Nova Ltd (NVMI) 2024 Q4 法說會逐字稿

Good day and welcome to the Nova Limited 4th quarter and full year 2024 results conference call.

大家好，歡迎參加 Nova Limited 2024 年第四季和全年業績電話會議。

(Operator Instructions)

（操作員指令）

Please note this event is being recorded.

請注意，該事件正在被記錄。

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

現在，我想將會議交給 MS-IR 執行長 Miri Segal。

Please go ahead.

請繼續。

Thank you, operator and good day to everybody.

謝謝接線員，祝大家有個愉快的一天。

I would like to welcome all of you to Nova's 4th quarter and full year 2024 financial results conference call.

歡迎大家參加 Nova 2024 年第四季和全年財務業績電話會議。

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；以及財務長 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，今天的收益報告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.

如果您尚未收到該新聞稿的副本，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.

Gaby 將在電話會議上首先介紹業務更新情況，隨後 Guy 將概述財務狀況。

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 Waisman, Nova's President and CEO.

現在我將電話轉給 Nova 總裁兼執行長 Gaby Waisman。

Gaby, please go ahead.

加比，請說。

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

謝謝你，Miri，也謝謝大家今天的到來。

I will start the call by summarizing our 4th quarter and full year performance highlights.

我將在電話會議上首先總結我們第四季和全年的業績亮點。

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

在我的評論之後，蓋伊將詳細回顧季度和年度財務結果。

Nova ended the fiscal year on a high note, with record revenue and profitability, outperforming industry indices.

Nova 以創紀錄的收入和獲利能力結束了本財年，表現優於產業指數。

Our revenues grew 30% year over year and reached $672.4 million while Non-GAAP net income grew 38%.

我們的營收年增 30%，達到 6.724 億美元，而非公認會計準則淨收入成長 38%。

We have cemented our position across multiple device segments and achieved numerous milestones across our product lines, including strategic penetration into leading manufacturers, an evolving position in new segments and a growing market share.

我們鞏固了在多個設備領域的地位，並在產品線上實現了眾多里程​​碑，包括對領先製造商的策略滲透、在新領域的地位不斷提升以及市場份額不斷增長。

Our agile operational model and strategic focus continue to generate value to our shareholders, enabling us to drive higher profitability while relentlessly growing our business.

我們靈活的營運模式和策略重點持續為股東創造價值，使我們能夠在不斷發展業務的同時提高獲利能力。

Our performance this year was driven by our materials, metrology solutions record sales, coupled with a growing adoption across market segments.

我們今年的業績得益於材料和計量解決方案的創紀錄銷售，以及各個細分市場的日益普及。

Additionally, the growing revenue from advanced packaging processes underscores the importance of our dimensional and chemical metrology solutions.

此外，先進封裝製程帶來的收入不斷增長，凸顯了我們的尺寸和化學計量解決方案的重要性。

This broad-based growth highlights the strength of our diversified portfolio and our ability to capitalize on multiple market opportunities.

這種廣泛的成長凸顯了我們多元化投資組合的實力以及我們利用多種市場機會的能力。

Turning to the fourth quarter record results and our sixth consecutive quarter of growth.

回顧第四季度的創紀錄業績以及我們連續第六個季度的成長。

We exceeded the top end of our guidance in revenue and Non-GAAP profitability.

我們的收入和非公認會計準則獲利能力均超出了預期。

Our record quarterly revenue was driven by the robust sales of the Veraflex, Elipson and Metrion platforms.

我們創紀錄的季度收入得益於 Veraflex、Elipson 和 Metrion 平台的強勁銷售。

This success was augmented by record sales of a dimensional stand-alone OCD solutions.

創紀錄的獨立 OCD 解決方案銷售進一步鞏固了這一成功。

That saw heightened demands due to their unique capabilities gad all around and advanced packaging applications.

由於其獨特的能力，以及先進的封裝應用，對它們的需求不斷增加。

These results underline our ability to meet the evolving needs of our customers and maintain our competitive edge in the markets.

這些結果強調了我們滿足客戶不斷變化的需求和維持市場競爭優勢的能力。

Looking forward, Nova is poised to leverage the transition into advanced manufacturing processes and architectures.

展望未來，Nova 已準備好利用向先進製造流程和架構的轉變。

We expect our growing exposure to new market segments and our differentiated portfolio to drive sustained growth into 2025, continuing the momentum we have built.

我們預計，我們對新細分市場的不斷增長以及我們差異化的產品組合將推動我們在 2025 年的持續成長，延續我們已經建立的勢頭。

The surge in AI related demand has been a significant driver of our market, as it necessitates energy efficient computing power and accelerates the demand for advanced processing nodes and memory solutions.

人工智慧相關需求的激增是我們市場的重要驅動力，因為它需要節能的運算能力並加速對先進處理節點和記憶體解決方案的需求。

Our customers are leading the transition to 3D architectures, which translate into multiple catalysts for our business, including 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.

我們的客戶正在引領向 3D 架構的轉變，這為我們的業務帶來了多重催化劑，包括更大、更複雜的晶片，需要越來越多的晶圓、更高的層數，以及在更小的誤差容忍度下製程步驟數量的飛躍。

Increasing complexity drives the need for high quality metrology solutions, which Nova is well positioned to provide.

日益複雜的環境推動了對高品質計量解決方案的需求，而 Nova 完全有能力提供這種解決方案。

Let me share some highlights from 2024 and the recent quarter.

讓我分享 2024 年和最近一個季度的一些亮點。

First, we are encouraged by the broad adoption of Nova's comprehensive portfolios across g all around and high bandwidth memory processes.

首先，我們對 Nova 的綜合產品組合在 g 全方位和高頻寬記憶體流程中的廣泛應用感到鼓舞。

Leading foundries, logic and memory manufacturers are increasingly integrating multiple nova solutions from our optical dimensions, materials and chemical metrology portfolios.

領先的代工廠、邏輯和記憶體製造商越來越多地整合我們光學尺寸、材料和化學計量產品組合中的多種新解決方案。

This widespread adoption underscores our ability to address the complex metrology challenges associated with manufacturing the most advanced semiconductor nodes.

這種廣泛的應用凸顯了我們應對與製造最先進半導體節點相關的複雜計量挑戰的能力。

Our unique solutions for 2.5 and 3D structure applications are pivotal in enabling our customers to achieve the precision and efficiency required for current and next generation technologies.

我們針對 2.5 和 3D 結構應用的獨特解決方案對於幫助我們的客戶實現當前和下一代技術所需的精度和效率至關重要。

Our advanced packaging revenue more than doubled this year, reaching 15% of product revenue and signifying its growing importance to Nova.

我們今年的先進封裝收入成長了一倍多，達到產品收入的 15%，這表明其對 Nova 的重要性日益增加。

Our integrated metrology solutions have been adopted by four of the top five advanced packaging manufacturers, while our stand-alone OCD market share in the segment grew significantly.

我們的整合計量解決方案已被五大先進封裝製造商中的四家所採用，同時我們在該領域的獨立OCD市場份額顯著增長。

With the recent addition of Sentronics, we expect our revenues of advanced packaging to grow further.

隨著最近 Sentronics 的加入，我們預計先進封裝的營收將進一步成長。

Sentronics modular dimensional metrology technology will enable us to diversify our offering into the rapidly growing field of advanced wafer level packaging and specialty devices.

Sentronics 模組化尺寸計量技術將使我們能夠將產品多樣化，進入快速發展的先進晶圓級封裝和專用設備領域。

And into additional wafer sizes and types beyond 300-millimeter silicon wafers.

並涉足300毫米矽晶圓以外的其他晶圓尺寸和類型。

Along with Nova's optical CD standalone and integrated metrology, we can offer customers a rich portfolio for critical applications in both backend and front-end fabrication processes.

結合 Nova 的光學 CD 獨立和整合計量技術，我們還可以為客戶提供適用於後端和前端製造流程中關鍵應用的豐富產品組合。

Sentronics builds highly modular multi-sensor platforms with proprietary sensors and software that extend the range of applications we can solve.

Sentronics 使用專有感測器和軟體來建立高度模組化的多感測器平台，擴展了我們可以解決的應用範圍。

Some key examples that are critical to advanced packaging includes total thickness variation, topographies for roughness measurements, and wafer bow and warpage

對先進封裝至關重要的一些關鍵範例包括總厚度變化、粗糙度測量的形貌以及晶圓彎曲和翹曲

Following the deal closing announced last month, the post merger integration teams are working diligently to tighten collaboration and align activities while maintaining focus on execution, meeting delivery timelines and business goals.

繼上個月宣布的交易結束後，合併後整合團隊正在努力加強協作、協調活動，同時專注於執行、滿足交付時間表和業務目標。

Let me review some of the highlights from our product division.

讓我回顧一下我們產品部門的一些亮點。

In the dimensional metrology division, our integrated metrology earned new market share in multiple segments, including advanced packaging and HBM, expanding our TAM and securing our market leadership.

在尺寸計量部門，我們的整合計量在先進封裝和HBM等多個領域贏得了新的市場份額，擴大了我們的TAM並確保了我們的市場領導地位。

Our stand-alone OCD solutions had a record year and increased our market share, driven by high demand from numerous customers due to their high productivity, precision and unique offering.

我們的獨立 OCD 解決方案創下了歷史新高，並且增加了我們的市場份額，這得益於其高生產力、高精度和獨特產品所帶來的眾多客戶的巨大需求。

The Nova Prism platform sales grew at high double-digits this year of the year, with multiple engagements with both front-end and advanced packaging customers.

今年，Nova Prism 平台的銷售額實現了高兩位數成長，並與前端和先進封裝客戶進行了多次合作。

To meet market demands, we recently launched the Nova Velocity, the next generation of the successful high productivity platform MMSR.

為了滿足市場需求，我們最近推出了成功的高生產力平台 MMSR 的下一代產品 Nova Velocity。

Driven by increasing demand for productivity and yield improvements, Velocity features a unique dual chamber configuration that enables the highest productivity in stand-alone tools in the market.

在對生產力和產量改進不斷增長的需求的推動下，Velocity 具有獨特的雙室配置，可實現市場上獨立工具的最高生產力。

The platform's speed and robustness have been a deciding factor for a leading logic manufacturer who adopted the platform and is expected to purchase multiple tools.

對於採用該平台並預計購買多種工具的領先邏輯製造商來說，該平台的速度和穩健性一直是決定性因素。

These achievements highlight our ability to deliver innovative solutions that cater to the needs of our customers.

這些成就凸顯了我們提供滿足客戶需求的創新解決方案的能力。

Next, our materials metrology portfolio delivered record quarterly and annual results.

接下來，我們的材料計量產品組合取得了創紀錄的季度和年度業績。

As we shared in early January, the Metrion platform was adopted by a leading global memory customer for its most advanced DRAM R&D, as well as DRAM and NAND high volume manufacturing lines.

正如我們在一月初所分享的那樣，Metrion 平台被一家全球領先的記憶體客戶採用，用於其最先進的 DRAM 研發以及 DRAM 和 NAND 大批量生產線。

Metrion was selected based on its ability to perform full wafer measurements of epitaxial layers with high sensitivity and precision.

之所以選擇 Metrion，是因為它能夠以高靈敏度和精度對外延層進行全晶圓測量。

We expect to receive additional orders from this customer.

我們期望收到該客戶的更多訂單。

In addition, the platform is currently being evaluated by two of the top five customers in memory and logic, and we anticipate receiving orders from them later this year.

此外，該平台目前正在接受記憶體和邏輯領域前五大客戶中的兩家的評估，我們預計將在今年稍後收到他們的訂單。

The Veraflex platform saw a market transition and broad adoption of its fourth generation, becoming the tool of record for several leading foundry and memory customers.

Veraflex 平台經歷了市場轉型和第四代產品的廣泛應用，成為多家領先代工廠和記憶體客戶的首選工具。

The Nova Elipson platform performed well this year, with repeat orders from a leading memory customer and penetrating to two new major customers.

Nova Elipson 平台今年表現良好，獲得了領先內存客戶的回頭訂單，並拓展到兩個新的大客戶。

Looking ahead, we have strategic foundries already planning to use the platform for strain and material concentration measurements.

展望未來，我們已經有戰略鑄造廠計劃使用該平台進行應變和材料濃度測量。

The performance of our materials metrology portfolio.

我們的材料計量產品組合的性能。

Attest to the value of our solutions and a critical role in advanced semiconductor manufacturing.

證明我們的解決方案的價值及其在先進半導體製造中的關鍵作用。

Our chemical metrology division had a record growth year at a high double-digit rate.

我們的化學計量部門今年實現了創紀錄的兩位數成長。

Significant highlights include the Ancoscene market share growth in front-end customers and the Ancolyzer proliferation with memory customers for HBM.

重要的亮點包括 Ancoscene 在前端客戶的市佔率成長以及 Ancolyzer 在 HBM 記憶體客戶的激增。

Additionally, we have ongoing evaluations with memory and foundry customers which we expect to materialize later this year.

此外，我們正在與記憶體和代工客戶進行評估，預計將在今年稍後實現。

Finally, our service division delivered another record quarter and year with 2024 revenues growing 19% year over year driven by increasing demand for capacity and yield improvements.

最後，我們的服務部門又創下了一個新的季度和年度記錄，在產能和產量提升的需求不斷增長的推動下，2024 年的收入同比增長 19%。

In terms of market outlook, our industry continues at an upward momentum, driven by end market demand for mobile and AI and the investments in building a matching capacity in advanced logic nodes, DRAM and advanced packaging.

從市場前景來看，在行動和人工智慧的終端市場需求，以及在先進邏輯節點、DRAM 和先進封裝領域建立匹配產能的投資推動下，我們的產業持續保持上升勢頭。

We expect WFE to grow at mid-single digits this year, driven by leading edge demand.

我們預計，在前沿需求的推動下，WFE 今年將實現中等個位數成長。

In summary, our well-established fundamentals will help us increase exposure to additional opportunities in adjusted markets and processes, new customers and new critical applications.

總而言之，我們良好的基本面將幫助我們在調整後的市場和流程、新客戶和新的關鍵應用領域中獲得更多機會。

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

我們的策略重點保持不變，我們持續投資於長期路線圖並與所有地區的客戶建立合作關係。

In 2025 we expect to capitalize on the opportunities created by our enhanced market position, continue our growth trajectory, and outperform WFE.

2025 年，我們希望利用增強的市場地位所創造的機遇，繼續保持成長軌跡，並超越 WFE。

We will elaborate on our strategy and vision at our upcoming virtual Investor Day on March 17, and we look forward to seeing you all there.

我們將在 3 月 17 日即將舉行的虛擬投資者日上詳細闡述我們的策略和願景，我們期待在那裡見到大家。

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

現在，為了了解有關我們財務狀況的更多詳細信息，請允許我將電話交給蓋伊。

Thanks Gaby.

謝謝 Gaby。

Good day everyone and thank you for joining our 2024 4th quarter conference call.

大家好，感謝您參加我們的 2024 年第四季電話會議。

I will begin by reviewing our financial achievements for the fourth quarter of 2024, then summarize our performance for the full year and finally provide guidance for the first quarter of 2025.

我將先回顧我們 2024 年第四季的財務業績，然後總結我們全年的業績，最後為 2025 年第一季提供指引。

In the fourth quarter of 2024, total revenue reached a record high of $194.8 million making it the third consecutive quarter of record-breaking results.

2024年第四季，總營收創下1.948億美元的歷史新高，連續第三個季度創下破紀錄的業績。

This performance exceeded the company's guidance, reflecting a 9% quarter of a quarter.

這一業績超出了公司的預期，環比增長了 9%。

Increase and 45% growth year over year.

較去年同期成長45%。

These achievements demonstrate our strong ability to anticipate, capture and respond to evolving market demand.

這些成就證明了我們預測、掌握和回應不斷變化的市場需求的強大能力。

Product revenue distribution was approximately 72% from logic and foundry and approximately 28% from memory.

產品收入分佈約72%來自邏輯和代工，約28%來自記憶體。

Product revenues included 3 customers and 4 territories, which contributed each 10% or more to product revenues.

產品收入包括 3 個客戶和 4 個地區，每個客戶和地區對產品收入的貢獻均達到或超過 10%。

In the fourth quarter, blended gross margin aligned with our guidance, achieving 56% on a GAAP basis and 58% on a non-GAAP basis, well within our target model range of 57% to 59%.

第四季度，混合毛利率與我們的預期一致，以 GAAP 計算達到 56%，以非 GAAP 計算達到 58%，遠超我們的目標模型範圍 57% 至 59%。

Operating expenses increased to $54.5 million on a GAAP basis and $48.9 million on a Non-GAAP basis.

根據 GAAP 計算，營業費用增加至 5,450 萬美元，根據非 GAAP 計算，營業費用增加至 4,890 萬美元。

A significant portion of the increase was directed towards expanding our R&D efforts, ensuring we stay ahead in innovation and technology leadership.

增加的資金中很大一部分用於擴大我們的研發力度，確保我們在創新和技術領導方面保持領先地位。

Operating margin in the fourth quarter reached 28% on a GAAP basis and 33% on a Non-GAAP basis, surpassing the upper range of our target model of 27% to 31%.

第四季的營業利潤率以 GAAP 計算達到 28%，以非 GAAP 計算達到 33%，超過了我們目標模式的 27% 至 31% 的上限。

The effective tax rate in the 4th quarter was approximately 15%.

第四季的有效稅率約為15%。

Earning per share in the fourth quarter on a GAAP basis were $1.58 per diluted share.

根據 GAAP 計算，第四季每股收益為每股 1.58 美元。

And earning per share on a Non-GAAP basis were $1.94 per diluted share, exceeding the high end of our fourth quarter guidance.

以非公認會計準則計算的每股收益為每股 1.94 美元，超過了我們第四季度預期的最高值。

Moving on, the annual results for the calendar year 2024.

接下來是 2024 年曆年的年度業績。

Revenue increased 30% year over year.

營收年增30%。

In a year where the industry experienced moderate growth, our ability to scale at this pace demonstrates the strength of our business model, the value we bring to customers, and the effectiveness of our long-term strategy.

在產業經歷溫和成長的一年裡，我們能夠以這樣的速度擴大規模，證明了我們商業模式的實力、我們為客戶帶來的價值以及我們長期策略的有效性。

The geographic revenue split in 2024 was as follows.

2024 年的地理收入分佈如下。

China was 39%, Taiwan was 20%, Korea was 18%, US was 14%, and other territories contributed the remaining 9%.

中國佔 39%，台灣佔 20%，韓國佔 18%，美國佔 14%，其他地區佔剩餘 9%。

Gross margin for the year came in at 58% on a GAAP basis and 59% on a Non-GAAP basis.

根據 GAAP 計算，本年度毛利率為 58%，根據非 GAAP 計算，本年度毛利率為 59%。

At the high end of the company target model of 57% to 59%.

公司目標模式的高端為57%至59%。

Despite cost pressures and the industry wide supply chain dynamics, we maintain robust profitability through operational efficiencies, pricing discipline, and continued focus on higher value solutions.

儘管面臨成本壓力和整個行業的供應鏈動態，我們仍然透過營運效率、定價紀律和對更高價值解決方案的持續關注保持了強勁的獲利能力。

Operating margins for the year came in at 28% on a GAAP basis and 33% on a Non-GAAP basis.

根據 GAAP 計算，本年度營業利潤率為 28%，根據非 GAAP 計算，本年度營業利潤率為 33%。

Earning per diluted share on an annual basis came in at $5.75 on a GAAP.

根據 GAAP，年度每股攤薄收益為 5.75 美元。

And $6.69 on a Non-GAAP basis.

以非公認會計準則計算，則為 6.69 美元。

Achieving a record high EPS this year underscores our ability to drive profitable growth by effectively converting top line expansion into bottom line value.

今年每股收益創下歷史新高，凸顯了我們透過有效將營收成長轉化為利潤價值來推動獲利成長的能力。

Our disciplined approach to execution, operational efficiencies and strategic investments has allowed us to scale while maintain strong financial performance.

我們對執行、營運效率和策略投資的嚴謹態度使我們能夠擴大規模，同時保持強勁的財務表現。

This milestone reflects the strength of our business model and our commitment to deliver sustained value to our shareholders.

這一里程碑體現了我們商業模式的實力以及我們為股東提供持續價值的承諾。

Turning to the balance sheet, we ended 2024 with $820 million in cash equivalent, bank deposit, and marketable securities.

談到資產負債表，截至 2024 年，我們的現金等價物、銀行存款和有價證券為 8.2 億美元。

During 2024, the company generated $218 million in free cash flow.

2024年，該公司產生了2.18億美元的自由現金流。

And presented healthy parameters related to working capital management.

並提出了與營運資本管理相關的健康參數。

In addition, the company deployed approximately $48.5 million in cash as following.

此外，該公司還部署了約 4,850 萬美元現金，具體如下。

Approximately $30 million was deployed for share buybacks, and approximately $18.5 million was deployed to facilitate the early conversion of 9% of our outstanding convertible notes, with the paramount paid in cash and the remaining balance settled in shares.

約 3000 萬美元用於回購股票，約 1850 萬美元用於促進我們 9% 的未償還可轉換票據的提前轉換，其中大部分以現金支付，剩餘金額以股票結算。

At the end of January 2025, we completed the acquisition of Sentronic metrology.

2025年1月底，我們完成了對Sentronic metrology的收購。

Deploying approximately $60 million in cash for the transaction.

為此次交易部署約 6,000 萬美元現金。

As a result, Sentronic financial results will be consolidated into Nova starting in February 2025.

因此，從 2025 年 2 月開始，Sentronic 的財務表現將合併到 Nova 中。

The acquisition aligns with our strategic growth priorities, and we expect it to be accretive on a Non-GAAP basis within 12 months.

此次收購符合我們的策略成長重點，我們預計它將在 12 個月內按照非公認會計準則實現增值。

Our guidance reflects the impact of this combination.

我們的指導反映了這種結合的影響。

Now let's move to our guidance, which factors in the acquisition.

現在讓我們轉到考慮到收購的指導。

We currently expect revenue for the quarter to be between $205 million and $215 million.

我們目前預計本季的營收將在 2.05 億美元至 2.15 億美元之間。

GAAP earning per diluted share to range from $1.75 to $1.91. Non-GAAP earnings per diluted share to range from $2 to $2.16.

以美國通用會計準則計算的每股攤薄收益在 1.75 美元至 1.91 美元之間。非公認會計準則每股攤薄收益在 2 美元至 2.16 美元之間。

At the midpoint of our first quarter 2025 estimates, we anticipate the following.

在我們對 2025 年第一季的預測中位數中，我們預期情況如下。

Gross margins of approximately 57% on a GAAP basis and approximately 59% on a Non-GAAP basis.

根據 GAAP 計算，毛利率約為 57%，根據非 GAAP 計算，毛利率約為 59%。

Operating expenses on a GAAP basis to increase to approximately $60 million.

根據 GAAP 計算的營業費用將增加至約 6,000 萬美元。

Operating expenses on a Non-GAAP basis to increase to approximately $54 million.

非公認會計準則下的營業費用將增加至約 5,400 萬美元。

Financial income on a Non-GAAP basis to remain similar to that of the fourth quarter.

以非公認會計準則計算的財務收入與第四季度保持相似。

Effective tax rate is expected to be approximately 15%.

預計有效稅率約為15%。

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

接線員，我們很高興回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Atif Malik with Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說。

Hi, thank you for taking my questions and nice results.

你好，謝謝你回答我的問題並得到了很好的結果。

Gaby, the first question on advanced packaging, so you double your sales last year, 15% of product sales.

Gaby，第一個問題關於先進包裝，所以你們去年的銷售額翻了一番，產品銷售額的 15%。

I assume, majority of the sales were driven by your optical sales or chemical metrology, products.

我認為，大部分的銷售是由光學銷售或化學計量產品所推動。

Can you talk about your aspirations for advanced packaging sales for the current year?

您能談談今年對先進封裝銷售的期望嗎？

Definitely, thank you so much for the question.

當然，非常感謝您的提問。

So first, the advanced packaging had contribution from both our chemical metrology division as well as the dimensional metrology division.

首先，先進封裝得益於我們的化學計量部門和尺寸計量部門的貢獻。

We have our integrated metrology.

我們有自己的綜合計量技術。

In all of the top five advanced packaging manufacturers, and we have a significant adoption of our PRISM stand-alone OCD platform, so it is both divisions that contributed to this growth, and we do expect this year to continue and grow by double-digit growth.

在所有五大先進封裝製造商中，我們都大量採用了 PRISM 獨立 OCD 平台，因此兩個部門都為這一增長做出了貢獻，我們確實預計今年的增長將繼續保持兩位數。

Excuse me, one more thing that with your permission I'd like to add is that with the addition of Sentronics, we do expect to fuel our growth as we move in with this platform to additional customers and grow their adoption over there as well.

抱歉，如果您允許的話，我想補充一點，那就是隨著 Sentronics 的加入，我們確實希望隨著該平台逐漸覆蓋更多客戶並擴大其在那裡的採用，推動我們的成長。

Great.

偉大的。

And one for Guy, on the services growth last year, a very strong 19% growth, some of your peers have talked about a more muted services growth this year, primarily because of a 200-millimeter equipment slowdown in China.

Guy，關於去年服務業的成長，成長非常強勁，達到了 19％，您的一些同行談到今年服務業成長較為溫和，主要是因為中國 200 毫米設備市場放緩。

So, if you can talk about.

所以，如果你可以談論一下。

The services growth outlook for this year as well as any impact from the restrictions that came on late last year to the services or system sales this year.

今年的服務成長前景以及去年底的限制措施對今年服務或系統銷售的影響。

Yes, of course.

是的當然。

So, this year, as you mentioned, service businesses grow by 19%.

所以，正如您所說，今年服務業務成長了 19%。

This growth was fueled also by increasing utilization of the tools in 2024 compared to 2023.

與 2023 年相比，2024 年工具利用率的提高也推動了這一成長。

When we're looking ahead, our model assumes for the service to grow between 10% to 15%, and this is what we expect for 2025 as well.

展望未來，我們的模型假設服務將成長 10% 至 15%，這也是我們對 2025 年的預期。

And the impact from restrictions.

以及限制帶來的影響。

We don't see a significant impact on the services from the restriction part.

我們沒有看到限制部分對服務產生重大影響。

Thanks.

謝謝。

Vivek, Arya with Bank of America.

Vivek，美國銀行的 Arya。

Hi, this is Yuxuan, Zhang on behalf of Vivek.

大家好，我是張宇軒，代表 Vivek。

Thanks for taking our question.

感謝您回答我們的問題。

On memory versus foundry logic, I'm curious how you're thinking about the demand, into 2025 and which segment do you expect to grow faster.

關於記憶體與代工邏輯，我很好奇您如何看待 2025 年的需求，以及您預計哪個領域的成長更快。

Thank you.

謝謝。

Thank you.

謝謝。

So, we do expect advanced logic and advanced packaging to lead the pack in 2025 with the growth.

因此，我們確實預期先進邏輯和先進封裝將在 2025 年引領成長。

We definitely see the HPM segment as part of the advanced packaging, growing with the metrology intensity as well, but the bottom line is it's definitely advanced logic and advanced packaging.

我們確實將HPM部分視為先進封裝的一部分，並且也隨著計量強度而增長，但最重要的是它絕對是先進邏輯和先進封裝。

Got it and then one on gross margins, obviously, a recovery into Q1.

明白了，然後關於毛利率，顯然，第一季會復甦。

But that's also at the high end of your long-term range.

但這也是你長期範圍的高端。

So could you talk about the drivers that are driving the expansion in Q1 and then what would it take for you to reach above that 60% point again.

那麼您能談談推動第一季擴張的因素嗎？

Thank you so much.

太感謝了。

So our gross margin, we remain committed to our target model and believe that given the business dynamics we anticipate heading into 2025, we will continue to demonstrate strong gross margins.

因此，對於我們的毛利率，我們仍然致力於我們的目標模式，並相信，鑑於我們預計 2025 年的業務動態，我們將繼續保持強勁的毛利率。

Our ability to sustain healthy gross margin reflects the value we bring to our customers through differentiated technology, strong execution, and operational efficiencies.

我們維持健康毛利率的能力反映了我們透過差異化技術、強大的執行力和營運效率為客戶帶來的價值。

While there may be some quarter to quarter fluctuation due to product mix and market dynamics and market conditions, we are confident that our long-term margin profile remains intact.

雖然由於產品結構、市場動態和市場條件的原因，季度間可能會出現一些波動，但我們相信我們的長期利潤率狀況將保持不變。

So as we mentioned before, the quarter over quarter changes can fluctuate mainly due to product mix, but on an annual basis we will be on our target model.

正如我們之前提到的，季度環比變化可能主要由於產品組合而波動，但按年度計算，我們都會按照我們的目標模型進行。

Reaching above 60% is challenging, but it's the main unknown is basically how successful we will be with the new product and so forth.

達到 60% 以上是很有挑戰性的，但主要的未知數基本上是我們新產品能取得多大的成功等等。

So our model is dictates and reflects the current business dynamics that we have.

所以我們的模型決定並反映了我們目前的業務動態。

Ezra Weener with Jefferies.

傑富瑞 (Jefferies) 的埃茲拉‧韋納 (Ezra Weener)。

Thanks for taking my questions.

感謝您回答我的問題。

Two quick ones.

兩個簡單的。

One, we're seeing HBM, two different kinds of stories out of your peers.

首先，我們看到了 HBM，與同行相比，有兩個不同的故事。

How do you see the competitive market and capacity build there?

您如何看待那裡的競爭市場和產能建設？

And then the second is China, obviously you guys have a pretty high amount of revenue coming from China.

第二個是中國，顯然你們來自中國的收入相當高。

What do you see there kind of long-term as a lot of your peers are seeing that come down?

您的許多同行都看到這一趨勢下降，您認為長期來看會出現什麼情況？

Thank you.

謝謝。

So in terms of HPM, so first of all, we see advanced packaging growing very significantly for us.

因此就 HPM 而言，首先，我們看到先進封裝對我們來說成長非常顯著。

We're at the infant stages with regards to a dimensional metrology portfolio, and the majority of our business with advanced packaging at the moment is with the logic side, with the 2.5 the architectures.

我們在尺寸計量產品組合方面還處於起步階段，目前我們在先進封裝方面的大部分業務是在邏輯方面，即2.5架構。

But there's definitely a build-up on HBM and as I mentioned.

但正如我所提到的那樣，HBM 上肯定存在累積。

The process control intensity is growing over there as well, which means that we have a higher appeal to both our chemical and dimensional portfolio, so, we do see growth in high bandwidth manufacturing as well.

那裡的製程控制強度也在增加，這意味著我們的化學和尺寸產品組合具有更高的吸引力，因此，我們也看到高頻寬製造的成長。

Could you repeat the question about China?

能否重複一下有關中國的問題？

Yeah, just you guys have pretty high China exposure, and a lot of your peers are seeing their China exposure come down as some of these old sales come up.

是的，你們在中國的曝光率很高，而隨著一些舊銷售額的上升，你們許多同行在中國的曝光率卻下降了。

Just want to know what you're seeing in China and that's for all twenty-five.

我只是想知道你在中國看到了什麼，這就是全部二十五個。

So in 2024, the China share of our overall sales was 39%.

因此到 2024 年，中國市場占我們整體銷售額的份額將達到 39%。

Our strength there is in line with the industry peers, and due to the fact that growth this year will come from advanced notes, we see the share of China declining.

我們在中國的優勢與業內同行一致，由於今年的成長將來自高級票據，我們認為中國市場的份額將會下降。

Thank you.

謝謝。

Vedvati, Shrotre with Evercore ISI.

Vedvati、Evercore ISI 的 Shrotre。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

So I have, two questions.

我有兩個問題。

So one is to talk about, your contributions from the Sentronics acquisition, what you expect for this year, and what your target growth rates are longer term, and then what's the like the margin profile of, this portfolio versus the materials metrology or chemical metrology portfolio?

所以，首先要談論的是，您從 Sentronics 收購中獲得的貢獻，您對今年的期望是什麼，以及您的長期目標增長率是多少，然後，與材料計量或化學計量產品組合相比，這個產品組合的利潤率狀況如何？

The line is a bit broken for that, so I hope I understood the question correctly, but overall, Sentronics last year had about 10% of the $200 million market.

這句話有點不通順，所以我希望我理解正確了這個問題，但總的來說，Sentronics 去年佔據了 2 億美元市場的 10% 左右。

Our first quarter forecast already includes the revenue from the relative period Sentronics will report on Nova.

我們的第一季預測已經包括了 Sentronics 報告 Nova 的相對期間的收入。

We closed the deal on January 30.

我們於1月30日完成了這筆交易。

And we do expect an upside to materialize as we progress with the post-merger integration, and we are very enthusiastic about the level of engineering we see in the solutions and the fast growth of Sentronics main markets.

我們確實預計，隨著合併後整合的進展，將會實現上行趨勢，我們對解決方案的工程水平以及 Sentronics 主要市場的快速成長感到非常興奮。

And regarding the question about the financial model, so Sentronics align well with our financial model, which is one of our criteria in our due diligence process for any acquisition.

關於財務模型的問題，Sentronics 與我們的財務模型非常吻合，這是我們對任何收購進行盡職調查過程中的標準之一。

And as we previously stated, the deal is equitive and we're expected to contribute positively to our financial results.

正如我們之前所說，該交易是公平的，我們預計將對我們的財務表現做出積極貢獻。

So I would say it's more or less fit to our financial model in terms of gross margins and operating margins as well.

因此我想說，就毛利率和營業利潤率而言，它或多或少也適合我們的財務模型。

Understood.

明白了。

And then, on the chemical metrology, you, you're increasing your, the footprint, the manufacturing in there.

然後，在化學計量方面，你正在增加你的足跡和製造規模。

How, what would the have you kind of quantified the revenue potential you could get from those facilities.

您如何量化從這些設施可以獲得的收入潛力？

So, we have just opened up a completely new facility in Badur in Germany.

因此，我們剛在德國巴杜爾開設了一個全新的工廠。

This facility, which is also environmentally friendly, hosts all the different units of the Chemical Metrology division under one roof and is a state of the art building.

該設施也是環保的，將化學計量部門的所有不同部門集中在一個屋簷下，這是一座最先進的建築。

We do expect the capacity to be able to Drive the business forward.

我們確實期望這種能力能夠推動業務向前發展。

Obviously, as the business continues on its upward momentum, we will adjust the capacities accordingly.

顯然，隨著業務繼續保持上升勢頭，我們將相應地調整產能。

Okay.

好的。

Thank you.

謝謝。

Matthew Prisco with Cantor.

馬修‧普里斯科 (Matthew Prisco) 和坎托 (Cantor)。

Hey guys, thanks for taking the question.

嘿夥計們，謝謝你們回答這個問題。

I guess first, can you walk us through the drivers of the strong sequential growth into one cu across maybe end market products including what the Sentronic acquisition contribution is.

首先，您能否向我們介紹推動終端市場產品強勁連續成長的因素，包括收購 Sentronic 的貢獻。

And then over the past few quarters we've been increasing revenues roughly $15million to $20 million per quarter.

在過去幾季中，我們的每季營收增加約 1,500 萬美元至 2,000 萬美元。

Are those types of sequential increases sustainable as we move to '25?

當我們進入25年時，這些類型的連續成長是否可持續？

Thanks.

謝謝。

So, we don't give forecasts for the entire year, but we do expect to outperform WFE.

因此，我們不給出全年的預測，但我們確實預期其表現會優於 WFE。

I think that we have very strong and markets driving the industry, whether it is the AI or HPC and mobile.

我認為我們擁有非常強大的市場來推動這個產業，無論是人工智慧、高效能運算或行動領域。

We are all acquainted with the fundamentals over there that translate both to investments in advanced nodes, especially advanced logic, as well as the advanced packaging.

我們都熟悉那裡的基本原理，這些原理既涉及對先進節點（特別是先進邏輯）的投資，也涉及先進封裝的投資。

And we definitely see our position across those markets as fundamental in order to support our continued growth into the year.

我們確實認為，我們在這些市場中的地位對於支持我們今年的持續成長至關重要。

And anything on the 1Q color on where you're seeing that strength and what the Sentronic contribution is.

關於 1Q 顏色，您可以在哪裡看到這種優勢以及 Sentronic 的貢獻是什麼。

As I mentioned, the first quarter forecasts include the revenues from the relative period Sentronics will report under Nova, and you can deduct from the fact that Sentronics had about 10% of the $200 million dollar t market last year as to the level of business that we expect, especially at least in the first quarter.

正如我所提到的，第一季的預測包括了 Sentronics 在 Nova 旗下報告的相對期間的收入，而且您可以從 Sentronics 去年佔據了 2 億美元 t 市場的 10% 左右這一事實中推斷出我們預期的業務水平，尤其是至少在第一季度。

Perfect.

完美的。

And then as a follow up, can you help walk us through the translation of these material metrology design with to revenue?

然後作為後續問題，您能否幫助我們了解這些材料計量設計如何轉化為收入？

For instance, Metrion's recent selection by a leading memory manufacturer.

例如，Metrion 最近被一家領先的記憶體製造商選中。

Does that mean shipping one tool to a fab for high volume production, and then how quickly does that tool proliferate across fabs and then what's the process and typical timing of customers expanding the number of tools per fab?

這是否意味著將一種工具運送到晶圓廠進行大批量生產，然後該工具在晶圓廠之間的擴散速度有多快，然後客戶擴大每個晶圓廠的工具數量的流程和典型時間是怎樣的？

Just any color into how we can think about better modeling the opportunity going forward.

我們可以思考如何更好地模擬未來的機會。

First of all, we are very excited about this recent adoption focusing on R&D for DRAM as well as NAND.

首先，我們對最近採取的專注於 DRAM 和 NAND 研發的舉措感到非常興奮。

We do expect proliferation into high volume manufacturing with this customer, and we believe that this market, which is for measuring the profile of multiple layers in These kinds of areas to continue and drive the adoption.

我們確實期望透過這個客戶實現大批量生產，我們相信這個用於測量此類區域中多層輪廓的市場將繼續推動其應用。

We mentioned the fact that we have at the moment 2 additional evaluations with key logic and memory manufacturers that we expect to materialize later this year, and this is the first introduction of such an inline SIMS tool.

我們提到，目前我們已經與主要邏輯和記憶體製造商進行了另外兩項評估，預計將在今年稍後實現，這是首次推出這種線上 SIMS 工具。

We expect the adoption to start with about one tool per fab as we experienced when XPS was adopted 15 to 20 years ago, and then, of course, increase the number of tools per fab as more applications and higher utilization of the tool will happen.

我們預計，一開始每個晶圓廠將只採用一種工具，就像我們在 15 到 20 年前採用 XPS 時所經歷的那樣，然後，隨著應用程式的增加和工具利用率的提高，每個晶圓廠的工具數量當然會增加。

So eventually we believe and we hope that the kind of adoption rate that happened with the XPS will repeat itself with the Metrion.

因此，我們最終相信並且希望，XPS 的採用率能夠在 Metrion 上重現。

We cannot anticipate the exact timing of such an adoption of more than 1 or 2 tools per fab, but we have a lot of room to grow with the Metrion, both with the number of customers as well as with the number of fabs as capacity grows, and we are very excited about the opportunity as it unveils with the Metrion.

我們無法預測每家晶圓廠採用超過 1 到 2 種工具的具體時間，但隨著產能的增加，Metrion 在我們這邊還有很大的增長空間，包括客戶數量以及晶圓廠數量，我們對 Metrion 帶來的機會感到非常興奮。

Helpful, thanks guys.

很有幫助，謝謝大家。

Mark Miller with The Benchmark Company.

The Benchmark Company 的 Mark Miller。

Let me just express my congratulations on another record quarter.

我只想對又一個創紀錄的季度表示祝賀。

This is becoming routine for you guys.

這對你們來說已經成為常態了。

I was just wondering if you could discuss where you're seeing significant share gains and what markets?

我只是想知道您是否可以討論一下在哪些市場以及您看到了顯著的份額增長？

Thank you so much, Mark, for the comments.

非常感謝馬克的評論。

So, we see a few areas in which we saw share gains.

因此，我們看到一些領域的份額有所增長。

So first of all, in terms of the PRISM stand-alone OCD, we saw share gains in both advanced manufacturing.

首先，就 PRISM 獨立 OCD 而言，我們看到先進製造業的份額有所成長。

As well as advanced packaging, we saw an increase in market share on the front-end side of the chemical metrology portfolio.

除了先進的封裝之外，我們還看到化學計量產品組合前端的市場份額增加。

We saw obviously high utilization and additional adoption.

我們明顯看到了較高的利用率和額外的採用率。

Of the XPS tools in material metrology, and we also gained some share of the integrated metrology, especially as we entered into the advanced packaging space, both in the 2.5 these architectures and logic as well as in high bandwidth manufacturing.

在材料計量領域的 XPS 工具中，我們還獲得了一些整合計量領域的份額，特別是當我們進入先進封裝領域時，無論是在 2.5 這些架構和邏輯中，還是在高頻寬製造中。

Terms of your memory sales, could you give a little more color in terms of what percent of the memory sales were high band with memory and what, if any, you're seeing from NAND.

就您們的記憶體銷售而言，你能否詳細介紹一下記憶體銷售中高頻段記憶體所佔的百分比，以及你在 NAND 中看到的情況（如果有的話）。

So I think that we need to address it as more as DRAM versus NAND or HBM versus other architectures with your permission.

因此，我認為，如果您允許的話，我們需要更多地將其視為 DRAM 與 NAND 或 HBM 與其他架構之間的對比。

So obviously DRAM was stronger than NAND, and if we put HBM as part of the DRAM, then that was the majority in terms of our memory business.

因此顯然 DRAM 比 NAND 更強大，如果我們將 HBM 作為 DRAM 的一部分，那麼就我們的記憶體業務而言，這佔據了主導地位。

HBM growth, of course, is higher in that respect compared to the DRAM one.

當然，從這個方面來看，HBM 的成長速度比 DRAM 更高。

Thank you.

謝謝。

Charles, Shi With Needham.

查爾斯·施與尼德漢姆。

Hi, congratulations on the truly exceptional results.

你好，恭喜你取得真正卓越的成績。

I really congrats to the Nova team here.

我在此向 Nova 團隊表達真誠的祝賀。

I have a question, maybe two questions.

我有一個問題，也許兩個問題。

Let me ask the first one.

讓我問第一個問題。

The Q1, guidance, if I flatline that numbers that would imply a roughly speaking 25% year on year growth in 2025.

Q1 指引，如果我將該數字持平，則意味著 2025 年的年成長率約為 25％。

And I think you guided the WFE probably made single digit.

我認為您指導的 WFE 可能只有個位數。

And I thought historically you were expecting our performance roughly 1.5 backs, but any reason for us to have a little bit more confidence that you're going to fight back the rate of WFE this year of course you guys did well outperform in '24, but what are the reasons for us to believe that that vast outperformance will continue in '25.

我認為從歷史上看，你們預計我們的表現會落後大約 1.5 個百分點，但我們有什麼理由更有信心，相信你們今年能夠擊退 WFE 的速度，當然，你們在 24 年的表現非常出色，但有什麼理由讓我們相信這種巨大的優異表現將在 25 年繼續下去。

Thank you for the comments, Charles.

謝謝你的評論，查爾斯。

I think it has to do with 23 major issues.

我認為這和23個重大問題有關。

One is the position that we have, especially with the unique value driven by the technologies that we offer.

一是我們的市場地位，特別是我們提供的技術所驅動的獨特價值。

The second one is expanding our position into advanced packaging and seeing higher adoption.

第二個目標是拓展我們在先進封裝領域的地位，並實現更高的應用。

And the third one, of course, which drives that as well is the Sentronics acquisition that gives us an opportunity to expand to additional customers and the ones that we are exposed to today.

當然，第三個推動因素是對 Sentronics 的收購，這為我們提供了擴展到更多客戶以及我們今天接觸的客戶的機會。

I would top it off, of course, by the fact that we have a strong position in advanced logic, and that gives us grounds to believe that we have the fundamental infrastructure in order to drive the growth into 2025.

當然，最重要的是，我們在先進邏輯領域佔據強勢地位，這讓我們有理由相信，我們擁有推動 2025 年成長的基本基礎設施。

Thanks.

謝謝。

Maybe another question, on gate all around, I believe you mentioned the gate all around revenue in 2024 was roughly high single digit of the product revenue based on your latest reporting sounds like it's $40 million-ish.

也許還有一個問題，關於 Gate All Around，我相信您提到過，根據您最新的報告，2024 年 Gate All Around 的收入大約是產品收入的個位數高位，聽起來是 4000 萬美元左右。

I think most of your peers are guiding Gate-All-Around revenue doubling, but the guidance seems to suggest there's a little bit more than doubling for you guys.

我覺得你們大多數同行都希望 Gate-All-Around 的收入能翻一番，但這份指引似乎表明，你們的收入還會翻一番多一點。

Mind if you provide a little bit more color and as well in terms of where you are tracking to that $500 million cumulative Gate-All-Around revenue from '24 to '26, any additional quantitative color will be very helpful.

介意的話請提供更多細節，以及關於從'24 年至 '26 年 Gate-All-Around 累計 5 億美元收入的追踪信息，任何額外的定量信息都將非常有幫助。

Thank you.

謝謝。

I'm not sure I can add more to the fact that we are committed to the $500 million from around until 2026.

我不確定我是否可以補充更多，但我們承諾從 2026 年左右開始投入 5 億美元。

We haven't changed our position in that respect.

在這方面我們的立場並沒有改變。

We will try to give more color during the Investor Day on March 17, but I think that the tracking that number gives a lot in terms of our confidence in making it this year as well.

我們將嘗試在 3 月 17 日的投資者日上提供更多信息，但我認為，跟踪這個數字對於我們今年實現這一目標的信心也有很大幫助。

Thanks, Gaby.

謝謝，加比。

Sure.

當然。

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 Gabby Waisman, Nova's President and CEO, for closing remarks.

我想將會議交還給 Nova 總裁兼執行長 Gabby Waisman，請她致最後一句話。

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

謝謝接線員，也謝謝大家今天參加我們的電話會議。

The conference is 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。