亞德諾半導體 (ADI) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Analog Devices second-quarter fiscal year 2026 earnings conference call, which is being audio webcast via telephone and over the web.

早安，歡迎參加 Analog Devices 2026 會計年度第二季財報電話會議；本次會議將透過電話及網路進行音訊網路直播。

I'd now like to introduce your host for today's call, Mr. Jeff Ambrosi, Head of Investor Relations. Sir, the floor is yours.

現在我想介紹今天會議的主持人，投資人關係主管 Jeff Ambrosi 先生。先生，請開始。

Thank you, Jonathan, and good morning, everybody. Thank you for joining our second-quarter fiscal 2026 conference call. Joining me today is ADI's CEO and Chair, Vincent Roche; and ADI's CFO, Richard Puccio. For anyone who missed the release, you can find it at investor.analog.com, along with related financial schedules.

謝謝你，Jonathan，大家早安。感謝各位參加我們 2026 會計年度第二季電話會議。今天與我一同出席的有 ADI 執行長兼董事長 Vincent Roche，以及 ADI 財務長 Richard Puccio。若有人錯過新聞稿，可至 investor.analog.com 查閱，並可同時取得相關財務附表。

The information we're about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties as further described in our earnings release, periodic reports, and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these statements reflect our expectations only as of the date of this call. We undertake no obligation to update these statements except as required by law.

我們即將討論的資訊包含前瞻性陳述，可能受到若干風險與不確定性影響，詳情如我們的財報新聞稿、定期報告及其他向 SEC 提交之文件所述。由於這些陳述僅反映截至本次電話會議當日的預期，實際結果可能與前瞻性資訊有重大差異。除法律要求外，我們不承擔更新這些陳述的義務。

References to gross margin, operating and non-operating expenses, operating margin, tax rate, earnings per share, and free cash flow in our comments today will be on a non-GAAP basis, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today's earnings release. References to earnings per share are on a fully diluted basis.

我們今天評論中提及的毛利率、營業及非營業費用、營業利益率、稅率、每股盈餘與自由現金流，將以非 GAAP 基礎呈現，並排除特殊項目。在將本期結果與歷史表現比較時，前期亦同樣排除特殊項目。非 GAAP 指標與其最直接可比之 GAAP 指標的調節表，以及關於非 GAAP 指標的其他資訊，均已納入今日的財報新聞稿。每股盈餘之提及係以完全稀釋基礎計算。

And with that, I will turn the call over to ADI's CEO and Chair, Vincent Roche.

接下來，我將把電話會議交給 ADI 執行長兼董事長 Vincent Roche。

Thanks very much, Jeff, and a very good morning to you all.

非常感謝你，Jeff，也向各位道聲早安。

Well, as you've seen by now, second-quarter revenue, profitability and earnings per share finished above the high end of our guidance, establishing new high-water marks for both revenue and for earnings. Despite the quarter's heightened geopolitical tensions and ongoing macroeconomic challenges, we're currently seeing record demand for our products and solutions.

如各位現在所見，第二季營收、獲利能力與每股盈餘皆高於我們財測區間的上緣，並為營收與盈餘雙雙創下新高水準。儘管本季地緣政治緊張升高且總體經濟挑戰持續，我們目前仍看到對我們產品與解決方案的需求創下紀錄。

It's at times like these when our dynamic hybrid manufacturing model performs. Our robust investments over recent years have enhanced the scale and the optionality of our supply chain, enabling ADI to address demand surges and capture upside. The combination of this supply agility and resilience and our robust R&D investments across core Analog segments, as well as digital, software and AI, form the foundation for our growing criticality to our customers. They also enable us to pursue areas that we believe offer the greatest future growth potential for ADI, namely AI-driven computing and connectivity, autonomy, proactive healthcare, sustainable energy transition, and immersive consumer experience.

在這樣的時刻，我們動態的混合式製造模式就能發揮效益。近年來我們的強勁投資提升了供應鏈的規模與彈性選擇，使 ADI 能夠因應需求激增並掌握上行機會。供應的敏捷性與韌性，加上我們在核心類比領域以及數位、軟體與 AI 的強勁研發投資，共同構成我們對客戶日益關鍵的基礎。同時也讓我們得以聚焦於我們認為最具未來成長潛力的領域：AI 驅動的運算與連結、自主化、主動式醫療保健、永續能源轉型，以及沉浸式消費者體驗。

As I mentioned last quarter, our data center and ATE businesses are taking advantage of strong AI-driven infrastructure investments to achieve new highs. These two businesses are on steep growth trajectories, and as we move through 2026, our confidence in their continued growth into '27 is increasing.

如我上季所提，我們的資料中心與 ATE 業務正受惠於 AI 驅動的基礎設施強勁投資而再創新高。這兩項業務正處於陡峭的成長軌跡；隨著我們走過 2026 年，我們對其在 2027 年持續成長的信心也在提升。

Another robust growth market for ADI is our aerospace and defense business, which reached a new revenue high this quarter and where increased focus on national sovereignty concerns is accelerating an already strong multi-year growth path. In general, Industrial, which includes ATE as well as aerospace and defense, is our most profitable business with 15- to 20-year average product lifecycles. We continue to outperform in this space.

ADI 另一個強勁成長市場是航太與國防業務，本季營收再創新高；而各國對國家主權議題的關注提升，正加速原本已相當強勁的多年成長路徑。整體而言，工業領域（包含 ATE 以及航太與國防）是我們獲利能力最高的業務，產品平均生命週期為 15 至 20 年。我們在此領域持續表現優於同業。

So today, I'd like to unpack more of that story for you by focusing on our Industrial business beyond ATE and aerospace and defense, namely automation, electronic test and measurement, sustainable energy, healthcare, and the broad market. Collectively, these markets have grown more than 40% in the first half of fiscal '26. Customers across these sectors are consuming more semiconductors with each new product generation.

因此今天，我想透過聚焦於我們除 ATE 與航太國防之外的工業業務，為各位更深入拆解這個故事，包含自動化、電子測試與量測、永續能源、醫療保健，以及廣泛市場。合計而言，這些市場在 2026 會計年度上半年成長超過 40%。這些領域的客戶在每一代新產品中所採用的半導體含量都在增加。

And from a cyclical perspective, these businesses are still well below their prior cycle highs with lean channel inventories. This combination of secular and cyclical positioning, along with strong demand signals, gives us confidence that all of our Industrial sectors are poised for continued strong growth in the coming quarters and indeed over the longer term.

從景氣循環角度來看，這些業務仍遠低於上一輪景氣高點，且通路庫存精實。這種結構性與循環性定位的組合，加上強勁的需求訊號，使我們有信心：我們所有工業領域在未來幾季乃至更長期，都已蓄勢待發、可望持續強勁成長。

So now going a little deeper into these markets, I'll begin with our automation business. Numerous megatrends, including the onshoring of advanced manufacturing and evolving labor dynamics, are increasing demand for digital factories and next-generation robots. The digital factory vision is unlocking new opportunities for ADI and our portfolio of high-performance sensing, signal chain, power management, and connectivity solutions. We're enabling the edge intelligence and real-time communication necessary in automated semiconductor fabs, biopharma, data centers, and other discrete and process manufacturing environments, for example.

接著我將更深入談這些市場，先從自動化業務開始。多項巨型趨勢，包括先進製造回流本土以及勞動力結構的演變，正推升對數位工廠與次世代機器人的需求。數位工廠願景正為 ADI 及我們的高效能感測、訊號鏈、電源管理與連結解決方案產品組合開啟新機會。例如，我們正為自動化半導體晶圓廠、生物製藥、資料中心，以及其他離散與流程製造環境，提供所需的邊緣智慧與即時通訊能力。

Additionally, as robots make up ever-larger percentages of investments in factories and elsewhere, our higher-value products and subsystems for content-rich robotics are aiding automation's fast recovery. Longer term, humanoids and other advanced robotics modalities are steadily increasing our opportunity pipeline value. Overall, we believe we're well positioned to continue capitalizing on automation's tailwinds today and in the future as automation transitions to autonomy.

此外，隨著機器人在工廠及其他場域的投資占比持續提高，我們針對高內容量機器人所提供的高附加價值產品與子系統，正協助自動化業務快速復甦。長期而言，人形機器人及其他先進機器人型態正穩步提升我們的機會管線價值。整體來看，我們相信自己已具備良好定位，能在當前與未來持續掌握自動化的順風，並在自動化邁向自主化的過程中受益。

Turning now to our electronic test and measurement, or ETM, business. While ATE systems are geared to enable efficient, high-volume manufacturing of chips and electronic systems, ETM supports end-to-end product development and delivery, from R&D prototyping, debugging, and validation, all the way through mass production in areas such as AI, EVs, and secure communications, for example.

接著談我們的電子測試與量測（ETM）業務。ATE 系統著重於支援晶片與電子系統的高效率、大量製造；而 ETM 則支援端到端的產品開發與交付，從研發原型、除錯與驗證，一直到在 AI、電動車（EV）與安全通訊等領域的量產，例如。

ETM is a highly diversified, performance-driven market. And ADI's innovative RF, mixed-signal, and power solutions have built our strong position in high-value applications and are propelling our growth in our design pipeline, as customers grapple with increasing levels of complexity and shrinking innovation cycles.

ETM 是一個高度多元、以效能驅動的市場。ADI 創新的 RF、混合訊號與電源解決方案，已在高價值應用建立我們的強勢地位，並在客戶面臨更高複雜度與更短創新週期之際，推動我們設計管線的成長。

Switching now to our energy business. The continued evolution of consumption patterns due to deeper electrification and high-performance computing, for example, is putting immense pressure on legacy electrical grids and creating profound challenges from energy generation to transmission, distribution, storage, and, of course, consumption.

接著談我們的能源業務。例如，由於更深度的電氣化與高效能運算，消費型態持續演進，正對傳統電網造成巨大壓力，並在能源發電、輸電、配電、儲能，當然也包括用電等各環節帶來深刻挑戰。

Customers trust ADI to accurately monitor, meter, and manage all levels of the grid. We reliably convert real-world environmental and system data into digital information, delivering the essential edge intelligence, connectivity, and power management solutions today's systems require.

客戶信賴 ADI 能精準監測、計量並管理電網各層級。我們可靠地將真實世界的環境與系統資料轉換為數位資訊，提供當今系統所需的關鍵邊緣智慧、連結與電源管理解決方案。

Notably, we're also leveraging our high-performance battery management platform to support the energy storage systems that are increasingly crucial to a stable grid. Demand for our BMS portfolio from our ESS customers continues to be strong in '26, having grown more than 50% in fiscal '25.

值得注意的是，我們也正運用我們的高效能電池管理平台，來支援對電網穩定性日益關鍵的儲能系統。在'26年，我們ESS客戶對我們BMS產品組合的需求仍然強勁；在'25財年已成長超過50%。

In short, our technology helps customers upgrade electrical infrastructure, ingest and manage the intermittency of renewable resources, and smooth the energy demand spikes from applications like EVs, AI, and so on and so forth. As the trend of electrification accelerates and demand patterns continue to evolve, we believe energy will continue its growth trajectory for many, many years to come.

簡而言之，我們的技術協助客戶升級電力基礎設施，吸收並管理再生能源資源的間歇性，並平抑來自電動車、AI等應用的能源需求尖峰。隨著電氣化趨勢加速、需求型態持續演變，我們相信能源領域在未來許多年仍將延續其成長軌跡。

Turning next to healthcare, where our technologies and solutions protect and save lives across both clinical and non-clinical care settings each and every day. We're enabling the ongoing digitalization of clinical environments through the combination of our deep domain expertise and breadth of technological capabilities across hardware, software, and advanced packaging.

接著談醫療保健，我們的技術與解決方案每天在臨床與非臨床照護場域中保護並拯救生命。我們結合深厚的領域專業與橫跨硬體、軟體及先進封裝的廣泛技術能力，推動臨床環境持續數位化。

We're seeing secular growth in, for example, advanced imaging, patient monitoring, and surgical robotic applications, where our high-performance-driven solutions are further extending our leadership position. And as healthcare increasingly migrates beyond clinical to non-clinical environments, demand is accelerating for our wearable solutions for outpatient management of, for example, cardiopulmonary and metabolic conditions, essentially extending the digital network edge all the way to the surface of the human body. We're driving double-digit revenue growth in our healthcare market, and we expect continued growth over the coming years due to increasing design-ins with larger OEMs this year.

我們看到例如先進影像、病患監測與手術機器人等應用的結構性成長，而我們以高效能驅動的解決方案正進一步延伸我們的領先地位。此外，隨著醫療保健日益從臨床場域延伸至非臨床環境，對我們穿戴式解決方案的需求正在加速，用於門診管理例如心肺與代謝等疾病，實質上將數位網路邊緣一路延伸到人體表面。我們在醫療保健市場推動兩位數營收成長，並預期未來幾年將持續成長，原因是今年與更大型OEM的設計導入增加。

Turning finally to our broad market, Industrial business, which has returned to robust growth. This market encompasses a long tail of tens of thousands of established and emerging companies who are addressing a vast array of applications. The tremendous breadth of these customers' needs aligns perfectly with the extensive scope of our diversified, performance-leading technologies and application-ready solutions, spanning sensor-to-cloud, nanowatts to kilowatts, and antenna-to-bits.

最後談到我們的廣泛市場——工業業務——其已回到強勁成長。此市場涵蓋數以萬計的成熟與新興公司長尾，正因應極為多元的應用。這些客戶需求的巨大廣度，與我們多元化、效能領先的技術與可直接應用的解決方案之廣泛範疇完美契合，涵蓋從感測器到雲端、從奈瓦到千瓦，以及從天線到位元。

Now, before I conclude my remarks today, let me speak briefly about our planned acquisition of Empower Semiconductor, which will further augment our power technology portfolio and provide the final piece of our comprehensive grid-to-core power platform. With Empower, we gain cutting-edge proprietary integrated voltage regulator, or IVR, technology and silicon capacitors that enable us to offer true vertical power delivery to our customers. The extreme power density of Empower's platforms eliminates customers' needs for bulky external components, shrinks their power footprint by up to four times, slashes their data center compute power consumption by an estimated 10% to 15%, and delivers the ultra-fast transient response required by volatile AI workloads.

在我今天結語之前，先簡要談談我們計畫收購Empower Semiconductor一事；此舉將進一步強化我們的電源技術產品組合，並補齊我們完整的「從電網到核心」電源平台的最後一塊拼圖。透過Empower，我們將取得最先進的專有整合式電壓調節器（IVR）技術與矽電容，使我們能為客戶提供真正的垂直電力傳輸。Empower平台的極高功率密度可免除客戶對笨重外部元件的需求，將其電源占用空間最多縮小至四分之一，估計可將資料中心運算耗電降低10%至15%，並提供波動性AI工作負載所需的超快速瞬態響應。

This transaction will expand ADI's total addressable market within the hyper-growth AI accelerator space and further solidify our position as an indispensable hardware partner in the drive for maximum compute density per server rack. And we look forward to sharing more of our vision in this exciting space when the transaction closes a little later following regulatory approval.

此交易將擴大ADI在高速成長的AI加速器領域的整體可服務市場（TAM），並進一步鞏固我們在追求每個伺服器機櫃最大運算密度進程中不可或缺的硬體合作夥伴地位。待交易在取得監管核准後於稍晚完成時，我們也期待在這個令人振奮的領域分享更多我們的願景。

So in closing, we believe our industrial end market is currently in a cycle of broad-based high growth that has been further compounded by our strong investments in the most attractive secular opportunities. As ADI works to bring physical intelligence to the electrophysical interface, our competitive advantage lies in our extensive and evolving tech stack and six decades of experience, as well as our deep application domain expertise. These differentiators continue to grow in importance as our customers tackle bigger, more complex challenges at the intelligent edge. And as such, our confidence in our future has never been greater.

總結而言，我們相信工業終端市場目前正處於一個廣泛性的高成長週期，而我們在最具吸引力的長期結構性機會上的強勁投資，進一步放大了這股動能。當ADI致力於將物理智慧帶到電—物理介面時，我們的競爭優勢在於我們廣泛且持續演進的技術堆疊、六十年的經驗，以及深厚的應用領域專業。隨著客戶在智慧邊緣面對更大、更複雜的挑戰，這些差異化優勢的重要性持續提升。因此，我們對未來的信心從未如此強大。

And with that, I'll pass you over to Rich.

接下來，我把時間交給Rich。

Thank you, Vince, and let me add my welcome to our second-quarter earnings call.

謝謝你，Vince，也讓我一併歡迎各位參加我們的第二季財報電話會議。

Revenue in the second quarter was a record $3.62 billion, finishing above the high end of our outlook, while growing 15% sequentially and 37% year over year. Growth was led by our Industrial and data center businesses. Industrial, which represented 50% of our second-quarter revenue, finished up 20% sequentially and 56% year over year. All of our Industrial businesses increased sequentially and year over year, led by aerospace and defense, ATE, ETM, and the broad market.

第二季營收創下36.2億美元新高，結果高於我們展望區間的上緣，季增15%、年增37%。成長主要由工業與資料中心業務帶動。工業業務占第二季營收的50%，季增20%、年增56%。我們所有工業業務不論季比或年比皆成長，其中以航太與國防、ATE、ETM以及廣泛市場表現領先。

Automotive represented 24% of revenue, finishing up 8% sequentially and 2% year over year. We continue to capitalize globally on content and share gains in next-generation ADAS and infotainment systems with increased demand for our GMSL, functionally safe power and A2B technologies. In addition, our BMS solutions for EVs returned to year-over-year growth for the first time in two years.

汽車業務占營收24%，季增8%、年增2%。我們持續在全球把握下一代ADAS與資訊娛樂系統的內容量與市占提升，並受惠於對我們GMSL、具功能安全的電源以及A2B技術需求增加。此外，我們用於電動車的BMS解決方案在兩年來首次恢復年對年成長。

Communications represented 15% of revenue, finishing up 22% sequentially and 79% year over year. Data center, which now accounts for more than 75% of our Communications revenue, was up more than 90% year over year, driven by both our optical and power portfolios. In our wireless business, we continue to see increasing demand, growing more than 35% year over year.

通訊業務占營收15%，季增22%、年增79%。資料中心目前占我們通訊營收的75%以上，年增超過90%，由我們的光學與電源產品組合共同帶動。在無線業務方面，我們持續看到需求增加，年增超過35%。

Lastly, Consumer represented 11% of quarterly revenue, flat sequentially and up 23% year over year. Continued strong growth reflects our exposure to the high-end Consumer space and ongoing cyclical tailwinds in our B2B-like prosumer business.

最後，消費性業務占季度營收11%，季比持平、年增23%。持續強勁的成長反映我們在高階消費性市場的布局，以及我們類B2B的專業消費者（prosumer）業務所受惠的持續景氣循環順風。

Now on to the rest of the P&L. Second-quarter gross margin was 73%, up 180 basis points sequentially and 360 basis points year over year, driven by favorable mix, higher utilization, and pricing.

接著看損益表其餘項目。第二季毛利率為73%，季增180個基點、年增360個基點，主要受惠於有利的產品組合、更高的產能利用率以及定價。

OpEx in the quarter was $872 million, resulting in an operating margin above the high end of our guidance or 49%, up 350 basis points sequentially and 780 basis points year over year. Non-operating expenses were $57 million, and the tax rate for the quarter was 11.8%.

本季營業費用（OpEx）為8.72億美元，使營業利益率高於我們指引上緣，達49%，季增350個基點、年增780個基點。營業外費用為5,700萬美元，本季稅率為11.8%。

All told, EPS was a record $3.09, up 26% sequentially and 67% year over year.

總計而言，每股盈餘（EPS）創下3.09美元新高，季增26%、年增67%。

Now, I'd like to highlight a few items from our balance sheet and cash flow statements. Cash and short-term investments finished the quarter at $3.4 billion, and our net leverage ratio remains 0.8.

接下來，我想從資產負債表與現金流量表中強調幾個項目。現金與短期投資在季末為34億美元，而我們的淨槓桿比率仍為0.8。

Inventory increased $81 million sequentially as we continue to build strategic die bank and finished goods buffers to support growing demand. Days of inventory finished at 168, while channel inventory weeks declined, remaining within our six- to seven-week range.

由於我們持續建立策略性的晶粒庫存（die bank）與成品緩衝以支援成長中的需求，庫存季增8,100萬美元。庫存天數為168天；同時，通路庫存週數下降，仍維持在我們六到七週的區間內。

Over the trailing 12 months, operating cash flow and CapEx were $5.1 billion and $0.5 billion, respectively. We continue to expect fiscal '26 CapEx to be within our long-term model of 4% to 6% of revenue.

在過去 12 個月中，營運現金流與資本支出（CapEx）分別為 51 億美元與 5 億美元。我們仍預期 2026 會計年度的資本支出將落在我們長期模型所設定的營收 4% 至 6% 範圍內。

Free cash flow over the trailing 12 months was $4.6 billion, or 36% of revenue.

在過去 12 個月中，自由現金流為 46 億美元，約占營收的 36%。

Over the same period, we returned $5 billion to shareholders through dividends and share repurchases. This robust cash return reflects the strength of our innovation-driven financial model and our continued commitment to disciplined capital allocation. As a reminder, we target 100% free cash flow return over the long term, using 40% to 60% for our dividend and the remainder for share count reduction.

在同一期間，我們透過股利與股票回購向股東返還了 50 億美元。這項強勁的現金回饋反映了我們以創新驅動的財務模型之實力，以及我們對嚴謹資本配置的持續承諾。提醒一下，我們長期目標是將 100% 的自由現金流返還，並將其中 40% 至 60% 用於股利，其餘用於降低流通股數。

Now moving on to our third-quarter outlook. Revenue is expected to be $3.9 billion, plus or minus $100 million. Operating margin at the midpoint is expected to be 49%, plus or minus 100 basis points. Our tax rate is expected to be 12% to 14%. And based on these inputs, adjusted EPS is expected to be $3.30, plus or minus $0.15.

接著談我們對第三季的展望。預期營收為 39 億美元，上下浮動 1 億美元。以中位數計算，預期營業利益率為 49%，上下浮動 100 個基點。預期稅率為 12% 至 14%。基於上述假設，預期調整後每股盈餘（EPS）為 3.30 美元，上下浮動 0.15 美元。

In closing, we delivered a strong quarter, supported by disciplined execution and broad-based demand across all of our end markets. We continue to see constructive demand signals in our order book and backlog, particularly in Industrial AI-related applications and Automotive. While we remain mindful of the dynamic macro and geopolitical environment, we believe we are well positioned to continue executing against both cyclical and secular opportunities.

總結來說，我們交出強勁的一季，這得益於嚴謹的執行力，以及我們所有終端市場的廣泛需求。我們在訂單簿與在手訂單中持續看到正向的需求訊號，尤其是在工業 AI 相關應用與汽車領域。儘管我們仍留意多變的總體經濟與地緣政治環境，我們相信公司已具備良好定位，可持續把握景氣循環與長期結構性機會並加以執行。

With that, I'll give it back to Jeff for Q&A.

接下來我把時間交回 Jeff 進行問答。

Thank you, Rich. Now, let's get to our Q&A session. (Event Instructions)

謝謝你，Rich。現在我們開始問答環節。（活動說明）

And with that, operator, can we please have our first question?

那麼，主持人，請問可以先進行第一個問題嗎？

(Operator Instructions) Tore Svanberg, Stifel Nicolaus.

（主持人說明）Tore Svanberg，Stifel Nicolaus。

Thank you, and congratulations on the record results. I was hoping you could talk a little bit about the conversations that you're having with your customers. Seems like demand is very, very strong. I'm sure supply and capacity is becoming -- increasing a concern for your customers, but how are they basically approaching your business at this point? Are they worried about supply? Are they giving you more visibility as far as build plans? Any color there would be great. Thank you.

謝謝，並恭喜創下紀錄的成果。我希望你能談談你們與客戶之間的對話內容。看起來需求非常、非常強勁。我相信供應與產能對你們的客戶而言正變得——越來越令人關切，但他們目前基本上是如何看待你們的業務？他們擔心供應嗎？在建置／生產計畫方面，他們是否提供更多能見度？若能分享一些細節會很有幫助。謝謝。

Yeah. Thanks, Tore. So yeah, I think generally speaking, I would say the atmosphere is one of general calmness with our customers. There are some concerns, of course, around the choke points in the semiconductor supply chain, memory being one of those. So that's, I think, having most effect on consumer customers who've got to make choices.

是的。謝謝你，Tore。所以，是的，我想一般而言，我會說我們客戶的氛圍整體上相當平穩。當然也有一些擔憂，主要圍繞半導體供應鏈的瓶頸，記憶體就是其中之一。因此我認為這對必須做取捨的消費性客戶影響最大。

But I think generally speaking, our lead times are in pretty good shape. Our demand book is increasing. But we've a lot more capacity as well than we had, say, pre the COVID cycle. We've more than doubled the internal capacity. And we've a lot more optionality built in as well to the external supply sources of the process technologies that we're not building inside the company.

但我想整體而言，我們的交期狀況相當不錯。我們的需求訂單簿正在增加。不過相較於例如 COVID 週期之前，我們也擁有更多產能。我們的內部產能已增加一倍以上。此外，對於公司內部未自行生產的製程技術，我們在外部供應來源方面也建立了更多彈性選項。

So I think it's a pretty -- it's a reasonably calm environment. There is concern that, at the steepness of the demand ramp across the industry and what that will mean, say, going into '27, but we have a lot of flexibility and resiliency built into our particular supply chain. So we have a lot more upside that we can take onto our order books and keep a very good service score with our customers.

所以我認為這是一個相當——相對平穩的環境。確實有人擔心整個產業需求爬升的陡峭程度，以及這對例如進入 2027 年可能意味著什麼，但我們在自身供應鏈中建立了很大的彈性與韌性。因此，我們有更大的上行空間可以承接到訂單簿中，同時仍能對客戶維持非常好的服務水準評分。

And there are places, Tore, where we are seeing a little more stress than others. But generally speaking, I think we're in good shape.

而且，Tore，在某些地方我們確實看到比其他地方更大一些的壓力。但整體而言，我認為我們狀況良好。

Perfect. Thanks.

很好。謝謝。

Thanks, Tore. We'll move -- take our next question, please.

謝謝你，Tore。我們——請進行下一個問題。

Vivek Arya, Bank of America Securities.

Vivek Arya，Bank of America Securities。

Thanks for taking my question. Vince, I'm curious how you're approaching pricing, both from kind of a tactical and strategic perspective. So on the tactical side, what are you assuming in terms of pricing for your current quarter outlook and just the second half in general? And we have heard several of your competitors just start to send letters on increasing pricing. So how are you kind of viewing pricing in the near term?

謝謝讓我提問。Vince，我很好奇你們如何看待定價，從戰術與策略兩個角度來說。就戰術面而言，你們對本季展望以及整體下半年，在定價方面的假設是什麼？我們也聽到你們幾位競爭對手剛開始寄出調漲價格的通知信。所以你們如何看待短期的定價走勢？

And then longer term, how sustainable will these pricing moves be? And do you think some of your competitors who have internal capacity, can they use this inflationary environment to take shares? I just would love your perspective on both kind of the tactical and the longer-term aspect of it. Thank you.

那麼從更長期來看，這些漲價動作的可持續性如何？你是否認為某些擁有內部產能的競爭對手，能利用這種通膨環境來搶占市占？我很希望聽聽你對戰術面與長期面兩者的看法。謝謝。

Yeah, thank you. So yeah, I think let me start with the short term. We have increased prices during the course of this year, and essentially, what we're trying to do is just absorb the cost of inflation in our business. And that's something that we'll address -- we'll keep an eye on the inflationary effects at the inputs to our business, and we will offset those costs as necessary.

是的，謝謝。我想先從短期談起。我們在今年期間已調升價格，而我們基本上想做的是吸收我們業務中的通膨成本。這也是我們會持續關注投入端的通膨影響，並在必要時抵銷這些成本。

So I think in terms of the longer term, we as a company, we've got the highest ASP by far in the industry across the entire portfolio; we're at 4 or 5x the industry average. And with each new generation of innovation that we're bringing to market, we capture more value. So actually, in the newer part of our -- the newer products in our portfolio, those products are capturing more and more value, and that's reflected in the ASPs.

至於長期方面，作為一家公司，我們在整個產品組合上擁有遠高於同業的平均銷售單價（ASP）；我們約為產業平均的 4 到 5 倍。而且隨著我們每一代新創新產品推向市場，我們能捕捉到更多價值。因此實際上，在我們產品組合中較新的部分，這些產品正在捕捉越來越多的價值，而這也反映在 ASP 上。

And what's the stickiness, I think, was the other part of your question. The answer, very simply, is very sticky because our products have very long lifecycles, and the most competitive part of the cycle for ADI is capturing the initial design in. When we get that design, substitution is effectively zero -- competitive substitution is effectively zero. So with a long product lifecycle portfolio, I think we're in a strong position to hold the gains that we make.

至於你問題的另一部分，我想是「黏著度」如何。答案很簡單：非常高，因為我們的產品生命週期很長，而對 ADI 而言，週期中競爭最激烈的部分是取得初始設計導入（design-in）。一旦我們拿到該設計，替代幾乎為零——競爭性替代幾乎為零。因此，憑藉長產品生命週期的產品組合，我認為我們處於有利位置，能維持我們所取得的成果。

Rich, did you want to --?

Rich，你想要--？

Yeah. Hey, Vivek. I'll just add because I think the question you asked -- the tactical pricing piece, which we talked about in the last quarter, actually came through as expected in the results. So everything that was above the midpoint of our guide was actually due to volume, not incremental price.

是的。嗨，Vivek。我補充一下，因為我認為你問的那個問題——戰術性定價那一塊，我們在上一季談過——其實在本季結果中如預期反映出來。所以，所有高於我們指引中點的部分，實際上都是由出貨量帶動，而不是額外的價格提升。

So the pricing played out as we expected. And if you think about a full-year look of '26, the pricing actions that we've previously described, we'll add a couple points to our growth rate in '26.

所以定價的表現如我們所預期。如果你從2026年全年的角度來看，我們先前描述過的定價措施，將會在2026年為我們的成長率再增加幾個百分點。

Thank you.

謝謝。

Thanks. We'll take our next question, please.

謝謝。請進行下一個問題。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Yeah, thank you. The 90% growth that you talked about in the data center portion of Communications, can you kind of update us on growth trends within both the optical and power side of that? And just how should we think about growth there going forward if you're doing tuck-in acquisitions that can expand the TAM on the power side? Thank you.

好的，謝謝。你們提到通訊業務中資料中心部分有90%的成長，能否更新一下其中光學與電源兩邊各自的成長趨勢？另外，如果你們透過補強式併購（tuck-in acquisitions）來擴大電源端的TAM（可服務市場總量），我們應該如何看待未來那邊的成長？謝謝。

Sure. So Joe, I'll take that one. So as I mentioned, with the data center piece being 75% of our comps and the 90% growth, actually that is being fueled pretty much equally by similar growth rates across both the power and optical portfolios. So those are both continuing to trend very well with strong orders and strong results in the quarter. And given the momentum we're seeing, we really do expect this to continue to increase and be the fastest grower sequentially for us as we look out into the next quarter.

當然。Joe，這題我來回答。如我提到的，資料中心這塊占我們通訊業務的75%，且成長90%，實際上幾乎是由電源與光學兩個產品組合同樣的成長率平均帶動。所以這兩邊都持續表現非常好，本季訂單強勁、結果也強勁。以我們目前看到的動能來看，我們確實預期這個趨勢會持續，並且在展望下一季時，將會是我們環比成長最快的業務。

Thank you, Joe. We'll move on to our next question, please.

謝謝你，Joe。請進行下一個問題。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys. Thanks for taking my questions, and congrats on the results. Maybe following up a little bit on Vivek's, could you walk through what's implied for gross margins in the fiscal third quarter? Maybe help us understand the levers across pricing, mix, and utilization. I know there's a 50 basis points of inventory true-up that won't repeat, but how should we think about gross margins in the third quarter? Thank you.

嗨，各位。謝謝回答我的問題，也恭喜本季表現。我想延續一下Vivek的問題，你們能否說明一下財年第三季的毛利率隱含了什麼？也請幫我們理解在定價、產品組合（mix）與產能利用率（utilization）之間的驅動因素。我知道有50個基點的庫存調整（inventory true-up）不會重複發生，但我們應該如何看待第三季的毛利率？謝謝。

Thanks, Josh. So obviously, starting with the 73% gross margin, which was even a little higher than we expected based on some better mix and utilization, and as I mentioned, the pricing impact was pretty much as expected. For Q3, we are assuming about a 50-bps decline in gross margin, largely driven by the absence of that one-time benefit we got from repricing the channel during the prior quarter, obviously.

謝謝，Josh。很明顯先從73%的毛利率談起，這甚至比我們預期略高，主要是因為產品組合與產能利用率更好一些；而如我提到的，定價影響基本上符合預期。對於第三季（Q3），我們假設毛利率大約下滑50個基點，主要是因為上一季我們透過對通路重新定價所取得的一次性利益在本季不再出現。

And from a mix perspective, we do expect it's likely to be a slight tailwind based on our outlook. While, as I mentioned previously, utilization is expected to be fairly neutral, the future -- we don't see a ton of future upside on gross margin from utilization given where we're running the factories today. So that's how we're thinking about it here in the near term, Josh.

從產品組合角度來看，依據我們的展望，我們確實預期可能會有些微的正面助力。而如我先前提到的，產能利用率預期大致中性；往後看——考量我們目前工廠的運轉水準，我們不認為毛利率還能從利用率再獲得太多額外上行空間。所以，Josh，這就是我們對近期的看法。

Thank you, Rich.

謝謝你，Rich。

Thanks, Josh. Move on to our next caller, please.

謝謝，Josh。請進行下一位來電者。

Matthew Prisco, Cantor.

Matthew Prisco，Cantor。

Hey, guys. Thanks for taking the question. I guess just how are you seeing the segments tracking into the July quarter today? And maybe how are you thinking about the back half of the calendar year based on your visibility? Thank you.

嗨，各位。謝謝讓我提問。我想問一下，你們目前看到各個事業部在7月那一季的走勢如何？另外，基於你們的能見度，你們如何看待下半年（以曆年計）的表現？謝謝。

Sure. So I'll just start with a quick recap. Obviously, for Q2, Industrial came in as expected, right up 20% sequentially, and then we saw upside everywhere else, notably in Auto and data center. One of the things we talked about is the continuing strength in data center. We're also starting to see better results than expected in Auto. Consumer continues to show incredible resilience despite the consumer sentiment and some of the inflationary pressures. But as we look out, we do expect to see some impact there.

當然。我先快速回顧一下。很明顯，第二季（Q2）工業如預期表現，環比成長20%，然後我們在其他各項都看到超預期，尤其是汽車與資料中心。我們談到的一點是資料中心持續強勁。我們也開始看到汽車業務的結果優於預期。儘管消費者信心以及一些通膨壓力存在，消費性業務仍展現出驚人的韌性。但往前看，我們確實預期那邊會受到一些影響。

So if we look at what we think at the midpoint of the guide, what we expect to see in Q3 is continued above seasonal growth across Industrial, Automotive, and Communication. So from an Industrial and Automotive perspective, we'd expect to grow sort of mid- to high-single digits sequentially. From a Comms perspective, we expect to be our fastest grower, up low, mid-teens, low to mid-teens sequentially. Consumer is expected to be down single digits sequentially for us based on some of the things I just described.

所以，如果以指引中點來看，我們對第三季（Q3）的預期是：工業、汽車與通訊都將持續呈現高於季節性的成長。就工業與汽車而言，我們預期環比成長約中到高個位數。就通訊而言，我們預期會是成長最快的，環比成長低到中十位數（約10%出頭到10%中段）。消費性業務則預期環比下滑個位數，原因如我剛才所描述。

And then important baked into that outlook is also a flat channel inventory weeks. We don't tend to guide out, obviously, beyond the next quarter. But I would just remind you, from a seasonality perspective, the fourth quarter for us is usually up in the low-single digits. And so that's the best outlook we have right now for the back half of '26.

另外，這個展望中也重要地納入了一個假設：通路庫存週數持平。我們通常不會提供超過下一季的指引。但我想提醒你，從季節性角度來看，我們的第四季通常是低個位數成長。因此，這就是我們目前對2026年下半年的最佳展望。

Thanks.

謝謝。

Thanks, Matt. We'll take our next question, please.

謝謝，Matt。請進行下一個問題。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

Hi, guys. Thanks for taking my questions. I wanted to drill just a little bit more into the gross margins. So you did -- I understand the driver in order to understand the guidance. We're thinking about Q3 in that range as sort of a likely ceiling for now, given utilizations are maxed. It sounds like if you're going to get more revenue upside from here, that would suggest that you're going to have to do more outsourcing given the flexible manufacturing.

嗨，各位。謝謝回答我的問題。我想再更深入一點談毛利率。所以你們——我理解為了理解指引所需的驅動因素。我們把第三季（Q3）那個區間視為目前可能的上限，因為產能利用率已經滿載。聽起來如果你們接下來還要有更多營收上行空間，那就意味著你們必須在彈性製造的架構下做更多外包。

I guess I'm just trying to -- I guess, is that logic correct? And is that sort of, I guess, the local peak on gross margins we ought to be thinking about, at least in the near term on the current revenue trajectory?

我想確認一下——這樣的邏輯是否正確？而且在目前的營收走勢下，這是否就是我們在短期內應該視為毛利率的局部高點？

Yeah. I actually think that's the right way to think about it. Near term, this is probably the right way to think about -- the guided gross margin is the right way to think about it. Obviously, any more significant mix shift from a growth perspective could change that. But given where we see that outlook for Q3 and the potential trend into Q4, I think that's the right way to think about it.

是的。我其實認為這樣思考是對的。就短期而言，指引中的毛利率大概就是應該這樣看待。當然，若從成長角度出現更顯著的產品組合變化，可能會改變這個情況。但以我們對第三季的展望以及可能延續到第四季的趨勢來看，我認為這樣的理解方式是正確的。

Is data center higher gross margin like Industrial? Or is it more in line or is it lower or what? Because that seems to be the biggest driver in mix.

資料中心的毛利率是否像工業業務一樣較高？還是更接近、或是更低，或怎麼樣？因為那看起來似乎是組合變化中最大的驅動因素。

Yeah. Overall, the Comms business, which includes that data center chunk, is an above corporate average business for us.

是的。整體而言，通訊業務（其中包含那一塊資料中心）對我們來說是高於公司整體平均水準的業務。

Got it. Thank you, guys.

了解。謝謝各位。

Sure.

不客氣。

William Stein, Truist Securities.

Truist Securities 的 William Stein。

Great. Thanks for taking my question. Since I was sort of surprised by the Empower acquisition, I would have expected ADI's heritage strength there, but certainly its acquisitions of Linear, Maxim, by extension, Volterra, would have provided the company a big advantage and sort of all the technical capabilities in power management. So what did Empower have that ADI decided was so special that it needed to acquire instead of developing it internally? Thank you.

很好。謝謝讓我提問。由於我對收購 Empower 有點意外，我原本會以為 ADI 在那方面有其傳承優勢；而且公司收購 Linear、Maxim，以及延伸的 Volterra，理應讓公司在電源管理的技術能力上取得很大優勢、也具備完整的技術實力。那麼 Empower 到底有什麼特別之處，讓 ADI 認為必須透過收購，而不是內部自行開發？謝謝。

Yeah, good question. I mean, first off, the power space is very dynamic. It has never been a stress from a technology portfolio standpoint for everybody. So I mean, what did -- so we're building intelligent power systems. We're using the breadth of the capabilities that we acquired, over the Maxim and LTC eras. And our customers are putting enormous demands on us to solve their problems across the board, right from the ingress to the data center down to the chip.

是的，問得好。首先，電源領域非常動態。從技術產品組合的角度來看，這從來都不是任何一家公司的輕鬆課題。所以，我們在做的是打造智慧電源系統。我們運用在 Maxim 與 LTC 時期所收購而來的廣泛能力。而客戶對我們提出極高的要求，要我們全面解決他們的問題，從入口端到資料中心，再一路到晶片端。

And the reason that we acquired Empower is that there was a gap in that portfolio, and time is of the essence. And the biggest bottleneck that is creating for us today is we've got to solve for power density and delivery efficiency. And we have to move closer to the core of the problem, which is down at the XPU, the GPU, the CPU, and so on and so forth. And as I said, time is of the essence.

我們收購 Empower 的原因，是因為在那個產品組合中存在一個缺口，而且時間非常關鍵。而目前對我們造成最大瓶頸的是：我們必須解決功率密度與供電效率。我們必須更貼近問題核心，也就是在 XPU、GPU、CPU 等等這一端。如我所說，時間非常關鍵。

And we bought some -- we're buying some critical and very, very unique intellectual property. The integrated voltage reg and the capacitor technology, these are critical building blocks and essential for ADI to solve our problem -- to solve our customers' problems on time and be able to catch the wave. So where we've been building a portfolio, a vertical power portfolio, that is the future, I believe, in terms of the raw architecture. And Empower gets us farther up the value chain more quickly to solve more problems more completely for our customers. That's essentially it.

我們買到的是一些關鍵且非常、非常獨特的智慧財產。整合式電壓調節器（IVR）與電容技術，這些都是關鍵的基礎元件，對 ADI 來說是必要的，才能按時解決我們的問題——也就是按時解決客戶的問題，並且能夠趕上這一波浪潮。因此，在我們持續建立一個垂直式電源產品組合、我相信那是未來的原始架構方向之際，Empower 讓我們更快地往價值鏈上游前進，為客戶更完整地解決更多問題。基本上就是這樣。

And there's a lot of new TAM that we capture with this technology as well. So it's highly complementary. Well, that's the point in a space where performance demands are effectively uncapped.

而且我們也能透過這項技術掌握許多新的 TAM（可服務市場總量）。所以它高度互補。重點就在於，在一個效能需求幾乎沒有上限的領域。

Great. Thanks, Vince.

很好。謝謝你，Vince。

Thanks, Will. Take our next question.

謝謝你，Will。請進行下一個問題。

Chris Caso, Wolfe Research.

Wolfe Research 的 Chris Caso。

Yeah, thank you. If I could just follow up on Empower a bit as well. And can you speak -- is there any revenue associated with that acquisition right now? And I'm sure you're acquiring for the IP and the engineering team, but are there any design wins in the pipeline and when -- maybe provide a timeline for when you would be -- expect to be able to integrate that technology into the core of ADI's project line?

是的，謝謝。我也想就 Empower 再追問一下。能否談談——這項收購目前是否已經帶來任何營收？我知道你們收購主要是為了 IP 和工程團隊，但管線中是否已有任何設計導入（design wins）？以及——也許能提供一個時間表，說明你們預期何時能把這項技術整合進 ADI 的核心產品線？

That was a lot of questions, Chris. I'll start with -- if they stay on their trajectory, we will see some -- there'll be some amount of revenue, upon closing, in the back half of our year. It will certainly not be material to us in that regard. But as mentioned, it opens up a massive opportunity for significant revenue growth in the go forward, particularly as it relates to the IVR technology.

Chris，你一次問了很多問題。我先從——如果他們維持目前的進度，我們在交易完成後、我們會計年度的下半年會看到一些營收。就這點而言，對我們來說肯定不會是重大的。但如前所述，它為未來帶來巨大的機會，可望帶動顯著的營收成長，特別是與 IVR 技術相關的部分。

So we would expect that to be -- a perspective on the timeline, Vince, how fast we get there.

所以我們預期那會是——Vince，從時程角度，你看我們能多快達到？

No, I mean, we inherit a fairly small amount of revenue. So it's kind of in the post-revenue phase, but '27 is when we expect to start seeing the surge in demand. There's a lot of design-ins in train at this point in time. The combination of Empower with ADI's large manufacturing and go-to-market capabilities will enable us to get to more places more quickly and get into production much, much faster. So I think you will see revenue, significant revenue in 2027.

不，我的意思是，我們承接的營收規模相當小。所以它算是已經過了「尚未有營收」的階段，但我們預期在 2027 年會開始看到需求的激增。目前已有很多設計導入正在進行中。Empower 與 ADI 大規模製造與市場推進（go-to-market）能力的結合，將使我們能更快觸及更多領域，並且更、更快地進入量產。因此我認為你會在 2027 年看到營收，而且是顯著的營收。

Understood. That's good.

了解。很好。

Thanks, Chris. Take our next question, please.

謝謝你，Chris。請進行下一個問題。

Tom O'Malley, Barclays.

Barclays 的 Tom O'Malley。

Hey, guys. Thanks for taking my question. I wanted to zoom in on Auto a bit more stronger than expected. You're kind of hearing across the supply chain that coming out of the pandemic, you've moved from this kind of just-in-case and just-in-time mentality to switching to basically holding more inventory at Tier 1s and at OEMs. I'm just curious, when you're looking at where the strength is coming from in Auto today, are you seeing some restocking at those end customers? I've heard it's kind of a mixed bag. Some guys are above target, some guys are materially below.

嗨，各位。謝謝讓我提問。我想更聚焦談一下汽車（Auto），表現比預期更強。你們在供應鏈上也聽到，疫情之後，大家從「以防萬一」與「即時供應」的心態，轉向基本上在 Tier 1 與 OEM 端持有更多庫存。我想請教，當你們看汽車業務目前的強勁來源時，是否看到那些終端客戶在進行一些補庫存？我聽到的說法有點混雜。有些廠商高於目標，有些則明顯低於目標。

Are you seeing this kind of phenomenon where guys are slowly moving back to the range that you saw kind of prior to the pandemic? And then any area that you would call out specifically as a growth driver in Auto, just given the broader backdrop being weaker? Any areas specific to ADI that are a little bit stronger? I know that's a couple. Thank you.

你們是否看到這種現象：大家正慢慢回到疫情前你們所看到的那個庫存區間？另外，在整體大環境較弱的情況下，就汽車領域而言，有沒有哪個你們會特別點名、作為成長驅動因素的區塊？有沒有任何對 ADI 來說相對更強的特定領域？我知道這又是幾個問題。謝謝。

Thanks for the question, Tom. Great question. Maybe I'll give a little bit of a background on some of the detail part of what we've seen growing and what we're seeing in our customer base, and then I'll work my way down to your question about inventory, because that obviously is an area we pay a significant amount of attention to, given some of the challenges companies had burning off the inventory.

謝謝你的問題，Tom。問得很好。也許我先補充一些背景，談談我們看到哪些細項在成長、以及我們在客戶群中觀察到的情況，接著再回到你關於庫存的問題；因為考量到一些公司在去化庫存時面臨的挑戰，這顯然是我們高度關注的領域。

But as we look at our Auto business, I think I've talked about this before, it has compounded double digits for us for 10-plus years. In fact, it grows even faster over the last five years. And a lot of that is being driven by content gains, or all of that's being really driven by content gains and share gains because of the units we've talked about having changed. Now, what's really important for us is our gains are in the ADAS and next-gen infotainment systems. So you think about our products like GMSL, functionally safe power, and A2B. Those have been really important investments where we've continued to see a ton of growth.

但當我們檢視我們的汽車業務時，我想我之前談過，過去10年以上，我們的汽車業務一直以兩位數的複合成長率成長。事實上，過去五年的成長更快。而其中很大一部分是由內容增量所驅動，或者說幾乎全部都是由內容增量與市占提升所驅動，因為我們談到的那些單位已經發生了變化。現在，對我們而言真正重要的是，我們的成長來自 ADAS 與下一代車載資訊娛樂系統。所以你可以想想我們的產品，例如 GMSL、功能安全電源，以及 A2B。這些都是非常重要的投資領域，我們也持續看到大量的成長。

Now, we have talked about this in the past. We saw some tariff-related pull-ins back in '25 that we thought might weigh on our first half. We certainly saw that unfold in Q1 with the below seasonal. And we were expecting, I mentioned this on the last call, another below seasonal quarter as a result. However, it ended up favorable and reflected regular seasonality.

我們過去也談過這點。我們在 25 年看到一些與關稅相關的提前拉貨，我們原本認為這可能會對上半年造成壓力。我們確實在第一季看到這種情況發生，表現低於季節性。而且我們也預期——我在上次電話會議提到——因此會再出現一個低於季節性的季度。不過，結果表現較為有利，並反映了正常的季節性。

And if you recall last quarter, and there was some skepticism, I think, we thought we indicated a stronger second half and that we would grow Auto in '26. That strength, which we were expecting to come through in our second half, came a bit sooner, right, led by a material pickup in China during the back part of the quarter, and that drove a significant part of our Q2 upside. While China was still declined quarter over quarter, all of our other regions were up, including record performance in Europe and Japan, which resulted in a record quarter for our Automotive business.

如果你還記得上一季，我想當時也有一些質疑，我們認為我們已指出下半年會更強，且我們在 26 年汽車業務將會成長。我們原本預期會在下半年顯現的那股力道，來得稍早一些，對吧，主要是因為本季後段中國市場出現明顯回升，這也推動了我們第二季上修的很大一部分。雖然中國仍然呈現季對季下滑，但我們其他所有地區都成長，包括歐洲與日本創下紀錄的表現，最終使我們的汽車業務創下單季新高。

And back to the inventory question a little bit, I was pleased to share over the first time in two years, we saw our BMS revenue grow up double digits year over year, and we are optimistic in continued growth for BMS, driven by further EV penetration in Europe and China specifically. And we continue to hear that the China penetration is increasing fast and that they're going to start deploying even higher levels of ADAS. We expect to see L3 ADAS in some of the China vehicles by the end of the year. So these are all strong, positive things for us.

再回到庫存問題一點，我很高興分享，這是兩年來第一次，我們的 BMS 營收年對年成長達到兩位數，我們也對 BMS 的持續成長保持樂觀，主要由歐洲與中國電動車滲透率進一步提升所帶動。而且我們持續聽到中國的滲透率正在快速提高，且他們將開始部署更高等級的 ADAS。我們預期在今年年底前，部分中國車款將會導入 L3 等級的 ADAS。所以這些對我們而言都是強勁且正面的因素。

And as we look out at Q3, we have record bookings, positive book-to-bill, and so we do expect to see above seasonal growth, sort of in that mid-high single digits. We are pretty confident in the outlook for the rest of the year for us in Auto.

展望第三季，我們有創紀錄的接單、正向的接單出貨比（book-to-bill），因此我們確實預期會看到高於季節性的成長，大約在中高個位數百分比。我們對汽車業務今年剩餘期間的展望相當有信心。

Now, on the inventory build-up question, we're not seeing that yet. After the digestion, which we talked about, particularly in BMS, we feel like Automotive customers are fairly lean on inventory, at least the ones we talked to, and which is very supportive of our growth expectation going forward.

至於庫存堆積的問題，我們目前還沒有看到。在我們談到的去化之後，特別是在 BMS 方面，我們覺得汽車客戶的庫存相當精實，至少就我們接觸到的客戶而言，這對我們未來的成長預期非常有利。

Thank you. We'll move on to our last question, please.

謝謝。我們請進行最後一個問題。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yeah, thank you. I just have a quick follow-up. So I think there's increasing concerns about capacity, especially external capacity, given what's happening on the digital side of things. So I don't know if you're willing to share with us numerically how much capacity you have internally and externally, meaning how much revenue you could generate? And how do you plan to grow that over the next few years, especially now that you're growing more than 30%? Thank you.

好的，謝謝。我有個簡短的追問。我想大家對產能的擔憂正在增加，尤其是外部產能，考量到數位領域正在發生的事情。所以我不確定你是否願意用數字跟我們分享，你們內部與外部各有多少產能，也就是說你們最多可以產生多少營收？以及你們計畫在未來幾年如何擴增，特別是現在你們的成長超過 30%？謝謝。

Yeah. So we've talked about the work we've done to double our internal capacity and obviously continue to expand our partnerships. And we are comfortable that we have the capacity to support up to the $20 billion that we've been talking about as part of our 2030 vision.

好的。我們已談過我們所做的工作，將內部產能提升一倍，並且顯然也持續擴大我們的合作夥伴關係。我們有信心目前的產能足以支撐我們在 2030 願景中所提到、最高達 200 億美元的規模。

And obviously, just as part of our normal refresh and CapEx management cycle, we're continuing to look at opportunities for increased efficiency, but also opportunities to build some additional internal capacity as needed. That's just part of the normal dynamics we go through on the internal side. And then, obviously, externally, we've got very strong relationships, and to date, we have not had trouble expanding across that. Clearly, there are more tightness in some of the nodes, but we have not yet been unable to get the capacity we've needed.

而且很明顯地，作為我們正常的更新與資本支出（CapEx）管理週期的一部分，我們持續尋找提升效率的機會，同時也會視需要尋找建立額外內部產能的機會。這就是我們在內部端所經歷的正常動態之一。然後在外部方面，我們有非常強的合作關係，截至目前，我們在擴展外部產能上並未遇到困難。當然，某些製程節點確實更為吃緊，但我們至今尚未出現無法取得所需產能的情況。

Yeah. Tore, we've been building, both internally and externally, optionality. Externally, we've put a lot of geographical optionality in play, which gives us more capacity plus the resiliency that our customers are looking for. So we still have a lot of upside on the current base revenue, ADI, both internally and externally.

是的。Tore，我們一直在內部與外部兩方面建立彈性選項。在外部方面，我們已部署了大量的地理彈性選項，這讓我們擁有更多產能，同時也提供客戶所尋求的韌性。因此，以目前的基礎營收來看，ADI 在內部與外部兩方面仍有很大的上行空間。

Sounds good. Thank you.

聽起來很好。謝謝。

Thanks, Tore. All right.

謝謝你，Tore。好。

Thanks, everyone, for joining us today. A copy of this transcript will be available on our website, and all available reconciliations and additional information can also be found in the Quarterly Results section of our Investor Relations website, investor.analog.com. And thank you for your continued interest in Analog Devices.

感謝各位今天加入我們。本逐字稿的副本將會在我們的網站上提供；所有可用的調節表與其他補充資訊，也可在我們投資人關係網站 investor.analog.com 的「季度業績」（Quarterly Results）專區找到。並感謝各位持續關注 Analog Devices。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士先生參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝您有美好的一天。