Veeco Instruments Inc (VECO) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the Veeco Instruments Q3 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Veeco Instruments 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I'd now like to turn the conference over to Anthony Pappone, the Head of Investor Relations.

現在我想將會議交給投資者關係主管安東尼·帕彭 (Anthony Pappone)。

Thank you and you may proceed, sir.

謝謝您，您可以繼續了，先生。

Thank you and good afternoon, everyone.

謝謝大家，大家下午好。

Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer.

今天與我一起參加電話會議的還有 Veeco 執行長 Bill Miller；以及我們的財務長約翰·基爾南 (John Kiernan)。

Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website.

今天的收益發布和伴隨今天網絡廣播的幻燈片演示可在 Veeco 網站上獲取。

To the extent that this call discusses expectations for future revenues, future earnings, market conditions, or otherwise makes statements about the future, these forward-looking statements are based on management's current expectations and are subject to the risks and uncertainties that could cause actual results to differ materially from the statements made. These risks are discussed in detail in our Form 10-K, annual report, and other SEC filings.

如果本次電話會議討論了對未來收入、未來收益、市場狀況的預期或以其他方式做出有關未來的陳述，則這些前瞻性陳述基於管理層當前的預期，並受到可能導致實際結果的風險和不確定性的影響與所做的陳述有重大差異。我們的 10-K 表格、年度報告和其他 SEC 文件中詳細討論了這些風險。

Veeco does not undertake any obligation to update any forward-looking statements, including those made on this call, to reflect future events or circumstances after the date of such statements.

Veeco 不承擔更新任何前瞻性聲明（包括本次電話會議中所做的聲明）的義務，以反映此類聲明發布後的未來事件或情況。

Unless otherwise noted, management will address non-GAAP financial results.

除非另有說明，管理層將討論非公認會計準則財務表現。

We encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release and at the end of the earnings presentation.

我們鼓勵您參考我們的 GAAP 和非 GAAP 業績之間的對賬，您可以在我們的新聞稿和收益報告末尾找到該對帳。

With that, I will now turn the call over to our CEO, Bill Miller.

現在，我將把電話轉給我們的執行長比爾米勒 (Bill Miller)。

Thank you, Anthony.

謝謝你，安東尼。

Veeco delivered solid third quarter top- and bottom-line results above the midpoint of our guidance.

Veeco 第三季的頂線和底線業績穩健，高於我們指導值的中點。

Revenue totaled $185 million, non-GAAP operating income $31 million, and non-GAAP EPS of $0.46. Our semiconductor business delivered record revenue, increasing 26% year over year and 13% sequentially, highlighted by an increase in shipments to leading-edge customers across several product lines.

收入總計 1.85 億美元，非 GAAP 營業收入 3,100 萬美元，非 GAAP 每股收益 0.46 美元。我們的半導體業務實現了創紀錄的收入，同比增長 26%，環比增長 13%，其中幾個產品線向領先客戶的出貨量增加凸顯了這一點。

As announced in today's press release, a leading foundry, HBM manufacturer in OSATs, placed over $50 million in orders for our wet processing systems in 2024 driven by AI.

正如今天的新聞稿中所宣布的那樣，一家領先的代工廠、OSAT 中的 HBM 製造商將於 2024 年為我們由人工智慧驅動的濕式處理系統下了超過 5000 萬美元的訂單。

Our advanced packaging wet processing business is a key driver of growth in our semiconductor business in 2024 and recent orders are extending visibility into 2025.

我們的先進封裝濕式加工業務是 2024 年半導體業務成長的關鍵驅動力，最近的訂單將可預見性延長到 2025 年。

I'll now provide an overview of Veeco's role in the semiconductor manufacturing process as well as an update on key technologies driving business today.

現在，我將概述 Veeco 在半導體製造流程中的作用以及推動當今業務發展的關鍵技術的最新情況。

Veeco technologies are increasingly critical for several leading-edge semi manufacturing process steps.

Veeco 技術對於多個領先的半製造製程步驟越來越重要。

The semi road map requires advanced annealing capabilities to meet enhanced performance requirements from new architectures and shrinking geometries.

半路線圖需要先進的退火功能，以滿足新架構和縮小幾何形狀的增強性能要求。

Key capabilities include solutions with lower thermal budgets and surface level precision.

主要功能包括具有較低熱預算和表面精度的解決方案。

As a result, the opportunity for laser annealing is expanding as device scaling with incumbent technology becomes more challenging.

因此，隨著現有技術的裝置微縮變得更具挑戰性，雷射退火的機會正在擴大。

Veeco is the market leader in laser annealing with our LSA systems qualified as production tool of record for our logic and memory customers' most advanced nodes.

Veeco 是雷射退火領域的市場領導者，我們的 LSA 系統被認定為邏輯和記憶體客戶最先進節點的記錄生產工具。

Equally as important, our next-generation nanosecond annealing technology achieves an even lower thermal budget at a nanosecond dwell time, expanding laser annealing capabilities to potentially enable industry inflections.

同樣重要的是，我們的下一代納秒退火技術在納秒停留時間內實現了更低的熱預算，擴展了雷射退火能力，有可能實現行業變革。

During the quarter, LSA demand from leading-edge customers increased, including shipments to several leading-edge logic and DRAM customers.

本季度，來自領先客戶的 LSA 需求增加，包括向多家領先邏輯和 DRAM 客戶的出貨量。

Turning to ion beam deposition for EUV mask blanks.

轉向 EUV 掩模坯料的離子束沉積。

Veeco's IBD EUV system enables deposition of defect-free films for EUV mask blanks, making Veeco the market leader.

Veeco 的 IBD EUV 系統能夠為 EUV 掩模基板沉積無缺陷薄膜，使 Veeco 成為市場領導者。

Our ion beam deposition technology is a key enabler of the industry's road map and we're in a strong position to support growing demand for EUV lithography.

我們的離子束沉積技術是產業路線圖的關鍵推動者，我們有能力支援 EUV 微影不斷增長的需求。

During the quarter, we shipped an IBD EUV system to a leading logic foundry for a new EUV mask blank application.

本季度，我們向一家領先的邏輯代工廠運送了 IBD EUV 系統，用於新的 EUV 掩模空白應用。

This win provides opportunity for additional growth in the coming years and is a great example of the expanding use cases for ion beam deposition in the semi market.

這項勝利為未來幾年的進一步成長提供了機會，也是半導體市場中離子束沉積用例不斷擴大的一個很好的例子。

As the leader in ion beam deposition technology, Veeco is excited to expand adoption of the front-end semi market.

身為離子束沉積技術的領導者，Veeco 很高興能夠擴大前端半市場的採用。

The semi road map is turning to new materials and technologies to scale and optimize performance and power consumption.

半路線圖正在轉向新材料和技術來擴展和優化性能和功耗。

As device geometries continue to shrink, traditional technologies are challenged to achieve resistivity requirements, driving Tier-1 logic and memory customers to evaluate new solutions.

隨著裝置幾何尺寸不斷縮小，傳統技術在滿足電阻率要求方面面臨挑戰，促使一級邏輯和記憶體客戶評估新解決方案。

Veeco's recently launched IBD300 system differentiates itself from incumbent technologies through its ability to achieve improved thin film properties and low resistivity with critical metals in logic and memory.

Veeco 最近推出的 IBD300 系統能夠利用邏輯和記憶體中的關鍵金屬來實現改進的薄膜特性和低電阻率，從而與現有技術區分開來。

Looking ahead, we're excited to continue working closely with our Tier-1 customers to solve their high-value materials challenges.

展望未來，我們很高興繼續與一級客戶密切合作，解決他們的高價值材料挑戰。

In advanced packaging, our wet processing system is production tool of record at a leading foundry, HBM manufacturer and OSATs for select applications.

在先進封裝領域，我們的濕式處理系統是領先代工廠、HBM 製造商和 OSAT 特定應用的記錄生產工具。

Heterogeneous integration and 3D packaging for AI are driving strong year-over-year growth.

AI 的異質整合和 3D 封裝正在推動強勁的年成長。

Based on recent order activity, we're gaining confidence our wet processing business can continue its growth trajectory in 2025.

根據最近的訂單活動，我們對濕式加工業務能夠在 2025 年繼續保持成長軌跡充滿信心。

In advanced packaging lithography, we're seeing a pickup in order and quoting activity from across the spectrum of foundry, IDM, and OSAT customers driven by capacity expansion for AI and mobile.

在先進封裝微影領域，我們看到在人工智慧和行動產能擴張的推動下，來自代工廠、IDM 和 OSAT 客戶的訂單和報價活動有所增加。

As a result, we expect a recovery in this business as recent orders extend visibility into the first half of 2025.

因此，隨著最近的訂單將可見度延長到 2025 年上半年，我們預計該業務將會復甦。

Veeco's investments in core technologies targeting leading-edge inflections has enabled our semi business to outperform WFE growth for three consecutive years and we're forecasting a fourth year of outperformance in 2024.

Veeco 對針對前沿變化的核心技術的投資使我們的半成品業務連續三年跑贏 WFE 成長，我們預計 2024 年將連續第四年跑贏。

In annealing, we have opportunity to grow our SAM from $600 million to over $1 billion, driven by industry inflections in logic and memory.

在退火過程中，受邏輯和記憶體產業變化的推動，我們有機會將 SAM 從 6 億美元成長到超過 10 億美元。

In logic, gate-all-around architectures and new technologies such as backside power delivery are increasing laser annealing intensity, resulting in more steps requiring precise anneals and tighter thermal budgets. In memory, new technologies and architectures such as high-bandwidth memory and 3D devices are driving customers to adopt laser annealing to address new challenges.

在邏輯方面，環柵架構和背面功率傳輸等新技術正在增加雷射退火強度，從而導致需要精確退火和更嚴格熱預算的更多步驟。在記憶體領域，高頻寬記憶體和3D裝置等新技術和架構正在推動客戶採用雷射退火來應對新挑戰。

In ion beam deposition, we have opportunity to expand our SAM to $350 million for high-value front-end semi applications requiring critical film performance.

在離子束沉積方面，我們有機會將 SAM 擴大到 3.5 億美元，用於需要關鍵薄膜性能的高價值前端半導體應用。

The semi road map is turning to new technologies and materials to enable continued device shrinks and address the growing need for energy-efficient compute performance.

半路線圖正在轉向新技術和材料，以實現設備的持續縮小並滿足對節能計算性能日益增長的需求。

Our IBD300 system can achieve lower resistivity through improved thin film properties for critical metals, potentially enabling HBM DRAM scaling as well as new integration schemes at future logic nodes.

我們的 IBD300 系統可以透過改進關鍵金屬的薄膜特性來實現更低的電阻率，從而有可能實現 HBM DRAM 縮放以及未來邏輯節點的新整合方案。

In ion beam deposition for EUV mask blanks, leading logic and memory customers expect EUV and high-NA EUV lithography to be integral to their future road maps.

在用於 EUV 光罩基板的離子束沉積中，領先的邏輯和記憶體客戶期望 EUV 和高數值孔徑 EUV 微影技術成為其未來路線圖的一部分。

The industry has historically required one of our IBD EUV systems for every 10 to 15 ASML EUV lithography systems shipped.

業界歷來每售出 10 到 15 個 ASML EUV 微影系統就需要一套我們的 IBD EUV 系統。

Given ASML's plan to expand EUV and high-NA capacity in the coming years, as well as recent wins for new mask blank applications, we have the opportunity for our SAM to more than double to over $100 million.

鑑於 ASML 計劃在未來幾年擴大 EUV 和高 NA 產能，以及最近在新型掩模空白應用方面取得的勝利，我們的 SAM 有機會增加一倍以上，達到超過 1 億美元。

And in advanced packaging, we see SAM expansion opportunity for our enabling wet processing technology for an increased number of applications supporting AI and high-performance computing adoption.

在先進封裝領域，我們看到了 SAM 的擴展機會，使我們的濕處理技術能夠支援越來越多的應用程式支援人工智慧和高效能運算的採用。

As we look ahead, we believe our portfolio of enabling technologies for key inflections is well positioned to drive our semiconductor SAM to grow faster than WFE.

展望未來，我們相信我們針對關鍵拐點的支援技術組合能夠很好地推動我們的半導體 SAM 的成長速度超過 WFE。

I'd now like to provide additional detail on our evaluation program and its importance in capturing several of our largest opportunities.

現在我想提供有關我們的評估計劃的更多詳細資訊及其在抓住我們幾個最大機會方面的重要性。

Our evaluation program has been essential to penetrating new opportunities in the front-end semiconductor market, and we have several evaluation systems outstanding with Tier-1 logic and memory customers.

我們的評估計畫對於開拓前端半導體市場的新機會至關重要，並且我們擁有多個對一級邏輯和記憶體客戶而言非常出色的評估系統。

Looking ahead, we're increasing investment in our laser annealing and ion beam deposition programs to capture our largest SAM opportunities.

展望未來，我們將增加對雷射退火和離子束沉積項目的投資，以抓住我們最大的 SAM 機會。

Many evaluations are targeting several applications, which can result in follow-on business between $30 million to $60 million per application win, assuming 100,000 wafer starts per month.

許多評估都針對多個應用，假設每月啟動 10 萬片晶圓，每次贏得應用程式可帶來 3,000 萬至 6,000 萬美元的後續業務。

While the timing of adoption by system, customer and market will vary, we're excited about the value proposition our technologies offer and our team is highly focused on executing.

雖然系統、客戶和市場採用的時間會有所不同，但我們對我們的技術提供的價值主張感到興奮，並且我們的團隊高度專注於執行。

With that, I'll turn it over to John for a financial update.

這樣，我會將其轉交給約翰以獲取最新的財務資訊。

Thank you, Bill.

謝謝你，比爾。

Starting with revenue for the quarter.

從本季的收入開始。

Revenue came in at $185 million, above the midpoint of our guidance, up 4% from the prior year and 5% sequentially.

營收為 1.85 億美元，高於我們指引的中位數，比上年成長 4%，比上一季成長 5%。

Our semiconductor business delivered record revenue during the quarter, comprising 67% of revenue, led by strength across several product lines.

我們的半導體業務在本季度創造了創紀錄的收入，佔收入的 67%，這得益於多個產品線的實力。

In the compound semiconductor market, revenue declined from the prior quarter to $16 million, totaling 8% of revenue.

在化合物半導體市場，營收季減至1,600萬美元，佔營收的8%。

Data storage revenue declined slightly to $33 million, comprising 18%.

資料儲存收入略有下降，降至 3,300 萬美元，佔 18%。

And lastly, scientific and other made up 7%.

最後，科學和其他佔 7%。

Turning to quarterly revenue by region.

轉向按地區劃分的季度收入。

Revenue from Asia Pacific region, excluding China, was 33% and the United States came in at 32%.

來自亞太地區（不包括中國）的收入佔 33%，美國佔 32%。

In line with expectation, the percentage of revenue from China decreased to 30% due to a decline in semiconductor sales.

與預期一致，由於半導體銷售額下降，來自中國的收入比例下降至30%。

We continue to expect China revenue for the full year to be around 33% of revenue.

我們繼續預計全年中國收入將佔收入的 33% 左右。

And lastly, EMEA was 5%.

最後，歐洲、中東和非洲地區為 5%。

Switching gears to our non-GAAP quarterly results.

轉向我們的非公認會計原則季度業績。

Gross margin totaled approximately 44%, in line with guidance.

毛利率總計約 44%，與指導一致。

Operating expenses totaled $50 million, also in line with guidance.

營運費用總計 5,000 萬美元，也符合指引。

Income tax expense was approximately $3 million, resulting in an effective tax rate of approximately 11%.

所得稅費用約為 300 萬美元，有效稅率約為 11%。

Net income came in at approximately $28 million and diluted EPS was $0.46 on 62 million shares.

淨利潤約 2,800 萬美元，稀釋後每股收益為 0.46 美元（6,200 萬股）。

Looking at our GAAP results.

看看我們的 GAAP 結果。

Operating expenses declined by approximately $4 million from the prior quarter due to a $5 million gain from a change in estimate related to the Epiluvac acquisition.

由於與 Epiluvac 收購相關的預估變動帶來了 500 萬美元的收益，營運費用比上一季下降了約 400 萬美元。

Now moving to the balance sheet and cash flow highlights We ended the quarter with cash and short-term investments of $321 million, a sequential increase of $16 million.

現在轉向資產負債表和現金流亮點 本季結束時，我們的現金和短期投資為 3.21 億美元，比上一季增加 1,600 萬美元。

From a working capital perspective, our accounts receivable increased by $40 million to $132 million, primarily due to timing of shipments as well as a change in customer mix.

從營運資金的角度來看，我們的應收帳款增加了 4,000 萬美元，達到 1.32 億美元，主要是由於出貨時間以及客戶組合的變化。

Inventory decreased by $3 million to $242 million and accounts payable increased by $3 million to $50 million.

庫存減少 300 萬美元，達到 2.42 億美元，應付帳款增加 300 萬美元，達到 5,000 萬美元。

Customer deposits included within contract liabilities on the balance sheet increased by $1 million to $60 million.

資產負債表上合約負債中包含的客戶存款增加了 100 萬美元，達到 6,000 萬美元。

Cash flow from operations came in at $18 million and CapEx, $4 million.

營運現金流為 1,800 萬美元，資本支出為 400 萬美元。

Turning to our Q4 and full year 2024 outlook.

轉向我們對第四季和 2024 年全年的展望。

Q4 revenue is expected between $165 million and $185 million.

第四季營收預計在 1.65 億美元至 1.85 億美元之間。

We expect semiconductor revenue to decline in Q4 from record levels in Q3.

我們預計第四季半導體收入將從第三季的創紀錄水準下降。

Looking at the full year 2024, we forecast our semiconductor business to grow approximately 10%, outperforming WFE growth for the fourth consecutive year and coming in at the high end of our original expectation for growth between 5% to 10%.

展望 2024 年全年，我們預測我們的半導體業務將成長約 10%，連續第四年跑贏 WFE 成長，並處於我們最初預期成長 5% 至 10% 的高端。

In the compound semiconductor market, we expect a sequential increase in Q4 revenue driven by shipments to photonics and solar customers.

在化合物半導體市場，我們預計第四季營收將在向光子和太陽能客戶出貨的推動下環比成長。

Turning to our data storage business, revenue is forecasted to decline in Q4 as we execute shipments in backlog.

談到我們的數據存儲業務，由於我們執行積壓發貨，預計第四季度收入將下降。

And in scientific, we expect an increase in shipments to several customers, including a shipment for quantum computing.

在科學領域，我們預計對多個客戶的出貨量將會增加，其中包括用於量子計算的出貨量。

We expect gross margin between 43% and 44%, OpEx between $48 million and $51 million, net income between $21 million and $27 million and diluted EPS between $0.35 and $0.45 on 61 million shares.

我們預計毛利率在43% 到44% 之間，營運支出在4,800 萬美元到5,100 萬美元之間，淨利潤在2,100 萬美元到2,700 萬美元之間，稀釋後每股收益在0.35 美元到0.45 美元之間（6,100 萬股）。

Based on year-to-date results and our Q4 guide, our 2024 revenue guidance is now narrowed to $700 million to $720 million from our prior range of $690 million to $730 million.

根據今年迄今的業績和我們的第四季指南，我們 2024 年的營收指引現已從先前的 6.9 億美元至 7.3 億美元範圍縮小至 7 億美元至 7.2 億美元。

Correspondingly, we now expect diluted non-GAAP EPS for the full year between $1.68 and $1.78 per share from our prior range of $1.65 to $1.85 per share.

相應地，我們現在預計全年稀釋後非公認會計準則每股收益將在每股 1.68 美元至 1.78 美元之間，高於先前每股 1.65 美元至 1.85 美元的區間。

And now for some additional color beyond Q4 beginning with the semiconductor market.

現在我們從半導體市場開始了解第四季之後的一些額外內容。

While demand from customers in China has been strong in 2024, recent engagement has moderated, resulting in expectations for a decline in China revenue in 2025.

儘管 2024 年中國客戶的需求強勁，但近期的參與度有所放緩，導致 2025 年中國收入預期下降。

Outside of China, we're seeing increased investment in AI and high-performance computing, including gate-all-around, high-bandwidth memory and 3D packaging, providing the opportunity for revenue growth in 2025.

在中國以外，我們看到人工智慧和高效能運算的投資不斷增加，包括全環閘、高頻寬記憶體和3D封裝，為2025年的營收成長提供了機會。

In the compound semiconductor market, we continue to invest in long-term opportunities in power electronics and photonics. In the silicon carbide market, while the transition to 200-millimeter production continues, weaker demand from a slowdown in EV adoption has resulted in customers delaying investment.

在化合物半導體市場，我們繼續投資電力電子和光子學領域的長期機會。在碳化矽市場，雖然向 200 毫米生產的過渡仍在繼續，但電動車採用放緩導致需求疲軟，導致客戶推遲投資。

In GaN power, emerging use cases have driven some traditional silicon power electronic manufacturers to consider adoption of GaN on silicon for 300-millimeter production, which is an exciting opportunity.

在 GaN 功率領域，新興用例促使一些傳統矽電力電子製造商考慮採用矽基 GaN 進行 300 毫米生產，這是一個令人興奮的機會。

We are also seeing opportunities in solar and photonics.

我們也看到了太陽能和光子學領域的機會。

Turning to the data storage market.

轉向資料儲存市場。

While customer utilizations are improving, they remain below peak levels from a few years ago and customers have indicated they are not planning to invest in new systems to expand capacity in 2025.

雖然客戶利用率正在提高，但仍低於幾年前的峰值水平，並且客戶表示他們不打算投資新系統以在 2025 年擴大產能。

As a result, we expect an approximately $60 million to $70 million reduction in data storage revenue in 2025.

因此，我們預計 2025 年資料儲存收入將減少約 6,000 萬至 7,000 萬美元。

Taking the market outlook comments into consideration, as we look ahead to Q1 2025, we currently expect revenue to be in a similar range to Q4 2024.

考慮到市場前景評論，在展望 2025 年第一季時，我們目前預計營收將與 2024 年第四季相似。

I'll now pass it back to Bill.

我現在將其傳回給比爾。

Thanks, John.

謝謝，約翰。

Despite near-term headwinds in our data storage business, we remain confident our strategy can deliver long-term value for shareholders.

儘管我們的資料儲存業務近期面臨阻力，但我們仍然相信我們的策略能為股東帶來長期價值。

First, some industry analysts and leading equipment providers project growth of the semi-industry to over $1 trillion in the 2030 timeframe, contributing to expectations for long-term growth in wafer fab equipment spending.

首先，一些產業分析師和領先的設備供應商預計，到 2030 年，半成品產業的成長將超過 1 兆美元，這有助於晶圓廠設備支出的長期成長預期。

Second, Veeco has a portfolio of enabling technologies that are increasingly critical for several leading-edge semi manufacturing process steps.

其次，Veeco 擁有一系列支援技術，這些技術對於多個領先的半製造流程步驟越來越重要。

Third, our strategy of investing in core technologies to enable industry inflections in advanced logic and memory continues to gain traction.

第三，我們投資核心技術以實現先進邏輯和記憶體產業發展的策略持續受到關注。

Fourth, we believe our exposure to these high-growth areas of the market can enable our SAM to grow faster than growth in WFE spending.

第四，我們相信，我們對這些高成長市場領域的投資可以使我們的 SAM 成長速度快於 WFE 支出的成長速度。

And finally, we expect our execution to generate long-term value for Veeco shareholders.

最後，我們預期我們的執行能為 Veeco 股東創造長期價值。

With that, I'll now turn the call over to the operator to open up Q&A.

現在，我將把電話轉給接線員以開始問答。

Thank you. At this time, we will be conducting a question-and-answer session. (Operator Instructions) Mark Miller, Benchmark.

謝謝。此時，我們將進行問答環節。 （操作員指令）Mark Miller，基準。

Recently, ASML gave a forecast that was somewhat below expectations.

近日，ASML給予的預測略低於預期。

And one concern was that their equipment is not being used as in many process steps as previously thought.

一個令人擔憂的問題是，他們的設備在許多製程步驟中的使用情況並沒有像以前想像的那樣。

I'm just wondering if you're seeing any impact from that.

我只是想知道您是否看到了這方面的影響。

Yeah.

是的。

Thanks for making some time for us today, Mark.

感謝您今天抽出時間來接受我們的採訪，馬克。

Appreciate it.

欣賞它。

Our outlook for this year '24 is flat, very similar to ASML's outlook in the [3 to 5] system range.

我們對今年 '24 年的展望持平，與 ASML 在 [3 至 5] 系統範圍內的展望非常相似。

And then looking forward to '25, we also are expecting a 3 to 5 system range as we've discussed that the industry needs one of our systems for every 10 to 15 ASML scanner shipments.

然後展望 25 年，我們也預計將有 3 到 5 個系統系列，因為我們已經討論過，業界每 10 到 15 台 ASML 掃描器出貨量就需要我們的一套系統。

We do expect some new application wins to provide the opportunity for revenue growth beyond that.

我們確實預計一些新的應用程式的勝利將為收入成長提供機會。

And I would say that's probably potentially one system every year or so.

我想說，這可能每年都會出現一個系統。

But -- so we're still very comfortable with our view of 3 to 5 on average going forward.

但是——所以我們仍然對未來平均 3 到 5 的看法感到非常滿意。

And then obviously, as ASML scanner shipments continue to increase as they're planning, our business would increase kind of in parallel with that.

顯然，隨著 ASML 掃描器出貨量按照他們的計劃繼續增加，我們的業務也會增加。

You mentioned that China will be down somewhat.

你提到中國會有所下降。

Is that primarily driven by the slower EV market or other factors there?

這主要是由電動車市場放緩還是其他因素推動的？

I'll take a shot.

我會開槍。

Maybe John can fill in.

也許約翰可以填補。

I would say largely our China market is really in the semi space.

我想說的是，我們的中國市場很大程度上確實屬於半成品市場。

And so I would say really the demand for China has been strong in '24.

所以我想說，24 世紀對中國的需求確實很強勁。

As John mentioned in our prepared remarks, our recent customer engagements have moderated and we expect the China revenue to decline as customers digest capacity.

正如約翰在我們準備好的演講中提到的那樣，我們最近的客戶參與度有所放緩，我們預計隨著客戶消化產能，中國收入將下降。

So it's a bit too early to definitely say how much China revenue will decline.

因此，現在確定中國收入將下降多少還為時過早。

We generally have about six months visibility.

我們通常有大約六個月的能見度。

And over time, we could see revenue moving towards more normalized rates.

隨著時間的推移，我們可以看到收入朝著更標準化的方向發展。

Thank you.

謝謝。

Ross Cole, Needham & Co.

羅斯科爾、李約瑟公司

Hi.

你好。

Thank you for taking my question.

感謝您回答我的問題。

I was wondering if you could provide any directional color for different business segments for at least maybe the first quarter of 2025 or some guidance for the full year there.

我想知道您是否可以為至少 2025 年第一季的不同業務部門提供任何方向性顏色，或為全年提供一些指導。

Thank you.

謝謝。

Sure.

當然。

I'll take a stab at that, Ross.

我會嘗試一下，羅斯。

So as we look into 2025, I would say for the full year, it's a bit early to provide detailed quantitative guidance, but we certainly can provide some qualitative commentary on the markets as we head into 2025.

因此，當我們展望 2025 年時，我想說的是，對於全年而言，現在提供詳細的定量指導還為時過早，但在進入 2025 年時，我們當然可以對市場提供一些定性評論。

You just heard Bill describe that recent customer engagements, if I'm talking about the semiconductor market here, that recent customer engagements in China have moderated a bit.

您剛剛聽到比爾描述了最近的客戶參與度，如果我在這裡談論半導體市場，那麼最近中國的客戶參與度有所放緩。

And despite that view, we see the opportunity for growth in the semiconductor business in 2025, driven by AI growing from about 10% of our business to 20%-plus in '25.

儘管有這種觀點，我們還是看到了 2025 年半導體業務的成長機會，在人工智慧的推動下，我們的業務比例將從 10% 左右增長到 25 年的 20% 以上。

This includes our wet processing business where we're seeing growth accelerating into next year.

這包括我們的濕加工業務，我們預計明年該業務將加速成長。

We also see a recovery in our AP lithography business that's been light as customers are adding capacity expansions for AI and mobile.

我們也看到，隨著客戶增加人工智慧和行動裝置的產能擴張，我們的 AP 光刻業務出現了輕微復甦。

We continue to be excited and see recent wins for our LSA business in both logic and memory.

我們繼續感到興奮，並看到我們的 LSA 業務最近在邏輯和內存方面取得了勝利。

And as Bill also just mentioned, we see opportunities in our EUV mask business as well.

正如 Bill 剛才提到的，我們也看到了 EUV 掩模業務的機會。

So we see opportunity for growth in the semi market in 2025.

因此，我們看到了 2025 年半成品市場的成長機會。

If I move on to the compound semi market, in GaN power, we see emerging use cases have driven some traditional silicon power electronic manufacturers to consider adoption of GaN on silicon for 300-millimeter production, which is a pretty exciting opportunity.

如果我轉向複合半導體市場，在 GaN 功率領域，我們看到新興用例已促使一些傳統矽電力電子製造商考慮採用矽基 GaN 進行 300 毫米生產，這是一個非常令人興奮的機會。

In the SiC power market, while the transition to 200-millimeter production continues, weaker demand from a slowdown in EV adoption has resulted in customers delaying investments there.

在碳化矽電力市場，雖然向 200 毫米生產的過渡仍在繼續，但電動車採用放緩導致的需求疲軟導致客戶推遲了投資。

We're also seeing some opportunities for several arsenic phosphide, photonics, and solar applications.

我們也看到了一些磷化砷、光子學和太陽能應用的機會。

And given that, we see potential for growth related to these activities in the second half of '25 and moving into 2026, but a bit too early to call the extent of that.

有鑑於此，我們預計 25 年下半年到 2026 年與這些活動相關的成長潛力，但現在判斷其程度還為時過早。

The one area we see a headwind in 2025 is in the data storage side.

2025 年我們看到的一個逆風領域是資料儲存方面。

So our customers' utilizations are improving, but they remain below peak levels from a few years ago.

因此，我們客戶的利用率正在提高，但仍低於幾年前的峰值水平。

And we generally work with about a year worth of lead time with our customers.

我們通常會為客戶提供大約一年的交貨時間。

And in discussions with customers, they've indicated they're not planning to invest in new systems to expand capacity in 2025.

在與客戶的討論中，他們表示不打算在 2025 年投資新系統來擴大產能。

And as a result of that, we expect about a $60 million to $70 million reduction in our revenue from our data storage business in 2025 compared to 2024.

因此，與 2024 年相比，我們預計 2025 年資料儲存業務的收入將減少約 6,000 萬至 7,000 萬美元。

Great.

偉大的。

I really appreciate the extra color there.

我真的很欣賞那裡的額外色彩。

Thank you.

謝謝。

Thanks, Ross.

謝謝，羅斯。

(Operator Instructions) Dave Duley, Steelhead Securities.

（操作員指令）Dave Duley，Steelhead 證券公司。

Yeah.

是的。

Thanks for taking my question.

感謝您提出我的問題。

I guess, first off, on the $50 million worth of orders in the wet processing business, could you give us a rough cut how it's split between DPUs and high-bandwidth memory?

我想，首先，關於濕處理業務中價值 5000 萬美元的訂單，您能否給我們大致介紹一下 DPU 和高頻寬記憶體之間的分配情況？

Yeah.

是的。

It's -- Dave, I would say this is -- a lot of it's in our wet processing business and clearly, we're seeing it as a key driver of business this year and continuing to see it strong in '25.

戴夫，我想說的是，其中很大一部分是在我們的濕加工業務中，顯然，我們將其視為今年業務的關鍵驅動力，並在 25 年繼續保持強勁勢頭。

And I would characterize it as business from leading foundry as well as high-bandwidth memory manufacturer and as well as OSATs.

我將其描述為來自領先代工廠、高頻寬記憶體製造商以及 OSAT 的業務。

So the exact breakdown of that is kind of hard to say.

所以具體的細節很難說。

But clearly, we have exposure in all those steps that you just asked about there.

但顯然，我們已經了解了您剛才詢問的所有步驟。

And we have about those 50 orders equipped about 20 systems of business.

我們大約有這 50 個訂單配備了大約 20 個業務系統。

And from continuing discussions on and planned orders we're getting quite confident '25 will be a strong year.

透過對訂單的持續討論和計劃訂單，我們非常有信心 25 年將是強勁的一年。

And as John mentioned, we're seeing AI-related business, whether that's in foundry/logic, HBM, or OSATs kind of growing from about 10% of our business to 20% of our business plus in '25.

正如 John 所提到的，我們看到人工智慧相關業務，無論是代工/邏輯、HBM 還是 OSAT，在 25 年從占我們業務的 10% 左右增長到占我們業務的 20% 以上。

So exciting opportunity.

如此令人興奮的機會。

I'm just curious if you're calling this out now because you just got a big piece of the $50 million of cumulative orders?

我只是好奇你現在這麼說是不是因為你剛剛獲得了 5000 萬美元累計訂單中的一大筆？

Or has this been kind of ongoing split throughout the year?

或者這種分裂是全年持續存在的嗎？

Just regarding the timing, I guess.

我想，只是關於時間安排。

Yeah.

是的。

It's been ramping the business throughout the year.

全年業務一直在成長。

I would say we were kind of undersizing it previously.

我想說的是，我們之前有點低估了它的規模。

And now I think we're getting our hands around the opportunity now and have some good visibility into next year.

現在我認為我們現在正在抓住這個機會，並對明年有一些很好的了解。

Okay.

好的。

And then one of the hot buttons for everybody is China and what exactly is going to happen there.

對每個人來說，最熱門的話題之一就是中國以及那裡會發生什麼事。

I guess you characterized it as you expect the Chinese revenue to decline.

我猜你的描述是因為你預期中國的收入會下降。

And there was -- you said one other comment about normalizing.

您還提到了關於正常化的另一條評論。

Maybe you could just help us understand where you would expect Chinese revenue to be.

也許您可以幫助我們了解您對中國收入的預期。

What is normal?

什麼是正常的？

And it sounds like normal is going to be sometime in 2025.

聽起來這將在 2025 年的某個時候變得正常。

So I'm just kind of trying to figure out how much it's going to go down, what percentage it's going to equate to.

所以我只是想弄清楚它會下降多少，相當於多少百分比。

I think it's a little bit more nuanced than that, Dave.

我認為這比這更微妙，戴夫。

Clearly, it's kind of too early for us to kind of call the year.

顯然，現在宣布今年還為時過早。

We have only about six months of visibility.

我們只有大約六個月的能見度。

And so I would say, over time -- I'm not exactly sure how that's going to roll up -- over time I think it's probably safe to say whether that's the end of '25 or into '26, we'll probably get to what I think John characterized as more normalized rates.

所以我想說，隨著時間的推移 - 我不太確定這將如何發展 - 隨著時間的推移，我認為可以肯定地說，無論是 25 年末還是 26 年，我們可能會得到我認為約翰將其描述為更標準化的利率。

And so if you go back a few years, China ran about 20% plus or minus range of our business.

因此，如果你回顧幾年，中國業務占我們業務範圍的上下 20% 左右。

So I would say we don't see that rolling off right away early on.

所以我想說，我們並沒有看到這種情況在一開始就立即發生。

But we would think that eventually we'd probably come back to normalized rates at some point.

但我們認為最終我們可能會在某個時候恢復正常化利率。

Okay.

好的。

Great.

偉大的。

And then as far as your progress on your evaluation systems, you gave us some pretty good detail on the segments of your business and the directions.

然後就您的評估系統的進展而言，您向我們提供了有關您的業務部門和方向的一些非常詳細的資訊。

I was just curious, do you expect, let's say, in the first half of 2025 for any of these evaluation systems to start to contribute to revenue?

我只是很好奇，您預計這些評估系統會在 2025 年上半年開始為收入做出貢獻嗎？

Or maybe do you think you have placed another evaluation system in the high-bandwidth memory segment?

或者您認為您在高頻寬記憶體領域放置了另一個評估系統？

And that's it for me. Thanks.

對我來說就是這樣。謝謝。

Great.

偉大的。

Thanks, Dave.

謝謝，戴夫。

I'll give you a brief update.

我會給你一個簡短的更新。

Kind of in semi, we have the two evaluations in our nanosecond annealing in logic.

有點像半成品，我們在邏輯奈秒退火中有兩個評估。

We're actually being assessed for multiple applications that the customers are evaluating us for.

實際上，我們正​​在接受客戶評估我們的多個應用程式的評估。

We've had some positive feedback.

我們收到了一些正面的回饋。

As a matter of fact, we actually have strong pull for a third evaluation at the third logic customer as well as a memory customer that we're trying to manage through our resources on.

事實上，我們實際上對第三個邏輯客戶以及我們試圖透過我們的資源進行管理的記憶體客戶進行第三次評估有很強的吸引力。

I would say there are potential for NSA follow-on orders in late '25 at the rate we're kind of going here.

我想說，以我們現在的速度，國家安全局有可能在 25 年末發出後續訂單。

So very positive there.

那裡非常積極。

And I would say in the IBD300 tool that we have for low-resistance metals in the memory applications, we're making good progress there.

我想說的是，在記憶體應用中的低電阻金屬 IBD300 工具中，我們正在取得良好進展。

We continue to work with the customers.

我們繼續與客戶合作。

And we're working with them now at the point of trying to integrate this new kind of fourth deposition technology into the fab and helping them integrate this technology into their upstream and downstream processes.

我們現在正在與他們合作，嘗試將這種新型第四沉積技術整合到晶圓廠中，並幫助他們將該技術整合到其上游和下游製程。

And once again, we are receiving strong pull from two logic customers where we're considering probably putting one, at least one and maybe two evaluations in the field in '25.

我們再次受到兩個邏輯客戶的強烈關注，我們正在考慮在 25 年進行一項、至少一項甚至兩項評估。

And I would think here, we're probably looking at initial follow-on orders late '25, but probably more like '26.

我認為，我們可能會考慮 25 年末的初始後續訂單，但可能更像是 26 年。

We're also planning to put eval -- laser annealing LSA evals out to a second leading memory customer in the first half of '25 as well.

我們也計劃在 25 年上半年向第二大記憶體客戶進行雷射退火 LSA 評估。

So a pretty full slate of tools in the field that we're supporting and some planned incremental investments here in '25.

因此，我們正在支持該領域的一系列工具，並計劃在 25 年進行一些增量投資。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of the question-and-answer session as there are no further questions.

女士們、先生們，我們的問答環節已經結束，沒有其他問題了。

I'd now like to turn the call back to Mr. Bill Miller for closing remarks.

現在，我想將電話轉回給比爾·米勒先生，請其致閉幕詞。

Thank you, sir.

謝謝您，先生。

Thank you.

謝謝。

I do want to thank our customers and shareholders, along with the Veeco United team for their continued support and wish you all a great evening this evening.

我確實要感謝我們的客戶和股東以及 Veeco United 團隊的持續支持，並祝大家今晚度過一個愉快的夜晚。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, that does conclude today's conference.

女士們、先生們，今天的會議到此結束。

Thank you very much for joining us.

非常感謝您加入我們。

You may now disconnect your lines.

現在您可以斷開線路。