Ichor Holdings Ltd (ICHR) 2024 Q3 法說會逐字稿

Good afternoon and thank you for joining today's third quarter, 2024 conference call.

下午好，感謝您參加今天的 2024 年第三季電話會議。

As you read our earnings press release, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of the federal securities laws.

當您閱讀我們的收益新聞稿以及收聽本次電話會議時，請注意，兩者均包含聯邦證券法含義內的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties.

這些前瞻性陳述受到許多風險和不確定性的影響。

Many of which are beyond our control and which could cause actual results to differ materially from such statements.

其中許多超出了我們的控制範圍，可能導致實際結果與此類聲明有重大差異。

These risks and uncertainties include those spelled out in our earnings press release, those described in our annual report on form 10-K for fiscal 2023 and those described in subsequent filings with the SEC.

這些風險和不確定性包括我們的收益新聞稿中闡述的風險和不確定性、2023 財年10-K 表格年度報告中所述的風險和不確定性以及隨後向SEC 提交的文件中所述的風險和不確定性。

You should consider all forward-looking statements in light of those and other risks and uncertainties.

您應該根據這些以及其他風險和不確定性考慮所有前瞻性陳述。

Additionally, we will be providing certain non-GAAP financial measures during this conference call.

此外，我們將在本次電話會議期間提供某些非公認會計準則財務指標。

Our earnings press release and the financial supplement posted to our IR website.

我們的收益新聞稿和財務補充發佈在我們的投資者關係網站上。

Each provide a reconciliation of these non-GAAP financial measures to their most comparable GAAP financial measures.

每項指標都提供了這些非公認會計原則財務指標與其最具可比性的公認會計原則財務指標的調節表。

On the call with me today are Jeffrey Andreson, our CEO and Greg Swyt, our CFO.

今天與我通話的有我們的執行長 Jeffrey Andreson 和我們的財務長 Greg Swyt。

Jeff will begin with an update on our business and then Greg will provide additional details about our results and guidance.

傑夫將首先介紹我們業務的最新情況，然後格雷格將提供有關我們的結果和指導的更多詳細資訊。

After the prepared remarks, we will open the line for questions.

準備好的發言結束後，我們將開通提問專線。

I'll now turn over the call to Jeffrey Andreson.

我現在將把電話轉給傑弗裡·安德烈森。

Jeff.

傑夫.

Thank you Claire and welcome everyone to our Q3 earnings call.

謝謝克萊爾，歡迎大家參加我們的第三季財報電話會議。

We are pleased to report strong third quarter results with $211 million of sales above the top end of our forecast, continued sequential improvement in gross margin and EPS of $0.12.

我們很高興地報告強勁的第三季業績，銷售額達到 2.11 億美元，超出我們的預測上限，毛利率持續改善，每股收益 0.12 美元。

Ichor's business model generates strong earnings leverage as revenues increase, and in Q3, we delivered operating income growth of more than 40% with 4% sequential revenue growth and nearly 30% gross margin flow-through from Q2.

隨著收入的增加，Ichor 的業務模式產生了強大的盈利槓桿，在第三季度，我們的營業收入增長了40% 以上，收入環比增長了4%，毛利率較第二季度增長了近30% 。

As we have progressed through 2024, our visibility for a recovery in the semiconductor process equipment market has become incrementally stronger each quarter and we are very pleased today to be reporting upside to both our Q3 results and our Q4 outlook.

隨著 2024 年的進展，我們對半導體製程設備市場復甦的預見性每季都在逐漸增強，我們今天非常高興地報告我們第三季的業績和第四季度的前景。

Our second half of 2024 is currently expected to be 7% to 10% stronger than the first half in terms of revenues.

目前預計我們 2024 年下半年的營收將比上半年成長 7% 至 10%。

Within this incrementally stronger revenue outlook, and at the midpoint of our Q4 guidance ranges, we expect to deliver gross margin flow through of over 30% and 160% increase in operating income, compared to the first half of 2024.

在營收前景日益強勁的情況下，在我們第四季指引範圍的中點，與 2024 年上半年相比，我們預期毛利率將成長 30% 以上，營業收入將成長 160%。

Around this time last year, we made some refinements to our target financial model in which we increased our planned investments in R&D to drive more significant gross margin leverage.

去年這個時候，我們對目標財務模型進行了一些改進，增加了計畫的研發投資，以提高毛利率槓桿率。

Our expected results for the full year 2024 are proof points of strong execution on our key financial strategies.

我們 2024 年全年的預期業績證明了我們對關鍵財務策略的強有力執行。

For example, we've increased gross margins each quarter through 2024 and expect additional improvement in Q4.

例如，我們在 2024 年之前每季都會提高毛利率，並預計第四季將有進一步改善。

For the full year we expect to maintain similar SG&A levels as 2023, while R&D investments have stepped up by about 15% compared to last year.

我們預計全年的 SG&A 水準將維持與 2023 年類似的水平，而研發投資與去年相比增加了約 15%。

Most importantly, we are making excellent progress in our strategies to increase the proprietary content of our product portfolio.

最重要的是，我們在增加產品組合專有內容的策略方面取得了巨大進展。

Before I review our specific progress qualifying new products, I'll briefly summarize our views on the customer demand environment.

在回顧我們新產品合格的具體進展之前，我將簡要總結我們對客戶需求環境的看法。

What's become much clearer since our August earnings call is that while overall WFE is expected to grow in 2025, the debate as to the magnitude of that growth has intensified.

自從我們 8 月的財報電話會議以來，我們變得更加清楚的是，雖然整體 WFE 預計將在 2025 年實現增長，但關於增長幅度的爭論已經加劇。

The majority of the headwinds impacting WFE growth expectations next year reflect lower estimates for lithography, China WFE, and trailing node investments.

影響明年 WFE 成長預期的大部分阻力反映了對光刻、中國 WFE 和尾隨節點投資的較低預期。

At the same time, the incremental tailwinds for 2025 growth are primarily related to growing investments in man, gate all around in advanced packaging.

同時，2025 年成長的增量推動因素主要與先進封裝領域不斷增長的投資有關。

All largely geared at supporting the performance requirements of leading edge AI devices.

所有這些都主要是為了支援前沿人工智慧設備的性能要求。

These incremental tail tail winds are all positive for Ichor's business and revenue growth profile.

這些增量的順風對於 Ichor 的業務和收入成長狀況都是正面的。

First and foremost, the WFE environment as we enter 2025 is expected to reflect a greater level of etch and deposition intensity than we've witnessed over the last two years.

首先也是最重要的是，進入 2025 年時，WFE 環境預計將反映出比過去兩年更高水平的蝕刻和沈積強度。

An increase in the overall etch and deposition intensity of WFE is likewise going to equate to our performance for the fluid delivery market and is clearly a net positive mix change for Ichor.

WFE 整體蝕刻和沈積強度的增加同樣等同於我們在流體輸送市場的表現，對於 Ichor 來說顯然是一個淨積極的組合變化。

The next tailwind specifically relates to expectations for a NAND recovery, which has recently endured the longest and steepest downturn in recent history. 2025's expected expansion of NAND WFE is aimed at technology upgrades to bring a greater proportion of the world's NAND supply up to the most advanced bit densities.

下一個順風車具體地與對 NAND 復甦的預期有關，NAND 最近經歷了近代史上最長、最嚴重的衰退。 2025 年 NAND WFE 的預期擴張旨在技術升級，使全球 NAND 供應的更大比例達到最先進的位密度。

These upgrades will be enabled by more fluid delivery subsystems, whether through bringing in more advanced etch and deposition tools or through upgrading the process chambers on the existing installed base, an increase in NAND spending is likewise a net positive mix change for Ichor.

這些升級將透過更流暢的傳輸子系統來實現，無論是透過引入更先進的蝕刻和沈積工具，還是透過升級現有安裝基礎上的處理室，NAND 支出的增加同樣對Ichor 來說是一個淨積極的組合變化。

The next area of incremental confidence and spending growth is advanced logic, specifically gate all around.

信心增量和支出成長的下一個領域是先進的邏輯，特別是四周的門。

These device architectures require an increasing use of emerging applications such as selective edge where we participate heavily in gas delivery systems as well as increasing intensity for multiple deposition steps including Appy and ALD.

這些設備架構需要越來越多地使用新興應用，例如我們大量參與氣體輸送系統的選擇性邊緣，以及增加包括 Appy 和 ALD 在內的多個沉積步驟的強度。

Overall, a transition towards a more advanced logic investments is also a net positive mix change for Ichor, mainly because it will drive increased etch and deposition intensity where we have a larger share of wallet.

總體而言，向更先進的邏輯投資的過渡對於 Ichor 來說也是一個淨積極的組合變化，主要是因為它將推動蝕刻和沈積強度的增加，而我們擁有更大的錢包份額。

Furthermore, China WFE is expected to decrease in 2025.

此外，預計2025年中國WFE將下降。

Given that WFE is expected to grow next year, this means that WFE outside of China will grow faster than the overall market.

鑑於WFE預計明年將成長，這意味著中國以外的WFE成長將快於整體市場。

This is another net positive mix change for Ichor.

這是 Ichor 的另一個淨積極的組合變化。

While we certainly participated in the strong business environment enjoyed by US OEM selling into China over the last couple of years, a significant portion of domestic China WFE is served by domestic China equipment OEM.

雖然過去幾年我們確實參與了美國 OEM 向中國銷售的強大商業環境，但中國國內 WFE 的很大一部分是由中國國內設備 OEM 提供的。

As the WFE mix shifts towards other regions in 2025 these will internally doubt performance for the US OEMs revenue growth in this next cycle.

隨著 2025 年 WFE 組合轉向其他地區，這些內部人士將對美國 OEM 廠商在下一個週期的營收成長表現產生懷疑。

Finally, the incremental growth in advanced packaging investments in 2025 is an additional tailwind, largely mitigating the incremental downticks in EUV expectations.

最後，2025 年先進封裝投資的增量成長是一個額外的推動因素，很大程度上緩解了 EUV 預期的增量下降。

While expectations for EUV installations in 2025 have come down, the build rates have remained fairly stable for Ichor throughout this year.

儘管對 2025 年 EUV 安裝量的預期有所下降，但 Ichor 今年的建造率仍相當穩定。

So at this time, we expect a similar to slightly lower level of revenues from lithography in 2025, and that these will be largely offset by our participation in advanced packaging applications and in markets outside of semiconductors to our subsidiary IMG.

因此，目前，我們預計 2025 年光刻的收入水準將略低，而我們對先進封裝應用和子公司 IMG 半導體以外市場的參與將在很大程度上抵消這些收入。

To summarize our expectations of industry spending dynamics.

總結我們對產業支出動態的預期。

The mix shifts of investment priorities in the coming year are on the whole, very positive for Ichor's business and regardless of the magnitude of WFE growth expected for 2025, we are confident in our ability to outperform the growth in WFE, next year.

總體而言，來年投資重點的組合變化對 Ichor 的業務非常有利，無論 2025 年 WFE 的預期增長幅度如何，我們對明年超越 WFE 增長的能力充滿信心。

Likewise, we are confident in our ability to demonstrate strong flow through and deliver continued expansion of our gross margin profile as we enjoy a more robust customer demand environment in the coming year.

同樣，隨著我們在未來一年享受更強勁的客戶需求環境，我們對展示強勁的流量並持續擴大毛利率的能力充滿信心。

Before turning the call over to Greg, I'll provide a brief update on our proprietary component qualifications that are now being installed on our existing gas panels, as well as our next generation gas panel.

在將電話轉給格雷格之前，我將簡要介紹我們的專有組件資格的最新情況，這些組件現在正在安裝在我們現有的氣體面板以及我們的下一代氣體面板上。

We continue to make steady progress, closing our additional component qualifications and cutting them into our manufacturing pipeline.

我們繼續取得穩步進展，關閉我們的額外組件資格並將其切入我們的製造管道。

The growth in our new products this year is positively impacting our profitability demonstrated by our performance, delivering gross margin improvement on similar revenue levels over the last few quarters.

今年我們新產品的成長對我們的獲利能力產生了積極影響，這在我們的業績中得到了體現，在過去幾個季度的類似收入水平上實現了毛利率的提高。

I'll start with our new component products, starting with fittings which are used in our weldment products.

我將從我們的新組件產品開始，從我們的銲件產品中使用的配件開始。

Our fittings are now qualified at two of our customers and we expect to complete a third customer qualification for our proprietary fittings in early 2025.

我們的配件現已獲得兩位客戶的認證，我們預計將於 2025 年初完成第三個客戶對我們專有配件的認證。

The next component now qualified at all three of our largest process tool.

下一個組件現已在我們所有三個最大的工藝工具上合格。

Customers are our substrates used in our gas panels.

客戶是我們瓦斯面板中使用的基材。

In valves, we have been qualified for our high purity valves at one customer and are currently in qualification at two additional customers.

在閥門方面，我們的高純度閥門已獲得一位客戶的認證，目前正在另外兩家客戶的認證中。

Fittings, substrates, and valves are all critical components used in the existing gas panels that we assemble as well as our next generation gas panel.

配件、基板和閥門都是我們組裝的現有燃氣面板以及下一代燃氣面板中使用的關鍵部件。

These components will continue to ramp in volume in 2025.

這些組件的產量將在 2025 年繼續增加。

Now, moving to our next generation gas panel.

現在，轉向我們的下一代燃氣面板。

We have now shipped over 30 of our proprietary gas panels and expect to ship an additional 25 by the end of the year.

目前，我們已運送了 30 多塊專有氣體面板，預計今年底將再運送 25 塊。

Most of these new gas panels are on our customers evaluation tools that have been shipped to a device manufacturer.

大多數新氣體面板都在我們的客戶評估工具上，並已運送給設備製造商。

Our new gas panel contains about 80% proprietary Ichor content compared to 10% previously, which will drive significant expansion of our gross margin profile.

我們的新氣體面板含有約 80% 的專有靈液含量，而之前的含量為 10%，這將推動我們毛利率的顯著擴大。

These tool evaluations typically take about nine months to complete.

這些工具評估通常需要大約九個月才能完成。

So the earliest the initial evaluation will be completed remains late in the fourth quarter.

因此，初步評估最快仍需在第四季末完成。

During Q3, we were qualified on an additional application, bringing the total qualifications for our next generation gas panel to four.

在第三季度，我們獲得了額外申請的資格，使我們下一代燃氣面板的資格總數達到四項。

In summary, I'd like to convey our confidence in our execution to date on these proprietary products, and our confidence in their strong contribution to gross margin improvement as we move into a more robust spending environment.

總而言之，我想表達我們對迄今為止對這些專有產品的執行的信心，以及當我們進入更強勁的支出環境時，我們對它們對毛利率改善的強大貢獻的信心。

In combination with continued operating expense discipline, I'll remind everyone today that our business model and financial profile tend to generate significant operating leverage as revenues grow.

結合持續的營運費用紀律，我今天要提醒大家，隨著收入的成長，我們的業務模式和財務狀況往往會產生巨大的營運槓桿。

With that, I'll turn it over to Greg to recap our Q3 results and provide further details around our Q4 financial outlook.

接下來，我將把它交給 Greg 來回顧我們第三季度的業績，並提供有關我們第四季度財務前景的更多細節。

Greg.

格雷格.

Thanks Jeff.

謝謝傑夫。

To begin, I would like to emphasize that the P&L metrics discussed today are non-GAAP measures.

首先，我想強調今天討論的損益指標是非公認會計準則指標。

These measures exclude the impact of share based compensation, amortization of acquired intangible assets, non-recurring charges and discrete tax items and adjustments.

這些措施不包括股權激勵、收購的無形資產攤銷、非經常性費用以及離散稅項和調整的影響。

There is a useful financial supplement available on the investor section of our website that summarizes our GAAP and non-GAAP financial results, as well as a summary of the balance sheet and cash flow information for the last several quarters.

我們網站的投資者部分提供了有用的財務補充，其中總結了我們的 GAAP 和非 GAAP 財務業績，以及過去幾個季度的資產負債表和現金流資訊摘要。

Third quarter revenues were above the upper end of guidance at $211 million up 4% from Q2 and 7% higher than the same period last year.

第三季營收高於指引上限，為 2.11 億美元，比第二季成長 4%，比去年同期成長 7%。

Gross margin improved 60 basis points sequentially to 13.6%, which was slightly below expectations.

毛利率較上季提高 60 個基點至 13.6%，略低於預期。

While we continue to recognize the benefit of our internally produced products and improvements in factory efficiencies.

同時我們繼續認識到我們內部生產的產品的好處和工廠效率的提高。

These were muted by a strong mix of our integration products which drove the upside in Q3 revenues.

我們的整合產品的強大組合推動了第三季收入的成長，從而抵消了這些影響。

Q3 operating expenses came in slightly below forecast at $22.4 million and $500,000 higher than Q2.

第三季營運支出略低於預期，為 2,240 萬美元，比第二季高出 50 萬美元。

The increase from Q2 was due to the expenses associated with our ERP implementation projects.

較第二季的成長是由於與我們的 ERP 實施專案相關的費用。

Our operating income for Q3 was $6.4 million.

我們第三季的營業收入為 640 萬美元。

Net interest expense of $1.6 million was down from the Q2 expense of $1.9 million, reflecting a full quarter benefit of our improved leverage ratio.

淨利息支出為 160 萬美元，低於第二季的 190 萬美元，反映了我們槓桿率改善帶來的整個季度的效益。

In Q3, we experienced higher foreign exchange losses than we expected, and at the same time, tax expense was lower than forecast which completely offset the unfavorable impact of foreign currency fluctuations.

第三季度，我們的匯兌損失高於預期，同時稅費低於預期，完全抵銷了匯率波動的不利影響。

The resulting net income per share was $0.12.

由此產生的每股淨利潤為 0.12 美元。

Now turning to the balance sheet.

現在轉向資產負債表。

In Q3, our cash and equivalents increased $2 million from Q2 to end the quarter at $116 million.

第三季度，我們的現金和等價物比第二季度增加了 200 萬美元，季末達到 1.16 億美元。

We generated $8 million in cash flow from operations, reflecting the net investment in working capital during the quarter.

我們從營運中產生了 800 萬美元的現金流，反映了本季營運資本的淨投資。

Accounts receivable, increased from the previous quarter on a higher revenue and DSOs were 36 days.

由於收入增加，應收帳款較上一季增加，DSO 為 36 天。

Inventory increased $8 million during the quarter to end the quarter at $239 million and inventory turns increased to 3.1 times.

本季庫存增加 800 萬美元，季末庫存達 2.39 億美元，庫存週轉率增加至 3.1 倍。

Now, I will provide our guidance for the fourth quarter of 2024.

現在，我將提供 2024 年第四季的指導。

With anticipated revenues in the range of $220 million to $235 million, we expect Q4 gross margins will again improve sequentially to a range of 14.5% to 15.5%.

由於預計營收在 2.2 億美元至 2.35 億美元之間，我們預計第四季毛利率將再次環比提高至 14.5% 至 15.5% 的範圍。

Looking forward to 2025 we expect to continue to see the benefits of our internally produced products and improvement in factory efficiencies to drive at least a 25% flow through to gross margin on our incremental revenue growth.

展望 2025 年，我們預計將繼續看到我們內部生產的產品的優勢和工廠效率的提高，以推動我們的增量收入成長至少 25% 的毛利率。

We expect Q4 operating expenses to remain similar to Q3 levels at approximately $22.5 million.

我們預計第四季營運支出將維持與第三季相似的水平，約為 2,250 萬美元。

Given our forecast for continued gross margin expansion and flat OpEx, at the mid point of guidance, we expect to achieve an over 80% increase in operating income from Q3 levels.

鑑於我們對毛利率持續擴張和營運支出持平的預測，在指導中點，我們預計營業收入將較第三季水準成長 80% 以上。

Within the stronger demand environment expected in 2025, for modeling purposes, you should assume a 5% to 10% increase in annual operating expenses as we continue to invest in the development of our proprietary products and other growth initiatives.

在預計 2025 年更強勁的需求環境中，出於建模目的，您應該假設隨著我們繼續投資於專有產品的開發和其他增長計劃，年度營運費用將增加 5% 至 10%。

Net interest expense for Q4 is expected to be $1.5 million with other expense expected to be an additional $500,000.

第四季的淨利息支出預計為 150 萬美元，其他支出預計為 50 萬美元。

Given our pay down of the entire revolver balance in Q1, we have reduced our annual interest expense by half in fiscal 2024.

鑑於我們在第一季償還了全部左輪手槍餘額，我們已將 2024 財年的年度利息支出減少了一半。

For 2025, we should see a continued improvement in net interest expense as we improve our leverage ratios, and our current forecast for 2025 is for net interest and other expenses of $6 million.

到 2025 年，隨著我們提高槓桿率，我們應該會看到淨利息支出持續改善，我們目前對 2025 年的預測是淨利息和其他支出為 600 萬美元。

We expect to record a tax expense in Q4 of $300,000, given our full year non-GAAP tax expense forecast of $2 million.

鑑於我們全年非 GAAP 稅費預測為 200 萬美元，我們預計第四季度的稅費為 30 萬美元。

As you update your models for 2025 and beyond, the assumed effective tax rate is currently expected to be in the range of 12% to 15%.

當您更新 2025 年及以後的模型時，假設的有效稅率目前預計在 12% 到 15% 的範圍內。

Finally, our EPS guidance range for Q4 of $0.21 to $0.33 reflects a share count of 34.2 million shares.

最後，我們第四季度每股收益指引範圍為 0.21 美元至 0.33 美元，反映了 3,420 萬股的股票數量。

Operator.

操作員。

We are ready to take questions.

我們準備好回答問題。

Please open the line.

請打開線路。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Craig Ellis from B Riley Securities.

B Riley 證券公司的 Craig Ellis。

Yeah, thanks so much for taking the question and congratulations on the revenue execution guys.

是的，非常感謝您提出問題，並祝賀收入執行人員。

Jeff, I wanted to start just going back to some of the calendar '25 commentary.

傑夫，我想先回顧一下 25 年曆的一些評論。

Just listening to some of the things that you were citing.

只是聽聽您引用的一些內容。

I heard a little bit more NAND than I think I heard three months ago and, and maybe a little less DRam.

我聽到的 NAND 比我想像的三個月前聽到的要多一些，而且 DRam 的情況可能會更少。

Did I hear that correctly?

我沒聽錯嗎？

And if you think about the way the linearity of spending plays out next year as it relates to Ichor, any notable gives and takes that we should be aware of as we go through the year.

如果你考慮明年與 Ichor 相關的線性支出的表現方式，那麼我們在這一年中應該意識到任何值得注意的付出和付出。

Hey, Craig.

嘿，克雷格。

Thanks, I'll try and hit all of them because I think you squeezed in about four there.

謝謝，我會嘗試把它們全部擊中，因為我認為你在那裡擠了大約四個。

That was excellent.

那太好了。

What I would say is no, we let me just start with DRam think that's going to continue to be strong obviously, with high bandwidth memory.

我想說的是，不，我們讓我從 DRam 開始，我認為它顯然會繼續保持強勁，具有高頻寬記憶體。

We didn't talk about it specifically in the prepared remarks, but we don't see that going down.

我們沒有在準備好的發言中具體討論這一點，但我們認為這種情況不會發生。

We'll see, you know, kind of foundry logic, even with some of the intel pull back, we think that's going to be pretty strong as well.

我們會看到，你知道，某種鑄造邏輯，即使有一些英特爾撤回，我們認為這也將非常強大。

So, but I would say, yeah, I, I've always believed that, you know, like the NAND would start maybe in the second half I think is what you picked up on of '25 and we're seeing it a little bit earlier and I think that's probably been one of the bigger things that we've seen kind of strengthened since the last time we talked about it because when you look at our second half, we're up maybe 7% to 10% where it was probably 4% or 5% before.

所以，但我想說，是的，我，我一直相信，你知道，就像 NAND 可能會在下半年開始，我想這就是你從 25 年學到的東西，我們已經看到了一點稍早一點，我認為這可能是自上次我們討論以來我們看到的更重要的事情之一，因為當你看看我們的下半年時，我們可能上漲了7% 到10%以前大概是4%或者5% 。

So with Q3 coming up and Q4 coming up, we're seeing some strengthening and I, we're starting to see some of that initially in Q4, but also in the Q1, I would say our visibility is fairly similar as it was three months ago, maybe we're pretty confident out four months now where it was three months.

因此，隨著第三季和第四季的到來，我們看到了一些增強，我們開始在第四季度看到一些增強，但在第一季也是如此，我想說我們的能見度非​​常相似，因為它是三個幾個月前，也許我們對現在的四個月相當有信心，而現在是三個月。

But I think we have pretty good alignment across our customer base that we're going to see some of this NAND investment begin.

但我認為我們在客戶群中的一致性非常好，我們將看到一些 NAND 投資開始。

You know, in the first half of the, of the year.

你知道，今年上半年。

Now, keep in mind we're coming off of a pretty low level and even in '25 we might see that kind of crawling up to 25% or 30% of the prior peak.

現在，請記住，我們正處於相當低的水平，即使在 25 年，我們也可能會看到這種情況爬升至先前峰值的 25% 或 30%。

But it's, it's still a positive momentum is, and then now I think I'm getting your four part question, which is, you know, how do we see this playing out through the year?

但這仍然是一個積極的勢頭，現在我想我得到了你的四部分問題，那就是，你知道，我們如何看待這一年的發展？

I'd say we're pretty comfortable with kind of the demand environment.

我想說我們對這種需求環境非常滿意。

We see this quarter into next quarter.

我們預計本季將進入下季。

So I'm not looking for a big uptick or a downtick at this time.

因此，我目前並不尋求大幅上漲或下跌。

I kind of see them as very similar demand levels, and then I think we'll see it progress throughout the rest of the year.

我認為它們的需求水平非常相似，然後我認為我們將在今年剩餘時間內看到它的進展。

That's real helpful, and then if I could ask a follow up and this one's for you too, Jeff, just a lot of meaningful progress with the proprietary content.

這真的很有幫助，如果我可以要求跟進，這也適合你，傑夫，專有內容方面取得了很多有意義的進展。

As you look at 2025. what should we be thinking about in terms of either particular contribution to gross margin or revenue as some of those products move more into production of NAND.

展望 2025 年，隨著其中一些產品更多地轉向 NAND 生產，我們應該考慮對毛利率或收入的特定貢獻。

Thank you.

謝謝。

Yeah, I, so I would say the vast majority of majority of it today and even in the next year will still be internally consumed mostly passive products.

是的，所以我想說，今天甚至明年的絕大多數仍將被內部消耗，主要是被動產品。

We talked about getting 55 gas panels out there.

我們討論過要在那裡安裝 55 個瓦斯面板。

I'd remind you guys that we ship well over 1,000 a quarter.

我想提醒大家，我們每季的出貨量遠遠超過 1,000 個。

So it's inching up through the qualifications.

所以它的資格正在慢慢上升。

But I think the large part will be the ones I mentioned around fittings, valves, substrates.

但我認為很大一部分是我提到的有關配件、閥門、基板的部分。

Those are a large portion of the gas box too.

這些也是氣箱的很大一部分。

I would say the way to think about it is we're pretty comfortable with our 25 basis points improvement quarter over quarter, even in a flat environment.

我想說的思考方式是，即使在平穩的環境下，我們對季度環比 25 個基點的改善感到非常滿意。

I would expect that as we continue to grow that as you kind of work on your models.

我希望隨著您在模型上的工作，我們將繼續發展這一點。

That's great.

那太棒了。

Thanks, Jefff.

謝謝，傑夫。

Good luck guys.

祝大家好運。

Yeah.

是的。

Brian Chin from Stifel.

來自 Stifel 的布萊恩·欽 (Brian Chin)。

Hi there.

你好呀。

Good afternoon.

午安.

Thanks for letting us ask a few questions.

感謝您讓我們問幾個問題。

Jeff maybe to follow up on NAND.

Jeff 可能會跟進 NAND。

So it sounds like that's starting to be a bit of a catalyst in terms of your revenue guide and, and some of your visibility into next year.

因此，聽起來這開始成為您的收入指南和明年的一些可見性方面的催化劑。

I remember previously you referenced how you kind of the, the softness and the lack of recovery and then has kind of kept some of these inventory levels a little bit higher at maybe one or two customers in particular, and so I'm wondering, is there even a lag still that you're sort of operating into or are you quickly seeing some of that inventory burn off and then you're going to kind of shift to real demand as opposed to there being an inventory buffer.

我記得之前您提到過您對疲軟和缺乏恢復的看法，然後將其中一些庫存水平保持在較高水平，尤其是在一兩個客戶身上，所以我想知道，甚至您的運營仍然存在滯後，或者您很快就會看到一些庫存消耗殆盡，然後您將轉向實際需求，而不是存在庫存緩衝。

I, so I think in gas panels, no lack.

我，所以我認為在燃氣面板方面，不乏。

I think those are going through and I, I'd remind you we participate, whether it's a refurbished tool or a new tool that's going to support these technology transitions.

我認為這些正在經歷，我提醒你們，我們參與其中，無論是翻新工具還是新工具，都會支援這些技術轉型。

So, but what I would say is I think there'll be a little bit of a lag in some of the components, particularly weldments.

所以，但我想說的是，我認為某些組件，特別是銲接件，會有一點滯後。

Those are still running.

這些仍在運行。

I would call you call it a little bit sideways growing but not like what we would have expected at this, you know, at this juncture, having said that I do see some of the machining stuff starting to pick up.

我會稱之為有點橫向增長，但不像我們所預期的那樣，你知道，在這個節骨眼上，我確實看到一些加工材料開始回升。

So it's kind of, I hate to say it's there's still an overhang, I would say it's largely tied to some of this NAND recovery.

所以，我不想說仍然存在懸而未決的問題，我想說這很大程度上與 NAND 的復甦有關。

But we're seeing that kind of get going now, you know, so, but I'd be a little bit muted for the next 3, 4, 5 months.

但我們現在看到這種情況正在發生，你知道，所以，但在接下來的 3、4、5 個月裡我會有點沉默。

Hard for us to tell there's a lot of part numbers on both sides.

我們很難分辨兩側都有很多零件號碼。

So.

所以。

Exactly.

確切地。

Yeah, fair enough, and I sort of that you know, that that initial visibility you provided on Q1, how it could maybe be at similar levels on a revenue basis to Q4.

是的，公平地說，我知道你在第一季提供的最初可見性，它如何可能在收入基礎上達到與第四季度相似的水平。

Do you think at a high level is that reflective of maybe that's kind of where a step down in China occurs?

您認為這是否反映了中國的下台？

Maybe not, you know, directly for you, but you know, indirectly relative to your customers.

也許不是，你知道，直接為你服務，但你知道，間接與你的客戶相關。

Is that kind of the messaging there that there's some pluses like like you referenced earlier in terms of positive variables, China is more of a negative variable is, is that kind of what that suggests?

是否存在這樣的訊息，即存在一些優點，就像您之前在積極變量方面提到的那樣，中國更多的是消極變量，是這樣的暗示嗎？

I would say maybe to a little bit, I do to a larger extent.

我想說也許有一點，但我更大程度上是這樣做的。

Some of it is the rebalancing of our, our lithography business quarter over quarter, and keep in mind we had a, you know, a pretty strong period of silicon carbide that's going to be muted now, I think for another six months or so as well.

其中一些是我們的光刻業務季度與季度之間的重新平衡，請記住，我們經歷了一個相當強勁的碳化矽時期，現在我認為在接下來的六個月左右的時間裡，碳化矽將趨於平靜。

So I'd say maybe to a larger extent, I mean, you know, China obviously is still going to be a large portion of WFE but I would say very consistent with other OEMs and comments that it'll be down a bit.

所以我想說，也許在更大程度上，我的意思是，你知道，中國顯然仍將佔WFE 的很大一部分，但我想說的是與其他OEM 和評論非常一致，即它會下降一點。

So, but I think some of the tailwinds we talked about offset those.

所以，但我認為我們討論的一些順風因素抵消了這些因素。

Last quick thing.

最後一件快事。

Relatively the the positive updates you provided on progress with the proprietary content initiatives, and you gave a lot of guys, sorry if I missed it, but for 2025 is 25% incremental gross margins, maybe the right number or are you feeling confident that that could even be higher?

相對而言，您提供了有關專有內容計劃進度的積極更新，並且您給了很多人，抱歉，如果我錯過了，但2025 年毛利率增量為25%，也許是正確的數字，或者您對此有信心嗎？

Well, you want, go ahead.

嗯，你想要，就去吧。

Hey, Brian, it's Greg.

嘿，布萊恩，我是格雷格。

Yes.

是的。

You know, as we said, we're continuing to see the benefit of our flow through of at least 25%.

您知道，正如我們所說，我們將繼續看到至少 25% 的流量收益。

So we continue to expect that, you know, in fact, Q4 is a little stronger on flow through from Q3 to Q4, more than the 25% So I would continue to expect at least 25% as you as you do your modeling.

所以我們繼續預計，事實上，第四季從第三季到第四季的流量比 25% 更強一些，所以我在建模時繼續預計至少 25%。

Okay.

好的。

That's great.

那太棒了。

Krish Sankar from TD Cowen.

來自 TD Cowen 的 Krish Sankar。

Yeah, hi.

是的，嗨。

Thanks for taking my question and congrats on the good results and guidance.

感謝您提出我的問題，並祝賀取得的良好結果和指導。

Just for a clarification on the NAND part.

只是為了澄清 NAND 部分。

Did you say that you're already actually seeing uptick in NAND WFC because of tech upgrades or is this more to do with more the inventory normalizing?

您是否說由於技術升級，您實際上已經看到 NAND WFC 有所上升，或者這與庫存正常化有關？

And that's helping pull through your gas panels for NAND?

這有助於通過 NAND 的氣體面板嗎？

But actually, are you seeing true end demand pull through?

但實際上，您看到真正的最終需求出現了嗎？

No, we're seeing some gas panels.

不，我們看到了一些燃氣面板。

I wouldn't say it's the vast majority of anything, but we can tell when they're going in demand.

我不會說這是絕大多數，但我們可以知道它們何時會受到需求。

So there is some activity this quarter, but I think it's going to be stronger as we enter the first half of 2025.

因此，本季有一些活動，但我認為隨著進入 2025 年上半年，活動將會更加強勁。

Got it.

知道了。

That's very helpful, and then on the proprietary content, I can clearly see that helping grow margin.

這非常有幫助，然後在專有內容上，我可以清楚地看到這有助於增加利潤。

Would it actually help your you know, gas panel ASPs and also unit market share?

它真的會對燃氣面板平均售價和單位市場份額有所幫助嗎？

And if so how to think about the share gains in 2025 or 2026?

如果是這樣，如何考慮 2025 年或 2026 年的股票收益？

I think the way I would think about that is you, we don't generally see large share shifts in the gas panel arena.

我想我會以你的方式思考這個問題，我們通常不會看到燃氣面板領域發生巨大的份額變化。

But what I would tell you is some of these early applications, we -- are on for the new gas panel are all almost all incremental share gains, and so that'll be helpful next year, but I don't suspect these will help, the overall margin of the same gas panels that we ship today, that it'll just be a higher level of profitability with a very similar ASP.

但我要告訴你的是，其中一些早期應用程序，我們正在為新的燃氣面板進行的幾乎所有增量份額收益，所以這明年會有幫助，但我不懷疑這些會有幫助，我們今天發貨的相同燃氣板的整體利潤率，在非常相似的平均售價下，它的獲利能力將會更高。

Got it.

知道了。

Thank you, Jeff.

謝謝你，傑夫。

Just very helpful.

非常有幫助。

Thank you.

謝謝。

Tom Diffely from D.A. Davidson.

湯姆·迪夫利 (Tom Diffely)，來自 D.A.戴維森。

Yes, good afternoon.

是的，下午好。

Jeff maybe just going back to Craig's earlier question about DRam.

Jeff 也許只是回到 Craig 之前關於 DRam 的問題。

I guess we thought I was going to be more of a discrete driver here in the fourth quarter and first quarter.

我想我們認為在第四季度和第一季我會更多地成為一個離散的驅動程式。

But it sounds like from your comments, you just expect it to be relatively stable and strong.

但從你的評論來看，你只是希望它相對穩定和強大。

Well, I guess I would tell you, I don't know exactly.

好吧，我想我會告訴你，我不太清楚。

I'm talking about top level overall revenue picture.

我說的是頂級整體收入狀況。

I'm not sure I have a view of DRam whether it's going to be stable or not a quarter over quarter.

我不確定我對 DRam 的看法是否會穩定。

I don't see anything pulling it back.

我沒有看到任何東西能把它拉回來。

I think, you know, most of what we see here and read is really around shortages really and most of the investments at the most advanced node for high bandwidth memory.

我想，你知道，我們在這裡看到和讀到的大部分內容實際上都是圍繞著短缺，以及對高頻寬記憶體最先進節點的大部分投資。

So I don't think that's going to pull back at all.

所以我認為這根本不會倒退。

Okay.

好的。

That's helpful, and then when you look at your new components, I guess specifically the fittings right now, once they're qualified at two and then soon to be three, that is it, you can put them on any of your systems.

這很有幫助，然後當您查看新組件時，我想具體是現在的配件，一旦它們符合兩個要求，然後很快就會達到三個要求，就是這樣，您可以將它們放在任何系統上。

We, yeah, I think in general unless there's a specific unique fitting that's supplied by somebody that, you know, we haven't designed our own for.

我們，是的，我認為一般來說，除非有人提供了特定的獨特配件，而我們還沒有為其設計自己的配件。

But I would say largely we support our entire weldment business with the vast majority of all fittings.

但我想說的是，我們在很大程度上支持我們整個焊接業務的絕大多數配件。

Okay, great, and then any updates on some of the longer lead time products like the the flow controllers.

好的，太好了，然後是一些交貨時間較長的產品（例如流量控制器）的更新。

I would say we're making pretty good progress.

我想說我們正在取得相當好的進展。

We've got, we qualified another application, and tom you know, this, these evaluations once they make it and to our customers, customers can take at least nine months, possibly longer, and so some of those early shipments, we might get some indication in late Q4, but I would say we're progressing.

我們已經獲得了另一個申請的資格，湯姆，你知道，這些評估一旦完成，對我們的客戶來說，客戶可能需要至少九個月，可能更長，所以其中一些早期發貨，我們可能會得到第四季末有一些跡象，但我想說我們正在取得進展。

We're moving the number of gas panels, it's almost doubling from the front half of the year next year, and then we have pretty decent view of next year's roll out and what we're attacking, and so we're, you know, we're starting to go after multiple applications and things like that, but I still think it, it'll be kind of a 2026 big inflection.

我們正在轉移燃氣面板的數量，明年上半年幾乎增加了一倍，然後我們對明年的推出和我們正在攻擊的目標有了相當不錯的看法，所以我們，你知道，我們開始追求多個應用程式和類似的事情，但我仍然認為，這將是2026 年的重大轉折。

Okay, and then last question for Greg.

好的，然後是格雷格的最後一個問題。

So when you look out, you know, nine months or a year when some of these second generation gas panels are being delivered at that point, do you think we have upside to our 25% incremental margin.

因此，當你觀察時，你知道，當第二代燃氣面板中的一些在那時交付的九個月或一年時，你認為我們的 25% 增量利潤率還有上升空間嗎？

That is realistic, Tom, that we should expect to see that based on what Jeff alluded to as far as the stronger margins on those.

湯姆，這是現實的，我們應該期望看到這一點，因為傑夫提到的利潤率更高。

So I would expect that those will as they become a higher mix, obviously, low volumes won't move the needle, but we would expect that they would contribute a higher than 25%.

因此，我預計這些將成為更高的組合，顯然，低產量不會產生影響，但我們預計它們的貢獻將高於 25%。

Great.

偉大的。

Thank you for your time.

謝謝您的寶貴時間。

Thanks Tom.

謝謝湯姆。

Edward Yang from Oppenheimer.

奧本海默的楊德昌。

Hi, Congratulations on a nice quarter, and it's really impressive to see the progress you're making on the proprietary product pipeline.

您好，恭喜您度過了一個美好的季度，看到您在專有產品管道上取得的進展真是令人印象深刻。

You mentioned, Jeff, getting on another application up to four.

你提到，傑夫，正在申請另一個最多四個的申請。

I think in the prior quarter, you said you might see two applications, but it was over a 3 to 4 month time frame.

我想在上一季度，您說您可能會看到兩份申請，但時間範圍超過了 3 到 4 個月。

I was wondering, you know, if that progress was on schedule or you know, still on track?

我想知道，這個進展是否按計劃進行，或者仍然在正軌上？

No, I think it's on track.

不，我認為一切已經步入正軌。

I mean, I think I don't remember everything I said, but I do know that this one we expected to get closed, and there are a few others in the pipeline that we haven't spoken specifically about timing on, but they're progressing pretty nicely as well.

我的意思是，我想我不記得我說過的一切，但我確實知道我們預計會關閉這個項目，還有其他一些項目正在醞釀中，我們還沒有具體談到時間安排，但他們’進展也很好。

So.

所以。

Okay, and you know, outgrowing WFE and outgrowing, I mean, growing faster than your customers.

好吧，你知道，我的意思是，成長速度超過了 WFE，成長速度超過了你的客戶。

You mentioned being exposed to the right tech platforms.

您提到接觸正確的技術平台。

Are you seeing your customers also outsourcing more?

您是否發現您的客戶也進行了更多外包？

I don't think they're outsourcing less.

我認為他們的外包並沒有減少。

I think there are pockets where we're seeing kind of, incremental demand to do some more.

我認為在某些地方我們看到了一些增量需求，需要做更多的事情。

I'll call it high level assembly work for some of our customers.

我將其稱為我們的一些客戶的高級組裝工作。

But I think in general when you look at kind of our largest two customers, I think their strategy is pretty set.

但我認為總的來說，當你看看我們最大的兩個客戶時，我認為他們的策略已經相當確定。

It's generally, we're focused around the other two customers and some additional new ones as well, and so, you know, I think all of this bodes well for us to kind of outgrow the industry WFE projections for next year.

一般來說，我們關注的是其他兩個客戶和一些額外的新客戶，所以，你知道，我認為所有這些都預示著我們明年的成長將超出行業 WFE 的預測。

So.

所以。

And just finally, you know, I would love to kind of get your perspective.

最後，你知道，我很想聽聽你的觀點。

You know, in the past, Ichor'S growth curve coming out of a down cycle was very, very strong.

要知道，在過去，Ichor走出下行週期的成長曲線是非常非常強勁的。

Is what you're seeing today consistent with past cycles.

您今天看到的情況與過去的周期是否一致。

You know, how would you compare this recovery to others?

您知道，您如何將這種復甦與其他復甦進行比較？

There's, there's obviously been a lot of bifurcation like China versus AI.

顯然存在著許多分歧，例如中國與人工智慧之間的分歧。

You know, how leaning on your experience.

你知道，多麼依賴你的經驗。

Does this look different than in the past?

這看起來和過去有什麼不同嗎？

Yeah, I mean, the answer is yes, I think that one of the big things and you're newer to the, to the story is with, as we came out at '19, we generated like $100 million or something off of that base of, I don't know what it was 650 basis points or something like that.

是的，我的意思是，答案是肯定的，我認為最重要的事情之一是，你對這個故事比較新，正如我們在 19 年推出的那樣，我們創造了大約 1 億美元或其他東西我不知道650 個基點或類似的數字是多少。

A large portion of the $100 million in share gains was the final outsourcing of one of our, of our customers, and so that can't reoccur.

1 億美元的份額收益中很大一部分是我們的一位客戶的最終外包，因此這種情況不會再發生。

So what I would say is, is the profile and I think we grew 45% in the industry, grew less than half that.

所以我想說的是，我認為我們在行業中成長了 45%，但成長還不到一半。

A large piece of that was this outsourcing that we picked up there.

其中很大一部分是我們在那裡進行的外包。

So the profile is going to be a little bit different.

所以個人資料會有點不同。

We talked about maybe, you know, if the market grows 10% year over year, we'll grow 15%, and so that's kind of how we, we think about that and then we try and layer on new share gains as we go along every single year.

我們討論過，如果市場同比增長 10%，我們就會增長 15%，這就是我們的想法，然後我們嘗試在新的份額增長中不斷增加每年都會如此。

So I think I if did I answer all of your question or did.

所以我想我是否回答了你所有的問題或已經回答了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Yeah, thanks.

是的，謝謝。

Christian Schwab from Craig-Hallum.

來自 Craig-Hallum 的 Christian Schwab。

Great quarter guys.

很棒的季度夥計們。

But, Jeff, did I just hear you?

但是，傑夫，我剛剛聽到你說話了嗎？

So did you say that you would outgrow WFE by 5%?

那麼您是否說過您的成長速度將超過 WFE 5%？

That's kind of the targeted goal becoming you just.

這就是你的目標。

Yeah, we'll be somewhere in that neighborhood.

是的，我們會在那個街區的某個地方。

You know, we, we kind of look at the consensus out there now, which is I would say on our last call might have been closer to 15%.

你知道，我們現在正在考慮共識，我想說的是，在我們上次的電話會議中，這一比例可能接近 15%。

It's probably in the high single digits, maybe 10% now.

它可能處於高個位數，現在可能是 10%。

So we'd be comfortable with that level of outperformance and it will certainly outgrow profitability given the proprietary products that we're cutting in.

因此，我們對這種出色的表現水平感到滿意，考慮到我們正在切入的專有產品，它肯定會超過盈利能力。

So.

所以。

And then your, your enthusiasm on the NAND side.

然後是您對 NAND 方面的熱情。

You know, there, there seems to be a huge product transition going to 300 layer.

您知道，似乎有一個巨大的產品過渡到 300 樓。

Is there anything going on in the Molly replacement portion of that?

莫莉的替換部分有什麼變化嗎？

Is, is as they move to to 300 layer stacking, is there anything about that, that, that benefits you or or not?

當他們轉向 300 層堆疊時，這是否對您有利？

Really?

真的嗎？

I would say if we have a position in in Molly today, we'll have one in Molly tomorrow.

我想說，如果我們今天在莫莉有一個職位，明天我們也會在莫莉有一個職位。

I think as you know, there's probably three big customers out there chasing that market and one of them has a very large portion of it.

我想正如你所知，可能有三個大客戶在追逐這個市場，其中一個佔了很大的份額。

So I don't think it'll, I think it's, it'll continue to grow, but I think there are other applications and things like that that I think that will help us across our customer base, is NAND recovers.

所以我認為它不會，我認為它會繼續增長，但我認為還有其他應用程式和類似的東西，我認為這將幫助我們整個客戶群，即 NAND 的恢復。

Great.

偉大的。

No other questions.

沒有其他問題。

Thank you.

謝謝。

Thanks Christian.

謝謝克里斯蒂安。

Ross Cole from Needham and Company.

來自尼達姆公司的羅斯·科爾。

Hi, congratulations on the results and thank you for taking my question.

您好，恭喜您獲得結果，並感謝您提出我的問題。

So earlier, you had mentioned that there are some early applications for the new gas panel that are almost all incremental, new share gain.

早些時候，您曾提到，新燃氣面板的一些早期應用幾乎都是增量的、新的份額增益。

I was wondering with one of your competitors, you currently have I believe it's roughly a 40% overlap of business, you know, with two of your large customers, is that going to change, going forward with the, with this new second generation and the, it sounds like some of these incremental, new share gain opportunities.

我想知道你們的一位競爭對手，我相信你們目前的業務大約有 40% 的重疊，你們知道，你們的兩個大客戶，隨著新的第二代和這聽起來像是一些增量的、新的份額獲得機會。

Yeah, I would say their applications that were and I'm not going to be customer specific or competitive specific, but they were done with smaller gas panel manufacturers or internally.

是的，我想說他們的應用程式是並且我不會針對特定於客戶或特定於競爭者，但它們是與較小的燃氣面板製造商或內部完成的。

So it'll be new for us.

所以這對我們來說將是新的。

Great.

偉大的。

Thank you.

謝謝。

That's all I had.

這就是我所擁有的一切。

Okay, thanks.

好的，謝謝。

This concludes the question and answer session.

問答環節到此結束。

I would like to turn the floor back over to Jeff Andreson for closing comments.

我想把發言權交還給傑夫·安德烈森（Jeff Andreson）以供結束評論。

I want to thank you for joining us on our call this quarter.

我要感謝您參加本季的電話會議。

I'd like to thank our employees, suppliers, customers and investors for their ongoing dedication and support.

我要感謝我們的員工、供應商、客戶和投資者的持續奉獻和支持。

We look forward to the opportunity to meet with on December 17th and the Needham Growth Conference on January 14th.

我們期待有機會在12月17日和1月14日的李約瑟成長大會上見面。

Please feel free to reach out to Claire directly to follow up with us.

請隨時直接聯繫 Claire 以跟進我們的情況。

We look forward to updating you on our Q4 earnings call in early February.

我們期待在二月初向您通報第四季財報電話會議的最新情況。