Camtek Ltd (CAMT) 2024 Q3 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 Zoom 結果網路研討會。

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

我叫 Kenny Green，是 Camtek 投資者關係團隊的一員。

All participants other than the presenters are currently muted.

目前，除演示者外的所有參與者均已靜音。

Following the formal presentation, I will provide some instructions for participating in the live Q&A session.

在正式演示之後，我將提供一些參與現場問答環節的說明。

I would like to remind everyone that this conference call is being recorded, and the recording 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，明天起錄音就會在Camtek的網站上發布。

You should have all by now received the company's press release.

您現在應該已經收到該公司的新聞稿了。

If not, please view it on the company's website.

如果沒有，請到公司網站查看。

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.

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 open 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 start, I would like to note that certain statements made on this call constitute forward-looking statements within the meaning of the Securities Act of 1933 as amended and the Securities Exchange Act of 1934 as amended and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想指出，本次電話會議中所做的某些陳述構成了《1933 年證券法》修訂版、《1934 年證券交易法》修訂版以及《私人證券》安全港條款含義內的前瞻性陳述。

Such statements may use terminology such as believes, expects, may, will, should, anticipates, plans or similar expressions to identify forward-looking statements.

此類陳述可能使用諸如相信、期望、可能、將、應該、預期、計劃或類似表達等術語來識別前瞻性陳述。

Such statements reflect only current beliefs, expectations and assumptions of Camtek.

此類聲明僅反映 Camtek 當前的信念、期望和假設。

However, actual results, performance or achievements of Camtek may differ materially as they are subject to certain risks and uncertainties.

然而，Camtek 的實際結果、績效或成就可能存在重大差異，因為它們受到某些風險和不確定性的影響。

Such risks and uncertainties include, but are not limited to, those that are described in Camtek's most recent annual report on Form 20-F and as may be supplemented from time to time in Camtek's other filings with the SEC, including today's earlier filing of the earnings PR, all of which are expressly incorporated herein by reference.

此類風險和不確定性包括但不限於Camtek 最近的20-F 表格年度報告中所述的風險和不確定性，以及Camtek 向SEC 提交的其他文件中可能不時補充的風險和不確定性，包括今天早些時候提交的收入公關，所有這些都明確地透過引用併入本文。

Camtek undertakes no obligation to update any such forward-looking statements unless required by law.

除非法律要求，Camtek 不承擔更新任何此類前瞻性聲明的義務。

Camtek's public filings are available on the Securities and Exchange Commission's website at www.sec.gov and may also be obtained from Camtek's website at www.camtek.com.

Camtek 的公開文件可在美國證券交易委員會網站 www.sec.gov 上取得，也可從 Camtek 網站 www.camtek.com 取得。

Also, today's call will include certain non-GAAP financial numbers.

此外，今天的電話會議還將包括某些非公認會計準則財務數據。

For a reconciliation between GAAP and non-GAAP results, please see the table included in today's press release, which is also posted on the IR section of Camtek's website.

有關 GAAP 和非 GAAP 結果之間的調節，請參閱今天新聞稿中包含的表格，該表格也發佈在 Camtek 網站的 IR 部分。

And I will now like to hand the call over to Rafi, Camtek's CEO.

現在我想將電話轉交給 Camtek 執行長拉菲 (Rafi)。

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 $112 million, representing 40% growth compared with Q3 '23.

Camtek 本季結束時的季度營收達到創紀錄的 1.12 億美元，與 23 年第三季相比成長了 40%。

The distribution of revenue in this quarter is as follows.

本季收入分配情況如下。

Around 50% of our sales were for HPC or high-performance computing-related products for the third quarter in a row, approximately 20% for other applications of advanced packaging, and the rest were split between other segments.

我們連續第三季約 50% 的銷售額來自 HPC 或高效能運算相關產品，約 20% 為先進封裝的其他應用，其餘部分則分配給其他部門。

This trend in product mix resulted in favorable profitability parameters of 51% gross margin and slightly over 30% operating margin.

這種產品組合趨勢帶來了 51% 的毛利率和略高於 30% 的營業利潤率的有利獲利參數。

The main growth driver in the semiconductor market continues to be 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仍然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。

The demand in the HPC segment remained healthy.

HPC 領域的需求保持健康。

And overall, we expect the contribution of HPC to our business this year to be around 50%.

總體而言，我們預計今年 HPC 對我們業務的貢獻在 50% 左右。

Our future forecast take into consideration a positive HPC trend.

我們的未來預測考慮了積極的 HPC 趨勢。

From order we have on hand in our pipeline and from discussion with customers, we expect demand for our system for HPC related products to continue 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持續到 2025 年。

We also see increased demand for our systems for a wide range of other applications.

我們也看到其他廣泛應用對我們的系統的需求不斷增加。

Based on our current order flow, backlog and pipeline, our revenue guidance for the fourth quarter is around $115 million, representing about 30% growth year-over-year with sequential growth in Q1 2025.

根據我們目前的訂單流、積壓訂單和管道，我們第四季度的營收指引約為 1.15 億美元，年增約 30%，2025 年第一季較上季成長。

Given the guidance for Q4, we expect 2024 to be a record year for Camtek with revenue around $427 million, representing 35% growth year-over-year.

根據第四季的指引，我們預計 2024 年 Camtek 將創紀錄的一年，營收約為 4.27 億美元，年成長 35%。

Our expectation is that 2025 will be another year of growth.

我們的預期是 2025 年將是另一個成長的一年。

During SEMICON Taiwan in early September, we introduced our fifth generation of the Eagle system, Eagle G5.

九月初的 SEMICON 台灣期間，我們推出了第五代 Eagle 系統 Eagle G5。

The new system offers superior wafer throughput coupled in with improved optical resolution meeting both current market demand and the customers future road map.

新系統提供卓越的晶圓吞吐量以及改進的光學分辨率，滿足當前的市場需求和客戶的未來路線圖。

Since the introduction, as we announced last week, we have already received order for over $20 million with delivery starting in Q4 this year.

正如我們上周宣布的那樣，自推出以來，我們已收到超過 2000 萬美元的訂單，並將於今年第四季開始交付。

This system is the first in several new products that we have been developing in the recent years and will provide inspection and metrology solutions for the upcoming advanced packaging technologies that are characterized by the fine pitch or micro bump and hybrid bonding interconnects.

該系統是我們近年來開發的幾種新產品中的第一個，將為即將到來的以細間距或微凸塊和混合鍵合互連為特徵的先進封裝技術提供檢測和計量解決方案。

In addition to the Eagle G5, which has been officially presented, we also introduced our new and advanced system for the next generation of advanced packaging to several key customers.

除了已經正式亮相的Eagle G5之外，我們還向幾家主要客戶介紹了我們用於下一代先進封裝的全新先進系統。

Some of them have already installed the new system for qualification, while others have placed initial orders for it.

其中一些已經安裝了新系統以獲得資格，而另一些則已經下了初步訂單。

This new system will be officially launched in SEMICON Korea in the beginning of 2025, and is expected to contribute tens of millions of dollars already within 2025.

該新系統將於2025年初在SEMICON韓國正式推出，預計2025年內已貢獻數千萬美元。

I would like to add a comment about the confusing estimates regarding the growth forecast of the HPC segment in 2025.

我想補充一點關於 2025 年 HPC 領域成長預測的令人困惑的估計。

Our understanding is that the demand for HPC modules continues to be high.

我們的理解是，對 HPC 模組的需求仍然很高。

And the reason some see a slowdown is due to a lack of production capacity.

有些人認為經濟放緩的原因是產能不足。

The cornerstones of HPC modules are logic and HBM components and the 2.5D substrate that pack all the components into one module.

HPC 模組的基石是邏輯和 HBM 組件以及將所有組件封裝到一個模組中的 2.5D 基板。

In our caution opinion, the bottleneck is currently due to missing capacity of 2.5D substrates.

我們謹慎認為，目前的瓶頸是2.5D基板產能缺失。

We estimate that this bottleneck will be released in 2025.

我們預計這個瓶頸將在2025年得到釋放。

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

強勁的訂單流和2025年交付的積壓給我們一個相對清晰的長期願景，使我們能夠有效率地組織營運以滿足預期需求。

And as indicated in previous calls, we are adding new manufacturing capacity in Europe that will start operating in 2025.

正如先前的電話會議所示，我們正在歐洲增加新的製造產能，這些產能將於 2025 年開始營運。

To sum it up, I am excited about our business and outlook and expect 2025 to be another year of growth.

總而言之，我對我們的業務和前景感到興奮，並預計 2025 年將是另一個成長的一年。

And now, Moshe will review the financial results.

現在，摩西將審查財務業績。

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 the GAAP results and the non-GAAP results appear in the tables 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) 業績之間的調節表出現在今天早些時候發布的新聞稿末尾的表格中。

Revenue for the third quarter came in at a record $112.3 million, an increase of 40% compared with the third quarter of 2023, and a sequential increase of 10% from the second quarter of 2024.

第三季營收達到創紀錄的1.123億美元，較2023年第三季成長40%，較2024年第二季較上季成長10%。

The geographic revenue split for the quarter was as follows, Asia was 87%, US and Europe accounted for 13%.

本季營收地域分佈如下，亞洲佔 87%，美國和歐洲佔 13%。

Gross profit for the quarter was $57.1 million.

該季度毛利為 5,710 萬美元。

The gross margin for the quarter was 50.8%, similar to the second quarter of 2024 and improved from 49% in the third quarter of 2023.

該季度的毛利率為 50.8%，與 2024 年第二季相似，較 2023 年第三季的 49% 有所改善。

This is within our expected range with the changes from prior periods mainly due to product mix in the quarter and increased revenues from last year.

這在我們的預期範圍內，與前期的變化主要是由於本季的產品組合和去年收入的增加。

We expect similar levels in the next couple of quarters.

我們預計未來幾季也會出現類似的水平。

Operating expenses in the quarter were $22.9 million compared to $18.6 million in the third quarter of last year and $21.6 million in the previous quarter.

本季營運費用為 2,290 萬美元，去年第三季營運費用為 1,860 萬美元，上一季營運費用為 2,160 萬美元。

The increase is mostly due to a planned expansion to support growth of operations and the continued investment in the development of new products referred to by Rafi.

這一增長主要是由於拉菲提到的支持業務增長的計劃擴張以及對新產品開發的持續投資。

We expect a similar level of OpEx in Q4 as well.

我們預計第四季的營運支出也將達到類似水準。

Operating profit in the quarter was $34.2 million compared to the $22.2 million reported in the third quarter of last year and $30.8 million in the previous quarter.

本季營業利潤為 3,420 萬美元，去年第三季為 2,220 萬美元，上一季為 3,080 萬美元。

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

成長主要是由於收入增加以及毛利較去年改善所致。

Operating margin was 30.4% compared to 30% and 27.6%, respectively.

營業利益率為 30.4%，而同期營運利潤率分別為 30% 和 27.6%。

Financial income for the quarter was $6.4 million compared to the $5.7 million reported in the third quarter of last year and $5 million in the previous quarter.

本季的財務收入為 640 萬美元，而去年第三季的財務收入為 570 萬美元，上一季的財務收入為 500 萬美元。

The increase is mostly due to the increased cash balances and the positive impact of exchange rate differences.

增加的主要原因是現金餘額增加以及匯率差異的正面影響。

Net income for the third quarter of 2024 was $37 million or $0.75 per diluted share.

2024 年第三季淨利為 3,700 萬美元，或攤薄後每股收益 0.75 美元。

This is compared to a net income of $25.2 million or $0.51 per share in the third quarter of last year.

相比之下，去年第三季的淨利潤為 2,520 萬美元，即每股 0.51 美元。

Total number diluted of shares as of the end of the third quarter was $49.4 million.

截至第三季末，攤薄後的股票總數為 4,940 萬美元。

Turning to the balance sheet and the cash flow metrics.

轉向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 September 30, 2024 were $489 million.

截至 2024 年 9 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 4.89 億美元。

This compared with $454 million at the end of the second quarter.

相比之下，第二季末的銷售額為 4.54 億美元。

We generated $36 million in cash from operations in the quarter on the back of an increased revenue and profitability and strong collection.

由於收入和盈利能力的增加以及強勁的收款能力，我們本季的營運產生了 3,600 萬美元的現金。

Inventory level increased by $7 million to $116 million.

庫存水準增加了 700 萬美元，達到 1.16 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。

Accounts receivables increased slightly from $68.2 million to $70.7 million in the quarter.

本季應收帳款略有增加，從 6,820 萬美元增至 7,070 萬美元。

I'm especially pleased to report that our days sales outstanding continue to improve, and they now stand at just 57 days, down from over 100 days last year.

我特別高興地向大家報告，我們的應收帳款天數持續改善，現在僅 57 天，低於去年的 100 多天。

As Rafi said before, we expect revenue of around $115 million in the fourth quarter with sequential growth in Q1 of 2025.

正如 Rafi 之前所說，我們預計第四季營收約為 1.15 億美元，2025 年第一季將實現環比成長。

And with that, Rafi, Ramy, and I will open the call to take your questions

接下來，拉菲、拉米和我將打開電話回答你們的問題

Thank you, Moshe.

謝謝你，摩西。

At this time, we'll begin the question and answer session

這時候我們就開始問答環節

(Operator instructions)

（操作員說明）

Charles Shi, Needham.

查爾斯·施，李約瑟。

Yeah, good afternoon.

是的，下午好。

Thanks for the color on the Camtek's understanding about the HPC market going forward with respect to the pretty much a lot of noise about HBM overcapacity concerns.

感謝 Camtek 對 HPC 市場未來發展的理解，以及有關 HBM 產能過剩擔憂的大量噪音。

So I do want to ask a little bit more on this topic, because from your perspective, it does sound like the chiplet side of the HPC demand, maybe it will be stronger next year given that it seems like it's the bottleneck for the industry.

所以我確實想就這個主題多問一點，因為從你的角度來看，這聽起來確實像是 HPC 需求的小晶片方面，也許明年會更強，因為它似乎是行業的瓶頸。

But on the other hand, it does sound like on the HBM alone, not just the overall HPC, on the HBM alone, you are still expecting a good year next year.

但另一方面，聽起來確實像是僅在 HBM 上，而不僅僅是整體 HPC，僅在 HBM 上，您仍然期待明年有一個好的一年。

I want to understand if this is the understanding of the management, maybe chiplet grow a little bit faster next year, HBM still grow, but not growing as much as the chiplet side.

我想了解這是否是管理層的理解，也許明年chiplet增長得更快一點，HBM仍然增長，但增長幅度不如chiplet方面。

I wonder if this is the case.

我想知道是否是這樣。

Thanks.

謝謝。

Hi, Charles, this is Ramy.

嗨，查爾斯，我是拉米。

No, look, this is hands in hands.

不，看，這是手拉手。

And I think Rafi, in his prepared notes, the HPC includes the chiplets and the HBMs.

我認為 Rafi 在他準備的筆記中，HPC 包括小晶片和 HBM。

And they basically go hand by hand and the growth will be together.

而他們基本上是攜手並進、共同成長的。

Now what we do see, it's quarter-by-quarter, and it depends on the order entry.

現在我們看到的是，它是按季度進行的，並且取決於訂單輸入。

So it's not that every order we get exactly the same percentages.

所以並不是每個訂單我們都會得到完全相同的百分比。

They may differ from quarter-to-quarter.

每個季度的情況可能有所不同。

But as we go into '25, we expect to see a similar pattern as this year with growth on both the chiplet side and the HBM side.

但當我們進入 25 年時，我們預計會看到與今年類似的模式，chiplet 方面和 HBM 方面都有成長。

Thanks.

謝謝。

On the other hand, I think I want to ask about China used to be contributing more than 40% of the revenue for Camtek last year and the year before.

另一方面，我想我想問一下，中國去年和前年為Camtek貢獻了40%以上的收入。

But what's the expectation for China this year as a percentage of revenue?

但今年中國市場佔收入的比例是多少？

And any early view on 2025, whether that the China contribution will go up or stay where it is this year or go down?

對 2025 年的早期看法是，中國的貢獻今年會增加、保持不變還是下降？

Thanks.

謝謝。

So first of all, this year, it will be lower.

所以首先，今年會更低。

It will be in the range of about 30% to 35%.

它將在大約30%到35%的範圍內。

Going into '25, China in general seems, the business seems to be solid, seems to be healthy.

進入25年，中國整體看來，業務似乎很紮實，看起來很健康。

So we expect it will be at least similar or maybe a little bit larger than this year.

所以我們預計它至少會與今年相似，或者可能會比今年更大一些。

But all in all, China continues to invest.

但總而言之，中國仍在繼續投資。

Thanks.

謝謝。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi there.

你好呀。

Good afternoon.

午安.

Thanks for letting us ask a few questions.

感謝您讓我們問幾個問題。

Maybe given what the commentary around kind of explaining some of the confusion about whether a slowdown or pause that some suppliers maybe have referenced around AI advanced packaging is more supply or demand related.

也許考慮到一些評論解釋了一些困惑，即一些供應商可能在人工智慧先進封裝方面提到的放緩或暫停是否與供應或需求更多相關。

You talked about constraints for advanced packaging substrates.

您談到了先進封裝基板的限制。

I'm curious when in 2025, do you think those constraints will be relieved?

我很好奇，到2025年，你認為這些限制什麼時候會得到緩解？

And do you see that impacting either your 4Q revenue outlook or revenue trajectory into Q1 of next year?

您認為這會影響您第四季的營收前景或明年第一季的營收軌跡嗎？

So let's see what we see today and what we said.

那麼讓我們看看今天所看到的以及我們所說的話。

So first of all, we continue to see a positive trend of the HPC, which means both the 2.5D substrates and the HBM.

首先，我們繼續看到 HPC 的正面趨勢，這意味著 2.5D 基板和 HBM 都是如此。

Now we continue to see the pattern.

現在我們繼續看到這種模式。

We are, we feel very comfortable based on our backlog and our pipeline regarding the business in Q4, and we said that there will be a sequential growth into the first quarter of '25.

根據我們的積壓訂單和第四季業務的管道，我們感到非常放心，我們表示到 25 年第一季將持續成長。

And this is something that is very visible to us.

這對我們來說是非常明顯的。

Looking ahead, definitely, we believe that HPC will be a main contributor to our business next year.

展望未來，我們相信 HPC 將成為明年我們業務的主要貢獻者。

To go into better or more accurate numbers, obviously, it is a little bit too early.

顯然，要獲得更好或更準確的數字還為時過早。

But we are very confident about the fourth quarter and the first quarter.

但我們對第四季和第一季非常有信心。

Yes, that's helpful.

是的，這很有幫助。

And then maybe referencing the new product and then being sensitive that it hasn't formally or won't be formally introduced into Q1 until Q1 of next year.

然後可能會提到新產品，然後敏感地意識到它尚未正式或不會在明年第一季正式引入第一季。

But since you have referenced it in the slide, can you share some details on maybe the types of applications for this new product or, and, or maybe the size of the addressable market?

但既然您在幻燈片中引用了它，您能否分享一些有關該新產品的應用程式類型或目標市場規模的詳細資訊？

You did reference that you could have tens of millions, maybe $20 million, $30 million, something like that contribution in '25.

你確實提到你可以有數千萬美元，也許2000萬美元，3000萬美元，就像25年的捐款一樣。

What's the addressable market?

潛在市場是什麼？

And I guess also in terms of that tens of millions, do you think it will be more Q1 first half or second half or kind of across the year?

我想，就這數千萬美元而言，您認為第一季上半年、下半年還是全年會更多？

So first of all, of course, we will start the launch and gradually ramp it up to production.

當然，首先我們將開始發布並逐步投入生產。

So there will be an increased revenues over the year because this is a new product.

因此，由於這是一種新產品，今年的收入將會增加。

And I think Rafi discussed it in his prepared remarks, this is a high-end product that will go side by side with the Eagle.

我認為拉菲在他準備好的演講中討論了這一點，這是一款將與 Eagle 並肩作戰的高端產品。

It will go to the higher end applications.

它將走向更高端的應用程式。

We're talking about here, obviously, inspection, what we call 2D capabilities where we are looking at much faster machine and also with the ability to see much smaller defects than we are currently, that we currently inspect on the Eagle machine.

顯然，我們在這裡談論的是檢查，我們稱之為 2D 功能，我們正在尋找更快的機器，並且能夠看到比我們目前小得多的缺陷，我們目前在 Eagle 機器上進行檢查。

So obviously, this is application such as the hybrid bonding and other applications in the advanced packaging such as the discussion, the number of bumps is going up to hundreds of millions of bumps per wafer with very fine pitch going down to five micron pitch.

顯然，這是混合鍵合等應用以及先進封裝中的其他應用（例如討論），每個晶圓上的凸塊數量將達到數億個凸塊，並且非常精細的間距降至 5 微米間距。

These are the kind of applications that this machine will address.

這些是該機器將解決的應用類型。

Rafi, do you want to add anything?

拉菲，你想補充什麼嗎？

No, I think actually, you summarized it very well.

不，我認為實際上，你總結得很好。

And okay, if they understand the road map of the customer, where they want to go or what does it mean small pitch to go from 15 micron to 5, 6 or 8 micron, what does it mean in terms of amount of bumps, all of it, you cannot do it with the current system because you need much more, I would say, better accuracy and also customers expect higher throughput.

好吧，如果他們了解客戶的路線圖，他們想去哪裡，或者從 15 微米到 5、6 或 8 微米的小節距意味著什麼，就凸塊數量而言意味著什麼，所有其中，您無法使用目前的系統來做到這一點，因為您需要更多，我想說，更好的準確性，而且客戶期望更高的吞吐量。

So this is totally a new platform that can meet this type of demand.

所以這完全是一個可以滿足這種需求的新平台。

Okay.

好的。

Maybe just one quick clarification on that.

也許只是對此進行快速澄清。

Do you think that in terms of this increased sensitivity and productivity, do you think that sort of is ushered in with HBM4 as an example and maybe more TSV interconnects?

您是否認為就靈敏度和生產力的提高而言，您是否認為以 HBM4 為例以及更多 TSV 互連會帶來這種效果？

Is that sort of an example of where these capabilities would be required?

這是需要這些能力的例子嗎？

Well, I wouldn't go now to specific applications as TSVs.

好吧，我現在不會討論 TSV 等特定應用。

But in general, the capabilities of this machine in the inspection space are far more superior than what we can achieve on our current machines.

但總的來說，這台機器在偵測領域的能力遠遠優於我們現有機器所能實現的能力。

From the total available market, definitely, it will substantially increase our total available market.

從可用市場總量來看，毫無疑問，這將大大增加我們的可用市場總量。

It's hard for us to say at this stage to take a number, but definitely, it will significantly increase it.

現階段我們很難說具體會達到多少，但可以肯定的是，它會顯著增加。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, guys.

嘿，夥計們。

Thank you for taking my question.

感謝您回答我的問題。

So this is Kyle Bleustein on for Tom.

這是凱爾·布盧斯坦 (Kyle Bleustein) 替湯姆發言。

The first question I have is last earnings, you guys kind of talked about countries investing in domestic manufacturing as one of your growth drivers, and it seems like most of your geos were up sequentially.

我的第一個問題是最近的收益，你們談到了投資國內製造業的國家作為你們的成長動力之一，而且看起來你們的大多數地區都在連續成長。

So my question is, how much of like that sequential growth was from like the memory guys in each country either increasing orders or versus some of those domestic initiatives that you guys talked about last time?

所以我的問題是，這種連續增長有多少是來自每個國家的內存人員增加訂單或與你們上次談到的一些國內舉措相比？

We're not sure that we fully understand the question.

我們不確定我們是否完全理解這個問題。

If you can just repeat it for us.

如果你能為我們重複一遍就好了。

Sure.

當然。

So like on the last earnings call, you guys mentioned sovereign growth being like a potential driver that companies invested like independent like semiconductor assets to build up their domestic manufacturing.

因此，就像在上次財報電話會議上一樣，你們提到主權成長是公司投資半導體資產等獨立資產以建立國內製造業的潛在驅動力。

So with all your geos pretty much doing better sequentially, I was curious like how much of that is from like are you seeing from those countries like initiatives for domestic manufacturing versus just some of your large like memory customers in Korea or the US increasing their own orders?

因此，隨著你們所有的地理區域相繼表現得更好，我很好奇其中有多少是來自這些國家的國內製造舉措，而不是韓國或美國的一些大型內存客戶增加了自己的生產訂單？

Like if there's like kind of sizing the split of what caused the sequential increase?

就像是否有類似的大小劃分導致連續增加的原因？

So I think our discussion on longer-term geographic diversity of manufacturing, this is something that is ongoing, but it's not something that happened this quarter.

因此，我認為我們關於製造業長期地理多樣性的討論正在進行中，但不是本季發生的事情。

And I think we will see probably new facilities in different geographies going up, it will take some time.

我認為我們可能會看到不同地區的新設施興起，這需要一些時間。

But I think definitely from a longer-term prediction, it definitely will contribute to our business, but it's not in the short term.

但我認為從更長期的預測來看，它肯定會對我們的業務做出貢獻，但不是在短期內。

Okay.

好的。

That makes a lot of sense.

這很有意義。

And then just a quick follow-up on that.

然後對此進行快速跟進。

You talked about like your new capacity that you guys are building in Europe.

你們談到了你們在歐洲建立的新能力。

What is like the total revenue number that you guys are able to support?

你們能夠支持的總收入是多少？

I think last time I have it, it was greater than $600 million.

我想上次我拿到它時，它的價值超過了 6 億美元。

Do you have like an expectation of, I know this is like a longer-term trail question, like when you might be able to get closer to filling that capacity or when you would need to increase it again?

您是否有這樣的期望，我知道這就像一個長期的追蹤問題，例如您何時能夠接近填充該容量或何時需要再次增加容量？

So at this stage, in our current capacity in our current facility, we can go over $600 million.

因此，在現階段，根據我們現有設施的現有產能，我們可以投入超過 6 億美元。

We are adding at least 10% in this European location which will happen next year.

我們將在這個歐洲地點增加至少 10%，這將在明年實現。

So this will bring us closer to $660 million, and that capacity can be grown further.

因此，這將使我們的資金接近 6.6 億美元，而且產能還可以進一步成長。

So definitely, from a capacity point of view, we don't have any limitations to grow in the foreseeable future.

因此，從容量的角度來看，在可預見的未來，我們的成長肯定沒有任何限制。

All right, awesome.

好吧，太棒了。

Thank you guys for taking my questions.

謝謝你們回答我的問題。

Craig Ellis, B Riley.

克雷格·艾利斯，B·萊利。

Yeah, thanks for taking the question guys Congratulations on the nice execution.

是的，謝謝你們提出問題，恭喜你們的出色執行。

I wanted to start just by asking a contextual question for some of the nice comments around the fourth quarter guide and the first quarter strength.

我想先詢問一個上下文問題，以了解有關第四季度指南和第一季實力的一些好評。

And that is, can you comment a little bit on what you've seen over the last three months with just pipeline discussions with customers on the chiplet and HBM side and the degree to which activity is trending versus what you saw in the first half of the year or accelerating or decelerating as we think about the implications for 2025?

也就是說，您能否評論一下您在過去三個月中所看到的情況，以及與Chiplet 和HBM 方面的客戶進行的管道討論，以及活動的趨勢程度與您在上半年所看到的情況相較於當我們思考對 2025 年的影響時，這一年是加速還是減速？

It's, obviously, there is a lot of discussions about HBM and you know how much the capacity will grow and the 2.5D substrates.

顯然，關於 HBM 有很多討論，您知道產能將增長多少以及 2.5D 基板。

From the discussions with our customers, most of the players are very optimistic and continue to add capacity.

從與客戶的討論來看，大多數廠商都非常樂觀，並持續增加產能。

So we don't see, at this stage, something that is going slow or less optimism.

因此，現階段我們沒有看到任何進展緩慢或不那麼樂觀的情況。

I think there is a lot of, the discussions are ongoing.

我認為有很多，討論正在進行中。

And then it goes to a customer by customer.

然後它會一個接一個地交給客戶。

Some are ready to commit and asking for slots.

有些人已經準備好提交並請求插槽。

Some are a little bit more hesitant.

有些人則有點猶豫。

But overall, I think the atmosphere, specifically about the HPC in general is positive.

但總體而言，我認為整體氛圍，特別是有關 HPC 的氛圍是正面的。

That's helpful, Ramy, and it clarifies some of those comments.

這很有幫助，拉米，它澄清了其中一些評論。

Are you seeing yet, because we're seeing it reported, especially, out of Eastern press, intents to pull in either HBM4 or 16 high or 20 high stacks?

你是否看到了，因為我們看到了報道，尤其是東方媒體的報道，打算拉進 HBM4 或 16 個高位或 20 個高位？

Are you seeing customers engaged at the pipeline level for those things or is that still further out in time?

您是否看到客戶在管道層面參與這些事情，或者這還需要更長時間？

I think it's a little bit further out in time.

我覺得時間上有點遠了。

I don't think there is a pulling at this stage.

我認為現階段沒有任何推動力。

Got it.

知道了。

And then looking at the color on calendar '25, continuing to reiterate growth potential, the question is, after all the attention on chiplets and HBM, can you comment on the degree to which other things, whether it's a recovery in the CMOS image sensor side of the business, things like the potential benefit from specialty materials or silicon carbide or other things are going to contribute to growth next year?

然後看日曆'25上的顏色，繼續重申增長潛力，問題是，在對chiplet和HBM進行了所有關注之後，您能否評論一下其他事情的程度，是否是CMOS圖像感測器的複蘇在業務方面，諸如特種材料或碳化矽或其他事物的潛在收益之類的事情將有助於明年的成長？

So that's interesting.

這很有趣。

You're asking, yes, it is.

你問的是，是的，是的。

Actually, CMOS image sensors is starting to, we're seeing a lot of interest, a lot of discussions from customers.

事實上，CMOS 影像感測器已經開始出現，我們看到了客戶的許多興趣和討論。

And it seems that this market is going to contribute a lot more that it has contributed over the last couple of years that this business was pretty down.

看起來這個市場將做出比過去幾年該業務相當低迷的貢獻更多的貢獻。

So definitely, there is growth there.

所以毫無疑問，那裡有成長。

I think on the fan-out, there is going to be more activities than we saw lately.

我認為在扇出方面，將會有比我們最近看到的更多的活動。

So definitely, we are seeing interest in actually shipping machines to these applications.

因此，我們確實看到了將機器實際運送到這些應用程式的興趣。

We are seeing more and more front-end applications, and we are getting more market traction and I think we will make some progress or increase our market share.

我們看到越來越多的前端應用程序，我們正在獲得更多的市場牽引力，我認為我們將取得一些進展或增加我們的市場份額。

And definitely, silicon carbide, which was very low in the last 12 months was not really in a good shape, I think it's starting to pick up.

當然，碳化矽在過去 12 個月中處於非常低的水平，但我認為它正在開始回升。

Got it.

知道了。

And is the silicon carbide point a point that dovetails with growth in China next year or is that in other regions, Ramy?

拉米，碳化矽點是否與明年中國的成長相吻合，還是與其他地區的成長相吻合？

I think it's also in China.

我想在中國也是如此。

Got it.

知道了。

Thanks guys.

謝謝你們。

I appreciate the help.

我很感激你的幫忙。

Thank you.

謝謝。

Gus Richard, Northland.

格斯·理查德，北國。

Yes, thanks.

是的，謝謝。

For taking the questions and congratulations on the strong results.

感謝您回答問題並祝賀我們取得了優異的成績。

I'm curious about the increase in demand for fan-out.

我對扇出需求的成長感到好奇。

Can you provide any more color on what that application is?

您能提供更多有關該應用程式的資訊嗎？

Is it mobile phones?

是手機嗎？

Is it regular PCs?

是普通電腦嗎？

Can you just talk a little bit about where that's coming from?

能簡單談談它的來源嗎？

This is coming and this is coming from OSATs.

這即將到來，這來自 OSAT。

And here, we don't really see the application.

在這裡，我們並沒有真正看到應用程式。

They're sort of very careful about letting you know we, sometimes they need support in the application.

他們非常謹慎地讓您了解我們，有時他們需要申請方面的支援。

Sometimes they don't even need that.

有時他們甚至不需要那個。

But what I'm seeing is more requests for fan-out.

但我看到的是更多的扇出請求。

I do not have the information about the specific applications here.

我這裡沒有關於具體應用的資訊。

Got it.

知道了。

And okay.

好吧。

I think that's it for me.

我想這對我來說就是這樣。

Thanks so much.

非常感謝。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

This is Michael Mani on for Vivek Arya.

我是邁克爾·馬尼 (Michael Mani)，代表維韋克·艾莉亞 (Vivek Arya) 發言。

Thanks for taking question.

感謝您提出問題。

So to start, it seems like it's been well-reported that one of your customers may be encountering some issues in the qualification process for their latest HBM products.

首先，據報道，您的一位客戶可能在其最新 HBM 產品的資格認證過程中遇到了一些問題。

So in the scenario that they might be unsuccessful in qualification, how should we think about any impact to your ability to grow next year?

那麼在他們可能晉級失敗的情況下，我們該如何看待對你們明年成長能力的影響呢？

And should we think about this demand potentially being made up somewhere else at another customer?

我們是否應該考慮這種需求可能會在其他客戶的其他地方得到滿足？

Thank you.

謝謝。

This is a question that we've always been asked.

這是我們一直被問到的問題。

If I can look at '24, I think all the players made investments.

如果我看看 24 年，我認為所有球員都進行了投資。

Moving forward, obviously, this may change, but then you would probably see more capacity request on the others that are serving this market.

顯然，展望未來，這種情況可能會發生變化，但隨後您可能會看到為該市場提供服務的其他公司提出了更多的容量需求。

But at least at this stage, we did not encounter any changes in our customers plans.

但至少在現階段，我們沒有遇到客戶計畫有任何變更。

But I don't think this will make a major change next year.

但我認為明年這不會有重大變化。

Thank you.

謝謝。

And just on gross margins, just what are the puts and takes for gross margins heading into next year, especially as you release these new products and they ramp into production?

就毛利率而言，明年的毛利率是多少，特別是當你發布這些新產品並投入生產時？

Should we think about those potential tailwinds given that they're coming at higher ASPs and what I'm assuming is a more margin-accretive profile?

鑑於它們的平均售價更高，而且我認為利潤率更高，我們是否應該考慮這些潛在的有利因素？

Hey, Mike, this is Moshe.

嘿，麥克，這是摩西。

In the last 1.5 years, we've made, we took certain initiatives to improve gross margin.

在過去 1.5 年裡，我們採取了一些措施來提高毛利率。

But the main factor around gross margin is, as you said, is the product mix.

但正如您所說，毛利率的主要因素是產品組合。

We are currently operating at a range of, I would say, between 50.5% to 51.5%, could be even 52%.

我想說，我們目前的營運範圍在 50.5% 到 51.5% 之間，甚至可能是 52%。

So that's kind of the range.

這就是範圍。

It will be highly impacted by the product mix.

它將受到產品組合的極大影響。

And yes, the new product offering may be gross margin-accretive, but still early to assess the contribution.

是的，新產品的推出可能會增加毛利率，但評估其貢獻還為時過早。

And yes, we did mention that we expect tens of millions of contribution.

是的，我們確實提到我們期望獲得數千萬的捐款。

But in the big picture, it's not going to be the majority.

但從大局來看，它不會佔大多數。

So it can have a slightly positive impact, but not much.

所以它可以產生輕微的正面影響，但影響不大。

All right, thank you very much.

好的，非常感謝。

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 had was, I think last quarter, you talked about the HPC contribution being 50% to 60% for the total year, and now it's 50%.

所以我的第一個想法是，我想上個季度，您談到 HPC 貢獻佔全年的 50% 到 60%，現在是 50%。

Is there something in the second half that sort of pulled it down to 50%?

下半年是否有什麼因素將其拉低至 50%？

Just trying to make sure I fully understand that change.

只是想確保我完全理解這一變化。

Hi, Vedvati, this is Ramy.

嗨，維德瓦蒂，我是拉米。

So when we looked at the beginning of the year, we had this discussion, and we said we'll do 50% to 60% in revenues for the HPC.

因此，當我們年初時，我們進行了這樣的討論，我們表示我們將 50% 到 60% 的收入用於 HPC。

At that time, the revenues we assumed for this year were lower than what we eventually finished the year, or going to finish the year with our estimates for the fourth quarter.

當時，我們假設的今年收入低於我們最終完成的收入，或低於我們對第四季的估計的年底收入。

So actually, from the numbers we anticipated that we will do for the HPC, we are very close to the target.

實際上，從我們預計為 HPC 所做的數字來看，我們非常接近目標。

And therefore, the 50% is really for the good news of the whole business this year and rather bad news, it's not a bad news for the HPC there.

因此，50%確實是今年整個業務的好消息，而不是壞消息，對那裡的HPC來說並不是壞消息。

We are really on the target that we anticipated.

我們確實達到了預期的目標。

Noted.

著名的。

The second question I had was more longer term.

我的第二個問題是更長遠的問題。

So we are transitioning into HBM3E and then potentially HBM4 maybe end of '25, '26.

因此，我們正在過渡到 HBM3E，然後可能會在 25、26 年底過渡到 HBM4。

How is this impacting the inspection or the 3D metrology intensity you're seeing on your tools?

這對您在工具上看到的檢查或 3D 計量強度有何影響？

Maybe are you seeing more color on how that's shaping up to be?

也許你對事情的發展有更多的了解嗎？

No, I don't think that we are going to see any change in the intensity.

不，我認為我們不會看到強度有任何變化。

In general, we are looking for the known good dice in this part of the business.

一般來說，我們正在尋找這部分業務中已知的好骰子。

And therefore, even if the yield changes, we still are going to inspect the entire wafer to make sure there is a known good die.

因此，即使良率發生變化，我們仍然要檢查整個晶圓，以確保有一個已知良好的晶片。

From the, what we are seeing, obviously, is that the HBMs are having more stacks, and this really means that we are going to scan more wafers.

顯然，我們看到的是 HBM 擁有更多的堆疊，這確實意味著我們將掃描更多的晶圓。

So from that point of view, as they continue into 12 and 16 stacks, this is good news for us from the business point of view.

因此，從這個角度來看，隨著它們繼續進入 12 和 16 個堆棧，從業務角度來看，這對我們來說是個好消息。

And yes, we are involved in this, in the development of these generations.

是的，我們參與了這一切，參與了這幾代的發展。

We're working very closely with our customers, trying to add more steps in inspection and metrology.

我們正在與客戶密切合作，嘗試在檢查和計量方面添加更多步驟。

And that's something ongoing that hasn't changed in the last year, and I don't think will change at least in '25.

這是去年一直沒有改變的事情，我認為至少 25 年不會改變。

Understood.

明白了。

And then on the HBM side, are you, is there a hypothesis that it's been one year where the capacities has doubled and tripled and now next year, it seems like the demand will be strong?

那麼在 HBM 方面，您是否有這樣的假設：過去一年產能增加了一倍、三倍，而現在明年需求似乎會很強勁？

Are the Korean manufacturers sort of looking for local suppliers within Korea that kind of help their process?

韓國製造商是否正在尋找韓國本土供應商來幫助他們的流程？

Is that something that's shaping up?

這是正在發生的事情嗎？

Are you seeing more competitors come out as this continues to be strong?

隨著市場持續強勁，您是否看到更多競爭對手出現？

There is, in Korea, a small competitor that we know very well.

在韓國，有一個我們非常了解的小競爭對手。

But I don't think we've known him for, I don't know, 10 years, he's been out there.

但我不認為我們認識他有十年了，我不知道，他已經在那裡了。

But no, I don't think that he is here a major contender in this market.

但不，我不認為他是這個市場的主要競爭者。

I think it's really from the, most of the business is between us and Onto, and they are also a little bit with KLA, but I think it's, we are here the main players.

我認為這確實是，大部分業務是我們和 Onto 之間的，他們也有一點與 KLA 的關係，但我認為，我們是這裡的主要參與者。

I don't think there's really anything drastic changing in the, from this point of view.

從這個角度來看，我認為並沒有真正發生任何重大變化。

And I don't see any local contenders in Korea at this stage.

現階段我在韓國還沒有看到任何本土競爭者。

Understood.

明白了。

Thank you.

謝謝。

That's all from my end.

這就是我的全部。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Hey, thanks so much.

嘿，非常感謝。

I have two questions.

我有兩個問題。

I just wanted to go back to the outlook for HPC.

我只是想回到 HPC 的前景。

I mean this has been much covered that there's lack of clean room space.

我的意思是，這已經被廣泛報道，因為缺乏無塵室空間。

If you look at the additions of (inaudible) capacity, it does seem to incrementally go up every quarter.

如果您查看（聽不清楚）容量的增加，您會發現它似乎每個季度都在逐步增加。

So I'm just kind of curious, is the equipment orders a little bit more lumpy?

所以我只是有點好奇，設備訂單是否有點混亂？

And when you say growth in March, are you expecting it to resume there or is it further in '25?

當您談到 3 月份的成長時，您預計成長會在 3 月恢復，還是會在 25 年進一步成長？

So yes, first of all, you are correct that there is also a discussion about clean room space and how they are going to make and find the capacity.

所以，是的，首先，你是對的，還有關於潔淨室空間以及他們將如何製造和找到容量的討論。

This has been ongoing in Taiwan for the past few quarters, but I think they are managing to find a place and getting hold of clean room space, and that's at least the information that I have.

過去幾個季度，這種情況在台灣一直在發生，但我認為他們正在設法找到一個地方並獲得無塵室空間，這至少是我所掌握的資訊。

And there are not too many competitors there or players there.

而且那裡沒有太多的競爭對手或玩家。

So I think from a capacity point of view, they are on track.

所以我認為從容量的角度來看，他們正在步入正軌。

I think that from the forecast that we are seeing and I said it earlier, we have very good visibility six months forward.

我認為，從我們看到的預測以及我之前所說的來看，我們對未來六個月的能見度非​​常好。

And of course, we understand how the business is going, but our visibility is not as good when we look further into next year.

當然，我們了解業務的進展情況，但當我們進一步展望明年時，我們的知名度並不那麼好。

What we are seeing today is, as we said, we gave the guidance for the fourth quarter.

正如我們所說，我們今天看到的是我們給出了第四季度的指導。

We will have sequential growth in the first quarter.

我們將在第一季實現環比成長。

And definitely, we have a positive outlook into '25 that we feel that it will be, and we expect it to be a growth year.

當然，我們對 25 年抱持著積極的展望，我們認為這將是，我們預計它將是成長的一年。

And this is more or less what we can really see today or can discuss it.

這或多或少是我們今天真正能看到或可以討論的。

I mean more details about it.

我的意思是有關它的更多細節。

I think things will become more clear as we go into the beginning of, finish this year, get into the beginning of next year, people will make their plans.

我認為，當我們進入年初、今年結束、進入明年初時，事情會變得更加清晰，人們將製定他們的計劃。

And obviously, the picture will get clearer.

顯然，情況會變得更加清晰。

But always, it's around two quarters ahead that we really have a very good closure and understanding of the situation.

但總是在大約兩個季度之後，我們才真正對情況有了很好的了解和了解。

Thanks.

謝謝。

And then maybe I'll inverse the question for my second one.

然後也許我會顛倒第二個問題的問題。

Just if HBM, it sounds like you're not seeing a huge pickup even in Q1.

就 HBM 而言，聽起來即使在第一季也沒有看到巨大的回升。

So can you talk about the strength you're seeing outside of HPC, particularly September quarter?

那麼您能否談談您在 HPC 之外看到的優勢，尤其是 9 月季度的優勢？

I think you mentioned compound semis.

我想你提到了複合半成品。

What else grew in kind of September?

九月還有什麼生長？

Where are you seeing the strength that's giving you this growth while you wait for HBM to reaccelerate?

當您等待 HBM 重新加速時，您在哪裡看到了為您帶來這種增長的力量？

So first of all, let's clear it.

首先，讓我們澄清一下。

HBM is on track and the business is healthy into the first quarter.

HBM 步入正軌，第一季業務健康發展。

As we said, the fourth and the first quarter is HPC, which includes the chiplet business and the HBM, both are healthy.

正如我們所說，第四季和第一季是HPC，包括chiplet業務和HBM，都很健康。

Where we are seeing, we're starting to see some pickup in others, as I said, CMOS image sensor is picking up, fan-out, and other smaller applications that we have and definitely, so we see a lot of interest from many other customers, a lot of 1s and 2s.

正如我所說，CMOS 影像感測器正在拾取、扇出以及我們擁有的其他較小應用，因此我們看到許多人對此非常感興趣其他顧客，很多1和2。

We're shipping machines to about close to 40 machines every, close to 40 customers every quarter.

我們每季向大約 40 台機器、近 40 個客戶運送機器。

So we have a lot of smaller players that are starting to buy equipment for all kind of applications.

因此，我們有許多較小的參與者開始購買用於各種應用的設備。

And obviously, a few big ones for the HPC and other applications that obviously take a larger number of machines.

顯然，對於 HPC 和其他應用程式來說，有一些大型應用程式顯然需要更多的機器。

So if we look at the entire picture, this is where our positive outlook is coming from.

因此，如果我們縱觀全局，這就是我們積極的前景的來源。

Thank you.

謝謝。

And that will end the question-and-answer session.

問答環節就此結束。

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

在我把時間交還給拉菲之前，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。

I would like to thank everybody for joining this call and hand back to Rafi for his closing statements.

我要感謝大家參加這次電話會議，並請拉菲作結語。

Okay.

好的。

I 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 especially to thank 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 talking with you again next quarter.

我期待下個季度再次與您交談。

Thank you and goodbye.

謝謝你，再見。