Monolithic Power Systems（MPWR）— 2026-10-29 3Q26 法說會逐字稿（英文原文＋中譯）
日期：2026-10-29（美國時間盤後；CFO 開場稱「對我們來說是上海的早上」） 逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司書面財報評論（earnings commentary）為準。通話未宣讀 4Q26 營收財測區間。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。開頭 AI 摘要區塊與逐字稿區塊同步修正。 - 發言者標籤：00:14:00 原標 Michael Hsing 實為 Rick Schafer（Oppenheimer）的致謝；00:19:25、00:19:34、00:19:45、00:22:05、00:24:18 五段原標 Tony Balow／Chris Caso／Michael Hsing，內容為 Joshua Buchalter（TD Cowen）的提問與致謝（操作員已點名其發問），已統一改標。 - mPower → Empower（Analog Devices 收購對象 Empower Semiconductor，IVR 技術；轉寫誤植）。 - crop drivers／作物驅動器 → clock drivers／時脈驅動器（與同句 RCD＝registering clock driver 脈絡一致，屬 DDR5 記憶體模組零組件）。 - Otto → Auto（汽車；Wells Fargo 提問「汽車持續出現轉折」）。 - 「單體電力系統」→ Monolithic Power Systems（MPS）。 - Tony 答覆中的「Fred」→ Quinn（Quinn Bolton，Needham）。 - 「為 Stephen 增加的產能」：人名無法判斷（疑為代工夥伴），保留並標 [待確認]。 - 00:08:42 與 00:28:56 兩段 Michael Hsing 發言中混入提問者的致謝語及語意不明語句（「banking and money business」），不影響數字，保留原文。 - 數字核對：3Q26 營收 12 億美元、QoQ +22%、YoY +63% → 2Q26 約 9.8 億†、3Q25 約 7.4 億†，與「首度單季破 10 億美元」之口述一致；產能支持營收 >60 億美元（約 15 億／季）高於 3Q26 營收，與「產能領先業務」一致。 - 內部庫存 117 天出自 Gary Mobley（StoneX）的提問，管理層僅確認「庫存天數隨營收成長下降、庫存不構成限制」，未重述數字；117 天與同日 Allegro 之庫存天數相同，疑提問者混用，標 [數字存疑]。 - 開頭 AI 摘要「通路庫存 5–8 週」為提問者所述（CFO 答處於區間偏低端）；「2026 年預計成長 50–60%」為分析師（Tore Svanberg）提問所述，非公司財測。
原文
Memo 亮點 • MPS 在 2026 年第三季達成重要里程碑，季度營收首次突破 10 億美元，第三季營收為 12 億美元，較 2026 年第二季成長 22%，較 2025 年第三季成長 63%（根據音頻日期推斷）。 [CFO - 00:01:42] • 2026 年第三季，產能支持的年營收超過 60 億美元，預計 2027 年下半年達到 80 億美元，長期目標為 100 億美元。 [CFO - 00:02:01] • 企業數據市場在現有客戶中需求強勁，預計將持續至 2027 年。企業數據的年增底線從 130% 提升至 150%。 [CFO - 00:02:17] • 2026 年第三季回購自家股票超過 4.5 億美元。 [CFO - 00:03:27] • 2026 年第三季毛利率提升 10 個基點，第四季指引中點預計再增加 10 個基點。目標毛利率維持在 55% 至 60% 之間。 [CFO - 00:27:33] 總體經濟 • MPS 不專注於宏觀經濟或市場區段預測，而是優先考量設計活動與客戶熱情。 [CEO - 00:18:31] 產業循環週期 • 2026 年前九個月未見明顯放緩（根據音頻日期推斷），預期未來幾年將迎來爆發性成長期。 [CEO - 00:05:03] 產業供需 • 多個終端市場均見成長，包括汽車與機器人領域，需求預計將持續。 [CFO - 00:05:28] • 客戶與區域多元化帶來對下半年成長的信心，並非依賴單一客戶或區域。 [CFO - 00:44:41] 產業狀況 • 通訊領域的光模組與交換機業務強勁成長；通訊為繼企業數據後第二快成長的終端市場。 [CFO - 00:17:27] 獲利 • 2026 年第三季毛利率提升 10 個基點，第四季指引中點預計再增加 10 個基點。目標毛利率維持在 55% 至 60%。營業利潤率每季約成長 1 個百分點。 [CFO - 00:27:33] 公司展望、未來成長動能 • 預期成長加速，多元化成長策略奏效。產能將於 2027 年下半年擴增至 80 億美元，長期目標為 100 億美元，以支援快速擴張的業務。 [CFO - 00:02:07] • 企業數據、汽車（48 伏特與區域架構）、機器人及高速記憶體產品為 2027 年主要成長動能。 [CFO - 00:02:17] • 通訊與工業終端市場成長預期持續，機器人及其他領域的設計勝出支持未來成長。 [CFO - 00:41:09] 市場競爭策略 • MPS 擁有專有技術及多種整合電壓調節器與電源供應解決方案，能滿足客戶各種需求。對 Analog Devices 收購 Empower 帶來的競爭風險不感擔憂。 [CEO - 00:34:37] 營收 • 2026 年第三季營收為 12 億美元，較 2026 年第二季成長 22%，較 2025 年第三季成長 63%（根據音頻日期推斷）。2026 年預計成長 50-60%（根據 20261029 估算）。 [CFO - 00:01:50] 訂單 • 汽車領域首次接獲 48 伏特電源解決方案訂單；預期 48 伏特與區域架構的設計勝出將推動 2027 年成長。 [CFO - 00:02:40] 產品組合 • 在傳統領域擴大客戶基礎，並在桌面 AI 設計中利用自家開發的 AI 設計工具取得新勝出。 [CFO - 00:02:26] • 開始在多個地區推動機器人解決方案，涵蓋感測器與馬達控制產品。 [CFO - 00:02:52] • 高速記憶體產品持續推進，並取得首個大型資料轉換器設計勝出，預計 2027 年開始量產。 [CFO - 00:03:02] 營收地區 • 汽車需求與設計管線地域多元，涵蓋美國、歐洲及亞洲，尤其是中國。 [CEO - 00:43:21] 上游廠商 • 晶圓代工價格上漲，但 MPS 吸收部分成本增加，並與客戶分攤其餘成本，未大幅轉嫁價格。 [CEO - 00:29:29] 下游客戶 • 企業數據客戶多元化增加，ASIC 客戶快速成長，主要使用模組，有利營收多元化及提升平均銷售價格。 [CFO - 00:20:41] 同業 • MPS 對 Analog Devices 收購 Empower 帶來的競爭風險不感擔憂，強調專有技術及多解決方案能力。 [CEO - 00:34:37] 稼動率 • 2026 年第三季產能支持年營收超過 60 億美元，預計 2027 年下半年達 80 億美元，長期目標 100 億美元。產能保持領先業務需求。 [CFO - 00:02:01] 存貨庫存 • 通路庫存維持在正常的五至八週範圍內；內部庫存根據未來營收指引降至 117 天。庫存未限制銷售。 [CFO - 00:46:57] 新產品／新技術 • 正在取樣用於 800 伏特資料中心架構的氮化鎵（GaN）解決方案，補充現有碳化矽設計。800 伏特架構預計 2027 年後期開始量產，2028 年活動更為顯著。 [CEO - 00:06:28] • 推進高速記憶體產品、新一代時脈驅動器（clock driver）及 RCD 產品，預計 2027 或 2028 年帶來營收。 [CEO - 00:10:44] 產品價格 • 價格上漲對營收成長貢獻有限；MPS 吸收部分成本增加，並與客戶分攤其餘成本。 [CFO - 00:30:10] 出貨量 • 對氮化鎵市場而言，MPS 認為出貨量達約 5,000 萬單位後，市場才可視為成熟。 [CEO - 00:07:48] 成本毛利 • 2026 年第三季毛利率提升 10 個基點，第四季指引中點預計再增加 10 個基點。目標毛利率維持在 55% 至 60%。 [CFO - 00:27:33] • 營業利潤率每季約成長 1 個百分點，且觀察到顯著擴張。 [CFO - 00:28:46] 原物料／關鍵零組件 • 晶圓代工價格上漲，但 MPS 吸收部分成本增加，並與客戶分攤其餘成本。 [CEO - 00:29:29] 銷售／管理／研發費用 • 營運費用成長不會追上營收成長速度；優先考量研發效率與人才品質，而非增加支出。在高成長率下，營運費用往往低於模型範圍。 [CEO - 00:13:05] 擴廠規劃 • 產能將於 2027 年下半年擴增至 80 億美元，長期目標 100 億美元，以支援業務成長。擴產不預期帶來資本密集度顯著增加。 [CFO - 00:02:07] 股本、增資、可轉換債券、庫藏股 • 2026 年第三季回購自家股票超過 4.5 億美元。 [CFO - 00:03:27] 併購 • MPS 不認為 Analog Devices 收購 Empower 構成競爭風險。 [CEO - 00:34:37] 管理層人事異動 • Tony 被任命為 CFO，這是他以新職務參加的首次財報電話會議。 [Managing Director - 00:04:15] Transcript Presentation Speaker01 - Operator
(00:00:01)Good day, and thank you for standing by. Welcome to the Monolithic Power Systems third quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, please press star 1 1 on your telephone. You will then hear an automated message confirming your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded.
(00:00:01)大家好，感謝您耐心等待。歡迎參加Monolithic Power Systems（MPS） 2026 年第三季度財報電話會議。此時，所有參與者均為聆聽模式。在演講者的報告後，將會有問答環節。在會議期間提問，請按電話上的星號 1 1。您將聽到自動訊息確認您的提問已被提出。若要撤回您的問題，請再次按星號 1 1。請注意，今天的會議正在錄音。
Speaker01 - Operator
(00:00:33)I would now like to hand the conference over to your speaker today, Arthur Lee. Please go ahead.
(00:00:33)現在我想將會議交給今天的演講者，亞瑟·李。請開始。
Arthur Lee - MPS, Investor Relation
(00:00:39)Earlier today, MPS released a written commentary on the results of its operations for the third quarter ended September 30th, 2026. This document can be found on our website. Before we begin, I would like to remind everyone that during today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties.
(00:00:39)今天早些時候，MPS 發布了對 2026 年 9 月 30 日結束的第三季度業務結果的書面評論。此文件可在我們的網站上找到。在我們開始之前，我想提醒大家，在今天的報告中，我們可能會發表前瞻性聲明和預測根據 1995 年《私人證券訴訟改革法》的定義，這些聲明涉及風險和不確定性。
Arthur Lee - MPS, Investor Relation
(00:01:05)The risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the safe harbor statements contained in the Q3 2026 earnings commentary and in our SEC filings, including our Form 10-K and Forms 10-Q, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information. Now, I would like to turn the call over to Tony.
(00:01:05)可能導致實際結果與這些前瞻性聲明不同的風險、不確定性和其他因素已在 2026 年第三季度財報評論和我們的 SEC 文件中列出，包括我們的 10-K 表格和 10-Q 表格，這些文件可在我們的網站上找到。我們的聲明截至今天，我們不承擔更新此信息的義務。現在，我想將電話交給託尼。
Tony Balow - MPS, CFO
(00:01:34)Thanks, Arthur. Good afternoon, and for us, good morning from Shanghai. Welcome to our Q3 2026 earnings call. In Q3, MPS achieved another significant milestone, exceeding $1 billion in quarterly revenue for the first time. Q3 revenue of $1.2 billion was 22% higher than the second quarter of 2026 and 63% higher than the third quarter of 2025. During the quarter, our capacity surpassed $6 billion in annual revenue support. We expect to have $8 billion of capacity in place by the second half of 2027, on our way to $10 billion in support of our rapidly expanding business.
(00:01:34)謝謝，亞瑟。下午好，對我們來說，上海的早上好。歡迎參加我們的 2026 年第三季度財報電話會議。在第三季度，MPS 達成了另一個重要里程碑，首次季度收入超過 10 億美元。第三季度收入為 12 億美元，比 2026 年第二季度高出 22%，比 2025 年第三季度高出 63%。在本季度，我們的產能超過 60 億美元的年收入支持。我們預計到 2027 年下半年將具備 80 億美元的產能，以支持我們快速擴張的業務，最終達到 100 億美元。
Tony Balow - MPS, CFO
(00:02:17)In our enterprise data market, we saw strong demand across existing customers, which we expect to continue into 2027. In addition, using our in-house developed AI design tools, we significantly expanded our customer base in traditional areas, as well as landed new wins in applications such as desktop AI designs. Beyond our strong enterprise data growth in automotive, we received first orders for 48-volt power solutions, and expect design wins for 48-volt and zonal architectures to be a driver of growth in 2027.
(00:02:17)在我們的企業數據市場，我們看到現有客戶的需求強勁，預計這一趨勢將持續到 2027 年。此外，利用我們內部開發的 AI 設計工具，我們在傳統領域顯著擴大了客戶基礎，並在桌面 AI 設計等應用中獲得了新的成功。除了在汽車領域的強勁企業數據增長外，我們收到了 48 伏電源解決方案的首批訂單，並預計 48 伏和區域架構的設計勝利將成為 2027 年增長的驅動力。
Tony Balow - MPS, CFO
(00:02:52)We started ramping robotic solutions with sensor and motor control products across multiple geographies. We continue to increase our SAM with the ramp of our high-speed memory products. We landed our first large data converter design win, which we expect to ramp next year, and we continued to build out our high-voltage portfolio and began sampling GaN-based solutions for use in 800-volt data center architectures, complementing our existing silicon carbide-based designs. And finally, in Q3, we repurchased over $450 million of our own stock.
(00:02:52)我們開始在多個地區推廣機器人解決方案，並提供傳感器和電機控制產品。隨著我們高速記憶體產品的推廣，我們繼續擴大我們的服務可用市場（SAM）。我們獲得了首個大型數據轉換器的設計勝利，預計明年將開始推廣，我們繼續擴展我們的高壓產品組合，並開始對用於 800 伏數據中心架構的氮化鎵（GaN）解決方案進行取樣，這補充了我們現有的碳化矽設計。最後，在第三季度，我們回購了超過 4.5 億美元的自家股票。
Tony Balow - MPS, CFO
(00:03:33)Overall, we see accelerated growth. Our diversified growth strategy is paying off.
(00:03:33)總體而言，我們看到增長加速。我們的多元化增長策略正在取得成效。
Q&A Tony Balow - MPS, CFO
(00:03:39)Operator, you may now open the webinar for questions.
(00:03:39)操作員，您現在可以開放網絡研討會以供提問。
Speaker01 - Operator
(00:03:43)As a reminder, to ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. In the interest of time, we ask that you please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Our first question comes from Tore Svanberg with Stifel. Your line is now open.
(00:03:43)提醒您，提問時請按電話上的星號 1-1，並等待您的名字被宣佈。若要撤回您的問題，請再次按星號 1-1。為了節省時間，我們請您限制在一個問題和一個後續問題。請稍候，我們正在整理問答名單。我們的第一個問題來自 Stifel 的託雷·斯萬貝格。您的線路現在已開放。
Tore Svanberg - Stifel, Managing Director
(00:04:09)Yes, thank you, Michael and Tony. Congratulations on that billion-dollar milestone. And to you, Tony, congratulations on your CFO appointment. I guess for my first question, you talked about accelerated growth. I was hoping you could elaborate a little bit on that. I mean, I'm sure you're not going to give us 2027 guidance, but you are on track to grow 50 to 60% this year. And especially in light of your $8 billion capacity and then $10 billion, when do we potentially see $10 billion capacity in place?
(00:04:09)是的，謝謝你，邁克爾和託尼。恭喜你們達成那個十億美元的里程碑。另外，託尼，恭喜你擔任 CFO。我想問的第一個問題是，你提到了增長加速。我希望你能稍微詳細說明一下。我的意思是，我相信你不會給我們 2027 年的指導，但你們今年的增長目標是 50% 到 60%。特別是在你們的 80 億美元產能和 100 億美元的背景下，我們何時可能看到 100 億美元的產能到位？
Tore Svanberg - Stifel, Managing Director
(00:04:47)Thank you.
(00:04:47)謝謝你。
Michael Hsing - MPS, CEO
(00:04:49)Yes. Thanks, Tore. As Tony mentioned earlier, There are only a few items to note. We anticipate an explosive growth period over the next few years. Even in the first nine months of this year, we have not observed any significant slowdown.
(00:04:49)是的。謝謝你，Tore。正如 Tony 之前提到的，需要注意的項目不多。我們預期在未來幾年會有爆炸性的增長期。即使在今年的前九個月，我們也沒有觀察到任何顯著的放緩。
Tony Balow - MPS, CFO
(00:05:28)Additionally, as we entered the second half, we began seeing growth across multiple end markets, including automotive, which started ramping in Q3 and is expected to continue through the second half. As applications like robotics begin to ramp up, we expect this growth to continue into the future. So, it’s not just our existing businesses; the addition of new growth areas over time gives us strong confidence going forward.
(00:05:28)此外，隨著我們進入下半年，我們開始在多個終端市場看到增長，包括汽車市場，該市場在第三季度開始增長，預計將持續到下半年。隨著機器人等應用開始增長，我們預期這一增長將持續到未來。因此，不僅僅是我們現有的業務；隨著時間的推移，新增長領域的加入使我們對未來充滿信心。
Tore Svanberg - Stifel, Managing Director
(00:05:57)Very good. As a follow-up, you mentioned the 800-volt GaN product sampling. Now that you are sampling GaN, could you elaborate a bit more to help us understand the positioning? Is this a vertical GaN device? Or is it a horizontal GaN device? Is it based on your own process? Could you provide more details on the quality? And when do you expect to start seeing revenue from the 800-volt GaN products? Thank you.
(00:05:57)非常好。作為後續問題，你提到了 800 伏特 GaN 產品的取樣。現在你們正在取樣 GaN，能否詳細說明一下以幫助我們理解其定位？這是一個垂直 GaN 設備嗎？還是這是一個水平 GaN 設備？它是基於你們自己的工藝嗎？能否提供更多有關質量的細節？你們預計何時開始從 800 伏特 GaN 產品中看到收入？謝謝你。
Michael Hsing - MPS, CEO
(00:06:28)Yes, it is based on MPS’s own development, which came after we developed the silicon carbide device. We have started sampling this type of solution. We allow our customers to choose. They can choose to use GaN. GaN is a new technology for everyone. It is being adopted in data centers and industrial automotive applications. This is the first time for many. We are always very cautious about reliability. Our goal is to achieve failure rates below 1 ppm. This applies to these modules. We let our customers choose between GaN or silicon carbide.
(00:06:28)是的，它是基於 MPS 自己的開發，這是在我們開發碳化矽設備之後進行的。我們已經開始取樣這種類型的解決方案。我們允許客戶選擇。他們可以選擇使用 GaN。GaN 對每個人來說都是一項新技術。它正在數據中心和工業汽車應用中被採用。對許多人來說，這是第一次。我們始終對可靠性非常謹慎。我們的目標是實現低於 1 ppm 的故障率。這適用於這些模塊。我們讓客戶在 GaN 或碳化矽之間選擇。
Michael Hsing - MPS, CEO
(00:07:37)Silicon carbide is well known; we have established data. It is a very high reliability product. For GaN, we need to ship around 50 million units before we can declare it a mature market. But we continue to let our customers decide.
(00:07:37)碳化矽是眾所周知的；我們已經建立了數據。這是一個非常高可靠性的產品。對於 GaN，我們需要出貨約 5000 萬個單位，才能宣告其為成熟市場。但我們仍然讓客戶決定。
Tony Balow - MPS, CFO
(00:08:00)I’ll just add that the experience we’ve gained in data centers puts us in a strong position to meet all customer standards, as Michael mentioned. This experience is critical for ensuring we meet the rigorous requirements customers demand. Regarding the timing you asked about, we expect the 800-volt architecture ramp to occur later in 2027, with more significant activity in 2028. Our outlook on this timing has not changed. We are currently advancing the design work ahead of that ramp.
(00:08:00)我只想補充一下，我們在數據中心獲得的經驗使我們能夠強有力地滿足所有客戶標準，正如 Michael 所提到的。這一經驗對於確保我們滿足客戶要求的嚴格標準至關重要。關於你所詢問的時間，我們預計 800 伏特架構的增長將在 2027 年晚些時候發生，並在 2028 年有更顯著的活動。我們對這一時間的展望沒有改變。我們目前正在推進設計工作，以便在增長之前做好準備。
Michael Hsing - MPS, CEO
(00:08:35)Our customers use both technologies. They want to avoid failures at all costs.
(00:08:35)我們的客戶使用這兩種技術。他們想要不惜一切代價避免故障。
Michael Hsing - MPS, CEO
(00:08:42)Therefore, they employ both solutions. That approach makes a lot of sense. Congratulations again. Thank you. Thank you.
(00:08:42)因此，他們採用這兩種解決方案。這種做法非常合理。再次恭喜你們。謝謝你。謝謝你。
Speaker01 - Operator
(00:08:52)Our next question comes from Rick Schafer with Oppenheimer & Co. Your line is open.
(00:08:52)我們的下一個問題來自 Oppenheimer & Co.的 Rick Schafer。你的線路已開通。
Rick Schafer - Oppenheimer, Managing Director
(00:08:58)Thanks, and congratulations to you all, and congratulations to Tony on his appointment. If I could ask a question about storage and compute for my first one, I was hoping you could help us level set some of the moving parts in that area. I mean, within that segment, how is it split now if you look at SSD, HDD, DDR5 PMIC, versus the PC vCore power piece? Because I know we all see PC units tracking down about 20% here in the second half. So I'm just curious, is that kind of what you guys are seeing on the PC side of that segment?
(00:08:58)謝謝，恭喜你們所有人，並祝賀 Tony 的任命。如果我可以問一個關於儲存和計算的問題，我希望你能幫助我們瞭解該領域的一些變化。我的意思是，在這個細分市場中，如果你看看 SSD、HDD、DDR5 PMIC，與 PC vCore 電源部分的分佈情況如何？因為我知道我們都看到 PC 單位在下半年下降了約 20%。所以我很好奇，這是否是你們在該細分市場的 PC 方面所看到的情況？
Rick Schafer - Oppenheimer, Managing Director
(00:09:33)And then, how much is the storage piece growing and what is it contributing? Thanks.
(00:09:33)然後，儲存部分的增長有多少，貢獻又是什麼？謝謝。
Tony Balow - MPS, CFO
(00:09:40)Yeah, Rick, let me start, and then I'll let Michael come in. Mechanically, if you look at it, the big driver of growth in that segment has been DDR5, primarily on the PMIC solution. As I've said, we're just starting the high-speed journey on DDR5. We have seen healthy growth over the past year or so in the hard disk drive and SSD parts of the storage business as well, but clearly DDR5 is the largest portion. On notebooks, tactically, yeah, I think we're— We've been discussing this, and that's what we're seeing as well.
(00:09:40)是的，Rick，讓我先開始，然後我會讓 Michael 來補充。從機械角度來看，如果你看看，該細分市場的主要增長驅動因素是 DDR5，主要是在 PMIC 解決方案上。正如我所說，我們剛剛開始在 DDR5 上進行高速旅程。在過去一年左右，我們在硬碟和 SSD 的儲存業務中也看到了健康的增長，但顯然 DDR5 是最大的部分。在筆記本電腦方面，戰術上，是的，我認為我們—我們一直在討論這個問題，這也是我們所看到的情況。
Tony Balow - MPS, CFO
(00:10:11)We're not seeing the same strength on notebooks due to downstream memory constraints. But looking forward, we're still quite bullish on notebooks long term because we have strong technology and good market share. Additionally, applications around AI will continue to build out over time at the edge, where notebooks will play a role. So the short-term trends you're seeing in notebooks align with what we're observing, Rick. But long term, we remain very optimistic about the potential of notebooks for the company.
(00:10:11)由於下游記憶體的限制，我們在筆記本電腦上沒有看到同樣的強勁表現。但展望未來，我們對筆記本電腦的長期前景仍然非常樂觀，因為我們擁有強大的技術和良好的市場份額。此外，圍繞 AI 的應用將隨著時間的推移在邊緣持續增長，筆記本電腦將在其中發揮作用。所以你在筆記本電腦上看到的短期趨勢與我們的觀察一致，Rick。但從長期來看，我們對筆記本電腦的潛力仍然非常樂觀。
Michael Hsing - MPS, CEO
(00:10:44)For that segment, we have new products like clock drivers and RCD. These are all aligned. In addition to our power management products, these will be positioned for revenue in 2027 or 2028. We expect these products to ramp significantly even in 2028. That part of the segment is much larger than power management. As Tony mentioned, notebooks will be a very fast-growing market segment once manufacturing capacity opens, growing alongside desktops.
(00:10:44)在該細分市場中，我們有新的產品，如時脈驅動器（clock driver）和 RCD。這些都是一致的。除了我們的電源管理產品外，這些產品將在 2027 年或 2028 年定位為收入來源。我們預計這些產品即使在 2028 年也會顯著增長。該細分市場的這一部分比電源管理要大得多。正如 Tony 提到的，筆記本電腦將是一個非常快速增長的市場細分，一旦生產能力開放，將與桌面電腦一起增長。
Tony Balow - MPS, CFO
(00:12:03)Summing it up, for the segment overall, with the various factors, it could be flat to up a couple of points year over year, which is how we have positioned it. But it's really a tale of two cities, with strong storage growth and a limited TAM on the notebook side.
(00:12:03)總結來說，對於整個細分市場，考慮到各種因素，可能會持平或同比增長幾個點，這就是我們的定位。但這實際上是兩個城市的故事，儲存增長強勁，而筆記本電腦方面的市場規模有限。
Rick Schafer - Oppenheimer, Managing Director
(00:12:23)Got it. And if I may, this is your first call with the CFO title, and I'm curious how you view OpEx growth going forward. Are there any meaningful changes to the prior targets you have laid out? Given the top-line growth rates that Tore called out, around 50 to 60%, how fast can you actually scale R&D and other expenses? It seems like we're— It seems like you are set for some significant operating leverage to flow through the model. Is that the right way to think about it? Any rules of thumb you can share?
(00:12:23)明白了。如果可以的話，這是你第一次以 CFO 的身份參加電話會議，我很好奇你如何看待未來的 OpEx 增長。你之前設定的目標有沒有任何實質性的變化？考慮到 Tore 提到的約 50% 到 60% 的營收增長率，你實際上能多快擴大研發和其他開支？看起來我們—看起來你們準備好讓一些顯著的操作槓桿流入模型中。這樣理解是否正確？有什麼經驗法則可以分享嗎？
Michael Hsing - MPS, CEO
(00:13:02)Let me answer that question. I never believed that bigger spending on programs necessarily leads to bigger results. For our business, it's inversely proportional.
(00:13:02)讓我來回答這個問題。我從來不相信對項目的更大支出必然會帶來更大的結果。對於我們的業務來說，這是反比的。
Tony Balow - MPS, CFO
(00:13:18)We just need good ideas and good people to make everything happen. So, Rick, I don't think you'll see us change our model. Pragmatically, as we reach higher growth levels, we tend to fall below our model range in terms of spending because we simply can't spend money that fast, but I completely understand the point. I agree with Michael on that. It's about the efficiency of R&D and the quality of people you have, rather than just spending more. Generally, at the growth rates we've seen, for example this year, you'll fall below the bottom end from an OpEx perspective.
(00:13:18)我們只需要好的想法和好的人來實現一切。所以，Rick，我不認為你會看到我們改變模型。實際上，當我們達到更高的增長水平時，我們的支出往往會低於模型範圍，因為我們根本無法那麼快地花錢，但我完全理解這一點。我同意 Michael 的看法。這關乎於研發的效率和你擁有的人才質量，而不僅僅是增加支出。通常，在我們看到的增長率下，例如今年，你的 OpEx 支出將低於底部範圍。
Rick Schafer - Oppenheimer, Managing Director
(00:14:00)Got it. Thanks again, and congratulations to you all.
(00:14:00)明白了。再次感謝，並祝賀你們所有人。
Speaker01 - Operator
(00:14:05)Thank you. Our next question comes from Quinn Bolton with Needham & Company. Your line is open.
(00:14:05)謝謝你。我們的下一個問題來自 Needham & Company 的 Quinn Bolton。你的線路已開通。
Quinn Bolton - Needham, Managing Director
(00:14:12)Hey guys, I'll echo my congratulations, and Tony, congratulations on the new role. I want to start with enterprise data. Last quarter, you gave us a floor of 130 with September results and December guidance. It looks like you're tracking to maybe 150% growth, but Tony, could you level set us on what a new floor growth for enterprise data might be? And then, I know it's early, but do you have any thoughts on that segment as you look into 2027? What kind of growth rate might you expect as a floor case?
(00:14:12)嘿，大家，我要重申我的祝賀，Tony，恭喜你擔任新職位。我想從企業數據開始。上一季度，你給了我們 130 的底線，並提供了九月的結果和十二月的指導。看起來你們的增長可能達到 150%，但 Tony，你能告訴我們企業數據的新底線增長可能是什麼嗎？然後，我知道這還早，但你對在你展望 2027 時，對那個部分有什麼想法？你預期的最低增長率會是什麼？
Quinn Bolton - Needham, Managing Director
(00:14:45)And then, I have a follow-up regarding the communications business.
(00:14:45)然後，我有一個關於通訊業務的後續問題。
Tony Balow - MPS, CFO
(00:14:50)Sure. Let me start by addressing your question, Quinn. Given what we've seen in Q3 and Q4, we're comfortable raising the floor from the previous 130% year-over-year. To your point, we are now comfortable with a floor of 150% year-over-year going forward. Regarding 2027, it's a bit early to specify a percentage, but I'll start, and Michael will likely follow up. Structurally, the growth drivers we see this year remain intact. This includes customer diversification, growth in modules, and content gains as new platforms launch.
(00:14:50)當然。讓我先回答你的問題，Quinn。根據我們在第三季度和第四季度看到的情況，我們對將最低增長率從之前的 130% 提高感到滿意。就你的觀點而言，我們現在對未來的最低增長率 150% 感到滿意。關於 2027 年，現在具體說明百分比還為時尚早，但我會開始，Michael 可能會跟進。從結構上看，我們今年看到的增長驅動因素仍然存在。這包括客戶多樣化、模組增長以及隨著新平台推出而帶來的內容增長。
Tony Balow - MPS, CFO
(00:15:27)Over time, stronger growth in CPUs, potentially driven by AI workloads, will provide further tailwinds. So, it's a bit early to call for next year. However, I feel very confident about the growth drivers.
(00:15:27)隨著時間的推移，CPU 的增長會更強勁，可能是由 AI 工作負載驅動，這將提供進一步的助力。所以，現在對明年的預測還為時尚早。不過，我對增長驅動因素非常有信心。
Michael Hsing - MPS, CEO
(00:15:42)I see this continuing into next year and beyond. I'm very excited that we have built our own data centers. As Tony mentioned earlier, this has resulted in tremendous improvements. This is not only about data centers. MPS is involved in servers. We believe these servers will undergo significant changes. The changes will affect the types of servers. The hardware will evolve.
(00:15:42)我看到這種情況會持續到明年及以後。我非常高興我們已經建立了自己的數據中心。正如 Tony 之前提到的，這帶來了巨大的改善。這不僅僅是關於數據中心。MPS 參與伺服器業務。我們相信這些伺服器將經歷重大變化。這些變化將影響伺服器的類型。硬體將會演變。
Michael Hsing - MPS, CEO
(00:16:19)These changes will trickle down to desktops and even notebooks, as I mentioned earlier. This type of growth will continue to trickle down.
(00:16:19)正如我之前提到的，這些變化將逐漸影響桌面電腦甚至筆記本電腦。這種增長將持續向下滲透。
Michael Hsing - MPS, CEO
(00:16:33)Over the next year and the following year, you will see these trends and design activities really take hold. This applies not only this year or to data centers but will extend to all other areas.
(00:16:33)在接下來的一年和隨後的一年中，你將看到這些趨勢和設計活動真正紮根。這不僅適用於今年或數據中心，還將擴展到所有其他領域。
Tony Balow - MPS, CFO
(00:16:53)Do you have a follow-up question on communications?
(00:16:53)你對通訊有後續問題嗎？
Quinn Bolton - Needham, Managing Director
(00:16:56)Yes, congratulations on the strong growth. I believe it was a 43% sequential increase. It really looks like September was a breakout quarter. I'm wondering if that growth was primarily driven by optical modules or if you are seeing a broader set of contributors. Also, any thoughts on the December quarter? Will that pace of growth continue into December?
(00:16:56)是的，恭喜你們取得了強勁的增長。我相信這是 43% 的環比增長。看起來九月份是個突破性的季度。我想知道這種增長主要是由光模組驅動的，還是你們看到更廣泛的貢獻者。此外，對於十二月份的季度有什麼看法？這種增長速度會持續到十二月嗎？
Tony Balow - MPS, CFO
(00:17:26)That's a great question. To take you back, we had very strong growth in optical modules coming into the year. At the beginning of the year, we added what we call the switch business. I've mentioned this before, but to answer your question, the accelerated growth in that end market is due to combining both growth drivers. We saw the effect clearly in Q3. For the year, we've positioned communications as our second fastest-growing end market for sure. Not quite as fast as enterprise data, but certainly not far behind.
(00:17:26)這是一個很好的問題。回顧一下，我們在年初的光模組增長非常強勁。在年初，我們增加了所謂的交換機業務。我之前提到過這一點，但為了回答你的問題，該終端市場的加速增長是由於結合了兩個增長驅動因素。我們在第三季度清楚地看到了這一影響。在這一年中，我們將通訊業務定位為我們第二快增長的終端市場。雖然增長速度不及企業數據，但肯定不會落後太多。
Tony Balow - MPS, CFO
(00:18:05)Like enterprise data, all growth drivers remain intact going into next year. In optical modules, you see the transition to 1.6. This is not just a volume play but also a content play. Additionally, as we continue to build out more sockets in the switch business, that will drive growth. So, we really like the communications business, not just this year but going into next year.
(00:18:05)像企業數據一樣，所有增長驅動因素在明年進入時仍然存在。在光模組中，你會看到向 1.6 的過渡。這不僅僅是量的遊戲，還是內容的遊戲。此外，隨著我們在交換機業務中繼續增加更多插槽，這將推動增長。所以，我們非常看好通訊業務，不僅是今年，還包括明年。
Michael Hsing - MPS, CEO
(00:18:31)At MPS, we do not focus on macroeconomic or market segment predictions. We care about design activity and what excites our customers and us. We have many new technologies and product introductions. As I said earlier, in all these segments, we have introduced new products and design activities.
(00:18:31)在 MPS，我們不專注於宏觀經濟或市場細分預測。我們關心的是設計活動以及什麼能讓我們和客戶感到興奮。我們有許多新技術和產品推出。正如我之前所說，在所有這些部分中，我們推出了新產品和設計活動。
Michael Hsing - MPS, CEO
(00:19:05)This clearly indicates growth extending beyond next year. Thank you, Michael.
(00:19:05)這清楚地表明增長將延續到明年以後。謝謝你，Michael。
Speaker01 - Operator
(00:19:20)Okay. Thank you. Our next question comes from Joshua Buchalter with TD Cowen. Your line is open.
(00:19:20)好的。謝謝。我們的下一個問題來自 TD Cowen 的 Joshua Buchalter。您的線路已開通。
Joshua Buchalter - TD Cowen, Managing Director
(00:19:25)Hey, guys. Thank you for taking my question. Congratulations on the results, and also congrats to Tony on the CFO role. Best of luck.
(00:19:25)嘿，大家好。謝謝你們回答我的問題。恭喜你們取得的成果，也恭喜 Tony 擔任 CFO。祝你好運。
Joshua Buchalter - TD Cowen, Managing Director
(00:19:34)I'll stick with policy and ask one question on enterprise data, then one on another segment. Could you comment on the diversity of enterprise data? How has that business evolved over the last year or two, and what are your expectations into 2027?
(00:19:34)我會專注於政策，先問一個關於企業數據的問題，然後再問另一個部分的問題。您能評論一下企業數據的多樣性嗎？在過去一兩年中，這項業務是如何發展的，您對 2027 年的預期是什麼？
Joshua Buchalter - TD Cowen, Managing Director
(00:19:45)I'm curious about the mix coming from GPUs versus ASICs. Also, any insights on how much is coming from modules versus discrete components at this point, and expectations into 2027? Thank you.
(00:19:45)我對來自 GPU 與 ASIC 的組合感到好奇。此外，您能否提供目前來自模組與離散元件的比例，以及對 2027 年的預期？謝謝。
Michael Hsing - MPS, CEO
(00:20:02)Mr. Allen? Yeah. Modules include chip design and chip power supplies; I've seen activity across all of it. Even on the server side, we observe significant activity. We are moving towards using modules due to the high current and high power demands. That's my
(00:20:02)Allen 先生？是的。模組包括晶片設計和晶片電源；我看到所有這方面都有活動。即使在伺服器方面，我們也觀察到顯著的活動。我們正在朝著使用模組的方向發展，因為對高電流和高功率的需求。這是我的
Michael Hsing - MPS, CEO
(00:20:28)comment. Okay. This applies across all segments. Okay. That represented a real growth percentage.
(00:20:28)評論。好的。這適用於所有部分。好的。這代表了一個實際的增長百分比。
Michael Hsing - MPS, CEO
(00:20:40)Okay.
(00:20:40)好的。
Tony Balow - MPS, CFO
(00:20:41)Yes, and I think it's an important point regarding customer diversity. Starting in mid-2025 until now, we've seen rapid growth among many ASIC customers, who primarily use modules over time. This benefits us from a revenue diversity perspective, as these carry higher ASPs. Additionally, as Michael mentioned, we've been leveraging AI to scale and address a longer tail of smaller customers who may become significant in the future. That's really our approach. We aim to be in every socket, even without knowing who the customer is, as they might grow into sizable accounts over time.
(00:20:41)是的，我認為這是一個關於客戶多樣性的重要點。從 2025 年中期到現在，我們看到許多 ASIC 客戶的快速增長，他們隨著時間主要使用模組。從收入多樣性的角度來看，這對我們有利，因為這些產品的平均售價較高。此外，正如 Michael 提到的，我們一直在利用 AI 來擴展並應對一長串可能在未來變得重要的小型客戶。這確實是我們的做法。我們的目標是進入每個插槽，即使不知道客戶是誰，因為他們可能隨著時間的推移成為可觀的客戶。
Michael Hsing - MPS, CEO
(00:21:26)Yeah.
(00:21:26)是的。
Michael Hsing - MPS, CEO
(00:21:31)We clearly see huge benefits from artificial intelligence, especially based on large language models. Of course, MPS is internal. And it has benefited us. It will benefit everyone. I'm very optimistic about this world and confident our growth trend will continue.
(00:21:31)我們明顯看到人工智慧帶來的巨大好處，特別是基於大型語言模型。當然，MPS 是內部的。而且這對我們有利。這將使每個人受益。我對這個世界非常樂觀，並且相信我們的增長趨勢將持續下去。
Joshua Buchalter - TD Cowen, Managing Director
(00:22:05)Thank you both for the insights. Staying on the theme of small sockets growing into big opportunities, can you provide context on the revenue contribution expected from the initial high-speed data converter design win, and how significant is that as you grow into this new market? Thank you.
(00:22:05)謝謝你們兩位的見解。在小插槽成長為大機會的主題上，您能提供有關初始高速數據轉換器設計贏得的收入貢獻的背景，以及隨著您進入這個新市場這有多重要嗎？謝謝。
Michael Hsing - MPS, CEO
(00:22:28)We can't specify exact figures because we have conservatively accounted for well over 6,000 products. We will continue developing new products.
(00:22:28)我們無法具體說明確切的數字，因為我們保守地計算了超過 6000 種產品。我們將繼續開發新產品。
Michael Hsing - MPS, CEO
(00:22:47)We strive to serve every segment better than anyone else to meet new market demands. We are much faster than any of our competitors. As long as these segments perform well, the revenue
(00:22:47)我們努力比任何人更好地服務每個部分，以滿足新的市場需求。我們的速度遠快於任何競爭對手。只要這些部分表現良好，收入
Michael Hsing - MPS, CEO
(00:23:17)will follow. We just don't know which segment will lead. Seven, eight, nine, probably eight years ago, we reviewed our product lines and market segments. What is the perfect example? We did not anticipate such high demand today. However, we managed to fulfill it. We serve all our customers, regardless of size.
(00:23:17)就會隨之而來。我們只是不知道哪個部分會領先。七、八、九，大約八年前，我們審查了我們的產品線和市場部分。什麼是完美的例子？我們今天沒有預料到如此高的需求。不過，我們成功地滿足了這一需求。我們服務所有客戶，無論其規模大小。
Michael Hsing - MPS, CEO
(00:23:48)That is exactly what happened today. I cannot predict what will be bigger in the next five or ten years. We continue to serve our smaller customers well.
(00:23:48)這正是今天發生的情況。我無法預測未來五到十年內會有什麼更大的變化。我們繼續很好地服務我們的小型客戶。
Tony Balow - MPS, CFO
(00:24:04)Yes, I think, and again, To Michael's point, we are not ready to make a long-term call yet. We are just beginning that process, so I wouldn't say it will significantly impact 2026. As we move into next year, we will provide more updates based on how the ramp progresses.
(00:24:04)是的，我認為，再次強調，對於邁克爾的觀點，我們尚未準備好做出長期的判斷。我們剛開始這個過程，所以我不會說這會對 2026 年產生重大影響。隨著明年的到來，我們將根據進展提供更多更新。
Joshua Buchalter - TD Cowen, Managing Director
(00:24:18)Understood. Thank you both. Thank you.
(00:24:18)明白了。謝謝你們兩位。謝謝。
Speaker01 - Operator
(00:24:23)Our next question comes from Will Stein with Truist Securities. Your line is now open.
(00:24:23)我們的下一個問題來自於 Truist Securities 的威爾·斯坦。您的線路現在已開通。
William Stein - Truist Securities, Managing Director
(00:24:28)Great. Thanks for taking my question. First, regarding data center... vertical power, I understand there is still one significant customer using lateral solutions. Can you comment on whether you expect them to convert to vertical power in the coming year, and if that would require a module from you instead of another solution?
(00:24:28)很好。感謝您回答我的問題。首先，關於數據中心……垂直電源，我瞭解到仍有一位重要客戶在使用橫向解決方案。您能否評論一下您是否預期他們在來年會轉向垂直電源，並且這是否需要您提供模組而不是其他解決方案？
Michael Hsing - MPS, CEO
(00:25:00)Certainly, but I don't want to speak on behalf of our customers, especially any individual customer. However, as I mentioned earlier, when we made predictions in 2016, the server market's MPS solution was very small, and we had to use adapters to meet the common footprint. For the server market segment, we predicted that if power exceeds 600 to 700 watts, you run out of peripheral space and must use a smaller footprint. Several GPUs never reach that power level. They never reach 600 to 700 watts, but GPUs have increased power.
(00:25:00)當然，但我不想代表我們的客戶發言，特別是任何個別客戶。不過，正如我之前提到的，當我們在 2016 年做出預測時，伺服器市場的 MPS 解決方案非常小，我們不得不使用適配器來滿足常見的佈局。對於伺服器市場細分，我們預測如果功率超過 600 到 700 瓦，您將耗盡周邊空間，必須使用更小的佈局。幾個 GPU 從未達到那個功率水平。它們從未達到 600 到 700 瓦，但 GPU 的功率有所增加。
Michael Hsing - MPS, CEO
(00:26:06)As GPU power increases, I don't have exact numbers, but power consumption goes up. Once you run out of peripheral space, you have to switch to vertical power. We stated this many years ago. I still believe this is true. It makes very logical sense to me.
(00:26:06)隨著 GPU 功率的增加，我沒有確切的數字，但功耗是上升的。一旦您耗盡周邊空間，就必須轉向垂直電源。我們多年前就已經聲明過這一點。我仍然相信這是正確的。這對我來說非常合乎邏輯。
Tony Balow - MPS, CFO
(00:26:31)Yes, I just want to echo Michael's point. I think most of the industry has already moved to modules. We've seen content and volume gains as we've progressed through enterprise data. I believe that would be a great question for our customers. Great.
(00:26:31)是的，我只是想重申邁克爾的觀點。我認為大多數行業已經轉向模組。隨著我們在企業數據中進展，我們看到了內容和數量的增長。我相信這將是我們客戶的一個好問題。很好。
William Stein - Truist Securities, Managing Director
(00:26:48)On a different topic, someone asked about OPEX leverage. I understand that for now, with rapid growth, you might undershoot spending and overshoot margins. What about gross margin? The company has long discussed 10 to 20 basis points per quarter gross margin expansion. There was a time when you were not in that range, but it seems you are now. Is there a likelihood that, due to growth, you could exceed that expansion rate, or should we still expect 10 to 20 basis points? Any update would be helpful. Thank you.
(00:26:48)在另一個話題上，有人問到 OPEX 槓桿。我瞭解到目前，隨著快速增長，您可能會低估支出並高估利潤率。那麼毛利率呢？公司長期以來一直討論每季度 10 到 20 個基點的毛利率擴張。曾經有一段時間您不在那個範圍內，但現在似乎您在那個範圍內。由於增長，您是否有可能超過該擴張率，還是我們仍然應該預期 10 到 20 個基點？任何更新都將是有幫助的。謝謝。
Tony Balow - MPS, CFO
(00:27:31)No, and thanks for highlighting that. As you saw, we increased gross margin by 10 basis points in Q3. The midpoint of our Q4 guidance suggests another 10 basis point increase. So, I think we are squarely within the model that we prefer. A gross margin between 55% and 60% is definitely the sweet spot. Within that range, we aim for slow and methodical expansion. I believe we will continue on that path. Structurally, I feel quite confident about that. We'll see how things develop in the future. However, we want to avoid putting a large amount of gross margin into one quarter only to take it away the next and cause fluctuations.
(00:27:31)不，謝謝您強調這一點。正如您所見，我們在第三季度將毛利率提高了 10 個基點。我們第四季度指導的中點顯示再增加 10 個基點。所以，我認為我們完全符合我們偏好的模型。我們偏好的模型。毛利率在 55% 到 60% 之間絕對是最佳區間。在這個範圍內，我們的目標是緩慢而穩健的擴張。我相信我們將繼續沿著這條路走下去。在結構上，我對此感到相當有信心。我們將看看未來的發展。然而，我們希望避免在一個季度內將大量毛利放入，然後在下一個季度取回，造成波動。
Michael Hsing - MPS, CEO
(00:28:06)And during capacity constraints, we do not gouge our customers. We aim to provide you with very consistent messaging. I want to avoid having to explain margin drops. Our goal is for MPS to maintain consistent business performance quarter over quarter and year over year.
(00:28:06)在產能受限的情況下，我們不會對客戶進行價格擠壓。我們的目標是為您提供非常一致的信息。我想避免解釋毛利下降的情況。我們的目標是讓 MPS 在每個季度和每年保持一致的業務表現。
Tony Balow - MPS, CFO
(00:28:40)That's correct. So, I believe the model remains valid. I am very comfortable with that. And I think, as you mentioned, it's worth highlighting again. If you look at the flow-through to operating margin, we've been growing it by about a point each quarter. We've seen significant expansion on the operating margin line.
(00:28:40)沒錯。所以，我相信這個模型仍然有效。我對此感到非常滿意。我認為，正如您提到的，值得再次強調。如果您查看營運毛利的流通，我們每個季度都在增長約一個百分點。我們在營運毛利線上看到了顯著的擴張。
Michael Hsing - MPS, CEO
(00:28:56)Even in the banking and money business, that's largely what we've experienced. Thank you. Next question, Operator. The next question comes from Chris Caso.
(00:28:56)即使在銀行和貨幣業務中，我們也大致上經歷了這一點。謝謝。下一個問題，操作員。下一個問題來自 Chris Caso。
Speaker01 - Operator
(00:29:12)Chris Caso with Wolfe Research, your line is open.
(00:29:12)來自 Wolfe Research 的 Chris Caso，您的線路已開通。
Chris Caso - Wolfe Research, Managing Director
(00:29:15)Yes, good afternoon. Following up on the prior discussion, could you talk about how you're managing rising costs? Obviously, costs are increasing in many areas. There is much discussion about foundry wafer prices rising. To what extent are you passing these costs along? And going forward, does this result in pricing changes or any revenue tailwind as you absorb and pass along these costs to customers?
(00:29:15)是的，下午好。在之前的討論中，您能談談如何管理上升的成本嗎？顯然，許多領域的成本正在上升。有很多討論關於晶圓廠晶圓價格上漲。您在多大程度上將這些成本轉嫁出去？而且未來，這是否將導致價格變動或任何收入的助力，因為您吸收並將這些成本轉嫁給客戶？
Michael Hsing - MPS, CEO
(00:29:50)We definitely absorb some of the cost increases. Currently, we do not increase prices; instead, we share the cost increases with our customers.
(00:29:50)我們確實吸收了一些成本上漲。目前，我們不提高價格；相反，我們與客戶分享成本上漲。
Tony Balow - MPS, CFO
(00:30:09)Yes, that's correct, Chris. If you're asking how much of our results come from pricing, it's not a significant contributor to our revenue growth. We focus on ensuring we do not dilute our gross margin.
(00:30:09)是的，沒錯，Chris。如果您在問我們的結果中有多少來自定價，那對我們的收入增長並不是一個重要的貢獻者。我們專注於確保不稀釋我們的毛利。
Michael Hsing - MPS, CEO
(00:30:23)Yes. Our customers have a very long memory.
(00:30:23)是的。我們的客戶記憶非常深刻。
Chris Caso - Wolfe Research, Managing Director
(00:30:29)That's right. Okay. Thank you for that. As a follow-up, I have a question about the 800-volt transition. I know there is a lot of noise regarding the pace of that transition. How important is that transition to MPS in 2027? Is 800 volts a significant driver of content in the EV segment? Or will most of the content still be in existing low-voltage designs?
(00:30:29)沒錯。好的。謝謝您。作為後續，我有一個關於 800 伏特過渡的問題。我知道有很多噪音關於這一過渡的速度。這一過渡對 MPS 在 2027 年有多重要？800 伏特在電動車領域是一個重要的內容驅動因素嗎？還是大部分內容仍將在現有的低壓設計中？
Michael Hsing - MPS, CEO
(00:31:16)We prefer not to add more commentary at this time. Okay. We will not discuss it until the revenue is certain. Okay. I do expect the revenue will come. Not not this quarter or next quarter, but likely by the end of 2027 or 2028. And it's clearly the DC supply designed for high power demand. This will be the trend; data centers will all convert to that. And the power savings, I believe, exceed single-digit percentage improvements,
(00:31:16)我們目前不希望添加更多評論。好的。我們不會在收入確定之前討論這個問題。好的。我確實預期收入會來。不是不是這個季度或下個季度，但可能在 2027 年底或 2028 年。這顯然是為高功率需求設計的直流供應。這將是趨勢；數據中心將全部轉向這種供應。而且節省的電力，我相信，超過單位數的百分比改善，
Michael Hsing - MPS, CEO
(00:32:15)compared to traditional power supplies. I see this extending beyond just data
(00:32:15)與傳統電源相比。我看到這不僅僅是數據中心的延伸。
Michael Hsing - MPS, CEO
(00:32:26)centers. For example, if a data center can improve efficiency by 5%,
(00:32:26)例如，如果一個數據中心能提高 5% 的效率，
Michael Hsing - MPS, CEO
(00:32:34)where do you realize the 5% cost savings? All commercial buildings, even residential ones,
(00:32:34)那麼你在哪裡實現這 5% 的成本節省？所有商業建築，甚至住宅建築，
Michael Hsing - MPS, CEO
(00:32:46)can adopt this. In Europe, 400-volt systems would become 800 volts. In the U.S., it would remain at 400 volts. This shift would result in significant power savings across the board. That's what excites me about this opportunity
(00:32:46)都可以採用這種技術。在歐洲，400 伏系統將變為 800 伏。在美國，則仍保持在 400 伏。這一轉變將在各個領域帶來顯著的電力節省。這就是我對這個機會感到興奮的原因。
Tony Balow - MPS, CFO
(00:33:07)now. To address the question differently, when we discussed growth in enterprise data, it wasn't solely due to a ramp in 800-volt systems. It’s really about existing customers, new customers, the transition to modules, and all the factors we've been discussing, Chris. So, if you're trying to gauge how much of that excitement is just about 800 volts, I believe the current business we have is what we're confident
(00:33:07)另外，為了以不同的方式回答這個問題，當我們討論企業數據的增長時，這並不僅僅是因為 800 伏系統的增長。這實際上是關於現有客戶、新客戶、模組的過渡，以及我們一直在討論的所有因素，Chris。所以，如果你想評估這種興奮有多少是關於 800 伏的，我相信我們目前的業務是我們有信心的。
Michael Hsing - MPS, CEO
(00:33:38)in. Yes. At MPS, we're using our own building to conduct many experiments with these 800-volt technologies,
(00:33:38)是的。在 MPS，我們正在利用自己的建築進行許多這些 800 伏技術的實驗，
Michael Hsing - MPS, CEO
(00:33:51)to observe the power savings. Thank you. Next question.
(00:33:51)以觀察電力節省。謝謝。下一個問題。
Speaker01 - Operator
(00:34:01)Thank you. Our next question comes from Sebastien Naji with William Blair. Your line is open.
(00:34:01)謝謝。我們的下一個問題來自 William Blair 的 Sebastien Naji。您的線路已開通。
Sebastien Naji - William Blair, Analyst
(00:34:08)Good afternoon, or good morning to you all. Thanks for taking the questions, and congratulations, Tony, on your appointment. I wanted to start with my first question. Given recent news about integrated voltage regulators and Analog Devices' acquisition of Empower, could you share your view on this technology? Do you see it as a competitive risk in AI data centers or the broader data center market?
(00:34:08)下午好，或者早上好，大家。感謝您回答問題，並祝賀 Tony 獲得任命。我想開始我的第一個問題。鑒於最近有關集成電壓調節器和 Analog Devices 收購 Empower 的消息，您能分享對這項技術的看法嗎？您認為這在 AI 數據中心或更廣泛的數據中心市場中是一種競爭風險嗎？
Michael Hsing - MPS, CEO
(00:34:37)Yes, this is common in other companies' activities. We have our own solutions. We have proprietary technology. And we can deliver whatever the customer requires. This is not just talk. We have multiple solutions beyond the noise level. We possess these technologies and can deliver them. GPUs evolve rapidly in power levels and architecture regarding power delivery. We don't discuss these developments
(00:34:37)是的，這在其他公司的活動中是很常見的。我們有自己的解決方案。我們擁有專有技術。我們可以提供客戶所需的任何東西。這不僅僅是口頭上的承諾。我們擁有多種解決方案，超越了噪音水平。我們擁有這些技術並能夠提供它們。GPU 在功率水平和電力傳遞架構方面迅速演變。我們不會討論這些發展，
Michael Hsing - MPS, CEO
(00:35:26)until we clearly see where the revenue will come from. Okay, great. That's helpful.
(00:35:26)直到我們清楚看到收入將來自何處。好的，很好。這很有幫助。
Sebastien Naji - William Blair, Analyst
(00:35:38)We look forward to those announcements when the products are ready. Moving to a topic closer to your heart, Michael, the building automation opportunity. Last quarter, you mentioned a $40 to $50 billion market size, but noted that software remains the bottleneck. Could you update us on the progress made as we approach year-end?
(00:35:38)我們期待那些產品準備好時的公告。轉到一個更接近你心的話題，Michael，建築自動化的機會。上一季度，你提到市場規模在 400 億到 500 億美元之間，但指出軟體仍然是瓶頸。隨著年末的臨近，您能更新我們的進展嗎？
Michael Hsing - MPS, CEO
(00:36:04)Good question.
(00:36:04)好問題。
Michael Hsing - MPS, CEO
(00:36:07)That's my baby project. We have just installed systems in our multi-square-foot building, located in China. As I mentioned earlier, we are experimenting with our own AC to DC power solutions. These provide affordable power supply across buildings. And that project has just started. However, turning this into a $50 billion opportunity will take some time. We don't yet know the exact path to get there, but the goal is very clear. And we are confident we will achieve it. There is a significant amount of software involved.
(00:36:07)這是我的寶貝項目。我們剛剛在我們的多平方英尺建築中安裝了系統，位於中國。正如我之前提到的，我們正在實驗我們自己的交流電轉直流電解決方案。這些提供了跨建築的經濟實惠的電源。這個項目剛剛開始。然而，將其轉變為 500 億美元的機會需要一些時間。我們尚不清楚具體的路徑，但目標非常明確。我們有信心能夠實現它。涉及的軟體量相當可觀。
Michael Hsing - MPS, CEO
(00:37:05)On the hardware side, we already have nearly every component. Our components, chips, and module technology are far superior than I’m sorry to say, the current existing technology.
(00:37:05)在硬體方面，我們已經擁有幾乎所有的組件。我們的組件、晶片和模組技術遠遠優於我很抱歉地說，當前現有的技術。
Michael Hsing - MPS, CEO
(00:37:28)These technologies are 50 years old, and we plan to make significant improvements. Great. Thank you. Thank you. Our next question comes from Kelsey Chia with
(00:37:28)這些技術已有 50 年歷史，我們計劃進行重大改進。很好。謝謝。謝謝。我們的下一個問題來自 Kelsey Chia，
Speaker01 - Operator
(00:37:45)Citi. Your line is
(00:37:45)來自 Citi。您的線路是
Kelsey Chia - Citi, Analyst
(00:37:45)open. Hi. Hi, Michael and Tony. Congratulations on the great results again. And Tony, congratulations on your well-deserved appointment. My question is about the switching business. To what extent is it contributing to the strong communications growth we saw in the third quarter? Also, how should we think about its ramp into 2027, and how does that business compare in terms of gross margins?
(00:37:45)開放的。嗨。嗨，Michael 和 Tony。再次祝賀你們取得優異的成果。Tony，恭喜你獲得應得的任命。我的問題是關於交換業務的。這在我們第三季度看到的強勁通信增長中貢獻了多少？此外，我們應該如何看待它在 2027 年的增長，以及這項業務在毛利率方面的比較？
Tony Balow - MPS, CFO
(00:38:14)Yeah, I'll start with that one. I wasn’t planning to guide on sub-end markets, but from a percentage perspective, switching has been the fastest-growing sub-end market within communications, mainly because it started from a very low base at the beginning of the year. Looking ahead, I still believe optical modules will be significant growth drivers for communications through 2027. Regarding margins, if you look across all our end markets, they generally operate around the corporate average, because, as Michael mentioned, we have over 6,000 to 7,000 products.
(00:38:14)是的，我會從這個問題開始。我原本不打算對子市場進行指導，但從百分比的角度來看，交換是通信中增長最快的子市場，主要是因為它在年初的基數非常低。展望未來，我仍然相信光模組將是通信在 2027 年之前的重要增長驅動力。關於毛利率，如果你查看我們所有的終端市場，它們通常運行在企業平均水平附近，因為正如 Michael 提到的，我們擁有超過 6000 到 7000 種產品。
Tony Balow - MPS, CFO
(00:38:54)So, considering that distribution, growing one end market over another is unlikely to take us out of our model. Currently, I would still view MPS overall as operating in the 55 to 60 percent range, with slow, methodical expansion when possible, rather than worrying about growth in one end market skewing the model. I'm clear.
(00:38:54)因此，考慮到這種分佈，增長一個終端市場不太可能使我們脫離模型。目前，我仍然認為 MPS 整體運行在 55% 到 60% 的範圍內，並在可能的情況下緩慢而有條理地擴張，而不是擔心某一個終端市場的增長會扭曲模型。我明白了。
Kelsey Chia - Citi, Analyst
(00:39:18)Got it. My second question is about the industrial end market. There was very strong growth this quarter as well. What drove that strong growth this quarter? Could you also discuss the ramp of robotic solutions and how you see that progressing in 2027? Robotics.
(00:39:18)明白了。我的第二個問題是關於工業終端市場的。這個季度也有非常強勁的增長。是什麼驅動了這個季度的強勁增長？你能否也討論一下機器人解決方案的增長，以及你如何看待它在 2027 年的進展？機器人技術。
Michael Hsing - MPS, CEO
(00:39:40)Okay. This is a weak area. Weak. I tried to enter robotics in 2016.
(00:39:40)好的。這是一個薄弱的領域。薄弱。我在 2016 年嘗試進入機器人領域。
Michael Hsing - MPS, CEO
(00:39:54)At the end of the day, we focused on robotics. That is the area we are concentrating on. We have products for sensors and motor controls. Initially, I didn’t fully understand the market. Revenue did not materialize then. But now, revenue is starting to show up. And I think at this We are still at the very beginning. With advancements in visual recognition and AI-based vision improvement technology, these robots, as you know, will become more prevalent in everyday life. I see this as the future, and revenue will be significantly higher than it is now.
(00:39:54)到頭來，我們專注於機器人技術。這是我們專注的領域。我們有傳感器和馬達控制的產品。起初，我並沒有完全理解市場。當時收入並未實現。但現在，收入開始顯現。我認為在這個我們仍然處於非常初期的階段。隨著視覺識別和基於 AI 的視覺改進技術的進步，這些機器人，正如你所知，將在日常生活中變得更加普遍。我將這視為未來，收入將顯著高於現在。
Michael Hsing - MPS, CEO
(00:41:08)Okay.
(00:41:08)好的。
Tony Balow - MPS, CFO
(00:41:09)I think the only thing I'd add regarding the overall segment is that this year, we still view it as accumulating design wins in robotics and other areas, with a strong focus on growth in 2027. The growth this quarter was fairly broad-based, and I believe many of these design wins will convert into revenue in the future. So, I think consumer and industrial sectors in 2026 will primarily be about securing all the designs that will support future growth.
(00:41:09)我認為我想補充的唯一一點是，今年我們仍然將其視為在機器人技術和其他領域積累設計勝利，並強調 2027 年的增長。本季度的增長相當廣泛，我相信這些設計勝利中的許多將來會轉化為收入。所以，我認為 2026 年的消費者和工業部門主要是關於確保所有支持未來增長的設計。
Kelsey Chia - Citi, Analyst
(00:41:42)Got it. Thank you.
(00:41:42)明白了。謝謝。
Michael Hsing - MPS, CEO
(00:41:46)Thank you.
(00:41:46)謝謝。
Speaker01 - Operator
(00:41:47)Our next question comes from Joe Quatrochi with Wells Fargo. Your line is open.
(00:41:47)我們的下一個問題來自於 Wells Fargo 的 Joe Quatrochi。您的線路已開通。
Joe Quatrochi - Wells Fargo, Senior Analyst
(00:41:53)Yes, thanks for taking my question. Congratulations as well, Tony. Maybe just to the final point on the expansion of capacity to 8 billion. I understand you can't grow OPEX as fast and don't need to, but how should we think about investments in working capital or go-to-market efforts to support that?
(00:41:53)是的，謝謝您回答我的問題。也恭喜你，Tony。也許只是關於將產能擴展到 80 億的最後一點。我理解您無法如此快速地增長 OPEX，也不需要這樣，但我們應該如何看待對營運資本或市場推廣工作的投資以支持這一點？
Tony Balow - MPS, CFO
(00:42:15)Yeah, one of the advantages of our business model is that we don't have to dig a hole and pour concrete into it. So, I don't anticipate a significant increase in capital intensity just to ramp this capacity. Right. This gives us a lot of flexibility. In fact, I am personally amazed at the amount of capacity we've been able to add [待確認] over the past year. The operations team has done a tremendous job. I don't see this impacting overall OPEX or requiring changes to our capital structure to add that extra capacity.
(00:42:15)是的，我們商業模式的一個優勢是我們不必挖一個洞然後倒入混凝土。所以，我不預期僅僅為了提升這一產能而顯著增加資本強度。對。這給了我們很多靈活性。事實上，我個人對過去一年我們能夠增加的產能（原文 Stephen［待確認］）感到驚訝。操作團隊做得非常出色。我不認為這會影響整體 OPEX 或需要改變我們的資本結構來增加那額外的產能。
Joe Quatrochi - Wells Fargo, Senior Analyst
(00:43:02)Okay, thanks. As a follow-up, Auto continues to see some inflection. Can you discuss the breadth of demand you're seeing geographically and how we should think about the design pipeline heading into 2027?
(00:43:02)好的，謝謝。作為後續問題，Auto（汽車）繼續看到一些轉折點。您能談談您在地理上看到的需求廣度，以及我們應該如何看待 2027 年的設計管道嗎？
Michael Hsing - MPS, CEO
(00:43:21)It's across geographies. I mean, the U.S. side, Europe, and also Asia, particularly China. We see a lot of activity in China. That's probably what drives the world. As I mentioned earlier, we can't predict which market segment will lead. That's why we pursue diversified growth strategies. Some years, one segment performs well. Even in mature markets, some segments do well while others do not. In recent years, the GPU and optical markets have driven revenue growth. We did not anticipate this. We simply provide the best, highest-performance products.
(00:43:21)這是跨地區的。我的意思是，美國。方面，歐洲，以及亞洲，特別是中國。我們在中國看到很多活動。這可能是推動世界的原因。正如我之前提到的，我們無法預測哪個市場細分將領先。這就是為什麼我們追求多元化增長策略。有些年份，一個細分市場表現良好。即使在成熟市場中，有些細分市場表現良好，而其他則不然。在最近幾年，GPU 和光學市場推動了收入增長。我們並未預見到這一點。我們只是提供最佳、最高性能的產品。
Michael Hsing - MPS, CEO
(00:44:39)Our customers recognize this.
(00:44:39)我們的客戶認識到這一點。
Tony Balow - MPS, CFO
(00:44:41)The only thing I'd add is that our confidence in the second-half ramp comes from the diversity among customers and regions, not relying on any single one. We've seen similar customer diversity growth in automotive over the past several years, as we've discussed in enterprise data. The pipeline is similarly diverse. It is geographically and customer diverse. We're excited to see architectural transitions in 48-volt and zonal systems, which form the next growth wave for us.
(00:44:41)我唯一想補充的是，我們對下半年增長的信心來自於客戶和地區的多樣性，而不是依賴於任何單一的客戶。在過去幾年中，我們在汽車領域也看到了類似的客戶多樣性增長，正如我們在企業數據中討論的那樣。設計管道同樣多樣化。它在地理和客戶上都是多樣化的。我們很高興看到 48 伏和區域系統的架構轉變，這將成為我們下一波增長的浪潮。
Michael Hsing - MPS, CEO
(00:45:13)We do not predict the market. Next question. Last question. Thank you. Our last question comes from Gary Mobley with StoneX.
(00:45:13)我們不預測市場。下一個問題。最後一個問題。謝謝。我們的最後一個問題來自於 StoneX 的 Gary Mobley。
Speaker01 - Operator
(00:45:30)Your line is open.
(00:45:30)您的線路已開通。
Gary Mobley - StoneX, Senior Analyst
(00:45:33)Good morning, gentlemen. Thank you for accommodating my question. Congratulations again, Tony. I wanted to ask about what you might be signaling in your questions. You know, regarding capacity milestones. You're currently at $6 billion in production capacity, which I assume supports your 2027 outlook. It doesn't take much to reach that level. Just extrapolating from Q4 revenue guidance. And you're expected to be at $8 billion in capacity by the end of fiscal year 2027. Should we consider that in terms of revenue velocity exiting fiscal year 2027?
(00:45:33)早安，先生們。感謝您對我的問題的配合。再次恭喜你，Tony。我想詢問一下您在問題中可能傳達的訊息。您知道，關於產能里程碑。您目前的生產能力為 60 億美元，我假設這支持您 2027 年的展望。達到那個水平並不需要太多。只是從第四季度的收入指引推算。到 2027 財政年度結束時，您的產能預計將達到 80 億美元。我們是否應該將此視為 2027 財政年度結束時的收入增長速度？
Michael Hsing - MPS, CEO
(00:46:12)It doesn't take much to get there. Oh, come on. It's not just about moving the numbers. There's a lot of work behind it.
(00:46:12)到達那裡並不需要太多。哦，拜託。這不僅僅是關於數字的變動。背後有很多工作。
Tony Balow - MPS, CFO
(00:46:19)Right now, I think what we're trying to strongly signal is that, just like we've done for the past 20 years, we're ensuring capacity stays ahead of the business. In a market where there's much discussion about tightness, we want to be very clear to you and our customers about how we're growing capacity to support the business. It's too early to specify a quarterly revenue ramp for 2027, but we want to make it loud and clear that we see the demand coming and will ensure capacity is available to meet it.
(00:46:19)現在，我認為我們想要強烈傳達的是，就像我們過去 20 年所做的那樣，我們確保產能始終領先於業務。在一個有很多關於緊張的討論的市場中，我們希望向您和我們的客戶明確表達我們如何增長產能以支持業務。現在還為時已早，無法具體說明 2027 年的季度收入增長，但我們想要大聲明確地表示，我們看到需求正在到來，並將確保有足夠的產能來滿足它。
Gary Mobley - StoneX, Senior Analyst
(00:46:56)Thanks for that. Regarding inventory, I want to confirm that distribution inventory remains within the normal five to eight week range, and internal inventory is down to 117 days based on forward revenue guidance. That number has been gradually decreasing. Is your inventory properly positioned to support sales? That's really the question.
(00:46:56)感謝您。關於庫存，我想確認分銷庫存仍然保持在正常的五到八週範圍內，而內部庫存根據未來的收入指引已降至 117 天。這個數字一直在逐漸減少。您的庫存是否適當配置以支持銷售？這才是真正的問題。
Tony Balow - MPS, CFO
(00:47:24)Currently, on the channel side, we're certainly on the lean end of our range, as we have been for some time. Internally, we have grown dollars on a gross basis. But as revenues ramp, inventory days have come down. So, our inventory range hasn't changed. As we increase capacity and wait for starts, we'll ensure we're positioned appropriately for the business. But right now, inventory is not limiting us.
(00:47:24)目前，在渠道方面，我們的庫存確實處於我們範圍的低端，這已經持續了一段時間。在內部，我們的總額已經增長。但隨著收入的增長，庫存天數已經減少。所以，我們的庫存範圍沒有改變。隨著我們增加產能並等待啟動，我們將確保我們的配置適合業務。但現在，庫存並不限制我們。
Michael Hsing - MPS, CEO
(00:47:49)Understood, thank you. Thank you all again. Thank you. This concludes the question-and-answer session.
(00:47:49)明白了，謝謝。再次感謝大家。謝謝。這結束了問答環節。
Speaker01 - Operator
(00:48:00)I will now turn the call back to Tony Balow for closing remarks.
(00:48:00)現在我將把電話轉回給 Tony Balow 進行結語。
Tony Balow - MPS, CFO
(00:48:04)All right. Thank you, Operator. Thank you all for joining today's conference call. I look forward to speaking with you on the next call regarding fourth quarter and full-year 2026 revenue guidance. Thank you again, and have a great day.
(00:48:04)好的。謝謝你，主持人。感謝大家參加今天的電話會議。我期待在下一次通話中與您討論 2026 年第四季度和全年收入指引。再次感謝，祝您有美好的一天。
Speaker01 - Operator
(00:48:18)This concludes today's conference call. Thank you for participating. You may now disconnect.
(00:48:18)這結束了今天的電話會議。感謝您的參與。您現在可以掛斷電話。