高塔半導體 (TSEM) 2024 Q2 法說會逐字稿

Thank you, and welcome to Tower financial results conference call for the second quarter of 2024.

謝謝，歡迎參加 Tower 2024 年第二季財務業績電話會議。

Before we begin, I would like to remind you that some statements made during this call may be forward-looking and are subject to uncertainties and risk factors that could cause actual results to be different from those currently expected.

在我們開始之前，我想提醒您，本次電話會議中所做的一些陳述可能具有前瞻性，並受到不確定性和風險因素的影響，可能導致實際結果與當前預期不同。

These uncertainties and risk factors are fully disclosed in our Form 20-F and 6-K filed with the Securities and Exchange Commission as well as filings with the Israeli Securities Authority.

這些不確定性和風險因素在我們向美國證券交易委員會提交的 20-F 和 6-K 表格以及向以色列證券管理局提交的文件中得到了充分披露。

They are also available on our website.

它們也可以在我們的網站上找到。

Tower assumes no obligation to update any such forward-looking statements.

Tower 不承擔更新任何此類前瞻性聲明的義務。

Please note that the second quarter of 2024 financial results have been prepared in accordance with US GAAP.

請注意，2024 年第二季財務業績是根據美國公認會計準則編製的。

The financial tables and data in today's earnings release and in the earnings call also include certain adjusted financial information that may be considered non-GAAP financial measures under Regulation G and related reporting requirements as established with the Securities and Exchange Commission.

今天的財報發布和財報電話會議中的財務表格和數據還包括某些調整後的財務信息，根據 G 條例和美國證券交易委員會制定的相關報告要求，這些信息可能被視為非 GAAP 財務指標。

The financial tables include a full explanation of these measures and the reconciliation of these non-GAAP measures to the GAAP financial measures.

財務表格包括這些措施的完整解釋以及這些非公認會計原則措施與公認會計原則財務措施的調節。

We have a supporting slide deck that complements today's conference call.

我們有一個支援幻燈片來補充今天的電話會議。

This presentation is accessible on our company's website and is also integrated into today's webcast for your convenience.

該簡報可在我們公司的網站上訪問，並且為了您的方便也已整合到今天的網路廣播中。

Now I'd like to turn the call to our CEO, Mr. Russell Ellwanger.

現在我想把電話轉給我們的執行長 Russell Ellwanger 先生。

Russell, please go ahead.

拉塞爾，請繼續。

Thank you, Noit.

謝謝你，諾伊特。

Welcome, everyone.

歡迎大家。

Thank you for joining our second quarter 2024 earnings conference call.

感謝您參加我們的 2024 年第二季財報電話會議。

It was a quarter in which we delivered strong financial performance and in which we received substantial increases in customer forecast, short to midterm, affirming the value of our strategic focus.

在這個季度，我們實現了強勁的財務業績，短期到中期的客戶預測大幅增加，這證實了我們策略重點的價值。

Revenue for the second quarter reached $351 million with a net profit of approximately $53 million, resulting in a net margin of about 15%.

第二季營收達3.51億美元，淨利約5,300萬美元，淨利率約15%。

At the beginning of 2024, we publicly stated a target of sequential quarterly revenue growth throughout the year for which we remain committed.

2024 年初，我們公開提出了全年季度營收季增的目標，並將繼續致力於實現這一目標。

This was achieved in the second quarter of '24 with a $24 million increase in revenue compared to the first quarter, and we are on track for this target in the third quarter with a revenue guidance of $370 million, plus or minus 5%.

這是在 2024 年第二季實現的，與第一季相比，營收增加了 2,400 萬美元，我們預計在第三季實現這一目標，營收指引為 3.7 億美元，上下浮動 5%。

Moving into the second half of the year, we remain focused on driving innovation, further enhancing our market leadership and delivering sustainable growth.

進入下半年，我們仍然專注於推動創新，進一步增強我們的市場領導地位並實現永續成長。

I will now present a brief overview of our primary growth drivers.

我現在將簡要概述我們的主要成長動力。

For the second quarter, RF infrastructure revenue increased 50% year-over-year and represented 14% of the total quarterly revenue.

第二季度，射頻基礎設施收入年增 50%，佔季度總收入的 14%。

We anticipate continued infrastructure revenue growth in the foreseeable future as customer forecasts for the next 18 months have increased dramatically.

由於客戶對未來 18 個月的預測大幅增加，我們預計在可預見的未來基礎設施收入將持續成長。

Silicon photonics is experiencing an even stronger ramp than prior expectations, and we are seeing extremely robust and climbing demand for our SiGe-based technologies.

矽光子學正在經歷比之前預期更強勁的成長，我們看到對基於 SiGe 的技術的需求極其強勁且不斷攀升。

SiGe demand and growth is predominantly from TIA and drivers for optical transceivers, where I believe we hold the number one market position.

SiGe 的需求和成長主要來自 TIA 和光收發器的驅動力，我相信我們在這方面佔據第一的市場地位。

The expected expansion of AI applications is strongly linked to the robust growth of silicon germanium technology.

人工智慧應用的預期擴展與矽鍺技術的強勁成長密切相關。

As AI applications in various sectors demand higher performance and efficiency, SiGe technology stands out due to its ability to operate at higher frequencies and lower power, making it ideal for AI hardware.

隨著各領域的人工智慧應用需要更高的效能和效率，SiGe技術因其能夠在更高頻率和更低功耗下運作而脫穎而出，使其成為人工智慧硬體的理想選擇。

In addition to the TIA and drivers, new products are ramping aggressively.

除了 TIA 和驅動器之外，新產品也在積極增加。

For example, active copper cable, please see slide 5, are experiencing an increased adoption for shorter reach data centers to connect driven by the need for lower signal loss at the high speeds required by AI.

例如，請參閱幻燈片 5，有源銅纜正在越來越多地用於短距離資料中心的連接，這是由於人工智慧需要在高速下降低訊號損失。

We also expect a continued high increase in silicon photonics revenue.

我們也預計矽光子收入將持續大幅成長。

This business is targeted to grow from $30 million revenue in 2023 to above $80 million in the present year.

該業務的目標是從 2023 年的 3,000 萬美元收入成長到今年的 8,000 萬美元以上。

And from that point, most recent customer forecast would result in more than doubling this revenue in 2025.

從那時起，最新的客戶預測將導致 2025 年收入增加一倍以上。

This is driven by the very high demand for 400G and 800G transceivers due to exponential increase in data traffic from AI, cloud computing, streaming services and IoT, alongside the expansion of data centers 5G deployment driving greater need for high-performance computing.

這是由於人工智慧、雲端運算、串流媒體服務和物聯網的資料流量呈指數級增長，以及資料中心5G 部署的擴展推動了對高效能運算的更大需求，對400G 和800G 收發器的需求非常高。

These SiPho-based transceivers offer higher efficiency, lower cost and leverage advancements making them essential for network infrastructure upgrades and the growing computational demands of AI applications.

這些基於 SiPho 的收發器具有更高的效率、更低的成本和先進的優勢，使其對於網路基礎設施升級和人工智慧應用不斷增長的運算需求至關重要。

Looking forward, prototyping of 1.6 terabit products continues with several customers, having demonstrated 200 gigabit per second per lane transceivers, we are already very active in 3.2 terabit R&D program in tight collaboration with specific market-leading customers targeting 400G per lane solutions.

展望未來，多家客戶將繼續進行1.6 太比特產品的原型設計，在展示了每通道每秒200 吉比特的收發器之後，我們已經非常積極地開展3.2 太比特研發計劃，與針對每通道400G 解決方案的特定市場領先客戶密切合作。

During the second quarter, we delivered initial samples to a market-leading customer showing breakthrough performance with an advanced architecture and incorporating new material.

在第二季度，我們向市場領先的客戶交付了初始樣品，展示了先進架構和採用新材料的突破性性能。

Beyond AI and datacom, we continue to make good progress on SiPho engagements with automotive leaders in frequency-modulated continuous wave-based LiDAR, please see slide 6, and with existing and emerging leaders in quantum computing, optical switching and other sensing applications.

除了人工智慧和數據通訊之外，我們在SiPho 方面繼續與汽車領導者在調頻連續波雷射雷達（請參閱幻燈片6）以及與量子計算、光開關和其他感測應用領域的現有和新興領導者的合作中取得良好進展。

There is a growing ecosystem of silicon photonics-based differentiated products, where I believe we occupy the number one foundry market position.

基於矽光子的差異化產品的生態系統正在不斷發展，我相信我們佔據了第一大代工市場的地位。

Based on the strong demand we are seeing from our SiPho customers, we are additionally qualifying our SiPho platform at our San Antonio 200-millimeter facility.

基於 SiPho 客戶的強烈需求，我們也在聖安東尼奧 200 毫米工廠對 SiPho 平台進行了認證。

And we have made significant strides in bringing to the market a 300-millimeter version of our SiPho flow with process design kits available and are happy to report that high-performance successful silicon was delivered to lead customers, including some very novel and breakthrough solutions for certain advanced applications.

我們在將300 毫米版本的SiPho 流程推向市場方面取得了重大進展，並提供了製程設計套件，並且很高興地報告，高性能成功的矽已交付給主要客戶，其中包括一些非常新穎和突破性的解決方案某些高級應用程式。

The 300-millimeter added SiPho capacity, in addition to providing capabilities for these novel applications, combined with the San Antonio SiPho capacity should ensure that we can meet short- and long-term customer demand for this market in which we are very bullish.

增加的 300 毫米 SiPho 產能除了為這些新穎的應用提供能力外，與 San Antonio SiPho 產能相結合應確保我們能夠滿足我們非常看好的這個市場的短期和長期客戶需求。

For Q2, RF mobile revenue, predominantly RF-SOI, increased approximately 60% year-over-year and represented 31% of the total revenue during the quarter.

第二季度，射頻行動收入（主要是 RF-SOI）年增約 60%，佔該季度總營收的 31%。

We are currently fully utilizing our 300-millimeter RF-SOI capacity in Uozu, Japan, and continue transition 300-millimeter RF-SOI customers to Agrate, Italy per plan to support this increased demand.

我們目前正在充分利用我們在日本魚津的 300 毫米 RF-SOI 產能，並按照計劃繼續將 300 毫米 RF-SOI 客戶轉移到義大利阿格拉特，以支持這一增長的需求。

During the second quarter, we shipped prototypes in Agrate for our most advanced RF-SOI technology, TPS65RSC, which not only exhibits industry-leading [auron CO] high efficiency and power handling but also enables strong scaling for optimum four factors.

第二季度，我們在Agrate 交付了採用我們最先進的RF-SOI 技術TPS65RSC 的原型，該技術不僅具有行業領先的[auron CO] 高效率和功率處理能力，而且還能夠實現強大的擴展，以實現最佳的四個因素。

For Q2, our Power IC business revenue increased 60% from Q1, representing 14% of total revenue during the quarter.

第二季度，我們的電源IC業務營收較第一季成長60%，佔該季總營收的14%。

We anticipate continued growth through the remainder of the year.

我們預計今年剩餘時間將持續成長。

Within this market, we are seeing strong demand for our 300-millimeter technology.

在這個市場中，我們看到對我們的 300 毫米技術的強勁需求。

To meet this demand, we continue to qualify new capacity in the New Mexico fab and are happy to report good progress at initial customer prototypes already taped out with expected qualification and subsequent ramp in 2025.

為了滿足這一需求，我們繼續對新墨西哥工廠的新產能進行資格認證，並很高興地報告初始客戶原型的良好進展，這些原型已經流片，預計資格認證和隨後的 2025 年產能提升。

Our fab utilization rates for the second quarter one, Fab 1, as previously announced, will be operation consolidated into Fab 2, was about 75%.

我們第二季的晶圓廠利用率約為 75%，如先前宣布的，晶圓廠 1 將合併到晶圓廠 2 中。

Fab 2, 8-inch was about 67%, Fab 3, 8-inch at about 55% and expected to show substantial higher utilization in Q3 due to the great demand we are supplying from that factory for silicon germanium and silicon photonics.

Fab 2 8 吋產能利用率約為67%，Fab 3 8 吋產能利用率約為55%，由於該廠對矽鍺和矽光子元件的需求量很大，預計第三季的利用率將大幅提高。

Fab 5, 8-inch was at about 45%, continuing to ramp with the recovery within Power.

Fab 5 8 吋產能約為 45%，隨著 Power 內部的復甦而持續成長。

Fab 7, 12-inch was at about 85% fully loaded.

Fab 7 12 英吋的滿載率約為 85%。

Fab 9, 8-inch was about 60%.

Fab 9、8吋約為60%。

Today, we released our updated corporate sustainability, environmental, social and governance ESG report.

今天，我們發布了最新的企業永續發展、環境、社會和治理 ESG 報告。

This report highlights our commitment to environmental stewardship, ethical practices and social responsibility, doing our part towards a sustainable society and world.

本報告強調了我們對環境管理、道德實踐和社會責任的承諾，為永續發展的社會和世界做出了自己的貢獻。

We report our achievements with a focus on short-, mid- and long-term measurable milestones and targets to magnify our role as world citizens.

我們報告我們的成就，重點關注短期、中期和長期可衡量的里程碑和目標，以擴大我們作為世界公民的角色。

We invite you to explore this report, and we welcome any comments as you join us on our journey towards a more sustainable and equitable future.

我們邀請您探索這份報告，並歡迎您與我們一起踏上邁向更永續和公平的未來的旅程，提出任何意見。

With that, I'll turn our time to our CFO, Mr. Oren Shirazi.

接下來，我將把時間交給我們的財務長 Oren Shirazi 先生。

Oren, please?

奧倫，請嗎？

Hello, everyone.

大家好。

Earlier today, we released our second quarter 2024 financial results, which I will review.

今天早些時候，我們發布了 2024 年第二季財務業績，我將對其進行審查。

First, by analyzing the P&L highlights, followed by our cash and balance sheet report.

首先，分析損益表要點，然後是我們的現金和資產負債表報告。

For the second quarter of 2024, we reported revenue of $351 million, up $24 million over the prior quarter, which resulted in $14 million higher gross profit and $21 million higher operating profit over the same period.

2024 年第二季度，我們報告營收為 3.51 億美元，比上一季增加 2,400 萬美元，導致同期毛利增加 1,400 萬美元，營業利潤增加 2,100 萬美元。

Gross profit for Q2 was $87 million, $40 million higher as compared to the gross profit of the prior quarter, which totaled $73 million.

第二季毛利為 8,700 萬美元，比上一季毛利 7,300 萬美元高出 4,000 萬美元。

Operating profit was $55 million and included $6 million in restructuring income due to grant received in relation to the operation reorganization in Japan previously announced and completed last year.

營業利潤為 5,500 萬美元，其中包括 600 萬美元的重組收入，這是由於先前宣布並於去年完成的日本業務重組收到的贈款而產生的。

The operating profit is $21 million higher than prior quarter's operating profit.

營業利潤比上一季的營業利潤高出 2,100 萬美元。

Net profit was $53 million, reflecting $0.48 basic and diluted earnings per share and included $2.5 million of net impact from Japan reorganization noted before.

淨利潤為 5,300 萬美元，反映了 0.48 美元的基本每股收益和稀釋後每股收益，其中包括前面提到的日本重組帶來的 250 萬美元的淨影響。

Net profit in the prior quarter was $45 million or $0.40 basic and diluted earnings per share.

上一季淨利潤為 4500 萬美元，即基本每股收益和稀釋每股收益 0.40 美元。

Moving to balance sheet and future CapEx and cash plan.

轉向資產負債表以及未來的資本支出和現金計劃。

As of the end of Q2 '24, our balance sheet assets totaled $2.96 billion compared to $2.5 billion for the same period last year, primarily comprised of $1.2 billion of fixed assets, mostly machinery and equipment, and $1.7 billion of current assets.

截至2024 年第二季末，我們的資產負債表資產總額為29.6 億美元，而去年同期為25 億美元，主要包括12 億美元的固定資產（主要是機械和設備）和17 億美元的流動資產。

Current assets ratio, reflecting the multiple by which current assets are larger than short-term liabilities is very strong at 5.9x as compared to 4.8x for the same period last year.

流動資產比率（反映流動資產大於短期負債的倍數）非常強勁，達到 5.9 倍，去年同期為 4.8 倍。

Shareholders' equity reached a total of $2.5 billion at the end of Q2 '24 compared to $2 billion at the end of the same period last year and compared to $2.4 billion as of December 2023.

截至 2024 年第二季末，股東權益總額達 25 億美元，而去年同期末為 20 億美元，截至 2023 年 12 月為 24 億美元。

Our strong financial position enabled us to plan the following investments for strategic opportunities that are aligned to our vision.

我們強大的財務狀況使我們能夠規劃以下符合我們願景的策略機會投資。

One, approximately $500 million of total aggregate cash was allocated to make investments in equipment and other CapEx items required for the 12-inch factory in Agrate, Italy, following the previously announced STMicro partnership.

第一，繼先前宣布與義法半導體建立合作關係後，約 5 億美元的現金總額被分配用於投資義大利阿格拉特 12 英吋工廠所需的設備和其他資本支出項目。

As of today, we have already placed purchase orders to all the equipment and other CapEx items required for us towards the CapEx dated plan, of which we have paid $380 million to date and the remaining $120 million are expected to be paid in the coming six quarters, namely until the end of 2025.

截至今天，我們已經針對資本支出日期計劃所需的所有設備和其他資本支出項目下了採購訂單，其中我們迄今為止已支付 3.8 億美元，剩餘的 1.2 億美元預計將在未來六年內支付個季度，即到2025 年底。

Two, in addition, as previously announced, we have committed to invest up to $300 million to acquire equipment and other CapEx items that we will own in Intel's fab in New Mexico, enabling us to ramp up fab capacity and capabilities for our customers, which amounts are to be paid during 2024, '25 and until '26.

第二，此外，正如先前宣布的那樣，我們已承諾投資最多 3 億美元來購買我們將在新墨西哥州英特爾工廠擁有的設備和其他資本支出項目，使我們能夠為客戶提高工廠產能和能力，這金額將於2024 年、'25 至'26 期間支付。

Furthermore, we expect our maintenance CapEx baseline level to remain at about $200 million to $240 million per annum.

此外，我們預計維護資本支出基準水準將維持在每年 2 億至 2.4 億美元左右。

And lastly, we are investing in more capability and capacity tools and other assets to expand our technology offering, especially to increase our SiGe and SiPho capacity in our 8-inch and 12-inch wafer fabs and to enhance our global technological offering to enable flexibility, better support our customers from our various sites and change our product mix to a richer mix from a margin perspective.

最後，我們正在投資更多的能力和產能工具及其他資產，以擴展我們的技術產品，特別是增加我們8 吋和12 吋晶圓廠的SiGe 和SiPho 產能，並增強我們的全球技術產品以實現靈活性，從我們的各個站點更好地支持我們的客戶，並從利潤的角度將我們的產品組合改變為更豐富的組合。

I wish to note that all the above investments are aligned to our business strategy and contained within our financial model as previously presented by the company in November.

我想指出的是，上述所有投資都符合我們的業務策略，並包含在公司先前於 11 月提出的財務模型中。

In the model, we outlined our revenue target of $2.66 billion per annum that could be achieved by loading our existing facilities and our capacity at the Agrate and New Mexico facilities which could result in $560 million annual operating profit and $500 million of annual net profit.

在模型中，我們概述了每年26.6 億美元的收入目標，該目標可以透過加載我們現有設施以及阿格雷特和新墨西哥設施的產能來實現，這可能會帶來5.6 億美元的年營業利潤和5億美元的年淨利。

Now I'd like to turn the call back to the operator.

現在我想將電話轉回給接線生。

(Operator Instructions)

（操作員說明）

Cody Acree, Benchmark.

科迪·阿克里，基準。

Hey, guys.

大家好。

Thanks for taking my questions and congrats on the progress.

感謝您提出問題並祝賀我的進展。

Russell, maybe if you could take a step back to your AI exposure.

Russell，也許你可以退後一步討論一下你對人工智慧的接觸。

Thanks for all the details with SiPho.

感謝 SiPho 提供的所有詳細資訊。

Could you maybe give an aggregate number of silicon germanium, SiPho, and then maybe a shot at active copper cables as far as a total AI exposure?

您能否給出矽鍺、SiPho 的總數，然後嘗試有源銅電纜的總 AI 暴露？

A little bit difficult for me to do that.

做到這一點對我來說有點困難。

In all honesty, I don't have that type of granularity.

老實說，我沒有那種粒度。

We assume that probably somewhat about 50% of what we're shipping right now is really being driven by AI demand.

我們假設我們現在發貨的產品中大約有 50% 確實是由人工智慧需求驅動的。

But it's hard to say.

但這很難說。

I mean the customers that we ship to, the integrators that we ship to basically supply everything within data center.

我的意思是我們運送給的客戶，我們運送給的整合商基本上提供資料中心內的所有內容。

So for me to specifically say how much is AI-driven and not AI driven, really, it's not something I can give on a granular basis.

因此，對於我來說，具體地說多少是由人工智慧驅動的，而不是人工智慧驅動的，實際上，這不是我可以給出的細粒度的東西。

Certainly, we know that AI is driving big demand for increased speed and that the acceleration of having gone to 800G this year to such a big extent is an AI drive, and a lot of what we're serving is 800G.

當然，我們知道人工智慧正在推動對速度的巨大需求，今年向800G的加速很大程度上是人工智慧的推動，我們服務的很多都是800G。

So I assume at least 50% of what we're shipping, but excuse the expression, but that's somewhat proctological.

所以我假設我們運送的貨物至少有 50%，但請原諒這個表達，但這有點直腸病。

Sure.

當然。

Well, thank you for the help there.

嗯，謝謝你的幫忙。

Maybe if you can talk about optical versus active copper cable activity.

也許您可以談談光纖與有源銅纜活動。

NVIDIA obviously has a big push with their Spectrum X platform and Ethernet.

NVIDIA 顯然大力推動其 Spectrum X 平台和乙太網路。

Are you seeing any impact of NVIDIA's push to copper on your optical activity?

您是否認為 NVIDIA 推出銅纜對您的光學活動有任何影響？

It's not necessarily for me to say how much we're shipping to who.

我不一定要說我們向誰運送了多少。

Certainly, NVIDIA is a very big buyer.

當然，NVIDIA 是一個非常大的買家。

And as stated, the fact that we have the number one position within optical transceivers, one would certainly assume that NVIDIA would be a big end customer for us.

如上所述，我們在光收發器領域擁有第一名的地位，人們肯定會認為 NVIDIA 將成為我們的大最終客戶。

But to say how much is for NVIDIA, I'm not saying.

不過要說NVIDIA多少錢，我就不說了。

Certainly, NVIDIA is using active copper cable.

當然，NVIDIA 使用的是主動銅纜。

That's, I think, fairly well known.

我認為這是眾所周知的。

So one would maybe assume that we're shipping into that.

因此，人們可能會認為我們正在進入這一領域。

And Russell, I guess your Fab 3 utilization.

Russell，我猜你對 Fab 3 的使用率。

I think you said that was 65%.

我想你說的是 65%。

Is that right?

是對的嗎？

Let me look.

讓我看看。

55%.

55%。

It's 55%.

是55%。

I'm showing substantial or will show substantial higher utilization in Q3.

我正在或將在第三季顯示出大幅提高的利用率。

So in Q3, we'd expect it's fully utilized for everything that we can be shipping there on that, not constrained on SiPho and SiGe.

因此，在第三季度，我們預計它可以充分利用我們可以在那裡運送的所有東西，而不受 SiPho 和 SiGe 的限制。

I mean there might be more photo layers that could be shipped outside of bottlenecks for those two flows, but those two flows are full.

我的意思是可能有更多的照片層可以運送到這兩個流程的瓶頸之外，但這兩個流程已滿。

And I guess, the transition to 300-millimeter, how is that progressing?

我想，向 300 毫米的過渡進展如何？

I stated that we released a PDK and shipped samples that are very high performing as well as a very, very unique application that we're doing there with a different material than would typically be being done with SiPho that I don't want to get into at this point.

我說過，我們發布了 PDK 並交付了性能非常高的樣品，以及非常非常獨特的應用程序，我們使用的材料與通常使用 SiPho 所做的材料不同，但我不想得到這種材料進入此時。

But yeah, so it's going very well at 300-millimeter.

但是，是的，300 毫米的效果非常好。

The activities there are the Uozu factory in Japan.

那裡的活動有日本魚津工廠。

And as stated, we're qualifying and have had very good progress there as well, additional capacity in San Antonio.

如前所述，我們正在排位賽，並且在聖安東尼奧也取得了很好的進展，增加了容量。

Great.

偉大的。

Thank you, guys.

感謝你們。

Thank you, Cody.

謝謝你，科迪。

Good questions.

好問題。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, hi, Russell and Oren.

好吧，嗨，拉塞爾和奧倫。

Thanks for taking my questions.

感謝您回答我的問題。

I think I'll start off with one in the RF infrastructure business here.

我想我將從射頻基礎設施業務開始。

You're talking about some very strong results and forward forecast here in kind of the baseline TIA and driver business.

您在這裡談論的是一些非常強勁的結果和前瞻性預測，涉及基線 TIA 和驅動器業務。

Maybe I just want to get a sense of the degree to which this is market growth versus potentially a Tower semi-share gains.

也許我只是想了解市場成長與塔樓半份額潛在成長的程度。

Can you -- do you have a good sense of the drivers there?

你能－你對那裡的司機有很好的了解嗎？

In the area of silicon photonics, it's all share gain because it didn't exist in the past.

在矽光子領域，都是份額增益，因為過去不存在。

And that's not being fictitious, it's just the case, right?

而且這並不是虛構的，事實就是如此，對嗎？

It's a new served market of which we're gaining quite a bit of share and shipping a lot of billions of dollars of revenue and continually increasing that to multiple customers.

這是一個新的服務市場，我們在其中獲得了相當多的份額，並帶來了數十億美元的收入，並不斷向多個客戶增加收入。

So there, it's -- if you will, I mean, it's a new market and hence, share gain and something that didn't exist before, which is always a very nice thing to have, right?

所以，如果你願意的話，我的意思是，這是一個新市場，因此，份額收益和以前不存在的東西，這總是一件非常好的事情，對吧？

The best way to have a very strong market share growth is by entering markets that didn't exist.

獲得強勁市場佔有率成長的最佳方法是進入尚不存在的市場。

In the area of silicon germanium, is it share gain or not?

在矽鍺領域，份額增益與否？

I am not sure.

我不知道。

As stated, we believe for a good number of years to have the number one position in optical transceivers.

如上所述，我們相信在光收發器領域將持續保持第一的位置。

So when you're number one, it's a little bit hard to have a lot of share gain.

因此，當你排名第一時，想要獲得大量份額就有點困難了。

The major thing is to be with strong customers that when the market is strong and has big demand, you're growing with them and you maintain your customers.

最重要的是與強大的客戶合作，當市場強勁且需求量大時，您可以與他們一起成長並維護您的客戶。

So I think what's happening there isn't necessarily a share gain, it's demand increase.

所以我認為發生的事情不一定是份額增加，而是需求增加。

And again, additional products that are needed now that weren't really driven before.

再說一次，現在需要的其他產品以前並未真正受到驅動。

I mean active copper cable, active optical cable has been talked about for a long time and many people have sampled for a long time.

我指的是有源銅纜，有源光纜已經被談論了很長時間並且很多人已經採樣了很長時間。

But given the increase, again, AI-driven in data center speeds, the 800G, the 1.6T, the need for re-drivers and in many cases as well, re-timers in the cable, it's very real.

但考慮到人工智慧驅動的資料中心速度（800G、1.6T）的增加，以及對重型驅動器的需求，以及在許多情況下，電纜中重定時器的需求，這是非常現實的。

And I would have to consider that to be share gain because it was a market that we weren't really serving before.

我必須將其視為份額收益，因為這是我們以前並未真正服務的市場。

As far as the TIAs and the drivers sitting within the pluggable itself, I honestly don't know if we're getting any share gain there or just that the market is getting much stronger.

就 TIA 和可插拔本身內的驅動器而言，老實說，我不知道我們是否獲得了任何份額增長，或者只是市場變得更加強勁。

Continually, we have new customers, and those customers nominally will always drive some share gains, providing that they're gaining from someone that were not serving.

我們不斷地擁有新客戶，這些客戶名義上總是會帶來一些份額收益，前提是他們從沒有提供服務的人那裡獲得收益。

But for the most part, on the core products that we do for optical, we already serve the biggest customers within it.

但在大多數情況下，在我們為光學領域生產的核心產品上，我們已經為其中最大的客戶提供服務。

So a little bit difficult to increase in share in that for the TIA and the drivers that are within the pluggable itself.

因此，增加 TIA 和可插拔本身內的驅動程式的份額有點困難。

But the fact of the demand for pluggables having increased, that's a good thing.

但事實上，對可插拔設備的需求增加，這是一件好事。

If you're sitting at 60%, 65% market share, and that market grows, as long as you sustain that market share, you have very good growth.

如果你佔了 60%、65% 的市場份額，而這個市場還在成長，只要你維持這個市場份額，你就會有非常好的成長。

Hopefully, Richard, that answers your question.

理查德，希望這能回答你的問題。

It does.

確實如此。

I appreciate all the perspective there.

我很欣賞那裡的所有觀點。

Thanks, Russell.

謝謝，拉塞爾。

My second question on silicon photonics.

我關於矽光子學的第二個問題。

Great to see the opportunities for some really nice growth here.

很高興看到這裡有一些非常好的成長機會。

I guess maybe the question I'd like to frame here is thinking about the big picture long term here.

我想也許我想在這裡提出的問題是思考這裡的長期大局。

What does this TAM look like in a few years?

幾年後這個 TAM 會是什麼樣子？

And to what degree are applications outside the datacom transceivers adding into that?

數據通訊收發器以外的應用程式在多大程度上加入其中？

You specially talked about automotive today and in then the past with FMCW.

您今天特別談到了汽車，過去也談到了 FMCW。

But curious how much of that TAM for silicon photonics exist outside of datacom?

但好奇矽光子學的 TAM 有多少存在於數據通訊之外？

If you're looking at long-term TAM, I think it's quite substantial.

如果你著眼於長期的 TAM，我認為它是相當可觀的。

If you'd be looking at '25, '26, '27, I don't think it's very substantial.

如果你看 '25、'26、'27，我認為這不是很重要。

For automotive, the activities that we're doing for the LiDAR, very, very advanced activity, but I don't think we would see, going into the automotive market, a very big ramp, at least not starting before 2027 and continuing then in '28 and beyond.

對於汽車領域，我們正在為 LiDAR 所做的活動非常非常先進，但我認為我們不會看到進入汽車市場有一個非常大的成長，至少不會在 2027 年之前開始並繼續下去28 年及以後。

There's other applications that are not conventionally what we would be considering a SiPho chip sitting within the pluggable, for example.

例如，還有其他應用通常不屬於我們考慮的可插拔 SiPho 晶片。

Some of those are an active SiPho capability that is looking at an optical switch.

其中一些是針對光開關的主動 SiPho 功能。

So that is sitting within the data center.

這就是位於資料中心內的情況。

But it's part of a SAM, a served market that we don't have right now.

但它是 SAM 的一部分，這是我們目前還沒有的服務市場。

I mean we don't do deep submicron switches on the digital side.

我的意思是我們不在數字方面做深亞微米開關。

But there is a lot of activity right now, and we'll see ultimately how successful it is on optical switches.

但現在有很多活動，我們最終會看到它在光開關上的成功程度。

And that's -- again, that's an increase in our SAM within data center, but it's an increase in SAM.

再說一遍，這是我們資料中心內 SAM 的增加，但只是 SAM 的增加。

We've talked as well about other applications such as silicon photonics for triometers versus big optical cable triometers, specific lead customer there is Anello.

我們也討論了其他應用，例如用於三重計的矽光子學與大型光纜三重計，具體的主要客戶是 Anello。

And as stated, that's a new served market totally, did not exist before at all that we expect will get very large.

如上所述，這完全是一個新的服務市場，以前根本不存在，我們預計會變得非常大。

But -- so all of that is part of a big TAM.

但是——所以所有這些都是大 TAM 的一部分。

How much is the TAM outside of data center within data center, I would say that probably, the data center will remain the biggest portion of it.

資料中心內資料中心外的TAM有多少，我想說，資料中心可能仍將是其中最大的部分。

But data center is growing incredibly, especially, as I don't want to overstate it, the drive for AI and the speed needed by AI, the reduced latency needed by AI.

但資料中心正以驚人的速度成長，尤其是人工智慧的驅動力、人工智慧所需的速度、人工智慧所需的減少延遲，我不想誇大其詞。

So the SiGe that we're doing, the SiPho that we're doing, that TAM is certainly growing.

所以我們正在做的 SiGe，我們正在做的 SiPho，TAM 肯定在成長。

And the growth of that, I think, will always be much bigger than the outside of data center on proportion, but it's not that the outside of data center is insignificant.

我認為，其成長比例總是比資料中心外部的成長大得多，但這並不是說資料中心外部的規模微不足道。

Okay.

好的。

Great.

偉大的。

Thanks for that detail here.

感謝這裡的詳細資訊。

Maybe a quick question for Oren.

也許有一個簡單的問題想問奧倫。

Your gross margin fall-through is pretty strong here in the second quarter.

第二季的毛利率下降幅度相當大。

Can you give us a good sense of why is there some sort of mix shift or other dynamics?

您能否讓我們很好地了解為什麼會出現某種混合轉變或其他動態？

And to what degree is that sustainable?

這在多大程度上是可持續的？

Yeah.

是的。

It relate also to what Russell said about the SiPho and the SiPho margins are very good way above the average, incremental model of 50%, incremental gross profit.

這也與 Russell 所說的有關 SiPho 的內容有關，SiPho 的利潤率遠高於平均水平，增量模型 50%，增量毛利。

So this is why you see that you're correct, that it's a 60%, this quarter came up to be 60% incremental gross profit over the revenue because we had some very nice SiPho and generally speaking, richer mix than previously, not anything special.

所以這就是為什麼你看到你是對的，這是60%，這個季度的毛利比收入增加了60%，因為我們有一些非常好的SiPho，一般來說，比以前更豐富的組合，而不是任何東西特別的。

I mean, very special, but not anything onetime.

我的意思是，非常特別，但不是一次性的。

Okay.

好的。

Fair enough.

很公平。

One last question -- sorry, Russell.

最後一個問題——對不起，拉塞爾。

Yeah, it's sustainably special.

是的，它一直很特別。

Sustainably special.

可持續地特別。

Okay.

好的。

Great.

偉大的。

One last question.

最後一個問題。

I will jump out of the line for you, Russell.

我會為你跳出隊伍，拉塞爾。

Just looking at your Power IC business here, you had a nice pick up here in the second quarter from what I would assume is a naturally low level in the first quarter.

看看你們這裡的電源 IC 業務，你們在第二季度取得了不錯的成長，而我認為第一季的水平自然較低。

And obviously, if you look back a couple of years, you had some very nice revenue levels, obviously driven by some inventory build that pretty much everyone in the Power IC space had seen in the $70 million, $80 million and even in $90 million-plus range per quarter.

顯然，如果你回顧幾年，你會發現收入水平非常好，這顯然是由一些庫存建設推動的，電源IC 領域的幾乎每個人都看到了7000 萬美元、8000 萬美元甚至9000 萬美元的庫存— —加上每季的範圍。

Are we through the inventory burn here currently?

我們目前正在經歷庫存消耗嗎？

Are you still affected by that?

你還受此影響嗎？

And then as we look out maybe one to two years with your crystal ball, do you see the ability to get back up to those levels anytime in the, I'll call it, near future?

然後，當我們用你的水晶球展望一到兩年時，你是否認為有能力在不久的將來隨時恢復到這些水平？

I'll let you define what you see in that timeframe, but I'd love to hear your thoughts there.

我會讓你定義你在那個時間範圍內看到的內容，但我很想聽聽你的想法。

Thank you.

謝謝。

For the total power revenue, yes, I think that we will get beyond previous year's numbers.

對於電力總收入，是的，我認為我們將超過去年的數字。

For the 200-millimeter presently, we still see that there's inventory being built off or burned off, although we are starting to get much more orders there.

目前，對於 200 毫米，我們仍然看到庫存正在消耗或消耗，儘管我們開始收到更多訂單。

We had stated last quarter, we had expected that Q1 would have been low.

我們上個季度曾表示，我們預計第一季會很低。

And certainly, with the numbers this quarter, I think we said it's a 60% increase in the power revenue.

當然，根據本季的數據，我認為我們所說的電力收入成長了 60%。

But the big growth that we see within power is coming into our more advanced platforms of 300-millimeter.

但我們看到功率的巨大增長正在進入我們更先進的 300 毫米平台。

Although the 200-millimeter, we continue to do advancements on as well.

雖然是 200 毫米，但我們仍在繼續改進。

And we see that coming back strongly, but I don't know that the 200-millimeter within '25 will hit the same levels that we had in previous years.

我們看到這種情況強勢回歸，但我不知道 25 年內的 200 毫米是否會達到前幾年的水平。

But the 300-millimeter will more than makeup for it.

但 300 毫米的焦距足以彌補它的不足。

Okay.

好的。

Perfect.

完美的。

That is all for me, guys.

這就是我的全部了，夥計們。

Thank you.

謝謝。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes.

是的。

Thanks for taking my question.

感謝您提出我的問題。

A couple of follow-ups for me.

我有幾個後續行動。

I wanted to better understand the RF-SOI dynamics.

我想更了解 RF-SOI 動力學。

So can you help me with how the share gain are tracking?

那麼你能幫我了解一下股票收益的追蹤情況嗎？

And where are we in the inventory correction?

我們在庫存調整中處於什麼位置？

When do you think overall market would pick up.

您認為整體市場什麼時候會回升？

And I'm expecting the market recovery would start with some sort of inventory refresh.

我預計市場復甦將從某種庫存更新開始。

So just to summarize the question, how should I think about your incremental share gain against the end market dynamics, inventory pressure?

總結一下這個問題，我該如何考慮你的增量份額收益與終端市場動態和庫存壓力的關係？

And when do you expect your customers to start with inventory refresh?

您預計您的客戶何時開始更新庫存？

Then I have a follow-up.

然後我有一個後續行動。

I had stated last quarter that maybe above and beyond what the market was seeing, we were seeing very strong demand for RF-SOI.

我在上個季度曾說過，我們看到對 RF-SOI 的需求可能超出了市場的預期。

We continue to see that, in particular, for the advanced platforms of 300-millimeter.

我們繼續看到這一點，特別是對於 300 毫米的先進平台。

So I don't think we're being impacted nor have we been impacted for the past few quarters on inventory correction.

因此，我認為我們沒有受到影響，過去幾季的庫存調整也沒有受到影響。

Overall, 2024 is supposed to be a growth year for mobile.

整體而言，2024 年應該是行動領域的成長年。

So I think from overall analysts, they would believe that for the market itself, the inventory is in pretty good shape.

所以我認為，從整體分析師的角度來看，他們會認為，對於市場本身來說，庫存狀況相當不錯。

But as stated, and some of that is really market share gains with newer customers, we have seen very strong and robust demand for RF-SOI, in particular, as stated, the advanced platforms of 300-millimeter, which was the big drive for bringing up and qualifying that at the Agrate factory.

但如前所述，其中一些確實是新客戶的市場份額增長，我們看到了對 RF-SOI 的非常強勁的需求，特別是如前所述，300 毫米的先進平台，這是推動在Agrate 工廠進行培養和鑑定。

And we'll -- my plan be shipping a reasonable amount of product in the fourth quarter on RF-SOI from the Agrate factory in addition to what we have had at a base of 300-millimeter in Japan.

我的計劃是，除了我們在日本的 300 毫米基地的產品外，我們還將在第四季度從 Agrate 工廠發貨合理數量的 RF-SOI 產品。

So I see the RF-SOI being a very strong business for us.

因此，我認為 RF-SOI 對我們來說是一項非常強大的業務。

If I look at '24 versus '23, overall year should be a pretty reasonable growth on the RF-SOI.

如果我比較 '24 與 '23，全年 RF-SOI 的成長應該是相當合理的。

And if I look at '25, I would see growth as well.

如果我看看 25 年，我也會看到成長。

So I don't see that we're being hit by inventory correction.

所以我不認為我們受到庫存調整的影響。

Understood.

明白了。

So Russell, quickly, your exposure to smartphone is on both operating system or both platforms

所以拉塞爾，很快，您對智慧型手機的接觸是在兩個作業系統或兩個平台上

--

--

I apologize, your voice is very muffled for me.

抱歉，你的聲音對我來說太低沉了。

I'm having a little bit difficult time hearing.

我的聽力有點困難。

Sure.

當然。

Sorry.

對不起。

Should I assume that your RF-SOI is to both Android and OS?

我是否應該假設您的 RF-SOI 適用於 Android 和作業系統？

I think that would be a good assumption, yes.

我認為這是一個很好的假設，是的。

Okay.

好的。

Great.

偉大的。

And as a follow-up for you and Oren, two follow-ups here.

作為你和奧倫的後續行動，這裡有兩個後續行動。

Increased mix of silicon photonics, which I assume has a higher than corporate average gross margin help offset the upfront cost and margin dilution from Agrate, especially as you ramp into '25.

矽光子產品組合的增加（我認為其毛利率高於企業平均）有助於抵消 Agrate 的前期成本和利潤稀釋，特別是當你進入 25 年時。

And then, Oren, was the gross margin that you reported for Q2, that was on a GAAP basis.

然後，奧倫，是您報告的第二季的毛利率，這是基於公認會計原則的。

Is it correct to assume that on the pro forma basis, Q2 gross margin was closer to 25%?

根據預估，第二季毛利率接近 25% 的假設是否正確？

Yeah, it is 25% under GAAP.

是的，以 GAAP 計算，這個比例是 25%。

What do you mean pro forma?

備考是什麼意思？

Okay.

好的。

Because I was just trying to understand there was a $2 million, $3 million of adjustment.

因為我只是想了解有 200 萬美元、300 萬美元的調整。

Just want to make sure I get that right.

只是想確保我做對了。

This is amortization of ESOP, amortization of employee stock option plan, you mean?

這是ESOP的攤銷，員工股票選擇權計畫的攤銷，你的意思是？

Yes.

是的。

Yeah.

是的。

So you're correct.

所以你是對的。

Okay.

好的。

Now could increase mix of RF-SOI help offset the dilution that comes from the ramp-up, the 300-millimeter fab in upgrade?

現在增加 RF-SOI 的混合是否可以幫助抵消升級、升級 300 毫米晶圓廠的稀釋？

Is your question referring to Q2?

您的問題是指 Q2 嗎？

Looking into '25, as you start production from the new fab, Agrate, could higher margin contribution from infrastructure, specifically silicon photonics, help offset some of the dilution from the ramp of the new fab there?

展望 25 年，當您從新晶圓廠 Agrate 開始生產時，基礎設施（特別是矽光子學）帶來的更高利潤貢獻是否有助於抵消新晶圓廠產能提升造成的部分稀釋？

Yeah, definitely, the increased margin from the SiPho should be in the scope that Russell described, the SiPho growth next year in his prepared remarks, should be higher impact than this, you call it dilution from the Agrate factory headwind.

是的，當然，SiPho 增加的利潤應該在 Russell 描述的範圍內，明年 SiPho 的增長在他準備好的講話中，應該比這產生更大的影響，你稱之為 Agrate 工廠逆風的稀釋。

And it will start, and it should be much higher impact, yes.

它將會開始，而且它的影響應該要大得多，是的。

Got it.

知道了。

Thank you.

謝謝。

So for the mic.

所以對於麥克風來說。

Thank you.

謝謝。

Good questions.

好問題。

Lisa Thompson, Zacks Investment Research.

麗莎湯普森，Zacks 投資研究。

Hey, Lisa.

嘿，麗莎。

Hi there.

你好呀。

So let me just ask you.

那麼就讓我問你一下。

I thought last quarter, you said that silicon photonics contributed about 5% of revenues.

我想上個季度，您說矽光子貢獻了大約 5% 的收入。

Is that right?

是對的嗎？

Yes.

是的。

And So what would have been this quarter?

那麼這個季度會怎麼樣呢？

What I stated last quarter, I believe, is that we would see it remaining somewhere about 5% throughout the year, but against increased revenue quarter over quarter, so that the SiPho revenue would be increasing quarter over quarter.

我相信，我上個季度所說的是，我們會看到它全年保持在 5% 左右，但收入逐季增加，因此 SiPho 收入將逐季增加。

We haven't put out a specific number for Q4.

我們尚未公佈第四季度的具體數字。

So I really don't want to say right now what the percentage would be for the year, I said that it would be -- that we expect over $80 million of SiPho revenue in 2024, that's over $80 million.

所以我現在真的不想說今年的百分比是多少，我說的是——我們預計 2024 年 SiPho 的收入將超過 8000 萬美元，即超過 8000 萬美元。

How much is over $80 million that one can try to figure out for themselves.

8000萬美元以上的金額是多少，大家可以自己算算。

But I would expect that it will certainly not be below 5% and could be a little bit above.

但我預計它肯定不會低於 5%，甚至可能會稍微高一些。

Okay.

好的。

And at current, mostly -- I believe it's mostly going into like pluggable optical transceivers, right?

目前，我相信它主要用於可插拔光收發器，對吧？

I believe almost all of it right now is pluggable optical transceivers.

我相信現在幾乎所有的都是可插拔光收發器。

Okay.

好的。

And do you have a feel for what speeds the breakdown is, 400, 800?

你是否知道崩潰的速度是多少，400、800？

I think some is even going into 100, but the bulk of it is 400 and 800.

我認為有些甚至會達到 100，但大部分是 400 和 800。

The specific breakdown between 400 and 800, I could probably find out, but I don't know off the top of my head.

400 到 800 之間的具體細目，我可能可以找到，但我不知道。

Okay.

好的。

And you did say something interesting about having a 1.2 terabyte.

您確實說過一些關於擁有 1.2 TB 的有趣事情。

Is that one customer

這是一位顧客嗎

--

--

I said -- several.

我說——幾個。

No, just joking.

不，只是開玩笑。

Please, go ahead.

請繼續。

Right.

正確的。

So is that just one customer working on that?

那麼這只是一位客戶在做這件事嗎？

No.

不。

Okay.

好的。

And then how far off do you think we get to 1.6?

那您認為我們離 1.6 還有多遠？

As far as the calendar?

至於日曆？

A year from now.

一年後。

Yeah.

是的。

Maybe I'm a bit aggressive here, but I think that we'll be shipping in the fourth quarter of '25.

也許我在這裡有點激進，但我認為我們將在 25 年第四季發貨。

Really?

真的嗎？

And that will be one customer or more than one?

那會是一名客戶還是不只一位客戶？

At least one.

最後一個。

Okay.

好的。

Great.

偉大的。

That will not mean that will be shipping a very high volume in the fourth quarter, but I do think

這並不意味著第四季度的出貨量會非常高，但我確實認為

--

--

Right.

正確的。

(multiple speakers) in the fourth quarter.

（多個發言者）第四季。

Samples, maybe?

也許是樣品？

Certainly, samples, but I think some of that will actually go into data center, I believe.

當然，有樣品，但我相信其中一些實際上會進入資料中心。

I could be wrong, but I think it's possible.

我可能是錯的，但我認為這是可能的。

All right.

好的。

And then given the -- just the way that market is as it shifts to higher speeds, is it possible that your growth accelerates as the prices go higher in the higher-speed products?

然後考慮到市場轉向更高速度的方式，隨著高速產品價格的上漲，您的成長是否有可能加速？

The growth in absolute dollars, absolutely.

絕對美元的成長，絕對的。

And percentages, no, right?

還有百分比，不，對吧？

Yeah.

是的。

I think when you're at [80%] and you're going, we said more than double next year, which we're pretty confident in.

我認為當你達到[80%]並且你要去的時候，我們說明年會增加一倍以上，我們對此非常有信心。

To continue at those type rates from [30% to 80%] to more than doubling, those are -- that's a very, very high rate.

要繼續保持從 [30% 到 80%] 的這些類型比率增加一倍以上，這是一個非常非常高的比率。

But as far as absolute dollars, I absolutely think that it will continue to accelerate.

但就絕對美元而言，我絕對認為它會繼續加速。

And do you think they'll be beating you down on margins as time progresses to keep it like where it is.

你是否認為隨著時間的推移，他們會在利潤上擊敗你，以保持現狀。

I don't think the customer partners we have would ever beat us down on margin.

我認為我們擁有的客戶合作夥伴不會在利潤方面擊敗我們。

You certainly partner with somebody that the higher the volume is the more that you both benefit from economies of scale and prices come down.

您肯定會與某人合作，數量越高，您從規模經濟和價格下降中受益就越多。

But people pay for value.

但人們是為價值付費的。

And it costs to produce value.

創造價值需要成本。

So will some pricing come down over time with lead customers?

那麼隨著時間的推移，一些主要客戶的定價會下降嗎？

It must and it should.

它必須而且應該。

But while margins remain very strong, yes.

但是，儘管利潤率仍然非常高，但確實如此。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

That's all my questions.

這就是我的所有問題。

Good questions, Lisa.

好問題，麗莎。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Hi.

你好。

Thanks.

謝謝。

Let me ask a couple of more here.

讓我在這裡再問幾個問題。

My first one, Russell, is just looking at your capacity, specifically a 300-millimeter capacity, I'm wondering if there's any tightness and when those get relieved.

我的第一個，拉塞爾，只是看你的容量，特別是 300 毫米的容量，我想知道是否有任何緊張以及這些何時得到緩解。

And any comments you can make on by the product area.

以及您可以在產品領域發表的任何評論。

I think in this call, you've talked about Power and RF-SOI and even silicon photonics on 300-millimeter.

我想在這次電話會議中，您談到了電源和 RF-SOI，甚至 300 毫米矽光子學。

Any comments you could help us understand where there's tightness and when it gets relieved, it would be great to hear.

如果您有任何意見可以幫助我們了解哪裡存在緊張以及何時得到緩解，我們很高興聽到您的意見。

Thanks.

謝謝。

So presently, there's tightness at 300-millimeter RF-SOI.

因此，目前 300 毫米 RF-SOI 存在著緊張。

And I stated that we're fully utilized in that.

我說過我們已經充分利用了這一點。

It's being relieved real-time and stated that we target to have production revenue in the fourth quarter from the Agrate factory, and that's not single digit.

它即時鬆了口氣，並表示我們的目標是第四季度從阿格拉特工廠獲得生產收入，這不是個位數。

So it's -- we're looking at a fair amount of relief there.

所以，我們看到了相當大的緩解。

So that would start to be relieved in the fourth quarter and first, second of next year.

因此，這種情況將在第四季和明年第一、第二季開始緩解。

What we had said previously, and it was a good question, I was asked about the margin headwinds by taking on once you start shipping revenue, taking the depreciation of a new incremental tool set, but that we expected a reasonable ramp from the fourth to the first to the second quarter of next year to be able to absorb that.

我們之前說過，這是一個很好的問題，我被問到一旦開始運輸收入，考慮新的增量工具集的折舊，就會面臨利潤逆風，但我們預計從第四季到第四季會有一個合理的成長明年第一到第二季就能夠消化掉。

So within that type of a statement without specific numbers, we expect shipping quite a bit of RF-SOI on a monthly basis by the second quarter of next year out of the Italy factory.

因此，在這種沒有具體數字的聲明中，我們預計到明年第二季度，義大利工廠每月將出貨相當多的 RF-SOI。

As far as the 300-millimeter for power, that is the relief of capacity there is in the Albuquerque activity, where we have the capacity corridor from Intel.

至於 300 毫米的電源，這是阿爾伯克基活動中的產能緩解，我們在那裡擁有英特爾的產能走廊。

And I stated that we're in very advanced stages with customer prototypes going now.

我說過，我們正處於非常先進的階段，客戶原型正在開發中。

We have very advanced activities there, and we believe that we'll start shipping there qualified parts within probably the first half of 2025.

我們在那裡開展了非常先進的活動，我們相信我們將在 2025 年上半年開始向那裡運送合格的零件。

And that's quite a substantial amount of capacity that we can be growing at that factory.

我們可以在該工廠增加相當大的產能。

So that's the relief on power management.

這就是電源管理的緩解。

But it's more than just a relief on the power management, it's really growing an entire new market for us because we did not have a 65-nanometer platform for any reasonable capacity in the past, and now we do.

但這不僅僅是電源管理的緩解，它確實為我們發展了一個全新的市場，因為我們過去沒有任何合理容量的 65 奈米平台，但現在我們有了。

That was one of the big bonuses that we got out of the entire experience with Intel definitive agreement was what we started early on, on an arm's length agreement to develop capacity within one of their factories to meet very large customer demands and end customer demands.

這是我們從與英特爾最終協議的整個經驗中獲得的一大好處，我們很早就開始了一項公平協議，以開發其工廠內的產能，以滿足非常大的客戶需求和最終客戶的需求。

So the Albuquerque capacity corridor is really our road map for increased capacity with the power management and potentially other flows as well that we have some pretty interesting activities on but have not yet publicly announced.

因此，阿爾伯克基容量走廊實際上是我們透過電力管理和潛在其他流量增加容量的路線圖，我們有一些非常有趣的活動，但尚未公開宣布。

We have initial activities without end customer commitments on it, but it will be most likely more there than just power management within that factory.

我們的初步活動沒有最終客戶的承諾，但很可能不只是工廠內的電源管理。

Did that answer your question, I hope?

我希望這回答了你的問題嗎？

Yes, it did, Russell.

是的，確實如此，拉塞爾。

Thank you very much.

非常感謝。

That's all the questions from me.

這就是我提出的所有問題。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

Mr. Ellwanger, would you like to make your concluding statements.

Ellwanger 先生，您願意做一下總結性發言嗎？

With pleasure, thank you.

很榮幸，謝謝。

So thank you for listening.

感謝您的聆聽。

Thank you for really very good questions from everybody.

謝謝大家提出的非常好的問題。

To summarize, we are tracking well and remain committed to our stated target of sequential revenue growth throughout 2024, as evidenced by our second-quarter performance and third-quarter guidance.

總而言之，我們的追蹤情況良好，並繼續致力於實現 2024 年收入連續成長的既定目標，第二季業績和第三季指導就證明了這一點。

In addition to the recovery of mobile and growth in our advanced power platforms, we are experiencing a robust rapidly expanding demand from both existing and new customers within the optical space.

除了行動業務的復甦和先進電源平台的成長之外，我們還經歷了光學領域現有和新客戶強勁且快速成長的需求。

Our strong position in optical transceivers coupled with multiple years of first-tier customer partnership in developing both passive and active silicon photonics platforms have uniquely prepared us to be the leading foundry of choice for data transfer within the exploding AI market.

我們在光收發器領域的強大地位，加上多年來在開發被動和主動矽光子平台方面與一線客戶的合作夥伴關係，使我們成為爆炸式人工智慧市場中數據傳輸的領先代工廠。

We remain focused on innovation and hence, enhancing our market leadership in order to continue to deliver sustainable growth.

我們仍然專注於創新，從而增強我們的市場領導地位，以繼續實現永續成長。

On August 27 and 28, we will be participating in the Jefferies Semiconductor IT Hardware and Communications Technology Summit in Chicago.

8 月 27 日至 28 日，我們將參加在芝加哥舉行的傑富瑞半導體 IT 硬體和通訊技術高峰會。

On September 4, we will participate in the Benchmark's 11th Annual Tech Media Telecom One-on-One Conference in New York.

9 月 4 日，我們將參加在紐約舉行的 Benchmark 第 11 屆科技媒體電信一對一會議。

And in addition, on September 11, we'll participate in the Jefferies Israel Tech Trek in Tel Aviv.

此外，9 月 11 日，我們將參加在特拉維夫舉行的 Jefferies Israel Tech Trek。

Thank you very, very much.

非常非常感謝你。

We look forward to see you at any or all of these events or otherwise.

我們期待在任何或所有這些活動或其他活動中見到您。

Thank you again.

再次感謝你。