Advanced Energy Industries Inc (AEIS) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Advanced Energy fourth 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 Strategic Marketing and Investor Relations. Please go ahead.

各位來賓，歡迎參加Advanced Energy 2025年第四季財報電話會議。 （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策略行銷和投資者關係高級副總裁Edwin Mok先生。請開始。

Thank you, operator. Good afternoon, everyone. Welcome to the Advanced Energy fourth 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 earnings 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年第四季財報電話會議。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 上找到今天的新聞稿和收益報告。

Before we begin, let me remind you that today's call contains forward-looking statements. They are subject to risks and uncertainties that could cause actual results to differ materially and are not guarantee 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, February 10, 2026, and the company assumes no obligation to update them. Any targets beyond the current quarter presented today should not be interpreted as guidance.

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。它們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，並且不保證未來的績效。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。所有前瞻性陳述均基於管理階層截至 2026 年 2 月 10 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。

On today's call, our financial results are presented on a non-GAAP financial basis unless otherwise specified. Detailed reconciliation between our GAAP and non-GAAP results can be found in today's press release.

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。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。

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

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. We finished a very successful 2025 with a strong fourth quarter. Revenue of nearly $490 million was at the high end of our guidance. Strengthening demand in the semiconductor, Industrial & Medical markets drove the outperformance.

謝謝你，埃德溫。各位下午好，感謝各位參加本次電話會議。2025 年我們取得了非常成功的業績，第四季表現強勁。營收接近 4.9 億美元，處於我們預期範圍的高端。半導體、工業和醫療市場需求的增強推動了績效的優異表現。

As expected, we also had another record quarter in data center. Gross margin came in just shy of 40%, our best performance in five years. Earnings per share of nearly $2 also beat guidance. For 2025, we grew total revenue over 20%, increased earnings per share by over 70% and significantly improved our gross and operating margins. We also delivered record operating cash flow.

正如預期的那樣，我們的資料中心業務也再次創下季度新高。毛利率略低於 40%，這是我們五年來最好的成績。每股收益接近 2 美元，也超出預期。2025 年，我們的總營收成長超過 20%，每股盈餘成長超過 70%，毛利率和營業利率也顯著提高。我們也實現了創紀錄的經營現金流。

Our strong financial performance underscores the benefits of our diversification strategy, our focus on execution and the leverage in our model. We deploy our best-in-class technologies across multiple high-value markets, allowing us to deliver healthy revenue, profitability and cash flow through market cycles.

我們強勁的財務表現凸顯了我們多元化策略、對執行的重視以及我們模式中的槓桿作用所帶來的益處。我們在多個高價值市場部署一流的技術，使我們能夠在市場週期中實現健康的收入、獲利能力和現金流。

In 2025, we grew revenue in two of our three target markets. Data center computing revenue more than doubled year-on-year and increased sequentially in every quarter of 2025. Hyperscalers have adopted our customized power solutions in a variety of AI rack applications. Semiconductor revenue grew 6% year-on-year to the second highest level in company history. New products began contributing incremental revenue in 2025, as some of our design wins moved into early production.

2025年，我們在三個目標市場中的兩個市場實現了收入成長。資料中心計算收入年增超過一倍，並且在 2025 年的每個季度都實現了環比增長。超大規模資料中心已在各種人工智慧機架應用中採用我們客製化的電源解決方案。半導體業務營收年增 6%，達到公司歷史第二高水準。2025年，隨著我們的一些設計項目進入早期生產階段，新產品開始帶來增量收入。

Although Industrial & Medical revenue declined year-on-year, we were encouraged by three quarters of sequential revenue growth after reaching a bottom in the first quarter. We expect growth to continue in 2026 as many customers and distributors have worked through excess inventories. We also think that our design win pipeline will drive share gain moving forward. In 2025, we maintained a solid cadence of new product introductions with 26 new product launches across our markets. In addition, we spun off many custom products.

儘管工業和醫療業務的收入同比下降，但在第一季觸底後，連續三個季度的收入成長令我們感到鼓舞。我們預計2026年成長動能將持續，因為許多客戶和分銷商已經消化了過剩庫存。我們也認為，我們不斷增加的設計中標項目將推動我們未來市場份額的成長。2025年，我們維持了穩定的新產品推出節奏，在各市場共推出了26款新產品。此外，我們也衍生出了許多客製化產品。

In semiconductor, we continue to receive very positive feedback on the best-in-class performance of our eVerest, eVoS and NavX technologies. At the leading edge, these technologies are delivering meaningful improvements in yield and throughput. In addition to our many confirmed design wins, there are a number of development projects currently underway, which should convert to wins in 2026.

在半導體領域，我們不斷收到對我們 eVerest、eVoS 和 NavX 技術一流性能的正面回饋。在技​​術前沿，這些技術正在顯著提高產量和吞吐量。除了我們已確認的眾多設計得標項目外，目前還有許多開發項目正在進行中，這些項目預計在 2026 年轉化為中標項目。

In addition to our success in Plasma Power, we have also made progress winning key system power slots for semiconductor equipment with multiple wins ramping to volume this year.

除了在等離子電源領域取得成功外，我們還在半導體設備的關鍵系統電源領域取得了進展，今年多個中標項目將逐步實現量產。

In data center, our 2025 wins are going into volume production this year. Working closely with key customers, we are developing new technologies and products for next-generation AI data centers. We are also engaging with a second wave of cloud and enterprise customers, largely with modified versions of our standard technology platforms.

在資料中心領域，我們2025年贏得的專案今年將投入大量生產。我們與主要客戶緊密合作，正在為下一代人工智慧資料中心開發新技術和產品。我們也正在與第二批雲端和企業客戶接洽，他們主要使用我們標準技術平台的修改版本。

Through the prolonged inventory correction in the Industrial & Medical market, we continue to invest in new products, customization capabilities, digital marketing and distributor partnerships. Now that the market is recovering, we could leverage those investments to gain share.

在工業和醫療市場長期庫存調整期間，我們繼續投資於新產品、客製化能力、數位行銷和經銷商合作夥伴關係。現在市場正在復甦，我們可以利用這些投資來獲取市場份額。

In operations, we expanded capacity in the Philippines and in Mexico, enabling us to support the continued growth in data center demand. We also completed the fit-up of our new Thailand factory, which is expected to deliver more than $1 billion in annual revenue-generating capacity once it's fully built out.

在營運方面，我們擴大了在菲律賓和墨西哥的產能，從而能夠支持資料中心需求的持續成長。我們也完成了泰國新工廠的裝修，該工廠全面建成後，預計每年可創造超過 10 億美元的收入。

Through solid execution, including the closure of our last China factory, we expanded gross margin by 240 basis points. Despite ongoing tariff headwinds, we are well positioned to move gross margin above 40% in 2026.

透過實際有效的執行，包括關閉我們在中國的最後一家工廠，我們的毛利率提高了 240 個基點。儘管關稅方面持續存在不利因素，但我們有能力在 2026 年將毛利率提高到 40% 以上。

Now let me provide some fourth-quarter commentary. In semiconductor, fourth-quarter revenue grew sequentially, well ahead of plan. In data center computing, fourth-quarter revenue increased sequentially to a new record, driven by AI data center investment. And in Industrial & Medical, revenue grew 10% sequentially and returned to year-over-year growth after multiple quarters of decline.

現在讓我來談談第四季的情況。半導體產業第四季營收季增，遠超預期。在資料中心運算領域，受人工智慧資料中心投資的推動，第四季營收季增，創下新紀錄。在工業和醫療領域，收入環比增長 10%，在經歷了多個季度的下滑後，恢復了同比增長。

Bookings, backlog and resales were up. Channel inventory was down. We believe that the market environment for Advanced Energy has largely normalized. In Q4, we secured important design wins in factory automation, medical imaging and electrosurgery applications.

預訂量、積壓訂單和轉售量均上升。通路庫存下降。我們認為先進能源的市場環境已基本恢復正常。第四季度，我們在工廠自動化、醫療成像和電外科應用領域獲得了重要的設計訂單。

Now I'd like to provide our view on 2026. Entering the year, we see positive demand trends across all of our target markets. In addition, we expect that multiple new wins will ramp to production in 2026, driving growth across the portfolio.

現在我想談談我們對2026年的看法。進入新的一年，我們看到所有目標市場的需求趨勢都呈現正向態勢。此外，我們預計多個新中標項目將於 2026 年投產，從而推動整個投資組合的成長。

In semiconductor, stronger customer forecasts are increasing our confidence in a strong second half. In addition, we expect new product revenue to grow over the course of 2026. These forecasts are underpinned by downstream investments in advanced logic and memory capacity.

在半導體產業，客戶預測的增強讓我們對下半年的強勁表現更有信心。此外，我們預計2026年新產品收入將持續成長。這些預測以下游對先進邏輯和儲存能力的投資為基礎。

In Data Center, we now project full year revenue to grow more than 30%. Our modular technology blocks, strong design team and development speed are key enablers of growth in this market.

在資料中心領域，我們預計全年營收將成長超過 30%。我們的模組化技術模組、強大的設計團隊和快速的開發速度是我們在這個市場成長的關鍵推動因素。

In the Industrial & Medical market, we expect demand to continue to improve over the next few quarters. Production revenue from several wins in factory automation and defense should enable us to outgrow the market. In total, we project that our 2026 revenue will grow in the high teens after 21% growth in 2025.

在工業和醫療市場，我們預計未來幾季需求將持續改善。我們在工廠自動化和國防領域取得的幾項成功所帶來的生產收入應該能夠使我們超越市場需求。總體而言，我們預計 2026 年的營收將成長 10% 以上，而 2025 年的營收成長了 21%。

Let me finish with some closing thoughts. Advanced Energy designs and manufactures precision power solutions for demanding high-value applications across multiple markets. Our market diversification strategy, coupled with aggressive investment is enabling us to capture upside across our markets and deliver more consistent financial results.

最後，我想補充幾點看法。Advanced Energy 為多個市場中要求嚴格的高價值應用設計和製造精密電源解決方案。我們的市場多元化策略，加上積極的投資，使我們能夠在各個市場中獲得成長機會，並實現更穩定的財務表現。

We've steadily increased our R&D and marketing spending over the last few years, building a strong portfolio of new products, gaining new customers and growing our design win pipeline. We have more than doubled the output of our Philippines and Mexico factories. In addition, we've built a new flagship factory in Thailand.

過去幾年，我們穩步增加了研發和行銷方面的投入，建立了強大的新產品組合，贏得了新客戶，並擴大了我們的設計中標管道。我們在菲律賓和墨西哥的工廠產量已經翻了一番以上。此外，我們還在泰國新建了一家旗艦工廠。

Finally, with a strong balance sheet, we will continue to pursue inorganic growth to improve scale and to broaden our technology portfolio. With market tailwinds in 2026, strong demand for our new products, expanding margins and a solid balance sheet, we are confident that we can meet or exceed the long-term financial goals presented at our 2024 Analyst Day.

最後，憑藉強勁的資產負債表，我們將繼續追求非內生性成長，以擴大規模並擴大我們的技術組合。憑藉 2026 年的市場利好因素、對我們新產品的強勁需求、不斷擴大的利潤率和穩健的資產負債表，我們有信心能夠實現或超越我們在 2024 年分析師日上提出的長期財務目標。

Paul will now provide detailed financial information.

保羅現在將提供詳細的財務資訊。

Thank you, Steve, and good afternoon, everyone. 2025 was very successful for Advanced Energy. We delivered double-digit year-over-year growth for both revenue and earnings throughout the year, led by record data center revenue in every quarter. We executed on our gross margin improvement plan, exiting the year approaching our initial target of 40% despite the impact of tariffs. Disciplined spending helped drive operating margin to its highest level since 2022. Cash flow from operations was a record $235 million.

謝謝史蒂夫，大家下午好。 2025年對先進能源公司來說非常成功。全年營收和利潤均實現了兩位數的同比增長，這主要得益於每季資料中心營收均創歷史新高。儘管受到關稅的影響，我們仍執行了毛利率提升計劃，並在年底接近了最初設定的 40% 的目標。嚴格的支出控制幫助推動營業利潤率達到 2022 年以來的最高水準。經營活動產生的現金流達到創紀錄的 2.35 億美元。

The year finished on a high note with fourth-quarter results beating our guidance. Fourth-quarter revenue of $489 million increased 6% sequentially and 18% year-over-year. Semiconductor revenue was $212 million, up 8% from Q3 and ahead of our guidance as customer demand strengthened. Through solid execution, we were able to respond and capture upside.

第四季業績超出預期，為這一年畫上了圓滿的句點。第四季營收為 4.89 億美元，季增 6%，年增 18%。半導體業務營收為 2.12 億美元，較第三季成長 8%，高於我們的預期，這得益於客戶需求的增強。透過切實有效的執行，我們能夠及時應對並抓住機會。

Data center computing revenue was a record $178 million, up 4% sequentially and 101% year-over-year. Overall, demand remained very strong, and we were able to quickly adjust to meet changes in product mix within the quarter.

資料中心計算營收創下 1.78 億美元的紀錄，季增 4%，年增 101%。整體而言，市場需求依然非常強勁，我們能夠迅速調整以滿足本季產品組合的變化。

Industrial & Medical revenue increased 10% sequentially to $78 million and grew 2% year-over-year, the first increase in two years. I&M demand continues to trend positively with total backlog and distribution metrics improving over the last several quarters.

工業和醫療收入環比增長 10% 至 7800 萬美元，年增 2%，這是兩年來的首次增長。I&M 需求持續向好，總積壓訂單和分銷指標在過去幾季中不斷改善。

Telecom & Networking revenue was $22 million, down slightly for the quarter and the year, mainly due to program timing. Fourth-quarter gross margin was 39.7%, up 60 basis points sequentially, primarily due to higher volume and favorable product mix. We continue to deliver improved gross margin despite the impact of tariffs and factory ramp costs.

電信和網路業務收入為 2,200 萬美元，較本季和全年略有下降，主要原因是專案時間表。第四季毛利率為 39.7%，季增 60 個基點，主要原因是銷量增加和產品組合有利。儘管受到關稅和工廠產能爬坡成本的影響，我們仍然實現了不斷提高的毛利率。

Operating expenses were $107 million, up 4% from last quarter, driven by higher sales and incentive-related expenses. Operating margin for the quarter was 17.8%, up 100 basis points from last quarter and 430 basis points from last year, highlighting the leverage in our financial model.

營業費用為 1.07 億美元，比上一季成長 4%，主要原因是銷售額和激勵相關費用增加。本季營業利潤率為 17.8%，比上一季成長 100 個基點，比去年同期成長 430 個基點，凸顯了我們財務模型中的槓桿作用。

Depreciation for the quarter was $10 million, and we achieved our second highest adjusted EBITDA of $97 million. Other income was $1.3 million, down slightly quarter over quarter.

本季折舊額為 1,000 萬美元，調整後 EBITDA 達到 9,700 萬美元，創史上第二高。其他收入為130萬美元，季減。

Our non-GAAP tax rate for Q4 was 14.7%, below our guidance of around 17% due to favorable mix of earnings and discrete items. Fourth-quarter earnings were $1.94 per share, up from $1.74 in the previous quarter and $1.30 a year ago.

由於獲利和特殊項目組合有利，我們第四季的非GAAP稅率為14.7%，低於我們先前約17%的預期。第四季每股收益為 1.94 美元，高於上一季的 1.74 美元和去年同期的 1.30 美元。

Turning now to the balance sheet. Total cash increased by $33 million to $791 million with net cash of $224 million. In the fourth quarter, we delivered cash flow from continuing operations of $80 million. Inventory days came down by 3 days to 125 on higher sales and inventory turns improved to 2.9x.

現在來看資產負債表。總現金增加 3,300 萬美元，達到 7.91 億美元，淨現金為 2.24 億美元。第四季度，我們持續經營業務產生的現金流量為 8,000 萬美元。由於銷售額增加，庫存週轉天數減少了 3 天，降至 125 天，庫存週轉率提高到 2.9 倍。

Looking ahead, we expect inventory to increase to support growth in the coming quarters and for strategic supply. DSO increased to 60 days from 58 days, largely due to timing of revenue. DPO improved from 62 to 68 days. As a result, net working capital decreased sequentially from 124 to 117 days.

展望未來，我們預計庫存將增加，以支持未來幾季的成長和策略供應。DSO 從 58 天增加到 60 天，主要是因為收入到帳時間的變化。DPO 從 62 天提高到 68 天。因此，淨營運資本週轉天數從 124 天減少到 117 天。

During the quarter, we invested $38 million in CapEx and paid $4 million in dividends. Finally, we spent $6.7 million to repurchase 33,000 shares at $205.38 per share.

本季度，我們在資本支出方面投資了 3,800 萬美元，並支付了 400 萬美元的股息。最後，我們花費 670 萬美元以每股 205.38 美元的價格回購了 33,000 股股票。

Now let me review our full year 2025 results. In 2025, we delivered $1.8 billion of revenue, up 21% year-over-year. Growth was primarily driven by revenue in the data center computing market, which increased 107% year-over-year to $587 million. Semiconductor revenue increased 6% to $840 million, which was our second strongest year following the peak in 2022.

現在讓我來回顧一下我們2025年全年的業績。2025年，我們實現了18億美元的收入，年增21%。成長主要由資料中心計算市場的收入推動，該市場年增 107%，達到 5.87 億美元。半導體營收成長 6% 至 8.4 億美元，這是繼 2022 年達到高峰之後我們第二強勁的一年。

Industrial & Medical revenue decreased 11% for the full year. However, after a trough in Q1, revenue increased sequentially each quarter on improving supply-demand dynamics and lower inventories.

工業和醫療行業全年收入下降了11%。然而，在第一季觸底之後，隨著供需動態的改善和庫存的減少，每季的收入都逐季成長。

In 2025, we optimized our manufacturing footprint by exiting our last manufacturing facility in China, while adding new capacity in the Philippines and Mexico. In a dynamic environment, we managed the tariff impact on gross margin to less than 100 basis points.

2025年，我們透過關閉在中國的最後一家製造工廠，同時在菲律賓和墨西哥增加新的產能，優化了我們的生產佈局。在瞬息萬變的市場環境下，我們將關稅對毛利率的影響控制在 100 個基點以內。

Combined with leverage on higher revenue, gross margin improved 240 basis points to 38.7%, the highest level since 2020. Operating expenses increased 7%, well below our target of half the rate of revenue growth. Operating income increased 89% and operating margin improved 560 basis points to 15.8%, the highest level in five years. 2025 non-GAAP earnings increased by 73% to $6.41 per share, while adjusted EBITDA increased by 68% to $324 million.

由於更高的收入，毛利率提高了 240 個基點，達到 38.7%，為 2020 年以來的最高水準。營運費用成長了 7%，遠低於我們設定的收入成長率一半的目標。營業收入成長89%，營業利益率提升560個基點至15.8%，創五年新高。 2025年非GAAP每股盈餘成長73%至6.41美元，調整後EBITDA成長68%至3.24億美元。

Combined with improved days of net working capital, we achieved record operating cash flow. This cash flow funded investments in production capacity and capability to meet strong customer demand and growth ahead. As a result, 2025 CapEx was $107 million or 6% of revenue.

結合淨營運資本週轉天數的改善，我們實現了創紀錄的營運現金流。這筆現金流用於投資生產能力建設，以滿足強勁的客戶需求和未來的成長。因此，2025 年資本支出為 1.07 億美元，佔營收的 6%。

Turning now to our first quarter guidance. We expect Q1 revenue to be approximately $500 million, plus or minus $20 million. The sequential growth is expected to come primarily from the semiconductor market. We expect gross margin to remain around Q4 levels in the 39.5% to 40% range on similar volume.

現在來看我們第一季的業績預期。我們預計第一季營收約 5 億美元，上下浮動 2,000 萬美元。預計接下來的成長將主要來自半導體市場。我們預計毛利率將保持在第四季水準附近，在銷量相近的情況下，毛利率將在 39.5% 至 40% 的範圍內。

We also expect Q1 operating expenses to be flattish quarter over quarter with higher investments in R&D and lower SG&A. We expect other income to be in the $1 million range and are now modeling our tax rate to be in the 16% to 17% range looking forward. As a result, we expect Q1 non-GAAP earnings to be about flat at $1.94 per share, plus or minus $0.25 on higher operating income, but a more normalized tax rate.

我們也預期第一季營運支出將與上一季基本持平，研發投入將增加，銷售、管理及行政費用將減少。我們預計其他收入將在 100 萬美元左右，目前我們預計未來的稅率將在 16% 到 17% 之間。因此，我們預期第一季非GAAP收益將基本持平於每股1.94美元，由於營業收入增加，但稅率更加正常，可能會有0.25美元的增幅。

Due to the strong performance of our common stock and the dilutive effect of our convertible note, our non-GAAP EPS guidance is based on 39.7 million shares.

由於我們的普通股表現強勁，且可轉換債券產生了稀釋效應，因此我們的非GAAP每股收益預期是基於3970萬股計算的。

Now let me provide some concluding comments. First, we see strengthening demand across our markets in 2026. In semiconductor, we are entering the year with increased customer demand, which we expect to further strengthen in the second half.

現在讓我做一些總結性評論。首先，我們預期 2026 年我們各個市場的需求將持續增強。在半導體產業，我們進入新的一年時客戶需求不斷增長，我們預計下半年這種需求將進一步增強。

For Data center, we expect Q1 demand to be similar to Q4 based on timing of product transitions. However, we expect revenue to strengthen through the rest of the year on higher demand and production ramp of our new programs.

對於資料中心，我們預計第一季的需求將與第四季度類似，這是基於產品過渡的時間表。不過，我們預計隨著新項目需求增加和產量提升，今年剩餘時間的收入將會成長。

Overall, we are raising our data center revenue growth outlook to more than 30%, up from 25% to 30%. In Industrial & Medical, we expect continued growth over the next several quarters on a more normalized inventories and new product adoption paced by overall economic conditions. As a result, with improved industry conditions across our markets and growth from new products, we are currently modeling high teens revenue growth for 2026.

總體而言，我們將資料中心收入成長預期從 25% 至 30% 上調至 30% 以上。在工業和醫療領域，我們預計未來幾季庫存將更加正常化，新產品的採用也將受到整體經濟狀況的影響，從而實現持續成長。因此，隨著我們各個市場產業狀況的改善和新產品的成長，我們目前預計 2026 年的營收成長率將達到兩位數以上。

Second, exiting 2025, we increased gross margin by 450 basis points relative to first half 2024 levels. Our initial target of 40% is within striking distance, and we expect to achieve this goal within 2026, with timing dependent on volume and product mix.

其次，到 2025 年底，我們的毛利率比 2024 年上半年水準提高了 450 個基點。我們最初設定的 40% 的目標已經接近實現，我們預計將在 2026 年內實現這一目標，具體時間取決於銷售和產品組合。

Looking forward, we believe that improved manufacturing efficiency, a growing mix of new products and higher revenue will enable us to achieve our long-term gross margin goal of 43% despite the impact of tariffs and higher data center mix.

展望未來，我們相信，儘管受到關稅和資料中心業務佔比上升的影響，但隨著生產效率的提高、新產品組合的增加以及收入的成長，我們將能夠實現 43% 的長期毛利率目標。

Third, increased capital investment enabled us to double the output in the Philippines and Mexico and to complete initial fit-up of the Thailand factory. We expect 2026 CapEx will continue at or around Q4 levels, which will enable over $2.5 billion of revenue-generating capacity within our existing footprint. The complete build-out of Thailand should enable an additional $1 billion of capacity.

第三，增加的資本投資使我們能夠將菲律賓和墨西哥的產量翻一番，並完成泰國工廠的初步裝修。我們預計 2026 年資本支出將繼續保持在第四季度水準或附近，這將使我們在現有業務範圍內實現超過 25 億美元的創收能力。泰國全面建成後，預計新增10億美元的產能。

Longer term, we expect CapEx to revert to historical levels of around 4% of sales once we complete these investments. Lastly, our diversification strategy enables us to balance growth across our markets, generating more consistent cash flow that we can reinvest into our business. We will continue to develop power technologies that can be shared across our product portfolio and drive organic growth in each of our markets.

從長遠來看，我們預計一旦完成這些投資，資本支出將恢復到歷史水平，約為銷售額的 4%。最後，我們的多元化策略使我們能夠在各個市場之間實現平衡成長，從而產生更穩定的現金流，我們可以將這些現金流再投資到我們的業務中。我們將繼續開發可在我們產品組合中共享的電力技術，並推動我們各個市場的有機成長。

In addition, we will continue to look for acquisition opportunities to further expand our scope, especially in industrial and medical and leverage our scale to drive further growth in revenue and earnings.

此外，我們將繼續尋找收購機會，進一步擴大我們的業務範圍，尤其是在工業和醫療領域，並利用我們的規模優勢推動收入和利潤的進一步成長。

With that, operator, we'll take your questions.

好了，操作員，我們開始回答您的問題。

(Operator Instructions) Brian Chin, Stifel.

（操作說明）Brian Chin，Stifel。

Maybe firstly, I was curious, how are you thinking about your semi cap growth this year in relation to the industry WFE that is expected to grow at least in the mid-teens year-over-year kind of growth rate? And also, did I hear you correctly that you do anticipate more acceleration in the back half of the year?

首先，我很好奇，您如何看待貴公司今年的半導體市值成長與預計至少達到兩位數中段年增長率的行業整體WFE之間的關係？另外，我沒聽錯吧，您預計下半年增速會更快？

Yes, Brian, this is Steve. Let me take your question. Maybe give you a more expansive answer. Maybe the first point I'd like to make is that I think we're better positioned now as a company than we have ever been in the history of Advanced Energy. And I say that largely because of the broad acceptance of eVoS, eVerest and NavX across a broad customer set. And so what that is doing is setting the company up for structural share gain over the next five years in three areas: in conductor etch, in dielectric and in deposition.

是的，布萊恩，這是史蒂夫。讓我來回答你的問題。或許可以給你更詳細的解答。我想提出的第一點是，我認為我們現在作為一家公司所處的地位比Advanced Energy歷史上任何時候都要好。我之所以這麼說，主要是因為 eVoS、eVerest 和 NavX 在廣泛的客戶群中得到了廣泛的認可。因此，這樣做是為了在未來五年內在三個領域獲得結構性市場份額的成長：導體蝕刻、介電材料和沈積。

And the reason we're doing so well there is that customers are encountering problems as they go below 2-nanometer at these advanced nodes. And our technologies help solve those issues, particularly issues with throughput and yield. So if you take those design wins that we have achieved, couple that with increased etch and depth intensity at the leading edge, I think it sets up very nicely for share gains for Advanced Energy in the semiconductor area.

我們之所以能取得如此佳績，是因為客戶在這些先進節點上採用低於 2 奈米的製程時遇到了問題。我們的技術有助於解決這些問題，特別是產能和良率的問題。因此，如果我們把我們所取得的這些設計上的成功，再加上尖端蝕刻和深度強度的提高，我認為這將為先進能源在半導體領域贏得市場份額奠定非常好的基礎。

But we have some other factors that are in our favor as well. One is a larger installed base of AE boxes that are installed in fabs. And what we're seeing right now is a surge in demand for advanced logic capacity as well as DRAM capacity. And since we're strong in conductor etch, we expect to see a fair amount of business as those capacity build-outs take place in the coming 12 to 24 months. So we think we're in good shape there.

但我們還有一些其他對我們有利的因素。一是工廠中安裝的 AE 設備數量較多。我們現在看到的是，對先進邏輯電路容量以及DRAM容量的需求激增。由於我們在導體蝕刻方面實力雄厚，我們預計隨著未來 12 至 24 個月產能的提升，我們將迎來相當可觀的業務量。所以我們認為我們在這方面情況良好。

Our service business continues to grow. We have a large number of boxes installed throughout the world there that require service and other added value functions. A new area for us is system power. We had pretty much ignored this in the past. But over the past few years, we have focused on system power solutions for semi equipment and semi tester companies. And we've achieved some success there. Those programs will ramp in 2026.

我們的服務業務持續成長。我們在世界各地安裝了大量的機上盒，這些機上盒需要提供服務和其他增值功能。系統功率對我們來說是一個全新的領域。過去我們幾乎完全忽略了這一點。但過去幾年，我們一直專注於為半導體設備和半導體測試儀公司提供系統電源解決方案。我們在這方面取得了一些成功。這些項目將於 2026 年全面展開。

So there's a lot of growth factors in play for us. We don't know exactly how much we're going to grow in '26, but I think we'll be happy with the growth once the dust settles.

因此，有許多因素會推動我們的成長。我們不知道 2026 年會成長多少，但我認為在塵埃落定之後，我們會對成長感到滿意。

Okay. Appreciate that. It sounds like some of those design wins maybe start to give you some visibility there in the second half.

好的。謝謝。聽起來，下半年你贏得的一些設計項目或許能讓你在那方面獲得一些關注。

On the data center, maybe to switch over there. I guess, can you discuss what you're embedding in your greater than 30% revised growth outlook in terms of new customers? And then second part of that, for existing customers, are you pretty optimistic that volumes and activity should further strengthen as we go through the year here, given that the sheer magnitude of CapEx increase that big hyperscalers are guiding to, which I think is sort of like a 70% increase or so on average?

或許需要在資料中心那邊切換。我想請您談談，在您將成長預期上調至30%以上（以新增客戶數量計）的過程中，具體包含了哪些因素？其次，對於現有客戶，考慮到大型超大規模資料中心營運商預計資本支出將大幅成長（平均增幅約為 70%），您是否相當樂觀地認為，隨著今年的推進，交易量和業務活動將會進一步增強？

Yes. So let me answer the question about the forecast. Our forecast of over 30% growth this year only comprehends our existing customer base. It does not comprehend any pull-ins of demand from second wave customers.

是的。那麼，讓我來回答關於天氣預報的問題。我們預測今年將成長超過 30%，但這只包含了我們現有的客戶群。它沒有考慮到第二波客戶的需求成長。

But what we're seeing right now in the market is pretty bullish. I think you've seen the announcements from the hyperscalers about their capital spending plans, which are up to the right. We've seen very bullish forecast as well. So we're preparing for a strong year in '26 to meet our existing customer demands.

但我們目前在市場上看到的景象相當樂觀。我想你已經看到了超大規模資料中心營運商發布的資本支出計畫公告，就在右邊。我們也看到了非常樂觀的預測。因此，我們正為2026年取得強勁業績做好準備，以滿足現有客戶的需求。

To that end, we have spent a fair amount of money, as Paul described, on expanding capacity in the Philippines and in Mexico to support this growth in demand from the hyperscalers.

為此，正如保羅所描述的那樣，我們投入了相當多的資金來擴大在菲律賓和墨西哥的產能，以支持超大規模資料中心營運商不斷增長的需求。

In addition, we have brought Thailand to a place where we can basically start that factory up this year, if need be, and absorb any demand that we can absorb in the Mexico or the Philippines. So I think we're in very good shape from a capacity standpoint. I think the other positive is the activity on the development side. We're fully engaged with our customers, including a number of 800-volt projects. And for us, rapid change is a good thing because we are technology leaders, and it makes it harder for the other guys to catch up essentially.

此外，我們已經讓泰國具備了今年啟動工廠生產的能力（如有必要），並能夠吸收我們在墨西哥或菲律賓能夠吸收的任何需求。所以我覺得從產能角度來看，我們的狀況非常好。我認為另一個正面的方面是研發方面的活動。我們與客戶保持密切的聯繫，其中包括多個 800 伏特項目。對我們來說，快速變化是一件好事，因為我們是技術領導者，這會讓其他競爭對手更難趕上。

So we're pretty excited about data center in '26.

所以我們對 2026 年的資料中心感到非常興奮。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Steve, just to follow up on the previous question on data center. I'm curious, what is your visibility into these projects? Because clearly, at over 30% growth, it seems like that basically implies mid-single-digit growth sequentially from Q2 onwards. But you've kind of healthily overgrown that number over the last several quarters. So I'm just kind of curious that greater than 30%, is that conservatism baked in?

史蒂夫，我來補充一下之前關於資料中心的問題。我很好奇，您對這些項目了解多少？因為很明顯，超過 30% 的成長率似乎基本上意味著從第二季開始，每個季度的成長率將保持在個位數中段。但在過去幾個季度裡，你們的成長速度已經遠遠超過了這個數字。所以我很好奇，當保守主義傾向超過 30% 時，這是否意味著保守主義傾向已經根深蒂固了？

Or is it more lack of visibility into the projects? And then I had a follow-up.

或者說，問題更多在於對專案缺乏了解？然後我還有後續跟進。

I would say this. I think there will be upside to our number. I think one of the issues we face, Krish, is on the supply side. And we've seen this play out in '25, and we expect to see more of it in '26. And I think what we've seen in '25 are various constraints on processors, whether it's GPUs or ASICs or some other type of processor product. And that has dictated in some cases, the number of boxes that we need to deliver to our customers.

我會這麼說。我認為我們的數字會有上升空間。克里什，我認為我們面臨的問題之一在於供應方面。我們在 2025 年已經看到了這種情況，我們預計在 2026 年還會看到更多這種情況。我認為我們在 2025 年看到的是處理器方面的各種限制，無論是 GPU、ASIC 還是其他類型的處理器產品。在某些情況下，這決定了我們需要向客戶交付的包裹數量。

I think as we move into '26, there's additional constraints, namely in memory, right? I think most of the memory makers have announced that they're sold out. And so you've got allocation situations in both processors and memory, which will limit some of the growth, we believe, in 2026.

我認為，隨著我們進入 2026 年，會有額外的限制，主要是記憶體方面的限制，對吧？我認為大多數記憶體製造商都已經宣布產品售罄了。因此，處理器和記憶體方面都存在分配問題，我們認為這將限制 2026 年的一些成長。

So that's why we're a little conservative. That said, supply chain issues have not limited our ability to build products for the data center and certainly not in the first quarter of '26. We do anticipate that we'll see some supply chain issues moving forward. So we're putting our thumb on the scale when it comes to building inventory. We're trying to put strategic inventory in place where we see weaknesses in the supply chain.

所以這就是我們比較保守的原因。也就是說，供應鏈問題並沒有限制我們為資料中心生產產品的能力，當然在 2026 年第一季更是如此。我們預計未來會出現一些供應鏈問題。所以，在庫存建置方面，我們是在暗中操縱。我們正在努力在供應鏈中發現弱點的地方建立策略庫存。

Got it. Got it. Very helpful, Steve. And then just a quick follow-up on the semi side. You mentioned second half better.

知道了。知道了。史蒂夫，你幫了我大忙。然後，再簡單跟進一下準決賽的狀況。你對下半場的評價比較好。

Is that just more a revenue commentary for you for your semiconductor sales? Or is that more an inflection commentary? I'm just wondering because if you look at ICOE last night, they're beginning to see an inflection in the semiconductor sales to the semi-cap OEMs already happening. So I'm just wondering that since you're a supplier of components, you should start seeing it either in the March or the June quarter. So I'm just wondering, is the second half commentary for semis more just half over half revenue? Or is it more of an inflection commentary?

這僅僅是您針對半導體銷售收入的評論嗎？或者這更像是一種語氣上的評論？我只是好奇，因為如果你看看昨晚的ICOE會議，他們已經開始看到半導體OEM製造商的半導體銷售出現轉折點。所以我想知道，既然您是零件供應商，您應該會在三月或六月的季度開始看到這種情況。所以我想知道，四強賽下半場的評論是不是更像是收入的一半？或者，這更像是一種語氣上的評論？

Yes. I think we saw a material change in customer outlooks in Q4. And that's what drove our Q4 outperformance we saw that demand go up. Originally, we were concerned it might be a pull-in from Q1, but then we've discovered now the Q1 demand also went up as did Q2. Our customers have also told us to expect further increases for the second half.

是的。我認為我們在第四季度看到了客戶前景的實質變化。正是需求上升推動了我們第四季的業績表現。最初，我們擔心這可能是第一季需求回升造成的，但後來我們發現，第一季的需求也上升了，第二季的需求也上升了。我們的客戶也告訴我們，預計下半年價格還會進一步上漲。

And so we're getting a lot of positive comments from our customers and improved forecast, which lead us to believe that the second half will be stronger than first half, and that will lead into a pretty healthy '27 as well.

因此，我們收到了許多來自客戶的正面評價，預測也得到了改善，這讓我們相信下半年會比上半年表現更好，這也將為2027年帶來相當健康的業績。

Mehdi Hosseini, SFG.

Mehdi Hosseini，SFG。

I have two. The first one for Steve. As you ramp the Thailand facility and get it to revenues of $3.5 billion, how should we think about that revenue mix between semi, data center and the rest?

我有兩個。第一個是給史蒂夫的。隨著泰國工廠產能提升至 35 億美元，我們該如何看待半導體、資料中心和其他業務之間的收入組成？

Yes. So just to review, what we said today was that we would have more than $2.5 billion in revenue-generating capacity in our existing factory network. And then we brought on Thailand that would add another $1 billion or more so that by the end of next year, I think you're looking at $3.5 billion, assuming we build out Thailand. So it's more than enough capacity to achieve our goals over the next couple of years. So that's the important thing.

是的。綜上所述，我們今天所說的是，我們現有的工廠網路將擁有超過 25 億美元的創收能力。然後我們又把泰國納入進來，這將再增加 10 億美元或更多，因此到明年年底，我認為總投資額將達到 35 億美元，假設我們在泰國完成建設的話。因此，這足以滿足我們未來幾年的目標。所以，這才是重點。

The exact mix, we haven't really gone into that. I think we're seeing growth in all of our markets. I think initially in Thailand, we're looking at data center because it's a high-volume, low mix type of product. It's probably the best way to start up a factory. But I think we're also going to see our Plasma Power products being built in Thailand in the near future as well.

具體的比例，我們還沒有深入研究。我認為我們所有市場都在成長。我認為在泰國，我們最初關注的是資料中心，因為它是一種高容量、低混合類型的產品。這可能是創辦工廠的最佳方式。但我認為在不久的將來，我們也會看到我們的等離子電源產品在泰國生產。

And I think the third category of products that will go into Thailand will be the Industrial & Medical products. But that -- this is our biggest factory. It's 0.5 million square feet, and it was built to accommodate all of our products. So it's the first time we've had such a factory in our network.

我認為第三類將進入泰國的商品是工業和醫療產品。但是，這是我們最大的工廠。它佔地 50 萬平方英尺，是為了容納我們所有的產品而建造的。所以這是我們網路中首次擁有這樣的工廠。

So should I assume that if on the semi side, the market were to exceed well over $150 billion, you have no constrained capacity. You can reallocate internal capacity to meet your OEMs demand above and beyond the $150 billion WFE?

那麼，我是否可以假設，如果半導體市場規模超過 1500 億美元，產能不會受到限制？您可以重新分配內部產能，以滿足您的原始設備製造商 (OEM) 超出 1500 億美元 WFE 的需求嗎？

Yes, definitely. In fact, that was the original impetus for us to build Thailand was as a business continuity factory for semiconductor. And so our customers are fully bought into Thailand as a second factory to back up our operation in Malaysia.

是的，當然。事實上，我們最初在泰國建立工廠的動力就是將其打造成為半導體產業的業務連續性工廠。因此，我們的客戶完全認可泰國作為我們在馬來西亞運營的第二家工廠。

Great. And my second question has to do with the data center and migration to 800 volt. I'm under assumption that there would need to be redesigned. And what I wanted to better understand from you, would there be ASP uplift for premium associated with the redesign of these power sources and you're also increasing your content. So I know some of my peers are fixated with data center CapEx, but I want to better understand the details.

偉大的。我的第二個問題與資料中心以及向 800 伏特電壓的遷移有關。我認為需要重新設計。我想更深入了解的是，重新設計這些電源供應器是否會提升高級產品的平均售價，同時你們也在增加內容。我知道我的一些同行非常關注資料中心資本支出，但我想要更好地了解細節。

So the question is, would there be an ASP uplift as you start supporting an 800-volt AI data center rack?

所以問題是，當您開始支援 800 伏特 AI 資料中心機架時，平均售價 (ASP) 是否會提升？

Yes, interesting question, and we've spent a fair amount of time looking into that. And we're engaged with multiple, I would call them, marquee customers on 800 volts because we have some pretty interesting technology that makes 800-volt possible in a relatively small space.

是的，這個問題很有意思，我們也花了不少時間研究這個問題。我們正在與多家我稱之為「旗艦客戶」的客戶合作，共同推進 800 伏特電壓項目，因為我們擁有一些非常有趣的技術，可以在相對較小的空間內實現 800 伏特電壓。

So I would say that based on our analysis of the market, our total dollar opportunity goes up with 800-volt solutions relative to what we're generating today. So in addition to having the right technology, I think it's also good for our business to mix some of these newer technologies into the mix. It's very good for Advanced Energy.

因此，根據我們對市場的分析，我認為，與我們目前所創造的收益相比，800 伏特解決方案將帶來更大的獲利機會。所以，除了擁有合適的技術之外，我認為將一些新技術融入我們的業務中也是有好處的。它對先進能源產業非常有利。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

Steve, for Data Center, your comments on processor and memory constraints make sense. But if you grow the 30% for existing customers and the second tier does come in, do you have capacity now to support upwards of 50% growth? Or what can your factory support if everyone else in the supply chain delivers?

Steve，對於資料中心而言，你關於處理器和記憶體限制的評論很有道理。但是，如果現有客戶成長 30%，而第二層級的客戶也加入進來，那麼你現在是否有能力支援超過 50% 的成長？如果供應鏈上的其他環節都能正常供貨，那麼你的工廠又能提供什麼呢？

Well, that would be a great situation, Steve. I hope you're right. But that's the reason we built Thailand, right? So we will likely qualify our first products on Thailand this year. And so -- and the purpose of that would be to be able to ramp those products as soon as Q4 of this year.

那可真是個好主意，史蒂夫。我希望你是對的。但這就是我們建立泰國的理由，對吧？因此，我們今年很可能會在泰國推出首批產品。因此——其目的是為了能夠在今年第四季盡快提高這些產品的產量。

And that would likely be data center, whether it's with our existing hyperscale customers or some new second wave customers, that remains to be seen. But I don't see factory floor space or equipment being constraints for Advanced Energy. I think our attention is more focused on bill of materials and parts and ICs and discretes and those types of items. And so that's why you're seeing our inventory move up a little bit because we're trying to take some insurance so that we don't get caught short on the parts.

而這很可能指的是資料中心，無論是我們現有的超大規模客戶或是一些新的第二波客戶，還有待觀察。但我認為，對於先進能源公司而言，廠房面積或設備不會成為限制因素。我認為我們更關注物料清單、零件、積體電路、分立元件以及這類產品。所以，這就是為什麼你會看到我們的庫存略有增加，因為我們正在努力囤貨以防萬一出現零件短缺的情況。

Yes, understandable. In semi equipment and your comments on really strong customer forecast and a strong back half, what are they saying about their desire to hold buffer inventory? Is there some restocking built into your expectation? Or are you just currently selling through to current demand?

是的，可以理解。就半成品設備而言，以及您對強勁的客戶預測和強勁的下半年業績的評論，他們對持有緩衝庫存的意願有何看法？您的預期是否包含了補貨時間？還是你們目前只是在滿足現有需求？

It's a difficult question to answer precisely, Steve. But I could tell you, I think for much of the past two years, the demand has been pretty close to equilibrium. So they're ordering what they need, keeping reasonable inventories. It's been pretty stable, I would say.

史蒂夫，這個問題很難準確回答。但我可以告訴你，我認為在過去兩年的大部分時間裡，需求都相當接近平衡狀態。所以他們按需訂購，保持合理的庫存水準。我覺得它一直都相當穩定。

I think there's certainly a change as we move into '26 and '27, where our customers see more upside from their customers. And so yes, I think that we'll see them holding more safety stock because we all have memories of what happened back in '21 with some of the supply chain shortages, and we don't want that to happen again.

我認為隨著我們進入 2026 年和 2027 年，肯定會發生一些變化，我們的客戶會從他們的客戶那裡看到更多的成長機會。所以，是的，我認為他們會增加安全庫存，因為我們都記得 2021 年供應鏈短缺的情況，我們不希望這種情況再次發生。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Maybe just kind of in that line of questioning, I guess, then as I think about -- when we think about just your semiconductor equipment growth kind of opportunity for '26 and then you layer on top of that, the new products, I mean, why are we not to consider that, that business could grow upwards of 20% this year?

或許沿著這個想法來思考，我想——當我們想到半導體設備在 2026 年的成長機會，再加上新產品，我的意思是，為什麼我們不考慮一下，這項業務今年可能會成長 20% 以上呢？

Yes, Joe, I think it could. I think there's an upside to what our forecast is in right now. But we're not ready to forecast that. We just want to see how the market develops. There's a lot of timing issues with wafer fabs and exactly when the clean room space is available to accommodate new equipment. So I think that will all become clear in the coming months.

是的，喬，我覺得有可能。我認為我們目前的預測也有正面的一面。但我們目前還無法對此進行預測。我們只是想看看市場將如何發展。晶圓製造廠在時間安排方面存在許多問題，例如無塵室空間何時可用以容納新設備。所以我認為，未來幾個月一切都會明朗起來。

Okay. And then as a follow-up, I'm wondering if you could just kind of give us maybe the puts and takes of the gross margin guide. I guess I would have thought it maybe be a little bit better just given it seems like mix be a little bit stronger in semi might have been a benefit for this quarter?

好的。然後，作為後續問題，我想請您簡要介紹毛利率指導原則的優缺點。我原本以為情況可能會好一些，因為混合比例似乎在半成品中稍微高一些，這可能對本季有利？

Yes. So we did see gross margins increase this quarter from last quarter by 60 basis points or so. The one thing I would note that if you recall, we had a tariff headwind. We had pretty favorable tariffs in Q3. So that was pretty significant that we overcame that.

是的。因此，我們看到本季毛利率比上季成長了約 60 個基點。我想指出的一點是，如果你還記得的話，我們當時面臨關稅方面的阻力。第三季我們的關稅政策相當有利。所以，我們克服了這個問題，這意義非常重大。

But you're right, we had a little bit better mix certainly and a little bit better -- higher volume, which we're able to absorb. So we were pleased with where we ended up. I would say if you excluded the impact of tariffs, we are clearly well over 40% gross margin, which was certainly a goal exiting this year.

但你說得對，我們的混合效果確實更好一些，音量也更大一些，我們能夠更好地吸收。所以我們對最終的結果很滿意。如果排除關稅的影響，我認為我們的毛利率顯然遠超 40%，這無疑是我們今年年底的目標。

I think if you look forward, we see gross margins flattish in Q1, largely on a pretty similar mix. Revenue is up a little bit. But I think the opportunities for us in gross margin come to continuing to improve manufacturing efficiency. We are still carrying a fair amount of ramp costs as we ramped up data center. And the mix in that business continues to be pretty dynamic, including in the fourth quarter, and we expect some of that in Q1 as we go through some product transitions there.

我認為展望未來，第一季的毛利率將基本持平，這主要是由於產品組合與第一季非常相似。收入略有增長。但我認為，提高毛利率的機會在於持續提升生產效率。由於我們擴大了資料中心規模，因此仍然承擔著相當多的啟動成本。該業務的組合仍然相當活躍，包括第四季度，我們預計第一季也會有一些類似的情況，因為我們正在進行一些產品轉型。

So we certainly see opportunities to improve gross margins. We're very comfortable or confident that we'll see over 40% in 2026. And when we look forward and we have more tailwind from mix within the new products that we're bringing out. Certainly, semi mix will help us, even in Industrial & Medical, there's opportunities to see improvements as our new products play a bigger role to see gross margins continue to improve. And we said in our prepared remarks that we believe we still have line of sight to 43%, which is our long-term goal as volumes grow, as our mix improves and as we continue to improve our manufacturing efficiency.

因此，我們當然看到了提高毛利率的機會。我們非常有信心，到 2026 年這一比例將超過 40%。展望未來，我們即將推出的新產品組合將帶來更多利多因素。當然，半成品混合產品對我們有所幫助，即使在工業和醫療領域，隨著我們的新產品發揮更大的作用，毛利率也有機會繼續提高。我們在事先準備好的演講稿中表示，我們相信隨著銷售成長、產品組合改善以及生產效率的不斷提高，我們仍然有望實現 43% 的目標，這是我們的長期目標。

Jim Ricchiuti, Needham & Company.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司。

And Paul, just a follow-up on the gross margin question. As you -- with the continued rapid growth in the Data Center business, I'm just wondering how we should be thinking about gross margins in that area of the business. Can we see further improvement from here? Or to what extent does mix play a factor in this?

保羅，關於毛利率的問題，我還有一個後續問題。和您一樣—隨著資料中心業務的持續快速成長，我只是想知道我們應該如何看待該業務領域的毛利率。我們能看到進一步的進步嗎？或者說，混合在其中扮演了多大角色？

Well, mix will play a factor, but it plays a less -- a smaller factor than certainly it has historically. And I think if you look at 2025, in particular, we grew gross margins pretty significantly despite our Data Center mix growing from sort of the low 20s to close to 40% for -- by the time we exited the year.

混合因素固然會起到一定作用，但其作用肯定比歷史上小得多。我認為，特別是展望 2025 年，儘管我們的資料中心業務佔比從 20% 左右增長到接近 40%（到年底時），但我們的毛利率仍然實現了相當大的增長。

As Data Center continues to grow, there could be some headwind there, but the margins there continue to approach corporate average. And certainly, as we bring out new products in data center and we become more efficient in manufacturing, we think we can largely offset the impact of that mix. So we're not backing off our goals overall based on what we see today. And we believe we can largely accommodate that within the sort of plus or minus 50 basis points kind of net mix impact that we've discussed.

隨著資料中心業務的持續成長，可能會遇到一些不利因素，但其利潤率仍然接近企業平均值。當然，隨著我們在資料中心推出新產品，以及我們在製造方面的效率提高，我們認為我們可以在很大程度上抵消這種組合的影響。所以，根據我們目前所看到的情況，我們不會降低我們的整體目標。我們相信，我們可以在先前討論過的正負 50 個基點的淨組合影響範圍內，基本上滿足這一需求。

Could you say what the new products of eVoS and others contributed in 2025? And I'm just wondering, Steve, when you talk about potential upside in the semi business in '26, that do you see the new products being a big driver to that or just strength in the existing portfolio?

您能否談談eVoS和其他公司的新產品在2025年將做出哪些貢獻？史蒂夫，我想問一下，當你談到 2026 年半導體業務的潛在成長空間時，你認為新產品是主要驅動力，還是現有產品組合的實力才是主要驅動力？

Yes, Jim, I'll take a cut at that, and then maybe I'll let Steve give some color. But we did meet the goals that we laid out for those new products, seeing double-digit millions of revenue for those new products. Remember, these are largely still in the qualification and what I'll say, early pilot or early production stage. And the ramp of these is largely tied to sub-2-nanometer process ramps.

是的，吉姆，我會先分一杯羹，然後也許我會讓史蒂夫補充一些細節。但我們確實實現了為這些新產品設定的目標，這些新產品的收入達到了數千萬美元。請記住，這些產品大多仍處於資格認證階段，或者說，處於早期試點或早期生產階段。而這些製程的斜坡變化很大程度上與 2 奈米以下的製程斜坡變化有關。

So we're excited because we're seeing a lot of qualifications. We're seeing pull for the products to get in those qualifications. And we would expect to see revenues in '26 higher than '25 certainly. And as we see production ramp of these next-generation nodes and those get on more and more process steps is when we'll see really the pull-through of these new products.

我們很興奮，因為我們看到了很多合格的候選人。我們看到市場對這些產品獲得這些認證的需求很大。我們預計 2026 年的收入肯定會高於 2025 年。隨著這些新一代節點的產量逐步提高，且製程步驟越來越多，我們才能真正看到這些新產品的普及。

Yes. Jim, let me just add a few comments. I think one of the interesting things that we're seeing is as customers realize the benefits of these new eVerest and eVoS and NavX products at the leading edge. They're starting to think about incorporating those products at non-leading-edge processes.

是的。吉姆，我再補充幾點。我認為我們看到的一個有趣的現像是，客戶逐漸意識到這些領先的新型 eVerest、eVoS 和 NavX 產品的優勢。他們開始考慮將這些產品應用到非尖端製程。

So once we get into a customer, show what we're capable of with this technology, we're seeing a lot more opportunities beyond the initial opportunity. So I think what we're going to see in the coming years, maybe not in '26, but in '27, '28, '29, we're just going to see the usage of these products multiply, and it's going to be basically a share gain driver for the company.

所以一旦我們進入客戶市場，向他們展示我們運用這項技術的能力，我們就會看到比最初的機會更多的機會。所以我認為，在未來幾年，也許不是在 2026 年，而是在 2027 年、2028 年、2029 年，我們將看到這些產品的使用量成倍增長，這基本上將成為公司市場份額增長的驅動力。

Got it. And one final question. I didn't hear a whole lot about the M&A pipeline. I'm just wondering, you guys got a lot of things going on. How active is the pipeline right now?

知道了。最後一個問題。我沒怎麼聽到併購計畫的消息。我只是好奇，你們最近事情很多。目前該管道的運作情況如何？

Yes. We're still on the hunt, and I would characterize the pipeline as active. We did do an acquisition of Airity not so long ago that the technology from that company has played a critical role in some of our new products. So I'd characterize that as a success. But we also see opportunities on the industrial medical front. And we think with the market normalizing, it will be easier to reach agreement with potential targets on the valuation of their assets. So we're optimistic.

是的。我們仍在積極尋找合適的人選，我認為這條招募管道目前處於活躍狀態。不久前我們收購了 Airity 公司，該公司的技術在我們的一些新產品中發揮了關鍵作用。所以我認為這算是一次成功。但我們也看到了工業醫療領域的機會。我們認為，隨著市場恢復正常，與潛在目標公司就其資產估值達成協議將會更容易。所以我們持樂觀態度。

Rob Mason, Baird.

羅布梅森，貝爾德。

I was curious, Steve, around the second wave of Data Center customers as those customers begin to ramp, how would -- what would you view the gating factors around those ramps and maybe even the potential pull-in if that was to happen around that set of customers, what would be some of the major influences, would some of the supply constraints you mentioned have an outsized impact on those customers' ability to ramp?

史蒂夫，我很好奇，關於第二波資料中心客戶，隨著這些客戶開始擴大規模，您會如何看待這些規模擴大過程中的限制因素，以及如果這些客戶出現這種情況，可能會有哪些潛在的拉動因素？主要的影響因素是什麼？您提到的一些供應限制是否會對這些客戶的規模擴大能力產生過大的影響？

Yes. So one of the things we like about the second wave customers is they don't require a lot of engineering work on our part. So with the hyperscalers, it requires a lot of work. So that's where we spend most of our time on the engineering front.

是的。因此，我們喜歡第二批客戶的一點是，他們不需要我們投入大量的工程工作。所以對於超大規模資料中心來說，這需要付出很多努力。所以，我們在工程上投入的大部分時間都花在了這方面。

I think you're correct. I think as the contention for processors and memories heats up, I think the hyperscalers have an advantage there. And so it may impact some of the ramps of the second wave customers. That said, I don't know that for a fact, but I would think it's going to be somewhat challenging this year to get as much memory and processors as you really want.

我認為你是對的。我認為隨著處理器和記憶體市場的競爭日益激烈，超大規模資料中心營運商在這方面具有優勢。因此，這可能會對第二波客戶的購買計劃產生一些影響。話雖如此，我並不確定，但我認為今年想要獲得你真正想要的那麼多內存和處理器可能會有些挑戰。

Understood. And just as a follow-up, maybe a point of clarification. Paul, you talked about industrial and medical continuing to grow for the next couple of quarters. I just want to confirm that that's off the fourth quarter as kind of a jumping off point. You were inferring growing sequentially?

明白了。最後，我想補充一點，或許需要澄清一下。保羅，你提到工業和醫療產業將在未來幾季繼續成長。我只是想確認一下，這是以第四季為起點進行的。你的意思是說它們會依序成長嗎？

Yes. I think if you look at our guidance on balance, we said the Q1 growth would be driven primarily by semiconductor. So that infers kind of a flattish quarter generally for Industrial & Medical and Data Center, but for different reasons.

是的。我認為，如果你看一下我們對資產負債表的預期，我們說第一季的成長將主要由半導體產業驅動。所以，這大致意味著工業與醫療以及資料中心這四個季度整體上會比較平穩，但原因各不相同。

In Industrial & Medical, we're seeing all the vectors point the right way. So we're encouraged about that. We also acknowledge there's typically a little bit of Q1 seasonality. So we think sort of flattish would actually be sort of improvement, if you will, all things else being held equal. And then certainly, we would expect to see growth over the course of the year as those vectors continue to improve.

在工業和醫療領域，我們看到所有跡像都指向正確的方向。所以我們對此感到鼓舞。我們也意識到，第一季通常會有一些季節性因素。所以我們認為，在其他條件相同的情況下，稍微平坦一些實際上會是一種改進。當然，隨著這些因素的持續改善，我們預計今年將會成長。

The one thing that's the wildcard there is just the broader macro economy. There are certainly some sectors in Industrial & Medical that are doing better than others. I think if the economy stays steady and maybe some of the uncertainty comes out of it, we could see that growth accelerate.

唯一不確定因素就是整體宏觀經濟情勢。在工業和醫療領域中，肯定有一些細分行業比其他行業發展得更好。我認為，如果經濟保持穩定，並且一些不確定性因素消除，我們可能會看到經濟成長加速。

In Data Center, I think we talked about flattish in Q1, mainly on product transitions as new products come in, get qualified, displace the older products, we expect to see a flattish quarter with then solid demand and ramp after that in that market.

在資料中心領域，我認為我們討論過第一季度市場趨於平穩，主要是由於新產品上市、獲得認證、取代舊產品等產品過渡階段，我們預計第一季度市場將趨於平穩，之後需求將保持穩定並逐步增長。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Congratulations on your print and your high teens sales thinking for '26. That's pretty neat. I wanted to understand a little bit more about a comment you made, Steve, about market growth in Industrial & Medical. You said you're positioned to outperform the market. What is the market growth in your definition in those businesses?

恭喜你的印刷品，並祝福你2026年銷售額達到十幾美元的目標。那真不錯。史蒂夫，我想更深入地了解你之前關於工業和醫療市場成長的評論。你說過你已做好準備，能夠跑贏大盤。您認為這些產業的市場成長是多少？

Yes. So the reason I said that Advanced Energy is positioned to grow and to outgrow the market is the investments we've made over the past four years. And so despite the fact the market was down, we continued to pour money into new product development, into digital marketing, into channel development in all the areas that you need to invest in to grow your business. And so what that created was a very healthy design win pipeline. And it takes a few years on average for these design wins to go to revenue.

是的。我之所以說 Advanced Energy 有能力成長並超越市場，是因為我們在過去四年所進行的投資。因此，儘管市場低迷，我們仍然繼續向新產品開發、數位行銷、通路開發等所有你需要投資才能發展業務的領域投入資金。因此，這就形成了一個非常健康的設計中標管道。平均而言，這些設計項目需要幾年時間才能轉化為收入。

And so I think based on the design win pipeline and what we're seeing right now that we can grow faster than the I&M market in '26 and '27 and '28, too. But we're going to keep growing market share in that market because we have invested heavily and we've been successful in winning some pretty high-volume designs.

因此，我認為根據設計中標管道和我們目前所看到的，我們在 2026 年、2027 年和 2028 年的成長速度可以超過 I&M 市場。但我們會繼續擴大在該市場的市場份額，因為我們投入了大量資金，並且成功贏得了一些銷售相當大的設計項目。

Understood. This follow-up question is with Thailand coming up the capacity curve here and equipment being installed, I'm curious that your gross margin aspirations don't appear to have changed. I'm wondering though, if operating expenses, which -- where your goal is to increase those by half of sales or less. Is that still doable in 2026 with Thailand coming online?

明白了。鑑於泰國產能正在提升，設備也在安裝中，我很好奇你們的毛利率預期似乎沒有改變。不過，我很好奇，如果營運費用——你的目標是將其增加到銷售額的一半或更少。到2026年泰國併網後，這還能實現嗎？

Yes. I think they're kind of separate. The vast majority of the costs for Thailand are going to be in cost of sales. Certainly, there's going to be administration. We're going to have accounting people there and other things that would fall into OpEx. That is contemplated in our projected growth.

是的。我認為它們是相互獨立的。泰國的大部分成本都將是銷售成本。當然，一定會有行政管理部門。我們將安排會計人員以及其他一些屬於營運支出範疇的人員到那裡。這已納入我們的成長預測中。

And maybe just to clarify a couple of things. So first of all, on the margins, the Thailand factory has always been contemplated in our 43% goal. So that's not new. Basically, the question was when do we have the volume and the demand to support it. And with the growth in data center and now semiconductor really heating up, that growth -- that time frame is pulling in.

或許還需要澄清幾件事。首先，就邊際效益而言，泰國工廠一直被納入我們 43% 的目標考量範圍。所以這並不是什麼新鮮事。問題本質上是：我們什麼時候才能有足夠的銷售和需求來支撐它？隨著資料中心和半導體產業的快速發展，這段成長時期也越來越近了。

So we're really glad we made those investments, and we're positioned to be able to fold that into the portfolio. On the OpEx side, as we mentioned, we performed really well in 2025. I think we grew OpEx only 7% and revenue over 20%. So that's well ahead of our model.

所以我們很高興當初做了這些投資，而且我們有能力將這些投資納入投資組合。正如我們之前提到的，在營運支出方面，我們在 2025 年的表現非常出色。我認為我們的營運支出僅成長了 7%，而收入成長了 20% 以上。所以這遠遠領先於我們的模型。

If we look at 2026, we'd expect to continue to make investments. spending is about flat in Q1. But after that, we'll have salary increases, targeted investments that we're making, including in places like Thailand. There'll be variable costs that go with revenue growth. So we do project that we're probably going to see OpEx grow through the year probably to an exit rate of around $120 million by the end of the -- by the fourth quarter, which probably puts OpEx in the $450 million to $460 million range.

展望2026年，我們預計將繼續進行投資。第一季的支出基本持平。但在此之後，我們將提高薪資，並進行有針對性的投資，包括在泰國等地的投資。隨著收入成長，也會產生一些變動成本。因此，我們預計營運支出可能會在一年內成長，到第四季末可能會達到約 1.2 億美元，這可能會使營運支出達到 4.5 億美元至 4.6 億美元。

And we do think we can accommodate the outfit of Thailand in the operating expense envelope for what would be in there.

我們認為，我們可以將泰國公司的營運費用納入營運支出預算。

(Operator Instructions) David Duley, Steelhead Securities.

（操作員說明）David Duley，Steelhead Securities。

I was wondering, typically, at the beginning of a semi equipment ramp, you would grow a little bit faster than your big customers just because they're going to replenish inventory. Do you think that's the case this time?

我當時在想，通常情況下，在半拖車設備量產初期，你的成長速度會比你的大客戶快一些，因為他們需要補充庫存。你認為這次也是這種情況嗎？

Well, I think if we look at '25, we grew semiconductor 6%. We had our second highest revenue year in our history. So I think our customers had a decent amount of inventory in place going into '26. But I think what we've seen is an acceleration in demand. We saw that in Q4.

嗯，我認為如果我們看看 2025 年，半導體產業成長了 6%。我們迎來了公司史上第二高的營收年。所以我認為我們的客戶在 2026 年之前都儲備了相當數量的庫存。但我認為我們已經看到需求加速成長。我們在第四季就看到了這一點。

We'll see -- we're seeing it in Q1, and we'll see it throughout 2026. I think at the end of the year, we'll take a look and see if we've grown faster than the market, but it's pretty difficult to tell right now exactly what's going to happen from a demand standpoint.

我們拭目以待——我們在第一季看到了它，並且在整個 2026 年都看到了它。我認為到年底的時候，我們會看看我們的成長速度是否超過了市場平均水平，但從需求角度來看，現在很難準確預測未來會發生什麼。

I'll just add to that. I mean it's just -- it's short memories. But if you recall, we expected Q4 to be a down quarter based on everything our customers were telling us. At the end of Q3, we expect to be down 2% or 3%. We actually ended up growing 8%. So that's a 10-point swing.

我再補充一點。我的意思是，人們的記憶總是短暫的。但如果你還記得的話，根據客戶回饋，我們預期第四季會是一個下滑的季度。第三季末，我們預計會下降 2% 或 3%。我們最終實際增長了 8%。所以這可是10個百分點的變化。

So I think we're already seeing a little bit of that, David, and we'll see how that progresses through the year. As Steve said earlier, our confidence around strong -- really strong second half continues to grow based on the signals that we've seen from our customers, and we'll see how the timing plays out.

所以我覺得我們已經看到了一些這樣的跡象，大衛，讓我們來看看這一年裡情況會如何發展。正如史蒂夫之前所說，根據我們從客戶那裡看到的信號，我們對下半年強勁的業績充滿信心，我們將拭​​目以待，看看時機如何。

Yes. I think in your previous slide decks, you've talked about being able to outgrow the WFE market. Whatever the market growth is, you can grow, I think, by 30% more. And I guess whatever the WFE market growth rate or size tends to -- is going to be in '26, do you think you can outgrow that market growth?

是的。我認為在你之前的幻燈片簡報中，你曾談到能夠超越 WFE 市場。我認為，無論市場成長率是多少，你都可以再成長 30%。我猜想，無論 WFE 市場在 2026 年的成長率或規模如何，你認為你能超越這個市場成長速度嗎？

Yes. I think there are a lot of issues that determine your growth from quarter to quarter from year to year. So what we do is we take a look at a little bit longer time frame. So in our case, we look at three-year and five-year CAGR essentially. And when we look at that versus our peers, yes, we're definitely growing significantly faster than WFE. But there are definitely variations from year-to-year where we're going to be either much better or a little bit worse than others, but that's due to tactical factors.

是的。我認為有很多因素決定你每季和每年的成長。所以我們接下來要做的，就是把目光放長一點。所以，就我們而言，我們主要關註三年和五年的複合年增長率。當我們把這一點與同行進行比較時，是的，我們的成長速度肯定比 WFE 快得多。但每年的情況肯定會有所不同，我們可能會比其他人好很多，也可能比其他人稍差一些，但這都是戰術因素造成的。

Okay. And just a clarification from me. Paul, I think you mentioned in your prepared remarks that you were going to strategically increase inventory levels just to make sure that you can meet future demand from your customers. What sort of increase in inventory should we expect over whatever time frame that you're referring to?

好的。我還要補充一點。保羅，我想你在事先準備好的演講稿中提到過，你會有策略地增加庫存水平，以確保能夠滿足客戶未來的需求。在您提到的時間段內，我們應該預期庫存會增加多少？

Yes, it depends on where revenues come out, David, but we exited the year around 2.9 turns. I think we'll probably see a little bit of a haircut on that at the beginning of the year, maybe down 1/10 of a turn or 2, but then recapturing that as time goes on and revenues grow. I think the key thing is we want to make sure we've got the strategic parts. So that's not buying everything, but it's making sure we're looking at items that have been problematic in the past to make sure we've got good strategic levels of inventory. And we're positioning ourselves for, as Steve commented on the ramp that our customers have talked about is coming.

是的，這取決於收入的來源，David，但我們年底的收入約為 2.9 倍。我認為年初的時候可能會出現一些下滑，也許會下降十分之一到十分之二，但隨著時間的推移和收入的增長，這些下滑將會得到彌補。我認為關鍵在於我們要確保我們擁有戰略性部件。所以這不是要買下所有東西，而是要確保我們專注於過去出現過問題的商品，以確保我們擁有良好的戰略庫存水準。正如史蒂夫所說，我們的客戶一直在談論的那個坡道即將到來，我們正在為此做好準備。

Okay. Yes. So it sounds like -- and I think you already said this, but I just want to double check, you're not going to be the gating factor in your customers' ramps?

好的。是的。所以聽起來——我想你已經說過，但我還是想再確認一下——你不會成為客戶通行道路上的障礙吧？

That's right.

這是正確的。

No, we don't expect to be the gating factor.

不，我們並不希望成為門檻因素。

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

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