Camtek Ltd (CAMT) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

I would like to welcome all of you to Camtek's results zoom webinar.

歡迎大家參加 Camtek 的結果縮放網路研討會。

My name is Kenny Green and I'm part of the Investor Relations team at Camtek.

我叫 Kenny Green，是 Camtek 投資者關係團隊的一員。

(Operator Instructions)

（操作員說明）

I would like to remind everyone that this conference call is being recorded and the recordings will be available on Camtek's website from tomorrow.

我想提醒大家，這次電話會議正在錄音，錄音將從明天開始在 Camtek 網站上提供。

You should have all by now received the company's press release and if not, you can view it on the company's website.

您現在應該已經收到了該公司的新聞稿，如果沒有，您可以在該公司的網站上查看。

With me on the call today, we have Mr. Rafi Amit, Camtek’s CEO; Mr. Moshe Eisenberg, Camtek’s CFO; and Mr. Ramy Langer, Camtek's COO.

今天與我一起參加電話會議的有 Camtek 執行長 Rafi Amit 先生； Moshe Eisenberg 先生，Camtek 財務長；以及 Camtek 首席營運長 Ramy Langer 先生。

Rafi will begin by providing an overview of Camtek's results and discuss recent market trends.

Rafi 將首先概述 Camtek 的業績並討論最近的市場趨勢。

Moshe will then summarize the financial results of the quarter.

隨後，摩西將總結本季的財務表現。

Following that, Rafi, Moshe and Ramy will be available to take your questions.

隨後，Rafi、Moshe 和 Ramy 將回答您的問題。

Before we begin, I would like to remind everyone that certain information provided on this conference call are internal company estimates unless otherwise specified.

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均為公司內部估計。

This call may also contain forward-looking statements.

本次電話會議也可能包含前瞻性陳述。

These statements are only predictions and may change as time passes.

這些陳述只是預測，可能會隨著時間的推移而改變。

Statements on this call are made as of today and the company undertakes no obligation to update any of that information or any of those forward-looking statements contained, whether as a result of new information, future events, changes and expectations, or otherwise.

本次電話會議的聲明截至今天，本公司不承擔更新任何該資訊或其中包含的任何前瞻性聲明的義務，無論是由於新資訊、未來事件、變更和期望或其他原因。

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.

請投資人注意，這些前瞻性陳述存在風險和不確定性，可能導致實際事件或結果與預測有重大差異，包括由於總體經濟狀況的影響。

Risk 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.

與 Camtek 預期業務的很大一部分集中在某些國家（特別是中國，Camtek 預計在可預見的未來將產生很大一部分收入）以及台灣和韓國相關的風險，包括偏離我們的預期的風險對這些國家/地區客戶的訂單時間和規模的期望。

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 findings with the SEC.

不斷變化的行業和市場趨勢、對服務和產品的需求減少、新服務和產品的及時開發及其被市場採用、行業競爭加劇和價格下降，以及由於公司調查結果中確定的其他風險美國證券交易委員會。

Please note that the Safe Harbor statements and today's press release also covers the contents of this conference call.

請注意，安全港聲明和今天的新聞稿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.

此外，在本次電話會議中，也將討論某些非公認會計準則財務指標。

These are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance.

管理層使用這些來製定策略決策、預測未來結果並評估公司當前業績。

Management believes that the presentation of non-GAAP financial measures are useful to investors understanding and assessment of a company's ongoing core operations and prospects for the future.

管理階層認為，非公認會計準則財務指標的呈現有助於投資者了解和評估公司目前的核心業務和未來前景。

A full reconciliation of non-GAAP to GAAP financial measure -- GAAP financial measures are included in today's earnings release.

非 GAAP 與 GAAP 財務指標的全面調整－GAAP 財務指標包含在今天的收益發布中。

And now I would like to hand the call over to Rafi Amit, Camtek’s CEO.

現在我想將電話轉交給 Camtek 執行長 Rafi Amit。

Rafi, please go ahead.

拉菲，請繼續。

Okay.

好的。

Thanks, Kenny.

謝謝，肯尼。

Good morning or good afternoon everyone.

大家早安或下午好。

Camtek ended this quarter with a record quarterly revenue of $102.6 million, representing 40% growth, compare with Q2 2023.

Camtek 本季結束時的季度營收達到創紀錄的 1.026 億美元，與 2023 年第二季相比成長 40%。

The distribution of revenue in this quarter is over 50% of our sales were for high performance computing related products for the second quarter in a row.

本季的收入分配連續第二季超過 50% 的銷售額來自高效能運算相關產品。

Approximately 15% for OSATs, mainly for Advanced Packaging, and the rest were split between silicon carbide, front-end CMOS Image Sensors and other applications.

大約 15% 用於 OSAT，主要用於先進封裝，其餘則分配給碳化矽、前端 CMOS 影像感測器和其他應用。

This trend of product mix resulted in increased profitability and I am very pleased with the improvement of achieving a gross margin of 51% and operating margin of about 30%.

這種產品組合趨勢帶來了獲利能力的提高，我對實現毛利率 51% 和營業利潤率 30% 左右的改善感到非常高興。

The demand in the HPC segment is reflected in the PR we issued a few days ago with an announcement about receiving multiple systems order of over $25 million from a global Tier 1 customer to inspect HBM wafers.

HPC 領域的需求反映在我們幾天前發布的 PR 中，公告稱收到全球一級客戶超過 2500 萬美元的多個系統訂單，用於檢查 HBM 晶圓。

I am happy to share with you that since we issue the PR, this customer added $6 million, bringing the entire order to over $31 million.

我很高興與您分享，自從我們發布 PR 以來，該客戶增加了 600 萬美元，使整個訂單超過 3,100 萬美元。

The industry trends regarding high performance computing modules is also reflected in our view of our future revenue.

高效能運算模組的產業趨勢也反映在我們對未來收入的看法中。

Based on our current orders, flow, backlog and pipeline, our revenue guidance for the third quarter is $107 million to $110 million, representing in the midpoint about 35% growth year-over-year.

根據我們目前的訂單、流量、積壓訂單和管道，我們對第三季的營收指引為 1.07 億至 1.1 億美元，中間值年增約 35%。

We expect continued growth in the fourth quarter as well.

我們預計第四季也將持續成長。

The main growth driver in the semiconductor market is HPC modules for generative AI, for which we are a key equipment provider.

半導體市場的主要成長動力是用於產生人工智慧的 HPC 模組，我們是該模組的關鍵設備提供者。

Our revenues in this quarter have grown 3 times since Q2 2023.

自 2023 年第二季以來，我們本季的營收成長了 3 倍。

From order we have on hand our pipeline and from discussion with customers, we expect demand for our system for HPC related products to continue in the second half of 2024 and into 2025.

根據我們現有的訂單以及與客戶的討論，我們預計 HPC 相關產品系統的需求將在 2024 年下半年到 2025 年持續。

HPC modules include mainly chiplets, HBM and silicon substrates.

HPC模組主要包括chiplet、HBM和矽基板。

The production technologies of HPC modules are developing rapidly, which require our continued development of advanced and cost effective solutions.

HPC模組的生產技術正在快速發展，這需要我們不斷開發先進且具成本效益的解決方案。

For example, one of our new key challenges is measuring and inspecting wafers with an extremely high number of micron level interconnects at a very fine pitch.

例如，我們新的關鍵挑戰之一是測量和檢查具有大量微米級互連且間距非常細的晶圓。

The industry is moving from a pitch of tenths of micron to a single-digit pitch.

該行業正從十分之一微米的間距轉向個位數的間距。

Moreover, customers use more inspection steps to maintain high yield and they are evaluating our systems in process steps.

此外，客戶使用更多的檢查步驟來保持高產量，並且他們正在按製程步驟評估我們的系統。

We have not participated in before.

我們之前沒有參加過。

So we can see high potential for expanding our business with our current and new generation systems.

因此，我們可以看到利用當前和新一代系統擴展業務的巨大潛力。

Our new generation systems that we completed developing are equipped with state of the art sensor and optics to perform all types of inspection, 3D bumps measurement and metrology.

我們開發完成的新一代系統配備了最先進的感測器和光學元件，可執行所有類型的檢查、3D 凸塊測量和計量。

That we believe will address the current and the next-generation HPC related products at high volume manufacturing throughputs.

我們相信這將解決目前和下一代 HPC 相關產品的大批量製造問題。

We also expect OSATs to implement packaging capabilities for HPC.

我們也期望 OSAT 能夠實現 HPC 的封裝功能。

This trend will allow fabless and IDM companies to start producing HPC module that will be suitable for AI and additional applications.

這一趨勢將使無晶圓廠和 IDM 公司開始生產適用於人工智慧和其他應用的 HPC 模組。

We expect that our strong position within the OSATs will benefit us with this industry shift as well.

我們預計，我們在 OSAT 中的強大地位也將使我們受益於這一行業轉變。

Clearly, a major growth in demand for capital semiconductor equipment is generated from the reality where countries with leading economics such as US, Japan, China and Europe consider advanced semiconductor components as strategic national assets.

顯然，資本半導體設備需求的大幅成長源自於美國、日本、中國和歐洲等經濟領先國家將先進半導體元件視為戰略性國家資產的現實。

And therefore expand their design and production capabilities by establishing new manufacturing facility in their respective countries.

因此，透過在各自國家建立新的製造工廠來擴大他們的設計和生產能力。

Concern regarding geopolitical changes only accelerate the decision of those countries to have local infrastructure for the manufacturing of semiconductor components.

對地緣政治變化的擔憂只會加速這些國家做出建立本地基礎設施來製造半導體元件的決定。

The strong order flow sum for delivery in 2025 and the high demand for HPC gives us a relatively clear long term vision, which allows us to organize our operation efficiently to meet the expected demand.

2025年交付的強勁訂單流和對HPC的高需求使我們有一個相對清晰的長期願景，這使我們能夠有效地組織營運以滿足預期需求。

To sum it up, the demand for HPC together with industry analyst forecast for a growing demand for end products such as mobile phone and PC and the establishment of new facilities in key countries make us believe that we will continue growing in 2025.

綜上所述，對 HPC 的需求加上產業分析師對手機和 PC 等終端產品需求不斷增長的預測以及在主要國家建立新設施的預測，使我們相信我們將在 2025 年繼續成長。

And now Moshe will review the financial result.

現在摩西將審查財務結果。

Moshe?

摩西？

Thanks, Rafi.

謝謝，拉菲。

In my financial summary ahead, I will provide the results on a non-GAAP basis.

在接下來的財務摘要中，​​我將提供非公認會計準則基礎上的結果。

The reconciliation between GAAP results and the non-GAAP results appears in the table at the end of the press release issued earlier today.

公認會計準則 (GAAP) 業績與非公認會計準則 (Non-GAAP) 業績之間的調節表顯示在今天早些時候發布的新聞稿末尾的表格中。

Revenue for the first quarter came in at a record $102.6 million, an increase of 39% compared with the second quarter of 2023, an increase of 6% from the first quarter of 2024.

第一季營收達到創紀錄的1.026億美元，較2023年第二季成長39%，較2024年第一季成長6%。

The geographic revenue split for the quarter was as follows.

本季的地理收入分配如下。

Asia, 92%, US and Europe accounted for 8%.

亞洲佔92%，美國和歐洲佔8%。

The higher the normal contribution from Asia relates mainly to the big demand for HBM, which is currently manufactured in Korea and Taiwan.

亞洲的正常貢獻較高主要與對 HBM 的龐大需求有關，目前 HBM 是在韓國和台灣製造的。

Gross profit for the quarter was $52.4 million.

該季度毛利為 5240 萬美元。

The gross margin for the quarter improved to 51%, up from 50.6% in the first quarter of 2024 and 48% in the second quarter of last year.

本季毛利率提高至 51%，高於 2024 年第一季的 50.6% 和去年第二季的 48%。

This is mainly due to a more favorable product mix in the quarter and our ongoing efforts to improve the cost structure of our products.

這主要是由於本季更有利的產品組合以及我們不斷努力改善產品的成本結構。

We anticipate that gross margin will remain at a similar level in the coming quarters.

我們預計未來幾季的毛利率將維持在類似水準。

Operating expenses in the quarter were $21.6 million, compared to $17.1 million in the second quarter of last year and $20.1 million in the previous quarter.

本季營運費用為 2,160 萬美元，去年第二季營運費用為 1,710 萬美元，上一季營運費用為 2,010 萬美元。

The increase is mostly due to planned expansion to support growth of operations.

這一增長主要是由於計劃進行擴張以支持業務增長。

Operating profit in the quarter was $30.8 million, compared to $18.3 million reported in the second quarter of last year and $29 million in the previous quarter.

本季營業利潤為 3,080 萬美元，而去年第二季的營業利潤為 1,830 萬美元，上一季的營業利潤為 2,900 萬美元。

The increase is mostly due to the increase in the revenue and the improvement in the gross profit.

增加主要由於收入增加及毛利改善所致。

Operating margin was 30% compared to 24.8% and 29.9%, respectively.

營業利益率為 30%，而同期營運利潤率分別為 24.8% 和 29.9%。

Financial income for the quarter was $5 million, slightly lower than the $5.8 million reported in the second quarter of last year and $5.6 million in the previous quarter.

該季度的財務收入為 500 萬美元，略低於去年第二季報告的 580 萬美元和上一季的 560 萬美元。

The decrease is mostly due to the lower cash balance following the $60 million dividend paid in April, slightly offset by the cash generated throughout the quarter.

減少的主要原因是 4 月份支付 6000 萬美元股息後現金餘額減少，但整個季度產生的現金略有抵消。

Net income for the second quarter of 2024 was $32.6 million, or $0.66 per diluted share.

2024 年第二季淨利為 3,260 萬美元，或攤薄後每股收益 0.66 美元。

This is compared to a net income of $21.9 million, or $0.45 per share, in the second quarter of last year.

相比之下，去年第二季的淨利潤為 2,190 萬美元，即每股 0.45 美元。

Total diluted number of shares as of the end of the second quarter was 49.3 million.

截至第二季末，稀釋後股份總數為4,930萬股。

Turning to some high level balance sheet and cash flow metrics.

轉向一些高階資產負債表和現金流量指標。

Cash and cash equivalents including short and long-term deposits and marketable securities as of June 30, 2024 was $454 million.

截至 2024 年 6 月 30 日，現金和現金等價物（包括短期和長期存款以及有價證券）為 4.54 億美元。

This compared with $466 million at the end of the first quarter.

相比之下，第一季末的銷售額為 4.66 億美元。

We generated $49 million in cash from operations in the quarter on the back of increased revenue and a very strong collection.

由於收入增加和強勁的收款能力，本季我們從營運中獲得了 4,900 萬美元的現金。

Inventory level increased by $7 million to $109 million.

庫存水準增加了 700 萬美元，達到 1.09 億美元。

The increase over the previous quarter is to support the anticipated sales growth in the coming quarters.

較上一季的成長是為了支持未來幾季的預期銷售成長。

Despite the increase in revenue, account receivables decreased from $86 million to $68.2 million in the quarter, as a result of strong collection in the quarter.

儘管收入有所增加，但由於本季催收強勁，應收帳款從本季的 8,600 萬美元減少至 6,820 萬美元。

Our days sales outstanding improved significantly from 81 days to 61 days.

我們的應收帳款天數從 81 天顯著提高到 61 天。

Finally, we expect revenue of between $107 million to $110 million in the third quarter with continued sequential growth in Q4.

最後，我們預計第三季營收將在 1.07 億美元至 1.1 億美元之間，第四季將繼續環比成長。

And with that, Rafi, Ramy and I will be open to take your questions.

接下來，拉菲、拉米和我將願意回答你們的問題。

Thank you, Moshe.

謝謝你，摩西。

(Operator Instructions)

（操作員說明）

Charles Shi, Needham.

查爾斯·施，李約瑟。

Hi, good afternoon.

嗨，下午好。

The first question I want to ask, what's the thought?

我想問的第一個問題是，想法是什麼？

What's the current estimate from management on the overall contribution of HPC module for the full year?

目前管理階層對 HPC 模組全年整體貢獻的估計是多少？

Charles, I think as we discussed in previous meetings, we expect the overall contribution from HPC or both HBM and chiplets modules to account to anywhere between 50% to 60% for the entire year.

Charles，我認為正如我們在之前的會議中討論的那樣，我們預計 HPC 或 HBM 和小晶片模組的總體貢獻將佔全年的 50% 到 60% 之間。

Okay.

好的。

So let's say relative to like 90 days ago, is the percentage moving up?

那麼，相對於 90 天前，這個百分比是否有上升？

Or you think it's still in a similar ballpark?

或者你認為它仍然處於類似的水平？

I think it's in a similar ballpark.

我認為情況類似。

Thank you.

謝謝。

Maybe the second question, do you see the HBM versus chiplet, the mix going into second half?

也許是第二個問題，您是否看到 HBM 與 Chiplet 的對比，以及下半年的混合？

Any changes to that?

有什麼改變嗎？

Because you did disclose for Q1, roughly, HBM versus chiplet is a 2:1 ratio, but you didn't provide a number for Q2.

因為您確實揭露了第一季的情況，大致而言，HBM 與 Chiplet 的比例為 2:1，但您沒有提供第二季的數字。

If you can provide that number, that would be great.

如果您能提供該號碼，那就太好了。

But more importantly, what would be the ratio of the second half?

但更重要的是，下半場的比例是多少？

So the ratios will change, will vary from one quarter to the other.

因此，比率會發生變化，每個季度都會有所不同。

In general, I think it will be more accurate to talk about the entire number, which will be anywhere between 50% to 60%.

一般來說，我認為談論整個數字會更準確，該數字將在 50% 到 60% 之間。

But overall, both markets are pretty stable.

但整體而言，兩個市場都相當穩定。

Thank you.

謝謝。

Maybe one other question for Moshe on gross margin.

也許摩西還有一個關於毛利率的問題。

Definitely gross margin has been improving every quarter.

毫無疑問，每季的毛利率都在提高。

Well, actually, since I would say first quarter, 2023.

嗯，實際上，因為我想說的是 2023 年第一季。

What's the expectation for the next two quarters?

對未來兩季的預期是什麼？

51% in June, which is great.

6 月為 51%，這非常好。

But do you see sequential improvement from here for next two quarters?

但您認為接下來兩季會出現連續改善嗎？

Indeed, gross margin has improved in the last several quarters.

事實上，過去幾季的毛利率有所改善。

This was a result of an ongoing efforts to improve the cost structure and obviously the product mix.

這是持續努力改善成本結構和產品組合的結果。

We think that anywhere between 50% to 51.5% is a good range.

我們認為 50% 到 51.5% 之間都是不錯的範圍。

You know, it's really depending on a product mix from quarter-to-quarter.

您知道，這實際上取決於每個季度的產品組合。

So I don't want to commit now for the next couple of quarters, but this will be within this range that I’ve mentioned.

因此，我現在不想承諾接下來的幾個季度，但這將在我提到的範圍內。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi there.

你好呀。

Good afternoon.

午安.

Thanks for taking a few questions.

感謝您提出幾個問題。

Maybe just a question on sort of your other more traditional and legacy businesses and like wafer level packaging, specialty, et cetera.

也許只是關於您其他更傳統和遺留業務的問題，例如晶圓級封裝、特殊業務等。

The implication this year is that 50%-ish of your revenue is maybe even down this year, year-on-year.

今年的含義是，今年您的收入甚至可能比去年同期下降 50% 左右。

Are you starting to see improvement, even sequentially on some of that revenue or kind of building some visibility towards growth in that business?

您是否開始看到某些收入的改善，甚至是連續的改善，或者在該業務的成長方面建立了一些可見性？

Any kind of color you can provide would be helpful.

您可以提供的任何顏色都會有所幫助。

So Brian, we spoke about it and I can say that definitely we see improvement on our other businesses.

布萊恩，我們討論過這個問題，我可以說我們肯定看到了其他業務的改善。

Even this quarter in a sense is already, I think there is some improvement.

即使這個季度從某種意義上來說已經是，我認為還是有一些改善的東西。

And as you can see, our overall, what we saw for advanced packaging, it’s close to 70% compared to 80% it was last quarter.

正如您所看到的，總體而言，我們所看到的先進封裝接近 70%，而上季度為 80%。

In this quarter, we’re starting to see some pickup on the OSAT business.

在本季度，我們開始看到 OSAT 業務有所回升。

Definitely, we’re getting good indication about some business from the CMOS Image Sensors.

當然，我們從 CMOS 影像感測器獲得了一些業務的良好跡象。

And overall I think next year we will see an improvement what we are reading, what we understand from customers that what we call our traditional businesses will definitely be better than this year.

總的來說，我認為明年我們會看到我們正在閱讀的內容以及我們從客戶那裡了解到的我們所謂的傳統業務肯定會比今年更好的改進。

Okay.

好的。

That’s helpful.

這很有幫助。

And back to the sort like the AI packaging inspection and metrology business for you.

回到像人工智慧包裝檢測和計量業務這樣的領域。

Other companies, not necessarily even competitors of yours who break out some of their customers or their business that they’re seeing.

其他公司，甚至不一定是您的競爭對手，他們會介紹他們所看到的一些客戶或業務。

They’ve seen even this earnings season maybe, a lot of that business being dominated by a large Korean customer and then even seeing a bit of a period of digestion as that customer kind of takes a breather from buying and they’ve seen sort of maybe a pause in the business.

他們甚至可能看到了這個財報季，很多業務都由韓國大客戶主導，然後甚至看到了一段消化期，因為該客戶在購買中稍作喘息，他們看到了有點可能是業務暫停。

Are you, in terms of your business, are you seeing more diversification across maybe the main HBM players?

就您的業務而言，您是否看到主要 HBM 參與者更加多元化？

There’s a few people on the chiplet side.

Chiplet 方面有一些人。

Are you seeing those kinds of trends or is it kind of more diversified in terms of your business?

您是否看到了這些趨勢，或者您的業務是否更加多元化？

So first of all, we, there was a discussion and we heard some comments about the pause or digestions.

首先，我們進行了討論，我們聽到了一些關於暫停或消化的評論。

We did not see it.

我們沒有看到它。

And this is really more related to the relevant customers on the HPC segment.

而這確實與HPC領域的相關客戶關係更大。

The steps that you are doing, it’s a little bit more complex.

您正在執行的步驟有點複雜。

But at least from the business that we are doing with all the players on the HPC market, we do not see a pause.

但至少從我們與 HPC 市場上所有參與者所做的業務來看，我們沒有看到暫停。

The business is stable.

業務穩定。

And I think as Rafi said in his remarks, in the prepared remarks, we definitely see this business continuing into 2025.

我認為正如拉菲在演講中所說，在準備好的演講中，我們肯定會看到這項業務將持續到 2025 年。

So from that point of view, we do not see it.

所以從這個角度來看，我們看不到它。

Okay.

好的。

And maybe just one last thing.

也許只是最後一件事。

When you have the press release to talk about the 25 million of HBM orders for second half this year into next year.

當你有新聞稿談論今年下半年到明年的 2500 萬份 HBM 訂單時。

When that customer comes back and adds another 6 million on top of that, is that their misjudgment of the type of coverage that they need relative to maybe the challenges that they have in their business, or is there some other circumstance behind that?

當該客戶回來並在此基礎上再增加 600 萬時，是否是他們對自己所需的保險類型相對於他們業務中遇到的挑戰做出了錯誤判斷，或者背後是否還有其他情況？

So first of all, I’m not aware for the real reason, but these customers are big customers and it’s not going to be.

首先，我不知道真正的原因，但這些客戶是大客戶，而且不會是。

They continue to buy machines and they will continue to buy machines.

他們繼續購買機器，他們將繼續購買機器。

In this instance, there was some adjustments to the number as they felt that they wanted a few more machines.

在這種情況下，由於他們覺得需要更多的機器，因此對數量進行了一些調整。

And I think what you are seeing, and I think the sense is that our customers are predicting that this business is going to grow and they are ready to invest because they are very confident about their future business in the foreseeable future.

我認為你所看到的，我認為我們的客戶預測這項業務將會成長，他們準備投資，因為他們對在可預見的未來的未來業務非常有信心。

Craig Ellis, B. Riley.

克雷格·艾利斯，B·萊利。

Thanks for taking the question.

感謝您提出問題。

I wanted to start off just by asking a follow-up to Rafi given comments regarding expectations for OSATs to add HPC and chiplet related capacity to be a bigger part of the supply chain there.

首先，我想詢問 Rafi 的後續情況，他給出了有關 OSAT 增加 HPC 和小晶片相關產能以成為供應鏈更大組成部分的預期的評論。

The question is this, Rafi, where are we now in OSATs actually building out the degree of capacity that they’ll need?

問題是，Rafi，我們現在在 OSAT 中實際建構他們所需的能力程度的情況如何？

And how do you expect that to play out for Camtek, both in the second half of this year and in 2025 for your business?

您預計今年下半年和 2025 年 Camtek 的業務將如何發展？

Rafi, you want to answer?

拉菲，你想回答嗎？

You want me to take this answer?

你想讓我接受這個答案嗎？

Rafi, you’re on mute.

拉菲，你處於靜音狀態。

I’m sorry.

對不起。

I was in mute.

我當時處於靜音狀態。

I was afraid I left you speechless there, Rafi.

我擔心我讓你啞口無言，拉菲。

Look, as we said, our visibility usually is in general it’s about two quarters ahead and over that we can read analyst forecast and discussion with customers.

看，正如我們所說，我們的可見性通常是大約提前兩個季度，超過這個時間我們可以閱讀分析師的預測和與客戶的討論。

They prepare their budget for next year in the coming few months.

他們將在未來幾個月內準備明年的預算。

So based on all the information, as Ramy mentioned, as I mentioned, we definitely can see that the HPC business continue growing.

因此，根據所有信息，正如 Ramy 所提到的，正如我所提到的，我們肯定可以看到 HPC 業務繼續成長。

We mentioned, I think few quarters that the analysts talk about over 20% growth in some product, even over 30% growth year-over-year.

我們提到，我認為分析師很少有幾季談論某些產品的成長超過 20%，甚至比去年同期成長超過 30%。

And I must tell you that what we see today, this is the growth rate that we can see from our customer from discussion, but we don’t see any change right now.

我必須告訴你，我們今天看到的，這是我們從客戶討論中可以看到的成長率，但我們現在沒有看到任何變化。

Now, and even the customer that just Ramy mentioned, he didn’t say this is for 2025, this is just what he need today.

現在，即使是剛才 Ramy 提到的客戶，他也沒有說這是 2025 年的，這正是他今天所需要的。

And he definitely predict to place more order in the next few months.

他肯定預計在未來幾個月內會下更多訂單。

So we are very optimistic in that type of product and we are organized for delivery it.

因此，我們對此類產品非常樂觀，並且我們正在組織交付它。

Let me add, Craig, you spoke OSATs.

讓我補充一下，克雷格，你談到了 OSAT。

So definitely we know today more than we knew a few weeks ago.

所以我們今天所知道的肯定比幾週前更多。

Definitely some of this capacity of what is called the [indiscernible] like capacity is starting to move to OSATs.

毫無疑問，這種所謂的[音訊不清晰]之類的能力中的一些正在開始轉移到OSAT。

And we are getting some discussions from OSATs that are talking to us about business in 2025.

我們從 OSAT 那裡得到了一些討論，他們正在與我們談論 2025 年的業務。

This one, it will happen.

這件事，一定會發生。

And it’s in the process.

而且它正在這個過程中。

It will come in 2025.

它將在 2025 年到來。

And obviously the OSAT is an area that we are very strong.

顯然 OSAT 是我們非常擅長的領域。

So we believe that this is a positive move from our point of view.

因此，我們認為，從我們的角度來看，這是一個積極的舉措。

Okay.

好的。

So it sounds like, Ramy, if I’m hearing you and Rafi correctly, that the engagement with the broader ecosystem as well as with OSATs is in the realm of what we would call discussions for the pipeline.

因此，Ramy，如果我沒聽錯的話，與更廣泛的生態系統以及 OSAT 的合作屬於我們所說的管道討論範圍。

And the pipeline is starting to look good.

管道開始看起來不錯。

And as the calendar clicks forward, we would expect that to convert into firm orders, as we’ve seen in the last month of July, where you had $45 million and now one upside by $6 million.

隨著日曆向前推進，我們預計這將轉化為確定訂單，正如我們在 7 月最後一個月看到的那樣，當時您有 4500 萬美元，現在有 600 萬美元的上漲空間。

Is that right?

是這樣嗎？

In general, you’re right.

總的來說，你是對的。

I don’t want to get into numbers, but definitely our pipeline looks good, and this will start to convert into

我不想透露數字，但我們的管道看起來確實不錯，這將開始轉化為

[reviews].

[評論]。

That’s helpful.

這很有幫助。

And then the second question is for Moshe.

第二個問題是問摩西的。

So, Moshe, I think we’ve heard Rafi identified that business activity overall is lending the kind of visibility that results in more efficient operations.

所以，Moshe，我想我們已經聽到拉菲指出，總體而言，商業活動提供了可見性，從而提高了營運效率。

And I would expect that to be a tailwind for gross margin.

我預計這將成為毛利率的推動力。

But I know the company’s also been working hard on things like input costs and other manufacturing optimizations.

但我知道該公司也在投入成本和其他製造優化等方面做出了努力。

As we look at the business now and as we look at the improvement in gross margin over the last year, how much of that is just volume versus some of the company controllables?

當我們審視現在的業務以及去年毛利率的改善時，其中有多少只是銷量與公司的一些可控因素相比？

And as we look ahead, what are the levers to drive gross margin incrementally higher from where we are today?

展望未來，有哪些槓桿可以推動毛利率從目前的水平逐步提高？

Thank you.

謝謝。

So really, on the gross margin level, volume has certain contribution, but not as much as on the operating level since most of the expenses are direct expenses.

所以實際上，在毛利率水準上，銷售有一定的貢獻，但不如在營運水準上那麼大，因為大部分費用都是直接費用。

Absolutely, the fact that we can organize ourselves ahead of time is a big contribution to the overall efficiency.

當然，我們能夠提前組織起來，這對整體效率有很大貢獻。

How much is that exactly translates into improvement in gross margin.

這到底有多少可以轉化為毛利率的改善。

It’s a little bit early to say, but it should help smooth out the operation with hiring people with processes.

現在說還為時過早，但透過僱用有流程的人員應該有助於順利運作。

But again, it’s a bit early to say how much of that will contribute to the gross margin.

但同樣，現在說這對毛利率有多少貢獻還為時過早。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Hi, this is Michael Mani on from Vivek Arya.

大家好，我是 Vivek Arya 的 Michael Mani。

Thank you for allowing us to ask a few questions.

感謝您允許我們提出幾個問題。

So I think a couple of your HBM customers have provided very strong guidance for volume and sales into 2025, and so does your confidence in hitting that eventual $500 million sales target increase.

因此，我認為你們的一些 HBM 客戶已經為 2025 年的銷售和銷售額提供了非常強有力的指導，你們對實現最終 5 億美元銷售目標的信心也隨之增加。

In other words, do you feel more confidence that you’d be able to hit it maybe earlier than expected, given the increased intensity of orders.

換句話說，鑑於訂單強度的增加，您是否更有信心能夠比預期更早實現目標？

And in addition, how much of attaining that target is contingent on a recovery in your more traditional business?

此外，實現該目標在多大程度上取決於您的傳統業務的復甦？

Thank you.

謝謝。

Let Ramy – maybe let me, I will start and you can complete it.

讓拉米——也許讓我，我來開始，你來完成。

Okay.

好的。

I would say, the gross rate depend on two major issue.

我想說，毛利率取決於兩個主要問題。

Number one is the market.

第一是市場。

And some customer maybe have great demand, but they don’t have enough facility.

有些客戶可能有很大的需求，但他們沒有足夠的設施。

It takes time to build facilities.

建設設施需要時間。

So even if they want, they cannot build everything they want.

因此，即使他們想要，他們也無法建造他們想要的一切。

So it’s not everything depends on us.

因此，並非一切都取決於我們。

We can provide system, but sometimes the facility is not ready for installation and running production.

我們可以提供系統，但有時設施尚未準備好安裝和運行生產。

So there are too many elements that affect the overall requirement.

所以影響整體需求的因素太多了。

So from our side, we feel very comfortable with our ability to build machine, to deliver machine, and to keep our competitiveness because customers ask for more feature, for more special requirement and we feel very comfortable, definitely after we complete a lot of R&D effort to meet the future demand.

因此，從我們的角度來看，我們對我們製造機器、交付機器和保持競爭力的能力感到非常滿意，因為客戶要求更多功能、更多特殊要求，我們感到非常滿意，絕對是在我們完成大量研發之後努力滿足未來的需求。

So everything depend on us.

所以一切都取決於我們。

We believe we did everything to maintain our market and potential growth.

我們相信我們已盡一切努力維持我們的市場和潛在成長。

Now we have to go to the market.

現在我們必須去市場。

We have to be sure that customer having enough capacity and their infrastructure, they can expand it and have enough room to put the production line and to meet the market demand.

我們必須確保客戶擁有足夠的產能和基礎設施，他們可以對其進行擴展，並有足夠的空間來放置生產線並滿足市場需求。

So the market demand is there.

所以市場需求是有的。

We are ready.

我們準備好了。

The next question is if all our direct customer can do it, can really make their facility ready for the demands.

下一個問題是我們所有的直接客戶是否都能做到這一點，是否能夠真正使他們的設施為滿足需求做好準備。

Understood.

明白了。

Thank you.

謝謝。

And maybe one on your next your upcoming platform.

也許您即將推出的下一個平台上就有一個。

So nice to hear this additional color on this next generation system.

很高興聽到下一代系統上有這種額外的顏色。

Do you have any updates on when we’d expect this to be released on market?

您對我們預計何時在市場上發布該產品有任何更新嗎？

Is this more geared towards hybrid bonding as an application?

這是否更適合混合鍵合應用？

And what kind of uplift from ASP do you expect?

您期望 ASP 帶來什麼樣的提升？

Ramy, do you want to give some information?

拉米，你想提供一些資訊嗎？

Let me start.

讓我開始吧。

So first of all, I think that at this stage it’s too early to provide more information.

首先，我認為現階段提供更多資訊還為時過早。

It’s definitely we will provide, I would say we will start to provide more information to the public in the next few months.

我們肯定會提供，我想說我們將在未來幾個月內開始向公眾提供更多資訊。

It’s not something that will take tomorrow and we’re not at this stage really ready to say more information.

這不是明天要做的事情，我們現階段還沒有真正準備好透露更多資訊。

What I can say definitely that there will be an ASP improvement on these new products

我可以肯定地說，這些新產品的 ASP 將會提高

Now, as we said, for example, just to be clear about it, that we could see some of them.

現在，正如我們所說，例如，為了澄清這一點，我們可以看到其中的一些。

For example, as I mentioned in my script, that customer move from about, let’s say, 100 million bumps per wafer to 500 million bumps per wafer.

例如，正如我在腳本中提到的，該客戶從大約每晶圓 1 億個凸塊增加到每晶圓 5 億個凸塊。

It’s a lot.

數量很多。

It’s totally five times more.

總共是原來的五倍。

And we have to, we need to develop solution now.

我們必須這樣做，我們現在需要製定解決方案。

It’s not enough to inspect it in the fine pitch.

僅以精細的方式檢查它是不夠的。

Also, customer look on the efficiency on the economic.

此外，客戶看重的是經濟上的效率。

You want to be sure that it can meet its cost.

您要確保它能夠滿足其成本。

So altogether is a lot of parameter that allow customer to maintain its cost structure and to make, to get a good result.

因此，總共有許多參數可以讓客戶維持其成本結構並獲得良好的結果。

So some of that is still in the beginning.

所以其中一些仍處於開始階段。

Not all of them are already in high volume.

並非所有這些都已經大量生產。

This is, they finish the R&D.

這是，他們完成了研發。

They start moving from R&D to production and we will see it.

他們開始從研發轉向生產，我們將會看到這一點。

I believe in the next year we can see more and more very tough, I would say the application moving to high volume.

我相信明年我們會看到越來越多的困難，我想說的是應用程式將轉向高容量。

Vedvati Shrotre, Evercore.

Vedvati Shrotre，Evercore。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

So the first one I wanted to understand was the remaining pieces of your business.

所以我想了解的第一個就是你們業務的其餘部分。

You talked about strength in the traditional markets like the compound semi CIS front end.

您談到了複合半 CIS 前端等傳統市場的實力。

Could you give us a sense of how the revenue split out between the three and the specific area where you’re seeing more strength versus 90 days ago?

您能否讓我們了解這三者之間的收入分配情況以及與 90 天前相比您看到的更強勁的特定領域？

So I think in general we’re seeing improvements, I would say mainly in the front end and the compound semi.

所以我認為總的來說我們看到了改進，我想說主要是在前端和複合半成品方面。

Definitely these, we see some improvements as we speak.

當然是這些，我們在說話時看到了一些改進。

On the CMOS image sensors, we’re getting indications for improvement.

在 CMOS 影像感測器上，我們收到了需要改進的跡象。

I would say, late this year, beginning of next year.

我想說，今年底，明年初。

And the overall business of what we call the non-HPC business, definitely the OSAT business is already stronger this quarter than it was in previous one.

我們所謂的非 HPC 業務的整體業務，絕對是 OSAT 業務，本季已經比上一季更強勁。

And we’re expecting these businesses to start to grow in the coming quarters.

我們預計這些業務將在未來幾季開始成長。

So definitely that’s a very important part of the business.

所以這絕對是業務中非常重要的一環。

And I'm confident at this stage now, from the numbers that I'm seeing that we will continue to see these improvements in the next few quarters

從我看到的數字來看，我現在對這個階段充滿信心，我們將在接下來的幾季繼續看到這些改進

And would you provide a split of how the revenue split between the three?

您能否提供一下三者之間的所得分配狀況？

Is that something you can provide?

這是你能提供的嗎？

I can say that, what I can tell you that this quarter, for example, the compound in the front, they're, well, about 15%.

我可以說，我可以告訴你，這個季度，例如，前面的化合物，它們大約是 15%。

It's a little lower.

有點低了。

I mean, I would have expected in a better quarter to be closer to 20%, maybe even higher.

我的意思是，我預計在一個更好的季度，這一比例會接近 20%，甚至更高。

The CMOS Image Sensor is really very low at this stage.

現階段CMOS影像感測器的性能確實非常低。

It's ones and twos.

這是一個和兩個。

Definitely this is something that should be in the range of about 5% when we take about the overall business.

當然，當我們考慮到整體業務時，這個比例應該在 5% 左右。

So these are the numbers and we'll see.

這些是數字，我們拭目以待。

I think they will improve as we move along.

我認為隨著我們的前進，他們會有所進步。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

And then the next question I had was on your next generation systems that you talked about, is this, I understand that this is to address applications like the number of bumps increasing, but are you also kind of penetrating into the inspection steps.

然後我的下一個問題是關於您談到的下一代系統，我知道這是為了解決諸如凸塊數量增加之類的應用，但您是否也在滲透到檢查步驟中。

And another question I had here was how does the qualification process work?

我在這裡遇到的另一個問題是資格認證流程是如何進行的？

Like you have the products kind of shipping in, I think a little bit into your customers.

就像你有產品運送一樣，我想對你的客戶有一點了解。

But how much time does it take to really qualify this into the fab lines?

但要真正將其納入晶圓生產線需要多少時間呢？

So that's a good question Vedvati.

這是一個很好的問題，韋德瓦蒂。

Yes.

是的。

So first of all, we've already started with the process of qualification, as we said in our prepared remarks.

首先，正如我們在準備好的發言中所說，我們已經開始了資格審查過程。

And this differs, I mean in a lot of our customers that know us and look at the qualification and the, I would say, testing that we have done here at Camtek and would accept it as part of the evaluation process.

這一點是不同的，我的意思是，我們的許多客戶都了解我們，會查看我們在 Camtek 進行的資格認證和測試，並將接受它作為評估過程的一部分。

They might ask us to run some wafers and we would do it for them and they would buy the equipment.

他們可能會要求我們運行一些晶圓，我們會為他們做，他們會購買設備。

And other customers, it would take very few months of running the machines, but overall it depends on the application.

對於其他客戶來說，運行機器需要幾個月的時間，但總體而言這取決於應用程式。

But in a lot of the cases, the, I would say that the evaluation, it's maximum in weeks or very few months to cases they will accept our equipment based on the results and the testing that we've done internally.

但在很多情況下，我想說，評估最多需要幾週或幾個月的時間，他們才會根據我們內部進行的結果和測試接受我們的設備。

Got it.

知道了。

And is this addressing the newer generations?

這是針對新一代的嗎？

Are they addressing more inspection step now versus your Eagle platform?

與您的 Eagle 平台相比，他們現在是否正在解決更多的檢查步驟？

What would you say is the biggest differentiator?

您認為最大的差異是什麼？

So first of all, a lot of it is inspection.

首先，很多都是檢查。

But a lot of our business today is inspection.

但我們今天的許多業務都是檢查。

Even when we talk about Advanced Packaging, HBM, the chiplets, a lot of this is doing also inspection stages.

即使當我們談論先進封裝、HBM、小晶片時，其中許多也在檢查階段進行。

This is metrology and inspection.

這就是計量和檢驗。

I would say in general our inspection business is much larger than our metrology business.

我想說，總的來說，我們的檢驗業務比計量業務大得多。

And I think one of the advantages that we bring on our machine that it would do metrology and inspection.

我認為我們的機器的優勢之一是它可以進行計量和檢查。

No doubt our inspection today is state of the art.

毫無疑問，我們今天的檢查是最先進的。

We expect to continue and increase.

我們預計會繼續並增加。

This is a large market, there is a lot of market share that we can run after and we definitely expect that with the newer machines we'll increase our market share in the inspection even further.

這是一個很大的市場，我們可以爭取很大的市場份額，我們肯定希望透過更新的機器，我們將進一步增加我們在檢查方面的市場份額。

Got it.

知道了。

That's helpful.

這很有幫助。

And I'll just squeeze in one last one.

我就擠最後一張。

So can you talk about, how, -- what you're seeing in the China markets and how that has done in the first half of 2024?

那麼您能談談您在中國市場看到的情況以及 2024 年上半年的情況嗎？

I know you don't break it out on a quarterly basis, but any color there would be helpful given the trade concerns that have been coming on.

我知道你不會按季度進行細分，但考慮到不斷出現的貿易擔憂，任何顏色都會有所幫助。

So, I would say that things have not really drastically changed with China.

所以，我想說，中國的情況並沒有真正發生根本性的改變。

The government there is backing this industry.

那裡的政府支持這個產業。

This is a strategic move for China and we definitely see more and more investments there all around in the trailing-edge fabs.

這對中國來說是一項戰略舉措，我們肯定會看到越來越多的投資投向落後晶圓廠。

And this is where we are playing in the front-end and we're seeing a lot of also business expansion, including Advanced Packaging.

這就是我們在前端發揮作用的地方，我們也看到了很多業務擴張，包括先進封裝。

So we do not see a weakness in China.

所以我們不認為中國有弱點。

We see stability and continued of investment and we expect to see this business continuing to grow.

我們看到投資的穩定性和持續性，我們預計業務將繼續成長。

I see.

我懂了。

Could you give a sense of how that China splits out Advanced Packaging versus trailing-edge fabs, if you could provide any color, is one bigger than the other?

您能否介紹中國如何區分先進封裝廠和落後晶圓廠，如果您可以提供任何顏色，是一個比另一個大嗎？

That would be helpful.

那會有幫助的。

I think for us in general, we've been in our business primarily has been in the trailing-edge.

我認為對我們來說，總的來說，我們的業務一直處於領先地位。

And it's mixed signal, automotive applications and this has been our main market, our target market.

它是混合訊號、汽車應用，這一直是我們的主要市場，我們的目標市場。

In general, we've not been running after, I would say the, leading-edge nodes in China and this has not been our target market.

總的來說，我想說，我們並沒有追求中國的領先節點，這也不是我們的目標市場。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hi all, this is Will Levy on for Tom O'Malley.

大家好，我是湯姆·奧馬利的威爾·利維。

Thank you so much for taking my question.

非常感謝您回答我的問題。

Just had a question on the FRT acquisition.

剛剛有一個關於 FRT 收購的問題。

How is it trending since you acquired it?

自從您購買它以來，它的趨勢如何？

And are the upsides you guys are seeing in Advanced Packaging?

你們看到先進封裝有什麼好處嗎？

Any of this attributed to FRT at all?

這一切都歸功於 FRT 嗎？

All in all, I can say, and Rafi, I will start and maybe you can.

總而言之，我可以說，拉菲，我會開始，也許你也可以。

--

--

Okay, fine.

好吧，好吧。

So all in all, we are very happy with the acquisition and obviously there is an effort to integrate FRT into Camtek and this is underway.

總而言之，我們對此次收購感到非常滿意，顯然我們正在努力將 FRT 整合到 Camtek 中，並且正在進行中。

From the business side, we're definitely seeing opportunities.

從商業角度來看，我們確實看到了機會。

The upside is not coming from FRT.

好處並非來自 FRT。

FRT is still, as we said, it's a relatively small business this year, we said we gave a target of roughly $30 million.

正如我們所說，FRT 今年仍然是一個相對較小的業務，我們說我們給出了大約 3000 萬美元的目標。

We will meet this target.

我們將實現這個目標。

So definitely it's not yet in the big numbers.

所以肯定還沒達到很大的數字。

We see opportunities.

我們看到了機會。

We are talking with customers.

我們正在與客戶交談。

I think that in general, customers are very excited about the fact that we acquired FRT.

我認為總的來說，客戶對我們收購 FRT 感到非常興奮。

They are very happy.

他們很高興。

I believe that we will get a significant numbers, a significant business as we move forward and continue to integrate FRT.

我相信，隨著我們繼續前進並繼續整合 FRT，我們將獲得大量的數字和重要的業務。

We'll get a lot of opportunities there.

在那裡我們會得到很多機會。

Opportunities that will enlarge the FRT business and also create new opportunities for us.

這些機會將擴大 FRT 業務，也為我們創造新的機會。

So to summarize, definitely we are on track with the FRT acquisition and in the, our thought process that it will complement our business and we will be able to sell these products through our sales force are indeed correct.

總而言之，我們肯定在收購 FRT 方面走上了正軌，並且在我們的思考過程中，它將補充我們的業務，並且我們將能夠透過我們的銷售人員銷售這些產品，這確實是正確的。

Gus Richard, Northland.

格斯·理查德，北國。

Apologies.

抱歉。

Thanks for letting me ask a few questions.

謝謝你讓我問幾個問題。

In terms of HBM going from HBM 3 to HBM 4, does your inspection intensity increase and do you have a sense of by how much?

對於HBM從HBM 3到HBM 4，您的檢查強度是否增加了？

Gus, I think it's a little bit too early at this stage to really pinpoint the steps that we will do on the HBM 4.

Gus，我認為現階段真正確定我們將在 HBM 4 上執行的步驟還為時過早。

It's also based on the final, I would say, configuration or the technologies and processes that our customers will use.

我想說，它還基於最終的配置或我們的客戶將使用的技術和流程。

But definitely a lot of our business in general in HBM are coming from inspection.

但毫無疑問，我們 HBM 的許多業務都來自檢驗。

And yes, that's an area that will probably intensify as these technologies move to hybrid bonding.

是的，隨著這些技術轉向混合鍵合，這個領域可能會加強。

Got it.

知道了。

And then in terms of hybrid bonding, just clearly your intensity goes up both for chiplets and CPU's and SRAM.

然後就混合鍵結而言，很明顯，小晶片、CPU 和 SRAM 的強度都會提高。

Definitely.

確實。

Got it.

知道了。

And then of your Advanced Packaging, how much these days is fan-out?

那麼，對於你們的先進封裝來說，現在扇出有多少？

Well, it's hard.

嗯，這很難。

In general, if we talked about close to 70%, about 20% is 15% to 20% is our traditional, what we call OSAT is about 15%.

一般來說，如果我們講接近70%，大約20%就是15%到20%是我們傳統的，我們所說的OSAT大約是15%。

And the rest of other customers doing what we call wafer level packaging.

其餘的其他客戶則採用我們所說的晶圓級封裝。

Fan-out is a big number out of it.

扇出是一個很大的數字。

So, I don't have the number exactly in front of me, but definitely fan-out is a market that is growing.

所以，我沒有確切的數字，但扇出市場肯定是在成長的。

There are many opportunities there and we have developed some new steps to address some of the challenges there.

那裡有很多機會，我們已經制定了一些新步驟來應對那裡的一些挑戰。

And it's going to be a number that in the range of 10%-plus and in how far a business.

這將是一個在 10% 以上的數字，並且在多大程度上是企業。

Got it.

知道了。

And this is a difficult question.

這是一個很難回答的問題。

Having forbid things tensions escalate in the Middle East.

由於禁止行為，中東緊張局勢升級。

But I'm just wondering how you guys are thinking about contingency plans.

但我只是想知道你們是如何考慮應急計劃的。

Is it impacting your business?

這對您的業務有影響嗎？

And if it does get significantly worse, how do you manage through it?

如果情況確實變得更糟，你如何應對？

So, first of all, the team here in Israel is prepared for several scenarios and we expect to be able to meet our commitments.

因此，首先，以色列的團隊已經為幾種情況做好了準備，我們希望能夠履行我們的承諾。

And this means including deliveries, customer support and development.

這意味著包括交付、客戶支援和開發。

I think we went through it and this is the situation.

我想我們經歷過這一切，現在的情況就是這樣。

Obviously, longer term, we are also thinking about production out of Israel.

顯然，從長遠來看，我們也在考慮在以色列進行生產。

We are planning to add manufacturing capacity in Europe at our new FRT facility in Cologne, Germany.

我們計劃在德國科隆的新 FRT 工廠增加歐洲的製造能力。

So we have a plan in the short term to overcome anything that may happen in the short term, longer term, we also have a plan.

所以我們有一個短期計劃來克服短期內可能發生的任何事情，從長遠來看，我們也有一個計劃。

And obviously we can't really be prepared to all possible scenarios, but we definitely made some efforts to be prepared to whatever we could prepare.

顯然，我們無法真正為所有可能的情況做好準備，但我們確實做出了一些努力，為我們可以準備的一切做好準備。

Got it.

知道了。

I apologize for having to ask that question.

我很抱歉不得不問這個問題。

And then in terms of your planning for capacity for next year and the year out, how close are you getting to be filled out is the expansion in Germany part of the ability to deliver more product?

然後，就您明年和未來一年的產能規劃而言，您在德國的擴張距離交付更多產品的能力有多遠？

And is there a significant investment required?

是否需要大量投資？

So no. -- So from the overall investment.

所以不。 ——那麼就從整體投資來看。

First of all, our manufacturing, the basic manufacturing is done by two very big subcontractors, which are international companies, Jabil and Flex.

首先我們的製造，基礎的製造是由兩個非常大的分包商來做的，就是國際公司，捷普和偉創力。

So from that point of view, we have enough capacity.

所以從這個角度來看，我們有足夠的能力。

Here in the facility in Israel, we have enough capacity for over $600 million of manufacturing.

我們在以色列的工廠擁有足夠的產能來生產超過 6 億美元的產品。

And as I said, we will add additional capacity in Europe.

正如我所說，我們將在歐洲增加額外的產能。

So I think from the overall capacity for any scenarios of upside, we have enough capacity.

所以我認為從整體能力來看，無論出現什麼情況，我們都有足夠的能力。

And this includes also from material point of view, that we can ramp up a clean room space, people.

從材料的角度來看，這也包括我們可以增加無塵室空間。

So I think we're very well covered from this point of view.

所以我認為從這個角度來看我們已經很好地了解了。

Ezra Weener, Jefferies.

埃茲拉·維納，杰弗里斯。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I guess two here.

我猜這裡有兩個。

The first is just in terms of new orders, obviously talked about second half and into next year.

第一個是新訂單方面，顯然是在談論下半年和明年。

Can you give a little more detail on the split?

您能否提供更多有關拆分的細節？

And I guess relative to your plan, if any of that was incremental, then the second would be you've talked about your long term model and gross margins getting to about 52% at $500 million.

我想相對於你的計劃，如果其中任何一個是增量的，那麼第二個就是你談論的長期模型和毛利率達到 52% 左右，達到 5 億美元。

Looks like you're getting pretty close to passing that next year.

看來明年你已經很接近通過考試了。

Can you just talk about what leverage would look like from there?

能談談槓桿作用會是什麼樣子嗎？

So with respect to your first question, what portion of this additional business is above our previous expectations.

那麼關於你的第一個問題，這筆額外業務的哪一部分就超出了我們先前的預期。

Well, when we prepare our expectation we take into account our current backlog on hand, plus some potential upside from business that we are going after.

好吧，當我們準備好預期時，我們會考慮當前手頭上的積壓訂單，以及我們正在追求的業務的一些潛在優勢。

So I think we are very close to what we have expected.

所以我認為我們非常接近我們的期望。

Originally, hard to say what part of it is an upside, but we are going to end the year very nicely with a nice Q3 and plus additional, continued growth coming into the fourth quarter as well.

最初，很難說其中哪一部分是有利的，但我們將以良好的第三季度業績以及第四季度的持續增長來很好地結束今年。

Your other question relates to the gross margin.

你的另一個問題與毛利率有關。

So I think we said in the next few quarters, we will operate at the level of 50.5%, 50% to 51.5%.

所以我認為我們說在接下來的幾個季度，我們將在50.5%、50%到51.5%的水平上運作。

We definitely have plans to reach 52% with the contribution of our new products that we are going to launch in the coming weeks or coming months, they will definitely have positive contribution to the gross margin.

我們肯定計劃在未來幾週或幾個月內推出的新產品的貢獻下達到52%，它們肯定會對毛利率產生積極的貢獻。

So overall, we are not going to change our expectation that when we reach the $500-plus million revenue level, we should be able to operate on a higher gross margin, close to the or around the 52% that we've mentioned.

因此，總的來說，我們不會改變我們的預期，即當我們達到 5 億美元以上的收入水平時，我們應該能夠以更高的毛利率運營，接近或約為我們提到的 52%。

Got it.

知道了。

Then one quick follow up.

然後快速跟進。

You discussed Advanced Packaging at 70%.

您在 70% 中討論了先進封裝。

Just want to clarify that 70%s, not 70%.

只是想澄清一下，70%，而不是 70%。

Just trying to put all the pieces together.

只是想把所有的碎片拼湊起來。

And at 70%, you would be down quarter-over-quarter there.

如果是 70%，那麼季度環比就會下降。

If it is 70%, not 70%s. Can you kind of give a little bit more detail on why that is?

如果是70%，就不是70%s。您能更詳細地說明原因嗎？

It's around 77.0%.

大約是77.0%。

And the overall, yes, indeed, it's a little bit lower.

總體而言，是的，確實是有點低。

And this is the result of the other businesses that are growing.

這是其他業務不斷增長的結果。

And we were, as we said, the HPC was over 50%.

正如我們所說，HPC 超過了 50%。

Definitely these numbers also vary from quarter-to-quarter.

當然，這些數字每季也會有所不同。

It's related to shipments and when customers are planning their clean room.

它與發貨以及客戶規劃無塵室的時間有關。

So I wouldn't pay too much attention here to the changes between quarter-to-quarter.

所以我不會太在意季度與季度之間的變化。

I think the business in general, as we said, the HPC is indeed stable and we expect to finish the year anywhere between 50% to 60%.

我認為，正如我們所說，HPC 業務總體而言確實穩定，我們預計今年的成長率將在 50% 到 60% 之間。

The other businesses, the wafer-level packaging, the front end compound, CMOS Image Sensors, MEMs and a lot of other applications that we're doing will continue to grow in the third and fourth quarter and definitely in 2025.

我們正在做的其他業務，晶圓級封裝、前端化合物、CMOS 影像感測器、MEMS 和許多其他應用將在第三和第四季繼續成長，而且肯定會在 2025 年繼續成長。

So this mix is something changes, but the big numbers will not change.

因此，這種組合會發生一些變化，但大數字不會改變。

So that will ends our question-and-answer session.

我們的問答環節就到此結束。

Before I hand back over to Rafi, I would like to let everyone know that in the coming hours we will upload the recording of the conference call, the Investor Relations section of Camtek’s website at camtek.com. I would like to thank all of you for joining this call.

在我把工作交還給拉菲之前，我想讓大家知道，在接下來的幾個小時內，我們將把電話會議的錄音上傳到 Camtek 網站 camtek.com 的投資者關係部分。我要感謝大家參加這次電話會議。

And Rafi, please make your closing statement.

拉菲，請做總結發言。

II would like to thank you all for your continued interest in our business.

我要感謝大家對我們業務的持續關注。

I want to specially thanks the employees and my management team for their tremendous performance.

我要特別感謝員工和我的管理團隊的出色表現。

To our investor, I thank you for your long-term support.

感謝我們的投資者長期以來的支持。

I look forward to looking with you again next quarter.

我期待下個季度再次與您見面。

Thank you and goodbye.

謝謝你，再見。