Camtek Ltd (CAMT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Cantex Results Zoom webinar. My name is Kenny Green, and I'm part of the investor relations team at Camtek. All participants other than the presenters are currently muted. Following the presentation, I will provide some instructions for participating in the live question and answer session.

女士們、先生們，感謝你們的支持。我歡迎大家參加 Cantex Results Zoom 網路研討會。我叫肯尼‧格林 (Kenny Green)，是 Camtek 投資人關係團隊的成員。除演示者之外的所有參與者目前均被靜音。演講結束後，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 Cane's website from tomorrow. You should have all received by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, Camtek's CEO, Mr. Moshe Eisenberg, Camtec's CFO, and Mr. Raylanga, Camtec's CEO.

我想提醒大家，本次電話會議正在錄音，錄音將於明天在 Cane 的網站上發布。大家現在應該都已經收到該公司的新聞稿了。如果沒有，請到公司網站查看。今天與我一起參加電話會議的還有 Camtek 執行長 Rafi Amit 先生、Camtec 財務長 Moshe Eisenberg 先生和 Camtec 執行長 Raylanga 先生。

Ray will open by providing an overview of Camex's results and discuss recent quarterly trends. Moshe will then summarize the financial results of the quarter. Following that, Ray, Moser, and Rami will be available to take your questions.

Ray 將首先概述 Camex 的業績並討論最近的季度趨勢。隨後，Moshe 將總結本季的財務結果。之後，Ray、Moser 和 Rami 將回答您的問題。

Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the Federal securities laws. Those statements are subject to a range of changes, risks, and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Camex's results, I would encourage you to review our earnings release and SEC filings. And specifically, the forward-looking statements and risk factors identified in Camtek's 2024 annual results, PR and other such risk factors discussed in the in the latest annual report on Form 20, as published on March 21, 2025. Camtek does not undertake the obligation to update those forward-looking statements in light of new information or future events.

在我們開始之前，我想提醒您，管理階層在本次電話會議上所作的陳述將包含聯邦證券法所定義的前瞻性陳述。這些聲明受到一系列變更、風險和不確定性的影響，可能導致實際結果發生重大差異。有關可能影響 Camex 業績的風險因素的更多信息，我建議您查看我們的收益報告和 SEC 文件。具體而言，Camtek 2024 年年度業績中確定的前瞻性陳述和風險因素、PR 以及 2025 年 3 月 21 日發布的最新 20 表年度報告中討論的其他此類風險因素。Camtek 不承擔根據新資訊或未來事件更新這些前瞻性聲明的義務。

Today's discussion of the financial results will be presented on a non-gap financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-gap financial measures and results can be found in today's earnings release.

除非另有說明，今天對財務結果的討論將以非差距財務為基礎呈現。提醒一下，您可以在今天的收益報告中找到 GAAP 和非差距財務指標和結果之間的詳細對帳。

And now I'd like to hand the call over to Rafi, I mean Camtek's CEO. Rafi, please go ahead.

現在我想把電話交給拉菲，我是說 Camtek 的執行長。拉菲，請繼續。

Okay, thanks, Kenny.

好的，謝謝，肯尼。

Hello everyone. Come to conclude the first quarter with record performance. Q1 revenues reach [USD119 million] (sic – see press release, "USD118.6 million") reflecting a year over year increase of more than 20%. The quarter also saw a significant improvement in gross margin which rose to over 52%, contributing to a record operating income of over USD37 million a nearly 30% increase compared to the same period last year. The distribution of revenue was 45% to 50% from high performance computing applications and about 20% from other advanced packaging applications.

大家好。以創紀錄的業績結束第一季。第一季營收達到 [1.19 億美元]（原文如此 - 請參閱新聞稿「1.186 億美元」），年成長超過 20%。本季毛利率也顯著提升，升至52%以上，營業收入創歷史新高，超過3,700萬美元，較去年同期成長近30%。收入分佈中，45%至50%來自高效能運算應用，約20%來自其他先進封裝應用。

The remaining revenue was distributed among CMOS image sensor, compound semiconductor, front-end applications, and general 2D applications. As OSA began producing modules for the HPC market, it is challenging to determine which of our systems installed at OSATs were specifically intended for HPC modules versus other advanced packaging applications. As a result, we are providing a range.

剩餘收入分佈在CMOS影像感測器、化合物半導體、前端應用和通用2D應用之間。隨著 OSA 開始為 HPC 市場生產模組，確定我們在 OSAT 上安裝的哪些系統專門用於 HPC 模組以及其他先進的封裝應用是一項挑戰。因此，我們提供一系列的產品。

During the quarter, we sold systems to over 35 different customers, with many purchasing only 1 or 2 tools. This highlights the robustness and diversity of our business model. There is a broad consensus that the tariff policy and the geopolitical situation have created some uncertainties in the market environment. However, The tariff policy does not directly affect us in any material way, as most of our sales are not targeted at the US market and our manufacturing is based in Israel and Europe. That said, the geopolitical issues and tariff policy have been raising concerns, particularly regarding their potential negative impact on the global economy and the demand for end products containing electronic components and therefore affects visibility in our market.

在本季度，我們向超過 35 個不同的客戶銷售了系統，其中許多客戶只購買了 1 或 2 個工具。這凸顯了我們商業模式的穩健性和多樣性。人們普遍認為，關稅政策和地緣政治局勢為市場環境帶來了一些不確定性。然而，關稅政策不會對我們產生任​​何實質的直接影響，因為我們的大部分銷售並非針對美國市場，而且我們的製造基地位於以色列和歐洲。話雖如此，地緣政治問題和關稅政策一直引起人們的擔憂，尤其是它們對全球經濟和含有電子元件的最終產品的需求可能產生的負面影響，從而影響我們市場的知名度。

Regarding the impact on Comtek business, currently we have not seen any impact on our business in terms of delays or order cancellation. We have customer base spread across different regions and we have technological leadership and maintained competitiveness.

關於對 Comtek 業務的影響，目前我們還沒有看到任何延遲或訂單取消對我們的業務的影響。我們的客戶群遍佈不同地區，擁有技術領先地位並保持競爭力。

Regarding our guidance, we continue to see strong momentum heading into the 2nd quarter and based on current orders, our pipeline and ongoing customer. Engagement. We are guiding you to 2025 revenue in the range of USD120 million to USD123 million representing approximately 18% year over year growth compared to the second quarter of 2024. In addition, we have a healthy backlog for Q3 and expect a solid quarter.

關於我們的指導，我們繼續看到第二季的強勁勢頭，並基於當前的訂單、我們的管道和現有客戶。訂婚。我們預計 2025 年的營收將在 1.2 億美元至 1.23 億美元之間，與 2024 年第二季相比年增約 18%。此外，我們第三季的積壓訂單充足，預計本季業績將保持穩健。

Regarding HPC segments. We continue to see ongoing investment in the HPC segment with different differing momentum across regions, some experiencing slower investment while others progress at a faster pace. Our customers, including Aussat, are consistently. Expanding their capacity in both quarks, quarks-like technologies, as well as HBM. Our primary growth. Engine for the upcoming years will be advanced packaging, particularly in high performance computing, supporting the AI applications. New technologies are expected to be introduced, for example, HBM device makers are preparing for higher memory content as well as transition to HBM for next year. The outcome is expected to drive new tools requirements with better technical capabilities.

關於 HPC 部分。我們繼續看到 HPC 領域的持續投資，不同地區的投資動能不同，有些地區的投資速度較慢，而其他地區的投資速度則較快。我們的客戶，包括 Aussat，始終如一。擴大其在夸克、類夸克技術以及 HBM 方面的容量。我們的主要成長。未來幾年的引擎將採用先進的封裝，特別是在高效能運算領域，支援人工智慧應用。預計將會推出新技術，例如，HBM 設備製造商正在為更高的記憶體容量以及明年向 HBM 的過渡做準備。預計這一結果將推動具有更好技術能力的新工具需求。

We believe we are in a very strong competitive position supported by the successful launch of two new models, the Eagle G5 and the Hawk, both of which have been extremely well received and highly valued by our customers. These two models bring cutting edge technology to the market, and we expect them to account for a significant portion of our revenue this year. This is a significant milestone reflecting the strong confidence our customers have in our latest technologies.

我們相信，在兩款新車型 Eagle G5 和 Hawk 的成功推出的支持下，我們處於非常強勁的競爭地位，這兩款車型都受到了客戶的熱烈歡迎和高度評價。這兩種型號為市場帶來了尖端技術，我們預計它們將占我們今年收入的很大一部分。這是一個重要的里程碑，反映了客戶對我們最新技術的強烈信心。

A note worthy example of our customers' recognition and support of our technology is the recently announced Intel EPIC supplier award. The Intel EPIC award honor top performances in Intel supply chain for their commitment to EPIC performance. Excellent, Partnership, Inclusion, and Continuous improvement. Out of thousands of Intel suppliers globally, only a few 100 qualify to participate in the EPIC supplier program. To earn the Intel Epic supplier award, companies must not only meet. But exceed Intel's highest expectations and achieve ambitious strategic objectives that align with Intel core priorities.

我們最近宣布的英特爾 EPIC 供應商獎就是客戶對我們技術的認可和支持的一個值得注意的例子。英特爾 EPIC 獎旨在表彰英特爾供應鏈中對 EPIC 表現做出傑出貢獻的企業。卓越、合作、包容和持續改進。在全球數千家英特爾供應商中，只有幾百家有資格參與 EPIC 供應商計畫。要獲得英特爾 Epic 供應商獎，企業不僅要滿足要求。但超越英特爾的最高期望並實現與英特爾核心優先事項一致的雄心勃勃的戰略目標。

In conclusions, we are fully aware of the global business uncertainty, and we remain in close dialogue with our customers to continuously assess and monitor the situation. However, I believe that Comtek diversify customer base, technological edge, and our strong market position in the advanced packaging market provide us with great resilience compared to our peers.

總而言之，我們充分意識到全球商業的不確定性，並且我們將繼續與客戶保持密切對話，以不斷評估和監控情況。然而，我相信，Comtek 多樣化的客戶群、技術優勢以及我們在先進封裝市場的強大市場地位，使我們比同行具有強大的韌性。

We are a leading provider of AI system offering highly competitive capabilities in the advanced packaging market with a particular focus on the fastest growing segment of the HPC. Our customer base is geopolitically diverse, and we are Proud to serve over 200 active customers worldwide. The unique combination of scale and flexibility is a key reason why many customers choose to work with us over larger competitors who are often are often slower to respond.

我們是領先的人工智慧系統供應商，在先進封裝市場提供極具競爭力的能力，尤其專注於 HPC 中成長最快的領域。我們的客戶群遍佈地緣政治，我們很自豪能夠為全球 200 多個活躍客戶提供服務。規模和靈活性的獨特組合是許多客戶選擇與我們合作而不是與通常反應較慢的大型競爭對手合作的關鍵原因。

And now Moshe will review the financial results, Moshe.

現在 Moshe 將審查財務結果，Moshe。

Thank Rafi. First quarter revenues came in at a record USD118.6 million an increase of 22% compared with the first quarter of 2024. The geographic revenue split for the quarter was Asia 91% and the rest of the world 9%. Gross profit for the quarter was USD61.8 million. The gross margin for the quarter was 52.1% and improvement. From 50.6% reported both in the first quarter of last year and previous quarter. This is on the high end of our range, supported by a favorable mix in the quarter.

謝謝拉菲。第一季營收達到創紀錄的 1.186 億美元，與 2024 年第一季相比成長 22%。本季的地理收入分佈為亞洲佔 91%，世界其他地區佔 9%。本季毛利為6180萬美元。本季毛利率為52.1%，有所改善。去年第一季和上一季均報告了這一情況的受訪者比例為 50.6%。這是我們產品範圍的高端，並受到本季有利產品組合的支持。

Operating expenses. In the quarter were USD24.4 million compared to USD20.2 million in the first quarter of last year and USD23.1 million in the previous quarter. In the last few quarters, we have been increasing our R&D and sales and (inaudible) expenses to support the growth in revenue. Operating profit in the quarter was USD37.3 million compared to the USD29 million reported in the first quarter of last year and USD36.3 million in the fourth quarter. The increase is due to the increase in gross profit partially offset by the increasing operating expenses.

營業費用。本季為 2,440 萬美元，而去年第一季為 2,020 萬美元，上一季為 2,310 萬美元。在過去的幾個季度中，我們一直在增加研發和銷售以及（聽不清楚）費用以支持收入的成長。本季營業利潤為 3,730 萬美元，而去年第一季為 2,900 萬美元，第四季為 3,630 萬美元。成長的原因是毛利增加，但被營業費用增加部分抵銷。

Operating margin was 31.5% compared to the 29.9% and 30.9% respectively. Financial income for the quarter was USD5.4 million a decrease from the USD5.6 million reported last year and from the USD6.2 million in the previous quarter. The decrease was caused by exchange rate differences versus the US dollars. Net income in the first quarter of 2025 was USD38.7 million or USD0.79 per diluted share. This is compared to a net income of USD31.3 million or USD0.64 per share in the 1st quarter of last year. Total diluted number of shares as of the end of the first quarter was USD49.3 million.

營業利益率為 31.5%，而去年同期分別為 29.9% 和 30.9%。本季財務收入為 540 萬美元，低於去年同期的 560 萬美元和上一季的 620 萬美元。下降是由於與美元的匯率差異造成的。2025年第一季淨收入為3,870萬美元，即每股攤薄收益0.79美元。相比之下，去年第一季的淨收入為 3,130 萬美元，即每股 0.64 美元。截至第一季末，總攤薄股份數為4,930萬美元。

Turning to some high-level balance sheet and cash flow metrics, we generated USD23.6 million in cash from operations in the quarter, cash and cash equivalents including short and long-term deposits and marketable securities.

轉向一些優先資產負債表和現金流指標，我們在本季從營運活動中產生了 2,360 萬美元的現金，現金和現金等價物包括短期和長期存款以及有價證券。

As of the end of the quarter were USD523 million. This compared with USD501 million at the end of the 4th quarter. Inventory level increased to USD141.5 million from 123.1. The increase over the quarter is mainly a result of building inventory for the two newly introduced products, the Eagle Gen 5 and Hawk, to support their sales in the coming quarters, which is expected to be significant. Accounts receivable remains stable at around USD100 million which represents 77 days outstanding. As Rafi said before, we expect revenue of between USD120 to USD123 million in the second quarter.

截至本季末為5.23億美元。相比之下，第四季末這一數字為 5.01 億美元。庫存水準從 1.231 億美元增至 1.415 億美元。本季的成長主要歸因於為兩款新推出的產品 Eagle Gen 5 和 Hawk 建立庫存，以支持未來幾季的銷售，預計未來幾季的銷售將非常可觀。應收帳款維持穩定，約 1 億美元，未償還天數為 77 天。正如拉菲之前所說，我們預計第二季的營收將在 1.2 億美元至 1.23 億美元之間。

And with that, Rafi, I mean, I will be open to take your question. Kenny?

拉菲，我願意回答你的問題。肯尼？

Thank you, Moshe. At this time, we'll begin the question-and-answer session. If you have a question, please raise your hand by the Zoom platform. I will introduce you and ask you to unmute, after which you may ask your questions. As you have a lot of people on the call, I will take a few moments to call for your questions.

謝謝你，摩西。現在，我們將開始問答環節。如果您有任何問題，請在 Zoom 平台上舉手。我將為您介紹情況並請您取消靜音，然後您可以提出問題。由於電話裡有很多人，我將花一些時間來回答你們的問題。

Our first question will be from Charles Shi of Needham. Charles, please go ahead.

我們的第一個問題來自 Needham 的 Charles Shi。查爾斯，請繼續。

Thanks, Kenny. Good afternoon, Rafi Moshe Rami. The first question, your competitor reported not long ago, and they talked about KLA, your largest process control competitor. Coming into their field more around the sub micron defect detection, I believe it's part of the 2D AOI market and especially around HPC type of applications. Do you or do you not worry about larger competitors like KOA coming after your market, especially 3D metrology would love to hear some of your insights. Thank you.

謝謝，肯尼。下午好，拉菲·莫舍·拉米。第一個問題，你們的競爭對手不久前做了報告，談到了你們最大的製程控制競爭對手KLA。他們的領域更多地圍繞著亞微米缺陷檢測，我相信它是 2D AOI 市場的一部分，特別是圍繞 HPC 類型的應用。您是否擔心像 KOA 這樣的大型競爭對手會搶佔您的市場，尤其是 3D 計量領域，我很想聽聽您的一些見解。謝謝。

Ramy, could you?

拉米，你可以嗎？

Yes. I will address it. So, hi Charles, and thank you for the question. And we've already engaged with KLA on multiple occasions and have consistently demonstrated that our systems are highly competitive. The advanced packaging is a highly dynamic market and demands equipment customizations and I would say very rapid responses. We are Camtek is a mid-sized company.

是的。我會解決這個問題。嗨，查爾斯，謝謝你的提問。我們已經多次與 KLA 合作，並始終證明我們的系統具有強大的競爭力。先進封裝是一個高度活躍的市場，需要設備定制，而且我認為需要非常快速的響應。我們是 Camtek，是一家中型公司。

And as such, it is well positioned to better meet the specific requirements of this unique market. On top of it, our latest products, the Hawk and the Eagle G5, offer competitive advantages and we are confident in our ability to continue and expand our business and market share in this in, and facing the competition coming from KLA. And I would, I want to summarize it again, we have a unique combination of scale and flexibility that is a key reason why many customers choose to work with us over the large competitors who are often slower to respond.

因此，它能夠更好地滿足這個獨特市場的特定需求。最重要的是，我們的最新產品 Hawk 和 Eagle G5 具有競爭優勢，我們有信心繼續擴大我們的業務和市場份額，並面對來自 KLA 的競爭。我想再次總結一下，我們擁有規模和靈活性的獨特組合，這是許多客戶選擇與我們合作而不是與通常反應較慢的大型競爭對手合作的關鍵原因。

Thank you, Rami. Another question, roughly, I think you talked about HBM4, new technical requirement. I want to ask you, or anyone on your team, how do you think about the product positioning in HBM4, is because you have two new products, Eagle G 5 versus Hawk. And as I understand the ASP throughput are very different between those two platforms and more importantly, I think going to HBM4 as your customers look to, I mean, either upgrade the technology, expand capacity, do you think they're going to lean towards buying new tools from you? especially the new platforms, or do you provide a potentially upgrade path for them to maybe upgrade the existing install base to really meet the new technical requirement. Thank you.

謝謝你，拉米。另一個問題，大致上，我認為您談到了 HBM4，新的技術要求。我想問您，或您團隊的任何人，您如何看待HBM4的產品定位，因為您有兩款新產品，Eagle G 5與Hawk。據我了解，這兩個平台之間的 ASP 吞吐量差異很大，更重要的是，我認為當您的客戶希望轉向 HBM4 時，無論是升級技術還是擴展容量，您認為他們會傾向於從您那裡購買新工具嗎？尤其是新平台，或者您是否為他們提供了潛在的升級路徑，以便升級現有的安裝基礎，並真正滿足新的技術要求。謝謝。

So, Charles, people here buy new equipment, they don't tend to upgrade the current equipment, but I think we are in a very good position. No doubt some customers will want the Hawk in order to provide the best possible performance and specifically throughput, at a lower footprint. That's definitely an advantage and one of the reasons we developed the Hawk. So I think there will be a combination of those customers for specific applications that will take the Hawk. Well, I think the eagle with its, very large install base in this market, I believe some of the customers will still want to go with the new versions of the eagle. So, I think this even puts us in a much better position compared with our competitors that we are here really with multiple selections or multiple products approach as we enter this market.

所以，查爾斯，這裡的人們購買新設備，他們不傾向於升級現有設備，但我認為我們處於非常有利的地位。毫無疑問，一些客戶希望 Hawk 能夠以較小的佔用空間提供最佳的效能和特定的吞吐量。這絕對是優勢，也是我們開發 Hawk 的原因之一。所以我認為，針對特定應用程式的客戶將會選擇 Hawk。嗯，我認為 Eagle 在這個市場上擁有非常大的安裝基礎，我相信有些客戶仍然會想要購買新版本的 Eagle。因此，我認為這甚至使我們與競爭對手相比處於更有利的地位，因為我們在進入這個市場時確實採用了多種選擇或多種產品的方式。

Thank you. Maybe lastly, do you want to, this, every quarter, I think some of us going to ask this question. HPC revenue, 45% to 50% of the total revenue Q1. What's the current view for the full year? How much, will HPC account for the total revenue for the on the full year basis, based on the current outlook, right now. Thank you.

謝謝。也許最後，你想嗎，每個季度，我想我們中的一些人都會問這個問題。HPC收入，佔Q1總收入的45%到50%。目前對全年的看法如何？根據目前的展望，HPC 將佔全年總收入的多少？謝謝。

So, it's very hard to talk, how look, but at least in the foreseeable future, I think we'll be in a similar range. This can differ from a quarter to quarter, it's really based on shipments, but overall, the HPC continues to be a (inaudible) of us and we see the growth potential and there's no further comments on it.

所以，這很難說，看起來如何，但至少在可預見的未來，我認為我們會處於相似的範圍內。這可能因季度而異，它實際上取決於出貨量，但總體而言，HPC 仍然是我們的（聽不清楚）重點，我們看到了成長潛力，對此沒有進一步的評論。

Thanks.

謝謝。

Thanks, Charles. Our next question is going to be from Matt Prisco from Cantor Fitzgerald. Matt, you may go ahead and talk.

謝謝，查爾斯。我們的下一個問題來自 Cantor Fitzgerald 的 Matt Prisco。馬特，你可以繼續說。

Hey guys, thanks for taking the question. So, with the healthy backlog that you the 3Q, how are you now think about growth overall into the back half of the year? And can you maybe walk us through the primary puts and takes you thinking through today and perhaps what type of visibility you have from customers at this point? Thanks.

嘿夥計們，謝謝你們回答這個問題。那麼，鑑於第三季的積壓訂單狀況良好，您現在如何看待今年下半年的整體成長？您能否向我們介紹一下您今天思考的主要內容以及目前您對客戶的了解程度如何？謝謝。

So I think we said it very clearly in our prepared notes and I won't be able to share more light, but we gave the guidance of increased revenues in the 2nd quarter there obviously we really understand where the business is going to. As we go into the 3rd quarter, we see a solid business as well, the backlog, the pipeline, and so we feel very comfortable about this as well. To go beyond that, it is very hard in our business, and we will be in a better position to discuss the 4th quarter, I believe, in a couple of months.

所以我認為我們在準備好的筆記中已經說得很清楚了，我無法分享更多信息，但我們給出了第二季度收入增加的指導，顯然我們確實了解業務的發展方向。進入第三季度，我們也看到了穩健的業務、積壓訂單、管道，因此我們對此感到非常放心。要超越這一點，我們的業務就會非常困難，我相信，幾個月後我們將能夠更好地討論第四季。

Thank you. And then maybe an update on where you stand on your new products. It sounds like you're calling for now significant revenue in 2025 sounds like a little more than three months ago and you're talking tens of millions outlined previously. So, I guess what is, what has changed versus three months ago there? If you talk about any new orders, customer feedback, new applications that may be opening, any additional call would be great. Thank you.

謝謝。然後也許會更新一下您對新產品的立場。聽起來您現在所呼籲的 2025 年的可觀收入聽起來就像是三個多月前的事情了，而您所說的是之前概述的數千萬美元的收入。那麼，我想問一下，跟三個月前相比，那裡有什麼改變嗎？如果您談論任何新訂單、客戶反饋、可能開放的新應用程序，任何額外的電話都會很棒。謝謝。

So definitely on this, on the new products aspect, definitely we have a lot of good news. I think we're seeing performance as we expected from the new machines that are really meeting exactly the specification in certain cases, even, do even better than what we expected. So yes, customers are We are continuing to order, we've received more orders for both products. I think on the G5, definitely it provided us a few advantages over the competition in areas that we felt that we were not strong enough. And I think the market is reacting very positively for it and specific applications we are able to take more business than we expected previously.

因此，就新產品方面而言，我們肯定有很多好消息。我認為我們看到的新機器的性能正如我們所預期的那樣，在某些情況下，它們確實完全符合規格，甚至比我們預期的還要好。是的，客戶正在繼續訂購，我們已經收到了兩種產品的更多訂單。我認為 G5 確實在我們認為自己不夠強大的領域為我們提供了一些競爭優勢。我認為市場對此的反應非常積極，並且在特定應用方面我們能夠獲得比我們之前預期更多的業務。

And on the Hawk, yes, it's gone through application and through the evaluations. We got excellent feedback from our customers, we got orders and we're shipping them and as we said, it will be significant revenues in this year for both product lines. Both product lines will be, will produce significant revenues and that's definitely a great result. And it shows also what we discussed a quarter ago that our customers have confidence in products that we bring to the market and we definitely are showing it and we are shipping those products as we speak.

是的，對於 Hawk 來說，它已經通過了應用和評估。我們從客戶那裡得到了極好的回饋，我們收到了訂單並正在發貨，正如我們所說的，今年這兩條產品線的收入都將十分可觀。這兩條產品線都將產生可觀的收入，這絕對是一個很好的結果。這也顯示了我們一個季度前討論過的內容，即我們的客戶對我們推向市場的產品充滿信心，我們肯定會展示這一點，並且我們正在運送這些產品。

Great, thank you.

太好了，謝謝。

Thanks, Matt. Our next question is from Tom O'Malley from Barclays. Tom, you may go ahead and ask.

謝謝，馬特。下一個問題來自巴克萊銀行的湯姆·奧馬利。湯姆，你可以繼續問。

Hey guys, this is Kyle Lusinon for Tom O'Malley. Thank you for taking our question. So on the gross marginal front, you guys talked about being a higher point with new mix. Can you kind of talk about some of the puts and takes going forward and especially as you ramp these new product lines when you expect them to be creative to margins and kind of how that shapes through the year?

大家好，我是 Tom O'Malley 的 Kyle Lusinon。感謝您回答我們的問題。因此，在毛利率方面，你們談到了透過新的組合實現更高的水準。您能否談談未來的一些利弊，特別是當您增加這些新產品線時，您預計它們會對利潤率產生積極影響，以及這些影響將如何影響全年的利潤率？

Okay, so.

好的，那麼。

We, we've mentioned in the preferred remarks that the cross marginal improvement is a result of the product mix, we expect next quarter to be within the 51 to 52% range as well. And as we are starting to ship more and more units from the new, products, both the G5 and the Hawk. This will have a positive contribution to the gross margin gradually, so we expect to see, a more significant improvement, to the gross margin only next year, but still, we are definitely on the high end of, the gross margin level.

我們在優先備註中提到，交叉邊際改善是產品組合的結果，我們預計下個季度也將在 51% 至 52% 的範圍內。隨著我們開始出貨越來越多的新產品，包括 G5 和 Hawk。這將逐漸對毛利率產生積極的貢獻，因此我們預計明年毛利率將有更顯著的改善，但我們的毛利率肯定處於較高水平。

Very helpful. Thank you. And then for my follow up on the tariff point, you guys mentioned that you're not really seeing any headways from your business just based off of your manufacturing locations and your customer mix. On the flip side, you guys see like opportunities for share gains versus some of your competitors that may be having more impacts from tariffs or uncertainty in this environment.

非常有幫助。謝謝。然後，關於關稅問題的後續問題，你們提到，僅從製造地點和客戶組合來看，你們的業務並沒有真正取得任何進展。另一方面，與一些可能受到關稅或當前環境下不確定性影響更大的競爭對手相比，你們看到了市場份額增長的機會。

I, first of all, you, you've seen the news. I mean, this is something that is changing every day and I think in this case there is a 90 days truce by truce, that they decided only to go down to 10% or whatever the numbers are. So definitely this is something that is changing. We don't see any competitive advantage here or anything that is going to change the picture, and we are monitoring the situation.

我，首先，你已經看過這則新聞了。我的意思是，這是每天都在變化的事情，我認為在這種情況下，有一個為期 90 天的休戰協議，他們決定只將比例降至 10% 或其他數字。所以這肯定是正在發生改變的事情。我們在這裡看不到任何競爭優勢或任何可以改變現狀的因素，我們正在密切關注事態發展。

Thank you.

謝謝。

Thanks. Our next question is going to be from Blayne Curtis of Jeffries'. Blayne, please go ahead.

謝謝。我們的下一個問題來自 Jeffries 公司的 Blayne Curtis。布萊恩，請繼續。

Hey guys, thanks for taking my question. I wanted to go back to HBC, I think you mentioned maybe you can talk about HBM versus kind of outlook, and you mentioned some different geographic trends. It seems like one of the Korean customers is digesting. Is that what you're seeing and I guess in HBM, are you seeing strength elsewhere?

嘿夥計們，謝謝你們回答我的問題。我想回到 HBC，我想您提到也許您可以談談 HBM 與某種觀點，並且您提到了一些不同的地理趨勢。看起來其中一位韓國顧客正在消化。這就是您所看到的嗎？我想在 HBM 中，您是否看到了其他地方的優勢？

Well, these are two questions while I try and bundle them. So obviously, our expectations in both applications, both markets are based on discussions with customers, market analysts, and, trying and understanding where this market is going. So, if I look at the HBM definitely there is growth going to be in the forthcoming years and you know the application today is the It's primarily the AI, the server-based AI, which continues to fuel, the HBM DRAM needs and also in this case also the CoWoS. But if you go down the road and look at the longer term, they are going to be consumer devices such as AI powered laptops, smartphones, they're going to enter the market, and these emerging applications are still today in the early stages, but they're expected to generate substantial demand in the longer term.

好吧，這是我嘗試將它們綁在一起的兩個問題。因此，顯然，我們對這兩個應用、這兩個市場的期望都是基於與客戶、市場分析師的討論，以及嘗試了解這個市場的發展方向。因此，如果我看一下 HBM，肯定會發現未來幾年會有所成長，而且你知道今天的應用主要是 AI，基於伺服器的 AI，它將繼續推動 HBM DRAM 的需求，在這種情況下還有 CoWoS。但如果你從長遠角度看，它們將成為消費設備，例如人工智慧筆記型電腦、智慧型手機，它們將進入市場，這些新興應用目前仍處於早期階段，但預計它們將在長期內產生大量需求。

Now again, so this is one aspect. Then there is the transition for HBM3 to HVM4. Now, this brings additional opportunities with more inspection and metrology steps in the manufacturing process. And when you look at the HBM in 2027, there is going to be a major change in the density of the memory. Again, that's going to be a very big opportunity for added capacity. And I think on the CoWoS, the good news and I see, I think as we said, as Rafi said in the prepared notes, there is the move from, today the main foundries that dominates the CoWoS capacity to the OSATS. We are already getting business from OSATS that are doing similar technologies. So definitely both of these applications are tied together. We are very optimistic about this market, and I want to say something specifically about the HBM. We're shipping tools to HBM for 3D metrology and 2 the inspection in 2025 and we're expecting to ship in 2026 as well.

再說一遍，這是一個面向。然後是 HBM3 到 HVM4 的轉變。現在，這為製造過程中更多的檢查和計量步驟帶來了額外的機會。當你看到 2027 年的 HBM 時，你會發現記憶體密度將會發生重大變化。再一次，這將是增加產能的一個巨大機會。我認為就 CoWoS 而言，好消息是，正如我們所說的，正如 Rafi 在準備好的筆記中所說，今天，主要代工廠從主導 CoWoS 產能轉向 OSATS。我們已經從從事類似技術的 OSATS 獲得了業務。所以這兩個應用程式肯定是連在一起的。我們對這個市場非常樂觀，我想特別談談HBM。我們將於 2025 年向 HBM 運送用於 3D 計量和 2 次檢查的工具，我們預計也將在 2026 年發貨。

So all in all, the two, the building blocks of the HPC are both healthy, of course, it's early, it's too early enough to talk about the growth rates every year, but if we look at the long term, both segments are going to grow significantly over the foreseeable future.

總而言之，這兩個 HPC 的基石都是健康的，當然，現在談論每年的增長率還為時過早，但如果我們著眼於長遠，這兩個部分在可預見的未來都將實現顯著增長。

Thanks for that. And then maybe I wanted to ask about the trends outside of advanced packaging. I guess if I did the math right, it seems like in the March quarter it was up 20%. Can we just talk about where you're seeing strengths and kind of your outlook as you look to the June quarter?

謝謝。然後我可能想問先進封裝之外的趨勢。我想，如果我沒算錯的話，三月季度它似乎上漲了 20%。我們能否談談您認為六月季度的優勢以及您的前景？

So, if we look outside of just the, 45% to 50%, so definitely there is the advanced packaging. And that's anywhere between 15% to 20% additional business and this goes to the conventional applications and if it is fan out, it's still a strong market, and there are other applications for bump inspection and so forth. So these are applications that will continue to grow and no doubt this is a business we're going to enjoy in the foreseeable future. And then there is something 35%, what I call 2D applications. And it goes from general studio application to front end, still compound semi and even got some, a bit of SIMO image sensors, that's a business that they sort of picking up a little bit this year.

因此，如果我們不只關注 45% 到 50%，那麼肯定存在先進封裝。這意味著 15% 到 20% 的額外業務，這些業務都涉及傳統應用，如果擴散開來，它仍然是一個強大的市場，並且還有其他應用，例如碰撞檢查等等。因此，這些應用程式將會持續成長，毫無疑問，這是我們在可預見的未來將會享受的業務。還有 35% 左右，我稱之為 2D 應用程式。它從一般的工作室應用擴展到前端，仍然是複合半導體，甚至還有一些 SIMO 影像感測器，這是他們今年稍微發展起來的業務。

So If you want to look, and I want to talk a little bit as we've spoken in previous quarters, as you can see, our 2D business is very strong and don't forget that out of the 70% of the what we call advanced packaging, a lot of it is inspection. So overall, our inspection business is much larger than our 3D meteorology business. So that I would give you a little bit and overall about the entire business, and I believe that the next quarter will be similar.

所以如果你想看的話，我想稍微談一下，就像我們在前幾個季度談到的那樣，正如你所看到的，我們的 2D 業務非常強勁，而且不要忘記，在我們所謂的先進封裝的 70% 中，很多都是檢查。因此總體而言，我們的檢測業務比我們的 3D 氣象業務大得多。因此，我將向您介紹整個業務的整體情況，我相信下個季度的情況也會類似。

Thanks so.

非常感謝。

Much thanks.

非常感謝。

Our next question will be from Brian Chen of Steve Phil. Brian, please go ahead.

我們的下一個問題來自 Steve Phil 的 Brian Chen。布萊恩，請繼續。

Hi, thank, thanks, good afternoon. Thanks for letting us ask a few questions. Maybe first question, just to clarify, does the solid quarter in respect to third quarter mean flat or higher sequential revenue? And then also following up on the last few questions. Is the company expecting year over year improvement in logic or coop revenue in 2025, and what portion of your HBC advanced packaging revenue is likely to be coop versus HBM this year?

嗨，謝謝，謝謝，下午好。感謝您讓我們提出幾個問題。也許第一個問題只是為了澄清一下，相對於第三季而言的穩健季度是否意味著連續收入持平或更高？然後還要跟進最後幾個問題。公司是否預期 2025 年邏輯或合作收入會逐年提高，以及今年 HBC 先進封裝收入中合作與 HBM 的比例可能是多少？

So let's start from the end and go backwards. So, first of all, we don't, we don't give details exactly how much the HBM versus the CoWoS is changing from quarter to quarter and we just provide the overall number for high performance computing. But both, as I said in my previous remarks, both segments are healthy. As to the revenues from 25, the overall revenues, when we are talking 45% to 50%, obviously this is on increased revenues compared to last year. So, we will need to see how much is Q4 coming out the final in order to give the numbers, but at least at this stage, the business is higher than was in 25, but obviously we need to see in 24 as we move forward, we will be able to give you more information.

因此，讓我們從結尾開始並倒敘。因此，首先，我們不會詳細說明 HBM 與 CoWoS 在每季中的變化幅度，我們只提供高效能運算的總體數字。但正如我之前所說，這兩個部分都是健康的。至於 25 的收入，總體收入，當我們談論 45％ 到 50％ 時，顯然這是與去年相比收入的增加。因此，我們需要看看第四季度的最終數字是多少，以便給出數字，但至少在現階段，業務高於 25 年，但顯然我們需要在 24 年看到我們前進，我們將能夠為您提供更多資訊。

And definitely in Q3, you asked the question, I think it is too early in the game to say exactly how it will be compared to Q2. As we said, it is solid. We have building the backlog, we have the pipeline in place and so this is very positive, but to give numbers, we will only provide them at the end of the next quarter.

毫無疑問，在 Q3 中，你提出了這個問題，我認為現在判斷與 Q2 相比情況如何還為時過早。正如我們所說，它是堅固的。我們已經建立了積壓訂單，並已建立管道，因此這是非常積極的，但要給出具體數字，我們將在下個季度末提供。

Oh, okay, fair enough. And then just quickly so maybe the follow up. Oh, I think, Ramy, when you spoke about change in HBM density in 2027, are you specifically referring to hybrid bonding, and how would you assess the competitive landscape and Camtek's positioning once that transition occurs?

哦，好吧，夠公平了。然後很快就可以進行後續跟進。哦，我想，Ramy，當您談到 2027 年 HBM 密度的變化時，您具體指的是混合鍵合嗎？一旦發生這種轉變，您如何評估競爭格局和 Camtek 的定位？

No, I'm referring to something totally different. If you look at the density off the HBM compared for GPU, so it's the, today it's about 288 gigabytes, it's supposed to go to be closer to terabyte. So, this is from the internal what the Nvidia GPU will require in order to run optimally. So, the memory that is going to be required in 2027 is going to be significantly higher than is currently being used. So, this is nothing to do with the manufacturing process.

不，我指的是完全不同的事。如果將 HBM 的密度與 GPU 進行比較，那麼今天它大約是 288 GB，它應該更接近 TB。因此，從內部來看，這是 Nvidia GPU 為了實現最佳運行所需要的。因此，2027 年所需的記憶體將比目前使用的記憶體高得多。所以，這與製造過程無關。

Regarding hybrid bonding, so as we said in previous calls, I don't think it will be, it will take some time until we shall see. Hybrid bonding in our markets in very high volumes, but once it is here, we see that as an opportunity. We are already supplying machines to pilot lines. We are going to be part of this application and there are many steps doing hybrid bonding that I think that we are going to do both in inspection and metrology.

關於混合鍵合，正如我們在之前的電話會議中所說的那樣，我認為不會發生這種情況，我們需要一些時間才能看到結果。我們市場上的混合債券數量非常多，但一旦它出現，我們就會將其視為一個機會。我們已經向試驗生產線供應機器。我們將參與這一應用，混合鍵合有很多步驟，我認為我們將在檢查和計量方面進行這些步驟。

Okay, thank you.

好的，謝謝。

Thanks Brian. Our next question is from Gus Richard of Northland. Gus, you may go ahead and ask.

謝謝布萊恩。我們的下一個問題來自 Northland 的 Gus Richard。格斯，你可以繼續問。

Yes, thanks for fitting me in. I was hoping you could give us an idea of what your market share in HPC was say last year and maybe a few years before and what the trajectory has been.

是的，謝謝你幫我安排。我希望您能告訴我們去年以及前幾年貴公司在 HPC 領域的市佔率狀況以及發展趨勢。

It's a very hard question, guys. I can, I don't know the number. I, if I look at it, I think. In most of the cases that I can just recall from the top of my head, I think we've maintained the market or have grown it by going into more and more, I would say 2D applications. So, I think we are on a positive trajectory in this market, and I think when we move to the OSATS, I think this trajectory will be even more positive as we shall be doing both the 3D metrology and a lot of the inspection steps.

夥計們，這是一個很難的問題。可以，但我不知道號碼。我，如果我看它，我會想。在我能回憶起的大多數情況下，我認為我們已經維持了市場，或者透過越來越多地進入 2D 應用程式來擴大市場。因此，我認為我們在這個市場上正處於積極的發展軌跡，而且我認為當我們轉向 OSATS 時，我認為這個軌跡將更加積極，因為我們將同時進行 3D 計量和大量的檢查步驟。

So, looking forward, as I said and I referred to the competition coming with KLA, I think we have a very strong market position. We are leveraging a very strong, very strong position in the 3D metrology. Into the inspection portion and I think we will continue to leverage it and increase our market share as we go along. I definitely, yes, it is competitive. I think we're very well positioned from all the different reasons that we discussed earlier.

因此，展望未來，正如我所說，我提到來自 KLA 的競爭，我認為我們擁有非常強大的市場地位。我們在 3D 計量領域擁有非常強大的地位。進入檢查部分，我認為我們將繼續利用它並增加我們的市場份額。是的，我當然知道，它很有競爭力。我認為，從我們之前討論過的各種原因來看，我們處於非常有利的地位。

Got it. That was helpful. Thank you. And then, this is sort of when I think about you getting designed into a line, when a customer makes a decision, a tool decision, are you getting designed into a full line? Is it specific applications online or is it a generational decision where, how do customers split the mix between yourself and other vendors in the market?

知道了。這很有幫助。謝謝。然後，當我想到你被設計成一條生產線時，當客戶做出決定，一個工具決定時，你是否被設計成一條完整的生產線？它是在線的特定應用程式還是代際決策，客戶如何在您和市場上的其他供應商之間劃分組合？

I think that when they design, they start to design the initial one, for the buying reasons, they usually start with certain applications, but they know what you can do. And from what I see our customers, it's evolving, and I think one of the reasons that we're successful that our customers know that if there is a new application, even that the machine did not exactly was designed and needs some upgrades or changes or upgrades, we will be there to support them. And I think this is a major part in the purchasing decisions that the customer makes. When he understands there are a lot of unknowns, so I think from that point of view, I think it's a plus on our side.

我認為，當他們設計時，他們開始設計初始版本，出於購買的原因，他們通常從某些應用程式開始，但他們知道你可以做什麼。從我看到我們的客戶來看，它正在不斷發展，我認為我們成功的原因之一是我們的客戶知道，如果有一個新的應用程序，即使機器沒有完全設計並且需要一些升級或更改或升級，我們都會在那裡為他們提供支援。我認為這是客戶做出購買決策的重要部分。當他明白還有很多未知數時，我認為從這個角度來看，這對我們而言是一個優勢。

Got it. And that's it for me. Thank you.

知道了。對我來說就是這樣。謝謝。

Thanks, Gus.

謝謝，格斯。

Thanks, Gus. Our next question is from Craig Ellis of B. Riley. Craig, please go ahead and ask your question.

謝謝，格斯。我們的下一個問題來自 B. Riley 的 Craig Ellis。克雷格，請繼續提問。

Yeah, thanks for taking the question and good afternoon team. I wanted to start out just understanding how order intensity and dynamics are tracking. As we look at what transpired in one cue and how things are trending to date and with regard to order dynamics, as you look at what's coming in, how much of orders are coming in more on a turn basis for current order versus pipelining out to help that solid 3Q or even beyond that into 4Q.

是的，感謝您提出這個問題，大家下午好。我首先想了解訂單強度和動態是如何追蹤的。當我們觀察一個線索中發生的事情以及迄今為止事情的趨勢以及訂單動態時，當您觀察即將到來的事情時，有多少訂單是在當前訂單的基礎上按週輪流進行的，而不是通過管道流出以幫助實現穩固的第三季度甚至第四季度。

And so there is some uncertainty in the market. And as usual during such times, customers are more cautious to release POs well in advance. Now it's too early to say if this will have any impact on our business, especially given the latest news about the tariff discussions.

因此市場存在一些不確定性。在這種時候，客戶通常會更加謹慎，提前發布採購訂單。現在說這是否會對我們的業務產生影響還為時過早，尤其是考慮到有關關稅討論的最新消息。

In any event, when I look at the situation, we have not experienced any material impact on our business in terms of delays or other cancellations.

無論如何，當我審視情況時，我們的業務並未因延誤或其他取消而受到任何重大影響。

So I would say this describes the situation currently.

所以我想說這描述了目前的情況。

Got it. Thank you, Ramy. And then the second question is really related to the target revenue level that the company has had for some time, USD500 million. So if we annualize guidance. It looks like we're within about 3% of that, so congratulations on all the progress made over the last year or two in that regard. But the question, team is more about how you're setting the sites and where you're setting the sites for your team as we look out to 2026 and 2027. How should investors and analysts think about the level of revenue that's possible for the business at this point with the USD500 million target now getting so close and any color on a specific drivers or dynamics like that we would get to higher levels of attainment.

知道了。謝謝你，拉米。第二個問題其實與公司一段時間以來的目標收入水準 5 億美元有關。因此，如果我們將指導年度化。看起來我們已經達到了這個目標的 3% 左右，因此祝賀我們在過去一兩年裡在這方面取得的所有進展。但問題在於，當我們展望 2026 年和 2027 年時，團隊更多的是關於您如何設定網站以及在哪裡為您的團隊設定網站。現在距離 5 億美元的目標已經非常近，投資者和分析師應該如何看待目前該業​​務可能實現的收入水平？如果能對特定的驅動因素或動態做出任何調整，我們就能達到更高的成就水準。

So I think there are two aspects for it. I would say the more a little bit longer term and things that are up to us. We have spent over the last year a lot of efforts in building the infrastructure to manufacture over USD500 million in terms of clean rooms here and also in in Germany, so from the capability to manufacture from all the different aspects, we're ready.

所以我認為這有兩個面向。我想說的是，更長遠的事情取決於我們自己。去年，我們投入了大量精力在這裡和德國建設價值超過 5 億美元的無塵室製造基礎設施，因此從各個方面的製造能力來看，我們已經做好了準備。

Now, on top of it, we've introduced two products with two new product lines, the G5 and the hog that we spoke a lot about. And you can see that within 1 year of the introduction, we are going to achieve significant revenues of these two products and these two products open to us applications that we couldn't do before. So actually what we have done. If you take from the from the inspection and metrology equipment we have made in here, our the eagle and the hawk are going to be able to address more applications and definitely, we can see ourselves growing the business into new applications.

現在，在此基礎上，我們又推出了兩條新的產品線，也就是我們多次討論過的 G5 和 hog。您可以看到，在推出後的一年內，我們將透過這兩款產品實現可觀的收入，而這兩款產品為我們開闢了以前無法實現的應用。所以實際上我們已經做了什麼。如果從我們在這裡製造的檢查和計量設備來看，我們的鷹和隼將能夠解決更多的應用，我們絕對可以看到業務擴展到新的應用領域。

And on top of that, we have the acquisition we made at FRT that is also going very well, getting into new applications, doing things that we couldn't do before, and also, and this is very nicely tied into our current business. So, If I look at the things that we have achieved, that I just discussed, I think from a business point of view, we are no doubt positioned to Pass this milestone and further improve significantly business over the USD500 million milestones. And maybe Rafi you want to add something.

除此之外，我們對 FRT 的收購也進展順利，進入了新的應用領域，做了我們以前無法做的事情，而且這與我們目前的業務很好地結合在一起。因此，如果我回顧一下我們剛才討論過的已取得的成就，我認為從商業角度來看，我們毫無疑問有能力跨越這一里程碑，並在 5 億美元的里程碑上進一步顯著提升業務。也許拉菲你想補充一些內容。

Well, the target of USD500 million definitely is a target that we will execute, as we always said, it may take, a half year, 1 year, 2 years, but it's definitely depends on the market condition. And assuming the WFE grow and the demand for equipment growth, we definitely can achieve it because we maintain our market share, we increase our market share. We haven't lost any market share yet. So, in this position, it's just a matter of the Semiconductor growth rate, specifically in the packaging and other applications that we are a leading provider. Yeah.

嗯，5 億美元的目標肯定是我們會實現的目標，正如我們常說的，這可能需要半年、一年、兩年的時間，但這肯定取決於市場狀況。假設 WFE 成長並且設備需求成長，我們肯定可以實現這一目標，因為我們保持了我們的市場份額，我們增加了我們的市場份額。我們尚未失去任何市場份額。因此，在這個位置上，這只是一個半導體成長率的問題，特別是在封裝和其他應用方面，我們是領先的供應商。是的。

A good position to be in indeed, Rafi. And if I could ask a follow up to that. You're always extremely helpful in commenting on strategic matters and the business is doing a great job generating cash and we're at USD520 million in cash and equivalents, USD320 million net debt. The question is, how are you thinking about in organic growth which you've executed well in the past. It is the team working on a funnel now? To what extent could something be actionable? Help us understand. How you're thinking about inorganic avenues to grow the business. Thank you.

拉菲，這確實是一個很好的位置。我是否可以就此提出後續問題。您在評論策略問題時總是非常有幫助，而且我們的業務在產生現金方面做得很好，我們的現金和等價物為 5.2 億美元，淨債務為 3.2 億美元。問題是，您如何看待過去表現良好的有機成長。團隊現在正在研究漏斗嗎？某件事在多大程度上是可以採取行動的？幫助我們理解。您如何考慮透過無機途徑來發展業務。謝謝。

So first of all, we maintain, and we put a lot of focus on all the opportunity in the organic growth. We made one acquisition, and this acquisition also performed nicely and maintain our expectation. So, this is going well. We continue working on additional I mean acquisition, but probably you, it's not a secret. It's not so many companies that the semiconductor are for acquisition or for acquiring. So we continue looking for that and maybe hopefully we can do something, but without considering the acquisition. We believe we can achieve the USD500 million target within the the this year, the next year, very soon.

因此，首先，我們保持並將重點放在有機成長中的所有機會上。我們進行了一次收購，這次收購也表現良好，符合我們的預期。所以，一切進展順利。我們將繼續致力於額外的收購，但可能還有你，這不是什麼秘密。半導體領域可供收購或被收購的公司不多。因此，我們將繼續尋找，也許希望我們能夠做點什麼，但不考慮收購。我們相信我們很快就能在今年、明年實現5億美元的目標。

As I said, as long as the market condition remains stable, we have no any insurance for, any big crisis. So if the, as all the analysts expecting that the semiconductor grows over, by the end of the decade to come to trillion. And definitely we can do it. We can do it as I said, we are maintaining very good market share. We increase our market share and we're very good relationship with customers so we can continue organically grow. In addition to that, hopefully we can add with organic with any acquisition that we will execute, it will be over this number.

正如我所說，只要市場狀況保持穩定，我們就沒有任何保險可以應付任何重大危機。因此，如果像所有分析師所預期的那樣，到本世紀末半導體市場規模將成長至兆。我們一定能做到。正如我所說，我們可以做到，我們保持著非常好的市場份額。我們增加了市場份額，並與客戶保持了良好的關係，因此我們可以繼續有機成長。除此之外，希望我們能夠透過執行任何收購來增加有機收入，使其超過這個數字。

Thanks, Raffi. Thanks, team.

謝謝，拉菲。謝謝，團隊。

Thank you.

謝謝。

Thanks, Craig. The Next question will be from Vivec Arya from Bank of America. Vic, please go ahead.

謝謝，克雷格。下一個問題來自美國銀行的 Vivec Arya。維克，請繼續。

Hi, this is Michael Monni on for Vivec Arya. Thank you for taking our questions. To start, I know the company has been talking about, TSMC's, clean room capacity constraints, and, how that could be a gating factor to the business, in the year term to medium term. So, on that front, has the company seen any improvement, in those constraints?

大家好，我是 Vivec Arya 的 Michael Monni。感謝您回答我們的問題。首先，我知道該公司一直在談論台積電的無塵室產能限制，以及這將如何成為今年到中期內業務的限制因素。那麼，在這方面，公司在這些限制方面是否有所改善？

So I, at least what I hear, I don't think there are any constraints now on our customers side to increase the capacity. I don't think this is an issue.

因此，至少就我所聽到的而言，我認為目前我們的客戶方面沒有受到任何增加容量的限制。我不認為這是一個問題。

Did you.

你做到了嗎？

Any further questions?

還有其他問題嗎？

(inaudible)

（聽不清楚）

The just find me back again. We lost him for a sec.

他們又來找我了。我們暫時失去了他。

(inaudible)

（聽不清楚）

Vec, is still there? Vec, you'remuted (inaudible)

Vec，還在嗎？Vec，你被靜音了（聽不清楚）

Sorry about that. Yeah, sorry my system mute itself, yeah, okay, thank you for that, clarification. And then for my next question, you talked about your cost opportunity expanding. To the OSATs, but as we think about the progression of CoWoS, more advanced variations like, CoWoS, for example, how does that impact your opportunity? And if you could tie that back specifically to, where your Hawk to maybe seeing greater traction, that would be great too. Thank you.

很抱歉。是的，抱歉，我的系統本身靜音了，是的，好的，謝謝你的澄清。然後對於我的下一個問題，您談到了成本機會的擴大。對於 OSAT，但當我們考慮 CoWoS 的進展時，更先進的變體，例如 CoWoS，這會對您的機會產生什麼影響？如果你能將其具體地與你的 Hawk 可能獲得更大牽引力的地方聯繫起來，那也很好。謝謝。

So first of all, the CoWoS brings to us additional steps and the opportunities. So from our point of view, the new variation of CoWoS good news. And so this is from the variations. From the OSAT's point of view, they will have capacity and they will start with a certain version and move to other versions. Some of them have their specific technologies that is similar to CoWoS.

首先，CoWoS 為我們帶來了額外的步驟和機會。因此從我們的角度來看，CoWoS 的新變體是個好消息。這就是改變的結果。從 OSAT 的角度來看，他們具有生產能力，並且會從某個版本開始，然後轉向其他版本。其中一些擁有與 CoWoS 類似的特定技術。

All in all, I don't think that they have any limitations in coming up with very competitive CoWoS technologies, and I can tell you from what I see in the market, I mean this is volume business and we are shipping quite a few products to these OSATs, so I think this is already happening. It's not something that will happen in the future, it's already happening as we speak.

總而言之，我認為他們在推出非常有競爭力的 CoWoS 技術方面沒有任何限制，而且根據我在市場上看到的情況，我可以告訴你，這是批量業務，我們正在向這些 OSAT 運送相當多的產品，所以我認為這已經發生了。這不是將來才會發生的事情，而是我們說話的時候就已經發生了。

Great, thank you. And if I could ask a quick follow up, on your, business related to China, what should we expect for your China business this year, how much is it declining, if at all? I think we've heard from some of, your peers in the space that it could be done, they're seeing, their sales down like 10% to 20%. Is that the kind of right ballpark to think? And are you seeing, more opportunities in that region in general as some of your peers, could be faced with export restrictions and maybe, and there might be more parts of that market they're unable to address. Thank you.

太好了，謝謝。如果我可以快速跟進您與中國相關的業務，我們對今年在華業務的預期是什麼？如果會下降的話，會下降多少？我想我們已經從該領域的一些同行那裡聽說了這一點，他們發現他們的銷售額下降了 10% 到 20%。這是正確的思考方式嗎？您是否看到該地區總體上存在更多機會，因為您的一些同行可能面臨出口限制，並且可能無法滿足該地區更多市場的需求。謝謝。

You know, it's very hard for me to say what we're getting new versus our peers. I can tell you that historically our business in China was strong and it continues to be strong, we have one very good market share at specific customer and as Rafi alluded earlier, we have not lost any market share at any of our major customers. So I think from that point of view, our business continues to be strong. Now Moshe, maybe you can refer.

你知道，我很難說我們與同行相比有什麼新進展。我可以告訴你，從歷史上看，我們在中國的業務一直很強勁，而且將繼續保持強勁，我們在特定客戶中擁有非常好的市場份額，正如拉菲之前提到的，我們在任何主要客戶中都沒有失去任何市場份額。所以我認為從這個角度來看，我們的業務將繼續保持強勁。現在，Moshe，也許你可以參考一下。

No, we don't see it at this point, we definitely don't see any weakness in this region. The business, it looks healthy in the next, few quarters ahead. Like it?

不，我們目前沒有看到這一點，我們絕對沒有看到該地區有任何弱點。未來幾個季度，業務看起來前景光明。喜歡嗎？

Like. Thank you. That answers all my questions.

喜歡。謝謝。這回答了我所有的問題。

Thanks, mate. Okay, well, that will end the question-and-answer session. Before I hand back over to Ray for his closing statements, I'd like to let everyone know that in the next few hours, we will upload the recording of the conference call to the investor relations section of Camtek's website at Camtek.com. And I would like to thank everybody for joining this call, and with that, Raffy, please, with your closing statement.

謝謝，夥計。好的，問答環節就到此結束。在我將發言權交還給 Ray 進行總結陳述之前，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，最後，請拉菲 (Raffy) 致閉幕詞。

Okay, I would like to extend my sincere gratitude to all of you for your continued interest in our business. A special thanks. Special thanks goes to our dedicated employees and outstanding management team for their tremendous performance. To our investor, I deeply appreciate your ongoing long term support. I look forward to speaking with you again next quarter.

好的，我謹向大家表達誠摯的感謝，感謝你們對我們業務的持續關注。特別感謝。特別感謝我們敬業的員工和出色的管理團隊的出色表現。對於我們的投資者，我深深感謝您長期以來的支持。我期待下個季度再次與您交談。