Lasertec Corporation
Financial Results Briefing for the Third Quarter of the Fiscal Year Ending June 2024
April 30, 2024
Event Summary
[Company Name] | Lasertec Corporation | ||
[Company ID] | 6920-QCODE | ||
[Event Language] | JPN | ||
[Event Type] | Earnings Announcement | ||
[Event Name] | Financial Results Briefing for the Third Quarter of the Fiscal Year Ending June | ||
2024 | |||
[Fiscal Period] | FY2024 Q3 | ||
[Date] | April 30, 2024 | ||
[Number of Pages] | 22 | ||
[Time] | 17:00 -17:48 | ||
(Total: 48 minutes, Presentation: 9 minutes, Q&A: 38 minutes) | |||
[Venue] | Webcast | ||
[Venue Size] | |||
[Participants] | |||
[Number of Speakers] | 3 | ||
Osamu Okabayashi | Representative Director, President & CEO | ||
Yutaro Misawa | Director, Executive Officer and CFO | ||
Raiji Hanashima | Manager, PR & IR Group, Corporate Planning | ||
and Control Department | |||
[Analyst Names]* | Tetsuya Wadaki | Morgan Stanley MUFG Securities Co., Ltd. | |
Masahiro Nakanomyo | Jefferies | ||
Shuhei Nakamura | Goldman Sachs | ||
Masahiro Shibano | Citigroup Global Markets | ||
Atsushi Yoshioka | Nomura Securities | ||
Takeru Hanaya | SMBC Nikko Securities | ||
Yu Yoshida | CLSA Securities | ||
Mikio Hirakawa | BofA Securities | ||
Kazuyoshi Saito | IwaiCosmo Securities | ||
Support | |||
Japan | 050.5212.7790 | North America | 1.800.674.8375 |
Tollfree | 0120.966.744 | Email Support | support@scriptsasia.com |
1 |
Sean Park | UBS Securities |
*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or whose questions were read by moderator/company representatives.
Support | |||
Japan | 050.5212.7790 | North America | 1.800.674.8375 |
Tollfree | 0120.966.744 | Email Support | support@scriptsasia.com |
2
Presentation
Hanashima: It is time to commence the Financial Results Briefing for the Third Quarter of the Fiscal Year Ending June 2024 of Lasertec Corporation. Thank you very much for taking time out of your busy schedule to join us today.
I am Hanashima of the PR & IR Group, Corporate Planning and Control Department, and I will be the moderator. Thank you.
I will introduce the speakers for today. Osamu Okabayashi, Representative Director, President & CEO.
Okabayashi: I'm Okabayashi. Thank you very much for taking time out of your busy schedule to join us today. Thank you.
Hanashima: Yutaro Misawa, Director, Executive Officer and CFO.
Misawa: This is Misawa. Thank you.
Hanashima: Now, let me explain the flow of the briefing session.
First, CFO Misawa will give an overview of the financial results, and President Okabayashi will explain the business environment and future outlook.
After that, there will be a question-and-answer session until 18:00. The entire session is scheduled to last about one hour. Please also note that a Japanese/English script of this briefing will be posted on our website at a later date for your reference.
We will now provide an overview of our financial results.
Mr. Misawa, please go ahead.
Misawa: I will now give an overview of the financial results for the third quarter of the fiscal year ending June 30, 2024.
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3
In Q3, net sales were JPY62.2 billion, gross profit was JPY32.9 billion, and operating income was JPY26.3 billion. Orders received totaled JPY76.3 billion, showing signs of recovery after several quarters of stagnation in the past.
Next is net sales by product.
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4
To reiterate, semiconductor-related products increased by approximately 180% or JPY34.9 billion YoY. Services also increased by 53% or JPY2.1 billion, making this the second-highest quarterly result on record.
Next, orders and backlog.
Orders received amounted to JPY76.3 billion, and the order backlog was JPY394.5 billion. Orders received of JPY76.3 billion is our third highest result.
In addition, we have received orders for services of JPY14 billion, which is our highest result to date.
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5
As for the balance sheet, there is no significant change compared to the previous quarter, but there is a decrease in advances received in the liabilities and net assets section.
The decrease was about JPY13 billion, and net assets increased by the same amount. This was the result of a steady increase in sales, which turned advances received into profits.
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6
Next is cash flows.
As for cash flow, operating cash inflow was JPY5.3 billion. The financing cash outflow of JPY6.5 billion was due to dividend payments.
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7
Finally, R&D expenses, capital expenditure, and depreciation and amortization. R&D expenses totaled JPY3 billion. As of now, the cumulative total through Q3 is just under JPY8 billion. We still have about JPY4 billion in R&D expenses compared with our full-year forecast of JPY12 billion, which we plan to invest in Q4.
That is all.
Hanashima: We would like to continue with an explanation of the business environment and future outlook. Mr. Okabayashi, please go ahead.
Okabayashi: I would like to start by talking about the business environment.
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8
On the right is the SEMI World Fab Forecast. This forecast was updated in March of this year. This is for the semiconductor front-end manufacturing equipment market.
Compared to calendar year 2023, calendar year 2024 is estimated to remain at about the same amount. The forecast shows a full-fledged recovery to USD125 billion in calendar year 2025.
On the top left is the status of investment by semiconductor device makers. There is a certain level of recovery in capital investment. Currently, the situation is still very uneven, but a certain degree of recovery can be seen. In particular, investment in generative AI-related applications is strong.
In addition, investment in power semiconductor-related products continues to be robust. We are seeing a slight slowdown in some areas, such as China, but conversely, investment in other regions is strong, covering the decline in China.
In addition, the semiconductor manufacturing equipment market is expected to grow in calendar year 2025. This is in line with what I said earlier and is illustrated on the graph on the right.
Next is the construction and expansion of wafer fabs or semiconductor device factories. Recently, various countries have been aggressively implementing measures to support the semiconductor industry, including the CHIPS Act in the US. In response to increasing demand for semiconductors and geopolitical risks, semiconductor device manufacturers are proceeding with plans to build and expand new wafer fabs in various countries.
Next is the development of next-generation manufacturing process. High-volume manufacturing of 2nm devices is expected to start in calendar year 2025. In addition, news is that the introduction of high-NA EUV lithography systems is proceeding as planned.
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Tollfree | 0120.966.744 | Email Support | support@scriptsasia.com |
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Disclaimer
Lasertec Corporation published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:15 UTC.