半导体业务围绕功率布局绑定大客户进入放量周期，切入先进封装业务前景未来可期。全球半导体封装 设备市场在AI与新能源驱动下持续扩容，据SEMI预测，2025年全球封装设备销售额将增长7.7%，达到 54亿美元。2026年，后端设备领域扩张势头将继续，测试设备销售额预计增长5.0%，封装设备销售额 预计增长15.0%，实现连续三年增长。公司碳化硅和分立器件封装设备实现头部客户突破，先后获得汇 川、中车、比亚迪、成都先进功率半导体、安世、扬杰、长晶浦联等头部分立器件企业展开合作。公司 积极切入CoWos先进封装领域，TCB设备研发进展顺利，预计2025年内完成研发并启动客户打样，前景 未来可期。 风险提示：新产品拓展不及预期风险；行业景气度波动风险；其他风险。 公司概况：焊接设备细分龙头，扩展产品品类及应用布局。公司创立于1993年，是一家专业的智能装备 供应商，2015-2024年营收由2.30亿元增长至9.45亿元，CAGR高达17.00%公司的主要产品包括：智能制 造成套设备、精密焊接装联设备、机器视觉制程设备、固晶键合封装设备。聚焦半导体封装、新能源汽 车电动化和智能化、智能终端智能穿戴、精密电子（医疗电子 ...

Financial Data and Key Metrics Changes - The company reported revenue of $162 million for Q2 2025, with gross margins at 24.9%, which included $38.6 million in EA-related inventory and supply chain charges [22] - Total operating expenses were $125.1 million, including restructuring charges of $8.8 million and impairment charges of $39.8 million [22] - The company anticipates a revenue outlook of $145 million for Q3 2025, with gross margins projected at 46.5% [24] Business Line Data and Key Metrics Changes - The decision to discontinue the electronics assembly (EA) equipment business was announced, which is expected to improve overall competitiveness and align with long-term technology trends [6][20] - The automotive and industrial sectors saw a sequential decline of approximately 7% in Q2, but were up nearly 14% year-over-year due to ongoing demand improvements [11] - The APS business remains stable, with expectations for continued revenue consistency despite market fluctuations [12] Market Data and Key Metrics Changes - Southeast Asia experienced a significant slowdown, accounting for the majority of the company's Q2 to Q3 weakness, primarily due to concerns over potential tariff impacts on the automotive and industrial sectors [29][30] - In contrast, order activity increased in China and Taiwan, indicating a bifurcation in market dynamics [23][46] - Utilization rates in China are reported to be over 80%, while Taiwan's rates are just touching 80% [72] Company Strategy and Development Direction - The company plans to focus on vertical wire, power semiconductor, advanced dispense, and thermal compression technologies to strengthen growth prospects [10][17] - The restructuring effort aims to enhance long-term financial performance with anticipated improvements in gross margins [8] - The company is well-positioned to capitalize on emerging opportunities in the semiconductor market, particularly in advanced packaging and power semiconductor applications [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor industry's resilience despite macroeconomic uncertainties and trade dynamics [9][19] - The company anticipates continued capacity digestion supported by improving utilization rates, with expectations for a return to incremental capacity growth in core markets [24] - Management noted that while some customers may delay capital expenditures, semiconductor unit growth is expected to improve through fiscal 2025 [23] Other Important Information - The company completed a share repurchase program with a $300 million authorization, repurchasing over 500,000 shares for $21.3 million during Q2 [23] - The EA business was generating annual revenue of approximately $25 million to $30 million, with gross profit ranging from $7 million to $11 million [40] Q&A Session Summary Question: Can you provide insights on June's dynamics? - Management indicated a pronounced Q3 slowdown in Southeast Asia, primarily due to concerns over potential tariff impacts on the automotive and industrial sectors [28][30] Question: What is the revenue run rate of the EA business being exited? - The EA business was generating revenue of about $25 million to $30 million annually, with gross profit around $7 million to $11 million [40] Question: What are the dynamics on the power semiconductor front? - The power semiconductor market is expected to grow rapidly, with new products being introduced to enhance market reach and align with global demand for electric vehicles [42]

Financial Data and Key Metrics Changes - The company reported revenue of $162 million for Q2 2025, with gross margins at 24.9% which included $38.6 million in EA-related inventory and supply chain charges [21] - Total operating expenses were $125.1 million, including restructuring charges of $8.8 million and impairment charges of $39.8 million [21] - The company anticipates a revenue outlook of $145 million for Q3 2025, with gross margins projected at 46.5% [23] Business Line Data and Key Metrics Changes - The decision to discontinue the electronics assembly (EA) equipment business was announced, which accounted for charges of $86.6 million primarily related to inventory write-downs and restructuring [21] - The automotive and industrial sectors saw a sequential decline of approximately 7% in Q2, but were up nearly 14% year-over-year due to ongoing demand improvements [10] - The APS business continues to provide stable revenue, with expectations for overall installed base and utilization trends to improve [11] Market Data and Key Metrics Changes - Southeast Asia experienced a significant slowdown, accounting for the majority of the company's Q2 to Q3 weakness, while order activity increased in China and Taiwan [22][28] - Utilization rates in China are over 80%, while Taiwan's utilization is just touching 80% [70] - The ongoing trade situation has created uncertainty in global markets, particularly affecting the automotive and industrial sectors [8] Company Strategy and Development Direction - The company intends to focus on vertical wire, power semiconductor, advanced dispense, and thermal compression technologies to enhance growth prospects [9] - The restructuring effort aims to improve long-term financial performance and gross margins [7] - The company is well-positioned to leverage its technology leadership in high-volume semiconductor markets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the semiconductor industry's resilience despite macroeconomic uncertainties [8] - The company anticipates continued capacity digestion supported by improving utilization rates, with expectations for a return to incremental capacity growth in core markets [23] - Management noted that customer hesitation is primarily due to uncertainties surrounding tariffs and trade dynamics [60] Other Important Information - The company has nearly 120 systems installed across 10 different customers, demonstrating a strong market presence [19] - The vertical wire technology is expected to drive significant interest and potential production ramp by 2026 [12] Q&A Session Summary Question: Can you provide insights on June's dynamics and expectations beyond? - Management indicated a Q3 slowdown, particularly in Southeast Asia, with Q2 revenue at $162 million and Q3 guidance at $145 million, attributing the decline to tariff concerns in the automotive and industrial sectors [28][32] Question: What is the revenue run rate of the EA business being exited? - The EA business generated approximately $25 million to $30 million annually, with gross profits around $7 million to $11 million [38] Question: What are the dynamics on the power semiconductor front? - The power semiconductor market is expected to grow rapidly, with new products being introduced to enhance market share [41] Question: Can you elaborate on the utilization rates in Taiwan and China? - Utilization rates in China are over 80%, while Taiwan's are just touching 80%, with expectations for continued high utilization [70] Question: How is the company addressing customer hesitation due to trade policies? - The company manufactures in Singapore, avoiding direct tariff impacts, but acknowledges indirect costs and customer caution due to trade uncertainties [74]