Diodes Inc (DIOD) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to Diodes Inc. Fourth Quarter and Fiscal 2020 Financial Results Conference Call.

下午好，歡迎參加 Diodes Inc. 第四季和 2020 財年財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded today, Tuesday, February 16, 2021. I would now like to turn the call over to Leanne Sievers of Shelton Group Investor Relations. Leanne, please go ahead.

謹此提醒，本次電話會議將於今天（2021 年 2 月 16 日星期二）進行錄音。我現在想將電話轉給謝爾頓集團投資者關係部的 Leanne Sievers。莉安，請繼續。

Good afternoon, and welcome to Diodes Fourth Quarter and Fiscal 2020 Financial Results Conference Call. I'm Leanne Sievers, President of Shelton Group, Diodes' Investor Relations Firm. Joining us today are Diodes' Chairman, President and CEO, Dr. Keh-Shew Lu; Chief Financial Officer, Brett Whitmire; Senior Vice President of Worldwide Sales and Marketing, Emily Yang; and Director of Investor Relations, Laura Mehrl.

下午好，歡迎參加 Diodes 第四季和 2020 財年財務業績電話會議。我是 Leanne Sievers，Diodes 投資者關係公司謝爾頓集團總裁。今天加入我們的是 Diodes 董事長、總裁兼執行長 Keh-Shew Lu 博士；財務長布雷特·惠特米爾；全球銷售與行銷資深副總裁 Emily Yang；和投資者關係總監 Laura Mehrl。

Before I turn the call over to Dr. Lu, 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 2020 fiscal year ending December 31, 2020.

在我把電話轉給盧博士之前，我想提醒我們的聽眾，今天公佈的結果是初步的，因為這些結果取決於公司最終確定的結帳程序以及公司獨立註冊會計師事務所的慣例季度審查。因此，在本公司提交截至 2020 年 12 月 31 日的 2020 財年的 10-K 表格之前，這些結果未經審計並可能進行修訂。

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 question. 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，管理層準備的言論包含前瞻性陳述，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額外的前瞻性陳述。因此，該公司聲稱受到 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述安全港的保護。實際結果可能與今天討論的結果有所不同，因此，我們建議您參閱更詳細的討論公司向美國證券交易委員會提交的文件（包括表格10-K 和10-Q）中的風險和不確定性。

In addition, any projections as the company's future performance represent management's estimates as of today, February 16, 2021. 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，對公司未來業績的任何預測均代表管理層截至今天（2021 年2 月16 日）的估計。Diodes 不承擔在未來更新這些預測的義務，因為市場條件可能會或可能不會發生變化，除非適用法律要求的範圍。

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，該公司在本次電話會議期間的新聞稿和管理層聲明將包括以公認會計原則和非公認會計原則術語討論某些措施和財務資訊。該公司的新聞稿中包括 GAAP 與非 GAAP 項目的定義和調節，其中提供了更多詳細資訊。此外，在本次電話會議期間公司的新聞稿和管理層聲明中，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 Diodes website at www.diodes.com.

對於目前無法收聽整個電話會議的人士，可在 Diodes 網站 www.diodes.com 的投資者關係部分透過網路廣播提供為期 90 天的錄音。

And now I'll turn the call over to Diodes' Chairman, President and CEO, Dr. Keh-Shew Lu. Dr. Lu, please go ahead.

現在我將把電話轉給 Diodes 董事長、總裁兼執行長 Keh-Shew Lu 博士。盧醫生，請講。

Thank you, Leanne. Welcome, everyone. And thank you for joining us today.

謝謝你，莉安。歡迎大家。感謝您今天加入我們。

We ended the year achieving the highest quarterly revenue in company's history, even when excluding the revenue contribution from our acquisition of Lite-On Semiconductor that closed on November 30.

即使不包括 11 月 30 日完成的收購光寶半導體的收入貢獻，我們在年底也實現了公司歷史上最高的季度收入。

Total organic revenue grew 7.8% sequentially and 10.7% year-over-year, demonstrating the continued success of our product, content, and customer expansion initiatives. Revenue from our Pericom products and automotive market also reached record levels, with automotive revenue growing 24% sequentially and 40% year-over-year, both of which contributed to our solid market share gains in the quarter. All of these accomplishments are notable achievements, especially considering the ongoing global pandemic.

總有機收入環比成長 7.8%，年成長 10.7%，這表明我們的產品、內容和客戶拓展計畫持續成功。我們的 Pericom 產品和汽車市場的收入也達到了創紀錄的水平，汽車收入環比增長 24%，同比增長 40%，這兩者都為我們在本季度穩定的市場份額增長做出了貢獻。所有這些成就都是引人注目的成就，特別是考慮到當前的全球大流行。

Following the successful completion of LSC acquisition, the integration process has been advancing smoothly. On December 1, we initially announced the new operations structure for the combined companies and have named Gary Yu, Senior Vice President, who is in charge of all the business groups and also has been tasked with all integration activities. We have been actively working to qualify Diodes products in the LSC factories and expect to begin making production starts in the middle of this year with the expectation of exiting 2021 with significant momentum in this area. In regards to the product, customer and end market synergies, these are multiyear efforts that span the product development process by working closely with our customers and serving them with our combined product portfolio.

隨著LSC收購的順利完成，整合進程正在順利進行中。 12月1日，我們初步宣布了合併後公司的新營運架構，並任命Gary Yu為資深副總裁，負責所有業務部門並負責所有整合活動。我們一直在積極努力使 LSC 工廠的 Diodes 產品合格，並預計在今年年中開始生產，預計到 2021 年該領域將出現強勁勢頭。就產品、客戶和終端市場的協同效應而言，這些都是透過與客戶密切合作並透過我們的組合產品組合為他們提供服務而跨越產品開發過程的多年努力。

As mentioned in our earlier release today, the LSC business was immediately accretive to our results, adding $0.02 per share on a non-GAAP basis in the fourth quarter. As I just mentioned, we believe LSC also offers future opportunities for synergistic growth and expansion across our end markets, product offerings, customers and the manufacturing footprint. In addition to these growth synergies, the repurchase of 14.7% of Diodes shares that were previously owned by LSC will drive additional earnings power when combined with Diodes solid operating average.

正如我們在今天早些時候發布的新聞稿中提到的，LSC 業務立即為我們的業績帶來了增值，第四季度按非公認會計準則計算每股收益增加了 0.02 美元。正如我剛才提到的，我們相信 LSC 也為我們的終端市場、產品供應、客戶和製造足跡的協同增長和擴張提供了未來的機會。除了這些成長協同效應之外，回購 LSC 之前擁有的 14.7% Diodes 股份，與 Diodes 穩健的營運平均值相結合，將帶來額外的獲利能力。

As we look to the first quarter, we expect to further extend this strong momentum and once again set a new revenue and gross profit record, with sequential growth projected both organically and on a consolidated basis in what has previously been a seasonally down quarter for our business. This anticipated growth is being driven by record POS revenue in the fourth quarter. We look forward to reporting our ongoing progress and remaining focused on integrating the LSC business, while capitalizing on the long-term opportunities for continued growth and earnings expansion.

展望第一季度，我們預計將進一步延續這一強勁勢頭，並再次創下新的收入和毛利潤記錄，預計在此前季節性下降的季度中，我們將實現有機增長和綜合增長。商業。這一預期增長是由第四季度創紀錄的 POS 收入推動的。我們期待報告我們的持續進展，並繼續專注於整合 LSC 業務，同時利用持續成長和獲利擴張的長期機會。

With that, let me now turn the call over to Brett to discuss our fourth quarter financial results and our first quarter 2021 guidance in more detail.

現在，讓我將電話轉給 Brett，更詳細地討論我們第四季的財務業績和 2021 年第一季的指導。

Thanks, Dr. Lu, and good afternoon, everyone. As part of my financial review today, I will focus my comments on the sequential change for each of the line items and would refer you to our press release for a more detailed review of our results as well as the year-over-year comparisons.

謝謝盧博士，大家下午好。作為今天財務審查的一部分，我將集中評論每個項目的連續變化，並建議您參閱我們的新聞稿，以更詳細地審查我們的結果以及同比比較。

Revenue for the fourth quarter of 2020 was a record $350.4 million, which included $16.9 million of one month of revenue from LSC, an increase of 13.2% on a consolidated basis and 7.8% on an organic basis from the $309.5 million in the third quarter 2020. Gross profit for the fourth quarter was also a record at $122.7 million and included $2.5 million from LSC or 35.0% of revenue on a consolidated basis and 36.0% of revenue for Diodes only. This compares to $111.1 million or 35.9% of revenue in the third quarter 2020.

2020 年第四季營收達到創紀錄的 3.504 億美元，其中包括 LSC 單月營收 1,690 萬美元，與 2020 年第三季的 3.095 億美元相比，合併成長 13.2%，有機成長 7.8%第四季的毛利也創歷史新高，達到1.227 億美元，其中包括來自LSC 的250 萬美元，佔合併收入的35.0%，僅佔Diodes 收入的36.0%。相比之下，2020 年第三季的營收為 1.111 億美元，佔營收的 35.9%。

GAAP operating expenses for the fourth quarter 2020 were $82.9 million or 23.7% of revenue; and on a non-GAAP basis, were $75 million or 21.4% of revenue, which excludes $4 million of amortization of acquisition-related intangible asset expenses, $2.5 million restructuring costs and $1.5 million of other acquisition-related costs. This compares to non-GAAP operating expenses in the prior quarter of $73.2 million or 23.7% of revenue.

2020 年第四季 GAAP 營運費用為 8,290 萬美元，佔營收的 23.7%；以非 GAAP 計算，為 7,500 萬美元，佔營收的 21.4%，其中不包括 400 萬美元的收購相關無形資產攤銷、250 萬美元的重組成本和 150 萬美元的其他收購相關成本。相比之下，上一季的非 GAAP 營運費用為 7,320 萬美元，佔營收的 23.7%。

Total other expense amounted to approximately $3.7 million for the quarter, including $4 million in interest expense, $3.7 million in foreign currency loss, partially offset by $3.5 million of other income and $487,000 of interest income.

該季度的其他費用總額約為 370 萬美元，其中包括 400 萬美元的利息費用、370 萬美元的外匯損失，部分被 350 萬美元的其他收入和 487,000 美元的利息收入所抵消。

Income before taxes and noncontrolling interest in the fourth quarter 2020 was $36.1 million compared to $33.3 million in the previous quarter.

2020 年第四季稅前和非控股權益前收入為 3,610 萬美元，上一季為 3,330 萬美元。

Turning to income taxes, our effective income tax rate for the fourth quarter was approximately 16.7%.

談到所得稅，我們第四季的有效所得稅率約為 16.7%。

GAAP net income for the fourth quarter 2020 was $29.7 million or $0.59 per diluted share, which included $0.03 per share from LSC and compared to GAAP net income of $27.2 million or $0.51 per diluted share in the third quarter 2020. The share count used to compute GAAP diluted EPS for the fourth quarter of 2020 was 50.4 million shares, which reflects a reduction in the weighted average share count due to the repurchase of approximately 7.8 million Diodes shares from LSC for the one month since closing. As mentioned in our press release today, we expect the share count for the first quarter to be approximately 45.7 million shares.

2020 年第四季的GAAP 淨利為2,970 萬美元，即稀釋後每股0.59 美元，其中包括來自LSC 的每股0.03 美元，而2020 年第三季的GAAP 淨利為2,720 萬美元，即稀釋後每股0.51 美元。用於計算的股份數2020 年第四季GAAP 攤薄後每股收益為5,040 萬股，反映了由於自交易結束後一個月內從LSC 回購約780 萬股Diodes 股票而導致加權平均股票數量減少。正如我們今天的新聞稿中提到的，我們預計第一季的股票數量約為 4570 萬股。

Non-GAAP adjusted net income for the fourth quarter was $37.3 million or $0.74 per diluted share, which excluded, net of tax, $4 million of acquisition-related financing and other acquisition-related costs, $3.3 million of noncash acquisition-related intangibles expense, $2 million of restructuring costs and a $1.7 million gain in value of certain LSC investments. LSC contributed $0.02 per share to fourth quarter non-GAAP earnings. Non-GAAP adjusted net income in the third quarter 2020 was $32.8 million or $0.62 per diluted share.

非公認會計準則調整後第四季淨利為3,730 萬美元，即稀釋後每股收益0.74 美元，其中不包括稅後400 萬美元的收購相關融資和其他收購相關成本、330 萬美元的非現金收購相關無形資產費用、 200 萬美元的重組成本和某些 LSC 投資的 170 萬美元的價值收益。 LSC 為第四季度非 GAAP 收益貢獻了每股 0.02 美元。 2020 年第三季非 GAAP 調整後淨利為 3,280 萬美元，或攤薄後每股收益 0.62 美元。

Included in the fourth quarter 2020, GAAP net income and non-GAAP adjusted net income was approximately $5.1 million, net of tax of non-cash share-based compensation expense. Excluding share-based compensation expense, both GAAP earnings per share and non-GAAP adjusted EPS would have increased by $0.10 per diluted share for fourth quarter 2020 and $0.09 for the third quarter 2020.

計入 2020 年第四季的 GAAP 淨利和非 GAAP 調整後淨利約為 510 萬美元，扣除非現金股票補償費用的稅後。不包括以股票為基礎的補償費用，2020 年第四季的 GAAP 每股盈餘和非 GAAP 調整後每股盈餘將增加 0.10 美元，2020 年第三季稀釋後每股盈餘將增加 0.09 美元。

EBITDA for the fourth quarter was $67.1 million or 19.1% of revenue compared to $63.3 million or 20.5% of revenue in the prior quarter.

第四季 EBITDA 為 6,710 萬美元，佔營收的 19.1%，而上一季的 EBITDA 為 6,330 萬美元，佔營收的 20.5%。

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.

我們在收益報告中納入了 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 generated from operations was $60.8 million for the fourth quarter 2020. Free cash flow was $33.5 million for the fourth quarter, which included $27.3 million for capital expenditures. Net cash flow in the fourth quarter was a negative $319.3 million, which included the purchase of Lite-On Semiconductor during the quarter for approximately $453.4 million.

2020 年第四季營運產生的現金流為 6,080 萬美元。第四季自由現金流為 3,350 萬美元，其中包括 2,730 萬美元的資本支出。第四季淨現金流為負3.193億美元，其中包括該季度以約4.534億美元收購光寶半導體的費用。

Turning to the balance sheet. At the end of fourth quarter, cash, cash equivalents, restricted cash plus short-term investments totaled approximately $327 million. Working capital was $514 million and total debt, including long-term and short term, was $451 million.

轉向資產負債表。截至第四季末，現金、現金等價物、限制性現金加上短期投資總計約 3.27 億美元。營運資金為 5.14 億美元，總債務（包括長期和短期）為 4.51 億美元。

In terms of inventory, at the end of fourth quarter, total inventory days decreased to approximately 114 in the quarter on a consolidated basis and 110 days for Diodes only as compared to 120 last quarter. Finished goods inventory days also decreased to 31 from 32 in the third quarter 2020. Total inventory dollars increased $45.1 million to approximately $305.4 million, which reflects the addition of LSC. Total inventory in the quarter consisted of a $17.1 million increase in work-in process, a $15.7 million increase in finished goods and a $12.3 million increase in raw materials.

庫存方面，第四季末，本季合併總庫存天數減少至約 114 天，Diodes 的庫存天數僅為 110 天，而上季為 120 天。成品庫存天數也從 2020 年第三季的 32 天減少到 31 天。總庫存美元增加了 4,510 萬美元，達到約 3.054 億美元，這反映了 LSC 的增加。本季的總庫存包括在製品增加 1,710 萬美元、成品增加 1,570 萬美元以及原材料增加 1,230 萬美元。

Capital expenditures on a cash basis for the fourth quarter 2020 were $27.3 million or 7.8% of revenue, which remains within our target model of 5% to 9%.

2020 年第四季以現金為基礎的資本支出為 2,730 萬美元，佔營收的 7.8%，仍處於我們 5% 至 9% 的目標模式之內。

Now turning to our outlook. Building on our growth momentum in the fourth quarter and record POS results, we expect revenue in the first quarter of 2021 to increase to approximately $400 million, plus or minus 3%, which represents a record on both an organic and consolidated basis for a combined increase of 14% sequentially at the midpoint. This guidance represents organic growth significantly better than the typical seasonality of sequentially down 5% on average in the same prior 2-year periods.

現在轉向我們的展望。基於我們第四季的成長動能和創紀錄的 POS 業績，我們預計 2021 年第一季的營收將增至約 4 億美元，正負 3%，這代表了合併後有機收入和合併收入的記錄。中點較上季成長14%。該指引顯示有機成長明顯優於典型的季節性成長，即前兩年同期平均連續下降 5%。

We expect GAAP gross margin on a consolidated basis to be 33.6% plus or minus 1%, which includes an approximately 3% impact due to a full quarter of LSC. Non-GAAP operating expenses, which are GAAP operating expenses, adjusted for amortization of acquisition-related intangible assets are expected to be approximately 22% of revenue plus or minus 1%. We expect net interest expense to be approximately $3.3 million. Our income tax rate is expected to be 18%, plus or minus 3%, and shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 45.7 million shares.

我們預計合併後的 GAAP 毛利率為 33.6%，上下浮動 1%，其中包括整個季度 LSC 帶來的約 3% 的影響。非 GAAP 營運費用（即根據收購相關無形資產攤銷進行調整後的 GAAP 營運費用）預計約為收入的 22%（上下浮動 1%）。我們預計淨利息支出約為 330 萬美元。我們的所得稅稅率預計為18%，正負3%，用於計算第一季攤薄每股收益的股票預計約為4570萬股。

Please note that purchasing accounting adjustments for of $3.3 million after tax for Pericom and previous acquisitions is not included in these non-GAAP estimates.

請注意，這些非 GAAP 估算中不包括 Pericom 和先前收購的 330 萬美元稅後購買會計調整。

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

話雖如此，我現在將電話轉給艾蜜莉楊。

Thank you, Brett, and good afternoon. In the fourth quarter, revenue increased 13.2% quarter-over-quarter on a consolidated basis and 7.8% organically which is at the high end of our guidance, primarily due to better-than-expected demand in Asia, followed by North America and Europe.

謝謝你，布雷特，下午好。第四季度，合併收入環比成長 13.2%，有機成長 7.8%，處於我們指引的高端，主要是由於亞洲的需求好於預期，其次是北美和歐洲。

Looking more closely at the fourth quarter revenue, POS revenue reached record level which is driving our expectations for the continued growth in the first quarter. Distributor inventory in terms of weeks decreased quarter-over-quarter, which is slightly below our defined normal range of 11 to 14 weeks. We expect distributor inventories to return to our normal range in the near term.

更仔細地觀察第四季度的收入，POS 收入達到了創紀錄的水平，這推動了我們對第一季持續成長的預期。經銷商庫存週數較上季下降，略低於我們定義的 11 至 14 週的正常範圍。我們預計經銷商庫存將在短期內恢復到正常範圍。

Looking at the global sales in the fourth quarter. Asia represented 81% of revenue; Europe, 11%; and North America, 8%.

看看第四季的全球銷量。亞洲佔收入的 81%；歐洲，11%；北美為 8%。

In terms of our end markets, Computing represents 23%, Industrial, 23%; Consumer, 22% of revenue; Communications, 20%; and Automotive, 12% of revenue. We achieved record revenue in Automotive and Computing end markets, with Computing being driven by record quarterly revenue for our Pericom products.

就我們的終端市場而言，計算佔 23%，工業佔 23%；消費者，佔收入的 22%；通訊，20%；汽車業佔收入的 12%。我們在汽車和計算終端市場實現了創紀錄的收入，其中計算業務是由 Pericom 產品創紀錄的季度收入推動的。

Now let me review the end market in greater details. Starting with Automotive, Diodes continues its strong growth momentum, achieving record quarterly revenue and reaching 12% of the total revenue. This represents growth of almost 24% sequentially and 40% year-over-year. There are 3 application areas where Diodes continue to gain significant traction including Connected Driving, which consists of ADAS, Telematics and Infotainment systems, Comfort, Style and Safety, including lighting and brushless DC motors as well as Powertrain, (covering conventional, hybrid electric vehicles).

現在讓我更詳細地回顧一下終端市場。從汽車產業開始，Diodes 繼續保持強勁的成長勢頭，季度營收創歷史新高，佔總營收的 12%。這意味著環比增長近 24%，同比增長 40%。 Diodes 在3 個應用領域繼續獲得巨大關注，包括連網駕駛（由ADAS、遠端資訊處理和資訊娛樂系統組成）、舒適、時尚和安全（包括照明和無刷直流馬達以及動力總成）（涵蓋傳統、混合動力電動車） ）。

In Connected Driving, we saw demand for our new products in infotainment, lighting control systems, speedometers, horn, and alarm systems. More specifically, Diodes automotive-grade switching, TVS, Zenor diodes and crystal oscillators contributed to the growth in these applications.

在連網駕駛領域，我們看到了資訊娛樂、照明控制系統、車速表、喇叭和警報系統等領域對我們新產品的需求。更具體地說，Diodes 汽車級開關、TVS、齊納二極體和晶體振盪器促進了這些應用的成長。

In Comfort, Style and Safety, we have strong success with our MOSFETs, brushless DC motor controllers, linear drivers and bipolar transistors in applications such as daylight running lights, styling, instrument lighting as well as gate driver ICs in interior wireless charging. Our LED drivers and our power transistors are also gaining market share in this space for tail lights, interior illumination and exterior lighting applications. Our unipolar hall effect switch family is also gaining strong market traction for seatbelt, seat position, sunroof as well as trunk and window opener applications.

在舒適性、時尚性和安全性方面，我們的MOSFET、無刷直流馬達控制器、線性驅動器和雙極電晶體在日間行車燈、造​​型、儀表照明以及車內無線充電中的柵極驅動器IC 等應用中取得了巨大成功。我們的 LED 驅動器和功率電晶體也在尾燈、內部照明和外部照明應用領域贏得了市場份額。我們的單極霍爾效應開關系列在安全帶、座椅位置、天窗以及行李箱和車窗開啟器應用方面也獲得了強勁的市場吸引力。

In vehicle Powertrain, Diodes supplies into conventional internal combustion engines powertrains, as well as for hybrids and electric vehicles. Our SBR rectifiers have been designed into many of these applications. We have also secured multiple design wins and opportunities for switching and Zener diodes, rectifiers and discrete MOSFETs in battery management systems for electric vehicles as well as emerging applications like mini electric vehicles, micro/mid hybrid and e-scooter systems.

在車輛動力系統中，Diodes 為傳統內燃機動力系統以及混合動力和電動車提供動力。我們的 SBR 整流器已被設計用於許多此類應用。我們還在電動車電池管理系統以及小型電動車、微型/中型混合動力和電動滑板車系統等新興應用中的開關和齊納二極管、整流器和分立式 MOSFET 方面獲得了多項設計勝利和機會。

In the Industrial market, revenue increased 18% sequentially as we continue to extend our momentum in applications, including solar power inverters, power distribution systems and smart metering system, all of which were the main contributors in driving growth for our products. We also continue to see strong demand for high-voltage rectifier products in smart infrastructure solutions as well as adoption of our PCI Express package switches in the industrial applications to connect multiple PCIe endpoints with the CPU.

在工業市場，隨著我們繼續擴大應用勢頭，包括太陽能逆變器、配電系統和智慧計量系統，所有這些都是推動我們產品成長的主要貢獻者，營收環比成長了18%。我們也持續看到智慧基礎架構解決方案對高壓整流器產品的強勁需求，以及在工業應用中採用我們的 PCI Express 封裝交換器來連接多個 PCIe 端點與 CPU。

Also during the quarter, we began to see increasing new design-ins for LED drivers in UV-C lighting applications as well as numerous design-ins and design wins for our wide Vin LDO product family. We also saw rapid growth for our newly released DC-DC converters in LED lighting, e-meter, power tools and charging applications. Additionally, our series of voltage regulators and SBR devices continued to gain traction in DC fan applications with the MOSFET demand increasing for both discrete-based inverters and module-based inverters.

同樣在本季度，我們開始看到 UV-C 照明應用中 LED 驅動器的新設計不斷增加，以及我們廣泛的 Vin LDO 產品系列的大量設計和設計勝利。我們還看到新發布的 DC-DC 轉換器在 LED 照明、電錶、電動工具和充電應用中的快速成長。此外，隨著基於分離式逆變器和基於模組的逆變器的 MOSFET 需求不斷增加，我們的系列穩壓器和 SBR 裝置繼續在直流風扇應用中獲得關注。

In the Consumer market, shipments for the adapter power ICs continued to grow throughout the year. We also saw high demand in the gaming and high-resolution display markets as end users increasingly require high-quality video provided through HDMI and DisplayPort. As a result of this trend, our HDMI and DisplayPort ReDrivers are gaining traction with key chipset vendors' reference designs. We're also seeing an increased number of design-ins for our LED drivers as well as demand for larger monitors continues to grow.

在消費市場，適配器電源IC的出貨量全年持續成長。我們也看到遊戲和高解析度顯示器市場的高需求，因為最終用戶越來越需要透過 HDMI 和 DisplayPort 提供的高品質視訊。由於這一趨勢，我們的 HDMI 和 DisplayPort 轉接驅動器正在受到主要晶片組供應商參考設計的關注。我們也看到 LED 驅動器的設計數量不斷增加，以及對更大顯示器的需求持續成長。

Also in Consumer, we continue to see strong interest for our discrete products, including bipolar transistors, ultra-small size transistors and Schottky barrier diodes in applications like amplifiers, Bluetooth headphones and drones.

同樣在消費領域，我們繼續看到人們對我們的分立產品表現出濃厚的興趣，包括放大器、藍牙耳機和無人機等應用中的雙極電晶體、超小尺寸電晶體和肖特基勢壘二極體。

Turning to Communication market, wireless communication applications continued to expand, driving revenue generations for Zener TVS diodes in Bluetooth earbuds, smart speakers and smart lighting as well as point-to-point and point-to-multipoint links. Our high surge TVS for smartphone power line protection has gained strong growth momentum in new fast charging applications along with video cameras, access control panels and audio broadcasting systems.

轉向通訊市場，無線通訊應用持續擴大，推動藍牙耳機、智慧揚聲器和智慧照明以及點對點和點對多點鏈路中齊納TVS二極體的創收。我們用於智慧型手機電源線保護的高浪湧 TVS 在新型快速充電應用以及攝影機、存取控制面板和音訊廣播系統中獲得了強勁的成長動力。

We're also seeing more design-ins and design wins in mobile phones, cable modems, Optical Network Terminals 5G CPE routers, radio remote units and base stations applications for our MOSFETs, low saturation, high-voltage transistors, low-voltage hall sensors and RF LDO products.

我們也在手機、電纜調變解調器、光網路終端、5G CPE 路由器、無線電遠端單元和基地台應用中看到更多針對我們的 MOSFET、低飽和度、高壓電晶體、低壓霍爾感測器的設計和設計成果和射頻LDO 產品。

Bipolar junction transistors, SBR and Schottky products are also gaining traction in applications like 5G outdoor access points, CPE, access point routers, power-over-ethernet switches, cable modem, WiFi routers, IoT gateways and mobile battery applications.

雙極接面電晶體、SBR 和蕭特基產品在5G 室外存取點、CPE、存取點路由器、乙太網路供電交換器、電纜數據機、WiFi 路由器、物聯網閘道器和行動電池應用等應用中也越來越受歡迎。

Lastly, in computing, we reached record quarterly revenue driven by record quarterly revenue for our Pericom products. Due to COVID-19, shelter-in-place continued to drive demand for new and upgraded laptops, tablets and other related products. We are also seeing strong demand for power management, LDOs, hall sensors, DC to DC converters, load switches and audio amplified products in notebook and monitor applications. ESD protection for USB Type-C in notebooks and portable devices also continue to be a strong area for our TVS, SBR, and Schottky products.

最後，在計算領域，我們在 Pericom 產品創紀錄的季度收入的推動下實現了創紀錄的季度收入。由於 COVID-19，就地避難繼續推動對新型和升級筆記型電腦、平板電腦和其他相關產品的需求。我們也看到筆記型電腦和顯示器應用中對電源管理、LDO、霍爾感測器、DC-DC 轉換器、負載開關和音訊放大產品的強勁需求。筆記型電腦和便攜式設備中 USB Type-C 的 ESD 保護也仍然是我們 TVS、SBR 和肖特基產品的優勢領域。

Also during the quarter, growth momentum continued in server applications, along with good momentum in our timing products family to support PCI Express Gen 4 and Gen 5 requirements. This provides flexibility to our customers with seamless migration from PCI Express Gen 4 to PCI Express Gen 5 in the future without changing the timing path design.

同樣在本季度，伺服器應用程式繼續保持成長勢頭，同時我們的計時產品系列支援 PCI Express Gen 4 和 Gen 5 要求的良好勢頭。這為我們的客戶提供了靈活性，將來可以從 PCI Express Gen 4 無縫遷移到 PCI Express Gen 5，而無需更改時序路徑設計。

In summary, we ended 2020, achieving the highest quarterly revenue in the company's history and are guiding for another quarter of growth in the first quarter, both organically and on a consolidated basis to set a stage for a strong year in 2021. This growth reflects the success we've been achieving with our total solution sales approach and demand creation efforts to increase the content and share across new and existing customers and applications. We look forward to capitalizing on the synergies and opportunities that Lite-On Semiconductor offers to Diodes across our end markets, product offerings, customers and manufacturing footprint.

總而言之，我們在 2020 年結束時實現了公司歷史上最高的季度收入，並指導第一季度再實現一個季度的有機增長和綜合增長，為 2021 年的強勁增長奠定基礎。這一增長反映了我們透過整體解決方案銷售方法和需求創造努力所取得的成功，以增加新舊客戶和應用程式的內容和分享。我們期待利用光寶半導體在終端市場、產品供應、客戶和製造足跡上為 Diodes 提供的協同效應和機會。

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

現在我們開始提問。操作員。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Gary Mobley with Wells Fargo.

我們的第一個問題來自富國銀行的加里‧莫布里 (Gary Mobley)。

I wanted to start out by asking some questions about Lite-On, now that you've had a couple of months with the company under your belt. I know in your prepared remarks, you talked about qualifying some of your existing Diodes products on some of the Lite-On manufacturing facilities, but could you just speak about the timeline for some of the sales synergies to be rung out of the acquisition?

既然您已經在該公司工作了幾個月，我想先問一些有關光寶的問題。我知道在您準備好的發言中，您談到了在一些Lite-On 製造工廠上對您現有的一些Diodes 產品進行資格認證，但您能否談談收購中產生的一些銷售協同效應的時間表？

Gary, yes. Well, we are aggressively to qualify the product in the -- we call JK Fab. And currently, we are almost done. And probably one more quarter, we should be completed to finish the qualifications. Okay. But it takes time to do the PCN, to notify the customer, to get customer and set the site change and so we are looking at probably ramp up the second fab currently is about 50% loaded. We are looking at somewhere around 70% in end of third quarter and probably 80% by end of the year because it takes time for customer to accept our change notice, know this and for -- and it take -- some of them take even much longer. So we are looking at that kind of schedule.

加里，是的。嗯，我們正在積極地驗證我們稱為 JK Fab 的產品。目前，我們已經快完成了。大概還有四分之一的時間，我們就該完成資格賽了。好的。但進行 PCN、通知客戶、吸引客戶並設定地點變更需要時間，因此我們正在考慮可能提高第二座晶圓廠目前的負載率約為 50%。我們預計第三季末將達到 70% 左右，到年底可能會達到 80%，因為客戶需要時間接受我們的變更通知、了解這一點，而且這需要時間，其中一些客戶甚至需要時間更久，更長。所以我們正在研究這樣的時間表。

Right. So Gary, this is Emily. So just to add a little bit color related to the sales synergy, I think this really depends on the market segment and also the customer's qualification schedule. I think for that area of synergy, it's probably going to take somewhere between, I would say, 6 months the best scenario to maybe a couple of years, right? So again, it's really down to the market segment and also the customer specifics.

正確的。加里，這是艾米莉。因此，只是添加一點與銷售協同效應相關的色彩，我認為這實際上取決於細分市場以及客戶的資格時間表。我認為對於該領域的協同作用，可能需要 6 個月（最好的情況）到幾年之間的時間，對嗎？再說一次，這實際上取決於細分市場和客戶的具體情況。

Okay. I wanted to -- I had a follow-up question as well related to Lite-On. In the industry with an industry backdrop where a lot of your competitors are capacity constrained, in what ways could Diodes benefit from having this underutilized manufacturing capacity at Lite-On, assuming all the qualifications go according to plan. In other words, how easy, given those circumstances will it be for you guys to take some market share from your competitors who are again, capacity constrained.

好的。我想——我還有一個與 Lite-On 有關的後續問題。在許多競爭對手產能受限的行業背景下，假設所有資格均按計劃進行，Diodes 可以透過哪些方式從光寶科技未充分利用的製造產能中受益。換句話說，考慮到這些情況，你們從產能再次受到限制的競爭對手那裡奪取一些市場份額是多麼容易。

Okay. Gary, let me address that question. I think overall, right, the current global shortfall for semiconductor supply actually help Diodes, right? If we just look at the 4Q, we did have a record revenue with 7.8% sequentially and 10.7% year-over-year growth, which is really a strong evidence of our continued success in the product content and customer expansion initiatives, right? So if we just look at the first quarter guidance, we actually guided 14% quarter-over-quarter growth at the midpoint. And compared to our seasonality slowdown, on average, we talked about for the last 2 quarters, about 5% drop. This is again a significant sign of the continued success, right? So we do see some of the constraints.

好的。加里，讓我來回答這個問題。我認為總體而言，當前全球半導體供應短缺實際上對 Diodes 有幫助，對嗎？如果我們只看第四季度，我們確實取得了創紀錄的收入，環比增長 7.8%，同比增長 10.7%，這確實有力地證明了我們在產品內容和客戶拓展計劃方面持續取得成功，對吧？因此，如果我們只看第一季的指導，我們實際上指導的中位數季度環比增長為 14%。與我們的季節性放緩相比，過去 2 個季度我們談到的平均下降約為 5%。這又是持續成功的重要標誌，對嗎？所以我們確實看到了一些限制。

So other than the MOSFET, we actually see some of the tightness. But what we've been doing is actually aggressively working with the customers, understand their true demand, and we're able to resolve some of the bottlenecks, right? I think for the MOSFET, we've been very aggressively working with our foundry partners to really kind of resolve the out of balance problem. And at this moment, we are working also, if you remember, the SFAB2 to 8-inch expansion as well as the GFAB that we acquired more than a year ago to expand our capacity in both of this FAB and these areas, right?

因此，除了 MOSFET 之外，我們實際上還看到了一些緊張的情況。但我們一直在做的實際上是積極與客戶合作，了解他們的真實需求，我們能夠解決一些瓶頸，對嗎？我認為對於 MOSFET，我們一直非常積極地與代工合作夥伴合作，以真正解決不平衡。現在，如果您還記得的話，我們也在努力將 SFAB2 擴展到 8 英寸，以及我們一年多前收購的 GFAB，以擴大我們在該 FAB 和這些領域的產能，對吧？

So I think in longer term, we do have enough wafer fab capacity that's actually again, the GFAB, right? Majority is 8-inch, also some of the 6-inch FAB capacity. And also with the Lite-On Semiconductor acquisition that we recently closed in November, and that will also give us additional 6-inch capacity at the JK FAB that Dr. Lu mentioned. So I think with all of this, right? So I think we are well positioned for our future growth. And this is really focusing on the additional business with our internal capacity to support it.

所以我認為從長遠來看，我們確實擁有足夠的晶圓廠產能，這實際上又是 GFAB，對吧？大部分是8英寸，也有部分6英​​寸FAB產能。此外，我們最近在 11 月完成了對建興半導體的收購，這也將為我們在 JK FAB 提供額外的 6 英寸產能，正如盧博士所提到的那樣。所以我想有了這一切，對嗎？因此，我認為我們為未來的成長做好了充分的準備。這實際上是專注於我們內部能力支援的額外業務。

In addition to what Emily talking about, we actually ramping up on our Shanghai FAB, SFAB 8-inch -- ramp up 8-inch capacity in Shanghai FAB.

除了艾米麗所說的之外，我們實際上正在增​​加上海FAB，SFAB 8英寸——增加上海FAB的8英寸產能。

Our next question comes from the line of Matt Ramsay with Cowen.

我們的下一個問題來自馬特拉姆齊 (Matt Ramsay) 和考恩 (Cowen) 的對話。

This is Josh Buchalter on behalf of Matt. Congrats on the great results. I guess, asking the previous question a little differently, are you going to help us understand a little bit how much of the significant above seasonal first quarter guidance is indeed being driven by you guys being in a pretty unique situation of having some slack in your own internal capacity and able to fill orders that some of your peers aren't?

我是喬許‧布查爾特 (Josh Buchalter)，代表馬特 (Matt)。祝賀取得的優異成績。我想，以稍微不同的方式問上一個問題，您是否會幫助我們了解一點，高於季節性第一季度指導的重要程度確實有多少是由你們處於一種非常獨特的情況驅動的，即你們的業務有一些鬆弛。擁有自己的內部能力並能夠完成一些同行無法完成的訂單？

Well, I think that that's exactly right. Some of that seasonality strength that we have is a couple of things. One, it's the fact that we have capacity that we're continuing to be able to take advantage of through the -- all the various avenues, meaning LSC, GFAB expansion as well as SFAB. On top of that, it's the continued strength we're seeing across a broad market and actions we've been taking across time to make sure and be prepared for that. So I think it's a blend of those things that allow us to enjoy the above seasonal growth in the first quarter.

嗯，我認為這是完全正確的。我們擁有的季節性優勢有以下幾個面向。第一，事實上我們擁有繼續能夠透過各種途徑利用的能力，這意味著 LSC、GFAB 擴張以及 SFAB。最重要的是，我們在廣闊的市場中看到了持續的強勢，並且我們一直在採取行動來確保這一點並為此做好準備。因此，我認為正是這些因素的結合使我們能夠在第一季享受上述季節性成長。

Got it. And then, I guess, given the above seasonal fourth quarter and first quarter, and I realize you're not guiding the full year, but anything you can provide us on visibility into the second quarter and the rest of the year? Or how we should think about the seasonality of the rest of the year. Congrats again.

知道了。然後，我想，考慮到上述季節性第四季度和第一季度，我意識到您並沒有指導全年，但您可以向我們提供有關第二季度和今年剩餘時間的可見性的信息嗎？或者我們應該如何考慮一年中剩餘時間的季節性。再次恭喜。

So this is Emily. Let me maybe start making a few comments. So we don't usually provide guidance beyond the first quarter. I think Dr. Lu mentioned before, overall, the markets feel extremely dynamic. Right? So we just need to monitor the situation closely. I think overall, this is not specific to Diodes. I think everybody expect 2021 to be an up market. I think we're definitely not in the position to call the percentage or provide guidance at this moment, but we'll keep you posted as we progress throughout the years.

這就是艾米麗。也許讓我開始發表一些評論。因此，我們通常不會在第一季之後提供指導。我想盧博士之前提到過，整體來說，市場感覺非常活躍。正確的？所以我們只需要密切關注局勢即可。我認為總的來說，這並不是 Diodes 特有的。我認為每個人都預期 2021 年將是一個上升市場。我認為我們目前絕對無法公佈百分比或提供指導，但我們會隨時向您通報我們多年來的進展。

And our next question comes from the line of William Stein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 William Stein。

Great. I want to add my congratulations, especially on the very strong Q1 guidance. There's one aspect of it, though, that's a little surprising. The OpEx that you're guiding to looks like it's more than what the stand-alone companies would have delivered combined together, sort of almost a dissynergy. I think Dr. Lu, you've talked about this as related to incremental R&D required, and perhaps that's to qualify the Diode products on the Lite-On production line. Can you maybe quantify that a little bit on what that investment is? And perhaps as a follow-up, you can talk about what, if any, incremental costs are required to develop the Lite-On portfolio to a level where it's something that you can effectively cross-sell to the heritage Diodes customers?

偉大的。我想表達我的祝賀，尤其是非常強勁的第一季指引。不過，它的一個方面有點令人驚訝。您指導的營運支出看起來比獨立公司提供的總和還要多，這幾乎是一種不協同。我想盧博士，您已經談到了這與所需的增量研發有關，也許這是為了驗證光寶生產線上的二極體產品。您能否稍微量化一下投資的內容？也許作為後續行動，您可以談談將 Lite-On 產品組合開發到可以有效地交叉銷售給傳統 Diodes 客戶的水平需要哪些增量成本（如果有）？

Well, the -- we -- the R&D expense in LSC is lower than the level of Diodes. So I intend to do is increase their R&D to about the same level as Diodes currently has. So that that is what we intend -- I intend to do. Secondly is we need to start to focus on introduce the differentiated type of product. Currently, the product most of them is a commodity type of product. And my intention is driving the focus drive -- the product definition and to introduce differentiated type of product using their special technology. And what's another question?

嗯，我們 LSC 的研發費用低於 Diodes 的水平。因此，我打算將他們的研發能力提高到與 Diodes 目前的水平大致相同。這就是我們的意圖——我打算這麼做。其次是我們需要開始專注於推出差異化類型的產品。目前，產品大部分是商品類型的產品。我的目的是推動焦點驅動——產品定義並利用他們的特殊技術推出差異化類型的產品。還有一個問題是什麼？

I was asking about the effort to cross-sell the Lite-on product into your traditional customer base. I think you had referred to an incremental R&D investment to make that happen. Perhaps you can discuss that a bit. Is it a matter of just proving out the quality of these products to your heritage customers? Or is it in developing new products altogether?

我問的是向您的傳統客戶群交叉銷售 Lite-on 產品的努力。我認為您提到了增量研發投資來實現這一目標。也許你可以討論一下。只是向您的傳統客戶證明這些產品的品質嗎？還是完全在開發新產品？

Well, yes. No, but it's not just that. #1 is, I think we are talking about 3 synergies. We're talking about, one is market synergy because they are very weak in the industrial and automotive market segments. So we intend to do is we introduce their product into those 2 market -- those market segments. #2 is customer synergies. They typically cannot design-in to the multinational customers. And that's a lot of focus we're going to do to improve the focus, improve the design-in on those major customers. #3 is the product portfolio. We are focused on solution sales instead of component sales. And solution sales is adding the product portfolio through different acquisitions inside Diodes in the past. And LSC is the last acquisition we had, and we're going to be adding the product line into our total product portfolios and to introduce them into solution customer solution requirements. So those is what we intend to do other than qualify their product good enough for the major customer. That's just one of the actions, but the key one will be the 3 synergies we're going to go after.

嗯，是。不，但不僅如此。 #1 是，我認為我們正在談論 3 個協同效應。我們講，一是市場協同，因為他們在工業和汽車細分市場非常薄弱。所以我們打算做的就是將他們的產品引入這兩個市場——那些細分市場。 #2 是顧客協同效應。他們通常無法針對跨國客戶進行設計。我們要做很多工作來提升重點，改進針對這些主要客戶的設計。 #3 是產品組合。我們專注於解決方案銷售而不是組件銷售。過去，解決方案銷售是透過 Diodes 內部的不同收購來增加產品組合。 LSC 是我們最後一次收購，我們將把該產品線添加到我們的總產品組合中，並將其引入解決方案客戶的解決方案需求中。因此，除了讓他們的產品足以滿足主要客戶的需求之外，這就是我們打算做的事情。這只是其中一項行動，但關鍵的一項是我們要追求的 3 個綜效。

(Operator Instructions)

（操作員說明）

Our next question comes from the line of David Williams with Loop Capital.

我們的下一個問題來自 Loop Capital 的 David Williams。

Congrats on the quarter. I wanted to ask a little bit about maybe some of the share gains that you're seeing today. And how sticky you think those may be? Just in terms of picking up new customers from maybe where your competitors maybe have been unable to supply. Do you think that's fairly sticky in terms of those wins? Or do you see a reversal or maybe some of those returning to the competitor as you get capacity constraints begin to fall off?

恭喜本季。我想問一下您今天看到的一些股票收益。你認為這些有多黏？就從你的競爭對手可能無法提供的地方吸引新客戶而言。你認為就這些勝利而言，這相當有黏性嗎？或者您是否看到了逆轉，或者當您受到產能限制時，有些人可能會回到競爭對手？

Right. So David, I think -- this is Emily. Let me address that question, right? So any time there's a market change always create opportunity for Diodes, right? So one of the key focus for us is to really focus on the content expansion and customer expansion that we talked about. So I believe that new opportunity, new doors open to us, and that will be a long-term opportunity to Diodes and is not going to be a short term. So I think, again, the total solution sales that we've been focusing on and continue to expand our technology, what Dr. Lu just mentioned earlier, and continue to drive the content expansion. So we just need to capture the opportunity when it's present and make sure we continue to support the customer and build a strong customer relationship. So that will be a long-term business instead of short term.

正確的。所以大衛，我想——這是艾米莉。讓我來回答這個問題吧？因此，只要市場發生變化，總是會為 Diodes 創造機會，對嗎？因此，我們的重點之一是真正關注我們談到的內容擴展和客戶擴展。因此，我相信新的機會、新的大門向我們敞開，這對 Diodes 來說將是一個長期機會，而不是短期機會。所以我再次認為，我們一直專注於整體解決方案的銷售，並繼續擴展我們的技術，正如陸博士剛才提到的那樣，並繼續推動內容的擴展。因此，我們只需要抓住機會，並確保我們繼續支持客戶並建立牢固的客戶關係。因此，這將是一項長期業務，而不是短期業務。

Okay. And then maybe in terms of the gross margin, Brett, if you kind of think about how the utilization rates come up in the next couple of quarters. How do you think the gross margin benefits? And when can you get the LSC margin profile maybe more in line with the corporate average or the -- maybe the Diode legacy kind of average?

好的。然後，也許就毛利率而言，布雷特，如果你想一下未來幾季的利用率如何上升。您認為毛利率如何？什麼時候你才能得到 LSC 的利潤狀況，也許更符合公司平均水平，或者——也許是 Diode 傳統的平均水平？

Yes, David, I think that what you'll see, and I think what you'll see in the guide is that we're consistently improving the Diodes organic margin consistent to what we had said. And we're basically bringing in the LSC business, consistent to what we had imagined the impact would be. The immediate thing we're working on, as Dr. Lu talked about a little bit, was the qualification of the Diodes products in the LSC factories, which will help the LSC margins. We expect to be able to start making those starts middle of the year, which gives us a decent amount of momentum as we come out of the year. And then the other synergies that were listed, these are more multiyear areas of synergy. And so the real key, as Dr. Lu mentioned, invest more in the product line, immediately start getting traction with design-ins and design wins. And so some of those longer lead time synergies, we can get some traction on that quickly. But I think this is going to be a gradual multiyear activity to bring the LSC margins in line with our expectations for continued growth.

是的，大衛，我想你會看到，而且我想你會在指南中看到的是，我們正在不斷提高 Diodes 的有機利潤率，這與我們所說的一致。我們基本上引入了 LSC 業務，這與我們想像的影響一致。正如盧博士談到的那樣，我們目前要做的事情是 LSC 工廠中 Diodes 產品的資格認證，這將有助於 LSC 的利潤。我們預計能夠在年中開始進行這些啟動，這為我們在今年結束時提供了相當大的動力。然後列出的其他協同效應，這些是更多的多年協同效應領域。因此，正如盧博士所提到的，真正的關鍵是在產品線上投入更多資金，立即開始透過設計引入和設計獲勝來吸引人們的注意。因此，對於一些較長交付週期的協同效應，我們可以很快獲得一些關注。但我認為這將是一項漸進的多年活動，以使 LSC 的利潤率符合我們對持續成長的預期。

Your next question comes from the line of Tristan Gerra with Baird.

你的下一個問題來自 Tristan Gerra 和 Baird 的對話。

Yes. Hi, everyone. This is Dustin speaking for Tristan today. So for our first question, I know you guys talked earlier about some supply constraints in MOSFETs. First, just want to clarify that, that's mostly in automotive. And maybe if you guys can just give an expectation on when the supply constraint disappear? And then secondarily, are you able to tweak mix given the tightness? And do you plan on raising ASPs? Then I have a follow-up after.

是的。大家好。這是達斯汀今天為特里斯坦發言。對於我們的第一個問題，我知道你們之前談到了 MOSFET 的一些供應限制。首先，我想澄清一下，這主要是在汽車領域。也許你們可以給出供應限制何時消失的期望？其次，考慮到緊張程度，你能調整混音嗎？您打算提高平均售價嗎？然後我有一個後續行動。

Right. So let me address that question. I think for the overall shortage in the industry, this is really no surprises, driven a lot by the 8-inch shortage that we've seen, right? So I don't think we are in position to predict when this effect is going to be over. What Diodes has been focusing is really expanding some of our internal capacities to support our future growth, right? So we talked about the GFAB being acquired more than a year ago. And by the second half of the year, we're going to ramp up some significant capacity both in 8-inch and also in 6-inch. Dr. Lu talked a little bit about the SFAB-2 8-inch capacity increase as well. And with the Lite-On Semiconductor acquisition increased more 6-inch capacity for us, right? So overall, I think what we focus on is really position ourselves to really support the customers' true demand and be able to continue to expand from that area.

正確的。那麼就讓我來回答這個問題。我認為對於整個行業的整體短缺來說，這確實不足為奇，很大程度上是由我們所看到的 8 英寸短缺造成的，對嗎？所以我認為我們無法預測這種影響何時結束。 Diodes 一直關注的實際上是擴大我們的一些內部能力以支持我們未來的成長，對吧？所以我們一年多前就談到了 GFAB 被收購的事情。到今年下半年，我們將大幅增加 8 吋和 6 吋的產能。盧博士也簡單介紹了SFAB-2 8吋產能的提升。隨著收購光寶半導體，為我們增加了更多的 6 吋產能，對嗎？因此，總的來說，我認為我們真正關注的是真正定位自己，真正支持客戶的真正需求，並能夠繼續從該領域擴展。

So the second question you have is related to the product mix. So changing the product mix, improving margins have been an ongoing focus for Diodes throughout the last few years and you can definitely see some of the results that we demonstrated to you guys already. And that will continue to be the focus. So we want to continue to focus on driving good new products with better margin profiles to really support the customers' need. So that strategy will not change. It fits really well with our total solution sales strategy. So I think that's really your second part of the question, right? So again, price increase is definitely not the key focus for Diodes. Again, we really want to focus on the product mix improvement as well as total solution sales on demand creation and also the content expansion.

所以你的第二個問題與產品組合有關。因此，改變產品組合、提高利潤率一直是 Diodes 在過去幾年中持續關注的焦點，您肯定可以看到我們已經向大家展示的一些結果。這將繼續成為焦點。因此，我們希望繼續專注於開發具有更好利潤狀況的優質新產品，以真正滿足客戶的需求。所以這個策略不會改變。它非常適合我們的整體解決方案銷售策略。所以我認為這確實是你問題的第二部分，對吧？再次強調，漲價絕對不是Diodes的重點。同樣，我們確實希望專注於產品組合的改進以及按需創建的整體解決方案銷售以及內容擴展。

Got it. Great. And obviously, POS has been very strong. I think you guys just said it was a record. Just wondering overall, how pricing has been acting recently? And if there's been significant changes, maybe you guys could quantify them and then finally, have you seen any evidence of double ordering at either Tier 1 or Tier 2 customers?

知道了。偉大的。顯然，POS 一直都非常強大。我想你們剛剛說過這是一張唱片。只是想知道最近的定價表現如何？如果發生了重大變化，也許你們可以量化它們，最後，你們是否看到過 1 級或 2 級客戶重複訂購的證據？

Right. So definitely, in my -- I mean, in my speech, that we have a record revenue of POS. We're definitely seeing strong momentum actually across all the regions, which is the reason we actually guided a really strong 1Q, 14% growth at the midpoint, right? So when the demand supply, I mean, the demand's getting tight, definitely, we're seeing pricing is holding more firm than before, which is normal that we're seeing overall. I think, again, Diodes' focus is really more focusing on working with the customers, understanding their true demand, so we can actually provide a better support with them and build a long-term relationship with them to continue to expand our portfolio, right? So that's always been our focus and will continue to be our focus.

正確的。所以，在我的演講中，我的意思是，我們的 POS 收入肯定創下了紀錄。我們肯定在所有地區都看到了強勁的勢頭，這就是我們實際上指導第一季實現強勁增長（中間值增長 14%）的原因，對嗎？因此，當需求供應，我的意思是，需求變得緊張時，我們肯定會看到價格比以前更加堅挺，這是我們總體上看到的正常情況。我再次認為，Diodes 的重點實際上更注重與客戶合作，了解他們的真實需求，因此我們實際上可以為他們提供更好的支持，並與他們建立長期合作關係，以繼續擴大我們的產品組合，對吧？因此，這一直是我們的重點，並將繼續是我們的重點。

I'm showing no further questions. So with that, I'll turn the call back over to Chairman, President and CEO, Dr. Lu for any closing remarks.

我沒有再提出任何問題。因此，我將把電話轉回給董事長、總裁兼執行長陸博士，讓他作總結發言。

Thank you for your participation on today's call. Operator, you may now disconnect.

感謝您參加今天的電話會議。接線員，您現在可以斷開連接了。