(PLAB) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Photronics First Quarter Fiscal 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Photronics 2023 財年第一季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to Richelle Burr, Chief Administrative Officer.

我現在想將會議轉交給首席行政官 Richelle Burr。

Thank you, Risca. Good morning, everyone. Welcome to our review of Photronics' fiscal 2023 first quarter results. Joining me this morning are Frank Lee, our Chief Executive Officer; John Jordan, our Chief Financial Officer; Chris Progler, our Chief Technology Officer; and Eric Rivera, our Chief Accounting Officer and Corporate Controller.

謝謝你，里斯卡。大家，早安。歡迎閱讀我們對 Photronics 2023 財年第一季度業績的回顧。今天早上和我一起的是我們的首席執行官 Frank Lee； John Jordan，我們的首席財務官； Chris Progler，我們的首席技術官；和我們的首席會計官兼公司財務總監埃里克·里維拉 (Eric Rivera)。

The press release we issued on Monday, together with the presentation material that accompanies our remarks are available on the Investor Relations section of our web page. Comments made by any participant on today's call may include forward-looking statements that include such words as anticipate, believe, estimate, expect, forecast, or in our view. These forward-looking statements are based upon a number of risks, uncertainties and other factors that are difficult to predict. Actual results may differ materially from those expressed or implied, and we assume no obligation to update any forward-looking information.

我們週一發布的新聞稿以及我們的評論附帶的演示材料可在我們網頁的投資者關係部分獲得。任何與會者在今天的電話會議上發表的評論可能包括前瞻性陳述，其中包括預期、相信、估計、預期、預測或我們認為等詞語。這些前瞻性陳述基於許多風險、不確定性和其他難以預測的因素。實際結果可能與明示或暗示的結果存在重大差異，我們不承擔更新任何前瞻性信息的義務。

During the course of our discussion, we will refer to certain non-GAAP financial metrics. These numbers are useful for analysts, investors and management to evaluate ongoing performance. A reconciliation of these metrics to GAAP financial results is provided in our presentation materials.

在我們的討論過程中，我們將參考某些非 GAAP 財務指標。這些數字對分析師、投資者和管理層評估持續業績非常有用。我們的演示材料中提供了這些指標與 GAAP 財務結果的對賬。

At this time, I would like to turn the call over to Frank.

這時，我想把電話轉給弗蘭克。

Thank you, Richelle, and good morning, everyone. I'm pleased to report we achieved revenue of $211.1 million in Q1, which exceeds our expectations. This was against a backdrop of macro challenges and uncertain industry conditions, showing that Photronics was able to navigate a difficult environment very well.

謝謝你，Richelle，大家早上好。我很高興地報告，我們在第一季度實現了 2.111 億美元的收入，超出了我們的預期。這是在宏觀挑戰和不確定的行業條件的背景下進行的，表明 Photronics 能夠很好地應對困難的環境。

Indeed, the IC photomask market has been mixed, with strong demand in certain nodes and softening demand in others. On the positive side, we received strong order flow from Asian foundries for mid-range nodes, from 65 to 45 nanometer, mainly for the smart car, LED driver, automotive, image sensor, IoT and other specific applications.

事實上，IC 光掩模市場喜憂參半，某些節點的需求強勁，而其他節點的需求疲軟。從積極的方面來看，我們從亞洲晶圓代工廠收到了從 65 到 45 納米的中端節點的強勁訂單流，主要用於智能汽車、LED 驅動器、汽車、圖像傳感器、物聯網和其他特定應用。

Our customer long-term purchase agreement that we entered over the last few years benefits us by preserving market share and providing a good mix of product demand, helping us maintain revenue. This agreement has helped us better plan for capital investment and handle period of slowing industry demand.

我們在過去幾年簽訂的客戶長期採購協議通過保持市場份額和提供良好的產品需求組合使我們受益，從而幫助我們保持收入。該協議幫助我們更好地規劃資本投資和應對行業需求放緩時期。

On the FPD side, our Q1 fab utilization remained at a high level, with smartphone is [pressure] in particular strength for China panel makers. This provides a major contribution to our FPD business growth and was consistent with the strong demand for our mid-range IC display driver photomask heliograph.

在 FPD 方面，我們第一季度的工廠利用率保持在較高水平，智能手機對中國面板製造商來說尤其是 [壓力]。這為我們的 FPD 業務增長做出了重大貢獻，並且與我們對中檔 IC 顯示驅動器光掩模日光儀的強勁需求一致。

Gross margin and operation margin was slightly softer than Q4 last year, but still maintaining a strong level. Through continuous cost control management and pricing strategy. John will discuss the financial metrics in more details later.

毛利率和營業利潤率略低於去年第四季度，但仍保持強勁水平。通過持續的成本控制管理和定價策略。 John 稍後將更詳細地討論財務指標。

Looking forward to Q2 outlook. Based on current order trends and ongoing input from our customers, we anticipate demand to remain stable in Q2, resulting in guidance that is roughly in line with our first quarter operation results. While demand uncertainty beyond Q2 is higher than usual, we continue to work closely with our customers to understand their demand and ready to support their business. In many cases, photomask demand can remain steady even during an industry downturn as photomask demand is design-driven and not always on the same cycle as wafer starts or display production.

期待二季度展望。根據當前的訂單趨勢和客戶的持續投入，我們預計第二季度的需求將保持穩定，從而導致與我們第一季度運營結果大致一致的指引。儘管第二季度之後的需求不確定性高於往常，但我們繼續與客戶密切合作以了解他們的需求並準備好支持他們的業務。在許多情況下，即使在行業低迷時期，光掩模需求也能保持穩定，因為光掩模需求是設計驅動的，並不總是與晶圓啟動或顯示器生產處於同一周期。

Longer term, we believe photomask's a great place to be in a semiconductor and FPD supply chain. As design-heavy future and greater outsourcing for our captive (inaudible) point to growing photomask demand. Moreover, the global [dry torque] regionalization of IC supply will be a positive long-term driver of photomask, as these new fabs require masks. We believe our global presence, broad technology portfolio and a close customer relationships position us well to capitalize on this market trajectory over the long term.

從長遠來看，我們認為光掩模是半導體和 FPD 供應鏈中的一個好地方。由於設計繁重的未來和我們專屬（聽不清）的更多外包表明光掩模需求不斷增長。此外，IC 供應的全球 [幹扭矩] 區域化將成為光掩模的長期積極驅動力，因為這些新晶圓廠需要掩模。我們相信，我們的全球影響力、廣泛的技術組合和密切的客戶關係使我們能夠長期利用這一市場軌跡。

We have made a good start in 2023, which will be a challenging year. I have full confidence in Photronics' global team, and we will continue to support our customers by navigating through dynamics as they evolve and by executing with world-class performance in capability, cost and delivery.

2023年我們開了一個好頭，這將是充滿挑戰的一年。我對 Photronics 的全球團隊充滿信心，我們將繼續支持我們的客戶，在他們發展的動態中導航，並在能力、成本和交付方面以世界一流的表現執行。

Before turning the call over to John, I would like to offer a few comments on the continued evolution of export control laws. Japan and Netherlands were recently agreed to tighten restriction on the export of chip manufacturing technology to China. This may create additional risk for us as we rely on some Japanese firm for material, tool and service necessary to manufacture photomask.

在將電話轉給約翰之前，我想就出口管制法律的持續發展發表一些評論。日本和荷蘭最近同意收緊對中國出口芯片製造技術的限制。這可能會給我們帶來額外的風險，因為我們依賴一些日本公司提供製造光掩模所需的材料、工具和服務。

We continually review our import and export practice to ensure compliance with regulatory requirements and work closely with our partners, vendors and suppliers to create prints that best serve our customers. The new restriction did not have a material impact on our first quarter results. We continue to review the restriction and what impact that may have on our future operations.

我們不斷審查我們的進出口實踐，以確保符合法規要求，並與我們的合作夥伴、供應商和供應商密切合作，以創造最能為我們的客戶服務的印刷品。新的限制對我們第一季度的業績沒有產生實質性影響。我們將繼續審查限制及其對我們未來運營可能產生的影響。

With that, I turn the call to John.

有了這個，我把電話轉給了約翰。

Thank you, Frank. Good morning, everyone. Revenue increased slightly in the first quarter as both IC and FPD were up somewhat from the fourth quarter and successfully offset typical seasonal trends, particularly for high-end technologies. Design activity continued reasonably robust, our commercial teams have done a great job working with customers to understand their technology road map and wind orders, and our global team executed well and delivered.

謝謝你，弗蘭克。大家，早安。第一季度收入略有增長，因為 IC 和 FPD 均較第四季度有所增長，並成功抵消了典型的季節性趨勢，尤其是高端技術。設計活動繼續相當強勁，我們的商業團隊在與客戶合作方面做得很好，了解他們的技術路線圖和風力訂單，我們的全球團隊執行良好並交付。

IC revenue was $156.6 million, up 0.2% sequentially. An increase in high-end demand, particularly in Asia, offset limited softness in mainstream. The supply/demand imbalance continues to support a favorable pricing environment, and for the most part, we're able to maintain ASP pricing exclusive of premiums established over the last 2 years.

IC 收入為 1.566 億美元，環比增長 0.2%。高端需求的增加，尤其是在亞洲，抵消了主流市場的有限疲軟。供需失衡繼續支持有利的定價環境，並且在大多數情況下，我們能夠維持 ASP 定價，不包括過去 2 年建立的保費。

FPD revenue improved 1% sequentially to $54.5 million. Again, growth in high-end revenue more than offset lower mainstream demand. High-end growth came from improved G10.5+ demand and continued strength in mobile displays. Many times, the production capacity dedicated to strong demand for high-end masks can lead to reduced production of mainstream masks.

FPD 收入環比增長 1% 至 5450 萬美元。同樣，高端收入的增長抵消了較低的主流需求。高端增長來自 G10.5+ 需求的改善和移動顯示器的持續走強。很多時候，專門用於高端口罩需求旺盛的產能會導致主流口罩減產。

Gross and operating margins were about 2 percentage points less than fourth quarter margins due to less favorable mix, and somewhat lower expediting premiums that customers pay to accelerate deliveries. Although the revenue increase was in high end, both IC and FPD, not all high-end business is created equal. Difference in mix, including nature of the product, product pricing and margins and location of manufacturer, especially related to memory, all affect operating margin outcome.

毛利率和營業利潤率比第四季度的利潤率低約 2 個百分點，原因是組合不佳，以及客戶為加快交付而支付的加急費用略低。儘管收入增長是在高端，IC和FPD，但並非所有高端業務都是平等的。組合差異，包括產品性質、產品定價和利潤率以及製造商位置，尤其是與內存相關的差異，都會影響營業利潤率結果。

Operating expenses were slightly increased sequentially on higher [people] costs. First quarter SG&A costs are typically higher than fourth quarter due to higher employer taxes and healthcare costs. SG&A increased from first quarter last year due to overall higher salaries and wages, driven by labor market conditions and healthcare costs. Nonetheless, operating expenses remained well below the 10% of sales implied in our target model. Maintaining a tight grip on expenses is part of our DNA, so to speak.

由於 [人員] 成本較高，運營費用環比略有增加。由於更高的雇主稅和醫療保健成本，第一季度的 SG&A 成本通常高於第四季度。由於在勞動力市場狀況和醫療保健成本的推動下工資和工資總體上漲，SG&A 比去年第一季度有所增加。儘管如此，運營費用仍遠低於我們目標模型中隱含的銷售額的 10%。可以說，嚴格控制開支是我們 DNA 的一部分。

Nonoperating loss in the quarter of $14.4 million resulted primarily from the unrealized loss from month-end remeasurement of U.S. dollar-denominated balance sheet items into the local functional currencies in our foreign operations. The remeasurement exercise produces an unrealized noncash accounting for variations in currency relationships which can result in either a gain or loss each quarter. These nonoperating items have been generally favorable over the last 2 years. Due to the degree of variation in the fourth quarter and first quarter amounts, we provided a non-GAAP presentation to demonstrate that operating results, excluding the FX loss, were in line with expectations.

本季度的非經營虧損為 1,440 萬美元，主要是由於月末將以美元計價的資產負債表項目重新計量為我們海外業務中的當地功能貨幣而產生的未實現虧損。重新計量工作會產生未實現的非現金會計，以反映貨幣關係的變化，這可能導致每個季度的收益或損失。這些非經營性項目在過去 2 年中普遍受到好評。由於第四季度和第一季度金額的變化程度，我們提供了一份非公認會計原則的演示文稿，以證明不包括外匯損失在內的經營業績符合預期。

The income tax provision of $12.6 million and noncontrolling interest expense of $15 million resulted in net income of $14 million and diluted EPS of $0.23 on a GAAP basis. On an adjusted basis, net income was $24.4 million and diluted EPS was $0.40. Last quarter, non-GAAP net income and EPS were $31.2 million and $0.51, respectively. The analogous net income and EPS last year were $14.2 million and $0.32.

1260 萬美元的所得稅撥備和 1500 萬美元的非控制性利息費用導致淨收入為 1400 萬美元，攤薄每股收益為 0.23 美元（按 GAAP 計算）。在調整後的基礎上，淨收入為 2440 萬美元，攤薄每股收益為 0.40 美元。上一季度，非 GAAP 淨收入和每股收益分別為 3120 萬美元和 0.51 美元。去年類似的淨收入和每股收益分別為 1420 萬美元和 0.32 美元。

Cash flow generated from operations was $28 million in the first quarter. We invested $31 million in capital expenditures and received $1 million in government incentives. For full year 2023, our CapEx forecast remains at approximately $130 million, primarily for increased high-end and mainstream IC capacity.

第一季度運營產生的現金流量為 2800 萬美元。我們投資了 3100 萬美元用於資本支出，並獲得了 100 萬美元的政府獎勵。對於 2023 年全年，我們的資本支出預測仍約為 1.3 億美元，主要用於增加高端和主流 IC 產能。

Our cash balance, including short-term investments, was $374 million at the end of the quarter or $340 million net cash after $34 million in debt. We believe we have ample liquidity for our investments in growth and for resilience against uncertainties we may face in 2023.

截至本季度末，我們的現金餘額（包括短期投資）為 3.74 億美元，即 3400 萬美元債務後的淨現金為 3.4 億美元。我們相信，我們有足夠的流動性來投資於增長和抵禦 2023 年可能面臨的不確定性。

Before I provide guidance, I'll remind you that our visibility is always limited as our backlog is typically only 1 to 3 weeks and demand for some of our products is inherently uneven and difficult to predict. Additionally, the ASPs for high-end mask sets are high. And as this segment of the business grows, a relatively low number of high-end orders can have a significant impact on our quarterly revenue and earnings.

在我提供指導之前，我會提醒您，我們的能見度總是有限的，因為我們的積壓訂單通常只有 1 到 3 週，而且對我們某些產品的需求本質上是不均衡的，難以預測。此外，高端口罩套裝的平均售價較高。隨著這部分業務的增長，相對較少的高端訂單會對我們的季度收入和收益產生重大影響。

Given those caveats, we expect second quarter revenue to be in the range of $205 million to $215 million. We anticipate that the current revenue level will be sustained in the second quarter, and the ability to maintain revenues at this level ratifies our belief that the industry's cyclical phase is not necessarily reflected in demand for photomasks.

鑑於這些警告，我們預計第二季度收入將在 2.05 億美元至 2.15 億美元之間。我們預計當前的收入水平將在第二季度維持，並且能夠將收入維持在這一水平證實了我們的信念，即行業的周期性階段不一定反映在對光掩模的需求上。

Based on those revenue expectations in our current operating model, we estimate earnings per share for the current quarter, the second quarter, to be in the range of $0.38 to $0.48 per diluted share.

根據我們當前運營模式中的這些收入預期，我們估計當前季度（即第二季度）的每股收益在攤薄後每股 0.38 美元至 0.48 美元之間。

We have made a great start to 2023. Photomask demand has been stable and our commercial and operating teams are performing well. Despite near-term uncertainty, we remain optimistic with a positive long-term view of increasing photomask demand. We believe we are the market leader, and we plan to continue to grow and carefully manage margins to keep moving toward attainment of our long-term financial targets.

我們在 2023 年有了一個良好的開端。光掩模需求一直穩定，我們的商業和運營團隊表現良好。儘管近期存在不確定性，但我們對光掩模需求增加的長期前景保持樂觀。我們相信我們是市場領導者，我們計劃繼續增長並謹慎管理利潤率，以繼續實現我們的長期財務目標。

I'll now turn the call over to the operator for your questions.

我現在將電話轉給接線員來回答您的問題。

(Operator Instructions) Our first question comes from the line of Thomas Diffely of D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Thomas Diffely。戴維森。

So John, I'm curious, when you look at the second quarter guidance, you talked about it being stable quarter-over-quarter, why do you think you're not seeing the typical post-Chinese New Year ramp in demand? And is it just being offset by some other moving parts?

所以約翰，我很好奇，當你看第二季度的指導時，你談到它比上一季度穩定，為什麼你認為你沒有看到典型的春節後需求增長？它只是被其他一些活動部件抵消了嗎？

I think I'll defer that one to Frank, who's much more an authority on Chinese New Year and the order rate.

我想我會把那個問題交給弗蘭克，他在中國新年和訂單率方面更權威。

Typically, a lot of (inaudible) happens before Christmas or Chinese New Year. This year, it's slightly different because the overall industry environment. So we do see some mainstream (inaudible) start to increase. But on the high-end side, we haven't seen the recover -- a strong recovery yet. But according to the input from our customers and from our sales, we believe the [indiscernible] may start to happen later in the quarter, but we need to continue to monitor the situation.

通常，很多（聽不清）發生在聖誕節或農曆新年之前。今年，由於整體行業環境的原因，略有不同。所以我們確實看到一些主流（聽不清）開始增加。但在高端方面，我們還沒有看到復蘇——強勁的複蘇。但根據我們客戶和銷售人員的意見，我們認為 [音頻不清晰] 可能會在本季度晚些時候開始發生，但我們需要繼續監測情況。

Okay. And then in your prepared comments, you talked about growing nationalism. What regions in particular are you looking at there? And when do you think the capacity will be in place to benefit PLAB kind of your ongoing business?

好的。然後在你準備好的評論中，你談到了日益增長的民族主義。您特別關注哪些地區？您認為什麼時候才能有能力使 PLAB 對您正在進行的業務有利？

Tom, this is Chris. All the regions have programs to expand their domestic supply chains for semiconductors, every major producing region has that. So we're looking at all of them. U.S. and Europe, in particular, seem to be wanting to install significant amounts of new capacity. So we're tracking that. We're meeting with customers. We're looking at also opportunities that apply for incentives ourselves to expand our networks there.

湯姆，這是克里斯。所有地區都有擴大國內半導體供應鏈的計劃，每個主要產區都有。所以我們正在研究所有這些。尤其是美國和歐洲，似乎希望安裝大量新產能。所以我們正在跟踪它。我們正在與客戶會面。我們也在尋找機會申請獎勵，以擴大我們在那裡的網絡。

As far as when that might materialize, I think you have to look at probably a 3-year -- 2- to 3-year horizon at minimum, probably 4 to 5 years, to really achieve the full entitlement of those kind of government-initiated programs. So we're seeing a little bit of it, frankly, already where some companies are trying to get ahead of the curve by expanding capacity. But I think you should think about probably a 3-year horizon before it really takes hold.

至於什麼時候可能實現，我認為你必須考慮至少 3 年 - 2 到 3 年的時間範圍，可能需要 4 到 5 年，才能真正實現那種政府的全部權利 -發起的計劃。所以我們看到了一些，坦率地說，一些公司已經在試圖通過擴大產能來領先一步。但我認為你應該考慮在它真正落地之前大概 3 年的時間範圍。

Okay. And then maybe, Chris, a follow-up on this question. maybe a little bit more on the Japanese technology restrictions. Is it too early to tell? But what nodes does that include? And what is your percentage of business at those potentially advanced nodes?

好的。然後也許，克里斯，這個問題的後續行動。日本的技術限制可能更多一點。現在說還為時過早嗎？但這包括哪些節點？您在那些潛在的高級節點上的業務百分比是多少？

I think for the most advanced nodes, the EUV in particular, I don't see that having a large impact on us. Our EUV business is actually growing year-over-year. We expect it to happen again this year. but it's mostly to support OEMs, equipment manufacturers, R&D programs, piloting, that sort of thing. So we don't have a big exposure to production impacts from EUV, although it is growing for us.

我認為對於最先進的節點，尤其是 EUV，我認為這不會對我們產生很大影響。我們的 EUV 業務實際上在逐年增長。我們預計它今年會再次發生。但它主要是為了支持原始設備製造商、設備製造商、研發項目、試點等。因此，儘管 EUV 對我們的影響正在增長，但我們對生產的影響並不大。

On the midrange nodes, of course, today, I think as you know, the scanner companies are still selling mid-range scanners. This is really DPUV 248 and dry ARF at immersion into all regions around the world. If that was severely curtailed, then that has a major impact on future capacity at those nodes because a lot of our key midrange products fit into those nodes. So that, we do have to watch pretty closely. It does not seem to be happening right now, but it could in the future. So we keep an eye on it, for sure.

當然，在中端節點上，我認為今天，掃描儀公司仍在銷售中端掃描儀。這真的是DPUV 248 和乾ARF 浸入世界所有地區。如果這被嚴重削減，那麼這將對這些節點的未來容量產生重大影響，因為我們的許多關鍵中端產品都適合這些節點。因此，我們必須非常密切地觀察。它現在似乎不會發生，但它可能會在未來發生。所以我們肯定會關注它。

I guess one of the ideas is that the world will still need those chips. And if they -- those tools don't go to one region, they're going to go to a different region. So it gets back to this regionalization opportunity we see. So that would be the response, if you ask how will you make up for it. The idea is those fabs, those chips are going to be built in someplace. And we certainly are plugged in on all regions of the world, and we'll try to take advantage of that.

我想其中一個想法是世界仍然需要這些芯片。如果他們 - 這些工具不去一個地區，他們將去另一個地區。所以它回到了我們看到的這個區域化機會。所以這就是回應，如果你問你將如何彌補它。這個想法是那些晶圓廠，那些芯片將在某個地方建造。我們肯定會接入世界所有地區，我們將嘗試利用這一點。

There may be another comment or two from Richelle on this particular topic. She's working on it very diligently every day.

Richelle 可能會對這個特定主題發表一兩條評論。她每天都非常勤奮地工作。

I think that's right, Chris. I think everything you said is accurate, and we're still waiting to see the -- what actually Netherlands and Japan finally agree to.

我認為這是正確的，克里斯。我認為你所說的一切都是準確的，我們仍在等待——荷蘭和日本最終同意的內容。

Okay. I appreciate that extra color. And then final question, John, you've talked about CapEx of $130 million this year. I was surprised you talked about the mainstream expansion. I thought we were still at a point where the pricing in the mainstream market did not support the acquisition of new tools for that space.

好的。我很欣賞這種額外的顏色。最後一個問題，約翰，你談到今年的資本支出為 1.3 億美元。我很驚訝你談到了主流擴張。我認為我們仍然處於主流市場的定價不支持為該領域獲取新工具的地步。

So -- and that's a good memory, Tom. You're absolutely right. But as we mentioned, I think at the beginning of last year, there are still point tools that we can supplement our existing lines with, and to the extent that those are available. There are other used tools on the market that we may be able to pick up at much less than new price. And those, for the most part, aren't even produced anymore. So to the extent we can scavenge tools like that, we also supplement the existing lines. So it's really just on a point tool kind of exception basis.

所以 - 這是一個美好的回憶，湯姆。你是絕對正確的。但正如我們所提到的，我認為在去年年初，我們仍然可以使用一些點工具來補充我們現有的線路，並且在這些工具可用的範圍內。市場上還有其他二手工具，我們可以以比新價格低得多的價格買到。而那些，在大多數情況下，甚至不再生產了。因此，在我們可以清除此類工具的範圍內，我們還補充了現有的產品線。所以它實際上只是基於點工具類型的異常。

Thanks for getting up so early to call.

謝謝你這麼早起來打電話。

Just another day on the West Coast here.

又是西海岸的一天。

(Operator Instructions) Ladies and gentlemen, there are no further questions at this time. I will now turn the call over to Frank Lee for closing comments.

（操作員說明）女士們先生們，目前沒有其他問題。我現在將把電話轉給弗蘭克·李征求意見。

All right. Thank you. Thank you for joining us this morning. We have made a good start in 2023, and we are working hard to serve our customers and control our operations so we can maintain our revenue and margins. We remain optimistic on the long-term demand outlook for photomasks and believe we can maintain our position as the market leader.

好的。謝謝。感謝您今天早上加入我們。我們在 2023 年有了一個良好的開端，我們正在努力為我們的客戶服務並控制我們的運營，以便我們能夠保持我們的收入和利潤率。我們對光掩模的長期需求前景保持樂觀，並相信我們可以保持市場領導者的地位。

Thank you again for your interest, and have a great day. Thank you.

再次感謝您的關注，祝您有美好的一天。謝謝。

Ladies and gentlemen, that concludes the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。