Camtek Ltd (CAMT) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's Fourth Quarter and Full Year 2020 Results Zoom Webinar. My name is Kenny Green. I am part of the Investor Relations team at Camtek.

女士們，先生們，感謝各位的支持。歡迎大家參加 Camtek 2020 年第四季及全年業績 Zoom 網路研討會。我叫 Kenny Green，是 Camtek 投資者關係團隊的一員。

This is the first time we are running our conference call as a live Zoom webinar, and I apologize in advance for any unforeseen technical issues we may face during the call. Our goal is to increase engagement with investors and analysts, and we hope this new type of quarterly call is a step in the right direction. (Operator Instructions) I would like to remind everyone that this conference call is being recorded, and the recording will be available for download from Camtek's website within a few hours after the call.

這是我們首次以 Zoom 網路研討會直播的形式舉行電話會議，對於會議期間可能遇到的任何不可預見的技術問題，我深表歉意。我們的目標是加強與投資者和分析師的互動，並希望這種新型的季度電話會議能夠朝著正確的方向邁出一步。 （操作員指示）我想提醒大家，本次電話會議正在進行錄音，錄音將在會議結束後數小時內在 Camtek 網站上提供下載。

You should have all received by now the company's press release if not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, Camtek's CEO; Mr. Moshe Eisenberg, Camtek's CFO; and Mr. Ramy Langer, Camtek's COO.

各位現在應該都已經收到公司的新聞稿了。如果沒有，請在公司網站上查看。今天與我一起參加電話會議的嘉賓有：Camtek 執行長 Rafi Amit 先生；Camtek 財務長 Moshe Eisenberg 先生；以及 Camtek 營運長 Ramy Langer 先生。

Rafi will open by providing an overview of Camtek's results and discuss recent market trends, Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe and Ramy will be available to take your questions.

Rafi 將首先概述 Camtek 的業績並討論近期市場趨勢，隨後 Moshe 將總結本季的財務表現。之後，Rafi、Moshe 和 Ramy 將回答您的提問。

Before we begin, I would like to remind everyone that certain information provided on this call are internal company estimates, unless otherwise specified. This call may also contain forward-looking statements. These statements are any predictions and may change as time passes. Statements on this call are made as of today, and the company undertakes no obligation to update any of that forward-looking -- and any of the forward-looking statements contained whether as a result of new information, future events, changes in expectations or otherwise. Investors are reminded that these forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including as a result of the effects of general economic conditions, the effect of the COVID-19 crisis on global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers' providers, business partners and contractors business as a result of the outbreak and effects of the COVID-19 pandemic.

在開始之前，我想提醒大家，除非另有說明，本次電話會議中提供的某些資訊為公司內部估計。本次電話會議也可能包含前瞻性陳述。這些陳述均為預測，可能會隨著時間的推移而改變。本次電話會議中的陳述截至今日為止，本公司不承擔更新任何前瞻性陳述的義務，無論這些前瞻性陳述是否因新資訊、未來事件、預期變更或其他原因而發生變化。請投資人注意，這些前瞻性陳述受風險和不確定性的影響，這些風險和不確定性可能導致實際事件或結果與預測存在重大差異，包括一般經濟狀況的影響、COVID-19 危機對全球市場以及我們營運所在市場的影響，包括 COVID-19 疫情的爆發及其影響導致我們及我們客戶的供應商、業務合作夥伴和承包商業務持續中斷的風險。

Risk related to the concentration of a significant portion of Camtek's expected business in certain countries particularly China, from which we expect to generate significant portions of our income for the foreseeable future, but also Taiwan and Korea, including the risks of deviations from our expectations regarding timing and size of orders from customers in these countries.

風險與 Camtek 預期業務的很大一部分集中在某些國家有關，特別是中國（我們預計在可預見的未來，中國將從中產生我們很大一部分收入），但也包括台灣和韓國，包括我們對這些國家客戶的訂單時間和規模的預期存在偏差的風險。

Changing industry market trends, reduced demand for our services and products, the timely developments of new services and products and their adoption by the market, increased competition in the industry and price reductions as well as due to other risks identified in the company's filings with the SEC. Please note that the safe harbor statement in today's press release also covers the contents of this conference call.

行業市場趨勢變化、我們服務和產品需求下降、新服務和產品的及時開發及其市場接受度、行業競爭加劇和價格下降，以及公司向美國證券交易委員會 (SEC) 提交的文件中確認的其他風險。請注意，今天新聞稿中的安全港聲明也涵蓋了本次電話會議的內容。

Furthermore, during the call, certain non-GAAP financial measures will be discussed. These are used by management to make strategic decisions, forecast future results and evaluate the company's current performance. We believe that the presentation of non-GAAP financial measures is useful to investors' understanding and assessment of the company's ongoing core operations and prospects for the future. A full reconciliation of non-GAAP to GAAP financial measures are included in today's earnings release.

此外，電話會議期間也將討論一些非公認會計準則 (non-GAAP) 財務指標。管理階層使用這些指標來制定策略決策、預測未來績效並評估公司當前績效。我們認為，非公認會計準則 (non-GAAP) 財務指標的呈現有助於投資者了解和評估公司持續的核心業務和未來前景。今天的收益報告中將包含非公認會計準則 (non-GAAP) 和公認會計準則 (GAAP) 財務指標的完整對照表。

I will now like to hand the call over to Rafi Amit, Camtek's CEO. Rafi, please go ahead.

現在，我想把發言權交給 Camtek 執行長 Rafi Amit。拉菲，請發言。

Okay. Thank you, Kenny. Good morning, and thank you for joining our call today. I will start with some highlights from the fourth quarter, a few words on 2020 and continue with reviewing our current business.

好的。謝謝你，肯尼。早安，感謝您今天參加我們的電話會議。我將首先回顧第四季度的一些亮點，然後簡要回顧2020年，並繼續回顧我們目前的業務。

Total sales in the fourth quarter were $48.6 million, close to a 50% increase over Q4 '19 and record quarterly revenue. In the first quarter, we continued the momentum of increasing sales to our existing customers as well as to new customers.

第四季總銷售額為4,860萬美元，較2019年第四季成長近50%，創下季度營收新高。第一季度，我們延續了現有客戶和新客戶銷售成長的動能。

Gross margin was 48.2%, and operating margin was 18.9%, marking an important -- an improvement in profitability compared with the first half of 2020. For all year, we achieved record revenue of $156 million, a 16% growth over 2019 and record operating profit of $26.8 million.

毛利率為 48.2%，營業利益率為 18.9%，與 2020 年上半年相比，獲利能力有了重要的提升。全年，我們實現了創紀錄的 1.56 億美元收入，比 2019 年成長 16%，營業利潤達到創紀錄的 2,680 萬美元。

In the last 2 weeks, we have received multiple systems order from several customers totaling about $25 million. The impressive backlog we have on hand, together with sales in pipeline point to a strong sales forecast for the first half 2021. We are anticipating sales of over $110 million in the first half of 2021, implying approximately 65% growth over the first half of 2020. We also see continued momentum of orders into Q3, but it is too early to give accurate forecast.

在過去的兩周里，我們收到了來自幾位客戶的多個系統訂單，總額約2500萬美元。我們手頭上令人印象深刻的訂單積壓，加上正在籌劃的銷售，預示著2021年上半年的銷售前景強勁。我們預計2021年上半年的銷售額將超過1.1億美元，這意味著比2020年上半年成長約65%。我們也預計訂單成長動能將持續到第三季度，但現在做出準確的預測還為時過早。

For the first quarter of 2021, we expect an impressive sales level of between $54 million to $56 million. The year 2020 was an exceptional year for us just as it was for the whole semiconductor industry.

我們預計2021年第一季的銷售額將達到驚人的5,400萬至5,600萬美元。 2020年對我們來說是非凡的一年，對整個半導體產業也是如此。

In the first quarter, we had concern about our ability to install system due to the COVID-19 restrictions on shipping system to certain countries. Yet in the fourth quarter, we faced a completely different situation. We had to adjust our production capacity and field support due to the high demand for our systems. Our flexible operational infrastructure and our global organizations allow us to successfully execute this growth and the requirement of our customers.

第一季度，由於新冠疫情對部分國家的系統運輸限制，我們一度擔心系統安裝能力。然而，到了第四季度，我們面臨的情況卻截然不同。由於系統需求旺盛，我們不得不調整產能和現場支援。我們靈活的營運基礎設施和遍佈全球的組織架構，使我們能夠成功實現成長，並滿足客戶的需求。

In the first quarter of 2021, this trend has continued and even accelerated. Our strategy is to maximize growth in all segments in which we operate. The front end, mid-end and back-end, mainly post dicing. We continue increasing the number of new customers, penetrating new market segments and strengthening our presence in existing customers. By providing the highest level of service and support, we create a strong commitment between Camtek and its customers. A strategy of addressing a wide range of customers also include customers with entry-level products that need only basic configuration of our systems, resulting in a lower ASP in the short term.

2021年第一季度，這一趨勢持續，甚至有所加速。我們的策略是最大限度地提升我們所有營運領域的成長。包括前端、中端和後端，尤其是切割後段。我們持續增加新客戶數量，滲透新的細分市場，並鞏固我們在現有客戶中的影響力。透過提供最高水準的服務和支持，我們在Camtek與其客戶之間建立了牢固的承諾。我們致力於服務廣泛的客戶群，包括那些只需基本配置我們系統即可獲得入門級產品的客戶，從而在短期內降低平均售價。

Our experience shows that in the future -- sorry, many of these customers will purchase systems with more complex configurations, capable of detecting smaller defects to meet their end customer requirements. In the second half of 2020, we saw an improved margin. We can already see this trend continuing in order we have received for the year 2021.

我們的經驗表明，未來—抱歉，許多客戶會購買配置更複雜的系統，能夠偵測更小的缺陷，以滿足最終客戶的需求。 2020年下半年，我們的利潤率有所提升。我們已經看到這一趨勢在2021年訂單中持續下去。

The configuration of system orders are more complex, and the ASP is higher than what we saw in 2020. As a result, we expect continued improvement in the gross margin in the first half. The drivers of our market segment have not changed from those I mentioned in the previous calls. The main drivers are advanced packaging, memory, CMOS Image Sensor and RF devices for 5G smartphone. 5G is pushing demand for high-end smartphone sales.

系統訂單的配置更加複雜，平均售價也高於2020年。因此，我們預計上半年毛利率將持續改善。我們細分市場的驅動因素與我之前電話會議中提到的相比沒有變化。主要驅動因素是用於5G智慧型手機的先進封裝、記憶體、CMOS影像感測器和射頻元件。 5G正在推動高階智慧型手機的銷售需求。

Compared to previous generation, this 5G phone include more silicon, more advanced packaging and larger number of RF devices in each phone. As a result, we are experiencing demand for 5G-related applications. We see adoption of new packaging technologies by our customers. Adoption of new technologies requires extensive use of inspection and metrology systems.

與上一代相比，這款5G手機包含更多矽片、更先進的封裝和更多數量的射頻元件。因此，我們對5G相關應用的需求正在成長。我們看到客戶正在採用新的封裝技術。新技術的採用需要廣泛使用檢測和計量系統。

All the drivers I mentioned, serve the demand for end products such as mobile phone, laptop, server, automotive, medical and more. Specifically for 2021, the main growth is expected to be the advanced packaging, both in inspection as well as in metrology.

我提到的所有驅動因素都服務於終端產品的需求，例如手機、筆記型電腦、伺服器、汽車、醫療等等。具體到2021年，預計主要增長點將是先進封裝，包括檢測和計量領域。

The CMOS Image Sensor in 2020 accounted for about 30% of our business. This is unusually high and was a result of healthy demand for our customers. In 2021, we expect the CIS segment to be more in line with previous year share of about 10% to 15% of our revenue.

2020年，CMOS影像感測器業務約占我們業務的30%。這一比例異常高，得益於客戶需求的旺盛。我們預計2021年CIS業務的佔比將與去年持平，約10%至15%。

In the DRAM space, we see a lot of activity. However, we believe that it will be more at the end of the year or beginning of next year before we see meaningful business. As previously announced, we continue to gain momentum in the front-end market. Penetration process, specifically in the front-end segment is after a very long and meticulous valuation. We have penetrated several new customers in 2020, and we expect to continue with that in 2021.

在DRAM領域，我們看到了許多活躍的廠商。然而，我們認為，要到今年年底或明年年初才能看到有意義的業務。正如之前宣布的那樣，我們在前端市場持續成長勢頭。滲透過程，特別是在前端領域，是經過非常漫長而細緻的評估後才得以實現的。我們在2020年已經滲透了幾個新客戶，預計2021年將繼續保持這種勢頭。

For 2021, we expect this segment to account for more than 10% of our business. In 2020, we met an important milestone by receiving qualification for our system and order for production lines from one of the world's top integrated circuit manufacturers.

我們預計2021年該業務將占我們業務的10%以上。 2020年，我們迎來了一個重要的里程碑：我們的系統獲得了認證，並獲得了全球頂級積體電路製造商的生產線訂單。

Our systems have been implemented in the customers' development and production sites globally. We continue our development effort on several levels. Developing special features upon customer request to support ongoing sales, constantly improving the detection engines and continuing the development of new generations of systems and solutions based on key customer input and industry road map. We plan to launch new products to the market this year.

我們的系統已在全球客戶的開發和生產基地投入使用。我們持續在多個層面進行開發。根據客戶需求開發特殊功能以支援持續銷售，不斷改進檢測引擎，並根據關鍵客戶回饋和行業路線圖持續開發新一代系統和解決方案。我們計劃今年向市場推出新產品。

We have managed to operate optimally under the COVID-19 circumstances, but we cannot fully predict the global implication of the epidemic and its potential impact on our business.

在新冠疫情的影響下，我們已成功實現最佳運營，但我們無法完全預測該疫情的全球影響及其對我們業務的潛在影響。

As things stand today, 2021 is going to be a record year in sales and growth, along with improved profitability. During Q4 of last year, we have raised about $64 billion to support our growth strategy beyond our organic growth. We are continuing our efforts to find companies that are suitable for acquisition. We are especially interested in companies whose products serve markets like ours and will be able to use our sales and support infrastructure.

就目前情況來看，2021年將是銷售額和成長創紀錄的一年，獲利能力也將提升。去年第四季度，我們籌集了約640億美元，用於支持我們超越有機成長的成長策略。我們仍在持續努力尋找合適的收購對象。我們尤其對那些產品服務於類似我們這樣的市場，並且能夠利用我們銷售和支援基礎設施的公司感興趣。

Before I hand over to Moshe for more details on the financial results, I would especially like to thank our employees for their dedicated work during these challenging times. Moshe?

在我將財務表現的更多細節交給 Moshe 之前，我要特別感謝我們的員工在這段充滿挑戰的時期所做的辛勤工作。 Moshe？

Thank you, Rafi. We are sorry for the technical glitch that we have, and I will start now. Thank you, Rafi. We had record results in the fourth quarter, both in terms of revenue, which also came above our guidance as well as in terms of our gross and net profit level.

謝謝拉菲。很抱歉出現了技術故障，我現在就開始。謝謝拉菲。第四季我們的業績創下了紀錄，不僅收入超出預期，毛利潤和淨利潤也都達到了預期。

In my financial summary ahead, I will provide the results on a non-GAAP basis. The reconciliation between the GAAP result and the non-GAAP results appear in the table at the end of the press release issued earlier today.

在接下來的財務摘要中，​​我將提供非公認會計準則 (Non-GAAP) 的績效。 GAAP 業績和非 GAAP 業績之間的對帳表已在今天早些時候發布的新聞稿末尾的表格中列出。

Fourth quarter revenues came at $48.6 million, a 46% increase over the $33.2 million recorded in the fourth quarter of 2019. Full year revenues were a record $155.9 million, up 16% year-over-year. The results were driven by demand across all our geographies, segments and applications. The geographic revenue split for the quarter was as follows: Asia, 83%; and the rest of the world, 78%. The distribution of sales for the full year was 89%, Asia with U.S. and Europe contributing 11%.

第四季營收為4,860萬美元，較2019年第四季的3,320萬美元成長46%。全年營收創下1.559億美元的紀錄，年增16%。這一業績得益於我們所有地區、部門和應用領域的需求。本季的地區收入分佈如下：亞洲佔83%，世界其他地區佔78%。全年銷售額佔89%，其中亞洲、美國和歐洲貢獻了11%。

Gross profit for the quarter was $23.4 million. The gross margin for the quarter was 48.2% versus 48% in the fourth quarter of last year. Gross profit for the year was $73.7 million, representing a gross margin of 47.3%. This is compared with a gross margin of 48.6% last year. After relatively lower gross margin in the first half of 2020, in the second half of the year, we saw an improved margin.

本季毛利為2340萬美元。本季毛利率為48.2%，去年第四季為48%。全年毛利為7,370萬美元，毛利率為47.3%，去年同期毛利率為48.6%。在2020年上半年毛利率相對較低之後，下半年毛利率有所提升。

We expect over $110 million in the first half of 2021. The combination of favorable order mix and the leverage we have in our operating model is expected to support the continued improvement in our gross margin, which will come above 50% in the first half of 2021.

我們預計 2021 年上半年的毛利率將超過 1.1 億美元。有利的訂單組合和我們營運模式中的槓桿作用預計將支持我們的毛利率持續改善，到 2021 年上半年將超過 50％。

Operating expenses in the quarter were $14.2 million. This is compared with $10.5 million in the fourth quarter of last year and to the $11.9 million reported in the previous quarter. The increase over the previous quarter is mostly due to increased R&D and certain marketing activities to support the growth in revenue.

本季營運費用為1420萬美元。相較之下，去年第四季的營運費用為1,050萬美元，上一季的營運費用為1,190萬美元。環比成長主要源自於研發支出的增加以及為支持收入成長而進行的某些行銷活動。

Operating profit in the quarter was $9.2 million compared to $5.4 million reported in the fourth quarter of last year. Operating margin was 18.9% compared to 16.3%, mostly due to increased revenue. Operating profit for the year was $26.8 million or 17.2% of revenue. This is compared to operating profit of $25 million in 2019 or 18.7% of revenue.

本季營業利潤為 920 萬美元，而去年第四季為 540 萬美元。營業利益率為 18.9%，而去年同期為 16.3%，這主要得益於收入的成長。全年營業利潤為 2,680 萬美元，佔收入的 17.2%。相較之下，2019 年的營業利潤為 2,500 萬美元，佔營收的 18.7%。

I would like to briefly discuss the significant impact of the devaluation of the U.S. dollar in general and specifically against the Israeli shekel. As an Israeli-based company, a significant portion of our expense in Israel, mainly salaries are paid in shekel. And as a result of the devaluation has increased in dollar terms during 2020. Despite the negative impact, we managed to improve our profitability.

我想簡單討論一下美元貶值，特別是美元兌以色列謝克爾貶值的重大影響。作為一家以色列公司，我們在以色列的很大一部分支出，主要是工資，都是以謝克爾支付的。由於美元貶值，2020年以美元計算的收入增加。儘管受到負面影響，我們仍然設法提高了獲利能力。

One positive impact of the devaluation was the relatively lower tax expenses in Israel in the fourth quarter due to the devaluation of the dollar-based assets.

貶值的一個正面影響是，由於美元資產貶值，以色列第四季的稅收支出相對較低。

Net income for the fourth quarter of 2020 was $8.8 million or 21% per diluted share. This is compared to a net income of $5.4 million or $0.14 per share in the fourth quarter of last year. Net income for the year was $26 million or $0.64 per diluted share. This is compared to a net income of $23.9 million or $0.62 per share in 2019.

2020年第四季淨利為880萬美元，每股攤薄收益21%。相較之下，去年第四季淨利為540萬美元，每股攤薄收益0.14美元。全年淨利為2600萬美元，每股攤薄收益0.64美元。相較之下，2019年淨利為2,390萬美元，每股攤薄收益0.62美元。

During the fourth quarter, we completed a public offering in which we raised approximately $64 million, and we have issued 4.025 million new shares, which affected the EPS in the fourth quarter and the year 2020.

第四季度，我們完成了公開發行，募集資金約 6,400 萬美元，發行了 402.5 萬股新股，這對第四季度及 2020 年全年的每股收益產生了影響。

In addition to the cash we raised in the public offering, we also generated 8.5 -- $8.3 million in cash from operating activities in the quarter. Net cash and cash equivalents and short-term deposits as of December 31, 2020, increased to $177.8 million, compared with $106 million at the end of the third quarter of 2020.

除了我們在公開發行中籌集的現金外，本季我們還透過經營活動獲得了850萬至830萬美元的現金。截至2020年12月31日，淨現金及現金等價物及短期存款增至1.778億美元，而2020年第三季末為1.06億美元。

During 2020, we generated $25.8 million in cash from operations. Certain balance sheet items, such as inventory, accounts receivables and payable levels significantly increased due to the higher business volumes and the expectation for further growth in 2021.

2020年，我們營運現金流出2,580萬美元。由於業務量成長以及2021年進一步成長的預期，某些資產負債表項目（例如庫存、應收帳款和應付帳款）大幅增加。

As Rafi mentioned earlier, we expect revenues in the first quarter of 2021 to be between 44 -- $54 million and $56 million. We have a strong sales forecast for the first half of the year and anticipate over $110 million in this period.

正如拉菲之前提到的，我們預計2021年第一季的營收將在4,400萬至5,400萬美元之間，甚至達到5,600萬美元。我們對上半年的銷售預測強勁，預計上半年銷售額將超過1.1億美元。

And with that, Rafi, Ramy and myself will be open to take your questions. Kenny?

接下來，拉菲、拉米和我願意回答大家的問題。肯尼？

Thank you, Moshe. At this time, we will begin the question-and-answer session. (Operator Instructions) Our first question will be from Patrick Ho from Stifel.

謝謝Moshe。現在，我們將開始問答環節。 （操作員指示）第一個問題來自Stifel的Patrick Ho。

Great. Congratulations on the really nice quarter of the year. Maybe first off, given the rise in system orders over the next 2 quarters and given some constraints in the industry overall, how do you see your parts procurement and your ability to procure parts given the tight supply environment that we're seeing today?

太好了。恭喜您度過了一個非常成功的季度。首先，考慮到未來兩個季度系統訂單的成長，以及整個行業面臨的一些限制，在目前供應緊張的環境下，您如何看待您的零件採購以及採購能力？

Ramy, do you want to answer, please?

拉米，你想回答嗎？

Yes. Patrick, can you hear me?

是的。派崔克，你聽得到我說話嗎？

Yes.

是的。

Okay. So I missed the first part of your question, but I will relate to the second part, and then if I miss anything, then please ask again.

好的。我錯過了你問題的第一部分，但我會聯繫第二部分，如果我漏掉了什麼，請再問一次。

So from a part procurement and overall, our supply chain, we are very well-organized. And we have the inventory on hand I believe for the next quarter and June. We have not experienced any issues related to procurement. Furthermore, we've increased the number of subcontractors. So we don't see any issues with that respect. We believe that we'll be able to supply and install all the machines in time.

所以，從零件採購到整體供應鏈，我們的組織都非常完善。我相信我們有足夠的庫存，足以在下個季度和6月份使用。我們沒有遇到任何與採購相關的問題。此外，我們增加了分包商的數量。因此，我們認為這方面沒有任何問題。我們相信我們能夠及時供應和安裝所有機器。

Great. And maybe as my follow-up question for Moshe. In terms of gross margins, really strong gross margins to end the year, and it continues to rise as we go into the first half of '21. What are the biggest influence? Is it simply volume? Or are your new products also going to contribute to the gross margin uptick that we're going to see in the first half of '21?

好的。這或許可以作為我接下來向 Moshe 提問的問題。就毛利率而言，到年底毛利率確實非常強勁，隨著 2021 年上半年的到來，毛利率還會持續上升。最大的影響因素是什麼？僅僅是銷量嗎？還是你們的新產品也會對 2021 年上半年的毛利率上升做出貢獻？

So I would say that both volume as well as new products and some new orders that came in with a high gross margin, will be contributing to the improved margin in the first half of 2021. Definitely, the new products that we are rolling out will have a meaningful impact on the profitability.

因此，我想說，銷量、新產品以及一些毛利率較高的新訂單都將有助於提高 2021 年上半年的利潤率。毫無疑問，我們推出的新產品將對獲利能力產生重大影響。

And the next question will be from Charles Shi from Needham.

下一個問題來自 Needham 的 Charles Shi。

Can you guys hear me?

你們聽得到我說話嗎？

Sure.

當然。

Yes. Great. Congrats on the strong quarter and very bullish first half guidance. I have a few questions. First off, I noticed that your guidance for the first half, the revenue run rate is already above your $200 million target model that you think you're going to achieve about the 2 years.

是的，太好了。恭喜您本季業績強勁，並發布了非常樂觀的上半年業績指引。我有幾個問題。首先，我注意到您上半年的業績指引，其收入運行率已高於您預計在未來兩年內實現的2億美元目標模型。

I wonder whether the strong demand in the near term really change your view when -- about the timing of your $200 million target model there?

我想知道短期內的強勁需求是否真的會改變您對 2 億美元目標模式時機的看法？

So first of all, yes, indeed, in the first half of 2021, we are already in a run rate of our target model of around $200 million. It's still early for us to provide specific outlook. For the second part of the year, although, as Rafi mentioned, Q3 is also looking good at this point, but we don't have a specific guidance for Q3.

首先，是的，確實如此，在2021年上半年，我們的營運率已經達到了目標模式的2億美元左右。現在給出具體的預期還為時過早。對於下半年，正如拉菲所提到的，目前第三季的業績看起來也不錯，但我們還沒有具體的指引。

But as I mentioned, we are already in the run rate of close to our target model and as a result, we managed to improve the gross margin. And gross margin will be more than 50%, as indicated in our target model.

但正如我所提到的，我們的運行率已經接近目標模型，因此，我們設法提高了毛利率。正如我們的目標模型所示，毛利率將超過50%。

Okay. So maybe this is a very good segue into my question about the gross margin. You mentioned a few of the favorable factors including the more complex systems, higher ASPs, especially for your 2D inspection products. May I ask that whether the other 2 factors I'm thinking are also contributing. First is, do you see a mix changing back to a little bit more 3D for your overall shipment in the first half '21, which essentially carries higher margin, if I understand correctly.

好的。這或許可以很好地引出我關於毛利率的問題。您提到了一些有利因素，包括更複雜的系統、更高的平均售價，尤其是你們的2D檢測產品。請問，我認為另外兩個因素是否也起到了作用？首先，您是否認為21年上半年你們的整體出貨量會稍微轉向3D產品，如果我理解正確的話，這實際上會帶來更高的利潤率？

And the second, whether the currency -- the depreciating U.S. dollars also impact -- has a positive impact on your gross margin.

第二，貨幣──美元貶值也會產生影響──對你的毛利率產生正面影響。

Let's touch the first part of your question. We definitely see in the mix of the products that we are going to ship in the first half of '21 and definitely throughout '21, with sales mix with a lot more metrology equipment. This is definitely going to contribute positively to our gross margins and overall profitability.

讓我們來談談你問題的第一部分。從我們2021年上半年以及全年的出貨產品組合來看，我們肯定會看到計量設備銷售的大幅成長。這肯定會對我們的毛利率和整體獲利能力產生正面的影響。

With respect to the devaluation of the U.S. dollar and its impact on the financial results, as I said, in general, the devaluation has a negative impact on our results. So the gross margin, if at all, will be impacted negatively. Taking that into account, if the dollar would say pretty much at the current level, we forecast gross margin of over 50% in the first half of the year.

關於美元貶值及其對財務表現的影響，正如我所說，總體而言，美元貶值會對我們的業績產生負面影響。因此，毛利率（如果有的話）也會受到負面影響。考慮到這一點，如果美元匯率基本上保持在當前水平，我們預測上半年的毛利率將超過50%。

Got it. Maybe my next question, I would like to ask a little bit more about the CMOS Image Sensor. Last year was unusually strong for you guys, nearly 30% of the revenue. And you've said the overall contribution as a percentage to the revenue you will go down. I wonder, on a dollar term, are you seeing a growth year for CMOS Image Sensor revenue? Or do you see like a more relatively flat? Any color would be great.

明白了。下一個問題，我想問一下關於CMOS影像感測器的一些問題。去年你們的業績異常強勁，幾乎佔了總營收的30%。您之前說過，CMOS影像感測器在總營收的佔比會下降。請問，以美元計算，您認為今年CMOS影像感測器的營收會成長嗎？還是會相對持平？任何顏色都行。

So let me relate to that. First of all, the CMOS Image Sensor, and I think as Rafi indicated, it was very strong this year. It was mainly from 2 reasons. First of all, very strong demand across from most of our customers. And I think specifically, we also we can say that we gain market share at least 2 major accounts.

讓我來談談這一點。首先是CMOS影像感測器，我認為正如Rafi所說，今年它的表現非常強勁。主要有兩個原因。首先，我們大多數客戶的需求非常強勁。具體來說，我們可以說我們至少在兩個主要客戶中獲得了市場份額。

So this accounted, I would say, to a very strong year compared with our previous percentage of the business. We still see this segment strong. But it will be a range of double digits. I would say, 10% to 15% next year, it will not reach the kind of percentage it has reached this year.

所以，我想說，與我們之前的業務佔比相比，今年的業績非常強勁。我們仍然認為這一部分業務表現強勁。但增速將在兩位數左右。我估計明年的比例在10%到15%之間，不會達到今年的水準。

Next question will be from Craig Ellis from B. Riley.

下一個問題來自 B. Riley 的 Craig Ellis。

Craig, you will need to unmute yourself. I hope that is working.

克雷格，你需要取消靜音。希望這個方法有效。

Okay. We'll come back to Craig afterwards. Our next question will be from [Irvin Kraus]. We'll also have to come back to Irvin in a sec. We also have a question from Shahar Cohen. Shahar?

好的。我們稍後再問 Craig。下一個問題來自 [Irvin Kraus]。我們一會兒還要問 Irvin。 Shahar Cohen 也有一個問題。 Shahar？

Just wondering the role of memory within your first half forecast, I assume that, that is not including any memory and if not, can you speak a little bit about your visibility into the memory in H2?

我只是想知道內存在您上半年預測中的作用，我認為，這不包括任何內存，如果不包括，您能否稍微談談您對下半年內存的了解？

Ramy?

拉米？

I think we mentioned it in the slide Rafi discussed. In general, we see a lot of activities in the memory space. We expect this business become -- we expect to see orders in the second half of this year or beginning of the following year.

我記得我們在拉菲討論的幻燈片裡提到過。總的來說，我們看到記憶體領域有很多活動。我們預計這項業務將在今年下半年或明年年初收到訂單。

There is no contribution to the business in the first half and the forecast that we talked about of over $110 million in the first half does not include any memory business.

上半年沒有任何業務貢獻，而且我們談到的上半年超過 1.1 億美元的預測不包括任何記憶體業務。

Okay. And my next question is can you just speak about your IDM win? Is that mainly impacting H1? Or do you see this more prolonged impact on your business?

好的。我的下一個問題是，您能談談IDM的勝利嗎？這主要影響上半年嗎？還是您認為這會對您的業務產生更長期的影響？

You're talking about the IDM that we mentioned.

您說的就是我們提到的 IDM。

Yes, exactly.

是的，確實如此。

This is definitely a very significant in the long term. However, and I think we mentioned it that we already have received, I would say, multiple orders for several global sites that have all those machines, partly have been installed and others will be installed in the first quarter.

從長遠來看，這無疑意義重大。不過，我想我們之前提到過，我們已經收到了多個全球工廠的訂單，這些工廠都安裝了這些機器，部分已經安裝完畢，其餘的將在第一季安裝。

So definitely, it's a meaningful business in the first half of next year of this year, '21, and it will definitely be in the long term, a very significant business. Rafi, do you want to add anything?

所以，這絕對是明年上半年、也就是2021年一項意義重大的業務，而且從長遠來看，這肯定是一項非常重要的業務。拉菲，你還有什麼要補充的嗎？

Yes. I would say, in general, when we mentioned the key IDM worldwide, they are a good reason. There not too many, what we call the key IDM. And when we talk about new packaging technology, new advanced packaging technology, then usually, these specific IDMs, they actually develop these technologies. And probably they will be the first to move to high volume, and we believe that this process maybe will start next year, and it will accelerate in the next coming years.

是的。我想說，總的來說，當我們提到全球關鍵的IDM時，他們是一個很好的理由。我們所說的關鍵IDM並不多。當我們談論新的封裝技術、新的先進封裝技術時，通常這些特定的IDM實際上正在開發這些技術。他們很可能是第一批實現量產的廠商，我們相信這個過程可能會在明年啟動，並在未來幾年加速。

So we see a huge potential of inspection and metrology to this type of new packaging technologies.

因此，我們看到了檢測和計量對於此類新型封裝技術的巨大潛力。

Okay. Shahar, that answers your questions. We'll now move over to [Irvin Kraus].

好的。 Shahar，這回答了你的問題。我們現在請[Irvin Kraus]發言。

Yes. Do you hear me?

是的。你聽見我說話了嗎？

Yes.

是的。

Yes, Irvin.

是的，歐文。

Okay. In 2017, 2018 and 2019, you provided dividends to your investors. Is there any reason why there were no dividends given to investors in 2020?

好的。 2017年、2018年和2019年，你們都給投資者分紅了。為什麼2020年沒有給投資人分紅呢？

We haven't decided yet.

我們還沒決定。

You haven't decided. Okay. Another question. Do you expect to do -- to increase your business in China and Taiwan in view of the world situation there?

您還沒決定。好的。還有一個問題。考慮到世界情勢，您是否希望擴大在中國大陸和台灣的業務？

Why you put together China and Taiwan, by the way?

順便問一下，為什麼要把中國和台灣放在一起？

Why do I put it together? I thought there was some sort of connection because of the difficulties that are going on there?

我為什麼要把它們放在一起？我以為那裡發生的困難與我想像的有某種關聯嗎？

Yes. But I don't think that -- Taiwan I think, okay, the way how we look at if you talk about the conflict between U.S., it's U.S. and China. If you look at the overall Asia, I would say, Southeast Asia, Taiwan, Korea, Japan, they are out of this conflict.

是的。但我不認為——我認為，好吧，我們看待美國與中國的衝突的方式，是美中衝突。如果你放眼整個亞洲，我會說東南亞、台灣、韓國、日本，它們都跟這場衝突無關。

So in general, I think that it's not under one package. It's a totally different situation. We don't see any limitation in Taiwan. And probably there are some different environment in China because of the conflict with the U.S. So it is not the same.

所以總的來說，我認為這並非一攬子計劃。情況完全不同。我們在台灣沒有看到任何限制。中國的情況可能因為與美國的衝突而有所不同。所以情況不一樣。

Well, you expect -- so there wouldn't be a conflict as far as increasing business for both countries. Is that right?

嗯，您預計——就增加兩國貿易而言，不會發生衝突。對嗎？

Correct.

正確的。

Okay. And as well as those 2 countries, do you also expect to increase your business in Europe and the United States?

好的。除了這兩個國家，您是否還希望擴大在歐洲和美國的業務？

Look, in general, I think the -- if you look on the last few years, we can see that most of our system are towards to Asia, about almost 90%. In the fourth quarter, it was -- we see more from U.S. and Europe. But if we talk about yearly overview, I would say that the trend of over 90% goes to Asia is more reasonable.

總的來說，我認為——如果你回顧過去幾年，我們會發現我們的大部分系統都面向亞洲，大約是90%。第四季度，我們看到來自美國和歐洲的流量增加。但如果從年度來看，我認為超過90%的流量流向亞洲的趨勢更合理。

I see. You will expect to increase more business in Israel and then the friendly Arab countries in the Middle East?

我明白了。您期望在以色列以及中東的友好阿拉伯國家增加業務嗎？

Look, our businesses were the semiconductor build fab. So in Israel, actually, we have today, Intel is pure front-end fab. We don't do any packaging in Israel. So we don't see any potential selling machine in Israel. And as well as most of the Arab country. We don't see any packaging industry in these countries?

你看，我們的業務是半導體製造廠。所以在以色列，實際上，我們今天看到的英特爾是純粹的前端晶圓廠。我們在以色列不做任何封裝業務。所以我們在以色列看不到任何潛在的銷售設備。在大多數阿拉伯國家也是如此。我們沒在這些國家看到任何封裝產業？

We will now move on to Craig Ellis from B. Riley. Craig, I hope...

現在我們來談談 B. Riley 的 Craig Ellis。 Craig，我希望…

No, no. We have 2 questions.

不不不。我們有兩個問題。

Okay. Well, let's see, if Craig is on the line. Craig, are you there?

好的。那我們看看克雷格接不接。克雷格，你在嗎？

I guess we have a technical program with hearing you Craig, but we've got a list of questions, and we will address them. So let's start with the first one with the profile of the $25 million business that we mentioned in the industry. So I would say if I want to give a profile, about 60% of this business is from several customers in the advanced packaging area for several applications.

我想我們有一個技術項目，Craig，聽取您的意見，但我們有一個問題清單，我們會回答它們。那麼，我們先從第一個問題開始，介紹一下我們之前提到的行業內價值2500萬美元的業務概況。如果要介紹的話，我想說的是，大約60%的業務來自先進封裝領域的幾家客戶，面向多種應用。

So it's not a specific application, but really, the whole breadth of applications that we address in the advanced packaging. I would say about 20% -- close to 20% is CMOS Image Sensors and the rest, I would say, are general to be. And looking forward, this is more or less the trend of the business or the -- I would say the percentage of the business that we see looking forward also into the first quarter.

所以，這並非指某個特定的應用，而是我們在先進封裝領域所涉及的所有應用。我認為大約20%——接近20%——是CMOS影像感測器，其餘的，我認為是通用的。展望未來，這或多或少是業務的趨勢，或者說——我想說，這是我們在第一季看到的業務佔比。

The CMOS Image Sensor definitely would be less in dollar volume next year compared to just the year that we completed. I would say that the main growth would come in the advanced packaging. We would see coming over the 50% that we saw this year. It will be more in the range of 60-plus percent of the business. So looking forward, this is really the area where we see the major growth.

CMOS影像感測器明年的銷售額肯定會比去年少。我認為主要的成長點將來自先進封裝。我們預計其佔比將超過今年的50%，達到60%以上。所以展望未來，這確實是我們看到的主要成長領域。

So our next question from Craig is, while CIS revenue mix is declining, would revenue dollars...

因此，Craig 的下一個問題是，雖然 CIS 收入結構正在下降，但收入金額會…

That's what I answered.

我就是這麼回答的。

M&A funnel?

併購漏斗？

M&A part. Yes. There was a question about our M&A activity. And as we said in the beginning of the call, we are very active in this front. We are working and trying to put together a funnel and walk through this funnel. Having said that, it's not something immediate. And I would say that we will provide an update on each call on the progress.

併購部分。是的。之前有人問了我們併購活動的問題。正如我們在電話會議開始時所說，我們在這方面非常活躍。我們正在努力建立一個漏斗，並嘗試逐步推進。話雖如此，但並非一蹴可幾的事。我想說的是，我們會在每次電話會議上更新進度。

But at this point, there's no nothing to report other than the fact that we are starting the process. So we have started the process.

但目前，除了我們正在啟動這項進程之外，沒有什麼可報告的。所以我們已經開始了這個過程。

I would like to add -- Moshe, I would like to add that people should remember that we still suffer of the COVID-19. We cannot travel. In many countries, the border are closed, even from Israel, you cannot fly today. So all the activity of M&A is very limited. We can make survey, we can evaluate. But eventually, we have to meet, we have to find, you have to drill down. So this cannot be done without visiting the potential companies.

我想補充一點——Moshe，我想補充一點，大家應該記住，我們仍然飽受新冠疫情的困擾。我們無法旅行。許多國家的邊界都關閉了，甚至連以色列都無法飛行。所以，所有併購活動都受到了極大的限制。我們可以進行調查，可以進行評估。但最終，我們必須見面，必須尋找目標，必須深入挖掘。所以，如果不拜訪潛在的公司，這一切都無法實現。

One last question, Craig, that we received from you was related to the OpEx level next year. So overall, we expect the G&A to stay pretty stable next year. Most of the growth -- or the increase in the operating expenses level will come from let's say the marketing where we use in certain places of the world, third parties to -- like agents to help us sale -- in the sales channel. And as a function of the growth in the revenue, we will use more agents. So this is the area that we expect an increase in.

克雷格，您最後一個問題是關於明年的營運支出水準的。整體而言，我們預計明年的一般及行政開支（G&A）將保持相當穩定。大部分成長，或營運支出的增加，將來自於行銷，例如我們在世界某些地區使用第三方代理商來幫助我們銷售。隨著收入的成長，我們將使用更多代理商。因此，我們預計這方面會有所成長。

Also, we will beef up somewhat the R&D activity next year in order to support the growth. And as Rafi mentioned, we're also planning to launch new products. So this will require more R&D resources.

此外，為了支持成長，我們明年將加強研發力度。正如拉菲所說，我們也計劃推出新產品。因此，這將需要更多的研發資源。

If anybody has any additional questions, please either raise your hand or you may also ask in the question-and-answer box. So you have an additional question from Patrick Ho of Stifel.

如果有人還有其他問題，請舉手提問，或者您也可以在問答框中提問。 Stifel 的 Patrick Ho 也提出了一個問題。

You talked about advanced packaging being the growth driver for 2021, which makes a lot of sense. And we've seen a lot of fan-out applications, particularly for the 5G marketplace. What other applications or what are the market growth areas do you see? Do you see high-performance computing and some of the new techniques out there, also gaining adoption in 2021 that will help your business?

您提到先進封裝將成為2021年的成長動力，這很有道理。我們已經看到了很多扇出型應用，尤其是在5G市場。您還看到了哪些其他應用或市場成長領域？您是否認為高效能運算和一些新技術也會在2021年得到採用，對您的業務有所幫助？

Ramy, do you want to answer?

拉米，你想回答嗎？

Yes. So I would say that there are 2 additional areas, no doubt, fan-out is growing. It will grow in the rate of about 30% annually, definitely a big growth area. We see 2 more areas. The first one is obviously the -- what you call the high-performance computing or the heterogeneous integration. That's definitely an area that is picking up. We see the servers market and all of these markets adopting these technologies, and it's definitely an area that we are seeing to increase business.

是的。所以我認為還有另外兩個領域，毫無疑問，扇出型（fan-out）正在成長。它的年增長率約為30%，絕對是一個很大的成長領域。我們還看到了另外兩個領域。第一個顯然是——所謂的高效能運算或異質整合。這肯定是一個正在復甦的領域。我們看到伺服器市場以及所有這些市場都在採用這些技術，這肯定是一個業務成長的領域。

The other part, the overall -- and this is where we see in the longer term, obviously, it's the high bank memory so this is also using advanced packaging. This area is growing. And as we said, we expect there to see business in the latter part of the year or in the following year.

另一部分，總體而言——從長遠來看，我們顯然看到了高容量儲存（high bank）記憶體的發展，因此它也採用了先進的封裝技術。這個領域正在成長。正如我們所說，我們預計該領域將在今年下半年或明年實現業務成長。

I would like to add one more comment about -- the wire bonding is still -- still very common. It's not disappeared yet. And -- but we still see that more and core customer shift to what we call flip-chips, flip-chip, flip-chip BGA more higher density and the pitch is becoming smaller and they use copper pillar in order to make the connections. So we can see even, I would say, more flip-chip demand for doing this. So the advanced packaging actually is a wide range of applications.

我想補充一點——引線鍵合仍然非常普遍，還沒有消失。而且，我們仍然看到越來越多的核心客戶轉向我們所說的倒裝晶片、倒裝晶片BGA，這些晶片的密度更高，間距更小，並且他們使用銅柱進行連接。因此，我認為我們甚至可以看到對倒裝晶片的需求正在增長。因此，先進封裝實際上有廣泛的應用。

We now have a follow-up question from Charles Shi from Needham.

我們現在有來自尼德姆的查爾斯史 (Charles Shi) 的後續問題。

Just really following up on Patrick's question on advanced packaging. Definitely, you guys still seeing technology upgrades or transitions from wire bond to flip-chip, copper pillar or fan-out HBM. I wonder in your very strong first half guidance for the -- especially for the advanced packaging part. How do you quantify how much of that strength is driven by the technology upgrades of the advanced packaging or how much of that is really driven by the natural unit demand growth? We've seen news about automotive seeing shortages and the ESC has been saying that they still see that the capacity are constrained through the year.

我只是在跟進Patrick關於先進封裝的問題。當然，你們仍然看到技術升級或從引線鍵合到倒裝晶片、銅柱或扇出型HBM的轉變。我很好奇，你們對上半年業績的預期非常強勁，尤其是先進封裝部分。您如何量化這種成長有多少是由先進封裝的技術升級所驅動的，又有多少是由自然的單位需求成長所驅動的？我們看到了有關汽車行業出現短缺的消息，而ESC也表示，他們仍然認為全年產能仍然受到限制。

I wonder if you can try to help us tell the differences here. What's really driving your demand?

我想知道您能否嘗試幫我們找出其中的差異。您需求的真正驅動力是什麼？

Ramy, do you want to answer?

拉米，你想回答嗎？

Yes. I think what's driving the demand are the applications. And first of all, it's the 5G products. I mean, you're talking about 500 million 5G phones. And those phones demand are using a lot more advanced packaging than the 4G phones. So that I would say, the biggest application of it.

是的。我認為推動需求的是應用。首先是5G產品。我的意思是，你說的是5億支5G手機。這些手機需要比4G手機更先進的封裝技術。所以我認為這是它最大的應用領域。

Then, I would say, after that, as I mentioned before, you see the high-performance computing, which is utilizing a lot more advanced packaging than before. I think these are 2 major drivers. And then all the applications of the fan-out. What's making the fan-out even stronger nowadays is the shortage in substrates. And as you know, fan-out does not require any substrates and this further enhances the demand. So I would say these 3 trends are the reason for seeing a lot more demand on the advanced packaging.

然後，我想說，正如我之前提到的，高效能運算正在使用比以前更先進的封裝技術。我認為這是兩個主要驅動因素。然後是扇出型技術的所有應用。如今，基板短缺使得扇出型技術更加強勁。眾所周知，扇出型技術不需要任何基板，這進一步增加了需求。所以我認為這三個趨勢是先進封裝需求大幅成長的原因。

Now furthermore, I think Rafi mentioned the wire bonding. Wire bonding is coming down. Advanced packaging, in general, is growing by about 8% year annually. And this means that I would say, in general, you see less and less wire bond. And the reason for less and less wire bonding, it's the process. It's something that will take a few years. But the reason that it's coming down is primarily the bandwidth and the power consumption.

此外，我記得Rafi提到了引線鍵合。引線鍵合的量正在下降。先進封裝的年增長率約為8%。這意味著，總的來說，你會看到引線鍵合越來越少。引線鍵合越來越少的原因在於製程。這需要幾年時間。但其下降的主要原因是頻寬和功耗。

And in order to meet the requirements for mobile phones or the power requirements, there is no need, there is no other way for just to move from wire bonding to advanced packaging. And I think we'll see this trend over the next 5 to 10 years, where wire bonding will just, I would say, go down or finally disappear. But that's a trend that will take a few more years, but in parallel are the trains that are moving fast, that are primarily -- they produce integration, the high bandwidth memory and the fan-out application that are growing very fast.

為了滿足手機或電源的要求，沒有必要，也沒有其他辦法，只需從引線鍵合轉向先進封裝即可。我認為我們將在未來5到10年內看到這種趨勢，屆時引線鍵結將會逐漸減少，甚至最終消失。但這種趨勢還需要幾年時間才能實現，但同時，快速發展的是一些主要應用於整合、高頻寬記憶體和扇出型應用的快速發展。

I would say this will give you a short explanation of the market characteristic.

我想說這將給你一個關於市場特徵的簡短解釋。

Our next question is a follow-up question from Shahar Cohen.

我們的下一個問題是 Shahar Cohen 的後續問題。

Yes. One follow-up on competition. We have seen one of your key competitors in the past announce tepid forecast for the coming year. Can you speak about market share dynamics? Where do you think you're taking market share in which kind of segments or customers? And to what extent do you believe that will continue this year?

是的。關於競爭，我想問一個後續問題。我們之前看到你們的一個主要競爭對手對來年業績預測不溫不火。能談談市場佔有率的動態嗎？你們認為你們在哪些細分市場或客戶群中佔據了市場份額？你們認為今年這種局面會持續到什麼程度？

No. Actually, there are few players. Maybe most of you are not familiar with local player, there are Japanese player, one U.S. company player. So there are more than one. And I cannot mention any specifically gaining market share from specific vendor. I assume that -- by the way, it's happened to us as well that some low-end application, we prefer not compete because maybe the lower ASP. So we said, okay, we are not there. And we try to select the most complex and the most high-end application as we can.

不。實際上，參與者很少。也許你們大多數人不熟悉本地參與者，例如日本公司和一家美國公司。所以，參與者不只一家。我無法具體指出哪家供應商搶佔了市場份額。我想——順便說一句，我們也遇到過這種情況，我們不想在一些低端應用上競爭，因為平均售價可能較低。所以我們說，好吧，我們還沒到那個地步。我們盡量選擇最複雜、最高階的應用。

The same, I believe, that some competitors prefer maybe to go and to put more focus on the front end rather than to go to other applications. So the market is not stable yet, but we definitely can say that in some, I would say, high-end application, eventually, customer prefer, a leading company rather than a local companies. So it change from territory to territory, from case to case.

同樣，我相信一些競爭對手可能更傾向於將精力集中在前端，而不是其他應用領域。因此，市場尚未穩定，但我們肯定可以說，在某些高端應用領域，客戶最終會更傾向於選擇領先公司，而不是本地公司。所以，情況會因地而異，因情況而異。

Okay. That ends our question-and-answer session. Before I hand over to Rafi, I would like to let you all know that in the coming hours, we will upload the recording of this conference call to the Investor Relations section of Camtek's website at www.camtek.com. I will also like to thank all of you for joining this call, and we would appreciate any feedback you have with regard to this new format.

好的。我們的問答環節到此結束。在將時間交給拉菲之前，我想告訴大家，在接下來的幾個小時裡，我們將把本次電話會議的錄音上傳到 Camtek 網站 www.camtek.com 的「投資者關係」板塊。我也要感謝大家參加這次電話會議，如果您對這種新形式的回饋意見，我們將不勝感激。

And now I'd like to hand over to Rafi for his closing statement. Rafi, please go ahead.

現在，我想把發言時間交給拉菲。拉菲，請發言。

Okay. Thank you, Kenny. I would like to thank you all for your continued interest in our business. Again, I would like to thank all of you, all of our employees and my management team for their tremendous performance in 2020, and we look forward to continuing it in 2021. To our investor, I thank you for long-term support. I look forward to talking with you again next quarter. Thank you, and goodbye.

好的。謝謝你，肯尼。感謝大家對我們業務的持續關注。再次感謝大家、我們所有的員工以及我的管理團隊在2020年的出色表現，我們期待在2021年繼續保持這種勢頭。對於我們的投資者，我感謝你們長期以來的支持。期待下個季度再次與你們溝通。謝謝，再見。