onsemi（ON）— 2026-11-02 FY26Q3（2026 年 9 月底季，會計年度＝曆年）法說會逐字稿（英文原文＋中譯）

日期：2026-11-02（美東時間下午）。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 press release 為準。

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檢視。 - 財務數字交叉驗算：①終端市場 汽車 777＋工業 467＋AI 資料中心 180＋其他 299＝US$1,723M ≈ 營收 1.72B ✓；②事業群 PSG 890＋AMG 597＋ISG 235＝1,722 ✓；③非 GAAP 毛利率 41.2%×1,720≈709，扣營業費用約 310 得營業利益約 399，≈ 公司稱 US$400M（23%）✓；④非 GAAP 淨利 354÷392M 股＝0.903（EPS 0.90）、GAAP 314÷397M＝0.79 ✓；⑤營運現金流 516−資本支出 28＝自由現金流 488 ≈ 489（28% 營收）✓；⑥Q4 營收中點 1,765 vs Q3 1,720＝+2.6%（≈口述 2.5%），毛利率中點 42.5% vs 41.2%＝+130bps ✓；⑦Q4 EPS 中點回推：1,765×42.5%＝750，扣營業費用中點 310.5、加其他收益 27＝467，稅 15%、392M 股≈US$1.01，落在口述區間 0.95–1.07 中點 ✓；⑧AI 資料中心：Q3 180、QoQ +39%→Q2 約 129†、YoY +175%→去年同期約 65†；2026 全年 620、Q4 QoQ 約 +15%→Q4 約 207†，反推 1H26 約 233†（Q1 約 104†）；2025 全年約 258†（620 為 +140%）。 - Q4 其他市場成長：CFO 準備稿英文原文為 "high teens percentage points"，中譯誤為「高個位數」→ 高十幾個百分點（Q&A 另稱 mid-to-high teens，並說明為外部代工的大客戶專案，明年不延續）；Q4 AI 資料中心成長 "mid-teens" 中譯「中位數百分比」→ 十幾個百分點中段。 - Q4 營收 QoQ +2.5% 中譯「屬季節性增長」→ 高於季節性（above-seasonal）。 - 2027 新產品基期：Hassane 於 00:37:40 稱 "new products introduced in 2025"，與下句 "Products from 2025 and 2026" 及 "started ramping last year" 不符 → 2020 改為 2025（轉寫年份誤植，中譯同步）。 - Vivek Arya 對 CFO 稱呼 "Pat" → Thad（CFO 為 Thad Trent）；"Fab Right"／"Fab Right" 統一為 Fab Right（公司策略名）。 - 毛利率橋樑 [數字存疑]：CFO 稱距 53% 目標約 450bps 來自利用率提升、225bps 來自 Fab Right、400bps 來自產品組合與新產品（另有小幅漲價）。同段稱每 1ppt 利用率約 25–30bps 且「峰值 92–93%」；但自目前 83% 升至 92–93% 僅約 9–10ppts×25–30bps≈250–300bps，與 450bps 不符（450bps 約等於由 Q1 的 77% 計算的利用率不足費用）。原文未改動，口徑差異留待官方簡報核對。 - 提問者稱呼轉寫不一致（Garv Saini 代 Gary Mobley 提問、Speaker02＝Tristan Gerra 等），僅影響稱呼，不改。 - Synaptics 收購：口述為 "as we close the Synaptics acquisition"，本場未揭露交易條件與時程，保留原文，不補數字。 - 程序性：買回股票 US$2,000 萬、Q3 資本支出 US$2,800 萬（1.6% 營收）、全年資本支出約營收 2%，2027 約 5%（Q&A 口述），Q4 資本支出指引 US$4,000–5,000 萬。

原始內容（AI 摘要＋逐字稿）

Memo 亮點 • 第三季營收為 17.2 億美元，非 GAAP 毛利率約為 41.2%，非 GAAP 稀釋每股盈餘為 0.90 美元，均高於指引中點（根據 2026 年 11 月 2 日音訊推斷）。 [CEO - 00:04:11] • 第三季 AI 資料中心營收環比增長 39%，達 1.8 億美元，預計 2026 年將達約 6.2 億美元，年增率達 140%。2027 年，AI 資料中心營收預計將較 2026 年翻倍。 [CEO - 00:05:28] • 宣佈以 6 億美元加上最高 1.75 億美元的營收里程碑獎金收購 Ferric，預計將使 AI 資料中心營收目標提升 5 億美元，至 2030 年超過 30 億美元。 [CFO - 00:14:15] • 非 GAAP 毛利率季增 190 個基點，達 41.2%。非 GAAP 每股盈餘年增速度為營收的四倍。 [CFO - 00:13:34] • 季末現金及短期投資約為 44 億美元；總流動性為 59 億美元，其中包含 15 億美元未動用的循環信貸額度。 [CFO - 00:19:49] 總體經濟 • 採購經理人指數（PMI）略有改善，支持廣泛的工業成長。AI 的光環效應推動動能超越資料中心本身。 [CEO - 00:33:51] 產業循環週期 • 我們相信復甦勢頭正在增強，且我們的基本面比前幾季更為強健。 [CFO - 00:12:59] 產業供需 • 我們在某些技術領域仍受供應限制，第三季及第四季初短期決策是將資源分配給終端需求強勁的市場，如 AI 資料中心及工業市場，這些市場表現遠超原先預期。 [CEO - 00:04:39] • 在汽車領域，我們支持所有終端需求的交付，但不支持庫存補貨的積壓訂單。 [CEO - 00:04:56] • 原廠製造商（OEM）正試圖調整需求以避免產能限制，制定業務持續計畫並提前建立庫存。 [CEO - 00:43:19] 產業狀況 • AI 資料中心持續為我們成長最快的市場，擴展速度超出預期，新訂單開始陸續增加。工業需求改善，主要由電力基礎設施及能源應用帶動。 [CEO - 00:03:50] 獲利 • 非 GAAP 毛利率季增 190 個基點，達 41.2%。非 GAAP 每股盈餘為 0.90 美元，年增速度為營收的四倍。 [CFO - 00:13:34] • GAAP 營業利益為 3.78 億美元，佔營收 22%。非 GAAP 營業利益為 4 億美元，佔營收 23%。GAAP 淨利為 3.14 億美元，非 GAAP 淨利約為 3.54 億美元。 [CFO - 00:19:08] 公司展望、未來成長動能 • 預計第四季營收介於 17.15 億至 18.15 億美元，季增中點為 2.5%，屬於季節性以上成長。非 GAAP 毛利率預計介於 41.5% 至 43.5%。 [CFO - 00:21:21] • 根據目前可見度，我們預期此動能將持續至 2027 年，隨著差異化產品擴大規模及更有效率的營運模式帶來效益，營收將持續成長且毛利率將擴大。 [CFO - 00:22:38] • 我們將 2030 年 AI 資料中心營收目標提高 5 億美元，超過 30 億美元，主要受 Ferric 收購及 AI 資料中心需求持續加速推動。 [CEO - 00:09:17] 市場競爭策略 • 我們涵蓋矽、碳化矽及垂直氮化鎵的完整低至高壓電力產品組合，持續保持競爭優勢，使我們能直接從 800 伏特轉換至 AI 機架所需的 54、12 及 6 伏特電壓軌。 [CEO - 00:06:24] • Ferric 提供業界最具吸引力的 IVR 解決方案，具備業界領先的效率、瞬態響應性能及極為緊湊的體積，擁有同級最佳的 Z 高度。 [CEO - 00:08:58] 營收 • 第三季營收為 17.2 億美元，環比成長 7%，年增 11%，超出指引中點 2200 萬美元，主要由工業及 AI 資料中心部門成長推動。 [CFO - 00:15:10] • 汽車營收為 7.77 億美元，環比及年減 1%，主要因供應重新分配至 AI 資料中心及工業終端市場。 [CFO - 00:15:28] • 工業營收為 4.67 億美元，環比增 10%，年增 9%。AI 資料中心營收為 1.8 億美元，環比增 39%，年增 175%。 [CFO - 00:16:02] 訂單 • OEM 正調整需求以避免產能限制，制定業務持續計畫並提前建立庫存。積壓訂單已入帳，將隨供應恢復而完成交付。 [CEO - 00:43:19] 產品組合 • 有利的新產品組合推動毛利率擴大。垂直氮化鎵、嵌入式電源平台（EPP）及 Treo 等新產品正加速成長，預計 2027 年及以後將對營收有顯著貢獻。 [CFO - 00:18:06] [CEO - 00:37:40] 營收地區 • 在中國，我們持續擴大在高端 OEM 的領先地位，針對其 900 伏特電動車，並在 NIO 旗艦轎車及 Geely Zeekr 快速擴張的出口車型中，獲得新 1200 伏特碳化矽牽引逆變器訂單。 [CEO - 00:11:50] • 我們在北美電動車市場持續擴大市佔，涵蓋牽引逆變器設計及新車載充電器平台訂單。在歐洲 OEM 方面，隨著他們開始轉向 48 伏特區域，我們擴大了電源產品組合的設計訂單。 [CEO - 00:11:27] 稼動率 • 產能利用率維持在 83% 持平。預期第四季利用率將維持類似水準，2027 年隨需求改善將有所提升。 [CFO - 00:18:20] • 達成 53% 毛利率目標的路徑中約有一半來自產能利用率提升。每提升一個百分點的利用率，毛利率將提升 25 至 30 個基點。 [CFO - 00:35:51] 存貨庫存 • 庫存環比增加 2200 萬美元，但以天數計算減少 6 天，至 186 天。策略性庫存持續下降，第三季減少 7 天，基礎庫存因支持較高需求而增加 1 天。 [CFO - 00:20:26] • 分銷庫存週數從第二季的 10.1 週降至 9.9 週，銷售通路暢旺，支持通路及大眾市場健康成長。 [CFO - 00:20:46] 新產品／新技術 • 在上月的 OCP 高峰會中，我們展示了採用差異化垂直氮化鎵技術的 800 伏至 6 伏解決方案。嵌入式電源平台（EPP）利用矽晶圓本身作為封裝，同時解決電氣、熱及機械限制，目前已開始提供給 Alpha 客戶試用。 [CEO - 00:06:45] • Ferric 提供業界最具吸引力的 IVR 解決方案，具備業界領先的效率、瞬態響應性能及極為緊湊的體積，擁有同級最佳的 Z 高度。 [CEO - 00:08:58] 成本毛利 • 非 GAAP 毛利率連續第五季擴大，達 41.2%，主要受益於年初的產能利用率提升及有利的新產品組合。 [CFO - 00:18:06] • 達成 53% 毛利率目標的路徑中，約有一半來自產能利用率，225 個基點來自 Fab Right，400 個基點來自產品組合及新產品，另有適度的價格利多。 [CFO - 00:35:51] 折舊 • 考量重組及折舊變動，隨著產能利用率提升及 Fab Right 活動完成，每增加一美元營收的邊際毛利率預期將改善。 [CFO - 00:35:58] 銷售／管理／研發費用 • GAAP 營業費用為 3.35 億美元。非 GAAP 營業費用約為 3.1 億美元。 [CFO - 00:18:59] 擴廠規劃 • 我們正以更專注且高效率的營運規模運作，為毛利率擴大創造額外機會。第三季完成先前宣佈的菲律賓後段製造廠出售，並持續按計畫於 2027 年底前完成 Mountain Top 晶圓廠出售。 [CFO - 00:18:38] 營業利益 • GAAP 營業利益為 3.78 億美元，佔營收 22%。非 GAAP 營業利益為 4 億美元，佔營收 23%。 [CFO - 00:19:08] 稅率 • 我們的 GAAP 稅率為 21%，非 GAAP 稅率為 15%。 [CFO - 00:19:26] 股本、增資、可轉換債券、庫藏股 • GAAP 股數約為 3.97 億股，GAAP 每股盈餘為 0.79 美元。非 GAAP 股數約為 3.92 億股，非 GAAP 每股盈餘為 0.90 美元。 [CFO - 00:19:34] 現金、現金流 • 季末現金及短期投資約為 44 億美元。總流動性為 59 億美元，其中包含 15 億美元未動用的循環信貸額度。營運現金流為 5.16 億美元，自由現金流為 4.89 億美元，約佔營收 28%。 [CFO - 00:19:49] 併購 • 宣佈以 6 億美元加上最高 1.75 億美元與營收里程碑掛鉤的獎金收購 Ferric。Ferric 使我們在次世代 AI 處理器電力供應領域處於領導地位。該交易預計於第四季完成，須符合慣例交割條件。 [CFO - 00:14:15] 長短期借款 • Ferric 收購將使用資產負債表上的現金。隨著 Synaptics 收購完成，我們將專注於降低負債，這將是投資業務後的首要任務。 [CFO - 00:32:43] Transcript Presentation Daniel - Operator

(00:00:00)Good day, and thank you for standing by. Welcome to the onsemi 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 11 on your telephone. You will then hear an automated message confirming your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded.

(00:00:00)大家好，感謝您耐心等待。歡迎參加 onsemi 2026 年第三季度財報電話會議。此時，所有參與者均處於僅聆聽模式。在演講者的報告之後，將會有問答環節。在會議期間提問，請在您的電話上按星號 11。您將聽到一條自動消息，確認您的提問已被提出。若要撤回您的問題，請再次按星號 11。請注意，今天的會議正在錄音。

Daniel - Operator

(00:00:33)I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Corporate Development and Investor Relations. Please go ahead.

(00:00:33)現在我將會議交給今天的演講者，onsemi 企業發展及投資者關係副總裁 Parag Agarwal。請開始。

Parag Agarwal - onsemi, Investor Relation

(00:00:43)Thank you, Daniel. Good afternoon, and thank you for joining the onsemi Third Quarter Results Conference Call. I am joined today by Hassane El-Khoury, our President and CEO, and Thad Trent, our CFO. This call is being webcast on the investor relations section of our website at www.onsemi.com. A replay of this webcast, along with our third quarter earnings release, will be available on our website approximately one hour after this conference call. The recorded webcast will be available for approximately 30 days following this conference call.

(00:00:43)謝謝你，Daniel。下午好，感謝您參加 onsemi 第三季度業績電話會議。今天我與我們的總裁兼首席執行官 Hassane El-Khoury 和首席財務官 Thad Trent 一同參加。此次通話正在我們網站的投資者關係部分進行網絡直播，網址為 www.onsemi.com。此次網絡直播的重播以及我們的第三季度財報將在會議結束後約一小時內在我們的網站上提供。錄製的網絡直播將在此次會議結束後約 30 天內可用。

Parag Agarwal - onsemi, Investor Relation

(00:01:26)Additional information is posted on the investor relations section of our website. Our earnings release and this presentation include certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, along with a discussion of certain limitations when using non-GAAP financial measures, are included in our earnings release. This information is posted separately on our website in the investor relations section. During this conference call, we will make projections and other forward-looking statements regarding future events and the company's future financial performance.

(00:01:26)其他信息已在我們網站的投資者關係部分發布。我們的財報和此次報告包含某些非公認會計原則（non-GAAP）財務指標。這些非公認會計原則財務指標與最直接可比的公認會計原則（GAAP）財務指標的調整，以及使用非公認會計原則財務指標時的某些限制的討論，均包含在我們的財報中。此信息在我們網站的投資者關係部分單獨發布。在此次電話會議中，我們將對未來事件和公司的未來財務表現進行預測和其他前瞻性聲明。

Parag Agarwal - onsemi, Investor Relation

(00:02:10)We caution that such statements are subject to risks and uncertainties that could cause actual results to differ materially from projections. Important factors that can affect our business, including those that could cause actual results to differ materially from our forward-looking statements, are described in our most recent Form 10-K, Form 10-Qs, other filings with the Securities and Exchange Commission, and in our third quarter earnings release. Our estimates and other forward-looking statements may change, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or other events, except as required by law.

(00:02:10)我們提醒您，這些聲明受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。可能影響我們業務的重要因素，包括可能導致實際結果與我們的前瞻性聲明有重大差異的因素，已在我們最近的 10-K 表格、10-Q 表格、其他向證券交易委員會提交的文件以及我們的第三季度財報中描述。我們的估算和其他前瞻性聲明可能會變更，公司不承擔更新前瞻性聲明以反映實際結果、假設變更或其他事件的義務，除非法律要求。

Parag Agarwal - onsemi, Investor Relation

(00:03:03)Now, let me turn it over to Hassane.

(00:03:03)現在，我將把時間交給 Hassane。

Hassane El-Khoury - onsemi, CEO

(00:03:06)Hassane? Thank you, Parag, and thank you all for joining us this afternoon. Our third quarter results reflect continued strength in our business and momentum across our strategic growth markets, with growth above seasonal trends, continued acceleration in AI data center, and improving demand in industrial. We see particularly strong demand where power density is becoming the key differentiator—from AI data centers and the supporting grid infrastructure to energy storage and next-generation vehicle architectures.

(00:03:06)Hassane？謝謝你，Parag，感謝大家今天下午的參加。我們的第三季度業績反映了我們業務的持續強勁和在戰略增長市場中的動能，增長超過季節性趨勢，AI 數據中心持續加速，工業需求改善。我們看到特別強勁的需求，尤其是在電力密度成為關鍵差異化因素的地方——從 AI 數據中心和支持的電網基礎設施到能源儲存和下一代車輛架構。

Hassane El-Khoury - onsemi, CEO

(00:03:39)These are strategic markets where we have focused our investments, and we are now seeing that strategy translate into revenue growth, margin expansion, share gains, and new customer wins. AI Data Center continues to be our fastest-growing market, scaling more rapidly than we anticipated entering the year, with new wins beginning to ramp. In automotive, we continue to gain content and secure new platform wins in every region, while industrial demand improves, led by power infrastructure and energy applications.

(00:03:39)這些是我們集中投資的戰略市場，我們現在看到這一策略轉化為收入增長、利潤擴張、市場份額增長和新客戶的獲得。AI 數據中心仍然是我們增長最快的市場，增長速度超出我們年初的預期，新客戶的獲得也開始加速。在汽車領域，我們在每個地區持續獲得內容並確保新的平台贏得，而工業需求改善，主要由電力基礎設施和能源應用推動。

Hassane El-Khoury - onsemi, CEO

(00:04:11)In Q3, we delivered $1.72 billion in revenue, a non-GAAP gross margin of approximately 41.2%, and non-GAAP diluted earnings per share of 90 cents, all above the midpoint of our guidance. The combination of stronger demand, improved mix, and disciplined execution is driving meaningful operating leverage, with earnings growth significantly outpacing revenue growth. We remained supply-limited in certain technology segments and made the short-term decision in Q3 and into Q4 to allocate to markets with strong end demand, like AI data center and industrial, which came in much stronger than originally planned.

(00:04:11)在第三季度，我們實現了 17.2 億美元的收入，非公認會計原則的毛利率約為 41.2%，非公認會計原則的稀釋每股收益為 90 美分，均高於我們指導的中點。更強的需求、改善的產品組合和嚴謹的執行相結合，推動了顯著的操作槓桿，收益增長顯著超過收入增長。我們在某些技術領域仍然受到供應限制，並在第三季度及第四季度做出了短期決策，將資源分配給需求強勁的市場，如 AI 數據中心和工業，這些市場的需求遠超最初的計劃。

Hassane El-Khoury - onsemi, CEO

(00:04:56)In automotive, we are supporting all deliveries for end demand but are not supporting inventory replenishment backlogs. As we balance supply and demand, we expect 2027 automotive growth to align with our long-term target. In AI data center, our revenue covers the complete power tree—from power supply units (PSUs) to low-voltage smart power stages near the processor, where increasing compute drives greater power density requirements and higher semiconductor content. In the third quarter, our AI data center revenue grew 39% sequentially, reaching $180 million, and we now expect to deliver approximately $620 million in revenue for 2026, a 140% year-over-year increase.

(00:04:56)在汽車領域，我們支持所有針對最終需求的交付，但不支持庫存補充的積壓。隨著我們平衡供需，我們預計 2027 年的汽車增長將與我們的長期目標保持一致。在 AI 數據中心，我們的收入涵蓋了完整的電力樹——從電源單元（PSUs）到接近處理器的低壓智能電源階段，隨著計算需求的增加，驅動了更高的電力密度要求和更高的半導體內容。在第三季度，我們的 AI 數據中心收入環比增長 39%，達到 1.8 億美元，我們現在預計 2026 年的收入將達到約 6.2 億美元，同比增長 140%。

Hassane El-Khoury - onsemi, CEO

(00:05:46)For 2027, we still expect our AI data center revenue to double over 2026 as we continue shipping new products and ramping volumes. In Q3, we began volume shipments into multiple marquee platforms, including Google, with both silicon carbide and silicon MOSFETs for PSUs and 54- to 12-volt applications. The transition to 800-volt architectures creates the next content opportunity for onsemi, moving AI data center power directly into our area of strength. Our comprehensive low- to high-voltage power portfolio, spanning silicon,

(00:05:46)對於 2027 年，我們仍然預計 AI 數據中心的收入將是 2026 年的兩倍，因為我們將繼續發運新產品並提高產量。在第三季度，我們開始向多個知名平台進行大規模發貨，包括 Google，提供矽碳化物和矽 MOSFET 用於 PSUs 和 54 到 12 伏的應用。向 800 伏架構的過渡為 onsemi 創造了下一個內容機會，將 AI 數據中心的電力直接轉移到我們的優勢領域。我們全面的低壓到高壓電力產品組合，涵蓋矽、

Hassane El-Khoury - onsemi, CEO

(00:06:24)silicon carbide, and vertical GaN, remains a competitive advantage, allowing us to address direct conversion from 800 volts to the 54-, 12-, and 6-volt rails required across the AI rack. As power systems become more complex, customers increasingly need solutions that go beyond individual components. At last month's OCP Summit, we showcased our 800- to 6-volt solution using our differentiated vertical GaN technology. Alongside our gate driver and MOSFETs, we deliver industry-leading efficiency and world-class power density for one of the most challenging conversions in the AI rack.

(00:06:24)矽碳化物和垂直 GaN，仍然是一項競爭優勢，使我們能夠直接從 800 伏轉換到 AI 機架所需的 54 伏、12 伏和 6 伏電壓。隨著電力系統變得越來越複雜，客戶越來越需要超越單個元件的解決方案。在上個月的 OCP 峰會上，我們展示了使用我們差異化的垂直 GaN 技術的 800 伏到 6 伏解決方案。除了我們的閘極驅動器和 MOSFET 外，我們還為 AI 機架中最具挑戰性的轉換之一提供行業領先的效率和世界級的功率密度。

Hassane El-Khoury - onsemi, CEO

(00:07:04)The move to 800-volt high-voltage DC also accelerates the transition from mechanical to solid-state power disconnects, enabling faster switching from solid-state transformers and circuit breakers to hot-swap applications. Our silicon carbide JFET portfolio delivers superior thermal performance. It is already designed in and contributing to our data center revenue. At Investor Day, we discussed the investments we are making to build differentiated capabilities ahead of market inflection points, and we continue to do so as power density becomes increasingly critical across AI data center, automotive, and industrial sectors.

(00:07:04)轉向 800 伏高壓直流電也加速了從機械斷電到固態斷電的過渡，使固態變壓器和斷路器能夠更快地切換到熱插拔應用。我們的碳化矽 JFET 產品組合提供卓越的熱性能。它已經被設計進去並對我們的數據中心收入做出了貢獻。在投資者日上，我們討論了我們正在進行的投資，以在市場拐點之前建立差異化的能力，隨著功率密度在 AI 數據中心、汽車和工業領域變得越來越關鍵，我們將繼續這樣做。

Hassane El-Khoury - onsemi, CEO

(00:07:44)One example is EPP, our Embedded Power Platform introduced at Investor Day. EPP uses the silicon wafer itself as the package to simultaneously solve electrical, thermal, and mechanical constraints. We are pleased with the customer interest in the platform since its announcement, reinforcing our conviction that power density is becoming an increasingly important differentiator across automotive, AI data center, and industrial applications. EPP is already sampling to alpha customers across these markets.

(00:07:44)一個例子是 EPP，我們在投資者日上介紹的嵌入式電源平台。EPP 使用硅晶圓本身作為封裝，同時解決電氣、熱和機械限制。自宣佈以來，我們對該平台的客戶興趣感到高興，這加強了我們的信念，即功率密度正變得越來越重要，成為汽車、AI 數據中心和工業應用中的一個差異化因素。EPP 已經開始向這些市場的 alpha 客戶進行取樣。

Hassane El-Khoury - onsemi, CEO

(00:08:16)It is manufactured using our 12-inch silicon process at East Fishkill. Today, we are also excited to announce the acquisition of Ferric, which further extends our capabilities into integrated voltage regulators, or IVR, positioning us as a leader in power delivery for next-generation AI processors. As power requirements of AI processors continue to increase, IVR incorporates the complete power regulator, including controller, power switches, capacitors, and magnetics in one thin package placed closer to the GPU, reducing power losses and solving the power density challenge at the core.

(00:08:16)它是使用我們在 East Fishkill 的 12 英寸硅工藝製造的。今天，我們也很高興宣佈收購 Ferric，這進一步擴展了我們在集成電壓調節器（IVR）方面的能力，使我們在下一代 AI 處理器的電力傳輸中成為領導者。隨著 AI 處理器的電力需求不斷增加，IVR 集成了完整的電源調節器，包括控制器、功率開關、電容器和磁性元件，這些都放置在靠近 GPU 的薄型封裝中，減少了功率損失，解決了核心的功率密度挑戰。

Hassane El-Khoury - onsemi, CEO

(00:08:58)Ferric offers the most compelling IVR solution in the industry, with industry-leading efficiency, transient response performance, and an exceptionally compact footprint with best-in-class Z-height. We expect Ferric to increase our market share in the vCore stage of the AI data center power tree. While this is a multi-year opportunity for onsemi well beyond 2030, we are raising our 2030 AI data center revenue target by $500 million to over $3 billion. Moving on to our industrial business, the AI halo effect is driving momentum beyond the data center itself.

(00:08:58)Ferric 提供了行業中最具吸引力的 IVR 解決方案，具有行業領先的效率、瞬態響應性能，以及最佳的 Z 高度的極其緊湊的佈局。我們預計 Ferric 將增加我們在 AI 數據中心電力樹的 vCore 階段的市場份額。雖然這對 onsemi 來說是一個超過 2030 年的多年度機會，但我們將 2030 年 AI 數據中心的收入目標提高了 5 億美元，超過 30 億美元。接下來談談我們的工業業務，AI 的光環效應正在推動超越數據中心本身的動力。

Hassane El-Khoury - onsemi, CEO

(00:09:36)We expanded hybrid EliteSiC and IGBT module wins with multiple leading customers, including Sungrow and Sineng, driven by the 99.3% efficiency platform we introduced last quarter. Also in our industrial business, we see increasing momentum in robotics and physical AI, where our capabilities in power and sensing are highly complementary to Synaptics. Demand from first-person view (FPV) drones is driving increased shipments of our 2-megapixel and 8-megapixel HyperLux image sensors, and we are engaged with more than 10 leading drone manufacturers.

(00:09:36)我們擴大了混合 EliteSiC 和 IGBT 模塊的贏得，與多家領先客戶合作，包括 Sungrow 和 Sineng，這是由我們上個季度推出的 99.3% 效率平台驅動的。在我們的工業業務中，我們看到機器人和物理 AI 的動力不斷增強，我們在電力和感測方面的能力與 Synaptics 高度互補。來自第一人稱視角（FPV）無人機的需求正在推動我們的 2 百萬像素和 8 百萬像素 HyperLux 影像感測器的出貨量增加，我們與 10 多家領先的無人機製造商保持合作。

Hassane El-Khoury - onsemi, CEO

(00:10:16)We continue to diversify across the robotics market and have secured multiple new design wins with leading U.S. humanoid makers across power, connectivity, and sensing. For sensing, we are advancing our indirect time-of-flight, or iToF, technology to deliver world-class depth resolution of one millimeter, up to 10 times better than competing solutions, enabling the precise depth perception critical for robots to interact with the physical world. As physical AI scales, these applications bring together many of our core capabilities across power and sensing, creating a significant new content opportunity for onsemi.

(00:10:16)我們繼續在機器人市場上多元化，並與多家美國領先的公司獲得了多個新的設計贏得。涉及電力、連接和感測的類人機器人製造商。在感測方面，我們正在推進我們的間接飛行時間（iToF）技術，以提供世界級的深度解析度，達到一毫米，比競爭解決方案高出 10 倍，這使得機器人能夠與物理世界進行精確的深度感知。隨著物理 AI 的擴展，這些應用將我們在電力和感測方面的許多核心能力結合在一起，為 onsemi 創造了重大的新內容機會。

Hassane El-Khoury - onsemi, CEO

(00:10:59)Turning to automotive, we continue to win new customer designs across all regions. As the industry moves toward electrification, higher levels of autonomy, and software-defined vehicles, the investments we have made in new products continue to expand our content per vehicle up to $2,000 as architectures evolve. These transitions create multiple vectors of content growth for onsemi, even in a relatively flat SAAR. We have continued to gain share in the North American EV market across traction inverter designs and new onboard charger platform wins, in addition to the Treo-based 10BASE-T1S ramp we already started.

(00:10:59)轉向汽車，我們在所有地區繼續贏得新的客戶設計。隨著行業向電氣化、更高的自主性和軟體定義車輛的轉變，我們在新產品上的投資不斷擴大我們每輛車的內容，達到 2000 美元，隨著架構的演變。這些轉變為 onsemi 創造了多個內容增長的向量，即使在相對平坦的 SAAR 中。我們在北美電動車市場中繼續獲得市場份額，涵蓋牽引逆變器設計和新的車載充電器平台贏得，此外我們已經開始的基於 Treo 的 10BASE-T1S 增長。

Hassane El-Khoury - onsemi, CEO

(00:11:41)Across European OEMs, we expanded our design wins across our power portfolio as they also started the transition to 48-volt zones. In China, we continue to expand our leading position with high-end OEMs for their 900-volt electric vehicles, with new 1,200-volt silicon carbide traction inverter wins at NIO for their flagship sedan and Geely Zeekr's rapidly expanding export model. As we look ahead, we are increasingly confident in the trajectory of the business. AI Data Center continues to scale rapidly, while improving demand in automotive and industrial, content gains, and new platform wins create multiple vectors of growth.

(00:11:41)在歐洲 OEM 中，我們在電力產品組閤中擴大了設計贏得，因為他們也開始向 48 伏區域過渡。在中國，我們繼續在高端 OEM 中擴大我們的領先地位，針對他們的 900 伏電動車，並在 NIO 的旗艦轎車和吉利 Zeekr 快速擴張的出口型號中獲得新的 1200 伏碳化矽牽引逆變器贏得。展望未來，我們對業務的發展路徑越來越有信心。AI 數據中心繼續快速擴展，同時汽車和工業需求的改善、內容增長和新平台贏得創造了多個增長向量。

Hassane El-Khoury - onsemi, CEO

(00:12:26)All these trends converge around the areas where onsemi is differentiated in intelligent power and sensing, and our disciplined execution positions us to translate that growth into stronger earnings and cash generation. I want to thank our employees around the world for their continued focus and execution. Their work is what enables us to deliver for our customers and create shareholder value. Now, let me turn it over to Thad to provide more detail on our results and guidance for the fourth quarter.

(00:12:26)所有這些趨勢都集中在 onsemi 在智能電力和感測方面的差異化領域，我們的嚴謹執行使我們能夠將這種增長轉化為更強的收益和現金產生。我想感謝我們全球的員工，感謝他們持續的專注和執行。他們的工作使我們能夠為客戶提供服務並創造股東價值。現在，讓我把時間交給 Thad，讓他提供更多有關我們第四季度的結果和指導的細節。

Thad Trent - onsemi, CFO

(00:12:57)Thanks, Hassane. We believe the recovery is gaining momentum, and we are in a fundamentally stronger position than in prior quarters. We have more content, a broader market opportunity, and substantially greater earnings power. With much of the heavy lifting and investments behind us, we are positioned to convert revenue growth into earnings and free cash flow growth. In the third quarter, we continued to see this benefit in our financial results. Q3 revenue was $1.72 billion, above the midpoint of our guidance and up 7% sequentially.

(00:12:57)謝謝，Hassane。我們相信復甦正在獲得動力，我們的基本面比之前的幾個季度更強。我們擁有更多的內容、更廣泛的市場機會和顯著更大的盈利能力。隨著大部分的重任和投資已經完成，我們有能力將收入增長轉化為盈利和自由現金流增長。在第三季度，我們在財務結果中繼續看到這一好處。第三季度的收入為 17.2 億美元，超過我們指導的中點，並較上季度增長 7%。

Thad Trent - onsemi, CFO

(00:13:34)Non-GAAP gross margin expanded by 190 basis points quarter over quarter to 41.2%. Non-GAAP earnings per share was $0.90, growing four times faster than revenue growth year over year. During our investor day, we discussed our consistent investment ahead of major market inflection points, building capabilities organically, and supplementing them through strategic M&A to accelerate time to market. AI Data Center is a clear example. As architectures evolve, we continue to strengthen our capabilities across the power tree.

(00:13:34)非 GAAP 毛利率較上季度擴大了 190 個基點，達到 41.2%。非 GAAP 每股收益為 0.90 美元，年增長速度是收入增長的四倍。在我們的投資者日中，我們討論了在主要市場轉折點之前持續的投資，通過有機方式建立能力，並通過戰略性併購來補充這些能力，以加快上市時間。AI 數據中心是一個明確的例子。隨著架構的演變，我們持續加強在電力樹上的能力。

Thad Trent - onsemi, CFO

(00:14:11)This positions onsemi to capture more of that opportunity. Today, we announced the acquisition of Ferric for $600 million, plus up to $175 million in earnouts tied to revenue milestones. As Hassane El-Khoury mentioned, Ferric places us in a leadership position in power delivery for next-generation AI processors. We expect Ferric to be accretive to our growth and gross margin targets. This will result in EPS accretion at scale with no meaningful near-term financial impact. This is a multi-year opportunity, raising our AI data center revenue target by 20% to more than $3 billion in 2030, with continued acceleration thereafter.

(00:14:11)這使 onsemi 能夠捕捉更多的機會。今天，我們宣佈以 6 億美元收購 Ferric，並根據收入里程碑再支付最多 1.75 億美元的獎金。正如 Hassane El-Khoury 提到的，Ferric 使我們在下一代 AI 處理器的電力傳遞中處於領導地位。我們預計 Ferric 將對我們的增長和毛利率目標產生增益。這將在規模上導致每股收益的增益，且不會對近期財務產生重大影響。這是一個多年的機會，將我們的 AI 數據中心收入目標提高 20%，到 2030 年超過 30 億美元，並在此後持續加速。

Thad Trent - onsemi, CFO

(00:14:57)We expect the transaction to close in the fourth quarter, subject to customary closing conditions. Additional details on the acquisition are available on our investor relations website. Turning to third-quarter revenue, Q3 revenue was $1.72 billion, up 7% sequentially and 11% year-over-year. Revenue exceeded the midpoint of our guidance by $22 million, driven by growth in industrial and AI data center segments. Automotive revenue was $777 million, down 1% sequentially and year-over-year. The sequential decrease is primarily due to the reallocation of supply to the AI data center and industrial end markets.

(00:14:57)我們預計交易將在第四季度完成，具體取決於慣常的交割條件。有關收購的更多詳細信息可在我們的投資者關係網站上找到。轉向第三季度收入，第三季度收入為 17.2 億美元，較上季度增長 7%，同比增長 11%。收入超過我們指導的中點 2200 萬美元，主要受工業和 AI 數據中心部門增長的推動。汽車收入為 7.77 億美元，較上季度和同比下降 1%。這一季度的下降主要是由於將供應重新分配給 AI 數據中心和工業終端市場。

Thad Trent - onsemi, CFO

(00:15:44)We expect automotive revenue to decline by high single-digit percentage points in the fourth quarter, reflecting continued supply reallocation and timing of customer deliveries. Q1 is expected to return to normalized levels as supply comes online. Industrial revenue was $467 million, up 10% sequentially and 9% year-over-year. We saw strength in energy infrastructure, factory automation, and the broader industrial market. We expect industrial revenue to increase by low double-digit percentage points in the fourth quarter.

(00:15:44)我們預計第四季度汽車收入將下降高個位數百分比，反映持續的供應重新分配和客戶交付的時間安排。第一季度預計將恢復到正常水平，因為供應將上線。工業收入為 4.67 億美元，較上季度增長 10%，同比增長 9%。我們在能源基礎設施、工廠自動化和更廣泛的工業市場中看到了增長。我們預計第四季度工業收入將增長低雙位數百分比。

Thad Trent - onsemi, CFO

(00:16:22)AI data center revenue was $180 million, up 39% sequentially and 175% year-over-year. Demand continues to accelerate, and we now expect AI data center revenue to reach approximately $620 million in 2026, increasing by mid-teens percentage points in the fourth quarter. In 2027, we expect this to double off a higher base. Please note that beginning this quarter, we are enhancing our disclosures. We will separately report AI data center revenue as a fourth market segment to provide greater transparency into this important growth driver for onsemi.

(00:16:22)AI 數據中心收入為 1.8 億美元，較上季度增長 39%，同比增長 175%。需求持續加速，我們現在預計 AI 數據中心收入在 2026 年將達到約 6.2 億美元，第四季度增長十幾個百分點中段（mid-teens）。在 2027 年，我們預計這一數字將在更高的基數上翻倍。請注意，從本季度開始，我們將增強我們的披露。我們將單獨報告 AI 數據中心收入作為第四個市場部門，以提供對這一重要增長驅動因素的更大透明度。

Thad Trent - onsemi, CFO

(00:17:03)This information will be available in our supplemental materials on the investor relations website and in our 10-Q. Revenue for the other in-market segment, excluding AI data center, was $299 million, up 11% sequentially and 10% year-over-year due to normal seasonality in the wireless segment. We expect our other revenue segment to increase by high teens percentage points in the fourth quarter. Looking at the split between business units, revenue for the Power Solutions Group (PSG) was $890 million, an increase of 7% quarter-over-quarter and 21% year-over-year.

(00:17:03)這些信息將在我們的投資者關係網站的補充材料中以及在我們的 10-Q 中提供。除 AI 數據中心外，其他市場部門的收入為 2.99 億美元，較上季度增長 11%，同比增長 10%，主要由於無線部門的正常季節性影響。我們預計我們的其他收入部門在第四季度將增長高十幾個百分點（high teens）。從業務單位的分拆來看，電源解決方案組（PSG）的收入為 8.9 億美元，較上季度增長 7%，同比增長 21%。

Thad Trent - onsemi, CFO

(00:17:43)Revenue for the Analog and Mixed Signal Group (AMG) was $597 million, up 9% quarter-over-quarter and 2% year-over-year. Revenue for the Intelligent Sensing Group (ISG) was $235 million, up 3% quarter-over-quarter and 2% year-over-year. Moving to gross margin, GAAP gross margin was 41.4%. Non-GAAP gross margin expanded for the fifth consecutive quarter to 41.2%, driven by utilization improvements earlier in the year and favorable mix toward new products. Utilization remained flat at 83%. We expect similar utilization levels in Q4, with increases anticipated in 2027 in response to improving demand signals.

(00:17:43)類比和混合信號組（AMG）的收入為 5.97 億美元，較上季度增長 9%，同比增長 2%。智能感測組（ISG）的收入為 2.35 億美元，較上季度增長 3%，同比增長 2%。轉向毛利，GAAP 毛利率為 41.4%。非 GAAP 毛利率連續第五個季度擴大至 41.2%，主要受年初利用率改善和新產品的有利組合推動。利用率保持在 83% 不變。我們預計第四季度將保持類似的利用率水平，並預計在 2027 年隨著需求信號的改善而增加。

Thad Trent - onsemi, CFO

(00:18:33)Our Fab Right strategy remains an important contributor to the long-term margin opportunity. In Q3, we closed the previously announced divestiture of a back-end facility in the Philippines, and we remain on track to close our divestiture of the Mountain Top fab by the end of 2027. We are operating with a more focused and efficient footprint, creating additional opportunities for gross margin expansion over time. GAAP operating expenses were $335 million. Non-GAAP operating expenses were approximately $310 million.

(00:18:33)我們的 Fab Right 策略仍然是長期毛利機會的重要貢獻者。在第三季度，我們完成了之前宣佈的在菲律賓的後端設施的剝離，並且我們仍然按計劃在 2027 年底之前完成對 Mountain Top fab 的剝離。我們正在以更專注和高效的足跡運營，隨著時間的推移創造額外的毛利擴展機會。GAAP 營業費用為 3.35 億美元。非 GAAP 營業費用約為 3.1 億美元。

Thad Trent - onsemi, CFO

(00:19:08)GAAP operating income was $378 million, or 22% of revenue. Non-GAAP operating income was $400 million, or 23% of revenue. GAAP net income was $314 million, and non-GAAP net income was approximately $354 million. Our GAAP tax rate was 21%, and our non-GAAP tax rate was 15%. GAAP share count was approximately 397 million shares, resulting in GAAP earnings per share of 79 cents. Non-GAAP share count was approximately 392 million shares, resulting in non-GAAP earnings per share of 90 cents. Turning to the balance sheet, cash and short-term investments were approximately $4.4 billion at quarter-end.

(00:19:08)GAAP 營業收入為 3.78 億美元，佔收入的 22%。非 GAAP 營業收入為 4 億美元，佔收入的 23%。GAAP 淨收入為 3.14 億美元，非 GAAP 淨收入約為 3.54 億美元。我們的 GAAP 稅率為 21%，非 GAAP 稅率為 15%。GAAP 股數約為 3.97 億股，導致 GAAP 每股收益為 79 美分。非 GAAP 股數約為 3.92 億股，導致非 GAAP 每股收益為 90 美分。轉向資產負債表，現金和短期投資在季度末約為 44 億美元。

Thad Trent - onsemi, CFO

(00:19:56)Total liquidity was $5.9 billion, including $1.5 billion undrawn on a revolver. Cash from operations was $516 million, and free cash flow was $489 million, or 28% of revenue. Capital expenditures were $28 million, or 1.6% of revenue, and we expect full-year capital expenditures to be approximately 2% of revenue. Inventory increased by $22 million sequentially but declined by 6 days to 186 days on a days basis. Strategic inventory continues to decline, decreasing by 7 days in Q3, while base inventory increased by 1 day as we continue to support higher demand.

(00:19:56)總流動性為 59 億美元，包括 15 億美元未提取的循環信貸。營運現金流為 5.16 億美元，自由現金流為 4.89 億美元，佔收入的 28%。資本支出為 2800 萬美元，佔收入的 1.6%，我們預計全年資本支出約為收入的 2%。存貨按順序增加了 2200 萬美元，但在天數基礎上下降了 6 天，降至 186 天。策略性存貨持續下降，第三季度減少了 7 天，而基礎存貨則增加了 1 天，因為我們繼續支持更高的需求。

Thad Trent - onsemi, CFO

(00:20:46)Distribution weeks of inventory declined to 9.9 weeks from 10.1 weeks in Q2, with sell-through supporting healthy channel and mass market growth. We repurchased $20 million of shares in Q3, with activity limited by trading restrictions related to the Synaptics acquisition and renegotiations. Looking ahead, let me provide the key elements of our non-GAAP guidance for the fourth quarter. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance. We anticipate Q4 revenue will range from $1.715 billion to $1.815 billion, representing above-seasonal growth of 2.5% sequentially at the midpoint.

(00:20:46)存貨的分配週數從第二季度的 10.1 週下降至 9.9 週，銷售通過支持健康的渠道和大眾市場增長。我們在第三季度回購了 2000 萬美元的股票，但由於與 Synaptics 收購和重新談判相關的交易限制，活動受到限制。展望未來，讓我提供我們第四季度非 GAAP 指導的關鍵要素。提醒一下，今天的新聞稿包含一個表格，詳細說明瞭我們的 GAAP 和非 GAAP 指導。我們預計第四季度的收入將在 17.15 億美元到 18.15 億美元之間，這在中點上代表著高於季節性的 2.5% 環比增長。

Thad Trent - onsemi, CFO

(00:21:37)We expect non-GAAP gross margin to be between 41.5% and 43.5%, which includes approximately $8 million in stock-based compensation. At the midpoint, this represents 130 basis points of sequential expansion. Non-GAAP operating expenses are expected to be between $303 million and $318 million. This includes approximately $34 million in stock-based compensation. We anticipate non-GAAP other income to be approximately $27 million favorable. We expect our non-GAAP tax rate to remain at 15%, with a non-GAAP diluted share count of approximately 392 million shares.

(00:21:37)我們預計非 GAAP 毛利率將在 41.5% 到 43.5% 之間，其中包括約 800 萬美元的股票基礎補償。在中點上，這代表著 130 個基點的季節性擴張。非 GAAP 營業費用預計在 3.03 億美元到 3.18 億美元之間。這包括約 3400 萬美元的股票基礎補償。我們預計非 GAAP 其他收入將約為 2700 萬美元的利好。我們預計非 GAAP 稅率將保持在 15%，非 GAAP 稀釋股數約為 3.92 億股。

Thad Trent - onsemi, CFO

(00:22:20)This results in non-GAAP earnings per share in the range of 95 cents to $1.07. We expect capital expenditures to be in the range of $40 million to $50 million. The fourth quarter outlook reflects continued demand momentum and another step forward in our model. Based on current visibility, we expect this momentum to continue into 2027, with ongoing revenue growth and gross margin expansion as we scale our differentiated products and realize benefits from our more efficient operating model. Looking ahead, the opportunity extends beyond a recovery in demand.

(00:22:20)這導致非 GAAP 每股收益在 95 美分到 1.07 美元之間。我們預計資本支出將在 4000 萬美元到 5000 萬美元之間。第四季度的展望反映了持續的需求動能，以及我們模型的又一步前進。根據目前的可見性，我們預計這一動能將持續到 2027 年，隨著我們擴大差異化產品並實現更高效的運營模式的好處，收入增長和毛利率擴張將持續。展望未來，機會超越了需求的復甦。

Thad Trent - onsemi, CFO

(00:23:00)We have built a stronger business with significantly greater earnings and cash flow potential. Our portfolio is more focused, our manufacturing footprint is more efficient, and our path to growth is capital efficient. As we exit the year, our priorities are clear. Execute on the demand in front of us, scale our differentiated platforms, and capture the large market opportunities ahead. We believe we are well positioned to deliver sustained growth and expand margins, creating long-term value for our shareholders.

(00:23:00)我們已經建立了一個更強大的業務，擁有顯著更大的收益和現金流潛力。我們的產品組合更加專注，我們的製造足跡更高效，我們的增長路徑資本效率更高。隨著我們結束這一年，我們的優先事項非常明確。執行我們面前的需求，擴大我們的差異化平台，並捕捉前方的大市場機會。我們相信我們已經做好了持續增長和擴大利潤率的良好準備，為我們的股東創造長期價值。

Thad Trent - onsemi, CFO

(00:23:34)With that, I'll turn the call back over to Daniel to open the session for questions.

(00:23:34)有鑑於此，我將把電話轉回給 Daniel，開放提問環節。

Daniel - Operator

(00:23:40)As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 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.

(00:23:40)提醒一下，若要提問，請在您的電話上按星號 11，並等待您的名字被宣佈。若要撤回您的問題，請再次按星號 11。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。

Q&A Daniel - Operator

(00:24:01)Our first question comes from Vivek Arya with BofA Securities. Your line is

(00:24:01)我們的第一個問題來自 BofA Securities 的 Vivek Arya。您的線路是

Vivek Arya - BofA Securities, Analyst

(00:24:05)open. Thanks for taking my question. Hassane, you have been, I guess rightly, de-emphasizing automotive in Q2 and Q3, and I think even in Q4 with the signaling of, I believe, high single-digit growth from what I heard. But then you suggested that next year auto would return to growth for your long-term target, which I believe is around 9% or 10%. So I'm curious, does underserving that market have any long-term market share implications? And where does the extra supply come from to start regrowing in that market next year?

(00:24:05)開放的。謝謝您接受我的問題。Hassane，我想您是正確的，在第二季度和第三季度您已經降低了汽車的重視程度，我認為在第四季度也是如此，根據我聽到的，預示著高個位數的增長。但您接著表示明年汽車將回到增長對於您的長期目標，我相信大約是 9% 或 10%。所以我很好奇，未能滿足該市場的需求是否會對長期市場份額產生影響？而明年在該市場重新增長的額外供應來自哪裡？

Hassane El-Khoury - onsemi, CEO

(00:24:47)Yeah, just one thing—I want to correct the words you used. We're not de-emphasizing the automotive market. Automotive remains strategic as an end market, and even in our five-year outlook highlighted at Investor Day, automotive is still the largest market, and that will not change. What you're seeing this quarter and next is short-term in nature and supply-driven, not strategically driven. By that, I mean we're not losing share because we're working closely with the OEMs. As I mentioned in my prepared remarks, we are supporting all of their end demand needs.

(00:24:47)是的，有一件事——我想更正您使用的詞語。我們並沒有降低汽車市場的重視程度。汽車作為最終市場仍然是戰略性的，即使在我們在投資者日上強調的五年展望中，汽車仍然是最大的市場，這一點不會改變。您在本季度和下季度看到的情況是短期性質和供應驅動的，而不是戰略驅動的。我的意思是，我們並沒有因為與 OEM 密切合作而失去市場份額。正如我在準備的發言中提到的，我們正在支持他們所有的最終需求。

Hassane El-Khoury - onsemi, CEO

(00:25:27)What we are holding back, again in alignment with them, is the replenishment they would have liked to see during these quarters. We will resume shipments in Q1 as supply comes online. The supply has always been coming online or increasing for the technologies where we've been constrained. But you saw results from industrial and AI data center segments even beat our guidance and expectations. So in the short term, we decided to shift the mix slightly. But that is not a strategic decision. Our strategy remains consistent, as we highlighted during our investor day.

(00:25:27)我們所保留的，與他們保持一致，是他們希望在這些季度看到的補貨。隨著供應上線，我們將在第一季度恢復發貨。對於我們受到限制的技術，供應一直在上線或增加。但您看到來自工業和 AI 數據中心部門的結果甚至超過了我們的指導和預期。所以在短期內，我們決定稍微調整組合。但這不是一個戰略決定。我們的策略保持一致，正如我們在投資者日中強調的那樣。

Hassane El-Khoury - onsemi, CEO

(00:26:09)That's why we're reiterating our commitment to resuming growth by 2027. This indicates that there is no loss of market share. It is purely a replenishment, not end demand, and is short-term in nature.

(00:26:09)這就是為什麼我們重申我們的承諾，計劃在 2027 年恢復增長。這表明市場份額沒有損失。這純粹是補貨，而不是最終需求，並且是短期的。

Vivek Arya - BofA Securities, Analyst

(00:26:24)Understood. For my follow-up, Thad, could you walk us through the puts and takes of gross margins from Q3 to Q4, including volume, mix, and utilization? And conceptually, if your auto and industrial businesses grow according to the long-term rates you've outlined, and data center potentially doubles, how should we think about gross margin expansion potential for 2027? Thank you.

(00:26:24)明白了。在我的後續問題中，Thad，你能幫我們分析一下從第三季度到第四季度毛利率的變化，包括量、組合和利用率嗎？從概念上講，如果你的汽車和工業業務按照你所概述的長期增長率增長，而數據中心可能翻倍，我們應該如何看待 2027 年毛利率擴張的潛力？謝謝。

Thad Trent - onsemi, CFO

(00:26:56)Yes, Vivek, our gross margin bridge remains unchanged. The biggest driver of gross margin expansion in Q4 is utilization improvement. Keep in mind, this utilization improvement reflects changes from two quarters ago. So you will start to see that impact. You will also notice some pricing impact; we've already faced headwinds from input costs, so pricing effects will begin to show. However, the math that each point of utilization improves gross margin by 25 to 30 basis points still holds, and this will continue into 2027.

(00:26:56)是的，Vivek，我們的毛利率橋樑保持不變。第四季度毛利率擴張的最大驅動因素是利用率的改善。請記住，這一利用率的改善反映了兩個季度前的變化。所以你將開始看到這一影響。你還會注意到一些價格影響；我們已經面臨來自投入成本的逆風，因此價格效應將開始顯現。然而，每一個利用率的提升仍然能使毛利率提高 25 到 30 個基點的計算依然成立，這將持續到 2027 年。

Thad Trent - onsemi, CFO

(00:27:34)As I mentioned in my prepared remarks, we expect further growth. We anticipate continued utilization improvement into 2027, which will drive margin expansion throughout the year. Naturally, revenue growth will also contribute positively. Another key driver is new products. We are already seeing favorable mix from new products in Q3. As these new products ramp up with favorable margins, they will provide a strong tailwind. Additionally, there is some impact from the Fab Right initiative related to a divestiture of a back-end facility.

(00:27:34)正如我在準備的發言中提到的，我們預期會有進一步的增長。我們預計到 2027 年將持續改善利用率，這將推動整年的毛利率擴張。自然，收入增長也將帶來正面貢獻。另一個主要驅動因素是新產品。我們已經在第三季度看到新產品的有利組合。隨著這些新產品的推廣，並且具有有利的毛利率，它們將提供強大的助力。此外，還有來自 Fab Right 計劃的影響，這與一個後端設施的剝離有關。

Thad Trent - onsemi, CFO

(00:28:10)We expect to see some of this effect in 2027. More will be realized in 2028 from the Mountain Top facility, which is another positive tailwind.

(00:28:10)我們預計在 2027 年會看到一些這種影響。更多的影響將在 2028 年來自 Mountain Top 設施，這是另一個正面的助力。

Speaker01

(00:28:26)Thank you. Thank you.

(00:28:26)謝謝。謝謝。

Daniel - Operator

(00:28:27)Our next question comes from Blayne Curtis with Jefferies. Your line is open.

(00:28:27)我們的下一個問題來自 Jefferies 的 Blayne Curtis。你的線路已開通。

Blayne Curtis - Jefferies, Analyst

(00:28:32)Hi, thanks for taking my question. I wanted to follow up on the previous topic. I assume auto was up in December, yet it's down high single digits now. I'm trying to understand the level of restocking that may have already occurred in the supply chain. Also, do you see those restocking trends increasing?

(00:28:32)嗨，謝謝你回答我的問題。我想跟進之前的話題。我假設汽車在 12 月有所上升，但現在卻下降了高個位數。我想了解供應鏈中可能已經發生的補貨水平。此外，你認為這些補貨趨勢會增加嗎？

Hassane El-Khoury - onsemi, CEO

(00:28:53)Yes, the trend is increasing. Think of it as a catch-up due to restocking. This is not end demand. The end demand we support remains steady. There is no change to that. You can also expect some seasonality on top of this. From a replenishment perspective, the demand is not perishable. You will see this resuming in Q1 as supply comes online. So, you can think of this as a quarterly timing issue. We're not providing Q1 guidance, but once Q1 arrives, you will see some of this activity normalized from Q4. I've always said that in automotive and other markets we serve, I don't focus on quarter-to-quarter changes or read too much into them.

(00:28:53)是的，這一趨勢正在增加。把它看作是由於補貨而造成的追趕。這不是最終需求。我們支持的最終需求保持穩定。這一點沒有變化。你還可以預期在此基礎上會有一些季節性影響。從補貨的角度來看，需求並不是易腐爛的。隨著供應恢復正常，你將在第一季度看到這一情況。所以，你可以把這看作是一個季度的時間問題。我們不會提供第一季度的指引，但一旦第一季度到來，你將看到一些這種活動從第四季度正常化。我一直說，在我們服務的汽車和其他市場中，我不會專注於季度之間的變化或過度解讀它們。

Hassane El-Khoury - onsemi, CEO

(00:29:43)I look at trends and the decisions we are making. I have zero concerns about the decisions we're making in automotive. These are the right decisions to support increased demand we've delivered in industrial and AI data center segments in Q3 and looking into Q4. We expect to return to normalized supply and demand starting in 2027. For the rest of 2027, you will see us deliver on our long-term targets again.

(00:29:43)我關注的是趨勢和我們所做的決策。我對我們在汽車領域所做的決策沒有任何擔憂。這些是正確的決策，以支持我們在第三季度和展望第四季度所交付的工業和人工智慧數據中心領域的需求增長。我們預計從 2027 年開始恢復正常的供需狀況。在 2027 年的其餘時間裡，你將再次看到我們實現長期目標。

Blayne Curtis - Jefferies, Analyst

(00:30:14)Thank you. And then... The data center business doubling again in 2027 is quite impressive. I was wondering if you could walk us through the broad drivers behind that growth.

(00:30:14)謝謝。然後...數據中心業務在 2027 年再次翻倍，這相當令人印象深刻。我想知道您是否可以為我們介紹一下這一增長背後的主要驅動因素。

Hassane El-Khoury - onsemi, CEO

(00:30:23)Sure, it's largely due to broad progress across the power tree. As I've mentioned over the past few quarters, we've been securing design wins across the entire power spectrum, from high voltage down to the core. These design wins have started to come online and are now generating revenue. We've successfully transitioned from design to design wins, and now to revenue generation. Additionally, the breadth of our customer base has expanded, as we've highlighted some key customers previously. Some customers are identifiable by their profiles.

(00:30:23)當然，這主要是由於整個電力樹的廣泛進展。正如我在過去幾個季度提到的，我們在整個電力範疇內獲得了設計勝利，從高壓到核心。這些設計勝利已經開始上線，並且現在正在產生收入。我們已成功從設計轉變為設計勝利，現在又轉向收入生成。此外，我們的客戶基礎也擴大了，正如我們之前強調的一些關鍵客戶。一些客戶可以通過他們的資料來識別。

Hassane El-Khoury - onsemi, CEO

(00:30:55)Our presence spans the power tree, working directly with compute vendors at the board level, as well as with the supply chain, including power supply units (PSUs) and others. We've highlighted these developments in several recent calls. All these initiatives are reaching maturity. We are ramping up production. We accelerated several ramps in the third quarter. We also hinted at this progress during Investor Day. Those developments have now materialized. So, it's really about execution, execution, execution.

(00:30:55)我們的業務遍及電力樹，直接與計算供應商在板級合作，還有供應鏈，包括電源單元（PSU）等。我們在幾次最近的電話會議中強調了這些發展。所有這些舉措都達到了成熟階段。我們正在提高生產能力。我們在第三季度加速了幾個增產。我們在投資者日上也暗示了這一進展。這些發展現在已經實現。所以，這真的關乎執行、執行、再執行。

Hassane El-Khoury - onsemi, CEO

(00:31:22)More importantly, the new products we've introduced over the past couple of years are now beginning to deliver results. This ramp-up will continue throughout 2027. On top of that, new products currently in design wins will start contributing to revenue in 2027. To emphasize, the doubling in 2027 is off a higher base than we discussed earlier today. So, 2027 projections are higher than what we expected even 90 days ago.

(00:31:22)更重要的是，我們在過去幾年推出的新產品現在開始產生效果。這一增產將持續到 2027 年。此外，目前在設計勝利中的新產品將在 2027 年開始貢獻收入。強調一下，2027 年的翻倍是基於比我們今天早些時候討論的更高的基數。因此，2027 年的預測比我們甚至 90 天前的預期要高。

Speaker01

(00:31:53)Thanks, Hassane. Thank you. Our next question comes from Joe Quatrochi with Wells Fargo.

(00:31:53)謝謝，Hassane。謝謝您。我們的下一個問題來自 Wells Fargo 的 Joe Quatrochi。

Daniel - Operator

(00:32:03)Your line is open.

(00:32:03)您的線路已開通。

Joe Quatrochi - Wells Fargo, Analyst

(00:32:05)Thanks for taking my questions. To follow up, the $500 million increase in your 2030 revenue target—is that entirely from the acquisition, or does it also reflect an increase in the base since 90 days ago?

(00:32:05)感謝您回答我的問題。跟進一下，您 2030 年收入目標的 5 億美元增幅——這完全來自收購，還是也反映了自 90 天前以來基數的增加？

Speaker01

(00:32:19)That increase is tied to the acquisitions.

(00:32:19)這一增幅與收購有關。

Joe Quatrochi - Wells Fargo, Analyst

(00:32:24)Okay, thanks. As a follow-up, considering the cash outlay for this acquisition and Synaptics, along with the debt you're raising, how should we think about free cash flow usage and capital returns?

(00:32:24)好的，謝謝。作為跟進，考慮到這次收購和 Synaptics 的現金支出，以及您正在籌集的債務，我們應該如何看待自由現金流的使用和資本回報？

Thad Trent - onsemi, CFO

(00:32:43)Joe, we'll be using cash from the balance sheet for the Ferric acquisition. As we close the Synaptics acquisition, our focus will be on deleveraging. That will be our top priority. This is, of course, after investing in the business. We'll also be opportunistic about share buybacks over time.

(00:32:43)Joe，我們將使用資產負債表上的現金來進行 Ferric 收購。當我們完成 Synaptics 收購時，我們的重點將放在去槓桿化上。這將是我們的首要任務。當然，這是在對業務進行投資之後。我們也會在適當的時候進行股票回購。

Speaker01

(00:33:03)The intent is to deleverage quickly. Operator, are you there? Thank you.

(00:33:03)目的是迅速去槓桿化。操作員，您在嗎？謝謝。

Daniel - Operator

(00:33:15)Our next question comes from Tom O'Malley with Barclays. Your line is open.

(00:33:15)我們的下一個問題來自 Barclays 的 Tom O'Malley。您的線路已開通。

Tom O'Malley - Barclays, Analyst

(00:33:20)Hey, everyone. Thanks for taking my questions. My first question is about the industrial segment. It appears to be well above seasonal levels in September, and then again shows very strong results in December. Are there any particular verticals within industrial that are performing especially well? Those are impressive numbers for the second half of the year. I just wanted to start there.

(00:33:20)嘿，大家好。感謝您回答我的問題。我的第一個問題是關於工業部門的。似乎在九月份的季節性水平之上，然後在十二月份再次顯示出非常強勁的結果。工業部門內是否有特定的垂直領域表現特別好？這些是下半年令人印象深刻的數字。我只是想從這裡開始。

Hassane El-Khoury - onsemi, CEO

(00:33:35)Yes. I would highlight the AI halo effect that we often discuss. You know, anything related to energy. Consider the entire spectrum from the grid to the AI data center. Everything outside the AI data center walls has been performing very well. It came in better than we expected. The PMIs are improving slightly, supporting broad industrial growth. But if you ask me what is driving the beat and outlook, it’s really the AI halo we highlighted on Investor Day, which is coming in as expected and, in the short term, even stronger. That’s why I mentioned prioritizing that ahead of some other markets.

(00:33:35)是的。我想強調我們經常討論的 AI 光環效應。你知道，任何與能源相關的事物。考慮從電網到人工智慧數據中心的整個範疇。人工智慧數據中心牆外的一切表現都非常良好。它的表現超出了我們的預期。比我們預期的要好。PMI 指數略有改善，支持廣泛的工業增長。但如果你問我什麼驅動了這次的超預期和前景，實際上是我們在投資者日強調的人工智慧光環，這一點如預期般到來，並且在短期內甚至更強。因此我提到要優先考慮這一點，而不是其他市場。

Thad Trent - onsemi, CFO

(00:34:16)The broader industrial segment accounts for about 40% of the total industrial bucket, and we’re seeing strength there as well. I think this aligns with the improving PMIs you’re observing.

(00:34:16)更廣泛的工業部門約佔總工業桶的 40%，我們在那裡也看到了增強的表現。我認為這與你觀察到的 PMI 改善是一致的。

Tom O'Malley - Barclays, Analyst

(00:34:25)Got it. Regarding your second question, you mentioned automotive revenue being a bit lighter due to supply relocation and the timing and phasing of customer deliveries. However, utilization appears to be flat. Are you experiencing shortages of external components? Because if supply was constrained, I would expect utilization to continue increasing. Are you suggesting that this issue is more relevant next year? Could you describe the dynamics and specify where you are seeing constraints?

(00:34:25)明白了。關於你的第二個問題，你提到汽車收入因供應重組和客戶交付的時間及階段而稍顯疲弱。然而，利用率似乎保持平穩。你們是否遇到外部元件短缺的情況？因為如果供應受到限制，我預期利用率會繼續上升。你是在暗示這個問題明年會更相關嗎？你能描述一下動態並具體說明你在哪裡看到限制嗎？

Thad Trent - onsemi, CFO

(00:34:51)Keep in mind that the utilization you see reflected today corresponds to production from two quarters ago, when we were running at 77%. Last quarter, we ran at 83% utilization. We are running at 83% going into Q4. So, this reflects us catching up to supply as cycle time progresses through the fab and back end. That’s where supply is coming online. Supply constraints exist in specific lines and certain areas; it’s not across the board, or else we would be increasing utilization further. Looking into next year, as demand strengthens across all end markets, we will increase utilization.

(00:34:51)請記住，你今天看到的利用率反映的是兩個季度前的生產，那時我們的運行率為 77%。上一季度，我們的利用率為 83%。我們在進入第四季度時的利用率為 83%。因此，這反映了我們隨著週期時間在晶圓廠和後端的推進而趕上供應的情況。這就是供應上線的地方。供應限制存在於特定的生產線和某些區域；並不是全面的，否則我們會進一步提高利用率。展望明年，隨著所有終端市場需求的增強，我們將提高利用率。

Speaker01

(00:35:35)Thank you. Our next question comes from Gary Mobley with StoneX.

(00:35:35)謝謝。我們的下一個問題來自 StoneX 的 Gary Mobley。

Daniel - Operator

(00:35:38)Your line is open.

(00:35:38)你的線路已開通。

Garv Saini - StoneX, Analyst

(00:35:41)Hi, everyone. Garv Saini here on behalf of Gary Mobley at StoneX. Thanks for taking my question. I wanted to ask specifically about the utilization lever in the gross margin bridge. About half of the path to the 53% gross margin target you set comes from utilization. Given the restructuring and changes to depreciation, how should we think about the incremental gross margin on each additional dollar of revenue going forward?

(00:35:41)嗨，大家好。Garv Saini 代表 StoneX 的 Gary Mobley 在此。感謝你們回答我的問題。我想具體詢問一下毛利橋中的利用率槓桿。你設定的 53% 毛利目標的約一半來自於利用率。鑒於重組和折舊的變化，我們應該如何看待未來每增加一美元收入的增量毛利？

Thad Trent - onsemi, CFO

(00:36:11)To understand the Q3 results, note there were about 450 basis points of underutilization charges. Remember, this relates back to Q1 utilization of 77%. If you consider increasing utilization to our peak range of 92% to 93%, you can calculate roughly 25 to 30 basis points per percent, which sums to about 450 basis points. To walk everyone through it, moving from here to the 53% target, you have about 450 basis points of utilization improvement. There are 225 basis points from Fab Right. I’ve discussed the activities we’re undertaking there.

(00:36:11)要理解第三季度的結果，請注意大約有 450 個基點的未利用費用。記住，這與第一季度 77% 的利用率有關。如果你考慮將利用率提高到我們的峰值範圍 92% 到 93%，你可以大致計算出每增加一個百分點約 25 到 30 個基點，這總和約為 450 個基點。讓我為大家解釋一下，從這裡到 53% 的目標，你有大約 450 個基點的利用率改善。Fab Right 貢獻了 225 個基點。我已經討論了我們在那裡進行的活動。

Thad Trent - onsemi, CFO

(00:36:54)Additionally, there are 400 basis points from mix and new products kicking in. We’re already seeing this impact the P&L, and expect more next year. The last component is we have been raising pricing, though it hasn’t fully impacted the P&L yet. So there is a modest tailwind from pricing. Adding all these factors together brings us close to the 53% long-term gross margin target.

(00:36:54)此外，還有 400 個基點來自於產品組合和新產品的推出。我們已經看到這對損益表的影響，並預期明年會有更多。最後一個組成部分是我們一直在提高價格，儘管這尚未完全影響損益表。因此，價格帶來了一定的順風。將所有這些因素加在一起，使我們接近 53% 的長期毛利目標。

Garv Saini - StoneX, Analyst

(00:37:17)Got it. Okay. Thank you. You also mentioned the new product brands from fiscal year 27. I wanted to delve deeper into that and understand the contribution we expect to see in the next fiscal year. How should we think about revenue from vertical GaN, Embedded Power Platform, and Treo as these new revenue layers develop? That really didn't exist before.

(00:37:17)明白了。好的。謝謝。你還提到了 27 財年的新產品品牌。我想深入瞭解這一點，並瞭解我們預期在下個財年看到的貢獻。隨著這些新收入層的發展，我們應該如何看待來自垂直 GaN、嵌入式電力平台和 Treo 的收入？這在之前真的不存在。

Hassane El-Khoury - onsemi, CEO

(00:37:40)Yes, so what you'll start seeing is that Treo will continue to ramp. Treo is already contributing to revenue this year. We've already discussed vertical GaN contributing revenue in 2027, and then, towards the end, you layer on EPP. Those, other than Treo, started ramping last year. And obviously, we've been more than doubling as we move forward from a smaller base. The other products will start to ramp and follow a similar trajectory. So you can think about the base for 2027 as new products introduced in 2025.

(00:37:40)是的，所以你將開始看到 Treo 將持續增長。Treo 今年已經開始貢獻收入。我們已經討論過垂直 GaN 在 2027 年貢獻收入，然後在最後，你再加上 EPP。除了 Treo 之外，其他產品去年開始增長。顯然，隨著我們從較小的基數前進，我們的增長已經超過了兩倍。其他產品將開始增長，並遵循類似的軌跡。所以你可以把 2027 年的基數視為 2025 年推出的新產品。

Hassane El-Khoury - onsemi, CEO

(00:38:19)Products from 2025 and 2026 will start contributing meaningfully, while new products like EPP and vertical GaN will begin in 2027 and continue forward, all leading to a more mature mix of new products by 2030, depending on automotive or industrial sectors.

(00:38:19)來自 2025 年和 2026 年的產品將開始有意義地貢獻，而像 EPP 和垂直 GaN 這樣的新產品將在 2027 年開始並持續前進，所有這些都將導致到 2030 年新產品的更成熟組合，具體取決於汽車或工業部門。

Speaker01

(00:38:39)Got it. Perfect. Thank you. Thank you.

(00:38:39)明白了。完美。謝謝。謝謝。

Daniel - Operator

(00:38:43)Our next question comes from Chris Caso with Wolfe Research. Your line is open.

(00:38:43)我們的下一個問題來自 Wolfe Research 的 Chris Caso。您的線路已開通。

Chris Caso - Wolfe Research, Analyst

(00:38:50)Yes, thank you. Good evening. The first question is regarding the Ferric acquisition. Can you discuss where that acquisition stands in terms of revenue and design wins? Understanding you use that to support your 2030 target, but looking into 2027 and 2028, what can we expect from that business?

(00:38:50)是的，謝謝。晚上好。第一個問題是關於 Ferric 的收購。您能談談該收購在收入和設計贏得方面的現狀嗎？我理解您使用這一點來支持您的 2030 目標，但展望 2027 年和 2028 年，我們可以期待該業務帶來什麼？

Hassane El-Khoury - onsemi, CEO

(00:39:13)I’m not going to provide revenue guidance for the acquisition or 2027 at this point. However, during our diligence, we recognized the trajectory IVR has taken and that it is the solution for increasingly higher power AI processing. That’s point number one. We understand that integration, power density, and the criticality of Z-height are important. Ferric has been engaged with all hyperscalers from a design and platform architecture perspective. That reflects the technology and capabilities they bring.

(00:39:13)我目前不會提供該收購或 2027 年的收入指導。然而，在我們的盡職調查中，我們認識到 IVR 所採取的軌跡，並且它是越來越高功率 AI 處理的解決方案。這是第一點。我們理解整合、功率密度和 Z 高度的關鍵性是重要的。Ferric 已經從設計和平台架構的角度與所有超大規模公司進行了接觸。這反映了他們所帶來的技術和能力。

Hassane El-Khoury - onsemi, CEO

(00:39:57)We bring scale, manufacturability, and broad reach within hyperscalers and compute platforms. This combination makes the acquisition strategic. From an engagement perspective, they are well positioned with all hyperscalers based on our thorough diligence with the team. Additionally, it brings a high-caliber, talented team that complements our internal efforts.

(00:39:57)我們帶來了規模、可製造性和在超大規模公司及計算平台中的廣泛覆蓋。這種組合使得收購具有戰略意義。從參與的角度來看，他們在所有超大規模公司中都處於良好位置，這基於我們與團隊的徹底盡職調查。此外，它帶來了一支高素質的人才團隊，補充了我們的內部努力。

Speaker01

(00:40:28)That’s a win-win. Got it. Thank you.

(00:40:28)這是雙贏。明白了。謝謝。

Chris Caso - Wolfe Research, Analyst

(00:40:34)As a follow-up, I have a question about CapEx and capacity going into next year. Correct me if I’m wrong, but it seems some supply constraints now are due to not starting wafer production earlier this year, so you’re catching up. If that’s the case, where do you stand regarding capacity going into next year? Do you believe you have the capacity to meet market demand next year? And what sort of CapEx should we expect as you head into next year?

(00:40:34)作為後續問題，我有關於明年資本支出和產能的問題。如果我錯了請糾正我，但似乎現在的一些供應限制是因為今年早些時候沒有開始晶圓生產，所以你們正在趕上。如果是這樣，您對明年的產能有什麼看法？您認為您有能力滿足明年的市場需求嗎？那麼，您預計明年的資本支出會是多少？

Thad Trent - onsemi, CFO

(00:41:13)Yes, Chris, that’s a fair characterization; this is a catch-up. That’s why Hassane described this as temporary. We expect to catch up in Q1. We do have the capacity needed based on today’s outlook and even some upside. I don’t expect us to come close to capping out our capacity going into 2027. This year, our CapEx intensity is about 2% of revenue. I expect it to be about 5% next year, in line with our long-term model. That will allow us to cover maintenance capital and add some capacity where higher throughput is possible on certain lines.

(00:41:13)是的，Chris，這是一個合理的描述；這是一次追趕。這就是為什麼 Hassane 將其描述為暫時的。我們預計在第一季度趕上。根據今天的展望，我們確實擁有所需的產能，甚至還有一些上行空間。我不預期我們在 2027 年會接近達到產能上限。今年，我們的資本支出強度約為收入的 2%。我預計明年會約為 5%，與我們的長期模型一致。這將使我們能夠覆蓋維護資本，並在某些生產線上增加一些產能，以提高產量。

Thad Trent - onsemi, CFO

(00:41:52)We believe we’re well positioned for a market that will grow in 2027 and beyond, given the capacity we have online.

(00:41:52)我們相信，考慮到我們目前的產能，我們在 2027 年及以後的市場中處於良好位置。

Hassane El-Khoury - onsemi, CEO

(00:42:03)The capacity contributing to the Q1 catch-up and the related investment are already behind us. It will simply come online and deliver, especially in 2027. So this is not something we are anticipating for the future. It’s something we have already done, and we will benefit from it.

(00:42:03)對於第一季度的追趕和相關投資的產能已經在我們身後。它將簡單地上線並交付，特別是在 2027 年。所以這不是我們對未來的預期。這是我們已經完成的事情，我們將從中受益。

Speaker01

(00:42:24)This is just from the latency perspective. Thank you.

(00:42:24)這只是從延遲的角度來看。謝謝。

Daniel - Operator

(00:42:31)Thank you. Our next question comes from Jim Schneider with Goldman Sachs. Your line is open.

(00:42:31)謝謝你。我們的下一個問題來自高盛的吉姆·施奈德。您的線路已開通。

Jim Schneider - Goldman Sachs, Analyst

(00:42:38)Good afternoon. Thanks for taking my question. Hassane, I was wondering if you could characterize OEM customer behavior regarding their willingness or interest in restocking. I believe you mentioned in your prepared remarks that automotive customers are not supporting restocking but only supporting increases in end demand. Could you broadly describe what is happening with those customers and the broader OEM customer base in terms of taking on more inventory and managing their balance sheets? Thank you.

(00:42:38)下午好。感謝您回答我的問題。哈桑，我想知道您是否可以描述一下 OEM 客戶在補貨方面的行為和意願。我相信您在準備的發言中提到，汽車客戶並不支持補貨，而只是支持最終需求的增加。您能否大致描述一下這些客戶以及更廣泛的 OEM 客戶群在增加庫存和管理資產負債表方面的情況？謝謝你。

Hassane El-Khoury - onsemi, CEO

(00:43:07)Yes, first, I'll characterize this specifically for OEMs. Not all OEMs behave the same way, so I can only reference those we've engaged with who have demand. They see the writing on the wall: AI and industrial sectors are recovering, and they are trying to place demand to avoid capacity constraints, as this is evident across the board—not just in power semiconductors. This applies across analog, compute, and, of course, memory segments. They are looking at their 2027 plans and want to establish what I would call a business continuity plan, or BCP, as known in the industry.

(00:43:07)是的，首先，我將專門為 OEM 進行描述。不是所有 OEM 的行為都相同，因此我只能參考那些我們已經接觸過的有需求的 OEM。他們看到了未來的趨勢：人工智慧和工業部門正在復甦，他們試圖下訂單以避免產能限制，這在各個領域都是明顯的——不僅僅是在電力半導體方面。這適用於類比、計算，當然還有記憶體領域。他們正在查看 2027 年的計劃，並希望建立我所稱的業務持續計劃，或在行業中稱為 BCP。

Hassane El-Khoury - onsemi, CEO

(00:43:52)These are strategic plans we develop with our key OEMs, where we assess their capacity and pull rates and build inventory ahead accordingly. This is standard procedure for replenishment ahead of a production ramp. That's why we're having these conversations about not building everything in Q3 and Q4, a decision we have already made. We will continue to ship demand, knowing the backlog is on the books, and we will service that; this is the basis of our new capacity model. This situation is temporary and short-term; we expect to catch up in 2027.

(00:43:52)這些是我們與主要 OEM 共同制定的戰略計劃，我們評估他們的產能和拉貨率，並相應地提前建立庫存。這是生產提升前的標準補貨程序。這就是為什麼我們在討論不在第三季度和第四季度生產所有產品，這是我們已經做出的決定。我們將繼續發貨，知道積壓訂單在帳上，我們會服務這些訂單；這是我們新產能模型的基礎。這種情況是暫時的和短期的；我們預計在 2027 年會趕上。

Jim Schneider - Goldman Sachs, Analyst

(00:44:32)Thank you. And as a follow-up, your remaining 'other' subcategory seems to be growing very well, even after separating out data center into its own category. Could you discuss what is driving growth in the remaining 'other' category, and whether you expect that growth rate to continue into 2027? Thank you.

(00:44:32)謝謝你。作為後續問題，您的其餘「其他」子類別似乎增長得非常好，即使在將數據中心分離為自己的類別之後。您能否討論一下推動「其他」類別增長的因素，以及您是否預期這一增長率會持續到 2027 年？謝謝你。

Thad Trent - onsemi, CFO

(00:45:00)The 'other' bucket is approached opportunistically. As mentioned in the prepared remarks, Q3 is seasonal due to wireless markets included in that bucket. Looking into Q4, we have a large customer ramping a program, so the growth is somewhat lumpy. That explains why Q4 growth is expected to be in the mid to high teens. However, I would not expect that growth rate to continue into next year. AI data center, automotive, and industrial segments are expected to grow at a much faster rate, while 'other' markets will align more with historical norms.

(00:45:00)「其他」類別是以機會主義的方式進行的。正如在準備的發言中提到的，第三季度因無線市場的季節性而受到影響。展望第四季度，我們有一個大型客戶正在推進一個計劃，因此增長有些不均勻。這解釋了為什麼預計第四季度的增長將在中高十幾個百分點之間。不過，我不會預期這一增長率會持續到明年。人工智慧數據中心、汽車和工業領域預計將以更快的速度增長，而「其他」市場將更符合歷史標準。

Thad Trent - onsemi, CFO

(00:45:40)By the way, the Q4 ramp I mentioned is manufactured externally, so you won't see its impact in our internal numbers. That's why we're able

(00:45:40)順便提一下，我提到的第四季度增長是外部製造的，因此您不會在我們的內部數字中看到其影響。這就是為什麼我們能夠

Speaker01

(00:45:47)to support that very clearly. Thank you.

(00:45:47)清楚地支持這一點。謝謝你。

Daniel - Operator

(00:45:53)Thank you. As a reminder, to ask a question, please press star 11 on your telephone. Again, that is star 11 to ask a question. Our next question comes from Tristan Gerra with Baird. Your line is

(00:45:53)謝謝你。提醒一下，若要提問，請在您的電話上按星號 11。再次提醒，提問請按星號 11。我們的下一個問題來自 Baird 的特里斯坦·傑拉。您的線路是

Speaker02 - Baird, Analyst

(00:46:05)open. Hi, this is Tristan. Thanks for taking my questions. Is there any inventory replenishment embedded in the strength you are seeing in industrial? You mentioned that replenishment is not allowed in automotive. We're curious about what you are observing in industrial.

(00:46:05)開通的。嗨，我是特里斯坦。感謝您回答我的問題。您所看到的工業增長中是否包含任何庫存補貨？您提到汽車領域不允許補貨。我們對您在工業領域的觀察感到好奇。

Hassane El-Khoury - onsemi, CEO

(00:46:23)The strength in industrial is really driven by the AI halo, as I mentioned earlier. We see end products going out into the market under this AI halo. We can observe sell-through not only from us to customers but also from customers to their end customers. If you look at large industrial companies involved in grid to data center, those that have announced results so far have had very strong quarters. We see that strength reflected in what they are building as well. So that's why we're allocating when I say it's truly end demand, meaning the products are being deployed at end sites.

(00:46:23)工業增長確實是由人工智慧的光環驅動的，正如我之前提到的。我們看到最終產品在這個人工智慧光環下進入市場。我們可以觀察到不僅是我們向客戶的銷售，還有客戶向他們的最終客戶的銷售。如果您查看涉及從電網到數據中心的大型工業公司，到目前為止已經公佈結果的公司都取得了非常強勁的季度表現。我們看到這種增長反映在他們的建設中。所以這就是為什麼我們在說這是真正的最終需求時進行分配，意味著產品正在最終地點部署。

Hassane El-Khoury - onsemi, CEO

(00:47:08)So that's not inventory replenishment. It is purely an increase in demand that is being installed as quickly as possible at end sites.

(00:47:08)所以這不是庫存補充。這純粹是需求的增加，正在盡快安裝在最終地點。

Speaker02 - Baird, Analyst

(00:47:19)Great. For my follow-up, how should we think about the geographic mix of silicon carbide growth in 2027, and the underlying contribution from new platforms and content gains versus just a recovery in EV production?

(00:47:19)很好。對於我的後續問題，我們應該如何看待 2027 年碳化矽增長的地理組合，以及新平台和內容增長的潛在貢獻，與電動車生產的恢復相比？

Hassane El-Khoury - onsemi, CEO

(00:47:34)I think it's very broad in nature. Of course, from an EV perspective, China remains a strong driver for silicon carbide. But also, significant growth and new products in silicon carbide are coming from North America with AI data centers. And specifically, JFET, which I mentioned in my prepared remarks, primarily goes into AI data centers. So I would say, since the EV diversification we've had geographically and by customer, we are now adding a very broad, AI-diversified market for silicon carbide. This diversification is both by application, customer, and geography.

(00:47:34)我認為這在性質上是非常廣泛的。當然，從電動車的角度來看，中國仍然是碳化矽的強勁推動力。但來自北美的碳化矽也有顯著增長和新產品，特別是在人工智慧數據中心方面。而且具體來說，我在我的準備發言中提到的 JFET，主要用於人工智慧數據中心。所以我會說，自從我們在地理和客戶方面的電動車多樣化以來，我們現在正在為碳化矽增加一個非常廣泛的、人工智慧多樣化的市場。這種多樣化是按應用、客戶和地理來劃分的。

Speaker01

(00:48:24)Thank you. Our next question comes from Tore Svanberg with Stifel. Your line is open.

(00:48:24)謝謝。我們的下一個問題來自 Stifel 的 Tore Svanberg。您的線路已開通。

Tore Svanberg - Stifel, Analyst

(00:48:30)Yes, thank you. I wanted to revisit what you mentioned about the business continuity plans. We all know that capacity, especially for AI data centers, has been tight for a while, right? So I'm curious what is driving auto OEMs to restock right now. It must be a sign that their demand is really starting to accelerate, or am I mistaken?

(00:48:30)是的，謝謝。我想重新討論一下您提到的業務持續性計劃。我們都知道，尤其是對於人工智慧數據中心，產能一直很緊張，對吧？所以我很好奇，現在驅動汽車 OEM 重新補貨的原因是什麼。這一定是他們的需求真的開始加速的跡象，還是我錯了？不，我不會說加速，但他們正在處理的確實有需求。

Hassane El-Khoury - onsemi, CEO

(00:48:56)No, I wouldn't say accelerate, but there is demand they are working on. Remember, for us, it's not just the SAAR, it's the content. As you heard in my prepared remarks, Europe is moving into 48-volt systems and zonal architectures. That creates a higher demand opportunity from a content perspective, not necessarily from vehicle units. The mix of EVs is higher, which means more content. So you can think about it that way. The demand I refer to from our side is content. So when we talk about returning to our long-term model, which is high single-digit growth over SAAR, that's what I'm referring to.

(00:48:56)記住，對我們來說，不僅僅是 SAAR，還有內容。正如您在我的準備發言中聽到的，歐洲正在轉向 48 伏系統和區域架構。這從內容的角度創造了更高的需求機會，而不一定是從車輛單位。電動車的組合更高，這意味著更多的內容。所以你可以這樣考慮。我所提到的需求是來自我們這邊的內容。所以當我們談到回到我們的長期模型時，即高單位數字增長超過 SAAR，這就是我所指的。這就是 OEM 下訂單的原因。

Hassane El-Khoury - onsemi, CEO

(00:49:39)That's what the OEMs place orders for. They see content growth in their new platforms they are introducing, not necessarily SAAR or unit growth. I want to be very clear about that. Inventory for us is content in the car.

(00:49:39)他們在引入的新平台中看到內容增長，而不一定是 SAAR 或單位增長。我想對此非常清楚。對我們來說，庫存就是車內的內容。是的，這非常有幫助。

Tore Svanberg - Stifel, Analyst

(00:49:56)Yes, that's very helpful. And that's my follow-up on Ferric. I think many companies are positioning in IVR right now. I was hoping you could share what makes Ferric unique. I know in your presentation you mentioned better magnetics, smaller footprint, and so on. But could you share why their technology is the winning formula compared to others? Thank you.

(00:49:56)這是我對 Ferric 的後續問題。我認為許多公司目前正在 IVR 中定位。我希望您能分享 Ferric 的獨特之處。我知道在您的演示中提到更好的磁性、更小的佔地面積等等。但您能分享為什麼他們的技術相比其他技術是獲勝的公式嗎？謝謝。是的。

Hassane El-Khoury - onsemi, CEO

(00:50:27)Yes. So if you think about what the solution needs to be viable from an IVR perspective, there are thermal, mechanical, and electrical considerations. Electrically, Ferric has superior transient performance compared to anything else on the market. That covers the electrical aspect. This is important because of the dynamic load driven by high-end processors, where there are many transients and voltages must regulate or respond accordingly. This provides superior electrical performance compared to peers or competitors.

(00:50:27)所以如果你考慮到從 IVR 的角度來看，解決方案需要可行的條件，包括熱、機械和電氣考量。在電氣方面，Ferric 的瞬態性能優於市場上的其他產品。這涵蓋了電氣方面。這一點很重要，因為高端處理器驅動的動態負載，在這裡有許多瞬態，電壓必須相應地調節或響應。這提供了優於同行或競爭對手的電氣性能。這提供了優於同行或競爭對手的電氣性能。

Hassane El-Khoury - onsemi, CEO

(00:51:07)Then you have the mechanical aspect, which is the power density, where other solutions exist that are not necessarily magnetic. There are other innovative solutions available, but the solution from Ferric, combining electro and magnetic components with the controller, provides the highest density in terms of area and the most compact design in Z height. Typically, everyone's Z height is around two and a half millimeters. Ferric significantly surpasses that. This is extremely important when discussing truly integrated IVR solutions, specifically not outside the package.

(00:51:07)然後是機械方面，即功率密度，還有其他解決方案存在，但不一定是磁性的。還有其他創新的解決方案可用，但 Ferric 的解決方案結合了電氣和磁性元件與控制器，在面積方面提供了最高的密度，並且在 Z 高度上設計最為緊湊。通常，每個人的 Z 高度約為兩個半毫米。Ferric 顯著超越了這一點。在討論真正集成的 IVR 解決方案時，這一點極為重要，特別是包裝外部的情況。

Hassane El-Khoury - onsemi, CEO

(00:51:48)So, that is a key factor. And then the final aspect is thermal management. With the efficiency provided by the first two factors, thermal issues become less problematic for GPU or compute vendors to resolve. Considering these three components as a Venn diagram, Ferric sits at the intersection. That is why we favor it. That is why we chose that asset over others.

(00:51:48)所以，這是一個關鍵因素。然後最後一個方面是熱管理。由於前兩個因素提供的效率，熱問題對於 GPU 或計算供應商來說變得不那麼棘手。將這三個組件視為維恩圖，Ferric 位於交集處。這就是我們偏愛它的原因。這就是我們選擇這一資產而非其他資產的原因。

Speaker01

(00:52:13)Great, Paulo. Thank you.

(00:52:13)很好，Paulo。謝謝你。

Daniel - Operator

(00:52:17)Thank you. This concludes the question-and-answer session. I will now turn the call back to Hassane El-Khoury, President and CEO, for closing remarks.

(00:52:17)謝謝你。這結束了問答環節。現在我將通話交回給 Hassane El-Khoury，總裁兼首席執行官，進行結語。

Hassane El-Khoury - onsemi, CEO

(00:52:27)Thank you for your questions. We remain focused on areas where challenges are increasing and where our differentiation matters most. Power density is becoming critical across AI data centers, automotive, and industrial sectors, and our investments in high-voltage technologies, Treo-based solutions, and the Embedded Power Platform enable us to address these challenges at the device, platform, and system levels. Combined with leverage in our operating model, we believe this positions us to drive profitable growth, stronger cash generation, and long-term shareholder value.

(00:52:27)感謝您的提問。我們仍然專注於挑戰不斷增加的領域，以及我們的差異化最為重要的地方。在 AI 數據中心、汽車和工業領域，功率密度變得至關重要，我們在高壓技術、基於 Treo 的解決方案和嵌入式電源平台的投資使我們能夠在設備、平台和系統層面應對這些挑戰。結合我們運營模式中的槓桿，我們相信這使我們能夠推動盈利增長、更強的現金生成和長期股東價值。

Speaker01

(00:52:59)Thank you for joining us today. This concludes today's conference call. Thank you for participating. You may now disconnect.

(00:52:59)感謝您今天的參與。這結束了今天的電話會議。感謝您的參與。您現在可以斷開連接。