SCHMID Group NV 2026年Q2财报电话会议要点

发布时间：2026-08-25 一、AI总结内容 一、核心要点 1. 2026年上半年完成重大调整：新增3300万欧元融资、减少100万欧元债务、削减400万欧元固定成本、近8周获5200万欧元订单，2026年为转型年，下半年将形成强劲增长基础 2. 营收拆分：Q1营收1820万欧元，Q2增至2780万欧元；上半年设备营收较去年同期从1070万欧元增至3900万欧元；服务营收从900万欧元增至640万欧元，服务毛利率21%低于预期，预计下半年回升3. 亏损相关：G&A费用超支300万欧元，存在170万欧元汇兑损失，财务亏损涉及EXCHQUARE负债转股及认股权证公允价值变动 二、运营与产能 1. 产能调整：中国中山新建工厂总投资1100万欧元，占地扩大、效率提升，可支撑约1亿欧元年营收，现有两个租赁工厂年营收约5000万欧元，预计2027年第四季度运营，当前中国产能已排至2026年下半年至2027年初 2. 订单情况：截至Q3前三季度订单约9660万欧元，上调2026年订单指引至1.25-1.5亿欧元，预计达指引上限；Q3获2300万欧元订单，主要来自BGA基板及AI服务器板产能投资3. 产能约束：德国方面无场地、设备问题，核心约束为劳动力，计划2027年通过外包补充；中国已完成产能布局，正推进招聘三、财务与融资 1. 债务与融资：债务减至约2300万欧元，发行3075万欧元可转债，具备充足债务融资能力，中国境内融资利率约2.7%，另有2100万欧元备用信贷未动用，预计年内不提取 四、产品与市场 1. 面板级包装：当前核心应用为性能提升（如台湾地区310*310大尺寸基板），而非降本，半导体客户愿为该产品支付更高价格，将正面影响毛利率 2. 玻璃芯基板：技术瓶颈为TGV图形化，需关注客户端认证进展，当前正与供应链主要玩家合作提供设备及技术支持 五、风险与关注 1. Forward-looking statements存在不确定性，实际业绩或与预测存在重大差异2. 德国劳动力招聘及外包补充存在挑战，或影响产能释放及质量交付3. 中国工厂建设进度及成本控制存在不确定性六、业绩指引 1. 2026年全年营收至少1亿欧元；调整后EBITDA利润率6%-9%（原指引超12%） 二、音频原文（转写） of the packaging emerge, where do you see that opportunity specifically for you and kind of anyproduct shifts?Or is it kind of your customer deployment of PLP and some of these other elementschanging your products in kind of gross marginmix or is it less specifically driven to that? But panel lever packaging is an important pieceof our domain. Our domain is panel as such, it is producing panel lever equipment. We see different kind of flavors of panel lever packaging. Initially, if you use back some player and the panel lever packaging for cost reason to save costson on a larger substrate. Nowadays, we recognize panel lever packaging is is used for performance reason like grass for substrates like the 310by. 310, which you currently see in Taiwan anda larger, larger kind of panel for getting the performance of a larger package. So currently, it's gone for the package size and not so much forcost reason. So this is what we see in the market and what we support in the market. I bet it.え、何が言います？ on. on the back. begin the kind of order intake.How does the gross margin of that product mix compare to the first half and Back circle. yeah Well, this is a different. segment of customers.This is semiconductor customers. who are typically used to pay higher. Higher prices for the products. They also expect higher power service levels and they are used to pay for this. So this would affect our cross function. In a positive way. Got it. And then last one for me, just on working capital and kind of cash balances. recognizing kind of Sprint 1 and 2 and some of the otherliability offsets any it it it it sounded likeyou're. expect working capital to stay flat if not a cash benefit I get any added color you canprovide to the cash management component. Yeah,I mean, maybe. If you look at the working capita l items. So the cash advances. are haven't increased as much as you would have thought we do require guarantees in Europe something that we at the moment cannot catch. I think this will changeover the next いないな。 maybe maybe fall, maybe spring So there are actually contracts in Europe where we Don't get anycash advances, there's some that you must rate for the working capital. 嗯 嗯嗯。One thing that hearts will be happy at the moment a little bit. I would say. I don't know. Um In general, what yousee is that China Both the receivables are late,but also the payments are late. 呃 SO DID THE WHOLE ORTHODOX CAPITAL GET extended the more business we do China but next is It's actually not. 你现在的房子。 from Europe. And then of course, some of these items are lumpy you know we said there's a lumpier contract. Um, And there it really can depend on the exact partner. Obviously, in general, we do get the cash advances before we order. for theparts. which is important maybe the other pointto make is because of the issues that we had end of last year some of the payment terms were harsh that we had to If to our suppliers, I E, wehave to pay in advance. The subject are that. 嗯。 most results. but also only decent rooms and that will also help to work the capital. 嗯。GET YOUMORE LOUD THAN I WAS It's a little bit higher than. But I would expect. normalized. So sorry. Okay, thank you very much. Thank you so much. We have one more reason, hands by necessity. You mayunmute yourself now. Okay, can you hear me? Okay. Yes, no, no. Okay。So I wonder if you can talk a little bit. I mean, I guess you hinted atthe margins on the backlog or just approximatelylike give us a sense. And the is this more of l ike a mix or a volume ramping up story to get the margins by 28 or 29, you know, longer term upcloser to where some other guys in the industryare. Yes, we obviously -- we do have a certain amount of fixed costs, R&D and actually our listing costs are not significant And as the pigs cross block. which at the current revenue level ispretty significant that's certainly a huge scalebenefit as I also hinted at we Some of the newer products. UM and depending on the customer, wehave big margin differen