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  "documentTitle": "Lasertec Corporation (6920)",
  "authorId": "58_Scorpion_Capital",
  "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 with an industry expert to challenge the company's reported gross margins.",
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      "text": "光源によって発生する汚染のために、光学系のコレクターや鏡などを頻繁に交換するか、ドイツに送って掃除してもらわなければいけない。",
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      "text": "Lasertec held its Q1 FY2024 earnings call on Oct 31, 2023. Analysts avoided asking why ACTIS equipment had low margins. The CEO's explanation was vague, but hinted at component replacements. The core issue is the light source, which has fatal flaws and requires frequent maintenance.",
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      "text": "A KLA expert estimates raw material costs at $25M per unit. If KLA launched a competitor at half the price, Lasertec's margins would collapse.",
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      "kind": "quote",
      "text": "「私の勝手の概算ですが、住友製のステージは非常に高額で、少なくとも300万ドルはかかるはずです。また、例の複雑な光源は諸々の割引を含めても700、800万ドルになるでしょう。そして光学系になると、鏡は400万ドルはするでしょうし、全体で600万ドルにはなるでしょう。チャンバー（真空室）とか、結像演算などを含めると、さらに100万ドルはかかります。加えて、光源のアイソレーション対応は300万ドルほどかかるでしょう。合計でいくらでしょうか、2000万ドルくらいでしょうか」 — KLAで極端紫外線マスク検査を担当した元幹部",
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      "kind": "source-note",
      "text": "Source: Scorpion Capital estimates and analysis. URL: https://ssl4.eir-parts.net/doc/6920/ir_material_for_fiscal_ym/143408/00.pdf",
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      "text": "Q: Expert asks about cost breakdown. A: Expert estimates stage ($3M), light source ($7-8M), optics/mirrors ($4M), chamber/vacuum ($1M), isolation ($3M), assembly ($3-4M). Total estimated cost: $23-24M.",
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