應用材料 (AMAT) 2025 Q1 法說會逐字稿

Welcome to the Applied Materials First Quarter Fiscal 2025 Earnings Conference Call.

歡迎參加應用資料 2025 財年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the call over to Liz Morali, Vice President of Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Liz Morali。

Liz, you may begin.

莉茲，你可以開始了。

Thank you.

謝謝。

Good afternoon, and thank you for joining us for today's call.

下午好，感謝您參加今天的電話會議。

With me today are Gary Dickerson, President and CEO; and Brice Hill, CFO.

今天與我在一起的有總裁兼執行長 Gary Dickerson；以及財務長布萊斯希爾（Brice Hill）。

Before we continue, let me remind you that today's discussion contains forward-looking statements within the meaning of the federal securities laws, including predictions, estimates, projections or other statements about future events.

在我們繼續之前，讓我提醒您，今天的討論包含聯邦證券法含義內的前瞻性陳述，包括對未來事件的預測、估計、預計或其他陳述。

Actual results may differ materially from those mentioned in these forward-looking statements as a result of risks and uncertainties.

由於風險和不確定性，實際結果可能與這些前瞻性陳述中提到的結果有重大差異。

Information concerning these risks and uncertainties is discussed in our most recent Form 10-K and 8-K filings with the SEC.

我們最近向美國證券交易委員會提交的 10-K 表和 8-K 表中討論了有關這些風險和不確定性的信息。

We do not intend to update any forward-looking statements.

我們不打算更新任何前瞻性陳述。

During today's call, we will also reference non-GAAP financial measures.

在今天的電話會議中，我們也將參考非公認會計準則財務指標。

Reconciliations of GAAP to non-GAAP results can be found in today's earnings press release and in our quarterly earnings materials, which are available on our Investor Relations website at ir.appliedmaterials.com.

您可以在今天的收益新聞稿和我們的季度收益資料中找到 GAAP 與非 GAAP 結果的對帳表，這些資料可在我們的投資者關係網站 ir.appliedmaterials.com 上找到。

I will now turn the call over to Gary.

現在我將電話轉給加里。

Thanks, Liz.

謝謝，莉茲。

In our first fiscal quarter of 2025, Applied Materials delivered record revenues for passing the prior high we set last quarter.

在 2025 財年第一季度，應用材料公司的營收創下了歷史新高，超過了我們上個季度創下的紀錄。

The major technology trends reshaping the global economy are made possible by advanced semiconductors, underpinning long-term secular growth for the industry and especially Applied Materials.

重塑全球經濟的主要技術趨勢得益於先進的半導體，為該行業尤其應用材料的長期成長奠定了基礎。

We are providing our customers a unique and connected portfolio of solutions to accelerate the technology road map, positioning us for continued growth and outperformance in the years to come.

我們為客戶提供獨特且互聯的解決方案組合，以加速技術路線圖，為我們在未來幾年的持續成長和卓越表現做好準備。

In my prepared remarks, I'll share our latest market insight, I'll describe how our innovations are enabling the major device architecture inflections that are critical to advancing energy-efficient AI, and I'll talk about why high-velocity co-innovation is more important than ever as the industry races to bring next-generation technology to consumers faster and at lower cost.

在我的準備好的發言中，我將分享我們最新的市場洞察，描述我們的創新如何實現對推進節能人工智慧至關重要的主要設備架構變革，並討論為什麼在行業競相以更快、更低成本向消費者提供下一代技術的情況下，高速共同創新比以往任何時候都更加重要。

Starting with the market, AI remains central to our outlook.

從市場開始，人工智慧仍然是我們展望的核心。

With almost infinite possible uses, AI is the most transformative technology change of our lifetimes and a major catalyst for innovation and growth across the technology sector.

人工智慧的用途幾乎是無限的，它是我們一生中最具變革性的技術變革，也是整個技術領域創新和成長的主要催化劑。

Early deployment of AI supported approximately 20% year-on-year growth of global semiconductor sales in 2024, and the market remains on track to exceed $1 trillion of annual revenues by 2030.

人工智慧的早期部署支援了2024年全球半導體銷售額年增約20％，並且到2030年，市場年收入仍有望超過1兆美元。

We are only at the beginning of what's possible.

我們才剛開始探索一切可能。

And as we look ahead, we expect disruptive innovations to significantly improve the energy efficiency and cost of AI opening up new applications and growing the overall market opportunity.

展望未來，我們預期顛覆性創新將顯著提高人工智慧的能源效率和成本，開闢新的應用並增加整體市場機會。

To unlock potential, innovation is required across the technology stack, from the models and software as we've seen in recent weeks with DeepSeek to data center architecture, chip design and how those chips are made.

為了釋放潛力，整個技術堆疊都需要創新，從我們最近幾週在 DeepSeek 中看到的模型和軟體到資料中心架構、晶片設計以及這些晶片的製造方式。

Advancements in foundational semiconductor technologies will have a dramatic impact on system level energy and cost reduction in the AI data center.

基礎半導體技術的進步將對人工智慧資料中心的系統級能源和成本降低產生巨大影響。

I've previously described 4 critical areas the industry is currently focusing on: Leading-edge logic, high-performance DRAM, DRAM stacking referred to as high-bandwidth memory or HBM and advanced packaging to connect the logic and memory chips together in an integrated package.

我之前曾描述過業界目前關注的四個關鍵領域：前沿邏輯、高效能 DRAM、DRAM 堆疊（稱為高頻寬記憶體或 HBM）以及將邏輯和記憶體晶片在整合封裝中連接在一起的先進封裝。

There's also a fifth emerging as we are seeing major innovations in power electronics.

隨著電力電子領域的重大創新，第五個技術也正在興起。

These innovations can address data transfer energy consumption within the data center as well as significantly reduce grid to data center power losses.

這些創新可以解決資料中心內的資料傳輸能耗問題，並顯著減少電網到資料中心的電力損耗。

Applied has strong leadership in all of these areas, and we're best positioned at future device architecture inflections including next-generation gate-all-around transistors, backside power delivery, 4F squared and 3D DRAM, advanced packaging, compound semiconductor for power electronics and silicon photonics.

應用材料公司在所有這些領域都擁有強大的領導地位，並且我們在未來設備架構的變化方面處於最佳地位，包括下一代環柵晶體管、背面供電、4F平方和3D DRAM、先進封裝、電力電子複合半導體和矽光子學。

These device architecture inflections in logic, compute memory packaging and power devices grow the market for wafer fab equipment increase the relative mix of materials entering technologies and provide opportunities for Applied to gain market share.

邏輯、計算記憶體封裝和功率裝置中的這些裝置架構變化促進了晶圓廠設備市場的成長，增加了進入技術的材料相對組合，並為應用材料公司獲得市場份額提供了機會。

Taking leading-edge foundry logic as an example, the transition from the most advanced generation of FinFET to the first nodes with integrated gate-all-around and backside power delivery grows our total available market by more than 15% to around $14 billion for every 100,000 wafer starts per month of capacity.

以尖端的代工邏輯為例，從最先進的 FinFET 世代過渡到具有整合環繞閘極和背面供電的第一個節點，使我們的總可用市場成長 15% 以上，以每月 100,000 片晶圓的產能計算，達到 140 億美元左右。

At the same time, we expect related applied revenues to grow in the 30% range for the equivalent wafer fab capacity.

同時，我們預期相關應用收入將在同等晶圓廠產能下成長 30% 左右。

While the bulk of spending for these inflections is ahead of us, we are already seeing a positive impact on our business.

雖然這些變化的大部分支出還未到位，但我們已經看到了對我們業務的正面影響。

In 2024, we believe we outperformed the market in aggregate across leading-edge foundry logic, DRAM advanced packaging and the ICAPS markets outside of China.

到 2024 年，我們相信我們在尖端代工邏輯、DRAM 先進封裝和中國以外的 ICAPS 市場中的整體表現將超越市場。

The ability of U.S. companies to serve the China market is constrained and has been further limited by updated trade rules announced in December and January.

美國公司服務中國市場的能力受到限制，而去年12月和今年1月宣布的最新貿易規則又進一步限制了這些能力。

We estimate the incremental impact of these new rules will be around $400 million of revenue in fiscal 2025, approximately half of which is service revenue.

我們估計，這些新規則的增量影響將為 2025 財年帶來約 4 億美元的收入，其中約一半是服務收入。

We also see China being a smaller portion of global wafer fab equipment spending in 2025.

我們也預計到 2025 年中國在全球晶圓廠設備支出中所佔的份額將減少。

At Applied Materials, our strategy is to develop and commercialize the most enabling technologies for the industry across leading-edge logic, memory, advanced packaging and IQOS.

在應用材料，我們的策略是開發和商業化跨尖端邏輯、記憶體、先進封裝和 IQOS 等行業最有利的技術。

We have focused our investments on these high-growth inflections that allow us to create and capture more value.

我們的投資重​​點是這些高成長領域，它們讓我們能夠創造和獲得更多價值。

One of the ways we are implementing our strategy is to provide our customers unique and connected solutions that take advantage of our broad portfolio of technologies, capabilities, and partnerships.

我們實施策略的方式之一是利用我們廣泛的技術、能力和合作夥伴關係，為客戶提供獨特且互聯的解決方案。

Our co-optimized and integrated solutions address higher-value device challenges for customers and are difficult for competitors to replicate.

我們的共同優化和整合解決方案為客戶解決了更高價值的設備挑戰，競爭對手難以複製。

A good example is our innovated hybrid bonding interconnect solution that combines 6 technologies, including one module from a partner into a single integrated system.

一個很好的例子就是我們創新的混合鍵結互連解決方案，它將 6 種技術（包括來自合作夥伴的一個模組）結合到單一整合系統中。

In the past quarter, we successfully completed important qualification milestones and received volume orders from multiple leading-edge customers.

在過去的一個季度中，我們成功完成了重要的資格里程碑，並獲得了多個前沿客戶的大量訂單。

Our integrated hybrid bonding system is one of our next-generation solutions that is allowing us to extend our leadership in advanced packaging.

我們的整合混合鍵合系統是我們的下一代解決方案之一，它使我們能夠擴大在先進封裝領域的領導地位。

In 2024, our packaging business captured more than half of the market we serve, and we remain on track to double our revenues over the next several years.

到 2024 年，我們的包裝業務將佔據我們所服務市場的一半以上，並且我們仍有望在未來幾年內實現收入翻倍。

Another key pillar of our strategy is high velocity co-innovation.

我們策略的另一個重要支柱是高速共同創新。

We believe this is key for Applied and our customers to bring next-generation technology to market faster and at lower cost.

我們相信，這對於應用材料公司和我們的客戶以更快、更低成本將下一代技術推向市場至關重要。

By speeding up cycles of learning through tighter ecosystem collaborations, we are accelerating new chip architectures, driving higher mutual success rates and optimizing R&D efficiencies.

透過更緊密的生態系統合作來加速學習週期，我們正在加速新的晶片架構，提高共同成功率並優化研發效率。

Among our accomplishments in the past quarter, we launched our EPIC Advanced packaging strategy at a technical summit we hosted in Singapore that brought together R&D leaders representing more than 20 global companies.

我們上個季度的成就之一是，在新加坡舉辦的技術高峰會上，我們推出了 EPIC Advanced 封裝策略，該高峰會匯集了來自 20 多家全球公司的研發領導人。

We were part of 2 teams that received CHIPS Act grants to develop advanced packaging substrates for 3D integration.

我們是獲得 CHIPS 法案資助的兩支團隊的一部分，旨在開發用於 3D 整合的先進封裝基板。

We are leading the team for silicon substrates, and we have a long-term partnership and investment in the company that won the grant for glass core packaging.

我們領導矽基板團隊，並與獲得玻璃芯封裝資助的公司有著長期的合作和投資。

We made significant progress with the construction of the EPIC Center in Silicon Valley, which is on track to come online in 2026 and will become the centerpiece of our global EPIC collaboration platform, and we partnered with TPG to transition Applied Thin-Film battery business into an independent company.

我們在矽谷EPIC中心建設方面取得了重大進展，該中心預計將於2026年上線，並將成為我們全球EPIC協作平台的核心，並且我們與TPG合作，將應用薄膜電池業務轉變為一家獨立公司。

We're also evolving our collaborative model and services where we are helping customers manage increasing complexity in their business as they ramp next-generation technology into high-volume manufacturing.

我們也正在改進我們的協作模式和服務，幫助客戶在將下一代技術推向大量生產的過程中管理日益複雜的業務。

We are deploying our advanced service products, including our actionable insight Accelerator data platform or AIX, to help accelerate customers' R&D programs, reduce technology transfer times and optimize device performance, yield, output and cost in their fabs.

我們正在部署先進的服務產品，包括可操作的洞察加速器數據平台或 AIX，以幫助加速客戶的研發計劃，縮短技術轉移時間並優化其晶圓廠的設備性能、產量、產出和成本。

Through these closer working relationships, a high percentage of our service revenues is generated from subscriptions in the form of multiyear agreements.

透過這些更緊密的工作關係，我們的服務收入很大一部分來自於多年協議形式的訂閱。

While our near-term service growth is negatively impacted by trade restrictions, we remain confident that we will still grow AGS at a low double-digit annualized growth rate over the longer term.

儘管我們的近期服務成長受到貿易限制的負面影響，但我們仍然有信心，從長遠來看，AGS 仍將以較低的兩位數年增長率增長。

Before I hand over to Brice, I'll quickly summarize.

在交給 Brice 之前，我將快速總結一下。

As major technology trends reshape the global economy in the semiconductor industry, Applied continues to deliver strong financial performance in the near term.

隨著主要技術趨勢重塑半導體產業的全球經濟，應用材料公司近期持續保持強勁的財務表現。

We are best positioned at major device architecture inflections in fast-growing areas of the market that are critical to energy-efficient AI, and we are focused on high velocity co-innovation with our customers and partners to bring breakthrough technology to market faster than ever before.

我們在對節能人工智慧至關重要的快速成長市場領域的主要設備架構變化方面處於最佳地位，並且我們專注於與客戶和合作夥伴進行高速共同創新，以比以往更快地將突破性技術推向市場。

Brice?

布萊斯？

Thanks, Gary, and thank you to everyone joining us for today's call.

謝謝，加里，也謝謝參加今天電話會議的所有人。

We had a strong start to the fiscal year, with healthy revenue growth and meaningful margin expansion helped drive a 12% year-over-year increase in non-GAAP earnings per share.

我們本財年開局強勁，健康的收入成長和有意義的利潤率擴大推動非公認會計準則每股收益年增 12%。

In addition, we distributed $1.6 billion to shareholders with $1.3 billion of share repurchases and $326 million of dividends.

此外，我們還向股東分配了 16 億美元，其中包括 13 億美元的股票回購和 3.26 億美元的股息。

For fiscal Q1, our results were largely in line with our expectations, with total net sales of approximately $7.2 billion, up 7% year-over-year with growth in both Semiconductor Systems and Applied Global Services.

對於第一財季，我們的業績基本上符合預期，總淨銷售額約為 72 億美元，年增 7%，半導體系統和應用全球服務均實現成長。

Non-GAAP gross margin was 48.9%, up 100 basis points year-over-year and our highest quarterly gross margin since fiscal year 2000.

非公認會計準則毛利率為 48.9%，比去年同期成長 100 個基點，創下 2,000 財年以來最高的季度毛利率。

The strong margin performance in Q1 was the result of a very favorable mix and increasing adoption of our leading-edge technologies and advanced integrated systems.

第一季強勁的利潤率表現得益於非常有利的產品組合以及我們不斷增加的前沿技術和先進整合系統的採用。

In addition, we progressed on our value-based pricing initiatives and cost reductions.

此外，我們在基於價值的定價措施和成本削減方面也取得了進展。

Non-GAAP operating expenses were $1.31 billion, with increased R&D investments to support our technology growth areas.

非公認會計準則營運費用為 13.1 億美元，我們增加了研發投入以支援我們的技術成長領域。

Non-GAAP EPS was a record $2.38, up 12% year-over-year given the revenue growth, better profitability and share repurchases.

非公認會計準則每股收益達到創紀錄的 2.38 美元，由於收入增長、盈利能力提高和股票回購，同比增長 12%。

Moving to the segments.

轉向各個部分。

Semiconductor Systems sales were $5.36 billion for Q1, up 9% year-over-year, driven by 20% growth in foundry logic, partially offset by an expected decline in DRAM sales as prior year sales to customers in China did not repeat.

半導體系統第一季的銷售額為 53.6 億美元，比去年同期增長 9%，這得益於代工邏輯增長 20%，但由於去年對中國客戶的銷售額未出現重複，DRAM 銷售額預計會下降，因此部分抵消了這一增長。

Non-GAAP operating margin of 37.3% was up 160 basis points year-over-year.

非公認會計準則營業利潤率為 37.3%，比去年同期上升了 160 個基點。

Sales for the ICAP nodes, which serve customers across the IoT, communications, automotive, power and sensor markets, were down slightly year-over-year and flat quarter-over-quarter.

ICAP 節點為物聯網、通訊、汽車、電力和感測器市場的客戶提供服務，其銷售額同比略有下降，環比持平。

Moving to Applied Global Services.

轉向應用全球服務。

AGS delivered revenue of $1.59 billion in Q1, up 8% year-over-year with healthy growth in services, partially offset by a decline in sales of 200-millimeter equipment.

AGS 第一季營收為 15.9 億美元，年增 8%，服務業務健康成長，但被 200 毫米設備銷售下滑部分抵銷。

Non-GAAP operating margin of 28% was down 30 basis points year-over-year.

非公認會計準則營業利益率為 28%，較去年同期下降 30 個基點。

Lastly, our display business delivered revenue of $183 million.

最後，我們的顯示器業務實現了 1.83 億美元的收入。

Moving to the balance sheet and cash flows.

轉向資產負債表和現金流量。

We ended the quarter with cash and cash equivalents of $6.3 billion and debt of $6.3 billion.

截至本季末，我們的現金和現金等價物為 63 億美元，債務為 63 億美元。

Cash from operations in the quarter was $925 million.

本季經營活動現金流為 9.25 億美元。

Capital expenditures were $381 million, and free cash flow was $544 million.

資本支出為 3.81 億美元，自由現金流為 5.44 億美元。

We distributed $1.6 billion to shareholders in the quarter, including $1.3 billion in share repurchases and $326 million in dividends.

我們本季向股東分配了 16 億美元，其中包括 13 億美元的股票回購和 3.26 億美元的股利。

As of the end of the quarter, approximately $7.6 billion remains available under our share repurchase authorization.

截至本季末，我們根據股票回購授權仍有約 76 億美元可用。

Turning to our outlook.

轉向我們的展望。

We are seeing strong momentum for leading-edge foundry logic where we are particularly well positioned as our customers ramp the most advanced technology nodes gate all around transistors into high-volume manufacturing.

我們看到尖端代工邏輯的強勁發展勢頭，我們處於特別有利的位置，因為我們的客戶正在將最先進的技術節點、圍繞電晶體的閘極推向大批量生產。

Offsetting leading edge is the more measured level of investment in the ICAP nodes, following strong spending in '23 and '24.

繼23年和24年的強勁支出之後，ICAP節點的投資水準更加穩健，抵消了領先優勢。

In DRAM, we are seeing healthy demand, but faced tough year-over-year compares given the purchases from Chinese customers in 2024 that do not repeat this year.

在 DRAM 方面，我們看到了健康的需求，但考慮到 2024 年中國客戶的購買量今年不會重複，因此面臨嚴峻的同比形勢。

We are also seeing growth in NAND, albeit from historically low levels.

我們也看到 NAND 正在成長，儘管處於歷史較低水平。

As Gary mentioned, as a result of the expanded export controls announced in December and January, we expect to face a headwind to revenue of approximately $400 million in fiscal 2025.

正如 Gary 所提到的，由於 12 月和 1 月宣布擴大出口管制，我們預計 2025 財年的收入將受到約 4 億美元的阻力。

Nearly half of that impact will be in Q2.

其中近一半的影響將發生在第二季。

The impacts in the second half of the fiscal year will be more weighted to AGS and as we are no longer able to serve certain customers.

由於我們不再能夠為某些客戶提供服務，因此本財年下半年的影響將更加側重於 AGS。

And following the step down in revenue in Q2, we would anticipate a return to growth in Q3 for AGS.

繼第二季營收下降之後，我們預計 AGS 第三季將恢復成長。

Based on these trade restrictions and our view of our business, for Q2, we expect that China as a percentage of total revenue will be about 5 percentage points lower than in Q1.

根據這些貿易限制以及我們對業務的看法，我們預計第二季中國業務佔總收入的百分比將比第一季低約 5 個百分點。

This is below the normalized level of approximately 30%.

這低於約 30% 的正常水平。

Taking all of these factors into account, for fiscal Q2, we expect total revenue of $7.1 billion, plus or minus $400 million, which represents a 7% increase year-over-year and non-GAAP EPS of $2.30 plus or minus $0.18, which represents a 10% increase year-over-year.

考慮到所有這些因素，對於財政第二季度，我們預計總收入為 71 億美元，上下浮動 4 億美元，比去年同期增長 7%，非 GAAP 每股收益為 2.30 美元，上下浮動 0.18 美元，比去年同期增長 10%。

We expect semiconductor systems revenue approximately $5.3 billion, up 8% year-over-year; AGS revenue of approximately $1.55 billion, up 1% year-over-year and display revenue of approximately $250 million.

我們預計半導體系統營收約 53 億美元，年增 8%； AGS 營收約 15.5 億美元，較去年同期成長 1%，顯示器營收約 2.5 億美元。

We expect non-GAAP gross margin of approximately 48.4% and non-GAAP operating expenses to be approximately $1.3 billion.

我們預期非 GAAP 毛利率約為 48.4%，非 GAAP 營業費用約為 13 億美元。

We are modeling a tax rate of approximately 13%.

我們正在模擬大約13%的稅率。

In closing, our business is strong, and we remain confident in our growth opportunities across all of our business segments.

最後，我們的業務強勁，我們對所有業務部門的成長機會仍然充滿信心。

We are making significant investments in R&D to grow our share at the leading edge, and we are increasing our capital investments to be the leader in high-velocity co-innovation with our customers.

我們正在對研發進行大量投資，以擴大我們在前沿領域的份額，我們正在增加我們的資本投資，以成為與客戶進行高速共同創新的領導者。

This is an important indicator of the confidence we have in the growth trajectory of our business.

這是我們對業務成長軌跡充滿信心的重要指標。

And with our differentiated technology, unique insights and deep industry relationships, we are poised to benefit from the technology transitions and semiconductor growth that is expected over the coming years.

憑藉我們差異化的技術、獨特的見解和深厚的產業關係，我們將受益於未來幾年預期的技術轉型和半導體成長。

Liz, we're now ready to begin the Q&A.

莉茲，我們現在可以開始問答環節。

Thanks, Brice.

謝謝，布萊斯。

To help us reach as many people as we can on today's call, please limit yourself to one question.

為了幫助我們在今天的電話會議上聯繫到盡可能多的人，請將問題限制在一個範圍內。

If you have an additional question, please requeue and we'll do our best to come back to you later in the session.

如果您還有其他問題，請重新排隊，我們將盡力在稍後的會議中回覆您。

(Operator Instructions)

（操作員指令）

Toshiya Hari from Goldman Sachs.

高盛的 Toshiya Hari。

I know you guys aren't or haven't been giving specific WFE numbers, but at a high level, Gary and/or Brice, I was hoping you could provide a little bit of context on how you're thinking about the year.

我知道你們沒有或尚未給出具體的 WFE 數字，但在高層，加里和/或布萊斯，我希望你們可以提供一些關於你們對今年的看法的背景信息。

I know you gave a couple of comments, but by application, by geography, how is 2025 likely to shape up in your view?

我知道您給了一些評論，但是從應用程式和地理位置來看，您認為 2025 年的情況會如何？

And more importantly, your outperformance vis-a-vis the market, what are some of the key drivers we should be focused on?

更重要的是，相對於市場而言，您的表現優異，我們應該關注哪些關鍵驅動因素？

And if you can speak to the magnitude of outperformance relative to what you achieved in '24, that would be really helpful.

如果你能談談相對於 24 年的成就，你的表現有多出色，那將會非常有幫助。

Thank you.

謝謝。

Okay.

好的。

Toshiya, nice to hear from you.

Toshiya，很高興收到你的來信。

So first, we'd say that our Q2 guide gives a really good indication of how we think the market is evolving.

首先，我們要說的是，我們的第二季指南很好地表明了我們認為市場如何發展。

So leading edge with all the strength that you see in AI pulling DRAM, advanced logic and HBM that factors into what we see in the market today.

因此，在 AI 拉動 DRAM、先進邏輯和 HBM 方面，您所看到的領先優勢是影響我們今天在市場上看到的情況的因素。

So leading edge is growing.

因此，領先優勢正在不斷增強。

We've been thinking it will be accelerating through the course of the year, and we do see that growing strongly in Q2.

我們一直認為這一成長趨勢將會在今年內加速，而且我們確實看到第二季的成長勢頭強勁。

And we highlighted that we've also been watching the ICAPS market after the significant build out the last couple of years in China, and that is lower in Q2.

我們強調，我們也一直在關注 ICAPS 市場，在過去幾年裡在中國經歷了大幅擴張，但在第二季度有所下降。

So those things offset, but you see in total that we still have consistent year-over-year growth in the overall market.

因此，這些因素互相抵消了，但總體而言，我們整個市場仍然保持著持續的同比成長。

So that's the big change from a market perspective.

從市場角度來看，這是一個巨大的變化。

If you look at the memory side, our memory is roughly flat quarter-over-quarter.

如果你看一下記憶體方面，我們的記憶體與上一季相比大致持平。

We see some additions on the NAND side, and that's offset by a slight reduction in DRAM.

我們看到 NAND 方面有一些增加，而 DRAM 則略有減少。

NAND is growing, but of course, that's from a smaller level.

NAND 正在成長，但當然，這是從較小的層面進行的。

And the last thing I would share is when you think about advanced packaging, we had a significant amount of capacity adds last year in the HBM side for the initial burst of capacity.

我最後要分享的是，當您考慮先進封裝時，去年我們在 HBM 方面增加了大量產能，以實現最初的產能爆發。

And we're still selling into HBM still adding equipment into that market, but it's at a slower rate.

我們仍在向 HBM 銷售產品，並仍在向該市場增加設備，但速度較慢。

So that's part of the outlook also.

這也是前景的一部分。

So the key thing there is we've all been waiting to see if advanced logic would ramp strongly enough to offset any slower rate of investment in ICAPS, and that is what we're seeing in Q2.

因此，關鍵在於我們都在等待，看看先進邏輯是否能夠強勁成長，以抵消 ICAPS 投資速度的放緩，而這正是我們在第二季度看到的。

And that's our best -- what we try to do is share what we're seeing today, and we think that's our best indication and how you can think about the year at this point.

這是我們最好的選擇——我們試圖做的就是分享我們今天所看到的情況，我們認為這是我們最好的指示，也是您此時可以如何看待這一年。

Yes, Toshiya, relative to the outperformance question.

是的，Toshiya，與優異表現問題有關。

Over the last 4 years, including last year, we outperformed in aggregate across leading-edge foundry logic, DRAM, high-bandwidth memory, advanced packaging and ICAPS markets outside of China.

包括去年在內的過去四年裡，我們在中國以外的尖端代工邏輯、DRAM、高頻寬記憶體、先進封裝和 ICAPS 市場中整體表現優異。

And we've been talking about this a lot.

我們已經多次討論過這個問題。

We're focused on major device architecture inflections critical to AI energy-efficient computing.

我們專注於對 AI 節能運算至關重要的主要設備架構變更。

When we're meeting with all of our customers, that's where they're all focused.

當我們與所有客戶會面時，他們的注意力全部集中在這一點上。

So for us, we're on track to capture greater than 50% share of our served market in gate all around in backside power and foundry logic.

因此對我們來說，我們預計在閘極周圍、後端電源和代工邏輯領域佔據超過 50% 的市場份額。

We gained 10 points of DRAM share, and we're positioned to gain share as 4F squared and 3D DRAM architectures are adopted.

我們的 DRAM 份額增加了 10 個百分點，隨著 4F2 和 3D DRAM 架構的採用，我們的份額將會進一步增加。

Packaging was around $1.7 billion in 2024, up 3x in 4 years.

2024 年包裝業規模約 17 億美元，4 年間成長了 3 倍。

And as we've said many times, we're positioned to double this business in the coming years.

正如我們多次說過的，我們計劃在未來幾年內將這項業務翻一番。

In ICAPS, we gained several points of share since we formed the group 6 years ago.

在 ICAPS，我們自 6 年前成立小組以來，已經獲得了一些份額。

We brought several new products to market.

我們向市場推出了幾種新產品。

We have a strong pipeline of new products that will grow our available market and position us well in this segment and materials engineering intensity where Applied has clear leadership is increasing in next-generation chip architectures.

我們擁有強大的新產品線，這些產品將擴大我們的可用市場並使我們在這一領域佔據有利地位，而應用材料在材料工程領域擁有明顯領導地位，在下一代晶片架構中，這一領域的強度正在不斷提高。

So going forward, I like how we're positioned to win these major inflections.

因此展望未來，我喜歡我們為贏得這些重大轉折所做的準備。

Again, we've been outperforming in all of these segments over the last 3 years, and we're well positioned to continue to outperform going forward.

再說一遍，過去 3 年裡，我們在所有這些領域的表現都非常出色，而且我們有能力繼續保持出色的表現。

Atif Malik from Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說：

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

Brice, I appreciate the color on the April quarter.

布萊斯，我很欣賞四月季度的色彩。

The silicon systems down a little bit explained by the China impact.

矽片系統的下滑有點受中國影響。

And you're talking about the return to growth in AGS.

您談論的是 AGS 恢復成長。

Can you also comment on the silicon systems.

您也可以對矽系統進行評論嗎？

Do they return to sequential growth in the July quarter or we'll have to wait and see?

他們會在七月季度恢復連續成長，還是我們還需拭目以待？

Yes.

是的。

Thanks, Atif.

謝謝，阿蒂夫。

I think we'll have to wait and see on the semiconductor systems.

我認為我們必須對半導體系統保持觀望。

But what we're sharing is we've been expecting the leading edge to accelerate.

但我們分享的是，我們一直期待前沿技術能加速發展。

When you think about the gate all around and backside power nodes in the market and the advantages of those nodes for leading-edge architectures, we expect a significant amount of capacity to be put in place in those nodes.

當您考慮市場上的閘極周圍和背面功率節點以及這些節點對於尖端架構的優勢時，我們預計這些節點中將會投入大量的容量。

And that is what you see in Q2.

這就是您在第二季度看到的情況。

And we expect that, that is a good indication of where the market will be going.

我們預計，這將很好地預示市場的走向。

And then on the offset for that, we highlighted the ICAPS and we've been watching that.

然後在偏移量上，我們強調了 ICAPS 並且我們一直在關注它。

But I'll just say that market continues to evolve.

但我只想說市場不斷在發展。

Our forecast for ICAPS and for ICAPS China seems to change every single quarter.

我們對 ICAPS 和 ICAPS 中國的預測似乎每季都會改變。

And so we'll see how that evolves through the rest of the year.

因此，我們將觀察今年剩餘時間內情況將如何發展。

And then on the services business, yes, this will be similar to 2022 when there were new trade rules.

然後就服務業而言，是的，這將與 2022 年的新貿易規則類似。

We'll have a step back, as you can see in our guide in Q2, but we expect to grow from there at the low double-digit rate as we continue to add customers, add new types of services.

正如您在我們第二季的指南中所看到的那樣，我們將會退後一步，但隨著我們繼續增加客戶、增加新類型的服務，我們預計從那時起將以低兩位數的速度成長。

And the new customers and new locations will make it more likely the services business is utilized by the customers.

新客戶和新地點將使服務業務更有可能被客戶利用。

Thank you.

謝謝。

Stacy Rasgon from Bernstein Research.

伯恩斯坦研究公司的史黛西·拉斯岡（Stacy Rasgon）。

Hi guys, thanks for taking my question.

大家好，感謝你們回答我的問題。

You said the China impact in the second half will be weighted to AGS, but you also said AGS returns to growth in Q3.

您說下半年中國的影響將對 AGS 產生影響，但您也說 AGS 將在第三季恢復成長。

So like how do I square that so?

那我該如何解決這個問題呢？

What's offsetting the China impact in the second half?

什麼因素將抵銷下半年中國的影響？

And just like broadly, if I were to add the $200 million issue that AGS is getting hit by the China sanctions, if you added that $200 million back in, would it still grow the digits this year?

總的來說，如果我加上 AGS 因中國制裁而受到的 2 億美元打擊，如果再加上這 2 億美元，今年的數字還會成長嗎？

Yes.

是的。

That's a good question.

這是個好問題。

Thank you, Stacy, for the question.

謝謝史黛西提出的問題。

So on the AGS side, the way to think about it is, approximately half of the impact will be taken in Q2, and then it will be a continued impact in the following quarters.

因此，從 AGS 方面來看，大約一半的影響將在第二季顯現，而這種影響將持續影響接下來的幾季。

But we don't expect it to be a sequential reconciling line item.

但我們不希望它成為一個連續的對帳項目。

In other words, whatever business we can't support in Q2, that's the same business or less in Q3 and Q4.

換句話說，我們在第二季無法支援的業務，在第三季和第四季的支援量將與目前業務量相同甚至更少。

So there is an impact in Q3 and Q4, but we think you shouldn't worry about it from a modeling perspective.

因此，Q3 和 Q4 會產生影響，但我們認為從建模角度來看，您不必擔心它。

We'll just begin to add from there and we'll grow at rate that we've described low double digits as we continue to add installed base and tools to support.

我們將從那裡開始添加，並且隨著我們繼續增加安裝基礎和支援工具，我們將以我們所描述的低兩位數的速度增長。

And then I didn't do the calculation.

然後我就沒做計算。

I guess what I would say is from a core AGS perspective, if you take the $200 million out, we're absolutely growing at low double digits or higher.

我想說的是，從 AGS 的核心角度來看，如果拿出 2 億美元，我們的成長速度絕對會達到兩位數或更高。

CJ Muse from Cantor Fitzgerald.

來自 Cantor Fitzgerald 的 CJ Muse。

I was hoping you could speak a bit to gross margins.

我希望您能談談毛利率。

You talked about value-based pricing starting to come in, in the January quarter.

您談到了 1 月季度開始實行的基於價值的定價。

I would love to hear more about how you see that flowing through the model throughout all of calendar '25.

我很想聽聽您如何看待該模型在整個 25 年日曆中的流動。

And I guess as part of that, how should we be thinking about kind of evolving mix in terms of modeling gross margin, either first half, second half or kind of exit rate for calendar '25 would be very helpful.

我想作為其中的一部分，我們應該如何思考毛利率模型的演變組合，無論是上半年、下半年還是 25 年的退出率，這都會非常有幫助。

Okay.

好的。

Thank you, C.J. Good to hear from you.

謝謝你，C.J。

So on the gross margin, 48.9% and 48.4% in our guide in Q2, very strong mix in both quarters, obviously, with the China impacts for Q2, it's a little bit lesser mix strength.

因此，就毛利率而言，我們第二季的指導值為 48.9％ 和 48.4％，兩個季度的組合都非常強勁，顯然，由於第二季度受到中國的影響，組合實力略有減弱。

We're still going to reiterate our 48% underlying rate.

我們仍將重申 48% 的基本利率。

So we think with -- when we don't have those quarters with ultra-strong mix, that's still about the ballpark for our normalized rate.

因此我們認為 - 當我們沒有那些具有超強組合的季度時，這仍然是我們正常化利率的大致範圍。

So I think in the second half that unless we maintain the exact same mix which we likely don't expect, we will be closer to that 48% gross margin for the year -- or not for the year, sorry, we're not giving a guide for the year, but that is our underlying baseline rate to think of as you think about where the business is normally.

因此我認為，在下半年，除非我們保持完全相同的業務組合（我們可能沒有預料到），否則我們的全年毛利率將更接近 48%——或者不是全年，抱歉，我們沒有給出全年的指導價，但這是我們在考慮業務正常狀況時要考慮的基本基準利率。

And then if you think about the pricing, I think of two dynamics with pricing.

如果你考慮定價，我會想到定價的兩種動態。

One, the solutions that we're developing that Gary has pointed the company toward the inflections, those are increasingly valuable solutions for the customers.

首先，我們正在開發的解決方案是 Gary 為公司指明的方向，這些解決方案對客戶來說越來越有價值。

And so there's an increasing value proposition for the equipment itself.

因此，設備本身的價值主張也不斷增加。

And then our pricing mechanism is to make sure that we're including that in our thinking with respect to the pricing.

然後，我們的定價機制是確保我們在定價時將其納入考慮範圍。

And we also have a disciplined infrastructure to have those discussions with customers.

我們也擁有完善的基礎設施來與客戶討論。

So as we allocate our R&D, we're, of course, allocating to the areas that we think are most valuable in the market.

因此，當我們分配研發時，我們當然會分配到我們認為市場上最有價值的領域。

And we think it's a matter of execution to achieve that value in the marketplace, which is what we're trying to do.

我們認為，在市場上實現這一價值是一個執行的問題，這也是我們正在努力做的事情。

So I said third inning last quarter on those -- on the process for pricing, and I think that's still accurate.

所以我在上個季度的第三局談到了這些——關於定價的過程，我認為這仍然是準確的。

Vivek Arya from Bank of America.

美國銀行的 Vivek Arya。

I actually had a longer-term conceptual question for Gary related to Lite versus H&F intensity.

實際上，我有一個長期的概念性問題想問 Gary，涉及 Lite 與 H&F 強度。

If let's say, overall WFE intensity stays around mid-teens.

可以這麼說，整體 WFE 強度保持在十幾歲左右。

It means WFE will grow in line with semiconductor industry sales over the next several years.

這意味著未來幾年 WFE 將與半導體產業銷售額同步成長。

And if that happens, do you think, Gary, takes more share?

如果發生這種情況，加里，你認為會獲得更多份額嗎？

Or do you think etcher debt take more share and has grown faster or slower than overall semiconductor industry sales?

或者您認為蝕刻機債務佔了更大的份額並且增長速度比整體半導體行業銷售額更快還是更慢？

I've heard arguments on both sides, but would appreciate your views.

我聽過雙方的爭論，但還是希望聽聽您的觀點。

Vivek, thanks for the question.

Vivek，謝謝你的提問。

So if I look at the major inflections that we're focused on going forward, if you look at leading-edge foundry logic, GATR all around and backlog power, our customers have talked about being able to achieve in backside power, 30% area scaling benefit beyond power and performance benefits with really no change in feature size.

因此，如果我看一下我們未來關注的重大轉折點，如果您看一下領先的代工邏輯、全面的 GATR 和積壓功率，我們的客戶已經談到能夠實現背面功率、30% 的面積縮放優勢超越功率和性能優勢，而特徵尺寸實際上沒有變化。

So that's basically what we're seeing in foundry logic, and we think that continues going forward.

這基本上就是我們在代工邏輯中看到的，我們認為這種情況將會持續下去。

In DRAM, if you look at what our customers have talked about in 4F squared, they also talk about significant area savings as they implement that new architecture.

在 DRAM 中，如果你看看我們的客戶在 4F 平方中討論的內容，他們也談到了在實施新架構時顯著的面積節省。

And of course, again, for all of these things, we're incredibly well positioned.

當然，對於所有這些事情，我們都處於非常有利的位置。

And then when you get to 3D DRAM, 3D DRAM is more similar, not the same materials, but a similar impact where the relative spending for materials engineering goes up significantly versus lithography.

然後，當你談到 3D DRAM 時，3D DRAM 就更加相似了，雖然材料不一樣，但影響卻類似，與光刻相比，材料工程的相對支出顯著增加。

And then, of course, another area that we're focused on and the entire industry is focused on is advanced packaging.

當然，我們關注的另一個領域以及整個行業關注的領域是先進封裝。

And when we look at what the AI servers look like 3 or 4 years from now, the architectures are going to be very different.

當我們展望3年或4年後的AI伺服器時，其架構將會有很大的不同。

And the way the data is connected in those architectures, there's just going to be tremendous innovation around materials innovation.

而這些架構中資料的連結方式將會帶來材料創新的巨大創新。

So when I look across any of these different markets, and of course, ICAPS is really all driven through materials innovations.

因此，當我縱觀這些不同的市場時，當然，ICAPS 實際上都是由材料創新所推動的。

We've talked about this before in our master assets.

我們之前在主資產中討論過這個問題。

We see the percentage of materials engineering relative spending to be increasing going forward around all of these different architecture inflections.

我們看到，在所有這些不同的架構變更中，材料工程相關支出的百分比將會增加。

Timothy Arcuri from UBS Securities.

瑞銀證券的蒂莫西·阿庫裡（Timothy Arcuri）。

Brice, do you think as you look at -- I think you're on to give us a WFE number for last year, but do you think you gained WFE share?

布萊斯，您認為——我想您會給我們一個去年的 WFE 數字，但您認為您獲得了 WFE 份額嗎？

That's the first question.

這是第一個問題。

And then how do you kind of assess, Gary, the headwind from these companies in China?

那麼加里，您如何評價這些公司在中國面臨的阻力呢？

Because I know that they have laid rev rec, so it makes it hard to sort of measure year-to-year.

因為我知道他們已經制定了轉速記錄，因此很難進行逐年測量。

But they're about 5% now of WFE.

但他們現在只佔 WFE 的 5% 左右。

It's up like 400 basis points over the past 4 to 5 years, and that's all You've done a great job holding share and gaining share.

過去 4 到 5 年間，它上漲了約 400 個基點，這就是您在保持市場份額和增加市場份額方面所做的偉大工作。

But how do you sort of think about that headwind from China because so much of the incremental spending is from there?

但是，由於大部分增量支出都來自中國，您如何看待來自中國的阻力？

Thanks.

謝謝。

Okay, Tim.

好的，提姆。

Nice to hear from you.

很高興收到你的來信。

On the in '24, of course, we don't know yet in terms of the final measures there.

當然，我們還不知道 24 年的最終措施。

But -- you heard in Gary's script, he talked about -- we think we've gained share in all the markets, except for likely China.

但是——你在加里的話中聽到過，他談到——我們認為我們已經在所有市場獲得了份額，除了中國。

So we'll just have to see what that reading is once all the share numbers are in.

因此，一旦所有的份額數字都輸入進來，我們就只需要查看讀數是多少。

So we feel well positioned from that perspective.

因此從這個角度來看，我們覺得自己處於有利地位。

And even in China, we feel good about the way we compete.

即使在中國，我們也對我們的競爭方式感到滿意。

It's just, yes, the local Chinese vendors have some advantages with the trade rules that have been put in place.

是的，中國本土供應商在現行的貿易規則下確實擁有一些優勢。

And then on the headwinds for China, I think we do have lower visibility, but we continue to add customers, and we think that's a huge market.

至於中國面臨的阻力，我認為我們的可見度確實較低，但客戶數量仍在持續增加，我們認為這是一個龐大的市場。

It's our largest ICAPS market, and ICAPS is the largest market for Applied.

這是我們最大的 ICAPS 市場，而 ICAPS 是應用技術公司最大的市場。

And we expect that to grow over time at the device level, mid- to high single digits.

我們預計，隨著時間的推移，設備層面的成長率將達到中高個位數。

As you know, equipment investments in the last couple of years have been ahead of the market.

如您所知，過去幾年的設備投資一直領先於市場。

So we've expected it to moderate for some period of time.

因此我們預計它會在一段時間內緩和。

So we'll see how that plays out.

我們將看看結果如何。

But for us, that continues to be one of the most important markets for the company.

但對我們來說，這仍然是公司最重要的市場之一。

Tim, just I would add, and again, I talked about this a little bit earlier.

提姆，我想補充一下，我之前已經談過這一點。

Leading-edge foundry logic, we're incredibly well positioned for those inflections.

憑藉領先的代工邏輯，我們已為應對這些變化做好了充分準備。

DRAM, we've gained 10 points of share.

DRAM，我們的份額增加了10個百分點。

And again, really well positioned for 4F squared and 3D DRAM, high-bandwidth memory.

再一次，4F2和3D DRAM、高頻寬記憶體的定位確實很合適。

That's another one where we have a very strong leading position.

這是我們佔據非常強大領先地位的另一個領域。

And advanced packaging is another area where it's up 3x in 4 years, and we anticipate that we'll double that business.

先進封裝是另一個在 4 年內成長 3 倍的領域，我們預計該業務將翻倍。

And then that will keep going into the future.

而這種情況將會持續到未來。

And again, we're just really well positioned for all those inflections.

再說一遍，我們確實已經做好了應對所有這些變化的準備。

In ICAPS, we have room to grow in PDC and etch, and we have momentum in those segments.

在 ICAPS，我們在 PDC 和蝕刻方面還有成長空間，而且我們在這些領域發展勢頭強勁。

And I talked earlier about the pipeline of ICAPS innovations.

我之前談到了 ICAPS 創新的管道。

Again, we formed this group 6 years ago, we brought 20 new products to market.

再次，我們六年前成立了這個團隊，我們向市場推出了 20 種新產品。

And we have new products in the pipeline that will expand our total available market.

我們正在籌備的新產品將擴大我們的整體可用市場。

We have new products for cost competitive applications, and we have innovations to enable new ICAPS device architectures that co-innovating with leading customers.

我們有針對具有成本競爭力的應用的新產品，並且我們擁有創新技術來實現與領先客戶共同創新的新型 ICAPS 設備架構。

So as Brice said, in the areas where we can compete, I feel really good about our positions and our pipeline going forward.

正如布萊斯所說，在我們可以競爭的領域，我對我們的地位和未來的發展前景感到非常滿意。

Thanks a lot, Kate.

非常感謝，凱特。

Harlan Sur from JPMorgan.

摩根大通的 Harlan Sur。

We track many of your end customers in the semiconductor industry, both fabless and IDMs and retracting their design starts, especially at 2-nanometer design starts super to be accelerating since the second half of last year, especially in areas like AI, accelerated compute mobile.

我們追蹤了半導體產業的許多終端客戶，包括無晶圓廠和IDM，他們都在撤回設計開工，尤其是2奈米設計開工，自去年下半年以來一直在加速，特別是在人工智慧、加速運算移動等領域。

Is the team -- in talking with your customers, is the team getting a sense on how big the upcoming 2-nanometer node transition?

在與客戶交談時，團隊是否了解即將到來的 2 奈米節點轉型有多大？

And more importantly, volume production potential could be relative to 3-nanometer?

更重要的是，批量生產潛力可能與 3 奈米有關嗎？

Harlan, Gary might also add on to this.

哈蘭 (Harlan) 和加里 (Gary) 可能也會對此作出補充。

I've seen various estimates for 2-nanometer.

我見過針對 2 奈米的各種估算。

Based on the performance benefits of 2-nanometer, I think we're expecting that to be a large node.

基於 2 奈米的性能優勢，我認為我們預計這將是一個大型節點。

If you look at some of the third-party estimates, that should be a good landing spot for just like 7-nanometer in the past was a good landing spot for designs.

如果你看看一些第三方的估計，這應該是一個很好的著陸點，就像過去的 7 奈米是設計的一個很好的著陸點一樣。

So we're expecting it to be on the large side from a node perspective.

因此，從節點的角度來看，我們預期它會比較大。

Yes, Harlan, I would just add that everybody is focused on energy-efficient computing for AI.

是的，哈蘭，我只想補充一點，每個人都關注人工智慧的節能計算。

And if you look at what our customers are saying, they're very bullish about the size of that 2-nanometer node.

如果你看看我們的客戶是怎麼說的，你會發現他們對 2 奈米節點的尺寸非常看好。

Krish Sankar from TD Cowen.

TD Cowen 的 Krish Sankar。

Yeah, hi, thanks for taking my question.

是的，你好，感謝您回答我的問題。

Gary, I had a question on around You've spoken about getting over 50% share of the incremental TAM there.

加里，我有一個問題，您說過要獲得超過 50% 的增量 TAM 份額。

But it seems like the EPI stack is one of the more critical ones, and your epi competitor seems to be making some strides.

但 EPI 堆疊似乎是更關鍵的堆疊之一，而您的 epi 競爭對手似乎正在取得一些進展。

So I'm just kind of curious, can you talk a little bit about your EPI market share?

所以我有點好奇，您能談談您的 EPI 市佔率嗎？

And if you still feel confident in the 50% per share gain of the overall gate-all-around opportunity?

您是否仍對整體環繞門機會每股 50% 的收益充滿信心？

Yes.

是的。

We're -- as I mentioned earlier, we're in deep partnerships with all of our customers focused around this concept of high-velocity co-innovation.

正如我之前提到的，我們與所有客戶都建立了深度合作關係，專注於高速共同創新的概念。

And we're working with every one of our customers out a decade into the future on multiple technology nodes.

我們正在與每位客戶在多個技術節點上展開未來十年的合作。

For gate-all-around, we have -- we still are on track to do what we had talked about earlier with gaining more than 50% of the incremental spending for gate-all-around.

對於環柵技術，我們仍在按計劃進行我們之前談到的工作，並獲得超過 50% 的環柵技術增量支出。

And EPI is part of that, we're in a very strong position I think 85% of those epi steps are selective epi where we have tremendous strength.

EPI 是其中的一部分，我們處於非常有利的地位，我認為 85% 的 Epi 步驟都是選擇性 Epi，我們在這方面擁有巨大的優勢。

We have new innovations we're bringing to market in Epi, and so we still feel very confident in our outperformance going forward.

我們在 Epi 中推出了新的創新產品，因此我們對於未來的優異表現仍然充滿信心。

Srini Pajuri from Raymond James.

雷蒙詹姆斯 (Raymond James) 的 Srini Pajuri。

Your question, please.

請問您的問題。

My question is on Brice, you said for Q2 outlook, you used the word China will be below normal in terms of percent of exposure.

我的問題是關於布萊斯的，您說到第二季度的展望時，您用了“就暴露百分比而言，中國將低於正常水平”這個詞。

I would think that the export restrictions, those are permanent.

我認為出口限制是永久性的。

So I'm just curious as to when you say below normal, are you expecting China to recover to like the 30% level that you previously communicated?

所以我很好奇，當您說低於正常水平時，您是否預計中國將恢復到您之前所說的 30％ 的水平？

And then when do you think we might get to that level?

那麼您認為我們什麼時候才能達到這個水平？

And then maybe for Gary.

然後也許對加里來說。

Gary, over the last 90 days, excluding the export restrictions, can you talk to how the demand conditions are within China?

加里，過去 90 天，除出口限制外，您能談談中國國內的需求情況嗎？

Thank you.

謝謝。

Okay.

好的。

Thanks, Srini.

謝謝，Srini。

So first of all, 30%, we still think will be a good long-term rate for us or a good long-term estimate of the share to China.

首先，我們仍然認為 30% 對我們來說是一個很好的長期利率，或是對中國份額的一個好的長期估計。

When you think about the market, of course, for us now, that's an ICAPS market.

當你考慮市場時，當然，對我們來說，這是一個 ICAPS 市場。

We can't serve leading edge.

我們無法提供前沿服務。

But that will be a growing market over time.

但隨著時間的推移，這個市場將會不斷成長。

The devices will grow mid- to high single digits, if not more, heading to the -- helping to get to the 1.3 -- or yes, $1 billion to $1.3 trillion semiconductor market by 2030.

這些設備將以中高個位數的速度成長，甚至更多，有助於到 2030 年達到 1.3 億美元——或 10 億至 1.3 兆美元的半導體市場。

So that market will continue to grow.

因此這個市場將會持續成長。

We may pause a little bit less.

我們或許可以少停頓一會兒。

We may have a little bit lower rate of investment as we go through the next short period of time, will that adjust.

在接下來的短時間內，我們的投資率可能會稍微低一些，這種情況會進行調整嗎？

But that's a very strong market for us.

但這對我們來說是一個非常強大的市場。

So 26% in Q2 and 30% is a good estimate for the company.

因此，第二季的 26% 和 30% 對公司來說是一個很好的估計。

And of course, that includes all of our businesses, AGS and Display also.

當然，這包括我們所有的業務，AGS 和 Display。

.

。

And then, Gary, on what we're seeing with respect to demand?

那麼，加里，我們看到了哪些需求方面的情況呢？

Yes, I think I'll just make a comment on that.

是的，我想我會對此發表一些評論。

It's still our largest market.

它仍然是我們最大的市場。

So you see leading-edge accelerating, but ICAPS is still our largest market and China is the largest country inside that market.

因此，您會看到尖端技術正在加速發展，但 ICAPS 仍然是我們最大的市場，而中國是該市場中最大的國家。

And so when you're thinking about it and you're thinking about what we're describing as a step back in the rate of investment, you should still think about it as just a very large opportunity and growth opportunity going forward.

因此，當您考慮這一點並考慮我們所描述的投資率倒退時，您仍然應該將其視為未來一個巨大的機會和成長機會。

And so we think the rate slows down a little bit after 2 huge years of investment, but we expect that market to grow over time.

因此，我們認為，經過兩年的大量投資後，成長速度會放緩，但我們預計市場將隨著時間的推移而成長。

We've continued to add customers.

我們不斷增加客戶。

We're tracking a lot of projects. that are underway.

我們正在追蹤很多項目。正在進行中。

We expect capacity to be added every single year, and that forms the backbone of our expectations.

我們預計每年都會增加產能，這構成了我們預期的支柱。

Yes.

是的。

The one thing I would add is that we believe that the ICAPS market over the longer term, will grow kind of mid- to high single digits.

我想補充一點，我們相信 ICAPS 市場從長遠來看將保持中高個位數成長。

And as I mentioned earlier, we have new products in the pipeline that expand our total available market, new products for cost-competitive segments and opportunities to grow in segments where we have momentum.

正如我之前提到的，我們正在研發的新產品可以擴大我們的整體可用市場，我們有針對具有成本競爭力的細分市場的新產品，以及在我們具有發展動力的細分市場中實現成長的機會。

So I think longer term, we're positive on the market and positive on our position in the market.

因此我認為從長遠來看，我們對市場持樂觀態度，並且對我們的市場地位持樂觀態度。

Brian Chin from Stifel.

來自 Stifel 的 Brian Chin。

I'll ask a few questions or maybe one question.

我會問幾個問題，或是一個問題。

Maybe for Brice, I think you previously disclosed a $549 million reduction in backup for the fiscal year in a filing.

也許對於 Brice 來說，我認為您之前在一份文件中披露了本財年的備份減少了 5.49 億美元。

And you're quantifying a $400 million impact for the year.

而你量化了今年 4 億美元的影響。

Did you revise what that actual impact would be?

您是否修改過其實際影響是什麼？

Or is there some maybe the residual amount of [ 5.49 ] that sits outside of the month horizon?

或者是否有一些剩餘金額 [ 5.49 ] 超出了月度範圍？

You've got it exactly right, Brian.

你說得完全正確，布萊恩。

So it's not much of a change.

所以變化不大。

That $5.49 was our backlog and it covered more than just a year.

那 5.49 美元是我們的積壓訂單，涵蓋了一年多的時間。

And so we shared, I think, what was in the 12 months.

所以我想，我們分享了過去 12 個月發生的事情。

And if you did that math, I think it was about $3.80.

如果你算一下，我認為大約是 3.80 美元。

So we're still very close in terms of what we're thinking the impact is for the year.

因此，就我們對今年的影響的判斷而言，我們仍然非常接近結論。

Joe Quatrochi from Wells Fargo.

富國銀行的 Joe Quatrochi。

I was wondering if you could talk a little bit more about your expectations for DRAM growth.

我想知道您是否可以進一步談談您對 DRAM 成長的預期。

If we were to exclude just the benefit of China DRAM spending in the comparison a year ago, how should we think about the growth in your business this year?

如果與一年前相比，我們只是排除中國 DRAM 支出帶來的好處，我們該如何看待今年業務的成長？

Yes.

是的。

Thanks, Joe. I'll start on this one.

謝謝，喬。我先從這個開始。

I think we've seen 2 record years of DRAM.

我認為我們見證了 DRAM 創紀錄的兩年。

And of course, '24 was buoyed by the extra China demand that we saw.

當然，我們看到的額外中國需求推動了 24 年的業績成長。

And I can't call the year here, but we see the rate of investment in DRAM continuing in the rest of the world.

我無法預測今年的情況，但我們看到世界其他地區對 DRAM 的投資率仍在持續上升。

So there's a lot of pull for the HBM solution, and there's a lot of pull in for DRAM in the advanced compute performance systems.

因此，HBM 解決方案具有很大的吸引力，而高階運算效能係統中的 DRAM 也具有很大的吸引力。

So I would expect continued momentum in DRAM, and that's included in our outlook in Q2.

因此我預計 DRAM 將繼續保持成長勢頭，這也包含在我們第二季度的展望中。

Yes, Joe, I would just say that, as I mentioned earlier, we're more bullish on compute memory than we are in storage memory.

是的，喬，我只想說，正如我之前提到的，我們對計算記憶體比儲存記憶體更看好。

And then what our customers have said is it takes 3x the number of wafers to produce the same number of bits for HBM.

然後我們的客戶說，需要 3 倍數量的晶圓才能為 HBM 生產相同數量的位數。

So that's going to certainly help the growth rate over the longer term.

所以從長遠來看這肯定有助於提高成長率。

Charles Shi from Needham & Company.

來自 Needham & Company 的 Charles Shi。

I have a question about the revenue -- expected revenue from gate all around nodes.

我有一個關於收入的問題——來自門控全節點的預期收入。

You previously said more than $2.5 billion in fiscal -- I mean, in probably calendar '24, and you expect to double has the '25 number move up or down or any changes to that number?

您之前說過財政年度的數字將超過 25 億美元——我的意思是，可能是在 24 年，您預計 25 年的數字會翻一番，是上升還是下降，或者這個數字會有什麼變化嗎？

And -- maybe the other part of the question, I think that you previously said last year's $8 on revenue plus this year kind of implies 100,000 global capacity built on 2-nanometer by the end of this year.

而且——也許是問題的另一部分，我認為您之前說過，去年 8 美元的收入加上今年的收入意味著到今年年底全球將在 2 奈米製程上建成 10 萬個產能。

Do you see potentially that data spending can accelerate further into '26?

您是否認為數據支出有可能在26年進一步加速？

Because we were trying to think about with the end capacity, it could be in '26, but do you want to get your early thoughts on 2026, if possible?

因為我們試著考慮最終的容量，可能是在 26 年，但如果可能的話，你想了解一下對 2026 年的初步想法嗎？

Thank you.

謝謝。

Okay, Charles.

好的，查爾斯。

Thanks for the question.

謝謝你的提問。

So first thing, yes, we have not changed our expectations for growth looking into '25 with the gate-all-around related equipment.

首先，是的，我們沒有改變對25年環柵相關設備成長的預期。

So 2.5 in '24 and then the opportunity to double that in '25.

因此，在'24年是2.5，在'25年有機會將其翻倍。

And if you put those together, that's just over $7 billion.

如果把這些加在一起，總額就超過 70 億美元。

And when we describe the SAM for us with Gadea around the backside power, yes, you can back in and say that implies that there's approximately 100,000 wafer starts of pilot and HBM -- HVM, excuse me, high-volume manufacturing capacity being put in place in the beginning.

當我們與 Gadea 一起描述背面電源周圍的 SAM 時，是的，您可以回過頭來說，這意味著大約有 100,000 個晶圓啟動試點和 HBM - HVM，對不起，是大批量生產能力在開始時就已到位。

And then, of course, you'll have to do your own research to see what size you think the node would be.

然後，當然，您必須進行自己的研究來了解您認為節點的大小。

I would just suggest that nodes are generally larger than that.

我只是建議節點通常比這更大。

So we would expect that to continue and the ramp to continue beyond '25 for sure.

因此，我們預計這種情況將會持續下去，而且成長動能肯定會持續到25年後。

Yes, I would say the one thing incrementally is that as you go forward, you're going to add in backside power, that also is growing our available market, and we have a very strong share there.

是的，我想說的是，隨著你不斷前進，你將逐步增加後端力量，這也將擴大我們的可用市場，我們在那裡佔有非常大的份額。

So once you have gate all around and backside power together, our opportunity grows significantly

因此，一旦你將閘極周圍和背面電源結合在一起，我們的機會就會大大增加

Chris Caso from Wolfe Research.

來自 Wolfe Research 的 Chris Caso。

Yes, thank you.

是的，謝謝。

Good evening.I guess the question is regarding sort of where your level of confidence is in your customer forecast right now?

晚上好。

And I know you haven't given us guidance for the full year, obviously.

而且我知道您顯然還沒有給我們全年的指導。

But I know the customers generally give you pretty good visibility on the forecast.

但我知道客戶一般都會對預測有相當清晰的了解。

Maybe you could talk about the different segments and you sound pretty constructive with regard to foundry logic spending for the year.

也許您可以談談不同的部分，而且您對今年的代工邏輯支出的看法聽起來非常有建設性。

Your comments suggested that ICAP, the forecast has been changing a lot.

您的評論表明 ICAP 的預測已經發生了很大的變化。

So I'd imagine that there's some uncertainty there.

因此我認為那裡存在一些不確定性。

Perhaps you could speak in those terms for the different segments.

或許你可以用這些術語來談論不同的部分。

Sure.

當然。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

So I think I would put the level of confidence for larger customers is fairly high.

因此我認為我對大客戶的信心水準是相當高的。

So especially since COVID and the inflation events that we saw, we've asked for longer perspectives from all of our customers.

因此，特別是自 COVID 和我們看到的通貨膨脹事件以來，我們要求所有客戶提供更長遠的眼光。

So we have more visibility with the larger customers.

因此，我們與大客戶的溝通更加透明。

So if you think about leading logic, more visibility, certainly for DRAM, certainly for NAND.

因此，如果您考慮領先的邏輯和更高的可見性，對於 DRAM 來說肯定是這樣的，對於 NAND 來說也肯定是這樣的。

And then I would split up ICAPS, it would be the same sort of observation for the more mature, longer-standing companies in the ICAP space good visibility, same practices.

然後我會拆分 ICAPS，對於 ICAP 領域中更成熟、歷史更悠久的公司來說，這將是同樣的觀察結果，具有良好的可見性和相同的做法。

And then for the long tail in ICAPS, including a lot of the customers in China, there's just more less experience there on side.

對於 ICAPS 的長尾而言，包括許多中國客戶在內，他們在這方面的經驗比較少。

And so the visibility gets lower, and that's where we've seen a lot of volatility in our forecast.

因此可見度就會降低，這就是我們在預測中看到很大波動的原因。

So I think -- in the past couple of years, we've continually increased our China forecast as we've gone through the year.

因此我認為，在過去幾年裡，我們一直在不斷上調對中國市場的預測。

So you have less visibility and the plans change as that goes forward.

因此，你的可見度會降低，計畫也會隨之改變。

.

。

And then just a last comment, thinking about foundry logic because there's lots of questions about the various foundries, our perspective there is not only do we have the information from the customers, but we try to also triangulate with our end market expectations.

最後再說一句，思考代工廠邏輯，因為對不同的代工廠有很多疑問，我們的觀點是，我們不僅擁有來自客戶的信息，而且我們還試圖根據我們的終端市場預期進行三角測量。

And so we think we're pretty comfortable with our forecast for leading logic being driven by data center, PC, smartphone and understanding what the end demand is for those markets.

因此，我們認為，我們對主要邏輯由資料中心、個人電腦、智慧型手機驅動的預測以及對這些市場的最終需求的了解是相當滿意的。

Thank you.

謝謝。

Vijay Rakesh from Mizuho

瑞穗公司的 Vijay Rakesh

Just a question on the packaging side.

我只想問一下關於包裝方面的問題。

I know packaging is becoming more and more important and on the memory side.

我知道包裝在記憶方面變得越來越重要。

I'm just wondering if there's a way to look at what the mix of just packaging was of total WFE if you had to look at 2025?

我只是想知道，如果必須看 2025 年，是否有辦法查看包裝佔 WFE 總量的比例？

And how you see that mix of WFE growing as packaging becomes a bigger and bigger chunk of both memory and logic?

隨著封裝在記憶體和邏輯中所佔的比例越來越大，您如何看待 WFE 組合的成長？

Thank.

感謝。

I'll try, Vijay.

我會盡力的，維傑。

We said last year that in '24 that our packaging related revenues in Advanced Packaging were $1.7 billion.

我們去年表示，24年我們在先進封裝領域的封裝相關收入為17億美元。

And so you know that we have an advantaged share in that space.

所以你知道我們在該領域佔有優勢份額。

So you probably have to do some backward math to imply what packaging is.

因此，您可能需要進行一些逆向計算才能明白包裝是什麼。

And it's growing at a strong rate.

且其成長速度十分強勁。

I think just thinking about the -- what's behind that, we all know that there's -- Gary calls it a race for performance on these leading-edge systems, getting the highest utilization out of GPUs, CPUs, accelerators, et cetera.

我認為只要思考一下——這背後的原因，我們都知道——加里稱之為這些前沿系統的性能競賽，最大限度地利用 GPU、CPU、加速器等。

And that's really what's driving the increased demand for these packaging technologies.

這才是推動這些封裝技術需求成長的真正原因。

So we expect that to grow significantly over the coming years.

因此，我們預計未來幾年這一數字將大幅成長。

Yes.

是的。

Vijay, we also talked about doubling again our packaging revenue over a few years.

維傑，我們也談到了在幾年內再次將包裝收入翻倍。

And there's just tremendous innovation happening in this space.

這個領域正在發生巨大的創新。

We talked about chips grants on new substrate technologies for silicon and glass, how you connect the AI server and that architecture in 3 or 4 years is going to be very different than what it looks like today.

我們討論了有關矽和玻璃新基板技術的晶片補助、如何連接 AI 伺服器，以及 3 到 4 年後架構將與今天有很大不同。

So I believe this is a great opportunity for Applied.

所以我相信這對應用材料公司來說是一個很好的機會。

We're the leader in wiring on the front of the wafer, back of the wafer and in advanced packaging.

我們是晶圓正面、晶圓背面佈線和先進封裝領域的領導者。

And this segment is going to see a significant compound annual growth rate because it's so important for energy-efficient computing.

由於這一領域對於節能計算至關重要，因此它將實現顯著的複合年增長率。

Mehdi Hosseini from Susquehanna.

來自薩斯奎哈納的梅赫迪·胡賽尼 (Mehdi Hosseini)。

One question, two parts.

一個問題，兩個部分。

Based on the last 10-K, the SSE backlog of $8.3 billion, down 23% year-over-year.

根據最近的10-K報告，SSE積壓訂單為83億美元，年減23%。

And then AGS and backlog of $6.8 billion, up 32%.

然後是 AGS 和積壓訂單 68 億美元，成長 32%。

When do you expect backlog for SSE to show the inflection point and show growth?

您預期 SSE 的積壓訂單何時會出現拐點並呈現成長？

And on the AGS, the $200 million that is going to come out because of the restriction in China.

而對 AGS 來說，由於中國的限制，將會有 2 億美元損失。

That is a very small part of the AGS backlog.

這只是 AGS 積壓的一小部分。

Is that a reflection of the AGS backlog in multiyear?

這是否反映了 AGS 多年的積壓情況？

Or any color you can have here would be great.

或任何顏色都可以。

Yes.

是的。

Mehdi, thanks for the question.

梅迪，謝謝你的提問。

You've got it right on the AGS.

您對 AGS 的理解是正確的。

We've got multiyear contracts in AGS that tends to make that backlog look larger and your book-to-bill look much larger when we signed those contracts.

我們與 AGS 簽訂了多年期合同，這往往會使積壓訂單看起來更大，並且在我們簽署這些合約時，您的訂單出貨比看起來更大。

So the average contract life, I think, is in the 2.9-year region, and we're signing some that are longer than that.

因此，我認為平均合約期限在 2.9 年左右，而且我們簽署的一些合約期限更長。

So -- that really is what distorts the backlog or makes it larger for AGS.

所以 —— 這確實是扭曲積壓訂單或使 AGS 積壓訂單增加的原因。

And then on the equipment side, since the supply chain and -- issues related to COVID, we've been normalizing on the equipment side.

然後在設備方面，由於供應鏈和與 COVID 相關的問題，我們在設備方面一直在正常化。

So we stopped reporting that on a quarterly basis because it's not a very good indication of our -- the underlying business changes.

因此，我們停止按季度報告這一情況，因為這不能很好地反映我們的基本業務變化。

We're working to get longer visibility with our customers, and we're working to get longer commits on the builds.

我們正在努力與客戶建立更長久的可見性，我們正在努力獲得更長的建置承諾。

And so there's a lot of movement in that.

因此，這方面有很多活動。

So I wouldn't have anything to share other than what you've seen in our 10-K.

因此，除了您在我們的 10-K 中看到的內容之外，我沒有其他內容可以分享。

Timm Schulze-Melander from Redbrun Atlantic.

Redbrun Atlantic 的 Timm Schulze-Melander。

Maybe one for Gary and one for Brice, please.

或許可以給 Gary 和 Brice 各一個。

Gary, you mentioned advanced packaging and you referenced volume orders from multiple leading-edge customers.

加里，您提到了先進的封裝，並提到了來自多個前沿客戶的批量訂單。

Maybe could you share a little bit of color in terms of what kind of device applications they are?

您能否稍微介紹一下它們是什麼類型的設備應用程式？

And when you'd expect volume manufacturing to begin?

您預計什麼時候開始大量生產？

And then Brice, just a modeling question on that tax asset revaluation.

然後是布萊斯，關於稅收資產重估的一個建模問題。

Could you maybe just provide a little more color on that?

您能否對此提供更多詳細資訊？

And is there any real course or implication for the remaining $2.4 billion of deferred tax assets on the balance sheet?

資產負債表上剩餘的24億美元遞延稅務資產有什麼實際方向或影響嗎？

Thank you.

謝謝。

Yes, Tim, relative to packaging revenue, it's really coming from all of the different packaging architectures, we have a very strong position, a broad, unique connected portfolio.

是的，Tim，相對於封裝收入，它實際上來自所有不同的封裝架構，我們擁有非常強大的地位以及廣泛、獨特的連接產品組合。

So I wouldn't say that, again, for us, including an HBM where we were at $700 million in revenue this last year, we have strength across all of those different architecture types.

因此，我不會再說了，對我們來說，包括去年收入達 7 億美元的 HBM，我們在所有不同架構類型中都具有實力。

I don't really want to comment, I'll let customers comment on which architectures they're ramping.

我其實不想發表評論，我會讓客戶評論他們正在採用哪種架構。

I would say, as I mentioned earlier, there's going to be tremendous innovation in this space with very different architectures than what are in the market today.

我想說，正如我之前提到的，這個領域將會出現巨大的創新，其架構與當今市場上的架構截然不同。

This is going to be very important for energy-efficient computing.

這對於節能計算來說非常重要。

Applied has been investing to be positioned to win those architecture inflections.

應用材料公司一直在進行投資，以期在這些架構變​​革中取得勝利。

Okay.

好的。

And then Tim, thanks for the tax question.

然後提姆，謝謝你問的稅務問題。

So yes, good to point out that on our GAAP net income, you'll see a significant difference in the growth in our non-GAAP income.

所以是的，值得指出的是，在我們的 GAAP 淨收入中，您會看到我們的非 GAAP 收入成長有顯著差異。

And what is happening there?

那裡發生了什麼事？

It's one of those situations where good news is bad news.

這是一種好消息就是壞消息的情況。

So we've just renewed our incentive rates in Singapore.

因此，我們剛剛更新了新加坡的激勵利率。

And so the tax asset that we have in Singapore that was created years and years ago when we moved assets to Singapore, that is essentially a less valuable because it will protect from lower taxes, if that makes sense.

因此，我們多年前將資產轉移到新加坡時在新加坡創建的稅收資產，本質上已經不那麼有價值了，因為它可以保護我們免受低稅的影響，如果這說得通的話。

So our tax rate goes down, which is good news.

因此我們的稅率下降了，這是個好消息。

And then the asset that you have to protect from taxes is a little bit less valuable than what it was with higher tax rates.

那麼你需要保護的免稅資產的價值就會比高稅率時期的價值稍微低一些。

And so that $674 million, I think that number is a revaluation of that tax asset.

所以，我認為，6.74 億美元這個數字是對該稅收資產的重新估價。

And I wouldn't look we're amortizing the benefit of that tax move of years to go.

而且我不認為我們會在未來幾年內攤提這項稅收措施帶來的好處。

That's always in our reconciliation.

這始終存在於我們的和解之中。

But this particular event that we're talking about, I think there's any look forward on that.

但我們正在談論的這個特定事件，我認為是值得期待的。

(Operator Instructions) And this does conclude the question-and-answer session of today's program.

(操作員指示)今天節目的問答環節到此結束。

I'd like to hand the program back to Brice for any further remarks.

我想將該計劃交還給布萊斯，以便他可以做出進一步的評論。

Thank you.

謝謝。

To recap, we believe we're well positioned in both the near term and the longer term as the investments we're making in our for leading-edge technology inflections, together with our efforts to accelerate industry collaboration set us up to benefit from the semiconductor growth as expected over the coming years.

總而言之，我們相信無論是在短期還是長期，我們都處於有利地位，因為我們在前沿技術變革方面的投資，加上我們為加速行業合作所做的努力，使我們在未來幾年能夠從半導體增長中獲益。

Thank you for attending today.

感謝大家今天的出席。

And Liz, please close the call.

還有 Liz，請結束通話。

Thank you, Brice, and thank you to everyone for joining the call today.

謝謝你，布萊斯，也謝謝大家今天參加電話會議。

A replay of today's call will be available on the Investor Relations website by 5:00 p.m. Pacific Time today.

今天的電話會議重播將於下午 5:00 在投資者關係網站上提供。今天太平洋時間。

Thank you for your continued interest in Applied Materials.

感謝您對應用材料的持續關注。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝大家參加今天的會議。

This does conclude the program.

該計劃確實結束了。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。