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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-06-05 00:00:00",
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  "notes": "The slide uses a table to contrast R&D spend and a LinkedIn screenshot to highlight Isteq's small employee count.",
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      "kind": "callout",
      "text": "「新たに設計された」Urashima光源を開発したIsteqは総従業員数がたった12名だけ",
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      "text": "LinkedIn profile screenshot of Isteq B.V.",
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      "text": "R&D spending: 12",
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      "kind": "paragraph",
      "text": "レーザーテックはASMLに比べて小規模だ。2023年6月期の従業員数は859名、研究開発費は、2019年に極端紫外線分野への進出に備えてその前年に急増したが、それまでの4年間は年間900万〜1500万ドルを推移していた。レーザーテックの研究開発費の総額は、ASML/サイマーが光源の研究開発に投じた金額の1%も満たないことに鑑みると、信頼性の高い極端紫外線の光源が開発できているかは信じがたい。レーザーテックに当初、極端紫外線光源を供給したウシオの研究開発費は年間8000万〜1億万ドルを推移しているが、極端紫外線光源が同社の総売上高に占める比重は小さく、総開発費に占める比重も小さいはずだ。レーザーテックの「新たに設計された」Urashima光源を開発したIsteqは、露・蘭の科学プロジェクトに過ぎない。リンクトインにおけるプロフィールには従業員数「12名」との記載がある。",
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      "kind": "source-note",
      "text": "出典：スコーピオン・キャピタルによる専門家の電話取材, レーザーテックの従業員数, Isteqの従業員数",
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      "text": "Table comparing R&D spend for Lasertec and Ushio from 2014-2023",
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      "kind": "title",
      "text": "2019年に極端子が緯線マスク検査装置が発売されるまでのレーザーテックとウシオの各研究開発費の推移",
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      "arcName": "Overcoming the Monster",
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