Veeco Instruments Inc (VECO) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Veeco first-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加 Veeco 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to introduce your host, Anthony Pappone, Head of Investor Relations. Thank you. You may begin.

現在我很高興介紹主持人、投資者關係主管 Anthony Pappone。謝謝。你可以開始了。

Thank you, and good afternoon, everyone. Joining me on the call today are Bill Miller, Veeco's Chief Executive Officer; and John Kiernan, our Chief Financial Officer. Today's earnings release and slide presentation to accompany today's webcast is available on the Veeco website.

謝謝大家，下午好。今天與我一起參加電話會議的還有 Veeco 執行長比爾米勒 (Bill Miller) 和財務長約翰基爾南 (John Kiernan)。今天的收益報告和伴隨今天網路廣播的幻燈片演示可在 Veeco 網站上找到。

To the extent that this call discusses expectations for future revenues, future earnings, market conditions or otherwise make 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.

在本次電話會議討論未來收入、未來收益、市場狀況的預期或以其他方式對未來做出陳述的範圍內，這些前瞻性陳述基於管理層當前的預期，並受可能導致實際結果與所作陳述存在重大差異的風險和不確定性的影響。這些風險在我們的 10-K 表格年度報告和其他 SEC 文件中進行了詳細討論。

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陳述（包括本次電話會議中所作的陳述）的義務，以反映此類陳述日期之後的未來事件或情況。

Unless otherwise noted, management will address non-GAAP financial results. We encourage you to refer to our reconciliation between GAAP and non-GAAP results, which you can find in our press release at the end of the earnings presentation.

除非另有說明，管理階層將處理非公認會計準則財務結果。我們鼓勵您參考我們對 GAAP 和非 GAAP 結果的調節，您可以在收益報告末尾的新聞稿中找到。

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

說完這些，我將把電話轉給我們的執行長比爾米勒 (Bill Miller)。

Thank you, Anthony. Veeco delivered solid top and bottom line results. Revenue totaled $167 million, above the midpoint of our guidance. Non-GAAP operating income, $24 million, a non-GAAP EPS of $0.37 above the high end of our guidance.

謝謝你，安東尼。Veeco 實現了穩健的營收和利潤表現。總收入達到 1.67 億美元，高於我們預期的中位數。非公認會計準則營業收入為 2,400 萬美元，非公認會計準則每股收益比我們預期的高端高出 0.37 美元。

Our semiconductor business had another quarter of strong performance, growing both sequentially and year over year. Growth was led by an increase in advanced packaging including wet processing systems to a leading foundry and HBM manufacturer as well as lithography systems to an IDM and OSATs. We also shipped several LSA systems to leading customers for gate all around and high-bandwidth memory. In addition to our solid results, I'm excited to share an important customer award in several significant strategic wins.

我們的半導體業務又一個季度表現強勁，環比和同比增長均有所增長。成長主要源自於先進封裝需求的成長，包括針對領先代工廠和 HBM 製造商的濕式處理系統以及針對 IDM 和 OSAT 的光刻系統。我們還向主要客戶交付了多個 LSA 系統，用於全門和高頻寬記憶體。除了我們取得的穩健業績外，我很高興與大家分享我們在幾項重大策略勝利中獲得的重要客戶獎項。

First, Veeco was awarded Intel's 2025 Epic Supplier award due to our excellence in Aneal technology. As one of 37 recipients in Intel's global supply chain receipt of this award acknowledges us for our commitment to quality, excellence and dedication to technology innovation. Recognition from a market leader, such as Intel has been an internal goal of Veeco's, and we believe this milestone validates us as a top supplier in the semiconductor industry.

首先，Veeco 憑藉其在 Aneal 技術的卓越表現榮獲英特爾 2025 Epic 供應商獎。作為英特爾全球供應鏈 37 位獲獎者之一，獲得該獎項是對我們對品質、卓越和對技術創新的奉獻精神的認可。獲得英特爾等市場領導者的認可一直是 Veeco 的內部目標，我們相信這一里程碑證明了我們是半導體行業的頂級供應商。

Second, during the quarter, Veeco received laser annealing system orders from two leading-edge logic customers for their gate all around nodes, including one customer's second NSA 500 nanosecond annealing system. For high-bandwidth memory, our customer continues to place laser annealing system orders as demand remains strong.

其次，在本季度，Veeco 收到了兩家領先邏輯客戶的雷射退火系統訂單，用於其閘極全節點，其中包括一個客戶的第二套 NSA 500 奈秒退火系統。對於高頻寬內存，由於需求依然強勁，我們的客戶繼續下達雷射退火系統訂單。

Third, two leading logic customers has designated Veeco's laser spike annealing platform as production tool of record for new applications at their most advanced gate all-around nodes. Expanding adoption of laser annealing at the leading edge is core to our SAM expansion strategy, both wins our culmination of ongoing collaboration with each customer and a great example of our market-leading position in laser annealing.

第三，兩家領先的邏輯客戶已指定 Veeco 的雷射尖峰退火平台作為其最先進的全閘極節點新應用的記錄生產工具。擴大雷射退火技術在前沿領域的應用是我們 SAM 擴展策略的核心，這既是我們與每位客戶持續合作的成果，也是我們在雷射退火領域市場領先地位的一個很好的例子。

Fourth, we recently announced an IDM qualified our wet processing platform for two new applications and placed initial orders in Q1. These wins validate the growing use cases for our technology for new applications tied to a growing SAM.

第四，我們最近宣布IDM認證了我們的濕式處理平台，可用於兩種新的應用，並在第一季下了初始訂單。這些勝利證實了我們的技術在與不斷增長的 SAM 相關的新應用中的使用案例不斷增加。

Before moving ahead, I'd like to address recently enacted tariffs and the prospect of further tariff policy escalations which are resulting in uncertainty across Veeco's business. Recently enacted tariffs are currently causing some customers to delay shipments could impact future end market demand and has also resulted in an increase in certain costs. Given the dynamic nature of the situation, we continue to evaluate potential implications to our business.

在繼續之前，我想談談最近頒布的關稅以及進一步關稅政策升級的前景，這些關稅政策導致 Veeco 的業務充滿不確定性。最近實施的關稅目前導致一些客戶延遲出貨，可能會影響未來的終端市場需求，也導致某些成本的增加。鑑於情勢的動態性，我們將繼續評估對我們業務的潛在影響。

While uncertainty may persist for some time, we remain confident in our long-term strategy and believe each of the wins previously highlighted reflect our strengthened market position, which we expect will enable us to capitalize on long-term semiconductor industry growth.

儘管不確定性可能會持續一段時間，但我們對我們的長期策略仍然充滿信心，並相信先前強調的每一個勝利都反映了我們加強的市場地位，我們預計這將使我們能夠利用半導體行業的長期成長。

I'll now provide an overview of our role in the semiconductor manufacturing process and an update on key technologies. Veeco Technologies remain critical for several leading-edge semi manufacturing process steps. Veeco is the market leader in laser annealing with our laser spike annealing system qualifies production tool of record for leading logic customers and one Tier 1 DRAM customer. Our recently launched next-generation NSA system expands our capabilities to enable new applications, and we're pleased to report our evaluations at advanced logic customers are progressing well.

現在我將概述我們在半導體製造過程中的作用以及關鍵技術的最新情況。Veeco Technologies 對於幾項尖端半製造製程步驟仍然至關重要。Veeco 是雷射退火市場的領導者，我們的雷射尖峰退火系統為領先的邏輯客戶和一級 DRAM 客戶提供合格的生產工具。我們最近推出的下一代 NSA 系統擴展了我們支援新應用的能力，我們很高興地報告，我們對先進邏輯客戶的評估進展順利。

Equally as important, interest from logic and memory customers to evaluate our system remains high. During the quarter, we saw continued demand for our laser annealing systems from leading-edge customers, primarily driven by end market demand for high-performance computing and AI. In addition, recent orders for gate-all-around and HBM are contributing to expectations for strong growth in our leading-edge laser annealing business in 2025.

同樣重要的是，邏輯和記憶體客戶對評估我們的系統的興趣仍然很高。在本季度，我們看到來自前沿客戶對我們的雷射退火系統的需求持續增長，這主要受到終端市場對高效能運算和人工智慧的需求的推動。此外，近期對環柵和HBM的訂單也有助於我們預期2025年我們的尖端雷射退火業務將實現強勁成長。

Veeco is also the market leader for deposition of defect-free films for EU production with our IBD EUV system. Our ion beam deposition technology is critical to the industry's road map, and we're in a strong position to support growing demand for EUV lithography. We see opportunity for growth in this business as our technology continues to expand to adjacent mass blank steps. Growth in AI is accelerating adoption of new technologies and materials that enable device scaling and address the growing need for energy-efficient compute performance. As the wise geometries continue to shrink, traditional technologies are struggling to achieve resistivity requirements, driving Tier 1 customers to consider new solutions towards their high-value challenges.

Veeco 也憑藉我們的 IBD EUV 系統成為歐盟生產無缺陷薄膜沉積市場的領導者。我們的離子束沉積技術對於產業路線圖至關重要，我們有能力支援日益增長的 EUV 微影需求。隨著我們的技術不斷擴展到相鄰的大規模空白步驟，我們看到了該業務的成長機會。人工智慧的發展正在加速新技術和新材料的採用，這些技術和材料可以實現設備擴展並滿足對節能運算性能日益增長的需求。隨著智慧幾何尺寸不斷縮小，傳統技術難以達到電阻率要求，這促使一級客戶考慮新的解決方案來應對其高價值挑戰。

Veeco's recently launched IBD 300 system differentiates itself from traditional technologies through its ability to achieve improved thin-film properties and lower resistivity with critical metals in memory and logic, which can directly impact device performance, speed and batteries. Looking ahead, we remain highly focused on working with our customers to integrate our technology into their manufacturing processes and evaluate new applications.

Veeco 最近推出的 IBD 300 系統與傳統技術的區別在於，它能夠利用記憶體和邏輯中的關鍵金屬來實現更好的薄膜性能和更低的電阻率，這可以直接影響設備性能、速度和電池。展望未來，我們將繼續高度重視與客戶合作，將我們的技術融入他們的製造流程並評估新的應用。

In advanced packaging, our wet processing system is production tool of record at a leading foundry, HBM manufacturer and multiple OSATs. Our system's unique capabilities have enabled our strong position in 3D packaging for AI, providing expectations for growth to accelerate in 2025. And in advanced packaging lithography, we're seeing a recovery led by capacity expansion for AI and high-performance computing, highlighted by today's announcement of $35 million in orders from IDM and OSAT customers, contributing to expectations for growth in 2025.

在先進封裝領域，我們的濕式處理系統是領先代工廠、HBM 製造商和多家 OSAT 的記錄生產工具。我們系統的獨特功能使我們在 AI 3D 封裝領域佔據強勢地位，並有望在 2025 年加速成長。在先進封裝微影領域，我們看到了由人工智慧和高效能運算的產能擴張帶動的復甦，今天宣布的來自IDM和OSAT客戶的3500萬美元訂單突顯了這一點，這有助於對2025年的成長預期。

Demand for Veeco Technologies is being accelerated by leading-edge inflections such as gate-all-around, high-bandwidth memory, EUV lithography and 3D packaging. Our exposure to each of these high-growth areas of the market offer opportunities to expand our SAM in several areas. In annealing, we project our SAM to grow to around $1.3 billion. Customer road maps require precise annealing solutions with tighter thermal budgets to address scaling challenges associated with shrinking geometries and new architectures, resulting in an increase in steps available to laser annealing.

環柵、高頻寬記憶體、EUV 光刻和 3D 封裝等尖端技術的變化加速了對 Veeco Technologies 的需求。我們對這些高成長市場領域的接觸為我們在多個領域擴展 SAM 提供了機會。在退火過程中，我們預計 SAM 將成長至約 13 億美元。客戶路線圖需要精確的退火解決方案和更嚴格的熱預算來解決與縮小幾何尺寸和新架構相關的擴展挑戰，從而增加可用於雷射退火的步驟。

In logic, gate-all-around architecture and new technologies such as backside power are increasing laser annealing intensity. In memory, high-bandwidth memory and 3D devices are driving customers to adopt laser annealing to solve new challenges. In ion beam deposition for front-end semi applications, we forecast growth in our SAM to approximately $350 million for high-value steps requiring critical film performance. In ion beam deposition for EUV mask blanks, we see our SAM growing to over $120 million as the market adopts EUV and high NA lithography, and customers continue to evaluate new use cases for our technologies.

在邏輯方面，環柵架構和背面電源等新技術正在提高雷射退火強度。在記憶體方面，高頻寬記憶體和 3D 設備正在推動客戶採用雷射退火來解決新的挑戰。在用於前端半導體應用的離子束沉積中，我們預測我們的 SAM 將成長至約 3.5 億美元，用於需要關鍵薄膜性能的高價值步驟。在 EUV 掩模坯料的離子束沉積中，隨著市場採用 EUV 和高 NA 光刻技術，並且客戶繼續評估我們技術的新用例，我們看到我們的 SAM 增長到超過 1.2 億美元。

And in Advanced Packaging, we see potential SAM growth for our enabling wet processing solutions for a growing number of applications supporting AI and high-performance computing. As we look ahead, we believe our portfolio of enabling technologies for key inflections positions our semi business to outperform WFE growth long term.

在先進封裝領域，我們看到了 SAM 的潛在成長，因為我們的濕式處理解決方案可以為越來越多的支援 AI 和高效能運算的應用提供動力。展望未來，我們相信，我們為關鍵轉折點所打造的支援技術組合將使我們的半導體業務長期超越 WFE 的成長。

I'll now provide additional details on our evaluation program which is core to our instant strategy and essential to capturing our largest opportunities. 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. While the timing of adoption by system, customer and market will vary, customers are excited about the value proposition our technologies offer are highly focused on executing.

我現在將提供有關我們的評估計劃的更多詳細信息，該計劃是我們即時戰略的核心，對於抓住我們最大的機會至關重要。許多評估都針對多個應用，假設每月生產 100,000 片晶圓，則每個應用的後續業務可能為 3,000 萬至 6,000 萬美元。雖然系統、客戶和市場採用的時間會有所不同，但客戶對我們的技術所提供的價值主張感到非常興奮，並且高度重視執行。

Our evaluations in the field are progressing well. And we're also investing in additional SIMs to win new business in logic and memory. We expect to ship an LSA evaluation system to a second Tier 1 memory customer in the coming months, as well as an MSA evaluation system to a third logic customer leader this year. There's also a potential for additional NSA and IBD 300 evaluation shipments later this year or in the first half of 2026.

我們在該領域的評估進展順利。我們也正在投資更多的 SIM 卡，以贏得邏輯和記憶體領域的新業務。我們預計在未來幾個月內向第二家一級記憶體客戶交付 LSA 評估系統，並在今年向第三家邏輯客戶領導交付 MSA 評估系統。今年稍後或 2026 年上半年還有可能有更多的 NSA 和 IBD 300 評估版出貨。

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

說完這些，我會把財務更新交給約翰。

Thank you, Bill. Starting with revenue for the quarter. Revenue came in at $167 million, above the midpoint of our guidance, down 4% from the prior year and 8% sequentially. Our semiconductor business had another strong quarter, growing 10% sequentially and 3% year over year, representing 74% of total revenue. Our results included strong performance from our laser annealing products with shipments to leading-edge customers for gate-all-around and high-bandwidth memory.

謝謝你，比爾。從本季的收入開始。營收達到 1.67 億美元，高於我們預期的中位數，比上年下降 4%，比上一季下降 8%。我們的半導體業務又度過了一個強勁的季度，環比成長 10%，年增 3%，佔總營收的 74%。我們的業績包括雷射退火產品表現強勁，向柵極全覆蓋和高頻寬記憶體的前沿客戶發貨。

Both sequential and year-over-year growth were led by an increase in advanced packaging. In the compound semiconductor market, revenue declined from the prior quarter to $14 million, totaling 9% of revenue. Data storage revenue decreased to $7 million, totaling percent of revenue, in line with our expectations as highlighted on recent earnings calls. Revenue for the quarter was only derived from service and aftermarket support. Also in line with our expectations, Scientific and other revenue declined to $22 million from $33 million in the prior quarter, totaling 13% of revenue.

連續和同比增長均是由先進封裝的成長所推動的。化合物半導體市場方面，營收較上一季下降至1,400萬美元，佔營收的9%。資料儲存收入下降至 700 萬美元，佔總收入的百分比，符合我們在最近的收益電話會議上強調的預期。本季的收入僅來自服務和售後支援。同樣符合我們的預期，科學及其他收入從上一季的 3,300 萬美元下降至 2,200 萬美元，佔收入的 13%。

Turning to quarterly revenue by region. Revenue from China customers was flat in Q1 from Q4, with the percentage of revenue increasing from 39% to 42%. Revenue from Asia Pacific region, excluding China, was 36%, an increase from 31% in the prior quarter, led by sales to semiconductor customers in Taiwan. The United States came in at 15% and EMEA 7%.

轉向按地區劃分的季度收入。第一季來自中國客戶的營收與第四季持平，營收佔比從 39% 上升至 42%。亞太地區（不包括中國）的營收為 36%，比上一季的 31% 有所成長，主要得益於對台灣半導體客戶的銷售。美國佔 15%，歐洲、中東和非洲地區佔 7%。

Switching gears to our non-GAAP quarterly results. Gross margin totaled approximately 42%, in line with guidance. Operating expenses totaled approximately $46 million below our guidance as we maintain our focus on cost management. Income tax expense was approximately $3 million, resulting in an effective tax rate of approximately 12%. Net income came in at $22 million and diluted EPS was $0.37 on 60 million shares.

轉向我們的非 GAAP 季度業績。毛利率總計約42%，符合預期。由於我們繼續注重成本管理，營運費用總計比我們的預期低約 4,600 萬美元。所得稅費用約為 300 萬美元，有效稅率約為 12%。淨收入為 2,200 萬美元，6,000 萬股稀釋每股收益為 0.37 美元。

Now, moving to the balance sheet and cash flow highlights. We ended the quarter with cash and short-term investments of $353 million, a sequential increase from $345 million. From a working capital perspective, accounts receivable increased by $18 million to $114 million. Inventory increased by $7 million to $254 million, and accounts payable increased by $14 million to $58 million.

現在，我們來看看資產負債表和現金流量表。本季末，我們的現金和短期投資為 3.53 億美元，較上一季的 3.45 億美元成長。從營運資金角度來看，應收帳款增加了 1,800 萬美元，達到 1.14 億美元。庫存增加了 700 萬美元，達到 2.54 億美元，應付帳款增加了 1,400 萬美元，達到 5,800 萬美元。

Customer deposits included within contract liabilities on the balance sheet decreased by $8 million to $40 million. Cash flow from operations totaled $20 million and CapEx totaled $7 million during the quarter.

資產負債表中合約負債中包含的客戶存款減少了 800 萬美元，降至 4,000 萬美元。本季經營活動現金流總計 2,000 萬美元，資本支出總計 700 萬美元。

Before providing our Q2 outlook, I'd like to offer additional insights into the potential impact of recently announced tariffs, which have resulted in an elevated level of uncertainty across our business, with possible direct and indirect implications.

在提供我們第二季度的展望之前，我想對最近宣布的關稅的潛在影響提供更多見解，這些關稅導致我們整個業務的不確定性增加，並可能產生直接和間接的影響。

A substantial majority of Veeco's and our contract actors operations are located in the United States. Products manufactured in the United States and ship to customers in China are subject to substantial tariffs, unless otherwise exempted. This is currently causing some China customers to delay shipments. While we are monitoring changes to tariff and trade dynamics, we continue to work closely with our customers to mitigate impact.

Veeco 和我們的合約參與者的絕大部分業務都位於美國。在美國生產並運往中國客戶的產品需繳納大量關稅，除非另有豁免。這目前導致一些中國客戶延遲出貨。在我們監控關稅和貿易動態變化的同時，我們將繼續與客戶密切合作，以減輕影響。

Outside of China, we've not seen material changes to our customers' plans. However, the potential impact on the macroeconomic environment from global trade uncertainty are difficult to predict. We are experiencing higher costs due to tariffs on imported materials from overseas suppliers as well as increased costs from domestic suppliers in current tariffs on their imports. While tariff dynamics continue to evolve, our team is working diligently with suppliers to mitigate the impact on cost.

在中國以外，我們尚未看到客戶計劃發生重大變化。然而，全球貿易不確定性對宏觀經濟環境的潛在影響難以預測。由於海外供應商進口材料徵收關稅，以及國內供應商進口關稅增加，我們的成本不斷上升。雖然關稅動態不斷變化，但我們的團隊正在與供應商努力合作，以減輕對成本的影響。

Taking this into account in relation to our Q2 outlook. Q2 revenue is expected between $135 million and $165 million. Midpoint of our guidance range assumes approximately $15 million and shipments to China customers will be delayed. Our guide also includes a wider than normal range to account for increased risk associated with China customers. Gross margin is expected between 40% to 42%, which includes an approximate 100 basis points impact primarily from lower volumes due to tariffs and tariff-related costs.

結合我們對第二季的展望，我們將考慮到這一點。預計第二季營收在 1.35 億美元至 1.65 億美元之間。我們的指導範圍的中點假設約為 1500 萬美元，並且對中國客戶的發貨將會延遲。我們的指南還包括比正常範圍更廣泛的範圍，以考慮與中國客戶相關的增加的風險。預計毛利率在 40% 至 42% 之間，其中包括約 100 個基點的影響，主要由於關稅和關稅相關成本導致的銷售下降。

We expect OpEx between $47 million and $48 million, net income between $7 million and $20 million, and diluted EPS between $0.12 and $0.32 on approximately 60 million shares.

我們預計營運支出在 4,700 萬美元至 4,800 萬美元之間，淨收入在 700 萬美元至 2,000 萬美元之間，稀釋每股收益在 0.12 美元至 0.32 美元之間（約 6,000 萬股）。

I'll now provide qualitative commentary for each of our markets. Beginning with the semiconductor market, despite expected headwinds from our mature node business in China, we see opportunity for growth in 2025. We continue to see strength in leading-edge investment in areas driven by AI and high-performance computing providing the potential for gate all around and advanced packaging revenue to approximately double in 2025 versus 2024. We remain confident in our long-term growth outlook due to our strong product portfolio in laser annealing, ion beam deposition, wet processing and lithography.

我現在將對我們的每個市場提供定性評論。從半導體市場開始，儘管我們在中國成熟的節點業務預計會面臨阻力，但我們仍看到 2025 年的成長機會。我們繼續看到人工智慧和高效能運算驅動領域的前沿投資強勁成長，這將使 2025 年全閘極和先進封裝收入較 2024 年成長約一倍。由於我們在雷射退火、離子束沉積、濕式處理和光刻方面擁有強大的產品組合，我們對長期成長前景充滿信心。

In the compound semiconductor market, we see opportunities in GaN power, solar and photonics which provides potential for revenue growth in late 2025 into '26. In data storage, while service revenues picked up due to higher customer utilization, customers are not investing in capacity additions. In line with our prior forecast, we do not expect system shipments to data storage customers in 2025.

在複合半導體市場，我們看到了 GaN 電力、太陽能和光子學領域的機遇，這些機會為 2025 年末至 2026 年的收入成長提供了潛力。在資料儲存方面，雖然由於客戶利用率提高，服務收入回升，但客戶並沒有投資於增加容量。與我們先前的預測一致，我們預計 2025 年不會向資料儲存客戶出貨系統。

And in Scientific, we'll continue to see strength in research areas such as quantum computing, which have the potential to provide growth in 2025.

在科學領域，我們將繼續看到量子運算等研究領域的實力，這些領域有可能在 2025 年實現成長。

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

說完這些，我現在將電話轉給接線生，開始問答環節。

(Operator Instructions) David Duley, Steelhead Securities.

（操作員指示）Steelhead Securities 的 David Duley。

I guess the first thing is, could you just elaborate a little bit more on the advanced packaging orders for your lithography tools. It's been some time since I can't remember the last time you've announced a large order in this segment of the business. And I know you mentioned AI and high-performance computing applications. I was wondering if you could just dig in a little bit more. Is there some sort of packaging change or what exactly is driving this rekindling of this business at this point?

我想首先，您能否更詳細地介紹一下您們的光刻工具的先進封裝訂單。我已經記不清你們上次宣布這一業務領域的大訂單是什麼時候了。我知道您提到了人工智慧和高效能運算應用。我想知道您是否可以再深入一點。是否存在某種包裝變化，或者究竟是什麼推動了這項業務的重新興起？

Sure, Dave. The first part -- we did have a press release recently for $35 million in litho orders over the past few quarters from ID as well as a number of OSATs and it's really kind of picked the business up, and it's really driving significant year-over-year growth for us in '25. And really, all of this is really attached to advanced packaging lithography. And they look more broadly at advanced packaging -- our advanced packaging business is in to probably double this year to about $150 million in '25, partially on this lithography business that we just press released but also a lot of the activity that we have going on in our wet processing business.

當然，戴夫。第一部分 - 我們最近確實發布了一份新聞稿，稱過去幾個季度來自 ID 以及一些 OSAT 的光刻訂單總額達到 3500 萬美元，這確實推動了業務的增長，並真正推動了我們在 25 年實現顯著的同比增長。事實上，所有這些都與先進的封裝光刻技術息息相關。他們更廣泛地關注先進封裝——我們的先進封裝業務今年可能翻一番，到25年達到約1.5億美元，部分原因是我們剛剛發布的光刻業務，但也有很多活動是我們濕式加工業務中正在進行的。

So there's a lot of excitement with foundries and OSATs and it's really being driven by AI, particularly high bandwidth memory and device stacking. So it's an exciting space. And we've announced we actually won new applications, and we're actually looking to kind of further expand our service available market. And I think there's some room to run here with some SAM expansion with some of the products that we have here in wet processing.

因此，代工廠和 OSAT 有很多令人興奮的事情，這實際上是由人工智慧推動的，特別是高頻寬記憶體和設備堆疊。這是一個令人興奮的領域。我們已經宣布我們實際上贏得了新的應用程序，並且我們實際上正在尋求進一步擴大我們的服務可用市場。我認為，對於我們在濕式加工中的一些產品，SAM 擴展還有一定的空間。

Yes, that's a nice piece of business there, and it's also did you -- I guess, I was wondering, were you expecting the advanced lithography business to be this robust -- or did this kind of surprise you? And what exactly inside who's ever advanced packaging business that this is driving the incremental orders. What -- is there a new adoption of a CPU and some sort of package? Or just kind of wondering what sort of technology shift in the marketplace is all of a sudden driving a lot of orders for you guys?

是的，那是一筆不錯的生意，而且它是否讓您——我想，我想知道，您是否預料到先進的光刻業務會如此強勁——或者這是否讓您感到驚訝？那麼究竟是誰的先進封裝業務推動了增量訂單呢？什麼－是否有新採用的 CPU 和某種封裝？或者只是想知道市場上的哪種技術轉變會突然為你們帶來大量訂單？

Yes. I would say it's really more capacity buys. I would say there's a number of customers there, as I mentioned, OSATs and IDM, adding capacity because of this demand really driven by AI and the like.

是的。我想說這實際上是更多的容量購買。我想說，正如我所提到的，那裡有很多客戶，OSAT 和 IDM，由於人工智慧等驅動的需求而增加了產能。

Okay. And as far as the impact from China and the inability to -- or the hesitancies of customers to take shipments. Is there -- could you talk about which end markets those are associated with, number one.

好的。至於來自中國的影響以及客戶無力或不願接收貨物。首先，您能否談談這些與哪些終端市場有關？

And number two is what sort of mitigation strategies do you have to be able to ship into China. Can you get to another location first and then ship it into China? Or how can you get around the current tariff structures to ship tools into China?

第二，你需要採取什麼樣的緩解策略才能將產品運往中國。您能先將其運送到另一個地方，然後再運往中國嗎？或者如何繞過當前的關稅結構將工具運往中國？

Yes. So Dave, we see some customers continuing to take shipments as scheduled. And we're seeing other customers delay shipments, as we anticipate in Q2 currently. And as we guided about a $15 million impact on our Q2 guide. And we mentioned that we are principally ship product from the United States.

是的。戴夫，我們看到一些客戶繼續按計畫提貨。我們看到其他客戶推遲發貨，正如我們目前預計的第二季度一樣。我們預計這將對我們的第二季產生約 1500 萬美元的影響。我們提到，我們主要從美國運送產品。

So to the extent it's -- our customers are importing those goods, they would have to pay for the tariffs, unless there's some exemption in place. There have been some unofficial reports that certain products are being exempted from the tariffs and our China customers are already seeking exemptions that could mitigate the exposure.

因此，如果我們的客戶進口這些商品，他們就必須支付關稅，除非有豁免。一些非官方報告稱，某些產品被免徵關稅，我們的中國客戶已經在尋求可以減輕影響的豁免。

Our customers have indicated that they'll take the shipments if tariffs are resolved there. So in the near term, we are manufacturing those systems in the US, not really much in the very near term that we can we can do. Now we are looking at plans and we've had plans as we look at our semiconductor business for expansion and expansion outside of the US, but that's not going to help in the very near term. You also asked about, I think, in what areas of the business here in China. I would say in Q2, it's about evenly split between customers and scientific markets where we anticipated shipping systems to in about half of the -- in the semiconductor market.

我們的客戶表示，如果關稅問題解決，他們就會接收這些貨物。因此，在短期內，我們將在美國製造這些系統，但短期內我們能做的事情並不多。現在我們正在製定計劃，我們已經制定了計劃，希望我們的半導體業務能夠在美國以外擴張，但這在短期內不會有幫助。我想您也詢問了在中國的業務領域。我想說，在第二季度，客戶和科學市場大致平均分配，我們預計運輸系統將佔半導體市場的約一半。

Okay. Final question from me is you've had a lot of moving parts in your semi business, could you just maybe just recap again, which parts do you think are going to grow in 2025?

好的。我的最後一個問題是，您的半導體業務中有很多活動部件，您能否再回顧一下，您認為哪些部件將在 2025 年實現增長？

Yeah. I think that's a great question, Dave. I'm going to start and then Bill may choose to add in here a bit. So really in the semi business, there's really two main drivers. In the one sense, irrespective of tariffs.

是的。我認為這是一個很好的問題，戴夫。我要開始了，然後比爾可能會選擇在這裡補充一點。因此，在半導體產業中，實際上有兩個主要驅動因素。從某種意義上說，與關稅無關。

Our expectation was we had good visibility for our semi business in China for the first half of 2025. And we expected that business to fall off in the second half of the year. Now you had a little bit more uncertainty around tariffs there. On the other hand, we're seeing strength in our advanced business, call it, with strength in high-bandwidth memory and gate all around being driven by high-performance computing and AI. And high-performance computing and AI are also impacting growth in our advanced packaging business.

我們預計，2025 年上半年我們在中國的半導體業務將擁有良好的前景。我們預計下半年業務將會下滑。現在，那裡的關稅問題變得更加不確定了。另一方面，我們看到我們的先進業務實力雄厚，可以說，高頻寬記憶體和門控方面的優勢都受到高效能運算和人工智慧的推動。高效能運算和人工智慧也影響著我們先進封裝業務的成長。

So when we look at the business attached to gate all around and advanced packaging and high-bandwidth memory, we've seen those areas of the business have the opportunity to double year over year that could potentially offset or more than offset where we can see growth in our semi business overall year over year.

因此，當我們審視與閘極全封裝和先進封裝以及高頻寬記憶體相關的業務時，我們發現這些業務領域有機會實現同比翻番，這可能會抵消甚至超過我們半導體業務整體同比增長的幅度。

So at all around doubling AP events packaging doubling in China coming on netting out neutral to positive.

因此，在所有 AP 事件翻倍的情況下，中國包裝的翻倍對淨收益的影響為中性至正值。

And then what about lithography?

那麼光刻技術又如何呢？

Lithography is discounted for in the advanced packaging numbers.

在先進封裝領域，光刻技術的應用有所折扣。

Gus Richard, Northland Capital.

北國資本的 Gus Richard。

A couple of questions. Just real quick on some of the wins in the process of record. Could you just help me understand, are these new -- you mentioned new applications and wins. And I just want to understand, are you winning an existing customer's new layers? Is this an expansion? Or is this the result of a bake-off?

有幾個問題。只是快速回顧一下記錄過程中的一些勝利。您能否幫助我理解，這些都是新的——您提到了新的應用和勝利。我只是想了解一下，您是否贏得了現有客戶的新層次？這是擴充嗎？還是這是烘焙比賽的結果？

This is evaluation system with existing customers in advanced logic gate-all-around, where we have had an application at these customers, and now we have a second application that we've won with 2 different customers. So it is incremental. And just to give you a feel for the size of that, Gus, that would be a $40 million to $50 million revenue increase per application per 100,000 wafer starts as they build out the fab over a year or two or so. But obviously, it's very sensitive to the customers ramp in their business conditions. So that's the variable there.

這是針對現有客戶在先進邏輯環門技術方面的評估系統，我們已經在這些客戶那裡有一個應用，現在我們又有了第二個應用，並且已經贏得了兩個不同客戶的青睞。所以它是增量的。只是為了讓您大致了解這個規模，Gus，隨著他們在一兩年左右的時間內建造晶圓廠，每 100,000 個晶圓的每個應用將增加 4000 萬至 5000 萬美元的收入。但顯然，它對客戶的業務狀況的成長非常敏感。這就是那裡的變數。

But it is incremental business, but the timing for HVM is unknown still.

但這是增量業務，但 HVM 的時機仍然未知。

Likely to be more in the '26 timeframe and in the 2025 timeframe.

在 2026 年和 2025 年的時間範圍內可能會更多。

Okay. And these are incremental steps on the gate-all-around, correct?

好的。這些是圍繞著門控的漸進步驟，對嗎？

Yes.

是的。

And have you won any backside metal? Have those decisions been made at this point? Or are you still waiting on customers to make a decision on thermal processing?

您贏得任何背面金屬獎嗎？目前這些決定已經做出了嗎？還是您仍在等待客戶對熱處理做出決定？

Yes. They're still considering, they're still assessing with these systems, where they're going to insert. But a decision has not been made on specifically on backside power.

是的。他們仍在考慮、仍在評估這些系統，以及它們將要插入到哪裡。但關於背面電源的具體決定尚未做出。

Okay. Got it. And then just to understand the guidance, it looks like from the midpoint, guidance came down $15 million, and it was just primarily all China related. There wasn't anything else there that caused you to be a little bit more conservative in guidance relative to consensus? Am I understanding that correctly?

好的。知道了。然後只是為了了解指導意見，看起來從中點開始，指導意見下降了 1500 萬美元，而且主要都與中國有關。還有什麼其他因素導致您的指導相對於共識而言更加保守嗎？我的理解正確嗎？

Yes, Scott. So we had previously guided earlier in the year that we expected Q2 to be in a similar range to Q1 numbers. So at that time, roughly $165 million quarters for Q1 and Q2. And absent of customers delaying shipments Q2 in China until tariffs get resolved, we would have been right in that same range. So that is an accurate assessment costs.

是的，斯科特。因此，我們在今年稍早曾預測，預計第二季的數字將與第一季的數字相似。因此當時第一季和第二季的季度營收約為 1.65 億美元。並且，如果沒有客戶推遲中國第二季度的發貨直至關稅問題得到解決，我們的銷售額就會處於同一範圍內。所以這是一個準確的評估成本。

Got it. Got it. All right. And then the last one1 for me. On an Power, are we any closer to process tool record and primary versus secondary supplier for those that application, you're demoing now or being valuated...

知道了。知道了。好的。對我來說這是最後一個。在電源方面，我們是否更接近製程工具記錄以及針對那些應用程式的主要與次要供應商，您現在正在演示或正在評估...

Yes. We continue to work with the customer and make progress. We are meeting all of the in-film and electrical device performance that the customer needs to move forward. Their plan is to start pilot in 2026 and we're working to meet their deliverables for kind of a high-volume manufacturing configured machine. And if their plans continue, they'll probably continue to ramp through '27 and beyond.

是的。我們繼續與客戶合作並取得進步。我們正在滿足客戶前進所需的所有薄膜和電氣設備性能。他們的計劃是在 2026 年開始試點，我們正在努力滿足他們對大批量製造配置機器的交付需求。如果他們的計劃繼續下去，他們可能會在 27 年及以後繼續加強。

So it's an exciting opportunity, and we've been told very positive things. We don't have a purchase order yet.

所以這是一個令人興奮的機會，我們也得到了非常積極的事情。我們還沒有收到採購訂單。

Mark Miller, Benchmark.

馬克·米勒，基準。

From the picture you've been painting during the call, I'm just thinking about second half revenue. I know it's very uncertain. But in the absence of any new developments with tariffs, it sounds like we're looking at least a flattish type second half in sales. Can we would we be of modeling that?

從您在通話中描繪的情況來看，我只是在考慮下半年的收入。我知道這很不確定。但由於關稅方面沒有任何新進展，我們似乎預計下半年的銷售額至少會持平。我們能對此進行建模嗎？

Yeah. Thank you for the question, Mark. So Yes. I mean given the macro uncertainty and potential changes in global trade policy, we're not really providing a specific quantitative guidance for the second half of the year, primarily due to a larger range of outcomes. But that being said, we are continuing to see strength in gate all around in advanced packaging, providing opportunity for our semi business to grow despite the China market headwinds and tariff headwinds.

是的。謝謝你的提問，馬克。是的。我的意思是，鑑於宏觀不確定性和全球貿易政策的潛在變化，我們實際上並沒有為下半年提供具體的量化指導，這主要是因為結果範圍較大。但話雖如此，我們仍然看到先進封裝領域各方面的實力，儘管面臨中國市場和關稅方面的不利因素，這為我們的半導體業務的成長提供了機會。

Our view on data storage is that the same, like we don't see system revenue picking up in the second half of the year. We're not forecasting any system revenue in the first half or the second half. So taking all of that into consideration, we could see second half 2025 business activity at a similar level to the first half.

我們對資料儲存的看法是一樣的，例如我們認為下半年系統收入不會回升。我們沒有預測上半年或下半年的任何系統收入。因此，考慮到所有這些因素，我們可以看到 2025 年下半年的商業活動將與上半年處於相似的水平。

Okay. Are you seeing any improvements in your tool utilizations at the distri manufacturers? Is it around mid-70%?

好的。您是否看到分銷製造商的工具利用率有所提高？大約是 70% 左右嗎？

Yeah. We have seen that steadily pick up. Our customers are bringing capacity online in a judicial manner. And that's showing up for us in terms of service revenue and spare parts and the like as they bring equipment back on. and their utilization rates are picking up from what we hear, they're continuing to pick up. But certainly, the order activity from a system standpoint is not there yet.

是的。我們看到這一趨勢穩步回升。我們的客戶正在以合法的方式將產能上線。隨著他們重新啟用設備，我們在服務收入和備件等方面都看到了這一點。而且據我們所知，他們的利用率正在上升，而且還在持續上升。但可以肯定的是，從系統角度來看，訂單活動尚未實現。

Ross Cole, Needham & Company.

羅斯·科爾，Needham & Company。

I just wanted to clarify a little bit in the semi segment regarding set with between China as well as the GAA and advanced packaging strength. So it sounds like you're expecting that to still be relatively flat to slightly up. Is that correct?

我只是想稍微澄清一下半導體領域中中國與 GAA 以及先進封裝實力之間的關聯。因此聽起來您預計該數字仍將保持相對穩定或略有上升。對嗎？

Year over year?

年復一年？

Year over year in our semiconductor market, is that the question?

在我們的半導體市場中，年復一年，有這樣的問題嗎？

Yes.

是的。

Yes. That's what we're saying. It's $0.01. We've got the headwinds in China. And as we said, irrespective of tariffs, we expected that business after two very strong years in laser annealing to moderate in 2025, we had good visits in China. We had good visibility for the first half of the year. Second half of the year, we're not seeing the type of projects continue and that we expect all business.

是的。這就是我們要說的。價格是 0.01 美元。我們在中國遇到了阻力。正如我們所說，無論關稅如何，我們預計在雷射退火領域經歷了兩年非常強勁的增長之後，業務將在 2025 年放緩，我們在中國進行了良好的訪問。我們對上半年的前景看好。下半年，我們沒有看到這類項目繼續進行，而且我們預計所有業務都不會繼續。

And then on the flip side of it is on the positive side that we are seeing in our advanced pieces of the business and business tied to memory gate-all-around. And in our packaging business, we're seeing the opportunity for that to offset or more than offset the headwinds in China given the opportunity for flattish to growth in semiconductor piece of our business in 2025.

另一方面，我們看到積極的一面是我們的先進業務和與記憶體環柵相關的業務。在我們的封裝業務中，我們看到了抵消甚至超過抵消中國逆風的機會，因為到 2025 年我們半導體業務的成長將趨於平穩。

Great. That was helpful. And then I'm also curious about maybe some indirect tariff impacts. Are you -- where are you seeing potential other issues like compound semi maybe have any impact from indirect tariffs from suppliers or anything like that?

偉大的。這很有幫助。然後我還好奇一些間接關稅的影響。您是否認為其他潛在問題（例如複合半導體）可能會受到供應商間接關稅或類似因素的影響？

Yeah. So yeah, if we separate out on the demand side, we only have seen impact on the demand side to customers in China where there would be substantial impacts on importing. And so no impact for demand outside of China.

是的。所以，是的，如果我們從需求方面分開來看，我們只會看到對中國客戶需求的影響，而這將對進口產生重大影響。因此對中國以外的需求沒有影響。

Now, as we think about we go as a manufacturer in the US, we do import parts from suppliers outside the US that would be subject to tariffs, think about steel and aluminum that are subject to tariffs or some of the universal tariffs.

現在，當我們考慮作為美國製造商時，我們確實會從美國以外的供應商進口需要繳納關稅的零件，想想鋼鐵和鋁都需要繳納關稅或一些普遍關稅。

And we principally import from Europe and Southeast Asia. That's the principal areas. And then indirectly, what we're seeing is we have a US supply base and suppliers and certain of those suppliers also import parts, and they're seeing sort of cost increases there for the same type of parts.

我們主要從歐洲和東南亞進口。這些是主要領域。然後間接地，我們看到的是，我們有一個美國供應基地和供應商，其中一些供應商也進口零件，他們看到同一類型零件的成本增加。

So we are seeing potential for cost increases there as well. So we are trying to mitigate that as much as possible. We think we're looking at like logistics and to the extent of using parts for services and supporting installed base, not bringing those parts into the US and using logistics outside the US to the extent those parts are being procured, so that's also an area of indirect that we're looking to mitigate.

因此，我們也看到那裡成本增加的可能性。因此我們正在盡力減輕這種影響。我們認為，我們正在考慮物流，以及使用零件進行服務和支援安裝基礎的程度，而不是將這些零件帶入美國，而是使用美國境外的物流來採購這些零件，所以這也是我們希望減輕的間接領域。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to Bill for closing remarks.

問答環節現已結束。我想請比爾作最後發言。

Before we end the call, I'd like to just reiterate our confidence in our long-term strategy. This was further solidified by several strategic wins we announced this quarter, all of which reflected progress in the semiconductor market.

在我們結束通話之前，我想重申我們對長期策略的信心。本季我們宣布的幾項策略性勝利進一步鞏固了這一點，這些勝利都反映了半導體市場的進步。

As we look at the full year '25, we're continuing to see strength in areas tied to AI, resulting in expectations for gate-all-around in advanced packaging relative to double and providing our semiconductor business the opportunity to grow.

展望 25 年全年，我們繼續看到與人工智慧相關的領域的實力，這使得對先進封裝中環繞閘極的預期翻了一番，並為我們的半導體業務提供了成長機會。

With that, I'd like to thank our customers, shareholders, along with the Veeco team for their continued support. Have a great evening.

在此，我要感謝我們的客戶、股東以及 Veeco 團隊的持續支持。祝您有個愉快的夜晚。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。