高塔半導體 (TSEM) 2024 Q3 法說會逐字稿

Welcome to Tower Financial Results conference call for the third quarter of 2024.

歡迎參加 Tower 2024 年第三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 forms.

這些不確定性和風險因素在我們的表格中得到充分揭露。

20 F and six K filed with the Securities and Exchange Commission as well as filings with the Israeli Securities Authority.

向美國證券交易委員會提交的 20 F 和 6 K 以及向以色列證券管理局提交的文件。

They're 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 third quarter of 2024 financial results have been prepared in accordance with us, GAAP, the financial tables and data in today's earnings release and in this earnings call also include certain adjusted financial information that may be considered non G financial measures under regulation G and related reporting requirements as established with the Securities and Exchange commission.

請注意，2024 年第三季財務業績是根據我們的公認會計原則、今天的收益發布中的財務表格和數據編制的，在本次收益電話會議中還包括某些可能被視為監管下的非G 財務指標的調整後財務資訊G 以及證券交易委員會制定的相關報告要求。

The financial tables include the full explanation of these measures and the reconciliation of these non G measure 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 G 措施與 GAAP 財務措施的調整。

We have a supporting slide that the compliments today conference call.

我們有一張支持幻燈片，對今天的電話會議表示讚賞。

This presentation is accessible on our company's website and it's 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 Vanger Russell.

現在，我想將電話轉給我們的執行長 Russell Vanger Russell 先生。

Please go ahead.

請繼續。

Thank you, Louise and welcome everybody.

謝謝你，路易絲，歡迎大家。

Thank you for joining our third quarter, 2024 earnings conference call a quarter in which we delivered a strong financial performance.

感謝您參加我們的 2024 年第三季財報電話會議，我們在這個季度實現了強勁的財務業績。

During this quarter, our high speed data center offerings reached a record revenue.

在本季度，我們的高速資料中心產品收入達到了創紀錄的水平。

We've seen an increase in our customers short term and mid term demand for this offering that should result in an incremental dollar growth unprecedented as compared to any other product offering in our history, mainly driven by our unique offerings fulfilling A I requirements revenue for the third quarter reached 371 million.

我們已經看到客戶對該產品的短期和中期需求增加，與我們歷史上的任何其他產品相比，這將導致前所未有的增量美元成長，這主要是由我們滿足人工智慧需求的獨特產品推動的。

A 6% quarter over quarter and 3.5% year over year growth with a net profit of approximately 55 million representing net margin of about 15% at years begin.

季增 6%，年增 3.5%，淨利約 5,500 萬歐元，年初淨利率約 15%。

We stated a target of sequential quarterly growth which we have achieved through the third quarter.

我們制定了季度連續成長的目標，並在第三季度實現了這一目標。

We're pleased to guide the fourth quarter to continue this trend with a mid range guidance of 387 million and a range of plus minus 5% foot midpoint represents about 10% Q4 versus Q4 year over year growth and 18% within the year growth.

我們很高興地指導第四季度繼續這一趨勢，中期指引為 3.87 億，正負 5% 英尺中點的範圍代表第四季同比增長約 10%，年內增長約 18%。

We continue to experience very strong growth in our RF infrastructure business representing approximately 18% of our corporate revenues in the third quarter and close to doubling in Q324 over Q323 revenue primarily driven by the increase in optical transceiver demand used in high speed data communication for A I and other data center applications.

我們的射頻基礎設施業務持續實現非常強勁的成長，約佔第三季公司營收的18%，且2024 年第3 季營收比第3 季成長近一倍，這主要是由於人工智慧高速數據通訊中使用的光收發器需求增加所致。

We serve this market with both silicon Germanium for electrical amplifiers such as traps and pum amplifiers and drivers.

我們為該市場提供用於電放大器（例如疏水閥）以及泵浦放大器和驅動器的矽鍺。

And with Sipho integrated optical components such as modulators and photodiodes.

並配備 Sipho 整合光學元件，如調製器和光電二極體。

Silicon photonics continues to see rapid adoption at the higher data rates.

矽光子學在更高的數據速率下繼續被快速採用。

Today, we are shipping 800 G products in high volume, resulting in a 2024 expected revenue of approximately $100 million for silicon photonics.

如今，我們正在大量出貨 800 G 產品，預計 2024 年矽光子收入約為 1 億美元。

This being a new growth market where tower will have over three X revenue growth 20 24/20 23 with a forecasted annualized Q424 run rate of over $150 million.

這是一個新的成長市場，塔樓將在 20 24/20 23 實現超過三倍的收入成長，預計第 4 季年化運行率將超過 1.5 億美元。

As of this quarter, we've begun the production ramp of 1.6 Terabit products for several lead customers.

截至本季度，我們已開始為多家主要客戶生產 1.6 Terabit 產品。

800 G products are built with eight parallel lanes of 100 gigabit per second.

800 G 產品採用 8 個每秒 100 GB 的平行通道。

While 1.6 T products are built with eight parallel lanes each operating at 200 gigabit per second.

而 1.6T 產品則採用 8 個平行通道，每個通道的運行速度為每秒 200 GB。

On our latest technology that doubles the operating speed of each component while the component count remains similar for 800 gigabit eight lane, 1st 1.6 Terabit eight lane.

我們最新的技術使每個組件的運行速度加倍，同時 800 GB 八通道、第一個 1.6 Terabit 八通道的組件數量保持相似。

The needed performance requires continuous innovation and process technology and integration teams to support the demanding modulation bandwidth.

所需的性能需要持續創新、製程技術和整合團隊來支援嚴苛的調變頻寬。

We believe today tower is the number one foundry by volume in silicon photonics.

我們相信，今天的塔爾是矽光子領域銷售第一的代工廠。

And to our knowledge also the first in production with 1.60 silicon photonics based products.

據我們所知，這也是第一個量產的 1.60 矽光子產品。

Looking forward, we continue a strong R&D partnership with lead customers towards introducing technology for 3.2 terabyte that will rely again on technical innovations enabling a doubling of speeds to 400 gigabit per second per lane.

展望未來，我們將繼續與領先客戶建立強大的研發合作夥伴關係，以推出 3.2 TB 技術，該技術將再次依靠技術創新，將速度提高一倍，達到每通道每秒 400 Gb。

Our silicon Germanium business is growing not only due to the factors mentioned above that are growing the optical transceiver market as both silicon Germanium and silicon photonic components are built into an advanced optical transceiver.

我們的矽鍺業務的成長不僅是由於上述因素推動了光收發器市場的成長，因為矽鍺和矽光子元件都內建在先進的光收發器中。

But also due to strong demand for active copper cables for short reach interconnects, active copper cables typically use a silicon Germanium driver or retimer to improve signal integrity at high speeds.

但也由於短距離互連對主動銅電纜的強烈需求，有源銅電纜通常使用矽鍺驅動器或重定時器來提高高速下的訊號完整性。

Currently 800 G to enable copper cables to be used in many short reach applications for both performance and cost benefits as compared to optical cables based on the strong demand we're seeing from both our sting and Germanium and CIFO customers.

目前，800 G 使銅纜能夠在許多短距離應用中使用，與光纜相比，銅纜具有性能和成本優勢，這是基於我們看到的來自我們的 Sting、Geerium 和 CIFO 客戶的強烈需求。

We are qualifying both families of platforms serving office transre in our San Antonio and MD do Heme 200 millimeter factories where we are existing F space and adding substantial additional clean room for further growth.

我們正在對聖安東尼奧和 MD do Heme 200 毫米工廠的辦公室傳輸服務的兩個平台系列進行資格認證，我們在這些工廠現有 F 空間，並增加大量額外的潔淨室以進一步發展。

We have also released 300 millimeter PDKS using a 65 nanometer cmos which for silicon Germanium enables customers to integrate higher density lower power and lower noise, seamos, porting higher precision analog circuit application phase.

我們也發表了採用65奈米CMOS的300毫米PDKS，該矽鍺使客戶能夠整合更高密度、更低功耗和更低雜訊的Seamos，移植更高精度的類比電路應用階段。

AR F I CS and increasingly complex modulation scheme for communication and for silicon photonics for lower loss components.

AR F I CS 和日益複雜的通訊調變方案以及用於降低損耗組件的矽光子學。

The RF Mobile market predominantly RSO I which represented approximately 26% of our corporate revenues in the third quarter of 2024 we continue to transition customers to new 300 millimeter capacity in Agra as our demand outpaces rfso I capacity in our wou 300 millimeter factory.

RF Mobile 市場主要是RSO I，約占我們2024 年第三季公司營收的26%，我們繼續將客戶過渡到阿格拉的新300 毫米產能，因為我們的需求超過了我們300 毫米工廠的rfso I 產能。

We expect to deliver our first production revenue in Q4 to the order of a couple of tens of millions of dollars from the Agra factory.

我們預計第四季阿格拉工廠的第一筆生產收入將達到數千萬美元。

With further app expected in 2025 to support the growth we are seeing in this market.

預計 2025 年將有更多應用程式支援我們在該市場看到的成長。

In addition, we continue to prototype with customers on our most advanced platform TPS 65 RSC now available directly from Agra as well with customer acknowledge industry best R on C off and power handling for next generation R of mobile products.

此外，我們繼續在最先進的平台TPS 65 RSC 上與客戶一起進行原型設計，該平台現在可直接從Agra 購買，並利用客戶認可的下一代R 行動產品的行業最佳R on C off 和功率處理能力。

Our newly announced triple play RSO I platform for wifi front end modules, finish your grades, the power amplifier, lolo amplifier and switch on a single die which we press release with Broadcom is a mass production on receiving strong interest from additional market leaders.

我們新推出的用於wifi 前端模組的三重播放RSO I 平台，在單個晶片上完成您的等級、功率放大器、lolo 放大器和開關，我們與Broadcom 共同發布，是一項大規模生產，受到了其他市場領導者的強烈興趣。

Our power business which represented 17% of our corporate revenues in the third quarter of 2024 continues to see strong growth opportunities in our 300 millimeter 65 nanometer B CD platform, which as we have discussed in prior quarters enables us to enter lower voltage and higher volume markets and handsets and other consumer devices.

我們的電力業務佔2024 年第三季公司營收的17%，我們的300 毫米65 奈米B CD 平台繼續帶來強勁的成長機會，正如我們在前幾個季度所討論的那樣，該平台使我們能夠進入更低的電壓和更高的產量市場以及手機和其他消費設備。

In addition to our higher voltage industrial and automotive segments, we are pleased to report that we have ramped certain handset products to high volumes in this technology in our Japan factory and now qualifying our Albuquerque facility to enable further growth.

除了我們的高壓工業和汽車領域之外，我們很高興地報告說，我們已經在日本工廠利用這項技術將某些手機產品大量生產，現在我們的阿爾伯克基工廠正在取得資格，以實現進一步增長。

We anticipate beginning production in Albuquerque in 2025 and given the large capacity available, anticipate this to provide strong growth for our power business for years to come.

我們預計阿爾伯克基將於 2025 年開始生產，鑑於可用容量較大，預計這將為我們的電力業務在未來幾年帶來強勁成長。

Moving to sensors and displays which represent 14% of our corporate revs in the third quarter at years begin, we expected second half growth in particular from customer serving machine vision.

感測器和顯示器占我們年初第三季公司營業額的 14%，我們預計下半年的成長尤其來自客戶服務機器視覺。

This has not happened but rather the imaging business remained stable through the year as the Q2 run rate, our customers are optimistic about 2025 growth based upon new wins, particularly based upon wins with our 300 millimeter 65 nanometer cis platform.

這種情況並沒有發生，而是成像業務全年保持穩定，因為第二季度的運行率，我們的客戶對基於新勝利的2025 年增長持樂觀態度，特別是基於我們300 毫米65 奈米cis 平台的勝利。

Among these wins is a stacked B si global shutter ultra high resolution sensor 103 125 megapixels showcased by one of our leading customers in last month's vision show in Stuttgart in the display front.

在這些勝利中，我們的一位領先客戶在上個月斯圖加特的視覺展上展示了堆疊式 B si 全局快門超高解析度感測器 103 125 兆像素。

We are engaged with two very large customers in the AR and VR market with OLED and silicon displays expected to tape out our products next year.

我們正在與 AR 和 VR 市場的兩家非常大的客戶合作，OLED 和矽顯示器預計將於明年推出我們的產品。

On our new five volt with extensions to eight full transistors lean 300 millimeter platform with state of the art low leakage currents and high density capacitors.

在我們新的 5 V 電源上，可擴展至 8 個完整晶體管，傾斜 300 毫米平台，具有最先進的低洩漏電流和高密度電容器。

Our fabulization rates for the third quarter were fab one as previously announced will be operationally consolidated the F two and was at about 85%.

正如先前宣布的那樣，我們第三季的製造率達到了 fab 1，將在營運上合併到 F 2，約為 85%。

Entering, entering into last time bias fab 28 inch as well as FAB 98 inch.

進入，進入上次偏置晶圓廠28吋以及FAB 98吋。

We're about 60% each with concurrent capacity, repurposing and cleaner and build out to meet the continually growing forecast of demand for silicon Germanium and silicon photonics products.

我們各約 60% 擁有並發產能、再利用和更清潔的產能，以滿足對矽鍺和矽光子產品不斷增長的需求預測。

Fab 38 inch was at 65% currently at full silicon Germanium silicon photonics capacity with real time activities reducing certain bottlenecks.

38 吋晶圓廠目前的全矽鍺矽光子產能利用率為 65%，即時活動減少了某些瓶頸。

Targeting a 20% increase in the fab utilization fab 58 inch was at about 60%.

目標是將晶圓廠利用率提高 20%，58 吋晶圓廠利用率約為 60%。

Fab 712 inch was about 85% fully loaded to our operational model.

Fab 712 吋在我們的營運模型中的滿載率約為 85%。

With that, I'll turn the call to our CFO Mr Orange AI or please.

接下來，我會將電話轉給我們的財務長 Orange AI 先生。

Thank you Roel.

謝謝羅爾。

Hello everyone.

大家好。

Earlier today, we released our quarterly financial results and balance sheet for the third quarter of 2024.

今天早些時候，我們發布了 2024 年第三季的季度財務表現和資產負債表。

We reported revenue of $371 million gross profit of $93 million.

我們報告收入為 3.71 億美元，毛利為 9,300 萬美元。

Operating profit of $56 million and net profit of $55 million reflecting 15% net margin revenue for the third quarter of 2024 was $371 million compared to $351 million in the second quarter of 2024.

2024 年第三季營業利潤為 5,600 萬美元，淨利為 5,500 萬美元，淨利率為 15%，2024 年第三季營收為 3.71 億美元，而 2024 年第二季為 3.51 億美元。

I'm pleased to report that we achieved our stated 2024 target of quarter over quarter revenue growth considering our reported revenue for the past quarter.

我很高興地報告，考慮到我們上一季報告的收入，我們實現了 2024 年規定的季度收入成長目標。

And today's fourth quarter, mid range revenue guidance of $387 million gross profit for the third quarter of 2024 was $93 million compared to $87 million in the prior quarter.

今天第四季的中期收入指引為 3.87 億美元，2024 年第三季的毛利為 9,300 萬美元，而上一季為 8,700 萬美元。

Operating profit was $56 million compared to $55 million in the prior quarter, which included $6 million restructuring income in relation to Japan operations reorganization, net profit was $55 million reflecting 15% net margin or 49¢ basic and diluted earnings per share compared to a net profit of $53 million reflecting 48¢ basic and diluted earnings per share in the second quarter of 2024 which included $2.6 million of net income from our Japan operations reorganization.

營業利潤為5,600 萬美元，上一季為5,500 萬美元，其中包括與日本業務重組相關的600 萬美元重組收入；淨利潤為5,500 萬美元，淨利潤率為15%，即每股基本收益和攤薄收益與淨利潤相比為49 美分利潤為 5,300 萬美元，反映 2024 年第二季 48 美分的基本每股收益和稀釋每股收益，其中包括來自日本業務重組的 260 萬美元淨利潤。

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 September 2024 our balance sheet assets totaled $3.1 billion as compared to $2.9 billion.

截至 2024 年 9 月底，我們的資產負債表資產總額為 31 億美元，而去年同期為 29 億美元。

At the end of 2023 primarily comprised of $1.3 billion.

截至 2023 年底，主要金額為 13 億美元。

Fixed assets net of depreciation predominantly comprised of FEB equipment and $1.7 billion of current assets, current assets ratio reflecting the multiple by which current assets are larger than short term liabilities is very strong.

扣除折舊的固定資產主要由 FEB 設備和 17 億美元的流動資產組成，反映流動資產大於短期負債倍數的流動資產比率非常高。

At about six hes and shareholders equity reached a record of $2.6 billion.

大約六歲時，他的股東權益達到創紀錄的 26 億美元。

At the end of September 2024.

2024 年 9 月底。

Our strong financial position enables us to plan the following investments in strategic opportunities that are aligned to our corporate vision.

我們強大的財務狀況使我們能夠規劃對符合我們企業願景的策略機會進行以下投資。

Approximately 500 million of total aggregate cash has been allocated to make investments in equipment.

現金總額中約 5 億已分配用於設備投資。

The tower will own and own in the 12 inch feb in Agra Italy.

該塔將於2月12日在義大利阿格拉擁有並擁有。

Following the previously announced ST Micro partnership to date, we have already invested $400 million in this of this amount and have placed purchase orders for all of the equipment and other Copex items required.

繼先前宣布與 ST Micro 建立合作關係之後，我們已經為此投資了 4 億美元，並已下達了所有設備和其他所需 Copex 物品的採購訂單。

The remaining $100 million are expected to be paid in the coming four quarters.

剩餘的 1 億美元預計將在未來四個季度支付。

In addition, as previously announced, we have committed to invest up to $300 million to acquire equipment and other CapEx items that tower will own in Intel's New Mexico Fair, enabling us to ramp up the capacity and capabilities for our customers.

此外，正如先前宣布的，我們已承諾投資高達 3 億美元來購買塔樓將在英特爾新墨西哥博覽會上擁有的設備和其他資本支出項目，使我們能夠為客戶提高產能和能力。

This $300 million of CapEx is focused to be paid in installments until the end of 2026.

這 3 億美元的資本支出將在 2026 年底前分期支付。

Furthermore, as we announced today, we are executing the $350 million investment plan to expand 54 and five G capacity and capabilities for the qualification and ramp up of these technologies in our 200 millimeter and 300 millimeter fab to sell our growing customer demand payments to this $350 million plan are expected in installments until the end of 2026.

此外，正如我們今天宣布的那樣，我們正在執行3.5 億美元的投資計劃，以擴大54 和5 G 的產能和能力，以便在我們的200 毫米和300 毫米晶圓廠中驗證和提升這些技術，以滿足我們不斷增長的客戶需求。

I wish to note that all the above investments including today's announced CIFI CIFO and five G CapEx investments are within and steps towards achieving our business strategy and financial model as previously presented by the company in November 1 year ago, in the model, we outlined the revenue target of $2.66 billion per annum that could be achieved by fully loading our existing facilities and our newly built and to be built capacity at the Agra and new Mexico facilities, which could result in $560 million annual operating profits and $500 million annual net profit.

我想指出的是，包括今天宣布的CIFI CIFO 和五項G CapEx 投資在內的所有上述投資都在實現我們的業務戰略和財務模型的步驟之內，正如該公司在一年前11 月1 日提出的那樣，在該模型中，我們概述了每年26.6 億美元的收入目標可以透過滿載我們現有設施以及阿格拉和新墨西哥設施新建和即將建設的產能來實現，這可能會帶來5.6 億美元的年度營業利潤和5 億美元的年度淨利。

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。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question and answer session as a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced.

女士們、先生們，我們現在開始問答環節，提醒大家提問，請在電話上按星號一和一，然後等待宣布您的名字。

Please stand by while we compile the Q&A Q.

我們正在整理問答，請稍候。

This will take a few moments.

這將需要一些時間。

If you wish to cancel your request, please press star one and one again.

如果您想取消請求，請再次按下星號一號。

And once again, it's star one and one if you wish to ask a question.

再說一遍，如果你想問問題，那是一星一星的。

Thank you.

謝謝。

We are not going to proceed with our first question.

我們不打算繼續討論第一個問題。

The questions come from the line of Mehdi Husseini from Susquehanna International Group.

這些問題來自薩斯奎哈納國際集團的邁赫迪·侯賽尼。

Please ask a question.

請問一個問題。

Yes, sir.

是的，先生。

Thanks for taking my question.

感謝您提出我的問題。

I have two follow ups here.

我在這裡有兩個後續行動。

I want to go to slide number six and better understand revenue and gross profit opportunities, especially with a 400 gig.

我想轉到第六張投影片，更了解收入和毛利機會，尤其是 400 場演出。

And plus, should we assume that because of the a SB premium, the revenue mix is much higher than the Wafer mix and I have a follow up.

另外，我們是否應該假設，由於 SB 溢價，收入組合遠高於晶圓組合，我有一個後續行動。

I'm sorry, I didn't quite understand the question.

抱歉，我不太明白這個問題。

The what mix is higher than the what mix up.

混合的程度高於混合的程度。

On on the slide?

在幻燈片上？

Number six, you have the Wafer mix between 400 gig, less than 400 gig and more than 400 gig.

第六，晶圓的混合容量介於 400 GB、小於 400 GB 和超過 400 GB。

I'm under the assumption that for applications above 400 way for a SB is higher and therefore the same slide, but presented with the revenue mix would have a significantly higher mix of a higher than 400 gig.

我的假設是，對於 400 以上的應用程序，SB 的方式更高，因此相同的幻燈片，但呈現的收入組合將具有明顯高於 400 演出的組合。

Is that a, is that a fair assumption?

這是一個公平的假設嗎？

It's a fair assumption, but I'm not sure that you're seeing the slide properly.

這是一個合理的假設，但我不確定您是否正確地看到了幻燈片。

This is only for active copper cable.

這僅適用於有源銅纜。

The slide is not the overall silicon Germania mix.

這張幻燈片不是整體矽 Germania 組合。

So, you know, certainly the saggy platforms itself that we're using for 800 G or a more advanced platform, you know, a higher FT and F max, then we would be doing it at a 400 or 100 G.

所以，你知道，當然我們用於 800 G 的下垂平臺本身或更先進的平台，你知道，更高的 FT 和 F max，那麼我們會在 400 或 100 G 上進行。

For cables, it also ties to an extent but most of the cables that we're selling are already going for above 400 G or as I stated in the in the script, mainly for 800 G.

對於電纜，它也有一定程度的聯繫，但我們銷售的大多數電纜已經達到 400 G 以上，或者正如我在腳本中所述，主要是 800 G。

So yes, the cables that we're selling are at a very good ASP but it's because of the higher end platform, but most of what we're doing is for the data speed.

所以，是的，我們銷售的電纜的平均售價非常高，但這是因為更高端的平台，但我們所做的大部分工作都是為了數據速度。

Okay.

好的。

Alright, thanks for clarifying that.

好的，謝謝你的澄清。

And then just looking at the overall silicon photonics market in the past, you have highlighted 80 million revenue opportunity in 24 and doubling to 100 60 million in 25.

然後只要看看過去的整個矽光子市場，你就會發現 24 年內的收入機會為 8,000 萬，而 25 年內翻了一番，達到 100 6,000 萬。

It seems like you are tracking above those targets.

看來您正在追蹤這些目標之上。

Can you give us an update here?

您能給我們更新一下嗎？

Yeah, I don't mean this tongue in cheek but I think I did.

是的，我不是開玩笑，但我想我就是這麼做的。

Yes, the the revenue it's expected to hit about 100 million this year.

是的，今年預計收入將達到1億左右。

So certainly as sorry as I stated at the beginning, short term, mid term, we're seeing ever increasing customer demand and you know, for the mid term, ever increasing customer forecast.

因此，正如我在開始時所說的那樣，從短期和中期來看，我們看到客戶需求不斷增加，而且您知道，從中期來看，客戶預測不斷增加。

So we'll be leaving the year.

所以我們就要離開這一年了。

Providing we go according to forecast in our ship plan with a about 150 million silicon photonics run rate already leaving 2024 without giving anything about the 2025 guidance or targets.

假設我們按照我們的船舶計劃中的預測進行，大約 1.5 億個矽光子的運行率已經在 2024 年結束，但沒有給出任何有關 2025 年的指導或目標。

One could expect that if I had I I think I said more than doubling but that the from 80 to above 160.

人們可以預料到，如果我有的話，我想我說的是一倍以上，但從 80 到 160 以上。

If already Q4 is at a 1 50 million run rate, then I think it's very safe to say that we're tracking above the forecast we've given a quarter ago.

如果第四季的運行率已經達到 1.5 億，那麼我認為可以非常肯定地說，我們的追蹤速度高於一個季度前給出的預測。

Great.

偉大的。

Thank you.

謝謝。

Very good question though.

不過，這是一個很好的問題。

Thank you.

謝謝。

We are not going to proceed with our next question.

我們不打算繼續討論下一個問題。

The questions come from the line of Cody Acree from the benchmark company.

這些問題來自基準公司的 Cody Acree。

Please ask your question.

請提出你的問題。

Yeah, thanks for taking my questions and congrats guys on the progress.

是的，感謝您提出我的問題，並祝賀大家的進展。

Extremely impressive guidance.

非常令人印象深刻的指導。

Glad to see it.

很高興看到它。

Maybe or can we just just get one clarification?

也許或者我們可以只得到一個澄清嗎？

You said the 350 million would start when in installment payments and and when did you say 26 or 20.

你說3.5億什麼時候開始分期付款，你說的26或20是什麼時候。

Eight?

八？

Oh, end of 26 it will be spread.

噢，26月底就會傳播了。

You may assume pretty linearly between now and the end of 2026.

您可以假設現在到 2026 年底之間呈現線性關係。

All right, great.

好吧，太好了。

Thanks.

謝謝。

I, you tailed off a little bit when you were making that comment.

我，當你發表評論時，你的語氣有點減弱。

Can you maybe talk about the level of revenue that that 350 million is expected to support if you just add incrementally to your slide, your 2.66 billion, what is the 3 50 million represent?

您能否談談如果您在幻燈片中逐步添加 26.6 億，那麼 3.5 億預計將支援多少收入水平，這 3.5 億代表什麼？

No, that's included in the model.

不，它包含在模型中。

Like I said in my closing remark, this is within the model and towards achieving the model we needed to do that investment, by the way.

正如我在結論中所說，順便說一句，這是在模型範圍內的，也是為了實現我們進行該投資所需的模型。

Also, the CapEx is included in that model.

此外，資本支出也包含在該模型中。

So there is no additional depreciation because of that, these are the steps that we needed to do in order to achieve this long term 2.66.

因此，沒有額外的折舊，這些是我們為了實現長期 2.66 所需採取的步驟。

So it's in the numbers.

所以它是在數字中。

Okay, great.

好的，太好了。

I think.

我認為。

Cody, the big point, what it is that the model obviously was reliant upon certain technologies that customers would be needing and wanting that were aligned to road map activities that we have with them.

科迪，重點是，該模型顯然依賴客戶需要和希望的某些技術，這些技術與我們與他們的路線圖活動保持一致。

And the fact that the investment steps are going and the important part is to say that it's all was foreseen in the model, but it was aligned to long term road map partnership and that in going forward on it shows that what we had expected to happen is truly indeed occurring.

事實上，投資步驟正在進行中，重要的是，這一切都在模型中預見到了，但它與長期路線圖合作夥伴關係保持一致，並且在前進過程中表明我們預期會發生什麼確實發生了。

Okay, great.

好的，太好了。

So just more detail to the 2.66 maybe if you can talk about the the types of agreements that you have with your customers for your.

因此，如果您可以談論您與客戶簽訂的協議類型，也許可以更詳細地了解 2.66。

So I capacity obviously, that's getting ready to ramp and, and you've got a significant amount of capacity out there to fill what kind of customer agreements or, you know, if not contracts, what kind of assurances do you have that, that they're going to be there for you to support that capacity.

因此，我的能力顯然已經準備好，並且您已經擁有大量的能力來履行什麼樣的客戶協議，或者，您知道，如果沒有合同，您有什麼樣的保證，那麼他們將隨時為您提供支持，以支持您的能力。

Within the area of the RSO I at present, I don't think there's a single take or pay agreement.

目前，在 RSO I 領域內，我認為不存在單一的照付不議協議。

There are very, very strong relationships and track records that we see customers having performed to.

我們看到客戶已經建立了非常非常牢固的關係和追蹤記錄。

Is there a take or pay involved?

是否涉及收取或付款？

No, but I think in many areas take or pays are not a good thing to have in bad times trying to hold somebody to buy things that they don't need is not good.

不，但我認為在許多領域，接受或支付並不是一件好事，在困難時期試圖讓人們購買他們不需要的東西也不好。

But our assurance is really off of seeing how, I mean, you cover many people within the space.

但我們的保證實際上取決於如何涵蓋該領域內的許多人。

The specific front end module market at this moment is not overly strong.

目前特定前端模組市場還不算太強勁。

But the fact that we're seeing very big growth, you know, I believe in Q3 over Q3, we had very good double digit 300 millimeter rfso I for advanced platforms, probably if we look at the fourth quarter forecast first the fourth quarter a year ago for the 300 millimeter platforms, it'll be well above the 50% year over year growth.

但事實是，我們看到了非常大的成長，你知道，我相信在第三季度，我們在先進平台上擁有非常好的兩位數300 毫米rfso I，如果我們首先看第四季度的預測，可能會是這樣。

So the point being that customers that we're working with themselves are gaining market share in a market that doesn't have the type of growth that we're seeing.

因此，重點是，我們正在合作的客戶在一個沒有我們所看到的成長類型的市場中獲得了市場份額。

So as long as we're tied with people on multi generation road map and serve them well, we're quite convinced that they stay with us in the short to mid term, very difficult to qualify someone else in form, fit and function for a front end module.

因此，只要我們在多代路線圖上與人們聯繫在一起並為他們提供良好的服務，我們就非常確信他們會在中短期內留在我們身邊，很難在形式、健康和功能方面使其他人合格前端模組。

In the long term.

從長遠來看。

The assurance is simply if we perform well and they perform well in the short to mid term, then we stay together in the long term.

我們的保證很簡單，如果我們在中短期內表現良好，而他們也表現良好，那麼我們將長期保持在一起。

But the biggest thing is I'm having pdks that really match the output performance.

但最重要的是我擁有真正匹配輸出性能的 pdks。

So customers are more or less guaranteed first time success and to work very closely to go through any issues real time during the initial design protto cycle so that they come to market quick and that we both benefit from that.

因此，客戶或多或少可以保證第一次成功，並在初始設計原型週期中密切合作，即時解決任何問題，以便他們快速進入市場，我們雙方都從中受益。

Hopefully, that answers the question, Cody.

希望這能回答問題，科迪。

But if you're asking if we have, you know, long term take or pay agreements that we do not?

但如果您問我們是否有我們沒有的長期照付不議協議？

Okay.

好的。

That's very helpful.

這非常有幫助。

Thank you, Russell.

謝謝你，拉塞爾。

And then lastly, we've been hearing some grumblings in the market regarding the potential uptake for active copper cables with some changes that are speculated in their NVL 36 by two platform at NVIDIA.

最後，我們在市場上聽到了一些關於有源銅電纜的潛在採用的抱怨，其中一些變化是 NVIDIA 的兩個平台在其 NVL 36 中推測的。

Are you seeing any volatility in your way for activity?

您是否發現活動方式有波動？

Obviously, you're, you're seeing a lot of strength given what you've been saying today, but just any color might help.

顯然，考慮到你今天所說的話，你看到了很大的力量，但任何顏色都可能有幫助。

Very perceptive of you and we have some wafers in line that indeed have been put on hold at a certain level to allow for a mass change.

您非常有洞察力，我們確實有一些晶圓在排隊中，這些晶圓確實已在一定程度上被擱置，以允許進行大規模更改。

What does that entail Russell as far as your volume output?

就你的產量而言，這對拉塞爾意味著什麼？

I think it's not going to make much difference at all.

我認為這根本不會有太大區別。

It's just a question of keeping wafers at a certain inventory point waiting for a new mask.

這只是將晶圓保留在某個庫存點等待新掩模的問題。

So changes at the mask level would change how the copper cables are going to be deployed.

因此，掩模等級的變化將改變銅纜的部署方式。

Is that the way to think about it?

是這樣思考的嗎？

We'll change the output parameters.

我們將更改輸出參數。

Any other color there, Russell?

還有其他顏色嗎，拉塞爾？

No, I think that's pretty good color actually.

不，我認為實際上這個顏色非常好。

But thank you.

但謝謝你。

All right.

好的。

Thank you.

謝謝。

We are now going to proceed with our next question.

我們現在要繼續討論下一個問題。

The questions come from the line of Richard Shannon from Craig Haem, capital grade.

這些問題來自資本級克雷格哈姆 (Craig Haem) 的理查德香農 (Richard Shannon)。

Please ask your question.

請提出你的問題。

Well, thanks Russell Oren for taking my questions here.

嗯，感謝拉塞爾·奧倫在這裡回答我的問題。

Great results.

很好的結果。

Great to see the RF infrastructure doing so well here.

很高興看到射頻基礎設施在這裡表現得這麼好。

I guess my first question is on the silicon Germanium side here talking about 1.60 I guess wondering if that's going to be a material contributor, noticeable contributor revenues by the end of next year.

我想我的第一個問題是關於矽鍺方面，這裡談論的是 1.60，我想知道這是否會成為材料貢獻者，到明年年底會產生顯著的貢獻者收入。

Is that timing is that the timing that that you expect to be material or is it still still growing from a small base at that point?

這個時機是您期望的重要時機，還是仍從那時的小基數開始成長？

Do you think.

你認為嗎。

I H1stly think it will be material if you look at analyst reports for 2024 from two years ago, they all really had 100 G being, you know, 80% of the market, we're probably 800 G is 85 90% of the market, you know, for this year.

我認為，如果你看看兩年前的 2024 年分析師報告，這將是很重要的，他們確實都擁有 100 G，你知道，佔據 80% 的市場，我們可能 800 G 佔據 85 90% 的市場，你知道，今年。

So I I think the fact that we have good working samples, of course, the end data center maker, the hyper scaler has to be willing to implement.

因此，我認為我們擁有良好的工作樣本，當然，最終資料中心製造商、超大規模提供者必須願意實施。

But, but I, I do think the the road map on speed is very very fast now.

但是，但是我，我確實認為現在路線圖的速度非常非常快。

So yeah, II I believe it'll be a material amount of revenue in the second half of next year.

所以，是的，我相信明年下半年這將是一筆可觀的收入。

And maybe starting in the second quarter.

也許從第二季開始。

Okay, perfect.

好的，完美。

That's a very helpful Russell.

這是一個非常有幫助的拉塞爾。

Thanks for that.

謝謝你。

Maybe a question for, for orin on gross margins here.

也許是關於毛利率的問題。

Just looking at the fall through quarter on quarter, I know it's probably not great to look at it just on that short term basis here.

只要看看逐季度的下跌情況，我知道僅僅從短期角度來看可能不太好。

But last quarter, we saw a very nice fall through margin.

但上個季度，我們看到利潤率大幅下降。

This quarter was a bit less here.

本季這裡有點少。

30 I calculated about 31% or so.

30 我算了一下大概是31%左右。

Last quarter, you said the benefit was coming from silicon photonics yet it seems like silicon photonics is doing very well.

上個季度，您說收益來自矽光子學，但看起來矽光子學表現非常好。

So I can't resolve those two that seem to contradict each other.

所以我無法解決這兩個似乎互相矛盾的問題。

Can you help us understand why the why the big difference here?

您能幫助我們理解為什麼這裡有這麼大的差異嗎？

Yeah.

是的。

I think Russell related to that in his remarks, he mentioned that the CIS data sensor was not like we expected and the CIS as you know, is also high margin like the cipher.

我認為 Russell 在他的演講中提到了這一點，他提到 CIS 數據感測器並不像我們預期的那樣，而且正如你所知，CIS 也像密碼一樣具有高利潤。

So the increase in CIFO which is very nice impact on margin in Q3 was somehow offset by day 10.

因此，CIFO 的成長對第三季度的利潤率產生了非常好的影響，但在某種程度上被第 10 天抵消了。

Okay.

好的。

Thanks for that.

謝謝你。

Okay.

好的。

Sorry.

對不起。

I didn't mean to interrupt you.

我不是故意打擾你的。

Oh.

哦。

No, sorry.

不，抱歉。

Okay.

好的。

Russell maybe looking forward here trying to help people think about their growth expectations kind of linearity through next year.

拉塞爾可能期待在這裡嘗試幫助人們思考明年的線性成長預期。

I know you probably won't get anything quantitative but just kind of a framework to think about here.

我知道你可能不會得到任何定量的東西，而只是在這裡思考的一種框架。

Generally your first quarter is seasonally down, wondering if you, if you expect normal seasonality here.

一般來說，你的第一季會季節性下降，想知道你是否預計這裡會出現正常的季節性。

And then how do we think about growth going into next year?

那我們如何看待明年的成長？

I mean, the, the RF infrastructure looks utterly fantastic.

我的意思是，射頻基礎設施看起來非常棒。

Power is doing pretty well and sounds like you're sensor and image businesses is poised to inflect here and I guess we can all project what rfso I can do or excuse me in, in our mobile, but seems like a pretty good growth here here.

電力做得很好，聽起來你的感測器和圖像業務已經準備好在這裡發生變化，我想我們都可以預測我可以在我們的行動裝置中做什麼rfso 或原諒我，但這裡似乎有一個相當不錯的增長。

How would you help us think about these dynamics?

您將如何幫助我們思考這些動態？

We put our models together.

我們將模型放在一起。

And so I certainly believe that the infrastructure market served by the G and the SFO will grow and grow very strong.

因此，我當然相信 G 和 SFO 服務的基礎設施市場將會成長，而且成長非常強勁。

You know, Orin mentioned that the CIFO realizes very high margins.

你知道，奧林提到 CIFO 實現了非常高的利潤。

It actually comes in substantially higher than the imaging, which is also extremely high margin.

它實際上比成像要高得多，這也是極高的利潤。

So I think as far as the contributions of the CIFO growth, it'll be quite substantial and five G will continue to grow throughout the year as well.

所以我認為就CIFO成長的貢獻而言，它將是相當可觀的，5G也將全年持續成長。

From everything that we see and you know, customers are forecasting on the imaging.

從我們所看到的和您所知道的一切來看，客戶正在對成像進行預測。

We had mentioned earlier that Q1 was a low for us, Q2 is a substantial increase over Q1 and we stayed at the Q2 level, but we had expected a very good growth forecasted by our customers particularly for machine vision in the 3rd and 4th quarter, which did not happen.

我們之前提到，第一季對我們來說是一個低點，第二季比第一季大幅成長，我們保持在第二季的水平，但我們預計客戶預測第三季和第四季會有非常好的成長，特別是機器視覺，但這並沒有發生。

We're, I'm, I'm not going to give a target or a guidance in the third quarter for 2025.

我們、我、我不會在 2025 年第三季給予目標或指引。

You know, we'll certainly be giving good color on that when we release the fourth quarter.

你知道，當我們發布第四季度時，我們肯定會對此做出很好的說明。

But that being said for our plans right now, we're not putting into any of our plans, the believed forecasted customer demand increases for the imaging.

但就我們目前的計劃而言，我們沒有將其納入任何計劃，並相信預測的客戶對影像的需求會增加。

But our plans would have imaging staying at the same level as they were as they are now as we hit in Q2 and within our own plans, if imaging comes up at a 25 or 50% increase, that would be fantastic, but it's not what we're counting on on the RSO.

但我們的計劃將使成像保持在與現在相同的水平，就像我們在第二季度達到的那樣，並且在我們自己的計劃內，如果成像增加25% 或50%，那就太棒了，但這不是我們想要的。

I the market itself is stated is not overly strong, our customers are gaining market share.

據說市場本身並不太強大，我們的客戶正在獲得市場份額。

We would expect that there will be growth in RSO.

我們預計 RSO 將會成長。

I there will certainly be growth in 300 millimeter 1st 300 millimeter 200 millimeter that we're doing.

我們正在做的第一、300 毫米、200 毫米肯定會有成長。

I I'm not sure that that will be growing and I don't know how much the overall market will grow next year.

我不確定這是否會成長，也不知道明年整體市場會成長多少。

I expect that we'll have growth.

我預計我們會有所成長。

But some of it really depends on the mobile market itself, what's happening in handsets.

但其中一些確實取決於行動市場本身，以及手機中發生的情況。

And I I don't think that, you know, two of the big players in that market that gave releases recently.

我不認為，你知道，該市場上的兩個大玩家最近發布了版本。

We're not overly optimistic about 2025.

我們對 2025 年並不太樂觀。

So the RF mobile market, I think will outperform the market because serving customers that are gaining market share in addition to other customers.

因此，我認為射頻行動市場將跑贏市場，因為除了其他客戶外，它還為正在獲得市場份額的客戶提供服務。

And even with some, you know, of existing customers, we're gaining additional skews and and for, for new capabilities.

你知道，即使有一些現有客戶，我們也正在獲得額外的傾斜和新功能。

So I I I'm not sure how much that will grow.

所以我不確定它會成長多少。

I, I don't know how much color I can give there.

我，我不知道我能為那裡帶來多少色彩。

And you know, that's one reason that before we give a target for the next year, we really like to be closer to the year as possible.

你知道，這就是我們在給出明年目標之前，我們真的希望盡可能接近這一年的原因。

And when we release Q4 will be within the year.

我們發布第四季度的時間將在年內。

So I think we'll be able to give good flavor.

所以我認為我們能夠提供良好的味道。

But from what lead suppliers to front end module are saying right now, it doesn't look like the mobile market is extremely strong in 25 or at least for the first half of it in the power market.

但從前端模組主要供應商目前的說法來看，行動市場在 25 年或至少在電力市場的前半段看起來並不十分強勁。

You know, that's a place that we really do always have opportunity to grow.

你知道，那是一個我們確實總是有機會成長的地方。

And it's really because whether the market itself is growing or not, we're starting from not at a very high market share position and the 300 millimeter platforms are strong platforms growing.

這其實是因為無論市場本身是否成長，我們的市佔率都不是很高，而 300 毫米平台是成長強勁的平台。

Getting qualified where we have now free capacity in Albuquerque.

在我們目前在阿爾伯克基有空閒產能的地方獲得資格。

So we'd expect to see growth in that.

所以我們預計這方面會出現成長。

And in 2025 to what extent, I I'm not sure, I don't want to say that at this point, but certainly it's a good business for us where we entered into additional markets that we weren't serving in the past.

到 2025 年，我不確定會達到什麼程度，我現在不想這麼說，但對我們來說，這肯定是一筆好生意，因為我們進入了過去沒有服務過的其他市場。

And you know, I think the, the easiest way to grow share of market is by increasing your serve market, which we've certainly done within the, you know, B CD, 65 nanometer B CD and you know, potentially going beyond that.

我認為，增加市場份額的最簡單方法是擴大服務市場，我們在 B CD、65 奈米 B CD 領域確實做到了這一點，而且可能會超越這個範圍。

But I'm not sure if that answered your question.

但我不確定這是否回答了你的問題。

Well, but it's as much as I think I can say at this point.

好吧，但目前我想我能說的就這麼多了。

That is helpful for us, we understand it's early, but your, your best perspective is always helpful.

這對我們很有幫助，我們知道現在還為時過早，但是您的最佳觀點總是有幫助的。

So thanks for that.

所以謝謝你。

My final question, I'll jump out of line here is just looking at the the balance sheet and noting a very strong cash position and, and obviously, you've been growing cash and expect to by all measures here going forward here.

我的最後一個問題，我在這裡要跳出來的只是看看資產負債表，並注意到非常強勁的現金狀況，顯然，你一直在增加現金，並期望通過這裡的所有措施來實現這一點。

So I'm wondering what you're thinking about for cash usage going forward here.

所以我想知道您對未來的現金使用有何看法。

And I, I guess maybe I'll also turn this to more of a strategic thought process with your company.

我想也許我也會將其轉變為與貴公司更多的策略思考過程。

Do you see any potential for M&A in any way, either operations or technology or anything to augment certain areas that you have?

您是否認為有任何方式進行併購的潛力，無論是營運、技術或任何可以增強您現有某些領域的方式？

Silicon Meon power, etcetera to to realize that.

Silicon Meon電源等可以實現這一點。

Thanks for that.

謝謝你。

I'll, I'll start with the second part of your question then Orin could talk to the first because I think he ended his portion talking about a lot of cash needs in the company to fulfill this circuit $2.7 billion plan.

我將從你問題的第二部分開始，然後奧林可以談談第一部分，因為我認為他在結束他的部分時談到了公司需要大量現金來完成這個 27 億美元的循環計劃。

But as far as M&A we're always truly actively engaged in vetting multiple M&As.

但就併購而言，我們始終真正積極參與審查多項併購。

Now, there are a lot of speculations about us going into a foreign country and, you know, building a big factory, etcetera, etcetera.

現在，有很多關於我們進入外國的猜測，你知道，建造一個大工廠，等等。

We're engaged all the time in looking at opportunities, some opportunities appear at first swipe to be extremely positive, but, you know, always, I think there's, you know, an H1st risk reward look that has to be done.

我們一直致力於尋找機會，有些機會乍看之下似乎非常積極，但是，你知道，我總是認為，你知道，必須要做第一階段的風險回報。

And as soon as we see things that make sense and are truly accretive to the company, meaning very few capacity acquisitions that you would do.

一旦我們看到有意義且真正對公司有利的事情，這意味著您將很少進行產能收購。

Certainly, no Greenfield builds that a person would do are ever cash accretive for the first years and it takes multiple years to get to, you know, net profit positive within any Greenfield.

當然，一個人所做的任何綠地建設在第一年都不會帶來現金增值，並且需要多年才能在任何綠地內實現正淨利潤。

So the conditions of doing one of a Greenfield activity, which could make sense in different geographies has to have certain conditions with either the government or with certain customers or with a partner that would not have our shareholders suffer from the cash loss of the 1st 78 years.

因此，進行綠地活動的條件（這在不同地區可能有意義）必須與政府或某些客戶或合作夥伴具備一定的條件，這樣我們的股東就不會遭受第 78 個現金損失。

And you know, that takes a lot of consideration and activities.

你知道，這需要大量的考慮和活動。

That's why for such capacity, large capacity increases.

這就是為什麼對於這樣的容量，大容量會增加。

It's always smarter to take over a going concern than it is to do a Greenfield on, on a pure financial basis.

從純粹的財務角度來看，接管一家持續經營的企業總是比新建一家新建企業更明智。

As far as looking at technology acquisitions, again, we're we're very engaged in those and you know, to, to say what we're engaged in right now, maybe set false expectations and you know, to, to release anything before one is required to release, which means before it becomes material, it then can come off and look like one was ineffective at closing on a deal, which is not the case.

至於技術收購，我們再次非常關注這些，你知道，說我們現在正在從事的事情，可能會設定錯誤的期望，你知道，要發布任何東西在要求發布之前，這意味著在它變得重要之前，它可能會脫落並看起來像是在達成交易方面無效，但事實並非如此。

It's very good to always be open and look at deals.

始終保持開放態度並專注於交易是非常好的。

And I would say there's rarely a time when there aren't at least 4 to 8 activities that we're pursuing and engaged in.

我想說，我們幾乎總是在追求和參與至少 4 到 8 項活動。

But before closing them, they really have to be something that is a creative to shareholders and is accretive to our road map and hence to our customers or would contain customers that are other products can help grow on top of what you're buying.

但在關閉它們之前，它們確實必須對股東具有創造性，並且對我們的路線圖有增值作用，因此對我們的客戶而言或包含其他產品的客戶可以幫助您在購買的產品之上實現成長。

But that's a long answer and I apologize that it's so long.

但這是一個很長的答案，我很抱歉這麼長。

It's just, it's, it's not an easy, you know, digital, yes or no.

只是，這不是一個簡單的數字，是或否。

It's a lot of qualifications in it.

裡面有很多資質。

But we are actively looking, we have been actively looking, we were very close to, you know, maybe doing something within the past month that ultimately we could not come to agreements that would be viable for shareholders and hence for the company.

但我們正在積極尋找，我們一直在積極尋找，我們非常接近，你知道，也許在過去的一個月內做了一些事情，最終我們無法達成對股東和公司都可行的協議。

And I think that no matter how excited one is about something, you must always be grounded in the numbers and if something doesn't pencil, it doesn't pencil.

我認為，無論一個人對某件事有多興奮，你都必須始終以數字為基礎，如果某件事不符合鉛筆，那就不符合。

Appreciate all that detail.

欣賞所有這些細節。

Russell as always, congratulations on the great results.

拉塞爾一如既往地祝賀取得的優異成績。

I will jump on the.

我會跳上。

Line.

線。

Thank you.

謝謝。

Thank you.

謝謝。

We are now going to proceed with our next question.

我們現在要繼續討論下一個問題。

The questions come from the line of Nicola Doyle from Needham.

這些問題來自李約瑟的尼古拉·道爾（Nicola Doyle）。

Please ask a question.

請問一個問題。

Hey guys, thanks for taking my questions.

嘿夥計們，謝謝你回答我的問題。

Also a question on AC C is so you're seeing the short term and mid term strength in your silicon Germanium business enough to invest significantly for new capacity.

關於 AC C 的另一個問題是，您看到矽鍺業務的短期和中期實力足以為新產能進行大量投資。

And some of that, you know, not all is related to A CCS.

您知道，其中一些並非全部與 CCS 有關。

And I think the answer you gave to Cody earlier was related to this rack to rack or a horizontal opportunity.

我認為你之前給科迪的答案與這種機架到機架或橫向機會有關。

But I'm assuming that the strong demand and the CapEx decisions can go beyond would mean that this demand would go beyond one application at one customer.

但我假設強勁的需求和資本支出決策可能會超出這個範圍，這意味著這種需求將超出一個客戶的一種應用程式的範圍。

So we've heard applications using, you know, Nick to Tor or vertical use case and also a newer in rack use case at higher speeds.

因此，我們聽說過應用程式使用 Nick to Tor 或垂直用例，以及速度更快的新型機架用例。

So can you give any color on, on what?

那你能給什麼顏色呢？

And the other applications could be?

其他應用程式可能是？

Thanks.

謝謝。

To begin with.

首先。

The bulk of our silicon Germanium is not for AC C, right?

我們的矽鍺大部分不是用於AC C的，對嗎？

It's for the TIAS and the and drivers.

適用於 TIAS 和 以及 驅動程式。

So that's the the bulk AC C is incremental revenue.

這就是大部分 AC C 是增量收入。

Now, the lead customers that we have for the optical transceivers itself are also those that are doing the active copper cables within that incremental revenue that they have demand for the AC C.

現在，我們光收發器本身的主要客戶也是那些在增量收入中生產有源銅纜的客戶，他們對 AC C 有需求。

I cannot exactly say what application they're going after, you know, with, within rack, within the pizza box itself.

我無法確切地說出他們正在尋找什麼應用程序，你知道，在機架內，在披薩盒本身內。

Rack to rack, you know, many cases, rack to r active copper cable is not sufficient.

機架到機架，您知道，很多情況下，機架到有源銅纜是不夠的。

But I, I don't think I'm in a position to give real good color as to what our lead customers that are using CG at very high volumes for the transceivers and are also now buyings G for the AC C.

但我認為我無法對我們的主要客戶提供真正好的信息，他們在收發器中大量使用 CG，現在也為 AC C 購買 G。

What is their entire gamut of applications that they're serving with?

他們所提供的全部應用程式是什麼？

The AC C?

交流電C？

I couldn't really state that with tremendous granularity.

我無法非常詳細地說明這一點。

Okay.

好的。

Still helpful.

還是有幫助的。

Thank you.

謝謝。

Thank you for that color Russell.

謝謝你的顏色拉塞爾。

And then the next one, just a basic question on utilization.

然後下一個，只是一個關於利用率的基本問題。

Fab three is at 65% I believe you mentioned and that is, I guess full CG and CIFO capacity with a 20% target increase.

我相信您提到過，三號晶圓廠產能利用率為 65%，也就是說，我認為 CG 和 CIFO 產能已滿，目標成長 20%。

So just a little explanation on 20 points.

所以我只對 20 點做一些解釋。

So just an explanation on how that is going to happen.

所以只是解釋一下這將如何發生。

You're I guess you're taking out certain capacity and refilling it with this big G and CIFO demand and, and that's contemplated in the 350 million and, and that's how you'll increase this utilization.

我猜你正在拿出一定的容量，並用這個大的 G 和 CIFO 需求來重新填充它，這就是 3.5 億的預期，這就是你將如何提高利用率。

A very good question.

這是一個很好的問題。

There's bottlenecks that we have, there are other mixes that were done in that factory previously.

我們存在瓶頸，之前在該工廠進行了其他混合。

There's bottlenecks specific from having moved from silicon Germanium to doing a certain amount of silicon photonics and by adding and qualifying certain processing chambers you're relieving the bottlenecks enabled them to move up to use the full photo capacity.

從矽鍺轉移到進行一定量的矽光子學，以及透過添加和限定某些處理室，您可以緩解瓶頸，從而使它們能夠使用全部照片容量，從而存在特定的瓶頸。

The the fab we always present utilization against max photo capacity of the factory.

我們總是根據工廠的最大照片產能來展示晶圓廠的使用率。

Processing tools can gate for a certain flow, the photo capacity, what you have in any fab is processing tools that are unique to certain flows that are capped at whatever the volume is plus some certain percent.

處理工具可以控制特定的流程、照片容量，在任何晶圓廠中擁有的處理工具都是特定流程所獨有的，這些流程的上限為任何數量加上一定的百分比。

Otherwise you have tools that are utilized and using fab space ineffectively.

否則，您的工具就會被利用，並且無法有效地利用晶圓廠空間。

In this case, as we've moved to having such a demand for the Cyi and the Sipp, we're doing very little in that factory other than CG and CIFO to maximize that output.

在這種情況下，當我們對 Cyi 和 Sipp 產生這樣的需求時，除了 CG 和 CIFO 之外，我們在工廠幾乎沒有做任何事情來最大化產量。

But we've come into bottlenecks on certain steps which you could maybe say, you know, certain steps, et cetera or maybe certain deposition steps.

但我們在某些​​步驟上遇到了瓶頸，您可能會說，您知道，某些步驟等等，或者可能是某些沉積步驟。

So we've added chambers or adding chambers are repurposing some chambers in order to be specific to the CG and CIFO and hence relieving the bottlenecks to get closer to the full photo capacity, which over time will get to the full photo capacity, which in our model is an 85% operation.

因此，我們添加了腔室，或者添加腔室正在重新利用一些腔室，以便特定於CG 和CIFO，從而緩解瓶頸，以接近完整的照片容量，隨著時間的推移，將達到完整的照片容量，這在我們的模型是 85% 的操作。

So 85% of the full photo allows a FAP to still be moving at good cycle times.

因此，整張照片的 85% 允許 FAP 仍然以良好的循環時間移動。

And that's what our, what our target is.

這就是我們的目標。

We also are using some capabilities in other factories and that's part of the 350 million to enable further usage of any given factory.

我們還在其他工廠使用一些功能，這是 3.5 億功能的一部分，以便進一步利用任何特定工廠。

We have the ability to be transferring to start doing a deposition early on in the line in one factory.

我們有能力轉移到一家工廠的生產線早期開始進行沉積。

And if that deposition is a deposition that's constrained elsewhere to free up the constraint in the other factory by doing the early deposition in one.

如果該沉積是在其他地方受到限制的沉積，則可以透過在一個工廠進行早期沉積來釋放另一家工廠的限制。

So that's part of the 3 50 million as well.

所以這也是 3.5 億的一部分。

Is relieving bottlenecks through optimizing the fleet.

透過優化機隊緩解瓶頸。

Sounds like a lot of good.

聽起來不錯。

Decisions.

決定。

Thanks.

謝謝。

Thank you.

謝謝。

We are not going to proceed with our next question.

我們不打算繼續討論下一個問題。

The questions come from the line of Lisa Thompson from Zacks Small Cap Research.

這些問題來自 Zacks Small Cap Research 的 Lisa Thompson。

Please ask a question.

請問一個問題。

Hi, and I want to welcome you back to revenue growth.

大家好，我想歡迎您重返收入成長。

Thank you.

謝謝。

Thank you.

謝謝。

I have one financial question or this year we were supposedly thinking that your tax rate was going to be 15 14% for the year.

我有一個財務問題，或者今年我們認為您的當年稅率將為 15 14%。

But unless you pay a really big chunk in Q4, that's not going to happen.

但除非你在第四季支付一大筆錢，否則這種情況是不會發生的。

What do we think about Q4 taxes and also what you're thinking about next year's tax rate, given all your varied activity in different countries?

考慮到您在不同國家的各種活動，我們對第四季度的稅收有何看法，以及您對明年的稅率有何看法？

Hi.

你好。

Yeah.

是的。

No, there is not an expectation to a big chunk of payment for tax.

不，預計不會繳大筆稅金。

I mean, our tax model first, our tax regime is that the balance company in Israel, that's a 7.5% tax because we are in a what's called in Israel, a preferred zone because of the location of the factory.

我的意思是，我們的稅收模式首先是，我們的稅收制度是以色列的平衡公司，稅率為 7.5%，因為我們位於所謂的以色列，由於工廠的位置而成為首選區域。

So this is a preferred tax rate of only 7.5% in the US.

所以這是美國的首選稅率，只有7.5%。

It's 21% in Japan.

日本的這一比例為21%。

It's 30% in Italy.

在義大利這個比例是30%。

It's 24%.

是24%。

But, I wouldn't expect because of those headwinds that Rafael even spoke about in previous calls, headwinds that we will start to have when we will start to operate Agra.

但是，我沒想到，因為拉斐爾在之前的電話中甚至談到了這些阻力，當我們開始運營阿格拉時，我們將開始遇到阻力。

So we expect not to have profits in Agra in the coming quarters for sure.

因此，我們預計未來幾季阿格拉肯定不會獲利。

And in the coming year also, so we will not pay those 24%.

明年我們也不會支付這 24%。

And so we are left with the 7.5% in the parent company, 21 in us and 30 in Japan.

這樣我們就剩下母公司的 7.5%，我們的 21%，日本的 30%。

As you can see in our financials, we're very efficient.

正如您在我們的財務數據中看到的，我們非常有效率。

I believe modestly that our average tax rate is usually 10% between 8 to 14.

我謙虛地認為，我們的平均稅率通常在 8 歲到 14 歲之間為 10%。

Depends on the quarter, depends on which region is the, is the income.

取決於季度，取決於哪個地區，是收入。

So we manage it and succeed to have it at around 10%.

所以我們對其進行管理並成功地將其控制在 10% 左右。

Usually for this year, there was a one time in Q1 that we had a tax benefit from settlement that we reached with the, with respect to one audit that we had, which was very successful results.

通常，今年第一季我們有一次透過和解獲得了稅收優惠，這是我們透過一次審計達成的，這是非常成功的結果。

So we had a one time benefit in Q124 which was a one time Q2 and Q3 tax rates are already, as you see reasonable.

因此，我們在第 124 季獲得了一次性福利，這是第二季和第三季的一次性福利，正如您所看到的那樣合理。

For example, this quarter was about 12%.

例如，本季約為 12%。

The previous quarter was about 10%.

上一季約為 10%。

So that's exactly what I said so bottom line, if you just exclude Q1, which is the one time benefit, we are at the 10 to 12%.

這正是我所說的，所以底線是，如果你只排除第一季（這是一次性收益），我們的收益是 10% 到 12%。

And I think it's good to model that 1,012 14% for the coming year.

我認為來年建模 1,012 14% 是件好事。

Very reasonable.

非常合理。

Alright, great.

好吧，太棒了。

That helps a lot.

這很有幫助。

Thank you.

謝謝。

That's the only question.

這是唯一的問題。

This concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back to Mr Russell and Wang for his closing remarks.

現在我將把會議轉回由拉塞爾先生和王先生作閉幕詞。

Thank you and thank everyone for participating.

謝謝你們，也謝謝大家的參與。

I thank all of the analysts for really a very good group of questions to conclude today's call.

我感謝所有分析師提出了一系列非常好的問題來結束今天的電話會議。

2024 has been and promises to end as a strong performance year for the company both in our financials and in extreme strategic customer activities.

2024 年對公司來說無論是在財務方面還是在極端策略客戶活動方面都將是業績強勁的一年。

Securing the future, we are confident to continue to execute on the exciting growth opportunities before us, our unique capabilities in silicon photonics and silicon Germanium paired with deep 1st year customer collaborations enable us to maintain leadership as a trusted foundry partner.

為了確保未來，我們有信心繼續抓住擺在我們面前的令人興奮的增長機會，我們在矽光子和矽鍺方面的獨特能力加上第一年的深入客戶合作使我們能夠保持作為值得信賴的代工夥伴的領先地位。

As the demand for higher data speeds intensifies our innovations and investments are setting a strong foundation for future expansion especially in advanced RF and power management segments.

隨著對更高數據速度的需求不斷增加，我們的創新和投資正在為未來的擴張奠定堅實的基礎，特別是在先進的射頻和電源管理領域。

A strong balance sheet puts us in a position to act quickly on a variety of creative investments, be it capacity or capability CapEx or partnerships?

強大的資產負債表使我們能夠對各種創意投資迅速採取行動，無論是能力、資本支出還是合作關係？

We're excited about our future and remain committed to driving exceptional value for our stakeholders.

我們對未來感到興奮，並繼續致力於為利害關係人創造非凡價值。

Moving into the holiday season, we wish everyone peace happiness and security.

進入新春佳節，祝大家平安喜樂、平安喜樂。

We thank our employees worldwide for their continual capability based and passioned efforts and our customers worldwide for their faith in us in placing their success in a partnership with us.

我們感謝世界各地的員工基於能力和熱情的持續努力，感謝世界各地的客戶對我們的信任，將他們的成功寄託在與我們的合作關係上。

Thank you all very much on January 14th and 15th, 2025.

非常感謝2025年1月14日至15日的大家。

We'll participate at the 27th annual Needham Growth Conference in New York.

我們將參加在紐約舉行的第 27 屆尼達姆成長年會。

It will be our pleasure to meet you at this conference again.

我們很高興在這次會議上再次見到您。

Thank you for your support and for joining us today.

感謝您的支持並今天加入我們。