安費諾 (APH) 2024 Q3 法說會逐字稿

Hello, and welcome to the third-quarter earnings conference call for Amphenol Corporation. Following today's presentation, there will be a formal question-and-answer session. (Operator Instructions)

您好，歡迎參加安費諾公司第三季財報電話會議。今天的演講結束後，將舉行正式的問答環節。 （操作員說明）

I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin.

現在我想介紹一下今天的會議主持人克雷格·蘭波先生。先生，您可以開始了。

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO. And I'm here together with Adam Norwitt, our CEO.

非常感謝。大家下午好。我是安費諾財務長 Craig Lampo。我和我們的執行長 Adam Norwitt 一起來到這裡。

We would like to welcome you to our third-quarter 2024 conference call. Our third-quarter results were released this morning, and I will provide some financial commentary, and then Adam will give an overview of the business and current market trends. And then, of course, we will take questions.

歡迎您參加我們的 2024 年第三季電話會議。今天早上我們發布了第三季業績，我將提供一些財務評論，然後亞當將概述業務和當前市場趨勢。然後，當然，我們會回答問題。

As a reminder, during the call, we may refer to certain non-GAAP financial measures and make certain forward-looking statements, so please refer to the relevant disclosures in our press release for further information. In addition, as a result of our previously announced two-for-one stock split completed in June of this year, all share and per-share data discussed on this earnings call is on a split-adjusted basis.

提醒一下，在電話會議期間，我們可能會參考某些非公認會計準則財務指標並做出某些前瞻性陳述，因此請參閱我們新聞稿中的相關揭露以獲取更多資訊。此外，由於我們先前宣布的股票分割已於今年 6 月完成，因此本次財報電話會議上討論的所有股票和每股數據均經過分割調整。

The company closed the third quarter of 2024 with record sales of $4.039 billion and record GAAP and adjusted diluted EPS of $0.48 and $0.50, respectively. Third-quarter sales were up 26% in US dollars and in local currencies and 15% organically compared to the third quarter of 2023. Sequentially, sales were up 12% in US dollars, 11% in local currencies, and 8% organically. Adam will comment further on trends by market in a few minutes.

該公司截至 2024 年第三季的銷售額為創紀錄的 40.39 億美元，公認會計準則和調整後攤薄每股收益分別為 0.48 美元和 0.50 美元。與2023 年第三季相比，第三季銷售額以美元和當地貨幣計算成長了26%，有機成長15%。 %，有機成長了8%。 Adam 將在幾分鐘內進一步評論市場趨勢。

Orders in the quarter were a record $4.412 billion, up 39% compared to the prior year and up 9% sequentially, resulting in a strong book-to-bill ratio of 1.09:1.

該季度訂單達到創紀錄的 44.12 億美元，比上年增長 39%，比上一季增長 9%，訂單出貨比高達 1.09:1。

GAAP operating income was $819 million and included $64 million of acquisition-related costs in the quarter primarily related to CIT. GAAP operating margin was 20.3%.

GAAP 營業收入為 8.19 億美元，包括本季主要與企業所得稅相關的 6,400 萬美元收購相關成本。 GAAP 營運利潤率為 20.3%。

Excluding these costs, adjusted operating income was $883 million, resulting in a record adjusting operating margin of 21.9% in the third quarter of 2024. On an adjusted basis, operating margin increased by 110 basis points from the prior year quarter and 60 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by strong operating leverage on higher sales volumes, which was partially offset by the dilutive impact of acquisitions completed in the prior 12 months.

剔除這些成本，調整後營業收入為 8.83 億美元，導致 2024 年第三季調整後營業利潤率達到創紀錄的 21.9%。 。調整後營業利潤率的同比增長主要是由於銷量增加帶來的強勁營業槓桿推動的，但前 12 個月完成的收購的攤薄影響部分抵消了這一影響。

On a sequential basis, the increase in adjusted operating margin reflected strong conversion on the higher sales levels, partially offset by the dilutive impact of acquisitions, in particular CIT, which closed during the second quarter. I am very proud of the company's operating margin performance in the third quarter, which reflects continued strong execution by our teams.

從季來看，調整後營業利潤率的成長反映了較高銷售水準的強勁轉化，但部分被收購（尤其是第二季完成的 CIT）的稀釋影響所抵銷。我對公司第三季的營業利潤率表現感到非常自豪，這反映了我們團隊持續強勁的執行力。

Breaking down the third-quarter results by segment compared to the third quarter of 2023, sales in the harsh environment solutions segment were $1.194 billion and increased by 35% in US dollars and 3% organically, and segment operating margin was 23.8%. Sales in the communications solutions segment were $1.685 billion and increased by 32% in US dollars and 30% organically, and segment operating margin was 25.6%. And sales in the interconnect and sensor systems segment was $1.160 billion and increased by 12% in US dollars and 6% organically; segment operating margin was 18.8%.

按部門細分第三季業績，與 2023 年第三季相比，惡劣環境解決方案部門銷售額為 11.94 億美元，以美元計算成長 35%，有機成長 3%，部門營業利潤率為 23.8%。通訊解決方案部門的銷售額為 16.85 億美元，以美元計算成長 32%，有機成長 30%，部門營業利潤率為 25.6%。互連和感測器系統領域的銷售額為 11.6 億美元，以美元計算成長 12%，有機成長 6%；分部營業利益率為18.8%。

The company's GAAP effective tax rate for the third quarter was 21.4%, and the adjusted effective tax rate was 24%, which compared to 18.2% and 24% in the third quarter of '23.

該公司第三季公認會計準則有效稅率為21.4%，調整後有效稅率為24%，而2023年第三季分別為18.2%和24%。

GAAP diluted EPS was a record $0.48 in the third quarter, up 17% compared to the prior year period. And on an adjusted basis, diluted EPS increased 28% to a record $0.50 compared to $0.39 in the third quarter of '23.

第三季 GAAP 攤薄後每股收益達到創紀錄的 0.48 美元，比去年同期成長 17%。經過調整後，稀釋後每股收益成長 28%，達到創紀錄的 0.50 美元，而 2023 年第三季為 0.39 美元。

Operating cash flow in the third quarter was $704 million, or 117% of net income, and net of capital spending, our free cash flow was $476 million, or 79% of net income. And as expected, our capital spending was somewhat elevated in the quarter due to investments we are making to support the strong growth we are seeing in the IT datacom and defense markets. In the fourth quarter, we expect to continue to have somewhat elevated levels of capital spending to further support our growth in these markets.

第三季的營運現金流為 7.04 億美元，佔淨利的 117%，扣除資本支出後，我們的自由現金流為 4.76 億美元，佔淨利的 79%。正如預期的那樣，由於我們為支援 IT 數據通訊和國防市場的強勁成長而進行的投資，我們本季的資本支出有所增加。在第四季度，我們預計資本支出水準將繼續提高，以進一步支持我們在這些市場的成長。

From a working capital standpoint, inventory days, days sales outstanding, and payable days were 87, 69, and 59 days, respectively, all within normal levels.

從營運資金角度來看，存貨天數、應收帳款天數及應付帳款天數分別為87天、69天及59天，均處於正常水準。

During the quarter, the company repurchased 2.7 million shares of common stock at an average price of approximately $65. And when combined with our normal quarterly dividend, total capital return to our shareholders in the third quarter of 2024 was $308 million.

本季度，該公司以約 65 美元的平均價格回購了 270 萬股普通股。加上我們正常的季度股息，2024 年第三季股東的總資本回報為 3.08 億美元。

Total debt on September 30 was $5.5 billion, and net debt was $3.9 billion. And total liquidity at the end of the quarter was $4.6 billion, which included cash and short-term investments on hand of $1.6 billion, plus availability under our existing credit facilities. In addition, we expect quarterly interest expense, net of interest income earned on cash on hand, to be approximately $45 million in the fourth quarter of '24.

截至 9 月 30 日，債務總額為 55 億美元，淨債務為 39 億美元。本季末的總流動性為 46 億美元，其中包括 16 億美元的現金和短期投資，加上我們現有信貸安排下的可用資金。此外，我們預計 2024 年第四季的季度利息支出（扣除手頭現金賺取的利息收入）約為 4,500 萬美元。

Excluding acquisition-related costs, third-quarter 2024 EBITDA was $1.030 billion. And at the end of the third quarter of 2024, net leverage ratio was 1.0 times.

不包括收購相關成本，2024 年第三季 EBITDA 為 10.3 億美元。截至2024年第三季末，淨槓桿率為1.0倍。

I will now turn the call over to Adam, who will provide some commentary on current market trends.

我現在將把電話轉給 Adam，他將對當前市場趨勢提供一些評論。

Well, thank you very much, Craig. And thank you all for joining our call here on a very beautiful fall day in Wellingford, Connecticut. And I hope that all of you are enjoying a very nice fall so far.

嗯，非常感謝你，克雷格。感謝大家在康乃狄克州威靈福德一個美麗的秋天加入我們的電話會議。我希望到目前為止你們所有人都享受了一個非常愉快的秋天。

As Craig mentioned, I'm going to highlight our achievements here in the third quarter and, in particular, will discuss the trends and progress across our served markets. And then, I'll comment on our outlook for the fourth quarter and the full year, year 2024. And of course, we'll have some time at the end for questions.

正如克雷格所提到的，我將重點介紹我們在第三季度所取得的成就，特別是討論我們所服務的市場的趨勢和進展。然後，我將評論我們對第四季和 2024 年全年的展望。

Our results in third quarter were really strong, and actually stronger than expected, and exceeding the high end of our guidance in sales and adjusted diluted earnings per share. Sales grew from prior year by a very strong 26% in US dollars and in local currencies, reaching a new record of $4.039 billion. We're very proud to have that new sales record.

我們第三季的業績非常強勁，實際上強於預期，並且超過了我們在銷售和調整後稀釋每股收益方面的指導上限。以美元和當地貨幣計算的銷售額比上年增長了 26%，達到 40.39 億美元的新紀錄。我們為創造新的銷售記錄感到非常自豪。

On an organic basis, our sales did increase by 15%, driven by growth in the IT datacom, mobile networks, mobile devices, commercial air, and defense end markets. And I'll talk about those details in a few moments.

在有機基礎上，受 IT 數據通訊、行動網路、行動設備、商用航空和國防終端市場成長的推動，我們的銷售額確實成長了 15%。我稍後會討論這些細節。

The company also booked record orders of $4.412 billion, representing a robust book to bill of 1.09:1. This was also driven especially by continued strength in the IT datacom market.

該公司還獲得了創紀錄的 44.12 億美元訂單，帳面比為 1.09:1。這尤其受到 IT 數據通訊市場持續強勁的推動。

Our adjusted operating margins reached a new record, 21.9%, in the quarter. And this represented a 110-basis-point increase from last year's third quarter.

本季調整後的營業利潤率達到 21.9%，創下新紀錄。這比去年第三季成長了 110 個基點。

Adjusted diluted EPS grew 28% from prior year to reach a new record, $0.50, in the third quarter.

第三季調整後攤薄每股收益較上年同期成長 28%，達到 0.50 美元的新紀錄。

And then finally, we generated operating and free cash flow of $704 million and $476 million, respectively, in the quarter. And this is yet another clear demonstration of the high quality of the company's earnings.

最後，本季我們的營運現金流和自由現金流分別為 7.04 億美元和 4.76 億美元。這再次清楚地表明了該公司盈利的高品質。

I just have to say I'm extremely proud of the Amphenol team. Our results this quarter once again reflect the strength of our entrepreneurial organization as we continue to outperform in any environment.

我必須說，我為安費諾團隊感到非常自豪。我們本季的業績再次反映了我們創業組織的實力，因為我們在任何環境下都繼續表現出色。

Now, just here in early October, we're very pleased to have closed on the previously announced acquisition of Lütze Europe. Lütze is based in Germany, with annual sales of approximately $100 million, and it's a leading provider of harsh environment cable and cable assembly solutions for diverse applications in the industrial markets.

現在，就在 10 月初，我們非常高興地完成了先前宣布的 Lütze Europe 的收購。 Lütze 總部位於德國，年銷售額約 1 億美元，是工業市場各種應用的惡劣環境電纜和電纜組件解決方案的領先供應商。

The Lütze Europe acquisition is a great complement to our broad offering of high-technology interconnect products for the worldwide industrial market. And together with Lütze US, it strengthens our range of value-add interconnect products for this very important market.

收購 Lütze Europe 是我們為全球工業市場提供廣泛的高科技互連產品的有力補充。與 Lütze US 一起，它增強了我們針對這個非常重要的市場的增值互連產品範圍。

In addition, we remain excited about the pending acquisition of the Andrew businesses from CommScope, and we now expect that transaction to close in the first quarter of 2025. We remain confident that our acquisition program will continue to create great value for Amphenol. Our ability to identify and execute upon acquisitions and then to successfully bring these new companies into the Amphenol family remains a core competitive advantage for the company.

此外，我們對康普即將收購 Andrew 業務仍然感到興奮，我們現在預計該交易將在 2025 年第一季完成。我們識別和執行收購的能力，然後成功地將這些新公司納入安費諾家族的能力仍然是公司的核心競爭優勢。

Now, turning to our served markets, we're once again pleased that the company's end market exposure remains highly diversified, balanced, and broad. This diversification, no question, continues to create great value for Amphenol because it enables us to participate across all areas of the global electronics industry while not being disproportionately exposed to the volatility of any given market or application.

現在，轉向我們服務的市場，我們再次感到高興的是，該公司的終端市場敞口仍然高度多元化、平衡和廣泛。毫無疑問，這種多元化繼續為安費諾創造巨大價值，因為它使我們能夠參與全球電子產業的所有領域，同時不會過度暴露於任何特定市場或應用的波動性。

Now, starting out with the defense market, it represented 11% of our sales in the quarter, and sales grew from prior year by a strong 16% in US dollars and 8% organically. This was driven by growth across really most segments of the defense market, with contributions especially from space, aircraft and avionics, communications, and ground vehicle applications.

現在，從國防市場開始，它占我們本季銷售額的 11%，以美元計算的銷售額比上年增長了 16%，有機增長了 8%。這是由國防市場大多數細分市場的成長所推動的，尤其是太空、飛機和航空電子設備、通訊和地面車輛應用的貢獻。

Sequentially, our sales grew by 4%, which was in line with our expectations coming into the quarter. As we now look into the fourth quarter, we expect sales in the defense market to increase moderately from these third-quarter levels, and for the full year 2024, we expect a mid-teens increase in sales.

隨後，我們的銷售額成長了 4%，這符合我們對本季的預期。當我們現在展望第四季時，我們預計國防市場的銷售額將在第三季的水平上適度增長，並且對於 2024 年全年，我們預計銷售額將出現中位數的增長。

We remain encouraged by the company's strengthening position in the defense market, where we continue to offer the industry's widest range of high-technology interconnect products. Amidst the current dynamic geopolitical environment, countries around the world are expanding their spending on both current and next-generation defense technologies. With our investments in the development of a broad array of new products, as well as, very importantly, the capacities to build those products, we're well positioned to capitalize on this long-term demand potential.

我們仍然對該公司在國防市場的地位不斷增強感到鼓舞，我們繼續在該市場提供業界最廣泛的高科技互連產品。在當前動態的地緣政治環境中，世界各國正在擴大對當前和下一代國防技術的支出。透過我們對開發各種新產品的投資，以及非常重要的是，透過生產這些產品的能力，我們已做好充分利用這項長期需求潛力的準備。

The commercial air market represented 6% of our sales in the quarter, and we had another strong quarter in commercial air with sales increasing by 123% from prior year in US dollars and 12% organically, as we benefited from the addition of CIT, which we closed back in the second quarter, as well as continued progress in expanding our content on next-generation commercial aircraft. Compared to the second quarter, sales increased by 37% sequentially, and we're up slightly on an organic basis, and this was modestly lower than our expectations coming into the quarter. Looking to the fourth quarter, we expect a high single-digit increase in sales, and for the full year of 2024, we expect sales to increase by more than 80% from last year, driven by the addition of CIT, as well as robust organic growth.

商用航空市場占我們本季銷售額的6%，我們在商用航空領域迎來了一個強勁的季度，以美元計算的銷售額比上年增長了123%，有機增長12%，因為我們受益於CIT 的增加，我們在第二季度結束了業務，並在擴展下一代商用飛機的內容方面繼續取得進展。與第二季相比，銷售額環比成長了 37%，有機成長略有成長，這略低於我們對本季的預期。展望第四季度，我們預計銷售額將出現高個位數成長，而對於 2024 年全年，在 CIT 的加入以及強勁的成長推動下，我們預計銷售額將比去年增長 80% 以上。

I'm truly proud of our team working in the commercial air market. With the ongoing growth in demand for jetliners, our efforts to strengthen our product offering while diversifying our market position into next-generation aircraft are paying real dividends. We continue to see great long-term opportunities for the expansion of our technology offering into this important market and look forward to realizing the benefits of our growth initiatives for many years to come.

我為我們在商業航空市場工作的團隊感到非常自豪。隨著噴射客機需求的持續增長，我們在加強產品供應的同時將市場地位多元化到下一代飛機的努力正在帶來真正的紅利。我們繼續看到將我們的技術產品擴展到這個重要市場的巨大長期機會，並期待在未來許多年實現我們的成長計劃的好處。

The industrial market represented 23% of our sales in the quarter, and sales in the quarter grew by 24% in US dollars from prior year, as we benefited from acquisitions. On an organic basis, our sales were flat, as growth in alternative energy, instrumentation, medical, and rail mass transit solutions was offset by reduced demand in factory automation, heavy equipment, transportation, and oil and gas. Sequentially, our sales did increase by 9% from the second quarter and were up by 3% organically, which was somewhat better than our expectations coming into the quarter.

工業市場占我們本季銷售額的 23%，由於我們受惠於收購，本季以美元計算的銷售額比去年同期成長了 24%。從有機角度來看，我們的銷售額持平，因為替代能源、儀器、醫療和軌道公共交通解決方案的成長被工廠自動化、重型設備、運輸以及石油和天然氣的需求減少所抵消。隨後，我們的銷售額確實比第二季度增長了 9%，有機增長了 3%，這比我們對本季的預期要好一些。

While we are encouraged to see stronger growth in North America and Asia, demand in Europe did again slow this quarter. Accordingly, looking into the fourth quarter, we do expect sales to moderate from these third-quarter levels, and for the full year 2024, we expect sales to grow in the low double digits, with the benefit of acquisitions partially offset by an organic moderation of sales.

儘管我們對北美和亞洲的強勁成長感到鼓舞，但歐洲的需求本季再次放緩。因此，展望第四季度，我們確實預期銷售額將較第三季度的水平有所放緩，而對於2024 年全年，我們預計銷售額將以低兩位數增長，收購帶來的好處將被有機放緩部分抵銷的銷售量。

With the additions this year of CIT and Lütze, we now have an even broader range of products and capabilities to offer customers across the diversified industrial market. I'm confident that our long-term strategy to expand our high-technology interconnect, antenna, and sensor offerings, both organically and through complementary acquisitions, has positioned us to capitalize on the many electronic revolutions that will no doubt continue to occur across the industrial market. And this creates exciting opportunities for our outstanding teams working around the world.

隨著今年 CIT 和 Lütze 的加入，我們現在擁有更廣泛的產品和能力，可以為多元化工業市場的客戶提供服務。我相信，我們透過有機方式和互補性收購來擴展高科技互連、天線和感測器產品的長期策略，使我們能夠利用毫無疑問將繼續在全球範圍內發生的許多電子革命。這為我們在世界各地工作的優秀團隊創造了令人興奮的機會。

The automotive market represented 19% of our sales in the quarter, and sales grew by 4% in US dollars and were flat organically. Similar to the industrial market, while we did grow in North America and Asia in the automotive market, our sales in Europe declined from prior year. Sequentially, our sales increased by 4% from the second quarter, which was a bit better than our expectations coming into Q3. For the fourth quarter, we expect sales to decline modestly from these third-quarter levels, and for the full year 2024, we expect sales to increase in the mid-single-digit range compared to prior year.

汽車市場占我們本季銷售額的 19%，以美元計算銷售額成長了 4%，有機持平。與工業市場類似，雖然我們在北美和亞洲的汽車市場確實有所成長，但我們在歐洲的銷售額比去年有所下降。隨後，我們的銷售額比第二季成長了 4%，這比我們對第三季的預期要好一些。對於第四季度，我們預計銷售額將較第三季度水準小幅下降，而對於 2024 年全年，我們預計銷售額將較上年實現中個位數成長。

I remain proud of our team working in the automotive market. While there are some areas of the automotive market that have shown some signs of slowing, our team remains focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. These include electrified drivetrains, as well as a multitude of other exciting applications, and we look forward to benefiting from our strong position in the automotive market for many years to come.

我仍然為我們在汽車市場工作的團隊感到自豪。雖然汽車市場的某些領域已經顯示出一些放緩的跡象，但我們的團隊仍然專注於與在車輛中實施各種新技術的客戶一起推動新的設計勝利。其中包括電氣化傳動系統以及許多其他令人興奮的應用，我們期待在未來許多年中受益於我們在汽車市場的強大地位。

The mobile devices market represented 10% of our sales in the quarter. Sales increased by 18% in US dollars and 17% organically, and this was really driven by broad-based strength across applications in the mobile devices market. Sequentially, our sales increased by a much stronger than expected 38%, and that was driven also by higher sales across all segments of the mobile devices market. Looking into the fourth quarter, we expect our sales to remain at these higher levels, and for the full year, we anticipate sales to be up in the high-single-digit range compared to 2023.

行動裝置市場占我們本季銷售額的 10%。以美元計算的銷售額成長了 18%，有機銷售額成長了 17%，這實際上是由行動裝置市場中各種應用程式的廣泛實力推動的。隨後，我們的銷售額成長了 38%，遠高於預期，這也是行動裝置市場所有細分市場銷售成長的推動因素。展望第四季度，我們預計銷售額將保持在較高水平，全年銷售額預計將較 2023 年實現高個位數成長。

I'm very proud of our team working in the always dynamic mobile devices market, as their agility and reactivity have once again enabled us to capture incremental sales in the quarter. I'm confident that with our leading array of antennas, interconnect products and mechanisms designed in across a broad range of next-generation mobile devices, we're well positioned for the long term.

我為我們的團隊在始終充滿活力的行動裝置市場中工作感到非常自豪，因為他們的敏捷性和反應能力再次使我們能夠在本季度獲得增量銷售。我相信，憑藉我們在各種下一代行動裝置中設計的領先天線陣列、互連產品和機制，我們在長期發展中處於有利地位。

The mobile networks market represented 3% of our sales in the quarter, and sales grew by a strong 22% in US dollars and 19% organically, as we continued to see a recovery in demand from both mobile network operators, as well as wireless equipment manufacturers. On a sequential basis, our sales increased by 1%, which was a bit better than our expectations coming into the quarter. For the fourth quarter, we now expect sales to decline seasonally in the mid-teens, and for the full year, we anticipate sales to grow in the high-single-digit range versus last year.

行動網路市場占我們本季銷售額的 3%，隨著我們繼續看到行動網路營運商以及無線設備的需求復甦，以美元計算的銷售額強勁增長 22%，有機增長 19%製造商。從環比來看，我們的銷售額成長了 1%，這比我們對本季的預期要好一些。對於第四季度，我們現在預計銷售額將在十幾歲左右出現季節性下降，而對於全年，我們預計銷售額將比去年高個位數成長。

We're encouraged by the recent strengthening in the mobile networks market. As operators ramp up their investments in next-generation systems, our team remains focused on realizing the benefits of our long-term efforts to expand our position in next-generation equipment and networks around the world. With the pending acquisition of the Andrew businesses from CommScope, we look forward to participating even more strongly in these networks for many years to come.

我們對行動網路市場最近的走強感到鼓舞。隨著營運商加大對下一代系統的投資，我們的團隊仍然致力於實現我們長期努力的好處，以擴大我們在全球下一代設備和網路中的地位。隨著康普即將收購安德魯業務，我們期待在未來的許多年裡更加積極參與這些網路。

The IT datacom market represented 25% of our sales in the quarter. Sales in IT datacom grew in the quarter by a very strong 60% in US dollars and 59% organically, and this was driven by the continued acceleration in demand for our products used in artificial intelligence applications, together with robust growth in our base IT datacom business. On a sequential basis, sales increased by 15% from the second quarter, substantially better than our expectations coming into the quarter. As we look towards the fourth quarter, we do expect a further mid-single-digit sequential increase from these third-quarter levels, and for the full year 2024, we expect sales in IT datacom to grow by more than 50% compared to 2023.

IT 數據通訊市場占我們本季銷售額的 25%。本季 IT 數據通訊銷售額以美元計算強勁增長 60%，有機增長 59%，這是由於人工智慧應用中使用的產品需求持續加速，以及基礎 IT 數據通信業務的強勁增長推動的商業。從環比來看，銷售額較第二季成長了 15%，大大優於我們對本季的預期。展望第四季度，我們確實預計第三季度的水平將進一步實現中個位數的環比增長，並且對於 2024 年全年，我們預計 IT 數據通信的銷售額將比 2023 年增長 50% 以上。

I have to say that we're more encouraged than ever by the company's position in the global IT datacom market. Our team is just doing an amazing job around the world in securing future business on next-generation IT systems, particularly those enabling AI. There's no doubt that this revolution in AI has created a unique opportunity for the interconnect industry and for Amphenol, given our leading high-speed and power interconnect products. Whether high-speed, power, or fiber optic interconnect, our products are critical components in these next-generation networks, and this continues to create a long-term growth opportunity for Amphenol.

我必須說，我們對公司在全球 IT 數據通訊市場中的地位感到前所未有的鼓舞。我們的團隊在全球範圍內做出了出色的工作，確保下一代 IT 系統（尤其是支援人工智慧的系統）的未來業務。毫無疑問，鑑於我們領先的高速和電源互連產品，這場人工智慧革命為互連行業和安費諾創造了獨特的機會。無論是高速、電力還是光纖互連，我們的產品都是這些新一代網路的關鍵組件，這將繼續為 Ampheno 創造長期成長機會。

Finally, the broadband market represented 3% of our sales in the quarter, and sales were down by 15% in US dollars and 14% organically, as broadband operators continue to moderate their procurement levels. On a sequential basis, sales were down 3%, which was roughly in line with our expectations coming into the quarter. For the fourth quarter, we expect a further high-single-digit reduction in sales, and for the full year 2024, we expect a mid-teens sales decline from prior year.

最後，寬頻市場占我們本季銷售額的 3%，由於寬頻業者持續降低採購水平，以美元計算的銷售額下降了 15%，有機銷售額下降了 14%。銷售額季減 3%，大致符合我們對本季的預期。對於第四季度，我們預計銷售額將進一步出現高個位數下降，而對於 2024 年全年，我們預計銷售額將較上年出現中位數下降。

Regardless of this current more muted demand environment, we remain encouraged by the company's position in the broadband market. And we look forward to continuing to support our service provider customers around the world when they resume growing their investments to expand bandwidth and coverage to their enterprise and consumer customers.

儘管目前的需求環境較為疲軟，但我們仍對該公司在寬頻市場的地位感到鼓舞。當我們世界各地的服務供應商客戶恢復增加投資以擴大企業和消費者客戶的頻寬和覆蓋範圍時，我們期待繼續為他們提供支援。

Now, turning to our outlook, and obviously assuming the continuation of current market conditions, as well as constant exchange rates, for the fourth quarter, we expect sales in the range of $3.950 billion to $4.050 billion and adjusted diluted EPS in the range of $0.48 to $0.50. This would represent a sales increase of 19% to 22% and an adjusted diluted EPS increase of 17% to 22% compared to the fourth quarter of 2023.

現在，轉向我們的展望，顯然假設當前市場狀況持續且匯率保持不變，第四季度我們預計銷售額將在 39.50 億美元至 40.50 億美元之間，調整後攤薄每股收益將在 0.48 美元範圍內至0.50 美元。與 2023 年第四季相比，這意味著銷售額將成長 19% 至 22%，調整後的稀釋後每股盈餘將成長 17% 至 22%。

Our fourth-quarter guidance represents an expectation for full-year sales of $14.855 billion to $14.955 billion, as well as full-year adjusted diluted EPS of $1.82 to $1.84. This outlook would represent full-year sales and adjusted EPS increases of 18% to 19% and 21% to 22%, respectively.

我們第四季的指引預計全年銷售額為 148.55 億美元至 149.55 億美元，全年調整後稀釋每股收益為 1.82 美元至 1.84 美元。這一前景意味著全年銷售額和調整後每股收益將分別成長 18% 至 19% 和 21% 至 22%。

This has been a very strong year for Amphenol thus far in 2024. And I remain confident in the ability of our outstanding management team to adapt to the many opportunities and challenges in the current environment and to continue to grow our market position while driving sustainable and strong profitability through this year and into the long term.

2024 年迄今為止，對於安費諾來說是非常強勁的一年。持續發展和永續發展。

And finally, I'd like to take this opportunity to thank our entire global team for their truly outstanding efforts here in the third quarter. There's no doubt that they worked extremely hard to deliver especially this level of growth, and I'm truly grateful to them.

最後，我想藉此機會感謝我們整個全球團隊在第三季所做的真正出色的努力。毫無疑問，他們非常努力地實現了這種水準的成長，我真的很感激他們。

And with that, operator, we'd be happy to take any questions.

接線員，我們很樂意回答任何問題。

(Operator Instructions) Andrew Buscaglia, BNP.

（操作員說明）Andrew Buscaglia，BNP。

Hey. Good morning, guys. So obviously, a very robust quarter for IT datacom, and even you said slightly better than maybe you expected. So I think last year, you were alluding to IT datacom, the non-AI portion, also starting to improve. So could you help us parse out how much of this sequential improvement is from AI versus non-AI?

嘿。早安，夥計們。顯然，對於 IT 數據通訊來說，這是一個非常強勁的季度，甚至您也說比您預期的要好一些。因此，我認為去年您提到的 IT 數據通訊（非人工智慧部分）也開始有所改善。那麼您能否幫助我們分析一下，這種連續改進有多少是來自人工智慧與非人工智慧的？

Yeah. Well, Andrew, thanks so much for the question. I think we did start last quarter being the second quarter to see a little bit of stronger performance. And I would tell you, here in the third quarter, the underlying IT datacom, obviously with the caveat that it's not always exactly easy to tell what product goes into what application, but our best assessment of it is that the underlying IT datacom market did show actually very, very strong growth this quarter.

是的。嗯，安德魯，非常感謝你的提問。我認為我們確實從上個季度（即第二季）開始看到了一些更強勁的表現。我想告訴你，在第三季度，基礎IT 數據通信，顯然需要注意的是，區分什麼產品進入什麼應用程序並不總是那麼容易，但我們對此的最佳評估是，基礎IT 數據通信市場確實本季的成長實際上非常非常強勁。

Now, I will tell you that, roughly, the AI -- the products that we sell into AI represented a bit more than half of our overall year-over-year growth and about the same in terms of sequential. So very strong performance for anything related to AI. We have a very significant position in AI, as you know well, but we were encouraged -- very encouraged to see that the underlying IT datacom demand has grown.

現在，我將粗略地告訴您，人工智慧——我們銷售給人工智慧的產品占我們整體同比成長的一半以上，並且在連續成長方面大致相同。對於與人工智慧相關的任何事物來說，性能都非常強大。如您所知，我們在人工智慧領域擁有非常重要的地位，但看到潛在的 IT 數據通訊需求不斷增長，我們感到非常鼓舞。

And there's no doubt that there is today a real rush to equip data centers, enterprises, consumers, service providers with this next-generation compute power with all the switching that's associated with that and the like. And I think that is driving a bit of a recovery in these products in quite a significant way for us here in the quarter.

毫無疑問，今天確實急於為資料中心、企業、消費者、服務供應商配備下一代運算能力以及與之相關的所有交換等。我認為這對我們本季的產品來說是一個相當重要的推動，推動了這些產品的復甦。

Luke Junk, Baird.

路克垃圾，貝爾德。

Great. Good afternoon. Thanks for taking the question.

偉大的。午安.感謝您提出問題。

Adam, just hoping to double-click on your automotive business. Clearly, a very dynamic market right now in terms of overall production volatility. You mentioned Europe, especially EV moderation, et cetera. Just given that backdrop, curious what you're seeing in terms of the bookings pipeline right now, especially relative to your ability to continue to drive growth above market, at or above the levels the company has driven historically. Is the market constraining your growth potential at all right now, or do OEMs actually need more help from Amphenol in this environment? Appreciate the perspective.

亞當，只是希望雙擊您的汽車業務。顯然，就整體產量波動而言，目前市場非常活躍。您提到了歐洲，特別是電動車節制等。考慮到這種背景，我很好奇您現在在預訂管道方面看到了什麼，特別是相對於您繼續推動高於市場的成長、達到或高於公司歷史推動水平的能力而言。目前市場是否限制了您的成長潛力，或者 OEM 在這種環境下實際上是否需要安費諾提供更多幫助？欣賞這個觀點。

Well, thanks so much, Luke. I mean, a lot to unwrap there. But let me say this. I mean, I'm really proud of our team in automotive. I mean, on a year-to-date basis, we've just done a fabulous job of continuing to outperform and navigating what, as you term it, is very much so a dynamic worldwide automotive market.

嗯，非常感謝，盧克。我的意思是，那裡有很多東西要解開。但讓我說一下。我的意思是，我真的為我們的汽車團隊感到自豪。我的意思是，今年迄今為止，我們剛剛完成了一項出色的工作，繼續超越並駕馭正如您所說的充滿活力的全球汽車市場。

And these dynamics are sort of multifaceted. There's the dynamic of drivetrain choice, and I'm not going to go down that rabbit hole; but for sure, the world is talking about this. There's also the dynamic of just overall demand in certain geographies, and in particular Europe, where it's been widely reported, and I'm probably not the first to say that there are some challenges in the overall European demand in automotive. And we see that on a related basis, I think, in industrial.

這些動態是多方面的。動力傳動系統的選擇是動態的，我不會陷入那個兔子洞；但可以肯定的是，全世界都在談論這個問題。某些地區的整體需求也存在動態，特別是歐洲，這一點已被廣泛報道，我可能不是第一個說歐洲汽車整體需求存在一些挑戰的人。我認為，我們在工業領域也看到了這一點。

But what I'm really pleased with is if you look this quarter, we did have still robust growth in Asia and North America on an organic basis, on a year-over-year basis. And that was offset in part, at least, by a moderation in Europe.

但我真正感到高興的是，如果你看看本季度，我們在亞洲和北美的有機基礎上與去年同期相比仍然實現了強勁增長。歐洲的溫和政策至少部分抵銷了這項影響。

So to your specific question about content and Amphenol continuing to outperform, we have every confidence that the momentum that we've had in gaining content, enabling new applications with our customers around the world, whether those be next-generation drivetrains, whether those be next-generation electronics in cars, connectivity, communications, antennas, sensors, and the like, the breadth of the product offerings that we have, the capabilities to fulfill those offerings on a global basis, continues to put us in a very strong position with automotive OEMs the world over. And our team just has to navigate those dynamics as they are.

因此，對於您關於內容和安費諾繼續表現出色的具體問題，我們完全相信，我們在獲取內容、為世界各地的客戶提供新應用程式方面所擁有的勢頭，無論這些是下一代動力傳動系統，還是汽車、連接、通訊、天線、感測器等領域的下一代電子產品，我們擁有的產品範圍的廣度以及在全球範圍內提供這些產品的能力，繼續使我們處於非常有利的地位世界各地的汽車原始設備製造商。我們的團隊只需應對這些動態即可。

But the good news is, regardless of whether something is made in Europe, made in Asia, made in North America, regardless of whether something is a full electric vehicle, a hybrid, or a full internal combustion engine, there is continuing to be a proliferation of electronics across all of those cars. And so it's up to us to make sure that we continue to drive our next-generation products into those platforms around the world. And I'm confident that our team is well positioned to do that.

但好消息是，無論某些東西是歐洲製造、亞洲製造、北美製造，無論某些東西是純電動車、混合動力車還是全內燃機汽車，都會繼續存在所有這些汽車中電子設備的激增。因此，我們有責任確保繼續將下一代產品推向世界各地的這些平台。我相信我們的團隊有能力做到這一點。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Thanks a lot, and congrats on a nice quarter. I guess, Adam, there's been a fair amount of noise around your content when it comes to AI deployments. And if I sort of think of the number you just said, about half of the area growth is AI-driven. Can you just talk about the breadth of your customer base when it comes to AI deployments? And if there's a way to maybe even think about how do your revenue stack up hyperscale versus XPU providers and just the breadth of your offering, that would be really helpful.

非常感謝，並祝賀您度過了一個愉快的季度。我想，Adam，當談到人工智慧部署時，你的內容周圍有相當多的噪音。如果我想想你剛才說的數字，大約一半的面積成長是人工智慧驅動的。您能談談在人工智慧部署方面您的客戶群的廣度嗎？如果有一種方法可以考慮您的收入如何與超大規模和 XPU 提供者相比，以及您的產品的廣度，那將非常有幫助。

Yeah. Amit, thanks so much. I mean, we have really an outstanding breadth of offering into the IT datacom market and, in particular, into applications related to AI. And I think we've talked about this in the past.

是的。阿米特，非常感謝。我的意思是，我們確實在 IT 數據通訊市場，特別是與人工智慧相關的應用程式中提供了廣泛的產品。我想我們過去已經討論過這個問題。

What's unique about AI is that we're working with customers throughout the entire stack of the chain. And that starts -- it starts with the people who have the money, and that's the web service providers. And there's only a limited universe of those, and we're very well positioned with those companies -- through the OEMs, the people who outfit the data centers, the OEMs who make equipment to sell into those data centers, all the way down to the chip companies who sometimes are creating designs and configurations of those things that are used.

人工智慧的獨特之處在於，我們在整個鏈條中與客戶合作。這一切都從有錢的人開始，那就是網路服務供應商。這些公司的範圍有限，而我們在這些公司中的地位非常好——透過原始設備製造商（OEM）、裝備資料中心的人員、製造設備銷售到這些資料中心的原始設備製造商（OEM），一直到晶片公司有時會對所使用的東西進行設計和配置。

And I think that comprehensive aspect of our relationship has really served us well because it's not about an individual product, an individual program, or whatever. It's about the collective efforts of the industry to build out artificial intelligence in kind of a big way. And I think that that collective efforts are happening in so many different aspects. You have different types of chips being used. You have different architectures being used.

我認為我們關係的全面方面確實對我們很有幫助，因為它不是關於單一產品、單一計劃或其他什麼。這是整個產業共同努力大規模建構人工智慧的過程。我認為集體努力正在許多不同的方面發生。您使用了不同類型的晶片。您正在使用不同的架構。

But what ties them all together from an interconnect perspective is two things. They have to be high speed and low latency, and you've got to help them use less power. And those two things -- the speed and latency on one side and the power efficiency on the other -- are where we come into play and where we create value for our customers because we have the industry's leading high-speed products, the highest operating at the highest speeds, the lowest latencies.

但從互連的角度來看，將它們連結在一起的是兩件事。它們必須具有高速度和低延遲，並且您必須幫助它們使用更少的電量。這兩件事——一方面是速度和延遲，另一方面是電源效率——是我們發揮作用的地方，也是我們為客戶創造價值的地方，因為我們擁有業界領先的高速產品、最高的營運效率以最高的速度，最低的延遲。

We have the industry's leading efficient power interconnect products. Everything from power connectors, assemblies, busbars, and the like, everything that gets power all the way down to these power hungry chips. And working on those complex architectures, as our engineers have done for many years, together with scaling out our capacity and capability on a global basis so that we can meet this demand, has really put us in a strong position with customers the world over.

我們擁有業界領先的高效能電源互連產品。從電源連接器、組件、母線等一切事物，一直到這些耗電晶片的所有獲取電力的事物。正如我們的工程師多年來所做的那樣，致力於這些複雜的架構，再加上在全球範圍內擴展我們的容量和能力，以便我們能夠滿足這一需求，這確實使我們在全球客戶中處於有利地位。

And so I wouldn't get hung up on noise of one or another program or configuration. I would think much more about the overall opportunity that is here and the fact that we're for sure capturing more than our fair share of that.

這樣我就不會被一個或另一個程式或配置的噪音所困擾。我會更多地思考這裡的整體機會，以及我們肯定會抓住比我們應得的份額更多的事實。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hey. Thanks for taking my question. And Adam and Craig, congrats on the strong results here.

嘿。感謝您提出我的問題。亞當和克雷格，祝賀他們取得了優異的成績。

I guess I'll follow up to what Amit's question was. Adam, you talked in your prepared remarks about your team working hard to win or secure business in IT datacom on next-generation systems. Can you talk, in relation to when you're seeing these robust growth numbers in IT datacom, what are we seeing in terms of sort of content growth in sort of next-generation systems? How much visibility are you getting today in relation to what your content on a sort of per unit basis in some cases looks like going to a next-generation system? And how are you positioned whether that next-generation system uses more copper or fiber? How do you think about opportunities on both those fronts? Thank you.

我想我會跟進阿米特的問題。 Adam，您在準備好的演講中談到您的團隊正在努力贏得或確保下一代系統上的 IT 資料通訊業務。您能否談談，當您看到 IT 數據通訊領域的這些強勁成長數字時，我們在下一代系統的內容成長方面看到了什麼？在某些情況下，在某些情況下，您的內容在每單位基礎上看起來像是進入下一代系統，您今天獲得了多少可見性？您如何定位下一代系統是否使用更多銅纜或光纖？您如何看待這兩個面向的機會？謝謝。

Yeah. Thanks very much, Samik. I mean, we've talked in the past about the fact that the unique architecture of these neural network, machine learning, AI, whatever you want to call them, systems is that you essentially have to create a very high-speed, low-latency mesh fabric so that the chips can all talk to each other. And I am not an electrical engineer, the farthest thing from it, but I can tell you that it is unbelievable the type of interconnection requirements that are going on in these systems.

是的。非常感謝，薩米克。我的意思是，我們過去討論過這樣一個事實：這些神經網路、機器學習、人工智慧，無論你想怎麼稱呼它們，系統的獨特架構是，你本質上必須創建一個非常高速、低功耗的系統。我不是電氣工程師，離電氣工程師很遠，但我可以告訴你，這些系統中發生的互連要求類型令人難以置信。

And that just means there is greater content and a greater role. I mean, we use this word content. But let me change that to talk about just the role that interconnect plays in the function of these systems because the role of the interconnect becomes really fundamental to whether these systems can operate. If the chips can't talk to each other at a high enough speed and at a low enough latency, then to go out and build a complex large language model or whatever other model you're trying to do, it just takes too long. And the thing becomes obsolete before it's even completed.

這僅僅意味著有更豐富的內容和更重要的作用。我的意思是，我們使用“內容”這個詞。但讓我改變一下，只討論互連在這些系統功能中所扮演的角色，因為互連的作用對於這些系統是否能夠運作至關重要。如果晶片無法以足夠高的速度和足夠低的延遲相互通信，那麼要建立一個複雜的大型語言模型或您想要做的任何其他模型，就會花費太長時間。而且這個東西在完成之前就已經過時了。

And so the ability to have these rapid calculations and comparisons and probabilities that come across these chips is, in many ways, dependent on the interconnect as the link to that. And thus, the content opportunity, regardless of who makes what chip, regardless of how someone chooses to architect that, that content has gone up and will continue to go up. And we have a very strong position with customers, again, across that stack that I described earlier.

因此，對這些晶片進行快速計算、比較和機率的能力在許多方面都依賴於作為其連結的互連。因此，內容機會，無論誰製造什麼晶片，無論某人選擇如何建造它，該內容已經增加並將繼續增加。在我之前描述的整個堆疊中，我們在客戶中擁有非常強大的地位。

Relative to copper and fiber, the good news for Amphenol is we're present in both. And we've made great acquisitions and been a strong innovator in fiber, as well as in copper. But I think you also know very well that there are advantages to each. And when you think about power, you want to use copper as much as possible because optics has a much higher usage of power. And so the value that we can create for our customers is by stretching the capabilities of the copper such that it can meet these ultra-high bandwidth demands. And that's something we've been doing for more than two decades.

相對於銅和光纖，對安費諾來說好消息是我們在這兩個領域都有業務。我們進行了大量收購，並成為光纖和銅纜領域的強大創新者。但我想你也很清楚，兩者各有優勢。當您考慮電源時，您希望盡可能多地使用銅，因為光纖的電源使用率要高得多。因此，我們可以為客戶創造的價值是透過擴展銅纜的功能，使其能夠滿足這些超高頻寬需求。這就是我們二十多年來一直在做的事情。

When I think back on the acquisition of Teradyne Connection Systems 19 years ago, that brought us into a leadership position of high speed over copper. Back then, we were talking about things like 5 gigabits as being kind of an aspirational or 10 gigabits as an aspirational speed over copper. Today, we're achieving things like 200 and aspiring to 400 and 800 and, who knows, maybe beyond over copper.

當我回想起 19 年前收購泰瑞達連線系統 (Teradyne Connection Systems) 時，我們發現，這讓我們在高速銅纜領域處於領先地位。當時，我們談論的是 5 GB 或 10 GB 等銅纜上的理想速度。今天，我們正在實現 200 之類的目標，並渴望達到 400 和 800，誰知道呢，也許會超越銅。

And that's the incredible value that you can create for customers by stretching the capabilities of copper through your engineering expertise. This is real value that you can create through engineering and technology, and I think our teams are doing that.

這就是您可以透過工程專業知識擴展銅的功能為客戶創造的令人難以置信的價值。這是您可以透過工程和技術創造的真正價值，我認為我們的團隊正在這樣做。

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Great. Thank you for taking my question, and congratulations on the results. If I can a little bit on CapEx, I think Craig mentioned a little bit on elevated CapEx here. And so if you could help me understand, how long do we expect this CapEx runway to exist? Are we at the end of the CapEx that you guys are putting in to support the IT datacom growth? Thank you.

偉大的。感謝您提出我的問題，並對結果表示祝賀。如果我可以談談資本支出，我想克雷格在這裡提到了一些關於提高資本支出的問題。那麼，如果您能幫助我理解，我們預計這條資本支出跑道會存在多久？你們為支持 IT 數據通訊成長而投入的資本支出是否已到尾聲？謝謝。

Yeah. Thanks, Asiya. So if you think about kind of our capital spend, we talked about this last quarter a bit and we said we would expect to be kind of elevated for certainly the next couple quarters, being this quarter. And I just kind of reiterated that here in the fourth quarter, we expect to be kind of a little bit elevated levels to drive this and support the significant growth we're seeing in both IT datacom, as well as, to a certain extent, the defense market as well.

是的。謝謝，阿西婭。因此，如果你考慮我們的資本支出，我們在上個季度對此進行了一些討論，我們表示，我們預計未來幾季（即本季）的資本支出肯定會增加。我只是重申，在第四季度，我們預計會稍微提高水平來推動這一趨勢，並支持我們在 IT 數據通訊以及在某種程度上看到的顯著增長，國防市場也是如此。

I mean, we're not giving guidance yet for next year. So I'm not going to necessarily comment specifically on what we expect for capital spend for 2025. But we do certainly continue to target kind of that 3% to 4% of sales from a capital perspective. I think nothing structurally has changed over kind of the mid or long term from our expectation of capital spend to kind of maintain our business going forward.

我的意思是，我們還沒有給出明年的指導。因此，我不一定會具體評論我們對 2025 年資本支出的預期。我認為，從中長期來看，我們對資本支出的預期在結構上沒有任何變化，以維持我們的業務發展。

Certainly, in years, we're going to see strong growth. So such as '21, 2024 here, and certainly in other years, we tend to be kind of at the higher end of that range. In years that we see kind of lower growth, I would expect to be kind of more in the middle of that range or so. So I think that that's how we expect our capital at this point. Certainly, we'll talk about 2025 more specifically if we see elevated levels as we enter the year next year.

當然，幾年後，我們將看到強勁的成長。因此，例如這裡的 2024 年 21 日，當然還有其他年份，我們往往處於該範圍的高端。在我們看到成長率較低的年份，我預期成長率會在這個範圍的中間左右。所以我認為這就是我們目前對資本的期望。當然，如果我們在明年進入時看到水平上升，我們會更具體地討論 2025 年。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thanks so much, everyone. Maybe two quick ones. One, I just wanted to understand, in the aerospace guidance you gave, whether you assumed any impact from the ongoing strike and if that's at all significant.

非常感謝大家。也許兩個快點。第一，我只是想了解，在您提供的航空航天指導中，您是否假設正在進行的襲擊會產生任何影響，以及影響是否重大。

And then last quarter, you talked about some industrial green shoots. And I know you mentioned today that North America, Asia are okay, Europe tough. Just wondering if there's, I guess, any further sprouting and if you're seeing any impact from any of the China stimulus in that region.

上個季度，您談到了一些工業萌芽。我知道你今天提到北美、亞洲還好，歐洲很困難。我只是想知道是否有進一步的萌芽，以及您是否看到了中國刺激措施對該地區的任何影響。

Yeah. Thanks very much, Joe. I mean, relative to your first question on aerospace and strikes, I mean, like we wish for all of our customers that they have peaceful relations with their workforce. And without commenting specifically on any customer, I'll tell you that our guidance always incorporates all the information that we have from our customers around the world, including within that market.

是的。非常感謝，喬。我的意思是，相對於你關於航空航天和罷工的第一個問題，我的意思是，就像我們希望所有客戶與員工保持和平關係一樣。在不具體評論任何客戶的情況下，我會告訴您，我們的指導始終包含我們從世界各地（包括該市場內）客戶那裡獲得的所有資訊。

In terms of the industrial green shoots, it's absolutely the case that last quarter, we did talk about seeing some green shoots in industrial. And I mean, this quarter, we did see some sequential growth on an organic basis from prior quarter. But I will say that our view of the trends in Europe are probably a little more muted than maybe they were a quarter ago.

就工業萌芽而言，上個季度我們確實談到了工業領域的一些萌芽。我的意思是，本季我們確實看到了與上一季相比有機的連續成長。但我要說的是，我們對歐洲趨勢的看法可能比一個季度前更溫和。

I mean, we're pleased with what we've seen in North America and Asia. We grew in industrial organically in both regions, both on a year-over-year basis and sequentially. But we've probably seen an incremental tick down in Europe. And what to look for there, I mean, I think we'll have to watch.

我的意思是，我們對北美和亞洲所看到的情況感到滿意。我們在這兩個地區的工業都實現了有機成長，無論是同比還是環比。但我們可能已經看到歐洲的經濟成長率下降。我的意思是，我想我們必須專注在那裡尋找什麼。

The automotive industry and the industrial -- the automotive market and industrial market in Europe are fairly tied at the hip, as you know well. You have a lot of factory automation and machine tool industries and the like, which are somewhat dependent on the investment cycles that come from the automakers, who are such a big component of the European economy. And so I think we'll have to watch that and see how it proceeds.

眾所周知，汽車工業和工業——歐洲的汽車市場和工業市場緊密相連。有許多工廠自動化和工具機工具產業等，這些產業在某種程度上依賴汽車製造商的投資週期，而汽車製造商是歐洲經濟的重要組成部分。所以我認為我們必須關注這一點並看看它如何進行。

But in our organization, I mean, not to be cavalier about this, but like, it is what it is. Our team is very used to this scenario where you tighten your belt and you put your head up high and go out and take some business. And so to the extent that there is, in Europe, a moderation in a place like industrial automotive, our team knows how to deal with that. We've got a playbook. And to the extent that there are opportunities in other geographies, we'll work to capitalize upon those and take more than our fair share as they come along.

但在我們的組織中，我的意思是，不要對此漫不經心，但事實就是如此。我們的團隊非常習慣這種你勒緊褲帶、昂首闊步出去做生意的場景。因此，在歐洲，像工業汽車這樣的地方有適度的限制，我們的團隊知道如何應對。我們有一本劇本。如果其他地區存在機會，我們將努力利用這些機會，並在機會出現時獲得超出我們應得份額的份額。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good afternoon. Thank you very much for taking the question. EBIT margins came in at a record high, even with a full quarter contribution of the CIT acquisition. So I'm hoping to better understand what led to the margin strength this past quarter. Maybe you can level set us on where CIT margins are running at this point and if they're already at the levels you're targeting. And how should investors think about incremental margins going forward? Thank you.

是的，下午好。非常感謝您提出問題。即使 CIT 收購對整個季度的貢獻，息稅前利潤率仍創歷史新高。因此，我希望更好地了解是什麼導致了上個季度的利潤率強勁。也許您可以讓我們了解企業所得稅利潤率目前的運作情況以及它們是否已經達到您的目標水準。投資人該如何看待未來的增量利潤？謝謝。

Yeah. Thanks, Mark. We're really, really proud of our operating margins here in the third quarter. I mean, this year, we really have done a great job of really execution.

是的。謝謝，馬克。我們對第三季的營業利潤率感到非常非常自豪。我的意思是，今年我們在執行方面確實做得很好。

And this really goes without saying here in the third quarter, the CIT margins, I would say, ultimately we're not going to talk so much specifically about their margins, but I would say they're still on their journey. That really wasn't a strong contributor here in the third quarter to the margin improvement. I really -- the margin improvement here was just the execution of the team and the ability for the team to really just maximize the profitability on the strong growth that we've seen.

這確實是不言而喻的，在第三季度，企業所得稅利潤率，我想說，最終我們不會具體談論他們的利潤率，但我想說他們仍在旅途中。這確實不是第三季利潤率改善的重要貢獻者。我真的 - 這裡的利潤率改善只是團隊的執行力以及團隊在我們所看到的強勁增長的基礎上真正最大化盈利能力的能力。

And I think that as we go forward, we talk about this 25% conversion margin, we've done clearly better than that recently. I still think over the long term, 25% is kind of the way we kind of think about things. But the team really has been executing very well on this strong growth that we've seen over the recent quarters. And I would expect, as we continue to grow, we'll continue to be able to kind of execute well and increase those margins as we grow.

我認為，隨著我們前進，我們談論 25% 的轉換利潤，我們最近做得明顯比這更好。我仍然認為從長遠來看，25% 是我們思考問題的方式。但該團隊在最近幾季看到的強勁成長方面確實表現得非常好。我預計，隨著我們的不斷發展，我們將繼續能夠良好地執行並隨著我們的發展而增加利潤。

As it relates to how long it's going to take us to kind of get CIT at the company average, we're not going to really talk about so much how long exactly we think, but we're certainly very happy with the progress so far. And certainly, I would say, today, even versus 90 days ago, I'm even more optimistic that ultimately that CIT will get to the company average. But this is just a great team. They're extremely motivated. They're excited to be part of Amphenol, and I think they're really making some great strides to take the steps they need to get to those really great goals.

由於這關係到我們需要多長時間才能獲得公司平均水平的企業所得稅，因此我們不會真正談論我們到底需要多長時間，但我們對迄今為止的進展當然感到非常滿意。當然，我想說，今天，即使與 90 天前相比，我更加樂觀地認為 CIT 最終將達到公司平均值。但這只是一支偉大的團隊。他們非常有動力。他們很高興成為安費諾的一員，我認為他們確實取得了一些巨大的進步，採取了實現這些真正偉大目標所需的步驟。

Guy Hardwick, Freedom Capital Market.

蓋伊‧哈德威克，《自由資本市場》。

Hi. Good afternoon. Congratulations on the fantastic Q3 results. Just -- obviously, it's great news that you can close Andrew a little bit closer and earlier than expected. Does that mean any sort of antitrust issues that you may have encountered or receiving?

你好。午安.恭喜第三季取得的優異成績。只是——顯然，這是個好消息，你可以比預期更接近、更早關閉安德魯。這是否意味著您可能遇到或收到任何類型的反壟斷問題？

Yeah. Well, thanks very much. I mean, we never thought there were going to be any meaningful antitrust issues, but we knew that there would be a lot of filings to be done because Andrew operates on a global basis in lots of different geographies. And you never know how long those things can take, and I think we're just encouraged by how the process is going. And that gives us really the confidence to think that it's going to be sometime in the first quarter as opposed to in the first half. But again, just to reiterate, we never thought there were any substantive antitrust issues, but there's always a process to do.

是的。嗯，非常感謝。我的意思是，我們從未想過會出現任何有意義的反壟斷問題，但我們知道將會有大量的文件需要完成，因為安德魯在全球許多不同的地區開展業務。你永遠不知道這些事情會花多長時間，我認為我們只是對這個過程的進展感到鼓舞。這讓我們真正有信心認為這將是在第一季的某個時候，而不是上半年。但再次重申，我們從未認為有任何實質的反壟斷問題，但總有一個過程要做。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi. Good afternoon, Adam and Craig. I was wondering if you could step back on the mobile device market. You called out that you're now going to see high-single-digit growth for the year, which is kind of an interesting data point, even if it's off of a down year in '23. Can you just sort of talk about what that high-single digits is comprised of? How much you think it's content growth, what you think the markets are doing, and what it implies maybe for next few quarters, roughly? Thank you.

你好。下午好，亞當和克雷格。我想知道您是否可以重返行動裝置市場。您指出，今年將出現高個位數成長，這是一個有趣的數據點，即使它是在 23 年出現下滑的情況下實現的。您能談談高個位數是由什麼組成的嗎？您認為內容成長有多大，您認為市場正在做什麼，以及它對未來幾季可能意味著什麼？謝謝。

Yeah. Well, thanks very much, Steve. I will punt a little bit on your last part of your question because you know I'm not very good at forecasting mobile devices even in one quarter, let alone the next several quarters. But let me say this.

是的。嗯，非常感謝，史蒂夫。我將對你問題的最後一部分進行一些押注，因為你知道我不太擅長預測移動設備，即使是一個季度的移動設備，更不用說接下來的幾個季度了。但讓我說一下。

Our team working in mobile devices has just done a fabulous job again this year. I mean, this is such a phenomenal organization. And you think about the technologies that we're working in -- things like connectors, obviously, antennas, obviously, the mechanisms that we participate in -- and there's no doubt that the content in many of these products, the breadth of the content continues to expand.

我們的行動裝置團隊今年再次取得了出色的成績。我的意思是，這是一個非凡的組織。你想想我們正在研究的技術——例如連接器，顯然，天線，顯然，我們參與的機制——毫無疑問，許多這些產品的內容，內容的廣度繼續擴大。

And if I think back on a phrase that I've used for many, many years, probably almost the entirety of my nearly 16 years here doing these calls as CEO, it's that when the hardware creates value for the customers, then our product can create value for our customers. And there's no question that you see continued innovations in the things themselves, in the devices. And those ultimately result in just really, really beautiful products that are coming out. And our team is helping to make those beautiful products. And the more functionality that comes into them, the more opportunity there is ultimately for us.

如果我回想一下我已經使用了很多很多年的一句話，可能幾乎是我作為執行長在這近16 年裡做這些電話會議的時候，那就是，當硬體為客戶創造價值時，我們的產品就可以為我們的客戶創造價值。毫無疑問，您會看到事物本身和設備的持續創新。這些最終會帶來非常非常漂亮的產品。我們的團隊正在幫助製造這些美麗的產品。它們的功能越多，我們最終獲得的機會就越多。

Now, all of that is with the caveat to tell you that this is a very fickle, dynamic, volatile market. And so we're guiding the market here in the fourth quarter to stay at these pretty robust levels that we achieved in the third quarter. And hopefully, I'll be right about that, but time has told that I'm usually not spot on and even guiding in a 90-day period on mobile devices.

現在，所有這些都需要警告您，這是一個非常善變、充滿活力、波動的市場。因此，我們在第四季度引導市場保持在第三季度實現的相當強勁的水平。希望我的說法是對的，但時間告訴我們，我通常不會在 90 天內在行動裝置上準確地進行指導。

But there is no doubt, I mean -- and maybe I'm a power user of these mobile devices. I mean, I have them sitting all around me at all times. I use them constantly. We have learned, I think, the extraordinary things that you can do with mobile devices and how what used to be just a phone becomes a tablet, a wearable, a hearable device. The line gets sort of blurred between all of these things. But ultimately, they allow you to communicate and to be productive.

但毫無疑問，我的意思是——也許我是這些行動裝置的高級用戶。我的意思是，他們一直坐在我身邊。我經常使用它們。我認為，我們已經了解了行動裝置可以做的非凡事情，以及過去只是手機如何變成平板電腦、穿戴式裝置、可聽裝置。所有這些事情之間的界線變得有點模糊。但最終，它們讓你能夠溝通並提高工作效率。

And I think that our customers continue to push the limits of that productivity and communication, such that consumers ultimately want to buy the product. So I think that's where we stand today. Next year, who knows what it's going to be, Steve. We shall see.

我認為我們的客戶不斷突破生產力和溝通的極限，以便消費者最終想要購買該產品。所以我認為這就是我們今天的立場。明年，誰知道會發生什麼，史蒂夫。我們將會看到。

Scott Graham, Seaport Research Partners.

斯科特·格雷厄姆，海港研究合作夥伴。

Hey. Good afternoon. Thank you for taking the question and a great quarter. I was hoping you would perhaps comment on organic orders in the quarter and maybe call out which verticals were maybe stronger versus those which were weaker.

嘿。午安.感謝您提出問題並祝您度過了愉快的季度。我希望您能對本季的有機訂單發表評論，並指出哪些垂直行業可能更強，哪些垂直行業較弱。

Yeah. I mean, we don't really talk about organic orders if you're talking about order growth or something like this. I mean, our book-to-bill is what it is because we acquire a company, and if they have bookings greater than their revenues, that's still organic book-to-bill. And I think our strong book-to-bill is a total reflection of the companies that we own not being owned prior to being part of Amphenol.

是的。我的意思是，如果你談論訂單成長或類似的事情，我們並不是真正談論有機訂單。我的意思是，我們的訂單出貨比之所以如此，是因為我們收購了一家公司，如果他們的預訂量大於收入，那仍然是有機的訂單出貨比。我認為我們強勁的訂單出貨比充分反映了我們擁有的公司在成為安費諾之前未被擁有。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Thank you so much. Adam, I was wondering if you could maybe comment on the aperture of these orders, again, like a very strong order number. Can you talk about maybe, one, the visibility that you have around these orders, and how far out maybe some of these orders are? Like how much would you fulfill current quarter versus maybe next? Are these stretched out even beyond that? That'd be helpful. Thank you.

太感謝了。亞當，我想知道你是否可以再次對這些訂單的範圍發表評論，例如一個非常強大的訂單號碼。您能否談談您對這些訂單的可見性，以及其中一些訂單可能有多遠？例如您目前季度的業績與下個季度的業績相比會達到多少？這些是否超出了這個範圍？那會有幫助的。謝謝。

Yeah. Well, thanks very much, Wamsi. Appreciate the question. I have mentioned, I think, last quarter and I'll reiterate it again this quarter that these are very strong books-to-bill. And in particular, we see those strong books-to-bill in IT datacom first and probably defense and comm air to a somewhat lesser extent. And there's no doubt that we have seen a bit of the order aperture opening.

是的。嗯，非常感謝，瓦姆西。感謝這個問題。我想，上個季度我已經提到過，本季我將再次重申，這些訂單出貨量非常強勁。特別是，我們首先在 IT 數據通訊領域看到了強勁的訂單出貨量，可能在國防和通訊領域也看到了較小程度的成長。毫無疑問，我們已經看到了一些階孔徑開口。

And I would actually relate that also to the fact that we're spending more on capital spending, and Craig already talked about CapEx. And you can imagine, when we think about spending a little bit more than we're used to on capital, that we work with customers to make sure that we have assurance that that capital is going to be used. And that assurance often comes in the form of orders. It can also come in the form of contributions or guarantees. And so there's some extent of that order aperture that's a little bit longer that is there to give us the comfort and security that we'll be making those investments, which may be more significant than is typical.

實際上，我也將這與我們在資本支出上投入更多的事實聯繫起來，克雷格已經談到了資本支出。你可以想像，當我們考慮在資本上花費比我們習慣的多一點時，我們會與客戶合作，以確保我們有保證資本將被使用。這種保證通常以命令的形式出現。它也可以以捐款或擔保的形式出現。因此，訂單範圍在一定程度上稍長一些，可以讓我們在進行這些投資時感到舒適和安全，這可能比典型情況更重要。

In terms of how far out, I mean, we'll never book anything -- we don't record any booking that's more than a year out in our numbers. That's a sort of, I think, even an accounting rule of some sort internally. But the vast majority of our orders would be fulfilled within a couple of quarters. And I can't tell you are there some of those that poke out into three quarters out occasionally. That could be on an occasional basis, but I would say the vast majority would be within a couple of quarters.

就距離而言，我的意思是，我們永遠不會預訂任何東西 - 我們不會在我們的數據中記錄任何超過一年的預訂。我認為，這甚至是某種內部會計規則。但我們的絕大多數訂單將在幾個季度內完成。我無法告訴你是否有些偶爾會伸出四分之三。這可能是偶爾發生的，但我想說絕大多數會在幾個季度內發生。

Joe Giordano, TD Cowen.

喬·佐丹奴，TD·考恩。

Hey, guys. Thanks for taking my question. Adam, you hinted at this and you've done it -- you said it on calls historically about how you guys motivate your people to go find new business and new markets if it's not in your current one. I'm just curious, what you're doing now in AI and the money you're spending there and the success you're having, is there an ability to scale that to markets that are not currently using it? And I guess the other side of this, the people in that IT sector that are running full tilt to meet demand now, how do you prepare them for times when it's not going to be growing 50% a year to make sure that the business kind of stays at high levels and when growth ultimately kind of starts to moderate?

嘿，夥計們。感謝您提出我的問題。亞當，你暗示過這一點並且你已經做到了——你在歷史上曾在電話會議上說過，如果你當前的業務和新市場中沒有的話，你會如何激勵你的員工去尋找新業務和新市場。我只是很好奇，你現在在人工智慧領域所做的事情、你在人工智慧方面投入的資金以及你所取得的成功，是否有能力將其擴展到目前尚未使用它的市場？我想另一方面，IT 部門的人們現在正全力滿足需求，當每年增長 50% 的時候，你如何讓他們做好準備，以確保業務類型保持在高水平，增長最終何時開始放緩？

Yeah. Joe, I mean, excellent question. I mean, first, what you get to here with -- you're talking about kind of two sides here -- how do you motivate people to get new business, maybe when they don't have it; and how do you motivate people to keep working as hard as they do, knowing that maybe there can be always volatility. And I think that's really the Amphenolian way.

是的。喬，我是說，這是一個很好的問題。我的意思是，首先，你在這裡談論的是什麼——你在這裡談論的是兩方面——你如何激勵人們獲得新業務，也許當他們沒有新業務時；以及如何激勵人們繼續努力工作，因為你知道也許總是存在波動。我認為這確實是安費諾人的方式。

I mean, if you get to the essence of our culture of entrepreneurship, it really boils down to agility, reactivity, flexibility, which is kind of -- those are three words that kind of mean the same thing. I understand that. And that just means you're always thinking about -- in a difficult time, you're planting seeds, you're aggressively going out there and finding ways to proliferate your technology into other applications. And there may be a multitude of ways of doing that.

我的意思是，如果你了解我們創業文化的本質，它實際上可以歸結為敏捷性、反應性、靈活性，這三個詞的意思是相同的。我明白這一點。這只意味著你總是在思考——在困難時期，你正在播下種子，你正在積極地走出去，尋找方法將你的技術擴展到其他應用程式。可能有很多種方法可以做到這一點。

I mean, I still remember, anecdotally, the folks in our business who worked in oil and gas at the time when the price of oil dropped by 60%, 70% from like more than $100 down to $40. And they realized that they weren't necessarily just selling oil and gas connectors. They were selling really high voltage, high power products that went into ultra harsh environments. So how do you go and find a new application for those ultra-high voltage, ultra harsh environment products that may not be oil and gas?

我的意思是，我仍然記得，有趣的是，當時石油價格從 100 多美元下降到 40 美元，下降了 60%、70%，我們行業中從事石油和天然氣工作的人。他們意識到他們不一定只是在銷售石油和天然氣連接器。他們銷售的是真正的高壓、高功率產品，適用於超惡劣的環境。那麼如何去為那些可能不是石油和天然氣的超高壓、超惡劣環境的產品尋找新的應用呢？

And then lo and behold, you do that work for some time, you maybe develop some new opportunities for those technologies, and along comes that market recovering once again. And now you've got a more stable base, kind of a second or third leg of the stool. By the same token, when you're in a really strong market, and there's no doubt about it, I mean, our folks working in IT datacom, they grew 60% on a year-over-year basis. We have individual operations that grew by a heck of a lot more than that, you can imagine. This is hard, hard work.

然後你瞧，你做了這項工作一段時間，你可能會為這些技術開發一些新的機會，隨之而來的是市場再次復甦。現在你有了一個更穩定的底座，有點像凳子的第二或第三條腿。出於同樣的原因，當你處於一個非常強勁的市場時，毫無疑問，我的意思是，我們從事 IT 數據通訊的人員，他們的收入同比增長了 60%。你可以想像，我們的個別業務的成長遠遠超過這個數字。這是一項艱苦、艱苦的工作。

I mean, I just -- I said it earlier in my prepared remarks, but I cannot commend enough our folks working around the world on these products and the sacrifices that they have made personally -- weekends, nights, travel, missing family events, and the like. I mean, it's humbling to me, let me tell you, to just bear witness to what these folks have done and thereby achieved, and which -- I get to talk about just some numbers here. But these guys have put their heart and soul into the matter.

我的意思是，我只是——我之前在準備好的演講中說過，但我對我們在世界各地為這些產品工作的人們以及他們個人做出的犧牲——週末、夜晚、旅行、錯過家庭活動、等等。我的意思是，讓我告訴你，見證這些​​人所做的事情並由此取得的成就，這對我來說是一種謙卑，我在這裡只能談論一些數字。但這些人已經全心全意地投入這件事了。

But everybody in Amphenol, regardless of where they are, they're always putting one foot on the gas and one on the brake. They're thinking, with each investment, what if this goes down. What if, inevitably, there is a cycle, and they're managing their business accordingly. So that one day, when there is a cycle -- I mean, we're a diversified company. We've been around for 92 years. We know that business goes in cycles. And it's our job to maximize our business when those cycles are strong and to moderate the impact when those cycles are not strong. And I think we've demonstrated that over a couple of decades through every cycle, whether those are big cataclysmic cycles, like the global financial crisis, the internet bubble bursting, COVID, where we've moderated the impact of this on the downside, our margins dropping to 300 basis points peak to trough in each of those cycles.

但安費諾的每個人，無論身在何處，總是一腳踩油門，一腳踩煞車。他們在每次投資時都會思考，如果情況惡化怎麼辦。如果不可避免地存在一個週期，並且他們正在相應地管理自己的業務，該怎麼辦？所以有一天，當出現一個週期時——我的意思是，我們是一家多元化的公司。我們已經存在 92 年了。我們知道商業是有周期的。我們的工作是在這些週期強勁時最大化我們的業務，並在這些週期不強勁時減輕影響。我認為我們已經證明了幾十年來的每個週期，無論是大災難性週期，例如全球金融危機、互聯網泡沫破裂、新冠疫情，我們都在其中緩和了其下行影響，在每個週期中，我們的利潤率從高峰到低谷都會下降至300 個基點。

And we've also done it in those little cycles across businesses, the best example being our mobile devices team who probably deals with the cycle three times a year. I mean, they are, every quarter, having one of these cycles, growing massively. I mean, they grew by 38% sequentially in our mobile devices team from Q2 to Q3. And probably in Q1, they're going to go down by a decent amount at that time. And so there's no doubt about it.

我們也在跨業務的小週期中做到了這一點，最好的例子是我們的行動裝置團隊，他們可能每年處理該週期三次。我的意思是，他們每季都會經歷一個這樣的周期，並且大幅成長。我的意思是，從第二季度到第三季度，我們的行動裝置團隊的數量連續成長了 38%。可能在第一季度，他們會大幅下降。所以這是毫無疑問的。

And the IT datacom team, this team who is working on AI, they have also gone through their own cycles, whether it was before COVID, coming out of COVID when we saw a flood of demand, so that people could communicate with their families and relatives and all of this -- and all of the stuff that happened to the building of the internet, and thereby the kind of inventory that was built up thereafter. And so I'm very confident in our team that not only are they going to maximize their performance here. But when inevitably a cycle comes, and I'm certainly not going to be the one to pick when that cycle will be, we'll be ready for it, as Amphenolians always have been.

IT數據通訊團隊，這個致力於人工智慧的團隊，他們也經歷了自己的週期，無論是在新冠疫情之前，還是在疫情結束後我們看到大量的需求，以便人們可以與家人溝通，親戚和所有這一切——以及在網路建設過程中發生的所有事情，以及隨後建立的庫存。因此，我對我們的團隊非常有信心，他們不僅會在這裡最大限度地發揮自己的表現。但當一個週期不可避免地到來時，我當然不會成為那個週期何時到來的人，我們會做好準備，就像安費諾人一直以來所做的那樣。

Thank you. And that was our last question. I will turn it back to Mr. Norwitt for any closing remarks.

謝謝。這是我們的最後一個問題。我將把它轉回給諾維特先生，讓他發表結束語。

Well, thank you very much to all. And I'm really grateful to have all of you on the phone here today. And I wish that you have a great finish to the year. And hard to say it, but we'll talk to you all in 2025. Thank you.

嗯，非常感謝大家。我真的很感激今天你們所有人都打電話來。我祝福您今年圓滿成功。很難說，但我們會在 2025 年與大家交談。

Thank you very much.

非常感謝。

Thank you for attending today's conference, and have a nice day.

感謝您參加今天的會議，祝您有個愉快的一天。