Ichor (NasdaqGS:ICHR) Q4 2025 Earnings call February 09, 2026 04:30 PM ET Company ParticipantsBrian Chin - DirectorClaire McAdams - Investor RelationsCraig Ellis - Senior Managing Director and Director of ResearchGreg Swyt - CFOKrish Sankar - Managing DirectorPhil Barros - CEOConference Call ParticipantsCharles Shi - AnalystChristian Schwab - AnalystDavid Duley - AnalystEdward Yang - AnalystLinda Umwali - AnalystOperatorGood day, ladies and gentlemen, and welcome to Ichor's fourth quarter and fiscal year 20 ...

Group 1 - The semiconductor materials and equipment theme index on the STAR Market has seen a strong increase of 3.22%, with notable gains from stocks such as ChipSource Microelectronics up 14.10% and Xingfu Electronics up 9.87% [1] - The semiconductor equipment ETF, Huaxia, has risen by 2.4%, with a trading volume of 2.12 billion yuan and a turnover rate of 7.08% [1] - The National Bureau of Statistics reported that profits in the high-tech manufacturing sector increased by 13.3%, significantly outpacing the overall industrial profit growth of 12.7 percentage points [2] Group 2 - The semiconductor industry has shown remarkable profit growth, with integrated circuit manufacturing profits soaring by 172.6% and semiconductor device manufacturing profits increasing by 128% [2] - The domestic fab expansion is expected to accelerate, particularly in advanced logic, driven by a significant gap in supply [2] - The semiconductor equipment ETF, Huaxia, focuses on the upstream semiconductor sector, with 63% of its index comprising semiconductor equipment [3]

Core Viewpoint - Chengdu Ultra-Pure Materials Co., Ltd. has received acceptance for its IPO application on the ChiNext board, aiming to raise 1.124 billion yuan [1]. Group 1: Company Overview - Chengdu Ultra-Pure Materials Co., Ltd. was established in August 2005 and is a leading enterprise in the precision component manufacturing industry for semiconductor equipment in China [3]. - The company has been recognized as a technology center in Sichuan Province and has developed core manufacturing technologies in precision mechanical manufacturing, advanced surface treatment, and semiconductor materials [3]. Group 2: Market Position and Performance - Ultra-Pure is one of the few suppliers capable of mass-producing core components for semiconductor etching equipment at 5nm process technology and below, filling a significant technological gap in the domestic market [5]. - According to Frost & Sullivan, Ultra-Pure holds the largest market share among domestic companies in the special coating component sector for semiconductor equipment, with a 5.7% share in mainland China [5]. - The company has seen steady revenue growth, achieving approximately 266 million yuan in main business revenue in 2024, a year-on-year increase of 65.07% [5]. Group 3: Investment and Future Plans - The company has attracted investments from notable institutions, including Guotou Venture Capital and BYD, reflecting strong market recognition of its technological capabilities and growth prospects [5]. - The acceptance of the IPO application is expected to provide strong momentum for the company's development, allowing it to enhance R&D capabilities, expand production capacity, and ensure the supply chain's security for the integrated circuit manufacturing industry in China [6].

Group 1 - ACM Research, Inc. will release its preliminary revenue range for fiscal year 2025 and provide its initial outlook for 2026 revenue on January 22, 2026 [1] - The company will participate virtually in the 28th Annual Needham Growth Conference and host one-on-one meetings on January 15, 2026 [1] Group 2 - ACM develops, manufactures, and sells semiconductor process equipment, including cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools [2] - The company is focused on delivering customized, high-performance, cost-effective process solutions to improve productivity and product yield for semiconductor manufacturers [2]

Market Overview - Asian stocks ended mixed amid concerns about a potential AI-driven market bubble and signs of a weakening U.S. labor market [1] - Oil prices drifted lower after a recent gain, while China's Shanghai Composite index finished marginally lower as investors refocused on economic fundamentals [2] - Hong Kong's Hang Seng index surged 0.85% following the People's Bank of China's commitment to maintain an "appropriately loose" monetary policy [3] Company Performance - Sony Group shares increased by 3.7% after raising its profit outlook, while SoftBank Group and Tokyo Electron saw declines of 3.5% and 1.6% respectively [4] - In South Korea, the Kospi index rose 1.07%, driven by gains in auto and energy stocks, with Hyundai Motor and SK Innovation rising by 2.4% and 3.4% respectively [4] - Australian markets ended lower, with the S&P/ASX 200 dipping 0.22% as investors expressed concerns over high tech valuations, while Commonwealth Bank of Australia fell 3.1% due to margin pressure warnings [5] Economic Indicators - New Zealand's S&P/NZX 50 index rose 0.49% to a record high, reflecting positive market sentiment [6] - U.S. stocks ended mixed, with the Dow rising 1.2% to a record close amid expectations of an end to the government shutdown, while the tech-heavy Nasdaq Composite fell 0.3% [7] - A report indicated that private employers in the U.S. shed an average of 11,250 jobs per week in the four weeks ending October 25, signaling a deteriorating labor market [6]

Core Insights - SCHMID Group has successfully secured two significant orders in the rapidly growing field of Panel Level Packaging and mSAP production Equipment [1][4] Company Developments - The first project involves delivering a cluster configuration of InfinityLine C+ and InfinityLine H+ equipment to a leading global technology company in Southeast Asia, which specializes in semiconductors and infrastructure software [2][3] - The second project includes supplying horizontal InfinityLine H+ and vertical InfinityLine V+ machines to a customer in China, aimed at expanding mSAP capacities for AI Server PCB and similar products [3] Market Context - The orders highlight SCHMID Group's increasing role in advanced electronics manufacturing amid unprecedented AI-driven demand [4] - Global semiconductor revenues are projected to reach $785 billion in 2025 and accelerate toward $1.1 trillion by 2029, primarily driven by AI-centric architectures and data-intensive computing [5] - A 24% year-over-year increase in AI server shipments is forecasted for 2025, with North American hyperscalers leading the demand [5] Industry Trends - The surge in AI infrastructure investment is reshaping the IC-substrate and advanced PCB ecosystem, with a notable rise in demand for large-body substrates to meet next-generation performance requirements [6] - SCHMID's advanced process equipment portfolio is strategically relevant for enabling scalable, high-yield manufacturing for next-generation packaging technologies [6] Executive Insights - The projects reflect customer confidence in SCHMID's ability to deliver reliable and scalable production solutions for next-generation Advanced Packaging, as stated by the company's CSO [7]

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Core Viewpoint - ASML Holding is recognized as a pivotal player in the technology and capital markets, with a long-term growth potential that extends through 2027 and beyond, earning the title of "quality compounder" from UBS [1] Group 1: Industry Developments - The lithography intensity in the semiconductor industry is increasing, driven by advancements from Taiwan Semiconductor's A14 logic nodes and the transition to High NA extreme ultraviolet (EUV) technology, which is projected to contribute 15% to 20% of ASML's revenue by 2030 [2] - ASML is expanding its involvement in artificial intelligence (AI) by leading Mistral AI's Series C funding round with a €1.3 billion ($1.5 billion) investment, acquiring an 11% stake, which positions the company favorably in the evolving AI chip market [3] Group 2: Stock Performance - ASML's stock experienced a significant surge, with a 7% increase on September 15 and reaching a new 52-week high of $938.68 by September 18, culminating in a 15% rally over five trading days, indicating strong investor confidence [4] - Year-to-date, ASML's stock has risen by 34%, with a 24% increase in the past month, demonstrating resilience amid macroeconomic uncertainties [6] Group 3: Company Overview - ASML, headquartered in Veldhoven, Netherlands, is a leader in semiconductor equipment manufacturing, offering a range of products including lithography, metrology, and inspection systems, which support global chipmakers [5] - The company's market capitalization is approximately $343 billion, reflecting its extensive reach in the industry [5] - Current trading multiples for ASML stock are at 31 times forward adjusted earnings, which, while above industry peers, remains below the company's five-year average, indicating a balance of confidence and valuation discipline [7]

Core Insights - Company announced the launch of six new semiconductor equipment products at CSEAC2025, covering critical processes such as plasma etching, atomic layer deposition (ALD), and epitaxy (EPI) [1] - R&D investment reached 1.492 billion yuan in the first half of 2025, a year-on-year increase of approximately 53.70%, representing about 30.07% of the company's revenue, significantly higher than the average R&D investment level of 10% to 15% for companies listed on the Sci-Tech Innovation Board [1] - The company has over 20 new equipment projects under development, with a significant reduction in development cycle time from 3-5 years to as short as 2 years [1] Product Highlights - Two new etching products were launched, including the CCP capacitive high-energy plasma etching machine Primo UD-RIE, designed for high aspect ratio etching, and the Primo Menova 12-inch ICP single-chamber etching equipment, focused on metal etching applications [2] - The Preforma Uniflash metal gate series in atomic layer deposition includes three products, catering to advanced logic and memory device applications [3] - The PRIMIO Epita RP, the world's first dual-chamber low-pressure epitaxy equipment, features a unique design that reduces production costs and chemical consumption while maintaining high production efficiency [3] Market Position - As a leader in high-end semiconductor equipment manufacturing in China, the company's plasma etching equipment is utilized by top international clients across various advanced integrated circuit production lines, covering 95% of domestic etching application needs [4] - The company has delivered over 6,800 plasma etching and chemical film equipment reaction chambers, achieving mass production and large-scale repeat sales across 155 production lines domestically and internationally [4]

Core Viewpoint - Applied Materials' warning about declining revenue and profits in Q4 2025 has negatively impacted Lam Research's stock performance, raising concerns among investors about potential similar outcomes for Lam [1][4][6] Group 1: Applied Materials Performance - Applied Materials reported Q3 fiscal 2025 earnings of $2.48 per share on sales of $7.3 billion, exceeding analyst expectations of $2.36 per share and $7.2 billion in sales [3] - However, the company projected Q4 profits to drop to approximately $2.11 per share, below Wall Street's forecast of $2.38 per share [4] - Q4 revenue is expected to decline to $6.7 billion, an 8% decrease compared to Wall Street expectations, attributed to "digestion of capacity in China" and "non-linear demand from leading-edge customers" [5][6] Group 2: Impact on Lam Research - Lam Research's stock fell by 6.9% following Applied Materials' announcement, reflecting investor concerns about the semiconductor equipment market [1][6] - The current valuation of Lam Research at 26 times earnings raises questions about its attractiveness as an investment, suggesting it may be time for investors to consider selling [6]