Sanmina Corporation (SANM) 2026 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Sanmina's fourth-quarter fiscal 2026 earnings conference call. (Operator Instructions) This call is being recorded on Monday, November 9, 2026.

各位女士、先生，下午好，歡迎參加 Sanmina 2026 會計年度第四季財報電話會議。(接線員指示) 本通話於 2026 年 11 月 9 日（星期一）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, Marissa. Good afternoon, ladies and gentlemen, and welcome to Sanmina's fourth-quarter and 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，Marissa。各位女士、先生，下午好，歡迎參加 Sanmina 2026 會計年度第四季及全年財報電話會議。我們今日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（Investor Relations）專區。

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

今天與我一同出席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 the website. Please turn to slide 3 of our presentation and take note of our Safe Harbor statement.

在我把電話會議交給 Jure 之前，先提醒各位，今天的電話會議將以網路直播並錄音，並會在我們的網站上提供回放。各位可搭配網站上提供的投影片，跟隨我們預先準備的講稿內容。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作出預測或其他前瞻性陳述。我們提醒各位，此類陳述僅為預測。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 to 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 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，公司不承擔、並明確否認承擔任何義務，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 operations for the fourth-quarter and fiscal year-end October 3, 2026, 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.

在我們今日發布的新聞稿與投影片中，我們提供了截至 2026 年 10 月 3 日止第四季與會計年度的 GAAP 基礎損益表，以及若干非 GAAP 財務資訊。GAAP 與非 GAAP 財務資訊之間的調節表亦載於新聞稿與張貼於我們網站的投影片中。

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、非現金的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作的任何評論，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、稅負、淨利與每股盈餘時，指的都是我們的非 GAAP 資訊。

I would 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. Welcome, and thank you, all, for being here with us today.

謝謝，Paige。各位女士、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's 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，我想藉此機會肯定我們的員工以及 Sanmina 的領導團隊所做的出色工作。因此，Sanmina 團隊的各位，感謝你們的投入、辛勤付出，並為我們的客戶展現強勁的執行力。

Please turn to slide 4. Ladies and gentlemen, I can tell you that I'm very pleased with our performance. We delivered great results for the fiscal year '26.

請翻到第 4 頁投影片。各位女士、先生，我可以告訴各位，我對我們的表現非常滿意。我們在 2026 會計年度交出了非常亮眼的成果。

Revenue grew 79% year over year to $14.53 billion. Non-GAAP operating margin expanded from 5.7% operating margin to 7.4% operating margin year over year. Non-GAAP diluted EPS more than doubled to $13.48 (sic - see slide 4, "$13.28"). Cash flow from operations was also very, very strong, came in at $944 million. I can tell you that we are executing according to our plan, with strong execution in both core Sanmina and Sanmina AI, Group ZT Systems.

營收年增 79%，達到 145.3 億美元。非 GAAP 營業利益率由去年同期的 5.7% 擴大至 7.4%。非 GAAP 稀釋後每股盈餘增加逾一倍至 13.48 美元（原文如此—見第 4 頁投影片為「13.28 美元」）。營運活動現金流也非常、非常強勁，達 9.44 億美元。我可以告訴各位，我們正依照計畫執行，在 Sanmina 核心業務與 Sanmina AI（ZT Systems 集團）兩方面都展現強勁的執行力。

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

接下來看今天電話會議的議程。我們的財務長 Jon 將為各位說明業績細節。之後我會補充更多關於成果與未來目標的評論。最後我和 Jon 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？

Thank you, Jure. Good afternoon, ladies and gentlemen, and thank you for joining today's earnings call. Before I review our financial results for the quarter and the fiscal year, I want to acknowledge the entire Sanmina team for their focused execution and thank them for delivering a great fourth quarter and a strong finish to the fiscal year. This was a transformative year for Sanmina as we delivered strong broad-based growth across all of our end markets while largely completing the integration of the ZT Systems business, expanding our position in the cloud and AI infrastructure end market. I'm very proud of the team's performance, and I'm excited about the opportunities ahead across our entire business.

謝謝你，Jure。各位女士、先生，下午好，感謝各位參加今天的財報電話會議。在我回顧本季與本會計年度的財務結果之前，我想先肯定整個 Sanmina 團隊專注的執行力，並感謝大家交出優異的第四季表現，為本會計年度畫下強勁句點。對 Sanmina 而言，這是一個具轉型意義的一年：我們在所有終端市場實現強勁且廣泛的成長，同時也大致完成 ZT Systems 業務的整合，進一步擴大我們在雲端與 AI 基礎設施終端市場的布局。我對團隊的表現感到非常自豪，也對未來整體業務的機會感到振奮。

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

現在請翻到第 6 頁投影片，我將說明財務重點。

As Jure mentioned, we are very pleased with our financial results, which, as you can see, exceeded our previously communicated outlook for both the quarter and the fiscal year across all metrics.

如同 Jure 所提到的，我們對財務結果非常滿意；如各位所見，我們在所有指標上，無論是本季或本會計年度，皆超越先前對外溝通的展望。

Revenue exceeded the high end of our outlook ranges. This was driven by both the core Sanmina business, which exceeded its outlook ranges, with growth coming from all end markets, and the ZT Systems business, which came in line with our outlook.

營收超出我們展望區間的上緣。這主要由兩部分帶動：核心 Sanmina 業務超越其展望區間，且所有終端市場皆有成長；而 ZT Systems 業務則符合我們的展望。

Additionally, our non-GAAP operating margin and our non-GAAP diluted earnings per share both exceeded our outlook, driven by strong execution, mix, and disciplined cost management. We also had about $30 million of tariff recoveries primarily associated with legacy ZT Systems products, which wasn't factored into our outlook, and contributed about 75 basis points of favorability to our non-GAAP operating margin and about $0.42 to our non-GAAP diluted earnings per share.

此外，我們的非 GAAP 營業利益率與非 GAAP 稀釋後每股盈餘也都超越展望，主要受惠於強勁的執行力、產品組合（mix）以及嚴謹的成本管理。我們另有約 3,000 萬美元的關稅回收，主要與傳統 ZT Systems 產品相關，該項並未納入我們的展望；其對非 GAAP 營業利益率帶來約 75 個基點的正面影響，並對非 GAAP 稀釋後每股盈餘貢獻約 0.42 美元。

All in all, this was an outstanding quarter for Sanmina, which closed out a strong fiscal year, and with our proven track record of solid operational execution, we're now well-positioned to take advantage of robust market demand in the new fiscal year ahead.

總體而言，這是 Sanmina 表現極為出色的一季，為強勁的會計年度收官；憑藉我們經過驗證的穩健營運執行紀錄，我們已具備良好條件，在即將到來的新會計年度把握強勁的市場需求。

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

現在請翻到第 7 頁投影片，我將說明我們的非 GAAP 損益表（P&L）表現。

As shown on the prior slide, we delivered revenue of $3.86 billion, which was up 84% versus the same period a year ago. Our core Sanmina business revenue of $2.97 billion grew 42% versus the same period a year ago, exceeding our outlook with broad-based strength across all of our end markets, several of which grew double digits year over year. Our ZT Systems business revenue of $884 million was in line with our outlook.

如前一頁投影片所示，我們的營收為 38.6 億美元，較去年同期成長 84%。核心 Sanmina 業務營收為 29.7 億美元，較去年同期成長 42%，在所有終端市場普遍強勁的帶動下超越我們的展望，其中有數個終端市場年增達雙位數。ZT Systems 業務營收為 8.84 億美元，符合我們的展望。

Our non-GAAP gross profit was $444 million or 11.5% of revenue. This was up 210 basis points versus the same period a year ago and above the high end of our expectations. Our non-GAAP operating expenses were $96.3 million, or 2.5% of revenue, in line with our expectations.

我們的非 GAAP 毛利為 4.44 億美元，占營收的 11.5%。較去年同期提升 210 個基點，且高於我們預期區間的上緣。我們的非 GAAP 營業費用為 9,630 萬美元，占營收的 2.5%，符合我們的預期。

Our 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 $348 million, or 9.0% of revenue, up 300 basis points versus the same period a year ago.

強勁的營收與非 GAAP 毛利表現，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 3.48 億美元，占營收的 9.0%，較去年同期提升 300 個基點。

Our non-GAAP other income and expense was a net expense of $20.9 million, lower than our expectations, largely due to strong cash flow generation. Our non-GAAP diluted earnings per share was $4.43 based on approximately 55 million shares outstanding. This strong non-GAAP diluted earnings per share performance represents a 166% 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 其他收益與費用為淨費用 2,090 萬美元，低於我們的預期，主要受惠於強勁的現金流創造。我們的非 GAAP 稀釋每股盈餘為 4.43 美元，係以約 5,500 萬股流通在外股數計算。此一強勁的非 GAAP 稀釋每股盈餘表現，較去年同期成長 166%，並展現我們整合後的核心 Sanmina 與 ZT Systems 事業的高度潛力。

Now, please turn to slide 8, where I'll 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 $3.08 billion, up 83.3% versus the same period a year ago. This was driven by growth in all of our end markets, including the contribution from the ZT Systems business. Core Sanmina IMS revenue was $2.2 billion for the quarter, up 30.8% versus the same period a year ago. ZT revenue was $884 million for the quarter.

IMS 營收為 30.8 億美元，較去年同期成長 83.3%。此成長來自我們所有終端市場的擴張，並包含 ZT Systems 事業的貢獻。本季核心 Sanmina 的 IMS 營收為 22 億美元，較去年同期成長 30.8%。本季 ZT 營收為 8.84 億美元。

Our total IMS non-GAAP gross margin was 11.2%, up 340 basis points versus the same period a year ago. This was driven primarily by favorable mix, including the impact from the addition of the ZT Systems business, plus the tariff recoveries that I mentioned previously.

我們 IMS 整體非 GAAP 毛利率為 11.2%，較去年同期提升 340 個基點。主要由有利的產品組合所帶動，其中包含新增 ZT Systems 事業的影響，以及我先前提到的關稅回收。

CPS revenue came in at $822 million, up 83% versus the same period a year ago. This was driven by strong growth in our Viking Enterprise Solutions storage business, our metal fabrication business for AI system racks, and our high-technology and printed circuit board business for aerospace and defense-related products, all of which we've been investing in since the end of last fiscal year.

CPS 營收為 8.22 億美元，較去年同期成長 83%。此成長主要來自我們 Viking Enterprise Solutions 儲存業務的強勁成長、用於 AI 系統機櫃的金屬製造業務，以及用於航太與國防相關產品的高科技與印刷電路板業務；上述領域我們自上一財年末以來持續投入資源。

CPS non-GAAP gross margin was 12.0%, down 250 basis points versus the same period a year ago. This sequential and year-over-year decrease was primarily driven by mix, as well as the impact of the depreciation and other expenses related to investments to support future growth that I've spoken about on prior earnings calls.

CPS 非 GAAP 毛利率為 12.0%，較去年同期下降 250 個基點。此一環比與年比的下降主要由產品組合所致，並受到我在先前財報電話會議中提及、為支援未來成長而進行投資所帶來的折舊及其他費用影響。

Now please turn to slide 9, where I'll speak to our P&L performance for fiscal year 2026 as compared to fiscal year 2025.

現在請翻到第 9 張投影片，我將說明 2026 財年相較 2025 財年的損益表表現。

At the beginning of the year, when we provided our high-level expectations for fiscal 2026, we said we expected core Sanmina revenue to grow in the high-single digits and ZT Systems revenue to be at a run rate of $5 billion to $6 billion as it was being integrated into Sanmina and going through a product transition, and we delivered on both of those commitments.

年初我們提供 2026 財年的高層次展望時表示，預期核心 Sanmina 營收將以高個位數成長；而 ZT Systems 在整合至 Sanmina 並進行產品轉換期間，其營收將維持在 50 億至 60 億美元的年化運行率（run rate）。我們也兌現了這兩項承諾。

Core Sanmina revenue came in stronger than expected with growth of 18.3% compared to the prior year, driven by a solid performance across all end markets. And ZT Systems revenue came in at $5.4 billion on an annualized basis, falling well within the $5 billion to $6 billion annualized run rate.

核心 Sanmina 營收表現優於預期，較前一年成長 18.3%，動能來自所有終端市場的穩健表現。而 ZT Systems 營收以年化計為 54 億美元，完全落在 50 億至 60 億美元的年化運行率區間內。

As you may recall, we provided a formal full-year outlook in April during our second-quarter earnings call, and then we increased that outlook in July in our third-quarter earnings call. Pleased to report that we exceeded the July outlook with revenue of $14.5 billion, which is up 79% year over year, and $225 million above the high end of that outlook.

各位可能記得，我們在 4 月第二季財報電話會議中提供了正式的全年展望，並在 7 月第三季財報電話會議中上調該展望。很高興報告，我們以 145 億美元營收超越 7 月展望，年增 79%，且較該展望上緣高出 2.25 億美元。

Non-GAAP gross profit was $1.47 billion or 10.1% of revenue, up 90 basis points compared to the prior year. Non-GAAP operating income was $1.07 billion or 7.4% of revenue, representing a 170-basis-point improvement compared to the prior year and exceeded the high end of our outlook.

非 GAAP 毛利為 14.7 億美元，占營收的 10.1%，較前一年提升 90 個基點。非 GAAP 營業利益為 10.7 億美元，占營收的 7.4%，較前一年改善 170 個基點，並超越我們展望的上緣。

Non-GAAP diluted earnings per share was $13.28, which represents an increase of 120% versus the prior year and exceeded the high end of our outlook provided in July by $1.08 and the outlook we provided back in April by $1.93. These improvements were the result of strong revenue growth, favorable product mix, and solid operational execution.

非 GAAP 稀釋每股盈餘為 13.28 美元，較前一年增加 120%，並較我們 7 月提供的展望上緣高出 1.08 美元、較 4 月提供的展望高出 1.93 美元。這些改善來自強勁的營收成長、有利的產品組合，以及穩健的營運執行。

Now please turn to slide 10, where I'll speak to the balance sheet highlights.

現在請翻到第 10 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, giving us the capacity to invest in support of our growth objectives. Cash and cash equivalents were $1.68 billion. We ended the quarter with inventory of $2.6 billion, net of customer advances, which is up 131% versus the same period a year ago, driven by their ZT Systems acquisition and material staging required to support current and forecasted revenue growth.

我們持續維持非常強健的資產負債表，具備審慎的槓桿水準與充足的流動性，使我們有能力投資以支持成長目標。現金及約當現金為 16.8 億美元。本季期末存貨為 26 億美元（扣除客戶預付款後），較去年同期增加 131%，主要由 ZT Systems 收購案以及為支援目前與預期營收成長所需的物料備料所帶動。

Inventory turns, net of customer advances, were 5.2 times for the quarter, down from 6.7 times in the same period a year ago. It's important to remember that inventory is bound to firm customer purchase orders and binding forecasts, and that we do not make purchases on a speculative basis.

本季存貨週轉率（扣除客戶預付款後）為 5.2 次，低於去年同期的 6.7 次。重要的是要記得，我們的存貨均對應確定的客戶採購訂單與具約束力的預測，我們不會以投機方式進行採購。

In addition, we continue to use -- utilize customer advances and prepayment agreements to derisk against shifts and end market demand.

此外，我們持續使用客戶預付款與預付協議，以降低因變動與終端市場需求變化所帶來的風險。

Our strong earnings growth and disciplined working capital management resulted in non-GAAP pretax ROIC of 48.8% for the quarter, which is well above our weighted average cost of capital and an improvement from the 28.3% from the same period a year ago.

強勁的獲利成長與嚴謹的營運資金管理，使本季非 GAAP 稅前投入資本報酬率（ROIC）達 48.8%，顯著高於我們的加權平均資本成本，且較去年同期的 28.3% 進一步提升。

Our net leverage ratio was 0.33 times for the quarter, below our long-term target range of 1.0 to 2.0 times, but we still expect to increase into that target range this coming year as we invest in working capital to support the growth of the business. 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.

本季淨槓桿比率為 0.33 倍，低於我們長期目標區間 1.0 至 2.0 倍；但我們仍預期在未來一年，隨著我們投資營運資金以支援業務成長，該比率將提高並進入目標區間。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 11, where I'll speak to our cash flow highlights.

現在請翻到第 11 張投影片，我將說明現金流重點。

As a result of the team's disciplined working capital management, cash flow from operations came in at $242 million for the fourth quarter and $944 million for the fiscal year. Capital expenditures were $159 million for the quarter and $404 million for the fiscal year. And free cash flow was $83 million for the quarter and $541 million for the year.

在團隊嚴謹的營運資金管理下，第四季營運活動現金流為 2.42 億美元，全年為 9.44 億美元。資本支出本季為 1.59 億美元，全年為 4.04 億美元。自由現金流本季為 8,300 萬美元，全年為 5.41 億美元。

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

過去幾個季度，我們已在核心 Sanmina 與 ZT Systems 兩大業務中，策略性投資於新能力與新增產能；我們也將持續如此，以支援未來成長。

In the core Sanmina business, these investments include metal fabrication capacity for AI system racks, new capabilities for high-technology and printed circuit boards for both AI and aerospace and defense-related products and capacity of equipment for the new medium voltage transformer business for the rapidly growing energy end market.

在 Sanmina 核心業務中，這些投資包括用於 AI 系統機櫃的金屬製造產能、用於 AI 以及航太與國防相關產品的高科技與印刷電路板新能力，以及針對快速成長的能源終端市場之新中壓變壓器業務所需的設備產能。

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，重點一直放在增量電力、液冷、測試單元產能，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）。

In the quarter, we repurchased about 825,000 shares for $154 million. And for the full year, we repurchased about 2.4 million shares for $393 million. At the end of our fourth quarter, we had approximately $446 million available under our Board authorized share repurchase program.

本季我們回購約 82.5 萬股，金額為 1.54 億美元。全年我們回購約 240 萬股，金額為 3.93 億美元。在第四季末，我們在董事會授權的股票回購計畫下仍有約 4.46 億美元可用額度。

Now please turn to slide 12, where I'll speak to our liquidity position.

現在請翻到第 12 頁投影片，我將說明我們的流動性狀況。

We ended the quarter with total available liquidity of over $3.83 billion, which consists of $1.68 billion in cash and cash equivalents, an undrawn revolver and other similar facilities of $1.55 billion, and a term loan A delayed draw of $600 million. After the end of the quarter, we refinanced our debt further, enhancing our financial flexibility and increasing our liquidity while reducing our interest cost.

本季末我們的可用總流動性超過 38.3 億美元，包括 16.8 億美元的現金及約當現金、15.5 億美元未動用的循環信貸額度及其他類似融資安排，以及 6 億美元的 A 期定期貸款延遲提用額度。在季後，我們進一步為債務再融資，提升財務彈性並增加流動性，同時降低利息成本。

The refinancing, which was very well received by our existing annual lenders, increased our funded term loan A amount back to $1.4 billion, which was the original amount of that facility before we repaid approximately $70 million over the past year, so only a nominal increase.

此次再融資獲得現有年度貸款銀行的高度支持，將我們已動用的 A 期定期貸款金額提高回 14 億美元，這是該融資工具在我們過去一年償還約 7,000 萬美元之前的原始金額，因此僅屬名目上的增加。

In addition, the maturity of both our revolver and the term loan A facility was extended by one year to October 2031, and our option to borrow the delayed draw component of the term loan A facility, which is currently undrawn, has been extended by six months to April 2027, which better aligns with our actual needs.

此外，我們的循環信貸與 A 期定期貸款到期日均延長一年至 2031 年 10 月；而我們借用 A 期定期貸款延遲提用部分（目前尚未動用）的選擇權，則延長六個月至 2027 年 4 月，這與我們的實際需求更為一致。

The annual mandatory repayment amounts have also been reduced, giving us further financial flexibility. And finally, the credit spreads have been reduced by approximately 25 basis points and are now linked to our credit rating rather than our leverage ratio, providing us with an additional opportunity to further reduce our interest cost in the future.

年度強制償還金額也已下調，進一步提升我們的財務彈性。最後，信貸利差下調約 25 個基點，且現在改為與我們的信用評等連動，而非與槓桿比率連動，為我們未來進一步降低利息成本提供了額外機會。

As I mentioned previously, 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.

如我先前所提，我們仍致力於維持健全的資產負債表，這意味著要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 13, where I'll speak to our capital allocation strategy.

現在請翻到第 13 頁投影片，我將說明我們的資本配置策略。

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.

在資本配置方面，做決策時擁有清晰的策略與明確的優先順序至關重要。如我們先前與各位分享的，我們的第一優先是投資於自身業務，以推動長期內生成長與毛利率擴張。我們以嚴謹紀律評估所有投資，並採取以 ROI 為基礎的結構化方法。

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

第二，我們持續評估策略性併購與合作夥伴機會，且必須符合我們對 ROI 的期待，以協助加速成長。

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 an investment-grade rating.

第三，我們在管理資產負債表與流動性部位時，聚焦於長期淨槓桿目標，以及達成投資等級評等的長期目標。

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

最後，在適當時機，我們會在維持強健資產負債表與流動性狀況的前提下，透過股票回購將資本回饋給股東。我們已經並將持續透過運用這些選項來執行此策略，使我們能把握機會推動業務成長。

Now please turn to slide 14, where I'll speak to our cloud and AI infrastructure strategy.

現在請翻到第 14 頁投影片，我將說明我們的雲端與 AI 基礎設施策略。

Earlier this year, I provided an overview of our three-phase plan for the ZT Systems business, and I explained how we had clear objectives for how to realize the full value of combining the two companies.

今年稍早，我已概述我們針對 ZT Systems 業務的三階段計畫，並說明我們對於如何實現兩家公司結合的完整價值有明確目標。

In that plan, the first phase was focused on executing the immediate post-transaction integration actions, including making the necessary capital investments in incremental power, liquid cooling, and test cell capacity to be production-ready for the next generation of accelerated compute, all of which is largely complete at this point.

在該計畫中，第一階段聚焦於交易完成後立即執行整合行動，包括在增量電力、液冷與測試單元產能方面進行必要的資本投資，以便為下一代加速運算做好量產準備；截至目前，這些工作大致已完成。

The second phase was focused on the successful execution of a product transition process which required that we win new accelerated compute business, which we've now done with hyperscale, frontier AI lab, and OEM customers.

第二階段聚焦於成功執行產品轉換流程，這需要我們贏得新的加速運算業務；我們目前已透過超大規模（hyperscale）客戶、前沿 AI 實驗室（frontier AI lab）以及 OEM 客戶達成此目標。

And the third and final phase is about driving growth and expansion. And that's what I'd like to speak about today.

第三也是最後一個階段，則是推動成長與擴張。這也是我今天想要談的重點。

First step is focused on our AMD partnership. Over the past year, we've made tremendous progress in establishing our partnership with AMD by winning new business with hyperscale, frontier AI Lab, and OEM customers for the Helios accelerated compute program. The customer validation process is going well, and we're working a very close collaboration with AMD and our joint customers to support preproduction activities provided to quality, delivery, and services to support customer needs.

第一步聚焦於我們與 AMD 的合作夥伴關係。過去一年，我們在建立與 AMD 的合作上取得重大進展，透過超大規模客戶、前沿 AI 實驗室與 OEM 客戶，為 Helios 加速運算計畫贏得新業務。客戶驗證流程進展順利，我們正與 AMD 及我們的共同客戶密切合作，支援量產前活動，提供品質、交付與服務，以滿足客戶需求。

We finalized the operating models for several customers and are working to do the same for the others, and we'll continue to do so as new customers get added. We've also received preliminary production schedules from our customers, which will continue to get refined and updated throughout the program launch process.

我們已為數個客戶完成營運模式的定案，並正為其他客戶進行同樣工作；隨著新增客戶加入，我們也將持續推進。我們也已收到客戶提供的初步量產排程，並將在計畫導入（launch）過程中持續精煉與更新。

I'm also pleased to announce that we've now begun to ship the Helios product, albeit in small quantities, and we're very excited about the opportunity ahead as we grow and scale the program.

我也很高興宣布，我們現在已開始出貨 Helios 產品，雖然數量仍小；隨著我們推動計畫成長與規模化，我們對未來機會感到非常振奮。

The second step is focused on adding new platforms. In our last earnings call, we announced that we won new programs on the second platform, which we're very excited about as it took place earlier than expected. These new programs, which will start to ramp this fiscal year, are included in our fiscal year 2027 outlook, which I will provide shortly.

第二步聚焦於新增平台。在上次財報電話會議中，我們宣布在第二個平台上贏得新計畫；我們對此非常興奮，因為其發生時間早於預期。這些將於本會計年度開始放量的新計畫，已納入我們對 2027 會計年度的展望，我稍後將提供說明。

This past quarter, we also started discussions to win programs on a third platform. These programs are not included in our fiscal year -- fiscal year 2027 outlook, but could lead to upside later in the year.

在本季度，我們也開始就第三個平台展開爭取新計畫的討論。這些計畫未納入我們對 2027 會計年度的展望，但可能在今年稍晚帶來上行空間。

We're very pleased with the progress we've made with these new platforms, which demonstrate our value proposition through a whole suite of product and service offerings and our ability to build upon what we acquired with ZT Systems, to significantly scale our business in the cloud and AI infrastructure end market.

我們對這些新平台所取得的進展感到非常滿意；這些成果展現了我們透過完整的產品與服務組合所提供的價值主張，以及我們在 ZT Systems 併購基礎上持續深化的能力，得以在雲端與 AI 基礎設施終端市場大幅擴大業務規模。

The third and final step is focused on vertical integration. While we didn't expect to participate in vertical integration with the Helios program, due to high demand and our ability to demonstrate our key technology offerings, we've won some additional programs. Our close collaboration with customers during the preproduction validation process has given us the opportunity to showcase our unique value proposition.

第三也是最後一步聚焦於垂直整合。雖然我們原本不預期會在 Helios 計畫中參與垂直整合，但由於需求強勁以及我們展現關鍵技術能力的表現，我們已贏得一些額外計畫。我們在量產前驗證流程中與客戶的緊密合作，讓我們有機會展示獨特的價值主張。

By combining ZT Systems' large-scale systems integration capabilities with Sanmina's extensive subassembly expertise, we can deliver a full suite of offerings that includes our components, products, and services. We plan to continue investing in our engineering capabilities to support all platforms. And in doing so, we expect our vertical integration opportunities and wins to grow in scale throughout the year and into the future.

透過結合 ZT Systems 的大規模系統整合能力與 Sanmina 廣泛的次組裝專業，我們能提供包含元件、產品與服務在內的完整方案。我們計畫持續投資工程能力，以支援所有平台。在此過程中，我們預期垂直整合的機會與得標將在今年並延伸至未來持續擴大規模。

Now please turn to slide 15, where I will provide our outlook for the first quarter.

現在請翻到第15頁投影片，我將提供我們對第一季的展望。

Our outlook is based on current customer forecasts, the return to a 13-week quarter, 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、回到13週季度，並納入持續的市場不確定性與地緣政治環境的考量。

With that said, we expect revenue between $3.8 billion and $4.1 billion. With the ZT Systems integration largely completed, going forward, we will report revenue for cloud and AI systems, which includes ZT Systems, as well as the additional platforms and other related products and services that I just spoke about. To be clear, cloud and AI systems is a subset of our cloud and AI infrastructure end markets.

話雖如此，我們預期營收介於38億至41億美元之間。隨著ZT Systems整合大致完成，未來我們將揭露雲端與AI系統的營收（包含ZT Systems），以及我剛才提到的其他平台與相關產品及服務。為避免疑義，雲端與AI系統是我們雲端與AI基礎設施終端市場中的一個子集合。

We expect cloud and AI systems revenue to be between $1.3 billion to $1.5 billion. As we mentioned last quarter, we expect this part of our business to accelerate throughout the year, primarily driven by the timing of the Helios program ramp, as well as the additional platform opportunities and other related products and services. At the midpoint, total Sanmina revenue would be $3.95 billion, which represents 23.8% growth versus the same period a year ago.

我們預期雲端與AI系統營收介於13億至15億美元之間。如同我們上季所提到的，我們預期這部分業務將在全年逐步加速，主要受Helios計畫放量時點，以及額外的平台機會與其他相關產品及服務所帶動。以中位數計算，Sanmina總營收將為39.5億美元，較去年同期成長23.8%。

Non-GAAP operating margin of 7.0% to 7.5%, depending on mix, above the high end of the expectations Jure and I have set for the combined business when we first announced the ZT Systems acquisition. We expect other income and expense to be a net expense of approximately $24 million.

非GAAP營業利益率為7.0%至7.5%，視產品組合而定，高於我與Jure在首次宣布收購ZT Systems時，對合併後業務所設定預期區間的上緣。我們預期其他收益與費用淨額約為2,400萬美元的淨費用。

We expect our non-GAAP effective tax rate to be between 21% to 23%. We estimate an approximate $5 million non-cash reduction to our net income to reflect our India joint venture partners' equity interest.

我們預期非GAAP有效稅率介於21%至23%。我們估計將對淨利作約500萬美元的非現金減項，以反映我們印度合資夥伴的權益。

Non-GAAP diluted earnings per share in the range of $3.50 to $3.85, based on approximately 55 million diluted shares outstanding. At the midpoint of $3.675, that represents a 54.4% increase compared to the same period a year ago.

非GAAP稀釋後每股盈餘預估介於3.50至3.85美元，係以約5,500萬股稀釋後流通股數為基礎。以中位數3.675美元計算，較去年同期增加54.4%。

We expect capital expenditures to be $150 million as we continue to invest strategically to support our future growth expectations. And finally, depreciation of approximately $48 million.

我們預期資本支出為1.5億美元，因我們將持續進行策略性投資，以支持未來的成長預期。最後，折舊約為4,800萬美元。

Now please turn to slide 16, where I will provide our outlook for the full fiscal year 2027.

現在請翻到第16頁投影片，我將提供我們對2027會計年度全年的展望。

Much like our outlook for the first quarter, our fiscal year 2027 outlook is based on current customer forecast and takes into account ongoing market uncertainties and the geopolitical environment. With that said, we expect revenue between the $17.5 billion and $19.5 billion. We expect cloud and AI system revenue to be in the range of $7.5 billion to $9.0 billion.

與第一季展望類似，我們對2027會計年度的展望係基於目前客戶預測，並納入持續的市場不確定性與地緣政治環境的考量。話雖如此，我們預期營收介於175億至195億美元之間。我們預期雲端與AI系統營收介於75億至90億美元。

As I mentioned earlier, cloud and AI systems is a subset of our cloud and AI infrastructure end market and includes ZT Systems as well as additional platforms and other related products and services.

如我先前提到，雲端與AI系統是我們雲端與AI基礎設施終端市場的一個子集合，包含ZT Systems，以及其他平台與相關產品及服務。

When we first announced the ZT Systems acquisition in May 2025, we said we expected Sanmina revenue to double from about $8 billion to about $16 billion within three years. At the start of fiscal 2026, we accelerated that timeline to two years.

我們在2025年5月首次宣布收購ZT Systems時曾表示，預期Sanmina營收可在三年內由約80億美元倍增至約160億美元。在2026會計年度開始時，我們將該時程加速至兩年。

Based on this fiscal 2027 guidance, we're now setting that bar even higher with a revenue midpoint of $18.5 billion, which represents 27.4% growth versus the same period a year ago and sets us on a great trajectory for the future.

依據本次2027會計年度指引，我們現在把門檻再提高，營收中位數為185億美元，較去年同期成長27.4%，並使我們在未來發展上走在非常好的軌道上。

We expect non-GAAP operating margin of 7.0% to 7.5%, depending on mix, which is above the high end of the expectations Jure and I set for the combined business when we first announced the ZT Systems acquisition.

我們預期非GAAP營業利益率為7.0%至7.5%，視產品組合而定，這高於我與Jure在首次宣布收購ZT Systems時，對合併後業務所設定預期區間的上緣。

We expect other income and expense to be a net expense of approximately $140 million. We expect our non-GAAP effective tax rate to be between 21% to 23%. We estimate an approximate $20 million noncash reduction to our net income to reflect our India joint venture partners' equity interest.

我們預期其他收益與費用淨額約為1.4億美元的淨費用。我們預期非GAAP有效稅率介於21%至23%。我們估計將對淨利作約2,000萬美元的非現金減項，以反映我們印度合資夥伴的權益。

Non-GAAP diluted earnings per share in the range of $15.50 to $17.50, based on approximately 55 million fully diluted shares outstanding. At the midpoint of $16.50, that represents a 24.2% increase compared to the same period a year ago.

非GAAP稀釋後每股盈餘預估介於15.50至17.50美元，係以約5,500萬股完全稀釋後流通股數為基礎。以中位數16.50美元計算，較去年同期增加24.2%。

We expect capital expenditures to be $450 million as we continue to invest strategically to support our future growth expectations while carefully managing our liquidity position in order to maintain a strong balance sheet. And finally, depreciation of approximately $200 million.

我們預期資本支出為4.5億美元，因我們將持續進行策略性投資以支持未來的成長預期，同時審慎管理流動性部位，以維持強健的資產負債表。最後，折舊約為2億美元。

In summary, I'm very pleased with our results for both the fourth-quarter and fiscal year 2026, as the team did an excellent job staying focused on the core Sanmina business while we work to integrate the ZT Systems business and work through a transition process and did so in a very dynamic market. And on top of that, we exceeded expectations on all fronts, not only for the fourth quarter, but also on a full-year basis from a revenue growth, non-GAAP operating margin expansion, and non-GAAP diluted earnings per share growth perspective.

總結來說，我對我們在2026會計年度第四季與全年所取得的成果感到非常滿意；團隊在我們整合ZT Systems業務、推進轉換流程的同時，仍能專注於Sanmina核心業務，並且是在一個非常動態的市場環境中完成。此外，我們在各方面都超越預期，不僅是第四季，全年亦然；包括營收成長、非GAAP營業利益率擴張，以及非GAAP稀釋後每股盈餘成長等面向。

There is still a lot of work to do, but we're on a great trajectory, and that is clearly evident in our outlook for the full fiscal year 2027.

仍有許多工作要做，但我們正走在非常好的軌道上，而這在我們對2027會計年度全年的展望中已清楚可見。

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

接下來，我想把電話會議交回給Jure。

Thank you, Jon. Ladies and gentlemen, please turn to slide 18.

謝謝你，Jon。各位女士、先生，請翻到第18頁投影片。

As you heard from Jon, we delivered strong financial results. But also, you heard from him, there's a lot of things that we're doing making this company a stronger company for the future. We are executing to our business plan. As you heard from Jon, we exceeded all our outlook, both the fourth quarter and fiscal year '26.

如同各位從Jon那裡聽到的，我們交出了強勁的財務成果。同時，各位也聽到他提到，我們正在做很多事情，讓公司在未來變得更強大。我們正依照我們的營運計畫執行。如同各位從Jon那裡聽到的，我們在第四季與2026會計年度的展望上都全面超標。

Also, we've been adding new customers and expanding our partnerships with existing customers. This allowed us to deliver the growth across all end markets in fiscal year '26. Most important, again, is that Sanmina is well-positioned for growth in fiscal year '27 and beyond.

此外，我們也持續新增客戶，並擴大與既有客戶的合作夥伴關係。這使我們在2026會計年度於所有終端市場都實現成長。最重要的是，Sanmina已為2027會計年度及其後的成長做好良好布局。

Please turn to slide 19.

請翻到第19頁投影片。

Let me share with you some of the performance by market. As you heard, cloud and AI infrastructure did really well. In our last quarter, $2.37 billion, that's a growth of 179% year over year. And for the year, we delivered in this segment, $9.25 billion, up 198%.

我來與各位分享一些按市場別的表現。如各位所聽到的，雲端與AI基礎設施表現非常出色。在我們上一季，該部分為23.7億美元，年增179%。而全年在此分部我們達成92.5億美元，成長198%。

Industrial energy, medical, defense, aerospace, and automotive did well in the fourth quarter and delivered $1.49 billion in revenue, up 19% year over year. And for the year, delivered $5.27 billion, up 5%.

工業能源、醫療、國防、航太與汽車在第四季表現良好，營收達14.9億美元，年增19%。全年則達52.7億美元，年增5%。

Also exciting news for us is when we look at our business is the bookings. Bookings in the fourth quarter were very strong. Book-to-bill came in [1.221].

另外，對我們而言令人振奮的消息是，當我們檢視業務時，訂單表現也很亮眼。第四季訂單非常強勁。接單出貨比（book-to-bill）為[1.221]。

Please turn to slide 20.

請翻到第 20 頁投影片。

Now, let me talk to you about market view for fiscal year '27 and beyond. I can tell you that we see strong demand across our customer base.

現在，讓我跟各位談談 2027 會計年度及之後的市場展望。我可以告訴各位，我們在整體客戶群中看到強勁需求。

For cloud, AI infrastructure, communication networks, bookings continue to be strong. We are winning new AI platform business. We added new customers. And for this segment, we see strong demand, not just for '27 but also for '28 today and beyond.

在雲端、AI 基礎設施與通訊網路方面，接單持續強勁。我們正在贏得新的 AI 平台業務。我們新增了新客戶。而在這個事業領域，我們看到的不僅是 2027 年，包含目前對 2028 年及更長期也有強勁需求。

For industrial and energy, we have a very strong customer base. We expect growth to accelerate in fiscal year '27, driven by expanding our energy business for AI data center and others and a lot of other new programs that we have in our pipeline to drive the growth in fiscal year '27 and beyond.

在工業與能源方面，我們擁有非常強大的客戶基礎。我們預期 2027 會計年度成長將加速，主要動能來自我們擴展用於 AI 資料中心等的能源業務，以及我們管線中許多其他新專案，將帶動 2027 會計年度及之後的成長。

For medical, in this medical business, we are well diversified. We have a great customer base. We are leveraging our regulatory knowledge and experience to expand our customer base and programs. And for fiscal year '27, we expect to see improvements in demand, mainly driven by new programs that are coming up.

在醫療方面，在這項醫療業務中，我們的布局相當多元。我們擁有很好的客戶基礎。我們正運用法規知識與經驗來擴大客戶基礎與專案。而在 2027 會計年度，我們預期需求將有所改善，主要由即將推出的新專案所帶動。

For defense and aerospace, we expect the growth in traditional USA defense and aerospace business to continue to grow. We are expanding our customer base in a satellite market, which is very exciting for us. And we continue to see strong demand also in this segment, not just for '27 but also for the '28 and beyond.

在國防與航太方面，我們預期美國傳統國防與航太業務的成長將持續。我們正在衛星市場擴大客戶基礎，這對我們而言非常令人振奮。而在這個事業領域，我們也持續看到強勁需求，不僅是 2027 年，也包括 2028 年及更長期。

For automotive and transportation, overall, we see stable demand. We continue to win new programs from new and existing customers. And we also have a great customer base in this segment.

在汽車與運輸方面，整體而言，我們看到需求穩定。我們持續從新客戶與既有客戶贏得新專案。而我們在這個事業領域也擁有很好的客戶基礎。

Please turn to slide 21.

請翻到第 21 頁投影片。

Let me talk to you about a few things. As Jon was talking about, we've been investing into a diverse set of industry-leading capabilities. We also, as we got more and more involved in AI business, we're looking into increasing our addressable market through vertical integration and engineering.

讓我跟各位談幾件事。如同 Jon 提到的，我們一直在投資一系列多元、業界領先的能力。此外，隨著我們愈來愈深入 AI 業務，我們也在透過垂直整合與工程能力來提升可服務市場（TAM）。

We've been beefing up our full system architecture and design. We've been investing in our traditional high-technology business around military and AI. We're expanding our assembly capabilities, mechanical precision machining around racks and enclosure. We're investing in liquid cooling, including cooling manifolds and bus bars. We've been expanding our joint development and ODM products, such as compute and storage.

我們一直在強化完整系統架構與設計能力。我們也在軍用與 AI 相關的傳統高科技業務上持續投資。我們正在擴充組裝能力，以及機櫃與機箱相關的精密機械加工能力。我們正在投資液冷，包括冷卻歧管與匯流排（bus bars）。我們也在擴大聯合開發與 ODM 產品，例如運算與儲存。

Our custom memory has been doing well, and we're expanding that. We're also expanding our custom optical modules and investing in that segment. Jon talked to you a lot about the AI investments around the ZT. And of course, all the way to global order fulfillment and services. So really excited what's in front of us from that point of view. So please turn to slide 22.

我們的客製化記憶體表現良好，我們正在擴大這部分。我們也在擴展客製化光學模組並投資該領域。Jon 已經跟各位談了很多關於 ZT 相關的 AI 投資。當然，也一路延伸到全球訂單履約與服務。因此，從這個角度來看，我們對眼前的機會感到非常振奮。請翻到第 22 頁投影片。

Let me talk to you now what are my personal priorities, I call internally, back to basics. Number one is continue to diversify our customer base. On the positive side, we are expanding our long-term customer partnerships. We are adding new customers through building strong partnership by providing industry-leading technology solutions to them.

現在讓我談談我個人的優先事項，我在內部稱之為「回歸基本功」。第一，是持續多元化我們的客戶基礎。正面來看，我們正在擴展長期客戶合作夥伴關係。我們透過提供業界領先的技術解決方案、建立強健的合作關係，來新增客戶。

Number two, we're executing cloud and AI strategy. Just to add a few things that you heard from Jon. ZT Systems has been a great acquisition for us, not just from a technology and capabilities, but from the people that we acquired. But also in the last 12 months, we made a lot of investments to drive operational excellence. Company is well-positioned in AI segment and expanding partnership with AI market leaders, very exciting time for us.

第二，我們正在執行雲端與 AI 策略。補充幾點 Jon 提到的內容：ZT Systems 對我們而言是一項很棒的併購，不僅在技術與能力面，也包括我們所併入的人才。此外，在過去 12 個月，我們也進行了大量投資以推動營運卓越。公司在 AI 領域具備良好定位，並正擴大與 AI 市場領導者的合作夥伴關係，對我們而言是非常令人振奮的時刻。

Number three, we are focused on long-term growth, margin expansion, and cash generation. For fiscal year '27, we see strong demand, and we expect strong demand to continue into fiscal year '28. In this market, we expect to maximize our operating leverage to expand profitability.

第三，我們聚焦於長期成長、利潤率擴張與現金創造。對於 2027 會計年度，我們看到強勁需求，並預期強勁需求將延續至 2028 會計年度。在這個市場中，我們預期將最大化營運槓桿，以擴大獲利能力。

And number four is always to maximize shareholders' value by focusing on long-term shareholder returns. We do have lots of opportunities to drive the growth in the next two years, and the goal is to build Sanmina a bigger and stronger company. And longer term, we expect to see continue to improve margin. We still believe there's room for improvements there.

第四，始終是透過聚焦長期股東報酬來最大化股東價值。我們在未來兩年有許多推動成長的機會，目標是把 Sanmina 打造成更大、更強的公司。而從更長期來看，我們預期利潤率將持續改善。我們仍然相信在這方面還有改善空間。

Now please turn to slide 23.

現在請翻到第 23 頁投影片。

In summary, we delivered a strong fourth quarter and a fiscal year '26, signing the time for us. We are executing strategic priorities to drive sustainable growth. We'll continue to expand our industry-leading capabilities and manufacturing footprint.

總結來說，我們在第四季與 2026 會計年度交出強勁表現，對我們而言是個重要時點。我們正在執行策略優先事項，以推動可持續成長。我們將持續擴大業界領先的能力與製造版圖。

Investments that we're making today, it's not just for a growth for '27, but also for a growth for '28. We are seeing the new products and platforms being introduced in fiscal year '27, very positive trends for us. We expect the growth from all of our key end markets in fiscal year '27 based on what we see today.

我們今天所做的投資，不僅是為了 2027 年的成長，也是為了 2028 年的成長。我們看到在 2027 會計年度將導入的新產品與新平台，對我們而言是非常正向的趨勢。基於我們目前所見，我們預期 2027 會計年度所有關鍵終端市場都將帶來成長。

Our outlook for '27 reflects a strong demand and relentless focus on operational execution.

我們對 2027 年的展望反映出強勁需求，以及對營運執行的持續專注。

So as you heard from Jon, for fiscal year '27, we're well positioned for profitable growth. As we shared our outlook for the year, revenue of $17.5 billion to $19.5 billion, an operating margin of 7% to 7.5%, and non-GAAP, $15.50 to $17.50.

因此，如同各位從 Jon 那裡聽到的，對於 2027 會計年度，我們已為獲利性成長做好良好布局。如同我們分享的年度展望，營收為 175 億至 195 億美元，營業利益率為 7% 至 7.5%，以及非 GAAP 每股盈餘為 15.50 至 17.50 美元。

The key for our success is always has been delivering competitive advantage to our customers, and I believe we are doing that.

我們成功的關鍵一向是為客戶提供競爭優勢，而我相信我們正在做到這一點。

Ladies and gentlemen, now, I would like to thank you all for your time and support.

各位女士、先生，現在我想感謝各位撥冗以及一路以來的支持。

Operator, we are now ready to open the lines for question and answers. Thank you again.

接線員，我們現在準備開放電話線進行問答。再次感謝。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

(接線員指示) Ruplu Bhattacharya，美國銀行。

Hi, Jure. Thanks for taking my questions. For fiscal '27, you're guiding to a strong $8.25 billion of AI -- cloud and AI infrastructure revenue. Can you comment on how we should think about the cadence of that? Like how much is first half, how much is second half? How much is the mix, GPU versus CPU? And how much is consignment versus non-consignment? And I have a follow-up.

嗨，Jure。謝謝你回答我的問題。針對 2027 會計年度，你們指引 AI——雲端與 AI 基礎設施營收強勁，達 82.5 億美元。你能否評論一下我們應該如何看待其進度節奏？例如上半年多少、下半年多少？組合方面，GPU 相對於 CPU 的占比如何？以及寄售（consignment）與非寄售的占比各是多少？我還有一個追問。

You've got a lot of questions. First of all, let me add few, and maybe Jon can add more to it. First of all, we expect a strong demand for AI hardware in the second half of fiscal '27. I mean, we see it today. It's all about now where customers will accept the deliveries.

你的問題很多。首先，我先補充幾點，之後 Jon 也許可以再補充。首先，我們預期 2027 會計年度下半年 AI 硬體需求將非常強勁。我的意思是，我們今天就看得到。關鍵在於客戶何時會接受交付。

The good thing is we're starting to deliver. We are learning a lot, and it's a very exciting time for us. So not to break it in all details is when we deliver the full system, it includes everything that you just said, from GPUs, CPUs and so on. It's a very expensive system. That's why performance, engineering, performance quality is very, very critical for us.

好消息是我們開始交付了。我們學到很多，對我們來說這是一個非常令人振奮的時刻。所以不把所有細節都拆開來講，當我們交付完整系統時，它包含你剛才提到的一切，從 GPU、CPU 等等。這是一套非常昂貴的系統。因此，效能、工程能力、效能品質對我們來說非常、非常關鍵。

At the same time, we are expanding -- and if you look at our Sanmina customer, I don't want to talk about and name it today, but we have a lot of customers that are typically been a networking business for a long time, but now also growing this business, a lot of their products that we used to ship to them, we'll obviously be shipping it to ourselves to integrating the systems that we've built. So it's a very strong demand, Ruplu, and now it's all about executing and delivering with our customer needs.

同時，我們也在擴張——如果你看我們的 Sanmina 客戶，我今天不想談也不想點名，但我們有很多客戶過去長期主要做網通業務，現在也在成長這塊業務；我們以前出貨給他們的許多產品，顯然接下來會出貨給我們自己，用於整合我們所打造的系統。所以需求非常強勁，Ruplu，而現在重點就是依照客戶需求去執行並交付。

Jon?

Jon？

Yeah. Just to add to what Jure said. I agree with all that. Ruplu, in short, not a whole lot has changed. So from a timing perspective, still expected to be back-end loaded to the second half. Still early days. We wanted to give a full year perspective. So we did that, as committed, both the Q1 guide and the full-year guide, but still expected to be more back-end loaded.

是的。我補充一下 Jure 剛才說的。我同意以上所有觀點。Ruplu，簡單說，沒有太多改變。所以從時程角度來看，仍然預期會在下半年偏後段放量。目前仍是早期階段。我們希望提供一個全年度的視角。所以我們如承諾所做，提供了第一季指引與全年指引，但仍預期會更偏向下半年後段。

In terms of the mix, no real change here, right? A lot of that revenue, the $7.5 billion to $9 billion for the full year is related to ZT Systems and the GPU and the Helios business. But as far as some of these other platforms, like we expect those to ramp throughout the year. So we'll see what those are able to deliver.

就組合而言，這裡也沒有實質變化，對吧？全年 75 億到 90 億美元的營收中，有很大一部分與 ZT Systems、GPU 以及 Helios 業務相關。但至於其他一些平台，我們預期它們會在全年逐步爬坡。所以我們會看看它們最終能交付到什麼程度。

And then yes, the assumption is still that net accounting basis with the consignment model. So we've -- as I said in my prepared remarks, we finalized that with a couple of the customers already. The rest are in the works, but no change to the core assumptions.

然後是的，假設仍然是採用寄售模式下的淨額會計基礎。所以——如我在事先準備的發言中所說，我們已經和其中幾位客戶完成定案。其餘的仍在進行中，但核心假設沒有改變。

Got it. Thanks for the details there. Can I ask your guidance for the full year, 7.25% operating margin at the midpoint. Again, how much is that being contributed by the core business improving versus having AI become a bigger part of the mix? And how does that impact working capital and free cash flow for fiscal '27?

了解。謝謝你提供這些細節。我想請教你們對全年指引：中位數的營業利益率為 7.25%。再問一次，這其中有多少是來自核心業務改善的貢獻， versus AI 在組合中占比提高的貢獻？以及這對 2027 會計年度的營運資金與自由現金流有何影響？

Yes. So the contribution is from both parts of the business or all of the business. I'll say that. When your -- when we first announced the ZT Systems acquisition, we made an assumption that we'd have -- that business would have Sanmina-like margins, and we talked about a 6% to 7% operating margin range. So now that we're guiding in fiscal year '27, we're a little bit above that, which is great.

是的。所以貢獻來自業務的兩個部分，或者說來自所有業務。我會這麼說。當我們最初宣布收購 ZT Systems 時，我們假設該業務會有類似 Sanmina 的利潤率，並且我們談到 6% 到 7% 的營業利益率區間。所以現在我們對 2027 會計年度的指引略高於那個區間，這很棒。

A big part of that is the contribution of the core business. The core business is doing very well. They grew quite a bit in the second half of this past year. We expect that trajectory to continue. And we've been driving margin expansion there, too, both in terms of the mix of the business, operational improvements and just operating leverage.

其中很大一部分來自核心業務的貢獻。核心業務表現非常好。他們在上一會計年度下半年成長相當多。我們預期這個趨勢會持續。而且我們也在推動那邊的利潤率擴張，包括業務組合、營運改善，以及單純的營運槓桿。

And then again, the ZT Systems side or what we're calling cloud and AI systems is doing well, too. So all in all, we're in a pretty good place. And we're very happy with where we're at from an execution standpoint, essentially being ahead of the curve of what we initially thought in our investment thesis. And what I mean by that is winning programs on new platforms, starting to get things going with vertical integration.

然後同樣地，ZT Systems 這一側——或我們稱之為雲端與 AI 系統——表現也很好。總體而言，我們處在相當不錯的位置。從執行面來看，我們對目前的進展非常滿意，基本上比我們在投資論點中最初預期的進度還要超前。我的意思是，我們在新平台上贏得專案，並開始透過垂直整合把事情推動起來。

Now, on the working capital front, this past year, we had a great year for cash flow. I mean, you saw that with what we just reported, cash flow from operations coming in at $944 million, almost $1 billion was great. As we head into this next year, we do expect working capital to build, right?

現在談到營運資金，上一會計年度我們的現金流表現非常好。你也從我們剛公布的數字看到，營運活動現金流達到 9.44 億美元，接近 10 億美元，這很棒。進入下一會計年度，我們確實預期營運資金會增加，對吧？

And as I was saying in my prepared remarks, I do expect we'll start to fall within our target range of that leverage ratio, but that's going to be as expected. No different than what we said before, and we're certainly still very well capitalized.

而且如我在事先準備的發言中所說，我確實預期我們會開始落在目標槓桿比率區間內，但這都在預期之中。與我們之前所說的沒有不同，而且我們的資本結構仍然非常穩健。

Can I just ask a quick clarification? When you say second platform and third platform, Jon, are they still with AMD? Or do you have -- does ZT have the capacity now to move beyond AMD to other platforms as well?

我可以快速釐清一下嗎？Jon，當你說第二個平台和第三個平台時，它們仍然是跟 AMD 相關嗎？還是說——ZT 現在也有能力從 AMD 延伸到其他平台？

So it's moving beyond AMD. So when we talked about last quarter, there was a second platform as a separate from AMD. So just early stages of that, but it is included in our guide, and part of that cloud and AI systems revenue because we do expect that to ramp throughout the year. So still a lot of work to get that off the ground, but we're making good progress.

所以是延伸到 AMD 以外。當我們上季談到時，有一個第二平台是獨立於 AMD 的。目前仍在早期階段，但它已納入我們的指引之中，也屬於雲端與 AI 系統營收的一部分，因為我們確實預期它會在全年逐步放量。

The third platform that I mentioned is not included in our guide. Now, that's still early stages. So not definitive enough to be able to include in guidance. And that's why I said in my prepared remarks, we're very positive about that third separate platform. Hopefully, if all goes to plan, we'll be able to talk more about that and it could provide some upside potential.

我提到的第三個平台沒有納入我們的指引。目前仍在早期階段。所以還不夠明確，無法納入指引。這也是為什麼我在事先準備的發言中說，我們對那個第三個獨立平台非常正面。希望如果一切按計畫進行，我們能談更多，它也可能帶來一些上行潛力。

But again, it's a little bit too early. So first, we've got to get that deal done, and then we can start thinking about the timing of revenue and profit that comes from that.

但同樣地，現在還稍微太早。所以首先，我們得把那筆交易完成，然後才能開始思考由此帶來的營收與獲利時點。

Yes. By short term, we are flat in a on our plan.

是的。就短期而言，我們與我們的計畫持平。

Thanks for all the details. Appreciate it.

謝謝所有細節。感謝。

Manmohanpreet Singh, JPMorgan.

Manmohanpreet Singh，摩根大通。

Hey, MP, how are you?

嗨，MP，你好嗎？

Hi, Jure and Jon. Thank you for taking my questions, and congrats on the strong print and guide. For my first question, I just wanted to double-click on the fiscal '27 guide. I think it's a pretty wide range than usual. So can you just help us understand like what are the drivers which are making you give a wider range? And over time, what would help you to narrow that range down to a more discrete guidance? And I have a follow-up.

嗨，Jure 和 Jon。謝謝你們回答我的問題，也恭喜這次亮眼的業績與指引。我的第一個問題，我想更深入確認一下 2027 會計年度的指引。我覺得這次的區間比平常寬不少。你們能否協助我們理解，是哪些驅動因素讓你們給出較寬的區間？以及隨著時間推進，什麼因素會幫助你們把這個區間收斂到更明確的指引？我還有一個追問。

Yes, sure. So it's really just the length of the fiscal year. If you look at our Q1 guide, our guidance ranges are very much in line with what we've been doing historically. So a revenue range of about $300 million, EPS range of $0.35, so below 10% on both fronts, very much similar to what we've done for the last several quarters.

好的，當然。主要就是因為會計年度的期間長度。如果你看我們第一季的指引，我們的指引區間其實與過去一貫的做法非常一致。例如營收區間大約 3 億美元、EPS 區間 0.35 美元，因此兩者都低於 10%，這與我們過去幾季的作法非常相近。

On a full-year basis, you're right. The revenue range of $2 billion and the $2 EPS, a little bit wider, above that 10% mark. But really, the rationale is that we've got a lot of new programs, big programs that are coming online. So it's a little bit early.

以全年來看，你說得沒錯。20億美元的營收區間以及2美元的每股盈餘（EPS），區間稍微更寬一些，超過10%的那個門檻。但真正的原因在於，我們有很多新的專案、即將上線的大型專案。所以現在還稍微早了一點。

Like we said on the call, everything that we know about from a customer forecast perspective, there's a lot of demand, as Jure said, geopolitical perspective, all those things have been factored in. But still a lot of risk out there when you have a big new program, a complex program, there's always some risk.

就像我們在電話會議上說的，從客戶預測的角度來看，我們所知道的一切——需求很強勁，正如Jure所說，地緣政治層面等等——這些都已經納入考量。但當你有一個大型新專案、一個複雜專案時，外部仍然存在不少風險，總會有一些風險。

So even if you look at the cloud and AI systems revenue guide, if I point you to that on the full year, $7.5 billion to $9 billion. So that's $1.5 billion of the $2 billion overall range. So that's really the context. It's really just the length of time, it is the dynamic nature of the market. But over time, we should expect to tighten that up.

所以即使你看雲端與AI系統的營收指引，如果我把你指到全年那一項，是75億到90億美元。也就是說，在整體20億美元的區間中，有15億美元來自這一項。所以這就是背景。主要就是時間跨度，以及市場的動態特性。但隨著時間推進，我們應該會把這個區間收斂得更緊。

Yeah. If I can add to that also, the supply chain. We have, right now, shortages out there, and there are some uncertainties around supply chain exactly.

是的。如果我也補充一點，還有供應鏈。我們目前確實面臨短缺，而且供應鏈方面也存在一些不確定性。

Exactly.

沒錯。

No, that's helpful. And a quick follow-up on the fourth-quarter results. So the core Sanmina business growth accelerated to I think over 40% in fiscal 4Q, while like -- firstly, I just want to double-click on like what exactly are the drivers within there? Is it some new market share wins or new program wins? Or what's really driving that?

不，這很有幫助。我再快速追問一下第四季的結果。所以Sanmina核心業務的成長在會計年度第四季加速到我認為超過40%，同時——首先，我想更深入確認一下，裡面的驅動因素到底是什麼？是一些新的市占率斬獲或新專案得標嗎？還是到底是什麼在推動？

And then when we look into fiscal '27, core Sanmina growth kind of moderates into '27. So is it just conservatism given it's early into the year? Or are there any definite drivers or definite drivers which are making you to kind of imply a moderation in growth rate there? Thank you.

然後當我們看向會計年度'27，Sanmina核心業務的成長在'27似乎放緩。這只是因為現在還在年初、所以比較保守嗎？還是有任何明確的因素或明確的驅動因素，讓你們暗示那裡的成長率會放緩？謝謝。

Yeah. MT, on a core -- legacy Sanmina business, in the last couple of years, we invested a lot of -- how do I say, time with our critical customers. We had a lot of new programs coming in end of '25 into the '26. So we see a lot of those now programs started to do mature. And we believe that's what drove the growth, well-diversified customer base across all the key markets.

是的。MT，針對核心——也就是Sanmina的既有業務，過去幾年我們在關鍵客戶上投入了很多——該怎麼說，投入了很多時間。我們在'25年底到'26期間導入了很多新專案。所以我們現在看到其中很多專案開始成熟。我們相信這就是推動成長的原因，而且客戶基礎在所有主要市場都相當多元分散。

And if you look at our industrial, energy, medical, defense and aerospace, that market today is well positioned, grew nicely in the fourth quarter at 19%. And so we expect the Sanmina's business to grow low double digits. But there's a lot of strong programs in our pipeline. And it's a good time for us.

如果你看我們的工業、能源、醫療、國防與航太，這些市場目前的布局很好，第四季表現也不錯，成長了19%。因此我們預期Sanmina的業務將以低雙位數成長。但我們的案源管線裡有很多強勁的專案。對我們來說，這是一個很好的時機。

And when you combine the opportunities we have with the ZT AI, that's why we're excited about the fiscal year '27 and beyond.

而當你把我們在ZT AI上的機會一起納入，這也是為什麼我們對會計年度'27以及之後感到興奮。

Jon, do you want to add anything to that?

Jon，你要補充什麼嗎？

I think you said it well here. I mean, we're not reporting core Sanmina versus ZT Systems anymore, right? But you're kind of back into the high level math, low-double digits growth of that core business. I think that's a good proxy at the end of the day. The reality is both cloud and AI infrastructure communication networks, for a while, we have six quarters in a row with 20% year-over-year growth. But by quarter in Q3, now this quarter, that accelerated.

我覺得你講得很好。我的意思是，我們不再分別揭露Sanmina核心業務與ZT Systems了，對吧？但你大概可以回推到高層級的數學：核心業務低雙位數成長。我認為最終這是一個不錯的替代指標。現實是，雲端與AI基礎設施通訊網路這一塊，我們已經連續六個季度年增20%。但按季度來看，在第三季以及本季，成長又加速了。

So we expect that to continue into the first half, but then in the second half, we'll have some tougher compares. But the rest, industrial, energy, medical, defense, and aerospace, that's really been accelerating, and we expect that to continue.

所以我們預期這會延續到上半年，但下半年會面臨較嚴峻的比較基期。不過其他部分——工業、能源、醫療、國防與航太——其實一直在加速，我們也預期這會持續。

But our team, if I can add, to really give a compliment to our operational team. Our team is executing really well. Every time you do a major position as we did a year ago, you always kind of worried. So if you look at our forecast from a year ago and what we delivered, we delivered better than 40% in what was the forecast beginning of the year.

但如果我可以補充一下，也想稱讚我們的營運團隊。我們的團隊執行得非常好。每當你像我們一年前那樣做出重大布局時，你總是會有點擔心。所以如果你看我們一年前的預測以及我們實際交付的結果，我們交付的表現比年初預測好超過40%。

And that's all really to our operational team, by executing. Our customers are being very important because of our execution and technology that we bring to them. And that's what we are building on.

這完全要歸功於我們營運團隊的執行力。因為我們的執行與帶給客戶的技術，我們對客戶而言變得非常重要。而這就是我們正在持續建立的基礎。

There -- in this business, MP, you never can relax. It's one day at a time, but the team has been doing well, and I think that's the reason we are winning the new programs, and hopefully, that will continue.

在這個產業裡，MP，你永遠不能鬆懈。必須一天一天來，但團隊一直做得很好，我想這也是我們能贏得新專案的原因，希望這能持續下去。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Hi, good afternoon, and congrats. I guess, first of all, just thinking about the full-year margin guidance, how would we think about that on sort of an apples-to-apples comparison? You had the tariff benefits in Q4, but you also had some unusual margins on some pre-engineering work you called out in prior quarters. Like what are we comparing the 7% to 7.5% to you, would you say, just to get a sense for that?

嗨，午安，恭喜。我想，首先就全年毛利率/利潤率指引來看，我們該如何用「同口徑」來思考比較？你們第四季有關稅帶來的利益，但你們在前幾季也提到某些前期工程（pre-engineering）工作有一些不尋常的利潤率。就你們而言，我們把7%到7.5%拿來跟什麼比較？你會怎麼說，讓我們對此有個概念？

And within that question, can you just give us -- it sounds like mix is the biggest driver on top of volume, but I just want to make sure I got that right. And then I had a follow-up.

在這個問題之內，你能否再補充一下——聽起來在量的因素之上，產品組合（mix）是最大的驅動因素，但我想確認我理解得沒錯。然後我還有一個追問。

Yes. No, that's exactly right, Steve. I mean, I think it's a fairly apples-to-apples comparison. The nonrecurring engineering that we saw with the Helios program, the reality is that's part of our business model, not just on the ZT Systems side of the business, with the core Sanmina business, too.

是的。不，完全正確，Steve。我的意思是，我認為這基本上是相當同口徑的比較。我們在Helios專案看到的非經常性工程（NRE），現實是那是我們商業模式的一部分，不僅是在ZT Systems那一側，在Sanmina核心業務這邊也是如此。

We always do that, just happens that Helios is a very large program with large customers. And so that had a pretty big impact. And it was just more than what we had expected within the year. So that kind of led to some of the beat that we saw.

我們一直都會這麼做，只是Helios是一個非常大型的專案、客戶也很大。因此它帶來了相當大的影響。而且它在當年度的規模也超出我們原先的預期。所以這也就導致我們看到的部分超預期表現。

But that will continue. And hopefully, if we win the programs after Helios, we'll see some of that again. But it exists on both sides of the business, so kind of apples-to-apples. Tariffs was kind of a unique one-time thing to $30 million. At the end of the day, that was related to some legacy ZT Systems products because it wasn't so much -- it's not a part of like the core Sanmina business model, and it won't be part of ZT Systems going forward either.

但這種情況會持續。而且希望如果我們在Helios之後再贏得其他專案，我們還會再次看到類似的情況。但這在業務的兩邊都存在，所以算是同口徑。關稅則比較像一次性的特殊項目，約3,000萬美元。歸根結底，那與一些ZT Systems的既有產品有關，因為它並不算是Sanmina核心業務模式的一部分，而且未來也不會成為ZT Systems的一部分。

So you could kind of adjust for that on a full-year basis, which isn't a huge amount. And that's why if you think about where we exited in '26, full year compared to our full-year '27 outlook, not too far off aside from mix adjustments.

因此你可以在全年基礎上大致做些調整，影響其實不大。這也是為什麼如果你想想我們在「26 年」結束時的狀況，拿全年去對比我們對「27 年」全年的展望，除了產品組合調整之外，其實差距不大。

Yeah. And also if you look at steel, where we've been investing in the last 12 to 18 months, we've been in all more advanced technology products that should help us sometimes in '27 add to the bottom line.

是的。另外如果你看鋼鐵業務，我們在過去 12 到 18 個月的投資，主要都投入在更先進的技術產品上，這些有望在「27 年」某些時候為我們的獲利（底線）帶來貢獻。

Great. That's very helpful. And that actually leads into my second question, which is if I think about sort of the revenue guidance for the cloud and AI segment that you're now defining ZT plus additional platform business, is basically the difference between the total and whatever would be ZT related to you guys getting more attach rate on your vertical capabilities? Is that how we should think about? Is there anything else that's getting in there that you're having success with?

很好。這非常有幫助。而這其實也引出我的第二個問題：如果我思考你們現在定義的雲端與 AI 部門的營收指引（也就是 ZT 加上額外的平台業務），基本上這個差額是否來自於你們在垂直能力上的附加率（attach rate）提升，也就是總額與你們認為屬於 ZT 的部分之間的差異？我們應該這樣理解嗎？還有沒有其他你們正在取得成功、也被納入其中的項目？

And then what do we think about the attach rate maybe now versus exiting the year for some of those vertical skills?

另外，對於其中一些垂直技能（vertical skills），我們該如何看待目前的附加率，相較於年底退出時的附加率？

Let me take that question, Steve, more from a business, where we are focused on. Every year is a different year, and the mix of the business is very critical. We've been strategically investing in a business that will allow us -- well, they are a lot more difficult to build, require bigger investments, but it should deliver us a better margin in the future.

Steve，這題我先從我們聚焦的業務面來回答。每一年都不一樣，而業務組合非常關鍵。我們一直在策略性投資一些業務——這些業務更難打造、需要更大的投資，但未來應該能帶來更好的毛利率。

We're not there yet. We think there's room for improvement as we go out a few quarters. And Jon a little bit talked about the energy investment, that this is a new business building large transformers that are over 12 tonnes. We have a huge demand on that right now. Once we start the production there in January, we expect to start seeing some good profitable business middle of the next year.

我們現在還沒到那個階段。我們認為在接下來幾個季度仍有改善空間。Jon 也稍微提到能源方面的投資：這是一個新業務，要製造超過 12 公噸的大型變壓器。目前我們對此有非常龐大的需求。一旦我們在一月開始投產，我們預期在明年年中會開始看到一些不錯且具獲利性的業務。

All those things we think differently today, I mean, even ZT is completely a different company today from a capabilities point of view than when we acquired it. We invested a lot of money into that. We're strategically positioned for the -- we're building some very, very advanced system that can't fail. And those types of things, if you can do it right, you can squeeze out based on our efficiencies and leveraging your capabilities. A penny here, penny there should help us move in the right direction.

我們今天看待這些事情的方式也不同了；我的意思是，甚至 ZT 從能力角度來看，跟我們收購時相比，今天已經完全是不同的公司。我們在那上面投入了很多資金。我們在策略上已就位——我們正在打造一些非常、非常先進、不能失敗的系統。而這類事情，如果你能把它做好，就能基於我們的效率並善用你的能力來擠出更多效益。一分錢這裡、一分錢那裡，應該都能幫助我們朝正確方向前進。

Yeah. And just to add to that, Steve. I mean, when we did the ZT Systems acquisition, that was a decision Jure and I made to expand deeper into the data center end market. Big focus on rack integration, but other opportunities, too. So when you think about like adding new platforms, for example, some of that could happen in the ZT plants, but some will be done in core Sanmina plants. So the lines are starting to blur, right?

是的。Steve，我再補充一下。我的意思是，當我們進行 ZT Systems 的收購時，那是我和 Jure 做出的決定，目的是更深入擴展到資料中心終端市場。重點很大一部分在機櫃整合（rack integration），但也有其他機會。所以當你想到例如新增平台時，其中一部分可能會在 ZT 的工廠發生，但也有一部分會在 Sanmina 的核心工廠完成。所以界線開始變得模糊了，對吧？

And even some of the vertical integration opportunities that we have, we win with like a Helios program, for example, you don't get incremental revenue for that. It helps on the profit side because it gets eliminated. But we can also sell some of those products and services to non-Helios. So if you think about mechanical racks, right? We can give them mechanical racks.

甚至我們的一些垂直整合機會也是如此；例如我們拿下像 Helios 這樣的專案時，你不會因此得到額外營收。它對獲利端有幫助，因為那部分會被沖銷（eliminated）。但我們也可以把其中一些產品與服務賣給非 Helios 的客戶。所以如果你想到機械式機櫃（mechanical racks），對吧？我們可以提供他們機械式機櫃。

For Helios, for those customers, that revenue gets eliminated. But if we sell mechanical racks to other customers, that's upside. So the point is, is things, the lines are blurring as we've talked about, between core Sanmina and ZT Systems, which is why we shifted to this cloud and AI systems category to help to give some insight in this first year as we turn the corner and grow.

對 Helios、對那些客戶而言，那部分營收會被沖銷。但如果我們把機械式機櫃賣給其他客戶，那就是上行空間（upside）。所以重點是，如同我們談過的，隨著核心 Sanmina 與 ZT Systems 之間的界線逐漸模糊，這也是為什麼我們轉向「雲端與 AI 系統」這個類別，來在我們轉折並成長的第一年提供一些洞見。

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

很好。這些都非常有幫助。謝謝。

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

謝謝。接線生，我們還有時間再問一題。

Wonderful. The final question comes from --

太好了。最後一個問題來自——

Two more questions, sorry.

抱歉，還有兩個問題。

Mehdi Hosseini, SIG.

SIG 的 Mehdi Hosseini。

Thank you. Thank you. Thanks for taking my question.

謝謝。謝謝。感謝讓我提問。

Mehdi, I almost forgot you here for a second.

Mehdi，我剛剛差點一時忘了你還在線上。

That's all right. I'm sure you've been busy. And actually, speaking of being busy, if I just take the midpoint of your fiscal year '27 guide for cloud and AI system, can you talk into diversification of customers? I know you talked about a second platform. But I also want to get a better sense of how big the second platform is.

沒關係。我相信你們很忙。而且說到忙，如果我取你們 27 財年雲端與 AI 系統指引的中位數，你能談談客戶多元化嗎？我知道你提到第二個平台。但我也想更清楚了解第二個平台的規模有多大。

And I'm sure if I ask, you're not going to give me the dollar amount. But perhaps you could talk about the diversification of the customer mix in the cloud and AI system midpoint for 2027? And I have a follow-up.

我也確定如果我直接問，你不會給我美元金額。但或許你可以談談在 2027 年雲端與 AI 系統中位數情境下，客戶組合的多元化程度？我還有一個追問。

Yes. A couple of things, Mehdi. So one, even with the AMD platform business, primarily Helios, we've got a very diversified business, right? So we've got multiple customers, talked about hyperscalers, the frontier AI labs, OEMs, neoclouds. And that's across both the US and non-US or international. So pretty diverse base. Then you add on top of that, to your point, additional platforms and other products and services.

可以。Mehdi，有幾點。第一，即使是在 AMD 平台業務（主要是 Helios）之內，我們也有非常多元的業務基礎，對吧？我們有多個客戶，包含我們提到的超大規模雲端業者（hyperscalers）、前沿 AI 實驗室、OEM、neoclouds。而且這涵蓋美國與非美國／國際市場。所以基礎相當多元。接著如你所說，再加上額外的平台以及其他產品與服務。

Now, one thing I'll point you to, if you didn't notice it, but in slide 19 in our earnings presentation, it's the end market mix that Jure covered. We did actually put in the cloud and AI systems baseline for FY26. You've got a comparison point. So what you can see is that ZT was $4.9 billion for last fiscal year. Cloud and AI systems $5.3 billion, and it's mostly ZT.

另外，如果你沒注意到，我想請你看我們財報簡報的第 19 頁投影片，那是 Jure 講的終端市場組合。我們確實放入了 26 財年雲端與 AI 系統的基準值，讓你有一個比較點。所以你可以看到，ZT 在上一個財年是 49 億美元。雲端與 AI 系統是 53 億美元，而其中大部分是 ZT。

And we'll see how things progress throughout the year. This is why we have that broader range, right? But our goal is also -- we've always wanted to drive diversification within the AMD business and then across the broader category overall.

我們會看看今年整體進展如何。這也是為什麼我們給了較寬的區間，對吧？但我們的目標也同樣是——我們一直希望在 AMD 業務內部推動多元化，並且在更廣泛的整個類別中推動多元化。

Got you, which is all encouraging. And this is leads to my next question. If I just take your commentary and midpoint of the overall revenue, you're exiting the fiscal year '27 in a revenue -- quarterly revenue of $5.5 billion to $6 billion.

了解，這些都很令人鼓舞。這也引出我的下一個問題。如果我把你們的評論以及整體營收中位數放在一起看，你們在 27 財年結束時的季度營收退出水準大約是 55 億到 60 億美元。

And given this diversification of AI customers and the prospect of the third platform materializing, then I see a continued double-digit growth into FY28 given the run rate you're exiting '27. Is that -- would you agree with that thought process?

而考量到 AI 客戶的多元化，以及第三個平台有機會成形，那麼基於你們在「27 年」退出時的營收運行率（run rate），我看到 28 財年仍可維持雙位數成長。你會同意這樣的思路嗎？

Everything is possible. As a potential, we'll just see we are very positive with the key customers that we have today about the future, definitely '27. But we also see a lot of positive things in '28. I think potential is there to grow. I mean that's what we want to do. That's what we are hoping for and working for, not just hoping. We're making things off to position the company to have that potential.

一切皆有可能。就潛力而言，我們對目前的關鍵客戶對未來、尤其是'27年的展望非常正面。但我們也看到'28年有很多正向因素。我認為成長的潛力是存在的。我的意思是，這正是我們想做的。這也是我們所期待並為之努力的，不只是期待。我們正在推動各項工作，讓公司站在具備這種潛力的位置上。

And I think Jure said it well earlier when he said that there's a lot of demand out there, right, that can go out and execute. We can manage the supply chain well, and that's done in coordination with our partners and with our customers. If we can take advantage of that demand, anything is possible, so I agree.

我想Jure先前說得很好，他提到外面有很多需求，對吧，而且我們可以走出去執行。我們能把供應鏈管理好，這是與我們的合作夥伴以及客戶協同完成的。如果我們能把握這些需求，一切皆有可能，所以我同意。

So Jon, would your CapEx guide of -- sorry, I forgot your CapEx guide, up $450 million -- I'm sorry, $450 million, right?

所以Jon，你的資本支出（CapEx）指引是——抱歉，我忘了你的CapEx指引，上調到4.5億美元——抱歉，是4.5億美元，對嗎？

Correct. That's correct.

正確。沒錯。

Is that CapEx for fiscal year '27 be enough to sustain a double-digit growth into FY28?

那麼，'27財年的CapEx是否足以支撐到FY28仍維持兩位數成長？

Well, the one thing I'll remind you of, Mehdi, is that, that third platform that we talked about is not part of our guide either on the P&L perspective, either CapEx as well, right? So put that aside. But the guide that we have right now, $450 million very much supports the P&L that we guided, the $17.5 billion to $19.5 billion. Now, the things go very, very well, we start to see that demand develop, right, that you were just asking about for FY28 and beyond. And we start trending towards the higher end of $19.5 billion.

嗯，我要提醒你一點，Mehdi，我們談到的第三個平台，並不包含在我們的指引裡——不論是損益表（P&L）角度，或是CapEx也是一樣，對吧？所以先把那個放一邊。但我們目前的指引，4.5億美元非常足以支撐我們所給出的P&L指引，也就是175億到195億美元。現在，如果事情進展得非常、非常順利，我們開始看到你剛才問到的FY28及之後的需求逐步形成，對吧？而我們也開始朝195億美元的高端趨近。

Then certainly, could we invest a bit more? Sure. And we'll always look at those opportunities following our capital allocation strategy that I talked about during -- as part of my prepared remarks.

那麼我們當然可以再多投資一些嗎？當然可以。而且我們會一向依循我在——也就是在我事先準備的發言中提到的資本配置策略，去評估這些機會。

Got it. Okay, thank you.

了解。好的，謝謝。

Anja Soderstrom, Sidoti.

Anja Soderstrom，Sidoti。

Hi, thanks for taking my questions, and congrats on the nice quarter here.

嗨，謝謝讓我提問，也恭喜你們本季表現不錯。

Thanks, Anja.

謝謝你，Anja。

Most of my questions have been answered already or addressed already. But I'm just curious, you're talking about the third platform not included in the guidance. But what does the pipeline look like beyond that third platform?

我大多數的問題都已經被回答或提到了。但我只是好奇，你們提到第三個平台沒有納入指引。那在第三個平台之外，後續的案源（pipeline）看起來如何？

Yeah. I mean, at this point, as Jure was saying just a few minutes ago, like we've got a lot to execute with what we've got going on in the core business, the AMD partnership, even the second platform. But we've got the capacity to do more.

是的。我的意思是，就目前而言，正如Jure幾分鐘前所說，我們在核心業務、與AMD的合作夥伴關係，甚至第二個平台上，都還有很多要執行的事情。但我們也有能力做更多。

Now, we're focused on this third platform right now. So we'll see if there's something beyond that, that makes sense. But one point I do want to make, Anja, is that we intend to maintain a very well-diversified portfolio, right? We exited this year FY26 well diversified between all of our end markets, and we want to continue that going forward because as great as the data center business has been and how much demand is out there. A lot of opportunities elsewhere. And we feel it's important to say well-diversified cross end markets, the customers that we have, geographies, all of those things. We'll balance those decisions about what comes next with that lens.

目前我們正專注在第三個平台。所以我們會再看看是否有第三個平台之外、且合理的機會。但我想強調一點，Anja，我們打算維持一個高度多元化的產品/業務組合，對吧？我們在FY26結束時，在所有終端市場之間已經相當多元化，而我們希望未來也能持續如此，因為資料中心業務再怎麼出色、外部需求再怎麼強勁，其他領域也有很多機會。其他地方有很多機會。我們認為，跨終端市場、客戶、地理區域等各方面保持良好多元化是很重要的。我們會用這個視角來平衡對下一步要做什麼的決策。

Okay. But again, just in terms of the margin, you guided to the same margin for the first quarter and the full year. But given it's going to be sort of a back-end loaded year, shouldn't that expand as you get higher revenue? And might the full year margin guidance still a little bit shy maybe?

好的。但再回到毛利率，你們對第一季和全年給出的毛利率指引是一樣的。但既然今年會比較偏向下半年放量，隨著營收提高，毛利率不應該擴張嗎？那全年毛利率指引是否可能仍稍微保守了一點？

Yes. No, I think it's fair and balanced. We always forecast on the center weighted is. Like the midpoint is our best guess. There's upside risk, there's downside risk, that's why we put the ranges out there and a slightly higher range to MP's question on a full-year basis.

是的。不，我認為這是公平且平衡的。我們一向以區間的中間值來做預測。例如中點是我們最好的估計。有上行風險，也有下行風險，這就是為什麼我們提供區間；而且針對MP關於全年基礎的問題，我們也給了稍微更高的區間。

But it's predominantly mix, right? Yes, to your point, as we grow, should we get more operating leverage? Yes. More fixed cost leverage? Yes.

但主要還是產品/業務組合（mix），對吧？是的，如你所說，隨著我們成長，是否應該有更多營運槓桿？是的。固定成本槓桿更多？是的。

But also some of the businesses that we're in have a little bit lower margin profile, some of the other ones that are growing is higher. So our best guess at this point in time is that 7% to 7.5%, but it will depend on mix.

但同時，我們所處的一些業務毛利率結構會稍微低一些，而另外一些正在成長的業務毛利率則更高。所以就目前時間點，我們最好的估計是7%到7.5%，但會取決於組合。

And we'll update that on a quarterly basis.

我們會按季更新。

Okay, thank you.

好的，謝謝。

Well, ladies and gentlemen, thank you very much for the great questions in the call. We're excited about some front of us. So if you have any -- if we didn't answer any of your questions, please give us a call and appreciate your support and talk to you 90 days from now. Thank you. Bye-bye.

各位女士、先生，非常感謝大家在電話會議中提出很棒的問題。我們對眼前的一些事情感到振奮。所以如果你們還有任何——如果我們沒有回答到你們的問題，請打電話給我們；也感謝你們的支持，我們90天後再與各位交流。謝謝。再見。

Thank you.

謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。