Advanced Energy Industries, Inc. (AEIS) 2026 Q2 法說會逐字稿

Greetings, and welcome to the advanced energy second quarter 2026 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 Markets and Investor Relations. Please go ahead.

各位好，歡迎參加 Advanced Energy 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我很榮幸介紹策略市場與投資人關係資深副總裁 Edwin Mok。請開始。

Thank you, operator. Good afternoon, everyone. Welcome to Advanced Energy's second quarter 2026 earnings conference call. With me today are Stephen 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，接線員。各位下午好。歡迎參加 Advanced Energy 2026 年第二季財報電話會議。今天與我一同出席的有：總裁兼執行長 Stephen Kelley，以及執行副總裁兼財務長 Paul Oldham。您可在我們網站 ir.advancedenergy.com 查閱今日的財報新聞稿與簡報。

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 guarantees of future performance.

在開始之前，提醒各位今日電話會議包含前瞻性陳述。此類陳述受風險與不確定性影響，可能導致實際結果與所述內容有重大差異，且不保證未來績效。

Information concerning these risks can be found in our SEC filings. All forward-looking statements are based on management's estimates as of today, August 3, 2026, and the company assumes no obligation to update them. Any targets beyond current year presented today should not be interpreted as guidance.

有關這些風險的資訊可在我們向 SEC 提交的文件中找到。所有前瞻性陳述均以管理層截至今日（2026 年 8 月 3 日）的估計為基礎，公司不承擔更新之義務。今日所呈現超出本年度的任何目標，不應被解讀為財測指引。

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

在今日電話會議中，除非另有說明，我們的財務結果將以非 GAAP 基礎呈現。我們的 GAAP 與非 GAAP 結果之間的詳細調節表可另行提供。接下來我把電話交給我們的總裁兼執行長 Steve Kelley。

Thanks, Edwin. Good afternoon, everyone, and thanks for joining the call. In the second quarter, we delivered record results with revenue and earnings above the high end of our guidance. Demand strengthened in all of our target markets and solid factory execution allowed us to capture upside within the quarter.

謝謝你，Edwin。各位下午好，感謝加入本次電話會議。第二季我們交出創紀錄的成果，營收與獲利均高於指引區間上緣。我們所有目標市場的需求皆轉強，而穩健的工廠執行力讓我們得以在本季掌握額外上行空間。

Looking forward, we expect record revenue in both Q3 and Q4. Our investments in capacity and piece part inventory are allowing us to keep pace with increasing customer demand. We continue to make progress improving gross margin.

展望未來，我們預期第三季與第四季營收皆將創新高。我們在產能與零組件庫存上的投資，使我們能跟上客戶需求的增加。我們也持續推進毛利率改善。

In addition to manufacturing efficiency improvements, we are benefiting from a richer product mix. The success of our new products which deliver more value to the customer is the key reason our mix is improving.

除了製造效率提升之外，我們也受惠於更佳的產品組合。新產品的成功——為客戶帶來更高價值——是我們產品組合改善的關鍵原因。

In addition, we have taken pricing actions in our mature product lines, primarily to offset the impact of increased input costs. We are increasing output in our factories in Malaysia. We are working closely with some of our largest data center and semiconductor customers to qualify our new Thailand factory where we now expect first production revenue in the fourth quarter.

此外，我們也在成熟產品線採取調價措施，主要是為了抵銷投入成本上升的影響。我們正在提升馬來西亞工廠的產出。我們正與部分最大型的資料中心與半導體客戶密切合作，進行新泰國工廠的認證；目前我們預期第四季將有首筆量產營收。

When Thailand is fully built out, we expect to have roughly $5 billion of revenue-generating capacity across our factory network. On the new product front, we continue to increase our investment in R&D, which is critical to maintaining our technology leadership and competitive edge. Our modular approach is driving technology reuse across the company, reducing development cycle time and speeding time to market.

當泰國廠全面建置完成後，我們預期整體工廠網路的可創收產能約為 50 億美元。在新產品方面，我們持續增加研發投資，這對維持技術領先與競爭優勢至關重要。我們的模組化方法正推動公司內部的技術重複利用，縮短開發週期並加速上市時程。

Now let me provide some color on each of our markets. In semiconductor, we delivered record revenue in the second quarter. The semiconductor equipment market is growing to record levels, driven by strong demand for leading-edge memory and logic as well as increasing etch and depth intensity. We are executing well to meet this increased demand, delivering sequential revenue growth of over 27% in the second quarter.

接下來我將就各個市場補充一些說明。在半導體方面，我們第二季營收創下新高。半導體設備市場成長至歷史新高，主要由先進記憶體與邏輯的強勁需求，以及蝕刻與深度強度提升所帶動。我們執行到位以滿足增加的需求，第二季營收季增超過 27%。

In plasma power, we continue to work closely with customers to tailor the performance of our eVerest and eVoS platforms to the requirements of next-generation processes. Customers have validated meaningful yield and throughput performance at the leading edge, and we believe that adoption of these platforms will drive market share gains for AE in the coming years.

在電漿電源方面，我們持續與客戶緊密合作，將 eVerest 與 eVoS 平台的效能調整至符合下一代製程需求。客戶已在先進製程驗證其在良率與產能（throughput）上的顯著表現，我們相信這些平台的採用將在未來幾年推動 AE 的市占率提升。

In system power, we secured design wins in test, ALD and thermal sensing applications in the second quarter. Across both plasma and system power, we have several programs beginning to ramp to production.

在系統電源方面，我們於第二季在測試、ALD 與熱感測應用取得設計導入（design win）。在電漿與系統電源兩大領域，我們有多個專案正開始爬坡至量產。

With additional design wins in the pipeline, we expect new product revenue to accelerate our revenue growth in 2027 and beyond. In data center computing, we see robust demand in the second half and now expect full year revenue growth of at least 50%.

隨著更多設計導入在管線中，我們預期新產品營收將在 2027 年及之後加速我們的營收成長。在資料中心運算方面，我們看到下半年需求強勁，並預期全年營收成長至少 50%。

Our improved outlook is due to increased demand from hyperscalers. We continue to pursue multiple opportunities with second wave data center customers defined as customers outside of the top hyperscalers. We expect that these second wave customers will accelerate our revenue growth in 2027 and beyond.

我們展望改善主要來自超大規模業者（hyperscalers）需求增加。我們持續追求多項「第二波」資料中心客戶的機會，所謂第二波係指非頂尖 hyperscalers 的客戶。我們預期這些第二波客戶將在 2027 年及之後加速我們的營收成長。

We have developed multiple products to address the power requirements of 800 volt data centers.

我們已開發多款產品，以滿足 800 伏特資料中心的供電需求。

Our low-profile, modular solutions feature industry-leading power density, efficiency and reliability. By leveraging common modules, we are able to quickly develop customized products as this technology evolves.

我們的低外形（low-profile）模組化解決方案具備業界領先的功率密度、效率與可靠性。透過運用共通模組，隨著技術演進，我們能快速開發客製化產品。

We have received positive feedback from a number of customers who have evaluated early production units of our 800-volt products. And based on customer road maps, we expect these products to go into high-volume production in 2028. In Industrial & Medical, revenue increased sequentially and year-on-year.

多家客戶在評估我們 800 伏特產品的早期量產機後，給予正面回饋。並且根據客戶產品路線圖，我們預期這些產品將於 2028 年進入大規模量產。在工業與醫療（Industrial & Medical）方面，營收較前一季與去年同期皆有所成長。

Key design wins are beginning to ramp to volume and we see much healthier demand in the overall I&M market. In the distribution channel, which accounts for roughly half of our I&M revenue, resales, orders and inventory all improved this quarter.

關鍵設計導入正開始放量，我們也看到整體 I&M 市場需求更為健康。在通路分銷方面（約占 I&M 營收的一半），本季轉售、訂單與庫存皆有所改善。

On the execution front, we are working down our overdue I&M backlog and expect to catch up the demand in the second half. In medical, we secured multiple wins in therapeutic, imaging and life science applications. Our momentum in electrosurgery is particularly strong, fueled by our highly differentiated pulse power technology.

在執行面，我們正降低 I&M 逾期積壓訂單，並預期在下半年追上需求。在醫療領域，我們在治療、影像與生命科學應用取得多項勝出。我們在電外科（electrosurgery）的動能尤其強勁，主要受惠於我們高度差異化的脈衝電源技術。

In industrial, we won key slots in test and measurement, factory automation and robotics applications. We also recorded multiple wins in aerospace and defense, with recognized versions of our leading-edge commercial products.

在工業領域，我們在測試與量測、工廠自動化與機器人應用取得關鍵席位。我們也在航太與國防領域取得多項勝出，導入我們先進商用產品的認證版本。

We continue to leverage our digital marketing and channel strategies to broaden our I&M customer base. In the first half of 2026, design wins, which started as website inquiries increased 40% year-on-year. In telecom and networking, several customers are evaluating our rack power solutions for AI-related applications.

我們持續運用數位行銷與通路策略，擴大 I&M 客戶基礎。2026 年上半年，源自網站詢問而起的設計導入，較去年同期成長 40%。在電信與網路方面，多家客戶正評估我們的機櫃電源（rack power）解決方案，以用於 AI 相關應用。

We classify these as second wave data center opportunities, where we could redeploy existing technology blocks into new applications.

我們將這些歸類為第二波資料中心機會，亦即我們可將既有技術模組重新部署至新應用。

Now I'd like to update our view on 2026. Demand continues to strengthen, and we are executing to capture near-term revenue upside. As a result, we have increased our 2026 growth outlook to the low to mid-30% range. In semiconductor, we expect second half revenue to grow nearly 50% year-on-year.

接下來我想更新我們對 2026 年的看法。需求持續轉強，我們也正透過執行力掌握短期營收上行空間。因此，我們將 2026 年成長展望上調至 30% 出頭至 30% 中段區間。在半導體方面，我們預期下半年營收年增接近 50%。

With our new products just beginning to ramp into production and additional wins in the pipeline, we believe that AE is well positioned to outgrow our market and gain share in the coming years.

隨著新產品才剛開始爬坡量產，且管線中仍有更多勝出案，我們相信 AE 已具備良好條件在未來幾年跑贏市場並提升市占率。

In data center, we are on track to increase revenue more than 50% in 2026 after more than doubling in 2025. We continue to win new programs at our hyperscale customers and are engaged with multiple second wave customers, setting us up for a strong 2027. In Industrial & Medical, we expect revenue to grow sequentially over the next few quarters. Market conditions have improved in a number of new product wins are ramping to volume.

在資料中心方面，在 2025 年營收翻倍以上之後，我們正按計畫於 2026 年再將營收提高超過 50%。我們持續在 hyperscale 客戶端贏得新專案，並與多家第二波客戶合作洽談，為 2027 年的強勁表現奠定基礎。在工業與醫療方面，我們預期未來幾季營收將逐季成長。多項新產品勝出案正放量，且市場狀況已在多個面向改善。

Now for some closing thoughts. First, we are well positioned to deliver strong revenue growth into 2027 and beyond. Our design win pipeline is impressive, and our new products continue to hit the mark. We are making the necessary investments in capacity and inventory to allow us to keep pace with strong customer demand across all of our markets. We are fortunate to be a leading player in two large and fast-growing markets, AI data center and semiconductor.

現在做一些結語。首先，我們已做好充分準備，在 2027 年及之後實現強勁的營收成長。我們的設計導入（design win）管線令人印象深刻，新產品也持續切中市場需求。我們正在對產能與庫存進行必要投資，使我們能在所有市場中跟上客戶強勁需求的步伐。我們很幸運能在兩個規模龐大且快速成長的市場中居於領先地位：AI 資料中心與半導體。

Second, we continue to improve gross margin and have line of sight to over 43%. Finally, we continue to actively pursue potential acquisitions that make strategic and financial sense.

第二，我們持續改善毛利率，並且已能清楚看到提升至 43% 以上的路徑。最後，我們也持續積極尋求在策略與財務面皆合理的潛在併購機會。

Paul will now provide more detailed financial information.

接下來 Paul 將提供更詳細的財務資訊。

Thank you, Steve, and good afternoon, everyone. We delivered record financial results in the second quarter. Revenue of $574 million increased 30% year-over-year, and EPS of $2.74 was up 83%, both exceeding the high end of our guidance.

謝謝你，Steve，各位下午好。我們在第二季交出創紀錄的財務成果。營收 5.74 億美元，年增 30%；每股盈餘（EPS）2.74 美元，年增 83%；兩者皆超越我們財測區間的上緣。

Gross margin improved 380 basis points year-on-year to 41.9%, and we delivered record operating income. Operating margin was well over 20%, a level that we've not achieved in many years. Operating cash flow increased meaningfully to $86 million.

毛利率較去年同期提升 380 個基點至 41.9%，我們也創下營業利益新高。營業利益率遠超過 20%，這是我們多年來未曾達到的水準。營業活動現金流大幅增加至 8,600 萬美元。

Now let's review our second quarter financial results in more detail. Total revenue of $574 million was up 12% sequentially and 30% year-over-year. Solid execution allowed us to capture upside to our guidance. Semiconductor revenue was a record $278 million, up 27% quarter-over-quarter and 33% year-over-year. We believe that we are shipping in line with underlying demand.

現在讓我們更詳細回顧第二季財務結果。總營收 5.74 億美元，季增 12%、年增 30%。穩健的執行力使我們得以掌握超出財測的上行空間。半導體營收創紀錄達 2.78 億美元，季增 27%、年增 33%。我們相信目前出貨與底層需求一致。

Data center computing revenue was down 1% sequentially as expected, but increased 35% over last year to $192 million. Demand progressively improved in the quarter as customers resolve downstream constraints setting up a higher second half. Industrial & Medical market revenue was $80 million, up 11% from last quarter and 17% from last year, as we increased output to meet customer demand. Telecom and networking revenue decreased 4% sequentially but grew 12% year-over-year to $24 million.

資料中心運算營收如預期季減 1%，但較去年增加 35% 至 1.92 億美元。隨著客戶逐步解決下游限制，季度內需求持續改善，為下半年更高的表現奠定基礎。工業與醫療市場營收為 8,000 萬美元，較上季成長 11%、較去年成長 17%，因我們提高產出以滿足客戶需求。電信與網路營收季減 4%，但年增 12% 至 2,400 萬美元。

Gross margin in the second quarter was 41.9%. During the quarter, we received the large majority of our expected IEEPA tariff refunds. Excluding the benefit of these refunds, gross margin was above our guidance range at 40.7%, driven by higher volume and favorable mix of new products. Relative to Q2 earnings, the refunds benefited EPS by $0.04. Operating expenses of $115 million were slightly above our guidance range due to timing of program spending and variable costs. OpEx increased 11% year-over-year well less than half the rate of revenue growth.

第二季毛利率為 41.9%。本季我們收到了預期 IEEPA 關稅退稅的大部分款項。若排除這些退稅帶來的利益，毛利率仍高於我們的財測區間，達 40.7%，主要受惠於更高的出貨量以及新產品組合更有利。相較於第二季獲利，退稅使 EPS 增加 0.04 美元。營業費用為 1.15 億美元，因專案支出時點與變動成本因素，略高於我們的財測區間。營業費用年增 11%，遠低於營收成長率的一半。

As a result, second quarter operating income was a record $125 million, and operating margin increased 730 basis points year-over-year to 21.9%. Depreciation was $11.3 million, and our adjusted EBITDA was $137 million, up 84% year-over-year. Other income was roughly $5 million versus breakeven in Q1, mainly due to higher interest income and lower interest expense on the net proceeds of our convertible note offering in May. For Q2, our GAAP tax rate was 18.2%, driven largely by the nondeductibility of certain costs to partially retire our 2028 convertible note and related bond hedge and warrant. Our non-GAAP tax rate was 14% below our target of 16% to 17% due to favorable mix of earnings and certain discrete items.

因此，第二季營業利益創紀錄達 1.25 億美元，營業利益率年增 730 個基點至 21.9%。折舊為 1,130 萬美元，調整後 EBITDA 為 1.37 億美元，年增 84%。其他收益約 500 萬美元，相較第一季接近損益兩平，主要因利息收入增加，以及我們在 5 月發行可轉換公司債所取得淨收益帶來的利息費用下降。第二季 GAAP 稅率為 18.2%，主要受部分提前償還 2028 年到期可轉換公司債及相關債券避險與認股權證之部分成本不得扣抵所影響。非 GAAP 稅率為 14%，低於我們 16% 至 17% 的目標，原因是獲利組合較有利以及部分一次性項目。

Second quarter earnings were $2.74 per share, up meaningfully from $2.09 per share in the previous quarter and $1.50 per share a year ago.

第二季每股盈餘為 2.74 美元，較前一季的 2.09 美元及去年同期的 1.50 美元均顯著提升。

Turning now to the balance sheet. In May, we completed a $1.15 billion offering of 0% coupon convertible notes due in 2031 and redeemed $438 million of our 2.5% convertible notes due in 2028. As a result, total cash and equivalents increased to $1.4 billion. Net cash was $132 million at the end of Q2. We also announced our plan to redeem the remaining $136 million of the 2028 convertible notes in September.

接著看資產負債表。5 月我們完成 11.5 億美元、0% 票息、2031 年到期的可轉換公司債發行，並贖回 4.38 億美元、2.5%、2028 年到期的可轉換公司債。因此，現金及約當現金總額增加至 14 億美元。截至第二季末，淨現金為 1.32 億美元。我們也宣布計畫於 9 月贖回剩餘 1.36 億美元的 2028 年到期可轉換公司債。

In Q2, net working capital was up 2 days to 123 days, driven by increased inventory offset by improved DSO and DPO. We are investing in additional piece part inventory to support our customers ramp plans enable manufacturing flexibility and capture upside opportunities. As a result, inventory increased 10 days to 145 days with turns at about 2.5 times. Days sales outstanding decreased 3 days to 63 days, and days payable outstanding increased 5 days to 85 days.

第二季淨營運資金週轉天數增加 2 天至 123 天，主因庫存增加，但部分被應收帳款週轉天數（DSO）改善與應付帳款週轉天數（DPO）提升所抵銷。我們正投資增加零組件庫存，以支援客戶的擴產計畫、提升製造彈性並掌握上行機會。因此，庫存天數增加 10 天至 145 天，存貨週轉率約 2.5 次。應收帳款週轉天數下降 3 天至 63 天，應付帳款週轉天數增加 5 天至 85 天。

Despite increased net working capital, Cash flow from continuing operations was a record $86 million. During the second quarter, we invested $50 million in CapEx to expand capacity and capability across our factory network including accelerated production investments in Thailand. Finally, we paid $4.1 million in quarterly dividends.

儘管淨營運資金增加，持續營業活動的現金流仍創紀錄達 8,600 萬美元。第二季我們投入 5,000 萬美元資本支出（CapEx），以擴充整體工廠網路的產能與能力，其中包含在泰國加速的生產投資。最後，我們支付了 410 萬美元的季度股利。

Turning now to our guidance. With strengthening demand across all of our markets, Initial production ramp of several new product programs and solid execution, we expect to deliver record financial results in both the third and fourth quarters. We are forecasting our third quarter revenue to be approximately $640 million, plus or minus $20 million. We expect Q3 gross margin to be in the 41% to 41.5% range up from Q2, excluding the onetime benefit of tariff refunds. We expect Q3 operating expenses to increase to $120 million to $124 million due primarily to investments in new products.

接著談我們的財測。在各市場需求轉強、數個新產品專案進入初期量產爬坡，以及穩健執行的帶動下，我們預期第三季與第四季都將交出創紀錄的財務成果。我們預估第三季營收約為 6.40 億美元，上下浮動 2,000 萬美元。在排除一次性關稅退稅利益後，我們預期第三季毛利率為 41% 至 41.5%，較第二季提升。我們預期第三季營業費用將增加至 1.20 億至 1.24 億美元，主要因對新產品的投資。

We expect other income to be approximately $5 million on improved interest income.

我們預期其他收益約為 500 萬美元，受惠於利息收入改善。

We expect our tax rate to be in the 16% range for the next several quarters. As a result, we expect Q3 non-GAAP earnings per share to be $3, plus or minus $0.25 on 41 million shares outstanding. For the full year 2026, we are raising our revenue growth target to the low to mid-30% range, up from the low to mid-20% range. In semiconductor, we expect second half revenue to be up almost 50% year-on-year. In data center, we are raising our full year revenue growth outlook from the mid-30% range to at least 50% on accelerated hyperscale investments and ramp-up next-generation programs.

我們預期未來幾季稅率約在 16% 左右。因此，我們預期第三季非 GAAP 每股盈餘為 3.00 美元，上下浮動 0.25 美元，以流通在外股數 4,100 萬股計算。就 2026 全年而言，我們將營收成長目標上調至年增低至中 30% 區間，先前為低至中 20% 區間。在半導體方面，我們預期下半年營收將較去年同期成長接近 50%。在資料中心方面，受超大規模客戶（hyperscale）投資加速與次世代專案爬坡帶動，我們將全年營收成長展望由中 30% 區間上調至至少 50%。

Industrial & Medical, we expect revenue will continue to grow sequentially on higher demand and better factory output. We expect gross margin to improve in the second half with Q4 in the 42% range. We expect full year OpEx to be in the $470 million range. As a result, earnings per share is expected to grow meaningfully faster than revenue for the year. Finally, we now project our 2026 CapEx will be in the $180 million to $195 million range, up slightly from our previous outlook based on accelerated investments to support growth ahead.

在工業與醫療方面，我們預期在需求提升與工廠產出改善下，營收將持續季增。我們預期下半年毛利率將改善，第四季約在 42% 區間。我們預期全年營業費用約為 4.70 億美元。因此，全年每股盈餘預期將以顯著快於營收的速度成長。最後，我們目前預估 2026 年資本支出將落在 1.80 億至 1.95 億美元區間，較先前展望略為上調，反映為支援未來成長而加速的投資。

Despite higher capital spending and investments in strategic inventory, we continue to target 2026 free cash flow to be at or above 2025.

儘管資本支出與策略性庫存投資增加，我們仍以2026年自由現金流達到或高於2025年為目標。

Let me finish with some concluding comments. Advanced Energy is uniquely positioned to capture the strong market trends in both semiconductor and data center. We are investing aggressively in technology development, capacity and inventory to support growth. We believe our wide range of best-in-class power technologies, global engineering teams, production capacity and scale will enable us to grow share and capture upside. At the same time, with our strong balance sheet, we will continue to pursue inorganic growth opportunities to further diversify our scope.

最後我做一些結語。Advanced Energy在半導體與資料中心兩大領域的強勁市場趨勢中，具備獨特的有利定位。我們正積極投資於技術開發、產能與庫存以支援成長。我們相信，我們廣泛的一流電源技術、全球工程團隊、製造產能與規模，將使我們能夠提升市占並掌握上行機會。同時，憑藉我們強健的資產負債表，我們將持續尋求非有機成長機會，以進一步多元化我們的布局。

Finally, we expect to continue to improve our financial model by expanding gross margin, driving operating leverage, growing earnings and delivering higher cash flow. With that, we will now take your questions. Operator?

最後，我們預期將透過擴大毛利率、推動營運槓桿、提升獲利並帶來更高的現金流，持續改善我們的財務模型。接下來我們開始回答各位的提問。接線生？

(Operator Instructions) Matthew Prisco with Cantor Fitzgerald.

(接線生指示) Cantor Fitzgerald 的 Matthew Prisco。

I just want to start on the data center side. Can you help us some more color on the increased positivity you're seeing versus three months ago? Maybe how has customer conversations developed? How are you thinking about the mix today? And then you commented that you see accelerating growth into 2027. What exactly does that mean?

我想先從資料中心這一塊開始。能否請你多分享一些，相較於三個月前，你們看到的正向程度提升有哪些具體跡象？也許客戶對話是如何演變的？你們目前如何看待產品/客戶組合？另外你提到你們看到成長加速延伸到2027年。這具體是什麼意思？

Yes. Thanks for the question, Matthew. Yes. What's changed in the past three months is that our customers have been successful in removing some of the supply chain issues that we faced three months ago. So for us, that means we've been able to grow more bullish on our second half revenue and our 2027 revenue in data center.

是的。謝謝你的問題，Matthew。是的。過去三個月的變化在於，我們的客戶成功排除了一些三個月前我們所面臨的供應鏈問題。因此對我們而言，這代表我們能夠對下半年營收以及2027年資料中心營收抱持更樂觀的看法。

So this year, we've got a good line of sight to increasing business in data center. As we look into '27, we see a couple of key vectors there. The hyperscale customers who we've been engaged with for the last three years, we see a lot more wins ramping to volume there. We also are bringing on the second wave customers. these are the wins that we've earned this year that we'll ramp to volume next year.

就今年而言，我們對資料中心業務的成長有相當清晰的能見度。展望到'27年，我們看到幾個關鍵向量。我們過去三年一直合作的超大規模（hyperscale）客戶，我們看到更多得標案正逐步放量爬升。我們也正在導入第二波客戶；這些是我們今年拿下的案子，明年會放量爬升。

And then as a third vector, we think we'll see some business at interval towards the end of next year, and we see that ramping to production in 2028.

第三個向量是，我們認為在明年年底前後會看到一些階段性的業務，並預期在2028年爬升至量產。

And then the second question on the semiconductor side of the business, obviously, trends improving here as well. Just would love to hear your thoughts outside of the 25% of your business linked to service and online implants. How are you thinking about the ability for AE to outgrow WFE in '26 and maybe in 2027? And how do we think about that kind of new product traction that you've been highlighting on the call.

另外第二個問題是半導體業務這邊，顯然趨勢也在改善。我想聽聽你們在服務與線上植入（online implants）相關、約占你們業務25%之外的看法。你們如何看待AE在'26年、甚至可能在2027年，超越WFE（晶圓製造設備）成長的能力？以及我們該如何理解你們在電話會議中強調的那種新產品動能？

Yes. I think right now, I think we're better positioned to gain share than at any other time in our history. And I say that because of the acceptance of our new technologies, both in plasma power as well as system power. So today, I think we're well ahead of the share gain targets we published at our 2024 Analyst Day about 18 months ago. So we're very happy with the progress.

是的。我認為就目前而言，我們比公司歷史上任何時候都更有利於提升市占。我這麼說是因為我們的新技術在電漿電源與系統電源兩方面都獲得採用與認可。因此今天來看，我們在市占提升方面的進度，已明顯領先於大約18個月前、在2024年分析師日所公布的目標。我們對這個進展非常滿意。

We think we have laid the groundwork to gain share in conductor etch, in dielectric etch and deposition. And we're working at the leading edge nodes across all those categories of logic NAND and DRAM. The reason why we're preferred is that we're offering yield and throughput advantages to the customers as they move to these very challenging geometries.

我們認為我們已為在導體蝕刻、介電蝕刻與沉積領域提升市占奠定基礎。而且我們在上述各類別中，涵蓋邏輯、NAND與DRAM的先進製程節點。我們之所以成為客戶的優先選擇，是因為當客戶邁向這些極具挑戰性的幾何結構時，我們能提供良率與產出（throughput）優勢。

So today, we see strong pull from all of our major customers. We're winning wherever we're engaged, and our modularity allows us to spin off derivatives relatively quickly. On the system power side, we've gained some major wins in process tools and in tester applications. And system power differs from plasma power products in the development cycle time is much less. So we're basically gaining share in two fronts in plasma power and system power in the semiconductor area.

因此目前我們看到所有主要客戶都有強勁拉貨。只要我們有參與的地方就能贏單，而我們的模組化設計也讓我們能相對快速地衍生出變體產品。在系統電源方面，我們在製程設備與測試機（tester）應用上拿下了一些重大案子。而系統電源與電漿電源產品不同之處在於，其開發週期時間短得多。因此在半導體領域，我們基本上在電漿電源與系統電源兩條戰線同時提升市占。

Joe Quatrochi with Wells Fargo.

Wells Fargo 的 Joe Quatrochi。

I was wondering if you could talk about your inventory situation and just you talked about buying more piece part inventory. How do you think about that in the forward demand? And I think going back, if you go back to the last kind of cycle, especially in semis component availability was a bit of an issue for you guys. Any sense of kind of where we sit today.

我想請你談談你們的庫存狀況；你提到正在增加採購更多零組件庫存。你們如何將這與未來需求做連結來思考？另外回顧上一輪景氣循環，尤其在半導體領域，零組件供應可得性對你們來說曾是個問題。能否分享一下我們目前大概處於什麼狀態？

Yes. I guess the first thing I'll say is we learned a lot about our supply chain during COVID. So our team is battle-tested. And so what we did during the COVID shortages, we brought on second sources wherever possible. We build inventory where it was necessary.

是的。我想先說的是，我們在COVID期間對供應鏈學到了很多。因此我們的團隊已經歷實戰考驗。在COVID缺料期間，我們在可行之處導入第二供應來源。並在必要時建立庫存。

And for new designs, we stopped designing components from underperforming suppliers. Our current situation is we don't want to constrain our customers, and we don't want to constrain our revenue due to shortages of piece parts.

而在新設計方面，我們也停止採用表現不佳供應商的元件來進行設計。我們目前的狀況是：我們不希望因為零組件短缺而限制客戶，也不希望因此限制我們的營收。

So we're leaning into strategic inventory as lead times extend for these components and the demand that we see continues to increase. We think the inventory we're building right now is healthy inventory with very little obsolesces risk. We're also maintaining high factory staffing at our factories in the Philippines, in Malaysia and in Mexico.

因此，當這些元件的交期拉長、且我們看到的需求持續增加時，我們正加大策略性庫存的布局。我們認為目前建立的庫存是健康的庫存，淘汰（obsolescence）風險非常低。我們也在菲律賓、馬來西亞與墨西哥的工廠維持較高的人力配置。

And that enables us to flex up when scarce parts arrive late in the quarter. So these actions that we're taking, both in inventory, the factory staffing are helping us stay ahead of our customer demand.

這讓我們能在稀缺零件於季度末延遲到貨時，仍可彈性拉升產出。因此我們在庫存與工廠人力配置上採取的這些行動，正幫助我們走在客戶需求之前。

Man, I'll just add to that, Joe. We signaled going into this ramp a quarter or so ago that our intention was to lean into inventory because we fundamentally believe it would enable volume upsides and flexibility in manufacturing. And that's what we're doing. A couple of comments on that. We said that would impact turns in the near term, and we've seen turns come down to about 2.5, which is what we signaled.

Joe，我再補充一下。我們在大約一季前、進入這波放量爬升時就已釋出訊號：我們的意圖是加大庫存投入，因為我們從根本上相信這能帶來放量上行空間與製造彈性。而這正是我們正在做的事。關於這點有幾個補充。我們曾說這會在短期內影響周轉率，而我們也看到周轉率降至約2.5，符合我們先前的指引。

But I think it's worth noting that at the same time, we've invested in inventory to give ourselves flexibility and stay ahead of the curve, both AP and AR have improved, which mitigated the impact on working capital. So look, we have a strong balance sheet. We think it makes sense at this point in the cycle to invest in our own piece part inventory. As Steve said, to stay in front of customer needs and be able to deliver upsides.

但我認為值得注意的是，同時我們投資庫存以提升彈性並保持領先之際，應付帳款（AP）與應收帳款（AR）也有所改善，因而緩解了對營運資金的影響。所以你看，我們的資產負債表很強健。我們認為在此景氣循環階段，投資自有的零組件庫存是合理的。如Steve所說，為了走在客戶需求之前，並能交付上行需求。

And then maybe as a follow-up, as you think about just the puts and takes in gross margin. You talked about some price actions that you're taking. Any help on just quantifying how we think about that as part of the gross margin guidance?

接著可能作為追問，當你們思考毛利率的各項拉抬與抵銷因素時，你提到正在採取一些價格措施。能否協助我們量化一下：在毛利率指引中，這部分大概該如何看待？

Yes. First of all, I'd like to say we're reluctant to raise pricing unless it's absolutely necessary. So we first try to mitigate the price increases from our suppliers through second sourcing and through negotiation. But while we can't mitigate, we pass that through to the customer to preserve our own gross margin. Longer term, our first priority is delivering more value through new products, which tends to drive higher pricing and better margins.

是的。首先，我想說，除非絕對必要，否則我們不願意調漲價格。因此，我們會先透過第二來源供應以及協商談判，來緩解供應商的漲價。但若無法緩解，我們就會將其轉嫁給客戶，以維持我們自身的毛利率。從長期來看，我們的首要任務是透過新產品提供更多價值，而這通常會帶動更高的定價與更佳的利潤率。

Yes. Maybe I'll just add on that one, too, a little bit. If you think about that, our stated goal is to remain price cost neutral. I think that's working. Again, I think compared to a few years ago during the supply chain crisis, we're a little more in front of that and being proactive.

是的。也許我再補充一點。如果你這樣想，我們既定的目標是維持價格與成本中性。我認為這正在奏效。同樣地，我認為相較於幾年前供應鏈危機期間，我們現在更能超前部署並採取更主動的作法。

If you look at what really drives gross margin going forward, it's a few things. Number one, in terms of future opportunity is, in fact, better mix coming from new products, as Steve mentioned.

如果你看未來真正驅動毛利率的因素，主要有幾點。第一，就未來機會而言，確實是如 Steve 所提到的，新產品帶來更好的產品組合。

The good news is we're already seeing some of that benefit come in. And there's more opportunity to run there. That's higher priced products, which have higher value to our customers and are tied to new products. Second, obviously, volume makes a difference. We've seen some of that this last quarter.

好消息是，我們已經開始看到其中一些效益進來。而且還有更多可以發揮的空間。那是價格更高的產品，對客戶而言價值更高，並且與新產品相關。第二，顯然，出貨量也會帶來差異。我們在上一季已經看到其中一些影響。

We'll continue to see that as revenues grow. And finally, we've been growing at quite a rapid clip. And so we've certainly seen some inefficiency and manufacturing as we grow. We have high confidence that over time we'll be able to bring those costs out as well. So pricing, certainly in the near-term intention is to keep neutral, but we believe we can continue to improve gross margins really on structural improvements in the business.

隨著營收成長，我們會持續看到這種情況。最後，我們一直以相當快的速度成長。因此，隨著規模擴大，我們在製造端確實也看到一些效率不彰之處。我們非常有信心，隨著時間推進，我們也能把這些成本降下來。因此，就定價而言，短期的意圖當然是維持中性，但我們相信可以透過業務結構性的改善，持續提升毛利率。

Krish Sankar with TD Cowen.

TD Cowen 的 Krish Sankar。

Two of them, first and almost congrats on the great results. I'm just wondering, when I look at your semi revenue guide, it's about a little over 30% year-over-year. Some of your customers are guiding to almost 40% revenue growth.

我有兩個問題，首先也算是恭喜你們的優異成果。我只是想問，當我看你們的半導體營收指引，大約是年增略高於 30%。你們的一些客戶指引幾乎是 40% 的營收成長。

I'm just kind of curious, has there been better inventory management from your customers that you're not seeing a sharper growth? Or is this the new normal where you kind of kind of grow more in line or slightly better than WFE, not outperform WFE when the cycle turns.

我有點好奇，是不是你們的客戶在庫存管理上做得更好，所以你們沒有看到更陡峭的成長？或者這就是新的常態，也就是你們的成長大致與 WFE 同步或略優，但在景氣循環轉折時不再超越 WFE。

Chris, thanks for the question. So the first thing I would say is, over time, over the last three to five years, we have outgrown the competition. And so you do see variations year-to-year based on changes in the market where one particular product may be up one year or another product the next year. So it's hard to follow WFE every single year. But over time, we've done better than WFE and better than our competitors.

Chris，謝謝你的問題。我首先想說的是，從過去三到五年的時間來看，我們的成長速度超過了競爭對手。因此，你確實會看到每年因市場變化而出現差異：某一項產品可能某一年成長，另一項產品則在下一年成長。所以很難每一年都完全跟著 WFE 走。但長期來看，我們的表現優於 WFE，也優於競爭對手。

But as I look forward, we see an extremely strong second half in semiconductor. So we think if you look at the second half of this year compared to the second half of last year, will be up almost 50% year-on-year. So no matter how you slice it, that's pretty good performance.

但往前看，我們看到半導體下半年將非常強勁。因此我們認為，如果你比較今年下半年與去年下半年，年增將接近 50%。不論你怎麼切分來看，這都是相當不錯的表現。

Got it. And then a follow-up on the data center side. You said that you're winning, continue to win at hyperscalers. I'm just wondering how many hyperscaler customers do you have today on the data center power supply side?

了解。接著追問資料中心方面。你提到你們在超大規模雲端業者（hyperscalers）持續拿下案子、持續勝出。我想問，目前在資料中心電源供應這一塊，你們今天有多少家 hyperscaler 客戶？

And along the path, the 800 volt DC. It seems like it's still like later next year into 2028 for your early revenue. Why is it late and some of your competitors who are shipping to AC hyperscalers or expecting early revenues in the second half of this year?

另外在 800 伏直流（DC）的路徑上，看起來你們的早期營收仍要到明年較晚、甚至到 2028 年。為什麼會比較晚？而你們的一些競爭對手正在出貨給採用交流（AC）的 hyperscaler，或預期今年下半年就會有早期營收？

Yes, Chris, what we've said is that we have four hyperscale customers, but some of those are bigger than others. And they tend to be very engineering-intensive and we've been very successful with the hyperscalers where we’ve engaged.

是的，Chris，我們說過我們有四家 hyperscale 客戶，但其中有些規模比其他更大。而且這些案子通常非常仰賴工程投入；在我們已經切入合作的 hyperscaler 客戶上，我們一直非常成功。

As far as the second wave customers go, we have engaged with them this year, but it typically takes nine months to a year to go from engagement to production. We saw that with the hyperscalers.

至於第二波客戶，我們今年已經與他們展開合作，但通常從接觸合作到量產需要九個月到一年的時間。我們在 hyperscaler 客戶上也看到同樣的情況。

We’re seeing it with the second wave customers. We think we’re in pretty good position to add significant revenue from second wave customers in 2027. Ultimately, we think we can grow the aggregate second wave revenue to the same level as our largest hyperscale customers. It could become quite significant, and it could help us diversify our customer base a bit.

我們在第二波客戶上也看到了。我們認為，我們在 2027 年有相當好的位置，能從第二波客戶新增可觀的營收。最終，我們認為可以把第二波的總體營收成長到與我們最大 hyperscale 客戶相同的水準。這可能會變得相當可觀，也能幫助我們在一定程度上分散客戶基礎。

The 800 volt?

800 伏呢？

Yeah. 800 volt. We’ve got some interesting products, and there’s been a high level of interest in our solution at multiple customers. And they're low profile, and they've received very positive feedback from the customers who have sampled these products. The other feature is they're all focused on high efficiency in the 98% range. High power 800-volts going to coexist with both 12 volt and 48 volt data center architectures.

對，800 伏。我們有一些很有意思的產品，而且多家客戶對我們的解決方案展現高度興趣。它們是低外形（low profile），而且已試用這些產品的客戶給了非常正面的回饋。另一個特點是，它們都聚焦在約 98% 的高效率。高功率 800 伏將會與 12 伏與 48 伏的資料中心架構並存。

Shane Brett with Morgan Stanley

Morgan Stanley 的 Shane Brett

Is that a revenue contribution comment? And just what is the time frame in your vision for those second wave customers to get to the same level as your main hyperscaler customers.

那是指營收貢獻的評論嗎？另外，在你們的願景中，第二波客戶要達到與主要 hyperscaler 客戶相同水準的時間框架是什麼？

Yes, Shane, thank you for the question. We haven’t put a specific timeframe on that to ramp the second wave customers in our factory in the Philippines as well as our new factory in Thailand.

是的，Shane，謝謝你的問題。我們尚未就第二波客戶在我們菲律賓工廠以及泰國新工廠的爬坡，給出具體的時間表。

Understood. Thank you. My next question is also on data center, can you help quantify your current expectations and how much your content opportunity per gigawatt or rack steps up as you move through 400 volt to 800 volt conversion products? Should we think about a multiple of sort of revenue contribution per gigawatt or rack, or is it kind of more incremental and more smaller than that? Thank you.

了解，謝謝。我下一個問題也與資料中心有關：你能否協助量化你們目前的預期，以及當你們從 400 伏轉換到 800 伏的轉換產品時，每 GW 或每機櫃（rack）的內容價值（content opportunity）會提升多少？我們應該把每 GW 或每機櫃的營收貢獻視為某種倍數的提升，還是其實比較偏向增量、幅度較小？謝謝。

Yes. I think it's difficult, if you look at our business to really find a metric where you could try to gauge our future revenue growth. I think what we've been doing is focusing on opportunities where we could be the sole source or one of two sources.

是的。我認為，如果你看我們的業務，要找到一個可以用來衡量未來營收成長的指標其實很困難。我們一直在做的是聚焦於那些我們可以成為唯一供應商或兩家供應商之一的機會。

These are opportunities where the customer needs best-in-class performance. We’re avoiding commodity spaces and trying to focus on high-end opportunities where the customer needs engineering input from Advanced Energy.

這些機會是客戶需要同級最佳（best-in-class）的效能。我們在避免商品化領域，並試圖聚焦在高階機會上，因為客戶需要 Advanced Energy 的工程投入。

Steve Barger with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Steve Barger。

Thanks. Steve, can you compare current engagements to a couple of years ago? Meaning, how much earlier in the design cycle are customers talking to you on the data center side? Are those starting to extend to the broader architecture around rack and cluster designs? Just where do most of your products sit, and do you have opportunities to expand that?

謝謝。Steve，你能比較一下目前的合作洽談與幾年前的情況嗎？也就是說，在資料中心這一端，客戶在設計週期中多早就會來跟你們接觸？這些接觸是否開始延伸到機櫃與叢集（cluster）設計等更廣泛的架構層面？你們大多數產品目前位於哪個環節，你們是否有機會擴大那個範圍？

Yeah, I think today, most of our products sit in the rack, and I would say, the defining feature of the AI data center is the very fast development cycle times. I think what we’ve seen is that we've partnered closely with our key hyperscaler customers because there's very little time to perfect the solution. So what we've done is maximize reuse and work very closely with the customer to develop a solution that meets their next-generation needs.

是的，我認為今天我們的大多數產品都安裝在機櫃中，而我會說，AI 資料中心的決定性特徵在於開發週期時間非常快。我認為我們看到的是，我們與關鍵的超大規模（hyperscaler）客戶緊密合作，因為幾乎沒有時間把解決方案打磨到完美。因此我們所做的是最大化重複利用，並與客戶非常緊密地合作，開發出符合其下一代需求的解決方案。

And so generally speaking, there's about a 9, 12 month lag between the final design and the full ramp. And so this is a continuous cycle. Over time, what's changed is the number of projects for customers gone up as they develop confidence in Advanced Energy, both in our development capability as well as our ability to ramp the high volume.

一般來說，最終設計到全面放量之間大約會有 9 到 12 個月的滯後。因此這是一個持續循環。隨著時間推移，改變的是每位客戶的專案數量增加了，因為他們對 Advanced Energy 的信心提升了，無論是在我們的開發能力，還是在我們高產量放量的能力上。

When you say projects per customer, do you mean inside the four walls of an existing facility? Or does that extend to, they're giving you more opportunities in other facilities as they grow?

你說每位客戶的專案數，是指在既有設施的四面牆內嗎？還是也包括他們在擴張時，於其他設施給你更多機會？

Yes. When I said that, I really meant the number of projects that we have with a particular customer. And in many cases, we've qualified more than one facility to build these power supplies. And so really, we've got three choices now. One is the Philippines, one is in Mexico, and now we're bringing up Thailand. And so we'll basically build these products where it makes sense for the customer.

是的。我剛才說的，主要是指我們與某一特定客戶合作的專案數量。而且在許多情況下，我們已經認證了不只一個廠區來生產這些電源供應器。因此實際上，我們現在有三個選擇。一個在菲律賓，一個在墨西哥，現在我們也正在把泰國的產能拉起來。因此我們基本上會在對客戶最有意義的地方生產這些產品。

Got it. And then we talked a lot about increasing power density in the data center. But as you look at the leading-edge road maps in the semiconductor business, are you seeing power requirements per tool increase faster than unit volumes there as well?

了解。接著我們談了很多資料中心提高功率密度的議題。但當你看半導體產業的先進製程路線圖時，你是否也看到單台設備的功率需求增加速度，快於那邊的出貨量成長？

Yes. So I think your question is, are we seeing increasing stress on power density and semiconductor fabs in addition to what we see in data centers. Is that correct?

是的。所以我理解你的問題是：除了我們在資料中心看到的情況之外，我們是否也看到半導體晶圓廠在功率密度方面承受更大的壓力。是這個意思嗎？

Yes. Exactly. Like are you getting more content? Or is it a harder engineering problem at the leading edge as you look at the road maps going forward?

是的。沒錯。例如你們是否能取得更多的內容價值（content）？或者在往前看路線圖、走向先進製程時，工程難度是否更高？

Yes. Yes, that's a good question. It's definitely a harder problem for a couple of reasons. One is the voltages tend to go up over time. And we see this across the portfolio as we move into the leading-edge development.

是的。是的，這是個好問題。確實更難，原因有幾個。第一，電壓往往會隨時間提高。而當我們進入先進製程開發時，這點在整個產品組合中都看得到。

The second is we don't have more room to get the job done. So typically, the space availability and the wafer fab is very constrained. And so our customers want us to accomplish the task in the smallest possible volume. And so we face significant challenges on power density. But we're able to basically use common technologies across our company.

第二，我們沒有更多空間來完成工作。通常晶圓廠的空間可用性非常受限。因此客戶希望我們在盡可能小的體積內完成任務。所以我們在功率密度上面臨顯著挑戰。但我們基本上能在公司內跨產品線使用共通技術。

And so we apply learnings that we have made in data center to our semiconductor product development and vice versa. So I think this is one of the strength of Advanced Energy is we can apply learnings across all of our markets.

因此我們把在資料中心累積的經驗應用到半導體產品開發上，反之亦然。所以我認為這是 Advanced Energy 的優勢之一：我們能把經驗在所有市場之間相互移轉與應用。

Right. So volume and content opportunities in both data center and semiconductor?

了解。所以在資料中心與半導體兩邊，都有量的成長與內容價值提升的機會？

Yes.

是的。

Mehdi Hosseini with SIG.

SIG 的 Mehdi Hosseini。

Yes. A couple of follow-ups. I want to focus on data center first. Is there any way qualitatively or quantitative, quantitatively you can help me understand the mix of different products embedded in the data center revenue. Specifically, I just want to see if most of your revenue is concentrated on the power solution or whether you have been able to diversify to include PDUs and more of a module or shelf solution.

是的。我有幾個追問。我想先聚焦在資料中心。無論是定性或定量，你能否幫我理解資料中心營收中不同產品的組合。具體來說，我想了解你們的營收是否大多集中在電源解決方案上，或你們是否已經能多元化，包含 PDU（配電單元）以及更多模組或層架（shelf）式解決方案。

Yes. So maybe, what we've said is, so far, all of our solutions have been rec level solutions. We really haven't been any more specific than that for competitive reasons and I think moving forward, we're looking at participating in all types of architectures. And so some of our participation may move out of the rack, but I think our primary focus will be on rack power in some of the peripherals.

是的。所以也許我們先前說過的是：到目前為止，我們所有的解決方案都是機櫃層級（rack level）的解決方案。出於競爭因素，我們沒有再更具體說明；而往前看，我們希望參與各種架構類型。因此我們的部分參與可能會延伸到機櫃之外，但我認為我們的主要重點仍會放在機櫃電源以及部分周邊。

So does that mean as power densification increase, you should be able to generate more dollars of revenue per rank or per watt.

所以這是否意味著，隨著功率密度提高，你們應該能在每個機櫃或每瓦特上，創造更多美元營收？

Yes. I mean that's what it means because the challenges are greater, the higher the power levels. And that's what we've seen. Each generation brings us a bit more opportunity as a supplier of precision power.

是的。我的意思是，確實如此，因為功率等級越高，挑戰就越大。而我們看到的就是這樣。每一代產品都會為我們帶來更多一些機會，作為精密電源的供應商。

Okay. Because obviously, it's outstanding to have doubled the revenue here last year, and now you're tracking to 50%. I'm just wondering if, looking forward, there is growth acceleration on a year-over-year basis.

好的。因為很明顯，你們去年營收翻倍非常亮眼，而現在你們的成長追蹤到 50%。我只是想知道，往前看，年對年成長是否會加速？

Yes, I think there is. I think looking back, we've tripled the size of this business in two years, which is impressive. But looking forward, we think there are three growth factors. Obviously, the first one is our business with the hyperscalers. We're well embedded there and well established with these customers and there are plenty of opportunities for us.

是的，我認為會。回頭看，我們在兩年內把這個業務規模擴大了三倍，這很令人印象深刻。但往前看，我們認為有三個成長因素。顯然第一個是我們與超大規模客戶的業務。我們在那裡已深度導入並與這些客戶建立穩固基礎，對我們而言機會很多。

The second one is the second wave I referred to earlier. These are customers that don't require a lot of engineering support. We could use existing technology blocks quickly meet their needs. And again, over the next couple of years, I think we can grow them to a size which is similar to our largest hyperscale customer today.

第二個是我先前提到的第二波。這些客戶不需要大量工程支援。我們可以利用既有的技術模組快速滿足他們的需求。同樣地，在接下來幾年，我認為我們可以把他們的規模成長到與我們目前最大超大規模客戶相近的程度。

And finally, since we're a technology company, really a technology leader, we see a lot of opportunity in 800 volts because this is a technology transition. And as this develops, I think it's a great opportunity for us to gain share and grow content.

最後，因為我們是一家科技公司，確切地說是技術領導者，我們在 800 伏方面看到很多機會，因為這是一個技術轉換。隨著這項技術發展，我認為這是我們提升市占、增加內容價值的絕佳機會。

Great. Okay. And then just one quick follow-up on the semi side. You guided the revenue in the second half would be up 50% year-over-year and implied guide for Q3 suggests to me that there is a sizable de-acceleration from Q3 to Q4.

很好。好的。接著在半導體那邊我還有一個快速追問。你們指引下半年營收將年增 50%，而你們對 Q3 的隱含指引讓我覺得，從 Q3 到 Q4 會出現相當幅度的減速。

And I was on that kind of surprising because looking into the projects that your customers are working on, I would imagine there is a higher growth into the first half of '27, higher growth for your customers.

這點讓我有點意外，因為從你們客戶正在進行的專案來看，我原本會想像在 2027 年上半年會有更高的成長、你們客戶也會有更高成長。

So how come they are not prepared for that by building inventory, why should your revenue on the semi side to accelerate into Q4 when your customers are facing a step-up in shipment into the first half?

那為什麼他們沒有透過建立庫存來為此做準備？為什麼你們半導體端的營收不應該在 Q4 加速，因為你們客戶在上半年面臨出貨的跳升？

Yes. I think if you look at the numbers, Mehdi, it depends kind of how you attribute Q3 and Q4. I think we'll be, what we said in our call is that we're shipping in line to demand. So that's how you should think about that.

是的。Mehdi，我認為如果你看這些數字，某種程度上取決於你如何歸因 Q3 與 Q4。我想我們在電話會議上說的是，我們的出貨會與需求一致。所以你應該用這個角度來理解。

Okay. So your customers are still not building inventory with in advance of complete system shipment.

好的。所以你們的客戶仍然沒有在完整系統出貨之前提前建立庫存。

Yes, it's hard for us to comment on our customers. But I think what we've said is that we believe we're shipping in line to their demand. We're not holding them up, and we're delivering what they're asking.

是的，我們很難評論我們的客戶。但我想我們所說的是，我們相信我們的出貨是依照他們的需求在進行。我們沒有拖延他們，我們交付的是他們所要求的。

Jim Ricchiuti with Needham & Company.

Needham & Company 的 Jim Ricchiuti。

A quick question just on Thailand. Did you say what kind of volume you anticipate in Q4. And as we think about the scale-up of the facility, I mean just given the strength you're seeing in both semi and data center, how are you thinking about allocating resources there to those markets?

一個關於泰國的簡短問題。你有說你們預期第四季的量會是多少嗎？另外，當我們思考該廠的擴產規模時，考量到你們在半導體與資料中心兩端看到的強勁需求，你們如何思考把那邊的資源分配到這些市場？

Yes. Good question, Jim. So if you take our Q3 guidance, of $640 million in revenue. That implies that we already have more than $2.6 billion in revenue generating capacity in the company. And we continue to build capacity.

是的。好問題，Jim。如果你看我們第三季的指引，營收為 6.4 億美元。這意味著公司目前已經擁有超過 26 億美元的營收產能。而且我們仍在持續擴建產能。

So we're investing in existing factory sites, including adding new buildings. And that's going to allow us to continue to grow in Q4 and into '27, but all that's going to be augmented by our new Thailand factory.

所以我們正在既有廠區投資，包括增建新廠房。這將使我們能在第四季以及一路到 2027 年持續成長，而這一切也會由我們新的泰國工廠進一步強化。

And there's a lot of activity in Thailand right now, and we'll be producing first revenue there in Q4 of this year, so next quarter. And something notable is that we are qualifying big customers in Thailand. And these are big customers in the data center and the semiconductor market. And so we're leading with our premier customers and I think that's a real positive for the company.

目前泰國那邊有很多活動，我們會在今年第四季、也就是下個季度，在那裡產生第一筆營收。另外值得注意的是，我們正在泰國為大型客戶進行認證。這些都是資料中心與半導體市場的大客戶。因此我們以最重要的客戶作為先行導入，我認為這對公司是非常正面的。

But again, given what you're seeing in the market at this point, have you, are you allocating more of the production capacity as you look into 2027 is semi or to data center? Or is that not changing versus your expectations when you started thinking about accelerating the capacity build?

但再問一次，基於你們目前看到的市場狀況，當你們展望到 2027 年時，是否把更多產能分配給半導體或資料中心？還是說，這與你們一開始思考加速擴產時的預期相比並沒有改變？

Yes. I think we're basically investing to meet the capacity needs of both markets. And in addition, we're investing to meet the needs of the Industrial & Medical market. So I don't see any limitations in our capacity. We've invested heavily in CapEx for a number of years now.

是的。我認為我們基本上是在投資以滿足兩個市場的產能需求。此外，我們也在投資以滿足工業與醫療（Industrial & Medical）市場的需求。所以我不認為我們的產能會有任何限制。我們多年來一直在資本支出（CapEx）上大力投資。

And we're using this capacity that we've built. And if you look at our investments, the bulk of the investment has been in data center in the past couple of years. But the return on investment and the payback is very quick on this CapEx for data center. So I think it's money well spent, and it's helping to fuel growth for the company.

而我們正在使用我們所建置的這些產能。如果你看我們的投資，過去幾年大部分投資都在資料中心。但資料中心相關的資本支出，其投資報酬與回收期都非常快。所以我認為這筆錢花得很值得，也正在幫助推動公司的成長。

Jim, one thing I'd just comment is, I think we said in our prepared remarks, we expect to see revenue growth into 2027. And we believe that we've delivered two straight years of over 20% growth. We could see over 20% growth next year as well. So some of that additional growth will come out of Thailand. We haven't quantified it specifically.

Jim，我想補充一點，我們在事先準備的發言中提到，我們預期營收成長會延續到 2027 年。而且我們相信我們已經連續兩年交出超過 20% 的成長。我們明年也可能看到超過 20% 的成長。因此，部分額外的成長將來自泰國。我們尚未具體量化。

And we haven't tied down how much each market. As Steve said, you should think about both data center and semi large customers going in there. But Thailand will certainly help support another growth year of over 20% for AE.

而且我們也還沒有把各市場的占比釘死。如 Steve 所說，你可以把它想成資料中心與半導體的大型客戶都會進去。但泰國肯定會協助 AE 再支撐一年超過 20% 的成長。

Scott Graham with Seaport Research.

Seaport Research 的 Scott Graham。

Congratulations on a great quarter. I wanted to maybe understand a little bit some of the dynamics within semiconductor that has you at a market pace, whereas I guess I thought with some of the wafer intensity improvements relative to your plasma power solutions that maybe you'd be a little higher than that.

恭喜你們交出很棒的一季。我想更了解一下半導體內部的一些動態：你們的成長看起來是跟著市場步調走；但我原本以為，考量到你們電漿電源解決方案在晶圓強度（wafer intensity）提升上的受益，你們的表現可能會比市場更高一些。

Is there any way of size. I know that quarter-to-quarter is not a measure, but it's just sort of what I put out there to start the question, and that is would you guys be able to size for us the systems business versus the plasma power business right now and which one is growing faster?

有沒有任何方式可以量化一下？我知道用季度對季度不是衡量方式，但我只是用這個來開啟問題：你們能否幫我們估算一下，目前系統業務相對於電漿電源業務的規模各是多少？以及哪一個成長更快？

Yes. We haven't broken it out specifically. But I think a couple of things we said we thought we could grow the system business by $40 million by 2030. I think we're well on track to do that. So that gives you a little bit of a sense.

是的。我們沒有特別把它拆開揭露。但我想我們提過幾點：我們認為到 2030 年系統業務可以成長 4,000 萬美元。我想我們正穩步朝這個目標前進。所以這能讓你稍微有個概念。

It's obviously much smaller than the overall plasma business. But you also have the service business, which is circa high teens or 20% of the plasma, which is growing much slower. That's right in our disclosures. So I think if you could take those couple of things and maybe you're looking at 25% or so of the semi business, is maybe not equivalent to WFE. So I could give you a little bit of a way to triangulate that growth relative to our numbers versus what you might hear in the market around system growth.

它顯然比整體電漿業務小很多。但你們也有服務業務，大約是電漿業務的高十幾％到 20%，而且成長慢得多。這在我們的揭露中都有。所以我想，如果你把這幾點放在一起，半導體業務中大概有 25% 左右可能不等同於 WFE（晶圓製造設備）。因此我可以給你一個方式，去三角驗證我們的數字相對於市場上你可能聽到的系統成長。

That makes sense, Paul. The other question I wanted to ask is you know I'm kind of a one that has a lot of interest in the I&M side. And I was just wondering one of the issues that the company was having until really the last several quarters was that you had design wins, but they were in a lot of different markets, and you kind of, you've been looking for an acquisition, to kind of consolidate that business, give you some more critical mass.

了解，Paul。我想問的另一個問題是，我對 I&M 這一塊一直很有興趣。我在想，公司直到最近幾個季度之前一直面臨的其中一個問題是：你們有設計導入（design wins），但分散在很多不同市場；而你們一直在尋找併購，想要把這個業務整合起來，讓規模更具臨界量。

But I'm wondering if, has any market maybe started to grown up over the last several quarters, where maybe there is some more critical mass that you're serving I mean, within medical, is there a market there? Or is that just more customer-centric.

但我想問的是：過去幾個季度是否有任何市場開始成形、長大，讓你們服務的業務出現更多臨界量？例如在醫療領域，是否有某個市場？或者這仍然比較偏向以客戶為中心？

In industrial, is it automation. I'm just trying to understand how the dynamics of that business looks going forward even without an acquisition.

在工業領域，是自動化嗎？我只是想了解，即使沒有併購，這個業務未來的動態會是什麼樣子。

Yes. Thanks for the question. The I&M business has gotten a lot better in the past few quarters. So if I take a look at the bookings, they're almost double.

是的。謝謝你的問題。I&M 業務在過去幾個季度改善很多。所以如果我看接單（bookings），幾乎翻倍。

If I look at the bookings per quarter the last three quarters, they're almost double what they were the previous two years. And so some of that is the general market recovery. This is the post-COVID hangover, the I&M market has been going through. But some of it is new product design wins ramping to volume. So we've been very pleased that some of these wins are actually going to high volume now.

如果我看最近三個季度的每季接單，幾乎是前兩年水準的兩倍。其中一部分是整體市場復甦。這是 I&M 市場在經歷的 COVID 後遺症（post-COVID hangover）。但其中一部分是新產品的設計導入開始放量爬坡。所以我們非常高興，這些勝出案有些現在真的進入高出貨量了。

And so those two vectors are really helping push our I&M business upward. If I look at some of the distributor metrics, our bookings are up 80% year-on-year. Resales were up 40%. Our sales into the channel are up 45% and our inventory turns continue to improve. So I'd say the industrial medical market is definitely healthy for Advanced Energy right now, and we see strength in both Industrial & Medical.

因此，這兩個向量確實在推動我們的 I&M 業務向上。如果我看一些經銷商指標，我們的接單年增 80%。轉售（resales）年增 40%。我們對通路的銷售年增 45%，而我們的庫存周轉率也持續改善。所以我會說，對 Advanced Energy 而言，目前工業與醫療市場絕對是健康的，我們在工業與醫療兩端都看到強勁表現。

I think we're seeing greater success in areas like test and measurement, aerospace and defense, factory automation, robotics and anything else related to AI. We tend to play in the high end of the market. And there's a lot of activity there right now. And a lot of our wins in the past three years are starting to bear fruit.

我認為我們在測試與量測、航太與國防、工廠自動化、機器人，以及任何其他與 AI 相關的領域，都看到更大的成功。我們通常是在市場的高階端布局。而目前那裡的活動非常熱絡。而我們過去三年的許多勝出案，正開始開花結果。

Elizabeth Sun with Citi.

花旗的 Elizabeth Sun。

I guess my first question is on the data center as well. Across all the hyperscaler customers, your position is very strong with one of them. I mean, very concentrated on one of the hyperscale customers. So I was just wondering, is your position strengthening over the rest of the hyperscale customers over the past course like, say, one or two quarters? And how do you balance your resources on continue supporting biggest hyperscaler customer growing your share in the others and support the ramp of the second wave customers.

我想我的第一個問題也與資料中心有關。在所有超大規模客戶之中，你們在其中一家客戶的地位非常強。也就是說，你們在某一家超大規模客戶上非常集中。所以我想請教的是，在過去例如一到兩個季度的期間內，你們在其他超大規模客戶那邊的地位是否也在強化？以及你們如何在資源配置上取得平衡：一方面持續支援最大那家超大規模客戶的成長、另一方面在其他客戶提升市占，同時也支援第二波客戶的放量爬坡。

Yes. We have said, Elizabeth, that there, our resources are focused on a very select group of hyperscalers. And so for us, it's very important to be successful at the customers we selected. These hyperscalers are very engineering intensive. They expect a lot from us and they expect it quickly.

是的。Elizabeth，我們之前提過，我們的資源聚焦在非常精選的一小群超大規模客戶上。因此對我們而言，在我們所選定的客戶上取得成功非常重要。這些超大規模客戶非常仰賴工程能力。他們對我們的期待很高，而且希望我們能很快交付。

And so we've been successful with that strategy. And we have to be careful not to dilute our resources and so that's why to augment our business with the selected hyperscalers, we've chosen to go with the second wave approach because the second wave customers aren't nearly as engineering intensive as the hyperscalers are.

因此我們在這個策略上一直很成功。而我們必須小心不要稀釋我們的資源，所以為了在既有選定的超大規模客戶之外擴增業務，我們選擇採取第二波策略，因為第二波客戶在工程密集度上遠不如超大規模客戶。

So we can spin off derivatives using our existing technology blocks relatively quickly. And it doesn't strain our engineering resources. So that's our strategy, not necessarily to go and broaden our hyperscale exposure but to really take our technology and bring it to the second wave customers.

因此我們可以利用既有的技術模組相對快速地衍生出產品。而且不會對我們的工程資源造成壓力。所以我們的策略不一定是去擴大在超大規模客戶的曝險，而是把我們的技術帶到第二波客戶。

Understood. That's very helpful. My second question is on the semi side. I think, if I remember correctly, you were expecting some share gains in semi from the new products in the diaelectric etch in the second half of this year. So I was just wondering how that share gain, how's the share gain progress is at this time right now.

了解。這非常有幫助。我的第二個問題是關於半導體端。如果我沒記錯，你們原本預期今年下半年在介電蝕刻（dielectric etch）的新產品會帶來一些市占提升。所以我想請教，目前這個市占提升的進展如何？

Yes. We haven't been specific about our share gains this year. But what we have said is that we're ahead of plan. If you take a look at what we discussed at our Investor Day in December of '24. We're ahead of that plan as far as incremental revenue due to share gains.

是的。我們今年並沒有具體說明市占提升的數字。但我們說過的是，我們的進度超前於計畫。如果你回顧我們在 2024 年 12 月投資人日所討論的內容，就「因市占提升所帶來的增量營收」而言，我們目前是超前於那個計畫。

I think it's a combination of things. One is in our traditional areas of strength like plasma power. We're really focused on gaining share in conductor etch, dielectric and in deposition. And in the system power area where we really haven't emphasized this area in the past, we've been successful getting some major wins, both for process equipment as well as test equipment. And these are meaningful wins which taken together with what we're doing in plasma power should power a fair amount of share growth over the next four to five years.

我認為這是多項因素的組合。其中之一是在我們傳統強項領域，例如電漿電源（plasma power）。我們非常專注於在導體蝕刻、介電材料以及沉積領域提升市占。另外在系統電源（system power）領域，過去我們其實沒有特別強調，但我們已成功拿下一些重大案子，涵蓋製程設備以及測試設備。這些都是具意義的勝出案，若再加上我們在電漿電源的布局，未來四到五年應能帶動相當程度的市占成長。

A lot of what we're doing on the plasma power side is at the very leading edge. And that takes time to show up in our revenue, but it tends to be very robust, it tends to last a long time. And so that's why when I think about market share, I'm thinking about what are we going to do over the next three to five years.

我們在電漿電源端做的很多事情都在最前沿。這需要時間才會反映在營收上，但通常非常穩健，而且往往能維持很長一段時間。因此當我思考市占時，我想的是我們在未來三到五年要做到什麼。

Duke Son Jang with Bank of America.

美國銀行的 Duke Son Jang。

Just a follow-up on the semi's question, and you've been consistently talking about WFE outgrowth. Your customers have been pretty strong. You've been talking about your own product ramps. I think the market share gains that you just talked about.

我想延續半導體那題追問一下，你們一直在談 WFE 的超越成長（outgrowth）。你們的客戶表現一直相當強勁。你們也在談自家產品的放量爬坡。以及你剛剛提到的市占提升。

Putting all of these together, what kind of visibility or how much confidence do you have in actually outgrowing WFE for the foreseeable future and I'm asking just because clearly, you've been gaining share relative to your competitor, but because deposition and edge haven't been really growing in line with WFE.

把這些因素綜合起來，你們對於在可預見的未來實際上能夠超越 WFE 成長，有多高的能見度或信心？我之所以這樣問，是因為很明顯你們相對競爭對手正在提升市占，但由於沉積與蝕刻並沒有跟著 WFE 同步成長。

I think you've undergrown the market the last couple of years. So obviously, you're doing great with the results today, but I'd like to hear any more visibility color.

我認為過去幾年你們的成長其實低於市場。所以當然你們今天的結果非常好，但我想聽聽是否能提供更多能見度方面的補充說明。

Yes, it's a good question, Duksan. I mean, our overall goal is to outgrow WFE. Obviously, the mix of WFE matters, which segments are growing, at what pace and what our participation is in them. But as we look at the market, as Steve said earlier, we highlighted $140 million. We built a share gain that we could accomplish.

是的，這是個好問題，Duksan。我們整體的目標是超越 WFE 成長。當然，WFE 的組合很重要：哪些區塊在成長、成長速度如何、以及我們在其中的參與度。但當我們看市場時，如同 Steve 先前提到的，我們強調了 1.4 億美元。我們建立了一個我們可以達成的市占提升目標。

This was from our 2018 Analyst Day, our 2024 Analyst Day. We think we're on track to beat that. Now WFE is bigger, so we'll have to see what the pace of growth is. And certainly, the, again, the mix of WFE growth over time will have an impact. But when we look at our fundamental systems business that's within our semi market, we still feel very good about our ability to outgrow WFE.

這是從我們 2018 年分析師日到 2024 年分析師日所提出的。我們認為我們有望超越那個目標。現在 WFE 的規模更大，所以我們還得觀察其成長速度。而且同樣地，WFE 長期的成長組合也會產生影響。但當我們看我們在半導體市場中的核心系統業務時，我們仍然對於超越 WFE 成長的能力感到非常有信心。

Got it. And then one on more gross margin outlook. I think people have already asked around capacity and your product mix. But I think in the past, you've mentioned volume is also a pretty big driver. For your target model, I believe it was $3 billion sales and 53%, or 43%, sorry, gross margin.

了解。接著想問毛利率展望。我想大家已經問過產能與產品組合。但我記得你們過去也提到，出貨量（volume）也是相當重要的驅動因素。以你們的目標模型來看，我記得是 30 億美元營收與 53%，或 43%，抱歉，毛利率。

We're kind of getting in that range in a few years. So as we expand further with the Thailand facility and clearly, the end markets are really growing strong. What kind of gross margin, I guess, puts and takes and further opportunity you have ahead?

我們在幾年後大概就會進入那個區間。因此，隨著我們在泰國廠進一步擴張，而且終端市場顯然成長非常強勁，你們接下來在毛利率方面有哪些拉抬與抵銷因素（puts and takes），以及還有哪些進一步的機會？

Yes, it's a good question. You're right about volume, and we've certainly realized some of that benefit. We've also realized a lot of the benefit from our factory consolidations. The areas where there's more room to improve gross margins, if you will, relative to volume is in the areas of product mix and now a little bit of manufacturing efficiency. When we talked about product mix, we talked about new products and maybe becoming a larger portion of the total over time.

是的，這是個好問題。你說得對，出貨量確實重要，我們也確實已經實現了其中一部分的效益。我們也從工廠整併中實現了很多效益。若要說相對於出貨量，還有更多空間可以改善毛利率的領域，主要在產品組合，以及現在還有一點製造效率。談到產品組合時，我們提到新產品，並且可能隨時間推移在總體中占比提高。

That takes a little bit of time. The fact is we're running way ahead of the revenue number based on volume. So we think from these levels, there's still a fair amount of improvement that we can gain from that mix of new product revenue.

這需要一些時間。事實上，就出貨量而言，我們目前的營收表現遠超過原先的數字。因此我們認為，從目前水準來看，透過新產品營收占比提升，我們仍有相當幅度的改善空間。

And like I said in our prepared comments, we're already seeing that start to happen. So that will be the number one driver of I'll say, faster margin improvement than just volume is from that ongoing improvement from product mix. And similarly, I think we can work out additional benefits from manufacturing efficiency. We are scaling rapidly. I think we're getting better at that over time, and we'll see those benefits fall through as well.

而且如同我在事先準備的發言中所說，我們已經開始看到這種情況發生。因此我會說，推動毛利率改善速度快於單純出貨量的第一大驅動因素，就是產品組合持續改善所帶來的效益。同樣地，我認為我們也能從製造效率中再挖掘額外效益。我們正在快速擴張規模。我認為我們會隨時間推移越做越好，而這些效益也會逐步反映出來。

So on balance, we're fortunate to be running quite a bit ahead of our 2024 model on revenue. That's contributing to higher gross margins in aggregate. But certainly, we think we can go beyond our model because, in fact, we're starting to exceed the revenue side. So thinking forward, there's no reason we shouldn't be able to deliver more than 43% margin as margins improve or as volume increases and the new product mix continues to strengthen.

因此，整體而言，我們很幸運地看到營收表現大幅領先我們的 2024 年模型。這也推動了整體毛利率的提升。但當然，我們認為我們可以超越模型，因為事實上，我們開始在營收端超出預期。因此往前看，隨著毛利率改善或出貨量增加，以及新產品組合持續強化，我們沒有理由不能交付高於 43% 的毛利率。

Quinn Fredrickson with Baird.

Baird 的 Quinn Fredrickson。

First question just on 800 volt. Just wondering if you could talk about how you feel you're competitively positioned as the market makes the transition and why hyperscaler might choose to buy your solution instead of an integrated sidecar that some of your competitors might make?

第一個問題是關於 800 伏。想請教您，當市場進行轉換時，您認為你們在競爭上的定位如何？以及為什麼超大規模業者（hyperscaler）會選擇購買你們的解決方案，而不是一些競爭對手可能提供的整合式 sidecar？

Yes. Our positioning 800 volts is very similar to our current positioning. We're a technology leader. And so what we've chosen to do at 800 volts is to create a number of different modular solutions. And this gives our customers a lot of flexibility on how they mix and match our technology.

是的。我們在 800 伏的定位與目前的定位非常相似。我們是技術領導者。因此，在 800 伏方面，我們選擇打造多種不同的模組化解決方案。這讓客戶在如何混搭我們的技術上擁有很大的彈性。

And this has been very well received, this approach. And so I think we're competitively positioned pretty well, actually, based on the feedback we're getting from customers. They also know that we can ramp to volume. We've been doing it now for the last few years in data center very successfully. And so what we offer customers is a mix of technology leadership and manufacturing muscle.

而且這種做法獲得非常好的回饋。因此，根據我們從客戶那裡得到的回饋，我認為我們的競爭定位其實相當不錯。他們也知道我們能夠把產量拉升到量產規模。過去幾年我們在資料中心領域已非常成功地做到這點。因此，我們提供給客戶的是技術領先與製造實力的組合。

That's a good combination.

這是很好的組合。

You discussed potentially north of 20% growth next year and talked about semi and data center side. What does your visibility to the industrial medical side look like in the next year from a new design win standpoint just underlying market?

你們提到明年可能有超過 20% 的成長，並談到半導體與資料中心端。那麼就工業與醫療（I&M）端而言，從新設計案（design win）的能見度以及基礎市場面來看，你們對明年的可見度如何？

We don't have the same visibility necessarily as we do in semiconductor and data center because those are markets where it's very large customers, there's just a few of them. But in I&M, I really need to look at the trends and what we see is a very positive trend in the past three quarters.

我們在工業與醫療端的能見度，未必像半導體與資料中心那麼高，因為那些市場是少數幾個非常大型的客戶。但在 I&M 方面，我確實需要看趨勢；而我們看到的是過去三個季度呈現非常正向的趨勢。

And we think that trend will extend into '27 and probably through the entire year. So our expectation is that I&M is going to do very well in 2027. We're well positioned to take advantage of that given our design win pipeline and our capacity.

我們認為這個趨勢會延續到 2027 年，且可能貫穿全年。因此，我們預期 I&M 在 2027 年會表現非常好。憑藉我們的設計案管線以及產能，我們也具備良好條件把握這個機會。

So I think we're looking at a very strong year in 2027, as Paul said, up at least 20%, and that will be up in all of our markets.

所以我認為，正如 Paul 所說，我們在 2027 年將迎來非常強勁的一年，至少成長 20%，而且這將反映在我們所有市場上。

Daniel Taglio with Stifel.

Stifel 的 Daniel Taglio。

This is Daniella. I'm on for Brian Chin from Stifel. My first question is on semi. I know you have touched on the second half, 50% year-over-year growth. I was wondering if you could maybe tell us a little bit more? Is that coming from your existing flagship products or your new products ramping faster than expected?

我是 Daniella。我代替 Stifel 的 Brian Chin 參與。我的第一個問題是關於半導體。我知道你們提到下半年年增 50%。想請你們再多談一點：這主要來自你們既有的旗艦產品，還是新產品的爬坡速度比預期更快？

Daniella, most of that is from the existing products, but we also see contribution from the new products, but it's not as significant this year as it will be next year. We have good visibility into next year from our customer base in semiconductor and so we think it's going to be a very good year.

Daniella，其中大部分來自既有產品，但我們也看到新產品的貢獻，只是今年的顯著程度不如明年。我們從半導體客戶基礎對明年有良好的能見度，因此我們認為明年會是非常好的一年。

And it's going to be a good year both in plasma power, where we see a number of our new products becoming more significant on the revenue line as well as with our existing products. So yes, I think we're well positioned to grow both in the second half of this year into 2027.

而且這將是個好年，無論是在電漿電源（plasma power）方面——我們看到多款新產品在營收上的貢獻將變得更顯著——或是既有產品方面也是如此。所以是的，我認為我們很有條件在今年下半年一路成長到 2027 年。

Great. And then if I could touch on gross margin a little bit more also on semi cap. If you have a shift in mix towards semi, does that enhance your ability to drive gross margin leverage and maybe to quantify that a little bit for every 100 basis points. Could you see that on a $50 million quarterly revenue increase?

很好。另外我也想再多問一點毛利率，尤其是半導體資本設備（semi cap）方面。如果產品組合往半導體傾斜，是否會提升你們推動毛利率槓桿的能力？並且若能量化一下：每 100 個基點的變化，是否可能對應到單季營收增加 5,000 萬美元的情況？

Yes. So maybe two parts to that answer. We've commented before that semiconductors on balance have the better margins than the rest of the company. So yes, we had more mix shift towards semi on balance, that would be positive. But I think as data centers improved, we've talked about that, that sort of closed the gap and is approaching corporate average.

是的。我想這個答案可以分成兩部分。我們之前提過，整體而言，半導體業務的毛利率優於公司其他業務。所以是的，如果產品組合更多轉向半導體，整體上會是正面因素。但我認為，隨著資料中心業務改善——我們也談過——它已縮小差距，並正接近公司平均水準。

So it's not as big as a gap as it's been historically. The second thing is we do continue to get volume leverage. We said for every $50 million of quarterly revenue. If you go back to when we put the model out, that was worth 100 basis points. But as you know, as your revenue grows, it's the same dollar contribution, but the percentage impact is smaller because the denominator is bigger.

因此，這個差距不像過去歷史上那麼大。第二點是，我們確實仍持續獲得規模（出貨量）帶來的槓桿效益。我們說過，每增加 5,000 萬美元的單季營收。如果回到我們當初提出模型的時候，那相當於 100 個基點。但如你所知，當營收成長時，美元貢獻相同，但百分比影響會變小，因為分母變大了。

So at this level of revenue, it's about 40 basis points for every $50 million of quarterly revenue. That's the same dollar contribution for that move. It's just a smaller percentage because the revenue is much higher.

所以在目前這個營收水準下，每增加 5,000 萬美元的單季營收，大約是 40 個基點。這個變動的美元貢獻相同。只是因為營收高得多，所以百分比變小。

Thank you. This concludes our conference call for today. You may disconnect your lines at this time. Thank you again for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。再次感謝各位的參與。