Nova Ltd (NVMI) 2025 Q1 法說會逐字稿

Good day and welcome to the Nova Limited first quarter 2025 results conference call.

大家好，歡迎參加 Nova Limited 2025 年第一季業績電話會議。

(Operator Instructions) I would now like to turn the conference over to Miri Segal, CEO of MS-IR. Please go ahead.

（操作員指示）現在，我想將會議交給 MS-IR 執行長 Miri Segal。請繼續。

Thanks operator and good day everyone. I would like to welcome all of you to Nova's first quarter 2025 financial results conference call. With us on the line today are Gabriel Weissman, President and CEO, and Guy Kizner, CFO.

謝謝接線員，大家好。歡迎大家參加 Nova 2025 年第一季財務業績電話會議。今天與我們通話的是總裁兼執行長 Gabriel Weissman 和財務長 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 Harbour Statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the investor relations section of the company's website.

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適用於本次電話會議。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. We will then open the call for the question-and-answer session. I will now turn the call over to Gabriel Weissman, Nova's President and CEO. Gaby, please go ahead.

Gaby 將在電話會議中首先介紹業務更新情況，然後 Guy 會概述財務狀況。然後我們將開始問答環節。現在我將把電話轉給 Nova 總裁兼執行長 Gabriel Weissman。加比，請繼續。

Thank you, Miri, and thank you all for joining us today. I will start the call by summarizing our first quarter performance highlights. Following my commentary, Guy will review the quarterly financial results in detail. Nova achieved another exceptional quarter, with record results in both revenue and profitability. Our revenues grew 50% year over year, exceeded our EPS guidance, and increased non-gap EPS by 56% year over year.

謝謝你，米里，也謝謝大家今天加入我們。我將在電話會議開始時總結我們第一季的業績亮點。在我的評論之後，蓋伊將詳細回顧季度財務結果。Nova 又一個季度表現出色，營收和獲利均創下新高。我們的營收年增 50%，超過了我們的每股盈餘預期，非差距每股盈餘較去年同期成長 56%。

Our business performance is tightly linked to our executional and operational excellence, as well as our inherent ability to adapt to evolving market dynamics. Our performance was driven by Nova's strong standing across market segments, regions, key customers and technologies.

我們的業務表現與我們的執行力和營運能力以及我們適應不斷變化的市場動態的內在能力緊密相關。我們的業績得益於 Nova 在各個細分市場、地區、主要客戶和技術方面的強大地位。

This position was validated by the recent release of the annual Gartner Market share report highlighting our growing presence. The report indicates that Nova's market share increased significantly in the thin film and CD metrology segment.

這一地位得到了最近發布的年度 Gartner 市場份額報告的證實，該報告強調了我們日益增長的影響力。報告顯示，Nova 在薄膜和 CD 計量領域的市佔率大幅增加。

Solidifying our position as the second largest vendor in this market. Semiconductor manufacturing capacity is in robust growth mode, driven by demand for AI applications. This surge has translated into significant revenues for Nova as manufacturers across the globe build their production capacity and adopt the unique value proposition our portfolio offers.

鞏固我們作為該市場第二大供應商的地位。受人工智慧應用需求的推動，半導體製造產能處於強勁成長模式。隨著全球各地的製造商紛紛提高生產能力並採用我們產品組合所提供的獨特價值主張，這一增長為 Nova 帶來了可觀的收入。

Our customers estimate that newly introduced AI models will enhance efficiency and lower the barriers to future AI development, resulting in broader usage and increased adoption of AI, all of which depend on advanced technology nodes. In parallel, the demand we see for mature nodes remains stable, with many new customers joining the ranks.

我們的客戶估計，新引入的人工智慧模型將提高效率並降低未來人工智慧發展的門檻，從而擴大人工智慧的使用範圍並提高其採用率，而這一切都依賴先進的技術節點。同時，我們看到對成熟節點的需求保持穩定，許多新客戶加入了這一行列。

As our second quarter guidance suggests, we expect these positive trends to continue. On a global level, macroeconomic uncertainty impacts various sectors, and the potential indirect implications of the current international trade climate are still unclear. Despite this, we have not observed significant shifts in demand or planned customers' investments, and our business remains solid.

正如我們的第二季度指引所示，我們預計這些正面趨勢將會持續下去。從全球層面來看，宏觀經濟的不確定性影響著各個領域，而當前國際貿易環境的潛在間接影響尚不清楚。儘管如此，我們並未觀察到需求或規劃客戶投資的重大變化，我們的業務仍然穩固。

Let me turn to some business highlights for the quarter. The accelerating adoption of Ground and advanced packaging solutions lead customers to build capacity and increasingly embrace our portfolio. As a result, we saw a significant increase in revenues from g all around and advanced packaging processes, which manifested in several areas of our business.

讓我來介紹一下本季的一些業務亮點。地面和先進封裝解決方案的加速採用促使客戶建立產能並越來越多地採用我們的產品組合。結果，我們看到來自 g allaround 和先進封裝流程的收入顯著增加，這體現在我們業務的多個領域。

First, we achieved record sales in our stand-alone solutions, led by record revenues from the PRM platform. PRISM has successfully completed two more evaluations for advanced packaging and leading-edge nodes by a leading logic manufacturer, and it is shaping out to be a best seller for us.

首先，我們的獨立解決方案的銷售額創下了歷史新高，其中 PRM 平台的收入創下了歷史新高。PRISM 已成功完成一家領先邏輯製造商針對先進封裝和前沿節點的另外兩項評估，並且預計將成為我們的暢銷產品。

The PRISM spectral interferometry technology and unique algorithmic capability bring clear benefits to process control of fruit silk and via and critical hybrid bonding applications, which our customers appreciate. Second, we also saw record sales of our integrated metrology solutions.

PRISM光譜干涉技術和獨特的演算法能力為果絲和通孔的製程控制以及關鍵混合鍵結應用帶來了明顯的好處，並得到了客戶的讚賞。其次，我們的綜合計量解決方案的銷售額也創下了歷史新高。

This quotas highlights include a new penetration into two galo around manufacturers, one of which also adopted the solution for its advanced packaging processes. I'm proud to say that these latest adoptions have been driven by Nova's superior technology, but just as much, it is a testament to the power of collaborating with our customers.

此次配額的亮點包括對兩家加侖左右製造商的新滲透，其中一家還採用了該解決方案用於其先進的封裝流程。我很自豪地說，這些最新的採用是由 Nova 的卓越技術推動的，但同樣，這也證明了與客戶合作的力量。

Third, our software business achieved record performance, driven by strong sales of our software suite, targeting high value applications and improving performance and efficiencies. More specifically, our advanced packaging customers have noted the advantage of using our machine learning capabilities to solve critical challenges and reduce costs in their increasingly complex processes.

第三，我們的軟體業務取得了創紀錄的業績，這得益於我們軟體套件的強勁銷售，瞄準高價值應用程式並提高效能和效率。更具體地說，我們的先進封裝客戶已經注意到使用我們的機器學習功能來解決關鍵挑戰和降低日益複雜的流程中的成本的優勢。

Fourth, our materials metrology solutions also benefit from this demand. The Nova ellipsson was recently adopted for g around processes by a leading IDM that already employs multiple ellipsone tools in other areas.

第四，我們的材料計量解決方案也受惠於此需求。Nova ellipsson 最近被一家領先的 IDM 用於 g 流程，該公司已在其他領域採用了多種 ellipsone 工具。

In addition, we shipped another Mereon platform for qualification with a new g around customer. We also saw the continued adoption of the Nova Veraflex I4 platform by additional customers towards Ground manufacturing line.

此外，我們也向新客戶運送了另一個 Mereon 平台以供認證。我們也看到更多客戶繼續採用 Nova Veraflex I4 平台來生產地面生產線。

We recently introduced some new capabilities on the Veriflex platform, which opened a whole new range of layers for advanced free demand manufacturing. We will be able to share more details in the future. On the memory side, the majority of demand is coming from DRAM, and it is driven by the need to increase capacity in high bandwidth memory production. Notably, we are seeing heightened demand for our chemical metrology solutions.

我們最近在 Veriflex 平台上引入了一些新功能，為先進的自由需求製造開闢了全新的層面。我們將來會分享更多細節。在記憶體方面，大部分需求來自 DRAM，這是由增加高頻寬記憶體生產容量的需求所驅動的。值得注意的是，我們看到對我們的化學計量解決方案的需求日益增加。

Finally, all this growth is also driving our services business forward. This quarter ended with another record in service revenues, which grew more than 30% year over year. Now I want to share some updates on our operations in Germany.

最後，所有這些成長也推動了我們的服務業務向前發展。本季服務收入再創紀錄，年增超過 30%。現在我想分享一些我們在德國業務的最新情況。

During the first quarter, we completed the acquisition of Centronics, and we are progressing well in post-merger integration. While the contribution to the first quarter is relatively small, we expect to see our business from this acquisition grow significantly in Q2. As we transition to direct sales in key markets. Also, during the first quarter, we moved into our new facility in Badur, Germany.

第一季度，我們完成了對 Centronics 的收購，併購後整合工作進展順利。雖然對第一季的貢獻相對較小，但我們預期此次收購帶來的業務將在第二季大幅成長。隨著我們在主要市場轉向直銷。此外，在第一季度，我們搬進了位於德國巴杜爾的新工廠。

The new facility combines state of the art manufacturing with a research and development center focused on chemical metrology. The new site doubles the capacity of Nova's chemical metrology division and fosters collaboration by bringing all the division teams together in one location. The transition to the new facility has been seamless, and the next quarter looks very promising for the division.

新工廠將最先進的製造技術與專注於化學計量的研發中心結合在一起。新站點使 Nova 化學計量部門的產能提高了一倍，並透過將所有部門團隊聚集在一個地方來促進協作。向新工廠的過渡非常順利，下個季度該部門的前景非常光明。

Before I complete my prepared remarks, I wanted to note that we recently published Nova's 2025 Sustainability Insight report. The report highlights significant milestones in various areas, including renewable energy use and reduction in greenhouse gas emissions.

在我完成準備好的演講之前，我想指出，我們最近發布了 Nova 的 2025 年永續發展洞察報告。該報告強調了再生能源使用和減少溫室氣體排放等各個領域的重要里程碑。

The report includes updated KPIs that have been incorporated into our operating model, along with a revised set of goals that place greater emphasis on key environmental and social impacts. To summarize my part, Nova had a robust quarter characterized by healthy demand across various nodes, segments and territories.

該報告包括已納入我們營運模式的更新後的 KPI，以及更重視關鍵環境和社會影響的修訂目標。總而言之，我認為 Nova 本季表現強勁，各個節點、細分市場和地區的需求都很旺盛。

These positive trends continue to underscore the value of our tools and services. As we look ahead to the second quarter, we anticipate similar strong demand patterns. The current markets are making visibility more challenging. In the coming months, we expect to gain clear insights and will diligently monitor potential impacts on market demand, managing our business with prudence.

這些正面的趨勢持續凸顯了我們的工具和服務的價值。展望第二季度，我們預期需求模式將同樣強勁。當前的市場使得可見性更具挑戰性。在接下來的幾個月裡，我們期望獲得清晰的見解，並將認真監控對市場需求的潛在影響，謹慎管理我們的業務。

Considering our current business momentum, market share opportunities, and the anticipated increase in process control and intensity at the leading edge, we are confident in our ability to outperform WFE growth in 2025. Now, for some more details on our financials, let me hand over the call to Guy.

考慮到我們目前的業務發展勢頭、市場份額機會以及預期在前沿製程控制和強度方面的提升，我們有信心在 2025 年超越 WFE 的成長。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. Good day everyone and thank you for joining our first quarter 2025 conference call. I will begin by reviewing our financial achievements for the 1st quarter of this year and then provide guidance on the second quarter.

謝謝，加比。大家好，感謝您參加我們的 2025 年第一季電話會議。我將首先回顧我們今年第一季的財務業績，然後對第二季提供指導。

As a reminder, since the acquisition of Centronics was finalized at the end of January 2025, the financial results reported for the first quarter include only a partial contribution from Centronics covering the two months following the close of the transaction.

提醒一下，由於對 Centronics 的收購於 2025 年 1 月底完成，因此第一季報告的財務表現僅包括 Centronics 在交易結束後兩個月的部分貢獻。

Total revenues in the first quarter of 2025 reached a record level of $213 million representing our fourth consecutive quarter of all-time high revenues. This performance reflects a growth of 10% quarter-over- quarter and 50% year-over-year.

2025 年第一季的總收入達到創紀錄的 2.13 億美元，這是我們連續第四個季度創下歷史新高。這一業績比上一季增長了 10%，比去年同期增長了 50%。

Product revenue breakdown was approximately 75% from Oic and Foundry, and approximately 25% from memory. Product revenues for the quarter included contribution from three customers and three geographic territories, each accounting for 10% or more of total product revenues.

產品收入組成中約 75% 來自 Oic 和 Foundry，約 25% 來自記憶體。本季的產品收入包括來自三個客戶和三個地理區域的貢獻，每個貢獻佔總產品收入的 10% 或更多。

In the first quarter, blended gross margins were 57% on a GAAP basis and 59.6% on a non-game basis. In the upper end of our updated target model range of 57% to 60%. The high gross margin in the quarter was attributed to a favorable product mix, coupled with a higher revenue volume growth.

第一季度，以 GAAP 計算的混合毛利率為 57%，以非遊戲計算的混合毛利率為 59.6%。在我們更新的目標模型範圍的上限為 57% 至 60%。本季的高毛利率歸因於良好的產品組合以及更高的收入成長。

Operating expenses increased in the first quarter and came in at $59 million on a GAAP basis and $53.5 million on a non-GAAP basis. As we continue to ramp up R&D and sales and marketing spending in a targeted manner to advance our product roadmap and unlock future growth opportunities. Operating margins in the first quarter reached 30% on a GAAP basis and 34.5% on a non-GAAP basis.

第一季營運費用增加，以 GAAP 計算為 5,900 萬美元，以非 GAAP 計算為 5,350 萬美元。我們將繼續有針對性地增加研發、銷售和行銷支出，以推進我們的產品路線圖並釋放未來的成長機會。第一季營業利潤率以 GAAP 計算達到 30%，以非 GAAP 計算達到 34.5%。

Surpassing the upper range of our updated target model of 28% to 33%. The effective tax rate in the first quarter was approximately 15%. Earning per share in the first quarter on a GAAP basis were $2.03 per diluted share and earning per share on a non-gay basis were $2.18 per diluted share.

超過了我們更新後的目標模型的28%至33%的上限。第一季有效稅率約為15%。第一季以 GAAP 計算的每股收益為每股攤薄收益 2.03 美元，以非同性戀計算的每股收益為每股攤薄收益 2.18 美元。

With first quarter results exceeding the top end of our guidance, we've now delivered six consecutive quarters of record performance. A milestone that highlights our consistent execution and the value we are delivering to customers and stakeholders alike.

第一季的業績超出了我們預期的最高水準，我們已連續六個季度創下業績紀錄。這項里程碑凸顯了我們始終如一的執行力以及我們為客戶和利害關係人提供的價值。

Turning to the balance sheet, we ended the first quarter with $812 million in cash equivalent, bank deposit, and marketable securities. This quarter we deployed $20 million in share buybacks and paid a preliminary amount of $51.7 million for the acquisition of Centronics, net of cash acquired.

談到資產負債表，第一季末我們擁有 8.12 億美元的現金等價物、銀行存款和有價證券。本季度，我們部署了 2,000 萬美元的股票回購，並支付了 5,170 萬美元的初步金額（扣除所獲現金）用於收購 Centronics。

An additional $4.7 million will be paid in the second quarter as part of the final purchase price adjustment, bringing the total net consideration for the deal to approximately 56.4 million net of cash acquired. The purchase price allocation of this amount, which remains subject to final audit, was reflected in the company's consolidated balance sheet as of the end of the first quarter.

作為最終購買價格調整的一部分，第二季將支付另外 470 萬美元，使該交易的總淨對價達到約 5,640 萬美元（扣除所獲現金）。該金額的購買價格分配仍有待最終審計，已反映在公司第一季末的合併資產負債表中。

The main elements of the purchase price allocation at the closing date were as follows. Centronics net acquired tangible assets were approximately $9 million. Centronics intangible technology assets were approximately $15 million and are expected to be amortized over a useful life period of five years. Centronics intangible customer relations assets were approximately $2.5 million and are expected to be amortized over a useful life period of seven years.

交割日的購買價格分配的主要內容如下。Centronics 淨收購的有形資產約為 900 萬美元。Centronics 無形技術資產約 1,500 萬美元，預計使用壽命為五年。Centronics 無形客戶關係資產約 250 萬美元，預計在七年使用壽命內攤提。

The inventory step up, approximately $2.3 million was recorded to reflect fair value adjustments. Roughly half of this amount was amortized through a cost of sales in the first quarter, with the remaining portion expected to be recognized in the second quarter.

庫存增加約 230 萬美元，以反映公允價值調整。其中約一半已透過第一季的銷售成本攤銷，剩餘部分預計將在第二季確認。

Finally, I would like to share the details of our guidance for the second quarter of 2025. We currently expect revenues for the quarter to be between $210 million and $220 million. GAAP earning per diluted share to range from $1.70 to $1.88.

最後，我想分享我們對 2025 年第二季的指導細節。我們目前預計本季的營收將在 2.1 億美元至 2.2 億美元之間。每股攤薄收益（GAAP）範圍為 1.70 美元至 1.88 美元。

Non-GAAP earnings per diluted share to range from $1.96 to $2.14. At the midpoint of our 2nd quarter 2025 estimates, we anticipate the following. Gross margins of approximately 56% on a GAAP basis and approximately 58% on a non-gap basis.

非公認會計準則每股攤薄收益在 1.96 美元至 2.14 美元之間。在我們對 2025 年第二季預測的中期，我們預計會出現以下情況。以 GAAP 計算的毛利率約為 56%，以非差距計算的毛利率約為 58%。

Operating expenses on a GAAP basis to increase to approximately $61 million. Operating expenses on a non-GAAP basis to increase to approximately $56 million. Financial income on a non-GAAP basis to remain similar to that of the first quarter. Effective tax rate is expected to be approximately 16%.

根據 GAAP 計算的營運費用將增加至約 6,100 萬美元。非公認會計準則下的營運費用將增加至約 5,600 萬美元。非公認會計準則下的財務收入與第一季持平。預計有效稅率約為16%。

Despite a more complex global trade environment, our 2nd quarter outlook indicates that business conditions are maintaining positive momentum. While recent tariff developments have introduced new variables, we have not seen a significant shift in customer demand.

儘管全球貿易環境更加複雜，但我們對第二季的展望表明，商業狀況仍保持積極勢頭。儘管最近的關稅發展引入了新的變量，但我們並沒有看到客戶需求發生重大轉變。

We are staying closely aligned with our customers as they adapt, and we are confident in our ability to support them through ongoing collaboration and responsiveness. One of our structural advantages in our global production footprint, with manufacturing facilities located across three key geographies, the US, Germany, and Israel.

我們與客戶保持密切聯繫，共同適應變化，我們有信心透過持續的合作和回應為他們提供支援。我們的結構優勢之一在於我們的全球生產足跡，製造工廠分佈在三個主要地區：美國、德國和以色列。

This diversification provides us with the flexibility to help mitigate the operational impact of evolving trade dynamics. Based on our current assessment, we estimate that the new tariffs could reduce gross margins by approximately 30basis points to 50 basis points. That said, the situation remains fluid, and we are actively evaluating mitigation opportunities, including operational adjustments and selective pricing strategies.

這種多樣化為我們提供了靈活性，有助於減輕不斷變化的貿易動態對營運的影響。根據我們目前的評估，我們估計新關稅可能會使毛利率降低約 30 個基點至 50 個基點。話雖如此，情況仍然不穩定，我們正在積極評估緩解機會，包括營運調整和選擇性定價策略。

As always, we are committed to executing with discipline, staying agile, and partnering closely with our customers, positioning us well to navigate changes and capture opportunities. With that, we will be pleased to take your questions, operator.

像往常一樣，我們致力於嚴格執行、保持敏捷並與客戶密切合作，使我們能夠很好地應對變化並抓住機會。接線員，我們很樂意回答您的問題。

Thank you, sir. We will now begin the question-and-answer session. (Operator Instructions) The first question that we have today comes from Blayne Curtis of Jefferies. Please go ahead.

謝謝您，先生。我們現在開始問答環節。（操作員指示）我們今天的第一個問題來自 Jefferies 的 Blayne Curtis。請繼續。

Hi Ezra Weener on for Blayne, thanks for taking my question. Just to start, can you talk about where you are in the gate all around ramp in terms of that $500 million cumulatively and how we should expect that from a shape perspective over the course of the year?

你好，Blayne 的 Ezra Weener，謝謝你回答我的問題。首先，您能否談談就累計 5 億美元而言，您在門周圍坡道方面處於什麼位置，以及從形狀角度我們應該如何預期這一年的發展？

Sure, so in terms of get all around, we definitely see a ramp in the first half of the year. We see strong demand from get all around and looking ahead, we expect to meet the growth plans. Of course there could be some changes in the second half outlook as a result of market conditions, but overall we are on course for the get all around.

當然，從整體來看，我們肯定會看到上半年的成長。我們看到來自各方面的強勁需求，展望未來，我們有望實現成長計畫。當然，由於市場狀況的原因，下半年的前景可能會發生一些變化，但總體而言，我們的前景仍然在順利發展。

Got it. And then can you talk about kind of the size of that opportunity between the R&D phase and the ramp of high volume manufacturing?

知道了。然後可以談談研發階段和大批量生產之間的機會有多大嗎？

So obviously the beginnings that are happening this year are reflecting the pilot lines and initial investments and the business is growing so that once it moves from this stage to high volume manufacturing, we expect business to grow.

因此，顯然今年的開端反映了試驗生產線和初始投資，業務正在成長，因此一旦從這個階段轉向大量生產，我們預計業務就會成長。

So when we spoke of 2024, 2025, 2026, it was obvious that 2025 is going to be higher than 2024 and definitely 2026 is going to be higher than 2025. We are also looking at additional players coming into play, so overall, we see this growth as such that business next year from get around plan to be or expected to be higher than this year.

因此，當我們談到 2024 年、2025 年、2026 年時，很明顯 2025 年將高於 2024 年，而 2026 年肯定將高於 2025 年。我們也在關注更​​多參與者的加入，因此總體而言，我們認為這種成長是這樣的，明年的業務計劃將或預計將高於今年。

And then thank you very much. And then one more in terms of your gross margin, you obviously had a great result in March, comes down a bit in June, and you were talking about tariffs. Can you talk about the moving pieces for the gross margin?

非常感謝。再說一下你們的毛利率，你們 3 月份的業績顯然很好，但 6 月份有所下降，而且你們還談到了關稅問題。能談談影響毛利率的因素嗎？

Yes, so on the gross margin side, the way to think about our gross margin is really on the annual basis, not the quarter of a quarter. In any given quarter, mix can shift things slightly up or down.

是的，從毛利率方面來看，我們計算毛利率的方式實際上是按年度計算的，而不是按季度計算的。在任何特定季度，組合都可能使情況略有上升或下降。

In the second quarter, specifically, the low gross margin reflects two main things the impact of tariffs, as I mentioned, 30basis points to 50 basis points, and some product mixed effect. That said, we remain fully committed to our gross margin model of 57% to 60%, and we expect to be within this range for the full year.

具體來說，第二季的低毛利率主要反映了兩個面向：關稅的影響，正如我所提到的，30個基點到50個基點，以及一些產品混合效應。儘管如此，我們仍然完全致力於 57% 至 60% 的毛利率模式，並且我們預計全年將保持在這個範圍內。

Thank you.

謝謝。

Thank you. The next question we have comes from Atif Malik of Citi. Please go ahead.

謝謝。下一個問題來自花旗銀行的阿蒂夫馬利克 (Atif Malik)。請繼續。

Thank you for taking my questions. The first one for Gaby, Gaby, interesting to see some cross selling in advanced packaging with some of the same customers who are also using your gate all around equipment. Can you talk about what's, driving these dynamics, or maybe I'm reading too much into it.

感謝您回答我的問題。第一個問題是 Gaby，Gaby，很高興看到一些相同的客戶在使用你們的全能門設備，並且在先進封裝方面進行交叉銷售。您能否談談是什麼推動了這些動態，或者也許我對此過度解讀了。

So we are definitely well positioned in terms of our As you mentioned, or defined it as cross sales between those front end players that have either logical memory, advanced packaging processes, so we're looking at both high bandwidth memory as well as advanced packaging and logic, and we have positioned both dimensional metrology as well as the chemical metrology solutions into those markets. What we can see is a very strong.

因此，就您所提到的或將其定義為擁有邏輯記憶體、先進封裝流程的前端參與者之間的交叉銷售而言，我們絕對處於有利地位，因此我們既關注高頻寬記憶體，也關注先進封裝和邏輯，並且我們已經將尺寸計量和化學計量解決方案定位到這些市場中。我們可以看到它非常強大。

Double digit growth in our advanced packaging revenue for 2025 and definitely a higher share of the revenue from this segment compared to 2024, we are seeing also in addition to the chemical and traditional dimensional metrology solutions whether it is the stand-alone OCD or the integrated we now see in Centronics well positioned.

到 2025 年，我們的先進封裝收入將實現兩位數增長，而且與 2024 年相比，該部分收入的份額肯定會更高，除了化學和傳統尺寸計量解決方案之外，我們還看到，無論是獨立的 OCD 還是我們現在在 Centronics 中看到的集成 OCD，都處於有利地位。

In order to help us drive this business, again leveraging our strong position in the front end with those who have either high bandwidth memory or other logic advanced packaging processes in their midst.

為了幫助我們推動這項業務，我們再次利用我們在前端的強勢地位，與那些擁有高頻寬記憶體或其他邏輯先進封裝製程的人合作。

Great and follow up for Gaby and Guy, on the tariffs, some of your equipment peers have talked about the revenue impact in China from the reciprocal tariffs and just want to clarify that you did not see any revenue impact in China in your guide and also if you can remind us for the full year services growth this year.

非常好，請跟進 Gaby 和 Guy 的問題，關於關稅，你們的一些設備同行談到了互惠關稅對中國收入的影響，我只想澄清一下，你們在指南中沒有看到對中國收入的任何影響，另外，你們能否提醒我們今年全年服務的增長情況。

Yeah, so, as I mentioned during my script, the main, the main impact of the tariffs is on the gross margin, 30 to 50 basis points, and we don't see, currently impact on the top line. On the service, our model suggests 10 to 15% growth year over year, and we are will meet this target for 2025 as well.

是的，正如我在腳本中提到的那樣，關稅的主要影響是對毛利率的影響，為 30 到 50 個基點，而我們目前沒有看到對營業收入的影響。在服務方面，我們的模型預測年增率將達到 10% 至 15%，我們也將在 2025 年實現這一目標。

(Operator instructions) The next question we have comes from Mark Lipacis of Evercore.

（操作員指示）下一個問題來自 Evercore 的 Mark Lipacis。

Great, thanks for taking my questions. On the question on the on the tariff, what is the what is the framework that we should think about for this? Is this simply components shipped into the US? Is that is that the main part of you know the tariff impact to gross margins, or is there something else that we should think about here?

太好了，感謝您回答我的問題。關於關稅問題，我們該考慮什麼樣的框架？這只是將零件運往美國嗎？這是您知道關稅對毛利率影響的主要部分嗎，還是我們還應該考慮其他因素？

So the main tariff related impact on gross margin comes from the bomb of our machines, but it's relatively modest. Most of our supply chain is localized, so the volume of imports is quite low. The second piece is service per parts, which do involve more imports.

因此，關稅對毛利率的主要影響來自於我們機器的缺陷，但影響相對較小。我們的供應鏈大部分都是本地化的，因此進口量相當低。第二部分是零件服務，這確實涉及更多進口。

Altogether we estimate, as I mentioned, the impact on the gross margin, 30basis points to 50 basis points. That said, the environment remains dynamic, and we are actively monitoring it, and our diversified operational footprint across regions give us the flexibility and helps us cushion the impact.

正如我所提到的，我們總共估計對毛利率的影響為 30 個基點到 50 個基點。儘管如此，環境仍然是動態的，我們正在積極監控它，我們跨地區的多元化營運足跡為我們提供了靈活性並幫助我們緩解影響。

And I guess I was curious, is I don't know if you can answer this, but is it, is most of that tariff impact from a geographic location on shipping components to your manufacturing facilities in the US and then is that where the most of the impact is or is it something else? Should we think about it differently?

我想我很好奇，我不知道您是否可以回答這個問題，但是，關稅的大部分影響是否來自於將零件運送到美國製造工廠的地理位置，那麼這是否是影響最大的地方，還是有其他因素？我們是否應該換一種思考方式？

Partially that and partially of that is the shipment of spare parts between different territories that have tariff impact.

部分原因是如此，部分原因是不同地區之間備件的運輸會產生關稅影響。

Okay, gotcha. And then you are coming in at the high end or above the high end of the target model. Is there, what is the process for, re-evaluating your target model range, and timing is this something that you consider doing when you're hitting this kind of levels of profitability?

好的，明白了。然後你就會進入目標模型的高端或更高端。有沒有重新評估目標模型範圍的過程？當您達到這種盈利水平時，您是否考慮這樣做？

So we did introduce during our investor lately an updated model on the operating margin of operating margin of 28% to 33%. It's important to know that in quarters where we are growing in such a quick pace as we did in the first quarter, it takes time for the OPECs to catch up.

因此，我們最近在投資者會議上介紹了一個更新的營業利潤率模型，營業利潤率為 28% 至 33%。重要的是要知道，在我們像第一季這樣快速成長的幾個季度中，歐佩克需要時間來趕上。

We see the increase in the OECs this quarter and as we, as I mentioned during as part of the guidance, the second quarter we will see additional increase, and this increase we are building, the main focus is investing more in R&D and sales to support both our roadmap and strategic evaluation. So I think these are the main components for that.

我們看到本季度 OEC 有所增長，正如我在指導中提到的那樣，第二季度我們將看到進一步的增長，我們正在構建這種增長，主要重點是加大對研發和銷售的投資，以支持我們的路線圖和戰略評估。所以我認為這些就是其主要組成部分。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. The next question we have comes from Vivek Arya of Bank of America. Please go ahead.

謝謝。下一個問題來自美國銀行的 Vivek Arya。請繼續。

Hi, thank you for taking the question. This is Doxsan on behalf of Vivek. Just to follow up on the tariff question, I know you said you don't see much top line impact, but have you seen any signs of potential pull in or pushouts by customers, just given, obviously you have a very diverse geographical mix. Thank you.

您好，感謝您回答這個問題。這是 Doxsan 代表 Vivek。只是為了跟進關稅問題，我知道您說過您沒有看到太多的收入影響，但是您是否看到任何客戶可能吸引或推出的跡象，顯然您的地理分佈非常多樣化。謝謝。

So there are obviously concerns, but we haven't seen any major pushouts or pull-ins in that respect.

因此顯然存在擔憂，但我們還沒有看到這方面的任何重大推動或拉動。

Got it. Thank you for that and then one follow up on HPM, obviously you're doing very well in advanced packaging overall, but your memory revenue, despite the market, the underlying market growing very significantly, I think memory has been flattish year over year for you guys, whereas Foundry Logic almost doubled, so I'm just curious about your ramp and progress in HPM. Thank you so much.

知道了。謝謝你的回答，然後是關於 HPM 的後續問題，顯然你們在先進封裝方面總體做得很好，但是儘管市場、基礎市場增長非常顯著，你們的內存收入卻同比持平，而 Foundry Logic 幾乎翻了一番，所以我只是好奇你們在 HPM 方面的增長和進展。太感謝了。

So we definitely see a double-digit growth in advanced packaging, and HVM is part of it. I can say that HVM represents about 3% of our advanced packaging product revenues, and we do see major growth in that as well, so it's progressing across the board both logic and memory.

因此，我們確實看到先進封裝領域出現了兩位數的成長，而 HVM 就是其中的一部分。我可以說 HVM 約占我們先進封裝產品收入的 3%，而且我們也確實看到了大幅成長，因此它在邏輯和記憶體方面都在全面進步。

Got it thank you.

明白了，謝謝。

Thank you. The next question we have comes from Mark Miller, of The Benchmark Company.

謝謝。下一個問題來自 The Benchmark Company 的馬克米勒。

Congratulations, another record quarter. In terms of memory, after several years of slowness, Nova manufacturers are increasing their CapEx. Do you expect increasing, sales related to Nova?

恭喜，又是個創紀錄的季度。記憶體方面，經過幾年的緩慢發展後，Nova 製造商正在增加其資本支出。您預計 Nova 的銷量會增加嗎？

We definitely hope so, and we are planting the seeds in terms of our portfolio in order to capture the ramp. We have, we definitely see that momentum.

我們確實希望如此，並且我們正在為抓住機會而播下產品組合的種子。我們確實看到了這種勢頭。

Gearing, but still not translating into immediate revenue, so we hope that that would happen towards the end of this year, as we have indicated before, and our effort now is really to build the footprint in terms of technology, evaluations in order to have a strong position in memory in general and free demand specifically.

槓桿作用，但仍然不能轉化為直接收入，所以我們希望這將在今年年底發生，正如我們之前所指出的那樣，我們現在的努力實際上是在技術、評估方面建立足跡，以便在總體內存和具體免費需求方面佔據強勢地位。

Looking at your backlog, what is the margin profile your backlog? Is that similar to what you've been seeing recently in terms of reported margins?

查看您的積壓訂單，您的積壓訂單的利潤如何？這與您最近看到的報告利潤率類似嗎？

Yes, in the, more or less the same mix.

是的，或多或少是相同的混合。

Thank you.

謝謝。

Thank you. The final question we have comes from Charles Shi of Needham and Company. Please go ahead.

謝謝。我們的最後一個問題來自 Needham and Company 的 Charles Shi。請繼續。

Good evening, Gabby and Guy. Thanks for taking my questions. The first one, I know that in the preparing remarks, you did express some cautiousness about the second half, given all the uncertainties, but your largest appear in process control, seems to have self-guided flattish.

晚上好，Gabby 和 Guy。感謝您回答我的問題。第一個問題，我知道在準備發言中，您確實表達了對下半年的一些謹慎態度，考慮到所有的不確定性，但您在過程控制方面最大的表現似乎已經自我引導趨於平緩。

The second half, at least over the first half, wonder what's your thought there based on your order backlog and the and the pipeline at the point, I mean absent of any potential impact from the tariffs. That's the first question. Thank you.

下半年，至少是上半年，想知道您根據訂單積壓和目前的通路情況有何想法，我的意思是關稅不會對下半年產生任何潛在影響。這是第一個問題。謝謝。

So we are not giving any guidance for the full year, but we are not necessarily sharing the same the same views of our peers in the industry, and I think that our position is different. But overall we definitely see the concerns on the one hand, but also see the robust business ahead, so we can definitely expect different trends.

因此，我們不會給出全年的任何指導，但我們不一定與業內同行持有相同的觀點，我認為我們的立場是不同的。但總體而言，我們一方面確實看到了擔憂，但也看到了未來強勁的業務，因此我們肯定可以預期不同的趨勢。

Thank you, Gabby. Maybe let me drill down a little bit. I think, let's say go back one quarter ish. I think you also said, expressed a little bit of a conservatism on. The China outlook going into the second half of the year, in terms of the visibility now we're in May and what's the sense right now, because I did catch what you said on the preparing marks mature note seems to be still pretty steady, but I kind of infer that as a as a China commentary, but what's the, what's the China outlook going into the second half, any thoughts there? Thank you.

謝謝你，加布麗。也許讓我深入探討一下。我想，讓我們回溯一個季度左右。我想您也說過，表達了一點保守主義。就目前 5 月的可見性而言，中國下半年的前景如何，因為我確實明白您在準備階段所說的成熟度記錄似乎仍然相當穩定，但我推斷這是對中國的評論，但下半年中國經濟的前景如何，您有什麼想法嗎？謝謝。

Sure, so overall we expect the nominal value from our China business to stay flat or slightly decline year over year. As I indicated before, share wise, we expect to see a relatively low lower share of the revenue as advanced notes are becoming more prominent.

當然，總體而言，我們預計中國業務的名義價值將保持平穩或同比略有下降。正如我之前指出的，從份額來看，由於高級票據變得越來越突出，我們預計收入份額將相對較低。

We do see good backlog for the coming quarters, but we still lack full visibility of the year. And in any case, we see this trend offset by the strong performance in the audit territories and other regions. So overall, as I mentioned before, and that hasn't changed, nominally flat or slightly decline, share wise lower, but we do see the good backlog. Thanks Gaby.

我們確實看到未來幾季的積壓訂單情況良好，但我們仍然缺乏對全年的全面了解。無論如何，我們看到這一趨勢被審計地區和其他地區的強勁表現所抵消。所以總的來說，正如我之前提到的，這並沒有改變，名義上持平或略有下降，份額下降，但我們確實看到了良好的積壓。謝謝 Gaby。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the conference back over to Gabby Waisman for any closing remarks. Please go ahead, sir.

謝謝。女士們、先生們，我們的問答環節到此結束。現在我想將會議交還給 Gabby Waisman 做結束語。先生，請繼續。

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。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。