QualiTau 2024-H1 Investors Call

$QLTU.TA's call had a positive tone, emphasizing the company's readiness for future demand and customer relationships.
2024-12-22 · epsilontal · Symbols: QLTU.TA
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$QLTU.TA's call had a positive tone, emphasizing the company's readiness for future demand and customer relationships.


The main point that stood out to me is that the recent growth has been driven by organic sales, and we have yet to see the full impact of the CHIPS ACT. While progress in the program is slower than media reports suggest, future growth is expected as CHIPS ACT-related orders increase.
 

The CEO said: “Regarding the CHIPS ACT, indeed, we have supplied systems to a customer under the program's funding [CHIPS ACT]. We have received additional orders, some of which will be fulfilled this year and some for next year. There is progress, but not at the same pace as portrayed in the media. It is starting to move.”
 

This means that what has been seen so far represents only the initial stages, with more significant growth expected as CHIPS ACT-related orders gain momentum.

Chinese Market

— Impact of the US Blacklist: No additional customers have been added to the US blacklist, allowing existing orders from China to proceed as planned. The Chinese market remains crucial for $QLTU.TA.

— Continued Growth: Despite the challenges, the company is increasing its activities in China, mainly where new fabs are being established or expanded.

— Export Licenses: The company is actively working to secure additional export licenses to continue supplying customers on the US blacklist.

Production Capacity

— Global Workforce: $QLTU.TA currently employs around 80 people worldwide, in the US, Asia, Europe, Japan, and Taiwan. Recruitment may be necessary to meet next year's activity levels.

— New Offices: The company has moved to new offices to support increased production capacity, potentially exceeding the $50 million mentioned in the 2023 annual financial statement.

— Supply Timing: Some orders will only be fulfilled next year due to the timing dictated by customers' factory and lab readiness.

Research and Development

— Progress in Measuring Devices: There has been significant progress in developing faster-measuring devices, with the first system expected to be delivered to a European customer soon.

— Strategic Collaborations: $QLTU.TA is collaborating with strategic European customers to ensure the successful launch of new products globally.

Advanced Packaging and EMIB

— Growth Focus: Advanced packaging and EMIB (Embedded Multi-die Interconnect Bridge) are identified as the main growth areas for the coming years.

— Global Positioning: $QLTU.TA is well-positioned in advanced packaging globally, with a solid understanding of future demand and readiness for new developments.

Lab Services

— US Lab: The US lab plays a critical [strategic] role in providing capacity, assisting fabless companies, and guiding new developments.

— China Lab: While the China lab does not see growth in testing services, it continues to play a crucial role in demonstrating new equipment to potential customers [demo center].

The labs allow the company to stay up-to-date with the industry's and customer's needs.


Holding, not a recommendation.