庫力索法 (KLIC) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Kulicke and Soffa first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Kulicke and Soffa 2026 年第一季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host Joe Elgindy, Senior Director, Investor Relations. Thank you, sir. You may begin.

現在，我很高興向大家介紹主持人喬·埃爾金迪，他是投資者關係高級總監。謝謝您，先生。你可以開始了。

Thank you. Welcome, everyone, to Kulicke and Soffa's fiscal first quarter 2026 conference call. Lester Wong, Interim Chief Executive Officer and Chief Financial Officer, also joins me on today's call.

謝謝。歡迎各位參加 Kulicke and Soffa 2026 財年第一季電話會議。臨時執行長兼財務長 Lester Wong 也參加了今天的電話會議。

Non-GAAP financial measures referenced today should be considered in addition to, not as a substitute for or in isolation from our GAAP financial information. GAAP to non-GAAP reconciliation tables are included within our latest earnings release and earnings presentation, both are available at investor.kns.com along with prepared remarks for today's call.

今天提到的非GAAP財務指標應作為補充資訊考慮，而不是替代或脫離我們的GAAP財務資訊。GAAP 與非 GAAP 的調整表已包含在我們最新的收益報告和收益簡報中，這兩份文件以及今天電話會議的準備發言稿均可在 investor.kns.com 上找到。

In addition to historical statements, today's discussion contains forward-looking statements regarding our future performance and outlook. These statements are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may cause actual results to differ materially.

除了歷史陳述外，今天的討論還包含有關我們未來業績和前景的前瞻性陳述。這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的，並且涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。

For a complete discussion of the risks associated with Kulicke and Soffa that could affect our future results and financial condition, please refer to our latest Form 10-K and upcoming SEC filings for additional information.

有關 Kulicke 和 Soffa 相關風險可能影響我們未來業績和財務狀況的完整討論，請參閱我們最新的 10-K 表格和即將提交給美國證券交易委員會的文件以獲取更多資訊。

With that said, I will now turn the call over to Lester Wong for the business market and financial overview. Please go ahead, Lester.

接下來，我將把電話交給 Lester Wong，讓他為大家帶來商業市場和金融概況。請繼續，萊斯特。

Thank you, Joe. Good morning, everyone. We are pleased to report that demand is improving at a faster and stronger pace than previously expected. Customer sentiment has strengthened meaningfully, and utilization across our most significant markets and regions remain favorable.

謝謝你，喬。大家早安。我們很高興地報告，需求正以比預期更快、更強勁的速度改善。客戶情緒顯著增強，我們在最重要的市場和地區的使用率依然良好。

While residual headwinds in the automotive market may persist near term, general semiconductor and memory markets continue to demonstrate robust demand, supported by broadening technology improvements and renewed production activity across multiple regions.

儘管汽車市場短期內可能仍存在一些不利因素，但隨著技術進步的不斷擴大和多個地區生產活動的恢復，半導體和記憶體市場的需求仍然強勁。

Turning to recent business results. We continue to see improving order activity with additional visibility through fiscal 2026, which is supported by favorable utilization trends in general semiconductor and memory end markets. Separately, demand for our portfolio of advanced packaging solutions, including our Fluxless thermocompression bonding tools remains robust, and we continue to anticipate a strong growth year for our advanced packaging opportunities.

接下來來看看近期的業務成果。我們持續看到訂單活動不斷改善，到 2026 財年前景更加明朗，這得益於半導體和記憶體終端市場整體良好的利用率趨勢。此外，市場對我們一系列先進包裝解決方案（包括我們的無助焊劑熱壓黏合工具）的需求依然強勁，我們繼續預期先進包裝業務將迎來強勁成長的一年。

For the first fiscal quarter, we generated revenue and earnings above expectations and remain focused on ramping production to support strong customer demand, in addition to driving parallel technological transitions within advanced packaging, advanced dispense and power semiconductor.

在第一財季，我們的營收和利潤都超出預期，我們將繼續專注於提高產量以滿足強勁的客戶需求，同時推動先進封裝、先進點膠和功率半導體領域的平行技術轉型。

Dynamics within the high-volume general semiconductor and memory end markets remain favorable, while we also experienced a slight sequential revenue improvement within the automotive and industrial end markets.

高銷量通用半導體和記憶體終端市場的動態仍然有利，同時我們在汽車和工業終端市場也實現了略微的環比收入成長。

In the first fiscal quarter, general semiconductor revenue increased by 27% sequentially and over 90% from the same period last year, driven by both technology and capacity needs of our customers. Across our portfolio of solutions, all reportable segments recognized sequential increases within general semiconductor this past quarter. We estimate utilization levels remain over 80% for this key end market.

在第一財季，通用半導體營收季增 27%，年增超過 90%，這主要得益於客戶的技術和產能需求。在我們的解決方案組合中，所有可報告的業務部門在上個季度通用半導體業務均實現了環比增長。我們預計該主要終端市場的利用率將保持在 80% 以上。

Turning to memory. After a 60% increase last quarter, demand sequentially declined due to product and customer mix. While the concentration of memory customers can create demand variability quarter-to-quarter, we have observed ball bonding utilization rates, which exceed 85% for the memory market, up from the mid-70% range last year. This indicates a healthy capacity environment for our NAND assembly solutions.

回憶起來。繼上季成長 60% 之後，由於產品和客戶組合的變化，需求較上季下降。雖然記憶體客戶的集中度可能會導致季度間的需求波動，但我們觀察到記憶體市場的球焊利用率已超過 85%，高於去年的 70% 左右。這顯示我們的NAND組裝解決方案產能環境良好。

While AI-related workloads are driving capacity tightness across the memory market, they are also driving new packaging solutions for cost-effective stacked DRAM, in addition to emerging requirements for high-bandwidth flash or HBF. I will provide a brief update to our memory opportunities shortly.

雖然人工智慧相關的工作負載正在推動整個記憶體市場的容量緊張，但它們也在推動具有成本效益的堆疊式 DRAM 的新封裝解決方案，以及對高頻寬快閃記憶體或 HBF 的新興需求。我稍後會簡單介紹一下我們的記憶力提升機會。

Within automotive and industrial, we experienced a 15% sequential revenue improvement in the December quarter, although continue to anticipate industry headwinds to linger through fiscal 2026. Despite these near-term headwinds, we remain positive on long-term automotive and industrial trends, anticipate semiconductor content per vehicle supported by ADAS requirement to double over the coming 10-years. We also remain well positioned to continue benefiting from gradual long-term share growth in battery and plug-in hybrids as we deliver new power semiconductor technology and capacity requirements.

在汽車和工業領域，我們在 12 月季度實現了 15% 的環比收入成長，儘管我們仍然預期產業不利因素將持續到 2026 財年。儘管近期面臨這些不利因素，但我們對汽車和工業的長期發展趨勢仍然持樂觀態度，預計未來 10 年，在 ADAS 需求的支持下，每輛車的半導體含量將翻倍。隨著我們滿足新的功率半導體技術和產能需求，我們將繼續受益於電池和插電式混合動力汽車市場份額的長期穩定成長。

Lastly, aftermarket products and services increased by 14% from the same period last year, reflecting increased production activity and improved utilization across our high-volume installed base. We are optimistic about fiscal 2026 based on current demand levels and utilization level improvements and remain focused on ramping production to meet high-volume demand.

最後，售後產品和服務比去年同期成長了 14%，反映出我們高銷量裝機量基礎的生產活動增加和利用率提高。基於目前的需求水準和利用率的提高，我們對 2026 財年持樂觀態度，並將繼續專注於提高產量以滿足大批量需求。

Also, our traction within advanced packaging, advanced dispense and across power semiconductor opportunities continue to be encouraging. Within advanced packaging, transition of both vertical wire and thermocompression remain on track. We continue to anticipate that the advanced solutions segment will strongly grow this year as advanced TCB capacity is in demand throughout our customer base.

此外，我們在先進封裝、先進點膠和功率半導體領域的進展也持續令人鼓舞。在先進包裝領域，垂直線材和熱壓成型的轉型均按計畫進行。我們繼續預計，由於我們的客戶群對先進的TCB產能有需求，今年先進解決方案領域將強勁成長。

Over the years, we have created a competitive portfolio of TCB solutions supporting a wide range of leading-edge logic applications, and are pleased to also extend our footprint into high-bandwidth memory, which is extremely important for AI as HBMs provide fast, high-performance memory, which AI accelerators need to efficiently process massive amount of data.

多年來，我們打造了一系列具有競爭力的 TCB 解決方案，支援各種領先的邏輯應用，並且很高興將我們的業務擴展到高頻寬記憶體領域，這對於人工智慧來說至關重要，因為 HBM 提供快速、高效能的記憶器，而人工智慧加速器需要這種記憶體來高效處理大量資料。

In this regard, we are pleased to have shipped our first HBM system to a large memory customer during the December quarter. We continue to anticipate Fluxless thermocompression remain a strong alternative to hybrid bonding for the next-generation HBM needs.

在這方面，我們很高興在 12 月季度向一家大型記憶體客戶交付了我們的第一個 HBM 系統。我們仍然預期，對於下一代 HBM 需求而言，無助熔劑熱壓仍將是混合鍵結的有力替代方案。

Our other DRAM opportunity stems from vertical wire, which provides a high potential alternative for cost-effective bandwidth through die stacking. We have already seen positive customer feedback on a vertical wire solutions and continue to anticipate strong sequential growth in both TCB and vertical wire over the coming years.

我們另一個 DRAM 機會源自於垂直導線，它透過晶片堆疊提供了一種具有很高的經濟高效頻寬替代方案。我們已經看到客戶對垂直線解決方案的正面回饋，並繼續預計未來幾年 TCB 和垂直線都將實現強勁的連續成長。

Advanced dispense also continue to progress as planned. We introduced our latest ACELON dispense system in November at Productronica. Feedback from customers has been positive, with multiple customers engaged. We continue to prepare several systems to support this initial customer interest.

高級配藥工作也繼續按計劃進行。我們在11月的Productronica展會上推出了最新的ACELON點膠系統。客戶回饋積極，多位客戶參與其中。我們正持續準備多個系統以滿足客戶的初步需求。

Last, within power semiconductor, we have market-leading solutions and continue to expand our portfolio. In support of growing power efficiency requirements across automotive, mobility and data centers, power semiconductor applications are rapidly evolving. This transition is demanding more efficient materials, more complex assembly techniques and more capable equipment solutions, which we are well positioned to support.

最後，在功率半導體領域，我們擁有市場領先的解決方案，並將繼續擴大我們的產品組合。為了滿足汽車、行動旅行和資料中心日益增長的能源效率需求，功率半導體應用正在迅速發展。這項轉變需要更有效率的材料、更複雜的組裝技術和更強大的設備解決方案，而我們完全有能力為此提供支援。

Over the past three years, we have navigated a challenging demand period for our core products while we invest in several areas to expand our market access. As we now move beyond this period of soft core market demand, we are optimistic and remain well positioned to capitalize on a wide set of opportunities across our served markets.

過去三年，我們克服了核心產品需求緊張的挑戰，同時在多個領域進行投資，以擴大市場准入。隨著我們逐漸走出市場核心需求疲軟的時期，我們保持樂觀，並已做好充分準備，把握我們所服務市場中的各種機會。

With that said, I will now provide a brief financial update. My remarks today will refer to GAAP results, unless noted. We delivered revenue above guidance, continue to execute on close customer engagements and maintain an ongoing focus on cost control.

接下來，我將簡單介紹一下財務狀況。除非另有說明，我今天的發言將以GAAP準則下的結果為準。我們實現了超出預期的收入，繼續與客戶保持密切合作，並持續專注於成本控制。

Gross margins came in at 49.6%, and we delivered $0.32 of GAAP earnings and $0.44 of non-GAAP earnings. Gross margins improved sequentially due to customer and product mix as well as revenue recognized from systems which were previously expensed. This was largely related to prior impairment charges as well as previously expensed R&D systems.

毛利率為 49.6%，我們實現了 0.32 美元的 GAAP 收益和 0.44 美元的非 GAAP 收益。由於客戶和產品組合的變化，以及先前計入費用的系統收入得到確認，毛利率環比有所提高。這主要與先前的減損費用以及先前計入費用的研發系統有關。

Total operating expense came in at $81.1 million on a GAAP basis and $74.2 million on a non-GAAP basis. We continue to remain focused on operational efficiency, while we support a growing set of opportunities. Tax expense came in at $5.7 million, and we continue to anticipate our effective tax rate will remain above 20% over the near term.

以美國通用會計準則 (GAAP) 計算，總營運費用為 8,110 萬美元；以非美國通用會計準則 (non-GAAP) 計算，總營運費用為 7,420 萬美元。我們將繼續專注於提高營運效率，同時支援不斷增長的各種機會。稅項支出為 570 萬美元，我們預計短期內實際稅率仍將維持在 20% 以上。

Over the coming quarters, general semiconductor and memory end markets are expected to continue driving strong demand for our solutions. For the March quarter, we expect revenue to increase by 15% sequentially to $230 million with gross margin of 49%.

預計未來幾個季度，通用半導體和記憶體終端市場將繼續推動對我們解決方案的強勁需求。我們預計 3 月季度的營收將季增 15%，達到 2.3 億美元，毛利率為 49%。

Non-GAAP operating expenses are expected to be $73 million, with GAAP earnings per share targeted to be $0.53, and our non-GAAP earnings per share of $0.67. Looking ahead, we continue to focus on ramping production as we continue to execute multiple growth strategies across key markets.

預計非GAAP營運費用為7,300萬美元，GAAP每股盈餘目標為0.53美元，非GAAP每股盈餘目標為0.67美元。展望未來，我們將持續專注於提升產能，同時在關鍵市場持續實施多項成長策略。

As mentioned last quarter, this is an interesting time at the company. We're either a dominant incumbent leader or are aggressively taking share in all key markets we serve. We look forward to ongoing execution and progress in advanced packaging, advanced dispense and power semiconductor opportunities as we prepare for broadening core market recovery.

正如上個季度所提到的，目前公司正處於一個有趣的時期。我們要么是佔據主導地位的現有領導者，要么正在積極地在我們服務的所有主要市場中搶佔市場份額。我們期待在先進封裝、先進點膠和功率半導體領域持續推進並取得進展，為擴大核心市場復甦做好準備。

In closing, we remain focused on executing our strategic priorities, are confident in our capabilities and technology leadership and look forward to demonstrating our operational leverage over the coming quarters.

最後，我們將繼續專注於執行我們的策略重點，對自身的能力和技術領先地位充滿信心，並期待在接下來的幾季中展現我們的營運優勢。

This concludes our prepared comments. Operator, please open the call for questions.

我們的發言到此結束。接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

Hi, Lester, maybe the first one, it looks like you are indeed entering an up cycle here based on your results, based on your guidance for next quarter. Can you help us characterize what do you see for the remainder of the fiscal or calendar year, whichever you feel more comfortable at this point? What do you see for the remainder of the year in terms of overall demand, overall top line growth? Thank you.

嗨，萊斯特，也許是第一個問題，根據你的業績和對下一季的預測，你似乎確實正在進入上升週期。您能否幫我們描述一下您對本財年或本日曆年剩餘時間的展望，以您目前更習慣的術語來概括？您認為今年剩餘時間裡，整體需求和整體營收成長如何？謝謝。

Hi, Charles, thanks for the question. So I think we're getting better visibility into the remainder of our FY26 based on the very high utilization rates as well as our discussions with customers. I was just in Taiwan and China in the last couple of weeks talking to customers. We think Q3 definitely will be sequentially better than Q2. I think the second half of FY26 should be about 15% to 20% better than the first half thanks, that's great.

嗨，查爾斯，謝謝你的提問。因此，我認為根據非常高的利用率以及我們與客戶的討論，我們對 2026 財年剩餘時間的前景有了更清晰的了解。我最近兩週都在台灣和中國大陸與客戶洽談。我們認為第三季肯定會比第二季好。我認為2026財年下半年的業績應該比上半年好15%到20%，謝謝，太好了。

That's great color. Then regarding some of the new opportunities you mentioned, I believe somewhere in the prepared remarks, you talked about high-bandwidth flash, but you didn't really provide more details than that. Just a little bit of context why I asked this question because I thought the high-bandwidth flash is a TSV microbump-based technology.

顏色真好看。關於您提到的一些新機遇，我相信在您準備好的發言稿中，您談到了高頻寬閃存，但您並沒有提供更多細節。我之所以問這個問題，是因為我以為高頻寬快閃記憶體是一種基於 TSV 微凸塊的技術。

But it sounds like you're alluding to, maybe it's not quite more of a TCB driver, maybe it's a vertical wire driver. So mind if you elaborate a little bit because it wasn't clear how HBF is going to benefit or create opportunity for K&S.

但聽起來你好像在暗示，它可能不是TCB驅動器，而是一個垂直線驅動器。所以，您能否詳細說明一下，因為目前還不清楚 HBF 將如何使 K&S 受益或創造機會。

Sure, Charles. Actually, it is a TCB play, not for vertical wire. As you know, HBF is designed to merge NAND level capacity with HBM class performance, right? And the potential benefit is obviously unlocking bottlenecks and AI workloads, right? So HBF targets to match HBM bandwidth to 8 to 16 times capacity.

當然可以，查爾斯。實際上，這是 TCB 的策略，而不是垂直電線的策略。如您所知，HBF 的設計目標是將 NAND 等級的容量與 HBM 等級的效能結合，對嗎？而潛在的好處顯然是能夠釋放瓶頸並提高人工智慧工作負載，對吧？因此，HBF 的目標是將頻寬提升至 HBM 容量的 8 到 16 倍。

At this point, HBF is still in early stages. We anticipate multiple packaging technologies can be used to assemble these packages, including TCB. So right now, we're currently exploring this technology with a few customers. So it is going to be our TCB, probably APTURA that will be used for HBF.

目前，HBF仍處於早期階段。我們預計可以使用多種包裝技術來組裝這些包裝，包括 TCB。所以目前，我們正在與一些客戶探討這項技術。所以，我們將使用 TCB，可能是 APTURA 來進行 HBF。

Okay. So you do have a TCB tool, which you just shipped to one of the top 3 memory customers. But yes, so it sounds like that is for HBM qualification. So what would be the next milestone like for TCB and HBF, like do you expect to ship another tool? Is that the milestone that we should be all looking forward to?

好的。所以你們確實有一款 TCB 工具，而且你們剛剛把它寄給了排名前三的記憶體客戶之一。是的，聽起來像是 HBM 資格認證。那麼，TCB 和 HBF 的下一個里程碑是什麼？例如，你們預計會推出另一款工具嗎？這就是我們都應該期待的里程碑嗎？

Sorry, Charles, you mean the next milestone for HBM or HBF? HBM, right?

抱歉，查爾斯，你是說HBM還是HBF的下一個里程碑？對吧，是 HBM？

High-bandwidth flash, sorry. I meant high-bandwidth flash.

抱歉，需要使用高頻寬快閃記憶體。我指的是高頻寬快閃記憶體。

Okay. So I think the milestone, like I said, right now, we're in early stages of discussing with some customers. I think probably the next milestone would be probably shipping a system or -- probably shipping a system before a PO, so at this point.

好的。所以我覺得目前的里程碑，就像我剛才說的，我們正處於與一些客戶討論的早期階段。我認為下一個里程碑可能是交付系統，或者——可能是在採購訂單之前交付系統，所以目前來說。

Okay. So a system should -- okay. The next milestone is another qualification system shipment. Okay, got it thank you.

好的。所以一個系統應該——好的。下一個里程碑是另一套鑑定係統出貨。好的，明白了，謝謝。

Krish Sankar, Cowen.

Krish Sankar，Cowen。

Yeah, that answers a great question. Let's say congrats on the results and guidance, kind of interesting to see the cyclical recovery here in play. I just kind of wanted to just clarify, you said second half -- fiscal second half weighted by 15% to 20%. Is that just conservative?

是的，這回答了一個很好的問題。恭喜你們取得這樣的成績和指導，看到週期性復甦在這裡發揮作用，確實挺有意思的。我只是想確認一下，您說的是下半年——財政年度下半年，權重為 15% 到 20%。這不就是保守派的觀點嗎？

Because I would say that if you try to strip it down by quarter, it seems like the growth rates slowed sequentially to high single digits versus low double digits the last two quarters. But I would think that it should be better than that given a cyclical uplift. So is this more conservatism or of the fact that this is the visibility you have today, things could end up being better than expected?

因為如果按季度來看，成長率似乎逐季放緩，從最近兩季的兩位數低點降至個位數高點。但考慮到週期性上漲，我認為情況應該會更好。所以，這是更保守的立場，還是因為這就是你目前所處的情況，事情最終可能會比預期的更好？

So thanks, Krish. I mean that's the visibility we have today, right? Again, while visibility is better, as I said, and utilization rate is very high at 85% over -- close to 90% in China, there is still a lot of uncertainty in terms of some of the macros, right, things we've been talking over the last couple of quarters.

謝謝你，克里什。我的意思是，這就是我們目前所能看到的景象，對吧？再次強調，雖然前景更加明朗，正如我所說，而且利用率也非常高，達到 85% 以上——在中國接近 90%，但就一些宏觀經濟因素而言，仍然存在很多不確定性，對吧？這些也是我們在過去幾季一直在討論的問題。

But at this point, we think -- from all my discussion customers, it's getting much more solid. So 15% and 20% is what we see at this point. There could be potential upside on top of that. But for now, I think 15% to 20%.

但就目前而言，根據我與所有客戶的討論來看，我們認為情況正在變得更加穩定。所以目前我們看到的比例是 15% 到 20%。除此之外，可能還有潛在的上漲空間。但就目前而言，我認為是 15% 到 20%。

Fair enough. Fair enough. And then just to follow up on the strong growth here for advanced packaging. I'm just curious, is there a way to quantify how much did your TCB plus FTC revenues would be? Is it close to $100 million this fiscal year? And also on the FTC side, have you been -- has your plasma solution been qualified at the bigger foundry or not yet?

很公平。很公平。然後，我想進一步探討先進包裝領域的強勁成長。我只是好奇，有沒有辦法量化你的 TCB 加 FTC 收入是多少？本財年接近1億美元嗎？另外，就聯邦貿易委員會（FTC）方面而言，你們的等離子解決方案是否已經通過了大型代工廠的認證？

So are you saying have our FTC been qualified at the foundry?

所以你的意思是說，我們的FTC是否已在鑄造廠獲得資格認證？

The plasma solution, not the formic acid.

是血漿溶液，不是甲酸。

Right now, we're working on the qualification for the plasma. As we mentioned, the formic acid has already been qualified. It's in high-volume production. Again, I don't want to speak specifically about individual customers, but we're working very closely with the customer on that.

目前，我們正在進行血漿的鑑定工作。正如我們之前提到的，甲酸已經過品質檢驗。它正在大規模生產。再次聲明，我不想具體談論個別客戶，但我們正在與客戶就此事進行非常密切的合作。

I think for our TCB, we obviously, as you know, Krish, we started with IDM in the US and we've moved on to foundry. Now we're also seeing quite a lot of demand from OSAT. We have 120 TCBs in the field, and half of those are Fluxless.

我認為對於我們的TCB來說，正如你所知，Krish，我們最初在美國從事IDM業務，後來轉向了晶圓代工。現在我們也看到來自 OSAT 的很大需求。我們目前有 120 台 TCB，其中一半是無熔劑型的。

So we feel pretty good about our TCB system. We think it's best-in-class. It's got great material handling capabilities, which allow for customers to do different processes. So I think -- we definitely think both plasma and formic acid, we're best-in-class on FTC.

所以我們對我們的TCB系統感覺相當不錯。我們認為它是同類產品中最好的。它具有強大的物料搬運能力，能夠滿足客戶不同的加工流程需求。所以我認為——我們絕對認為血漿和甲酸，我們在聯邦貿易委員會（FTC）的認證中都是一流的。

And let's just say, any kind of qualification on TCB revenues for this fiscal year?

假設一下，本財年 TCB 的營收有任何限制條件嗎？

Well, I think for this year, for TCB, it will be over $100 million.

我認為今年TCB的營收將超過1億美元。

Okay, awesome, thank you very much.

好的，太棒了，非常感謝。

Thanks, Krish.

謝謝你，克里什。

(Operator Instructions)

（操作說明）

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question and Lester, congratulations on the nice execution. I wanted to start just by going back to the thread that Charles was on with high-bandwidth flash. The question though is, as you engage with multiple customers on high-bandwidth flash, what's their expectation for when this can commercialize?

是的，謝謝你回答這個問題，萊斯特，恭喜你出色地完成了任務。我想先回到查爾斯之前討論的高頻寬快閃記憶體的話題。但問題是，當您與多個客戶就高頻寬快閃記憶體進行交流時，他們對這項技術何時能夠商業化抱有怎樣的期望？

Obviously, new standards have to go through JEDEC, but on the other hand, you've probably got NVIDIA pushing really hard, and they've been very successful at accelerated technology adoption. So when are these customers thinking this can come out in volume?

顯然，新標準必須經過 JEDEC 的審核，但另一方面，NVIDIA 可能正在大力推動，而且他們在加速技術普及方面取得了巨大的成功。那麼，這些客戶認為這款產品什麼時候才能大量上市呢？

Well, Craig, as I said, I think it's early days yet for the technology. As you put it, I think it's -- it will take a while for [quotations]. There's a lot of different standards talking about. I think this will probably be more of a CY '27 play.

克雷格，正如我所說，我認為這項技術還處於早期階段。正如你所說，我認為這需要一段時間。[引用]這裡討論了很多不同的標準。我認為這很可能是 2027 年才會發生的事情。

Got it. And then going back to your comments on the initial shipment to a customer for high-bandwidth memory, can you just walk through the time line for when we go from that tool, which looks like an evaluation order, to volume production? Can that happen in fiscal '26 or is volume production really fiscal '27?

知道了。然後回到您之前關於首次向客戶交付高頻寬記憶體的評論，您能否簡要介紹一下我們從該工具（看起來像評估訂單）到批量生產的整個過程？這能在 2026 財年實現嗎？還是說量產真的要等到 2027 財年？

I think volume production will be in fiscal '27. I think right now, we've shipped the system to their facility in the US. It's undergoing qualification. I think the next milestone will probably be hopefully another system being shipped. There may be POs within FY26, but I think actual production would be more FY27.

我認為批量生產將在 2027 財年實現。我認為目前我們已經將系統運送到他們在美國的工廠了。它正在接受資格認證。我認為下一個里程碑很可能是另一套系統的交付。2026 財年可能會有採購訂單，但我認為實際生產會在 2027 財政年度完成。

Okay. And we'll look for progress on that. Lastly for me, vertical wire, since this is something that could work in low-power DRAM and mobile-related applications, typically the early technology adopter releases product in the third quarter of the calendar year.

好的。我們會關注這方面的進展。最後，對我來說，垂直線材技術由於其在低功耗 DRAM 和行動相關應用中具有應用潛力，因此通常情況下，早期技術採用者會在日曆年的第三季發布產品。

Do you think we can hit that in the second half of 2026? Or is this something that really goes up in significant volume in the second half of '27? Or do you see initial adoption coming out of the Android community and when would that be?

你認為我們能在2026年下半年實現這個目標嗎？或者，這種情況是否會在 2027 年下半年大幅增加？或者您認為安卓社群會率先採用這項技術？如果是，那大概會在什麼時候？

I think there will be more -- it's gaining traction, but I think this is more -- maybe the latter half of FY26, there'll be some. But I think they'll actually expand much more in FY27. We're currently working with 8 customers in Korea, China and the US on this. So again, we pioneered the technology of vertical wire, so we're pretty excited about it.

我認為會有更多——它正在獲得關注，但我認為這只是個開始——也許在 2026 財年下半年，會有一些。但我認為他們在 2027 財年實際上會擴張得更大。我們目前正與韓國、中國和美國的8家客戶就此展開合作。所以，我們再次率先開發了垂直線材技術，對此我們感到非常興奮。

This, in addition to the HBM system that we shipped to the leading memory maker, is our sort of play into DRAM. Craig, as you know, our memory business has been traditionally very heavily into NAND, which is still growing, as I said. But I think this is, again, more opportunities for us in memory and because we think memory actually is going to be pretty robust going forward.

除了我們向領先的記憶體製造商交付的 HBM 系統之外，這就是我們進入 DRAM 領域的一種方式。克雷格，正如你所知，我們的記憶體業務傳統上非常側重於 NAND，而且正如我所說，它仍在成長。但我認為這再次為我們提供了更多在記憶領域發展的機會，因為我們認為記憶技術在未來將非常強大。

Sure looks like it. Thanks, Lester.

看起來確實如此。謝謝你，萊斯特。

Thanks, Craig.

謝謝你，克雷格。

Dave Duley, Steelhead Securities.

Dave Duley，Steelhead Securities。

Yeah, thanks for taking my question and It's nice to see the recovery in the business. One of the comments I think you made in your slide deck is you're seeing the data center revenues increase in the general semi bucket. I was just wondering if you could talk a little bit about what those applications are, because it's really interesting that you're seeing a significant recovery when the outlook for PCs and handsets are actually down sequentially in units in '26.

是的，謝謝你回答我的問題，很高興看到業務復甦。我認為你在幻燈片中提到的一點是，你看到資料中心收入在半導體產業整體水準上有所成長。我只是想問您能否談談這些應用程式是什麼，因為您看到個人電腦和手機銷量在 2026 年環比下降的情況下出現顯著復甦，這真的很有意思。

Thanks, Dave. Great question. As I said earlier, over the last couple of weeks, I personally had a lot of conversation with customers in Taiwan and China. And data center is basically the central driver for this cycle. So we support data center in many ways.

謝謝你，戴夫。問得好。正如我之前所說，在過去的幾周里，我親自與台灣和中國大陸的客戶進行了許多交流。資料中心基本上是這一週期的核心驅動力。因此，我們從多方面支援資料中心。

We have a very strong AP portfolio. It's a best-in-class for chiplet and heterogeneous logic applications. We've actually been taking share in leading-edge logic for data centers over the last couple of years already. And we're already in production for some of the most advanced heterogeneous logic applications.

我們擁有非常強大的AP產品組合。它是晶片組和異質邏輯應用領域的最佳選擇。實際上，在過去幾年裡，我們已經在資料中心的前沿邏輯領域中佔據了一席之地。我們已經在一些最先進的異質邏輯應用中投入生產使用。

We're also positioning ourselves for future growth. We're in the process of expanding our facility here in Singapore to increase our Fluxless thermocompression production capacity by 3 times. So in addition to AP, we also support data center, memory and general semiconductor solutions.

我們也在為未來的發展做好準備。我們正在擴建位於新加坡的工廠，將我們的無熔劑熱壓縮生產能力提高 3 倍。因此，除了AP之外，我們也支援資料中心、記憶體和通用半導體解決方案。

So many applications in data center like general infrastructure, networking, communication, power and storage, it relies on more high-volume traditional assembly technologies like ball bonder, basically, our core products.

資料中心的許多應用，如通用基礎設施、網路、通訊、電力和存儲，基本上都依賴球焊機等大批量傳統組裝技術，而這些正是我們的核心產品。

And for memory, as I think I said earlier in response to Craig's question, we're mostly in NAND, even though we're moving into DRAM. And we're seeing actually a lot of enterprise SSD being increasingly used in data centers now, and that also help drive our memory business. And that's another way we play in the data center.

至於記憶體方面，正如我之前在回答 Craig 的問題時所說，我們主要還是使用 NAND，儘管我們正在向 DRAM 過渡。我們看到企業級 SSD 現在在資料中心中的使用越來越廣泛，這也有助於推動我們的記憶體業務發展。這也是我們在資料中心運作的另一種方式。

Okay. Could you just remind us what the utilization rates are in your key regions? I think you mentioned one in your commentary, but if you could just kind of run down the key regions for us, that would be great.

好的。可否告知我們貴公司主要區域的使用率為何？我想你在評論中提到過一個，但如果你能為我們概括一下關鍵區域，那就太好了。

Sure. China is over 90%. It's been in the high 80s and 90s for a while now. We see it continuing. The rest of Asia is around 80%, which has come up now. Southeast Asia, which was a laggard, is now coming back. It's still only in the 70%, but it's been increasing over the last couple of quarters.

當然。中國佔比超過90%。氣溫已經持續在80多度到90度之間一段時間了。我們認為這種情況還會持續下去。亞洲其他地區約佔 80%，這個比例現在已經上升了。曾經落後的東南亞地區現在正在復甦。雖然目前仍只有 70% 左右，但在過去幾季一直在成長。

And then North America is also over 80%. And North America and Europe, we look at it together, it's about 80%. So almost everybody is near 80% and China is at 90%.

北美也超過 80%。北美和歐洲加起來，約佔 80%。所以幾乎每個人的完成度都接近 80%，而中國的完成度達到了 90%。

Okay. And then the gross margins during the March quarter -- or excuse me, the December quarter were close to 50%, and you mentioned that there was some benefit from some previously written-off inventory. But then I think you guided gross margins to almost the same level again in the March quarter. So could you just talk about gross margins throughout calendar 2026 as we grow the revenue and what your expectations are there?

好的。然後，3 月季度（或抱歉，是 12 月季度）的毛利率接近 50%，您提到之前註銷的一些庫存帶來了一些收益。但我認為你們在三月的季度中再次將毛利率預期維持在幾乎相同的水平。那麼，您能否談談隨著營收成長，2026 年全年的毛利率狀況以及您的預期？

Sure, Dave. I think for the rest of FY26, gross margin should be around 49% to 50%. I think what we're seeing now in our core business ball bonder is that there's a lot more demand for our high-performance ball bonders, which is much better margins, much better than our LED, for example.

當然可以，戴夫。我認為在 2026 財年剩餘時間內，毛利率應該在 49% 到 50% 左右。我認為我們現在在核心業務球焊機領域看到的是，市場對我們高性能球焊機的需求更大，利潤率也更高，例如比我們的 LED 球焊機利潤率高得多。

So a lot in high-performance bonders. Second thing is obviously, increase in volume helps with absorption, which helps the gross margin. And finally, we've always been very focused on cost control, and we'll continue to do that even during a ramp.

所以很多都用在高性能黏合劑上了。其次，很明顯，銷量的增加有助於吸收，有助於提高毛利率。最後，我們一直非常注重成本控制，即使在產能爬坡階段，我們也會繼續這樣做。

Can we expect gross margins to continue to go higher as revenue ramps?

隨著營收成長，毛利率能否持續攀升？

Well, like I said, it's going to be around 40% to 50%, which is always been our target is 50%.

嗯，就像我說的，大概在 40% 到 50% 之間，而 50% 一直是我們的目標。

Okay, thank you.

好的，謝謝。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Joe Elgindy for closing comments.

我們的問答環節到此結束。現在我想把發言權交還給喬·埃爾金迪，讓他做總結發言。

Thank you, Maria, and thank you all for joining today's call. As always, please feel free to follow up directly with any additional questions.

謝謝瑪麗亞，也謝謝各位參加今天的電話會議。如有任何疑問，歡迎隨時直接與我們聯繫。

This concludes today's call. Have a wonderful day, everyone.

今天的電話會議到此結束。祝大家今天過得愉快。

You may disconnect your lines at this time thank you for your participation.

您可以暫時斷開線路了，感謝您的參與。