Nova Ltd (NVMI) 2024 Q3 法說會逐字稿

Good day, and thank you for waiting.

美好的一天，感謝您的等待。

Welcome to the Nova Ltd. third-quarter 2024 results conference call.

歡迎參加 Nova Ltd. 2024 年第三季業績電話會議。

(Operator Instructions) Please note that today's event is being recorded.

（操作員說明）請注意，今天的活動正在錄製中。

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

我現在想將會議轉交給 MS-IR 的 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 third-quarter 2024 financial results conference call.

歡迎大家參加 Nova 2024 年第三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, I would like to 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 a 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.

謝謝你，米里，也謝謝大家加入我們。

I will start the call today by summarizing our third-quarter performance highlights.

我將在今天的電話會議開始時總結我們第三季的業績亮點。

Following my commentary, Guy will review the quarterly financial results in detail.

在我的評論之後，蓋伊將詳細審查季度財務表現。

Nova delivered another record quarter, exceeding the high end of the guidance in revenue and profitability with robust performance across all our product lines and in multiple territories.

Nova 的季度業績再創歷史新高，營收和獲利能力超出了指導上限，我們所有產品線和多個地區均表現強勁。

Our revenue result represents approximately 39% growth year-over-year, and our recurring high profitability outcome reflects the efficiency embedded in our operational model.

我們的營收年增約 39%，我們持續的高獲利能力反映了我們營運模式的效率。

Our performance is driven by the record sales of our materials metrology solutions, record sales to advanced packaging processes and the increased demand for our advanced dimensional portfolio.

我們的業績是由我們的材料計量解決方案的創紀錄銷售、先進封裝工藝的創紀錄銷售以及對我們先進尺寸產品組合不斷增長的需求所推動的。

Given our guidance for the fourth quarter, we expect our annual revenues to grow approximately 28% year-over-year at the midpoint, outperforming the anticipated wafer fab equipment growth in 2024.

根據我們對第四季度的指導，我們預計年收入中點將年增約 28%，超過 2024 年晶圓廠設備成長的預期。

As we now have more clarity on our performance in 2024, I want to share some thoughts on next year.

由於我們現在對 2024 年的表現有了更清晰的了解，我想分享一些對明年的想法。

We see robust demand from leading-edge manufacturing, including advanced packaging and expect it to manifest in our 2025 performance.

我們看到包括先進封裝在內的前沿製造業的強勁需求，並預計這一點將在我們 2025 年的業績中得到體現。

Nova benefits from long-term trends driving the need for semiconductors and the substantial investment in wafer fabrication equipment.

Nova 受益於推動半導體需求的長期趨勢以及對晶圓製造設備的大量投資。

We persist with our long-term strategy and are confident in executing our plans.

我們堅持我們的長期策略，並對執行我們的計劃充滿信心。

We expect WFE growth in 2025 to be higher than this year, and we also anticipate it will be another growth year for Nova.

我們預計 2025 年 WFE 的成長將高於今年，我們也預計這將是 Nova 的另一個成長年。

Our positive outlook stems from the distinct growth in leading-edge demand to support capacity and the pilot lines for gate-all-around processors, which drive an increasing share of advanced node processes out of our total product sales.

我們的積極前景源於支持產能的前沿需求的顯著增長以及全柵極處理器的試驗線，這推動了先進節點工藝在我們總產品銷售中所佔份額的不斷增加。

We are also encouraged by the fact that robust broad-scale demand for AI seems to reflect actual workloads and increased CapEx spending by end customers.

我們也感到鼓舞的是，對人工智慧的強勁廣泛需求似乎反映了最終客戶的實際工作負載和資本支出增加。

This demand and the growing use of AI in multiple industries drive investments in advanced logic and memory nodes and advanced packaging, which are the critical enablers of both large language model training and inferences.

這種需求以及人工智慧在多個行業中不斷增長的使用推動了對先進邏輯和儲存節點以及先進封裝的投資，這些是大型語言模型訓練和推理的關鍵推動因素。

The rapid growth of artificial intelligence increases the intricacy of chip architectures and brings forth complex and challenging process steps.

人工智慧的快速發展增加了晶片架構的複雜性，並帶來了複雜且具挑戰性的製程步驟。

These steps are derived from the transition to gate-all-around and advanced packaging and include hybrid bonding with wafer edge metrology, through silicon vias and redistribution layers.

這些步驟源自於向環柵和先進封裝的過渡，包括透過矽通孔和重新分佈層與晶圓邊緣計量進行混合鍵結。

These techniques help achieve higher bandwidth, lower latency, lower power and higher yield.

這些技術有助於實現更高的頻寬、更低的延遲、更低的功耗和更高的產量。

They also require much tighter process control on smaller, denser interconnects and toll highly complex multilayered structures.

它們還需要對更小、更密集的互連和高度複雜的多層結構進行更嚴格的製程控制。

They fuel a growing need for innovative metrology, capable of solving numerous new structures and material applications.

它們推動了對創新計量不斷增長的需求，能夠解決眾多新結構和材料應用的問題。

Multiple evaluations and selections manifest the demand for our advanced portfolio by leading customers across territories, and we continue to invest significant resources in developing our advanced metrology portfolio to introduce new platforms and technologies and capitalize on the various emerging opportunities driven by these trends.

多項評估和選擇顯示了跨地區領先客戶對我們先進產品組合的需求，我們將繼續投入大量資源來開發我們的先進計量產品組合，以引入新的平台和技術，並利用這些趨勢驅動的各種新興機會。

I want to highlight some additional components that contributed to our performance in the third quarter.

我想強調一些對我們第三季業績做出貢獻的其他因素。

First, our materials metrology portfolio delivered record revenue with geographically diverse revenues from Korea, the US and Taiwan as the most significant contributors.

首先，我們的材料計量產品組合創造了創紀錄的收入，其中來自韓國、美國和台灣的不同地區的收入是最重要的貢獻者。

We qualified our latest XPS model, the VeraFlex IV platform with another leading memory customer and received multiple orders directly tied to building memory capacity for AI-related devices.

我們透過另一家領先的記憶體客戶對我們最新的 XPS 模型 VeraFlex IV 平台進行了認證，並收到了與為人工智慧相關設備建立記憶體容量直接相關的多個訂單。

We also shipped multiple high-volume manufacturing tools for advanced nodes production at a leading logic manufacturer and expect additional order from this customer to support gate-all-around manufacturing.

我們還向一家領先的邏輯製造商提供了用於先進節點生產的多種大批量製造工具，並期望該客戶提供更多訂單以支援全柵製造。

The VeraFlex IV offers a unique value in its capacity to solve specific highly complex applications in advanced nodes in logic and memory production.

VeraFlex IV 具有獨特的價值，能夠解決邏輯和記憶體生產中先進節點中特定的高度複雜的應用。

Nova's unique experience in this domain generates high demand and rapid adoption.

Nova 在該領域的獨特經驗產生了高需求和快速採用。

Second, our revenues from sales of advanced packaging applications have reached new heights, fueled by demand for our dimensional and chemical metrology solutions in foundry and memory.

其次，在鑄造和記憶體領域對我們的尺寸和化學計量解決方案的需求的推動下，我們先進封裝應用的銷售收入達到了新的高度。

We have several ongoing evaluations with a leading logic customer, which we expect will mature into adoption in 2025.

我們正在與一家領先的邏輯客戶進行多項評估，預計將在 2025 年成熟並採用。

We also expect a record year for our chemical metrology division, which continues to deliver outstanding performance with a revenue growth rate of high double digits.

我們也預計我們的化學計量部門將迎來創紀錄的一年，該部門將繼續以兩位數的高收入成長率提供出色的業績。

And third, we're encouraged by the strong performance of stand-alone optical CD solutions driven by demand for advanced nodes processes coming from multiple territories.

第三，在多個地區對先進節點製程的需求推動下，獨立光碟解決方案的強勁性能令我們感到鼓舞。

As shared in a press release during the quarter, one of the world's leading logic manufacturers recently qualified the Prism 2 to solve backside power delivery applications in front-end processes.

正如本季度新聞稿中所分享的那樣，全球領先的邏輯製造商之一最近對 Prism 2 進行了認證，以解決前端工藝中的背面電力傳輸應用。

The selection has already yielded an order for multiple tools and sets another milestone in Nova's rapid market share growth in stand-alone optical CD solutions.

此次選擇已經獲得了多種工具的訂單，並為 Nova 在獨立光碟解決方案市場份額的快速增長中樹立了另一個里程碑。

This follows another selection by a leading memory customer and recurring orders by other major foundry and memory customers, all for the most advanced process nodes.

在此之前，一家領先的記憶體客戶再次選擇了該產品，而其他主要代工廠和記憶體客戶也重複訂購了這些產品，所有這些都適用於最先進的製程節點。

The Nova Prism platform using its unique spectral interferometry technology and applying proprietary machine learning algorithms has a proven advantage in addressing these new challenges and providing manufacturers with the relevant insights to support successful production.

Nova Prism 平台採用其獨特的光譜干涉測量技術並應用專有的機器學習演算法，在應對這些新挑戰並為製造商提供相關見解以支援成功生產方面具有經過驗證的優勢。

This is also an excellent example of how AI is an integral part of our unique offering to our customers.

這也是一個很好的例子，說明人工智慧如何成為我們為客戶提供的獨特產品的一個組成部分。

Our consistent performance driven by our unique portfolio, expanding market presence and ability to identify and address evolving opportunities supports our confidence in remaining on track with our long-term strategic goals.

我們獨特的產品組合、不斷擴大的市場影響力以及識別和應對不斷變化的機會的能力推動了我們始終如一的業績，這支持了我們繼續實現長期戰略目標的信心。

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

有關財務狀況的更多詳細信息，請讓我將電話轉給蓋伊。

Thanks, Gaby.

謝謝，蓋比。

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

大家好，感謝您參加我們的 2024 年第三季電話會議。

I will begin by reviewing our financial achievements for the third quarter of 2024 and then provide guidance on the fourth quarter.

我將首先回顧我們 2024 年第三季的財務業績，然後提供第四季度的指導。

The total revenues in the third quarter of 2024 reached a record level of $179 million, marking the second consecutive quarter of record-breaking results.

2024年第三季總營收達到創紀錄的1.79億美元，標誌著連續第二季破紀錄的表現。

This performance exceeded the company's guidance for the quarter, reflecting a growth of 14% quarter-over-quarter and 39% year-over-year.

這一業績超出了該公司本季的指導，環比增長 14%，同比增長 39%。

This achievement is a testament to the strength of our core offerings as well as our ability to capture and respond to the continued demand in the market.

這項成就證明了我們核心產品的實力以及我們捕捉和回應市場持續需求的能力。

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 revenues included four customers and four territories, which contributed each 10% or more to product revenues, underscoring the company's well-balanced and diversified reach across markets 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，突顯了該公司在市場和客戶方面的均衡和多元化影響力。

In the third quarter, blended gross margin aligned with our guidance, achieving 57% on a GAAP basis and 58% on a non-GAAP basis, well within our target model range of 57% to 59%.

第三季度，混合毛利率與我們的指引一致，以 GAAP 計算為 57%，以非 GAAP 計算為 58%，完全在我們 57% 至 59% 的目標模型範圍內。

Operating expenses increases to $52 million on a GAAP basis and $47.5 million on a non-GAAP basis.

以 GAAP 計算，營運費用增加至 5,200 萬美元，以非 GAAP 計算，營運費用增加至 4,750 萬美元。

As we use top line growth to invest in R&D for long-term opportunities and in ongoing strategic evaluations to capture market potential, qualifying our unique technologies and positioning our solution as the tools of choice for strategic customers.

當我們利用營收成長來投資研發以獲得長期機會並進行持續的策略評估以捕捉市場潛力時，我們將驗證我們獨特的技術並將我們的解決方案定位為策略客戶的首選工具。

Operating margin in the third quarter reached 28% on a GAAP basis and 32% on a non-GAAP basis, surpassing the upper range of our target model of 27% to 31%.

第三季的營業利潤率（以 GAAP 計算）達到 28%，以非 GAAP 計算為 32%，超過了我們目標模型 27% 至 31% 的上限。

The effective tax rate in the third quarter was approximately 15%.

第三季的有效稅率約為15%。

Earnings per share in the third quarter on a GAAP basis were $1.60 per diluted share and earnings per share on a non-GAAP basis were $1.74 per diluted share, exceeding the high end of our third-quarter guidance, reflecting a fourth consecutive quarter of record results.

第三季以 GAAP 計算的攤薄每股收益為 1.60 美元，以非 GAAP 計算的每股攤薄收益為 1.74 美元，超出了我們第三季指引的上限，連續第四個季度創下歷史新高結果。

This achievement highlights the strength of our business strategy and the growing impact of our solutions in driving value for our customers and stakeholders alike.

這項成就凸顯了我們業務策略的優勢以及我們的解決方案在為客戶和利害關係人創造價值方面日益增長的影響力。

Turning to the balance sheet.

轉向資產負債表。

We ended the third quarter with $810 million in cash, cash equivalents, bank deposits and marketable securities.

第三季末，我們擁有 8.1 億美元的現金、現金等價物、銀行存款和有價證券。

Our free cash flow for the third quarter reached $43 million, highlighting our strong cash-generating capability.

第三季我們的自由現金流達到4,300萬美元，凸顯了我們強大的現金產生能力。

This solid cash position allows us to confidently invest in R&D and strategic growth while providing the flexibility to pursue M&A and capitalize on market opportunities that align with our growth objectives.

這種堅實的現金狀況使我們能夠自信地投資於研發和策略成長，同時提供靈活性來進行併購並利用符合我們成長目標的市場機會。

Next, I would like to outline our guidance for the fourth quarter of 2024.

接下來，我想概述我們對 2024 年第四季的指導。

We currently expect revenues for the quarter to be between $181 million and $191 million.

我們目前預計該季度的營收將在 1.81 億美元至 1.91 億美元之間。

GAAP earnings per diluted share to range from $1.51 to $1.70. Non-GAAP earnings per diluted share to range from $1.72 to $1.91.

GAAP 攤薄後每股收益範圍為 1.51 美元至 1.70 美元。非 GAAP 每股攤薄收益範圍為 1.72 美元至 1.91 美元。

At the midpoint of our fourth quarter 2024 estimates, we anticipate the following: gross margin of approximately 57% on a GAAP basis and approximately 58% on a non-GAAP basis.

在我們對 2024 年第四季預測的中點，我們預期如下：以 GAAP 計算的毛利率約為 57%，以非 GAAP 計算的毛利率約為 58%。

Operating expenses on a GAAP basis to increase to approximately $55 million operating expenses on a non-GAAP basis to increase to approximately $50 million.

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

Financial income to remain similar to that of the third quarter.

財務收入與第三季持平。

Effective tax rate is expected to be approximately 14%.

有效稅率預計約為14%。

Before I conclude my remarks, I would like to note that based on the midpoint of our fourth-quarter guidance, we expect to close 2024 with record high revenues, achieving an impressive annual growth of 28%.

在結束發言之前，我想指出，根據我們第四季度指導的中位數，我們預計 2024 年收入將創歷史新高，實現 28% 的令人印象深刻的年增長率。

Our non-GAAP profitability outlook for 2024 remains strong with blended non-GAAP gross margin around 60% and non-GAAP operating margin at 32%, positioned 1% above our target model.

我們對 2024 年非 GAAP 獲利前景依然強勁，綜合非 GAAP 毛利率約為 60%，非 GAAP 營業利潤率為 32%，比我們的目標模式高出 1%。

With that, we will please to take your questions.

那麼，我們將很高興回答您的問題。

Operator?

操作員？

(Operator Instructions) Atif Malik, Citi.

（操作員指示）Atif Malik，花旗銀行。

Gaby, I have a question on gate-all-around.

蓋比，我有一個關於環門的問題。

If you can provide a little bit more color.

如果你能提供更多一點的顏色。

I believe in the past you guys have talked about accumulated sales of about $500 million by the end of 2026 for gate-all-around.

我相信過去你們談到到 2026 年底，Gate-all-around 的累計銷售額約為 5 億美元。

If you can just talk about how do you see the difference between 3-nanometer versus 2-nanometer demand into next year?

您能談談您如何看待明年 3 奈米與 2 奈米需求的差異嗎？

And then just the diversification of that gate-all-around pipeline.

然後是全方位管道的多樣化。

Sure.

當然。

Thank you very much for the question and comment.

非常感謝您的提問和評論。

So with regards to the -- to those advanced nodes, at the moment, the majority of the revenue is not yet driven by gate-all-around, and we definitely expect this to ramp next year.

因此，對於那些先進的節點來說，目前大部分收入還不是由環閘驅動的，我們肯定預計明年這筆收入將會增加。

While saying that, you also relate to the fact that we gave last quarter an estimation of about $500 million in aggregated revenue from gate-all-around by the end of 2026.

在這麼說的同時，您也提到了這樣一個事實：我們上季預計到 2026 年底，Gate-all-around 的總收入約為 5 億美元。

And this estimate has not materially changed for us at this moment.

目前，這項估計對我們來說還沒有重大變化。

I can also share that we definitely see our portfolio very strongly present from gate-all-around.

我還可以分享的是，我們確實看到我們的投資組合在各個方面都表現得非常強烈。

It's already been selected or is being evaluated by all of those gate-all-around manufacturer.

它已經被所有這些全能製造商選擇或正在評估。

And as we mentioned last time, it adds about 30% to the number of process steps required to produce a wafer with growing complexity of processes, and we see that as a significant opportunity for Nova.

正如我們上次提到的，生產晶圓所需的製程步驟數量增加了約 30%，而且製程複雜性不斷增加，我們認為這對 Nova 來說是一個重要的機會。

We can also address the fact that we see additional new opportunities and increasing demand all across our advanced technology portfolio and definitely in gate-all-around, which we expect to ramp next year.

我們還可以解決這樣一個事實：我們在我們的先進技術產品組合中看到了更多的新機會和不斷增長的需求，而且肯定是在全面的領域，我們預計明年將會增加。

And then a question on China.

然後是關於中國的問題。

If you can talk about what you're seeing for domestic China demand September, December quarter into next year.

您能談談您對明年 9 月、12 月季度至明年中國國內需求的看法嗎？

Your peers have talked about China sales coming down as a percentage of total sales as well as on an absolute basis.

你們的同業已經談到中國銷售額佔總銷售額的百分比以及絕對值都在下降。

So if you could just help us out what you're seeing in China?

那麼您能幫我們了解一下您在中國看到的情況嗎？

So we see continued demand and robust business in China also entering 2025.

因此，我們預計 2025 年中國的需求將持續成長，業務也將強勁。

And generally speaking, the share of China out of our product sales is similar to our peers.

整體而言，中國在我們產品銷售中所佔的份額與我們的同行相似。

Charles Shi, Needham.

查爾斯·施，李約瑟。

Gaby, Guy, maybe the first question, a little bit looking into next year.

蓋比、蓋伊，也許是第一個問題，有點展望明年。

I think you previously talked about the high confidence to outperform WFE into next year.

我想您之前談到了明年超越 WFE 的高度信心。

One of the things we do observe over the course of the last 90 days was that the WFE consensus estimate has actually come down quite a bit.

我們在過去 90 天中觀察到的一件事是，WFE 共識估計實際上下降了很多。

Probably a quarter ago, most of the people probably were expecting mid-teens kind of WFE growth for next year, but now probably getting into like high single digits.

大概一個季度前，大多數人可能預計明年的 WFE 將成長為十幾歲左右，但現在可能會達到高個位數。

Assuming that you're still going to have some outperformance in terms of overall revenue growth, were you still expecting somewhere in the range of high teens, maybe 20% growth for next year or maybe that number also comes down a bit given the overall WFE maybe not -- the consensus growth number seems to have come down quite a bit?

假設您在整體收入成長方面仍然會表現出色，您是否仍然期望明年的增長在十幾歲左右，也許是 20%，或者考慮到整體 WFE，這個數字也可能會略有下降也許不是——共識增長數字似乎下降了不少？

So all I can say in that respect is that historically, we model Nova outperformance in WFE at the ratio of 1.5 and we definitely see it going forward.

因此，在這方面我只能說，從歷史上看，我們以 1.5 的比率對 Nova 在 WFE 中的表現進行建模，並且我們肯定會看到它的未來。

It's a bit difficult to see right now or to anticipate the actual WFE growth of next year, but we can definitely say at this point of time that it's going to be higher than the WFE growth in 2024.

現在很難看到或預測明年 WFE 的實際成長，但我們現在可以肯定地說，它將高於 2024 年的 WFE 成長。

Got it.

知道了。

Maybe the other question.

也許是另一個問題。

I do want to touch upon China a little bit.

我確實想談談中國。

You mentioned that your overall China contribution is similar to your peers, but your peers do have a slightly wider range right now where depending on what they do, like, for example, in process control peer, the large cap process control peers still going to see more than 40% of the revenue coming from China.

您提到，您在中國的整體貢獻與您的同行相似，但您的同行現在確實有一個稍微更廣泛的範圍，具體取決於他們所做的事情，例如，在流程控制同行中，大型流程控制同行仍會超過40%的收入來自中國。

But the process peers like Lam, possibly Applied Materials, the numbers actually for this year is probably more like in the 30s.

但像 Lam 這樣的工藝同行，可能是應用材料公司，今年的實際數字可能更像是 30 多歲。

So with respect to your peers, where do you land?

那麼，相對於你的同齡人，你的立場在哪裡呢？

Where is your China exposure going to land for 2024?

2024 年您在中國的投資將走向何方？

So we still have the fourth quarter to end and give us the final number for the year.

因此，我們還有第四季結束的時間，才能給出今年的最終數字。

What I can say is that within -- we are within the range of those peers and that the growing share of advanced nodes revenue in our portfolio is going to increase next year.

我能說的是，我們處於這些同行的範圍之內，並且先進節點收入在我們投資組合中所佔的份額明年將會增加。

If I may, maybe one last question.

如果可以的話，也許我想問最後一個問題。

I think previously, you did talk about product penetration at the US.

我想之前您確實談到了美國的產品滲透率。

IDM making good -- very good progress, but the significant revenue probably more tied to their gate-all-around nodes, which may be coming up next year.

IDM 取得了良好的進展——非常好的進展，但重要的收入可能更多地與其全閘極節點相關，這可能會在明年出現。

So I wonder if you have any thoughts on that particular customer, because there has been a good amount of pretty negative headlines associated with the leading US logic IDM customer.

所以我想知道您對這個特定客戶是否有什麼想法，因為有大量與美國領先的邏輯 IDM 客戶相關的相當負面的頭條新聞。

Any qualitative thoughts would be very helpful.

任何定性的想法都會非常有幫助。

So I can't address to a specific customer.

所以我無法針對特定客戶。

What I can say is that we're working very closely with all gate-all-around customers globally.

我能說的是，我們正在與全球所有全方位客戶密切合作。

As I mentioned, we don't see a major change in orders, evaluations and plans going forward.

正如我所提到的，我們認為未來的訂單、評估和計劃不會發生重大變化。

And I doubt that there will be in terms of the focus of advanced nodes as being strategically important for the success of all these manufacturers.

我懷疑先進節點的關注對於所有這些製造商的成功具有戰略重要性。

Another thing that I can also mention in that respect because we mentioned the technologies, and this is obviously the most important thing is that I'll give you an example of the METRION platform, the in-line SIMS.

在這方面我還可以提到的另一件事是因為我們提到了技術，這顯然是最重要的事情是我將為您提供 METRION 平台的範例，即內嵌 SIMS。

And by the end of this year, this platform, which enables dopant concentration, contamination and thickness measurements will be evaluated with the leading memory -- with three leading memory and logic manufacturers.

到今年年底，這個支援摻雜劑濃度、污染和厚度測量的平台將透過領先的記憶體（三個領先的記憶體和邏輯製造商）進行評估。

And we believe that this is really going to revolutionize the fab ability to perform statistical process control for such measurements in line.

我們相信，這確實會徹底改變晶圓廠對此類測量進行統計製程控制的能力。

And we are seeing recurring revenue for our Raman tool as well for major customers.

我們看到拉曼工具以及主要客戶的經常性收入。

So this also gives us a very strong confidence of our ability to continue and support those gate-all-around manufacturers in the future.

所以這也讓我們對未來繼續支持這些全能製造商的能力充滿信心。

Vedvati Shrotre, Evercore ISI.

Vedvati Shrotre，Evercore ISI。

So the first one I had was -- so on the foundry/logic side, we understand the inflection with gate-all-around.

所以我的第一個是－所以在代工/邏輯方面，我們理解環柵的變化。

Can you highlight the inflections or the investments that are going on in the memory space, which benefit you?

您能否強調一下記憶體領域正在發生的對您有利的變化或投資？

So in the memory space right now, we see a demand from DRAM.

因此，目前在記憶體領域，我們看到了來自 DRAM 的需求。

And within this DRAM growth, we see also strong demand from high-bandwidth memory, which is about 30% of our advanced packaging business.

在 DRAM 的成長中，我們也看到了高頻寬記憶體的強勁需求，約占我們先進封裝業務的 30%。

We see regarding memory, some moderate growth, mainly fueled by DRAM capacity building related to AI devices.

我們看到記憶體方面出現了一些溫和的成長，主要是由與人工智慧設備相關的 DRAM 產能建設所推動的。

One -- a few of our VeraFlex IV platforms have been dedicated to that -- these kind of processes.

其中之一——我們的一些 VeraFlex IV 平台一直致力於此類流程。

And we believe that DRAM demand should grow more in the first half of next year.

我們認為明年上半年 DRAM 需求應該會成長更多。

And NAND, we'll probably see some growth and recovery around the second half of next year.

至於 NAND，我們可能會在明年下半年看到一些成長和復甦。

Is there any activity on the flash side or the NAND side that you were not responsible?

快閃記憶體端或 NAND 端是否有任何您不負責的活動？

There's obviously activity, and we expect it to grow even more in the second half of next year.

顯然存在活動，我們預計明年下半年活動將會成長更多。

But definitely, we see activity and momentum in that area as well.

但毫無疑問，我們也看到了該領域的活動和動力。

Got it.

知道了。

So the other question I wanted to ask was on your pipeline to getting your revenue potential to $500 million by 2026 for gate-all-around nodes.

因此，我想問的另一個問題是，到 2026 年，您的全環節點收入潛力將達到 5 億美元。

We're seeing that your -- there are foundry/logic customers who are facing issues with gate-all-around.

我們發現您的代工廠/邏輯客戶面臨全選通問題。

Has there been any change in the conversations you have been having with the customers in terms of just how that trajectory looks going into next year and then maybe the following year?

您與客戶的對話在明年乃至下一年的發展軌跡方面是否有任何變化？

Could you repeat the last part of the question?

你能重複問題的最後部分嗎？

The trajectory of how you get to that aggregate $500 million?

達到 5 億美元總額的軌跡是怎麼樣的？

Does that change given that you're seeing some issues on the gate-all-around front by the customers?

鑑於您發現客戶在全方位方面存在一些問題，這種情況是否會改變？

No change, and our position remains strong, and we're confident in reaching that number by the end of 2026.

沒有變化，我們的地位仍然穩固，我們有信心在 2026 年底前達到這個數字。

Understood.

明白了。

And on China -- the last question I had was on China.

關於中國——我的最後一個問題是關於中國的。

It's -- so all the large cap semi-cap equipment have been kind of lowering their China exposure going into 2025.

因此，進入 2025 年，所有大型半盤股設備都在某種程度上降低了在中國的風險敞口。

ASML got it down to 20%.

ASML 將其降至 20%。

Lam and KLA are roughly around 30% for next year.

Lam 和 KLA 明年的比例約為 30% 左右。

How are you thinking of that exposure to China into 2025?

您如何看待 2025 年之前對中國的投資？

And do you see any moderation in the demand on the trailing node foundry logic side?

您是否認為尾隨節點代工邏輯的需求有所緩和？

So at this moment, we see continued demand and very robust business in China also entering 2025.

因此，目前，我們看到中國的需求持續成長，業務也非常強勁，進入 2025 年。

Obviously, as a result of the faster growth in advanced nodes, we'll see some moderation in the overall share of China out of our overall business out of the overall product sales, but we still see the continued demand.

顯然，由於先進節點的更快成長，我們將看到中國在我們整體業務和整體產品銷售中的整體份額有所放緩，但我們仍然看到持續的需求。

And this does conclude our question-and-answer session.

我們的問答環節到此結束。

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

現在，我想將會議轉回由 Gaby Waisman 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, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。