Entegris Inc (ENTG) 2024 Q3 法說會逐字稿

Welcome to the Entegris' third quarter 2024 earnings conference call. (Operator Instructions).

歡迎參加 Entegris 2024 年第三季財報電話會議。（操作員說明）。

I would now like to turn the call over to Bill Seymour, Vice President of Investor Relations.

我現在想將電話轉給投資者關係副總裁比爾·西摩 (Bill Seymour)。

Good morning, everyone. Earlier today, we announced the financial results for our third quarter of 2024. Before we begin, I would like to remind listeners that our comments today will include forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements.

大家早安。今天早些時候，我們公佈了 2024 年第三季的財務表現。在開始之前，我想提醒聽眾，我們今天的評論將包括前瞻性陳述。這些陳述涉及許多風險和不確定性，實際結果可能與前瞻性陳述中的預測有重大差異。

Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we filed with the SEC. Please refer to the information on the disclaimer slide in the presentation.

有關這些風險和不確定性的更多資訊包含在我們向 SEC 提交的最新年度報告和後續季度報告中。請參閱簡報中免責聲明投影片上的資訊。

On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find a reconciliation table in today's news release as well as on our IR page of our website at entegris.com.

在本次電話會議上，我們也會參考 SEC 和 G 條例定義的非 GAAP 財務指標。

And finally, as a reminder, we have included in the appendix of the earnings slide presentation for your reference, consolidated and divisional P&L that exclude divestitures for the first quarter of 2024 and for all four quarters of 2023.

最後，作為提醒，我們在收益幻燈片簡報的附錄中包含了 2024 年第一季和 2023 年所有四個季度的合併和部門損益表，其中不包括資產剝離。

On the call today are Bertrand Loy, our CEO; and Linda LaGorga, our CFO. With that, I'll hand the call over to Bertrand.

今天參加電話會議的是我們的執行長伯特蘭·洛伊 (Bertrand Loy)；和我們的財務長 Linda LaGorga。這樣，我就把電話轉給伯特蘭。

Thank you, Bill, and good morning. Our third quarter revenue, excluding divestitures, grew 7% year-on-year, but was below our expectations. Despite the softer top line, gross margin, EBITDA margin, and non-GAAP EPS were within our guidance. The industry recovery is happening but it is happening slower than anticipated and visibility continues to be limited.

謝謝你，比爾，早安。我們第三季的營收（不包括資產剝離）年增 7%，但低於我們的預期。儘管營收疲軟，但毛利率、EBITDA 利潤率和非 GAAP 每股盈餘均在我們的指導範圍內。行業復甦正在發生，但速度比預期要慢，而且能見度仍然有限​​。

Customers with strong exposure to AI applications are performing well but rest of the industry remains challenged. And because Entegris serves all parts of the industry ecosystem, including areas like mainstream and NAND, which remain muted, demand for our products is softer than our original expectations. In addition, 2024 continues to be a year of limited technology transitions which limits our incremental wafer content gain opportunity and our level of outperformance this year.

廣泛接觸人工智慧應用的客戶表現良好，但行業其他公司仍面臨挑戰。由於 Entegris 服務於行業生態系統的所有部分，包括主流和 NAND 等領域，這些領域仍然處於低迷狀態，因此對我們產品的需求比我們最初的預期要疲軟。此外，2024 年仍然是技術轉型有限的一年，這限制了我們增加晶圓含量的機會以及我們今年的優異表現水準。

Taking a closer look at our quarterly performance breakdown, MS division sales were up 14% year-on-year, excluding divestitures. Growth was particularly strong in CMP slurries and pads, advanced deposition materials, and etching chemistry. The MS division continues to benefit from the combination of the SCM and APS divisions, which has allowed us to leverage cost efficiencies to increase our R&D investment in support of our customers' technology road maps.

仔細研究我們的季度業績明細，MS 部門的銷售額年增 14%（不包括資產剝離）。CMP 漿料和拋光墊、先進沉積材料和蝕刻化學品的成長尤其強勁。MS 部門繼續受益於 SCM 和 APS 部門的合併，這使我們能夠利用成本效率來增加研發投資，以支援客戶的技術路線圖。

AMH and MC division sales were up slightly in the third quarter year-on-year. Growth this year in AMH and MC has been impacted by the lower demand from mainstream logic customers, slower new fab construction activity, and reduced backlog, which positively benefited sales last year.

第三季AMH和MC部門銷售額較去年同期小幅成長。今年 AMH 和 MC 的成長受到主流邏輯客戶需求下降、新晶圓廠建設活動放緩以及積壓訂單減少的影響，這對去年的銷售產生了積極的影響。

At Entegris, we are continuously looking at ways to streamline and optimize our operations. To that end, we have decided to combine our AMH and MC divisions. They both support the same mission of enabling materials purity. They both serve similar customer segments. They also serve similar applications inside and outside the fab. And AMH is actually one of MC's largest suppliers.

在 Entegris，我們不斷尋找簡化和優化營運的方法。為此，我們決定合併 AMH 和 MC 部門。他們都支持實現材料純度的相同使命。他們都服務於相似的客戶群。它們還在晶圓廠內部和外部提供類似的應用。而AMH其實是MC最大的供應商之一。

With this combined structure, we will develop greater product synergies, optimize our go-to-market strategy, and further increase and differentiate the value we create for our customers. As a result of this combination, we expect to generate $10 million to $15 million in annualized cost savings that will be reinvested to maintain adequate investment levels in R&D and increased investments in new operational capabilities to better meet our customers' evolving expectations while we continue to operate within the framework of our published target model.

透過這種合併結構，我們將開發更大的產品協同效應，優化我們的進入市場策略，並進一步增加我們為客戶創造的價值並實現差異化。透過此次合併，我們預計每年可節省1,000 萬至1,500 萬美元的成本，這些成本將用於再投資，以維持足夠的研發投資水平，並增加對新營運能力的投資，以更好地滿足客戶不斷變化的期望，同時我們繼續在我們發布的目標模型框架內運作。

A few other important items I would like to highlight. Our team at our new facility in Kaohsiung, Taiwan continues to make good progress. Customer qualifications ahead of the end to ramp are progressing and remain our number 1 priority. We are also progressing rapidly at our new Colorado site. Construction of the building for Phase 1 is essentially complete. Tool installations are starting this quarter, and we expect to ramp up production in the second half of 2025.

我想強調的其他一些重要事項。我們位於台灣高雄的新工廠的團隊繼續取得良好進展。升級結束前的客戶資格認證工作正在取得進展，並且仍然是我們的首要任務。我們在科羅拉多州的新工廠也進展迅速。第一期大樓興建已基本完成。工具安裝將於本季開始，我們預計將在 2025 年下半年提高產量。

In addition, we continue to negotiate the final terms of the CHIPS grant award and look forward to completing the process in the coming months. Our investments in Taiwan and Colorado will provide manufacturing capacity to support the significant growth we expect in the coming years.

此外，我們將繼續協商 CHIPS 撥款的最終條款，並期待在未來幾個月內完成該流程。我們在台灣和科羅拉多州的投資將提供製造能力，以支持我們預計未來幾年的顯著成長。

Given the muted industry recovery we have been experiencing for the past several quarters, we remain focused on balancing cost and maintaining strong profitability while continuing to engage with customers on their technology road maps and continuing to fund critical investments that improve our competitiveness and position us for the upturn.

鑑於過去幾季我們經歷的行業復甦乏力，我們仍然專注於平衡成本和保持強勁的盈利能力，同時繼續與客戶就其技術路線圖進行互動，並繼續為關鍵投資提供資金，以提高我們的競爭力並為我們定位好轉。

On that note, we are pleased with the POR positions we have secured for key new logic and memory nodes. In particular, our efforts in molybdenum or moly deposition materials are progressing well. We have already received several key POR wins in moly and are well positioned for more. We are particularly excited about these POR positions as they represent incremental Entegris content per wafer opportunities in part because we do not make the deposition materials moly replaces. We continue to expect moly will be implemented in the upcoming 3D NAND node transitions expected next year and in logic, sometime later.

在這一點上，我們對關鍵的新邏輯和記憶體節點的 POR 位置感到滿意。特別是，我們在鉬或鉬沉積材料方面的努力進展順利。我們已經在鉬領域取得了幾項關鍵的 POR 勝利，並且已經做好了爭取更多勝利的準備。我們對這些 POR 位置感到特別興奮，因為它們代表了每片晶圓機會增量的 Entegris 含量，部分原因是我們不會更換沉積材料。我們繼續預計 Moly 將在明年即將到來的 3D NAND 節點過渡中實現，並在稍後的某個時間在邏輯中實現。

These wins validate that our customers' technology road maps continue to be opportunity-rich for Entegris, as the drive for more complex device architectures and further miniaturization. The resulting process complexity is making our expertise in material science and materials purity increasingly valuable which is expected to fuel our market outperformance and incremental content per wafer opportunities in the years to come.

這些勝利證明，我們客戶的技術路線圖對 Entegris 來說仍然充滿機遇，可以推動更複雜的設備架構和進一步小型化。由此產生的工藝複雜性使我們在材料科學和材料純度方面的專業知識變得越來越有價值，預計這將在未來幾年推動我們的市場表現和每片晶圓含量增加的機會。

Let me now turn the call over to Linda. Linda?

現在讓我把電話轉給琳達。琳達？

Good morning, and thank you, Bertrand. Our sales in the third quarter of $808 million were up 7% year-over-year, excluding the impact of divestitures. On an as-reported basis, our sales were down approximately 9% year-over-year and down 1% sequentially. Foreign exchange negatively impacted revenue by $1 million year-over-year and positively impacted revenue by $3 million sequentially in Q3. Our sales in the third quarter were below our expectations, driven by a softer overall semi market, especially in mainstream and 3D NAND, and discrete supply chain constraints.

早安，謝謝你，伯特蘭。剔除資產剝離的影響，我們第三季的銷售額為 8.08 億美元，年增 7%。根據報告，我們的銷售額年減約 9%，季減 1%。第三季度，外匯對營收年增了 100 萬美元的負面影響，對營收產生了 300 萬美元的正面影響。受整體半導體市場疲軟（尤其是主流和 3D NAND）以及離散供應鏈限制的推動，我們第三季的銷售額低於預期。

Gross margin on a GAAP and non-GAAP basis was 46% in the third quarter within our guidance range. Operating expenses on a GAAP basis were $236 million in Q3. Operating expenses on a non-GAAP basis in Q3 were $186 million below our guidance. Adjusted EBITDA in Q3 was 28.8% of revenue within our guidance range. Net interest expense was $50 million in Q3. The GAAP tax rate in Q3 was approximately 10%, and the non-GAAP tax rate was 13%. GAAP diluted EPS was $0.51 per share in the third quarter. Non-GAAP EPS was $0.77 per share within our guidance range.

第三季以 GAAP 和非 GAAP 計算的毛利率為 46%，在我們的指導範圍內。第三季以 GAAP 計算的營運費用為 2.36 億美元。第三季以非公認會計準則計算的營運費用比我們的指引低 1.86 億美元。第三季調整後 EBITDA 佔營收的 28.8%，在我們的指導範圍內。第三季淨利息支出為 5,000 萬美元。第三季的 GAAP 稅率約為 10%，非 GAAP 稅率為 13%。第三季 GAAP 攤薄後每股收益為 0.51 美元。非 GAAP 每股收益為 0.77 美元，在我們的指導範圍內。

Sales for our MS division in Q3 were $347 million. Sales were up 14% year-on-year, excluding the impact of divestitures, sales were up 1% sequentially. The largest contributors to the sales increase were CMP slurries and advanced deposition materials. Adjusted operating margin for MS was 20.7% for the quarter, approximately flat sequentially.

我們的 MS 部門第三季的銷售額為 3.47 億美元。銷售額較去年同期成長 14%，排除資產剝離的影響，銷售額較上季成長 1%。銷售額成長的最大貢獻者是 CMP 漿料和先進沉積材料。MS 本季調整後營業利潤率為 20.7%，與上一季基本持平。

Our AMH division sales in Q3 of $182 million were up 1% year-on-year and were down 3% sequentially. The sequential decline was primarily driven by lower demand of our CapEx-driven microenvironments products. Adjusted operating margin for AMH was 16.8% for the quarter. The 140 basis point sequential increase in margin was primarily driven by lower spending.

我們的 AMH 部門第三季銷售額為 1.82 億美元，年增 1%，季減 3%。環比下降主要是由於我們的資本支出驅動的微環境產品的需求下降所致。本季 AMH 調整後營業利益率為 16.8%。利潤率季增 140 個基點主要是因為支出減少。

Q3 sales for our MC division of $287 million were up slightly year-on-year and were down 2% sequentially. Revenue was down across most major product lines, except for gas filtration. Adjusted operating margin for MC was 33.7% for the quarter up 180 basis points sequentially. The sequential increase in the margin was driven by lower spending and a more favorable mix.

我們的 MC 部門第三季銷售額為 2.87 億美元，較去年同期略有成長，但較上季下降 2%。除氣體過濾外，大多數主要產品線的收入均下降。MC 本季調整後營業利益率為 33.7%，較上一季上升 180 個基點。利潤率的連續成長是由支出減少和更有利的組合所推動的。

Moving on to cash flow. Third quarter free cash flow was $115 million. CapEx for the quarter was $82 million. We now expect to spend approximately $300 million in total CapEx in 2024, down from our previous expectation of $350 million. While not reflected in the Q3 balance sheet, shortly after the end of the quarter, we paid down $65 million of the term loan from cash on hand, which means to date, we have paid down approximately $1.9 billion of total debt since the close of the CMC acquisition.

轉向現金流。第三季自由現金流為 1.15 億美元。該季度的資本支出為 8200 萬美元。我們現在預計 2024 年資本支出總額約為 3 億美元，低於我們先前預期的 3.5 億美元。雖然沒有反映在第三季的資產負債表中，但在本季結束後不久，我們用手頭現金償還了6,500 萬美元的定期貸款，這意味著迄今為止，自2017 年末以來我們已經償還了約19億美元的總債務。

The blended interest rate on the debt portfolio is approximately 4.9% and since the term loan is fully hedged, currently, 100% of our debt is fixed. As of the beginning of October, our gross debt was approximately $4.1 billion, and our net debt was approximately $3.8 billion. Gross leverage was 4.6 times and net leverage was 4.2 times. We will continue to use our free cash flow to repay debt, and we remain committed to reducing our leverage.

債務組合的混合利率約為 4.9%，由於定期貸款已完全對沖，目前我們的債務 100% 是固定的。截至10月初，我們的總債務約為41億美元，淨債務約為38億美元。總槓桿率為4.6倍，淨槓桿率為4.2倍。我們將繼續利用自由現金流來償還債務，並持續致力於降低槓桿。

Moving on to our fourth quarter outlook. We expect sales to range from $810 million to $840 million. This equates to a year-on-year revenue growth of approximately 8%, excluding divestitures. We expect the EBITDA margin to range from 28.5% to 29.5%, consistent with the flow-through of our target model we shared at our Analyst Day. We expect GAAP EPS to be $0.49 to $0.56 per share and non-GAAP EPS to be $0.75 to $0.82 per share.

繼續我們的第四季展望。我們預計銷售額將在 8.1 億美元至 8.4 億美元之間。這相當於收入年增約 8%（不包括資產剝離）。我們預計 EBITDA 利潤率為 28.5% 至 29.5%，這與我們在分析師日分享的目標模型的流量一致。我們預計 GAAP 每股收益為 0.49 至 0.56 美元，非 GAAP 每股收益為 0.75 至 0.82 美元。

Let me provide additional modeling information for Q4. We expect gross margin of 45.5% to 46.5%, both on a GAAP and non-GAAP basis. GAAP operating expenses of $232 million to $236 million and non-GAAP operating expenses of $186 million to $190 million. We also expect depreciation of approximately $48 million, net interest expense of approximately $52 million, and a non-GAAP tax rate of approximately 15%.

讓我提供第四季的額外建模資訊。我們預期以 GAAP 和非 GAAP 計算的毛利率為 45.5% 至 46.5%。GAAP 營運費用為 2.32 億至 2.36 億美元，非 GAAP 營運費用為 1.86 億至 1.9 億美元。我們也預期折舊約為 4,800 萬美元，淨利息支出約為 5,200 萬美元，非 GAAP 稅率約為 15%。

I'll now hand it back over to Bertrand for some closing remarks.

現在我將把它交還給 Bertrand 做一些結束語。

Thank you, Linda. In closing, for the full year, excluding divestitures, we expect sales to grow 4%, and we expect EBITDA to grow 8%, continuing to demonstrate the leverage that exists in our model. As Linda noted, we also remain committed to paying down debt and lowering our leverage.

謝謝你，琳達。最後，我們預計全年銷售額（不包括資產剝離）將成長 4%，EBITDA 將成長 8%，繼續證明我們模型中存在的槓桿作用。正如琳達指出的那樣，我們仍然致力於償還債務並降低槓桿率。

While 2024 is a year of transition for the semiconductor industry, looking ahead, we remain very confident about the growth prospects for both the industry and for Entegris. In the meantime, we continue to manage through a soft market environment, focused on delivering strong profitability in line with our target model, while making the necessary investments to position us for the future.

雖然 2024 年是半導體產業轉型的一年，但展望未來，我們對該產業和 Entegris 的成長前景仍然充滿信心。同時，我們繼續在疲軟的市場環境中進行管理，專注於根據我們的目標模式提供強勁的盈利能力，同時進行必要的投資，為我們的未來做好準備。

With that, operator, let's open the line for questions.

那麼，接線員，讓我們打開提問線路。

(Operator Instructions)

（操作員說明）

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Hi, good morning. Thank you so much for taking the question. Bertrand, I guess on 2024 and your view into '25. I think based on your updated outlook, you're taking down '24 revenue by about $85 million. I know you spoke to a couple of factors driving the reduction. But if you can sort of expand on what you're seeing in mainstream and NAND, that will be super helpful.

嗨，早安。非常感謝您提出這個問題。Bertrand，我猜是 2024 年以及您對 25 年的看法。我認為根據您更新的前景，您將導致 24 世紀的收入減少約 8500 萬美元。我知道您談到了導致減少的幾個因素。但如果您可以擴展您在主流和 NAND 中看到的內容，那將非常有幫助。

And then into '25, you talked a little bit about molybdenum. I think there's an expectation for gate all around to provide a tailwind for business as well. How are you thinking about your ability to outperform the market? And if you can sort of provide some quantitative feel into '25, the rate of outperformance. That would be super helpful. Thank.

然後到了 25 年，您談到了一些關於鉬的話題。我認為人們期望周圍的大門也能為商業提供順風。您如何看待自己超越市場的能力？如果你能對 25 年表現出色的比率提供一些定量的感受。那將非常有幫助。感謝。

Yes. Thank you, Toshiya. So let me start with our view on the market for '24, which has evolved. I mean, obviously, about a quarter ago, we're expecting the industry to grow at about 3% of use or more moderate with the expectation that the industry will be growing at about 1% to 2%. And that comes from wafer starts up modestly, think about plus 1% range roughly, and that's a function of strength in advanced logic, obviously. But memory remains very subdued and mainstream remains very challenged. So the net of that, again, wafer starts up about 1% in '24.

是的。謝謝你，俊哉。那麼，讓我先談談我們對 '24 市場的看法，該市場已經發生了變化。我的意思是，顯然，大約一個季度前，我們預計該行業的使用量將增長約 3% 或更溫和，預計該行業將增長約 1% 至 2%。這來自於晶圓的適度啟動，大致考慮+1% 的範圍，這顯然是先進邏輯強度的函數。但記憶仍然非常低迷，主流仍面臨很大的挑戰。因此，24 年晶圓片的淨值再次上漲約 1%。

Industry CapEx is also a little bit of a state of two cities with WFE up and improving, and we expect WFE to be up in the mid-single digit in 2024. But it stops construction activity has declined, and we expect that to be a headwind for CapEx. So overall CapEx, our view is that it's going to be up in the low single digit in '24.

產業資本支出也有點像兩個城市的 WFE 上升和改善的狀態，我們預計 2024 年 WFE 將實現中個位數成長。但它阻止了建築活動的下降，我們預計這將成為資本支出的阻力。因此，我們認為整體資本支出將在 24 年以低個位數成長。

So in that context, we expect to outperform the industry by about 3 points this year on a constant currency basis. A lot of the growth is obviously coming from our materials solutions division. But again, I think it's a difficult industry backdrop for us to outpace the industry simply because there hasn't been a lot of node transition this year. None in logic, and very modest transitions in memory.

因此，在這種背景下，以固定匯率計算，我們預計今年的表現將優於業界約 3 個百分點。很大一部分成長顯然來自我們的材料解決方案部門。但我再次認為，對我們來說，要超越產業是一個困難的產業背景，因為今年沒有太多節點過渡。邏輯上沒有任何變化，記憶中的過渡也非常溫和。

So -- and you're inviting me to provide maybe and contrast the picture going into 2025. And qualitatively, I would agree with your implied statement. We expect the industry to be in a better state, and we expect to see more activity in terms of node transitions, both in logic as well as in memory, where we expect -- in NAND, in particular, we expect the transition to 300 layer plus devices and hopefully, the introduction of molybdenum next year. And all of that actually should create the conditions for us to be able to operate on the higher end of our market outperformance range of 3 to 6 points.

所以——你邀請我提供可能並對比 2025 年的情況。從品質上來說，我同意你的暗示陳述。我們預計該行業將處於更好的狀態，並且我們預計在節點轉換方面會出現更多活動，無論是在邏輯方面還是在內存方面，我們預計，特別是在 NAND 方面，我們預計會過渡到 300層加設備，並希望明年推出鉬。所有這些實際上都應該為我們創造條件，使我們能夠在 3 到 6 個點的市場表現區間的高端進行營運。

That's really helpful. And then as my follow-up, on the molybdenum opportunity, you mentioned adoption in 2025. I was hoping you could sort of contextualize the opportunity for us. I know for Entegris, no one product group or application accounts for a large percentage of revenue, but I do get this question a lot from investors, how should we think about the magnitude of the tailwind in '25 as hopefully a couple of your customers make that transition. And I know you talked about logic adopting molybdenum in the out years as well. So how big is the opportunity for you into '25 and how big could it be over the medium to long run? Thanks.

這真的很有幫助。然後，作為我的後續行動，關於鉬的機會，您提到了 2025 年的採用。我希望你能為我們介紹一下這個機會的背景。我知道對於Entegris 來說，沒有任何一個產品組或應用程式佔收入的很大比例，但我確實從投資者那裡得到了很多這樣的問題，我們應該如何考慮25 年順風的大小，希望是你們的有些客戶進行這種轉變。我知道您也談到了近年來採用鉬的邏輯。那麼，進入 25 年後，你的機會有多大？謝謝。

Yes, Toshiya, as you will understand, I won't provide a quantification to my answer simply because the timing of the adoption is still not entirely set. So a lot of things can move and obviously, will impact the magnitude of the moly opportunity for us in 2025. But we feel really good about our competitive standing.

是的，Toshiya，正如你所理解的，我不會對我的答案進行量化，因為採用的時間尚未完全確定。因此，很多事情都會發生變化，顯然，這將影響到 2025 年我們的鉬機會的大小。但我們對自己的競爭地位感到非常滿意。

We believe that we have developed a film that is of great quality. And we believe that we have developed a comprehensive delivery solution for the material that actually provides the lower cost of ownership for our customers, both of which being obviously very important for our customers, especially at a time when they need to decide when to introduce molybdenum in high-volume manufacturing. So we feel good about where we stand today.

我們相信我們已經開發了一部高品質的電影。我們相信，我們已經開發了一種全面的材料交付解決方案，實際上可以為我們的客戶提供更低的擁有成本，這對我們的客戶來說顯然非常重要，特別是在他們需要決定何時引入鉬的時候在大批量生產中。因此，我們對今天的處境感到滿意。

Obviously, a lot of work for everyone in the ecosystem before moly is fully adopted in high volume, but we feel good about where we stand today.

顯然，在 moly 被大量採用之前，生態系統中的每個人都需要做很多工作，但我們對今天的處境感到滿意。

Got it. Thanks Bertrand.

知道了。謝謝伯特蘭。

Bhavesh Lodaya, BMO Capital Markets.

Bhavesh Lodaya，BMO 資本市場。

Good morning, Bertrand. Maybe to follow up on that conversation. So in the current backdrop of slower mainstream growth, you are exiting the year with a sales growth of around 8% year-over-year. Now expectations are up for MSI to grow faster next year. You also have more fab start-ups next year. So is it fair to say all else equal, you would see top line growth of at least 8% next year and then hopefully, a faster or a stronger outperformance over that?

早安，伯特蘭。也許是為了跟進那場談話。因此，在當前主流成長放緩的背景下，今年的銷售額年增約 8%。現在人們對 MSI 明年成長更快的預期有所提高。明年還會有更多優秀的新創企業。那麼，是否可以公平地說，在其他條件相同的情況下，您會看到明年的收入成長至少 8%，然後希望表現更快或更強勁？

Look, I will not quantify our views about 2025 on this call today. It's just too early for us to do that. But as I said, I think there are reasons to be optimistic in terms of the industry and MSI in particular. We believe that the inventory digestions that have been a major headwind in memory and in mainstream will largely be behind us or should be behind us as we turn into 2025.

看，我不會在今天的電話會議上量化我們對 2025 年的看法。對我們來說這樣做還為時過早。但正如我所說，我認為有理由對行業，尤其是 MSI 保持樂觀。我們相信，進入 2025 年，記憶體和主流領域的主要阻力——庫存消化將在很大程度上成為過去或應該成為過去。

We also expect better conditions for a PC refresh cycle going into 2025. So all of that should be a basis for better industry fundamentals for 2025. But again, I'm not going to comment, and I'm not going to quantify all of that on this call today.

我們也預計 2025 年 PC 更新周期的條件會更好。因此，所有這些都應該成為 2025 年更好的產業基本面的基礎。但再次強調，我不會發表評論，也不會在今天的電話會議上量化所有內容。

Understood. And maybe a couple of questions on your Taiwan PSP facility. Is the timeline for customer qualifications in line with what your expectations were? Are they on time? Are they lower? And then are you still seeing the ḍ of sales that you expected for this year?

明白了。也許還有一些關於你們台灣 PSP 設施的問題。客戶資格審核的時間表是否符合您的預期？他們準時嗎？他們更低嗎？那麼，您今年的銷售業績是否仍符合您的預期？

Yeah. So I think the qualifications are progressing well, and they remain our number one priority, right? It's very important for us to try to qualify as many of the case pad products ahead of the end 2 ramp next year. So if you look at the fluid handling and the deposition materials, the qualifications are mostly complete. For our liquid filters it's taking a little bit longer as expected, and it's taking longer because we chose actually to not take a exact approach when transferring the manufacturing capacity there.

是的。所以我認為資格認證進展順利，它們仍然是我們的第一要務，對嗎？對我們來說，在明年的第二階段測試之前嘗試對盡可能多的外殼墊產品進行資格認證非常重要。因此，如果您查看流體處理和沈積材料，您會發現資格基本上完整。對於我們的液體過濾器來說，它花費的時間比預期的要長一些，而且花費的時間更長是因為我們實際上選擇在將製造能力轉移到那裡時不採取精確的方法。

We changed both the process and we changed the supply chain. By that, I mean, we wanted to be relying more on local chemical suppliers or regional chemical suppliers. So all of that will yield long-term benefits for sure in terms of shorter lead times and a more resilient supply chain. But it just takes longer for both us and our customers to qualify the line, but we're pleased with the progress.

我們改變了流程，也改變了供應鏈。我的意思是，我們希望更多地依賴當地化學品供應商或區域化學品供應商。因此，所有這些肯定會在更短的交貨時間和更具彈性的供應鏈方面產生長期利益。但我們和我們的客戶都需要更長的時間來驗證該生產線，但我們對進展感到滿意。

Thank you.

謝謝。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗。

Well, AMH and MC be reported separately in the December quarter?

那麼，AMH 和 MC 在 12 月季度分別報告嗎？

Yes, they will. No. You said separately. No. Will combine -- I'm sorry, yes, we will combine them starting Q4 of this year.

是的，他們會的。不。你說的是分開的。不。將會合併——抱歉，是的，我們將從今年第四季開始合併它們。

Okay. And then what kept you from doing this earlier? And what keeps you from combining MS as well and going to just being a one-segment company?

好的。那麼是什麼阻止你更早這樣做呢？是什麼阻止您也合併微軟並成為單一業務部門的公司？

Well, I think that there are really two parts to our value proposition. One is really around materials purity and then the other one is really around material solutions. So we went through a little bit of an experiment last year when we combined SCM and APS, and that experiment paid off. I think we were able to generate cost synergies which did allow us to increase the level of reinvestment into R&D.

嗯，我認為我們的價值主張其實有兩個部分。一種是真正圍繞材料純度，另一種是真正圍繞材料解決方案。因此，去年我們將 SCM 和 APS 結合起來進行了一些實驗，而實驗得到了回報。我認為我們能夠產生成本綜效，這確實使我們能夠提高研發再投資水準。

And we've seen actually evidence of the returns on those investments in the form of the success that we're seeing in moly, the deposition materials but also moly etch. Also great progress in slurry. If you look at advanced foundries, we believe that for the next node, we should have twice as much revenue in terms of slurry revenues. And that's again a function of the new level of investment in R&D and a new focus that we've been able to drive within that division.

我們實際上已經看到了這些投資回報的證據，即我們在鉬、沉積材料以及鉬蝕刻方面所取得的成功。漿料也有很大進步。如果你看看先進的代工廠，我們相信對於下一個節點，我們在漿料收入方面應該有兩倍的收入。這又是新的研發投資水準的結果，也是我們在該部門推動的新重點的體現。

So that experiment worked really well last year for SCM and APS. And we thought that it was time to actually do the same for AMH and MC. So we -- something that we had been thinking about in the past, to your point, but I think we were emboldened by what we saw in SCM, APS. So again, as I said, very similar customers, very similar applications, think about the solutions we develop for the bulk, chemical manufacturers, the solutions that you will find in the chemical loops in the subfabs, but of course, also all of the solutions in the wet tools in the fab floor.

所以去年的實驗對於 SCM 和 APS 來說非常有效。我們認為是時候對 AMH 和 MC 做同樣的事情了。因此，就您的觀點而言，我們過去一直在考慮這一點，但我認為我們在 SCM、APS 中看到的內容讓我們更加大膽。因此，正如我所說，非常相似的客戶，非常相似的應用程序，想想我們為散裝化學品製造商開發的解決方案，您會在子晶圓廠的化學循環中找到這些解決方案，但當然，還有所有工廠車間濕式工具的解決方案。

So a lot of affinity between the two divisions which will allow us to generate cost savings by eliminating the redundant cost of the support functions for two divisions. I would expect also a more optimum go-to-market strategy with a greater customer coverage, greater impact.

因此，兩個部門之間的密切關係將使我們能夠透過消除兩個部門支援職能的冗餘成本來節省成本。我還期望有一個更優化的進入市場策略，具有更大的客戶覆蓋範圍和更大的影響力。

And ultimately, I think that by combining the R&D organizations, I would expect to unlock new product development synergies, which ultimately will drive further differentiation. So I think two segments, two divisions is the right way to organize the company, and it's very consistent, by the way, with the way we've been describing our value proposition to investors and to customers.

最終，我認為透過合併研發組織，我希望能夠釋放新產品開發的協同效應，最終將推動進一步的差異化。因此，我認為兩個部門、兩個部門是組織公司的正確方式，順便說一句，這與我們向投資者和客戶描述我們的價值主張的方式非常一致。

Thank you.

謝謝。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

Hi there. Thank you for letting me ask a question. On the leading edge side, can you help us -- I know we've got for good news on the gate all around side, even the 3-nanometer node appear to be doing well. So can you help us reconcile the weakness that you're seeing and the strength that you're seeing on the AI side at the leading edge?

你好呀。謝謝你讓我問一個問題。在前沿方面，你能幫助我們嗎——我知道我們在閘極方面已經得到了好消息，甚至 3 奈米節點似乎也表現良好。那麼，您能幫助我們協調您所看到的弱點和您所看到的領先人工智慧的優勢嗎？

And then especially ahead of the gate all-around node ramps, can you talk about like any lumpiness? Or what -- how does the customer behavior or like purchasing patterns differ at the beginning of a node cycle versus once they ramp into high-volume production?

然後，特別是在大門全方位節點坡道之前，您能談論像任何塊狀物體嗎？或者什麼－客戶行為或購買模式在節點週期開始時與進入大批量生產後有何不同？

Yeah. So I mean, I think, look, if you look at our revenue going into advanced foundry, I mean, we are seeing very healthy growth, as you would expect. And we don't offer customer details on those calls, but if you look at Taiwan as a proxy, you will see that year-to-date, we are growing at [15%]. And again, it's a combination of a number of different players on this particular geography. So highlighting the strength of advanced foundry and the benefit of AI-related demand.

是的。所以我的意思是，我認為，如果你看看我們進入先進代工廠的收入，我的意思是，正如你所期望的那樣，我們看到了非常健康的成長。我們不提供這些電話的客戶詳細信息，但如果您以台灣為代表，您會發現今年迄今為止，我們的增長速度[15%]。再說一次，它是這個特定地理位置上許多不同參與者的組合。因此凸顯了先進代工廠的實力以及人工智慧相關需求的好處。

When it comes to your second question around the shape of the revenue opportunity during a node transition so when it comes to consumable products, it starts with early orders of filters to flush the lines. And we are actually seeing some of that in Q4 of this year. And we're going to see an acceleration of that in the beginning of next year.

當談到關於節點過渡期間收入機會的形狀的第二個問題時，因此當涉及消費品時，它會從早期訂購過濾器來沖洗生產線開始。我們實際上在今年第四季度看到了其中的一些情況。我們將在明年初看到這一趨勢的加速。

And then you will see actually the first orders for chemistries and materials. I expect to see some of that in the first quarter of next year. And the levels of demand for both of those products will start normalizing after you go through the first phase of inefficiencies that are inherent to those types of ramps. So it's always something that we discover with the customers. It's hard to entirely forecast. But -- so that's the way to think about the evolution of the opportunity in the early stages of a ramp.

然後您實際上會看到化學和材料的第一批訂單。我預計明年第一季會看到其中的一些情況。在經歷了這些類型的斜坡所固有的第一階段的低效率之後，對這兩種產品的需求水準將開始正常化。因此，這始終是我們與客戶一起發現的東西。很難完全預測。但是——這就是在斜坡早期階段思考機會演變的方式。

Thank you. That kind of helps with my next question. But so now that you've re-segmented a couple of times, you've divested a few businesses. Can you help us think about like normal seasonality. And I don't want you to like guide 2025 or anything, but are there any big quarters, especially with your consumables business in your materials business? Any big quarters or lower quarters that we should appreciate?

謝謝。這對我的下一個問題有幫助。但現在你已經重新細分了幾次，你已經剝離了一些業務。您能幫助我們思考正常的季節性嗎？我不想讓您喜歡《2025 年指南》或其他任何內容，但是有沒有大的季度，特別是您的材料業務中的消耗品業務？有哪些值得我們欣賞的大季度或小季？

Well, I think the last few years have been anything but normal. So it's a little bit hard to talk about normal seasonality. But I would say in a normal year, Q1 is usually a slower quarter and that you see actually an acceleration in Q2, Q3.

嗯，我認為過去幾年的情況一點也不正常。所以談論正常的季節性有點困難。但我想說，在正常年份，第一季通常是一個較慢的季度，而您實際上會看到第二季、第三季出現加速。

Thank you.

謝謝。

Sure.

當然。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

My first one is for Linda. Linda, in your prepared remarks, you talked about the 3Q being a bit weaker because of discrete supply chain constraints. Can you expand on that comment?

我的第一個是給琳達的。琳達，在您準備好的發言中，您談到由於離散供應鏈的限制，第三季有點疲軟。能詳細闡述一下這個評論嗎？

Yeah, I can take that, Atif. It's also -- there were two issues really impacting our MC division, one impacting our gas purification system platform, the other one impacting our liquid filtration platform. The first three had to do with getting access to a very specific valve. It's been an ongoing problem, but we became a real issue in Q4.

是的，我可以接受，阿提夫。還有兩個問題確實影響了我們的 MC 部門，一個影響了我們的氣體淨化系統平台，另一個影響了我們的液體過濾平台。前三個與訪問一個非常特定的閥門有關。這是一個持續存在的問題，但我們在第四季度成為了一個真正的問題。

The second impacting our liquid filtration products was really contaminated batch of HCL. So hydrochloric asset that -- so we are in the process of sorting through those two issues, I would expect to see some improvement in both cases in Q4, but it will largely take until the beginning of next year for us to be totally out of those two supply chain issues impacting MC.

第二個影響我們液體過濾產品的是真正受污染的批次 HCL。因此，我們正在解決這兩個問題，我預計第四季度這兩種情況都會有所改善，但很大程度上要到明年初我們才能完全擺脫困境這兩個供應鏈問題影響著MC。

Got it. And from next one Bertrand, I remember in the June quarter earnings, you guys saw stability in China, can you talk about what you saw in domestic China or overall China in September quarter? And what are you seeing into the December quarter?

知道了。Bertrand，我記得在 6 月季度的收益中，你們看到了中國的穩定，您能談談您在 9 月季度在中國國內或整個中國看到的情況嗎？您對 12 月季度有何看法？

Yeah, business in China continues to do well. We -- if you look at China as a region, China has been growing at about 16% on a compounded average growth rate for the last 4, 5 years. China is about a 20% region for us. So it's meaningful, but we don't quite have the same level of exposure as some of the equipment makers.

是的，中國的業務持續表現良好。如果你將中國視為一個地區，你會發現過去 4、5 年中國的複合平均成長率約為 16%。中國對我們來說大約佔20%的地區。所以這很有意義，但我們的曝光度不如一些設備製造商。

But I would expect that number to be in the 20% to 25% range simply because a lot of new fabs have been built in China, and we would expect those fabs to start ramping production in the months and quarters to come. So again, good, steady business and demand from our Chinese customers.

但我預計該數字將在 20% 至 25% 範圍內，因為中國建造了許多新晶圓廠，我們預計這些晶圓廠將在未來幾個月和幾季開始提高產量。再說一次，我們的中國客戶的業務和需求良好、穩定。

Thank you.

謝謝。

Charles Shi, Needham.

查爾斯·施，李約瑟。

Hi. Good morning. Bertrand, do want to have a follow-up question on the overall market environment here. I think 90 days ago, you were directionally correct, mainstream going lower into second half of the year. And you were right about NAND not quite seeing a recovery, but I think so far, the theme of this call looks like mainstream and NAND seems to be the main factors contributing to the weakness.

你好。早安.Bertrand，確實想對這裡的整體市場環境有個後續問題。我認為 90 天前，你的方向是正確的，主流將進入下半年。你說的 NAND 沒有完全復甦的說法是對的，但我認為到目前為止，這次電話會議的主題看起來像是主流，而 NAND 似乎是導致疲軟的主要因素。

Wonder versus 90 days ago, can you give us a little bit of color of what has changed more to the worst, especially for these two segments, especially combined with what you just said, China seems to be continue to do well. It looks like non-China, especially on the mainstream side, has done a lot worse, Mind if you provide some more color to that.

想知道與90天前相比，您能否給我們一點顏色，看看發生了什麼變化，特別是對於這兩個部分，特別是結合您剛才所說的，中國似乎繼續表現良好。看起來非中國國家，尤其是主流國家，做得更糟，請介意你提供更多的色彩。

Yes, Charles, I think you're right. I think mainstream has been more troubled than we were expecting. We've seen steady reduction in fab utilization. We've seen customers being intensely focused on reducing inventory levels of products in the Entegris products and that extends even to SIC. SIC remains a bright spot for mainstream customers, but our use for SIC-related demand has come down and has continued to come down.

是的，查爾斯，我認為你是對的。我認為主流比我們預期的更麻煩。我們看到晶圓廠利用率穩定下降。我們看到客戶非常關注降低 Entegris 產品中的產品庫存水平，甚至延伸到 SIC。SIC對主流客戶來說仍然是個亮點，但我們對SIC相關需求的使用已經下降，而且還在持續下降。

We started the year thinking that SIC would be up for us about in excess of 50%. We revised that to up around 30% based on customer forecast at the end of Q3 -- at the end of Q2. And right now, we believe that SIC will only be up 10%, so it's up. It remains a bright spot for mainstream fab.

今年年初，我們認為 SIC 將為我們帶來超過 50% 的收益。我們根據客戶在第三季末（即第二季末）的預測，將這一數字修正為成長 30% 左右。目前，我們認為 SIC 只會上漲 10%，所以它上漲了。它仍然是主流晶圓廠的一個亮點。

But overall, mainstream fab activity is down quite a bit. If we look at it, just as an entire segment for us. It's down in the high single digit in terms of -- and that's, I think, consistent with the level of MS side that we estimate for mainstream fabs in 2024.

但整體而言，主流晶圓廠活動大幅下降。如果我們看它，就像我們的整個部分一樣。我認為，這與我們估計的 2024 年主流晶圓廠的 MS 側水平一致。

Thanks, Bertrand. So the other question about China, it sounds like I look at historical numbers that the China was roughly in the low to mid-teens. This year, it looks like it's going to be 20% or maybe plus. What's the long term -- what's the projection here? I think I heard you saying 20%, 25%. Just want to clarify, is it the long-term projection of China contribution or maybe I misheard?

謝謝，伯特蘭。關於中國的另一個問題，聽起來我看了一下歷史數據，中國的經濟大致處於十幾歲左右。今年，看起來會是 20% 甚至更多。長期是什麼－這裡的預測是什麼？我想我聽到你說20%、25%。只是想澄清一下，這是中國貢獻的長期預測還是我聽錯了？

Yes. This is exactly true. So you're right that about four, five years ago, China was representing about 15%, 17% of our revenue. Today, it's tracking at about 20%. We expect longer term that number to be between 20% and 25%, mostly consumable products going into mainstream fabs.

是的。這是千真萬確的。所以你是對的，大約四、五年前，中國約占我們收入的 15%、17%。如今，該比例約為 20%。我們預計長期這一數字將在 20% 至 25% 之間，其中大部分是進入主流晶圓廠的消耗性產品。

Does that -- is that a reflection of maybe China taking more share in the mainstream production or something else?

這是否反映出中國在主流製作中佔據了更多份額或其他原因？

I think it's just the volume of activity in China. I think the jury is still out in terms of market share from Chinese players versus non-Chinese players. I don't think I have enough visibility to comment on that.

我認為這只是中國的活動量。我認為，就中國玩家與非中國玩家的市場份額而言，目前還沒有定論。我認為我沒有足夠的知名度對此發表評論。

Thanks, Bertrand.

謝謝，伯特蘭。

Sure.

當然。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Thanks a lot. Bertrand, can you talk about export controls? There was an article in the Journal this morning about the US cutting off the ability to buy Chinese components. And I suspect when this stuff comes out, that it will also go the other way that they're going to make 100 for the local Chinese companies to buy from the US-based supply chain as well. And it seems like it's going deeper into the supply chain at this time. So can you talk just about that? And is there any accommodation in the December guidance or like how you're thinking about next year for this?

多謝。Bertrand，您能談談出口管制嗎？今天早上《華爾街日報》有一篇文章稱美國切斷了購買中國零件的能力。我懷疑當這些東西問世時，他們也會生產 100 件供中國本土公司向美國供應鏈購買。而這次似乎正在深入供應鏈。那你能談談這個嗎？12 月的指導意見中是否有任何調整，或者您明年對此有何想法？

Yes, Tim, I mean, I think you're right. I mean this is a fast-evolving topic. Like you, we are keeping track of what we're hearing from regulators. But as of right now, we have nothing really new to report. Our focus is to comply on known regulations and I don't think we are prepared to really speculate on potential future regulations.

是的，提姆，我的意思是，我認為你是對的。我的意思是這是一個快速發展的話題。和您一樣，我們也在追蹤監管機構的消息。但截至目前，我們還沒有什麼新的消息可以報告。我們的重點是遵守已知的法規，我認為我們不準備真正推測未來潛在的法規。

And to your question about have we included any -- have we tried to quantify any negative impact to potential future regulations to our outlook, the answer is no.

對於你的問題，我們是否包括了任何東西——我們是否試圖量化未來潛在監管對我們前景的任何負面影響，答案是否定的。

Okay. And then maybe could you give us an idea between the segments for MS and this newly combined MC and AMH. Are they -- is one of them any better in December than the other?

好的。然後也許您能為我們介紹一下 MS 的細分市場以及新合併的 MC 和 AMH 細分市場。他們中的一個在 12 月是否比另一個更好？

Yes. So I think we expect MC to be the fastest-growing division in Q4. Again, there's a lot of work to be done to resolve or to partially resolve some of the supply chain issues. But I would expect MC to report a record quarter in -- well, we won't report MC specifically. But that business, as you know, has been performing really well. I would expect them to reach a new high level of revenue that is greater than what we were achieving during the pandemic level. So again, that business is doing really well. I think the next fastest division would be MS, it's a material solution.

是的。因此，我認為我們預計 MC 將成為第四季成​​長最快的部門。同樣，要解決或部分解決一些供應鏈問題還有很多工作要做。但我預計 MC 將在——好吧，我們不會具體報告 MC 的季度報告。但正如你所知，這項業務一直表現得非常好。我預計他們的收入將達到新的高水平，高於我們在疫情期間所取得的收入。再說一次，這項業務做得非常好。我認為下一個最快的部門將是 MS，這是一個物質解決方案。

But as Linda will remind me again, we'll report along the lines of two segments in Q4.

但正如琳達再次提醒我的那樣，我們將在第四季度按照兩個部分進行報告。

Okay. Thank you Bertrand.

好的。謝謝伯特蘭。

Sure.

當然。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究。

Great, good morning. Bertrand, can we just get your latest thoughts on how we should think about Entegris' opportunity as it relates to data centers and HBC in terms of just how that theme has progressed throughout the year? Thank you.

太好了，早安。Bertrand，我們能否了解您關於我們應該如何看待 Entegris 機會的最新想法，因為它與資料中心和 HBC 相關，以及該主題全年的進展？謝謝。

Yes. But I think the hyperscalers obviously have been driving a lot of the demand for AI chips and like everybody else, we've benefited from the strong activity in advanced foundry. We believe that trend is going to continue into 2025, and that's going to be another, hopefully, a positive driver for the semiconductor recovery in 2025. But as I said, I'm not quite ready to quantify any of those statements on this call today.

是的。但我認為，超大規模廠商顯然一直在推動對人工智慧晶片的大量需求，並且像其他人一樣，我們也從先進代工廠的強勁活動中受益。我們相信這一趨勢將持續到 2025 年，這有望成為 2025 年半導體復甦的另一個積極驅動力。但正如我所說，我還沒有準備好量化今天電話會議上的任何陳述。

Okay. And just maybe a quick comment on just how we should be thinking about the effect of the Taiwan ramp in the second half. And how should we think about that as it relates to progress into 2025, so not necessarily the quantification? And then also maybe just a quick comment or update on Colorado Springs would be very helpful. Thank you.

好的。也許只是簡單地評論一下我們應該如何考慮下半年台灣經濟成長的影響。我們應該如何思考這一點，因為它關係到 2025 年的進展，因此不一定是量化？然後，也許對科羅拉多斯普林斯的快速評論或更新會非常有幫助。謝謝。

Sure. So as we think about KSP and Colorado, obviously, we do have ramp inefficiencies. We do include that in our published target model that we published an Analyst Day, and we will continue to manage to the 40% EBITDA flow-through. To give you a sense, in 2024 year-over-year, the Taiwan facility impact on gross margin is about 80 basis points year-over-year.

當然。因此，當我們考慮 KSP 和科羅拉多州時，顯然，我們確實存在效率低下的問題。我們確實將其納入我們發布的目標模型中，我們發布了分析師日，並且我們將繼續管理 40% 的 EBITDA 流通。讓您感受一下，2024 年，台灣工廠對毛利率的影響約為 80 個基點。

And then as you move into '25, we're going to have more sales ramping up in the Taiwan facility that will help alleviate those pressures. But approximately mid-year Colorado is going to be coming online, and we're going to have some gross margin inefficiencies there. So you move into '26 and as sales ramp, that's when you're going to start to see those inefficiencies from the ramps alleviate.

然後，隨著進入 25 年，我們台灣工廠的銷售額將會增加，這將有助於緩解這些壓力。但大約在年中，科羅拉多州將上線，我們在那裡會出現一些毛利率低下的情況。因此，進入 26 年，隨著銷售量的增加，您將開始看到銷售量增加帶來的低效率問題得到緩解。

Thank you.

謝謝。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thanks. Bertrand in moly, did you win other products in deposition materials and what is the opportunity beyond deposition materials? What product categories are mostly benefiting from this?

謝謝。Bertrand in moly，您是否贏得了沉積材料領域的其他產品？哪些產品類別主要受益於此？

Yes. That's a great question. So when we talk about moly material first, in the deposition space, you have the ampule, you have the delivery cabinets and a number of Entegris ancillary solutions around those two platforms. And then you have the research chemistry. So for NAND, it's going to be moly etch. And we are working very diligently to get POR wins there as well. And then when moly is then introduced in logic, there will be polishing step, which doesn't exist in the 3D NAND application, and we are working, as you would expect, on developing a slurry solution for moly polishing down the road.

是的。這是一個很好的問題。因此，當我們首先討論鉬材料時，在沉積空間中，您有安瓿、交付櫃以及圍繞這兩個平台的許多 Entegris 輔助解決方案。然後就是研究化學。所以對於 NAND，它將是鉬蝕刻。我們正在非常努力地工作，以取得 POR 的勝利。然後，當邏輯中引入鉬時，就會出現拋光步驟，這在 3D NAND 應用中是不存在的，正如您所期望的那樣，我們正在努力開發一種用於鉬拋光的漿料解決方案。

Thanks. And just a bigger picture question on no transitions. Again, since the last call, is your view on sort of the benefit or the magnitude of node transitions in 2025, has it changed at all for better or worse?

謝謝。只是一個關於沒有過渡的更大的問題。再說一次，自上次電話會議以來，您對 2025 年節點轉換的好處或幅度的看法是否有改變，是好是壞？

As of right now, the answer is no. Our view remains unchanged. As I mentioned, we expect a fair amount of activity in advanced logic. And I cited obviously the all-important transition to 300 layers in 3D NAND and hopefully, again, the inclusion of moly as part of that transition. But as I said, I think this is still fluid. Customers direct the timing of those node transitions. I hope to be in a better position to give a little bit more precision to all of that in our Q4 earnings call in late January, early February.

截至目前，答案是否定的。我們的觀點保持不變。正如我所提到的，我們預計高級邏輯方面會有大量活動。我顯然提到了 3D NAND 向 300 層過渡的最重要的一步，並希望再次將鉬作為該過渡的一部分。但正如我所說，我認為這仍然是不穩定的。客戶決定這些節點轉換的時間。我希望能夠在 1 月底、2 月初的第四季財報電話會議上更準確地闡述所有這些內容。

Thank you.

謝謝。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

And it appears that we have no further questions at this time. I will now turn the floor back over to Bill Seymour for closing remarks.

目前看來我們沒有其他問題了。現在我將把發言權交還給比爾·西摩進行閉幕致詞。

Thank you. And thank you for joining our call today. Please reach out to me directly if you have any follow-ups. Thank you again, and have a good day. This concludes our call.

謝謝。感謝您今天加入我們的電話會議。如果您有任何後續情況，請直接與我聯絡。再次感謝您，祝您有美好的一天。我們的通話到此結束。

Thank you. This concludes today's Entegris third quarter 2024 earnings conference call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的 Entegris 2024 年第三季財報電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。