Cohu Inc (COHU) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Cohu's second-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jeff Jones, Chief Financial Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Cohu 2024 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給財務長 Jeff Jones。請繼續。

Good afternoon and welcome to our conference call to discuss Cohu's second-quarter 2024 results and third-quarter outlook. I'm joined today by our President and CEO, Luis Müller.

下午好，歡迎參加我們的電話會議，討論 Cohu 2024 年第二季業績和第三季前景。今天我們的總裁兼執行長 Luis Müller 也加入了我的行列。

If you need a copy of our earnings release, you may access it from our website at cohu.com or by contacting Cohu Investor Relations. There's also a slide presentation in conjunction with today's call that may be accessed on Cohu's website in the Investor Relations section. Replays of this call will be available via the same page after the call concludes.

如果您需要我們的收益發布副本，您可以從我們的網站 cohu.com 或聯絡 Cohu 投資者關係部門存取。今天的電話會議還有一個幻燈片演示，可以在 Cohu 網站的投資者關係部分訪問。通話結束後，可透過同一頁面重播本次通話。

Now to the Safe Harbor. During today's call, we will make forward-looking statements reflecting management's current expectations concerning Cohu's future business. These statements are based on current information that we have assessed, but which by its nature, is subject to rapid and even abrupt changes. We encourage you to review the forward-looking statements section of the slide presentation and the earnings release as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q. Our comments speak only as of today, July 31, 2024, and Cohu assumes no obligation to update these statements for developments occurring after this call.

現在到安全港。在今天的電話會議中，我們將做出前瞻性聲明，反映管理層目前對 Cohu 未來業務的預期。這些陳述是基於我們評估的當前訊息，但就其性質而言，可能會發生快速甚至突然的變化。我們鼓勵您查看投影片簡報和收益發布的前瞻性陳述部分以及 Cohu 向 SEC 提交的文件，包括最近提交的表格 10-K 和表格 10-Q。我們的評論僅代表今天（2024 年 7 月 31 日），Cohu 沒有義務就本次電話會議後發生的事態發展更新這些聲明。

Finally, during this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures.

最後，在本次電話會議中，我們將討論某些非公認會計準則財務指標。請參閱我們的收益發布和幻燈片演示，以了解與最具可比性的公認會計準則衡量標準的對帳。

Now I'd like to turn the call over to Luis Müller, Cohu's President and CEO. Luis?

現在我想將電話轉給 Cohu 總裁兼執行長 Luis Müller。路易斯？

Good afternoon. Second-quarter results were in line with guidance with non-GAAP gross margin of approximately 45% as we continue to navigate the trough of this semiconductor cycle. Revenue of nearly $105 million was split 66% recurring and the balance systems. Systems revenue increased sequentially in consumer, optoelectronic, and computing markets, although offset by declines in automotive, industrial, and mobile.

午安.第二季業績符合指引，非 GAAP 毛利率約為 45%，我們繼續度過半導體週期的低谷。近 1.05 億美元的收入分為 66% 的經常性收入和平衡系統收入。消費、光電和計算市場的系統收入連續成長，但被汽車、工業和行動市場的下降所抵消。

Despite soft market conditions, we continue to execute well on new product developments and deliver on design wins to expand customer and addressable markets. The most notable validation of our strategy was a recent customer benchmark award of an estimated $100 million business over five years for test automation and inspection systems. This award includes Krypton our new inspection metrology platform targeting larger semiconductor devices.

儘管市場狀況疲軟，我們仍繼續在新產品開發方面表現出色，並取得設計成果，以擴大客戶和潛在市場。對我們策略的最顯著的驗證是最近獲得的客戶基準獎，該獎項在五年內為測試自動化和檢查系統提供了估計 1 億美元的業務。該獎項包括 Krypton 我們針對大型半導體裝置的新型檢測計量平台。

We also had a second customer select Krypton last quarter for an aerospace application. Combined with Cohu AI Inspection, which is part of our DI-Core software suite, Krypton is delivering higher yield and productivity while enabling our customers' push for automating back-end manufacturing.

上個季度我們還有第二位客戶選擇氪用於航空航天應用。與我們 DI-Core 軟體套件一部分的 Cohu AI Inspection 結合，Krypton 能夠提供更高的產量和生產力，同時幫助我們的客戶推動後端製造自動化。

Putting this into perspective, Cohu's inspection metrology revenue was about $70 million during the prior upcycle and primarily driven by mobile semiconductor inspection. We're targeting to grow this business to $100 million over the mid-term, expanding applications to other market segments where we can add value to our customers.

從這個角度來看，Cohu 的偵測計量收入在先前的升級週期中約為 7,000 萬美元，主要由行動半導體偵測驅動。我們的目標是在中期將這項業務成長到 1 億美元，並將應用程式擴展到其他細分市場，在這些細分市場中我們可以為客戶增加價值。

We also had a good quarter in our tester business and placed our Diamondx Tester at two subcontractors in Taiwan. We received the first order for a Diamondx mixed signal configuration from a leading test subcontractor in [Chung-li], Taiwan and another Taiwanese OSAT selected Diamondx test RF IoT devices from a leading IC fabless company. We're tracking to plan to expand the Diamondx customer footprint, positioning the tester as a cost-effective broad application platform that enables customers to efficiently test our roadmap products in the coming decade.

我們的測試儀業務也有一個不錯的季度表現，並將我們的 Diamondx 測試器放置在台灣的兩家分包商處。我們從台灣[中壢]一家領先的測試分包商處收到了第一筆 Diamondx 混合訊號配置訂單，另一家台灣 OSAT 從一家領先的 IC 無晶圓廠公司選擇了 Diamondx 測試 RF IoT 設備。我們正在追蹤計劃擴大 Diamondx 客戶足跡，將測試儀定位為具有成本效益的廣泛應用平台，使客戶能夠在未來十年內有效地測試我們的路線圖產品。

In support of this growth strategy, we announced in June the opening of a new engineering design center in Penang for development of test instrumentation. While sub-seasonal test utilization in the automotive market is impacting near-term revenue for both systems and interface products, we are pleased to have landed a major silicon carbide customer for our new cStrider power probe card. cStrider utilizes Cohu's horizontal MEMS technology to enable improved performance and durability for testing power semiconductors such as silicon carbide.

為了支持這項成長策略，我們在六月宣佈在檳城開設一個新的工程設計中心，用於開發測試儀器。雖然汽車市場的次季節測試利用率正在影響系統和介面產品的近期收入，但我們很高興為我們的新型 cStrider 功率探針卡找到了一家主要碳化矽客戶。 cStrider 利用 Cohu 的水平 MEMS 技術來提高碳化矽等功率半導體測試的性能和耐用性。

The product enables high-current carrying capacity and with a multi-site pressure technology enables high voltage test at temperature. This is cool use newest offering in probe card technology designed to meet the expanding needs of power semiconductor testing.

本產品具有高載流能力，並採用多點耐壓技術，可在高溫下進行高壓測試。這是很酷的使用探針卡技術的最新產品，旨在滿足功率半導體測試不斷增長的需求。

Our goal since the acquisition of Xcerra almost six years ago has been to drive interface revenue penetration to 50% or more of Cohu's systems. Last quarter results placed us at a two-year average penetration of 44% or about 9 points higher than when we started this journey.

自從大約六年前收購 Xcerra 以來，我們的目標一直是將介面收入滲透到 Cohu 系統的 50% 或更多。上季的結果顯示，我們的兩年平均滲透率為 44%，比我們開始這趟旅程時高出約 9 個百分點。

In this soft market environment, we're applying the same playbook of past cycles and have been diligent in lowering expenses, effectively delivering a strong gross margin while preserving critical R&D investments. Estimated test [serialization] has improved now for the second quarter in a row to 74%, a 2-point sequential increase over the first quarter.

在這種疲軟的市場環境下，我們採用了與過去週期相同的策略，並一直努力降低費用，有效地實現了強勁的毛利率，同時保留了關鍵的研發投資。預計測試[序列化]現已連續第二季提高至 74%，比第一季連續提高 2 個百分點。

Although we expect broad capacity orders to be trigger around 80% test serialization, it has been encouraging to see the quarter-over-quarter improvements, particularly in computing, that is up 3 points sequentially to 70% and mobile, that's up 2 points to 69% utilization. The positive news comes tampered by automotive utilization down 1 point quarter over quarter to 77% at the end of June.

儘管我們預計廣泛的容量訂單將觸發大約80% 的測試序列化，但看到季度環比的改善還是令人鼓舞的，特別是在計算領域，比上一季度增長3 個百分點，達到70%；在行動領域，較上一季成長2 個百分點，達到70%。6 月底，汽車利用率環比下降 1 個百分點，至 77%，從而抵消了這一積極消息。

Our data indicates that Cohu's largest customers in the analog semiconductor market are starting to see improved test cell utilization, likely at a pace that will put the industry in a recovery mode in the first half of 2025. In the meantime, we're carefully managing expenses to optimize cash flows, but now more than ever focused on design wins and execution of innovative product developments.

我們的數據表明，Cohu 在模擬半導體市場的最大客戶開始看到測試單元利用率的提高，這一速度可能會使該行業在 2025 年上半年進入復甦模式。同時，我們正在謹慎管理開支以優化現金流，但現在比以往任何時候都更加重視設計勝利和創新產品開發的執行。

Let me now turn it over to Jeff to provide further details on second-quarter results and third-quarter guidance. Jeff?

現在讓我將其交給傑夫，以提供有關第二季度業績和第三季度指導的更多詳細資訊。傑夫？

Thanks, Luis. Before I walk through the Q2 results and Q3 guidance, please note that my comments that follow all refer to non-GAAP figures. Information about the non-GAAP financial measures, including the GAAP to non-GAAP reconciliations and other disclosures are included in the accompanying earnings release and investor presentation, which are located on the Investor page of our website.

謝謝，路易斯。在我詳細介紹第二季的業績和第三季的指導之前，請注意，我後面的評論均指非公認會計準則資料。有關非 GAAP 財務指標的信息，包括 GAAP 與非 GAAP 調節表和其他披露信息，均包含在隨附的收益發布和投資者演示文稿中，這些信息位於我們網站的投資者頁面上。

Now turning to the Q2 financial results. Cohu delivered revenue and profitability in line with our guidance. Q2 revenue was $104.7 million. Recurring revenue, which is largely consumable driven and more stable than systems revenue represented 66% of total revenue in Q2. During the second quarter, no customer accounted for more than 10% of sales. Q2 gross margin was 45.1%, in line with guidance and driven by Cohu's resilient recurring business.

現在轉向第二季的財務表現。Cohu 的收入和盈利能力符合我們的指導。第二季營收為 1.047 億美元。經常性收入主要由消耗品驅動，比系統收入更穩定，佔第二季總收入的 66%。第二季度，沒有客戶佔銷售額超過 10%。第二季毛利率為 45.1%，符合指引，並受到 Cohu 富有彈性的經常性業務的推動。

Operating expenses for Q2 were $46.9 million and lower than guidance by approximately $1.6 million, driven by lower labor and labor-related costs. Second-quarter non-GAAP operating income was approximately breakeven and adjusted EBITDA was 3.8%.

由於勞動力和勞動力相關成本下降，第二季的營運費用為 4,690 萬美元，比指導值低約 160 萬美元。第二季非 GAAP 營業收入接近損益兩平，調整後 EBITDA 為 3.8%。

Interest income, net of interest expense and a foreign currency loss of approximately $400,000 was $1.8 million. Q2 pre-tax income consists of foreign profits combined with a loss in the US. The Q2 tax provision of $2.7 million reflects tax expense on foreign profits, but no tax benefit from the US loss due to our valuation allowance against deferred tax assets. Non-GAAP EPS for the second quarter was a $0.01 loss.

扣除利息支出和約 40 萬美元的外匯損失後，利息收入為 180 萬美元。第二季稅前收入包括外國利潤和美國損失。第二季 270 萬美元的稅收撥備反映了海外利潤的稅收支出，但由於我們對遞延稅資產的估值備抵，美國損失並沒有帶來稅收優惠。第二季非 GAAP 每股盈餘虧損 0.01 美元。

Now moving to the balance sheet. We generated positive cash flow from operations in Q2 of $1.1 million despite trough revenues. Overall, cash and investments decreased by $9 million during Q2 to $262 million due mainly to $8 million used to repurchase 267,000 shares of Cohu common stock.

現在轉向資產負債表。儘管收入低谷，但我們第二季的營運產生了 110 萬美元的正現金流。總體而言，第二季現金和投資減少了 900 萬美元，至 2.62 億美元，主要是因為用 800 萬美元回購了 267,000 股 Cohu 普通股。

CapEx in Q2 was $2 million with approximately $1 million related to our factories in the Philippines and Malaysia, supporting operations for our interface and automation businesses. Overall, Cohu's balance sheet remains strong to support investment opportunities to expand our served markets and technology portfolio in line with our growth strategy and return capital to shareholders through our share repurchase program.

第二季的資本支出為 200 萬美元，其中約 100 萬美元與我們在菲律賓和馬來西亞的工廠有關，用於支援我們的介面和自動化業務的運作。總體而言，Cohu 的資產負債表仍然強勁，可以支持投資機會，以根據我們的成長策略擴大我們所服務的市場和技術組合，並透過我們的股票回購計畫向股東返還資本。

Now moving to our Q3 outlook, we're guiding Q3 revenue to be in the range of $95 million, plus or minus $5 million, reflecting continued weakness across end markets. And although test cell utilization at customers' production facilities increased quarter over quarter, it remains below the historical threshold for customers to add more test capacity.

現在轉向我們對第三季的展望，我們預計第三季的營收將在 9,500 萬美元上下，上下浮動 500 萬美元，反映出終端市場的持續疲軟。儘管客戶生產設施的測試單元利用率逐季增加，但仍低於客戶增加測試能力的歷史閾值。

Q3 gross margin is forecasted to be approximately 45% better than the financial target model at this level of revenue due in part to Cohu's differentiated products and our stable, high-margin recurring business, which adds resilience to profitability and provides consistent cash flow through industry cycles. We expect gross margin to increase again when our revenue recovers with a broader semiconductor device market recovery and with better absorption of our factories' infrastructure costs.

在此收入水準下，第三季毛利率預計將比財務目標模型高出約45%，部分原因是Cohu 的差異化產品和我們穩定、高利潤的經常性業務，這增加了盈利能力的彈性，並為整個行業提供了一致的現金流循環。我們預計，當我們的收入隨著更廣泛的半導體裝置市場復甦以及工廠基礎設施成本的更好吸收而恢復時，毛利率將再次增加。

Operating expenses for Q3 are projected to decrease about $1 million quarter over quarter to approximately $46 million, due primarily to a reduction in labor and optimizations as we completed certain product developments. As I noted on prior earnings calls, we have taken action to reduce operating expenses without sacrificing critical new product investments while navigating through the trough of this cycle. As a result, we're now modeling operating expenses to average approximately $46 million per quarter in the second half of this year.

第三季的營運費用預計將環比減少約 100 萬美元，至約 4,600 萬美元，這主要是由於我們完成了某些產品開發而減少了勞動力和優化。正如我在先前的財報電話會議上指出的那樣，我們已採取行動減少營運費用，同時又不犧牲關鍵的新產品投資，同時度過了本週期的低谷。因此，我們現在將今年下半年的營運費用建模為平均每季約 4,600 萬美元。

We're projecting Q3 interest income net of interest expense and foreign currency impacts to be approximately $1.8 million at current interest rates. We expect Q3 adjusted EBITDA to be approximately 1%. The Q3 non-GAAP tax provision is expected to be approximately $1.8 million because of tax on foreign profits without benefit from the US loss. Until markets recover, we expect a similar tax provision profile as we navigate through this cycle. The basic share count for Q3 is expected to be approximately 47 million shares.

我們預計，以當前利率計算，扣除利息支出和外匯影響後的第三季利息收入約為 180 萬美元。我們預計第三季調整後 EBITDA 約為 1%。第三季非公認會計準則稅收撥備預計約 180 萬美元，因為對外國利潤徵稅，但沒有從美國損失中受益。在市場復甦之前，我們預期在這個週期中也會出現類似的稅務撥備情況。第三季的基本股數預計約為 4,700 萬股。

That concludes our remarks, and now we'll open the call to questions.

我們的發言到此結束，現在我們開始提問。

(Operator Instructions)

（操作員說明）

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

Hi, there. Good afternoon. Thanks for letting us ask a few questions. I guess, can you perhaps just provide a little color on the revenue outlook in 3Q by equipment versus recurring and also across key markets like mobility and industrial and automotive?

你好呀。午安.感謝您讓我們問幾個問題。我想，您能否就第三季設備收入前景與經常性收入以及行動、工業和汽車等關鍵市場的收入前景提供一些資訊？

Hey, Brian. I'll provide the recurring versus system. So in Q3, we're expecting recurring to be about 68% of the revenue, 32% for systems.

嘿，布萊恩。我將提供循環對比系統。因此，在第三季度，我們預期經常性收入將佔營收的 68% 左右，其中系統收入佔 32%。

Yeah, I think you can look at the presentation, Brian. We have the system's revenue distribution by markets where it came out stronger in the mobile as a percentage of total, followed by at 9% automotive; 7%, industrial; consumer, 5%; computing, 4%.

是的，我想你可以看看演示文稿，布萊恩。我們按市場劃分了該系統的收入分佈，其中行動市場佔總收入的百分比較高，其次是汽車市場，佔 9%； 7%，工業；消費者，5%；計算，4%。

Thank you. Also, do you expect a similar composition in Q3 for those markets?

謝謝。另外，您預計這些市場在第三季也會出現類似的情況嗎？

No. When you look forward, we saw sort of strengthening demand in the computing and mobile markets and continued weakness in automotive. So I think what you see going forward is maybe computing will climb up the ladder and get closer to the mobile segment.

不。展望未來，我們將看到計算和行動市場的需求有所增強，而汽車市場的需求持續疲軟。因此，我認為未來您所看到的可能是計算技術將不斷攀升並更接近行動領域。

Got it. Just a couple more for me. Do you anticipate test cell utilization trending higher into year end? And after operating at lower utilization for many quarters, if not years, I'd imagine there's been some retirement or maybe cannibalization of some of your installed base as a precursor to that maybe shipment pickup that you anticipate in first half of next year. Are you seeing test handler kit or spares revenue start to tick up? And do you have any visibility into sort of the 4Q revenue trend?

知道了。對我來說還有幾個。您預計測試電池利用率到年底會呈現上升趨勢嗎？在連續多個季度（甚至數年）以較低的利用率運行之後，我想您的一些已安裝基礎可能會出現一些退役或蠶食，作為您預計明年上半年發貨量回升的先兆。您是否看到測試處理套件或備件收入開始增加？您對第四季的營收趨勢有什麼了解嗎？

Yeah, so multiple questions there. As far as utilization goes, we don't forecast utilization, Brian. We don't really have a model for that. But sitting at 74% and considering that end of the year is typically the seasonally lower quarter for demand, I would venture to say that utilization will be flattish to perhaps up 1 point or 2 points by the end of the year. So that's where we're on the utilization front. It really depends on the puts and takes between improvements in mobile and computing and where automotive goes from here.

是的，有很多問題。就利用率而言，我們不會預測利用率，布萊恩。我們確實沒有一個模型。但考慮到年底通常是需求的季節性較低季度，利用率為 74%，我敢說利用率將持平，到年底可能會上升 1 或 2 個百分點。這就是我們在利用率方面的情況。這實際上取決於移動和計算技術的改進以及汽車的未來發展方向。

I forgot what the other elements of your question were, but I think you talked about sort of how that impacts cannibalization of equipment. And we're certainly seeing that cannibalization happen right now at our customers, which has negatively impacted sale of spare parts. Quite honestly, it has even negatively impacted sale of interface products where certain customers are sub-optimizing the utilization of the equipment that they have simply because they don't have that need in as much to run production and they are trying to conserve expenses.

我忘記了你問題的其他要素是什麼，但我認為你談到了這如何影響設備的拆解。我們當然看到我們的客戶現在正在發生蠶食，這對備件的銷售產生了負面影響。老實說，它甚至對介面產品的銷售產生了負面影響，某些客戶正在對他們擁有的設備的利用率進行次優化，因為他們沒有那麼多的需要來運行生產，並且他們正在努力節省開支。

We expect that the first thing -- the first real signs we'll see will be a surge in spares demand before we see a demand increase in equipment. We have not seen that in the second quarter.

我們預計，在設備需求增加之前，我們將看到的第一件事——我們將看到的第一個真正跡象將是備件需求的激增。我們在第二季度還沒有看到這一點。

Yeah. Got it. I guess sort of -- maybe just to clarify part of my multiple-part question there. ATE companies, they've pointed to something like double-digit declines in the auto, industrial and even the mobility test markets this year. How much do you see the test handling market ex-memory down this year and in relation to ATEs?

是的。知道了。我想——也許只是為了澄清我的多部分問題的一部分。ATE 公司指出，今年汽車、工業甚至行動測試市場出現了兩位數的下降。您認為今年除記憶體之外的測試處理市場相對於 ATE 下降了多少？

And I ask that also because these equipment run rates look like maintenance or even really sub-maintenance levels. And so, I mean, when was the last year that handling market maybe was this low, maybe 2018? And what was the trend in the market the following year? I imagine it was a pretty decent bounce back.

我這麼問也是因為這些設備的運作率看起來像是維護水平，甚至是真正的次維護水平。所以，我的意思是，去年處理市場這麼低是什麼時候，也許是 2018 年？第二年的市場走勢又如何呢？我想這是一次相當不錯的反彈。

Yeah, I don't have a specific year-over-year; maybe Jeff does. But I don't have it on my fingertips here for the handler market. But I think it is -- I'll think about this in a second. I think, yeah, it's definitely a double digit, sort of in the teens decline, perhaps even 20% decline year-over-year in '24.

是的，我沒有具體的同比情況；也許傑夫會。但對於處理程序市場，我還沒有觸手可及的資訊。但我認為是——我稍後會考慮這個問題。我認為，是的，這絕對是兩位數的下降，在青少年時期下降，甚至可能在 24 年比去年同期下降 20%。

It's actually lasting fairly long now, if you think about the quarter-over-quarter sequence since kind of the middle of last year into where we are today. So if you look at past cycles, it's not uncommon to see revenue sort of go up 40%, 50%, even 60% on a year-over-year basis when you have a prolonged drought like we're having right now in the test and the test handling space.

如果你考慮一下從去年年中到今天的季度環比序列，它實際上持續了相當長的時間。因此，如果你看看過去的周期，當你遇到像我們現在這樣的長期乾旱時，收入同比增長 40%、50%，甚至 60% 的情況並不罕見。

But with that said, don’t have a prediction for you right now for 2025, other than the general discussion with customers is positive, particularly in computing and mobile in a near term. Some indicatives of industrial market recovery as well in the beginning of '25. And then I think, the wild card here is with the -- where's the turn of the corner on the automotive market.

但話雖如此，除了與客戶的總體討論是積極的之外，目前還沒有對 2025 年的預測，尤其是在近期的計算和移動領域。工業市場復甦的一些跡像也在 25 年初出現。然後我認為，這裡的變數是──汽車市場的轉捩點在哪裡。

Ross Cole, Needham & Company.

羅斯·科爾，李約瑟公司。

Hi, thank you for taking my question on behalf of Charles. So you had mentioned with Krypton, you have two new customers. And previously, I know you had mentioned that Krypton had been qualified. So are these the separate customers from the qualification you had previously mentioned, or is it the same?

您好，感謝您代表查爾斯提出我的問題。所以你提到了氪，你有兩個新客戶。此前，我知道您曾提到氪星已經合格。那麼，這些客戶是與您之前提到的資格不同的客戶，還是相同的客戶？

Hi, Ross. We issued a press release here at the end of June about a qualification at a major automotive customer in Europe. Now we're talking about two. One of these two is the one that was part of that press release. But we also had a second customer who qualified Krypton at the very end of June, also a European customer coincidentally -- both European customers.

嗨，羅斯。我們於六月底在此發布了一份關於歐洲一家主要汽車客戶的資格認證的新聞稿。現在我們談兩個。其中之一是該新聞稿的一部分。但我們還有第二個客戶在六月底獲得了 Krypton 的資格，巧合的是，也是歐洲客戶——都是歐洲客戶。

So we have two customers qualify: one in the automotive space, one for an aerospace application for starters. And like I said, one of these were part of the press release we did in the middle of June.

因此，我們有兩個客戶符合資格：一個是汽車領域的客戶，另一個是航空航天應用領域的初學者。正如我所說，其中之一是我們在六月中旬發布的新聞稿的一部分。

Great. Thank you for clarifying. And then if I can ask a second question as well, it sounds like you still expect auto and industrial weakness to continue a little longer. So you're seeing the mobile PC recovery first. And were you expecting that to start taking -- the recovery mode to start taking place around the first half '25, it sounded, like you said?

偉大的。謝謝你的澄清。如果我也可以問第二個問題，聽起來您仍然預期汽車和工業疲軟會持續更長時間。因此，您首先會看到行動 PC 的復甦。你是否期望這種情況會在 25 年上半年左右開始發生——聽起來就像你說的那樣？

Computing and mobile, we will see still -- we're going to see the turn this year already. I mean, we're seeing the demand and the revenue expectation here in the fourth quarter. I think the unfortunate counter to that is the automotive continues to be weak. And so, you kind of have to net out the weakness in automotive with the improving demand in mobile and computing for the fourth quarter this year.

計算和移動領域，我們仍然會看到——今年我們已經看到了轉變。我的意思是，我們在第四季度看到了需求和收入預期。我認為不幸的是，汽車產業仍然疲軟。因此，隨著今年第四季移動和運算需求的改善，你必須消除汽車產業的疲軟。

David Duley, Steelhead Securities.

大衛杜利 (David Duley)，Steelhead 證券公司。

Good afternoon. A couple of questions from me. I guess you talked about a silicon carbide probe card win, which I think is kind of a new piece of business. I was wondering if you might elaborate a little bit more on why you won the business and what the opportunities are in probe cards and for power and silicon carbide for you guys?

午安.我有幾個問題。我想您談到了碳化矽探針卡的勝利，我認為這是一項新業務。我想知道您是否可以詳細說明為什麼您贏得了這項業務，以及探針卡、電源和碳化矽對您們來說有哪些機會？

Hi, Dave. Yeah, great question. And you're correct. This is -- a power probe card is a completely new product line for us. We have been supplying power contactors for the industry and -- including silicon carbide, actually. This has been a successful business for us, a differentiated business. And customers have asked us to basically bring what we're doing in known good die, singulated die test into a probe card environment, sort of a probe environment.

嗨，戴夫。是的，很好的問題。你是對的。這是——功率探針卡對我們來說是一個全新的產品線。我們一直在為該行業提供電源接觸器，實際上包括碳化矽。這對我們來說是一項成功的業務，一項差異化的業務。客戶要求我們基本上將我們在已知良好晶片、單一晶片測試中所做的工作引入探針卡環境，類似於探針環境。

So we've done exactly what the customers have asked. And the first customer has qualified the product, placed an initial PO, and we have two other customers right behind it in qualification mode. So we're pretty excited to bring a new solution here that we believe, per customer's feedback, that it's quite differentiated because it allows you to do multi-site testing of devices that have very high currents, very high voltages.

所以我們完全照著客戶的要求做了。第一個客戶已經對產品進行了鑑定，並發出了初始採購訂單，在鑑定模式下，我們還有另外兩個客戶緊隨其後。因此，我們非常高興在這裡推出一個新的解決方案，根據客戶的回饋，我們相信它非常與眾不同，因為它允許您對具有非常高電流、非常高電壓的設備進行多站點測試。

And could you help us understand what the size of this opportunity is, either on the market, or what it might be for you guys?

您能否幫助我們了解這個機會的規模有多大，無論是在市場上還是對你們來說可能有什麼？

Yeah, yeah, yeah. Good, yeah, I recall you asked that question, too. Sorry about that. Now, we're looking at -- this particular customer that we broke in, we see their spending being about $7 million a year. So let's see how much of that we can get.

是啊，是啊，是啊。好的，是的，我記得你也問過這個問題。對此感到抱歉。現在，我們正在關注我們打入的這個特定客戶，我們發現他們每年的支出約為 700 萬美元。那麼讓我們看看我們能得到多少。

Okay. Then changing topics to the Diamondx win, I think you mentioned it's a mixed signal win and another win in IoT, I guess.

好的。然後將話題轉向 Diamondx 的勝利，我想你提到這是混合訊號的勝利，也是物聯網領域的另一個勝利，我猜。

Yeah.

是的。

Help -- maybe help us understand -- again, the same question is, how big of opportunity do you think these expansion of your Diamondx platform is in total, either in the TAM or the opportunities for you guys? Appreciate all the detail.

幫助——也許可以幫助我們理解——同樣的問題是，您認為 Diamondx 平台的這些擴充功能總共有多大的機會，無論是在 TAM 還是您的機會？欣賞所有的細節。

Yeah. This one I'm going to have to be a little bit more vague on the opportunity size. Frankly, it's not that we have that much precision in this one. But it is a -- there's a Diamondx mixed signal configuration at a sort of leading OSAT in Taiwan. The tester selection was largely driven by a fabless company into that OSAT.

是的。在這個問題上，我必須對機會的大小說得更模糊一些。坦白說，我們在這方面並沒有那麼精確。但台灣某領先的 OSAT 擁有 Diamondx 混合訊號配置。測試儀的選擇主要是由無晶圓廠公司進入 OSAT 所推動的。

We tend to target things that are sort of $5 million chunks of business. Whether this will be that or not, it's a little difficult for us to pinpoint at this time.

我們傾向於瞄準價值 500 萬美元的業務。不管是不是那樣，我們現在很難確定。

And then the other one was an RF IoT device application, also at an OSAT in Taiwan, and driven by a Taiwanese fabless RF company. Also, same story here. We target $5 million chunks. As you know, the RF market is not in its best shape at this moment. So I think we're looking at that as a opportunity for a $5 million bite into next year.

另一個是射頻物聯網設備應用，也是在台灣的 OSAT，由一家台灣無晶圓廠射頻公司推動。另外，這裡也有同樣的故事。我們的目標是 500 萬美元。如您所知，射頻市場目前並未處於最佳狀態。所以我認為我們正在將此視為明年投入 500 萬美元的機會。

[Mayur Popuri], B. Riley.

[Mayur Popuri]，B. Riley。

Hi, I'm calling in for Craig from B. Riley. My question is just like, how can we look at the kind of shape of the eventual recovery? And what are some leading indicators that we can take a look at to see when that recovery is starting to pick up?

你好，我是 B. Riley 的克雷格。我的問題是，我們如何看待最終復甦的形狀？當經濟復甦開始加速時，我們可以查看哪些領先指標？

Yeah, hi. It's a good question. And realistically, you got to look at it market-by-market, right? Not every market goes in tandem. It's not one monolithic semiconductor or end-market driver. So we're seeing the -- obviously have seen for several quarters now, just not that much of a benefit for Cohu -- but we've seen the AI data center GPU market rise and concurrent with that, the DRAM or HBM application. That has been going on for a few quarters now. Reminder, Cohu doesn't participate in memory today.

是的，嗨。這是一個好問題。實際上，你必須逐個市場地看待它，對吧？並非每個市場都是同步發展的。它不是一種單晶片半導體或終端市場驅動因素。因此，我們看到了——顯然已經看到了幾個季度的情況，只是 Cohu 沒有得到太大的好處——但我們看到 AI 資料中心 GPU 市場的崛起，並與 DRAM 或 HBM 應用同時出現。這種情況已經持續了幾個季度。提醒一下，Cohu今天不參與記憶。

We're now starting to see sort of the computing server market started to show signs of recovery. Along with that, we're seeing some green shoots in the mobile market. As I said before, we'll see some of that revenue materialize in the fourth quarter.

我們現在開始看到計算伺服器市場開始顯示出復甦的跡象。除此之外，我們還看到行動市場出現了一些萌芽。正如我之前所說，我們將在第四季度看到部分收入的實現。

What comes behind that is likely to be industrial based on conversations we're seeing with customers today. And that is probably a Q1 2025 story. And I think the big question mark still for us included is at what point does automotive start to recover?

根據我們今天與客戶的對話，背後可能是工業性的。這可能是 2025 年第一季的故事。我認為對我們來說仍然存在的一個大問號是汽車行業何時開始復甦？

And that's very important for Cohu, because Cohu's largest market segment is automotive. So automotive was the last to come down in this cycle and will naturally be the last to come back up. Question mark, is it first quarter, second quarter, next year -- exactly when that will happen is what we're trying to understand. So a recovery has started. But it's going to go through phases, market segment by market segment, probably over the next year.

這對 Cohu 來說非常重要，因為 Cohu 最大的細分市場是汽車。因此，汽車業是這個週期中最後一個下跌的，也自然是最後一個回升的。問號，是第一季、第二季還是明年——我們正在努力了解具體何時發生。因此，復甦已經開始。但它可能會在明年經歷各個階段，逐一細分市場。

That concludes today's question-and-answer session. I'd like to turn the call back to Jeff Jones for closing remarks.

今天的問答環節到此結束。我想將電話轉回給傑夫瓊斯，讓他作結束語。

Thank you. And before we sign off, I'd like to mention that we'll be participating in some conferences over the next few months, and they are at the Needham Virtual Conference on August 21, the Jefferies Conference in Chicago on August 27, the Evercore Conference also in Chicago on August 28, and the Citi Conference in New York City on September 6. So if you're interested in meeting with us at any of those conferences, please let me know or reach out to the respective research analysts to schedule a meeting. Thank you for joining today's call, and we look forward to speaking with you soon.

謝謝。在我們結束之前，我想提一下，我們將在接下來的幾個月內參加一些會議，其中包括 8 月 21 日的 Needham 虛擬會議、8 月 27 日在芝加哥舉行的 Jefferies 會議、Evercore 會議會議還於8 月28 日在芝加哥舉行，花旗會議於9 月6 日在紐約舉行。因此，如果您有興趣在任何這些會議上與我們會面，請告訴我或聯絡相應的研究分析師安排會議。感謝您參加今天的電話會議，我們期待很快與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。