Diodes Incorporated (DIOD) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Diodes Incorporated Second Quarter 2026 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded today, Wednesday, August 5, 2026. I would now like to turn the call over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead.

下午好，歡迎參加 Diodes Incorporated 2026 年第二季財務業績電話會議。(接線員指示) 提醒各位，本電話會議於今日（2026 年 8 月 5 日，星期三）進行錄音。現在我想把電話交給 Shelton Group 投資人關係的 Leanne Sievers。Leanne，請開始。

Good afternoon, and welcome to Diodes Second Quarter 2026 Financial Results Conference Call. I'm Leanne Sievers, President of Shelton Group, Diodes Investor Relations firm. 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.

下午好，歡迎參加 Diodes 2026 年第二季財務業績電話會議。我是 Leanne Sievers，Shelton Group 總裁，亦為 Diodes 的投資人關係顧問公司。今天與會者包括 Diodes 總裁暨執行長 Gary Yu；財務長 Brett Whitmire；全球銷售與行銷資深副總裁 Emily Yang；以及行銷與投資人關係副總裁 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-Q for its quarter ended June 30, 2026.

我想提醒各位聽眾，今天公布的結果為初步數據，仍須待公司完成結帳程序，並由公司獨立註冊會計師事務所進行例行季度審閱。因此，這些結果未經審計，在公司提交截至 2026 年 6 月 30 日止季度的 Form 10-Q 之前，仍可能修正。

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.

此外，管理層的事先準備發言包含前瞻性陳述，該等陳述受風險與不確定性影響；管理層也可能在回答各位提問時提出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法案》中所載之前瞻性陳述「安全港」保護。

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.

實際結果可能與今日討論內容不同，因此我們請各位參閱公司向美國證券交易委員會（SEC）提交之文件（包括 Form 10-K 與 Form 10-Q）中對風險與不確定性的更詳細說明。

In addition, any projections as to the company's future performance represent management's estimates as of today, August 5, 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.

另外，任何對公司未來表現的預測均為管理層截至今日（2026 年 8 月 5 日）的估計。除非適用法律另有要求，Diodes 不承擔未來更新該等預測之義務，因市場狀況可能改變也可能不改變。

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. 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.

此外，公司新聞稿及管理層在本次電話會議中的發言，將包含以 GAAP 與非 GAAP 口徑呈現的若干衡量指標與財務資訊。公司新聞稿中包含 GAAP 與非 GAAP 項目的定義與調節表，提供更多細節。同時，在公司新聞稿及管理層於本次電話會議的發言中，我們將歸屬於普通股股東的淨利稱為 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. And now I'll turn the call over to Diodes' President and CEO, Gary Yu. Gary, please go ahead.

若各位目前無法收聽完整電話會議，錄音將以網路直播回放形式提供 90 天，位於 Diodes 官網 www.diodes.com 的投資人關係專區。現在我把電話交給 Diodes 總裁暨執行長 Gary Yu。Gary，請開始。

Welcome, everyone, and thank you for joining us on today's conference call. As announced in our press release earlier today, we extend our momentum in the second quarter with revenue again increasing more than 20% year-over-year, driven by growth across all regions. Revenue also increased 10% sequentially, coupled with a record global POS.

各位好，感謝各位參加今天的電話會議。如同我們今天稍早在新聞稿中所宣布的，我們在第二季延續動能，營收再次年增超過 20%，成長動能來自所有地區。營收亦較前一季成長 10%，並創下全球 POS 的新高紀錄。

As the fifth consecutive quarter of double-digit year-over-year growth, this quarter serves as a further confirmation of strengthening demand in overall market. combined with expanding content across our analog and power solutions in our key focus areas of automotive, industrial and AI server-related applications.

作為連續第五個季度達成年增雙位數成長，本季進一步印證整體市場需求正在轉強；同時，我們在汽車、工業與 AI 伺服器相關應用等關鍵聚焦領域，於類比與電源解決方案的產品內容持續擴大。

Automotive revenue reached a record level of 21% of our product revenue. We continue to drive increased content with an expanding pipeline of new products that's resulting in consistent market share gains across our regions auto manufacturers and suppliers.

汽車營收達到產品營收的 21%，創下歷史新高。我們透過持續擴大的新產品管線推動更高的產品內容，並在各地區的汽車製造商與供應商中持續取得市占率提升。

Also, during the quarter, the cost and operating initiatives we previously implemented during the market slowdown are producing measurable benefit to gross margin and our bottom line, with margin increasing 160 basis points year-over-year and non-GAAP earnings increasing by more than 100% again this quarter.

此外，本季我們先前在市場放緩期間所推動的成本與營運措施，已對毛利率與獲利帶來可衡量的效益：毛利率年增 160 個基點，非 GAAP 盈利本季再次年增超過 100%。

These actions have also contributed to increased cash flow that has enabled us to reinvest in our growth and innovation while also looking for inorganic opportunity to expand our technology portfolio, such as recent proposed acquisition of ElevATE Semiconductor. ElevATE is a fabless semiconductor company that specialized in development of integrated circuit of automated test equipment or ATE.

這些行動也帶動現金流增加，使我們得以再投資於成長與創新，同時尋求外延式機會以擴充技術組合，例如近期擬議收購 ElevATE Semiconductor。ElevATE 是一家無晶圓廠（fabless）半導體公司，專精於自動化測試設備（ATE）之積體電路開發。

The explosive growth, increasing complexity and higher performance requirements of IC used in automotive, industrial data center and AI applications are driving greater semiconductor production volume and in turn, increasing demand for automated test equipment. This acquisition enhanced our ability to provide a broader solution to customers and launch a new advanced product line that will drive increased dollar content in ATE applications.

汽車、工業、資料中心與 AI 應用所使用 IC 的爆發性成長、日益提升的複雜度與更高的效能需求，正推動半導體生產量增加，進而提升對自動化測試設備的需求。此項收購強化我們為客戶提供更廣泛解決方案的能力，並推出新的先進產品線，將在 ATE 應用中帶動更高的美元內容（dollar content）。

I also want to add that this acquisition is immediately accretive and expect to add approximately $50 million of revenue in the first 12 months post close, with revenue expected to grow at a CAGR of greater than 20% over the next four years and with gross margin significantly higher than Diodes' corporate average.

我也想補充，這項收購將立即具增益效果（accretive），並預期在交割後的前 12 個月新增約 5,000 萬美元營收；未來四年營收預計以超過 20% 的年複合成長率（CAGR）成長，且毛利率將顯著高於 Diodes 的公司平均水準。

As we look to the third quarter, we expect to extend our accelerating traction with revenue anticipated to increase 30% year-over-year and 14% sequentially at the midpoint. We also expect to deliver another 190 basis point sequential improvement in gross margin. As our utilization continues to improve, combined with a 2.8 times year-over-year improvement in non-GAAP earnings.

展望第三季，我們預期將延續加速的成長動能，營收在中位數預估下，年增 30%、季增 14%。我們也預期毛利率將再較前一季改善 190 個基點。隨著產能利用率持續提升，並帶動非 GAAP 盈利較去年同期提升 2.8 倍。

These expected results drive us closer toward our three-year financial goals of $2 billion in annual revenue and over $4 in non-GAAP EPS. With that, let me now turn the call over to Brett to discuss our second quarter financial results as well as third quarter guidance in more detail.

這些預期成果將使我們更接近三年財務目標：年營收 20 億美元，以及非 GAAP 每股盈餘（EPS）超過 4 美元。接下來我把電話交給 Brett，請他更詳細說明第二季財務結果以及第三季財測指引。

Thanks, Gary, and good afternoon, everyone. Revenue for the second quarter 2026 was $445.5 million, an increase of 22% over $366.2 million in the second quarter of 2025 and up 10% compared to $405.5 million in the first quarter 2026.

謝謝 Gary，各位下午好。2026 年第二季營收為 4.455 億美元，較 2025 年第二季的 3.662 億美元成長 22%，並較 2026 年第一季的 4.055 億美元成長 10%。

Gross profit for the second quarter was $147.6 million or 33.1% of revenue compared to $115.3 million or 31.5% of revenue in the prior year quarter and $128.8 million or 31.8% of revenue in the prior quarter. GAAP operating expenses for the second quarter were $114.3 million or 25.6% of revenue and on a non-GAAP basis were $108.6 million or 24.4% of revenue, which excludes $3.9 million amortization of acquisition-related intangible asset costs, $1.5 million of Board and officer retirement expense and $0.3 million of acquisition-related costs. This compares to GAAP operating expenses in the second quarter 2025 of $105.9 million or 28.9% of revenue and $109 million or 26.9% of revenue in the prior quarter.

第二季毛利為 1.476 億美元，占營收 33.1%；相較之下，去年同期毛利為 1.153 億美元，占營收 31.5%，前一季毛利為 1.288 億美元，占營收 31.8%。第二季 GAAP 營業費用為 1.143 億美元，占營收 25.6%；以非 GAAP 口徑為 1.086 億美元，占營收 24.4%，此口徑排除 390 萬美元的併購相關無形資產成本攤銷、150 萬美元的董事與高階主管退休費用，以及 30 萬美元的併購相關成本。相較之下，2025 年第二季 GAAP 營業費用為 1.059 億美元，占營收 28.9%；前一季 GAAP 營業費用為 1.09 億美元，占營收 26.9%。

Non-GAAP operating expenses in the prior quarter were $103.9 million or 25.6% of revenue. Total other income amounted to approximately $24.7 million for the quarter, consisting of $20 million in unrealized gain on investments, $5.5 million in interest income, $0.5 million in other income, offset by $1 million in foreign currency losses and $0.3 million in interest expense.

前一季非 GAAP 營業費用為 1.039 億美元，占營收 25.6%。本季其他收益合計約 2,470 萬美元，其中包括投資未實現收益 2,000 萬美元、利息收入 550 萬美元、其他收入 50 萬美元，並由外幣損失 100 萬美元與利息費用 30 萬美元抵銷。

Income before taxes, equity and net earnings of equity investments and noncontrolling interest in the second quarter 2026 was $58 million compared to $53.2 million in the prior year period and $22.4 million in the previous quarter.

2026 年第二季稅前利益（扣除權益法及權益投資淨收益與非控制權益前）為 5,800 萬美元，相較去年同期為 5,320 萬美元，前一季為 2,240 萬美元。

Turning to income taxes. Our effective income tax rate for the second quarter was approximately 12.3%. For 2026, we expect the tax rate for the full year to remain at approximately 18%, plus or minus 3%. GAAP net income for the second quarter was $46.6 million or $1 per diluted share compared to a net income of $46.1 million or $0.99 per diluted share in the prior year quarter and net income of $15 million or $0.32 per diluted share last quarter.

接著談所得稅。我們第二季的有效所得稅率約為 12.3%。對於 2026 年，我們預期全年稅率將維持在約 18%，上下浮動 3%。第二季 GAAP 淨利為 4,660 萬美元，或每股稀釋後 1.00 美元；相較之下，去年同期淨利為 4,610 萬美元，或每股稀釋後 0.99 美元，而上一季淨利為 1,500 萬美元，或每股稀釋後 0.32 美元。

The share count used to compute GAAP income per share for the second quarter of 2026 was 46.4 million shares. Non-GAAP adjusted net income in the second quarter was $32.5 million or $0.70 per diluted share, which excluded net of tax, an $18.7 million gain on investments, $3.2 million of acquisition-related intangible asset costs, $1.2 million in Board officer retirement expense and $0.2 million in acquisition-related costs.

用於計算 2026 年第二季 GAAP 每股盈餘的股數為 4,640 萬股。第二季非 GAAP 調整後淨利為 3,250 萬美元，或每股稀釋後 0.70 美元；其中已排除（稅後）投資收益 1,870 萬美元、與收購相關的無形資產成本 320 萬美元、董事會高階主管退休費用 120 萬美元，以及與收購相關的成本 20 萬美元。

This compares to non-GAAP adjusted net income of $15 million or $0.32 per diluted share in the second quarter 2025 and $19.8 million or $0.43 per diluted share in the prior quarter. Excluding noncash share-based compensation expense of $8.9 million for the second quarter, net of tax, both GAAP net income and non-GAAP adjusted net income would have increased by $0.19 per share. EBITDA for the second quarter was $83.5 million or 18.7% of revenue compared to $84.5 million or 23.1% of revenue in the prior year period and $49.4 million or 12.2% of revenue in the prior quarter.

相較之下，2025 年第二季非 GAAP 調整後淨利為 1,500 萬美元，或每股稀釋後 0.32 美元；上一季為 1,980 萬美元，或每股稀釋後 0.43 美元。若排除第二季（稅後）非現金的股份基礎給付費用 890 萬美元，GAAP 淨利與非 GAAP 調整後淨利皆將增加每股 0.19 美元。第二季 EBITDA 為 8,350 萬美元，或占營收 18.7%；相較去年同期為 8,450 萬美元，或占營收 23.1%，上一季為 4,940 萬美元，或占營收 12.2%。

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. Cash flow provided by operations was $68.5 million for the second quarter, Free cash flow was $34.8 million, including $33.6 million of capital expenditures. Net cash flow was a positive $32.9 million, which includes $10 million for the stock buyback program.

我們在財報新聞稿中提供 GAAP 淨利與非 GAAP 調整後淨利之間，以及 GAAP 淨利與 EBITDA 之間的調節表，以提供更多細節。第二季營運活動提供的現金流為 6,850 萬美元；自由現金流為 3,480 萬美元，其中包含 3,360 萬美元的資本支出。淨現金流為正 3,290 萬美元，其中包含股票回購計畫的 1,000 萬美元。

Turning to the balance sheet. At the end of second quarter, cash, cash equivalents, restricted cash plus short-term investments totaled approximately $442 million. Working capital was approximately $931 million and total debt, including long term and short term, was approximately $40 million.

接著看資產負債表。截至第二季末，現金、約當現金、受限制現金加上短期投資合計約 4.42 億美元。營運資金約為 9.31 億美元，總負債（含長短期）約為 4,000 萬美元。

In terms of inventory, at the end of second quarter, total inventory days decreased to approximately 152 days as compared to 157 days last quarter. Finished goods inventory days were approximately 51 days compared to 55 days last quarter.

就存貨而言，截至第二季末，總存貨天數降至約 152 天，較上一季的 157 天下降。成品存貨天數約為 51 天，較上一季的 55 天下降。

Total inventory dollars increased $11.8 million from the prior quarter to $504.6 million, consisting of an $8.7 million increase in raw materials, a $4.2 million increase in work in process and a $1.1 million decrease in finished goods. The increase in inventory helps to support customers and expected growth as well as longer wafer manufacturing lead times.

總存貨金額較上一季增加 1,180 萬美元至 5.046 億美元，其中原材料增加 870 萬美元、在製品增加 420 萬美元，成品減少 110 萬美元。存貨增加有助於支援客戶與預期成長，同時也因應晶圓製造交期拉長。

Capital expenditures on a cash basis were $33.6 million for the second quarter or 7.5% of revenue, which was within our targeted annualized range of 5% to 9% of revenue. Now turning to our outlook. For the third quarter, we expect revenue to increase to approximately $510 million, plus or minus 3%. At the midpoint, this represents a 30% increase year-over-year and a 14% increase sequentially. GAAP gross margin is expected to expand to 35%, plus or minus 1%.

第二季以現金基礎計算的資本支出為 3,360 萬美元，約占營收 7.5%，落在我們目標年化區間（營收的 5% 至 9%）之內。接著談我們的展望。第三季我們預期營收將增加至約 5.10 億美元，上下浮動 3%。以中位數計算，這代表年增 30%，季增 14%。GAAP 毛利率預期將擴大至 35%，上下浮動 1%。

Non-GAAP adjusted EPS is expected to be $1.05, plus or minus $0.10. With that, I will now turn the call over to Emily Yang.

非 GAAP 調整後每股盈餘（EPS）預期為 1.05 美元，上下浮動 0.10 美元。接下來我把電話交給 Emily Yang。

Thank you, Brett, and good afternoon. As Gary and Brett mentioned, revenue in the second quarter was up 10% sequentially and exceeded the midpoint of our guidance. This growth was mainly driven by strong demand in Asia, followed by North America. Global POS increased quarter-over-quarter and reached record levels, driven by Americas, followed by Asia and Europe.

謝謝你，Brett，大家午安。如 Gary 與 Brett 所提到，第二季營收季增 10%，並高於我們財測中位數。這項成長主要由亞洲強勁需求帶動，其次為北美。全球 POS（銷售點）較上季增加並創下新高，成長動能來自美洲，其次為亞洲與歐洲。

Our channel inventory decreased both in terms of dollars and weeks again this quarter with the weeks lower than our normal range of 11 weeks to 14 weeks. The supply disruption I've mentioned on previous call continues, and we remain strategically focused on building long-term sustainable business and content opportunities at key automotive, industrial and AI-related applications and customers.

本季我們的通路庫存無論以金額或週數衡量皆再次下降，其中週數低於我們正常的 11 週至 14 週區間。我在先前電話會議提到的供應中斷仍在持續，我們仍策略性聚焦於在關鍵車用、工業與 AI 相關應用及客戶上，建立長期且可持續的業務與內容機會。

Our achievement of record automotive revenue in the quarter validates the success of our strategy and market share gain with customers. With our strong second quarter results and third quarter guidance, this further underscore our solid operational performance and the initial benefit from aggressive capacity expansion activities and our hybrid manufacturing strategy.

我們本季創下車用營收新高，驗證了我們策略的成功以及在客戶端的市占提升。憑藉第二季強勁表現與第三季財測，進一步凸顯我們穩健的營運執行力，以及積極擴產活動與混合製造策略所帶來的初步效益。

Looking at global sales in the second quarter, Asia represented 79% of revenue; Europe, 12%; and North America, 9%. In terms of our end markets, industrial was 23% of Diodes product revenue; automotive, a record 21%; computing, 28%; consumer 17%; and communication, 11% of product revenue.

就第二季全球銷售而言，亞洲占營收 79%；歐洲占 12%；北美占 9%。就終端市場而言，工業占 Diodes 產品營收 23%；車用創新高占 21%；運算占 28%；消費占 17%；通訊占產品營收 11%。

Overall, AI infrastructure is becoming an increasingly important growth driver for Diodes that spans multiple end markets. AI should be viewed not as a single application, but as a broad system-level ecosystem. In a typical AI infrastructure platform, Diodes content can attach across several applications, including the server motherboard, a power network that supports a full power life cycle, networking switches, storage and high-speed optical interconnect.

整體而言，AI 基礎設施正成為 Diodes 橫跨多個終端市場、日益重要的成長驅動力。AI 不應被視為單一應用，而是一個廣泛的系統層級生態系。在典型的 AI 基礎設施平台中，Diodes 的內容可涵蓋多項應用，包括伺服器主機板、支援完整電力生命週期的電力網路、網路交換器、儲存，以及高速光學互連。

Across this combined AI application areas, our estimated total content opportunity is approximately $267, representing a meaningful incremental increase compared to AI server platforms of $109. With several new products scheduled for release over the next few quarters, Diodes is well positioned to expand its BOM content, strengthen socket penetration and gain share as AI platform continues to scale in power density, connectivity bandwidth and system complexity. Now let me review the end market in greater detail.

在這些整合的 AI 應用領域中，我們估計的總內容機會約為 267 美元，相較於 AI 伺服器平台的 109 美元，代表顯著的增量提升。隨著未來幾季將有多款新產品推出，Diodes 有利於擴大其 BOM 內容、強化插槽滲透率，並在 AI 平台於功率密度、連線頻寬與系統複雜度持續提升之際取得市占。接下來我將更詳細檢視各終端市場。

Starting with automotive market, revenue grew 15% sequentially and over 37% year-over-year. The increase was driven by continuous business expansion and market share gains. Our design win momentum extended across all focus areas. In connected driving, adoption of ADAS telematics infotainment systems continue to accelerate as automakers increase the number of sensors, cameras, radar modules and processors within each vehicle.

先從車用市場開始，營收季增 15%，年增超過 37%。成長主要由持續的業務擴張與市占提升所帶動。我們的設計導入（design win）動能擴及所有聚焦領域。在聯網駕駛方面，隨著車廠提高每輛車內的感測器、攝影機、雷達模組與處理器數量，ADAS、車聯網（telematics）與資訊娛樂系統的採用持續加速。

These architectures require robust interface and protection solutions, and we are seeing strong momentum for our voltage translation ICs, power management and networking products as vehicle communication and processing requirements continue to increase.

這些架構需要強健的介面與保護解決方案；隨著車輛通訊與運算需求持續提升，我們看到電壓轉換 IC、電源管理與網路產品呈現強勁動能。

Across comfort, style and safety, we are seeing strong adoption of power protection, smart power switching, motor control and automotive lighting solutions. The advanced lighting solutions, vehicle body electronics and intelligent control modules continue to require higher level of functionality and reliability, creating additional opportunities for our products.

在舒適、造型與安全等領域，我們看到電源保護、智慧電源切換、馬達控制與車用照明解決方案的採用強勁。先進照明方案、車身電子與智慧控制模組持續需要更高層級的功能與可靠性，為我們的產品創造更多機會。

In the electrification, the transition towards higher voltage EV platforms faster charging infrastructures and more sophisticated battery management system is driving demand for our power semiconductors, wide band gap solutions and signal management devices. We continue to expand our portfolio to address applications ranging from battery management and onboard charging to DC/DC conversion and zone control architecture.

在電動化方面，朝向更高電壓的電動車（EV）平台、更快速的充電基礎設施，以及更精密的電池管理系統的轉型，正推動對我們功率半導體、寬能隙解決方案與訊號管理元件的需求。我們持續擴充產品組合，以涵蓋從電池管理、車載充電到 DC/DC 轉換與區域控制架構等應用。

Overall, our automotive portfolio continues to gain traction across both ICE and EV applications. Our emphasis on our three focus areas, combined with higher vehicle semiconductor content continue to support our long-term automotive growth strategy.

整體而言，我們的汽車產品組合在傳統燃油車（ICE）與電動車（EV）應用上持續獲得市場動能。我們對三大重點領域的聚焦，加上每輛車所含的半導體內容提升，持續支撐我們長期的汽車成長策略。

Turning to industrial market. Revenue increased 5% sequentially and over 24% year-over-year. As a percentage of total product revenue, industrial was down 1% from last quarter, while actual demand remains strong. The industrial market continues to benefit from strong demand across AI infrastructures, industrial automation, robotics, energy management, health care and smart infrastructure applications.

接著談工業市場。營收較上一季成長5%，年增超過24%。以總產品營收占比來看，工業較上季下滑1%，但實際需求仍然強勁。工業市場持續受惠於AI基礎設施、工業自動化、機器人、能源管理、醫療保健與智慧基礎建設等應用的強勁需求。

Growth is being driven by increasing requirements for power efficiency, sensing, connectivity and embedded intelligence in next-generation systems. With the shift towards 400-volt and 800-volt power architectures becoming an important trend in AI-related applications, our power management product and discrete products remain key growth drivers. This transition supports higher power density, lower distribution losses and more efficient immediate bus conversion, creating additional content opportunity for us.

成長動能來自於次世代系統對電源效率、感測、連結性與嵌入式智慧的需求提升。隨著400V與800V電源架構的轉移成為AI相關應用的重要趨勢，我們的電源管理產品與分離式元件產品仍是關鍵成長驅動力。此一轉換可支援更高功率密度、更低配電損耗，以及更高效率的中間匯流排（intermediate bus）轉換，為我們帶來額外的內容（content）機會。

We are also seeing new growth opportunity emerge through humanoid robotics, where increasing system complexity is creating demand for discrete products, voltage translation and connectivity solutions as commercial deployment move towards scale.

我們也看到人形機器人帶來的新成長機會；隨著系統複雜度提高，當商業化部署走向規模化時，將帶動對分離式元件、電壓轉換（voltage translation）與連接解決方案的需求。

Overall, Diodes is well positioned to benefit from the increasing intelligence, embedded computing, connectivity and power demand for next-generation industrial systems. In the computing market, revenue increased 18% sequentially and 33% year-over-year. This market continues to be our strongest growth driver due to accelerating adoption across data center, AI server, cloud infrastructure and storage platforms.

整體而言，Diodes 已具備良好定位，可受惠於次世代工業系統對智慧化、嵌入式運算、連結性與電力需求的提升。在運算市場方面，營收較上一季成長18%，年增33%。由於資料中心、AI伺服器、雲端基礎設施與儲存平台的採用加速，該市場持續成為我們最強的成長驅動力。

Our timing portfolio continued to gain traction as customers transition to next-generation PCI Express architectures. We secured multiple strategic server platform design wins for our clock generators and timing solutions with design activity, customer engagement and backlog trending remains strong.

隨著客戶轉向次世代 PCI Express 架構，我們的時序（timing）產品組合持續獲得市場動能。我們在時鐘產生器與時序解決方案上取得多個策略性伺服器平台設計導入（design win），且設計活動、客戶互動與在手訂單（backlog）趨勢仍然強勁。

New timing products are now ramping into the latest AI server platforms, further expanding our presence in this high-growth market. Beyond timing, the AI infrastructure build-out is increasing semiconductor content per server, creating opportunities across connectivity, signal integrity, interface, power management, sensing and protection devices.

新的時序產品目前正逐步放量導入最新的AI伺服器平台，進一步擴大我們在此高成長市場的布局。除時序之外，AI基礎設施建置也在提升每台伺服器的半導體內容，帶來連接、訊號完整性、介面、電源管理、感測與保護元件等方面的機會。

We are also benefiting from increasing power density requirement in AI servers and data center, which are driving strong demand for our power distribution, protection, sensing and voltage reference portfolios. In the consumer market, revenue increased almost 10% sequentially and 17% year-over-year, but remained flat to the last quarter as a percentage of total product revenue. Overall, the market remained challenged by memory shortage and slower demand. That said, we did see some areas of strength that helped offset the supply challenges.

我們也受惠於AI伺服器與資料中心對更高功率密度的需求，這正推動對我們配電、保護、感測與基準電壓（voltage reference）產品組合的強勁需求。在消費市場方面，營收較上一季增加近10%，年增17%，但占總產品營收的比例與上季持平。整體而言，市場仍受記憶體短缺與需求放緩所影響而具挑戰。不過，我們確實看到一些強勢領域，有助於抵銷供應限制帶來的挑戰。

We saw strength in charging, USB power delivery solutions, ESD protection devices for storage applications and level shifters, an interface product benefiting from increasing adoption of AI-enabled IoT devices, smart home systems and multi-voltage architectures. Together, these product families reflect our focus on higher-value consumer applications where increasing functionality, connectivity and power efficiencies are driving greater semiconductor content.

我們在充電、USB 電力傳輸（USB Power Delivery）解決方案、用於儲存應用的 ESD 保護元件，以及電平轉換器（level shifters）等方面看到強勁表現；其中電平轉換器屬於介面產品，受惠於AI賦能的物聯網（IoT）裝置、智慧家庭系統與多電壓架構的採用提升。綜合而言，這些產品系列反映我們聚焦於更高價值的消費性應用；在這些應用中，功能性、連結性與電源效率的提升正推動更高的半導體內容。

Lastly, in the communication market, revenue decreased 7% sequentially and approximately 3% year-over-year. Demand in this market remains soft, especially in the smartphone market in China. On a positive side, networking remains strong with demand creation momentum supported by growing investments in AI infrastructures, enterprise networking and next-generation mobile devices. With mobile and edge devices, we continue to benefit from demand for power management products in AI-enabled smartphones, wearables and emerging smart glasses.

最後，在通訊市場方面，營收較上一季下滑7%，年減約3%。該市場需求仍偏疲弱，尤其是中國的智慧型手機市場。正面來看，網路通訊仍然強勁，需求動能受AI基礎設施、企業網路與次世代行動裝置投資增加所支撐。在行動與邊緣裝置方面，我們持續受惠於AI智慧型手機、穿戴裝置與新興智慧眼鏡對電源管理產品的需求。

AI is driving new opportunities across both networking infrastructures and intelligent edge devices, expanding our design win pipeline and supporting future growth in communication market for diodes. In summary, we are pleased with our strong growth momentum and gross margin expansion as we continue to emphasize content expansion initiatives across our key focus area of automotive, industrial and AI server-related applications.

AI正在網路基礎設施與智慧邊緣裝置兩端創造新機會，擴大我們的設計導入管線（pipeline），並支撐 Diodes 在通訊市場的未來成長。總結而言，我們對強勁的成長動能與毛利率擴張感到滿意；同時，我們持續強調在汽車、工業與AI伺服器相關應用等關鍵聚焦領域的內容擴張（content expansion）計畫。

We are guiding for continued growth in revenue, margins and non-GAAP earnings, which puts us on a solid track towards the achievement of our three-year financial goals. With that, we now open the floor to questions. Operator?

我們的指引預期營收、毛利率與非GAAP獲利將持續成長，這使我們穩健朝向達成三年期財務目標的軌道前進。接下來我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

William Stein, Truist Securities.

William Stein，Truist Securities。

This is [ Elliot ] on for Will. First, can you provide some color on your SPFAB, status of revenue and profitability, maybe where things stand on utilization and getting products qualified and moved in-house?

我是代替 Will 的 [ Elliot ]。首先，能否請你們補充一下 SPFAB 的情況，包括營收與獲利能力的狀態，也許談談產能利用率，以及產品認證並轉移到內部生產的進度？

Well, this is Gary. Let me give you some insight about that wafer fab. Usually, we don't provide this kind of P&L for that particular wafer fab. But as I say so from a couple of quarters, and I do believe in the progress on loading that wafer fabs continue growing on that.

我是 Gary。我來提供一些關於那座晶圓廠的資訊。一般而言，我們不會針對那座特定晶圓廠提供這類損益（P&L）資訊。但如同我過去幾季所說，我相信該晶圓廠的載入（loading）進展持續改善，並且仍在成長。

And also, we do see the key customers starting using the wafer fab -- the wafer produced from wafer fab as their product. And I do believe in the near future, and we can continue to grow the utilization on this wafer fab.

同時，我們也看到關鍵客戶開始使用該晶圓廠所生產的晶圓作為其產品的一部分。我相信在不久的將來，我們可以持續提升這座晶圓廠的產能利用率。

Okay. And then if I get one more. Can you talk us through end market expectations as we move into Q3 and then potentially into Q4 as well, given such strong growth you're expecting? And then if I can try, if you can look a little further out, maybe ranking your growth opportunities as you move into 2027?

了解。那我再問一個。在你們預期強勁成長的情況下，能否談談進入第三季、以及可能到第四季時，各終端市場的展望？另外，如果可以再往後看一些，能否請你們就邁向2027年的成長機會做個排序？

This is Emily. Let me answer this question, right? So overall, Q3 with a very strong guidance, 14.5% quarter-over-quarter growth, we do expect growth from almost all the end market segments. I would say majority would continue driven by the AI-related applications, especially on the surfer motherboard side. I think automotive definitely show a lot of strength, very strong growth momentum, and we expect that will continue by market share gain and the expansion of some of the products.

我是 Emily。我來回答這個問題。整體而言，第三季我們給出非常強勁的指引，季增14.5%；我們預期幾乎所有終端市場區隔都會成長。我認為主要動能仍將由AI相關應用帶動，尤其是在伺服器主機板端。我認為汽車確實展現出很強的力道與成長動能，我們預期這將透過市占提升與部分產品擴張而持續。

On the industrial side, I think the excess inventory is definitely beyond us right now. We're definitely also see the market recover from there. So we also expect industrial growth in the third quarter. Consumer is usually a peak quarter for the third quarter. I know there's some combination of different things. But all in all, we also expect that to see some improvement.

在工業端，我認為過剩庫存目前已經明顯過去。我們也確實看到市場自那之後開始復甦。因此我們也預期第三季工業會成長。消費性通常第三季是旺季。我知道其中有多種因素交織。但整體而言，我們也預期會看到一些改善。

On the communications side, right, smartphone demand is very similar to consumer, so similar to the comment I made before. On top of that, we believe the networking portion of this communication market segment should continue to grow driven especially with some AI networking switches and routers, right? So I would say, all in all, we actually have a really good guidance for Q3, and we're definitely marching towards to make sure we achieve and meet the goal.

在通訊端，智慧型手機需求與消費性非常類似，因此與我先前的評論相同。此外，我們相信通訊市場區隔中的網路通訊部分應會持續成長，特別是由一些AI網路交換器與路由器所帶動。所以整體來說，我們對第三季的指引非常有信心，也正全力以赴確保達成並符合目標。

Regarding Q4, we usually don't provide more than one quarter's guidance, but definitely, we're seeing good momentum so far for the Q4. I think for next year, it's a little bit longer out there. But all in all, with the market we're seeing, we feel like it should be stronger than usual.

至於第四季，我們通常不會提供超過一季的指引，但目前為止我們確實看到第四季有不錯的動能。至於明年，時間點就更遠一些。但總體而言，從我們看到的市場狀況來看，我們覺得應該會比以往更強。

Tristan Gerra, Baird.

Tristan Gerra，Baird。

Some of your peers have reported some constraints, notably for power product supply. Are you seeing any supply constraint? Will you be able to ship more without it, notably into data center?

你們的一些同業已回報出現一些限制，特別是在電源產品供應方面。你們是否也看到任何供應限制？若沒有這些限制，你們是否能出更多貨，特別是供應到資料中心？

Right, Tristan. I think overall, we've been talking about very strong demand across the board. I think there's definitely pockets of, I would say, areas that are a little bit more constrained than the others. But all in all, what we really want to focus is actually focus working with our strategic customers and give them the best support we can. I think during the COVID, we actually have similar discussions before.

是的，Tristan。我想整體而言，我們一直在談各領域都出現非常強勁的需求。我認為確實有一些區塊，我會說，有些領域比其他領域更受限一些。但總的來說，我們真正想聚焦的是與我們的策略客戶合作，並盡我們所能給予他們最好的支援。我想在 COVID 期間，我們之前其實也有過類似的討論。

Our focus is really working with the customer, understand their true demand and give them the best for, make sure to prevent any of the shortage or line down issue they are facing. But I would say, all in all, because the demand is so strong, definitely, there's pockets of areas of supply is a little bit constrained.

我們的重點確實是與客戶合作，了解他們真正的需求，並提供最佳支援，以確保避免他們面臨任何缺料或產線停線的問題。但我會說，整體而言，由於需求非常強勁，確實有一些供應在某些領域稍微受限。

Yes. And also, Tristan, let me add more color on that, right? As Emily said, we do see the very strong demand this year, even further more in the next year. But as we leverage more on our heavy model, no matter internal or external, we want to make sure we can continue add capacity, no matter continue utilizing our internal wafer fab and also add more capacity in our back end to support our customers. So our growth not only limit on the demand, but also we do have more capacity we can support the customer for the future needs.

是的。另外，Tristan，讓我再補充一些說明，好嗎？如 Emily 所說，我們確實看到今年需求非常強勁，明年甚至更強。但隨著我們更多運用我們的重資產模式，不論是內部或外部，我們希望確保能持續擴增產能，包含持續提升我們內部晶圓廠的使用，以及在後段製程增加更多產能來支援客戶。因此，我們的成長不僅受限於需求，我們也確實有更多產能可在未來支援客戶的需求。

Okay. Great. And then just as a quick follow-up. So you mentioned capacity expansion efforts. Is that on the front end? Is that internal capacity? And if so, what geography are you building capacity?

好的。很好。接著快速追問一下。你提到擴產的努力。那是前段製程嗎？是內部產能嗎？如果是的話，你們在哪些地理區域建置產能？

Well, let me say that in this way, okay? For the wafer fab, we continue utilizing improving the utilization for our GFAB and SPFAB and there's some room we can also do more on that. And also, we are doing some migration from six-inch to eight-inch, right to get more capacity on the wafer fab.

嗯，我這樣說好了，好嗎？在晶圓廠方面，我們持續提升 GFAB 與 SPFAB 的稼動率，這方面也還有一些空間可以再做更多。另外，我們也在做一些從 6 吋轉到 8 吋的遷移，以便在晶圓廠端取得更多產能。

Also leverage our external partner, right? And no matter the partner in Korea or in Taiwan, to get more capacity from them. So that's one thing. Second is that for our assembly testing, probably 75% assembly testing we do internally. On the particular package we are doing here, we do add more capacity on that. We are not adding every packaging capacity.

同時也會運用我們的外部合作夥伴，對吧？不論是韓國或台灣的合作夥伴，從他們那裡取得更多產能。這是一點。第二，在封裝測試方面，我們大約 75% 的封裝測試是內部執行。針對我們目前在做的特定封裝，我們會增加該部分的產能。我們不是把所有封裝產能都加上去。

We selectively pick the package, which might get more advantage on that, for example, like or CSP. This type of package, we can provide a better value and can provide a better service to our key customers, like Emily said. And we'll continue to do the investment on that.

我們會選擇性地挑選那些能帶來更多優勢的封裝，例如像是（…）或 CSP。這類封裝我們可以提供更好的價值，也能如 Emily 所說，為我們的關鍵客戶提供更好的服務。我們也會持續在這方面投資。

Okay. And then lastly, I'll just squeeze one in really quick. What's the percentage of your production that's currently fab versus what's outsourced?

好的。最後我再很快塞一個問題。你們目前自有晶圓廠生產與外包的比例各是多少？

It's about 50-50 at this moment.

目前大約是 50 對 50。

David Williams, Needham & Company.

David Williams，Needham & Company。

So look, you guys are doing a really great job here of finding the demand and continuing to grow in all the right areas and drive the gross margin. I guess as I kind of think about the most recent acquisition you made, ElevATE, can you talk maybe through some of that color or maybe rationale? It seems like a really great fit. But just kind of curious if there's anything about that acquisition that maybe we're not thinking of or haven't really understood yet, do you think?

所以你看，你們在掌握需求、在所有正確的領域持續成長並推動毛利率方面做得非常好。我想就你們最近一次的收購 ElevATE 而言，你能否談談一些背景或收購理由？看起來非常契合。但我只是好奇，這筆收購是否有任何我們可能沒想到、或還沒有真正理解的地方？你覺得呢？

Of course. And first, we are very excited about the recent proposed acquisition of this company. As I said, ElevATE is a fabless semiconductor company, very special and very strong in developing IC for APE, the kind of application like automated testing equipment.

當然。首先，我們對近期提出收購這家公司感到非常興奮。如我所說，ElevATE 是一家無晶圓廠半導體公司，非常特別，且在為 APE（例如自動化測試設備這類應用）開發 IC 方面非常強。

Okay? I think ElevATE complement's Diodes currently analog and mixed signal product portfolio with highly differentiated IP and a higher-margin product with a low power, high density, higher performance signal chain amplified and data converter.

好的？我認為 ElevATE 以高度差異化的 IP，以及更高毛利的產品（低功耗、高密度、更高效能的訊號鏈放大器與資料轉換器），補強了 Diodes 目前的類比與混合訊號產品組合。

We do, of course, see a lot of synergy especially on product synergy. And also, we do see the market synergy, for example, by increasing our exposure on the attractive ATE market and also through this new customer and opportunity to expand our share for the wallet to the existing customer.

當然，我們看到很多綜效，特別是在產品綜效方面。同時也看到市場綜效，例如提高我們在具吸引力的 ATE 市場的曝險度，並透過這些新客戶與新機會，擴大我們在既有客戶中的錢包份額。

So all in all, I would say that with this kind of synergy, we combine elevator core channel expertise with the Diodes analog and product portfolio, and we can easily expand the channel provider to AP platform solution provider. So with that kind of synergy together, we can easily for the addressable market probably like $1 billion at least above.

因此整體而言，我會說，透過這樣的綜效，我們把 ElevATE 的核心通路專業與 Diodes 的類比產品組合結合起來，就能更容易把通路供應商擴展為 AP 平台解決方案供應商。在這樣的綜效之下，我們可觸及的市場規模很容易至少達到約 10 億美元以上。

Okay. Very good. Certainly appreciate that. And then I think this question was asked around the edges earlier, but just kind of curious if you could give us your thoughts on maybe the demand trends and how the channel inventory, if you feel like you're shipping to consumption? And maybe any concerns about double ordering just kind of given the strength of the demand? Do you think that's beginning to happen? Or do you feel like you've got a pretty good handle on that?

好的。非常好。非常感謝你的說明。接著我想這個問題先前有稍微被提到，但我想請你談談需求趨勢，以及通路庫存的狀況——你是否覺得你們的出貨是貼近終端消耗？另外，考量需求強勁，你們是否擔心重複下單（double ordering）？你覺得這種情況開始發生了嗎？或者你覺得你們對此掌握得相當好？

David, this is Emily. If you look at our channel inventory, we actually decreased both in terms of dollars as well as weeks. It's definitely lower than our normal range of 11 weeks to 14 weeks, right? So we definitely don't see the double booking or double shipments to the customer building up the channel inventory at this moment. I think what we're looking at is we try to balance the ship through at this moment, but we're not there. So I don't really think this is a concern, right?

David，我是 Emily。如果你看我們的通路庫存，我們其實不論以金額或以週數來看都下降了。它確實低於我們正常的 11 週到 14 週區間，對吧？所以目前我們確實沒有看到重複下單或重複出貨，導致客戶在通路端堆高庫存的情況。我想我們目前在做的是努力平衡出貨與終端拉貨（ship-through），但我們還沒完全達到。所以我不認為這會是個疑慮，對吧？

That concludes our question-and-answer session. I will now turn the call back over to Guy Yu, CEO and President, for closing remarks.

問答環節到此結束。我現在把電話交回給執行長兼總裁 Guy Yu 作結語。

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

感謝各位參與今天的電話會議。我們期待在下季的法說電話會議上，持續向各位報告我們的進展。接線員，您現在可以中斷連線。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位加入。您現在可以中斷連線。