Nova Ltd (NVMI) 2024 Q2 法說會逐字稿

Good Day, and welcome to the Nova Limited second-quarter 2024 results conference call.

美好的一天，歡迎參加 Nova Limited 2024 年第二季業績電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would like now to turn the conference over to Miri Segal, CEO of MS-IR.

我現在將會議交給 MS-IR 執行長 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 second-quarter 2024 financial results conference call.

歡迎大家參加 Nova 2024 年第二季財務業績電話會議。

With us on the line today are Gaby Waisman, President and CEO; and Guy Kizner, CFO.

今天與我們通話的是總裁兼執行長 Gaby Waisman；和財務長蓋伊·基茲納 (Guy Kizner)。

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適用於本次電話會議。

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 the business update, followed by Guy with an overview of the financials.

蓋比將首先介紹業務最新情況，然後蓋伊介紹財務狀況。

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 Waisman, Nova's President and CEO.

現在我將把電話轉給 Nova 總裁兼執行長 Gaby Waisman。

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 by summarizing our second-quarter performance highlights.

我將首先總結我們第二季的業績亮點。

Following my commentary, Guy Kizner, Nova's Chief Financial Officer, will review the quarterly financial results in detail.

在我的評論之後，Nova 財務長 Guy Kizner 將詳細審查季度財務表現。

Nova delivered an exceptionally strong quarter, exceeding the high end of the guidance in revenue and profit with record results across the board.

Nova 的季度表現異常強勁，營收和利潤超出了指導上限，全面創紀錄的業績。

Our performance was propelled by our exposure across geographies, customers, and technology nodes, and manifested throughout Nova's dimensional materials and chemical metrology portfolio.

我們的業績得益於我們跨地域、客戶和技術節點的曝光，並在 Nova 的尺寸材料和化學計量產品組合中得到體現。

Our revenue grew 11% sequentially and 28% year-over-year, and profitability set another unprecedented record.

我們的營收季增 11%，年增 28%，獲利能力又創下了前所未有的紀錄。

Furthermore, our overall cash reserves reached record levels at approximately $760 million.

此外，我們的整體現金儲備達到約 7.6 億美元的創紀錄水平。

The strong momentum and the outstanding performance results from our consistent execution.

強勁的勢頭和優異的業績源自於我們始終如一的執行力。

These results also attests to our ability to leverage market opportunities while relying on our flexible operational model to maximize the benefits.

這些結果也證明了我們有能力利用市場機會，同時依靠靈活的營運模式來實現利益最大化。

Looking at the broader picture, the first half of 2024 revenue came just under $300 million, 17% higher than the same period last year, a significantly higher rate than current forecast for wafer fab equipment.

從更廣泛的角度來看，2024 年上半年營收略低於 3 億美元，比去年同期成長 17%，明顯高於目前對晶圓廠設備的預測。

Given our third quarter guidance, we remain confident in our ability to outperform the market.

鑑於我們的第三季指引，我們仍然對跑贏市場的能力充滿信心。

Going forward, we see a steady increase in demand for leading-edge nodes, including gate-all-around and advanced packaging-related processes, led by customers in Taiwan, Korea, and the US.

展望未來，我們看到對領先節點的需求穩定成長，包括全閘極和先進封裝相關工藝，以台灣、韓國和美國的客戶為主導。

The upside to our performance this quarter is threefold.

本季我們的業績有三倍的提升。

First, the Nova PRISM 2 platform's strong performance resulted from a faster-than-expected adoption rate in advanced packaging and gate-all-around processes.

首先，Nova PRISM 2 平台的強勁性能源自於先進封裝和環柵製程的採用率快於預期。

Second, our chemical metrology division delivered record results, driven by increasing demand for our solutions in high bandwidth memory, packaging and front-end-of-line logic processes.

其次，我們的化學計量部門取得了創紀錄的成果，這得益於我們在高頻寬記憶體、封裝和前端邏輯流程方面的解決方案日益增長的需求。

Finally, our service business grew 19% year-over-year by leveraging the increasing utilization rates to secure contract based and value-added services sales, rounding up the contribution for this stellar quarter.

最後，我們的服務業務利用不斷提高的利用率來確保基於合約和增值服務的銷售，從而實現了本季度的貢獻，同比增長了 19%。

While these revenue streams stand out, our performance relies on the broad diversity of our portfolio and market presence, with multiple new customers in all product divisions.

雖然這些收入來源很突出，但我們的業績依賴於我們產品組合和市場存在的廣泛多樣性，以及所有產品部門的多個新客戶。

A company's inherent ability to succeed in our industry's dynamic nature stems from having a myriad of revenue streams that complement and compensate through ebb and flow.

公司在行業的動態本質中取得成功的內在能力源於擁有無數的收入來源，這些收入來源可以透過潮起潮落進行補充和補償。

Nova has built this solid foundation through deep partnerships with our customers, flexible operations and unwavering dedication of our teams.

Nova 透過與客戶的深入合作、靈活的營運以及團隊堅定不移的奉獻精神，奠定了堅實的基礎。

It makes us confident that we can leverage every opportunity and address any challenge to thrive on our journey and realize our long-term strategic plan.

這讓我們充滿信心，能夠利用每一個機遇，應對任何挑戰，在我們的旅程中蓬勃發展，實現我們的長期策略計畫。

Artificial intelligence is reshaping our digital world and expediting the implementation of scaling agents in integrated circuits to boost performance and power efficiency which are at the core of enabling large language models through training and inference stages.

人工智慧正在重塑我們的數位世界，並加速在積體電路中實施縮放代理，以提高效能和能效，這是透過訓練和推理階段實現大型語言模型的核心。

Scaling is manifested in more complex designs through three avenues, dimensions, materials and advanced packaging.

規模化透過尺寸、材料和先進封裝這三個途徑體現在更複雜的設計中。

It is also manifested in the size of manufactured dies and in the number of dies required in solutions such as high bandwidth memory.

它還體現在製造的晶片尺寸以及高頻寬記憶體等解決方案所需的晶片數量。

These developments profoundly impact our industry in the number of the wafers needed to supply demand and in the yield ratio, you must obtain to secure profitability with a lower number of dies per wafer.

這些發展對我們的行業產生了深遠的影響，包括滿足需求所需的晶圓數量和成品率，您必須以更少的每晶圓晶片數量來確保獲利能力。

Couple that with the growing complexity of architecture and materials and you have the growth drivers of process control in the coming years.

再加上架構和材料日益複雜，未來幾年製程控制將成為成長動力。

We can already see these trends echoed in Nova's portfolio and performance.

我們已經可以看到這些趨勢在 Nova 的產品組合和績效中得到體現。

There are multiple indications that our differentiated portfolio is well structured to meet our customer needs and address their challenges.

多種跡象表明，我們的差異化產品組合結構良好，能夠滿足客戶需求並應對他們的挑戰。

The surge in demand for advanced nodes and the entry of gate-all-around based architecture drives sales of our most advanced critical dimensions and materials solutions.

對先進節點的需求激增以及基於全閘極架構的進入推動了我們最先進的關鍵尺寸和材料解決方案的銷售。

I mentioned PRISM 2 earlier is a great example of the rapid adoption of our solutions by the manufacturers already engaged in gate-all-around production.

我之前提到 PRISM 2 是已經從事全柵生產的製造商迅速採用我們的解決方案的一個很好的例子。

This quarter, we recognized revenue for multiple PRISM 2 tools.

本季度，我們確認了多種 PRISM 2 工具的收入。

Demand is also consistently high for our advanced integrated metrology and XPS material metrology platforms.

對我們先進的整合計量和 XPS 材料計量平台的需求也始終很高。

We are engaged with all customers developing gate-all-around production lines, and we estimate the transition will add 20% to 30% to the number of metrology steps.

我們正在與所有客戶合作開發全柵生產線，我們估計這一轉變將增加 20% 到 30% 的計量步驟數。

By the end of 2026, we see an opportunity of $500 million in gate-all-around, including adoption of our new technologies.

到 2026 年底，我們將看到 5 億美元的全面機遇，其中包括採用我們的新技術。

The demand for metrology is not limited to gate-all-around processes, and we also see equipment deliveries driven by the demand for process control in FinFET advanced nodes.

對計量的需求不僅限於環柵工藝，我們還看到 FinFET 先進節點的製程控制需求推動了設備交付。

Nova had a record booking of VeraFlex XPS platforms this quarter, of which over 40% resulted from capacity growth in such nodes.

Nova 本季的 VeraFlex XPS 平台預訂量創歷史新高，其中超過 40% 的訂單來自此類節點的容量成長。

Advanced packaging is a revenue accelerant with significant revenue and booking in chemical and dimensional metrology.

先進封裝是一種收入促進劑，在化學和尺寸計量領域具有可觀的收入和預訂。

Approximately half of PRISM 2 record bookings stem from advanced packaging processes, such as Through-Silicon Via, where PRISM has a unique advantage in filtering information from specific underlayers.

大約一半的 PRISM 2 記錄預訂源自先進的封裝工藝，例如矽通孔 (Through-Silicon Via)，其中 PRISM 在從特定底層過濾資訊方面具有獨特的優勢。

The platform is also under evaluation in one of the world's leading foundries alongside our integrated and chemical metrology platform.

該平台與我們的整合化學計量平台一起也在世界領先的鑄造廠之一接受評估。

There is a clear use case of front-end tools at the back end of advanced nodes, and we were early to respond by creating a dedicated portfolio to address this need.

先進節點的後端有一個明確的前端工具案例，我們很早就做出了回應，創建了專用的產品組合來滿足這一需求。

I want to summarize my prepared notes by saying that looking into the second half of 2024, we see a robust and diversified booking and a potential upside across all three divisions.

我想總結我準備好的筆記，展望 2024 年下半年，我們看到了強勁且多元化的預訂，以及所有三個部門的潛在上升空間。

We see encouraging indicators -- so the industry is moving into a growth cycle with strength coming primarily from logic across nodes.

我們看到了令人鼓舞的指標——因此該行業正在進入一個成長週期，其力量主要來自於跨節點的邏輯。

We remain vigilant for changes in the market conditions, and confident in our ability to deliver on our promise to outperform the market.

我們對市場狀況的變化保持警惕，並對我們兌現跑贏市場的承諾的能力充滿信心。

Now for more details on the financials, let me hand over the call to Guy.

現在，有關財務狀況的更多詳細信息，請讓我將電話轉交給蓋伊。

Thanks, Gaby.

謝謝，蓋比。

Good day, everyone, and thank you for joining our 2024 second quarter conference call.

大家好，感謝您參加我們的 2024 年第二季電話會議。

I'm excited to address you today as duly appointed Chief Financial Officer of Nova.

我很高興今天能夠以 Nova 正式任命的財務長的身份向大家發表演說。

It has been a privilege to be part of this incredible organization, and I look forward to continuing to contribute to our success in this role.

能夠成為這個令人難以置信的組織的一員是我的榮幸，我期待著繼續為我們的成功做出貢獻。

Now let's review the financial and business highlights for the quarter.

現在讓我們回顧一下本季的財務和業務亮點。

Total revenues in the second quarter of 2024 reached a record level of $156.9 million, exceeding the company guidance for the second quarter, reflecting growth of 11% quarter-over-quarter and 28% year-over-year.

2024 年第二季的總收入達到創紀錄的 1.569 億美元，超出了該公司第二季度的指導，環比增長 11%，同比增長 28%。

This strong performance was driven by high demand for our product and faster-than-anticipated acceptance processes by our customers.

這種強勁的業績得益於對我們產品的高需求以及客戶比預期更快的驗收流程。

Product revenue distribution was approximately 75% from logic and foundry and approximately 25% from memory.

產品收入分配約 75% 來自邏輯和代工，約 25% 來自記憶體。

Product revenue includes four customers and four territories that contributed each 10% or more to product revenues, reflecting the company's diversified position across regions and customers.

產品收入包括四個客戶和四個地區，各佔產品收入的 10% 或以上，反映了公司在跨地區和客戶方面的多元化地位。

Blended gross margin in the second quarter were 59% on a GAAP basis and 61% on a non-GAAP basis, topping the company target model of 57% to 59%.

第二季的綜合毛利率（以 GAAP 計算）為 59%，以非 GAAP 計算為 61%，高於公司 57% 至 59% 的目標模型。

The high gross margin in the quarter was attributed to favorable product mix, coupled with higher revenue volume growth.

本季的高毛利率歸因於有利的產品組合以及較高的收入成長。

We expect growth -- we expect gross margin to gradually normalize in the coming quarter, aligning with the high end of the company target model on an annual basis.

我們預計成長 - 我們預計毛利率將在下個季度逐漸正常化，與公司年度目標模型的高端保持一致。

As expected, operating expense increased in the second quarter and came in at $47 million on a GAAP basis and $42.3 million on a non-GAAP basis.

正如預期的那樣，第二季度營運費用有所增加，按 GAAP 計算為 4,700 萬美元，按非 GAAP 計算為 4,230 萬美元。

Operating margins in the second quarter were 29% on a GAAP basis and 34% on a non-GAAP basis, exceeding the high end of the company target model of 27% to 31%.

第二季的營業利潤率（以 GAAP 計算）為 29%，以非 GAAP 計算為 34%，超出了公司目標模式 27% 至 31% 的上限。

This excellent result was driven by a healthy quarter gross margins and the company's robust operational model.

這一出色的業績得益於健康的季度毛利率和公司穩健的營運模式。

Financial income in the quarter remained elevated following higher yields on cash reserves and came in at $8.4 million.

由於現金儲備收益率上升，本季財務收入維持較高水平，達到 840 萬美元。

The effective tax rate in the second quarter was approximately 16%.

第二季的有效稅率約為16%。

Earnings per share in the second quarter on a GAAP basis were $1.41 per diluted share, and earnings per share on a non-GAAP basis were $1.61 per diluted share, exceeding the high end of our second quarter guidance, reflecting a record for the third consecutive quarter.

Earnings per share in the second quarter on a GAAP basis were $1.41 per diluted share, and earnings per share on a non-GAAP basis were $1.61 per diluted share, exceeding the high end of our second quarter guidance, reflecting a record for the third consecutive四分之一.

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

最後，我想分享我們 2024 年第三季指導的詳細資訊。

Currently, we expect revenue for the quarter to be between $168 million and $176 million.

目前，我們預計該季度的營收將在 1.68 億美元至 1.76 億美元之間。

GAAP earnings per diluted share to range from $1.39 to $1.52. Non-GAAP earnings per diluted share to range from $1.60 to $1.73. At the midpoint of our third quarter 2024 estimates, we anticipate the following: gross margin of approximately 56% on GAAP basis and approximately 58% on a non-GAAP basis.

GAAP 攤薄後每股收益範圍為 1.39 美元至 1.52 美元。非 GAAP 每股攤薄收益範圍為 1.60 美元至 1.73 美元。在我們對 2024 年第三季預測的中點，我們預期如下：以 GAAP 基準計算的毛利率約為 56%，以非 GAAP 基準計算的毛利率約為 58%。

Operating expense on a GAAP basis to increase to approximately $50 million and on a non-GAAP basis to increase to approximately $45 million.

以 GAAP 計算的營運費用將增加至約 5,000 萬美元，以非 GAAP 計算的營運費用將增至約 4,500 萬美元。

Financial income to remain similar to the second quarter and effective tax rate is expected to be approximately 14%.

財務收入與第二季持平，有效稅率預計約為 14%。

Before I conclude my remarks, I would like to note the following: during the first half of 2024, the company generated a record free cash flow of $115 million or 38% of revenue that grew company cash reserve to approximately $759 million at the end of the second quarter of 2024.

在結束發言之前，我想指出以下幾點：2024 年上半年，公司創造了創紀錄的1.15 億美元自由現金流，佔營收的38%，使公司現金儲備在2024 年底增加至約7.59 億美元。

This healthy cash level provides the required flexibility to pursue organic and non-organic business development activities towards executing the company's $1 billion strategic plan.

這種健康的現金水準提供了進行有機和非有機業務開發活動所需的靈活性，以執行該公司 10 億美元的策略計劃。

With that, we will be pleased to take your questions.

因此，我們將很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions) Blayne Curtis, Jefferies.

（操作員指示）Blayne Curtis，Jefferies。

And great results.

並取得了很好的成果。

Maybe you could just walk through, a few people have seen some lumpiness in memory.

也許你可以只是走過去，有幾個人在記憶中看到了一些凹凸不平的東西。

It was down a bit.

有點下降了。

Can you maybe just talk through that?

你能談談這個嗎？

And then in your outlook, the commentary on bookings sound pretty balanced.

然後，在您看來，有關預訂的評論聽起來相當平衡。

So I'm just kind of curious the outlook for the memory segment to recover in the second half?

所以我只是好奇下半年內存領域復甦的前景如何？

Yes.

是的。

So thank you for the comment and question, Blayne.

謝謝你的評論和問題，布萊恩。

So this quarter, logic was up.

所以這個季度，邏輯就起來了。

We see a significant ramp in that request, and that's reducing, of course, the overall share of memory.

我們看到該請求顯著增加，當然，這減少了記憶體的整體份額。

Last quarter, we also had some two large DRAM orders that shifted it out a bit.

上個季度，我們還有兩筆大型 DRAM 訂單，將其稍微轉移了一些。

But in H2, we expect at least in the third quarter, and overall, we expect memory to maintain a level of approximately 25% and that's mostly because of the fact that we see high demand coming from logic and advanced packaging, which is obviously increasing the ratio of that pot.

但在下半年，我們預計至少在第三季度，總體而言，我們預計記憶體將保持在25% 左右的水平，這主要是因為我們看到來自邏輯和先進封裝的高需求，而且這種需求明顯在增加該鍋子的比例。

Thanks so much.

非常感謝。

And then I wanted to ask on the gross margin.

然後我想問毛利率。

You've been above the range for a couple of quarters.

您已經有幾個季度高於該範圍了。

It drops back in.

它又掉回去了。

Can you just remind me the drivers in terms of the mix?

可以提醒我一下車手們的混合狀況嗎？

And is this more about new products?

這更多的是關於新產品嗎？

Or is it end market mix?

還是終端市場組合？

Like what's the driver for the margin to go back into the range?

就像利潤率回到範圍內的驅動因素是什麼？

Yes.

是的。

So regarding the gross margin, there are a couple of factors to that.

因此，關於毛利率，有幾個因素。

Given the fact that we have a diversified product portfolio with different gross margin profiles such as software and new products, and the fact that our product ASP ratio to quarterly revenue is relatively high, we have a high sensitivity for product mix within the quarter.

鑑於我們擁有軟體、新產品等毛利率不同的多元化產品組合，以及我們的產品平均售價佔季度收入的比例相對較高，因此我們對季度內的產品組合具有較高的敏感性。

And the environment such as we saw in this quarter, higher revenues and faster acceptances from customers than anticipated, we have in such fluctuation.

我們在本季看到的環境，比預期更高的收入和更快的客戶接受度，我們處於這樣的波動之中。

For the third quarter, as revenue increasing, we are less sensitive for specific deals.

第三季度，隨著營收的增加，我們對具體交易的敏感度降低。

And we believe at this point that our gross margin will be 58% plus/minus 1% in the third quarter.

我們目前認為第三季的毛利率將為 58% 正負 1%。

And as we mentioned on the annual basis to be within the high end of our target model of 59%.

正如我們所提到的，每年的成長率都在我們目標模型 59% 的高端範圍內。

Thanks a lot.

多謝。

The next question comes from Vivek Arya from Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

This is [Doug San] on behalf of Vivek.

我是 [Doug San] 代表 Vivek。

Congrats on the nice results and guide.

祝賀您取得了良好的結果和指導。

My question is, do you think this level of strong guide in Q3 is sustainable?

我的問題是，您認為第三季的這種強勁指導水平是否可持續？

And I'm curious if you saw any type of pull in from any customers from any geographies in both quarters?

我很好奇您是否看到這兩個季度來自任何地區的任何客戶的任何類型的吸引？

So obviously -- thank you for the question, Doug San.

顯然，謝謝你的提問，Doug San。

We don't provide the outlook for the fourth quarter yet, but we do expect it to be as strong as the third quarter.

我們尚未提供第四季度的前景，但我們確實預計第四季將與第三季一樣強勁。

In terms of geographies, as we indicated, we saw strong business coming from Korea, Taiwan, and the US.

就地理而言，正如我們所指出的，我們看到來自韓國、台灣和美國的強勁業務。

Got it.

知道了。

And then -- just based on your current manufacturing footprint, is it sustainable and enough to get to your $1 billion model?

然後，僅根據您當前的製造足跡，它是否可持續且足以實現您的 10 億美元模型？

Or do you have to constantly feed into the CapEx?

或者您必須不斷投入資本支出？

Yes.

是的。

So we -- as part of the strategic plan that we introduced in 2022, we have invested in the facilities in order to support this -- our $1 billion plan.

因此，作為 2022 年推出的戰略計劃的一部分，我們對設施進行了投資，以支持我們的 10 億美元計劃。

So we invested in our facilities -- production facilities in Israel in Germany and in US.

因此，我們投資了我們的設施——以色列、德國和美國的生產設施。

And by the end of this year, practically, we will have enough capacity to support the $1 billion plan.

實際上，到今年年底，我們將有足夠的能力來支持 10 億美元的計畫。

Got it.

知道了。

If I may just have one more.

如果我還能再擁有一張就好了。

Recently, there was a large US-based I guess, IDM/Foundry that cut CapEx significantly.

最近，我猜有一家位於美國的大型 IDM/Foundry 大幅削減了資本支出。

I assume most of that is tied to leading-edge and packaging sort of your bread and butter.

我認為其中大部分與你的麵包和黃油的前沿和包裝有關。

So I'm curious if that impacted your outlook in any way?

所以我很好奇這是否對您的看法產生了任何影響？

And do you see this as more idiosyncratic or is it a sign of kind of pressure across the industry?

您是否認為這更為特殊，或者這是整個行業面臨某種壓力的跡象？

Thank you so much.

太感謝了。

So we expect the focus to accordingly to the statements to continue to be on the five nodes and four-year plan that they have.

因此，我們預計重點將繼續集中在他們的五個節點和四年計劃上。

And they also spoke about accelerating production of AI-related chips.

他們也談到了加速人工智慧相關晶片的生產。

And in both cases, this works in favor of Nova.

在這兩種情況下，這都有利於 Nova。

All in all, I think that this is not reflecting a cross industry phenomenon.

總而言之，我認為這並不能反映出跨產業的現象。

Got it.

知道了。

Thank you.

謝謝。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

I want to ask a question about China.

我想問一個關於中國的問題。

Last year, China was 36% of the total revenue.

去年，中國市場佔總收入的36%。

What's the outlook for 2024?

2024 年的前景如何？

Do you think that China is going to maintain or -- at a similar level or actually a little bit higher this year, given the China WFE seems to be running a little bit stronger than many of us thought?

鑑於中國 WFE 的表現似乎比我們許多人想像的要強一些，您認為中國今年會維持或 - 類似的水平或實際上略高一些嗎？

Yes.

是的。

So we still see a robust demand throughout this year and some projects already scheduled for the next one.

因此，我們今年仍然看到強勁的需求，並且一些項目已經安排在明年。

And this year is expected to be a bit higher than last year in terms of the overall share.

而且今年整體份額預計會比去年有所提高。

Got it.

知道了。

Do you -- some -- I mean some of your peers were seeing China contribution to -- may have peaked in Q1 and slightly trending down throughout the year.

你們——我的意思是你們的一些同行看到中國的貢獻——可能在第一季達到頂峰，並在全年略有下降。

But some of other peers see the opposite, they actually see second half being higher than first half.

但其他一些同行的看法恰恰相反，他們實際上認為下半年高於上半年。

What's the view from Nova?

Nova 的景色如何？

So we see the ratio declining and the second half as leading-edge nodes pick up the pace.

因此，我們看到該比率下降，下半年領先節點加快步伐。

Got it.

知道了。

Maybe another question about advanced packaging.

也許還有一個關於先進封裝的問題。

I think you previously mentioned advanced packaging could grow 50% year-on-year from last year.

我想你之前提到先進封裝可能比去年增長50%。

And maybe the contribution back then, you thought it's going to be 15%, but your top line actually goes up a lot.

也許當時的貢獻，你認為會是 15%，但你的收入實際上上升了很多。

And I wonder if any of these two numbers have changed.

我想知道這兩個數字是否發生了變化。

So the current booking forecast indicated packaging product revenue will be at least 15% of the company's product revenue this year.

因此，目前的預訂預測表明，今年包裝產品收入將至少占公司產品收入的15%。

As we've discussed last time as well, so this is in line with our projections last quarter.

正如我們上次討論的那樣，這與我們上季度的預測一致。

Thanks, Gabby.

謝謝，加比。

Vedvati Shrotre, Evercore ISI.

Vedvati Shrotre，Evercore ISI。

One thing I wanted to -- I know you don't provide these details on a kind of an annual basis.

我想要做的一件事是——我知道你們不會每年提供這些詳細資訊。

But given the strong bookings you're seeing, could you give us a sense of how the product revenues are splitting out dimensional versus materials versus chemicals?

但考慮到您所看到的強勁預訂，您能否讓我們了解一下產品收入如何按尺寸、材料和化學品進行劃分？

So overall, I would split it with your permission, Vedvati, a bit different.

所以總的來說，我會在你允許的情況下將其分開，Vedvati，有點不同。

I would say that our revenue coming from unique solutions will be around 40% this year.

我想說，今年我們來自獨特解決方案的收入將達到 40% 左右。

So if we're looking at the new tools that the material metrology, et cetera, we'll see about 40% of revenue coming out of that space.

因此，如果我們專注於材料計量等領域的新工具，我們將看到大約 40% 的收入來自該領域。

Got it.

知道了。

And on the packaging side, how does the packaging revenue sort of split, could -- logic versus HPM or even chemical metrology versus the dimension of these.

在包裝方面，包裝收入如何分配——邏輯與 HPM，甚至化學計量與尺寸。

Sure.

當然。

So chemical metrology is about -- about half of our packaging -- advanced -- packaging and advanced packaging revenue.

因此，化學計量大約占我們先進封裝和先進封裝收入的一半。

And interestingly enough, on the PRISM side, which is a [DMD] stand-alone OCD product, about half of the booking is for advanced packaging and high-bandwidth memory.

有趣的是，在 PRISM 方面，這是一種 [DMD] 獨立的 OCD 產品，大約一半的預訂是用於高級封裝和高頻寬記憶體。

Okay.

好的。

That's a big increase.

這是一個很大的成長。

I think last time it was 90% was kind of chemicals and now you're seeing a lot more PRISM bookings.

我認為上次 90% 是化學品，現在您會看到更多的 PRISM 預訂。

I'm not sure last time -- yes, sorry, go ahead.

上次我不確定——是的，抱歉，繼續吧。

Sorry, yes, go ahead.

抱歉，是的，請繼續。

You were seeing.

你正在看到。

Yes.

是的。

I'm not sure we indicated 90% last time, but we definitely see, as you mentioned, an increase in the portion of DMD in that mix.

我不確定上次我們是否表示了 90%，但正如您所提到的，我們確實看到該混合物中 DMD 的比例有所增加。

Right.

正確的。

As a follow-up, so you characterize revenue opportunity of $500 million for gate-all-around in 2026.

作為後續行動，您描述了 2026 年 5 億美元的收入機會。

Could you give us a sense of the puts and takes?

您能為我們介紹一下看跌期權和索取期權嗎？

Like is this the revenue opportunity for Nova?

這是 Nova 的收入機會嗎？

What share do you expect to capture here?

您希望在這裡獲得什麼份額？

What's the target you set?

你設定的目標是什麼？

Anything here would be helpful.

這裡的任何事情都會有幫助。

Yeah.

是的。

So we definitely see gate-all-around as a major opportunity for us.

因此，我們肯定將全網視為我們的一個重大機會。

We see 20% to 30% increase in metrology steps, including backside power delivery compared to advanced FinFET.

與先進的 FinFET 相比，我們發現計量步驟增加了 20% 至 30%，包括背面功率傳輸。

We are engaged with all the gate-all-around manufacturers, and we already have multiple orders across our portfolio for delivery later this year.

我們與所有全能製造商合作，我們的產品組合中已經有多個訂​​單將於今年稍後交付。

And the next one, including multiple valuations for additional tools, including our new technologies.

下一個包括對其他工具的多重估值，包括我們的新技術。

We see obviously that increasing in terms of opportunities and business in '25 and '26.

我們明顯看到 25 年和 26 年的機會和業務都在增加。

So it evolves.

所以它進化了。

And overall, we see it as a $500 million aggregate sales opportunity by the end of '26 from that transition to gate-all-around, which is coming, of course, from all of our divisions.

總體而言，我們認為到 26 年底，從向全面門的過渡將帶來 5 億美元的總銷售機會，當然，這來自我們所有的部門。

All right.

好的。

Thank you.

謝謝。

Mark Miller, Benchmark Company.

馬克·米勒，基準公司。

I just want to congratulate you on another strong quarter.

我只想祝賀您又一個強勁的季度。

In terms of the memory sales, you seem to be doing better than a number of semi firms.

就記憶體銷售而言，你們似乎比一些半成品公司做得更好。

I'm just wondering what percent of the memories for sales?

我只是想知道銷售的記憶百分比是多少？

Is it over 50% of member sales are being driven by high bandwidth memory?

超過 50% 的會員銷售額是否由高頻寬記憶體驅動？

Thank you for the kind comments, Mark.

感謝您的友好評論，馬克。

We saw overall about 30%.

我們總體看到大約 30%。

If we look at Q1 and Q2 and look at H1, we see a share of about 30% coming out of memory.

如果我們查看 Q1 和 Q2 並查看 H1，我們會看到大約 30% 的份額來自記憶體。

And in the second half, we expect it to maintain a level of about 25%, and that's, of course, because of the ratio and the fact that we see higher demand coming from logic and advanced packaging.

在下半年，我們預計它將保持在 25% 左右的水平，當然，這是因為這個比例以及我們看到來自邏輯和先進封裝的更高需求。

In terms of the high-bandwidth memory, that's part of the advanced packaging, 15% product revenue ratio that I indicated before.

至於高頻寬內存，那是先進封裝的一部分，我之前說過15%的產品營收比例。

But yes, we do see a relative stronger, I would say, demand for memory.

但是，是的，我們確實看到了對記憶體的相對強勁的需求。

Okay.

好的。

You talked about PRISM -- record results for PRISM and also VeraFlex, how did ELIPSON during the quarter in terms of ELIPSON sales?

您談到了 PRISM——PRISM 和 VeraFlex 創下了業績記錄，ELIPSON 在本季的銷售情況如何？

Sure.

當然。

So in the second quarter, we saw revenue from both leading memory and foundry customers.

因此，在第二季度，我們看到了來自領先記憶體和代工客戶的收入。

We do have evaluations with leading foundries, and we were selected by Tier 1 manufacturers already from two of those and from leading foundries as well.

我們確實與領先的代工廠進行了評估，並且我們已經被其中兩家以及領先代工廠的一級製造商選中。

We have repeat buys and it also became the PDR for DRAM manufacturing by the world's leading memory customer.

我們有重複購買，它也成為全球領先記憶體客戶用於 DRAM 製造的 PDR。

So overall, we do see good traction for the ELIPSON.

總的來說，我們確實看到了 ELIPSON 的良好吸引力。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Gaby Waisman for any closing remarks.

我想將會議轉回由蓋比·韋斯曼先生發表閉幕詞。

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。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。