芯源系統 (MPWR) 2025 Q2 法說會逐字稿

Welcome, everyone, to the MPS second-quarter 2025 earnings webinar. My name is Arthur Lee, and I will be the moderator for this webinar.

歡迎大家參加 MPS 2025 年第二季財報網路研討會。我叫 Arthur Lee，我將擔任本次網路研討會的主持人。

Joining me today are Michael Hsing, CEO and Founder of MPS; Bernie Blegen, EVP and CFO; and Tony Balow, Vice President of Finance. Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both documents can be found on our website.

今天與我一起出席的還有 MPS 執行長兼創辦人 Michael Hsing、執行副總裁兼財務長 Bernie Blegen 和財務副總裁 Tony Balow。今天早些時候，MPS 在發布獲利公告的同時，也發布了有關我們營運績效的書面評論。這兩份文件都可以在我們的網站上找到。

Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties.

在我們開始之前，我想提醒大家，在今天的演講過程中，我們可能會根據 1995 年《私人證券訴訟改革法案》做出涉及風險和不確定性的前瞻性陳述和預測。

The risks, uncertainties and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q2 2025 earnings release, our Q2 2025 earnings commentary and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

可能導致實際結果與這些前瞻性陳述不同的風險、不確定性和其他因素在 2025 年第二季度收益報告、我們的 2025 年第二季度收益評論以及我們向美國證券交易委員會提交的文件（包括我們的 10-K 表格）中包含的安全港聲明中進行了說明，這些文件可以在我們的網站上找到。我們的聲明是截至今天做出的，我們不承擔更新此資訊的義務。

Now I would like to turn the call over to Bernie Blegen.

現在我想把電話轉給 Bernie Blegen。

Thanks, Arthur. Good afternoon, and welcome to our Q2 2025 earnings call. In Q2, MPS achieved record quarterly revenue of $664.6 million, 4.2% higher than the first quarter of 2025 and 31.0% higher than Q2 2024. This performance reflected the ongoing strength of our diversified market strategy, consistent execution, continued innovation and strong customer focus.

謝謝，亞瑟。下午好，歡迎參加我們的 2025 年第二季財報電話會議。第二季度，MPS 實現創紀錄的 6.646 億美元季度營收，比 2025 年第一季成長 4.2%，比 2024 年第二季成長 31.0%。這項業績體現了我們多元化市場策略、一致執行、持續創新和強大客戶關注度的持續優勢。

Let me call out a few highlights from the second quarter. We continue to see diversified revenue growth across all of our end markets. We began initial shipments of our power solutions to support our customers' new ASIC-based AI products.

讓我來列舉一下第二季的幾個亮點。我們繼續看到所有終端市場的收入多元化成長。我們開始首次出貨電源解決方案，以支援客戶基於 ASIC 的新型 AI 產品。

Storage and compute revenue grew sequentially off a strong Q1 as we continue to see demand for both memory and notebook power solutions. MPS continues to focus on innovation and solving our customers' most challenging problems. We continue to invest in new technology, expand in the new markets and to diversify our end market application and global supply chain.

由於我們繼續看到對記憶體和筆記型電腦電源解決方案的需求，儲存和運算收入在第一季強勁增長。MPS 持續專注於創新和解決客戶最具挑戰性的問題。我們不斷投資新技術，拓展新市場，並使我們的終端市場應用和全球供應鏈多樣化。

This will allow us to capture future growth opportunities, maintain supply chain stability and swiftly adapt to market changes as they occur. Our proven long-term growth strategy remains intact as we continue our transformation from being a chip-only semiconductor supplier to a full-service silicon-based solutions provider.

這將使我們能夠抓住未來的成長機會，保持供應鏈穩定，並迅速適應市場變化。隨著我們繼續從僅提供晶片的半導體供應商向提供全方位服務的矽基解決方案提供商轉型，我們行之有效的長期成長策略依然保持不變。

I'll now open the webinar up to questions.

我現在將開始網路研討會並接受提問。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Congratulations on another record quarter. Michael or Bernie, I was hoping you could talk a little bit more about the September quarter, what the setup is there? You're guiding for 8% sequential growth at the midpoint. I was just hoping you could give us some puts and takes of the six end markets in the September quarter.

恭喜本季再創紀錄。邁克爾或伯尼，我希望您能多談談九月份季度的情況，那裡的安排是怎樣的？您預計中間值將實現 8% 的連續成長。我只是希望您能告訴我們 9 月季度六個終端市場的一些情況。

Sure. Happy to, Tore. So when we look at Q3, we've got enterprise data growing between 20% and 30% sequentially. We also see a seasonal uplift in consumer. And then with the exception of storage and compute, all of our other lines of business are up high single digits. In storage and compute, we just have a little bit of caution, primarily because you're coming off of two very strong quarters in Q1 and Q2.

當然。很高興，托爾。因此，當我們看第三季時，我們發現企業數據較上季成長了 20% 到 30%。我們也看到消費者的季節性成長。除了儲存和運算之外，我們所有其他業務線都實現了高個位數成長。在儲存和運算方面，我們只是稍微謹慎一點，主要是因為第一季和第二季表現非常強勁。

That's great color. And just as my follow-up. You mentioned the ASIC program is now starting to ramp. I was hoping you could add a more color there. Are we talking about multiple customers? Are these primarily vertical power architectures?

顏色真棒。正如我的後續行動。您提到 ASIC 計劃現在開始加速。我希望你能在那裡添加更多顏色。我們談論的是多個客戶嗎？這些主要是垂直電源架構嗎？

And I guess, a really important question is, back at the Analyst Day, you gave us that $4 billion SAM for your enterprise data market. And there's a lot that's happened since then. So I was just wondering if that number is starting to move quite a bit upward?

我想，一個真正重要的問題是，在分析師日，您向我們提供了針對企業資料市場的 40 億美元 SAM。從那時起發生了很多事情。所以我只是想知道這個數字是否開始大幅上升？

Yeah. You're right. Since the Analyst Day that things are changing fast. And everything is good. And after a couple of years, this enterprise data segments are clearly established -- you establish winner or losers, okay? And MPS has appeared to be a winner.

是的。你說得對。自分析師日以來，情況正在迅速變化。一切都很好。幾年後，這個企業資料細分領域就清晰地建立了——您可以確定誰是贏家，誰是輸家，對嗎？而 MPS 似乎已經成為贏家了。

We do engage multiple customers. If it's not all large customers or large customers or potential customers, like I mean, we have a lot of design wins and design activities and while they are [threatened] that are ramping up in the near terms. And all also a lot of small emerging players. And we see the peripheral but not only in the data centers, but all kind of applications. And that's what we're very excited in the long term.

我們確實接觸了多個客戶。如果不是所有大客戶或大客戶或潛在客戶，就像我的意思是，我們有很多設計勝利和設計活動，而他們受到的威脅在短期內正在增加。其中也包括許多新興的小公司。我們看到的外圍設備不僅在資料中心，而且在各種應用程式中。這就是我們長期感到非常興奮的事情。

The short-term loans, and I said in near terms, it doesn't mean to, okay, in the next 6 months, the next 12 months, okay, I keep seeing and -- okay, our forecast revenues in [cabin] is always a plus/minus 6 to 12 months. So you said earlier, is a $4 billion, okay? That's what we said that's what we see and we're going to get there.

短期貸款，我說的是短期貸款，這並不意味著，好吧，在接下來的 6 個月，接下來的 12 個月，好吧，我一直在看到 - 好吧，我們預測的 [cabin] 收入總是在正負 6 到 12 個月之間。所以你之前說的是 40 億美元，好嗎？這就是我們所說的，這就是我們所看到的，我們將會實現它。

Right. Thank you, and congrats again.

正確的。謝謝，再次恭喜。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

I guess the first question is with regard to enterprise data. Previously, you had provided some guidance on that to be flat, plus or minus 20%. You talked about guidance for the September quarter. Any more visibility with regard to the full-year guidance for that? And any more narrowing of that range? And whatever kind of color you can provide on your expectations there?

我想第一個問題是關於企業數據的。此前，您曾對此提供一些指導，即保持平穩，上下浮動 20%。您談到了九月份季度的指導。關於全年指導還有什麼進一步的了解嗎？這個範圍還有進一步縮小的嗎？根據您的期望，您可以提供什麼樣的顏色？

Sure, Chris. The market, as Michael just said, remains dynamic. We have fairly short lead times. So even for Q4, we don't believe we have our arms around all the business, it's likely to occur. So that's just the nature of the dynamic of this fast-moving market.

當然，克里斯。正如邁克爾剛才所說，市場仍然充滿活力。我們的交貨時間相當短。因此，即使對於第四季度，我們也不認為我們已經掌握了所有業務，但這種情況可能會發生。這就是這個快速變化的市場動態的本質。

So at Q2, we identified the range as being flat to down potentially 20%. And while we're not guiding on Q4, in addition to the growing Q3 sequentially by 20% to 30%, I can say that Q4 will be up sequentially.

因此，在第二季度，我們確定的範圍是持平到可能下降 20%。雖然我們沒有對第四季做出預測，但除了第三季環比成長 20% 至 30% 之外，我可以說第四季也將環比成長。

Well, whenever we said in the beginning of the year, we feel comfortable.

嗯，每當我們在年初說這個的時候，我們都感到很舒服。

Got it. Okay. That's helpful. Just in general, and you've obviously listened to the calls from some of your peers that there's some degree of macro uncertainty out there. Some of the customers -- some of your competitors rather have expressed some caution and some concern about some pull-ins in certain areas.

知道了。好的。這很有幫助。總的來說，您顯然聽取了一些同行的意見，認為存在一定程度的宏觀不確定性。一些客戶——你們的一些競爭對手，對某些地區的拉動表示了一些謹慎和擔憂。

I wonder if you could comment on that with respect to your business. And in general, as compared to 90 days ago, is there anything that's changed in your view of the overall markets or your expectations with respect to the year?

我想知道您是否可以就您的業務對此發表評論。總體而言，與 90 天前相比，您對整體市場的看法或對今年的預期有什麼變化嗎？

Well, I'll give you an arrogant answer. Sorry, I don't listen to any other [costs]. You tell me that, maybe I do know from you, okay? And we focus ourselves as always, market condition is a market conditions, okay? We provide the components to the multiple segments. That's where we focus on it.

好吧，我會給你一個傲慢的答案。抱歉，我不聽其他[成本]。你這樣告訴我，也許我確實從你那裡知道了，好嗎？我們一如既往地關注自己，市場狀況就是市場狀況，好嗎？我們為多個細分市場提供組件。這就是我們關注的重點。

And we focus on the internal execution and execution with our customers demand in the futures. And that's what we always do. And whatever happens, happens. And as long as we're much better than everybody else.

我們專注於內部執行以及未來客戶需求的執行。我們始終都是這麼做的。無論發生什麼，總歸是發生了。只要我們比其他人優秀得多。

If I could add to that, in Q2, we used the phrase that we were cautiously optimistic about the outlook for the balance of the year. And I think that still describes how we feel from the standpoint that we have seen a broad-based, continued strong demand profile in all of our end markets.

如果我可以補充一點的話，在第二季度，我們曾說過，我們對今年餘下的前景持謹慎樂觀的態度。我認為這仍然描述了我們的感受，因為我們看到所有終端市場都呈現出廣泛且持續強勁的需求。

However, the ordering pattern, because there is a little bit different risk pattern to remain with short lead times. So as a result, we're not necessarily building backlog that we have visibility out beyond two quarters. So that's a little bit different from most recoveries that we've experienced. But again, I want to stress that we feel very good about our overall positioning for the remainder of the year.

然而，訂購模式由於交貨時間較短而存在一些不同的風險模式。因此，我們不一定需要建立能夠預見兩個季度之後的積壓訂單。這與我們經歷過的大多數復甦略有不同。但我再次強調，我們對今年剩餘時間的整體定位感到非常滿意。

Quinn Bolton, Needham.

奎因·博爾頓，尼德姆。

Thanks. Congratulations on another good quarter, Michael, Bernie, Tony. Michael or Bernie, just wanted to ask as you start to ship into some of these ASIC platforms. Can you give us a sense, are the ASIC platforms? Do they tend to be sourced by multiple PMIC suppliers? Or do you tend to see sole source sockets for a given generation of an ASIC and then the ASIC vendor may source to first generation with yourself and, say, a second generation with a competitor?

謝謝。恭喜麥可、伯尼、東尼，又一個季度取得好成績。Michael 或 Bernie，我只是想問一下，你們什麼時候開始向這些 ASIC 平台發貨。可以為我們介紹一下 ASIC 平台嗎？它們是否傾向於由多個 PMIC 供應商提供？或者您傾向於看到某一代 ASIC 的單一來源插座，然後 ASIC 供應商可能會從自己那裡採購第一代，而從競爭對手那裡採購第二代？

That's a question I've gotten a fair amount. And so just wondering if you could give us some sense on whether those ASIC programs tend to be single sourced or multiple sourced.

我常被問到這個問題。所以我只是想問您是否可以告訴我們這些 ASIC 程式是單一來源還是多來源的。

Yeah. We see a variety of single source that -- and more double source, multiple source, high-cost source and low-cost source, all source. And we deliver our customer. We develop persistent vertical power gaming, which is more module-like solutions, even chip side, and we do whatever our customers demand. Maybe I can say that, okay, two bags. I'm disappointed you didn't ask any more specific technical questions. (laughter)

是的。我們看到了各種各樣的單一來源——還有更多的雙重來源、多重來源、高成本來源和低成本來源，所有來源。我們為客戶提供服務。我們開發持久的垂直電力遊戲，它更像是一個模組式的解決方案，甚至是晶片方面的，我們可以滿足客戶的任何需求。也許我可以這麼說，好的，兩個包。我很失望你沒有問任何更具體的技術問題。（笑聲）

I'll save those for Analyst Day or maybe [the callback].

我會把它們留到分析師日或者[回調]。

Okay. Let me add real quickly there, is that each of the end customer has their own reasons for how they're selecting their suppliers. Some of them is supply chain resilience, others want innovation. Again, like every opportunity we have, we provide strong customer focus and consistent execution. So that's what makes us feel that we're very well positioned across all of the opportunities.

好的。讓我快速補充一下，每個最終客戶選擇供應商都有自己的理由。其中一些是供應鏈彈性，其他人則想要創新。再次，就像我們擁有的每一個機會一樣，我們提供強大的客戶關注度和一致的執行力。因此，我們覺得自己在所有機會面前都處於非常有利的地位。

When I tell you that high cost and low cost, multiple customer, one source, two source, multiple sources, they're all truth, nothing but the truth.

當我告訴你高成本和低成本、多個客戶、一個來源、兩個來源、多個來源時，它們都是事實，只是事實。

Okay. Got it. And then the second question, I'll move to the automotive end market. Kind of wondering if you guys could give us your outlook for the second half of the year. What are the biggest drivers of growth?

好的。知道了。第二個問題，我將轉向汽車終端市場。想知道你們能否提供我們對今年下半年的展望。最大的成長動力是什麼？

I think you have a couple of platforms with Western OEMs set to ramp where you have some pretty good content. Wondering to the extent that those ramp, does that drive growth have over half in the automotive business? Or are you looking for sort of more of a flattish half over half in that segment, in the second half?

我認為你們已經與西方原始設備製造商合作，準備推出一些平台，其中包含一些非常好的內容。想知道這些成長的程度，是否會推動汽車產業一半以上的成長？或者您希望在下半年這一細分市場中出現較為平緩的一半？

So automotive, and we've been very consistent on how we've described the rollout for calendar '25, that we enjoyed a nice step up sequentially from Q4 to Q1. We anticipated that that would be flattening a little bit in the middle part of the year, and then picking up end of the Q3, Q4, as these new content opportunities come online. So while there is some back and forth on the SAR and units, and in particular, with individual companies, we're less affected by that than the [timing needs] new content ramps.

因此，對於汽車行業，我們對 25 年日曆的推出描述非常一致，從第四季度到第一季度，我們取得了良好的連續成長。我們預計，隨著這些新的內容機會的出現，這一數字將在年中趨於平穩，然後在第三季末和第四季末回升。因此，儘管 SAR 和單位之間存在一些來回，特別是與個別公司之間存在來回，但與 [時間需求] 新內容增加相比，我們受其影響較小。

And just wanted to add on that, right? I know we're hyper focused just on the year. But I think if we step back and look longer term into 2026, the opportunity is around 48-volt some of the zonal architectures, I think they continue to be opportunity for us going forward, and this will be a growth area for us over the long term.

我只是想補充一下，對嗎？我知道我們只高度關註今年的情況。但我認為，如果我們退一步，將眼光放長遠到 2026 年，機會就在 48 伏特左右的一些區域架構上，我認為它們將繼續為我們未來的發展提供機會，這將是我們長期的成長領域。

There's too many things I can't remember.

有太多事情我記不清了。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Congrats on the quarter and guide. Just want to dive first into the enterprise data side. You mentioned in your preamble or the press release that both the AI side the server side were strong. Can you talk a little bit about any differences between those two growth rates, composition, kind of the breakdown of ED between those in both 2Q and 3Q?

恭喜本季和本指南。只是想先深入了解企業數據方面。您在序言或新聞稿中提到，AI 端和伺服器端都很強大。您能否稍微談談這兩個成長率、組成之間的差異，以及第二季和第三季 ED 的細分？

Again, something that we've talked about as it relates to enterprise data, is that the lines between traditional CPU and AI are getting a little blurry. So it's very hard to make clear statements of relative growth or importance. Having said that, I think that the overall profile, both for the near-term or midterm and the long term, remains very positive.

再次，我們討論的與企業資料相關的問題是，傳統 CPU 和 AI 之間的界線變得有點模糊。因此，很難清楚地說明相對增長或重要性。話雖如此，我認為，無論是短期、中期還是長期，整體情況仍然非常樂觀。

Great. I guess as my follow-up, there's been a decent number of concerns about pull-ins and tariff-related activity. Obviously, you haven't mentioned anything on that. But outside of the enterprise data segment, when we think about the cyclical recovery that's happening, are you seeing any evidence of that kind of tariff influenced behavior? And/or do you think the cycle itself is really what's driving demand?

偉大的。我想，作為我的後續行動，人們對吸引和關稅相關活動有相當多的擔憂。顯然，你沒有提到任何關於這方面的事情。但是在企業資料領域之外，當我們考慮正在發生的周期性復甦時，您是否看到任何受關稅影響行為的證據？還是您認為週期本身才是真正推動需求的因素？

We believe this cycle is driving demand. We really don't have enough information to support a change in our customers' ordering pattern that would be related to tariffs.

我們相信這個週期正在推動需求。我們確實沒有足夠的資訊來支持與關稅相關的客戶訂購模式的改變。

We don't want to potentially know that. Yeah. These are our control. I mean whatever happens, happens. Oh, by the way, our inventory is a little [low].

我們並不想知道這一點。是的。這些都是我們的控制。我的意思是，無論發生什麼，都該發生。哦，順便說一下，我們的庫存有點[低的]。

I didn't want to go there, but it was nice to see. Thank you.

我並不想去那裡，但看到那裡還是很高興。謝謝。

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Congrats on another nice quarter. You guys make it look easy. I wanted to ask a quick follow-up on the $4 billion enterprise data, SAM number. I was curious if that considers the eventual conversion of server CPU to 48-volt. Does that factor that in? Or is that incremental to that number?

恭喜您又度過了一個美好的季度。你們讓這一切看起來很容易。我想快速詢問一下有關 40 億美元企業資料 SAM 號碼的問題。我很好奇這是否考慮了伺服器 CPU 最終轉換為 48 伏特。這樣有影響嗎？或者說這個數字是遞增的？

And second part of that question, curious how much does HVDC increase that SAM or that TAM? And when do you expect direct current rack power to start really taking off? I think you started sampling last quarter, if I'm correct?

問題的第二部分是，好奇 HVDC 會使 SAM 或 TAM 增加多少？您預計直流機架電源何時會開始真正普及？如果我沒記錯的話，我想你們上個季度就開始採樣了？

Yes. Okay. These are the 800-volt systems and 400-volt systems. And yes, we're start sampling. These are not enough factors.

是的。好的。這些是 800 伏特系統和 400 伏特系統。是的，我們開始採樣。這些還不夠。

And both what you mentioned, the 400-volt servers, and also the 400-volt systems are in a 800-volt system. We're this far in the future, so maybe far in the future is maybe a couple of years, [8] years, 18 to 24 months kind of things or maybe even longer, okay. We don't want to call the market, okay? We are the only solution providers.

您提到的 400 伏特伺服器以及 400 伏特系統都屬於 800 伏特系統。我們已經展望了未來很長一段時間，所以也許遙遠的未來可能是幾年、[8] 年、18 到 24 個月之類的，甚至更長，好吧。我們不想打電話給市場，好嗎？我們是唯一的解決方案提供者。

And this one, we believe, ultimately, all data center will convert into this type of a [48-volt] in 800-volt systems. And that's what we're targeting. That's what we emerge and focus our development. [We] cannot really in the last couple of years, we said many years ago, we foresee 40, 48-volts that will be the solution.

我們相信，最終所有資料中心都將轉換為 800 伏特系統中的這種 [48 伏特]。這正是我們的目標。這就是我們應運而生並專注於發展的。我們無法在過去幾年裡真正做到這一點，我們多年前就說過，我們預見到 40 伏特、48 伏特將是解決方案。

And now we became one of the key suppliers in last couple of years, okay? Three years ago, we started working on the 800-volt systems. And also, not only that, also the VMS, the [very] management systems. And these are absolutely fit for that type of applications. And not only for vehicles, energy storage and the data centers, it's all about the energy utilizations.

現在我們在過去幾年裡已經成為主要供應商之一，好嗎？三年前，我們開始研究 800 伏特系統。不僅如此，還有 VMS，即管理系統。這些絕對適合該類型的應用。這不僅適用於車輛、能源儲存和資料中心，還涉及能源利用。

Rick, I'd add. I know you asked a very specific enterprise data question, but remember, we kind of think about the overall data center opportunity. And whether that's optical module growth, whether that's going to be memory all those things, I think, play in as opportunities for us. So I'm just trying to get a step back a bit from what we're focusing on the Enterprise Data segment.

里克，我想補充一下。我知道您問了一個非常具體的企業資料問題，但請記住，我們考慮的是整體資料中心的機會。無論是光學模組的成長，還是記憶體的成長，我認為，所有這些都為我們帶來了機會。所以我只是想稍微回顧一下我們目前關注的企業資料領域。

I appreciate that, Tony. And that actually leads me to my second question, which is -- I know it's not your largest segment, but communication seems to be firing on all cylinders.

我很感激，托尼。這實際上引出了我的第二個問題，那就是——我知道這不是你們最大的細分市場，但溝通似乎正在全力進行。

I mean, satellite, WiFi, 5G, and transceiver power that you just mentioned, I didn't know if you guys can elaborate at all or talk at all about quarter trends or velocities there, outlook to that segment? Like, just basically any color you'd be able to share there.

我的意思是，你剛才提到的衛星、WiFi、5G 和收發器功率，我不知道你們是否可以詳細說明或談論那裡的季度趨勢或速度，以及該領域的前景？就像，基本上任何你可以在那裡分享的顏色。

Sure. So if you look at about a year ago, we saw a large step-up from Q2 '24 to Q2 of '23. And a lot of that was in the core of networking telecom business. And that's sort of a plateau -- that element has plateaued. But at the same time, we saw growth in the optical modules within the data center that's been growing very nicely. So right now, I think that we're positioned very well, but I don't necessarily have a strong signal of additional investment in the network category.

當然。因此，如果你回顧大約一年前，我們會發現從 24 年第二季到 23 年第二季出現了大幅成長。其中很大一部分屬於網路電信業務的核心。這是一種平台期－該元素已達到平台期。但同時，我們看到資料中心內的光學模組成長非常好。所以現在，我認為我們的定位非常好，但我並不一定有在網路類別上進行額外投資的強烈訊號。

Josh Buchalter, Cowen.

喬許·布查爾特（Josh Buchalter），考恩。

Congrats on the record results as well. But I'm also going to ask about enterprise data. As we get into the back half of this year, any metrics or guidelines you can give us on how much this new AI ASIC is contributing to the back half of the year, how it compares to your [main] GPU customer. I mean, is this opportunity comparable in size to what you've been able to generate on the GPU side?

也恭喜你取得創紀錄的成績。但我還要詢問有關企業數據的問題。隨著我們進入今年下半年，您能否提供任何指標或指導，說明這款新的 AI ASIC 對今年下半年的貢獻有多大，以及與您的 [主要] GPU 客戶相比如何。我的意思是，這個機會的規模與您在 GPU 方面所能創造的機會相比是否相當？

Well, all these questions are being asked being similar questions. So we will answer. Okay, we're looking in the future, even in the near-term future, looking good in the -- that's only about, what, 25% of MPS business. And the bigger revenue growth is the rest of our company. And I hope we wish you to have a more question on the rest of our business.

嗯，所有這些問題都是類似的問題。所以我們會回答。好的，我們展望未來，甚至在不久的將來，前景也很好——這僅佔 MPS 業務的 25%。而收入成長更大的是我們公司的其他部分。我希望您能就我們其他業務提出更多問題。

I will take the subtle hint there and ask you about auto. (laughter)

我會接受這個微妙的暗示並向您詢問有關汽車的問題。（笑聲）

Auto and age price that add together, maybe only 40%. How about something else? Okay.

汽車和年齡的價格加在一起，可能只有40%。還有什麼其他的嗎？好的。

All right. I got the storage and compute there. We can take this anywhere.

好的。我在那裡獲得了存儲和計算。我們可以把它帶到任何地方。

No, I'm just joking. Ask whatever you want to ask.

不，我只是在開玩笑。想問什麼就問什麼。

Take with storage and compute then. I mean, you mentioned some caution there into the back half of the year. Is that sort of an inventory dynamic? And you had gained a bunch of share, I believe, on DDR5 to start the year. Is there still more room to run with -- from that on the share and content side on the DDR side within storage and compute?

然後進行儲存和計算。我的意思是，您提到了下半年需要謹慎。這是一種庫存動態嗎？我相信，今年年初你們已經在 DDR5 上獲得了大量市場份額。從儲存和運算領域的共享和內容方面到 DDR 方面是否還有更多的運行空間？

Yeah. Josh, it's an excellent question because we had a very significant step-up of our position competitively as well as from revenue in both storage and notebook. So again, the reason that I used the term cautious is because both end markets tend to be a different demand profile from like automotive, for example.

是的。喬希，這是一個很好的問題，因為我們在儲存和筆記型電腦方面的競爭力和收入都有了非常顯著的提升。因此，我再次使用「謹慎」一詞的原因是因為兩個終端市場的需求狀況往往與汽車等不同。

And what I mean by that is, historically, notebooks have always been like consumer and been expansion in Q3, we had such an atypical seasonality with a buildup in Q1 and Q2 that it just pays to be a little bit cautious there.

我的意思是，從歷史上看，筆記型電腦一直像消費品一樣，在第三季度有所擴張，而我們在第一季度和第二季度經歷瞭如此非典型的季節性增長，因此需要謹慎一點。

Likewise, on memory, I have nothing to indicate that there's a slowdown or a change in the market positioning. But again, it's just that in the past, they've had historic boom and bust cycles. So that's the only reason that I'm offering. Now having said that, we were pleasantly surprised in Q2 that the results for that particular group came in better than expected.

同樣，就記憶而言，沒有任何跡象表明市場定位出現放緩或變化。但同樣，在過去，他們也經歷過歷史性的繁榮與蕭條週期。這就是我提供的唯一理由。話雖如此，我們驚訝地發現第二季度該特定群體的表現優於預期。

Yes. In auto, we grew significantly this year, right?

是的。在汽車領域，我們今年實現了顯著成長，對嗎？

Yes. Our full-year results are going to be well above what we've been doing (multiple speakers) yes, we're probably in -- for the full year, we'll be between 40% to 50% growth for the year.

是的。我們的全年業績將遠高於我們一直以來的水平（多位發言者）是的，我們全年的業績可能會達到 40% 到 50% 的增長。

That's the reason Bernie asked to be more cautious, okay? Not going to be 100% next quarter, okay? That's what we make relatively what cautious means, okay? Cautious are not expected another -- okay, 50% or higher, yes.

這就是伯尼要求更加謹慎的原因，好嗎？下個季度不會達到 100%，好嗎？這就是我們相對謹慎的做法，好嗎？謹慎預計不會再有——好的，50%或更高，是的。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Bernie, I appreciate the fact that you don't have a lot of visibility out into the fourth quarter, but I want to ask about the seasonality of the fourth quarter. Typically, Q4 might be down, what, mid-single-digit percent sequentially? How do you see it shaping up this year?

伯尼，我知道你對第四季的預測不太清楚，但我想問一下第四季的季節性。通常來說，第四季的銷售額可能會比上一季下降約個位數百分比？您認為今年的情況會如何？

I don't have a seasonality anymore.

我不再有季節性了。

Okay. I think Michael said it all there. Again, if you look at that historic trend, and I don't know the last time we actually fulfilled being down, it's in a fairly narrow range. So I think flattish is probably the easiest way to describe the outlook.

好的。我認為邁克爾已經把一切都說完了。再說一次，如果你看一下歷史趨勢，我不知道我們上次真正實現下降是什麼時候，它處於相當狹窄的範圍內。因此我認為「持平」可能是描述前景最簡單的方式。

Helpful. All right. So it sounds like you've got plenty of capacity, plenty of inventory. Can you remind us what sort of annual revenue you could support with your internal and external capacity? And can you confirm whether or not the book-to-bill ratio is in fact trending above parity?

很有幫助。好的。聽起來你們有足夠的產能和庫存。您能否提醒我們，憑藉您的內部和外部能力，您可以支持多少年的收入？您能否確認訂單出貨比是否確實呈現高於平價的趨勢？

Yeah. It's two separate questions, but I'll try to address pretty quickly.

是的。這是兩個獨立的問題，但我會盡快解答。

I answer the first -- the second part. Our inventory is a lot. (laughter)

我回答第一部分——第二部分。我們的庫存很多。（笑聲）

Our current capacity, and we've talked about this in the past, is to be able to support $4 billion of revenue with diversification of 50% of that outside of China. So what we're trying to do is be able to support all of our customers' requirements in whatever supply chain profile they're looking for.

我們目前的產能（我們過去也討論過這一點）是能夠支持 40 億美元的收入，其中 50% 的收入來自中國境外。因此，我們試圖做的是能夠滿足所有客戶的需求，無論他們尋求什麼樣的供應鏈配置。

When you look at the book-to-bill ratio, and I commented on this earlier, that we're having sort of an atypical ordering pattern when you consider that we do believe we're in the middle of a cyclical recovery that's very broad-based. And what I mean by that is the ordering patterns are much more short term.

當你查看訂單出貨比時，我之前也對此發表過評論，當你考慮到我們確實相信我們正處於一個非常廣泛的周期性復甦之中時，我們就會發現我們有一種非典型的訂購模式。我的意思是訂購模式更加短期化。

We're not building book-to-bill ratios of like 1.4, 1.5, where we have backlog continuing out into Q1 and Q2 of next year. It's really a more near-term focus. So with those short lead times, that's the only reason I have a little bit of concern about Q4. And I don't want to send a negative signal. It's just that that's the nature of the demand profile. That's it.

我們不會建立 1.4、1.5 這樣的訂單出貨比，因為我們的積壓訂單會持續到明年第一季和第二季。這確實是一個更短期的關注點。因此，由於交貨時間很短，這就是我對第四季有點擔心的唯一原因。我不想發出負面訊號。這就是需求概況的本質。就是這樣。

I want to say the negative single either for the low inventories. And we are expanding our supply chain. And we can meet it in Q4 in our customer demand. And for next year, we start to -- even now in market, we continuously qualify the newer supply. And whatever it takes to meet the customer demand, that's what we always do.

我想說的是，低庫存也會帶來負面影響。我們正在擴大我們的供應鏈。我們可以在第四季滿足客戶的需求。而對於明年，我們將開始——即使現在在市場上，我們也會不斷對較新的供應進行認證。無論需要什麼，只要能滿足客戶的需求，我們就會一直這麼做。

The only thing I'd add, I don't know if it was part of your question was, in addition to the overall capacity, the geographical balance of it. And what we said is, by the end of the year, have half of that capacity outside of China, half of it inside. And to Michael's point, we just want to be able to, and believe we can, meet customer demand no matter how they want to route their product.

我唯一想補充的是，我不知道這是否是你問題的一部分，除了整體容量之外，還有地理平衡。我們的計畫是，到今年年底，一半產能將位於中國境外，另一半位於中國境內。正如邁克爾所說，我們只是希望能夠並相信我們能夠滿足客戶的需求，無論他們希望如何安排他們的產品。

Kelsey Chia, Citi Research.

花旗研究部的 Kelsey Chia。

Michael, Bernie, congrats on the strong results. So I have a question on customer concentration. So it's great to hear that you guys are shipping to the ASIC platforms. So does it mean that MPS sort of back to the historical kind of diversified growth where there's no one customer that's more than 5% of your sales by the end of the year? Or is the ASIC RAM sort of lumpy as well that can sort of tilt that kind of customer concentration?

麥可、伯尼，祝賀你們取得如此優異的成績。所以我有一個關於客戶集中度的問題。很高興聽到你們正在向 ASIC 平台發貨。那麼，這是否意味著 MPS 又回到了歷史上那種多元化成長的模式，也就是到年底沒有一個客戶的銷售額能超過 5%？或者 ASIC RAM 也存在某種不穩定性，會影響客戶的注意力？

Yes. I think that when we had the high customer concentration, particularly in enterprise data, that was an aberration from our normal model of being broadly diversified in terms of customers, end markets and geography. So I think now that the portfolio of market entrants is starting to build up, and we're going to have exposure to all of those opportunities, you'll see us go back to a more normal profile of customers not contributing more than mid-high single digits.

是的。我認為，當我們的客戶集中度較高時，特別是在企業資料方面，這與我們在客戶、終端市場和地理方面廣泛多樣化的正常模式有偏差。因此，我認為，現在市場進入者的投資組合開始建立，我們將接觸所有這些機會，你會看到我們回到更正常的客戶結構，客戶的貢獻不會超過中高個位數。

Okay. Got it. My second question is on the growth rate. So it seems that the analog industry has sort of been going through a downturn in the last two years. And potentially for 2026, we could see pretty strong growth due to the cyclical recovery. And you guys have a 10% to 15% outperformance target versus peers.

好的。知道了。第二個問題是關於成長率。因此，模擬行業似乎在過去兩年中經歷了一段低迷時期。到 2026 年，我們可能會因週期性復甦而看到相當強勁的成長。你們的業績目標比同業高出 10% 至 15%。

So that would imply sort of like a close to a 20% growth rate, perhaps for next year? Is that the right assumption? And if you can provide some color as to which end markets would be driving a majority of that growth based on the content or design wins?

那麼這是否意味著明年的成長率可能接近 20%？這是正確的假設嗎？您能否提供一些細節，說明哪些終端市場將根據內容或設計優勢推動大部分成長？

Sure. I think that your rule of thumb, as far as our traditional outperformance and also what the broader market looks like for '26, are both accurate. So I think within plus/minus a couple of percentage points, I can support those numbers.

當然。我認為，就我們傳統的優異表現以及 26 年更廣泛的市場表現而言，您的經驗法則都是準確的。因此我認為在正負幾個百分點的範圍內，我可以支持這些數字。

Again, as far as the particular end market drivers for next year, we believe it's going to be broad-based. Although with all of the enterprise data opportunities ramping next year, that will probably be a key contributor.

再次，就明年特定的終端市場驅動因素而言，我們認為它將具有廣泛的基礎。儘管明年所有企業數據機會都會增加，但這可能仍是關鍵因素。

William Stein, Truist.

威廉·斯坦，Truist。

First, I wanted to clarify about the short lead times and ordering patterns. Is it fair to say that the only thing that's really going to cause that to stabilize and lengthen is your extending the lead times that you quote to customers, which likewise is sort of difficult as long as revenue is fairly meaningfully below your capacity level? Is that a fair way to think about it?

首先，我想澄清一下短交貨時間和訂購模式。是否可以公平地說，唯一真正能夠使其穩定和延長的事情就是延長您向客戶報出的交貨時間，而只要收入明顯低於您的產能水平，這同樣很困難？這是一種公平的思考方式嗎？

Yeah. I don't know it's a correct characterization is that meaningfully below our capacities. And I don't know if that's an accurate statement or not. But overall, it's a fast-changing market and customers are updating their models, okay? We just keep it up, yes.

是的。我不知道這是否是一個正確的描述，因為這遠低於我們的能力。我不知道這是否是一個準確的說法。但總的來說，這是一個快速變化的市場，客戶正在更新他們的模型，好嗎？是的，我們只是繼續這樣做。

Yeah. I think we're being responsive to real demand. One thing we haven't touched on is that our channel inventories in each of the geos, major geos for us, are down in the quarter, so they're also very lean. So right now, we believe we're meeting real customer demand.

是的。我認為我們正在響應實際需求。我們還沒有提到的一件事是，我們在每個地區（主要地區）的通路庫存在本季度都有所下降，因此庫存也非常少。因此現在，我們相信我們正在滿足真正的客戶需求。

Got it. That's great. By the way, Michael, what I meant was comparing the revenue guidance -- revenue results and guidance relative to a $4 billion level of capacity, there's a gap there, right? So that's all I -- wasn't a critical it was --

知道了。那太棒了。順便說一句，邁克爾，我的意思是比較收入指導——收入結果和相對於 40 億美元產能水平的指導，那裡有差距，對嗎？這就是我的觀點——並不是批判性的--

Yeah. $4 billion, okay, and it's not only for -- I mean, it's for enterprise, okay? We're building capacity towards to it. That's the process.

是的，40 億美元，好的，這不僅僅用於——我的意思是，它用於企業，好嗎？我們正在為此進行能力建構。這就是過程。

Got it. And the other thing I wanted to ask about was to comment on the product development and revenue trajectory in three areas that you've highlighted in the past as sort of unique growth opportunities. One is modules, the other is converters, DDA and AD converters. I think you hired a team a couple of years ago. We haven't heard that much about it, and the other is eMotion, which is ramped, but I wonder how meaningful that's become relative to your (multiple speakers)?

知道了。我想問的另一件事是評論您過去強調的三個領域的產品開發和收入軌跡，這三個領域是獨特的成長機會。一個是模組，另一個是轉換器，DDA和AD轉換器。我認為你幾年前就僱用了一個團隊。我們對此了解不多，另一個是 eMotion，它正在逐漸普及，但我想知道它相對於你的（多位發言者）？

Thank you very much. (laughter) Okay. Firstly, the e-commerce is kind of flawed, right? Okay? I answered your question, that part of your question in a few quarters ago, okay?

非常感謝。（笑聲） 好的。首先，電子商務存在一些缺陷，對嗎？好的？我在幾個季度前就回答過你的問題了，好嗎？

But the good news is that the module business is really growing other than in the enterprise data and industrial came in industrial side, even consumer side. And we offer those solutions that our customer doesn't want to get into the detailed design. And we provide a solution for them.

但好消息是，除了企業數據和工業領域，模組業務在工業領域甚至消費領域也確實在成長。我們提供那些客戶不想涉及詳細設計的解決方案。我們為他們提供了解決方案。

And these are revenues that next year is about 10% to 15% of our total revenues, okay, other than the enterprise data power modules. These actually is very much related to when we provide system solutions. And so we're transforming companies, as Bernie said earlier, to be system providers, a solution providers, and that's what our customer wants.

除了企業數據電源模組外，這些收入明年將占我們總收入的 10% 到 15%。這些其實和我們提供系統解決方案的時候有很大的關係。正如伯尼之前所說，我們正在將公司轉變為系統提供者、解決方案提供商，這正是我們的客戶想要的。

If they want the chips also, we provide chips. And at the same time, they help MPS revenue growth. We're not depending on only selling chips. A few years ago, I'm talking about selling chips only, okay. And that's where our revenue grows, okay? And the other things that you're talking about, the data converter, the data converter is kind of slow moving. And we are releasing a standard product for that, okay?

如果他們也想要薯片，我們就提供薯片。同時，它們也幫助 MPS 收入成長。我們並非只依賴銷售晶片。幾年前，我說的只是銷售晶片，好的。這就是我們的收入成長的地方，好嗎？而您談到的其他事情，數據轉換器，數據轉換器的移動速度有點慢。我們正在為此發布一款標準產品，好嗎？

And only some $1 billion, $2 billion revenues, maybe contributes very little and that doesn't -- will not move the needle. But as a product in the product categories, that provides a total solution. That's a part of our picture. That really benefits the top-line growth in terms of solutions. eMotion, and finally, we get a needle moving, and it's been for a while. We get over about $100 million-some in the past few years, okay.

只有大約 10 億美元、20 億美元的收入，可能貢獻很小，而且不會產生任何作用。但作為產品類別中的一款產品，它提供了完整的解決方案。這是我們圖片的一部分。這確實有利於解決方案的營收成長。 eMotion，最終，我們得到了推動，而且這種情況已經持續了一段時間。過去幾年我們已經賺了大約 1 億多美元了，好的。

And they're not too bad. Okay, it's slower than the MPS total growth, okay? But now, it's robotics. And we see it AI-driven. Robotics will be -- okay, we see a lot of opportunities, okay? And a lot of potential to grow in the next couple of years. And we provide a total AI power. And we -- not only AI power, which provides all the actuators, actual solutions and motion controls and as well as a barrier as [BMS] solutions, okay. These all combined all together, the motion will grow a lot faster than in the past few years.

而且它們還不算太糟。好的，它比 MPS 整體成長慢，好嗎？但現在，是機器人技術。我們看到它是由人工智慧驅動的。機器人技術將會——好的，我們看到了很多機會，好嗎？未來幾年還有很大成長潛力。我們提供全面的人工智慧力量。而且我們不僅提供人工智慧力量，還提供所有執行器、實際解決方案和運動控制以及作為 [BMS] 解決方案的屏障，好的。所有這些結合在一起，運動的成長速度將比過去幾年快得多。

If there are any follow-up questions, please raise your hand. There are no further questions. I'd like to just say a few closing comments.

如果有任何後續問題，請舉手。沒有其他問題了。最後我只想說幾點。

I'd like to thank you for lining us this conference call. I look forward to talking to you again during the third-quarter 2025 conference call, which will likely be held in late October.

感謝您參加這次電話會議。我期待在 2025 年第三季電話會議期間再次與您交談，會議可能會在 10 月下旬舉行。

Thank you. Have a nice day.

謝謝。祝你今天過得愉快。