Camtek Ltd (CAMT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's results Zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. (Event Instructions) I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Camtek's website from tomorrow.

女士們、先生們，感謝你們的支持。歡迎大家參加 Camtek 的成果 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。（活動說明）我想提醒大家，本次電話會議正在錄音，錄音將於明天起透過收益新聞稿中的連結和 Camtek 的網站上提供。

You should have all received by now the company's press release. If not, please review it on the company's website.

大家現在應該都已經收到該公司的新聞稿了。如果沒有，請在公司網站上查看。

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

今天與我一起參加電話會議的還有 Camtek 執行長 Rafi Amit 先生、Camtek 財務長 Moshe Eisenberg 先生和 Camtek 營運長 Ramy Langer 先生。Rafi 將首先概述 Camtek 的業績並討論最近的市場趨勢。隨後，Moshe 將總結本季的財務表現。隨後，Rafi、Moshe 和 Ramy 將回答您的問題。

Before we begin, I'd like to remind everyone 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 may cause actual results to differ and vary materially. For more information regarding the risk factors that may impact Camtek's results, please review Camtek's earnings release and SEC filings, and specifically the forward-looking statements and risk factors identified in the results, press release issued earlier today, and other risk factors as discussed in Camtek's most recent annual report on SEC Form 20-F. Camtek does not undertake the obligation to update these forward-looking statements in light of new information or future events.

在我們開始之前，我想提醒大家，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，可能導致實際結果出現差異或發生重大變化。有關可能影響 Camtek 業績的風險因素的更多信息，請查看 Camtek 的收益報告和 SEC 文件，特別是業績中確定的前瞻性陳述和風險因素、今天早些時候發布的新聞稿以及 Camtek 最新的 SEC 20-F 表格年度報告中討論的其他風險因素。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-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP 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 GAAP 財務基礎呈現。提醒一下，您可以在今天的收益報告中找到 GAAP 和非 GAAP 結果之間的詳細對帳。

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

現在，我想把電話交給拉菲‧阿米特先生。Rafi 是 Camtek 的執行長。拉菲，請繼續。

Thanks, Kenny. Hello, everyone. Camtek concluded the second quarter with a record performance. Q2 revenues reached $123.3 million, reflecting over 20% growth year over year. We also maintained our gross margin at around 52%, contributing a record operating income of over $37 million.

謝謝，肯尼。大家好。Camtek 以創紀錄的業績結束了第二季。第二季營收達到 1.233 億美元，年成長超過 20%。我們的毛利率也維持在52%左右，貢獻了創紀錄的3,700多萬美元的營業收入。

Revenue distribution remained in line with our expectations and closely matched last quarter results. High-performance computing applications contributed approximately 45% to 50% of total revenue, while other advanced packaging applications accounted for about 20%. The balance came from CMOS image sensor, compound semiconductor, front-end applications, and other general applications.

收入分配符合我們的預期，與上一季的業績非常接近。高效能運算應用貢獻了總收入的約45%至50%，而其他先進封裝應用則佔約20%。其餘則來自CMOS影像感測器、化合物半導體、前端應用等通用應用。

We continue to observe a shift in CoWoS-like production towards OSAT, a trend that plays to our advantages given Camtek's strong market position in this segment. We continue to see strong momentum heading into the third quarter. Based on the current orders, our sales pipeline and ongoing customer engagement, we expect Q3 2025 revenue to be approximately $125 million, representing an annualized run rate of $0.5 billion, a significant milestone for the company. In addition, we have healthy orders flow and pipeline into the fourth quarter.

我們繼續觀察到類似 CoWoS 的生產向 OSAT 的轉變，鑑於 Camtek 在這一領域的強大市場地位，這一趨勢對我們有利。我們繼續看到第三季的強勁勢頭。根據目前的訂單、我們的銷售管道和持續的客戶參與度，我們預計 2025 年第三季的營收約為 1.25 億美元，年化運作率為 5 億美元，這對公司來說是一個重要的里程碑。此外，我們的第四季訂單流和通路狀況良好。

The advanced packaging segment is rapidly evolving with technological changes to support the fast-paced evolution of high-performance computers for AI applications. Based on analyst research on the semiconductor industry, the advanced packaging market that support AI-related application is expected to grow at an exceptionally rapid rate over the next few years. This growth is being driven by the adoption of new packaging technologies such as hybrid bonding, micro copper bumps with densities below 10 microns, RDL with line width of 2 microns and below, and more.

隨著技術變革，先進封裝領域正在快速發展，以支援用於人工智慧應用的高效能電腦的快速發展。根據半導體產業分析師的研究，支援人工智慧相關應用的先進封裝市場預計在未來幾年將以異常快速的速度成長。這一增長是由新封裝技術的採用推動的，例如混合鍵合、密度低於 10 微米的微銅凸點、線寬為 2 微米及以下的 RDL 等。

This advancement requires state-of-the-art inspection and metrology capabilities, combined with AI-based algorithms to detect defects, filter out non-critical issues and classify defects, and ensure that only high-quality components enter the HPC module assembly line. By integrating advanced inspection and metrology tools, manufacturers can significantly increase yield and gain valuable insight into defect types, empowering continuous process refinement and production optimization.

這項進步需要最先進的檢測和計量能力，結合基於人工智慧的演算法來檢測缺陷，過濾掉非關鍵問題並對缺陷進行分類，並確保只有高品質的組件才能進入 HPC 模組組裝線。透過整合先進的檢測和計量工具，製造商可以顯著提高產量並獲得有關缺陷類型的寶貴見解，從而實現持續的製程改進和生產最佳化。

Camtek anticipated the upcoming technological shift several years in advance and made significant strategic investment to develop innovative solutions addressing these emerging opportunities. We have invested heavily in developing cutting-edge platform that combine exceptional mechanical precision with state-of-the-art optical technologies. These efforts have culminated in the launch of the Hawk and Eagle 5 systems, delivering breakthrough performance and significantly higher throughput compared to our existing system.

Camtek 提前幾年預見了即將到來的技術變革，並進行了大量的策略投資來開發應對這些新興機會的創新解決方案。我們投入巨資開發將卓越的機械精度與最先進的光學技術結合的尖端平台。這些努力最終促成了 Hawk 和 Eagle 5 系統的推出，與我們現有的系統相比，它們提供了突破性的性能和顯著更高的吞吐量。

In parallel, we have been developing software solution such as enhanced defect detection, EDC; and automatic defect classification, ADC technologies, that will strengthen our competitive edge in the market. The Hawk and Eagle G5 have been exceptionally well received by our customers and are expected to generate approximately 30% of total revenue this year with an even larger contribution projected for the next year.

同時，我們一直在開發軟體解決方案，例如增強缺陷檢測 (EDC) 和自動缺陷分類 (ADC) 技術，這將增強我們在市場上的競爭優勢。Hawk 和 Eagle G5 受到了我們客戶的一致好評，預計今年將產生約 30% 的總收入，預計明年的貢獻將更大。

In addition, our MicroProf metrology system, originated from the FRT acquisition, has been successfully adopted and accepted by a Tier 1 customer for multiple metrology applications. Over 30 systems have already been installed and are now operating seamlessly in full-scale production environments.

此外，源自 FRT 收購的我們的 MicroProf 計量系統已被一級客戶成功採用並接受用於多種計量應用。目前已有 30 多個系統安裝完畢，並在全面生產環境中無縫運作。

In summary, Camtek has solidified itself positioned for a market leader in its domain. We believe the packaging technologies highlighted today represent significant growth opportunities for us in the coming years.

總而言之，Camtek 已鞏固了其在該領域的市場領先地位。我們相信，今天重點介紹的封裝技術將為我們未來幾年帶來巨大的成長機會。

And now, Moshe will review the financial results. Moshe?

現在，Moshe 將審查財務結果。摩西？

Thanks, Rafi. Revenue for the second quarter came in at a record $123.3 million, an increase of 20% compared with the second quarter of 2024. The geographic revenue split for the quarter was similar to last quarter as follows. Asia, 90%, and the rest of the world accounted for 10%. Gross profit for the quarter was $64 million. The gross margin for the quarter was 51.9%, similar to the previous quarter and an improvement from the second quarter of last year.

謝謝，拉菲。第二季營收達到創紀錄的 1.233 億美元，與 2024 年第二季相比成長 20%。本季的地理收入分佈與上一季類似，如下所示。亞洲佔90%，世界其他地區佔10%。本季毛利為 6,400 萬美元。本季毛利率為51.9%，與上一季持平，較去年第二季有所改善。

Operating expenses in the quarter were $26.6 million compared to $21.6 million in the second quarter of last year and $24.4 million in the previous quarter. Operating profit in the quarter was $37.4 million compared to the $30.8 million reported in the second quarter of last year and $37.3 million in the first quarter. These record results were achieved despite an increase in the operating expenses, which were mainly due to the exceptionally high shipping expenses related to the conflict with Iran.

本季營運費用為 2,660 萬美元，而去年第二季為 2,160 萬美元，上一季為 2,440 萬美元。本季營業利潤為 3,740 萬美元，而去年第二季為 3,080 萬美元，第一季為 3,730 萬美元。儘管營運費用有所增加，但仍取得了這些創紀錄的業績，這主要是由於與伊朗衝突相關的運輸費用異常高昂。

Operating margin was 30.3% compared to 30% and 31.5%, respectively. Financial income for the quarter was $4.9 million, similar to the $5 million reported last year and a decrease from the $5.4 million in the previous quarter. The decrease from the previous quarter was mainly an impact of the weakness of the US dollars on reevaluation of certain balance sheet items.

營業利益率為 30.3%，而去年同期分別為 30% 和 31.5%。本季財務收入為 490 萬美元，與去年同期的 500 萬美元持平，但比上一季的 540 萬美元有所下降。與上一季相比的下降主要是由於美元疲軟對某些資產負債表項目重新評估的影響。

Net income for the second quarter of 2025 was $38.8 million, or $0.79 per diluted share. This is compared to a net income of $32.6 million, or $0.66 per share in the second quarter of last year. Total diluted number of shares as of the end of the second quarter was 49.3 million.

2025 年第二季淨收入為 3,880 萬美元，即每股攤薄收入 0.79 美元。相比之下，去年第二季的淨收入為 3,260 萬美元，即每股 0.66 美元。截至第二季末，稀釋後股份總數為4,930萬股。

Turning now to some high-level balance sheet and cash flow metrics. So cash, cash equivalents, including short- and long-term deposits and marketable securities, as of June 30, 2025, were $544 million. This compared with $523 million at the end of the first quarter. We generated over $23 million in cash from operations in the quarter. Accounts receivable increased to $112 million from $100 million in the previous quarter, mainly due to timing of collection.

現在轉向一些高階資產負債表和現金流指標。因此，截至 2025 年 6 月 30 日，現金、現金等價物（包括短期和長期存款以及有價證券）為 5.44 億美元。相比之下，第一季末的利潤為 5.23 億美元。本季度，我們的營運現金流超過 2,300 萬美元。應收帳款從上一季的 1 億美元增至 1.12 億美元，主要原因是收款時間表。

Inventory level increased to $149 million from $142 million. The increase over the quarter is primarily to support the anticipated sales growth of our new Eagle Gen5 and Hawk products in the coming quarters. As Rafi said before, we expect revenues of around $125 million in the third quarter.

庫存水準從 1.42 億美元增加至 1.49 億美元。本季的成長主要是為了支持我們新的 Eagle Gen5 和 Hawk 產品在未來幾季的預期銷售成長。正如拉菲之前所說，我們預計第三季的營收約為 1.25 億美元。

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

好了，拉菲、拉米和我願意回答你們的問題。肯尼？

(Event Instructions) Charles Shi, Needham.

（活動說明）Charles Shi，Needham。

Maybe the first question, I want to get a little bit of updated thoughts about the composition of the business, maybe for the second half of the year or maybe for the full year, whichever timeframe you guys prefer to discuss.

也許第一個問題是，我想了解一下關於業務組成的最新想法，也許是針對下半年，也許是針對全年，無論你們喜歡討論哪個時間範圍。

So I want to ask HPC, what's the expectation for the second half of the year, maybe from a mix perspective? Clearly, first half, it has been around that 45% to 50% level. Is it a similar level into second half or for the full year?

所以我想問 HPC，從混合角度來看，對下半年的期望是什麼？顯然，上半年這一比例一直維持在 45% 到 50% 左右。下半年或全年的水平是否相似？

And on a related question, do want to ask what's the current expectation for China contribution to the total revenue for the year? Last time, I think you guys were more looking at 35% to 40% of the total revenue. Has any of those numbers changed? Thank you.

關於相關問題，您想問目前對中國今年總收入的貢獻預期是多少嗎？上次，我認為你們更專注的是總收入的 35% 到 40%。這些數字有變化嗎？謝謝。

So thank you, Charles. So let's talk and then we'll start with your first question. We see a positive momentum in the second half. And as we discussed in Rafi's discussion, we have a healthy order flow and pipeline. We provided a positive guidance for Q3, and we'll provide the guidance for Q3 -- Q4 in the next earning call.

所以謝謝你，查爾斯。那麼讓我們開始討論，然後從您的第一個問題開始。我們看到下半年出現了正面的勢頭。正如我們在拉菲的討論中所討論的那樣，我們擁有健康的訂單流和管道。我們為第三季提供了積極的指導，我們將在下次收益電話會議上提供第三季至第四季的指導。

Regarding the HPC, so we expect the HPC contribution to our revenues in the second half to be not much different than the first half. And regarding China --

關於 HPC，我們預計下半年 HPC 對我們收入的貢獻與上半年不會有太大差異。關於中國--

Charles, regarding the China contribution to the business, altogether, China is obviously significant to Camtek, has been so for many years. Last year, the number -- the contribution was around 30%. We expect that this year, the contribution will be a little bit higher than that. Still early to say how much will be the contribution for the second half, but we expect it to be a little bit higher.

查爾斯，關於中國對公司業務的貢獻，總的來說，中國對 Camtek 來說顯然意義重大，多年來一直如此。去年，這一數字——貢獻約為 30%。我們預計今年的貢獻將會略高一些。現在判斷下半年的貢獻會有多大還為時過早，但我們預期它會更高一些。

Thanks. Okay. Specifically on China, no additional quantitative view for the year.

謝謝。好的。具體到中國，今年沒有額外的量化觀點。

Maybe a second question, a little bit more at a higher level, and maybe this is more about product and technology. KLA has been making a good amount of inroads in 2.5D, especially at the leading foundry, and looks like they are looking at the HBM opportunity as well. But so far, it looks like it's more around hybrid bonding related HBM opportunity, maybe a little bit concentrated at one customer that is focusing on hybrid bonding.

也許是第二個問題，更高層次一些，也許這更多是關於產品和技術。KLA 在 2.5D 領域取得了長足的進步，尤其是在領先的代工廠，而且看起來他們也在關注 HBM 的機會。但到目前為止，它看起來更多的是圍繞混合鍵合相關的HBM機會，可能有點集中在一個專注於混合鍵合的客戶身上。

I want to get your general thoughts on Camtek's position versus potential entry of KLA in your existing HPC markets and what's management thought on how to compete effectively versus KLA. And yeah, let's go from there.

我想了解您對 Camtek 的地位以及 KLA 在現有 HPC 市場中的潛在進入的總體看法，以及管理層對如何與 KLA 進行有效競爭的看法。是的，我們從那裡開始。

So let me start with the hybrid bonding. So we see the hybrid bonding as a great opportunity for us. This field is still in the early stages and we are running our tools today at strategic customers, and we believe that we have the necessary capabilities and inspection and metrology to address the hybrid bonding opportunity.

那麼就讓我從混合鍵結開始吧。因此，我們認為混合鍵結對我們來說是一個很好的機會。該領域仍處於早期階段，我們目前正在為策略客戶運行我們的工具，我們相信我們擁有必要的能力、檢測和計量技術來應對混合鍵合機會。

Now, we discussed the KLA penetration and trying to get in some of the -- into this market. I think we discussed it also in the last call. And we've already been engaged in competition with KLA on multiple occasions, different customers, I would say, for the last couple of years. And we demonstrated that our equipment is highly competitive.

現在，我們討論了 KLA 的滲透率並試圖進入這個市場。我想我們在上次通話中也討論過這個問題。我想說，在過去的幾年裡，我們已經多次與 KLA 競爭，我們的客戶也不同。並且我們證明了我們的設備具有極強的競爭力。

I think we are very well positioned to meet the specific requirements of this unique market. And with our latest products, the Hawk and the Eagle 5, even more than in the past, looking into the future, we offer a very competitive market.

我認為我們完全有能力滿足這個獨特市場的特定需求。憑藉我們的最新產品 Hawk 和 Eagle 5，展望未來，我們比過去更具競爭力。

Now in general, the advanced packaging is our market. We are well known. We have excellent relationship with our customers, and we understand exactly their requirements moving into the future. And therefore, I think if I would like to summarize, I think the unique combination of our technology scale, which is important here, and flexibility are key reasons why many customers choose to work with us over larger competitors who often are slower to respond.

現在總的來說，先進封裝是我們的市場。我們是眾所周知的。我們與客戶保持良好的關係，並且我們準確地了解他們未來的需求。因此，我想總結一下，我認為我們技術規模的獨特組合（這很重要）和靈活性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。

Matt Prisco, Cantor.

馬特·普里斯科（Matt Prisco），領唱。

So I guess, first, for your product ramps, can you go over where you're seeing the greatest traction today for both the Eagle G5 and the Hawk in terms of applications? And kind of what are the primary drivers behind the strong customer reception here?

所以我想，首先，對於您的產品升級，您能否介紹一下目前 Eagle G5 和 Hawk 在應用方面最受青睞的地方？那麼，這裡受到熱烈歡迎的主要驅動力是什麼呢？

So I think it's a few things that drive the new products. So let me start with the Hawk.

所以我認為有幾件事推動了新產品的開發。那麼就讓我先從 Hawk 開始吧。

I think the Hawk provides two very important capabilities that are, first of all, very high throughput that is very important where people are very sensitive to the footprint in the fabs. And on the other side, it provide the path to very, very, I would say, difficult applications that people will need now or into the future. And I think people that are looking into this changing market that the products are changing.

我認為 Hawk 提供了兩個非常重要的功能：首先，非常高的吞吐量，這對於對晶圓廠佔地面積非常敏感的人來說非常重要。另一方面，我認為，它為人們現在或將來需要的非常非常困難的應用程式提供了途徑。我認為，人們正在研究這個不斷變化的市場，產品也在改變。

And people are not sure what they will need in a year or two. The Hawk provides a path to address those challenges with the capabilities it has today. And this obviously relates to the micro bumps with the pitches coming very small, very high numbers of bumps, hybrid bonding, a lot of challenges in the inspection market. All of these challenges, the Hawk provides a very, very good solution moving forward.

人們也不確定一兩年後他們需要什麼。Hawk 利用其現有能力提供了應對這些挑戰的方法。這顯然與微凸點有關，凸點間距非常小，凸點數量非常多，混合鍵合，這給檢測市場帶來了許多挑戰。對於所有這些挑戰，Hawk 都提供了非常非常好的解決方案。

On the G5, I think compared to the Eagle, it's much faster. And I think it addressed again from the optics point of view, the ability to detect, I would say, defects that we couldn't previously address with the current products and other capabilities. So I would say, for the price tag of $1-plus million, no doubts today, the Eagle provides the best-in-class solution into the market.

就 G5 而言，我認為與 Eagle 相比，它的速度要快得多。我認為從光學角度來看，它再次解決了檢測缺陷的能力，我想說，我們以前無法用現有產品和其他功能解決這些缺陷。因此我想說，對於 100 多萬美元的價格，毫無疑問，Eagle 為市場提供了一流的解決方案。

So I would say it's two different reasons. It's two different product lines. And I think what I've discussed, these are the reasons for the very high traction by our customers. And I think as we said in our prepared notes, we were able to achieve 30% of our revenues this year with two product lines which is exceptionally well. And I expect that we will see more next year.

所以我認為這是兩個不同的原因。這是兩條不同的產品線。我認為我所討論的這些就是我們的客戶對我們支持率非常高的原因。我認為，正如我們在準備好的筆記中所說的那樣，今年我們能夠透過兩條產品線實現 30% 的收入，這表現非常出色。我預計明年我們會看到更多。

Maybe a few words about the applications. So as I said, and I will -- I said it may be not clear enough, I just want to make sure that it's well understood. So first of all, the applications are, I would say, large number of bumps. That's very important, very small defects. The Hawk will address defects down to 150 nanometers.

也許可以談談應用程式的一些內容。正如我所說的，而且我會——我說這可能不夠清楚，我只是想確保它能被很好地理解。首先，我想說，應用程式的數量非常多。這是非常重要的、非常小的缺陷。Hawk 可以解決小至 150 奈米的缺陷。

And this is very -- this is challenging, and this is very important for hybrid bonding and other 2D inspection requirements. And of course, the throughput, and similarly, the Eagle G5 on a different, I would say, not to the extent of the capabilities of the Hawk, but definitely a very good solution in the price range that is being offered.

這是非常具有挑戰性的，這對於混合鍵合和其他二維檢測要求來說非常重要。當然，吞吐量和 Eagle G5 類似，我想說，雖然不如 Hawk 的能力，但在所提供的價格範圍內絕對是一個非常好的解決方案。

Have I answered your question?

我回答你的問題了嗎？

Perfectly. Thank you. And then as a follow-up, given the success you're seeing in these new product ramps and continued success into next year, can you maybe offer some early thoughts based on your visibility and customer conversations and how you're thinking about Camtek's growth prospects overall for the company into 2026? Thank you.

完美。謝謝。然後作為後續問題，鑑於您在這些新產品的推廣中看到的成功以及明年的持續成功，您能否根據您的知名度和客戶對話提供一些早期想法，以及您如何看待 Camtek 公司到 2026 年的整體增長前景？謝謝。

'25, '26?

'25，'26？

'26.

'26。

'26. So look, regarding '26, I think our market and specifically the high-performance computing are expected to grow rapidly in the coming years. This market also technologically changes and the HPC is undergoing a lot of changes that we believe will create a lot of opportunities for us. For example, and I think Rafi mentioned it in his prepared notes, fine pitch micro bumps, hybrid bonding, HBM 4 and many others.

'26。所以，關於 26 年，我認為我們的市場，特別是高效能運算預計在未來幾年將快速成長。這個市場也在技術上發生變化，HPC 正在經歷很多變化，我們相信這將為我們創造很多機會。例如，我認為 Rafi 在他的準備筆記中提到過，細間距微凸點、混合鍵合、HBM 4 等等。

So if I look at these opportunities at our market position, assuming a positive market environment in 2026 will no doubt support another growth year for Camtek.

因此，如果我從我們的市場地位來看這些機會，那麼假設 2026 年積極的市場環境無疑將支持 Camtek 再實現一年的成長。

Ezra Weener, Jefferies.

維納 (Ezra Weener)，傑富瑞 (Jefferies)。

I guess it's a two-parter. First, can you talk a little bit about the content uplift from HBM3/3E to HBM4 for you guys? I know there's a couple of different paths people are going with it. So what you're seeing there?

我猜這是一部由兩部分組成的電影。首先，您能否稍微談談從 HBM3/3E 到 HBM4 的內容提升？我知道人們對此有幾種不同的選擇。那麼你在那裡看到了什麼？

And then second part of that question would be from a CapEx perspective, what you're seeing at your customers and what you're seeing for HBM specifically as we wait for potential qualification. Thank you.

然後，問題的第二部分是從資本支出的角度來看，當我們等待潛在資格時，您在客戶那裡看到了什麼，以及您對 HBM 的具體看法。謝謝。

So obviously, the HBM market from a capacity point of view continues to grow, and we're seeing customers adding capacity. Now in general, the uplift and -- it goes in a few ways. First of all, there are more HBMs per product. We see the density is growing not drastically.

因此，顯然，從容量的角度來看，HBM 市場持續成長，我們看到客戶正在增加容量。現在總的來說，提升有幾種方式。首先，每個產品有更多的 HBM。我們看到密度的成長並不劇烈。

I think the major jump in density from the HBM will come probably late '26, early '27. But definitely, on the four, it's moving to more layers. And eventually, this means that we will scan more wafers. There is some change in the number of bumps, some pitch differences. But all in all, we've already been qualified at some customers for the HBM 4.

我認為 HBM 密度的大幅提升可能將在 26 年底或 27 年初實現。但毫無疑問，從四個方面來看，它正在向更多層次發展。最終，這意味著我們將掃描更多的晶圓。凸起的數量有一些變化，音調也有一些差異。但總而言之，我們已經獲得了一些客戶對 HBM 4 的認可。

So all in all, it's a very positive path. We're getting very good, I would say, inputs from our customers. So I expect that definitely HBM 4 will be a positive opportunity for us.

總而言之，這是一條非常積極的道路。我想說，我們從客戶那裡得到了非常好的回饋。因此我預期 HBM 4 對我們來說絕對是一個正面的機會。

Got it. Then if you could just talk a little bit about what you're seeing in terms of timing for customer spending and kind of the shape of that spend. In terms of HBM 4, specifically.

知道了。那麼，您可以稍微談談您所看到的客戶支出時間和支出形式嗎？具體來說，就 HBM 4 而言。

In HBM 4 specifically, I would say that customers are talking to us HBM 4. We are starting to see initial forecasts to support the uplift of the HBM 4. I think more than that, I will not be able to discuss during this call.

具體來說，在 HBM 4 中，我想說客戶正在與我們談論 HBM 4。我們開始看到支持 HBM 4 提升的初步預測。我認為除此之外，我無法在這次通話中討論這些內容。

Craig Ellis, B. Riley.

克雷格·艾利斯，B.萊利。

I wanted to follow up a little bit on HBM 4 to start. So it sounds like it's a very immaterial part of revenues today and the visibility may not be clear on when you'd get the crossover from HBM3 to HBM4-related revenues. But if you have some idea of that, sounding like 2026, it would be helpful.

首先，我想對 HBM 4 進行一些跟進。因此，這聽起來像是目前收入中非常不重要的一部分，而且何時從 HBM3 到 HBM4 相關收入的交叉可能並不明確。但如果你對此有一些想法，聽起來像 2026 年，那將會很有幫助。

The question is more this. When you look at the specific feature enhancements in either G5 or Hawk, what are they that are very advantageous for HBM 4? And what does that mean for the trajectory of gross margin as we move through the HBM 4 ramp-up period?

問題更多是這樣的。當您查看 G5 或 Hawk 中的特定功能增強時，哪些功能對 HBM 4 非常有利？當我們進入 HBM 4 加速期時，這對於毛利率的軌跡意味著什麼？

Okay. So thank you, Craig, for the question. Now first of all, the equipment that we sold or most of the equipment that we sold to HBM3 will be used for HBM4 as well. So it's not that the -- what we sold in '25 or '24, this is immaterial for the additional growth. So some of this equipment has already been qualified to address the HBM 4. So specifically, this is in general.

好的。所以，感謝 Craig 提出這個問題。首先，我們出售給 HBM3 的設備或大部分設備也將用於 HBM4。所以，我們在 25 年或 24 年銷售的產品對於額外的成長並不重要。因此，其中一些設備已經具備處理 HBM 4 的資格。具體來說，這是一般情況。

However, there is an uplift. There is going to be an increase in capacity for the HBM 4. And what I indicated in my previous answer is that we are already in the process of talking to customers about the forecast for HBM 4. Definitely, this will start to happen early in '26, where in this we will ship equipment to support the HBM 4. More than that, I will not be able to give you any details.

然而，還是有一個提升。HBM 4 的容量將會增加。我在先前的回答中指出，我們已經在與客戶討論 HBM 4 的預測。當然，這將在 26 年初開始發生，屆時我們將運送設備來支援 HBM 4。除此之外，我無法向您提供任何詳細資訊。

Now going to the Hawk versus the Eagle. The advantage of the Hawk, as I discussed in one of the previous questions, are two things. First of all, it's the throughput, which means immediately much better footprint in the fab.

現在輪到鷹隊對鷹隊了。正如我在之前的一個問題中討論過的，Hawk 的優勢有兩點。首先，這是產量，這意味著工廠的佔地面積會立即變得更大。

It's the ability to address large number of bumps and the HBM is going into this direction. Its inspection capabilities today already down to 150 nanometers, already we are demonstrating it at customers. This capability will be able to support also the HBM, the hybrid bonding requirements.

它具有解決大量碰撞的能力，HBM 正在朝這個方向發展。如今它的檢測能力已經可以達到 150 奈米，我們已經向客戶進行了展示。此功能還將能夠支援 HBM 和混合鍵合要求。

So definitely, all in all, when a customer is looking today, whether he wants an Eagle versus he wants a Hawk, those that are thinking about the future and want to ensure that they will be able to support their products in two or three years, some of them lean towards making a higher investment today and buying the Hawk. From gross margin, in general, the Hawk is more expensive, and it will have a positive contribution to our gross margins.

所以，總而言之，當客戶今天尋找時，無論他想要 Eagle 還是 Hawk，那些考慮未來並希望確保能夠在兩三年內支持其產品的人，其中一些人傾向於今天進行更高的投資併購買 Hawk。從毛利率來看，整體來說Hawk的價格比較貴，會對我們的毛利率有正面的貢獻。

Did I answer your question, Craig?

我回答你的問題了嗎，克雷格？

Yes, it does, Ramy. Thank you very much. And the next question is a somewhat intermediate to long-term question. And I'll start with congratulating the team on being just inches from driving the business to its $500 million run rate target. So good for you for getting so close to that target.

是的，確實如此，拉米。非常感謝。下一個問題是一個中期到長期的問題。首先我要祝賀團隊距離推動業務實現 5 億美元的運行率目標只有一步之遙。很高興你已經如此接近目標了。

But the question is this, if we look at the list of incremental growth drivers, we spent a lot of time on HBM4 and it sounds like that would be at the top of the list. But as we think about growth through 2026, what are the next couple of applications that we should be focused on as your bigger incremental growth drivers over the next 18 months? Thank you, team.

但問題是，如果我們看一下增量成長動力列表，我們在 HBM4 上花了大量時間，聽起來它會位於列表的頂部。但是，當我們考慮到 2026 年的成長時，我們應該關注哪些應用作為未來 18 個月更大的增量成長動力？謝謝你們，團隊。

So I think, first of all, no doubt the high-performance computing is going to be a main driver for our business. This goes to metrology, in general, 3D metrology. It's also in the metrology. And Rafi in his prepared remarks, talked about the, I would say, phenomenal success we have seen at the Tier 1 customer with our metrology line. And that's a line that's also going to contribute. I think it's a very good growth engine, metrology in general for our business.

因此我認為，首先，毫無疑問高效能運算將成為我們業務的主要驅動力。這涉及計量學，一般來說，是 3D 計量學。它也屬於計量學。拉菲在他的準備好的演講中談到了我們在計量生產線上為一級客戶取得的巨大成功。這也是一條會做出貢獻的路線。我認為對於我們的業務來說，它是一個非常好的成長引擎，總體而言是一種計量技術。

So I would say that the high-performance computing and getting into more and more applications, we are gaining more and more traction on the inspection part. And definitely, that's a big market with our capabilities on the G5, and on the Hawk specifically, ability to go and detect very small defects in the range of 150 nanometers will definitely drive a lot more applications outside also the high-performance computing.

所以我想說，高效能運算和越來越多的應用，我們在檢查部分獲得了越來越多的關注。毫無疑問，這是一個巨大的市場，憑藉我們在 G5 和 Hawk 上的能力，能夠檢測出 150 奈米範圍內的微小缺陷，這必將推動高效能運算之外的更多應用。

I think we are going to gain some traction with our new software capabilities, which we discussed in the prepared remarks. The EDC and the ADC, I won't go into all of the details. Definitely, these are technologies that are going to push us much, I would say, would go to give us a lot of strength on the inspection side.

我認為我們的新軟體功能將會獲得一些關注，我們在準備好的發言中已經討論過這一點。關於 EDC 和 ADC，我不會詳細討論。毫無疑問，這些技術將為我們帶來很大的推動，我想說，它們將在檢查方面為我們帶來很大的力量。

But all in all, no doubt, we are in a market that's going to grow at a run rate with what I hear from all the different analysts over 25% growth in the next few years. So definitely, I think this is the main driver. Of course, our task is to gain more and more applications in this market.

但總而言之，毫無疑問，我們所處的市場將以一定速度成長，根據我從不同分析師那裡聽到的消息，未來幾年的成長率將超過 25%。所以，我確信這是主要驅動力。當然，我們的任務是在這個市場上獲得越來越多的應用。

Now we haven't forgotten the other markets. I would say, the conventional advanced packaging, fan-out and other applications still have a very nice momentum.

現在我們也沒有忘記其他市場。我想說，傳統的先進封裝、扇出型和其他應用仍然具有非常好的發展動能。

And last but not least, today, I think still we see a lot of opportunities in the front end. Compound semi is comparatively depressed in the last couple of years, but definitely, this is an opportunity looking into the future. And don't forget, we have, I think, about 350 customers, 200 active every year. A lot of ones and twos that all of them will definitely provide additional opportunities in the foreseeable future.

最後但同樣重要的一點是，今天，我認為我們在前端仍然看到很多機會。過去幾年，複合半成品市場相對低迷，但這無疑是展望未來的機會。別忘了，我們有大約 350 個客戶，其中每年活躍客戶有 200 個。很多一二，所有這些肯定都會在可預見的未來提供額外的機會。

Gus Richard, Northland.

葛斯‧理查德 (Gus Richard)，北國。

Just in terms of the OSATs, can you talk a little bit about what you're seeing in terms of applications, how that compares to the traditional foundries that do advanced packaging for HPC?

就 OSAT 而言，您能否談談您在應用方面看到的情況，以及與進行 HPC 先進封裝的傳統代工廠相比如何？

Hi, Gus. It's a very interesting process that we are seeing because I think we started to talk about it a year ago that we expected the OSATs to start to take, I would say, a position in the high-performance computing. And this is definitely what we are seeing. They used to do, they started to go into the heterogeneous integration a couple of years ago, started with these applications.

你好，格斯。我們看到的是一個非常有趣的過程，因為我認為我們一年前就開始談論它了，我們預計 OSAT 將在高效能運算領域佔有一席之地。這確實就是我們所看到的。他們幾年前就開始涉足異質集成，從這些應用程式開始。

We are seeing major OSATs today, some of them just do the CoWoS, and I think that the TSMC made some remarks about it, about specific names. But definitely, we are seeing all the major OSATs going into CoWoS or what we call CoWoS-like, it's something similar. It's becoming a significant business. And then we're definitely -- it's a significant number of orders that we are seeing for these applications from the major OSATs. Gus?

我們今天看到了主要的 OSAT，其中一些只是做 CoWoS，我認為台積電對此發表了一些評論，關於具體名稱。但確實，我們看到所有主要的 OSAT 都進入了 CoWoS 或我們所說的類似 CoWoS 的領域，這是類似的東西。它正在成為一項重要的業務。然後我們確實看到來自主要 OSAT 的針對這些應用的大量訂單。格斯？

Yeah. Can you hear me?

是的。你聽得到我嗎？

Yes. Did you hear my answer?

是的。你聽到我的回答了嗎？

No, but I can follow up later.

不，但我可以稍後跟進。

All right. So we'll have a follow-up later.

好的。因此我們稍後會進行跟進。

Follow-up is how do you see the opportunities for like chiplets and advanced packaging?

後續問題是，您如何看待小晶片和先進封裝等機會？

Well, look, the chiplets, we look at the chiplets in general as part of the high-performance computing. Eventually, it's a chiplet, which is either the GPU or CPU depends on the actual, I would say, design of the high-performance computer. And with it, it's surrounded by the high bandwidth memories.

好吧，看看晶片，我們總體上將晶片視為高效能運算的一部分。最終，它是一個小晶片，它是 GPU 還是 CPU 取決於實際，我想說，高性能電腦的設計。它的周圍是高頻寬記憶體。

So from that point of view, when we talk about HPC, we specifically talk about chiplets, the high-end chiplets. But in general, no doubt, this market is picking up as part of all the changes in the market. And I think from all the numbers that I'm seeing, it will continue to grow in a very healthy way in the foreseeable future.

因此從這個角度來看，當我們談論 HPC 時，我們特別談論的是晶片，即高階晶片。但總體來說，毫無疑問，作為市場所有變化的一部分，這個市場正在回升。我認為，從我所看到的所有數據來看，在可預見的未來，它將繼續以非常健康的方式成長。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Apologies if this got asked already, I just topped on from another one. But I think you guys gave advanced packaging is about 20% of the revenue mix in the quarter. Can you talk about how much of that is HBM today versus a year ago? Has the percentage within advanced packaging grown pretty materially? Maybe give us an update of how much of that is HBM today.

如果這個問題已經被問過了，我很抱歉，我只是從另一個問題中補充了。但我認為你們給出的先進封裝佔本季收入的 20% 左右。您能談談現在與一年前相比 HBM 佔比有多少嗎？先進封裝中的百分比是否有了實質的成長？也許可以告訴我們今天有多少是 HBM。

Okay. So Tom, let me get the numbers correct. So 70% of our business goes to what we call advanced packaging. High-performance computing or HPC, whichever name you go, is part of our advanced packaging. So out of this 70%, 50% goes to HPC and 20% goes to what we call conventional advanced packaging such as fan-out.

好的。那麼湯姆，讓我把數字弄對。因此，我們 70% 的業務都涉及所謂的先進封裝。高效能運算或 HPC（無論名稱為何）都是我們先進封裝的一部分。因此，在這 70% 中，50% 用於 HPC，20% 用於我們所謂的傳統先進封裝，例如扇出型封裝。

In the HPC and because of the -- we do not specify what goes to chiplets and what goes to the high-bandwidth memory. And the reason for it that there are changes, and it depends when the orders are coming, and it's too complicated. And therefore, we've been just talking about high-performance computing. And for the last few quarters, we've been at a run rate where 50% of our total revenues went to high-performance computing, which includes HBM and chiplets.

在 HPC 中，由於－我們沒有指定哪些部分進入晶片，哪些部分進入高頻寬記憶體。原因在於變化，而且取決於訂單何時到來，這太複雜了。因此，我們一直在談論高效能運算。在過去的幾個季度中，我們的總收入的 50% 用於高效能運算，其中包括 HBM 和小晶片。

Got you. Thank you for that. I wanted to ask a little bit of a strange one, so bear with me. In a world right now where you have two major memory suppliers that are qualified on HBM for the largest guy in the world and there's a third that's attempting to do that pretty aggressively, which world suits you the best into next year, a world in which it is still two guys that are qualified that need to add more capacity or a world in which there are three qualified guys all who are serving the market? If you could walk through that, that would be super helpful. Thank you.

明白了。謝謝你。我想問一個有點奇怪的問題，所以請耐心等待。在當今世界，有兩家主要記憶體供應商具備為世界上最大的公司提供 HBM 的資質，而第三家公司正積極嘗試做到這一點，那麼哪種情況最適合您進入明年呢？是仍有兩家具備資質但需要增加更多產能的公司，還是有三家具備資質且都在服務市場的公司？如果您能講解一下這一點，那將會非常有幫助。謝謝。

So we don't have any preference, whether it will be two or three. All of the players today are very good customers to us. And if one of them that is not qualified will be qualified, we will enjoy it with additional application and steps, and we're working very closely with all of them. So we are fine with two and we will be very fine also with three. Tom?

所以我們沒有任何偏好，無論是兩個還是三個。今天的所有球員對我們來說都是非常好的客戶。如果其中一個不合格的企業獲得合格資格，我們將透過額外的申請和步驟來享受它，並且我們正在與他們所有人密切合作。所以兩個我們就沒問題了，三個我們也一樣沒問題。湯姆？

Tom, you're on mute.

湯姆，你靜音了。

I'm all good with those two. Thank you, guys.

我對那兩個都很滿意。謝謝你們。

Edward Yang, Oppenheimer.

楊德昌，奧本海默。

Moshe mentioned high shipping costs that may have elevated your OpEx. Has that moderated now?

Moshe 提到高昂的運輸成本可能會增加您的營運成本。現在情況有所緩和了嗎？

Yes. This has been kind of an exceptionally high level of shipping expenses due to the conflict with Iran. Now that the conflict is muted to some degree, the shipping expenses went back to normal rates and we don't expect anything like that in the third quarter if the situation remains as it is.

是的。由於與伊朗的衝突，運輸費用一直處於異常高的水平。現在衝突已經在一定程度上緩和，運輸費用已經恢復到正常水平，如果情況繼續保持下去，我們預計第三季不會出現類似的情況。

And can you quantify what the impact was in the second quarter?

您能量化第二季的影響嗎？

It was over $0.5 million, yes.

是的，超過 50 萬美元。

Got it. And just to clarify on the positive momentum that Ramy was talking about and you're seeing in the second half of the year. Are there any seasonal puts and takes that could impact fourth quarter? Or should we also expect that to grow revenue sequentially?

知道了。我只是想澄清一下拉米所說的話以及你們在下半年看到的積極勢頭。是否存在可能影響第四季的季節性損益？或者我們也應該預期收入會持續成長？

And for the 2026 expected growth, the Street is modeling about 7% total revenue growth, but that's slower than what's typical for you. So maybe you could help us reconcile any divergence there or any reason why we shouldn't see another year of double-digit growth for Camtek in 2026. Thank you.

對於 2026 年的預期成長，華爾街預測總收入成長率約為 7%，但這比通常的成長率要慢。因此，也許您可以幫助我們調和那裡的任何分歧，或者解釋為什麼我們不應該在 2026 年看到 Camtek 再次實現兩位數增長。謝謝。

So it's too early definitely to talk about Q4, and we will discuss it in the next earnings call. But as I said before, there is a positive momentum in the second half, and this is based on orders on hand, on orders that are in the pipeline. And as we said, we did provide a guidance for Q3 that is positive. And therefore, I think the overall second half is definitely, as we said, it's a positive momentum.

因此現在談論第四季還為時過早，我們將在下次財報電話會議上討論這個問題。但正如我之前所說，下半年出現了積極的勢頭，這是基於現有訂單和正在進行的訂單。正如我們所說，我們確實為第三季提供了積極的指導。因此，我認為整個下半年肯定如我們所說是一個積極的勢頭。

Now I'm going back to '26, and there are lots of discussion today how '26 will look like. But again, I think really this is much too early to discuss it and this is a very dynamic market. Things are changing so fast here. This is true with the technology. This is also true with everything that we do.

現在我要回到 26 年，今天有很多關於 26 年將會是什麼樣子的討論。但我再次認為現在討論這個問題還為時過早，而且這是一個非常活躍的市場。這裡的事情變化太快了。對於技術來說，確實如此。我們所做的每件事也都是如此。

But as I said, the high-performance computing is growing rapidly and will continue to grow in the foreseeable future. And with the technical changes and everything that is happening in the market, assuming a positive environment in '26 definitely will lead to another growth year for Camtek.

但正如我所說，高效能運算正在快速成長，並且在可預見的未來仍將繼續成長。隨著技術變革和市場上發生的一切，假設 26 年環境積極，肯定會為 Camtek 帶來另一個成長年。

What will be the percentage? It's really too early. Unfortunately, it is too early today, but we'll talk it in future calls.

百分比是多少？確實太早了。不幸的是，今天還太早，但我們會在以後的電話會議中討論這個問題。

Denis Pyatchanin, Stifel.

丹尼斯·皮亞查寧 (Denis Pyatchanin)，Stifel。

This is Denis on for Brian at Stifel. So for my first question, maybe you could discuss for HBM 4. What is the expected ratio of Hawk versus Eagle shipments? Would you expect it to be roughly even? Or do you think for HBM 4 that customers will require more of the newer system?

我是 Stifel 的 Denis，代替 Brian 發言。所以對於我的第一個問題，也許您可以討論 HBM 4。Hawk 和 Eagle 的預計出貨量比例是多少？您是否希望它大致均勻？或者您認為對於 HBM 4，客戶將需要更多更新的系統？

So first of all, this is very customer dependent. And we don't really give these numbers of Eagle versus the Hawk per applications. As I said, the Hawk has specific advantages in terms of capabilities in throughput, accuracy, and other aspects that for certain applications and specifically for those that want very high volumes in the HBM4 may take some of the capacity will move into Hawks. But then again, this is very customer-specific.

首先，這非常依賴客戶。我們實際上並沒有給出每個應用程式的 Eagle 與 Hawk 的對比數字。正如我所說，Hawk 在吞吐量、準確性和其他方面的能力方面具有特定的優勢，對於某些應用，特別是那些希望 HBM4 具有非常高容量的應用，可能需要將部分容量轉移到 Hawks 上。但話又說回來，這是非常針對客戶的。

And as we said, both products are very successful in the market. And definitely, there is -- and don't forget, it's not just HBM. A lot of the business goes to the conventional advanced packaging, and there are many other applications where the Eagle line, I think, is the best product for the price it is offered today in the marketplace. But then again, we'll probably, as time goes by, we'll be able to give you a much more, I would say, clearer estimations and discuss this a little bit more accurately, but that's more or less what we see today.

正如我們所說，這兩款產品在市場上都非常成功。肯定有，而且別忘了，不只是 HBM。許多業務都集中在傳統的先進封裝上，在許多其他應用中，我認為 Eagle 系列是目前市場上最實惠的產品。但話又說回來，隨著時間的推移，我們可能能夠給你一個更清晰的估計，並更準確地討論這個問題，但這或多或少就是我們今天所看到的。

Denis?

丹尼斯？

Great, thank you. Yes, can you hear me?

太好了，謝謝。是的，你聽得到我說話嗎？

Yeah, yeah.

是啊是啊。

Okay, great. And then for my follow-up, maybe you can tell us a little bit more about the OSATs. So do the OSATs continue to exhibit more signs of strengthening? And maybe you can tell us what's driving this. Is it just purely CoWoS or something else? And do you have any view of foundry OSAT logic expansion plans for second half of 2025 and into 2026?

好的，太好了。然後作為我的後續問題，也許您可以告訴我們更多有關 OSAT 的資訊。那麼 OSAT 是否會繼續表現出更多增強的跡象？也許您可以告訴我們是什麼導致了這種情況。它只是純粹的 CoWoS 還是其他什麼？您對 2025 年下半年和 2026 年代工廠 OSAT 邏輯擴張計畫有何看法？

Well, definitely, 2026 is too early to discuss the OSATs. And don't forget, a lot of these players are still planning '26 and are still not in a position to release orders to give us the actual forecast. But I think for OSATs today, where we see a lot of the growth is coming, first of all, from the HPC as we discussed before.

嗯，毫無疑問，2026 年討論 OSAT 還為時過早。別忘了，很多球員仍在為 26 年做計劃，還不能發布訂單來給我們實際的預測。但我認為，對於今天的 OSAT 來說，我們看到的許多成長首先來自 HPC，正如我們之前討論過的。

The major OSATs are starting to produce the CoWoS and CoWoS like applications, and this is definitely a very high-growth area. And I think this trend started a year ago. We see it undergoing today and will continue into the foreseeable future.

主要的 OSAT 開始生產 CoWoS 和類似 CoWoS 的應用，這無疑是一個非常高成長的領域。我認為這種趨勢始於一年前。我們今天看到它正在發生，並將持續到可預見的未來。

But don't forget, there is a lot of regular advanced packaging fan-out and other applications. We see a lot of this business still strong in the OSATs, and we're shipping equipment to address those applications as we speak in each of the quarters, that's some of the application that OSATs are buying equipment from us. So I would say, from the OSATs, the major, I would say, two applications are the ones I discussed.

但別忘了，還有很多常規先進封裝扇出型和其他應用。我們看到 OSAT 中的許多業務仍然很強勁，我們在每個季度都會運送設備來滿足這些應用，這就是 OSAT 從我們這裡購買設備的一些應用。所以我想說，從 OSAT 來看，主要的兩個應用就是我所討論的。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

This is Michael Mani on for Vivek Arya. Thanks so much for taking our questions. To start, I just wanted to ask about one of your major chiplet customers, which is covering some challenges currently. They recently revised their outlook for their CapEx in 2026 pretty meaningfully.

這是 Michael Mani 為 Vivek Arya 表演的節目。非常感謝您回答我們的問題。首先，我想問一下你們的一個主要 chiplet 客戶，目前正在面臨一些挑戰。他們最近對 2026 年資本支出的前景進行了相當有意義的修改。

So the question is, have you seen any major changes to the investment plans at any of your chiplet customers? And to what extent could this already be reflected in your backlog? And could we see this demand be made up by some of your other customers over time as well?

所以問題是，您是否看到任何 chiplet 客戶的投資計畫發生重大變化？這在多大程度上已經反映在您的積壓工作上？隨著時間的推移，我們是否也能看到您的其他一些客戶滿足這項需求？

Well, there are discussions about -- and the forecast may move by quarter here and there. And this happens on a regular basis that people move around their forecast. We have not seen anything significant in terms of changes in the focus of our shipments, so I can't comment on anything more than I've just said.

嗯，有討論——預測可能會按季度變化。人們經常改變他們的預測，這種情況經常發生。就我們的出貨重點而言，我們還沒有看到任何重大變化，因此除了剛才所說的之外，我無法發表任何評論。

Got it. Understood. Thank you. And just on your newer products, you said that 30% of sales this year would come from Hawk and G5. So could you give us an idea of how much of that is weighted in the second half?

知道了。明白了。謝謝。就你們的新產品而言，你們說過今年 30% 的銷售額將來自 Hawk 和 G5。那麼，您能否告訴我們下半年的比重有多大？

And then I guess my main question, kind of the spirit of other questions that people have asked earlier in the call. I mean, how much incremental growth are these new tools driving for you? Would you say that they're mainly replacing -- for now mainly replacing demand that you would normally see for your older systems?

然後我想我的主要問題有點像大家在通話中早些時候提出的其他問題的精神。我的意思是，這些新工具能為您帶來多少增量成長？您是否認為它們主要在替代——目前主要在替代您通常會看到的舊系統的需求？

And is it possible that we won't see the incremental growth from new applications and customers really until we get to something close to HBM4? Just how would you frame the incremental growth opportunity over the near term from these new tools?

是否有可能，直到我們達到接近 HBM4 的水平，我們才會真正看到來自新應用程式和客戶的增量成長？您如何看待這些新工具在短期內帶來的增量成長機會？

So let me answer your first question. So first of all, the G5 was actually introduced in the market a little earlier than the Hawk. So we've started to ship it in larger quantities already at the beginning of the year. Actually, if I recall correctly, the first shipments were done in Q4 of '24, and then we gradually increased it. So it was really loaded very nicely already in the first half, and we continue to see the growth into the second half as well.

那麼讓我來回答你的第一個問題。首先，G5 實際上比 Hawk 更早推出市場。因此，我們從年初就開始大批量出貨。實際上，如果我沒記錯的話，第一批貨物是在 2024 年第四季完成的，然後我們逐漸增加了產量。因此，上半年的負載情況已經非常好，而且我們也看到下半年的持續成長。

The Hawk, the shipments actually started a little later, and it's more, I would say, the load -- well, maybe I would say we started more in the second quarter and we'll probably -- most of the shipments will be divided on three quarters. And obviously, we will see more shipments, and I would say the percentage will definitely be higher in '26.

Hawk 的出貨實際上開始得稍晚一些，我想說的是，負載 — — 好吧，也許我想說我們在第二季度開始了更多的出貨，而且我們可能會 — — 大部分出貨將分為三個季度。顯然，我們將看到更多的出貨量，而且我認為 26 年的百分比肯定會更高。

Now going into applications, definitely, we are seeing more application, but I will put it in a different way. I think that our product lines today, when we talk about the G5, is more competitive than the Eagle, and it's definitely more competitive today compared with our competition. So I think definitely, this will mean for us potentially to take market share as we move into the future and gaining some applications. And this is these applications that require, I would say, more performance, and it's always throughput and it's always better detection. So this is in general.

現在進入應用領域，毫無疑問，我們看到了更多的應用，但我會用不同的方式來表達。我認為，我們今天的產品線，當我們談論 G5 時，比 Eagle 更具競爭力，而且與我們的競爭對手相比，它今天絕對更具競爭力。因此，我認為這無疑意味著我們有可能在未來獲得一些應用並佔領市場份額。我想說的是，這些應用程式需要更高的效能、更高的吞吐量和更好的偵測能力。整體來說就是這樣。

When we talk about the Hawk, definitely, these are capabilities that we didn't have before. So definitely, this will open a lot of opportunities for us as we move along. But still, it's too early to quantify it.

當我們談論「鷹」式戰鬥機時，毫無疑問，這些都是我們以前所沒有的能力。因此，毫無疑問，隨著我們的前進，這將為我們帶來很多機會。但現在量化還為時過早。

That will end our question-and-answer session. Before I hand back to Rafi for his closing statements, I'd like to mention that in the coming hours, this call will be available from the Investor Relations section of Camtek's website at camtek.com.

我們的問答環節到此結束。在我將發言交還給 Rafi 進行總結陳述之前，我想提一下，在接下來的幾個小時內，您可以從 Camtek 網站 camtek.com 的投資者關係部分獲取此電話會議。

And with that, I'd like to thank all of you for joining this call. Rafi, please go ahead and make your closing statements. Rafi?

最後，我要感謝大家參加這次電話會議。拉菲，請繼續做最後陳述。拉菲？

Okay. I was on mute, sorry. I would like to sincerely thank all of you for your continued interest in Camtek. A special note of appreciation goes to our dedicated employees and exceptional management team for the outstanding performance and commitment.

好的。我靜音了，抱歉。我衷心感謝大家對 Camtek 的持續關注。我們特別感謝我們敬業的員工和出色的管理團隊的出色表現和承諾。

To our investors, I am truly grateful for your trust and long-term support. I look forward to updating you in our continued progress in the next quarter. Thank you.

對於我們的投資者，我衷心感謝你們的信任和長期支持。我期待在下個季度向您通報我們的持續進展。謝謝。