Q3 Earnings NOVEMBER 5, 2025 SkyWater Technology Forward-Looking Statements This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company's current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements include all statements other than statements of historical fact containe ...

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - The company reported better-than-expected results, beating both top and bottom lines [1] - Advanced packaging revenue reached a record high, contributing to a significant 31% sequential growth [1] Financial Performance - The company achieved record revenue in advanced packaging, indicating strong demand and operational efficiency [1] - Sequential growth of 31% highlights robust performance compared to previous quarters [1]

Financial Data and Key Metrics Changes - Amkor reported revenue of $1,990 million for Q3 2025, representing a 31% sequential increase and a 7% year-on-year growth [5][15] - Gross profit was $284 million with a gross margin of 14.3%, up 230 basis points sequentially [15] - Net income more than doubled to $127 million, resulting in an EPS of $0.51 for the quarter [16][21] Business Line Data and Key Metrics Changes - Communications revenue increased 67% sequentially and 5% year-on-year, driven by strong demand from iOS and Android products [6][8] - Computing revenue rose 12% sequentially and 23% year-on-year, with expectations of continued growth despite a modest sequential decline anticipated in Q4 [7][8] - Automotive and Industrial revenue grew 5% sequentially and 9% year-on-year, with expectations for stable sequential revenue in Q4 and around 20% year-on-year growth [8][9] - Consumer revenue increased 5% sequentially but decreased 5% year-on-year, with further declines expected in Q4 [9] Market Data and Key Metrics Changes - The semiconductor industry is evolving rapidly due to AI proliferation, driving market expansion and increased manufacturing requirements [10] - Amkor's geographic footprint expansion includes facilities in Asia, Europe, and the U.S., enhancing its competitive position in the OSAT industry [12][13] Company Strategy and Development Direction - Amkor is focused on three strategic pillars: investing in technology leadership, building supply chain resilience, and deepening partnerships with key customers [10] - A significant investment of $7 billion is planned for a new Advanced Packaging and Test Campus in Arizona, expected to create up to 3,000 jobs and support U.S. semiconductor manufacturing [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Advanced Packaging driven by AI and high-performance computing [7][10] - The company anticipates a return to a more normal seasonal pattern in Q4, with continued year-on-year growth in both Advanced and Mainstream portfolios [10][21] Other Important Information - The company plans to host an Investor Day in mid-2026 to share long-term financial targets and strategic insights [19][90] - Amkor has taken steps to enhance liquidity, including replacing a $600 million revolver with a $1 billion U.S.-based revolver [20] Q&A Session Summary Question: Can you elaborate on the gross margin guidance for Q4? - Management indicated that higher material content is impacting margins, with a projected decline in gross margin without the asset sale benefit [26][27] Question: What is the outlook for the Communications segment? - Management expects a slight decline in Q4 due to tapering in the iOS ecosystem, but continued strength in Android is anticipated [28][29] Question: What are the growth prospects for the automotive and industrial segment? - Management expects continued growth in Advanced Packaging for automotive applications, particularly in ADAS technology [46][48] Question: How is the investment in Arizona expected to impact future growth? - The increased investment reflects heightened demand for U.S. manufacturing and advanced packaging capabilities [42][68] Question: What are the key drivers of growth in the computing segment? - Broad-based strength across PCs, networking, and data center products is expected to continue, driven by AI proliferation [83][85]

Core Insights - The global semiconductor market is projected to grow significantly, with estimates suggesting a total market value of $717 billion by 2025, driven by various segments including memory and GPGPU chips [9][10]. Market Growth Projections - The total world semiconductor market is expected to reach $697.184 billion in 2025, reflecting a year-on-year growth of 11.2% from 2024 [5]. - The Americas will see a substantial increase, with projections of $215.309 billion in 2025, marking a 15.4% growth [5]. - The Asia Pacific region is anticipated to grow to $376.273 billion by 2025, with a growth rate of 10.4% [5]. Segment Analysis - The memory market is expected to grow by 20.5% to reach $196.3 billion, with NAND flash and DRAM segments projected at $75.5 billion and $115.6 billion respectively [9]. - GPGPU chips are forecasted to grow by 27%, reaching $51 billion, with HBM expected to increase to $21 billion [9]. - Integrated circuits will dominate the market, projected to reach $600.069 billion in 2025, with a growth rate of 12.3% [5]. Foundry Market Insights - The global foundry market is expected to grow approximately 20%, reaching $170 billion, with TSMC continuing to lead the market [10][13]. - Advanced packaging is projected to grow at a rate of 11%, reaching $69.5 billion by 2029 [14]. Equipment and Material Market - The semiconductor manufacturing equipment market is expected to exceed $1 trillion by 2027, with significant growth in wafer fabrication equipment [19][20]. - The semiconductor materials market is projected to reach $67.7 billion by 2025, with a compound annual growth rate (CAGR) of 4.52% [25]. Regional Developments - China is expected to see a significant increase in 300mm wafer fabs, growing from 29 to 71 by 2027, indicating a strong focus on expanding semiconductor manufacturing capabilities [26]. - TSMC plans to build multiple new fabs globally, including in the U.S., Japan, and Europe, to enhance its production capacity [32][31]. Advanced Packaging and Technology - Advanced packaging technologies, including 2.5D and 3D packaging, are gaining traction, with significant investments in new facilities and technologies [41][54]. - The focus on AI and high-performance computing is driving the demand for advanced packaging solutions, with companies like TSMC and ASE leading the charge [54][41].

ASM International Investor Day Summary Company Overview - **Company**: ASM International (OTCPK: ASMI.Y) - **Event**: 2025 Investor Day - **Date**: September 23, 2025 Key Industry Insights - **Market Trends**: The semiconductor market is shifting towards high-performance computing driven by AI, with a significant focus on logic and memory technologies [3][34] - **Market Size**: The semiconductor market is projected to reach $1 trillion by 2030, with 70% of this market driven by leading-edge logic and memory technology [7][33][40] - **ALD Market Growth**: The Atomic Layer Deposition (ALD) market is expected to grow significantly, with projections of reaching $5.1 billion to $6.1 billion by 2030, reflecting a CAGR of 9% to 13% [35][46] Technology Developments - **Device Scaling**: Transition from FinFET to Gate All Around (GAA) technology is underway, with GAA expected to dominate by 2025 and further advancements to CFET (Complementary FET) anticipated by 2031 [4][13][41] - **Memory Technology**: The transition from 6F2 to 4F2 DRAM architecture is expected to drive significant opportunities, with a total SAM increase of $400 million to $450 million [37][56] - **Advanced Packaging**: The advanced packaging market is projected to double from $5.6 billion in 2025 to $11.5 billion by 2030, with a CAGR of 15% [19][20] Strategic Objectives - **ALD Business Growth**: The company aims to maintain its leading share in ALD for logic and grow its share in DRAM and HBM [23] - **Epitaxy Expansion**: Focus on capturing new epilayers in both logic and DRAM, especially high-performance DRAM [24] - **Advanced Packaging**: Targeting growth in advanced packaging, with plans to increase SAM from 15% to over 30% by 2030 [22][60] - **Sustainability Initiatives**: Emphasis on reducing chemical usage and improving process efficiency to enhance sustainability [28][29] Financial Performance - **Operating Profit Target**: Current operating profit stands at 28%, with a target of 30% by 2030 [31] - **Revenue Projections**: The company anticipates achieving over $5.7 billion in revenue by 2030 [31] Innovations in Services - **Outcome-Based Services**: Introduction of innovative services that guarantee tool performance and improve operational efficiency [66][72] - **Dry Cleaning Solutions**: New dry cleaning technology enhances selectivity and sustainability, significantly reducing CO2 emissions [81][84] - **Automation**: Increased automation is critical for achieving angstrom-level precision in ALD and epitaxy processes [68][70] Conclusion - ASM International is well-positioned to capitalize on the growth opportunities in the semiconductor industry, particularly in ALD and advanced packaging, while focusing on sustainability and operational efficiency to enhance customer value and drive revenue growth [60][61]

Investment Rating - The report maintains a "Buy" rating for JCET Group, Tianshui Huatian, and TongFu Microelectronics, with target prices adjusted to Rmb42.000, Rmb11.500, and Rmb30.000 respectively [5][46][51]. Core Insights - The OSAT industry is expected to continue its revenue and profit growth through 2025, with a projected 20% increase in capex, benefiting back-end equipment vendors [1][3][22]. - The OSAT sector is currently halfway through its recovery phase, with demand driven by industrial, automotive, and advanced packaging for high-performance computing (HPC) and power semiconductors [2][8][21]. - JCET is highlighted as the top pick due to its significant exposure to advanced packaging and new growth potential in automotive and memory sectors [4][28]. Summary by Sections Industry Overview - The OSAT industry has been experiencing growth since 1Q24, on track for its sixth consecutive quarter of year-over-year growth, with inventory levels well managed [2][8]. - Historical growth cycles for the OSAT industry have lasted between 3 to 7 years, indicating that the current cycle is still in its early stages [2][8]. Capacity and Utilization - Overall OSAT capacity utilization rates (UTR) are estimated to be between 60-70% in 1Q25, with expectations for improvement throughout the year [3][17]. - Advanced packaging capacity remains tight, while traditional packaging is expected to drive UTR improvements in the latter half of 2025 [3][18]. Company-Specific Insights - JCET is projected to see a 40% increase in capex this year, while Tianshui Huatian and TongFu Microelectronics are also expected to benefit from the industry's recovery [3][22]. - Tianshui Huatian's reliance on AMD for 50% of its revenue poses a risk amid geopolitical tensions, despite potential gains from the industry recovery [4][26]. Financial Projections - JCET's revenue for 2025 is revised to Rmb41.457 billion, reflecting a 3% increase from previous estimates, with a gross profit margin of 14.1% [40]. - Tianshui Huatian's revenue is expected to remain stable at Rmb16.126 billion for 2025, while TongFu Microelectronics' revenue is adjusted down to Rmb27.441 billion [46][51].