David Wang: Yes, well let’s this, obviously, you know Hynix is the number one provider, right? They’re also technology leader HPM and I think our current product definitely involved their process. And also we see the HPM either, know this is a copper plating tool, right. PECVD order the packaging, whatever they need it. So that’s the next tool. We are working closely with the Hynix and I should say the rest of our other tool furnace and we’re working with them too. So there’s a lot of including cleaning by the way, actual other cleaning other than we sold them SAPS megasonic also working with the Hynix too. So it’s a very good opportunity. HBM is a greater, I call it demand and greater driving. They need a lot of differential technology further supporting in HPM development in the future.
In China, really not much we can hear right now really, right. Not much we have right now. So in other words, we’re really focused on outside China for HPM expansion for the business opportunity.
Charlie Chan: Yes. So based on your comments and also other global equivalent vendors they talk about actually this year the global SP revenue comes from the memory. So why Hynix? Is that your kind of top customer or do you think this year Hynix can contribute more than 10% of revenue given HPM opportunity and also the memory spending recovery?
David Wang: Well, obviously more than — other than Hynix also looking for other player, right, is key here. Then the memory market HPM is really booming, right. That’s key here. So we see that demand there as I mentioned right. This is cleaning, copper plating it’s real demand there. I don’t know what time we come back to 10%. Our customer is how to predict it right now we’ll see right. Especially second half year or next year it’s really we want to see something recover from DRAM market.
Charlie Chan: Okay. Got you. Thanks, David.
David Wang: Thank you.
Operator: Thank you. One moment for our next question, please. Our next question comes from the line of Edison Lee with Jefferies. Your line is now open.
Edison Lee: Thank you. Thank you for taking my question. So David and Mark, congratulations on a great quarter.
David Wang: Thank you.
Edison Lee: Thank you. Thank you for taking my question. So David and Mark, congratulations on a great quarter. I have just one question, which is the contribution of your three customers for 2023, which amounted to almost 50% of the revenue. So can you give us some color as to whether you think that those top three customers will continue to be top three customers in 2024? And what is your expectation on the contribution of the top three customers in 2024?
David Wang: Yes. Actually I look at this year’s order list, right. And the top three customer continue, I think will grow, right. And they probably still are major customer. Also we see their additional body of our home. They have also their expansion plan and their property simultaneously building two fab this year. And also they’re building property next year, three fab simultaneously, right. So that’s another bigger, I see their top customer will come back in our 2024 revenue contribution.
Edison Lee: Maybe a related question, is that based on your revenue guidance at midpoint that implies 20% plus growth. And so that’s significantly below the growth rate in 2023. So do you think the key driver there is just some digestion period or it’s a matter of taking time for your evaluation tools to be recognized as revenue. So what are the key factors for the slowdown in terms of the growth rate?
David Wang: Yes. I think the key driving force is I want to say that China WFE market is continue — you know people say maybe — I mean slightly increase at least a flat. I see that that’s number one important. But second most important we have our gain for our, I call a higher growth rate is because we have continue — have a new customer coming. And also we have gain on market share from existing customer and also do have back a furnace will do the more contribution this year and for revenue, right? So that’s all they’re added together that give us a basis to forecast our growth rate higher than the growth rate of the WFE market in China.
Edison Lee: Okay. And maybe the last one is that for 2024, what do you think is the percentage of overseas revenue in your guidance.
Mark McKechnie: Yes. Hi, Edison. We didn’t break it out, but we did a couple other questions about that. We mentioned it wouldn’t be a very significant contribution for 2024. We expect that to build in the coming years, but it’s not a very significant piece. We think it’ll be bigger than it was this year. And so you got the numbers — and you’ll get the international numbers shortly, but it’s not going to become a huge. I wouldn’t expect it to be more than 10%. Yes.
David Wang: But I should say growth is higher, right. Obviously a small number. So then the real absolute number, like you said, you know, was still a friction number of the total revenue.
Mark McKechnie: Yes.
Edison Lee: Okay. Got it. Thank you very much.
Operator: Thank you. I’m showing no further questions at this time. I’d like to hand the conference back over to Steven Pelayo for closing remarks.
