Camtek Ltd (CAMT) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Camtek's Third Quarter 2020 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，感謝您的收看。歡迎參加 Camtek 2020 年第三季業績電話會議。 （操作員指示）溫馨提示：本次會議正在錄音中。

You should have all received by now the company's press release. If you have not received it, please contact Camtek's Investor Relations team at GK Investor & Public Relations at 1 (646) 688-3559 or view it in the News section of the company's website, www.camtek.com.

各位現在應該已經收到公司的新聞稿了。如果您尚未收到，請聯絡 Camtek 投資者關係團隊（GK 投資者與公共關係部），電話：1-646-688-3559，或造訪公司網站 www.camtek.com 的「新聞」版面查看。

I would now like to hand over the call to Mr. Kenny Green of GK Investor Relations. Mr. Green, would you like to begin, please?

現在我想把電話交給GK投資者關係部門的Kenny Green先生。 Green先生，請您開始吧？

Thank you. Good day to all of you. I'd like to welcome all of you to Camtek's Third Quarter 2020 Results Conference Call, and I would also like to thank Camtek's management for hosting this call.

謝謝大家！大家好！歡迎大家參加Camtek 2020年第三季業績電話會議，同時也感謝Camtek管理層主持此次電話會議。

With us on the line today are Mr. Rafi Amit, Camtek's CEO; Mr. Moshe Eisenberg, Camtek's CFO; and Mr. Ramy Langer, Camtek's COO. Rafi will provide an overview of Camtek's results and discuss market trends in the third quarter of 2020. Moshe will then summarize the financial results of the quarter. We will then open the call to take your questions.

今天與我們線上的嘉賓包括 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 將概述 Camtek 的業績，並討論 2020 年第三季的市場趨勢。 Moshe 隨後將總結本季的財務表現。之後，我們將開始回答大家的提問。

Before we begin, I'd like to remind our listeners that certain information provided on this call are internal company estimates, unless otherwise specified. This call also may contain forward-looking statements. These statements are only 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 the forward-looking statements contained, whether as a result of new information, future events, changes in expectations or otherwise.

在開始之前，我想提醒各位聽眾，除非另有說明，本次電話會議中提供的某些資訊均為公司內部估計。本次電話會議也可能包含前瞻性陳述。這些陳述僅為預測，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，無論其是否因新資訊、未來事件、預期變更或其他原因而更新。

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 market 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; risks related to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China from which Camtek expects to generate a significant portion of its revenues 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.

提醒投資者，這些前瞻性陳述受風險和不確定性的影響，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 危機對全球市場和我們經營所在市場的影響，包括由於 COVID-19 疫情的爆發和影響，我們以及我們的客戶、供應商、業務合作夥伴和承包商的業務可能繼續中斷；預計在可預見的未來將從中國/地區產生很大一部分收入），還有台灣和韓國，包括我們對這些國家/地區客戶訂單的時間和規模的預期可能出現偏差的風險。

Changing industry and market trends; reduced demand for services and products; the timely development 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 content of this conference call.

行業和市場趨勢變化；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。

In addition, during this 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. Management believes that the presentation of non-GAAP financial measures are 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，本次電話會議也將討論一些非公認會計準則 (non-GAAP) 財務指標。管理層將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業績。管理層認為，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 would now like now to hand the call over to Rafi, Camtek's CEO. Rafi, please go ahead.

現在我想把發言權交給Camtek執行長拉菲。拉菲，請發言。

Okay. Good morning, and thank you for joining our call today. In the third quarter, we continued the momentum of increasing sales to our existing customers as well as to new customers.

好的。早上好，感謝您今天的電話會議。第三季度，我們繼續保持了對現有客戶和新客戶的銷售成長動能。

Total sales in the third quarter were $40.1 million, close to 25% increase over Q3 '19 and a record quarterly revenue. Gross margin was 48.8% and operating margin was 19%, marking a continued improvement in profitability compared with the first half of 2020. The order we have received together with sales in pipeline indicate a strong sales forecast for Q4 as well as the first half of 2021.

第三季總銷售額為4,010萬美元，較2019年第三季成長近25%，創下季度營收新高。毛利率為48.8%，營業利益率為19%，獲利能力較2020年上半年持續提升。我們已獲得的訂單以及正在籌備的銷售情況表明，第四季度以及2021年上半年的銷售前景強勁。

In the fourth quarter, we specifically facing a demand for customer to supply more systems than we had planned to ship. So we are making considerable effort to meet customer requirements to ship on time. We estimate sales in the fourth quarter to be between $42 million and $44 million. Based upon order received and current pipeline, the company believes that revenue in the first half of 2021 will be similar to the revenue level in the second half of 2020, representing approximately 25% growth over the first half of 2020. Despite the high demand and uncertainty we face these days require a careful assessment as we must consider there might be fluctuation in revenue between quarters.

在第四季度，我們尤其面臨客戶提出的系統供應量超出計畫的需求。因此，我們正在竭盡全力滿足客戶按時發貨的要求。我們預計第四季的銷售額將在4,200萬美元至4,400萬美元之間。根據已收到的訂單和目前的庫存情況，公司認為2021年上半年的營收將與2020年下半年的營收水準持平，較2020年上半年成長約25%。儘管需求旺盛且存在不確定性，但我們目前仍需謹慎評估，因為我們必須考慮到不同季度之間的收入可能會出現波動。

Distribution of sales between the various territories is very similar to the second quarter, about 90% in Asia and 10% in Europe and the U.S. It should be noted that our Asian revenue includes facilities of U.S.- and European-based companies.

各地區的銷售額分佈與第二季非常相似，約 90% 在亞洲，10% 在歐洲和美國。值得注意的是，我們的亞洲收入包括美國和歐洲公司的設施。

The main application that continue to lead the market are advanced packaging, CMOS Image Sensors and RF devices. We have also expanded our presence in front-end, mainly for Macro Inspection applications.

繼續引領市場的主要應用是先進封裝、CMOS影像感測器和射頻元件。我們也拓展了在前端領域的業務，主要針對宏觀檢測應用。

Over the past few months, we have learned to operate our company alongside COVID-19. Installation are performed by local teams in each of our territories. When a special feature has been developed for a customer, guidance for installation is provided remotely by the R&D team at headquarters in Israel. Most employees work from company's facility, while some work from home. We take all necessary precautions to keep our employees healthy and safe.

在過去的幾個月裡，我們學會如何在新冠疫情期間經營公司。安裝工作由我們每個地區的本地團隊完成。當為客戶開發出特殊功能時，以色列總部的研發團隊會遠端提供安裝指導。大多數員工在公司辦公場所辦公，部分員工在家工作。我們採取一切必要的預防措施，確保員工的健康與安全。

We continue to follow development in the global economy and our customer situation. Currently, we do not see a sign of weakness in demand. On the contrary, customers are continuing to order more systems and using our systems at a normal utilization rate. Moreover, new packaging technologies, will increase the need for our systems in customers' production line. We continue to collaborate with the leading IDM customers to develop metrology and inspection solutions for the next-generation of advanced packaging.

我們持續關注全球經濟情勢和客戶狀況。目前，我們並未發現需求疲軟的跡象。相反，客戶仍在持續訂購更多系統，且我們的系統利用率正常。此外，新的封裝技術將增加客戶生產線對我們系統的需求。我們將繼續與領先的IDM客戶合作，為下一代先進封裝開發計量和檢測解決方案。

As we said in the past, we expect these applications to become meaningful to our business. We trade to importance of cooperation with the leading IDMs because once they move from development stage to high-volume production, we will be there, ready to run production with our qualified systems. We believe this new inspection companies who are not involved in the development process of the next-generation of advanced packaging will require considerable time to develop suitable solutions.

正如我們過去所說，我們期望這些應用對我們的業務產生重大影響。我們非常重視與領先的IDM廠商的合作，因為一旦他們從開發階段進入量產階段，我們就能隨時使用我們合格的系統進行生產。我們相信，這些尚未參與下一代先進封裝開發流程的新型檢測公司將需要相當長的時間來開發合適的解決方案。

Our growth drivers have not changed. The main drivers in our market are advanced packaging, memory, CMOS Image Sensor and RF devices for 5G smartphones. 5G is pushing demand for high-end smartphone sales. Compared to previous generations, these 5G phones include more silicon, more advanced packaging and larger number of RF devices in each phone. As a result, we are experiencing demand of 5G-related applications.

我們的成長動力沒有改變。我們市場的主要驅動力是用於5G智慧型手機的先進封裝、記憶體、CMOS影像感測器和射頻裝置。 5G正在推動高階智慧型手機的銷售需求。與前幾代產品相比，這些5G手機每部都包含更多矽片、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。

We see adoption of new packaging technologies by our customers. Adoption of new technologies requires extensive use of inspection and metrology systems. In addition, we are expanding our available market by penetrating to new segments in the front-end.

我們看到客戶正在採用新的封裝技術。採用新技術需要廣泛使用檢測和計量系統。此外，我們正在透過滲透到前端的新領域來擴大我們的可用市場。

To summarize 2020, 2020 is shaping up to be another record year for Camtek. As for 2021, high demand from customer, market drivers, the performance of our systems and increasing market presence and customer satisfaction give us a tailwind toward 2021, but it is important to stress that we are still seeing the COVID-19 pandemic effect causing risks and uncertainties. We examine the market demand and business situation of our customers on an ongoing basis.

總結2020年，Camtek可望再創佳績。展望2021年，客戶的高需求、市場驅動因素、系統性能的提升以及不斷提升的市場佔有率和客戶滿意度，將為我們帶來強勁的獲利成長。但要強調的是，新冠疫情的影響仍在帶來風險和不確定性。我們會持續關注市場需求和客戶的業務狀況。

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

謝謝拉菲。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。

As Rafi mentioned, third quarter 2020 revenues were a record $40.1 million, an increase of 23% compared with the $32.5 million reported in the third quarter of 2019, an 8% increase versus the previous quarter. Asia accounted for most of our revenues with 88% contribution. Revenues from Europe and U.S. accounted for 12%.

正如拉菲所提到的，2020年第三季的營收創下了4,010萬美元的紀錄，較2019年第三季的3,250萬美元成長了23%，較上一季成長了8%。亞洲市場貢獻了我們大部分的收入，佔88%。來自歐洲和美國的收入佔12%。

Gross profit for the quarter was $19.5 million. The gross margin for the quarter was 48.8% versus 47.1% in the third quarter of last year and 46.1% in the previous quarter. This was in line with our expectations for a higher gross margin in the second half of this year.

本季毛利為1950萬美元。本季毛利率為48.8%，去年第三季為47.1%，上一季為46.1%。這符合我們對今年下半年毛利率上升的預期。

Operating expenses in the quarter were $11.9 million. This is compared with $10.1 million in the third quarter of last year and to the $10.7 million reported in the previous quarter. The increase versus the second quarter is mainly due to the increased sales and marketing expenses or increased revenues and an increase in our R&D activities. We expect additional increases in these expense items in the fourth quarter in order to support the forecasted growth in business volume in the coming quarters and the development of capabilities for the next-generation advanced packaging requirements.

本季營運費用為1,190萬美元，相較之下，去年第三季為1,010萬美元，上一季為1,070萬美元。較第二季有所成長，主要由於銷售和行銷費用增加，即收入增加，以及研發活動增加。我們預計第四季度這些費用項目將進一步增加，以支持未來幾季業務量的預期成長以及下一代先進封裝需求的產能開發。

Operating profit in the quarter was $7.6 million, an improvement of 19.6% versus the $6.4 million in the previous quarter. Operating margin was 19% compared to 17.2% in Q2, mainly as a result of the improved gross margin.

本季營業利潤為760萬美元，較上一季的640萬美元成長19.6%。營業利益率為19%，而第二季為17.2%，這主要得益於毛利率的提高。

Net income for the third quarter of 2020 was $7.3 million or $0.18 per diluted share. This is compared to a net income of $5 million or $0.13 per share in the first quarter of last year and $6.3 million or $0.16 per diluted share in the second quarter of 2020.

2020年第三季淨利為730萬美元，即每股攤薄收益0.18美元。相較之下，去年第一季淨利為500萬美元，即每股攤薄收益0.13美元；2020年第二季淨利為630萬美元，即每股攤薄收益0.16美元。

Turning to some high-level balance sheet and cash flow metrics. We generated $5 million in cash from operations in the quarter. Net cash and cash equivalents and short-term deposits as of September 30, 2020, increased to $106 million compared with $101.5 million at the end of June 2020.

談談一些高水準的資產負債表和現金流指標。本季度，我們營運產生的現金為500萬美元。截至2020年9月30日，淨現金及現金等價物及短期存款增至1.06億美元，2020年6月底為1.015億美元。

With the current business momentum, we expect revenues of $42 million to $44 million in the fourth quarter. This means we expect our annual revenues to exceed $150 million for 2020.

鑑於目前的業務發展勢頭，我們預計第四季營收將達到4,200萬至4,400萬美元。這意味著我們預計2020年的年營收將超過1.5億美元。

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

接下來，拉菲、拉米和我願意回答大家的問題。接線生？

(Operator Instructions) The first question is from Craig Ellis from B. Riley FBR.

（操作員指示）第一個問題來自 B. Riley FBR 的 Craig Ellis。

Congratulations on the very strong quarter and guide team. I wanted to just start off by following up on an announcement that the company had recently on Front-End Macro Inspection. I think that's been an area of recent strength. Can you just give us a little bit more color on what you're seeing there from a demand standpoint and how that factors into the visibility that you talked about for the first half of calendar '21?

恭喜你們的季度業績和指南團隊表現強勁。首先，我想跟進一下公司最近發布的關於前端巨集檢測的公告。我認為這是近期表現強勁的一個領域。您能否從需求的角度，更詳細地介紹一下您在這方面看到的情況，以及這對您之前提到的21年上半年的可見性有何影響？

Ramy, do you want to answer that?

拉米，你想回答這個問題嗎？

I will take the question. Well, I think we've said it a number of times. We are baking 2 more segments in the front-end. And definitely, this is part of the forecast that we are seeing into the fourth quarter and the first quarter of next year. And we are getting traction from quite a few customers. And definitely, this is becoming the segment that is meaningful to the customer -- to the company.

我來回答這個問題。我想我們已經說過很多次了。我們正在前端開發另外兩個細分市場。毫無疑問，這是我們對第四季和明年第一季的預測的一部分。而且我們正從不少客戶那裡獲得支援。毫無疑問，這正在成為對客戶、對公司都有意義的市場區隔。

That's helpful, Ramy. Can you just help us understand where you are now relative to what you think the longer-term opportunity is in Front-End Macro Inspection? So if we were to look out to, say, calendar '23, where are we in late 2020, early 2021 relative to that longer-term market penetration potential?

拉米，這很有幫助。您能否幫助我們了解一下，相對於您認為的前端巨集偵測的長期機會而言，您目前的處境如何？那麼，如果我們展望2023年，那麼在2020年末、2021年初，相對於長期市場滲透潛力而言，我們處於什麼位置？

Well, I think we're still in the first stage. We are in a number of customers in different areas of the front-end. As we said, it's the back end of the line, but definitely, we are gaining more and more traction. When our customers get to see our machines, they like it, they own them more. Other companies here with us, it's the market presence. It's the overall market and technical capabilities that we are gaining as we enter more and more customers.

嗯，我認為我們仍處於第一階段。我們擁有許多來自前端不同領域的客戶。正如我們所說，這是生產線的後端，但毫無疑問，我們正在獲得越來越多的關注。當我們的客戶看到我們的機器時，他們會喜歡，並且更願意擁有它們。與我們一起的其他公司，我們關注的是市場佔有率。隨著我們擁有越來越多的客戶，我們正在提升整體市場和技術能力。

So definitely, we are in the first stage. I definitely believe that this is only to become a very meaningful part of our business as we proceed over calendar time. So if you are talking '23, it will be definitely significantly more than it is currently today.

所以，我們確實處於第一階段。我堅信，隨著時間的推移，這將成為我們業務中非常有意義的一部分。所以，如果你指的是23年，它一定會比現在多很多。

That's helpful. And then the next question, I'll go back to Rafi. Rafi, clearly, it seems that as you exit calendar '20 and look into '21, there is strength in the business across Front-End Macro Inspection, advanced packaging, Image Sensor. I assume high-bandwidth memory tends back that. Can you help us understand, as you look at the business, which of those areas have the potential to be the most significant growth drivers for the company next year?

這很有幫助。下一個問題，我回到拉菲。拉菲，顯然，當你結束2020年並展望2021年時，你會發現前端宏觀檢測、先進封裝和影像感測器等業務都表現強勁。我認為高頻寬記憶體也支持了這一趨勢。您能否幫助我們了解，從業務角度來看，哪些領域有可能成為公司明年最重要的成長動力？

I would say, in general, there are 3 countries that I think taking the major market share. It's Korea, Taiwan and China. If you look at the overall investment in capital -- CapEx in these 3 territories, you can see that they take most of the investment. So naturally, when you invest a lot of money in the semiconductor, we will enjoy.

我想說，總的來說，我認為有三個國家佔據了主要的市場份額。它們是韓國、台灣和中國大陸。如果你看看這三個地區的資本支出總額，你會發現它們佔據了大部分投資。所以，當你在半導體領域投入大量資金時，我們自然會受益。

And in those areas, would you expect the growth in your key areas, advanced packaging, panel processing and Image Sensor to be fairly equal next year? Or do you have visibility on whether one would be materially greater than the other at this point?

在這些領域中，您是否預計明年貴公司的關鍵領域——先進封裝、面板處理和影像感測器——的成長速度會基本持平？或者，目前您是否可以預見其中一個領域的成長速度是否會顯著高於另一個？

It is not so easy to predict, but I would say we can see and understand the advantages that this type of -- this packaging technology can bring in many, many aspects, of low power, of better signal, many things. And it's pushed the idea -- mainly the idea to move towards this type of solutions. And according to our experience, we can see the beginning of a ramp up -- of high-volume ramp-up, I would say from the beginning of the year -- of the next year. So it is not something in the long term. This is going to be, I think, in the midterm as well.

這很難預測，但我想說，我們可以看到並理解這種封裝技術在許多方面帶來的優勢，例如低功耗、更好的訊號等等。它推動了這種解決方案的發展。根據我們的經驗，我們可以預見產能的提升——大批量生產將從今年年初——甚至明年——開始。所以這不是一個長期目標。我認為，這也會是個中期目標。

Rafi, let me elaborate a little bit more. And if you look at the opportunity, there is no doubt that advanced packaging is the major opportunity. And from the volume point of view, the different markets that it serves, the ramp, even without the memory, it is very significant. So definitely, we think that the advanced packaging is the largest opportunity, then will come the CMOS Image Sensors that is going to stay significant, and then RF devices and then the general 2G, which includes the front-end. So I hope that these colors will put you in the right proportion of your question.

Rafi，讓我再詳細解釋一下。如果你關注這個機會，毫無疑問先進封裝是主要機會。從產量、服務的不同市場以及產能提升來看，即使不考慮記憶體市場，其意義也非常重大。因此，我們肯定認為先進封裝是最大的機會，其次是CMOS影像感測器，它將保持重要的地位，然後是射頻裝置，然後是包括前端在內的通用2G技術。我希望這些顏色能讓你正確理解你的問題。

That does. I appreciate that. And I don't want to ignore Moshe, so I'll ask 2 questions to you, please. First, on gross margin. Very strong performance in the quarter from 48.8%, Moshe. What are some of the puts and takes as we think about either mix or any of the COVID-related issues that the company might be navigating as we look out over the next 2 to 3 quarters for gross margin?

確實如此，我很感激。我不想忽視Moshe，所以我想問你兩個問題。首先，關於毛利率。 Moshe，本季的毛利率非常強勁，達到了48.8%。展望未來2-3季的毛利率，我們考慮產品組合或公司可能面臨的任何新冠疫情相關問題時，有哪些利弊？

Craig, no, I think it mainly has to do with the improved mix. Also, the business volume helps with fixed expenses level, but it definitely relates to the deal mix. And then we are basically back on track to where the business model should be. The first half was a little bit unusually low. No COVID-19 major impact on our results this quarter. Some puts -- ins and outs, we -- obviously, we saved a lot of money on travel, but at the same time, our people really didn't use much of their vacation because basically this was a lockdown here. So our vacation expenses went up. So I think overall, the COVID-19 impact is pretty insignificant this quarter.

克雷格，不，我認為這主要與業務組合的改善有關。此外，業務量有助於降低固定費用水平，但這肯定與交易組合有關。然後，我們基本上回到了商業模式應有的軌道上。上半年的業績略顯異常低迷。新冠疫情對本季的業績並未造成重大影響。當然，我們節省了許多差旅費，但同時，由於疫情期間基本上處於封鎖狀態，我們的員工並沒有充分利用假期。所以我們的假期支出增加。所以我認為，整體而言，新冠疫情對本季的影響相當小。

And then -- sorry, I would try to add maybe a little bit technical data will help you to understand the term mixed product. When we talk about mixed product that would really affects the price, I would say there are -- let's talk about 2D and 3D. Each customer has 2 different applications, so 2 different sensor for 2D and 3D. This is one important issue.

然後——抱歉，我想補充一些技術數據，或許能幫助您理解「混合產品」這個詞。說到真正影響價格的混合產品，我想說的是——我們來談談2D和3D。每個客戶都有兩種不同的應用，所以2D和3D需要兩種不同的感測器。這是一個重要的問題。

The second is the defect size. If customer is looking for very, very small defect size and you must use the very high magnifications, then overall machine, the accuracy, the performance, the throughput becomes critical. In this case, the amount of players that can provide to customer such solution is just a few, not everyone can make all these together. I mean, detect the small defect with very high volume, with reasonable price, all this together. So this is the 2 major issue that really affects the ASP and what we call later on as a mixed product.

第二是缺陷尺寸。如果客戶要求的缺陷尺寸非常小，並且必須使用非常高的放大倍率，那麼整台機器的精確度、效能和吞吐量就變得至關重要。在這種情況下，能夠為客戶提供此類解決方案的廠商寥寥無幾，並非所有廠商都能同時滿足所有這些需求。我的意思是，要以合理的價格，大量地檢測微小缺陷，並做到這一切。所以，這是真正影響平均售價（ASP）以及我們後來所說的混合產品的兩個主要問題。

That's very helpful color. I appreciate that. And then lastly before I hop back in the queue, Moshe, you mentioned a couple of things that would impact operating expense in the fourth quarter, expenses related to new product development, et cetera. How do we think about the trajectory of OpEx beyond the calendar fourth quarter and into the first half of next year?

這顏色顏色很有幫助，我很感激。最後，在我回到隊列之前，Moshe，您提到了一些會影響第四季度營運費用的因素，例如與新產品開發相關的費用等等。我們如何看待第四季之後以及明年上半年營運支出的走勢？

I think we will see some increase in operating expense level due to the fields, as I've mentioned before, in the fourth quarter and probably also in the beginning of the year. I'm not sure how this will play out in the second half of 2021. Some items will probably go down after we finish the certain developments and projects and investment in certain sales and marketing activities. So I think that we will see some increase in the fourth quarter and probably in the first quarter as well.

正如我之前提到的，我認為由於油田的影響，我們的營運費用水準在第四季度，甚至可能在年初都會有所上升。我不確定2021年下半年會如何發展。在我們完成某些開發項目以及對某些銷售和行銷活動的投資後，某些項目的營運費用可能會下降。所以我認為第四季度，甚至可能在第一季度，營運費用都會有所成長。

The next question is from Quinn Bolton of Needham & Company.

下一個問題來自 Needham & Company 的 Quinn Bolton。

Let me extend my congratulations as well. I wanted to follow-up on Craig's question on the Macro Inspection business. I believe that business is probably running today in the high single-digit percentage of revenue. Do you think it can get to 10% or more of revenue in calendar '21, given some of the traction you've seen? And then you mentioned out in calendar '23, it would be a significantly larger percent of the business. Do you think it could get to something in the range of maybe 15% to 20% of sales out in that time frame? And then I've got a couple of follow-ups.

我也想向你表示祝賀。我想跟進一下克雷格關於宏觀檢測業務的問題。我認為這項業務目前的收入佔比可能在個位數左右。考慮到你所看到的一些成長勢頭，你認為到21年，這項業務的收入佔比能達到10%或更高嗎？你之前提到，到23年，這項業務的收入佔比會大幅提升。你認為在這段時間內，這項業務的收入比能達到15%到20%嗎？然後我還有幾個後續問題。

Absolutely. So the answer here is yes. Well, definitely, there are lots of opportunities. The business is on track. It's growing. We are getting into new customers, into existing customers. So definitely, the numbers, the ballpark is in the right way.

絕對有。所以答案是肯定的。嗯，確實有很多機會。業務進展順利，正在成長。我們正在吸引新客戶，也正在吸引現有客戶。所以，從數據和整體情況來看，我們肯定是在正確的方向上。

Fantastic. And then following up, obviously, advanced packaging, you've highlighted for several quarters as one of your biggest opportunities. I think last quarter and again on this call, you mentioned increasing traction with certain IDMs. Just wondering, when do you think that IDM business really starts to ramp for you? Is that included in the better pipeline for the fourth quarter and the first half of '21?

太棒了。接下來，顯然，先進封裝業務是您幾個季度以來一直強調的最大機會之一。我記得上個季度以及這次電話會議上，您都提到瞭如何提升與某些IDM的合作。您想知道，您認為IDM業務什麼時候會真正開始成長？這是否包含在第四季和2021年上半年的良好發展規劃中？

Definitely, we are seeing already this business starting to happen. And we expect it to start already in the fourth quarter and definitely will be more significant next year.

毫無疑問，我們已經看到這項業務開始顯現。我們預計它將在第四季度啟動，明年肯定會更加顯著。

Great. And then lastly for Moshe. You had given us a quarter ago sort of your outlook for improving gross margins in the second half of the year, supported by the mix of business in the pipeline. Wondering if you might provide sort of your thoughts on gross margin into the first half of '21 since it sounds like you've got a pipeline that gives you pretty good visibility in the first half. Can it stay in the current range of sort of 48% to 49%? Do you see it trending higher or lower than that level? Any commentary would be helpful.

太好了。最後，我想問Moshe。您在一個季度前曾向我們展望過下半年毛利率將有所提升，這得益於正在籌備的業務組合。聽起來您目前有一系列業務，能夠為上半年的毛利率帶來相當好的可預測性，您能否談談對2021年上半年毛利率的看法？它能否維持在目前48%到49%的範圍內？您認為它會比這個水平更高還是更低？任何評論都將對您有所幫助。

Right. So Quinn, we believe that the second half of 2020 will be back to like 48% to 50% gross margin level. Q3 is already within the range and we believe that Q4 will be similar. We think that we have all the reasons to believe that Q -- the first half, actually, of 2021 will be also within this range of $48 million to $50 million.

是的。奎因，我們相信2020年下半年的毛利率將回升至48%到50%左右。第三季已經處於這個區間，我們相信第四季也會如此。我們有充分的理由相信，2021年上半年的毛利率也將在4,800萬美元到5,000萬美元之間。

The next question is from Shahar Cohen of More Investment House.

下一個問題來自 More Investment House 的 Shahar Cohen。

Congrats for great results. Two questions, one is more operational. Other big semiconductor companies mentioned their ability to remote support and put a lot of entities on their ability to use AR to remote support the client. To what extent do you believe the COVID eliminate or hidden your ability to support the client, to what extent do you believe this kind of stirs?

恭喜您取得如此佳績。有兩個問題，一個更側重於操作層面。其他大型半導體公司也提到了他們的遠端支援能力，並讓許多實體專注於他們利用擴增實境技術遠端支援客戶的能力。您認為新冠疫情在多大程度上削弱或阻礙了你們的客戶支援能力？您認為這種影響在多大程度上？

And the second one is more a technological question. I just recalled -- again, correct me if I'm wrong, I guess you're mostly in the CoWoS domain. To what extent do you believe you can play more in the WoW or the CoW advanced packaging area?

第二個問題更偏向技術性。我只是想起來——如果我錯了，請再次糾正我，我猜你主要在 CoWoS 領域。你認為在多大程度上，你可以在 WoW 或 CoW 先進封裝領域發揮更大的作用？

Shahar, this is Ramy. So from the remote support, this is something that we've been doing for years using this technology. The only difference today, we just can't send people. So customers understand it and they have put all the provisions point of view from cybersecurity so we can do it online. And then the big -- the main difference here is that instead of having a person on-site with the customer, a person here just connects to the machine and have the ability to do all what he needs to do as if he's there on-site. That's the main difference, but it's a big difference. And all in all, we are providing even faster support to our customers. So that, I would say, the difference.

沙哈爾，我是拉米。遠端支援是我們多年來一直在利用這項技術進行的。現在唯一的區別是我們無法派人上門。客戶理解這一點，他們從網路安全的角度考慮了所有規定，以便我們能夠在線上進行。然後，最大的區別在於，我們不再需要派人到客戶現場，而是派人連接到機器，就能像在現場一樣完成所有需要做的事情。這是最主要的區別，而且是巨大的區別。總而言之，我們為客戶提供了更快的支援。我想說，這就是差別所在。

Regarding your second question, I didn't follow exactly. And if you could repeat at which part exactly of the advanced packaging you were referring to?

關於您的第二個問題，我不太明白。您能重複一下您指的是先進封裝的哪個部分嗎？

One of the largest clients, which is also one of the largest foundries in the world, they plan to open 2 advanced packaging fabs next year. And I think they mentioned in one of their blogs that while currently they focus on the CoWoS, chip-on-wafer-on-substrate, they are moving more to chip on -- or they also introducing more chip-on-wafer and wafer-on-wafer technology. So my question is whether the -- to what extent do you play currently in chip-on-wafer-on-substrate and to what extent should we expect you to play more in the chip-on-wafer and wafer-on-wafer technology?

該公司最大的客戶之一，同時也是全球最大的代工廠之一，計劃明年開設兩家先進封裝廠。我記得他們在一篇部落格中提到過，雖然目前專注於CoWoS（晶片上晶圓上基板），但他們正在更多地轉向晶片上晶圓——或者說，他們也在引入更多的晶片上晶圓和晶圓上晶圓技術。所以我的問題是，你們目前在晶片上晶圓上基板技術方面投入了多少？我們期望你們在晶片上晶圓和晶圓上晶圓技術方面投入多少？

Okay. So now I understand. So first of all, what you are talking about are the current technologies. We are one of the major supplier to these areas, specifically to the metrology and also to the inspection. And we play a major role -- and we will continue to play a major role in the future on all of the new techniques and technologies. And I think Rafi mentioned, if you talk in specifics, that we are working with many of the major IDMs and companies and organizations that are involved in development of new technologies for the advanced packaging. So definitely, we will provide answers or solutions to the areas that you have just mentioned.

好的。現在我明白了。首先，您說的是現有技術。我們是這些領域的主要供應商之一，尤其是在計量和檢測領域。我們在所有新技術方面都發揮著重要作用，未來也將繼續發揮重要作用。 Rafi 提到過，如果您具體談談的話，我們正在與許多主要的整合裝置製造商 (IDM)、參與先進封裝新技術開發的公司和組織合作。因此，我們肯定會為您剛才提到的領域提供解決方案。

The next question is from Gus Richard of Northland Securities.

下一個問題來自 Northland Securities 的 Gus Richard。

Real quick on the Front-End Macro opportunity. Can you give a little color as to where you're seeing the demand geographically, memory versus foundry, maybe process node, whatever color you can give on sort of the customer concentration and where the interest lies?

簡單談談前端宏機會。您能否從地理位置、記憶體與代工廠、製程節點等方面，稍微介紹一下您認為的需求狀況？此外，您能否介紹一下顧客集中度以及顧客興趣所在？

I would like -- I'm very hesitant to talk about geographies and customers because this is very confidential and customers -- our customers don't like us to talk or mention them in public.

我想——我非常不願意談論地理位置和客戶，因為這是非常機密的，我們的客戶不喜歡我們在公開場合談論或提及他們。

So what I can say that, first of all, we see it in IDMs and foundries. So we see, I think, across -- it's not just specific, just foundries or IDMs rethinking several areas which we are getting this business. It's not only in one geography and it's not only in one specific application. So really, this is a variety of applications, different customers. It's also in different geographies across the front-end market. This is why I believe, as we said and mentioned before, we are in the high 1-digit number from our revenues point of view. We are very optimistic that we are going to grow this business significantly over the next few years.

首先，我可以說，我們在IDM和代工廠中看到了這一點。因此，我認為我們看到的不僅僅是具體的代工廠或IDM，他們正在重新思考我們開展業務的幾個領域。這不僅限於一個地區，也不僅限於一個特定的應用。所以，這其實涉及各種各樣的應用、不同的客戶。它也存在於前端市場的不同地區。這就是為什麼我相信，正如我們之前所說和提到的，從收入的角度來看，我們的收入已經達到了個位數的高點。我們非常樂觀地認為，未來幾年我們的業務將大幅成長。

Did I answer it, Gus?

我回答了嗎，格斯？

Yes. Just maybe I'll just try one more time. Is it 28-nanometer and above? Or are you getting into the more advanced nodes?

是的。也許我會再試一次。是28奈米以上嗎？還是你們正在進入更先進的節點？

Mostly at this stage, it's the 20 and above, but definitely, at certain customers, we will go also to lower geometries.

目前，大多數尺寸都是 20 及以上，但對於某些客戶，我們肯定會採用更低的幾何尺寸。

Got it. That's helpful. And then on the advanced packaging, can you -- do you have a sense of what your total available market is for advanced packaging at this point?

明白了。這很有幫助。那麼關於先進封裝，您能了解一下目前先進封裝的總可用市場規模嗎？

$250 million?

2.5億美元？

I'm a little hesitant to throw in a number. We can definitely follow-up with you on the number. It's something that we can't come up with fairly quickly.

我有點猶豫要不要透露具體數字。我們肯定會跟進具體數字。我們暫時無法很快確定。

Okay. That would be very helpful. And then...

好的。那會很有幫助。然後…

I'm sorry. We will follow up later.

很抱歉。我們稍後會跟進。

(Operator Instructions) There are no further questions at this time.

（操作員指示）目前沒有其他問題。

Before I ask Mr. Amit to go ahead with his concluding statement, I would like to remind participants that a replay of this call will be available on Camtek's website, www.camtek.com, beginning tomorrow.

在我請阿米特先生繼續他的總結發言之前，我想提醒與會者，從明天開始，本次電話會議的重播將在 Camtek 的網站 www.camtek.com 上提供。

Mr. Amit, would you like to make your concluding statement?

阿米特先生，您願意做最後發言嗎？

Okay. Thanks. I would like to thank you all for your continued interest in our business. I would like to thank all of our employees and my management team for their solid performance so far in 2020. And we look forward to continuing.

好的。謝謝。感謝大家對我們業務的持續關注。我還要感謝我們所有員工以及我的管理團隊在2020年迄今的優異表現。我們期待繼續合作。

To our investors, I thank your long-term support. We will be presenting at a number of virtual conference in the coming weeks. And we hope to speak with many of you at these events.

致我們的投資者，感謝你們長期以來的支持。未來幾週，我們將在一系列線上會議上進行演講。我們希望在這些活動中與你們中的許多人交流。

To the rest of you, I look forward to talking with you again in 3 months' time for our full year 2020 results. Thank you, and goodbye.

各位同事，期待三個月後能再次與大家見面，共同探討2020年全年業績。謝謝大家，再見。

Thank you. This concludes the Camtek Third Quarter 2020 Results Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝。 Camtek 2020 年第三季業績電話會議到此結束。感謝您的參與。您可以斷開連線並繼續通話。