Celestica Inc (CLS) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Celestica fourth-quarter 2024 earnings call. (Operator Instructions) This call is being recorded.

女士們、先生們，早安，歡迎參加 Celestica 2024 年第四季財報電話會議。（操作員指示）此通話正在錄音。

I would now like to turn the conference over to Craig Oberg, Vice President of Corporate Development and Investor Relations. Please go ahead.

現在，我想將會議交給企業發展和投資者關係副總裁 Craig Oberg。請繼續。

Good morning, and thank you for joining us on Celestica's Q4 2024 earnings conference call. On the call today, we have Rob Mionis, President and Chief Executive Officer; and Mandeep Chawla, Chief Financial Officer.

早安，感謝您參加 Celestica 2024 年第四季財報電話會議。參加今天電話會議的有總裁兼執行長 Rob Mionis 和財務長 Mandeep Chawla。

Listeners should note that as previously communicated, all of our financial results, including historical comparisons, will now be reported on a US GAAP basis, having transitioned from reporting under IFRS previously. Please note that our guidance for Q4 2024 was issued on an IFRS basis and has not been restated due to our assessment that the impact of the transition to US GAAP standards did not have a material impact on these figures.

聽眾應該注意到，正如之前所傳達的，我們所有的財務結果（包括歷史比較）現在都將按照美國公認會計準則 (US GAAP) 進行報告，而之前則已從按照國際財務報告準則 (IFRS) 進行報告過渡。請注意，我們對 2024 年第四季的指引是根據 IFRS 發布的，並且由於我們評估向美國 GAAP 標準的過渡對這些數字沒有重大影響，因此尚未重述。

Please note that during the course of this call, we will make forward-looking statements relating to the future performance of Celestica, which are based on management's current expectations, forecasts and assumptions. While these forward-looking statements represent our current judgment, actual results could differ materially from a conclusion, forecast or projection in the forward-looking statements made today.

請注意，在本次電話會議期間，我們將對 Celestica 的未來業績做出前瞻性陳述，這些陳述是基於管理層目前的預期、預測和假設。雖然這些前瞻性陳述代表了我們目前的判斷，但實際結果可能與今天做出的前瞻性陳述中的結論、預測或預期有重大差異。

Certain material factors and assumptions are applied in drawing any such statements. For identification and discussion of such factors and assumptions as well as risk factors that may impact future performance and results of Celestica, please refer to our public filings available at sec.gov and sedarplus.ca as well as our Investor Relations website.

在製定任何此類聲明時都會應用某些重要因素和假設。有關這些因素和假設以及可能影響 Celestica 未來業績和結果的風險因素的識別和討論，請參閱我們在 sec.gov 和 sedarplus.ca 上提供的公開文件以及我們的投資者關係網站。

We undertake no obligation to update these forward-looking statements unless expressly required to do so by law.

除非法律明確要求，否則我們不承擔更新這些前瞻性聲明的義務。

In addition, during this call, we will refer to various non-GAAP financial measures, including adjusted operating margin, adjusted gross margin, adjusted return on invested capital or adjusted ROIC, free cash flow, gross debt to trailing 12-month adjusted EBITDA leverage ratio, adjusted earnings per share or adjusted EPS, adjusted SG&A expense and adjusted effective tax rate.

此外，在本次電話會議中，我們將參考各種非公認會計準則財務指標，包括調整後的營業利潤率、調整後的毛利率、調整後的投資資本回報率或調整後的 ROIC、自由現金流、總債務與過去 12 個月調整後的 EBITDA 槓桿率、調整後的每股收益或調整後的 EPS、調整後的 EPS、調整後的有效稅率及行政費用。

We have included in our earnings release found on our Investor Relations website, a reconciliation of non-GAAP financial measures to the most comparable GAAP measures. With respect to our Q1 2025 and 2025 annual outlook, our earnings release does not include a reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measures on a forward-looking basis as items that we exclude from GAAP to calculate the comparable non-GAAP measure are dependent on future events that are not able to be reliably predicted by management and are not part of our routine operating activities.

我們在投資者關係網站上發布的收益報告中納入了非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳。關於我們的 2025 年第一季和 2025 年年度展望，我們的收益報告不包括前瞻性非 GAAP 指標與前瞻性最直接可比 GAAP 指標的調節，因為我們從 GAAP 中排除的用於計算可比非 GAAP 指標的項目取決於管理層無法可靠預測的未來事件，並且不屬於我們日常經營活動的一部分。

We are unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized.

由於預測調整的發生、財務影響以及可能確認調整的期間存在不確定性和固有困難，我們無法在不付出不合理努力的情況下提供此類對帳。

The occurrence, timing and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact our Q1 2025 and 2025 GAAP results. Unless otherwise specified, all references to dollars on this call are to US dollars. All per share information is based on diluted shares outstanding and all references to comparative figures are a year-over-year comparison.

為了計算非 GAAP 而從 GAAP 中排除的任何項目的發生、時間和金額都可能對我們的 2025 年第一季和 2025 年 GAAP 結果產生重大影響。除非另有說明，本次電話會議中所有提及的美元均指美元。所有每股資訊均基於稀釋流通股，所有比較數據均為同比比較。

Let me now turn the call over to Rob.

現在讓我把電話轉給羅布。

Thank you, Craig, and good morning, everyone, and thank you for joining us on today's call. We delivered strong performance in the fourth quarter with revenue of $2.55 billion at the high end of our guidance range and adjusted EPS of $1.11, exceeding the high end of our guidance range.

謝謝你，克雷格，大家早安，謝謝你參加今天的電話會議。我們在第四季度表現強勁，營收達到 25.5 億美元，處於指導範圍的高端，調整後每股收益為 1.11 美元，超過了指導範圍的高端。

Our adjusted operating margin of 6.8% and exceeded the midpoint of the revenue and adjusted EPS guidance ranges. This result was driven by robust demand in our CCS segment, which delivered solid growth of 30% year-over-year as we continue to see strong demand from our hyperscaler customers.

我們的調整後營業利潤率為 6.8%，超過了收入和調整後每股收益指引範圍的中點。這一結果得益於我們 CCS 部門的強勁需求，由於我們繼續看到超大規模客戶的強勁需求，該部門實現了同比 30% 的穩健增長。

ATS segment revenues met expectations in the fourth quarter reflecting anticipated market dynamics. While we continue to see a moderation of demand in our industrial markets, we are encouraged by the strength in our capital equipment business, which achieved nearly 30% year-over-year growth. Overall, 2024 was an outstanding year for Celestica in which we continue to build on our positive momentum.

ATS 部門第四季度營收達到預期，反映了預期的市場動態。雖然我們的工業市場需求持續放緩，但我們對資本設備業務的強勁表現感到鼓舞，該業務實現了近 30% 的同比增長。總體而言，2024 年對於 Celestica 來說是傑出的一年，我們將繼續保持積極的發展勢頭。

For the full year, we achieved $9.65 billion in revenues and adjusted EPS of $3.88, representing growth of 21% and 58%, respectively, along with a 100 basis point improvement in our adjusted operating margin. We are pleased with the company's performance and the significant progress we have achieved over the past several years.

全年，我們的營收為 96.5 億美元，調整後每股收益為 3.88 美元，分別成長 21% 和 58%，調整後營業利潤率提高了 100 個基點。我們對公司的表現以及過去幾年所取得的重大進步感到滿意。

The growth of our AI platforms, along with the exceptional execution by our entire team continue to be the engines of our strong performance, and we are optimistic about continuing this momentum in the years to come. Before I provide you with some additional color on the outlook of each of our businesses, I would like to hand the call over to Mandeep, who will provide you further details on our financial performance during the fourth quarter and our guidance for the first quarter of 2025.

我們的人工智慧平台的成長，以及我們整個團隊的卓越執行力，繼續成為我們強勁表現的引擎，我們對未來幾年繼續保持這一勢頭充滿信心。在我向您提供有關我們每個業務前景的更多細節之前，我想將電話交給 Mandeep，他將向您提供有關我們第四季度財務業績和 2025 年第一季指導的更多詳細資訊。

Mandeep, over to you.

Mandeep，交給你了。

Thank you, Rob, and good morning, everyone. Fourth quarter revenue of $2.55 billion was up 19% and at the high end of our guidance range. This strong performance was fueled by significant demand from hyperscaler customers in our CCS segment, primarily for networking products within our HPS business. Adjusted gross margin for the quarter was 11.0%, up 50 basis points, driven by higher volumes and favorable mix.

謝謝你，羅布，大家早安。第四季營收為 25.5 億美元，成長 19%，處於我們預期範圍的高點。這一強勁表現得益於我們 CCS 部門的超大規模客戶的巨大需求，主要是對我們 HPS 業務中的網路產品的需求。本季調整後毛利率為 11.0%，上漲 50 個基點，得益於銷售增加和產品組合有利。

Fourth quarter non-GAAP operating margin was 6.8%, an increase of 80 basis points, driven by higher volumes in our CCS segment and better mix due to higher HPS revenues. Our fourth quarter adjusted earnings per share was $1.11, exceeding the high end of our guidance range and an increase of $0.34.

第四季非 GAAP 營業利潤率為 6.8%，成長 80 個基點，這得益於 CCS 部門銷售的增加以及 HPS 收入增加帶來的產品組合改善。我們第四季度的調整後每股收益為 1.11 美元，超過了我們預期範圍的高端，增加了 0.34 美元。

Our adjusted effective tax rate for the quarter was 19%. And finally, our fourth quarter adjusted ROIC was at 29.1%, a significant improvement of 550 basis points attributed to higher operating profitability and effective working capital management.

本季調整後的有效稅率為 19%。最後，我們在第四季度調整後的 ROIC 為 29.1%，由於更高的營運獲利能力和有效的營運資本管理，顯著提高了 550 個基點。

Moving on to our segment performance for the quarter. ATS segment revenue totaled $806 million, approximately flat and in line with our guidance. The performance this quarter was a result of lower revenues in our industrial business offset by continuing strength in capital equipment and Aerospace and Defense.

接下來介紹本季的分部業績。ATS 部門收入總計 8.06 億美元，基本上持平並符合我們的預期。本季的業績是由於我們的工業業務收入下降，但被資本設備和航空航天與國防業務的持續強勁所抵消。

Our ATS segment accounted for 32% of total revenue. Our CCS segment revenue reached $1.74 billion, up 30% due to very strong growth in our communications end market. The CCS segment accounted for 68% of total company revenue in the quarter. Revenue in our enterprise end market was lower by 10%, in line with our guidance due to the anticipated technology transition in an AI/ML compute program with one of our hyperscaler customers. This was partially offset by favorable demand dynamics in certain storage programs.

我們的 ATS 部門佔總收入的 32%。由於通訊終端市場的強勁成長，我們的 CCS 部門營收達到 17.4 億美元，成長 30%。CCS部門佔本季公司總營收的68%。由於我們與一位超大規模客戶合作的 AI/ML 計算程式預計會發生技術轉型，因此我們的企業端市場收入下降了 10%，符合我們的預期。某些儲存計劃的有利需求動態部分抵消了這一影響。

Revenue in our communications end market saw an increase of 64%, exceeding our guidance of a high 50th percentage increase. This growth was primarily attributed to stronger demand for our HPS networking products. HPS revenue increased by 65%, reaching $807 million in the fourth quarter, representing 32% of total company revenue.

我們的通訊終端市場收入成長了 64%，超過了我們預期的 50% 的高成長。這一成長主要歸因於對我們的 HPS 網路產品的更強勁的需求。HPS營收成長65%，第四季達到8.07億美元，占公司總營收的32%。

This exceptional growth was driven by hyperscaler customer demand for our 400G networking switches as well as ramping programs for 800G switches. Now shifting our focus to segment margins. ATS segment margin in the fourth quarter was 4.6%, down 10 basis points primarily due to reduced operating leverage in our industrial end market, partly offset by expanding margins in our capital equipment business.

這一顯著增長是由超大規模客戶對我們的 400G 網路交換器的需求以及 800G 交換器的升級計劃所推動的。現在將我們的重點轉移到細分利潤。第四季 ATS 部門利潤率為 4.6%，下降 10 個基點，主要原因是我們工業終端市場的營運槓桿降低，但部分被我們資本設備業務利潤率的擴大所抵消。

CCS segment margin for the quarter reached 7.9%, an improvement of 110 basis points, driven by increased operating leverage and a higher mix of HPS revenues. During the quarter and for the full year, we had two customers that each accounted for over 10% of total revenue.

本季 CCS 部門利潤率達到 7.9%，提高了 110 個基點，這得益於營運槓桿的提高和 HPS 收入結構的變化。在本季和全年，我們有兩位客戶，每位客戶的收入佔總收入的 10% 以上。

During the fourth quarter, they represented 24% and 12% of sales, respectively, while for the full year, the same two customers accounted for 28% and 11%, respectively. We currently support each of these customers across a number of different programs and continue to win new engagements with them, which are expected to ramp through 2025 and beyond. This diversification provides us comfort with our current levels of customer concentration.

第四季度，這兩位客戶分別佔銷售額的 24% 和 12%，而全年來看，這兩位客戶分別佔銷售額的 28% 和 11%。目前，我們透過多個不同的專案為這些客戶提供支持，並繼續與他們贏得新的合作，預計到 2025 年及以後，這些合作將不斷增加。這種多樣化使我們對目前的客戶集中度水準感到滿意。

Now moving on to working capital. At the end of the fourth quarter, our inventory balance was $1.76 billion, a sequential decrease of $60 million and a year-over-year decrease of $344 million. We are pleased with the reduction in our overall inventory levels while still being able to support significant growth in customer demand. Cash deposits were $512 million at the end of the quarter, down $9 million sequentially and down $393 million year-over-year. As we continue to return some deposits to customers as gross inventories declined. Cash cycle days during the fourth quarter were [69].

現在討論營運資金。第四季末，我們的庫存餘額為17.6億美元，季減6000萬美元，年減3.44億美元。我們很高興看到整體庫存水準的下降，同時仍能支援客戶需求的大幅成長。本季末現金存款為 5.12 億美元，較上一季減少 900 萬美元，比去年同期減少 3.93 億美元。由於總庫存下降，我們繼續向客戶退還部分押金。第四季現金週期天數為[69]。

Turning our attention to cash flow. Capital expenditures for the quarter were $48 million or approximately 1.9% of revenue compared to 1.5% in the fourth quarter of 2023. Net capital expenditures for 2024 were 1.7% of revenue, in line with our full year outlook.

將我們的注意力轉向現金流。本季資本支出為 4,800 萬美元，約佔營收的 1.9%，而 2023 年第四季為 1.5%。2024 年淨資本支出佔收入的 1.7%，與我們的全年預期一致。

In the fourth quarter, we generated $96 million of free cash flow, $10 million higher than our prior year period. For the full year 2024, we generated $306 million of free cash flow, above our most recent annual outlook of $275 million. We are pleased with our ability to continue to generate consistent and growing free cash flow while making the necessary investments to support the strong growth in our business.

第四季度，我們產生了 9,600 萬美元的自由現金流，比去年同期高出 1,000 萬美元。2024 年全年，我們產生了 3.06 億美元的自由現金流，高於我們最近的年度預期 2.75 億美元。我們很高興能夠繼續產生持續成長的自由現金流，同時進行必要的投資以支持業務的強勁成長。

And moving on to the balance sheet and capital allocation. At the end of the fourth quarter, our cash balance was $423 million. Combined with $750 million of borrowing capacity under our revolver, this provides us with approximately $1.2 billion in total liquidity, which we believe is sufficient to meet our projected business needs.

接下來是資產負債表和資本配置。第四季末，我們的現金餘額為4.23億美元。加上我們循環信貸額度下的 7.5 億美元借貸能力，這為我們提供了約 12 億美元的總流動資金，我們相信這足以滿足我們預期的業務需求。

Our gross debt at the end of the fourth quarter was $741 million, resulting in a net debt position of $318 million. Our gross debt to non-GAAP trailing 12-month adjusted EBITDA leverage ratio was 1.0 turns, down 0.1 turns both sequentially and year-over-year.

我們第四季末的總負債為 7.41 億美元，淨負債為 3.18 億美元。我們的總負債與非 GAAP 過去 12 個月調整後 EBITDA 槓桿比率為 1.0 倍，較上季與年比均下降 0.1 倍。

As of December 31, we were in compliance with all financial covenants under our credit agreement. During the fourth quarter, we repurchased approximately 300,000 shares for cancellation under our normal course issuer bid for a total of $25.5 million. This brings our total share repurchases in 2024 to $152 million, resulting in a reduction of 2.4% of our shares outstanding.

截至 12 月 31 日，我們已遵守信用協議下的所有財務契約。在第四季度，我們按照正常發行人要約回購了約 30 萬股股票並註銷，總額為 2,550 萬美元。這使得我們 2024 年的股票回購總額達到 1.52 億美元，從而減少了 2.4% 的流通股。

We expect to continue to generate solid free cash flow in 2025 and we'll maintain our approach to repurchase shares on an opportunistic basis.

我們預計 2025 年將繼續產生穩健的自由現金流，我們將繼續採取機會主義方式回購股票。

Now let's turn to our guidance for the first quarter of 2025. Revenue is projected to be between $2.475 billion and $2.625 billion, representing growth of 15% at the midpoint. Adjusted earnings per share are anticipated to be between $1.06 and $1.16, signifying an increase of $0.28 per share or 34% at the midpoint. Assuming the achievement of the midpoint of our revenue and adjusted EPS guidance ranges, our non-GAAP operating margin would be 6.8%, an increase of 90 basis points year-over-year. We expect our adjusted effective tax rate for the first quarter to be approximately 20%.

現在讓我們來看看 2025 年第一季的指導。預計營收將在 24.75 億美元至 26.25 億美元之間，中間值成長率為 15%。調整後每股收益預計在 1.06 美元至 1.16 美元之間，中間值增加 0.28 美元或 34%。假設實現我們的收入和調整後每股收益指引範圍的中點，我們的非公認會計準則營業利潤率將達到 6.8%，與去年同期相比成長 90 個基點。我們預計第一季調整後的有效稅率約為20%。

Finally, let's turn to our end market outlook for the first quarter of 2025. In our ATS segment, we anticipate revenue to be approximately flat as demand strength in our capital equipment and aerospace and defense businesses are being offset by softness in other end markets. In our CCS segment, we project revenue in our communications end market to grow in the low 80s percentage range, fueled by ongoing demand strength for our networking switches, including accelerating ramps in our 800G programs.

最後，讓我們來看看2025年第一季的終端市場展望。在我們的 ATS 部門，我們預計收入將基本持平，因為我們的資本設備、航空航太和國防業務的需求強勁被其他終端市場的疲軟所抵消。在我們的 CCS 部門，我們預計通訊終端市場的收入將成長 80% 左右，這得益於我們網路交換器的持續強勁需求，包括 800G 專案的加速成長。

In our enterprise end market, we expect a mid-40s percentage decrease in revenue, resulting from a temporary decline in volumes due to a technology transition in a single source AI/ML compute program.

在我們的企業端市場，我們預期營收將下降 40% 左右，這是由於單一來源 AI/ML 運算程式的技術轉型導致銷售暫時下降。

With that, I'd like to turn the call back over to Rob to discuss our updated annual financial outlook for 2025 and provide some additional color on our businesses.

說到這裡，我想把電話轉回給 Rob，討論我們最新的 2025 年年度財務展望，並為我們的業務提供一些額外的資訊。

Thank you, Mandeep. We are pleased to raise our full year outlook, reflecting strengthening demand in our CCS segment. This increased confidence is supported by strengthening forecast from our customers through the first three quarters and growing visibility into the fourth quarter.

謝謝你，Mandeep。我們很高興上調了全年預期，這反映出我們 CCS 部門的需求不斷增強。這種信心的增強得益於前三個季度客戶預測的加強以及第四季度預測的不斷提高。

These targets represent our current high confidence view of 2025, and we will continue to assess market dynamics and provide updates accordingly as the year progresses. We now anticipate revenues of $10.7 billion, an increase from our previous outlook of $10.4 billion, reflecting growth of 11%. This translates to a non-GAAP adjusted EPS of $4.75, representing 22% growth based on a non-GAAP operating margin outlook of 6.9%.

這些目標代表了我們目前對 2025 年的高度信心，我們將繼續評估市場動態，並隨著時間的推移提供相應的更新。我們現在預計營收為 107 億美元，高於我們先前預測的 104 億美元，成長率為 11%。這意味著非 GAAP 調整後每股收益為 4.75 美元，基於非 GAAP 營業利潤率預期 6.9%，成長 22%。

Finally, we are raising our outlook for free cash flow to $350 million, demonstrating strong earnings conversion while continuing to invest in growth to meet robust customer demand.

最後，我們將自由現金流預期上調至 3.5 億美元，展現強勁的獲利轉換，同時持續投資於成長以滿足強勁的客戶需求。

Next, I would like to provide you some additional color on our businesses for the year. In our CCS segment, we are now anticipating mid double-digit revenue growth in 2025. Impact to our outlook of low double-digit growth communicated in October. In our communications end market, we anticipate strength throughout the year as new 800G programs with hyperscalers continue to ramp.

接下來，我想向大家進一步介紹一下我們今年的業務狀況。在我們的 CCS 部門，我們預計 2025 年的營收將實現中等兩位數成長。這對我們十月份傳達的低兩位數成長前景產生了影響。在我們的通訊終端市場，隨著超大規模企業的新 800G 專案繼續推進，我們預計全年都將保持強勁勢頭。

In our enterprise end market, we continue to expect a softer first half of the year, resulting from the technology transition in an AI/ML compute program with a large hyperscaler customer. However, we anticipate revenues to accelerate in the second half of the year, driven by the ramp-up of our previously communicated sole-sourced next-generation AI/ML compute program further supported by the ramping of AI/ML compute and RAC programs with [Grok].

在我們的企業端市場，我們繼續預計今年上半年將會較為疲軟，這是由於大型超大規模客戶的 AI/ML 運算程式的技術轉型所致。然而，我們預計下半年收入將會加速成長，這得益於我們先前宣布的獨家採購的下一代 AI/ML 計算程式的增加，以及 AI/ML 計算和 RAC 程式的增加。[格羅克]。

Moving on to our ATS segment. Our 2025 outlook for our ATS segment revenues is approximately flat as growth is being primarily offset by the decision not to renew a dilutive margin program in our A&D business. The outlook for our industrial business is stabilizing following a period of softer demand due to macro factors and customer inventory digestion.

繼續我們的 ATS 部分。我們對 2025 年 ATS 部門收入的預期基本持平，因為成長主要被我們決定不再續簽 A&D 業務中的稀釋性利潤率計劃所抵消。由於宏觀因素和客戶庫存消化，需求經歷了一段時間的疲軟之後，我們的工業業務前景正在趨於穩定。

Based on customer forecasts, we expect volumes to recover in the back half of the year. In capital equipment, the demand environment has continued to improve over the past 90 days, and we anticipate continued growth in 2025 on the back of solid demand and new program ramps.

根據客戶預測，我們預計今年下半年銷售量將會回升。在資本設備方面，需求環境在過去 90 天持續改善，我們預計，在強勁需求和新專案成長的推動下，2025 年將持續成長。

In A&D, base demand within our portfolio remains healthy, supported by new program ramps and new customer wins. Before moving on, I would like to take a moment to comment on the recent discussions surrounding DeepSeek's R1 large language model, which has raised concerns about the future of AI model development.

在 A&D 領域，受新專案增加和新客戶贏得的支持，我們產品組合中的基本需求仍然健康。在繼續之前，我想花點時間評論一下最近圍繞 DeepSeek 的 R1 大型語言模型的討論，這引發了人們對人工智慧模型開發未來的擔憂。

While DeepSeek's disclosures are still being analyzed, we believe this new technology has a neutral to positive impact on Celestica's business over the next few years. Our AI/ML compute business remains well positioned. Today, our compute solutions primarily leverage custom ASIC designs. These custom chips are optimized for performance and power efficiency and targeted use cases.

雖然 DeepSeek 的揭露內容仍在分析中，但我們相信這項新技術將對未來幾年 Celestica 的業務產生中性到正面的影響。我們的 AI/ML 運算業務仍然處於有利地位。今天，我們的計算解決方案主要利用客製化 ASIC 設計。這些客製化晶片針對性能、功率效率和目標用例進行了最佳化。

We are confident that our existing programs and new wins ramping through 2025 and 2026 remain strategically aligned with our customers' needs regardless of advancements in general purpose large language models.

我們相信，無論通用大型語言模式如何進步，我們現有的專案和在 2025 年和 2026 年取得的新成果都將與客戶的需求保持策略一致。

Additionally, networking opportunities are continuing to accelerate. We see a significant upside for our networking business, which represents the majority of our hyper sale revenue. We believe that increased AI adoption driven by potentially lower training costs will fuel demand for high bandwidth, low latency networking infrastructure, which could further strengthen our position as a leading provider of networking solutions.

此外，社交機會也不斷增加。我們看到網路業務有顯著的成長潛力，這佔了我們超級銷售收入的大部分。我們相信，由於培訓成本可能降低，人工智慧的採用率將提高，這將刺激對高頻寬、低延遲網路基礎設施的需求，這將進一步鞏固我們作為領先網路解決方案提供者的地位。

We believe this development rather than hindering investment in high-performance hardware, actually highlights the potential for even better cost efficiency, which could accelerate AI adoption. As we look ahead, we're excited about several positive indicators that reinforce our optimism for sustained long-term growth.

我們相信，這項發展不僅不會阻礙對高效能硬體的投資，反而凸顯了更高成本效率的潛力，進而加速人工智慧的採用。展望未來，我們對一些正面指標感到興奮，這些指標增強了我們對長期持續成長的樂觀態度。

In particular, we see strong signals of continued customer demand tied to AI-driven data center investments. We continue to engage in discussions with both existing and new customers on a number of programs that we expect will begin to ramp over the next 12 to 18 months and extend through 2026 and beyond. In particular, we are excited to announce two major new wins secured in the last quarter.

特別是，我們看到與人工智慧驅動的資料中心投資相關的持續客戶需求的強烈訊號。我們將繼續與現有客戶和新客戶就一系列計劃進行討論，預計這些計劃將在未來 12 到 18 個月內開始推進，並延續到 2026 年及以後。特別是，我們很高興地宣布上個季度取得了兩場重大新勝利。

First, on the networking front, we have been awarded our second 1.6T switching program with another large hyperscaler customer, which will begin ramping in 2026. This HPS program award includes supporting our customer with the design and production of a fully AI-optimized networking RAC, which will leverage our advanced system-level cooling technology. This program represents an inflection point in liquid cooling applications within data center networking towards an increase in available bandwidth from a reduced footprint.

首先，在網路方面，我們已與另一家大型超大規模客戶簽訂了第二個 1.6T 交換項目，該項目將於 2026 年開始量產。該 HPS 計劃獎項包括支援我們的客戶設計和生產完全 AI 優化的網路 RAC，這將利用我們先進的系統級冷卻技術。該計劃代表了資料中心網路中液體冷卻應用的一個轉折點，即透過減少佔用空間來增加可用頻寬。

Next, we are also thrilled to announce a significant new HPS win with a leading digital native company, who is a pioneer in the commercialization of AI applications. We will be collaborating with them to deliver a full RAC, which is an optimized AI system solution built around the customer's custom ASIC accelerator. The program will leverage our proprietary R&D investments and developed expertise in AI/ML servers.

接下來，我們也很高興地宣布與一家領先的數位原生公司達成了一項重要的 HPS 新協議，該公司是 AI 應用商業化的先驅。我們將與他們合作提供完整的 RAC，這是圍繞客戶定制的 ASIC 加速器構建的優化 AI 系統解決方案。該計劃將利用我們在 AI/ML 伺服器方面的專有研發投資和專業知識。

In addition, this solution will include our 1.6T switch designs, marking our third next-generation program award and high bandwidth switching as well as RAC-level cooling and connectivity. Production for this program is expected to begin ramping in the latter part of 2026, and we believe that demand from this customer at scale could achieve a level similar to those of our largest hyperscaler customers today.

此外，該解決方案將包括我們的 1.6T 交換器設計，標誌著我們獲得的第三個下一代計劃獎項以及高頻寬交換以及 RAC 級冷卻和連接。該專案的生產預計將於 2026 年下半年開始增加，我們相信該客戶的大規模需求可以達到與我們目前最大的超大規模客戶類似的水平。

These wins will enable us to showcase our full AI system design capabilities and further solidify our position as a leading provider of AI infrastructure solutions. These wins are also a testament to our more than decade-long commitment to building leading edge capabilities within our HPS platform.

這些勝利將使我們能夠展示我們完整的人工智慧系統設計能力，並進一步鞏固我們作為人工智慧基礎設施解決方案領先提供者的地位。這些勝利也證明了我們十多年來致力於在 HPS 平台內建立前沿能力的承諾。

Our investments in R&D, design, engineering and IP along with our team of nearly 900 skilled engineers enable us to deliver cutting-edge comprehensive solutions. We are pleased to see very strong and broad-based momentum across our CCS portfolio, and we believe that the current strength in demand for data center hardware has a multiyear runway ahead.

我們對研發、設計、工程和智慧財產權的投資以及我們由近 900 名熟練工程師組成的團隊使我們能夠提供尖端的綜合解決方案。我們很高興看到我們的 CCS 產品組合呈現出非常強勁和廣泛的發展勢頭，並且我們相信，當前對資料中心硬體的強勁需求將持續多年。

Before I conclude, I would also like to note that Laurette Koellner, the current Chair of our Audit Committee, has announced her resignation from the Board of Directors effective January 31 for personal reasons. Laurette has been a highly valued member of our Board for the past 15 years, and we would like to thank her for her efforts during her tender and wish her the very best in her future endeavors.

最後，我還想指出，我們審計委員會現任主席 Laurette Koellner 已宣布因個人原因於 1 月 31 日起辭去董事會職務。過去 15 年來，Laurette 一直是我們董事會中備受重視的成員，我們感謝她在投標期間的努力，並祝福她在未來的事業中一切順利。

The Board has appointed Luis Muller, as the next Chair of our Audit Committee. I would also like to thank our global team for their tireless work and a truly exceptional execution in 2024 as we closed out yet another incredibly successful year.

董事會已任命 Luis Muller 為下一任審計委員會主席。我還要感謝我們的全球團隊在 2024 年不懈的努力和出色執行，為我們又一個極其成功的一年畫上了圓滿的句號。

And with that, I would now like to turn the call over to the operator to begin the Q&A session.

現在，我想將電話轉給接線員，開始問答環節。

(Operator Instructions)

（操作員指示）

[George Lyons], Barclays.

[喬治·里昂斯]，巴克萊銀行。

Hey guys, thanks for taking my question, and Congrats on the quarter, the guide. Just two quick ones. Firstly, as we kind of look at the 800G upgrade cycle, just can you talk about kind of any thoughts on continuously pull-through on the 400G for this year?

嘿，大家好，感謝你們回答我的問題，並祝賀本季取得的成就。只需簡單兩句話。首先，當我們看一下 800G 升級週期時，您能否談談對今年 400G 持續升級的看法？

And similarly, into 2026, you have one to three programs on the 1.6T. And any thoughts on whether that's going to cannibalize lower speeds or should continue to have strong growth across 800G coexist with lower speeds as well. Just kind of help us think about those relationships.

同樣，到2026年，1.6T上會有一到三個項目。至於這是否會蠶食低速網絡，還是應該在800G上繼續保持強勁增長，以及低速網絡是否也能共存，大家可以思考一下。只是幫助我們思考這些關係。

Hi, George, this is Rob. So we see 400G and 800G coexisting for quite some time. As we go into 2025, we're obviously ramping up 800G quite a bit. It will be up 300% to 400%. But 400G is also growing as we get into 2025 as well. And in the out years, again, we see a long tail for 400G. As the price points come down on 400G, there will be different use cases for that type of technology. So again, we see these technologies coexisting for a long period of time.

你好，喬治，我是羅布。因此我們看到 400G 和 800G 共存相當長一段時間。隨著我們進入 2025 年，我們顯然會大幅提升 800G。將會上漲300%到400%。但隨著進入 2025 年，400G 也將持續成長。在未來幾年，我們再次看到 400G 的長尾效應。隨著 400G 價格的下降，該類技術將會有不同的用途。因此，我們再次看到這些技術長期共存。

Okay. Great. Just secondly if I can squeeze in quickly Rob and Mandeep, but just it's remarkable, you guys diversified the customer base kind of versus kind of Tier 1 hyperscalers in the past and you guys talked about Grok win last quarter, but also another large-scale digital native company can be potentially as large as your largest customer at a peak run rate of revenue down the road. I'm just curious -- maybe you can talk about your differentiation. Everybody know you guys have crown jewel assets in terms of the HPS networking.

好的。偉大的。其次，如果我可以快速插入一下 Rob 和 Mandeep，但很了不起的是，你們過去與一級超大規模企業相比，實現了客戶群的多樣化，你們談到了上個季度 Grok 的勝利，而且另一家大型數位原生公司也可能像你們最大的客戶一樣大，在未來的收入運行率達到峰值。我只是好奇——也許你可以談談你的差異化。大家都知道，就 HPS 網路而言，你們擁有最珍貴的資產。

But in terms of the server with the liquid cooling and the power management, maybe you guys are taking share versus some of the incumbents, i.e., the Asia ODMs. Can you kind of maybe unpack kind of going forward, maybe potentially the tariff is concerned, kind of onshoring, you guys are kind of well positioned whether from a design perspective or kind of a more so of a modular HPS server design, but also kind of more power cooling needs can continue to sustain this differentiation versus some of the Taiwanese and Chinese ODMs?

但就液體冷卻和電源管理的伺服器而言，你們可能正在從一些現有企業（即亞洲 ODM）手中奪取市場份額。您能否解釋一下未來的發展，也許涉及關稅、國內生產，無論是從設計角度還是模組化 HPS 伺服器設計角度，你們都處於有利地位，而且更多的電力冷卻需求可以繼續維持與一些台灣和中國 ODM 的差異化？

Yeah. Thanks, George. I'll provide you a little bit of a background on the digital native win that we alluded to in the script. So this is a major design win, and it includes the design, the manufacturing and services for a fully orchestrated RAC. Now this RAC is optimized for artificial intelligence.

是的。謝謝，喬治。我將向您提供一些我們在腳本中提到的數位原生勝利的背景資訊。這是一場重大的設計勝利，它包括完全協調的 RAC 的設計、製造和服務。現在這個RAC針對人工智慧進行了最佳化。

And this particular customer, they were looking for a strategic partner with extensive expertise and capability and liquid cool system design and also able to manufacture and scale and not have to name written all over it.

而這位特定的客戶，他們正在尋找一個擁有豐富專業知識和能力以及液體冷卻系統設計能力的戰略合作夥伴，並且能夠製造和擴展，而不必在上面寫上名字。

They conducted a rigorous award process. And ultimately, they decided to select us because we had strong technical knowledge, we had cycles of learning, we had intellectual property, we had significant design and manufacturing capabilities. And we also have a resilient supply chain capabilities across multiple countries beginning in the USA. This solution that we're providing them includes a 1.6T networking switch and also proprietary compute. It also includes significant services component, which means installation and maintenance.

他們進行了嚴格的頒獎流程。最終，他們決定選擇我們，因為我們擁有強大的技術知識、學習週期、智慧財產權以及強大的設計和製造能力。而我們也擁有從美國開始的覆蓋多個國家的彈性供應鏈能力。我們為他們提供的解決方案包括 1.6T 網路交換器和專有計算。它還包括重要的服務組件，即安裝和維護。

And again, we'll be supporting this across multiple geographies. So I think the fact that we have a decade-plus experience in this space have led us to win against the OEMs.

再次強調，我們將在多個地區提供支援。因此我認為我們在這個領域擁有十多年的經驗，這使我們能夠戰勝 OEM。

Okay, great. I go back to the queue. Congrats again.

好的，太好了。我回到隊列。再次恭喜。

Thank you.

謝謝。

Robert Young, Canaccord Genuity.

羅伯特楊 (Robert Young)，Canaccord Genuity。

Hi, good morning. On the new win for the integrated RAC with a custom ASIC, I was curious, if you just talk about the relationship with Broadcom who's been very bullish on the market around custom ASIC. Is this a relationship with Broadcom, is that influenced by Broadcom? And how is that relationship developing?

嗨，早安。關於整合 RAC 與客製化 ASIC 的新勝利，我很好奇，如果您只談論與 Broadcom 的關係，Broadcom 對自訂 ASIC 市場非常看好。這是與博通的關係嗎？這是受到博通的影響嗎？你們之間的關係發展得怎麼樣？

Yeah. Hi Robert. This is Rob. Are you talking about the hyperscaler win, the digital native win?

是的。你好，羅伯特。這是羅布。您說的是超大規模的勝利，還是數位原生世代的勝利？

The Digital Nature.

數位化自然。

Yeah. So on the networking side, this is using our long-standing relationship with our custom silicon providers can't go into too many specifics there, the silicon providers that we have been using for the majority of our high-bandwidth switches. And on the compute side, custom compute side, this will be the customer's custom compute silicon, which will be liquid cooling and encapsulating and designing into a fully integrated RAC.

是的。因此，在網路方面，這是利用我們與客製化矽片供應商的長期關係，不能講太多細節，我們一直在為大多數高頻寬交換器使用矽片供應商。在計算方面，客製化計算方面，這將是客戶的客製化計算矽片，它將採用液體冷卻和封裝並設計成完全整合的 RAC。

Okay. And then you already talked a little bit about the HPS content in this RAC solution. Do you just go in more detail on how deep the Celestica's ODM and IP contribution to this win is? Like is it in just the switch, is in servers, is in storage. You highlighted cooling. Maybe you just go through the contribution that Celestica is expecting to make from its own IP.

好的。然後您已經談到了這個 RAC 解決方案中的 HPS 內容。您能否更詳細地介紹一下 Celestica 的 ODM 和 IP 對這場勝利的貢獻有多大？就像它存在於交換器中、伺服器中、儲存中一樣。您強調了冷卻。也許您只是了解了 Celestica 希望從自有 IP 中做出的貢獻。

Yeah, thanks, Rob. This is a very significant design project for us. It is actually an entire RAC. So it includes, as you mentioned before, the switching, the compute module and includes the cable backplanes, includes the RAC itself, the RAC and liquid cooling, it's not just RAC integration we're doing, we're actually doing full RAC orchestration. So this is leveraging a significant amount of our IP that we've developed over the past 10-plus years.

是的，謝謝，羅布。對我們來說這是一個非常有意義的設計專案。它實際上是一個完整的RAC。因此，正如您之前提到的，它包括交換、計算模組、電纜背板、RAC 本身、RAC 和液體冷卻，我們所做的不僅僅是 RAC 集成，我們實際上正在進行完整的 RAC 編排。因此，這利用了我們過去 10 多年來開發的大量 IP。

And I presume you'll be able to develop that IP further around this?

我認為您可以進一步開發該 IP 嗎？

Yeah. And we think to that point, Rob, that when we successfully execute this full RAC system, this is just going to be yet another proof point that will lead to further growth for us with this customer and with other similar customers across the industry.

是的。羅布，我們認為，當我們成功執行這個完整的 RAC 系統時，這將成為另一個證明點，將使我們與這個客戶以及整個行業的其他類似客戶實現進一步的成長。

Okay. And last one for me is just on the guidance for the year. If you just look at cadence through the year, it looks as though the growth is a little bit weaker in the back half despite all of the ramps in second half. And so I'm curious -- I know you don't give guidance on Q2 at this point. But if you can give us a sense of maybe the cadence of revenue through the year to better model that and then I'll pass the line.

好的。對我來說，最後一個只是關於今年的指導。如果只看全年的節奏，儘管下半年出現了大幅成長，但後半年的成長似乎略顯疲軟。所以我很好奇——我知道您目前還沒有對第二季度做出指導。但是如果你能讓我們了解全年收入的變化節奏，以便更好地模擬這種情況，那麼我就會同意。

I want to reiterate what we said on the call, which is this is our high confidence view. We're pleased to be able to raise the revenue outlook to $10.7 million from $10.4 million. That's 11% growth. And then EPS at 22% growth to $4.75. But what you'll notice is in the first quarter, those numbers are higher. So we've guided at the midpoint 15% revenue growth and EPS is growing above 30%.

我想重申我們在電話中所說的話，這是我們高度自信的觀點。我們很高興能夠將收入預期從 1,040 萬美元提高到 1,070 萬美元。這意味著成長了11%。每股收益成長22%，達到4.75美元。但你會注意到，第一季的這些數字更高。因此，我們預期中間收入成長率為 15%，每股收益成長率為 30% 以上。

And so we're taking a view right now on what we know is solid in front of us Q2 to Q4. We have very good visibility and now through the third quarter with our largest customers. But frankly, the fourth quarter, the visibility is not yet fully locked down. It's improving. We're confident in it.

因此，我們現在正在對第二季至第四季面臨的穩固情況進行展望。我們與最大客戶的合作已經進入第三季度，具有非常好的透明度。但坦白說，第四季度的可見性尚未完全鎖定。情況正在好轉。我們對此充滿信心。

And we're having very positive discussions. But these things will continue to solidify as we go through the coming months. So this is our high confidence view. We would, of course, be looking to do better than that as we go through the year.

我們的討論非常積極。但在接下來的幾個月裡，這些事情將繼續鞏固。這是我們高度自信的觀點。當然，我們希望在今年取得比這更好的成績。

Thank you.

謝謝。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi, good morning. And congrats on the new customer wins. With respect to enterprise, is the program transition with the large customer proceeding as expected? And just to clarify, would you expect Q1 to be the bottom in terms of that transition from a sequential perspective? Or what will be your outlook on that?

嗨，早安。並恭喜您贏得新客戶。對企業來說，與大客戶的專案轉型是否如預期進行？只是為了澄清一下，從連續的角度來看，您是否預計第一季將是這一轉變的底部？或者您對此有何看法？

Thanos, yeah, things are going as we expected them to be. Enterprise is down year-over-year as the sole-source program is moving towards end of life. We will see a little bit of a reduction as we go through the first half of the year. The new program that we have won a while ago is on track for ramping in the third quarter, and we would expect to return to year-over-year growth as we get to the end of 2025.

薩諾斯，是的，事情的發展正如我們所預期的。由於單一來源計畫即將結束，企業業務較去年同期下降。進入上半年，我們會看到略有減少。我們不久前贏得的新項目將在第三季穩步推進，我們預計到 2025 年底將恢復同比增長。

So those things with our largest customer is completely on track. And then as a reminder, with the win that we announced before with Grok, that program ramp is already working out well, and we're seeing sequential improvement in that program as we go from Q4 to Q1, and that will strengthen as we go through the year.

因此，我們與最大客戶之間的合作一切順利。然後提醒一下，憑藉我們之前宣布的 Grok 勝利，該計劃的進展已經非常順利，而且從第四季度到第一季度，我們看到該計劃不斷改善，並且這一狀況將隨著全年的推進而增強。

And then with this new customer win that Rob has just been speaking about, it's really nice to see yet another custom server win that will be ramping in 2026. So we are continuing to make some good progress on the server side.

然後，隨著 Rob 剛剛談到的這個新客戶的勝利，很高興看到另一個客製化伺服器的勝利將在 2026 年不斷增加。因此我們在伺服器端繼續取得一些良好進展。

And on that note, is there any incremental color you can provide in terms of just the strength of the pipeline you're seeing for additional server and custom RAC opportunities?

就這一點而言，您是否可以提供任何增量信息，說明您所看到的附加伺服器和自訂 RAC 機會的管道強度？

Yeah, sure, Thanos. There is a very strong pipeline of additional server opportunities. Again, we tend to play on the proprietary compute side, and that's where our focus is. And we also tend to play on the HPS side of things. So we have a high design content. And I would say the pipeline is quite healthy.

是的，當然，薩諾斯。有大量額外的伺服器機會。再次強調，我們傾向於在專有計算方面開展業務，這也是我們的重點所在。我們也傾向於在 HPS 方面採取行動。所以我們的設計含量很高。我想說的是，這個管道相當健康。

Great. I'll leave it there.

偉大的。我就把它留在那裡。

David Vogt, UBS.

瑞銀的戴維·沃格特。

Great. Good morning guys. Thanks for taking my questions. I've got a couple, if you will, as well. So Rob or Mandeep, on the second 1.6 terabyte program that you won with a large hyperscaler customer. Can we clarify, is that an existing customer as they just migrate to faster speeds? Or is that a new customer?

偉大的。大家早安。感謝您回答我的問題。如果你願意的話，我也有幾個。那麼 Rob 或 Mandeep，關於你們與大型超大規模客戶贏得的第二個 1.6 TB 專案。我們能否澄清一下，這是現有客戶嗎，因為他們只是遷移到更快的速度？還是那是一位新客戶？

And along those lines, is there an opportunity to expand the relationship from an optimized networking RAC to other parts of the network and/or compute? And I'll give you my second question on the digital native customer.

沿著這個思路，是否有機會將關係從優化的網路 RAC 擴展到網路和/或計算的其他部分？我的第二個問題是關於數位原生客戶的。

I think I heard Rob say it's across multiple geographies. Is it fair to say that this customer historically has been sort of an InfiniBand-based customer, and this is sort of an initial opportunity to deploy ethernet technology from Celestica across, obviously, a more complete solution, but just trying to get a better understanding of kind of how to think about the technological road map. Thanks.

我想我聽到羅布說過它跨越多個地區。是否可以公平地說，這個客戶歷史上一直是基於 InfiniBand 的客戶，而這算是部署 Celestica 乙太網路技術的初步機會，顯然是一個更完整的解決方案，但只是想更好地了解如何思考技術路線圖。謝謝。

Hi David, yes, so on the hyperscaler customer, yeah, they are an existing customer. We currently support this customer with both 400G and 800G switches. So this is really a natural extension of our relationship. And it's for their next-generation family of 1.6T liquid cool networking RAC. So again this is not just a switch, but the entire RAC.

嗨，大衛，是的，對於超大規模客戶來說，是的，他們是現有客戶。我們目前為該客戶提供 400G 和 800G 交換器支援。所以這其實是我們關係的自然延伸。這是針對其下一代 1.6T 液冷網絡 RAC 系列的。所以這不僅僅是一個交換機，而是整個 RAC。

And we will be the final integrator for the system. Again, this will be a multi-node solution for them in terms of both the US and Southeast Asia. And on -- and you also asked we see the opportunity to expand our solutions for this customer? Absolutely.

我們將成為該系統的最終整合商。再次，對他們來說，這將是針對美國和東南亞的多節點解決方案。並且—您也問我們是否有機會為該客戶擴展解決方案？絕對地。

Based on what we're doing with the digital native customer and also what we're doing with the hyperscaler, we see opportunities grow our share of wallet with this hyperscaler as well.

根據我們與數位原生客戶以及超大規模客戶合作的情況，我們看到了透過這個超大規模客戶增加我們的錢包份額的機會。

And with respect to the digital native customer, they have very specific and unique needs for the data center that they're building. I wouldn't say they're an InfiniBand customer going to ethernet, I would say, this is their own custom designed for the data center and we're supporting them with a fully customized RAC.

對於數位原生客戶來說，他們對於正在建置的資料中心有著非常具體且獨特的需求。我不會說他們是使用乙太網路的 InfiniBand 客戶，我想說，這是他們自己為資料中心設計的，我們透過完全客製化的 RAC 為他們提供支援。

Great. Thanks guys. Congrats.

偉大的。謝謝大家。恭喜。

Steven Fox, Fox Advisors

史蒂文‧福克斯，福克斯顧問

Hi. I was wondering if I could follow up on some of these questions from maybe 1,000-foot level, which is you've had a couple of landmark wins now the last couple of quarters that are diversifying you guys away from your -- the large cloud guys you've been selling to.

你好。我想知道我是否可以從更高層次來跟進這些問題，也就是說，在過去的幾個季度裡，你們已經取得了一些具有里程碑意義的勝利，這些勝利使你們的業務多元化，不再局限於你們一直向其銷售產品的大型雲端公司。

And you're doing it with more complex RAC integration and orchestration. So like from those two aspects, customer diversity and more complexity on the RAC, how should we think about the business changing over, say the next 12 to 18 months or 24 months to towards those trends. And then I have a follow-up.

並且您正在使用更複雜的 RAC 整合和編排來實現此目的。因此，從客戶多樣性和 RAC 的複雜性這兩個方面來看，我們應該如何看待業務在未來 12 到 18 個月或 24 個月內的變化以適應這些趨勢。然後我有一個後續問題。

Yeah, If you step back in time, keeping it at a high level, back in the day, as they say, contract manufacturers turn to EMS. I think we're clearly in our CCS business in the ODM category with these new wins, we're actually well under our way to be a product company in the OEM section. So I think these are just further proof points to distance ourselves from ODM into OEM land. And I think that's where our CCS business is going.

是的，如果回顧過去，將其保持在較高水平，回到過去，正如他們所說，合約製造商轉向 EMS。我認為，憑藉這些新的勝利，我們在 ODM 類別的 CCS 業務中顯然處於領先地位，實際上我們正在順利成為 OEM 領域的產品公司。所以我認為這些只是進一步證明我們從 ODM 轉向 OEM 領域。我認為這就是我們的 CCS 業務的發展方向。

That's helpful. And then just on the liquid cooling front. I'm a little -- I just want to make sure I understand on these wins. Are we talking about leveraging your own technology at the board level with cold plates as well as at the RAC level? And how much of that would you be manufacturing yourself as opposed to just design and integration? Thanks.

這很有幫助。然後就液體冷卻方面而言。我有點——我只是想確保我理解這些勝利。我們是否談論在電路板層級利用冷板以及 RAC 層級上的您自己的技術？除了設計和整合之外，您自己會生產多少？謝謝。

Yeah, we're talking about both at RAC level and also at the chip level and orchestrating it. And we have ecosystem partners that do manufacturing and we're integrating it and applying our processes at scale to make sure that we're able to deliver a fully integrated system.

是的，我們正在討論 RAC 等級和晶片等級並對其進行協調。我們擁有從事製造的生態系統合作夥伴，我們正在整合並大規模地應用我們的流程，以確保我們能夠提供完全整合的系統。

Steven, I'll just add to -- one of the things that we have been hearing from our customers is the challenge really gets to being able to produce liquid cooling solutions at scale and we have demonstrated strong capabilities in this area and strong, and we have a lot of experience in that area and that's a lot of the know-how that we're able to bring to the table as well.

史蒂文，我只想補充一點——我們從客戶那裡聽到的一件事是，真正的挑戰在於能夠大規模生產液體冷卻解決方案，我們已經展示了在這一領域的強大能力，並且我們在這一領域擁有豐富的經驗，這也是我們能夠帶來的許多專業知識。

Great. Thank you very much.

偉大的。非常感謝。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Oh, thank you very much for letting me ask a question. Mandeep, I was wondering just kind of following up on some of the questions around the extensive development cycle, I guess, with the new customer. Are you thinking about CapEx? Would you have to make any changes to your capacity to support either of these new programs or both? What does it mean for CapEx levels or sales going forward, please?

哦，非常感謝您允許我提問。Mandeep，我只是想跟進一些關於新客戶廣泛開發週期的問題。您是否考慮過資本支出？您是否必須對您的能力做出任何改變以支持其中一個新計劃或兩個新計劃？請問這對未來的資本支出水準或銷售意味著什麼？

Yeah. So first of all, welcome, Ruben. Really nice to have you take over from Matt at Stifel. If we have to answer your question, we're very comfortable with the capacity that we have. We've been growing at strong double digits now three years in a row.

是的。首先，歡迎 Ruben。非常高興您能接替 Matt 擔任 Stifel 的職位。如果我們必須回答您的問題，我們對我們擁有的能力感到非常滿意。我們已經連續三年保持強勁的兩位數成長。

And we've been able to maintain our CapEx spend at less than 10%. Just as a reminder, the majority of the CapEx that we spend is on growth CapEx. We only have about 40 basis points of maintenance. And that gives us a lot of discretion on where we want to light those dollars. We have the capacity we need right now to execute all of the demand that's in front of us.

我們能夠將資本支出維持在 10% 以下。提醒一下，我們花費的大部分資本支出都用於成長資本支出。我們的維護費用只有大約40個基點。這讓我們能夠自由決定如何投資這些資金。我們現在擁有滿足所有需求所需的能力。

We will be targeting some of the growth CapEx that we have in 2025 to areas like continuing to expand in Thailand. We have shown that in Southeast Asia, we can bring on capacity in our existing campuses in under a year when needed to support our customer demand trip.

我們將把 2025 年的部分成長資本支出用於繼續在泰國擴張等領域。我們已經證明，在東南亞，我們可以在不到一年的時間內利用現有園區的容量來滿足客戶的需求。

And so the way to think about CapEx in 2025 is similar to what we've been saying in the previous year is 1.5% to 2% of revenue. And I don't really see at this point a need for that to be very different in the outer years either.

因此，2025 年資本支出的考量方式與我們去年所說的類似，即收入的 1.5% 到 2%。而我目前確實不認為未來幾年有必要做出如此大的改變。

Got it. Thank you Mandeep. And then, Rob, thanks for the comments on your early assessment of how to think about DeepSeek. But I guess given that you've given us some thought, the comment around networking, the networking opportunity longer term, maybe if you could just give us a little more detail about how you're thinking about that.

知道了。謝謝你，Mandeep。然後，Rob，感謝您對如何看待 DeepSeek 的早期評估的評論。但我想，鑑於您已經為我們考慮過有關網絡的評論，以及長期的網絡機會，也許您可以向我們更詳細地說明您對此的看法。

It sounds like if we do get to a point where we can get cheaper AI to the edge, that could be a good thing. Is that what you're thinking about? But what does that mean for sort of scale up and scale out of the big clusters that we're getting used to. I guess just any more detail about how you're thinking about the networking opportunity if you have any, would be great.

聽起來，如果我們確實能夠將更便宜的人工智慧推向邊緣，這可能是一件好事。這就是你所想的嗎？但這對於我們習慣的大型集群的擴大和縮小意味著什麼呢？我想，如果您能提供更多關於您如何看待社交機會的詳細信息，那就太好了。

Thanks, Ruben. Again, welcome. Yeah, as some of the industry pundits are saying, increased AI accessibility will drive demand; that is our views as well. And in the middle of all this is networking really remains crucial. It's crucial for scaling all the AI systems, for transporting data for training for inferencing.

謝謝，魯本。再次歡迎您。是的，正如一些行業專家所說，人工智慧可及性的提高將推動需求；這也是我們的觀點。而在這一切之中，網路確實仍然至關重要。它對於擴展所有人工智慧系統、傳輸用於推理訓練的資料至關重要。

And networking really is agnostic to the type of large language models that are being used today. If you think about networking, it might require real-time analytics, so as DeepSeek is used for real-time applications like high-frequency trading or fraud detection or autonomous vehicle control, the need for minimal latency becomes critical and high bandwidth switching offers solution to that.

而且網路確實與當今使用的大型語言模型的類型無關。如果您考慮網絡，它可能需要即時分析，因此當 DeepSeek 用於高頻交易或欺詐檢測或自動駕駛汽車控制等即時應用時，對最小延遲的需求變得至關重要，而高頻寬交換可以為此提供解決方案。

Even if you think DeepSeek will drive distributed computing. Again, if it's distributed across the cluster of servers, again, you'll still need high bandwidth switching. So we actually view in terms of our networking business. This is a very positive development to actually drive growth in our networking portfolio.

即使你認為 DeepSeek 將推動分散式運算。同樣，如果它分佈在伺服器叢集中，那麼您仍然需要高頻寬交換。因此，我們實際上是從網路業務的角度來看這個問題的。這是一個非常積極的發展，實際上推動了我們的網路產品組合的成長。

That's great detail. Thanks.

非常詳細。謝謝。

Paul Treiber, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Paul Treiber。

Oh, thanks very much and good morning. Just a comment or a question on the win with the digital native customer. And just more broadly speaking, in terms of your pipeline, are you seeing a trend towards customers shifting to procuring end-to-end full RAC solutions versus maybe in the past procuring individual components?

哦，非常感謝，早安。這只是關於數位原生客戶勝利的一個評論或問題。更廣泛地說，就您的管道而言，您是否看到客戶轉向採購端對端完整 RAC 解決方案的趨勢，而不是像過去那樣採購單個元件？

Certainly the case, Paul, with digital native customers. I mean this class of customers really want a full solution. As I mentioned with this particular customer, not only is it the full RAC solution, we're actually doing service, a fairly sizable service with our solution. So we think that this win will give us a further proof point to expand our market share with this new class of customers.

保羅，對於數位原生客戶來說，情況確實如此。我的意思是這類客戶確實想要一個完整的解決方案。正如我與這位特定客戶所提到的那樣，它不僅是完整的 RAC 解決方案，我們實際上還在提供服務，而且我們的解決方案還提供相當大的服務。因此，我們認為這次勝利將為我們擴大這一類新客戶的市場份額提供進一步的證據。

With respect to hyperscalers, it does depend on hyperscalers we mentioned in the script that the hyperscaler win that we had on the 1.6T switching was an inflection point. And what we're providing with this customer with a dedicated AI networking RAC. And this is, again, designed specifically for AI/ML workloads, and it's optimized -- has an optimized track record, it improves efficiency, incorporates liquid cooling directly within the RAC and the switch itself.

對於超大規模器而言，它確實取決於我們在腳本中提到的超大規模器，我們在 1.6T 切換中獲得的超大規模器勝利是一個轉折點。我們為該客戶提供專用的 AI 網路 RAC。這是專門為 AI/ML 工作負載而設計的，並且經過了優化——擁有優化的記錄，它提高了效率，並在 RAC 和交換機本身內直接採用了液體冷卻。

And this will most likely be required for all the latest of 1.6T design. So again, in terms of full RAC solutions, this is where we think the market is going, and we think we're very well positioned.

這很可能是所有最新 1.6T 設計所必需的。因此，就完整的 RAC 解決方案而言，我們認為這是市場的發展方向，而且我們認為我們處於非常有利的位置。

And along with that, you made an interesting comment about the shift from contract manufacturing EMS to OEM and then in product and the importance of your HPS business to contract wins. When you look at your pipeline and you look at the mix or the differentiation from HPS, how do you compare that? Like how much of factor is that having to your ability to win these contracts as you look out in the next couple of years?

除此之外，您還對從合約製造 EMS 到 OEM 再到產品的轉變以及 HPS 業務對贏得合約的重要性發表了有趣的評論。當您查看管道並查看與 HPS 的混合或差異時，您如何比較它們？例如，展望未來幾年，這對您贏得這些合約的能力有多大影響？

We've been increasingly investing in R&D and design capability and expanding our design network for over past 10-plus years. I think the Mandeep will chime in, we are over --

在過去的十多年裡，我們不斷增加對研發和設計能力的投資，並擴大我們的設計網絡。我想曼迪普會附和道，我們結束了--

I think $75 million we're going to be spending this year, and we are comfortable spending up to $100 million in 2025 as well.

我認為我們今年將花費 7500 萬美元，我們也願意在 2025 年花費高達 1 億美元。

And based on our growth, we anticipate to continue to invest in design capabilities and migrate towards that journey that I mentioned.

基於我們的發展，我們預計將繼續投資於設計能力並朝著我提到的方向前進。

Yeah. I know you know this, Paul. We have over 900 design engineers. They are engaging with customers in multiple ways. So as Rob talked about, our OEM type of offerings are we have Celestica products that have Celestica logo on it that our customers that have been tested and meet our customers' needs directly.

是的。我知道你知道這一點，保羅。我們擁有超過 900 位設計工程師。他們透過多種方式與客戶互動。正如 Rob 所說，我們提供的 OEM 類型的產品是帶有 Celestica 標誌的 Celestica 產品，這些產品已經過我們的客戶測試並直接滿足客戶的需求。

But then in addition to that, we have the same engineers who can work with customers on customizing a solution to what they're looking for. And we work in collaboration along the way. And so while some of our wins do fall under the HPS umbrella, because they have a heavy level of our design content, we also use our engineers to help us win on the EMS side.

但除此之外，我們還有同樣的工程師可以與客戶合作，根據他們的需求客製化解決方案。我們一直在合作。因此，雖然我們的一些勝利確實屬於 HPS 範疇，因為它們包含大量我們的設計內容，但我們也利用我們的工程師來幫助我們在 EMS 方面獲勝。

And so we find that our engineering expertise is a key differentiator which is why, again, if you think back like five years ago, we were spending about $25 million in R&D. We're now spending 3 times that and going again into '25, it's going to be 4 times that, and the return on that investment is very high.

因此，我們發現我們的工程專業知識是一個關鍵的區別因素，這就是為什麼，如果你回想起五年前，我們在研發上花費了大約 2500 萬美元。我們現在的支出是這個數字的 3 倍，到 25 年，將會達到這個數字的 4 倍，而且這項投資的回報率非常高。

And lastly, if I can squeeze in one more. Just with the change in the US administration, talk about tariffs and also enthusiasm for onshoring, are your customers as -- you mentioned Thailand and expanding in Thailand, but are you getting more requests for production in the US? And how are you thinking about US facility expansion going forward?

最後，如果我能再擠一點時間的話。隨著美國政府的更迭，談到關稅以及對在岸生產的熱情，您的客戶是否如您提到的泰國和在泰國的擴張一樣，但您是否收到了更多在美國生產的請求？您如何考慮未來在美國的工廠擴張？

Yeah, right now, our customers are in a wait-and-see mode. But as we've done in the past, we have resilience inside our network. So as tariffs in one area end up causing the customer want to shift, we feel we can serve them in another area. Right now, we have ample capacity in the US and ample capacity not just means physical capacity, but means power.

是的，目前我們的客戶處於觀望狀態。但正如我們過去所做的那樣，我們的網路內部具有彈性。因此，當一個地區的關稅最終導致客戶想要轉移時，我們認為我們可以在另一個地區為他們提供服務。目前，我們在美國擁有充足的產能，充足的產能不僅意味著物理產能，也意味著電力。

We've actually secured power for our CCS business for years to come in anticipation of our growing businesses. So we're keeping our eyes open and we're keeping nimble. But right now, customers are in a wait-and-see mood because every day is kind of a new direction, if you know what I mean.

事實上，為了滿足業務成長的需要，我們已經為未來幾年的 CCS 業務做好了電力保障。因此，我們要時時保持警惕，保持靈活。但現在，顧客都處於觀望態度，因為每天都是一個新的方向，如果你明白我的意思。

And specifically to the US, just as a reminder, we do a lot of semiconductor manufacturing on the West Coast of the United States. We do very complex aerospace and defense work in the Midwest. And then we do have in Richardson, Texas a very large facility, which is supporting our hyperscaler customers. And we've been doubling revenue for a couple of years now in the Texas facilities. We will be more than doubling the revenue again in 2025. And again, as I mentioned earlier, all within the CapEx envelope that we would expect. Thanks for taking the questions.

具體到美國，需要提醒的是，我們在美國西海岸進行了大量半導體製造。我們在中西部從事非常複雜的航空航天和國防工作。我們在德克薩斯州理查森有一個非常大的設施，為我們的超大規模客戶提供支援。幾年來，我們在德州的工廠收入已經翻了一番。到2025年，我們的收入將再次增加一倍以上。正如我之前提到的，所有這些都在我們預期的資本支出範圍內。感謝您回答這些問題。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Yeah, good morning, everyone. I wanted to ask about the communications business, specifically on the margin side. So if you could help us bridge your networking margins relative to peers in the market that are nicely into the double digits.

是的，大家早安。我想問一下有關通信業務的問題，特別是利潤方面的問題。因此，如果您能幫助我們縮小與市場上同業相比的網路利潤率，使其達到兩位數。

And we think about your guide, it implies majority of your business will be in networking by the end of the year. So why shouldn't your margins be a lot higher than they are? Just talk us through that spread. Thanks a lot.

我們考慮您的指南，它意味著今年年底您的大部分業務將涉及網路。那為什麼你的利潤率不應該比現在高很多呢？只需向我們講解一下這種傳播方式即可。多謝。

Todd. So of course, our communications business has a lot of -- what our networking business is, there's a substantial amount of growth in there. It includes a lot of our HPS revenue, but it also includes EMS revenue as well. We do manufacture communications gear for leading OEMs that are sometimes selling into the small, medium business side of things, sometimes selling into the hyperscaler side of things. So you need to think about communications on a blended basis.

托德。當然，我們的通訊業務有很多——我們的網路業務也有很多，其中有很大的成長。其中包括我們大部分的 HPS 收入，但也包括 EMS 收入。我們確實為領先的 OEM 製造通訊設備，這些設備有時賣給中小型企業，有時賣給超大規模企業。因此，您需要從混合的角度考慮通訊問題。

The way I would characterize the margins overall, though, is that, look, CCS had record operating margins in the fourth quarter, 7.9% and our HPS business is accretive to that. And so as we continue to grow HPS types of revenue, it provides an opportunity for continuing margin expansion. The majority of our HPS portfolio today is switches. And so we would expect to see some margin expansion. It will also lift up the communication numbers.

不過，我對整體利潤率的描述是，CCS 在第四季的營業利潤率創下了歷史新高，達到 7.9%，而我們的 HPS 業務也因此而成長。因此，隨著我們繼續增加 HPS 類型的收入，它為繼續擴大利潤提供了機會。目前，我們的 HPS 產品組合主要由交換器組成。因此我們預期利潤率會有所擴大。這也將提高通信數量。

But the best way to think about and more of an apples-to-apples comparison, if you're thinking about an ODM as an example, would be how does our HPS business perform relative to those ODMs. And we're not that -- we're following pretty much the same ZIP code.

但是，如果您以 ODM 為例，那麼思考和進行同類比較的最佳方式就是我們的 HPS 業務相對於那些 ODM 的表現如何。我們不是那樣——我們遵循的郵遞區號幾乎相同。

That's great. And then I just wanted to go back to DeepSeek as well. So is your takeaway at this point that it's going to drive custom silicon demand at the expense of merchant silicon, and that's an incremental driver? Thanks a lot.

那太棒了。然後我也想回到 DeepSeek。那麼，您現在的看法是，它將以犧牲商用矽片為代價來推動客製化矽片的需求，而這是一個增量驅動因素嗎？多謝。

Yeah. In terms of the custom silicon demand, that's where we play. And our view is that, that's the growing market. Custom silicon is really around specialized AI applications. And we feel that's the place that we're focusing on where the majority of the growth will actually come from.

是的。就客製化矽片需求而言，這就是我們的業務所在。我們的觀點是，這是一個不斷成長的市場。客製化矽片其實是圍繞著專門的人工智慧應用。我們認為，這正是我們關注的重點，大部分成長實際上將來自這裡。

Great. Thanks a lot. Appreciate the color.

偉大的。多謝。欣賞色彩。

Thank you. There are no further questions at this time. I will now hand the call back to Rob Mionis for his closing remarks.

謝謝。目前沒有其他問題。現在我將把電話轉回給 Rob Mionis，請他作結束語。

Thank you, operator. And again, thank you for joining us this morning. 2024 was a solid year for us, and we're looking forward on building on this positive momentum as we get further into 2025. The products that we have in development combined with our recent wins also gives us confidence in our long-term outlook and our future is certainly quite bright. We look forward to updating you next quarter, and have a wonderful day.

謝謝您，接線生。再次感謝您今天早上加入我們。 2024 年對我們來說是堅實的一年，我們期待在 2025 年進一步鞏固這一積極勢頭。我們正在開發的產品以及我們最近的勝利也讓我們對我們的長期前景充滿信心，我們的未來肯定非常光明。我們期待下個季度向您更新最新情況，祝您有美好的一天。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。