應用材料 (AMAT) 2021 Q2 法說會逐字稿

Welcome to the Applied Materials earnings conference call.

歡迎來到應用材料公司財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Michael Sullivan, Corporate Vice President.

（操作員說明）我現在想將會議轉交給公司副總裁 Michael Sullivan。

Please go ahead, sir.

請繼續，先生。

Good afternoon, everyone, and thank you for joining Applied's Second Quarter of Fiscal 2021 Earnings Call.

大家下午好，感謝您參加應用材料公司 2021 財年第二季度財報電話會議。

Joining me are Gary Dickerson, our President and CEO; and Dan Durn, our Chief Financial Officer.

加入我的還有我們的總裁兼首席執行官 Gary Dickerson；和我們的首席財務官 Dan Durn。

Before we begin, I'd like to remind you that today's call contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ.

在我們開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述受到可能導致我們實際結果不同的風險和不確定性的影響。

Information concerning the risks and uncertainties is contained in Applied's most recent Form 10-Q and 8-K filings with the SEC.

有關風險和不確定性的信息包含在 Applied 最近提交給 SEC 的 10-Q 和 8-K 表格中。

Today's call also includes non-GAAP financial measures.

今天的電話會議還包括非公認會計準則財務指標。

Reconciliations to GAAP measures are found in today's earnings press release and in our quarterly earnings materials, which are available on the IR page of our website at appliedmaterials.com.

在今天的收益新聞稿和我們的季度收益材料中可以找到與 GAAP 措施的對賬，這些材料可在我們網站的 IR 頁面上找到，網址為 Appliedmaterials.com。

Before we begin, I have a calendar announcement.

在我們開始之前，我有一個日曆公告。

We plan to host another masterclass, this time on logic technology, on the 16th of June at 9:00 a.m.

我們計劃在 6 月 16 日上午 9 點舉辦另一場大師班，這次是關於邏輯技術的。

Pacific time.

太平洋時間。

We hope you'll join us.

我們希望你能加入我們。

And now I'd like to turn the call over to Gary Dickerson.

現在我想把電話轉給 Gary Dickerson。

Thank you, Mike.

謝謝你，邁克。

I'm pleased to report another record quarter for Applied Materials, underpinned by strong and broad-based demand across our semiconductor businesses as large secular trends fuel increasing consumption of silicon.

我很高興地報告應用材料公司又一個創紀錄的季度，這得益於我們半導體業務的強勁和廣泛的需求，因為長期趨勢推動了矽消費的增加。

I'd like to thank our passionate and hard-working team for delivering these great results.

我要感謝我們充滿激情和勤奮的團隊取得了這些偉大的成果。

And in particular, I want to acknowledge our operations group and suppliers for successfully overcoming logistics and supply chain challenges in the quarter.

特別是，我要感謝我們的運營團隊和供應商在本季度成功克服了物流和供應鏈挑戰。

At our recent investor meeting, we described our thesis for the industry, laid out our growth strategy and provided our new financial and capital allocation models.

在我們最近的投資者會議上，我們描述了我們的行業論點，制定了我們的增長戰略，並提供了我們新的財務和資本配置模型。

Therefore, in today's call, I will focus my comments on 3 main topics: how we see the current market environment; how Applied is outperforming our markets today; and how we're positioned to grow faster than our markets over the longer term.

因此，在今天的電話會議中，我將把我的評論集中在三個主要話題上：我們如何看待當前的市場環境；應用材料公司今天如何跑贏我們的市場；以及我們如何在長期內實現比市場更快的增長。

Later in the call, Dan will talk about our subscription revenues, the strength in our service business and provide more color on our financial performance and outlook.

稍後在電話會議中，丹將談論我們的訂閱收入、我們服務業務的實力，並為我們的財務業績和前景提供更多色彩。

I'll begin with the industry environment.

我將從行業環境開始。

As the world starts to transition to the post-pandemic economy, demand for semiconductors continues to grow.

隨著世界開始向大流行後經濟過渡，對半導體的需求繼續增長。

The pandemic accelerated key technology trends that make semiconductors more pervasive and indispensable in people's lives.

大流行加速了使半導體在人們生活中更加普遍和不可或缺的關鍵技術趨勢。

Current capacity shortfalls in some areas of the market show the highly efficient, just-in-time supply chains that have served the semiconductor industry well for the past 2 decades may not be the most effective strategy going forward.

目前市場某些領域的產能短缺表明，過去 20 年為半導體行業提供良好服務的高效、及時的供應鏈可能不是未來最有效的戰略。

There's a clear desire for the chip industry to build more resilient and flexible supply, including more regionally distributed capacity as the strategic importance of the semiconductor supply chain is increasingly acknowledged at a national level.

隨著半導體供應鏈的戰略重要性在國家層面日益得到認可，芯片行業顯然希望建立更具彈性和靈活性的供應，包括更多區域分佈的產能。

It's also important to recognize that we're still in the early innings of major secular trends that will play out over the next decade and drive the semiconductor and semi-equipment markets structurally higher.

同樣重要的是要認識到，我們仍處於主要長期趨勢的早期階段，這些趨勢將在未來十年內上演，並推動半導體和半設備市場結構性走高。

At the investor meeting, we described 5 overlapping inflections.

在投資者會議上，我們描述了 5 個重疊的拐點。

First, at a macro level, digital transformation of the economy is rapidly advancing.

一是宏觀層面，經濟數字化轉型快速推進。

For individuals, companies and nations, embracing digital transformation is nondiscretionary because it changes the basis of competition.

對於個人、公司和國家來說，擁抱數字化轉型是不可隨意選擇的，因為它改變了競爭的基礎。

Those who quickly and effectively embrace these new ways of working will emerge as winners.

那些快速有效地接受這些新工作方式的人將成為贏家。

And those who don't or can't adapt, will not keep up.

而那些不適應或不能適應的人，就不會跟上。

Digital transformation is driving exponential growth in data generation, which leads to the second major inflection, AI computing.

數字化轉型正在推動數據生成的指數級增長，這導致了第二個主要轉折點，即人工智能計算。

New computing approaches are needed to create value from these massive volumes of data.

需要新的計算方法從這些海量數據中創造價值。

AI computing works best with workload-specific software and hardware built from customized and entirely new types of silicon.

AI 計算最適用於由定制和全新類型的矽構建的特定於工作負載的軟件和硬件。

Third, the benefits of traditional Moore's Law 2D scaling are slowing down, and the semiconductor industry is transitioning to a new playbook to drive power, performance, area, cost and time to market.

第三，傳統摩爾定律 2D 微縮的好處正在放緩，半導體行業正在轉向新的劇本來推動功耗、性能、面積、成本和上市時間。

As the PPACt playbook is adopted, it is driving a step-up in investments across the ecosystem.

隨著 PPACt 劇本的採用，它正在推動整個生態系統的投資增加。

Fourth, there's an increased focus on ensuring that growth is sustainable and responsible as the industry scales and advancing energy-efficient computing is critical.

第四，隨著行業規模的擴大，人們越來越重視確保增長的可持續性和責任感，推進節能計算至關重要。

And fifth, there's a business model inflection as companies migrate away from products and transactions to outcomes and deeper collaborations focused on speed and time to market.

第五，隨著公司從產品和交易轉移到成果和更深入的合作，專注於速度和上市時間，商業模式發生了變化。

These 5 factors add up to strong and strengthening demand for wafer fab equipment and advanced services that we believe is sustainable well beyond 2021.

這 5 個因素加起來對晶圓廠設備和先進服務的強勁需求和增強的需求，我們認為這些需求在 2021 年之後是可持續的。

For the first time, customers are providing capital spending guidance for multiple years into the future, which is a new leading indicator for demand sustainability.

客戶首次提供未來多年的資本支出指導，這是需求可持續性的新領先指標。

In 2021, we expect foundry/logic to be the fastest-growing wafer fab equipment market with strong investments in both leading edge and specialty devices.

到 2021 年，我們預計代工/邏輯將成為增長最快的晶圓廠設備市場，在前沿和專業設備方面都有大量投資。

DRAM is the next fastest-growing market, with all major DRAM manufacturers investing in new technology and capacity.

DRAM 是下一個增長最快的市場，所有主要的 DRAM 製造商都在投資新技術和產能。

Finally, we see NAND growing at a more modest rate this year on the back of about 30% growth in calendar 2020.

最後，在 2020 年增長約 30% 的背景下，我們看到今年 NAND 的增長速度較為溫和。

More importantly, Applied is outperforming the overall market.

更重要的是，Applied 的表現優於整體市場。

Recent VLSI market data confirmed that our semi-equipment business grew 23% in 2020 versus market growth of less than 19%.

最近的 VLSI 市場數據證實，我們的半設備業務在 2020 年增長了 23%，而市場增長不到 19%。

We outperformed even though the device mix would not typically be considered favorable for Applied.

即使設備組合通常不會被認為對應用材料有利，我們的表現仍然出色。

There are several reasons why I'm confident 2021 will be another strong year of outperformance.

我相信 2021 年將是又一個表現出色的年份，原因有很多。

To start with, our leadership areas are in the fastest-growing parts of the market.

首先，我們的領導領域位於市場增長最快的部分。

We expect CMP epithermal implant to all grow more than 50% this year.

我們預計今年 CMP 超熱植入物的增長率都將超過 50%。

Next, we're very well positioned to serve the fast-growing specialty markets.

接下來，我們非常有能力服務於快速增長的專業市場。

We anticipated this market growth several years ago and formed a new group inside the company called ICAPS to focus on IoT, communications, automotive, power and sensor applications.

幾年前，我們預測到了這一市場增長，並在公司內部成立了一個名為 ICAPS 的新團隊，專注於物聯網、通信、汽車、電源和傳感器應用。

In addition, we have strong traction with new products, especially in areas where we have space to grow share.

此外，我們對新產品有很強的吸引力，特別是在我們有空間增長份額的領域。

In 2020, we gained 240 basis points of market share in conductor etch and 220 basis points in CVD, thanks to the momentum we have in patterning applications for DRAM and foundry/logic.

2020 年，由於我們在 DRAM 和代工/邏輯的圖案化應用方面的發展勢頭，我們在導體蝕刻領域的市場份額和 CVD 市場份額分別獲得了 240 個基點和 220 個基點。

This year, our etch and CVD businesses combined will generate more than $7.5 billion of revenue.

今年，我們的蝕刻和 CVD 業務加起來將產生超過 75 億美元的收入。

In process diagnostics and control, we expect to grow around 50% in 2021 and generate more than $900 million of revenue from our e-beam products.

在過程診斷和控制方面，我們預計 2021 年將增長 50% 左右，並從我們的電子束產品中產生超過 9 億美元的收入。

Extending our leadership in e-beam has been a major focus as it is a highly strategic capability that accelerates adoption of our differentiated semi products in integrated material solutions as well as being a key component of our actionable insight accelerator.

擴大我們在電子束領域的領先地位一直是我們的主要關注點，因為它是一種高度戰略性的能力，可以加速我們在集成材料解決方案中的差異化半導體產品的採用，並且是我們可行的洞察加速器的關鍵組成部分。

Finally, we're seeing increasing adoption of our integrated solutions where we're bringing together unique combinations of technologies and capabilities.

最後，我們看到越來越多地採用我們的集成解決方案，我們將獨特的技術和功能組合在一起。

In 2021, we expect to generate more than $400 million of revenue from our first Integrated Material Solutions.

2021 年，我們的首個集成材料解決方案預計將產生超過 4 億美元的收入。

In addition, revenues from our advanced packaging product portfolio are on track to exceed $800 million, almost doubling since 2019.

此外，我們先進封裝產品組合的收入有望超過 8 億美元，自 2019 年以來幾乎翻了一番。

Looking beyond the strength in our business today, we believe we're in a great position to deliver sustainable outperformance over multiple years.

除了我們今天的業務實力之外，我們相信我們處於有利位置，可以在多年內實現可持續的卓越表現。

As the industry roadmap transitions from traditional 2D Moore's Law scaling to the new PPACt playbook, materials engineering becomes critically enabling.

隨著行業路線圖從傳統的 2D 摩爾定律縮放過渡到新的 PPACt 劇本，材料工程變得至關重要。

This is because significant PPACt innovations in transistor and interconnect, structures and materials are taking place and these innovations are enabled by Applied's leadership technologies.

這是因為在晶體管和互連、結構和材料方面正在進行重大的 PPACt 創新，而這些創新是由 Applied 的領先技術實現的。

We'll cover this topic in more detail at our upcoming logic masterclass.

我們將在即將到來的邏輯大師班中更詳細地介紹這個主題。

As we described at our investor meeting, to serve our customers' evolving needs and maximize our growth opportunities, we've built a comprehensive strategy to position Applied as the PPACt enablement company, shift more of our business to subscription revenue and optimize our investments in synergistic adjacent markets to drive profitable growth and higher free cash flows.

正如我們在投資者會議上所描述的那樣，為了滿足客戶不斷變化的需求並最大限度地提高我們的增長機會，我們制定了一項綜合戰略，將 Applied 定位為 PPACt 支持公司，將我們的更多業務轉移到訂閱收入並優化我們在協同相鄰市場以推動盈利增長和更高的自由現金流。

Our PPACt enablement strategy has 3 differentiated pillars.

我們的 PPACt 支持戰略有 3 個不同的支柱。

First, Applied has the broadest and most enabling portfolio of technologies, spanning materials creation, modification, removal and analysis.

首先，Applied 擁有最廣泛和最有能力的技術組合，涵蓋材料創建、修改、移除和分析。

At our recent memory masterclass, we talked about how we're taking unique Applied technologies that were originally developed for logic, including Black Diamond low K materials and high K metal gate transistors into the DRAM market, opening up new billion-dollar opportunities.

在我們最近的內存大師班上，我們談到了我們如何將最初為邏輯開發的獨特應用技術（包括 Black Diamond 低 K 材料和高 K 金屬柵極晶體管）帶入 DRAM 市場，開闢新的數十億美元的機會。

Second, we can combine our technology portfolio in unique and highly enabling ways that no one else can do.

其次，我們可以以其他人無法做到的獨特且高度支持的方式組合我們的技術組合。

A great example is our Draco hard mask material for capacitor scaling in DRAM.

一個很好的例子是我們用於 DRAM 中電容器縮放的 Draco 硬掩模材料。

Draco has been co-optimized to work with Applied's etch system in a process development that we accelerated with our e-beam technology.

在我們通過電子束技術加速的工藝開發中，Draco 已經過優化，可與 Applied 的蝕刻系統協同工作。

Today, we offer a spectrum of solutions from co-optimization of processes and tools like Draco all the way to fully integrated material solutions that combine multiple processes and customized metrology and sensors within a single platform.

今天，我們提供了一系列解決方案，從像 Draco 這樣的流程和工具的協同優化，到將多個流程和定制的計量和傳感器結合在一個平台中的完全集成的材料解決方案。

The third pillar is time-to-market acceleration.

第三個支柱是加快上市時間。

We've developed a proprietary suite of solutions to accelerate every stage of the product life cycle, from R&D to technology transfer and high-volume manufacturing.

我們開發了一套專有的解決方案來加速產品生命週期的每個階段，從研發到技術轉讓和大批量製造。

We call this the Actionable Inside Accelerator, or AIx platform, and it brings together process tools, sensors, metrology and analytics and machine learning capabilities.

我們將此稱為 Actionable Inside Accelerator 或 AIx 平台，它匯集了流程工具、傳感器、計量和分析以及機器學習功能。

There is tremendous pull from customers, and we already have AIx engagements with all major memory manufacturers.

來自客戶的巨大吸引力，我們已經與所有主要內存製造商進行了 AIx 合作。

One example of how we're applying machine learning in real-world applications is extract AI that allows us to combine the most powerful attributes of optical and e-beam inspection and provide a solution that's many times faster than traditional approaches.

我們如何在實際應用中應用機器學習的一個例子是提取 AI，它使我們能夠結合光學和電子束檢測的最強大屬性，並提供比傳統方法快很多倍的解決方案。

In simple terms, optical inspection is fast and can find critical defects, while e-beam is slower but has higher resolution to accurately classify those defects.

簡單來說，光學檢測速度快，可以發現關鍵缺陷，而電子束檢測速度較慢，但分辨率更高，可以準確分類這些缺陷。

So we use our e-beam system to train the extract AI engine for defect and noise classification.

因此，我們使用我們的電子束系統來訓練提取 AI 引擎進行缺陷和噪聲分類。

As Applied's e-beam technology has best-in-class resolution and imaging, we get the most accurate classification to train our AI models.

由於 Applied 的電子束技術具有一流的分辨率和成像，我們獲得了最準確的分類來訓練我們的 AI 模型。

We then use inferencing to turn an unclassified map of millions of potential defects into an actionable map of thousands of yield-impacting defects.

然後，我們使用推理將數百萬個潛在缺陷的未分類圖轉換為數千個影響良率的缺陷的可操作圖。

Before I hand the call over to Dan, let me quickly summarize.

在我把電話交給丹之前，讓我快速總結一下。

We see strong and sustainable demand in our semiconductor business, underpinned by a wide range of macro and technology drivers.

在廣泛的宏觀和技術驅動因素的支持下，我們在半導體業務中看到了強勁且可持續的需求。

We believe that we're in a great position to outperform our markets again this year, thanks to our broad exposure to the major industry inflections, our strong portfolio of differentiated unit process products and accelerating adoption of our Integrated Material Solutions and advanced packaging products.

我們相信，由於我們廣泛接觸主要行業變化、我們強大的差異化單元工藝產品組合以及加速採用我們的集成材料解決方案和先進封裝產品，我們相信今年我們處於再次超越市場的有利位置。

We feel very positive about the longer-term secular trends that are driving semiconductor and wafer fab equipment structurally higher.

我們對推動半導體和晶圓廠設備結構性走高的長期長期趨勢感到非常樂觀。

And we're confident that we have the right strategy to accelerate PPACt and grow significantly faster than our markets.

我們相信，我們有正確的戰略來加速 PPACt 並以比我們的市場更快的速度增長。

Dan, over to you.

丹，交給你。

Thanks, Gary.

謝謝，加里。

Today, I'll begin by summarizing Applied's performance in Q2.

今天，我將首先總結應用材料公司在第二季度的表現。

Then I'll recap the latest third-party data on the semiconductor equipment and services markets.

然後，我將回顧有關半導體設備和服務市場的最新第三方數據。

I'll build on Gary's comments about the equipment demand environment.

我將在 Gary 關於設備需求環境的評論的基礎上再接再厲。

And then I'll give you an update on our plans to grow our subscription business and generate incremental free cash flow in synergistic adjacent markets.

然後，我將向您介紹我們發展訂閱業務並在具有協同效應的相鄰市場中產生增量自由現金流的計劃的最新情況。

I'll finish with our guidance for Q3.

我將完成我們對第三季度的指導。

Beginning with our Q2 performance.

從我們第二季度的表現開始。

Applied delivered record revenue that was up 41% year-over-year and near the top of our guidance range.

Applied 實現了創紀錄的收入，同比增長 41%，接近我們指導範圍的頂部。

Our teams executed well, delivering strong gross margins in a challenging operational environment, and this led to record non-GAAP earnings that exceeded our guidance range.

我們的團隊執行良好，在充滿挑戰的運營環境中實現了強勁的毛利率，這導致創紀錄的非公認會計原則收益超出了我們的指導範圍。

All 3 of our operating segments exceeded the revenue guidance, and we continue to expect each to post higher revenue in the second half of our fiscal year.

我們所有的三個運營部門都超過了收入指導，我們繼續預計每個部門在本財年下半年的收入都會增加。

The semiconductor systems team also delivered the highest non-GAAP operating margins in nearly 14 years while AGS delivered the highest margins in nearly 15 years.

半導體系統團隊還實現了近 14 年來最高的非 GAAP 營業利潤率，而 AGS 實現了近 15 年來最高的利潤率。

These accomplishments helped us generate record non-GAAP operating profit and increased non-GAAP operating margin by 700 basis points year-over-year.

這些成就幫助我們創造了創紀錄的非 GAAP 營業利潤，並將非 GAAP 營業利潤率同比提高了 700 個基點。

We increased operating cash flow by 87% year-over-year, delivering over $1 billion for the third quarter in a row.

我們的經營現金流同比增長了 87%，連續第三季度交付超過 10 億美元。

We're pleased that Moody's recently upgraded Applied's credit rating by a notch to a2.

我們很高興穆迪最近將應用材料公司的信用評級上調了一個等級至 a2。

We also resumed the buyback program in Q2, deploying $750 million in the limited window available to us, and we expect to be more active in the current quarter.

我們還在第二季度恢復了回購計劃，在我們可用的有限窗口中部署了 7.5 億美元，我們預計本季度會更加活躍。

Also during the quarter, the Board approved a new $7.5 billion stock buyback authorization, along with a 9% dividend increase.

同樣在本季度，董事會批准了一項新的 75 億美元股票回購授權，同時股息增加了 9%。

And we announced our commitment to return 80% to 100% of free cash flow to shareholders.

我們宣布承諾將 80% 至 100% 的自由現金流返還給股東。

Next, since our last earnings call, VLSI Research published its market sizing report for calendar 2020, which is important for 2 reasons: one, it distinguishes front end equipment spending from back end assembly and test; two, it includes company services and spares revenue in addition to equipment revenue, allowing observers to distinguish between recurring revenue and WFE.

接下來，自我們上次的財報電話會議以來，VLSI Research 發布了 2020 日曆年市場規模報告，這很重要，原因有兩個：一，它將前端設備支出與後端組裝和測試區分開來；第二，除了設備收入外，它還包括公司服務和備件收入，讓觀察者能夠區分經常性收入和 WFE。

Applied Materials was #1 in both equipment and services for 2020.

應用材料公司在 2020 年的設備和服務方面均排名第一。

The equipment market was $61.2 billion, up nearly 19% year-on-year.

設備市場規模為 612 億美元，同比增長近 19%。

We significantly outgrew the market, gaining 60 basis points of industry market share with gains in deposition, removal and process control.

我們顯著超越了市場，在沉積、去除和過程控制方面獲得了 60 個基點的行業市場份額。

As Gary described, major inflections are increasing the demand for materials engineering, and we're on track to significantly outperform once again in 2021.

正如 Gary 所描述的，重大變化正在增加對材料工程的需求，我們有望在 2021 年再次顯著跑贏大盤。

Next, I'll discuss the demand environment.

接下來，我將討論需求環境。

Last quarter, we indicated the equipment market would be in the low $70 billion in 2021, which was above the consensus at the time.

上個季度，我們表示到 2021 年設備市場將處於 700 億美元的低位，高於當時的共識。

Demand has strengthened further, and we now expect equipment spending to be in the high $70 billion for the year.

需求進一步增強，我們現在預計今年的設備支出將高達 700 億美元。

At the investor meeting, I showed you a chart with the rolling 2-year sum of equipment spending for each period since 2012 plus 2013, each successive 2-year period has been higher.

在投資者會議上，我向您展示了一張圖表，其中包含自 2012 年和 2013 年以來每個時期的滾動 2 年設備支出總和，每個連續 2 年時期都更高。

And I now believe that spending in 2021 plus 2022 will be greater than $160 billion.

我現在相信，2021 年和 2022 年的支出將超過 1600 億美元。

Our demand thesis for the past several years is that data generation is growing exponentially while 2D scaling is slowing, which means more process equipment will be needed.

我們過去幾年的需求論點是數據生成呈指數增長，而 2D 縮放正在放緩，這意味著需要更多的工藝設備。

Over the long history of the industry, equipment capital intensity has been close to 12% on average.

在該行業的悠久歷史中，設備資本密集度平均接近 12%。

But because of the higher technical complexity and the slowing of 2D scaling, capital intensity is closer to 14% today.

但由於更高的技術複雜性和 2D 擴展速度的放緩，今天的資本密集度接近 14%。

Multiple industry forecasts call for the semiconductor industry revenue to reach $1 trillion by 2030.

多個行業預測稱，到 2030 年，半導體行業的收入將達到 1 萬億美元。

If capital intensity stays flat from here, then WFE spending could be over $140 billion in the same time frame.

如果資本密集度從現在開始持平，那麼同期 WFE 的支出可能會超過 1400 億美元。

I realize there are questions about whether the unprecedented demand we are seeing today is secular or cyclical.

我意識到對於我們今天看到的前所未有的需求是長期的還是周期性的存在疑問。

When I listen to what our customers say, I hear a firm belief that the data economy is real and driving secular growth well into the future.

當我聽客戶說什麼時，我堅信數據經濟是真實存在的，並且會在未來推動長期增長。

This perspective is being reinforced by plans for substantial multiyear capital investments, which are needed to support demand and fuel profitable growth.

大量的多年資本投資計劃加強了這一觀點，這是支持需求和推動盈利增長所必需的。

Against this backdrop, we've never felt better about our opportunity to enable our customers, generate free cash flow and return cash to shareholders.

在這種背景下，我們有機會為我們的客戶提供支持、產生自由現金流並將現金返還給股東，這讓我們感覺前所未有的好。

Next, as we discussed at the investor meeting, we're also focused on growing beyond equipment sales.

接下來，正如我們在投資者會議上所討論的，我們還專注於超越設備銷售的增長。

The more we deliver solutions and outcomes for our customers, the more we can increase our subscription revenues, which grow and generate free cash flow every year.

我們為客戶提供的解決方案和成果越多，我們就能越多地增加訂閱收入，訂閱收入每年都會增長並產生自由現金流。

The report I mentioned earlier shows that over 90% of Applied's reported services business is composed of recurring services and parts revenue, which is the highest amongst our peers.

我之前提到的報告顯示，應用材料公司報告的服務業務中超過 90% 是由經常性服務和零件收入組成的，這在我們的同行中是最高的。

We generated $3.7 billion of this true services revenue in 2020, with 60% in long-term agreements and renewal rates of around 90%.

我們在 2020 年創造了 37 億美元的真實服務收入，其中 60% 是長期協議，續約率約為 90%。

In Q2, the trend towards long-term subscriptions was even stronger.

在第二季度，長期訂閱的趨勢更加強勁。

Nearly 70% of our services and parts bookings were subscriptions and 50% had terms of at least 3 years.

我們近 70% 的服務和零件預訂是訂閱，而 50% 的服務和零件預訂期限至少為 3 年。

Our strategy in AGS and as a company is to combine our technologies in unique ways to create higher value solutions and outcomes for our customers, which are best delivered under the subscription model.

我們在 AGS 和作為一家公司的戰略是以獨特的方式結合我們的技術，為我們的客戶創造更高價值的解決方案和成果，這些解決方案最好在訂閱模式下交付。

We also discussed our strategy to redeploy our technology in synergistic adjacent markets where modest investments can generate attractive supplemental free cash flow.

我們還討論了將我們的技術重新部署到具有協同效應的鄰近市場的戰略，在這些市場中，適度的投資可以產生有吸引力的補充自由現金流。

Today, the largest example of this strategy is our display business, where our CVD, PVD and e-beam technologies have been adapted to glass substrates.

今天，這一戰略的最大例子是我們的顯示器業務，我們的 CVD、PVD 和電子束技術已適用於玻璃基板。

Over the past couple of years, we've strengthened our products for the next wave of OLED investments targeting foldable smartphones, notebooks, tablets and TVs.

在過去的幾年裡，我們為下一波針對可折疊智能手機、筆記本電腦、平板電腦和電視的 OLED 投資加強了我們的產品。

With these investments completed, our focus is on increasing free cash flow.

隨著這些投資的完成，我們的重點是增加自由現金流。

We're committed to increasing non-GAAP operating margins from the high teens level today to over 20% in the coming quarters and then between 25% and 30% over the target model horizon.

我們致力於在未來幾個季度將非 GAAP 營業利潤率從目前的十幾歲水平提高到 20% 以上，然後在目標模型範圍內提高 25% 到 30%。

Now I'll share our Q3 business outlook.

現在我將分享我們的第三季度業務展望。

We expect to increase company revenue to approximately $5.92 billion, plus or minus $200 million.

我們預計公司收入將增加至約 59.2 億美元，上下浮動 2 億美元。

The midpoint would be up about 35% year-over-year.

中點將同比增長約 35%。

We expect non-GAAP EPS to be about $1.76, plus or minus $0.06 or up about 66% year-over-year.

我們預計非公認會計原則每股收益約為 1.76 美元，上下浮動 0.06 美元或同比增長約 66%。

Within this outlook, we project semiconductor systems revenue of $4.25 billion, up around 46% year-over-year.

在此展望中，我們預計半導體系統收入為 42.5 億美元，同比增長約 46%。

And AGS revenue of about $1.23 billion, up around 19% year-over-year.

AGS 收入約為 12.3 億美元，同比增長約 19%。

We expect display revenue of around $415 million.

我們預計顯示收入約為 4.15 億美元。

Applied's non-GAAP gross margin should be roughly flat sequentially at 47.7% or up around 270 basis points year-over-year.

Applied 的非 GAAP 毛利率應大致持平，為 47.7%，或同比增長約 270 個基點。

We plan to increase non-GAAP OpEx to $930 million.

我們計劃將非 GAAP 運營支出增加到 9.3 億美元。

And as a percent of revenue, non-GAAP OpEx should decline by 290 basis points, with nearly 70% of the spending earmarked for R&D.

作為收入的百分比，非 GAAP 運營支出應下降 290 個基點，其中近 70% 的支出用於研發。

Our guidance assumes a non-GAAP tax rate of around 12%.

我們的指導假設非 GAAP 稅率約為 12%。

In summary, I'm pleased that Applied delivered another record quarter of performance in Q2 with strong year-over-year growth in revenue and profitability.

總而言之，我很高興應用材料公司在第二季度實現了又一個創紀錄的季度業績，收入和盈利能力均實現了強勁的同比增長。

And I'd like to join Gary in thanking our employees and supply chain partners for supporting our customers.

我想和 Gary 一起感謝我們的員工和供應鏈合作夥伴對我們客戶的支持。

Now Mike, let's begin the Q&A.

現在邁克，讓我們開始問答吧。

Thanks, Dan.

謝謝，丹。

Now to help us reach as many people as we can, please ask just one question on today's call.

現在，為了幫助我們接觸到盡可能多的人，請在今天的電話會議上只問一個問題。

If you have a second question, please just re-queue, and we'll do our best to come back to you later in the session.

如果您還有第二個問題，請重新排隊，我們會盡力在會議稍後回复您。

Operator, let's please begin.

接線員，讓我們開始吧。

(Operator Instructions) First question is from John Pitzer with Crédit Suisse.

（操作員說明）第一個問題來自瑞士信貸的 John Pitzer。

Congrats on the solid results.

恭喜您取得了可靠的結果。

Gary, nice to see the uptick in your forecast for WFE for the year.

加里，很高興看到您對今年 WFE 的預測有所上升。

I'm kind of curious, when you look at your ability to supply customers -- or the ecosystem's ability to supply customers, relative to the high $70 billion WFE, is there potential for upside this year?

我有點好奇，當你看看你為客戶提供服務的能力——或者生態系統為客戶提供服務的能力時，相對於 700 億美元的高額 WFE，今年是否有上漲的潛力？

Or are you already starting to see kind of the backlog for next year fill in, just given some of the constraints and lead times on tools?

或者您是否已經開始看到明年的積壓工作，只是考慮到工具的一些限制和交貨時間？

Thanks, John.

謝謝，約翰。

So this is Dan.

這就是丹。

I'll jump in on this one.

我會加入這個。

So what we're seeing from our own business, we talked about it in the prepared comments.

因此，我們從自己的業務中看到的，我們在準備好的評論中討論了它。

We see a market that's up strong from a year-over-year standpoint, high 70s probably puts us up high 20%, 27%, 28%, 29% versus where we were last year.

從同比的角度來看，我們看到一個強勁的市場，70 年代的高位可能使我們比去年高出 20%、27%、28%、29%。

And that's off of a baseline of $61.2 billion.

這超出了 612 億美元的基線。

What I would say is we're planning for our business to be up second half over first half.

我想說的是，我們計劃讓我們的業務在下半年比上半年增長。

And we're also planning for our business to be up as we look into 2022.

我們還計劃在展望 2022 年時讓我們的業務發展起來。

And as I look at it by reporting segment, I would say all 3 of our segments are up half over half.

當我通過報告細分來看時，我想說我們所有的三個細分市場都上漲了一半以上。

And then all 3 of our segments are up as we look into 2022.

然後，隨著我們展望 2022 年，我們的所有 3 個細分市場都在上漲。

So I can't comment for everybody.

所以我不能對所有人發表評論。

What I would say is, is we've been very aggressive in terms of managing this upward gradient of the industry.

我想說的是，我們在管理這個行業的向上梯度方面一直非常積極。

We started several quarters ago, 3, 4 quarters ago.

我們從幾個季度前開始，3、4 個季度前。

You can see an uptick from an investment standpoint to make sure that we've got the infrastructure and capacity and capability.

從投資的角度來看，您可以看到上升，以確保我們擁有基礎設施、容量和能力。

And that's not only investments from our physical infrastructure, but also working with our supply partners to make sure that we can fully satisfy all the demand that we see from our customers based on the great innovation that we're delivering to market.

這不僅是對我們的物理基礎設施的投資，而且還與我們的供應合作夥伴合作，以確保我們能夠充分滿足基於我們向市場提供的偉大創新而從客戶那裡看到的所有需求。

So we feel good about how we're positioned to outperform in this environment.

因此，我們對自己在這種環境中表現出色的定位感到滿意。

And as we look forward into the back half of the year in 2022, we're planning for our business to be up.

當我們展望 2022 年下半年時，我們正計劃著讓我們的業務發展起來。

Our next question comes from C.J. Muse with Evercore.

我們的下一個問題來自於 Evercore 的 C.J. Muse。

Just to clarify, I want to make sure that you're talking about second half calendar '21 versus first half calendar '21 in terms of up half-on-half.

澄清一下，我想確保您談論的是日曆 '21 的下半年與日曆 '21 的上半年之間的上半部分。

And then for my main question, as I think about your operating margin for silicon at 39.1%, this was your best print since -- I had to look back since, I think, June 2007.

然後對於我的主要問題，當我想到你的矽片營業利潤率為 39.1% 時，這是你自 2007 年 6 月以來最好的印刷品——我不得不回顧一下。

And so I guess, as we think about WFE moving higher from here into '22 and likely beyond, how should we think about the trajectory there?

所以我想，當我們考慮 WFE 從這裡到 22 年甚至更遠的時候，我們應該如何考慮那裡的軌跡？

And how important was mix in hitting the numbers that you put up in April?

混合在達到你四月份提出的數字方面有多重要？

And how -- again, how should we think about it going forward?

以及如何 - 再次，我們應該如何考慮它的未來？

Yes.

是的。

Thanks, C.J. Let me jump in on this one again, and you get a lot embedded in there, and let me try to unpack it.

謝謝，C.J. 讓我再談一次，你會在裡面嵌入很多東西，讓我試著解開它。

And if I miss something, please follow-up and let me know what else I can shed some color on.

如果我遺漏了什麼，請跟進並讓我知道我還能在哪些方面增加一些色彩。

So the first part of the question, second half over first half.

所以問題的第一部分，後半部分超過前半部分。

That's both fiscal year and calendar year.

那是財政年度和日曆年。

And again, we're planning on being up as we look into 2022.

再一次，我們計劃在展望 2022 年時繼續前進。

So we've got a market that's showing signs of strength.

所以我們有一個顯示出強勁跡象的市場。

The first half of the calendar year, when you take a look at our actual results plus our guide, our systems business is up 50% year-over-year.

日曆年上半年，當您查看我們的實際結果和我們的指南時，我們的系統業務同比增長 50%。

So we feel good about how we're positioned against this opportunity to outperform, and second half over first half being up both on a fiscal and calendar year basis.

因此，我們對我們如何應對這一表現出色的機會感到滿意，並且下半年在財政和日曆年的基礎上都比上半年有所增長。

When I look at our silicon business and the performance of it, what I would say is, as a company, gross margin for our company is up 310 basis points year-over-year.

當我查看我們的矽業務及其表現時，我想說的是，作為一家公司，我們公司的毛利率同比增長 310 個基點。

The company has got a lot of work on driving productivity gains, operating discipline, efficiency into the core of our operations.

公司在推動生產力提升、運營紀律、效率成為我們運營的核心方面做了大量工作。

We're adopting digital capabilities inside the 4 walls of our company to make sure we are far more agile as a company to respond to upward and downward gradients.

我們正在公司的 4 面牆內採用數字功能，以確保我們作為一家公司能夠更加靈活地應對向上和向下的梯度。

And there's more work to do.

還有更多工作要做。

We'll never be satisfied with where we are.

我們永遠不會滿足於我們所處的位置。

But we've got a whole host of initiatives at work to help this company become more efficient over time.

但我們已經採取了一系列舉措來幫助這家公司隨著時間的推移變得更有效率。

And you see that profiling into the results of the company.

你會看到對公司業績的分析。

As an overall company, you see our operating margin up 700 basis points year-over-year.

作為一家整體公司，您會看到我們的營業利潤率同比增長 700 個基點。

From a semi systems standpoint, the margins will always be influenced to a certain extent by customer mix, product mix, factory loadings.

從半系統的角度來看，利潤總是在一定程度上受到客戶組合、產品組合、工廠負荷的影響。

But I think you can see on both an absolute and relative basis, this is a company that's performing very, very strong right now.

但我認為你可以從絕對和相對的基礎上看到，這是一家目前表現非常非常強勁的公司。

And I would expect us to continue a trajectory of strong performance as I go forward.

我希望我們在前進的過程中繼續保持強勁的表現。

And so I guess the last thing I would say, it all starts with innovation.

所以我想我要說的最後一件事是，這一切都始於創新。

Your ability to drive economic value creation for your investors starts with innovation.

您為投資者推動經濟價值創造的能力始於創新。

We've got the industry's broadest portfolio of industry-leading technologies.

我們擁有業界最廣泛的行業領先技術組合。

And at our investor meeting, we talked about combining them in unique ways to solve really high-value problems for our customers in a way that's incredibly valuable to their road maps, delivery of those road maps from a time perspective that they can make their customers successful.

在我們的投資者會議上，我們談到了以獨特的方式將它們結合起來，以一種對他們的路線圖非常有價值的方式為我們的客戶解決真正高價值的問題，從時間的角度交付這些路線圖，他們可以讓他們的客戶成功的。

So we'll continue to drive the industry's best technology.

因此，我們將繼續推動業界最好的技術。

We'll drive efficiency and operating discipline while we do that, and we think we've got an opportunity to create significant value over time for our investors.

在此過程中，我們將提高效率和運營紀律，我們認為隨著時間的推移，我們有機會為我們的投資者創造重大價值。

Our next question comes from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I had a question on the DRAM business within the Semiconductor Systems.

我有一個關於半導體系統內 DRAM 業務的問題。

So it's the only business of yours that hasn't really inflected.

所以這是你唯一沒有真正受到影響的業務。

Both foundry and flash were up pretty decently sequentially year-over-year.

代工和閃存的同比增長都相當可觀。

DRAM was kind of down both sequentially year-over-year.

DRAM 同比都有所下降。

And yet you're still looking for it to grow pretty materially through the year.

然而，你仍在尋找它在一年中的實質性增長。

So I guess -- and I know -- we know supply in that market is actually very tight.

所以我想——我知道——我們知道那個市場的供應實際上非常緊張。

So I guess, can you talk a little bit about the dynamics you're seeing in DRAM?

所以我想，你能談談你在 DRAM 中看到的動態嗎？

And maybe talk a little bit about the contribution of DRAM to the guide next quarter.

或許可以談談下個季度 DRAM 對指南的貢獻。

Is that primarily what's driving?

這主要是驅動因素嗎？

I mean has that sort of ramped more materially in some of the others into the second half?

我的意思是，在其他一些人中，這種情況在下半場變得更加嚴重了嗎？

Or are we still waiting for it?

還是我們還在等待？

I guess the best way to start the conversation, let's talk about 2020 and then use that as a jumping off point for what we saw in calendar Q1, our fiscal Q2, and then what we expect for the rest of the year.

我想是開始對話的最佳方式，讓我們談談 2020 年，然後將其作為我們在日曆 Q1、財政 Q2 以及我們對今年剩餘時間的預期的起點。

So in 2020, we talked about an overall WFE market that was up high teens.

因此，在 2020 年，我們談到了整個 WFE 市場處於青少年時期。

I would say the DRAM market was pretty much in line with that, maybe a little better than that.

我會說 DRAM 市場幾乎與此一致，也許比這要好一些。

Against that opportunity, our DRAM business was up over 27%, almost 28% last year.

趁著這個機會，我們的 DRAM 業務增長了 27% 以上，去年幾乎增長了 28%。

And significantly outperformed others in the industry that were up a few percent and down a few percent.

並且顯著優於行業中上升幾個百分點和下降幾個百分點的其他公司。

So we had a really strong showing in 2020.

因此，我們在 2020 年的表現非常強勁。

And if you recall 3 months ago on last quarter's call, we had signaled that the profile around the DRAM market, we view it as significantly back half loaded.

如果你回想 3 個月前在上個季度的電話會議上，我們曾暗示 DRAM 市場的概況，我們認為它顯著落後。

So we expect off of calendar Q1, our fiscal Q2, momentum in that business to significantly pick up as our customers add bit supply to be more in line with bit demand.

因此，我們預計在日曆第一季度（我們的第二財季）之後，隨著我們的客戶增加比特供應以更符合比特需求，該業務的勢頭將顯著回升。

And so we see that market playing out roughly in line with our expectations.

因此，我們看到市場的表現大致符合我們的預期。

And how calendar Q1 played out, I would say it's pretty much in line with how we viewed the market 3 months ago, probably 6 months ago, and it's playing out as expected.

以及日曆 Q1 的表現，我想說這與我們在 3 個月前（可能是 6 個月前）對市場的看法非常一致，並且正在按預期進行。

We see DRAM as a back half loaded market this year.

我們將 DRAM 視為今年的後備市場。

Yes, Stacy, maybe I can add.

是的，斯泰西，也許我可以補充一下。

This is Gary.

這是加里。

Relative to the major inflections in DRAM, certainly high-speed DRAM, they're going to logic-like structures in the periphery where Applied has leadership.

相對於 DRAM（當然是高速 DRAM）的主要轉折點，它們將轉向應用材料公司具有領導地位的外圍的類似邏輯的結構。

I think we talked about that in our memory masterclass, a couple of billion-dollar opportunity as those inflections are being adopted.

我想我們在我們的記憶大師班上談到了這一點，因為這些變化被採用了幾十億美元的機會。

Capacitor scaling is another one, where Applied has real strength, new patterning applications.

電容器縮放是另一個，應用在其中具有真正的實力，新的圖案化應用。

So as Dan said, we had really great performance last year.

正如丹所說，我們去年的表現非常出色。

And as our customers are moving to these new structures, DRAM structures, we anticipate that we'll continue to outperform.

隨著我們的客戶轉向這些新結構，即 DRAM 結構，我們預計我們將繼續表現出色。

Our next question is from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

I wanted to revisit this cyclical versus secular aspect that I think, Gary, you or Dan mentioned.

我想重新審視我認為加里、你或丹提到的周期性與世俗方面。

Is WFE elevated right now because of capacity shortages, which would be more of a cyclical driver?

WFE 現在是否因為產能短缺而升高，這更像是一個週期性驅動因素？

Or is it elevated more because of secular reasons, which would be rising complexity, et cetera?

還是因為世俗的原因而提高了更多的複雜性，等等？

I wanted to get your perspective on that because when we ask the semiconductor companies, they say the shortages are perhaps not as much on the foundry side, they are more on the back end.

我想了解您對此的看法，因為當我們詢問半導體公司時，他們說短缺可能不在代工方面那麼多，而更多是在後端。

So I just wanted to get your perspective that what we are seeing right now, is it a cyclical thing?

因此，我只是想了解您的觀點，即我們現在所看到的，是周期性的嗎？

Or is it more of a secular aspect?

或者它更像是一個世俗的方面？

Yes.

是的。

Thanks, Vivek.

謝謝，維維克。

Appreciate the question.

欣賞這個問題。

Here's our point of view on this: what we see is we are in the very early innings of a multiyear secular growth trend around this industry.

以下是我們對此的看法：我們看到的是，我們正處於圍繞這個行業的多年長期增長趨勢的早期階段。

And I think we've been talking about it for a couple of years, and now we see it really hitting its stride.

我想我們已經討論了幾年了，現在我們看到它真的大步向前了。

When we think about the general consensus from third-party research, you're at about $1 trillion of semiconductor revenues by 2030.

當我們考慮第三方研究的普遍共識時，到 2030 年，您的半導體收入約為 1 萬億美元。

The demand driving that is broad-based.

廣泛的需求驅動。

You're seeing a handoff from consumer-oriented devices to something that's far larger and more substantive around this fourth wave of compute, the data economy.

你正在看到從面向消費者的設備向第四次計算浪潮——數據經濟——的更大、更實質性的轉變。

By 2025, machines will generate 99% of the data.

到 2025 年，機器將生成 99% 的數據。

Humans will generate 1%.

人類將產生 1%。

You're seeing a decoupling of semiconductor demand for the first time in the industry's history from population and population growth in consumer behavior.

您將看到半導體需求在行業歷史上第一次與人口和消費者行為中的人口增長脫鉤。

Content is increasing across devices, servers, autos, handsets.

跨設備、服務器、汽車、手機的內容正在增加。

So what we see are strong secular growth drivers, and we're in the early innings of that playing out.

因此，我們看到的是強勁的長期增長動力，我們正處於這種發展的早期階段。

And I would say that, that is more of what is driving our end markets today than anything else.

我想說的是，這比其他任何事情都更能推動我們今天的終端市場。

And so when I look at that backdrop, combined with things like an upper bias over time of capital intensity, I think the opportunity for our markets going forward is quite attractive.

因此，當我審視這種背景時，再加上資本密集度隨時間推移的上限偏差等因素，我認為我們的市場未來的機會非常有吸引力。

And given what we talked about with the new playbook at our investor meeting, our opportunity to outperform as we drive those key inflections with our customers, our opportunity to outperform against that multiple year secular growth tailwind around this industry, we think, is quite substantial.

鑑於我們在投資者會議上討論的新劇本，我們有機會在與客戶一起推動這些關鍵變化時表現出色，我們認為，我們有機會在這個行業的多年長期增長順風中表現出色，這是相當可觀的.

Yes.

是的。

Let me just add that certainly today, we hear a lot about supply chain issues from an automotive perspective.

讓我補充一點，今天我們從汽車的角度聽到了很多關於供應鏈問題的信息。

But really we're, as Dan said and as we talked about in our investor meeting, we're in the early innings of every industry being transformed, and the fundamental nature of competition being completely different.

但實際上，正如丹所說，正如我們在投資者會議上談到的那樣，我們正處於每個行業轉型的早期階段，競爭的基本性質完全不同。

So semiconductor content is going to be at the foundation of that infrastructure.

因此，半導體內容將成為該基礎設施的基礎。

Certainly, the way we work, the way we learn, the way we shop, transportation, health care.

當然，我們的工作方式、學習方式、購物方式、交通方式、醫療保健方式。

Today, we're talking about automotive.

今天，我們談論的是汽車。

But content is going to increase more, I believe, than what anyone can see today.

但我相信，內容的增長將超過今天任何人所能看到的。

And it's really about who delivers power, performance and cost faster than others in enabling that infrastructure that is the basis of competition of every single industry.

這實際上是關於誰比其他人更快地提供功率、性能和成本，以支持作為每個行業競爭基礎的基礎設施。

So -- and then from Applied's standpoint, as we've talked about, classic 2D Moore's Law really ended a few years ago, and the foundation for the chips from the edge, the trillion edge devices to the high-speed computing in the data center is really about new materials, new structures, new ways to connect chips together, new architectures and new ways to shrink.

所以——然後從 Applied 的角度來看，正如我們已經談到的那樣，經典的 2D 摩爾定律在幾年前真正結束了，芯片的基礎從邊緣、萬億邊緣設備到數據中的高速計算中心實際上是關於新材料、新結構、將芯片連接在一起的新方法、新架構和縮小尺寸的新方法。

And Applied is just in a really tremendous position when you think about again, the basis of enabling a competitive advantage, time to market on all of that is incredibly important for the entire global economy.

當您再次考慮時，應用材料公司正處於一個非常重要的位置，實現競爭優勢的基礎，所有這些的上市時間對於整個全球經濟來說都非常重要。

And certainly, from a country standpoint, countries are starting to recognize the importance of semiconductors as a foundation for competition.

當然，從國家的角度來看，各國開始認識到半導體作為競爭基礎的重要性。

So definitely, we see this as a secular change.

所以毫無疑問，我們認為這是一個長期的變化。

And I really do believe people don't understand the magnitude of this yet.

我真的相信人們還不了解這件事的嚴重性。

Our next question is from Toshiya Hari with Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results.

恭喜取得了不錯的成績。

Dan, I wanted to double-click on your NAND business.

Dan，我想雙擊您的 NAND 業務。

It was up significantly in the quarter, both sequentially and year-over-year.

該季度環比和同比均顯著增長。

At the same time, I think it was Gary, you talked about having relatively modest expectations for WFE for calendar 2021.

同時，我認為是 Gary，您談到對 2021 年 WFE 的期望相對較低。

So I guess the question is, are you guys gaining share?

所以我想問題是，你們獲得份額了嗎？

Or is the expectation for NAND to be first half weighted this year?

還是今年上半年對NAND的預期加權？

Or is it a little bit of both?

或者兩者兼而有之？

And kind of related to that, Dan, you talked about more than $160 billion in WFE for this year and next year combined.

與此相關，丹，你談到今年和明年的 WFE 合計超過 1600 億美元。

Within that sort of context, how are you thinking about NAND?

在這種情況下，您如何看待 NAND？

Yes.

是的。

Thanks, Toshiya.

謝謝，東也。

Here's our perspective on NAND.

這是我們對 NAND 的看法。

If we were to go back 3 months to last quarter, we said that NAND was the one segment that was first half weighted versus second half.

如果我們回到上一季度的 3 個月，我們會說 NAND 是上半年與下半年相比加權的一個部分。

In the subsequent 3 months that bring us to today, I would say our perspective on NAND, it strengthened a little bit.

在接下來的 3 個月裡，我們對 NAND 的看法有所加強。

But of the 3 segments, we've seen foundry/logic strengthen quite a bit, DRAM strengthen quite a bit and NAND strengthened a little bit.

但是在這 3 個部分中，我們已經看到代工/邏輯部分增強了很多，DRAM 增強了很多，NAND 增強了一些。

And while foundry/logic and NAND, we view as second half weighted from a segment standpoint, I think there's a question mark on NAND, where we sit today, is it first half weighted or second half weighted.

雖然代工/邏輯和 NAND，我們認為從細分市場的角度來看是下半年加權，但我認為 NAND 有一個問號，我們今天所處的位置是上半年加權還是下半年加權。

It's too early to tell.

現在說還為時過早。

And so we got out of the gate very strong in calendar Q1 on NAND.

因此，我們在 NAND 的日曆 Q1 中表現出色。

So we expect the growth rate to moderate quite a bit as we go throughout the year.

因此，我們預計隨著我們全年的發展，增長率將大幅放緩。

And from a first half, second half weighting again, I think it's too early to call.

從上半場開始，下半場再次加權，我認為現在打電話還為時過早。

When I take a step back and I think about the combination of 2021 plus 2022, what I would shape from an expectation standpoint around 2021, foundry/logic is greater than 55%.

當我退後一步，考慮 2021 年和 2022 年的組合時，從 2021 年左右的預期角度來看，我會形成什麼，代工/邏輯大於 55%。

NAND is less than 45% -- I'm sorry, foundry/logic greater than 55%, memory less than 45%.

NAND 小於 45%——對不起，代工廠/邏輯大於 55%，內存小於 45%。

I think that construct still holds in 2022.

我認為這種結構在 2022 年仍然有效。

As we think about a market that's up high 20% range, in the current year, we think about foundry/logic significantly outgrowing the industry average.

當我們考慮一個上漲 20% 的市場時，在今年，我們認為代工/邏輯顯著超過行業平均水平。

DRAM being in line plus or minus with the industry average.

DRAM 與行業平均水平一致。

NAND growing, but significantly below the industry average.

NAND 增長，但明顯低於行業平均水平。

I think all 3 of those markets are strong levels of spend next year.

我認為這三個市場明年的支出水平都很高。

And we have an upward trajectory on the overall industry.

我們對整個行業都有上升的軌跡。

But I think it's too early to shape expectations by device type.

但我認為現在按設備類型來塑造期望還為時過早。

Let's let some more time elapse.

讓我們再花一些時間。

Let's crystallize the contours of the industry this year and assess how our customers are going to invest to drive even higher returns for their investors in a few quarters.

讓我們明確今年行業的輪廓，並評估我們的客戶將如何投資，以便在幾個季度內為他們的投資者帶來更高的回報。

I think we'll have more to say in a few quarters from now.

我想我們會在幾個季度後有更多話要說。

Our next question is from Atif Malik with Citi.

我們的下一個問題來自花旗的 Atif Malik。

I have a question on display.

我有一個問題要展示。

LCD spending mix has benefited during the pandemic.

LCD 支出組合在大流行期間受益。

And at the recent SID display conference supply talked about the future OLED waves and micro LED.

而在最近的SID顯示大會上，供應商談到了未來的OLED浪潮和micro LED。

Curious if you can update us on the green shoots commentary you made 90 days ago, and what's the outlook for display for next year?

想知道您能否向我們介紹您在 90 天前所做的綠芽評論，以及明年的展示前景如何？

Atif, let me take a crack at this.

Atif，讓我來看看這個。

So I think the display industry this year is going to play out very much in line with our expectations.

所以我認為今年的顯示行業將非常符合我們的預期。

From our business perspective, we're well penetrated in the segments we participate in.

從我們的業務角度來看，我們在參與的細分市場中滲透率很高。

We've got a good read on the market.

我們在市場上有很好的閱讀。

And we see our business in calendar -- or in fiscal 2021 being very similar to fiscal 2020.

我們在日曆上看到我們的業務——或者在 2021 財年與 2020 財年非常相似。

We talked about the environmental strengthening.

我們談到了環境強化。

We still see older generation capacity coming out of the LCD market.

我們仍然看到 LCD 市場的老一代產能正在湧現。

We see increased consumer demand.

我們看到消費者需求增加。

The combination of that is leading to increased panel pricing.

兩者的結合導致面板價格上漲。

Spot pricing in the panel market is going up and that's leading to increased profitability.

面板市場的現貨價格正在上漲，這導致盈利能力增加。

So there's goodness there.

所以那裡有好處。

We continue to see average area size increase.

我們繼續看到平均面積增加。

OLED screens are continuing to penetrate 5G handsets.

OLED 屏幕繼續滲透到 5G 手機中。

And OLED penetration of handsets in general is on an upward trajectory.

手機的 OLED 滲透率總體上呈上升趨勢。

The next leg of OLED growth into the IT market and the TV market and foldable phones becoming more widely adopted from a consumer standpoint, all of that is intact.

OLED 增長的下一站是 IT 市場和電視市場，從消費者的角度來看，可折疊手機得到更廣泛的採用，所有這些都完好無損。

So we see an increase in the levels of investment.

因此，我們看到投資水平有所提高。

As we go into next year, we feel good about that.

當我們進入明年時，我們對此感覺良好。

The other thing I'd offer here is we talked about an investment profile in our products to deepen our moats around our market position and get our product portfolio ready for the next leg up from an OLED investment standpoint.

我在這裡要提供的另一件事是，我們討論了我們產品的投資概況，以加深我們圍繞市場地位的護城河，並從 OLED 投資的角度為下一步做好準備。

Exiting the year, the vast majority of those investments will be in the rearview mirror, and you're going to see us start to reposition this business for enhanced cash flow and profitability.

今年結束時，這些投資中的絕大多數將在後視鏡中出現，您將看到我們開始重新定位這項業務以增強現金流和盈利能力。

We'll get into the low 20s.

我們將進入 20 歲以下。

And then by 2023 and 2024, we'll be consistently operating this business with an operating margin between 25% and 30%.

然後到 2023 年和 2024 年，我們將以 25% 到 30% 的營業利潤率持續經營這項業務。

So we feel good about market development, revenue growth as we look into 2022 and then complementing that with an enhanced level of profitability to drive value for investors.

因此，展望 2022 年，我們對市場發展和收入增長感到滿意，然後通過提高盈利水平來補充這一點，從而為投資者創造價值。

Our next question is from Krish Sankar with Cowen & Company.

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

I had a kind of a long-term question for Gary.

我對加里有一個長期的問題。

Gary, when you look at the -- some of the technology inflections, like gate all around coming up, it seems like the critical technologies of the horizontal and vertical FEs, for like the removal and conductor etch.

加里，當你看到一些技術變化時，比如即將出現的柵極，它似乎是水平和垂直 FE 的關鍵技術，比如去除和導體蝕刻。

Just want to find that from your vantage point, what are the important technologies?

只是想從你的角度發現，重要的技術是什麼？

And more importantly, can you help quantify the dollar opportunity it means for AMAT?

更重要的是，您能否幫助量化這對 AMAT 意味著的美元機會？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

So all of our customers are focused, as I said earlier, to deliver lower power, higher performance and better cost ahead of others.

因此，正如我之前所說，我們所有的客戶都專注於提供更低的功耗、更高的性能和更低的成本。

And we talked in the investor meeting about the wiring innovations we're driving, improving wiring 50%.

我們在投資者會議上談到了我們正在推動的佈線創新，將佈線改進了 50%。

And in gate-all-around, that's another very important technology if you look at the overall ecosystem.

如果您查看整個生態系統，那麼在門禁方面，這是另一項非常重要的技術。

So that opportunity, I think we've estimated around $1 billion incremental opportunity.

所以這個機會，我認為我們估計了大約 10 億美元的增量機會。

And you think about the key enabling technologies, certainly, epitaxial deposition and selective removal are very important.

你想想關鍵的使能技術，當然，外延沉積和選擇性去除非常重要。

We're working with every one of the leading customers on gate-all-around technologies.

我們正在與每一位領先的客戶合作開發全方位門技術。

The other thing I would say that's important is our -- and there are a number of other technologies where we have very strong positions, leadership positions.

我想說的另一件事很重要，那就是我們的——還有許多其他技術，我們在其中擁有非常強大的地位，領導地位。

So that will all ramp when gate-all-around goes into high-volume manufacturing.

因此，當全方位門進入大批量製造時，這一切都會增加。

But time to market is also important, the T of the PPACt.

但上市時間也很重要，PPACt 的 T。

And our e-beam technology leadership is really fundamental, whether it's in the transistor, the wiring, the Draco and the memory or any of these different innovations, it's really mapping out and fingerprinting those processes because they're so complex with so many different variables.

我們的電子束技術領導地位非常重要，無論是在晶體管、佈線、Draco 和內存還是任何這些不同的創新中，它確實是對這些過程進行映射和指紋識別，因為它們是如此復雜，有很多不同的變量。

And then being able to tune those recipes and the process knobs as fast as possible.

然後能夠盡可能快地調整這些配方和工藝旋鈕。

So gate-all-around certainly is one of those cases where seeing things like residual germanium or seeing in those structures incredibly, incredibly important and having enough of a picture across a chip whether you have isolated or dense structures across the wafer, but that speed in the learning rate is very fundamental.

因此，環柵當然是其中一種情況，即看到殘留鍺之類的東西，或者在這些結構中看到令人難以置信的、難以置信的重要，並且無論您在晶片上是否有隔離或密集的結構，都可以在芯片上獲得足夠的圖像，但是這種速度在學習率上是很基礎的。

So we have leadership in some of these foundational technologies for gate-all-around.

因此，我們在一些用於全方位門的基礎技術方面處於領先地位。

But also our leadership in e-beam is really important for gate-all-around and other key inflections in the industry.

而且，我們在電子束領域的領先地位對於全方位門禁和行業中的其他關鍵轉折點也非常重要。

Our next question is from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution and results.

在季度執行和結果方面做得很好。

On the mature foundry, logic and specialty manufacturing segments of the market, your ICAPS business.

在市場的成熟代工、邏輯和專業製造領域，您的 ICAPS 業務。

I think you guys had said, lastly, you expected this business to be $3 billion-plus business for the team this year.

我想你們最後說過，你們預計這項業務今年對團隊來說是 30 億美元以上的業務。

But since then, I mean, the supply-demand gap for the analog, microcontroller, power, MEMS guys is actually widening to somewhere around 20% to 40%, in addition to the secular content gains that you guys talked about in auto and industrial.

但從那以後，我的意思是，除了你們所說的汽車和工業領域的長期內容收益之外，模擬、微控制器、電源、MEMS 廠商的供需差距實際上擴大到 20% 到 40% 左右.

And some of these customers are saying that they can't get 2 deliveries on orders placed today until next year.

其中一些客戶表示，他們今天下的訂單要到明年才能收到 2 次交貨。

So do you guys have a revised estimate on your ICAPS business this year?

那麼你們對今年的 ICAPS 業務有修改後的估計嗎？

And similar to your overall business, do you guys expect ICAPs to grow in 2022?

與你們的整體業務類似，你們預計 ICAP 會在 2022 年增長嗎？

Thanks, Harlan.

謝謝，哈蘭。

Let me jump in and see if Gary wants to offer additional color after I take a crack at this.

讓我跳進去看看加里是否想在我對此進行破解後提供額外的顏色。

So we saw this trend towards more robust spending from a trailing node geometry, a specialty node geometry.

因此，我們看到了從尾隨節點幾何、專業節點幾何中獲得更強勁支出的趨勢。

Several years ago, we reorganized the organization.

幾年前，我們重組了組織。

We've got leadership driving this group.

我們有領導力推動這個團隊。

And the company is performing incredibly well against this opportunity.

公司在這個機會上表現得非常好。

We talked about this segment of our business being greater than $3 billion.

我們談到我們業務的這一部分超過 30 億美元。

We don't want to be more specific than that for competitive reasons, but it's much greater than $3 billion.

出於競爭原因，我們不想比這更具體，但它遠遠超過 30 億美元。

But we'll just leave it at greater than $3 billion for now.

但我們暫時將其保持在超過 30 億美元。

Company has got great technology, great leadership positions.

公司擁有出色的技術，出色的領導職位。

And then from a margin structure standpoint, it's accretive to the overall company margin.

然後從利潤率結構的角度來看，它會增加公司的整體利潤率。

And so as this business continues to grow for us and we continue to outperform, we think it's going to be value-accretive for our investors.

因此，隨著這項業務為我們繼續增長並且我們繼續表現出色，我們認為它將為我們的投資者增值。

And so we feel good about how we're positioned and our ability to drive this market.

因此，我們對自己的定位以及推動這個市場的能力感到滿意。

Like we talked about, we're planning for our business to be up second half over first half.

就像我們談到的那樣，我們計劃下半年的業務增長超過上半年。

We've got an ability to continue to drive output and delivery of technology to customers.

我們有能力繼續推動向客戶輸出和交付技術。

So we feel good about how we're positioned in this market as a key enabler of our customers to be able to satisfy their customers.

因此，我們對自己在這個市場中的定位感到滿意，是我們的客戶能夠滿足他們的客戶的關鍵推動力。

So again, we saw this trend early, and it's going to be a really value-accretive part of our business, a nice piece of our business going forward.

再說一次，我們很早就看到了這種趨勢，這將成為我們業務中真正增值的部分，是我們未來業務的重要組成部分。

Our next question is from Patrick Ho with Stifel.

我們的下一個問題來自於 Stifel 的 Patrick Ho。

Congrats on the nice quarter and outlook.

祝賀美好的季度和前景。

Gary, maybe for you in terms of the process control business.

Gary，也許就過程控制業務而言適合您。

You have overall good share -- or actually great share in the e-beam marketplace given the gains you've made with the provision tool.

考慮到您使用配置工具所獲得的收益，您在電子束市場中擁有總體良好的份額 - 或者實際上是很大的份額。

Recently, you've introduced the new optical inspection kind of a hybrid tool with AI capabilities.

最近，您推出了具有 AI 功能的新型光學檢測混合工具。

Can you discuss where the future lies between e-beam versus optical inspection?

您能討論一下電子束檢測與光學檢測之間的未來嗎？

And how are your customers, I guess, receiving the feedback in terms of these differing technologies?

我猜你的客戶是如何收到關於這些不同技術的反饋的？

Well, thanks for the question, Patrick.

好吧，謝謝你的問題，帕特里克。

So maybe -- first, let me start with our top level PDC business, and then I'll get into this optical e-beam question.

所以也許——首先，讓我從我們的頂級 PDC 業務開始，然後我將討論這個光學電子束問題。

So really, there's 2 major focuses for our PDC business.

所以說真的，我們的 PDC 業務有兩個主要重點。

Certainly, this is a growth opportunity.

當然，這是一個增長機會。

But also what is increasingly important is PDC accelerating billions of dollars of Applied-enabled PPACt inflections.

但也越來越重要的是 PDC 加速了數十億美元的應用支持 PPACt 變化。

I talked about earlier, gate-all-around and the wiring and the memory and all of these different areas.

我之前談到過，環柵、佈線和內存以及所有這些不同的區域。

And we have the highest resolution e-beam platform in the industry.

我們擁有業內最高分辨率的電子束平台。

We're probably 50% higher resolution.

我們的分辨率可能提高了 50%。

So we can see things that other platforms cannot see.

所以我們可以看到其他平台看不到的東西。

We also have an advantage in the speed of imaging.

我們在成像速度方面也有優勢。

So mapping out these fingerprints to dial in these processes faster with bigger process margins, that synergy -- Applied is the only company in the industry that has that combination of the unit processes, integrated material solutions and leading e-beam technology.

因此，繪製出這些指紋，以更快地撥入這些流程並獲得更大的工藝利潤，這種協同作用——應用材料公司是業內唯一一家擁有單元工藝、集成材料解決方案和領先電子束技術組合的公司。

So that is strategically important.

所以這在戰略上很重要。

And I think that really, we see a great opportunity to accelerate our PDC revenue going forward.

我認為真的，我們看到了一個很好的機會來加速我們的 PDC 收入。

We talked about 50% growth this year on the top of 25% last year, but also that pull in the synergy with the rest of Applied Materials is incredibly valuable and very important.

我們談到今年在去年 25% 的基礎上實現了 50% 的增長，但與其他應用材料公司的協同作用也非常有價值且非常重要。

Relative to optical inspection, we did introduce this new platform, the Enlight.

相對於光學檢測，我們確實引入了這個新平台 Enlight。

We see very strong pull and adoption, especially in leading foundry.

我們看到非常強大的拉動和採用，尤其是在領先的代工廠。

And the combination of these technologies, basically, you have an optical inspection system that is incredibly cost-effective for line monitoring types of applications.

這些技術的結合，基本上，您就擁有了一個光學檢測系統，對於線路監控類型的應用來說，它具有難以置信的成本效益。

And certainly, in the discussions that I have with many of the R&D leaders, tremendous pull for that technology, but also combining that with industry-leading resolution to accurately classify defects.

當然，在我與許多研發領導者的討論中，該技術具有巨大的吸引力，但也將其與行業領先的解決方案相結合，以準確分類缺陷。

And then having that capability to combine with AI gives customers a better overall performance in finding yield-limiting defects.

然後，將這種能力與人工智能相結合，可以讓客戶在發現限制良率的缺陷方面獲得更好的整體性能。

So we're seeing definitely strong adoption of this concept with customers.

因此，我們看到客戶對這一概念的強烈採用。

But the key thing for me really is the e-beam leadership, that is fundamental.

但對我來說，真正的關鍵是電子束領導力，這是根本性的。

We're more than 5x larger than our overall largest PDC competitor.

我們比我們最大的 PDC 競爭對手大 5 倍以上。

We have clear imaging leadership.

我們有明確的成像領導力。

We will be introducing new imaging technologies that will further strengthen our leadership in that part of our -- in that part of PDC.

我們將引入新的成像技術，這將進一步加強我們在我們的那部分 - 在 PDC 的那部分中的領導地位。

And the synergy in the T for PPACt is very, very, very important.

PPACt 在 T 中的協同作用非常、非常、非常重要。

Our next question is from Quinn Bolton with Needham & Company.

我們的下一個問題來自於 Needham & Company 的 Quinn Bolton。

I just wanted to ask about the China business.

我只是想問一下中國業務。

China looks like it was a record on a dollar basis and about 1/3 of revenue.

中國似乎是按美元計算的記錄，約佔收入的 1/3。

Did that business skew a little bit more demand given the NAND strength?

鑑於 NAND 的實力，該業務是否會導致更多的需求傾斜？

Are you still seeing that being pretty broad based?

您是否仍然認為這是相當廣泛的基礎？

Thanks, Quinn.

謝謝，奎因。

As we look at our China business, it was a strong performance in the most recent quarter.

當我們審視我們的中國業務時，最近一個季度表現強勁。

But it's in line generally with the historical profile of that business over time.

但隨著時間的推移，它通常與該業務的歷史概況一致。

Some quarters will be a little better than others, but certainly in line with the historical profile on a percent of our overall business.

有些季度會比其他季度好一點，但肯定符合我們整體業務百分比的歷史概況。

As I take a look and double-click at the China domestic market and think about the levels of investment there, I would say that there is slow, steady development of the ecosystem.

當我查看並雙擊中國國內市場並考慮那裡的投資水平時，我會說生態系統的發展緩慢而穩定。

I see investments from a 200-millimeter and 300-millimeter standpoint.

我從 200 毫米和 300 毫米的角度來看投資。

And then within the 300-millimeter geometries, we see investments across all device types.

然後在 300 毫米的幾何形狀內，我們看到了所有設備類型的投資。

We see NAND, we see DRAM, we see foundry/logic.

我們看到 NAND，我們看到 DRAM，我們看到代工廠/邏輯。

So I wouldn't say it's driven by one specific market, one specific customer.

所以我不會說它是由一個特定的市場、一個特定的客戶驅動的。

It's really broad based, both from a customer perspective as well as a market perspective.

從客戶角度和市場角度來看，它的基礎非常廣泛。

We feel good about how we're positioned against this opportunity, and we'll do well over time as that business continues to grow.

我們對自己如何應對這一機會感到滿意，隨著業務的持續增長，隨著時間的推移，我們會做得很好。

Our next question is from Pierre Ferragu with New Street Research.

我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

So Dan, you mentioned that if we give it some time, and if we believe in an industry heading towards the $1 trillion, we could have like wafer equipment spending in $140 million.

所以丹，你提到如果我們給它一些時間，並且如果我們相信一個行業將朝著 1 萬億美元發展，我們可以像晶圓設備一樣花費 1.4 億美元。

So let's say, over 5 years or maybe a bit more, we could still see WFE doubling.

因此，假設 5 年或更長時間，我們仍然可以看到 WFE 翻倍。

And then Gary, you talked a lot about -- like this upcoming inflection points to which we feel very close now, where materials is almost taking a revenge over critical dimension reduction.

然後加里，你談了很多——比如這個即將到來的拐點，我們現在感覺非常接近，材料幾乎是對臨界尺寸縮減的報復。

And so my question was, in a world in which the industry spends $150 billion on wafer equipment spending, the incremental $70 billion that would be spent compared to what is spent today, where would that go?

所以我的問題是，在一個行業在晶圓設備支出上花費 1500 億美元的世界中，與今天的支出相比，增加的 700 億美元會花在哪裡？

If you could give, like, what in your view would be the most significant drivers of growth for the industry over that kind of long time period where we double again spending?

如果你能給出，比如，在你看來，在我們再次支出翻倍的漫長時期內，該行業最重要的增長動力是什麼？

Yes.

是的。

Thanks for the question, Pierre.

謝謝你的問題，皮埃爾。

So for me, I spent a lot of my time with customers across our entire -- all the different market segments, the leading customers.

所以對我來說，我花了很多時間與我們整個的客戶——所有不同的細分市場，領先的客戶。

ICAPS, I spend a tremendous amount of time there more than ever.

ICAPS，我在那裡度過的時間比以往任何時候都多。

And I have a very strong perspective, and we can see things that we can't talk about publicly relative to where customers are going.

而且我有一個非常強大的觀點，我們可以看到相對於客戶去向我們無法公開談論的事情。

But I really believe that we're at the point where we have the biggest economic competition of our lifetime with technology transforming every industry.

但我真的相信，我們正處於我們一生中最大的經濟競爭的地步，技術正在改變每個行業。

And semiconductors are part of that key infrastructure, the data economy going forward.

半導體是關鍵基礎設施的一部分，是未來數據經濟的一部分。

And it really is about power, performance and cost from the edge to the cloud and everything in between.

它實際上是關於從邊緣到雲以及介於兩者之間的所有內容的功率、性能和成本。

And I do believe -- and we can see it when you go from 5 to 3, 3 to 2, and what's going beyond that, that the playbook that we discussed before, and you even see customers supporting this view that the classic 2D Moore's Law will not enable the future infrastructure.

而且我確實相信——當你從 5 到 3、3 到 2 時，我們可以看到它，以及超越它，我們之前討論過的劇本，你甚至看到客戶支持這種觀點，即經典的 2D 摩爾法律不會啟用未來的基礎設施。

I think that is crystal clear.

我認為這很清楚。

And it really is, certainly, there's going to be shrink as part of that 2D shrink.

當然，它確實是 2D 收縮的一部分。

But that's not going to enable power and performance across that whole infrastructure for the future.

但這不會為未來的整個基礎架構提供強大的功能和性能。

So it's about the new materials.

所以這是關於新材料的。

It's about the new structures, the gate-all-around, the 50% reduction in wiring, high-speed memory for a number of different applications.

它是關於新結構、全方位柵極、減少 50% 的佈線、適用於許多不同應用的高速存儲器。

We're adding logic to the periphery, shaping the chip architectures in a very different way.

我們正在向外圍添加邏輯，以非常不同的方式塑造芯片架構。

And the other thing, and we talked about -- I talked about this earlier on the call, packaging is, I think, underappreciated and very important.

另一件事，我們談到了——我早些時候在電話會議上談到了這一點，我認為包裝被低估了，而且非常重要。

This year, packaging will be over $800 million for us.

今年，包裝對我們來說將超過 8 億美元。

And you think about connecting chips, or chiplets, or IP blocks, that is going to be an enormous opportunity going forward.

你考慮連接芯片、小芯片或 IP 塊，這將是一個巨大的未來機會。

And Applied is in a great position.

應用材料公司處於一個很好的位置。

We have very strong products in PVD, CVD, CMP, plating, this new hybrid bonding technology where you can bond 2 chips together.

我們在 PVD、CVD、CMP、電鍍方面擁有非常強大的產品，這種新的混合鍵合技術可以將 2 個芯片鍵合在一起。

We're the only company in the industry that has a full flow advanced packaging lab.

我們是業內唯一一家擁有全流程先進封裝實驗室的公司。

So Pierre, I think there's going to be tremendous innovation that's happening there.

所以皮埃爾，我認為那裡將會發生巨大的創新。

And again, that's another -- a segment of the industry where I think people under-appreciate how important from a competitive standpoint and in a PPACt-enabling standpoint, that's going to be.

再說一次，這是另一個行業的一部分，我認為人們從競爭的角度和 PPACt 支持的角度低估了它的重要性，這將是。

So again, those are the things that we see as we go forward.

再說一遍，這些是我們前進時看到的東西。

It's really about those 5 elements of the new playbook.

這真的是關於新劇本的這 5 個元素。

And the other aspect is time to market, that's where we're focused with AIx, and especially our industry leadership in e-beam to drive the T.

另一方面是上市時間，這是我們關注 AIx 的地方，尤其是我們在電子束方面的行業領導地位，以推動 T.

Our next question is from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Dan, I guess I had a 2-part question just about WFE and your share.

丹，我想我有一個關於 WFE 和你的份額的兩部分問題。

So you gave a 2020 WFE number from VLSI, that's like 61 billion.

所以你從 VLSI 給出了 2020 年的 WFE 數字，大概是 610 億。

And you did 12.1 in SSD last year.

你去年在 SSD 上做了 12.1。

So that's about 20% WFE share.

所以這大約是 20% 的 WFE 份額。

Then if I take your July SSD guidance, we know that you're doing about 8.2 billion in the first half, and you're saying that it's going to be up in the back half.

然後，如果我接受您 7 月份的 SSD 指導，我們知道您上半年的銷售額約為 82 億，您說下半年會上漲。

So that's like 16.5 to 17 for the year, which off of your high 70 billion WFE number is like 21.5% WFE share.

所以這就像今年的 16.5 到 17，在你高達 700 億的 WFE 數字中，WFE 的份額是 21.5%。

So that's up like 150 basis points this year.

因此，今年上漲了 150 個基點。

So I guess my question is, where is that share coming from?

所以我想我的問題是，這個份額是從哪裡來的？

Can you sort of double-click on that?

你可以雙擊它嗎？

I know you highlighted process control.

我知道你強調了過程控制。

But I'm wondering if you can kind of double-click on that.

但我想知道你是否可以雙擊它。

And then the second part of the question was for domestic China, you had talked about 10 billion WFE this year.

然後問題的第二部分是關於中國國內的，你談到了今年100億的WFE。

Is that still the thinking?

還是這樣的想法嗎？

Yes.

是的。

So Tim, thanks for the question.

所以蒂姆，謝謝你的問題。

I think it's important to really get the facts on the table for 2020.

我認為重要的是要真正了解 2020 年的事實。

If you look at our semi systems business in calendar 2020, it's up 26.5% against a market that was up high teens.

如果您查看我們在 2020 年日曆中的半系統業務，它與十幾歲的市場相比上漲了 26.5%。

And so significant outperformance.

如此顯著的出色表現。

We view it as gaining 60 basis points a share.

我們認為它每股上漲 60 個基點。

So we ended 2020 at 20.5% WFE share.

因此，我們以 20.5% 的 WFE 份額結束了 2020 年。

And so you referenced the 21.5% share in 2021.

所以你提到了 2021 年 21.5% 的份額。

We think we're going to significantly outperform this year.

我們認為我們今年的表現將顯著超越。

You saw us grow almost 2:1 in foundry/logic last year.

去年，您看到我們在代工/邏輯方面的增長幾乎是 2:1。

You saw us significantly outperform peers in 2020 in the DRAM market, and we showed strength in our NAND business.

您看到我們在 2020 年在 DRAM 市場上的表現明顯優於同行，我們在 NAND 業務中表現出實力。

And when I look at the customers node over node, whether it's memory or foundry/logic, our opportunity is going up.

當我逐個查看客戶節點時，無論是內存還是代工廠/邏輯，我們的機會都在增加。

When I look at the end market profile, we talked about it, strength in foundry/logic, DRAM, strong business in NAND.

當我查看終端市場概況時，我們談到了它，代工/邏輯的實力，DRAM，NAND 的強勁業務。

So we feel good about the market perspective.

因此，我們對市場前景感覺良好。

And then when I look at the product portfolio, we showed share gains in deposition and removal and process control.

然後，當我查看產品組合時，我們展示了在沉積和去除以及過程控制方面的份額增長。

Gary talked about packaging.

加里談到了包裝。

We talked about 240 basis points of conductor etch, 220 basis points of CVD.

我們討論了 240 個基點的導體蝕刻，220 個基點的 CVD。

We talked about strength in PVD, ePi, thermals.

我們談到了 PVD、ePi、熱學方面的優勢。

2021, I would expect to do even better across that product portfolio.

2021 年，我希望在該產品組合中做得更好。

We talk about the new PPACt playbook.

我們談論新的 PPACt 劇本。

We talked a lot about the enabling technologies at our investor meeting.

我們在投資者會議上談了很多關於支持技術的內容。

We've held one master class.

我們舉辦了一場大師班。

We've got an upcoming master class on foundry/logic.

我們即將舉辦關於鑄造/邏輯的大師班。

We see these inflections is real.

我們看到這些變化是真實的。

We've got the industry's broadest portfolio of industry-leading technologies, and we've got unique abilities to combine those technologies and bring them together in a way to solve our customers' highest value problems.

我們擁有業界最廣泛的行業領先技術組合，並且我們擁有獨特的能力來結合這些技術並將它們結合在一起，以解決我們客戶的最高價值問題。

And so we feel good about our position, our momentum and our ability to outperform in these markets.

因此，我們對我們的地位、我們的動力以及我們在這些市場上表現出色的能力感到滿意。

And so from -- I'm sorry, Tim, your second question?

所以——對不起，蒂姆，你的第二個問題？

Sorry.

對不起。

I was just asking about domestic China WFE.

我只是在問中國國內的WFE。

I thought you said something like flat year-over-year around 10 billion this year.

我以為你說今年同比持平，約為 100 億。

I was just kind of wondering if you had an update there.

我只是想知道你那裡是否有更新。

Yes.

是的。

So what we said on the last earnings call is we see it up several billion on a year-over-year basis.

因此，我們在上次財報電話會議上所說的是，我們看到它同比增長了數十億美元。

And as more as the year progresses, I think what we see is domestic China maybe profiling in line with the overall WFE market.

隨著時間的推移，我認為我們看到的是中國國內可能與整個 WFE 市場保持一致。

So we'll keep an eye on it, and we'll keep updating each and every quarter.

因此，我們會密切關注它，並且每個季度都會不斷更新。

But we kind of see it up in line with the overall market.

但我們認為它與整體市場一致。

Okay, great, operator.

好的，太好了，接線員。

So I think we're at the end of the hour.

所以我想我們已經快結束了。

So Dan, would you like to help us close off the call?

那麼丹，你願意幫助我們結束通話嗎？

Yes, sure, Mike.

是的，當然，邁克。

So what I'm really struck by this quarter, it's just a broad validation of the trends.

因此，本季度我真正感到震驚的是，這只是對趨勢的廣泛驗證。

We've been talking about for quite some time from the data economy.

我們已經談論了相當長一段時間的數據經濟。

And the opportunity that it creates for the semi industry, and that's at virtually every node, to the challenges that Gary talked about with 2D scaling.

以及它為半導體行業創造的機會，幾乎在每個節點上，都可以應對 Gary 談到的 2D 縮放所面臨的挑戰。

The industry just needs new ways to deliver the PPACt roadmap.

該行業只需要新的方法來交付 PPACt 路線圖。

Our customers are committed to very large multiyear investments but they're also coming at it from a position of financial strength, which is really great and bodes well for the industry long term.

我們的客戶致力於非常大的多年投資，但他們也是從財務實力的立場出發的，這真的很棒，從長遠來看，這對行業來說是個好兆頭。

We're going to fully support them with the R&D investments that we make, that will drive the roadmap, solve our customers' highest value problems.

我們將通過我們所做的研發投資全力支持他們，這將推動路線圖，解決我們客戶的最高價值問題。

We're going to generate profitable growth, and we're going to return a lot of cash to shareholders over time.

我們將產生可盈利的增長，隨著時間的推移，我們將向股東返還大量現金。

Gary and I hope to see many of you at the virtual conferences in the next few weeks.

加里和我希望在接下來的幾週內在虛擬會議上見到你們中的許多人。

And then I hope you'll join us and our technical leaders on the logic master class that we're going to have on June 16.

然後我希望你能加入我們和我們的技術領導者的行列，參加我們將於 6 月 16 日舉行的邏輯大師班。

Mike, let's go ahead and wrap up the call.

邁克，讓我們繼續結束通話。

Okay.

好的。

Great.

偉大的。

Thanks, Dan.

謝謝，丹。

And we'd like to thank everybody for joining us today.

我們要感謝大家今天加入我們。

A replay of our call will be available on our website by 5:00 p.m.

我們的電話重播將在下午 5:00 之前在我們的網站上提供。

Pacific time.

太平洋時間。

Thank you for your continued interest in Applied Materials.

感謝您對應用材料公司的持續關注。

And this concludes today's conference.

今天的會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。