Let me share my view on the next two quarters — this is, after all, the table we know best.
Starting with revenue. The semiconductor test equipment business has very pronounced seasonality — Q1 is typically the full-year trough (Chinese New Year and installation/acceptance timing both push out), Q3 is the peak (year-end capacity expansion and customers pushing for volume), and Q2 is generally the "midfield" transition as we climb from Q1 toward Q3. Looking at the historical pattern, 2025 Q2 revenue was 336.8M, jumping to 404.9M in Q3 and holding around 407M in Q4. This year's Q1 came in at 271.8M, clearly stepping up from last year's Q1. So I'm inclined to use a relatively optimistic but not unreasonable YoY growth rate — roughly 28% or so — to estimate 2026 Q2, landing around the 432M range; for Q3, layering on the seasonal ramp, I'd put it at 512M. The two key assumptions behind this are: first, the domestic substitution trend is still moving upward, and our cost-performance advantage in analog/mixed-signal test versus international peers is still intact; second, the capex cadence at downstream design houses and foundries hasn't rolled over materially, so orders can carry through from Q2 into Q3 normally.
Now gross margin and net margin. Gross margin has hovered in the 72.6%–75.3% band over the past four quarters — very stable overall, which tells me our product mix and pricing power haven't broken down. I'm assuming Q2 and Q3 stay in the 74.5%–74.8% range. Operating margin has historically been more volatile (high in Q3, lower in Q4 and Q1); I'm assuming fixed costs get progressively absorbed by higher revenue, so operating margin recovers to around 44% in Q2 and back to roughly 47% in Q3. That puts net profit at 175M and 227M respectively.
The biggest risk, and I'll be upfront about it: customer concentration. Any one of our top customers — essentially all major domestic foundries and IDMs — pulling back on capex or delaying acceptance would hit a single quarter pretty hard. Second, if the semiconductor cycle recovery is slower than expected, order visibility will deteriorate and gross margin will come under pressure. But regardless, our foundation — the technical accumulation and cost structure in analog/mixed-signal test — remains solid.