沃尔德20250919

Summary of Wald's Conference Call Company Overview - Company: Wald - Industry: Semiconductor materials and tools, specifically focusing on diamond-based products Key Points 1. Micro-drilling Technology - Wald's micro-drilling technology shows significant advantages in processing hard and brittle materials, particularly in single crystal silicon hole processing, where each micro-drill can complete 6,000 to 10,000 holes [2][3][4] - The gas distribution plate business achieved over 5 million yuan in revenue in the first half of 2025, marking a 110% year-on-year growth [2][3] 2. PCB Material Applications - Wald is focusing on the application of麻酒 materials (also known as Q fabric) in PCB substrates, aiming to enhance hole processing quantity through laser micro-drilling technology, with plans for large-scale application by 2026 [2][3] 3. Diamond Heat Sinks Development - The company is developing diamond heat sinks, primarily 12-inch silicon-based and 8/6-inch silicon carbide-based products, in collaboration with Taiwanese clients for testing and sampling [2][5] - Commercialization of diamond heat sink technology faces challenges, but advancements in microwave equipment and increasing downstream demand are driving progress [6][7] 4. Demand for Advanced Process Nodes - High demand for diamond heat sink products is expected in 2nm and 3nm wafers, as these advanced process nodes have more stringent cooling performance requirements [8][9] 5. Production Capacity and Pricing - The price of diamond heat sinks is currently not mature, estimated between 10,000 to 20,000 yuan, with final prices potentially much higher due to further processing and services [9][10] - Wald can produce 12-inch diamond wafers using CVD thermal wire method, with a capacity of growing one wafer per week, potentially increasing to four wafers after improvements [12][13] 6. Market Position and Competition - Wald is currently the only domestic company capable of producing 12-inch diamond products, providing a unique competitive advantage [13][20] - The company is aware of clients seeking additional suppliers globally, indicating potential future competition [20] 7. Financial Outlook - The overall gross margin is expected to remain between 45% to 50%, with short-term revenue from diamond heat sink products anticipated to be small, around one to two million yuan [14][24] - The cutting tool industry is facing increased competition and rising raw material costs, but Wald expects to maintain growth in 2025 and improve further in 2026 due to new applications and projects [28] 8. Collaboration and Customer Engagement - Wald collaborates with research institutions and large manufacturers, focusing on customer needs for product testing and application design [15][19] - Technical communication with end customers occurs weekly, with ongoing adjustments based on feedback [19][18] 9. Future Expansion Plans - Currently, Wald is focused on the semiconductor manufacturing sector and has no immediate plans to expand into other cooling applications, prioritizing resource allocation to current markets [17] 10. Equipment and Production Challenges - The production capacity for diamond heat sinks is limited, with approximately 11 to 12 devices available for 12-inch wafer production, necessitating improvements in equipment and efficiency to increase output [25][26] This summary encapsulates the key insights from Wald's conference call, highlighting the company's advancements, market positioning, and future outlook in the semiconductor materials industry.