Sanmina Corporation (SANM) 2026 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Sanmina's third-quarter fiscal 2026 earnings conference call. (Operator Instructions) This call is being recorded on Monday, July 27, 2026.

各位女士、各位先生，下午好，歡迎參加 Sanmina 2026 會計年度第三季財報電話會議。(接線員指示) 本次電話會議將於 2026 年 7 月 27 日（週一）錄音。

I would now like to turn the conference over to Paige Melching. Please go ahead.

現在我想把會議交給 Paige Melching。請開始。

Thank you, Mark. Good afternoon, ladies and gentlemen, and welcome to Sanmina's third-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，Mark。各位女士、各位先生，下午好，歡迎參加 Sanmina 2026 會計年度第三季財報電話會議。我們今天討論所用的新聞稿與簡報投影片已公布於 sanmina.com 網站的投資人關係專區。

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

今天與我一同參與電話會議的有董事長兼執行長 Jure Sola。

Good afternoon.

下午好。

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

以及執行副總裁兼財務長 Jon Faust。

Good afternoon.

下午好。

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.

在我把電話會議交給 Jure 之前，提醒各位，今天的電話會議將進行網路直播並錄音，並會在我們的網站上提供回放。各位可搭配我們網站上提供的投影片，跟著我們事先準備的講稿內容進行。

Please turn to slide 3 of the presentation and take note of our Safe Harbor statement.

請翻到簡報第 3 頁，並留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. 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.

在本次電話會議中，我們可能會就未來事件或公司未來財務表現提出預測或其他前瞻性陳述。我們提醒各位，這些陳述僅為預測。由於安全港聲明中所列因素，公司實際結果可能與這些陳述中的預測存在重大差異。

The company is under no obligation and expressly disclaims any such 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.

除非法律另有規定，公司並無義務，且明確否認任何義務，去更新或修改本次財報新聞稿、財報簡報、電話會議或我們網站投資人關係專區中所作的任何前瞻性陳述，不論係因新資訊、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 operation for the third quarter ended June 27, 2026 on a GAAP basis, as well as certain non-GAAP financial information.

在我們今日發布的新聞稿與投影片中，我們提供了截至 2026 年 6 月 27 日止第三季的 GAAP 基礎損益表資訊，以及若干非 GAAP 財務資訊。

A reconciliation between the GAAP and non-GAAP financial information is also provided in the press release and slides posted on our website.

GAAP 與非 GAAP 財務資訊之間的調節表，也已在我們網站上發布的新聞稿與投影片中提供。

In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, non-cash 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.

一般而言，我們的非 GAAP 資訊排除重組成本、併購與整合成本、非現金股份基礎給付薪酬費用、攤銷費用，以及其他異常或不常發生的項目。我們在本次電話會議中就損益表衡量指標所做的任何評論，將以非 GAAP 財務結果為準。

Accordingly, unless otherwise stated in this conference call, when we refer to gross profit, gross margin, operating income, operating margin, taxes, net income and earnings per share, we are referring to our non-GAAP information.

因此，除非本次電話會議另有說明，當我們提及毛利、毛利率、營業利益、營業利益率、稅項、淨利與每股盈餘時，均係指非 GAAP 資訊。

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

現在我想把電話會議交給 Jure。

Thanks, Paige. Good afternoon, ladies and gentlemen, and welcome and thank you all for being here with us today.

謝謝，Paige。各位女士、各位先生，下午好，歡迎各位，並感謝大家今天與我們一同參與。

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

首先，我想藉此機會表揚我們的員工以及 Sanmina 領導團隊的優異表現。因此，對 Sanmina 團隊的各位，我要感謝你們的投入、辛勤工作，以及為客戶展現強勁的執行力。

Now please turn to slide 4.

現在請翻到第 4 頁。

Ladies and gentlemen, I can tell you that I'm very pleased with our performance. We delivered another great quarter. Revenue came in at $3.46 billion, non-GAAP operating margin at 8% and non-GAAP diluted EPS at $3.31, and cash flow from operations of $124 million.

各位女士、各位先生，我可以告訴各位，我對我們的表現非常滿意。我們再度交出一個非常出色的季度。營收為 34.6 億美元，非 GAAP 營業利益率為 8%，非 GAAP 稀釋後每股盈餘為 3.31 美元，營運活動現金流量為 1.24 億美元。

Overall, we are executing according to our plan, with strong execution in both Core Sanmina and Sanmina AI Group ZT Systems.

整體而言，我們正依照計畫執行，在 Core Sanmina 與 Sanmina AI Group ZT Systems 兩方面皆展現強勁的執行力。

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 questions and answers.

現在讓我們看一下今天電話會議的議程。我們的財務長 Jon 將為各位回顧本季業績細節。接著我會就業績與未來目標補充更多評論。然後 Jon 和我將開放問答。

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

現在，我想把電話會議交給 Jon。Jon？

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

很好。謝謝你，Jure。各位女士、各位先生，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 strong third quarter.

在我回顧本季財務結果之前，我想肯定整個 Sanmina 團隊的專注執行力，並感謝他們交出強勁的第三季表現。

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

現在請翻到第 6 頁，我將說明財務重點。

As Jure just mentioned, we are very pleased with our results for the quarter, which as you can see either met or exceeded our previously communicated outlook.

如同 Jure 剛才提到的，我們對本季結果非常滿意；如各位所見，我們的表現達到或超越先前對外溝通的展望。

Our revenue of $3.46 billion came in at the high end of our outlook range. This was driven by both the Core Sanmina business, which exceeded its outlook range with growth coming from all end markets and the ZT Systems business, which came in at the midpoint of its outlook range.

我們 34.6 億美元的營收落在展望區間的高端。這主要由 Core Sanmina 業務帶動，其營收超出展望區間，所有終端市場皆有成長；而 ZT Systems 業務則落在其展望區間的中點。

Additionally, our non-GAAP operating margin of 8.0% and our non-GAAP diluted earnings per share of $3.31 both exceeded our outlook driven by strong execution, mix and disciplined cost management as well as contribution from new product launch services or what we commonly refer to as non-recurring engineering services.

此外，我們 8.0% 的非 GAAP 營業利益率與 3.31 美元的非 GAAP 稀釋後每股盈餘也都超出展望，主要受惠於強勁的執行力、產品組合與嚴謹的成本管理，以及新產品導入服務的貢獻，亦即我們通常所稱的非經常性工程服務。

Now please turn to slide 7, where I will speak to our non-GAAP P&L performance.

現在請翻到第 7 頁，我將說明我們的非 GAAP 損益表表現。

As I just mentioned, we delivered revenue of $3.46 billion, which was up 69.7% versus the same period a year ago. Our Core Sanmina business revenue of $2.4 billion grew 17.0% versus the same period a year ago, exceeding our outlook with broad-based strength across all of our end markets and continued strength in the cloud and AI infrastructure end market.

如我剛才提到的，我們實現 34.6 億美元營收，較去年同期成長 69.7%。Core Sanmina 業務營收為 24 億美元，較去年同期成長 17.0%，並超出展望；我們所有終端市場皆呈現廣泛的強勁動能，雲端與 AI 基礎設施終端市場亦持續強勁。

Our ZT Systems business revenue of $1.1 billion was at the midpoint of our outlook with a solid performance across all product categories.

ZT Systems 業務營收為 11 億美元，落在展望中點，各產品類別皆有穩健表現。

Our non-GAAP gross profit was $370 million or 10.7% of revenue. This was up 160 basis points versus the same period a year ago, driven by both favorable mix and non-recurring engineering services. Our non-GAAP operating expenses were $94.7 million or 2.7% of revenue in line with our expectations.

我們的非 GAAP 毛利為 3.70 億美元，約占營收 10.7%。較去年同期提升 160 個基點，主要由有利的產品組合與非經常性工程服務所帶動。我們的非 GAAP 營業費用為 9,470 萬美元，約占營收 2.7%，符合我們的預期。

These strong revenue and non-GAAP gross profit results, along with ongoing cost discipline and operating leverage, enabled us to achieve non-GAAP operating profit of $275.8 million or 8.0% of revenue, up 230 basis points versus the same period a year ago. Our non-GAAP operating income and expense was a net expense of $29 million in line with our outlook.

這些強勁的營收與非 GAAP 毛利結果，加上持續的成本紀律與營運槓桿，使我們達成非 GAAP 營業利益 2.758 億美元，約占營收 8.0%，較去年同期提升 230 個基點。我們的非 GAAP 營業外收入及費用為淨費用 2,900 萬美元，符合展望。

Our non-GAAP diluted earnings per share was $3.31 based on approximately 55 million shares outstanding. This strong non-GAAP diluted earnings per share performance represents a 116.0% increase versus the same period a year ago and showcases the high potential of our combined Core Sanmina and ZT Systems businesses.

我們的非 GAAP 稀釋後每股盈餘為 3.31 美元，係以約 5,500 萬股流通在外股數計算。此一強勁的非 GAAP 稀釋後每股盈餘表現，較去年同期增加 116.0%，並展現我們整合後的 Core Sanmina 與 ZT Systems 業務所具備的高度潛力。

Now please turn to slide 8, where I will speak to the segment results.

現在請翻到第 8 張投影片，我將說明各事業部門的業績。

IMS revenue came in at $2.96 billion, up 79.4% versus the same period a year ago, driven by growth in all end markets and including the strong contribution from the ZT Systems business.

IMS 營收為 29.6 億美元，較去年同期成長 79.4%，成長動能來自所有終端市場，並包含 ZT Systems 事業的強勁貢獻。

Core Sanmina IMS revenue was $1.9 billion for the quarter, up 14.1% versus the same period a year ago. ZT Systems revenue was $1.1 billion for the quarter. Total IMS non-GAAP gross margin was 10.2%, up 270 basis points versus the same period a year ago.

本季核心 Sanmina 的 IMS 營收為 19 億美元，較去年同期成長 14.1%。本季 ZT Systems 營收為 11 億美元。IMS 整體非 GAAP 毛利率為 10.2%，較去年同期提升 270 個基點。

This was driven primarily by favorable mix, including the impact from the addition of the ZT Systems business and non-recurring engineering services.

這主要受惠於有利的產品組合，包括新增 ZT Systems 事業以及一次性工程服務的影響。

GPS revenue came in at $546 million, up 29.2% versus the same period a year ago. This was driven by strong growth in our metal fabrication business for AI system racks and our high technology printed circuit board business for aerospace and defense related products, both of which we've been investing in since the end of last fiscal year.

GPS 營收為 5.46 億美元，較去年同期成長 29.2%。這主要由我們用於 AI 系統機櫃的金屬製造業務強勁成長，以及我們用於航太與國防相關產品的高科技印刷電路板業務成長所帶動；這兩項業務自上一財年末以來我們即持續投入資本。

DPS non-GAAP gross margin was 12.8%, down 190 basis points versus the same period a year ago, but up 120 basis points on a sequential basis.

DPS 非 GAAP 毛利率為 12.8%，較去年同期下降 190 個基點，但較前一季提升 120 個基點。

The decrease year over year was primarily driven by depreciation and other expenses related to investments to support new programs, but the sequential increase and solid revenue growth are proof points of how these investments are starting to pay off.

年對年下降主要是因支援新專案投資所帶來的折舊及其他費用所致；但季對季的提升與穩健的營收成長，證明這些投資正開始帶來回報。

Now please turn to slide 9, where I will speak to the balance sheet highlights.

現在請翻到第 9 張投影片，我將說明資產負債表重點。

We continue to have a very strong balance sheet with prudent leverage and ample liquidity given us the capacity to invest in support of our growth objectives.

我們持續維持非常強健的資產負債表，槓桿運用審慎且流動性充裕，使我們有能力投資以支持成長目標。

Cash and cash equivalents were $1.84 billion, which includes the final net working capital adjustment associated with the ZT Systems acquisition. At the end of the quarter, we had no outstanding borrowings on our $1.5 billion revolver, leaving us with substantial liquidity of approximately $4.0 billion, including the term Loan A delayed draw to support the future growth of the business.

現金及約當現金為 18.4 億美元，其中包含與 ZT Systems 收購相關的最終淨營運資金調整。截至本季末，我們在 15 億美元的循環信貸額度（revolver）下無任何未償借款，因此包含用於支持未來業務成長的 A 期定期貸款延遲提用（Term Loan A delayed draw）在內，我們的總流動性約為 40 億美元。

We entered the quarter with inventory of $2.2 billion, net of customer advances, which is up 87.2% versus the same period a year ago driven by the ZT Systems acquisition. Inventory turns net of customer advances were 5.6 times for the quarter, down from 6.3 times in the same period a year ago.

本季初存貨為 22 億美元（扣除客戶預收款後），較去年同期增加 87.2%，主要由 ZT Systems 收購所帶動。扣除客戶預收款後的存貨週轉率本季為 5.6 次，低於去年同期的 6.3 次。

Our non-GAAP pre-tax ROIC was 39.1% for the quarter, well above our weighted average cost of capital and an improvement from the 24.8% from the same period a year ago. We continue to have one of the strongest balance sheets in the industry with a net leverage ratio of 0.29 times.

本季非 GAAP 稅前投入資本報酬率（ROIC）為 39.1%，顯著高於我們的加權平均資本成本，且較去年同期的 24.8% 有所提升。我們仍擁有業界最強健的資產負債表之一，淨槓桿比率為 0.29 倍。

This ratio is calculated conservatively by annualizing our EBITDA results for the first three quarters as using the proforma trailing 12 months for ZT Systems wouldn't accurately represent the current run rate of the business.

此比率採保守方式計算：將前三季的 EBITDA 結果年化；因若使用 ZT Systems 的備考（pro forma）過去 12 個月數據，將無法準確反映目前業務的實際運行水準。

As we have previously communicated, our long-term target net leverage range is 1.0 times to 2.0 times. We still expect our leverage to increase into our long-term range over time as we invest in working capital to support the growth of our business.

如先前所述，我們長期目標的淨槓桿區間為 1.0 倍至 2.0 倍。隨著我們投資營運資金以支持業務成長，我們仍預期槓桿將隨時間推移提高並進入長期目標區間。

That being said, we remain committed 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 strengthen our position in the market.

即便如此，我們仍致力於維持健康的資產負債表。這意味著審慎管理投資業務所需的流動性，並把握能進一步強化我們市場地位的策略性機會。

Now please turn to slide 10, where I will speak to our cash flow highlights.

現在請翻到第 10 張投影片，我將說明現金流重點。

Our third-quarter cash flow from operations came in at $124.5 million. As a reminder, we expect working capital to grow in advance of the growth of both the Core Sanmina and ZT Systems businesses, which will impact cash flow from operations.

第三季營運活動現金流為 1.245 億美元。提醒一下，我們預期在核心 Sanmina 與 ZT Systems 兩項業務成長之前，營運資金將先行增加，這將影響營運活動現金流。

Capital expenditures were $100.9 million for the quarter in line with our outlook and free cash flow was $223.7 million.

本季資本支出為 1.009 億美元，符合我們的展望；自由現金流為 2.237 億美元。

For the last several quarters, we've been making strategic investments in capabilities and incremental capacity across both the Core Sanmina and ZT Systems businesses, and we will continue to do so to support future growth.

過去幾季，我們已在核心 Sanmina 與 ZT Systems 兩項業務中，針對能力建置與增量產能進行策略性投資；我們也將持續如此，以支持未來成長。

In the Core Sanmina business, these investments include metal fabrication capacity for AI system racks. New capabilities for high technology printed circuit boards for both AI and aerospace and defense related products, and capacity and new equipment for the new medium voltage transformer business.

在核心 Sanmina 業務方面，這些投資包括用於 AI 系統機櫃的金屬製造產能。同時也包括用於 AI 以及航太與國防相關產品的高科技印刷電路板新能力，以及新中壓變壓器業務所需的產能與新設備。

In the ZT Systems business, the focus has been on incremental power, liquid cooling, test cell capacity, and automation for the next generation of accelerated compute. We believe these strategic investments will help drive profitable growth and future cash flows and generate an attractive ROI for the company and shareholders.

在 ZT Systems 業務方面，重點在於增量電力、液冷、測試單元（test cell）產能，以及用於下一代加速運算的自動化。我們相信，這些策略性投資將有助於推動獲利成長與未來現金流，並為公司與股東創造具吸引力的投資報酬率（ROI）。

We did not repurchase any shares within the quarter and had approximately $600 million available in our board-authorized share repurchase program as of the end of the third quarter.

本季我們未回購任何股份；截至第三季末，董事會授權的庫藏股回購計畫尚有約 6 億美元可用額度。

With the current growth trajectories and profitability profiles of the Core Sanmina and ZT Systems businesses, we're confident in our ability to generate future cash flows and therefore will continue to make both working capital and other strategic investments while balancing our commitment to a healthy balance sheet in line with our prudent fiscal policies.

鑑於核心 Sanmina 與 ZT Systems 兩項業務目前的成長軌跡與獲利結構，我們對未來現金流的創造能力充滿信心；因此，我們將在遵循審慎財務政策、維持健康資產負債表的同時，持續進行營運資金與其他策略性投資。

Now please turn to slide 11 where I will provide an update on the ZT Systems business.

現在請翻到第 11 張投影片，我將更新 ZT Systems 業務的最新進展。

As we mentioned last quarter, the Sanmina and ZT Systems leadership teams have been working together to ensure a successful and seamless integration of the business with the clear objective to realize the full value of combining the two companies.

如同我們上季提到的，Sanmina 與 ZT Systems 的管理團隊一直密切合作，以確保業務整合成功且順暢，明確目標是充分實現兩家公司結合的全部價值。

In order to do this, we put a three-phase plan in place which we continue to execute against. Since last quarter, we've continued to streamline processes, improve the way we work and drive efficiencies for our customers.

為此，我們制定了三階段計畫，並持續按計畫推進執行。自上季以來，我們持續精簡流程、改善工作方式，並為客戶提升效率。

We've also continued to make the necessary capital investments such as incremental power, liquid cooling capabilities, test cell capacity and new automation capabilities to be production ready for the next generation of accelerated compute.

我們也持續進行必要的資本投資，例如增量電力、液冷能力、測試單元（test cell）產能，以及新的自動化能力，以便為下一代加速運算做好量產準備。

Last quarter, we communicated that we secured orders for the next generation accelerated compute business with both hyperscale and OEM customers, and I'm pleased to announce that we continued to secure more customer orders in the third quarter, expanding our overall customer base.

上季我們提到，已向超大規模（hyperscale）與 OEM 客戶取得下一代加速運算業務的訂單；我很高興宣布，我們在第三季持續取得更多客戶訂單，並擴大整體客戶基礎。

Customer validation process is going well, and we're working in very close collaboration with AMD and our joint customers to support almost all pre-production activities, providing the quality, delivery, and services to support customer needs. While we're still working with customers to finalize their production schedules and operating models, we are exactly where we expected to be at this point in the process.

客戶驗證流程進展良好，我們正與 AMD 及我們的共同客戶緊密協作，支援幾乎所有量產前活動，並提供品質、交付與服務以滿足客戶需求。雖然我們仍在與客戶合作以敲定其生產排程與營運模式，但就目前流程進度而言，我們正如預期地處於應有的位置。

We've also made progress with the third and final phase of the plan, which is about realizing synergies through vertical integration and increasing our addressable market by expanding on our existing engineering capabilities to support all platforms.

我們也在計畫的第三個也是最後一個階段取得進展；該階段著重於透過垂直整合實現綜效，並在既有工程能力基礎上擴展以支援所有平台，從而提升我們的可服務市場（addressable market）。

As a result of our broader focus on the cloud and AI infrastructure end market, since the announcement of the ZT Systems acquisition, we've now won incremental programs in the Core Sanmina business, including with new customers and additional platforms, and we expect those wins to expand and scale in the coming quarters.

因此，隨著我們更聚焦於雲端與 AI 基礎設施終端市場，自宣布收購 ZT Systems 以來，我們已在核心 Sanmina 業務中贏得額外專案，包括來自新客戶及新增平台；我們預期這些成果將在未來幾季持續擴大並放量。

Our close collaboration with customers during the pre-production validation process has given us the opportunity to showcase our unique value proposition.

我們在量產前驗證流程期間與客戶的緊密合作，讓我們有機會展現我們獨特的價值主張。

By combining ZT Systems' large-scale systems integration capabilities with Sanmina's extensive sub-assembly expertise, we can deliver a full suite of offerings that includes our components, products and services.

透過結合 ZT Systems 的大規模系統整合能力與 Sanmina 深厚的次組裝專業，我們能提供完整的產品與服務組合，涵蓋我們的零組件、產品與服務。

It's also important to note that as we continue to grow the cloud and AI infrastructure business, leveraging ZT Systems capabilities and Sanmina's global footprint, some of these new business wins will be manufactured in Core Sanmina factories, which we saw in our actual Q3 results and we expect to accelerate going forward.

同樣重要的是，隨著我們持續擴展雲端與 AI 基礎設施業務，並運用 ZT Systems 的能力與 Sanmina 的全球佈局，其中部分新的業務斬獲將在 Sanmina 核心工廠製造；這點我們已在實際第三季結果中看到，且預期未來將加速。

Now, please turn to slide 12, where I will provide our outlook for the fourth quarter.

現在請翻到第 12 頁投影片，我將提供我們對第四季的展望。

Our outlook is based on current customer forecasts and includes an extra week and takes into account ongoing market uncertainties and the geopolitical environment.

我們的展望係基於目前客戶預測，包含額外一週，並考量持續的市場不確定性與地緣政治環境。

With that said, we expect revenue between $3.3 billion and $3.6 billion. We expect Core Sanmina revenue to be in the range of $2.5 billion to $2.6 billion and ZT Systems revenue to be between $0.8 billion to $1.0 billion.

在此基礎上，我們預期營收介於 33 億至 36 億美元。我們預期 Sanmina 核心業務營收介於 25 億至 26 億美元，ZT Systems 營收介於 8 億至 10 億美元。

This ZT Systems range is lower than the implied guidance we provided last quarter and is driven completely by a few legacy programs, which as I've mentioned before, can vary from quarter to quarter based on customer timing needs.

此 ZT Systems 區間低於我們上季提供的隱含指引，完全是由少數既有（legacy）專案所致；如我先前提到，這些專案會因客戶時程需求而在各季之間有所波動。

Also, keep in mind that while the new next generation accelerated compute program is on track, we haven't included it in our Q4 outlook due to revenue recognition timing. We expect it to begin contributing to revenue in Q1 fiscal 2027 and to ramp over time.

另外請記住，雖然新的下一代加速運算專案進度如期，但由於收入認列時點的關係，我們尚未將其納入第四季展望。我們預期其將於 2027 會計年度第一季開始貢獻營收，並隨時間逐步放量。

At the midpoint, total Sanmina revenue would be $3.45 billion, which reflects 64.6% growth versus the same period a year ago, non-GAAP operating margin of 7.5% to 8.0% driven by mix and continued contribution from the non-recurring engineering services that I referenced earlier.

以中位數計算，Sanmina 總營收將為 34.5 億美元，較去年同期成長 64.6%；非 GAAP 營業利益率為 7.5% 至 8.0%，主要受產品組合（mix）帶動，並持續受益於我先前提及的一次性工程服務（non-recurring engineering services）貢獻。

We expect other income and expense to be a net expense of approximately $30 million. We expect our non-GAAP effective tax rate to be between 21% to 23%. We estimate an approximate $6 million non-cash reduction to our net income to reflect our India joint venture partners' equity interest, non-GAAP diluted earnings per share in the range of $3.05 to $3.35 based on approximately 55 million fully diluted shares outstanding.

我們預期其他收益與費用淨額約為 3,000 萬美元的淨費用。我們預期非 GAAP 有效稅率介於 21% 至 23%。我們估計將以約 600 萬美元的非現金方式減少淨利，以反映我們印度合資夥伴的股權權益；在約 5,500 萬股完全稀釋流通股數的基礎上，非 GAAP 稀釋每股盈餘介於 3.05 至 3.35 美元。

At the midpoint of $3.20, that represents a 92.0% increase compared to the same period a year ago.

以中位數 3.20 美元計，較去年同期增加 92.0%。

We expect capital expenditures to be $135 million as we continue to invest strategically to support our future growth expectations.

我們預期資本支出為 1.35 億美元，因我們將持續策略性投資以支持未來成長預期。

And finally, depreciation of approximately $50 million.

最後，折舊約為 5,000 萬美元。

Now please turn to slide 13, where I will provide our outlook for the full fiscal year 2026.

現在請翻到第 13 頁投影片，我將提供我們對 2026 會計年度全年的展望。

With our results for the third quarter and our outlook for the fourth, we expect fiscal 2026 revenue to be in the range of $14.0 billion to $14.3 billion. We expect Core Sanmina revenue to be in the range of $9.1 billion to $9.2 billion at the midpoint of $9.15 billion on a full year basis.

結合第三季結果與第四季展望，我們預期 2026 會計年度營收介於 140 億至 143 億美元。我們預期 Sanmina 核心業務營收介於 91 億至 92 億美元，全年中位數為 91.5 億美元。

This represents 12.6% growth, which exceeds the expectations we set at the beginning of the year for the Core Sanmina business to grow in the high single-digits.

這代表 12.6% 的成長，超出我們年初對 Sanmina 核心業務「高個位數」成長的預期。

We expect ZT Systems revenue between $4.8 billion to $5.0 billion for the 11 months, which falls within the $5 billion to $6 billion annualized run rate range that we communicated when we first announced the acquisition of the ZT Systems business.

我們預期 ZT Systems 在 11 個月期間的營收介於 48 億至 50 億美元，落在我們首次宣布收購 ZT Systems 業務時所溝通的 50 億至 60 億美元年化營收運行率區間內。

Non-GAAP operating margin between 6.85% to 7.25% non-GAAP diluted earnings per share in the range of $11.90 to $12.20 based on approximately 55 million fully diluted shares outstanding. At the midpoint of $12.05, that represents an almost 100% increase compared to the same period a year ago.

非 GAAP 營業利益率介於 6.85% 至 7.25%；在約 5,500 萬股完全稀釋流通股數的基礎上，非 GAAP 稀釋每股盈餘介於 11.90 至 12.20 美元。以中位數 12.05 美元計，較去年同期幾乎增加 100%。

In summary. I'm very pleased with our results for the third quarter and our fiscal 2026 results to date. There's still a lot of work to do, but we're on a great trajectory for both the Core Sanmina and ZT Systems businesses.

總結來說。我對我們第三季的表現以及截至目前的 2026 會計年度成果感到非常滿意。仍有許多工作要做，但無論是 Sanmina 核心業務或 ZT Systems 業務，我們都正走在非常好的軌道上。

Based on what is in front of us, we are more confident than ever in our ability to achieve revenue of $16 billion plus in 2027, and we believe we're setting a strong foundation for future growth beyond that in the current strong demand environment.

基於我們眼前的情勢，我們對於在 2027 年達成 160 億美元以上營收的能力比以往更有信心；並且我們相信，在目前強勁需求環境下，我們正為其後的長期成長奠定堅實基礎。

And with that, I would now like to turn the call back over to Jure.

接下來，我想把電話交回給 Jure。

Thank you, Jon.

謝謝你，Jon。

Ladies and gentlemen, as you heard from Jon, we delivered a strong result for the third quarter. Most important is that we are executing to our plan. We are expanding existing partnerships and we're adding new customers and new projects to drive future growth.

各位女士先生，如同你們從 Jon 那裡聽到的，我們第三季交出強勁的成果。最重要的是，我們正按計畫執行。我們正在擴大既有合作夥伴關係，並新增客戶與新專案，以推動未來成長。

Please turn to slide 15.

請翻到第 15 頁投影片。

Let's look at the revenue by end market for the third quarter fiscal year 2026. Communication networks, cloud, and AI infrastructure was 62% of our revenue, or $2.148 billion. That's up 173.2% year over year.

我們來看 2026 會計年度第三季按終端市場劃分的營收。通訊網路、雲端與 AI 基礎設施占我們營收的 62%，即 21.48 億美元。較去年同期成長 173.2%。

Industrial, energy, medical, defense, aerospace, automotive, and transportation came in at 38% of our revenue or $1.316 billion. That was nicely up of 4.8% year over year.

工業、能源、醫療、國防、航太、汽車與運輸占我們營收的 38%，即 13.16 億美元。較去年同期穩健成長 4.8%。

Core Sanmina revenue grew, as you heard from Jon, 17% year over year at $2.4 billion per quarter. Bookings in the third quarter were strong, book-to-bill better than 1.1.

如同 Jon 所提到的，Sanmina 核心業務營收年增 17%，單季達 24 億美元。第三季接單表現強勁，接單出貨比（book-to-bill）優於 1.1。

And as you can see, we are well diversified within our market leaders. At this time, we are seeing very positive trends in our end markets.

如你所見，我們在各市場領導者之間的布局相當多元分散。目前我們在終端市場看到非常正向的趨勢。

To tell you more about it, please turn to slide 16.

若要進一步說明，請翻到第 16 頁投影片。

Let me talk more about each of these key markets. Communication networks, cloud, AI infrastructure, I can tell you that AI is driving growth in this entire end market. Bookings continue to be strong and we're adding new customers. Strong pipeline of new projects for fiscal year '27 and '28 is very exciting. We are well positioned to drive the growth in this segment.

我再多談談這些關鍵市場。在通訊網路、雲端與 AI 基礎設施方面，我可以告訴各位，AI 正在帶動整個終端市場的成長。接單持續強勁，我們也在新增客戶。2027 與 2028 會計年度的新專案管線非常強勁，令人振奮。我們已具備良好條件推動此區隔的成長。

Let me share with you some of the products that we are focused in this segment. Around cloud AI infrastructure, we focused on accelerated compute, general-purpose compute, storage, and high-performance networks around IP switching and routing and optical systems.

我也與各位分享我們在此區隔所聚焦的一些產品。在雲端 AI 基礎設施方面，我們聚焦於加速運算、通用運算、儲存，以及圍繞 IP 交換與路由與光學系統的高效能網路。

Again, we continue to see strong demand in this segment.

同樣地，我們持續看到此區隔的強勁需求。

Now let me talk to you about industrial and energy. This segment is doing well. We expect the growth to accelerate in fiscal year '27. We are expanding energy business for AI data centers from engineering to design to full system with vertical integration.

接著我談談工業與能源。此區隔表現良好。我們預期 2027 會計年度成長將加速。我們正擴展 AI 資料中心的能源業務，從工程到設計再到具垂直整合的完整系統。

Some of the key products that we focused on is power generation distribution, medium voltage grid scale transformers, power storage and management, safety and surveillance equipment such as airport security, video surveillance, emergency communications and semiconductor capital equipment primarily around lithography equipment.

我們聚焦的一些關鍵產品包括發電與配電、中壓電網級變壓器、電力儲存與管理、安全與監控設備（例如機場安檢、影像監控、緊急通訊），以及半導體資本設備，主要圍繞微影設備。

Let me talk to you about medical.

我來跟各位談談醫療。

This segment has been very stable end market for us. We expect more growth to accelerate in fiscal year '27, and we continue to leverage our regulatory knowledge and experience to expand customer base in this segment, and we continue to win the new programs that we believe will drive the growth.

這個事業部門對我們而言一直是非常穩定的終端市場。我們預期在2027會計年度成長將加速，並且我們持續運用在法規方面的知識與經驗來擴大此領域的客戶基礎，同時也持續贏得我們認為將帶動成長的新專案。

Some of the key areas that we focus on is disposable, wearable and consumable products, such as glucose sensors, drug delivery for hospital laboratory diagnosing and research equipments around surgical robots, diagnostic imaging, patient monitoring, et cetera. Again, very good customer base and continue to expand.

我們聚焦的一些關鍵領域包括一次性、穿戴式與耗材類產品，例如血糖感測器、藥物遞送；以及用於醫院、實驗室診斷與研究的設備，包含手術機器人、診斷影像、病患監測等等。同樣地，我們擁有非常好的客戶基礎，並持續擴大。

Let me tell you more about defense and aerospace.

我再多談一些國防與航太。

For this segment, we expect the growth in traditional USA defense and aerospace business to continue. We're expanding our customer base in satellite market. And we continue to see strong demand in '27, '28 and beyond.

在這個領域，我們預期美國傳統國防與航太業務的成長將持續。我們正在擴大在衛星市場的客戶基礎。而且我們持續看到在2027、2028以及更長期的強勁需求。

The key products that we are focused around is defense equipment such as advanced military communications, missile control and guidance systems, satellite control and communication, drones and defense and commercial aerospace.

我們聚焦的關鍵產品包括國防設備，例如先進軍用通訊、飛彈控制與導引系統、衛星控制與通訊、無人機，以及國防與商用航太。

So let me give you more insight on automation and transportation. Overall, this segment is stable for us and we'll see continued growth from new and existing customers. New programs are driving the growth. Area of focus is automotive, electrical vehicle and autonomous vehicles and transportation.

接著我再提供各位更多關於自動化與運輸的洞見。整體而言，這個事業部門對我們來說相當穩定，我們將從新舊客戶看到持續成長。新專案正在帶動成長。聚焦領域包括汽車、電動車、自動駕駛車與運輸。

So now please turn to slide 17.

現在請翻到第17頁投影片。

At Sanmina, we have diverse set of capabilities and we provide end-to-end solution for all our key markets. The key for our business to grow is that we get involved in early stage of the product development where we provide our customer full system architecture to fabrication of high technology printed circuit boards, product assembly, mechanical rocks, including liquid cooling, manifolds, bus bars.

在Sanmina，我們具備多元能力，並為所有關鍵市場提供端到端解決方案。我們業務成長的關鍵在於參與產品開發的早期階段：我們為客戶提供從完整系統架構到高科技印刷電路板製造、產品組裝、機構件（包括液冷、歧管、匯流排）等。

Also, we provide paramount ODM and joint development products around compute and storage system, custom memory, custom optical modules, all the way to full system integration to global fulfillment services.

此外，我們也提供一流的ODM與聯合開發產品，涵蓋運算與儲存系統、客製化記憶體、客製化光學模組，一直到完整系統整合與全球履約服務。

So overall business update is that we are expanding our customer base. We are winning new AI platform business. We're increasing our addressable market to vertical integration and engineering. And we continue to invest in capabilities and capacity to support future growth for fiscal year '27, '28.

整體業務更新如下：我們正在擴大客戶基礎。我們正在贏得新的AI平台業務。我們透過垂直整合與工程能力擴大可服務市場。並且我們持續投資能力與產能，以支援2027、2028會計年度的未來成長。

Also, again, I want to tell you that AI demand is very strong.

另外，我再次想強調，AI需求非常強勁。

Please turn to slide 18.

請翻到第18頁投影片。

As you can see, Sarmina has a very efficient manufacturing footprint in North America, Europe and Asia. Sanmina manufacturing footpath is strategically positioned to support our customers. We are well aligned with our customer requirements, supported with very strong USA presence.

如各位所見，Sanmina在北美、歐洲與亞洲擁有非常高效率的製造佈局。Sanmina的製造佈局在策略上定位良好，可支援我們的客戶。我們與客戶需求高度一致，並且在美國擁有非常強的據點支撐。

Sanmina supply chain is industry-leading, managed by Sanmina One IT System and Smart MES. We are leveraging our established global infrastructure to deliver the right solutions to our customers with quality, speed, flexibility and scale. It's our competitive advantage for our customers.

Sanmina的供應鏈為業界領先，由Sanmina One IT系統與Smart MES管理。我們運用既有的全球基礎設施，以品質、速度、彈性與規模，為客戶提供合適的解決方案。這是我們為客戶帶來的競爭優勢。

Please turn to slide 19.

請翻到第19頁投影片。

In summary, as you heard both from Jon and myself, we delivered a great third-quarter results. We're finishing fiscal year '26 better than forecast.

總結來說，正如各位從Jon和我這裡聽到的，我們交出了非常出色的第三季業績。我們將以優於預期的表現結束2026會計年度。

Our outlook for fiscal year '26 is to be in a range of $14 billion to $14.3 billion. At midpoint, we should see a growth of 75% year over year.

我們對2026會計年度的展望為140億至143億美元。以中位數來看，我們應可看到年增75%的成長。

We're also planning to deliver non-GAAP EPS at the midpoint of guidance and that should be up, as you heard from Jon, 100% year over year.

我們也計畫在指引中位數達成非GAAP每股盈餘（EPS），而且如各位從Jon那裡聽到的，這應該會年增100%。

Sanmina Core business is doing well. We expect to see growth over 12.6% in fiscal year '26, and we are well diversified across all end markets.

Sanmina核心業務表現良好。我們預期2026會計年度成長超過12.6%，且在所有終端市場均衡多元。

Now let me give you a few more comments about fiscal year '27.

接下來我再補充幾點關於2027會計年度的看法。

At this time, we are very confident in shipping $16 billion-plus in fiscal year '27, and we'll talk to you more about it in end of the year. We see higher revenue growth in the second half of fiscal year '27 and that growth should continue into the fiscal year '28. This is driven by strong demand from AI data center customers and also, we see positive trends in other markets.

目前，我們非常有信心在2027會計年度出貨達到160億美元以上，我們會在年底再與各位更詳細說明。我們看到2027會計年度下半年營收成長更高，而這樣的成長應會延續到2028會計年度。這主要由AI資料中心客戶的強勁需求所驅動，同時我們也在其他市場看到正向趨勢。

Again, with opportunities ahead of us, I'm personally very excited about our future.

再次強調，面對眼前的機會，我個人對我們的未來感到非常振奮。

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

各位女士、先生，現在我想感謝大家撥冗與支持。接線生，我們現在準備開放電話線進行問答。再次謝謝大家。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（接線生指示）Ruplu Bhattacharya，美國銀行。

Hi, thanks for taking my questions. Jure, Jon, 3Q operating margin came in much higher than expected and looks like you're guiding 4Q operating margin 25 bps lower, but still strong. However, it seems to me that that's because the mix of the business is less ZT than originally expected.

嗨，謝謝讓我提問。Jure、Jon，第三季營業利益率遠高於預期，看起來你們對第四季的營業利益率指引低25個基點，但仍然強勁。不過在我看來，這似乎是因為業務組合中ZT的占比低於原先預期。

How should we think about operating margins going forward as ZT-related AI revenues become a higher part of the mix? And for this quarter, what was the margin impact of the nonrecurring engineering services? And I have a couple of follow-ups.

隨著與ZT相關的AI營收在組合中的占比提高，我們應該如何看待未來的營業利益率？另外，就本季而言，非經常性工程服務對毛利率的影響是多少？我還有幾個追問。

Hey, Ruplu, this is Jure. I'll turn the call over to Jon, but I just want to say we work very hard in this business to make extra bucks.

嘿，Ruplu，我是Jure。我把電話交給Jon，不過我想先說，我們在這門生意上非常努力去多賺一些錢。

So with that, I'll turn it over to Jon.

那麼，我把時間交給Jon。

Yes, Ruplu, I hope you're doing well. Thanks for the question. So we're definitely very pleased with the margin performance this quarter. It certainly was a beat versus our expectations, and a lot of that is due to mix, like you say.

是的，Ruplu，希望你一切都好。謝謝你的問題。我們對本季的利潤率表現確實非常滿意。這確實超出我們的預期，而其中很大一部分正如你所說，是由產品組合所致。

On the Core Sanmina side, just to start with that, we did very well, both in IMS and CPS. With the growth of CPS, like that was a big contributor, so Core Sanmina is doing better than what we had expected or at least on the high end of the range, probably a little bit better.

先從Sanmina核心業務談起，我們表現非常好，IMS與CPS兩邊都很強。隨著CPS成長，那是很大的貢獻來源，因此核心業務的表現優於我們原先預期，或至少在區間的高端，可能還略好一些。

And then ZT did very well too, and that's part of the mixed story, as well as the engineering services that we talked about. Now that was something where we didn't expect to do quite as much as what we did. We did forecast some of that, but we did quite a bit, and this is a great thing for us because it basically means that we're doing a lot.

接著ZT的表現也非常好，這也是組合因素的一部分，另外還有我們提到的工程服務。這部分原本我們沒預期會做到像實際這麼多。我們確實有預測到一部分，但實際做了相當多；這對我們是件好事，因為基本上代表我們正在做很多工作。

Almost all of the pre-production work for the new accelerated compute program. And the way that works just to help explain is there's not a whole lot of revenue associated with it, but a lot of labor charges. So that drove the margin profile.

幾乎所有新加速運算專案的量產前工作。為了幫助說明其運作方式：與其相關的營收其實不多，但有大量的人工費用計入。因此帶動了利潤率輪廓。

And as we work to ramp that program, we expect it to continue into Q4 and that's why it's part of our guide, but it will ramp down a little bit over time. Longer-term as we look ahead, much like Jure and I have communicated before, we still expect margin to 6% to 7% range.

隨著我們努力加速推進該計畫，我們預期它會延續到第四季，因此也納入我們的指引之中，但隨著時間推移，其增速會略為放緩。從較長期來看，展望未來，正如 Jure 和我先前所溝通的，我們仍預期利潤率落在 6% 到 7% 的區間。

So as we start to see growth come back on the accelerated compute side, we think will be no real change to that profile yet, but more to come when we announce our results at the end of the fiscal year and guide fiscal 2027 formally.

因此，當我們開始看到加速運算端的成長回來時，我們認為目前那個輪廓不會有實質變化，但在我們於會計年度末公布結果並正式提供 2027 會計年度指引時，會有更多內容。

I can add to that an operating margin. I think we're going to continue to be focused on a mix, improving our margins through a lot of the new capabilities that we deliver, and I believe those things will help us in the future.

我可以補充一下營業利潤率。我認為我們會持續聚焦於產品組合，透過我們所交付的許多新能力來改善利潤率，而我相信這些事情將在未來幫助我們。

Absolutely.

完全同意。

Thanks for the details there.

謝謝你提供這些細節。

I think you talked about some legacy programs coming in lower than expected. Do you still have backlog of older systems and how should we think about ZT revenue growth in fiscal '27? I think you said you have strong bookings and pipeline. So is it reasonable for investors to think that ZT revenues can grow 50% year on year in fiscal '27?

我想你提到一些舊有計畫的表現低於預期。你們是否仍有舊系統的積壓訂單（backlog），以及我們應該如何看待 2027 會計年度 ZT 的營收成長？我想你說你們的接單（bookings）與管線（pipeline）很強。那麼投資人是否可以合理地認為，ZT 的營收在 2027 會計年度可以年增 50%？

Yes, it's still too early to formally guide fiscal year '27, either on the Core Sanmina side or the ZT System side, but we're getting close to that, locking down production schedules with customers and all the other details that we would normally need.

是的，現在要正式提供 2027 會計年度的指引仍為時過早，不論是 Core Sanmina 端或 ZT Systems 端都是如此，但我們已經接近了，正在與客戶敲定生產排程以及我們通常所需的其他所有細節。

But yes, when you think just about ZT Systems this past quarter and even our guide for Q4, not a lot of accelerated compute, and that was as expected. The legacy platform for accelerated compute had pretty much gone to zero.

不過是的，若只看 ZT Systems 本季以及我們對第四季的指引，加速運算的占比不高，而這也在預期之內。加速運算的舊平台幾乎已降到零。

Even as of last quarter, we're really focused on the future. And when it comes to the other product categories like storage and general purpose compute, that can vary from quarter to quarter.

即便在上個季度，我們其實就非常聚焦於未來。至於其他產品類別，例如儲存與通用運算，則可能會因季度而異。

As we've said, and that's what we're seeing in our Q4. So it's really just a timing shift because we still do have some legacy programs in those two product categories. And that will be an area of focus for us to grow into the future as well.

正如我們所說，這也是我們在第四季所看到的情況。因此這主要只是時點的移轉，因為在這兩個產品類別中，我們仍確實有一些舊有計畫。而這也將是我們未來持續成長的重點領域。

First things first, though, we were always focused on winning the future of accelerated compute. That was priority number one. But as I talked about in my prepared remarks, as soon as we did the ZT Systems deal, we've had a broader focus.

不過首要之務一直都是聚焦於贏得加速運算的未來。那是第一優先。但如我在事先準備的發言中提到的，一旦我們完成 ZT Systems 這筆交易，我們的聚焦範圍就更廣了。

Cloud and AI infrastructure and winning programs more broadly and we started to see some of that even on the Core Sanmina side of the business and that's where I'll point you to our communication networks and cloud infrastructure end market, even with ZT Systems not included that grew 33%, so that's an acceleration. So a lot of opportunity that we're focused on for the future.

雲端與 AI 基礎設施，以及更廣泛地贏得專案，我們甚至在 Core Sanmina 業務端也開始看到一些成果；我會請你參考我們的「通訊網路與雲端基礎設施」終端市場，即使不包含 ZT Systems 也成長了 33%，這代表成長正在加速。因此我們聚焦於未來有很多機會。

I'm going to throw one more question at you, Jon.

我再丟一個問題給你，Jon。

As you build these production racks, how should we model working capital and free cash flow? Just if you can give us your thoughts on that.

當你們建置這些生產機櫃（racks）時，我們應該如何建模營運資金與自由現金流？如果你能分享一下你們的想法。

Thanks, both of you, for all the details.

謝謝你們兩位提供所有細節。

Yeah, thanks, Rulpu, for the question. So we do expect working capital to build. That's an investment in the business. And you started to see that dynamic a little bit this quarter, and that will start to accelerate. We expect it to as we go into Q4 and the beginning of the next year as that program ramps.

好的，謝謝你，Rulpu，提出這個問題。我們確實預期營運資金會增加。那是對業務的投資。你在本季已經稍微看到這個動態，而接下來會開始加速。隨著該計畫放量，我們預期在進入第四季以及明年初會出現這種情況。

So I do expect some pressure on our overall working capital numbers, but again, that's a positive thing, that's an investment in our business.

因此我確實預期我們整體營運資金數字會承受一些壓力，但再次強調，這是正面的，因為那是對我們業務的投資。

Now some of the final operating model details with the customers haven't been sorted out yet, so we'll talk more about that in our Q4 earnings call when we announce those results and formally guide fiscal year 2027. Jure and I will be sure to speak about the cash flow dynamics and the working capital dynamics, but to provide a little bit of insight. Now, that working capital we do expect to build.

目前與客戶之間的一些最終營運模式細節尚未完全釐清，因此我們會在第四季法說會、公布結果並正式提供 2027 會計年度指引時，再多談一些。Jure 和我一定會談到現金流動態與營運資金動態，但先提供一點洞見。我們確實預期營運資金會增加。

Thanks, Rupul.

謝謝你，Rupul。

Manmohanpreet Singh, JPMorgan.

JPMorgan 的 Manmohanpreet Singh。

Thank you for taking my question.

謝謝讓我提問。

For my first one, I just wanted to ask that you highlighted new customer wins or new programs related to your AMD business. But beyond that, can you double click on new wins relative to alternate chip designers or rack manufacturers, particularly Cerebras, which announced it yourself as a contract manufacturer, and then broader TAM relative to all these new age chip manufacturing companies and rack building companies?

第一個問題，我想問的是，你們強調了與 AMD 業務相關的新客戶得標或新專案。但除此之外，你能否更深入談談相對於其他晶片設計商或機櫃製造商的新得標，特別是 Cerebras——你們曾宣布自己是其合約製造商——以及相對於這些新世代晶片製造公司與機櫃建置公司的整體 TAM（總可服務市場）？

And I have a follow-up. Thank you.

我還有一個追問。謝謝。

Yes, thanks for the question, MP. So you're right. So we're very pleased with our results. Everything as it relates to ZT Systems and our partnership with AMD there is very much on track, so in line with expectations. And as we don't normally talk customer names, but given you brought it up, that is the additional platform business that we were referring to when we talked about that within the Core Sanmina business with Cerebras.

是的，謝謝你的問題，MP。你說得對。我們對業績非常滿意。所有與 ZT Systems 以及我們與 AMD 的合作相關事項都完全按計畫進行，符合預期。而我們通常不會談客戶名稱，但既然你提到了，這就是我們在談到 Core Sanmina 業務中與 Cerebras 的額外平台業務時所指的內容。

So we're very excited about that too, and it goes along with the comments in my prepared. Remarks about our broader focus on the cloud and AI infrastructure end market, right? And we've talked for a while now, Jure and myself, about wanting to do business across multiple platforms, different lines of business, and we are starting to see that.

因此我們也對此非常興奮，這也呼應我在事先準備的發言中所提到的：我們更廣泛地聚焦於雲端與 AI 基礎設施終端市場，對吧？而且一段時間以來，Jure 和我一直在談，希望能跨多個平台、不同事業線開展業務，而我們開始看到這正在發生。我們開始看到這一點。

We are seeing some success of that with new program wins, so we're very happy with that. And you even saw it in our Q3 results as we started to accelerate the Core Sanmina results for the communication networks and cloud infrastructure end market. So continue to be an area of focus for us going forward because as Jure and I both mentioned, very strong demand environment out there and we think we've got all the capabilities to be successful in that end market and that's why we're focused on it.

我們在新專案得標上看到一些成功，因此我們非常高興。而且你在第三季的結果中也看到了：我們開始加速 Core Sanmina 在「通訊網路與雲端基礎設施」終端市場的表現。因此未來我們會持續把它作為重點領域，因為如 Jure 和我都提到的，外部需求環境非常強勁，我們認為自己具備在該終端市場成功所需的所有能力，這也是我們聚焦於此的原因。

Yes, and MP, this is Jure, just to add a few more things. In addition to that, there's a lot of interest in our capabilities, especially now as we expanded our engineering capabilities and investments that we'll be making in the last 12 months.

是的，MP，我是 Jure，再補充幾點。除此之外，市場對我們的能力非常有興趣，特別是現在我們擴大了工程能力，以及過去 12 個月我們所做的投資。

We have some capabilities that basically go across multiple platforms very fast.

我們具備一些能力，基本上可以非常快速地跨多個平台展開。

And just one last comment, too, to add what Jure was saying. So you see it not only in our IMS segments of the Core Sanmina business, but also the CPS segment. So I talked about the metal fabrication and the investments that we've made for AI system racks. That's been the area of focus for us and high technology printed circuit boards too.

最後再補充一點，呼應 Jure 所說的。你不僅在 Core Sanmina 業務的 IMS 部門看得到，也在 CPS 部門看得到。我提到過金屬加工，以及我們為 AI 系統機櫃所做的投資。那一直是我們的重點領域，高科技印刷電路板也是。

Got it. Thank you.

了解。謝謝。

And for my follow-up, I just wanted to ask about the legacy communication networks and cloud and AI infrastructure business, which I think was growing year over year at 30%-plus growth rate.

接著我的追問，我想請教關於傳統通訊網路以及雲端與 AI 基礎設施業務；我記得該業務年增率一直在 30% 以上。

Just wanted to check what are the product categories that are driving the growth there and how sustainable is the growth rate which you are seeing in that. Thank you.

想確認一下，是哪些產品類別在帶動那邊的成長，以及你們目前看到的成長率可持續性如何。謝謝。

Yes, great question. And you're right. So we did grow over 30% this quarter. If you look back in history, I think the last six, seven quarters in a row, we've been growing that segment of the business about 20% year over year. And that accelerated this quarter, and it's primarily due to the incremental programs and the new customers that we're adding in the Core Sanmina business.

是的，問得很好。你說得沒錯。所以我們本季確實成長超過 30%。如果回頭看歷史，我想過去連續六、七個季度，我們該業務區塊的年增率大約在 20%。而本季加速成長，主要是因為我們在核心 Sanmina 業務中新增的增量專案以及新客戶。

And that's that whole broader focus. And it's across multiple different product types. Jure gave a few examples, but I think the ZT Systems product, categories between accelerated compute, general purpose compute and storage, but we're also seeing benefits on the communication network side with those types of customers.

這也就是更廣泛的聚焦方向。而且涵蓋多種不同的產品類型。Jure 舉了幾個例子，我認為 ZT Systems 的產品類別涵蓋加速運算、通用運算與儲存，但我們也在通訊網路端，從這類客戶那邊看到受益。

So talk optical systems or IP switching and routing, right, data center networking. So a lot of opportunity out there. And frankly, we could probably do even better. Jure commented on the demand that we're seeing in book-to-bill.

例如光學系統或 IP 交換與路由，也就是資料中心網路。所以外面有很多機會。坦白說，我們可能還能做得更好。Jure 也提到我們在訂單出貨比（book-to-bill）上看到的需求。

We're still a little bit constrained by component shortages, all the standard things that I'm sure you've heard out there. But really, the new program wins and the new customers is helping us to get out of that 20% year-over-year trajectory up into the 30s. So we're happy about that.

我們仍然受到一些零組件短缺的限制，都是你在市場上應該也聽過的那些常見情況。但確實是新的專案得標與新客戶，幫助我們從年增約 20% 的軌跡提升到 30% 多。所以我們對此很高興。

And our Core business, MP, should continue to grow nicely based on the forecast and the backlog that we have right now.

而我們的核心業務 MP，基於目前的預測與在手訂單（backlog），應該會持續穩健成長。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Thanks. Good afternoon, everyone. First question was sort of thinking about the outlook for next year. You mentioned that you're doing a lot of the pre-production work for the AMD racks, and last week AMD talked about sort of a measured approach to ramping to make sure their manufacturing partners are prepared for the volumes.

謝謝。各位下午好。第一個問題是關於明年的展望。你們提到正在為 AMD 機櫃（racks）做大量的量產前（pre-production）工作，而上週 AMD 也談到會採取較為審慎的爬坡方式，以確保其製造合作夥伴能夠因應出貨量。

So I guess I'm throwing that out there to wonder about what kind of share do you think we should consider for you guys having next year around sort of just general AMD Helios production? And how has that sort of changed? Can you give us more color on how that might change to H1 to H2 next year?

所以我想把這點提出來，想請教我們應該如何看待你們明年在一般 AMD Helios 量產方面可能取得的份額？以及這方面有什麼變化？能否多提供一些顏色，說明明年上半年到下半年可能如何變化？

Steve, let me start with that. First of all, as I look at opportunities that we have that we already made arrangement with end customers, we're going to have plenty of business for next year. I think so for us, it's all about timing. That's basically what we had in prepared statement that if you look at next year, we are very confident about delivering 16 plus. We'll talk more about it in 90 days from now.

Steve，我先回答這個。首先，就我所看到的、我們已經與終端客戶做出安排的機會而言，明年我們會有充足的業務量。我想對我們來說，關鍵在於時程。這基本上就是我們在事先準備的聲明中提到的：如果看明年，我們對於交付 16 以上非常有信心。我們會在 90 天後再多談一些。

But a lot of exciting things because we've been also expanding our capabilities. So from our side, we believe we can deliver more than what we thought, let's say, a year ago.

但有很多令人振奮的事情，因為我們也一直在擴充能力。所以就我們這邊而言，我們相信我們能交付的量會比例如一年前我們所想的更多。

Just to add to that, Steve, thanks for joining the call. We get to share question a lot and frankly, it's pretty tough to gauge because they continue -- our partner AMD continues to add more customers, which is great. So that brings a bigger and broader addressable market and we're very much focused on winning as much of that business as possible.

Steve，再補充一下，謝謝你加入這通電話。我們常被問到份額（share）的問題，但坦白說很難衡量，因為我們的合作夥伴 AMD 持續新增更多客戶，這很棒。這也帶來更大、更廣的可服務市場（addressable market），而我們非常專注於盡可能贏得更多這類業務。

So we're going to continue to keep our go-to-market efforts going to win the customers that we think are going to be the most successful in the market, but that's definitely a good thing for us.

因此我們會持續推進我們的市場拓展（go-to-market）工作，去爭取我們認為在市場上最有可能成功的客戶；這對我們絕對是好事。

And it is true, we do expect to ramp, as Jure mentioned, we commented, both of us did in our prepared remarks about how we expect that business to ramp over time. That's what we're seeing from the customer forecasts, too.

而且確實如 Jure 所提，我們也在事先準備的談話中都提到，我們預期該業務會隨時間逐步爬坡。從客戶的預測來看，我們看到的也是如此。

But we're very pleased to be doing a lot of that pre-production work because on the manufacturing side, our responsibility is to make sure that we can build these products very well and on time and we're learning more and more about it every single day, every single week, so we're laser focused on that.

但我們很高興能做大量的量產前工作，因為在製造端，我們的責任是確保能把這些產品做得很好、並且準時交付；我們每天、每週都在學到更多，因此我們對此高度聚焦。

But we are very much prepared. We've been making the necessary investments for quite a while now, doing all that production work.

但我們確實已經準備就緒。我們已經投入必要的投資有一段時間了，也一直在做所有這些量產準備工作。

So more to come in our Q4 earnings call, we'll lay out that schedule. But as both Jure and I said, we expect revenue to ramp overtime throughout '27 and put us on a great trajectory going into fiscal year '28 too, if all goes to plan.

更多細節會在我們第四季財報電話會議中說明，我們會把時程表列出來。但正如 Jure 和我所說，我們預期營收會在 2027 年隨時間逐步爬升，並且如果一切按計畫進行，也會讓我們在 2028 財年走上很好的成長軌道。

Great, that's super helpful. And then as a follow-up, can you talk a little bit more about your printed circuit board fabrication operations? You've been investing, like you said, it seems like there's increasing demand for high-end boards and you have some new sort of positive dynamics on aerospace and defense, which are unfortunately related to the conflict in Iran.

很好，這非常有幫助。接著追問，你能否多談一些你們的印刷電路板（PCB）製造（fabrication）營運？你們一直在投資，如你所說，似乎高階板的需求正在增加；另外你們在航太與國防方面也出現一些新的正向動能，不幸的是這與伊朗的衝突有關。

But can you talk about like the prospects for that going forward and how much is that kind of helping margins over time? I'd love to get some more color there.

但你能談談未來的前景，以及這在時間推移下對毛利率有多大幫助嗎？我很希望能多了解一些細節。

Yeah, I'm pretty [sick] about business today, Steve, is doing really well, both here in North America, Singapore is our three main sites, addition to that we have a factory in China. All our factories are designed to do high technology advanced stuff, we do boards up to 70 layers plus.

是的，Steve，我今天對這塊業務相當[熟悉]，目前表現非常好；北美、新加坡是我們三個主要據點，此外我們在中國也有一座工廠。我們所有工廠都以高科技、先進製程為設計目標，我們能做最高 70 層以上的板。

The factories are doing well right now. I wish we had more capacity to do it, but we're adding capacity. We're investing in multiple sites right now, and we'll continue to invest.

目前這些工廠運作得很好。我希望我們有更多產能可以承接，但我們正在擴增產能。我們現在在多個據點投資，並且會持續投資。

It's more profitable than our average, let's put it that way. And it's the business that will continue to drive. And between AI and military, that's our key focus.

它的獲利能力高於我們的平均水準，就這麼說吧。而且這會是我們持續推動的業務。在 AI 與軍工之間，這是我們的關鍵聚焦。

And just to add to that, Steve, too, I mean, you've seen in our CPS results, just talk about the margin profile, that's been down a little bit year over year as we've gone throughout this fiscal year, but that was intentional. We were bringing on board a lot of this capacity and these investments for boards, for metal fabrication, right, for the AI system racks, even the new medium voltage transformer business too.

再補充一下，Steve，你也在我們的 CPS 結果中看到，若談到毛利率結構，今年財年一路走來年對年略有下滑，但那是刻意為之。我們正在導入大量產能與投資：用於電路板、金屬加工（metal fabrication），也用於 AI 系統機櫃，甚至還包括新的中壓變壓器業務。

But in this quarter, we started to see the payout on some of those investments. You can see the accelerated growth. And over time, once we start to fill up those plants and factories, we do expect the margin profile for CPS depending on mix to get back above in that 15% range and being a big contributor to the overall margin profile and expansion of the company.

但在本季，我們開始看到其中一些投資的回報。你可以看到成長加速。而隨著時間推移，一旦我們開始把這些廠房與工廠的產能填滿，我們確實預期 CPS 的毛利率結構（取決於產品組合）會回到 15% 以上的區間，並成為公司整體毛利率結構與毛利率擴張的重要貢獻者。

Great. That's all very helpful. Thank you.

太好了。這些都非常有幫助。謝謝。

Thanks, Steve.

謝謝你，Steve。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Hello, Mehdi.

你好，Mehdi。

Hi, this is [Bastian], filling in for Mehdi.

嗨，我是[Bastian]，代替 Mehdi。

Within the ZP run rate of $5 billion to $6 billion, can you talk a little bit about where you see the timing and the size of the inference opportunity? Have you included that opportunity into the run rate or is it incremental to your current run rate?

在 ZP 的年化營收運行率（run rate）為 50 億到 60 億美元的範圍內，你能否談談你對推論（inference）機會的時點與規模的看法？你們是否已將該機會納入這個 run rate，還是它會在目前 run rate 之上額外增量？

Yes, Bastian, I can answer that for you. So this year, if you remember, is a bit of a transition year from ZT because at the front end of the fiscal year, we had some of the legacy accelerated compute that we knew that would go down to zero.

可以，Bastian，我來回答。所以今年，如果你還記得，從 ZT 的角度來看有點像過渡年，因為在會計年度前段，我們有一些既有的加速運算業務，我們知道它會降到零。

And now we're working to ramp the new next generation of accelerated compute. So it's not the best annualized run rate to look at. What we did say all the way back when we first announced the ZT deal back in May of 2025, we thought that this year, fiscal year 2026, would be somewhere in a $5 billion to $6 billion run rate, right?

而現在我們正在拉升新一代的加速運算。所以用年化 run rate 來看並不是最好的方式。我們早在 2025 年 5 月首次宣布 ZT 交易時就說過，我們認為今年，也就是 2026 會計年度，run rate 會落在 50 億到 60 億美元之間，對吧？

And if you take the midpoint of our Q4 guide, along with the Q1 through Q3 actuals, you get to an annualized view like in the middle of that five to six range, so we're happy with that.

如果你把我們第四季指引的中位數，加上第一季到第三季的實際數字，就會得到一個年化視角，落在 50 億到 60 億區間的中間位置，所以我們對此感到滿意。

But going forward, there's a lot of opportunity. We do expect the accelerated compute side of the business to accelerate. So you'll see a whole different dynamic next year. Now again, it's still too early to talk about a formal fiscal '27 guide, but what Jure and I have been talking about for several quarters now is what we said all the way back when we announced the ZT deal.

但往後看，機會很多。我們確實預期加速運算這一塊業務會加速成長。所以明年你會看到完全不同的動態。當然，現在談正式的 2027 會計年度指引仍然太早，但 Jure 和我過去幾季一直在談的，就是我們在宣布 ZT 交易時所說的內容。

And as a reminder, was we thought that we could double the size of Sanmina within three years. But then shortly after that, we accelerated that. That's where the implied $16 billion came from, but that implied that in 2028. Soon after that announcement, we said that we accelerated that to fiscal 2027, the $16 billion plus.

提醒一下，當時我們認為可以在三年內把 Sanmina 的規模翻倍。但不久之後，我們把這個目標加速了。這就是隱含 160 億美元的來源，但那原本意味著在 2028 年達成。在那次宣布後不久，我們又表示把它加速到 2027 會計年度，也就是 160 億美元以上。

So we're feeling very good about the opportunity. Nothing has changed on that front. Everything is very much on track, but more to come on our formal '27 guide.

所以我們對這個機會感覺非常好。在這方面沒有任何改變。一切都非常按計畫進行，至於正式的 2027 指引，後續會再提供更多資訊。

Got it. Thanks. That's very helpful. And as a follow-up, how should we think about your CPU and storage business going forward? Is $3 billion to $4 billion as an annual run rate a reasonable way to think about the business in [62] or 27?

了解。謝謝。這非常有幫助。另外追問一下，未來我們應該如何看待你們的 CPU 與儲存業務？以 2026 或 2027 年來看，把它視為每年 30 億到 40 億美元的 run rate 是否合理？

Yeah, a couple of things. I mean, if you think about the legacy platforms, we've talked about that being anywhere in the range of say $3 billion to $4 billion, changing from quarter to quarter. And that's just for the legacy platforms that will continue on here in short order or in the near term.

是的，有幾點。如果你看既有平台，我們談過它大概會在 30 億到 40 億美元的區間內，並且會隨季度而變動。而這只是指那些既有平台，在短期或近期仍會持續的部分。

But longer term, as I mentioned in my prepared remarks, and Jure touched on it too, we've got the broader focus on the cloud and AI infrastructure and market. And that's both across what we can do in Core Sanmina facilities and in ZT Systems facilities.

但長期來看，如我在準備好的發言中提到的，Jure 也有提到，我們更廣泛地聚焦在雲端與 AI 基礎設施及其市場。這涵蓋我們在 Sanmina 核心廠區以及 ZT Systems 廠區能做的事情。

So you're already starting to see that. So we'll talk more about that in our 27 guide, but we do remain interested in those product categories, both storage and general-purpose compute or CPU-based platforms because there's a lot of opportunity there and we think we have the capabilities to win it.

所以你已經開始看到這些。我們會在 2027 指引中談更多，但我們仍對這些產品類別有興趣，包括儲存以及通用運算或以 CPU 為基礎的平台，因為那裡有很多機會，而且我們認為我們具備贏得這些機會的能力。

Got it.

了解。

Operator, we have time for one more question, please.

接線員，我們還有時間再接一個問題，謝謝。

Anja Soderstrom, Sidoti.

Anja Soderstrom，Sidoti。

Hello, Anja.

你好，Anja。

Hi, everyone. Thank you for squeezing me in. Most of my questions have been addressed already, but I'm just curious with a joint venture with India.

大家好。謝謝讓我插隊提問。我的大部分問題都已經被回答了，但我想問一下，關於與印度的合資企業。

A lot higher payout than we had expected for the quarter and then it's coming down. What's driving that up for the quarter?

本季的分派（payout）比我們預期高很多，之後又會下降。是什麼因素推升了本季的分派？

Yes, I mean, we're very pleased with the performance of the joint venture, working closely with Reliance and our local India team there. But a lot of opportunity in that geography and across multiple end markets. I mean, that's a huge area of opportunity for us that we've invested in.

是的，我們對合資企業的表現非常滿意，並與 Reliance 以及我們在印度的在地團隊密切合作。那個地區以及多個終端市場都有很多機會。那是我們投入資源的一個巨大機會領域。

I think Jure and I both commented before about how we've expanded our footprint there, we put a new building in place that got in there around toward the end of our Q1 of the fiscal years and how we've been focused on filling that up. And if you look at the Q4 guide and what I laid out there too, Anja, we expect that to continue.

我想 Jure 和我之前都提過，我們如何在那裡擴大布局、增設了一棟新廠房，大約在我們會計年度第一季末左右投入，並且我們一直專注於把產能填滿。而且如果你看第四季指引，以及我在那裡也說明的內容，Anja，我們預期這個趨勢會持續。

So it will continue to be an area of focus for us across all end markets.

因此，這將會持續是我們在所有終端市場的重點領域。

It's a growing area for us, Anja, and it looks good.

Anja，這對我們而言是成長中的領域，看起來很不錯。

Thank you. That was all for me.

謝謝。我就這些。

First of all, I'd like to thank everybody for joining us. First of all, appreciate your time. Our company is doing well. This is a different company than a year ago. We are in a very strong position to build new Sanmina, and we're excited what's in front of us.

首先，我想感謝大家參與。首先，感謝各位的時間。我們公司表現良好。這家公司和一年前已經不一樣了。我們處於非常有利的位置來打造全新的 Sanmina，我們也對眼前的機會感到興奮。

So looking forward to catching up with you at any time. In the meantime, we're going to talk 90 days from now. So with that, all the best.

所以，隨時都期待與各位再交流。同時，我們將在 90 天後再與各位通話。那麼，祝一切順利。

Thank you. Ladies and gentlemen, the conference has now been concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。各位女士、先生，本次電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。