威世科技 (VSH) 2024 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Vishay Intertechnology First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Peter Henrici, Head of Investor Relations. Please go ahead.

早安，感謝您的支持。歡迎參加 Vishay Intertechnology 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我將把會議交給演講主持人、投資者關係主管 Peter Henrici。請繼續。

Thank you, Olivia. Good morning, and welcome to Vishay Intertechnology's First Quarter 2024 Earnings Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer. This morning, we reported results for our first quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com.

謝謝你，奧莉維亞。早安，歡迎參加 Vishay Intertechnology 的 2024 年第一季財報電話會議。今天我們的總裁兼執行長 Joel Smejkal 也加入了我的行列。以及我們的財務長戴夫麥康奈爾 (Dave McConnell)。今天早上，我們報告了第一季的業績。我們的收益發布副本可在我們網站 ir.vishay.com 的投資者關係部分取得。

This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. During the call, we will be referring to a slide presentation, which we also posted at ir.vishay.com.

此次電話會議正在網路上進行現場直播，您可以透過我們的網站進行存取。此外，今天的通話正在進行錄音，並將在我們的網站上重播。在電話會議期間，我們將參考幻燈片演示文稿，該演示文稿也發佈在 ir.vishay.com 上。

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.

您應該知道，在今天的電話會議中，我們將做出某些討論未來事件和績效的前瞻性聲明。這些陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述有所不同。有關可能導致結果不同的因素的討論，請參閱今天的新聞稿以及 Vishay 向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。

We are including information in our press release and on this conference call on various 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.

我們在新聞稿和電話會議中提供了有關各種公認會計原則和非公認會計原則措施的資訊。我們在新聞稿以及 ir.vishay.com 上發布的演示文稿中包含了完整的 GAAP 與非 GAAP 調節，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現它很有用。

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.

我們使用非公認會計準則衡量標準是因為我們相信它們提供了有關我們業務經營業績的有用信息，投資者應將其與公認會計準則衡量標準結合起來考慮。

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

現在我將電話轉給總裁兼執行長 Joel Smejkal。

Thank you, Peter. Good morning, everyone. Thank you for joining our first quarter 2024 earnings call. I'll start my remarks on Slide 3 with a review of the demand trends for the first quarter by end market, channel and region. Then Dave will take us through the highlights of our financial results and guidance for the second quarter of 2024. After that, I'll wrap up with a review of our initiatives and goals for 2024, and then we'll be happy to answer any of your questions.

謝謝你，彼得。大家，早安。感謝您參加我們的 2024 年第一季財報電話會議。我將在投影片 3 上先按終端市場、通路和地區回顧第一季的需求趨勢。然後，戴夫將向我們介紹 2024 年第二季度財務業績和指導的要點。

For the first quarter, we are reporting revenue of $746.3 million, slightly above the midpoint of our guidance range of $715 million to $775 million. The inventory digestion that began to impact our demand last quarter, extended into the first quarter, and our revenue fell 5% sequentially. A greater proportion of this oversupply inventory is for semiconductor products compared to passives.

我們報告第一季的收入為 7.463 億美元，略高於我們指導範圍 7.15 億至 7.75 億美元的中點。庫存消化從上個季度開始影響我們的需求，一直延續到第一季度，我們的收入環比下降了 5%。與被動元件相比，這種供應過剩庫存中半導體產品的比例更大。

However, as I mentioned last February, we expect some end markets to improve sooner, notably aerospace and defense, and that is, in fact, what happened with growth both year-over-year and quarter-over-quarter.

然而，正如我去年二月提到的，我們預計一些終端市場將更快改善，特別是航空航太和國防領域，事實上，這就是同比和環比增長所發生的情況。

Let's now look in more detail at the revenue by market segment on the left side of Slide 3. Automotive, which is still the largest contributor of total revenue, declined slightly by (inaudible) and also due to the beginning of new annual contracts with OEMs and Tier 1s that went into effect on January 1.

現在讓我們更詳細地查看幻燈片 3 左側按細分市場劃分的收入。 1 月1 日生效的Tier 1。

Demand from EV programs weakened in most regions, while orders for hybrids and internal combustion engines are steady to increasing. Regardless of our customers' powertrain mix, Vishay is well positioned to supply their needs.

大多數地區電動車專案的需求減弱，而混合動力車和內燃機的訂單則穩定成長。無論客戶的動力系統組合如何，Vishay 都能很好地滿足他們的需求。

Compared to the first quarter of last year, our automotive revenue was up 1%. Design activity and design wins in automotive continued to increase and remain focused on ADAS and e-mobility, including battery management systems, traction inverters and onboard chargers.

與去年第一季相比，我們的汽車收入成長了 1%。汽車領域的設計活動和設計成果持續增加，並繼續關注 ADAS 和電動車，包括電池管理系統、牽引逆變器和車載充電器。

While current and near-term demand for EV has somewhat moderated, automotive OEMs and Tier 1s are engaging with us more closely for design and technology capability discussions for their next-generation EV projects. We have an 8% increase year-over-year in new design engagements with OEMs, plus multiple silicon carbide design discussions with potential new OEMs.

雖然當前和近期對電動車的需求有所放緩，但汽車原始設備製造商和一級供應商正在與我們更密切地合作，討論其下一代電動車專案的設計和技術能力。我們與 OEM 廠商的新設計合作量年增 8%，並且與潛在的新 OEM 廠商進行了多次碳化矽設計討論。

Revenue from industrial customers, our second largest revenue contributor declined 6.2% from the fourth quarter and 23.9% versus last year's first quarter, also due to continued inventory digestion primarily in semiconductors. Demand remained weak in Asia, influenced by the ongoing economic uncertainties in China. Europe and the Americas remain sluggish as customers continue to digest inventory.

來自工業客戶的收入是我們的第二大收入來源，較第四季度下降了 6.2%，較去年第一季下降了 23.9%，這也是由於主要是半導體方面的庫存持續消化所致。受中國經濟持續不確定性的影響，亞洲需求依然疲軟。由於客戶持續消化庫存，歐洲和美洲市場依然低迷。

Although revenue was soft in the quarter, we saw improvement in infrastructure projects and renewable projects where Vishay has high passive component count and some sole-source positions. It should be noted in the first quarter, we received a sizable order from an European industrial customer for the grid.

儘管本季收入疲軟，但我們看到基礎設施項目和再生能源項目有所改善，其中 Vishay 擁有大量被動元件和一些獨家來源的位置。值得注意的是，第一季度，我們收到了歐洲工業客戶的一筆相當大的電網訂單。

The order in the first quarter for one of our large capacitors was $77 million. This is a multiyear program with this customer. The commitment at this point is $145 million. The project will support their demands 2024 through 2027, and they do offer some upside.

我們的一個大型電容器第一季的訂單為 7700 萬美元。這是與該客戶的多年計劃。目前的承諾金額為 1.45 億美元。該專案將在 2024 年至 2027 年期間滿足他們的需求，並且確實提供了一些好處。

Design activity for industrial customers continues to be strong, growing 22% over the first quarter last year, with smart grid infrastructure redesign and industrial automation remaining as the major focus for our customers in all regions across along with the renewable energy generation and energy storage.

工業客戶的設計活動持續強勁，比去年第一季成長了 22%，其中智慧電網基礎設施重新設計和工業自動化以及再生能源發電和能源儲存仍然是我們所有地區客戶的主要關注點。

In Aerospace and Defense, our revenue increased 13.6% versus the fourth quarter and 34.2% versus last year. Continued strong demand in commercial aviation and from weapon system contractors in the Americas and Europe, where munitions are being replenished and production of new weapon systems and communication systems is ramping up.

在航空航太和國防領域，我們的營收較第四季成長 13.6%，較去年成長 34.2%。美洲和歐洲的商業航空以及武器系統承包商的需求持續強勁，這些地區的彈藥正在補充，新武器系統和通訊系統的生產正在增加。

Vishay's presence on the United States Department of Defense qualified parts list puts us in an excellent position for continued growth in this market, as OEM and EMS companies require those products for their military qualified builds. With a book-to-bill greater than 1 at quarter end and customers placing expedited delivery requests, we expect demand in this market segment to strengthen throughout 2024.

Vishay 出現在美國國防部合格零件清單中，使我們在該市場的持續成長中處於有利地位，因為 OEM 和 EMS 公司需要這些產品來進行軍事合格製造。由於季度末的訂單出貨比大於 1，且客戶提出加急交貨請求，我們預計該細分市場的需求將在 2024 年全年增強。

Revenue from medical customers decreased 4.3% compared to the fourth quarter and 18.3% compared to last year, as demand returns to more normalized levels. Design activity remains strong in the areas of remote monitoring equipment and implantable devices. Revenue from our other market segments, computing, telecom and consumer declined both sequentially and year-over-year by 21.9% and 40.5%, respectively, reflecting ongoing semiconductor inventory digestion and some pricing pressure.

隨著需求恢復到更正常的水平，來自醫療客戶的收入較第四季下降 4.3%，較去年下降 18.3%。遠端監控設備和植入式設備領域的設計活動依然強勁。我們其他細分市場（計算、電信和消費者）的收入環比和年比分別下降 21.9% 和 40.5%，反映出持續的半導體庫存消化和一定的定價壓力。

While telecom and consumer remains soft, computing improved in Asia on demand for AI servers and notebooks, as the next computer upgrade cycle begins. Design activity in computing is up 21% year-over-year, driven by demand for AI servers, targeting the high-speed data transmission, accelerator cards, power management systems and also for standard data center servers.

儘管電信和消費仍然疲軟，但隨著下一個電腦升級週期的開始，亞洲的運算能力因人工智慧伺服器和筆記型電腦的需求而有所改善。在人工智慧伺服器需求的推動下，運算領域的設計活動年增 21%，這些伺服器主要針對高速資料傳輸、加速卡、電源管理系統以及標準資料中心伺服器。

Turning to our channel sales. OEM revenue declined 6% compared to the fourth quarter and was 7.8% lower than last year's first quarter. First quarter demand, like the fourth quarter, saw some automotive and industrial OEMs, further digesting inventory and new pricing came into effect on annual contract customers.

轉向我們的通路銷售。 OEM營收較第四季下降6%，較去年第一季下降7.8%。第一季需求與第四季一樣，部分汽車和工業整車廠進一步消化庫存，新定價對年度合約客戶生效。

Customers are indicating that they have inventory to consume for some products and short lead times reduce their need to place long-term orders. EMS revenue increased 2.1% sequentially and declined 16.5% year-over-year, as those EMS customers serving aerospace and defense and automotive markets saw increases. While for some customers, the need to replenish inventory is low, given manageable lead times in all regions.

客戶表示，他們有一些產品的庫存可供消耗，而且較短的交貨時間減少了他們下長期訂單的需要。 EMS 營收季增 2.1%，年減 16.5%，因為服務於航空航太、國防和汽車市場的 EMS 客戶有所成長。而對於某些客戶來說，鑑於所有地區的交貨時間都在可控範圍內，補充庫存的需求很低。

Distribution revenue for the first quarter fell 4.9% from the fourth quarter and was 18.8% below last year, as customers in all regions continue to digest semiconductor inventory. Distribution inventory worldwide was flat quarter-over-quarter at 26 weeks. POS worldwide was also flat. However, this flat POS worldwide masked the 3.9% increase in the Americas reflecting strong sell-through of passives to aerospace and defense customers.

由於各地區的客戶繼續消化半導體庫存，第一季的分銷收入比第四季度下降了 4.9%，比去年同期下降了 18.8%。全球分銷庫存環比持平，為 26 週。全球 POS 也持平。然而，全球 POS 的扁平化掩蓋了美洲 3.9% 的成長，反映出航空航太和國防客戶被動元件的強勁銷售。

Based on input from our customers, we still expect the inventory correction to extend through the second quarter with a recovery in the second half of the year by passive. Book-to-bill build for the passive lines is moving into the positive territory [as prominently] those serving aerospace/defense end markets.

根據客戶的回饋，我們仍然預計庫存調整將持續到第二季​​度，並在下半年被動復甦。無源產品線的按訂單生產正在進入積極領域，[主要是]那些服務於航空航天/國防終端市場的產品。

Bookings are also improving in some industrial end markets and computing. Semiconductor book-to-bill continues to lag passives and the recovery is likely to extend into the third quarter. Finally, during the quarter, we continued to advance our initiative to deepen engagement with our distributors now and that our capacity expansions will allow us to reliably supply their needs in all market cycles.

一些工業終端市場和計算領域的預訂量也在增加。半導體訂單出貨量持續落後於被動元件，復甦可能會延續到第三季。最後，在本季度，我們繼續推動加深與經銷商合作的舉措，我們的產能擴張將使我們能夠在所有市場週期中可靠地滿足他們的需求。

Our business unit leaders have traveled to the distributors. Some were initial meetings. Others were follow-up meetings to strengthen and improve Vishay's position on the distributor shelves by adding SKUs. All meetings are enlightening and come with many action items.

我們的業務部門領導者已經拜訪了經銷商。有些是初次會議。其他會議是後續會議，旨在透過增加 SKU 來加強和改善 Vishay 在分銷商貨架上的地位。所有會議都具有啟發性，並包含許多行動項目。

Before turning the call to Dave, I want to express my deep appreciation to all employees of Vishay for their continued excitement and enthusiasm to embrace the changes taking place at our company and for their commitment to turning our future potential into a reality and for collectively creating the Vishay 3.0. And now I'll turn the call over to Dave for a review of our financials.

在打電話給 Dave 之前，我要向 Vishay 的所有員工表示深深的感謝，感謝他們對我們公司正在發生的變化的持續興奮和熱情，以及他們致力於將我們未來的潛力變為現實並共同創造威世3.0。現在我將把電話轉給戴夫，讓他審查我們的財務狀況。

Thank you, Joel. Good morning, everyone. Let's start our review of the first quarter results with the highlights on Slide 4. First quarter revenues were $746.3 million, including $3 million attributed to our recently computed Newport acquisition and within the range of our guidance. Revenues decreased 5% compared to the fourth quarter, reflecting a 3% decrease in volume and a 2.5% reduction in ASPs. Most of the volume and ASP reduction occurred in our semiconductor business segments reflecting ongoing soft demand in industrial end markets and continued pricing pressure in distribution and EMS channels.

謝謝你，喬爾。大家，早安。讓我們從幻燈片 4 的重點內容開始回顧第一季的業績。與第四季相比，營收下降 5%，反映出銷量下降 3%，平均售價下降 2.5%。大部分銷售和平均售價下降發生在我們的半導體業務部門，反映出工業終端市場持續疲軟的需求以及分銷和 EMS 通路持續的定價壓力。

Our reportable business segment (inaudible) decrease in revenues was mainly attributable to MOSFETs and diodes each of which decreased sequentially by approximately 9%. followed by Opto and Resistors, which declined 9% and 5%, respectively. These declines were slightly offset by increases in the revenues of Inductors and Capacitors.

我們的可報告業務部門（聽不清楚）營收下降主要歸因於 MOSFET 和二極體，兩者均較上季下降約 9%。其次是光電和電阻器，分別下降了 9% 和 5%。這些下降被電感器和電容器收入的成長略微抵消。

Compared to the first quarter last year, revenues were down 14.3%, reflecting a volume decrease of 11.8% and a 3.6% reduction in ASPs. At quarter end, book-to-bill for Vishay was 0.82 comprised of 0.73 for semis and 0.91 for passive. Backlog for total Vishay was 5.0 months compared to 5.3 months at the end of the prior quarter.

與去年第一季相比，營收下降了 14.3%，銷量下降了 11.8%，平均售價下降了 3.6%。截至季末，Vishay 的訂單出貨比為 0.82，其中半成品訂單出貨比為 0.73，被動訂單出貨比為 0.91。 Vishay 的積壓訂單總數為 5.0 個月，而上一季末為 5.3 個月。

Looking at the backlog quarter-over-quarter comparison by product category, backlog for semis was 5.0 months compared to 5.3 months and backlog for passives was 5.1 months compared to 5.4 months.

從產品類別的季度環比比較來看，半成品的積壓時間為5.0 個月，而被動元件的積壓時間為5.0 個月，而被動元件的積壓時間為5.1 個月，而這一數字為5.4 個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit which includes the impact of the Newport acquisition was $170.4 million. Gross margin was 22.8% and included the negative impact of 74 basis points related to Newport. The depreciation expense included in the gross profit for the quarter was $43.8 million.

前往下一張投影片，展示損益表亮點。包括收購 Newport 的影響在內的毛利為 1.704 億美元。毛利率為 22.8%，其中包括與紐波特相關的 74 個基點的負面影響。本季毛利中包含的折舊費用為 4,380 萬美元。

Compared to the fourth quarter, gross margin decreased primarily due to the previously mentioned impact of lower volumes in ASPs, particularly for MOSFETs as well as the negative margin impact of Newport. SG&A expenses were $127.7 million, compared to $122.8 million for the fourth quarter. Operating income decreased $35.2 million versus the fourth quarter on lower gross profit.

與第四季度相比，毛利率下降主要是由於前面提到的平均售價（尤其是 MOSFET）銷量下降的影響以及 Newport 的負面利潤影響。 SG&A 支出為 1.277 億美元，而第四季為 1.228 億美元。由於毛利下降，營業收入較第四季減少 3,520 萬美元。

Compared to prior year first quarter, operating income decreased to $115.9 million, driven by lower sales volumes and to a lesser extent, higher SG&A expenses. Operating margin was 5.7% compared to 9.9% for the fourth quarter and 18.2% first quarter of 2023.

與去年第一季相比，營業收入下降至 1.159 億美元，原因是銷量下降以及 SG&A 費用增加（較小程度）。營業利益率為 5.7%，而第四季為 9.9%，2023 年第一季為 18.2%。

EBITDA for the quarter was $91.2 million for an EBITDA margin of 12.2%. Our normalized effective tax rate for the quarter was 29%. EPS was $0.22 per share, this compares to EPS of $0.37 per share for the fourth quarter and $0.79 per share for the first quarter of 2023.

本季 EBITDA 為 9,120 萬美元，EBITDA 利潤率為 12.2%。我們本季的標準化有效稅率為 29%。每股收益為 0.22 美元，而 2023 年第四季每股收益為 0.37 美元，第一季每股收益為 0.79 美元。

Proceeding to Slide 6. For ease of reference, the presentation includes the table illustrating the revenue, gross margin and book-to-bill ratios for each of our reportable business segments.

繼續投影片 6。

Turning to Slide 7. We present our cash conversion cycle metrics. DSO was 51 days, 1 day higher than the fourth quarter, while the DPO remained flat at 31 days. Inventory was $665.8 million at the end of the quarter, including about $11 million of inventory related to Newport. Inventory days outstanding were 104 days compared to 101 days for the fourth quarter, resulting in a cash conversion cycle for the first quarter of 124 days.

轉向幻燈片 7。 DSO 為 51 天，比第四季增加 1 天，而 DPO 持平，為 31 天。截至本季末，庫存為 6.658 億美元，其中與 Newport 相關的庫存約為 1,100 萬美元。庫存週轉天數為 104 天，而第四季為 101 天，導致第一季的現金週轉週期為 124 天。

On Slide 8, you can see that cash flow from operations amounted to $80.2 million for the first quarter. As a reminder, the fourth quarter was unusually low filing the payment of withholding taxes on cash repatriation transactions. Compared to the first quarter of 2023, cash flow from operations is lower largely due to the reduction in earnings.

在投影片 8 上，您可以看到第一季的營運現金流達 8,020 萬美元。提醒一下，第四季現金匯回交易的預扣稅繳納情況異常低。與 2023 年第一季相比，營運現金流較低，主要是由於獲利減少。

Total CapEx was $53.1 million for the quarter with $41.5 million of that total invested in capacity expansion projects. On a trailing 12-month basis, capital intensity was 10.3% compared to 9.5% for the same period last year.

本季資本支出總額為 5,310 萬美元，其中 4,150 萬美元投資於產能擴張項目。過去 12 個月的資本密集度為 10.3%，而去年同期為 9.5%。

Free cash flow for the quarter was $27.9 million compared to a significant use of free cash in the fourth quarter related to high levels of CapEx and taxes paid for cash repatriation. Stockholder returns for the first quarter amounted to $26.3 million, consisting of $13.8 million from our quarterly dividend and $12.5 million of share repurchases.

本季的自由現金流為 2,790 萬美元，而第四季自由現金的大量使用與高水準的資本支出和現金匯回支付的稅款有關。第一季股東回報為 2,630 萬美元，其中 1,380 萬美元來自季度股息，1,250 萬美元來自股票回購。

The number of shares repurchased during the quarter was 0.6 million shares at an average price of $22.17 per share. For 2024, we still expect to return at least $100 million to shareholders. Cash and short-term investments decreased to $833 million at the end of the quarter after we utilized $168.6 million of cash on hand to fund the Newport acquisition. At the end of the quarter, we have approximately $82 million of cash on hand in the U.S.

本季回購的股票數量為 60 萬股，平均價格為每股 22.17 美元。 2024 年，我們仍預期向股東返還至少 1 億美元。在我們使用 1.686 億美元手頭現金為紐波特收購提供資金後，本季末現金和短期投資減少至 8.33 億美元。截至本季末，我們在美國手頭上有大約 8,200 萬美元的現金。

Turning to Slide 9 for our guidance. For the second quarter of 2024, revenues are expected to be $750 million, plus or minus $20 million. Gross margin is expected to be in the range of 21.7%, plus or minus 50 basis points. The Newport acquisition has an approximately 160 basis point drag on the gross margin. SG&A expenses are expected to be $130 million plus or minus $2 million for the quarter and $527 million, plus or minus $5 million for the full year.

請參閱投影片 9 以取得指引。 2024 年第二季的營收預計為 7.5 億美元，上下浮動 2,000 萬美元。毛利率預計在21.7%左右，上下浮動50個基點。 Newport 收購對毛利率造成約 160 個基點的拖累。本季的 SG&A 費用預計為 1.3 億美元上下 200 萬美元，全年 SG&A 費用預計為 5.27 億美元上下 500 萬美元。

Included in our year SG&A guidance is the addition of approximately $8.7 million related to Newport which is offset by adjustments to our planned 2024 spending, including lower headcount, freezes on hiring and salary increases as well as nondiscretionary travel.

我們的年度 SG&A 指導中包括與 Newport 相關的約 870 萬美元的額外支出，該支出被我們對 2024 年計劃支出的調整所抵消，包括減少員工人數、凍結招聘和加薪以及非酌情旅行。

For 2024, we expect a normalized effective tax rate of approximately 29% to 31%. Okay, I'll turn the call back over to Joel.

2024 年，我們預計正常化有效稅率約為 29% 至 31%。好的，我會把電話轉回喬爾。

Thank you, Dave. At the Investor Day, we held on April 2, we talked about our need to scale our capacity to be a reliable supplier to more and more customers and also to attract new customers. From our travels and communication with customers, they clearly want more from Vishay. As we deepen our engagements with customers, our capacity expansions are one component for us to scale and support their growth. Second is our commitment to innovate and to supply products which support their technology direction and the megatrends of e-mobility and sustainability.

謝謝你，戴夫。在 4 月 2 日舉行的投資者日上，我們談到了我們需要擴大產能，成為越來越多客戶的可靠供應商，並吸引新客戶。從我們的旅行以及與客戶的溝通來看，他們顯然希望從 Vishay 獲得更多。隨著我們加深與客戶的合作，我們的產能擴張是我們擴大規模和支持客戶成長的組成部分之一。其次，我們致力於創新並提供支持其技術方向以及電動交通和永續發展大趨勢的產品。

To meet the commitments we are making to our customers, to accelerate revenue growth and drive greater returns and to more broadly serve our addressable market and expand our product portfolio, we are executing a 5-year strategic plan, pulling the 8 levers displayed on Slide 10.

為了履行我們對客戶的承諾，加速收入成長並帶來更大回報，更廣泛地服務於我們的目標市場並擴大我們的產品組合，我們正在執行一項5 年戰略計劃，拉動幻燈片上顯示的8 個槓桿10.

Expanding capacity is one cornerstone of our growth plan. During the first earnings conference call in February 2023, I shared that we are planning to invest $1.2 billion of CapEx over 3 years, 70% of which is earmarked for internal capacity expansion. With the Newport Fab acquisition for March 2024, we added $200 million to our 3-year CapEx plan.

擴大產能是我們成長計畫的基石之一。在 2023 年 2 月的第一次財報電話會議上，我表示我們計劃在 3 年內投資 12 億美元的資本支出，其中 70% 專門用於內部產能擴張。隨著 2024 年 3 月收購 Newport Fab，我們的 3 年資本支出計畫增加了 2 億美元。

Then is Jeff Webster, our COO, detailed at the Investor Day, our 5-year strategic growth plan includes investing a total of $2.6 billion between 2023 and 2028. In 2024, we plan to invest $435 million in CapEx, of which around 7% will be spent on expansion projects, which are expected to come online in 2025. The investments we've made in capacity expansion in 2022 and 2023 have landed and are in qualification.

然後是我們的營運長Jeff Webster 在投資者日詳細介紹，我們的5 年策略成長計畫包括2023 年至2028 年間總共投資26 億美元。約7%將用於擴建項目，預計2025年投產。

I'd like to now share with you our progress on 5 of our expansion projects. The first is around internal capacity expansion. La Laguna, Mexico, we commercially qualified inductors and began to ship products in Q1 '24. Automotive qualification is underway. And to be completed in the second half of 2024, we have customers coming in and scheduling audits. You may remember is a doubling of our capacity for the inductors portfolio, the power inductors. We expect capacity increase in 2024 to be 15%.

我現在想與大家分享我們 5 個擴建項目的進度。首先是內部產能擴張。在墨西哥拉古納，我們對電感器進行了商業認證，並於 24 年第一季開始出貨。汽車資格認證正在進行中。預計將於 2024 年下半年完成，我們將迎接客戶並安排審核。您可能還記得我們的電感器產品組合（功率電感器）的產能翻了一番。我們預計 2024 年產能增幅為 15%。

Juarez, Mexico, we commercially qualified the resistors -- the current sense resistors, and shipped product in the first quarter. We're shipping some automotive qualified products now, and there will continue to be a schedule of customer audits coming through. Doubling our capacity is also happening with this expansion. We expect the annualized capacity to increase in 2024 by 15%.

在墨西哥華雷斯，我們對電阻器（電流檢測電阻）進行了商業認證，並在第一季發貨。我們現在正在運送一些符合汽車標準的產品，並將繼續制定客戶審核計畫。此次擴建也使我們的產能翻倍。我們預計2024年年化產能將成長15%。

Taipei, Taiwan, we're commercially qualifying our diodes and expect to begin shipments in Q3 '24, while we also continue to advance automotive qualifications there. We expect annualized capacity to increase in 2024, 5.5%. However, there will be larger capacity expansions on select key products in the range of 32%.

在台灣台北，我們正在對我們的二極體進行商業認證，並預計在 24 年第三季開始出貨，同時我們也將繼續在那裡推進汽車認證。我們預計 2024 年年化產能將成長 5.5%。不過，部分重點產品的產能擴張幅度將達32%。

Turin, Italy, due to a delay in the environmental approval by the government, we now expect to ship commercially qualified diodes and complete the automotive qualification early in 2025.

義大利都靈，由於政府環境審批的延遲，我們現在預計將在 2025 年初交付商業合格的二極體並完成汽車資格認證。

Finally, the fifth is Newport. The fab, we took control of the fab, March 6. We are now doing 5 technology transfers, 3 for MOSFETs, 1 for opto and 1 for resistors. 80% of the tools were ordered in December and the rest of the tools needed will be ordered this month in May. The product transfers will be qualifying beginning in the fourth quarter and extending into the first half of 2025.

最後，第五名是紐波特。晶圓廠，我們於3月6日控制了晶圓廠。 80% 的工具是在 12 月訂購的，其餘所需的工具將在 5 月訂購。產品轉移將從第四季開始進行資格審查，一直持續到 2025 年上半年。

If we shift to external capacity expansion, Key foundries, Korea, in 2024, we are planning to complete 6 technology transfers of MOSFETs and ICs. 2 technologies are automotive products, while 4 are commercial transfers. We expect to have engineering samples available on these 6 technologies in Q3 '24 and Q4 '24.

如果轉向外部產能擴張，韓國主要代工廠，2024年計劃完成MOSFET和IC的6項技術轉移。 2項技術是汽車產品，4項是商業轉變。我們預計將在 2024 年第三季和 24 年第四季提供這 6 項技術的工程樣品。

We expect to complete manufacturing qualification Q4 '24 and Q1 '25 and begin shipping volume in Q2 of '25. Our goal is to increase annualized capacity for MOSFETs by 11% in 2025 compared to 2024 with an 18% capacity increase for the split-gate products, charge balance products, that we have underserved the market.

我們預計將在 24 年第 4 季和 25 年第 1 季完成製造資格，並在 25 年第 2 季開始出貨。我們的目標是到 2025 年將 MOSFET 的年化產能較 2024 年增加 11%，其中我們在市場上服務不足的分柵產品、電荷平衡產品的產能增加 18%。

As a reminder, this key foundry fab is an intermediate step of increasing our capacity, as we complete the 12-inch fab addition, which is in Itzehoe, Germany, scheduled for 2026 and early '27. Also around external capacity, during the first quarter, we added 3 subcontractors for passives and 1 for semiconductors. In addition to expanding capacity, for some of our commodity products, we're also adding new products to our portfolio supplied by these subcontractors.

提醒一下，這座重要的代工工廠是增加我們產能的中間步驟，我們計劃在 2026 年和 27 年初完成位於德國伊策霍的 12​​ 吋工廠擴建。同樣圍繞外部產能，第一季我們增加了 3 家被動元件分包商和 1 家半導體分包商。除了擴大產能外，對於我們的一些商品產品，我們還為這些分包商提供的產品組合中添加新產品。

For 2024, we set goals for use of external capacity on our path to achieving our 2028 targets. We expect to generate 3% revenue from outsourced passives in 2024, as we continue to qualify suppliers. We expect 41.5% semiconductor production from outsourced wafer fabs in 2024. We expect 27.4% semiconductor production from outside assembly in 2024.

對於 2024 年，我們設定了利用外部產能的目標，以實現 2028 年的目標。隨著我們繼續對供應商進行資格審查，我們預計到 2024 年，外包被動元件的收入將達到 3%。我們預期 2024 年 41.5% 的半導體產量來自外包晶圓廠。

If we shift now to innovation and talk about silicon carbide, the 1,200-volt planner technology, we are on track. We provided samples in the first half of last year to customers. And now we'll have the silicon carbide package types for three different resistance and current capabilities available in the next couple of weeks. They'll show up on our website and be released.

如果我們現在轉向創新並談論碳化矽、1200 伏特規劃器技術，我們就走上了正軌。我們去年上半年就向客戶提供了樣品。現在，我們將在接下來的幾週內提供三種不同電阻和電流功能的碳化矽封裝類型。它們將出現在我們的網站上並被發布。

The development of the 1,200-volt trench technology, the 1,700-volt planar and the 650-volt planar technology is taking a bit longer than we would like, as our foundry partner is currently heavy loaded with silicon carbide demand. This has -- stresses the importance and why we're looking forward to moving the developments of these technologies to Newport in 2025 and 2026.

1,200 伏特溝槽技術、1,700 伏特平面和 650 伏特平面技術的開發時間比我們預期的要長一些，因為我們的代工夥伴目前對碳化矽的需求量很大。這強調了重要性以及為什麼我們期待在 2025 年和 2026 年將這些技術的開發轉移到紐波特。

If we talk about Newport the site itself, activities are beginning this quarter to -- due to the given priorities first of qualifying and transferring the silicon technology so we can begin activities. The tools we've talked about were ordered with the delivery time of late Q4 '24 and early Q1 '25, the tools to begin the silicon carbide qualification, the process development.

如果我們談論紐波特網站本身，活動將從本季度開始——由於給定的優先事項首先是資格認證和轉讓矽技術，以便我們可以開始活動。我們討論過的工具是在 24 年第 4 季末和 25 年第 1 季初訂購的，這些工具用於開始碳化矽鑑定和製程開發。

So when you look at all of these initiatives, the internal capacity, the external capacity, the subcontractor, the innovation with silicon carbide and expanding Newport, these are all underway in 2024, and we are intending to position these to help us support the scaling of the customer. This is the strategy with 3.0.

因此，當您查看所有這些舉措時，內部產能、外部產能、分包商、碳化矽創新和擴建 Newport，這些都將在 2024 年進行，我們打算將這些舉措定位為幫助我們支持擴展客戶的舉措。這是3.0的策略。

So in closing, we're excited about the progress we are making with Vishay 3.0, the factory expansions, customer engagement, part number increases, innovation initiatives, they're all moving in the right direction. We're taking advantage of this sideways market to invest in catch-up capacity and polishing our reputation as a reliable supplier, so we are fully prepared for an upturn in demand boosted by the trends in e-mobility and sustainability. That completes our prepared remarks. Now we'd be happy to answer any of your questions. Olivia, let's take the first question.

最後，我們對 Vishay 3.0 所取得的進展感到興奮，工廠擴建、客戶參與、零件數量增加、創新舉措，它們都在朝著正確的方向發展。我們正在利用這個橫盤市場來投資追趕能力，並提高我們作為可靠供應商的聲譽，因此我們為電動車和永續發展趨勢推動的需求回升做好了充分準備。我們準備好的發言就到此結束了。現在我們很樂意回答您的任何問題。奧莉維亞，我們來回答第一個問題。

(Operator Instructions) And our first question coming from the line of Matt Sheerin with Stifel.

（操作員說明）我們的第一個問題來自 Matt Sheerin 和 Stifel。

Yes. First question just regarding the gross margin guidance and how we should think about that as we get through the year and you start to see some sequential growth as the cycle recovers, you're typically at roughly 45% incremental margin contribution on volume growth, but you do have the headwinds of Newport and then also I'm thinking incremental capacity and more depreciation. So how should we think about gross margins, as we get through the next few quarters?

是的。第一個問題是關於毛利率指導，以及我們應該如何考慮這一點，當我們度過這一年時，隨著週期的恢復，你開始看到一些連續增長，通常對銷量增長的增量利潤率貢獻約為45%，但是你確實面臨紐波特的逆風，而且我也在考慮增量產能和更多的折舊。那麼，在接下來的幾個季度中，我們應該如何考慮毛利率呢？

Matt, it's Dave. So I think we expect the second half to be better than the first half driven primarily from our demand for -- increased demand from aerospace, defense and automotive. We expect ASPs to be fairly stable for the rest of the year since the OEM contracts already in place in quarter 1. The issue is with everybody else as we have limited visibility on volume at the moment. .

馬特，這是戴夫。因此，我認為我們預計下半年會比上半年更好，這主要是由於我們對航空航太、國防和汽車的需求增加。我們預計，由於 OEM 合約已在第一季就位，因此今年剩餘時間的平均售價將相當穩定。 。

Okay. But so ex the volume in terms of incremental other impacts like Newport, anything else there? Or is it really just now -- it's just a matter of volumes coming back?

好的。但是，除了紐波特等增量其他影響的數量之外，還有其他什麼嗎？或者真的只是現在——只是數量回歸的問題？

Yes, just volume.

是的，只是音量。

Okay. And then on the ASPs, it looked like ASP erosion was more significant this quarter. Could you be more specific about the MOSFETs in semis versus passives and what the expectation? It sounds like you're saying things are stable, but it looks like we're seeing more pricing pressure. .

好的。然後在平均售價方面，本季平均售價的侵蝕似乎更加嚴重。您能否更具體地介紹一下半成品與被動中的 MOSFET 以及您的期望是什麼？聽起來你說情況很穩定，但看起來我們看到了更大的定價壓力。 。

Pricing pressure, yes, the inventory that's out in the channel. Whether it's the distributor, the EMS or the OEM, people are trying to move that inventory. Capacity utilization at ourselves and our peers is in the mid 50%, 60% from what we've seen. So there is a push to move inventory. There is some price pressure with ship and debits to move the inventory through. We do see that. The ASPs in the first quarter were around the contract -- the annual agreements that we have with many of our strategic accounts that also impacted the first quarter. But most of it was the price pressure on the semiconductor on MOSFETs and diodes.

定價壓力，是的，通路中的庫存。無論是分銷商、EMS 還是 OEM，人們都在努力轉移庫存。根據我們的觀察，我們自己和同業的產能利用率在 50%、60% 之間。因此，有必要推動庫存轉移。運輸和轉移庫存的借記存在一定的價格壓力。我們確實看到了這一點。第一季的平均銷售價格是圍繞合約展開的——我們與許多策略客戶簽訂的年度協議也影響了第一季。但其中大部分是 MOSFET 和二極體半導體的價格壓力。

Okay. And then why are you getting a sense that it's stable here? Is that based on the contracts that you're seeing from customers...

好的。那你為什麼覺得這裡很穩定？這是基於您從客戶那裡看到的合約嗎？

The contracts, their annual agreements, so those are in place. Don't expect anything to be adjusted further based on those large accounts that have annual agreements. The ship and debit activity could continue a bit more so for semiconductors, much less for passives. The inventory in the channel for passives is not excessive. So the passive is quite stable. There will be some spot pressures on semis, but we don't see it excessive.

合約、年度協議等都已經到位。不要期望根據那些有年度協議的大帳戶進一步調整任何內容。對於半導體來說，運輸和借記活動可能會繼續下去，更不用說對於被動元件了。被動元件通路庫存不算過多。所以被動還是比較穩定的。半決賽將會有一些臨場壓力，但我們認為壓力不會太大。

Our next question coming from the line of Ruplu Bhattacharya with Bank of America.

我們的下一個問題來自美國銀行的魯普盧·巴塔查亞 (Ruplu Bhattacharya)。

Joel, the inventory at distribution was at 26 weeks. What do you think is the new normal for inventory weeks at distribution? I know you were trying to increase some of your product lines at distribution. And the second part of that question is, how many more quarters of inventory correction do you expect? I think you said that you expect some improvement in the second half, but is that more a 4Q expectation? I mean, do you think it's only another quarter of inventory correction? Or could it be extending into 3Q as well? .

Joel，分銷時的庫存為 26 週。您認為分銷庫存週數的新常態是什麼？我知道您正在嘗試增加一些分銷產品線。這個問題的第二部分是，您預計還會有幾個季度的庫存調整？我想你說過你預計下半年會有一些改善，但這更多的是第四季的預期嗎？我的意思是，您認為這只是另一個季度的庫存調整嗎？或者它也可以延伸到第三季嗎？ 。

Okay. 26 weeks is about where we see it. You may remember in the past calls, we were growing the inventory intentionally. We were adding SKUs, and we continue to do that. We kind of said we'd be around the 26 weeks as a high and that's where we sit. The distributors have adjusted their order rates. So the backlog is more of a just-in-time type of supply versus stocking.

好的。 26週就是我們看到的時間了。您可能還記得在過去的電話中，我們有意增加庫存。我們正在添加 SKU，並將繼續這樣做。我們說過我們會在 26 週左右達到最高點，這就是我們所處的位置。經銷商調整了訂單費率。因此，積壓更多的是一種及時供應而不是庫存的類型。

We are still adding SKUs. So I would say at this point, the 26 weeks is where we should be. As the POS increases, there is some concern that quickly the inventory is going to be depleted. The quarters of inventory correcting passives, I think we feel quite good. It's going to go through Q2 and then the second half of the year passes, we'll be trending to be more normalized. However, we expect POS to increase.

我們仍在添加 SKU。所以我現在想說的是，26 週是我們應該做的。隨著 POS 數量的增加，人們擔心庫存會很快耗盡。本季庫存修正被動，我認為我們感覺相當不錯。它將經歷第二季度，然後下半年過去，我們將趨於更加正常化。然而，我們預計 POS 將會增加。

On the semis, I think that will go in beyond Q2. It will go into Q3. And then we feel that Q4 can be that quarter where the semi inventory is digested, and we're more in par with the (inaudible) at the OEMs, and this inventory digestion is done.

在半決賽中，我認為這將持續到第二季​​之後。它將進入第三季。然後我們覺得第四季度可能是半成品庫存被消化的季度，我們與原始設備製造商的（聽不清楚）更加一致，並且庫存消化已經完成。

Okay. Let me ask Dave a couple of questions. Dave, nice to speak with you on the call. You mentioned an industrial win of $77 million. How should we think about the time frame for revenues coming in for that project? .

好的。讓我問戴夫幾個問題。戴夫，很高興在電話中與您交談。您提到了 7700 萬美元的工業勝利。我們應該如何考慮該專案收入的時間範圍？ 。

Actually I can comment on that. These are orders that we've now received in Q1. There's heavy materials here. The volume of business that we expect in 2024 is around EUR 18 million to EUR 20 million as the program begins. The peak years will be 2025 and 2026, quite excited about this project.

其實我可以對此發表評論。這些是我們在第一季收到的訂單。這裡有很重的材料。該計劃開始時，我們預計 2024 年的業務量約為 1800 萬歐元至 2000 萬歐元。高峰期將是2025年和2026年，這個計畫非常令人興奮。

This is an industrial smart grid design that we've been working on for a number of years, and now it's getting into production. So it's a good sign. We've all been waiting for industrial to start to move. And here's a very large industrial leader that has given us the purchase orders, and we're starting to plan to support them.

這是我們多年來致力於的工業智慧電網設計，現在正在投入生產。所以這是一個好兆頭。我們一直在等待工業開始發展。這是一個非常大的工業領導者給我們的採購訂單，我們開始計劃支持他們。

Okay. In terms of cash conversion cycle, how should we think about that and free cash flow both for the June quarter and the subsequent quarters. How do you see that trending? .

好的。就現金轉換週期而言，我們應該如何考慮六月季度和後續季度的自由現金流。您如何看待這種趨勢？ 。

So I wouldn't expect any material changes to our cash conversion cycle. The inventory is fairly flat quarter-on-quarter already and Newport's added already to the quarter 1 number. In terms of the free cash generation, I think at our Investor Day, we presented a chart that had indicated a slightly negative number this year, and I think that's still our guidance.

因此，我預計我們的現金轉換週期不會有任何重大變化。庫存環比已經相當持平，並且紐波特已經添加到第一季的數量。就自由現金產生而言，我認為在投資者日，我們展示了一張圖表，顯示今年的數字略有負值，我認為這仍然是我們的指導。

Okay. Got it. Okay. Maybe my last question, Joel, is one of the strategic growth levers you're showing on Slide 10 is increasing the technical headcount. Can you talk about like are you done with that? Or is there more head count that you would like? And if so, which specific areas or geographies do you think that you would need to increase that? And how would that impact SG&A?

好的。知道了。好的。喬爾，我的最後一個問題可能是您在投影片 10 上展示的策略性成長槓桿之一是增加技術人員數量。你能談談你已經完成了嗎？或是您想要更多的人數嗎？如果是這樣，您認為哪些特定領域或地區需要增加？這將如何影響 SG&A？

The engineering technical head count will continue. Through our just customer engagements, the customers are asking for closer technical assistance from Vishay. It could be the OEMs, it could be Tier 1s and could also be EMS. We mentioned in one of the last calls, we've been given early access to Jabil's design engineers, Flex as well. We're working with their technology teams. This is new for us.

工程技術人員數量將持續。透過我們公正的客戶參與，客戶要求 Vishay 提供更密切的技術協助。可能是 OEM，也可能是 Tier 1，也可能是 EMS。我們在最後一次電話會議中提到，我們已經獲得了提前接觸 Jabil 設計工程師 Flex 的機會。我們正在與他們的技術團隊合作。這對我們來說是新的。

There's EMS customers which we've met and they're offering for us to come in and help their design teams move projects forward. So we're going back looking at the maps by Americas, in Europe and Asia, and we're starting to put the next steps in place, further engineering talent in the field.

我們見過一些 EMS 客戶，他們願意讓我們參與進來，幫助他們的設計團隊推進專案。因此，我們將回顧美洲、歐洲和亞洲的地圖，並開始採取下一步措施，進一步培養該領域的工程人才。

This will be coming the second half of the year, will be some increased in the SG&A expense, but I think the value of the engagement with the customer and driving their projects forward is going to pay off for us. It's -- these opportunities, which previously did not have. And I think the customer highlights this quite clearly, Vishay, because you're investing to scale. You're investing to scale now, we see it beneficial for (inaudible) when the volume production increases, then you can report it.

這將在今年下半年發生，SG&A 費用將會增加，但我認為與客戶的合作以及推動他們的專案向前發展的價值將為我們帶來回報。這些機會是以前沒有的。我認為客戶非常清楚地強調了這一點，Vishay，因為您正在按規模進行投資。您現在正在擴大規模投資，我們認為當產量增加時（聽不清楚）它是有利的，然後您可以報告它。

And our next question coming from the line of Joshua Buchalter with TD Cowen.

我們的下一個問題來自 Joshua Buchalter 和 TD Cowen 的對話。

Let me echo the welcome to Dave to the earnings call fun. To start, could you maybe provide some guidance on how long or the shape of the Newport gross margin headwinds? And is there sort of a revenue level that we need to get to, to have that start to abate? Or is it sort of fixed from here because of the foundry arrangement at least over the next couple of years?

讓我對戴夫參加有趣的財報電話會議表示歡迎。首先，您能否就紐波特毛利率逆風的持續時間或形狀提供一些指引？我們是否需要達到某種收入水準才能開始減弱？或者至少在接下來的幾年裡，由於代工廠的安排，它是否已經從這裡解決了？

I could start off with it and then Dave can echo. We have now a fab, which is partially full. And when I say it's partially full, the previous owner is exiting. Their volume that they committed to us will be declining quarter-on-quarter. The volume in the second quarter is in place, and we're building towards that.

我可以從它開始，然後戴夫可以回應。我們現在有一座晶圓廠，部分已滿。當我說它已部分滿時，前所有者正在退出。他們向我們承諾的數量將環比下降。第二季的銷售量已經到位，我們正在朝著這個目標努力。

We start to see their volumes diminishing in Q3 and Q4. This is going to impact the margins, as we see lower production volumes and in parallel, we're expediting our technology transfers, which we mentioned will start to be qualified in Q4, and then production will begin in the first half of 2025. So we're trying to offset an exit of the previous owner, diminishing business there with then Vishay stepping in. So we're going to see second half impact. Dave, do you want to comment at all?

我們開始看到它們的銷售量在第三季和第四季減少。這將影響利潤率，因為我們看到產量下降，同時我們正在加快技術轉讓，我們提到技術轉移將在第四季度開始合格，然後生產將於 2025 年上半年開始。者的退出，隨著Vishay 的介入而減少那裡的業務。戴夫，你想發表評論嗎？

Yes, sure. Joshua, so for the second quarter, we're guiding the 160 basis points impact on the margin for Newport. That's $15 million approximately of sales. Q3 and Q4, that sales number is going to drop again to roughly $5 million. So it's negligible revenue. So the total impact on the margin, we think Q3 and Q4, is closer to 170 basis points, Josh.

是的，當然。 Joshua，所以對於第二季度，我們預計紐波特的利潤率將受到 160 個基點的影響。這相當於約 1500 萬美元的銷售額。第三季和第四季度，銷售額將再次下降至約 500 萬美元。所以收入可以忽略不計。因此，喬希，我們認為第三季和第四季對利潤率的總影響接近 170 個基點。

And I'm showing no further questions in the queue at this time. I will now turn the call back over to Mr. Joel Smejkal for any closing.

目前我在隊列中沒有顯示任何其他問題。我現在將把電話轉回 Joel Smejkal 先生以進行結束。

Thank you, Olivia. Again, thank you, everyone, for joining us this morning and for a review of our first quarter performance. We look forward to talking to you in early August, and we will then report our second quarter results. Thank you again. Have a good day.

謝謝你，奧莉維亞。再次感謝大家今天早上加入我們並回顧我們第一季的業績。我們期待在八月初與您交談，然後我們將報告第二季的業績。再次感謝你。祝你有美好的一天。

Ladies and gentlemen, that concludes our conference for today. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。