艾克爾 (AMKR) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology third-quarter 2024 earnings conference call.

女士們、先生們，美好的一天，歡迎參加 Amkor Technology 2024 年第三季財報電話會議。

My name is Paul, and I will be your conference facilitator today.

我叫保羅，今天我將擔任你們的會議主持人。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Jennifer Jue。

Ms. Jue, please go ahead.

爵女士，請講。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone, and thank you for joining us for Amkor's third-quarter 2024 earnings conference call.

大家下午好，感謝您參加我們的 Amkor 2024 年第三季財報電話會議。

Joining me today are Giel Rutten, our Chief Executive Officer; and Megan Faust, our Chief Financial Officer.

今天加入我的是我們的執行長吉爾·魯滕 (Giel Rutten)；和梅根·福斯特，我們的財務長。

Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call.

我們的收益新聞稿已於今天下午向美國證券交易委員會提交，並可在我們網站的投資者關係頁面上查看，以及今天電話會議附帶的演示幻燈片。

During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the US GAAP equivalent on our website.

在本次示範中，我們將使用非 GAAP 財務指標，您可以在我們的網站上找到與美國 GAAP 同等指標的調整表。

We will make forward-looking statements about our expectations for Amkor's future performance based on the environment as we currently see it.

我們將根據我們目前所看到的環境，對 Amkor 未來業績的預期做出前瞻性陳述。

Of course, actual results could differ.

當然，實際結果可能會有所不同。

Please refer to our press release and SEC filings for information on risk factors, uncertainty exceptions that could cause actual results to differ materially from these expectations.

請參閱我們的新聞稿和 SEC 文件，以了解可能導致實際結果與這些預期存在重大差異的風險因素和不確定性例外情況的資訊。

Please note that the financial results discussed today are preliminary, and final data will be included in our Form 10-Q.

請注意，今天討論的財務結果是初步的，最終數據將包含在我們的 10-Q 表格中。

And now I'll turn the call over to Giel.

現在我將把電話轉給吉爾。

Thank you, Jennifer.

謝謝你，詹妮弗。

Good afternoon, everyone, and thank you for joining the call today.

大家下午好，感謝您今天加入電話會議。

Amkor delivered third quarter performance in line with expectations with revenue of $1.86 billion and EPS of $0.49. Total revenue is 27% sequentially, mainly driven by demand for advanced SiP technology.

Amkor 第三季業績符合預期，營收為 18.6 億美元，每股收益為 0.49 美元。總營收季增 27%，主要由先進 SiP 技術的需求推動。

In the quarter, successfully ramped high-volume production for devices supporting the launch of new premium tier smartphones, a new consumer wearable program and several products for AI-enabled ARM-based PCs.

本季度，成功提高了設備的大批量生產，以支援新的高階智慧型手機、新的消費者穿戴式專案以及基於 ARM 的人工智慧 PC 的多種產品的推出。

In sort of the continued demand increase for the high-performance computing market, especially for AI processors, we ramp volume by utilizing our incremental 2.5D capacity.

為了滿足高效能運算市場（尤其是 AI 處理器）需求的持續成長，我們透過利用增量 2.5D 產能來增加產量。

Although demand for traditional servers, networking and automotive remained weak, Amkor's year-to-date advanced packaging revenue increased 6% over 2023.

儘管傳統伺服器、網路和汽車的需求仍然疲軟，但 Amkor 年初至今的先進封裝收入比 2023 年增長了 6%。

The continued weakness in the automotive and industrial and consumer meds significantly impacted our mainstream business with a year-to-date revenue decline of 24% versus 2023.

汽車、工業和消費藥品的持續疲軟嚴重影響了我們的主流業務，今年迄今的收入較 2023 年下降了 24%。

Throughout this unique and challenging environment, Amkor has maintained focus on its three strategic pillars.

在這個獨特且充滿挑戰的環境中，Amkor 始終專注於其三大策略支柱。

Our technology leadership in advanced packaging has enabled us to win programs in AI and high-performance computing, ARM-based PCs and consumer IoT.

我們在先進封裝方面的技術領先地位使我們能夠贏得人工智慧和高效能運算、基於 ARM 的 PC 和消費物聯網領域的專案。

Our continued investment in a global manufacturing footprint offers customers a resilient and reliable semiconductor manufacturing supply chain.

我們對全球製造足跡的持續投資為客戶提供了彈性且可靠的半導體製造供應鏈。

In Vietnam, we started production and our plans to bring Arizona online are progressing well.

在越南，我們開始生產，亞利桑那州上線的計畫進展順利。

Our engagements in the secular growth markets are strengthened by strategic partnerships with industry leaders including what we have announced with TSMC and Infineon.

我們與產業領導者的策略夥伴關係（包括我們宣布與台積電和英飛凌建立的策略合作夥伴關係）加強了我們在長期成長市場的參與。

We are confident the strategic direction positions Amkor well to benefit from the secular growth driver semiconductor markets.

我們相信，該策略方向使 Amkor 能夠從長期成長驅動半導體市場中受益。

Now let me review the current dynamics in each of our end markets.

現在讓我回顧一下我們每個終端市場的當前動態。

Revenue in the communications end market increased 36% sequentially, driven by multiple device ramps to support the launch of premium tier iOS phones.

在支援高階 iOS 手機推出的多種裝置成長的推動下，通訊終端市場的收入環比成長了 36%。

Revenue within the Android supply chain flex sequentially but showed continued year-on-year recovery.

Android 供應鏈內的營收季增，但年比持續復甦。

Our strong position in the premium tier phone market is built on our advanced packaging technology.

我們在高階手機市場的強勢地位建立在我們先進的封裝技術之上。

Over the last few years, we have expanded our technology portfolio by investing in RF capabilities to support integration of Bluetooth and WiFi functionality in a broad range of devices.

在過去幾年中，我們透過投資 RF 功能來支援藍牙和 WiFi 功能在各種設備中的集成，從而擴展了我們的技術組合。

In 2024, we saw returns on those investments in communications and in other areas like wearables and PCs.

2024 年，我們看到了通訊以及穿戴式裝置和個人電腦等其他領域的投資回報。

Revenue from our automotive and industrial end markets remained stable.

汽車和工業終端市場的收入保持穩定。

Recovery in this market is taking longer than anticipated due to weak end market demand and ongoing inventory corrections.

由於終端市場需求疲軟和持續的庫存調整，該市場的復甦需要比預期更長的時間。

Year to date, automotive and industrial revenue was down 17%.

今年迄今為止，汽車和工業收入下降了 17%。

Customers continue to work through inventory and timing for recovery remains uncertain.

客戶繼續處理庫存，恢復時間仍不確定。

Despite these headwinds, NPI activity remains solid.

儘管存在這些不利因素，NPI 活動仍然穩健。

We are qualifying new programs for automotive ADAS processors, utilizing flip chip technologies, and for radar and LiDAR applications and wafer-level technology.

我們正在對利用倒裝晶片技術的汽車 ADAS 處理器、雷達和光達應用以及晶圓級技術的新項目進行資格審查。

Our Portugal facility continues to ramp production for automotive sensors and is progressing well with the factory expansion for power modules as previously announced with Infineon.

我們的葡萄牙工廠繼續提高汽車感測器的產量，並且正如先前與英飛凌所宣布的那樣，電源模組工廠的擴建進展順利。

Revenue from the computing end market increased 6% sequentially and 23% year-on-year.

計算終端市場營收季增6%，較去年同期成長23%。

We ran volume for flow to 2.5D technologies for AI devices in line with plan.

我們按照計劃對 AI 設備的 2.5D 技術流程進行了測量。

The on-substrate flow experienced some constraints in material availability, which limited Q3 revenue growth in this part of the business.

基板上流程在材料可用性方面遇到了一些限制，這限制了該部分業務第三季的收入成長。

Demand for AI devices remains strong and we still expect that 2024 revenue for 2.5D will quad approval versus 2023.

對 AI 設備的需求仍然強勁，我們仍然預計 2024 年 2.5D 的營收將比 2023 年增加四倍。

Our traditional server and networking business has been weak with a year-to-date decline of 33%.

我們的傳統伺服器和網路業務一直疲軟，今年迄今下降了 33%。

However, early signs of recovery with modest improvements in Q4 are noted and we observed new product ramps for multiple customers supporting different areas in the data center, including CPUs, retimers, and switches.

然而，我們注意到第四季度出現了適度改善的早期復甦跡象，我們觀察到多個客戶的新產品不斷增加，支援資料中心的不同領域，包括 CPU、重定時器和交換器。

Revenue from the consumer end market increased 70% sequentially driven by the high-volume production ramp for new wearable IoT device.

由於新型穿戴式物聯網設備的大量生產，消費者終端市場的收入環比增長了 70%。

Volume is expected to remain strong in Q4 before tapering down throughout 2025.

預計第四季銷售將保持強勁，然後在 2025 年全年逐漸減少。

Business from traditional consumer applications increased modestly in Q3 for the first time after four quarters of sequential decline.

傳統消費應用業務在連續四個季度下降後，在第三季首次出現小幅成長。

And feedback from customers is that the gradual recovery is expected in the next few quarters.

而客戶的回饋是，預計未來幾季將逐步恢復。

During the third quarter, our manufacturing organization continued to manage multiple priorities across our geographically diverse manufacturing footprint.

在第三季度，我們的製造組織繼續管理跨地域不同製造足跡的多個優先事項。

In Korea, we focused on executing the steep advanced DRAMs for multiple communications and consumer programs, setting a record advanced SiP revenue in the quarter.

在韓國，我們專注於為多種通訊和消費項目執行先進的 DRAM，在本季度創下了先進 SiP 收入的記錄。

We are also bringing up another HPC customer for 2.5D technologies and the manufacturing and R&D team progressed well with qualification of next-generation organic RDL interposer solutions, for 2025.

我們也為 2.5D 技術培養了另一個 HPC 客戶，製造和研發團隊進展順利，並在 2025 年獲得了下一代有機 RDL 中介層解決方案的資格。

Our new Vietnam location started initial production in Q3 with anticipated volume ramps in the fourth quarter.

我們的越南新工廠於第三季開始初始生產，預計第四季產量將增加。

In Portugal, we are expanding our technology portfolio for wafer-level processing, advanced flip chip and test solutions in support of the European automotive supply chain.

在葡萄牙，我們正在擴大晶圓級加工、先進倒裝晶片和測試解決方案的技術組合，以支援歐洲汽車供應鏈。

Additionally, our panel line is being evaluated by multiple customers for next-generation devices.

此外，我們的面板系列正在接受多個客戶針對下一代設備的評估。

Besides the manufacturing and R&D priorities, the organization is focused on key strategic projects in the US, including progress on chips funding and preparing the technology portfolio for our Arizona factory by signing an MOU with TSMC for advanced packaging technology.

除了製造和研發優先事項外，該組織還專注於美國的關鍵戰略項目，包括晶片融資方面的進展以及透過與台積電簽署先進封裝技術諒解備忘錄為我們亞利桑那州工廠準備技術組合。

Now let me turn to our fourth quarter outlook by relating the assumptions we had for growth in the second half of the year.

現在讓我透過聯繫我們對下半年成長的假設來談談我們的第四季展望。

We expected stronger than seasonal second half growth to be driven by additional 2.5D capacity coming online midyear, a meaningful ramp of a new consumer wearable program, a strong communication cycle, and the gradual recoveries within the automotive and industrial markets.

我們預計下半年成長將強勁於季節性成長，原因包括年中上線的額外 2.5D 產能、新的消費者穿戴式專案的顯著成長、強勁的通訊週期以及汽車和工業市場的逐步復甦。

However, prolonged weakness in automotive and industrial and a weaker-than-anticipated communication cycle has dampened our second half outlook.

然而，汽車和工業領域的長期疲軟以及通訊週期弱於預期，削弱了我們下半年的前景。

With this backdrop, we are expecting a more than seasonal decline in the fourth quarter with revenue of $1.65 billion at the midpoint of guidance.

在此背景下，我們預計第四季營收將出現季節性下降，達到指導中位數 16.5 億美元。

This decline is primarily driven by dynamics within our communications end market, specifically by a phone build plan that deviates from historical trends.

這種下降主要是由我們的通訊終端市場的動態驅動的，特別是偏離歷史趨勢的手機製造計劃。

For full-year 2024, we anticipate communications will decline single digits and automotive and industrial will decline double digits, offset by growth in computing and consumer.

2024 年全年，我們預計通訊業將出現個位數下降，汽車和工業產業將出現兩位數下降，但被計算和消費領域的成長所抵消。

Despite the short-term dynamics within our communications business, we remain confident in our long-term growth prospects supported by our leading technology portfolio, global manufacturing footprint and strategic partnerships.

儘管我們的通訊業務存在短期動態，但在我們領先的技術組合、全球製造足跡和策略合作夥伴關係的支持下，我們對長期成長前景仍然充滿信心。

With that, I will now turn the call over to Megan to provide more detailed financial information.

現在，我將把電話轉給梅根，以提供更詳細的財務資訊。

Thank you, Giel, and good afternoon, everyone.

謝謝吉爾，大家下午好。

Amkor delivered an outstanding third quarter with revenue of $1.86 billion, a 27% sequential increase driven by a quarterly record of advanced SiP revenue supporting communications and consumer end markets.

Amkor 第三季業績表現出色，營收達 18.6 億美元，季增 27%，這得益於支持通訊和消費終端市場的先進 SiP 收入創下的季度記錄。

Third quarter gross profit was $272 million and gross margin was 14.6%.

第三季毛利為2.72億美元，毛利率為14.6%。

Gross margin was constrained due to higher than seasonal material content, driven by a product mix concentrated in advanced SiP.

由於產品組合集中在先進 SiP，毛利率受到高於季節性材料含量的限制。

Operating expenses for the quarter came in as expected at $123 million.

該季度的營運支出符合預期，為 1.23 億美元。

Operating income increased sequentially over 80% in Q3 to $149 million, and operating income margin was 8%.

第三季營業收入較上季成長 80% 以上，達到 1.49 億美元，營業利益率為 8%。

Net income for the third quarter was $123 million, resulting in EPS of $0.49. Third-quarter EBITDA was $309 million, and EBITDA margin was 16.6%.

第三季淨利為 1.23 億美元，每股收益為 0.49 美元。第三季 EBITDA 為 3.09 億美元，EBITDA 利潤率為 16.6%。

We continue to maintain a strong balance sheet.

我們繼續保持強勁的資產負債表。

We ended the quarter with $1.5 billion of cash and short-term investments and total liquidity of $2.2 billion.

截至本季末，我們擁有 15 億美元的現金和短期投資，流動性總額為 22 億美元。

Our total debt as of the end of the quarter is $1.1 billion, and our debt-to-EBITDA ratio is 1x.

截至本季末，我們的總負債為 11 億美元，負債與 EBITDA 的比率為 1 倍。

Leveraging our financial stability, we strategically invested in expanding our geographic footprint to support future growth by constructing our new Vietnam facility.

憑藉我們的財務穩定性，我們策略性地投資擴大我們的地理足跡，透過建造新的越南工廠來支持未來的成長。

We commenced production in Q3 and are pleased with the progress.

我們在第三季開始生產，並對進展感到滿意。

Regarding our fourth-quarter outlook, we anticipate revenue of approximately $1.65 billion, representing an 11% sequential decline.

關於第四季的前景，我們預計營收約為 16.5 億美元，比上一季下降 11%。

The more than seasonal decline is mainly due to a premium tier smartphone build plan that surpassed expectations in the first half and was less than projected in the second half.

超過季節性的下降主要是由於高階智慧型手機的生產計劃在上半年超出了預期，而在下半年則低於預期。

As we consider dynamics for the full year 2024, the overall semiconductor market recovery has been uneven across the various end markets.

當我們考慮 2024 年全年的動態時，各個終端市場的整體半導體市場復甦並不均衡。

Still, considering the Q4 guide, our second half of 2024 is expected to be up 24% over the first half.

儘管如此，考慮到第四季的指導，我們預計 2024 年下半年將比上半年成長 24%。

While this is softer than our original expectations, it represents a solid second half, underpinned by the successful ramp of a high-volume consumer wearable product, qualifying incremental 2.5D capacity and scaling it to high volume and a seasonal ramp of multiple products supporting the launch of new premium tier smartphones.

雖然這比我們最初的預期要軟，但它代表了下半年的穩健發展，其基礎是大批量消費者可穿戴產品的成功增長，合格的增量2.5D 產能並將其擴展到高產量以及支持2.5D 的多種產品的季節性成長。

We expect Q4 gross margin to be flat to Q3.

我們預計第四季毛利率將與第三季持平。

Gross margins continue to be impacted by underutilization in our mainstream factories as well as burden associated with our new Vietnam facility as it starts to build scale.

毛利率繼續受到主流工廠利用率不足以及越南新工廠開始擴大規模帶來的負擔的影響。

We expect Q4 operating expenses of around $120 million.

我們預計第四季營運支出約為 1.2 億美元。

We expect our full year effective tax rate to be around 18% and excluding discrete tax items.

我們預計全年有效稅率約為 18%（不含離散稅項）。

Fourth quarter net income is expected to be between $70 million and $110 million, resulting in EPS of $0.28 to $0.44. We are holding our CapEx forecast for the year at $750 million. 2/3 of our CapEx is focused on expanding capacity for technologies such as 2.5D and advanced SiP.

第四季淨利潤預計在 7,000 萬美元至 1.1 億美元之間，每股收益為 0.28 美元至 0.44 美元。我們將今年的資本支出預測維持在 7.5 億美元。我們 2/3 的資本支出專注於擴大 2.5D 和先進 SiP 等技術的產能。

And the remainder is focused on expanding select manufacturing facilities.

其餘的重點則是擴大精選的製造設施。

In this challenging environment, we remain dedicated to executing our three strategic pillars: advancing our technology portfolio and high-performance computing supporting AI and ARM-based PCs.

在這個充滿挑戰的環境中，我們仍然致力於執行我們的三大戰略支柱：推進我們的技術組合和支援人工智慧和基於 ARM 的 PC 的高效能運算。

Further expanding our broad geographic footprint by successfully beginning production in Vietnam and progressing our plans to build a US manufacturing location, supported by chips funding and strengthening our relationships with industry leaders in secular growth markets.

透過在越南成功開始生產，並在晶片資金的支持下推進我們在美國建立製造基地的計劃，並加強我們與長期成長市場中行業領導者的關係，進一步擴大我們廣泛的地理足跡。

With that, we will now open the call up for your questions.

現在，我們將開始徵集您的問題。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions) Steven Fox, Fox Advisors.

（操作員說明）Steven Fox，Fox Advisors。

I was wondering if you could talk a little bit more about how we think about capacity additions?

我想知道您是否可以多談談我們對容量增加的看法？

If you've changed any plans given the sort of the slower demand in some of your core markets into next year or whether we should consider anything different like how underutilization charges progress from this level into like the first part of next year?

考慮到明年一些核心市場的需求放緩，您是否改變了任何計劃，或者我們是否應該考慮任何不同的事情，例如未充分利用費用如何從這一水平進展到明年上半年？

And then I had a follow-up.

然後我進行了跟進。

Hello, Steve.

你好，史蒂夫。

This is Giel.

這是吉爾.

Let me give a bit of color on the capacity expansion.

讓我對產能擴張做一些說明。

I mean, as Megan already mentioned earlier, most of our investments in capacity expansion were in the computing domain, specifically 2.5D capacity expansion that came online in the second quarter this year.

我的意思是，正如梅根之前提到的，我們在擴容方面的大部分投資都在運算領域，特別是今年第二季上線的2.5D擴容。

And we're currently fully utilizing that to further ramp up with main customers.

我們目前正在充分利用這一點來進一步擴大主要客戶的業務。

We expect that to be fully utilized going forward, including into 2025, where we actually plan to further invest and expand that capacity.

我們預計這項能力將在未來得到充分利用，包括到 2025 年，我們實際上計劃進一步投資和擴大這一產能。

The second capacity domain where we invested in '24 was advanced SiP, specifically to enable the ramp of the wearable consumer device.

我們在 24 年投資的第二個容量領域是先進的 SiP，專門用於實現穿戴式消費設備的成長。

Also, that will continue into 2025 and we're running currently at a high utilization of that capacity.

此外，這種情況將持續到 2025 年，我們目前的產能利用率很高。

I think these are the most prominent investments that we made in capacity expansion, Steve.

我認為這些是我們在產能擴張方面所做的最重要的投資，史蒂夫。

That's helpful.

這很有幫助。

And then on the underutilization charges going forward?

那麼未來的未充分利用費用呢？

Well, I mean, we don't refer to underutilization charges.

嗯，我的意思是，我們不是指未充分利用費用。

But if you take the factories that were underutilized, these were the factories that are manufacturing the automotive and industrial products, mostly and that also referred to our earlier remarks in our mainstream business.

但如果你看看那些未充分利用的工廠，這些工廠大多是製造汽車和工業產品的，這也提到了我們先前在主流業務中的言論。

And this is in the Philippines, where we underutilized currently running at roughly 60% utilization, some of that in Japan and a slight underutilization of our automotive lines in Korea.

這是在菲律賓，我們目前的使用率約為 60%，其中一些在日本，我們在韓國的汽車生產線利用率略有不足。

But overall, we expect that these lines will gradually fill up during 2025 if the automotive and industrial market slowly starts to recover.

但總體而言，如果汽車和工業市場開始緩慢復甦，我們預計這些路線將在 2025 年逐漸填滿。

And Steve, this is Megan.

史蒂夫，這是梅根。

Just to add to that, with the Vietnam factory coming online this quarter, there is some dilution effect given that's just starting.

除此之外，隨著越南工廠本季投產，鑑於這才剛開始，存在一些稀釋效應。

And so within the quarter, that was probably around 50 basis points.

因此，在本季度內，這一數字可能約為 50 個基點。

That was included in our guide.

這已包含在我們的指南中。

And then moving into Q4, where we'll have a full quarter of, I would say, burden transitioning to COGS, that will be around 100 basis points.

然後進入第四季度，我想說，我們將有整整四分之一的負擔過渡到銷貨成本，這將約為 100 個基點。

We expect that will taper off in 2025 as we build scale in Vietnam, such that exiting Q3 2025, we would be more at a breakeven.

我們預計，隨著我們在越南擴大規模，這種情況將在 2025 年逐漸減少，這樣到 2025 年第三季結束時，我們將更加實現損益兩平。

Great.

偉大的。

That's helpful.

這很有幫助。

And then some of the comments led into my follow-up, which was specifically on auto, depending on the company and the supply chain we talk to, it seems like there's different impacts from what's going on in the auto supply chain.

然後一些評論導致了我的後續行動，特別是針對汽車，這取決於我們交談的公司和供應鏈，似乎汽車供應鏈中發生的事情有不同的影響。

Is there any way you can narrow down what you're seeing relative to what you saw in 90-day that maybe is on the disappointing side?

有什麼方法可以縮小您所看到的範圍，相對於您在 90 天內看到的可能令人失望的情況？

With respect to the auto market, we believe it's stabilizing.

就汽車市場而言，我們認為它正在穩定下來。

We had foreseen a slight improvement, a better improvement in the course of this year.

我們預見今年會有輕微的改善，更好的改善。

Getting feedback from our customers, they also see a slightly prolonged recovery, but we see a modest growth in the fourth quarter with some further gradual growth into 2025.

從我們客戶的回饋來看，他們也看到了復甦的時間略有延長，但我們預計第四季度將出現溫和成長，並在 2025 年進一步逐步成長。

The main reasons are still inventory depletion that takes longer than expected, but also end market demand is weaker than expected, specifically also in the EV part of this market.

主要原因仍然是庫存消耗時間比預期更長，終端市場需求弱於預期，特別是在該市場的電動車部分。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc 資本市場。

For the uncertainty on the premium-tier smartphone build plan, how's your visibility into early 2025 relative to what you would normally see at the end of October?

由於高階智慧型手機生產計劃的不確定性，與通常在 10 月底看到的情況相比，您對 2025 年初的預期如何？

Or can you give us any commentary on what mobile progression could look like next year?

或者您能否給我們一些關於明年移動進展的評論？

Steve, let me give a few more comments here.

史蒂夫，讓我再發表一些評論。

I mean, with respect to 2025, the visibility currently is limited.

我的意思是，就 2025 年而言，目前的能見度有限。

What we saw in 2024 is seasonality of our bills for this market that deviated from normal seasonality with a stronger first half and a weaker second half.

我們在 2024 年看到的是這個市場帳單的季節性，它偏離了正常的季節性，上半年較強，下半年較弱。

We also saw a slight change for anticipated changeover that impacted our fourth quarter, but we expect that to recover in 2025.

我們還發現影響第四季度的預期變化略有變化，但我們預計這種情況將在 2025 年恢復。

So overall, difficult to say.

所以整體來說，很難說。

I mean I can only repeat what the information that's out there that we believe that there is a stronger, let's say, cycle next year, driven by AI functionality in the premium tier phones, to be launched and that would trigger an up cycle in phones.

我的意思是，我只能重複現有的訊息，即我們相信明年會有一個更強勁的周期，由高階手機中的人工智慧功能推動，即將推出，這將引發手機的上升週期。

They were expected to start earlier, but currently, that's expected to happen in 2025.

他們預計會更早開始，但目前預計在 2025 年開始。

I appreciate that commentary.

我很欣賞這個評論。

And for the $100 million range between the high end and the low end of the 4Q revenue guide, is the phone build plan, the primary swing factor you built into that forecast?

對於第四季度收入指南的高端和低端之間的 1 億美元範圍，手機製造計劃是您在該預測中納入的主要搖擺因素嗎？

Or is there something else that is hard to nail down at this point?

還是目前還有其他難以確定的事？

Yes.

是的。

I think if we take the build plan and the seasonality in this versus the normal seasonality.

我認為如果我們將建造計劃和季節性與正常季節性進行對比。

Specifically, we had a strong second quarter and a weaker fourth quarter.

具體來說，我們第二季表現強勁，第四季表現較弱。

There is a slight additional effect.

有一點額外的效果。

I think that seasonality is explaining about 75% of the total weakness in the fourth quarter, an additional 25% of that weakness is due to a device changeover that we see in the fourth quarter, mainly in the fourth quarter, but we expect to recover that in the next-generation models in the second half of 2025.

我認為季節性因素解釋了第四季度總疲軟的約 75%，另外 25% 的疲軟是由於我們在第四季度看到的設備更換（主要是在第四季度），但我們預計會恢復2025 年下半年的下一代車型中也會實現這一點。

That's great.

那太棒了。

So it sounds like communication is the only one that you can expect to be down sequentially for 4Q?

聽起來通信是您預計第四季將連續下降的唯一一項？

Yes, correct.

是的，正確。

I think we expect -- if we take a little bit more color on the fourth quarter, we expect [out when] Industrial to stabilize slightly up computing to continue to be up.

我認為，如果我們對第四季度的情況有更多的了解，我們預計工業將小幅穩定，計算將繼續增長。

And a slight correction down for consumer, that's on the current ramp of the IoT wearable devices.

對於消費者來說，稍微修正一下，也就是目前物聯網穿戴裝置的成長。

But that's a relatively small correction seasonally.

但這是季節性相對較小的調整。

The main correction is in communication.

主要的修正是在溝通上。

Peter Pang, JPMorgan.

彼得龐，摩根大通。

As we kind of look into the first half of next year, how would you categorize your business versus seasonal trends?

當我們展望明年上半年時，您如何將您的業務與季節性趨勢進行分類？

It sounds like the communications could continue to be tracking below and then the consumer, it sounds like you might be ramping up.

聽起來通信可能會繼續追蹤下面的情況，然後消費者，聽起來你可能會加強。

That so like how would we think about your business going into the first half of next year?

就像我們如何看待您明年上半年的業務？

Well, I cannot be quantitatively analyze that first half next year.

嗯，我無法對明年上半年進行定量分析。

But in general terms, we believe that in the first half next year, in the communications side, we see some headwinds in the iOS ecosystem.

但總的來說，我們認為明年上半年，在通訊方面，我們會看到 iOS 生態系統遇到一些阻力。

On the other hand, we expect Android to gradually continue to recover.

另一方面，我們預計Android將逐步持續復甦。

There may be some tailwinds also if the spring launch and the upward correction due to AI functionality in the phone really materialize.

如果春季發布以及手機人工智慧功能帶來的向上修正真正實現，也可能會帶來一些順風。

Auto and industrial, we expect continued gradual recovery with potential acceleration.

汽車和工業，我們預計將繼續逐步復甦，並可能加速復甦。

Feedback from customers is that they see that inventory is starting to balance out and maybe some of the end customers overshooting a little bit the minimum value of inventory, but that's a bit speculation still.

客戶的反饋是，他們看到庫存開始平衡，也許一些最終客戶稍微超出了庫存的最低值，但這仍然有點猜測。

Computing, we expect continued growth for 2.5D for AI processors and generally data centers.

在運算方面，我們預期 AI 處理器和資料中心的 2.5D 業務將持續成長。

Also, the share ARM-based PCs, we expect continued growth.

此外，我們預計基於 ARM 的 PC 份額將持續成長。

And then on the more mature computing applications, we gradually see a recovery there.

然後在更成熟的計算應用程式上，我們逐漸看到那裡的復甦。

So also computing, we foresee a strong start of the year.

計算領域也是如此，我們預計今年會有強勁的開局。

And the consumer, it will be a progressing build of the current devices with the gradual improvement of more mature consumers.

而對於消費者來說，這將是當前設備的逐步構建，隨著更成熟消費者的逐步改進。

So all in all, we believe that the first half looks promising.

總而言之，我們相信上半年看起來很有希望。

Got it.

知道了。

And then moving more towards the AI.

然後更多地轉向人工智慧。

So AI -- accelerated makes sense, rapidly rising, right?

所以人工智慧——加速是有道理的，迅速崛起，對吧？

I mean we think that it could probably be close to half of the overall market sometime in the next one or two years.

我的意思是，我們認為在未來一兩年的某個時候，它可能會接近整個市場的一半。

Can you just talk about your engagement with some of these other hyperscalers and how you think about customer diversification?

您能否談談您與其他一些超大規模供應商的合作以及您如何看待客戶多元化？

Yes, that's a good point.

是的，這是一個很好的觀點。

I mean, we believe the market will continue to grow although there will be some ups and downs.

我的意思是，我們相信市場將繼續成長，儘管會有一些起伏。

I mean, investments from the hyperscalers diversifies a bit.

我的意思是，來自超大規模企業的投資有點多元化。

But overall, we believe that there is a strong uptick and a strong growth, continued growth in that market.

但總體而言，我們相信該市場有強勁的上升和強勁的成長，持續成長。

If we take customer diversification, we're currently onboarding another customer for standard 2.5D technologies, and that will ramp up in the fourth quarter and going into next year.

如果我們採取客戶多元化的方式，我們目前正在為另一位客戶提供標準 2.5D 技術，這一數量將在第四季度持續到明年。

We're also qualifying several customers on next-generation RBL-based technologies, and that will also ramp towards the second half of 2025.

我們也正在為幾家客戶提供下一代基於 RBL 的技術的資格認證，這也將在 2025 年下半年進行。

So we are diversifying our customer portfolio but also our technology portfolio in 2025 in a market that we believe will continue to grow going forward.

因此，到 2025 年，我們將在我們相信未來將繼續成長的市場中實現客戶組合和技術組合的多元化。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

Giel and Megan, I wanted to start just by going a little bit further into the question that Peter asked on dynamics in the first half.

吉爾和梅根，我想先進一步探討彼得在上半場提出的關於動態的問題。

Megan, how do we think about gross margins as we go into the first half, the auto and industrial business would continue to increase.

梅根，我們如何看待上半年的毛利率，汽車和工業業務將繼續成長。

And if we have strength in parts of the compute business like traditional server applications, but if communications has more of a downward bias just given seasonality in the iOS ecosystem.

如果我們在傳統伺服器應用程式等運算業務的某些方面擁有優勢，但考慮到 iOS 生態系統的季節性，通訊是否有更多的向下偏差。

Does that put upward pressure on gross margin?

這是否會對毛利率帶來上行壓力？

Or are there other things going on we should be aware of?

或者還有其他我們應該注意的事情嗎？

Thanks, Craig.

謝謝，克雷格。

Yes.

是的。

With respect to go-forward expectations in 2025, I mean, we've been basically under a pretty impacted underutilization in 2024.

就 2025 年的未來預期而言，我的意思是，我們在 2024 年基本上受到了利用率不足的嚴重影響。

So the two markets that you mentioned, automotive and industrial, actually, I'll add to that, the traditional server and the traditional consumer, we expect those will gradually increase in 2025, which should bring margin expansion related to those markets.

所以你提到的兩個市場，汽車和工業，實際上，我要補充一點，傳統伺服器和傳統消費者，我們預計這兩個市場將在2025 年逐漸增加，這應該會帶來與這些市場相關的利潤率擴張。

We also see continued growth in compute specifically around what Giel just mentioned in our 2.50. That business is running higher than corporate average gross margin.

我們也看到計算的持續成長，特別是圍繞 Giel 剛剛在 2.50 中提到的內容。該業務的毛利率高於企業平均毛利率。

So we see tailwinds associated with that as well.

因此，我們也看到了與此相關的有利因素。

That's helpful.

這很有幫助。

And then maybe a longer-term question for Giel and it's more on calendar '25.

然後也許是吉爾的一個長期問題，更多的是關於日曆'25。

Not looking for guidance here, Giel.

吉爾，我不是在這裡尋求指導。

But as we think about 2024, we had numerous real meaningful programs.

但當我們思考 2024 年時，我們有許多真正有意義的計劃。

We had ARM-based PCs.

我們有基於 ARM 的 PC。

We had a real nice wearables program that has legs into next year and then we had 2.5D AI.

我們有一個非常好的可穿戴設備項目，預計會持續到明年，然後我們就有了 2.5D AI。

As you think about 2025, what are some of the things you're starting to see or maybe have closed in the funnel that would offer similar types of benefit to help grow the business and expand the same.

當您考慮 2025 年時，您開始看到或可能已經在漏斗中關閉的一些事情將提供類似類型的好處，以幫助發展業務並擴大業務。

Well, Greg, let me try to give a bit of color there.

好吧，格雷格，讓我嘗試在這裡提供一些顏色。

I mean, fundamentally, we don't see a change for 2025.

我的意思是，從根本上來說，我們認為 2025 年不會發生任何變化。

If we look through the business segments, yes.

如果我們看一下業務部門，是的。

We have, let's say, a temporary headwind in US in communication, although we believe that the health of our position in that market is still there.

比方說，我們在美國的溝通上遇到了暫時的阻力，儘管我們相信我們在該市場的地位仍然存在。

We had a, let's say, a record SiP year.

可以說，我們度過了創紀錄的 SiP 年。

And we also believe that there will be an up cycle in communication with AI edge devices taking off.

我們也相信，隨著人工智慧邊緣設備的起飛，通訊將會出現一個上升週期。

It may be a little bit longer.

可能會長一點。

It's difficult to predict what the timing is, but we believe it will come and will drive upside volumes.

很難預測時機，但我們相信它會到來，並將推動成交量上漲。

Other things that we have in the pipeline is in the automotive and industrial markets.

我們正在籌備的其他項目涉及汽車和工業市場。

You may have seen the announcement we made with Infineon on power modules for -- specifically for electrical vehicles.

您可能已經看到我們與英飛凌針對電動車專用電源模組發布的公告。

Once that market takes off, that's an accelerator that we anticipate to come.

一旦該市場起飛，我們預計就會出現加速器。

There is a slight weakness now in the EV market, but in the course of 2025.

目前電動車市場略有疲軟，但到 2025 年仍會如此。

And certainly, in 2026, we expect that to take off.

當然，到 2026 年，我們預計這一趨勢將會起飛。

Computing continues to be strong.

計算繼續強勁。

I think we have a good position there.

我認為我們在那裡處於有利地位。

We're diversifying.

我們正在多元化。

As Megan said, I think we see there is an above average company's profitability for that business.

正如梅根所說，我認為我們看到該業務的盈利能力高於平均水平。

So that's got.

這樣就完成了。

Consumer, we expect a gradual, let's say, a moderation of the IoT wearable market.

對於消費者來說，我們預期物聯網穿戴市場將逐漸放緩。

On the other hand, that will be compensated with some of the traditional consumer business recovery.

另一方面，這將透過一些傳統消費業務的復甦得到補償。

So overall, let's say that gives you a bit color on the different market segments.

總的來說，可以說這讓您對不同的細分市場有了一些了解。

That's very helpful.

這非常有幫助。

And if I could sneak in one more.

如果我能再偷偷溜進去一次就好了。

Could you help us just with milestones as we think about the further ramp next year in Vietnam as we go through 2025?

當我們考慮明年在 2025 年越南的進一步成長時，您能否幫助我們實現里程碑？

What are some key signposts we should look for?

我們應該尋找哪些關鍵路標？

And then how should we look at the progress you would expect to make ramping up Arizona next year?

那我們該如何看待明年亞利桑那州的進展？

Thanks for all the help, team.

感謝團隊的所有幫助。

Yes.

是的。

With respect to Vietnam, a few data points there.

關於越南，有一些數據。

I mean we're ramping up our SiP portfolio in the fourth quarter this year, the lines are qualified.

我的意思是，我們將在今年第四季擴大我們的 SiP 產品組合，這些生產線是合格的。

And the second product portfolio that we're ramping there is memory, specifically NAND flash memories.

我們正在大力發展的第二個產品組合是內存，特別是 NAND 快閃記憶體。

That's also qualified.

這也是有資格的。

So we start a gradual ramp in that facility for these two products.

因此，我們開始逐步在該工廠生產這兩種產品。

For 2.5D, we qualified our installed base.

對於 2.5D，我們驗證了我們的安裝基礎。

We're ramping that up now, and we expect additional capacity to come on stream the end of Q2 2025.

我們現在正在加大力度，預計額外產能將於 2025 年第二季末投產。

Randy Abrams, UBS.

蘭迪艾布拉姆斯，瑞銀集團。

I wanted to ask the first question, two separate things.

我想問第一個問題，兩個不同的問題。

First on the Arizona, the new additional expansion.

首先是亞利桑那號，新的額外擴展。

Could you go through just the additional technologies you're taking on or the additional relationship you have with the SMC to ramp up?

您能否介紹一下您正在採用的其他技術或您與 SMC 之間的其他關係以加強？

And any change in your expectations for the Arizona project.

以及您對亞利桑那州項目的期望的任何變化。

And then the second question is on the test business.

第二個問題是關於測試業務。

How you see the opportunity for AI GPUs if you have that process chain to do the final test that burn in the system level test to do some of those for final test?

如果您擁有執行最終測試的流程鏈，並在系統層級測試中進行一些最終測試，您如何看待 AI GPU 的機會？

Okay, Randy.

好吧，蘭迪。

Let's start with Arizona and US manufacturing.

讓我們從亞利桑那州和美國製造業開始。

First of all, the MOU that we signed with TSMC.

首先是我們與台積電簽署的諒解備忘錄。

It's intended to offer our mutual customers a seamless manufacturing supply chain and a technology offering between Asia and the US by standardizing on advanced packaging technologies in the US versus Asia that offers these joint customers a seamless transition for dual qualification of specific devices.

它旨在透過標準化美國與亞洲的先進封裝技術，為我們共同的客戶提供亞洲和美國之間的無縫製造供應鏈和技術產品，從而為這些共同客戶提供特定設備雙重認證的無縫過渡。

And that will happen in our Peoria factories, it will be for the compute segment, but also for the communications segment technologies.

這將在我們的皮奧裡亞工廠發生，不僅適用於運算領域，也適用於通訊領域技術。

Now, we have to remember that our Peoria factory, our Arizona factory is not captive to TSMC, but we will run TSMC technology in that factory specifically for joint customers.

現在，我們必須記住，我們的皮奧裡亞工廠、亞利桑那工廠不是台積電的專屬工廠，但我們將在該工廠專門為聯合客戶運行台積電技術。

And on top of that for other customers, Amkor will install Amkor advanced packaging technology.

除此之外，對於其他客戶，Amkor 將安裝 Amkor 先進的封裝技術。

Now, with respect to the test business, we see for test specifically for AI devices currently a high concentration of test in Taiwan.

現在，就測試業務而言，我們看到針對AI設備的測試目前高度集中在台灣。

We believe that the industry is ready and looking for alternatives to derisk that supply chain.

我們相信，該行業已做好準備，並正在尋找替代方案來降低供應鏈的風險。

So we're definitely interested and actively pursuing to invest in test in general, but also specifically in that segment of test.

因此，我們絕對有興趣並積極尋求對一般測試進行投資，但也特別是在該測試部分進行投資。

Okay.

好的。

And maybe a quick follow-up.

也許還有一個快速的跟進。

I guess just in your pursuit, does it look like potential or it's still a bit further out?

我想在你的追求中，它看起來有潛力還是還有點遙遠？

Just curious how close it is to the engagements.

只是好奇距離訂婚還有多遠。

And then the question was more broadly, I think you commented the investment in CapEx for now on track.

然後問題更廣泛，我認為您對資本支出的投資目前已步入正軌進行了評論。

If you could give a view into '25 on either a capital intensity basis or how you see absolute dollars.

如果您可以根據資本密集度或您對絕對美元的看法來看待 25 年。

And I'm curious if any panel-level packaging, how soon you see the development converting to handle some of the larger dies or more advanced projects on panel level?

我很好奇，如果有任何面板級封裝，您多久會看到開發轉換為處理面板級的一些較大晶片或更高級的項目？

Okay.

好的。

Let me try to answer the additional question on test and then Megan can cover the capital investment question.

讓我嘗試回答測驗中的附加問題，然後梅根可以回答資本投資問題。

On test, the timing is difficult to predict here, Randy.

在測試中，時間很難預測，蘭迪。

As a starting point view is that all wafers that are being manufactured ultimately in the US will be assembled and tested in the US and not being shipped around the world for test.

首先，所有最終在美國製造的晶圓都將在美國組裝和測試，而不是運往世界各地進行測試。

That's the starting point.

這就是起點。

So I mean, to find the right timing for diversifying the current existing test supply chain, I think that's to be seen.

所以我的意思是，要找到使當前現有測試供應鏈多樣化的正確時機，我認為這還有待觀察。

But over the next few years, when the IM changes.

但在接下來的幾年裡，當IM發生變化時。

And Randy, just to give a little color on capital investments for 2025, while we're not guiding '25 at this time.

蘭迪，我只是想對 2025 年的資本投資進行一些介紹，儘管我們目前不指導 '25。

We have started to make plans.

我們已經開始擬定計劃了。

We do intend to have incremental investments in 2.5D, as we mentioned, that should be coming online midyear.

正如我們所提到的，我們確實打算在 2.5D 領域進行增量投資，這應該會在年中上線。

You mentioned panel.

你提到了面板。

That is a program that we have had in development for some time, and we would continue to invest in that, specifically in our Portugal factory, we have been evaluating with several customers opportunities to bring those to large volume on that line.

這是我們已經開發了一段時間的計劃，我們將繼續對此進行投資，特別是在我們的葡萄牙工廠，我們一直在與幾家客戶一起評估將這些產品在該生產線上大批量生產的機會。

So I would say that we would expect our capital intensity to remain in the low teens moving into 2025.

因此，我想說，進入 2025 年，我們預計我們的資本密集度將保持在十幾歲以下。

Tom Diffely, D.A. Davidson.

湯姆·迪夫利，D.A.戴維森。

I was curious, what do you think drove the sooner ramp or the ramp of the iOS phone last year, a quarter before normal.

我很好奇，你認為是什麼推動了去年 iOS 手機銷售的快速成長，比正常情況提早了一個季度。

Well, Tom, I mean what you're currently seeing is that, yes, we had a very good second quarter in the communications segment and we anticipated a normal seasonality throughout the second half of this year.

湯姆，我的意思是，您目前看到的是，是的，我們在通訊領域的第二季度表現非常好，我們預計今年下半年將出現正常的季節性變化。

That turned out to be slightly different.

結果略有不同。

The seasonality turns out to be different with the first half stronger than expected, especially Q2 and the second half weaker than expected, especially Q4.

季節性情況有所不同，上半年強於預期，尤其是第二季度，下半年弱於預期，尤其是第四季。

And this holds both for the iOS ecosystem as well as the Android ecosystem.

這對於 iOS 生態系統和 Android 生態系統都適用。

So it's not holding for one of the two.

所以它不適用於兩者之一。

I think both have, let's say, a deviating seasonality.

我認為兩者都有不同的季節性。

I can only speculate, Tom, what it will be, but my speculation is as good as anybody.

湯姆，我只能推測它會是什麼，但我的推測和任何人一樣準確。

So we don't have a distinct explanation for this.

所以我們對此沒有明確的解釋。

Okay.

好的。

And then you also mentioned there was a substrate issue during the quarter.

然後您也提到本季有基材問題。

Maybe a little more color on that?

也許再加一點顏色？

The substrate issue.

基材問題。

Well, what I mentioned is I mentioned two things that happened in the quarter.

嗯，我提到的是我提到了本季發生的兩件事。

One is in the communication market, let's start with that.

一是通訊市場，我們就從這個市場開始。

The change in seasonality is underpinning about 75% of our Q4 deviation.

第四季偏差的 75% 左右是由季節性變化造成的。

The second dynamics that we see in the second half of the year is an anticipated device changeover where the end customer changes from one device generation to another.

我們在今年下半年看到的第二個動態是預期的設備更換，最終客戶從一代設備更換到另一代設備。

And that means that we see a moderate impact there, good for about 25%, but we are confident that we are back in the next-generation models in second half of 2025.

這意味著我們看到了適度的影響，大約為 25%，但我們有信心在 2025 年下半年回歸下一代車型。

Okay.

好的。

And then maybe as a follow-up, Megan, when you look at the Vietnam facility ramping up, the burden associated with that, is that going to be a step function?

然後，也許作為後續行動，梅根，當你看到越南工廠的擴建時，與之相關的負擔，這會是一個階躍函數嗎？

Or is that going to slowly ramp over time?

或者隨著時間的推移，這種情況會慢慢增加嗎？

Yes, Tom.

是的，湯姆。

So in Q3, that impacted our gross margin about 60 basis points as you would compare it to Q2, but that was included in our guide for Q3.

因此，在第三季度，這對我們的毛利率產生了約 60 個基點的影響，您可以將其與第二季度進行比較，但這已包含在我們的第三季度指南中。

That will step up in Q4 to about 100 basis points, but that would be, I would say, the full onboarding costs moving in to COGS at that time.

這將在第四季上升至約 100 個基點，但我想說，這將是當時轉入銷貨成本的全部入職成本。

So during 2025, as we scale, I would expect that dilution factor to start to taper off.

因此，到 2025 年，隨著我們的規模擴大，我預計稀釋因子將開始逐漸減少。

Ross Cole, Needham & Company.

羅斯·科爾，李約瑟公司。

So I was wondering if you can provide any additional quantitative color on the planned incremental investment in 2.5D capacity?

所以我想知道您是否可以提供有關 2.5D 產能計劃增量投資的任何額外定量資訊？

I'll leave that to Megan.

我會把這個留給梅根。

Hi, Ross.

嗨，羅斯。

Yes.

是的。

So we have shared that we're going to expand our capacity in 2025.

因此，我們宣布將在 2025 年擴大產能。

We have not tried to quantify that given the multitude of different business models that are currently projected.

考慮到目前預測的多種不同的商業模式，我們尚未嘗試量化這一點。

You can consider that we had shared that we tripled our capacity in 2023 -- excuse me, 2024 as it compares to 2023.

您可以認為我們已經分享過，我們將在 2023 年將產能增加兩倍——對不起，是 2024 年，與 2023 年相比。

And that is allowing us to quadruple our revenue.

這使我們的收入翻了兩番。

The capacity expansion in 2025 is sizable, but it would be somewhere in the vicinity of what we were able to do in 2024.

2025 年的產能擴張規模相當大，但與我們 2024 年的產能規模相當。

Great.

偉大的。

And then as a follow-up question, slightly unrelated.

然後作為一個後續問題，稍微不相關。

I remember, I think it was last quarter you had mentioned a bit of an HBM shortage, which was causing a slight delay in the timing of the ramp.

我記得，我認為您在上個季度提到了 HBM 的一些短缺，這導致了斜坡時間的略微延遲。

And you had expected that to pick up and normalize, I believe, in August.

我相信，你曾預期這種情況會在八月回升並正常化。

And did you see this happen in -- what are your expectations relative to your initial thoughts there?

您是否看到這種情況發生—相對於您最初的想法，您的期望是什麼？

Is it going higher or lower?

是走高還是走低？

Yes, a few comments there.

是的，有一些評論。

I mean, we had indeed a slight impact last quarter.

我的意思是，上個季度我們確實受到了輕微的影響。

We reported that -- with respect to the ramp of our full flow 2.5D where most of our capacity expansion in 2024 was, we didn't see any impact on high bandwidth memory constraints.

我們報告稱，對於 2024 年大部分產能擴張所在的全流 2.5D 的提升，我們沒有看到對高頻寬記憶體限制的任何影響。

So we were able to fully utilize that expansion.

所以我們能夠充分利用這項擴充。

On the, let's say, on substrate part where we also have -- and that's a different business model, we are also running that.

在我們也有的基板部分，這是不同的商業模式，我們也在運行它。

And in that specific part of the business, we saw some short supplies of high bad bit memories in the third quarter.

在該業務的特定部分，我們在第三季度看到了一些高壞位元記憶體的供應短缺。

And that was specifically related to the transition of high-bandwidth memory 3 to 3-ish.

這與高頻寬記憶體 3 到 3-ish 的轉變特別相關。

And that's in the 3E version, there were some constraints that had a, although not a big, but it had an impact in our Q3 ramp.

在 3E 版本中，存在一些限制，雖然不是很大，但對我們第三季的成長產生了影響。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I wonder if you could talk about, you mentioned kind of a stabilization in automotive and industrial.

我想知道您是否可以談談您提到的汽車和工業領域的穩定。

What's your visibility there?

你在那裡的能見度如何？

And your customers are seeing sort of mix trends, but they have pretty high balance sheet inventory and distribution inventory as well.

您的客戶看到了某種混合趨勢，但他們的資產負債表庫存和分銷庫存也相當高。

So just what's your visibility into that business going forward?

那麼您對這項業務的未來前景有何看法？

Well, the visibility is what we hear from our customers, Joe, last quarter.

好吧，可見性是我們上個季度從客戶 Joe 那裡聽到的。

I think you may have heard it from the, let's say, the major semiconductor companies supplying in that automotive supply chain called the second quarter going into the third quarter as the trough of their inventory impact, and they were reporting a more balanced inventory.

我想你可能已經從汽車供應鏈中供應的主要半導體公司那裡聽說過，他們將第二季和第三季稱為庫存影響的低谷，並且他們報告了更平衡的庫存。

Now it turns out that it's stretched into the third quarter.

現在看來，事情已經拖到第三季了。

There are still some moderate impact on inventory correction, but there's also the end market demand in the automotive market is slower than expected.

庫存調整仍有一定影響，但汽車市場終端需求也慢於預期。

So although, they called it a trough in the second quarter this year, it's still extending into the third quarter, but we believe that inventory is getting more stable end market recovery.

因此，儘管他們稱今年第二季度為低谷，但它仍在延續到第三季度，但我們相信庫存正在得到更穩定的終端市場復甦。

You hear different feedback.

你會聽到不同的回饋。

But we believe this -- specifically the EV market in early part of 2025 will start to pick up.

但我們相信，特別是 2025 年初的電動車市場將開始回升。

So overall, it's a good starting point for a recovery in 2025.

因此總體而言，這是 2025 年復甦的良好起點。

At this time, there are no further questions.

目前，沒有其他問題了。

I would like to turn the call back over to Giel for any closing remarks.

我想將電話轉回給吉爾，讓他發表結束語。

Thank you.

謝謝。

Amkor delivered third quarter revenue of $1.86 billion, reflecting an increase of 27% sequentially.

Amkor 第三季營收為 18.6 億美元，季增 27%。

During the quarter, we achieved record advanced SiP revenue and ramped volume for full flow 2.5D technology supporting AI devices.

本季度，我們實現了創紀錄的先進 SiP 收入，並增加了支援 AI 設備的全流程 2.5D 技術的銷售。

For the fourth quarter, we expect revenue of $1.65 billion, a more than seasonal decline driven by dynamics in the communications end market.

我們預計第四季營收為 16.5 億美元，受通訊終端市場動態影響，降幅超過季節性下降。

Despite these short-term dynamics, we remain confident in our long-term growth prospects, supported by our leading technology portfolio, global manufacturing footprint and strategic partnerships.

儘管存在這些短期動態，但在我們領先的技術組合、全球製造足跡和策略合作夥伴關係的支持下，我們對長期成長前景仍然充滿信心。

Thank you for joining the call today.

感謝您今天加入通話。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。