威世科技 (VSH) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Vishay Intertechnology Inc's first quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Vishay Intertechnology Inc 2025 年第一季財報電話會議。（操作員指示）

I would now like to hand the conference over to your first speaker today, Peter Henrici, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係主管 Peter Henrici。請繼續。

Thank you, Jill. Good morning and welcome to Vishay Intertechnology Inc first quarter 2025 earnings call.

謝謝你，吉爾。早安，歡迎參加 Vishay Intertechnology Inc 2025 年第一季財報電話會議。

I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by Dave McConnell, our Chief Financial Officer.

今天與我一同出席的還有我們的總裁兼執行長 Joel Smejkal；以及我們的財務長 Dave McConnell。

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

今天早上我們報告了第一季的業績。我們的收益報告副本可在我們網站 ir.vishay.com 的投資者關係部分查閱。

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.

本次通話正在網路直播，您可以透過我們的網站存取。此外，今天的通話內容已被錄音，並可透過我們的網站重播。

During the call, we will be referring to a slide presentation, which we also posted at irvishay.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.

在通話過程中，我們將參考幻燈片演示，我們也將其發佈在 irvishay.com 上。您應該知道，在今天的電話會議中，我們將做出某些前瞻性陳述，討論未來事件和表現。

These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements.

這些聲明受風險和不確定性的影響，可能導致實際結果與前瞻性聲明不同。

For a discussion of factors that could cause results to differ, please see today's press release and cliches, Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

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和陳詞濫調，以及向美國證券交易委員會提交的 10-K 表和 10-Q 表。

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 GAAP 和非 GAAP 指標的資訊。我們在新聞稿中以及在 ir.vishay.com 上發布的簡報中提供了完整的 GAAP 與非 GAAP 對帳表，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指標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，投資者應結合公認會計準則衡量指標來考慮它們。

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喬爾‧斯梅卡爾 (Joel Smejkal)。

Thank you, Peter. Good morning, everyone. Thank you for joining our first quarter 2025 conference call.

謝謝你，彼得。大家早安。感謝您參加我們的 2025 年第一季電話會議。

I'll start my remarks with the review of the first quarter performance and business condition. And then turn the call over to Dave, who will take you through a review of the first quarter financial results and our guidance for the second quarter of 2025.

我首先回顧第一季的業績和經營狀況。然後將電話轉給戴夫，他將帶您回顧第一季的財務業績以及我們對 2025 年第二季的指導。

After that, I'll update you on the strategic levers we're pulling under Vishay 3.0, as we continue to execute our five-year strategic plan, and then we'll be happy to answer any of your questions.

之後，我將向您介紹我們在 Vishay 3.0 下採取的戰略槓桿，因為我們將繼續執行我們的五年戰略計劃，然後我們很樂意回答您的任何問題。

Revenue for the first quarter was $715 million slightly above the midpoint of our guidance, and flat with fourth quarter revenue for both semis and passes.

第一季的營收為 7.15 億美元，略高於我們預期的中點，與第四季半掛車和通行證的收入持平。

We started 2025 poised for growth based on the strong execution and accomplishments around our strategic levers, and Vishay 3.0 remains in good position to support a market upturn, given the promising indicators we saw in the fourth quarter.

憑藉強大的執行力和圍繞戰略槓桿的成就，我們為 2025 年做好了成長的準備，而鑑於我們在第四季度看到的令人鼓舞的指標，Vishay 3.0 仍然處於支持市場好轉的良好位置。

These promising market signals continued during the first quarter, and we see indication that much of the channel inventory that overhung the market is normalized.

這些令人鼓舞的市場訊號在第一季持續存在，我們看到有跡象表明，市場上大部分通路庫存已經恢復正常。

And we are moving past the prolonged period of excess inventory digestion.

我們即將度過長期庫存過剩消化期。

Book to build continued to improve for semis, crossing over parity to 1.12, and passives held at 1.04. Year-to-date through April, book to build remains positive for both semis and passives.

半導體製造訂單建造率持續改善，突破平價至 1.12，而被動製造訂單建造率則維持在 1.04。截至四月份，年初至今，半拖車和被動車的建造訂單量依然保持積極態勢。

Order intake continued to steadily improve with the strongest demand increase coming from smart grid infrastructure projects and AI. Distribution customer POS was up in all regions and steadily after steadily declining over the course of 2024.

訂單量持續穩定提升，其中最強勁的需求成長來自智慧電網基礎設施項目和人工智慧。在 2024 年穩步下降之後，所有地區的分銷客戶 POS 均穩步上升。

All of these signals support our decision to guide for a 6% revenue increase for Q2 versus Q1, even with the global economic uncertainties. For tariffs, we have assessed the worldwide impact on Vishay from the evolving tariff picture, both the risks and the opportunities.

所有這些訊號都支持我們的決定，即使全球經濟存在不確定性，我們也預期第二季的營收將比第一季成長 6%。對於關稅，我們從不斷變化的關稅情況出發，評估了對 Vishay 的全球影響，包括風險和機會。

And on what impact tariffs may have on our Q2 revenue, including the effect on raw material costs and supply chain availability.

以及關稅可能對我們第二季的收入產生什麼影響，包括對原材料成本和供應鏈可用性的影響。

In terms of revenue, tariffs are not new to be Vishay. We have procedures and systems in place since 2018 to pass along tariff adds to our customers as a surcharge or an extra line item on the invoice.

從收入角度來看，關稅對 Vishay 來說並不是什麼新鮮事。自 2018 年以來，我們已製定程序和系統，將關稅增加作為附加費或發票上的額外項目轉嫁給我們的客戶。

What is new, however, is the tariffs are higher, and the number of customers has increased, or the number of countries has increased.

然而，新的情況是資費更高了，客戶數量增加了，或者說國家數量增加了。

With respect to tariffs between the US and China, most of our semiconductor front end supply comes from Germany and Taiwan. Our semiconductor backend supply comes from Taiwan, Malaysia, the Philippines, and China.

關於美國和中國之間的關稅，我們的大部分半導體前端供應來自德國和台灣。我們的半導體後端供應來自台灣、馬來西亞、菲律賓和中國。

Most of our passives are manufactured in Europe, North America, Israel, and Taiwan. We analysed our first quarter from each country of origin to our receiving customers and we have determined that our exposure to the tariffs which have gone into effect in April is limited.

我們的被動元件大多是在歐洲、北美、以色列和台灣製造的。我們分析了第一季從每個原產國到接收客戶的情況，並確定我們受到 4 月生效的關稅的影響有限。

Dave will go over the results of this analysis and the assumptions related to the tariff situation that has been factored into our Q2 guidance. Regardless of the direction global trade actions take, our global manufacturing footprint gives us the flexibility to assure customers of reliable supply should they want to shift orders based on country of origin and tariff impact.

戴夫將回顧該分析的結果以及已納入我們第二季度指引的與關稅情況相關的假設。無論全球貿易行動如何發展，我們的全球製造足跡都使我們能夠靈活地向客戶保證可靠的供應，以防他們根據原產國和關稅影響調整訂單。

We are bringing this advantage to our customers, offering them alternative manufacturing locations, showing different cost to which they will pay compared to shipments from China to the US.

我們為客戶帶來這一優勢，為他們提供替代的生產地點，並向他們展示與從中國到美國的運輸相比他們將支付的不同成本。

So now turning back to the first quarter revenue performance.

現在回顧第一季的營收表現。

I'll start with the review of revenue by E Markets on slide three.

我將從第三張投影片上 E Markets 的收入回顧開始。

Automotive revenue decreased 2% versus the fourth quarter, reflecting lower ASP associated with the 2025 OEM contracts that went into effect in January.

汽車收入較第四季下降 2%，反映出 1 月生效的 2025 年 OEM 合約導致平均銷售價格下降。

The Chinese New Year holiday resulted in tier one customers pulling lower at lower rates in Asia. In the Americas and Europe, tier one customers pulled at normal levels, or in some cases accelerating levels with demand of hybrid electric vehicle and EV platforms remaining strong.

中國農曆新年假期導致亞洲一級客戶的利率下降。在美洲和歐洲，一級客戶的採購水準保持正常，在某些情況下甚至加速，混合動力電動車和電動車平台的需求仍然強勁。

We remain well positioned to drive volume and automotive, with increasing electronic content in all price levels of cars and from developing ADOS programs as they are being adopted by the automakers.

我們仍然處於有利地位，可以推動汽車銷售和汽車行業的發展，不斷增加各個價位汽車的電子內容，並開發汽車製造商正在採用的 ADOS 程序。

In terms of design activity, the shift to increase hybrid powertrains continued in the first quarter, with also electronic power steering, active safety systems, smart cockpit applications, as well as ice platforms with additional electronic features.

在設計活動方面，第一季繼續增加混合動力系統，同時還增加了電子輔助轉向、主動安全系統、智慧駕駛艙應用以及具有附加電子功能的冰平台。

The shift toward hybrid powertrains is a positive development for Vishay as the electronic content in hybrid powertrains is typically greater than ice by about 50%.

向混合動力系統的轉變對於 Vishay 來說是一個積極的發展，因為混合動力系統中的電子內容通常比 ice 高出約 50%。

Revenue from the industrial market increased 3% from the fourth quarter, led by Europe, which was better than forecasted. We see cases where European customers have overcorrected inventory levels now resulting in positive book to bill for our distributor partners.

工業市場營收較第四季成長3%，其中歐洲市場表現最為強勁，優於預期。我們看到歐洲客戶過度修正庫存水準的情況，現在導致我們的經銷商合作夥伴的訂單出貨比為正。

Demand remains strong for smart grid infrastructure, multi-year projects in Europe and Asia. We want two new programs in those regions. We also won our first United States high voltage DC power transmission program.

歐洲和亞洲對智慧電網基礎設施和多年期專案的需求仍然強勁。我們希望在這些地區開展兩個新項目。我們也贏得了第一個美國高壓直流輸電項目。

Orders continue to be positive for smart grid applications. We are in discussions with customers on the next smart grid projects as they address electricity demand for AI data centres and EV charging.

智慧電網應用的訂單持續保持積極態勢。我們正在與客戶討論下一個智慧電網項目，以滿足人工智慧資料中心和電動車充電的電力需求。

Which the aging electric grid cannot provide. In the Americas, industrial orders indicate that we are moving up from the bottom.

這是老化的電網無法提供的。在美洲，工業訂單表明我們正在從底部向上移動。

As many customers are reporting stronger backlogs from their end customers needing electricity, which should support incremental improvement throughout 2025.

由於許多客戶報告稱其最終客戶的電力需求積壓量增加，這應該會支持 2025 年全年的逐步改善。

New design activity focused on a variety of applications, including high voltage DC for smart grid, alternative energy generation, EV charging stations, uninterruptible power supplies, and next generation encrypted communication systems.

新的設計活動專注於各種應用，包括智慧電網的高壓直流電、替代能源發電、電動車充電站、不間斷電源和下一代加密通訊系統。

In aerospace and defence, revenue declined 5% quarter over quarter as our distributor partners were managing their inventory.

在航空航太和國防領域，由於我們的經銷商合作夥伴正在管理庫存，收入環比下降 5%。

As a reminder, our demand came mostly from US military accounts over the recent years, now our volume in Europe and Asia has been growing significantly. Book to build for the Americas is above one.

提醒一下，近年來我們的需求主要來自美國軍事帳戶，現在我們在歐洲和亞洲的業務量大幅增加。為美洲建造的書就以上一本。

In Europe, distributors also report book to bill rates above one. Commercial aerospace orders remain low due to ongoing issues in their mechanical parts supply chain.

在歐洲，分銷商也報告訂單出貨比超過 1。由於機械零件供應鏈持續存在問題，商用航空航太訂單仍然很低。

Design activity and military remains strong in a broad number of next-generation programs, including missiles, drones, military avionics, communication and weapon systems, and low earth orbit satellite programs.

在眾多下一代項目中，設計活動和軍事仍保持強勁，包括飛彈、無人機、軍用航空電子設備、通訊和武器系統以及低地球軌道衛星計畫。

In the medical and market, results were mixed. In the Americas, orders from many of our top medical customers improved compared to the fourth quarter and outpaced last year.

在醫療和市場方面，結果好壞參半。在美洲，我們許多頂級醫療客戶的訂單與第四季度相比有所改善，並且超過了去年同期。

In Europe and Asia, the order intake was mixed. We're seeing results from our strategy to fully leverage the breadth of our portfolio in the medical market.

在歐洲和亞洲，訂單量有好有壞。我們的策略正在取得成果，充分利用我們在醫療市場的投資組合廣度。

Increasing the number of ache technologies at designing and long standing customers and developing relationships with new customers.

增加設計和長期客戶的疼痛技術數量並發展與新客戶的關係。

Design activity on a mix of applications incluincludesent monitoring. Drug delivery systems, surgical assist robots, each of these is creating new business opportunities for Vishay to sell more of our portfolio.

在包括發送監控在內的多種應用程式上進行設計活動。藥物輸送系統、手術輔助機器人，這些都為 Vishay 創造了新的商機，以銷售更多的產品。

Revenue from the other segments, including computer, consumer, and telecom and markets, was up 4%, marking the fifth consecutive quarter of sequential growth.

電腦、消費、電信及市場等其他部門的收入成長了 4%，這是連續第五個季度實現成長。

This is a good example of the benefits of the investments we made in capacity. We are able to provide supply assurance to these channels, these existing and new customers.

這是我們在產能方面投資所獲得效益的一個很好的例子。我們能夠為這些管道、現有客戶和新客戶提供供應保證。

For AI, building on the initial volumes we had in the fourth quarter, shipment quantities increased in Q1. To support demand for AI servers and server power projects, particularly in Taiwan and China.

對於人工智慧，在第四季度初始產量的基礎上，第一季的出貨量有所增加。支援對人工智慧伺服器和伺服器電源專案的需求，特別是在台灣和中國。

Where customers consume our products and the dis distributors build up safety stock. AI remains a quick turn business with Asia CMs frequently placing spot orders.

客戶在那裡消費我們的產品，而分銷商在那裡建立安全庫存。AI 仍然是一個快速週轉的業務，亞洲 CM 經常下貨訂單。

Much of the design activity was focused on AI chip sets and the architecture of the systems, which supports the integration of new products. We increased our relationships with CMs to offer product technology advice for power management as they also design around AI chipsets.

大部分設計活動集中在人工智慧晶片組和系統架構上，以支援新產品的整合。我們加強了與 CM 的關係，為電源管理提供產品技術建議，因為他們也圍繞 AI 晶片組進行設計。

In addition, design activity expanded to include AI workstations, edge servers, and AI optical modules and graphics cards.

此外，設計活動擴展到包括AI工作站、邊緣伺服器以及AI光學模組和顯示卡。

We are continuing to leverage our AI reference design positions with chipset manufacturers to place a greater percentage of the shade components on the board.

我們將繼續利用我們與晶片組製造商的 AI 參考設計地位，將更大比例的遮光組件放置在電路板上。

Creating opportunities for us to demonstrate our technical differentiation and how Bechet can support greater than 80% of the components needed in power application.

為我們創造機會展示我們的技術差異化以及 Bechet 如何支援電力應用所需的 80% 以上的組件。

These product types span moss bets, polymer tantalum capacitors, resistors, voltage suppressors, diodes, power inductors, and IC products.

這些產品類型涵蓋了MOS管、聚合物鉭電容器、電阻器、電壓抑制器、二極體、功率電感器和IC產品。

Let's now turn to slide four.

現在我們來看第四張投影片。

Moving on to revenue by channel for the first quarter in slide four, you can see the distributor revenue grew versus the fourth quarter, and that the distribution growth was offset by lower OEM and EMS revenue.

繼續查看第四張幻燈片中第一季按通路劃分的收入，您可以看到分銷商收入較第四季度有所增長，但分銷商收入的增長被 OEM 和 EMS 收入的下降所抵消。

OEM revenue was impacted by the reduction in ASP as the annual contracts went into effect. Order intake by industrial OEMs in each region was overall positive. Reflecting smart grid momentum while order intake from automotive customers was flat overall.

隨著年度合約生效，OEM 收入受到 ASP 下降的影響。各地區工業原始設備製造商的訂單量整體呈現正態勢。反映智慧電網的發展勢頭，而汽車客戶的訂單量總體持平。

EMS revenue decreased 7% versus the fourth quarter on market softness in non-AI related business.

由於非人工智慧相關業務的市場疲軟，EMS 收入較第四季度下降了 7%。

In Europe, regional EMS inventory remained high, especially for those supporting aerospace defence customers who want to secure supply in this growing demand environment.

在歐洲，區域 EMS 庫存仍然很高，特別是對於那些希望在這種不斷增長的需求環境中確保供應的支援航空航太國防客戶。

In Asia, Chinese New Year shutdowns and volume declined as some programs were pushed out to the second half of the year.

在亞洲，由於農曆新年期間停工，一些項目被推遲到下半年，導致產量下降。

Distribution revenue grew 3%. Our strategy is working to position Vishay for market share gains and renewed share with our distributor partners which we started working on two years ago. By adding nearly 50,000 SKUs to our shelves, we entered 2025 with inventory that is well positioned for POS growth.

分銷收入成長3%。我們的策略是努力讓 Vishay 獲得市場份額，並與我們的經銷商合作夥伴重新贏得份額，我們兩年前就開始著手這項工作了。透過在貨架上增加近 50,000 個 SKU，我們進入 2025 年時庫存已為 POS 增長做好了充分準備。

In the Americas, increased bookings from multiple POS customer segments drove order intake higher than the previous four quarters.

在美洲，來自多個 POS 客戶群的預訂量增加推動訂單量高於前四季。

In Europe, order flow from distribution partners was higher than the second half of 2024. POS book to build steadily increased during the quarter as end customer inventory normalized, triggering some replenishment to support a more normal POS for both passives and semis.

在歐洲，來自分銷合作夥伴的訂單流量高於 2024 年下半年。隨著最終客戶庫存恢復正常，本季 POS 訂單量穩定增加，引發了一些補貨，以支援被動設備和半導體設備更正常的 POS。

In Asia, distributor order patterns were normalizing, and book the bill was over one at quarter end. Total distribution inventory weeks came down from 27 weeks to 26 weeks.

在亞洲，分銷商的訂單模式正在正常化，季度末的訂單量已超過一份。總分銷庫存週數從 27 週減少至 26 週。

Even as worldwide POA grew 4% on the strength of improved turns business. Worldwide POS grew 4% over the fourth quarter, reflecting a 4% increase in the Americas, a 10% increase in Europe, while Asia was flat.

儘管全球 POA 因業務改善而成長了 4%。全球 POS 較第四季成長 4%，其中美洲成長 4%，歐洲成長 10%，亞洲持平。

Let's turn to slide five.

讓我們翻到第五張投影片。

Slide five, in terms of the geographical mix, revenue in Europe increased 8% sequentially, after lagging the Americas and Asia in the second half of 2024, reflecting inventory over corrections.

第五張投影片，就地域組合而言，歐洲的收入環比增長 8%，而 2024 年下半年歐洲的收入落後於美洲和亞洲，這反映了庫存過度調整。

In the Americas, industrial sales were soft, resulting in a 6% decline, while Asia was seasonably soft, reflecting the impact of Chinese New Year.

在美洲，工業銷售疲軟，導致下降 6%，而亞洲則出現季節性疲軟，反映了中國新年的影響。

Before turning the call over to Dave, I'd like to thank the Vishay employees and also our sales reps for their hard work and dedication in making consistent progress toward our shared goals for the company and for our customers. Their focus every day to contribute to making Vishay 3.0 real is very much appreciated.

在將電話轉給戴夫之前，我想感謝 Vishay 員工和我們的銷售代表，感謝他們的辛勤工作和奉獻精神，為公司和客戶的共同目標不斷取得進展。我們非常感謝他們每天致力於使 Vishay 3.0 成為現實。

Dave, I'll turn the call over to you now for a review of the financial results for Q1.

戴夫，現在我將把電話轉給你，以便審查第一季的財務結果。

Thank you, Joel, and good morning everyone.

謝謝你，喬爾，大家早安。

Let's start a review of the first quarter results with the highlights on slide six. First quarter revenues were $715 million including $3 million attributed to Legacy Newport products, above the midpoint of our guidance.

讓我們從第六張投影片上的重點開始回顧第一季的業績。第一季的營收為 7.15 億美元，其中包括 Legacy Newport 產品的 300 萬美元，高於我們預期的中位數。

Revenues were flat compared to the fourth quarter, reflecting a 2% increase in volume, offset by a 1% decrease in average selling prices, as well as some negative foreign currency impacts related mostly to the EUR.

與第四季相比，營收持平，反映出銷量成長了 2%，但平均售價下降了 1%，以及一些主要與歐元相關的負面外匯影響。

By reportable business segment, up to revenues increased $4 million driven by volume and mass decreased $5 million primarily due to ASP declines related to annual OEM pricing negotiations.

按可報告業務部門劃分，受銷售推動，收入增加了 400 萬美元，而品質減少了 500 萬美元，主要原因是與年度 OEM 定價談判相關的 ASP 下降。

The remaining reportable business segments had more modest fluctuations. Compared to the first quarter last year, revenues decreased $31 million reflecting a 3% reduction in ASPs and a 1% exchange rate impact.

其餘可報告業務部門的波動較小。與去年第一季相比，收入減少了 3,100 萬美元，反映了平均銷售價格下降 3% 和匯率影響 1%。

Since 2018, we have been charging tariff adders to customers to offset our increased tariff costs. The gross profit impact of these is approximately zero but does negatively impact the gross margin.

自 2018 年以來，我們一直向客戶收取關稅附加費，以抵消增加的關稅成本。這些對毛利的影響大約為零，但對毛利率產生負面影響。

Book a bill for the quarter 1.08 comprised of 1.12 for semis and 1.04 for passes. The second quarter in a row with a book to build greater than one.

預訂本季的帳單 1.08，其中包括半拖車 1.12 和通行證 1.04。連續第二季創下單筆訂單量超過 1 筆的紀錄。

Our backlog increased 0.7 months with semis increasing to 4.3 months versus 3.9% in the fourth quarter and passes increasing to 5.1 months from 4.9 in the fourth quarter.

我們的積壓訂單增加了 0.7 個月，其中半成品積壓量從第四季的 3.9% 增加到 4.3 個月，通行證積壓量從第四季的 4.9 個月增加到 5.1 個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit was $136 million resulting in a gross margin of 19.0% and includes the negative impact from Newport of approximately 200 basis points, all in line with our guidance.

進入下一張投影片，展示損益表重點。毛利為 1.36 億美元，毛利率為 19.0%，其中包括紐波特約 200 個基點的負面影響，均符合我們的預期。

Compared to the fourth quarter, gross margin was 90 basis points lower, primarily due to lower average selling prices. Appreciation expense was $51 million relatively flat with quarter four.

與第四季相比，毛利率下降了 90 個基點，主要原因是平均售價下降。升值費用為 5,100 萬美元，與第四季基本持平。

SGNA expenses were $135 million in the range of our guidance for the quarter, up from $132 million for the fourth quarter to do higher incentive compensation accruals for 25 versus the very low level in '24.

SGNA 費用為 1.35 億美元，在我們本季的指導範圍內，高於第四季度的 1.32 億美元，以提高 25 年的激勵薪酬應計額，而 24 年的水平非常低。

GAAP operating margin was 0.1% compared to minus 7.9% in the fourth quarter and 5.7% in the first quarter of 2024. There were no non-GAAP adjustments in Q1 '25 or Q1 '24.

GAAP 營業利潤率為 0.1%，而第四季為負 7.9%，2024 年第一季為 5.7%。2025 年第一季及 2024 年第一季均未進行非 GAAP 調整。

As a reminder, in the fourth quarter, we recorded a goodwill impairment charge resulting in an adjusted operating margin of 1.4%. EBITDA for the quarter was $54 million. For an EBITDA margin of 7.6%, down from adjusted EBITDA margin of 9.3% in the fourth quarter.

提醒一下，在第四季度，我們記錄了商譽減損費用，導致調整後的營業利潤率為 1.4%。本季的 EBITDA 為 5,400 萬美元。EBITDA 利潤率為 7.6%，低於第四季度調整後的 EBITDA 利潤率 9.3%。

Our GAAP effective tax rate is not meaningful at low levels of pre-tax income or loss. As profitability returns, we would expect a more normalized effective tax rate closer to our historical guidance.

當稅前收入或虧損水準較低時，我們的 GAAP 有效稅率並不有意義。隨著獲利能力的恢復，我們預計有效稅率將更加規範化，更接近我們的歷史指引。

GAAP loss per share was $0.3 per share compared to a loss of $0.49 per share in the fourth quarter, and earnings per share of $0.22 in the first quarter of '24. Adjusted EPS was break even for the fourth quarter of '24.

每股 GAAP 虧損為 0.3 美元，而第四季每股虧損為 0.49 美元，24 年第一季每股收益為 0.22 美元。24 年第四季調整後的每股盈餘達到損益平衡。

Proceeding a slide eight for ease of reference, the presentation includes a table illustrating the revenue, gross margin, and book to build ratios for each of our reportable business segments. Of note, for the first quarter, the results for Newport continued to be reported substantially all in the Moss vet's business segment. Weighing on that segment's gross margin approximately 1,000 basis points.

為了方便參考，在第八張投影片中，簡報包含一個表格，說明了我們每個可報告業務部門的收入、毛利率和訂單比率。值得注意的是，第一季度，紐波特的業績基本上仍然全部來自莫斯獸醫的業務部門。該部門的毛利率將下降約 1,000 個基點。

Turning to slide nine in our Cash Conversion cyclometric.

翻到現金轉換循環表中的第九張投影片。

Our DSO and DPO remain stable at 53 days and 34 days respectively.

我們的 DSO 和 DPO 保持穩定，分別在 53 天和 34 天。

Inventory increased to $712 million, resulting in an inventory day outstanding of 110 days, up one day from the fourth quarter. Total cash conversion cycle for the first quarter was 129 days.

庫存增加至 7.12 億美元，導致庫存未清償天數為 110 天，比第四季增加了一天。第一季總現金轉換週期為129天。

Continuing to slide 10, you can see we generated $16 million in operating cash for the first quarter. Total CapEx for the quarter was $62 million including $54 million designated for capacity expansion projects.

繼續看第 10 張投影片，您可以看到我們第一季產生了 1600 萬美元的營運現金。本季總資本支出為 6,200 萬美元，其中 5,400 萬美元指定用於產能擴張項目。

On a trailing twelve-month basis, capital intensity was 11.3% compared to 10.3% for the same period last year. Consistent with the five-year strategic plan we shared with you last year, we continue to deploy cash for capacity expansion projects.

過去十二個月，資本密集度為 11.3%，去年同期為 10.3%。與我們去年與您分享的五年策略計畫一致，我們將繼續為產能擴張專案部署現金。

As a result, free cash flow for the quarter was a $45 million compared to a negative $76 million in the fourth quarter. Stockholder returns for the first quarter amounted to $26.1 million, consisting of $13.6 million for a quarterly dividend and $12.5 million for share repurchases.

因此，本季的自由現金流為 4,500 萬美元，而第四季為負 7,600 萬美元。第一季股東回報為 2,610 萬美元，其中包括 1,360 萬美元的季度股息和 1,250 萬美元的股票回購。

We repurchased $0.7 million shares during the quarter at an average price of $17.21 per share.

我們本季以每股 17.21 美元的平均價格回購了價值 70 萬美元的股票。

At the end of the quarter, our global cash and short-term investment balance was $620 million and we are in a net borrowing position in the US with $218 million outstanding on our revolver.

截至本季末，我們的全球現金和短期投資餘額為 6.2 億美元，我們在美國處於淨借款狀況，循環信貸未償還餘額為 2.18 億美元。

As previously noted, we're required to fund cash dividends, share repurchases, and principal and interest payments using our cash on hand in the US.

如前所述，我們需要使用美國庫存現金來支付現金股利、股票回購以及本金和利息。

And we are using our US based liquidity to fund our new port expansion and other strategic investments. We have $248 million accessible on our revolver at the current EBITDA level. We can expect to continue to draw on our revolver to fund our US cash needs.

我們正在利用美國的流動資金來資助我們的新港口擴建和其他戰略投資。依照目前的 EBITDA 水平，我們的循環信貸可用餘額為 2.48 億美元。我們可以預期繼續動用我們的循環信貸來滿足我們的美國現金需求。

Turning to slide 11.

翻到第 11 張投影片。

Which summarizes the impact of the tariffs as of April 9. The footprint of Vishay as a hybrid passes and semiconductor company is significantly different than competitors solely focused on semiconductors.

其中總結了截至 4 月 9 日的關稅影響。Vishay 作為一家混合型感測和半導體公司，其業務範圍與僅專注於半導體的競爭對手有著顯著不同。

Many tariffs on semiconductors are currently paused, while tariffs related to passives are now substantially higher out of China and newly imposed, but largely insignificant for much of the rest of the world.

目前，許多針對半導體的關稅已暫停，而中國對被動元件徵收的關稅大幅提高，且是新徵收的，但對世界其他大部分地區而言，這筆關稅的影響並不大。

We are generally passing through additional tariff costs to customers. Thus, tariff adders increase our revenues without impacting our gross profit. Mathematically, this is estimated to reduce the gross margin by approximately 30 basis points.

我們通常會將額外的關稅成本轉嫁給客戶。因此，關稅增加會增加我們的收入，而不會影響我們的毛利。從數學上講，這估計會使毛利率降低約 30 個基點。

The tariffs put into effect April 9 will have a limited direct impact on our Q2 and future results. Less than 4% of our Q1 consolidated sales are country of origin China products sold to customers in the US.

4 月 9 日生效的關稅將對我們的第二季及未來業績產生有限的直接影響。我們第一季合併銷售額中不到 4% 是銷售給美國客戶的原產國中國產品。

Split approximately equally between semis and passes. Conversely, less than 2% of our consolidated sales represent US manufactured goods sold into China.

準決賽和決賽的分配大致相等。相反，我們合併銷售額中只有不到 2% 代表銷往中國的美國製造商品。

Okay, we move on to slide 12 and our guidance.

好的，我們繼續第 12 張幻燈片並討論我們的指導。

For the second quarter of 2025, revenues are expected to be $760 million plus or minus $20 million, representing a 3% volume increase and inclusive of additional tariff related revenue.

2025 年第二季度，預計營收為 7.6 億美元，上下浮動 2,000 萬美元，即銷量成長 3%，並包含額外的關稅相關收入。

Gross margin is expected to be in the range of 19.0% plus or minus 50 basis points. Inclusive of tariff impacts of 30 basis points and also expected higher input costs.

預計毛利率將在19.0%上下浮動50個基點之間。包括 30 個基點的關稅影響以及預期更高的投入成本。

Newport is expected to continue having approximately 175 basis points to 200 basis points drag on the gross margin in the second quarter. Depreciation ex expense is expected to be approximately $52 million for the second quarter and $210 million for the full year 2025.

預計紐波特第二季的毛利率將繼續受到約 175 個基點至 200 個基點的拖累。預計 2025 年第二季折舊費用約為 5,200 萬美元，全年折舊費用約為 2.1 億美元。

SGNA expenses are expected to be $136 million. Plus, or minus $2 million for the quarter and for the full year are expected to be between $530 million and $560 million.

SGNA 的支出預計為 1.36 億美元。本季和全年預計將分別增加或減少 200 萬美元和 5.3 億美元至 5.6 億美元。

In addition to the incentive compensation accruals, we're assuming continued investment in R&D, increased spending on enhancing our technology tools and typical inflationary impacts. If market circumstances change significantly, we will adapt accordingly.

除了激勵性薪酬應計項目外，我們還假設繼續投資於研發，增加用於增強我們的技術工具的支出以及典型的通膨影響。如果市場環境發生重大變化，我們也會做出相應調整。

Our GAAP effective tax rates not meaningful at low levels of pre-tax income or loss. As profitability returns, we expect a normalized effective tax rate closer to our historical guidance of 30% to 32%.

我們的 GAAP 有效稅率在稅前收入或虧損水準較低時沒有意義。隨著獲利能力的恢復，我們預計正常化有效稅率將更接近我們 30% 至 32% 的歷史預期。

And finally, our stockholder returns policy calls for us to return at least 70% of our free cash flow to stockholders in the form of dividends and stock repurchases. For 2025, we once again expect negative free cash flow due to our capacity expansion plans.

最後，我們的股東回報政策要求我們以股利和股票回購的形式將至少 70% 的自由現金流返還給股東。到 2025 年，由於我們的產能擴張計劃，我們再次預期自由現金流將為負值。

For 2025, we expect to maintain our dividend and opportunistically repurchase shares based on US available liquidity in line with this policy.

到 2025 年，我們預計將維持股息，並根據美國可用的流動性適時回購股票，以符合此政策。

I now turn to call back to Joel.

我現在轉身回頭呼喚喬爾。

All right, thanks, Dave. Let's turn to slide 13. During the first quarter, we continued to execute our five-year strategic plan. To achieve our 2028 financial goals of faster revenue growth, improve profitability, and enhance returns on capital.

好的，謝謝，戴夫。讓我們翻到第 13 張投影片。第一季度，我們繼續執行五年戰略計劃。實現我們 2028 年的財務目標，即更快的收入成長、提高獲利能力和增強資本回報率。

We have put a foundation in place to participate more fully in the next industry upcycle and to capitalize on the mega trends of e-mobility and sustainability. We continue to strengthen that foundation by pulling the eight growth levers displayed on this slide.

我們已經奠定了基礎，以便更充分地參與下一個產業上升週期，並利用電子移動和永續發展的大趨勢。我們將繼續透過拉動這張投影片上顯示的八個成長槓桿來加強這一基礎。

We remain committed to our long-term plan of increasing Vishay capacity between 2023 and 2028. To ensure our customers of reliable volume as they scale. While we continue to engage with them about their product and technology roadmaps.

我們仍然致力於我們的長期計劃，即在 2023 年至 2028 年期間提高 Vishay 的產能。確保我們的客戶在擴大規模時獲得可靠的數量。我們將繼續與他們討論他們的產品和技術路線圖。

And better serve their demand with a broadening portfolio of technologies. We watch our capital spending very closely. Capacity planning and investment is a weekly discussion.

並透過擴大技術組合來更好地滿足他們的需求。我們密切關注我們的資本支出。產能規劃和投資是每週一次的討論。

We study our capacity utilization of equipment for each of the semiconductor and passive product lines, and measure against the delivery time of new equipment purchases, and the timing of customer programs.

我們研究每條半導體和被動產品線的設備產能利用率，並衡量新設備採購的交付時間以及客戶計劃的時間。

For 2025, we plan to spend between $300 million to $350 million at least 70% of which will be invested in capacity expansion projects for our high growth product lines.

到 2025 年，我們計劃投資 3 億至 3.5 億美元，其中至少 70% 將投資於高成長產品線的產能擴張項目。

Including our wafer fan expansion. I'll take you through our first quarter activities starting with our semiconductor capacity expansion projects. At our new port facility, we continue to receive delivery of the silicon carbide equipment.

包括我們的晶圓風扇擴充。我將從我們的半導體產能擴張專案開始，向您介紹我們第一季的活動。在我們的新港口設施，我們繼續接收碳化矽設備的交付。

Through Q1, we have installed 11 tools, with the remaining 21 to be installed mostly in Q2, and we remain on schedule for pre-production in early 2026.

截至第一季度，我們已安裝了 11 台工具，其餘 21 台將主要在第二季度安裝，我們仍按計劃於 2026 年初進行預生產。

During the quarter, we completed the transfer of two silicon MOSFETs structures to Newport. Qualification of another four technologies are ongoing. We expect to complete qualifications of automotive grade components in the second quarter for product release in the third quarter.

在本季度，我們完成了兩個矽 MOSFET 結構向 Newport 的轉移。另外四項技術的認證正在進行中。我們預計將在第二季完成汽車級零件的認證，並在第三季發布產品。

At SKT Foundry, our partner in Korea, we released another automotive MOSFETs during the first quarter and planned to release two commercial technologies in the second quarter, and two commercial technologies in the third quarter, along with two automotive technologies and one IC.

在我們韓國的合作夥伴 SKT Foundry，我們在第一季發布了另一款汽車 MOSFET，並計劃在第二季發布兩項商業技術，在第三季發布兩項商業技術，以及兩項汽車技術和一款 IC。

As a reminder through this partnership, we are able to increase annualized capacity for MOSFETs by 12% in 2025 compared to 2024.

需要提醒的是，透過此次合作，我們得以將 2025 年 MOSFET 的年產能較 2024 年提高 12%。

But more importantly, we will be able to increase annualized capacity for our advanced split gate mass vets by 25% to support new automotive and commercial opportunities.

但更重要的是，我們將能夠將先進的分門式大規模獸醫的年產能提高 25%，以支持新的汽車和商業機會。

In Taiwan, we have ramped up volume of commercial diodes and continue to work through automotive qualification processes.

在台灣，我們已經增加了商用二極體的產量，並繼續致力於汽車認證流程。

In turn, Italy, the qualification of commercial diodes has been pushed out to the third quarter, and we expect to begin mass production in the fourth quarter.

反過來，義大利的商業二極體的資格認證已經推遲到第三季度，我們預計將在第四季開始大規模生產。

We plan to complete qualification of both the 1,200 volt technology and the 650 volt technology in the third quarter and begin mass production in the fourth quarter.

我們計劃在第三季完成1,200伏技術和650伏技術的認證，並在第四季開始大規模生產。

Now for passives at our two facilities in Mexico, in La Laguna in in Juarez, we continue to qualify more commercial and automotive grade part numbers.

現在，我們在墨西哥拉古納和華雷斯的兩個工廠的被動元件繼續為更多的商業和汽車級零件提供認證。

We offer these locations to customers who want to ship supply to avoid China country of origin tariffs as the part numbers line up.

我們向想要運送貨物以避免中國原產國關稅的客戶提供這些地點，因為零件編號一致。

During the first quarter, we continue to work directly with automotive customers on part number qualifications and site approval audits at our La Laguna facility and remain on track to qualify the facility for automotive grade inductors.

在第一季度，我們將繼續在拉拉古納工廠與汽車客戶直接合作，進行零件編號資格認證和現場批准審核，並繼續按計劃使該工廠獲得汽車級電感器的資格。

We are continuing to expand our roster of subcontractors to further broaden our market participation. Subcontractors help us to make our Vishay capacity available for high growth products and also help us to expand our product portfolio.

我們正在繼續擴大分包商名單，以進一步拓寬我們的市場參與。分包商幫助我們將 Vishay 產能用於高成長產品，也幫助我們擴大產品組合。

During the first quarter, we completed qualifications of 1 new subcontractor for diodes and we added a total of 872 part numbers to our portfolio.

在第一季度，我們完成了 1 家新二極體分包商的資格認證，並在我們的產品組合中增加了總共 872 個零件編號。

Turning to innovation and our silicon carbide strategy. We are making good progress in our plan to commercialize the 1,200-volt planner technology.

轉向創新和我們的碳化矽策略。我們的1200伏特規劃器技術商業化計畫正在取得良好進展。

During the quarter, we released another three products, bringing the total now to eight products. We also released a Gen two 1,200 volt planner for both industrial and automotive applications and plan to release additional 12 products of different on resistance and packages this year.

本季，我們又發表了三款產品，目前產品總數已達八款。我們還發布了適用於工業和汽車應用的第二代 1,200 伏特規劃器，並計劃今年發布另外 12 種具有不同導通電阻和封裝的產品。

And shortly after the quarter closed, we released a generation 2.1, 1200 volts, [45 million] automotive grade silicon carbide masat.

本季結束後不久，我們發布了第 2.1 代、1200 伏特、[4500 萬] 個汽車級碳化矽 masat。

With respect to our plan to commercialize the 1,700 volt planner moss and the 650 volt planner mass be, we are shifting to a more advanced process, which will push out the release of these products into early 2026.

關於我們將 1,700 伏特規劃器 Moss 和 650 伏特規劃器 Mass Be 商業化的計劃，我們正在轉向更先進的流程，這將把這些產品的發布推遲到 2026 年初。

We currently plan to have samples of our 1,200 volt trench moss set available in the third quarter and are targeting full product release in the fourth quarter.

我們目前計劃在第三季提供 1,200 伏溝槽苔蘚套裝的樣品，並計劃在第四季度發布完整的產品。

For silicon carbide diodes, we have fully released our gen three diode 650 volt and 1,250 volt product and released an automotive version in the first quarter on a limited basis. We also released our gen four 650 volt automotive power pack and still plan to release the gen four 1,200 volt automotive diode in the second quarter.

對於碳化矽二極管，我們已經全面發布了第三代二極體 650 伏特和 1,250 伏特產品，並在第一季有限發布了汽車版本。我們也發布了第四代 650 伏特汽車電源組，並計劃在第二季發布第四代 1,200 伏特汽車二極體。

Finally, we are planning to release additional products during the year to populate the entire family of silicon carbide diodes, gen 4, 650 volts, and 1,200 volts.

最後，我們計劃在今年內發布更多產品，以充實整個碳化矽二極體系列，包括第四代、650 伏特和 1,200 伏特。

As for our solutions selling initiative. During the quarter, we released into catalog distribution, one of the reference designs we showed at the Electronica 2024 for an automotive application.

至於我們的解決方案銷售計劃。在本季度，我們將在 2024 年 Electronica 展會上展示的汽車應用參考設計之一發佈到了目錄分發中。

Several automotive OEMs and tier ones are sampling our reference designs. These reference designs are created in our e-mobility lab, where they develop common solutions for automotive, industrial, and AI computer applications.

多家汽車原始設備製造商和一級汽車製造商正在試用我們的參考設計。這些參考設計是在我們的電動車實驗室中創建的，在那裡它們為汽車、工業和人工智慧電腦應用開發通用解決方案。

Through the ongoing execution of these strategic levers, the Vishay 3.0 is in a better position to participate in a market upturn and to capitalize on demand momentum in AI and smart grid infrastructure. We have the capacity in place to ensure we are a reliable supplier to our customers as they scale production.

透過持續執行這些策略槓桿，Vishay 3.0 將能夠更好地參與市場好轉，並利用人工智慧和智慧電網基礎設施的需求動能。我們有能力確保在客戶擴大生產規模時，我們成為其可靠的供應商。

Equally important, the capacity we have available today allows us to pursue new customers and re-engage inactive customers to further drive revenue growth.

同樣重要的是，我們目前擁有的產能使我們能夠尋找新客戶並重新吸引不活躍的客戶，以進一步推動收入成長。

Each of our sales people have a portion of their annual incentive program related to new customer revenue generation. Positive signals during the first quarter and continuing in the second quarter support our optimism for sequential growth.

我們每位銷售人員的年度激勵計畫中都有一部分與新客戶收入創造相關的內容。第一季的正向訊號以及第二季的持續正向訊號支持了我們對連續成長的樂觀態度。

We see the demand for Vishay products more in line with end market consumption than at any time in the past two years of inventory digestion.

我們發現，Vishay 產品的需求與終端市場消費的一致性比過去兩年庫存消化過程中的任何時候都要高。

Beyond the second quarter, customer demand visibility is not crystal clear and program timing can be dynamic, but we are seeing improved visibility and transparency.

第二季之後，客戶需求的可見度並不十分清晰，規劃時間也可能是動態的，但我們看到可見度和透明度正在提高。

The second half of the year is developing at a better rate than the last year. Under Vishay 3.0, we are in close contact with our customers to do our best to minimize the impacts of macroeconomic uncertainty.

下半年的發展速度比去年好。在 Vishay 3.0 下，我們與客戶保持密切聯繫，並盡最大努力將宏觀經濟不確定性的影響降至最低。

We stay close to have an ongoing read on their demand outlook and production timing. So, we are ready to support them if demand continues to improve.

我們密切關注他們的需求前景和生產時間。因此，如果需求持續改善，我們準備為他們提供支援。

But also to adjust our spending plans where necessary, in response to a possible slowdown in order flow. At the same time, we intend to continue executing our growth initiatives.

而且還會在必要時調整我們的支出計劃，以應對可能出現的訂單放緩。同時，我們打算繼續執行我們的成長計劃。

Engaging with new and existing customers early in their design pipeline. Designing in and supplying a greater share of the components on the board.

在設計流程的早期就與新舊客戶接觸。設計並提供電路板上更大份額的組件。

Expanding our product portfolio through innovation and advancing our silicon carbide strategy. All creating more value to the customer. With more opportunities to leverage the breadth of our entire product portfolio.

透過創新擴大我們的產品組合併推動我們的碳化矽策略。一切都為客戶創造更多價值。我們有更多機會利用我們整個產品組合的廣度。

Operator, we will now open the call to questions.

接線員，我們現在開始問答環節。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

（操作員指示）美國銀行 Ruplu Bhattacharya。

Hi, thank you for taking my questions, Joel. You've been working with distribution to increase the product skews that Vishay has at distribution. Can you give us an overall thought on what you're seeing at distribution?

你好，謝謝你回答我的問題，喬爾。您一直在與經銷商合作，以增加 Vishay 在分銷方面的產品傾斜度。您能否向我們整體介紹一下您在分銷方面看到的情況？

I think you said that excess inventory had gone down, but in terms of distribution willingness to pull more product at this time. You know what are you seeing from them in terms of demand pool and from your own, trying to your own efforts to try and increase which ques of distribution, is that done or is there still work to be done?

我認為您曾說過過剩庫存已經下降，但就分銷商此時願意推出更多產品而言。您知道從需求池方面以及從您自己的角度來看，您看到了什麼，嘗試透過自己的努力來嘗試增加哪些分銷問題，這完成了嗎，還是還有工作要做？

Thank you for the question. There's still work to be done division by division. We've got 17 different business units that are working with the distributors in the Americas, in Europe, and also in Asia. There are different programs within each region and each distributor. We are adding SKUs. It will continue to develop. We add products from our subcontractors quarterly, which also Continued the discussions with the distributors to add skews.

謝謝你的提問。各部門仍有許多工作需要完成。我們有 17 個不同的業務部門與美洲、歐洲和亞洲的經銷商合作。每個地區和每個分銷商都有不同的計劃。我們正在新增 SKU。它將繼續發展。我們每季都會增加來自分包商的產品，同時也持續與經銷商討論增加偏差。

The POS did improve. We saw the POS improve in Europe and the Americas and Asia I mentioned was flat. Our weeks of inventory, if we look at the regions, our inventory in Europe went down by three weeks from Q4 to Q1.

POS 確實有所改善。我們看到歐洲和美洲的 POS 有所改善，而我提到的亞洲則持平。我們的庫存週數，如果我們看一下地區，我們在歐洲的庫存從第四季度到第一季減少了三週。

The inventory in the Americas went down by two weeks from Q4 to Q1 and the inventory in Asia was down about a half a week, so essentially flat. What does that mean? We had the right products on the shelf. We were able to support POS growth, so we continued to strategize with our distributor partners about gaining share, re-engaging customers that we have historically been unable to support.

美洲的庫存從第四季到第一季下降了兩週，亞洲的庫存下降了約半週，因此基本上持平。這意味著什麼？我們的貨架上有合適的產品。我們能夠支持 POS 成長，因此我們繼續與經銷商合作夥伴制定策略，以獲得市場份額，重新吸引我們過去無法支援的客戶。

So at the moment we're satisfied with our inventory position and we're going to continue to expand SKUs. There's still some work to do.

因此，目前我們對庫存狀況感到滿意，並且我們將繼續擴大 SKU。還有一些工作要做。

Okay, thanks for the details there. Can I ask a question on tariffs? So, thanks for the impact in two, I think you said 1% to 2% increase in revenue. So, two questions there. One is, can you go into a little bit of detail in terms of how you came up with that because there's been so much of back and forth in terms of rates for tariffs.

好的，謝謝您提供的詳細資訊。我可以問一個有關關稅的問題嗎？所以，感謝您提到的兩個影響，我認為您說的是收入增加 1% 到 2%。所以，這裡有兩個問題。第一個問題是，您能否詳細說明您是如何得出這個結論的，因為在關稅稅率方面已經討論過很多次了。

What have you assumed in terms of tariffs to come up with that, just an overall framework for how you get to 1% to 2%? And then if tariffs remain unchanged from here, can we also think of the full year impact being 1% to 2%? And then maybe one other question on the same topic is why is the gross profit impact zero or and the gross margin impact negative in terms of how does that flow through to the gross margin line.

您對關稅有何假設？您為達到 1% 至 2% 的稅率提出了一個總體框架嗎？那麼，如果關稅保持不變，我們是否也可以認為全年影響為 1% 到 2%？那麼關於同一主題的另一個問題可能是，為什麼毛利影響為零，或毛利率影響為負，就其如何傳導至毛利率線而言。

Go through I will start within and then Dave will jump in, regarding the tariffs. We did a deep dive on the country of origin and where the product was sold to in Q1.

我先從內部開始，然後戴夫會介入討論關稅問題。我們對該產品的原產國和第一季的銷售地點進行了深入研究。

Those are the percentages that Dave shared. Less than 4% of our sales are China-based country of origin going to US customers, and the reverse US customers going to US country of origin to China customers is 1% in that area.

這些是戴夫分享的百分比。我們的銷售額中，只有不到 4% 是從中國原產國銷往美國客戶的，而美國客戶從美國原產國銷往中國客戶的銷售額佔該地區的 1%。

We look at the China country of origin and we go speak to customers to offer alternate solutions. This is part of our sales practice we want to give the customer option.

我們關注中國原產國並與客戶溝通，提供替代解決方案。這是我們銷售實踐的一部分，我們希望為客戶提供選擇。

The tariff on passives is 170% adder, so we go to customers, and we talk about possibly manufacturing out of Mexico or Israel. So, we're going through those fundamentals to make sure that long term if these tariffs continue, that we've given the customer, the distributor options.

被動元件的關稅增加了 170%，因此我們去找客戶，討論在墨西哥或以色列進行生產的可能性。因此，我們正在研究這些基本因素，以確保如果這些關稅長期持續下去，我們將為客戶和分銷商提供選擇。

So that's the fundamentals of how we're navigating to kind of make sure this is not a long-term impact for Vishay. Dave, go ahead. Yeah.

這就是我們確保這不會對 Vishay 造成長期影響的基本方法。戴夫，說吧。是的。

Right. So, thanks for the question. Yeah, so in quarter two, I mean, we're assuming where we are on April 9th are the rules in effect for the whole quarter. Okay, so that's all we can, that's all we can base it on. And to Joel's point, we're paying 70% on semis out of China and the passes are a much higher number, but we have much less exposure, 170%.

正確的。感謝您的提問。是的，所以在第二季度，我的意思是，我們假設 4 月 9 日的規則適用於整個季度。好的，這就是我們所能做的，這就是我們所能依據的。正如喬爾所說，我們為來自中國的拖車支付了 70% 的費用，而且通行證的數量要高得多，但我們的風險敞口卻要低得多，只有 170%。

So the whole quarter is based on those tariffs that are in place as of April 9. Okay. And I think that you asked, and I apologize, you asked what the impact of that would be on our margin and to quantify the impact of that on our margin, right?

因此，整個季度的數據都是基於 4 月 9 日生效的關稅。好的。我認為您問過，我很抱歉，您問的是這會對我們的利潤產生什麼影響，並量化這對我們的利潤的影響，對嗎？

So in terms of pure mathematics because your revenue of $1 and cost of $1 if we pass it through, it's approximately 30 basis points on our margin, decrease, okay?

因此，從純數學的角度來說，因為如果您的收入為 1 美元，成本為 1 美元，如果我們將其轉嫁出去，我們的利潤率就會減少大約 30 個基點，好嗎？

In terms of collateral damage, I call it or supply chain side, obviously metal prices have been impacted with the with the macroeconomic environment we live in at the moment, so we have those already included in our Q2.

就附帶損害而言，我稱之為供應鏈方面，顯然金屬價格已經受到我們目前所處的宏觀經濟環境的影響，因此我們已將這些影響納入第二季。

Forecast the other item is input costs that would receive tariffs we have minimal exposure to that at the moment. Most of our stuff is not sourced in one of those two countries it's sourced locally, so not it's really de minimis impact of the purchases of supplies.

預測另一項是將收取關稅的投入成本，目前我們對此的影響很小。我們的貨物大多不是從這兩個國家採購的，而是在當地採購的，因此採購物資的影響實際上微乎其微。

Okay, all right, thank you for the details there if I can ask one last question on the Newport fab, how do you see that fab filling up through the course of the year and how should we think about the gross margin impact over the next couple of quarters progressing?

好的，好的，感謝您提供的詳細信息，如果我可以問最後一個關於紐波特工廠的問題，您認為該工廠在今年的產能填滿情況如何，我們應該如何看待未來幾個季度的毛利率影響？

Thank you.

謝謝。

Okay, the Newport fab,Q1 we were no longer manufacturing the legacy products from the previous business when we acquired the fab. So Q1 utilization was very low. We are qualifying the Vishay structures now and we'll be adding volume quarter on quarter, not quite a stair step, but it's going to have increasing volume quarter on quarter. The target is for the fab to be gross margin neutral.

好的，紐波特工廠，Q1 當我們收購該工廠時，我們不再生產先前業務中的遺留產品。因此 Q1 的利用率非常低。我們現在正在對 Vishay 結構進行認證，我們的產量將逐季度增加，雖然不是逐級增加，但產量將逐季度增加。該工廠的目標是實現毛利率中性。

In the first half of '26, we're targeting [11]. Is what our push is Dave, you have anything else you want to add there.

在 2026 年上半年，我們的目標是[11]。我們的推手是戴夫，你還有什麼想補充的嗎？

Now we're sticking with the guidance for the next quarter, the 175 basis points to 200 basis points for blue and beyond that we're not ready to guide a gross margin number.

現在我們堅持下一季的指導方針，藍色部分為 175 個基點至 200 個基點，除此之外，我們還沒有準備好指導毛利率數字。

Okay, thank you for all the details, really appreciate it.

好的，感謝您提供的所有詳細信息，非常感謝。

Thank you, Ruplu.

謝謝你，Ruplu。

Peter Peng, JP Morgan.

摩根大通 (JP Morgan) 的 Peter Peng。

Hey, good morning guys. Thanks for taking my question and you know it's well to see that you guys are continuing to see the positive cyclical recovery trends.

嘿，大家早安。感謝您回答我的問題，很高興看到你們繼續看到積極的周期性復甦趨勢。

Maybe just kind of, talk about that a little bit. I think there's been a lot of investors wearing about whether you know these orders could be a potential pull in from your customers ahead of this 90-day reprieve. So how do you guys distinguish whether this is actually like possible to recovery orders or whether this is just, your customer and their bill.

也許只是稍微談論一下這個。我認為有很多投資者都在擔心，您是否知道在為期 90 天的寬限期之前，這些訂單可能會吸引客戶。那麼你們如何區分這是否真的像恢復訂單一樣可能，或者這只是你的客戶和他們的帳單。

Thanks Peter, thanks for the question. Let's slice up our markets a little bit here. Let's look at the smart grid programs.

謝謝彼得，謝謝你的提問。讓我們在這裡稍微劃分一下我們的市場。讓我們看看智慧電網計劃。

Smart grid programs, our government push projects and those continue to develop, don't see much of a tariff impact here really shouldn't be anything that's going to impact that no point. These are projects that span multi-year.

智慧電網計劃、我們的政府推動的項目以及那些繼續發展的項目，在這裡看不到關稅產生太大的影響，實際上不應該有任何影響。這些項目跨越多年。

I mentioned on the prepared remarks that we won the first USA smart grid project, so that's quite exciting. We got a 100% share of that business. So, the smart grid will continue to develop irregardless of how the tariff moves. If we look at aerospace defence, same thing. This is America's, this is Europe, and some in Asia countries are spending more money on defence. We're seeing really good growth in Europe.

我在準備好的演講中提到，我們贏得了第一個美國智慧電網項目，這非常令人興奮。我們擁有該業務100%的股份。因此，無論電價如何變動，智慧電網都將繼續發展。如果我們看一下航空航天防禦，情況也是一樣。這是美國，這是歐洲，亞洲的一些國家正在增加國防開支。我們看到歐洲確實出現了良好的成長。

The Americas continues, and we speak with many projects, not just military, but also low Earth orbit satellite space, so that continues. AI is a significant investment by much of the Magnificent Seven who are spending $60 billion to $80 billion for data centres.

美洲仍在繼續，我們正在談論許多項目，不僅僅是軍事，還有低地球軌道衛星空間，所以這仍在繼續。人工智慧是七大巨頭中的大多數公司的一項重大投資，他們為資料中心投資了 600 億至 800 億美元。

So AI, the demand continues to look promising. Pollins, I wouldn't say so much because what we're seeing is spot by on a lot of projects that the Nvidia chips that lands, and CM quickly is contacting the suppliers to see who can deliver fast. So, we're putting some inventory in the channel to account for that.

因此，人工智慧的需求仍然看起來很有前景。波林斯，我不會說太多，因為我們看到的是，在許多專案中，Nvidia 晶片都已落地，而 CM 正在迅速聯繫供應商，看誰能快速交付。因此，我們在渠道中投放了一些庫存來解決這個問題。

Automotive. Automotive, the signals we see in the scheduling agreements are flat. No one's adjusted negatively their forward outlook at this point.

汽車。汽車方面，我們在調度協議中看到的訊號是平緩的。目前還沒有人對自己的未來前景做出負面調整。

Consumer confidence, we got to have a confident consumer to buy cars. A statistic we had learned in January February was the average age of a car in the US has gone from 12 years to 14 years, and the average age of a car in Germany has gone from 8 years to 10 years.

消費者信心，我們必須擁有有信心的消費者來購買汽車。我們在一二月了解到的一項統計數據是，美國汽車的平均使用年限從 12 年增加到了 14 年，德國汽車的平均使用年限從 8 年增加到了 10 年。

So the consumer, there's pent up demand there. We'll see what the Fed does with interest rates and how that may drive the consumer, and then finally industrial big market segment for us. We are seeing the industrial programs improving. We're talking to any customer that's involved in power, electricity, and they're forecasting mid-single digit or greater growth.

因此，對消費者來說，存在著被壓抑的需求。我們將觀察聯準會對利率採取何種措施，以及這將如何推動消費者，最終推動工業大市場的發展。我們看到工業項目正在改善。我們正在與任何涉及電力、電力的客戶進行交談，他們預測成長率將達到中等個位數或更高。

So that kind of leads to our outlook. Some of those that I mentioned earlier, irregardless of tariff pressure, they're going to continue to move forward. Automotive, consumer confidence, industrial might be a bit of tariff impact there, but what we're seeing, the inventory being normalized, the orders we're getting are more in real time with consumption. So, we're optimistic compared to how the year looked in 2024.

這便形成了我們的觀點。我之前提到的一些國家，無論關稅壓力如何，都會繼續向前發展。汽車、消費者信心、工業可能會受到一些關稅影響，但我們看到的是，庫存正在正常化，我們收到的訂單與消費更加同步。因此，與 2024 年的情況相比，我們感到樂觀。

Perfect, thank you. And then maybe just, dive into the AI front, you guys begin to ship volume last quarter or so this quarter, can you give us a sense on, the size of this business now and your relative market share position?

非常好，謝謝。然後也許只是深入人工智慧領域，你們上個季度或本季開始出貨量，您能否向我們介紹一下現在這項業務的規模以及您們的相對市場份額地位？

Size of the business, our, was more than double versus Q4. Q4 we saw the initial volumes of the, I will say first projects for AI one was more than double. We're adding a lot of products as I mentioned, it's masts, its diodes, it's inductors and it's not just the big name Nvidia. We're also talking to CMs who are designing AI servers.

我們的業務規模較第四季成長了一倍以上。第四季度，我們看到了 AI 專案的初始數量，我想說的是，第一個專案的數量增加了一倍以上。正如我所提到的，我們正在添加很多產品，包括桅杆、二極管、電感器，而不僅僅是大牌的 Nvidia。我們也正在與設計 AI 伺服器的 CM 進行交流。

So our design position is quite good, because of the breadth of our portfolio, we're bringing in multi-components to the power board.

因此，我們的設計地位相當不錯，由於我們的產品組合範圍廣泛，我們將多種組件引入電源板。

To size up the overall business is tricky because things are moving outward. We were excited about the Nvidia GB 300, which was scheduled to be running in P6 and P7 June, July, but that got pushed out.

評估整體業務是比較困難的，因為事情正在向外發展。我們對 Nvidia GB 300 感到非常興奮，它原定於 6 月、7 月在 P6 和 P7 中運行，但被推遲了。

So to put a number on it overall, I think we're going to, not do that at the moment, we like our design position, we like how our Asia team is working close with the CMs to really gain share for Vishay.

因此，從總體上看，我認為我們目前不會這樣做，我們喜歡我們的設計地位，我們喜歡我們的亞洲團隊如何與 CM 密切合作，真正為 Vishay 贏得市場份額。

Perfect. I think on your prepare marks you talked about, the second half for this year, potentially a little bit better than what it, was in the second half of last year. In the second half of last year, if I look at some of the trends, it looks kind of seasonal. So is it, fair to infer that you might be seeing some above seasonal trends for your second half of the year.

完美的。我認為，根據您談論的準備分數，今年下半年的情況可能會比去年下半年好一點。去年下半年，如果我觀察一些趨勢，它看起來有點季節性。因此，我們可以合理地推斷，您可能會看到下半年的一些高於季節性的趨勢。

Q3 and Q4 we're starting to see the backlog building. In the Q3, Q4, and Q1 of next year, we hadn't seen that last year. We weren't seeing backlogs building beyond the next quarter, so we're starting to see three quarters out now. That gives us some confidence and optimism about how we see the second half.

在第三季和第四季，我們開始看到積壓訂單的增加。在明年第三季、第四季和第一季度，我們去年還沒有看到這種情況。我們沒有看到下個季度之後的積壓訂單，所以我們現在開始看到接下來的三個季度。這讓我們對下半年充滿信心和樂觀。

Europe in Q3 is a seasonal holiday quarter. It's challenging with the month of August. There's a lot of people that shut down.

歐洲第三季是季節性假期季節。八月充滿挑戰。有很多人關閉了。

We're going to be watching the automotives. We, as I said, we haven't seen the schedule agreements change. Will the automotive factories be running in Europe. In the Q3 time frame at the moment, we don't see anything that shows a decline. So I think there'll be seasonal effects in Q3.

我們將觀看汽車。正如我所說，我們沒有看到時間表協議發生變化。歐洲的汽車工廠還會運作嗎？目前，在第三季的時間範圍內，我們沒有看到任何下降的跡象。所以我認為第三季會出現季節性影響。

We like the backlog that's developing Q4 I guess if you go back to our investor day in 2024, we projected the second half of '24 to be greater than the first half we have that same optimism for 2025.The second half to be better than the first half.

我們喜歡第四季正在開發的積壓訂單，我想如果你回顧 2024 年的投資者日，我們預測 24 年下半年將比上半年更好，我們對 2025 年也有同樣的樂觀態度。下半年會比上半年更好。

Perfect. And one more moment just on the June quarter outlook maybe can talk to you about the gross margins being kind of, flattish, despite a, higher revenue.

完美的。關於 6 月季度的展望，我再跟您講一下，儘管收入增加，但毛利率卻比較平穩。

Yeah, that's a good question. So, you know I have the aforementioned maths on the tariff impact of the 30 basis points, right?

是的，這是個好問題。那麼，您知道我對 30 個基點的關稅影響有上述計算嗎？

There are still additional ASPs we have baked in. It's more stable than the first quarter, but there's still some pockets in the second quarter we have factored in we do have a positive volume impact and we have positive cost reductions and just, to remind you the cost reductions take more than one quarter to get in place for the annual renewal of the OEM pricing so we have some we have some more improvements to go on that area yet, but some of them will come in in Q2, but the metal prices that I referred to are baked into the Q2 number.

我們還在其中包含了其他 ASP。它比第一季更穩定，但第二季度仍有一些因素，我們已經考慮到了銷量的積極影響，並且我們有積極的成本削減，只是提醒您，成本削減需要一個多季度才能到位，以適應 OEM 定價的年度更新，所以我們在這個領域還有一些改進要進行，但其中一些將在第二季度出現，但我提到的金屬價格已計入第二季度的數字中。

Perfect thank you guys.

非常感謝你們。

Thanks Peter.

謝謝彼得。

I'm showing no further questions at this time. I would now like to turn the call back to Joel for closing remarks.

我目前沒有其他問題。現在我想請喬爾做最後發言。

All right, thank you, Jill. Thank you everyone for joining our first quarter earnings conference call. We're encouraged by the market signals that we're seeing that support growth in the second quarter, and we look forward to supplying our customers and continuing to execute on our strategic growth plans throughout the year.

好的，謝謝你，吉爾。感謝大家參加我們的第一季財報電話會議。我們看到的市場訊號鼓舞我們，支持第二季的成長，我們期待全年為客戶提供服務並繼續執行我們的策略成長計劃。

We look forward to reporting again with you, the Q2 results in August. Thank you very much and have a good day.

我們期待八月再次與您報告第二季的業績。非常感謝，祝您有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。