威世科技 (VSH) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vishay Intertechnology quarter three 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Vishay Intertechnology 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would like to now hand the conference over to our first speaker, Mr. Peter. Please go ahead.

現在我謹將會議交給我們的第一位發言人彼得先生。請繼續。

Thank you, Raven. Good morning, and welcome to Vishay Intertechnology's third quarter 2025 earnings conference call. I am joined today by Joel Smejkal, our President and Chief Executive Officer; and by David McConnell, our Chief Financial Officer. This morning, we reported results for our third quarter. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com.

謝謝你，雷文。早安，歡迎參加 Vishay Intertechnology 2025 年第三季財報電話會議。今天與我一同出席的有我們的總裁兼執行長喬爾·斯梅杰卡爾，以及我們的財務長大衛·麥康奈爾。今天上午，我們公佈了第三季業績。您可以在我們網站 ir.vishay.com 的投資者關係欄位中找到我們的獲利報告副本。

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.

本次通話正在網路上進行現場直播，可透過我們的網站收看。此外，今天的電話會議將被錄音，並將在我們的網站上提供回放。通話期間，我們將參考一份幻燈片簡報，該簡報也已發佈在 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.

您應該注意，在今天的電話會議中，我們將發表一些關於未來事件和業績的前瞻性聲明。這些聲明存在風險和不確定性，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 Vishay's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. We are including information in our press release and on this conference call on various GAAP and non-GAAP measures.

有關可能導致結果出現差異的因素的討論，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。我們將在新聞稿和本次電話會議中提供有關各種 GAAP 和非 GAAP 指標的資訊。

We have included a full GAAP to non-GAAP reconciliation in our press release as well as in the presentation posted on ir.vishay.com, which we believe you will find useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures.

我們在新聞稿以及發佈在 ir.vishay.com 上的簡報中都包含了完整的 GAAP 與非 GAAP 財務報表調整表，我們相信您在比較我們的 GAAP 和非 GAAP 財務報表結果時會發現它很有用。我們使用非GAAP指標，因為我們認為這些指標能夠提供有關我們業務經營績效的有用信息，投資者應該將其與GAAP指標結合起來考慮。

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

現在我將電話交給總裁兼執行長喬爾·斯梅杰卡爾。

Thank you, Peter. Good morning, everyone. Thank you for joining our third quarter 2025 conference call. I'll start my remarks with a review of the third quarter performance and business conditions and then turn the call over to Dave, who will take you through a review of the third quarter financial results and our guidance for the fourth quarter of 2025. After that, I'll update you on the strategic levers we are pulling under Vishay 3.0 as we continue to execute on our five-year strategic plan, and then we'll be happy to answer any of your questions.

謝謝你，彼得。各位早安。感謝您參加我們2025年第三季電話會議。我將先回顧第三季的業績和業務狀況，然後將電話交給戴夫，他將為大家回顧第三季的財務業績以及我們對 2025 年第四季的展望。之後，我將向大家介紹我們在 Vishay 3.0 下為繼續執行五年戰略計劃而採取的戰略舉措，屆時我們將很樂意回答大家的任何問題。

For the third quarter, revenue grew sequentially 4% to $791 million, 2% above the midpoint of our guidance. Many market segments were up over Q2. Automotive, industrial, computer and medical were positive. Asia achieved the greatest growth, notably from automotive customers and sales to distributors supporting computing and industrial. Our sales to Asia distribution was positive in Q3 because of a large number of orders placed in Q2 to get ahead of the tariffs.

第三季度，營收季增 4% 至 7.91 億美元，比我們預期的中位數高出 2%。許多細分市場較第二季有所成長。汽車、工業、電腦和醫療產業均呈現正面態勢。亞洲實現了最大的成長，尤其是在汽車客戶和麵向電腦及工業領域分銷商的銷售方面。由於第二季下了大量訂單以趕在關稅生效前完成銷售，我們第三季對亞洲分銷管道的銷售額為正。

Vishay book-to-bill in the quarter was slightly below parity. Orders from OEMs were up in all regions. Orders from EMS were positive over Q2. Distribution orders in the Americas and Europe were positive above Q2, while Asia distribution orders were lower following the higher order amount in Q2, which was mentioned previously. Both semi and passive book-to-bill was slightly below 1.

Vishay本季的訂單出貨比略低於持平率。所有地區的OEM訂單均有所成長。第二季EMS訂單量為正成長。美洲和歐洲的分銷訂單較第二季度有所增長，而亞洲的分銷訂單則有所下降，這與先前提到的第二季訂單量較高的情況相符。半被動式和被動式訂單出貨率均略低於 1。

Book-to-bill for October is at a run rate of 1.15. Our backlog continues to build at a gradual pace as it has since the beginning of the year. Orders were up 19% year over year, indicating that conditions are improving in automotive, smart grid infrastructure, aerospace defense and AI-related power requirements.

10 月的訂單出貨比為 1.15。與年初以來的情況一樣，我們的積壓訂單繼續以緩慢的速度成長。訂單量年增 19%，顯示汽車、智慧電網基礎設施、航空航天國防和人工智慧相關電力需求的狀況正在改善。

However, a very large portion of these orders are still placed with short-term delivery requests. Turns business, expedites, pull-ins, they all continue in nearly all markets as customers for the most part, are still not planning ahead.

然而，這些訂單中很大一部分仍然要求短期交貨。業務轉型、加急處理、拉貨等措施在幾乎所有市場中都持續進行，因為大多數客戶仍然沒有提前做好規劃。

In Asia, the percentage of short-term delivery orders continues over 50%. This seems to be the new normal for our business at the moment. Our decision three years ago to invest heavily in incremental capacity has positioned Vishay to satisfy nearly all of these quick turn delivery requests without having to choose one customer over another.

在亞洲，短期交付訂單的比例持續超過 50%。這似乎已成為我們公司目前的新常態。三年前，我們決定大力投資增加產能，這使得 Vishay 能夠滿足幾乎所有快速交付的要求，而無需在不同的客戶服務之間做出選擇。

Today, Vishay is demonstrating to customers that we can reliably satisfy quick turn demand while still maintaining competitive lead times. At the same time, we remain well positioned to capture the early stages of upturns in market demand and supplying customers as they scale.

如今，Vishay 向客戶證明，我們能夠在保持具有競爭力的交貨週期的同時，可靠地滿足快速週轉的需求。同時，我們依然處於有利地位，能夠抓住市場需求回升的早期階段，並在客戶擴大規模時為其提供供應。

We are now serving the channels of distribution, OEM and EMS more reliably. Let's turn to a review of the revenue, which is by end market on slide 3. Automotive revenue increased 7% versus the second quarter on higher volume in the Americas and Europe.

我們現在能夠更可靠地服務於分銷管道、OEM和EMS。讓我們來回顧一下收入狀況，第 3 頁是按終端市場劃分的收入情況。由於美洲和歐洲銷量成長，汽車產業營收較第二季成長7%。

We mentioned in the Q2 call that we saw automotive positive in the second half of 2025. Tier 1 customers increased their pull rates, and we've increased our engagements with more automotive OEMs and Tier 1s now that we have capacity.

我們在第二季電話會議上提到，我們預計 2025 年下半年汽車產業將呈現正面狀況。一級客戶的採購量增加了，現在我們有了產能，也增加了與更多汽車OEM廠商和一級供應商的合作。

Automotive customers have audited our UK and Mexico sites, where we have now gained more site approvals. We work closely now with the OEMs and Tier 1s to further approve our product PCM. Our design activities continue in all automotive powertrains, ICE, hybrid and battery electric vehicles. Increasing our revenue in all automotive applications is our focus as electronic content increases, particularly in traction inverters, ADAS features, safety and smart cockpit applications and electronic braking and power steering.

汽車行業客戶已經審核了我們在英國和墨西哥的工廠，我們目前已在這兩個國家獲得了更多工廠認證。我們現在與OEM廠商和一級供應商密切合作，以進一步批准我們的產品PCM。我們的設計活動持續涵蓋所有汽車動力系統，包括內燃機汽車、混合動力車和純電動車。隨著電子含量的增加，我們專注於提高所有汽車應用領域的收入，尤其是在牽引逆變器、ADAS 功能、安全性和智慧座艙應用以及電子煞車和動力轉向方面。

Revenue from the Industrial segment increased 2% for the second quarter, driven heavily by our shipment of capacitors to smart grid infrastructure projects for programs led by Europe and China OEMs. Q3 seasonality slowed bookings a bit in the Americas and Europe.

第二季工業部門的營收成長了 2%，這主要得益於我們向由歐洲和中國 OEM 廠商主導的智慧電網基礎設施項目交付電容器。第三季季節性因素導緻美洲和歐洲的預訂量略有下降。

The industrial market is showing some improvement. There continues to be a pickup in replenishment orders in the channel now that inventories are mostly consumed. As reported each quarter, we see the orders for our high-voltage DC power capacitor as an early indicator of the improving industrial business.

工業市場出現了一些好轉跡象。現在庫存基本上被消耗殆盡，通路補貨訂單持續增加。正如每季報告的那樣，我們認為高壓直流電源電容器的訂單是工業業務改善的早期指標。

We continue to win large orders for customers in Europe, Asia and India for high-voltage DC power transmission to be delivered in 2025. Demand for industrial power management customers will be next to increase as the smart grid transmission lines are put in place. Growing opportunities for Vishay are industrial power for electricity to AI data centers, automotive hybrid EV for power management requirements as well for the AI chip production sites.

我們繼續贏得來自歐洲、亞洲和印度客戶的高壓直流輸電大訂單，並將於 2025 年交付。隨著智慧電網輸電線路的建設，工業電力管理客戶的需求將緊跟著成長。Vishay 的發展機會包括為 AI 資料中心提供工業電力，為汽車混合動力電動車提供電力管理需求，以及為 AI 晶片生產基地提供電力。

Our design activity is focused largely on AI power structures and grid improvements as the build of data centers is driving demand for control systems, which monitor backup power and cooling. Along with power supplies and power distribution management, we also work on designs for industrial automation, robotic platforms, energy storage and smart meters.

我們的設計活動主要集中在人工智慧電力結構和電網改進方面，因為資料中心的建設推動了對控制系統的需求，這些控制系統用於監控備用電源和冷卻。除了電源和配電管理之外，我們還從事工業自動化、機器人平台、儲能和智慧電錶的設計工作。

In aerospace defense, Revenue decreased 2% quarter over quarter as the US Department of Defense was slow to release funding for major programs. Now in this quarter, orders are beginning to pick up with the release of funding to large military contractors and the replenishment of the distribution channel inventory to support defense business. The majority of designs in the US and Europe remain focused on new and legacy weapon systems, communication systems, drones, commercial aerospace and satellite programs.

在航空航太國防領域，由於美國國防部遲遲未能撥付重大項目的資金，收入環比下降了 2%。本季度，隨著向大型軍工承包商發放資金以及補充分銷渠道庫存以支持國防業務，訂單開始回升。美國和歐洲的大多數設計仍然集中在新型和傳統武器系統、通訊系統、無人機、商業航空航天和衛星項目。

In the medical market segment, revenue grew 2% on increased activity by some of our larger long-standing customers and in support of new programs and increased activity for existing programs in cardiovascular, pacemakers and defibrillators, medical surgical, surgical tools, patient monitoring and respiratory care, neuroscience for chronic pain and movement disorders and cochlear hearing applications.

在醫療市場領域，由於一些長期大客戶的業務活動增加，以及對心血管、起搏器和除顫器、醫療外科、手術工具、患者監護和呼吸護理、慢性疼痛和運動障礙的神經科學以及人工耳蝸應用等領域的新項目和現有項目的業務活動增加，收入增長了 2%。

Ongoing demand for these applications also drove order growth. Our design activities remain focused on all medical products and applications. Our strategy to cross-sell all Vishay technologies to existing medical customers continues to progress positively. As an example, we have designed in and qualified to supply additional passives for a new project at a long-standing medical customer.

對這些應用的持續需求也推動了訂單成長。我們的設計活動仍然專注於所有醫療產品和應用。我們向現有醫療客戶交叉銷售所有 Vishay 技術的策略繼續取得積極進展。例如，我們已經設計並獲得了資質，可以為長期合作的醫療客戶的新專案提供額外的被動元件。

This will start in 2026. We're continuing to develop opportunities to sell across our portfolio with this customer and others. Revenue from the other market segment, including computing, consumer and telecom end markets was up 4% quarter over quarter, reflecting ongoing demand for AI servers and server power. Asia is where these transactions take place. We see increased order flow as new AI server power projects move into production.

這項計劃將於2026年開始。我們正在持續開發機會，與該客戶及其他客戶合作，銷售我們產品組合中的各類產品。其他市場領域（包括運算、消費和電信終端市場）的營收季增 4%，反映出對 AI 伺服器和伺服器算力的持續需求。這些交易主要發生在亞洲。隨著新的人工智慧伺服器項目投入生產，我們看到訂單量增加。

We continued in the third quarter to increase our customer count and are now supplying more AI customers. At the same time, in addition to MOSFETs and ICs, we design in and supply customers with diodes, capacitors, inductors, resistors to expand our overall part counts. We continue to win qualifications with polymer tantalum, also for magnetics and current sense resistors.

第三季我們持續增加客戶數量，現在正在為更多人工智慧客戶提供服務。同時，除了 MOSFET 和 IC 之外，我們還為客戶設計並供應二極體、電容器、電感器、電阻器，以擴大我們的整體零件數量。我們在聚合物鉭方面持續獲得認證，磁性元件和電流檢測電阻器也是如此。

Design activity remains focused on power conversion and power management, including multiphase DC to DC converters, ultra-low DC resistant inductors, polymer tantalum capacitors for the GPU chipset power and also AI optical modules. Next-generation data centers are requiring higher input voltages in order to deliver more power to each rack with less power loss.

設計活動仍集中在電源轉換和電源管理方面，包括多相直流到直流轉換器、超低直流電阻電感器、用於 GPU 晶片組電源的聚合物鉭電容器以及 AI 光學模組。新一代資料中心需要更高的輸入電壓，以便為每個機架提供更多電力，同時減少功率損耗。

These are further opportunities for Vishay's products. Let's move to slide 4 for revenue by channel. OEM revenue grew 6% quarter over quarter, driven primarily by increased volume with automotive and industrial accounts, plus shipments for smart grid infrastructure projects in Europe and Asia. Order intake increased in all regions during the quarter and is back to levels last seen in 2022. Sales to the EMS channel fell 7% with reductions in all regions reflecting mix.

這些都為Vishay的產品提供了更多機會。接下來我們來看第 4 張投影片，了解各通路的收入狀況。OEM 營收季增 6%，主要得益於汽車和工業客戶的銷售成長，以及歐洲和亞洲智慧電網基礎設施項目的出貨量增加。本季度所有地區的訂單量均有所增長，並已恢復到 2022 年以來的水平。面向 EMS 通路的銷售額下降了 7%，所有地區的銷售額均有所下降，這反映了產品組合的變化。

Order intake for EMS increased from the second quarter, also reaching the level -- the highest level we've seen in three years. As a result, our new investment in incremental capacity, we are in a much improved position to participate in the EMS channel business.

EMS 的訂單量從第二季開始增加，也達到了三年來的最高水準。因此，透過對新增產能的新投資，我們更有能力參與EMS通路業務。

We can reliably satisfy increasing demand from EMS customers that are operating in a short-term visibility. We are supplying aerospace, defense projects, automotive, industrial and AI-related programs. Distribution revenue increased 4% with nearly all of the Q3 growth coming from Asia, while Europe and the Americas were more seasonal.

我們可以可靠地滿足那些在短期內營運的EMS客戶日益增長的需求。我們為航空航太、國防專案、汽車、工業和人工智慧相關專案提供產品和服務。分銷收入成長了 4%，其中第三季的成長幾乎全部來自亞洲，而歐洲和美洲的成長則更受到季節性因素的影響。

AI servers, industrial and smart grid infrastructure projects supported the Asia increase. Our intake grew in all regions to prepare backlogs as end customers' inventory further normalized. In the Americas, order intake increased significantly, driven primarily by demand from aerospace defense customers. Distribution inventory was flat compared to Q2, while inventory overall is holding steady at 23 weeks. Both POS and POA remained stable in each region.

AI伺服器、工業和智慧電網基礎設施項目為亞洲的成長提供了支援。隨著終端客戶庫存進一步恢復正常，我們所有地區的進貨量都有所增加，以應對積壓訂單。在美洲，訂單量大幅增加，主要受航空航太國防客戶需求的推動。與第二季相比，分銷庫存持平，而整體庫存保持穩定，為 23 週。各地區的POS和POA均保持穩定。

Based on data from our customers, we can see that our initiative to gain share with distributors is working. We continue to add part number SKUs throughout the channels, recently including many new released inductor products, placing more part numbers on the distributor shelves as we deepen engagement with them and position Vishay for further share gains.

根據我們客戶提供的數據，我們可以看出，我們透過與經銷商合作來獲取市場份額的舉措是有效的。我們持續在各個通路增加零件編號 SKU，最近也推出了許多新的電感器產品，隨著我們與經銷商的合作不斷加深，我們將更多的零件編號擺放在經銷商的貨架上，為 Vishay 爭取更大的市場份額。

Turning to slide 5 in terms of geographical mix. Revenue growth for this quarter came predominantly from Asia with a 7% increase in sales. Americas revenue was up slightly and Europe was essentially flat due to the seasonal impacts mostly in August.

接下來來看地理構成方面的第 5 張投影片。本季營收成長主要來自亞洲，銷售額成長了7%。美洲地區的收入略有增長，而歐洲地區的收入基本持平，這主要是由於8月的季節性影響。

Before turning the call over to Dave, I'd like to thank the Vishay employees for their hard work and for their continued commitment to Vishay's strategic and financial goals. They put the customer first every day. They embrace a business-minded approach to help the customers when looking for support.

在將電話交給戴夫之前，我想感謝 Vishay 的員工們的辛勤工作以及他們對 Vishay 策略和財務目標的持續投入。他們每天都把顧客放在第一位。他們秉持商業思維，在客戶尋求支援時提供協助。

In the current climate, they may be asked by a customer to expedite a Vishay delivery or to help prevent a line down due to shortages from another supplier. We work hard to step in and help the customer.

在當前情況下，客戶可能會要求他們加快 Vishay 的交貨速度，或協助防止因其他供應商短缺而導致生產線停工。我們努力介入並幫助客戶。

Our sales, business development, marketing, operations and corporate colleagues do everything they can to show Vishay customers that Vishay 3.0 is a transforming company, creating opportunities to satisfy new customers while reengaging previously underserved customers.

我們的銷售、業務拓展、行銷、營運和公司同事竭盡所能向 Vishay 的客戶展示 Vishay 3.0 是一家正在轉型的公司，它創造了滿足新客戶的機會，同時重新吸引以前服務不足的客戶。

Thank you to all the Vishay employees and our reps to show Vishay is a reliable supplier. I'll now turn the call over to Dave for a review of the third quarter financial results.

感謝 Vishay 的所有員工和我們的代表，證明了 Vishay 是可靠的供應商。現在我將把電話交給戴夫，讓他回顧第三季的財務表現。

Thank you, Joel. Good morning, everyone. Let's start our review of the third quarter results with the highlights on slide 6. Third quarter revenues were $791 million, up 4% compared to the second quarter, reflecting a 3% increase in volume and a 1% positive foreign currency impact related mostly to the Euro. Average selling prices, including tariff adders were flat versus the second quarter.

謝謝你，喬爾。各位早安。讓我們從第 6 頁幻燈片上的亮點開始回顧第三季業績。第三季營收為 7.91 億美元，比第二季成長 4%，這主要得益於銷量成長 3% 以及與歐元相關的 1% 的正面外匯影響。包括關稅附加費在內的平均售價與第二季持平。

Nearly all reportable business segments had higher revenues than the second quarter, driven mostly by volume. Compared to the third quarter of 2024, revenues increased 8%, reflecting an 8% increase in volume and a 2% positive foreign currency impact related mostly to the Euro.

幾乎所有可報告的業務部門的收入都比第二季度有所增長，這主要得益於銷量的增長。與 2024 年第三季相比，營收成長了 8%，這反映了銷量成長了 8%，以及主要與歐元相關的 2% 的正面外匯影響。

This was partially offset by a 2% reduction in ASPs, including tariff adders. Book-to-bill for the quarter was 0.97, broken down into 0.96 for semis and 0.98 for passives. Backlog in dollars was flat at $1.2 billion and is now at 4.4 months.

平均售價（包括關稅附加費）下降 2%，部分抵消了上述影響。本季訂單出貨比為 0.97，其中半自動販賣機為 0.96，被動式販賣機為 0.98。積壓訂單金額（以美元計）持平於 12 億美元，目前已持續 4.4 個月。

Moving on to the next slide, presenting the income statement highlights. Gross profit was $154 million, resulting in a gross margin of 19.5%, slightly below the midpoint of our guidance and flat versus quarter two.

接下來是下一張投影片，介紹損益表要點。毛利為 1.54 億美元，毛利率為 19.5%，略低於我們預期的中點，與第二季持平。

The margin performance was driven mostly by elevated metals prices as well as modest currency headwinds. The negative impact from our Newport fab was approximately 150 basis points, slightly better than our guidance. Depreciation expense was $54 million, in line with our guidance and up $1 million over quarter 2.

利潤率表現主要受金屬價格上漲以及匯率波動帶來的輕微不利因素所推動。我們位於紐波特的工廠的負面影響約為 150 個基點，略優於我們的預期。折舊費用為 5,400 萬美元，符合我們的預期，比第二季增加了 100 萬美元。

SG&A expenses were $135 million, slightly below our guidance and down $2 million from quarter two on an adjusted basis. GAAP operating margin was 2.4% compared to 2.9% in the second quarter and a minus 2.5% in the third quarter of 2024.

銷售、一般及行政費用為 1.35 億美元，略低於我們的預期，經調整後比第二季減少了 200 萬美元。GAAP 營業利潤率為 2.4%，而第二季為 2.9%，2024 年第三季為 -2.5%。

Adjusted operating margin was 1.4% in the second quarter and 3.0% in the third quarter of '24, excluding -- non-GAAP adjustments. There were no pretax non-GAAP adjustments in quarter three. EBITDA for the quarter was $76 million for an EBITDA margin of 9.6%.

2024 年第二季調整後營業利益率為 1.4%，第三季為 3.0%（不含非 GAAP 調整）。第三季沒有稅前非GAAP調整。本季 EBITDA 為 7,600 萬美元，EBITDA 利潤率為 9.6%。

Adjusted EBITDA margin was also 9.6%, up from 8.3% in the second quarter. Our GAAP effective tax rate remains meaningful at these low levels of pretax income or loss as relatively small items such as foreign currency and repatriation taxes have a disproportionate impact on our effective tax rate.

調整後 EBITDA 利潤率也達到 9.6%，高於第二季的 8.3%。在稅前收入或虧損水平如此之低的情況下，我們的 GAAP 實際稅率仍然具有意義，因為像外匯稅和匯回稅這樣的相對較小的項目對我們的實際稅率產生了不成比例的影響。

As profitability returns, we would expect a more normalized effective tax rate closer to our historical guidance. In the quarter, we recognized $13.7 million of tax expense due to changes in tax laws and regulations in the US and Germany, which is excluded from our adjusted net earnings.

隨著獲利能力的恢復，我們預期實際稅率將更加正常化，更接近我們以往的預期。本季度，由於美國和德國稅法法規的變化，我們確認了 1,370 萬美元的稅項支出，該支出已從我們調整後的淨收益中扣除。

GAAP loss per share was minus $0.06 compared to earnings of $0.01 per share in the second quarter and a loss per share of $0.14 in the third quarter of '24. Adjusted earnings per share was $0.04 for the third quarter of 2025 compared to a net loss per share of $0.07 for the second quarter of '25 and adjusted net earnings per share of $0.08 for the third quarter of '24.

2024 年第二季每股獲利 0.01 美元，第三季每股虧損 0.14 美元，以美國通用會計準則 (GAAP) 計算，每股虧損為 0.06 美元。2025 年第三季調整後每股收益為 0.04 美元，而 2025 年第二季每股淨虧損為 0.07 美元，2024 年第三季調整後每股淨收益為 0.08 美元。

Moving on, slide 8 provides a summary table detailing revenue, gross margin and book-to-bill ratios across our reportable segments for quick reference. In the third quarter, Newport's results continue to be reported under the MOSFET business segment, reducing that segment's gross margin by approximately 720 basis points, an improvement from the 840 basis points impact seen in Q2. Turning to slide 9.

接下來，第 8 張投影片提供了一個總結表，詳細列出了我們各個報告部門的收入、毛利率和訂單出貨比，以便快速參考。第三季度，紐波特的業績繼續在 MOSFET 業務部門下報告，導致該部門的毛利率下降了約 720 個基點，比第二季度下降的 840 個基點有所改善。翻到第9張投影片。

In the third quarter, our cash conversion cycle remained steady at 130 days, reflecting our disciplined working capital management. Inventory increased to $760 million, primarily driven by production ramp-ups and higher metals prices. However, inventory days outstanding improved to 108. Our DSO was stable at 53 days, while the DPO decreased one day from Q2 to 31. Continuing to slide 10.

第三季度，我們的現金週轉週期保持穩定在 130 天，這反映了我們嚴格的營運資本管理。庫存增至 7.6 億美元，主要原因是產量提升和金屬價格上漲。然而，庫存週轉天數改善至 108 天。我們的 DSO 穩定在 53 天，而 DPO 從第二季減少一天至 31 天。繼續播放第10張投影片。

You can see we generated $28 million in operating cash for the third quarter. Total CapEx for the quarter was $52 million, including $43 million designated for capacity expansion projects. On a trailing 12-month basis, capital intensity was 10.8%, relatively flat versus the same period last year. We continue to deploy cash for capacity expansion projects. Due to these investments, free cash flow for the quarter was a negative $24 million compared to a negative $73 million in the second quarter, which included significant transition and repatriation taxes.

您可以看到，我們第三季產生了 2800 萬美元的經營現金流。本季資本支出總額為 5,200 萬美元，其中 4,300 萬美元指定用於產能擴張項目。過去 12 個月的資本密集度為 10.8%，與去年同期相比基本持平。我們將繼續投入資金用於產能擴張項目。由於這些投資，本季自由現金流為負 2,400 萬美元，而第二季為負 7,300 萬美元，其中包括大量的過渡稅和匯回稅。

Stockholder returns for the third quarter consisted of our $13.6 million quarterly dividend. We did not repurchase any shares in the quarter. At the end of the quarter, our global cash and short-term investment balance stands at $444 million, and we remain in a net borrowing position in the US with $189 million outstanding on our revolver.

第三季股東回報包括我們發放的 1,360 萬美元季度股息。本季我們沒有回購任何股票。截至本季末，我們的全球現金和短期投資餘額為 4.44 億美元，我們在美國仍處於淨借款狀態，循環信貸未償還金額為 1.89 億美元。

As we've noted in the past, we're required to fund cash dividends, any share repurchases as well as principal and interest payments using our US cash on hand and we are using US-based liquidity to fund our Newport expansion and other strategic investments.

正如我們過去所指出的，我們需要使用我們在美國持有的現金來支付現金股息、任何股票回購以及本金和利息支付，我們正在使用美國的流動資金來為我們在紐波特的擴張和其他戰略投資提供資金。

We have $280 million accessible on our revolving credit facilities at the current EBITDA level. We expect to continue to draw on our revolver to fund our US cash needs. Moving on to our guidance on slide 11.

以目前的 EBITDA 水準計算，我們可從循環信貸額度中獲得 2.8 億美元的可用資金。我們預計將繼續動用循環信貸額度來滿足我們在美國的現金需求。接下來，我們來看第 11 張投影片上的指導說明。

For the fourth quarter of 2025, revenues are expected to be $790 million, plus or minus $20 million. Gross margin is expected to be in the range of 19.5%, plus or minus 50 basis points, inclusive of tariff impacts and expected continuing higher input costs. Newport is planned to have an approximate 150 to 175 basis point drag on gross margin in the fourth quarter.

預計 2025 年第四季營收為 7.9 億美元，上下浮動 2,000 萬美元。預計毛利率將在 19.5% 左右，上下浮動 50 個基點，其中包括關稅影響和預計持續上漲的投入成本。預計紐波特第四季的毛利率將下降約 150 至 175 個基點。

As we discussed last quarter, we're passing through additional tariff costs to customers, those tariff adders increase our revenues without impacting our gross profit. The impacts of tariffs are generally limited and incorporated into our guidance for the fourth quarter.

正如我們上個季度討論的那樣，我們將額外的關稅成本轉嫁給了客戶，這些關稅附加費增加了我們的收入，但並未影響我們的毛利。關稅的影響總體有限，並已納入我們對第四季度的業績預期。

Depreciation expense is expected to be approximately $55 million for the fourth quarter and $212 million for the full year '25. SG&A expenses are expected to be $138 million, plus or minus $2 million for the quarter. Our GAAP effective tax rate remains not meaningful at low levels of pretax income and loss.

預計第四季折舊費用約為 5,500 萬美元，2025 年全年折舊費用約為 2.12 億美元。本季銷售、管理及行政費用預計為 1.38 億美元，上下浮動 200 萬美元。在稅前收入和虧損水準較低的情況下，我們的 GAAP 有效稅率仍然沒有意義。

As our profitability returns, we expect a normalized tax -- effective tax rate closer to our historical guidance of 30% to 32%. In quarter four, we expect tax expense to be between $4 million and $8 million, assuming a similar profit mix amongst our tax jurisdictions.

隨著獲利能力的恢復，我們預計稅收將恢復正常——實際稅率將更接近我們以往的預期，即 30% 至 32%。假設各稅務管轄區的利潤組成相似，我們預期第四季的稅收支出將在 400 萬美元至 800 萬美元之間。

Finally, our stockholder return policy calls for us to return 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. However, we expect to maintain our dividend and opportunistically repurchase shares based on US available liquidity in line with this policy. I'll turn the call back over to Joel.

最後，我們的股東回報政策要求我們將 70% 的自由現金流以股利和股票回購的形式返還給股東。由於產能擴張計劃，我們預計 2025 年自由現金流將再次為負。但是，我們預計將維持股息，並根據美國可用的流動性情況，按照這項政策擇機回購股票。我把電話轉回喬爾。

All right. Thank you, Dave. Let's go to slide 12. Slide 12 will give us an update on the strategic levers we are pulling to drive faster revenue growth, higher margins and enhanced returns on capital as we execute our five-year plan. Starting with capacity investments.

好的。謝謝你，戴夫。我們來看第12張投影片。第 12 頁將介紹我們在執行五年計畫時，為推動更快的收入成長、更高的利潤率和更高的資本回報率而採取的策略槓桿的最新情況。首先從產能投資著手。

Year to date, we have invested $179 million, and we expect to spend between $300 million to $350 million this year. At least 70% of this CapEx is for expansion projects. At our Newport facility, we are on schedule, increasing our wafer starts each month. During the quarter, we completed the installation of all tools for silicon and silicon carbide wafers, and we released and started production ramp-up for two additional technologies. Automotive customer audits are continuing.

今年迄今，我們已投資 1.79 億美元，預計今年將投入 3 億至 3.5 億美元。至少70%的資本支出用於擴建項目。我們在紐波特工廠的生產進度一切正常，每月晶圓開工量都在增加。本季度，我們完成了矽和碳化矽晶圓所有設備的安裝，並發布了另外兩項技術，並開始量產爬坡。汽車業客戶審計工作仍在進行中。

In our passive business at La Laguna, Mexico, we released commercial part numbers for production while continuing to qualify additional part numbers. We've scheduled site audits with many automotive customers.

在墨西哥拉拉古納的被動式設備業務中，我們發布了用於生產的商業零件編號，同時繼續對其他零件編號進行認證。我們已安排對許多汽車客戶進行現場審核。

We've completed the IATF certification of our automotive-grade inductors, which opens the door to move for more site audits and supplying more automotive OEMs from this facility. We've had more than 20 audits completed at La Laguna. At our facility in Juarez, Mexico, we've passed the audits conducted by two of our automotive customers and continue to increase production of commercial products.

我們已經完成了汽車級電感器的 IATF 認證，這為我們進行更多現場審核以及從該工廠向更多汽車 OEM 供貨打開了大門。我們在拉拉古納已經完成了 20 多次審計。我們在墨西哥華雷斯的工廠已經通過了兩家汽車客戶進行的審核，並將繼續提高商業產品的產量。

Through our subcontractor initiative, we now have qualified more than 9,000 part numbers, further expanding our portfolio of diodes, resistors, capacitors and inductors. As a reminder, this initiative has a couple of objectives.

透過我們的分包商計劃，我們現在已經認證了超過 9,000 個零件編號，進一步擴展了我們的二極管、電阻器、電容器和電感器產品組合。再次提醒，這項計劃有兩個目標。

The first one is to create incremental capacity internally for our high-growth products by outsourcing commodity products. The second is to broaden our product portfolio and to increase our share of customers' bill of materials. Turning to innovation in our silicon carbide strategy during the quarter.

第一種方法是透過外包大宗商品，為我們的高成長產品創造內部增量產能。第二點是擴大我們的產品組合，並提高我們在客戶物料清單中的份額。本季我們將重點放在推動碳化矽策略的創新。

For MOSFETs, we released three additional products, two industrial and 1 automotive for the Gen 2 1,200-volt planar. We plan to release eight devices in Q4 for industrial and eight devices for automotive in Q1.

對於 MOSFET，我們發布了三款新增產品，其中兩款為工業產品，一款為汽車產品，適用於第二代 1200 伏特平面裝置。我們計劃在第四季發布八款工業設備，並在第一季發布八款汽車設備。

We remain on track to release the 1,700-volt and the 650-volt industrial platforms in Q1 and the automotive platforms in Q2. Samples for the Gen 3 1,200-volt trench were available in Q3 and on track to release the industrial platform in Q4 and the automotive products in Q1. For silicon carbide diodes, we fully released the industrial and automotive, Gen 4 1,200 volt and the 650 volt.

我們仍按計劃在第一季發布 1700 伏特和 650 伏特工業平台，在第二季發布汽車平台。第三代 1200 伏特溝槽式斷路器的樣品已於第三季推出，工業平台將於第四季發布，汽車產品將於第一季發布。對於碳化矽二極管，我們全面推出了工業和汽車用第四代 1200 伏特和 650 伏特產品。

In closing, market signals remain directionally positive with increasing demand from automotive, AI server, and server power, smart grid infrastructure and industrial power, aerospace, defense and medical. Our accelerated investments to expand capacity over the last three years positions us to capitalize more on the market up cycles in these high-growth segments, meeting quick turn delivery requirements while maintaining competitive lead time.

綜上所述，市場訊號仍保持積極態勢，汽車、人工智慧伺服器和伺服器電源、智慧電網基礎設施和工業電源、航空航太、國防和醫療等領域的需求不斷增長。過去三年，我們加快了產能擴張的投資步伐，這使我們能夠更好地掌握這些高成長領域的市場週期性上漲機遇，在滿足快速交付要求的同時，保持具有競爭力的交貨週期。

We like the feedback we get from customers about Vishay 3.0. We keep our feet on the ground because we have a journey to complete in this transformation of Vishay. Every day, we are demonstrating to the customers that we have the capacity to assure them of reliable volume as they scale production and to supply more part numbers to them.

我們很喜歡客戶對 Vishay 3.0 的回饋。我們腳踏實地，因為 Vishay 的轉型之路還有很長的路要走。我們每天都在向客戶證明，隨著他們擴大生產規模，我們有能力保證可靠的供貨量，並能為他們提供更多零件編號。

Over the past three weeks, we contacted many global automotive and some industrial and computer customers to offer our support to address their manufacturing line down concerns. Customers appreciated very much that we call them. We now have daily conversations with automotive OEMs and Tier 1s to cross part numbers and help them manage their risk.

在過去的三個星期裡，我們聯繫了許多全球汽車行業以及一些工業和電腦行業的客戶，表示願意為他們提供支持，以解決他們生產線停工的問題。客戶們非常感謝我們打電話給他們。我們現在每天都與汽車OEM廠商和一級供應商溝通，交叉比對零件編號，幫助他們管理風險。

Looking ahead, we are intently focused on creating more opportunities to expand our participation in the full market recovery to better leverage our entire portfolio and to deepen our engagement with new and existing customers. We are building on our success to gain share with our channel partners in cross-selling products in our portfolio, designing in and supplying a greater share of the customer's bill of materials.

展望未來，我們將全力以赴創造更多機會，擴大我們在市場全面復甦中的參與度，以更好地利用我們的全部產品組合，並加深與新舊客戶的合作。我們正在鞏固已取得的成功，以期在交叉銷售產品組合方面與通路合作夥伴共同獲得市場份額，並在客戶的物料清單中設計和供應更大份額的產品。

We also focus on creating more value for our customers through innovation with our silicon carbide strategy by expanding our portfolio of technologies to better serve their demand and by supporting their technology road maps. We remain committed to pulling the eight strategic levers as we execute our strategic plan to accelerate revenue growth, improve margins and enhance returns on capital. Raven, let's open the call to questions.

我們也致力於透過碳化矽策略的創新，為客戶創造更多價值，擴大我們的技術組合，以更好地滿足他們的需求，並支援他們的技術路線圖。我們將繼續致力於運用八項策略槓桿來執行我們的策略計劃，以加速收入成長、提高利潤率和增強資本回報率。雷文，現在開始接受提問。

(Operator Instructions) Our first question comes from Ruplu from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的魯普魯。

The first one, Joel, in the Automotive segment, did Vishay see any benefit or impact from the export restrictions that were put on Nexperia?

第一個問題，Joel，在汽車領域，Vishay 是否從對 Nexperia 實施的出口限制中獲得了任何好處或影響？

Ruplu, nice to hear from you. This is a dynamic conversation. I mentioned in the closing that we are in discussion with many OEMs daily and many Tier 1s. They've asked for support in line down situations, and we have been able to support in some cases, depending on how the part numbers cross. So we -- at the moment, we're seeing a lot of opportunity developing.

魯普魯，很高興收到你的來信。這是一場充滿活力的對話。我在結尾處提到，我們每天都在與許多原始設備製造商 (OEM) 和許多一級供應商進行洽談。他們曾要求在生產線停工的情況下提供支持，而我們也能夠在一些情況下提供支持，這取決於零件編號的交叉情況。所以，目前我們看到了很多發展機會。

We didn't guide or didn't place much of that in our Q4 revenue guide because at this moment, it's been shortage quantities just to keep factories moving. So we are in the conversations.

我們沒有在第四季度營收預期中對此進行預測，也沒有過多提及，因為目前我們面臨的問題是產量不足，只是為了維持工廠運作。所以我們都在參與討論。

Okay. Okay. Can I switch to margins? I mean, it looks like Newport was not as big a negative impact as you had expected on fiscal 3Q margins. But just looking at the gross margin, it was maybe 20 bps below the midpoint of guidance.

好的。好的。我可以切換到邊距嗎？我的意思是，看來紐波特港對第三財季利潤率的負面影響並沒有你預期的那麼大。但單從毛利率來看，它可能比預期中位數低了 20 個基點。

I think you mentioned the metal prices as one factor. Were there anything else? How was pricing? And when it comes to the metal pricing or prices and cost, are you using the strength of the balance sheet to prebuy any metals? So just any thoughts on that impact going forward?

我想你曾經提到過金屬價格是其中一個因素。還有其他問題嗎？價格如何？那麼，在金屬定價或價格和成本方面，您是否利用資產負債表的實力提前購買任何金屬？那麼，對於這種影響未來會如何發展，大家有什麼看法呢？

Okay. I'll take the first part of that, and Dave can comment on the second part. The items that impact gross margin, metals was one, whether it's gold, whether it's palladium, platinum, silver, they're all at a very high rate plus copper tariff. Copper tariff is another one. So we're managing the metals, and we're preparing to pass costs on to customers.

好的。我來回答第一部分，第二部分可以請戴夫評論。影響毛利率的因素之一是金屬，無論是黃金、鈀金、鉑金或白銀，它們的價格都非常高，再加上銅的關稅。銅關稅是另一個例子。所以我們正在管理這些金屬，並準備將成本轉嫁給客戶。

That's a negotiation season now. So we're passing metal costs on as much as possible. Exchange rate, Dave can elaborate on a little bit. There's also operational items. It's not a perfect operation.

現在正是談判季。所以我們要盡可能地把金屬成本轉嫁給消費者。關於匯率，戴夫可以詳細解釋。另外還有一些操作性項目。這並非一項完美的操作。

There's always things that we need to improve on with manufacturing efficiencies. So metals, exchange rate plus some operational issues is what had the gross margin flat Q3 versus Q2. Dave, do you want to talk at all about any of those items or the forward buying of metals?

在生產效率方面，我們總是有需要改進的地方。因此，金屬價格、匯率以及一些營運問題是導致第三季毛利率與第二季持平的原因。戴夫，你想談談這些項目或金屬遠期購買的事情嗎？

Yes. No. So Ruplu, it's a good question. When you -- combining the metals and the FX impact, we're looking probably north of 50 basis points on the total, okay? So it's no small impact.

是的。不。魯普魯，問得好。當你把金屬價格和匯率的影響加在一起時，我們預期總影響可能會超過 50 個基點，好嗎？所以這絕非小事。

So I mean everybody knows what's going on in the metals markets right now. I mean gold year to date, 48% increase; silver, 59%. And in October, we're seeing them go up again, okay? In terms of the FX impact, we're well balanced with the Euro, but we do make -- we do build parts in some countries where we don't have revenue, okay? And two countries specifically, currency, the Shekel and the new Taiwan dollar strengthened and hurts our P&L.

所以我的意思是，大家都知道現在金屬市場的狀況。我的意思是，今年迄今為止，黃金價格上漲了 48%；白銀價格上漲了 59%。到了十月份，我們看到它們又開始上漲了，好嗎？就匯率影響而言，我們與歐元保持良好的平衡，但我們確實在一些我們沒有收入的國家生產零件，好嗎？具體來說，有兩個國家的貨幣——謝克爾和新台幣——走強，損害了我們的損益。

In terms of the hedging, one thing you have to keep in mind is we don't buy just pure copper and pure gold, right? We buy premanufactured parts a lot of time or semi-finished parts or WIP, whatever you want to call it. So our vendors are incurring extra cost and passing on to us. So (inaudible) the pricing, but we're going to approach -- we're going to put steps in place to address the metal increases where possible and passing it on to our customers. This is in motion now.

就避險而言，你需要記住的一點是，我們不會只購買純銅和純金，對吧？我們經常購買預製零件、半成品零件或在製品，隨便你怎麼稱呼它。因此，我們的供應商產生了額外的成本，並將這些成本轉嫁給了我們。所以（聽不清楚）定價方面，但我們將採取—我們將採取措施盡可能應對金屬價格上漲，並將這些成本轉嫁給我們的客戶。這件事現在已經啟動了。

Okay. Got that. But are you doing any prebuys? Like are you seeing the strength of the balance sheet to buy and store any metals? Is that something you would look into?

好的。明白了。但你們有進行預購嗎？您認為公司的資產負債表是否足以支撐您購買和儲存任何金屬？這是你會調查的事情嗎？

We have -- we do that to some extent. We have a fairly long pipeline on some of our manufacturing times, and we will place purchase orders out into the future. But as a general purpose, we're not stockpiling metals now. It's expensive to do that.

我們有——我們在某種程度上確實這樣做。我們的部分產品生產週期較長，我們將把採購訂單安排在未來一段時間內。但總的來說，我們現在並沒有囤積金屬。這樣做成本很高。

Okay. Let me ask you another question. So it looks like book-to-bill fell about to below 1 this quarter, and this was the first time this year. When we look at the revenue guide for fiscal 4Q, I mean, that would imply total fiscal '25 revenue growth of about 4% year on year. Then when I look at consensus for next year, looks like consensus is modeling an acceleration to 7% year on year for revenues and gross margins to expand to something like 23.6% from 19.5% that you're running at today.

好的。我再問你一個問題。所以看來本季訂單出貨比降至 1 以下，是今年以來的第一次。當我們查看第四財季的營收預期時，這意味著 2025 財年的總營收年增約 4%。然後，當我查看明年的共識預測時，似乎共識預測營收將加速同比增長至 7%，毛利率將從目前的 19.5% 增長至 23.6% 左右。

So Joel, just when you look at the environment, when you look at the book-to-bill, and you look at consensus estimates for fiscal '26, do you see these as reasonable growth and margin expectations? And any color you can give on what can drive revenue growth and margin expansion and how you see that trending over the next year?

所以喬爾，當你審視當前環境，審視訂單出貨比，並審視 2026 財年的普遍預期時，你認為這些是合理的成長和利潤率預期嗎？您能否就哪些因素能夠推動營收成長和利潤率擴張，以及您如何看待未來一年的發展趨勢提供一些見解？

Okay. The October run rated book-to-bill, I mentioned is 1.15. So even though Q3 was slightly below 1, October orders across the products has moved up quickly. When we look at the market drivers, we've got five market drivers in what we see as an improving economy. We've got two of them which are supported by government spending.

好的。我之前提到過，10 月的訂單出貨比為 1.15。因此，儘管第三季略低於 1，但 10 月份各產品的訂單量增長迅速。當我們審視市場驅動因素時，我們認為經濟正在好轉，而這其中有五個市場驅動因素。其中有兩個項目得到了政府的資金支持。

One is aerospace defense and the other is smart grid infrastructure. Those are two of the five. We've got AI that we're all watching the AI server build and the power requirements. We've got automotive and industrial overall, auto, industrial, aerospace, defense, AI, medical as well. So we're seeing these market segments lining up.

一個是航空航天防禦，另一個是智慧電網基礎設施。這是五個中的兩個。我們現在有了人工智慧，大家都在關注人工智慧伺服器的建置和電力需求。我們涵蓋汽車和工業等各個領域，包括汽車、工業、航空航太、國防、人工智慧和醫療等。所以我們看到這些細分市場正在逐漸形成。

The customer engagements that we have, people are talking about mid-single-digit growth next year across these segments to high single-digit growth. We've done a good job of getting in the customer meetings. I think the October bill is a nice signal for us.

根據我們與客戶的互動情況來看，人們普遍認為明年這些細分市場將實現中等個位數到高個位數的成長。我們在安排客戶會議方面做得很好。我認為十月份的法案對我們來說是一個好信號。

We've got some product lines that the customers are placing further out orders like the high-power capacitor that we've got programs that we have to deliver in 2026, and that will continue to develop the industrial business behind that. So I see a growth next year receiving, like you said, consensus of plus 7%.

我們有一些產品線，客戶會提前很久下單，例如高功率電容器，我們有計劃在 2026 年交付，這將繼續推動其背後的工業業務。所以我預計明年會有成長，正如你所說，市場普遍預期成長7%。

I think that's in line as we do our budgeting right now. We are developing our budget for 2026, and we're expecting to grow because of these five end market segments, which are showing positive signs. This is a different year we're moving into. In the past, when you looked at how many market segments we were aligning to drive an economy, we had the telecom boom in the 2000. We had auto booms in the late 2000s and the pre-COVID years.

我認為這與我們目前的預算編制工作是一致的。我們正在製定 2026 年的預算，由於這五個終端市場細分領域都呈現出積極的跡象，我們預計預算將會增加。我們即將邁入一個與以往不同的年份。過去，當我們審視為了推動經濟發展而整合的市場領域時，我們曾經歷過 2000 年代的電信繁榮。我們在2000年代末期和新冠疫情爆發前經歷了汽車產業的繁榮時期。

But now we've got five market segments that Vishay supports that we see are lining up to be positive in 2026. So I think the revenue growth, what the consensus has put together is in line with what we're hearing from customers. The margin growth you talked about, we've got a plan to get Newport to margin neutral by the end of Q1.

但現在，Vishay 支持的五個細分市場，我們認為到 2026 年都將呈現正向態勢。所以我認為，大家一致認為的營收成長與我們從客戶那裡聽到的回饋是一致的。您提到的利潤率成長，我們已經制定了計劃，爭取在第一季末使紐波特實現利潤率平衡。

So that will raise our gross margin by 1.5%, 150 basis points. So we move to 21% plus the manufacturing efficiency and cost reduction projects we have internally division by division, passing on the metals cost that we talked about, plus then the volume growth, which we expect to see volume efficiencies on.

這樣一來，我們的毛利率將提高 1.5%，即 150 個基點。因此，我們將成長幅度提高到 21%，再加上我們內部各部門正在實施的製造效率和成本削減項目，將我們之前討論過的金屬成本轉嫁出去，再加上銷量成長，我們預計銷量成長將帶來效率提升。

So I think what you listed there is similar to what we're viewing for 2026.

所以我認為你列出的內容與我們對 2026 年的預測類似。

Okay. Okay. That's helpful. And maybe I'll just throw one more in if we have time. Dave, can you elaborate on the capital return strategy?

好的。好的。那很有幫助。如果時間允許，我也許會再加一個。Dave，你能詳細說說資本回報策略嗎？

I mean, how would you prioritize any debt reduction versus buybacks versus any acquisitions that you pipeline?

我的意思是，你會如何權衡債務削減、股票回購和正在籌劃的收購項目的優先順序？

Sure, absolutely. So our cash balance has been decreasing. I think everybody can see that. And in the US, we're certainly in a net borrowing position. We're at $189 million, I think, on the revolver.

當然可以。因此，我們的現金餘額一直在減少。我想大家都看得出來。而在美國，我們無疑處於淨借貸狀態。我想，左輪手槍的研發成本已經達到 1.89 億美元了。

The Newport CapEx is slowing, but Newport is not up and running completely yet. So we still need to fund US money to fund Newport. So we don't see right now, given our current liquidity in the US that we would want to be doing any share buybacks.

紐波特計畫的資本支出正在放緩，但紐波特計畫尚未完全投入營運。所以，我們仍然需要美國資金來資助紐波特計畫。鑑於我們目前在美國的流動性狀況，我們認為現在沒有必要進行任何股票回購。

We are continuing the dividend. Dividend is important to us. But we're not looking right now to purchasing shares.

我們將繼續派發股息。分紅對我們很重要。但我們目前沒有買股票的計畫。

(Operator Instructions) Peter Peng, JPMorgan.

（操作說明）彼得·彭，摩根大通。

You mentioned about some volume growth in the first quarter. Is it right to read into that, that you're expecting more seasonal trends? I think typically, your first quarter is up somewhere in the low single digits. Is that the way you're thinking about seasonal trends into the first quarter?

您提到第一季銷量有所成長。由此是否可以解讀為，你期待更多季節性趨勢？我認為通常情況下，第一季的成長幅度會在個位數左右。你是這樣看待第一季季節性趨勢的嗎？

Seasonal is an interesting word now. It's hard to say what's seasonal right now. You're right, in the past, Q1 did see some increase because of the Q4. Q4 is just a comment about Q4, it's not a 13-week quarter. It's a 12-week quarter.

「季節性」這個詞現在很有意思。現在很難說哪些東西是當季的。你說得對，過去第一季確實會因為第四季而有所成長。Q4 只是對 Q4 的說明，它並不是一個包含 13 週的季度。這是一個為期12週的季度。

Customers tell us that they're going to be closing between Christmas and New Year. So we're really running a shorter quarter to have flat revenue. So we see that we are making a good push. Q1, Chinese New Year is in February. We're watching order activity now based on lead times to see is the customer going to be bringing in product before Chinese New Year or setting the stage for after.

顧客告訴我們，他們將在聖誕節和新年之間休息。所以，我們實際上是縮短了季度週期，以實現營收持平。所以我們看到我們正在取得不錯的進展。Q1，中國新年在二月。我們現在正根據交貨週期觀察訂單活動，看看客戶是否會在中國新年之前交付產品，或為新年之後做準備。

So I would say that's the seasonal effect that's there that is common Q1 after Q1 is Chinese New Year. However, industrial programs, aerospace, defense spending, the push to replenish the weaponry I don't think we're in anything that could be considered seasonal.

所以我認為這是季節性因素造成的，第一季之後通常會有這種情況，因為第一季之後就是中國新年。然而，工業計畫、航空航太、國防開支、武器裝備的更新換代，我認為我們目前所處的階段都不能被視為季節性因素。

Automotive, with what's happening with shortages and preventing line downs, we're doing our best to support OEMs that are coming to us in Tier 1. So I don't think I could put seasonality on that one. The industrial grid designs and those projects continue to move positively, plus then medical.

汽車產業目前面臨零件短缺和生產線停工的問題，我們正在盡最大努力支持一級供應商——原始設備製造商（OEM）。所以我覺得不能把季節性因素考慮進去。工業電網設計和相關項目繼續取得積極進展，醫療領域也是如此。

Medical is always dependent on FDA approval of programs. So if I said seasonal for compute or because of the China New Year holiday, I think that's the only part of seasonal I would consider. We see the better bookings again in October, 1.15 right now, that run rate. If that continues, that sets us up for a better Q1.

醫療項目始終依賴FDA的批准。所以，如果我說這是季節性的，例如因為計算需求或因為中國新年假期，我認為這是我唯一會考慮的季節性因素。我們看到10月的預訂量再次有所改善，目前為1.15，這是目前的成長率。如果這種情況持續下去，那將為我們第一季取得更好的成績奠定基礎。

Perfect. And then just going back to the gross margin dynamics, you mentioned that the Newport headwind is going to roll off in the first quarter and then you're going to be potentially passing some of the middle cost. And so what's the the right base level to think about the margins as we look into Q1?

完美的。然後回到毛利率動態，您提到紐波特的不利因素將在第一季消失，然後您可能會將一些中間成本轉嫁出去。那麼，在展望第一季時，我們應該以什麼為基準來考慮利潤率呢？

We don't normally guide that far ahead, right? We're guiding for Q4. We are diligent in our cost improvement projects internally. The negotiation season is now with the large customers that have annual contracts. So too early to say we have a result of what the ASP change might be.

我們通常不會提前那麼久發佈公告，對吧？我們預計第四季度業績將有所成長。我們在內部成本改進專案方面非常認真負責。現在正值與簽訂年度合約的大客戶進行談判的期間。所以現在就斷言ASP變化會帶來什麼結果還為時過早。

I think we need a little more time yet to really dial in what the impact of, in particular, those negotiations -- the results of those negotiations is going to be.

我認為我們還需要一些時間來真正弄清楚這些談判，特別是這些談判的結果，將會產生什麼影響。

Got it. Okay. And then last quarter, I think you mentioned about a change in work configuration at that large compute customer and that you guys are working to qualify. Maybe you can provide some update on that progress.

知道了。好的。然後上個季度，我想您提到了那家大型計算客戶的工作配置發生了變化，你們正在努力進行資格認證。或許您可以提供這方面的最新進展。

Okay. We are always connected to the AI design centers. We -- I mentioned we have branched out to a number of AI companies and building the hardware. Continuing to talk with the main players, continuing to offer more Vishay products, whether it's MOSFETs and ICs, that's what gets all the attention in the conversation. So we're in design activity there, plus the passive components.

好的。我們始終與人工智慧設計中心保持聯繫。我們——我之前提到過，我們已經拓展業務到多家人工智慧公司，並開始建立硬體。繼續與主要參與者進行對話，繼續提供更多 Vishay 產品，無論是 MOSFET 還是 IC，這才是談話中所有人關注的焦點。所以我們正在進行設計活動，以及被動元件。

The capacitors, the resistors, the inductors. So we take a large -- a wide umbrella, a big toolbox and we go into the AI leaders, and we promote the broad portfolio. So we're gaining good traction. We're getting good design and print position.

電容器、電阻器、電感器。因此，我們採取一種大策略——一把寬大的雨傘，一個強大的工具箱，然後我們進入人工智慧領導者的圈子，推廣我們廣泛的產品組合。所以我們正在取得良好的進展。我們獲得了不錯的設計和印刷位置。

Okay. One more, if I may. Just a follow-up on the Nexperia situation. I know you guys are not baking any revenue, but what's the potential -- how material of an impact could this be to your business as you talk to your customers? Maybe a sense of what the magnitude is?

好的。如果可以的話，我再問一個問題。關於Nexperia事件的後續報導。我知道你們目前還沒有獲得任何收入，但是，在與客戶溝通時，這種做法的潛力有多大？會對你們的業務產生多大的影響？或許可以了解這件事的嚴重程度？

We're crossing part numbers. We're helping automotives with avoiding line downs. And it's not just Vishay. There's other suppliers, our competitors who are also helping this because we need to make sure the automotives are running and they don't have to do production stops because that impacts more than just Nexperia's volume, it impacts everybody. So I think what I'm hearing on the street is everybody is taking the opportunity to help.

零件編號不一致。我們正在幫助汽車業避免生產線停工。而且不只是 Vishay。還有其他供應商，我們的競爭對手也在幫助我們，因為我們需要確保汽車生產正常進行，避免停產，因為這不僅影響 Nexperia 的產量，還會影響到所有人。所以我覺得我從街上聽到的消息是，每個人都在抓住機會提供幫助。

Vishay with the lineup of products, we crossed the best of our ability, but the automotives have to make a decision on how does the program perform with a Vishay product in it or another competitor's product in it. So it takes some time. We like the conversations we're in. We're being given a great opportunity to tell the automotive OEM and Tier 1 more about Vishay. They like what they hear.

Vishay 的產品陣容，我們已經盡了全力，但汽車行業必須決定，該項目在採用 Vishay 產品還是採用其他競爭對手的產品的情況下表現如何。所以需要一些時間。我們喜歡我們正在進行的對話。我們獲得了一個絕佳的機會，可以向汽車OEM廠商和一級供應商更多地介紹Vishay。他們喜歡聽到的內容。

They like to hear about our footprint. They may not have known much about us in the past, the OEM -- so it's hard to put a number on it at this point. It's so dynamic. Because it's geopolitical, things could change in a moment. We saw what happened with April 2 and the announcement of tariffs and how that changed the business in a moment.

他們喜歡了解我們的足跡。他們過去可能不太了解我們這家原始設備製造商——所以現在很難給出一個確切的數字。它充滿活力。因為涉及地緣政治，情況可能瞬息萬變。我們看到了 4 月 2 日關稅宣布後發生的事情，以及這在瞬間改變了整個產業。

We saw what happened here now with the geopolitical announcements of China and the Dutch about Nexperia. So I think it's too early for us to really put any type of number on it. There's too many moving parts.

我們看到了現在中國和荷蘭就Nexperia事件發表的地緣政治聲明所帶來的後果。所以我覺得現在就給出任何具體的數字還為時過早。牽涉的環節太多了。

This -- I'm showing no further questions at this time. I would like to turn it back over to management for closing remarks.

好了——目前我不再提出其他問題。我想把發言權交還給管理階層，請他們做總結陳詞。

All right. Thank you, Raven. Thank you, everyone. Thank you for joining us on our third quarter earnings call. The combination of directionally positive signals and Vishay's capacity readiness is encouraging.

好的。謝謝你，雷文。謝謝大家。感謝您參加我們的第三季財報電話會議。正面的訊號和 Vishay 的產能準備相結合，令人鼓舞。

We look forward to reporting our fourth quarter results to you in February. Thank you very much. Have a good day.

我們期待在二月向您報告第四季業績。非常感謝。祝你有美好的一天。

Thank you.

謝謝。