Advanced Energy Industries Inc (AEIS) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Advanced Energy first-quarter 2025 earnings call. (Operator instructions) And as a reminder, this conference is being recorded.

大家好，歡迎參加 Advanced Energy 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce to you Edwin Mok, Vice President of Strategic Marketing and Investor Relations. Thank you, sir. You may begin.

現在我很高興向大家介紹策略行銷和投資者關係副總裁 Edwin Mok。謝謝您，先生。你可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy first-quarter 2025 earnings conference call. With me today are Steve Kelley, our President and CEO; and Paul Oldham, our Executive Vice President and CFO. You can find today's press release and presentation on our website at ir.advancedenergy.com.

謝謝您，接線生。大家下午好。歡迎參加 Advanced Energy 2025 年第一季財報電話會議。今天與我在一起的有我們的總裁兼執行長史蒂夫凱利 (Steve Kelley) 和我們的執行副總裁兼財務長保羅奧爾德姆 (Paul Oldham)。您可以在我們的網站 ir.advancedenergy.com 上找到今天的新聞稿和簡報。

Before we begin, let me remind you that today's call contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantees of future performance. Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management's estimates as of today, April 30, 2025, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance.

在我們開始之前，請允許我提醒您，今天的電話會議包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果大不相同，並且不能保證未來的表現。有關這些風險的資訊可以在我們向美國證券交易委員會提交的文件中找到。所有前瞻性陳述均基於管理階層截至 2025 年 4 月 30 日的估計，本公司不承擔更新這些估計的義務。今天提出的任何超出本季度的目標都不應被解讀為指導。

On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Exclude from our non-GAAP results are stock compensation, amortization, acquisition-related costs, facility infrastructure and other transition costs, restructuring and asset impairment charges and unrealized foreign exchange gain or loss. Please refer to a detailed reconciliation between our GAAP and non-GAAP results in today's press release.

在今天的電話會議上，除非另有說明，我們的財務結果均以非 GAAP 財務基礎呈現。我們的非公認會計準則績效不包括股票薪酬、攤銷、收購相關成本、設施基礎設施和其他過渡成本、重組和資產減損費用以及未實現外匯損益。請參閱今天的新聞稿中我們 GAAP 和非 GAAP 結果之間的詳細對帳。

With that, let me pass the call to our President and CEO, Steve Kelley.

說完這些，請允許我把電話轉給我們的總裁兼執行長史蒂夫凱利 (Steve Kelley)。

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. In the first quarter, we delivered solid financial results with both revenue and earnings approaching the high end of our guidance. Revenue increased 24% year-over-year, led by strength in Data Center Computing and Semiconductor. Industrial & Medical revenue declined in the first quarter, but we do expect to deliver sequential revenue growth in the second quarter.

謝謝，埃德溫。大家下午好，感謝大家參加電話會議。第一季度，我們取得了穩健的財務業績，營收和收益都接近預期的高點。營收年增 24%，主要得益於資料中心計算和半導體的強勁成長。工業和醫療收入在第一季有所下降，但我們預計第二季營收將實現連續成長。

Across our markets, we continue to see solid traction with our new products. Multiple design wins are going into production this year, driving revenue growth and share gain. We are focused on delivering value to our customers through superior technology, in-house manufacturing and best-in-class service.

在我們的市場中，我們繼續看到新產品的強勁成長動能。今年，多項設計成果將投入生產，推動收入成長和市場份額成長。我們致力於透過卓越的技術、內部製造和一流的服務為客戶提供價值。

To support these objectives, we continue to invest heavily in R&D, new product capabilities, factory consolidation and our digital platform. In addition, investments in modular design have reduced our development cycle times, enabling the rapid delivery of customized solutions to our customers.

為了支持這些目標，我們繼續大力投資研發、新產品能力、工廠整合和數位平台。此外，對模組化設計的投資縮短了我們的開發週期，使我們能夠快速向客戶提供客製化解決方案。

Our improvements in operational efficiency drove better-than-expected gross margin in the first quarter. And the closure of our last China factory later this quarter, the culmination of a multiyear effort is expected to drive further gross margin improvement in the second half.

我們營運效率的提高推動第一季的毛利率優於預期。我們最後一家中國工廠將於本季稍後關閉，這是我們多年努力的成果，預計將推動下半年毛利率進一步提高。

Now I'd like to say a few words about the current environment and how we are dealing with the new tariff regime. So far, we have seen no downward revisions in the demand forecast of our major customers in response to the new tariffs. As a result, our revenue outlook remains solid for the second quarter.

現在我想談談當前的環境以及我們如何應對新的關稅制度。到目前為止，我們尚未看到主要客戶的需求預測因新關稅而下調。因此，我們對第二季的營收前景依然樂觀。

Although macro visibility in the second half is limited, current customer forecasts support growth for the year, particularly in Data Center and Semiconductor. Although we will not be able to fully mitigate the direct impact of tariffs, we believe that we are relatively well positioned. As I mentioned previously, our last China factory will close in June. In addition, our shipments from the US into China are low. Therefore, our direct exposure to the highest tariff rates is limited.

儘管下半年宏觀能見度有限，但目前客戶預測支援今年的成長，尤其是資料中心和半導體領域。儘管我們無法完全減輕關稅的直接影響，但我們相信我們處於相對有利的地位。正如我之前提到的，我們在中國的最後一家工廠將於六月關閉。此外，我們從美國到中國的出貨量很低。因此，我們直接受到的最高關稅稅率的影響是有限的。

Further, with major facilities in Malaysia, the Philippines and Mexico, our broad manufacturing footprint allows us to optimize production to meet customer needs. Finally, most of the products we import from Mexico into the US are USMCA compliant, which under current rules means that they are exempt from reciprocal tariffs.

此外，我們在馬來西亞、菲律賓和墨西哥擁有主要工廠，廣泛的製造足跡使我們能夠優化生產以滿足客戶需求。最後，我們從墨西哥進口到美國的大多數產品都符合 USMCA 標準，根據現行規定，這意味著它們可以免徵互惠關稅。

Now let me provide updates on each of our markets. In the first quarter, semiconductor revenue decreased slightly from Q4, but was well ahead of plan. The better-than-expected results were due largely to strength at the leading edge for both logic and memory processes. We expect semiconductor demand to remain solid in the current quarter, supported by continuing investment at the leading edge.

現在讓我提供我們每個市場的最新情況。第一季度，半導體收入較第四季略有下降，但遠超出計畫。好於預期的結果主要歸功於邏輯和記憶體處理的領先優勢。我們預計，在前沿領域持續投資的支持下，本季半導體需求將保持強勁。

We continue to see strong customer pull for our next-generation eVoS, eVerest and NavX products and have cumulatively shipped over 350 qualification units through the first quarter. This represents a fivefold increase from a year ago and a meaningful jump from more than 250 units shipped just a quarter ago.

我們繼續看到客戶對下一代 eVoS、eVerest 和 NavX 產品的強勁需求，第一季已累積出貨超過 350 台合格產品。這比一年前增長了五倍，與一個季度前出貨的 250 多台相比有了顯著增長。

Our customers are incorporating these products into their next-generation platforms for both logic and memory processes. We expect initial production ramps to start in the second half of this year, followed by more significant growth in 2026. In Data Center Computing, we achieved record revenue, which more than doubled year-on-year. Multiple hyperscale design wins are ramping to volume in 2025. We expect data center revenue to grow in the second quarter and into the second half of the year. Our new products, which feature high reliability, high efficiency and high power density are a good fit for power-hungry AI data centers.

我們的客戶正在將這些產品納入其下一代邏輯和記憶體流程平台。我們預計產量將於今年下半年開始成長，並在 2026 年實現更顯著的成長。在資料中心運算領域，我們的營收創下了歷史新高，年增了一倍以上。多項超大規模設計勝利將在 2025 年實現量產。我們預計資料中心收入將在第二季和下半年成長。我們的新產品具有高可靠性、高效率和高功率密度的特點，非常適合耗電的人工智慧資料中心。

Our focus on high-end opportunities has yielded deeper partnerships and closer relationships with our key customers. In addition to the products we are currently ramping to production, we have already won key slots in next-generation racks with expected ramps in late 2025 and early 2026. Industrial Medical revenue decreased sequentially more than we expected.

我們專注於高端機遇，與主要客戶建立了更深層的合作關係和更緊密的關係。除了目前正在量產的產品外，我們還已贏得下一代機架的關鍵份額，預計將於 2025 年底和 2026 年初量產。工業醫療收入季減幅度超出我們的預期。

Continuing inventory digestion, coupled with weaker turns orders were the primary headwinds we faced in Q1. However, late in the quarter, we saw a meaningful increase in distribution orders, which should drive sequential growth in the second quarter. We believe that industrial and medical revenue likely reached a bottom in Q1. However, the pace of recovery in this market could be impacted by the new tariff regime.

持續的庫存消化，加上週轉訂單的疲軟是我們在第一季面臨的主要阻力。然而，在本季末，我們看到分銷訂單大幅增加，這將推動第二季的連續成長。我們認為工業和醫療收入可能在第一季觸底。然而，該市場的復甦速度可能會受到新關稅制度的影響。

On the new product front, we continue to grow our design win pipeline. In the first quarter, we recorded major wins in industrial coating, robotics, therapeutic and life science applications. On past earnings calls, I've talked about the success of our new customer-friendly website. In addition, we've been working closely with our key distributors to expand our presence on their websites. Mouser Electronics, the first distributor to launch their enhanced AE microsite, reported a 60% increase in page views in the first quarter.

在新產品方面，我們繼續擴大我們的設計勝利管道。第一季度，我們在工業塗料、機器人、治療和生命科學應用方面取得了重大勝利。在過去的收益電話會議上，我談到了我們新的客戶友善網站的成功。此外，我們一直與主要分銷商密切合作，以擴大我們在其網站上的影響力。Mouser Electronics 是第一家推出增強型 AE 微網站的經銷商，該公司報告第一季頁面瀏覽量增加了 60%。

We expect similar results when our other distributors launch their AE microsites later this year. These enhancements make it easier for engineers to quickly identify the right Advanced Energy product and find available inventory. In the Telecom & Networking market, we experienced a modest sequential revenue decline in the first quarter as anticipated. Going forward, we expect revenue in this market to remain within our target range.

我們預計，當我們的其他經銷商在今年稍後推出他們的 AE 微型網站時也會取得類似的結果。這些增強功能使工程師能夠更輕鬆、更快速地識別正確的先進能源產品並找到可用的庫存。在電信和網路市場，我們第一季的營收如預期般出現了小幅環比下降。展望未來，我們預期該市場的收入將保持在我們的目標範圍內。

Now for some closing thoughts. First, we are off to a good start in 2025, thanks to strength in the Data Center and Semiconductor markets, the success of our new products and continued improvements in operational efficiency. For the remainder of the year, we will focus on maintaining our new product momentum, staying close to our customers and completing our factory consolidation plan.

現在來談談一些總結性的想法。首先，由於資料中心和半導體市場的強勁表現、新產品的成功以及營運效率的持續提升，我們在 2025 年取得了良好的開端。在今年剩餘的時間裡，我們將專注於保持新產品的發展動能、與客戶保持密切聯繫以及完成工廠整合計畫。

Second, based on our understanding of the current tariff environment, we believe that we are relatively well positioned and are taking the right actions to minimize our exposure. Third, demand for our new products is very strong.

其次，基於我們對當前關稅環境的了解，我們認為我們處於相對有利的地位，並正在採取正確的行動來盡量減少我們的風險敞口。第三，我們的新產品需求非常強勁。

Our R&D investments are paying off as customers incorporate our new technology into their leading -edge products. Finally, with a strong balance sheet, we continue to look for inorganic growth opportunities, which make strategic and financial sense.

隨著客戶將我們的新技術融入他們的尖端產品中，我們的研發投資正在獲得回報。最後，憑藉強勁的資產負債表，我們將繼續尋找具有策略和財務意義的無機成長機會。

To summarize, our results and guidance show that Advanced Energy is executing well in a dynamic market environment. We are confident that we can grow revenue, gain market share and improve our margins in 2025.

總而言之，我們的業績和指導表明，Advanced Energy 在動態的市場環境中表現良好。我們有信心在 2025 年實現收入成長、市佔率擴大和利潤率提高。

Paul will now provide more detailed financial information.

保羅現在將提供更詳細的財務資訊。

Thank you, Steve, and good afternoon, everyone. Let me start with the headlines. First, we executed well in a dynamic environment. First quarter revenue of $405 million was ahead of our guidance with strength in Data Center Computing and Semiconductor more than offsetting weakness in Industrial & Medical. Gross margin of 37.9% was better than expected, and we managed spending to the low end of our projection. As a result, earnings per share was $1.23, well above our guidance.

謝謝你，史蒂夫，大家下午好。讓我先從標題說起。首先，我們在動態環境中表現良好。第一季營收為 4.05 億美元，超出我們的預期，資料中心計算和半導體領域的強勁表現足以抵消工業和醫療領域的疲軟表現。37.9% 的毛利率好於預期，我們將支出控制在預測的低端。因此，每股收益為 1.23 美元，遠高於我們的預期。

Second, looking into Q2, with near-term demand visibility in data center and semiconductor and the ramp of new products, we expect revenue and earnings to grow sequentially and to be above our previous expectations. Finally, in April, we took advantage of market volatility and repurchased $22.7 million worth of common stock at an average price of $83.78 per share.

其次，展望第二季度，隨著資料中心和半導體的近期需求可見度以及新產品的推出，我們預期營收和收益將環比成長，並高於我們先前的預期。最後，在四月份，我們利用市場波動，以每股平均 83.78 美元的價格回購了價值 2,270 萬美元的普通股。

Now let's review our first quarter financial results in more detail. Total revenue of $405 million decreased 3% sequentially, but increased 24% year-over-year. Semiconductor revenue was $222 million, down 2% from Q4, but up 23% from last year. Strong demand in AI-related leading-edge foundry logic and memory drove the better-than-expected results. Data center computing revenue was a record $96 million, up 9% sequentially and 130% year-over-year. Multiple new hyperscale programs started to ramp this quarter and are expected to drive further growth in Q2.

現在讓我們更詳細地回顧一下第一季的財務表現。總營收 4.05 億美元，季減 3%，但年增 24%。半導體營收為 2.22 億美元，較第四季下降 2%，但比去年同期成長 23%。與人工智慧相關的尖端代工邏輯和記憶體的強勁需求推動了好於預期的業績。資料中心計算收入達到創紀錄的 9,600 萬美元，季增 9%，年增 130%。本季度，多個新的超大規模專案開始加速發展，預計將推動第二季度的進一步成長。

Revenue in the industrial and medical market was $64 million, down 16% from Q4 and 23% from last year due to ongoing channel inventory destocking and lower turns revenue. However, orders rebounded during the quarter. Telecom & Networking revenue declined 5% sequentially and 2% year-over-year to $22 million, in line with our expectations.

工業和醫療市場的收入為 6,400 萬美元，較第四季下降 16%，較去年同期下降 23%，原因是通路庫存持續減少以及週轉收入下降。不過，本季訂單有所反彈。電信和網路收入季減 5%，年減 2%，至 2,200 萬美元，符合我們的預期。

First quarter gross margin was 37.9%, down just 10 basis points from last quarter, but up 280 basis points from last year. Gross margin was above our previous guidance, even with the initial impact of tariffs that started in March, driven by favorable product mix and improved manufacturing costs.

第一季毛利率為37.9%，較上一季僅下降10個基點，但較去年同期上升280個基點。儘管受到 3 月開始的關稅的初步影響，但由於產品組合良好且製造成本改善，毛利率仍高於我們先前的預期。

Operating expenses of $98.6 million were down more than $3 million from last quarter and at the low end of our target range. OpEx increased only modestly year-over-year, while revenue increased 24%, well ahead of our target of growing OpEx at half of revenue growth. As a result, first quarter operating income was $55 million and operating margin was 13.5%, up almost 700 basis points year-over-year.

營運費用為 9,860 萬美元，比上一季下降了 300 多萬美元，處於我們目標範圍的低端。營運支出年比僅小幅成長，而收入卻成長了 24%，遠遠超出了我們將營運支出成長作為收入成長一半的目標。因此，第一季營業收入為 5,500 萬美元，營業利潤率為 13.5%，較去年同期成長近 700 個基點。

Depreciation was $11 million, and our adjusted EBITDA was $65 million, which more than doubled year-over-year. Other income of $1 million was lower sequentially, mainly due to the impact of investment returns on deferred compensation.

折舊為 1,100 萬美元，調整後的 EBITDA 為 6,500 萬美元，較去年同期成長一倍以上。其他收入為 100 萬美元，環比下降，主要是由於投資回報對遞延薪酬的影響。

For Q1, our non-GAAP tax rate was 15.8%, below our target, mainly due to delayed implementation of the Pillar 2 global minimum tax regime in certain jurisdictions. We continue to expect the tax rate to increase to approximately 19% for the balance of 2025 based on full adoption of the GMT. As a result, first quarter earnings were $1.23 per share compared to $1.30 per share in the previous quarter and $0.58 per share a year ago.

第一季度，我們的非公認會計準則稅率為 15.8%，低於我們的目標，主要原因是某些司法管轄區第二支柱全球最低稅制實施延遲。我們繼續預計，如果全面採用 GMT，到 2025 年，稅率將增加至約 19%。因此，第一季每股收益為 1.23 美元，而上一季每股收益為 1.30 美元，去年同期每股收益為 0.58 美元。

Turning now to the balance sheet. Total cash and cash equivalents at the end of the first quarter was $723 million with net cash of $158 million. Cash flow from continuing operations was $29 million. Inventory increased $8 million as we added critical piece part inventories to support near-term growth. Inventory days increased from 126 in Q4 to 132 in Q1, and inventory turns were 2.7 times. DPO increased from 50 days in Q4 to 56 in Q1 and DSO increased from 57 days in Q4 to 62 in Q1.

現在來看資產負債表。第一季末的現金和現金等價物總額為 7.23 億美元，淨現金為 1.58 億美元。持續經營產生的現金流為2900萬美元。由於我們增加了關鍵零件庫存以支持近期成長，庫存增加了 800 萬美元。庫存天數由第四季的126天增加至第一季的132天，庫存週轉率為2.7次。DPO 從第四季的 50 天增加到第一季的 56 天，DSO 從第四季的 57 天增加到第一季的 62 天。

During the first quarter, we invested $13.9 million or 3.4% of revenue in CapEx. Finally, we paid $3.8 million in dividends and repurchased $908,000 of common stock at an average price of $94.26 per share.

第一季度，我們在資本支出方面投資了 1,390 萬美元，佔營收的 3.4%。最後，我們支付了 380 萬美元的股息，並以每股 94.26 美元的平均價格回購了價值 908,000 美元的普通股。

Before I talk about guidance, let me give you a little more color on the impact of tariffs and trade on AE. As you know, the situation is very dynamic, potentially increasing macroeconomic risk and making longer-term financial projections difficult and subject to change. However, we believe that AE is relatively well positioned.

在我談論指導之前，讓我先稍微介紹一下關稅和貿易對 AE 的影響。眾所周知，情況瞬息萬變，可能會增加宏觀經濟風險，並使長期財務預測變得困難且容易發生變化。然而，我們認為 AE 的地位相對較高。

From a revenue perspective, our customers are still projecting continued investments in artificial intelligence and new technologies. In addition, incremental revenue from new products in data center and semiconductor should position us to outgrow our markets and gain share.

從收入角度來看，我們的客戶仍計劃繼續投資人工智慧和新技術。此外，由資料中心和半導體新產品帶來的增量收入應該可以使我們超越市場並獲得份額。

From a cost perspective, while tariff expense will increase near term, we are taking actions to mitigate the financial impact. As Steve noted, we are starting with a favorable geographic manufacturing footprint, giving us the flexibility to optimize production in lower tariff countries and utilize exemptions like USMCA wherever possible. We are working with our supply chain to limit imports from high-tariff locations, qualify alternate vendors or parts and redirect goods flow where it makes sense.

從成本角度來看，雖然關稅費用短期內會增加，但我們正在採取措施減輕財務影響。正如史蒂夫所說，我們從有利的地理製造足跡開始，這使我們能夠靈活地優化低關稅國家的生產，並盡可能利用 USMCA 等豁免。我們正在與我們的供應鏈合作，限制來自高關稅地區的進口，確定替代供應商或零件的資格，並將貨物流重新定向到合理的方向。

Finally, we expect to make price adjustments to cover costs, which cannot otherwise be mitigated. As a result, assuming no major change in the current environment, we expect to continue to be able to meet our gross and operating margin targets over time.

最後，我們預期進行價格調整以彌補無法以其他方式減輕的成本。因此，假設當前環境沒有重大變化，我們預計隨著時間的推移，我們將繼續能夠實現毛利率和營業利潤率目標。

Turning now to our guidance. First, our outlook contemplates our assessment of the direct impact of tariffs. Based on solid customer demand, we expect revenue in the second quarter to grow sequentially and the second half to grow low single digits over the first half. In the data center computing market, we expect continued ramp of new programs for customer AI investments to drive strong sequential growth in the current quarter and potentially beyond. We expect Q2 semiconductor revenue to moderate slightly from Q1. Based on the stronger-than-expected first half, we now project semiconductor to grow around 10% for the year, partially due to initial production ramp of our new products.

現在轉向我們的指導。首先，我們的展望考慮了對關稅直接影響的評估。基於穩定的客戶需求，我們預計第二季營收將季增，下半年營收將比上半年實現低個位數成長。在資料中心運算市場，我們預期客戶人工智慧投資新專案的持續增加將推動本季及以後的強勁環比成長。我們預計第二季半導體營收將較第一季略有下降。基於上半年強於預期的表現，我們目前預計今年半導體產業的成長率將達到 10% 左右，部分原因是我們新產品的初始產量提升。

Within Industrial & Medical, we believe Q1 was the bottom and expect revenues to start recovering in Q2 on increased orders. However, we expect the rate of recovery to be tempered by economic uncertainty and the cost of tariffs. As a result, we are forecasting our second quarter revenue to be approximately $420 million, plus or minus $20 million.

在工業和醫療領域，我們認為第一季是底部，並預計隨著訂單增加，收入將在第二季開始復甦。然而，我們預計復甦速度將受到經濟不確定性和關稅成本的影響。因此，我們預測第二季的營收約為 4.2 億美元，上下浮動 2,000 萬美元。

We expect Q2 gross margin to be around 38% on continued improvement in manufacturing and higher volumes, offset by less favorable mix and the impact of the new tariffs. We expect Q2 operating expenses to increase to $99 million to $101 million due primarily to investments in new products and annual merit increases. We expect other income to be approximately $1 million per quarter and the tax rate to be in the 19% range. As a result, we expect Q2 non-GAAP earnings per share to be $1.30, plus or minus $0.25.

我們預計第二季毛利率將在 38% 左右，這得益於製造能力的持續改善和產量的增加，但會被產品組合不太有利和新關稅的影響所抵消。我們預計第二季營運費用將增至 9,900 萬美元至 1.01 億美元，主要原因是對新產品的投資和年度績效加薪。我們預計每季其他收入約為 100 萬美元，稅率在 19% 左右。因此，我們預計第二季非 GAAP 每股收益為 1.30 美元，上下浮動 0.25 美元。

Finally, given our expected market share gains in data center and next-generation semiconductor products, we have decided to increase our full year 2025 CapEx guidance to 5% to 6% of revenue. While this is above our prior target of over 4%, our strong balance sheet enables us to make this investment in high-volume capacity to capture revenue upside and support new product introduction capability.

最後，鑑於我們預期資料中心和下一代半導體產品的市場份額將有所增長，我們決定將 2025 年全年資本支出預期提高至收入的 5% 至 6%。雖然這高於我們先前設定的 4% 以上的目標，但我們強勁的資產負債表使我們能夠對大批量產能進行投資，以獲得收入成長並支持新產品的推出能力。

Before opening it up for questions, I want to highlight a few points. Although the new tariff and trade policies are creating macro uncertainty, particularly in the second half, we believe we are relatively well positioned. We believe we're gaining share across our markets, supported by multiple generations of high-end data center solutions, leading-edge plasma power platforms and a broad set of customized industrial and medical design wins.

在開始提問之前，我想強調幾點。儘管新的關稅和貿易政策帶來了宏觀不確定性，尤其是在下半年，但我們相信我們處於相對有利的地位。我們相信，在多代高端資料中心解決方案、領先的等離子電源平台以及一系列客製化工業和醫療設計勝利的支持下，我們的市場份額正在不斷擴大。

We're on track to complete our China factory closure this quarter, providing margin uplift in the second half. As we demonstrated in Q1, we continue to improve our cost structure and are committed to find ways to offset the increased cost of tariffs and achieve our gross margin expansion goals over time.

我們預計本季完成中國工廠的關閉，從而提高下半年的利潤率。正如我們在第一季所展示的那樣，我們不斷改善成本結構，並致力於尋找方法來抵消關稅成本的增加，並隨著時間的推移實現我們的毛利率擴張目標。

Finally, our strong balance sheet and net cash position enable us to fund investments in capability and capacity for growth, opportunistically repurchase our stock to offset dilution and maintain ample liquidity to pursue strategic acquisitions that create shareholder value.

最後，我們強勁的資產負債表和淨現金狀況使我們能夠為能力和成長能力的投資提供資金，適時回購股票以抵消稀釋，並保持充足的流動性以進行創造股東價值的策略性收購。

With that, we'll now take your questions. Operator?

現在我們來回答你們的問題。操作員？

Thank you. We will now be conducting a question and answer session.(Operator instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there, good afternoon. Good work, and, thanks for letting us ask a few questions. Maybe firstly, and I apologize if I missed this, but are you -- is your underlying view for the semi equipment market were kind of flattish WFE? And if that's the case or even if you revise that, do you -- how would you contextualize your 10% growth outlook level of outperformance? I guess this would also imply second half semi cap revenues roughly similar-ish to first half. I guess I'll stop there with that first question.

大家好，下午好。幹得好，感謝您讓我們提出幾個問題。首先，如果我錯過了這一點，我很抱歉，但你——你對半導體設備市場的基本看法是 WFE 有點平淡嗎？如果情況確實如此，或者即使您修改了這一假設，您如何將 10% 的成長前景水準具體化？我猜這也意味著下半年的半導體收入與上半年大致相同。我想我就先回答完第一個問題。

Thanks for the question, Brian. So as far as WFE goes, we don't try to pick that or predict it, but we think it's somewhere in the 0% to 5% up this year. And so our growth of 10%, which is what we're projecting year-on-year, is above market. And we think that's due to a few factors.

謝謝你的提問，布萊恩。因此，就 WFE 而言，我們不會試圖選擇或預測它，但我們認為今年它的漲幅將在 0% 到 5% 之間。因此，我們預計將年增 10%，高於市場水準。我們認為這是由幾個因素造成的。

One is the increasing etch and depth intensity of these leading-edge processes, where we're very strong. Secondly, our new products are catching on. So that's contributing to our outperformance. And third, most of the action is in leading-edge logic and DRAM. And those are two areas where we have good content.

一是這些尖端製程的蝕刻和深度強度不斷提高，這是我們非常擅長的。其次，我們的新產品越來越受歡迎。這有助於我們的優異表現。第三，大部分動作都集中在前沿邏輯和 DRAM 領域。這兩個領域都是我們擁有優質內容的領域。

Got it. Thanks, Steve. And then my follow-up. One, can you give us a sense -- I don't know if it's advanced logic, maybe NAND, where you're starting to see that initial production ramp of the new plasma process power products in the second half of the year? And then is it possible in any way to kind of bracket the potential tariff headwind you could see in the back half of the year? I know it's sort of difficult at this stage, but just if you have any additional thoughts on that.

知道了。謝謝，史蒂夫。然後是我的後續行動。首先，您能否為我們介紹一下—我不知道這是否是先進的邏輯，也許是 NAND，您是否開始看到下半年新的等離子製程電源產品的初始產量成長？那麼，您是否可以以某種方式對今年下半年可能出現的潛在關稅逆風進行分類？我知道現階段這有點困難，但如果您對此有任何其他想法的話。

Yeah. So maybe I think your second question was about tariffs and such an impact on our business. So why don't I start there? I'll start there. So when you look at our business, most of what we're selling this year goes to either semi equipment companies or to data center companies. And they're all big companies, and they're sophisticated, and they handle the tariff issues themselves essentially. That's almost 80% of our business in 2025.

是的。所以我認為您的第二個問題是關於關稅及其對我們業務的影響。那我為什麼不從那裡開始呢？我就從那裡開始。因此，當你看看我們的業務時，你會發現今年我們銷售的大部分產品都銷往了半導體設備公司或資料中心公司。它們都是大公司，而且非常成熟，基本上可以自己處理關稅問題。這幾乎占我們 2025 年業務的 80%。

So for us, in our view, most of the tariff impact will probably fall on the Industrial & Medical customers. And so most of those products are built in either Mexico or in the Philippines. So in Mexico, a little less than half of our output goes into the United States. And of that output, the vast majority of products are compliant to USMCA, which means there are no reciprocal tariffs. So actually, our position in Mexico is an advantage for us relative to most of our competitors.

因此，我們認為，大部分關稅影響可能將落在工業和醫療客戶身上。因此，大多數產品都是在墨西哥或菲律賓生產的。因此，在墨西哥，略少於一半的產量銷往了美國。其中，絕大多數產品符合 USMCA 規定，這意味著不存在互惠關稅。因此實際上，相對於大多數競爭對手，我們在墨西哥的地位對我們來說是一個優勢。

As far as the Philippines go, if the reciprocal tariffs are reimposed, the Philippines 17% tariff is less than almost any other company or any other country in Asia. So I think we're pretty well positioned to limit the impact of tariffs on our business.

就菲律賓而言，如果重新實施互惠關稅，菲律賓 17% 的關稅幾乎低於亞洲任何其他公司或任何其他國家。因此我認為我們完全有能力限制關稅對我們業務的影響。

Thanks That's really good color. And then maybe the other part, the front end of that was just the -- what device end markets where you're seeing probably contributing to that big step-up in Q1, 350 unit shipments up from 250 in the prior quarter. Is it advanced logic? Is it NAND flash? Or any color you can provide there?

謝謝。顏色真的很好。然後也許另一部分，前端只是 - 您所看到的設備終端市場可能促成了第一季的大幅增長，出貨量從上一季的 250 台增加到 350 台。這是高級邏輯嗎？它是NAND快閃記憶體嗎？或者您可以提供任何顏色嗎？

It's across the board, but clearly, the greatest sense of urgency is in advanced logic and also in DRAM.

這是全面的，但顯然，最緊迫的是先進邏輯和 DRAM。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Hey, good afternoon and well done. Very nice quarter. I have a couple of questions. Certainly, the one is to piggyback on to the prior question is you're gaining share against WFE in total, but do you think you're also gaining share within the power sleeve of WFE?

嘿，下午好，做得很好。非常好的季度。我有幾個問題。當然，首先要回答的問題是，你們在總體上正在獲得相對於 WFE 的份額，但你們是否認為你們也在 WFE 的強大實力範圍內獲得份額？

I've always hesitated to talk about market share because it goes up and down based on a variety of factors. But I think at this point, what I could say is, given the traction of our new products of eVerest, of eVoS, of NavX and the derivatives, I think we're poised to gain share in the coming years. And I'm confident in saying that these products allow us to basically expand our share in conductor etch, which is where we're strongest today, but they're also allowing us to participate in dielectric etch, which is a white space for us today. So I think we'll see significant market share gains in semiconductor over the coming three to five years.

我一直不願談論市場份額，因為它會根據多種因素而起伏。但我認為，目前我可以說的是，鑑於我們的新產品 eVerest、eVoS、NavX 及其衍生產品的吸引力，我認為我們將在未來幾年獲得市場份額。我可以自信地說，這些產品使我們基本上擴大了我們在導體蝕刻領域的份額，這也是我們目前最強的領域，但它們也使我們能夠參與電介質蝕刻，這是我們今天的空白領域。因此我認為未來三到五年內我們將看到半導體市場份額的顯著增長。

Okay, thank you for that. Then just a quick on the I&M, although maybe not so quick, but that business has been really problematic for you guys now for a number of successive quarters. And the industrial economy is probably going to get a little weaker, as I think you've pointed out with some caution there. I'm just wondering what are the steps you need to take here?

好的，謝謝你。然後簡單談談 I&M，雖然可能不是那麼快，但這項業務已經連續幾季給你們帶來了麻煩。而且工業經濟可能會變得稍微疲軟，我想您已經謹慎地指出了這一點。我只是想知道您需要採取哪些步驟？

It seems like -- I think we've talked about this before, you really need an acquisition there to gain some critical mass because it seems like you've got a lot of business, but in a lot of very small niche type of markets. I'm just very -- those are types of markets that can easily destock at any time, and they have been.

看起來——我想我們之前已經討論過這個問題，你確實需要在那裡進行收購才能獲得一些臨界規模，因為你似乎有很多業務，但很多都是在非常小的利基市場中。我只是非常——這些類型的市場隨時都可能輕易地去庫存，而且事實確實如此。

So what is the plan there to start to improve that business? I know your orders were better. But is an acquisition really the key to getting that business more plate appearances with customers? Is there something internal you need to do in I&M to kind of reverse the fortune there?

那麼有什麼計畫可以開始改善這項業務呢？我知道你的訂單更好。但收購真的是讓企業獲得更多客戶的機會的關鍵嗎？您需要在 I&M 內部採取什麼措施來扭轉局面嗎？

So Scott, there's a couple of ways I think about I&M. First is the long term and the second is short term, right? And I think on the short term, it's been an extended correction period because the I&M customers were really the last customers to recover from the supply chain crisis associated with COVID. And so I think there's still -- many customers are still working their way through excess inventories, and that's been complicated by lackluster demand, right? So the current state of the market is not great, but we think that we'll be able to show some improvement moving forward this year, but it's not going to be dramatic.

斯科特，我對 I&M 有幾種看法。第一是長期，第二是短期，對嗎？我認為從短期來看，這是一個延長的調整期，因為 I&M 客戶實際上是最後從與 COVID 相關的供應鏈危機中恢復的客戶。因此我認為，許多客戶仍在努力消化過剩庫存，而需求低迷使情況變得更加複雜，對嗎？因此，當前的市場狀況並不好，但我們認為今年我們能夠取得一些進展，但不會是顯著的改善。

But as I think about I&M long term, the same factors, I think, are going to work in our favor because this is largely a sole-source business. We're aiming at the high end of the industrial medical market. We're having great success winning new designs. And we just set a record as far as our number of products and opportunities in our pipeline. So I think we're poised to gain meaningful share as the market recovers. And so that's -- it's going to be a process, but I think we have to kind of separate the long term and the short term when we think about Industrial Medical.

但當我從長遠角度考慮 I&M 時，我認為同樣的因素也會對我們有利，因為這基本上是單一來源業務。我們瞄準的是工業醫療市場的高端。我們在贏得新設計方面取得了巨大的成功。就我們產品線中產品和機會的數量而言，我們剛剛創下了紀錄。因此我認為隨著市場復甦，我們將獲得有意義的份額。所以，這將是一個過程，但我認為，當我們考慮工業醫療時，我們必須將長期和短期分開。

Now as it comes to acquisitions, we think I&M is a great place to make acquisitions because it's a highly fragmented market. And we have a number of interesting competitors, which also have a lot of sole source position. And so we continue to work hard on our pipeline. And if we make an acquisition, it's likely to be in I&M.

現在談到收購，我們認為 I&M 是一個進行收購的好地方，因為它是一個高度分散的市場。我們有許多有趣的競爭對手，他們也擁有許多獨家供應地位。因此，我們將繼續努力建造我們的管道。如果我們進行收購，很可能是在 I&M。

Right. Okay. Thanks a lot. I appreciate it.

正確的。好的。多謝。我很感激。

Thanks Scott.

謝謝斯科特。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, This is Robert Mertens on the line on behalf of Krish. Maybe just a quick follow-up. In the Industrial & Medical markets, March seemed like a little bit weaker than maybe you expected exiting last year. And I know that business can be a bit lumpy on a quarterly basis. But looking into the second half of this year, are you seeing any sort of changing in customer purchasing patterns within the market that give you confidence in the second half recovery? Or is it really primarily based on seeing some of the inventory drawn down through your distributor network? Any color there would be helpful.

大家好，我是 Krish 的 Robert Mertens。也許只是一個快速的跟進。在工業和醫療市場，三月的表現似乎比去年預期的要弱一些。我知道每季的業務可能會有點不穩定。但展望今年下半年，您是否看到市場中客戶購買模式發生了任何變化，讓您對下半年的復甦充滿信心？或者它實際上主要基於看到分銷商網路減少的部分庫存？任何顏色都會有幫助。

Yeah. I think it's primarily our view through distribution because in I&M, roughly half our sales go through the distributor channel. And so we've seen four straight quarters of reduction in inventory and distribution. And so we're encouraged by that. We're also encouraged by some increased order activity in the latter part of Q1. And we analyzed that and we figured out it wasn't due to tariffs.

是的。我認為這主要是我們透過分銷管道看到的結果，因為在 I&M，大約一半的銷售額是透過經銷商管道實現的。因此，我們看到庫存和分銷量連續四個季度下降。因此我們對此感到鼓舞。第一季後半段訂單活動的增加也令我們感到鼓舞。我們對此進行了分析，發現這不是關稅造成的。

It was really due to demand that the distributors are seeing from end customers. So we think their orders are matching demand right now. And our overall view of the Industrial & Medical customer base is they're taking a wait-and-see approach, particularly as these tariffs get rolled out or not, and they're proceeding cautiously.

這實際上是由於分銷商看到了來自最終客戶的需求。因此我們認為他們的訂單目前與需求相符。我們對工業和醫療客戶群的總體看法是，他們採取觀望態度，特別是無論這些關稅是否出台，他們都在謹慎行事。

Okay, that's helpful. And then maybe just a quick follow-up on questions around the semi-cap business. Is there any sort of risk given the current macro environment that customers would be able to delay the rollout of some of these new systems that you're predicting to ramp pretty significantly in the second half? Or are those more strategic and sort of set in stone?

好的，這很有幫助。然後也許只是快速跟進有關半導體業務的問題。鑑於當前的宏觀環境，是否存在某種風險，即客戶可能會推遲推出一些您預計下半年將大幅增加的新系統？或者它們更具戰略性且是一成不變的？

Yeah. I think the challenges our customers are facing are pretty significant. The technical challenges as we move to two nanometers and below. And so there's always going to be pushes and pulls of schedules, and we can't control that. But what I do know is there is a high degree of urgency on the part of our customers to incorporate these new solutions from Advanced Energy because they run into issues with the older technology.

是的。我認為我們的客戶面臨的挑戰相當嚴峻。當我們進入兩奈米及以下時所面臨的技術挑戰。因此，日程安排總是會發生變化，這是我們無法控制的。但我確實知道，我們的客戶非常迫切地需要採用 Advanced Energy 的這些新解決方案，因為他們在使用舊技術時遇到了問題。

It just doesn't get the job done fast enough. And so that's the big advantage that we have is our new technology provides our customers throughput and yield performance, which is as good as or better than the last generation technology.

它只是不能足夠快地完成工作。這就是我們的一大優勢，我們的新技術為客戶提供的吞吐量和產量性能與上一代技術一樣好甚至更好。

Got it. Thank you.

知道了。謝謝。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Alright thanks. Really great to see the eVoS and eVerest performance. And I'm just trying to think about the -- what high-volume production could look like. You said you've shipped 350 units cumulatively through 1Q. Maybe that ends up at 500 or 600 or whatever for this year. But does that double as you go into high-volume production? Or is it more than a double? How have programs like that worked in the past?

好的，謝謝。真的很高興看到 eVoS 和 eVerest 的表現。我只是在思考大批量生產會是什麼樣子。您說您第一季已經累計出貨了 350 台。今年的人數可能最終會達到 500 或 600 人，或其他數字。但當你進入大批量生產時，這個數字是否會翻倍？或者說是超過兩倍？過去類似的計畫是如何運作的？

Yes. When it goes into high-volume production, it will be much more than double. So what we've done is we've seeded the market. So all the customers we have practically have received and purchased these qualification units. And so they're using these units, both in their development labs as well as at end customer wafer fabs.

是的。當它投入大批量生產時，產量將會翻倍。所以我們所做的就是為市場播下種子。因此，我們所有的客戶實際上都已收到並購買了這些合格的單位。因此，他們在開發實驗室和最終客戶晶圓廠都使用這些設備。

And so these are in various stages of qualification. In some cases, the products are already qualified and will start to ramp in the second half of this year. But in most cases, the qualification will continue through this year and the ramps will start next year. But yes, think of these units as selling in the tens of thousands of dollars. Our content is way up from last generation to this generation because we're delivering more value. And we're also operating at higher power levels. And so as we win these advanced node positions, it's going to help increase not just our unit market share, but also our dollar market share.

這些都處於資格認證的不同階段。在某些情況下，產品已經合格並將在今年下半年開始量產。但在大多數情況下，資格賽將持續到今年，而賽道將在明年開始。但是的，想想這些單位的售價是數萬美元。我們的內容比上一代有了很大的進步，因為我們提供了更多的價值。而且我們還在以更高的功率等級運作。因此，當我們贏得這些先進節點位置時，它不僅有助於增加我們的單位市場份額，而且還有助於增加我們的美元市場份額。

Yeah. That's excellent color. Thanks. Are those strictly for newly built tools? Or are there upgrade potential applications?

是的。顏色真棒。謝謝。這些是否嚴格適用於新建工具？或是有升級潛力的應用程式？

The work we're doing today is strictly for newly built tools. However, there were some customers who are looking at ways they could use some of the technology to upgrade older tools. But that's really a second priority today. Most of our customers are really focused on winning those new slots in the advanced processes.

我們今天所做的工作嚴格針對新建的工具。然而，一些客戶正在尋找利用某些技術來升級舊工具的方法。但這在今天確實是第二要務。我們的大多數客戶都真正專注於在先進的流程中贏得這些新機會。

Understood. And then a quick one on data center. You talked about growth in 2Q and then again in the two half. I'm just curious about visibility of demand. Does that extend into 2026 with this kind of momentum? And is there an upside limit to capacity as you stand today? Or could you deliver $125 million a quarter or $150 million a quarter if demand was there?

明白了。然後快速討論一下資料中心。您談到了第二季度的成長，然後又談到了下半年的成長。我只是對需求的可見度感到好奇。以這種勢頭，這種情況會延續到 2026 年嗎？就您目前的狀況而言，產能是否有上限？或者如果有需求，你能每季交付 1.25 億美元或 1.5 億美元嗎？

Yeah. So I would say in hyperscale, the inputs we're getting today are up and to the right. And our visibility for 2025 is pretty good. We have orders. We have solid forecasts that give us a lot of confidence, not just in Q2, but also in the second half growth in hyperscale.

是的。所以我想說，在超大規模中，我們今天獲得的輸入是向上和向右的。我們對 2025 年的展望相當不錯。我們有訂單。我們有可靠的預測，這給了我們很大的信心，不僅對第二季度，而且對下半年超大規模的成長也是如此。

As far as going to '26, we don't have any forecast, but what we do have are a lot of new wins. And so right now, the cadence of new products in data center is about one new one per year. So we're upgrading and trying to keep up with the introduction of GPUs. And each new generation of GPUs requires basically higher power. And so this is a very rapid upgrade cycle. And so we're ramping to volume on many programs right now, but we also have won designs that will help us ramp in '26.

至於 26 年，我們沒有任何預測，但我們確實取得了許多新的勝利。目前，資料中心新產品的推出節奏大約是每年一個。因此我們正在升級並努力跟上 GPU 的引入。每一代新的 GPU 基本上都需要更高的功率。這是一個非常快速的升級週期。因此，我們目前正在增加許多項目的產量，但我們也贏得了一些設計，這些設計將有助於我們在 26 年加大產量。

The absolute number is hard to say at this point, but I think we've done a pretty good job diversifying across multiple hyperscalers, multiple programs and multiple generations of products. So I'm pretty happy with the direction of that business. And what was your second question?

目前絕對數字很難說，但我認為我們在跨多個超大規模、多個程式和多代產品的多樣化方面做得相當不錯。所以我對業務的發展方向非常滿意。你的第二個問題是什麼？

Yeah, Steve, maybe I'll just follow up on the capacity. Yes, you heard in our comments that we're actually increasing our CapEx in the near term. This is to support really the capacity around these high- power supplies and the infrastructure that goes behind it. So we certainly have capacity to grow from where we are.

是的，史蒂夫，也許我只需要跟進容量。是的，您從我們的評論中聽到了，我們實際上正在短期內增加資本支出。這是為了真正支援這些高功率電源的容量及其背後的基礎設施。因此，我們當然有能力在現有基礎上進一步發展。

But based on our visibility of the design wins we have and kind of the power requirements, we have increased our CapEx in the near term to ensure we're in a position to capitalize and to take advantage of what we think is the higher volumes that are coming.

但基於我們對所獲得的設計勝利和電力需求的了解，我們在短期內增加了資本支出，以確保我們能夠利用並享受我們認為即將到來的更高產量。

Now I'd characterize a little bit of this CapEx as a pull-in from maybe a couple of years out. And I think it just demonstrates that the market is moving much more quickly to these higher power requirements. And frankly, our win rate in terms of capturing this -- the upside faster. So there is some investment we'll be making around power infrastructure and capacity around the high-power requirements for data center.

現在，我將把這部分資本支出描述為幾年後的拉動。我認為這表明市場正在更快地適應這些更高的功率需求。坦白說，就抓住這一點而言，我們的勝率更高——上行速度更快。因此，我們將針對資料中心的高功率需求對電力基礎設施和容量進行一些投資。

That's great. Thanks very much.

那太棒了。非常感謝。

Mark Miller, Benchmark.

馬克·米勒，基準。

Congrats on the quarter. Thanks for the question. I'm just wondering, in your backlog, what does the margin profile look like? You're kind of guiding to flat margins, but improvements in the second half. Is that based on the backlog? And the second question or part of the question is in terms of the design wins, do these products have above corporate average margins?

恭喜本季取得佳績。謝謝你的提問。我只是想知道，在您的積壓訂單中，利潤率狀況是什麼樣的？您預計利潤率將持平，但下半年將有所改善。這是基於積壓的情況嗎？第二個問題或部分問題是，就設計勝利而言，這些產品的利潤率是否高於企業平均？

Yes. Good question, Mark. So as you know, our backlog in a normalized environment isn't that meaningful because so much of it is in semi equipment or even equipment that's going to hubs for data center. So our outlook is more based on our projections of what that product mix is going to be as we look forward. And in general, we do expect higher margins from our new products and from this new mix.

是的。問得好，馬克。所以如你所知，在正常化環境下我們的積壓訂單並不是那麼有意義，因為其中許多都是半成品設備，甚至是用於資料中心樞紐的設備。因此，我們的展望更多是基於我們對未來產品組合的預測。總的來說，我們確實期望我們的新產品和新產品組合能帶來更高的利潤。

I'll say in data center, which is ramping, what we've talked about is that the product margins in those areas have improved. They're not at corporate average yet, but they're closer than they have been historically. And we focused on more sole-sourced opportunities or limited source opportunities. And we think that's really playing to our strengths and paying off for us right now.

我想說的是，在正在成長的資料中心，我們所討論的是這些領域的產品利潤率已經提高。他們還沒有達到企業平均水平，但比歷史上任何時候都更接近這個水平。我們更重視單一來源機會或有限來源機會。我們認為這確實發揮了我們的優勢並且現在就為我們帶來了回報。

At one point, you were talking about maybe by the end of the year that we'd be in a trajectory towards 40% margins. Is that still possible? Or is still -- the visibility is still not there?

您曾說過，也許到今年年底，我們的利潤率將達到 40%。這還有可能嗎？或仍然——可見性仍然不存在？

Yes. We said on our call that despite the tariffs, we're not changing our gross margin goals. So if you remember kind of the elements of that, we talked about three things. One is the factory consolidation improvement related to better cost. That's on track, and we feel good of achieving that. We talked about new product mix. That starts to impact the second half. And we think we're on track with that as well. We will have a bigger impact in '26.

是的。我們在電話會議上表示，儘管有關稅，但我們不會改變毛利率目標。所以如果你還記得其中的要素，我們討論了三件事。一是與成本改善相關的工廠整合改善。一切進展順利，我們很高興能夠實現這一目標。我們討論了新的產品組合。這開始對下半場產生影響。我們認為我們也正在朝著這個方向前進。我們將在26年產生更大的影響。

And the third one is volume. Certainly, we're seeing volumes a little higher than we had projected, and I think that's a positive. So if we kind of stay on this rate, and generally, what we said before, we would expect to approach 40% as we exited the year. And although we're not guiding to the year, I think if you look at the pieces behind that, then we said we're committed to achieve those same goals.

第三個是音量。當然，我們看到的交易量比我們預期的要高一些，我認為這是正面的。因此，如果我們保持這個速度，一般來說，就像我們之前所說的那樣，我們預計到今年年底這一比例將接近 40%。儘管我們沒有對今年做出預測，但我認為，如果你看看背後的細節，你會發現我們致力於實現同樣的目標。

The one comment I'd make maybe to your earlier question is, we do see some impact to mix, particularly data centers more heavy. But we've also characterized that as kind of in the 50 basis points, plus or minus 50 basis points in a quarter. So there could be a little bit of challenge, but we'll also have higher volume. And overall, it's not changing our model or our goal to achieve gross margins.

對於您之前的問題，我想說的是，我們確實看到了混合的一些影響，特別是資料中心的影響更為嚴重。但我們也將其描述為 50 個基點，一個季度內加減 50 個基點。因此可能會有一點挑戰，但我們的數量也會增加。總的來說，這不會改變我們的模式或實現毛利率的目標。

Thank you.

謝謝。

James Ricchiuti, Needham & Company.

詹姆斯·里基烏蒂（James Ricchiuti），李約瑟公司。

Hi, good afternoon, This is Chris Grenga on for Jim. With respect to the plans for the Thailand facility, have the tariffs changed on the margin or incrementally anything with respect to those plans, either the timing or the capacity plan for that site?

大家下午好，我是 Chris Grenga，代表 Jim 發言。關於泰國工廠的計劃，關稅是否有邊際變化或增量變化，無論是該工廠的時間表還是容量計劃？

Yeah, I don't think so. We're still planning to open that sometime in 2026, but it's really tied to increase in demand that justifies us opening the factory. And our first products in Thailand will be Plasma Power Products. And I think the plasma power part of our business is less sensitive to tariffs than Industrial & Medical. So I think things are on track today.

是的，我不這麼認為。我們仍計劃在 2026 年的某個時候開設該工廠，但這確實與需求的增長息息相關，證明我們開設工廠是合理的。我們在泰國的首批產品將是等離子電源產品。我認為我們業務中的等離子電源部分對關稅的敏感度低於工業和醫療部分。所以我認為今天一切都進展順利。

We'll have the building and the facilities completed by September of this year, and we can turn that factory on within six months of saying go. So I think we're well positioned in Thailand, and we're ready to go when the demand justifies it.

我們將在今年九月前完成建築和設施建設，並可在六個月內啟動工廠。所以我認為我們在泰國處於有利地位，當需求合理時，我們已經做好準備。

Great. And you had mentioned the success you've seen -- early success you've seen with the microsite with Mouser. Do you see any incremental impact either on sell-in or the amount of inventory held versus an arrangement where there is no microsite as more of these microsites are added in the future?

偉大的。您曾經提到您所看到的成功—您與 Mouser 合作的微型網站所取得的早期成功。隨著未來增加更多微型網站，您是否認為與沒有微型網站的安排相比，銷售量或庫存量會受到任何增量影響？

Yeah. So I think the best benchmark for us is our own website, which we basically introduced in late '23, and we had a pretty good experience in '24. So in '24, we basically earned 160 design wins right off the website with very little participation from our sales force, and that was quite significant for us. And we expect similar performance this year.

是的。所以我認為對我們來說最好的基準是我們自己的網站，我們基本上在 23 年底推出了它，並且在 24 年獲得了相當不錯的體驗。因此，在 24 年，我們基本上透過網站贏得了 160 個設計勝利，而我們的銷售人員幾乎沒有參與，這對我們來說意義重大。我們預計今年也會有類似的表現。

But at the end of the day, the reach of a company like Mouser or some of our other distributors is much larger than our reach. And so as we bring up these microsites, we expect to convert many of these opportunities into wins, and we think it's going to turbocharge our Industrial & Medical business.

但最終，像 Mouser 或我們的其他分銷商這樣的公司的覆蓋範圍比我們的覆蓋範圍要大得多。因此，當我們建立這些微型網站時，我們希望將許多這樣的機會轉化為勝利，我們認為這將增強我們的工業和醫療業務。

Thanks very much.

非常感謝。

Duksun Jang, Bank of America.

Duksun Jang，美國銀行。

Hi, good afternoon. Thanks for taking the question. Going back to semis, I know you said you don't see a lot of direct impact from tariffs, but are you seeing any indirect impact? I think a lot of your customers are -- or they've expressed pull-ins from customers, particularly in China in anticipation of the tariffs. So I'm curious if you're seeing any impact of that. Thank you.

嗨，下午好。感謝您回答這個問題。回到半導體產業，我知道您說過您沒有看到關稅帶來的太多直接影響，但您是否看到任何間接影響？我認為你們的許多客戶——或者他們已經表達了對客戶的吸引力，特別是在中國，因為預期關稅。所以我很好奇您是否看到了它的影響。謝謝。

No, we have not really seen any indirect impacts. The forecast that we operate off of -- from our semiconductor customers really haven't seen any downward revisions. So I think they're finding ways to deal with the tariffs just like they did with the export control regulations, right? Obviously, tariffs and export control don't help our customers to sell into China. But I think they're doing the best to work within the rules. And so far, we haven't seen any downward revisions in the forecast.

不，我們實際上沒有看到任何間接影響。我們根據半導體客戶所做的預測確實沒有出現任何下調。所以我認為他們正在尋找處理關稅的方法，就像他們處理出口管制條例一樣，對嗎？顯然，關稅和出口管制不利於我們的客戶向中國銷售產品。但我認為他們正在盡力遵守規則。到目前為止，我們還沒有看到預測有任何下調。

Got it. And then one follow-up on gross margin as well. So in the near term for the rest of the year, I think the story is pretty clear. You have a lot of tailwinds. But looking into '26, what would be some of the drivers that would lead us to think that there's still a lot of runway beyond the 40% mark?

知道了。然後還要跟進一下毛利率。因此，就今年剩餘時間的短期來看，我認為情況相當明朗。你有很多順風。但展望 26 年，哪些驅動因素會讓我們認為在 40% 大關之後仍有很大的發展空間？

Yeah. I think it's a couple of things. One is we should really be getting some traction on the new products and the mix going into '26 and throughout 2026. As you recall, we said that was 200 to 300 basis points of opportunity, and we're just sort of scratching on the surface of that as we exit 2025. So I think that becomes a more significant driver as time goes on.

是的。我認為有幾件事。一是我們應該在 2026 年和整個 2026 年對新產品和產品組合進行一些推動。大家還記得，我們​​說過，這是一個 200 到 300 個基點的機會，而到 2025 年，我們才剛觸及這個機會的表面。所以我認為隨著時間的推移，這將成為一個更重要的驅動力。

I think the second thing is, as our markets sort of work their way through kind of the near-term headwinds, certainly, volume is important. And we believe that we will continue to earn 100 basis points of gross margin improvement for every $50 million of quarterly revenue. So we've seen that over the last year, and we expect to continue to see that as we go forward.

我認為第二件事是，當我們的市場逐漸克服短期阻力時，交易量當然很重要。我們相信，每 5,000 萬美元的季度收入將繼續帶來 100 個基點的毛利率提升。我們在過去的一年裡已經看到了這一點，我們期望在未來繼續看到這一點。

Obviously, there's some near-term headwinds from tariffs. It's hard to gauge whether that accelerates or moderates over the longer term. But we think we can largely overcome those headwinds by actions we're taking internally, both to mitigate the impact as well to drive margins even better as we focus on cost, quality, things that are in our control to continue to improve margins.

顯然，關稅在短期內會帶來一些阻力。很難判斷長遠來看這種趨勢是會加速還是會減緩。但我們認為，透過內部採取的行動，我們可以在很大程度上克服這些不利因素，既可以減輕影響，又可以更好地提高利潤率，因為我們專注於成本、品質以及我們可以控制的事情，以繼續提高利潤率。

Understood. And then one last one, if I may. On the OpEx side, in Q2, I think you said you're progressing much better than you're going at half the rate of revenue target. But at the same time, I think you also mentioned last quarter that OpEx in general grows at half the rate of revenue. So should we expect the pace to pick up in the second half? Or how should we think about the full year OpEx?

明白了。如果可以的話，我還有最後一個問題。在營運支出方面，在第二季度，我認為您說過，您的進展比收入目標的一半要好得多。但同時，我認為您在上個季度也提到，營運支出的成長率一般是收入成長率的一半。那麼我們是否應該預期下半年步伐會加快？或者我們應該如何考慮全年的營運支出？

Yes. The way to think about it is similar to our guide last time. We said that overall, we would expect OpEx to increase $1 million to $2 million incrementally each quarter through 2025. That's a function of not only salary changes and some inflation, but also continued investments in R&D and some variable costs as revenue grows. So that's the way to think about it.

是的。思考的方式與我們上次的指南類似。我們表示，總體而言，我們預計到 2025 年，營運支出將每季逐步增加 100 萬至 200 萬美元。這不僅是薪資變化和通貨膨脹的結果，也是隨著收入成長而對研發和一些變動成本的持續投資的結果。這就是思考這個問題的方式。

I think when you do the math around that, first, I think we're entering the year in good shape because expenses are up only modestly from a year ago on significantly better revenue. So we're starting from a good place. But if you just kind of run the math out, we think we will actually grow spending better than that 50% of revenue over the course of 2025.

我認為，當你對此進行計算時，首先，我認為我們正以良好的狀態進入新的一年，因為與去年相比，支出僅略有增加，而收入卻大幅增加。因此，我們的起點很好。但如果進行一下計算，我們認為到 2025 年，我們的支出成長實際上將超過收入的 50%。

Got it. Thank you.

知道了。謝謝。

(Operator instructions)

（操作員指示）

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, good evening, and nice work on the quarter. Just wanted to circle back to the I&M segment real quick, just to make sure I have my arms around the step down we saw there as well as maybe how that can start to recover. Steve, does -- do you draw any distinction between the industrial piece and the medical piece just in terms of what you're seeing out of customer activity at this point?

是的，晚上好，本季工作進展順利。我只是想快速回到 I&M 部分，以確保我能夠理解我們在那裡看到的下降趨勢，以及可能如何開始復甦。史蒂夫，就您目前所看到的客戶活動而言，您是否對工業部分和醫療部分進行了區分？

Yeah. We do see a bit of difference between the two markets. In medical, we're seeing less enthusiasm from customers. I think there's some uncertainty about the tariffs. There's some uncertainty about federal funding, and we just see less optimism from medical customers over the past quarter.

是的。我們確實看到兩個市場之間存在一些差異。在醫療領域，我們發現客戶的熱情正在下降。我認為關稅存在一些不確定性。聯邦資金存在一些不確定性，我們看到過去一個季度醫療客戶的樂觀情緒下降。

I think industrial is kind of a mixed bag. There are some areas that are strong like (inaudible) and for us, industrial coatings, which uses plasma technology. But most of the rest of the markets are a mixed bag or down a bit. So we do distinguish between the two. Obviously, this is an area where we spend a lot of time talking to targets for our M&A pipeline.

我認為工業是一種混合體。有些領域很強，例如（聽不清楚），對我們來說，工業塗料就使用等離子技術。但其餘大部分市場表現不一或略有下滑。所以我們確實區分了這兩者。顯然，我們在這個領域花費了大量時間與併購目標溝通。

The issue for us right now is that there's a continuing valuation gap between what we think the target is worth and what they think they're worth. And over the past year, we've seen valuations come down on many of the targets in our pipeline. So we think this year, we could see some of those gaps closing, especially if those businesses remain challenged. So we're continuing to stay in touch with the targets in our funnel and hopefully, something breaks this year.

我們目前的問題是，我們認為的目標價值和他們認為的價值之間存在持續的估值差距。在過去的一年裡，我們看到我們投資的許多目標公司的估值都有所下降。因此我們認為，今年我們可能會看到一些差距縮小，特別是如果這些企業仍然面臨挑戰的話。因此，我們將繼續與我們的目標保持聯繫，希望今年能取得一些突破。

I see. Is there any dynamic happening in that I&M where products have end of life and the design wins, the next design win that you're on just hasn't ramped yet? Or is this solely a function -- the step down just solely a function of active product volumes being lower?

我懂了。在 I&M 中是否存在這樣的動態情況：產品壽命終止並且設計獲勝，而您正在進行的下一個設計勝利尚未到來？或者這只是一種功能——降級僅僅是由於活躍產品數量較低而導致的？

Yeah. I think that's a big part of it, actually. Our design win pipeline is at all-time high. So I think we're doing very well in the market, but those design wins have not ramped to production for the most part. So people are waiting. They're trying to exhaust their current inventory before they launch new products. So there's quite a bit of that going on across our I&M customer base.

是的。事實上，我認為這是其中很重要的一部分。我們的設計獲勝管道正處於歷史最高水準。所以我認為我們在市場上做得很好，但這些設計勝利大部分還沒有投入生產。所以人們都在等待。他們試圖在推出新產品之前耗盡現有庫存。在我們的 I&M 客戶群中，這種情況相當普遍。

I see, very good. Thank you.

我明白了，非常好。謝謝。

Thank you.

謝謝。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Yeah, hi, thank you for taking the question. Just two follow-ups. The first is maybe on tariffs. You guys are always very transparent about what's going on in your operating expenses, what have you. Is there anything more you can give us on tariffs in terms of percent of cost of sales that are affected and then we can apply the tariffs from there? Could you -- is it possible you could tell us the impact in the first quarter, we could extrapolate from there, but just maybe a little bit more to go on.

是的，你好，謝謝你回答這個問題。僅需兩次跟進。第一個可能是關稅問題。你們對於營運費用的進展總是非常透明。您能否就受影響的銷售成本百分比提供有關關稅的更多信息，然後我們可以從那裡應用關稅？您能否—您能否告訴我們第一季的影響，我們可以從那裡推斷，但可能還需要更多。

Yeah. We haven't broken it out specifically, Scott, frankly, because we don't think it's that big of an impact. As we talked about, we're pretty well positioned. There are some costs for sure, and they're going to increase in the second quarter. What I can tell you is that we've contemplated that in our guidance. And so you can kind of look at our guidance at I'd say, flattish, up slightly from Q1 with a bigger headwind from tariffs.

是的。史考特，坦白說，我們還沒有具體地討論這個問題，因為我們認為它的影響不是那麼大。正如我們所說的，我們的定位非常有利。肯定會有一些成本，而且這些成本在第二季會增加。我可以告訴你的是，我們已經在指導中考慮到了這一點。因此，您可以看看我們的預期，我認為，與第一季相比，業績持平，略有上升，但關稅帶來的阻力更大。

Maybe there's a little more volume there. And maybe you can kind of get a little bit of a sense from that. But generally, we haven't broken it out. It's sort of one of those things that at this point, it's a little hard to call out exactly.

也許那裡的音量稍微大一點。也許您可以從中獲得一些啟發。但一般來說，我們還沒有將其分解。這是目前還很難準確說出的事情之一。

But we believe that it's contemplated in our outlook in that as we look over the course of the year, assuming the current tariff levels, we think that's manageable within the models that we've talked about from a gross margin perspective.

但我們相信，這是我們在展望今年時已經考慮到的，假設當前的關稅水平，我們認為從毛利率角度來看，在我們所討論的模型中，這是可控的。

Okay. All right. Understood. And then the only other question I had is, again, on the I&M business. In the past, you've talked about the declines in sales and you've kind of sized what you thought was the approximate destocking impact. Could you do that again this quarter of the decline that we saw this quarter, how much of that would you say was the destocking?

好的。好的。明白了。然後我唯一的另一個問題還是關於 I&M 業務。過去，您曾談到銷售額的下降，並且對您認為的去庫存化影響進行了大致的評估。您能否再一次說明一下，我們本季看到的下降趨勢，您認為其中有多少是因為去庫存造成的？

Well, I can tell you that as far as the distributor inventories go, we saw a decline of about 14% in our overall inventories from Q4 to Q1. So that might give you some idea. But that's, again, the latest decline. We've seen four straight quarters of decline in distributor inventories. And so we're getting to a point where we're normalizing, I believe. And I think we've set the table for some growth in Q2 and perhaps in the second half in Industrial & Medical.

嗯，我可以告訴你，就經銷商庫存而言，從第四季度到第一季度，我們的整體庫存下降了約 14%。這可能會給你一些想法。但這又是最新的下滑。我們已經看到分銷商庫存連續四個季度下降。所以我相信我們正逐漸走向正常化。我認為我們已經為第二季以及下半年工業和醫療領域的成長做好了準備。

Okay. But you mean sequential growth?

好的。但你的意思是連續成長？

Yes. Sequential growth.

是的。連續增長。

Yeah. I think one comment we made on the call is that we did see orders increase quite a rebound late in the quarter. We're encouraged by that. And I think one of the characteristics there is that many of those orders were inside our lead time. That suggests to us the customers, they like really need it now. It's not across the board, but there are pockets of that.

是的。我認為我們在電話會議上提出的一個評論是，我們確實看到訂單在本季末出現了相當大的反彈。我們對此感到鼓舞。我認為其中一個特點是許多訂單都在我們的交貨時間內。這向我們這些顧客表明，他們現在確實需要它。雖然不是全盤皆是，但還是存在一些地方存在這樣的情況。

And so it's another data point that suggests that maybe we're getting to that point where we're coming to the end of the destocking. I think the flip side of that is I think the change in tariff environment probably affects Industrial & Medical the most. So all things being equal, we would expect to see things maybe continue to grow from this point. It's a little hard to handicap the environmental impact and how quickly customers will respond as they look at their demand rates.

因此，這是另一個數據點，表明我們可能已經到達去庫存的尾聲。我認為另一方面是關稅環境的變化可能對工業和醫療影響最大。因此，在其他條件相同的情況下，我們預期事情可能會從現在開始繼續發展。當看到需求率時，很難預測其對環境的影響以及顧客的反應速度。

Very helpful. Thanks a lot. Appreciate it.

非常有幫助。多謝。非常感謝。

Thanks Scott.

謝謝斯科特。

And thank you. Ladies and gentlemen, that does conclude the question and answer session, and that also concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝你。女士們、先生們，問答環節到此結束，今天的電話會議也到此結束。我們感謝您的參與。現在您可以斷開線路。