威世科技 (VSH) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Vishay Intertechnology Q3 2023 Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Peter Henrici, Investor Relations.

各位好，感謝您稍候。歡迎參加 Vishay Intertechnology 2023 年第三季（Q3）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人——投資人關係部 Peter Henrici。

Thank you, Josh. Good morning and welcome to Vishay Intertechnology's Third Quarter 2023 Earnings Conference Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Lori Lipcaman, our Chief Financial Officer. This morning, we reported results for our third quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web, can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

謝謝你，Josh。各位早安，歡迎參加 Vishay Intertechnology 2023 年第三季財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Joel Smejkal，以及我們的財務長 Lori Lipcaman。今天早上，我們已公布第三季的營運結果。我們的財報新聞稿可於網站投資人關係專區 ir.vishay.com 取得。本次電話會議將透過網路進行即時轉播，可由我們的網站收看。此外，今天的會議也會錄音，並將於我們網站提供重播。

During the call, we will be referring to the slide presentation, which we also posted at ir.vishay.com. You should be aware that in today's conference call, we will be making certain forward-looking statements that discuss future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. We are including information in our press release and on this conference call a comparison of GAAP and non-GAAP measures. We have included a full GAAP to non-GAAP reconciliation in our press release as well as in the presentation posted on ir.vishay.com which we believe you will find useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures.

在會議進行期間，我們將參考投影片簡報，我們也已將其發布於 ir.vishay.com。請注意，在今天的財報電話會議中，我們將發表若干前瞻性陳述，討論未來事件與表現。這些陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述有所差異。關於可能導致結果差異的因素討論，請參閱今天的新聞稿，以及 Vishay 向美國證券交易委員會（SEC）提交的 Form 10-K 與 Form 10-Q 文件。我們在新聞稿與本次電話會議中提供了 GAAP 與非 GAAP 指標的比較資訊。我們已在新聞稿以及發布於 ir.vishay.com 的簡報中提供完整的 GAAP 與非 GAAP 調節表，我們相信這將有助於您比較我們的 GAAP 與非 GAAP 結果。我們使用非 GAAP 指標，是因為我們相信其能提供關於各業務營運表現的有用資訊，投資人應將其與 GAAP 指標一併考量。

Now I turn the call over to President and Chief Executive Officer, Joel Smejkal.

現在我把電話交給總裁暨執行長 Joel Smejkal。

Thank you, Peter. Good morning, everyone. I'll start my remarks on Slide 3 with a review of the demand trends for the third quarter and then Lori will take you through the highlights of our financial results. After that, I'll come back to give you a progress report on the near-term initiatives we're implementing to improve all customer-facing aspects of our business as we set the stage for faster top line growth and margin expansion. Then we'd be happy to answer any of your questions.

謝謝你，Peter。各位早安。我將從投影片第 3 頁開始，先回顧第三季的需求趨勢，接著 Lori 會帶各位了解我們財務結果的重點。之後我會再回來，向各位報告我們正在推動的短期措施進展，這些措施旨在改善我們業務中所有面向客戶的環節，為更快的營收成長與毛利率擴張奠定基礎。接著我們也很樂意回答各位的問題。

Today for the third quarter, we are reporting revenue of $853.7 million which is within our guidance range of $840 million to $880 million. As expected, revenue declined both quarter-over-quarter and year-over-year due to inventory adjustments by our distribution and EMS partners in response to softened demand among industrial customers and also our contracting lead times. Looking at our revenue mix. First, by end market, Automotive, which accounted for 37% of total revenue was 2% higher than the second quarter and grew 10% versus the third quarter last year. Our sales supporting the further electronic content of internal combustion engine vehicles continues to be strong. Design activities related to increasing electronic content in EVs, hybrids and internal combustion engines are accelerating. Industrial, representing 35% of total revenue, declined 9% versus the second quarter and 18% from last year.

就第三季而言，我們公布營收為 8.537 億美元，落在我們 8.40 億至 8.80 億美元的財測區間內。如預期，營收無論季對季或年對年皆下滑，原因在於我們的通路與 EMS 合作夥伴因工業客戶需求轉弱而進行庫存調整，以及我們交期縮短。來看我們的營收組合。首先按終端市場：汽車市場占總營收 37%，較第二季高 2%，較去年第三季成長 10%。我們在內燃機車輛電子化內容提升方面的銷售仍然強勁。與提升電動車（EV）、油電混合車及內燃機車輛電子化內容相關的設計活動正在加速。工業市場占總營收 35%，較第二季下滑 9%，較去年下滑 18%。

Macroeconomic uncertainties and higher interest rates, curbed demand in all regions and in China, the economic recovery has yet to find solid footing. As a result, channel and end customer inventories are at a higher level, which will take longer to burn off. Nevertheless, design activity in the areas of industrial automation, smart grid infrastructure, EV charging infrastructure, among other applications has not slowed down. In addition, a shipment of our largest capacitors to support an electrical grid project was pushed out to the fourth quarter. In Aerospace and Defense, revenue was slightly below the second quarter but grew 19% versus the third quarter last year on continued strong demand from commercial aviation and from weapon system contractors in the U.S. and Europe.

總體經濟不確定性與較高利率抑制了各地區的需求；在中國，經濟復甦仍未站穩腳步。因此，通路與終端客戶庫存水位偏高，去化所需時間將更長。儘管如此，在工業自動化、智慧電網基礎建設、EV 充電基礎建設等應用領域的設計活動並未放緩。此外，我們用於支援某電網專案的最大型電容器出貨已延後至第四季。在航太與國防方面，營收略低於第二季，但在商用航空以及美國與歐洲武器系統承包商持續強勁需求帶動下，較去年第三季成長 19%。

Defense orders have been increasing at a faster rate now since the war in Israel began last month. Revenue for medical customers came in 14% below second quarter and 2% below the third quarter last year due to the timing of orders and product mix. Here, we build the customer forecasted demand and have increased our inventories based on strong demand signals from our medical diagnostic equipment and implantable devices customers, However, towards the end of the quarter, some shipments were held up as customers face supply chain issues. Weekly [pulls] now have resumed in Q4. Consistent with weak demand trends during the first half of the year, revenue from the other end market segments declined 5% versus the second quarter and 26% versus last year, mostly on volume declines.

自上月以色列戰爭爆發以來，國防訂單的成長速度更快。醫療客戶營收較第二季低 14%，較去年第三季低 2%，主要受訂單時點與產品組合影響。在此領域，我們依據客戶預測需求進行生產，並基於醫療診斷設備與植入式裝置客戶的強勁需求訊號而提高庫存。然而在季末，由於客戶面臨供應鏈問題，部分出貨受到延遲。每週的[拉貨]目前已在第四季恢復。與今年上半年疲弱的需求趨勢一致，其他終端市場區隔的營收較第二季下滑 5%，較去年下滑 26%，主要是出貨量下降所致。

In terms of channel sales, increases in OEM revenue, both quarter-over-quarter and year-over-year were overshadowed by the declines in distribution sales and, to a lesser extent, declines in EMS sales. During the quarter, distribution revenue fell 10% compared to the second quarter and was 18% lower than the third quarter last year, as a result of both inventory adjustments and pauses in buying through the channel, primarily by industrial and EMS accounts. Distribution inventory at quarter end was 24 weeks versus 21 weeks last quarter with increases in all regions, more so in the Americas. During the quarter, we intentionally increased distribution inventory as part of our strategy to expand our participation in this higher-margin channel. I'll come back to this topic after Lori reviews our third quarter results.

就通路銷售而言，OEM 營收無論季對季或年對年皆增加，但被經銷通路銷售下滑所掩蓋，且 EMS 銷售也有較小幅度的下滑。第三季經銷通路營收較第二季下滑 10%，較去年第三季低 18%，原因包括庫存調整以及通路採購暫停，主要來自工業與 EMS 客戶。季末經銷通路庫存為 24 週，上一季為 21 週；各地區皆增加，其中以美洲增幅較大。本季我們刻意提高經銷通路庫存，作為擴大我們在此較高毛利通路參與度策略的一部分。待 Lori 回顧第三季結果後，我會再回到這個主題。

POS decreased 7%, reflecting weakened industrial demand in all regions. OEM revenue grew 4% quarter-over-quarter and 11% year-over-year driven by strengthened demand from automotive customers in each region. EMS revenue declined 6% quarter-over-quarter and 14% year-over-year reflecting inventory adjustments by EMS customers as lead times are now mostly inside of 10 weeks and demand from their customers softened in all regions.

POS 下滑 7%，反映各地區工業需求轉弱。OEM 營收季對季成長 4%、年對年成長 11%，主要由各地區汽車客戶需求增強所帶動。EMS 營收季對季下滑 6%、年對年下滑 14%，反映 EMS 客戶在交期目前多數已縮短至 10 週以內的情況下進行庫存調整，且其客戶需求在各地區皆轉弱。

Before turning the call over to Lori for a review of our financial results, I want to comment on the situation in Israel. As you likely know, Vishay has 3 manufacturing locations and 1 office in Israel and 2,400 employees. In the face of daily challenges and the emotional toll from the October 7 attacks, each of these sites continues to operate normally and ships parts without interruption. In fact, for over 50 years, Vishay has shipped product from Israel to all regions of the world without interruption. We're in communication with those customers who have expressed concern about our ability to deliver products from Israel.

在把電話交給 Lori 回顧財務結果之前，我想談談以色列的情況。如各位所知，Vishay 在以色列有 3 個製造據點與 1 個辦公室，共 2,400 名員工。面對每日的挑戰以及 10 月 7 日攻擊事件帶來的情緒衝擊，這些據點仍持續正常運作，並不中斷地出貨零件。事實上，50 多年來，Vishay 從以色列向全球各地出貨產品從未中斷。我們也正與那些對我們從以色列交付產品能力表示關切的客戶保持溝通。

Since Vishay is classified as an essential business in Israel, we're able to operate with a high attendance, typically greater than 90%. I have the utmost admiration for our employees in Israel for their fortitude and their resilience. We are extremely grateful for their steadfast dedication in this difficult time. Globally as well, I would like to thank all of our employees for their continued contribution to transforming Vishay into a business-minded organization, focused on driving growth and margin expansion and putting the customer first.

由於 Vishay 在以色列被歸類為必要（essential）產業，我們得以在高出勤率下運作，通常超過 90%。我對以色列員工的堅毅與韌性致以最高敬意。我們非常感謝他們在這段艱難時期的堅定投入。在全球範圍內，我也要感謝所有員工持續的貢獻，協助將 Vishay 轉型為一個更具商業思維的組織，專注於推動成長與毛利率擴張，並以客戶為先。

We'll now go to Lori for the financial results.

我們現在請 Lori 來說明財務結果。

Thank you, Joel. Good morning, everyone. I'll start with a review of our third quarter results on Slide 4. Revenues for the third quarter were $853.7 million. Compared to the second quarter, revenues decreased 4.3% reflecting a 3.2% decrease in volume and a 0.8% reduction in pricing. Pricing was essentially flat with our OEM, automotive and industrial customers under contract and impacted somewhat by price pressure on high inventory products, primarily in Asia, flow through distribution channels and to EMS, to industrial end markets. By reportable business segments, revenues of MOSFETs, diodes, Opto and inductors were essentially stable. The decrease was mainly attributable to resistors and capacitors.

謝謝你，Joel。各位早安。我將先從第 4 頁投影片回顧我們第三季的業績。第三季營收為 8.537 億美元。與第二季相比，營收下降 4.3%，反映出出貨量下降 3.2% 以及定價下調 0.8%。在與我們的 OEM、汽車與工業客戶的合約之下，定價基本持平；但受到高庫存產品的價格壓力影響（主要在亞洲），並透過通路分銷流向 EMS 以及工業終端市場。按可報告的業務部門來看，MOSFET、二極體、Opto 與電感的營收基本穩定。下降主要歸因於電阻與電容。

Compared to the third quarter last year, revenues were down 7.7%, reflecting a volume decrease of 10.2%, primarily related to last year's spike in MOSFETs volumes following the Shanghai shutdown of quarter 2 and particularly -- and partially offset by 0.9% increases in pricing. At quarter end, book-to-bill for consolidated Vishay was 0.63 and backlog at quarter end was 5.5 months compared to 6.4 months at the end of the prior quarter as lead times continue coming down in all product segments. We returned a total of $31.1 million to shareholders compared to -- comprised of dividends of $13.9 million and stock repurchases of $17.3 million.

與去年第三季相比，營收下降 7.7%，反映出出貨量下降 10.2%，主要與去年第二季上海封控後 MOSFET 出貨量激增有關；並且部分被 0.9% 的價格上升所抵銷。季末，Vishay 合併口徑的接單出貨比（book-to-bill）為 0.63，季末在手訂單（backlog）為 5.5 個月，較上一季季末的 6.4 個月下降，因各產品線的交期持續縮短。我們合計向股東回饋 3,110 萬美元，包含股利 1,390 萬美元與股票回購 1,730 萬美元。

The next slide presents income statement highlights. Gross profit was $237.6 million for a margin of 27.8% compared to 28.9% for the second quarter and in line with our guidance. Compared to the second quarter, gross margin decreased primarily due to lower volumes. SG&A expenses were $122.5 million, $0.4 million lower than the second quarter, slightly lower than our guidance due to foreign currency effects. Operating income decreased $19.5 million versus the second quarter on lower gross profit. Operating income decreased $68.0 million versus the prior year due to lower volume-related gross profit and higher SG&A expenses primarily reflecting annual salary increases, general inflation and equity incentive compensation. Operating margin was 13.5% compared with 15.1% for the second quarter and 19.8% for the third quarter of 2022.

下一頁投影片呈現損益表重點。毛利為 2.376 億美元，毛利率 27.8%，較第二季的 28.9% 下降，且符合我們的指引。與第二季相比，毛利率下降主要由於出貨量較低。SG&A 費用為 1.225 億美元，較第二季少 40 萬美元，因外匯影響而略低於我們的指引。由於毛利下降，營業利益較第二季減少 1,950 萬美元。營業利益較去年同期減少 6,800 萬美元，原因是與出貨量相關的毛利下降，以及 SG&A 費用上升，主要反映年度薪資調升、一般通膨與股權激勵薪酬。營業利益率為 13.5%，相較第二季為 15.1%，2022 年第三季為 19.8%。

Adjusted EBITDA of $159.6 million for an adjusted EBITDA margin of 18.7%. Our normalized effective tax rates were 26.9% and 28.0% for the quarter and the year-to-date periods, respectively. Our GAAP effective tax rates were 31.7% and 29.3% for the quarter and year-to-date periods, respectively, reflecting the nondeductibility of most of the loss on early extinguishment of debt. For 2023, we expect a normalized effective tax rate of approximately 28.5% for the full year and approximately 29.5% for the fourth quarter. GAAP EPS was $0.47 per share and adjusted EPS was $0.60 per share compared to $0.68 per share for the second quarter. For your convenience, we have included in the body of the presentation, a chart depicting revenue, gross margin and book-to-bill ratios for each of our reportable business segments.

調整後 EBITDA 為 1.596 億美元，調整後 EBITDA 利潤率為 18.7%。本季與年初至今期間的常態化有效稅率分別為 26.9% 與 28.0%。本季與年初至今期間的 GAAP 有效稅率分別為 31.7% 與 29.3%，反映提前清償債務損失多數不得扣抵稅負。對於 2023 年，我們預期全年常態化有效稅率約為 28.5%，第四季約為 29.5%。GAAP 每股盈餘（EPS）為 0.47 美元，調整後 EPS 為 0.60 美元，相較第二季為 0.68 美元。為方便各位，我們在簡報正文中加入了一張圖表，呈現各可報告業務部門的營收、毛利率與接單出貨比。

Turning to Slide 7, we present cash conversion cycle metrics. DSOs which were 48 days, 2 days higher than the second quarter and DPOs were 1 day higher at 33 days. Inventory was $643.5 million at quarter end, down compared to [$660.0 million] as of the end of 2Q. Inventory days outstanding were 96 days compared to 94 days for the second quarter, bringing the cash conversion cycle for the quarter to 111 days.

接著看第 7 頁投影片，我們呈現現金轉換週期指標。DSO 為 48 天，較第二季增加 2 天；DPO 為 33 天，增加 1 天。季末存貨為 6.435 億美元，較第二季末的 [6.600 億美元] 下降。存貨周轉天數為 96 天，相較第二季為 94 天，使本季現金轉換週期為 111 天。

On Slide 8, you can see that cash flow from operations of $122.3 million for the third quarter was higher than the second quarter, which included the annual installment of the transition tax. Total CapEx was $66.8 million for the quarter and $38.1 million for the total -- of the total was invested in capacity expansion. On a trailing 12-month basis total CapEx was 9.7% of revenue compared to 7.8% for the same period last year, primarily due to our enhanced capacity expansion program related to our growth initiatives. Free cash flow for the quarter was $55.5 million compared to $36.3 million for the second quarter which included the annual installment of the transition tax.

在第 8 頁投影片，您可以看到第三季營運活動現金流為 1.223 億美元，高於第二季；第二季包含過渡稅（transition tax）的年度分期款。當季資本支出（CapEx）合計為 6,680 萬美元，其中 3,810 萬美元投入於產能擴充。以過去 12 個月計，資本支出占營收比重為 9.7%，高於去年同期的 7.8%，主要由於我們為成長計畫而加強的產能擴充方案。當季自由現金流為 5,550 萬美元，相較第二季為 3,630 萬美元；第二季包含過渡稅的年度分期款。

Stockholder returns for the second quarter amounted to $31.1 million, consisting of $13.9 million for our quarterly dividend and $17.3 million for share repurchases. We repurchased 0.6 million shares at an average price of $27.38 per share during the quarter. Total liquidity at quarter end was $1.9 billion, including cash and short-term investments of $1.2 billion and our undrawn $750 million revolving credit facility. As mentioned in past earnings calls, we use the revolver from time to time to meet the short-term financing needs.

第二季的股東回饋合計為 3,110 萬美元，包括季度股利 1,390 萬美元與股票回購 1,730 萬美元。我們在本季以每股平均 27.38 美元的價格回購 60 萬股。季末總流動性為 19 億美元，包括 12 億美元的現金與短期投資，以及未動用的 7.5 億美元循環信用額度。如同過去法說會所提及，我們會不時使用該循環額度以滿足短期融資需求。

Turning to Slide 9, we present a summary of our debt-related transactions in Q3. We wanted to get ahead of the due date of the existing converts in a rising rate environment. We used the proceeds primarily to repurchase a significant portion of existing converts, effectively refinancing them for an additional 5 years at the same coupon rate. One of the benefits of these transactions for Vishay is that we are enhancing our U.S. liquidity position to support growth initiatives.

接著看第 9 頁投影片，我們呈現第三季與債務相關交易的摘要。在利率上升的環境下，我們希望提前因應既有可轉債（converts）的到期日。我們主要運用募集資金回購既有可轉債的重要部分，等同以相同票面利率將其再融資並延長 5 年。對 Vishay 而言，這些交易的好處之一是提升我們在美國的流動性部位，以支持成長計畫。

Turning to Slide 10 for our guidance. For the fourth quarter of 2023, revenues are expected to be between $770 million and $810 million. Gross profit margin is expected to be in the range of 25.5%, plus or minus 50 basis points and we still expect full year gross profit to be in the range of 29%, plus or minus 50 basis points. SG&A expenses are expected to be $125 million, plus or minus $2 million for the quarter and $490 million, plus or minus $2 million for the full year at current exchange rates. For 2023, we expect a normalized effective tax rate of approximately 28.5% with a 4Q rate of approximately 29.5%. Finally, we remain committed to distributing at least 70% of our free cash flow to shareholders in the form of dividends and stock repurchases in accordance with our shareholder return policy.

接著看第 10 頁投影片的財測。2023 年第四季營收預期介於 7.70 億至 8.10 億美元。毛利率預期約為 25.5%，上下 50 個基點；我們仍預期全年毛利率約為 29%，上下 50 個基點。SG&A 費用預期本季為 1.25 億美元，上下 200 萬美元；以目前匯率計，全年為 4.90 億美元，上下 200 萬美元。2023 年我們預期常態化有效稅率約為 28.5%，第四季約為 29.5%。最後，依據我們的股東回饋政策，我們仍致力於以股利與股票回購的形式，向股東分配至少 70% 的自由現金流。

I'll now turn the call back to Joel.

我現在把電話交回給 Joel。

Thank you, Lori. Let's turn to Slide 11 for a review of our key near-term initiatives. As you may recall on my first call as CEO of Vishay last February, I laid out the broad outline of our 3-year plan to expand capacity to support our highest growth and highest return product lines and to position Vishay to be ready for the next phase of the megatrends in e-mobility, sustainability and connectivity. 2023 is a staging year for this plan and all elements of the plan are progressing throughout the organization. To be ready for the next phase, we are investing a total of $1.2 billion between 2023 and 2025. Our plan was to invest approximately $385 million in 2023. For the first 9 months of the year, we spent $184 million, $113 million of which was spent on expansion projects.

謝謝你，Lori。接著看第 11 頁投影片，回顧我們近期的關鍵推動事項。各位或許記得，我在去年 2 月首次以 Vishay 執行長身分主持電話會議時，提出了我們 3 年計畫的整體輪廓：擴充產能以支援我們成長最高、報酬最高的產品線，並讓 Vishay 為電動化（e-mobility）、永續與連結性等巨型趨勢（megatrends）的下一階段做好準備。2023 年是此計畫的整備年，計畫的各項要素正在全公司持續推進。為了迎接下一階段，我們將在 2023 至 2025 年間合計投資 12 億美元。我們原計畫在 2023 年投資約 3.85 億美元。今年前 9 個月，我們已支出 1.84 億美元，其中 1.13 億美元用於擴產專案。

As Lori just reported, we have adjusted our planned CapEx for this year to $350 million due to some delays in installing equipment related to construction projects. We intend to carry over the remaining $35 million into 2024. During the third quarter, in addition to continuing our advanced work on fabs located in Itzehoe, Taipei and (technical difficulty) and our back-end semiconductor campus in (inaudible) to meet the growing demand of our automotive and industrial customers. We opened our 2 new facilities in Mexico. At the La Laguna campus, where initially, we will focus on mass production for power inductors, equipment and production lines have been set up, qualification of commercial products is underway and we have the ability to ship commercial products by the end of this year. We will qualify and begin producing automotive-grade products in 2024.

如 Lori 剛才所報告，由於與建設專案相關的設備安裝出現一些延遲，我們已將今年原先規劃的資本支出（CapEx）調整為 3.5 億美元。我們打算將剩餘的 3,500 萬美元結轉至 2024 年。第三季期間，除了持續推進位於 Itzehoe、台北及（技術問題）之晶圓廠的前期先進作業，以及位於（聽不清）之後段半導體園區，以滿足汽車與工業客戶日益成長的需求外，我們也在墨西哥啟用了兩座新設施。在 La Laguna 園區，初期我們將聚焦於功率電感的大量生產；目前設備與產線已建置完成，商用產品的認證正在進行中，並具備在今年底前出貨商用產品的能力。我們將於 2024 年完成車規級產品認證並開始生產。

Las Torres facility is dedicated to increasing output of power metal strip resistors and to meeting the growing demand for these products in all market segments but with the fastest-growing demand in automotive and industrial applications. We completed qualification of most package sizes and expect shipments from this facility in the fourth quarter. For MOSFETs, to meet the increasing demand of our automotive and industrial customers, we have 4 initiatives underway. First, construction of the new 12-inch MOSFET fab in Germany, is on schedule for completion in 2026. Second, we recognize that we need to bridge capacity before 2026 and expand our MOSFET capacity much sooner. For this reason, during the quarter, we signed a long-term supply agreement with Korean-based Key Foundry to supply wafers for multi-power MOSFET products.

Las Torres 設施致力於提升功率金屬帶電阻的產出，以滿足各市場區隔對此類產品日益成長的需求，其中以汽車與工業應用的需求成長最快。我們已完成大多數封裝尺寸的認證，並預期將於第四季自該設施開始出貨。就 MOSFET 而言，為了滿足汽車與工業客戶不斷增加的需求，我們正推動 4 項計畫。第一，德國新的 12 吋 MOSFET 晶圓廠建設進度符合時程，預計於 2026 年完工。第二，我們認知到在 2026 年之前需要銜接產能，並更早擴充 MOSFET 產能。因此，本季我們與韓國的 Key Foundry 簽署長期供應協議，供應多功率 MOSFET 產品所需的晶圓。

Qualification of commercial MOSFETs is underway with mass production of these products in 2024. Third, as mentioned last quarter, we expanded our supply agreements with 2 of our existing foundry partners to gain more wafer capacity. Fourth, we are moving ahead with the next step toward commercialization of silicon carbide MOSFETs. As announced this morning, we have entered into a definitive purchase and sale agreement with Nexperia to acquire its Newport wafer fab located in South Wales for $177 million in cash. Newport was put on the market in November 2022 when the U.K. government ordered Chinese-operated Nexperia to divest its stake in the fab due to national security concerns.

商用 MOSFET 的認證正在進行中，並將於 2024 年開始量產。第三，如同上季所提，我們擴大與兩家既有晶圓代工合作夥伴的供應協議，以取得更多晶圓產能。第四，我們正推進碳化矽 MOSFET 商業化的下一步。如同今早公告，我們已與 Nexperia 簽訂具約束力的買賣協議，以 1.77 億美元現金收購其位於南威爾斯的 Newport 晶圓廠。Newport 於 2022 年 11 月被推向市場，原因是英國政府基於國家安全疑慮，要求由中國營運的 Nexperia 出售其在該晶圓廠的持股。

Vishay will acquire a 100% interest in the legal entity, which owns and operates this facility. With Newport, we will add an automotive qualified 8-inch semiconductor fab staffed by highly skilled and dedicated employees that is located in the heart of a compound semiconductor cluster in South Wales. We plan to make Newport the home for MaxPower and our silicon carbide and GaN technology developments, leveraging relationships with the local scientists in the universities. For our customers, we'll have the entire silicon carbide and GaN manufacturing process under one roof.

Vishay 將收購持有並營運該設施之法人實體的 100% 權益。透過 Newport，我們將新增一座已通過車規認證的 8 吋半導體晶圓廠，該廠由技術精湛且投入的員工團隊運作，並位於南威爾斯化合物半導體聚落的核心地帶。我們計畫將 Newport 打造成 MaxPower 以及我們碳化矽與 GaN 技術開發的基地，並善用與當地大學科學家的合作關係。對客戶而言，我們將能在同一屋簷下完成整個碳化矽與 GaN 的製造流程。

Closing is estimated to take place in the first quarter of 2024, after securing the U.K. government's approval, among other closing conditions unique to this transaction. With respect to developing our silicon carbide capabilities, we met our plan to provide samples of 1,200-volt planar technology MOSFETs to customers in the third quarter and are on track to release them into production in the fourth quarter. We're continuing to advance the development of 1,200-volt trench technology and samples will be available in the second quarter of 2024. 1,700-volt planar development is moving forward with samples also available in the second quarter of 2024. And the 650-volt planar technology will also have samples available in the second quarter of 2024. Both die and finished packages will be available in each voltage.

在取得英國政府核准等本交易特有的其他交割條件達成後，預計將於 2024 年第一季完成交割。就碳化矽能力的開發而言，我們已依計畫於第三季向客戶提供 1,200 伏平面（planar）技術 MOSFET 樣品，並按進度於第四季導入量產。我們持續推進 1,200 伏溝槽（trench）技術的開發，樣品將於 2024 年第二季提供。1,700 伏平面技術的開發亦持續推進，樣品同樣將於 2024 年第二季提供。此外，650 伏平面技術也將於 2024 年第二季提供樣品。各電壓等級皆將提供裸晶（die）與成品封裝。

We are introducing our silicon carbide technology road map to many automotive OEMs and Tier 1 automotive design companies. We have piqued their interest in the technology differentiation of our MOSFET structure. Their engineering will be evaluating samples for EV, hybrid, automotive programs. For our subcontractor initiative, we also continue to engage in developing partnerships with subcontractors to outsource some commodity products and create incremental capacity for our higher growth and higher return products. We have qualified 1 subcontractor for thick film chip resistors and have shipped products in the third quarter. These products are both commercially and automotive qualified. For inductors, we bring on additional capacity to support a widening of our product portfolio. We are progressing in our qualification of 23 new products by the end of the year and expect to have volume available mid-2024, which will help build our distributor business.

我們正向多家汽車 OEM 與一級（Tier 1）汽車設計公司介紹我們的碳化矽技術路線圖。他們對我們 MOSFET 結構的技術差異化表現出興趣，其工程團隊將針對電動車（EV）、油電混合與汽車專案評估樣品。就委外代工（subcontractor）計畫而言，我們也持續與委外廠商洽談合作，以外包部分大宗（commodity）產品，並為成長更快、報酬更高的產品創造額外產能。我們已完成 1 家厚膜晶片電阻委外廠商的認證，並於第三季出貨。這些產品同時通過商用與車規認證。就電感而言，我們正導入額外產能以支援產品組合的擴充。我們正推進在年底前完成 23 項新產品的認證，並預期於 2024 年年中具備量產供貨能力，這將有助於建立我們的經銷商業務。

Each passive business unit is evaluating subcontractors. Each semiconductor business unit adds semiconductor capacity to support their front-end capacities. In terms of enhancing channel management, we are focused on maximizing the profitability of each channel. During the third quarter, we continued to work on expanding participation with our distributors and regaining their trust in a more reliable Vishay. Due to our capacity constraints since 2017, we have been playing in a narrow band of part numbers, where we can only support a portion of the distributor's total SKUs. We underserve this market. With capacity investments from last year landing this year and incremental capacity being qualified through subcontracting and foundry agreements and our new facilities in Mexico ramping up, we're in a far better position now to engage with distributors, to identify the broader part number mix by technology and widen our presence on the shelf. We are committed to ensuring that we are a reliable supplier to our distributors as the industry moves past the current inventory correction.

各被動元件事業單位皆在評估委外廠商；各半導體事業單位則增加半導體產能以支援其前段產能。就強化通路管理而言，我們聚焦於最大化各通路的獲利能力。第三季期間，我們持續擴大與經銷商的合作參與，並重建他們對更可靠的 Vishay 的信任。由於自 2017 年以來的產能限制，我們只能在有限的料號範圍內供應，僅能支援經銷商全部 SKU 的一部分；我們在此市場供應不足。隨著去年投入的產能投資於今年落地、透過委外與晶圓代工協議所認證的增量產能，以及墨西哥新設施逐步爬坡，我們現在更有條件與經銷商合作，按技術別識別更廣泛的料號組合，並擴大我們在貨架上的能見度。我們承諾在產業走出目前的庫存修正後，確保成為經銷商可靠的供應商。

We also continue to develop our promotion of Vishay solutions selling. This quarter, we continue our strategy to build automotive reference designs for engineers to evaluate our broad portfolio of discrete semiconductors and passives. In most power applications, we can populate 80% of the components on the circuit board. In addition to the high voltage intelligent battery sensor, we made available for testing last quarter, we released a 48-volt eFuse circuit breaker in the third quarter. We plan to introduce a bidirectional 48-volt, 12-volt DC to DC converter during the fourth quarter. Also at electronica India in the third quarter, we showcased a few solutions, including the 48-volt eFuse circuit breaker and the onboard charger and traction inverter for low-speed EV market, which we are developing with a Tier 1 supplier.

我們也持續推動 Vishay 解決方案式銷售的宣傳。本季我們延續策略，建立汽車參考設計，讓工程師評估我們廣泛的分離式半導體與被動元件產品組合。在多數電力應用中，我們可在電路板上配置 80% 的元件。除上季提供測試的高電壓智慧電池感測器外，我們於第三季推出 48 伏 eFuse 電路斷路器。我們計畫於第四季推出雙向 48 伏、12 伏 DC-DC 轉換器。此外，在第三季的 electronica India 展會上，我們展示了多項解決方案，包括 48 伏 eFuse 電路斷路器，以及我們與一級供應商共同開發、面向低速電動車市場的車載充電器與牽引逆變器。

Let's go to Slide 12. This is a review of the goals we set for ourselves in 2023. In terms of expanding external capacity, we are progressing well to qualify and have signed agreements with a number of subcontractors by the end of the year. Our evaluation of where to build Vishay's next manufacturing facility in Europe is on hold, a bit, pending the acquisition of Newport. We're adding incremental capacity to support growth in our 30 key product lines and developing go-to-market strategies for each of them. We have shipped samples of 1,200-volt planar technology MOSFETs and are on track with the development of the 650-volt and 1,700-volt planar technology.

我們來看第 12 張投影片。這是對我們在 2023 年為自己設定目標的回顧。在擴充外部產能方面，我們進展良好，預計在年底前完成認證並與多家委外廠商簽署協議。由於 Newport 收購案尚待推進，我們對於在歐洲建置 Vishay 下一座製造設施的評估暫時稍作保留。我們正增加增量產能以支援 30 條關鍵產品線的成長，並為每一條產品線制定上市（go-to-market）策略。我們已出貨 1,200 伏平面技術 MOSFET 樣品，並按進度推進 650 伏與 1,700 伏平面技術的開發。

Finally, we remain committed to holding an Analyst Day in 2024. We will provide an update on the timing of this Analyst Day following the closing of the Newport transaction. Our customers keep telling us they want more product from Vishay. And we are working hard to meet and exceed their expectations of the new Vishay. Our final note, I want to share with you, we are planning to attend the Needham Annual Growth Conference on January 18 and we look forward to meeting you there.

最後，我們仍然致力於在 2024 年舉辦分析師日（Analyst Day）。在 Newport 交易完成交割後，我們將就此次分析師日的時間安排提供最新資訊。我們的客戶不斷告訴我們，他們希望從 Vishay 獲得更多產品。而我們正努力工作，以滿足並超越他們對「新 Vishay」的期待。最後補充一點，我想與各位分享的是，我們計畫於 1 月 18 日參加 Needham 年度成長研討會（Needham Annual Growth Conference），並期待在那裡與各位見面。

With that, I'll turn the call back over to the operator to start the Q&A session.

接下來，我會把電話交回給接線員，開始問答（Q&A）環節。

(Operator Instructions). Our first question comes from Joshua Buchalter with TD Cowen.

（接線員指示）。我們的第一個問題來自 TD Cowen 的 Joshua Buchalter。

This is Sam, on behalf of Josh. First and foremost, we wish the best for your Israel colleagues. We hope everyone and their families are safe. For my question -- congratulations on the announcement of the Newport fab transaction. Could you give us some details on the historical capacity of the fab or what kind of output Vishay can drive from it going forward? And is it exclusively compound semis, focused on auto markets?

我是 Sam，代表 Josh 提問。首先，我們祝福你們在以色列的同事一切順利，也希望大家及其家人都平安。我的問題是——恭喜你們宣布 Newport 晶圓廠交易。你們能否提供一些該晶圓廠過往產能的細節，或是未來 Vishay 能從中推動多少產出？另外，它是否完全是化合物半導體（compound semis），並聚焦於汽車市場？

Sam, nice to speak with you. At this point, we're not able to share the historical details of the fab until we get through the closing process. What's in the press release is what we're able to share at the moment, capacities and those things, we'll be able to get into much more detail afterwards the close, which we foresee in February.

Sam，很高興與你交流。目前在完成交割流程之前，我們還無法分享該晶圓廠的歷史細節。新聞稿中所載的是我們目前能分享的內容；至於產能等事項，我們會在交割完成後提供更詳細的說明。我們預期交割將在 2 月完成。

Understood. And then as my follow-up, Lori, I think you mentioned, you had a comment about pricing but my signal cut out. So historically, price erosion and competition has been limited to the commodity product lines that you have. Are these pricing pressures still contained to commodity SKUs in the quarter? Or are you seeing it expand to impacting the parts of your non-commodity portfolio that aren't anchored to long-term auto contracts, for example?

了解。接著我的追問是，Lori，我想你提到過關於定價的評論，但我的訊號中斷了。過去，價格下滑（price erosion）與競爭主要侷限在你們的商品型（commodity）產品線。這一季的定價壓力是否仍然只限於商品型 SKU？還是你們看到它擴大，開始影響你們非商品型（non-commodity）產品組合中、例如未由長期汽車合約所錨定的部分？

No, they remain with the commodity product line.

沒有，仍然只在商品型產品線。

Our next question comes from Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Ruplu Bhattacharya。

My prayers are with the families in Israel as well. With respect to the Newport wafer fab that you're acquiring, can you give us some more details, like how many employees are you taking on? And how does this change your annual CapEx and OpEx spend? Is this part of the prior announced $1.2 billion over 3 years or is this in addition to that?

我也為以色列的家庭祈禱。關於你們正在收購的 Newport 晶圓廠，你們能否提供更多細節，例如你們會接收多少名員工？這將如何改變你們每年的資本支出（CapEx）與營運支出（OpEx）？這是否屬於先前宣布的 3 年 12 億美元計畫的一部分，還是另外新增？

It is in addition to that $1.2 billion. It's been part of our strategy since the MaxPower acquisition last October to bring in-house the capability of silicon carbide. As we've met with a number of automotive customers, this is a very important requirement that they're engaging suppliers that have the in-house capability of the process. So we like our technology for MaxPower. We need to find a home for it and we see that this Nexperia fab, Newport is a great home for this with the universities that surround it. There's quite a technology group at 3 universities that develop wide band gap technologies. So we see this as quite a benefit for us going forward. The details of the fab, the employee count, the capacities, we're just not able to share at this moment. It is a working fab. It is in silicon technology today. It is an 8-inch fab. That is about as far as I can go with describing the fab. But we're quite excited, quite excited in Vishay about what this is going to do to accelerate our silicon carbide product.

這是額外增加的，不包含在那 12 億美元之內。自去年 10 月收購 MaxPower 以來，將碳化矽（silicon carbide）的能力內製（in-house）一直是我們策略的一部分。當我們與多家汽車客戶會面時，這是一項非常重要的要求——他們希望合作的供應商具備製程的內部能力。因此，我們看好 MaxPower 的技術；我們需要為它找到一個落腳處，而我們認為 Nexperia 的這座 Newport 晶圓廠是非常合適的家，因為周邊有多所大學。三所大學有相當強的技術團隊在開發寬能隙（wide band gap）技術。因此，我們認為這對我們未來發展相當有利。至於晶圓廠的細節、員工人數、產能等，我們目前還無法分享。它是一座正在運作的晶圓廠，目前是矽（silicon）技術，且為 8 吋廠。關於晶圓廠我大概只能描述到這裡。但我們在 Vishay 對此非常興奮，因為這將加速我們的碳化矽產品。

Okay. The press release said that you are intentionally increasing inventory with distribution partners as you broaden participation in this higher-margin channel. So I was just looking for some more details on that. Are you specifically partnering with new distributors? Or are you now selling more product lines through distribution or are you increasing the inventory of existing products at distribution? So if you can give us some details on what exactly this entails. And then in terms of implementing go-to-market strategies, do you think this is more or less done? Or do you think you'll be done by the end of '23? Or will this carry over into '24 as well?

好的。新聞稿提到，隨著你們擴大參與這個高毛利通路，你們正有意識地與通路夥伴提高庫存。我想了解更多細節：你們是特別與新的經銷商合作嗎？或是你們現在透過經銷通路銷售更多產品線？還是你們在經銷端提高既有產品的庫存？如果可以的話，請說明這具體包含哪些內容。另外，就落地（implementing）市場進入（go-to-market）策略而言，你認為這項工作大致已完成了嗎？或你們會在 2023 年底前完成？還是也會延續到 2024 年？

Okay. With the distributors. It was always a large part of our business, about 55% of Vishay's annual sales. The distributors are asking more from Vishay, as I travel to meet with distributors in all regions, they say, Joel, we need more product from Vishay. Now what is that product? We've had the standard part numbers. I say we provided them over the last 5 years, through the last 2 upcycles that they put on the shelf. We had limited capacity, so we weren't able to really support a broader SKU mix. We had limited capacity, which was allocated to automotive or other large direct customers. The distributors had to find other suppliers to take care of the customer base and the market. Part of our strategy was to reengage all business channels, distribution is one of them. So we are broadening our SKUs. We're adding part numbers. Each of the business units is traveling to the distributors in all regions, having product mix discussions to understand the part number demand that we were not supporting.

好的。關於經銷商。經銷一直是我們業務的重要部分，約占 Vishay 年度銷售的 55%。經銷商向 Vishay 要求更多產品；當我走訪各地區與經銷商會面時，他們都說，Joel，我們需要 Vishay 提供更多產品。那是什麼產品呢？我們一直有標準料號。我的意思是，過去 5 年、在前兩次景氣上行週期中，我們提供了他們上架的產品。但我們產能有限，因此無法真正支持更廣的 SKU 組合。我們的產能有限，必須分配給汽車或其他大型直銷客戶。經銷商不得不尋找其他供應商來照顧其客戶群與市場。我們策略的一部分是重新投入所有業務通路，而經銷就是其中之一。因此我們正在擴大 SKU、增加料號。各事業部都在各地區拜訪經銷商，進行產品組合討論，以了解我們過去未能支持的料號需求。

So when I say that it's intentional or this is by design, we are raising our inventory dollar at the distributor because we're adding part counts. One of the distributors that we have and working with, we've added 8,000 part numbers this year that we were not participating in. And we have more work to do with that distributor. That's just one example. So Vishay can be a much, much broader supplier. We have the technology. We have the [print] position with the customer, the distributors see this print position but we didn't have the capacity or the part numbers in their system to support that demand. So that explains why we say it was intentional. It's part of our growth strategy and we expect to be an even bigger contributor to our distributors' customers.

所以當我說這是「有意識的」或「刻意設計的」，是指我們因為增加料號數量，而提高了經銷商端的庫存金額（inventory dollar）。以我們合作的一家經銷商為例，今年我們新增了 8,000 個我們先前未參與的料號，而且我們與該經銷商還有更多工作要做。這只是其中一個例子。因此，Vishay 可以成為更廣泛的供應商。我們有技術，也有客戶端的設計導入／圖紙指定（[print] position）地位；經銷商看得到這個指定地位，但我們過去沒有足夠的產能，或他們系統中沒有足夠的料號來支撐那個需求。這也解釋了為什麼我們說這是刻意為之。這是我們成長策略的一部分，我們預期將對經銷商的客戶做出更大的貢獻。

That's helpful. And maybe for my last question, if I can ask, one of the near-term initiatives that you have is to fill gaps in technology and market coverage. So just if any details there, like what would you like to add in terms of technology and which markets? And would that be through internal investment or is this something that you would consider M&A for?

這很有幫助。也許我最後一個問題是，你們近期的倡議之一是補足技術與市場覆蓋的缺口。想請問是否能提供一些細節：你們希望在技術上新增哪些項目、以及哪些市場？這會透過內部投資來完成，還是你們也會考慮透過併購（M&A）？

Okay. Filling gaps in technology, the silicon carbide, we had a gap. That technology was in development with many of our competitors for a decade. So MaxPower is that first filling up the technology gap. GaN. GaN is a technology that we need. We're in development of GaN. We're talking to universities to help us create this technology for Vishay. We're also looking outside for M&A in GaN. Circuit protection is another technology we don't have in Vishay. So we look to broaden our portfolio by including circuit protection. As we sit with customers, as we sit with engineers and with the distributors and EMS, they point Vishay directions. They say, Vishay, look this way, look to support this technology. So we appreciate those comments. And M&A will be a part of this for sure, as well as our own internal R&D.

好的。補足技術缺口方面，碳化矽就是我們曾經的缺口。這項技術在許多競爭對手那裡已經開發了十年。因此，MaxPower 是我們填補技術缺口的第一步。氮化鎵（GaN）也是我們需要的技術。我們正在開發 GaN，也在與大學洽談，協助我們為 Vishay 建立這項技術。同時，我們也在 GaN 領域尋找外部的併購機會。電路保護（circuit protection）是 Vishay 目前沒有的另一項技術，因此我們希望透過納入電路保護來擴大產品組合。當我們與客戶、工程師、經銷商以及 EMS 坐下來交流時，他們會指引 Vishay 的方向。他們會說，Vishay，往這邊看，去支持這項技術。我們很感謝這些回饋。而併購肯定會是其中一部分，同時也會搭配我們自身的內部研發（R&D）。

(Operator Instructions). And our next question comes from Matt Sheerin with Stifel.

（接線員指示）。我們的下一個問題來自 Stifel 的 Matt Sheerin。

I have just a couple of near-term modeling questions. So you're guiding gross margin down. It looks like that incremental margin is 50%, 55%. And you're also modeling or guiding OpEx up a little bit. And so just trying to figure out, are we bottoming here in terms of margins, looks like your operating margin will be below 10% for the first time in several quarters. How should we think about as the cycle bottoms here, where margins may bottom? And are there any other cost-cutting initiatives in terms of OpEx or other costs that you may take out in order to keep margins at the higher levels?

我只有幾個短期建模問題。你們指引毛利率下滑。看起來增量毛利率是 50%、55%。你們也在建模或指引營業費用（OpEx）小幅上升。所以我想釐清的是：就利潤率而言，我們是否已經觸底？看起來你們的營業利益率將在好幾個季度以來首次低於 10%。當景氣循環在此處觸底時，我們應該如何看待利潤率可能的底部？另外，為了將利潤率維持在較高水準，你們是否還有任何在 OpEx 或其他成本方面可採取的進一步削減成本措施？

Are we at a bottom? It's a great question. Are we at a bottom? We look at the discussions we're having with our channel partners, our automotive customers. Each segment has kind of a different move to it. On the top line, when we look at revenue, we're seeing the aerospace, defense moving up, we're seeing automotive flat to continuing to move up. So positive on the top side that we can see some of those positive markets offset other markets which are flat to sideways. The margins. The margins we are working diligently to make sure that we can establish what we say as a track record for Vishay. We're Vishay. We're a new company. We believe that the margins will continue to improve. We work with cost cutting, we work on rightsizing factories, we look at our cost or spending on OpEx and decide if we need it in the current quarter, if we can push it out a quarter. So we're quite diligent here. Lori, do you have any comments you'd like to make?

我們是否在底部？這是個很好的問題。我們是否在底部？我們看我們與通路夥伴、汽車客戶的討論。每個事業部門的走勢都有些不同。在營收端，當我們看收入時，我們看到航太、國防在上升，我們看到汽車持平到持續上升。所以在營收面是正向的，我們可以看到其中一些正向市場抵消其他持平到橫盤的市場。至於毛利率。我們正努力確保能建立我們所說的 Vishay 的績效紀錄。我們是 Vishay。我們是一家新的公司。我們相信利潤率將持續改善。我們進行成本削減、工廠規模調整（rightsizing），我們檢視 OpEx 的成本或支出，並決定在本季是否需要，或是否可以延後一季。因此我們在這方面相當嚴謹。Lori，你有什麼想補充的嗎？

No, I think that pretty much covered it.

沒有，我想這基本上都涵蓋到了。

Sorry, if I may add. So if you look at book-to-bill, we disclosed, we -- the high incremental margin down is partially related to a negative product mix that's -- in that the semiconductors, we assume the semiconductors will be going down further in Q4 than the passives. So that drives the margins down and increases the incremental negative margin.

抱歉，如果我可以補充一下。若你看我們披露的出貨比接單（book-to-bill），我們——較高的增量負毛利率部分與不利的產品組合有關——也就是我們假設半導體在第四季（Q4）的下滑幅度會比被動元件更大。因此這會拉低毛利率並提高增量負毛利率。

Okay. And is that true for the MOSFET business as well? I know -- I saw the book-to-bill was very low but I know you have a strong demand from the auto customers. And so the MOSFET business will be down again as well?

好的。那 MOSFET 業務也是如此嗎？我知道——我看到出貨比接單非常低，但我也知道你們來自汽車客戶的需求很強。所以 MOSFET 業務也會再下滑嗎？

I would say sideways, Matt. The automotive [pulls], the schedule agreements we see continue to represent the demand. We were in allocation with auto MOS for the product. We've come off of allocation for auto MOS in the third quarter. And now we're engaging customers and distributors, which we couldn't currently support with our capacities. So we're working to engage more customers -- to not say automotive products from MOSFETs are down but actually broaden our customer base and be able to support more. MOSFETs, as Peter said, is one of those higher-margin products but the inventory and the channel is high for semiconductors and we have opportunities through adding part numbers, which would give us a greater play for the auto MOS.

Matt，我會說是橫盤。汽車端的[拉動]、我們看到的排程協議仍持續反映需求。我們先前對汽車 MOS 產品處於配給（allocation）狀態。我們在第三季已解除汽車 MOS 的配給。現在我們正與客戶與經銷商接洽——先前因產能限制我們無法支援的那些。我們正努力接觸更多客戶——不是說汽車用 MOSFET 產品在下滑，而是擴大客戶基礎並能支援更多。MOSFET 如 Peter 所說，是較高毛利的產品之一，但半導體的庫存與通路庫存偏高；我們也有機會透過增加料號，讓我們在汽車 MOS 上有更大的發揮空間。

Our next question comes from Joshua Buchalter with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。

It's Sam again. Just wanted to follow up on the distribution comments from earlier. I know your visibility is never 20/20 but could you give us some update on how much work there is to do in restocking the channel with new and old products, to target levels if you have any, given that -- this inventory is 24 weeks now versus, I think, 21 weeks last quarter?

我是 Sam，再次提問。想跟進你們先前對經銷通路的評論。我知道你們的能見度從來不是 20/20，但你們能否更新一下：在將通路以新舊產品補庫存到目標水位方面，還有多少工作要做？如果你們有任何目標水位的話。因為——目前這個庫存是 24 週，而我記得上季大概是 21 週。

Yes. There's quite a bit of work to do. We have 16 divisions in Vishay, business units. And at this point, 4 of them had these meetings with the distributors in the regions. There's meetings going on this week now in Europe for one of the divisions. So we are roughly 1/3, maybe 30% of what we want to achieve here with the distributors. It's a true reengagement. We are showing the distributors a new Vishay. So we've got quite a bit of work here yet to do, which is going to span into the early part of 2024.

是的。還有相當多的工作要做。Vishay 有 16 個事業部／業務單位。目前其中 4 個已在各區域與經銷商進行了這些會議。本週在歐洲也正在為其中一個事業部進行會議。所以我們大約完成了我們希望與經銷商達成目標的 1/3，可能約 30%。這是真正的重新接觸。我們正在向經銷商展示一個全新的 Vishay。因此我們還有不少工作要做，這將延續到 2024 年初。

Thank you. I would now like to turn the call over to Joel Smejkal for any closing remarks.

謝謝。現在我想把電話交給 Joel Smejkal，請他做結語。

Thank you. Thank you, everyone, for joining our call today. At Vishay, we remain committed to making the necessary investments in capacity, customer-facing resources and our innovation to make sure Vishay is ready to take full advantage of the next phase of market growth for the megatrends we talk about, e-mobility, sustainability and connectivity. We're moving forward with speed and conviction across the organization. I look forward to talking to you again in early February when we report our fourth quarter results. Thank you very much.

謝謝。謝謝各位今天參加我們的電話會議。在 Vishay，我們仍致力於在產能、面向客戶的資源以及創新方面進行必要投資，以確保 Vishay 已準備好充分把握下一階段的市場成長——也就是我們所談到的那些大趨勢：電動移動（e-mobility）、永續與連結性。我們正以速度與決心在整個組織中向前推進。我期待在 2 月初我們公布第四季業績時再次與各位交流。非常感謝。

Thank you. This concludes today's conference call. We thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。