庫力索法 (KLIC) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Kulicke and Soffa Q2 2026 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Kulicke and Soffa 2026 會計年度第二季（Q2）電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。(接線員指示)

It's now my pleasure to turn the call over to Joe Elgindy, Senior Director, Investor Relations. Joe, please go ahead.

現在我很榮幸將電話會議交給投資人關係資深總監 Joe Elgindy。Joe，請開始。

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

謝謝。各位好，歡迎參加 Kulicke and Soffa 2026 會計年度第二季電話會議。臨時執行長兼財務長 Lester Wong 也將與我一同參與今天的電話會議。

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.

今天提及的非 GAAP 財務衡量指標應與我們的 GAAP 財務資訊一併考量，而非取代或單獨解讀。GAAP 與非 GAAP 的調節表已包含於我們最新的財報新聞稿與財報簡報中；兩者皆可於 investor.kns.com 取得，並可同時下載今日電話會議的預先準備講稿。

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.

除歷史性陳述外，今天的討論亦包含關於我們未來表現與展望的前瞻性陳述。這些陳述係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出，並涉及可能導致實際結果出現重大差異的風險與不確定性。

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.

如需完整了解與 Kulicke and Soffa 相關、可能影響我們未來營運結果與財務狀況的風險，請參閱我們最新的 Form 10-K，以及即將提交的 SEC 文件以取得更多資訊。

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

接下來，我想把電話會議交給 Lester Wong，請他進行業務市場與財務概覽。Lester，請開始。

Thank you, Joe. Good morning, everyone. We are again pleased to report demand is improving at a faster and stronger pace than previously expected. Customer sentiment remains strong and utilization levels across our larger served market remain above average. This strength continue to be led by general semiconductor and memory demand, which directly support data center capacity expansion globally.

謝謝你，Joe。各位早安。我們很高興再次報告，需求改善的速度與力道均快於先前預期。客戶情緒依然強勁，而我們所服務的較大市場範圍內的產能利用率仍高於平均水準。這股強勁動能持續由一般半導體與記憶體需求所帶動，並直接支撐全球資料中心擴充產能。

We also see improving condition in traditional markets, such as premium smartphones. Over the past year, utilization rates have continued to increase, and the need for incremental capacity continues to grow.

我們也看到傳統市場的狀況正在改善，例如高階智慧型手機。過去一年，產能利用率持續上升，對新增產能的需求也持續成長。

As explained last quarter, data center growth required new forms of advanced packaging, which supports the most advanced logic and memory applications. Data center growth also requires new capacity for high-volume traditional packaging solutions, which support networking, communication, power management, and storage requirements.

如同上季所說明，資料中心成長需要新型態的先進封裝，以支援最先進的邏輯與記憶體應用。資料中心成長同時也需要高產量的傳統封裝解決方案新增產能，以支援網路、通訊、電源管理與儲存等需求。

Additionally, we have seen positive momentum within automotive and industrial end markets. During the March quarter, revenue increased by 21.5% sequentially. We have improved visibility within fiscal 2026 and anticipate a slight sequential improvement into fourth fiscal quarter.

此外，我們也在車用與工業終端市場看到正向動能。在 3 月季度，營收較前一季成長 21.5%。我們對 2026 會計年度的能見度已提升，並預期到會計年度第四季將有小幅的季增。

Our financial performance was above prior expectations, and we remain focused to aggressively ramp production in our core and advanced markets. Additionally, we continue to deliver new TCB, power semiconductor, and memory solutions to support our customers' evolving production needs. Revenue recognized for our leading Fluxless thermal compression solutions have increased sequentially, supported by OSAT, foundries, and IDMs.

我們的財務表現優於先前預期，並持續專注於在核心與先進市場積極擴大產能爬坡。此外，我們持續推出新的 TCB、功率半導體與記憶體解決方案，以支援客戶不斷演進的生產需求。我們領先的無助焊劑（Fluxless）熱壓縮解決方案之認列營收較前一季增加，並獲 OSAT、晶圓代工廠與 IDM 支持。

Our fiscal year 2026 outlook remains strong for thermal compression and supports aggressive sequential growth. In addition to thermal compression, we recently announced several new and innovative offerings, which address additional packaging transformations within power semiconductor and memory.

我們對 2026 會計年度的熱壓縮展望仍然強勁，並支撐積極的連續季成長。除熱壓縮外，我們近期也宣布多項全新且創新的產品，因應功率半導體與記憶體領域的更多封裝轉型需求。

Our new ASTERION-TW system, announced in late March, is well-positioned to support increasingly complex, high current, and high reliability power applications. This new system complements our recently released clip attach and pin welding solutions. We also announced the ProMEM suite of memory features and highlighted our growing portfolio of DRAM solutions, supporting both cost-sensitive and high-bandwidth memory applications.

我們於 3 月下旬宣布的全新 ASTERION-TW 系統，具備良好定位，可支援日益複雜的高電流與高可靠度功率應用。此新系統可與我們近期推出的夾片貼附（clip attach）與針腳焊接（pin welding）解決方案相互補強。我們也宣布了 ProMEM 記憶體功能套件，並強調我們持續擴大的 DRAM 解決方案組合，可同時支援成本敏感型與高頻寬記憶體應用。

Additionally, we have a growing base of customer engagements in advanced packaging as we accelerate next-generation programs. Two specific areas of focus are around panel-level base system architecture and long-term industry development of true production-capable hybrid solutions.

此外，隨著我們加速下一代專案，我們在先進封裝方面的客戶互動基礎也持續擴大。兩個具體的重點領域為：面板級（panel-level）基礎系統架構，以及產業長期發展真正具備量產能力的混合（hybrid）解決方案。

Despite challenging market conditions over the past three years, we continue to invest in research and development in several exciting new growth areas. As we enter a period of high-capacity additions across our served markets, we are pleased with the progress our team has made across these multifaceted opportunities.

儘管過去三年市場環境充滿挑戰，我們仍持續在多個令人振奮的新成長領域投入研發。隨著我們進入所服務市場普遍擴增高產能的階段，我們對團隊在這些多面向機會上的進展感到滿意。

In addition to the industry's need for incremental near-term capacity in advanced packaging, we are also significantly ramping our own production capacity. Over the coming year, we anticipate to significantly expand our Advanced Solutions segment production capacity to support approximately $400 million of revenue. I will provide some additional details in the financial section.

除了產業在先進封裝方面對短期新增產能的需求外，我們也正在大幅提升自身的生產能力。在未來一年，我們預期將大幅擴充 Advanced Solutions 事業部的產能，以支援約 4 億美元的營收規模。我會在財務部分提供更多細節。

Turning to end market review. General semiconductor revenues increased by 19.4% sequentially to $148.9 million, driven by higher capacity and technology requirements for both ball bonding and Advanced Solutions segments.

接著進入終端市場回顧。一般半導體營收較前一季成長 19.4% 至 1.489 億美元，主要受惠於球焊（ball bonding）與 Advanced Solutions 兩個事業部在產能與技術需求提升。

Memory shipments increased by 93% sequentially to $31.3 million. Our memory business is currently focused on supporting NAND technology and capacity requirements. As advanced packaging trends continue to evolve throughout the memory market, we expect to gain market share in DRAM with our new solutions.

記憶體出貨較前一季成長 93% 至 3,130 萬美元。我們目前的記憶體業務重點在支援 NAND 的技術與產能需求。隨著先進封裝趨勢在記憶體市場持續演進，我們預期將以新解決方案在 DRAM 領域取得市占率提升。

Automotive and industrial shipments increased by 63% sequentially, driven primarily by high IO and high-volume power and mixed signal packaging. We are also well positioned to benefit from the gradual long-term share growth in battery and plug-in hybrids, which require new power semiconductor technology and capacity requirements.

車用與工業出貨較前一季成長 63%，主要由高 IO 以及高產量的功率與混合訊號封裝所帶動。我們也具備良好定位，可受惠於電池車與插電式混合動力車長期且逐步的市占成長；這些車型需要新的功率半導體技術與產能需求。

Aftermarket products and services, or APS, end market demand decreased sequentially due to lower refurbished system sales during the March quarter. The broader consumables portion of APS has remained consistent sequentially.

售後市場產品與服務（APS）終端市場需求較前一季下降，原因是 3 月季度翻新系統銷售較低。APS 中較廣泛的耗材部分則與前一季持平。

As we typically do during rapid changes in demand, we will continue to work aggressively to support our customers' capacity and technology needs. Our global R&D teams remain aggressively engaged on many new technology fronts, supporting advanced packaging and power semiconductor trends, while also extending our platform of advanced dispense solutions.

如同我們在需求快速變動期間一貫的作法，我們將持續積極支援客戶的產能與技術需求。我們全球研發團隊仍在多個新技術前沿積極投入，支援先進封裝與功率半導體趨勢，同時也延伸我們先進點膠（dispense）解決方案的平台。

Within advanced packaging, transitions of both vertical wire and thermal compression remain on track, and we continue to be positioned well. We are increasingly focused on hybrid bonding technology and are confident we can provide a very competitive solution within this emerging process.

在先進封裝方面，垂直線（vertical wire）與熱壓縮（thermal compression）的轉換進度仍按計畫推進，而我們也持續保持良好定位。我們正更加聚焦於混合鍵合（hybrid bonding）技術，並有信心能在此新興製程中提供極具競爭力的解決方案。

We continue to anticipate hybrid will be commercially viable solution eventually, so it is now time to invest and accelerate market engagements. While hybrid may be still a few years away from gaining broad market adoption, we are accelerating our research and development efforts to provide a solution that exceeds current capabilities available in the market today.

我們仍預期混合鍵合最終將成為具商業可行性的解決方案，因此現在是投入並加速市場互動的時機。雖然混合鍵合距離廣泛市場採用可能仍需數年，我們正加速研發投入，以提供一套超越目前市場既有能力的解決方案。

In the interim, TCB is the production solution for today's most complex heterogeneous applications. Our TCB business is expected to grow at least 70% sequentially this fiscal year, generating over $100 million of revenue. We anticipate the majority of our sequential TCB growth will continue to stem from large applications and heterogeneous packaging trends. We will allocate additional resources towards emerging HBM opportunities as well.

在此期間，TCB 是目前最複雜異質整合應用的量產解決方案。我們預期本會計年度 TCB 業務至少將季增 70%，並創造超過 1 億美元的營收。我們預期 TCB 的主要連續季成長仍將來自大型應用與異質封裝趨勢。我們也將把更多資源投入新興的 HBM 機會。

Our other unique memory opportunity continues to be addressed with vertical wire, which provides a highly capable alternative for cost-effective bandwidth through die stacking. We anticipate strong sequential growth in both TCB and vertical wire over the coming years.

我們另一項獨特的記憶體機會則持續透過垂直線（vertical wire）來切入；此技術可透過晶粒堆疊提供具高度能力、且具成本效益的頻寬替代方案。我們預期未來數年 TCB 與垂直線兩者都將呈現強勁的連續季成長。

We introduced our latest ACELON dispense system in November at Productronica, which is now deployed with several customers for evaluation and progressing well. In addition to ACELON, during the March quarter, we recognized revenue associated with a new dedicated panel-level dispense solution.

我們於 11 月在 Productronica 推出了最新的 ACELON 點膠系統，目前已部署於多家客戶進行評估，進展良好。除 ACELON 之外，在 3 月季度期間，我們也認列了與一項新的專用面板級點膠解決方案相關的營收。

With that said, I will now provide a brief financial update. My remarks today will refer to GAAP results, unless noted. We again delivered revenue above guidance and continue to execute on our production ramp in our core markets and Fluxless thermal compression, while also maintaining a focus on operational efficiency.

話雖如此，我現在將提供一個簡要的財務更新。除非另有說明，我今天的發言將以 GAAP 結果為準。我們再次實現高於指引的營收，並持續在核心市場與無助焊劑熱壓縮（Fluxless thermal compression）的產能爬坡上執行到位，同時也維持對營運效率的關注。

Gross margins came in at 49.3%, and we delivered $0.66 of GAAP earnings and $0.79 on non-GAAP earnings. Gross margin remains strong sequentially due to customer and product mix.

毛利率為 49.3%，我們實現 GAAP 每股盈餘 0.66 美元，以及非 GAAP 每股盈餘 0.79 美元。由於客戶與產品組合因素，毛利率較前一季仍維持強勁。

Total operating expenses came in at $81.1 million on a GAAP basis and $73.8 million on a non-GAAP basis. We continue to remain focused on controlling costs. Although considering our growing base of opportunities, we also need to ensure resource availability. Tax expense came in at $7.4 million and anticipate our effective tax rate will remain slightly over 20% near term.

總營業費用在 GAAP 基礎下為 8,110 萬美元，在非 GAAP 基礎下為 7,380 萬美元。我們仍持續專注於成本控管。不過，考量到我們機會基礎正在擴大，我們也需要確保資源供給充足。所得稅費用為 740 萬美元，並預期短期內有效稅率將維持在略高於 20%。

For the June quarter, revenue is expected to increase by 28% sequentially to $310 million, with gross margins of 48%. Non-GAAP operating expenses are expected to be $85 million, representing an increase in variable compensation as well as an increase in critical headcount to support our growing market opportunities. GAAP earnings per share is targeted to be $0.87 and non-GAAP earnings per share to be $1.

就 6 月季度而言，預期營收將較前一季成長 28% 至 3.10 億美元，毛利率為 48%。預期非 GAAP 營業費用為 8,500 萬美元，反映變動薪酬增加，以及為支援日益成長的市場機會而增加關鍵人力編制。GAAP 每股盈餘目標為 0.87 美元，非 GAAP 每股盈餘目標為 1 美元。

As discussed earlier, we're expanding the Advanced Solutions segment production footprint by investing in capital expenditures. These investments have started in April and are planned to significantly expand our thermal compression capacity by the first half of fiscal 2027. Total capital expenditures in connection with this expansion are expected to be $20 million. $12 million of the total investment is set to be deployed in fiscal 2026.

如先前所述，我們正透過資本支出投資，擴大先進解決方案（Advanced Solutions）部門的生產據點。這些投資已於 4 月開始，並計畫在 2027 會計年度上半年前大幅擴增我們的熱壓縮產能。與此擴產相關的資本支出總額預期為 2,000 萬美元，其中 1,200 萬美元將於 2026 會計年度投入。

In closing, we are capitalizing on near-term opportunities while continuing to execute long-term strategic priorities. We are confident in our future and remain competitively positioned in core and advanced packaging markets. We look forward to delivering strong results as we continue to grow the business.

最後，我們正把握短期機會，同時持續推進長期策略重點。我們對未來充滿信心，並在核心與先進封裝市場中維持具競爭力的定位。隨著我們持續擴大業務規模，我們期待交出強勁的成果。

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

以上為我們預先準備的發言。接線員，請開放提問。

(Operator Instructions) Krish Sankar, TD Cowen

(接線員指示) Krish Sankar，TD Cowen

Lester, congrats on the very solid results and nice to see a $300 million plus quarter again. I just have two questions, Lester. One is, in the past, you gave some color on how to think about utilization rate across geographies. I'm wondering how is that now given the demand is improving. Can you just give some color on, like, where China, Southeast Asia, rest of geographies are in terms of utilization rate? Then I have a follow-up.

Lester，恭喜你們交出非常扎實的成績，也很高興再次看到單季超過 3 億美元。我有兩個問題，Lester。第一個是，過去你曾提供一些關於如何看待各地區產能利用率的說明。我想知道在需求改善的情況下，現在的狀況如何。你能否分享一下，例如中國、東南亞以及其他地區的產能利用率大概在什麼水準？然後我還有一個追問。

Sure. So Krish, I think China has been very high utilization rate for the last couple quarters now. So for this quarter, they are over 90%, around 92%. We're also seeing strong utilization in Korea, Japan, and Taiwan, what we call other Asia. I think Southeast Asia is still a bit soft, but they have improved a little bit. And then I think North America and Europe also has improved. So I think it's still being led by China as well as Japan, Korea, and Taiwan.

當然。Krish，我認為中國在過去幾個季度的產能利用率一直都非常高。就本季度而言，超過 90%，大約 92%。我們也看到韓國、日本與台灣（我們稱之為其他亞洲）有強勁的利用率。我認為東南亞仍稍微疲弱，但也有些許改善。另外，我認為北美與歐洲也有所改善。因此我認為目前仍是由中國，以及日本、韓國與台灣所帶動。

Got it. That's very helpful, Lester. As a quick follow-up, you know, it's nice to also see your TCB revenues growing, and you said, well over $100 million this year. I'm just wondering, I understand it's the logic vertical that's driving it. Is it actually the IDMs or the foundries, or is it OSAT being the incremental buyer this year on TCB?

了解。這很有幫助，Lester。快速追問一下，你知道，看到你們的 TCB 營收成長也很不錯，而且你提到今年會遠超過 1 億美元。我想確認一下，我理解是由邏輯（logic）垂直領域所帶動。那麼今年在 TCB 上的增量買方，實際上是 IDMs、晶圓代工廠（foundries），還是 OSAT？

I think it's all three, Krish. I mean, we've always had a very strong position in IDM, right? And over the last year and a half, we've moved into foundry. Now we see a lot of the OSATs interested, and also we're also talking to some of the fabless customers. So I think it's the growth is across OSAT, IDM, as well as the foundry.

Krish，我認為三者都有。我的意思是，我們一直在 IDM 方面有非常強的地位，對吧？而在過去一年半，我們也切入了晶圓代工廠。現在我們看到許多 OSAT 也很有興趣，同時我們也在與一些無晶圓廠（fabless）客戶洽談。所以我認為成長是來自 OSAT、IDM 以及晶圓代工廠的全面擴張。

Denis Pyatchanin, Needham & Company.

Denis Pyatchanin，Needham & Company。

It's nice to see there's a growing demand and, maybe given the improving visibility across the industry, will you be able to provide some outlook on revenue in future quarters? Do you think we can sustain these new levels that we'll be experiencing in June?

很高興看到需求正在成長，而且或許在產業能見度改善的情況下，你們是否能提供未來幾個季度營收的展望？你認為我們能否維持 6 月將會看到的這些新水準？

Yeah. Well, I think we did say that I think for the fiscal fourth quarter, we expect sequentially incremental, maybe 5% to 10%. I think we're getting much better visibility now through FY26. I think actually there should be strength throughout the business, the core business, as well as our Advanced Solutions business through the rest of the calendar '26.

是的。我想我們確實提過，對於會計年度第四季，我們預期營收將較前一季小幅增加，大約 5% 到 10%。我認為我們現在對 FY26 的能見度已經好很多。我認為其實在 2026 年剩餘的日曆年度期間，整體業務（核心業務以及先進解決方案業務）都應該會維持強勁。

Great. And for my follow-up about Fluxless thermal compression, can you maybe give us an update on which are your end markets are kind of seeing the strongest adoption of your Fluxless thermal compression technology?

很好。我的追問是關於無助焊劑熱壓縮（Fluxless thermal compression），你能否更新一下，哪些終端市場對你們的無助焊劑熱壓縮技術採用最為強勁？

Well, basically it's general semi, right? It's again, at foundries, at the IDMs. We're obviously focused on logic, even though we did deliver our first HBM system in December and it's undergoing qualification. So again, it's general semi that's driving it for end markets.

嗯，基本上是一般半導體（general semi），對吧？同樣是在晶圓代工廠與 IDMs。我們顯然聚焦在邏輯領域，儘管我們在 12 月交付了第一套 HBM 系統，目前正在進行認證。所以同樣地，終端市場主要是由一般半導體所帶動。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

Congratulations on nice results. In the press release and in your prepared comments, you talked about increasing your thermal compression bonding capacity, I think, to $400 million annually. That's probably a 2x or a 3x of total capacity.

恭喜你們有很好的成果。在新聞稿以及你們的準備發言中，你們談到要把熱壓縮鍵合（thermal compression bonding）產能提高到每年 4 億美元，我想。那大概是總產能的 2 倍或 3 倍。

I'm wondering what has triggered that investment all of a sudden. Do you have line of sight to much higher growth in fiscal or calendar '27? However you'd like to fiscal or calendar '27. You know, because I think you were planning on doing around $100 million of TCB revenue for the year at this point. So why the incremental investment now?

我想知道是什麼突然觸發了這項投資。你們是否已經看得到在 2027 會計年度或 2027 日曆年度會有更高的成長？不管你想用會計年度或日曆年度來談 2027。因為我認為你們原本規劃今年的 TCB 營收大約是 1 億美元左右。那為什麼現在要做額外的投資？

Well, that's a great question, David. I think we're investing now because we definitely see a very bright future for us in Fluxless Thermo-Compression, right? We believe we have the best system in the market, right? We have a very flexible system. We have both formic acid as well as plasma. We're the only people who have that.

David，這是個很好的問題。我認為我們現在投資，是因為我們確實看到無助焊劑熱壓縮（Fluxless Thermo-Compression）對我們而言有非常光明的未來，對吧？我們相信我們擁有市場上最好的系統，對吧？我們的系統非常有彈性。我們同時具備甲酸（formic acid）以及電漿（plasma）兩種方案。我們是唯一能做到這點的。

We also have, you know, our material handling allows for a lot of different applications. There's also a lot of flexibility. I think our [turret] system has already been proven very robust and is a proven platform, both at the IDMs as well as the foundries and now into the OSAT. I think we feel very comfortable with the solution.

我們也有，你知道，我們的物料搬運可支援許多不同的應用。同時也具備很高的彈性。我認為我們的[轉塔]系統已經被證明非常強健，是一個經過驗證的平台，無論是在IDM、晶圓代工廠，現在也延伸到OSAT。我想我們對這個解決方案感到非常有信心。

We have also gotten a lot of inbound interest, as I said earlier, now from not just the foundry and IDMs, but also the OSATs and also talking to our fabless customers, or customer's customers. So I think we believe that this is the time to be prepared for a significant ramp in our Fluxless TCB business over the coming years.

如我先前所說，我們也收到大量主動洽詢的興趣來源，不僅來自晶圓代工廠與IDM，還包括OSAT，同時也在與我們的無晶圓廠客戶，或客戶的客戶交流。因此，我們相信現在正是為未來幾年我們無助焊劑TCB業務顯著放量做好準備的時機。

Do you think you'll be taking share from somebody, or will your solutions be finding new market niches or because you have some established players in this sector that have, I think, bigger businesses. So how do you plan to fill up this capacity, so to speak? Where will the big orders come from first?

你認為你們會從某些競爭對手那裡搶到市占，還是你們的解決方案會找到新的市場利基？因為這個領域有一些既有玩家，我想他們的業務規模更大。那麼你們打算如何把這些產能「填滿」呢？第一批大額訂單會主要來自哪裡？

Well, David, I think It's both. I think we see the market expanding, right? For example, we're not in memory right now. We're not HBM. So if that market opens up for us, that's a significant, a very big market. I think within logic itself, I mean, our solution is proving to be very robust as well as it's holding up against most of the competition.

嗯，David，我想兩者都有。我認為我們看到市場正在擴大，對吧？例如，我們目前不在記憶體領域。我們不做HBM。所以如果那個市場對我們開放，那將是一個非常顯著、非常大的市場。我想在邏輯晶片本身，我們的解決方案也被證明非常強健，並且在與大多數競爭對手的比較中表現良好。

So we think we will also take market share, right? And also, we think additional customers will use start qualifying more applications on the FTC, so both at the foundry and also at the OSAT. So I think we'll both take market share, and the market will grow, and we'll enter markets that we're currently not in.

所以我們認為我們也會取得市占，對吧？此外，我們也認為更多客戶會開始在FTC上針對更多應用進行認證，無論是在晶圓代工廠端或OSAT端。因此，我想我們既會取得市占，市場也會成長，而我們也會進入目前尚未涉足的市場。

Okay. I think in your both in your pre-prepared remarks and in the presentation, you talk about strength in the memory business. Could you just elaborate what you're seeing in memory and what's behind the big bounce back, I guess, in that segment? Will we see some vertical wire revenue this year? I guess it's a two-part question.

好的。我想在你們事先準備的發言以及簡報中，你們談到記憶體業務的強勁表現。你能否再多說明一下你們在記憶體方面看到的情況，以及我想該部門大幅反彈背後的原因是什麼？今年我們會看到一些垂直導線（vertical wire）營收嗎？我想這是兩個問題。

Yeah, I'll answer the vertical wire first. I think there'll be a little bit of vertical wire, but I think that's more of a '27 and beyond play. We're very excited about that.

好的，我先回答垂直導線。我認為會有一點垂直導線，但我覺得那更像是2027年及之後的布局。我們對此非常興奮。

As I think we've mentioned before, vertical wire is something that we came up with, and it's the best way to stack, and it's focused towards low power DDR, which is definitely going to be needed on on-premise AI as well as perhaps in the data center. So we think vertical wire has a very bright future.

如同我們之前提過的，垂直導線是我們提出的概念，也是最佳的堆疊方式，主要聚焦在低功耗DDR，這在地端（on-premise）AI以及可能在資料中心都肯定會需要。因此我們認為垂直導線有非常光明的前景。

As far as memory in general, we do see a rebound in our memory business, particularly in China. I think a lot of the Chinese memory OSATs are expanding significantly, and that's really driving our business in China for ball bonding.

至於整體記憶體方面，我們確實看到記憶體業務回升，特別是在中國。我認為許多中國的記憶體OSAT正在大幅擴張，這也真正帶動了我們在中國的球焊（ball bonding）業務。

Rebecca Zamsky, B. Riley Securities.

Rebecca Zamsky，B. Riley Securities。

Hello, this is Rebecca Zamsky on for Craig Ellis. A&I was a positive surprise this quarter. Is this primarily automotive power device related, industrial sensor driven or broader mature foundry capacity adds? Does this guide assume A&I continues to accelerate through the rest of the year? I have one follow-up.

你好，我是Rebecca Zamsky，代Craig Ellis提問。本季A&I表現優於預期，是個正向驚喜。這主要是與車用功率元件相關、由工業感測器帶動，還是更廣泛的成熟製程晶圓代工產能新增所致？你們的指引是否假設A&I在今年剩餘時間會持續加速？我還有一個追問。

Sorry, I didn't Rebecca -- I'm sorry, I didn't quite catch. You said what was the application or the tool that you were asking about from us?

抱歉，我沒聽清楚，Rebecca——抱歉，我沒有完全聽到。你是在問我們哪一個應用或哪一項設備？

Yeah. Like, what was primarily driving the auto and industrial, like, positive surprise this quarter? Like, was it automotive power device related, industrial sensor driven, or more broader, like mature foundry capacity adds?

是的。我是想問，本季汽車與工業（A&I）優於預期主要是什麼在驅動？例如是車用功率元件相關、工業感測器帶動，或是更廣泛的成熟製程晶圓代工產能新增？

Okay. Well, I think it's more automotive. I think we're seeing, obviously, semiconductor content is going up in automotive, both around ADAS as well as in infotainment. Also, I think it's the high IO count, as well as, again, we need the -- as the current increases, I think our new tools are serving that market quite well. It's mainly automotive.

好的。嗯，我認為比較偏向汽車。我想我們看到，顯然汽車中的半導體含量正在上升，無論是在ADAS或車載資訊娛樂系統方面。另外，我認為也與高I/O數量有關，而且同樣地，隨著電流增加，我們的新設備能很好地服務這個市場。主要是汽車。

Great. Thank you. And OpEx declined quarter on quarter on an absolute dollar basis despite the revenue ramp. How should we think about the OpEx trajectory through the rest of the year? And is there a step up in R&D or SG&A to support the TCB capacity build and new product qualifications?

很好。謝謝。另外，儘管營收放量，你們的營業費用（OpEx）在絕對金額上仍較上一季下降。我們應該如何看待今年剩餘時間的OpEx走勢？為了支援TCB產能建置與新產品認證，研發或銷售、一般及行政（SG&A）是否會出現一個台階式上升？

Yeah. I think we guided for non-GAAP OpEx for $85 million. A big part of that increase from the Q2 OpEx is because of its variable incentive compensation as well as sales commission. That's tied to revenue, which has increased significantly.

是的。我想我們對非GAAP的OpEx指引是8,500萬美元。相較於第二季OpEx增加的很大一部分，是因為變動的激勵獎酬以及銷售佣金。這些與營收掛鉤，而營收已顯著增加。

But we are also investing more in terms of fixed costs, particularly around R&D, particularly around advanced packaging. We mentioned panel-level architecture as well as hybrid bonding, which as I indicated, we're going to try to accelerate that program. So yes, a big part of it is variable, so a move of revenue, but we are increasing our investments in what we believe is critical growth areas.

但我們也在固定成本方面加大投資，特別是在研發上，尤其是先進封裝領域。我們提到面板級架構以及混合鍵合（hybrid bonding）；如我所指出的，我們將嘗試加速該計畫。所以是的，其中很大一部分是變動項，會隨營收變動，但我們也正在增加我們在關鍵成長領域的投資。

Thank you. We reached out of our question-and-answer session. I'd like to turn the floor back over to Joe for any further closing comments.

謝謝。我們的問答環節到此結束。我想把時間交回給Joe，請他做任何進一步的結語。

Thank you, Kevin. And thank you all for joining today's call. As always, please feel free to follow-up directly with any additional questions. This concludes today's call. Have a great day, everyone.

謝謝你，Kevin。也謝謝各位參加今天的電話會議。一如既往，如有任何其他問題，歡迎直接與我們後續聯繫。今天的電話會議到此結束。祝各位有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。