Rogers Corporation (ROG) 2026 Q3 法說會逐字稿

Good afternoon. My name is Diego and I will be your conference operator today. At this time, I would like to welcome everyone to the Rogers Corporation third quarter 2026 earnings conference call.

下午好。我叫 Diego，今天將擔任各位的電話會議主持人。此刻，我謹代表公司歡迎各位參加 Rogers Corporation 2026 年第三季財報電話會議。

I will now turn the call over to your host, Mr. Steve Haymore, Senior Director of Investor Relations. Mr. Haymore, you may begin.

接下來我將把電話會議交給今天的主持人——投資人關係資深總監 Steve Haymore 先生。Haymore 先生，您可以開始了。

Good afternoon, and welcome to the Rogers Corporation third quarter 2026 earnings conference call. The slides for today's call can be found in the Investors section of our website, along with the news release that was issued earlier today.

下午好，歡迎各位參加 Rogers Corporation 2026 年第三季財報電話會議。今天電話會議的簡報投影片可在我們網站的「投資人」專區找到，亦可同時取得我們今日稍早發布的新聞稿。

Please turn to slide 2. Before we begin, I would like to note that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. And should be considered subject to the many uncertainties that exist in Rogers' operations and environment.

請翻到第 2 頁投影片。在開始之前，我想提醒各位，本次電話會議中非純屬歷史事實的陳述，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。並應被視為受到 Rogers 營運與所處環境中眾多不確定因素的影響。

These uncertainties include economic conditions, market demand and competitive factors. Such factors could cause actual results to differ materially from any forward-looking statement made today.

這些不確定因素包括經濟狀況、市場需求以及競爭因素。此類因素可能導致實際結果與今日所作任何前瞻性陳述存在重大差異。

Please turn to slide 3. The discussion during this conference call will also reference certain financial measures that were not prepared in accordance with US generally accepted accounting principles. A reconciliation of those non-GAAP measures to the most directly comparable GAAP financial measures can be found in the slide deck for today's call.

請翻到第 3 頁投影片。本次電話會議的討論也將引用若干並非依照美國一般公認會計原則（US GAAP）編製的財務衡量指標。這些非 GAAP 指標與最直接可比的 GAAP 財務衡量指標之調節表，可在今日電話會議的投影片中找到。

With me today are Ali El-Haj, President and CEO; and Laura Russell, Senior Vice President and CFO.

今天與我一同出席的有：總裁暨執行長 Ali El-Haj，以及資深副總裁暨財務長 Laura Russell。

I will now turn the call over to Ali.

接下來我將把電話會議交給 Ali。

Thanks, Steve, and thank you everyone for joining us today. I will begin on slide 4. We delivered another quarter of meaningful year-over-year improvement in our financial performance. With higher sales across all end markets and stronger profitability and cash flow generation.

謝謝你，Steve，也謝謝各位今天加入我們。我將從第 4 頁投影片開始。我們在財務表現上再次交出具實質意義的年對年改善。在所有終端市場銷售提升的帶動下，獲利能力與現金流創造也更為強勁。

Sales were $236 million, up 9% from the prior year. Adjusted EPS increased 54% to $1.39, the highest quarterly earnings since 2022. Adjusted EBITDA increased by 28% to $48 million or greater than 20% of sales. This result is the highest EBITDA margin achieved in the last five years.

銷售額為 2.36 億美元，較去年同期成長 9%。調整後每股盈餘（Adjusted EPS）成長 54% 至 1.39 美元，為 2022 年以來最高的單季獲利。調整後 EBITDA 成長 28% 至 4,800 萬美元，或占銷售額 20% 以上。此結果為過去五年來達成的最高 EBITDA 利潤率。

Over the past several quarters, we have intensified our focus on deepening customer relationships, improving the speed of execution and implementing a more efficient operating structure. These results highlight the progress we are making. We also continue to advance our growth strategy. In our core markets, we secured new design wins during the quarter and the growth outlook remains positive.

過去幾個季度，我們加大力度聚焦於深化客戶關係、提升執行速度，並導入更有效率的營運架構。這些成果凸顯我們正在取得的進展。我們也持續推進成長策略。在核心市場方面，我們於本季取得新的設計導入（design wins），成長展望仍然正向。

Across our high growth opportunities, we made progress in several key areas. Customer engagement and technical validation activities for our data center solutions continued, while our thermal runaway protection and EMI shielding programs achieved important internal milestones.

在多項高成長機會上，我們在幾個關鍵領域取得進展。我們的資料中心解決方案持續進行客戶互動與技術驗證活動；同時，我們的熱失控防護與 EMI 電磁干擾屏蔽專案也達成重要的內部里程碑。

Looking to the fourth quarter, we expect continued meaningful year-over-year improvement. This includes approximately 9% revenue growth, 12% adjusted EPS growth and a 16% increase in adjusted EBITDA.

展望第四季，我們預期將持續呈現具實質意義的年對年改善。包括約 9% 的營收成長、12% 的調整後 EPS 成長，以及調整後 EBITDA 增加 16%。

Turning to slide 5, at 34% of third quarter sales, industrial is our largest end market. Revenue improved slightly compared to the prior year with higher sales into renewable energy and other applications. Sales increased modestly in all regions.

接著看第 5 頁投影片，工業市場占第三季銷售的 34%，是我們最大的終端市場。受惠於再生能源及其他應用的銷售增加，營收較去年同期小幅改善。各地區銷售皆呈現溫和成長。

Automotive represented 24% of Q3 sales and increased at a high single-digit rate year-over-year. Growth was driven by improved demand for ADAS applications and stronger sales into both ICE and electric vehicle platforms.

汽車市場占第三季銷售的 24%，年對年以高個位數成長。成長動能來自 ADAS 應用需求改善，以及在燃油車（ICE）與電動車平台的銷售同步增強。

Electronics and communications accounted for 20% of sales in the quarter and continued to deliver strong growth. Performance was driven by higher sales of laminate circuit materials for wireless infrastructure, which offset lower smartphone sales. Aerospace and defense represented 15% of Q3 sales and grew at mid-single-digit rate. The increase reflected higher sales into both defense and commercial aerospace applications.

電子與通訊占本季銷售的 20%，並持續交出強勁成長。表現主要由無線基礎設施用層壓電路材料銷售增加所帶動，抵銷了智慧型手機銷售下滑的影響。航太與國防占第三季銷售的 15%，以中個位數成長。成長反映國防與商用航太應用的銷售均有所提升。

Overall, the breadth of the quarter's performance is encouraging. Sales increased across all end markets, reflecting a combination of improved demand, new program activities and continued execution against our commercial priorities.

整體而言，本季表現的廣度令人鼓舞。所有終端市場的銷售皆成長，反映需求改善、新專案活動，以及我們持續落實商業優先事項的執行成果。

Turning to slide 6. We remain focused on accelerating growth by strengthening our position in core markets and applying our proven capabilities to high growth adjacent opportunities. Within our core markets, we secured a number of new design awards in Q3. I will highlight few.

接著看第 6 頁投影片。我們仍專注於透過強化核心市場地位並將既有成熟能力延伸至高成長的相鄰機會，以加速成長。在核心市場方面，我們於第三季取得多項新的設計導入獎項。我將重點說明其中幾項。

In Aerospace and Defense, our laminate material was designed into a drone detection system. Roger's brand, proven reliability and localized support were deciding factors in the award decision. In automotive, our elastomeric materials were designed into a battery pack application with a leading ED manufacturer.

在航太與國防領域，我們的層壓材料被導入一套無人機偵測系統。Rogers 的品牌、經驗證的可靠性以及在地化支援，是該項授獎決策的關鍵因素。在汽車領域，我們的彈性體材料被導入一家領先電動車（ED）製造商的電池模組應用。

In addition, our ceramic AMP substrates were selected to be used in multiple electric vehicle models with a global auto OEM. The combination of our technology and technical service capabilities were key factors in our decisions.

此外，我們的陶瓷 AMP 基板獲一家全球汽車 OEM 選用，將應用於多款電動車車型。我們的技術與技術服務能力的結合，是其決策中的關鍵因素。

In data centers, a major end user selected our silicon materials to safeguard sensitive components within the server tray. The materials combined high compressibility with superior noise and vibration isolation to help enable reliable performance.

在資料中心方面，一家主要終端用戶選用我們的矽材料，用於保護伺服器托盤內的敏感元件。該材料兼具高可壓縮性與優異的噪音與振動隔離效果，有助於實現可靠的運作表現。

Also, in both AAS and EMS, we secured meaningful design wins for energy storage system applications. These wins reinforce the value of our differentiated solutions and deep customer relationships. They support -- they also support our objective of achieving sustainable growth across the core portfolio.

另外，在 AAS 與 EMS 兩個業務中，我們也在儲能系統應用取得具實質意義的設計導入。這些成果再次印證我們差異化解決方案與深厚客戶關係的價值。它們支持——也同樣支持我們在核心產品組合上實現可持續成長的目標。

This growth will naturally lead to expected improvements in factory utilization levels, including for our ceramic business. In high growth adjacencies, the development and customer testing of our signal integrity and chip cooling solutions for data center application is continuing.

這樣的成長自然將帶動工廠稼動率的預期改善，包括我們的陶瓷業務在內。在高成長相鄰領域，我們針對資料中心應用的訊號完整性與晶片散熱解決方案之開發與客戶測試仍在持續進行。

We continue to see strong pace and focus from customers sampling our laminate circuit materials for high-speed digital applications. Customer feedback remained positive on the performance of our materials to address rapidly emerging signal integrity challenges.

我們持續看到客戶以強勁的節奏與高度專注，對我們用於高速數位應用的層壓電路材料進行送樣評估。客戶對我們材料在因應快速浮現的訊號完整性挑戰方面的表現，回饋仍然正面。

Our microchannel cooler solutions provide an improved cooling technology to address rise in AI chip power density. Working with our lead customers, we have developed and tested multiple generations of prototypes with the results continuing to validate the differentiated performance of our solutions. These programs leverage capabilities where Rogers has established technical expertise and are designed to address increasingly demand requirements in AI data centers.

我們的微通道冷卻器解決方案提供更優異的冷卻技術，以因應 AI 晶片功率密度上升。我們與主要客戶合作，已開發並測試多代原型，結果持續驗證我們解決方案的差異化效能。這些專案運用 Rogers 已建立的技術專長能力，並旨在滿足 AI 資料中心日益提升的需求要求。

We completed benchmarking testing for our thermal runaway protection solution and our beginning customer sampling. This milestone moves us closer to commercializing a differentiated battery safety solution that combines our material expertise with deep application knowledge.

我們已完成熱失控防護解決方案的對標測試（benchmarking testing），並開始向客戶送樣。此一里程碑使我們更接近將一項差異化的電池安全解決方案商業化，該方案結合了我們的材料專業與深厚的應用知識。

We are also advancing our EMI shielding technology. We have identified priority customers and applications and are developing solutions tailored to their requirements with initial customer sampling targeted for early 2027.

我們也在推進 EMI 電磁干擾屏蔽技術。我們已識別優先客戶與應用，並正在開發符合其需求的客製化解決方案，初步客戶送樣目標為 2027 年初。

Across these opportunities, our approach remains disciplined. We are prioritizing applications where our capabilities provide a clear customer benefit and we are working closely with customers to advance qualification and commercialization.

在這些機會上，我們的方法仍保持嚴謹自律。我們優先聚焦於能讓我們的能力為客戶帶來明確效益的應用，並與客戶緊密合作，以推進認證與商業化。

I will now turn it to Laura to discuss our third quarter's financial performance and current quarter outlook.

接下來我將把時間交給 Laura，請她說明我們第三季的財務表現以及本季展望。

Thank you, Ali, and good afternoon, everyone. As Ali mentioned, we delivered strong year-over-year improvement in the third quarter with higher sales across all major end markets and meaningful expansion and profitability. We also generated strong cash flow, further strengthening our balance sheet and increasing our strategic flexibility.

謝謝你，Ali，各位下午好。如 Ali 所提到，我們第三季在所有主要終端市場銷售提升的帶動下，年對年表現顯著改善，並在利潤率與獲利能力方面有明顯擴張。我們也創造了強勁的現金流，進一步強化資產負債表並提升我們的策略彈性。

Beginning on slide 7, I'll review our third quarter financial results. Third quarter sales were $236.1 million, increasing 9% from the prior year period and including a $2.4 million benefit from foreign currency translation.

從第 7 張投影片開始，我將回顧我們第三季的財務結果。第三季銷售額為 2.361 億美元，較去年同期成長 9%，其中包含外幣換算帶來的 240 萬美元利多。

AES sales increased 13.5% year-over-year with improvement across all end markets and particular strength in electronics and communications. EMS sales increased 4.3% versus the prior year, driven by higher sales in the automotive and aerospace and defense end markets.

AES 銷售額年增 13.5%，各終端市場均有改善，且在電子與通訊領域表現尤為強勁。EMS 銷售額較去年成長 4.3%，主要由汽車以及航太與國防終端市場的較高銷售所帶動。

Gross margin was 34.2%, up 70 basis points year-over-year. The improvement was the result of higher volume and mix, partially offset by increases in commodity costs. Adjusted EPS was $1.39 and exceeded the high end of our guidance range. The [54%] year-over-year increase in adjusted EPS resulted from strong sales, improved margins and favorability in the tax rate as we continue to improve business performance across all jurisdictions.

毛利率為 34.2%，年增 70 個基點。改善主要來自更高的出貨量與產品組合，部分被大宗商品成本上升所抵銷。調整後每股盈餘（Adjusted EPS）為 1.39 美元，超出我們指引區間的上緣。調整後 EPS 年增 [54%]，源於強勁銷售、毛利率改善，以及稅率有利因素；隨著我們持續提升各司法管轄區的營運表現，稅率亦有所改善。

Turning to slide 8. Third quarter adjusted EBITDA increased by 28% to $47.7 million from $37.2 million in the prior year quarter. Adjusted EBITDA margin of 20.2% of sales expanded 300 basis points to its highest level since 2021.

接著看第 8 張投影片。第三季調整後 EBITDA 較去年同期成長 28%，由 3,720 萬美元增至 4,770 萬美元。調整後 EBITDA 利潤率為銷售額的 20.2%，擴張 300 個基點，達到自 2021 年以來的最高水準。

The largest contributor to the increase was higher sales and improved product mix, which added approximately $11 million versus the prior year. Lower adjusted operating expenses also contributed to the improvement. These benefits were partially offset by higher year-over-year costs associated with the new [curamik] China facility.

增幅最大的貢獻來自更高的銷售與更佳的產品組合，較去年約增加 1,100 萬美元。較低的調整後營運費用也促成改善。上述效益部分被與新 [curamik] 中國廠相關的年增成本所抵銷。

We achieved meaningful operational improvement savings compared to the prior year, although these were offset by higher commodity costs. We continue to evaluate pricing adjustments depending on market conditions. Overall, the significant improvement in the quarter resulted from higher volume and favorable mix, together with continued discipline across our cost structure.

相較去年，我們達成了具意義的營運改善節省，但被較高的大宗商品成本所抵銷。我們將持續依市場狀況評估價格調整。整體而言，本季的顯著改善來自更高的出貨量與有利的產品組合，加上我們在成本結構上的持續紀律。

Continuing to slide 9, I'll discuss cash utilization for the quarter. Cash and short-term investments at September [30] were $236.4 million, increasing $25 million from the end of the second quarter. Cash provided by operating activities was $41.4 million compared with $24.4 million in the second quarter and free cash flow was $35.4 million.

接著到第 9 張投影片，我將說明本季的現金運用情況。截至 9 月 [30] 日，現金及短期投資為 2.364 億美元，較第二季末增加 2,500 萬美元。營運活動提供的現金為 4,140 萬美元，相較第二季的 2,440 萬美元增加；自由現金流為 3,540 萬美元。

The increase in cash was driven primarily by adjusted EBITDA of $47.7 million, partially offset by $6 million in capital expenditures, a $3.6 million increase in working capital and $4.6 million of cash taxes paid. We repurchased $9.3 million of shares during the quarter.

現金增加主要由 4,770 萬美元的調整後 EBITDA 所帶動，部分被 600 萬美元資本支出、營運資金增加 360 萬美元，以及支付 460 萬美元現金稅款所抵銷。我們在本季回購了 930 萬美元的股票。

We will continue to balance returning capital to shareholders with investments in organic growth and other strategic priorities. Our strong cash position and balance sheet provide us with increased strategic flexibility as we evaluate opportunities to support long-term growth and shareholder value creation.

我們將持續在回饋股東資本與投資於有機成長及其他策略優先事項之間取得平衡。我們強勁的現金部位與資產負債表，讓我們在評估支持長期成長與創造股東價值的機會時，具備更高的策略彈性。

Next, on slide 10, I'll discuss our guidance for the fourth quarter. From a top-line perspective, we continue to see positive momentum with sales expected to increase 9% year-over-year at the midpoint of our guidance. Consistent with normal seasonality and customers' end-of-year operating patterns, sales are forecasted to decline sequentially.

接下來在第 10 張投影片，我將說明我們對第四季的指引。就營收端而言，我們持續看到正向動能；以指引中點計，預期銷售額將年增 9%。符合正常季節性以及客戶年末營運模式，預估銷售額將較前一季下滑。

We are guiding Q4 revenues to be between $215 million and $225 million. The guidance includes an expectation for year-over-year growth in aerospace and defense and industrial end markets. We're guiding gross margin in the range of 32.5% to 33.5%. The midpoint of the range is 150 basis points higher than the prior year.

我們對第四季營收的指引為 2.15 億至 2.25 億美元。該指引包含對航太與國防以及工業終端市場的年增成長預期。我們的毛利率指引為 32.5% 至 33.5%；區間中點較去年高 150 個基點。

We are realizing improved margins due to higher volumes and our cost structure improvement action although higher commodity costs will continue to be a headwind versus Q4 of 2025. We expect Q4 adjusted operating expenses to increase modestly year-over-year, while improving by more than 100 basis points as a percent of sales.

由於更高的出貨量以及我們改善成本結構的行動，我們正實現更佳的毛利率；不過，相較 2025 年第四季，較高的大宗商品成本仍將持續構成逆風。我們預期第四季調整後營運費用將較去年小幅增加，但占銷售額比重將改善超過 100 個基點。

Adjusted EPS is forecasted to range from $0.90 to $1.10. The dollar midpoint compared to adjusted EPS of $0.89 in Q4 of 2025. The increase versus the prior year is a result of the expected increase in sales and gross margin, partially offset by higher tax.

調整後 EPS 預估介於 0.90 至 1.10 美元；以金額中點比較，對照 2025 年第四季調整後 EPS 為 0.89 美元。相較去年增加，主要來自預期銷售與毛利率提升，部分被較高稅負所抵銷。

Adjusted EBITDA is anticipated to range from $37 million to $43 million. This equates to 16% increase versus the fourth quarter of 2025 at the midpoint of the range. Lastly, we project our non-GAAP full year tax rate to be approximately 31%.

調整後 EBITDA 預期介於 3,700 萬至 4,300 萬美元。以區間中點計，較 2025 年第四季增加 16%。最後，我們預估全年非 GAAP 稅率約為 31%。

In summary, our fourth quarter outlook reflects continued year-over-year improvement in sales, adjusted EPS and adjusted EBITDA margin as we execute our commercial and operating initiatives.

總結而言，我們對第四季的展望反映出在執行商業與營運計畫的同時，銷售、調整後 EPS 以及調整後 EBITDA 利潤率將持續呈現年對年改善。

I will now turn the call back over to Ali.

我現在把電話交回給 Ali。

Thanks, Laura. In summary, we delivered strong year-over-year improvement in the third quarter with growth across all end markets, adjusted EBITDA margin above 20% and adjusted EPS region a multi-year peak. We remain focused on sustaining this financial progress while accelerating growth.

謝謝，Laura。總結來說，我們第三季交出強勁的年對年改善，各終端市場皆成長，調整後 EBITDA 利潤率超過 20%，調整後 EPS 也接近多年高點。我們仍專注於維持這項財務進展，同時加速成長。

Our strategy is centered on leveraging Roger's proven capabilities and deep customer relationships to grow in core markets and advance high potential adjacent opportunities. With disciplined execution and a healthy balance sheet, we believe we are well positioned to translate these opportunities into stronger earnings and shareholder returns.

我們的策略核心在於運用 Rogers 經驗證的能力與深厚的客戶關係，在核心市場成長，並推進高潛力的鄰近機會。憑藉有紀律的執行與健全的資產負債表，我們相信我們已具備良好定位，能將這些機會轉化為更強的獲利與股東報酬。

That concludes our prepared remarks, and I will now turn the call back to the operator for questions.

以上為我們準備好的發言內容，我現在把電話交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thanks. Good afternoon, Ali. Good afternoon, Laura. Congrats on obviously a very solid quarter. Great to see top-line growth, high single-digits, approaching 10%. Still actually a touch bullet below the midpoint of the guidance, so wondering if there were areas where or pockets of sales that were maybe pushed out to some degree, wondering if the quarter could have potentially come in even stronger, maybe just talk to those areas that weren't quite as strong in terms of organic growth in the quarter?

謝謝。下午好，Ali。下午好，Laura。恭喜，顯然這是一個非常穩健的季度。很高興看到營收端成長，達到高個位數、接近 10%。但實際上仍比指引中點略低一些，因此想請教是否有某些領域或某些銷售「口袋」被某種程度地遞延，導致本季原本可能還能更強？也請談談本季在有機成長方面哪些部分沒有那麼強勁？

Hey, Daniel. This is Laura. I'll start, and then we can pass to Ali if there's any additional comments. And so, yes, you're right. There was a slight miss to the midpoint of the guide, a couple of million dollars there. As with every quarter, we work to balance our supply against the demand that we're seeing. And with everything, there are some constraints, generally speaking in the market at the moment, which we knew probably many other vendors had faced.

嗨，Daniel。我是 Laura。我先回答，之後如果 Ali 有補充也可以接著說。是的，你說得對。相較指引中點確實略低，差了幾百萬美元左右。每一季我們都會努力在供給與所見需求之間取得平衡。同時，整體而言目前市場上存在一些限制，我們也知道許多其他供應商可能都面臨同樣情況。

So what I would suggest is, yes, there was some push out occurred in a couple of spaces. Then other areas where we did have supply with the strong demand that we have, we want to mitigate and manage accordingly.

因此我會說，是的，在幾個領域確實出現了一些遞延。而在其他我們有供給、且需求強勁的領域，我們也希望相應地加以緩解並妥善管理。

What I would also point to is what you can see is in the guidance for the fourth quarter, we're seeing consistent strength in the demand in the order book. And you can see at the midpoint of the guidance there, that's also going to be up about 9% on a year-over-year basis.

我也想指出，從第四季指引可以看到，我們在訂單簿需求方面仍看到一致的強勁表現。而且你也可以看到，以指引中點計，年對年也將成長約 9%。

So generally speaking, yes, there were [pockets] of supply limitations. We work to balance it and we're continuing to execute solid growth in the third quarter of what we posted and in our guidance in this point for Q4.

所以整體而言，是的，確實存在一些供應受限的「口袋」。我們努力在其中取得平衡，並且持續在第三季已公布的結果以及目前對第四季的指引中，展現穩健成長的執行力。

No, that's really helpful, Laura. In margin improvement even more impressive given those constraints. Maybe follow-up for me, just elaborate, really good color on the new design wins in the quarter.

不，這真的很有幫助，Laura。在這些限制條件下，毛利率改善更令人印象深刻。我想追問一下，能否再多談談本季新設計案（design wins）的進展，這部分的說明很有參考價值。

In terms -- is there anything you can say in terms of either size of the opportunities or timing of when you might expect some of those to start generating meaningful revenue and what a ramp looks like? Any color on those would be great. Thanks again.

就—從機會的規模或時程來看，你們是否能分享一些資訊：大概何時會開始帶來有意義的營收？以及爬坡（ramp）會是什麼樣子？若能提供一些補充說明會很棒。再次感謝。

Yeah, thanks, Daniel. It's Ali. Both actually two of the opportunities that we've mentioned, they are material, so they are sizable and we expect revenue from both of these. I believe Q2 and Q3 of 2027, one of them actually started in a slow ramp-up, started in Q4 of this year and it will continue to ramp up, but we expect to see full volumes by Q2 of next year.

好的，謝謝你，Daniel。我是 Ali。其實我們提到的兩個機會中，有兩個都是具實質性（material）的，因此規模不小，我們也預期兩者都會帶來營收。我相信是在 2027 年第二季與第三季；其中一個其實已經開始緩慢爬坡，從今年第四季開始，並會持續拉升，但我們預期到明年第二季可達到滿載量（full volumes）。

All right. I'll [turn] back with follow-ups. Thank you.

了解。我會再回到隊列中追問。謝謝。

David Silver, Freedom Capital Markets.

David Silver，Freedom Capital Markets。

Yeah, hi. Good afternoon. Thank you. I did want to ask a question about margins overall and -- or margin progression overall. And looking at my quarterly income statements for -- let's say, the first three quarters now of 2026, I'm going to be a little vague here or a little imprecise.

是的，你好。下午好。謝謝。我想問一個關於整體毛利率—或毛利率走勢（margin progression）的問題。我看了你們 2026 年到目前為止（比如說前三季）的季度損益表，我這裡會講得稍微籠統或不那麼精確。

But your revenues have jumped up about 18%, but your overall spending for SG&A and R&D together looks pretty flat. In other words, you've grown your sales while your fixed costs more or less are flat. And as a result, change in sales over change in EBITDA works out to -- again, imprecise, but close to 50%.

但你們營收大約跳升了 18%，而 SG&A 與 R&D 合計的整體支出看起來幾乎持平。換句話說，你們在固定成本大致不變的情況下提升了銷售。因此，用銷售變動除以 EBITDA 變動來看—同樣不精確，但大約接近 50%。

So is this the standard model or are these assumptions what you're looking at as we move forward into 2027 and beyond or was there one or two issues that might have made the data look unusually flat or the numbers fell in line like they did? In other words, should we just assume flat SG&A and R&D and maybe a 50% incremental type of EBITDA margin on incremental sales going forward? Thank you.

所以，這是你們的標準模型嗎？或者說，展望 2027 年及之後，你們也是以這些假設為基礎？還是有一兩個因素讓數據看起來異常平坦，或數字才會呈現目前這樣的走勢？換句話說，未來我們是否可以假設 SG&A 與 R&D 持平，並且增量銷售對應約 50% 的增量 EBITDA 利潤率（incremental EBITDA margin）？謝謝。

David, let me start and we can build on my response. So, I think we are actually being very intentional in managing our investments in our OpEx and in our factories and our fleet around servicing the demand and the potential opportunities that we have in managing the investments accordingly.

David，我先回答，之後我們可以在我的回覆上再補充。我認為我們其實是在非常有意識地管理我們在營業費用（OpEx）以及工廠與車隊（fleet）上的投資，以配合我們要服務的需求與潛在機會，並據此調整投資。

So, the OpEx levels that we're currently posting are intentional. There isn't anything there that we are underinvested in relative to the opportunity. But what we indicated and guided when we presented an Investor Day last month is the fact that we will anticipate in absolute terms some growth in those investments as we achieve the significant opportunities that we believe. We have exposure to both organically or primarily organically from the OpEx perspective. So we will do that.

因此，我們目前呈現的 OpEx 水準是刻意為之。相對於機會而言，沒有任何我們投資不足的地方。但我們在上個月投資人日（Investor Day）所提到並給出的指引是：隨著我們實現我們所相信的重大機會，我們預期這些投資在絕對金額上會有一些成長。從 OpEx 的角度來看，我們的曝險主要是有機成長（organically，或主要以有機方式）。所以我們會這麼做。

You started your question on the margins, please. What we see there, as you can see, as we're leveraging the factory footprint that we have in servicing our customers in regions, you can see that we are benefiting from the scale and the utilization benefits through fleet and the margin as we're balancing mix against that utilization.

你一開始的問題是關於毛利率。我們看到的是，如你所見，當我們運用既有的工廠佈局（factory footprint）在各區域服務客戶時，你可以看到我們正受益於規模效益與車隊利用率（utilization）的提升，以及在我們於產品組合（mix）與利用率之間取得平衡時，毛利率也因此受益。

So generally speaking, yes, I would say you're going to see the fall through as we continue to execute our growth objectives and continue to modulate and manage our investments and our investment profile and aligned with our levels of confidence and security around the top-line expansion.

所以一般來說，是的，我會說隨著我們持續執行成長目標，並持續調整與管理我們的投資與投資輪廓（investment profile），且與我們對營收擴張（top-line expansion）的信心與確定性程度相一致，你會看到利潤的落袋（fall through）。

Okay, great. Thank you very much for that. Next question I had maybe for Ali and thank you very much for all the qualitative color around new business wins. I was hoping to maybe just drill down a little bit more but is it your view that the level of new business wins is sufficient to meet or exceed those targets that you've laid out at your recent Investor Day. In other words, the growth trajectory up to let's say mid-2027 or so when some newer opportunities are supposed to begin commercial sales.

好的，很棒。非常感謝你的說明。下一個問題可能想問 Ali，也非常感謝你對新業務得標（new business wins）提供的質性補充。我希望再深入一點：你們是否認為目前新業務得標的水準足以達成或超越你們在近期投資人日所提出的目標？換句話說，在大約 2027 年年中之前的成長軌跡，因為一些較新的機會預計會開始商業化銷售。

But just maybe a little bit of color on whether the pace of new business wins that you cited in your remarks are consistent with what we saw a few weeks ago? Thank you.

但能否再補充一些：你在發言中提到的新業務得標節奏，是否與我們幾週前看到的內容一致？謝謝。

Thanks, David. I think the simple answer would be yes. They are consistent as a matter of fact, we are probably ahead of schedule in wins and securing more new business. And the growth that we're projecting right now is ahead of the average that we indicated. We indicated organic growth of about 5% per year during our Investor Day, and now we're about 9% in Q3, 9% in Q4, and we expect that growth to continue in 2027.

謝謝，David。我想簡單的答案是：是的。確實一致；事實上，我們在得標與取得更多新業務方面可能還超前進度。而我們目前預測的成長也高於我們先前所提到的平均水準。我們在投資人日提到有機成長約每年 5%，而現在我們在第三季約 9%、第四季約 9%，並且我們預期這樣的成長會延續到 2027 年。

Okay, great. Thank you. I'm going to get back in queue.

好的，很棒。謝謝。我會回到隊列中。

Rebecca Zamsky, B. Riley Securities.

Rebecca Zamsky，B. Riley Securities。

Hello. Yes, this is Rebecca on for Craig Ellis. So at the Analyst Day a few weeks ago, the team identified three factors that contribute to gross margins. Which I believe were volume and absorption, differentiated pricing, and continued cost and operational improvements. Could you update us on the progression of those three parts?

你好。是的，我是 Rebecca，代 Craig Ellis 發問。在幾週前的分析師日（Analyst Day），團隊指出有三個因素會影響毛利率。我記得分別是：出貨量與吸收（volume and absorption）、差異化定價（differentiated pricing），以及持續的成本與營運改善。你們能否更新一下這三個部分的進展？

I'll start, Rebecca. So, yes, you're right in terms of the three critical drivers of our gross margin expansion. So, as Ali just said to David, we're seeing positive traction in our design activity and the volume, in fact, we're seeing on the design that already won and then volume production. So that is giving us some favorable indications about the first level of that margin expansion because it's going to be predicated on the volume that will allow us to improve our utilization through the factories.

Rebecca，我先回答。是的，你說得對，這三項是我們毛利率擴張的關鍵驅動因素。如同 Ali 剛才對 David 所說，我們在設計活動（design activity）與出貨量方面看到正向動能；事實上，我們看到的是已得標的設計案，接著進入量產的出貨量。因此，這對毛利率擴張的第一層面提供了較有利的訊號，因為這將取決於出貨量，而出貨量能讓我們透過工廠提升產能利用率（utilization）。

Secondly, you've heard us talk about structural cost improvements that we had undertaken over the last only 24 months in sizing the factories and ensuring that the factories were supplying our customers where the customer demand was. And we've concluded on those restructuring activities. So that's the $45 million of reference historically. It's basically effectively largely done absent $13 million of the $45 million isn't fully crystallizing in the 2026 results, but as we exit the year, it's all fully achieved.

第二，你們也聽我們談過，在過去僅 24 個月內我們推動了結構性成本改善，包含調整工廠規模，並確保工廠在客戶需求所在之處供應客戶。而我們已經完成這些重整（restructuring）活動。這就是歷史上所提到的 4,500 萬美元。基本上大致已完成；只是 4,500 萬美元中的 1,300 萬美元尚未在 2026 年的結果中完全反映（crystallizing），但隨著我們走出今年年底，將會全部達成。

In addition to that, we continue to focus on operational excellence initiatives to ensure that we're optimizing our yields, minimizing our input costs and getting maximum throughput and productivity of our factories, which those initiatives are going well. You've heard Ali say historically that we're not yet fully concluded. There's still room and opportunity there, but that remains a continued focus from our global operations teams on a week-to-week day-to-day basis.

此外，我們也持續聚焦於營運卓越（operational excellence）計畫，以確保我們最佳化良率（yields）、將投入成本（input costs）降到最低，並讓工廠的產出量（throughput）與生產力達到最大化；這些計畫進展良好。你們過去也聽 Ali 提到，我們尚未完全結束。那裡仍有空間與機會，但這仍是我們全球營運團隊以每週、每天的節奏持續關注的重點。

And then thirdly, you mentioned the pricing. What we're talking about there is not pricing but differentiated solutions within the opportunities that we're chasing. So that is key in a strategic initiative, and those programs are progressing now.

第三，你提到定價。我們這裡談的不是單純的定價，而是在我們追逐的機會中提供差異化解決方案（differentiated solutions）。因此這是關鍵的策略性倡議，而這些專案目前正在推進。

Thank you. That was incredibly helpful.

謝謝。這些說明非常有幫助。

Well, thanks.

嗯，謝謝。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thank you again. Maybe one on capital allocation and one on the longer-term, but cash flow obviously really strong, cash continues to build despite, increasing share repurchases. Do you expect to continue to be more aggressive in terms of buybacks at or near the current levels and in a similar vein, maybe just talk to the M&A pipeline and whether you see opportunities that could come together over the next two, three, four quarters?

再次感謝。我想問一個關於資本配置、另一個關於較長期的問題。不過現金流顯然非常強勁，儘管回購股份增加，現金仍持續累積。你們是否預期會在目前水準附近持續更積極地進行回購？同樣地，也請談談併購（M&A）管線，以及你們是否看到未來兩、三、四個季度內可能成形的機會？

Yeah, Dan, so I'll start again. So yes, you saw $9 million of share repurchases last quarter. Yes, we'll be opportunistic there. We'll evaluate what's in the funnel and the current pricing and do what we deem appropriate for -- and then value to our shareholders.

好的，Dan，那我先回答。是的，你看到上季回購了900萬美元的股份。是的，我們會把握機會、採取機動作法。我們會評估管線中的項目與目前的價格，並做出我們認為適當的決策——以便為股東創造價值。

As we shared in Investor Day and in prior calls, we are much more active in our M&A funnel and our activities there these days. And I think Ali will probably talk about evaluation [what] (inaudible).

如同我們在投資人日以及先前的電話會議中分享的，我們近期在併購管線與相關活動上更為積極。我想 Ali 可能會談談評估[什麼]（聽不清）。

Yeah, we have a couple of opportunities Dan that we're looking at right now as we speak. We hopefully -- we anticipate some, at least one, maybe both of these opportunities are actionable within the next few quarters or so.

是的，Dan，我們目前正同步在看幾個機會。我們希望——也預期其中至少一個、也可能兩個機會，會在接下來幾個季度左右具備可執行性。

So we're active, we're evaluating the things, again, based on the criteria that we established through Investor Day and we continue to do that. And we expect this like I said, some actionable announcement probably within the next couple of quarters or so.

所以我們很積極，也在評估各項標的，同樣是依據我們在投資人日所建立的準則，並持續依此推進。如我所說，我們預期在接下來一兩個季度左右，可能會有一些可執行的公告。

Inconsistent of what we said, Dan, that would be something that was strategic as capability that we don't have and that has a favorable financial contribution, at least over the mid to long-term. So everything will go through appropriate diligence.

這也符合我們先前對你說的，Dan：我們會尋找具策略性、能補足我們目前沒有的能力，且至少在中長期能帶來有利財務貢獻的標的。因此所有案件都會進行適當的盡職調查。

Excellent. Maybe just one more and this is a bigger picture, kind of longer-term, but just hoping to dig into a little bit more on the long-term goals. Looking at the three major opportunities, growth opportunities, data centers, battery tech, EMI shielding, collectively we're looking, I think, at $100 million of revenue by 2028, growing to $450 million by 2030.

非常好。再問最後一個，這是較宏觀、偏長期的問題，但我希望更深入了解你們的長期目標。就三大成長機會——資料中心、電池技術、EMI 電磁干擾屏蔽——整體來看，我理解到2028年約1億美元營收，並在2030年成長到4.5億美元。

Just talk to your expectations regarding the relative size of each of those and how we're thinking about sort of the relative cadence of ramp, I know it's fluid but wondering if you could maybe delineate at all between what's near term and what's larger in terms of magnitude of the opportunity over the time frame? Thank you again for all the color.

請談談你們對這三者各自相對規模的預期，以及我們應如何看待各自的放量節奏。我知道這會有變動，但想請你們是否能稍微區分一下：哪些是較近期、哪些在時間範圍內機會量級更大？再次感謝你們提供的詳細說明。

As we're being vague about detailing the opportunities, but clearly data center is our largest of the three, that's for sure. But from a product standpoint of view, if you look at the two, whether it's high-speed digital or cooling, these are the two that we -- probably the largest of the data center opportunities.

我們在細節上會比較保留，但很明確的是，資料中心是三者中最大的一項，這點無庸置疑。但從產品角度來看，如果看兩個方向——不論是高速數位或散熱——這兩個可能是我們在資料中心機會中最大的部分。

So data center within the three is the largest high speed and cooling will be the largest opportunities within the data center itself. So without quantifying the sample in dollars, obviously we do have detail internally here what our expectations are and we'll work into those expectations.

所以在三大機會中，資料中心最大；而在資料中心內部，高速與散熱將是最大的機會。在不以美元量化的前提下，我們內部當然有更細的預期，也會朝著那些預期去推進。

Our elastomeric materials also will participate as a matter of fact, one of the opportunities that we've mentioned that we already obtained a design win and we're currently launching that. It's for a data center and it's one of the elastomer materials that we supply today. It's one of our silicones here. So that's the expectation.

我們的彈性體材料也會參與其中；事實上，我們提過的其中一個機會，我們已經拿到設計導入（design win），目前正在導入量產。那是用於資料中心，而且是我們目前就有供應的一種彈性體材料。也就是我們的矽膠產品之一。這就是我們的預期。

Automotive probably would be the second within the three. And then when it comes to EMI shielding, obviously, that goes across all product lines, including data centers, automotive, and electronics. So from a timing standpoint of view, again, our expectations remain the same second half of next year with Q3, Q4, where some of these products will launch.

汽車領域大概會是三者中的第二大。至於 EMI 屏蔽，顯然會橫跨所有產品線，包括資料中心、汽車與電子產品。就時程而言，我們的預期仍相同：明年下半年，尤其是第三、第四季，部分產品將會推出。

Again, we go through a ramp-up phase '28, still we're confident in the numbers that we presented at Investor Day that we will hit those numbers and 2030, our objective internally is to beat those numbers. So that gives you probably an idea about our confidence level here.

同樣地，我們會在2028年進入放量爬坡階段；我們仍對投資人日所提出的數字有信心，會達成那些目標，而到2030年，我們內部的目標是要超越那些數字。這大概也能讓你了解我們的信心程度。

Really helpful. Appreciate the color again.

非常有幫助。再次感謝你們提供的詳細說明。

David Silver, Freedom Capital Markets.

David Silver，Freedom Capital Markets。

Thank you very much, Dan touched on a couple of points in general that I was going to follow-up on. I'd like to ask Ali about maybe the tone of -- the tone or the optimism of your customers. In other words, I think of your company as a solutions provider, but you're still reliant on customers wanting to move forward on new investments and new platforms, et cetera.

非常感謝，Dan 大致提到了幾個我原本想追問的點。我想請 Ali 談談——你們客戶的氛圍、或樂觀程度。換句話說，我把你們公司視為解決方案提供者，但你們仍仰賴客戶願意推進新投資與新平台等。

Just in the last few weeks, I mean, I would just say equity markets and some high growth sub-sectors have been quite volatile and interest rates remain elevated compared to a couple of years ago. How would you say the engagement is with customers relative to when we last heard from you at the Investor Day?

就最近幾週而言，我會說股票市場以及一些高成長子產業波動很大，而利率相較幾年前仍維持在較高水準。相較於我們上次在投資人日聽到你們的說法，你會如何形容目前與客戶的互動程度？

Has there been any dampening or caution, incremental caution from your key customers? Or is there any change on the collaboration schedules or from your perspective, is it still pretty much business as usual despite, let's say, the financial market volatility that a lot of those companies operate in? Thank you.

你們的主要客戶是否有任何降溫或更謹慎、額外的謹慎？或是在合作時程上有任何變化？或者從你們角度看，儘管許多公司所處的金融市場波動很大，但整體仍大致照常運作？謝謝。

Yeah, actually -- thanks for the question. Actually, it's the opposite in our case here. We see the momentum is picking up. More activities are ongoing, actually. We see more intensity in those activities. We're providing more samples, customers are building more product for testing and evaluation.

是的，其實——謝謝你的問題。就我們這邊而言，情況正好相反。我們看到動能正在加速。實際上有更多活動正在進行。我們也看到這些活動的強度更高。我們提供更多樣品，客戶也在製作更多產品用於測試與評估。

And as I mentioned on the prepared remarks, we're on third generation, second and third generation designs and upgrades and optimization of these products. So from an activity standpoint of view, now it's actually increasing, which is expected as we get closer to winning those and design in announcement, you expect that those activities will increase and intensify. So that's what we're seeing now.

而且如我在準備好的發言中提到的，我們已經進入第二、第三代設計，以及這些產品的升級與最佳化。所以從活動角度來看，現在其實是在增加；這也符合預期，因為當我們更接近贏得設計導入並發布設計導入公告時，你會預期這些活動會增加並更為密集。這就是我們目前看到的情況。

We're expanding actually to more customers. So we don't really see a slowdown, again, because we exactly what you said, we are providing solutions to customer needs today. They need those type of solutions and we're providing those solutions. So now we don't see any impact from the macroeconomics that we see out there today. I think our forecast and our expectations remain the same.

我們實際上也在拓展到更多客戶。因此我們並未看到放緩；因為正如你所說，我們是在提供客戶當下所需要的解決方案。他們需要這類解決方案，而我們正在提供。所以目前我們沒有看到外部總體經濟環境對我們造成影響。我認為我們的預測與預期維持不變。

Okay, great. I'll stop there but thank you very much for all the color. Appreciate it.

好的，很好。我就先到這裡，非常感謝你們提供的詳細說明。感謝。

Thanks, David.

謝謝你，David。

Thank you and thank you everyone for your questions. That concludes today's conference. You may disconnect your lines at this time. Thank you all for your participation.

謝謝，也謝謝各位的提問。今天的電話會議到此結束。您現在可以掛斷電話線。感謝各位的參與。