Photronics Inc (PLAB) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Photronics fourth quarter fiscal year 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

大家好，感謝各位的耐心等待，歡迎參加 Photronics 2025 財年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。

I will now hand the conference over to your speaker host, Ted Moreau, Head of Investor Relations. Please go ahead.

現在我將把會議交給各位演講嘉賓，投資者關係主管泰德·莫羅。請繼續。

Thank you, operator. Good morning, everyone. Welcome to our review of Photronics fiscal fourth quarter 2025 financial results. Joining me this morning are George Macricostas, Chairman and CEO; Eric Rivera, CFO; Frank Lee, Head of our Asia Operations; and Chris Progler, CTO.

謝謝接線生。各位早安。歡迎閱讀我們對 Photronics 2025 財年第四季財務表現的回顧。今天早上和我一起出席的有：董事長兼首席執行官喬治·馬克里科斯塔斯；首席財務官埃里克·裡維拉；亞洲業務主管弗蘭克·李；以及首席技術官克里斯·普羅格勒。

The press release we issued earlier this morning, together with the presentation material that accompanies our remarks, are available on the investor relations section of our website.

我們今天早上早些時候發布的新聞稿以及隨附我們講話的演示材料，均可在我們網站的投資者關係部分查閱。

This call will include forward-looking statements that involve risks and uncertainties that could cause Photronics results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in today's earnings release as well as our most recent SEC filings.

本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致 Photronics 的表現與管理層目前的預期有重大差異。我們建議您查看今天發布的盈利報告中有關前瞻性聲明的通知以及我們最近向美國證券交易委員會提交的文件。

During the quarter, we will be participating in the New York Summit next week and the Needham Growth Conference in January.

本季度，我們將參加下週的紐約高峰會和一月份的尼德姆成長大會。

I will now turn the call over to George.

現在我將把通話轉給喬治。

Thank you, Ted, and good morning, everyone. We delivered strong financial results with sales of $216 million, exceeding expectations and increasing 3% sequentially. The major positive in the quarter was record high-end IC revenue led by the US and Asia.

謝謝你，泰德，大家早安。我們取得了強勁的財務業績，銷售額達 2.16 億美元，超出預期，環比成長 3%。本季最大的利多消息是美國和亞洲市場帶動高階積體電路收入創歷史新高。

Non-GAAP diluted EPS also surpassed guidance, coming at $0.60 per share. During the quarter, we recognized a tax allowance reversal, reflecting an improvement in our US execution and outlook, which Eric will elaborate on.

非GAAP稀釋後每股盈餘也超過了預期，達到每股0.60美元。本季度，我們確認了稅收抵免衝回，這反映出我們在美國的業務執行情況和前景有所改善，Eric 將對此進行詳細說明。

As we look to 2026, we will continue to leverage our operational strengths and geographic footprint spanning 11 production facilities to continue to deliver high-quality photomasks.

展望 2026 年，我們將繼續利用我們在 11 個生產設施中的營運優勢和地理優勢，繼續提供高品質的光掩模。

As previously communicated, we are currently executing strategic geographic expansions at existing facilities, reinforcing our position as a leading merchant provider of photomasks. These initiatives are expected to enhance the revenue contribution from these facilities, broadening and further diversifying our geographic revenue mix.

正如之前所溝通的那樣，我們目前正在現有設施中實施策略性的地域擴張，以鞏固我們作為領先的光掩模供應商的地位。這些措施可望提高這些設施的收入貢獻，擴大並進一步豐富我們的地域收入結構。

Our investments are aligned with two industry trends. First, advanced node migration. Progression to more advanced nodes requires more mask layers per IC device and finer resolution mask features, driving increased mask demand and higher mask set ASPs.

我們的投資與兩大產業趨勢相符。首先，進行高階節點遷移。朝向更先進的節點發展需要每個 IC 元件更多的掩模層和更精細的掩模解析度特徵，從而導致掩模需求增加和掩模組平均售價上漲。

Our investments will increase our exposure to higher-end nodes in the US and in Korea. Second, regionalization. Semiconductor manufacturing continues to diversify globally, including meaningful reshoring of production in the US.

我們的投資將增加我們在美國和韓國高端節點領域的投資。第二，區域化。全球半導體製造業持續多元化發展，其中包括大量生產環節回流美國。

We are a market leader in the US and will pursue numerous higher-end opportunities through our US investment plans. More specifically, a year ago, we announced our capacity expansion and capability extension at our Allen, Texas facility.

我們是美國市場的領導者，並將透過我們的美國投資計畫尋求眾多高端機會。更具體地說，一年前，我們宣布了位於德州艾倫市工廠的產能擴張和能力擴展計畫。

We expect to begin tool installation in the coming months with customer qualifications in the spring time frame and initial revenue later in 2026. In Korea, our cleanroom expansion is underway with equipment installation beginning in 2026.

我們預計將在未來幾個月開始安裝工具，並在春季進行客戶資格審查，並在 2026 年稍後獲得初步收入。在韓國，我們的無塵室擴建工程正在進行中，設備安裝將於 2026 年開始。

Customer qualifications for 8-nanometer are expected through fiscal 2027, with revenue contribution beginning in 2028. Additional node migrations are expected as market demands develop.

預計到 2027 財年，8 奈米技術將獲得客戶認可，並從 2028 年開始產生收入。隨著市場需求的發展，預計還會出現更多節點遷移。

Together, these initiatives will diversify our geographic revenue mix and increase our exposure to leading-edge chip designs. During the quarter, we achieved several positive technical and commercial developments.

這些措施將使我們的收入來源地理多元化，並增加我們接觸尖端晶片設計的機會。本季度，我們在技術和商業方面取得了一些積極的進展。

To highlight a few, one, we are recognizing more outsourced opportunities from captive mask makers, including leading-edge DRAM and logic nodes. Two, in advanced IC packaging, we saw increased demand for our larger-format masks that support AI-driven chip packaging applications.

舉例來說，我們正在意識到來自內部掩模製造商的更多外包機會，包括領先的 DRAM 和邏輯節點。第二，在先進的積體電路封裝領域，我們看到對支援人工智慧驅動的晶片封裝應用的大尺寸掩模的需求增加。

Three, we completed shipments of masks fabricated with our newest generation DRAM node mask process co-developed with a key memory customer. Four, demand tied to edge AI applications continues to rise across Asia, highlighting our exposure to this critical segment.

第三，我們完成了採用與重要的記憶體客戶共同開發的最新一代 DRAM 節點掩模製程製造的遮罩的出貨。第四，亞洲對邊緣人工智慧應用的需求持續成長，凸顯了我們在這一關鍵領域的業務。

And finally, our advanced multi-beam mask writer we installed in the US earlier in 2025 is now in full production, with over 20 customers qualified, including multiple EUV users. Our technology roadmap continues to advance through joint development with customers, collaborations with consortia such as IMEC and partnerships with critical suppliers.

最後，我們在 2025 年初在美國安裝的先進多光束掩模寫入器現已全面投入生產，已有 20 多家客戶獲得認證，其中包括多家 EUV 用戶。我們的技術路線圖透過與客戶的共同開發、與IMEC等聯盟的合作以及與關鍵供應商的合作不斷推進。

I will now review market conditions heading into fiscal 2026 before turning the call over to Eric. The high end of the market remains strong, supported by sustained investment in hyperscale data centers for AI rollouts. This momentum continues to drive demand for the highest-end photomasks.

接下來，我將回顧 2026 財年的市場狀況，然後再把電話會議交給 Eric。高端市場依然強勁，這得益於對用於人工智慧部署的超大規模資料中心的持續投資。這種勢頭持續推動著對高端光掩模的需求。

Many of our high-end customers are providing positive forecasts that reinforce favorable node migration trends and global manufacturing regionalization. While the high end of the market remains robust, the mainstream IC market remains soft, though appears to be stabilized.

我們的許多高端客戶都給出了積極的預測，這進一步鞏固了有利的節點遷移趨勢和全球製造區域化趨勢。儘管高端市場依然強勁，但主流積體電路市場依然疲軟，不過似乎已經趨於穩定。

Returning to our quarterly results, IC revenue was $157 million. We achieved a quarterly record in high-end IC, representing 42% of IC revenue, thanks to a strong technology portfolio and exceptional execution. Demand in the US has been particularly strong, validating our expansion initiatives designed to bring additional advanced production capacity to the market.

回到我們的季度業績，IC 收入為 1.57 億美元。憑藉強大的技術組合和卓越的執行力，我們在高端積體電路領域取得了季度創紀錄的成績，佔積體電路收入的 42%。美國市場的需求尤其強勁，這驗證了我們旨在為市場帶來更多先進生產能力的擴張計劃的正確性。

As a reminder, we are the only US headquartered company that can produce trusted masks, and our Boise facility is the only commercial high-end US trusted mask facility.

再次提醒大家，我們是唯一一家總部位於美國且能夠生產值得信賴的口罩的公司，而我們位於博伊西的工廠是美國唯一一家商業化的高端值得信賴的口罩生產工廠。

In flat panel display, revenue of $58 million declined sequentially, reflecting order timing. Demand softened later in the quarter and into the early days of Q1, but has since rebounded. FPD mask demand is expected to remain strong throughout Q1.

平板顯示器業務收入為 5,800 萬美元，環比下降，反映出訂單時間的變化。本季後期和第一季初需求有所疲軟，但此後已反彈。預計第一季FPD面罩的需求將保持強勁。

Earlier in 2025, we shipped our first two G8.6 AMOLED orders and anticipate additional G8.6 demand in fiscal Q1 as adoption of this technology expands in consumer and enterprise high-performance display segments.

2025年初，我們交付了首批兩份G8.6 AMOLED訂單，並預計隨著該技術在消費和企業高性能顯示器領域的應用不斷擴大，第一財季將有更多G8.6需求。

I will now turn the call over to Eric to review our fourth quarter results and provide first quarter guidance.

現在我將把電話交給埃里克，讓他回顧我們第四季度的業績並提供第一季的業績展望。

Thank you, George. Good morning, everyone. Fourth quarter revenue exceeded expectations at $216 million, increasing 3% sequentially, though declining 3% year-over-year. IC revenue of $157 million declined 4% year-over-year.

謝謝你，喬治。各位早安。第四季營收超出預期，達 2.16 億美元，季增 3%，但年減 3%。IC收入為1.57億美元，較去年同期下降4%。

However, we experienced a meaningful mix shift towards high-end shipments, which reached record levels in both absolute dollars and as a percentage of total IC revenue at 42%. High-end IC strength reflects strong order patterns globally, including in the US, which now represent 20% of total revenue, where reshoring efforts continue to create a favorable demand environment.

然而，我們經歷了向高端產品出貨量的顯著結構轉變，其絕對金額和占積體電路總收入的百分比均達到了創紀錄的 42%。高端積體電路的強勁表現反映了全球強勁的訂單模式，包括美國市場，美國市場目前佔總收入的 20%，而美國的製造業回流努力持續創造有利的需求環境。

Meanwhile, our mainstream IC revenue declined 12% year-over-year due to several factors. The declines are broad-based geographically because of market conditions. However, the mainstream IC decline deepened by recent geopolitical impacts across mainstream customer segments, primarily in China.

同時，由於多種因素的影響，我們的主流積體電路收入較去年同期下降了12%。由於市場狀況，下跌趨勢在地域上普遍存在。然而，受近期地緣政治對主流客戶群（主要是中國）的影響，主流積體電路的衰退進一步加劇。

Additionally, we strategically redirected mainstream capacity, including capabilities obtained from end-of-life tool replacements towards higher-end opportunities.

此外，我們也策略性地將主流產能（包括從報廢工具更換中獲得的產能）重新導向更高端的機會。

Turning to FPD. Fiscal Q4 revenue of $58 million declined 1% year-over-year due to timing of order patterns. As we look to fiscal Q1, the temporary FPD slowdown that emerged later in Q4 persisted through much of November, but has since abated with recovering order levels.

轉向FPD。受訂單模式時間影響，第四財季營收為 5,800 萬美元，較去年同期下降 1%。展望第一財季，第四季後期出現的暫時性FPD放緩一直持續到11月的大部分時間，但隨著訂單水準的恢復，這種情況已經有所緩解。

Gross margin improved to 35%, exceeding expectations, driven by a favorable product mix. Operating margin of 24% also exceeded our guidance range. Diluted GAAP EPS attributable to Photronics shareholders was $1.07 per share.

毛利率提高至 35%，超出預期，這主要得益於有利的產品組合。24%的營業利潤率也超過了我們的預期範圍。歸屬於 Photronics 股東的稀釋 GAAP 每股收益為 1.07 美元。

We experienced a favorable $16.8 million benefit related to the reversal of historical US tax loss valuation allowance. We had recorded this tax valuation allowance as the benefit was previously deemed unrealizable.

由於美國歷史稅收損失估值準備金的衝回，我們獲得了 1,680 萬美元的有利收益。我們已將這筆稅務估值準備金記錄在案，因為該項收益之前被認為無法實現。

Given the improved performance and outlook of our US business, US GAAP required a reversal of this tax loss allowance, resulting in the positive $16.8 million result to GAAP net income. Excluding foreign exchange impacts and a deferred tax valuation allowance reversal, non-GAAP diluted EPS was $0.60 per share.

鑑於我們美國業務的業績和前景有所改善，美國通用會計準則要求衝回這項稅收損失準備金，從而使美國通用會計準則淨收入增加了 1,680 萬美元。剔除外匯影響及遞延所得稅估值準備金衝回，非GAAP稀釋後每股收益為0.60美元。

Our earnings performance reflects a greater contribution from our US operations. During the quarter, we generated $88 million in operating cash flow, equating to 41% of revenue. CapEx was $68 million, bringing full-year CapEx to $188 million.

我們的獲利表現反映了美國業務更大的貢獻。本季度，我們產生了 8,800 萬美元的營運現金流，相當於營收的 41%。資本支出為 6,800 萬美元，使全年資本支出達到 1.88 億美元。

As discussed throughout the year, we have entered a period of elevated capital investments to drive future organic growth. Exemplifying this commitment, our initiatives in the US and Korea will further strengthen our ability to capitalize growth trends, including increased captive outsourcing, high-end node migrations and geographic supply chain diversity.

正如我們今年一直在討論的那樣，我們已經進入了一個資本投資大幅增加的時期，以推動未來的內生成長。為了體現這項承諾，我們在美國和韓國的措施將進一步增強我們利用成長趨勢的能力，包括增加內部外包、高階節點遷移和地理供應鏈多元化。

For fiscal 2026, total CapEx include typical annual spending, incremental end-of-life tool upgrades and special project investments in the US and Korea. Notably, end-of-life tool upgrades bring new capabilities, enhance production efficiency and allows us to target higher-value opportunities.

2026 財政年度總資本支出包括美國和韓國的典型年度支出、逐步淘汰的工具升級和特殊專案投資。值得注意的是，報廢工具的升級帶來了新的功能，提高了生產效率，並使我們能夠抓住更高價值的機會。

We expect fiscal 2026 CapEx to total approximately $330 million. All investments have been carefully vetted to meet our return thresholds and align with major industry demand drivers.

我們預計 2026 財年資本支出總額約為 3.3 億美元。所有投資項目都經過仔細審查，以達到我們的回報門檻，並與主要產業需求驅動因素保持一致。

Total cash and short-term investments increased $12 million sequentially to $588 million, which includes $422 million of cash held in our joint ventures. Our capital allocation strategy includes three priorities, reinvesting for organic growth, pursuing strategic opportunities and returning cash to shareholders.

現金及短期投資總額較上季增加 1,200 萬美元，達到 5.88 億美元，其中包括我們在合資企業中持有的 4.22 億美元現金。我們的資本配置策略包括三個優先事項：再投資以實現內生成長、尋求策略機會、向股東返還現金。

After spending $97 million in fiscal 2025, we will remain opportunistic in repurchasing the remaining $28 million under our stock authorization. Before providing guidance, I'd like to remind you that demand for our products is inherently variable. Visibility is limited with typical backlog of only one to three weeks.

在 2025 財年花費 9,700 萬美元後，我們將繼續抓住機會，根據我們的股票授權回購剩餘的 2,800 萬美元。在提供指導之前，我想提醒各位，我們產品的需求本質上是會波動的。由於積壓工作通常只有一到三週，因此能見度有限。

Additionally, high-end mask sets carry significantly higher ASPs, meaning even a small number of orders can materially influence revenue and earnings. Demand is also affected by IC and display design activity and secondarily by wafer and panel capacity dynamics.

此外，高端口罩套裝的平均售價要高得多，這意味著即使訂單數量很少，也能對收入和利潤產生重大影響。需求也受到積體電路和顯示器設計活動的影響，其次受到晶圓和麵板產能動態的影響。

Given current market conditions and the industry outlook George discussed, we expect fiscal Q1 revenue to be in the range of $217 million and $225 million. Based on those revenue expectations and our operating model, we estimate fiscal Q1 operating margin between 23% and 25% and non-GAAP diluted EPS between $0.51 and $0.59 per share.

鑑於目前的市場狀況和喬治所討論的行業前景，我們預計第一財季的收入將在 2.17 億美元至 2.25 億美元之間。根據這些收入預期和我們的營運模式，我們預計第一財季的營業利潤率在 23% 至 25% 之間，非 GAAP 稀釋後每股收益在 0.51 美元至 0.59 美元之間。

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

現在我將把電話轉接給接線員，回答您的問題。

(Operator Instructions) Tom Diffely, DA Davidson.

（操作說明）湯姆·迪弗利，DA戴維森。

Hi. This is Linda on for Tom Diffely. My first question is on the market share. Now that your largest competitor just went public, what is your relative size and/or trends in share? Any color there will be very helpful.

你好。這裡是琳達，替湯姆·迪弗利為您報道。我的第一個問題是關於市場佔有率。既然你最大的競爭對手剛上市，那麼你的相對規模和/或市佔率趨勢如何？任何顏色都會很有幫助。

Could you repeat the question, I'm sorry?

不好意思，請您再說一次問題好嗎？

Can you hear me now?

現在能聽到我說話嗎？

Yes, we can, but we didn't hear the question clearly enough.

是的，我們可以，但是我們沒聽清楚問題。

Okay. Yeah. So my first question was on market share. So with your largest competitor being public now, I was wondering how you're viewing your relative size and trends in the market share versus your competitor?

好的。是的。所以我的第一個問題是關於市場佔有率的。既然你最大的競爭對手現在已經上市，我想知道你如何看待你與競爭對手相比的市佔率規模和趨勢？

So our market share, thank you, Linda. This is Eric. So we see the market share being as we had perceived in the past, the fact that TECHSEM now is public helps us get a little bit more detail, but we see our market share being exactly what we thought before.

所以，我們的市場份額，謝謝你，琳達。這是埃里克。因此，我們看到市場份額與我們過去所認為的一致，TECHSEM 現在是上市公司的事實幫助我們獲得了更多細節，但我們看到我們的市場份額與我們之前所想的完全一致。

NIC, they have a little bit more, they have more market share than we do for sure. When you consider our FPD business that they don't participate in, we're about the same size when you combine them.

NIC的市佔率肯定比我們大一些。如果把他們沒有參與的 FPD 業務也考慮進去，我們兩家公司加起來的規模差不多。

So same size on FPD and different elsewhere?

所以FPD上的尺寸相同，其他地方的尺寸不同？

So TECHSEM doesn't participate in FPD, Photronics does. Tech has a larger market share than Photronics does, NIC. However, when you consider our FPD business, we're around the same size.

所以 TECHSEM 不參與 FPD 展會，而 Photronics 參與了。Tech 的市佔率比 Photronics 大，NIC。但是，如果把我們的 FPD 業務也考慮在內，我們的規模就差不多了。

Okay. Got it. And then looking at the overall competitive environment, what is your view on the overall health of the environment? Yeah, any comment there would be helpful.

好的。知道了。那麼，從整體競爭環境來看，您如何看待整體環境的健康狀況呢？是的，任何評論都會很有幫助。

We are seeing a lot of low migration and, especially in the States. In the past, we have our major operation facilities in Asia. But right now, with the inshoring of semiconductor industry in the United States, our Boise side, which has the high-end capability, we are the only high-end merchant [mask] supplier in the country.

我們看到很多低移民，尤其是在美國。過去，我們的主要營運機構位於亞洲。但目前，隨著半導體產業在美國本土化，我們位於博伊西的工廠擁有高端產能，我們是全國唯一的高端商用[掩模]供應商。

And with all the growing high-end demand in the country, we believe we are on the right track to capture more high-end shares. So this also answers your first question that our market share with the growing US demand, especially in the high-end and trusted product, we believe our market share will continue to increase.

隨著國內高端市場需求的不斷增長，我們相信我們正走在正確的道路上，能夠贏得更多高端市場份額。所以這也回答了你的第一個問題，隨著美國需求的成長，尤其是在高端和值得信賴的產品領域，我們相信我們的市場份額將繼續增長。

And it will be supported by our investments in our Allen facility as well, which is supporting the reshoring efforts as well.

此外，我們在艾倫工廠的投資也將為此提供支持，該工廠也在支持製造業回流的努力。

That makes sense. And then I also wanted to touch on the mainstream business. You said that there is a continued softness there, but you're seeing it stabilizing.

這很有道理。然後，我還想談談主流商業。你說那裡仍然很柔軟，但你看到它正在趨於穩定。

Just curious if you're seeing any kind of, basically what you're seeing on the supply and demand side of things and how that has impacted margins and maybe how that is impacting your capital spend for next year?

我只是好奇，您是否觀察到供需方面的情況，以及這些情況對利潤率產生了怎樣的影響，又將如何影響您明年的資本支出？

Our mainstream market, we are referring to mainly our mainstream business in China. As most people are aware that in China, due to the geopolitical issue, they do have some met in China policy. So there are quite a few new local [mask] house in China.

我們的主流市場，主要指的是我們在中國的主要業務。眾所周知，由於地緣政治問題，中國確實有一些針對外國的政策。所以中國現在有不少新的本土[口罩]工坊。

However, Photronics as a market and technology leader in China, we try to differentiate ourselves from our local competitors. We are focusing more on our anchor key customers.

然而，作為中國市場和技術的領導者，Photronics 努力與本土競爭對手區分開來。我們更加重視核心客戶。

We build relationship with this key customer with better product quality, support and so on. And also, we utilize our capacity better mainly for a more higher-value product mix.

我們透過更好的產品品質、支援等方式與這位重要客戶建立關係。此外，我們更有效地利用產能，主要生產更高價值的產品組合。

So I think there are some competition in the mainstream, especially the low end of the mainstream. But with our capability and also with our tour capacity and so on, we are moving ourselves to higher-value product mix.

所以我認為主流市場內部存在一些競爭，尤其是在主流市場的低端領域。但憑藉我們的能力以及我們的巡迴能力等等，我們正在向更高價值的產品組合轉型。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Fantastic quarter. So just a follow-up on the mainstream, is it fair to say that the new market entrants in China on the, I guess, higher, the less complicated nodes is where you're seeing, I would assume, increased pricing competition?

精彩的第一季。那麼，關於主流市場，是否可以這樣說，在中國，新進入市場的廠商，尤其是在那些複雜度較低、節點較高的領域，價格競爭日益激烈？

And so as we think about that business and your shift to higher mix, should we think about that business potentially being under any gross margin pressure?

因此，當我們考慮這項業務以及你們向更高產品組合的轉變時，我們是否應該考慮這項業務可能面臨的毛利率壓力？

Or should we assume we're going to focus where quality and support and better products stand out and the growth rate there could be a little muted? I guess I'm trying to kind of put all the pieces of the puzzle together.

或者我們應該假設，我們將專注於品質、支援和更好的產品，而這些領域的成長速度可能會比較緩慢？我想我正在努力把所有碎片拼湊起來。

Okay. As I reported, in China, right now, there are very strong demand for our high-end product, especially in the 22-nanometer and 28-nanometer technology. So for this technology, there are many, many layers in one set of device.

好的。正如我之前報道的，目前在中國，對我們的高端產品，特別是 22 奈米和 28 奈米技術的產品，有著非常強勁的需求。因此，這項技術在一個設備組件中包含了許多許多層。

So our capacity in our China facility, we are using most of the capacities for the high end, not necessarily for the critical layers, but also for the semi and noncritical layers.

因此，我們在中國工廠的產能，大部分都用於高端產品，不一定用於關鍵層，也用於半關鍵層和非關鍵層。

So critical and those noncritical semi-critical layers, actually, they have a much better ASP than the so-called typical mainstream. So in summary, our capacity need to be optimized. And so higher value for higher gross margin and profit margin is our, the way we are doing business and the way we are working on the market.

因此，關鍵層和非關鍵層以及半關鍵層，實際上都比所謂的典型主流層具有更好的平均售價 (ASP)。總之，我們需要優化產能。因此，更高的價值帶來更高的毛利率和利潤率，這就是我們的經營方式和市場運作方式。

Great. That's clear. And as G8 adoption in flat panel display eventually begins to broaden out into more mainstream applications, your ASPs there are, I believe they are, anyway, materially higher, given the layer count.

偉大的。這一點很清楚。隨著 G8 在平面顯示器領域的應用最終開始擴展到更主流的應用，我認為，考慮到層數，你們的平均售價無論如何都會高得多。

When would you expect that to begin to be a meaningful percentage of that business? Is that something that happens in fiscal year '26? Or is that something that's in '27 and beyond?

你預計什麼時候這個比例才能在該業務中佔據有意義的百分比？那是2026財年發生的事嗎？或者說，那是 2027 年及以後才會發生的事？

Yeah. This is Chris. Yes, so the G8.6 is at the early stage of production ramp. There's only a few fabs that are running that, but we're seeing additional fabs come online actually in multiple regions for G8.6 display.

是的。這是克里斯。是的，G8.6目前還處於量產爬坡的早期階段。目前只有少數晶圓廠在運行這種工藝，但我們看到在多個地區，更多的晶圓廠正在上線生產 G8.6 顯示器。

The application space is just as you said, it's larger format OLED displays and IT, automotive, medical applications. So the application space is fairly broad. So we do expect that to be a strong opportunity for us because we have a leadership position there.

應用領域正如你所說，主要是大尺寸OLED顯示器以及IT、汽車、醫療應用。因此，其應用領域相當廣泛。因此，我們預計這將是我們的一個重要機遇，因為我們在該領域處於領先地位。

As far as when it will have material impact on revenues and things like that, we don't really want to talk about that here. But I think 2026, you'll see gradual increases in the component of our display revenue driven by G8.6. I think that's all we probably would say at the moment.

至於它何時會對收入等產生實質影響，我們在這裡不方便討論這個問題。但我認為到 2026 年，受 G8.6 驅動，我們顯示器收入的佔比將逐步成長。我想目前我們大概只能說這麼多了。

Okay. That's great. And then as we're adding new capacity and geographical expansion and replacing end-of-life tools, I know that brings new capabilities and probably a different pricing structure, is there any puts or takes to gross margin over a multiyear basis, given those significant investments that we should be thinking about?

好的。那太棒了。隨著我們增加新的產能、擴大地理範圍並更換報廢工具，我知道這將帶來新的功能，也可能帶來不同的定價結構。考慮到這些重大投資，從長遠來看，這些投資會對毛利率產生什麼影響？

Christian, Eric here. So as we invest in our tools, we do so understanding the market and where we see growth being. And basically, we do expect to have increased revenue and as a result, contributions to gross margin. Our CapEx also includes purchases of end-of-life tools, which provide also increased capabilities.

克里斯蒂安，我是埃里克。因此，我們在投資工具時，會充分了解市場以及我們認為的成長點。基本上，我們預計收入將會增加，從而提高毛利率。我們的資本支出也包括購買報廢工具，這些工具也能提升設備的效能。

So we do expect to see increased revenue, increased depreciation as well associated with it. We expect our gross margins to continue at the same rate and perhaps grow as we make these investments.

因此，我們預期收入會增加，隨之而來的是折舊也會增加。我們預計隨著這些投資的進行，我們的毛利率將繼續保持目前的水平，甚至可能會成長。

This is George. It's no different than the past. I mean we've always had end-of-life tools in the past and replacing them, et cetera, I mean the new tools have better throughput, better capabilities, et cetera. So it should not be anything material changes as far as the depreciation that is associated with the new tools.

這是喬治。這與過去並無不同。我的意思是，過去我們一直都有一些過時的工具，需要更換等等，我的意思是，新工具具有更高的吞吐量、更好的功能等等。因此，就新工具相關的折舊而言，應該不會有任何實質的變化。

Great. Fantastic. And then have you guys, my last question here, sorry for asking so many. As we ramp up the Allen, Texas facility, can you give us an idea of like revenue potential? I don't need to know exactly where you could give capacity, I can figure it out.

偉大的。極好的。最後，各位，我的最後一個問題，我不好意思問了這麼多問題。隨著我們在德州艾倫市工廠的擴建，您能否向我們介紹類似的收入潛力？我不需要知道你具體在哪裡可以提供容量，我可以自己想辦法。

But what should we assume the revenue capabilities of additional US capacity over a multiyear time frame could add to the company? Is that fair?

但我們應該假設，在未來幾年內，美國新增產能能為公司帶來多少收入？這樣公平嗎？

I understand the question, Christian. So let me address the question into what I can, I don't want to go to a level of granularity where we're disclosing how much revenue we're going to have by site.

我明白你的問題，克里斯蒂安。所以，讓我盡可能回答這個問題，我不想細化到揭露我們每個網站的收入是多少。

So what I can say is that as a result of these investments, we're going to go into the sort of the mid-range nodes or the higher end of the mainstream, depending on how we define that, right? And we're going to have more capabilities that is going to have incremental revenue and profitability to Photronics in the US.

因此，我可以說，由於這些投資，我們將進入中端節點或主流的高端領域，這取決於我們如何定義它，對吧？我們將擁有更多能力，這將為 Photronics 在美國帶來增量收入和獲利能力。

We expect gross margins to improve. We expect revenue to start on these investments towards the second half of the fiscal year '26. And we expect those to continue on to '27 when we're fully ramped.

我們預計毛利率將會提高。我們預計這些投資將於 2026 財年下半年開始產生收入。我們預計這種情況將持續到 2027 年，屆時我們將全面投入生產。

And one other point, Christian, we might make this kind of a knock-on effect to this Allen project in that it will free up more capacity in our Boise site, which is our most leading-edge facility because some of those midrange masks we run there.

還有一點，克里斯蒂安，我們可能會對艾倫項目產生連鎖反應，因為它將釋放我們博伊西工廠的更多產能，而博伊西工廠是我們最先進的工廠，因為我們在那裡生產一些中檔口罩。

So as Allen ramps, its revenue, of course, will go up, but the Boise will have more capacity to deploy for higher-end applications. So it's really a combination net benefit of both sites as far as the opportunity.

因此，隨著 Allen 產能的提升，其收入當然會成長，但 Boise 將擁有更大的產能來部署更高端的應用。所以就機會而言，這實際上是兩個網站共同帶來的淨收益。

Great. No other, well, let me sneak one more question in. Given the significant reshoring activities that are potentially going to be going on, on a multiyear basis here in the United States, there are certain manufacturers who are going to be adding additional capacity, who source photomasks from outside of the United States, which in some applications, it may seem to me that they might be cost prohibitive to get all the way over here.

偉大的。沒有別的了，好吧，讓我再偷偷問一個問題。鑑於未來幾年美國可能會出現大規模的製造業回流活動，一些製造商將增加產能，而這些製造商從美國以外的地方採購光掩模，但在某些應用中，從美國運過來的成本可能過高。

Do you have any idea or aspirations that you're willing to share with us what you think the opportunity for captive guys going to the merchant market over a multiyear time frame? Or is that, am I just saying the obvious because we're adding capacity everywhere?

您是否有任何想法或願景願意與我們分享，您認為在未來幾年內，自營職業選手進入商業市場的機會如何？或者，我只是在說一些顯而易見的事情，因為我們到處都在增加產能？

But if there's any clarity on the movement from captive to merchant that you're anticipating other than just semiconductor unit growth, any clarity there would be helpful, I think.

但如果您預期從自用型半導體轉變為商用型半導體單元增長之外還有任何明確的方向，我認為任何明確的方向都會有所幫助。

So to be clear, is your question, do we expect the captives to be entering the merchant market effectively competing with us? Or did I misunderstand that?

所以說清楚點，你的問題是，我們是否預期這些自保公司會進入商家市場，與我們展開有效的競爭？還是我理解錯了？

No, I'm saying giving up, giving market share, looking to merchant market suppliers versus doing it internally. Do you think that, that is a trend that could come to the marketplace, in particular in the US geography?

不，我的意思是放棄市場份額，向供應商尋求外部供應商，而不是內部生產。你認為這會成為市場上的趨勢，尤其是在美國市場嗎？

I was going to say, I mean, unless it's a capability issue that they can't get it here, I mean, typically, the cycle time is a big issue. They would want to have a more locally sourced, for cycle time reasons, a more locally sourced mask shop.

我本來想說，除非是能力問題導致他們無法在這裡獲得，否則，通常來說，週期時間是一個大問題。出於週期時間的考慮，他們希望口罩供應商更多地選擇本地產品。

So I think we have the local advantage. I think the issue could be if there was one, would be under capabilities. But I'll let some of the other folks on the team here chime in.

所以我認為我們擁有本地優勢。我認為問題可能出在能力上。不過，我還是讓團隊裡的其他成員來表達意見吧。

And I think we can broadly answer the question that we've seen over the last year, maybe a little longer, the tendency of the captives overall as a group to look at more outsourcing opportunities. And that's not just in the US, that's in other regions as well.

我認為我們可以大致回答過去一年甚至更長時間以來我們所看到的問題，即所有自保公司作為一個整體，都在尋求更多的外包機會。而這種情況不僅發生在美國，其他地區也存在這種情況。

So generally, we're seeing an increase in interest and desire for the captives to outsource. This could be less critical layers of very advanced sets. It could be memory products that historically were done internally.

所以總的來說，我們看到企業對外包的興趣和意願都在增加。這可能是非常高級的資料集中不太關鍵的層。這可能是歷史上內部生產的記憶體產品。

But let's say, broadly, there's more outsourcing opportunity particularly related to Photronics, we're well positioned in regions that have some of the largest captives and also some of the largest fabs.

但總的來說，外包機會更多，尤其是在光子學領域，我們在擁有一些最大的自有工廠和一些最大的晶圓廠的地區佔據了有利地位。

So we do expect to capitalize on that increased outsourcing trend of captives. I think beyond that, we won't be more specific at this time, but we do see it as an opportunity.

因此，我們期望能夠利用外包業務不斷增長的趨勢。除此之外，我們目前不會透露更多細節，但我們確實將其視為一個機會。

That was extremely helpful, go ahead, I'm sorry.

那真是太有幫助了，請繼續，對不起。

I'll just add something quickly that, I guess, stating the obvious, right, the regionalization trends, essentially, there will be more fabs making more wafers, they'll need more photomasks. So the trend, the regionalization trend is only positive for merchant photomask manufacturers like Photronics.

我再補充一點，我想，這顯而易見，對吧，區域化趨勢，本質上來說，會有更多晶圓廠生產更多晶圓，他們就需要更多光掩模。因此，區域化趨勢對像 Photronics 這樣的商用光掩模製造商來說只有正面意義。

Gowshi Sriharan, Singular Research.

Gowshi Sriharan，奇異研究。

Just on that, I'm glad you brought up that outsourcing issue. How do you guys think about the outsourcing increase in sales? How are you thinking about pricing and margins on those [lasers] relative to traditional mainstream IC?

關於這一點，我很高興你提到了外包問題。你們如何看待外包帶來的銷售成長？相對於傳統的主流積體電路，您如何看待這些雷射的定價和利潤率？

Well, high end has higher ASPs. Higher ASPs are good. They generally have a higher margin with them. So any outsourcing that comes out of the captives would generally be on the high-end areas.

高階產品的平均售價較高。更高的平均售價是好事。他們通常能獲得更高的利潤率。因此，任何從自有工廠外包出去的業務通常都會集中在高端領域。

And generally speaking, the captives, when they're outsourcing, at least my experience is, they pay. I mean I don't want to say a huge premium, but they're definitely not bottom fishing for what the merchants can give them.

總的來說，就我的經驗而言，被俘虜者在進行外包時，是要付費的。我的意思是，我不想說溢價很高，但他們絕對不會為了壓低價格而欺騙商家。

Typically, they're outsourcing and they need it and they're paying a fair price. So I don't see them being overly cost conscious, if I'm making sense.

通常情況下，他們會將某些工作外包，因為他們需要這些工作，而且他們也支付了合理的價格。所以，如果我理解沒錯的話，我覺得他們並不是特別在意成本。

Got you. The third question was, you talked a few quarters about how the customers were in holding patents because of tariffs, geopolitics.

抓到你了。第三個問題是，您在過去幾季談到，由於關稅、地緣政治等原因，客戶是如何持有專利的。

Setting aside Q1, are you seeing any change in the mix of conversation you're having more long-term planning discussions that would tell you about the sentiment that is quietly improving under the surface?

撇開問題 1 不談，您是否注意到談話內容髮生了變化，例如更多地進行長期規劃討論，這是否表明表面上的情緒正在悄悄改善？

Okay. So overall, with respect to the export restrictions, I think that's what you're referring to or the tariffs, I guess that tariffs are both of them. So we're seeing a little bit more easing of that. I think, as you said, customers are, have understood the landscape and as a result, are able to plan better and as such order.

好的。所以總的來說，關於出口限制，我想你指的是這個，或者關稅，我想關稅兩者都是。所以我們看到這種情況有所緩解。我認為，正如你所說，客戶已經了解了市場格局，因此能夠更好地進行規劃和訂購。

Now that is true for most areas. Perhaps in China, maybe it still remains the same, the issues that you just described. But for the rest of the world, I think customers have a good plan of where they're going to do their orders. And as a result, we're there to benefit from that. to?

現在這種情況在大多數地區都是如此。或許在中國，你剛才描述的那些問題依然存在。但對於世界其他地區而言，我認為顧客們已經很好地計劃了在哪裡下單。因此，我們在那裡是為了從中受益。對吧？

I guess we can also say the two projects we've announced, the one in the US and the one in Korea, were based on longer term, both short- and longer-term conversations with customers on their future demands and the opportunities.

我想我們也可以說，我們宣布的兩個項目，一個在美國，一個在韓國，都是基於與客戶就其未來需求和機會進行的長期、短期和長期對話而製定的。

So those projects came out of, I would say, a more robust longer-term opportunity dialogue with key customers. So we are seeing an increase in that, and we're acting on it appropriately by making the right investments in these projects.

我認為，這些專案源自於與主要客戶之間更深入、更長期的合作機會對話。所以我們看到這種情況增加，我們也正在採取適當的應對措施，對這些項目進行正確的投資。

And the high-end IC grew nicely in Q4. How concentrated is that growth towards a handful of programs or customers? And what would you see in the pipeline that gives you confidence that this becomes a broader, more diversified high-end run rate for the rest of fiscal '26?

高端積體電路在第四季度實現了良好的成長。這種成長在多大程度上集中在少數幾個專案或客戶？那麼，您認為在產品線中有哪些方面能夠讓您相信，在 2026 財年剩餘的時間裡，高階產品的產量能夠更廣泛、更多元化地成長？

This is Chris. I can make a few comments. I think the high-end growth were basically from our existing core customer base. There are a few new customers, mostly our core customer base that expanded production and capacity as well.

這是克里斯。我可以補充幾點。我認為高端市場的成長主要來自我們現有的核心客戶群。我們新增了一些客戶，其中大部分是我們的核心客戶群，他們也擴大了生產和產能。

So that was memory customers, foundry/logic probably being the strongest and recovery in Asia. So it's broad-based. It's a broad product mix coming out of foundry and memory, and it's our existing, mostly our existing customer base, but more robust order patterns that match up to their improving demand cycles as well.

所以，記憶體客戶方面，代工/邏輯晶片可能表現最強勁，亞洲市場正在復甦。所以它的基礎很廣泛。這是來自晶圓代工和記憶體的廣泛產品組合，而且我們主要面向現有客戶群，但訂單模式更加穩健，也與他們不斷改善的需求週期相匹配。

So we think it's sustainable. It's consistent with the market generally improving, and we're well positioned with some of the stronger IC players. So we do think it's sustainable.

所以我們認為它是可持續的。這與市場整體好轉的趨勢相符，而且我們與一些實力較強的積體電路廠商建立了良好的合作關係。所以我們認為它是可持續的。

And if anything, we see more opportunities there in the high end for sure.

而且，我們肯定在高端市場看到了更多機會。

Got you. And I'll just make this my last question. On Korea, specifically with the capability extension and an increased exposure to the leading-edge chips, how does the commercial model in Korea compared to US?

抓到你了。這是我最後一個問題。就韓國而言，特別是隨著能力的擴展和對尖端晶片的更多接觸，韓國的商業模式與美國相比如何？

Are the customers inclined to sign longer-term agreements? Or is it a more transactional kind of quarter-to-quarter work?

客戶是否傾向簽訂長期協議？或者，這是一種更偏向於按季度結算的交易型工作？

We don't want to be very specific on this one. But as Chris just mentioned, our customer, especially the advanced logic foundry customer, they continue their outsourcing policy, not necessarily for the mature node, but going to high end and more higher end.

我們不想在這件事上說得太具體。但正如 Chris 剛才提到的，我們的客戶，特別是先進的邏輯代工廠客戶，他們繼續推行外包政策，不一定是針對成熟的節點，而是針對高端和更高端的節點。

So I think even there are no long-term agreement, but the trend and, is continuing. So we do have a lot of conversation and communication with the customer about their roadmap and their outsourcing demand. And that's one of the reasons we are doing the Korea site capacity and capability expansion.

所以我認為，即使沒有長期協議，但這種趨勢仍在繼續。因此，我們會與客戶就他們的發展路線圖和外包需求進行大量的對話和溝通。這也是我們擴大韓國工廠產能和能力的原因之一。

And I'm showing there are no further questions in the queue. I will now turn the call back over to Ted for any closing comments.

我看到隊列中已經沒有其他問題了。現在我將把電話轉回給泰德，讓他做最後的總結演講。

Well, thank you for joining us today. We really appreciate your interest in Photronics. Look forward to catching up with everyone throughout the quarter. Have a great day.

謝謝您今天收看我們的節目。我們非常感謝您對光電子學的關注。期待本季與大家見面交流。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。