庫力索法 (KLIC) 2026 Q3 法說會逐字稿

Greetings. Welcome to Kulicke and Soffa third quarter 2026 conference call results. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Kulicke and Soffa 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Joe Elgindy, Senior Director, Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係資深總監 Joe Elgindy。謝謝。您可以開始了。

Thank you. Welcome, everyone, to Kulicke and Soffa's fiscal third 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 會計年度第三季財報電話會議。臨時執行長兼財務長 Lester Wong 也將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，而非作為替代或單獨使用。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，並包含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，今日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、可能影響我們未來業績與財務狀況的風險，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。

Thank you, Joe. Good morning, everyone. Demand continues to improve at a faster pace than previously expected and our operational teams are aggressively ramping production to support customer capacity and technology requirements. Our own capacity expansion plan here in Singapore also remain on track. This new production space will support the growth of our Advanced Solutions segment over the coming years.

謝謝你，Joe。各位早安。需求持續以快於先前預期的速度改善，我們的營運團隊正積極擴大產能，以支援客戶的產能與技術需求。我們在新加坡的自有產能擴充計畫也仍按進度推進。這個新的生產空間將在未來幾年支援我們先進解決方案（Advanced Solutions）事業部的成長。

We were able to support our customers' near-term needs by ramping our flexible production capacity and driving a 36% sequential revenue increase during the fiscal third quarter. Overall, market strength continued to be led by gene semiconductor and memory applications, although we are pleased to note that utilization rates have improved sequentially in all regions and in all end markets.

我們透過提升彈性生產產能來支援客戶的短期需求，並在會計年度第三季帶動營收季增 36%。整體而言，市場強勁仍主要由一般半導體與記憶體應用帶動；同時我們也很高興看到，各地區與各終端市場的稼動率皆較上一季提升。

Growth in artificial intelligence applications remain the driving factor behind data center expansion. This growing data center opportunity in turn drives meaningful increase in demand for both our thermal compression and wire bonding solutions.

人工智慧應用的成長仍是資料中心擴建背後的主要驅動因素。而這項不斷擴大的資料中心機會，進一步帶動我們熱壓鍵合（ThermoCompression）與打線（wire bonding）解決方案的需求顯著增加。

It is increasingly evident that most performance-oriented logic and memory applications will continue to adopt more complex heterogeneous integration approaches. Adoption of more complex assembly approaches directly benefits our current thermal compression business and steers our investments in R&D and production capacity.

愈來愈明顯的是，多數以效能為導向的邏輯與記憶體應用將持續採用更複雜的異質整合方法。更複雜的組裝方式之採用，將直接有利於我們現有的熱壓鍵合業務，並引導我們在研發與產能上的投資。

While emerging AI applications are a clear catalyst to accelerate high volume growth of our new advanced packaging and heterogeneous assembly approaches, we expect we're still in the early stages of this much longer-term technology transition. We continue to anticipate this more than more driven technology-centric transition will continue to advance semiconductor assembly and benefit K&S well beyond this current cycle.

儘管新興 AI 應用明顯是加速我們新型先進封裝與異質組裝方法高量成長的催化劑，我們預期這項更長期的技術轉型仍處於早期階段。我們仍預期，這項更由技術驅動、以技術為核心的轉型將持續推進半導體組裝的演進，並使 K&S 在本輪景氣循環之後仍能長期受惠。

In addition to the needs of most performance-oriented applications, data center expansion also requires new and increased capacity for established assembly technologies which support networking, communications, power management, and storage requirements. We estimate that the data center market relies on wire bonding technology at least as much as, if not more than, traditional semiconductor markets such as smartphones and PCs. As the leader in wire bonding technology, we are primed to support this growth.

除了多數以效能為導向應用的需求外，資料中心擴建也需要為既有的組裝技術新增並提升產能，以支援網路、通訊、電源管理與儲存等需求。我們估計，資料中心市場對打線技術的依賴程度至少與智慧型手機與 PC 等傳統半導體市場相當，甚至更高。作為打線技術的領導者，我們已準備好支援這項成長。

In addition to our involvement to support data center-related technology and capacity needs, we are also encouraged to see positive momentum continuing within the automotive and industrial markets, which has recently increased demand for our wedge products as well.

除了參與支援資料中心相關的技術與產能需求之外，我們也很受鼓舞地看到汽車與工業市場持續出現正向動能，近期也帶動對我們楔形（wedge）產品的需求增加。

During the June quarter, company revenue increased by 36.2% sequentially through focused global coordination and operation execution. While we are not immune from global supply chain constraints and macroeconomic conditions, we again exceeded expectations as we ramp production aggressively this quarter. Revenue recognized for our Advanced Solutions segment, which includes our leading Fluxless ThermoCompression solutions, has exceeded last quarter's record revenue by 20%.

在 6 月季度期間，公司營收透過聚焦的全球協調與營運執行，季增 36.2%。儘管我們無法完全免於全球供應鏈限制與總體經濟情勢影響，本季在積極擴大產能的同時，我們再次超越預期。我們先進解決方案事業部（包含領先的無助焊劑熱壓鍵合（Fluxless ThermoCompression）解決方案）所認列的營收，較上一季創紀錄的營收再增加 20%。

In addition to supporting customers' emerging production requirements, our Advanced Solutions teams remain focused on driving innovation in both panel-level and hybrid bonding platforms with a heightened emphasis on increasing our production capacity for our Advanced Solutions offerings.

除了支援客戶新興的量產需求外，我們的先進解決方案團隊仍專注於在面板級（panel-level）與混合鍵合（hybrid bonding）平台上推動創新，並更加著重於提升先進解決方案產品的產能。

We are maintaining our target of over $100 million in Advanced Solutions segment revenue for fiscal 2026 and continue to prepare for significant sequential growth in fiscal 2027. This growth is supported by performance and process readiness of our flexible highly capable ThermoCompression platform provided to customers. We remain closely engaged with a broad base of IDM, OSAT and foundry customers as heterogeneous packaging approaches become mainstream.

我們維持 2026 會計年度先進解決方案事業部營收超過 1 億美元的目標，並持續為 2027 會計年度顯著的逐季成長做準備。此成長由我們提供給客戶、具備彈性且高能力的熱壓鍵合平台之效能與製程就緒度所支撐。隨著異質封裝方法成為主流，我們仍與廣泛的 IDM、OSAT 與晶圓代工客戶保持密切合作。

While AI applications are accelerating to transition to more complex assembly today, we're still relatively early stages of this advanced packaging transition. Today, emerging packaging solutions such as FTC, vertical wire, direct copper-to-copper, hybrid and panel-based architectures will be critically necessary for a much wider array of semiconductor production over the coming years. Through our technical leadership, ongoing investment, R&D and manufacturing expansion plan, we continue to build a strong foundation that directly support these new advanced packaging approaches.

雖然 AI 應用正加速轉向更複雜的組裝方式，但我們仍處於這波先進封裝轉型的相對早期階段。展望未來幾年，FTC、垂直打線（vertical wire）、直接銅對銅（copper-to-copper）、混合（hybrid）以及面板式架構等新興封裝解決方案，將對更廣泛的半導體量產至關重要。透過我們的技術領導地位、持續投資、研發與製造擴充計畫，我們持續建立堅實基礎，以直接支援這些新的先進封裝方法。

Our capital expansion initiative here in Singapore is progressing well and remain on track. This new production space will allow us to support the growing capacity and technology needs of customers over the long term. We continue to target completion by the first fiscal half of 2027.

我們在新加坡的資本擴建計畫進展良好，並仍按進度推進。這個新的生產空間將使我們能長期支援客戶日益成長的產能與技術需求。我們仍以 2027 會計年度上半年完成為目標。

Our close engagement, technology leadership, and growing production footprint all enable us to contribute to a higher level of process value across served markets. Our wire bonding teams in both ball and wedge are also aggressively scaling production to meet strong customer demand and continue to develop and release new packaging solutions to a wide base of memory and power semiconductor customers.

我們的密切合作、技術領導力以及不斷擴大的生產據點，使我們能在所服務市場中貢獻更高層次的製程價值。我們的打線團隊（包含球形打線與楔形打線）也正積極擴大產能以滿足強勁的客戶需求，並持續為廣泛的記憶體與功率半導體客戶開發與推出新的封裝解決方案。

Turning to the end market review, general semiconductor revenue increased by 52.6% sequentially to $227.2 million, driven by higher capacity and technology requirements for both ball bonding and Advanced Solutions segment. While AI and data center has been the major driver, we are also now seeing broader-based recovery in traditional markets as well. Memory shipments increased by 8.8% sequentially to $34 million after strong sequential growth in the second fiscal quarter. Our memory business is currently focused on delivering NAND technology and capacity requirements.

接著進入終端市場回顧，一般半導體營收季增 52.6% 至 2.272 億美元，主要受球形打線與先進解決方案事業部對更高產能與技術需求所帶動。雖然 AI 與資料中心一直是主要驅動力，但我們現在也看到傳統市場出現更廣泛的復甦。在會計年度第二季強勁的季增之後，記憶體出貨季增 8.8% 至 3,400 萬美元。我們的記憶體業務目前聚焦於滿足 NAND 的技術與產能需求。

Based on our market understanding, data center is now currently the largest end application across global NAND production. Beyond NAND, our Vertical Wire team continues to work closely with memory customers as they develop new forms of stacked DRAM applications.

根據我們對市場的理解，資料中心目前已是全球 NAND 生產中最大的終端應用。除 NAND 之外，我們的垂直打線團隊持續與記憶體客戶密切合作，協助其開發新型堆疊式 DRAM 應用。

Automotive and industrial demand improved by 9% sequentially to $24.2 million after strong improvement last quarter. We continuously see robust demand for high-I/O and high volume power and mixed signal packaging, which tends to track for general semiconductor.

汽車與工業需求在上一季大幅改善後，本季再度季增 9% 至 2,420 萬美元。我們持續看到高 I/O 與高產量的功率與混合訊號封裝需求強勁，其走勢通常與一般半導體市場一致。

Additionally, during our fiscal third quarter, demand for our high current Wedge solutions also increased. Our wedge bonding suite are a critical part of our automotive and industrial offering. This market has faced industry-level headwinds for the past several years.

此外，在我們 2026 會計年度第三季期間，對我們高電流楔形（Wedge）解決方案的需求也有所增加。我們的楔形打線產品組合是我們汽車與工業產品供應中的關鍵一環。該市場在過去幾年一直面臨產業層級的逆風。

Over this time, we continue to expand our portfolio and look forward to continued recovery. We are pleased to see this sequential improvement and remain well positioned to benefit from long-term share growth in battery and plug-in hybrids, which require new power semiconductor technology and capacity requirements over the long-term.

在這段期間，我們持續擴展產品組合，並期待復甦能夠延續。我們很高興看到這樣的連續改善，且仍處於有利位置，可受惠於電池與插電式混合動力車長期的市占成長；這些應用在長期上需要新的功率半導體技術與產能需求。

Aftermarket products and services also increased sequentially due to the higher level of production across our installed base. It remains an interesting and exciting time at the company and for our industry.

由於我們已安裝基礎的整體產出水準提高，售後市場產品與服務也呈現連續成長。對公司以及我們的產業而言，這仍是一個有趣且令人振奮的時刻。

We recently celebrated K&S 75th anniversary and are proud of our legacy as a global leader and pioneer in semiconductor interconnect solutions. For three-quarters of a century, our success has been grounded in the trust and strong partnership we have developed with customers, suppliers, and business partners around the world.

我們最近慶祝了 K&S 成立 75 週年，並以我們作為半導體互連解決方案的全球領導者與先驅的傳承為榮。三個世紀四分之三以來，我們的成功奠基於與全球客戶、供應商及商業夥伴所建立的信任與緊密合作關係。

Looking ahead, we remain confident in our ability to extend our platform through ongoing investments in innovation to support the next generation of advanced packaging solutions. With that said, I will now provide a brief financial update. My remarks today will refer to GAAP results unless noted.

展望未來，我們仍對透過持續投資創新來延伸我們的平台、以支援下一代先進封裝解決方案的能力充滿信心。接下來，我將提供簡要的財務更新。除非另有說明，我今天的發言將以 GAAP 結果為準。

We again delivered revenue above guidance and continue to execute an aggressive production ramp through served markets. During the June quarter, overall revenue increased by 123% over the same period last year. Close coordination via business segments, R&D and supply chain teams remain essential to support our customers' immediate needs and also their future production requirements.

我們再次實現高於指引的營收，並持續在所服務的市場中執行積極的產能爬坡。在 6 月季度，整體營收較去年同期成長 123%。透過事業部、研發與供應鏈團隊的緊密協調，仍是支援客戶即時需求以及其未來生產需求的關鍵。

Gross margins came in at 47.8% during the third fiscal quarter and we delivered $1.07 of GAAP earnings and $1.20 of non-GAAP earnings. Total operating expense came in at $89.7 million on a GAAP basis and $82.6 million on a non-GAAP basis.

第三財季毛利率為 47.8%，我們實現 GAAP 每股盈餘 1.07 美元以及 non-GAAP 每股盈餘 1.20 美元。總營業費用在 GAAP 基礎下為 8,970 萬美元，在 non-GAAP 基礎下為 8,260 萬美元。

As explained last quarter, this sequential increase was anticipated and largely related to the increase in variable incentive compensation accruals throughout our second fiscal half. This variable expense was the primary driver, although we have also increased some fixed resources, which support our growing base of opportunities. Tax expense came in at $15.3 million, and we anticipate our effective tax rate will remain slightly above 20% over the near term.

如同上季所說明，這次的連續增加在預期之內，主要與我們第二財年下半年期間變動性激勵薪酬提列增加有關。此變動費用是主要驅動因素；此外，我們也增加了部分固定資源，以支援我們日益成長的機會基礎。所得稅費用為 1,530 萬美元，我們預期短期內有效稅率將維持在略高於 20%。

For the September quarter, revenue is expected to increase by 13.5% sequentially to $375 million with gross margins of 48%. Non-GAAP operating expenses are temporarily increasing to approximately $87.5 million. This sequential increase is temporary for the September quarter and is largely associated with the performance-oriented nature and quarterly accrual of our variable incentive compensation plan. We expect GAAP earnings per share to be $1.29 and non-GAAP earnings per share to be $1.42 for the fourth fiscal quarter.

就 9 月季度而言，預期營收將較前一季成長 13.5% 至 3.75 億美元，毛利率為 48%。non-GAAP 營業費用將暫時增加至約 8,750 萬美元。這次在 9 月季度的連續增加屬暫時性，主要與我們變動性激勵薪酬計畫的績效導向特性及按季提列有關。我們預期第四財季 GAAP 每股盈餘為 1.29 美元，non-GAAP 每股盈餘為 1.42 美元。

At this point, we remain opportunistic on both near-term and longer-term opportunities and we continue to anticipate above-average demand will continue into fiscal 2027.

在此時點，我們對短期與長期機會都保持彈性把握，並持續預期高於平均的需求將延續至 2027 財年。

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

以上為我們事先準備的發言。接線員，請開放提問。

(Operator Instructions) Krish Sankar, TD Cowen.

(接線員指示) TD Cowen 的 Krish Sankar。

Congrats on the really strong results and guidance. Lester, I had three quick questions. I'm just trying to wonder, given the strong growth in September, are you seeing it across the board like mid-teens growth for semi-memory and auto industry or is one better than the other?

恭喜你們交出非常強勁的成果與指引。Lester，我有三個簡短問題。我想了解的是，考量 9 月的強勁成長，你們是否看到各領域普遍成長，例如半導體記憶體與汽車產業都呈現約中十位數（mid-teens）的成長，還是其中一個表現更好？

Well, Krish, I think as we said, general semi and memory are leading the way. I think automotive and industrial has improved as they faced quite a lot of headwinds over the last couple of quarters, but they're picking up a little bit, but still it's generally general semi and memory that's driving the ramp.

Krish，我想如同我們所說，一般半導體與記憶體正在領先帶動。我認為汽車與工業在過去幾個季度面臨相當多逆風後已有所改善，正在回升一些，但整體而言仍是一般半導體與記憶體在推動這波爬坡。

And then I think you also mentioned in the slide that the strength is expected to last into first half of fiscal. I'm kind of curious like as you get more data center, how should you think about December and March quarter? In other words, should we see seasonality in March, or do you think there won't be seasonality this time?

另外，我想你們在投影片中也提到，強勁態勢預期會延續到財年的上半年。我有點好奇，隨著資料中心占比提高，我們應該如何看待 12 月與 3 月季度？換句話說，3 月是否會出現季節性，還是你認為這次不會有季節性？

Well, Krish, you know our business is always a little bit of seasonality in our Q1, right? Which would be our December quarter. But I think, based on what we see right now, both the utilization rates are extremely high, in China it's over 95%. End markets, both memory and general semi is around 90%. We are also seeing a lot of inbound POs, even extending into Q2. Usually, that doesn't happen for us.

Krish，你知道我們的業務在 Q1 一向會有一些季節性，對吧？也就是我們的 12 月季度。但我認為，基於我們目前看到的情況，產能利用率都非常高；在中國超過 95%。終端市場方面，記憶體與一般半導體大約在 90%。我們也看到大量新進的採購訂單（PO），甚至延伸到 Q2。通常這種情況不會發生在我們身上。

You usually don't have POs that goes out that far. And also in conversations and visits for customers, particularly in China, we are seeing them to continue to build factories. So I think based on all those factors, we feel pretty confident that the strength in the business, in the traditional business is going to continue into the first half of fiscal '27.

你通常不會看到採購訂單排到那麼遠。此外，在與客戶的對話與拜訪中，特別是在中國，我們看到他們仍在持續興建工廠。因此，基於所有這些因素，我們相當有信心，傳統業務的強勁態勢將延續到 2027 財年的上半年。

In addition, for our Advanced Solutions business, we're engaged with foundries, OSATs, and IDMs. So again, we feel pretty confident we can take advantage of a lot of those opportunities, particularly in heterogeneous integration around logic for our Fluxless TCB.

另外，就我們的先進解決方案（Advanced Solutions）業務而言，我們正與晶圓代工廠（foundries）、封測代工（OSAT）以及整合元件製造商（IDM）合作。因此，我們同樣相當有信心能把握許多機會，特別是在邏輯相關的異質整合領域，針對我們的無助焊劑 TCB（Fluxless TCB）。

Very helpful. And a quick follow up, Lester, just on the advanced solutions, the TCB business. You said like over $100 million this year, fiscal year, which is end of this quarter. If I just take what you did last quarter, analyze that kind of implies close to $120 million next year, at least 20% growth. Is that the right way to think about it, or do you think that actually accelerates next year?

非常有幫助。再追問一個簡短問題，Lester，關於先進解決方案的 TCB 業務。你提到今年（本財年，於本季結束）會超過 1 億美元。如果我用你們上季的表現來推算，似乎意味著明年接近 1.2 億美元，至少 20% 成長。這樣理解正確嗎？還是你認為明年其實會加速成長？

You mean what do I think TCB is going to do next year, Krish?

Krish，你是問我認為 TCB 明年會做到多少嗎？

Yes.

是的。

I think actually TCB will grow significantly next year, on a sequential basis. I think, as I said, for this year, we think we're going to beat $100 million. I think for FY27, I think for TCB, we are looking at somewhere in the region of $150 million to $200 million.

我認為其實 TCB 明年將會顯著成長，以逐季來看也是如此。如我所說，今年我們認為會超過 1 億美元。至於 FY27，我們對 TCB 的預期大約在 1.5 億到 2 億美元的區間。

Charles Shi, Needham & Company.

Needham & Company 的 Charles Shi。

Congrats on the nice results. I think one thing you said in the prepared remarks kind of sounds very interesting. You said the data center relies on wire bonding as much as the phones and the PCs. This is a part that I think we may have discussed this in the past, but can you kind of elaborate a little bit what kind of wire bonding packaging you are seeing the most in data center applications?

恭喜你們有不錯的成果。我覺得你在事先準備的發言中提到的一點聽起來很有意思。你說資料中心對打線（wire bonding）的依賴程度，和手機與 PC 一樣高。這部分我想我們過去可能討論過，但你能否再多說明一下，在資料中心應用中，你們最常看到的是哪一類打線封裝？

And the one thing in particular I do want to ask is, we would think there's a little bit more of the power devices there that could probably drive wedge bonding, but the wedge bonding looks like it's more still relying on the traditional industry, and you are seeing some sequential improvement, but a lot of what you consider data center demand seems to be driving ball bonding.

另外我特別想問的是，我們會認為那裡有更多功率元件，可能會帶動楔形打線（wedge bonding），但楔形打線看起來仍較依賴傳統產業；你們確實看到一些連續改善，但你們所認為的資料中心需求似乎更多是在帶動球形打線（ball bonding）。

So it's a little bit of an interesting comment there, and I wonder if you can provide a little bit more color.

所以這是一個有點有趣的說法，我想知道你是否能提供更多細節與補充說明。

Sure, Charles. So wire bonding in data center basically, in fact, more than a majority of chips in the data center is actually traditionally packaged using wire bonding. I mean, these are for applications like general infrastructure, networking, communication, power, and storage.

當然可以，Charles。所以資料中心的打線（wire bonding）基本上，事實上，資料中心裡超過多數的晶片傳統上都是採用打線封裝。我的意思是，這些用於一般基礎設施、網路、通訊、電源與儲存等應用。

And also the -- in storage, it's basically memory. And I think as I said in the remarks, we're focused on NAND for now, and 40% of the NAND market now goes through data centers. So obviously, we have exposure there as well.

另外，在儲存方面，基本上就是記憶體。而且我想如同我在致詞中提到的，我們目前聚焦在 NAND，而現在 NAND 市場有 40% 會進入資料中心。所以很顯然，我們在那裡也有曝險／布局。

As far as wedge bonder in data centers, you're correct, wedge bonding is still a little bit more focused on the automotive, the high current, but it's more ball bonder in terms of for power management in data centers.

至於資料中心的楔形鍵合機（wedge bonder），你說得沒錯，楔形鍵合仍然比較偏向車用與高電流應用，但在資料中心的電源管理方面，更多是球形鍵合機（ball bonder）。

Got it. I think you mentioned about demand, mentioned PO. You're actually starting to filling up the second fiscal quarter, if I hear you correctly, and first half of next fiscal year. I know it's kind of hard for you to project out for the entire year next year, because you don't really have the POs, but I'm sure you have customer conversations who provide you at least some high-level forecast.

了解。我想你提到了需求，也提到了採購訂單（PO）。如果我理解正確的話，你們其實已經開始把第二個會計季度，以及下一個會計年度的上半年排滿了。我知道要你們去預估明年整年很困難，因為你們並沒有真正拿到那些 PO，但我相信你們和客戶的對話至少會提供一些高層次的預測。

So can you kind of help us understand where you think next year's growth could potentially be? Especially one of the things people like to compare is where you could go in terms of how high the revenue could be next year versus the prior cycles, let's say in 2021 and '22 where you did hit that $1.5 billion per year level. Are you still thinking you're not going back to that level or maybe you could actually go back there and maybe exceed that level?

所以你能不能幫我們理解一下，你認為明年的成長可能會落在哪裡？尤其是大家常拿來比較的一點，是明年營收可能會有多高，相較於前幾個循環，例如 2021 與 2022 年，你們曾達到每年 15 億美元的水準。你們仍然認為不會回到那個水準，還是其實可能回到甚至超過那個水準？

Charles, as you said, you follow the industry for a long time. For us, visibility actually is usually not even as far out as what we have in the first half of fiscal '27. So I mean, it's very volatile. So I think it's difficult for me to kind of say what FY27 would look like as a whole.

Charles，如你所說，你追蹤這個產業很久了。對我們而言，可見度通常甚至沒有像我們現在對 2027 會計年度上半年這麼遠。所以我的意思是，這非常波動。因此我很難去說整個 FY27 會是什麼樣子。

But as I said, based on utilization rate, based on POs, based on customer conversations, we think the first half of '27 will be very strong. As far as whether we think it will go back to '21, '22 levels? I mean, those were extreme levels. That was like a global pandemic, right? And growth was around the world as people work from home and play from home.

但如我所說，根據稼動率、根據 PO、以及根據與客戶的對話，我們認為 2027 年上半年會非常強勁。至於是否會回到 2021、2022 年的水準？我的意思是，那些是極端水準。那時候是全球疫情，對吧？而且因為大家在家工作、在家娛樂，全球各地都在成長。

So that's a very high bar. I think we're pretty confident that the first half of '27 will look good. And then as we in our November call, I think we'll probably give you more color on what the second half looks like.

所以那是一個非常高的門檻。我想我們相當有信心 2027 年上半年會看起來不錯。然後在我們 11 月的電話會議上，我想我們可能會提供更多關於下半年情況的細節。

(Operator Instructions) Dave Duley, Steelhead Securities.

(接線員指示) Dave Duley，Steelhead Securities。

Lester, I was just wondering if you could help us understand what your current total capacity is for the wire and wedge bonder business. You're running at pretty high run rates here with your guidance at $375 million a quarter. Perhaps just help us understand what your total capacity is and how much you're increasing the core business capacity at this time.

Lester，我只是想請你幫我們了解一下，你們目前在線焊與楔焊（wire and wedge bonder）業務的總產能是多少。以你們指引每季 3.75 億美元來看，你們目前的運轉率相當高。也許請你協助我們了解總產能，以及你們目前正在把核心業務產能提高多少。

Thanks, Dave. Well, we actually have significantly increased the capacity for the traditional business, the wire bonding business, right? I mean, from about two quarters ago, we have now increased capacity 4x, right?

謝謝你，Dave。嗯，我們其實已經大幅提升了傳統業務、也就是打線（wire bonding）業務的產能，對吧？我的意思是，從大約兩個季度前到現在，我們已把產能提高了 4 倍，對吧？

We have a very, very flexible manufacturing model. We've been doing this for a long time. As I said in my remarks, this is our 75th anniversary. So our supply chain teams, our operations team, our logistics, as well as our engineering teams work very closely together to meet customers' near-term needs as well as more midterm demands, right?

我們有非常、非常彈性的製造模式。我們做這件事已經很久了。如我在致詞中提到的，今年是我們的 75 週年。因此我們的供應鏈團隊、營運團隊、物流，以及工程團隊都非常緊密合作，以滿足客戶的短期需求以及較中期的需求，對吧？

So again, we're very focused on not losing market share because of capacity issues. So we're pretty comfortable where we are at.

所以再次強調，我們非常專注於不要因為產能問題而流失市占率。因此我們對目前的狀況相當放心。

Would you be able to support a $400 million or $450 million kind of quarterly run rate at this point?

以目前來看，你們能支援每季 4 億美元或 4.5 億美元這樣的運轉率嗎？

Well, Dave, I don't see a $450 million run rate at this point. As I said, we don't guide you on the next quarter. But I think if we need to get -- we have supported $400 million quarters before. And if we need to, as I said, I think we're a very dynamic, flexible manufacturing model. And if we need to ramp some more, we'll do what we need to do to make sure that we take care of our customers.

嗯，Dave，我目前看不到每季 4.5 億美元的運轉率。如我所說，我們不會對下一季提供指引。但我想如果需要——我們以前曾支援過單季 4 億美元。而且如果需要，如我所說，我們的製造模式非常動態、非常彈性。如果我們需要再進一步擴產，我們會做必要的事情，確保照顧好我們的客戶。

Different topic. Could you just talk a little bit more about your investments that you're making outside the thermal compression bonding in the advanced packaging area? Like I think you've mentioned hybrid bonding in the past and then also panel level. Perhaps just talk about what your opportunities are in those two areas.

換個話題。你能不能再多談一點，除了先進封裝領域的熱壓鍵合（thermal compression bonding）之外，你們還在做哪些投資？例如我想你們過去提過混合鍵合（hybrid bonding），以及面板級（panel level）。也許談談你們在這兩個領域的機會。

Yeah, Dave, we're seeing a lot of interest in panel. From customers, both IDMs, as well as the foundry, as well as the OSATs. We are actively engaged with multiple customers on panel. I mean, obviously, panel is the future, just given the geometry. You can fit a lot more die in a rectangle than you can in a circle, so there is a lot of interest. We are investing significantly in our panel project.

好的，Dave，我們看到客戶對面板有很高的興趣。客戶包括 IDM、晶圓代工廠，以及 OSAT。我們正與多家客戶在面板方面積極合作。我的意思是，顯然面板是未來，主要是基於幾何形狀。你在長方形裡能放進的晶粒（die）比在圓形裡更多，所以大家興趣很高。我們正在對面板專案進行相當可觀的投資。

And then as far as hybrid bonding is concerned, yes, we also are in hybrid bonding. We have been pretty active. We accelerated the program over the last year. We think our hybrid bonder has some unique features that is not currently in the market. So we are planning to deliver a hybrid bonding tool to a customer in the first half of fiscal '27.

至於混合鍵合，是的，我們也有在做混合鍵合。我們一直相當積極。過去一年我們加速了這個計畫。我們認為我們的混合鍵合機具備一些目前市場上沒有的獨特特性。因此我們計畫在 2027 會計年度上半年交付一台混合鍵合設備給客戶。

And as far as the panel opportunity, just remind us exactly what you're going to do. Are you going to pick and place die and put them on the interposer or what exactly will be the application that you're focused in on there?

至於面板的機會，請再提醒我們你們具體要做什麼。你們是要做晶粒取放（pick and place）並把它們放到中介層（interposer）上，還是你們聚焦的應用到底是什麼？

Well, I think, Dave, right now we're talking to the customer and we're focusing on multiple applications at the panel level. So I think as we develop the program, we'll provide more color in our future calls.

嗯，我想，Dave，目前我們正在和客戶討論，並且在面板級聚焦於多種應用。所以我想隨著我們推進這個計畫，我們會在未來的電話會議中提供更多細節。

There are no further questions at this time. I would like to turn the conference back over to Joe for closing remarks.

目前沒有進一步的問題。我想把電話會議交回給 Joe 作結語。

Thank you, Sherry, 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，Sherry，也謝謝各位參加今天的電話會議。一如往常，如有任何其他問題，歡迎隨時直接與我們聯繫。今天的電話會議到此結束。祝各位有美好的一天。