Summary of Advanced Energy Industries FY Conference Call Company Overview - **Company**: Advanced Energy Industries (NasdaqGS: AEIS) - **Date of Conference**: January 14, 2026 - **Key Speakers**: Steve Kelley (President and CEO), Paul Oldham (Executive Vice President and CFO) Revenue Breakdown - **Q3 Revenue Composition**: - Semiconductor Equipment: 42% - AI Data Center: 37% - Remaining: Industrial, Medical, Telecom, Networking [6] Growth Expectations - **2026 Growth Forecast**: Anticipated growth of 25%-30% in the data center segment, following a projected doubling of the business in 2025 [7] - **Design Wins**: Revenue forecast for 2026 is based on designs secured in 2025 and ongoing business [8] Market Dynamics - **AI Data Center vs. Conventional Data Center**: The AI data center market is characterized by rapid changes and increasing power requirements due to new GPUs and silicon [8] - **Customer Engagement**: The company maintains a high win rate (close to 100%) with a targeted customer base in the data center sector [18] Capacity and Production - **Production Sites**: Key production facilities are located in the Philippines, Mexicali (Mexico), and a new factory in Thailand, which is expected to start operations in the second half of 2026 [10][42] - **Inventory Management**: Strategic inventory levels have been established to mitigate component shortages experienced during COVID [19] Margin Insights - **Margin Improvement**: Data center margins have improved significantly, approaching corporate averages, with a goal to maintain or slightly improve these margins [20][22] - **Impact of Tariffs**: Current tariff impacts gross margins by approximately 100 basis points, but the company is actively working to mitigate these costs [46][47] Semiconductor Market Outlook - **Optimism in Semiconductor Market**: Growth is expected in leading-edge logic and memory sectors, driven by major players like TSMC, SK Hynix, and Samsung [24] - **New Product Contributions**: Technologies like eVoS and Everest are expected to contribute $10-$20 million in revenue in 2025, with significant growth anticipated in 2027 and 2028 [30] Industrial and Medical Market - **Market Recovery**: The industrial and medical segment is recovering from previous inventory corrections, with increasing order rates and revenues expected in 2026 [35] - **Aerospace and Defense Exposure**: Currently low but anticipated to grow significantly in 2026 due to increased demand in the defense sector [37] Strategic Goals - **Sole Source Products**: The company aims to increase the percentage of revenue from sole source products from 70% to 80%, with significant progress already made in semiconductor and industrial medical sectors [40][41] - **M&A Strategy**: The company is actively seeking acquisitions to strengthen its position in the industrial medical market and to fill technology gaps [55] Financial Health - **Balance Sheet**: Strong financial position with $750 million in cash and $565 million in debt as of September [54] Conclusion - Advanced Energy Industries is positioned for growth in the data center and semiconductor markets, with strategic investments in capacity and technology. The company is focused on maintaining healthy margins while navigating challenges such as tariffs and component shortages. The outlook for 2026 and beyond appears optimistic, supported by new product introductions and a recovering industrial medical market.

2025年，公司所在的半导体封装和测试设备领域需求持续增长，同时公司持续进行技术研发和产品迭 代，三温测试分选机及大平台超多工位测试分选机(针对于效率要求更高的大规模、复杂测试)等需求持 续增长，公司测试分选机产品销量实现较大提升，公司2025年年度业绩实现较好的增长。 智通财经APP讯，金海通(603061.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利润 1.6亿元到2.1亿元，与上年同期相比，将增加8,151.85万元到13,151.85万元，同比增加103.87%到 167.58%。 ...

金海通1月14日公告，预计2025年度归母净利润1.6亿元-2.1亿元，同比增长103.87%-167.58%。公司称， 2025 年，公司所在的半导体封装和测试设备领域需求持续增长，同时公司持续进行技术研发和产品迭 代，三温测试分选机及大平台超多工位测试分选机（针对于效率要求更高的大规模、复杂测试）等需求 持续增长，公司测试分选机产品销量实现较大提升，公司2025年年度业绩实现较好的增长。 ...

金海通公告，预计2025年度实现归属于母公司所有者的净利润1.6亿元到2.1亿元，同比增加103.87%到 167.58%；预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润1.55亿元到2.05亿元， 同比增加128.83%到202.64%。2025年，公司所在的半导体封装和测试设备领域需求持续增长，同时公 司持续进行技术研发和产品迭代，三温测试分选机及大平台超多工位测试分选机（针对于效率要求更高 的大规模、复杂测试）等需求持续增长，公司测试分选机产品销量实现较大提升，公司2025年年度业绩 实现较好的增长。 ...

关联个股： 寒武纪-U（688256）、海光信息（688041）、中芯国际（688981）、中微公司（688012）、金山办公 （688111）、澜起科技（688008）、百利天恒（688506）、联影医疗（688271）、影石创新 （688775）、拓荆科技（688072） 科创板定位清晰，主要服务于半导体、生物医药、高端装备等关键领域的创新企业。投资科创综指，等 同于投资中国科技突破和国产化替代前沿。面对外部环境变化，科技自主可控已成为国家发展的重中之 重。尤其在AI芯片、半导体设备等领域，国产化进程加速，为科创板企业带来巨大成长空间。 关联产品： 科创综指ETF鹏华（589680），联接基金（A类 023757，C类 023758，I类 024141） 早盘半导体设备股强势拉升。国内晶圆厂产能利用率回升扩产意愿强烈，AI驱动全球存储芯片行业迈 入"超级周期"阶段，叠加自主可控逻辑下国产化率提升，带动设备需求。同时，AI应用板块再度走强， 因阿里巴巴等多家厂商近期预计发布新一代大模型，AI产业催化不断，应用商业化发展空间广阔。今 日科创综指及成分股显著上涨，或受半导体设备国产化加速与AI产业链多重利好驱动 ...

1月14日上午，存储器与半导体设备"卷土重来"！受益于存储"超级周期"首份年报预增超500%提振，多家存储公司开盘大涨。上游半导体设备由于核心受益 于存储需求高增，目前多股拉升。 高"设备"含量——半导体设备ETF（561980）盘中拉涨3.26%，实时成交额超1.4亿元，近期基金规模刚创新高。目前权重股中微公司涨超4%，海光信息涨超 6%，拓荆科技、长川科技涨超5%，寒武纪、北方华创、中芯国际、南大光电等涨超1%；成份股江丰电子、珂玛科技等持续拉升。 消息面上，美国放宽了H200芯片出口到中国的监管规定，此前已"条件性"允许向中国出售H200人工智能芯片。关于H200的放开，多家机构认为对国产算力 产业链影响非常有限，反而会提振国产替代信心。 此外，存储超级周期下的首份年报预告出炉，预计2025年净利润将大幅同比增长427.19%-520.22%，提振板块情绪。 从产业链来看，存储芯片属于半导体设备空间最大的下游市场之一。2025年-2026年存储价格持续上涨，TrendForce预估2026Q1一般型DRAM合约价还会季 增55-60%，Server DRAM价格季增逾60%，NANDFlash各类产品合 ...

每经AI快讯，1月14日，帝尔激光（300776）在互动平台表示，公司的TGV激光微孔设备，通过精密控 制系统及激光改质技术，实现对不同材质的玻璃基板进行微孔、微槽加工，为后续的金属化工艺实现提 供条件，可应用于半导体芯片封装、显示芯片封装等相关领域。目前公司已经完成面板级玻璃基板通孔 设备的出货，实现了晶圆级和面板级TGV封装激光技术的全面覆盖。 ...

Summary of FormFactor's Conference Call Company Overview - **Company**: FormFactor - **Industry**: Semiconductor testing equipment - **Recent Revenue**: Trailing 12-month revenues approximately $750 million, with guidance for Q4 indicating an annual run rate closer to $800 million [6][11] Business Segments - **Probe Cards**: The largest segment, serving as connectors between test equipment and customer wafers, crucial for testing chips before assembly. Increased demand driven by advanced packaging technologies like high bandwidth memory (HBM) [6][7] - **Engineering Systems**: Focused on co-packaged optics (CPO), aiding customers in R&D and addressing power consumption issues in data centers [8][9] Market Position and Strategy - **Key Customers**: Strong relationships with major DRAM manufacturers, particularly SK Hynix, which represents 10% of FormFactor's revenue [19] - **Competitive Advantage**: Unique capabilities in high-speed and RF testing, particularly for HBM applications, allowing for high parallelism and productivity in testing [20][21] - **Future Technology**: Transitioning to hybrid bonding in HBM may require new probing technologies, which FormFactor is prepared for due to its experience with copper probing [28] Growth Drivers - **HBM and DRAM**: Anticipated growth in DRAM, particularly DDR5, with expectations to set records in probe card sales. Current market dynamics suggest a shortage in supply due to clean room constraints [55][56] - **GPU and ASIC Testing**: Increased focus on GPU testing due to long test times and high transistor counts, with FormFactor adapting its technology to meet these demands [31][36] Operational Changes - **Factory Realignment**: Recent consolidation of manufacturing sites in California and the establishment of a new site in Farmers Branch, Texas, aimed at increasing efficiency and capacity [12][14][70] - **Gross Margin Improvement**: Targeting a gross margin of 47% by 2026, with recent improvements from 38.5% to a projected 42% in Q4, driven by operational efficiencies and cost structure optimization [11][66][70] Challenges and Considerations - **Market Dynamics**: The company faces challenges from tariff impacts, which are estimated to be a 200 basis points headwind to gross margins [70] - **NAND Business**: Limited focus on NAND due to its commodity nature and lack of differentiation opportunities [54] Future Outlook - **CPO and Optical Probing**: Continued investment in CPO technologies, with expectations for significant growth in AI applications. Integration of electrical and optical probing technologies is anticipated [42][43] - **Capacity Expansion**: The new Texas facility is expected to ramp up production by the end of 2026, aligning with anticipated market demand [70][71]

Ultra Clean (NasdaqGS:UCTT) FY Conference January 13, 2026 12:45 PM ET Company ParticipantsJames Scholhamer - CEOConference Call ParticipantsNone - Analyst 2Charles Shi - Semi-cap AnalystNone - Analyst 1Charles ShiAll right. Good afternoon. Welcome to the 28th Annual Needham Growth Conference. My name is Charles Shi. I'm the semi-cap analyst at Needham. Joining me on the stage is Ultra Clean's CEO, Mr. James Scholhamer. And James, I think this is your first time here, I believe. And thank you very much for ...

Onto Innovation (NYSE:ONTO) FY Conference Summary Company Overview - **Company**: Onto Innovation (NYSE:ONTO) - **Event**: 28th Annual Needham Growth Conference - **Date**: January 13, 2026 Key Industry Insights - **AI Impact**: AI is a significant driver in the semiconductor industry, with NVIDIA projecting a 40% CAGR over the next few years, influencing demand and supply dynamics [6][7] - **Revenue Ties**: In 2025, 61% of Onto's revenue was derived from customers directly supporting the AI supply chain, indicating a strong correlation with AI growth [7] - **Market Outlook**: The outlook for 2026 is expected to be at least 10% stronger in the first half compared to the second half of 2025, reflecting improved customer sentiment [7] Product and Technology Developments - **AI Value Chain**: Onto is positioned in several areas of the AI value chain, including Gate-All-Around nodes, advanced packaging inspection, and 3D metrology [8][9] - **New Technologies**: The company is focusing on co-packaged optics and charge metrology, which are expected to contribute significantly to revenue growth, with an estimated additional opportunity of $1 billion [10][12] - **Dragonfly Platform**: The Dragonfly G3 has seen less decline than expected, with new applications being added. The upcoming Dragonfly G5 is expected to enhance resolution and throughput significantly [14][15] Financial Performance and Projections - **Operating Margin Improvement**: Onto aims for at least a 30% improvement in operating margin for 2026, driven by overseas manufacturing, new product value, and synergies from the SDI acquisition [18][19] - **Revenue Growth Drivers**: Growth is anticipated from advanced nodes and packaging, particularly in HBM and AI-related applications [21][30] Market Position and Competitive Landscape - **OSAT Engagement**: Onto is benefiting from the outsourcing of capabilities to OSATs, which are increasingly involved in AI packaging, enhancing Onto's market position [23][24] - **Lithography Business**: The JetStep system for panel-level packaging is gaining traction, with customers recognizing the importance of inline process control [25][27] Geopolitical Considerations - **China Exposure**: Onto's limited exposure to China provides some protection against geopolitical volatility, while the shift of manufacturing to Asia is expected to enhance engagement with Chinese customers [32][34] Customer Engagement and Value Proposition - **Value Quantification**: Onto emphasizes the importance of solving customer problems through reliable measurements and faster processing, which justifies their pricing strategy [36] - **Sustainable Advantage**: The company's understanding of customer challenges and its ability to address complex issues in packaging and inspection are seen as key differentiators in maintaining a competitive edge [37] Conclusion Onto Innovation is strategically positioned to leverage the growth in AI and advanced semiconductor technologies, with a strong focus on enhancing product capabilities and improving operational efficiencies. The company is optimistic about its growth trajectory in 2026, driven by innovative technologies and a robust market demand.