Nova Ltd (NVMI) 2023 Q4 法說會逐字稿

Good day, and welcome to the Nova Limited fourth-quarter 2023 results conference call.

大家好，歡迎參加 Nova Limited 2023 年第四季業績電話會議。

(Operator instructions) Please note the event is being recorded.

（操作員說明）請注意該事件正在被記錄。

And now, I would like to turn the conference over to Miri Segal.

現在，我想將會議交給 Miri Segal。

Please go ahead.

請繼續。

Thank you, operator, and good day to everybody.

謝謝您，接線員，祝大家有美好的一天。

I would like to welcome all of you to Nova's fourth-quarter and full-year 2023 financial results conference call.

歡迎大家參加 Nova 第四季和 2023 年全年財務業績電話會議。

With us on the line today are Gaby Wiseman, President and CEO; and Dror David, CFO.

今天與我們通話的是總裁兼執行長 Gaby Wiseman；和財務長 Dror David。

Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor statement outlined in today's earnings release also pertains to this call.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，今天的收益發布中概述的安全港聲明也與本次電話會議有關。

If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

如果您尚未收到新聞稿的副本，請在公司網站的投資者關係部分查看。

Gaby will begin the call with a business update, followed by Dror with an overview of the financials.

Gaby 將首先介紹業務最新情況，然後由 Dror 概述財務狀況。

We will then open the call for the question-and-answer session.

然後我們將開始問答環節。

I'll now turn the call over to Gaby Wiseman, Nova's President and CEO.

現在我將把電話轉給 Nova 總裁兼執行長 Gaby Wiseman。

Gaby, please go ahead.

蓋比，請繼續。

Thank you, Miri, and thank you all for joining us today.

謝謝你，米里，也謝謝大家今天加入我們。

I will start the call today by summarizing our fourth-quarter and full-year performance highlights.

我將在今天的電話會議開始時總結我們第四季度和全年的業績亮點。

Following my commentary, Dror will review the quarterly and annual financial results in detail.

在我發表評論後，德羅爾將詳細審查季度和年度財務表現。

Nova delivered a robust quarter, exceeding the top end of our guidance for revenue and profit with GAAP and non-GAAP EPS, reaching an all-time high concluding the fiscal year on a higher note than initially expected.

Nova 實現了強勁的季度業績，超出了我們按照 GAAP 和非 GAAP 每股收益計算的收入和利潤指引的上限，並以高於最初預期的成績在本財年結束時達到了歷史新高。

Nova's performance remains steadfast, showcasing the strength of our diversified and agile business model.

Nova的業績依然穩健，展現了我們多元化、敏捷的業務模式的優勢。

We persist with our long-term strategic plans to solidify our position and seize new opportunities across customers, markets, and technology.

我們堅持長期策略計劃，以鞏固我們的地位並抓住客戶、市場和技術的新機會。

Nova is uniquely positioned to accelerate its market adoption in hybrid bonding as well as high-bandwidth memory and to capitalize on the transition to gate-all-around for our strong stance in advanced logic manufacturing.

Nova 具有獨特的優勢，可以加速其在混合鍵合和高頻寬記憶體領域的市場採用，並利用向全閘極的過渡，以體現我們在先進邏輯製造方面的堅定立場。

Looking forward, we witness encouraging trends across our key growth drivers that we expect to steer us to a path of growth and outperformance in 2024.

展望未來，我們看到主要成長動力出現令人鼓舞的趨勢，我們預計這些趨勢將引導我們在 2024 年走上成長和卓越表現的道路。

Our performance this quarter was driven by the continued proliferation of materials, metrology, and chemical metrology solutions across both front-end and back-end markets and the expanding adoption of optical metrology solutions among multiple DRAM customers.

我們本季的業績得益於前端和後端市場中材料、計量和化學計量解決方案的持續成長，以及多個 DRAM 客戶對光學計量解決方案的廣泛採用。

The encouraging results of the fourth quarter and fiscal year are indicative of our aptitude in addressing the myriad needs of process control in IC manufacturing.

第四季和本財年令人鼓舞的業績顯示我們有能力滿足 IC 製造流程控制的眾多需求。

This proficiency plays a key role in leveraging opportunities as evidenced by the significant expansion of our customer base.

這種熟練程度在利用機會方面發揮關鍵作用，我們客戶群的顯著擴大證明了這一點。

Our PRISM standalone optical metrology platform secured several wins with memory, logic, and hybrid bonding customers.

我們的 PRISM 獨立光學計量平台贏得了記憶體、邏輯和混合鍵合客戶的多項勝利。

Furthermore, we exit 2023 with a growing adoption of Nova's VERAFLEX XPS and XRF, ELIPSON in-line Raman, and ANCOLYZER and ANCOSCENE chemical metrology solutions.

此外，到 2023 年，我們將越來越多地採用 Nova 的 VERAFLEX XPS 和 XRF、ELIPSON 線上拉曼、ANCOLYZER 和 ANCOSCENE 化學計量解決方案。

Finally, our service business demonstrated consistent growth, reaching another annual revenue record.

最後，我們的服務業務持續成長，再創年度收入紀錄。

I want to take a minute and highlight some of the technology inflection points and industry growth drivers that we identify as the propellers of Nova's growth.

我想花一點時間強調一些我們認為是 Nova 成長推進器的技術拐點和產業成長驅動因素。

The surge in AI-related demand also drives the need for energy-efficient computing power and accelerates demand for advanced processing nodes and memory solutions from the network to the client side.

人工智慧相關需求的激增也推動了對節能運算能力的需求，並加速了從網路到客戶端對先進處理節點和記憶體解決方案的需求。

Our customers are spearheading the transition to 3D architectures that enable high-bandwidth memory and highly advanced logic-integrated circuits as well as advanced packaging solutions.

我們的客戶正在帶頭向 3D 架構過渡，以實現高頻寬記憶體和高度先進的邏輯積體電路以及先進的封裝解決方案。

These evolutions, in turn, translate into larger and more complex dies that require a growing number of wafers, a higher number of layers, and a leap in the number of process steps at a much smaller tolerance for error.

這些演變反過來又轉化為更大、更複雜的晶片，需要越來越多的晶圓、更多的層數以及製程步驟數量的飛躍，而容錯能力卻要小得多。

Manufacturers now need high-quality metrology across the entire wafer from the center to the very edge.

製造商現在需要對整個晶圓從中心到邊緣進行高品質的計量。

They must control highly complex 3D design with high aspect ratios and under layer structures.

他們必須控制具有高縱橫比和底層結構的高度複雜的 3D 設計。

They need to monitor new materials, measuring ultra-thin films, composition, and structure on the wafer and in-die.

他們需要監控新材料，測量晶圓和晶片上的超薄膜、成分和結構。

And they must solve manufacturing challenges that arise from gate-all-around transistors, 3D memory architectures, backside power delivery, hybrid bonding, and often other methods aimed at generating faster, more efficient, and more powerful device, all of which translates to a growing need for process controls.

他們必須解決由環柵電晶體、3D 記憶體架構、背面供電、混合鍵結以及旨在產生更快、更有效率和更強大裝置的其他方法所帶來的製造挑戰，所有這些都轉化為對製程控制的需求不斷增長。

Nova's achievements over the past quarter, coupled with our growth guidance for the first quarter of 2024, reflect our ability to cash in on the opportunities for a strategy of diversified growth.

Nova 在過去一個季度的成就，加上我們對 2024 年第一季的成長指引，反映了我們利用多元化成長策略機會的能力。

We built a variety of opportunities in 2023 that we expect to capitalize on in 2024.

我們在 2023 年創造了各種機會，預計在 2024 年加以利用。

Our chemical metrology division delivered on the promise, growing to a record annual revenues in 2023, fueled by the increasing demand for metrology in packaging production lines.

我們的化學計量部門兌現了承諾，在包裝生產線計量需求不斷增長的推動下，到 2023 年年收入將創下歷史新高。

Notably, in Q4, we secured several new packaging customers and received a large order from a leading global memory manufacturer.

值得注意的是，在第四季度，我們獲得了幾家新的封裝客戶，並收到了一家全球領先記憶體製造商的大訂單。

Our optical metrology expanded into hybrid bonding, high-bandwidth memory, and a related application for a dedicated optical metrology portfolio.

我們的光學計量擴展到混合鍵合、高頻寬記憶體以及專用光學計量產品組合的相關應用。

As a result, we increased our revenues from the advanced packaging domain by approximately 30% year over year.

因此，我們先進封裝領域的營收年增了約 30%。

Our portfolio addresses critical applications such as through-silicon via, essential for the successful manufacturing of AI-related devices.

我們的產品組合可滿足關鍵應用的需求，例如矽通孔，這對於成功製造人工智慧相關設備至關重要。

We have been collaborating with our customers for several years to develop these dedicated solutions.

多年來，我們一直與客戶合作開發這些專用解決方案。

We are proud to be the first to market with the industry's top five customers, having either purchased or engaged in evaluations with Nova.

我們很自豪能夠成為第一個向行業前五名客戶推出市場的公司，這些客戶要么購買了 Nova，要么參與了 Nova 的評估。

For example, the Nova PRISM has already been selected by a leading global foundry and is in evaluation process with additional leading manufacturers.

例如，Nova PRISM 已被一家全球領先的代工廠選中，並且正在與其他領先製造商進行評估。

Therefore, we expect our revenues from advanced packaging to grow significantly in 2024.

因此，我們預計先進封裝的收入將在 2024 年大幅成長。

I mentioned earlier the transition to advanced nodes.

我之前提到過向高階節點的過渡。

And here, we see our technology growth engines coming into play.

在這裡，我們看到我們的技術成長引擎正在發揮作用。

The advent of gate-all-around and advanced memory drives the need for our unique materials metrology portfolio, resulting in increased customer traction for ELIPSON and METRION and wider adoption of our VERAFLEX platform.

全門和先進記憶體的出現推動了對我們獨特的材料計量產品組合的需求，從而增加了 ELIPSON 和 METRION 的客戶吸引力，並更廣泛地採用我們的 VERAFLEX 平台。

Nova ELIPSON has been chosen as a process tool of record for advanced DRAM production by a leading global memory manufacturer who has already placed repeat orders for the tool.

Nova ELIPSON 已被一家全球領先的記憶體製造商選為先進 DRAM 生產的記錄製程工具，該製造商已經對該工具下了重複訂單。

We also expect additional evaluations with other customers later this year.

我們也預計今年稍後與其他客戶進行更多評估。

Nova METRION is also making strides.

Nova METRION 也正在取得長足進步。

We recently announced the availability of the platform second generation.

我們最近宣布推出第二代平台。

And in Q4, we received evaluation purchase orders from two of the world's leading memory manufacturers.

在第四季度，我們收到了兩家全球領先記憶體製造商的評估採購訂單。

Platform has already been adopted by three other customers, and we expect to expand our footprint by the end of this year.

該平台已被其他三個客戶採用，我們預計在今年年底前擴大我們的覆蓋範圍。

The Nova VERAFLEX platform proved that it is indeed an industry staple, lending new logic and memory customers.

Nova VERAFLEX 平台證明它確實是該行業的主流，為新的邏輯和記憶體客戶提供了支援。

In Q4, the newest generation, VERAFLEX IV, grew approximately 170% year over year and is quickly taking over from previous versions proliferating in high-volume manufacturing.

第四季度，最新一代的 VERAFLEX IV 年成長約 170%，並迅速取代先前的版本，在大量生產中激增。

VERIFLEX IV offers higher productivity and improved metrology performance that brings true measurable value and expanded application space to our customers.

VERIFLEX IV 提供更高的生產力和改進的計量性能，為我們的客戶帶來真正的可測量價值和擴展的應用空間。

Finally, our service division delivered record performance and increased the share of revenue from contract by 24%, leveraging the expansion of our installed base, which surpassed 5,400 tools and cementing its importance as one of our growth engines.

最後，我們的服務部門實現了創紀錄的業績，並將合約收入份額增加了 24%，利用我們安裝基礎的擴展（超過 5,400 個工具），鞏固了其作為我們成長引擎之一的重要性。

Beyond our focus on expanding our presence in new market segments and penetration of new technologies, we also dedicated many of our resources this year to building the infrastructure that will support our growth in 2024 and beyond.

除了專注於擴大新細分市場的影響力和新技術的滲透之外，我們今年還投入了大量資源來建立基礎設施，以支持我們在 2024 年及以後的成長。

We opened a new cleanroom in Israel.

我們在以色列開設了一個新的無塵室。

We expanded our offices in Korea to provide better support closer to our customers, and we opened an innovation center in the US.

我們擴大了在韓國的辦事處，以提供更貼近客戶的更好支持，並在美國開設了一個創新中心。

In 2024, we plan to invest in building our presence in capacity and in increasing the efficiency and agility of information systems and processes.

2024 年，我們計劃投資建立我們的能力並提高資訊系統和流程的效率和敏捷性。

We also plan to accelerate our investments in research and development in close collaboration with our customers and partners.

我們也計劃與客戶和合作夥伴密切合作，加速研發投資。

In summary of my prepared remarks, I believe that our well-established fundamentals will help us increase exposure to additional opportunities in adjacent markets and processes, new customers, and additional critical applications.

總結我準備好的發言，我相信我們完善的基本面將有助於我們增加在鄰近市場和流程、新客戶和其他關鍵應用領域的更多機會。

Our strategic priorities remain intact with continuous investment in our long-term roadmap and by partnering with our customers across all territories.

透過對長期路線圖的持續投資以及與所有地區的客戶合作，我們的策略重點保持不變。

In 2024, we expect to capitalize on the opportunities created by our enhanced market position, resume our growth trajectory, and outperformed the market.

2024年，我們預期將利用市場地位增強所創造的機會，恢復成長軌跡，並跑贏大盤。

Now, for some more detail on our financials, let me hand over the call to Dror.

現在，有關我們財務狀況的更多詳細信息，請讓我將電話轉給 Dror。

Thanks, Gaby.

謝謝，蓋比。

Good day, everyone, and thank you for joining our 2023 fourth-quarter and annual conference Call.

大家好，感謝您參加我們的 2023 年第四季和年度電話會議。

Total revenues in the fourth quarter of 2023 were $134 million, exceeding the company guidance for the fourth quarter and growing 4% quarter over quarter.

2023 年第四季的總收入為 1.34 億美元，超出了公司第四季的指導，環比成長 4%。

Product revenue distribution was approximately 65% from logic and foundry and approximately 35% from memory, similar to the previous quarter.

產品收入分佈約 65% 來自邏輯和代工，約 35% 來自記憶體，與上一季類似。

Blended gross margin reduced in the fourth quarter and came in at 55% on a GAAP basis and 57% on a non-GAAP basis.

第四季綜合毛利率下降，以 GAAP 計算為 55%，以非 GAAP 計算為 57%。

This result is at the lower end of the company non-GAAP target model of 57% to 59% and is related to quarterly record revenues from chemical metrology, which gross margins are lower than the company average.

這一結果處於該公司非 GAAP 目標模型 57% 至 59% 的下限，並且與化學計量季度創紀錄的收入有關，而化學計量的毛利率低於公司平均水平。

We expect gross margins to rebound already in the first quarter of 2024.

我們預計毛利率將在 2024 年第一季反彈。

As expected, operating expenses increased in the fourth quarter, reaching $40 million on a GAAP basis and $36 million on a non-GAAP basis.

正如預期的那樣，第四季度營運費用增加，按 GAAP 計算達到 4000 萬美元，按非 GAAP 計算達到 3,600 萬美元。

Operating margins in the fourth quarter were 25% on a GAAP basis and 30% on a non-GAAP basis at the higher end of the company's non-GAAP target model of 27% to 31%.

第四季的營業利潤率（以 GAAP 計算）為 25%，以非 GAAP 計算為 30%，位於公司非 GAAP 目標模式 27% 至 31% 的較高端。

Financial income in the quarter continued to increase due to higher yields on cash reserves totaling $7 million.

由於現金儲備收益率提高，總計 700 萬美元，本季財務收入持續成長。

As expected, the effective tax rate in the fourth quarter reduced to approximately 7% below the company's 14% to 15% model due to year-end tax adjustments and statute of limitations.

如預期，由於年底稅收調整和訴訟時效，第四季度的有效稅率降至約 7%，低於該公司 14% 至 15% 的模型。

Earnings per share in the fourth quarter exceeded the company guidance, reaching an all-time record high.

第四季每股收益超出公司指引，創歷史新高。

This outcome reflects the effective and agile business model of the company, combining a unique and differentiated product portfolio, embedding high customer value proposition, with effective and prudent operational and financial management.

這一結果反映了公司有效和敏捷的業務模式，將獨特和差異化的產品組合、嵌入高客戶價值主張以及有效和審慎的營運和財務管理相結合。

GAAP earnings per share were a record $1.20 per diluted share, and non-GAAP earnings per share were a record $1.36.

GAAP 稀釋後每股收益為創紀錄的 1.20 美元，非 GAAP 每股收益為創紀錄的 1.36 美元。

Moving on to the annual results for calendar year 2023, revenues decreased by 9% year over year, reflecting the generally lower industry investment and capacity expansions in 2023.

來看 2023 年的年度業績，營收年減 9%，反映出 2023 年產業投資和產能擴張普遍較低。

Annual product revenue distribution in 2023 was approximately 70% from logic and foundry and approximately 30% from memory similar to 2022.

與 2022 年類似，2023 年的年度產品收入分佈約為 70% 來自邏輯和代工，約 30% 來自記憶體。

Gross margins for the year came in at 57% on a GAAP basis and 59% on a non-GAAP basis at the high end of the company's target model of 57% to 59%.

以 GAAP 計算，本年度毛利率為 57%，以非 GAAP 計算，本年度毛利率為 59%，為公司目標模式 57% 至 59% 的上限。

Year over year, the company was able to increase gross margins by approximately 1% in a declining industry environment.

在產業下滑的環境下，該公司的毛利率年增了約 1%。

We believe this result is a testimony to the company's ability to deliver high customer value through a combination of technology leadership and superior cost of ownership.

我們相信這一結果證明了該公司有能力透過技術領先和卓越的擁有成本相結合來提供高客戶價值。

Operating expenses in 2023 slightly decreased year over year, reflecting the management cost containment initiatives implemented as early as the industry cycle was identified at the beginning of 2023.

2023年營運費用較去年同期略有下降，反映出早在2023年初確定產業週期時就實施的管理成本控制措施。

Operating margins for the year came in at 26% on a GAAP basis and 30% on a non-GAAP basis at the high end of the company's non-GAAP target financial model of 27% to 31%.

今年的營業利潤率（以 GAAP 基準計算）為 26%，以非 GAAP 基準計算為 30%，處於公司非 GAAP 目標財務模型 27% 至 31% 的高端。

Earnings per diluted share on an annual basis came in at $4.28 on a GAAP basis and $4.86 on a non-GAAP basis.

以 GAAP 計算，攤薄後每股收益為 4.28 美元，以非 GAAP 計算，每股攤薄收益為 4.86 美元。

During 2023, the company generated $106 million in free cash flow and presented healthy parameters related to working capital management with days sales outstanding of approximately 80 days and inventory turnovers of approximately 2 times a year.

2023 年，該公司產生了 1.06 億美元的自由現金流，並呈現與營運資金管理相關的健康參數，應收帳款天數約為 80 天，庫存週轉率約為每年 2 次。

In addition, during 2023, the company continued its infrastructure and capital investments, including a new cleanroom in Israel, which commenced manufacturing in mid-2023 and a new facility for the chemical division in Germany, which is expected to open by the end of 2024.

此外，2023年期間，該公司繼續進行基礎設施和資本投資，包括以色列的一個新無塵室，該無塵室於2023年中期開始生產，以及德國化學部門的一個新工廠，預計將於2024年底開業。

We anticipate capital investments to remain elevated throughout 2024.

我們預計 2024 年資本投資將維持在較高水準。

Finally, I would like to share the details of our guidance for the first quarter of 2024.

最後，我想分享我們 2024 年第一季指導的詳細資訊。

Currently, we expect revenues to be between $134 million and $140 million, GAAP earnings per diluted share to range from $1 to $1.12, non-GAAP earnings per diluted share to range from $1.21 to $1.33. At the midpoint of the first-quarter 2024 estimate, we anticipate the following: gross margins to increase to approximately 57% on a GAAP basis and approximately 59% on a non-GAAP basis at the higher end of the company's non-GAAP target model, operating expenses to increase to approximately $45 million on a GAAP basis and $40 million on a non-GAAP basis, financial income to be similar to that of the fourth quarter, and the tax rate to be approximately 15%.

目前，我們預計營收將在 1.34 億美元至 1.4 億美元之間，GAAP 每股攤薄收益將在 1 美元至 1.12 美元之間，非 GAAP 每股攤薄收益將在 1.21 美元至 1.33 美元之間。在 2024 年第一季預測的中點，我們預期：以 GAAP 基準計算的毛利率將增至約 57%，按非 GAAP 基準計算的毛利率將增至公司非 GAAP 目標模型高端的約 59% ，依照公認會計原則（GAAP）計算的營運費用將增至約4,500萬美元，以非公認會計原則（Non-GAAP）計算的營運費用將增至約4,000萬美元，財務收入將與第四季相似，稅率將約為15%。

With that, I will turn the call back to Gaby.

這樣，我會將電話轉回蓋比。

Gaby?

蓋比？

Thank you, Dror.

謝謝你，德羅爾。

Our prepared remarks are now concluded.

我們準備好的演講現在結束了。

We would be happy to take your questions.

我們很樂意回答您的問題。

Operator?

操作員？

(Operator instructions) Vivek Arya, Bank of America Securities.

（操作員指示）Vivek Arya，美國銀行證券公司。

Thank you for taking my question, and good to see the strong start to the year.

感謝您提出我的問題，很高興看到今年的強勁開局。

The one thing that stands out is the sharp rebound in gross margins to 59%.

引人注目的一件事是毛利率大幅反彈至 59%。

I was hoping you could help us -- first, give us a sense that can you sustain this?

我希望你能幫助我們──首先，讓我們知道你能維持下去嗎？

And then does it mean chemical metrology moves down?

那麼這是否意味著化學計量學正在下降？

Just help us kind of give a shape of how we should think about gross margin, but more importantly, how do you think it informs us about the mix of your growth drivers this year?

只是幫助我們了解應該如何考慮毛利率，但更重要的是，您認為它如何讓我們了解今年的成長動力組合？

Sure.

當然。

So obviously, we are going to increase revenues in the first quarter based on our guidance.

顯然，我們將根據我們的指導增加第一季的收入。

So it doesn't necessarily mean that chemical revenues will reduce, but definitely, the percentage of revenues will be different.

因此，這並不一定意味著化學品收入會減少，但收入的百分比肯定會有所不同。

And given the fact this portion of our business is working in the packaging arena with a little bit lower gross margins, it had some negative impact in Q4, but we do expect a rebound in Q1.

考慮到我們的這部分業務是在毛利率較低的包裝領域開展的，因此在第四季度產生了一些負面影響，但我們確實預計第一季會反彈。

In terms of the whole year, we're definitely expecting to be within the non-GAAP target model of 57% to 59%, hopefully at the higher portion of this range for the year.

就全年而言，我們肯定預計將達到 57% 至 59% 的非 GAAP 目標模型之內，並有望達到今年該範圍的較高部分。

Okay.

好的。

And then just overall on the WFE environment.

然後是 WFE 環境的整體情況。

So far, what we have heard from your peers is kind of a low- to mid-single digit growth year for WFE.

到目前為止，我們從同行那裡了解到，WFE 的成長年為中低個位數。

I was hoping, Gaby, if you could give us your sense of how you see the spending environment, especially first half versus second half and then leading edge versus trailing edge logic.

加比，我希望您能告訴我們您如何看待消費環境，尤其是上半年與下半年，然後是前沿與後沿邏輯。

I think on the last call, you mentioned you saw somewhat of a shift towards leading edge in the first half.

我想在上次通話中，您提到您在上半場看到了一些向領先優勢的轉變。

So just overall, your views on how the industry spending environment can shape up this year.

總的來說，您對今年產業支出環境如何形成的看法。

Because you're already starting the year, right, year-on-year growth.

因為你已經開始了新的一年，對，逐年增長。

And if I were to just annualize that, you would already be above, somewhat above where your peers are suggesting the industry growth environment to be.

如果我只是按年計算，您已經高於同行建議的行業成長環境。

So any color there would be very helpful.

所以任何顏色都會非常有幫助。

Thank you.

謝謝。

So it's a bit early to say, but we've seen a low- -- I would say mid-single digit WFE growth in 2024.

所以現在說還為時過早，但我們已經看到了 2024 年 WFE 的低成長——我想說的是中等個位數的成長。

Naturally, we are planning to outperform these figures, but that changes, and I think that it's very difficult to say whether it's going to be a lower number or around that number.

當然，我們計劃超越這些數字，但情況發生了變化，我認為很難說它會是一個更低的數字還是大約這個數字。

But the bottom line is that we are very confident about our plan, and we have the ability to outperform WFE in that respect.

但最重要的是，我們對我們的計劃非常有信心，我們有能力在這方面超越 WFE。

With regards to two and two advanced nodes, especially on logic, we are seeing a recovery towards, and higher investments towards the second part of 2024, so we're going to start with a higher percentage of trailing, and then it's going to probably shift towards the advanced nodes, especially on the logic and foundry side, probably towards the second part of 2024.

關於兩個和兩個高級節點，特別是在邏輯上，我們看到 2024 年下半年的復甦和更高的投資，因此我們將從更高的尾隨百分比開始，然後可能會向先進節點的轉變，特別是在邏輯和代工方面，可能會在2024 年下半年進行。

All right.

好的。

And one last one, if I may.

如果可以的話，還有最後一件事。

Just any views on spending from your customers in China.

只是您的中國客戶對支出的任何看法。

For last year, we saw very strong demand for trailing edge, right, and then later in the year, demand for DRAM, how do you see China overall from an industry perspective in terms of their WFE spending this year?

去年，我們看到對後緣的需求非常強勁，對吧，然後在今年晚些時候，對 DRAM 的需求，從行業角度來看，您如何看待中國今年的 WFE 支出？

Or what are your assumptions, flat up down?

還是你的假設是什麼，從上往下？

And within that, if you could give us some views on how you see that mix of spending shaping from your China customers.

在這之中，您是否可以向我們提供一些您如何看待中國客戶的支出組合的看法。

Thanks very much.

非常感謝。

Sure.

當然。

So we expect demand to continue into 2024.

因此我們預計需求將持續到 2024 年。

While we probably going to see increased level of investments in the West starting to kick in at the later parts, but we definitely see a very stable demand from China, and we don't expect that to change anytime soon.

雖然我們可能會看到西方的投資水準在後期開始增加，但我們肯定會看到中國的需求非常穩定，我們預計這種情況不會很快改變。

And this mix will allow us to have a more diversified revenue stream amidst the growing business outlook.

這種組合將使我們在不斷增長的業務前景中擁有更多元的收入來源。

As I said, I mentioned before, the mix between, the ratio between trailing and advanced, which also relates to China, will probably change towards the second half.

正如我之前提到的，落後和先進之間的比例，這也與中國有關，可能會在下半年發生變化。

Thanks and good luck.

謝謝，祝你好運。

Thank you.

謝謝。

(Operator instructions) Charles Shi, Needham & Company.

（操作員說明）Charles Shi，Needham & Company。

Yeah, thanks for taking my question.

是的，謝謝你回答我的問題。

So Gaby, Dror, maybe you can -- can you give some color around how to think about the quarterly progression through this year?

Gaby、Dror，也許你們可以——你們能否就如何思考今年的季度進展提供一些說明？

Because you did have this slight uptick in revenue in Q1.

因為第一季的營收確實略有上升。

Should we be expecting more or less around that level?

我們應該在這個水平附近期待更多還是更少？

Because when I look at the performance of Nova last year, there was a couple of quarters you actually reach that that's up $130 million level.

因為當我查看 Nova 去年的表現時，有幾個季度實際上達到了 1.3 億美元的水平。

I assume we're not going back there, but any color in terms of the progression would be great, a little bit beyond Q4.

我認為我們不會回到那裡，但任何進展方面的顏色都會很棒，稍微超出第四季度。

Thanks.

謝謝。

So it's difficult to give some insight at this moment towards the next quarters.

因此，目前很難對接下來的幾季給予一些見解。

But we do see potential for growth as a result of the advanced nodes investment, which is probably going to be tilted towards the second half and, obviously, the increased investments in hybrid bonding and high-bandwidth memory.

但我們確實看到了先進節點投資帶來的成長潛力，這可能會向下半年傾斜，顯然，混合鍵結和高頻寬記憶體投資也會增加。

So these kind of investment engines are definitely giving some grounds to believe that there is a potential towards the second half for higher growth.

因此，這些投資引擎肯定讓人有理由相信下半年有可能實現更高的成長。

Thanks, that's very helpful.

謝謝，這非常有幫助。

I noticed in your press release and the prepared remarks, it seems like there's something new in terms of your product option, which is the optical metrology solutions for high-bandwidth memory.

我注意到在你們的新聞稿和準備好的評論中，你們的產品選擇似乎有一些新的東西，那就是高頻寬記憶體的光學計量解決方案。

Your peer, Onto, I think they also mentioned about deploying somewhat high-end OCD tools for high-bandwidth memory application a little bit a while back.

您的同行 Onto，我想他們不久前也提到過為高頻寬記憶體應用程式部署高端 OCD 工具。

Can you kind of talk about give a little more details about this new adoption and why it happened?

您能否詳細介紹一下這種新的採用方式及其發生的原因？

What's the outlook for further adoption and any financial implications?

進一步採用的前景如何以及有何財務影響？

Thank you.

謝謝。

So we've been working with our customers in that area for the last couple of years in order to make sure that we have a unique portfolio, a customized one to address the specific needs in both hybrid bonding and high-bandwidth memory.

因此，過去幾年我們一直在該領域與客戶合作，以確保我們擁有獨特的產品組合，一種定制的產品組合，可以滿足混合鍵合和高頻寬記憶體的特定需求。

And I'm very proud to say, as I mentioned before, that we were first to market and that our optical metrology product suite, including the PRISM as well as the integrated metrology, has been adopted in both those segments.

我非常自豪地說，正如我之前提到的，我們是第一個進入市場的公司，我們的光學計量產品套件（包括 PRISM 和整合計量）已在這兩個領域中採用。

Obviously, this is a beginning, and we see a higher adoption, and we'll see a higher adoption as we continue in terms some of those evaluations that are ongoing other than the customers that already adopted the portfolio materializing for us.

顯然，這只是一個開始，我們看到了更高的採用率，並且隨著我們繼續進行一些正在進行的評估（除了已經採用該產品組合的客戶之外），我們將看到更高的採用率。

And this is definitely one of the growth engines that I alluded to in the previous answer towards the continuum of 2024.

這絕對是我在先前對 2024 年連續體的回答中提到的成長引擎之一。

Thanks, Gaby.

謝謝，蓋比。

(Operator instructions) There are no further questions at this moment, so I will turn the conference over to Gaby Waisman, President and CEO of Nova, for some closing remarks.

（操作員指示） 目前沒有其他問題，因此我將把會議轉交給 Nova 總裁兼執行長 Gaby Waisman 進行總結發言。

Thank you.

謝謝。

Thank you, operator, and thank you all for joining our call today.

謝謝接線員，也謝謝大家今天加入我們的通話。

And the conference has now concluded.

會議現已結束。

Thank you very much for attending today's presentation.

非常感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。

Enjoy the rest of your day.

享受你一天剩下的時間。