Camtek Ltd (CAMT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome you to Camtek's results zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. (Operator 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，感謝你們的耐心等待。歡迎各位參加Camtek的成果發布Zoom網路研討會。我叫肯尼‧格林，是Camtek公司投資人關係團隊的一員。（操作員說明）我想提醒大家，本次電話會議正在錄音，錄音將於明日起透過獲利新聞稿中的連結以及 Camtek 網站上提供。

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, CEO; Mr. Moshe Eisenberg, CFO; and Mr. Ramy Langer, COO. Rafi will open by providing an overview of Camtek's results and discuss recent market trends.

你們現在應該都已經收到公司的新聞稿了。如果找不到，請在公司網站上查看。今天和我一起參加電話會議的有：執行長 Rafi Amit 先生；財務長 Moshe Eisenberg 先生；以及營運長 Ramy Langer 先生。Rafi 將首先概述 Camtek 的業績，並討論近期市場趨勢。

Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe and Ramy will be available to take your questions. 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 can cause actual results to vary materially.

隨後，莫舍將總結本季的財務表現。之後，Rafi、Moshe 和 Ramy 將回答您的問題。在開始之前，我想提醒大家，管理階層在本次電話會議上發表的聲明將包含聯邦證券法意義上的前瞻性聲明。這些聲明會受到各種變化、風險和不確定因素的影響，導致實際結果與預期有重大差異。

For more information regarding 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 recent press release issued earlier today and such other risk factors 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.

有關可能影響 Camtek 業績的風險因素的更多信息，請查看 Camtek 的收益報告和美國證券交易委員會 (SEC) 文件，特別是今天早些時候發布的最新新聞稿中確定的前瞻性聲明和風險因素，以及 Camtek 最新提交給 SEC 20-F 表格的年度報告中討論的其他風險因素。Camtek不承擔因新資訊或未來事件而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 financial results can be found in today's earnings release. And now I'd like to hand the call over to Rafi Amit, Camtek's CEO. Rafi, please go ahead.

除非另有說明，今天對財務業績的討論將以非公認會計準則（non-GAAP）為基礎。提醒各位，今日發布的盈利報告中提供了 GAAP 和非 GAAP 財務結果的詳細調整表。現在，我想把電話交給 Camtek 的執行長 Rafi Amit。拉菲，請繼續。

Thanks, Kenny. Hello, everyone. Camtek concluded the third quarter with record performance. Q3 revenues reached a record $126 million, reflecting over 12% growth year-over-year. We also maintained solid gross margin of 51.5%, contributing to a record operating income of over $37.6 million.

謝謝你，肯尼。大家好。Camtek第三季業績創歷史新高。第三季營收達到創紀錄的 1.26 億美元，年增超過 12%。我們也維持了 51.5% 的穩健毛利率，從而實現了超過 3,760 萬美元的創紀錄營業收入。

Our strong cash position of approximately $800 million, including the additional cash generated by our successful $500 million convertible notes offering in Q3 provide us with the financial flexibility to drive growth organically as well as to explore potential opportunities for inorganic growth across our market.

我們擁有約 8 億美元的強勁現金儲備，其中包括第三季成功發行 5 億美元可轉換債券所產生的額外現金，這使我們擁有足夠的財務靈活性，既可以推動內生成長，也可以探索市場中潛在的非內生成長機會。

Revenue distribution remained in the line with our expectations and closely matched last quarter result. High-performance computing applications contributed approximately 45% of total revenue, while other advanced packaging applications accounted for about 25%.

收入分配與我們的預期一致，與上一季的結果基本吻合。高效能運算應用貢獻了約 45% 的總收入，而其他先進封裝應用貢獻了約 25% 的收入。

The balance came from CMOS image sensors, compound semiconductor front-end applications and other general applications. We continue to see a shift of CoWoS like production toward OSATs, a trend that is favorable for our business, given our strong position within this segment. We've received significant orders for installation this year from two Tier 1 OSATs for CoWoS and CoWoS like applications. We have also received significant orders from several OSATs for fan-out application.

其餘部分來自 CMOS 影像感測器、化合物半導體前端應用和其他通用應用。我們持續看到類似 CoWoS 的生產向 OSAT 轉移，鑑於我們在該領域的強大地位，這一趨勢對我們的業務有利。今年我們收到了兩家一級 OSAT 廠商的大量訂單，用於安裝 CoWoS 和類似 CoWoS 的應用。我們也收到了幾家OSAT廠商的大量扇出應用訂單。

Regarding the HBM market, we maintain our leadership position with all the manufacturer. Our tools are not only qualified, but actually are the tools of reference for 3D metrology steps for HBM4 at all the HBM players.

在 HBM 市場方面，我們保持領先地位，與所有製造商同台競技。我們的工具不僅合格，而且實際上是所有 HBM 廠商進行 HBM4 三維計量步驟的參考工具。

We have installed tool for HBM this quarter and through the entire year for both 3D and 2D steps and have orders on hand for HBM shipment for the next quarter. Regarding our guidance for Q4, based on our current order, our sales pipeline and ongoing customer engagement, we expect Q4 2025 revenue to be around $125 million, representing annual revenue of $495 million, a record year for Camtek with a strong growth of 15% over 2024.

本季度及全年，我們已為 HBM 安裝了工具，用於 3D 和 2D 步驟，並且已收到下一季 HBM 發貨的訂單。關於我們對第四季度的指導，根據我們目前的訂單、銷售管道和持續的客戶互動，我們預計 2025 年第四季度的收入約為 1.25 億美元，年收入為 4.95 億美元，這將是 Camtek 創紀錄的一年，比 2024 年強勁增長 15%。

Let me share some of our recent technological development and business highlights. We continue to enhance our technological capabilities and strengthen our competitive edge. The next generation of devices that will power the future of HPC will require cutting-edge inspection and advanced 3D metrology solutions, area in which Camtek is strongly positioned and continues to innovate.

讓我來和大家分享我們近期的一些技術發展和業務亮點。我們將持續提昇技術能力，增強競爭優勢。下一代高效能運算設備將需要尖端的檢測和先進的 3D 計量解決方案，而 Camtek 在該領域擁有強大的優勢，並不斷進行創新。

Our new product, Eagle G5 and Hawk were designed to meet the most demanding new requirements and at the same time, perform at very high throughput. These models have been very well received by the market and are expected to contribute approximately 30% of our revenue in 2025 with an even larger share expected next year.

我們的新產品 Eagle G5 和 Hawk 的設計旨在滿足最苛刻的新要求，同時實現非常高的吞吐量。這些車型受到了市場的熱烈歡迎，預計到 2025 年將貢獻我們約 30% 的收入，明年預計份額還會更大。

The Eagle G5 has been recently selected for 2D applications over our main competitor at major IDM, and we have received multiple orders for installation this year and into '26. We have also won significant business at two Tier 1 OSATs after an evaluation of multiple vendors, including our main competitors.

在最近的 IDM 展會上，Eagle G5 被選中用於 2D 應用，擊敗了我們的主要競爭對手，我們已經收到了今年和 2026 年的多份安裝訂單。經過對包括我們主要競爭對手在內的多家供應商的評估，我們還在兩家一級 OSAT 廠商贏得了重要的業務。

Regarding the Hawk, we have already received repeat orders for major Tier 1 player for shipment in 2026 and 2027 after multiple Hawk systems were used flawlessly in production for several months. The Hawk provides the most advanced 3D performance in terms of throughput and accuracy. This is our ninth generation of white light triangulation that provides superior coverage for different bump types and process steps compared with laser triangulation technology used by our competitors.

關於 Hawk 系統，在多個 Hawk 系統在生產中完美運行數月後，我們已經收到主要一級玩家的重複訂單，將於 2026 年和 2027 年發貨。Hawk 在吞吐量和精度方面提供了最先進的 3D 效能。這是我們的第九代白光三角測量技術，與競爭對手使用的雷射三角測量技術相比，它能為不同的凸點類型和製程步驟提供更優異的覆蓋範圍。

We are planning to introduce an enhanced version of the Hawk early next year, featuring significant improvement in throughput and overall performance across both 3D metrology and 2D inspection. This advancement will further strengthen the Hawk's position as the most advanced tool in the segment.

我們計劃於明年初推出 Hawk 的增強版，其吞吐量和整體性能將在 3D 計量和 2D 檢測方面顯著提升。這項進步將進一步鞏固 Hawk 作為該領域最先進工具的地位。

Regarding 2D inspection domain, we have made significant investment over the past year to expand our capabilities of both the Hawk and Eagle G5 in the 2D inspection applications. We have implemented breaking through HI driving algorithms into our detection technologies.

在 2D 檢測領域，過去一年我們投入了大量資金，以擴展 Hawk 和 Eagle G5 在 2D 檢測應用方面的能力。我們已將突破性的高侵入性駕駛演算法應用到我們的偵測技術中。

We are currently evaluating these innovations with key customers, and we are confident that these new cutting-edge inspection solutions will enable to further grow our market share in this segment. I would now like to share some insight regarding the HPC market.

我們目前正在與主要客戶評估這些創新成果，我們相信這些尖端檢測解決方案將使我們能夠進一步擴大在該領域的市場份額。現在我想分享一些關於高效能運算市場的見解。

With the accelerated adoption of AI and the recent announcement of a major data center investment by leading industry players, it is clear that the industry is heading toward a significant expansion of manufacturing capacity.

隨著人工智慧的加速普及以及行業領先企業近期宣布對資料中心進行重大投資，很明顯，該行業正朝著製造能力大幅擴張的方向發展。

Only the HBM portion is expected to more than double itself in the next three years. That said, we expect a natural time lag between those investment announcement and the actual purchase of equipment to support this new capacity.

預計未來三年內，只有 HBM 部分的成長速度會超過一倍。也就是說，我們預期在宣布投資和實際購買設備以支援此新產能之間會存在一定的時間延遲。

Turning to our preliminary outlook for 2026. This industry development, which point to sustained growth and continued investment in wafer fab equipment, strengthen our expectation that 2026 will be another year of growth for Camtek.

接下來，我們來看看 2026 年的初步展望。這個產業發展趨勢顯示晶圓製造設備將持續成長並持續投資，這更加堅定了我們對 2026 年 Camtek 又將迎來成長的信心。

At this stage, we expect our 2026 revenue to be weighted toward the second half of the year with a somewhat slower start, as the market continues to absorb existing capacity before the next wave of expansion begins.

現階段，我們預計 2026 年的營收將主要集中在下半年，開局速度會稍慢一些，因為市場在下一波擴張開始之前會繼續消化現有產能。

In summary, the massive investment in data centers and the accelerating adoption of AI-driven applications are expected to translate into increasing demand for advanced semiconductor manufacturing equipment. With Camtek's strong market position and the cutting-edge capabilities we have recently added, we are well positioned to capitalize on this trend and deliver significant growth while further expanding our market share in the coming years.

總而言之，對資料中心的巨額投資和人工智慧驅動型應用的加速普及預計將轉化為對先進半導體製造設備日益增長的需求。憑藉 Camtek 強大的市場地位和我們最近新增的尖端技術，我們完全有能力把握這一趨勢，實現顯著增長，並在未來幾年進一步擴大市場份額。

And now Moshe will review the financial results. Moshe?

現在莫舍將審閱財務報告。摩西？

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

謝謝你，拉菲。接下來，我將以非公認會計準則（non-GAAP）為基礎提供財務摘要。GAAP 結果與非 GAAP 結果的調整表請參閱今天早些時候發布的新聞稿末尾的表格。

Third quarter revenues came in at a record $126 million, an increase of 12% compared with the second quarter -- third quarter of 2024. The geographic revenue split for the quarter was as follows: Asia was 93% and the rest of the world accounted for 7%.

第三季營收達到創紀錄的 1.26 億美元，比第二季成長 12%——2024 年第三季。本季地域收入佔如下：亞洲佔 93%，世界其他地區佔 7%。

Gross profit for the quarter was $65 million. The gross margin for the quarter was 51.5%, similar to the previous quarter and an improvement from the third quarter of last year. Operating expenses in the quarter were $27.2 million compared to $22.9 million in the third quarter of last year and $26.6 million in the previous quarter.

本季毛利為6500萬美元。本季毛利率為 51.5%，與上一季持平，較去年第三季有所提升。本季營運支出為 2,720 萬美元，而去年第三季為 2,290 萬美元，上一季為 2,660 萬美元。

The increase over last year is mainly a result of increased R&D expenses. Operating profit in the quarter was $37.6 million compared to $34.2 million recorded in the third quarter of last year and $37.4 million in the second quarter.

與去年相比的成長主要是由於研發費用增加所致。本季營業利潤為 3,760 萬美元，而去年第三季為 3,420 萬美元，第二季為 3,740 萬美元。

The improvement over last year is due to the increase in gross profit, partially offset by the increase in operating expenses. Operating margin was 30%, similar to the level last year and last quarter. Financial income for the quarter was $6.5 million compared to $6.4 million reported last year and $4.9 million in the previous quarter. Within that, interest income increased slightly due to the increased cash balance from profit cash from operations as well as from the convertible notes issued towards the end of the quarter.

與去年相比，業績改善主要歸功於毛利的成長，但部分被營運費用的增加所抵銷。營業利益率為30%，與去年同期和上一季的水平相近。本季財務收入為 650 萬美元，而去年同期為 640 萬美元，上一季為 490 萬美元。其中，利息收入略有增加，這得益於經營活動產生的現金流增加以及季度末發行的可轉換票據。

Net income for the third quarter of 2025 was $40.9 million or $0.82 per diluted share. This is compared to a net income of $30 million or $0.75 per share in the third quarter of last year. Total diluted number of shares as of the end of the third quarter was $50.3 million. In the next quarter, the number of shares will increase, as the effect of the convertible notes will apply to the full quarter, and it is expected to be around 51 million shares.

2025 年第三季淨收入為 4,090 萬美元，即每股攤薄收益 0.82 美元。相比之下，去年第三季的淨收入為 3,000 萬美元，即每股 0.75 美元。截至第三季末，稀釋後的總股份數為 5,030 萬美元。下一季度，由於可轉換債券的影響將持續整個季度，股份數量將會增加，預計約 5,100 萬股。

Turning to some high-level balance sheet and cash flow metrics. Cash and cash equivalents, including short- and long-term deposits and marketable securities as of September 30, 2025, were $794 million. This is compared with $543.9 million at the end of the second quarter. We generated $34.3 million in cash from operations in the quarter. In the quarter, we successfully completed a $500 million new convertible notes offering. At the same time, we repurchased for $267 million existing convertible notes with a balance sheet value of $167 million, less expensive.

接下來我們來看一些高階的資產負債表和現金流量指標。截至 2025 年 9 月 30 日，現金及現金等價物（包括短期及長期存款及有價證券）為 7.94 億美元。相比之下，第二季末的數字為 5.439 億美元。本季我們從經營活動中獲得了 3,430 萬美元的現金。本季度，我們成功完成了 5 億美元的新可轉換債券發行。同時，我們以 2.67 億美元的價格回購了資產負債表價值為 1.67 億美元的現有可轉換債券，成本更低。

As a result of the tax asset -- as a result, a tax asset was created in the amount of $12.3 million, which led to a onetime GAAP loss of $89 million net. The positive net cash flow from this activity was $219 million. Inventory levels decreased to $142 million from $149 million, as we have been able to introduce planning efficiencies. Accounts receivables remained stable at $112 million, representing 81 days outstanding. As Rafi said before, we expect revenues of around $127 million in the fourth quarter.

由於稅務資產的產生，產生了 1,230 萬美元的稅務資產，導致一次性 GAAP 淨虧損 8,900 萬美元。這項活動產生的淨現金流為 2.19 億美元。由於我們提高了計劃效率，庫存水準從 1.49 億美元下降到 1.42 億美元。應收帳款維持穩定，為 1.12 億美元，帳齡為 81 天。正如拉菲之前所說，我們預計第四季營收約 1.27 億美元。

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

接下來，拉菲、拉米和我將接受大家的提問。

(Operator Instructions)

（操作說明）

Charles Shi, Needham.

石正麗，李約瑟。

Hi, thanks for taking my questions. Maybe the first one, Rafi, you mentioned about the timing lag between announcement and implementation. Just kind of wonder if there is another timing lag, let's say, between DRAM front-end equipment investment versus packaging?

您好，感謝您回答我的問題。拉菲，或許第一個問題是公告和實施之間的時間延遲。我只是有點好奇，在DRAM前端設備投資和封裝之間是否存在另一個時間延遲？

And how should we think about when you mentioned about the second half weighted next year, a lot of that probably attributes to that timing lag. But how should we think about the level of, let's say, a little bit of moderation in first half? It seems like that's what you alluded to. And what's the -- based on the order, based on your customer engagement, how big the second half next year could be? Thank you.

我們該如何看待您提到的明年下半年的加權平均數據呢？這很可能與時間滯後有關。但是，我們該如何看待上半場稍微收斂的做法呢？看來你指的就是這個。那麼，根據訂單狀況和顧客互動情況來看，明年下半年的規模會有多大呢？謝謝。

Okay. In general, we are also in the period of preparing the budget for next year. So when we collect all the information, all the discussion with customers, what we call the pipeline in order, all of these show us that we can feel very comfortable more for the second half and the first half -- because delivery time of us is about three, four months maximum.

好的。總的來說，我們目前也正處於編制下一年度預算的階段。所以，當我們收集所有信息，與客戶進行所有討論，也就是我們所說的流程時，所有這些都表明，我們可以對後半段和前半段都感到非常放心——因為我們的交貨時間最多也就三到四個月。

So it's a little bit not easy for us to predict more than this period. So when I collect all the information, this is -- based on this, we feel more comfortable on the second half to say what we can see and what we can feel. But maybe Ramy can contribute to more details about this.

因此，我們很難預測更長的時間跨度。所以當我收集了所有資訊之後，基於此，我們在後半部會更自在地表達我們所看到的和我們所感受到的。但或許拉米可以提供更多細節。

Charles, we feel very comfortable that 2026 is going to be a growth year. We feel comfortable. But speaking with customers and seeing all the announcements, and there is no doubt that it's going to be growth. We have the pipelines, and we feel very comfortable about next year. I think at this stage, we cannot anticipate exactly the numbers, and we don't usually give any indications about one quarter after the next one.

查爾斯，我們非常有信心2026年將是成長之年。我們感覺很舒服。但與客戶交談並看到所有公告後，毫無疑問，這將會帶來成長。我們有充足的管道，對明年充滿信心。我認為現階段我們無法準確預測數字，而且我們通常不會在下一個季度之後給出任何關於下一個季度的預測。

So at this stage, we cannot provide a solid guidance about the first quarter. So we are very, very comfortable about 2026. It will be a growth year. We feel that the second half will be better than the first half, although the numbers and exactly how will be the details, it's too early to comment at this stage.

因此，現階段我們無法對第一季業績給予確切的預測。所以我們對2026年非常有信心。這將是成長的一年。我們認為下半場會比上半場好，雖然具體數字和表現方式還有待觀察，現在評論還為時過早。

Got it. Thanks. Yeah. Moshe, maybe a question for you. The OpEx looks like Q3, there's a good amount of R&D expense increase, maybe offset by a slight moderation SG&A. I think based on all the commentary you talked about Eagle G5, Hawk, it's probably not a surprise R&D expense come up a little bit.

知道了。謝謝。是的。莫舍，或許我有個問題想問你。營運支出看起來和第三季差不多，研發費用大幅增加，可能會被銷售、一般及行政費用的略微下降所抵銷。我認為，根據你對 Eagle G5 和 Hawk 的所有評論來看，研發費用略有上升可能並不令人意外。

But still would like to see if you can provide any more color on the R&D expense. And let's say, going forward, do you expect this level of R&D will continue? And how should we think about a little bit that in Q4 and beyond Q4? How you plan for OpEx? Thank you.

但我仍然想了解您能否提供更多關於研發費用的資訊。那麼，展望未來，您認為這種研發水準會繼續維持下去嗎？那麼，我們該如何看待第四季及之後的情況呢？您如何規劃營運支出？謝謝。

Definitely -- Charles, so definitely, the one area within the OpEx that we continue to increase and spend more resources on is the R&D. We see that as an investment for our future growth. We are continuously adding capabilities, as you heard from Rafi in his prepared remarks.

當然——查爾斯，所以毫無疑問，在營運支出中，我們持續增加投入和投入更多資源的領域就是研發。我們認為這是對未來發展的投資。正如拉菲在事先準備好的演講稿中所說，我們正在不斷增加自身能力。

So we do not expect any major decline in R&D, but it could vary from quarter-to-quarter based on certain activities, but it will remain at this level and should increase as a percentage of revenue -- as we grow the revenue, sorry.

因此，我們預期研發投入不會大幅下降，但可能會因某些活動而逐季度有所波動，不過將保持目前的水平，並且隨著收入的增長，研發投入佔收入的比例應該會上升——抱歉，這是收入增長的必然結果。

Thank you.

謝謝。

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi, there. Thanks for letting us ask few questions. Maybe firstly, China has clearly been a very strong geography for Camtek this year. Can you comment on what has driven the strength? And off a strong 2025, do you expect China up in 2026 and also more second half weighted?

你好呀。謝謝你們允許我們提問。首先，中國顯然是 Camtek 今年表現非常強勁的地區。您能否談談是什麼因素促成了這種強勁勢頭？鑑於 2025 年的強勁成長勢頭，您預計中國經濟將在 2026 年繼續成長，下半年成長會更加強勁嗎？

So, we feel comfortable with what's happening in China. We see continued investments. As you know, a lot of the business in China is more OSATs related, and there is a lot of room to continue and invest in this space. We are seeing also investments, by the way, from other OSATs in the world.

所以，我們對中國正在發生的事情感到放心。我們看到投資持續不斷。如您所知，中國很多業務都與OSAT（外包軟體測試與安裝）有關，這個領域還有很大的發展和投資空間。順便一提，我們也看到來自世界其他OSAT公司的投資。

So all in all, I think the OSAT segment is pretty healthy. I think Rafi mentioned in his prepared remarks that we have won business in a couple of OSATs, significant orders. So we definitely expect China to continue and be healthy in 2026.

總而言之，我認為OSAT（外部儲存和測試）領域發展狀況良好。我認為拉菲在他的準備好的發言稿中提到，我們已經在幾個 OSAT 項目中贏得了業務，都是重要的訂單。因此，我們完全有理由相信中國在2026年將繼續保持健康發展。

Okay. Great. Thank you. Reflecting again also on your commentary about a slower start to next year. It sounds like the preliminary outlook might be for Q1 revenue to decline relative to Q4 levels. Is this more tied to HPC or China? And would you expect 1Q revenue to still improve on a year-over-year basis?

好的。偉大的。謝謝。再次思考您關於明年開局速度會比較慢的評論。初步預測顯示，第一季營收可能會比第四季下降。這更多是與高效能運算（HPC）相關，還是與中國相關？您預計第一季營收仍將年增嗎？

So I think at this stage, we've said that it's too early for us to comment on accurate numbers. We're not in a position to state them. And I think Rafi mentioned it and we talked about in the prepared remarks. I think what is important that we see 2026 as a growth year. There are lots of opportunities.

所以我覺得，現階段我們已經說過，現在評論準確的數字還為時過早。我們不便透露詳情。我想拉菲也提到了這一點，我們在準備好的演講稿中也談到了這一點。我認為重要的是，我們要把2026年視為成長之年。機會很多。

Definitely, the HPC continues to be very strong. If you take the HBM, the HBM business is growing at over 30% a year. It's going to double in the next three years. And we see a lot of investments there.

毋庸置疑，高效能運算依然非常強勁。以 HBM 為例，HBM 業務的年增長率超過 30%。未來三年內，這個數字將會翻倍。我們看到那裡有很多投資。

Our market position, as we mentioned, is very strong at all the HBM manufacturers. We are the tool of reference for the HBM4 at each of these locations. So we feel comfortable. And I think in three months, we'll be in a much better position to comment on the (technical difficulty)

正如我們所提到的，我們在所有高分子骨材製造商中都佔據著非常強大的市場地位。我們是這些地點 HBM4 的參考工具。所以我們覺得很安心。我認為三個月後，我們將更有能力對此發表評論。（技術難題）

I should ask a quick follow-up just based on that. When you say tool of record at HBM4, are you talking about 3D? And also, can you also comment on --

基於以上情況，我應該快速跟進。當您說 HBM4 的錄音工具時，您指的是 3D 工具嗎？另外，您能否也談談這方面？--

I will elaborate in one minute, but I just want to mention one thing. There is no weakness in China. And now let's talk about the tool of record. So first of all, we are tool of record for all the 3D metrology for HBM4 at all the HBM manufacturers. We are also a tool of record for several 2D inspection steps at different steps, at different manufacturer.

我稍後會詳細說明，但我想先提一件事。中國沒有弱點。現在我們來談談記錄工具。首先，我們是所有 HBM 製造商的 HBM4 所有 3D 計量的官方工具。我們也是不同製造商在不同工序中多個二維偵測步驟的指定工具。

Okay. Great. Thank you.

好的。偉大的。謝謝。

You are welcome. Thank you, Brian.

不客氣。謝謝你，布萊恩。

Matt Prisco, Cantor Fitzgerald.

馬特·普里斯科，康托·菲茨杰拉德。

First, just maybe a little more detail on that first half versus second half weighting. Any areas of your business or end markets that are seeing this dynamic more pronounced? And then what's giving you that confidence in the second half balance? Is that actual orders on the books today? Or is that more just generally what you're seeing in terms of those industry trends and customer conversations?

首先，或許可以更詳細地說明上半年和下半年的權重分配狀況。貴公司業務或終端市場中，有哪些領域尤其明顯呈現這種趨勢？那麼，是什麼讓你對下半年的業績平衡充滿信心呢？這些是目前實際上已下單的訂單嗎？或者，這只是你從產業趨勢和客戶對話中觀察到的整體情況？

So the way we work with our customers, we hold a lot of discussions with them. We build a very detailed, what we call, a pipeline that is per customer, per the requirements that he's doing. And then we correlate it with what we see on the market. So all in all, and I think you have seen from previous years that we were able to understand the market and more or less be on target with the discussion that we had with you guys.

所以我們與客戶的合作方式是，我們會與他們進行很多討論。我們為每個客戶，根據他的具體需求，建立了一個非常詳細的流程，我們稱之為「流程圖」。然後我們將其與市場上的情況進行比較。總而言之，我想你們從前幾年的情況也看到了，我們能夠了解市場，並且或多或少地與我們和你們的討論目標一致。

So I think that from those discussions, understanding the market, understanding the HPC market is a market that is going to grow. But I think that what you see from the things that we are seeing around there, as we said, there is a certain time lag. And we don't think it's going to be very long. It's probably going to be pretty short. And therefore, we are very confident with the second half with the first half, we will be able to comment in three months.

所以我認為，透過這些討論，我們了解到市場，尤其是高效能運算市場，這是一個將會成長的市場。但我認為，正如我們所說，從我們周圍看到的情況來看，存在一定的時間延遲。我們認為這種情況不會持續太久。可能篇幅會很短。因此，我們對下半場非常有信心，至於上半場，我們將在三個月後發表評論。

Helpful. Thank you. And then on that HPC front, maybe can you walk us through the contribution expectations for next year? Are you thinking that grows as a percentage of revenues versus today? And are there any expected difference in that revenue contribution from HPC first half versus second half?

很有幫助。謝謝。那麼，關於高效能運算方面，您能否為我們介紹明年的貢獻預期？您認為這部分收入佔總收入的比例會比現在成長嗎？高效能運算（HPC）業務的收入貢獻在上半年和下半年之間預計會有差異嗎？

We -- if you go back, we have grown the business in '24, in '25. And definitely, we expect to do the same in '26. Our -- what we call the high-performance computing was roughly 50% of our business. And definitely, when you look ahead, this business will continue to grow. The HBM is going to grow.

我們—如果你回顧一下，我們在 2024 年和 2025 年都發展壯大了業務。我們當然希望在 2026 年也能做到這一點。我們所謂的高效能運算業務約占我們業務的 50%。可以肯定的是，展望未來，這項業務將會繼續發展壯大。HBM將會成長。

The CoWoS contribution is going to grow. We see the applications growing. You are seeing also when you talk about the applications today, the NVIDIA applications with the servers. You are going to see end of '26, '27, also a big growth in the density of the HBM memory that is going to use for the applications.

CoWoS的貢獻將會成長。我們看到申請量不斷增加。如今談到應用領域，我們也可以看到 NVIDIA 的應用以及伺服器端的應用。您將會看到 2026 年底、2027 年，用於應用程式的 HBM 記憶體密度也將大幅成長。

So what we are seeing -- looking away, we are seeing two things. On one hand, you are seeing a lot of growth in the capacity that will come as this application -- the current application is going to require more density of memory and also we will see new applications.

所以，當我們移開視線時，我們看到了兩件事。一方面，隨著應用程式的不斷湧現，記憶體容量將大幅增長——當前的應用程式需要更高的記憶體密度，而且我們還會看到新的應用程式出現。

On the other hand, the move to HBM4 is going to be what we call inspection and metrology intensive because the bumps are getting tighter. There are going to be more bumps, the density grow, they will need to do more inspection and metrology.

另一方面，向 HBM4 的過渡將需要大量的檢驗和計量，因為凸起越來越小。未來還會出現更多顛簸，密度也會增加，他們需要進行更多的檢查和計量。

So if you couple all of these things together, definitely, we will continue to see growth. And I believe that the 50% part of the business is going to be maintained in general over the longer period. So yes, we are very optimistic about the business and the market.

所以，如果把所有這些因素結合起來考慮，我們肯定會繼續看到成長。而且我相信，從長遠來看，這50%的業務佔比總體上將會維持下去。是的，我們對公司業務和市場都非常樂觀。

And we're listening to all the announcements that are being mentioned every time, the amounts just of the data centers that are going to be set in the next few years is huge. You're seeing it's hundreds of billions of dollars that are going to be invested. And definitely, the fabs that will support it will gradually come online.

我們一直在關注所有相關公告，每次提到未來幾年將要建造的資料中心數量都非常龐大。你可以看到，這將涉及數千億美元的投資。當然，支持這項技術的工廠也會逐步上線。

Perfect. Thanks, guys.

完美的。謝謝各位。

Craig Ellis, B. Riley.

克雷格·艾利斯，B·萊利。

Yeah, thank you for taking the questions. I wanted to start, Ramy, with one for you that just goes a little bit deeper into some of the things that have come up so far. So as we think about second half weighted calendar '26 growth, can you help us understand how Camtek is positioned for that from a manufacturing capacity standpoint currently?

是的，謝謝你回答這些問題。拉米，我想先告訴你一個更深入探討目前為止出現的一些問題的故事。因此，當我們考慮 2026 年下半年的加權日曆成長時，您能否幫助我們了解 Camtek 目前從生產能力角度來看，為此做好了哪些準備？

Do you have what you need? Do you need to add? And when will you need to start bringing in working capital? Because I think everything we all see suggest, this will be one of the bigger capacity ramps we've seen in a long time.

你準備好所需物品了嗎？還需要添加嗎？那麼，你們何時需要開始投入營運資金？因為我認為我們所看到的一切都表明，這將是我們很長一段時間以來看到的最大的產能提升之一。

And then since shipping costs have been an issue at times in the past, in the middle of the income statement, how will we manage shipping costs for a potentially significant surge in shipments in the back half of the year?

此外，由於運輸成本在過去有時也會成為損益表中的問題，我們將如何應對下半年可能出現的運輸量大幅增加所帶來的運輸成本問題？

So general form the manufacturing capacity, and I think we discussed in previous meetings, we already about a year ago, added a significant portion of capacity. We are also going to add some capacity in Europe, as we discussed, in order to have another buffer just in case that we need more capacity.

所以從整體來看，就製造能力而言，我認為我們在之前的會議中已經討論過，大約一年前，我們已經增加了相當一部分產能。正如我們之前討論過的，我們還將在歐洲增加一些產能，以便在需要更多產能時有一個緩衝。

So from a capacity point of view, we have enough clean room space. We have enough employees. And therefore, from that point of view, we feel very comfortable. Currently, we are running at two shifts. We can always extend it to a third shift. But from that point of view, we feel very comfortable. From a material point of view, we're running, as Moshe mentioned, we're more efficient about the material flow. As a result, we were able to reduce the inventory.

所以從容量角度來看，我們有足夠的無塵室空間。我們人手充足。因此，從這個角度來看，我們感到非常安心。目前，我們實行兩班制。我們還可以增加到第三班。但從這個角度來看，我們覺得很放心。從物料的角度來看，如 Moshe 所提到的，我們在物料流動方面更有效率。因此，我們得以減少庫存。

But all in all, we have enough material on hand to start the ramp, and we have excellent relationship with our subcontractors and other suppliers if we need to expedite material of any kind. Regarding the shipping cost, yes, we had a surge in the shipping cost in the past year. I think we overcame all of these issues. Shipping costs are back to normal. And hopefully, we do not see any issues regarding that. Did I answer your question, Craig?

但總的來說，我們手邊有足夠的材料可以開始建造斜坡道，而且如果我們需要加快任何類型材料的供應，我們與分包商和其他供應商的關係也非常好。關於運費，是的，去年我們的運費確實大幅上漲了。我認為我們已經克服了所有這些問題。運費已恢復正常。希望這方面不會有任何問題。克雷格，我的回答是否解決了你的問題？

Yeah, you did, Ramy. Thank you very much. And then I'll ask the follow-up to Rafi. Rafi, you have significantly strengthened your balance sheet with the convert, and you mentioned that one of the things that can do is enhance inorganic growth options.

是的，你做到了，拉米。非常感謝。然後我會問拉菲的後續狀況。拉菲，你透過收購顯著增強了資產負債表，你也提到過，收購可以增強非內生成長的選擇。

Can you talk about areas of the business where you feel like there's potential to add capability where you see opportunity to augment the current portfolio with something that would strengthen it and add further to the growth down the road? Thank you.

您能否談談您認為公司哪些領域有潛力增加能力，並有機會透過增加某些功能來增強現有產品組合，從而加強其功能並促進未來的成長？謝謝。

Okay. We -- our today, Chairman, Lior Aviram, we hire him to spend 1% of his time only for M&A activities. And now we had another person for this purpose. So they work like a group, and they do a great job. The first map in the industry.

好的。我們——我們今天的董事長利奧爾·阿維拉姆——聘請他只將 1% 的時間用於併購活動。現在我們又多了一個人負責這項工作。所以他們像一個團隊一樣工作，而且做得非常出色。業界首張地圖。

And we divided it to, I would say, to inspection to metrology, to software to many, many type of area that could be integrated and interest Camtek. So I think right now, we have about maybe 40 potential customers or companies that we said, look, this about this amount of company could be very interested for us. And on a weekly basis, we do some discussion with them. Even we pay a visit to see them, to talk to them. So I feel very confident that maybe this year in 2026, we can see much better results for that.

我認為，我們將其劃分為檢測、計量、軟體以及Camtek可以整合並感興趣的許多其他領域。所以我覺得目前我們大概有 40 家潛在客戶或公司，我們說，你看，這大約 40 家公司可能對我們非常感興趣。我們每週都會和他們進行一些討論。我們甚至會去拜訪他們，和他們交談。所以我非常有信心，也許在2026年，我們可以看到更好的結果。

Very helpful. Thank you, team.

很有幫助。謝謝團隊。

Can I just add a little bit that may be misunderstood. So Lior, our Executive Chairman, is 100%. Most of his time goes to just the M&A activities. And I think we are very comfortable with the progress that we are making and there are quite a few opportunities, but that's something that we will speak in future calls once we have more material information and we can share it.

我能否補充一點可能被誤解的內容？所以，我們的執行主席利奧爾是100%。他大部分時間都投入併購活動。我認為我們對目前的進展非常滿意，也看到了不少機遇，但這些我們將在掌握更多實質資訊後，在以後的電話會議上再詳細討論。

Thanks, Ramy. Thanks, Rafi.

謝謝你，拉米。謝謝你，拉菲。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hi, good morning. This is Matthew Pan on for Tom O'Malley. Just one follow-up on the supply chain in terms of AI announcements. Any more detail you could share on those conversations with the supply chain? And if there's any broadening out in sort of -- in terms of conversations with the leading-edge players? I know you mentioned a lot more conversations with OSATs.

您好，早安。這裡是馬修潘，替湯姆歐馬利為您報道。關於人工智慧相關公告的供應鏈，我還有一點後續問題。關於與供應鏈的對話，您能否分享更多細節？如果在與業界領導者的對話方面有所拓展，情況又會如何呢？我知道你提到要和 OSAT 進行更多對話。

Obviously, Tom, there are a lot of conversations with all their relevant manufacturers and customers that are related to the high-performance computing. And it's very hard to try and quantify it in very short times. And this is -- and at least this is the reason that we feel very comfortable that 2026 is going to be a growth year because everybody is positive about the future and what's going to happen.

顯然，湯姆，他們與所有相關的製造商和客戶都進行了許多與高效能運算相關的對話。而且很難在很短的時間內量化。正是因為如此，我們才非常有信心 2026 年將會是成長之年，因為每個人都對未來和將要發生的事情持樂觀態度。

It is really a question now of timing, how fast the ramp is going to be. So all in all, I think the activities are there. I think Rafi in his prepared comments talked about the advancement and the process improvements that everybody is making.

現在真正的問題是時機，以及成長速度會有多快。總而言之，我認為活動是有的。我認為拉菲在事先準備好的發言中談到了大家正在取得的進步和流程改進。

And so all in all, I think this industry is moving in the right direction. But as we said, to turn all of these announcements into something that we need to start to manufacture tomorrow, obviously, there is a slight time delay and I think we will be able to discuss it more in details in about a quarter.

總而言之，我認為這個行業正朝著正確的方向發展。但正如我們所說，要將所有這些公告轉化為我們明天就要開始生產的東西，顯然會有一些時間延遲，我認為我們可以在大約一個季度後更詳細地討論這個問題。

Got it. Just one follow-up. We've been asking a couple of companies this. Curious if you've looked into sort of what you think WFE spend as a percentage of total AI compute investments would be. So we've heard a couple of companies saying high single digits, maybe closer to double digits percentage, but not sure if you've taken a look into that.

知道了。還有一個後續問題。我們已經向幾家公司詢問過這個問題。我很好奇您是否研究過WFE支出佔AI計算總投資的比例是多少。我們聽說有幾家公司表示，成長率可能接近兩位數，甚至接近百分之幾，但不知道您是否已經了解這方面的資訊。

Obviously, we see these comments. And I think it's too early today to say the numbers. I see numbers from high single digits to low double digits. I think it's a little premature now to really comment on the WFE in 2026.

顯然，我們看到了這些評論。我認為現在公佈具體數字還為時過早。我看到的數字從個位數高到兩位數低不等。我覺得現在對 2026 年的 WFE 做出評論還為時過早。

Got it. Thank you.

知道了。謝謝。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Do you hear me?

你聽見我說話了嗎？

Yes, we hear you.

是的，我們聽到了。

This is Ezra Weener on for Blayne. First one would be in Q3 and the guide for Q4 and I guess into the weakness in the beginning of next year, can you talk a little bit about the moving pieces between CoWos and HBM -- what's strong, what's weak there?

這是埃茲拉·維納替布萊恩上場。首先是第三季度，然後是第四季度的指導，我猜明年年初會比較疲軟，您能談談CoWos和HBM之間的變化嗎——哪些方面很強，哪些方面很弱？

We bundle it all together as we call it high-performance computing because the reason is basically what is it? It's the CoWos, there is the chiplet and the chiplet is surrounded by stacks of HBMs. So it really is one business. And the orders can shift by quarter here and there per the different vendor. And today, it's a little bit more complex because you get the OSATs and the OSATs are also participating in the CoWos and CoWos like business.

我們將所有這些功能整合在一起，稱之為高效能運算，原因基本上是：它是什麼？這是 CoWos，其中包含晶片組，而晶片組周圍環繞著堆疊的 HBM。所以它實際上是一家企業。訂單數量可能會因不同供應商的不同而每季有所變動。而如今，情況變得更加複雜，因為 OSAT 也參與了 CoWos 和類似 CoWos 的業務。

And therefore, it's a little bit harder to tell you what is stronger versus the CoWos because we sometimes don't know what the OSATs are doing. So again, what I can tell you is that the business, the HPC continues to be strong. It will be strong also in the fourth quarter. It also will be strong in the range of 50% in 2026. We don't see any change in the pattern.

因此，要告訴你哪個比 CoWos 更強就有點難了，因為我們有時不知道 OSAT 在做什麼。所以，我可以再次告訴大家的是，高效能運算 (HPC) 產業依然保持強勁勢頭。第四季它的表現也會很強勁。到 2026 年，這一比例也將保持在 50% 左右。我們沒有看到這種模式有任何變化。

Got it. And then second question would be you talked about an improvement in the hawk for early next year. Can you talk about what that means for the applications you can address and pricing?

知道了。第二個問題是，您提到鷹隼將在明年初有所改善。您能談談這對於您可以解決的應用程式問題和定價意味著什麼嗎？

So I want to be very careful because, of course, a more detailed information is confidential. What I can tell you what we said in our prepared remarks that as after a year since the introduction of the Hawk, we have identified potential in order to improve the performance and to create even a bigger gap in the market.

所以我要非常謹慎，因為更詳細的資訊當然是保密的。我可以告訴你們的是，我們在事先準備好的演講稿中提到，自 Hawk 推出一年後，我們發現了提升其性能並進一步擴大市場差距的潛力。

So we are going to improve the throughput in general for both the 3D metrology and the inspection. We're going to make these changes very soon. And we are speaking with our customers, obviously, very closely, and they understand what is going to come.

因此，我們將全面提高 3D 計量和檢測的吞吐量。我們將很快做出這些改變。我們顯然正在與客戶進行非常密切的溝通，他們也了解即將發生的事情。

What I think the -- what I want to say that what is important and the message that I want to say across that we, the Hawk will be the best equipment we have in its segment and we are very proud and it's performing very well. It's been well accepted by our customers.

我認為——我想說的是，最重要的是，我想傳達的訊息是，Hawk 將是同級產品中最好的設備，我們為此感到非常自豪，而且它的性能也非常好。它受到了顧客的廣泛好評。

It's already in production at multiple places, very successful. So we believe that with the improved version, our market position will be even stronger once we implement those improvements, and they're going to happen very soon.

它已經在多地投入生產，而且非常成功。因此我們相信，一旦我們實施這些改進措施，改進後的版本將使我們的市場地位更加穩固，而這些改進措施很快就會實施。

Got it. Thank you.

知道了。謝謝。

Michael Mani, Bank of America.

麥可馬尼，美國銀行。

Hi, thanks very much for taking our questions. Start, could you talk about the utilization of your tools across your main customers, maybe particularly focusing on some of the HBM customers. Is there anywhere where you might be seeing a little more idle capacity given the amount of shipments over the last couple of years? And is that a headwind in the near term and partially explaining maybe the softer first half of the outlook?

您好，非常感謝您回答我們的問題。首先，您能否談談貴公司主要客戶對貴公司工具的使用情況，特別是重點放在一些 HBM 客戶的情況？鑑於過去幾年的出貨量，您是否發現某些地方的產能存在一些閒置現象？這是否會在短期內構成不利因素，並部分解釋為何前景展望上半年較為疲軟？

First of all, we don't really know the utilization of our machines at our customers. We sometimes see pressure on us to fix the machines, but we don't really know these numbers. They feel -- they keep them very close to their chest. So this is something that, unfortunately, I cannot comment on. What I can tell you that all the machines that we are shipping are being installed and are being taken into production.

首先，我們並不真正了解客戶對我們機器的使用情況。我們有時會感受到需要修理機器的壓力，但我們並不真正了解這些數字。他們覺得──他們會把這些感受藏在心底。很遺憾，我對此事無法置評。我可以告訴大家的是，我們發貨的所有機器都已安裝完畢並投入生產。

I don't see any machines that are held that don't require immediate installation or not used. From that point of view, I think the industry is healthy. People are using the equipment and people want service and people are pushing us to do things and deliver our commitments as fast as possible. So from that point of view, I don't see any slowdown in the industry.

我沒有看到任何被扣留的機器是不需要立即安裝或未使用的。從這個角度來看，我認為這個行業發展得很健康。人們正在使用設備，人們需要服務，人們正在敦促我們盡快完成工作並履行承諾。所以從這個角度來看，我認為這個行業不會有任何放緩的跡象。

Great. Thank you. And my follow-up, if you could just give us an idea about how to think about gross margins for next year. It sounds like maybe the first half is at the lower end of the sort of 51% to 52% range that you kind of trended along for the last couple of quarters. Maybe there's an uptick in the second half, especially as some of these higher ASP tools kick in. But any kind of high-level trajectory in terms of gross margins to think about for next year would be very helpful. Thank you.

偉大的。謝謝。我的後續問題是，您能否給我們一些關於明年毛利率的思考想法？聽起來上半年的業績可能處於過去幾季以來一直維持的 51% 到 52% 區間的下限。或許下半年會回升，尤其是一些高平均售價工具開始發揮作用之後。但任何關於明年毛利率的高層次發展趨勢都將非常有幫助。謝謝。

Hi, Michael, this is Moshe speaking. Yeah, gross margin should gradually improve over the next few quarters as we ship more and more products from our new tools, the Hawk and the Gen 5, which have higher gross margin. Obviously, if there is a slower quarter, this may have an impact on the overall gross margin. But again, in general, the gross margin should improve over the current levels.

你好，邁克爾，我是莫舍。是的，隨著我們使用毛利率更高的新工具 Hawk 和 Gen 5 出貨越來越多的產品，未來幾季毛利率應該會逐步提高。顯然，如果某個季度業績放緩，這可能會對整體毛利率產生影響。但總的來說，毛利率應該會比目前水準有所提高。

Thanks so much.

非常感謝。

Edward Yang, Oppenheimer.

愛德華楊，奧本海默。

Hi, good morning. Can we come back to the -- just the competitive environment and market share dynamics. It sounds like you had some -- won some share in 2D -- competitor talked about 3D. Is it just fair to say the backdrop is relatively stable with some give and take?

您好，早安。我們能否回到——僅僅是競爭環境和市佔率動態這個問題上來？聽起來你在 2D 領域取得了一些份額，而競爭對手則在談論 3D。可以說，背景相對穩定，但也存在一些波動嗎？

So first of all, we have not lost any market share to our competitor -- to our competitors. And we believe that with our new technologies and the new capabilities we're going to implement will probably enable us to win more -- to increase our market share. And I want to make it as we gain in the 3D and you sort of hinted maybe you lost something -- you gain in the 2D, you may have lost something in the 3D. That's not the case. Our position in the 3D is very strong.

首先，我們並沒有失去任何市佔率給競爭對手——也沒有失去任何市佔率。我們相信，憑藉我們的新技術和即將實施的新能力，我們可能會贏得更多——提高我們的市場份額。我想說的是，我們在 3D 中有所收穫，但你似乎暗示你可能失去了一些東西——你在 2D 中有所收穫，但在 3D 中可能失去了一些東西。事實並非如此。我們在三維領域的地位非常穩固。

We are the reference tool for all the 3D metrology steps at all the HBM vendors and basically across the industry in the OSATs, there are very, very few places where we are not. So definitely, we are in a very strong position. I think the technology that we are implementing today, the new technologies, the new products that we have introduced a year ago are starting to be very meaningful to our revenues. We are gaining a lot of market share. We are gaining in new applications.

我們是所有 HBM 供應商所有 3D 計量步驟的參考工具，基本上在整個 OSAT 產業中，我們幾乎無所不在。所以，我們無疑處於非常有利的地位。我認為我們今天正在實施的技術，以及一年前推出的新技術和新產品，已經開始對我們的收入產生非常大的影響。我們正在獲得大量市場份額。我們在新應用方面不斷取得進展。

We are able to do things that we couldn't do a year ago. I think with the new capabilities, we'll do even more applications. And my expectations is that we will win more steps at the HBM level, at the CoWoS and all the different applications. And then definitely, we -- our target is to increase the market share in the 3D and in the 2D.

我們現在能夠做到一年前做不到的事。我認為憑藉這些新功能，我們將開發出更多應用程式。我的期望是，我們將在 HBM 層面、CoWoS 以及所有不同的應用領域取得更多進展。當然，我們的目標是提高在 3D 和 2D 領域的市佔率。

Okay. Thanks for that color, Ramy. And just for my follow-up, can you talk about the outlook for non-HPC advanced packaging. That actually outperformed HPC in 2025. Would that still be the case for 2026? And what's driving that? Is that mobile? Or what are the end markets that's driving that outperformance?

好的。謝謝你提供的顏色，拉米。我還有一個後續問題，您能談談非高效能運算（HPC）高階封裝的前景嗎？實際上，到 2025 年，它的性能超過了高效能運算 (HPC)。到2026年情況是否依然如此？而這背後的驅動因素是什麼？那是手機嗎？或者說，推動這種優異表現的終端市場是什麼？

I'll tell you that if I look at the advanced packaging, in general, advanced packaging for us is around 70%, 50% is the HPC and another 20% is what we call the conventional advanced packaging. I think the main application today is fan-out. And you see fan-out -- in some of it goes to mobile, but I think it's more -- it has a variety of applications.

我告訴你，如果我看一下先進封裝，一般來說，對我們來說，先進封裝大約佔 70%，高效能運算 (HPC) 佔 50%，另外 20% 是我們所謂的傳統先進封裝。我認為目前的主要應用是扇出。你可以看到它的扇出——其中一些應用到了行動裝置上，但我認為它的應用範圍更廣——它有多種應用。

So I would say it's hard for me to tell you which are the end products, but definitely, the application that we see is span out and it's taking more and more, I would say, space you're seeing today in advanced packaging. And I expect this to be similar in '26.

所以我覺得很難告訴你最終產品是什麼，但可以肯定的是，我們看到的應用範圍正在不斷擴大，並且佔據的空間越來越大，可以說，這就是你今天在先進包裝領域看到的那樣。我預計2026年情況也會類似。

Thank you.

謝謝。

Craig Ellis, B. Riley.

克雷格·艾利斯，B·萊利。

Hi, thanks for sneaking me in. There's been a lot of inquiry and very helpful color understandably on HBM and CoWoS. But my understanding is that the company is positioned quite well for hybrid bonding. And we do expect that to be very important as leading-edge foundry moves to backside power delivery. Can you talk about specific product traction, breadth of exposure there? And how we should think about hybrid bonding contributing to calendar '26 year-on-year growth? Thanks, team.

嗨，謝謝你偷偷帶我進來。可以理解的是，HBM 和 CoWoS 上有很多關於顏色的諮詢和非常有用的信息。但我了解到，該公司在混合鍵結領域處於相當有利的地位。我們預計，隨著領先的晶圓代工廠轉向背面供電，這一點將非常重要。能談談具體產品的市場反應和曝光度嗎？那麼我們該如何看待混合債券對 2026 年全年年成長的貢獻呢？謝謝大家。

So look, in general, hybrid bonding, we see it as an additional opportunity. I think in '26 from a revenues point of view, it's still going to be moderate. What we are seeing is more, I would say, the volumes are still. And we have a few machines at customer sites, major customer sites that are being used for the hybrid bonding, I would say, for the pilot lines or for the initial preproduction that they are doing.

所以總的來說，我們認為混合鍵結是一個額外的機會。我認為從收入角度來看，2026 年的成長仍將保持溫和。我們看到的情況是，可以說，交易量仍然保持不變。我們在客戶現場，特別是主要客戶現場，配備了一些機器，用於混合粘合，我想說，用於中試生產線或他們正在進行的初始預生產。

So definitely, there is a very nice opportunity there on the 2D inspection side. We see a lot of potential also on the metrology side. And this is something that we've been working on developing capabilities, and I believe this will contribute also in the long run. I think the volumes from hybrid bonding will come more into '20. We'll start to see them higher in '27. I think in '26, it's not going to be so significant.

所以，二維檢測方面肯定存在著非常好的機會。我們看到計量學方面也蘊藏著巨大的潛力。這是我們一直在努力培養的能力，我相信從長遠來看，這也會有貢獻。我認為混合鍵結的產量將在 2020 年大幅成長。2027年我們將開始看到它們價格上漲。我認為到了2026年，這件事就不會那麼重要了。

Thank you very much, Ramy.

非常感謝你，拉米。

So that ends our question-and-answer session. Before I hand over back to Rafi for his closing statement, in the coming hours, we will upload the recording of this call to the IR section of Camtek's website. I'd like to thank everybody for joining this call and hand back to Rafi for your closing statement. Rafi, please.

我們的問答環節到此結束。在我將發言權交還給 Rafi 做總結陳詞之前，在接下來的幾個小時裡，我們將把這次通話的錄音上傳到 Camtek 網站的投資者關係部分。感謝各位參加本次電話會議，現在把發言權交還給拉菲，請他作總結發言。拉菲，拜託了。

Okay. I would like to sincerely thank all of you for your continued interest in Camtek. A special note of application goes to our dedicated employees and exceptional management team for the outstanding performance and commitment. To our investors, I am truly grateful for your trust and long-term support. I look forward updating you on our continued progress in the next quarter. Thank you very much, and goodbye.

好的。我衷心感謝各位一直以來對Camtek的關注。在此特別感謝我們敬業的員工和傑出的管理團隊，感謝他們出色的表現和奉獻精神。對於我們的投資者，我衷心感謝你們的信任和長期支持。我期待在下一季向您報告我們的進展。非常感謝，再見。

Thanks, everyone. You may go ahead and disconnect.

謝謝大家。您可以斷開連線了。