Camtek Ltd (CAMT) 2025 Q4 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. (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. You should have all received by now the company's press release. If not, please view it on the company's website.

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。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。

With me today on the call, we have Mr. Rafi Amit, CEO; Mr. Moshe Eisenberg, CFO; and Mr. Ramy Langer, COO. Rafi has a cold and has lost his voice. So Ramy will be providing the opening remarks followed by Moshe, who will then summarize the financial results of the quarter. Following that, we will open the call for the question-and-answer session.

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。拉菲感冒了，嗓子也啞了。因此，拉米將首先致開幕詞，然後由摩西總結本季的財務表現。接下來，我們將開放問答環節。

Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the federal securities laws. Those statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially.

在開始之前，我想提醒各位，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意義上的前瞻性陳述。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 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 such other 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業績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 的 20-F 表格年度報告中討論的其他因素。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.

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，今天的盈利報告中提供了 GAAP 和非 GAAP 財務結果的詳細調整表。

And now I'd like to hand the call over to Mr. Ramy Langer, Camtek's COO. Ramy, please go ahead.

現在，我想把電話交給 Camtek 的營運長 Ramy Langer 先生。拉米，請繼續。

Thanks, Kenny. Hello, everyone. Camtek concluded the fourth quarter and full year with record results. Fourth quarter revenues reached a quarterly record of $128 million, representing an increase of 9% year-over-year. Gross margin was 51% and operating margin was 29%.

謝謝你，肯尼。大家好。Camtek第四季和全年均取得了創紀錄的業績。第四季營收達到創季紀錄的 1.28 億美元，年增 9%。毛利率為 51%，營業利益率為 29%。

For the full year, I'm excited with our revenues, which totaled $496 million, reflecting 16% year-over-year growth. Gross margin was 51.6% and operating margin reached 30%. These results bring us to our milestone of $0.5 billion in revenues.

我對全年的收入感到興奮，總收入達到 4.96 億美元，年增 16%。毛利率為 51.6%，營業利益率達 30%。這些業績使我們實現了營收 5 億美元的里程碑。

In terms of revenue mix for the full year, approximately 50% was driven by AI-related products, 20% came from the other advanced packaging applications. The remaining revenue was distributed across CMOS image sensors, compound semiconductors, front-end and general 2D applications.

從全年收入組成來看，約 50% 來自人工智慧相關產品，20% 來自其他先進封裝應用。剩餘的收入分配到 CMOS 影像感測器、化合物半導體、前端和通用 2D 應用領域。

Regarding our outlook for the first quarter of 2026. In our previous meeting, we indicated that we expect our revenues to be more second half weighted following a somewhat slower start to the year and that we expect 2026 to be a growth year compared to 2025.

關於我們對 2026 年第一季的展望。在上次會議中，我們表示，由於年初成長速度有所放緩，我們預計下半年的營收成長將更為顯著，並且我們預計 2026 年將比 2025 年實現成長。

In line with this, our revenue guidance for the first quarter is to be around $120 million. At the same time, I am pleased to share that the months passed since our previous guidance significantly reinforced our confidence in our forecast regarding the strength of the second half and in our ability to achieve a full year growth in 2026. Moreover, at this point of time, we expect 2026 to be another double-digit growth year for Camtek.

基於此，我們預計第一季營收約 1.2 億美元。同時，我很高興地告訴大家，自從我們上次發布業績指引以來，幾個月的時間大大增強了我們對下半年業績強勁增長的預測信心，以及我們對2026年實現全年增長能力的信心。此外，我們預計 2026 年 Camtek 將繼續實現兩位數的成長。

This confidence is derived from our pipeline of order and backlog as well as ongoing interaction with our customers. As you are aware, key customer of ours have made public announcements regarding their investment plans for the coming year, and are discussing with us about their plans for the latter part of the year in this respect.

這種信心來自我們充足的訂單和積壓訂單，以及與客戶的持續互動。如您所知，我們的一位重要客戶已公開宣布了其來年的投資計劃，並正在與我們討論其下半年的相關計劃。

Customers have been verifying with us ability to ship and install a double-digit number of systems within a relatively short time frame. Certain customers are finalizing development of their next-generation devices and want clarity on which of our system models best fit their requirements.

客戶一直在向我們驗證我們是否有能力在相對較短的時間內交付和安裝兩位數數量的系統。一些客戶正在最終確定下一代設備的開發方案，並希望明確我們哪種系統型號最符合他們的需求。

The primary growth engine of the semiconductor industry continues to be high-performance computing components designed for AI applications. As I said, the growth curve expected in 2026 is largely linked to the pace of which device manufacturers, particularly memory suppliers plan to expand their production capacity.

半導體產業的主要成長引擎仍然是為人工智慧應用而設計的高效能運算元件。正如我所說，2026 年的預期成長曲線很大程度上取決於設備製造商，特別是記憶體供應商計劃擴大產能的速度。

As an example, last week, we announced a $25 million order received from an IDM customer for multiple Hawk systems. This order is in addition to previous orders placed in recent months by this customer, bringing the total to approximately $45 million.

例如，上週我們宣布收到來自 IDM 客戶價值 2,500 萬美元的 Hawk 系統訂單。這份訂單是在該客戶近幾個月來下的其他訂單之外的額外訂單，使總金額達到約 4500 萬美元。

The customer continues to expand its manufacturing capacity by building new fabs to meet growing demand for components produced for AI applications, and we expect additional orders from this customer. We expect additional major customers of ours to expand their production capacity after this year to meet rising demand for their products.

該客戶不斷擴大其製造能力，建造新的晶圓廠以滿足對人工智慧應用組件日益增長的需求，我們預計該客戶將獲得更多訂單。我們預計，為了滿足不斷增長的產品需求，今年之後，我們的其他主要客戶也將擴大產能。

Another major factor supporting our outlook is the proven exceptional performance of our systems, particularly the Hawk and the Eagle Gen 5, both models were launched about a year ago, and we have already installed dozens of systems of each over the past year.

支援我們前景的另一個主要因素是我們系統（特別是 Hawk 和 Eagle Gen 5）的卓越性能，這兩個型號都是大約一年前推出的，在過去一年中，我們已經安裝了數十套系統。

Moreover, since this introduction, we have continued to invest efforts in our R&D and completed the development of new capabilities to meet the requirements of our customers' next-generation products. We have already demonstrated these new capabilities to several customers and received strong validation and interest.

此外，自該技術推出以來，我們持續投入研發，並完成了新能力的開發，以滿足客戶下一代產品的需求。我們已經向幾位客戶展示了這些新功能，並獲得了強烈的認可和興趣。

The transition to HBM4 is already in process, and represents a major opportunity for us. We are the tool of reference for 3D metrology at all major players. We have a significant market share in 2D inspection, which we expect to expand in 2026.

向 HBM4 的過渡已經在進行中，這對我們來說是一個重大機會。我們是所有主要廠商三維計量領域的參考工具。我們在二維檢測領域擁有相當大的市場份額，我們預計到 2026 年將進一步擴大市場份額。

We, therefore, expect to not only maintain our market share in AI-related applications, but to increase it meaningfully. Moreover, as our products introduce to the market superior new capabilities, we expect them to enable us to penetrate additional production steps and expand our total available market.

因此，我們不僅期望保持我們在人工智慧相關應用領域的市場份額，而且期望能夠顯著提高市場份額。此外，隨著我們的產品向市場引入卓越的新功能，我們期望它們能夠幫助我們進入更多的生產環節，並擴大我們的總市場規模。

To summarize, two major developments coincided during the last several months. We have experienced a significantly increased orders flow and pipeline, thus improving our visibility. In parallel, we have completed the development of new capabilities to meet the requirements of our customers' next-generation products, which we expect to enable us to increase our market share in our total available market. We are excited with what we can achieve in 2026.

總而言之，過去幾個月發生了兩件大事。我們的訂單量和訂單儲備顯著增加，從而提高了訂單的可見度。同時，我們已完成新能力的開發，以滿足客戶下一代產品的需求，我們期望這將使我們能夠提高在整個可用市場中的市場份額。我們對2026年能夠取得的成就感到興奮。

And now Moshe will review the financial results.

現在莫舍將審閱財務報告。

Thank you, Ramy. Revenue for the fourth quarter came in at a record $128.1 million, an increase of 9% compared with the fourth quarter of 2024. For the full year, revenues came in at $496.9 million, an increase of 16% compared with 2024. The geographic revenue split for the quarter was as follows: Asia was 89%, and the rest of the world accounted for the remainder 11%.

謝謝你，拉米。第四季營收達到創紀錄的 1.281 億美元，比 2024 年第四季成長 9%。全年營收達 4.969 億美元，比 2024 年成長 16%。本季地域收入佔如下：亞洲佔 89%，世界其他地區佔剩餘的 11%。

Gross profit for the quarter was $65.4 million. The gross margin for the quarter was 51.1%, similar to the previous quarter and slightly better than the 50.6% reported in the fourth quarter of last year. Operating expenses in the quarter were $28.7 million compared to $23.1 million in the fourth quarter of last year and $27.2 million in the previous quarter.

本季毛利為6540萬美元。本季毛利率為 51.1%，與上一季相近，略高於去年第四季的 50.6%。本季營運支出為 2,870 萬美元，而去年第四季為 2,310 萬美元，上一季為 2,720 萬美元。

Operating profit in the quarter was $36.7 million compared to the $36.3 million reported in the fourth quarter of last year, and $37.6 million in the third quarter. Operating margin was 28.6% compared to 30.9% and 29.9%, respectively.

本季營業利潤為 3,670 萬美元，而去年第四季為 3,630 萬美元，第三季為 3,760 萬美元。營業利益率為 28.6%，而同期分別為 30.9% 和 29.9%。

For the year, operating margin was 30%, similar to 2024. Financial income for the quarter was $8.2 million compared to $6.2 million reported last year and $6.5 million in the previous quarter. Within that, interest income increased due to the increased cash balance from the strong cash generation and the convertible notes issued towards the end of the third quarter.

本年度營業利益率為 30%，與 2024 年的情況類似。本季財務收入為 820 萬美元，而去年同期為 620 萬美元，上一季為 650 萬美元。其中，由於強勁的現金流和第三季末發行的可轉換票據，現金餘額增加，利息收入也隨之增加。

Net income for the fourth quarter of 2025 was $40.7 million or $0.81 per diluted share. This is compared to a net income of $37.7 million or $0.77 per share in the fourth quarter of last year. Total diluted number of shares as of the end of the fourth quarter was $51.3 million.

2025 年第四季淨收入為 4,070 萬美元，即每股攤薄收益 0.81 美元。相比之下，去年第四季的淨收入為 3,770 萬美元，即每股 0.77 美元。截至第四季末，稀釋後的總股份數為 5,130 萬美元。

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 December 31, 2025, were $851.1 million. This compared with $794 million at the end of the third quarter.

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 12 月 31 日，現金及現金等價物（包括短期及長期存款及有價證券）為 8.511 億美元。相比之下，第三季末的數字為 7.94 億美元。

The fourth quarter was characterized by a very strong cash generation of $61.2 million from operations. This is a result of a strong collection and reduction in accounts receivables as well as optimization in our inventory levels.

第四季特點是營運活動產生的現金流非常強勁，達到 6,120 萬美元。這是由於我們大力收款、減少了應收帳款，並優化了庫存水準。

Accounts receivables were down by $22 million to $90.8 million compared to $112.5 million in the previous quarter. Our days sales outstanding decreased to 65 days from 81 days last quarter. Inventory level is down by $50 million. Having increased our inventory level in the last few quarters to support the launch of the Hawk and the Eagle Gen 5, it is now back to the right level to support the expected revenues in the coming quarters.

應收帳款較上一季的 1.125 億美元減少了 2,200 萬美元，至 9,080 萬美元。我們的應收帳款週轉天數從上季的 81 天減少到 65 天。庫存水準下降了5000萬美元。為了支持 Hawk 和 Eagle Gen 5 的上市，我們在過去幾個季度提高了庫存水平，現在庫存水平已恢復到合適的水平，以支持未來幾季的預期收入。

As for guidance, as Ramy said before, we expect revenues of around $120 million in the first quarter, with growth expected in the second quarter and more significant growth in the second half of 2026. And with that, Ramy and I will be open to take your questions. Kenny?

至於業績指引，正如拉米之前所說，我們預計第一季營收約為 1.2 億美元，第二季有望成長，2026 年下半年將實現更顯著的成長。接下來，我和拉米將接受大家的提問。肯尼？

(Operator Instructions)

（操作說明）

Brian Chin, Stifel.

Brian Chin，Stifel。

Great. Thank you. Can you hear me?

偉大的。謝謝。你聽得到我嗎？

Yeah.

是的。

Good afternoon. Thanks for letting us a few questions. Maybe firstly, just to reference the big accelerating increase in demand that you referenced. Where is that more prevalent? Is it more concentrated on HBM or on the chiplet logic side? And at this time, is the larger step-up occurring in Q3 or Q4?

午安.感謝您抽空回答我們的幾個問題。首先，我想提及您所提到的需求加速成長的情況。這種情況在哪些地方比較普遍？它比較側重於HBM還是晶片邏輯方面？那麼，目前來看，更大的成長是在第三季還是第四季？

Well, Brian, so first of all, I would say it's the -- what we call high-performance computing or the AI-related products that are all ramping up. And I would say that I can't go at this stage to the resolution, whether it's Q3 or Q4, this is really customer-dependent. I can say that it's in the second half, you will -- we will see the step.

布萊恩，首先，我想說的是——我們所說的高效能運算或人工智慧相關產品都在加速發展。而我認為，現階段我無法給出確切答案，無論是第三季還是第四季度，這完全取決於客戶。我可以透露的是，在下半場，你們將會——我們會看到這一步。

Got it. Can you still hear me?

知道了。你還能聽到我說話嗎？

Yeah.

是的。

Yeah, yeah.

是啊是啊。

Maybe for a follow-up, I think in the past, you've noted that you expected 50% plus of your system shipments this year to be either one of the newer platforms, Hawk or Eagle Gen 5. Is that still the case? Or is there an update to that? And this year, we'll have HBM4 sort of coexist alongside HBM3E. Can you maybe outline sort of that decision point that some of your customers are having either moving to Hawk or potentially sticking with the latest Eagle? And also, are you seeing any reuse of existing systems? Is that any factor why shipments are lower in first half?

或許可以補充一點，我認為您之前曾提到，預計今年您的系統出貨量中將有 50% 以上是 Hawk 或 Eagle Gen 5 這兩個較新的平台之一。現在情況仍然如此嗎？或是這方面有更新消息嗎？今年，HBM4 將與 HBM3E 並存。您能否概述一下您的部分客戶在選擇升級到 Hawk 還是繼續使用最新的 Eagle 時所面臨的抉擇點？另外，您是否看到現有系統的任何再利用情況？這是否是導致上半年出貨量下降的原因之一？

So let me start to talk about the Eagle versus the Hawk. I think the Hawk is going primarily to people that want very high throughputs and long-term capability. The Hawk can reach accuracies, performance that is much higher than the Eagle, the G5. The G5 is a fantastic machine, very high flexibility, very popular in the OSATs world. So therefore, there is room for both of them.

那麼，讓我開始談談雄鷹和隼的差別吧。我認為 Hawk 主要針對那些需要極高吞吐量和長期效能的用戶。Hawk 的精準度和性能遠高於 Eagle 和 G5。G5 是一台非常棒的機器，靈活性很高，在 OSAT 領域非常受歡迎。所以，因此，兩者之間是有容身之處的。

But definitely, when you go to very high volumes, these customers will gradually move to the Hawk. Now the Hawk and the G5 accounted to about 30% of our revenues this year. We expect it to be at least 50% in 2026. Did I answer your question clear, Brian?

但可以肯定的是，當銷售量非常高時，這些客戶會逐漸轉向 Hawk。今年，Hawk 和 G5 的銷售額約占我們總收入的 30%。我們預計到 2026 年至少會達到 50%。布萊恩，我回答清楚了嗎？

Yeah. That was helpful. And is there any reuse that you're seeing as sort of HBM4 and 3E both coexist? Or just the fact that 3E is still pretty strong and prevalent limiting the amount of reuse your customers can have?

是的。那很有幫助。您是否看到 HBM4 和 3E 可以共存，存在某種程度的重複使用情況？或者只是因為 3E 模式仍然非常強大和普遍，限制了客戶的重複使用次數？

Well, it's very hard for us to really know the 3E versus the HBM4. But I think gradually, the industry will go to HBM4, and this will be the product that most people will be using. And definitely, the move to HBM4 is a very important opportunity for us. As we've discussed in previous calls, there is a lot more dense structures. The requirements there are much higher. It is more metrology and inspection intensive. So all in all, this move is very positive for us.

嗯，我們很難真正了解 3E 與 HBM4 的差異。但我認為，隨著時間的推移，整個產業將會轉向 HBM4，而這將成為大多數人使用的產品。毫無疑問，向 HBM4 過渡對我們來說是一個非常重要的機會。正如我們在之前的通話中討論過的，這裡有很多更密集的結構。那裡的要求要高得多。它對計量和檢測的要求更高。總而言之，這項措施對我們來說非常有利。

Great. Thank you, Ramy.

偉大的。謝謝你，拉米。

Charles Shi, Needham.

石正麗，李約瑟。

Hi. Thanks for taking my questions. Maybe the first one, I want to dig a little bit deeper into the Hawk versus G5, the question here, Eagle G5. I remember, Hawk was more positioned for high-end logic type of applications and Eagle G5. You also mentioned it's a high -- it's a good productivity, good cost of ownership.

你好。謝謝您回答我的問題。或許第一個問題是，我想更深入地探討 Hawk 與 G5 的區別，這裡的問題是，Eagle G5。我記得，Hawk 更專注於高端邏輯類型的應用，而 Eagle G5 則更側重於此。您還提到它的優點是——生產效率高，而且擁有成本低。

And I thought that you probably more positioned the G5 as maybe more for the memory for high-bandwidth memory, but of course, for the OSAT market. Is some of that changing right now? Because I'm getting the sense maybe Hawk is seeing more of the adoption or maybe a faster adoption by your customers, maybe also including the memories? Thank you.

我以為你們可能更傾向於將 G5 定位為高頻寬內存，當然，也面向 OSAT 市場。現在這種情況正在改變嗎？因為我感覺 Hawk 可能正在被更多人採用，或者被您的客戶更快地採用，也許還包括儲存功能？謝謝。

No, no, this is not the case. What we are seeing, and this is -- the Hawk is targeted for those applications that are high-end applications. If you go to a very large number of bumps, let's say, 150 million and more, people and with low structures with the bumps comparatively shallow, these applications will definitely go to the Hawk. The accuracies that are required there and definitely the throughputs that are required there are very high. So we will see these kind of applications go towards the Hawk.

不，不，情況並非如此。我們看到的是，Hawk 的目標應用是高階應用。如果遇到數量非常龐大的凸起，例如 1.5 億人或更多，而且建築物較低，凸起相對較淺，那麼這些應用肯定會選擇 Hawk。那裡對精度和吞吐量的要求都非常高。所以我們將會看到這類應用逐漸向 Hawk 平台發展。

The second applications that will go to Hawk in general will be to those application people that are looking to go to 100 nanometers. So when we look at applications that are more related to front end, related to hybrid bonding, those people that will want down the road to use the machine for hybrid bonding, those people will naturally adopt the Hawk.

第二批將面向 Hawk 的應用用戶，主要是那些希望達到 100 奈米製程的用戶。因此，當我們審視與前端、與混合鍵合更相關的應用時，那些將來想要使用機器進行混合鍵合的人，自然會選擇 Hawk。

And the G5, obviously, it is -- we've got thousands of machines in the market. So you would see some customers using the Eagle platform adopt the G5 because they know it, they feel more comfortable with it. But I think the strength of the G5 is very, very, I would say, high flexibility, very good accuracy, very good ROI.

顯然，G5 就是這樣——我們在市場上投放了數千台機器。因此，你會看到一些使用 Eagle 平台的客戶採用 G5，因為他們了解 G5，覺得使用起來更舒適。但我認為 G5 的優點在於：彈性非常高，準確度非常高，投資報酬率非常高。

So all in all, it will continue to be a very popular machine. But definitely, on the other hand, when you go to the high-bandwidth memory, the higher ones, the four and the five, definitely, those customers will, to a certain extent, use the Hawk.

總而言之，它仍將是一款非常受歡迎的機器。但另一方面，當你使用高頻寬內存，也就是更高規格的內存，例如 4 和 5 規格的內存時，這些客戶肯定會在一定程度上使用 Hawk。

Okay. So is it fair to say for memory market, especially for HBM market, we still should consider G5 as the workhorse and Hawk is more deployed more selectively at this point?

好的。那麼，對於記憶體市場，特別是 HBM 市場而言，我們是否可以仍然將 G5 視為主力產品，而 Hawk 目前則更多地被選擇性地部署？

The way you should look at it, we have hundreds of Eagles, many hundreds of Eagles already doing these applications. But I think some of the future capacity that will be built will be more tended towards the Hawk.

你應該這樣理解，我們有數百名雄鷹，數以百計的雄鷹已經在進行這些申請了。但我認為未來建設的一些產能會更傾向於鷹式戰鬥機。

Thanks. That was very clear. I want to -- checking with you guys, what's the expectation for China this year, if there's any number you can give to us, maybe a percentage of total revenue expected or year-on-year growth? What's the China expectation for this year? Thanks.

謝謝。這一點非常清楚。我想問各位，今年對中國市場的預期是什麼？能否提供一個具體數字，例如預計佔總收入的百分比或年比成長率？中國對今年的預期是什麼？謝謝。

Well, first of all, the China expectation this year is all in all positive. We do not see any signs of weakness, and we expect to see the revenues in China, they're going to be, I would say, stable. And keep in mind that most of the sales to China are OSATs. And -- which are engaged in a lot of applications. So it's a primarily stable market. I think there is growth in OSATs in general, in China. So I don't see any changes compared to previous years.

首先，今年中國的整體預期是正面的。我們沒有看到任何疲軟跡象，預計中國市場的收入將保持穩定。請記住，對華銷售的大部分產品都是OSAT（外包半導體組裝和測試）產品。而且——它們被應用於許多應用程式。所以這是一個整體穩定的市場。我認為在中國，OSAT（外包軟體測試）產業總體上是成長的。所以我覺得和往年相比沒有任何改變。

Thanks.

謝謝。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Hello. Thanks for taking my questions. Relative to the double-digit growth outlook you talked about for the year and some of your competitors who have cited 15% to 20% WFE growth for 2026. Can you maybe frame for us where you expect your overall revenue to fall this year relative to some of those broader WFE forecast?

你好。謝謝您回答我的問題。相對於您提到的今年兩位數的成長前景，以及一些競爭對手預測 2026 年 WFE 成長 15% 至 20% 的情況。您能否大致說明一下，相對於WFE的一些更廣泛的預測，您預計今年的整體收入會下降多少？

Would you expect the inspection market to sort of undergrow the broader WFE envelope this year? And if not, would you expect this is more of a timing issue where you have a little bit weaker first half of the year and then you sort of catch up in terms of revenue growth in 2027? Thank you.

你認為今年檢測市場的成長速度會低於整個WFE（焊接設備工程）市場的成長速度嗎？如果不是，您是否認為這更多是一個時間問題，即今年上半年業績稍顯疲軟，然後在 2027 年實現營收成長並迎頭趕上？謝謝。

So first of all, we said in the prepared notes, that we are going to achieve double digits this year in 2026. Now it's too early to quantify at this time, but looking at our results, in the last few years, we always did better than the WFE because we are focused on the fastest-growing segments. But if I want to give you a little bit more color on what we are seeing this year.

首先，我們在準備好的說明中提到，我們將在 2026 年實現兩位數的成長。現在量化還為時過早，但從我們過去幾年的業績來看，我們一直比 WFE 做得更好，因為我們專注於成長最快的細分市場。但如果我想更詳細地描述我們今年所看到的情況。

So compared to what we discussed here a quarter ago, we are seeing a much better visibility, and this is resulting from the new orders that we have received, a much better pipeline following our discussions with customers and understanding the forecast much better. We understand today the timing of the expected orders. So the full visibility and our confidence in 2026 and specifically in the second half is very high.

因此，與一個季度前我們在這裡討論的情況相比，我們看到了更好的前景，這是由於我們收到了新訂單，與客戶討論後建立了更好的銷售渠道，並且對預測有了更深入的了解。我們今天了解了預期訂單的時間表。因此，我們對 2026 年，特別是下半年的發展前景，充滿信心。

Okay. Thank you. And then can you maybe just talk about how we should expect your gross margin trajectory to go throughout the year? I think you've previously cited that the improving ASPs on Hawk, et cetera, would drive gross margin expansion. Is this something you can expect that the gross margins to continue to increase throughout the year as you build volume?

好的。謝謝。那麼，您能否談談我們應該如何預期貴公司全年的毛利率走勢？我認為你之前提到過，Hawk 等產品的平均售價提高將推動毛利率擴張。隨著銷量的成長，您可以預期毛利率會在全年持續成長嗎？

Yes, absolutely. We are looking into an improved gross margin throughout the year. And as we expect to grow the revenue in the second half of the year, we expect to improve the margins. We did take certain measures to improve the bill of materials. We took other measures in terms of supply chain, and we believe that we are positioned well to benefit from this and improve the gross margin later in the year.

是的，絕對的。我們正在努力提高全年的毛利率。隨著我們預計下半年營收成長，我們預期利潤率也會提高。我們採取了一些措施來改進物料清單。我們在供應鏈方面採取了其他措施，我們相信我們已做好充分準備，從中受益，並在今年稍後提高毛利率。

Thank you.

謝謝。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

Thank you for letting me ask you question. I have a question on the competitive dynamics. Just has there been any change to the competitive dynamics for HBM sockets? Just how should we think about your share at these memory customers? Thank you.

謝謝你允許我提問。我有一個關於競爭動態的問題。HBM插槽的競爭格局是否發生了任何變化？我們應該如何看待您在這些記憶體客戶中所佔的份額？謝謝。

So thank you for the question. So I want to make it very clear. We have not lost any market share to competitors. We also estimate that we will be able to increase our market share this year. I talked in the prepared notes about our efforts in the R&D that yielded exceptional solutions and capabilities. And these capabilities will enable us to increase our market share by penetrating into more inspection and metrology steps.

謝謝你的提問。所以我想把這一點說清楚。我們沒有失去任何市場份額。我們也預計今年能夠提高市場佔有率。我在準備好的講稿中談到了我們在研發方面所做的努力，這些努力產生了卓越的解決方案和能力。這些能力將使我們能夠透過滲透到更多的檢測和計量環節來提高市場份額。

Great. That's very encouraging to hear. And for my follow-up, so some OSATs have mentioned pretty monstrous CapEx numbers throughout this earnings period. Just can you talk about your business with these customers? And just how a broadening of advanced packaging beyond the leading foundries benefits Camtek? Thank you.

偉大的。聽到這個消息真是令人鼓舞。我的後續問題是，一些OSAT公司在本財報季期間提到了相當驚人的資本支出數字。您能和這些客戶談談您的業務嗎？那麼，先進封裝技術向領先代工廠以外的地區擴展，究竟能為 Camtek 帶來哪些好處呢？謝謝。

So definitely, we see what is called the CoWoS technology, moving to OSAT. Some of it, call it CoWoS, some of it call it CoWoS like technologies. All in all, I would say that the OSAT, this is our home ground. This is where we are very strong. We dominate this market. We have hundreds of machines in this area. It's about 50% of our business. So definitely, the move to these technologies are very important in the OSAT. This will definitely benefit Camtek.

所以，我們肯定看到所謂的 CoWoS 技術正在朝向 OSAT 邁進。其中一些可以稱之為 CoWoS，另一些可以稱之為類似 CoWoS 的技術。總而言之，我認為 OSAT 就是我們的主場。這是我們的強項。我們在這個市場佔據主導地位。我們在這個區域有數百台機器。這約占我們業務的50%。因此，向這些技術的過渡對 OSAT 來說絕對非常重要。這肯定會對Camtek公司有利。

And I would say one more thing that, of course, the OSATs are very important to our business. But on the other side, we have a very strong position at all the big players. When we talk about the HBM, when we talk about the CoWoS, we talk about TSMC. All of these are our customers, and we are very -- and we have a very good market position, and we plan to continue and grow with them.

我還要補充一點，當然，OSAT 對我們的業務非常重要。但另一方面，我們在所有主要競爭對手中都佔有非常強大的地位。當我們談到 HBM，當我們談到 CoWoS 時，我們就會談到台積電。這些都是我們的客戶，我們非常滿意——我們擁有非常好的市場地位，我們計劃繼續與他們共同成長。

Great. Thank you very much.

偉大的。非常感謝。

Craig Ellis, B. Riley.

克雷格·艾利斯，B·萊利。

Yeah. Thanks for taking the questions. I wanted to start stitching together a couple of earlier answers and implications for the year's growth. So it sounds like what you're saying, guys, with the real strong uptake you're getting across OSATs, IDMs and foundry for Hawk and Eagle that this year, there should be real strong IDM growth since that's where you've got your HBM exposure, good growth in OSAT and I suspect good growth in foundry with 2.5D. Is that a fair characterization of how we should look at growth across your different customer classes?

是的。謝謝您回答問題。我想開始把之前的一些回答和對今年成長的影響串連起來。所以聽起來你們的意思是，鑑於Hawk和Eagle在OSAT、IDM和代工廠的強勁需求，今年IDM市場應該會有非常強勁的成長，因為你們的HBM產品主要面向IDM；OSAT市場成長良好；我估計2.5D代工廠市場也會有不錯的成長。這樣描述你們不同客戶群的成長情況是否合理？

I think it's an excellent view, and I totally agree with your comment. This is how we see the market. As you said, they are the big customers, the HBM, the foundries that definitely are going to be very dominant this year, and we expect growth there. But the OSATs, which is, give or take, 50% of our business are continuing to invest on one side in advanced packaging applications, but moreover, are starting to adapt the CoWoS of the AI technologies, and this is for real. I mean this is real.

我覺得這個觀點很棒，我完全同意你的看法。這就是我們看待市場的方式。正如你所說，他們是大客戶，HBM（高分子材料）和晶圓代工廠，他們今年肯定會佔據主導地位，我們預計這方面會有成長。但是，占我們業務約 50% 的 OSAT 廠商一方面繼續投資於先進的封裝應用，另一方面也開始採用人工智慧技術的 CoWoS，這是真的。我的意思是，這是真的。

I mean, I think they are talking about it openly, and they are also talking about significant growth this year, and we have really -- in this respect, we already have POs on hand. We have in the backlog. And definitely, the focus is very positive.

我的意思是，我認為他們正在公開談論這件事，他們也在談論今年的顯著增長，而在這方面，我們確實已經準備好了採購訂單。我們已將其列入待辦事項清單。而且，這種關注點無疑是非常正面的。

That's helpful. Thank you, Ramy. And then the follow-up is related to one of Jim's questions, but also tying in some further color on gross margin. So can you just identify, guys, if we were to see demand go from double-digits, low end, 10% towards something that was more WFE like? Do you feel like you have the materials, the production capacity, the shift flexibility to meet that degree of upside through the year?

那很有幫助。謝謝你，拉米。然後，後續問題與吉姆提出的一個問題有關，但也進一步闡述了毛利率的一些情況。所以，各位，你們能否指出，如果我們看到需求從兩位數、低端、10% 的成長轉向更像 WFE 的模式，會發生什麼事？您認為您擁有足夠的原料、生產能力和彈性的輪班安排，能夠滿足全年如此大幅度的成長需求嗎？

And then Moshe, are there any things we should be aware of on gross margin, if you were to be chasing demand that was near WFE like? And can you just clarify what we should expect with gross margin in the first quarter, given the decline in volume? Are we going to stay at 51%-plus? Or do we go down to 50%? And then what about the OpEx contour through the year? Thanks very much, guys.

那麼，Moshe，如果我們要追逐接近WFE的需求，在毛利率方面有什麼需要注意的地方嗎？鑑於銷量下降，您能否解釋一下我們應該對第一季的毛利率抱持怎樣的預期？我們打算維持在51%以上嗎？還是降到50%？那麼，全年的營運支出狀況如何呢？非常感謝各位。

Before you answer, so I just want to answer regarding the operational aspects. So we are ready to respond to any demand that will come from the market. So whether it will be very high teens or mid-teens or whatever the number will end up from the operational point of view, we are ready.

在你回答之前，我想先回答一下操作方面的問題。因此，我們已做好準備，以應對市場提出的任何需求。所以，無論最終從營運角度來看是十幾還是十幾，或其他任何數字，我們都做好了準備。

Yeah. I mean we do have -- just to complete, we do have the capacity, we have the inventory and all the supply chain ready for the growth. So from an operational perspective, we are all aligned. In terms of gross margin, as I said, we do expect an improvement in the second half of the year. The first half of the year will still be around the same level between 50.5% to 51.5%. That's the current level of gross margin in the business.

是的。我的意思是，我們確實擁有——補充一點，我們確實擁有產能、庫存以及所有已為成長做好準備的供應鏈。因此，從營運角度來看，我們的目標一致。至於毛利率，正如我所說，我們預計下半年會有所改善。今年上半年仍將維持在 50.5% 至 51.5% 的水平左右。這是公司目前的毛利率水準。

With respect to OpEx, we do expect to see some increase in the first half of the year as a result of R&D investments. We see a lot of opportunities ahead of us. I think we've made it very clear that we are expecting a strong second half. And as a result, we plan to invest in R&D in the first half of the year in order to capture these opportunities, and we will see some increase in operating expenses as a result of that.

關於營運支出，由於研發投資，我們預計上半年營運支出將會成長。我們看到了面前許多機會。我認為我們已經非常明確地表明，我們期待下半年取得強勁的成績。因此，我們計劃在今年上半年加大研發投入，以抓住這些機遇，這將導致營運費用增加。

That's very helpful, guys. Good luck.

這很有幫助，夥計們。祝你好運。

Thank you.

謝謝。

Edward Yang, Oppenheimer.

愛德華楊，奧本海默。

Hi, good morning, and thanks for the time. Ramy, you talked about maintaining market share and expanding it. Are you watching any specific time frames or decision points? Do you have any systems under qualification? Just wondering if there are any specific catalysts you have in mind.

您好，早安，感謝您抽出時間。拉米，你剛才談到了保持和擴大市場份額。您關注的是特定時段或決策點嗎？你們目前有任何正在接受認證的系統嗎？想問您有沒有特別推薦的催化劑？

So in general, I cannot disclose exactly the time frame and the decision times. What I can tell you that there are several steps, different customers that we already confirmed and we're already shipping machines to those steps or will ship as we move into the year.

所以總的來說，我無法透露確切的時間範圍和決策時間。我可以告訴大家的是，我們已經確認了幾個不同的客戶，我們已經開始向這些客戶發貨，或者將在今年內陸續發貨。

And we are in a very good position at other places to capture additional steps and these are based on work that has been done already and being confirmed by the customer. And we are more going into the validation process. So definitely, we are very confident that not only we will maintain our market share, we will be able to increase it and go to additional steps in 2026 as the year progresses.

我們在其他方面也處於非常有利的位置，可以採取更多步驟，這些步驟都是基於已經完成的工作，並且已經得到客戶的確認。我們現在更要進入驗證過程了。因此，我們非常有信心，不僅能夠保持市場份額，而且隨著時間的推移，我們還能夠在 2026 年擴大市場份額並採取更多措施。

Got it. And just for my follow-up, you also mentioned you do -- you always do better than WFE. We've heard some diverging views on WFE growth for 2026. A couple of larger depth and edge players are pointing to above 20% growth. One of your process control peers are looking for something more like low double-digits growth. Just curious where you mean?

知道了。另外，我還要補充一點，你也提到你總是比WFE做得更好。我們聽到了一些關於 2026 年 WFE 成長的不同看法。一些規模較大、實力較強的玩家預計成長率將超過 20%。你們流程控制領域的一位同行希望達到兩位數左右的低成長率。我只是好奇你指的是哪裡？

I said before in one of the previous questions that from our point of view, it's too early to quantify the number. We will start with the year, and we'll see how things progress, and then we will meet every quarter. And I think we will be far more knowledgeable as we go ahead. But definitely, it's too early to quantify.

我之前在某個問題中說過，從我們的角度來看，現在量化這個數字還為時過早。我們將從今年開始，看看情況如何發展，然後每季開會一次。我認為隨著我們不斷深入，我們會累積更多知識。但可以肯定的是，現在量化還為時過早。

Fair enough. Thank you very much.

很公平。非常感謝。

Thank you.

謝謝。

Gus Richard, Northland.

格斯·理查德，北地。

Yes. Thanks for taking my questions. When I look at test and probe, those companies expect to be up sequentially in Q1. You're down sequentially in Q1. I know they're different applications. I know they're different things, but they tend to move together. And could you sort of help explain why there's this divergence in the current quarter?

是的。謝謝您回答我的問題。從測試和調查來看，這些公司預計第一季業績將較上季成長。你在第一季的業績環比下降。我知道它們是不同的應用程式。我知道它們是不同的事物，但它們往往會一起發展。您能否幫忙解釋為什麼本季會出現這種差異？

Hi, Gus. A slow start of 2026 is primarily driven by the timing of the orders of our customers. And big part of their capacity expansion and especially the big ones is planned for the second half. And this is the reason for the slow start.

嗨，格斯。2026 年開局緩慢主要是因為客戶訂單的時間表所致。他們的大部分產能擴張，特別是大型擴張，都計劃在下半年進行。這就是起步緩慢的原因。

Okay. Sort of looking at KLA's results, they talked about their packaging-related revenue being up 70% in last year. And I'm wondering, are they -- and I don't believe your packaging revenue in advanced packaging was that strong. Are they addressing different markets? What's the disconnect between their growth rate and yours?

好的。從KLA的業績來看，他們提到去年與包裝相關的收入成長了70%。我想知道，他們是否——而且我不認為你們在先進包裝領域的包裝收入有多強勁。它們面向的是不同的市場嗎？他們的成長率和你的成長率之間有什麼差距？

So first of all, I don't know for which baseline they're counting. So I don't want to make a mistake here. But I suspect that we are not talking here apples to apples, but we are comparing here some different steps and some areas that we do not play in with. From our point of view and what we see in the segments and what we call, in our markets, in our applications and the customers that we serve everybody, we have not lost any market share.

首先，我不知道他們統計的是哪個基線。所以我不想在這裡犯錯。但我懷疑我們在這裡討論的並不是同類事物，而是一些不同的步驟和我們不涉足的領域。從我們的角度來看，從我們各自的細分市場、市場、應用程式以及我們服務的客戶群來看，我們沒有失去任何市場份額。

On the contrary, we expect to gain, and we expect even to increase our total available market. So from that point of view, we feel comfortable. I think we discussed in previous calls how we see the competition with KLA. We understand the strength of KLA. But definitely, we have a lot of advantages in the fact that we are well entrenched in the market that we're playing in.

相反，我們期望獲得收益，甚至期望擴大我們的總市場份額。所以從這個角度來看，我們感到很放心。我認為我們在之前的電話會議中討論過我們如何看待與科隆集團的競爭。我們了解KLA的實力。但可以肯定的是，我們在所處的市場中擁有穩固的地位，這為我們帶來了許多優勢。

We have an inherent advantage by offering on our tools, the 3D metrology and the 2D inspection, which is very important to the advanced packaging. And I think in general, the unique combination of technology, scale and flexibility is a key reason why we are performing so well in this market, and I don't expect this to change.

我們憑藉自身的工具、3D計量和2D檢測技術，擁有固有的優勢，這對於先進包裝而言非常重要。我認為，總的來說，技術、規模和靈活性的獨特結合是我們在這個市場上表現如此出色的關鍵原因，我預計這種情況不會改變。

Got it. Thanks for the explaination.

知道了。謝謝你的解釋。

Thank you, Gus.

謝謝你，格斯。

Michael Mani, Bank of America.

麥可馬尼，美國銀行。

Hi, thanks so much for taking my questions. I wanted to ask on the chiplet business. So first off, and I know you don't really segment this out anymore, but just in general, for last year, how much of the growth, especially in AI came from the chiplet side of the house?

您好，非常感謝您回答我的問題。我想問一下晶片業務方面的問題。首先，我知道你們現在不再單獨劃分這部分了，但總的來說，去年的成長，尤其是在人工智慧領域，有多少成長來自晶片組方面？

And then as you look out to this year, especially as it pertains to your lead customer in the chiplet business, how do you feel about your share position there? I think you said you felt good about your position, but if you could just elaborate on that, like what applications are you potentially gaining share in, especially on the 2D side of the business? Could that -- is that part of the reason you're seeing more strength in the second half? Just any kind of clarity there would be great. Thank you.

展望今年，特別是就晶片業務中的主要客戶而言，您對您在該領域的市場份額有何看法？我想你說過你對自己的處境感到滿意，但如果你能詳細說明一下就更好了，例如你有哪些應用領域可能會獲得市場份額，尤其是在 2D 業務方面？這是否就是你看到球隊在下半場表現更強勁的部分原因？只要能得到一些澄清就太好了。謝謝。

So hi, Michael. So first of all, we did not -- in the past, and I cannot break down whether it's chiplets on HBM, we refer to the business as a high-performance computing, which is about 50% of the business. But of course, you know and I think it is well known, and I think TSMC made a note -- made a comment in one of the previous announcements that Camtek is a significant vendor to them. So it's not a secret. Yes, we are there. We have a share of the chiplet business.

嗨，邁克爾。首先，我們過去並沒有——我無法具體說明它是否是 HBM 上的晶片，我們將這項業務稱為高效能運算，這大約占我們業務的 50%。當然，您也知道，而且我認為這是眾所周知的，台積電也曾在先前的公告中提到過，Camtek 是他們的重要供應商。所以這並不是什麼秘密。是的，我們已經到了。我們擁有晶片業務的股份。

We are doing a few steps there. And this is where further on, obviously, I cannot comment on exactly which of the steps, but it's not only one step, it's multiple steps. I expect this business is a healthy business. And as I said in my comments before and also in the prepared notes, we did not lose any market share. We expect to gain market share. And this is the case also related to chiplets. We don't see it differently. And so we are very optimistic about, obviously, the HBM market, but the chiplet or the high-performance computing as a whole.

我們正在那裡採取一些步驟。顯然，我無法具體評論是哪個步驟，但這並非一個步驟，而是多個步驟。我認為這家公司經營狀況良好。正如我之前在評論和準備的筆記中所說，我們沒有失去任何市場份額。我們期望獲得市場佔有率。晶片組也存在同樣的問題。我們的看法並無不同。因此，我們顯然對 HBM 市場以及晶片組或整個高效能運算領域都非常樂觀。

Great. Thank you. And for my follow-up, I was hoping you could provide a finer point on your capacity. I know you talked about this in response to a previous question. But in the past, you've talked about, I think, up to $650 million in capacity potential from a revenue perspective. As you look out over the next couple of years, what is definitely a materially -- significantly stronger demand environment, it seems.

偉大的。謝謝。作為後續問題，我希望您能更詳細地說明您的能力。我知道你之前在回答一個問題時談到過這一點。但過去，你曾談到，從收入角度來看，產能潛力高達 6.5 億美元。展望未來幾年，需求環境無疑將顯著增強。

Do you feel like that's still the right size of the footprint to address all that demand? And if you were in a position where you needed to add capacity, how quickly from a lead time perspective, would you be able to build that out? Or given your strong cash position, would you seek to acquire that from some other vendors? Thank you.

您覺得目前的佔地面積是否仍然合適，能夠滿足所有需求？如果您需要增加產能，從交貨週期來看，您能以多快的速度完成擴建？或者，鑑於您雄厚的現金實力，您是否會考慮從其他供應商購買？謝謝。

Yeah. So Michael, let me answer your question. So first of all, at this stage, we don't have limitation on our current capacity. We've made some changes internally. We changed the process. We are -- as we go on and we are becoming far more efficient from year-to-year, we are doing things better and more efficiently. So we've increased the capacity that we have on hand today. I think it is well over $700 million in capacity. So I don't foresee any issues.

是的。邁克爾，讓我來回答你的問題。首先，現階段我們的產能沒有限制。我們內部進行了一些調整。我們改變了流程。隨著我們不斷發展，我們的效率逐年提高，我們做事越來越好，效率也越來越高。因此，我們增加了目前手邊的產能。我認為它的產能遠超過7億美元。所以我預計不會有任何問題。

In parallel, we started already to expand our capacity. I cannot give comments at this stage, but we will have additional capacity in Europe. I believe it will happen late '26, and we will start to be able to use this capacity. So all in all, we are in a good position from the capacity and the all, I would say, operational organization, it is well organized. The performance is very well. We have enough buffers in place in case that the business will be even better than we think. So from that point of view, I feel very comfortable.

同時，我們已經開始擴大產能。現階段我無法發表評論，但我們在歐洲將增加產能。我相信這將在 2026 年底發生，我們將開始能夠利用這種產能。總而言之，從能力和營運組織方面來看，我們都處於有利地位，組織得井井有條。演出非常精彩。我們已做好充分的準備，以防業務發展比我們預想的還要好。所以從這個角度來看，我覺得很安心。

Thank you very much.

非常感謝。

Vedvati Shrotre, Evercore.

Vedvati Shrotre，Evercore。

Yeah. Thanks for taking my questions. So I kind of wanted to understand how far your visibility is going now. We all understand it's a strong demand environment. Your backlog is growing. You're seeing the orders come in. So do you have visibility going beyond like 4Q '26 now?

是的。謝謝您回答我的問題。所以我想了解你目前的知名度有多高。我們都明白，目前市場需求強勁。您的待辦事項越來越多。你可以看到訂單陸續到來。所以你現在對2026年第四季以後的情況有把握嗎？

Hi, Vedvati, so thank you for the question. So I alluded more in my discussion previously to '26. But I think we're starting to see also signs of '27. And I would say it's obviously not the backlog, but it's definitely customers are talking to us about shipping machines in the first and second quarter of '27. So yes, the industry is ramping up, and it's starting to think not just '26, '27. And so I would say I haven't gone into the numbers very thoroughly. But definitely, we are seeing signs of '27, people thinking about '27 and putting some numbers, some initial numbers. So it's a positive answer.

你好，Vedvati，謝謝你的提問。所以我在之前的討論中更多地提到了「26」。但我認為我們也開始看到 2027 年的跡象了。而且我認為，這顯然不是積壓訂單的問題，而是客戶確實在和我們談論在 2027 年第一季和第二季發貨的問題。所以，是的，這個行業正在加速發展，開始考慮的不僅僅是 2026 年、2027 年。所以我覺得我還沒有非常徹底地研究過這些數字。但可以肯定的是，我們已經看到了 2027 年的跡象，人們在思考 2027 年，並給出了一些數字，一些初步的數字。所以答案是肯定的。

Understood. Thank you. And for my follow-up, so I know this was asked a couple of times on the call back -- on the call, and so I've tried again. But the advanced packaging growth by some of the depth and edge players is in the 40% levels.

明白了。謝謝。為了跟進，我知道在回電中這個問題被問過好幾次——在電話裡，所以我又問了一遍。但一些深度和邊緣廠商的先進包裝成長率達到了 40% 的水平。

And then if you listen to your bigger peer on process control, they think it's like high teens kind of level. So there's a big disparity on how the advanced packaging market would look. And since you guys, I think, have the highest exposure, like could you give us a sense of where that lands for you and what you're seeing?

如果你聽聽你年紀較大的同事對過程控制的看法，他們認為這大概是十幾歲高年級學生的水平。因此，對於先進封裝市場的發展前景存在很大分歧。鑑於你們的曝光度最高，能否請你們談談你們的感受以及你們看到了什麼？

So -- I think the main applications today, when you talk about advanced packaging, I think the leading applications is Fan-Out. There is a lot of Fan-Out. And there are many variations on it. From high-resolution Fan-Out, regular Fan-Out. But definitely, this is a big market.

所以——我認為，如今談到先進封裝時，主要應用是扇出封裝。有很多扇形展開。而且它還有很多變體。從高解析度扇出，到普通扇出。但毫無疑問，這是一個巨大的市場。

And of course, what's called the regular bump inspection in the OSATs, everything today is advanced packaging. And the growth of this market, it's definitely double digits. How far in the double digits? It's -- I can't pull this number from my sleeve now. But -- and it's too soon to quantify how it will be in '26, but definitely, it's a good growth number.

當然，在 OSAT 中所謂的常規凸點檢查，如今一切都是先進封裝。這個市場的成長速度絕對是兩位數。兩位數是多少？是——我現在沒辦法從袖子裡拿出這個號碼。但是——現在量化 2026 年的情況還為時過早，但可以肯定的是，這是一個不錯的成長數字。

Understood. Thank you.

明白了。謝謝。

Thank you, Vedvati.

謝謝你，韋德瓦蒂。

So that will end the Q&A session. Before I hand over to Rami for his closing statements, in the coming hours, we will upload the recording of the conference call to the IR section of Camtek's website at www.camtek.com. I'd also like to thank everybody for joining this call. And Ramy, please go ahead with the closing statements.

問答環節到此結束。在將發言權交給拉米做總結發言之前，我們將在接下來的幾個小時內把電話會議錄音上傳到Camtek網站（www.camtek.com）的投資者關係板塊。我也要感謝各位參加本次電話會議。拉米，請繼續作總結陳詞。

I want to express my gratitude to all our investors for your ongoing interest and support in our business. Special thanks goes to our employees all over the world and management teams for their outstanding performance.

我要感謝所有投資人一直以來對我們業務的關注與支持。特別感謝我們世界各地的員工和管理團隊的出色表現。

I want to mention the Chinese New Year that's celebrated by many of our customers and many of our employees around the world. I would like to extend our best wishes for them and for a successful and prosperous year of the Fire Horse. I look forward to our next conversation in the upcoming quarter. Thank you, and goodbye.

我想提一下中國新年，我們世界各地的許多客戶和員工都會慶祝這個節日。我謹代表我們向他們致以最美好的祝愿，並祝愿他們在火馬年裡取得成功、繁榮昌盛。我期待在下個季度與我們進行下一次對話。謝謝，再見。