譜瑞-KY_2026-10-28

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。Memo 區塊與 Transcript 區塊同步修正。 - 3Q26 營收 QoQ「減少 2.17%」→ 減少 2.71%（同場英文稿口述 2.71%；130.83 ÷ 2Q26 134.5 億美元 ＝ −2.7%，中文稿與 AI 摘要為數字對調） - Hugh Green → UGREEN（綠聯，中文稿為「綠聯」）；Acer ProDesigner PE3200QX → PE320QX（同稿前文型號）；OSFP Actos → OSFP Octal（中文稿為「OSFP 8 通道」）；show-rich → short-reach（中文稿為「短距離高效能 AI 擴充」） - 「into 2017」「in 2.27」→ 2027（期間錯置）；USB 4.2 → USB4 v2（USB4 Version 2.0，3 處）；TC「soft driver」→ source driver（顯示驅動線，對照庫內四大產品線 DP／High Speed／Source Driver／Touch） - 標 [待確認]：「22/26 nanometer」LTA（疑為 22/28 奈米）、「Amiga」（廠商名無從判斷）、「Orange」（比較對象無從判斷）；另「standard-plus customer」「eBTC」「Spectrum server acquisition」「Muse model」「tropical AI models」等轉寫不明處保留原文未改 - 財務驗算：①3Q26 營收 130.83M、毛利 52.71M ＝ 毛利率 40.3%（2Q26 毛利 52.71 ÷ 0.975 ＝ 54.05M，÷ 134.5M ＝ 40.2% ✓）；②淨利 18.49M ÷ EPS 0.24 ＝ 約 7,700 萬股（與去年同季 27.24M ÷ 0.35 ＝ 7,780 萬股一致 ✓）；YoY：營收 −10.48%、淨利 −32.1%、EPS −31.4% 皆驗算相符；③4Q26 指引：營收 95–105M（中點 100M，QoQ 約 −24%†）、毛利率 41–45%、營業費用 33–36M；毛利率區間中點 43% 高於 3Q26 實績 40.3% - 新台幣換算：EPS US$0.24 約當 NT$7.69（基本）／7.67（稀釋），保留原口述 - AI 摘要與逐字稿差異：摘要把 TTED 出貨「500 萬台」與「進入氧化物面板領域」併於 2027 一句，原話為 2026 年已出貨逾 500 萬顆（2025 年幾乎為零）、氧化物面板（oxide）版本已送樣、尚未量產

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • 2026 年第三季合併營收為 1 億 3083 萬美元，稅後淨利為 1849 萬美元，基本與稀釋每股稅後盈餘為 0.24 美元，較去年同期分別下滑 10.48%、32.1%、31.4%。 [IR - 00:01:24] • 2026 年第四季展望：預期合併營收為 9500 萬至 1 億 500 萬美元，毛利率 41% 至 45%，營業費用 3300 萬至 3600 萬美元。 [IR - 00:07:56] • TTED（整合觸控顯示）產品 2026 年出貨超過 500 萬台，2027 年預期將持續成長，並已進入氧化物面板領域，領先客戶高度興奮。 [CEO - 00:40:11] • ASIC-like 業務預計 2027 年下半年開始貢獻營收，客戶預估規模超過 1 億美元，且有多個產品線同時推進。 [CEO - 00:30:51] • 汽車業務設計案顯著成長，2026 年 Q2 至 Q3 表現特別好，預期未來將維持雙位數年成長。 [CEO - 00:25:57] 營收 • 2026 年第三季合併營收為 1 億 3083 萬美元，較上一季減少 2.71%，較去年同期減少 10.48%。 [IR - 00:09:26] • 2026 年第四季預期合併營收為 9500 萬至 1 億 500 萬美元。 [IR - 00:07:56] 獲利 • 2026 年第三季稅後淨利為 1849 萬美元，基本與稀釋每股稅後盈餘為 0.24 美元，較去年同期（2724 萬美元、0.35 美元）明顯下滑。 [IR - 00:08:56] • 2026 年第三季毛利為 5271 萬美元，較上一季減少 2.5%，較去年同期減少 15.14%。 [IR - 00:09:26] • 2026 年第四季預期毛利率為 41% 至 45%。 [IR - 00:07:56] 產品組合 • 2026 年 Q3 產品組合：DP 產品佔比略低於 30%，PS 高速產品線約 45%，TC（Source Driver）約 10%，TT（含 TTED）超過 15%。 [CEO - 00:15:39] • TTED（整合觸控顯示）2026 年出貨超過 500 萬台，2027 年預期持續成長，並已進入氧化物面板領域。 [CEO - 00:40:11] 公司展望、未來成長動能 • 2027 年營收展望：預期優於 2026 年，成長動能來自多項新產品（如 in-cell TTED、ASIC-like 業務），但仍需視整體市場需求與零組件價格穩定性。 [CEO - 00:21:22] • ASIC-like 業務預計 2027 年下半年開始貢獻營收，客戶預估規模超過 1 億美元，且有多個產品線同時推進。 [CEO - 00:30:51] • 汽車業務設計案顯著成長，預期未來將維持雙位數年成長。 [CEO - 00:25:57] • 公司積極推動產品組合多元化，降低 PC 產業比重，強化汽車、AI、edge computing 等新領域佈局。 [CEO - 01:06:09] 訂單 • 2026 年上半年 OEM 預期零組件（如 DRAM）價格上漲，提前拉貨，導致下半年筆電需求明顯下滑。 [CEO - 00:17:11] 產業供需 • 2026 年下半年筆電需求明顯下滑，主因 OEM 提前拉貨、價格調漲及企業 IT 預算壓縮。預期 2027 年筆電出貨量與 2026 年持平，但高階機種需求提升，帶動單價成長。 [CEO - 00:16:09] 產業狀況 • 2026 年 PC 產業仍面臨逆風，預期 2027 年大環境對公司仍不友善，公司積極推動產品多元化以降低 PC 產業比重。 [CEO - 01:05:41] 新產品／新技術 • 2026 年 9 月 1 日，PS9010 USB4 dock controller 導入 Acer ProDesigner PE320QX 專業級螢幕，支援 USB4、DisplayPort 2.1、SuperSpeed USB 等多協定高速連線。 [IR - 00:02:55] • 2026 年 9 月 7 日，與 FIT 合作，Ultra Linear Redriver 成功導入 OSFP Octal 小型可插拔模組，支援 XDR 224Gbps 及 NDR 112Gbps，並列入 InfiniBand 協會整合清單。 [IR - 00:04:50] • 2026 年 10 月 5 日，UGREEN 旗艦 USB4 hub 採用 PS9010 USB4 dock controller 與 PS5513 雙埠 USB PD 控制晶片，提供多協定高速連線與多功能擴充。 [IR - 00:06:30] • TTED（整合觸控顯示）產品 2026 年出貨超過 500 萬台，2027 年將進入氧化物面板領域，並已取得客戶樣品認證。 [CEO - 00:40:11] • ASIC-like 業務多條產品線同步推進，部分已於 6 奈米製程流片，預計 2027 年下半年起貢獻營收。 [CEO - 00:31:50] 產品價格 • 2026 年 Q2 末至 Q3 陸續完成產品線價格調整，反映製造成本上升。大部分客戶已接受價格調整，但因需求減弱，議價過程艱難，價格調整幅度依成本增幅與客戶協商結果而定。 [CEO - 00:23:59] 成本毛利 • 2026 年 Q2 末至 Q3 陸續完成產品線價格調整，反映製造成本上升。大部分客戶已接受價格調整，但因需求減弱，議價過程艱難，價格調整幅度依成本增幅與客戶協商結果而定。預期毛利率將於未來數季逐步回升至歷史中位水準。 [CEO - 00:23:59] • 2027 年製造環境仍具通膨壓力，台灣後段製程受 AI 應用擠壓，PCB、金、基板等成本上升，公司積極尋求多元供應商與長約（LTA）以穩定價格與產能。 [CEO - 00:45:37] 下游客戶 • 2026 年上半年 OEM 預期零組件（如 DRAM）價格上漲，提前拉貨，導致下半年筆電需求明顯下滑。OEM 於 2026 年 7 月調漲筆電售價，抑制消費需求。 [CEO - 00:17:11] • 汽車客戶設計案顯著成長，美國與中國頂級品牌均採用公司晶片，DP hub 已開始出貨至知名車廠，預期未來將持續擴大。 [CEO - 00:26:55] 同業 • ASIC-like 業務自研 PCIe Gen 5 於 12 奈米製程下功耗顯著較低，具備同業無法比擬的功能，與 Orange、Apple 等同業相比有領先優勢。 [CEO - 01:08:45] 總體經濟 • 2026 年 PC 產業仍面臨逆風，2027 年大環境對公司仍不友善，AI 應用帶動台灣後段產能緊張與成本上升。 [CEO - 00:45:37] 稅率 • 2026 年第三季稅率較低屬一次性現象，主因採用 offshore tax model，未來仍建議模型預估以 9% 以上稅率為主。 [VP - 00:55:56] 擴廠規劃 • 公司積極推動產品組合多元化，降低 PC 產業比重，強化汽車、AI、edge computing 等新領域佈局。 [CEO - 01:06:09] 上游廠商 • 2027 年製造環境仍具通膨壓力，台灣後段製程受 AI 應用擠壓，PCB、金、基板等成本上升，公司積極尋求多元供應商與長約（LTA）以穩定價格與產能。 [CEO - 00:45:37] • 公司已與 22/26[待確認] 奈米製程供應商簽訂長約（LTA），價格固定，其他製程則仍受市場波動影響。 [CEO - 00:59:41] 出貨量 • TTED（整合觸控顯示）2026 年出貨超過 500 萬台，2027 年預期持續成長。 [CEO - 00:40:11] 市場競爭策略 • ASIC-like 業務自研 PCIe Gen 5 於 12 奈米製程下功耗顯著較低，具備同業無法比擬的功能，與 Orange、Apple 等同業相比有領先優勢。 [CEO - 01:08:45] 營業利益 • 2026 年第三季營業毛利為 5271 萬美元，較上一季減少 2.5%，較去年同期減少 15.14%。 [IR - 00:09:26] 銷售／管理／研發費用 • 2026 年第四季預期營業費用為 3300 萬至 3600 萬美元。 [IR - 00:07:56] 合約價、現貨價 • 公司已與 22/26[待確認] 奈米製程供應商簽訂長約（LTA），價格固定，其他製程則仍受市場波動影響。 [CEO - 00:59:41] 原物料／關鍵零組件 • 2027 年 PCB、金、基板等原物料成本上升，公司積極尋求多元供應商以穩定價格。 [CEO - 00:45:37] Transcript Presentation Jason - 會議主持人

(00:00:00)Welcome everyone to Parade Technologies Limited's 2026 Third Quarter Webcast Investor Conference. Investor Relations of Parade Technologies, Mr. Yo-Ming Chang, will present the 2026 Third Quarter Financial Results first. During the presentation, all lines will be muted to prevent background noise. After the presentation, there will be a question and answer session in English by CEO Dr. Jack Zhao and Vice President of Finance Mr. Guo-Wei Wu.

Jason - 會議主持人

(00:00:30)We will also remain for the last fifteen minutes for attendees who would like to ask questions in Chinese. Please follow the instructions given at the time if you would like to ask a question. 歡迎參加譜瑞-KY 股份有限公司 2026 年第三季線上法人說明會，今天的會議首先由投資人關係張祐銘先生報告譜瑞-KY 2026 年第三季財務數字。在此報告階段您的電話都會處在靜音狀態。報告結束後，我們會安排執行長趙捷博士與財務副總經理吳國維先生以英文方式接受各位的提問，另外我們最後會保留 15 分鐘接受各位以中文方式的提問。And now, I would like to introduce Mr. Yo-Ming Chang, Investor Relations, Parade Technologies. Mr.Chang, please begin. 現在有請投資人關係張祐銘先生報告。

張祐銘 - 譜瑞-KY, 投資人關係

(00:01:24)Thanks, Jason. Welcome everyone to Parade Technologies 2026 Q3 Webcast Investor Conference. Parade Technologies' third quarter 2026 consolidated revenue was 130.83 million US dollars, and net income was 18.49 million US dollars. It is both basic and fully diluted.After-tax earnings per share were 24 cents U.S.dollar and 24 cents U.S.dollar respectively. This result compared to consolidated revenue of 146.14 million U.S.dollar and net income of 27.24 million U.S.dollar or 35 cents U.S.dollar and 35 cents U.S.

張祐銘 - 譜瑞-KY, 投資人關係

(00:02:23)dollar per basic and fully diluted in a year ago quarter.In U.S. dollars, the third quarter revenue decreased 2.71 percent sequentially and was down 10.48 percent year over year. The gross profit in the third quarter of 2026 was 52.7 million U.S. dollars, a decrease of 2.50 percent from the previous quarter, and a decrease of 15.14 percentcompared to the same quarter of last year. On September 1, 2026, Parade announced its PS9010 USB-IF certified USB4 dock controller has been integrated into the Acer ProDesigner PE320QX, a professional-grade monitor for creators.

張祐銘 - 譜瑞-KY, 投資人關係

(00:03:22)Designed to meet the rising demand for high-speed and multi-protocol connectivity in creative workflows, the PS9010 enables the Acer ProDesigner PE320QX to serve as both an ultra-high resolution display and a high-performance single-cable USB4 docking hub. The Acer ProDesigner PE320QXis built to optimize the user experience in workflows where high bandwidth data transfer and multi-display connections are critical. By integrating the PS9010, the monitor seamlessly supports USB 4.0, DisplayPort 2.1, and SuperSpeed USB, ensuring robust compatibility with a wide range of host systems and peripherals.

張祐銘 - 譜瑞-KY, 投資人關係

(00:04:20)It features dedicated USB4 upstream and downstream facing ports supporting 40 Gbps bandwidth. The Acer ProDesigner PE320QX enables Airflow's daisy-chain over secondary high-resolution displays and high-speed storage arrays over a single USB-C connection. On September 7,2026, Parade announced in cooperation with FIT, a leading cable manufacturer, the successful deployment of a Parade Ultra Linear Redriver in OSFP Octal small form factor protocol for inclusion on the June 2026 PF43S InfiniBand Trade Association integrated lists at both XDR 224 Gbps and NDR 112 Gbps data rates.

張祐銘 - 譜瑞-KY, 投資人關係

(00:05:15)Such lists ensure seamless operation with key AI servers, XPU, and switches.OEMs can now feel confident employing Parade LRDS in copper cable solutions from two to four meters, reducing power, latency, and rack weight, as well as improving rack routing. Parade Ultra Ethernet series of linear redrivers are capable of supporting the latestIEEE 802.3dj Ethernet specification as well as InfiniBand, UALink, NVLink, and OIF standards, and extend our commitment to enable the short-reach, high-performance AI scale-up market with low-power, low-latency solutions. On October 5, 2026,

張祐銘 - 譜瑞-KY, 投資人關係

(00:06:30)Parade announced UGREEN has selected Parade's two-step solution for its flagship USB4 hub. Powered by Parade's USB-IF certified PS9010 USB4 dock controller and a PS5513 dual-port USB power delivery controller, the hub delivers certified multi-protocol high-speed connectivity, comprehensive peripheral expansion,and load bars are faster charging in a single compact form factor. The new UGREEN USB4 hub addresses the connectivity demands of modern workstations by equipment users with an all-in-one expansion interface. In addition to host pass-through charging, the hub provides a dedicated USB4 downstream port

張祐銘 - 譜瑞-KY, 投資人關係

(00:07:27)for daisy-chain multiple USB 3.2, 10 Gbps and 5 Gbps ports, a 2.5 Gbps Ethernet port, dual SD and TF card readers, an HDMI display output, and an integrated audio headphone jack. Based on the current business outlook, Parade is providing the following guidance.For the fourth quarter of 2026, revenue is expected between 95 to 105 million U.S. dollars. Gross margin is expected between 41 percent to 45 percent. Operating expense is expected between 33 to 36 million U.S. dollars. 各位投資界的朋友大家午安，歡迎大家來參加譜瑞-KY2026 年第三季線上法人說明會，首先由我跟各位報告譜瑞-KY 2026 年第三季財務數字。本公司 2026 年第三季合併營收為美金 1 億 3083 萬元，稅後淨利為美金 1849 萬元，除權後基本與稀釋美股稅後盈餘為美金 0.24 元，約當新台幣 7.69 元。

張祐銘 - 譜瑞-KY, 投資人關係

(00:08:56)即美金 0.24 元，約當新台幣 7.67 元。而去年同季合併營收為美金 1 億 4614 萬元，稅後淨利為美金 2724 萬元，除權後基本與稀釋美股稅後盈餘為美金 0.35 元，約當新台幣 10.45 元，即美金 0.35 元，約當新台幣 10.43 元。2026 年第三季合併營收較前一季減少 2.71%，較去年同期則減少 10.48%。在營業毛利方面，本公司第三季營業毛利為 5271 萬元，較上一季減少 2.5%，較去年同期則減少 15.14%。7 月 2026 年 9 月 1 日，Parade 公司宣佈通過 USB-IF 認證的 PS9010 USB4 擴充機控制晶片已導入宏碁專為創作者打造的專業級螢幕 ProDesigner PE320QX。因應創作工作流程對於高速與多協定連線日益增長的需求，PS9010 讓 Acer ProDesigner PE320QX同時支援超高解析及高效能單纜線 USB4 擴充基座。Acer ProDesigner PE320QX 針對高頻寬資料傳輸與多螢幕連接為關鍵需求的工作流程，最佳化使用者體驗。透過導入 PS9010，完整支援 USB4、DisplayPort 2.1 以及 SuperSpeed USB。

張祐銘 - 譜瑞-KY, 投資人關係

(00:10:50)與各式主機系統及周邊裝置具備高度相容性。專屬 USB4 上游連接埠與下游連接埠支援 40 Gbps 傳輸頻寬，讓 Acer ProDesigner PE320QX 僅透過單一 USB-C 連線即可輕鬆侷列串接多台高解析度顯示器與高速儲存裝置。7 月 2026 年 9 月 7 日，譜瑞-KY 宣佈與知名纜線製造商 FIT 展開合作，已成功將譜瑞超高效線性訊號存取器導入 OSFP 8 通道小型可插拔模組，並於 2026 年 6 月列入 InfiniBand 貿易協會 PF43S 整合廠商清單，支援 XDR 224 Gbps 及 NDR112 gigabits per second 兩種資料傳輸速率。此類清單確保產品可與主流 AI 伺服器、XPU 以及交換器無縫協同運作。現在 OEM 廠商可以安心在 2 到 4 公尺銅纜解決方案中採用譜瑞線性訊號存取器，除了降低功耗、減少延遲與機櫃重量，同時也優化機櫃內的纜線佈線作業。譜瑞超高效 1 吋內系列線性訊號存取器可支援最新 IEEE 802.3dj 乙太網規範，同時相容 InfiniBand、UALink、NVLink 以及 OIF 各項標準，持續以低功耗低延遲的解決方案投入支援短距離高效能 AI 擴充的市場需求。

張祐銘 - 譜瑞-KY, 投資人關係

(00:12:45)7 月 2026 年 10 月 5 日，譜瑞-KY 宣佈綠聯旗艦及 USB4 擴充基座選用譜瑞晶片主解決方案。此擴充基座搭載通過 USB-IF 認證的 PS9010 USB4 擴充基座控制晶片以及 PS5513 雙埠 USB 電源傳輸控制晶片，提供通過認證的多協定高速連線能力，完整的周邊裝置擴充功能，並將強大的快速充電整合至單一精簡機身當中。全新綠聯 USB4 擴充機座因應現代工作站的連線需求，為使用者帶來一體式擴充介面。除了主機端直通充電外，此擴充機座配置專屬 USB4 下游連接埠，支援侷列串接功能，多組 USB 3.2 10 Gbps 與 5 Gbps 連接埠，2.5 GBase-T 乙太網路埠，SD 與 TF 雙讀卡機，HDMI 影像輸出，以及內建耳機音訊插孔。基於目前對 2026 年第四季的展望，我們預期合併營收為美金 95 到 105 百萬元，合併毛利率為 41% 到 45%，合併營業費用為美金 33 到 36 百萬元。It is my presentation for the 2026 Q3 financial results.

Q&A Jason - 會議主持人

(00:14:39)Now, I transfer to CEO Jack Zhao to answer your questions. Jason, you may begin. Yes, thank you, Yo-Ming. And ladies and gentlemen, we will now begin the English question and answer session. If you wish to ask a question, please press star key and number one on your telephone keypad, and you will enter the queue. After you are announced, please ask your question. Should you wish to cancel your question, you may press star key and number two. Thank you.

Annie Chen - 瑞銀, 研究員

(00:15:11)Now, first question will be coming from Annie Chen of UBS, go ahead please. Hi, this is UBS Annie Chen on behalf of Jerry Su, thank you for taking my question. So my first question is, could you provide the review mix for Q3 2026 and also the outlook by each segment into Q4 2026？ Thank you.

趙捷 - 譜瑞-KY, 執行長

(00:15:39)I understand your question is for Q3. The percentage of each segment, so the answer is for DP was slightly lower than 30 percent, the PS our high-speed product line is around 45 percent, the TC our source driver was about 10 percent, andTT which includes our TTED device exceeds 15 percent. Got it, thank you. And maybe as a follow-up or as a next question, could you give us some color on the near-term notebook demand and your outlook for 2027？ Yes. The past Q3 from the IDC report or our own results reflect the notebook had a pretty big reduction in Q3 and or in the second half, and that premature result from the first half many OEMs expected the

趙捷 - 譜瑞-KY, 執行長

(00:17:11)components or DRAM increases, so they pre-ordered quite many parts in the first half of 2026. In addition, the OEMs also increased their notebook price in the July timeframe this year, which also reduced the demand from the consumerspace of demand, and certainly the current AR spending squeeze, the IT budget for the commercial notebook purchasing, so those are the factors impacting the Q3 or the Q4 notebook demand reduction moving forward. What do we expect？The notebook is still in the 21st century. Productivity is important. The tools, and especially for the current AI, the compute demand, and recently Amiga[待確認] introduced those virtual notebooks for AI computing.

趙捷 - 譜瑞-KY, 執行長

(00:18:37)And we think those ones will expand the notebook market, hopefully from traditional consumer commercial to more of the computing for inferences. So all the notebooks don'tIn the notebook unit wise, as the research report will be flat

Annie Chen - 瑞銀, 研究員

(00:19:29)type of thing with 2026, but we think the value wise will increase as the higher notebook demands slot more high-speed device. Yes, understood. As for the third question, could you provide some updates about your ASIC-like business？ Is it taped out and should

趙捷 - 譜瑞-KY, 執行長

(00:19:51)we expect this to contribute revenue in second half twenty-seven or more likely in twenty-twenty-eight？ Thank you. We're working very hard to tape out those chips and the progress is very well, and those are the two the big chips, and we did a lot of system verification with our customer, and so that developed progress well in terms of whether the second half. Sorry, I think it's breaking out a little.Can you hear me clearly right now？ Yes, yes, perfect. Okay, yeah, so the customer schedule did not change, and uh and uh we don't expect much

Annie Chen - 瑞銀, 研究員

(00:21:02)Hof change on the 2027 takes a half, so yeah, that's the current schedule we have. Thank you, understood. As for our final question, may we know your initial view on

趙捷 - 譜瑞-KY, 執行長

(00:21:22)the overall revenue growth outlook for 2027 and how should we think about the OPEX？ The spending side, we don't expect much change, maybe a couple percentage increase, that's about it. On the revenue side, we hope the revenue will be better than this year, really driven by your multiple programs and especially your in-cell TT. Our harbor device, and as we said, we may start to have some ASIC revenue contribution. Yeah, that's what we view, but of course the

趙捷 - 譜瑞-KY, 執行長

(00:22:02)2027 revenue will also very much depend on the broader market demand. Hopefully, the broad market components, the DRAM and for notebook, will be stabilized. Yeah, got it, thank you very clear. Thank you, Jack and Youming. I'll head back to the queue. Thank you.

Joey Lee - 滙豐, 研究員

(00:22:31)Next one, Joy Lee, HSBC, go ahead please. Hi, Youming and Theo, thank you for taking my question. I would like to ask some question about the ASIN.In August, you indicated that second quarter might be this year's gross margin drop, supported by the price adjustments and relocation part of your backend supply and foundry. I would like to know about has the broader price adjustment now been accepted by your major customers, and in which quarter should we expect the backend savings to show up in gross margin？

趙捷 - 譜瑞-KY, 執行長

(00:23:29)And third, how many percentage in the price increase is transferable to customers from your point of view？ Thank you. Yeah, I think that's a good question. We do the product line by product line to adjust the price reflecting our cost manufacturing cost increase, and we start to dothe end of Q2, Q3, and from now pretty much are completed. Those adjustments reflecting into our financials gradually going up because if the effective day is not you adjust, you affect some of the customers will negotiate with you.

趙捷 - 譜瑞-KY, 執行長

(00:24:29)They accepted it but adjusted a few months later. So that's the typical business process. In today's market, the demand is reduced, so it's a tough process to increase the product price. On the other hand, our customers understand the manufacturing cost.broadly increases, so they are even though it's tough to them, they are largely accepted that our price increase and the price increase range is dependent on our cost range, and we basically share some of cost increase with our customer. They may not be full range consider

趙捷 - 譜瑞-KY, 執行長

(00:25:28)and that's a lot of negotiation in between. We will see the recovery, your growth margin in coming quarters, and hopefully we're more into our balance to the instead of a bottom to the more center place and those kind of thing. Yeah, that's what are we do.

趙捷 - 譜瑞-KY, 執行長

(00:25:57)Let's try to achieve that goal. Thank you. My second question is about the auto business. Can you share about the progress of the auto business comparing to Q2 and are there any new customers？ We are actually auto business is particularly good from Q2 to Q3 and moving forward. It's very encouraging. I think our designing are more associated with more easy call or more advanced calls. So recently the gasoline price has been up quite long. The EV demand actually going up. And we have atop brand name in US with multiple chips, and we have top the China EV guys using our chips. Also, we have more designing or different device designing to those auto customers, and we are start shipping

趙捷 - 譜瑞-KY, 執行長

(00:27:25)our DP hub auto-grade DP hub to the well-known auto manufacturer, and that probably will expand more. So yeah, auto is a lot more encouraging and is growing up after many years. So we expect the auto will have a

趙捷 - 譜瑞-KY, 執行長

(00:27:57)double digits crew year over years. So that's the sort of right point for our business. Okay, thank you. My last question is about the data center opportunities regarding the ACC driver. Can you share about the current competitive positioning of Parade's ACC driver in this market and how many percentage of shares do you expect to gain in the future？ Thank you. I would think that as we announced, we are engaged with the cable or leading cable guys to making those ACC cables and to get a certification qualification, and we are pretty much about to complete all those process.

趙捷 - 譜瑞-KY, 執行長

(00:28:55)And we are also in the designing to CSP guys and for their application, and we have more customer on the 800 gigabit side and seems the 800 gigabit is a lot more stable, a lot more easy to use those cables, and so hopefully we willcreate some revenue in the 2027 and are those the electric high speed ACC

Daniel Yen - 摩根士丹利, 研究員

(00:29:48)cables. Okay, that's all my question. I will go back into the queue, thank you. Thank you. Next one, Daniel Yan, Morgan Stanley, go ahead please. Hello, good afternoon and Jack, could you hear me？ Yes. Hi Jack, thanks for taking my question. So the first question I want to follow upon the Asics Live business. I recall you do provide some of your target 10 addressable market opportunities for this Asics business into next year. Could you give us your updated thoughts

趙捷 - 譜瑞-KY, 執行長

(00:30:24)how should we think about the opportunity？ Maybe not only for next year but for the next few years. Yep, thank you. Okay, I think previously the ladies asked question when we expected to start have revenue, we expected the second half for the customer schedule tocreate some revenues and under 2027 when you full scale range to ramp up those product in the full range based on the customer forecast to us is will be over hundreds millions or more, and so I probably have to give some discount and but

趙捷 - 譜瑞-KY, 執行長

(00:31:20)well over hundred million for sure, and that's why we spend so much effort, so much engineering resource to do it, and we would like to do a good job to not only the performance and the cost and the power. I think very important the power and and so those are the those are the thing and besides we are doing multiple thebasic like business and the I think you are focused on something many people talk about it but we have others and those also will create a revenue later for twenty-seven and early twenty-eight. Yeah, it's multiple products going on so it's not just one or two there are multiple there.

趙捷 - 譜瑞-KY, 執行長

(00:32:20)But I know what you are referring to but I will try to say we have multiple there and some of them already tipped out on the six nanometer and those kind of thing are already out, but it's less for people to pay attention to. I see. So when you are referring to these one hundred million

Daniel Yen - 摩根士丹利, 研究員

(00:32:50)opportunities you are is this only one product or that also includes all the chips you said multiple multiple chips there are multiple product there and some of high end and some of middle end and there are some of low end there multiple product there and added together exceeded hundred million I would think based on what we understand and our customer told us. I see. So in your view, how should we think about operational growth in 2027？ On one hand, we have these new opportunities. On the other hand, I think that end demand for notebook may bestill a little bit I would say lukewarm so how

趙捷 - 譜瑞-KY, 執行長

(00:33:59)should we think about how to what could be the parade growth in 2027, what could be the new growth drivers？ Okay, so basically I explained to the previous question as well that the market is similar to 2026, right？ And the growth engine for us is really one very clear our in-cell TTED will have a large volume shipment this year already have quite successful many millions shipped out and next year will have a lot more so those are the high single digit the TTED device

趙捷 - 譜瑞-KY, 執行長

(00:34:43)and uh but uh less people talk about talk about and uh we have a high speed device multiple be used for those the high end the notebook for AI application right and uh the I thought those are the printed soft balls for the for the for those systems and we dohope those systems even though the price now is high we all understand but will take more inference computing since it can stand alone to run the AI inference so it has its value there and also we think it will generate the more attractiveness there and of course

趙捷 - 譜瑞-KY, 執行長

(00:35:43)our high speed product the retimer DP hub and USB hub all works are to contribute and besides what do you have to set it laid out the basic and those kind of thing and we also getting lot more excited for the current USB4 v2 market in which we are pretty prepared

Daniel Yen - 摩根士丹利, 研究員

(00:36:12)for those market. I see, thanks Jack. Maybe my last question more on the new term based on your guidance your growth margin still improved actually pretty well in 4Q. Is it more on product mix or is it more on pricing versus the cost？ How should we

趙捷 - 譜瑞-KY, 執行長

(00:36:42)think about that？ I would think the previous author's question was we have a price adjustment to reflect our manufacturing cost increase. So previously, we're almost getting close to the bottom of our guideline. So that's part of the result of this.Of course the product mix towards our high-end especially those TTED those the high speed the timer is helping a lot. I see if I may follow up then given that you are mentioning there are several new products in 2027,

趙捷 - 譜瑞-KY, 執行長

(00:37:38)I know it's still a little bit far away but how do you think about your gross margin profile into 2027？ We said we will adjust to our guidance like more middle point and hopefully that's the goal but this thing is dynamic why the dynamicThe manufacturing cost continued increase. I think you heard the people raise the price pretty frequently and we are mitigated to the issue especially on all set and we have to put into some more efficient more cost effective area and

趙捷 - 譜瑞-KY, 執行長

(00:38:35)So that's the all are in the process to do it and basically we have to survival to have to serve for our customer to serve for our investor and the yeah this are dynamically change and as the goal and the but the that our manufacturing environment is pretty inflationary

Daniel Yen - 摩根士丹利, 研究員

(00:39:05)I see.

Jason - 會議主持人

(00:39:08)Yeah, that's all my quest

Lucas Liu - 凱基證券, 研究員

(00:39:18)ions. Thank you, Jack.I'll be back in a few. Okay, thank you. Thank you. Next one, Lucas Liu, KGI.Go ahead, please. Hi, Jack and Yuming, and thanks for taking my question. The first question is regarding to the integrated touch and display solutions. So could you quantify that integrated touch and display shipmentsin 2026 and your target for 2027？ And because now that oxide panels are supported, so I'm curious about does the adoption still depend on touch notebooks？And because we're seeing substrate

趙捷 - 譜瑞-KY, 執行長

(00:40:11)shortage and higher PCB costs, so is there possibility to accelerate the adoption by the panel makers in terms of your integrated solutions？ Yeah, you said many, many corrections, you did a lot of good study, and what you had said exactly is our thesis. For we do integrate solutions PTED and also we consider is pretty successful in the twenty twenty six where the shipping north of five million units and more than five million units alone. You consider twenty twenty five is almost zero and twenty twenty six

趙捷 - 譜瑞-KY, 執行長

(00:40:53)quite impressed to move up and those are the the TTED price is high and the TTED has many advantages in which you lower power single simplified manufacturing now you can make a thinner panel and then you can make a narrow border.And then you actually as you said you can really almost you don't need the PCB for the T-con board now it's getting a lot more expensive and we pursue we have a technology breakthrough and we are entering to the oxide space which will be massive address for notebook panels so we are very exciting for the 2020

趙捷 - 譜瑞-KY, 執行長

(00:41:49)And we think that we will continue growth in that segment in the 2027 and we know leading customers are getting very excited for us to move to the oxide based and previously I don't think anybody believed we could do TTED in the oxide panel but we did it andThe chip is already sample to the customer and hope this we can deploy quickly and with volume. The good thing is that the TTE qualification is very long and it's very difficult and we have all the customers with us so we build up the infrastructure as well.

趙捷 - 譜瑞-KY, 執行長

(00:42:47)And our solution is so superior we not only can support touch we can support active pen work on pen we all pass the work on pen so yeah overall the customer is very excited for those the panels and there are many many efficient improvement included your tea combo is almost you don't need to and reduce a lot of cost.

Lucas Liu - 凱基證券, 研究員

(00:43:19)Sure got it very clear. I have a follow-up question is that regarding to your stand up plus customer which is recently introducing their new OLED iPad and maybe touch notebooks andBased on my understanding is that we're still mainly doing like eBTC business with them. Is there any possibilities that we could do some touch IC business regarding to their IT products going forward？Is there any color that you can share with us？

趙捷 - 譜瑞-KY, 執行長

(00:44:10)We focus more on the T-consideration, and the standards-plus customer defines their supply in their own way. A majority of our business is two portions： one is under the panel, and even higher panel, where we are doing quite a lot.We continue doing a lot. As we discussed, we have three projects running. Besides that, we are also working on their high-speed side, shipping their large volume converter chips. We have more opportunities, but we are not on the touch side, even though we promote our touch many times.

趙捷 - 譜瑞-KY, 執行長

(00:45:09)They define their supply in those areas, and we are at the best there. That's the case, but you never know because they love our touch and know our touch is doing very well. So, I don't know how they define their supply.

Lucas Liu - 凱基證券, 研究員

(00:45:37)Sure, okay, that's very clear. Earlier, you mentioned that higher backend costs and tightness may be due to key class, link frames, and testing. How much further cost inflation, including gold and substrates, should we expect in 2027？

趙捷 - 譜瑞-KY, 執行長

(00:46:07)And how should we think about Parade's marketing profile moving into next year？ As we said, the manufacturing environment is very refreshing, especially on Taiwan's side, because it's squeezed by the AI application.I think it's difficult to broadly measure what 2027 will look like. However, as we said, we will improve our growth margin, hopefully recovering from our previous move to a more middle historic level.We're doing a lot of adjustments to stabilize capacity and price, including from different wholesalers and manufacturers. Even our customers ask us to search for those more.

趙捷 - 譜瑞-KY, 執行長

(00:47:38)The long term can work with people more like the consumer type of business to support us. We are starting to adopt the policy in the backend, and for big customers, we would do supply manufacturing supply and hope that will stabilize.Then we can leverage the dual side to help stabilize, because otherwise, if you are single source, you are very difficult. Our big customers encourage us to do this and find other alternatives that are more stabilized or eager to do those kinds of business.

Lucas Liu - 凱基證券, 研究員

(00:48:37)Got it, very helpful. That'll be all of my questions. I'll be back to the queue. Thank you. Thank you. Next one, Jamie Yeh, KGI, go ahead please.

Jamie Yeh - 凱基證券, 研究員

(00:49:00)Hi Jack, Yo-Ming. My first question is about AI. I think in an earlier call, you mentioned there should be some age compute AI because token now is quite expensive in the cloud. Do you see that happening, and do you see Parade benefiting from that beyond the existing？

趙捷 - 譜瑞-KY, 執行長

(00:49:30)Like the ACC project, do you see any more developments in AI operating？ I think in Silicon Valley, more general talk is that the talk is getting a lot more expensive. Enterprise environment influences the...computing. We started getting popular from 2020, and we think once those go to your server room instead of data center, we will have more opportunities. It's more edge calculation, whether you have a notebook here, right？ So Nvidia's higher notebook can take care or...A few days ago or a few weeks ago, Apple with Meta demonstrated using Apple Audio Apple Studio through USB4 v2 or Thunderbolt 5 to connect multiple two or four systems together to render the metaverse.

趙捷 - 譜瑞-KY, 執行長

(00:50:57)Leading Muse model, and the result looks very good. In fact, Parade is also using quite a lot of AI and tropical AI models. We have quite a lot of licenses. We decided to go ahead and try those models internally to use, and those methods basically do the offline AI, which has become very critical.So we have this market there, and if you use USB4 v2 connection, yeah, we can do very well. Then we'll have all the IPs, and we're restarting and working with customers to look at whether those computing will continue to grow in the enterprise environment in the company.

趙捷 - 譜瑞-KY, 執行長

(00:51:58)Those kinds of things, you could stack four or four Apple Studios today, should work with the RDMA software, and then you can run the idea very well via desk. Then you don't really need to go out. Actually, we try to learn our design through the tenancy articles. So yeah, I think it also will be...2027 work group. If you read the report carefully, those through USB4 v2, the latency is very low compared with those Ethernet solutions. Of course, Ethernet has much more power, can do training, and those kinds of things. But if you want to control your token spending and...

趙捷 - 譜瑞-KY, 執行長

(00:52:57)be sensitive for your budget, those solutions definitely are an alternative. As I talk to people in the enterprise edge, the AI will start to become a market for companies to use. Almost every company in Silicon Valley is thinking about this because the...token is just too expensive, right？ Even ourselves, Gray and West, we start to use AI to use it. Think of the March-April timeframe, and now the budget already, especially design team, is going up very quickly. So yeah, it's a real token, not cheap, it's expensive. But today, yeah, using the entropical...

趙捷 - 譜瑞-KY, 執行長

(00:53:58)If that happens, the players will be your noble customers？ I think it will be somebody like AMD, Nvidia； they all work with Apple and will think about those solutions. But technically, they're very much doable.I see, okay, cool. Also, my second question is about text. Sorry, Apple already demonstrated to the market. Yeah, okay. Is that using our solution？ Not today, it's using the Intel Thunderbolt, but those, they won't very much. We can do, and that you have...people they cannot use Intel Thunder...

Jamie Yeh - 凱基證券, 研究員

(00:55:15)bolt, whether AMD or Nvidia or Qualcomm, they cannot. But that's why they use our timer, don't use Intel's bit timer, right？ Okay, I see, cool. What about the second question？ I don't even know who are leading, but those are the exciting areas, right？ OK. The second question is very quick about the tax. I think third quarter tax kind of smaller than expected. Can we expect that kind of credit in the future？ I think I would...

吳國維 - 譜瑞-KY, 財務副總經理

(00:55:56)like to invite Guo Wei to explain our VP of finance. Guo Wei, could you jump on this？ Can you hear me？ Yeah, we can. OK, so thanks for your question. I think you're looking at a lower tax rate in Q3. Well, then probably just one time because we are using the offshore tax model, and it highly varies depending on where the sales are made. We also counseling adjust...delay based on what we've seen for the current business environment. So this is probably just one time, and I won't count it as going forward. So for model purpose, I would still suggest using 90 percent plus. OK, 90 percent plus. OK, great. I think that will still eventually be a coverage. Thank you. OK, thank you very much.

Jennifer Yee - 摩根大通, 研究員

(00:56:59)Thank you, and next one, Jennifer Yee, JPMorgan, go ahead please. Hi Jack, hi Yo-Ming, can you hear me？ Yes, go ahead. Thanks for taking my question. I just have a quick follow-up upon the near-term margin and notebook demand. So we're saying that we're seeing some stocking for notebook in third quarter and into fourth quarter. Do we have an expectation on how long the stocking...

趙捷 - 譜瑞-KY, 執行長

(00:57:26)will be like a natural view into, let's say, first quarter next year？ We don't know exactly, but we do get opportunity to talk to the OEM executive or procurement side of it, right？ They are also disappointed for whatever the current situation, but what are they will, of course, complain a lot.And they taught us, and they expect that overall 27 should be similar to 2026. And this thing is largely subject to the DRAM price. And the good thing is that DRAM price in China is already stabilized.

趙捷 - 譜瑞-KY, 執行長

(00:58:26)Or if not, reduced somewhat in Q3-Q4. So yeah, if a dilemma continues, price elevated, and notebook eyes will have any trouble. If the dilemma price stabilized, I think it will be better. And that's the information that's the...

Jennifer Yee - 摩根大通, 研究員

(00:58:55)talk I got with those OEM procurement people. Yeah, understood very clear. And second question from me is on the growth margin. So when we are saying that we expect growth margin to recover in following quarters, do we price in like the potential, let's say, foundry price hike or OSAT...since I think we have some initial discussion now for 2027 pricing, and are we trying...

趙捷 - 譜瑞-KY, 執行長

(00:59:41)to, let's say, negotiate some kind of LTA to stabilize the pricing at this moment, or are the suppliers not willing to take the LTA yet？ Thank you. We luckily have a bigger LTA on the 22/26[待確認] nanometer. That's the price fixed on the way. Otherwise, we're subject to change. But the business for everybody or consumer are not good, so price increase is a tough sell, but...we understand that. What is the concentration is pretty impressive, and that we have to address whether through we dodge it, whether through price increase, whether through other things. And that's what we have to address, and we also want to see what is going on.

Jason - 會議主持人

(01:00:47)The honors are very clear.Thank you. Thank you. Ladies and gentlemen, we will now move on to the Chinese question and answer session. Thank you. 中文提問時間現在開始，如果您需要提問，請在您的話機上按名字鍵以及數字 1，當我們讀出您的名字後請開始發問。

Raymond Guo - 國泰證券, 研究員

(01:01:13)如果您需要取消發問，請按米字鍵以及數字 2。謝謝。目前中文第一位提問的是 Cathay Securities Raymond Guo，請提問。好的，Jack、國維、右銘大家好，我有兩個問題想要請教。第一個問題是我們怎麼看 Parade Cable 業務在明年的成長性或者是營收的貢獻？比方說 Jack，可不可以針對 ACC...或者像是一些外部的高速介面的一些線欄，比方說像 Type-C、USB4、HDMI，還有像 DP 等等，就是跟大家分享一下這些業務你怎麼看，這是我第一個問題。

趙捷 - 譜瑞-KY, 執行長

(01:01:55)我想 USB 的 C、USB4.2 或者 USB4 的那些 cable，我們已經 ship quite a bit for the 用的 silicon gemini device，and we are talking about 300k this kind of thing。這個跟 ACC for ultra fast ACC for 800G 跟 1.6T 是不太一樣的 market，或者 PCIe Gen 6，我們也在 working on the PCIe Gen 6 這些 cable as well。那 PCIe Gen 6 has a more design opportunity, relatively 比較 simple 一點，因為這些是我們 current customer，most simple 是 USB，這些都是我們的原來的 customer，我們很熟，那接下來就是 PCIe 的這些，然後再下面一層是這個...Ethernet 或者 InfiniBand 這些 ultrafast 800G、1.6T 的這個 cable，那我相信我們已經 gone through 一個 qualification 的階段，我們已經有比較有信心的說，我們這些就是當時 Spectrum server acquisition 的那些 product quality performance are good。

趙捷 - 譜瑞-KY, 執行長

(01:03:41)所以我們這個已經蠻有信心的，那我們已經 designing 跟有些 customer cable 已經通通做完，已經在送去 CSP 的這些 customer 去在 certain level test，那 hopefully will have a，這個 become 這個我們自己有 test，我們自己有 equipment，所有的包括...我們有 high speed 的 BURR，包括我們有 high speed 的 Nvidia 的 switch，Nvidia 的 car，這個 Nvidia 的 switch、Broadcom 的這些 switch 在我們 library 都有，那我們自己 test 已經不錯的，那我們就看這個，但是我應該有信心我們會這個這些 ultrafast 會有一些貢獻 for 我們的 revenue。In the 2027，那 Jack 我可以再 follow 一下，像 ACC cable 的話，就是有沒有一個大概的想法，比方說明年我們可以怎麼顧，就是說它的 TAN，或者是說我覺得這個還有還是有點比較這個，我不想 misleading，因為這個 Google 用的最多對吧，Google 用的 1.67 的 data center 用的最多，那逐漸 rest of people...

趙捷 - 譜瑞-KY, 執行長

(01:05:10)是逐漸這個每個 provider 用的這些 number of cable 都不太一樣，那對我們來說需要估一個 number 出來有一些 difficulty，這個因為畢竟我們是 newcomer 到這個 market 上面，或者說整個本身的 market 本身的自己的 market 也是一個 newly established market。

Raymond Guo - 國泰證券, 研究員

(01:05:41)好，謝謝 Jack，那我的第二個問題是我想再追問一下，我們在 PC 這一塊，像現在如果各家研究機構看明年都還是 PC 產業還是會面臨到一些逆風嘛，那大家都會覺得說我們 Parade 營運跟這個 PC 還是等於是說比重比較高，那我們有沒有什麼樣的一些策略呢，怎麼去克服？像比方說今年營收應該就是一個...

趙捷 - 譜瑞-KY, 執行長

(01:06:09)小幅度的衰退，那明年現在看起來大環境對我們來說也不是太友善，我們怎麼去明年去追求一個比較好的成長，有什麼樣的策略嗎？那當然是我們也在做一些是 diversify out from 我們的這個 PC position、PC notebook position，那譬如我們說的這個 autodefinite，這個是 different 的...完全跟這個 PC 行業沒什麼關係的，對吧？那我們也在，比如說假如說在 high-endedge computing 上面去做一些事，去 engage into the AI，這個是我們一定想再做的一件事，因為這個成長的很大的一部分成長會在...這一部分，到包括 edge computing，這個是我們在努力的一個 function，當然比較 realistic 跟比較看得到的就是我們的 initial 的 TTT，我們可能比較會比較很快的就會增加百分之幾，這個大概 solution everything 已經 ready，所以這個大概是比較確定，那我們那些今天的這些...DP Hub、USB Hub 都在 bring new customer into 我們的自己的 area，因為這些 DP Hub 跟 USB Hub 過去都不是我們的。

Raymond Guo - 國泰證券, 研究員

(01:07:58)Business — these are all newly developed. Thank you, Jack. Jack, may I follow up on the earlier question from peers regarding the 'ASIC-like' topic？ Many have asked about it. I would like to ask you, specifically about the Southbridge chipset, the ESCLAG business. Recently, our foundry partners have shared some of their breakthroughs and advantages, including their market share. I would still like to hear your perspective from a technical and technological standpoint.The foundry mentioned some optimistic and proactive order configurations. I wonder, Jack, from a technical perspective, do you think Parade still holds any advantages？

趙捷 - 譜瑞-KY, 執行長

(01:08:45)Our advantages include our PCIe Gen 5, which is self-developed and quite mature. On the 12-nanometer process, our power consumption is much lower. Our chip is not equivalent to others because we have some functions that older chips simply do not have. This is not a one-to-two comparison； compared to Orange[待確認] and Apple, we have some leading functions that previous chips did not possess. So, I am not sure how to......compare power consumption properly because some functions were never supported by older chips. So, it's not possible to support them. Okay, thank you.

Jason - 會議主持人

(01:10:00)Jack, thank you. Yo-Ming, thank you. We appreciate everyone's questions. There are no further questions at this time. We will conclude today's meeting. Thank you all for participating in Parade Technologies' Q3 2026 online earnings conference. This concludes today's session. You may now disconnect. Thank you and goodbye. Thank you, everyone.