Veeco Instruments Inc (VECO) 2025 Q2 法說會逐字稿

Greetings and welcome to the Veeco Q2 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 Veeco 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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. 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.

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 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）以反映此類陳述日期之後的未來事件或情況的義務。

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 and 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，您可以在我們的新聞稿和收益報告的末尾找到它。

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 strong financial performance, exceeding the high end of our guidance. Revenue totaled $166 million, non-GAAP operating income of $23 million, and non-GAAP EPS of $0.36. Our semiconductor business posted another robust quarter, highlighted by record revenue for our advanced packaging systems. This revenue was driven by growing demand from AI by a broad base of customers, including leading foundries and OSATs.

謝謝你，安東尼。Veeco 的財務表現強勁，超出了我們預期的最高水準。本季總營收1.66億美元，非公認會計準則下營業利潤2,300萬美元，非公認會計準則下每股收益0.36美元。本季，半導體業務再創佳績，先進封裝系統營收創歷史新高。這筆收入是由包括領先的代工廠和 OSAT 在內的廣大客戶群對人工智慧日益增長的需求所推動的。

Additionally, we had increased revenue for our ion beam deposition systems for EUV mask blanks and continued demand for our laser spike annealing systems with shipments to leading customers supporting gate-all-around and high-bandwidth memory applications.

此外，我們的 EUV 掩模坯料離子束沉積系統的收入有所增加，並且我們的雷射尖峰退火系統的需求持續增長，並向支援全閘極和高頻寬記憶體應用的領先客戶發貨。

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 a market leader in laser annealing with our laser spike annealing system qualified as production tool of record for leading logic customers and one Tier 1 DRAM customer. Our next-generation nanosecond annealing 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 技術對於幾項尖端半製造製程步驟仍然至關重要。Veeco 是雷射退火領域的市場領導者，我們的雷射尖峰退火系統已成為領先邏輯客戶和一級 DRAM 客戶的正式生產工具。我們的下一代納秒退火系統擴展了我們實現新應用的能力，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 additional logic and memory customers to evaluate our NSA system remains high. Veeco is also the market leader for deposition of defect-free films for EUV mask blank production with our IBD EUV system. Our ion beam deposition technology is critical to the industry's roadmap, and we're in a strong position to support demand for EUV lithography. We also see opportunities to expand our business into adjacent mask blank steps.

同樣重要的是，其他邏輯和記憶體客戶對評估我們的 NSA 系統的興趣仍然很高。Veeco 也是使用我們的 IBD EUV 系統沉積用於 EUV 掩模坯料生產的無缺陷薄膜的市場領導者。我們的離子束沉積技術對於產業發展路線圖至關重要，我們有能力滿足對 EUV 微影的需求。我們也看到了將業務擴展到相鄰掩模空白步驟的機會。

Growth in AI is accelerating the adoption of new technologies and materials that enable continued device scaling and address the increasing demand for energy-efficient compute performance. As device geometry shrink, traditional approaches are falling short of meeting resistivity requirements, prompting customers to evaluate new solutions to tackle these high-value challenges.

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持續擴展設備規模並滿足對節能運算性能日益增長的需求。隨著裝置幾何尺寸的縮小，傳統方法已無法滿足電阻率要求，促使客戶評估新的解決方案來應對這些高價值挑戰。

Veeco's IBD300 system, which is currently being evaluated by two DRAM customers, differentiates itself from traditional technologies through its ability to achieve improved thin film properties with critical metals in memory and logic, which can directly impact device performance, speed, and battery life. Looking ahead, we remain highly focused on working with our customers to integrate our technology into their manufacturing processes and evaluate new applications.

Veeco 的 IBD300 系統目前正在接受兩家 DRAM 客戶的評估，該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特性，這可以直接影響設備性能、速度和電池壽命。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 systems are production tool of record at a number of leading customers, and we continue to expand with new application wins. Our system's unique capabilities have enabled our strong position in 3D packaging for AI, providing continued growth. And in advanced packaging lithography, we're experiencing a recovery fueled by IDM and OSAT customers for several applications. This is expected to drive meaningful revenue growth in 2025.

在先進封裝領域，我們的濕式處理系統是許多領先客戶的記錄生產工具，我們將繼續擴大其應用範圍並贏得新的勝利。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，並實現了持續成長。在先進封裝微影領域，我們正在經歷由 IDM 和 OSAT 客戶推動的多種應用的復甦。預計這將推動 2025 年營收實現顯著成長。

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 offers opportunity to expand our served available market. In annealing, we project our SAM to grow to approximately $1.3 billion in 2029. As device geometries continue to shrink and new architectures emerge, customer roadmaps increasingly require precise annealing solutions with tighter thermal budgets. This is expanding the number of process steps where laser annealing is being adopted.

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 技術的需求。我們對這些高成長領域的接觸為擴大我們所服務的可用市場提供了機會。在退火方面，我們預計到 2029 年我們的 SAM 將成長到約 13 億美元。隨著裝置尺寸不斷縮小以及新架構的出現，客戶路線圖越來越需要具有更嚴格熱預算的精確退火解決方案。這擴大了採用雷射退火的製程步驟的數量。

In logic, gate-all-around architectures and innovations like backside power delivery are driving higher laser annealing intensity. In memory, the shift toward high-bandwidth memory and 3D devices is prompting customers to adopt laser annealing to address new performance and integration challenges.

從邏輯上講，環繞閘極架構和背面供電等創新正在推動更高的雷射退火強度。在記憶體方面，向高頻寬記憶體和 3D 裝置的轉變促使客戶採用雷射退火來應對新的性能和整合挑戰。

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 expands adoption of EUV and high-NA lithography. And customers continue evaluating our technologies for adjacent mask blank steps.

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，隨著市場對 EUV 和高 NA 微影技術的採用不斷擴大，我們的 SAM 規模將成長至 1.2 億美元以上。客戶繼續評估我們針對相鄰掩模空白步驟的技術。

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 over the 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支援 AI 和高效能運算的應用提供支援。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在長期內超越 WFE 的成長。

I'll now provide additional details on our evaluation program, which is core to our investment strategy and essential to capturing our largest opportunities. We're seeing strong customer engagement across multiple evaluations, which are targeting a range of high-value applications. Each application win has the potential to generate $30 million to $60 million in follow-on business, assuming 100,000 wafer starts per month. While adoption timing will vary by system, customer and market, customers are clearly excited about the value our technologies bring, and we remain sharply focused on execution.

我現在將提供有關我們的評估計劃的更多細節，這是我們投資策略的核心，對於抓住我們最大的機會至關重要。我們在多個評估中看到了客戶的強烈參與，這些評估針對的是一系列高價值的應用。假設每月生產 10 萬片晶圓，每項應用勝利都有可能產生 3,000 萬至 6,000 萬美元的後續業務。雖然採用時間會因係統、客戶和市場而異，但客戶顯然對我們的技術帶來的價值感到興奮，而我們仍然高度關注執行。

Our evaluations in the field are progressing well, and we're continuing to invest in additional systems to drive new business in both logic and memory. We expect to ship an LSA evaluation system to a second Tier 1 DRAM customer later this year, along with an NSA evaluation system to a third logic customer. We also see potential for additional NSA and IBD300 evaluation systems in 2026. Given our continued momentum in the semiconductor business, we remain confident in our ability to capitalize on our long-term growth trajectory.

我們在該領域的評估進展順利，我們將繼續投資於其他系統，以推動邏輯和記憶體領域的新業務。我們預計今年稍後將向第二個一級 DRAM 客戶交付 LSA 評估系統，同時向第三個邏輯客戶交付 NSA 評估系統。我們也認為 2026 年可能會出現更多 NSA 和 IBD300 評估系統。鑑於我們在半導體業務的持續發展勢頭，我們仍然對我們利用長期成長軌蹟的能力充滿信心。

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 $166 million, above the high end of our guidance, slightly down sequentially and down 6% from the prior year. In our guidance for the quarter, we took into consideration the then imposed substantial import tariffs in China for goods manufactured in the United States. We reported certain China customers were delaying shipments due to the tariffs and the midpoint of our guidance range assumed $15 million of shipments would be delayed outside the quarter.

謝謝你，比爾。從本季的收入開始。營收達 1.66 億美元，高於我們預期的最高值，較上季略有下降，比前一年下降 6%。在本季的指引中，我們考慮了當時中國對美國製造的商品徵收的巨額進口關稅。我們報告稱，某些中國客戶因關稅而推遲發貨，而我們指導範圍的中點假設 1500 萬美元的發貨將在本季度之外推遲。

During the second quarter, as the tariff rate was significantly reduced, customers accepted the majority of shipments that were previously delayed. Our semiconductor business had another strong quarter, flat sequentially and growing 13% year over year, representing 75% of total revenue. Year-over-year growth was led by strong performance for our ion beam systems for EUV mask blanks and wet processing and lithography systems for advanced packaging applications.

第二季度，由於關稅稅率大幅降低，客戶接受了大部分先前延遲的貨物。我們的半導體業務又度過了一個強勁的季度，環比持平，年增 13%，佔總營收的 75%。年比成長主要得益於用於 EUV 掩模坯料的離子束系統以及用於先進封裝應用的濕式處理和光刻系統的強勁表現。

In the compound semiconductor market, revenue was flat from the prior quarter at $14 million, totaling 9% of revenue. Data storage revenue increased to $12 million, totaling 7% of revenue, in line with our expectations. Also in line with our expectations, scientific and other revenue decreased to $16 million, totaling 9% of revenue.

在化合物半導體市場，營收與上一季持平，為 1,400 萬美元，佔營收的 9%。資料儲存收入增加至 1,200 萬美元，佔營收的 7%，符合我們的預期。同樣符合我們的預期，科學和其他收入減少至 1,600 萬美元，佔收入的 9%。

Turning to quarterly revenue by region. Revenue from the Asia-Pacific region, excluding China, was 59%, an increase from 36% in the prior quarter. This increase was led by sales in Taiwan and Southeast Asia for advanced packaging as well as ion beam deposition for EUV mask blanks. Revenue from China customers decreased in Q2 from Q1 with the percentage of revenue decreasing to 17% from 42%. China was 30% of first half of the year revenue, in line with our initial expectations coming into the year. The United States came in at 13% and EMEA was 11%.

轉向按地區劃分的季度收入。來自亞太地區（不包括中國）的營收佔比為 59%，高於上一季的 36%。這一成長主要得益於台灣和東南亞地區先進封裝以及 EUV 掩模版離子束沉積的銷售。第二季來自中國客戶的營收較第一季有所下降，營收佔比從 42% 下降至 17%。中國市場佔今年上半年總收入的 30%，符合我們年初的預期。美國佔 13%，歐洲、中東和非洲地區佔 11%。

Switching gears to our non-GAAP quarterly results. Gross margin totaled approximately 43%, above the high end of guidance. Gross margin was favorably impacted by higher volume and improved product mix. Operating expenses totaled approximately $48 million, in line with our guidance.

轉向我們的非 GAAP 季度業績。毛利率總計約 43%，高於預期上限。銷量增加和產品組合改善對毛利率產生了積極影響。營運費用總計約 4,800 萬美元，符合我們的預期。

Income tax expense was approximately $3 million, resulting in an effective tax rate of approximately 11%. Net income came in at approximately $22 million and diluted EPS was $0.36 on 60 million shares.

所得稅費用約為 300 萬美元，有效稅率約為 11%。淨收入約 2,200 萬美元，6,000 萬股稀釋每股收益為 0.36 美元。

Now moving to the balance sheet and cash flow highlights. We ended the quarter with cash and short-term investments of $355 million, a sequential increase from $353 million. From a working capital perspective, our accounts receivable decreased by $7 million to $107 million. Inventory increased by $5 million to $259 million and accounts payable decreased by $8 million to $50 million. Customer deposits included within contract liabilities on the balance sheet decreased by $3 million to $37 million. Cash flow from operations totaled $9 million and CapEx totaled $3 million during the quarter.

現在轉到資產負債表和現金流量重點。本季末，我們的現金和短期投資為 3.55 億美元，較上一季的 3.53 億美元成長。從營運資金角度來看，我們的應收帳款減少了 700 萬美元，至 1.07 億美元。庫存增加了 500 萬美元，達到 2.59 億美元，應付帳款減少了 800 萬美元，達到 5,000 萬美元。資產負債表中合約負債中包含的客戶存款減少了 300 萬美元，降至 3,700 萬美元。本季經營活動現金流總計 900 萬美元，資本支出總計 300 萬美元。

Further strengthening our balance sheet, we retired all $25 million of our convertible senior notes due in 2027. In the transaction, we issued 1.6 million shares of common stock and $5 million of cash. Also during the quarter, we entered into an amendment to our revolving credit facility, increasing the size to $250 million from $225 million and extended the maturity to June 2030. Both of these actions provide greater financial flexibility and liquidity as we focus on our key growth drivers for the business.

為進一步加強我們的資產負債表，我們贖回了 2027 年到期的全部 2500 萬美元可轉換優先票據。在此次交易中，我們發行了 160 萬股普通股和 500 萬美元現金。此外，在本季度，我們對循環信貸額度進行了修訂，將規模從 2.25 億美元增加到 2.5 億美元，並將期限延長至 2030 年 6 月。當我們專注於業務的關鍵成長動力時，這兩項舉措都提供了更大的財務靈活性和流動性。

Before turning to Q3 guidance, I'll address global trade dynamics, which continue to evolve. We remain closely engaged with regulatory developments and tariff policies across key regions. While the broader economic impact of global trade tensions remain difficult to predict, we've seen increased costs from tariffs on imported materials. That said, we are actively working with our global supply chain partners to mitigate these impacts. Our teams are focused on cost containment, sourcing flexibility, and operational efficiency to help offset potential headwinds.

在談到第三季指引之前，我將討論不斷變化的全球貿易動態。我們繼續密切關注主要地區的監管發展和關稅政策。儘管全球貿易緊張局勢的更廣泛的經濟影響仍然難以預測，但我們已經看到進口材料關稅導致成本增加。儘管如此，我們正積極與全球供應鏈合作夥伴合作，以減輕這些影響。我們的團隊專注於成本控制、採購靈活性和營運效率，以幫助抵消潛在的阻力。

Now turning to our Q3 outlook. Q3 revenue is expected between $150 million and $170 million. Gross margin is expected between 40% to 42%, which assumes a 100-basis-point impact from tariffs. We expect OpEx between $48 million and $49 million, net income between $12 million and $21 million, and diluted EPS between $0.20 and $0.35 on approximately 60 million shares.

現在談談我們的第三季展望。預計第三季營收在 1.5 億美元至 1.7 億美元之間。預計毛利率在 40% 至 42% 之間，假設關稅影響 100 個基點。我們預計營運支出在 4,800 萬美元至 4,900 萬美元之間，淨收入在 1,200 萬美元至 2,100 萬美元之間，稀釋每股收益在 0.20 美元至 0.35 美元之間（約 6,000 萬股）。

I'll now provide additional commentary for each of our markets. In the semiconductor market, we continue to see growth potential in 2025, particularly in leading-edge investments driven by AI and high-performance computing. These trends are expected to support significant demand with growth in gate-all-around and advanced packaging technologies.

我現在將針對我們的每個市場提供額外的評論。在半導體市場，我們繼續看到 2025 年的成長潛力，尤其是在人工智慧和高效能運算推動的前沿投資方面。隨著環柵和先進封裝技術的發展，這些趨勢預計將支持巨大的需求。

Beyond 2025, our outlook remains strong, supported by our differentiated product portfolio across laser annealing, ion beam deposition, wet processing, and lithography. While we expect revenue in the compound semiconductor market to decline in 2025 compared to 2024, we are seeing encouraging signs of growth for applications in GaN power, solar, and photonics. These emerging opportunities are expected to begin contributing to revenue growth in 2026.

2025 年以後，我們的前景依然強勁，這得益於我們在雷射退火、離子束沉積、濕式處理和光刻領域的差異化產品組合。雖然我們預計 2025 年複合半導體市場的收入將較 2024 年下降，但我們看到 GaN 電力、太陽能和光子學應用出現了令人鼓舞的成長跡象。預計這些新興機會將在 2026 年開始促進收入成長。

In the data storage market, system revenue is declining year over year. However, our service revenue has increased, reflecting higher customer utilization. While it is too early to predict customer capacity additions for 2026, we are encouraged by increased engagement and commercial discussions around future requirements.

在資料儲存市場，系統收入逐年下降。然而，我們的服務收入增加，反映出客戶利用率更高。雖然現在預測 2026 年客戶容量增加還為時過早，但圍繞未來需求的參與度和商業討論的增加令我們感到鼓舞。

We continue to see strong demand in the scientific market for our research-driven applications, particularly in quantum computing. This segment is expected to deliver growth in 2025, supported by ongoing investment in advanced scientific innovation.

我們持續看到科學市場對我們研究驅動的應用有著強勁的需求，特別是在量子運算領域。在對先進科學創新的持續投資的支持下，該領域預計將在 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) Thomas O'Malley, Barclays.

（操作員指示）巴克萊銀行的托馬斯·奧馬利。

Hey, guys, thanks for taking my questions. My first is just around the quarter. So you took out some impact from China, but it looks like you got that back in the numbers. When I look at the geographic exposure, China does come down and the rest of world goes up pretty significantly. I think quarter over quarter, it was up 64%.

嘿，夥計們，謝謝你們回答我的問題。我的第一個作品就在本季左右。因此，你消除了來自中國的一些影響，但看起來你又在數字中恢復了這些影響。當我觀察地理分佈時，我發現中國確實下降了，而世界其他地區的上升幅度相當大。我認為與上一季相比，成長了 64%。

So are you shipping these products to other locations and then they're making their way to China? Or are these different customers that are filling in the gap here? If you could just help put those together, I would appreciate it.

那麼您是否將這些產品運送到其他地方，然後再運往中國？還是這些不同的客戶正在填補這裡的空白？如果您能幫忙整理一下，我將非常感激。

Sure. So Tom, this is John. Thanks for the question. No. This is the delayed shipments that we expected at the beginning of the quarter that were being delayed because of the higher tariffs in China. Customers then when the tariffs got significantly reduced, rescheduled shipment during the quarter and accepted those shipments.

當然。湯姆，這是約翰。謝謝你的提問。不。這是我們在本季度初預計的延遲發貨，由於中國關稅上調而被推遲。當關稅大幅降低時，客戶便會在本季重新安排出貨並接受這些出貨。

So China was expected even with those shipments in it to be down in the second quarter compared to the first quarter. And it has come in rarely right where we expected coming into the year. So for the first half of the year, revenue to China customers was about 30% of revenue.

因此，即使有這些，中國第二季的出貨量預計仍將比第一季下降。今年的情況很少能達到我們預期的水平。因此，今年上半年，來自中國客戶的收入約佔總收入的30%。

Okay. So the two are unrelated. So I guess when you look at the back half of the year, you had previously kind of taken out $10 million to $15 million or so of continued impact from products that you were unable to ship. Is your view now that you're able to ship those and that customers are going to take those? Or are you still remaining cautious? Just you're obviously getting it back in June, do you put it back in for the rest of the year as well?

好的。所以這兩者毫無關聯。因此，我想，當您回顧下半年的情況時，您會發現先前由於無法發貨的產品而造成的持續影響約為 1000 萬至 1500 萬美元。您現在是否認為您能夠運送這些產品並且客戶會接受它們？還是你仍然保持謹慎？您顯然會在六月將其收回，那麼您是否也會在今年剩餘時間將其收回？

So I think, Tom, for our view coming into the year, irrespective of tariffs that China revenue is going to be about 30% in the first half of the year and sort of lesser in the second half of the year. And generally in the semiconductor piece of the business because less investments in new 28- and 40-nanometer fabs where that was really the sweet spot for where our equipment was going.

所以我認為，湯姆，就我們對今年的看法而言，無論關稅如何，中國的收入在上半年將達到 30% 左右，而在下半年則會有所下降。總體而言，在半導體業務領域，由於對新的 28 奈米和 40 奈米晶圓廠的投資較少，這就是我們設備的最佳去處。

I think the year is playing out as we expected it to play out there. And now we expect somewhere in the range of about 20% of revenue for the second half of the year coming from China. So no change in expectations. The delay in tariff shipments was a onetime thing in Q2 that right now has been totally resolved.

我認為今年的進展正如我們所預期的。現在我們預計下半年約有 20% 的收入來自中國。因此預期沒有變化。關稅出貨延遲是第二季發生的一次性問題，目前已完全解決。

Rich Schafer, Oppenheimer & Co.

奧本海默公司的里奇‧謝弗

Thank you. I guess my first question, if I could, you guys. One of your largest US IDMs customers has become pretty publicly more cautious around spending on advanced nodes and -- so it's sort of like no more -- I guess, no more build -- if you build it, they will come add there.

謝謝。我想我的第一個問題是，如果可以的話，你們。你們最大的美國 IDM 客戶之一已經公開表示，在先進節點的支出方面變得更加謹慎，所以這有點像不再——我想，不再構建——如果你構建了它，他們就會來添加它。

So does that affect or how does that affect your TAM outlook for NSA and ion beam for metal resistivity? I mean, both of those kind of come to mind. And anything else you might highlight that might be impacted by that pivot?

那麼這是否會影響或如何影響您對 NSA 和金屬電阻率離子束的 TAM 展望？我的意思是，我突然想到了這兩種情況。還有什麼事情您認為會受到這轉變的影響嗎？

Yes, Rick, I mean -- it's a great question. I would say, obviously, this IDM is trying to transition to a foundry. And using your baseball analogy, if you build it, they will come, doesn't really work in a foundry model. And I think that makes a lot of sense for them.

是的，里克，我的意思是——這是一個很好的問題。我想說，顯然這個IDM正在嘗試轉型為代工廠。用棒球來類比，如果你建造它，他們就會來，但這在鑄造廠模型中並不適用。我認為這對他們來說很有意義。

That being said, we are working with all the leading logic players on their next nodes, and we're continuing to partner with that IDM on helping them develop their core building blocks and key technologies that they need to enable in R&D to enable their next node. So it's not really impacting our business in the short or midterm. We're continuing to work with them. And HBM for that is still a few years out, and of course, is subject to risk as all R&D investments are.

話雖如此，我們正在與所有領先的邏輯參與者合作開發他們的下一個節點，並且我們將繼續與該 IDM 合作，幫助他們開發他們在研發中需要啟用的核心構建模組和關鍵技術，以實現他們的下一個節點。因此，它實際上不會在短期或中期對我們的業務產生影響。我們將繼續與他們合作。而 HBM 還需要幾年的時間，當然，就像所有研發投資一樣，它也存在風險。

No, thanks for that though. And if I could, maybe just a follow-up. You mentioned -- John maybe mentioned GaN power kind of briefly in a list of drivers for the business. So you've had that MOCVD eval, I think, going on for a few quarters now. I just was curious if you could give any more color on that eval, mostly around timing, like a sense of timing?

不，不過還是謝謝。如果可以的話，也許只是一個後續行動。您提到——約翰可能在業務驅動因素清單中簡要提到了 GaN 電源。所以我認為你已經進行了 MOCVD 評估幾個季度了。我只是好奇，您是否可以對該評估提供更多細節，主要是關於時間，例如時間感？

Like are you targeting revenues there? Could they hit this year? Is it really more of a '26 driver? And sorry if I missed that in what you said, John, but I just was a little kind of curious about where we are there.

例如，你的目標收入是那裡的嗎？他們今年能成功嗎？它真的更像 26 年的驅動程式嗎？約翰，如果我沒有聽懂你的意思，我很抱歉，但我只是有點好奇我們在哪裡。

Yeah. The 300-millimeter GaN on silicon evaluation system we have in the field is progressing well. We've received very positive feedback from our customer. And we're pretty excited about it because this customer has kind of a long-term view of 300-millimeter GaN on silicon. And assuming success, the plan would be to have this drive pilot line business for us starting in '26. So kind of a bit of a step-up and then ramping to high volume in '27 and beyond. So pretty, pretty exciting stuff for us.

是的。我們在該領域的300毫米矽基GaN評估系統進展順利。我們收到了來自客戶的非常正面的回饋。我們對此感到非常興奮，因為這位客戶對 300 毫米矽基 GaN 有著長遠的眼光。假設成功，我們計劃從 26 年開始開展這項駕駛試驗線業務。因此，這有點像是一種提升，然後在 27 年及以後逐漸增加到高銷量。對我們來說非常漂亮、非常令人興奮的事。

Great. Thanks, Will.

偉大的。謝謝，威爾。

Thank you, Rick.

謝謝你，里克。

Charles Shi, Needham & Company.

Charles Shi，Needham & Company。

Two questions here. Maybe I'll continue on that GaN on silicon. I want to dig a little bit more into the competitive dynamics here because we do recognize you have a European equipment competitor who has also historically been very strong in compound semi, especially when it comes to power. And how do you characterize why you are able to win and -- with the potential to win here? And what differentiates you from your competitor? That's my first question. Thank you.

這裡有兩個問題。也許我會繼續研究矽基 GaN。我想更深入地探討這裡的競爭動態，因為我們確實認識到你們有一個歐洲設備競爭對手，而且它在複合半導體領域也一直表現非常強勁，尤其是在電力方面。您如何描述自己能夠獲勝的原因以及獲勝的潛力？您與競爭對手有何不同？這是我的第一個問題。謝謝。

Charles, I would say over the last few years in MOCVD, in particular, we've had a concerted effort to upgrade our product lines. specifically in 300-millimeter GaN on silicon and in the batch arsenide phosphide tools. And what we're seeing is that as we're putting them out there that we are gaining some traction in the marketplace relative to competition.

查爾斯，我想說，過去幾年，特別是在 MOCVD 領域，我們一直在齊心協力升級我們的產品線，特別是在 300 毫米矽基 GaN 和批量砷化磷工具方面。我們看到的是，隨著我們將它們推向市場，我們在市場上相對於競爭對手獲得了一些吸引力。

So specifically in GaN on silicon at 300 millimeters, we see that we're competitive from a productivity and cost of ownership standpoint while maintaining excellent process performance, meeting the customers' specification. And in the arsenide phosphide tool set, -- we're working with a number of customers, for example, in low earth orbit solar activity. There's some opportunities there, microLED, and indium phosphide applications in the data center.

因此，具體到 300 毫米矽基 GaN，我們發現，從生產力和擁有成本的角度來看，我們具有競爭力，同時保持了出色的工藝性能，滿足了客戶的規格要求。在砷化物磷化物工具集中，我們正在與許多客戶合作，例如在低地球軌道太陽活動中。這裡有一些機會，microLED 和資料中心的磷化銦應用。

So we're working with a number of customers, and some of the feedback we're receiving is that we're really differentiated on a performance with a lower cost of ownership for our customers. So yeah, it seems that it's been a bit of a long road, and we still have a ways to go. But early returns on the products seem to be going in the right direction.

因此，我們正在與許多客戶合作，我們收到的一些回饋是，我們在性能上確實有差異，並且為客戶降低了擁有成本。是的，這條路似乎有點漫長，我們還有很長的路要走。但產品的早期回報似乎正朝著正確的方向發展。

Thank you. So the second question, maybe this is for John. I want to ask you a little bit more on your China commentary. It sounds like you're kind of guiding to like 20%-ish of the revenue in second half of the year will be coming from China, but that would imply a pretty big down versus the first half. But on the other hand, we've been hearing from your peers pretty meaningful China upside, so China WFE upside over the last two or three weeks.

謝謝。第二個問題也許是問約翰的。我想就您對中國的評論再問您一些問題。聽起來您預計下半年 20% 左右的收入將來自中國，但這意味著與上半年相比會有相當大的下降。但另一方面，我們從您的同行那裡聽說中國經濟有相當顯著的上漲空間，因此中國 WFE 在過去兩三週內也出現了上漲。

And so I wonder you have embedded some of the upside in that second-half guidance already? Or did your expectation for China come up over the last 90-ish days? And I want to know if you think there's more to the numbers you just said, 20%. Thank you.

所以我想知道您是否已經在下半年的預測中嵌入了一些好處？還是你對中國的預期是在過去90多天裡出現的？我想知道您是否認為除了您剛才說的 20% 這個數字之外還有更多數字。謝謝。

Sure, Charles. So again, a lot of the business that we drove the last couple of years in China was for laser annealing equipment and principally in new greenfield fabs at 28- and 40-nanometer. We see continued investment and in that 20% revenue for the second half of the year, we're continuing to get business for LSA with existing customers, and we are seeing new customers come in here.

當然，查爾斯。所以，過去幾年我們在中國開展的業務大部分是雷射退火設備，主要是在 28 奈米和 40 奈米的新建晶圓廠。我們看到了持續的投資，並且在下半年的 20% 收入中，我們繼續與現有客戶開展 LSA 業務，並且我們看到新客戶加入。

I would say we really see that this playing out fairly the way we expected it to play out for the year. So we are having ongoing business, just not at the pace of the last two years. Thanks.

我想說，我們確實看到事情的進展正如我們預期的那樣。因此，我們的業務仍在持續進行，只是速度不如過去兩年。謝謝。

Thank you, Charles.

謝謝你，查爾斯。

Mark Miller, Benchmark.

馬克·米勒，基準。

I'm just wondering if you're seeing any impact from the tariffs in terms of -- from your component suppliers increasing costs? Or do you expect any?

我只是想知道，就您的零件供應商的成本增加而言，關稅是否對您產生了影響？或是您有什麼期望嗎？

Yeah. So Mark, we have seen in terms of tariffs that we import ourselves from Europe and Southeast Asia as the principal areas that we import directly ourselves for our supply chain, and we are seeing tariffs there. And it's about 100 basis points impact in our actual results for Q2, and we're forecasting a similar result in Q3.

是的。馬克，從關稅方面來看，我們從歐洲和東南亞進口，這是我們供應鏈直接進口的主要地區，我們在那裡看到了關稅。這對我們第二季的實際業績影響約為 100 個基點，我們預測第三季也會出現類似的結果。

We are seeing potential for increases in price from domestic suppliers that also have an international supply chain there. And I would say we continue to work with those suppliers to try to mitigate the impact from those tariff increases or potential increases from our domestic suppliers.

我們看到，擁有國際供應鏈的國內供應商有漲價的潛力。我想說，我們將繼續與這些供應商合作，試圖減輕關稅上調或國內供應商可能上調關稅的影響。

You mentioned an opportunity in quantum computing. For what equipment is that for, IBD?

您提到了量子計算領域的機會。這是用於什麼設備的，IBD？

No, Mark. It's for our -- mostly our molecular beam epitaxy equipment or MBE equipment as well as some ALD equipment for researchers in the quantum computing space. So really MBE.

不，馬克。它主要用於我們的分子束外延設備或 MBE 設備以及量子計算領域研究人員的一些 ALD 設備。所以確實是 MBE。

Thank you.

謝謝。

Thank you, Mark.

謝謝你，馬克。

Gus Richard, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Gus Richard。

Yes, thanks for taking the question. You guys have a sort of a unique visibility across the industry. You're involved with litho. You're involved with backside power. You're involved with advanced packaging and even transistor structures like gate-all-around and CFET. So my question is, which technology are people hot to try -- where are you seeing the most activity? Where are things getting pushed the hardest?

是的，感謝您提出這個問題。你們在整個行業中擁有一種獨特的知名度。您與平版印刷有關。您與背後力量有關。您參與了先進封裝甚至電晶體結構，如環柵和 CFET。所以我的問題是，人們熱衷於嘗試哪種技術——您在哪裡看到最多的活動？哪些事情最難解決？

Gus, I would say it's really driven by AI, high-performance computing, and high-bandwidth memory. And so our advanced packaging business is doubling in '25. Really seeing a lot of strength and a lot of pull in wet processing there. We're really engaged with leading foundry, HBM manufacturer as well as OSATs there, and we're really expanding that business very solidly. And likewise, in litho, our business is improving over '24 and will be a driver of growth for us in applications like not only AI and high-performance computing, but also mobile in litho.

格斯，我想說它實際上是由人工智慧、高效能運算和高頻寬記憶體驅動的。因此，我們的先進封裝業務在 25 年翻了一番。確實看到濕式加工中存在著很大的力量和很大的拉力。我們確實與領先的代工廠、HBM 製造商以及 OSAT 進行了合作，並且我們正在穩步擴展該業務。同樣，在光刻領域，我們的業務在 24 年間不斷改善，並將成為我們在人工智慧和高效能運算等應用以及光刻移動領域成長的動力。

And then the -- besides advanced packaging, I would say the second major area for growth for us kind of at the leading edge is in gate-all-around, where we're seeing a fair amount of -- a lot of growth there year over year in '25. So I would say it's really kind of transistor -- advanced transistor on the logic side and then wet processing on -- excuse me, in advanced packaging-type applications for AI, high-bandwidth memory, et cetera.

然後，除了先進封裝之外，我想說，我們處於領先地位的第二個主要成長領域是環柵技術，我們看到該領域在 2025 年同比增長相當大。所以我想說它實際上是一種晶體管——邏輯方面的先進晶體管，然後進行濕式處理——對不起，在人工智慧、高頻寬記憶體等先進封裝類型的應用中。

Got it. Got it. That's helpful. And then my second one is there's not a lot of hard disk drive guys, so I'll say the customer's name. Seagate, I believe, doubled their CapEx. You're already seeing an increase in spares and service. Is there more upside in spares and service? And if you're starting commercial negotiations, as I recall, the lead time is three quarters. Do you see potential systems shipping for the HDD market in the second half of '26?

知道了。知道了。這很有幫助。然後我的第二個問題是沒有很多硬碟人員，所以我會說出客戶的名字。我相信希捷的資本支出增加了一倍。您已經看到備件和服務的增加。備件和服務是否還有更多優點？如果你開始商業談判，我記得，準備時間是三個季度。您是否認為 26 年下半年 HDD 市場有潛在的系統出貨量？

Yeah. I would say customers have continued to bring capacity online. Clearly, their utilizations are increasing, and we've seen that read out in our service numbers here throughout the first half of '25.

是的。我想說的是，客戶一直持續增加線上容量。顯然，它們的使用率正在增加，而且我們在 2025 年上半年的服務數據中也看到了這一點。

I would say to your point there, we actually are quite encouraged by increased engagement with not only one but the other as well in terms of commercial discussions with our customers about their future requirements. And you're right about the lead time.

我想說的是，就你的觀點而言，我們實際上非常高興與其中一家公司加強合作，而且在與客戶就其未來需求進行商業討論方面，我們也與另一家公司加強合作。您對交貨時間的判斷是正確的。

And so these are all very positive signs that they could be ordering some more equipment here. So it's positive. We don't have purchase orders in hand, but these are the signs of positive signs, I would say, for the data storage industry. And obviously, you kind of quoted there increasing CapEx percentage on increasing revenues. That's obviously a good sign.

這些都是非常積極的信號，表明他們可能會在這裡訂購更多設備。所以這是積極的。我們手上沒有採購訂單，但我想說，對於資料儲存產業來說，這些都是正面訊號的跡象。顯然，您提到了增加資本支出百分比來增加收入。這顯然是一個好兆頭。

Great. Thanks so much.

偉大的。非常感謝。

Thanks, Gus.

謝謝，格斯。

At this time, we have no further questions. And I would like to turn the call back over to Bill Miller for closing remarks.

目前我們沒有其他問題。我想將電話轉回給比爾·米勒，請他做最後發言。

Yeah. I'd like to thank our customers and shareholders along with the Veeco team for their continued support, and have a great evening. Thank you.

是的。我要感謝我們的客戶和股東以及 Veeco 團隊的持續支持，並祝大家有個愉快的夜晚。謝謝。

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

女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。