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  "documentTitle": "Lasertec Corporation (6920)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a Q&A format to expose that Lasertec's inventory is largely unfinished work-in-progress due to quality issues and lack of customer demand.",
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      "text": "「レーザーテック製の装置を購入したほとんどの顧客はその装置を導入するにあたり、苦労しています」。現在の売上は、過去に受注した予約注文が占める比重が大きいだろう。",
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      "text": "Q&A transcript detailing: 1. Supply chain certification failures. 2. Low demand. 3. TSMC delaying orders. 4. Inventory vs. Revenue discrepancy.",
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      "text": "An industry executive claims Lasertec customers struggle with equipment uptime and light source issues. The expert suggests Lasertec's $1B inventory is largely unfinished work-in-progress, not finished goods, and current revenue is driven by old backlog.",
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      "text": "「TSMC。しかし、レーザーテック製の装置を購入したほとんどの顧客はその装置を導入するにあたり、苦労しています」 — 半導体製造装置企業の上席幹部",
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