that we have adjust our gross margin target upwards.

今天我很高興地宣布，我們已經上調了毛利率目標。

We now target a range of 42% to 48% versus the prior range of 40% to 45%.

我們現在的目標是 42% 到 48% 的範圍，而之前的範圍是 40% 到 45%。

I'm proud of the strong growth our company has achieved since our foundational funding in California in 1998 and the establishment of ACM Shanghai in 2005.

我為我們公司自 1998 年在加州成立基金會和 2005 年在上海成立 ACM 以來取得的強勁增長感到自豪。

We have a builder global competitive business.

我們擁有一家具有全球競爭力的建設者企業。

Our success has been built on innovation and differential technology, particularly in cleaning and electric plating, addressing evolving needs of a semiconductor manufacturing.

我們的成功建立在創新和差異化技術的基礎上，特別是在清潔和電鍍方面，滿足了半導體製造不斷變化的需求。

So this foundation, we have expanded our market reach and gained international traction.

在這個基礎上，我們擴大了市場範圍並獲得了國際關注。

We're building.

我們正在建設。

Strong partnership with the key industrial player in China.

與中國主要工業企業建立了牢固的合作關係。

ACM is recognized as a leader in the advanced wafer cleaning and the front end electroplating solution and is preparing for a new product ramp in the furnace, track, and the PCBD outside China, we are engaging with the multiple customer with the operation in US, Europe, and Korea, Taiwan, and Singapore.

ACM 是公認的先進晶圓清洗和前端電鍍解決方案的領導者，並正在為中國以外的熔爐、軌道和 PCBD 的新產品升級做準備，我們正在與美國、歐洲、韓國、台灣和新加坡的多家客戶合作。

The global interest is a broader base.

全球利益有更廣泛的基礎。

Across our entire product portfolio from the front end, the wafer fab to the back end advanced packaging, including our innovative cleaning and the plating offering for next generation panel level packaging.

涵蓋我們的整個產品組合，從前端、晶圓廠到後端先進封裝，包括我們為下一代面板級封裝提供的創新清潔和電鍍產品。

Now let me turn the call over to the CFO Mark who will reveal detail of our fourth quarter.

現在，讓我將電話轉給財務長馬克，他將透露我們第四季的詳細資訊。

A result, but please.

有結果了，不過請。

Thank you, David.

謝謝你，大衛。

Good day everyone.

大家好。

Please turn to slide 11.

請翻到第 11 張投影片。

Unless I note otherwise, I'll refer to non-GAAP financial measures which excludes stock-based compensation, 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，該指標不包括股票薪酬和短期投資未實現損益。

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

這些非差距指標與可比較 GAAP 指標的調整包含在我們的收益減免中。

Unless also unless otherwise noted, the following figures refer to the 4th quarter and full year of 2024.

除非另有說明，以下數字指的是 2024 年第 4 季和全年。

Comparisons are with the fourth quarter and full year of 2023.

與 2023 年第四季和全年進行比較。

I'll not provide financial highlights.

我不會提供財務亮點。

Revenue is $223.5 million for the fourth quarter, up 31.2%.

第四季營收為2.235億美元，成長31.2%。

For the full year 2024, revenue was $782.1 million.

2024 年全年營收為 7.821 億美元。

Up 40.2%.

上漲40.2%。

Revenue for single wafer cleaning, Tahoe, and semi-critical cleaning was $155.2 million, up 26.9%.

單晶圓清洗、Tahoe和半關鍵清洗的收入為1.552億美元，成長26.9%。

For the full year 2024, this category grew by 43.3%.

2024年全年，此類別成長了43​​.3%。

Revenue for ECP fronted packaging, furnace, and other technologies is $51.7 million, up 60.9%.

ECP前端封裝、熔爐和其他技術的收入為5,170萬美元，成長60.9％。

For the full year 2024, this category grew by 46.2%, and revenue for advanced packaging, excluding ACP services and spares of $16.6 million, up 4.2%.

2024 年全年，該類別成長了 46.2%，不包括 ACP 服務和備件的先進封裝收入為 1,660 萬美元，成長 4.2%。

For the full year 2024, this category grew by 3.3%.

2024年全年，此類別成長了3.3%。

Total shipments for $264 million for the fourth quarter versus $140 million in Q4 of 2023.

第四季總出貨量為 2.64 億美元，而 2023 年第四季為 1.4 億美元。

For the full year 2024, shipments were $973 million up 63.1%.

2024 年全年出貨量為 9.73 億美元，成長 63.1%。

Gross margin was 49.8% for the fourth quarter versus 46.8%, but the full year 2024 gross margin was 50.4% versus 49.8% in 2023.

第四季毛利率為 49.8%，而 2023 年為 46.8%，但 2024 年全年毛利率為 50.4%，而 2023 年為 49.8%。

We have updated our long-term business model to a gross margin target range of 42% to 48% versus the prior range of 40% to 45%.

我們已將長期業務模式更新為毛利率目標範圍為 42% 至 48%，而先前的毛利率範圍為 40% 至 45%。

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

我們確實預計，由於銷售量、產品組合和貨幣影響等多種因素，我們的毛利率會在不同時期發生變化。

Operating expenses were $58.4 million for the fourth quarter, up 34%.

第四季營運費用為 5,840 萬美元，成長 34%。

For the full year 2024, operating expenses were $193.4 million, up 25.2%.

2024 年全年營運費用為 1.934 億美元，成長 25.2%。

Revenue grew faster than OpEx for the year, demonstrating a solid operating leverage in our model.

今年的收入成長速度快於營運支出，顯示我們的模型具有穩健的營運槓桿。

We invested in research and development to expand our product line, and we invested in sales and marketing to reach new customers around the world.

我們投資研發以擴大我們的產品線，並投資銷售和行銷以接觸世界各地的新客戶。

For 2025, we planned for research and development in the 12% to 13% range, sales and marketing in the 7% to 8% range, and GNA in the 5% to 6% range.

針對 2025 年，我們計劃將研發支出佔比控制在 12% 至 13% 之間，將銷售及行銷支出佔比控制在 7% 至 8% 之間，將 GNA 支出佔比控制在 5% 至 6% 之間。

Operating income was $52.8 million for the fourth quarter, up 46.4%. operating margin increased to 23.6% to 21.2%.

第四季營業收入為 5,280 萬美元，成長 46.4%。營業利益率由上年同期的21.2%增至23.6%。

For the full year 2024, operating margin increased to 25.6% from 22.1%.

2024年全年營業利益率從22.1%增至25.6%。

Income tax expense was $17.3 million for the fourth quarter versus $8.1 million.

第四季所得稅支出為 1,730 萬美元，而去年同期為 810 萬美元。

For the full year 2024, Income tax expense was $35 million versus $19.4 million in 2023.

2024 年全年所得稅費用為 3,500 萬美元，而 2023 年為 1,940 萬美元。

For 2025, we expect their effective tax rate in the 12% to 15% range.

到 2025 年，我們預計其有效稅率將在 12% 至 15% 之間。

Net income attributable to ACM research was $37.7 million for the fourth quarter versus $28.7 million.

第四季歸屬於 ACM 研究的淨收入為 3,770 萬美元，而去年同期為 2,870 萬美元。

For the full year 2024, net income attributable to ACM research is $152.2 million versus $107.4 million in 2023.

2024 年全年，歸屬於 ACM 研究的淨收入為 1.522 億美元，而 2023 年為 1.074 億美元。

Net income for diluted share was $0.56 for the fourth quarter versus $0.43 for the full year 2024, net income per diluted share was $2.26 versus $1.63. Our non-gap net non-GAAP net income excluded $8.8 million in stock-based compensation expense for the fourth quarter and $49.6 million for the full year.

第四季度稀釋後股票淨利為 0.56 美元，2024 年全年稀釋後股票淨利為 0.43 美元，每股稀釋後淨利為 2.26 美元，2024 年全年稀釋後股票淨利為 1.63 美元。我們的非差距淨非 GAAP 淨收入不包括第四季度 880 萬美元的股票薪酬費用和全年 4,960 萬美元的股票薪酬費用。

For the full year 2025, we expect stock-based compensation to be in the $35 million range.

就 2025 年全年而言，我們預計股票薪酬將在 3,500 萬美元左右。

It will now review selected balance sheet and cash flow items, cash cash equivalents, restricted cash and time deposits for $441.9 million at year end versus $369.1 million at the end of the third quarter of 2024.

現在將審查選定的資產負債表和現金流量項目、現金現金等價物、受限現金和定期存款，年底為 4.419 億美元，而 2024 年第三季末為 3.691 億美元。

Net cash which excludes the short term and long term debt was $259.1 million versus $198.5 million at the end of the third quarter of 2024.

不包括短期和長期債務的淨現金為 2.591 億美元，而 2024 年第三季末為 1.985 億美元。

Total inventory at year end was $598.0 million versus $628.7 million at the end of the third quarter of 2024.

年末總庫存為 5.98 億美元，而 2024 年第三季末為 6.287 億美元。

This included raw materials and work of process, $304.9 million and finished goods inventory of $293.1 million.

其中包括原料和加工產品3.049億美元以及成品庫存2.931億美元。

Finished goods inventory primarily consists of tools under evaluation at our customer sites together with finished goods located at ACM's facilities.

成品庫存主要包括我們客戶現場評估的工具以及位於 ACM 工廠的成品。

Cash flow from operations was $88 million for the fourth quarter and $152 million for the full year 2024.

第四季經營現金流為 8,800 萬美元，2024 年全年經營現金流為 1.52 億美元。

Capital expenditures for $12.3 million for the fourth quarter, $85.3 million for the full year 2024.

第四季資本支出為 1,230 萬美元，2024 年全年資本支出為 8,530 萬美元。

For the full year 2025, we expect to spend about 65 to $75 million in capital expenditures.

就 2025 年全年而言，我們預計資本支出約為 6,500 萬至 7,500 萬美元。

That does conclude our prepared remarks.

我們的準備好的演講到此結束。

Now let's open up the call for any questions that you may have, operator, please open up the floor for questions.

現在讓我們開始通話，如果您有任何問題，接線員，請開始提問。

(Operator Instructions)

（操作員指令）

Now first question coming from the lineup.

現在第一個問題來自陣容。

Charles with Needham & Company.

查爾斯與 Needham & Company 合作。

Your line is now open.

您的線路現已開通。

Hello.

你好。

Yeah, the line cut off a little bit.

是的，線路斷了一點。

Just want to make sure it's my turn.

只是想確保輪到我了。

So maybe the first question that you you guys reiterated the the fiscal '25 revenue outlook, it's the same outlook you provided.

所以也許第一個問題是你們重申了 25 財年的收入前景，這是與你們提供的相同的前景。

In January, low point at the low end, 9% young year growth at the high end at 21% young year growth.

1月份，低點在低端，年輕年增長率為9%，高端在年輕年增長率為21%。

Can you provide a little bit of color, what goes into the assumptions to the low end versus the high end and what are the scena scenarios, I think the press release you did the Mention that the various spending scenarios by your customers this year are baked into the range of the guidance.

您能否提供一些細節，對低端和高端的假設是什麼，以及場景是什麼樣的，我認為您在新聞稿中提到今年客戶的各種支出情景都包含在指導範圍內。

I want to get a little bit more color on that.

我想對此進行更深入的了解。

Thanks.

謝謝。

Okay, Charles, actually, this.

好的，查爾斯，實際上，是這樣的。

Prediction of the revenue is really based on the last year or shipment which is some of them were record revenue, this year.

收入預測實際上是基於去年或今年的出貨量，其中一些是創紀錄的收入。

Obviously we can see their customer PO customer their you know their expansion plan, probably this the moment I can say about Q2 Q3 and there's still some Q4, we cannot say that, right?

顯然，我們可以看到他們的客戶 PO 客戶，你知道他們的擴張計劃，可能此刻我可以說關於 Q2 Q3，還有一些 Q4，我們不能說，對吧？

So that's the.

就是這樣的。

That's why really from their in early time of the year to give the this low end and high end projection right so couple of the detail assumption there I cannot elaborate too much detail but anyway there's a range of put it so maybe the time go to the Q2 we can look for Q4 and that moment made more clear in Q4 we can, readjust to our revenue projection.

這就是為什麼從年初開始他們就給出了這個低端和高端預測，因此那裡有幾個細節假設，我不能詳細說明，但無論如何，有一個範圍，所以也許時間到了第二季度，我們可以期待第四季度，那一刻在第四季度更加清晰，我們可以重新調整我們的收入預測。

So, that's a typical process, we did every year.

所以，這是一個典型的過程，我們每年都會這樣做。

Got it.

知道了。

Maybe a quick followup sounds like, you're saying, you have good visibility, at least through the third quarter, this year it's only like Q4, a little unclear at this point.

也許快速的跟進聽起來就像是，你說，你有很好的可見性，至少到第三季度，今年它只像第四季度，目前有點不清楚。

Is that correct?

那正確嗎？

Yeah, when you say some Q3 was still, maybe add more right this moment still early of the year, but definitely we see the Q3, but the Q4 was still, I said not clear, right?

是的，當您說第三季度仍有一些數據時，也許現在還會在今年年初增加更多數據，但我們肯定會看到第三季度，但第四季度仍然如此，我說不清楚，對嗎？

So that will be waiting say maybe Q2 timeline or end of the, Q2, we can see that more clear in the Q4 timeline.

因此，這可能需要等待 Q2 時間表或 Q2 結束時的情況，我們可以在 Q4 時間表中更清楚地看到這一點。

Yeah, Charles, and that's that's pretty much normal visibility at this time of the year.

是的，查爾斯，這就是每年這個時候的正常能見度。

We go through our year-end planning process and then come back early in the year and kind of, test that.

我們會完成年終規劃流程，然後在年初回來進行測試。

And of course we took a look at it before we reported here on the quarter.

當然，我們在報告本季情況之前已經對其進行了研究。

So it's pretty standard visibility going into the year, as David noted, it's based on the POs that we have in hand.

因此，正如 David 指出的那樣，這是進入新年度以來相當標準的可見性，它基於我們手頭上的採購訂單。

It's based on also kind of the forecast of POs that we still would probably get as we move through the year and then the timing of some of the customer acceptances from first tools last year.

它還基於我們全年可能獲得的採購訂單預測，以及去年第一批工具的一些客戶驗收時間。

Yeah, but our average, our manufacturer time is about six months right now, five to six, so that's will be the right part of their projection, for their, looking in their two quarter, right, yeah.

是的，但是我們的平均製造時間現在大約是六個月，五到六個月，所以這將是他們預測的正確部分，對於他們兩個季度而言，對，是的。

Got it.

知道了。

The other question, I think, usually, before Chinese New Year, there's a little bit of, I would call information black hole about the outlook for the new year, but now we are coming out of that and especially in light of the recent export control.

另一個問題是，我認為，通常在農曆新年前，會出現一些關於新年前景的，我稱之為資訊黑洞的現象，但現在我們正在走出這種狀況，特別是考慮到最近的出口管制。

By the US and obviously a few of your customers were added to entity list and it's getting a little bit hard to predict what would be the impact of export control because we did see YMTC which was added in 2022, it came back to To your 10% customer list but there's another customer on your 2024 10% customer list that got recently added.

顯然，您的一些客戶已被美國列入實體名單，現在很難預測出口管制會產生什麼影響，因為我們確實看到長江存儲於 2022 年被列入實體名單，現在又回到了您的 10% 客戶名單，但您的 2024 年 10% 客戶名單中還有另一位客戶是最近才被列入的。

So maybe we can get a little bit sense based on what you're seeing right now, the export control rules, do they have an impact, positive or negative?

因此，根據您現在看到的情況，我們或許可以稍微了解一下，出口管制規則是否產生了正面或負面的影響？

Your customers spending plan in 2025 and any sort of a movement you're seeing a little bit the micro level, customer to customer level, if anything, you can provide that'd be great.

您的客戶在 2025 年的支出計劃以及您所看到的任何微觀層面、客戶對客戶層面的動向，如果您可以提供的話，那就太好了。

Thank you.

謝謝。

Well, I mean, this is a very broad question, real customer is different, right?

嗯，我的意思是，這是一個非常廣泛的問題，真正的客戶是不同的，對吧？

And they.

還有他們。

I want to say definitely some customer get an impact right because they put on any list and some customer, we still see the expansion so it's really hard to give you the, general description right this moment we're also working with the customer to figure out how much impact, we're still on the process to access and the evaluation this kind of impact.

我想說的是，有些客戶肯定會受到影響，因為他們把一些客戶列入了任何名單，我們仍然看到擴展，所以很難給你一般性的描述，此刻我們也在與客戶合作，以弄清楚有多大的影響，我們仍然在訪問和評估這種影響。

Got it.

知道了。

So maybe the last question, looks like the plating furnace, product line, you have 3 segments in your reporting that particular segment, has done pretty well and probably growing even faster than the we clean product line.

所以也許是最後一個問題，看起來電鍍爐產品線，你們的報告有三個部分，那個特定的部分錶現相當不錯，甚至可能比我們的清潔產品線增長得更快。

I think you just mentioned plating, you become a leading supplier in China and, especially for the front end.

我想您剛才提到了電鍍，您已成為中國領先的供應商，特別是在前端方面。

I was kind of curious, like, what do you see in the market share of the plating.

我有點好奇，您認為電鍍的市場佔有率是多少？

And especially in the front end and versus packaging, can you give a little bit of color on that front end versus back end for plating and where the she is and where do you think the trend is going for ACM.

特別是在前端和封裝方面，您能否稍微介紹一下前端和後端的電鍍情況以及它的位置以及您認為 ACM 的發展趨勢如何。

Thank you.

謝謝。

Yeah, I think our market share is about 30% to 35%.

是的，我認為我們的市場佔有率大約在 30% 到 35% 之間。

And it it actually both in the front and the back end, right?

它實際上同時在前端和後端，對嗎？

It's almost like the same.

幾乎就一模一樣啊。

So we're still in the 30% to 35% of the market share in China.

所以我們在中國的市佔率仍然在30%到35%之間。

Got it, thank you.

知道了，謝謝。

Okay, thank you, Charles.

好的，謝謝你，查爾斯。

Thanks, Charles.

謝謝，查爾斯。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Our next question coming from the line of Mark Miller with the benchmark Company.

我們的下一個問題來自基準公司的馬克米勒。

Your line is now open.

您的線路現已開通。

Once again, congratulations on a very nice quarter.

再次恭喜您度過了一個非常愉快的季度。

I'm just wondering, a number of equipment firms, some equipment firms are projecting strong growth in their AP related sales for 2025.

我只是想知道，一些設備公司，一些設備公司預測 2025 年其 AP 相關銷售額將強勁成長。

What are you thinking about in terms of the AP sales you're expecting this year?

您對今年 AP 的銷售預期是怎樣的？

Oh, the packaging you're talking about.

哦，您說的是包裝。

Right?

正確的？

I see, okay.

我明白了，好的。

Well, yes, I think we do the see the advanced packaging and growing and, obviously, all this kind of a 2.5% and the 3D in the puzzle as one thing and.

嗯，是的，我認為我們確實看到了先進的封裝和增長，顯然，這一切都是 2.5% 和拼圖中的 3D 作為一個整體。

There are certain, other, I want to say.

還有一些，我想說。

Advanced packaging, going on here.

先進封裝，就在這裡進行。

So we see that expansion, basically.

因此，我們基本上看到了這種擴張。

And I think this year probably was better than last year in terms of the packaging.

我認為今年的包裝可能比去年更好。

I'd point out it's a little tricky because some of our our ECP group includes both the front end and the the back end packaging, right?

我想指出這有點棘手，因為我們的一些 ECP 組既包括前端包裝，也包括後端包裝，對嗎？

So and then then our our advanced packaging group is everything but the ECP so it's.

那麼，我們的先進封裝組就是除了 ECP 之外的一切。

When at some point we'll we can give some more detail when that becomes a bigger percentage of overall revenue, but at this point it's hard to kind of see that our back end packaging group.

當這在總收入中所佔的比例變大時，我們可以提供更多細節，但目前很難看出我們的後端包裝組。

Also I want to add that is the markets also the panel packaging start to play, right?

另外我想補充一點，市場也開始發揮作用，對嗎？

So we do have three products, in the market, we see that it will start contributing to our revenue, in the

因此，我們在市場上確實有三種產品，我們看到它將開始為我們的收入做出貢獻，

[20,252.]

[20252]

So that's another, new field or new part of the technology will work on.

因此，這是該技術將要研究的另一個新領域或新部分。

Yeah, I was just wondering if you can give us some sort of estimate how your sales breakdown related to say memory, logic and electric vehicles.

是的，我只是想知道您是否可以給我們一些估計，說明您的銷售細目與內存、邏輯和電動車之間的關係。

What percent of your sales are related to each of those three areas.

您的銷售額中有多少百分比與這三個領域相關。

Yeah, Mark, it's tough.

是的，馬克，這很難。

We don't generally break that out.

我們一般不會揭露這一點。

I think you can you can look at our 10% customers and kind of take a guess, right?

我想您可以看看我們 10% 的客戶並猜測一下，對嗎？

So we've got four of them that were a little over 50% of our business and so yeah, we generally don't look at it by those in markets like that and we haven't broken them out.

因此，我們有四個業務占我們業務的 50％ 多一點，所以，是的，我們通常不會根據這些市場來看待它，我們也沒有將它們分開。

We get that request though so we could look into perhaps updating you on that in the future, but at this point we don't have the detailed breakdown.

不過，我們收到了該請求，因此我們可能會考慮在將來向您更新該信息，但目前我們還沒有詳細的分類。

Okay, you said that four customers accounted for roughly 50% of your or over 50% of your business, is that correct?

好的，您說四個客戶大約佔了您業務的 50% 或超過 50%，對嗎？

I think that's right, yeah, it's over 52% for the four customers, yeah.

我認為是對的，是的，這四位客戶的比率都超過了 52%，是的。

Thank you.

謝謝。

Yeah.

是的。

Thank you again, (Operator Instructions)I will now turn it back to Mr. David Wang for any closing remarks.

再次感謝您，（操作員指示）現在我將把話題轉回給 David Wang 先生，請他做最後發言。

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

好的，謝謝接線員，感謝大家參加今天的電話會議並給予支持。

Before we close, Steven is going to mention our upcoming investor relation events.

在結束之前，史蒂文將提到我們即將舉行的投資者關係活動。

Steven, please.

請叫我史蒂文。

Great, thanks, David.

太好了，謝謝，大衛。

Before we conclude, I just want to give everyone a quick reminder on our upcoming investor conferences on March 17th, we will present at the 37th annual Roth Conference in Dana Point, California.

在我們結束之前，我只想快速提醒大家我們即將於 3 月 17 日舉行的投資者會議，我們將在加州達納角舉行的第 37 屆年度羅斯會議上發言。

Attendance at the conference is by invitation only for interested investors.

只有有興趣的投資者才可憑邀請參加此次會議。

Please contact your respective sales representative to register and schedule one on one meetings with the management team.

請聯絡您對應的銷售代表進行註冊並安排與管理團隊的一對一會議。

With that, this concludes the call, and you may now disconnect.

至此，通話結束，您可以掛斷電話了。

Take care.

小心。