Diodes Inc (DIOD) 2025 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to Diodes Incorporated's fourth-quarter and full-year 2025 financial results conference call.

大家下午好。歡迎參加 Diodes Incorporated 2025 年第四季及全年財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded today, Tuesday, February 10, 2026.

（操作員說明）提醒各位，本次電話會議將於2026年2月10日星期二進行錄音。

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

現在我們把電話會議交給 Shelton Group 投資者關係部門的 Leanne Sievers。莉安娜，請繼續。

Good afternoon. Welcome to Diode's fourth-quarter 2025 financial results conference call.

午安.歡迎參加 Diode 公司 2025 年第四季財務業績電話會議。

I'm Leanne Sievers, President of Shelton Group, Diode's Investor Relations firm.

我是 Leanne Sievers，Shelton Group 的總裁，Shelton Group 是 Diode 的投資者關係公司。

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

今天與我們一同出席的有 Diode 的總裁兼首席執行官 Gary Yu；首席財務官 Brett Whitmire；全球銷售和市場營銷高級副總裁 Emily Yang；以及市場營銷和投資者關係副總裁 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 and 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-K for its year ended December 31, 2025.

我想提醒各位聽眾，今天公佈的結果只是初步結果，還需要公司完成結算程序，並由公司獨立的註冊會計師事務所進行例行的季度審核。因此，這些結果未經審計，可能會進行修訂，直到本公司提交截至 2025 年 12 月 31 日的 10-K 表格為止。

In addition, management's prepared remarks contain forward-looking statements, which are subject to risks and uncertainties. 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.

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。管理層可能會針對您的問題做出其他前瞻性聲明。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。

Actual results may differ from those discussed today. 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 Form 10-K and 10-Q.

實際結果可能與今天討論的結果有所不同。因此，我們建議您參閱本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 estimates as of today, February 10, 2026. 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.

此外，任何關於公司未來業績的預測均代表管理層截至 2026 年 2 月 10 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。

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. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details.

此外，本公司在本次電話會議期間發布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。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。

Also, throughout the company's press release and management statements during the conference call, we refer to net income attributable to common stockholders as GAAP net income.

此外，在公司新聞稿和電話會議期間的管理層聲明中，我們將歸屬於普通股股東的淨利潤稱為 GAAP 淨利潤。

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 Diode's website at www.diodes.com.

如果您目前無法收聽整個電話會議，可以在 Diode 公司網站 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。

Now, I'll turn the call over to Diode's President and CEO, Gary Yu. Gary, please go ahead.

現在，我將把電話交給 Diode 的總裁兼執行長 Gary Yu。加里，請繼續。

Welcome, everyone. Thank you for joining us on today's conference call.

歡迎各位。感謝您參加今天的電話會議。

As announced in our press release earlier today, we ended 2025 with fourth-quarter revenue growing 15% year over year and at 13% for the full year, which is the highest level of annual growth since 2021.

正如我們今天早些時候發布的新聞稿中所宣布的那樣，2025 年第四季營收年增 15%，全年營收年增 13%，這是自 2021 年以來最高的年度成長率。

Additionally, this quarter represents the fourth consecutive quarter of double-digit growth year over year, further highlighting the (inaudible) design win initiative and content expansion over the past year.

此外，本季是連續第四個季度實現兩位數同比增長，進一步凸顯了過去一年中（聽不清楚）設計贏得計劃和內容擴展的成效。

We have continued to see demand improvement across our target market and geographies, with the most significant growth for the full year driven by a 25% increase in the Computing market, primarily for AI server-related applications, as well as double-digit increase in our Automotive and Industrial end markets.

我們持續看到目標市場和地區的需求改善，全年成長最為顯著，主要得益於計算市場成長 25%（主要針對 AI 伺服器相關應用），以及汽車和工業終端市場兩位數的成長。

Also, during the quarter, we began to realize initial improvement in growth margin as part of our [mix] benefit from growth in the Automotive market, which increased 6% sequentially and at 24% year over year.

此外，本季度，由於汽車市場成長帶來的產品組合效益，我們開始實現成長利潤率的初步改善，汽車市場較上季成長 6%，較去年同期成長 24%。

We also remain focused on increasing manufacturing efficiency and to minimize [underloading] costs over the next few quarters to further drive future margin expansion.

未來幾個季度，我們將繼續專注於提高生產效率，並最大限度地降低（產能不足）成本，以進一步推動未來的利潤率成長。

As we look to the coming quarter, we anticipate extending our success by delivering above-seasonal revenue results and our fifth consecutive quarter of double-digit year-over-year growth.

展望下一個季度，我們預計將延續成功勢頭，實現高於季節性水平的收入業績，並連續第五個季度實現兩位數的同比增長。

As we look back over this past year and the progress that has made, I want to take this opportunity to discuss my specific near-term financial target, after having been in the role of President and CEO for the past two quarters.

回顧過去一年所取得的進展，我想藉此機會談談我擔任總裁兼執行長兩個季度以來的具體近期財務目標。

After reaching $1 billion in revenue in 2017, our next billion-dollar goal is to reach $2.5 billion in revenue and a $1 billion in gross profit or 40% in gross margin. I want to emphasize that we remain committed to achieving these long-term goals.

繼 2017 年營收達到 10 億美元之後，我們的下一個 10 億美元目標是實現 25 億美元的營收和 10 億美元的毛利，或毛利率達到 40%。我想強調的是，我們仍然致力於實現這些長期目標。

In order to help our investors track our progress toward these goals, today, I'm introducing three-year interim financial targets, which include achieving $2 billion in annual revenue, with approximately $700 million in gross profit or 35%-plus in gross margin. This is equated to a revenue CAGR of 10.5% and a 15% CAGR on gross profit dollars.

為了幫助我們的投資者追蹤我們實現這些目標的進展情況，今天，我宣布三年中期財務目標，其中包括實現 20 億美元的年收入，毛利約為 7 億美元，毛利率超過 35%。這相當於營收複合年增長率為 10.5%，毛利複合年增長率為 15%。

Most notable, when taking into account our improved cost structure, we are expecting to deliver over $4 in non-GAAP EPS, which equals to a 50% CAGR over the three-year period.

最值得注意的是，考慮到我們改進的成本結構，我們預期非GAAP每股盈餘將超過4美元，相當於三年內複合年增長率達到50%。

This interim goal highlights the strong operating leverage in Diode's financial model and the ability to generate significant earnings, power, and the cash flow on each incremental dollar of revenue growth.

這個階段性目標凸顯了 Diode 財務模式中強大的營運槓桿作用，以及每增加一美元的收入成長就能產生可觀收益、實力和現金流的能力。

As mentioned earlier in my remarks, we continue to prioritize product mix improvements by focusing our sales effort and R&D dollars on our three key focus areas of Automotive, Industrial, and Computing for AI-related server applications.

正如我之前在演講中提到的，我們將繼續優先改進產品組合，將銷售努力和研發資金集中投入汽車、工業和計算這三個關鍵重點領域，用於人工智慧相關的伺服器應用。

Content expansion, design momentum, and a new product introduction will continue to be the cornerstones of our growth initiative, combined with increased manufacturing and cost efficiency to drive margin expansion.

內容拓展、設計動能和新產品推出將繼續是我們成長計畫的基石，同時提高製造效率和降低成本，以推動利潤率成長。

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

接下來，我將把電話交給布雷特，讓他更詳細地討論我們第四季和全年的財務業績，以及我們第一季的業績指引。

Thanks, Gary. Good afternoon, everyone.

謝謝你，加里。大家下午好。

Revenue for the fourth-quarter 2025 was $391.6 million, an increase of 15.4% over $339.3 million in the fourth quarter of 2024; and essentially flat compared to $392.2 million in the third quarter of 2025. Full-year 2025 revenue increased 13% to $1.5 billion compared to $1.3 billion in 2024.

2025 年第四季營收為 3.916 億美元，較 2024 年第四季的 3.393 億美元成長 15.4%；與 2025 年第三季的 3.922 億美元基本持平。2025 年全年營收成長 13%，達到 15 億美元，而 2024 年為 13 億美元。

[GAAP] gross profit for the fourth quarter was $121.9 million or 31.1% of revenue compared to $110.9 million or 32.7% of revenue in the prior year quarter and $120.5 million or 30.7% of revenue in the prior quarter. For the full year, GAAP gross profit was $462.4 million or 31.3% of revenue compared to $435.9 million or 33.2% of revenue in 2024.

[GAAP] 第四季毛利為 1.219 億美元，佔營收的 31.1%，而上年同期為 1.109 億美元，佔營收的 32.7%，上一季為 1.205 億美元，佔營收的 30.7%。全年以 GAAP 計算的毛利為 4.624 億美元，佔營收的 31.3%，而 2024 年的毛利為 4.359 億美元，佔營收的 33.2%。

GAAP operating expenses for the fourth quarter were $108.7 million or 27.8% of revenue; and, on a non-GAAP basis, were $104 million or 26.6% of revenue, which excludes $4.7 million amortization of acquisition-related intangible asset costs. This compares to GAAP operating expenses in the fourth-quarter 2024 of $99 million or 29.2% of revenue and $108.9 million or 27.8% of revenue in the prior quarter.

第四季 GAAP 營運費用為 1.087 億美元，佔營收的 27.8%；以非 GAAP 計算，營運費用為 1.04 億美元，佔營收的 26.6%，其中不包括 470 萬美元的收購相關無形資產成本攤銷。相較之下，2024 年第四季 GAAP 營運費用為 9,900 萬美元，佔營收的 29.2%；上一季為 1.089 億美元，佔營收的 27.8%。

Non-GAAP operating expenses in the prior quarter were $103.1 million or 26.3% of revenue.

上一季的非GAAP營運費用為1.031億美元，佔營收的26.3%。

Total other income amounted to approximately $1.3 million for the quarter, consisting of $7 million in interest income, $2.9 million in foreign currency losses, $1.3 million in interest expense, $1.6 million loss on investment, and $0.1 million in other income.

本季其他收入總額約為 130 萬美元，其中包括 700 萬美元利息收入、290 萬美元外匯損失、130 萬美元利息支出、160 萬美元投資損失和 10 萬美元其他收入。

Income before taxes and non-controlling interest in the fourth-quarter 2025 was $14.5 million compared to income of $12.3 million in the prior year period and $19 million in the previous quarter.

2025 年第四季稅前及非控股權益前的收入為 1,450 萬美元，而上年同期為 1,230 萬美元，上一季為 1,900 萬美元。

Turning to income taxes, our effective income tax rate for the fourth quarter was approximately 14.9%. For the full-year, 2025, the tax rate was approximately 17.6%. For 2026, we continue to expect the tax rate for the full year to remain at approximately 18%, plus or minus 3%.

就所得稅而言，我們第四季的實際所得稅率約為 14.9%。2025 年全年稅率約為 17.6%。我們預計 2026 年全年稅率將維持在 18% 左右，上下浮動 3%。

GAAP net income for the fourth quarter was $10.2 million or $0.22 per diluted share compared to net income of $8.2 million or $0.18 per diluted share in the prior year quarter and net income of $14.3 million, or $0.31 per diluted share last quarter.Full-year GAAP net income was $66.1 million or $1.43 per diluted share compared to $44 million or $0.95 per diluted share in 2024.

第四季GAAP淨利為1,020萬美元，即每股攤薄收益0.22美元，而上年同期淨利為820萬美元，即每股攤薄收益0.18美元，上季淨利為1430萬美元，即每股攤薄收益0.31美元。全年GAAP淨利為6,610萬美元，即每股攤薄收益1.43美元，而2024年全年淨利為4,400萬美元，即每股攤薄收益0.95美元。

The share count used to compute GAAP income per share for the fourth quarter of 2025 was 46.3 million shares and [$46.4 million] for the full year.

2025 年第四季用於計算 GAAP 每股盈餘的股份數量為 4,630 萬股，全年為 [4,640 萬美元]。

Non-GAAP adjusted net income in the fourth quarter was $15.7 million or $0.34 per diluted share, which excluded, net of tax, $3.9 million of acquisition-related intangible asset cost and $1.6 million of loss on investment. This compares to non-GAAP adjusted net income of $12.5 million or $0.27 per diluted share in the fourth-quarter 2024 and $17.2 million or $0.37 per diluted share in the prior quarter. For the full year, non-GAAP adjusted net income was $56.7 million or $1.22 per diluted share, as compared to $61 million or $1.31 per diluted share in 2024.

第四季非GAAP調整後淨收入為1570萬美元，即每股攤薄收益0.34美元，其中扣除稅項後，不包括390萬美元的收購相關無形資產成本和160萬美元的投資損失。相較之下，2024 年第四季非 GAAP 調整後淨收入為 1,250 萬美元，即每股攤薄收益 0.27 美元；上一季為 1,720 萬美元，即每股攤薄收益 0.37 美元。全年非GAAP調整後淨收入為5,670萬美元，即每股攤薄收益1.22美元，而2024年為6,100萬美元，即每股攤薄收益1.31美元。

Excluding non-cash share-based compensation expense of $5.3 million for the fourth quarter, net of tax, both GAAP net income and non-GAAP adjusted net income would have increased by $0.12 per share. For the full year, excluding GAAP and non-GAAP non-cash share-based compensation expense of $20.3 million, net of tax, GAAP and non-GAAP diluted earnings per share would have approved by $0.44 per share.

如果扣除第四季 530 萬美元的非現金股支付費用（稅後），GAAP 淨利和非 GAAP 調整後淨利每股將增加 0.12 美元。全年來看，若不計入 GAAP 和非 GAAP 非現金股份支付費用 2,030 萬美元（扣除稅金），GAAP 和非 GAAP 稀釋後每股盈餘將增加 0.44 美元。

EBITDA for the fourth quarter was $41.9 million or 10.7% of revenue compared to $40.7 million or 12% of revenue in the prior year period and $46.6 million or 11.9% of revenue in the prior quarter. For the full year, EBITDA was $199.2 million, or 13.4% of revenue compared to $177.1 million or 13.5% of revenue in 2024.

第四季 EBITDA 為 4,190 萬美元，佔營收的 10.7%，而上年同期為 4,070 萬美元，佔營收的 12%，上一季為 4,660 萬美元，佔營收的 11.9%。全年 EBITDA 為 1.992 億美元，佔營收的 13.4%，而 2024 年的 EBITDA 為 1.771 億美元，佔營收的 13.5%。

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.

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 $38.1 million for the fourth quarter. Free cash flow was $12.4 million, which included $25.7 million of capital expenditures. Net cash flow was a negative $9.7 million, which includes $23.8 million that was returned to our shareholders by executing on our previously announced $100 million stock buyback program.

第四季經營活動產生的現金流為3810萬美元。自由現金流為 1,240 萬美元，其中包括 2,570 萬美元的資本支出。淨現金流為負 970 萬美元，其中包括透過執行我們先前宣布的 1 億美元股票回購計畫返還給股東的 2,380 萬美元。

The objective of our share repurchase program is to return excess capital to shareholders, while partially offsetting the dilutive impact of shares issued under our equity incentive plans.

我們的股份回購計畫的目標是將多餘的資本回饋給股東，同時部分抵銷根據我們的股權激勵計畫發行的股份所帶來的稀釋影響。

For the full year, cash flow provided by operations was $215.5 million, an increase of $96.1 million compared to $119 million last year. Free cash flow in 2025 was $137.2 million, which included $78.4 million of capital expenditures. This represents a $90.8 million increase over the $46.4 million in 2024. The net cash flow for the full year was a positive $57.6 million, which includes $33.8 million for the stock buyback program compared to a negative $3.8 million in net cash flow last year.

全年經營活動產生的現金流為 2.155 億美元，比前一年的 1.19 億美元增加了 9,610 萬美元。2025 年自由現金流為 1.372 億美元，其中包括 7,840 萬美元的資本支出。這比 2024 年的 4,640 萬美元增加了 9,080 萬美元。全年淨現金流為正 5,760 萬美元，其中包括股票回購計畫的 3,380 萬美元，而去年淨現金流為負 380 萬美元。

I'd also like to point out that our free cash flow per share increased threefold to $2.95 per share in 2025 from $1 per share in 2024.

我還想指出，我們的每股自由現金流從 2024 年的每股 1 美元增長到 2025 年的每股 2.95 美元，增長了三倍。

Turning to the balance sheet, at the end of fourth quarter, cash, cash equivalents, restricted cash, plus short-term investments, totaled approximately $382 million. Working capital was approximately $879 million. Total debt, including long term and short term, was approximately $56 million.

從資產負債表來看，截至第四季末，現金、現金等價物、受限現金加上短期投資總計約 3.82 億美元。營運資金約 8.79 億美元。總債務（包括長期債務和短期債務）約 5,600 萬美元。

In terms of inventory, at the end of fourth quarter, total inventory days were approximately 161, as compared to 162 last quarter. Finished goods inventory days were 59 compared to 62 last quarter. Total inventory dollars increased $600,000 from the prior quarter to $471.5 million, consisting of a $2.1 million increase in work process, a $1.2 million increase in raw materials, and a $2.7 million decrease in finished goods.

就庫存而言，第四季末總庫存天數約為 161 天，而上一季為 162 天。成品庫存週轉天數為 59 天，上一季為 62 天。總庫存金額較上一季增加 60 萬美元，達到 4.715 億美元，其中在製品增加 210 萬美元，原料增加 120 萬美元，成品減少 270 萬美元。

Capital expenditures, on a cash basis, were $25.7 million for the fourth quarter or 6.6% of revenue and $78.4 million or 5.3% of revenue for the full year, both of which were within our targeted annualized range of 5% to 9% of revenue.

第四季現金資本支出為 2,570 萬美元，佔收入的 6.6%；全年現金資本支出為 7,840 萬美元，佔收入的 5.3%，這兩個數字均在我們設定的 5% 至 9% 的年度目標範圍內。

Now, turning to our outlook, for the first-quarter 2026, we expect revenue to be approximately $395 million dollars, plus or minus 3%. At the midpoint, this represents a 19% increase year over year; and a slight increase sequentially, which is significantly better than typical seasonality.

現在，展望未來，我們預計 2026 年第一季的營收約為 3.95 億美元，上下浮動 3%。中點數值顯示，這比去年同期成長了 19%；較上季略有成長，明顯優於典型的季節性波動。

GAAP gross margin is expected to be 31.5%, 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 26.5%, plus or minus 1%.

GAAP毛利率預估為31.5%，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26.5%，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%. Shares used to calculate EPS for the first quarter are anticipated to be approximately 46.4 million shares.

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%。用於計算第一季每股收益的股份數量預計約為 4,640 萬股。

Not included in these non-GAAP estimates is amortization of $3.9 million after tax for previous acquisitions.

這些非GAAP估計中不包括先前收購的稅後攤銷390萬美元。

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. Good afternoon.

謝謝你，布雷特。午安.

As Gary and Brett mentioned, fourth-quarter revenue was up over 15% year over year, flat sequentially, and at the high end of our guidance, mainly driven by strong demand in Asia, especially in Taiwan, for the AI server-related Computing.

正如 Gary 和 Brett 所提到的，第四季度營收同比增長超過 15%，環比持平，並達到了我們預期的高端，這主要得益於亞洲，特別是台灣地區對 AI 伺服器相關計算的強勁需求。

Our global POS increased sequentially, led by North America and Europe, followed by Asia. This is a good indication of the overall market recovery in the Automotive and the Industrial markets.

我們的全球POS銷售額環比成長，其中北美和歐洲的成長最為顯著，其次是亞洲。這很好地表明了汽車和工業市場的整體復甦。

Our channel inventory decreased again, both in terms of dollars and weeks, which are now within our normal range of 11 to 14 weeks.

我們的通路庫存再次減少，無論是金額還是周數，現在都已恢復到正常的 11 至 14 週的範圍內。

I will also highlight, with the recent supply interruption in the market, we have been strategically supporting key customers on new opportunities and orders, specifically in the Automotive and Communication markets; while also further extending our design-in momentum across all end markets.

我還想強調，鑑於最近市場供應中斷，我們一直在策略性地支持主要客戶抓住新機會和訂單，尤其是在汽車和通訊市場；同時，我們也進一步擴大了我們在所有終端市場的設計導入動能。

Our key focus remained on building a strong win-win partnership with our customers for the long term.

我們始終專注於與客戶建立長期互利共贏的強大夥伴關係。

Looking at global sales in the fourth quarter, Asia represented 78% of the revenue; Europe, 12%; and North America, 10%.

從第四季的全球銷售額來看，亞洲佔營收的 78%；歐洲佔 12%；北美佔 10%。

In terms of our end markets, Industrial was 22% of Diode's product revenue; Automotive, 20%; Computing, 28%; Consumer, 17%; and Communication, 13% of the product revenue.

就我們的終端市場而言，工業領域佔 Diode 產品收入的 22%；汽車領域佔 20%；電腦領域佔 28%；消費領域佔 17%；通訊領域佔 13%。

Our Automotive, Industrial revenue, combined, was 42%, which is a 1 percentage point increase compared to last quarter due to stronger demand in Europe.

我們的汽車和工業業務收入總計成長了 42%，比上一季成長了 1 個百分點，這主要得益於歐洲市場需求的強勁成長。

In 2025, we introduced over 650 new part numbers, in which approximately 40% of this is specifically for the Automotive market, where we have increased our addressable content to 239 per vehicle from 213 at the end of 2024 and from 160 at the end of 2023.

2025 年，我們推出了 650 多個新零件編號，其中約 40% 專門針對汽車市場，我們已將每輛車的可尋址內容從 2024 年底的 213 個增加到 239 個，從 2023 年底的 160 個增加到 2024 年底的 213 個。

Our content in the AI server applications this year increased to 103 from 90 last year.

今年我們在 AI 伺服器應用程式中的內容從去年的 90 個增加到 103 個。

Now, let me review the end markets in greater detail, starting with Automotive market, revenue in the quarter grew 6% sequentially and 20% for the full year. As the inventory situation and overall demand continue to improve, the good news is we have started to see solid bookings with longer visibility on the orders. Additionally, the supply disruption I mentioned previously is expanding content opportunities for Diodes at key Automotive customers.

現在，讓我更詳細地回顧終端市場，首先是汽車市場，該季度收入環比增長 6%，全年增長 20%。隨著庫存狀況和整體需求的持續改善，好消息是我們已經開始看到穩定的預訂量，訂單的可見度也更高。此外，我之前提到的供應中斷也為汽車產業的重要客戶提供了更多與二極體相關的內容機會。

During the quarter, we broadened our content and deepened our design-in momentum across all focus areas, including connected driving; comfort, style, and safety; and electrification.

本季度，我們擴大了內容範圍，並深化了在所有重點領域的設計投入，包括互聯駕駛；舒適性、時尚性和安全性；以及電氣化。

Diodes' level shifter gained broadened adoption in vehicle infotainment, ADAS, and zonal control unit platforms, while our timing solution saw additional design wins from PCI Express clock generators, buffers, and low-voltage crystal oscillators supporting high-speed ADAS modules.

Diodes 的電平轉換器在車載資訊娛樂系統、ADAS 和區域控制單元平台中得到了更廣泛的應用，而我們的定時解決方案在支援高速 ADAS 模組的 PCI Express 時脈產生器、緩衝器和低壓晶體振盪器中也獲得了額外的設計訂單。

Complementing this momentum, our USB Power Delivery controllers and DC-DC Converters continue to see strong traction across infotainment, charging interfaces, and body electronics; while our Hall Effect Sensors expanded into new applications, including [e-latches], steering locks, and cooling fans.

順應這一發展勢頭，我們的 USB 電源傳輸控制器和 DC-DC 轉換器在資訊娛樂、充電介面和車身電子設備領域繼續獲得強勁的市場認可；同時，我們的霍爾效應感測器也擴展到了新的應用領域，包括電子門鎖、轉向鎖和冷卻風扇。

In Lighting and Motor Control applications, we achieved significant wins for multi-channel LED drivers across several next-generation Lighting programs. Demand for our Current Monitor remains strong in comfort-focused motor systems, such as power seats and power windows; while our LDO solutions continued to ramp in wireless charging and ADAS-related subsystems.

在照明和馬達控制應用領域，我們在多個下一代照明專案中，憑藉多通道 LED 驅動器取得了重大成功。舒適型馬達系統（如電動座椅和電動車窗）對我們的電流監測器的需求仍然強勁；而我們的 LDO 解決方案在無線充電和 ADAS 相關子系統中的應用也持續成長。

Our Bipolar Junction Transistors portfolio also gained momentum with new program wins supporting actuators and millimeter-wave radar systems.

我們的雙極接面電晶體產品組合也獲得了發展動力，贏得了支援致動器和毫米波雷達系統的新專案。

Turning to the Industrial market, revenue in the quarter was flat sequentially but increased 13% for the full year. Similar to the Automotive market, the inventory situation continues to improve. We're beginning to see overall demand visibility and backlog improvement; and are seeing more rush orders than ever before, which is further indication of the market recovery in 2026.

再來看工業市場，本季營收環比持平，但全年成長了 13%。與汽車市場類似，庫存狀況持續改善。我們開始看到整體需求可見度提高，積壓訂單有所改善；而且加急訂單比以往任何時候都多，這進一步表明市場將在 2026 年復甦。

During the quarter, we saw solid momentum across power, sensing, and automation applications. Our LED Driver family continued to win designs in traffic signage projects; while Current Monitor experienced strong demand, as power supply unit volumes increased.

本季度，我們在電力、感測和自動化應用領域看到了強勁的發展勢頭。我們的 LED 驅動器系列產品繼續在交通標誌項目中贏得設計訂單；同時，隨著電源單元產量的增加，電流監視器也獲得了強勁的需求。

Diode's Hall Sensors and DC-DC Buck Converters also maintained steady growth, driven by expanding use in the fan motors and energy meter platforms. Our SBR product family also remained a key enabler in industrial power, with design-ins across power rack and server power manufacturers supporting AI applications.

受風扇馬達和電能表平台使用量增加的推動，Diode 的霍爾感測器和 DC-DC 降壓轉換器也保持了穩定的成長。我們的 SBR 產品系列仍然是工業電源領域的關鍵推動因素，電源機架和伺服器電源製造商的設計引入為 AI 應用提供了支援。

In energy-related applications, our 1,200-volt silicon-carbide Schottky barrier diodes were designed into next-generation energy storage platforms. Similarly, our Gate Driver ICs secured new design wins in battery storage inverters, reinforcing our position across industrial electrification and power control infrastructures.

在能源相關應用中，我們設計的 1200 伏特碳化矽肖特基勢壘二極體被應用於下一代儲能平台。同樣，我們的閘極驅動積體電路在電池儲能逆變器領域獲得了新的設計訂單，鞏固了我們在工業電氣化和電力控制基礎設施領域的地位。

In the Computing market, although revenue was flat sequentially, we saw the strongest growth in this market for the full year, growing 25% over 2024. The highlight in this market continues to be strong demand across multiple product categories, driven by AI server adoption and data center expansion.

在電腦市場，雖然營收環比持平，但我們看到該市場全年成長最為強勁，到 2024 年成長了 25%。該市場的亮點依然是多個產品類別的強勁需求，這主要得益於人工智慧伺服器的普及和資料中心的擴張。

Diode's I2C repeaters, multipliers, and USB Switches remain in high demand for server and AI-related server platforms from major global customers. Our DDR (inaudible) product line also experienced robust growth, as AI server and data center consumers expanded memory bandwidth to support the accelerated AI workloads.

Diode 的 I2C 中繼器、倍增器和 USB 開關仍然受到全球主要客戶在伺服器和 AI 相關伺服器平台上的熱烈追捧。我們的 DDR（聽不清楚）產品線也實現了強勁成長，因為 AI 伺服器和資料中心用戶擴大了記憶體頻寬以支援加速的 AI 工作負載。

We also achieved strong momentum for our PCI Express 5.0, 6.0 clock solutions, especially as servers and [notebook] OEMs migrate to high-performance architectures optimized for AI systems.

我們的 PCI Express 5.0、6.0 時脈解決方案也取得了強勁的發展勢頭，尤其是在伺服器和 [筆記型電腦] OEM 廠商向針對 AI 系統優化的高效能架構遷移之際。

In Connectivity and Power, our USB-C Source Switches with integrated CC controllers, along with our 20-volt low-noise LDOs, continue to gain traction, especially in 15-watt USB-C Power Ports for desktop and docking station applications.

在連接性和電源方面，我們配備整合 CC 控制器的 USB-C 電源開關以及我們的 20 伏特低雜訊 LDO 繼續獲得市場認可，尤其是在用於桌上型電腦和擴充塢應用的 15 瓦 USB-C 電源連接埠方面。

Additionally, our [low-on power] switches saw increased adoption in data center SSD configurations, while our smart Load Switches capture multiple design wins for notebook Power Delivery systems. We also secured several design wins for our SBR product in Power Delivery adapters for the notebook.

此外，我們的低功耗交換器在資料中心 SSD 配置中得到了更廣泛的應用，而我們的智慧負載交換器在筆記型電腦供電系統中獲得了多項設計勝利。我們的 SBR 產品還在筆記型電腦的電源傳輸適配器領域獲得了多個設計訂單。

In the Consumer market, revenue was down 5% sequentially and up 8% for the full year. During the quarter, our WLED Drivers gained momentum in the virtual reality headsets supporting next-generation high-brightness display architectures; while our [5.0 OCP] switches expanded in USB and HDMI port protection designs, as Connectivity requirements increase across personal electronics.

在消費市場，營收季減 5%，全年成長 8%。本季度，我們的 WLED 驅動器在支援下一代高亮度顯示架構的虛擬實境頭戴式設備中獲得了發展勢頭；同時，隨著個人電子產品連接需求的增加，我們的 [5.0 OCP] 開關在 USB 和 HDMI 連接埠保護設計中得到了擴展。

Also, our Bipolar Junction Transistor portfolio secured new design-ins across home security devices, whereas our discrete switching components remained essential for reliable sensing and control functions.

此外，我們的雙極結型電晶體產品組合在家庭安全設備中獲得了新的設計應用，而我們的分立開關元件對於可靠的感測和控制功能仍然至關重要。

Lastly, in the Communication market, revenue was flat sequentially and up 7% for the full year. We're seeing strong momentum across high-speed connectivities and networking applications, driven by AI infrastructures.

最後，在通訊市場，營收環比持平，全年成長 7%。我們看到，在人工智慧基礎設施的推動下，高速連接和網路應用領域正呈現強勁的發展動能。

Our Bi-Directional Level Shifters continue to win designs in smartphones. Our SBR Rectifiers are also gaining traction in both smartphones and SSDs.

我們的雙向電平轉換器在智慧型手機設計中持續獲得成功。我們的SBR整流器在智慧型手機和固態硬碟領域也越來越受歡迎。

We're also seeing growing demand for our differential Crystal Oscillators in smart (inaudible) and optical modules targeting next-generation 800 (inaudible) 1.6T transceivers supporting the industrial transition to higher-bandwidth network infrastructures.

我們也看到，智慧（聽不見）和光模組對我們的差分晶體振盪器的需求不斷增長，這些模組的目標是下一代 800（聽不見）1.6T 收發器，以支援工業向更高頻寬網路基礎設施的轉型。

Finally, our USB ReDrivers secured major design wins in the next generation Wi-Fi routers.

最後，我們的 USB 驅動程式在下一代 Wi-Fi 路由器的設計中取得了重大成功。

In summary, our focus in 2026 is executing towards our three-year financial targets to drive continuous year-over-year growth momentum and margin expansion. With channel inventory at more normalized level and further signs of recovery in the Automotive, Industrial market, we expect to see improvements in overall business outlook throughout the year.

總而言之，我們 2026 年的重點是實現三年財務目標，以推動持續的同比成長動能和利潤率擴張。隨著通路庫存恢復正常水平，以及汽車、工業市場進一步出現復甦跡象，我們預計全年整體業務前景將有所改善。

Additionally, our continued investment in compact expansion initiatives targeting our key focus markets of Automotive, Industrial, and Computing for AI server-related applications should contribute to our future top- and bottom-line growth.

此外，我們持續投資於緊湊型擴張計劃，目標是汽車、工業和運算等重點市場，用於人工智慧伺服器相關應用，這應該有助於我們未來的營收和利潤成長。

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？

Ladies and gentlemen, at this time, we'll begin the question-and-answer session.

女士們、先生們，現在我們將開始問答環節。

(Operator Instructions)

（操作說明）

David Williams, Benchmark.

David Williams，基準。

Hey. Thanks, everyone. Congrats on the really solid results here and the better outlook.

嘿。謝謝大家。恭喜你們取得了非常優秀的成績，前景也一片光明。

Maybe, first, Gary, you gave some pretty aggressive targets there that you've outlined. Can you maybe walk us through the puts-and-takes; and maybe how you see getting there -- maybe stepping through the trajectory would be helpful?

首先，加里，你列出的那些目標確實相當激進。您能否為我們詳細介紹其中的進出過程；以及您認為如何實現目標——或許逐步闡述發展軌跡會很有幫助？

Thank you.

謝謝。

Yes. David, I think that's really, really a very good question.

是的。大衛，我覺得這真是一個非常好的問題。

First, I really want to emphasize, again, we're still committed to achieving the $1 billion GP long-term goal, right? I do believe, since the market is still dynamic, the interim target of $2 billion revenue is an important milestone for investors to understand the modeling: how and when we are going to achieve our long-term $1 billion GP target.

首先，我想再次強調，我們仍然致力於實現 10 億美元的 GP 長期目標，對吧？我相信，由於市場仍然充滿活力，20 億美元的中期營收目標對於投資者了解模型而言是一個重要的里程碑：我們將如何以及何時實現我們 10 億美元的長期 GP 目標。

As in my speech, (inaudible) continue to drive it and getting share in the three key and market segments like Automotive, Industrial, and AI server-related application; and also continue to improve cost structure and economics enhancement.

正如我在演講中所說，（聽不清楚）繼續推動並在汽車、工業和人工智慧伺服器相關應用這三個關鍵市場領域獲得份額；同時繼續改善成本結構和經濟效益。

The $2 billion represents 10.5% CAGR, with about, like, $700 million gross profit. It's about, like, 15% CAGR. The 35% (inaudible) [plus GP percent] will deliver $4 EPS; which, equivalent ,probably 50% CAGR for the three-year period.

20億美元的營收相當於10.5%的複合年增長率，毛利約7億美元。大約是 15% 的複合年增長率。35%（聽不清楚）[加上毛利率百分比]將帶來 4 美元的每股盈餘；這相當於三年內可能達到 50% 的複合年增長率。

Also, to make this happen, we are talking about a more-than-45% GP flow-through for any incremental dollar contributed to our revenue. That's very important.

此外，為了實現這一目標，我們指的是每增加一美元的收入，毛利轉換率要超過 45%。這非常重要。

That's very helpful. From the gross margin standpoint, very nice [fall-through]. Is that simply just the leverage or are you seeing some of the operational efficiency that you've worked on the last several quarters or through the downturn? Is that really beginning to flow through? And then, how should we think about the cadence of that gross margin improvement?

那很有幫助。從毛利率來看，非常好。[墜落]。這只是槓桿作用的結果，還是您在過去幾個季度或經濟低迷時期努力提高的營運效率所帶來的結果？真的開始流暢了嗎？那麼，我們該如何看待毛利率提升的節奏呢？

Well, actually, that's a very good question, too, because, we have been working a lot to improve our cost structure, including improving the manufacturing efficiency and the product mix improvement.

嗯，這其實也是個很好的問題，因為我們一直在努力改善成本結構，包括提高生產效率和改進產品組合。

The most important is we bring the revenue up. That's going to try to help our underloading issue in our manufacturing, currently.

最重要的是提高收入。這樣做是為了幫助我們解決目前生產中產能不足的問題。

Just one more, if I may. Just, if you think about the growth trajectory through the year, how should we think about that for the full year?

如果可以的話，我再問一個問題。如果考慮全年的成長軌跡，我們該如何看待全年的成長情況？

Well, we usually don't talk about the full year but I do get a good feeling of the market demand getting much better this year, right, especially on the key segment that we're focusing on.

我們通常不談論全年的情況，但我確實感覺今年的市場需求會好得多，對吧，尤其是在我們關注的關鍵細分市場。

As we continue to drive this initiative, including product mix improvement; push more cost reduction; and the manufacturing efficiency, as well as to continue to qualify in a PC or process product to our cloud, this will help minimize an underloading cost impact.

隨著我們繼續推進這項計劃，包括改進產品組合；進一步降低成本；提高製造效率，以及繼續對個人電腦或流程產品進行雲端認證，這將有助於最大限度地減少低負載成本的影響。

Overall, the margin improvement for 2026, to me, is very promising.

整體而言，我認為 2026 年的利潤率改善前景非常樂觀。

Yeah. I think -- David, let me just add a little bit, right?

是的。我想──大衛，讓我再補充一點，好嗎？

If you look at the Q1 guidance, we actually guided a 19% year-over-year growth, right? Even (inaudible) we don't really guide a whole-year guidance, we usually say, hey, usual seasonality. If you just plug in the usual seasonality, it will give you a good estimate for the year, right?

如果你看一下第一季的業績指引，我們實際上預測年增19%，對吧？即使（聽不清楚）我們也不會真正提供全年指導，我們通常會說，嘿，正常的季節性。只要代入通常的季節性因素，就能對全年情況做出不錯的估算，對吧？

I think you can use that as a reference.

我認為你可以把它當作參考。

Great. Thanks so much.

偉大的。非常感謝。

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

Great. Thanks for taking my questions. Congrats on the good results.

偉大的。謝謝您回答我的問題。恭喜取得好成績。

Regarding the new targets, I think you said that's a three-year target, should we contemplate this interim goal as something you plan to achieve in calendar 28?

關於新目標，我想您說過這是一個三年目標，我們是否應該將這個中期目標視為您計劃在 2028 年實現的目標？

Yeah. Definitely, yes. This is what I committed into the Board; and also committed to the Street.

是的。當然可以。這是我向董事會做出的承諾，也是我對華爾街的承諾。

Great. A couple of others, if I can.

偉大的。如果可以的話，再加幾個。

The delta between your current gross margins and the target that you laid out today, should we think about the majority of that as getting through underutilization charges? Like, is that the major driver of this?

您目前毛利率與您今天設定的目標之間的差距，我們是否應該認為其中大部分是由於產能利用率不足造成的費用？這是主要驅動因素嗎？

I think you highlighted a 45% drop-through. That doesn't sound like it's normal operating leverage. It sounds like it's an underutilization charge going away.

我認為你指出了 45% 的流失率。這聽起來不像是正常的經營槓桿。聽起來像是取消了未充分利用費用。

Is that the way we should think about that dynamic from here through '28?

從現在到 2028 年，我們應該這樣看待這種動態嗎？

Yeah. Definitely. Underload charge is going to be the key factor for our GP percent. But that's not the only thing we want to improve, right? Not only the underloading charge but also want to improve the product mixing enhancement; and also want to concentrate, focus, on high-margin segment like Automotive, Industrial, and AI-related server.

是的。確實。欠載電費將是我們毛利率的關鍵因素。但這並非我們唯一想要改進的地方，對吧？不僅要降低裝載費用，還要提高產品混合度；還要集中精力，專注於汽車、工業和人工智慧相關伺服器等高利潤領域。

All, together, will contribute more GP dollars and GP percent.

所有這些加起來將貢獻更多的毛利和毛利百分比。

One final one, if I can. You have these manufacturing services agreements that I think are coming to an end this year or maybe they're just diminishing. If you can clarify that for us and help us prepare for any changes that might cause, either positive or negative, to profitability. Thank you.

如果可以的話，最後一個問題。我認為這些製造服務協議今年即將到期，或者它們的數量正在減少。如果您能為我們澄清這一點，並幫助我們為可能對盈利能力造成正面或負面影響的任何變化做好準備，那就太好了。謝謝。

Yes. Your assumption is correct. We cannot disclose too much detail about that. But they are about to actually know about this year. That's the reason we try to continue reporting our product and processing to the manufacturing in our GFAP and [SPFAP].

是的。你的假設是正確的。我們不能透露太多細節。但他們今年很快就會真正了解情況了。這就是為什麼我們要繼續按照GFAP（全球食品安全協議）向製造商報告我們的產品和加工流程的原因。[SPFAP]。

So far, the progress is quite promising. We do see that quite a few key customers have already adopted the product produced from those two wafer [fabs].

目前來看，進展相當令人鼓舞。我們看到，不少重要客戶已經採用了由這兩片晶圓所生產的產品。[fabs]。

I would say, probably starting from next year, you're going to see the benefits contributing to our GP percent from those two wafer fabs.

我認為，可能從明年開始，您將會看到這兩座晶圓廠為我們提高毛利率帶來的效益。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

David Williams, Benchmark.

David Williams，基準。

Hey. Thanks for letting me jump back in here.

嘿。謝謝你們讓我重新參與。

You're always welcome.

隨時歡迎你。

Well, you were so efficient answering my first questions, I figured I should throw in a couple of more.

你回答我的第一個問題效率很高，所以我想再問幾個問題。

Maybe just on the opportunity with Nexperia or the customer that you discussed earlier, can you maybe size the magnitude of that?

或許就拿與 Nexperia 或您之前討論過的那位客戶合作的機會來說，您能否估算一下其規模？

And then, I know that that has historically been lower-margin business. Can you talk maybe about what you're doing to help stabilize the margin and not (inaudible) the pressure here that you would typically see with that business that you're picking up?

而且，我知道從歷史上看，這方面的利潤率一直較低。您能否談談您正在採取哪些措施來幫助穩定利潤率，以及您接手的這項業務通常會面臨的（聽不清楚）壓力？

Yeah. David, this is Emily, right?

是的。大衛，這位是艾米麗，對吧？

I mentioned this before, anytime there's a supply interruption, market strategy change, direction, or anything, it's always favorable for Diodes, right?

我之前提到過，任何時候出現供應中斷、市場策略改變、方向改變或其他任何情況，對二極體總是有利的，對吧？

Definitely, we're not interested to pick up a lot of deep commodity business and stuff like that. But we actually use the opportunity to work with the customer to really deepen the relationship and make it really, I would say, beneficial, long-term, for both of the companies, right?

絕對不會，我們對涉足大宗商品等深度業務不感興趣。但實際上，我們會利用這個機會與客戶合作，真正加深彼此的關係，使之對雙方公司都有利，實現長期的、互惠互利，對吧？

That's pretty much the approach we're taking. We are using the opportunity to expand our overall portfolio, as well as our [print] position.

這就是我們採取的方法。我們正利用這個機會擴大我們的整體產品組合，以及我們在印刷領域的地位。

Just one last one. Just thinking about the lunar holiday coming up in Asia. I know that that is typically derived from seasonality. Are you sidestepping that or are you just not seeing the impact? Or maybe talk about anything you're doing there to offset that typical weakness?

最後一個。想到亞洲即將到來的農曆新年假期，我就覺得很開心。我知道這通常是季節性因素造成的。你是在迴避這個問題，還是根本沒意識到它的影響？或者，你也可以談談你在那裡做的一些事情，來彌補你這個典型的弱點？

Yeah. Chinese New Year is pretty standard, right?

是的。中國新年過得還挺普通的，對吧？

Definitely, there's going to be some shutdowns in some of the customers, as well as taking the break, right?

可以肯定的是，部分客戶會暫停服務，也會暫停營業，對吧？

We actually included all these estimates into our number. But, like I mentioned, right, we're definitely seeing a really strong backlog, really strong bookings, strong book-to-bill ratio, and everything. That's the reason we actually guided a very strong Q1 estimate guidance to the Street.

實際上，我們將所有這些估算值都納入了我們的統計數字中。但是，就像我剛才提到的那樣，我們確實看到了非常強勁的訂單積壓、非常強勁的預訂量、強勁的訂單出貨比等等。這就是我們向華爾街給出非常強勁的第一季業績預期的原因。

Like I said, we've seen a lot of recovery in the market, which is a very good indication of the recovery.

正如我所說，我們已經看到市場出現很大程度的復甦，這是一個非常好的復甦跡象。

Thanks, again, for the help. Congrats, once again.

再次感謝你的幫忙。再次恭喜！

Thank you.

謝謝。

Thanks, David.

謝謝你，大衛。

Ladies and gentlemen, at this time, we'll be concluding today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

I'd like to turn the floor back over to the management team for any closing remarks.

我謹將發言權交還給管理團隊，請他們作總結發言。

Thank you, everyone, for participating on today's call.

感謝各位參加今天的電話會議。

We look forward to reporting our progress on next quarter's conference call.

我們期待在下個季度電話會議上報告我們的進展。

Operator, you may now disconnect.

操作員，您現在可以斷開連接了。

Ladies and gentlemen, we will conclude today's conference call and presentation.

女士們、先生們，今天的電話會議和演示到此結束。

We thank you for joining. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。