威世科技 (VSH) 2026 Q2 法說會逐字稿

Thank you, Olivia.

謝謝你，Olivia。

Good morning and welcome to Vishay Intertechnology Inc, second quarter, 2026 earnings conference call.

早安，歡迎參加 Vishay Intertechnology Inc 2026 年第二季財報電話會議。

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 second quarter 2026. A copy of our earnings release is available in the investor relations section of our website at ir.vishay.com. The 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 refer to a slide presentation which we also posted on ir.vishay.com. You should be aware that during 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 certainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ. Please see to press release and it says Form 10K and Form 10Q 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. We have included 4 GAAP, non-GAAP, reconciliation in our press release and in the presentation posted on ir.vishay.com, which we believe will be 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. Specifically as it pertains to our tariff refunds, we are reporting GAAP and adjusted revenue for the second quarter.

今天早上我們已公布 2026 年第二季的業績。我們的財報新聞稿副本可於 ir.vishay.com 的投資人關係專區取得。本次電話會議將透過網路進行即時轉播，並可透過我們的網站收聽。此外，今天的電話會議也會錄音，並將於我們網站提供重播。會議期間，我們將引用一份投影片簡報，該簡報亦已發布於 ir.vishay.com。請注意，在今天的電話會議中，我們將作出若干前瞻性陳述，討論未來事件與表現。這些陳述受風險與不確定性影響，可能導致實際結果與前瞻性陳述有所差異。關於可能導致結果不同的因素之討論，請參閱新聞稿，以及向美國證券交易委員會提交的 Form 10-K 與 Form 10-Q 文件。我們在新聞稿與本次電話會議中提供了若干 GAAP 與非 GAAP 指標資訊。我們已在新聞稿及發布於 ir.vishay.com 的簡報中提供 GAAP 與非 GAAP 的調節表（reconciliation），我們相信這將有助於比較 GAAP 與非 GAAP 的結果。我們使用非 GAAP 指標，因為我們認為其能提供關於各業務營運表現的有用資訊，投資人應將其與 GAAP 指標一併考量。特別就關稅退款而言，我們將報告第二季的 GAAP 營收與調整後營收。

The second quarter, 2026 adjusted net revenues exclude $30.0 million for tariff refunds passed through to customers with no impact on those profit. The tariff refunds are recognized as reductions of net revenues and cost of products sold in the second quarter 2026 GAAP results. Adjusted gross margin is calculated using adjusted net revenues. Tariff refunds have not been allocated to every portable segment, and market, sales channel, or region. All following second quarter 2026 measures presented, Exclude tariff refunds. Tariff refunds do not impact any other period presented. On today's conference call, management will refer to adjusted revenues in the analysis of results for the quarter.

2026 年第二季調整後淨營收排除 3,000 萬美元的關稅退款，該退款轉嫁給客戶，對利潤沒有影響。在 2026 年第二季 GAAP 結果中，關稅退款以淨營收與銷貨成本的減項認列。調整後毛利率係以調整後淨營收計算。關稅退款未分攤至每一個可報告部門，以及市場、銷售通路或地區。以下所呈現之 2026 年第二季各項指標均排除關稅退款。關稅退款不影響所呈現的任何其他期間。在今天的電話會議中，管理階層在分析本季結果時將引用調整後營收。

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

現在我把電話交給總裁兼執行長 Joel Smejkal。

Thank you, Peter.

謝謝你，Peter。

Thank you everyone for joining our call this morning.

謝謝各位今天早上加入我們的電話會議。

Let's start the call with a review of the second quarter performance, and Dave will take you through a detailed review of our financial results for the quarter and our guidance for the third quarter of 2026. After that, I'll update you on the strategic levers we're pulling to drive, Growth and profitability. And then we'd be happy to answer any of your questions.

我們先回顧第二季的表現，接著 Dave 會帶各位詳細檢視本季的財務結果，以及我們對 2026 年第三季的展望指引。之後，我會向各位更新我們正在運用的策略槓桿，以推動成長與獲利能力。接著我們也很樂意回答各位的問題。

For the second quarter we are reporting adjusted revenue of $919 million exceeding the top end of our revenue guidance. Revenues are growing faster over the past 5 quarters on strengthening demand, supported by the agility of Vishay 3.0. Compared to the first quarter, revenue grew 9.5%, 20.5% year-on-year. Reflecting continued growth across all Vishay product technologies. Our end markets, business channels and regions. Market share gains for both semis and passives came through higher consumption from increasing customer volume and increasing customer count. With increasing demand in the industrial segments, AI, Aerospace and automotive. In terms of demand dynamics, our Q2 results are a continuation of Q1 and on a year-to-year basis, our results tell us that Vishay 3.0 is working as designed.

第二季我們報告的調整後營收為 9.19 億美元，超出我們營收指引區間的上緣。在需求轉強的帶動下，過去 5 個季度營收成長加速，並受惠於 Vishay 3.0 的敏捷性。與第一季相比，營收成長 9.5%，年增 20.5%。反映 Vishay 各項產品技術持續成長。涵蓋我們的終端市場、業務通路與各地區。半導體與被動元件的市占提升，來自客戶用量增加所帶動的更高消耗量，以及客戶數增加。工業領域、AI、航太與汽車等區隔需求提升。就需求動態而言，我們第二季的結果延續第一季的趨勢；以年對年來看，結果顯示 Vishay 3.0 正按設計發揮作用。

With industry lead time stretching, pricing rising, and geopolitical tensions remaining. Customers are concerned about the availability of products and assurance of supply. To secure supply, customers are placing orders showing longer visibility. Many customers are forecasting 6 months out with a desire to replenish their own inventory. Demand related to AI applications continues to accelerate, leading numerous customers to place orders beyond 52 weeks. To make sure they have a place in our production loading. Booked a bill for Q2 is 1.32 with semis at 1.23, and passives higher at 1.40.

隨著產業交期拉長、價格上升，以及地緣政治緊張局勢持續，客戶對產品可得性與供應保障感到憂心。為了確保供應，客戶下單時展現更長的可視性。許多客戶以 6 個月為期進行預測，並希望補充其自身庫存。與 AI 應用相關的需求持續加速，促使許多客戶下單期限超過 52 週，以確保在我們的產能排程中占有一席之地。第二季接單出貨比（book-to-bill）為 1.32，其中半導體為 1.23，被動元件較高為 1.40。

Q2 is a record high bookings for resistors and inductors as a result, our total backlog grew 18% to $1.9 billion or 6.1 months. Having invested $900 million to expand capacity during the recent market trough years. We are reacting much faster than historically to serve more customers. We are demonstrating that we can scale with their volume production while maintaining competitive lead times. Our book to bill is showing us that we are getting turns orders because of the first half, 2026, improved delivery performance. In the fourth quarter of 2025, we began to announce price increases related to increasing cost of metals, Materials and logistics. Price increase announcements continued through Q1 and Q2 this year. At this point. About one-third of our running partner numbers have announced price increases. We saw some of the price increases land in our Q2 financials. The attractiveness of our hybrid component business model grows.

第二季電阻與電感的接單創歷史新高，因此我們的總在手訂單（backlog）成長 18% 至 19 億美元，約為 6.1 個月。在近期市場低谷的幾年中，我們投入 9 億美元擴充產能。因此我們能比以往更快速地反應，以服務更多客戶。我們展現出能隨客戶量產規模擴張，同時維持具競爭力的交期。我們的接單出貨比顯示，由於 2026 年上半年交付表現改善，我們正在取得急單（turns orders）。自 2025 年第四季起，我們開始宣布因金屬、材料與物流成本上升而進行的漲價。漲價公告在今年第一季與第二季持續進行。截至目前，約三分之一的我們現行料號已宣布漲價。我們在第二季財務數字中已看到部分漲價反映。我們的混合式元件商業模式吸引力正在提升。

Our volume manufacture of both discrete semis and passives helped customers as they search for greater supply of all of these components on their bill of materials. As a reminder, Vishay and populate more than 80% of the components on a board in a power application. Another point to share, customers are more frequently raising their requests for Western supply of electronic components. Which fits very well with our geographical manufacturing footprints and further site optimization projects. Vishay is a technically leading Western located manufacturer and now with our Vishay 3.0 mindset and customer serving approach. We can supply them with the product they need.

我們對分離式半導體與被動元件的量產能力，協助客戶在其物料清單上尋求這些元件更充足的供應。提醒一下，在電源應用的電路板上，Vishay 可提供並配置超過 80% 的元件。另外要分享的一點是，客戶更頻繁地提出對「西方供應」電子元件的需求。這與我們的地理製造布局以及進一步的廠區優化專案非常契合。Vishay 是技術領先、位於西方的製造商；而現在透過我們的 Vishay 3.0 思維與以客戶為中心的服務方式，我們能提供他們所需要的產品。

Let's do a review of Q2 revenue, starting with the revenue by end market on slide 4.

我們來回顧第二季營收，先從投影片第 4 頁的終端市場別營收開始。

All end markets show positive revenue increase with industrial accounting for more than half of the increase. Industrial revenue increased 16.2% versus Q1 and 30.1% versus prior year. Reflecting higher consumption primarily for smart grid, AI power and high voltage DC projects as well as factory automation. Bookings increased due to our ability to serve a growing POS through our distribution channel. New programs are launching the second half of 2026 and then into 2027 with positive demand trends and industrial power for AI, especially as EMS customers accelerate investments. In AI related applications to support data center growth and high voltage DC transmission. We continue to design discussions with customers for Humanoids. To elaborate further on industrial, our bookings increased for industrial power applications for customers who are participating in power conversion and cooling projects. For AI data centers, we are increasing our part count new projects as customers add our passive to AI power management solutions. Also, customers who are not AI related, that demand is becoming increasingly concerning. These customers need to make sure they have a manufacturing spot in our queue, escalations are increasing.

所有終端市場的營收皆呈現正成長，其中工業市場貢獻了超過一半的增量。工業營收較第一季成長 16.2%，較去年同期成長 30.1%。主要反映智慧電網、AI 電源與高壓直流（HVDC）專案，以及工廠自動化帶動的更高消耗量。由於我們能透過經銷通路服務不斷成長的 POS，接單因此增加。新專案將於 2026 年下半年啟動並延續至 2027 年，需求趨勢正向，且工業電源在 AI 方面的需求強勁，尤其當 EMS 客戶加速投資時。在與 AI 相關的應用上，以支援資料中心成長與高壓直流輸電。我們持續與客戶進行人形機器人（Humanoids）的設計討論。進一步說明工業領域，我們在工業電源應用的接單增加，來自參與電力轉換與散熱專案的客戶。針對 AI 資料中心，隨著客戶將我們的被動元件納入 AI 電源管理解決方案，我們正在提高新專案的料號數量。此外，對於非 AI 相關的客戶，其需求正變得愈發令人擔憂。這些客戶需要確保在我們的排程隊列中有製造產能位置，升級（escalations）正在增加。

In automotive, Revenue increased 3.6% quarter-over-quarter and 10.1% versus prior year, reflecting demand as electronic content continues to increase for driver assist, and autonomous driving applications plus. The further adoption of hybrid and EV platforms. Bookings were strong in the Americas as customers are becoming more proactive to share their visibility and backlog placement. In some cases, customers are providing us with forecasts for the next 12 to 18 months. In Asia we are seeing distributors and OEMs wanting to build safety stocks. But this is challenging in this high demand market.

在汽車領域，營收較上一季成長 3.6%，較去年同期成長 10.1%，反映出隨著駕駛輔助與自動駕駛應用的電子含量持續提升所帶動的需求。以及混合動力與電動車（EV）平台的進一步採用。在美洲，因客戶更積極主動分享其能見度與積壓訂單的下單安排，接單表現強勁。在某些情況下，客戶提供我們未來 12 至 18 個月的預測。在亞洲，我們看到通路商與 OEM 希望建立安全庫存。但在這個高需求市場中，這具有挑戰性。

Aerospace defense revenue increased 4.2% versus the first quarter. At 15.4% versus last year. Reflecting increasing consumption by US defense contractors related to programs that have been funded. Including accelerated replenishment of components to support multiple missile programs. In Asia and Europe, we are seeing increasing demand from OEM customers and through EMS. Bookings increased sharply from distribution driven by orders for resistors in preparation for escalating Department of Defense funding. More products will be needed to support missile programs and also next generation radar platforms. High energy weapons for drone defense and drone dominance projects, the Golden Dome, Leo constellations, and many more projects.

航太與國防營收較第一季成長 4.2%。較去年同期成長 15.4%。反映美國國防承包商對已獲資金支持之計畫的消耗量增加。包括加速補充零組件以支援多項飛彈計畫。在亞洲與歐洲，我們看到來自 OEM 客戶以及透過 EMS 的需求增加。受配銷通路帶動的接單大幅增加，主要來自為因應國防部資金增加而預先準備的電阻訂單。將需要更多產品以支援飛彈計畫以及下一代雷達平台。用於無人機防禦與無人機制空專案的高能武器、「金色穹頂」、LEO 星座，以及更多專案。

Health care revenue increased 7% versus Q1 and 14.7% versus prior year. With long standing customers in the Americas ramping production and EMS customers in Asia, seeing improving demand and supply assurance uncertainties. We continue to identify opportunities to lever leverage the full Vishay portfolio in medical. In the other categories which includes telecom, computing, and consumer. Revenue grew 11.3% quarter-over-quarter and 28.4% Year-over-year. Share games higher consumption drove volume increases for AI related programs in Asia. As did higher demand for AI optical communication network switches. In Europe, higher demand for 5G radio projects increased as customers ramp up production. Memory shortages and higher component prices have tempered the consumer segments demand strength a bit.

醫療保健營收較第一季成長 7%，較去年同期成長 14.7%。美洲的長期客戶提升產量，亞洲的 EMS 客戶則看到需求改善以及供應保障的不確定性。我們持續辨識在醫療領域運用 Vishay 全產品組合的機會。在其他類別（包括電信、運算與消費性）方面。營收較上一季成長 11.3%，較去年同期成長 28.4%。AI 相關專案在亞洲的更高消耗量帶動出貨量增加。AI 光通訊網路交換器的需求提升亦是如此。在歐洲，隨著客戶提升產量，5G 無線電專案的需求增加。記憶體短缺與較高的零組件價格，使消費性市場的需求強度略有降溫。

Across other end markets and technologies, we can continue to proactively tackle a wide array of opportunities to gain share, Putting into practice the Vishay 3.0 business-minded approach. Historically, Vishay underserved or didn't serve high margin customers during market cycles. Vishay 3.0 has been working hard to regain these customers. Where we had the print position. But didn't have the capacity to fulfill orders. I'm pleased to report, that we are succeeding in both regaining customers and adding new high margin growth customers for an overall increase in customer account. We are winning next year and in seeing increased design in and quoting activity.

在其他終端市場與技術領域，我們仍可持續主動掌握多元機會以提升市占，並將 Vishay 3.0 的商業導向方法落實於實務。過去在景氣循環中，Vishay 對高毛利客戶的服務不足或未能服務。Vishay 3.0 一直努力重新贏回這些客戶。在我們原本具備既有地位的地方。但當時沒有產能來履行訂單。我很高興報告，我們在重新贏回客戶以及新增高毛利成長型客戶兩方面都取得成功，整體客戶帳戶數因此增加。我們正在贏得明年的機會，並看到更多設計導入與報價活動增加。

Let's do slide 5.

我們來看投影片 5。

For a review of Q2 by channel. Revenue by channel was led by distribution, which increased from 55% of the total in Q1 to 58% in Q2. Distribution revenue increased 15.6% versus Q1 and 24.2% Versus last year. Gains in each region driven by broad-based consumption momentum and reflecting market share gains. On distribution reports we are seeing consumption among existing, New and returning customers. Distribution inventory overall decreased to 18 weeks at quarter end from 20 weeks last quarter. POS increased 4.7% quarter-on-quarter and 20.5% year-on-year with growth in all regions. Our initiative to expand distributor inventory by part number counts and depth during the building of the Vishay 3.0 is proving to bring very positive results. As we provide strong support in the beginning of this market up cycle.

回顧第二季按通路別的表現。通路別營收以配銷為主導，其占比由第一季總營收的 55% 提升至第二季的 58%。配銷營收較第一季成長 15.6%，較去年同期成長 24.2%。各區域皆有成長，受廣泛的消耗動能帶動，並反映市占提升。從配銷報告來看，我們看到既有、新增與回流客戶的消耗。配銷庫存整體在季末降至 18 週，較上季的 20 週下降。POS 較上一季成長 4.7%，較去年同期成長 20.5%，各區域皆成長。我們在建構 Vishay 3.0 期間推動以料號數與庫存深度擴充配銷商庫存的措施，正證明帶來非常正面的成果。因為我們在本輪市場上行週期的初期提供了強力支援。

Having a proactive business approach in tune with the availability of product is helping us to win. Strong bookings by distribution customers, particularly for industrial power, AI related applications and aerospace defense reflect continued demand momentum amplified by the need to replenish inventory due to stretching lead times. In the Americas, numerous customers are discussing safety stock programs in support of escalating aerospace defense demand. Under Vishay 3.0, we are positioning ourselves to provide far more support to more customers. As reflected in our growing POS and increased SKU count. Good customer support opens up more and more new design opportunities for us.

採取與產品供應可得性一致的主動式商業策略，正在幫助我們取勝。配銷客戶的強勁接單，特別是在工業電力、AI 相關應用以及航太國防方面，反映需求動能持續，並因交期拉長導致需要補庫存而進一步放大。在美洲，許多客戶正討論安全庫存計畫，以支援不斷升溫的航太國防需求。在 Vishay 3.0 之下，我們正定位自己以對更多客戶提供更多支援。這反映在我們持續成長的 POS 與增加的 SKU 數量上。良好的客戶支援為我們帶來越來越多新的設計機會。

Increasing output to distribution is a top priority, and we are committed to securing share gains and expanding share. Our business unit leaders travel to distributors quarterly. To be close to the pulse of the market, Gain market visibility and creating more accountability. OEM revenue is up 1.7% quarter-over-quarter and 16.8% year-over-year. Reflecting solid demand related to smart grid and AI server power, as well as automotive and medical. EMS revenue increased 3.2% quarter-over-quarter and 10.8% year-over-year, reflecting industrial aerospace defense, and automotive program ramps in all regions plus strengthening demand in AI.

提高供應給配銷通路的出貨量是首要任務，我們致力於確保並擴大市占提升。我們的事業單位主管每季都會拜訪配銷商。以貼近市場脈動、提升市場能見度並建立更多責任承擔。OEM 營收較上一季成長 1.7%，較去年同期成長 16.8%。反映與智慧電網與 AI 伺服器電源相關的穩健需求，以及汽車與醫療需求。EMS 營收較上一季成長 3.2%，較去年同期成長 10.8%，反映工業、航太國防與汽車專案在各區域的量產爬坡，並加上 AI 需求轉強。

Let's go to slide 6 for the regions, turning to the geographical mix on this slide.

我們到投影片 6 看各區域，接著看本頁的地理組合。

Asia accounted for over half of the revenue increase from the first quarter, increased 12.5% from increased consumption. Sales grew 14.1% in the Americas on increased consumption with orders for passives reaching the highest level we have seen in more than 20 years and semis starting to accelerate as many customers move to volume production. America ended the quarter with a book to bill of 1.5. Before turning the call over to Dave, I want to thank the Vishay employees and our representatives for their hard work as we continue to transform Vishay to perform positively in this upcycle and to support more customers. Their knowledge and contribution to the success of the Vishay 3.0 is well done. Everyone recognizes that Vishay is growing because of our work as a team. The early stages of this upcycle are here and everyone is committed to taking full advantage of the opportunities to drive revenue growth and profitability.

亞洲貢獻了第一季以來營收增量的一半以上，因消耗增加而成長 12.5%。美洲因消耗增加而銷售成長 14.1%，其中被動元件訂單達到我們 20 多年來所見的最高水準，而半導體也開始加速，因為許多客戶轉入量產。美洲在季末的出貨比（book-to-bill）為 1.5。在把電話交給 Dave 之前，我要感謝 Vishay 員工與我們的代表們的辛勤付出；我們持續推動 Vishay 轉型，以在本輪上行週期中展現正向表現並支援更多客戶。他們的專業與對 Vishay 3.0 成功的貢獻做得非常出色。大家都認同，Vishay 的成長來自我們團隊合作的努力。本輪上行週期的早期階段已經到來，所有人都致力於充分把握機會，以推動營收成長與獲利能力。

Dave, I'll pass the call to you.

Dave，我把電話交給你。

Thanks, Joel, and good morning everyone. Let's start a review of the second quarter results with a highlights on slide 7. Second quarter GAAP revenue was $889 million, Adjusted revenue was $919 million exceeding our guidance range and increasing 9.5% sequentially driven by strong volume growth of 7% and an increase in average selling prices of 2%. A reminder, the difference between the GAAP and adjusted revenue represents the $30 million of tariff refunds received in the second quarter. That will be passed through to our customers in the second half of 2026. Compared to the second quarter of 2025, adjusted revenue increased 21%, driven primarily by an 18% increase in volume and a 2% increase in average selling prices. Favorable foreign currency, mainly from the EUR, providing an additional 1% benefit.

謝謝你，Joel，各位早安。我們從投影片 7 的重點開始回顧第二季業績。第二季 GAAP 營收為 8.89 億美元，調整後營收為 9.19 億美元，超出我們的指引區間，且在強勁的出貨量成長 7% 與平均售價上升 2% 的帶動下，較前一季成長 9.5%。提醒一下，GAAP 與調整後營收之間的差異，代表第二季收到的 3,000 萬美元關稅退稅。該金額將於 2026 年下半年轉嫁（回饋）給我們的客戶。與 2025 年第二季相比，調整後營收成長 21%，主要由出貨量增加 18% 與平均售價上升 2% 所帶動。有利的外匯因素（主要來自歐元）額外帶來 1% 的助益。

Moving on to the next slide, presenting the income statement highlights.

接著進入下一張投影片，說明損益表重點。

Gross profit was $177 million delivering a GAAP gross margin of 23.3% and an adjusted gross margin of 22.6%. The adjusted gross margin exceeded our guidance and represents an increase versus prior quarter. Higher volumes and improved pricing conditions drove margin expansion, helping to offset ongoing metals, materials, and logistic cost pressures. Depreciation expense was $53 million, relatively flat with quarter one. SG&A expenses were $154 million, flat versus quarter one and within the line with our guidance. GAAP operating margin was 6%. Operating Adjusted operating margin was 5.8% compared to 2.6% in the first quarter and 1.4% in the second quarter of 2025.

毛利為1.77億美元，GAAP毛利率為23.3%，調整後毛利率為22.6%。調整後毛利率高於我們的指引，且較前一季提升。較高的出貨量與改善的定價環境帶動毛利率擴張，有助於抵消金屬、材料與物流成本持續上升的壓力。折舊費用為5,300萬美元，與第一季大致持平。SG&A費用為1.54億美元，較第一季持平，且符合我們的指引。GAAP營業利益率為6%。調整後營業利益率為5.8%，相較第一季的2.6%以及2025年第二季的1.4%有所提升。

EBITDA for the quarter was $105 million for an adjusted EBITDA margin of 11.4%, up from 9.3% in the first quarter. Our GAAP effective tax rate is improving as profitability increases but remains elevated. As items such as US taxation of foreign earnings and repatriation taxes continue to have a disproportionate impact on the effective tax rate. Q2 effective tax rate of 33.7% came in below our guidance range as pre-tax earnings exceeded expectations. Earnings per share was $0.19 for both gapped and adjusted compared to $0.05 per share in Q1 and an adjusted loss per share of $0.07 in the second quarter of 2025. Moving on, slide 9 provides a summary table detailing revenue, gross margin, and book to bill ratios across our portable segment for quick reference. All reportable segments to revenue growth Quarter-over-quarter and versus prior year.

本季EBITDA為1.05億美元，調整後EBITDA利潤率為11.4%，高於第一季的9.3%。隨著獲利能力提升，我們的GAAP有效稅率正在改善，但仍偏高。因為美國對海外盈餘課稅與匯回稅等項目，仍對有效稅率造成不成比例的影響。第二季有效稅率為33.7%，低於我們的指引區間，因稅前盈餘優於預期。每股盈餘為0.19美元（GAAP與調整後皆同），相較第一季每股0.05美元，以及2025年第二季調整後每股虧損0.07美元。接下來，第9張投影片提供摘要表，快速彙整我們可攜式（portable）事業部各項營收、毛利率與接單出貨比（book-to-bill）供參考。所有可報導部門的營收皆呈現季增並較去年同期成長。

Turning aside 10.

接著看第10張投影片。

In the second quarter, our cash conversion cycle improved to 110 days from 116 days in quarter 1, in part due to our increased sales volume and our continued disciplined work in capital management. DSO improved from 41 days in Q1 to 38 days, primarily due to higher revenues and the impact of our securitization program. Inventory days outstanding improved to 102 days, due to increase sales volume. Overall inventory increased slightly to $807 million, mainly due to the building of safety stock and raw materials in whip, as well as to support the increasing backlog.

第二季，我們的現金轉換週期由第一季的116天改善至110天，部分原因是銷售量增加，以及我們持續嚴謹地進行營運資金管理。DSO由第一季的41天改善至38天，主要受較高營收與我們應收帳款證券化計畫的影響。存貨週轉天數改善至102天，係因銷售量增加。整體存貨小幅增加至8.07億美元，主要因建立安全庫存，以及在製品（WIP）原物料增加，並用以支援持續增加的積壓訂單。

Continuing to slide 11.

繼續到第11張投影片。

You can see we generated $105 million in operating cash for the second quarter. Which includes the tariff refunds received that we pass through to customers. We continue to deploy cash for capacity expansion projects. Total CapEx extra for the quarter was $95 million, including approximately $66 million for our new 12inch wafer fab in Germany. On a trailing 12 month basis, capital intensity was 10.5%, which is a decrease from 11.3% in the prior year. Free cash flow for the quarter was $10 million reflecting the increased operating income, as well as the tariff refunds received from the US government and additional net cash inflows related to our accounts receivable securitization program. This compares to the negative $47 million in the first quarter. Stockholder returns for the second quarter consisted of our $13.6 million quarterly dividend, we did not repurchase any shares in the quarter.

可以看到，我們第二季產生1.05億美元的營運現金流。其中包含我們收到並轉付給客戶的關稅退稅款。我們持續投入現金於產能擴充專案。本季資本支出（CapEx）總額為9,500萬美元，其中約6,600萬美元用於我們在德國的新12吋晶圓廠。以過去12個月計算，資本密集度為10.5%，較前一年的11.3%下降。本季自由現金流為1,000萬美元，反映營業利益增加，以及收到美國政府的關稅退稅款，並包含與應收帳款證券化計畫相關的額外淨現金流入。相較之下，第一季為負4,700萬美元。第二季股東報酬包括1,360萬美元的季度股利；本季未進行庫藏股回購。

During the quarter we'd completed a public stock offering of $17.25 million shares of common stock and received cash of $830 million net of issuance costs. At the end of the quarter, our global cash and short-term investment balance is $1.3 billion, and we had $238 million outstanding on our revolver. We used a portion of the proceeds from our public stock offering to repay the outstanding balance on our revolver in July. Our cash and revolver capacity will be used to support an acceleration of our grow initiatives. At the end of the quarter, we had $423 million accessible in our revolving credit facility at the current EBITDA level. The accessible amount increased to approximately $361 million after the repayment of our credit facility in July.

本季我們完成一項公開發行，發行1,725萬股普通股，扣除發行成本後淨得現金8.30億美元。季末，我們全球現金與短期投資餘額為13億美元，循環信用額度（revolver）尚有2.38億美元動用餘額。我們於7月使用部分公開發行所得償還循環信用額度的未償餘額。我們的現金與循環信用額度可用額度將用於支持加速推進成長計畫。季末，在目前EBITDA水準下，我們在循環信用融資中可動用金額為4.23億美元。在7月償還信用融資後，可動用金額增加至約3.61億美元。

Moving on to slide 11 and the guidance for the third quarter of 2026, revenues are expected to be between $945 million and $975 million at the midpoint, this represents a 21.4% increase year-over-year and a 4.5% increase quarter over quarter, taking into account European seasonality. Gross margin is expected to be in the range 24.0% plus or minus 50 basis points. 1 quarter sooner than our goal of exiting the year at 24% quarterly gross margin.

接著看第11張投影片與2026年第三季指引：營收預期介於9.45億至9.75億美元；以中位數計，年增21.4%、季增4.5%，並已考量歐洲季節性因素。毛利率預期為24.0%上下50個基點；比我們原先目標「年底單季毛利率達24%」提前一季達成。

Appreciation expense is expected to be approximately $54 million for the third quarter and $215 million for the full year. SG&A expenses are expected to be $155 million plus or minus $3 million. We're continuing to invest in R&D and customer facing activities as the overall business environment improves. Interest expense is expected to be approximately $7 million for the third quarter. Our GAAP effective tax rate remains elevated at low levels of pre-tax income and loss. We expect the effective tax rate to become more predictable and in the range of our historical averages as earnings grow. For the 3rd quarter 2026, we expect the effective tax rate to be between 35% and 40%.

折舊費用預期第三季約5,400萬美元，全年約2.15億美元。SG&A費用預期為1.55億美元上下300萬美元。隨著整體商業環境改善，我們將持續投資研發與面向客戶的活動。利息費用預期第三季約700萬美元。在稅前所得偏低或出現虧損時，我們的GAAP有效稅率仍偏高。隨著獲利成長，我們預期有效稅率將更可預測，並回到歷史平均區間。2026年第三季，我們預期有效稅率介於35%至40%。

The expected share count for EPS purposes varies based on the average price of our stock during the quarter, primarily due to our convertible bed. Please refer to slide 21 that displays the range of expected share count within the 3rd quarter. Finally, our stockholder return 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 2026, we once again expect negative free cash flow due to our capacity expansion plans.

用於EPS計算的預期股數會依本季股票平均價格而變動，主要因我們的可轉換債。請參考第21張投影片，其中顯示第三季預期股數的區間。最後，我們的股東報酬政策為：以股利與股票回購形式，至少回饋股東自由現金流的70%。2026年，由於產能擴充計畫，我們預期自由現金流將再次為負。

And I'll turn the call back to Joel.

接下來我把電話交回給Joel。

All right, Dave.

好的，Dave。

Let's turn to slide 13 for a review of the strategic levers we're pulling.

我們來看第13張投影片，回顧我們正在採取的策略槓桿。

In our efforts to accelerate revenue growth, drive margin expansion and enhance returns. With the proceeds from our recent equity raise, we have the resources to accelerate our growth plans. Allowing us to invest across semis and passive technologies in parallel. Rather than sequentially. All of the strategic levers are in play, there are 8 of them. Each supports our efforts to accelerate revenue growth and drive margin expansion and enhance returns. We plan to spend between $400 million and $440 million in CapEx 2026, With about half of that earmarked for the investments we're making at our 12-inch fab in Germany.

為了加速營收成長、推動毛利率擴張並提升報酬。透過近期的股權募資所得，我們具備資源加速成長計畫。使我們能同時在半導體與被動元件技術上並行投資。而非依序進行。所有策略槓桿都已啟動，共有8項。每一項都支持我們加速營收成長、推動毛利率擴張並提升報酬的努力。我們計畫在2026年投入4.00億至4.40億美元的資本支出，其中約一半將用於我們在德國12吋晶圓廠的投資。

At our 12-inch fab in Germany, all of the equipment has been assembled, and we plan to complete installation in the 3rd quarter. We are ready to start running engineering wafers toward the end of the year. We remain on track with our goal of starting non-automotive production in mid-2027. At several foundries, we are now ramping up production. Which will give us additional wafer capacity to support AI related application demand starting in the second half of the year. To support the front-end wafer for investments, we are working on an initiative to have more dedicated Vishay back end capacity to reduce our dependency on multiple outside subcontractors. On the passive side, automotive qualifications at our La Laguna and Juarez facilities are ongoing.

在德國的 12 吋晶圓廠，所有設備都已完成組裝，我們計劃在第三季完成安裝。我們已準備好在今年年底前後開始投片工程晶圓。我們仍按計畫推進，目標是在 2027 年年中開始非車用產品量產。在數家晶圓代工廠，我們目前正逐步提升產量。這將自今年下半年起為我們提供額外的晶圓產能，以支援 AI 相關應用需求。為支援前段晶圓投資，我們正推動一項計畫，讓 Vishay 擁有更多專屬的後段產能，以降低對多家外部分包商的依賴。在被動元件方面，我們位於 La Laguna 與 Juarez 廠區的車用認證仍在進行中。

We're also increasing capacity on our polymer capacitor production by the end of the year and we will have started an expansion of that capacity in La Laguna. With expanded capacity, we will be able to support more AI and automotive applications. Through our subcontractor initiatives, we continue to expand our portfolio available for distribution. This positions us to increase our share for the customer bill of materials and outsource low margin commercial grade products. Our equity raise also gives us more resources to expand our research and development activities. And to reignite a disciplined value of creative M&A process. In terms of innovation and our new product development work, we are continuing to execute our silicon carbide strategy and development of GaN to participate in the wide bandgap market. To accelerate our innovation work, we're stepping up our evaluation of which technologies to acquire.

我們也將在今年年底前提升聚合物電容的產能，並且已在 La Laguna 啟動該產能的擴建。隨著產能擴充，我們將能支援更多 AI 與車用應用。透過我們的分包商計畫，我們持續擴大可供通路分銷的產品組合。這使我們能提高在客戶物料清單（BOM）中的占比，並將低毛利的商規產品外包。我們的股權募資也為擴大研發活動提供更多資源。並重新點燃一套嚴謹、以價值為導向的策略性併購（M&A）流程。在創新與新產品開發方面，我們持續執行碳化矽策略，並推進氮化鎵（GaN）開發，以參與寬能隙市場。為加速創新工作，我們正加強評估哪些技術應透過收購取得。

At the same time, we continue to work on new applications at the component level. This quarter we have won designs in the area of industrial power management, smart grid battery backup systems, Energy storage systems, Power modules for industrial heating, Solar inverters and ADAS systems. Our results year-to-date demonstrate the benefits of our Vishay 3.0 initiatives to put the customer first. We continue to work on the gross margin progression toward 30%. The targets of our strategic plan. Channel management and product mix management are main priorities. Where we proactively and deliberately direct capacity toward higher margin customers and products to improve mix as part of our business-minded approach under Vishay 3.0. We are no longer simply supporting specific large OEM accounts by taking orders to maximize factory utilization.

同時，我們也持續在元件層級開發新應用。本季我們在工業電源管理、智慧電網電池備援系統、儲能系統、工業加熱用功率模組、太陽能逆變器以及 ADAS 系統等領域贏得設計導入。我們今年迄今的成果展現了 Vishay 3.0「以客戶為先」倡議所帶來的效益。我們持續推動毛利率朝 30% 邁進。這是我們策略計畫的目標。通路管理與產品組合管理是主要優先事項。在 Vishay 3.0 的商業導向方法下，我們主動且有意識地將產能導向毛利較高的客戶與產品，以改善組合。我們不再只是為了最大化工廠稼動率而接單、單純支援特定大型 OEM 客戶。

In closing, our second quarter and first half results demonstrate that Vishay3.0 is working and propelling us forward to not only take full advantage of the upcycle, Outpacing industry growth rates, gaining market share, but also to lay the foundation for sustained growth, leveraging multi-year demand across these markets, and as a new company, expanding margins and enhancing shareholder returns.

最後，我們第二季與上半年結果顯示 Vishay 3.0 正在發揮作用並推動我們前進，不僅能充分把握景氣上行週期、增速超越產業成長率並取得市占，也能奠定持續成長的基礎，運用這些市場跨多年的需求；同時作為一家「新公司」，擴大獲利能力並提升股東報酬。

Olivia, we are now ready to open the call for the first question.

Olivia，我們現在準備開放第一個提問。

Thank you, Joel, at this time, we will conduct the question-and-answer session.

謝謝你，Joel。此時我們將進行問答環節。

(Operator Instructions) Ruplu Bhattacharya, Bank of America Merrill Lynch.

（接線員指示）Ruplu Bhattacharya，美國銀行美林。

Hi, thanks for taking my questions.

嗨，謝謝讓我提問。

Joel, maybe can you talk a little bit more about the use of foundries, what utilization are your Fabs running at today, and what percent of your manufacturing is at foundries, and can you even your expectations for the Newport Fab in terms of wafers per month, you expect by the end of this year, and same for the Fab that's coming up in Germany, what waivers per month, capacity are you targeting for 2028?

Joel，你能否再多談一些關於使用晶圓代工廠的情況：你們目前自有晶圓廠的稼動率大概是多少？你們有多少比例的製造是在代工廠完成？另外，就 Newport 廠而言，你們預期到今年年底每月可達到多少片晶圓產出？同樣地，德國即將啟用的晶圓廠，你們在 2028 年的目標月產能（每月晶圓片數）是多少？

Hi Ruplu, use of foundries. We had spoke previously about in putting our technology structures at foundries in Korea. We have two that we're working with. Additional one in China. Those are coming on board here in the 3rd quarter, that's going to help us increase our capacity for AI wafers and AI end products. The Newport Fab, we continue to have the automotive audits, we're well into the single digits of 9 and 10 customer audits have been completed, a couple more to go. Getting the customer programs to accept the PCNs is the next step, and this is taking a little time. We're working with the customer closely. When we get the tier one customer programs approved, the utilization of the Newport Fab will increase. We're expecting to see more and more programs approved every month through the end of the year.

嗨 Ruplu，關於代工廠的使用。我們先前談過，將我們的技術結構導入韓國的代工廠。我們目前合作的有兩家。另外在中國還有一家。這些將在第三季加入量產，將協助我們提升 AI 晶圓與 AI 終端產品的產能。至於 Newport 廠，我們仍在進行車用稽核，目前 9 到 10 家客戶稽核中已完成到個位數的進度，還有幾家要完成。下一步是讓客戶專案接受 PCN（製程變更通知），這需要一些時間。我們正與客戶密切合作。當我們取得一級供應商（Tier 1）客戶專案核准後，Newport 廠的稼動率將會提升。我們預期在今年年底前，每個月都會有越來越多專案獲得核准。

By having those programs approved in Newport, we're able to open capacity in the it's a whole 8-inch fab. Which is going to help us. The capacity increase second half and into the first half of 2027 will be Idaho, 8-inch Korea 2 Foundries and another foundry in China. The 12-inch fab, we talk about first qualifying the non-automotive commercial parts so we can run the fab much faster than Newport was started. That is still on target for mid 2027, as far as wafer accounts, we're not ready to share that at this time. We are making good progress with the Fabs and capacity.

當 Newport 的這些專案獲得核准後，我們就能釋放產能——那是一座完整的 8 吋晶圓廠。這將對我們有所幫助。下半年到 2027 年上半年之間的產能提升，將來自愛達荷（Idaho）、韓國的 8 吋（產能/合作）兩家代工廠，以及中國的另一家代工廠。至於 12 吋晶圓廠，我們談到會先認證非車用的商規產品，這樣我們就能讓該廠的爬坡速度比 Newport 當初啟動時更快。這仍以 2027 年年中為目標；至於晶圓數量（wafer counts），我們目前還不準備對外分享。我們在晶圓廠與產能方面正取得良好進展。

Okay, thanks for that, we're also getting some, so there have been some media reports that for AI applications or power applications, maybe some vendors want to use more MLCCs versus polymer tantalum, can you give us your thoughts on Vishay exposure to MLCC, and is that something that you would want to increase over time, or do you think the exposure to polymer tantalum is more important, and what is your current, percent of revenue from polymer tantalum, and do you plan to expand that? Just MLCC versus polymer tantalum use and your exposure to those.

好的，謝謝。另有一些媒體報導指出，在 AI 應用或電源應用上，部分供應商可能希望使用更多 MLCC（多層陶瓷電容）而非聚合物鉭電容。你能分享一下 Vishay 在 MLCC 的布局與曝險嗎？這是否是你們希望隨時間增加的方向？或你認為聚合物鉭電容的布局更重要？另外，你們目前聚合物鉭電容占營收的比例是多少，是否計畫擴大？也就是 MLCC 與聚合物鉭電容的使用趨勢，以及你們在這兩者上的曝險。

MLCC, we have products which are more specialized. The MLCCs that we have is more for military and more for medical. We do get some orders for AI or compute programs when the lead times are long for other from other MLCC suppliers. We still see the demand for polymer tantalum in automotive, polymer tantalum in AI, so I know there's some talk about MLCCs versus sulfur polyp, we're expanding our polymer output. Through the end of this year at the current locations that we're in, and we'll be expanding capacity at a new site in La Laguna, Mexico. So polymer will be a growing part of our portfolio. We see very long lead times from competition, but the interest from customers is still very strong to add the shade of this product set.

關於 MLCC，我們的產品較偏向專業型。我們的 MLCC 主要用於軍用與醫療領域。當其他 MLCC 供應商交期很長時，我們也會收到一些 AI 或運算專案的訂單。我們仍看到聚合物鉭電容在車用、以及在 AI 領域的需求；我知道市場上有一些關於 MLCC 與聚合物（鉭）之間取捨的討論，我們正在擴大聚合物產出。在今年年底前，我們會在現有據點提升產能，並且會在墨西哥 La Laguna 的新廠址擴充產能。因此，聚合物將成為我們產品組合中持續成長的一部分。我們看到競爭對手的交期非常長，但客戶對於增加這一產品系列的興趣仍然非常強烈。

Okay, if I can just squeeze one more in, Dave, can you talk about like, CapEx this year and versus next year, how should we think, do you think CapEx maintains at this level, or do you see that increasing or decreasing, and your spend on CapEx versus buybacks, how should we think about capital allocation if you can give a general framework, thanks so much for taking my questions.

好的，如果我可以再塞進最後一題，Dave，你能談談今年相較於明年的資本支出（CapEx）嗎？我們應該怎麼看待：你覺得CapEx會維持在這個水準，還是會增加或減少？另外在CapEx支出與庫藏股回購之間，我們應該如何思考資本配置？如果你能給一個大致的框架，萬分感謝你回答我的問題。

Okay, yeah, I think we're sticking with the $400 to $440 CapEx this year. We're halfway there through 6 months, next year we're not going to give you a number yet, I think what we would say there is our capital intensity will continue to drop back down to lower levels and not stay at the 11% to 10% range. Absolute dollars is still may be a fairly high number, but as a percentage, as capital intensity number, it should drop.

好的，沒錯，我想我們今年會維持在4億到4.4億美元的CapEx。我們6個月已經走到一半了；明年我們還不會給你一個數字。我想我們能說的是，我們的資本密集度會持續回落到較低水準，不會維持在11%到10%的區間。以絕對金額來看可能仍會是相當高的數字，但以百分比、以資本密集度指標來看，應該會下降。

Okay.

好的。

Okay, thank you.

好的，謝謝。

(Operator Instructions) David Williams, Needham.

(接線員指示) David Williams，Needham。

Good morning, gentlemen, and, congrats on the really solid progress here.

各位先生早安，並且恭喜你們在這裡取得非常扎實的進展。

Thanks, David.

謝謝你，David。

I guess maybe we first on the gross margin line, it seems like you've got some better leverage there as we've kind of inflected, just kind of curious how you think about the gross margin, obviously we have your longer-term targets and you pull that forward a bit, you said in the script maybe a quarter on that 24%, but do you think that we have more room here to grow and how should we think about this margin, kind of, going forward, what does that trajectory look like? Has it changed or are we still kind of where you thought we would be, at this point?

我想也許先從毛利率這一項來看，似乎在我們出現拐點之後，你們在這裡有更好的槓桿效益；我有點好奇你們如何看待毛利率。顯然我們有你們較長期的目標，而你們也把它稍微提前了；你們在講稿裡提到，原本第四季要達到的24%可能提前一季到達成。但你覺得這裡還有更多成長空間嗎？我們應該如何看待未來這個毛利率水準、它的走勢軌跡會是什麼樣子？它有改變嗎？還是我們仍大致在你們原先預期、在這個時間點應該達到的位置？

We're happy to accelerate that 24% that we said we were going to exit the fourth quarter, we say we can hit that in Q3. We've got a series of initiatives that are going to help the margin, the short-term is the volume for sure the volume helps us with the variable margin, ASPs, we're increasing ASPs, and that's also helping the variable in gross margin, the channel management. As we look at our backlog and we position our backlog to support higher margin customers that gives us an immediate short-term impact. Each division has annual cost savings targets they need to hit, so those will be rolling in quarter-on-quarter, they don't all happen in the first half of the year, it takes some time through the year to go. Maximizing the Newport Fab.

我們很高興能把原本說要在第四季結束時達到的24%加速；我們說我們可以在第三季（Q3）達到。我們有一系列能幫助毛利率的措施：短期來看，量的確是關鍵，出貨量能幫助我們的變動毛利；ASP（平均售價）也在提高，這同樣有助於毛利率中的變動部分，以及通路管理。當我們看我們的積壓訂單（backlog），並將其配置以支援毛利較高的客戶時，會帶來立即的短期影響。各事業部都有年度成本節省目標必須達成，因此這些效益會逐季反映；它們不會都在上半年就發生，會需要一些時間在一年中逐步推進。最大化Newport晶圓廠（Fab）的效益。

We increase the utilization there to carry cost away and make that even more and more accretive quarter-on-quarter with these automotive program approvals. The Idaho, 12-inch, middle of the 2027 is going to start helping us there as well, we'll get the economies of a 12-inch wafer. Back end. The back end, semiconductor finishing putting that in a low-cost country and reducing our dependency on Subcontractors, we've got quite a few of them that are building parts for us, so this will be a help, we won't have to pay the margin of the subcontractor, and we can have it in with Vishay.

我們提高那邊的稼動率，以消化固定成本，並且隨著這些車用專案核准，讓它在每一季都更具增益（accretive）。愛達荷（Idaho）的12吋產線在2027年年中也會開始在那方面幫助我們，我們將取得12吋晶圓的規模經濟。後段製程（Back end）。後段，也就是半導體後段加工/封裝測試，把它放在低成本國家並降低我們對分包商的依賴；我們目前有不少分包商在替我們做零件，因此這會有幫助，我們不必支付分包商的利潤，並且可以把這部分納入Vishay內部。

The factory optimization, we talked about footprint optimization, we got a lot of factories. This is another initiative which begins in 2027. Staging in 2026, starting in 2027, 2028. Which is another one of the eight. Which is going to continue to give us the lift in gross margin. Got many levers to pull here and all of them are active.

工廠最佳化，我們談過據點/廠房版圖最佳化，我們有很多工廠。這是另一項將在2027年開始的措施。2026年先做準備，2027、2028年開始推進。這也是八項措施中的另一項。它將持續帶動我們毛利率的提升。我們有很多槓桿可以拉動，而且全部都在進行中。

Yeah, I think David, I think to your point though, I think what Joel just laid out is 2028 numbers still not a Accelerating into the beginning of 2027, then we're going to reach the 30% from the investor day.

是的，David，我想回到你剛才的點，Joel剛剛列出的內容，2028年的數字仍然不是——我們會在2027年初加速，然後達到投資人日所提到的30%。

Great, thanks for that color, and then, excuse me, you talked a little bit about the escalations, in the script as well, just kinda curious if you could talk about how broad based that was, and are there any concerns here potentially of getting to a point where we're double ordering or where things maybe are getting a little out of hand, or do you think we're still fairly rational in the ordering, pace that we're seeing today?

很好，謝謝這些補充。然後，抱歉，你們在講稿裡也稍微提到加急/拉貨（escalations），我有點好奇那是多大範圍的現象？另外，這裡是否有任何潛在疑慮，例如到了某個程度會出現重複下單（double ordering），或事情可能有點失控？還是你覺得我們目前看到的下單節奏仍相當理性？

I think at this point it's still fairly rational. We look at items like the POS. The POS is growing for Vishay, so consumption is going out the door of distribution. The weeks of inventory has gone down, each of the quarters, so the distributors, even though they speak about the need to replenish. They haven't been able to do it. People are placing orders farther out. Because of the concern of the high AI demand that they might miss, other market segments might miss. The opportunity to get products, so we're seeing those orders for positioning to their programs. When I talked to a lot of colleagues across the industry, not seeing the double ordering at this point. There's some long lead time products out there. But at this point it's supporting consumption, it's supporting demand. We're going to watch it every quarter, we're going to keep watching our indices, our metrics. At this point we say we're early in this upcycle.

我認為目前仍相當理性。我們會看一些指標，例如POS（銷售點出貨）。Vishay的POS在成長，所以終端消耗正透過通路出貨。庫存週數每一季都在下降，因此通路商即使在談需要補庫存，他們其實還沒能做到。大家把訂單下得更遠期。因為擔心AI需求很高，可能會錯過；其他市場區隔也可能會錯過取得產品的機會，所以我們看到這些訂單是在為他們的專案做配置與卡位。我和產業內許多同業交流，目前還沒有看到重複下單的情況。市場上確實有一些交期很長的產品。但就目前而言，它是在支撐消耗、支撐需求。我們會每一季都觀察，持續追蹤我們的指標與量測數據。目前我們認為這一波上行循環（upcycle）還在早期。

Great, and if I could squeeze just one last one in as you kinda think about the strength within the AI data center, how would you rank that in terms of the demand strength that you're seeing today relative to maybe how you entered the year and what your expectations were, would you say it's significantly higher, about the same, or just maybe any color around that, and thanks for the

很好。最後如果我可以再塞一題：當你們思考AI資料中心內部的強勁需求時，你會如何把它在你們目前看到的需求強度中做排序？相較於你們年初進入今年時以及你們原先的預期，你會說它顯著更高、差不多，或是能否提供一些相關的補充？謝謝你——

demand, yeah, demand for AI is growing with the hybrid model of semis and passives, we're getting more and more passive on the bill of materials, so that's growing. The MOSFETs, the diodes, we've been on the bill of materials. We Need to get the Korean Foundry moving here in the 3rd quarter with wafers, and then we can support more of the AI MOSFETs and diodes in the later part of the year, so that's growing. I think we're growing at a good rate, pushing for more for sure, there's more that we could support short-term, there's continued escalation, not just because of Vishay orders, but we also have opportunities where our competitors are not able to supply and we're getting those escalation opportunities. AI is, computed strong. And we're pushing to be even a bigger player than we are today.

需求方面，是的，AI的需求隨著半導體與被動元件的混合模式而成長；在BOM（物料清單）上我們拿到越來越多的被動元件份額，所以這在成長。MOSFET、二極體，我們一直都在BOM上。我們需要在第三季讓韓國晶圓代工廠開始供應晶圓，這樣我們就能在今年後段支援更多AI用的MOSFET與二極體，所以這也在成長。我認為我們以不錯的速度在成長，當然也在推動更快；短期內其實還有更多我們可以支援的量，且加急/拉貨仍在持續，不只是因為Vishay的訂單，我們也有一些機會是競爭對手無法供貨，而我們因此獲得這些加急機會。AI的需求非常強勁。我們也在努力成為比現在更大的參與者。

Thanks again.

再次感謝。

Thanks, David.

謝謝你，David。

(Operator Insructions) Melissa Fairbanks, Raymond James.

(接線員指示) Raymond James 的 Melissa Fairbanks。

Hey, guys, thanks very much for taking my question.

嗨，各位，非常感謝讓我提問。

Hi, good morning, Joel, you kind of provided a lot of color behind this already, but I was kind of curious, this is a question that's been coming up on, a lot of calls this quarter, you did communicate that there have been some price increases, you expect to see some price increases, it may not technically be double ordering yet, but are you seeing any pull forwards related to once you communicate these price increases, people are wanting to get the, inventory or the capacity locked in?

嗨，早安，Joel，你其實已經就這件事提供了很多背景說明，但我有點好奇：這一季在很多電話會議上都有人問到這個問題。你們確實溝通過已經有一些漲價、也預期會看到一些漲價；可能技術上還不算是重複下單（double ordering），但當你們一宣布這些漲價後，你們是否看到任何「提前拉貨」的情況？也就是大家想把庫存或產能先鎖定下來？

We see the intention, the way we're doing the price increases, we are updating the backlog rather quickly. To be able to try and get ahead of the queue and have a ship within weeks we're updating the backlog to the new price, so we don't see that people are able to get ahead of it, we do see tier 1 automotives trying to put inventory in place OEMs are pushing them to get some inventory in place, but even that's a challenge because of the loads that are in our manufacturing lines, plus we believe our competitors, it's quite difficult for somebody to try and build inventory and get ahead of something. It's a pretty dynamic business we're in, it's growing in all market segments, capacities are being filled quarter-on-quarter as new capacities land. Those are being loaded very quickly. I think the price increases are being Implemented and not and not just a paper price increase, I think they're real, they're coming quick. And it's hard for somebody to pull anything ahead.

我們看到的是意圖。就我們執行漲價的方式而言，我們會相當快速地更新積壓訂單（backlog）。為了能夠嘗試搶在隊列前面、在幾週內就能出貨，我們會把積壓訂單更新到新的價格，所以我們沒有看到人們能夠藉此插隊；我們確實看到一級汽車供應商（Tier 1）試圖建立庫存，OEM 也在推動他們建立一些庫存，但即便如此也很具挑戰，因為我們製造產線的負載很高；此外我們也認為對我們的競爭對手而言，要有人試圖建立庫存並搶先一步也相當困難。我們所處的是一個相當動態的產業，各個市場區隔都在成長；隨著新產能逐季到位，產能也在一季接一季地被填滿。這些產能很快就被載入（投入生產）。我認為這些漲價正在被落實，而不只是紙面上的漲價；我認為它們是真實的，而且來得很快。因此很難有人能把任何需求提前拉到前面。

Okay, great, I assume increase in turns business within the quarter, it reflects that as well, but that's not happening, and it would, it'd be great if the Tier 1 Auto Guys, could have learned a lesson from the last supply chain crisis, but here we are.

好的，很棒。我想本季內周轉型（turns）業務的增加也會反映這點，但看起來並沒有發生。而且如果一級汽車供應商能從上一次供應鏈危機學到教訓就好了，但現實就是如此。

we have, yeah, we have this revolving thing going on here, don't we, yeah,

我們有，是的，我們這裡確實在上演這種循環，不是嗎？是的。

Yeah, one last question from me, you know to the extent that you are expanding the portfolio available for distribution. That way you're going to capture more content on the board or more content in design, is there an aspect of demand creation that we may need to think about in terms of impacting the margin or is that just negligible as we look at increasing content?

我最後一個問題：在你們擴大可供通路分銷的產品組合的情況下，這樣你們就能在電路板上取得更多用量（content）或在設計中取得更多用量；那麼在需求創造（demand creation）方面，是否有任何我們需要考量、可能會影響毛利的因素？還是說，隨著用量增加，這方面的影響其實可以忽略？

For the most part it's negligible. Getting the, strength of the distributor FAEs with their design registrations is a good benefit, we've got a Vishay FAEs out there, but when we can multiply the headcount with the distributor FAEs and incentivize them to go out and put Vishay on the bill of materials, it's a plus plus. The cost is negligible for us.

大致上可以忽略。透過分銷商 FAE 的實力，以及他們的設計導入登錄（design registrations），是一個很好的效益；我們也有 Vishay 的 FAE 在外面，但當我們能透過分銷商 FAE 把人力規模放大，並激勵他們出去把 Vishay 納入物料清單（BOM），那就是雙贏。對我們而言成本可以忽略不計。

Okay.

好的。

Perfect. Thanks very much, guys,

太好了。非常感謝，各位。

Thanks, Melissa, I appreciate it.

謝謝你，Melissa，我很感激。

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

謝謝。目前顯示沒有其他提問，我現在把電話交回給 Joel 作結語。

All right.

好的。

Thank you, Olivia.

謝謝你，Olivia。

To sum up today's call our Q2 and first half results demonstrate that Vishay 3.0 is working as intended and positioning Vishay to fully participate in the industry upcycle, Outpacing industry growth while we continue to gain share and to prepare Vishay for long-term sustainable growth. In the third quarter, we will be attending the Needham virtual semiconductor and SemiCap conference on August 18th and we'll also be in person at the City Global conference on September 9th. Hope to see many of you there. Thank you very much for attending our call, have a great week.

總結今天的電話會議，我們第二季以及上半年業績顯示 Vishay 3.0 正按預期發揮作用，並使 Vishay 能夠充分參與產業上行週期；在我們持續提升市占並為 Vishay 的長期可持續成長做準備的同時，成長速度也將超越產業成長。第三季，我們將於 8 月 18 日參加 Needham 線上半導體與 SemiCap 研討會，並且也會於 9 月 9 日親自出席 City Global 研討會。希望能在那裡見到各位中的許多人。非常感謝各位參加我們的電話會議，祝大家有美好的一週。

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

感謝您參與今天的會議。本次活動到此結束，您現在可以掛線。