Sanmina Corp (SANM) 2026 Q1 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to Sanmina's first-quarter fiscal 2026 earnings conference call. (Operator Instructions) This call is being recorded on Monday, January 26, 2026.

女士們、先生們，下午好，歡迎參加 Sanmina 2026 財年第一季財報電話會議。（操作員指示）本次通話於2026年1月26日星期一進行錄音。

I would now like to turn the conference over to Paige Melching, SVP of Investor Communications. Please go ahead.

現在我將把會議交給投資者關係高級副總裁佩奇·梅爾欽 (Paige Melching)。請繼續。

Thanks, Constantine. Good afternoon, ladies and gentlemen, and welcome to Sanmina's first-quarter fiscal 2026 earnings call. A copy of our press release and slides for today's discussion are available on our website at sanmina.com in the Investor Relations section.

謝謝你，康斯坦丁。女士們、先生們，下午好，歡迎參加 Sanmina 2026 財年第一季財報電話會議。您可以在我們網站 sanmina.com 的「投資者關係」欄位中找到我們今天的新聞稿和討論幻燈片。

Joining me on today's call is Jure Sola, Chairman and Chief Executive Officer.

今天與我一起參加電話會議的是董事長兼執行長 Jure Sola。

Good afternoon.

午安.

And Jon Faust, Executive Vice President and Chief Financial Officer.

還有執行副總裁兼財務長喬恩·福斯特。

Good afternoon.

午安.

Before I turn the call over to Jure, let me remind everyone that today's call is being webcasted and recorded and will be available on our website. You can follow along with our prepared remarks in the slides provided on our website. Please turn to slide 3 of our presentation and take note of our Safe Harbor statement.

在將電話交給 Jure 之前，請允許我提醒大家，今天的電話會議將進行網路直播和錄音，並將在我們的網站上提供。您可以參考我們網站上提供的幻燈片，並跟隨我們一起學習我們的發言稿。請翻到我們簡報的第3頁，並注意我們的安全港聲明。

During this conference call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We caution you that such statements are just projections.

在本次電話會議中，我們可能會對未來事件或公司未來的財務表現做出預測或其他前瞻性陳述。我們提醒您，這些說法只是預測。

The company's actual results could differ materially from those projected in these statements as a result of factors set forth in the safe harbor statement. The company is under no obligation to and expressly disclaims any obligation to update or alter any of the forward-looking statements made in this earnings release the earnings presentation, the conference call or in the Investor Relations section of our website, whether as a result of new information, future events, or otherwise, unless otherwise required by law.

由於安全港聲明中列出的因素，公司的實際業績可能與這些聲明中預測的業績有重大差異。除非法律另有規定，否則本公司沒有義務，並且明確聲明不承擔任何義務，對本盈利報告、盈利演示文稿、電話會議或本公司網站投資者關係部分中作出的任何前瞻性陳述進行更新或更改，無論是由於新資訊、未來事件或其他原因。

Included in our press release and slides issued today, we have provided you with statements of operations for the first quarter ended December 27, 2025, on a GAAP basis as well as certain non-GAAP financial information. A reconciliation between the GAAP and non-GAAP financial information is also provided in the press release and slides posted on our website.

在今天發布的新聞稿和幻燈片中，我們提供了截至 2025 年 12 月 27 日的第一季按 GAAP 準則編制的經營報表以及一些非 GAAP 財務資訊。新聞稿和網站上發布的幻燈片中也提供了 GAAP 和非 GAAP 財務資訊的調整表。

In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, noncash stock-based compensation expense, amortization expense, and other unusual or infrequent items. Any comments we make on this call as it relates to the income statement measures will be directed at our non-GAAP financial results. Accordingly, unless otherwise stated in this conference call, when we refer to gross profit, gross margin, operating income, operating margin, tax, net income, and earnings per share, we are referring to our non-GAAP information.

一般來說，我們的非GAAP資訊不包括重組成本、收購和整合成本、非現金股票選擇權費用、攤銷費用以及其他不尋常或不經常發生的項目。在本次電話會議中，我們將就損益表指標發表任何評論，這些評論將針對我們的非GAAP財務表現。因此，除非本次電話會議另有說明，否則當我們提及毛利、毛利率、營業收入、營業利益率、稅金、淨收入和每股盈餘時，我們指的是我們的非GAAP資訊。

I'd now like to turn the call over to Jure.

現在我想把電話交給朱爾。

Thanks, Paige. Good afternoon, ladies and gentlemen. Welcome, and thank you all for being here with us today, and Happy New Year and all the best to all of you.

謝謝你，佩奇。女士們、先生們，午安。歡迎各位，感謝各位今天蒞臨現場，祝大家新年快樂，萬事如意。

First, I would like to take this opportunity to recognize our employees and Sanmina leadership team for doing a great job. So to you, Samina team, thank you for your dedication, hard work, and delivering excellent service to our customers.

首先，我想藉此機會表揚我們的員工和Sanmina領導團隊，感謝他們所做的出色工作。所以，薩米娜團隊，感謝你們的奉獻、辛勤工作以及為我們的客戶提供的優質服務。

Please turn to slide number 4. Ladies and gentlemen, I can tell you that I'm very pleased with our performance for the first quarter. Overall, we are executing according to our plan. Revenue came in at $3.19 billion non-GAAP, operating margin at 6%, and non-GAAP diluted earnings per share of $2.38, and we delivered strong cash flow from operation of $179 million. Again, I'm excited about the future opportunities that we have in front of us.

請翻到第4張投影片。女士們、先生們，我可以告訴大家，我對我們第一季的表現非常滿意。總體而言，我們正在按計劃執行。營收為 31.9 億美元（非 GAAP），營業利潤率為 6%，非 GAAP 稀釋後每股收益為 2.38 美元，經營活動產生的現金流強勁，達到 1.79 億美元。我再次對我們面前的未來機會感到興奮。

So now let's go to our agenda for today's call. We have Jon, our CFO, to review details of our results for you. I will follow up with additional comments about the results and future goals. Then Jon and I will open for question and answers.

現在讓我們進入今天電話會議的議程。我們的財務長 Jon 將為您詳細解讀我們的業績報告。我將隨後就結果和未來目標發表更多評論。然後我和喬恩將開放問答環節。

And now, I'd like to turn this call over to Jon. Jon?

現在，我想把電話交給喬恩。喬恩？

Great. Thank you, Jure, and good afternoon, ladies and gentlemen, and thank you for joining today's earnings call.

偉大的。謝謝 Jure，女士們、先生們下午好，感謝各位參加今天的財報電話會議。

Before I review our financial results for the quarter, I want to acknowledge the entire Sanmina team for their focused execution and thank them for delivering a solid start to the new fiscal year.

在回顧本季財務表現之前，我想對 Sanmina 團隊全體成員的專注執行表示感謝，並感謝他們為新財年奠定了良好的開端。

Now, please turn to slide 6, where I'll speak to the financial highlights.

現在，請翻到第 6 張投影片，我將在那裡講解財務要點。

We're very pleased with our first-quarter results, which as you can see, either met or exceeded all of our outlook commitments. Our revenue of $3.19 billion and our non-GAAP operating margin of 6.0% each came in towards the high end of our outlook.

我們對第一季的業績非常滿意，正如您所看到的，所有業績都達到或超過了我們的預期目標。我們的營收為 31.9 億美元，非 GAAP 營業利潤率為 6.0%，兩者都接近我們預期的高端水準。

In regards to revenue, both the core Sanmina business and the ZT Systems business came in near the high end of their respective outlook ranges. Also, our non-GAAP diluted earnings per share of $2.38 and exceeded our outlook. These results represent a great start to fiscal 2026 and sets us on the right path towards achieving our growth and margin expansion objectives for the year.

就營收而言，Sanmina 的核心業務和 ZT Systems 業務均接近各自預期範圍的高端。此外，我們的非GAAP稀釋後每股收益為2.38美元，超過了我們的預期。這些業績標誌著 2026 財年開局良好，並使我們走上了實現本年度成長和利潤率擴張目標的正確道路。

Now please turn to slide 7, where I'll speak to the P&L performance.

現在請翻到第 7 張投影片，我將在這裡談談損益表現。

As I just mentioned, we delivered revenue of $3.19 billion, which was up 59% compared to the same period a year ago. This was driven primarily by growth in the communications networks and cloud and AI infrastructure end markets for the core Sanmina business and the addition of the VT Systems business, which Jure will speak to in more detail as part of his prepared remarks.

正如我剛才提到的，我們實現了 31.9 億美元的收入，比去年同期成長了 59%。這主要得益於 Sanmina 核心業務在通訊網路、雲端和人工智慧基礎設施終端市場的成長，以及 VT Systems 業務的加入。 Jure 將在他的準備好的演講稿中更詳細地談到 VT Systems 業務。

Non-GAAP gross profit was $298 million or 9.3% of revenue up 30 basis points compared to the same period a year ago. This was driven by favorable mix as well as operational efficiencies. Non-GAAP operating expenses were $106 million or 3.3% of revenue, down 10 basis points compared to the same period a year ago. We continue to make targeted investments to drive future growth, but are doing so in a very structured and disciplined manner.

非GAAP毛利為2.98億美元，佔營收的9.3%，比去年同期成長30個基點。這主要得益於有利的產品組合以及營運效率的提升。非GAAP營運費用為1.06億美元，佔營收的3.3%，比去年同期下降10個基點。我們將繼續進行有針對性的投資以推動未來的成長，但我們採取的方式非常有條理、有紀律。

Non-GAAP operating profit was $192 million or 6.0% of revenue, up 40 basis points compared to the same period a year ago and at the 6% level for the second quarter in a row. This is a result of revenue growth, favorable mix, and strong operational discipline. Non-GAAP other income and expense was a net expense of $19.1 million which was $3.9 million favorable to our guidance, driven by our strong cash generation.

非GAAP營業利潤為1.92億美元，佔營收的6.0%，比去年同期成長40個基點，連續第二季達到6%的水準。這是收入成長、產品組合優化和嚴格營運紀律共同作用的結果。非GAAP其他收入和支出淨額為1910萬美元，比我們的預期高出390萬美元，這主要得益於我們強勁的現金流。

Non-GAAP diluted earnings per share came in at $2.38 and based on approximately 56 million shares outstanding and up 66.1% compared to the same period a year ago.

非GAAP稀釋後每股盈餘為2.38美元，基於約5,600萬股流通股，較去年同期成長66.1%。

As we mentioned on our prior call, we expect fiscal 2026 to be a growth year, and our results for the first quarter represent a solid start towards achieving that objective.

正如我們在先前的電話會議中提到的，我們預計 2026 財年將是成長之年，而我們第一季的業績表明，我們朝著實現這一目標邁出了堅實的第一步。

Now please turn to slide 8, where I'll speak to the segment results. IMS revenue came in at $2.79 billion, up 72% compared to the same period a year ago, driven primarily by growth in the communications networks and cloud and AI infrastructure end markets for the core Sanmina business and the addition of the ZT Systems business.

現在請翻到第 8 張投影片，我將在那裡講解細分市場的結果。IMS 的營收達到 27.9 億美元，比去年同期成長 72%，主要得益於核心 Sanmina 業務的通訊網路、雲端和人工智慧基礎設施終端市場的成長，以及 ZT Systems 業務的加入。

IMS non-GAAP gross margin was 8.7%, up 80 basis points compared to the same period a year ago. This was due primarily to favorable mix, including the impact from the addition of ZT Systems revenue and operational efficiencies in both the core Sanmina and ZT Systems businesses.

IMS 非 GAAP 毛利率為 8.7%，比去年同期成長 80 個基點。這主要歸功於有利的組合，包括 ZT Systems 收入的增加以及 Sanmina 和 ZT Systems 核心業務的營運效率的提高。

CPS revenue came in at $434 million, up 4.3% compared to the same period a year ago. CPS non-GAAP gross margin was 12.9% and up 40 basis points compared to the same period a year ago. That being said, the 12.9% is lower than our recent performance, and that's due to multiple investments that came online to support new programs which we expect will deliver margin accretive growth in the near future as well as a few program transitions. While we executed well, we continue to see opportunity for further improvement in both revenue growth and margin expansion, which we will continue to focus on going forward.

CPS 的營收為 4.34 億美元，比去年同期成長 4.3%。CPS 非 GAAP 毛利率為 12.9%，比去年同期成長 40 個基點。儘管如此，12.9% 的成長率低於我們近期的業績，這是因為我們投入了多項資金來支持新項目，我們預計這些項目將在不久的將來帶來利潤成長，此外還有一些項目進行了過渡。雖然我們執行得不錯​​，但我們仍然看到在收入成長和利潤率擴張方面有進一步提升的空間，我們將繼續專注於此。

Now please turn to slide 9, where I'll speak to the balance sheet highlights. We maintained a very strong balance sheet in the first quarter. Cash and cash equivalents were $1.42 billion. At the end of the quarter, we had no outstanding borrowings on our $1.5 billion revolver leaving us with substantial liquidity of approximately $3.6 billion to support the expected growth of the business. We ended the quarter with inventory of $2.2 billion, net of customer advances, which is up 74% versus the same period a year ago, driven by the ZT Systems acquisition.

現在請翻到第 9 張投影片，我將在這裡講解資產負債表的要點。第一季度，我們的資產負債表保持非常穩健。現金及現金等價物為14.2億美元。截至季末，我們15億美元的循環信貸額度已無未償還借款，使我們擁有約36億美元的充足流動資金，以支持業務的預期成長。本季末，扣除客戶預付款後，庫存淨額為 22 億美元，比去年同期成長 74%，主要得益於 ZT Systems 的收購。

Inventory turns, net of customer advances, were 5.3 times for the quarter down from 5.8 times in the same period a year ago, driven by the ZT Systems acquisition. It's also important to note that, that Q1 calculation only includes two months of ZT Systems cost of goods sold. Now that being said, core Sanmina inventory turns, net of customer advances, improved for the quarter, both sequentially and versus the same period a year ago. While we're pleased with these results, we believe there is still room for improvement.

扣除客戶預付款後，本季庫存週轉率為 5.3 次，低於去年同期的 5.8 次，主要得益於 ZT Systems 的收購。另外要注意的是，第一季的計算僅包括 ZT Systems 兩個月的銷售成本。儘管如此，扣除客戶預付款後，Sanmina 的核心庫存週轉率在本季有所改善，無論是季後還是與去年同期相比。雖然我們對這些結果感到滿意，但我們認為仍有改進的空間。

Our non-GAAP pretax ROIC was 32.1% for the quarter, well above our weighted average cost of capital and a sizable improvement from the 23.5% from the same period a year ago.

本季我們的非GAAP稅前ROIC為32.1%，遠高於我們的加權平均資本成本，並且比去年同期的23.5%有了顯著提高。

We continue to have one of the strongest balance sheets in the industry with a net leverage ratio of 0.8 times. This ratio is calculated conservatively by annualizing our Q1 EBITDA results as using the pro forma trailing 12 months for ZT Systems wouldn't accurately represent the current run rate of the business.

我們繼續擁有業內最強勁的資產負債表之一，淨槓桿率為 0.8 倍。該比率的計算較為保守，是透過將我們第一季的 EBITDA 業績年化而得出的，因為使用 ZT Systems 的過去 12 個月的備考數據並不能準確反映該業務目前的運行速度。

Our long-term net leverage target remains 1.0 times to 2.0 times and we expect our leverage to increase into this range over time as we invest in working capital to support the growth of the ZT Systems business.

我們的長期淨槓桿目標仍為 1.0 倍至 2.0 倍，隨著我們投資營運資金以支持 ZT Systems 業務的成長，我們預計槓桿率會隨著時間的推移而增加到該範圍內。

I want to emphasize our commitment to maintaining a healthy balance sheet, which means carefully managing the liquidity needed to invest in the business and capitalize on the strategic opportunities that further excel our position in the market with strong financial policies to guide our decision-making process. And to be clear, our goal remains to achieve investment-grade ratings over time.

我想強調我們致力於維持健康的資產負債表，這意味著要謹慎管理投資業務所需的流動性，並抓住策略機遇，進一步提升我們在市場中的地位，同時制定強有力的財務政策來指導我們的決策過程。需要明確的是，我們的目標仍然是最終獲得投資等級評級。

Now please turn to slide 10, where I'll speak to the cash flow highlights. As a result of the team's disciplined working capital management, our first-quarter cash flow from operations came in at a solid $179 million. Capital expenditures were $87 million for the quarter, slightly above our outlook.

現在請翻到第 10 張投影片，我將在那裡講解現金流的重點內容。由於團隊對營運資金的嚴格管理，我們第一季的營運活動現金流達到了穩健的 1.79 億美元。本季資本支出為 8700 萬美元，略高於我們的預期。

As I've mentioned before, we will continue to make strategic investments in the technologies and capabilities needed to strengthen our position in the market and to support our growth expectations, and we expect to fund these efforts through our strong cash flow generation, in line with our capital allocation strategy.

正如我之前提到的，我們將繼續對加強市場地位和支持成長預期所需的技術和能力進行策略性投資，我們預計將透過強勁的現金流來為這些努力提供資金，這符合我們的資本配置策略。

To that end, we anticipate ongoing targeted investments in both capacity and technologies across our operations in the United States, India, and Mexico to drive further growth and margin expansion across all of our end markets.

為此，我們預計將持續增加對美國、印度和墨西哥業務的產能和技術方面的有針對性投資，以推動所有終端市場的進一步成長和利潤率擴張。

Free cash flow was $92 million, enabled by our strong working capital management and operational discipline. During the quarter, we repurchased 516,000 shares for approximately $79 million to offset dilution for the year.

自由現金流為9,200萬美元，這得益於我們強大的營運資本管理和營運紀律。本季度，我們斥資約 7,900 萬美元回購了 516,000 股股票，以抵銷本年度的股權稀釋。

At quarter end, we had approximately $160 million remaining on our current share repurchase program. Our strong cash flow performance has provided us with the financial flexibility to allow for continued investments in the business while also returning capital to shareholders, all within a disciplined and balanced capital allocation framework.

截至季末，我們目前的股票回購計畫還剩下約 1.6 億美元。我們強勁的現金流表現為我們提供了財務靈活性，使我們能夠在維持穩健均衡的資本配置框架的前提下，繼續對業務進行投資，同時向股東返還資本。

Now please turn to slide 11, where I'll speak to our capital allocation strategy. When it comes to capital allocation, it's incredibly important to have a clear strategy and a well-defined set of priorities when making decisions. As we shared with you before, our first priority is to invest in our business to drive long-term organic growth and margin expansion. We evaluate all investments with discipline and take a structured ROI-based approach.

現在請翻到第 11 頁，我將在那裡談談我們的資本配置策略。在進行資本配置時，制定清晰的策略和明確的優先事項對於決策至關重要。正如我們之前與您分享的那樣，我們的首要任務是投資我們的業務，以推動長期的內生成長和利潤率擴張。我們以嚴謹的態度評估所有投資，並採取結構化的基於投資回報率的方法。

Second, we continuously evaluate strategic acquisition and partnership opportunities, which need to meet our ROI expectations to help accelerate our growth.

其次，我們會不斷評估策略性收購和合作機會，這些機會需要滿足我們的投資報酬率預期，以幫助加速我們的成長。

Third, we carefully manage our balance sheet and liquidity position with a focus on our long-term net leverage target as well as our long-term goal of achieving investment-grade ratings.

第三，我們精心管理資產負債表和流動性狀況，並專注於長期淨槓桿目標以及實現投資等級評級的長期目標。

And finally, when appropriate, we return capital to shareholders through share repurchases, subject to maintaining a strong balance sheet and liquidity position.

最後，在適當的時候，我們會透過股票回購向股東返還資本，但前提是維持強勁的資產負債表和流動性狀況。

We have and will continue to execute on this strategy by utilizing these options, which enables us to take advantage of opportunities to grow our business.

我們已經並將繼續透過利用這些選項來執行這項策略，這使我們能夠抓住機會發展我們的業務。

Now please turn to slide 12, where I'll provide our outlook for the second quarter, which is based on current customer forecasts, a full quarter of the ZT Systems business, and taking into account ongoing market uncertainties stemming from tariffs and the geopolitical landscape.

現在請翻到第 12 頁，我將在此提供我們對第二季度的展望，該展望基於當前的客戶預測、ZT Systems 業務的完整季度，並考慮到關稅和地緣政治格局帶來的持續市場不確定性。

Our second quarter outlook is as follows: we expect revenue between $3.1 billion to $3.4 billion. At the midpoint of $3.25 billion, that reflects 62% growth compared to the same period a year ago.

我們對第二季的展望如下：預計營收在 31 億美元至 34 億美元之間。以 32.5 億美元的中位數為準，這意味著與去年同期相比成長了 62%。

We continue to expect the core Sanmina business to grow high-single digits this fiscal year. As for ZT Systems, the business is performing well and in line with our expectations as we work through the transition period, and we're very excited and focused on the opportunities and future ahead.

我們仍預期 Sanmina 的核心業務將在本財年實現高個位數成長。至於 ZT Systems，目前業務表現良好，符合我們的預期，我們正在順利度過過渡期，我們對未來的機會和發展前景感到非常興奮和專注。

Non-GAAP operating margin of 5.7% to 6.2% dependent on the mix of the business. We expect other income and expense to be a net expense of approximately $26 million as it now includes a full quarter of our new debt structure. We expect our non-GAAP effective tax rate to be between 21% to 23%. We estimate an approximate $3 million noncash reduction to our net income to reflect our India joint venture partners' equity interest.

非GAAP營業利潤率為5.7%至6.2%，視業務組合而定。我們預計其他收入和支出淨額約為 2600 萬美元，因為它現在包含了我們新債務結構的全部四分之一。我們預計非GAAP實際稅率將在21%至23%之間。我們預計，由於我們在印度的合資夥伴的股權，我們的淨收入將減少約 300 萬美元的非現金部分。

Non-GAAP diluted earnings per share in the range of $2.25 and to $2.55 based on approximately 56 million fully diluted shares outstanding. At the midpoint of $2.40, that represents a 66.7% increase compared to the same period a year ago.

根據約 5,600 萬股完全稀釋後的流通股計算，非 GAAP 稀釋後每股盈餘預計在 2.25 美元至 2.55 美元之間。以 2.40 美元的中點價計算，與去年同期相比增長了 66.7%。

Capital expenditures are expected to be around $95 million as we continue to invest strategically to support our future growth expectations. And finally, depreciation of approximately $45 million.

預計資本支出約為 9500 萬美元，我們將繼續進行策略性投資，以支持我們未來的成長預期。最後，還有大約 4500 萬美元的折舊。

In summary, fiscal 2026 is off to a great start. We remain focused on driving revenue growth, margin expansion, and cash generation while maintaining a healthy balance sheet and making investments that further support our strategic objectives.

總而言之，2026 財年開局良好。我們將繼續專注於推動收入成長、利潤率擴大和現金流創造，同時保持健康的資產負債表，並進行進一步支持我們策略目標的投資。

Based on our Q1 performance and our outlook for the second quarter, combined with the demand signals from our customers, we continue to expect fiscal 2026 to be a growth year. There's a lot of work ahead of us, but we are very excited about our future.

根據我們第一季的業績和第二季的展望，再加上客戶的需求訊號，我們仍然預期 2026 財年將是成長年。前方還有很多工作要做，但我們對未來充滿信心。

And with that, let me turn the call back over to Jure.

那麼，現在讓我把電話交還給 Jure。

Thank you, Jon. Ladies and gentlemen, let me add a few more comments about our results for the first quarter and the rest of the fiscal year '26 and beyond. So please turn to slide 14.

謝謝你，喬恩。女士們、先生們，請容許我再補充幾點關於我們第一季以及2026財年剩餘時間和未來業績的評論。請翻到第14頁投影片。

As you heard from Jon, we delivered strong results for the first quarter. We delivered revenue and non-GAAP operating margin at the high end of our outlook, and non-GAAP diluted earnings per share exceeded our outlook. Most important, fiscal year '26 is on tracking to our expectation, the way I would say it, great start to fiscal year 2026.

正如你從喬恩那裡聽到的，我們第一季取得了強勁的業績。我們實現了預期範圍內的最高營收和非GAAP營業利潤率，非GAAP稀釋後每股盈餘也超過了預期。最重要的是，2026 財年正按預期進行，可以說，2026 財年開局良好。

As you can see, our consistent execution is driving our financial performance. Also, I can tell you this is exciting time to be in Sanmina.

如您所見，我們始終如一的執行力正在推動我們的財務表現。另外，我可以告訴你，現在是加入Sanmina的絕佳時機。

Please turn to slide 15. Let's look at the revenue by end market for the first quarter 2026 for communication networks, cloud, and AI infrastructure, that came in around 62% in total. Sanmina core business in this segment grew year over year approximately 20%. ZT revenue came for our plan at the high end of our guidance in total of $1.964 billion.

請翻到第15頁。讓我們來看看 2026 年第一季通訊網路、雲端和人工智慧基礎設施的終端市場收入，這些收入佔總收入的約 62%。Sanmina在該領域的核心業務年增約20%。ZT 的收入達到了我們預期目標的上限，總計 19.64 億美元。

For industrial, energy, medical, defense and aerospace, automotive, and transportation, that was 38% of our revenue or $1.226 billion. That was slightly down year over year, about 3%.

工業、能源、醫療、國防和航空航太、汽車和運輸等產業的收入占我們總收入的 38%，即 12.26 億美元。比上年同期略有下降，約下降了3%。

The way I would review this segment is very consistent and stable. This is a heavy regulated market that we participate, and we focus on mission-critical and advanced technology products and I'll talk more about it later on about the future by this segment.

我對這部分的評價方式非常一致且穩定。這是一個監管非常嚴格的市場，我們參與其中，我們專注於關鍵任務和先進技術產品，稍後我會詳細談談這個領域未來的發展。

As you can see, Sanmina is well diversified within market leaders. Bookings continues to be solid, over 1% -- over 1 I should say, solid demand on existing business and strong pipeline of new projects.

如您所見，Sanmina 在市場領導者領域實現了良好的多元化發展。預訂量持續走強，超過 1%——應該說超過 1%，現有業務需求穩健，新項目儲備充足。

At this time, we're seeing very positive trends across the majority of our focused end markets. To tell you more about it, please turn to slide 16.

目前，我們看到我們重點關注的大多數終端市場都呈現出非常積極的趨勢。想了解更多詳情，請翻到第 16 頁投影片。

Now let me talk to you about -- more about end markets, the way we see it today. Overall, it's a very positive trend for us as we look at the fiscal year '26 and beyond. For communication networks and cloud infrastructure, we are well-positioned for growth in this segment.

現在讓我來和你們談談——更多關於終端市場，以及我們今天所看到的終端市場。總體而言，展望 2026 財年及以後，這對我們來說是一個非常積極的趨勢。在通訊網路和雲端基礎設施領域，我們已做好充分準備，並有望在該領域實現成長。

For Communications segment, we participate mainly in a high-density/high-performance networks. We see strong demand for high-performance switches and enterprise storage. We're also growing and expanding our optical advanced packaging products business. We do high-performance network systems from 400, 800 gig, and we're starting to ship 1.6 terabytes.

在通訊領域，我們主要參與高密度/高效能網路。我們看到市場對高效能交換器和企業級儲存設備的需求強勁。我們也不斷發展壯大我們的光學先進封裝產品業務。我們生產 400G、800G 的高效能網路系統，並且我們開始出貨 1.6TB 的系統。

For cloud and AI infrastructure, we see a strong demand -- strong growth opportunities, and we are well-positioned in cloud and AI end market. We expect strong -- we see a strong pipeline of new projects to drive the growth for second half of calendar year '26 and calendar year '27 and beyond.

對於雲端運算和人工智慧基礎設施，我們看到了強勁的需求——強勁的成長機會，我們在雲端運算和人工智慧終端市場佔據了有利地位。我們預計—我們看到大量新項目將推動 2026 年下半年、2027 年及以後的成長。

Now, let me talk to you about industrial and energy. For industrial and energy, we have a great base of customers. We have strong demand for power products to support AI data centers and solid demand for safety and surveillance equipment. We see solid new projects in the pipeline to drive future growth.

現在，讓我來談談工業和能源問題。我們在工業和能源領域擁有龐大的客戶群。我們對用於支援人工智慧資料中心的電源產品有強勁的需求，對安全和監控設備也有穩定的需求。我們看到一些穩健的新項目正在籌備中，這些項目將推動未來的成長。

Industrial and energy is the very strong segment for us. So let me tell you more about our expansion of new state-of-art factory in Houston, Texas for our energy business.

工業和能源是我們實力非常強的領域。那麼，讓我來詳細介紹一下我們在德州休士頓新建的、最先進的能源工廠的擴建情況。

Outlook for electricity demand is very positive. There are several areas for these power markets were Sanmina plays such as distribution, transmission, and storage of electrical power.

電力需求前景非常樂觀。Sanmina 在這些電力市場中涉足多個領域，例如電力分配、傳輸和儲存。

In Energy segments such as distribution, we're going to focus on medium voltage transformers. For transmission, we're going to focus on grid scale transformers. And for storage, storage battery storage systems.

在配電等能源領域，我們將重點放在中壓變壓器。在輸電方面，我們將重點放在電網級變壓器。而對於存儲，則採用蓄電池儲存系統。

Here, we basically get involved in early stage of product design to full system and utilizing our vertical integration such as electronics, machining, fabrication, bus bars, et cetera. On this extension, I should say, of this energy business, we've been working for the last couple of years. So we made a decision to basically grow this business because as I said earlier, the outlook for electricity demand is very positive.

在這裡，我們基本上參與產品設計的早期階段，直到整個系統，並利用我們的垂直整​​合能力，例如電子、機械加工、製造、母線等等。應該說，在能源業務的這個拓展方面，我們已經努力了兩年。因此，我們決定發展這項業務，因為正如我之前所說，電力需求前景非常樂觀。

For these projects, we partnered with a company called [Contra] out of Europe, Croatia, to co-design custom medium voltage transformers for our customers plus other opportunities for USA market. We have a long-term commitment from our customer. This is a large industry-leading strategic customer for Sanmina. We're ramping up this facility right now, and we are planning to ship a few units in late 2026 and be ready for full production in calendar year 2027. It's exciting opportunity for our energy business and also for Sanmina.

對於這些項目，我們與歐洲克羅埃西亞的一家名為 [Contra] 的公司合作，共同為我們的客戶設計客製化的中壓變壓器，並尋求美國市場的其他機會。我們與客戶簽訂了長期合作協議。這是 Sanmina 的一家大型產業領先策略客戶。我們正在加緊建造該工廠，計劃在 2026 年底交付少量設備，並在 2027 年做好全面投產的準備。這對我們的能源業務以及Sanmina公司來說都是一個令人振奮的機會。

Let me tell you more about the medical. Medical is well diversified within a market that we participate in. We're starting to see a recovery in this medical segment. We expect medical drug delivery devices to grow in fiscal year '26 and '27. An overall medical business for us, we see solid opportunities in pipeline.

讓我再詳細說說醫療方面的狀況。在我們參與的市場中，醫療產業是一個多元化的領域。我們開始看到醫療領域出現復甦跡象。我們預計醫療藥物輸送裝置在 2026 財年和 2027 財年將實現成長。對我們整個醫療產業而言，我們看到了許多切實可行的發展機會。

For defense and aerospace, we continue to see strong demand for the next few years. This segment continues to do well. We see strong opportunities in pipeline for next few years.

對於國防和航空航太領域，我們預計未來幾年需求依然強勁。該細分市場表現持續良好。我們看到未來幾年有很多強勁的發展機會。

For our more interpretation, this business for us, starting to become more stable. We do have a great customer base. And what we see for next year is that we have new programs that will drive that growth for us.

就我們而言，這項業務對我們來說正變得越來越穩定。我們的確擁有龐大的客戶群。展望明年，我們計劃推出一些新項目，這些項目將推動我們的成長。

So for industrial and energy, medical, defense, aerospace, automotive and transportation, overall, we see solid opportunities in this segment. and we expect to see more growth in the second half of fiscal year 2026.

因此，就工業和能源、醫療、國防、航空航太、汽車和交通運輸等產業而言，我們認為該領域整體上蘊藏著巨大的發展機遇，並預計在2026財年下半年將實現更大成長。

Now, please turn to slide 17. Now let me tell you more about Sanmina/ZT Systems AI business. I can tell you that we are executing to the plan.

現在，請翻到第17張投影片。現在讓我來詳細介紹一下Sanmina/ZT Systems的人工智慧業務。我可以告訴你，我們正在按計劃執行。

Integration is on track and is doing well. Good thing about this acquisition is it's immediately accretive to our EPS. ZT Systems margins is in line with our core Sanmina, as Jon told you. And most important, we do have strong management and technical team in place.

整合工作進展順利，一切都在按計畫進行。此次收購的好處在於它能立即提升我們的每股盈餘。正如 Jon 告訴你的那樣，ZT Systems 的利潤率與我們的核心業務 Sanmina 的利潤率一致。最重要的是，我們擁有一支強大的管理和技術團隊。

So where do we go from here? We expect more growth in the second half of calendar year driven by new projects. As I said before, and we're saying this again, the goal is to double Samina revenue in the next two years. And what we see today, the AI opportunities are on track to deliver a $16 billion-plus in our calendar year '27.

那我們接下來該怎麼做呢？我們預計下半年在新項目的推動下，成長動能將更加強勁。正如我之前所說，我們再次重申，我們的目標是在未來兩年內將 Samina 的收入翻倍。而我們今天看到的是，人工智慧帶來的機會有望在 2027 年實現超過 160 億美元的收入。

We're also pursuing vertical integration opportunities for AI. As you see on this slide, on the right side of the slide, when we talk about full system integration for AI data center at the scale. So you can see all the way from design to the full system. Our capabilities for AI data center are industry-leading for components, from components, and liquid cooling racks to full system integration at scale.

我們也在尋求人工智慧領域的垂直整合機會。正如你在這張投影片上看到的，在投影片的右側，當我們討論大規模人工智慧資料中心的完全系統整合時。這樣你就可以看到從設計到整個系統的整個過程。我們在人工智慧資料中心方面的能力在組件方面處於行業領先地位，從組件和液冷機架到大規模的完整系統整合。

Please turn to slide 18. Let me talk about our priorities. Number one, we are focused on our customers as we always did. The focus is to continue to broaden and deepen our customer partnership and we are also adding new market-leading customers to our base.

請翻到第18頁幻燈片。讓我談談我們的工作重點。第一，我們始終以客戶為中心。我們的重點是繼續擴大和深化與客戶的合作關係，同時我們也不斷增加新的市場領先客戶。

Number two, continue to focus on leadership in technology. Our technology is a competitive advantage in the high-technology markets. Our capabilities are in place from design to full system at scale, and we are planning to do more for the future.

第二，繼續專注於技術領導地位。我們的技術是高科技市場的競爭優勢。我們具備從設計到大規模完整系統的能力，並且我們計劃在未來做得更多。

Number three, how to execute on ZT Systems opportunities. ZT Systems is working on large opportunities for AI data center business, mainly new projects driven. Sanmina is well-positioned. We are investing in AI data center and continue to expand capacity for the future requirements for fiscal year '27 and 28.

第三，如何把握 ZT Systems 的商機。ZT Systems 正在努力抓住人工智慧資料中心業務的巨大機遇，主要以新專案為驅動。Sanmina 的地理位置優越。我們正在投資人工智慧資料中心，並持續擴大容量，以滿足 2027 財年和 2028 財年的未來需求。

And of course, number four is to continue to drive profitable and sustainable growth. In Sanmina, we call this building big for the future, while staying through to our core values focusing the margin expansion, continue to diversify to higher and sustainable margin business.

當然，第四點是繼續推動獲利和永續成長。在 Sanmina，我們稱之為為未來打造宏偉藍圖，同時堅持我們的核心價值觀，專注於利潤率擴張，並繼續向利潤率更高、更可持續的業務多元化發展。

I can tell you that we are forecasting steady improvements in operating margin. Short term, we're forecasting 5.7% to 6% operating margin. And longer term, we expect to improve those margin from 6% to 7%-plus. So overall, our strategy is to build bigger as stronger Sanmina for the future and always maximize shareholder value for our investors.

我可以告訴大家，我們預計營業利潤率將會穩定提高。短期內，我們預測營業利益率為 5.7% 至 6%。從長遠來看，我們預計這些利潤率將從 6% 提高到 7% 以上。所以總的來說，我們的策略是讓 Sanmina 在未來發展得更大更強，並始終為我們的投資者實現股東價值最大化。

Please turn to slide 19. In summary, we are focused on sustainable and profitable growth. As Jon mentioned, this is a great start to our fiscal year 2026. We expect core Sanmina to grow in the high-single digits, and we expect strong demand from AI hardware in the second half of calendar year '26, '27 into 28, all driven by new platform, new technology projects.

請翻到第19頁。總而言之，我們專注於永續和獲利成長。正如喬恩所說，這對我們2026財年來說是一個好的開始。我們預計 Sanmina 的核心業務將實現高個位數成長，並且我們預計在 2026 年下半年、2027 年下半年到 2028 年，人工智慧硬體的需求將十分強勁，這一切都將由新平台、新技術專案推動。

We have capacity and power requirements to support customer demand for present demand, but we are continuing to invest for the future. We focused on market diversification with higher margin opportunities.

我們擁有滿足當前客戶需求的產能和電力需求，但我們仍在繼續投資以面向未來。我們專注於利潤率較高的市場多元化機會。

Our manufacturing footprint is well aligned with our customer requirements, and we do have strong USA presence. The key to our strategy, again, to continue remain focused on Sanmina's strategy and to be a partner of choice with the market leaders.

我們的生產佈局與客戶需求高度契合，我們在美國擁有強大的業務實力。我們策略的關鍵在於持續專注於 Sanmina 的策略，並成為市場領導者的首選合作夥伴。

So ladies and gentlemen, now, I would like to thank you all for your time and support. Operator, we're now ready to open the lines for questions and answers, and thank you again.

女士們、先生們，現在，我要感謝大家抽空給予支持。接線員，我們現在可以開通問答線路了，再次感謝您的來電。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員說明）Ruplu Bhattacharya，美國銀行。

Hi, Jure. Thank you for taking my questions.

你好，Jure。謝謝您回答我的問題。

Can you help me parse through the sequential revenue guidance for the March quarter? Looks like revenues at the midpoint are guided up $60 million. If I think about it, ZT, you should have a full quarter of revenues, which is about $1.4 billion. That means that ZT itself is contributing, say, $0.5 billion of incremental revenues two months versus three months in the March quarter. So is something weaker sequentially? Like any color you can give us on revenue from legacy Sanmina versus ZT non-accelerated versus ZT NVIDIA? How are you seeing the trends in those different buckets of revenue?

您能幫我解讀一下三月季度的環比營收預期嗎？營收預期中位數似乎將上調 6,000 萬美元。仔細想想，ZT，你們應該已經實現了完整的季度營收，大約是14億美元。這意味著，ZT 本身在 3 月季度的兩個月內（而不是三個月）貢獻了約 5 億美元的增量收入。那麼，某些東西的強度會隨著時間而減弱嗎？你能不能提供我們一下傳統 Sanmina 顯示卡、非加速版 ZT 顯示卡和 NVIDIA 版 ZT 顯示卡在營收的比較數據？您如何看待不同收入類別的發展趨勢？

Okay. First of all, actually, our business is improving in the second quarter. So let me explain that. Yes, you're right. We only had two months I don't think it's -- you cannot take two months divided by 2 multiply by 3 because the transition of our business, this business is mainly all businesses being transitioned, and we're now strictly focus what we call base business that's going to stay with us and the future business. So if you really look at it today from our perspective, we're only guiding one quarter at a time. But if -- but overall, if you look at the Street expectation, we feel comfortable with that. We're just guiding one quarter.

好的。首先，實際上，我們的業務在第二季度有所改善。讓我來解釋一下。是的，你說得對。我們只有兩個月的時間，我不認為——你不能用兩個月除以 2 再乘以 3，因為我們的業務轉型，這項業務主要是所有業務都在轉型，我們現在嚴格專注於我們稱之為基礎業務的那些將與我們一起留下來的業務和未來的業務。所以，如果從我們的角度來看，我們今天只專注在一個季度的業績。但是，總的來說，如果你看看華爾街的預期，我們對此感到滿意。我們只對一個季度進行指引。

For the first quarter, we should be more than a 3% expectation by approximately $100 million-plus. So as we're guiding to $3.1 million to $3.4 million, Sanmina business itself, the core business will grow quarter over quarter and will grow double digits year over year, okay? And we expect ZT Systems to grow quarter over quarter.

第一季度，我們應該會比預期高出 3% 左右，超出約 1 億美元。因此，我們預計營收將達到 310 萬美元至 340 萬美元，Sanmina 的核心業務將逐季成長，並實現兩位數的年成長，好嗎？我們預計 ZT Systems 將實現季度環比成長。

So overall, we expect a strong quarter. Most importantly, I think we are positioning the company for the new product, new platforms that are going to be coming up in the end of the fiscal year and calendar year, and we're investing for that. So we're really excited about the future about that.

所以整體而言，我們預期本季業績將表現強勁。最重要的是，我認為我們正在為本財年和本日曆年末即將推出的新產品和新平台做好公司準備，我們正在為此進行投資。所以我們對這方面的未來感到非常興奮。

So that's all I have to say, Jon, anything else you want to add to that?

這就是我要說的全部了，喬恩，你還有什麼要補充的嗎？

I mean, I think you covered it well, Jure. I mean, first and foremost, just talking about the Q1 results, Ruplu, both parts of the business. Core Sanmina and ZT Systems performed well at the high end of the range. And we did provide specific guidance in that first quarter, but we're very pleased to see both parts of the business do well.

我的意思是，我覺得你已經解釋得很好了，Jure。我的意思是，首先，讓我們來談談 Ruplu 的第一季業績，以及公司的兩個業務部門。Core Sanmina 和 ZT Systems 在高階產品中表現出色。我們在第一季確實給出了具體的業績指引，但我們很高興看到公司兩個業務板塊都表現良好。

And yes, just like Jure was saying, ZT Systems is effectively in line with our expectations. You go all the way back to May 19 what we said and pretty much everything we've said and committed about the business has been happening the way that we expected, including in Q1. So very excited about the future. The transition is taking place like we expect, and we're just focused on executing those new opportunities.

是的，正如 Jure 所說，ZT Systems 的確符合我們的預期。回顧 5 月 19 日我們所說的話，以及我們對業務所做的幾乎所有承諾，都按照我們預期的方式進行，包括第一季。對未來充滿期待。轉型正如預期進行，我們目前只專注於掌握這些新機會。

And if I can add to that, Ruplu, I think we have a lot of interest from existing customers and future customers what's going on.

Ruplu，如果我可以補充一點，我認為現有客戶和潛在客戶都非常關心我們目前的情況。

And as I said in my prepared statement, the most importantly, I think the more learn about site's management. I'm very comfortable, very excited with the team, what they can do. It's -- they're basically self-sufficient going forward. So we're excited, a great acquisition for Sanmina, and this will transform Sanmina. I mean, there's no way we could get to in '27 without a potential that we have and the new platforms coming out.

正如我在事先準備好的聲明中所說，最重要的是，我認為應該更多地了解網站的管理。我對團隊非常滿意，也對他們的能力感到非常興奮。基本上，他們今後將能夠自給自足。我們感到非常興奮，這對 Sanmina 來說是一次非常棒的收購，這將徹底改變 Sanmina 的面貌。我的意思是，如果沒有我們所擁有的潛力以及即將推出的新平台，我們不可能在 2027 年取得今天的成就。

Okay. I appreciate the details there. Can I ask a conceptual question about ZT? As I see the business, there are really three parts to the business. There's the non-accelerated part, which would be just non-GPU servers or racks, then there's the accelerated part, and there's some legacy NVIDIA business you would have. And then obviously, you're going to be ramping with AMD in the second half of the year, as you said.

好的。我很欣賞你提供的細節。我可以問一個關於ZT的概念性問題嗎？在我看來，這個企業其實是由三個部分組成。其中一部分是非加速部分，也就是非 GPU 伺服器或機架；另一部分是加速部分；還有一些是 NVIDIA 的傳統業務。然後很顯然，正如你所說，你將在今年下半年加大對 AMD 的投入。

As we think about this total revenue, I think last quarter, we were talking about high $5 billion to $6 billion, and the guidance implied something like $5.7 billion. Does that $5.7 billion kind of factor in some decline in the NVIDIA part of the business whereas as you ramp AMD, you're going to be focused more on that, and so that will ramp. So any thoughts on how fast that transition can occur this year? Like do you think that you will ramp AMD in time for any offset to the NVIDIA business that might decline?

當我們考慮總收入時，我認為上個季度我們談論的是 50 億至 60 億美元，而預期則暗示著大約 57 億美元。這 57 億美元是否考慮到了英偉達業務的下滑？隨著 AMD 業務的成長，你會更專注於 AMD，因此 AMD 的業務也會成長。那麼，大家認為今年這種轉變能以多快的速度發生呢？你認為AMD能否及時提升產能，以抵銷NVIDIA業務可能下滑帶來的任何影響？

Yeah. Good question, Ruplu, this is Jon. So just to verify and a reminder for everyone, the -- back in May 19, we said when we closed the transaction, we'd expect the revenue run rate to be between $5 billion to $6 billion.

是的。問得好，Ruplu，我是Jon。所以，為了確認一下，也提醒大家一下，早在 2019 年 5 月，我們就說過，當我們完成交易時，我們預期收入年化率將在 50 億美元到 60 億美元之間。

So that was implying that we had a point of view on how that transition was going to occur with the accelerated compute component of the portfolio and they pretty much landed right in our expectations. You annualize our Q1 guide to two months and you get to $5.7 billion. But we're still going through that transition right now.

所以，這意味著我們對投資組合中加速計算組件的轉型將如何發生有自己的看法，而這些看法基本上符合我們的預期。如果將我們第一季的業績預期按兩個月計算，年化後為 57 億美元。但我們目前仍在經歷這個轉型期。

And a lot of the old platforms at this point now have rolled off, so we're really just focused about the future. But that's why we wanted to be clear at the time we were just guiding the Q1 number that we did, and now we're guiding Q2. But the opportunity, like Jure was saying for accelerated compute specifically is huge. And that's what we're focused on right now and doing our part of that to be able to execute on that demand and on that opportunity. And that really comes towards the end of our calendar -- at the end of calendar 2026.

現在很多舊平台都已經淘汰了，所以我們現在真正關注的是未來。但正因如此，我們當時才想明確表示，我們只是對第一季的數據進行預測，而現在我們對第二季的數據進行預測。但正如 Jure 所說，加速運算領域的機會非常巨大。這就是我們目前關注的重點，我們正在盡自己的一份力量來滿足這項需求，抓住這項機會。而這其實要到我們日曆的最後才會發生──也就是 2026 年末。

Yeah. If I can add to that, we really, again, opportunities utilizing AMD partnership is huge for us and all the investments being made to be able to support future required. So Ruplu, I would just say is, you know us, we like to guide one quarter at a time. We feel very comfortable about our guidance.

是的。如果我能補充一點，我們確實再次意識到，利用與 AMD 的合作關係對我們來說機會巨大，而且我們正在進行所有必要的投資以支持未來發展。所以，Ruplu，我只想說，你知道我們，我們喜歡一次只專注在一個季度。我們對我們的指導感到非常滿意。

As you can see, we are increasing our earnings per share. This is the second quarter that we delivered 6%. I think we can expand margins, both on Sanmina side and ZT side in the future. Those are exciting things, and there's a lot of vertical integration opportunities that we're starting to kind of work on that. It's going to take some time. But in a year from now, we should be able -- that part of the business when it comes to vertical integration around the AI data center will improve.

如您所見，我們的每股收益正在成長。這是我們第二個季度實現了 6% 的成長率。我認為未來我們可以擴大利潤率，無論是 Sanmina 還是 ZT 方面。這些都是令人興奮的事情，我們正在著手研究許多垂直整合的機會。這需要一些時間。但一年後，我們應該能夠——在人工智慧資料中心垂直整合方面，這部分業務將會得到改善。

And then our core business around data center is doing really well. So we are -- we like what we have. As I said in my prepared only few businesses is that automotive was down, but it's getting stable, but everything else starting to move in the right direction.

而且，我們圍繞資料中心的核心業務也發展得非常好。所以我們就是這樣——我們喜歡我們所擁有的。正如我在準備資料中所說，只有少數行業出現了下滑，汽車行業正在趨於穩定，而其他行業也開始朝著正確的方向發展。

Thanks for that. Can I ask a clarification, Jure? I know you're not guiding for the full year, but one thing you said in your prepared remarks is that when you look at consensus estimates, you're comfortable with that. If I look at incentives for 2026, right now, it's about $14 billion of revenue. And I think your last guidance for ZT was kind of in that high $5 billion to $6 billion range. Are you still comfortable? Is that the message today --?

謝謝。Jure，我可以問個清楚嗎？我知道您沒有給出全年的業績指引，但您在準備好的演講稿中提到，當您查看市場普遍預期時，您對此感到滿意。如果我看一下 2026 年的激勵措施，目前來看，大約是 140 億美元的收入。我記得你上次ZT的預期營收大概在50億到60億美元之間。現在感覺還舒服嗎？這就是今天要傳達的訊息嗎？——？

The message is, if you look at the first call, we believe we have a very good chance of hitting $14 billion.

訊息是，如果你看一下第一次電話會議，我們相信我們很有可能達到 140 億美元的目標。

$14 billion okay. I understand. And then can I ask --?

14美元十億沒問題。我明白。然後我可以問一下——？

As much as I hate to tell you on a yearly basis, let me just put -- I'm personally more excited about some front of what opportunities we have today than in May when we did a deal and even a lot stronger than 90 days ago. A lot of work in front of us, but we're not afraid of work.

雖然我很不願意每年都這麼說，但我還是要說——就我個人而言，我對我們今天所擁有的一些機會感到比五月份達成協議時更加興奮，甚至比90天前更加興奮。擺在我們面前的工作很多，但我們不怕工作。

Right. If I can sneak one last one in. Jure, let's move beyond data center. If you look at the communications market, I mean, from an optical and networking, how are you -- that market has been going through many years of inventory correction -- how do you see that recovering? What is happening? Can you give us what happened in the December quarter and how you see the March quarter in terms of the overall communications market, whether it's optical or networking or whatever the part you play in.

正確的。如果我能偷偷塞進去最後一個的話。Jure，讓我們超越資料中心。如果你看看通訊市場，我的意思是，從光纖和網路的角度來看，這個市場經歷了多年的庫存調整，你認為它會如何復甦？怎麼了？您能否介紹去年 12 月季度的情況，以及您如何看待今年 3 月季度的整體通訊市場，無論是光纖通訊、網路通訊還是您所從事的任何領域？

Yeah, very strong. I mean, very strong today. I mean, we have some material shortages out there around memory and some of the special ASICs, customer ASICs but very strong demand, and we expect -- first of all, it was very strong in the December quarter. It will continue to be strong in March quarter. I think it will be very strong for the rest of the year.

是的，非常強勁。我的意思是，今天狀態非常好。我的意思是，目前記憶體和一些特殊ASIC晶片（客戶專用ASIC晶片）的材料供應存在短缺，但需求非常強勁，我們預計——首先，12月季度的需求非常強勁。預計三月季度將繼續保持強勁勢頭。我認為它在今年餘下的時間都會非常強勁。

But Ruplu, one quarter at a time, but we're excited about the year and the future.

但 Ruplu 會一步一腳印地走下去，不過我們對今年和未來都充滿期待。

Okay. Thank you for all the details, Jure. Appreciate it.

好的。謝謝你提供的所有細節，Jure。謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hello, Steve.

你好，史蒂夫。

Hi, good afternoon. Thanks for taking my question. I guess just off of all that, maybe you can tie that into the operating margin. It looks like the operating margin was a little bit better in the quarter. It looks like it could even be flattish this quarter. Can you talk about some of the things going on, puts and takes ,and why you're able to hang on to that like six handle maybe not only this quarter, but next quarter? And then I have a follow-up question.

您好，下午好。謝謝您回答我的問題。我想，僅憑這些因素，或許可以將其與營業利潤率連結起來。本季的營業利潤率似乎略有改善。看起來本季股市甚至可能比較穩定。能談談目前的情況嗎？例如買賣雙方的策略，以及為什麼你不僅能在這個季度，還能在下個季度守住六點的價位？我還有一個後續問題。

Yeah. Steve, this is Jon. So very pleased with the operating margin for the quarter. As I was saying in my prepared remarks, pretty consistent with where we exited last year in Q4. And it's largely dependent on mix. That was a big factor in our business. But it's also the same levers that we're always focused on, that we're talking about.

是的。史蒂夫，這是喬恩。對本季的營業利潤率非常滿意。正如我在準備好的演講稿中所說，這與我們去年第四季結束時的狀況基本一致。而且這很大程度取決於配料比例。那對我們的業務來說是一個重要因素。但這也是我們一直在關注、一直在討論的關鍵因素。

So just to be clear and to reiterate that, but we're always looking to drive operational efficiencies within both of our businesses or within both of our segments, both IMS and CPS. Clearly, the addition of ZT it helped out as well. We're always looking for opportunities we're efficient with our SG&A cost structure, too. And we're really focused on growing those businesses that are accretive to the overall margin profile.

為了明確起見，再次重申一下，我們一直在尋求提高我們兩個業務部門或兩個業務板塊（即 IMS 和 CPS）的營運效率。顯然，ZT 的加入也起了幫助作用。我們一直在尋找機會，同時也專注於提高銷售、管理及行政費用結構的效率。我們真正關注的是發展那些能夠提升整體利潤率的業務。

Last year, Jure and I talked a lot about investments that we were making in CPS in particular, that would be margin accretive. And we're starting to see some of those investments coming online. So that created a little bit of short-term pressure in CPS in particular, but long term, the opportunity is there. So it's the same set of levers that we're always executing on, and that's what we're going to continue to do going forward.

去年，我和 Jure 多次討論我們在 CPS 領域的投資，這些投資將提升利潤率。我們已經開始看到其中一些投資項目上線了。因此，這給 CPS 帶來了一些短期壓力，但從長遠來看，機會就在那裡。所以，我們始終都在運用同一套槓桿，而且我們將繼續這樣做。

Yeah. Steve, just I can add to that. And investments that we are making, especially as you look at in the '26/'27 year, it's a lot of it in the businesses that can deliver the higher margin for us. So the key for us, that's why we feel -- of course, you've got to take one day at a time, one quarter at a time, but we are positioning company to really push for the higher margin business, something that is sustainable, not just for one quarter, but is sustainable for many quarters. As you can see, our business is becoming more technology driven. It requires a higher return on investment to be able to make investments for the future.

是的。史蒂夫，我還可以補充一點。我們正在進行的投資，尤其是在 2026/2027 年度，許多都投向了能夠為我們帶來更高利潤率的業務。所以對我們來說，關鍵在於——當然，你必須一天一天、一個季度地來，但我們正在使公司真正致力於發展利潤更高的業務，這種業務是可持續的，不僅僅是一個季度，而是可以持續很多季度。如您所見，我們的業務正變得越來越技術驅動。要進行面向未來的投資，就需要更高的投資報酬率。

And just to be clear, when we're talking about mix here, Jon, are we talking about mix of components, products and services or mix across served markets?

為了明確起見，Jon，當我們在這裡談論組合時，我們指的是組件、產品和服務的組合，還是服務市場之間的組合？

I was referring more to across components, products and services, Steve. I think at the end of the day, I think the key important thing to remember here is that even with the acquisition of ZT Systems, our core strategy hasn't changed what Sanmina wants to focus on.

史蒂夫，我指的是各個組成部分、產品和服務。我認為歸根結底，這裡需要記住的關鍵一點是，即使收購了 ZT Systems，我們的核心策略也沒有改變 Sanmina 想要關注的重點。

Clearly, that added to the overall IMS part of the portfolio, and that's great. It's essentially an extension of the TAM more broadly into the data center end market or as we call it the cloud and AI infrastructure end market. But the core strategy of always trying to get better on all the programs across all of our businesses hasn't changed and then also our focus on our cost structure and just growing CPS to be a bigger component of the overall mix.

顯然，這為整個 IMS 產品組合增添了價值，這很棒。它本質上是將 TAM 更廣泛地擴展到資料中心終端市場，或者我們稱之為雲端運算和人工智慧基礎設施終端市場。但是，我們始終致力於在所有業務的所有專案中不斷改進的核心策略沒有改變，同時我們也專注於成本結構，並努力使 CPS 在整體組合中佔據更大的比例。

So core strategy hasn't changed, excited about ZT. And just on ZT, they've been executing well, pretty much everything that we said back to May, we've executed on to date. And now we're focused, as Jure was saying, on all the opportunities we've got ahead of us in that business.

所以核心戰略沒有改變，對ZT感到興奮。就 ZT 而言，他們的執行情況一直很好，我們五月以來所說的幾乎所有事情，到目前為止都已經執行完畢。正如 Jure 所說，現在我們專注於我們在這個行業中面臨的所有機會。

Got it. And then just as a follow-up, can you just help us a little bit more on the ZT wins for later in the year? It sounds like you have confidence in these wins that you've won some substantial stuff, but I'm wondering if you can give us color as to is it all accelerated computer-related legacy technology, too. How would you sort of describe what and why you're winning that you have confidence in doing like $14 billion on the [PAT] with $16 billion in revs?

知道了。最後，能否請您再詳細介紹一下 ZT 在今年稍後的比賽情況？聽起來你對這些勝利很有信心，認為你贏得了一些實質性的東西，但我很想知道你是否能給我們詳細說明一下，這些勝利是否也都是加速電腦相關傳統技術發展的成果。您如何描述您取得如此佳績的原因，以及為何有信心實現140億美元的稅後利潤和160億美元的營收？

I think number one, why we're winning is execution. This is a great team. They are known to execute. They have a very strong relationship with existing customers. And the way we are structuring for the future and the technologies that are coming out, these are very difficult systems. And I believe that we are positioned our customers believe that we're positioned to win.

我認為我們獲勝的第一大原因在於執行力。這是一支很棒的團隊。他們以執行死刑而聞名。他們與現有客戶保持著非常牢固的關係。而我們為未來所建造的結構以及即將出現的技術，都是非常複雜的系統。我相信，我們的客戶也相信，我們已經做好了成功的準備。

We still have to work on it and deliver opportunities are there. I mean, opportunity is not an issue. I think it's all about timing and making sure that we do what we said we're going to do as we're making commitments to our customers.

我們仍需繼續努力，機會依然存在。我的意思是，機會不是問題。我認為關鍵在於時機，並確保我們履行對客戶的承諾。

Anything else, Jon?

還有什麼事嗎，喬恩？

The only thing I would add to that, Steve, and Ruplu talked about it earlier, but there's multiple components to the ZT business and all of them we're interested in and we're investing in accelerated compute is certainly the part of it that has the most growth potential, but we're focused on all aspects.

我唯一要補充的是，史蒂夫和魯普魯之前也談到了這一點，ZT 的業務包含多個組成部分，我們對所有這些部分都感興趣，並且正在投資加速計算，這當然是其中最具增長潛力的部分，但我們關注的是所有方面。

And I think what I would just also add, we don't talk too much about it, but I think we're able to -- lot of talking. We're not going to be able to retain all customers. I think our team is doing a great job, and we have a high confidence that those customers will grow in the future, and we're going to be adding new customers to that.

我還要補充一點，我們雖然不怎麼談論這件事，但我認為我們能夠——進行很多交流。我們不可能留住所有客戶。我認為我們的團隊做得非常出色，我們非常有信心這些客戶未來會不斷發展壯大，而且我們還將不斷增加新客戶。

So from opportunities point of view, that's not an issue. I think the demand for at least what we see today, what we hear from our customers, like I said, there's a lot of opportunity. We are investing for the future. As you just heard from Jon earlier, we spent, what, over $85 million last quarter -- $87 million, and we're going to be spending around $90 million-plus. And that's all for future. That's -- 90% of that is really for '27 or '28.

所以從機會的角度來看，這不是問題。我認為，至少從我們今天所看到的，從我們的客戶那裡聽到的回饋來看，就像我剛才說的，市場有很多機會。我們是在為未來投資。正如你剛才從 Jon 那裡聽到的，我們上個季度花了 8500 多萬美元——8700 萬美元，而且我們接下來還要花 9000 多萬美元。未來就到此為止了。那其中90%其實都是為了2027年或2028年。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

Thanks a lot, Steve.

非常感謝，史蒂夫。

(Operator Instructions) Anja Soderstrom, Sidoti.

（操作說明）安雅·索德斯特羅姆，西多蒂。

Hello, Anja.

你好，安雅。

Hi, thank you for taking my question. So within industrial medical, auto, and defense, where was the pocket of weakness there?

您好，感謝您回答我的問題。那麼，在工業醫療、汽車和國防領域，弱點在哪裡呢？

Well, I think as I said in my prepared statements, I think we had some weakness in the last couple of quarters in automotive, transportation, part of the way we measure it. They're starting to stabilize, and it's mainly driven with some of the new programs that are coming that we won. And so I would say that business is going to be a short-term stable, but the longer term, I think, will start recovering.

嗯，正如我在事先準備好的聲明中所說，我認為在過去幾個季度裡，我們在汽車、交通等領域出現了一些疲軟，這是我們衡量這些領域的方式之一。它們開始趨於穩定，這主要得益於我們贏得的一些即將推出的新項目。所以我認為，短期內商業活動會保持穩定，但從長遠來看，我認為會開始復甦。

Medical is starting to recover pretty nicely. We're pretty well diversified there.

醫療方面正在逐步恢復。我們在那方面的業務多元化程度相當高。

Defense and aerospace, it's pretty stable. It's all about these are long-term programs and just that sometimes, they don't move as fast, but the demand for those are solid.

國防和航空航太領域相當穩定。這些都是長期項目，只是有時進展不會很快，但對這些項目的需求是穩定的。

Industrial, I just talked about earlier. That's a very good market for us. We talked about expansion down in Houston, Texas. We do have orders and the books already for what we call medium voltage transformers that we co-design with this Croatian European company. We're very excited about that. Actually, customer wants the product today.

我剛才提到的就是工業領域。那對我們來說是一個非常好的市場。我們討論了在德克薩斯州休斯頓的擴張計劃。我們已經收到了訂單，並且已經預訂了我們與這家克羅埃西亞歐洲公司共同設計的所謂中壓變壓器。我們對此感到非常興奮。實際上，客戶今天就想要這件產品。

So overall, that segment, we expect it to grow more growth in the second half of our fiscal year -- calendar year '26.

因此，整體而言，我們預計該業務板塊在2026財年下半年（即2026日曆年）將實現更大成長。

Okay. And did you say you expected that to grow sequentially in the second quarter, or?

好的。你之前說過預計第二季會季增嗎？

Yes, we're going to see some growth in the second quarter, but we'll see more growth in the second half of our fiscal year '26.

是的，我們預計第二季會有一些成長，但預計在 2026 財年下半年會有更大的成長。

Okay. Thank you. And then in terms of the cash cycle days, you said there were some things going on in this quarter that drove that up. Do you think we'll see a drop in the second quarter, or is that going to be taking some time to get that down?

好的。謝謝。至於現金週轉天數，您提到本季發生了一些事情導致現金週轉天數增加。你認為第二季會出現下降嗎？還是說需要一段時間才能下降？

Yeah. What I was referring to there, Anja, is that whether it's our -- I was talking primarily in my prepared remarks about inventory turns. And in that calculation, you've got the full amount of inventory that came over from ZT, but only two months of the cost of goods sold. So it somewhat distorts the calculation.

是的。安雅，我當時指的是，無論是我們的——我主要在準備好的演講稿中談論的是庫存週轉率。在該計算中，你得到了從 ZT 轉移過來的全部庫存量，但只得到了兩個月的銷售成本。所以這會在一定程度上扭曲計算結果。

Same thing applies for the cash conversion cycle, but that also applies to revenue as well. So I think we'll be a little bit better. But all in all, we're pleased with performance of the business on that front. And it's per our expectations.

現金週轉週期也遵循同樣的規律，收入也是。所以我覺得我們會好一點。但總的來說，我們對公司在這方面的表現感到滿意。這符合我們的預期。

As I mentioned for core Sanmina, we drove improvement on inventory turns, and that's been the big area that we've been focused on for the last couple of years. So we continue to do well on that front, but more work to be done.

正如我之前提到的，對於 Sanmina 的核心業務，我們提高了庫存週轉率，這也是我們過去幾年一直在關注的重點領域。因此，我們在這一方面繼續做得不錯，但仍有許多工作要做。

In ZT, once we've got a full quarter in there, I think you'll get a more realistic view of inventory turns, cash conversion cycle. But as always in our business, that's always going to be an area of focus of where can we optimize, how can we do better.

在 ZT 中，一旦我們完成一個完整的季度，我認為你就能更真實地了解庫存週轉率和現金轉換週期。但正如我們業務中一貫的做法，這始終是我們關注的重點領域，即我們可以在哪裡進行優化，如何做得更好。

Okay. Thank you. That was all for me.

好的。謝謝。這就是我全部的內容了。

Thank you, Anja.

謝謝你，安雅。

There are no further questions at this time. I would like to turn the call back to Jure Sola for closing comments. Sir, please go ahead.

目前沒有其他問題了。我想把發言權交還給 Jure Sola，請他做總結發言。先生，請繼續。

Well, ladies and gentlemen, again, thank you for your time you spend with us today. Hopefully, we answer most of your questions. If not, please contact us, and looking forward to talking to you, if not in the near term, 90 days from now.

女士們、先生們，再次感謝各位今天抽空與我們共聚一堂。希望我們能解答您的大部分疑問。如果沒有，請聯絡我們，期待與您交談，如果近期不行，90天後也可以。

Thanks a lot. Bye-bye.

多謝。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。