Cohu Inc (COHU) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Cohu's third quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Jeff Jones, Chief Financial Officer. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加Cohu公司2025年第三季財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給財務長傑夫瓊斯先生。請開始。

Good afternoon, and welcome to our conference call discussing Cohu's third quarter 2025 financial results and our outlook for the fourth quarter of 2025. I'm joined today by Luis Müller, Cohu's President and CEO.

下午好，歡迎參加我們關於Cohu 2025年第三季財務業績和2025年第四季展望的電話會議。今天與我一同出席的有Cohu總裁兼執行長路易斯·穆勒。

If you need a copy of our earnings release, it can be found on our website at cohu.com or by contacting Cohu Investor Relations. A slide presentation accompanying today's call is also available in the Investor Relations section of the website.

如果您需要取得我們的獲利報告，請造訪我們的網站 cohu.com 或聯絡 Cohu 投資者關係部門。今天電話會議的簡報也可在網站的投資者關係版塊找到。

Replays of this call will be accessible via the same page after the conclusion of the call. During this call, we will be making forward-looking statements that reflect management's current expectations concerning Cohu's future business.

本次電話會議結束後，您可透過同一頁面收聽錄音回放。會議期間，我們將發表一些前瞻性聲明，這些聲明反映了管理層目前對Cohu未來業務的預期。

These statements are based on the information available to us at this time, but they are subject to rapid and even abrupt changes. We encourage everyone to review the forward-looking statements section of our slide presentation and the earnings release as well as Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q.

這些聲明是基於我們目前掌握的信息，但可能會發生快速甚至突發的變化。我們建議大家查閱我們簡報和獲利報告中的前瞻性聲明部分，以及Cohu向美國證券交易委員會提交的文件，包括最近提交的10-K表和10-Q表。

Our comments are current as of today, October 29, 2025, and Cohu does not assume any obligation to update these statements for events occurring after this call. Additionally, we will discuss certain non-GAAP financial measures during this call.

我們的評論截至2025年10月29日有效，Cohu不承擔因本次電話會議後發生的事件而更新這些聲明的任何義務。此外，我們將在本次電話會議中討論某些非GAAP財務指標。

Please refer to our earnings release and slide presentation for reconciliations to the most comparable GAAP measures. Now I'd like to turn the call over to Luis Müller, Cohu's President and CEO. Luis?

請參閱我們的獲利報告和幻燈片簡報，以了解與最接近的GAAP指標的調節情況。現在，我想把電話交給Cohu的總裁兼執行長Luis Müller。 Luis？

Good day, everyone. Thank you for joining our Q3 2025 earnings call. I'm pleased to share our latest results and provide guidance for Q4. First off, let's talk about some highlights. Recurring revenue continued to grow for the third consecutive quarter, driven by strength in interface solutions and test handler spares.

大家好。感謝各位參加我們2025年第三季財報電話會議。我很高興與大家分享我們最新的業績，並對第四季業績進行展望。首先，我們來看一些亮點。在介面解決方案和測試設備備件業務強勁成長的推動下，經常性收入連續第三個季度保持成長。

Systems revenue improved sequentially for the fourth quarter in a row though it remains below normalized levels. We had several notable events in the third quarter. We announced an offering of convertible notes on favorable terms, which closed just after the quarter end and will support future growth and strategic initiatives.

系統業務收入連續第四個季度環比成長，但仍低於正常水準。第三季我們發生了幾件值得關注的事情。我們宣布以優惠條件發行可轉換債券，該債券在季度末後不久完成發行，將支持未來的成長和戰略舉措。

Jeff will discuss this in more detail later. We welcomed Matthew Hutton, our new Vice President of Strategy focused on advancing our growth initiatives, including mergers, acquisitions and partnerships.

傑夫稍後會更詳細地討論這個問題。我們歡迎馬修赫頓加入我們，擔任新的策略副總裁，他將專注於推動我們的成長計劃，包括併購和合作。

Prior to joining Cohu, Matt was Head of Corporate Development at AspenTech. We communicated repeat orders for Neon HBM inspection tools, raising this year's revenue forecast for these systems to between $10 million and $11 million.

在加入 Cohu 之前，Matt 曾擔任 AspenTech 的企業發展主管。我們宣布了 Neon HBM 檢測工具的重複訂單，並將這些系統今年的收入預測提高到 1,000 萬至 1,100 萬美元之間。

These systems are used for inspection in metrology of high-bandwidth memory devices, which are critical components in high-performance computing and generative artificial intelligence applications. We shipped our first system configured for HBM4 inspection, reinforcing our optimism for future market prospects and high-bandwidth memory.

這些系統用於高頻寬儲存裝置的計量檢測，而高頻寬儲存裝置是高效能運算和生成式人工智慧應用的關鍵元件。我們已交付首套用於 HBM4 檢測的系統，這增強了我們對未來市場前景和高頻寬儲存的信心。

Our Eclipse handler equipped with proprietary active thermal control was selected for production test of next-generation AI processor devices by a leading US based semiconductor manufacturer.

我們配備專有主動式熱控制技術的 Eclipse 處理器被一家領先的美國半導體製造商選中，用於下一代 AI 處理器設備的生產測試。

The Eclipse platform is designed to scale seamlessly across diverse power applications, providing the flexibility and operational efficiency required to support our customers' evolving high-performance processor road maps.

Eclipse 平台旨在無縫擴展到各種電源應用，提供所需的靈活性和營運效率，以支援我們的客戶不斷發展的高效能處理器路線圖。

This adaptability ensures that as processor technologies advance, our solution remains a reliable foundation for next-generation computing needs. Our current thermal solution ensures optimal device temperature control and test repeatability up to 3,000 watts power dissipation with ultrafast temperature ramp rates and tight thermal guard band, supporting demanding semiconductor test requirements.

這種適應性確保隨著處理器技術的進步，我們的解決方案始終是滿足下一代運算需求的可靠基礎。我們目前的散熱解決方案可確保在高達 3000 瓦的功耗下實現最佳的裝置溫度控制和測試重複性，並具有超快的溫度升降速率和嚴格的熱保護帶，從而滿足嚴苛的半導體測試要求。

Now let's dive into the detailed results. Consolidated revenue reached $126 million with both systems and recurring revenue improving quarter-over-quarter.

現在讓我們深入了解一下詳細結果。合併收入達到 1.26 億美元，系統收入和經常性收入均較上季成長。

Revenue was split 45% systems and 55% recurring. Non-GAAP gross margin of 44.1% reflects the value differentiation of our products and the resilience of our recurring business model. Estimated test cell utilization remained stable quarter-over-quarter ending September at 74.5%.

收入組成中，45%來自系統業務，55%來自經常性收入。非GAAP毛利率為44.1%，反映了我們產品的價值差異化以及我們經常性業務模式的穩健性。截至9月底的季度末，測試單元的預期利用率較上季保持穩定，為74.5%。

While systems orders moderated last quarter, growth in recurring revenue and new wins position us well for Q4 and beyond. We secured new business wins, including orders for our automated test equipment and automated optical inspection for high-growth markets.

儘管上季系統訂單有所放緩，但經常性收入的成長和新訂單的增加使我們為第四季及以後的發展奠定了良好的基礎。我們成功獲得了新的業務訂單，包括針對高成長市場的自動化測試設備和自動化光學檢測設備的訂單。

During the quarter, we secured roughly $1.7 million in new business, highlighted by our first Diamondx order from a long-standing Cohu handler customer. This order will support the testing of application-specific analog power integrated circuits, serving key automotive and industrial market segments.

本季度，我們獲得了約170萬美元的新業務，其中最引人注目的是來自Cohu長期客戶的第一筆Diamondx訂單。該訂單將用於支援特定應用類比電源積體電路的測試，服務於汽車和工業等關鍵市場領域。

This customer win marks the continuation of Cohu's growth in the mixed signal test market with Diamondx as we push to diversify our test platform beyond RF and display driver IC test.

此次贏得Diamondx客戶標誌著Cohu在混合訊號測試市場持續成長，我們正努力將測試平台多元化，使其超越射頻和顯示驅動IC測試。

We secured a new order of our Krypton system with a European customer, enabling advanced optical inspection of devices used by a prominent US mobile phone brand. We booked a $2.3 million order for precision analog test contactors at a US IDM and continue to diversify our test platform portfolio with this customer.

我們與一家歐洲客戶簽訂了一份新的Krypton系統訂單，該系統將為美國知名手機品牌提供先進的光學檢測功能。此外，我們還從一家美國整合裝置製造商 (IDM) 獲得了價值230萬美元的精密模擬測試接觸器訂單，並將繼續與該客戶合作，拓展我們的測試平台產品組合。

We anticipate a seasonal slowdown in Q4, partially offset by ongoing market recovery and remain optimistic about long-term prospects, especially in computing and high-bandwidth memory inspection.

我們預計第四季度將出現季節性放緩，但持續的市場復甦將部分抵消這一影響，我們對長期前景仍然保持樂觀，尤其是在計算和高頻寬記憶體檢測領域。

As tariffs returned to the spotlight in recent news, I want to reassure everyone that Cohu's current exposure to China remains very limited. Revenue from customers based in China accounts for only a low single-digit percentage of our total consolidated results.

鑑於近期關稅問題再次成為新聞焦點，我想向大家保證，Cohu目前對中國的業務曝險仍然非常有限。來自中國客戶的收入僅占我們合併總績效的個位數百分比。

Additionally, a substantial share of our business is generated outside of the US further diversifying our global footprint. Thank you for your attention and continued support.

此外，我們相當一部分業務來自美國以外地區，進一步拓展了我們的全球商業版圖。感謝您的關注與持續支持。

I'll now turn it over to Jeff for a deeper dive into our financial results and Q4 guidance. Jeff?

現在我將把發言權交給傑夫，讓他更深入地分析我們的財務表現和第四季度業績預期。傑夫？

Thank you, Luis. Before reviewing the third quarter results and providing fourth quarter guidance, please note that my comments refer to non-GAAP figures. Details about non-GAAP financial measures, including GAAP to non-GAAP reconciliations and other disclosures are included in the earnings release and investor presentation on our website.

謝謝路易斯。在回顧第三季業績並提供第四季度展望之前，請注意，我的評論均基於非GAAP財務數據。有關非GAAP財務指標的詳細信息，包括GAAP與非GAAP的調節表及其他披露信息，請參閱我們網站上的盈利報告和投資者演示文稿。

For Q3 2025, revenue exceeded guidance and reached $126.2 million. Recurring revenue, which is primarily driven by consumables and is more stable than systems revenue accounted for 55% of total revenue for the quarter.

2025年第三季度，營收超出預期，達1.262億美元。經常性收入主要由耗材驅動，比系統收入更穩定，佔該季度總收入的55%。

During the third quarter, three customers, one in the mobile segment and two in the automotive segment, each represented more than 10% of our sales. The Q3 gross margin was in line with guidance at 44.1%. Operating expenses for the quarter were $48 million, which is $2 million lower than guidance. This reduction was mainly due to the timing of R&D material now scheduled for receipt in Q4.

第三季度，三家客戶（一家行動通訊領域，兩家汽車領域）的銷售額均超過總銷售額的10%。第三季毛利率為44.1%，符合預期。本季營運費用為4800萬美元，比預期減少200萬美元。這一減少主要是由於研發材料預計將於第四季到貨。

Net interest income after accounting for interest expense and a small foreign currency loss was approximately $1.1 million for Q3. The tax provision came in about $3.5 million lower than forecast at $11.7 million, resulting from the reversal of tax reserves following the completion of a jurisdictional tax authority audit.

扣除利息支出和少量外匯損失後，第三季淨利息收入約為110萬美元。由於在完成稅務機關審計後衝回了稅項準備金，稅項準備金比預期低約350萬美元，為1,170萬美元。

Moving to the balance sheet. Cash and investments decreased by $11.2 million during Q3. This was primarily due to cash used in operations to support a 17% growth in sales quarter-over-quarter and to fund a $33 million increase in accounts receivable.

接下來來看資產負債表。第三季現金及投資減少了1,120萬美元。這主要是由於營運活動消耗現金以支持環比17%的銷售額成長，以及為應收帳款增加3,300萬美元提供資金。

No stock repurchases were completed during Q3. Since the inception of our share repurchase plan, we have repurchased around 4 million shares for approximately $117 million, leaving about $23 million available for additional future repurchases. Total debt stands at $18 million, unchanged from the previous quarter. Q3 capital expenditures were $4 million, mainly for facility improvements.

第三季未完成任何股票回購。自股票回購計畫啟動以來，我們已回購約400萬股，總額約1.17億美元，剩餘約2,300萬美元可用於未來的額外回購。總債務為1800萬美元，與上一季持平。第三季資本支出為400萬美元，主要用於設施改造。

We're maintaining our 2025 capital expenditure target of approximately $20 million, which includes the $9 million Melaka facility purchase completed in Q1. In late Q3, we announced a strategic convertible notes offering.

我們維持2025年約2,000萬美元的資本支出目標，其中包括第一季完成的900萬美元馬六甲工廠收購。第三季末，我們宣布了一項策略性可轉換債券發行計畫。

In early Q4, we completed the upsized offering, raising gross proceeds of $287.5 million at attractive rates, including 1.5% interest rate, 32.5% conversion premium and a five year term. We purchased a 100% capped call to limit shareholder dilution until the stock price doubles and exceeds $41 per share.

第四季初，我們完成了規模擴大的增發，以極具吸引力的利率（包括1.5%的利率、32.5%的轉換溢價和五年期限）募集了2.875億美元的資金。我們購買了一份上限為100%的看漲期權，以限制股東權益稀釋，直至股價翻倍並超過每股41美元。

The repayment structure of the notes is net share settlement, meaning Cohu will repay the principal of $287.5 million in cash and has the option to settle any in-the-money amounts in cash, shares or a combination of both.

該票據的償還結構為淨額股份結算，這意味著 Cohu 將以現金償還 2.875 億美元的本金，並可以選擇以現金、股份或兩者結合的方式結算任何價內金額。

This structure, combined with the up 100% capped call limits shareholder dilution. The net proceeds will provide additional liquidity to strengthen our balance sheet and support strategic initiatives.

這種結構，加上最高100%的認購上限，限制了股東權益的稀釋。所得款項淨額將提供額外的流動性，以增強我們的資產負債表並支持各項策略性措施。

Looking ahead to Q4, as Luis noted, we anticipate a seasonal slowdown for systems, which is partially offset by a continued market recovery. Overall, we expect Q4 revenue to be about $4 million or 3.5% lower than Q3, driven by systems revenue.

展望第四季度，正如路易斯所指出的，我們預計系統業務將出現季節性放緩，但持續的市場復甦將部分抵消這一影響。整體而言，我們預期第四季營收將比第三季下降約400萬美元，降幅為3.5%，主要受系統業務營收下滑的影響。

Our resilient recurring revenue is forecasted to increase for the fourth straight quarter and should represent about 60% of total Q4 revenue. Our guidance for Q4 revenue was approximately $122 million, plus or minus $7 million. The gross margin for Q4 is projected at approximately 45%.

我們穩健的經常性收入預計將連續第四個季度成長，約佔第四季總營收的60%。我們對第四季營收的預期約為1.22億美元，上下浮動700萬美元。第四季毛利率預計約為45%。

Operating expenses are expected to be about $50 million, including around $2 million for variable R&D product development prototype materials. Total operating expenses are consistent with the restructuring plan targets implemented in late Q1 of this year.

預計營運支出約5,000萬美元，其中包括約200萬美元的可變研發產品開發原型材料費用。總營運支出與今年第一季末實施的重組計畫目標一致。

Once the full impact of the restructuring plan is realized at the beginning of 2026, we anticipate quarterly operating expenses to be approximately $49 million when revenue is around $130 million per quarter. Q4 interest income, net of interest expense and foreign currency impacts is projected to be approximately $1.7 million at current interest rates.

預計2026年初重組計畫全面實施後，季度營運費用約4,900萬美元，季度收入約1.3億美元。以目前利率計算，第四季扣除利息支出和匯率影響後的利息收入預計約為170萬美元。

The Q4 tax provision is expected to be about $4 million, and the diluted share count for Q4 is projected to be about 47.1 million shares. That concludes our prepared remarks, and now we'll open the call to questions.

預計第四季稅項準備金約為400萬美元，第四季稀釋後股份數量預計約為4,710萬股。以上就是我們準備好的發言，現在開始接受提問。

(Operator Instructors) Brian Chin, Stifel.

（操作員教員）Brian Chin，Stifel。

Hi there, good afternoon. Thanks for letting us ask a few questions. So I guess, first question, nice to see the improved system revenue momentum, particularly from the mobile segment these past few quarters. Based on the customer broadening metric you shared and the uptick in utilization, is that the main area of improved near-term revenue visibility for the company? And how much confidence does this give you on sustaining some top line momentum kind of moving beyond the seasonal period into the first half next year?

您好，下午好。感謝您允許我們提問。首先，很高興看到系統收入成長勢頭良好，尤其是近幾季行動業務的收入成長。根據您分享的客戶拓展指標與使用率提升，這是否是公司近期營收前景改善的主要因素？您對能否在淡季過後，將這種營收成長動能延續到明年上半年有多少信心？

Oh, hi, Brian. Yeah, you're correct. I mean, a lot of the momentum here in the third quarter was associated with a customer buying the Eclipse handler, but also HBM with the Neon system, I think those are sort of the two main highlights of the quarter.

哦，嗨，布萊恩。是的，你說得對。我的意思是，第三季的許多成長動能都與一位客戶購買了Eclipse處理器有關，還有HBM的Neon系統，我認為這算是本季的兩大亮點。

We have the Eclipse though qualified at another computing customer. I think we press released that already in the third quarter, just ahead of SEMICON West. And then we also have a few other customers that are evaluating the system, one going into a GPU application, sort of a new product version of a GPU for 2026.

我們已經為另一家計算客戶完成了Eclipse的認證。我想我們已經在第三季度，也就是SEMICON West展會之前發布了相關新聞稿。此外，還有幾家客戶正在評估該系統，其中一家正在將其應用於GPU應用，這可以看作是2026年即將推出的GPU新產品版本。

And then two others that are associated with data center network communication and an ASIC accelerator. So I think it moves -- talking about confidence going into '26, I think we're more confident is that the HBM business is continuing to progress.

還有兩項分別與資料中心網路通訊和ASIC加速器相關的業務。所以我認為——談到對2026年的信心，我認為我們更有信心的是，HBM業務將繼續發展。

We have had now since the start of the fourth quarter, a couple of repeat orders for HBM. We have an engagement forming with a second customer where we're looking at what are the requirements and how we're going to address requirements to get another qualification going for one of our inspection tools.

自第四季初以來，我們已經收到幾份HBM的重複訂單。目前，我們正在與第二位客戶洽談合作，探討他們的具體要求以及如何滿足這些要求，以便為我們的一款檢測工具獲得新的認證。

And like I said, we got several customers here in different stages of evaluating the Eclipse for applications in the data center.

正如我所說，我們這裡有好幾位客戶，他們正處於評估 Eclipse 在資料中心應用方面的不同階段。

So I think it's going to continue to move around. We just saw a recent announcement from another one of our customers for their wins in the data center market, where they're going after an inference data center device partnership, and we are playing a record with Eclipse for that application as well.

所以我認為這種趨勢還會持續下去。我們剛剛看到另一位客戶宣布他們在資料中心市場取得了成功，他們正在尋求與一家公司建立推理資料中心設備合作夥伴關係，而我們與Eclipse在該應用領域也取得了突破性進展。

So, I think we're confident that we're broadening our business beyond the traditional auto, mobile, consumer, industrial, more towards the AI use applications, whether it's the GPU or the network processing, and we should start seeing some fruits of that in 2026 with the Eclipse in our inspection systems.

因此，我認為我們有信心將業務拓展到傳統的汽車、行動、消費、工業領域之外，更多地轉向人工智慧應用，無論是 GPU 還是網路處理，我們應該會在 2026 年隨著 Eclipse 在我們的檢測系統中的應用而開始看到一些成果。

Got it. Maybe just a key on the points you made about the Eclipse handler with the active thermal T-Core subsystem. Kind of what's -- can you help us understand sort of what's driving that win? Is it the higher wattage now for some of the newer AI processors that's coming out? And does your platform continue to scale?

明白了。或許可以重點談談您提到的具有主動式熱 T-Core 子系統的 Eclipse 處理器。您能幫我們理解是什麼因素促成了這項成功嗎？是因為現在一些新型 AI 處理器功耗更高嗎？你們的平台是否還能繼續擴充？

It sounds like with every single kind of every year cadence here now in terms of more advanced and hotter chips kind of coming into introduction? And are you supplanting existing incumbents with that tool?

聽起來現在每年都有更先進、更熱門的晶片陸續推出？你們是否打算用這些晶片取代現有的同類產品？

Yeah, you basically hit the nail on the head. We talked here about 3,000 watts of power dissipation. I mentioned that in my prepared remarks, but that's sort of the current state of what would be shipping for production needs in 2026. With that said, the requirements continue to go up, and we're already working on the next-generation thermals that will support 2027 and different sets of applications coming up later next year as well.

是的，你說的基本沒錯。我們剛剛討論的是3000瓦的功耗。我在準備的演講稿裡也提到了這一點，這大致是目前2026年量產產品所需的功耗水準。話雖如此，需求還在不斷增長，我們已經在研發下一代散熱產品，以滿足2027年以及明年稍後即將出現的各種應用需求。

So your question is pretty much the answer to it. It's all about the thermal power dissipation and power densities. We never talk about power densities, but power density per square inch of silicon as well, the size of the dies, how delicate and the amount of force you have to apply. So it's all related to that complexity of dynamically controlling heat dissipation on very complex semiconductors actually doing tests.

所以你的問題其實就是答案。一切都與熱功率耗散和功率密度有關。我們很少直接討論功率密度，但每平方英吋矽片的功率密度、晶片尺寸、晶片的精細程度以及施加的壓力大小也同樣重要。因此，所有這些都與在實際測試中，如何動態控制複雜半導體裝置的散熱密切相關。

Thanks. Maybe just one last quick follow-up. In terms of revenue contribution, is that sort of first half next year? And just compute, I think, has not historically been in recent years, like a double-digit exposure segment, but do you feel pretty comfortable thinking that could be double digits next year for the year?

謝謝。或許我還有一個後續問題。就營收貢獻而言，是指明年上半年嗎？我認為，Just Computation 近年來在營收方面一直沒有達到兩位數的成長率，但您覺得明年全年能否達到兩位數呢？

Double digit, you mean double-digit growth, double-digit from a revenue contribution. If you look from a revenue contribution, I would say, I would expect computing to be sort of in the low teens. We always talk about systems and recurring, so not counting recurring in the mix here. I'm thinking it would be sort of the low teens percentage contribution of revenue going into 2026.

兩位數，你指的是兩位數的成長，也就是兩位數的收入貢獻。如果從營收貢獻來看，我預期計算業務的成長率會在10%左右。我們通常討論的是系統和經常性收入，所以這裡暫不考慮經常性收入。我認為到2026年，計算業務的收入貢獻率應該在10%左右。

Great, thank you.

太好了，謝謝。

David Duley, Steelhead Securities.

David Duley，Steelhead Securities。

Yeah, thanks for taking my questions. To follow up on Brian's question. I guess, it sounds like based on your Eclipse win at a major AI processing company, and I think you've press released another win or tool of record with the CPU company.

是的，謝謝您回答我的問題。關於布萊恩的問題，我猜想，您之前在一家大型人工智慧處理公司贏得了 Eclipse 的開發，而且我記得您還為一家 CPU 公司發布了另一項重要成果或工具。

Is it a fair assumption that basically any of these APUs, CPUs, XPUs, GPUs, whatever the term is for networking processors that they're all going to have to be thermally controlled and tested. So that -- is it fair to assume that the TAM of this market is quite large, given that there's lots of large customers that you aren't serving yet?

是否可以合理假設，所有這些APU、CPU、XPU、GPU，或其他任何網路處理器，都需要進行散熱控制和測試？鑑於還有很多大型客戶尚未涵蓋，是否可以合理地假設這個市場的潛在市場規模相當大？

Yeah, that's absolutely correct, Dave. I mean we have -- the power dissipation levels vary quite a bit. I mean we have some inference processors here that the talk right now is on the order of 600 watts of power dissipation.

是的，戴夫，你說得完全正確。我的意思是，功耗水平差異很大。例如我們這裡有一些推理處理器，目前討論的功耗大約在600瓦左右。

We have high-end GPU, as I said, it's approaching 3,000 watts just under that. We have some network processors that we are qualifying right now on the 1,200 to 1,400 watts. So it's a range of power dissipation levels, but they're really on the hundreds of to a couple of thousand watts in rising. The road map really shows that going up.

正如我剛才所說，我們有高階GPU，功耗接近3000瓦。我們還有一些網路處理器，目前正在進行認證，功耗在1200瓦到1400瓦之間。所以功耗範圍很廣，但它們的功耗都在幾百瓦到幾千瓦之間，而且還在持續上升。產品路線圖也顯示功耗會持續成長。

So the higher the wattage, the higher the heat, and so that becomes a more and more important. And so I guess it's a fair assumption that going forward, you might have a little bit more exposure on the GPU side with this product, and networking the hyperscaler custom ASIC customers?

所以功率越高，發熱量就越大，這點也變得越來越重要。因此，我認為可以合理推斷，未來你們可能會憑藉這款產品在GPU領域獲得更多曝光，並與超大規模客製化ASIC客戶建立聯繫？

That's correct. That's correct. The higher the waters, the more complex these things are getting, the more it lends itself to expertise that we have at Cohu. We're being asked by quite a few customers now to address some of their requirements. They're very difficult.

沒錯，沒錯。水位越高，情況就越複雜，也越能體現Cohu的專業優勢。現在有不少客戶都請我們幫忙解決他們的一些需求。這些需求非常棘手。

I mean, as you can imagine, when you're approaching 3,000, 4,000 watts of power dissipation, this is fairly complex. There aren't that many people out there that have the engineering and the technology to do this. So we're working pretty heavily on it. Needless to say, we're pivoting the business more towards AI applications.

我的意思是，你可以想像，當功耗接近3000瓦甚至4000瓦時，這相當複雜。市面上具備這方面的工程技術和能力的人並不多。所以我們正在全力以赴地研究這個問題。毋庸置疑，我們正在將業務重點更多地轉向人工智慧應用。

Okay. And then when you think about overall AI exposure in 2025, could you just help us with -- you add up this HBM inspection product and the Eclipse and a few other things. What do you think your revenue stream is that's kind of dedicated to AI in 2025? And I basically assume it was almost next to nothing in 2024?

好的。那麼，當您考慮2025年人工智慧的整體應用情況時，能否幫我們估算一下——把HBM檢測產品、Eclipse以及其他一些產品加起來，您認為2025年貴公司專門用於人工智慧的收入會是多少？我猜2024年這部分收入幾乎可以忽略吧？

Yeah, I would say it's pretty close to zero in 2024. The AI -- I mean, the AI here, you got to be a little careful, right, to talk about AI, everybody tends to think of data centers. But there is actually sort of a blend here of processors that are already running some level of language model in them.

是的，我認為到2024年這個數字會非常接近零。至於人工智慧——我的意思是，這裡說的人工智慧，你得稍微謹慎一點，對吧？談到人工智慧，大家往往都會想到資料中心。但實際上，這裡指的是一些處理器，它們本身就已經在運作某種程度的語言模型。

And I think if I look at 2025, a little tally here would tally up maybe sort of in the order of $40 million -- approximately $40 million of system revenue this year on things that I could associate with edge AI or data center-related AI, and we expect that to be growing going into 2026.

我認為，如果展望 2025 年，粗略統計一下，今年與邊緣人工智慧或資料中心相關人工智慧相關的系統收入可能達到 4,000 萬美元左右，我們預計到 2026 年這一數字還會成長。

Thank you.

謝謝。

Robert Mertens, TD Cowan.

羅伯特·默滕斯，TD·考恩。

Hi, this is Robert on behalf of Krish Sankar. I guess just the first one, with the recent convertible raise, how are you thinking about the best use of cash between developing some of the new areas of expansion, be it investment in the software business or high bandwidth memory versus historically completing a number of smaller tuck-in M&A deals to bolster the technology portfolio.

您好，我是羅伯特，代表克里什桑卡爾。我想先問第一個問題，鑑於最近進行的可轉換債券融資，您認為如何才能最有效地利用這筆資金？是應該投資軟體業務或高頻寬記憶體等新的擴張領域，還是應該像以往那樣完成一些較小的併購交易來增強技術組合？

And then maybe I'll just add in your views on using cash for share repurchases and I know that been on pause for the last few quarters? Thank you.

然後，我或許也可以補充一下您對使用現金回購股票的看法，我知道過去幾季這項計畫已經暫停了。謝謝。

Yes, good question, And really the answer is we want to pursue both paths. And in order to pursue acquisitions of any meaningful size, we needed to go to the financing market, we needed capital, which basically drove our decision on the convert, strengthen the balance sheet and have more flexibility when it came to growing through acquisition.

是的，問得好。實際上，我們希望兩條路都走。為了進行任何規模可觀的收購，我們需要進入融資市場，我們需要資金，這基本上促使我們決定進行資產重組，以增強資產負債表，並在透過收購實現成長時擁有更大的靈活性。

And so we're going to continue to focus on organic development in the areas that Luis has been talking about.

因此，我們將繼續專注於路易斯一直提到的那些領域的有機發展。

But clearly, we want to be opportunistic as well when it comes to M&A. And of course, with the recent hire of Matt, it's a priority for us. And so, that's really the main driver for the convert.

但很顯然，在併購方面，我們也希望能把握機會。當然，隨著馬特的加入，併購已成為我們的首要任務。因此，這才是促使我們改變立場的真正原因。

Now with respect to buyback, that's a sort of a Board decision. And yes, we're on pause for now. Should the stock valuation go to point where we -- is more compelling, I think we would, again, get back into the game. But the objective for 2025 on the share repurchase was to offset dilution from our equity compensation plan. And so we've essentially did that in Q1. I suspect it will be similar for next year.

關於股票回購，這需要董事會做出決定。是的，我們目前暫停了回購計畫。如果股票估值達到更有吸引力的水平，我認為我們會再次啟動回購。但我們2025年股票回購的目標是抵銷股權激勵計畫帶來的稀釋。我們在第一季基本上實現了這一目標。我預計明年情況也類似。

Got it, thank you. And then thanks for the color on the latest Eclipse system. Maybe just going back to that, in terms of the areas where that's focused, is that sort of more of a broad-based system or any sort of end market and you're just seeing more traction on the compute side, the power and the heat requirements and just end demand in that end market today versus sort of your traditional auto and industrial?

明白了，謝謝。也感謝您對最新Eclipse系統的詳細介紹。或許我們可以回到先前的問題，就其關注領域而言，這套系統是更偏向廣泛的應用場景，還是針對特定的終端市場？您是否看到，與傳統的汽車和工業領域相比，目前終端市場在運算、功耗和散熱方面的成長動能更為強勁？

Or is that something that auto and industrial customers could start to look into more once their end demand picks back up? Thank you.

或者，汽車和工業客戶是否可以在終端需求恢復後開始更多地考慮這個問題？謝謝。

Yeah, Robert. The Eclipse is not really a traditional product for industrial applications or other applications. So you could say we can use it for consumer products. We can use it for RFIC test. We can use it for general mobile applications. But we've been really being more selective here with our engineering resources and putting them more around these complex thermal requirements that we see in general AI processor needs.

是的，羅伯特。 Eclipse 其實並不是一款傳統的工業應用或其他應用產品。所以你可以說我們可以把它用於消費產品，用於射頻積體電路測試，也用於通用行動應用。但我們一直以來都更加謹慎地分配工程資源，將它們更多地投入到滿足通用人工智慧處理器複雜散熱需求的領域。

I think they've shared a collection of letters here that people using AI today, right from XPU, TPU, NPU, APU, GPU. And so we are really focused on that. We're really focused on, look, if it is AI related, whether it's training or inference mode or network mode, backbone network connectivity, that's interesting because it applies or it lends itself well to our thermal technology. It lends itself to where we can differentiate. It lends itself where we can bring value to the table.

我認為他們在這裡分享了一系列字母，這些字母代表了當今人工智慧領域的從業者所使用的各種技術，包括 XPU、TPU、NPU、APU 和 GPU。因此，我們非常關注這些技術。我們真正關注的是，如果與人工智慧相關，無論是訓練模式、推理模式還是網路模式，以及骨幹網路連接，這都非常有趣，因為它適用於我們的散熱技術，或者說非常適合我們的散熱技術。它為我們提供了差異化優勢，也為我們創造了價值。

So we're being quite selective on where we are deploying the Eclipse right now and the bandwidth that we're deploying against customers that have those challenges. So the product could be used for a variety of other things, not traditionally, not your traditional industrial auto use in this case. And so we're being more focused on AI end use cases.

因此，我們目前在部署 Eclipse 時非常謹慎，只針對那些面臨特定挑戰的客戶，並根據他們的需求分配相應的頻寬。這款產品可用於各種其他用途，並非傳統意義上的工業汽車應用。我們目前更專注於人工智慧終端應用場景。

Got it thank you so much.

收到了，非常感謝。

Denis Pyatchanin, Needham and Company.

Denis Pyatchanin，Needham and Company。

I'm great, thanks for taking our questions. So even with the recent uptick in Q3, mobile system orders year-to-date versus year-to-date last year seemed to be lagging somewhat behind other segments kind of even in light of utilization recovery there. Why have system purchase in the segment lag up somewhat? And are you perhaps expecting strength in mobile into next quarter even with systems have guided down?

我很好，感謝您回答我們的問題。儘管第三季度有所回升，但行動系統訂單量與去年同期相比似乎仍然略低於其他業務板塊，即便考慮到其他業務板塊的利用率有所恢復。為什麼該板塊的系統採購量成長略顯滯後？即使系統訂單量預期有所下調，您是否預期行動業務在下一季仍將保持強勁成長？

No, not exactly, Denis. I mean we had a -- I mean, if you look at our Q3 revenue, mobile, I think, was actually our largest segment, right, sort of tied hand-in-hand with automotive. I think the mobile-related shipments, we largely completed here in the third quarter.

不，不完全是這樣，丹尼斯。我的意思是，如果你看一下我們第三季的營收，行動業務實際上是我們最大的業務板塊，對吧，它和汽車業務幾乎是並駕齊驅的。我認為移動相關的出貨量，我們基本上在第三季完成了。

Going into fourth quarter, we should see more shipments into the auto and computing space. And then I think mobile goes into -- well, sorry, I'm thinking more in terms of our test handlers.

進入第四季度，我們應該會看到汽車和計算領域的出貨量增加。至於行動領域——嗯，抱歉，我更多指的是我們的測試處理程序。

We will see some mobile demand in RF test hit in the fourth quarter. So there's going to be a little bit of revenue there on that front. But by and large, I think -- I don't think mobile is going to be our largest segment in the fourth quarter. I don't expect that to be the case again.

第四季度，我們預期射頻測試方面會有一些行動需求，因此這方面會有少量收入。但總的來說，我認為行動業務不會成為我們第四季最大的業務板塊，我預計這種情況不會再次發生。

Great. So one more, so for automotive and industrial, the cyclical recovery continues to be kind of somewhat muted. What are you seeing in these markets in terms of recovery? So I think you're saying there's going to be some strength into Q4, but is there any visibility beyond that?

好的。最後一個問題，就汽車和工業領域而言，週期性復甦依然比較疲軟。您對這些市場的復甦前景有何看法？您認為第四季會有一些成長勢頭，但之後的發展趨勢如何？

Yeah, there's some puts and takes. You're right. This has been sort of an elusive recovery both in auto and industrial. I think we have had a quarter where we had some green shoots in auto in Q2 I want to say, and then it had some green shoots in industrial.

是的，市場有漲有跌。你說得對。無論是汽車還是工業，復甦都比較慢。我想我們在第二季看到汽車產業出現了一些復甦跡象，之後工業產業也出現了一些復甦跡象。

We're having now is more talks from customers that are saying that they are back to the mode of needing initial capacity in the auto and industrial segment, talking about some initial demand in Q1 of next year, into Q2 of next year. Nothing dramatic yet, but it's -- the talks are starting to improve.

我們現在接到更多客戶的電話，他們表示又開始需要汽車和工業領域的初始產能，並提到明年第一季到第二季會有初步需求。雖然目前還沒有出現任何重大進展，但談判正在好轉。

We're also seeing an increase in spare sales to our handlers in the auto and industrial segment, basically supporting the fact that they're taking systems that have been put aside, so under utilized segment for test and bringing those systems back online.

我們還看到汽車和工業領域的代理商的備件銷售額有所增加，這基本上證實了他們正在將一些被擱置的、未充分利用的系統用於測試，並使其重新上線。

I think, like I said, we had three consecutive quarters now of recurring business improving and continue to project the fourth quarter recurring business to improve again sequentially. This applies both to, like I said, spares for our test handler systems, which is a very good indicator as well as improvement in our test interface business.

我認為，正如我之前所說，我們的經常性業務已經連續三個季度改善，並且我們預計第四季度的經常性業務將繼續環比增長。這不僅體現在我們測試處理系統的備件業務上（這是一個非常好的指標），也體現在我們測試介面業務的改善上。

Great. And then briefly, could you discuss the gross margin strength sequentially into Q4, even with revenue being done a little bit? What's driving that?

好的。那麼，能否簡要談談第四季毛利率較上季成長的情況，即使營收略有下降？是什麼因素推動了這項成長？

There's a mix component to it, DeNIS. And as Luis just mentioned, we've got increasing recurring revenue, which has gross margins in the mid-50s. And so we're expecting the recurring revenue to be about 60% of the total revenue, it was 55% in Q3. I think that's the main driver of that increase in gross margin quarter-over-quarter.

DeNIS，這其中包含多種因素。正如Luis剛才提到的，我們的經常性收入正在成長，毛利率在50%左右。因此，我們預期經常性收入將佔總收入的60%左右，而第三季這一比例為55%。我認為這是毛利率環比成長的主要驅動因素。

Great, that's very helpful. Thank you very much.

太好了，這很有幫助。非常感謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Jeff Jones for closing remarks.

今天的問答環節到此結束。現在請傑夫瓊斯先生作總結發言。

Thank you. And before we sign off, I'd just like to note that Cohu will be attending several investor conferences over the next three months, The Stifel Midwest Conference on November 6 in Chicago. The New York City CEO Summit Conference on December 16 and the Needham Virtual Conference on January 15 of next year.

謝謝。在結束之前，我想提一下，Cohu 將在未來三個月參加幾場投資者會議，包括 11 月 6 日在芝加哥舉行的 Stifel 中西部會議、12 月 16 日在紐約市舉行的 CEO 峰會以及明年 1 月 15 日舉行的 Needham 虛擬會議。

If you plan to attend any of these conferences, please reach out to your conference contacts or contact us directly to arrange a one-on-one meeting. Thank you for joining today's call, and we look forward to speaking with you again soon.

如果您計劃參加上述任何會議，請聯絡您的會議聯絡人或直接聯絡我們安排一對一會面。感謝您參加今天的電話會議，我們期待盡快與您再次交流。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。