Diodes Inc (DIOD) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Diodes Incorporated's third-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded today, Thursday, November 6, 2025.

下午好，歡迎參加 Diodes Incorporated 2025 年第三季財務業績電話會議。（操作員說明）提醒各位，本次會議將於2025年11月6日星期四錄製。

I'd now like to turn the call over to Leanne Sievers of the Shelton Group Investor Relations. Leanne, please go ahead.

現在我將把電話交給謝爾頓集團投資者關係部門的莉安·西弗斯。莉安娜，請繼續。

Good afternoon, and welcome to Diodes' third-quarter 2025 financial results conference call. I'm Leanne Sievers, President of Shelton Group, Diodes' Investor Relations firm.

下午好，歡迎參加 Diodes 2025 年第三季財務業績電話會議。我是 Leanne Sievers，Shelton Group 的總裁，Shelton Group 是 Diodes 的投資者關係公司。

Joining us today are Diodes President and CEO, Gary Yu; CFO, Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Vice President of Marketing and Investor Relations, Gurmeet Dhaliwal.

今天與我們一同出席的有 Diodes 總裁兼執行長 Gary Yu；財務長 Brett Whitmire；全球銷售與行銷資深副總裁 Emily Yang；以及行銷與投資者關係副總裁 Gurmeet Dhaliwal。

I'd like to remind our listeners that the results announced today are preliminary as they are subject to the company finalizing its closing procedures in customary quarterly review by the company's independent registered public accounting firm. As such, these results are unaudited and subject to revision until the company files its Form 10-Q for its quarter ended September 30, 2025.

我想提醒各位聽眾，今天公佈的結果只是初步結果，因為這些結果還需公司按照慣例，由其獨立的註冊會計師事務所進行季度審核，並最終完成結算程序。因此，這些結果未經審計，可能會進行修訂，直到該公司提交截至 2025 年 9 月 30 日的季度 10-Q 表格為止。

In addition, management's prepared remarks contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission, including Forms 10-K and 10-Q.

此外，管理階層準備的發言稿包含前瞻性陳述，這些陳述存在風險和不確定性，管理階層可能會在回答您的問題時作出額外的前瞻性陳述。因此，該公司聲稱享有 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款的保護。實際結果可能與今天討論的結果有所不同，因此，我們建議您參閱公司向美國證券交易委員會提交的文件（包括 10-K 表格和 10-Q 表格）中關於風險和不確定性的更詳細討論。

In addition, any projections as to the company's future performance represent management's estimates as of today, November 6, 2025. Diodes assumes no obligation to update these projections in the future, as market conditions may or may not change, except to the extent required by applicable law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms.

此外，任何關於公司未來業績的預測均代表管理層截至 2025 年 11 月 6 日的估計。Diodes 不承擔未來更新這些預測的義務，因為市場狀況可能會發生變化，也可能不會發生變化，除非適用法律另有規定。此外，本公司在本次電話會議期間的新聞稿和管理層聲明將包括對某些指標和財務資訊的GAAP和非GAAP術語的討論。

Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details. Also, throughout the company's press release and management statements during this conference call, we refer to net income attributable to common stockholders as GAAP net income.

公司新聞稿中包含了 GAAP 項目與非 GAAP 項目的定義和調整表，其中提供了更多詳細資訊。此外，在公司新聞稿和本次電話會議的管理層聲明中，我們將歸屬於普通股股東的淨利潤稱為 GAAP 淨利。

For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days in the Investor Relations section of Diodes website at www.diodes.com.

如果您目前無法收聽整個電話會議，可以在 Diodes 網站 www.diodes.com 的投資者關係部分透過網路直播收聽錄音，有效期為 90 天。

And now, I'll turn the call of the Diodes President and CEO, Gary Yu. Gary, please go ahead.

現在，我將連線 Diodes 總裁兼執行長 Gary Yu。加里，請繼續。

Welcome, everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, revenue in the quarter increased 7% sequentially and 12% year over year, driven by strong demand across the general computing market, including for AI-related server applications, as well as data center and aging computing. Our global point of sales increased the strongest in Asia, followed by North America.

歡迎各位，感謝各位參加今天的電話會議。正如我們今天稍早發布的新聞稿中所宣布的那樣，本季營收季增 7%，年增 12%，這主要得益於通用運算市場的強勁需求，包括人工智慧相關伺服器應用、資料中心和老舊運算等。我們的全球銷售點成長最強勁的地區是亞洲，其次是北美。

Additionally, our channel inventory is at healthy level, decreasing again this quarter in terms of dollars [and] weeks, with overall inventory dollar decreasing over 25% from peak levels. Even though the rate of recovery in the automotive and industrial market continues to be slower than expected, revenue increased both sequentially and year over year in both of these end markets. When coupled with the computing market growing, the strongest along with the consumer also increasing sequentially. Product mix unfavorably weighted on the gross margin during the quarter.

此外，我們的通路庫存處於健康水平，本季以美元和周數計算再次下降，整體庫存美元較峰值水平下降超過 25%。儘管汽車和工業市場的復甦速度仍然低於預期，但這兩個終端市場的收入都實現了環比和同比增長。隨著電腦市場的成長，消費者數量也在穩定成長。本季產品組合對毛利率造成了不利影響。

Future margin expansion will be driven by ongoing improvement in the product mix as the pace of recovery accelerate in our higher-margin automotive and industrial end markets, combined with increased new product introductions in all target markets, as well as improved loading across all manufacturing facilities. At the midpoint of fourth-quarter guidance, we expect to achieve approximately 12% growth for the full year.

未來利潤率的擴張將得益於產品組合的持續改善，因為我們利潤率較高的汽車和工業終端市場的復甦步伐正在加快，同時所有目標市場都將推出更多新產品，並且所有製造工廠的產能都將得到提升。根據第四季業績指引的中位數，我們預計全年成長率約為 12%。

Looking forward, we are gaining increasing confidence in broader demand improvement in the automotive and industrial market. Diodes is gaining increasing market share in the automotive market, with new programs scheduled to launch early next year, combined with increasing content in industrial applications like AI robotics, power management, medical, and factory automation.

展望未來，我們對汽車和工業市場的整體需求改善越來越有信心。二極體在汽車市場獲得了越來越大的市場份額，新的項目計劃於明年初推出，同時在人工智慧機器人、電源管理、醫療和工廠自動化等工業應用領域的內容也在增加。

With that, let me now turn the call over to Brett to discuss our third-quarter 2025 financial results, as well as our fourth-quarter guidance in more detail.

接下來，我將把電話交給 Brett，讓他更詳細地討論我們 2025 年第三季的財務業績以及第四季的業績指引。

Thanks, Gary, and good afternoon, everyone. Revenue for the third quarter 2025 was $392.2 million, an increase of 12% over $350.1 million in the third quarter 2024, and a 7.1% increase over $366.2 million in the second quarter 2025. Gross profit for the third quarter was $120.5 million or 30.7% of revenue compared to $118 million or 33.7% of revenue in the prior-year quarter and $115.3 million or 31.5% of revenue in the prior quarter.

謝謝你，加里，大家下午好。2025 年第三季的營收為 3.922 億美元，比 2024 年第三季的 3.501 億美元成長了 12%，比 2025 年第二季的 3.662 億美元成長了 7.1%。第三季毛利為 1.205 億美元，佔營收的 30.7%，而去年同期為 1.18 億美元，佔營收的 33.7%，上一季為 1.153 億美元，佔營收的 31.5%。

GAAP operating expenses for the third quarter were $108.9 million, or 27.8% of revenue, and on a non-GAAP basis were $103.1 million, or 26.3% of revenue, which excludes $5.9 million amortization of acquisition-related intangible asset costs. This compares to GAAP operating expenses in the third quarter 2024, of $96.1 million or 27.5% of revenue and $105.9 million or 28.9% of revenue in the prior quarter. Non-GAAP operating expenses in the prior quarter were $99.8 million or 27.3% of revenue.

第三季 GAAP 營運費用為 1.089 億美元，佔營收的 27.8%；以非 GAAP 計算，營運費用為 1.031 億美元，佔營收的 26.3%，其中不包括 590 萬美元的收購相關無形資產成本攤銷。相較之下，2024 年第三季的 GAAP 營運費用為 9,610 萬美元，佔營收的 27.5%；上一季的營運費用為 1.059 億美元，佔營收的 28.9%。上一季的非GAAP營運費用為9,980萬美元，佔營收的27.3%。

Total other income amounted to approximately $7.5 million for the quarter consisting of $8.5 million of interest income, $2.4 million in unrealized gains from investments, $0.4 million in other income, $3.3 million in foreign currency losses, and $0.5 million in interest expense.

本季其他收入總額約為 750 萬美元，其中包括 850 萬美元利息收入、240 萬美元投資未實現收益、40 萬美元其他收入、330 萬美元外匯損失和 50 萬美元利息支出。

Income before taxes and non-controlling interest in the third quarter 2025 was $19 million compared to income of $18.8 million in the prior-year period and $53.2 million in the previous quarter. Turning to income taxes, our effective income tax rate for the third quarter was approximately 18.7%. We continue to expect the tax rate for the full year to be approximately 18% plus or minus 3%.

2025 年第三季稅前及非控股權益前收入為 1,900 萬美元，而上年同期為 1,880 萬美元，上一季為 5,320 萬美元。就所得稅而言，我們第三季的實際所得稅率約為 18.7%。我們仍然預計全年稅率約為 18%，上下浮動 3%。

GAAP net income for the third quarter was $14.3 million or $0.31 per diluted share compared to net income of $13.7 million or $0.30 per diluted share in the prior-year quarter and net income of $46.1 million or $0.99 per diluted share last quarter. The share count used to compute GAAP income per share for the third quarter of 2025 was 46.4 million shares.

第三季 GAAP 淨利為 1,430 萬美元，即每股攤薄收益 0.31 美元，而上年同期淨利為 1,370 萬美元，即每股攤薄收益 0.30 美元，上一季淨利為 4,610 萬美元，即每股攤薄收益 0.99 美元。2025 年第三季以 GAAP 計算每股盈餘所用的股份數量為 4,640 萬股。

Non-GAAP adjusted net income in the third quarter was $17.2 million or $0.37 per diluted share, which excluded net of tax $4.8 million of acquisition-related intangible asset costs and $1.9 million of unrealized gain on investments. This compares to non-GAAP adjusted net income of $20.1 million or $0.43 per diluted share in the third quarter 2024 and $15 million or $0.32 per diluted share in the prior quarter. Excluding non-cash share-based compensation expense of $5.4 million for the third quarter net of tax, both GAAP net income and non-GAAP adjusted net income would have increased by $0.12 per share.

第三季非GAAP調整後淨收入為1720萬美元，即每股攤薄收益0.37美元，其中扣除了稅後480萬美元的收購相關無形資產成本和190萬美元的投資未實現收益。相比之下，2024 年第三季非 GAAP 調整後淨收入為 2,010 萬美元，即每股攤薄收益 0.43 美元；上一季為 1,500 萬美元，即每股攤薄收益 0.32 美元。如果扣除第三季稅後淨額 540 萬美元的非現金股支付費用，GAAP 淨利和非 GAAP 調整後淨利每股將增加 0.12 美元。

EBITDA for the third quarter was $46.6 million or 11.9% of revenue, compared to $46.9 million or 13.4% of revenue in the prior-year period and $84.5 million or 23.1% of revenue in the prior quarter. We have included in our earnings release a reconciliation of GAAP net income to non-GAAP adjusted net income and GAAP net income to EBITDA, which provides additional details.

第三季 EBITDA 為 4,660 萬美元，佔營收的 11.9%，而上年同期為 4,690 萬美元，佔營收的 13.4%，上一季為 8,450 萬美元，佔營收的 23.1%。我們在獲利報告中加入了 GAAP 淨利潤與非 GAAP 調整後淨利潤以及 GAAP 淨利潤與 EBITDA 的調整表，其中提供了更多詳細資訊。

Cash flow provided by operations was $79.1 million for the third quarter. Free cash flow was $62.8 million, which included $16.3 million of capital expenditures. Net cash flow was a positive $59.3 million. Free cash flow per share was $1.35 for the quarter and $4.02 per share for the trailing 12 months, approaching the historical high of $4.34 per share in 2021.

第三季經營活動產生的現金流為7,910萬美元。自由現金流為 6,280 萬美元，其中包括 1,630 萬美元的資本支出。淨現金流為正5930萬美元。本季每股自由現金流為 1.35 美元，過去 12 個月每股自由現金流為 4.02 美元，接近 2021 年創下的每股 4.34 美元的歷史最高紀錄。

Turning to the balance sheet, at the end of third quarter, cash, cash equivalents, restricted cash, plus short-term investments totaled approximately $392 million. Working capital was approximately $890 million in total debt, including long-term and short-term was approximately $58 million.

從資產負債表來看，截至第三季末，現金、現金等價物、受限現金加上短期投資總額約 3.92 億美元。營運資金約 8.9 億美元，總債務（包括長期債務和短期債務）約 5,800 萬美元。

In terms of inventory, at the end of the third quarter, total inventory days were approximately 162 as compared to 173 last quarter, down approximately 11 days sequentially. Finished goods inventory days were 62, a decrease of nine days from the 71 days last quarter.

就庫存而言，第三季末，總庫存天數約為 162 天，而上一季為 173 天，季減了約 11 天。成品庫存週轉天數為 62 天，比上季的 71 天減少了 9 天。

Total inventory dollars decreased $11.8 million from the prior quarter to $470.9 million, consisting of a $17.3 million decrease in finished goods and a $1 million decrease in work in process and a $6.5 million increase in raw materials. Capital expenditures on a cash basis were $16.3 million for the third quarter, or 4.2% of revenue, which was below our targeted annualized range of 5% to 9% of revenue.

與上一季相比，總庫存金額減少了 1,180 萬美元，至 4.709 億美元，其中成品減少了 1,730 萬美元，在製品減少了 100 萬美元，原材料增加了 650 萬美元。第三季現金資本支出為 1,630 萬美元，佔營收的 4.2%，低於我們設定的 5% 至 9% 的年度目標範圍。

Now turning to our outlook. For the fourth quarter of 2025, we expect revenue to be approximately $380 million, plus or minus 3%. At the midpoint, this is better than typical seasonality from third quarter and represents a 12% increase over the prior-year period and will be the fifth consecutive quarter of year-over-year growth.

現在談談我們的展望。我們預計 2025 年第四季的營收約為 3.8 億美元，上下浮動 3%。從中點來看，這比第三季的典型季節性變化要好，比上年同期增長了 12%，這將是連續第五個季度同比增長。

GAAP gross margin is expected to be 31%, plus or minus 1%. Non-GAAP operating expenses, which are GAAP operating expenses adjusted for amortization of acquisition-related intangible assets, are expected to be approximately 27% of revenue, plus or minus 1%.

GAAP毛利率預估為31%，上下浮動1%。非GAAP營運費用（即根據GAAP營運費用調整收購相關無形資產攤銷後的營運費用）預計約為營收的27%，上下浮動1%。

We expect net interest income to be approximately $1 million. Our income tax rate is expected to be 18.5%, plus or minus 3%. And shares used to calculate EPS for the fourth quarter are anticipated to be approximately 46.4 million shares. Not included in these non-GAAP estimates is amortization of $4.8 million after tax for previous acquisitions.

我們預計淨利息收入約為100萬美元。我們的所得稅稅率預計為 18.5%，上下浮動 3%。用於計算第四季每股收益的股票數量預計約為 4,640 萬股。這些非GAAP估計中不包括先前收購的稅後攤提480萬美元。

With that said, I now turn the call over to Emily Yang.

接下來，我將把電話交給楊艾米莉。

Thank you, Brett, and good afternoon. Revenue in the third quarter was up 7.1% sequentially and at the midpoint of our guidance, mainly driven by strong demand in Asia, especially in Taiwan for the AI computing applications. Our global point of sales increase in Asia, followed by North America, and our channel inventory decreased both in dollars and in weeks. During the quarter, we continued to drive our new product initiative with approximately 180 new PAR numbers, of which 60 were for automotive applications.

謝謝你，布雷特，下午好。第三季營收季增 7.1%，達到我們預期的中位數，主要得益於亞洲，特別是台灣地區對人工智慧運算應用的強勁需求。我們的全球銷售點在亞洲成長，其次是北美，而我們的通路庫存無論從金額或週數都減少了。本季度，我們繼續推進新產品計劃，推出了約 180 個新的 PAR 編號，其中 60 個用於汽車應用。

Looking at the global sales in the third quarter, Asia represented 78% of the revenue, Europe 12%, and North America 10%. In terms of our end markets, industrial was 22% of Diodes product revenue, automotive 19%, computing 28%, consumer 18%, and communications 13% of the product revenue.

從第三季的全球銷售額來看，亞洲佔營收的 78%，歐洲佔 12%，北美佔 10%。就我們的終端市場而言，工業領域佔 Diodes 產品收入的 22%，汽車領域佔 19%，電腦領域佔 28%，消費領域佔 18%，通訊領域佔 13%。

Our automotive industrial revenue combined was 41%, which was 1 percentage point lower compared to the last quarter. Even though automotive industrial revenue increased quarter over quarter, the computing end market experienced stronger growth than the 7% of the company average for the quarter, and the industrial market grew at a lower rate than the average.

我們的汽車工業總收入為 41%，比上一季下降了 1 個百分點。儘管汽車工業收入環比增長，但電腦終端市場的成長速度高於該公司該季度平均 7%，而工業市場的成長速度低於平均水平。

Now let me reveal the end markets in greater detail. Starting with automotive, revenue in the quarter grew 8.5% sequentially and 18.5% in the first three quarters over last year even though as a percentage of the total product revenue was flat to the last quarter due to the growth in the other markets. The revenue increase during the quarter served as a further evidence that the inventory situation continued to improve even though the overall demand remained dynamic and the pace of recovery is slower than expected. The other positive news is that we are starting to see more new programs scheduled to ramp early next year.

現在讓我更詳細地介紹一下終端市場。以汽車業務為例，儘管由於其他市場的成長，汽車業務佔總產品收入的比例與上一季持平，但本季營收季增 8.5%，前三個季度同比增長 18.5%。本季營收的成長進一步證明，儘管整體需求依然波動，復甦速度也比預期慢，但庫存狀況仍在持續改善。另一個好消息是，我們開始看到更多新項目計劃在明年初啟動。

Our controllers and MOSFET combination from the low-voltage MOSFET product line has established a strong presence in the automotive DC source applications. Our newly released 50-amp, 650-volt automotive-grade silicon carbide Schottky diodes are specifically seeing traction in energy storage systems. And our small synode bipolar junction transistors devices package in DFN are proving to be valuable for general-purpose signal switching, offering flexibility and compactness for various electronic designs.

我們的低壓 MOSFET 產品線中的控制器和 MOSFET 組合在汽車直流電源應用領域建立了強大的市場地位。我們新推出的 50 安培、650 伏特汽車級碳化矽肖特基二極體在儲能係統中尤其受到青睞。我們採用 DFN 封裝的小型同步雙極接面電晶體元件，在通用訊號開關領域展現出巨大的價值，為各種電子設計提供了靈活性和緊湊性。

Additionally, our latest NPN and PNP bipolar junction transistor products feature industrial-leading low saturated voltage, making them ideal for a range of automotive applications. These products are ideally suited for voltage regulation, DC-DC converters, motors, as well as LED lighting, engine control units, power management, and linear controllers.

此外，我們最新的 NPN 和 PNP 雙極接面電晶體產品具有業界領先的低飽和電壓，使其成為各種汽車應用的理想選擇。這些產品非常適合用於電壓調節、直流-直流轉換器、馬達以及LED照明、引擎控制單元、電源管理和線性控制器。

Diodes TVS products are being designed into battery management system applications, providing robust surge and over-voltage protection for reliable automotive battery performance. In addition to our TVS products, our switching diodes, Zener diodes, and SBR products have designed wins in autonomous driving, telematic, and infotainment applications. And our USB 2.0 signal booster devices are being adopted for in-car charging solutions and other [Copic] electronics, enabling stable signal transmission in long cable environments.

二極體 TVS 產品被設計用於電池管理系統應用，為可靠的汽車電池性能提供強大的突波和過壓保護。除了我們的 TVS 產品外，我們的開關二極體、齊納二極體和 SBR 產品也在自動駕駛、遠端資訊處理和資訊娛樂應用領域取得了設計上的成功。我們的 USB 2.0 訊號增強器設備正被應用於車載充電解決方案和其他 [Copic] 電子產品中，從而在長電纜環境下實現穩定的訊號傳輸。

We have also seen strong demand for our low-quantum current LDO operating at 40 to 60 volts, driven by increased production of MCU power supply systems. Our automotive hot-effect sensors, including latch and omni-polar switch variants, have experienced double-digit growth, driven by new design wins in the C motors, window and tailgate lifters, cooling fans, and glove box sensors. This momentum is expected to continue as automotive design become increasingly more sophisticated.

我們也看到，受 MCU 電源系統產量增加的推動，市場對我們工作電壓為 40 至 60 伏特的低量子電流 LDO 有強勁的需求。我們的汽車熱效應感測器（包括鎖存器和全極開關型號）實現了兩位數的成長，這得益於我們在 C 型馬達、車窗和後擋板升降器、冷卻風扇和手套箱感測器等領域的新設計訂單。隨著汽車設計日趨複雜，這種勢頭預計將會持續下去。

And lastly, our LED drivers are seeing solid demand supporting a diverse range of applications such as gear shift control indicators, interior cabin lighting, and mood lighting.

最後，我們的 LED 驅動器需求強勁，可支援各種應用，例如換檔控制指示器、車廂內部照明和氛圍照明。

Turning to industrial market, similar to the automotive market, the inventory situation continues to improve gradually with revenue in this market grow almost 4% sequentially and 13% for the first nine months. We continue to expect the overall inventory situation will begin to normalize next year. We are seeing applications such as AI robotic, medical, and factory automation gaining strong demand momentum.

再來看工業市場，與汽車市場類似，庫存狀況持續逐步改善，該市場的營收季增近 4%，前九個月成長 13%。我們仍然預計整體庫存狀況將於明年開始恢復正常。我們看到人工智慧機器人、醫療和工廠自動化等領域的應用正在獲得強勁的需求成長動能。

With the increasing power consumption by new systems, the importance of power supply and backup power solutions for AI servers is becoming increasingly critical. Next-generation surfer power supply systems are transitioning from the current 48-volt system to 400-volt and 800-volt systems and adopting a standalone power rack design.

隨著新系統功耗的不斷增加，人工智慧伺服器的電源供應和備用電源解決方案的重要性日益凸顯。新一代衝浪板電源系統正在從目前的 48 伏特系統過渡到 400 伏特和 800 伏特系統，並採用獨立的電源機架設計。

Diodes SBR products, silicon carbine MOSFET, ideal diode controllers are gaining traction in these innovative applications are increasingly being adopted by a range of power supply customers. Additionally, our portfolio of 50-amp, 1,200-volt silicon carbide Schottky diodes products are achieving success in energy storage applications, delivering efficient and reliable performance. And our silicon carbide MOSFETs are also seeing increasing adoption, especially for applications such as EV chargers and power supply for AI servers and data center applications.

二極體 SBR 產品、碳化矽 MOSFET、理想二極體控制器在這些創新應用中越來越受歡迎，並被各種電源客戶越來越多地採用。此外，我們的 50 安培、1200 伏特碳化矽肖特基二極體產品組合在儲能應用領域取得了成功，提供了高效可靠的性能。我們的碳化矽 MOSFET 也得到了越來越廣泛的應用，尤其是在電動車充電器、人工智慧伺服器電源和資料中心應用等領域。

Also in the industrial, Diodes TVS products are being integrated into power adapters to provide robust ESD and surge protection, enhancing device reliability. And our high-voltage sensors, low-dropout regulators, and voltage reference solutions are demonstrating strong momentum in a variety of industrial applications, including fan motors, household appliances, power tools, and emitters.

此外，在工業領域，二極體 TVS 產品正被整合到電源轉接器中，以提供強大的 ESD 和突波保護，從而提高設備的可靠性。我們的高壓感測器、低壓差穩壓器和電壓基準解決方案在各種工業應用中都展現出強勁的發展勢頭，包括風扇馬達、家用電器、電動工具和發射器。

In the computing market, we saw the strongest growth this quarter, increasing almost 17% sequentially and 22% in the first nine months compared to last year. The highlight continues to be the strong demand momentum for AI-related applications. With the chipset refresh cycle underway, we are gaining strong traction and market share across our connectivity and timing product line with particular strength in PCI Express 5.0 and 6.0 clock solutions. This growth is fueled by increasing demand within AI, data center, and edge-computing applications.

本季電腦市場成長最為強勁，季增近 17%，前九個月與去年同期相比成長 22%。亮點依然是市場對人工智慧相關應用的強勁需求動能。隨著晶片組更新周期的進行，我們在連接和時序產品線方面獲得了強勁的勢頭和市場份額，尤其是在 PCI Express 5.0 和 6.0 時脈解決方案方面實力雄厚。人工智慧、資料中心和邊緣運算應用領域的需求不斷增長，推動了這一成長。

Our level-shifter products are also seeing notable expansion, especially in server applications with major customers. Additionally, our signal integrity and high-speed switch portfolio including USB 4 and PCIe 5 and 6 has gained significant traction. These products are being widely adopted in key applications such as AI cars for surfer and solid state drivers.

我們的電平轉換器產品也得到了顯著擴展，尤其是在擁有主要客戶的伺服器應用領域。此外，我們的訊號完整性和高速交換器產品組合（包括 USB 4 和 PCIe 5 和 6）也獲得了顯著的市場認可。這些產品正在被廣泛應用於關鍵應用領域，例如衝浪者的 AI 汽車和固態駕駛員。

Our ESD protection devices are also increasingly being integrated into SD applications showing a positive ramp up. We also continue to secure design wins for our PCI Express 4.0 and 5.0 re-driver solutions and are now entering solid production phase in both notebook and SSD applications. And our power switches are in high demand for the data center SSDs, while USB-C source switch are being utilized in power ports for the desktop and docking stations. Our linear LED drivers are also seeing increased deployment in servers.

我們的靜電放電保護元件也越來越多地整合到安全資料擷取應用中，呈現出積極的成長趨勢。我們也繼續為我們的 PCI Express 4.0 和 5.0 重驅動解決方案贏得設計訂單，現在正進入筆記型電腦和 SSD 應用的穩定生產階段。我們的電源開關在資料中心 SSD 領域需求量很大，而 USB-C 電源開關則被用於桌上型電腦和擴充座的電源連接埠。我們的線性LED驅動器在伺服器領域的應用也日益廣泛。

In the consumer market, revenue also increased 8.5% sequentially and 7% for the first nine months, even though flat as a percentage of the total product revenue. Diodes bridge rectifiers are being designed into multiple power adapters that are ramping up, fueled by increased demand in the gaming system. The adoption of DP2.0 re-drivers is on the rise in high-resolution gaming monitors, supporting enhanced image quality and faster refresh rates.

在消費市場，儘管佔產品總收入的百分比持平，但收入環比增長了 8.5%，前九個月增長了 7%。二極體橋式整流器正被設計成多種電源轉接器，而這些轉接器的產量也不斷增加，這是由於遊戲系統的需求不斷增長所致。DP2.0 重驅動器在高解析度遊戲顯示器中的應用日益普及，支援更高的影像品質和更快的更新率。

Additionally, adoption of our MIPI switches and re-drivers is also ramping up as they are being incorporated into [argumentary] reality glasses, signaling rapid growth opportunities in variable display technologies.

此外，隨著我們的 MIPI 開關和重驅動器被整合到（推測的）現實眼鏡中，它們的採用率也在不斷提高，這預示著可變顯示技術領域的快速成長機會。

Lastly, in the communication market, overall growth was relatively flat sequentially and a slight decrease for the first nine months. We are, however, seeing pockets of growth driven by the AI and high-speed interconnect applications. This demands being driven diodes introduction of new crystal oscillators that offer significant lower jitter, less than 60 [phantoseconds], and also support higher frequency now reaching 312.5 megahertz in addition to the previous 156.25 megahertz.

最後，在通訊市場方面，整體成長季相對平穩，前九個月略有下降。然而，我們看到人工智慧和高速互連應用推動了部分領域的成長。這就要求採用驅動二極體，引入新的晶體振盪器，以提供顯著更低的抖動（小於 60 幻秒），並且支援更高的頻率（現在達到 312.5 兆赫茲，而之前的頻率為 156.25 兆赫茲）。

These advanced oscillators are gaining adoption in the optical transceiver modules, which are integral to the high-speed 800G and 1.6T optical communications within data center. And the auto-directional level shifter and the low dropout regulators experienced strong demand driven by the growth of AI-enabled smartphone applications.

這些先進的振盪器正在光收發器模組中得到應用，而光收發器模組是資料中心內高速 800G 和 1.6T 光通訊不可或缺的一部分。而自動方向電平轉換器和低壓差穩壓器則因人工智慧智慧型手機應用的成長而獲得了強勁的需求。

In summary, our continued year-over-year growth momentum is a result of our past design wins and content expansion initiative across our target end markets. Additionally, our continuous investment in new product introduction in our high margin end markets of automotive industrial position us well for a return to strong growth in those markets as the recovery accelerates.

總而言之，我們持續的同比成長勢頭得益於我們過去在設計領域的成功案例以及在目標終端市場中開展的內容拓展計劃。此外，我們持續投資於汽車工業等高利潤終端市場的新產品推出，這使我們能夠在經濟復甦加速之際，在這些市場中恢復強勁成長。

And with a return to more healthy inventory level and shipments more closely reflecting true end demand, we expect to see increased loading at our manufacturing facilities and improving margin over the coming quarters.

隨著庫存水準恢復到更健康的水平，出貨量更能反映真實的終端需求，我們預計未來幾季我們的製造工廠的裝載量將會增加，利潤率也會提高。

With that, we now open the floor to questions. Operator?

接下來，我們將開放提問環節。操作員？

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Hey, good afternoon, everyone, and congrats on the solid results here. I guess maybe first question, Emily, you kind of touched on this at the end on the increased loadings. But as you kind of think about the gross margin for the year and what those loadings could look like, can you kind of give us a sense of what your expectations are for growth and maybe how those loadings should look as we move through next year?

大家好，下午好，恭喜大家取得如此優異的成績。我想第一個問題可能是，艾米麗，你在最後提到了增加負荷的問題。但是，當您考慮今年的毛利率以及這些附加費可能會是什麼樣子時，您能否大致談談您對增長的預期，以及隨著我們進入明年，這些附加費可能會是什麼樣子？

Yeah. So I think if you look at the gross margin rate, there's a couple areas that we believe is going to improve over time, right? So number one, we do expect the product mix will continue to improve throughout the quarters. With a lot of pipeline, we have a lot of success in the automotive. With a key focus introducing a lot of new products, we are actually confident that the combination of the product mix will continue.

是的。所以我覺得，如果你看一下毛利率，我們認為有幾個方面會隨著時間的推移而改善，對吧？首先，我們預計產品組合將在接下來的幾季中持續改善。憑藉大量的管道運輸，我們在汽車行業取得了巨大的成功。我們重點介紹大量新產品，因此我們有信心產品組合將繼續保持目前的良好態勢。

And then if we look at the [Paracon] product family, we continue to focus on the AI areas. We believe that will continue to help us from the product mix. On top of that, we have new product introduced throughout the quarters, especially focusing automotive area and some other areas. So again, that's part of the product mix.

然後，如果我們看一下[Paracon]產品系列，我們會繼續專注於人工智慧領域。我們相信這將繼續對我們產品組合有所幫助。除此之外，我們還在各個季度推出了新產品，尤其專注於汽車領域和其他一些領域。所以，這也是產品組合的一部分。

For the longer term 2026, we do expect the revenue to be a growth year, right? So naturally, when we grow the revenue, that will increase the loading of our factories. We also aggressively porting our product into our factories from outside to inside and balance overall the loading as well, so gradually, that will show some improvement. I think going down to manufacturing efficiency, I think overall, Gary and the company is driving very aggressively for cost down and continue improving that area. So I would say if you add all these things together, that's actually the reason that we believe.

從長遠來看，我們預計 2026 年的收入將實現成長，對嗎？所以，收入成長自然會增加工廠的負荷。我們也積極地將產品從外部轉移到工廠內部，並平衡整​​體裝載量，因此，這種情況會逐漸改善。我認為，就生產效率而言，總體而言，Gary 和公司正在積極推動降低成本，並不斷改進這一領域。所以我覺得，把所有這些因素加起來，這實際上就是我們所相信的原因。

And then on top of that, I also talk about that if we look at the channel inventory, we believe the ship in, the ship out is going to be more balanced moving forward. We have been depleting quite a lot for the last few quarters, and that's actually going to get more stabilized. So I would say that's the other angle to think about it.

此外，我還提到，如果我們看一下渠道庫存，我們相信未來進出量將會更加平衡。過去幾季我們的資金消耗量相當大，但這種情況實際上將會變得更加穩定。所以我覺得這是思考這個問題的另一個角度。

Yeah. Okay, great. And then maybe on the tariff side, it seems like some of your peers have had a challenging time kind of sidestepping from the earlier in the year pull-ins, but that doesn't seem to have impacted you, and we're not seeing it here in the fourth quarter. Maybe talk about that, how you're able to navigate that. But are you seeing that impact, or could you potentially see that as we move into next year? Is there anything, I guess, from that perspective that we should be thinking about? Thank you.

是的。好的，太好了。然後，在關稅方面，似乎你們的一些同行在應對年初的關稅上漲方面遇到了一些挑戰，但這似乎並沒有影響到你們，我們在第四季也沒有看到這種情況。或許可以談談你是如何應對這種情況的。但您是否已經感受到這種影響？或者，隨著我們進入明年，您是否有可能感受到這種影響？從這個角度來看，我們是不是應該考慮一下這個問題呢？謝謝。

So David, I want to make sure you are talking about the tariff importing into US?

所以大衛，我想確認一下，你指的是進口到美國的關稅嗎？

Yeah. The general demand trends as we saw with the tariffs that were driving some earlier loadings for production to come to the US. Just the demand dynamics around that and that channel inventory associated with it.

是的。正如我們所看到的，關稅推動了早期一些生產貨物運往美國，這反映了整體需求趨勢。只是圍繞著這一需求的動態變化以及與之相關的通路庫存。

I would say overall, we didn't really see the big spike or change overall for the demand point of view. I think tariffs is not new just for last quarter. It has been in place for quite some time. I think we are working aggressively, leverage our flexible manufacturing sites and moving things around to minimize the tariff's overall impact for US revenue.

總的來說，從需求角度來看，我們並沒有真正看到大幅成長或變化。我認為關稅並非上個季度才出現的新問題。它已經存在相當長一段時間了。我認為我們正在積極努力，利用我們靈活的生產基地，並調整生產安排，以最大限度地減少關稅對美國收入的整體影響。

I think on top of it, majority or there's quite a lot of revenue within North America is actually importing into Mexico or Canada, so that's actually also a different story. I would say all in all, if you look at the overall percentage of the business for North America, still a very small percentage. So that's a reason that we are working different angles, but the overall impact is relatively small for Diodes.

我認為除此之外，北美的大部分收入實際上是透過進口到墨西哥或加拿大獲得的，所以這其實也是另一個不同的情況。總的來說，如果從北美業務的整體比例來看，這個比例仍然非常小。所以這就是我們從不同角度入手的原因，但對二極體而言，整體影響相對較小。

But and I would like to add a comment on that. The market is very dynamic, especially like country to country, this kind of geopolitical issue. So I also always want to keep our flexibility to support customer anywhere they want it.

但是，我想就此補充一點。市場瞬息萬變，尤其是在國家之間，這種地緣政治問題更是如此。因此，我也始終希望保持我們的靈活性，以便在客戶需要的任何地方提供支援。

All right, very good. Certainly appreciate that. And maybe just lastly for me is on the automotive side, you've talked about things getting better there, inventory's better. How do you see maybe your position, given your content growth and these programs that are ramping next year, how do you think we should look at the revenue growth trajectory for automotive specifically as we get into next year? Thank you.

好的，非常好。當然非常感謝。最後，我想說的是汽車方面，您提到那裡的情況正在好轉，庫存情況也好了很多。鑑於貴公司內容的成長以及明年即將啟動的這些項目，您如何看待貴公司目前的市場地位？您認為我們應該如何看待明年汽車產業的營收成長軌跡？謝謝。

Yeah. So current percentage for automotive for us based on the Q3 result is 19%, right? We definitely expect our automotive percentage will continue to improve in 2026, especially with the market share gain and the content expansion that you just mentioned.

是的。所以根據第三季業績，我們目前汽車產業的佔比是 19%，對嗎？我們預計到 2026 年，我們的汽車業務佔比將繼續提高，尤其是在您剛才提到的市佔率成長和內容擴展方面。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Tristan Gerra, Baird.

特里斯坦·格拉，貝爾德。

Hi, good afternoon. You mentioned insourcing as a gross margin catalyst for '26. How should we look at the gross margin benefit for an analog product currently outsourced in Korea or in Japan versus once it moves internally?

您好，下午好。您提到內部資源整合是 2026 年毛利率成長的催化劑。我們該如何看待目前外包給韓國或日本生產的模擬產品與轉移到公司內部生產後的毛利率收益？

And is it fair to say that the qualification process for your South Portland, Maine fab is ongoing, and it sounds that perhaps it's more of a second half of next year dynamic, given that industrial and automotive are still somewhat in recovery mode?

可以這樣說嗎？您位於緬因州南波特蘭的工廠的資格認證過程仍在進行中，考慮到工業和汽車行業仍處於某種程度的復甦階段，聽起來可能要到明年下半年才能啟動？

Okay, Tristan. This is Gary. Let me help to answer this question for you. And by moving external to external, definitely going to benefit Diodes a lot. For example, if I subcount to my waiver to our subcount partner, they're definitely going to earn some premium from Diodes, and then we can save the premium by loading internally, which are very, very effective costs, this kind of model on data. Definitely, we can enjoy the benefit of moving external to internal.

好的，特里斯坦。這是加里。讓我來幫你解答這個問題。將電路從外部移到外部，肯定會對二極體大有裨益。例如，如果我將我的豁免分攤到我們的分攤合作夥伴，他們肯定會從 Diodes 獲得一些溢價，然後我們可以透過內部加載來節省溢價，這是非常非常有效的成本，這種數據模型。當然，我們可以享受從外部轉向內部帶來的好處。

As for the analog part, we continue loading or qualify the processed new product into our SPFAB, and we do see a very, very good progress so far and we do have our new product or re-qualified product from this waiver that have been qualified in our key customer side and we do see the PO coming in just recently from the previous couple quarter.

至於模擬部分，我們繼續將加工後的新產品加載或驗證到我們的 SPFAB 中，到目前為止，我們看到了非常好的進展，我們確實有來自此次豁免的新產品或重新驗證的產品，這些產品已經在我們的主要客戶方面獲得了認證，並且我們看到最近幾個季度收到了採購訂單。

So to offset our OEM customer under load issue or continue to drop the demand, we do significantly improve our loading in those particular SPFAB to offset the sky-end loading issue in the call. So for year 2026, I do believe loading will be improved and the GP coming from this wafer fab will improve, too.

因此，為了彌補 OEM 客戶在負載問題或需求持續下降的情況下造成的損失，我們顯著提高了特定 SPFAB 的負載，以彌補呼叫中的高階負載問題。因此，我相信到 2026 年，產能利用率會提高，而這家晶圓廠生產的 GP 也會提高。

Great, that's very useful. And then you mentioned AI as a key driver of computing, but you also mentioned computing being a negative on mix. What percentage of your computing revenue right now is data center? And then any way to quantify how much of the growth is coming from AI-related products?

太好了，這非常有用。然後你提到人工智慧是計算的關鍵驅動力，但你也提到計算對組合產生了負面影響。目前貴公司計算業務收入中有多少百分比是來自資料中心？那麼，有沒有辦法量化成長中有多少來自人工智慧相關產品？

Yeah, Tristan, this is Emily. We're sorry right now we actually don't have the breakdown information. But if you look at our Q3 result, computing is the strongest growth market segment for us. We actually achieved 70%, 17% sequentially, and 22% just compare the first three quarters, and majority of this growth is driven by AI.

是的，特里斯坦，這是艾米莉。很抱歉，我們目前還沒有詳細的分析資訊。但如果你看一下我們第三季的業績，就會發現電腦業務是我們成長最強勁的市場領域。實際上，我們實現了 70% 的成長，環比成長 17%，僅比較前三個季度就成長了 22%，而這一成長的大部分是由人工智慧驅動的。

So I think the other thing I want to point it out, AI is not just in the computer segments, right? We also, for example, are seeing AI related in the industrial power supply, you know, or some other edge AI applications that's driving some of the refresh cycle. That's actually the reason we haven't been able to break it out.

所以我想指出的另一點是，人工智慧不僅存在於電腦領域，對吧？例如，我們也看到人工智慧在工業電源領域，或其他一些邊緣人工智慧應用中發揮作用，這正在推動一些更新換代週期。這其實就是我們一直沒能把它弄出來的原因。

I think on top of that, if you really think about our product, it's really fitted for a lot of applications, not just limited to AI. But I would say all in all, it's really positive. We're actually excited to see the performance and the growth, especially in the computing market segment.

除此之外，我認為如果你仔細想想我們的產品，它其實非常適用於許多應用場景，而不僅限於人工智慧。但總的來說，我認為這是非常積極的。我們對公司的表現和成長感到非常興奮，尤其是在電腦市場領域。

Yeah, and just like Emily said, no matter AI in compute or industrial, we do see this kind of market segment will continue to grow next year and even year after next year. And at the same time, we continue to introduce a new product into this segment. And this new product, usually we can join much better GP on that. So that's really we're going to put our R&D focus on that but continue to grow our GP percent in the future.

是的，就像艾米麗說的那樣，無論人工智慧應用於運算領域還是工業領域，我們都看到這類市場細分領域明年甚至後年都將繼續成長。同時，我們不斷向該領域推出新產品。而對於這款新產品，我們通常可以獲得更多更好的GP。所以，我們將把研發重點放在這方面，但未來仍將繼續提高毛利率。

Okay, great. And just one quick last one. Do you see yourself as a benefit from the disruptions around Nexperia? Because my understanding is that it's a lot of discrete product. And are you second-sourcing some of that? Is that a tailwind for next year?

好的，太好了。最後一個問題。你認為自己能從Nexperia事件的動盪中受益嗎？因為我的理解是，它包含許多獨立的產品。你們是否從其他管道採購了部分產品？這對明年來說是利好嗎？

Yeah. Tristan, we're definitely aware of the situation. Discrete, diodes, ratifiers, MOSFETs, LOGIT, definitely part of our broad portfolio. And it does cross over to some of our peers like Nexperia, right?

是的。特里斯坦，我們當然了解狀況。分立元件、二極體、認證器、MOSFET、LOGIT，絕對是我們廣泛產品組合的一部分。而且它也與我們的一些同行，例如 Nexperia，有重疊之處，對吧？

Like I mentioned before, any time there's a change of supply situation, strategic decision, whether change price or supply or low margin focus, it always creates opportunity for Diodes, and we always utilize this type of opportunities to really expand and build a stronger relationship with our strategic customers and also the focus in automotive market segment. We do review all this business very carefully and engage in the areas that fit into our overall long-term strategy and focus. So our goal at the end is really better serve the customers overall.

正如我之前提到的，任何時候供應情況發生變化，策略決策，無論是價格變化、供應變化還是低利潤重點，都會為 Diodes 創造機會，我們總是利用這類機會來真正擴大規模，並與我們的策略客戶建立更牢固的關係，同時專注於汽車市場領域。我們會非常仔細地審查所有這些業務，並參與符合我們整體長期策略和重點的領域。所以，我們的最終目標是更好地服務客戶。

Very useful. Thank you very much.

非常實用。非常感謝。

Thank you, Tristan.

謝謝你，特里斯坦。

(Operator Instructions) William Stein, Truist.

（操作說明）威廉·斯坦，Truist。

Hi, this is Elliot on for Will. Thanks for letting me ask a question. You mentioned 2026 being a growth year, and it looks like recent top-line growth is holding in around plus 10% year over year. Is that a reasonable level for us to expect through 2026? And I'm wondering if you could give us some examples of end markets or products or applications that could maybe trigger a more robust recovery than, say, plus 10%.

大家好，我是Elliot，替Will為您報道。謝謝允許我提問。您提到 2026 年是成長年，最近的營收成長似乎保持在年增 10% 左右。2026 年之前，這樣的預期水準合理嗎？我想知道您能否舉例說明一些終端市場、產品或應用，這些市場、產品或應用可能會引發比成長 10% 更強勁的復甦。

All right. This is Gary. Let me try to help answer this question. The answer to you is yes, for sure. We do believe that year 2026 will be another good year for Diodes. Not only the revenue growth, like a double digit, I won't drive on that way, but also I want to make sure our profitability also grows aligned with our revenue growth. That's our commitment to the shareholder.

好的。這是加里。讓我來試著回答這個問題。答案當然是肯定的。我們相信2026年對二極體產業來說又將是美好的一年。不僅是營收成長（例如兩位數的成長），我不會繼續走這條路，我還希望確保我們的獲利能力也能與營收成長保持同步成長。這是我們對股東的承諾。

And as for which segment we are looking for the most aggressive growth, once (inaudible) and Emily mentioned about in the previous answer, another one will be automotive plus industrial, because we do see the automotive and industrial in the near future. Not only the segment increase, but also we do have a newer product introduced into this segment and been designing since the past couple quarters. So we do see the revenue is going to be growth in these two segments.

至於我們最看好哪個領域的成長，正如（聽不清楚）和艾米麗在前一個回答中提到的，另一個領域將是汽車和工業，因為我們確實看到了汽車和工業在不久的將來會取得顯著增長。不僅細分市場有所成長，而且我們還推出了一款新產品，從過去幾季就開始設計。因此，我們預計這兩個領域的收入將會成長。

Yeah. I think on top of that, we went through a period of inventory adjustment. We believe that by 2026, even with few customers' inventory situation, we'll continue to improve, and that naturally is going to drive some of the demand as well.

是的。我認為除此之外，我們還經歷了一段庫存調整期。我們相信，到 2026 年，即使少數客戶的庫存狀況不佳，我們也會繼續改進，這自然也會推動一些需求。

Exactly.

確切地。

Okay, thanks. And one more, if I can. We've talked previously about a 20% operating margin target. I'm wondering if you could give us some color and maybe be a little more prescriptive in terms of the different variables you gave earlier about margins improving of how you can get to potentially that 20% range again from the, call it, mid-single digits today. What's the lion's share? Anything like that you can provide? Thank you.

好的，謝謝。如果可以的話，再來一個。我們之前討論過20%的營業利益率目標。我想請您詳細解釋一下，並就您之前提到的不同變量，特別是利潤率的提高，給出一些更具指導性的建議，說明如何才能將目前的個位數利潤率重新提升到 20% 左右。大部分份額是什麼？您能提供類似的東西嗎？謝謝。

Okay. Let me try to give you a very high-level direction I want to drive on that. At first, we want to drive top line means like revenue is going to be gross and along with the GP and GP percent improvement on that direction and on the growth mode.

好的。讓我試著給你一個大致的方向，這是我想要朝著這個方向努力的方向。首先，我們希望推動營收成長，例如毛收入，以及毛利和毛利百分比的提升，朝著這個方向發展，並朝著成長模式發展。

At the same time -- and I really want to keep our SG&A flat -- our last percentage there while the revenue grows, but I really want to put more focus on R&D expenditure along with the revenue growth. With that, I do believe we can improve more on our bottom line.

同時——我真的希望保持銷售、一般及行政費用不變——在收入增長的同時，我們最後的百分比，但我真的希望在收入增長的同時，更加註重研發支出。因此，我相信我們可以在盈利方面進一步提高。

So let me emphasize again, revenue growth and along with the GDP percent and GPM growth, we keep SG&A, SG&A percentage flat or reduced. And at the same time, I want to focus on invest more on R&D.

所以讓我再次強調，在維持銷售、管理及行政費用（SG&A）和銷售、管理及行政費用百分比不變或降低的同時，收入增長以及 GDP 百分比和 GPM 增長。同時，我希望加大對研發的投入。

Yeah, a couple things I would add to that -- this is Brett, is that when you think about that 20% margin, the building blocks to that are principally two things, our gross margin continuing to improve and working its way back to 40%-plus. And you've basically got the OpEx that we have -- that we've shown that at the higher revenue levels will be around 20%. And as Gary mentioned, the goal is to -- and what you can see in our investment is leaning heavier into the R&D piece than we are on the SG&A.

是的，我還要補充幾點——我是布雷特——當你考慮20%的利潤率時，其構成要素主要有兩個：我們的毛利率持續提高，並逐步恢復到40%以上。基本上，我們的營運支出就是——我們已經證明，在較高的收入水平下，營運支出將達到 20% 左右。正如 Gary 所提到的，我們的目標是——而且從我們的投資中可以看出，我們更側重於研發，而不是銷售、一般及行政費用。

And so I think that's -- those are the two main components. And the big one we spend the time on is on the gross margin and the real drivers to that and building on the differentiated, more quality products across our portfolio while then, in addition, not adding to our manufacturing footprint while we do that, but getting the entitlement of it that's in place. So those things together, it will accelerate the margin improvement and will basically transition back to margin that we saw a few years ago.

所以我覺得——這就是兩個主要組成部分。我們投入大量時間關注的是毛利率及其真正的驅動因素，以及在我們產品組合中打造差異化、更高品質的產品，同時，我們不會擴大生產規模，而是會獲得現有的生產許可。因此，這些因素加在一起，將加速利潤率的提高，並基本上恢復到幾年前的利潤率水準。

Thank you.

謝謝。

David Williams, Benchmark.

David Williams，基準。

Hey, thanks again for letting me ask another one here.

嘿，再次感謝你允許我在這裡再問一個問題。

No problem, David.

沒問題，大衛。

Thank you. On the AI side, is there a way to kind of parse out the demand or new demand that you're seeing relative to maybe the content expansion? And the reason I ask, I'm just trying to understand, are you driving, and I get that you're probably driving both, but what is the bigger one? Is it just increased demand all around, or are you just able to sell more products into each one of these solutions?

謝謝。在人工智慧方面，有沒有辦法分析出與內容擴充相關的現有需求或新增需求？我這麼問是想弄清楚，你是開車的嗎？我知道你可能兩輛車都開，但哪一輛更大呢？是整體需求增加，還是你們能夠向每個解決方案中銷售更多產品？

I think it's really a combination of both, right? I think it's important that we continue to drive new product introductions. Like I mentioned, there's a lot of change even with the AI data center with some shifting of transitioning from 48 volt to 400 volt and 800 volt, which also means that there's new set of requirements that need to be fitted into the application.

我覺得這其實是兩者的結合，對吧？我認為繼續推動新產品推出非常重要。正如我之前提到的，即使是人工智慧資料中心也發生了很大的變化，例如從 48 伏特過渡到 400 伏特和 800 伏特，這也意味著應用中需要適應一系列新的要求。

So I think it's important for Diodes continue to focus on the technology, continue to focus on new product introduction, that will be well-fitted into the new application, right? At the same time, the volume will continue to grow. When you combine those two together, it's going to get the best result overall.

所以我認為，對於 Diodes 來說，重要的是繼續專注於技術，繼續專注於推出適合新應用的新產品，對吧？同時，銷量將持續成長。將這兩者結合起來，就能獲得最佳的整體效果。

Yeah, another important information I'd like to share is, like that advantage is a very good relationship with those, like, Tier 1 customers, no matter if any company or other company, right? And that's why we understand from their architecture, from our system point of view, we know what they want, three years or five years from now. That's why we cooperate with them to develop the product they wanted.

是的，我還想分享另一個重要訊息，那就是，這種優勢在於與一級客戶建立非常好的關係，無論他們是哪家公司，對吧？因此，從他們的架構和我們系統的角度來看，我們知道他們未來三年或五年想要什麼。這就是為什麼我們與他們合作開發他們想要的產品。

Okay, all right. Okay, that's great color there. And then maybe just on the inventory side, do you get a sense that some of your customers have started to replenish if you look across your inventory levels and is that something that's helped here or do you think that is still in front of us, just kind of given where inventory levels are today?

好的，沒問題。好的，這個顏色真棒。那麼，就庫存方面而言，如果您查看庫存水平，您是否感覺到一些客戶已經開始補貨？這是否對我們有幫助？或者您認為鑑於目前的庫存水平，這仍然是我們面臨的挑戰？

I believe a lot of customers' inventory situation changed a lot. There are still some pockets of customers. Especially I would say in the industrial market segment, that's still going through some corrections, but we also expect situations should be improved or completed by the beginning of next year.

我相信很多客戶的庫存狀況都發生了很大變化。還有一些零星的顧客。尤其是工業市場領域，目前仍在經歷一些調整，但我們也預計到明年年初情況會有所改善或完成。

So David, one way to think about that too is that you've seen the last two quarters, the internal inventory as well as, as we've described, our channel inventory continue to come down. And as long as that is happening in that way, you're not getting the full entitlement of the market on our margins.

所以大衛，也可以這樣想，你已經看到了過去兩個季度，內部庫存以及我們所描述的通路庫存都在持續下降。只要這種情況持續下去，你就無法從我們的利潤中獲得市場應有的全部權益。

And so I think going forward, we feel a more balanced basically ship in and ship out, and then the ability to have the entitlement of the full demand coming through our margin. As Emily said, we think you'll start to see that as we transition into probably second quarter next year, especially, as we start to see the strength.

因此，我認為展望未來，我們會感覺進出貨更加平衡，然後能夠透過我們的利潤獲得全部需求。正如艾米麗所說，我們認為隨著我們進入明年第二季度，特別是當我們開始看到這種強勁勢頭時，你會開始看到這一點。

Fantastic. Keep up the good work. Looking forward to seeing your success. Thank you.

極好的。繼續保持。期待看到你取得成功。謝謝。

Thank you, David.

謝謝你，大衛。

And we have no further questions from our audience today. I'm happy to turn the floor back to Mr. Gary Yu for any additional or closing remarks.

今天觀眾朋友們沒有其他問題了。我樂意將發言權交還給 Gary Yu 先生，讓他作補充或總結發言。

Thank you, everyone, for participating on today's call. We look forward to reporting our progress on next quarter's conference call. Operator, you may now disconnect.

感謝各位參加今天的電話會議。我們期待在下個季度電話會議上報告我們的進展。操作員，您現在可以斷開連接了。

Ladies and gentlemen, thank you for joining today. You may now disconnect your lines.

女士們、先生們，感謝各位今日的蒞臨。現在您可以斷開線路了。