ACM Research Inc (ACMR) 2020 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 ACM Research Third Quarter 2020 Earnings Conference Call.

感謝您的耐心等待，歡迎參加 ACM Research 2020 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 The Blueshirt Group 董事總經理 Gary Dvorchak 先生。

Mr. Dvorchak, please go ahead.

Dvorchak 先生，請繼續。

Thank you, Amber.

謝謝你，琥珀。

Good day, everyone.

今天是個好日子。

Thank you for joining us on today's call to discuss third quarter 2020 results.

感謝您參加今天的電話會議，討論 2020 年第三季的業績。

We released results after the U.S. market closed yesterday.

我們在昨天美國股市收盤後公佈了業績。

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 investor portion 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補充幻燈片，我們將在準備好的評論中引用它。

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

在我們繼續之前，請前往投影片 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。

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地方進行了描述。

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，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, a loss relating to a change in fair value of the financial liability and an unrealized gain in trading securities.

我們在本次電話會議中提供的某些財務績效將基於非公認會計原則（Non-GAAP），其中不包括股票補償、與金融負債公允價值變動相關的損失以及交易證券的未實現收益。

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.

對於我們的 GAAP 結果以及 GAAP 和非 GAAP 金額之間的調節，您應該參考我們的收益發布，該發布發佈在我們網站的 IR 部分。

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

現在，讓我將電話轉給 David Wang，他將從幻燈片 3 開始。David？

Thank you, Gary, and welcome, everyone, to today's call.

謝謝加里，歡迎大家參加今天的電話會議。

Our third quarter results represent another productive quarter with strong financial results, a new product launching and greater progress on our strategic initiatives.

我們的第三季業績代表了又一個富有成效的季度，其中包括強勁的財務業績、新產品的推出以及我們的策略計劃取得的更大進展。

Revenue grew to $47.7 million, up 43%.

營收增至 4,770 萬美元，成長 43%。

Shipments were $59 million, up 37%.

出貨量為 5,900 萬美元，成長 37%。

Both revenue and shipments were at record levels.

收入和出貨量均創歷史新高。

We delivered greater balance of growth and profitability with 43% gross margin and 22% operating margin.

我們實現了成長和獲利能力的更大平衡，毛利率為 43%，營業利潤率為 22%。

We are committed to delivering profitable growth as we continue to invest in R&D for new products and global sales and marketing.

我們致力於透過持續投資新產品研發以及全球銷售和行銷來實現獲利成長。

We ended the quarter with $92 million of cash.

本季結束時，我們擁有 9,200 萬美元現金。

We also had a $24 million of PE security on our balance sheet from our investment in SMIC STAR Market IPO.

我們的資產負債表上還有來自中芯國際科創板 IPO 投資的 2,400 萬美元私募股權證券。

I will now discuss recent operational highlights.

我現在將討論最近的操作亮點。

Please turn to Slide 3. Our momentum continued in the third quarter.

請參閱投影片 3。我們的勢頭在第三季度繼續保持。

We had a strong shipment of new products to both our existing customer and a newer customer.

我們向現有客戶和新客戶提供了大量新產品。

We delivered another Tahoe tool for revenue to our leader foundry customer, making our third Tahoe in production environment.

我們向我們的領先代工客戶交付了另一款 Tahoe 工具以獲取收入，這是我們在生產環境中的第三款 Tahoe。

We continue to see strong interest from current and prospective new customers.

我們繼續看到當前和潛在新客戶的濃厚興趣。

Tahoe delivered unique combinations of strong cleaning performance, while using 80% less sulfuric acids.

Tahoe 提供了強大的清潔性能的獨特組合，同時硫酸用量減少了 80%。

We delivered 2 ECP ap tools for repeat shipment to a leading packaging customer.

我們向一家領先的包裝客戶交付了 2 個 ECP ap 工具，用於重複出貨。

Our Ultra ECP ap is a back-end tool that provides better 3D performance by putting a more meaningful metal layer in the notch area.

我們的 Ultra ECP ap 是一種後端工具，透過在凹口區域放置更有意義的金屬層來提供更好的 3D 性能。

We also delivered first tool of the newer member of ECP family, the ECP 3D, to a VD foundry customer in China.

我們也向中國的 VD 鑄造廠客戶交付了 ECP 系列新成員的第一個工具 ECP 3D。

The Ultra ECP 3D is a front-end tool that offers enhanced gap filling for high aspect ratio TSV layer.

Ultra ECP 3D 是一款前端工具，可為高深寬比 TSV 層提供增強的間隙填充。

This is a critical technology for high-density stacking of 3D chips, as our customers moving to more advanced production nodes.

隨著我們的客戶轉向更先進的生產節點，這是 3D 晶片高密度堆疊的關鍵技術。

In September, we delivered second-generation TEBO tool to a existing lead customer.

9 月，我們向現有主要客戶交付了第二代 TEBO 工具。

We had a significant technology upgrade, including a process that delivered the higher particle removal efficiency, PRE, with a wider damage-free target window.

我們進行了重大技術升級，包括提供更高顆粒去除效率 PRE 和更寬無損傷目標視窗的製程。

We expect that this will help accelerate the adoption of TEBO.

我們預計這將有助於加速 TEBO 的採用。

This is the first tool, and we repeat -- we expect revenue recognition upon qualification and acceptance.

這是第一個工具，我們重複一遍——我們期望在資格審查和驗收後確認收入。

Also last week, we announced an important milestone for TEBO.

同樣在上週，我們宣布了 TEBO 的一個重要里程碑。

The United States Patent & Trademark Office approved a fundamental TEBO patent.

美國專利商標局批准了 TEBO 基本專利。

This strengthens our leadership position in advanced damage-free megasonic cleaning technology for sophisticated 3D semiconductor device structures with patent protection for near 2 decades.

這鞏固了我們在先進的無損兆聲波清洗技術領域的領先地位，該技術適用於複雜的 3D 半導體裝置結構，並擁有近 20 年的專利保護。

Our third quarter shipments, including multiple semi-critical first tool for newest customer, a leading China-based analog and a power IC manufacturer.

我們第三季的出貨量包括為最新客戶（一家領先的中國類比和電源 IC 製造商）提供的多個半關鍵第一工具。

The first tool include scrubber, semi-wafer backside cleaning tool, auto wet bench and also SAPS-II cleaning tool.

第一個工具包括洗滌器、半晶圓背面清潔工具、自動濕台以及SAPS-II清潔工具。

We expect acceptance and revenue to be likely 2021 event.

我們預計 2021 年可能會出現接受度和收入成長的事件。

Look at this achievement, I'm proud of our engineering teams.

看看這個成就，我為我們的工程團隊感到自豪。

Over the past several years, the team has added many new and innovative platform to expanding our product offering beyond our flagship cleaning tool to ECP training tool, SFP packaging tool and vertical furnaces.

在過去的幾年裡，該團隊添加了許多新的創新平台，以將我們的產品範圍從旗艦清潔工具擴展到 ECP 培訓工具、SFP 封裝工具和垂直熔爐。

Now turning to Slide 4. For those who are new to ACM, I will review our product portfolio and the market opportunity.

現在轉向投影片 4。對於那些剛接觸 ACM 的人，我將回顧我們的產品組合和市場機會。

We estimate our current product portfolio addresses $5 billion of total market opportunities.

我們估計我們目前的產品組合可滿足 50 億美元的市場機會。

This spans DRAM, 3D NAND, foundry, power and analog application devices.

這涵蓋 DRAM、3D NAND、代工、電源和類比應用設備。

Our core market as for cleaning tools, starting with our flagship single-wafer cleaning products, SAPS, TEBO and Tahoe, and our 3 semi-critical cleaning products.

我們的核心市場為清潔工具，從我們的旗艦單晶圓清潔產品 SAPS、TEBO 和 Tahoe 以及我們的 3 種半臨界清潔產品開始。

We estimate these tools address about 80% of $3 billion wafer cleaning market for $2.4 billion market served by ACM cleaning product.

我們估計，這些工具可滿足 ACM 清潔產品所服務的 24 億美元市場中約 30 億美元晶圓清潔市場的 80% 的需求。

Our newer product at another $2.6 billion, including $1.6 billion from the vertical furnace and $5 billion each from ECP and stress-free polishing products.

我們的新產品另外售價 26 億美元，其中 16 億美元來自立式爐，50 億美元來自 ECP 和無應力拋光產品。

We are focused on gaining market share by expanding our product lines and winning new customers.

我們致力於透過擴大產品線和贏得新客戶來贏得市場份額。

Our road map for expansion expands many years into the future.

我們的擴張路線圖將延伸到未來很多年。

We have a unwavering commitment to expand our market opportunity with new products.

我們堅定不移地致力於透過新產品擴大市場機會。

Please turn to Slide 5 for a discussion of our customer base.

請參閱投影片 5，以了解我們客戶群的討論。

We have 5 major front-end customers across in DRAM, foundry and 3D NAND.

我們在 DRAM、代工和 3D NAND 領域擁有 5 個主要前端客戶。

We have several back-end wafer packaging and assembly customers.

我們有幾個後端晶圓封裝和組裝客戶。

And our newest customer manufacture power and analog device.

我們的最新客戶製造電源和模擬設備。

We believe these customers alone represent a significant opportunity for ACM.

我們相信，光是這些客戶就為 ACM 帶來了巨大的機會。

Many of them are still in early and middle stage of multiyear capacity expansions and are only buying a fraction of our full product portfolio.

他們中的許多人仍處於多年產能擴張的早期和中期階段，只購買我們完整產品組合的一小部分。

Naturally, we expect to continue to add new customer as we believe every major semiconductor manufacturers can benefit from our technology.

當然，我們希望繼續增加新客戶，因為我們相信每個主要半導體製造商都可以從我們的技術中受益。

As we discussed on previous calls, we are actively engaged with a number of potential first tier new customers in North America and Taiwan.

正如我們在之前的電話中討論的那樣，我們正在積極與北美和台灣的一些潛在的一線新客戶接觸。

Please turn to Slide 6. We are actively adding production capacity and development capacity to support our near-term and long-term growth plans.

請參閱投影片 6。我們正在積極增加產能和開發能力，以支持我們的近期和長期成長計畫。

Our original facility in Shanghai remains.

我們原來在上海的工廠仍然存在。

Headquarters is in Shanghai.

總部位於上海。

It's including our R&D, SG&A and prototyping and production of newer products.

它包括我們的研發、SG&A 以及新產品的原型設計和生產。

We began production at our second factory in September of 2018 and opened the second floor for the production in the third quarter of this year.

我們的第二廠於 2018 年 9 月開始生產，並於今年第三季啟用二樓進行生產。

This increased capacity at our second factory from 250 million to more than 350 million.

這使得我們第二工廠的產能從 2.5 億增加到了 3.5 億以上。

Our long-term solution is Lingang facility, which will become our R&D center, providing employee housing and will have the floor space to increase our production capacity by fivefold.

我們的長期解決方案是港口工廠，它將成為我們的研發中心，提供員工住房，並將擁有將我們的產能提高五倍的佔地面積。

We broke ground on the Lingang facility in July of this year and plan to begin production by middle of 2022.

我們的港口工廠於今年 7 月破土動工，計劃於 2022 年中期開始生產。

Before I discuss our 2020 outlook, I would like to discuss 2 important items.

在討論 2020 年展望之前，我想先討論兩個重要事項。

First, I will address the short seller report that was published in early October.

首先，我將討論十月初發布的賣空報告。

We stand by comments made in our October 8 responsible press release, and we fully refuse the allegations made in the report.

我們堅持10月8日負責任新聞稿中的評論，並完全拒絕報告中的指控。

Over the past few weeks, ACM Shanghai's China IPO team, which includes [iPhones], IPOs, investor bankers; BDO, our auditors 'and CWM, ACM Shanghai's China legal team, have performed a detailed review of all the allegations.

過去幾週，ACM上海的中國IPO團隊，包括[iPhone]、IPO、投資銀行家；我們的審計師 BDO 和 ACM 上海的中國法律團隊 CWM 已對所有指控進行了詳細審查。

Most of the items were easy to refuse as the 43 page report from the short seller included mainly new statements of facts, contradictory opinions and a general list on the spending of our industry.

大多數項目都很容易拒絕，因為賣空者的 43 頁報告主要包括新的事實陳述、相互矛盾的觀點以及我們行業支出的總體清單。

For other items, the team performed confirmatory, lag work, including interviews with customers, suppliers and management and documentary review.

對於其他項目，團隊進行了確認性、滯後性的工作，包括與客戶、供應商和管理層的訪談以及文件審查。

The team has delivered a comprehensive report of their finding to the Shanghai Stock Exchange Commission.

該團隊已向上海證券交易所提交了他們的調查結果的綜合報告。

This report fully refuted all of the allegations on a point-by-point basis.

這份報告逐條全面駁斥了所有指控。

At this point, we have not yet decided if we will release report, but we are happy to take any questions on after the call.

目前，我們尚未決定是否發布報告，但我們很樂意在電話會議後回答任何問題。

Second, the update on ACM Shanghai STAR Market IPO is later May 2020.

其次，ACM上海科創板IPO的更新時間為2020年5月稍後。

We submitted IPO applications to Shanghai Stock Exchange Commission.

我們向上海證券交易所提交了IPO申請。

After too long of the question and answer, later in September, the STAR Market Listing Committee approved applications.

經過長時間的問答，9月下旬，科創板上市委員會批准了申請。

At this point, the listing is subject to submission of formal registration and to review and approval by the China Securities Regulatory Commission.

目前，本次上市尚需提交正式登記並申報證監會核准。

With a timely registration, we expect to launch the process later this month and product IPO by year-end.

透過及時註冊，我們預計將於本月稍後啟動該流程，並在年底前進行產品首次公開發行。

Before I turn the call over to Mark, I would like to discuss our 2020 outlook.

在將電話轉給 Mark 之前，我想討論一下我們 2020 年的展望。

We now turn to Slide 7. Looking forward, we are excited by our business opportunities.

我們現在轉向幻燈片 7。展望未來，我們對我們的商機感到興奮。

We remain optimistic about the remainder of 2020 and our growth prospects for 2021 and beyond.

我們對 2020 年剩餘時間以及 2021 年及以後的成長前景保持樂觀。

Accordingly, we have updated our full year 2020 outlook as follows.

因此，我們更新了 2020 年全年展望如下。

We have reached low end of our range.

我們已經達到了範圍的低端。

We now expect revenue to be between $145 million and $155 million compared to the prior range of $140 million to $155 million.

我們現在預計營收將在 1.45 億美元至 1.55 億美元之間，而先前的範圍為 1.4 億美元至 1.55 億美元。

The reverse revenue range represents 39.5% NA growth at the middle point.

反向收入範圍代表中間值 39.5% 的 NA 成長。

The implied revenue at the middle point for the fourth quarter represents 58% year-on-year growth.

第四季中點隱含營收年增58%。

Our outlook for the remainder of 2020 is based on several key assumptions.

我們對 2020 年剩餘時間的展望是基於幾個關鍵假設。

First, COVID-19 situation remains stable in China and working on a global basis in the coming months.

首先，未來幾個月，中國和全球範圍內的 COVID-19 情況保持穩定。

Second, Chinese semiconductor industry fab investment continues.

其次，中國半導體產業晶圓廠投資持續。

Third, the revenue range assumes good growth from NAND and foundry large customers and muted DRAM recovery.

第三，收入範圍假設 NAND 和代工大客戶實現良好成長，而 DRAM 復甦乏力。

Our outlook, also assuming limited contribution in Q4 from SMIC.

我們的展望也假設中芯國際第四季的貢獻有限。

Our results and outlook demonstrated successful execution of our strategy.

我們的結果和前景證明了我們策略的成功執行。

Our strong growth is providing opportunity to our tax rate, our R&D spending in new products and deliver the profitability that our investors expect.

我們的強勁成長為我們的稅率、新產品的研發支出提供了機會，並實現了投資者期望的獲利能力。

We are building a global sales and marketing resources to penetrate their new customers in new regions.

我們正在建立全球銷售和行銷資源，以滲透到新地區的新客戶。

And we are scaling production capacity to support our long-term growth plan as we continue on our mission to become a major equipment supplier to the global semiconductor industry.

我們正在擴大產能以支持我們的長期成長計劃，同時我們繼續履行成為全球半導體產業主要設備供應商的使命。

To conclude, I would like to thank our employees for their hard work and dedication.

最後，我要感謝我們的員工的辛勤工作和奉獻精神。

I also want to thank our customers, partners and shareholders for their continued support and confidence in ACM Research.

我還要感謝我們的客戶、合作夥伴和股東對 ACM Research 的持續支持和信心。

I will now turn the call over to Mark to discuss the financial results in more detail.

我現在將把電話轉給馬克，更詳細地討論財務表現。

Thank you, David, and good day, everyone.

謝謝你，大衛，大家好。

We had strong financial results in the third quarter.

我們第三季的財務業績強勁。

Unless I note otherwise, I will refer to non-GAAP financial measures, which excludes stock-based compensation, change in fair value of financial liability and unrealized gain in trading securities.

除非我另有說明，否則我將參考非公認會計準則財務指標，其中不包括股票薪酬、金融負債公允價值變動和交易證券的未實現收益。

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

我們的收益報告中包含了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調整表。

Turning to Slide 8. For the third quarter, revenue was $47.7 million, up 42.6%.

轉向幻燈片 8。第三季營收為 4,770 萬美元，成長 42.6%。

Growth was driven by solid demand for our front-end equipment and back-end tools.

對我們前端設備和後端工具的強勁需求推動了成長。

We had a strong contribution of revenue from 3 of our major front-end customers and also 1 of our back-end customers.

我們的 3 個主要前端客戶和 1 個後端客戶為我們帶來了強勁的收入貢獻。

Total shipments were $59 million versus $43 million in the year ago quarter and $45 million last quarter.

總出貨量為 5,900 萬美元，去年同期為 4,300 萬美元，上季為 4,500 萬美元。

As David noted, this marked another record level of quarterly shipments, an important demonstration of scale to the industry.

正如戴維所指出的，這標誌著季度出貨量再創歷史新高，是產業規模的重要體現。

Total shipments include deliveries for which revenue was recognized in the quarter as well as deliveries of systems awaiting customer acceptance for potential revenue in future quarters.

總出貨量包括本季已確認收入的交付量以及等待客戶接受未來季度潛在收入的系統的交付量。

Gross margin was 42.8% versus 49.1%.

毛利率為 42.8%，去年同期為 49.1%。

Gross margin was within our long-term target of 40% to 45%.

毛利率在我們 40% 至 45% 的長期目標之內。

Gross margin varies on a quarterly basis due to a variety of factors such as sales volume and product mix.

由於銷量和產品組合等多種因素，毛利率按季度有所不同。

Operating expenses were $10.1 million, up 29%.

營運費用為 1,010 萬美元，成長 29%。

The year-on-year increase was driven by higher R&D on new products, higher G&A expenses related to the STAR Market IPO.

年比成長的原因是新產品研發的增加以及與科創板IPO相關的一般管理費用的增加。

Operating income was $10.3 million, up 19.8%.

營業收入為 1,030 萬美元，成長 19.8%。

Operating margin was 21.6% versus 25.7%.

營業利益率分別為 21.6% 和 25.7%。

Now some detail below the operating line.

現在介紹一下操作線下面的一些細節。

Non-GAAP results exclude stock-based compensation and 2 additional items.

非 GAAP 業績不包括以股票為基礎的薪酬和 2 個附加項目。

The first change in fair value of financial liability is a nonoperating noncash book loss of $6.5 million.

金融負債公允價值的第一個變動是 650 萬美元的非經營性非現金帳面損失。

As described in last quarter's call and in our 10-Q filings, the liability was related to private equity investments in ACM prior to the 2017 IPO.

正如上一季的電話會議和我們的 10-Q 文件中所述，該負債與 2017 年 IPO 之前對 ACM 的私募股權投資有關。

The PE investment was restructured through a number of agreements to comply with the STAR Market IPO.

PE投資透過多項協議進行重組，以符合科創板IPO的要求。

The liability was terminated on July 28 with the issuance of an equity warrant, after which it became a balance sheet item, will no longer impact our impact -- our income statement in Q4 and beyond.

該負債於 7 月 28 日隨著認股權證的發行而終止，之後它成為資產負債表項目，將不再影響我們的影響——我們第四季度及以後的損益表。

Second is the unrealized gain on trading securities of $9 million from our SMIC investment.

其次是我們對中芯國際投資的未實現交易證券收益 900 萬美元。

The investment was mark-to-market at quarter end, and the gain reflects the increase in value from the original IPO price.

該投資於季度末按市價計價，收益反映了原始 IPO 價格的價值增長。

We will exclude this item from the non-GAAP results until the gain is realized when or if we sell the shares.

我們將從非公認會計準則績效中排除此項目，直到我們出售股票或如果我們實現收益為止。

Net interest expense was approximately $0.1 million, unchanged from last year.

淨利息支出約 10 萬美元，與去年持平。

Other expense was $1.8 million versus other income of $1.8 million.

其他支出為 180 萬美元，而其他收入為 180 萬美元。

This is a significant year-on-year swing of $3.6 million that impacted our bottom line.

年比大幅波動 360 萬美元，影響了我們的利潤。

Other expense is primarily due to realized gains and losses caused by currency fluctuations on our working capital during a given quarter.

其他費用主要是由於特定季度內我們營運資金的貨幣波動所造成的已實現損益。

Tax benefit was $1.7 million versus $0.3 million.

稅收優惠為 170 萬美元，對比 30 萬美元。

The large benefit in Q3 of 2020 was due in part to option exercises, which had a favorable impact on our global tax rate.

2020 年第三季的巨大收益部分歸功於選擇權行使，這對我們的全球稅率產生了有利影響。

The 2019 results also included a benefit that resulted from the release of valuation allowance.

2019年業績也包括釋放估值備抵帶來的收益。

While our tax rate can have big fluctuations on a quarterly basis for a number of factors, we suggest you model 12% to 14% non-GAAP effective tax rate for future periods.

雖然我們的稅率可能會因多種因素而按季度大幅波動，但我們建議您為未來期間建立 12% 至 14% 的非 GAAP 有效稅率模型。

Noncontrolling interest was $1.4 million versus $0.3 million.

非控制權益為 140 萬美元，而非控制權益為 30 萬美元。

While this line can vary as well, we encourage analysts to model about 8.3% of net income for this line item as a proxy for the minority interest in ACM Shanghai held by PE investors.

雖然該線也可能有所不同，但我們鼓勵分析師對該線項目的淨利潤的 8.3% 左右進行建模，作為 PE 投資者持有的 ACM 上海少數股權的代理。

Net income attributable to ACM Research was $9 million versus $10.3 million.

ACM Research 的淨利潤為 900 萬美元，而歸屬於 1,030 萬美元。

The currency and tax items contributed a net benefit of $0.3 million in the third quarter of 2020 versus a net benefit of $3.4 million in 2019.

貨幣和稅收項目在 2020 年第三季貢獻了 30 萬美元的淨收益，而 2019 年的淨收益為 340 萬美元。

Net income per diluted share was $0.42 versus $0.53.

稀釋後每股淨利潤為 0.42 美元，而稀釋後每股淨利潤為 0.53 美元。

If we exclude the currency items as discussed above and normalized tax at 12%, the apples-to-apples comparison is $0.40 versus $0.36.

如果我們排除上述貨幣項目和 12% 的標準化稅率，則同類比較為 0.40 美元與 0.36 美元。

Now I'll review the balance sheet items at the end of Q3.

現在我將回顧第三季末的資產負債表項目。

Cash and equivalents were $92.2 million, up from $86.4 million at the end of Q2.

現金及等價物為 9,220 萬美元，高於第二季末的 8,640 萬美元。

The quarter-on-quarter increase was due primarily to net cash provided by operating activities and a higher draw on our line of credit.

環比成長主要是由於經營活動提供的淨現金以及我們的信用額度提取量增加。

In addition to the cash balance, we also had trading securities of $24 million on our balance sheet related to our SMIC investment.

除了現金餘額外，我們的資產負債表上還有與中芯國際投資相關的 2,400 萬美元的交易證券。

This is treated as a current asset as we were locked up for a year from the initial share purchase date.

這被視為流動資產，因為我們從最初的股票購買之日起被鎖定一年。

Short-term borrowings were $28.3 million, up from $25.8 million at the end of Q2.

短期借款為 2,830 萬美元，高於第二季末的 2,580 萬美元。

Total inventory was $64.2 million, up from $49.7 million at the end of last quarter.

庫存總額為 6,420 萬美元，高於上季末的 4,970 萬美元。

Of the total, finished goods inventory increased to $23 million from $17 million at the end of the last quarter.

其中，成品庫存從上季末的 1,700 萬美元增加到 2,300 萬美元。

The $6 million quarter-on-quarter change represents a net increase of first tools that have been shipped to customers for valuation.

600 萬美元的季度環比變化代表已交付給客戶進行評估的首批工具的淨增長。

Note that finished goods inventory is carried on ACM's balance sheet at cost pending customer acceptance and future revenue recognition.

請注意，成品庫存按成本記入 ACM 的資產負債表，等待客戶接受和未來收入確認。

Year-to-date, we have spent a total of $16 million on Lingang-related investments.

今年迄今為止，我們在臨港相關投資上總共花了1,600萬美元。

This includes $9.3 million for the lab rights and $7 million in deposits for employee housing.

其中包括 930 萬美元的實驗室權利和 700 萬美元的員工住房押金。

In addition, we've spent $3.7 million in capital expenditures.

此外，我們還花費了 370 萬美元的資本支出。

We anticipate another $9 million to $10 million of Lingang facility CapEx and employee housing in the fourth quarter for a total of $29 million to $30 million of total CapEx in Lingang-related spending for the full year.

我們預計第四季臨港設施資本支出和員工住房將再增加 900 萬至 1,000 萬美元，全年臨港相關支出總額將達到 2,900 萬至 3,000 萬美元。

To conclude, we are participating in the growth of major new IC fabs, ramping production, and we continue to develop and deliver innovative products.

總而言之，我們正在參與主要新 IC 晶圓廠的發展，提高產量，並繼續開發和提供創新產品。

We're optimistic about our opportunities in China and expansion outside of China.

我們對在中國的機會以及在中國以外的擴張感到樂觀。

And we remain committed to achieving our mission to become a major player in the semiconductor equipment market.

我們仍然致力於實現成為半導體設備市場主要參與者的使命。

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

現在讓我們開始通話，解答您可能有的任何問題。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Our first question comes from the line of Patrick Ho from Stifel Nicholas.

（操作員說明）我們的第一個問題來自 Stifel Nicholas 的 Patrick Ho。

Congrats on a nice quarter and outlook.

祝賀一個美好的季度和前景。

David, maybe first off, in terms of the market environment.

大衛，也許首先是在市場環境方面。

You've obviously posted very strong shipment and revenues in the September quarter.

顯然，你們在九月季度的出貨量和收入都非常強勁。

Can you discuss with your customer discussions, whether you're seeing an accelerated shift of a localization effort?

您能否與客戶討論您是否看到在地化工作正在加速轉變？

And how that's potentially helping you as you look at 2021 as a whole?

展望 2021 年，這對您有何潛在幫助？

Are you seeing more chipmakers come to you as the political tensions rise and the effects of that for your business?

隨著政治緊張局勢加劇及其對您業務的影響，您是否看到更多晶片製造商來找您？

Okay.

好的。

Patrick, thank you.

派崔克，謝謝你。

Okay.

好的。

For the -- this year, Q3, we have very strong and quarter shipment.

今年第三季度，我們的季度出貨量非常強勁。

And also, we see to continue that trend in Q4.

而且，我們預計第四季將繼續這種趨勢。

And also, we have good indication even in the first half of the next year.

而且，即使在明年上半年，我們也有良好的跡象。

However, as we normally give a projection of next year, normally by early January, so probably do those next year guidance by the time.

然而，由於我們通常會在一月初給出明年的預測，所以可能會在那時做出明年的指導。

Again, this is a real -- I see there opportunity here.

再說一遍，這是一個真正的機會——我在這裡看到了機會。

We have our China fab continued investment, and our major customers continue committing expansion fab.

我們對中國晶圓廠持續投資，我們的主要客戶繼續承諾擴建晶圓廠。

And we will also see that DRAM recovery maybe at some point next year.

我們也可能會在明年的某個時候看到 DRAM 的復甦。

And also do -- we do have a new customer and add in our customer base.

而且我們確實有了一個新客戶並增加了我們的客戶群。

And also we'll see there also new products either qualifying, like ECP, semi-critical 3D cleaning tool and also Tahoe, including also our recent vertical furnaces.

我們還將看到符合資格的新產品，例如 ECP、半臨界 3D 清潔工具以及 Tahoe，包括我們最近的立式爐。

And we'll see probably multiple contribution from those other -- above products.

我們可能會看到上述其他產品的多重貢獻。

By end of Q3, we'll have about a $40 million deferred revenue in the end of the Q3.

到第三季末，我們將獲得約 4,000 萬美元的遞延收入。

So Mark, anything you want to add on that?

馬克，你還有什麼要補充的嗎？

No, I think you covered it well.

不，我認為你覆蓋得很好。

Patrick, if you have another question?

派崔克，你還有其他問題嗎？

Yes.

是的。

Yes.

是的。

Mark, my follow-up question more for you.

馬克，我的後續問題更問你。

So you mentioned that inventories went up primarily due to the inventory you were building for some of your evaluation units.

因此，您提到庫存增加主要是由於您為某些評估單位建立的庫存。

Given that there's still a little bit of disruption in the supply chain-related to COVID and the ability to procure parts, other equipment companies have talked about just building, I guess, standard inventory for parts given the increase in demand.

鑑於與新冠疫情相關的供應鏈以及採購零件的能力仍然存在一些中斷，我猜，考慮到需求的增加，其他設備公司已經討論過建立零件的標準庫存。

How -- can you just give a little bit of color of whether you're building any inventory for your general core product lines?

您能否透露一下您是否正在為一般核心產品線建立任何庫存？

Whether you need to do that as well?

您是否也需要這樣做？

Or has the supply chain basically opened up enough where you feel comfortable in the procurement of key supplies and parts?

或者供應鏈基本上已經開放，您可以放心地採購關鍵物資和零件？

Yes.

是的。

No, thanks for the question, Patrick.

不，謝謝你的提問，派崔克。

Yes, so first on -- you did call out a lot of the inventory uptick was from demo tools.

是的，所以首先 - 您確實指出很多庫存上升來自演示工具。

So that was a big factor.

所以這是一個很大的因素。

And we carry those at cost.

我們以成本價出售這些產品。

And those are really a number of tools that -- they are range of tools that our customers are evaluating.

這些確實是我們的客戶正在評估的一系列工具。

And typically 2 to 4 quarters, we'd expect to take revenue on them.

通常，我們預計在 2 到 4 個季度內就能獲得收入。

In terms of our overall chain, it's -- there's always work to be done on that.

就我們的整個鏈條而言，在這方面始終有工作要做。

We did see some lead times with some items got a little longer.

我們確實看到某些商品的交貨時間更長了一些。

But we're working really closely with our suppliers.

但我們正在與供應商密切合作。

We don't feel like we're really built any additional inventory because of any potential tightness.

由於潛在的緊張，我們並不認為我們真的建立了任何額外的庫存。

The inventory that we may have built up was really just in front of a good ramp that we expect next quarter.

我們可能已經建立的庫存實際上正好處於我們預計下個季度的良好成長之前。

Our next question comes from the line of Charlie Chan from Morgan Stanley.

我們的下一個問題來自摩根士丹利的陳查理。

So again congratulations for your great execution and also your clarification about the JCAP -- the short selling reports.

再次恭喜您出色的執行力以及您對 JCAP（賣空報告）的澄清。

I think that is very helpful.

我認為這非常有幫助。

So as usual, I still want to follow up your progress at the top-tier customers for leading logic/foundry and also the U.S. memory accounts.

因此，像往常一樣，我仍然想跟進您在領先邏輯/代工廠以及美國內存客戶的頂級客戶方面的進展。

Can you give us some update there?

您能給我們一些最新消息嗎？

Great.

偉大的。

Again, we're still continuing working with the leading customer, right, and probably both in Taiwan and also in North America.

再說一遍，我們仍在繼續與主要客戶合作，對吧，可能是在台灣，也可能是在北美。

And also, I should say, there we're making progress.

而且，我應該說，我們正在取得進展。

And especially one of the leading customers, they're very familiar with our tool.

尤其是主要客戶之一，他們非常熟悉我們的工具。

And we're talking about for the demo tool.

我們正在討論演示工具。

And hopefully, by end of this year, we can receive that demo of -- demo tool, then we deliver probably next year.

希望到今年年底，我們能夠收到演示工具的演示，然後我們可能會在明年交付。

And eventually probably take another 6, 10 months for further qualification.

最終可能還需要 6 到 10 個月的時間才能獲得進一步的資格。

And meanwhile, as I said, we're still working with multiple other customers in North America and also in Taiwan.

同時，正如我所說，我們仍在與北美和台灣的多個其他客戶合作。

And we believe next year can be another exciting year for us to penetrate in top-tier customer.

我們相信明年對於我們滲透到頂級客戶來說將是另一個令人興奮的一年。

And the reason I say that is we have a strong confidence, our cleaning tool, TEBO and Tahoe, and plus also has the customer higher interest for cleaning tool too.

我這麼說的原因是我們有很強的信心，我們的清潔工具TEBO和Tahoe，而且客戶對清潔工具也有更高的興趣。

So again, time going on, and we'll see that progress.

再說一遍，隨著時間的推移，我們會看到進展。

Okay.

好的。

Great.

偉大的。

So David, so I think you must see that there's a big M&A announced that in terms of NAND considering to Hynix.

David，所以我想你一定會看到，在 NAND 方面，考慮到 Hynix 宣布了一項大型併購。

And since the Hynix is the customer you have disclosed, do you think that is the kind of the tailwind for you to expand your business in NAND flash, I mean, from this merger?

由於 Hynix 是您所揭露的客戶，您認為這是否是您擴展 NAND 快閃記憶體業務的順風車，我的意思是，透過這次合併？

Yes, definitely, right?

是的，絕對是，對吧？

I think obviously, this is -- I've heard this news, right?

我想顯然，這是——我聽說過這個消息，對嗎？

And that's positive in time.

這在時間上是正面的。

I heard that.

我聽說。

Nothing really happened very rapidly.

沒有什麼事情真的發生得很快。

They probably will take a couple of years to finish all their completion of the MA.

他們可能需要幾年的時間才能完成所有的碩士課程。

But anyway, since Hynix is our customer and also their fab or interfab located in a town in China.

但無論如何，因為海力士是我們的客戶，也是他們位於中國小鎮的晶圓廠或中間工廠。

So we see the good positive sign for us and to get into and -- this 3D NAND business.

因此，我們看到了進入 3D NAND 業務的良好積極跡象。

Plus, we have a lot of process build up in our 1TC in the Wuhan.

另外，我們在武漢的 1TC 建立了許多流程。

So we are very familiar with our 3D NAND process.

所以我們對我們的3D NAND工藝非常熟悉。

And we've -- as I mentioned, our fabs and our future Tahoe and also our even 3 semi-critical process tool also contributed a lot in the 3D manufacturing business.

正如我所提到的，我們的晶圓廠和未來的 Tahoe 以及我們的 3 個半關鍵製程工具也在 3D 製造業務中做出了巨大貢獻。

So it's a good sign for us.

所以這對我們來說是一個好兆頭。

Okay.

好的。

And next, I want to follow up the question from the first speaker about the China CapEx.

接下來，我想跟進第一位講者關於中國資本支出的問題。

I know you cannot guide for 2021 for the time being.

我知道你暫時無法指導 2021 年。

But in terms of the China CapEx for 2021, do you think the CapEx size is going to be larger than this year because there could be some challenges?

但就 2021 年中國資本支出而言，您認為資本支出規模會比今年更大，因為可能會遇到一些挑戰嗎？

For example, SMIC already had around USD 6 billion to USD 7 billion this year.

例如，中芯國際今年已有約60億至70億美元。

So it's going to be a tough comparison for next year.

因此，明年將是一個艱難的比較。

And also, I heard that there could be some scrutiny about China memory projects because there were some projects that weren't that successful or ROI was too low.

而且，我聽說中國內存項目可能會受到一些審查，因為有些項目不太成功或投資回報率太低。

So what do you think about the China CapEx size for 2021 compared to this year?

那麼，與今年相比，您如何看待 2021 年中國資本支出規模呢？

And what would that mean to your 2021 growth?

這對您 2021 年的成長意味著什麼？

Okay.

好的。

So, so far -- and I think our customer, like 1TC and Huahong, and also our new -- added new customer, including DRAM customer too, a very, very good plan indication next year.

所以，到目前為止，我認為我們的客戶，如 1TC 和華虹，以及我們新增加的新客戶，也包括 DRAM 客戶，這是明年非常非常好的計劃。

And that's why we see there good indication for the first half of next year, and continue expanding.

這就是為什麼我們看到明年上半年有良好跡象並繼續擴張的原因。

Regarding SMIC, obviously, at this moment, we are not sure what's going on, right?

對於中芯國際，顯然，此時此刻，我們還不確定到底發生了什麼，對嗎？

And is that to be released?

那是要釋放的嗎？

What I call it loose of the license for the '20 to (inaudible) or not, we don't know yet but we are really carefully watching the progress.

我所說的「20 世紀 20 年代許可證鬆動」（聽不清楚）是否鬆動，我們還不知道，但我們正在仔細觀察進展。

See -- in this moment, we still can supply our tool to the SMIC.

你看——此時此刻，我們仍然可以向中芯國際提供我們的工具。

So we're expecting those situations to improve and they can build in their 20 NAND in Beijing, and that's something we expected in expansion, if all this license problem is going to solve, right?

因此，我們預計這些情況會得到改善，他們可以在北京建造 20 NAND，如果所有這些許可問題都能解決，這就是我們在擴張中所期望的，對嗎？

So we'll let Beijing cautiously watch our progress, right?

所以我們會讓北京謹慎地觀察我們的進展，對嗎？

Okay.

好的。

And lastly, I'm not sure you can talk about this here.

最後，我不確定你是否可以在這裡談論這個。

But what is the expected market cap of your China subsidiary, for the IPO?

但貴公司中國子公司首次公開募股的預期市值是多少？

Oh, wow, that's a good question.

哦，哇，這是個好問題。

Again, we are in the sensitive period.

再次，我們正處於敏感期。

We cannot comment on that.

我們無法對此發表評論。

But one thing, you look at our market cap in the non-stock and -- or you're looking at other semiconductor company in the stock market, right?

但有一件事，你看看我們的非股票市值，或者你正在看看股票市場上的其他半導體公司，對嗎？

Those peer NPE ratio is a multiple of the U.S. So anyway, we have, I should say, positive and -- expectation and -- for us to be good pricing and IPO, right, reasonable good pricing and balance of the company and also balance the investor interest.

這些同業 NPE 比率是美國的倍數。所以無論如何，我應該說，我們有積極的預期，並且對我們來說有良好的定價和 IPO，對，合理的良好定價以及公司的平衡和平衡投資者的興趣。

Our next question comes from the line of Suji Desilva from ROTH Capital.

我們的下一個問題來自羅斯資本 (ROTH Capital) 的 Suji Desilva。

Congratulations on the progress here.

恭喜這裡的進展。

So a couple of specific questions.

有幾個具體問題。

I mean on the Ultra C Tahoe product, you've had success in the foundry segment.

我的意思是，在 Ultra C Tahoe 產品上，您在代工領域取得了成功。

Is the memory customer base looking at that aggressively?

內存客戶群對此是否抱持正面的態度？

Or will that take longer?

或會需要更長的時間？

Okay.

好的。

Actually, Tahoe product, we are shipping 3 product already, right, including the first one, and this all comes through the foundry repeat order customer.

實際上，Tahoe 產品，我們已經發貨了 3 個產品，對吧，包括第一個，這都是透過代工廠重複訂單客戶提供的。

And so they like the tool and they like this product.

所以他們喜歡這個工具，也喜歡這個產品。

That's why they gave us 2 additional repeat orders.

這就是為什麼他們給了我們 2 個額外的重複訂單。

And we do have a good conversation and engagement with multiple memory customers and also another foundry customer, too.

我們確實與多個記憶體客戶以及另一個代工客戶進行了良好的對話和互動。

So we did well at a multiple foundry customer too, by the way.

順便說一句，我們在多家代工廠客戶中也表現出色。

So we think that the Tahoe tool will give our customer benefit in terms of the control, the chemistry, consumption, CAGR at least 80% or more.

因此，我們認為 Tahoe 工具將為我們的客戶帶來控制、化學、消耗、複合年增長率至少 80% 或更多方面的利益。

And also, at the same time, provide improved performance.

同時，也提供改進的性能。

So well, we expect to see more customers add the tool, and we're also expecting to give a good contribution for our revenue next year.

那麼，我們期望看到更多的客戶添加該工具，我們也期望明年為我們的收入做出良好的貢獻。

Okay.

好的。

And my follow-up question is, could you update us on the China analog customer that you announced last quarter?

我的後續問題是，您能否向我們介紹上季宣布的中國模擬客戶的最新情況？

Also the U.S. OEM partnership?

還有美國 OEM 合作夥伴嗎？

Those 2 new announcements last quarter.

上個季度這兩項新公告。

Any update there?

有更新嗎？

Yes.

是的。

Okay.

好的。

I think there, as I said, we do have our 2 new customer in the analog and power devices.

我認為，正如我所說，我們確實在類比和功率元件領域有了兩個新客戶。

And we delivered to and especially to the one of those customers.

我們向其中一位客戶交付了產品。

Another customer, we'll probably delivered to Q1 next year.

另一位客戶，我們可能會在明年第一季交付。

And there also, we have our, I call, OEM customer in U.S. and the tool.

此外，我們還有美國的 OEM 客戶和工具。

We're already qualify their process.

我們已經驗證了他們的流程。

And I think they like our performance in terms of cleaning.

我認為他們喜歡我們在清潔方面的表現。

And I hope this is cleaning capability, where we'll add -- is the benefit to be enhanced their tool quality.

我希望這是清潔能力，我們將在其中添加 - 是提高工具品質的好處。

So we are working very well.

所以我們工作得很好。

Our next question comes from the line of Donnie Teng from Nomura.

我們的下一個問題來自野村證券的鄧東（Donnie Teng）。

My first question is regarding to the assumption of your 2020 guidance.

我的第一個問題是關於 2020 年指導的假設。

So in the point 4, you mentioned about your outlook assumes limited contribution in Q4 from SMIC.

因此，在第 4 點中，您提到您的展望假設中芯國際第四季的貢獻有限。

Can I have some more colors on this assumption?

在這個假設上我可以有更多的顏色嗎？

The reason is because I think not all the equipment or material suppliers received U.S. government's notification on not shipping any equipment to SMIC.

原因是因為我認為並不是所有的設備或材料供應商都收到了美國政府不向中芯國際運送任何設備的通知。

So just curious about if we are a little bit too conservative to assume we have limited contribution in Q4 from SMIC?

所以只是想知道我們是否有點過於保守而認為中芯國際在第四季的貢獻有限？

Or is any other reason behind?

還是背後有其他原因？

Okay.

好的。

Actually, we have a good delivery in Q2 and Q3 for SMIC.

事實上，中芯國際第二季和第三季的交付情況良好。

And we consider probably this year, the contribution from SMIC could be maybe 10% to 20%, in that range.

我們認為今年中芯國際的貢獻可能是10%到20%，在這個範圍內。

We'll not see -- for next year, we don't know.

我們不會看到——明年，我們不知道。

But so far, our -- all the deals we've seen so far, all the request mix so far will keep on schedule, right?

但到目前為止，我們迄今為止看到的所有交易、所有請求組合都將按計劃進行，對吧？

And so as a matter of review next year, how much they are going to do their expansion, probably well, just I said, watch carefully and maybe cautiously the progress.

因此，作為明年的審查問題，他們將進行多少擴張，可能很好，就像我說的，仔細觀察，也許要謹慎地觀察進展。

So for next year, we're not going to put too much count in the projection for the SMIC in our next year's projection.

因此，對於明年，我們不會在明年的預測中過多考慮對中芯國際的預測。

Maybe things are changing.

也許事情正在改變。

But anyway, at this moment, we'll cautiously project revenue contribution for next year.

但無論如何，目前我們將謹慎預測明年的營收貢獻。

Okay.

好的。

So David, sorry.

所以大衛，對不起。

So I just rephrase what you say.

所以我只是改寫你所說的話。

So basically, we have gained quite meaningful shares at SMIC in Q2 and Q3.

所以基本上，我們在第二季和第三季在中芯國際獲得了相當有意義的股票。

So in Q4, probably the momentum is temporarily slowing down maybe due to customers' sales recognition schedule.

因此，在第四季度，由於客戶的銷售認可計劃，勢頭可能會暫時放緩。

But another thing I would like to clarify is that -- just wondering, have you -- have SMR received any notification from U.S. government or not?

但我想澄清的另一件事是——只是想知道，SMR 是否收到了美國政府的任何通知？

So if we don't receive anything, does that mean we can continuously ship into SMIC as long as they are still investing into the capacity expansion?

那麼如果我們沒有收到任何東西，是否意味著只要中芯國際仍在投資產能擴張，我們就可以繼續向中芯國際供貨？

Let me say again.

我再說一次。

I think that our cleaning technology or product and the IT has been developed in Shanghai, right, about 2006, 2007.

我認為我們的清潔技術或產品以及IT是在上海開發出來的，對吧，大約2006年、2007年。

So I should say, I couldn't comment on leather.

所以我應該說，我無法評論皮革。

But we can see that we still can deliver a tool to SMIC.

但我們可以看到，我們仍然可以向中芯國際提供一個工具。

That's based on their export control in the U.S. and also our consulting work with export control layer in the U.S.

這是基於他們在美國的出口管制以及我們與美國出口管制層的諮詢工作。

Okay.

好的。

My second question is regarding to the gross margin.

我的第二個問題是關於毛利率。

I know Mark has already said that our long-term target is like 40%, 45% range.

我知道馬克已經說過我們的長期目標是 40%、45% 的範圍。

But could you elaborate more on what kind of gross margin level we have on different kinds of equipment as we now have quite diversified equipment in the pipeline?

但是，您能否詳細說明我們在不同類型設備上的毛利率水平是多少，因為我們現在正在開發的設備相當多樣化？

So could you give us more color on how should we rank the gross margin by different kinds of equipment?

那麼您能否給我們更多關於我們應該如何對不同類型設備的毛利率進行排名的信息？

David, do you want me to answer that?

大衛，你想讓我回答這個問題嗎？

Or do you want to...

或者你想...

Yes.

是的。

Let me start at the high level.

讓我從高層次開始。

We'll then give more detail, right?

然後我們會提供更多細節，對吧？

I should say, obviously, you look at here, single-wafer tool has more high margins and SAPS-VI and Tahoe.

我應該說，顯然，你看這裡，單晶圓工具具有更高的利潤率，並且SAPS-VI和Tahoe。

And then you look at our semi-critical, I call, product cleaning tool, auto bench, is a pretty mature technology.

然後你看看我們的半關鍵產品清潔工具，自動工作台，是相當成熟的技術。

So they have a lower margin for this rate.

因此他們的利潤率較低。

And also scrubber, low margin.

還有洗滌器，利潤低。

And therefore, the backside cleaning, that's a pretty good margin.

因此，背面清潔​​是一個相當不錯的利潤。

Regarding the plating tool, you also have a front-end and back-end for the -- at the moment of packaging.

關於電鍍工具，包裝時也有前端和後端。

Also for the front-end, damaging, covering their connection, regular margins.

同樣對於前端，損壞，覆蓋它們的連接，規則的邊距。

And for the packaging, it's very -- because of a competing price from the, I call the, packaging house.

對於包裝來說，這是非常-因為來自我稱之為包裝廠的競爭性價格。

So that margin will be lower than in front-end.

因此，該利潤率將低於前端。

As we go to vertical furnace, that's pretty fine, right?

當我們使用立式爐時，這很好，對吧？

I should say, they're in middle range of margins.

我應該說，它們的利潤處於中等範圍。

And so that may basically lay out to the margin-wise.

因此，這基本上可能是在利潤方面的。

Again, every quarter, different combination and different kind of, I call the, product mix.

同樣，每個季度都有不同的組合和不同類型的產品組合。

So that's why our margin can be sometime go higher, sometime go lower.

這就是為什麼我們的利潤有時會更高，有時會更低。

But as said, in the premier few year time line, we still project a margin between 40% and 45% is really balanced between our advanced tool selling versus revenue and also sometimes in craft.

但正如我們所說，在最初的幾年時間裡，我們仍然預計 40% 到 45% 之間的利潤率在我們的先進工具銷售與收入之間以及有時在工藝方面是真正平衡的。

The customer, they do need -- we make more portfolio product.

客戶確實需要－我們生產更多的產品組合。

So it's going to balance, right?

所以它會平衡，對嗎？

And I'd still say, 40%, 45% is a near-term -- 3 years margin target.

我仍然想說，40%、45% 是近期——3 年的利潤率目標。

Mark, anything you want to add?

馬克，你還有什麼要補充的嗎？

Yes.

是的。

No, thanks, David.

不，謝謝，大衛。

You covered most of the points.

您涵蓋了大部分要點。

I mean, just to summarize, big picture, ACM, every tool we provide, there's going to be some innovation.

我的意思是，總結一下，整體而言，ACM，我們提供的每一個工具，都會有一些創新。

We don't like our offering meet 2 type products.

我們不喜歡我們的產品滿足兩種類型的產品。

Some of them are a lot more than others.

其中一些比其他的要多得多。

So like David said, our flagship cleaning tools, SAPS, TEBO, Tahoe and ECP.

正如 David 所說，我們的旗艦清潔工具 SAPS、TEBO、Tahoe 和 ECP。

Those look at really good margins.

這些看起來確實很不錯的利潤。

And we have good margins for our semi-critical as well, but they're lower than some of the flagships.

我們的半關鍵產品也有不錯的利潤，但低於一些旗艦產品。

But we've tried to balance strong innovation with a very good cost structure to deliver the gross margins in that range.

但我們試圖在強大的創新與非常好的成本結構之間取得平衡，以實現該範圍內的毛利率。

Next question comes from Charles Shi from Needham & Company.

下一個問題來自 Needham & Company 的 Charles Shi。

My first question, maybe a quick follow-up question to Donnie's question on SMIC.

我的第一個問題，也許是唐尼關於中芯國際問題的快速後續問題。

I heard -- yes, you probably qualify -- qualitatively give us a picture about the demand profile mix this year.

我聽說——是的，你可能有資格——定性地向我們展示今年的需求概況組合。

Can you provide a little bit of quantitative help to us?

您能為我們提供一點定量的協助嗎？

How much of a revenue exposure do you have to SMIC this year?

今年您對中芯國際的收入曝險有多少？

Any of the directional comment would be great.

任何定向評論都會很棒。

Okay.

好的。

Probably, I should say that in the last 2 years, our revenue from the SMIC is about less than 10%, right, at the range.

也許我應該說，過去兩年，我們從中芯國際的收入大約不到10%，對吧，在這個範圍內。

This year, actually we see increase.

今年，實際上我們看到了成長。

And probably, the range, I'd say, this year depends also first quarter ending was 13%, 14% maybe -- 14%, 15% range in terms of revenue come from the SMIC.

我想說，今年的範圍也取決於第一季末的收入，可能是 13%、14%——14%、15% 的範圍來自中芯國際。

So that's this year's standards, obvious increase from last year.

這就是今年的標準，比去年有明顯的提升。

Great, great, great.

太棒了，太棒了，太棒了。

That's really helpful.

這真的很有幫助。

So my next question is actually a 3-part question, really about your -- the market demand outlook.

所以我的下一個問題其實是一個由三個部分組成的問題，實際上是關於市場需求前景的。

So when I look at your revised 2020 outlook, the implied growth rate exactly like you said, it's about 40% for you.

因此，當我查看您修訂後的 2020 年展望時，隱含成長率正如您所說，大約為 40%。

We know that the SK Hynix was your leading customer.

我們知道 SK Hynix 是您的主要客戶。

Their spending is slightly much lower than last year, but the domestic China WFE is up from about $6.5 billion last year to about $10 billion-plus this year.

他們的支出比去年略低很多，但中國國內的WFE從去年的約65億美元增加到今年的約100億美元以上。

Looks like you have outperformed the market and gained some market share in domestic China.

看起來你們已經跑贏了市場，並在中國國內獲得了一些市場份額。

But my question really is about next year.

但我的問題其實是關於明年的。

Do you expect that kind of strong double-digit WFE growth from the domestic Chinese customers?

您預計中國國內客戶的 WFE 會出現兩位數的強勁成長嗎？

And do you see additional share gain opportunity around those customers?

您是否看到圍繞這些客戶的額外份額成長機會？

Okay.

好的。

Let's comment on Hynix.

讓我們來評論一下海力士。

This year, we still have PO -- more PO from the Hynix.

今年，我們仍然有 PO——更多來自 Hynix 的 PO。

And also, we see there some pickup in Q1 next year, too.

而且，我們預計明年第一季也會出現一些回升。

Then we're expecting DRAM pricing good reasonable, and we're expecting their expansion, their DRAM fab, right, probably both in China and also in Korea.

然後我們預計 DRAM 定價非常合理，我們預計他們的擴張，他們的 DRAM 工廠，對吧，可能在中國和韓國。

And for other domestic customers in China, we see the very strong demand there.

對於中國的其他國內客戶，我們看到那裡的需求非常強勁。

As I mentioned, we have top 1TC, Huahong.

正如我所提到的，我們有頂級的 1TC，華虹。

And also, we see our newest customer, even a DRAM customer, Huawei.

此外，我們還看到了我們的最新客戶，甚至是 DRAM 客戶華為。

And also we are new power devices and also this analog devices customers, there can be expansion, too.

而且我們是新的功率元件和類比元件的客戶，也可以進行擴充。

And we also do to see additional new customers in other regions, either their product is or their product in their power devices can continue maybe become new customer next year for our revenue pipeline.

我們也確實看到其他地區的更多新客戶，無論是他們的產品還是他們的功率裝置產品都可以繼續成為我們明年收入管道的新客戶。

And beyond that, I still say, we're real actually working with a customer beyond China, mainland China, a customer in Taiwan, a customer in the U.S. So ACM's goal is really to balance ourselves and -- inside mainland China and also outside China, because we believe our product will be benefit the customer globally, right?

除此之外，我仍然要說，我們實際上正在與中國大陸以外的客戶、中國大陸的客戶、台灣的客戶、美國的客戶合作。因此，ACM 的目標實際上是平衡我們自己——中國大陸內部和外部中國，因為我們相信我們的產品將使全球客戶受益，對吧？

So that's our, I should say, visibility for next year.

我應該說，這就是我們明年的能見度。

Great.

偉大的。

So maybe just a very quick follow-up to what you answered.

因此，也許只是對您的回答進行快速跟進。

Do you expect the revenue or maybe let's make it a little bit more generic, the fab spending of SK Hynix, in that China will increase next year?

您預計明年中國的收入會增加嗎？或者讓我們把它說得更籠統一點，SK海力士的晶圓廠支出會增加嗎？

Or do you see more of a -- still seeing a lot of uncertainty around that?

或者你看到更多——仍然看到很多不確定性？

So far, I'd say they are continuously grow, look this year, next year.

到目前為止，我想說它們正在不斷成長，看看今年、明年。

I didn't see any slowdown.

我沒有看到任何放緩。

And again, if bigger situation no changing, I think that trend still continue, right?

再說一次，如果更大的情況沒有改變，我認為這種趨勢仍然會繼續，對吧？

So we have -- as I mentioned, even have a good indication first half next year.

正如我所提到的，我們甚至在明年上半年就有了良好的跡象。

And we're completely expecting ACM continue to grow in the market.

我們完全期望 ACM 在市場上繼續成長。

And growth this moment in the domestic mainland China, but also expecting our growth outside China too.

目前我們在中國大陸國內的成長，但也期待我們在中國以外的成長。

Charles, I might -- maybe, Charles, I might add.

查爾斯，我可能——也許，查爾斯，我可能會補充說。

Charles, if you don't mind, I would just kind of add, just from a big picture perspective.

查爾斯，如果你不介意的話，我想從大局的角度補充。

We're planning for growth next year.

我們計劃明年的成長。

And I think, as David mentioned, a general tailwind of our major customers that are in early to middle stages.

我認為，正如大衛所提到的，我們處於早期到中期階段的主要客戶的整體推動力。

We would plan for some sort of a DRAM recovery at some point next year.

我們將計劃在明年某個時候進行某種 DRAM 復甦。

We see good opportunity to gain share with our new products.

我們看到了透過新產品獲得市場份額的好機會。

And then our new customer that we're delivering a lot of tools to this year, I think David mentioned the finished goods inventory we have.

然後我們今年向新客戶提供了許多工具，我想大衛提到了我們擁有的成品庫存。

It's about $40 million worth of revenue.

其收入約為 4000 萬美元。

So there's a lot of things that drive our optimism for growth next year.

因此，有許多因素讓我們對明年的成長持樂觀態度。

Maybe my last question, probably following either Patrick or Charlie ahead of me, on the inventory.

也許是我的最後一個問題，可能是在我之前的帕特里克或查理之後，在庫存上。

I think -- I understand you have many evaluation units in the field, which either has new products or existing products at the new customers.

我認為——據我了解，你們在該領域有很多評估單位，它們要么有新產品，要么有針對新客戶的現有產品。

We kind of speculate in the growth phase, why your inventory, especially the finished goods parts, could remain high relative to your peers?

我們推測，在成長階段，為什麼你們的庫存，特別是成品零件，相對於同行來說可能保持在較高水準？

But I just wonder since your inventory -- days of inventory is a slightly in the high end, if I look at your peer grew still within the range, but still stay at the high end, slightly above 200 days.

但我只是想知道，既然你們的庫存--庫存天數稍微處於高端，如果我看看你們的同行增長仍在該範圍內，但仍然停留在高端，略高於200天。

Do you see a path for that number to go down below 150 days?

您認為這個數字會下降到 150 天以下嗎？

I just want to understand how you see that trend?

我只是想了解您如何看待這種趨勢？

And what kind of time frame you're seeing in that aspect?

您在這方面看到的時間範圍是怎樣的？

Maybe I'll comment timing and more.

也許我會評論時間等等。

For the existing tool or call the mature tool, go to the new customer at typical time, I should say, 6 months or 1 year because some customers still try to verify yield and everything, right, even the existing mature tool.

對於現有的工具或稱為成熟的工具，在典型的時間去見新客戶，我應該說，6個月或1年，因為有些客戶仍然試圖驗證良率和一切，對，甚至是現有的成熟工具。

And second one is really new tool and to the new -- to the most -- the new customer or existing customers.

第二個是真正的新工具，對新客戶或現有客戶來說是最重要的。

Those kind of new tools, and you need certain modifications, certain qualifications.

那些新工具，你需要一定的修改，一定的資格。

So those kind of tool normally 1 year, right?

那麼那些工具通常是 1 年，對吧？

And so again, we're in expansion, our new product and especially vertical furnace.

同樣，我們正在擴展我們的新產品，尤其是立式爐。

I'll give one example.

我舉一個例子。

We are moving to the first tool by the Q1 this year.

我們將在今年第一季轉向第一個工具。

And we're expecting probably by end of this year, we can quantify.

我們預計到今年年底，我們就可以量化。

If not, maybe Q1 next year.

如果沒有，也許明年第一季。

So about a 1-year time line.

大約一年的時間線。

So again, it's -- this last year, this year, including future, we'll still continue expanding our new products and also that's really probably impact some of the, I call the, deferred revenue or your finished goods.

再說一次，去年、今年，包括未來，我們仍將繼續擴大我們的新產品，這確實可能會影響一些我稱之為遞延收入或成品的收入。

But again, that's the process.

但話又說回來，這就是過程。

That's -- we have to take it.

那就是——我們必須接受它。

As time going, probably have more of a -- when the product become mature, and I think we'll see that shrinking or short in the time.

隨著時間的推移，當產品變得成熟時，可能會有更多的時間，我認為我們會看到時間的縮短或縮短。

But that's the state right now.

但這就是現在的狀態。

Mark, anything you want to add?

馬克，你還有什麼要補充的嗎？

Yes.

是的。

No, you bet.

不，你打賭。

Thanks, David.

謝謝，大衛。

Charles, the one thing I'd add is, I'd encourage you to look at our inventory without the finished goods, right?

查爾斯，我要補充的一件事是，我鼓勵您查看我們的庫存，而不是成品，對吧？

I mean the finished goods, again, it will be 2 to 4 quarters for us to get acceptance.

我的意思是成品，我們需要 2 到 4 個季度才能接受。

We look at that as a positive indicator because it's demo tools that our customers are looking at.

我們認為這是一個積極的指標，因為我們的客戶正在關注它的演示工具。

It's generally new products.

一般都是新產品。

And so when -- our internal models will look at the -- we'll break that out to kind of count the days, and we comp them against the peers that you mentioned.

因此，當我們的內部模型將研究時，我們將把它分解出來計算天數，並將它們與你提到的同行進行比較。

On the -- and if you take our general inventory internally, we're very efficient with it.

如果你在內部查看我們的整體庫存，我們的效率非常高。

We'll build -- we'll move it around quarters, and we will add if we see a big ramp coming ahead.

我們將建造——我們將在幾個季度左右移動它，如果我們看到未來有一個大的坡道，我們將添加它。

And so we think our inventories are at appropriate levels.

因此，我們認為我們的庫存處於適當水平。

Our next question comes from Krish Sankar from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Krish Sankar。

David, I had a question for you first.

大衛，我首先有一個問題要問你。

You spoke about gaining traction with the large U.S. logic customers.

您談到了獲得美國大型邏輯客戶的青睞。

I'm just kind of curious.

我只是有點好奇。

It's well publicized, you struggled with manufacturing and how they're going to be outsourcing to foundries.

這是廣為人知的，你在製造方面苦苦掙扎，以及他們將如何外包給鑄造廠。

The longer it takes for you to get qualified, is there an opportunity cause there the potential upside for you diminishes?

您獲得資格所需的時間越長，是否有機會導致您的潛在上升空間減少？

Just kind of curious how to think about that.

只是有點好奇如何思考這一點。

And then I had a follow-up.

然後我進行了跟進。

Okay.

好的。

Mark, do you want me to answer that or...

馬克，你想讓我回答這個問題還是…

Yes.

是的。

No, I can hit that.

不，我可以打那個。

So yes.

所以是的。

So Krish, you asked a little bit about for winning a big logic customer.

克里什，你問了一些關於贏得邏輯大客戶的問題。

Obviously, the sooner you get in, the better.

顯然，越早進入越好。

But we think it's a pretty significant opportunity.

但我們認為這是一個非常重要的機會。

And so whether it's -- we'd love to have had the demo tool in there last year.

因此，無論是 - 我們都希望去年就有演示工具。

But we don't think the opportunity -- the overall opportunity really changes that much based on a quarter or so here or there.

但我們認為機會——整體機會真的不會因為這裡或那裡的一個季度左右而發生太大變化。

Got it.

知道了。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then just as a follow-up.

然後作為後續行動。

You guys introduced the furnace product earlier in the year.

你們在今年早些時候推出了熔爐產品。

Can you just talk a little bit about where we are in that in terms of either customer adoption or momentum?

您能否簡單談談我們在客戶採用率或動能方面的進展？

So you're asking our existing customer momentum?

那麼您是在問我們現有的客戶動力嗎？

Yes, about the furnace.

是的，關於爐子。

Yes.

是的。

David, he wanted to know -- yes, about the furnace, yes.

大衛，他想知道──是的，關於熔爐，是的。

Okay.

好的。

Yes, okay.

是的，好的。

As I mentioned, the furnace, and we delivered the first 2, right, in the Q1 this year.

正如我所提到的，熔爐，我們在今年第一季交付了前兩個，對吧。

And we have a very good progress.

我們取得了很好的進展。

And we're expecting probably qualification either end of this year or Q1 next year.

我們預計可能會在今年年底或明年第一季獲得資格。

We do see additional, I call, the interest or, I call, the demand from existing and also new customer too.

我們確實看到了現有客戶和新客戶的額外興趣或需求。

So we're expecting to add repeat orders, also expecting to add new customers in this vertical furnace.

因此，我們預計會增加重複訂單，也預計會在該立式爐中增加新客戶。

The reason is really they like a local supplier, and our product has a very good software control and also the control system.

原因確實是他們喜歡本地供應商，而我們的產品有非常好的軟體控制和控制系統。

Because the vertical furnace, one key challenge is stability, or I call the software stability and control system stability because they have more than 100 wafers inside that furnace.

因為直立式爐的一個關鍵挑戰是穩定性，或者我稱之為軟體穩定性和控制系統穩定性，因為爐內有超過 100 個晶圓。

If something goes wrong, can be a big loss for the customer.

如果出現問題，可能會對客戶造成巨大損失。

With our software, has been proving in the cleaning tool in last over a year.

使用我們的軟體，已經在過去一年多的清潔工具中得到了證明。

We have a very strong confidence and also good stability to offer in those control systems.

我們對這些控制系統有很強的信心和良好的穩定性。

That will add the value, also add our confidence or demonstrate the customer our product can be very mature.

這將增加價值，也增加我們的信心或向客戶展示我們的產品可以非常成熟。

At the beginning, we don't worry about the software or general control failure for the product.

一開始，我們並不擔心產品的軟體或一般控制故障。

So again, we have, again, good demand and good basic technology, and also we'll see that we'll add more of revenue next year.

因此，我們再次擁有良好的需求和良好的基礎技術，我們也將看到明年我們將增加更多的收入。

And that's for another product, which we're getting.

這是我們正在獲得的另一種產品。

At this moment, we're in the LPCVD, and we're expanding probably from now on to the high temperature [neo] and possibly you're getting through AOD business.

目前，我們處於 LPCVD 領域，從現在開始我們可能正在擴展到高溫 [neo]，並且可能您正在完成 AOD 業務。

So it's a great future, right, $1.7 billion; $1.6 billion market.

所以這是一個美好的未來，對吧，17億美元； 16億美元的市場。

We have a very good expectation for this product.

我們對這款產品抱持非常好的期待。

As there are no more further questions in the queue, I'll now turn the call back to Mr. David Wang for closing remarks.

由於隊列中沒有更多問題，我現在將電話轉回給王大衛先生進行總結發言。

Okay.

好的。

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 some upcoming Investor Relations events.

在我們結束之前，加里將提到一些即將舉行的投資者關係活動。

Gary, please?

加里，請嗎？

Thanks, David.

謝謝，大衛。

On November 11, we'll attend the ROTH Virtual Technology Conference.

11月11日，我們將參加ROTH虛擬技術大會。

On November 12, we'll be at the Benchmark Technology Virtual One on One Conference.

11 月 12 日，我們將參加 Benchmark Technology 虛擬一對一會議。

And on November 17, we'll participate in the Craig-Hallum Alpha Select Virtual Conference.

11 月 17 日，我們將參加 Craig-Hallum Alpha Select 虛擬會議。

Attendance at all of these conferences is by invitation only, so please contact your respective sales representatives if you want to schedule any one-on-one meetings with us.

所有這些會議均需受邀參加，因此，如果您想與我們安排任何一對一會議，請聯絡您各自的銷售代表。

This concludes the call, so you may now all disconnect.

通話就此結束，現在你們可以斷開連線了。

Thank you.

謝謝。