安森美 (ON) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the onsemi third-quarter 2026 earnings conference call.

大家好，感謝您稍候。歡迎參加 onsemi 2026 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Corporate Development and Investor Relations. Please go ahead.

現在我想把會議交給今天的講者：企業發展與投資人關係副總裁 Parag Agarwal。請開始。

Thank you, Daniel. Good afternoon and thank you for joining onsemi's third-quarter results conference call.

謝謝你，Daniel。各位下午好，感謝您參加 onsemi 第三季業績電話會議。

I am joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

今天與我一同出席的有我們的總裁暨執行長 Hassane El-Khoury，以及財務長 Thad Trent。

This call is being webcast on the Investor Relations section of our website at www.onsemi.com.

本次電話會議將於我們網站 www.onsemi.com 的投資人關係專區進行網路直播。

A replay of this webcast, along with our third-quarter earnings release, will be available on our website approximately one hour, following this conference call. And the recorded webcast will be available for approximately 30 days, following this conference call.

本次網路直播的重播，以及我們第三季財報新聞稿，將在本次電話會議結束後約一小時於我們網站提供。而錄製的網路直播將在本次電話會議後約 30 天內提供。

Additional information is posted on the Investor Relations section of our website.

更多資訊已張貼於我們網站的投資人關係專區。

Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of certain limitations when using non-GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

我們的財報新聞稿與本簡報包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，以及使用非 GAAP 財務衡量指標時的若干限制之說明，均載於我們的財報新聞稿中；該新聞稿已另行張貼於我們網站的投資人關係專區。

During the course of this conference call, we will make projections or other forward-looking statements regarding the future events or the future financial performance of the company. We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially from projections.

在本次電話會議過程中，我們將就未來事件或公司未來財務表現提出預測或其他前瞻性陳述。我們提醒您，此類陳述存在風險與不確定性，可能導致實際事件或結果與預測有重大差異。

Important factors that can affect our business, including factors that could cause actual results to differ materially from our forward-looking statements, are described in our most recent Form 10-K, Form 10-Qs, and other filings with the Securities and Exchange Commission; and in our earnings release for the third quarter.

可能影響我們業務的重要因素（包括可能導致實際結果與我們前瞻性陳述有重大差異的因素），已於我們最新的 Form 10-K、Form 10-Q 以及向美國證券交易委員會提交的其他文件中說明；亦載於我們第三季財報新聞稿中。

Our estimates or other forward-looking statements might change. And the company assumes no obligation to update forward-looking statements to reflect actual results, change assumptions, or other events that may occur, except as required by law.

我們的估計或其他前瞻性陳述可能會改變。除法律要求外，公司不承擔更新前瞻性陳述以反映實際結果、假設變更或其他可能發生事件的義務。

Now, let me turn it over to Hassane. Hassane?

現在，讓我把時間交給 Hassane。Hassane？

Thank you, Parag. And thank you, all, for joining us this afternoon.

謝謝你，Parag。也謝謝各位今天下午加入我們。

Our third-quarter results reflect continued strength in our business and the momentum we are building across our strategic growth markets, with growth above seasonal trends, continued acceleration in AI Data Centers, and improving demand in Industrial.

我們第三季的結果反映出業務持續強勁，以及我們在策略性成長市場上所建立的動能：成長高於季節性趨勢、AI 資料中心持續加速、工業需求改善。

We see particularly strong demand where power density is becoming the key differentiator from AI Data Centers and the grid infrastructure supporting them to energy storage and next-generation vehicle architectures.

我們看到在「功率密度」正成為關鍵差異化因素的領域，需求尤其強勁——從 AI 資料中心及其所依賴的電網基礎設施，到儲能與下一代車輛架構。

These are strategic markets where we focused our investments and are now seeing that strategy translate into revenue growth, margin expansion, share gains, and new customer wins.

這些都是我們聚焦投資的策略性市場，而我們現在看到該策略正轉化為營收成長、毛利率擴張、市占提升以及新客戶贏單。

AI Data Center continues to be our fastest-growing market, scaling more rapidly than we anticipated entering the year, with new wins that started to ramp. In Automotive, we continue to gain content and secure new platform wins in every region, while Industrial demand continues to improve, led by power infrastructure and energy applications.

AI 資料中心仍是我們成長最快的市場，其擴張速度比我們年初預期更快，且已開始有新的贏單進入放量爬坡。在車用方面，我們持續提升單車用量（content）並在各地區取得新的平台贏單；同時工業需求持續改善，主要由電力基礎設施與能源應用帶動。

In Q3, we delivered $1.72 billion of revenue, non-GAAP gross margin of approximately 41.2%, and non-GAAP diluted earnings per share of $0.90, all above the midpoint of our guidance.

第三季我們實現營收 17.2 億美元，非 GAAP 毛利率約 41.2%，非 GAAP 稀釋後每股盈餘為 0.90 美元，皆高於我們財測區間的中位數。

The combination of stronger demand, improved mix, and disciplined execution is driving meaningful operating leverage in our model, with earnings growth significantly outpacing revenue growth.

更強勁的需求、更佳的產品組合，以及嚴謹的執行力，共同推動我們模型中顯著的營運槓桿，使獲利成長明顯快於營收成長。

We remain supply-limited in certain technology segments of our business. And we made the short-term decision in the third quarter and into the fourth quarter to allocate to markets where we see strong end demand, like AI Data Centers and Industrial, which came in much stronger than we originally planned.

在我們業務的某些技術領域，我們仍受供給限制。因此我們在第三季並延續到第四季做出短期決策，將產能配置到我們看到終端需求強勁的市場，例如 AI 資料中心與工業；這兩者的表現都比我們原先規劃強得多。

In Automotive, we are supporting all deliveries for end demand but we are not supporting inventory replenishment backlog. As we balance supply and demand, we expect 2027 Automotive growth to be in line with our long-term target.

在車用方面，我們支援所有對應終端需求的出貨，但不支援庫存回補的積壓需求。在平衡供需的同時，我們預期 2027 年車用成長將符合我們的長期目標。

In AI Data Center, our revenue covers the complete power tree, from power supply units, or PSU, to low-voltage smart power stages near the processor, where increasing compute is driving greater power-density requirements and higher semiconductor content.

在 AI 資料中心方面，我們的營收涵蓋完整的電源樹（power tree），從電源供應器（PSU）到處理器附近的低電壓智慧功率級；隨著運算量提升，對更高功率密度的要求與更高的半導體含量也隨之增加。

In the third quarter, our AI Data Center revenue grew 39% sequentially to $180 million. And we now expect to deliver approximately $620 million of revenue in 2026, an increase of 140% year over year. For '27, we still expect our AI Data Center revenue to double over 2026, as we continue to ship with new product ramps.

第三季，我們的 AI 資料中心營收季增 39% 至 1.8 億美元。我們目前預期 2026 年可實現約 6.2 億美元營收，年增 140%。對於 2027 年，我們仍預期 AI 資料中心營收將在 2026 年基礎上再翻倍，因為我們將持續隨著新產品放量出貨。

In the third quarter, we began volume shipments into multiple marquee platforms, including Google, with both Silicon Carbide and silicon MOSFETs for PSUs and 54-,12-volt applications. The transition to 800-volt architectures creates the next content opportunity for onsemi, moving AI Data Center power directly into our strength.

第三季，我們開始對多個指標性平台進行量產出貨，其中包括 Google；在 PSU 以及 54 伏、12 伏應用中同時採用碳化矽與矽 MOSFET。向 800 伏架構的轉換，為 onsemi 創造下一個內容機會，讓 AI 資料中心電源更直接落在我們的強項領域。

Our comprehensive low-to-high voltage power portfolio, spanning silicon, Silicon Carbide, and Vertical GaN remains a competitive advantage, allowing us to address direct conversion from 800 volts to the 54-, 12-, and 6-volt rails required across the AI rack.

我們涵蓋低至高電壓的完整電源產品組合，橫跨矽、碳化矽與垂直 GaN，仍是我們的競爭優勢，使我們能夠支援從 800 伏直接轉換至 AI 機櫃所需的 54 伏、12 伏與 6 伏電源軌。

As power systems become more complex, customers increasingly need solutions that go beyond individual components. At last month's OCP Summit, we showcased our 800- to 6-volt solution using our differentiated Vertical GaN technology, alongside our Gate Driver and MOSFETs, to deliver industry-leading efficiency and world-leading power density for one of the most challenging conversions in the AI rack.

隨著電源系統變得更複雜，客戶愈來愈需要超越單一元件的解決方案。在上個月的 OCP Summit，我們展示了採用差異化垂直 GaN 技術的 800 伏至 6 伏解決方案，並搭配我們的閘極驅動器與 MOSFET，為 AI 機櫃中最具挑戰性的轉換之一提供業界領先的效率與全球領先的功率密度。

The move to 800-volt high-voltage DC also accelerates the transition from mechanical to solid-state power disconnects for fast turn-off from solid-state transformers and circuit breakers to hot-swap applications.

轉向 800 伏高電壓直流（DC）也加速了從機械式到固態電源斷開（power disconnect）的轉變，涵蓋從固態變壓器與斷路器的快速關斷，到熱插拔（hot-swap）應用。

Our Silicon Carbide JFET portfolio delivers superior thermal performance and is already designed in and contributing to our data-center revenue.

我們的碳化矽 JFET 產品組合提供優異的熱性能，且已完成設計導入並正在貢獻我們的資料中心營收。

At Investor Day, we talked about the investments we are making to build differentiated capabilities ahead of the inflection points in our markets. And we continue to do that, as power density becomes increasingly critical across AI Data Centers, Automotive, and Industrial.

在投資人日上，我們談到為了在市場拐點到來前建立差異化能力而進行的投資。我們持續推進這些投資，因為功率密度在 AI 資料中心、車用與工業領域正變得愈來愈關鍵。

One example is EPP, our Embedded Power Platform, introduced at Investor Day. EPP uses the silicon wafer, itself, as the package to solve electrical, thermal, and mechanical constraints simultaneously.

其中一個例子是我們在投資人日推出的 EPP（Embedded Power Platform，嵌入式電源平台）。EPP 以矽晶圓本身作為封裝，同時解決電氣、熱與機械方面的限制。

We are pleased with the customer interest in the platform since the announcement, reinforcing our conviction that power density is becoming an increasingly important differentiator across Automotive, AI Data Center, and Industrial applications.

自公告以來，我們對客戶對該平台的興趣感到振奮，這也強化了我們的信念：功率密度正成為車用、AI 資料中心與工業應用中愈來愈重要的差異化因素。

EPP is already sampling to alpha customers across these markets and is manufactured using our 12-inch silicon process at East Fishkill.

EPP 已在這些市場向 alpha 客戶提供樣品，並使用我們位於 East Fishkill 的 12 吋矽製程進行生產。

Today, we are also excited to announce the acquisition of Ferric, which further extends our capabilities into integrated voltage regulators, or IVR, and puts us in the leadership position for power delivery to the next-generation AI processors.

今天，我們也很高興宣布收購 Ferric，這將進一步延伸我們在整合式電壓調節器（IVR）方面的能力，並使我們在下一代 AI 處理器的供電領域取得領先地位。

As power requirements of AI processors continue to increase, IVR incorporates the complete power regulator, including controller, power switches, capacitors, and magnetics, in one thin package and places it closer to the GPU, reducing power losses and solving the power-density problem at the core.

隨著 AI 處理器的功率需求持續增加，IVR 將完整的電源調節器整合於一個薄型封裝中，包括控制器、功率開關、電容與磁性元件，並將其更靠近 GPU 放置，以降低功率損耗並解決核心的功率密度問題。

Ferric offers the most compelling IVR solution in the industry with its industry-leading efficiency and transient-response performance in an exceptionally compact footprint, with best-in-class Z-height. We expect Ferric to increase our market share in the Vcore stage of the AI Data Center power tree.

Ferric 以其業界領先的效率與瞬態響應表現，在極為緊湊的占板面積下提供最具吸引力的 IVR 解決方案，並具備同級最佳的 Z 高度。我們預期 Ferric 將提升我們在 AI 資料中心電源樹 Vcore 階段的市占率。

While this is a multi-year opportunity for onsemi well beyond 2030, we are raising our 2030 AI Data Center revenue target by $500 million to greater than $3 billion.

雖然這對 onsemi 而言是延伸至 2030 年之後的多年機會，我們將 2030 年 AI 資料中心營收目標上調 5 億美元至超過 30 億美元。

Moving on to our Industrial business, the AI halo effect is driving momentum beyond the data center, itself. We expanded hybrid EliteSiC and IGBT module wins with multiple leading customers, including Sungrow and Sineng, driven by the 99.3% efficiency platform we introduced last quarter.

接著談我們的工業業務，AI 的光環效應正推動資料中心以外本身的動能。在我們上季推出的 99.3% 效率平台帶動下，我們與多家領先客戶（包括 Sungrow 與 Sineng）擴大了混合式 EliteSiC 與 IGBT 模組的得標。

Also, in our Industrial business, we see increasing momentum in robotics and physical AI, an area where our capabilities in power and sensing are highly complementary to Synaptics.

同樣在工業業務方面，我們看到機器人與實體 AI 的動能日益增強；在此領域，我們在電源與感測方面的能力與 Synaptics 具有高度互補性。

Demand from first-person view, or FPV, drones is driving increased shipments of our 2-megapixel and 8-megapixel Hyperlux image sensors. And we are engaged with more than 10 leading drone manufacturers.

第一人稱視角（FPV）無人機的需求正帶動我們 200 萬畫素與 800 萬畫素 Hyperlux 影像感測器的出貨增加。此外，我們正與超過 10 家領先的無人機製造商合作。

We continue to diversify across the robotics market and have secured multiple new designs wins with leading US humanoid makers across power, connectivity, and sensing.

我們持續在機器人市場多元化布局，並已在電源、連線與感測等領域，與美國領先的人形機器人製造商取得多項新的設計導入（design wins）。

For sensing, we are advancing our Indirect Time Of Flight, or iToF, technology to deliver world-class depth resolution of 1 millimeter, up to 10 times better than competing solutions, enabling the precise depth perception critical for robots to interact with the physical world.

在感測方面，我們正推進間接飛行時間（Indirect Time Of Flight，iToF）技術，以提供世界級的 1 毫米深度解析度，最高可比競爭方案好 10 倍，使機器人能具備與物理世界互動所需的精準深度感知。

As physical AI scales, these applications bring together many of our core capabilities across power and sensing, creating a significant new content opportunity for onsemi.

隨著實體 AI 規模化，這些應用將我們在電源與感測等多項核心能力整合在一起，為 onsemi 創造一個重大的全新內容（content）機會。

Turning to Automotive, we continue to win new customer designs across all regions. As the industry moves toward electrification, higher level of autonomy, and software-defined vehicles, the investments we have made in new products continue to expand our content per vehicle up to $2,000, as architectures evolve.

轉向車用領域，我們持續在各地區贏得新的客戶設計導入。隨著產業朝向電動化、更高等級的自動化，以及軟體定義車輛發展，我們在新產品上的投資持續擴大每車內容價值，隨著架構演進最高可達 2,000 美元。

These transitions create multiple vectors of content growth for onsemi, even in a relatively flat [SAAR].

即使在相對持平的 [SAAR] 環境下，這些轉變仍為 onsemi 創造多個內容成長向量。

We continue to gain share in the North American EV market across Traction Inverter designs and new On Board Charger platform wins, in addition to the Treo-based 10BASE-T1S ramp we already started.

我們持續在北美電動車市場的牽引逆變器（Traction Inverter）設計與新的車載充電器（On Board Charger）平台得標上提升市占，此外也包括我們已開始放量的 Treo 架構 10BASE-T1S。

Across European OEMs, we expanded our design wins across our power portfolio, as they also start the transition to 48-volt zone.

在歐洲 OEM 客戶方面，隨著他們也開始轉向 48 伏分區（zone）架構，我們在電源產品組合上的設計導入進一步擴大。

In China, we continue to expand our leading position in high-end OEMs for their 900-volt electric vehicles, with new 1,200-volt Silicon Carbide, Traction Inverter wins at NIO for their flagship sedan and Geely-Zeekr's rapidly expanding export model.

在中國，我們持續擴大在高階 OEM 客戶的領先地位，支援其 900 伏電動車；並在 NIO 旗艦轎車以及吉利-極氪（Geely-Zeekr）快速擴張的出口車型上，取得新的 1,200 伏碳化矽（Silicon Carbide）牽引逆變器設計得標。

As we look ahead, we are increasingly confident in the trajectory of the business. AI Data Center continues to scale rapidly, while improving demand in Automotive and Industrial, content gains, and new platform wins create multiple vectors of growth.

展望未來，我們對業務走勢愈發有信心。AI 資料中心持續快速擴張，同時車用與工業需求改善、內容提升，以及新平台得標，共同創造多個成長向量。

All these trends are converging around the areas where onsemi is differentiated in intelligent power and sensing. And our disciplined execution positions us to translate that growth into stronger earnings and cash generation.

所有這些趨勢正匯聚在 onsemi 於智慧電源與感測的差異化優勢領域。而我們嚴謹的執行力，使我們能將這些成長轉化為更強的獲利與現金創造能力。

I want to thank our employees around the world for their continued focus and execution. Their work is what enables us to deliver for our customers and create shareholder value.

我要感謝全球員工持續專注並落實執行。正是他們的工作，讓我們能為客戶交付成果並創造股東價值。

Now, let me turn it over to Thad to provide more detail on our results and guidance for the fourth quarter.

接下來，我把時間交給 Thad，請他更詳細說明我們的業績以及第四季的展望與指引。

Thanks, Hassane.

謝謝你，Hassane。

We believe the recovery is gaining momentum. And we are in a fundamentally stronger position than in prior quarters. We have more content, a broader market opportunity, and substantially greater earnings power. With much of the heavy lifting and investments behind us, we are positioned to convert revenue growth into earnings and free cash flow growth.

我們認為復甦正在累積動能。而且我們的基本面位置較前幾季更為強健。我們擁有更多內容、更廣的市場機會，以及顯著更強的獲利能力。隨著大部分艱鉅工作與投資已在身後，我們已具備將營收成長轉化為獲利與自由現金流成長的條件。

In the third quarter, we continue to see this benefit in our financial results. Q3 revenue was $1.72 billion, above the midpoint of our guidance and up 7% sequentially. Non-GAAP gross margin expanded by 190 basis points quarter over quarter to 41.2%. And non-GAAP earnings per share was $0.90, growing 4 times faster than revenue growth year over year.

在第三季，我們持續在財務結果中看到這項效益。第三季營收為 17.2 億美元，高於指引中位數，且季增 7%。非 GAAP 毛利率季增 190 個基點至 41.2%。非 GAAP 每股盈餘為 0.90 美元，年增速度為營收年增的 4 倍。

During our Investor Day, we discussed having consistently invested ahead of major market inflection points, building capabilities organically and supplementing them through strategic M&A to accelerate time-to-market.

在投資人日上，我們談到我們一向在重大市場拐點之前持續超前投資，透過內生成長建立能力，並以策略性併購加以補強，以加速上市時程（time-to-market）。

AI Data Center is a clear example. As architectures evolve, we are continuing to strengthen our capabilities across the power tree to position onsemi to capture more of that opportunity.

AI 資料中心就是一個明確例子。隨著架構演進，我們持續強化電源樹（power tree）各環節的能力，使 onsemi 能掌握更多機會。

Today, we announced the acquisition of Ferric for $600 million, plus up to $175 million in earn-outs tied to the achievement of revenue milestones.

今天，我們宣布以 6 億美元收購 Ferric，另加最高 1.75 億美元的或有對價（earn-outs），其條件與達成營收里程碑掛鉤。

As Hassane mentioned, Ferric puts us in a leadership position in power delivery for next-generation AI processors. We expect Ferric to be accretive to our growth and gross-margin targets, with EPS accretion at scale and no meaningful near-term financial impact.

如 Hassane 所提，Ferric 使我們在下一代 AI 處理器的電力傳輸（power delivery）方面取得領先地位。我們預期 Ferric 將有助於達成我們的成長與毛利率目標，規模化後可帶來 EPS 增益，且短期內不會造成任何重大財務影響。

This is a multi-year opportunity, raising our AI Data Center revenue target by 20% to more than $3 billion in 2030; and continues to accelerate, thereafter.

這是一個多年期機會，我們將 2030 年 AI 資料中心營收目標上調 20% 至超過 30 億美元；且其後仍將持續加速。

We expect the transaction to close in the fourth quarter, subject to customary closing conditions. Additional details on the acquisition are available on our Investor Relations website.

在符合慣例交割條件的前提下，我們預期該交易將於第四季完成交割。關於本次收購的更多細節，可於我們的投資人關係網站查閱。

Turning to revenue for the third quarter, Q3 revenue was $1.72 billion, up 7% sequentially and 11% year over year. Revenue was $22 million above the midpoint of our guidance, with growth in Industrial and AI Data Center.

回到第三季營收，第三季營收為 17.2 億美元，季增 7%，年增 11%。營收較我們指引中位數高出 2,200 萬美元，成長主要來自工業與 AI 資料中心。

Automotive revenue was $777 million, down 1% sequentially and year over year. The sequential decrease is primarily due to the reallocation of supply to the AI Data Center and Industrial end markets.

車用營收為 7.77 億美元，季減 1%，且年減 1%。季減主要是因為我們將供應重新分配至 AI 資料中心與工業終端市場。

We expect Automotive revenue to decrease high-single-digit percentage points in the fourth quarter, reflecting continued supply reallocation, as well as timing and phasing of customer deliveries. Q1 is expected to return to normalized levels, as supply comes online.

我們預期第四季車用營收將下降高個位數百分點，反映持續的供應重新分配，以及客戶交付的時點與節奏安排。隨著供應到位，我們預期第一季將回到正常化水準。

Industrial revenue was $467 million, up 10% sequentially and 9% year over year. We saw strength in energy infrastructure, factory automation, and the broader Industrial market. We expect Industrial revenue to increase low-double-digit percentage points in the fourth quarter.

工業營收為 4.67 億美元，季增 10%，年增 9%。我們在能源基礎設施、工廠自動化以及更廣泛的工業市場看到強勁表現。我們預期第四季工業營收將增加低雙位數百分點。

AI Data Center revenue was $180 million, up 39% sequentially and 175% year over year. Demand continues to accelerate. And we now expect our AI Data Center revenue to reach approximately $620 million in 2026, increasing mid-teens percentage points in the fourth quarter. In 2027, we expect this to double off of a higher base.

AI 資料中心營收為 1.80 億美元，季增 39%，年增 175%。需求持續加速。我們目前預期 2026 年 AI 資料中心營收將達約 6.2 億美元，且第四季將增加中十位數百分點。在 2027 年，我們預期將在更高的基期上再翻倍。

Please note, beginning this quarter, we are enhancing our disclosures by separately reporting AI data -center revenue as a fourth market segment to provide greater transparency into this important growth driver for onsemi. You will see this in our supplemental materials on our Investor Relations website and in our 10-Q.

請注意，自本季起，我們將強化揭露方式，將 AI 資料中心營收獨立列示為第四個市場區隔，以提高對 onsemi 這項重要成長驅動因素的透明度。您可在我們投資人關係網站的補充資料以及 10-Q 中看到相關內容。

Revenue for the Other end -market segment, now excluding AI Data Center, was $299 million, up 11% sequentially and 10% year over year due to normal seasonality in the wireless segment. We expect our Other revenue segment to increase high-teens percentage points in the fourth quarter.

其他終端市場區隔（現已排除 AI 資料中心）的營收為 2.99 億美元，季增 11%，年增 10%，主要受無線業務正常季節性影響。我們預期第四季其他營收區隔將增加高十位數百分點。

Looking at the split between business units, revenue for the Power Solutions Group, or PSG, was $890 million, an increase of 7% quarter over quarter and 21% year over year. Revenue for the Analog and Mixed-Signal Group, or AMG, was $597 million, an increase of 9% quarter over quarter and 2% year over year. Revenue for the Intelligent Sensing Group, or ISG, was $235 million, an increase of 3% quarter over quarter and 2% year over year.

從各事業單位的分布來看，電源解決方案事業群（Power Solutions Group，PSG）營收為8.90億美元，較前一季成長7%，較去年同期成長21%。類比與混合訊號事業群（Analog and Mixed-Signal Group，AMG）營收為5.97億美元，較前一季成長9%，較去年同期成長2%。智慧感測事業群（Intelligent Sensing Group，ISG）營收為2.35億美元，較前一季成長3%，較去年同期成長2%。

Moving to gross margin, GAAP gross margin was 41.4% and non-GAAP gross margin expanded for the fifth consecutive quarter to 41.2% due to utilization improvements earlier in the year and favorable mix to new products.

接著看毛利率，GAAP毛利率為41.4%，非GAAP毛利率連續第五季擴張至41.2%，主要受惠於今年稍早產能利用率改善，以及產品組合有利於新產品。

Utilization remained flat at 83%. We expect similar levels in Q4, with utilization increasing, as we move into 2027, in response to improving demand signals. Our Fab Right strategy remains an important contributor to the long-term margin opportunity.

產能利用率維持持平在83%。我們預期第四季將維持相近水準；隨著我們邁入2027年，因需求訊號改善，產能利用率將上升。我們的 Fab Right 策略仍是長期毛利率提升機會的重要貢獻因素。

In Q3, we closed the previously announced divestiture of a back-end facility in the Philippines. And we remain on track to close our divestiture of the Mountain Top fab, exiting 2027.

在第三季，我們完成先前已公告的菲律賓後段製程廠房出售案。同時，我們仍按計畫推進 Mountain Top 晶圓廠的出售，並將於2027年退出。

We are operating with a more focused and efficient footprint, creating additional opportunity for gros- margin expansion over time.

我們以更聚焦且更有效率的據點布局營運，隨時間推進，將創造更多毛利率擴張的機會。

GAAP operating expenses were $335 million. Non-GAAP operating expenses were approximately $310 million. GAAP operating income was $378 million or 22% of revenue. Non-GAAP operating income was $400 million or 23% of revenue.

GAAP營業費用為3.35億美元。非GAAP營業費用約為3.10億美元。GAAP營業利益為3.78億美元，占營收22%。非GAAP營業利益為4.00億美元，占營收23%。

GAAP net income was $314 million. And non-GAAP income was approximately $354 million. Our GAAP tax rate was 21%. And our non-GAAP tax rate was 15%.

GAAP淨利為3.14億美元。非GAAP淨利約為3.54億美元。我們的GAAP有效稅率為21%。非GAAP有效稅率為15%。

GAAP share count was approximately 397 million shares, resulting in GAAP earnings per share of $0.79. Non-GAAP share count was approximately 392 million shares, resulting in non-GAAP earnings per share of $0.90.

GAAP加權平均股數約為3.97億股，因此GAAP每股盈餘為0.79美元。非GAAP加權平均股數約為3.92億股，因此非GAAP每股盈餘為0.90美元。

Turning to the balance sheet, cash and short-term investments were approximately $4.4 billion at quarter end. Total liquidity was $5.9 billion, including $1.5 billion undrawn on a revolver.

接著看資產負債表，季末現金與短期投資約為44億美元。總流動性為59億美元，其中包含循環信貸額度（revolver）中尚未動用的15億美元。

Cash from operations was $516 million. And free cash flow was $489 million or 28% of revenue. Capital expenditures were $28 million or 1.6% of revenue. And we expect full-year capital expenditures to be approximately 2% of revenue.

營運活動現金流為5.16億美元。自由現金流為4.89億美元，占營收28%。資本支出為2,800萬美元，占營收1.6%。我們預期全年資本支出約為營收的2%。

Inventory increased $22 million sequentially but declined on a days basis by [6] to 186 days. Strategic inventory continues to drain, declining 7 days in Q3. And base inventory increased by 1 day, as we continue to support higher demand.

存貨較前一季增加2,200萬美元，但以天數計算下降了[6]天至186天。策略性存貨持續去化，第三季再下降7天；而基礎存貨增加1天，因我們持續支援較高的需求。

Distribution weeks of inventory declined to 9.9 weeks from 10.1 weeks in Q2, with sell-through continuing to support a healthy channel and mass-market growth. We repurchased $20 million of shares in Q3, with activity limited by trading restrictions related to the Synaptics acquisition and renegotiations.

通路端存貨週數由第二季的10.1週下降至9.9週，終端銷售（sell-through）持續支撐健康的通路狀況與大眾市場成長。我們在第三季回購2,000萬美元股票，但因與Synaptics收購案及重新協商相關的交易限制，回購活動受到限制。

Looking forward, let me provide the key elements of our non-GAAP guidance for the fourth quarter. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance.

展望未來，我將提供第四季非GAAP財測的關鍵要點。提醒各位，今天的新聞稿包含一份表格，詳細列示我們的GAAP與非GAAP財測。

We anticipate Q4 revenue will be in the range of $1.715 billion to $1.815 billion, representing above-seasonal growth of 2.5% sequentially at the midpoint.

我們預期第四季營收將介於17.15億至18.15億美元之間，以中位數計算，季增2.5%，高於季節性水準。

We expect non-GAAP gross margin to be between 41.5% and 43.5%, and includes approximately $8 million in stock-based compensation. At the midpoint, this represents 130 basis points of sequential expansion.

我們預期非GAAP毛利率介於41.5%至43.5%之間，其中包含約800萬美元的股權基礎薪酬。以中位數計算，代表毛利率較前一季擴張130個基點。

Non-GAAP operating expenses are expected to be between $303 million and $318 million. This includes approximately $34 million in stock-based compensation. We anticipate non-GAAP Other income to be approximately $27 million, favorable.

非GAAP營業費用預期介於3.03億至3.18億美元之間。其中包含約3,400萬美元的股權基礎薪酬。我們預期非GAAP其他收益約為2,700萬美元，表現有利。

We expect our non-GAAP tax rate to remain at 15% and our non-GAAP diluted share count to be approximately 392 million shares. This results in non-GAAP earnings per share in the range of $0.95 to $1.07. And we expect capital expenditures in the range of $40 million to $50 million.

我們預期非GAAP有效稅率維持在15%，非GAAP稀釋後股數約為3.92億股。因此非GAAP每股盈餘將介於0.95至1.07美元之間。我們也預期資本支出介於4,000萬至5,000萬美元。

The fourth-quarter outlook reflects continued demand momentum and another step forward in our model. Based on our current visibility, we expect this momentum to continue into 2027, with continued revenue growth and gross-margin expansion, as we scale our differentiated products and realize the benefits of our more efficient operating model.

第四季展望反映需求動能持續，以及我們營運模式再向前邁進一步。基於目前可見度，我們預期此動能將延續至2027年，隨著我們擴大具差異化的產品規模並實現更有效率營運模式的效益，營收將持續成長、毛利率也將擴張。

As we look ahead, the opportunity is about more than a recovery in demand. We have built a stronger business, with significantly greater earnings and cash flow potential.

展望未來，機會不僅僅是需求復甦。我們已打造出更強健的企業，具備顯著更高的獲利與現金流潛力。

Our portfolio is more focused. Our manufacturing footprint is more efficient. And our path to growth is capital-efficient. As we exit the year, our priorities are clear: execute on the demand in front of us, scale our differentiated platforms, and capture the large market opportunities ahead.

我們的產品組合更聚焦。我們的製造據點布局更有效率。而我們的成長路徑更具資本效率。在年度結束之際，我們的優先事項很明確：執行眼前的需求、擴大具差異化的平台規模，並掌握前方龐大的市場機會。

We believe we are well-positioned to deliver sustained growth and expand margins, creating long-term value for our shareholders.

我們相信我們已具備良好定位，可實現持續成長並擴大利潤率，為股東創造長期價值。

With that, I'll turn the call back over to Daniel to open up the call for questions.

接下來，我把電話交回給Daniel，開始進行問答。

(Operator Instructions)

（接線員指示）

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Thanks for taking my question.

謝謝讓我提問。

Hassane, you have been rightly de-emphasizing Automotive in Q2 and Q3 and, I think, even in Q4, with this signaling of, I think, high-single digit, from what I heard. But then, you suggested that, next year, Auto would go back to growing, per your long-term target, which I think is up, whatever, 9% or 10%.

Hassane，你在第二季與第三季（我想第四季也是）確實有適度降低汽車業務的比重；從我聽到的訊息來看，似乎是在暗示高個位數的水準。但你也提到明年汽車將回到成長，符合你們的長期目標，我記得大概是9%或10%的成長。

So I am curious: Does underserving that market have any market-share implications, longer term? And then, where does the extra supply come from to start regrowing in that market from next year?

所以我想了解：在該市場供應不足，長期來看是否會對市占率造成影響？另外，從明年開始要在該市場恢復成長，額外的供給會從哪裡來？

Yeah. Just one thing: I want to correct the words you used. We are not de-emphasizing the Automotive market. Automotive remains strategic as an end market. And, even in our five-year outlook that we highlighted in Investor Day, Automotive still is the largest market. And that is not going to change.

是的。先補充一點：我想更正你用的措辭。我們並不是在弱化汽車市場。汽車仍是我們策略性的終端市場。而且即使在我們於投資人日所強調的五年展望中，汽車仍是最大的市場。這一點不會改變。

What you are seeing today or this quarter and next quarter, what we have hinted at, is short term in nature and it is supply-driven, not strategically driven.

你今天看到的、或本季以及我們所暗示的下季狀況，屬於短期性質，且是供給驅動，而非策略驅動。

What I mean by that is, we are not losing share because we are working closely with the OEMs, as I mentioned in my prepared remarks. We are supporting all of their end-demand needs.

我的意思是，我們沒有流失市占，因為如同我在事先準備的發言中提到的，我們正與OEM緊密合作。我們正在支援他們所有的終端需求。

What we are holding back, again, with conversations with them and alignment with them, is their replenishment that they would have liked to see during the quarters. We will resume shipment in Q1, as the supply comes online.

我們暫緩的部分——同樣是在與他們溝通並取得一致的前提下——是他們原本希望在這幾季看到的補庫存（replenishment）。隨著供給到位，我們將在第一季恢復出貨。

We have always had the supply coming online or increasing supplies in the technologies we have been constrained on. But you saw the results from Industrial and AI Data Center even beat our guidance and our expectations.

我們一直都有供給上線，或在我們受限的技術領域增加供給。但你也看到，工業與AI資料中心的表現甚至超過我們的財測與預期。

So, in the short term, we decided to shift the mix a little bit but that is not a strategic decision. Our strategy remains the same as we have highlighted in Investor Day.

所以，短期內我們決定稍微調整一下組合，但這不是一項策略性決策。我們的策略仍與我們在投資人日所強調的一樣。

That is why we are reiterating 2027, resuming the growth, which tells you, there is no share loss. It is purely a replenishment, not an end demand. And it is short term in nature.

這就是為什麼我們重申 2027 年將恢復成長，這也告訴你，沒有市占流失。這純粹是補庫存，而不是終端需求。而且其本質是短期的。

Got it. For my follow-up: Maybe, Thad, if you could walk us through the puts-and-takes of gross margins, Q3 to Q4, volume mix, utilization.

了解。我接著追問：Thad，也許你可以帶我們走一遍毛利率從 Q3 到 Q4 的增減因素，包括量/組合、產能利用率。

And then let's say, conceptually, next year, if your Auto, Industrial businesses grow according to the long-term growth rates you set out; and Data Center can potentially double, how should we think about the potential for gross-margin expansion for 2027?

然後假設從概念上來看，明年如果你們的汽車與工業業務依照你們所設定的長期成長率成長；而資料中心可能翻倍，那我們應該如何看待 2027 年毛利率擴張的潛力？

Thank you.

謝謝。

Yeah. Vivek, our gross-margin bridge doesn't change, right? The biggest driver in the gross-margin expansion here in Q4 is utilization improvement.

是的。Vivek，我們的毛利率橋接分析沒有改變，對吧？這裡 Q4 毛利率擴張最大的驅動因素是產能利用率的改善。

Now, keep in mind, this is utilization improvement from two quarters ago, right? So you'll start to see that. You also start to see a little bit of the pricing impact that we've had, where we've already had the headwind on the input costs hitting us and so we'll start to see some of that pricing impact come in, as well.

另外請記住，這是相較於兩季前的利用率改善，對吧？所以你會開始看到這個效果。你也會開始看到我們先前所做的定價帶來的一些影響；先前投入成本上升的逆風已經打到我們了，因此我們也會開始看到部分定價效益進來。

But the math of every point of utilization being 25 basis points to 30 basis points of gross-margin improvement still holds. And that will be true, as we go into 2027, as well.

但「每提升 1 個百分點的利用率，毛利率可改善 25 到 30 個基點」這個數學關係仍然成立。而且在邁向 2027 年時也同樣適用。

So, as I mentioned in my prepared remarks, we expect further growth; we expect further utilization improvement, as we go into 2027, which, then, will continue to give us margin expansion throughout the year.

因此，如同我在事先準備的發言中提到的，我們預期會有進一步成長；隨著邁向 2027 年，我們也預期產能利用率會進一步改善，進而在全年持續帶來毛利率擴張。

Obviously, as we have revenue growth, that will help, as well.

顯然，隨著營收成長，這也會有所幫助。

And then, the other piece that really starts to drive is the new products. So we get favorable mix. And we're already seeing that here in Q3, as the new products start to ramp at favorable margins. So we'll start to see that as a nice tailwind going in there, too.

另外一個真正開始帶動的因素是新產品。因此我們會得到更有利的產品組合。而我們在這裡的 Q3 已經看到，隨著新產品以較佳毛利率開始放量。所以我們也會開始看到這成為一個不錯的順風。

And then, there's a little bit of the Fab Right with one of the divestitures that we've announced on the back-end facility. We'll see a little bit of that in '27. We'll see more of it in '28 from the Mountain Top facility but that's a nice tailwind, as we go forward, as well.

此外，還有一點是我們所宣布的其中一項後段製程設施的處分，帶來的 Fab Right（晶圓廠最佳化）。我們會在 2027 年看到一些影響。來自 Mountain Top 廠的影響在 2028 年會更明顯，但這也是我們往前走的一個順風。

Thank you.

謝謝。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Hey, guys. Thanks for letting me ask a question. I just wanted to follow up on the last one.

嗨，各位。謝謝讓我提問。我只是想延續上一題追問一下。

I am assuming Auto would have been up in December. And it is down high-single digits. So I am just trying to understand the level of restocking that might have already happened in the December quarter. And then, I am just curious whether you see those trends increasing.

我原本以為汽車業務在 12 月應該會成長。但它卻下滑了高個位數百分比。所以我想了解在 12 月那一季可能已經發生了多少補庫存。另外我也想知道你們是否看到這些趨勢在加速。

Yeah, where the trend is increasing. So there will be -- like, think about it as, there will be a catch-up because it is restocking. It is not really the end demand. The end demand, we are supporting, so there is no change to that. So you can assume some seasonality, on top of it.

是的，趨勢在哪裡加速。所以會有——把它想成會有一個追趕，因為這是補庫存。它並不是真正的終端需求。終端需求我們有在支援，所以那部分沒有改變。因此你也可以假設在此之上還有一些季節性因素。

But, from a replenishment, the demand is not perishable. So you will see that resuming in the first quarter, as supply comes online. So it is purely a -- you can think about it as a quarterly timing.

但就補貨而言，需求不是易腐的。所以當供給上線後，你會在第一季看到它恢復。因此這純粹是——你可以把它視為季度間的時間點差異。

We are not guiding Q1. But, once we get to Q1, you can see that some of it would have been in Q4, if you normalize it.

我們不提供 Q1 指引。但等到我們進入 Q1 時，如果你把它正常化，你會看到其中一部分本來會落在 Q4。

I have always said in Automotive, or even in multiple markets that we service, I do not look at the quarter on quarter and I do not read anything into it. I look at it from a trend perspective and the decisions we are making.

我一直說，在汽車領域，甚至在我們服務的多個市場，我不會用季對季來看，也不會從中解讀太多。我會從趨勢的角度，以及我們正在做的決策來看。

So I have zero concerns about the decisions we are making in Automotive. They are the right decision for us to make as a company to service the increased demand that we have delivered in Industrial and AI Data Center in Q3 and looking out in Q4.

所以我對我們在汽車領域所做的決策完全沒有疑慮。這些對我們公司而言是正確的決策，讓我們能夠支援在 Q3 工業與 AI 資料中心所交付的增加需求，並展望 Q4。

And then, we will resume to normalized supply and demand, starting here in '27. And for the rest of '27, you will see us deliver the long-term target again.

然後，我們將從 2027 年開始回到正常化的供需。而在 2027 年剩餘期間，你會看到我們再次達成長期目標。

Thanks. And then, Data Center business, doubling, again, in '27 is pretty impressive. Just wondering if you had any broad strokes you could walk through in terms of the drivers of that.

謝謝。另外，資料中心業務在 2027 年再次翻倍相當令人印象深刻。想請問你是否能用比較概括的方式說明一下其驅動因素？

Yeah. Look, it's a lot of the broad strokes, as far as -- across the power tree, which -- I've been saying for a few quarters that we've been doing design wins across the power tree, from the high voltage all the way to the core.

是的。你看，很多驅動因素都來自——涵蓋整個電源樹（power tree）。我已經講了好幾季，我們在電源樹各個環節都拿到設計導入/設計得標，從高壓一路到核心。

Those have started to come online and generating revenue so we've already transitioned from [design-in] to design wins and, now, revenue.

這些已經開始上線並產生營收，所以我們已經從 [design-in] 轉換到設計得標，現在進一步到營收。

And then, the breadth of customers, we've highlighted some customers in the past. Some customers, you can draw a line to who they are. And it's across the power tree; meaning, directly with the compute vendors, when we're sitting on the board but also with the supply chain, when it comes from PSUs and so on.

再來是客戶的廣度，我們過去也提過一些客戶。有些客戶你其實可以推得出來是誰。而且是跨電源樹；也就是說，我們一方面直接與運算設備供應商合作、我們的產品在板上（board），另一方面也與供應鏈合作，例如 PSU（電源供應器）等。

And we've highlighted those throughout the last few calls. All of these are starting to get maturity. We ramped up a few more in the third quarter here. We hinted at it at Investor Day, as well, so that came in.

我們在過去幾次電話會議中都提到這些。這些都開始成熟。我們在第三季又多放量了幾個。我們在投資人日也有暗示過，所以這次就反映出來了。

And so it's really execution, execution, execution. But, more importantly, new products that we have been introducing over the last couple of years are starting, now, to deliver. And that ramp is what's going to continue in 2027, on top of the new stuff that we're going to ramp into revenue in '27 that we're doing design wins on now.

所以這真的就是執行、執行、再執行。但更重要的是，我們過去幾年推出的新產品現在開始貢獻成果。而這個放量將在 2027 年持續，此外還有我們目前正在拿設計得標、並將在 2027 年放量轉為營收的新產品。

And just to highlight: The doubling in '27, again, is off of the higher base that we just talked about today. So '27 is higher than what we expected, even 90 days ago.

另外再強調一下：2027 年的翻倍，是建立在我們今天剛談到的更高基期之上。所以 2027 年的表現比我們甚至在 90 天前所預期的還要高。

Thanks, Hassane.

謝謝，Hassane。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，Wells Fargo。

Yeah. Thanks for taking the questions.

是的，謝謝接受提問。

Maybe, just to follow up on that, the $500 million that you are increasing for your 2030 revenue target, is that all from the acquisition or is that also from just the base increasing from 90 days ago?

也許延續剛才的話題，你們把 2030 年營收目標上調的 5 億美元，這全部都來自併購，還是也包含相較 90 天前基礎業務本身的上修？

This is tied to the acquisition.

這是與該項併購相關。

Okay. Thanks. And then, as a follow-up, as we think about, just, the cash outlay that is in front of you in terms of this acquisition and then, also Synaptics -- and you are raising some debt for that, as well -- but how do we think about, just, the use of free cash flow and capital returns in that vein?

好的，謝謝。接著追問，當我們思考你們眼前在這次併購上的現金支出，以及 Synaptics——你們也會為此增加一些舉債——那麼我們應該如何看待自由現金流的運用，以及在這樣的情境下資本回饋的規劃？

Yeah, Joe. So we will be using cash off the balance sheet from the Ferric acquisition. As we close the Synaptics acquisition, we will be focused on [delevering]. That will be our top priority. That is obviously after investing in the business, as well.

是的，Joe。所以我們將使用 Ferric 併購案帶來、資產負債表外的現金。在我們完成 Synaptics 併購之後，我們會專注於[去槓桿]。那將是我們的首要優先事項。當然，這是在同時也持續投資於業務之後。

But we will focus there. And we will be opportunistic on buying back shares over time. But the intent here is to delever quickly.

但我們會把重點放在那裡。同時，我們也會隨時間推進，伺機進行股票回購。不過這裡的意圖是要快速去槓桿。

(technical difficulty) --

(技術問題) --

Operator, you there?

接線員，你在嗎？

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

Hey, guys. Thanks for taking the questions.

嗨，各位。謝謝讓我提問。

My first is on Industrial. It looks like it is well above seasonal in September. And then, when you go into December, it looks like some very strong results again.

我的第一個問題是關於工業（Industrial）。看起來 9 月的表現明顯高於季節性水準。然後進入 12 月時，看起來又會有一些非常強勁的結果。

Any vertical that you would call out in Industrial that is doing a bit better? Those are some impressive numbers in the back half. Just wanted to start there.

在工業領域裡，有沒有哪個垂直領域你會特別點名、表現更好一些？下半年這些數字很令人印象深刻。我想先從這裡開始。

Yeah. I think I would call out the AI halo that we talk about -- anything from energy. Think about it from the grid to the AI Data Center. So everything outside the walls of the AI Data Center has been very strong. It came in better than we expected.

有。我想我會點出我們談到的 AI 光環效應（AI halo）——從能源相關的各個面向。你可以從電網一路想到 AI 資料中心。所以，AI 資料中心牆外的一切都非常強勁。實際表現比我們預期更好。

A little bit on the [PMIs] are improving so the broad Industrial. But, if you ask me what is the beat and the outlook tied to, it's really the AI halo that we highlighted on Investor Day -- is coming in, as we expected; and, in the short term, higher, which is the reason I mentioned servicing that ahead of some other markets.

另外，[PMI] 也在改善，因此整體工業面也有回升。但如果你問我，這次超預期以及展望主要是跟什麼相關，其實就是我們在投資人日強調的 AI 光環效應——如我們所預期地正在發生；而且短期內更高，這也是我提到我們會優先服務這一塊、領先於其他一些市場的原因。

Yeah. And the broader Industrial is about 40% of the total Industrial bucket. And we are seeing strength there, as well, I think, just as you are seeing PMIs improve.

是的。而更廣義的工業大約占整個工業類別的 40%。我們在那裡也看到強勁表現，我想這也和你看到 PMI 改善一致。

Got you. Thad, second one for you is, just, you talked about the Automotive revenue just being a bit lighter because of supply relocation, timing, phasing of customer deliveries.

了解。Thad，第二個問題給你：你提到汽車（Automotive）營收稍微偏輕，是因為供應移轉、時點與客戶交付的節奏安排。

But it looks like the utilization is flat. Are you short external components? Because I would expect, if you are not able to get more supply, the utilization would continue to move up. You are saying that is more next year.

但看起來產能利用率是持平的。你們是缺外部零組件嗎？因為我原本預期，如果你們拿不到更多供應，產能利用率應該會繼續往上走。你說那會是明年的事。

Maybe just describe the dynamic; like, where are you seeing the constraints?

能否描述一下這個動態；例如，你們在哪些地方看到限制？

Yeah. Keep in mind that what you are seeing come out of the line today was utilization from two quarters ago, when we were running at 77%. We ran at [83] last quarter. We are running at 83, going into Q4. So this is us catching up to that supply, as you get cycle time through the fab and the backend. So that is where we have supply coming online.

好的。請記住，你今天看到從產線出來的，是兩個季度前的產能利用率所對應的產出，當時我們的利用率是 77%。上個季度我們跑到[83]。我們在進入 Q4 時也維持在 83%。所以，這是我們在追上那部分供應，因為晶圓廠與後段製程都有週期時間。因此供應是在這裡逐步上線。

The supply constraints are in specific lines in certain areas so it is not across the board or, obviously, we would be taking utilization up further. But, as we look into next year and we see demand continuing to strengthen across all the end markets, we will be taking utilization up.

供應限制是在某些特定領域的特定產線上，所以不是全面性的；不然的話，我們顯然會把產能利用率再往上拉。但當我們看向明年，並看到所有終端市場的需求持續轉強時，我們會提高產能利用率。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

Hi, guys. [Garv Saini] here, on behalf of Gary Mobley at StoneX. Thanks for taking my question.

嗨，各位。我是[Garv Saini]，代表 StoneX 的 Gary Mobley。謝謝讓我提問。

Just wanted to ask, specifically, about the utilization lever in the gross-margin bridge. About half of the path to that 53% gross-margin target you guys set out comes from utilization.

我想特別問一下毛利率橋接（gross-margin bridge）中的產能利用率槓桿。你們提出的 53% 毛利率目標，達成路徑中大約有一半來自產能利用率。

So, just given the restructuring and also, just, changes to depreciation, how should we think about the incremental gross margin on each dollar of revenue from here on out?

所以，考量重組以及折舊的變動，我們應該如何看待從現在起每增加 1 美元營收所帶來的增量毛利？

Well, look, the way you should think about the Q3 results is there's about 450 basis points of underutilization charges. Again, you got to go back to the Q1 utilization of 77% for that.

嗯，你應該這樣看 Q3 的結果：大約有 450 個基點是來自產能利用不足的費用。同樣地，這要回到 Q1 的 77% 產能利用率。

So, if you take that, getting up to what is peaking out for us, 92%, 93%, somewhere in there, you can do that math on that 25 basis points to 30 basis points and you get to that 450 basis points.

所以，如果你把它拉升到我們的高峰水準，大概是 92%、93% 左右，你可以用每 25 到 30 個基點去算，就會得到那 450 個基點。

So, to do the walk for everybody, getting from here to the 53%, you've got about 450 basis points of utilization improvement.

所以，為了讓大家走一遍：從現在到 53%，大約有 450 個基點來自產能利用率改善。

You've got 225 basis points of Fab Right. I talked about the activities we're taking there.

另外有 225 個基點來自 Fab Right。我也談過我們在那裡採取的行動。

You got another 400 basis points of mix and the new products kicking in. And I've already talked about -- we're starting to see that hit the P&L and we'll start to see a lot more of it next year.

再來還有 400 個基點來自產品組合（mix）以及新產品放量。我也提過——我們已經開始看到它反映在損益表上，明年會看到更多。

And then, the last component is we've been raising pricing but we haven't seen that necessarily fully hit the P&L so there's a little bit of tailwind from there.

然後最後一個部分是，我們一直在提高定價，但不一定已經完全反映在損益表上，所以那裡還有一點順風。

So, if you start to add all that up, you're getting right around that 53% long-term target.

所以，如果你把這些加總起來，就會大致落在 53% 的長期目標附近。

Got it. Okay. Thank you. You guys also talked a bit about -- just now -- the new product ramp in '27. Wanted to double-click on that and the contribution we'll see in the fiscal year for next year.

了解。好的，謝謝。你們也稍微談到——就在剛剛——2027 年的新產品放量。我想更深入問一下，以及我們在下一個會計年度會看到的貢獻。

How should we think about the revenue from Vertical GaN, EPP, and Treo as these new layers of revenue that really didn't pre-exist before?

對於 Vertical GaN、EPP 和 Treo，作為以前並不存在的新增營收層，我們應該如何看待它們帶來的營收？

Yeah. So what you are going to start seeing is, obviously, Treo will continue to ramp. Treo is already contributing to revenue this year.

好的。所以你將開始看到的是，顯然 Treo 會持續放量。Treo 今年已經在貢獻營收。

We already talked about Vertical GaN contributing revenue in '27. And then, you layer on top of that towards the end, EPP.

我們也已經談過 Vertical GaN 會在 2027 年開始貢獻營收。然後在那之上，接近後段時點再疊加 EPP。

But those are -- other than Treo that started the ramp last year. And, obviously, we have been more than 2x-ing, as you move forward from a smaller base. The other ones will start to ramp and will follow such a trajectory.

但這些——除了 Treo 是去年開始放量之外。而且很明顯地，當你從較小的基礎往前走時，我們一直在做超過 2 倍的成長。其他產品也會開始放量，並會遵循類似的軌跡。

So you can think about the base for 2027 as new products that we have had in '25 and '26 that will start contributing meaningfully, while the new products we have introduced, like EPP and Vertical GaN, to start in '27 and continue forward, all leading up to a more mature mix of new products towards that 2030 timeline, depending on Auto or Industrial.

所以你可以把 2027 年的基礎視為：我們在 2025 與 2026 年推出的新產品，將開始做出有意義的貢獻；同時，我們導入的新產品（例如 EPP 與 Vertical GaN）會在 2027 年開始並持續往後推進；所有這些都將帶動新產品組合在 2030 年時間點附近更趨成熟，視汽車或工業的進展而定。

Got it. Perfect. Thank you.

了解。非常好。謝謝。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yes. Thank you. Good evening.

是的，謝謝。晚安。

The first question is with regard to the Ferric acquisition. Can you talk to us a little bit about where that acquisition stands, with regard to revenue and design wins -- and realizing you use that to take up your 2030 target? But, as we look into '27, '28, what can we expect from that business?

第一個問題是關於 Ferric 併購案。你能否跟我們談談這項併購目前在營收與設計導入（design wins）方面的進展——也理解你們用它來上調 2030 年目標？但當我們看向 2027、2028 年時，我們可以對這項業務有什麼期待？

No. Look, I'm not going to give a guide to revenue, as far as the acquisition or '27 at this point. But I will tell you, during the diligence that we've had, obviously, we all know from the market, ourselves, and all of you know the trajectory that IVR has taken -- that it is the solution for higher and higher power of AI processing. That's point number 1.

不。你看，就收購或目前這個時間點的「27」而言，我不會提供營收指引。但我可以告訴你，在我們所做的盡職調查期間，顯然地，我們都從市場上知道、我們自己也知道、各位也都知道 IVR 所走過的軌跡——它正是用於支援越來越高 AI 運算功率的解決方案。這是第一點。

We know integration, power density, and the criticality of the Z-height is important. And Ferric has been engaged with all of the hyperscalers, from a design and platform-architecture perspective. That's from the technology and the capabilities that they bring.

我們知道整合度、功率密度，以及 Z 高度的重要性與關鍵性。而 Ferric 從設計與平台架構的角度，已與所有超大規模雲端業者（hyperscalers）都有合作接觸。這來自於他們所帶來的技術與能力。

We bring the scale, manufacturability, and, of course, the breadth of our reach within the hyperscalers but, also, the compute platforms. That's the combination that makes this strategic.

我們帶來規模、可製造性，當然還有我們在超大規模雲端業者內部以及運算平台領域的廣泛觸及。這樣的組合使其具有策略性。

But, from an engagement perspective, they are engaged and in a very good position with all of the hyperscalers, based on our touchpoint and the diligence that we've done with the team.

不過，就合作接觸的角度而言，根據我們的接觸點以及與團隊所做的盡職調查，他們已與所有超大規模雲端業者接觸，且處於非常有利的位置。

And, of course, it brings in a high-caliber, talented team that complements our own internal efforts. And that's the win-win.

當然，這也帶來一支高水準、具才華的團隊，能補強我們內部的努力。這就是雙贏。

Got it. Thank you. As a follow-up, I've got a question on CapEx and capacity, as you go into next year. Correct me if I'm wrong on this one but it sounds like some of the supply constraints you're facing now is just a function of not having started the wafers earlier in the year and so, now, you're catching up.

了解。謝謝。追問一下，我想問明年進入下一年度時的資本支出（CapEx）與產能問題。如果我理解沒錯的話，聽起來你們目前面臨的一些供應限制，只是因為今年較早時沒有更早開始投片（wafer），所以現在正在追趕進度。

If that's the case, where do you stand, with regard to capacity, as you go into next year? Do you think you have the capacity to be able to meet what you see for the market next year?

如果是這樣，進入明年時，你們在產能方面目前處於什麼狀態？你們認為有足夠產能來滿足你們對明年市場的預期嗎？

And then, from that, what CapEx should we be expecting, as you head into next year?

另外，基於此，明年你們的資本支出大概會是什麼水準？

Yeah. Chris, I think that's a fair characteristic, that -- this is a catch-up, right? That's why Hassane talked about this as being temporary. We'll catch up in Q1.

是的。Chris，我覺得這樣的描述很公平——這確實是在追趕，對吧？這也是為什麼 Hassane 說這是暫時性的。我們會在第一季追上。

So we do have the capacity that we need, based on the outlook that we have today -- and even some upside to that outlook. So I don't think we're going to be anywhere near capping out our capacity, as we go into 2027.

所以，基於我們今天的展望——甚至包含一些高於展望的上行空間——我們確實具備所需的產能。因此我不認為我們在邁向 2027 年時，會接近產能滿載的狀態。

This year, our CapEx intensity is about 2% of revenue. I expect it to be about 5%, in line with our long-term model next year. That will give us the ability to bring in not only maintenance capital but a little bit of capacity, where we need it on certain lines, where we can get higher throughput.

今年我們的資本支出強度約為營收的 2%。我預期明年大約會是 5%，與我們的長期模型一致。這將使我們不僅能投入維持性資本，也能在某些產線上、在需要的地方增加一點產能，以取得更高的產出吞吐量。

But we believe we are in a really good spot for a market that is going to grow in 2027 and even beyond that, in terms of just the capacity we have online.

但我們相信，就我們目前已上線的產能而言，面對 2027 年甚至更往後會成長的市場，我們處於非常好的位置。

Yeah. And the capacity that we talk about that will contribute to catching up in Q1. You can think about this, as the capacity is already behind us and the investment is behind us.

是的。而我們所談到、將有助於在第一季追趕進度的那部分產能，你可以這樣理解：產能其實已經在我們身後了，投資也已經完成了。

It will just come online and deliver in, think about it, 2027. So it is not something that we are looking forward, it is something that we have done. And we are just going to get the benefit, just from the latency perspective.

它只會上線並交付——你可以把它想成是在 2027 年發揮效果。所以這不是我們正在展望未來要做的事，而是我們已經做完的事。我們只是會從時滯（latency）的角度，開始享受到效益。

Got it. Thank you.

了解。謝謝。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

Good afternoon. Thanks for taking my question.

下午好。謝謝讓我提問。

Hassane, I was wondering if you could maybe characterize the OEM customer behavior in terms of their willingness or interest in restocking. I think you referred in your prepared comments to Automotive customers -- are not supporting restocking but only supporting increases in end demand.

Hassane，我想請你描述一下 OEM 客戶在補庫存（restocking）方面的行為特徵：他們的意願或興趣如何？我記得你在事先準備的發言中提到，汽車客戶——並不支持補庫存，而只支持終端需求的增加。

Can you maybe broadly describe what's happening with those customers and then, the broader OEM customer set, with respect to taking on more inventory on the balance sheet? Thank you.

你能否更廣泛地說明這些客戶的狀況，以及更廣泛的 OEM 客戶群在資產負債表上增加庫存方面的態度？謝謝。

Yeah. First, I'll characterize it as specific to OEMs. It's not all OEMs -- are behaving the same way so I can only reference the ones that we've been engaging with that have demand.

好的。首先，我會把它描述為 OEM 的特定情況。並不是所有 OEM 的行為都一樣，所以我只能引用我們正在接觸、且確實有需求的那些客戶。

And they're looking at it as -- they see the writing on the wall. AI and Industrial is recovering. And they're trying to place demand so they're not caught in traffic, as far as capacity and capacity constraint, because they see it across the board -- not just on power semis that we see but across analog compute and, of course, the memory.

他們的看法是——他們已經看得很清楚趨勢。AI 與工業正在復甦。他們正試著提前下單，以免在產能與產能限制方面被卡在「塞車」裡，因為他們看到這是全面性的——不只是我們看到的功率半導體，還包括類比運算，當然也包括記憶體。

So they're looking at their 2027 plans. And they want to think about it as -- have a, what I would call, business continuity plan, or BCP, as known in the industry.

所以他們在看他們的 2027 年計畫。他們希望把它視為——我所謂的營運持續計畫（business continuity plan），也就是業界所稱的 BCP。

Those are strategic plans that we do with our strategic OEMs, where we sit down and figure out their capacity and their pull rate. And we build ahead of that. Normal standard procedure, as far as replenishment ahead of a ramp.

這些是我們與策略性 OEM 客戶共同制定的策略計畫：我們坐下來一起釐清他們的產能需求與拉貨速率（pull rate）。然後我們會提前建置。就提前於爬坡（ramp）前的補貨而言，這是正常的標準作業流程。

That's why we're having these conversations, as far as -- we're not going to build it all in Q3 and Q4, which -- we made that decision. We will continue to ship demand, knowing that their backlog is now on the books and we'll service that. And that's what we built the new capacity model towards.

這也是為什麼我們在進行這些對話——我們不會把所有產出都集中在第三季與第四季來做，這是我們做出的決定。我們會持續出貨以滿足需求；同時也知道他們的積壓訂單（backlog）現在已記在帳上，我們會去履行。而這正是我們建立新產能模型所對準的方向。

That's why it's temporary in nature. It's short term. And we'll catch up in '27.

所以它本質上是暫時性的。是短期的。我們會在 2027 年追上。

Thank you. And then, maybe, just as a follow-up, your remaining Other sub-category seems to be actually growing very, very well, even when you take away the Data Center -- re-bucket it into its own category.

謝謝。另外再追問一下，你們剩餘的「其他（Other）」子類別看起來其實成長得非常、非常好，即使把資料中心（Data Center）拿掉——重新歸類成獨立類別之後也是如此。

Can you, maybe, talk about some of the -- what's driving the Other category that remains; and can you extend that growth rate into 2027 or why or why not? Thank you.

你能否談談推動剩餘「其他」類別成長的因素是什麼？以及你是否能把這個成長率延伸到 2027 年，或為什麼可以／為什麼不行？謝謝。

Yeah. The Other bucket, for us, we play opportunistically, right? In the prepared remarks, we talked about Q3 as being seasonal, with the wireless end market that is in that bucket, as well.

好的。「其他」這個桶（bucket）對我們而言，我們是以機會型方式參與，對吧？在事先準備的說明中，我們提到第三季具有季節性，其中也包含該桶裡的無線（wireless）終端市場。

When we look into Q4, we have a large customer ramping a program so it is a little lumpy. I think that is why Q4 is up to mid- to high-teens.

當我們看第四季時，有一個大型客戶正在讓某個專案進入爬坡，因此會有些波動。我想這就是為什麼第四季會上升到中段到高十幾%的原因。

As we go into next year, no, I would not expect it to grow at that. I think you are going to see the AI Data Center, and the Automotive, and Industrial grow at a much faster rate; and that to be a little bit more in line with normal historical rates there, as we focus on the other markets.

進入明年後，不，我不預期它會以那樣的速度成長。我認為你會看到 AI 資料中心、汽車以及工業以更快的速度成長；而「其他」會更接近過去正常的歷史成長率，因為我們會把重點放在其他市場上。

And, by the way, the Q4 ramp that I am talking about is manufactured externally so you are not seeing an impact of that. That is why we are able to support that.

順帶一提，我所說的第四季爬坡是外部製造的，所以你不會看到它對我們造成影響。這也是為什麼我們能夠支援它。

Very clear. Thank you.

非常清楚。謝謝。

(Operator Instructions)

（接線生指示）

Tristan Gerra, Baird.

Tristan Gerra，Baird。

Hi. This is Tyler Bomba, on for Tristan. Thanks for taking the questions.

嗨。我是 Tyler Bomba，代替 Tristan 出席。感謝讓我提問。

Is there any inventory replenishment embedded in the strength in Industrial? You talked about not allowing replenishment in Auto.

工業領域的強勁表現中，是否包含任何庫存回補的因素？你們談到在汽車領域不允許回補庫存。

Yeah.

是的。

We are curious what you are seeing in Industrial.

我們很好奇你們在工業領域看到的是什麼。

No. The strength in Industrial is really coming from the AI halo, as I mentioned in a prior answer. And the AI halo, we see end product going out in the market. So we can see the sell-through, not just the sell-through from us to customer but the sell-through from customers to their end customers.

沒有。工業領域的強勁表現主要來自我在先前回答中提到的 AI 光環效應。而 AI 光環效應方面，我們看到終端產品正在市場上出貨。因此我們能看到終端銷售（sell-through），不只是我們賣給客戶的銷售出去，還包括客戶賣給其終端客戶的銷售出去。

If you look at the large Industrial names that do grid-to-data center, they have all had really good quarters for the ones that announced so far. And we see that, as well, as far as what they are building.

如果你看那些從電網到資料中心（grid-to-data center）的大型工業公司，到目前為止已公告的幾家都交出了非常好的季度表現。而且就他們正在建置的內容而言，我們也看到了同樣的情況。

So that is why we are allocating, when I say, it is going to, truly, end demand, which is, stuff getting deployed in on sites. So that is not an inventory replenishment. It is purely an increase in demand that is getting installed as fast as possible in end sites.

所以這就是為什麼我們在分配資源時，我說它確實是流向終端需求，也就是設備正在現場部署。因此那不是庫存回補。那純粹是需求增加，而且正以最快速度安裝到終端場域。

Okay. Great. For my follow-up, how should we think about the geographic mix of Silicon Carbide growth in 2'27 and the underlying contribution from new platforms and content gains versus just a recovery in the underlying EV production?

好的。很棒。我的追問是：我們應該如何看待 2027 年第二季碳化矽成長的地理組合，以及新平台與內容提升（content gains）的貢獻，相較於僅僅是電動車整體產量復甦的影響？

I think it is very broad in nature. Of course, from an EV perspective, China remains a strong pull for Silicon Carbide. But, also, a big growth and new products on Silicon Carbide is coming from North America, with AI Data Centers.

我認為這在本質上是非常廣泛的。當然，從電動車角度來看，中國仍然對碳化矽有強勁拉動。但同時，碳化矽的一大成長與新產品也來自北美，與 AI 資料中心相關。

And, of course, JFET, specifically, that I called out in my prepared remarks, that, primarily, is going into AI Data Center.

當然，特別是我在事先準備的講稿中點名提到的 JFET，主要就是用在 AI 資料中心。

So I would say, since the EV diversification we have had geographically and end customer, we are adding, now, a very broad AI-diversified market for Silicon Carbide, both by application, customer, and geography.

所以我會說，隨著我們在電動車方面已經做到地理與終端客戶的多元化，我們現在又為碳化矽新增了一個非常廣泛、以 AI 為主的多元化市場，涵蓋應用、客戶與地理區域。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Thank you.

是的，謝謝。

Hassane, I wanted to go back to what you mentioned about the business continuity plans. We all know that the capacity, especially for AI Data Centers, being tight for a while, right?

Hassane，我想回到你提到的業務連續性計畫（business continuity plans）。我們都知道產能，尤其是 AI 資料中心的產能，已經緊張一段時間了，對吧？

So I am just curious what is driving the Auto OEMs to willing to restock right now. And it must be a sign that their demand is really starting to accelerate. Or do I get that wrong?

所以我只是好奇，是什麼驅動汽車 OEM 願意在此刻補庫存。這一定是他們需求真的開始加速的訊號。還是我理解錯了？

No. I do not know about accelerate but I think there is demand that they are working on.

不。我不確定是否是加速，但我認為確實有一些需求是他們正在推進的。

Remember, for us, it is not just the SAAR, it is the content. So, as you heard in my prepared remarks, Europe is moving into the 48 volt and zonal. That creates a higher demand opportunity, from a content perspective, not necessarily a vehicle units. Mix of EVs is higher, which is more content.

記住，對我們而言，不只是 SAAR（季調年率），還有內容量（content）。所以如你在我事先準備的講稿中聽到的，歐洲正在轉向 48 伏與區域化（zonal）架構。這從內容量角度帶來更高的需求機會，不一定是車輛台數。電動車占比更高，而電動車的內容量也更多。

So you can think about it, demand that I refer to from our side is content. So, when we talk about resuming to our long-term model, which is high-single digit over SAAR, that is the one I am referring to. That is what the OEMs place orders for.

所以你可以這樣想：我從我們角度所指的需求，是內容量。因此，當我們談到回到我們的長期模型，也就是高個位數（high-single digit）高於 SAAR 的成長，我指的就是這個。這也是 OEM 下單所依據的。

They see their content growth in their new platforms that they are introducing, not necessarily a SAAR or unit. So that is what I want to be very clear.

他們看到的是其新平台導入所帶來的內容量成長，而不一定是 SAAR 或車輛台數。所以我想把這點講得非常清楚。

Inventory, for us, is content in the [car].

對我們而言，庫存就是（車內的）內容量。

Yeah. That's very helpful. As my follow-up, on Ferric, so I think there's a lot of companies positioning in IVR right now. And I was just hoping you could share with us a little bit about what's the uniqueness that Ferric brings?

是的，這非常有幫助。我的追問是關於 Ferric：我想現在有很多公司都在 IVR 上布局。我希望你能和我們分享一下 Ferric 的獨特之處是什麼？

I know in your presentation you talked about better magnetics, smaller footprint, and so on and so forth. But, yeah, anything else that you could share with us -- why their technology is the winning formula versus what we've seen from other companies? Thank you.

我知道你們在簡報中談到更好的磁性元件、更小的占板面積等等。但還有沒有其他你能分享的——為什麼他們的技術是致勝公式，相較於我們從其他公司看到的方案？謝謝。

Yeah. So, if you think about -- what the solution -- what the end solution -- needs in order for it to be viable, from an IVR perspective, there is a thermal, a mechanical, and an electrical.

是的。所以，如果你去想——從 IVR 的角度，最終解決方案要能夠可行，需要具備熱（thermal）、機械（mechanical）與電氣（electrical）三個面向。

From an electrical perspective, we know Ferric has a superior transient performance than anything else in the market. So that covers the electrical. That's important because of the dynamic load that the high-end processors are driving, where you got a lot of transient, and the voltages have to regulate or respond to it. So that provides a superior electrical performance versus peers or competitors.

從電氣面向來看，我們知道 Ferric 的瞬態（transient）性能優於市場上任何其他方案。這就涵蓋了電氣面向。這很重要，因為高階處理器帶來的是動態負載，你會有很多瞬態變化，而電壓必須調節或回應這些變化。因此相較同業或競爭對手，它能提供更優異的電氣性能。

Then, you have the mechanical side of it, which is the power density, where there are other solutions that are not necessarily magnetic. There are other innovative solutions out there. But the solution from Ferric, with the electro and magnetic components of it, with the controller, that gives you the most dense, from an area; and the most compact, from a Z-height.

接著是機械面向，也就是功率密度；市面上也有其他不一定是磁性的解決方案。外面確實有其他創新方案。但 Ferric 的方案，結合其電與磁元件以及控制器，能在面積上提供最高密度，並在 Z 高度上做到最緊湊。

You can think about -- everybody's Z-height is in the 2.5 millimeter. Ferric blows that away. So that is extremely important, when you're talking about truly integrated, or IVR, specifically, not outside of the package and so on. So that's key.

你可以想像——大家的 Z 高度大概都在 2.5 毫米。Ferric 在這方面遠遠超越。所以當你談到真正整合式，或特別是 IVR（而不是封裝外部等等）時，這點極其重要。所以這是關鍵。

And then, the last one is the thermal. With the efficiency that the first two provide, the thermal become a lesser of a problem to resolve with the GPU or the compute vendors.

然後最後一個是熱。由於前兩者所帶來的效率提升，熱就成為較不棘手的問題，能與 GPU 或運算晶片供應商一起更容易解決。

Those three components, the Venn diagram, if you put all of them together, Ferric is the one in the middle. That's why we like it. That's why we wanted that asset, rather than comparing to everything else.

這三個要素，如果用維恩圖來看，把它們全部放在一起，Ferric 就是在中間交集的那一個。這就是我們喜歡它的原因。這也是為什麼我們想要這項資產，而不是拿它去和其他所有方案逐一比較。

Great, Khoury. Thank you.

很好，Khoury。謝謝。

Thank you. This concludes the question-and-answer session.

謝謝。問答環節到此結束。

I would now like to turn it back to Hassane El-Khoury, President and CEO, for closing remarks.

接下來我想把時間交回給總裁兼執行長 Hassane El-Khoury 作結語。

Thank you for your questions.

感謝各位的提問。

We are focused on the areas where the challenges are getting harder and where our differentiation matters most.

我們專注於那些挑戰日益加劇、且我們差異化最能發揮作用的領域。

Power density is becoming critical across AI Data Center, Automotive, and Industrial. And our investments in high-voltage technologies, Treo-based solutions, and EPP enable us to solve those challenges at the device, platform, and system level.

功率密度正逐漸成為 AI 資料中心、汽車與工業領域的關鍵。而我們在高壓技術、基於 Treo 的解決方案以及 EPP 的投資，使我們能在元件、平台與系統層級解決這些挑戰。

Combined with the leverage in our operating model, we believe that positions us to drive profitable growth, stronger cash generation, and long-term shareholder value.

再加上我們營運模式的槓桿效益，我們相信這使我們具備推動獲利性成長、更強勁的現金創造能力，以及長期股東價值的定位。

Thank you for joining us today.

感謝各位今天加入我們。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。