Advanced Energy Industries Inc (AEIS) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Advanced Energy third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Edwin Mok, Senior Vice President of Marketing and Investor Relations. Please go ahead.

各位好，歡迎參加 Advanced Energy 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我榮幸地向大家介紹行銷和投資人關係資深副總裁莫文偉。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to the Advanced Energy third 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 earnings press release and presentation on our website at ir.advancedenergy.com.

謝謝接線生。大家下午好。歡迎參加 Advanced Energy 2025 年第三季財報電話會議。今天陪同我的是我們的總裁兼執行長史蒂夫凱利，以及我們的執行副總裁兼財務長保羅奧爾德姆。您可以在我們的網站 ir.advancedenergy.com 上找到今天的收益新聞稿和簡報。

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.

在開始之前，請允許我提醒各位，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異，並且不能保證未來的業績。有關這些風險的資訊可以在我們提交給美國證券交易委員會的文件中找到。

All forward-looking statements are based on management's estimates as of today, November 4, 2025, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance. On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified.

所有前瞻性陳述均基於管理階層截至 2025 年 11 月 4 日的估計，本公司不承擔更新這些陳述的義務。今天提出的任何超出當前季度的目標都不應被解讀為業績指引。除非另有說明，本次電話會議中，我們的財務表現均以非GAAP財務報表形式呈現。

Excluded from our non-GAAP results are stock compensation, amortization, acquisition-related costs, facility infrastructure and other transition costs, restructuring and asset impairment charges, unrealized foreign exchange gain or loss, and the dilutive effect of our convertible note due to the higher note hedge strike price versus the initial conversion price.

我們的非GAAP業績不包括股票補償、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、未實現的匯兌損益，以及由於票據對沖執行價格高於初始轉換價格而導致的可轉換票據的稀釋效應。

Detailed reconciliation between our GAAP and non-GAAP results can be found in today's press release. Please note that this quarter, we added a new reconciliation for non-GAAP income tax and tax rate. With that, let me pass the call to our President and CEO, Steve Kelley.

有關我們GAAP和非GAAP結果的詳細調節表，請參閱今天的新聞稿。請注意，本季我們新增了非GAAP所得稅和稅率的調節表。接下來，我將把電話交給我們的總裁兼執行長史蒂夫凱利。

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. Third quarter revenue and earnings exceeded the high end of guidance, largely due to record data center revenue, which more than doubled year-on-year. Total company revenue increased 24% from last year, our fourth consecutive quarter of year-over-year growth. Strong revenue, solid execution and cost savings from our China factory closure pushed gross margin higher.

謝謝你，埃德溫。各位下午好，感謝各位參加本次電話會議。第三季營收和獲利均超出預期上限，主要得益於創紀錄的資料中心收入，該收入較去年同期成長超過一倍。公司總營收較去年成長 24%，連續第四個季度實現年增。強勁的營收、穩健的執行以及關閉中國工廠帶來的成本節約，推動毛利率上升。

As a result, we delivered the second best quarterly EPS performance in our history. This year's financial performance demonstrates the value of our market diversification strategy. By selling our industry-leading power technologies into a variety of high-end markets, we are able to generate more consistent profits and cash flow. Our markets don't generally move in sync. So there's a good chance that one or more of our markets will be strong at any given point in time.

因此，我們實現了公司歷史上第二好的季度每股收益業績。今年的財務表現證明了我們市場多元化策略的價值。透過向各種高端市場銷售我們領先業界的電力技術，我們能夠產生更穩定的利潤和現金流。我們的市場走勢通常並不一致。因此，在任何特定時間點，我們的一個或多個市場都很有可能表現強勁。

This financial stability has allowed us to continuously increase our investments in new technology, products, infrastructure and production capacity. These are the key enablers of our future growth. Sharing best-in-class technologies across our portfolio is accelerating our time to market.

這種財務穩定性使我們能夠不斷增加對新技術、新產品、基礎設施和生產能力的投資。這些都是我們未來發展的關鍵推動因素。在我們的產品組合中共享一流技術，正在加快我們的產品上市速度。

As an example, high-efficiency, high-density technology blocks created for data center applications have already been incorporated into several new semiconductor and industrial products. Another example is liquid cooling, a technology we perfected for plasma power applications.

例如，為資料中心應用而開發的高效能、高密度技術模組已被應用於多種新型半導體和工業產品。另一個例子是液冷技術，我們已將其完善應用於等離子發電領域。

This know-how gives us an advantage in the data center market, which will eventually shift to liquid cooled solutions as power levels increase. Our strong balance sheet allowed us to increase capital investment this year to capture upside demand.

這項技術使我們在資料中心市場擁有優勢，隨著功率等級的提高，資料中心最終將轉向液冷解決方案。我們強勁的資產負債表使我們能夠在今年增加資本投資，以滿足不斷增長的需求。

The payback on this incremental investment will be measured in months, not years. In addition, our new flagship factory in Thailand, where we broke ground in 2023, is now ready to start production within months of a go signal. We believe that this factory will be able to deliver more than $1 billion in incremental yearly revenue.

這項新增投資的回報將以月而不是年來衡量。此外，我們在泰國的新旗艦工廠於 2023 年破土動工，現在已準備就緒，一旦收到開工訊號，即可在幾個月內開始生產。我們相信，這家工廠每年將能帶來超過10億美元的增量收入。

On the new product front, we are seeing a high level of customer interest in our new technology platforms and in our ability to quickly develop custom products based on those platforms. Now let me provide some color on each of our markets. In semiconductor, third quarter revenue was down sequentially but about flat year-over-year.

在新產品方面，我們看到客戶對我們的新技術平台以及我們基於這些平台快速開發客製化產品的能力表現出濃厚的興趣。現在讓我來詳細介紹一下我們各個市場的狀況。半導體產業第三季營收季減，但年比基本持平。

Despite some near-term market choppiness, we expect 2025 to be our second best year ever in semiconductor. Looking forward, we expect demand for both leading-edge logic and memory to accelerate in the second half of 2026 moving into 2027.

儘管短期內市場可能會出現一些波動，但我們預計 2025 年將是半導體產業有史以來業績第二好的一年。展望未來，我們預計 2026 年下半年到 2027 年，對尖端邏輯和記憶體的需求將加速成長。

The leading edge is where our eVoS and eVerest technologies have taken root. So we expect to see both revenue growth and share gain as the market strengthens. Customers have validated the yield and throughput benefits of our eVoS and eVerest platforms and continue to incorporate them into next-generation equipment.

我們的 eVoS 和 eVerest 技術正是在尖端領域中紮根發展。因此，隨著市場走強，我們預期收入和市場份額都會成長。客戶已經驗證了我們的 eVoS 和 eVerest 平台的產量和吞吐量優勢，並繼續將其融入下一代設備中。

At SEMICON West, we showcased multiple versions of our eVerest platform, each tailored to a customer-specific application. In addition to our success in plasma power, we are also winning in system power applications, adapting our latest industrial power technologies to the needs of semiconductor equipment makers.

在 SEMICON West 展會上，我們展示了 eVerest 平台的多個版本，每個版本都針對客戶的特定應用進行了客製化。除了在等離子體電源領域取得成功外，我們在系統電源應用領域也取得了成功，我們將最新的工業電源技術應用於半導體設備製造商的需求。

Multiple wins have begun ramping to volume. In data center computing, revenue more than doubled year-on-year and reached another record. Our technology leadership, superior execution, and accelerated capital investment have enabled this increase in profitable revenue.

多場勝利的勢頭開始增強。在資料中心運算領域，營收年增超過一倍，再創佳績。我們在技術上的領先地位、卓越的執行力以及加速的資本投資，促成了獲利收入的成長。

We expect AI-driven demand to remain robust in the coming quarters and to drive year-on-year growth in 2026. New program wins secured over the past year are beginning to go into production later this quarter with further high-volume ramps beginning in the first quarter of 2026.

我們預計人工智慧驅動的需求將在未來幾季保持強勁，並在 2026 年推動年成長。過去一年中贏得的新項目將於本季晚些時候開始投產，並將於 2026 年第一季開始進一步提高產量。

In addition, we are deeply engaged with our customers in the development of next-generation power solutions, including more efficient high-voltage DC power architectures. We expect most of our current design engagements to ramp to volume in 2027 with more to come in 2028.

此外，我們也與客戶深入合作，共同開發下一代電源解決方案，包括更有效率的高壓直流電源架構。我們預計目前大部分設計專案將在 2027 年達到規模化，2028 年還將有更多專案啟動。

At the recent OCP Global Summit, we unveiled several new high-power platforms geared to meet the next-generation needs of our customers. In fact, several of our partners featured our products on the show floor. In addition, we are seeing strong interest from emerging cloud and enterprise customers seeking proven, reliable, efficient, and compact solutions for their AI racks.

在最近舉行的 OCP 全球高峰會上，我們推出了幾個新的高功率平台，旨在滿足客戶的下一代需求。事實上，我們的幾家合作夥伴都在展會上展示了我們的產品。此外，我們看到新興雲端和企業客戶對成熟、可靠、高效和緊湊的 AI 機架解決方案表現出濃厚的興趣。

Leveraging in-house technology blocks, we believe that we can quickly customize solutions for many of these customers. In Industrial and Medical, revenue and backlog again grew sequentially quarter-on-quarter as customer inventories continue to normalize.

憑藉我們自主研發的技術模組，我們相信能夠快速為許多客戶量身定制解決方案。在工業和醫療領域，隨著客戶庫存持續恢復正常，收入和積壓訂單再次環比增長。

In the distribution channel, resales grew sequentially and inventories declined for the sixth consecutive quarter. Looking forward, we expect steady revenue improvement in the coming quarters. In Q3, we secured important design wins in aerospace and defense and in several medical applications.

在分銷通路方面，轉售量較上月成長，庫存連續第六個季度下降。展望未來，我們預計未來幾季營收將穩定成長。第三季度，我們在航空航太和國防以及多個醫療應用領域獲得了重要的設計訂單。

We are delighted with the customer enthusiasm for our new technology platforms, such as the high-power density Evergreen series and the NeoPower line of configurable power solutions. Acceptance of these and other new platforms will help to drive market share gains beginning next year.

我們很高興看到客戶對我們的新技術平台（例如高功率密度的 Evergreen 系列和 NeoPower 系列可配置電源解決方案）表現出如此熱情。從明年開始，這些以及其他新平台的被接受將有助於推動市場份額的成長。

In addition, our opportunity funnel continues to grow, benefiting from our strong digital marketing efforts, robust distribution partnerships and a focused sales and applications team. In Telecom and Networking, revenue grew sequentially. We also expect sequential growth in the current quarter, driven by AI-related programs.

此外，由於我們強大的數位行銷努力、穩健的分銷合作夥伴關係以及專注的銷售和應用團隊，我們的機會管道持續成長。電信和網路業務收入季增。我們也預計，在人工智慧相關專案的推動下，本季將實現環比成長。

Now for a few closing thoughts. Due to our technology leadership, development speed, and operational execution, we now expect overall 2025 revenue to grow approximately 20%. Since our Analyst Day a year ago, infrastructure investments in artificial intelligence have increased substantially.

最後，我想補充幾點。由於我們在技術上的領先地位、開發速度和營運執行力，我們現在預計 2025 年總收入將成長約 20%。自一年前的分析師日以來，人工智慧領域的基礎設施投資已大幅增加。

These investments are driving increased demand for our differentiated data center power solutions. In addition, high-performance AI systems are stimulating investments in leading-edge logic and memory processes, which in turn will drive demand for our latest plasma power technologies.

這些投資正在推動對我們差異化資料中心電源解決方案的需求成長。此外，高性能人工智慧系統正在刺激對尖端邏輯和儲存製程的投資，這反過來又將推動對我們最新等離子體功率技術的需求。

In semiconductor, we believe the customer acceptance of our eVoS and eVerest technologies is laying the foundation for meaningful share gain. In data center, we now expect revenue to more than double in 2025 with further growth in 2026.

在半導體領域，我們相信客戶對我們 eVoS 和 eVerest 技術的接受度正在為我們取得實質的市佔率成長奠定基礎。在資料中心領域，我們預計 2025 年營收將翻倍以上，2026 年將進一步成長。

And in I&M, we believe that our design win pipeline will drive market share gains in the coming quarters. Our manufacturing strategy and execution have enabled us to consolidate our factory footprint and meet growing demand. Looking forward, we are taking additional actions to further improve manufacturing efficiency, enable scale, and achieve our long-term gross margin goals.

在I&M領域，我們相信我們的設計得標項目將在未來幾季推動市場佔有率的成長。我們的生產策略和執行力使我們能夠整合工廠規模，滿足不斷增長的需求。展望未來，我們將採取更多措施，進一步提高生產效率，擴大規模，並實現我們的長期毛利率目標。

In addition, we now have our 500,000 square foot Thailand factory available to ramp on short notice. Finally, with a strong balance sheet, we continue to pursue acquisitions, which meet our strategic and financial goals. Paul will now provide more detailed financial information.

此外，我們現在可以隨時調動位於泰國的 50 萬平方英尺的工廠，迅速提高產能。最後，憑藉強勁的資產負債表，我們將繼續進行符合我們策略和財務目標的收購。保羅接下來將提供更詳細的財務資訊。

Thank you, Steve, and good afternoon, everyone. Third quarter revenue of $463 million was above the high end of our guidance as investments in operational capacity and flexibility enabled us to capture higher data center demand.

謝謝你，史蒂夫，大家下午好。第三季營收為 4.63 億美元，高於我們預期的上限，這得益於對營運能力和靈活性的投資，使我們能夠滿足更高的資料中心需求。

Gross margin improved quarter-over-quarter and exceeded our target, driven by faster-than-expected benefits from our China factory closure and lower tariff costs. Operating margin improved 220 basis points sequentially, and we delivered earnings per share of $1.74, up 78% from last year and at the highest level since 2022. In addition, we more than doubled our operating and free cash flow over last year, even as we increased capital investments to meet growing data center demand.

毛利率環比提高，並超越了我們的目標，這主要得益於中國工廠關閉帶來的收益比預期更快，以及關稅成本的降低。營業利潤率環比提高了 220 個基點，每股收益為 1.74 美元，比去年增長了 78%，達到 2022 年以來的最高水平。此外，儘管我們增加了資本投資以滿足不斷增長的數據中心需求，但我們的營運現金流和自由現金流比去年增加了一倍多。

Now let's review our financial results in more detail. Third quarter total revenue was $463 million, up 5% sequentially and 24% year-over-year. Revenue in the semiconductor market of $197 million was about flat year-over-year, but down 6% sequentially, consistent with near-term market dynamics.

現在讓我們更詳細地回顧一下我們的財務表現。第三季總營收為 4.63 億美元，季增 5%，年增 24%。半導體市場營收為 1.97 億美元，與去年同期基本持平，但季減 6%，與近期市場動態一致。

Data center computing revenue was $172 million, up 113% year-over-year and up 21% quarter-over-quarter. We executed well to respond to changes in customer demand, enabling us to capture higher revenue in a dynamic supply chain environment.

資料中心計算營收為 1.72 億美元，年增 113%，季增 21%。我們有效地應對了客戶需求的變化，從而在動態的供應鏈環境中獲得了更高的收入。

Industrial and Medical revenue of $71 million was down 7% from last year, but increased sequentially again, up 4% from last quarter. Encouraging data points from our distributors include six consecutive quarters of decreasing inventories and continued improvement in bookings, backlog and sell-through. Telecom and Networking revenue was $24 million, up 24% from last year's low due to timing of some programs and up slightly quarter-over-quarter.

工業和醫療收入為 7,100 萬美元，比去年下降了 7%，但環比再次增長，比上一季增長了 4%。來自經銷商的令人鼓舞的數據點包括連續六個季度庫存下降，以及預訂量、積壓訂單和銷售情況的持續改善。電信和網路業務收入為 2,400 萬美元，比去年同期低點增長 24%，這主要得益於一些項目的實施時間，並且環比略有增長。

Gross margin was 39.1%, up 280 basis points over last year and 100 basis points sequentially, driven by earlier-than-expected benefits of our China factory closure, better factory loading and lower near-term tariff costs. We are pleased that we again improved gross margin despite a higher mix of data center revenue and related factory ramp costs.

毛利率為 39.1%，較去年同期成長 280 個基點，較上季成長 100 個基點，主要得益於中國工廠關閉帶來的提前效益、工廠產能利用率提高以及近期關稅成本降低。儘管資料中心收入佔比更高，且相關工廠產能爬坡成本也更高，但我們仍然很高興看到毛利率再次提高。

Operating expenses were $103 million, flat from last quarter and slightly lower than expected due to the timing of SG&A spending. OpEx as a percentage of revenue decreased 360 basis points year-over-year, demonstrating the leverage in our model.

營運支出為 1.03 億美元，與上一季持平，略低於預期，原因是銷售、一般及行政費用支出的時間安排。營運支出佔收入的百分比比去年同期下降了 360 個基點，證明了我們模式的槓桿作用。

Operating income for the quarter was $78 million, with operating margins at 16.8% of sales, the highest level since 2022. Depreciation was $10 million, and our adjusted EBITDA was $87 million. Other income was down slightly at $1.7 million on higher FX costs.

本季營業收入為 7,800 萬美元，營業利潤率的 16.8%，為 2022 年以來的最高水準。折舊額為 1000 萬美元，調整後的 EBITDA 為 8700 萬美元。由於外匯成本上升，其他收入略有下降，至 170 萬美元。

For Q3, our non-GAAP tax rate was 16.6% on favorable mix of earnings and benefits of amortizing R&D in the US under the new tax law. Third quarter EPS was $1.74 per share compared to $1.50 in the previous quarter and $0.98 a year ago. Turning now to the balance sheet. Total cash and cash equivalents at the end of the second quarter was $759 million with net cash of $192 million.

第三季度，由於收益和根據新稅法在美國攤銷研發費用的有利組合，我們的非GAAP稅率為16.6%。第三季每股收益為 1.74 美元，而上一季為 1.50 美元，去年同期為 0.98 美元。現在來看資產負債表。第二季末，現金及現金等價物總額為 7.59 億美元，淨現金為 1.92 億美元。

Cash increased by $45 million quarter-over-quarter. Cash flow from continuing operations was $79 million and free cash flow was $51 million, up 124% year-over-year. Inventory turns increased slightly quarter-over-quarter at 2.8x on higher revenue. Receivables improved from 62 to 58 days and DPO was about flat at 62 days. During the third quarter, we paid $4 million in dividends and invested $28 million in capital equipment.

現金季增4500萬美元。持續經營產生的現金流為 7,900 萬美元，自由現金流為 5,100 萬美元，較去年同期成長 124%。受營收成長的推動，庫存週轉率較上季略微上升至 2.8 倍。應收帳款週轉天數從 62 天改善至 58 天，而 DPO 基本維持不變，為 62 天。第三季度，我們支付了 400 萬美元的股息，並投資了 2,800 萬美元用於資本設備。

We expect full year 2025 capital investments to be at the high end of our range of 5% to 6% of sales and to remain elevated for the next few quarters on investments in data center capacity, infrastructure capability and our factory consolidation strategy.

我們預計 2025 年全年資本投資將達到銷售額 5% 至 6% 的較高水平，並且在接下來的幾個季度中，由於對資料中心容量、基礎設施能力和工廠整合策略的投資，資本投資將保持在較高水平。

Before moving on to guidance, let me provide some comments on the impact of tariffs. The environment continues to be dynamic, requiring us to implement additional actions to mitigate the impact of new tariffs. Although tariffs were lower in the third quarter on timing of recoveries, we expect tariffs to increase in the fourth quarter and continue to be in the 100 basis point range. Turning now to guidance.

在給予指導意見之前，我想先就關稅的影響談幾點看法。環境持續變化，需要我們採取額外措施來減輕新關稅的影響。儘管由於復甦時機的原因，第三季關稅有所下降，但我們預計第四季關稅將會上升，並繼續維持在 100 個基點的範圍內。現在進入指導環節。

We expect Q4 total revenue to increase sequentially to approximately $470 million, plus or minus $20 million. Semiconductor revenue is expected to be down slightly, consistent with customer forecasts. We expect data center computing revenue to increase modestly from the strong Q3 levels based on mix and timing of customer shipments.

我們預計第四季總營收將季增至約 4.7 億美元，上下浮動 2,000 萬美元。半導體收入預計將略有下降，與客戶預測一致。我們預計，根據客戶出貨的產品組合和時間安排，資料中心計算收入將在強勁的第三季基礎上小幅成長。

In Industrial and Medical, we expect sequential revenue growth over the next few quarters, paced by uncertainty in the macro environment. And in Telecom and Networking, revenue is expected to be up slightly on demand for AI-related products.

在工業和醫療領域，我們預計未來幾季營收將環比成長，但宏觀環境的不確定性將推動這一成長。在電信和網路領域，由於對人工智慧相關產品的需求，預計收入將略有成長。

We expect gross margin in the fourth quarter to be between 39% to 40%, with benefits of cost optimization, partially offset by increased tariff costs. We continue to believe that excluding the impact of tariffs, Q4 gross margins would be at 40% or greater.

我們預計第四季度毛利率將在 39% 至 40% 之間，這得益於成本優化，但部分收益將被不斷上漲的關稅成本所抵消。我們仍然認為，如果不計關稅的影響，第四季毛利率將達到 40% 或更高。

We expect operating expenses to increase to approximately $107 million on R&D program-related costs and higher variable costs given the stronger full year performance. Other income should be $1.5 million to $2 million, and the tax rate is expected to be around 17%. As a result, we expect Q4 non-GAAP earnings per share to be $1.75, plus or minus $0.25.

由於全年業績強勁，我們預計研發項目相關成本和更高的變動成本將導致營運費用增加至約 1.07 億美元。其他收入應為 150 萬至 200 萬美元，預計稅率約為 17%。因此，我們預期第四季非GAAP每股收益為1.75美元，上下浮動0.25美元。

Now for some closing comments. Our solid performance this year confirms that AE's diversification strategy is working. By leveraging our broad portfolio of power technologies and our industry-leading engineering team, we are targeting to win in the semiconductor, data center computing, and industrial and medical markets.

最後，我還有一些總結性發言。我們今年的穩健業績證實了AE的多元化策略是有效的。憑藉我們廣泛的電力技術組合和領先業界的工程團隊，我們的目標是在半導體、資料中心計算以及工業和醫療市場取得成功。

These three growth markets inherently come with different business cycles, mitigating industry risks while enabling more consistent revenue growth, profits, and cash flow. Driven by our success in capturing AI-related demand, we are raising our 2025 total revenue growth outlook from 17% to 20%, with data center computing revenue growth increasing from up over 80% to now more than double 2024 levels.

這三個成長型市場本身就具有不同的商業週期，這不僅能降低產業風險，也能實現更穩定的收入成長、利潤和現金流。由於我們在滿足人工智慧相關需求方面的成功，我們將 2025 年總收入成長預期從 17% 上調至 20%，其中資料中心計算收入成長預期從 80% 以上提高到 2024 年水準的兩倍以上。

Based on the midpoint of our Q4 guidance, we expect 2025 gross margin to expand 240 basis points and operating margins to improve by 530 basis points, highlighting the progress we've made in improving margins and driving operating leverage.

根據我們第四季業績指引的中點，我們預計 2025 年毛利率將成長 240 個基點，營業利潤率將提高 530 個基點，這凸顯了我們在提高利潤率和推動經營槓桿方面取得的進展。

Going into 2026, we are well-positioned to deliver growth in each of our targeted markets. In semiconductor, we expect our new products and leading-edge investments to drive growth as the market accelerates in the second half.

展望 2026 年，我們已做好充分準備，在每個目標市場成長。在半導體領域，我們預計隨著市場在下半年加速成長，我們的新產品和前沿投資將推動成長。

In data center computing, next-generation designs secured this year are targeted to ramp in early 2026, resulting in projected growth of 25% to 30%. I&M is expected to benefit from our design win pipeline and ongoing market recovery to continue to grow sequentially each quarter.

在資料中心運算領域，今年確定的下一代設計計劃於 2026 年初投入使用，預計將帶來 25% 至 30% 的成長。預計 I&M 將受益於我們的設計中標項目和持續的市場復甦，每個季度都將持續成長。

With plans for further manufacturing efficiencies, product portfolio improvement and ongoing tariff mitigation efforts, we remain focused on delivering higher gross margins and believe that we will reach our initial goal of 40% in the near term despite the impact of tariffs and higher data center mix. Finally, with a solid balance sheet and demonstrated cash flow generation through peaks and troughs, we will continue to look for strategic acquisitions to add scope and leverage our scale.

我們計劃進一步提高生產效率、改進產品組合併持續努力緩解關稅影響，我們將繼續專注於實現更高的毛利率，並相信儘管受到關稅和資料中心業務佔比上升的影響，我們仍將在短期內實現 40% 的最初目標。最後，憑藉穩健的資產負債表和在經濟高峰和低谷中展現出的現金流生成能力，我們將繼續尋求策略性收購，以擴大業務範圍並利用我們的規模優勢。

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

接下來，我們將回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Brian Chin, Stifel.

Brian Chin，Stifel。

Hi there. Good afternoon. Thanks for letting us ask a few questions. Sorry, this first one might be multipart. So I'm curious, what constraints were you able to alleviate allowing you to more than double data center revenue growth this year?

你好呀。午安.謝謝你們允許我們提問。抱歉，第一個帖子可能包含多個部分。所以我很好奇，你們克服了哪些限制，才使得今年的資料中心營收成長超過一倍？

When do you plan to begin shipping product from your new Thailand facility? And do you anticipate any efficiencies in the earlier stages of that ramp? And last part of that question, will you have the bandwidth to bring up new customers alongside your four existing cloud customers?

你們打算何時開始從位於泰國的新工廠出貨？您預計在產能爬坡的早期階段會有任何效率提升嗎？問題的最後一部分是，除了現有的四個雲端客戶之外，您是否有足夠的資源來接納新客戶？

Brian, I'll take those questions. This is Steve. The constraints that we removed in 2025 were largely capacity oriented. So we upped our CapEx spending, which allowed us to meet upside forecast from our key customers. And so that was what allowed us to hit the doubling of data center revenue year-on-year.

布萊恩，這些問題我來回答。這是史蒂夫。我們在 2025 年取消的限制主要與產能有關。因此，我們增加了資本支出，從而能夠滿足主要客戶的預期成長。正是這一點讓我們實現了資料中心營收年增一倍的目標。

In addition, I think we were able to gain some market share within the programs that we were engaged with at our key customers. So I think a lot of things went right for us in 2025. At the same time, we were engaged with those customers on designs for '26, and we were successful. And so we're anticipating that those ramps will start later this quarter and further ramps will commence in Q1. I think your second question was on the new Thailand factory.

此外，我認為我們在與主要客戶合作的專案中獲得了一定的市場份額。所以我覺得2025年我們很多事情都很順利。同時，我們與這些客戶就 2026 年的設計進行了洽談，並且取得了成功。因此，我們預計這些增產坡道將於本季稍後開始，更多增產坡道將於第一季開始。我認為你的第二個問題是關於泰國新工廠的。

So the status right now is that the factory is fully facilitized and ready to go within months of a go signal. So our intent would be to put new customers in that factory. So the second wave customers that we were talking about. And right now, we think the timing of that is in the latter part of the year. But we could go ahead and -- this is the latter part of 2027.

所以目前的情況是，工廠的各項設施都已到位，一旦收到開工訊號，幾個月內即可投產。所以我們的目的是為那家工廠引進新客戶。這就是我們剛才提到的第二波客戶。目前，我們認為這件事發生的時間會在今年下半年。但我們可以繼續下去——現在是 2027 年下半年。

We could go ahead and do some prequalification work and start to bring that factory up in the second half of 2026. Okay. And finally, your last question was do we have the bandwidth to bring on second wave customers, right?

我們可以先進行一些資格預審工作，然後在 2026 年下半年開始建造這家工廠。好的。最後，你的最後一個問題是，我們有足夠的資源來迎接第二波客戶，對嗎？

Yes, the bandwidth efficiencies when you ramp.

是的，頻寬效率會隨著頻寬的增加而提高。

Yeah. I think that's a really important issue, and we don't want to stretch ourselves too thin. And so with the second wave customers, we are focused on solutions that use technology blocks we've already developed so that the engineering -- the incremental engineering work is not as significant -- not nearly as significant as we've experienced with our hyperscale customers.

是的。我認為這是一個非常重要的問題，我們不想讓自己的精力過於分散。因此，對於第二波客戶，我們專注於使用我們已經開發的技術模組的解決方案，這樣工程——增量工程工作就不那麼重要了——遠沒有我們為超大規模客戶所經歷的那麼重要。

So we think we have the bandwidth to do it from an engineering standpoint, but we're going to be very careful. We're going to continue to focus on the needs of our primary hyperscale customers, first and foremost, and spinoff derivatives for the second wave customers.

所以我們認為從工程角度來看，我們有能力做到這一點，但我們會非常謹慎。我們將繼續把重點放在滿足我們主要的超大規模客戶的需求上，這是首要任務，然後是為第二波客戶開發衍生產品。

And we also have the ability to scale up further in our factories, whether it's Thailand or the Philippines or Mexicali.

而且我們還有能力在工廠進一步擴大規模，無論是在泰國、菲律賓或墨西哥墨西卡利。

Great. And so if it's like an open compute design, open rack design, probably it's a lot of synergies there, it sounds like, in terms of new customers. And maybe for my follow-up question, when you think about the tailwinds to AI server power content and just aggregate demand that are likely to persist next year, can you -- I know it's early, but can you put any parameters around the magnitude of growth you might anticipate in your data center business in 2026?

偉大的。因此，如果採用開放式運算設計、開放式機架設計，那麼在吸引新客戶方面，可能會有許多協同效應。或許我的後續問題是，考慮到人工智慧伺服器功率、內容和整體需求方面的利好因素可能會持續到明年，您能否——我知道現在還為時過早，但您能否對 2026 年資料中心業務的成長幅度做出一些預期？

I know this is probably not the right way to do it, but if I just annualize the fourth quarter kind of embedded data center revenue for this year, just annualizing that would probably be about 20% growth or more next year. So any sort of framework or thoughts you have around that would be helpful.

我知道這可能不是正確的方法，但如果我只是將今年第四季的嵌入式資料中心收入按年計算，那麼明年的成長可能會達到 20% 或更多。所以，如果您有任何相關的框架或想法，都將不勝感激。

Yeah, Brian, I'll take a cut at that. So I think we've talked in our prepared comments that we would expect to see 25% to 30% growth. So that means we can sustain these much higher levels and grow from here. I think this represents what we have good line of sight to at this point. Obviously, the market is dynamic.

是的，布萊恩，我願意分一杯羹。所以我認為我們在事先準備好的評論中已經提到，我們預計成長率將達到 25% 至 30%。這意味著我們可以維持這些更高的水平，並在此基礎上繼續發展。我認為這代表了我們目前能夠清楚地看到的內容。顯然，市場是動態變化的。

We think there's opportunities potentially to grow faster. We also don't know exactly what the mix is as new designs kick in versus the existing design sort of phase out or phase down. So we're preparing to ensure that we have the capacity to capture upside with our existing customers, as Steve just mentioned, prepare for potential second wave of customers, and we'll see how it goes. So we tried to give some direction that we feel comfortable with, and we'll look to capture upside from there.

我們認為存在加速成長的潛在機會。我們也不清楚新設計投入使用與現有設計逐步淘汰或縮減之間的具體比例是多少。所以，正如史蒂夫剛才提到的，我們正在做好準備，確保我們有能力從現有客戶那裡獲得收益，為可能出現的第二波客戶做好準備，讓我們拭目以待。所以我們嘗試給一些我們覺得合適的方向，然後我們會從中尋找上漲空間。

Great, sorry I missed that, yes, I appreciate the help. Thank you.

太好了，抱歉我錯過了，是的，非常感謝您的幫助。謝謝。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah, thanks for taking the questions. I was curious on the data center side. I seem like the upside this quarter was a lot driven by just kind of catching up to some of the backlog you were unable to fulfill. I guess how do we think about that contribution in 3Q and 4Q as we look into '26?

謝謝你回答這些問題。我對資料中心方面很有興趣。我覺得本季業績成長很大程度上是因為你們趕上了一些之前未能完成的積壓訂單。我想，當我們展望 2026 年時，我們應該如何看待第三季和第四季的貢獻？

Yeah. I think it's similar. As we talked about in our prepared comments, because of our good execution, because of flexibility in our factories, we were able to capture some of this higher demand and ship more this quarter. We do, as we mentioned in our prepared remarks, I think we can continue to grow from here. So we do think this is kind of a new baseline for us, where we can continue to grow.

是的。我覺得很相似。正如我們在準備好的評論中所談到的，由於我們執行得好，由於我們工廠的靈活性，我們能夠滿足部分更高的需求，並在本季度交付更多產品。正如我們在準備好的演講稿中提到的，我認為我們可以從這裡繼續發展壯大。所以我們認為這算是我們的一個新的基準線，我們可以繼續成長。

That growth will be impacted each quarter by what the mix of our customers are asking for. And frankly, that's been pretty dynamic. I think within the current quarter, within the third quarter, and I think that was one of the things we felt good about, we saw pretty meaningful shifts in mix amongst the different products that our customers want based on the dynamic supply chains in this market today, and we're able to respond to that. So our goal is to continue to be able to do that, be responsive, capture the needs of our customers on a real-time basis and grow from here.

每個季度，客戶需求的變化都會影響公司的成長。坦白說，情況變化相當大。我認為在本季度，也就是第三季度，我們看到客戶對不同產品的需求發生了相當有意義的變化，這得益於當今市場動態的供應鏈，而我們也能夠對此做出回應。這也是我們感到欣慰的事情之一。因此，我們的目標是繼續做到這一點，保持回應速度，即時捕捉客戶的需求，並在此基礎上成長。

Thanks. And then on the semiconductor side, I think 3Q came in maybe a little bit lower than we were anticipating. But are you still kind of guide -- it sounds like you're still kind of guiding for maybe on the lower end of the mid-single-digit growth for '25. Curious, your customers are -- some of your customers are kind of thinking that first half '26 is relatively flattish to second half '25. Is that kind of what we should be thinking about for your business as well?

謝謝。至於半導體方面，我認為第三季的業績可能比我們預期的要低。但你仍然算是某種指導者嗎？ ——聽起來你仍然像是在指導 2025 年的經濟成長，可能在個位數中段的較低水準。你的客戶感到好奇——你的一些客戶認為 2026 年上半年與 2025 年下半年相比相對穩定。這是否也是我們該為貴公司考慮的問題？

Yeah. I think I wouldn't read too much in the short-term choppiness. I think it's a normal ebb and flow of the market. But what we see moving into '26 is particularly over the past few months, we've seen more positive signals. So we're more optimistic about '26 than we were during the last earnings call.

是的。我認為不應該過度解讀短期內的波動。我認為這是市場正常的波動。但展望 2026 年，尤其是在過去幾個月裡，我們看到了更多正面的訊號。因此，我們對 2026 年的前景比上次財報電話會議時更樂觀。

We think Q1 is going to be similar to Q4. But from Q2 onwards, we think there's potential for significant upside. And that's going to be primarily due to our new products, also helped by, I think, positive movements in the leading-edge logic and memory markets as well. So I think we're pretty well-positioned based on the new product design wins we've received as well as the surge in the leading edge next year.

我們認為第一季的情況會和第四季類似。但我們認為從第二季開始，存在著巨大的上漲潛力。這主要歸功於我們的新產品，我認為，前沿邏輯和記憶體市場的積極發展也對此有所幫助。所以我認為，憑藉我們獲得的新產品設計訂單以及明年在尖端技術領域的蓬勃發展，我們已經處於相當有利的地位。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

Hey, thanks. Good evening. Steve, I think you said customers that validated yield and throughput on eVoS and eVerest are leading edge. First, just as that evolved, did you have an early adopter customer and then follow-ons? And then longer term, can you talk about what this means for both leading edge and then for memory in terms of your ability to drive revenue and take share?

嘿，謝謝。晚安.史蒂夫，我想你說過，那些在 eVoS 和 eVerest 上驗證了產量和吞吐量的客戶是領先者。首先，隨著這種模式的發展，您是否擁有早期採用者客戶，然後是後續客戶？那麼從長遠來看，您能否談談這對於尖端技術和記憶體業務在推動收入成長和獲取市場份額方面意味著什麼？

Yeah. Steve, I would say we had multiple early adopters. I think we first launched these products back in mid-'23 at SEMICON West and almost all the customers were interested at that point. So we've had multiple parallel efforts. And so we're pretty far down the road as far as securing these design wins.

是的。史蒂夫，我認為我們當時有許多早期用戶。我記得我們最早是在 2023 年年中在 SEMICON West 展會上推出這些產品的，當時幾乎所有客戶都對此很感興趣。所以我們同時開展了多項工作。因此，我們在確保這些設計專案成功方面已經取得了相當大的進展。

And what we've said is the conductor etch and deposition wins will go to volume first, next year. And then we anticipate the dielectric etch wins will start in '27 from a revenue standpoint. And we still are very confident in that.

我們已經說過，導體​​蝕刻和沈積技術的訂單將首先在明年實現大量生產。然後，我們預計從收入角度來看，介電蝕刻業務的成功將在 2027 年開始。我們對此仍然非常有信心。

So looking forward, I think those products, whether it's eVerest, eVoS, NavX or other derivatives of those products, that's what's going to drive our market share moving forward. And so we think we have a chance to really run the table with eVerest, eVoS, and NavX and win every opportunity we're competing for today.

展望未來，我認為這些產品，無論是 eVerest、eVoS、NavX 或這些產品的其他衍生性商品，都將推動我們未來的市佔率成長。因此，我們認為我們有機會與 eVerest、eVoS 和 NavX 一較高下，贏得我們今天競爭的每一個機會。

And that's going to drive meaningful market share gains for us.

這將為我們帶來可觀的市場佔有率成長。

And I know it depends on how those markets evolve. But just from a TAM standpoint for the new products, is it bigger on leading edge? Or is it bigger on memory potentially?

我知道這取決於這些市場的發展。但僅從新產品的市場規模來看，前沿產品是否更大？或者它可能佔用更大的記憶體？

It's hard for me to say, Steve. From our perspective, what we see is our ability to gain incremental share in conductor etch, where we're the leader already, but more importantly, to gain a strong foothold in dielectric etch, where we have very little market share today. So for us, the upside is quite substantial. I'm not exactly sure how it's going to divide between logic and memory, though.

史蒂夫，我很難開口。從我們的角度來看，我們看到的是我們有能力在導體蝕刻領域逐步擴大市場份額（我們已經是該領域的領導者），但更重要的是，我們有能力在介質蝕刻領域站穩腳跟（我們目前在該領域的市場份額非常小）。所以對我們來說，收益相當可觀。不過，我不太確定它將如何劃分邏輯和記憶體。

Understood. And then for my follow-up, Paul, it seems like '26 is shaping up to be a solid growth year. Mix is probably going to be pretty positive. Is it reasonable to think about incremental margin for the year in line or better with what we're going to see in 2025 as you think about flow-through and how you manage the business?

明白了。保羅，我的後續問題是，2026 年似乎將是一個穩定成長的年份。混合分析結果可能相當正面。考慮到利潤傳遞和業務管理，將本年度的增量利潤率設定為與 2025 年的預期持平或更高，這是否合理？

A couple of thoughts. I think, first of all, we've made a lot of progress in 2025, as you saw, over 200 basis points improvement in gross margins. Some of that's driven because we've made a big step forward in our cost down activities. I think the larger part of the 200 to 250 basis points improvement in manufacturing costs will have realized exiting Q4. And so I think that's been very positive.

幾點想法。我認為，首先，正如你所看到的，我們在 2025 年取得了很大的進步，毛利率提高了 200 多個基點。部分原因是我們在降低成本方面取得了重大進展。我認為製造成本降低 200 至 250 個基點的大部分將在第四季末實現。所以我認為這是非常積極的。

We won't see necessarily that big step down again. But in terms of an incremental perspective, we'd expect to continue to see, obviously, the benefits of volume go through. We talked about that being 100 basis points for every $50 million of revenue.

我們未必會看到那種大幅下滑的局面再次出現。但從漸進的角度來看，我們顯然會繼續看到銷售成長帶來的好處。我們討論過，每 5,000 萬美元的收入，就要增加 100 個基點。

I'll just remind everybody that, that math, it changes as you scale, right, because you're contributing the same amount of income, but it's on a higher level of revenue. So as that goes up, there is some impact to that. I think starting at sort of this $450 million to $500 million, the same math gets you something like 50 basis points to 70 basis points for every $50 million of revenue. So we would still expect to see that flow through.

我只想提醒大家，隨著規模的擴大，這些計算方法也會發生變化，對吧？因為你貢獻的總收入不變，但所得水準卻更高了。所以隨著這個數字的上升，會產生一些影響。我認為，如果收入從 4.5 億美元到 5 億美元起步，同樣的計算方法得出，每 5000 萬美元的收入大約需要支付 50 個基點到 70 個基點的利息。所以我們仍然預期會看到資金流動。

There will be some headwinds to that. Obviously, we had some tariff impact. We'll hopefully be able to mitigate that. The data center mix, frankly, has been a little bit of a headwind, but we've been encouraged that we've still improved margins despite almost doubling the data center revenue this year. We think that over time, we can continue to mitigate the impact of that mix.

這其中會遇到一些阻力。顯然，關稅對我們造成了一定影響。希望我們能夠減輕這種情況。坦白說，資料中心業務組合帶來了一些不利影響，但令人鼓舞的是，儘管今年資料中心收入幾乎翻了一番，我們的利潤率仍然有所提高。我們認為，隨著時間的推移，我們可以繼續減輕這種混合效應的影響。

There will be some minor impact. But on balance, we feel very good about our ability to get to 40% still in the near term. And our long-term goal remains the same to get to 43% as we approach that $2.5 billion organic and $3 billion inorganic number. I think if you took the tariffs out, we'd say we were on track or ahead of that target today. But the world is not static.

會有一些輕微的影響。但總的來說，我們對近期內實現 40% 的目標仍然充滿信心。我們的長期目標仍然是，在我們接近 25 億美元的有機成長和 30 億美元的無機成長目標時，將佔比提高到 43%。我認為，如果剔除關稅因素，我們今天會說我們達到了目標，甚至超額完成了目標。但世界並非一成不變。

There's things -- good news and bad news that comes all the time, and we'll continue to manage to get to our goal. We feel very good about our ability to get to the goal in the long term.

總是會有好消息和壞消息傳來，但我們仍將繼續努力實現我們的目標。我們對最終實現目標的能力非常有信心。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

So how technically my question. I told them, Paul, thanks for the color on the 25% to 30% data center growth next year. I'm kind of curious, when you look at that, it looks like next year, data center revenues are going to be kind of like closing in on your semi revenues. Just as a follow-up to the previous question, how would that impact your gross margins in 2026? And then I had a follow-up.

所以，從技術角度來說，我的問題是…我告訴他們，保羅，謝謝你對明年資料中心成長 25% 到 30% 的預測。我有點好奇，仔細想想，明年資料中心的收入似乎會接近半導體產業的收入。作為對上一個問題的後續，這將如何影響您 2026 年的毛利率？然後我還有後續跟進。

Yeah. Obviously, that mix plays a factor. We've talked about seeing up to 50 basis points, plus or minus. I think as data center becomes a bigger factor, that could increase. But as I mentioned earlier, our goal is to work to offset that.

是的。顯然，這種混合因素起了作用。我們討論過可能會出現正負 50 個基點的波動。我認為隨著資料中心變得越來越重要，這種情況可能會增加。但正如我之前提到的，我們的目標是努力抵消這種影響。

And we've done a pretty good job of that so far. I would say, certainly, in the near term, our goal would be get margins over 40% and continue to increment them from there. But a little bit will be the timing based on our relative markets. Over time, we certainly feel really good about getting to the 43% and certainly getting above 40% in the near term.

到目前為止，我們在這方面做得相當不錯。當然，在短期內，我們的目標是使利潤率超過 40%，並在此基礎上繼續提高。但具體時間也要根據我們各自的市場情況而定。隨著時間的推移，我們對達到 43% 的目標感到非常有信心，並且肯定能在短期內超過 40%。

Got it. Very helpful, Paul. And then a follow-up for Steve. I'm curious kind of where you stand on the next generation of high-voltage DC, 800 volt from NVIDIA, 400 volt from OCP. And it seems like that's probably a 2027 event.

知道了。非常感謝，保羅。然後是給史蒂夫的後續問題。我很好奇您對下一代高壓直流電源（NVIDIA 的 800 伏特和 OCP 的 400 伏特）持什麼態度。看來這很可能是2027年才會發生的事。

But at the same time, there are some incremental costs associated with it because of higher voltage safety certification, et cetera. So I'm kind of curious, Steve, any thoughts on that 800 volt, 400 volt, how to think about opportunity for AEIs in that scenario?

但同時，由於更高的電壓安全認證等原因，也會產生一些額外的成本。所以我很好奇，史蒂夫，對於 800 伏特、400 伏特的電壓，你有什麼看法？在這種情況下，AEI 的機會該如何考慮？

Yeah, Krish, I actually indirectly mentioned this in my script, but what I said was we're fully engaged with customers on high-voltage DC solutions, which include 800 volt, by the way. So we don't talk about it that much because we prefer to keep the specifics of our development efforts confidential out of respect for our customers. But we're closely engaged with our key customers to develop reliable, efficient, and compact 800-volt solutions. These are not going to go to volume next year, but we think they will start to go to volume in '27 and '28.

是的，克里什，我其實在我的稿子裡間接提到了這一點，我說的是我們正在與客戶全面合作，提供高壓直流解決方案，順便說一句，其中包括 800 伏特的方案。所以我們很少談論這件事，因為出於對客戶的尊重，我們更願意對開發工作的具體細節保密。但我們與主要客戶緊密合作，開發可靠、高效、緊湊的 800 伏特解決方案。這些產品明年不會大量上市，但我們認為它們會在 2027 年和 2028 年開始大量上市。

And I think we're very well-positioned there. The other advantage we have with these customers is that we're already engaged with them on today's generation solution as well as the solutions coming out next year. So this is kind of a natural evolution for us as we move over time.

我認為我們在那裡佔據了非常有利的地位。我們與這些客戶的另一個優勢是，我們已經與他們就當今的解決方案以及明年即將推出的解決方案展開了合作。所以，隨著時間的推移，這對我們來說是一種自然而然的演變。

Got it. Thanks a lot, Steve. I appreciate it.

知道了。非常感謝，史蒂夫。謝謝。

Thank you, Christ.

感謝基督。

James Ricchiuti, Needham & Company.

詹姆斯‧里基烏蒂 (James Ricchiuti)，李約瑟公司。

Good afternoon. Yeah, I was just going back to the Analyst Day and some of the commentary that you had about the data center market and the fact that you were targeting either being number two or potentially sole source applications. I'm just wondering, in all of the demand that you're seeing in the market, can you give us a sense as to whether you've gained share among your leading customers?

午安.是的，我剛才回顧了分析師日，以及您對資料中心市場的一些評論，還有您當時的目標是成為第二大供應商，或者有可能成為唯一供應商。我想問一下，鑑於目前市場上的需求如此旺盛，您能否透露一下，您在主要客戶中是否已經獲得了一定的市場份額？

I get that question quite a bit. And I'll tell you, we don't measure share in data center because ultimately, what we're trying to do in data center is to generate reasonable gross margins. And so at the same time, we're growing our business. We've doubled it year-on-year. So we focus on healthy gross margin.

我常被問到這個問題。我還要告訴你，我們不衡量資料中心的市場份額，因為歸根結底，我們在資料中心努力的目標是產生合理的毛利率。因此，同時，我們的業務也在不斷發展壯大。我們實現了同比翻番。因此，我們專注於保持健康的毛利率。

We selectively engage with customers, and we try to maximize our share in the programs we're engaged on. And so what that has resulted in is a portfolio that's generating gross margins that are just under corporate average, but a lot better than they used to be.

我們選擇性地與客戶互動，並努力在我們參與的專案中最大限度地提高我們的份額。因此，最終形成的投資組合的毛利率雖然略低於企業平均水平，但比以前好得多。

We're going to continue doing that moving forward. So I think the way to think about our business is that we're creating high-value products for a limited set of customers. And that's our strategy with the hyperscalers and the first wave customers.

我們將繼續這樣做。所以我認為看待我們業務的方式是，我們正在為有限的客戶群創造高價值的產品。這就是我們對超大規模資料中心和首批客戶的策略。

As the second wave customers engage with us, we're trying to reuse what we've already developed. We have extensive technology blocks in the company. So I think we can handle that without reducing our engagement with our key hyperscaler customers.

隨著第二波客戶與我們互動，我們正在嘗試重新利用我們已經開發的東西。我們公司擁有廣泛的技術模組。所以我認為我們可以在不降低與主要超大規模客戶互動的情況下解決這個問題。

Thanks Steve and just with a follow-up question on the M&A pipeline. I'm wondering with the strength in the data center business, have your priorities changed at all? I know initially, you have been talking mainly about looking at opportunities in the I&M area of the business. But I'm just wondering if the priorities have changed at all, just given what you're seeing out in the market.

謝謝史蒂夫，我還有一個關於併購流程的後續問題。我想知道，鑑於資料中心業務的強勁發展勢頭，您的工作重點是否有所改變？我知道最初，你們主要談論的是尋找公司在I&M領域的機會。但我只是想知道，鑑於目前市場上的情況，公司的優先事項是否有所改變。

The short answer is no, the priorities haven't changed. And let me just explain why. I think we made substantial investments in the data center business on two axes. One is capital investment. And we've invested in new infrastructure.

簡而言之，答案是否定的，優先事項沒有改變。讓我解釋一下原因。我認為我們在資料中心業務方面從兩個方面進行了大量投資。一是資本投資。我們也投資建設了新的基礎設施。

We've upgraded factories. We've invested in capacity. And then we've invested in new development centers for data center. And it's actually quite expensive because we're handling very high power, very high voltage. And so that takes a lot of money, but we've invested a lot of money in data center over the last two years.

我們已經升級了工廠。我們已投資提升產能。然後，我們也投資建造了新的資料中心研發中心。實際上，它的成本相當高，因為我們處理的是非常高的功率和電壓。因此，這需要很多錢，但過去兩年我們在資料中心方面投入了大量資金。

The other thing we're investing in data center is people. So we've got a pretty broad network of design sites around the world that are well coordinated. And so we've been bringing in additional engineering talent, which helps us with our customers, helps keep our development speed strong.

我們在資料中心投資的另一項內容是人才。因此，我們擁有一個覆蓋全球、協調良好的設計網站網路。因此，我們一直在引進更多的工程人才，這有助於我們更好地服務客戶，並保持我們強勁的開發速度。

I think moving forward on M&A, we're still focused on industrial medical because that's an area where we think it's highly fragmented, and we can do a partial roll-up and create a nice third leg of the stool, the semiconductor, data center and industrial medical.

我認為，在併購方面，我們仍然專注於工業醫療領域，因為我們認為該領域高度分散，我們可以進行部分整合，打造一個穩固的第三支柱，即半導體、資料中心和工業醫療。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Hey, good evening. Thanks for taking the question. Congratulations on a good quarter and guide. My question is also about no surprise data centers. And really, in covering other industrials that serve this market, we have seen pretty much an acceleration in demand quotient each quarter in 2025.

嘿，晚上好。感謝您回答這個問題。恭喜你季度業績和指導報告都做得很好。我的問題也與無意外資料中心有關。事實上，在檢視服務該市場的其他工業企業時，我們發現到 2025 年，每季的需求幾乎都在加速成長。

And obviously, you guys saw that you gave guidance after the first month of the quarter for the third quarter and you beat that number. So what happens if that happens again in the first half of next year, which if you're a betting person, you'd have to say you'd bet on that.

顯然，你們也看到了，你們在第三季第一個月之後給了業績指引，而你們最終超額完成了目標。那麼，如果明年上半年再次發生這種情況會怎麼樣呢？如果你喜歡打賭，你肯定會說你會為此下注。

And are you prepared to take your $1 billion facility here and kind of really get it going in the second half of next year to meet that demand? And if so, is there a cost to that and a margin impact?

您是否準備好在明年下半年啟動您在這裡投資 10 億美元的項目，以滿足市場需求？如果真是如此，這樣做會有成本嗎？會對利潤率產生影響嗎？

Why don't I take the first part of that, and I'll turn it over to Paul to talk about margins. But the answer is yes, we're ready to go. I think we're conscious of the timing. I actually think it's a fairly good situation, though, because if we went to volume in Thailand with data center, then you have a pretty high-volume product to absorb our fixed cost. And so I think from a financial standpoint, it makes better sense to go to volume first with data center products than it does with semiconductor products.

不如我先講第一部分，然後把剩下的部分交給保羅來談談利潤率。但答案是肯定的，我們已經準備好了。我認為我們對時機把握得很好。不過，我認為這其實是一個相當不錯的局面，因為如果我們能在泰國建立資料中心並實現規模化運營，那麼我們就擁有了一個銷量相當高的產品，足以抵消我們的固定成本。因此，我認為從財務角度來看，資料中心產品先追求產量比半導體產品先追求產量更有意義。

Yeah, I think that's right. And I'll just say that we have always contemplated our Thailand facility in our gross margin goals. So that's not a new or incremental thing. Obviously, part of that is supported by the volume. And I think on balance, if you look at where we're at as a company, we're ahead on volumes overall as a company versus we thought a year ago in our Analyst Day, and we're certainly ahead in quite a lot in data center.

是的，我覺得沒錯。我只想說，我們一直都將泰國工廠納入毛利率目標的考量。所以這並不是什麼新鮮事，也不是什麼漸進的改變。顯然，部分原因在於銷量。我認為總的來說，如果你看看我們公司目前的狀況，我們公司的整體業務量比一年前在分析師日上預想的要高，而且我們在資料中心領域也肯定領先很多。

So we'll manage that based on, as Steve said, kind of as we see the volume materialize and the right amount of volume to utilize that factory. Our goal is to make sure that we're prepared and we can capture as we win business or as our customers ramp that we can capture that business either with our primary customers or the second wave customers as we've talked to them. Now inevitably, I think there's some ramp-up costs that always happens. Frankly, we're seeing that today. I talked about that last quarter.

所以，正如史蒂夫所說，我們會根據實際產量以及能夠充分利用工廠的合適產量來管理。我們的目標是確保我們做好準備，以便在贏得業務或客戶擴大規模時，能夠抓住機會，無論是從我們的主要客戶還是我們已經接觸過的第二批客戶那裡獲得業務。我認為，任何啟動階段都會有一些成本，這是不可避免的。坦白說，我們今天就看到了這一點。我上個季度談到這個問題。

We still have some of those lingering ramp costs from the faster pickup in data center in our existing factories. So there will be some of that. Hopefully, that's something that we can manage within our model. We've done that so far, and our goal would be to continue to do that. And look, as data center grows as a percentage of our portfolio, then as I mentioned, our goal would be to continue to achieve our margin goals and certainly to get above and sustain ourselves above 40% even on higher data center growth, if that materialized.

我們現有工廠資料中心快速投產後，仍存在一些滯後的產能爬坡成本。所以肯定會有一些這種情況。希望這是我們可以在現有模式下解決的問題。我們目前為止都做到了這一點，我們的目標是繼續這樣做。而且，正如我之前提到的，隨著資料中心在我們投資組合中所佔比例的成長，我們的目標是繼續實現我們的利潤率目標，並且即使資料中心成長更快，我們也要確保利潤率超過 40%，並保持在這個水平以上（如果這種情況真的發生的話）。

Got it. I guess my other question would be around semiconductor. So away from your eVoS and eVerest platforms, are you comfortable with your wins and product refreshes so that when WFE does kick back up, you're ready elsewhere in the portfolio?

知道了。我想問的另一個問題是關於半導體的。撇開 eVoS 和 eVerest 平台不談，您對自己的成功案例和產品更新是否感到滿意，以便當 WFE 再次啟動時，您能在其他產品組合中做好準備？

Yeah. I think your question is really about our mainstream products and our service business. And yes, I'm pretty comfortable. I think that our factory in Malaysia, where we produce most of these products is very capable, and we've maintained strong staffing, and we have excess capacity there. So when things turn up, we're ready to go.

是的。我認為你的問題實際上是關於我們的主流產品和服務業務的。是的，我覺得很舒服。我認為我們在馬來西亞的工廠（我們大部分產品都在那裡生產）能力很強，我們保持了充足的人員配備，而且那裡還有過剩產能。所以，當機會來臨時，我們已經準備好了。

And that's in addition to what we're doing on the new products.

而且這還不包括我們正在研發的新產品。

Dave Duley, Steelhead.

戴夫·杜利，鋼頭鱒。

Thanks for taking my questions and congratulations on nice results. If WFE grows, let's say, in the 5% to 7% range in 2026, I'm wondering what your semi business can grow. And maybe as a follow-on to that, could you help us understand how many major wins you have ramping -- new wins you have ramping in 2026 in semi.

感謝您解答我的問題，並祝賀您取得好成績。假設 WFE 在 2026 年成長 5% 到 7%，我想知道您的半導體業務能成長多少。或許作為後續問題，您能否幫助我們了解您有多少重大勝利正在逐步實現——您在 2026 年半決賽中正在逐步實現的新勝利。

Yeah, in semi. So we haven't really articulated a number of wins. What I've said is that we're engaged across a wide variety of customers. And there's a good chance we can run the table. We can win everything where we're competing.

是的，半成品。所以，我們還沒有真正明確列出所取得的勝利數量。我之前說過，我們的客戶群非常廣泛。我們很有可能全勝。我們無論參加哪個級別的比賽，都能贏得冠軍。

So I think it's very positive for us. But we haven't gone into the detail there. We're not very good at predicting WFE. But what we do know is that over time, we tend to grow faster in WFE. Now in any given quarter or year, you're going to have variation.

所以我認為這對我們來說是非常積極的。但我們還沒有深入探討細節。我們不太擅長預測WFE。但我們知道的是，隨著時間的推移，我們在 WFE 中往往發展得更快。當然，在任何一個季度或一年中，都會存在波動。

But if you look over the past three, four, five years, we're definitely growing the market. I think we'll continue to do so.

但如果你回顧過去三、四、五年，我們肯定是在擴大市場。我認為我們會繼續這樣做。

Okay. And how many 10% customers did you have in Q3? And I guess I'm trying to understand, will one of these hyperscaler customers become a 10% customer?

好的。第三季你們有多少10%的客戶？我想了解的是，這些超大規模資料中心客戶中是否會有一位成為佔比 10% 的客戶？

Yeah, Dave, we -- that's an annual disclosure. So we don't disclose that on a quarterly basis. I mean we'll see at the end of the year. But given the growth we've seen in data center, it's certainly possible we could have a data center top 10 customer.

是的，戴夫，我們——那是年度披露事項。因此，我們不按季度披露這些資訊。我的意思是，到年底我們就知道了。但鑑於我們在資料中心領域看到的成長，我們完全有可能擁有資料中心排名前十的客戶。

Okay. And then a final question from me is you talked about this new factory in Thailand. You have a ton of capacity there that couldn't be used for future ramps. Does that imply that you might close other factories or do further consolidation? Or has that already been done?

好的。最後，我還有一個問題，您剛才提到了在泰國的新工廠。那裡有大量的建設空間，卻無法用於未來的匝道建設。這是否意味著你們可能會關閉其他工廠或進行進一步的整合？或者這件事已經完成了？

Yeah. That consolidation has largely been accomplished. And we mentioned the biggest move was closing our China factory, which was completed in Q2. So from this point forward, it's really a growth story. I think we've done a good job as a company, reducing the number of factories, but at the same time, increasing the capabilities of the remaining factories.

是的。這種整合已基本完成。我們之前提到過，最大的舉措是關閉我們在中國工廠，這項工作已於第二季完成。所以從現在開始，這真的是一個成長的故事。我認為我們公司做得很好，減少了工廠的數量，但同時也提高了剩餘工廠的能力。

So I'm very happy with where we're at. And we're continuing to expand our output in our existing factories, which are primarily in the Philippines, Malaysia, and Mexico. And then we're ready to start filling our factory in Thailand.

所以我對我們目前的狀況非常滿意。我們正在繼續擴大現有工廠的產量，這些工廠主要位於菲律賓、馬來西亞和墨西哥。然後我們就可以開始向泰國的工廠供貨了。

(Operator Instructions)

（操作說明）

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, good afternoon, Maybe this is a -- just to get a clarification. We talked about ramping when Thailand ramps, it would have some of the newer customers. But I thought I also caught you talking about some of the emerging customers, enterprise customers participating in '26 in data center. So I was just maybe trying to get a sense of what the -- how you think the mix in data center in '26 would look between those.

是的，下午好，也許這是——只是想確認一下。我們討論過，當泰國市場復甦時，泰國市場也會隨之復甦，因為泰國市場會迎來一些新客戶。但我認為我還聽到你談到了一些新興客戶，即參加 2026 年資料中心大會的企業客戶。所以，我只是想了解一下——你認為到 2026 年，資料中心在這些因素之間會呈現出怎樣的格局。

I think in '26, the mix will be heavily weighted towards our existing customers, the ones we have today that are driving our business. I think in the second half, you may see some contributions from new customers. But we think most of this is going to be weighted towards the second half, even as late as the fourth quarter. But yes, I think it would be good for the company to bring some additional customers on board in a controlled fashion, and we have the capacity to handle it.

我認為在 2026 年，產品組合將嚴重偏向我們現有的客戶，也就是目前推動我們業務發展的客戶。我認為在下半年，您可能會看到一些新客戶的貢獻。但我們認為大部分變化將發生在下半場，甚至可能持續到第四節。但是，我認為以可控的方式增加一些新客戶對公司來說是件好事，而且我們有能力應對這種情況。

And should we think that the margin profile there would be similar to what we're seeing right now, gross margin profile?

我們是否應該認為那裡的利潤率狀況會與我們現在看到的毛利率狀況類似？

Yes. Yes, it would be.

是的。是的，的確如此。

Okay. Just as a follow-up, last question. The -- with OpEx stepping up here a little bit in the fourth quarter, how should -- Paul, should we think about maybe the run rate as you enter '26? It sounds like you're comfortable with where your operating leverage should be, but I'm just see if you could put a finer point on OpEx trends.

好的。最後一個後續問題。鑑於第四季度營運支出增加，保羅，我們進入 2026 年時，是否應該考慮營運效率？聽起來你對目前的營運槓桿水平感到滿意，但我只是想看看你能不能更詳細地分析一下營運支出趨勢。

Yeah. I think our model is pretty similar. We've talked about since the beginning of the year, OpEx increasing $2 million to $2.5 million per quarter. That's kind of what we've done. Now Q3 was flattish.

是的。我認為我們的模式非常相似。從年初開始，我們就一直在討論營運支出每季增加 200 萬至 250 萬美元的問題。我們基本上就是這麼做的。第三季整體表現平平。

That was mostly timing. So we kind of end up making up for that in Q4 sort of at this $107 million run rate. I think as you look into next year, you should expect that to continue kind of at that pace. It could ebb and flow a little bit. There could be some quarters where it's a little more flat, others where it's up more as we make some investments.

這主要是時機問題。所以我們在第四季以 1.07 億美元的年化收入彌補了這一損失。我認為展望明年，這種情況應該會繼續以類似的速度發展下去。可能會有些許波動。有些地區的情況可能會比較平穩，而隨著我們進行一些投資，其他地區的情況可能會有所改善。

Our overall goal is to grow OpEx no more than 50% of revenue growth. Obviously, in '25, we've been well below that. I think we've grown OpEx like 6% on the 20% growth number. So we've kept it well in control. But you should certainly think about it continuing to increase in that sort of $2.5 million-ish per quarter as we fight inflation, we have select merit increases.

我們的總體目標是營運支出成長不超過收入成長的 50%。顯然，2025年我們的水準遠低於這個數字。我認為我們的營運支出成長了大約 6%，而預期成長率為 20%。所以我們已經很好地控制住了局面。但你當然應該考慮到，隨著我們對抗通貨膨脹，我們會有部分員工獲得績效獎金，而且這個數字還會繼續以每季 250 萬美元左右的速度成長。

We have some select investments to capture some growth opportunities.

我們進行了一些精選投資，以抓住一些成長機會。

Very good.

非常好。

Thank you. There are no further questions at this time. This does conclude our conference call for today. Thank you again for your participation. You may disconnect your lines at this time.

謝謝。目前沒有其他問題了。今天的電話會議到此結束。再次感謝您的參與。您可以在此時斷開線路。

Thank you.

謝謝。