Camtek Ltd (CAMT) 2022 Q1 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)

女士們，先生們，感謝各位的支持。歡迎大家參加 Camtek 的業績 Zoom 網路研討會。我叫 Kenny Green，是 Camtek 投資人關係團隊的成員。 （操作員指示）

Following the formal presentation, I'll provide some instructions for participating in the live Q&A session. I'd like to remind everyone that this conference call is being recorded, and the recording will be available on Camtek's website.

正式演講結束後，我將提供一些參與現場問答環節的說明。我想提醒大家，本次電話會議將會被錄音，錄音將會在 Camtek 的網站上發布。

This meeting is being recorded.

此次會議正在被記錄。

You should have all now received the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, Camtek's CEO; Mr. Moshe Eisenberg, 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 able to take your questions.

各位現在應該都已經收到公司的新聞稿了。如果沒有，請在公司網站上查看。今天與我一起參加電話會議的嘉賓有 Camtek 執行長 Rafi Amit 先生、Camtek 財務長 Moshe Eisenberg 先生以及 Camtek 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。然後，Moshe 將總結本季的財務表現。之後，Rafi、Moshe 和 Ramy 將回答大家的問題。

Before we begin, I would like to remind everyone that certain information provided on this call are internal company estimates, unless otherwise specified.

在我們開始之前，我想提醒大家，除非另有說明，本次電話會議中提供的某些資訊是公司內部估計。

And with that, I'd now like to hand the call over to Rafi. Rafi, please go ahead.

現在，我想把發言權交給拉菲。拉菲，請發言。

Thanks, Kenny. Good morning or good afternoon for everyone. As we announced a few weeks ago, we started 2022 with strong backlog and with impressive flow of orders. We continue with this momentum and 2022 looks like another year of growth. Revenue in Q1 was over $77 million. This represents a growth of 35% over the first quarter last year. Gross margin was 52% on the high end of our model, and operating margin of 28.8% is in line with our mid-term target financial model. Furthermore, despite the ongoing negative global geopolitical environment, the company has received order of more than $150 million since the beginning of the year. The orders were received from a broad range of customers and will be used for various applications such as Advanced Interconnect Packaging, including DRAM, Compound Semi, Front End and CIS. This strengthens our expectation for another record year with year-over-year revenue growth of mid to high teens.

謝謝，肯尼。大家早安，下午好。正如我們幾週前宣布的那樣，2022年伊始，我們擁有強勁的訂單儲備和令人印象深刻的訂單量。我們將繼續保持這一勢頭，2022年看起來將再次迎來成長。第一季營收超過7,700萬美元，較去年第一季成長35%。毛利率達到52%，處於我們模型的高點；28.8%的營業利益率符合我們的中期財務目標。此外，儘管全球地緣政治環境持續低迷，但該公司自年初以來已獲得超過1.5億美元的訂單。這些訂單來自廣泛的客戶群體，將用於先進互連封裝（AIP）等各種應用，包括DRAM、化合物半導體、前端晶片和CIS。這增強了我們對公司再創紀錄的一年的預期，公司營收年增將達到中高水準。

The side effects of the COVID-19 continue to interrupt our business as delivery times for material and parts are still long, prices of components and parts are more expensive, borders of some countries in Asia are still practically closed, and our field engineers cannot visit customers as often as they used to do in the past or travel for advanced training in Israel.

COVID-19 的副作用繼續中斷我們的業務，因為材料和零件的交貨時間仍然很長，零件的價格更昂貴，亞洲一些國家的邊境實際上仍然關閉，我們的現場工程師無法像過去那樣頻繁地拜訪客戶或前往以色列接受高級培訓。

In China, the situation is more complicated. Most of the semiconductor industry in China is in the Shanghai area. Thus, a lockdown in Shanghai affects the whole industry. Plants are operating, but they do so at lower capacity, the usual. All in all, the entire semiconductor manufacturing chain is disrupted due to the lockdown in Shanghai, including ports and airports in this area.

在中國，情況更加複雜。中國半導體產業主要集中在上海地區。因此，上海的封鎖影響了整個產業。工廠仍在運營，但產能與往常一樣較低。總而言之，由於上海的封鎖，整個半導體製造鏈都受到了乾擾，包括該地區的港口和機場。

The good news is the flow of incoming orders from China and from the rest of the world. We continue to receive orders at a very impressive rate, to some extent even exceeding our expectations. We are taking into consideration that there might be delays in installing machines at certain Chinese sites, but there will be a catch-up.

好消息是來自中國和世界其他地區的訂單不斷湧入。我們的訂單量持續保持驚人成長，甚至超出了我們的預期。我們考慮到中國部分工廠的機器安裝可能會延誤，但最終會趕上進度。

The semiconductor market forecast remains positive according to several sources. Our backlog is high. And when taking into account our pipeline, we are at a better position than at the same time in 2021. Based on our current estimates, our guidance for Q2 is for continued growth in revenue to between $77 million to $80 million.

根據多方消息，半導體市場預測依然樂觀。我們的訂單積壓量很高。考慮到現有產品線，我們的處境比2021年同期更好。根據目前的預估，我們對第二季營收的預期是持續成長，達到7,700萬至8,000萬美元。

The highlight of Q1, Advanced Interconnect Packaging continues to be our largest segment with heterogenous integration becoming a significant portion. We continue to expand our market share and sold 10 machines to new customers. Specifically, we are cementing our position in the Front End and Compound Semi segment, and shipping machines to existing and new customers.

第一季的亮點是先進互連封裝業務，它繼續成為我們最大的業務板塊，其中異質整合業務也佔據了相當大的份額。我們持續擴大市場份額，並向新客戶銷售了10台設備。具體而言，我們正在鞏固在前端和複合半導體領域的地位，並向現有客戶和新客戶交付設備。

We shipped several systems to new CIS customers and one order for RF filter for one of the largest RF filter manufacturers in the world. We shipped several systems for DRAM applications, and we predict additional systems in the second quarter and second half of the year.

我們已向新的CIS客戶交付了多套系統，並為全球最大的射頻濾波器製造商之一簽訂了一筆射頻濾波器訂單。我們也交付了多套用於DRAM應用的系統，預計第二季和下半年還會交付更多系統。

We completed the development of new important modules and feature that will open additional segments for us. This quarter, the U.S. and Europe accounted for 21% of our sales versus 18% in the last quarter and 12% in Q1 of last year. These trends highlight the strengthening of our position in the U.S. and Europe as a result of the major industry investment taking place there.

我們完成了重要模組和功能的開發，這將為我們開拓更多細分市場。本季度，美國和歐洲市場占我們銷售額的21%，而上一季和去年第一季分別為18%和12%。這些趨勢凸顯了我們在美國和歐洲市場地位的增強，這得益於該地區的大規模產業投資。

Let's end my summary. I would like to hand over to Moshe for more detailed discussion of the financial results. Moshe?

我的總結到此結束。接下來，請 Moshe 就財務表現進行更詳細的討論。 Moshe？

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

謝謝拉菲。在接下來的財務摘要中，​​我將提供非公認會計準則 (Non-GAAP) 的績效。 GAAP 業績和非 GAAP 業績之間的對帳表已在今天早些時候發布的新聞稿末尾的表格中列出。

First quarter revenues came at a record $77.2 million, an increase of 35% compared with the first quarter of 2021 and 4% compared with the previous quarter. Revenue was mainly driven by Advanced Packaging, which accounted for about 50% of sales, and approximately a 20% contribution of Compound Semi.

第一季營收達到創紀錄的7,720萬美元，較2021年第一季成長35%，較上一季成長4%。營收主要來自先進封裝業務，約佔銷售額的50%，以及複合半導體業務約20%的貢獻。

The geographic revenue split for the quarter was as follows: Asia 79%; and U.S. and Europe together 21%.

本季的地區收入分佈如下：亞洲佔 79%；美國和歐洲共佔 21%。

Gross profit for the quarter was $40.2 million. As we mentioned on our last call, gross margin for the first quarter was relatively high with 52% versus 50.7% in the first quarter of last year and 50.9% last quarter. The higher gross margin was due to a more favorable product mix sold during this quarter.

本季毛利為4020萬美元。正如我們上次電話會議中提到的，第一季毛利率相對較高，為52%，去年同期為50.7%，上季為50.9%。毛利率上升的原因是本季銷售的產品組合更有利。

Operating expenses in the quarter were $18 million. This is compared with $13.5 million in the first quarter of last year and to the $16.8 million reported in the previous quarter. The increase from the previous quarter is mostly due to increase in R&D and sales-related activities.

本季營運費用為1800萬美元。相較之下，去年第一季營運費用為1,350萬美元，上一季營運費用為1,680萬美元。環比成長主要源自於研發和銷售相關活動的增加。

Operating profit in the quarter was $22.2 million or 28.8% margin compared to the $15.6 million or 27.2% reported in the first quarter of last year.

本季營業利潤為 2,220 萬美元，利潤率為 28.8%，而去年第一季的營業利潤為 1,560 萬美元，利潤率為 27.2%。

Net income for the first quarter of 2022 was $21 million or $0.44 per diluted share. This is compared to a net income of $14.6 million or $0.33 per share in the first quarter of last year.

2022年第一季淨利為2,100萬美元，即每股攤薄收益0.44美元。相較之下，去年第一季淨利為1,460萬美元，即每股攤薄收益0.33美元。

Total diluted number of shares as of the end of Q1 was 48.1 million.

截至第一季末，稀釋股份總數為 4,810 萬股。

Turning to some high-level balance sheet and cash flow metrics. Inventory went up by $5 million from the end of December 2021. This is to support the current demand for our products and to ensure the availability of key components.

談談一些高水準的資產負債表和現金流指標。自2021年12月底以來，庫存增加了500萬美元。這是為了支持我們目前產品的需求，並確保關鍵部件的供應。

The complicated geopolitical situation and the COVID-19 implications create supply chain challenges. We are increasing the inventory levels to improve the flexibility in our sales channel in order to overcome these challenges.

複雜的地緣政治局勢和新冠疫情的影響為供應鏈帶來了挑戰。為了克服這些挑戰，我們正在提高庫存水平，以提高銷售管道的靈活性。

We used $0.4 million in cash from operation in the quarter due to timing of collection, which relates to the Chinese New Year, also increasing inventory levels and a tax payment, including for the settlement we have discussed last quarter.

由於收款時間與農曆新年有關，本季我們使用了 40 萬美元的經營現金，同時也增加了庫存水準和納稅，包括我們上個季度討論過的結算。

Total cash and cash equivalents and deposits as of March 31, 2022, is $428.3 million, similar to the level we have reported at the end of 2021.

截至 2022 年 3 月 31 日，現金、現金等價物及存款總額為 4.283 億美元，與我們 2021 年底報告的水平相似。

As Rafi stated before, the business looks healthy. We received approximately $150 million of orders since the beginning of the year. And we feel good about meeting our plan for 2022 of mid- to high-teens growth year-over-year. We expect revenues of between $77 million to $80 million in the second quarter.

正如拉菲之前所說，業務看起來很健康。自年初以來，我們收到了約1.5億美元的訂單。我們對2022年實現年成長中高位的計畫感到滿意。我們預計第二季營收將在7,700萬至8,000萬美元之間。

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

接下來，拉菲、拉米和我願意回答大家的問題。肯尼？

Okay. Thank you, Moshe. (Operator Instructions) And we will take all of your questions now. So our first question is going to be from Brian Chin of Stifel.

好的。謝謝你，Moshe。 （操作員指示）我們現在開始回答大家的問題。第一個問題來自 Stifel 的 Brian Chin。

Thanks so much for the call and good results. A couple of questions. Maybe to start with, based on your disclosures, it looks like bookings this quarter in 2Q is tracking maybe around $40 million-ish kind of similar pace, I think, to last quarter. And so if trying to extrapolate this out, do you expect a similar book-to-bill well above 1 this quarter? And maybe more importantly, given the rising cost environment, should we expect the profitability on these systems in backlog to be similar or maybe lower relative to your typical gross margin level?

非常感謝您的來電，也感謝您所取得的良好業績。我有幾個問題。首先，根據您的揭露，第二季的訂單量大概在4000萬美元左右，我認為與上一季的訂單量持平。那麼，如果以此推論，您是否預期本季的訂單出貨比會遠高於1？更重要的是，考慮到成本上升的環境，我們是否應該預期這些積壓系統的獲利能力與您通常的毛利率水準相比會持平，或者更低？

With respect to the book-to-bill, obviously, first, bookings until today are higher than the revenue. So our book-to-bill is greater than 1, but I'm not sure that this implies that our revenue is in line with the bookings that we had until today. So basically, we don't expect -- we expect some decline or some stabilization in bookings in the coming quarters that will meet our annual revenue of mid to high-teen growth.

關於訂單出貨比，首先，顯然，截至今天的訂單量高於收入。所以我們的訂單出貨比大於1，但我不確定這是否意味著我們的收入與截至今天的訂單量一致。所以，基本上，我們預計未來幾季的訂單量不會下降或趨於穩定，這將滿足我們年收入中高雙位數的成長。

With respect to the profitability, we expect pretty much the same level of profitability in terms of gross margin in the coming quarters. So we don't expect any major impact of the cost to the profitability.

就獲利能力而言，我們預計未來幾季的毛利率將基本維持在相同水準。因此，我們預計成本不會對獲利能力造成重大影響。

Okay. Got it. That's impressive then. And maybe just sort of calibrating growth for the year. Again, you're talking about mid to upper teens overall revenue growth. To what degree does this range account for the risk of further disruption to your customers' manufacturing or even your own supply chain? And also that's kind of part A.

好的。明白了。這確實令人印象深刻。或許這只是全年成長的校準。您說的是中高端的整體收入成長。這個範圍在多大程度上反映了客戶生產甚至自身供應鏈進一步中斷的風險？這也是A部分。

And part B would be, if you look at that growth rate for the overall business, how would you expect Advanced Packaging, Front End, and Specialty maybe to track relative to that overall growth?

B 部分是，如果您查看整體業務的成長率，您認為先進封裝、前端和特殊產品相對於整體成長的軌跡會如何？

So Brian, this is Ramy. Let me answer. Let me start with the supply chain. Definitely, there are disruptions, but I think we have been able to learn how to manage and work in this environment. Moshe mentioned it that we increased our inventories in order to be sure that we have enough inventory even if we get a slightly different mix of orders. So from that point of view, we feel comfortable that we will be able to supply all the requirements from the marketplace, so this is from the supply.

布萊恩，我是拉米。我來回答一下。首先從供應鏈說起。當然，確實存在一些中斷，但我認為我們已經學會瞭如何在這種環境中管理和工作。莫舍提到，我們增加了庫存，以確保即使訂單組合略有不同，我們也能擁有足夠的庫存。從這個角度來看，我們有信心滿足市場的所有需求，所以這是從供應方面來說的。

From the Advanced Packaging point of view. So definitely, we are running today and when we see the booking and when we see the mix of the products, whereabout 50% of our business continues to be in the Advanced Packaging. It is healthy. And we mentioned that we got the orders for the DRAM segment. What specifically the application is the high bandwidth memory. This definitely is an important segment. It supports the high-performance computing segment, so it is in line with the area of growth that we see in the industry. So from that point of view, we're definitely -- we feel very comfortable with the current forecast and the influx of the orders and the customers' response.

從先進封裝的角度來看，我們目前仍在正常運作。從訂單狀況和產品組合來看，我們大約50%的業務仍然來自先進封裝領域。目前來看，情況良好。我們之前提到，我們獲得了DRAM領域的訂單。具體應用是高頻寬記憶體。這無疑是一個重要的領域。它支援高效能運算領域，因此與我們在行業中看到的成長領域一致。因此，從這個角度來看，我們對目前的預測、訂單的湧入以及客戶的反應感到非常滿意。

Now Compound Semi is definitely strong. And I think you saw in the previous that about 19% of our revenues for the quarter was for Compound Semi, it's a little high. And CMOS Image Sensors came at 10%. Front End was a little bit lower than the 25% we reported last year. But as we look at the forecast, definitely, it's going to be a healthy segment in this year. So overall, from the mix point of view, we do not see any major changes. The areas that we are strong continue to be healthy, and so from that point of view, we feel very comfortable.

現在，複合半導體業務絕對表現強勁。我想您之前已經看到，本季我們約19%的營收來自複合半導體，這個數字略高。 CMOS影像感測器的佔比為​​10%。前端業務的佔比略低於我們去年報告的25%。但從預測來看，今年前端業務無疑將是一個健康的細分市場。因此，總體而言，從產品組合的角度來看，我們沒有看到任何重大變化。我們的優勢領域持續保持健康發展，因此從這個角度來看，我們感到非常安心。

Okay. Thank you, Brian. Our next question is going to be from Thomas O'Malley from Barclays.

好的。謝謝你，布萊恩。下一個問題來自巴克萊銀行的托馬斯·奧馬利。

Just the first one on gross margins. Obviously, in this supply environment, it seems like you guys are doing a good job of, one, keeping inventory; and two, being able to at least pass on some of these costs. Can you talk about any actions you might have taken with customers? Are you raising prices at all to keep these gross margins where they are?

第一個問題是關於毛利率。顯然，在目前的供應環境下，你們似乎做得很好：一是保持庫存；二是至少能夠轉嫁部分成本。能談談你們對客戶採取了哪些措施嗎？你們是否會提高價格以維持目前的毛利率？

And then you made a comment just on the first question there that margins should stay at this level. Do you mean like the 52% level? Or do you mean within the range that you kind of previously guided, which is 50.5% to 51.5%.

然後您在第一個問題上就提到利潤率應該保持在這個水準。您是指52%左右的水平嗎？還是指您先前預測的50.5%到51.5%的範圍內？

Tom, so first of all, I think it's a good question about gross margin. I wanted to correct myself. When I said we will maintain gross margin, I meant we will maintain the current range of 50.5% to 52%. It depends on product mix. We feel more comfortable anywhere between this range. And specifically, for the next couple of quarters, I would say, gross margin will vary between 51% to 52%. That just to correct my previous statement.

湯姆，首先，我認為關於毛利率的問題很好。我想糾正一下。我說我們會維持毛利率，是指我們會維持在目前50.5%到52%的區間。這取決於產品組合。我們覺得在這個區間比較適合。具體來說，接下來幾個季度，我想說毛利率會在51%到52%之間。這只是糾正一下我之前的說法。

With respect to actions that we are taking, we are definitely looking for more suppliers to make sure that we are not going to be dependent on one supplier. We are building higher inventory levels, we are buying more inventory parts, and we are getting some discounts on parts.

至於我們正在採取的行動，我們肯定會尋找更多供應商，以確保我們不會只依賴一家供應商。我們正在提高庫存水平，採購更多庫存零件，並獲得一些零件折扣。

Let me add a couple of things. I think, Tom, what we were able to do is to find some sources in certain areas that actually reduced our cost. And in specific area of the machine bill of material, we were able to bring in significant cost that somewhat offset the rest of the -- obviously, there is an increase in the prices of the material we buy. But given these changes, we were able to offset some of it. So all in all, there is an increase in the bill of material, but it is comparatively smooth.

我再補充幾點。湯姆，我認為我們能夠做的是在某些領域找到一些資源，這真正降低了成本。在機器物料清單的特定領域，我們能夠帶來顯著的成本，這在一定程度上抵消了其他成本——顯然，我們購買的物料價格有所上漲。但考慮到這些變化，我們能夠抵銷一部分成本。所以總的來說，物料清單有所增加，但成長相對穩定。

On the demand area, we are able to maintain a high ASP, and we are in certain areas able to increase the prices, but overall, we are maintaining a healthy level of prices to our customers. So from that point of view, we are confident that we will be able to maintain the current level of synergies.

在需求方面，我們能夠維持較高的平均售價，並且在某些領域我們能夠提高價格，但總體而言，我們為客戶提供的價格仍處於健康水平。因此，從這個角度來看，我們有信心能夠維持目前的綜效。

Okay, helpful. The follow-up is just kind of pro forma some of the disclosures you gave. The last couple of quarters, you gave Advanced Packaging, Compound Semi, Front End, and then others. And then this quarter you gave CIS separately. Is the right way to kind of think about it -- I would assume you need to break out others into both Front End and others. So is the correct way to think about Advanced Packaging 48%; Compound Semi 19%; Front End around 13%; and then other, which is CIS, around 10%. I know you mentioned Front End was a little lower, but I just want to pro forma kind of the disclosure there from the prior quarter.

好的，很有幫助。後續問題只是對您所揭露的部分內容進行形式上的說明。過去幾個季度，您揭露了先進封裝、複合半導體、前端以及其他部分。而本季度，您單獨披露了CIS部分。正確的思考方式是——我認為您需要將其他部分分為前端和其他部分。所以，正確的思考方式是先進封裝佔48%；複合半導體佔19%；前端約佔13%；其他部分，也就是CIS，約佔10%。我知道您提到前端部分略低，但我只是想形式上了解一下上一季的披露情況。

I think in general, the numbers you mentioned are correct. I don't have in front of me the exact number of the Front End. As I said, it was a little lower than usual, but we do expect it to rise to more or less the same levels that we experienced last year. So from that point of view, we don't see any weakness in this market segment, but your numbers are more or less accurate.

我認為總體而言，您提到的數字是正確的。我目前沒有前端業務的具體數字。正如我所說，它比往年略低，但我們預計它會回升到與去年大致相同的水平。所以從這個角度來看，我們認為這個細分市場沒有任何疲軟跡象，但您的數字大致準確。

Okay. And then just let me sneak one more in here. You guys have kind of talked about, for the entire year, just being under $70 million or so in terms of OpEx. If you look -- and you signaled pretty clearly at the end of last year that you need to invest more in the business. Just given the higher revenue that you guys are now seeing, are you updating what you think you're going to need to spend this year? Should that OpEx move a little bit above that $70 million range? And by how much?

好的。然後讓我再插播一點。你們之前提到過，全年的營運支出（OpEx）都低於7,000萬美元左右。如果你仔細看看——而且你們在去年年底就明確表示，需要在業務上加大投入。鑑於你們現在的收入增加，你們是否會更新今年的支出預期？營運支出是否應該略高於7000萬美元？會高出多少？

No, Tom, the current level of OpEx, which close to $70 million for the year, stays the same. We're not changing anything, and we feel comfortable that this will be able to support the current level of business.

不，湯姆，目前的營運支出水準保持不變，全年接近7,000萬美元。我們不會做出任何改變，我們相信這足以支撐目前的業務水準。

Thanks, Tom. Our next question is going to be from Charles Shi of Needham.

謝謝，湯姆。下一個問題來自尼德姆的查爾斯‧施 (Charles Shi)。

Yes. Sorry, I may have a little bit of technical difficulty. So maybe my first question, I really want to go back to the question around China lockdown. I think some of the questions were asked around the supply chain side of it. I think you mentioned something around delivery, because a good amount of your customers are in the Shanghai region. They may be subject to some of the impact due to the lockdowns. So my question is for your Q2 guidance, have you risk-adjusted some of the delivery issues, potential delivery disruption of new tools into that particular area or maybe overall China? And can you quantify that for us?

是的。抱歉，我可能遇到了一些技術問題。所以我的第一個問題，我想回到關於中國封鎖的問題。我認為有些問題是關於供應鏈方面的。我想您提到了交付方面的問題，因為您的許多客戶都在上海地區。他們可能會受到封鎖帶來的一些影響。所以我的問題是，對於您第二季的業績指引，您是否已經針對一些交付問題，例如新工具在特定地區或整個中國地區的潛在交付中斷進行了風險調整？您能為我們量化一下嗎？

So thank you for the question, Charles. So first of all, based on our current estimates, and we went in very detail when we made these estimates. And we've done a few things from delivery to really give a priority to the areas across the world globally that we have good access and we are sure that we can make the deliveries. And this also includes really giving priority to customers that are not in the areas of the lockdown. So yes, we understand the issue, we sized it, we looked at it, and we are comfortable that our current guidance takes into consideration the current issues we are seeing in China.

謝謝你的提問，查爾斯。首先，基於我們目前的估算，我們在做這些估算時非常詳細。從配送方面，我們已經做了一些調整，優先考慮全球範圍內我們交通便利、有信心能夠配送的地區。這其中也包括優先考慮那些不在封鎖地區的客戶。所以，是的，我們理解這個問題，我們評估了它的規模，也進行了研究，我們確信我們目前的指導方針已經考慮到了我們在中國目前遇到的問題。

Got it. Got it. So maybe I want to ask a little bit more on the ordering front. I know this is not typically how you segment your end market. Any of the, I mean, puts and takes of the order intake between the subcontractors and IDMs because I understand you sell to both segments of the end customers.

明白了，明白了。所以，我想再問一些關於訂單方面的問題。我知道這通常不是你細分終端市場的方式。我的意思是，分包商和整合製造商（IDM）之間訂單量的任何差異，因為我知道你們同時面向終端客戶的兩個細分市場銷售產品。

So Charles, it's hard for me to just supply -- I don't have the number just ready in front of me. But definitely, there's a significant number that goes through IDMs. That's number one. In general, I have the names on, I will not say the names now, but definitely, significant portion goes through IDMs.

所以查爾斯，我很難提供具體數字——我手頭上還沒準備好。但肯定有相當一部分是透過IDM（獨立資料管理）進行的。這是第一點。總的來說，我掌握了一些名字，我現在就不說了，但肯定有相當一部分是透過IDM進行的。

But when you look at the influx of the orders, it matches -- and when I look forward, I take all the orders that we got. They are very evenly spread along the different applications that we have. And I think what we are seeing here, there are a number of things. First of all, there is a technological shift at this order takes. For example, the DRAM, the HBM, the DRAM may not be very strong, it's a little bit weaker. However, there is a technological change moving to HBMs. Definitely, we see it in the orders. We see it in the shipments this quarter. We see it in the orders that we forecast for the second quarter and for the second half, for the rest of the year. So that's one topic.

但是，當你查看訂單量時，你會發現它們吻合——展望未來，我會把我們收到的所有訂單都考慮進去。它們非常均勻地分佈在我們擁有的不同應用領域。我認為我們在這裡看到的有很多事情。首先，訂單量發生了技術轉變。例如，DRAM、HBM，DRAM 的效能可能不是很強，稍微弱一些。然而，技術正在向 HBM 轉變。毫無疑問，我們從訂單中看到了這一點。我們在本季的出貨量中看到了這一點。我們在第二季、下半年以及今年剩餘時間的訂單預測中也看到了這一點。所以這是一個話題。

The second thing we're seeing is that most of our customers are talking about long-term plans to increase the capacity. So we see in both ways. So the overall demand, people making the strategic plans, we see it in the orders. Now there might be some small changes in it as we move along, but the overall business as we see is very healthy. Did I answer the question, Charles?

我們看到的第二件事是，大多數客戶都在討論提高產能的長期計畫。所以，我們看到了兩種情況。總體需求，制定策略規劃的人，我們都在訂單中看到了這一點。現在，隨著我們的發展，情況可能會有一些小的變化，但就我們目前看到的整體業務非常健康。查爾斯，我回答這個問題了嗎？

Yes. Thank you very much for the great color. So maybe my last one. I think your annual guidance kind of implies second half being flat or maybe slightly up relative to the first half. Any thoughts, I mean, for the second half to be, I mean, a lot higher than what you are currently guiding? What has to happen -- I know this is probably a very tough question, but I want to really understand what can be the upside from what you are guiding and/or what you think this is a pretty kind of full kind of outlook guidance here?

是的。非常感謝你提供的精彩資訊。這也許是我最後一個問題了。我認為你的年度指引暗示下半年業績將與上半年持平或略有上升。你認為下半年業績會比你目前的指引高很多嗎？具體情況是怎樣的？我知道這個問題可能很難回答，但我想真正了解一下，你目前的指引可能會帶來哪些好處，或者你認為這是一個相當全面的前景指引嗎？

I'll tell you what is the good side, Charles, of what we are seeing. And I think if we -- in our previous discussions, we were very hesitant from backlog and pipeline looking at the second half. So the good news that the backlog and the pipeline for the second half of the year is filling up and overall, it looks good. What will be the extent of the business today? It's a little hard to talk about Q3 and Q4, what will be the actual numbers. I can tell you that we are starting also to get orders for Q1 of '23. So there is, you can see a lot of confidence from our customers about the forecast.

查爾斯，我來告訴你我們所看到的情況有哪些好的面向。我想，在我們之前的討論中，我們對下半年的積壓訂單和在製品庫存非常猶豫。好消息是，下半年的積壓訂單和在製品庫存正在填滿，總體來看，情況看起來不錯。今天的業務規模會是多少？現在談論第三季和第四季的實際數字有點困難。我可以告訴你，我們也開始接到2023年第一季的訂單了。所以，你可以看到我們的客戶對預測非常有信心。

I think at this stage, with all the volatility in the market, it's very hard to really say more than we expect this year to be a growth year in the mid- to high teens. I think this is as much as we can say at this stage. But definitely, we are encouraged by the level of the backlog and the pipeline for the second half and the first quarter of '22.

我認為，在現階段，鑑於市場波動劇烈，我們很難預測今年的成長率會達到中高水準。我想目前我們只能預測這麼多了。但毫無疑問，我們對2022年下半年和第一季的訂單量和產品線感到鼓舞。

Charles, does that answer your question? Okay. Thank you for that. Next question will be from Jamie Zakalik of Bank of America.

查爾斯，這回答了你的問題嗎？好的。謝謝你。下一個問題來自美國銀行的傑米·扎卡利克。

Apologies if you guys maybe discussed, as I've been hopping back and forth between a few calls, but at a higher level, were there any puts and takes in the quarter in terms of end market demand? I think there's some concern about weaker conditions and maybe smartphones or PCs for semis overall. And did you see any markets that maybe were weaker than expected and then others that were stronger than expected? Basically, what were the different puts and takes on the demand side?

抱歉，如果你們討論過，因為我在幾個電話會議之間來回切換，但從更高層面來說，本季度終端市場需求方面是否存在一些利弊？我認為大家對市場行情疲軟感到擔憂，或許智慧型手機或個人電腦以及半導體產業整體情況會有所改善。您是否看到哪些市場可能弱於預期，而其他市場又強於預期？總的來說，需求方面有哪些優缺點？

So Jamie, this is Ramy. So first of all, let's say, the general statement, that yes, we hear about the weakness. We are aware of the weakness in the cellphone market, in the PC market. Even the automotive market is below its usual number. So definitely, we hear it and we understand it. We have not seen any change in the behavior or in the focus of our customers that would indicate any issues related to it. But I think there are 2 reasons for it. On one side, you see, and I think I mentioned it, maybe you missed it, there is a technological shift. Good reason is what has happened in the DRAM area, that is a significant portion in the Advanced Packaging area that the market is moving to the use of HBM, supporting the high-performance computing. This is definitely an area that we dominate, and we're enjoying now, although the entire DRAM market may be not increasing at this stage, but the technology change is bringing this business on one side.

Jamie，我是Ramy。首先，我們來概括一下，是的，我們聽說過市場疲軟的情況。我們意識到手機市場和PC市場的疲軟。甚至汽車市場的銷量也低於往年。所以，我們當然聽到了，也理解這一點。我們沒有看到客戶的行為或關注點發生任何變化，這表明存在任何與此相關的問題。但我認為有兩個原因。一方面，我想我提到過，也許你錯過了，科技有了轉變。一個很好的理由是DRAM領域發生的事情，在先進封裝領域，很大一部分市場正在轉向使用HBM，以支援高效能運算。這絕對是我們主導的領域，我們現在很享受這種成長，儘管整個DRAM市場目前可能沒有成長，但技術變革正在推動這項業務的發展。

On the other side, the long-term plans of our customers, not just in China, across the world, the long-term power to invest, and we are shipping machines to customers that are making long-term investments in building capacity.

另一方面，我們客戶的長期計劃，不僅限於中國，而是遍布全球，都有長期的投資實力，我們正在向那些在產能建設方面進行長期投資的客戶運送機器。

Definitely, the area of the Advanced Packaging is very strong, and this is not specifically -- it's across all the regions, it's not just specific to one area. Definitely, not only in China. So the heterogeneous integration, as Rafi mentioned in the script, is taking, and this is, again, high-performance computing, that's definitely becoming a very significant part of Advanced Packaging.

毫無疑問，先進封裝領域非常強大，而且這種優勢並非局限於特定地區——而是遍布所有地區，而非局限於某一特定領域。當然，也不僅限於中國。正如Rafi在演講稿中所提到的，異質整合正在興起，而高效能運算無疑將成為先進封裝領域非常重要的一部分。

So these areas are growing. We expect them to continue to grow. So from that respect, we do not feel at this stage the weakness that people are talking about the end markets. We are aware of them. We don't feel them at this stage.

這些領域正在成長。我們預計它們會繼續增長。因此，從這個角度來看，我們目前還沒有感受到人們所說的終端市場的疲軟。我們意識到了這一點。但目前我們還沒有感受到。

And I would like also to add the situation in China, because China, the strategy of the government is to be more independent, less dependent on import component to China and expand their capacity and their ability to produce things in China. So right now, the amount of import is huge. I think it is more than 80%, all the components are imported to China. And if they really want to produce more made in China, they need to continue building more capacity in other areas. So I think this is also a very important element. It doesn't relate to the end market. This is a matter of strategy of China.

我還想補充一下中國的情況。中國政府的策略是更獨立，減少對進口零件的依賴，擴大產能，提昇在中國的生產能力。目前，進口量龐大。我認為超過80%，所有零件都進口到中國。如果他們真的想在中國生產更多產品，就需要繼續在其他領域建立產能。所以我認為這也是一個非常重要的因素。這與終端市場無關，這是中國的戰略問題。

Got it. That's very helpful. And I actually had a follow-up on the China thing. Did you guys quantify your specific exposure to just the China region? And how much or if any of your tools are manufactured in the U.S. and shipped to China?

明白了。這很有幫助。我實際上一直在跟進中國市場的情況。你們有沒有量化過在中國地區的具體業務？你們有多少工具是在美國製造然後運往中國的？或者有沒有？

No. We don't manufacture in the U.S. We manufacture all the equipment here in Israel. We are using 2 very large subcontractors electronics and to build to support us. So from that point of view, I think we feel very comfortable from the supply chain the availability of parts that we will be able to ship all the machines that are forecasted.

不。我們不在美國生產。所有設備都在以色列生產。我們僱用了兩家大型分包商來負責電子產品和生產製造。因此，從這個角度來看，我認為我們對供應鏈的零件供應非常放心，我們能夠按計劃運送所有預計的機器。

Got it. That's very helpful. And then my last question is, is there any risk that customers are pulling in tools or ordering more tools than they really need for demand just because of uncertainty about supply and about restrictions maybe in other regions that don't affect you guys and maybe affect other suppliers? So what are you guys doing to ensure that orders are really tied to true end demand?

明白了。這很有幫助。我的最後一個問題是，是否存在這樣的風險：客戶會因為供應不確定性以及其他地區的限制措施而撤回工具或訂購超出實際需求的工具，而這些限制措施可能不影響你們，但可能會影響其他供應商？那麼，你們正在採取哪些措施來確保訂單與真正的最終需求真正掛鉤？

So we've been monitoring this. And I can tell you that the customers that are ordering the machines in most cases are actually very upset if we are delayed. We are aware at least to the best of our knowledge that all of those machines are going into production. We are getting a lot of requests to support questions. So the machines are going into production.

所以我們一直在關注此事。我可以告訴你，大多數情況下，訂購機器的客戶如果我們延遲交貨，實際上會非常沮喪。至少據我們所知，所有這些機器都已投入生產。我們收到了很多支援問題的請求。所以這些機器正在投入生產。

To tell you what is the actual utilization, obviously, no one gives you these numbers. But we are very confident that those machines are not going just to fill a room in certain areas of the world. They are going for production. People are using them. And no, no, it's for real.

顯然，沒有人會告訴你實際利用率是多少。但我們非常有信心，這些機器不會只是在世界某些地區擠滿一個房間。它們會用於生產。人們正在使用它們。不，不，這是真的。

Thank you, Jamie. If there are any additional questions, please raise your hand on the platform. And we will give a moment or 2 to see if there are any additional questions. It looks like there are no additional questions.

謝謝，傑米。如果您還有其他問題，請在講台上舉手。我們會稍等片刻，看看是否還有其他問題。目前似乎沒有其他問題了。

So before I hand over to Rafi, I want to point out that in the coming hours, we will upload a recording of this call to the Camtek Investor Relations website. Beyond that, the link for the live call will also automatically turn to a recording in the coming hour.

所以在把時間交給拉菲之前，我想指出的是，在接下來的幾個小時裡，我們會將這次電話會議的錄音上傳到Camtek投資者關係網站。此外，直播電話會議的連結也將在接下來的一小時自動轉換為錄音。

So I would like to thank everybody for joining this call. And I'd like to hand back to Rafi for your closing statement. Rafi, please go ahead.

感謝各位參加本次電話會議。現在，請拉菲作最後發言。拉菲，請開始。

I would like to thank you all for your continued interest in our business. Again, I would like to thank all our employees and my management team for their tremendous performance, and we look forward to continuing. To our investors, I thank you for long-term support. I look forward to talking with you again next quarter. Thank you, and goodbye.

感謝大家對我們業務的持續關注。再次感謝我們所有員工和管理團隊的出色表現，我們期待繼續攜手共進。對於我們的投資者，我感謝你們長期以來的支持。期待下個季度再次與你們溝通。謝謝，再見。