Entegris Inc (ENTG) 2026 Q1 法說會逐字稿

Hello, and welcome to the Entegris' first-quarter 2026 earnings conference call.

各位好，歡迎參加 Entegris 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

I would now like to turn the call over to Jeffrey Schnell, VP of Investor Relations.

現在我想把電話交給投資人關係副總裁 Jeffrey Schnell。

Good morning, everyone. Earlier today, we announced the financial results for the first-quarter of 2026. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, and actual results could differ materially from those projected in the forward-looking statements.

各位早安。今天稍早，我們公布了 2026 年第一季的財務結果。在開始之前，我想提醒各位聽眾，我們今天的評論將包含一些前瞻性陳述。這些陳述涉及多項風險與不確定性，實際結果可能與前瞻性陳述中所預期者有重大差異。

Additional information regarding these risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation.

關於這些風險與不確定性的更多資訊，載於我們最近一期的年度報告以及其後向美國證券交易委員會（SEC）提交的季度報告中。請參閱簡報中的免責聲明投影片資訊。

On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find reconciliation tables in today's news release as well as on the IR page of our website at entegris.com. Joining me on the call today is Dave Reeder, our CEO. With that, I'll hand the call over to Dave.

在本次電話會議中，我們也將提及依 SEC 與 G 規章（Regulation G）所定義的非 GAAP 財務衡量指標。您可在今日新聞稿以及我們網站 entegris.com 的投資人關係（IR）頁面找到調節表。今天與我一同參與電話會議的是我們的執行長 Dave Reeder。接下來我把電話交給 Dave。

Thanks, Jeff, and good morning. The first-quarter was a solid start to the year as we continue to execute with focus and discipline against the constructive and improving semiconductor industry environment. We are delivering on our commitments. Revenue increased 5%, slightly above the midpoint of our range, while most other metrics, including adjusted gross margin, EBITDA margin and non-GAAP EPS all exceeded our guidance range. I'm encouraged by these results, and we remain focused on the significant opportunities ahead to fully capitalize on the organization's long-term growth and earnings potential.

謝謝 Jeff，各位早安。第一季為今年帶來穩健的開局；在半導體產業環境建設性且持續改善之際，我們持續以專注與紀律推動執行。我們正在兌現承諾。營收成長 5%，略高於我們區間中點；而其他多數指標，包括調整後毛利率、EBITDA 利潤率與非 GAAP 每股盈餘（EPS），皆超越我們的指引區間。我對這些成果感到鼓舞，我們也將持續聚焦於前方的重要機會，充分發揮組織長期成長與獲利潛力。

As I mentioned, total revenue increased 5% in the first-quarter as compared to the prior year, driven by a 7% increase in our APS segment and a 3% improvement in MS. Our unit-driven revenue, which is correlated to MSI, increased approximately 7% year-over-year, driven by growth in liquid filtration, advanced deposition, and selective etch, all of which are critical product lines for our customers' new technology nodes.

如我所提，第一季總營收較去年同期成長 5%，主要由 APS 事業部成長 7% 以及 MS 事業部改善 3% 所帶動。我們以出貨量為驅動、並與 MSI 相關的營收，年增約 7%，成長動能來自液體過濾、先進沉積與選擇性蝕刻；這些都是客戶新技術節點的關鍵產品線。

We're pleased to see the continued growth in liquid filtration, which posted its third consecutive record quarter. CapEx-driven revenue decreased modestly year-over-year in the first-quarter, mostly driven by accelerating order patterns in the prior year quarter in response to tariff actions.

我們很高興看到液體過濾持續成長，並連續第三季創下單季新高。第一季由資本支出（CapEx）帶動的營收年減幅度不大，主要是因去年同期因應關稅措施而出現加速下單的訂單型態所致。

Given our current bookings patterns, we expect 2026 CapEx revenue to increase throughout the remainder of the year and contribute more meaningfully to our overall growth profile, driven by strong WFE growth and improving fab construction trends, which support not only the latter half of 2026, but also growth expectations in 2027 and beyond.

依據我們目前的接單型態，我們預期 2026 年的 CapEx 營收將在今年剩餘期間逐步增加，並對整體成長輪廓做出更顯著的貢獻；動能來自強勁的 WFE 成長與改善中的晶圓廠建廠趨勢，這不僅支撐 2026 年下半年，也支撐 2027 年及之後的成長預期。

Our overall results reflect the improving demand landscape across our end markets and regions. This includes double-digit Q1 growth in Taiwan and broader Asia, supported by strong plan of record positions as well as improving demand within advanced logic and memory, driven in part by AI-enabled applications.

我們的整體表現反映出各終端市場與各地區需求版圖正在改善。其中包括台灣與更廣泛亞洲地區在第一季的雙位數成長，受惠於強勁的 plan of record 既定供應地位，以及先進邏輯與記憶體需求改善，部分由 AI 賦能應用所帶動。

Turning to profitability. Gross margins improved in the first-quarter of 2026. The key drivers to the strength in margins on both a year-over-year and sequential basis were productivity and efficiency actions across our manufacturing network and supply chain, favourability from the useful life accounting change in the first-quarter and product mix.

接著談獲利能力。2026 年第一季毛利率有所提升。無論年對年或季對季，毛利率走強的關鍵驅動因素包括：我們在製造網路與供應鏈推動的生產力與效率行動、第一季因耐用年限會計變更帶來的有利影響，以及產品組合。

Jeff will provide more details on this later, but we are pleased with the structural improvement in margins and expect to build on this progress in the future. Additionally, we are continuing our efforts to optimize our manufacturing network. We closed another subscale facility during the quarter in Chandler, Arizona, further advancing our operational initiatives. These actions represent an important proof point in our ongoing efforts to drive scale, optimize our footprint, improve efficiency, and better position the business for growth and improved operating leverage as volumes increase.

Jeff 稍後會提供更多細節，但我們對毛利率的結構性改善感到滿意，並預期未來將在此進展上持續精進。此外，我們也持續推動製造網路最佳化。本季我們在亞利桑那州錢德勒（Chandler）關閉了另一座規模偏小的廠房，進一步推進營運計畫。這些行動是我們持續推動規模化、最佳化據點布局、提升效率，並在產量增加時更好地為成長與更佳的營運槓桿做好準備的重要佐證。

Free cash flow was also a highlight for the quarter. We delivered $144 million of free cash flow, approximately 18% of sales despite headwinds from normal working capital seasonality. Our strong free cash flow enabled us to accelerate our deleveraging as we repaid approximately $50 million of our term loan in the quarter. We believe this trend will continue and now expect to reduce net leverage to approximately three times by the end of 2026.

自由現金流也是本季亮點。我們創造了 1.44 億美元自由現金流，約占銷售額 18%，儘管受到正常營運資金季節性的不利因素影響。我們強勁的自由現金流使我們得以加速去槓桿，本季償還了約 5,000 萬美元的定期貸款。我們相信這一趨勢將持續，並預期到 2026 年底將淨槓桿降至約 3 倍。

Turning our commentary to the semiconductor market. We now expect mid- to high single-digit industry MSI growth for the remainder of 2026, which correlates to approximately 75% of our business. This contemplates an improved DRAM outlook, a similar unit outlook compared to last quarter in advanced logic and NAND and a continued mixed outlook within mainstream logic. And the outlook for fab spending is also improving, which correlates to the remaining 25% of our business, both fab construction and WFE.

接著談半導體市場。我們目前預期 2026 年剩餘期間產業 MSI 將呈現中到高個位數成長，這與我們約 75% 的業務相關。此預期納入了 DRAM 展望改善、先進邏輯與 NAND 的單位數展望與上季相近，以及主流邏輯持續呈現分歧的展望。而晶圓廠支出（fab spending）的展望也在改善，這與我們其餘 25% 的業務相關，涵蓋晶圓廠建廠與 WFE。

Let me now address the end markets. Advanced logic, which represents approximately 40% of our total revenue, remains well positioned for strong growth in 2026, primarily driven by accelerating demand for leading edge compute. Utilization rates at the most advanced nodes are already operating near effective capacity, and the industry is responding with aggressive capacity investments to support the demand for next-generation nodes.

我接著說明終端市場。先進邏輯約占我們總營收 40%，在 2026 年仍具備強勁成長的良好態勢，主要由對領先製程運算需求加速所驅動。最先進節點的稼動率已接近有效產能，產業正以積極的擴產投資來回應下一代節點的需求。

Additionally, as 2-nanometer technology enters a more meaningful production ramp this year, we expect strong growth in 2-nanometer wafer output. Process complexity meaningfully increases with sub-5-nanometer nodes driving higher Entegris content per wafer and aligning with our strong positions of record.

此外，隨著 2 奈米技術今年進入更具規模的量產爬坡，我們預期 2 奈米晶圓產出將強勁成長。隨著 5 奈米以下節點推進，製程複雜度顯著提升，帶動每片晶圓的 Entegris 含量提高，並與我們強勢的既定供應地位相契合。

The memory market, which represents approximately 30% of our revenue is also structurally strong, underpinned by AI workloads and technology road maps that are reshaping DRAM and NAND architectures.

記憶體市場約占我們營收 30%，其結構性也相當強勁，AI 工作負載與技術路線圖正重塑 DRAM 與 NAND 架構，為其提供支撐。

In DRAM, demand continues to accelerate, driven by increased AI consumption. Additionally, and as announced, we expect DRAM capital investments to continue at pace, supporting accelerated DRAM MSI growth beyond 2026. NAND demand and MSI are also expected to increase in 2026, though it remains more nuanced than DRAM. This view is supported by both leading-edge technology transitions and AI-driven storage requirements. The key short-term growth driver in NAND for Entegris will be layer scaling and the resulting incremental Entegris content with wafer start activity expected to improve in the latter half of 2026 and into 2027.

在 DRAM 方面，需求持續加速，受 AI 使用量增加所帶動。此外，如先前所宣布，我們預期 DRAM 資本投資將持續維持步調，支撐 2026 年之後 DRAM MSI 的加速成長。NAND 需求與 MSI 也預期在 2026 年增加，但相較 DRAM 仍更為細緻且具差異性。此觀點同時受到領先技術轉換與 AI 驅動的儲存需求所支持。短期內，NAND 對 Entegris 的關鍵成長驅動將是層數擴增，以及由此帶來的 Entegris 含量增量；我們預期晶圓開工活動將在 2026 年下半年並延續至 2027 年改善。

Vertical scaling materially increases process complexity, elevating the importance of yield, precision manufacturing and advanced process steps and materials. These technology shifts are expected to result in double-digit increases in content per wafer for Entegris.

垂直堆疊擴展會大幅提高製程複雜度，提升良率、精密製造以及先進製程步驟與材料的重要性。這些技術轉變預期將使 Entegris 的每片晶圓含量出現雙位數增幅。

And lastly, mainstream logic. The recovery and outlook in this end market, which represents approximately a third of our business, remains mixed. We continue to expect tempered MSI growth in mainstream logic through 2026, improving thereafter as new capacity additions, specifically in memory, begin to ease near-term supply concerns, especially with respect to price-sensitive consumer products.

最後是主流邏輯。此終端市場約占我們業務三分之一，其復甦與展望仍然分歧。我們仍預期 2026 年主流邏輯的 MSI 成長將較為溫和，之後將改善；因新增產能，特別是記憶體的新增產能，將開始緩解短期供給疑慮，尤其是對價格敏感的消費性產品。

As it relates to CapEx, we are incrementally more positive on the portion of our business related to industry CapEx. The return to growth in fab spending is materializing. This is driven by selective but substantial global capacity additions and pull forwards primarily in leading-edge logic and memory.

就 CapEx 而言，我們對與產業 CapEx 相關的業務部分看法略為更正向。晶圓廠支出重回成長正在成形。其動能來自選擇性但規模可觀的全球產能擴增，以及主要集中在領先邏輯與記憶體的提前拉貨（pull forwards）。

Additionally, forecast for WFE spending remains strong as these projects advance. Entegris is well positioned to deliver value for our customers and to capture the multiyear growth opportunities we expect will emerge as we progress through 2026 and into 2027.

此外，隨著這些專案推進，WFE 支出預測仍然強勁。Entegris 具備良好定位，能為客戶創造價值，並掌握我們預期將在 2026 年推進並延伸至 2027 年所浮現的多年期成長機會。

To summarize, there are several industry and operational tailwinds fuelling Entegris' growth. The industry outlook remains constructive. Semiconductor fundamentals are favourable and support growth in 2026 and beyond. This is driven by advanced logic and DRAM with a more stable near-term outlook for NAND and mainstream logic. Stronger order patterns and increasing backlog provide increased visibility and confidence across our unit and CapEx-driven businesses.

總結來說，有多項產業與營運面的順風正在推動 Entegris 成長。產業展望仍具建設性。半導體基本面有利，並支撐 2026 年及之後的成長。成長主要由先進邏輯與 DRAM 驅動，而 NAND 與主流邏輯的短期展望則較為穩定。更強的下單型態與增加中的在手訂單（backlog）提升了我們在以出貨量與以 CapEx 驅動之業務上的能見度與信心。

Next, technology transitions will continue to drive upside for Entegris. Materials intensity and process complexity continue to increase. Beyond node transitions, we differentiate by innovating alongside our customers to advance their technology road maps, which is where Entegris creates the most value. And we are driving a stronger operational focus. We are executing with discipline to improve our operational performance, accelerate growth, and strengthen our financial profile.

接下來，技術轉換將持續為 Entegris 帶來上行空間。材料密度與製程複雜度持續提高。除了節點轉換之外，我們透過與客戶共同創新來推進其技術路線圖，這正是 Entegris 創造最大價值之處。同時，我們也在推動更強的營運聚焦。我們以紀律執行以改善營運表現、加速成長，並強化財務體質。

Finally, I want to recognize our employees for their focus, discipline, and execution. Their dedication enables all of us to deliver upon our commitments. Before turning the call over to Jeff, I'd like to highlight that following a rigorous search process, Sukhi Nagesh has been appointed as our new Chief Financial Officer, effective May 18. Welcome to the team, Sukhi.

最後，我要肯定我們員工的專注、紀律與執行力。他們的投入使我們所有人得以兌現承諾。在把電話交回 Jeff 之前，我想強調，經過嚴謹的遴選程序後，Sukhi Nagesh 已獲任命為我們的新任財務長，自 5 月 18 日起生效。歡迎加入團隊，Sukhi。

His engineering background, significant semiconductor industry experience, deep financial expertise, and strong operational discipline make him the ideal CFO for Entegris. Having previously worked with Sukhi, I am confident that his leadership will be instrumental as we continue to execute our strategy to unlock Entegris' full potential.

他的工程背景、深厚的半導體產業經驗、扎實的財務專業能力，以及強勁的營運紀律，使他成為 Entegris 理想的財務長（CFO）。我先前曾與 Sukhi 共事，我相信隨著我們持續執行策略、釋放 Entegris 的全部潛力，他的領導將發揮關鍵作用。

With that, let me turn the call over to Jeff to discuss the financials.

接下來，我把電話交給 Jeff，請他說明財務表現。

Thanks, Dave. Good morning. Q1 sales were $812 million, an increase of 5% year-over-year and above the midpoint of our guidance range. Gross margin on a GAAP and non-GAAP basis was 46.9%, above the high end of our guidance range. These results included approximately 50 basis points of onetime items, which we do not expect to recur at similar levels in subsequent quarters.

謝謝，Dave。各位早安。第一季銷售額為 8.12 億美元，年增 5%，且高於我們指引區間的中點。GAAP 與非 GAAP 口徑的毛利率為 46.9%，高於我們指引區間的上緣。這些結果包含約 50 個基點的一次性項目，我們預期後續季度不會以類似水準再度發生。

The sequential improvement in Q1 was driven by productivity and execution across our network, including more consistent performance and ongoing cost controls, favourable product mix and favourability from the useful life accounting change in the first-quarter, which was in line with prior guidance.

第一季的季比改善主要來自我們整體網路在生產力與執行力上的提升，包括更一致的表現與持續的成本控管、有利的產品組合，以及第一季因使用年限會計變更所帶來的正面影響，且符合先前指引。

Operating expenses on a GAAP basis were $239 million in Q1 and were $189 million on a non-GAAP basis. Adjusted EBITDA in Q1 was $226 million or 27.8% of revenue, also above our guidance range. The GAAP tax rate in Q1 was 1% and the non-GAAP tax rate was 8%, which includes an unforested release of a tax reserve. GAAP diluted EPS was $0.60 per share in the first-quarter and non-GAAP EPS was $0.86 per share, which exceeded our guidance range.

第一季 GAAP 口徑的營業費用為 2.39 億美元，非 GAAP 口徑為 1.89 億美元。第一季調整後 EBITDA 為 2.26 億美元，或占營收 27.8%，同樣高於我們的指引區間。第一季 GAAP 稅率為 1%，非 GAAP 稅率為 8%，其中包含一項先前未預期的稅務準備金回轉。第一季 GAAP 稀釋後每股盈餘（EPS）為 0.60 美元，非 GAAP EPS 為 0.86 美元，超出我們的指引區間。

Switching to our segments. Material Solutions delivered Q1 sales of $351 million, up approximately 3% year-over-year. Year-over-year growth was led by double-digit increases in advanced deposition materials and selective etch chemistries, along with continued strength in CMP consumables, underscoring the durability of demand for key technologies. Adjusted operating margin was 22%, in line with the prior year period, and increased by approximately 100 basis points sequentially, reflecting improved performance across the manufacturing network.

接著看各事業部。材料解決方案（Material Solutions）第一季銷售額為 3.51 億美元，年增約 3%。年增成長主要由先進沉積材料與選擇性蝕刻化學品的雙位數成長所帶動，並且 CMP 耗材持續強勁，凸顯關鍵技術需求的韌性。調整後營業利益率為 22%，與去年同期持平，且季增約 100 個基點，反映製造網路整體表現改善。

Advanced Purity Solutions delivered Q1 sales of $464 million, representing approximately 7% year-over-year growth. Results were driven by continued strong demand across the portfolio, including the third consecutive record quarter in liquid filtration, a three-year revenue high in FOUPs and growth in gas filtration. Adjusted operating margin was 29.1% for the quarter, expanding both year-over-year and sequentially, reflecting strong operational execution and productivity, favourable product mix, and the majority of the favourability from the useful life change.

高純度先進解決方案（Advanced Purity Solutions）第一季銷售額為 4.64 億美元，年增約 7%。結果受惠於產品組合持續強勁的需求，包括液體過濾連續第三季創下單季新高、FOUPs 創三年營收新高，以及氣體過濾成長。該季調整後營業利益率為 29.1%，無論年比或季比皆擴張，反映強勁的營運執行與生產力、有利的產品組合，以及使用年限變更所帶來的大部分正面影響。

Switching to cash flow. Free cash flow in the first-quarter was strong at $144 million, representing a free cash flow margin of 18%, a continuation of the positive trend from the second half of 2025. The increase in free cash flow compared to the prior year was driven by three factors.

接著看現金流。第一季自由現金流表現強勁，達 1.44 億美元，自由現金流利潤率為 18%，延續 2025 年下半年以來的正向趨勢。相較去年，自由現金流的增加主要由三項因素驅動。

The improvement in earnings, an increase in cash from operations, primarily due to working capital discipline, and lower CapEx in the period. CapEx is expected to increase as the year progresses but will remain meaningfully below 2025 levels. We continue to expect strong free cash flow generation in 2026.

包括獲利改善、營運現金流增加（主要來自營運資金紀律），以及本期資本支出（CapEx）較低。隨著年度推進，CapEx 預期將增加，但仍將顯著低於 2025 年水準。我們仍預期 2026 年將有強勁的自由現金流創造能力。

Turning to our capital structure. During the first-quarter, we reduced our term loan by $50 million, building on the $300 million reduction in 2025. We currently have $400 million remaining on our term loan, which is the only variable rate debt in our capital structure. At quarter end, our net debt was $3.3 billion and net leverage was 3.6 times. As Dave articulated, we expect to improve our net leverage ratio to approximately three times by the end of 2026, underscoring our commitment to deleveraging.

再來談資本結構。第一季我們將定期貸款（term loan）償還 5,000 萬美元，延續 2025 年已償還 3 億美元的進展。目前我們的定期貸款餘額為 4 億美元，這也是我們資本結構中唯一的浮動利率負債。截至季末，我們的淨負債為 33 億美元，淨槓桿倍數為 3.6 倍。如 Dave 所述，我們預期在 2026 年底前將淨槓桿比率改善至約 3 倍，凸顯我們去槓桿的承諾。

Moving on to the second-quarter outlook. We expect 2Q sales to range from $815 million to $845 million, a year-over-year increase of approximately 5% at the midpoint. Gross margin is expected to be between 46.25% and 47.25%, both on a GAAP and non-GAAP basis, a modest improvement at the midpoint from the underlying gross margin level achieved in Q1, but more than 200 basis points of improvement year-over-year.

接著看第二季展望。我們預期第二季銷售額介於 8.15 億至 8.45 億美元，以中點計算年增約 5%。毛利率預期介於 46.25% 至 47.25%，無論 GAAP 或非 GAAP 口徑皆相同；以中點來看，較第一季所達成的基礎毛利率水準小幅改善，但年比改善超過 200 個基點。

We expect GAAP operating expenses of approximately $241 million and non-GAAP operating expenses of approximately $194 million, which reflects higher variable comp relative to 2025 and other intentional investments to support the expected growth across our portfolio. EBITDA margin of 27.5% at the midpoint, driven by incremental improvements in gross margins. Net interest expense of approximately $46 million, which accounts for debt paydown to date.

我們預期 GAAP 營業費用約 2.41 億美元，非 GAAP 營業費用約 1.94 億美元，反映相較 2025 年較高的變動薪酬，以及其他為支撐我們產品組合預期成長而進行的策略性投資。EBITDA 利潤率以中點計為 27.5%，主要由毛利率的增量改善所帶動。淨利息費用約 4,600 萬美元，已反映迄今的償債進度。

We expect our non-GAAP tax rate to return to a more normalized level of approximately 15% in 2Q. We expect GAAP EPS between $0.53 and $0.61 per share and non-GAAP EPS between $0.76 and $0.84 per share. And we expect depreciation to remain largely stable for the balance of 2026 at approximately $35 million per quarter.

我們預期第二季非 GAAP 稅率將回到較正常化的水準，約 15%。我們預期 GAAP EPS 介於每股 0.53 至 0.61 美元，非 GAAP EPS 介於每股 0.76 至 0.84 美元。此外，我們預期 2026 年剩餘期間折舊費用大致維持穩定，每季約 3,500 萬美元。

Looking ahead to our third-quarter revenue expectations. Historical industry seasonality supports a sequential improvement in the third-quarter. With our current visibility, which we'll refine on our second-quarter call, we expect revenue to grow by approximately 5% from the midpoint of the second-quarter's guidance range.

再往前看第三季營收預期。歷史產業季節性顯示第三季通常會呈現季比改善。以我們目前的能見度（我們將在第二季電話會議中進一步更新），我們預期營收將較第二季指引區間中點成長約 5%。

Finally, I'd like to update a few modelling items for the full year of 2026. We expect net interest expense to be slightly below $190 million, the non-GAAP tax rate to be approximately 15%, diluted share count of approximately 154 million for 2Q and for the full year, CapEx of $250 million, and depreciation of approximately $140 million.

最後，我想更新幾項 2026 全年的模型假設。我們預期淨利息費用將略低於 1.90 億美元，非 GAAP 稅率約 15%，第二季及全年稀釋後股數約 1.54 億股，CapEx 為 2.50 億美元，折舊約 1.40 億美元。

Lastly, we have set a date for our Investor Day in New York City in early November 2026, and will share the save-the-date information soon.

另外，我們已敲定 2026 年 11 月上旬在紐約市舉辦投資人日（Investor Day）的日期，並將很快分享預留日期（save-the-date）資訊。

With that, operator, let's open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Melissa Weathers, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Melissa Weathers。

Looking forward to working with Sukhi in the coming months. So I guess for my first question -- thank you for all the color that you gave in the prepared remarks on the market environment that you're seeing. I guess, could you flesh out a little bit more what you're seeing -- it's pretty obvious, AI is very strong.

很期待在接下來幾個月與 Sukhi 共事。那我第一個問題是——謝謝你們在事先準備的講稿中，針對你們所看到的市場環境提供了很多細節。我想請你們再多補充一些你們目前看到的情況——很明顯，AI 非常強勁。

But I think on the consumer electronics side, the demand is -- the jury is still out on where fab utilizations are shaping out for those kinds of products. So is there any more color you can provide on those non-AI markets, would be really helpful.

但我認為在消費性電子那一端，需求仍然——目前還很難下定論，因為這類產品的晶圓廠稼動率最終會落在哪裡仍未明朗。所以你們能否就那些非 AI 市場提供更多說明，會非常有幫助。

Sure. Melissa, good to speak to you again. Look, we view the mainstream market as mixed, with memory availability and pricing impacting price-sensitive computer products. And then we view that as being offset, however, by power management, data center-related strength, and then other ancillary AI-related strength.

當然可以。Melissa，很高興再次和你交流。你看，我們認為主流市場呈現分化，記憶體供給與價格正在影響對價格敏感的電腦類產品。不過，我們也看到這部分被電源管理、資料中心相關的強勁需求，以及其他周邊 AI 相關需求所抵銷。

So on the one hand, you've got potentially some pressure on the consumer products due to the availability and pricing of memory. But yet on the other hand, you have some strengths still associated in mainstream with kind of the broader build-out of AI.

所以一方面，因為記憶體的供給與價格，消費性產品可能面臨一些壓力；但另一方面，主流市場仍有一些強項，與更廣泛的 AI 建置擴張相關。

So we kind of view that as a put and take. We view capacity utilization right now in mainstream as being somewhere between 75% and 80%. There have been some foundries that have reported that have broken that 80% barrier for the first time in several years since 2022 peak. So we view that as positive. We do think that, that market is improving, but we're looking at it right now with the current view of being mixed. Did you have a follow-up, Melissa?

因此我們把它視為此消彼長。我們認為目前主流市場的產能稼動率大約在 75% 到 80% 之間。有些晶圓代工廠已回報其稼動率首次在數年來突破 80% 門檻，這是自 2022 年高峰以來首次。我們視之為正面。我們確實認為該市場正在改善，但以目前觀點來看仍屬分化。Melissa，你有追問嗎？

Yes, I did. On the CapEx side, I think the numbers we're hearing from WFE companies, and you can see all the fab announcements coming on. It seems like we're going to have a pretty historic fab build-out cycle coming. So any more color on how we should think about the CapEx portion of your business, whether it's groups or the subfab system that you guys do. I think presenting that ahead of these big fab build-outs would be really helpful.

有的。就資本支出（CapEx）而言，我想我們從 WFE 公司聽到的數字，以及你們也看到各種晶圓廠公告接連出來，看起來即將迎來一個相當具歷史性的建廠擴張週期。所以你們能否再多談談，我們應該如何看待你們業務中與 CapEx 相關的部分，不論是各個產品群，或是你們提供的 subfab 系統。我認為在這些大型建廠潮之前先釐清會很有幫助。

Sure. Let me give you a quick refresher on our CapEx portion of our business. So as a reminder, about 25% of our revenue is CapEx related. And of that 25%, about a third is WFE and about two-thirds is fab construction. So when you think about Entegris, we typically benefit from kind of three cycles of demand when the market enters an up cycle and starts building out new fabs.

當然可以。我先快速幫大家回顧我們業務中與 CapEx 相關的部分。提醒一下，我們約 25% 的營收與 CapEx 相關。而在這 25% 當中，約三分之一來自 WFE，約三分之二來自晶圓廠建設。因此，當你思考 Entegris 時，通常在市場進入上行週期並開始興建新晶圓廠時，我們會在大致三個需求循環中受益。

So fab construction-related product lines increased first. Then you typically see revenue approximately 12 months, maybe 9 to 12 months after groundbreaking, that tends to be centered more towards gas purification and fluid management products in our portfolio.

因此，與晶圓廠建設相關的產品線會先成長。接著通常在動工後約 12 個月、可能 9 到 12 個月左右，會看到營收出現，這部分往往更集中在我們產品組合中的氣體純化與流體管理產品。

Then WFE related product lines and initial filtration during tool qualification start to ramp up. That typically happens somewhere between, call it, 12 and 18 months after groundbreaking. You'll start to see product lines like gas filtration, AMC, LMC bulk filtration start to increase for us.

然後，與 WFE 相關的產品線以及在設備認證（tool qualification）期間的初始過濾會開始放量。這通常發生在動工後約 12 到 18 個月之間。你會開始看到像是氣體過濾、AMC、LMC 大宗過濾等產品線對我們而言開始增加。

And then finally, you'll start to see the unit-driven product lines, you'll see that demand start to increase, and that's kind of 24 months. So after the fab construction piece, after the tool placement and qualification piece, then you start to get kind of the unit-driven business coming in on the tail end, somewhere around two years after groundbreaking. So those are kind of the three waves. 75% of our business is unit driven, 25% of our business, CapEx driven.

最後，你會開始看到以機台出貨量（unit）驅動的產品線，需求開始上升，大概是在 24 個月左右。也就是說，在晶圓廠建設階段之後、設備進場與認證階段之後，尾端才會開始出現以機台出貨量驅動的業務，大約在動工後兩年左右。所以大致上就是三波。我們的業務有 75% 是由機台出貨量驅動，25% 是由資本支出（CapEx）驅動。

And then from an end market perspective, we would characterize memory probably being in wave 1 of this cycle. And I'm really referring more to DRAM right now. The NAND, the NAND has not announced a lot of incremental fabs or incremental capacity builds at this stage. They've been a bit more focused on driving incremental layers or bit density. So memory though, I would say, is kind of in the wave 1 of this phase really with DRAM at the forefront.

接著從終端市場的角度來看，我們會把記憶體大概歸類為本輪週期的第一波。我現在主要指的是 DRAM。至於 NAND，NAND 在這個階段並沒有宣布很多新增晶圓廠或新增產能建置；他們比較專注在提升層數或位元密度。因此就記憶體而言，我會說在這個階段確實屬於第一波，而且以 DRAM 為主。

And then advanced logic is going through rolling portions of this phase. So probably in the wave 2 and wave 3 portion, but obviously, with some new fabs that have been announced.

而先進邏輯則正在經歷這個階段的不同部分，所以可能落在第二波與第三波，但顯然也有一些已宣布的新晶圓廠。

Elizabeth Sun, Citi.

Elizabeth Sun，花旗（Citi）。

I guess my first question is on the gross margin side. You -- your Q1 gross margin had a nice improvement quarter-over-quarter and also above your guidance and in Q2, improved a little bit, I guess, more on volume. But I guess, going forward, looking into the second half and maybe in '27, how should we think about gross margin path? Are you going to continue to rationalize some factories and manufacturing efficiency?

我想我的第一個問題是關於毛利率。你們第一季毛利率季對季有不錯的改善，也高於你們的指引；第二季也小幅改善，我想更多是來自於量的因素。但往前看，進入下半年以及可能到 2027 年，我們應該如何看待毛利率的走勢？你們是否會持續精簡一些工廠並提升製造效率？

Thank you for the question, Elizabeth. I can't tell you how pleased it actually makes me to field some questions about gross margin, particularly because we believe that we're in a period of sustained structural gross margin expansion. And so as we think about gross margin and what we're trying to drive, as I've mentioned previously, we're simplifying and refining our manufacturing network.

謝謝你的問題，Elizabeth。老實說，能回答一些關於毛利率的問題讓我非常高興，特別是因為我們相信目前正處於一段可持續的結構性毛利率擴張期。因此，當我們思考毛利率以及我們想推動的方向時，如我先前提到的，我們正在簡化並優化我們的製造網路。

We're relentlessly driving higher productivity, higher fixed cost absorption, better yields. There is a tremendous amount of work ahead of us, and it will be lumpy, but we are focused on delivering our full gross margin potential, which we think is significantly higher than where we are today.

我們持續不懈地推動更高的生產力、更高的固定成本吸收率、更好的良率。前方還有大量工作要做，過程也會有起伏，但我們專注於釋放我們完整的毛利率潛力，而我們認為這個潛力顯著高於目前水準。

So getting directly to your question on Q1 gross margin. First off, our 46.9% that we posted on a non-GAAP and GAAP basis, we did benefit from about 50 bps of onetime items in the first-quarter. So if you normalize for that, that would put first-quarter at about 46.4%. That's about 240 bps improvement sequentially.

直接回答你關於第一季毛利率的問題。首先，我們在非 GAAP 與 GAAP 基礎上公布的 46.9%，第一季確實受惠於約 50 個基點的一次性項目。若將其正常化，第一季約為 46.4%。這相較前一季約提升 240 個基點。

Bridging you from fourth-quarter, about 100 bps of that 240 bps improvement was related to the useful life change that we made at the beginning of this year, very much in line with what we guided at the beginning of the quarter and as highlighted in our 10-Q.

若從第四季銜接來看，這 240 個基點改善中約有 100 個基點，與我們在今年年初所做的耐用年限（useful life）變更有關，這與我們在季初所給的指引一致，也在我們的 10-Q 中有重點說明。

Productivity and other specific efficiency initiatives, including improved plant performance, comprised the remaining 140 bps. So that kind of bridges you from 44% where we exited fourth-quarter of '25 to where we delivered first-quarter of '26.

生產力與其他特定效率措施（包含工廠表現改善）構成其餘的 140 個基點。因此，這就把你從我們在 2025 年第四季結束時的 44%，銜接到我們在 2026 年第一季達成的水準。

And then kind of bridging you for second-quarter as well. Again, I'll go back to the fourth-quarter simply because that's kind of a fully loaded quarter with respect to KSP as well as Rockrimmon, two of our newer facilities. At midpoint for Q2, we guided gross margin at 46.75%. That's about a 275 bps improvement from fourth-quarter, which again was 44%. We're expecting about 150 bps to be related to the useful life change, and about 125 bps, driven by improvement in our manufacturing network as well as ongoing productivity and efficiency actions, including the closure of the two facilities over the last two quarters.

再來也談一下第二季的銜接。同樣地，我會回到第四季，因為就 KSP 以及 Rockrimmon（我們兩個較新的廠區）而言，第四季算是成本完整反映的一季。以第二季指引的中位數來看，我們指引毛利率為 46.75%。這相較第四季（同樣是 44%）約提升 275 個基點。我們預期其中約 150 個基點與耐用年限變更相關，約 125 個基點則由製造網路改善以及持續的生產力與效率行動所驅動，包括過去兩季關閉兩座廠房。

Also included in this guidance, I did want to highlight -- included in this guidance is incremental production staffing and related project costs to enable incremental capacity in the future quarters of 2026 as well as into 2027.

此外，在這份指引中我也想強調——這份指引也包含為了在 2026 年後續季度以及延伸到 2027 年提供新增產能所需的增量生產人力配置與相關專案成本。

So embedded in our second-quarter guide are some incremental costs that you have to incur ahead to be able to unlock and enable kind of more capacity in the third-quarter, fourth-quarter and then the first half of 2027 as well. So we're quite pleased with our gross margin trajectory. And did you have another question, Elizabeth?

因此，我們第二季指引中已內含一些必須提前發生的增量成本，才能在第三季、第四季以及 2027 年上半年解鎖並啟用更多產能。我們對毛利率走勢相當滿意。你還有其他問題嗎，Elizabeth？

Yes. I guess the next one is on the -- congrats on the CFO appointment. I happen to know this, Sukhi has a lot of experience in M&A and corporate development. So I was just wondering, does this signal you guys are ready to do more M&As once your net leverage is below like three times, as you talk about your target?

有的。我想下一個問題是——恭喜你們任命新的 CFO。我剛好知道 Sukhi 在併購（M&A）與企業發展方面有很多經驗。所以我想問，這是否代表一旦你們的淨槓桿降到你們所說的目標、例如低於 3 倍之後，你們就準備做更多併購？

It's probably -- one, we are incredibly happy to announce Sukhi. I'm looking forward to getting him on board. I wish he could have started today, actually, but he will be joining us in mid-May, and I can't wait to work with Sukhi again. Just to kind of recap a little bit about Sukhi, I think many of you probably know him, but to kind of recap Sukhi's background, he started in semiconductors in the mid-90s on the wafer fab equipment side.

大概——第一，我們非常高興宣布 Sukhi 的加入。我很期待他加入團隊。其實我希望他今天就能開始，但他會在 5 月中旬加入，我也迫不及待再次與 Sukhi 共事。簡單回顧一下 Sukhi 的背景，我想在座很多人可能都認識他，但再簡要說明：他在 90 年代中期就進入半導體產業，當時是在晶圓廠設備（wafer fab equipment）端。

So we actually started in semis at a similar period in time. He actually started as an engineer, much like myself in semiconductors, he started as an engineer. He actually has a masters in engineering. Unfortunately, it's not in chemical engineering like me, but he does have a strong mechanical engineering degree as a background, and he got to kind of cut his teeth on the WFE side of the business earlier in his career.

所以我們其實差不多在同一時期進入半導體。他一開始是工程師，跟我在半導體產業的起點很像，也是從工程師做起。他有工程碩士學位。可惜不是像我一樣的化學工程，但他的機械工程背景很扎實，而且在職涯早期就能在 WFE 業務端累積實戰經驗。

You followed that up with an MBA, some sell-side analyst experience, a lot of corporate experience, investor relations, corporate development, corporate strategy. He was an interim CFO. And then finally, I got a chance to work with Sukhi at GlobalFoundries. He was there when I joined the company, and he did a phenomenal job of really leading that IPO. So for all those reasons, after a very extensive process, we had a chance to sit down with Sukhi and convince him to join the team of athletes that we're assembling here at Entegris and couldn't be happier to have him on board.

之後他又取得 MBA，也有一些賣方分析師經驗，並累積了大量企業端經驗，包括投資人關係、企業發展、企業策略。他曾擔任代理 CFO。最後，我在 GlobalFoundries 有機會與 Sukhi 共事。我加入公司時他就在那裡，而且他在主導那次 IPO 上做得非常出色。基於以上種種原因，經過非常廣泛的遴選流程後，我們有機會與 Sukhi 坐下來並說服他加入我們正在 Entegris 組建的運動員團隊；我們非常高興他能加入。

Specific to your question on corporate strategy or corporate development. Right now, we're focused on delivering our leverage reduction, our deleveraging plan. And initially, this year, we told you that we thought we would be under 3.5 times of net leverage. We're already at 3.6 times of net leverage, and we updated you that we thought we would be closer to 3 times of net leverage by the end of the year. Very happy with the profitability that we're driving.

針對你關於企業策略或企業發展的問題。目前我們的重點是落實降低槓桿、去槓桿化計畫。一開始今年我們告訴大家，我們認為淨槓桿會降到 3.5 倍以下。我們目前淨槓桿已在 3.6 倍，並且我們也更新指引，認為年底會更接近 3 倍。對於我們推動的獲利能力，我們非常滿意。

Very happy with the free cash flow that we're driving. And so as we progress through the year, while we pay off our term loan, which is something that we're planning this year in 2026 now, we feel like with that as well as with increased profitability, we'll be well positioned in 2027 to at least start to consider other alternatives, whether it's shareholder return or other opportunities in the market.

對於我們推動的自由現金流，我們也非常滿意。因此，隨著今年進展，我們會償還定期貸款（term loan）——這是我們現在規劃在 2026 年要做的事——我們認為在此基礎上，加上獲利提升，我們在 2027 年將具備良好條件，至少可以開始考慮其他選項，不論是股東回饋或市場上的其他機會。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Dave, can you talk about just some of the puts and takes on gross margin and how to think about incremental margins from here? I know Taiwan has been sort of a 100 basis point headwind. Is that still the case? And when does that go away? And then can you talk about Colorado? I think that was only going to go away next year. So can you sort of walk through how do you sort of roll off?

Dave，你能談談毛利率的一些利多利空因素，以及接下來該如何看待增量毛利率（incremental margins）嗎？我知道台灣一直大概是 100 個基點的逆風。現在還是這樣嗎？那會在什麼時候消失？另外你能談談科羅拉多嗎？我記得那要到明年才會消失。所以你能否帶我們走一遍，這些因素是如何逐步消退的？

Sure. So without bridging you again, given the details we've provided, I think the best way to think about gross margin is that as we continue to grow volume from here, we should continue to get gross margin improvement from here. And so that will be both in fixed cost absorption as well as incremental efficiencies that we can drive through our manufacturing network.

當然。基於我們已提供的細節，我就不再逐項銜接一次了。我認為看待毛利率最好的方式是：隨著我們從現在開始持續拉升出貨量，我們的毛利率應該也會持續改善。這將同時來自固定成本吸收率的提升，以及我們能透過製造網路推動的增量效率。

Now given the strength in order book that we started seeing in the middle of first-quarter, we are still looking to optimize our manufacturing network, but we're balancing that rate and pace with respect to make sure that we can still deliver the demand in what looks like a very constructive semiconductor backdrop. So we're taking a bit probably a more measured approach to that as we kind of continue through this year to make sure that we can satisfy our customers with the lead times that they expect and deserve.

鑑於我們在第一季中段開始看到訂單簿的強勁表現，我們仍在尋求最佳化我們的製造網路，但我們也在平衡其速度與節奏，以確保在看起來相當具建設性的半導體景氣背景下，我們仍能交付需求。因此，在今年持續推進的過程中，我們可能會採取更為審慎的做法，以確保我們能以客戶所期望且應得的交期滿足他們的需求。

Specific to KSP, KSP is dilutive to our P&L today, as you know, and as you articulated. We think that by the end of this year, with the ramp that's ongoing, which it's quite a good trajectory, with respect to where we were a couple of quarters ago to where we are now. But it is still a work in process.

就KSP而言，如你所知、也如你所闡述的，KSP目前對我們的損益表（P&L）具有稀釋效應。我們認為到今年年底，隨著目前正在進行的爬坡（其軌跡相當不錯），相較於幾個季度前到現在的狀況會有明顯改善。但這仍是一項進行中的工作。

We will have that facility by the time we get to the end of the year, probably breaking even on a P&L basis, plus/minus. And then we'll start to potentially move it into a less dilutive state, will probably still be dilutive in '27, but less dilutive, significantly less dilutive once we're kind of exiting fourth-quarter '26 run rate into '27.

到今年年底時，我們預期該廠在損益表（P&L）基礎上大致可達到損益兩平，正負些許浮動。之後我們將可能開始把它推向稀釋效應更小的狀態；在'27年可能仍會有稀釋效應，但會更小——當我們從'26年第四季的退出運行率（run rate）進入'27年時，稀釋效應將顯著降低。

Colorado this year is all qualification. And so this year is really -- last year was facilitating, qualifying the equipment, and opening the facility, staffing the facility. This year is further staffing the facility and qualifying products with customers. We're expecting very little revenue out of Colorado Rockrimmon this year, with the hope of ramping Colorado in early 2027.

科羅拉多今年全部都在做認證（qualification）。因此今年其實是——去年是在促成、認證設備、啟用廠房並完成招募與配置人力。今年則是進一步擴編人力，並與客戶一起進行產品認證。我們預期今年科羅拉多Rockrimmon的營收非常少，並希望在2027年初開始拉升科羅拉多的產能。

So for that reason, both facilities will be dilutive to us in '26, KSP becoming less so towards the end of the quarter and then improving -- or towards the end of the year, I should say and then improving in '27. Colorado dilutive -- fully dilutive in '26 and then starting to ramp revenue in '27. Did you have a follow-up, Tim?

因此，這兩座廠在'26年都會對我們造成稀釋效應：KSP在年底前會逐步降低稀釋，並在'27年改善；科羅拉多則在'26年會是完全稀釋，並在'27年開始拉升營收。Tim，你還有追問嗎？

I did, Dave. Yes. So can you talk about China and just what's going on in China? Are you seeing any more competition there? We're hearing about some folks trying to do CMP there and becoming a little more -- becoming a little more of a competition for you. So can you talk about that?

有的，Dave。是的。所以你能談談中國，以及中國那邊到底發生了什麼嗎？你們是否看到更多競爭？我們聽說有些人嘗試在那邊做CMP，並且變得更——對你們而言變得更具競爭性。所以你能談談這點嗎？

Sure. I'll actually touch on a couple of regions. Since I know the 10-Q is not out yet. It will be filed later today, where you're going to see the full regional breakdown. I'll just give you a little swing around Asia.

當然。我其實也會順帶談幾個區域。因為我知道10-Q還沒出來，會在今天稍晚提交，屆時你會看到完整的區域拆分。我先簡單帶你快速看一下亞洲的情況。

Strong growth from Taiwan, up 18% on a year-over-year basis in first-quarter. Broader Asia, in general, so including all of Asia, up double digits, slightly more than 10% on a year-over-year basis in first-quarter and then migrating specifically into China. China modestly down in the first-quarter.

台灣成長強勁，第一季年增18%。更廣義的亞洲，整體而言——也就是包含全亞洲——第一季年增達雙位數，略高於10%，接著再具體看中國：中國在第一季小幅下滑。

So obviously, it does remain a key long-term market for us. But when you look at the first-quarter performance, that modest decline was largely driven by some of the CapEx-related businesses that were down double digits, largely reflecting some dislocated order patterns that were in the first half of last year related to tariffs, as Jeff mentioned in his script. And so if you were to exclude those, we feel like it would have been a bit more of a normal quarter in China, but the first half, we do expect to be kind of impacted by some of those order patterns that were pull-ins for the first half of last year related to tariffs.

所以很明顯，中國仍是我們長期的關鍵市場。但若看第一季表現，這個小幅下滑主要是由部分與資本支出（CapEx）相關的業務年減雙位數所致，這在很大程度上反映了去年上半年因關稅因素而出現的訂單模式錯位（dislocated order patterns），正如Jeff在他的講稿中提到的。因此，如果把那些因素排除，我們認為中國本來會更像一個較正常的季度；但在上半年，我們確實預期仍會受到一些訂單模式的影響——這些是去年上半年因關稅而提前拉貨（pull-ins）所造成的。

We feel like we have a strong competitive position in our franchise product lines in China. Filtration, FOUPs, slurries. Yield and performance matter in China, the same way it does in the rest of the world. At this stage, we view China largely as derisked, and we think we're going to have a solid second half, and we think we're going to have a solid 2026 in China.

我們認為在中國，我們在核心產品線上具備強勁的競爭地位：過濾、FOUP、研磨液（slurries）。良率與效能在中國同樣重要，就像在世界其他地方一樣。在這個階段，我們把中國視為風險已大幅降低（derisked），我們認為下半年會表現穩健，也認為2026年在中國會有不錯的表現。

Bhavesh Lodaya, BMO.

Bhavesh Lodaya，BMO。

Hi, Dave, and welcome Sukhi. Looking forward to our discussions. Following up on your CapEx -- WFE CapEx side of the business, Dave, as we see higher volumes start moving through your system, I would presume it comes with pretty strong incremental margins, perhaps better than your company average. Maybe if you could provide some color on where margins stand in that business today versus historical peaks? And how should we think about that side as volumes coming in?

嗨，Dave，也歡迎Sukhi。期待我們的交流。延續你談到的資本支出——也就是WFE CapEx這一端的業務，Dave，隨著更高的出貨量開始流經你們的系統，我推測會帶來相當強的增量毛利率，可能優於公司平均。你是否能提供一些背景，說明該業務目前的毛利率相較於歷史高點大概在哪？以及當量進來時，我們應該如何看待這一端？

Sure. Look, let me start with utilization. We articulated in last quarter that we had about $1 billion of incremental upside that we could deliver from our manufacturing network. Now obviously, you have to staff for it. You have to position inventory for it.

當然。先從稼動率（utilization）談起。我們在上季提到，我們的製造網路大約有10億美元的增量上行空間可以交付。當然，你必須為此配置人力，也必須為此準備庫存。

But that's kind of the physical capacity that we have. And so whether it's unit-driven volume or CapEx-driven volume, incremental volume is tremendously helpful from a fixed cost absorption perspective when you're sitting at the type of utilization rates that we're setting out today.

但那就是我們所擁有的實體產能。因此，不論是由單位數量（unit-driven）帶動的量，或是由資本支出（CapEx-driven）帶動的量，當你處在我們目前所揭示的這種稼動率水準時，增量產量在固定成本吸收（fixed cost absorption）方面會帶來極大的幫助。

So without getting kind of too far into the details of unit-driven CapEx, our unit-driven margin versus CapEx-driven margin, incremental volume does help us in a pretty meaningful way with respect to fixed cost absorption as it drives our plant utilization higher. And we do expect our plant utilization to grow higher as we progress through the year in the absence -- even in the absence of any other specific initiatives that we have.

因此，在不深入到由單位數量帶動的CapEx細節、以及我們的單位驅動毛利率相對於CapEx驅動毛利率的差異之下，增量產量確實能在固定成本吸收方面以相當有意義的方式幫助我們，因為它會推升我們的工廠稼動率。我們也預期，隨著今年推進，我們的工廠稼動率會持續提高——即使在沒有任何其他特定措施的情況下也是如此。

So from that perspective, we're very much pleased with what kind of the CapEx order book looks like today. We have been booked kind of through the latter half of 2026, if not into '27 on some of these CapEx items. And we do expect gross margin to grow modestly as we deliver that fixed cost absorption with incremental volume. Did you have a follow-up, Bhavesh?

從這個角度來看，我們對目前CapEx訂單簿的狀況非常滿意。我們在某些CapEx項目上，訂單已排到2026年下半年，甚至延伸到'27年。我們也預期，隨著增量產量帶來固定成本吸收，毛利率將小幅提升。Bhavesh，你還有追問嗎？

Yes, and a different one. So there's been a meaningful amount of inflation in terms of polymers and chemical feedstocks. Are you seeing any challenges in procurement or pricing for your raw materials? And then do your contracts with your customers building just a simple pass-through of these costs? Or is there a lag as you price it through to your customers?

有的，換個問題。聚合物與化學原料（chemical feedstocks）方面出現了相當程度的通膨。你們在原物料採購或定價上是否看到任何挑戰？另外，你們與客戶的合約是否只是簡單地把這些成本轉嫁（pass-through）？還是你們把價格轉嫁給客戶時會有時間落差？

What we have seen, some modest inflation. Actually, let me start with the contracts. We do have, for some key suppliers, we do have some contractual terms with respect to price increases as well as our long-term agreements with them to take a certain amount of volumes. So there are key suppliers to us that have relatively fixed contracts, both from a pricing perspective as well as a volume perspective that we have to abide by and as do they.

我們確實看到一些溫和的通膨。其實我先從合約談起。對於一些關鍵供應商，我們在價格調整方面有一些合約條款，同時我們也與他們簽有長期協議，承諾採購一定的量。因此，對我們而言有些關鍵供應商的合約相對固定，無論在價格面或數量面，我們必須遵守，他們也同樣必須遵守。

For the vast majority of our supply chain, however, we have agreements, but then we will do certain annual negotiations. We feel like those annual negotiations were pretty productive for us. We feel like we're in a good spot, cost-wise from an inflationary perspective, with perhaps one exception, and I'll just -- I'll touch briefly on it.

然而，對於我們供應鏈中的絕大多數，我們雖然有協議，但仍會進行某些年度談判。我們覺得這些年度談判對我們相當有利。從通膨角度看，我們認為成本面目前處於不錯的位置，或許只有一個例外，我簡單提一下。

The Iran Middle East conflict. As you know, it's a fluid situation, one that I'm sure everyone in the industry, including yourselves, are monitoring. It's probably a bit too early to quantify the full cost impact there, but we have seen some early cost pressure on raw materials related to some of the availability coming out of the Middle East. And specifically, that's in the areas of some of the noble gases as well as some of the resins.

伊朗與中東的衝突。如你所知，這是個變動中的情勢，我相信產業內所有人——包括你們——都在關注。現在要量化其完整成本影響可能還太早，但我們確實已看到一些與中東供應可得性相關的原物料早期成本壓力。具體而言，主要在某些惰性氣體（noble gases）以及部分樹脂（resins）領域。

It looks like right now, at least our position on this right now is that we think it could be temporary. And so we just absorbed those costs. To the extent that this cost pressure kind of persists, either in logistics cost or raw feedstock cost for us, then we would evaluate increasing pricing in the future.

就目前來看，至少我們現在的立場是，我們認為這可能是暫時性的。因此我們先吸收這些成本。若這種成本壓力持續存在——不論是物流成本或我們的原料成本——那麼我們未來會評估提高售價。

But at this point in time, we view the inflationary pressure as -- largely as expected. Some unexpected that I just mentioned related to the conflict in the Middle East, absorbed in our P&L for now and we'll reserve the right in the future if it becomes too big of a burden to go back and kind of renegotiate some of the pricing with our customers.

但在此時此刻，我們認為通膨壓力——大致上符合預期。至於我剛提到的、與中東衝突相關的部分屬於非預期因素，目前先反映並吸收在我們的損益表（P&L）中；未來如果負擔變得過大，我們也保留權利回頭與客戶重新協商部分定價。

So from kind of -- as we sit today, I would say, steady as she goes to continue to be reviewed as we progress through 2026. Thanks, Bhavesh.

所以就——以我們今天的狀況來看，我會說一切照常（steady as she goes），並會在我們邁向2026年的過程中持續檢視。謝謝你，Bhavesh。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if, David, if you could maybe kind of comment on what you think has changed the most in terms of the wafer start outlook for the year? It sounds like that is mainly DRAM, either increasing utilization rates or pull-ins in terms of capacity. But I was wondering if you could give any color on that. And then maybe if you could explicitly address the analog sector, where it seems like we have the stand to improve the most from a utilization perspective this year.

我想請教一下，David，你是否能評論一下，你認為今年晶圓開工（wafer start）展望方面最大的變化是什麼？聽起來主要是DRAM，不論是提高稼動率或是產能提前拉動（pull-ins）。但我想看看你能否提供一些背景。另外，也希望你能明確談談類比（analog）領域，因為看起來今年從稼動率角度最有改善空間的就是那一塊。

Sure. Thanks, Jim. So what's changed the most from when we spoke to you in February until today, I think in -- at the beginning of February, the forecast for the industry was that fab construction would be up low single digits. And I think when you look at fab construction today, the forecast for the industry is high single digits. So that's a pretty meaningful change.

當然。謝謝，Jim。所以從我們二月跟你們談到現在，變化最大的是什麼？我想在——二月初的時候，產業對晶圓廠建廠（fab construction）的預測是低個位數成長。而你看現在的晶圓廠建廠，產業預測是高個位數成長。所以這是一個相當有意義的變化。

It doesn't mean that we'll get necessarily that revenue in period in '26. As I mentioned earlier in the call, from groundbreaking to kind of first revenue for us is around 12 months. But that's a big change. Fab construction going from kind of low single digits, essentially flat to high single digits, I think that kind of speaks to the state of the industry, the current utilization, particularly for advanced logic and memory, and I think that bodes well for kind of the setup for 2027. So I think that was a meaningful change, not a big change for us, again, in period for '26, but I think the foreshadowing for '27 and the setup is quite good.

這並不代表我們一定會在 2026 年期間就取得那樣的營收。如同我先前在電話會議中提到的，從動土到我們開始有第一筆營收，大約需要 12 個月。但這仍是一個很大的變化。晶圓廠建廠從低個位數、基本持平，轉為高個位數，我認為這反映了產業狀態、目前的產能利用率，特別是先進邏輯與記憶體。我覺得這對 2027 年的布局很有利。所以我認為這是個有意義的變化；對我們 2026 年當期而言不算大變化，但對 2027 年的前瞻與整體鋪陳相當不錯。

MSI, we were originally forecasting that MSI would be low to mid-single digits. We did update the forecast for MSI to be kind of mid- to high single digits. So I would say modest change there on units. And I would say that was a little bit of a blend between advanced logic, DRAM as well as some incremental NAND, and then I would say we're still kind of expecting flat from our expectation in February with respect to -- with respect to mainstream. So I think those are kind of like the big puts and takes between our February call and our market commentary in February and where we sit today in April.

MSI 方面，我們原本預測 MSI 會是低到中個位數成長。我們確實把 MSI 的預測上修到中到高個位數。所以我會說在出貨量上是溫和的變化。我會說這有點是先進邏輯、DRAM，以及一些額外的 NAND 的綜合影響；另外我會說，就主流（mainstream）而言，我們仍大致維持二月時的預期、也就是持平。因此，我想這些就是我們二月電話會議與二月市場評論，和我們四月目前看法之間的主要增減因素。

To get to the second question that you had, which was really around mainstream. And mainstream, I think if you stood back and looked at it objectively, I think you'd say that the first-quarter has probably been a little bit better than we originally expected. So I think from that perspective, there were, again, some of our customers that have recently released, not all of them have, but some of them that have released have kind of talked about improving inventory in the channel. They've talked about utilizations.

回到你第二個問題，主要是關於主流（mainstream）。就主流而言，我想如果你客觀退一步看，第一季可能比我們原先預期的要好一些。從這個角度來看，我們有些客戶最近已經發布（資訊）——不是全部，但有些已發布的客戶——提到通路庫存正在改善，也談到了產能利用率。

If they're a manufacturer that have broken kind of the 80% level, which for many of them have not been breached since the peak in '22. And then all of them, I think, have kind of highlighted memory availability. So strength in kind of AI-related and data center-related products, but memory availability potentially being a concern. So I think we view that market, as I mentioned earlier, is kind of mixed. We've kind of included a mixed view.

如果他們是製造商，已經突破大約 80% 的水位——對許多公司而言，自 2022 年高峰以來就未曾突破——此外，我想他們全部都提到了記憶體供應的可得性。因此，AI 相關與資料中心相關產品表現強勁，但記憶體供應可得性可能會是一個疑慮。所以我認為我們對這個市場的看法，如同我先前提到的，是偏向混合（mixed）。我們在看法中也納入了這種混合的觀點。

Again, this is 30% of our revenue. We've included a mixed view in our guidance for '26 as well as kind of an initial flash that we gave you for third-quarter of '26 as well.

同樣地，這部分占我們營收的 30%。我們在 2026 年的指引中納入了混合觀點，也納入了我們先前給你們的 2026 年第三季初步快閃（initial flash）展望。

Charles Shi, Needham.

Needham 的 Charles Shi。

I'll start with the first question around your exposure in advanced packaging. We know this is one of the growth areas for materials and probably one of the variable between you and your closest peer in terms of some of the near-term performance. We know you probably were going to talk a little bit more about that at the Investor Day, but Investor Day probably still six months out. So we still would love to hear some thoughts, early thoughts, any new actions undertaking right now at Entegris? We know you talked about the thermal material, you're talking about some of the carrier stuff.

我先從你們在先進封裝（advanced packaging）的曝險談起。我們知道這是材料領域的成長區域之一，也可能是你們與最接近的同業在短期表現上差異的變數之一。我們知道你們可能會在投資人日多談一些，但投資人日大概還要六個月。所以我們仍很希望先聽到一些想法、初步想法：Entegris 目前是否正在採取任何新動作？我們知道你們談過散熱材料，也談到一些載具（carrier）相關的東西。

Is there anything more than that right now in your thinking that Entegris can get a little bit more exposure in advanced packaging? For one, we do think that CMP seems to be a very important area, especially with the adoption of a more hybrid bounding type of advanced packaging and you do have good amount of a CMP slurry pad business, but I want to get some thoughts there first.

在你們的思考中，除了這些之外，Entegris 是否還有其他方式可以在先進封裝上取得更多曝險？其一，我們確實認為 CMP 似乎是非常重要的領域，特別是在採用更偏混合鍵合（hybrid bonding）型態的先進封裝之後；而你們也有相當規模的 CMP 研磨液（slurry）與拋光墊（pad）業務，但我想先聽聽你們對這部分的看法。

Thanks for your question, Charles. And look, we agree with you, we think the advanced packaging market is an attractive market. Unfortunately, our exposure to advanced packaging right now is limited due to just the prior investments that we didn't make necessarily in advanced packaging. That stated, we do have some products that have performed well in this space and that we did. We were able to launch some more minor, I would say, minor spends of products to be able to address this market.

謝謝你的問題，Charles。你看，我們同意你的看法，我們認為先進封裝市場是個具吸引力的市場。不過很可惜的是，我們目前在先進封裝的曝險有限，原因在於過去我們並沒有在先進封裝上做出必要的投資。即便如此，我們確實有一些產品在這個領域表現不錯；而且我們也能以一些較小規模的投入來推出產品，以因應這個市場。

So specifically advanced flow control for thick resist, delivery solutions for copper plating and photoresist CMP, as you mentioned, for high-bandwidth memory and TSVs in particular, and then, of course, the carrier offering. So we do have a portfolio of products that we have been able to penetrate the advanced packaging market with.

具體來說，包括用於厚光阻（thick resist）的先進流體控制（advanced flow control）、用於銅電鍍與光阻的輸送解決方案、如你提到的用於高頻寬記憶體（HBM）與特別是 TSV 的光阻 CMP，當然還有載具（carrier）產品。因此，我們確實有一個產品組合，已能切入先進封裝市場。

Our current revenue exceeds $100 million a year run rate. So we're excited about some of the traction that we're getting in this market for the areas where we've been able to kind of make investment and bring products to market. We are excited about some of the products that we have in the pipeline. That's really for the future. However, it's not for today, it's not necessarily for 2026 revenue.

我們目前的營收年化（run rate）已超過 1 億美元。所以我們對於在這個市場、在我們能投入並把產品推向市場的領域所取得的進展感到振奮。我們也對管線中的一些產品感到期待，那是更偏未來的機會。不過，那不是今天的事，也不一定會反映在 2026 年的營收上。

The 2026 revenue product, so the areas that I highlighted earlier. But we will have more details for you at Investor Day in November, recognizing the nature of the question that November is still about six months away. So -- but that's what I can give you today. And we're excited about the $100 million plus that we're driving from the business. Did you have a follow-up, Charles?

至於 2026 年營收的產品，就是我先前提到的那些領域。但我們會在 11 月的投資人日提供更多細節，也理解你這個問題的本質在於 11 月仍大約還有六個月。所以——但我今天能提供的大概就是這些。我們也對這項業務所帶動的 1 億美元以上營收感到興奮。Charles，你有後續問題嗎？

Yes. Dave, since your 10-K came out intra-quarter over the last couple of months, we looked at some of the customer-specific financials. So we did notice that the largest foundry, which is the number one customer for you, the revenue from that particular customer last year, I would call probably flat to modestly up, and there was a little bit maybe trailing what I consider as their own growth. Was wondering if you can give us some thoughts? What happened last year?

有的。Dave，自從你們的 10-K 在本季中、過去幾個月發布後，我們看了一些特定客戶的財務資訊。我們確實注意到，最大的晶圓代工廠、也是你們第一大客戶，來自該客戶去年的營收，我會說大概是持平到小幅成長，而且似乎有點落後於我認為他們自身的成長。想請你分享一些看法：去年發生了什麼？

Why the growth wasn't keeping up very well with the leading foundry? And any -- about this year, are you able to catch up to their growth? And obviously, we heard you talking about two nanometre production ramp that is actually happening later this year, but I want to get some thoughts around that.

為什麼你們的成長沒有很好地跟上這家領先晶圓代工廠？以及——關於今年，你們是否能追上他們的成長？另外，顯然我們也聽到你提到 2 奈米的量產爬坡會在今年稍晚發生，但我也想聽聽你對這部分的看法。

Sure. Speaking first to last year, to 2025, there is a pretty significant build-out in '24 that from a CapEx perspective, was meaningful, and that puts some pressure on year-over-year comps. We actually felt pretty good about the unit volume for 2025. But obviously, we had some year-over-year dynamics in '25 versus '24 from a CapEx perspective.

好的。先談去年、也就是 2025 年：在 2024 年有相當顯著的擴建，從資本支出（CapEx）角度來看很有份量，這會對年對年比較造成一些壓力。我們其實對 2025 年的出貨量（unit volume）感覺相當不錯。但很明顯地，從 CapEx 的角度，2025 年相較 2024 年存在一些年對年的動態差異。

Early results here in 2026, which we'll get in our 10-Q later today. And while I won't talk about specific customers, we can certainly talk about regions. Taiwan was up 18% on a year-over-year basis in the first-quarter. A lot of strength across the portfolio there, strength that we're anticipating will continue. So good results from Taiwan, again, up 18% year-over-year in Q1.

2026 年第一季的初步結果——我們稍晚今天會在 10-Q 裡揭露。雖然我不會談特定客戶，但我們可以談區域。台灣在第一季年對年成長 18%。那裡整個產品組合都有很強的表現，而且我們預期這樣的強勢會延續。所以台灣的結果很好，Q1 年對年成長 18%。

And really some good results across -- broadly across Asia. Asia as a whole, was up a little north of 10% on a year-over-year basis. Obviously, that includes Taiwan that was up 18%. It also includes China that was down modestly. So the other regions in Asia performed well as well.

而且整體來看——整個亞洲也有不錯的結果。亞洲整體年對年成長略高於 10%。當然，這包含年對年成長 18% 的台灣；也包含小幅下滑的中國。因此，亞洲其他地區的表現也不錯。

And as you know, we have key customers in Korea, we have key customers in Singapore, we have key customers in Japan. So good to see that kind of broad region performed well as well as good to see Taiwan perform well.

如你所知，我們在韓國有關鍵客戶，在新加坡有關鍵客戶，在日本也有關鍵客戶。所以很高興看到整個區域的廣泛表現都不錯，也很高興看到台灣表現良好。

John Roberts, Mizuho.

Mizuho 的 John Roberts。

Welcome, Sukhi. Back to China, are you through with your requalification of sourcing into China? And I think you're actually going to rationalize some products just not requalify, and maybe, is that any headwind to the China sales?

歡迎你，Sukhi。回到中國，你們把採購來源重新認證（requalification of sourcing）導入中國的工作都完成了嗎？我想你們其實會精簡一些產品、也就是不再重新認證；那是否會對中國銷售造成任何逆風？

Yes. China, we're -- I think in Q1, I think about 85% of our revenue for China, it was in that ZIP code, was from in region for China. That's about where we exited in terms of regional qualification in 2025. We'll probably pick up another 5% of the product portfolio that we sell there in '26. So we'll probably take that 85% number up to 90% by the end of this year.

是的。中國方面，我們——我想在第一季，我們在中國的營收大約有 85%（大概就是那個區間）是來自中國區域內（in region for China）。這大約就是我們在 2025 年完成區域認證時的水準。2026 年我們可能會再把我們在那裡銷售的產品組合多納入約 5%。所以到今年底，我們大概會把 85% 提升到 90%。

I don't anticipate that we'll ever get to 100%. I think there'll be some products that just given the volume of sales, it won't justify the expense of relocating their production route. But I do think that we'll go from kind of 85% where we are today to probably more than 90%, but we do expect to get to 90% throughout the course of '26 and then above 90%, we'll work on in '27, just with this kind of upper limit of it, it will probably never get to 100%. So there will always be some amount of products that will be impacted either geopolitically or by tariffs. Did you have a follow-up, John?

我不預期我們會達到 100%。我認為會有一些產品，單就銷售量而言，並不足以合理化為了搬遷其生產路線所需的成本。但我確實認為，我們會從目前大約 85% 的水準提升到可能超過 90%；我們預期在 26 年的過程中達到 90%，然後在 27 年再努力提升到 90% 以上。不過由於存在這種上限，可能永遠不會到 100%。因此，總會有一部分產品會受到地緣政治或關稅的影響。John，你有追問嗎？

Yes, in Materials Solutions, so are the constraints in the memory market driving any product shifts within the Materials Solutions segment?

有的，在 Materials Solutions（材料解決方案）方面，記憶體市場的限制是否正在推動材料解決方案部門內部的任何產品轉移？

Not really product shifts. I think -- if you look at memory total, sorry, let me -- maybe it's best to break it down and be more specific. NAND, there are some shifts in the market with NAND. NAND is very much focused on driving bit density, and bit density is driven by layer count. And as layer count moves from low 200s to 300 or 300-plus layers, it does introduce new materials, for example, moly, which the company has spoken about.

其實沒有什麼產品轉移。我想——如果你看整體記憶體，抱歉，讓我——也許最好把它拆開講得更具體。NAND 方面，市場確實有一些變化。NAND 非常著重於提升位元密度，而位元密度是由層數所驅動。當層數從 200 多層的低段提升到 300 層或 300 層以上時，確實會導入新的材料，例如公司曾談到的鉬（moly）。

So we do like that trend. Incremental bit density, while it does consume capacity, so you don't get more wafers, you don't get more MSI, but it does consume process steps and capacity. And we feel like that's where the focus on NAND is right now is on driving bit density at least in the first half with potentially incremental wafer starts in the second half.

所以我們喜歡這個趨勢。位元密度的增量提升，雖然會消耗產能，因此你不會得到更多晶圓、不會得到更多 MSI，但它確實會消耗製程步驟與產能。我們認為 NAND 目前的重點就在於推動位元密度，至少在上半年是如此；下半年則可能會有增量的晶圓開工（wafer starts）。

Incremental bit density drives incremental materials for Entegris, particularly in areas like moly and selective etch. And so that's a trend that we would like to see continue. And we'd also like to see them continue to fully utilize those fabs to 100% capacity. So both drive bit density and drive more MSI, but I think first half is more of a bit density story.

位元密度的增量提升會帶動 Entegris 的材料用量增加，特別是在鉬（moly）與選擇性蝕刻等領域。因此這是我們希望能持續的趨勢。我們也希望他們能持續把那些晶圓廠的產能利用率拉到 100%。所以兩者都能推動：一是位元密度，二是更多 MSI；但我認為上半年更多是一個位元密度的故事。

For DRAM, DRAM is operating really near capacity at this stage. So even with being fully utilized or near full utilization and even with potentially some technology changes in DRAM, there's not a significant change in the materials there. I think the most significant change was just simply the HBM wants a lot of DRAM kind of migrated into HBM. That is incremental processing. We do have some slurries and some other products in that incremental advanced packaging process steps or in those advanced packaging process steps. And so that's a trend we'd like to see continue as well.

至於 DRAM，現階段 DRAM 的運作幾乎已接近滿載。因此，即使完全利用或接近完全利用，且即使 DRAM 可能有一些技術變更，材料方面也不會有顯著變化。我認為最顯著的變化，單純就是 HBM 需要大量 DRAM，某種程度上把 DRAM 轉移到 HBM。那是增量的製程。我們在那些增量的先進封裝製程步驟中，或在那些先進封裝製程步驟裡，確實有一些研磨液（slurries）和其他產品。因此這也是我們希望能持續的趨勢。

Chris Parkinson, Wolfe Research.

Wolfe Research 的 Chris Parkinson。

This is Harris Fein on for Chris. Just given the geopolitical environment, there are some fears about energy availability. You mentioned Noble Gas as some key inputs like helium for fabs located in Asia. Just as you run the business and you have conversations with your customers, how would you characterize the degree of concern around that?

我是代 Chris 提問的 Harris Fein。鑑於地緣政治環境，有一些人擔心能源供應的可用性。你提到惰性氣體（Noble Gas）是一些關鍵投入，例如位於亞洲的晶圓廠所需的氦氣。就你們經營業務並與客戶對話的情況來看，你會如何形容大家對此的擔憂程度？

We haven't -- there haven't been kind of semiconductor specific concerns around energy. I think in general, there's concerns around just energy consumption and availability, especially as you think about data centers tapping big parts of the grid. But we haven't really seen anything specific to semiconductors or semiconductor fabs. Obviously, it's a key consideration when you think about building a fab, but most of those fabs secure that energy in advance for -- usually for some pretty long periods of time. Did you have a follow-up, Chris?

我們沒有——目前並沒有出現那種針對半導體的特定能源疑慮。我想整體而言，大家確實擔心能源消耗與供應可用性，尤其是想到資料中心會占用電網很大一部分。但我們並沒有看到任何特別針對半導體或半導體晶圓廠的情況。當然，當你考慮建廠時，能源顯然是關鍵考量，但多數晶圓廠都會提前把能源供應——通常是相當長的期間——先行確保。Chris，你有追問嗎？

Yes. The other one. On the third-quarter directional framework, I think you mentioned historical seasonality supporting a sequential improvement. I just want to clarify, does that third-quarter guide contemplate any cyclical recovery on the mainstream logic side? Or is this just contemplating normal seasonality and any cyclical recovery would be upside to what you're communicating?

有的。另一個問題：關於第三季的方向性框架，我想你提到歷史季節性支持營收季增。我想確認一下：第三季的指引是否已經納入主流邏輯（mainstream logic）端的任何景氣循環復甦？還是僅僅反映正常季節性，而任何循環復甦都會是你們目前溝通內容的上行空間？

Yes. Our third-quarter guide today, we just tried to give you a little bit more visibility based on what we're seeing kind of in our order book. So third-quarter includes a little bit of seasonality. It also includes some of the visibility that we've received in our order book, particularly with respect to CapEx. And so we wanted to give you a flash of what we thought that looks like.

是的。我們今天給出的第三季指引，主要是想根據我們在訂單簿中看到的情況，提供你們更多一點能見度。因此第三季包含了一些季節性因素，也包含了我們從訂單簿中獲得的一些能見度，特別是與資本支出（CapEx）相關的部分。所以我們想讓你們先快速看到我們認為它大概會長什麼樣子。

Now that 5% sequential guide from second-quarter to third-quarter from our second-quarter midpoint, that would be about 8% year-over-year growth if you were to do that math and then look at third-quarter kind of guide '26 versus third-quarter '25 actuals. So we feel like that's a pretty good guide at this stage given where we are in 2026.

以我們第二季中點來看，從第二季到第三季季增 5% 的指引，如果你做一下數學，並把 26 年第三季的指引與 25 年第三季的實際數字相比，約等於年增 8%。因此，在 2026 年目前這個時間點、以我們所處的位置來看，我們覺得這是一個相當不錯的指引。

So we're pretty happy about that, and it's really just including some seasonality, some of the current order book that we currently have visibility to, and it really doesn't include anything -- any meaningful recovery with respect to mainstream. Thanks, Harris.

所以我們對此相當滿意；它基本上只是納入一些季節性、我們目前對現有訂單簿所能掌握的能見度，而且它並沒有納入任何——任何關於主流（mainstream）端的顯著復甦。謝謝你，Harris。

Edward Yang, Oppenheimer.

Oppenheimer 的 Edward Yang。

Dave, I appreciate the time and good to see the improvement. First question is on R&D, and that's been ticking down every quarter for the last several quarters now. I'm just wondering what's driving that? And related to your R&D engine, how does the pipeline look for POR wins that you could leverage above and beyond cyclical recovery?

Dave，感謝你撥冗，也很高興看到改善。第一個問題關於研發（R&D）：過去好幾季每一季都在下滑。我想知道是什麼在驅動這個趨勢？以及就你們的研發引擎而言，能否談談可用來在景氣循環復甦之外加以槓桿的 POR（Plan of Record）贏單管線目前看起來如何？

Sure. Thanks, Edward. There's certainly no intention to kind of tick down R&D. Obviously, if revenue is growing kind of faster than we originally expect, then you tend to get this phenomenon where you kind of set a budget for about 10% of revenue to be invested back into R&D., and so you get kind of these, let's call them, period gaps. But we do feel good about roughly this 10% level of revenue being reinvested back into R&D.

好的，謝謝你，Edward。我們當然沒有任何要讓研發支出下滑的意圖。顯然，如果營收成長速度比我們原先預期更快，就會出現這種現象：你可能會設定一個大約把營收的 10% 再投入研發的預算，因此就會出現一些——我們姑且稱之為——期間落差。但我們確實對大約把營收 10% 再投入研發這個水準感到放心。

We feel like that's a pretty good benchmark. Again, plus minus, and it's very different by business and where different businesses are in their growth cycle and maturity cycle as well as R&D intensity cycle. But from that perspective, we feel like our model of roughly 10% of revenue invested in R&D is, for a bunch of reasons, is the right one.

我們認為這是一個相當好的基準。同樣地，會有正負一些差異，而且不同事業、以及不同事業所處的成長週期與成熟週期、以及研發強度週期都會非常不同。但從這個角度來看，我們認為大約將營收的 10% 投入研發的模式，基於多種原因，是正確的。

Pipeline for PORs. We actually feel pretty good about both our current plans of record, our current market share as well as the PORs that are currently in our pipeline that we are competing for. So as manufacturing becomes more complex, as you move to higher layer counts and memory, as you move to more advanced packaging for DRAM that requires incremental slurries, incremental pads, incremental filtration.

至於 POR 的管線。我們其實對目前的既定計畫（plans of record）、目前的市占，以及我們管線中正在競爭的 POR 都感到相當有信心。隨著製造變得更複雜，當你在記憶體端走向更高層數，當你在 DRAM 端走向需要增量研磨液、增量拋光墊（pads）、增量過濾（filtration）的更先進封裝。

And then, of course, as you move advanced logic from kind of 2 nanometer to sub-2 nanometer, the landscape and the precision required and the contamination and material purity required, those requirements all get orders of magnitude harder. And we feel like that plays very well, both to our development cycle as well as to our current product line.

然後，當然，當你把先進邏輯從大約 2 奈米推進到 2 奈米以下時，所需的環境、精度，以及對污染控制與材料純度的要求，這些要求都會以數量級變得更難。我們認為這不僅非常有利於我們的開發週期，也非常有利於我們現有的產品線。

So I feel very good about our innovation engine. It's something that we're looking forward to showcase a little bit at our Investor Day in November. So some more to come. Thanks, Edward.

所以我對我們的創新引擎非常有信心。我們也期待在 11 月的投資人日上，能更進一步展示一些內容。後續還會有更多資訊。謝謝你，Edward。

And this does conclude the Q&A portion of today's call. So I'd like to turn it back over to Jeffrey Schnell for any additional or closing remarks.

以上即為今天電話會議的問答（Q&A）部分。接下來我想把時間交回 Jeffrey Schnell，請他做任何補充或結語。

Yes. Thanks, everybody, for joining our call today, and we look forward to discussing more with you in the coming quarters.

好的。謝謝各位今天參加我們的電話會議，我們期待在接下來的幾個季度與各位進一步討論。

Thank you, ladies, and gentlemen. This concludes today's Entegris' first-quarter 2026 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝各位女士、先生。今天的 Entegris 2026 年第一季財報電話會議到此結束。請各位現在掛線，祝各位有美好的一天。