0001193125-26-337821
SEC filingQ2营收与利润强劲增长，半导体与电子封装需求驱动，债务重组降低利息成本。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,248M | $973M | +28% |
| Gross Profit | $595M | $453M | +31% |
| Gross Margin | 47.6% | 46.8% | +80bps |
| Operating Income | $251M | $135M | +86% |
| Operating Margin | 20.1% | 13.9% | +620bps |
| Net Income | $175M | $62M | +182% |
| Diluted EPS | $2.41 | $0.92 | +162% |
| Operating Cash Flow | $296M (H1) | $306M (H1) | -3% |
| Free Cash Flow | $217M (H1) | $259M (H1) | -16% |
Q2营收$1,248M，同比+28%，主要受半导体市场（+19%环比）与电子封装市场（+35%同比）驱动。半导体资本设备（沉积/蚀刻）与NAND内存升级贡献显著，PSD的PCB钻孔系统与datacom应用亦表现强劲。
毛利率47.6%，环比+60bps，受益于量增、库存减值减少与关税成本下降，但产品组合不利部分抵消。PSD毛利率同比+580bps至50.8%，MSD毛利率同比-290bps至50.5%，反映化学业务组合压力。
净利$175M，同比+182%，除营收增长外，债务重组（2034 Notes发行与USD Tranche B偿还）使利息费用同比降$17M，有效税率17.8%（去年同期13.6%）。经营现金流H1为$296M，低于净利$258M，因营运资本增加（应收+$184M、库存+$139M）。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Vacuum Solutions Division | $507M | +25% | $222M | 43.8% | 半导体设备与NAND升级 |
| Photonics Solutions Division | $341M | +40% | $174M | 50.8% | PCB钻孔与datacom |
| Materials Solutions Division | $400M | +24% | $202M | 50.5% | 化学与电镀设备 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $611M | $675M |
| Total Debt | $3,943M | $4,201M |
| Net Debt | $3,332M | $3,526M |
| Inventory | $1,033M | $921M |
| Operating Cash Flow | $296M (H1) | $306M (H1) |
| Capex | $79M (H1) | $47M (H1) |
| Free Cash Flow | $217M (H1) | $259M (H1) |
| FCF 转化率 | 84% | 227% |
Net Debt/EBITDA（TTM）约2.5x，基于H1 EBITDA约$571M年化。