{
  "docId": "019dd923-622c-750b-8b9a-0f4bec37392f",
  "docSlug": "f982379e2e48",
  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 161,
  "pageCount": 334,
  "prevPage": 160,
  "nextPage": 162,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "The slide uses quotes from Zeiss executives and technical specs to establish a 'moat' argument.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "screenshot",
    "photo",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-0f4bec37392f/161",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-0f4bec37392f#slide-161",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We note that the German company Zeiss is the only developer of High NA anamorphic optics, as part of a strategic partnership with ASML, which precludes Lasertec from the intellectual property which is “secured by 2,000 Zeiss patents.”",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc83-a5b500148444",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.23,
        "x": 0.7,
        "y": 0.65
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b854537a-8e3f-4fbc-b96c-c488ba7996be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.27,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3f9bb4d-470e-414a-ada2-5c094872369c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "We note that the German company Zeiss is the only developer of High NA anamorphic optics, as part of a strategic partnership with ASML, which precludes Lasertec from the intellectual property which is “secured by 2,000 Zeiss patents.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74811d29-2927-422d-8e12-e7de6f8922b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "Zeiss states that its new High NA Mirror alone is twice as large and ten times as heavy as previous EUV mirrors, and required 1,500 dedicated staff - out of 7,500 total - to develop; and that each mirror takes an entire year to produce as they are “manufactured to atomic precision and consisting of more than a hundred layers...the mirrors are at the heart of High-NA-EUV technology.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f29ab82e-3a75-4ad3-aaaa-7ae3c3c5b2df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“The mirrors of High-NA-EUV lithography are unique in size and precision. Therefore we've developed a completely new system design.” — Dr. Peter Kürz, Head of Field of Business High-NA-EUV lithography at ZEISS",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b6-764f-bc83-a9e3b1bae64f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.7,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://www.zeiss.com/semiconductor-manufacturing-technology/inspiring-technology/high-na-euv-lithography.html#accordionItem-158163139",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2f2e0f1-c632-4e9e-b13a-d3e23ae3d0a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.07,
        "y": 0.4
      },
      "kind": "title",
      "text": "Zeiss website explains the complexity of new High-NA mirrors and optics - excerpts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2f2f7bf-892c-464c-ae0e-e8f52843aaa4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "moat-analysis",
      "slug": null,
      "matchId": "3cea6a79-94b9-47ae-a27a-bc30b5559742",
      "evidence": "The slide explicitly lists patents, specialized staff, and manufacturing complexity as barriers to entry.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}