安費諾 (APH) 2024 Q4 法說會逐字稿

Hello, and welcome to the fourth quarter earnings conference call for Amphenol Corporation.

您好，歡迎參加安費諾公司第四季財報電話會議。

Following today's presentation, there will be a formal question-and-answer session.

今天的演講結束後，將舉行正式的問答環節。

(Operator Instructions) At the request of the company, today's conference is being recorded.

（操作員指示）應公司要求，今天的會議正在錄製。

If anyone has any objections, you may disconnect at this time.

如果有人有任何異議，您可以此時斷開連接。

I would now like to turn the conference host -- over to your host, Mr. Craig Lampo.

現在我想把會議主持人交給你們的主持人克雷格·蘭波先生。

Sir, you may begin.

先生，您可以開始了。

Thank you very much, and good afternoon, everyone.

非常感謝大家，大家午安。

This is Craig Lampo, Amphenol's CFO; and I'm here together with Adam Norwitt, our CEO.

我是 Craig Lampo，安費諾的財務長；我和我們的執行長 Adam Norwitt 一起來到這裡。

We would like to wish everyone a Happy New Year, and welcome you to our fourth quarter 2024 conference call.

我們祝大家新年快樂，並歡迎您參加我們的 2024 年第四季電話會議。

Our fourth quarter and full year 2024 results were released this morning.

我們今天上午發布了 2024 年第四季和全年業績。

I will provide some financial commentary, and then Adam will give an overview of the business and current market trends, then we will, of course, take questions.

我將提供一些財務評論，然後 Adam 將概述業務和當前市場趨勢，然後我們當然會回答問題。

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.

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。

The company closed the fourth quarter of 2024 with record sales of $4.318 billion and record GAAP and adjusted diluted EPS of $0.59 and $0.55, respectively.

該公司 2024 年第四季銷售額達到創紀錄的 43.18 億美元，GAAP 和調整後攤薄每股收益分別創紀錄的 0.59 美元和 0.55 美元。

Fourth quarter sales were up 30% in US dollars and in local currencies and up 20% organically compared to the fourth quarter of 2023.

以美元和當地貨幣計算，第四季銷售額成長了 30%，與 2023 年第四季相比，有機成長了 20%。

Sequentially, sales were up 7% in US dollars in local currencies and organically.

隨後，以當地貨幣計算的美元銷售額自然成長了 7%。

Adam will comment further on trends by market in a few minutes.

Adam 將在幾分鐘內進一步評論市場趨勢。

For full year -- for the full year 2024, sales were $15.223 billion, up 21% in US dollars and in local currencies and up 13% organically compared to 2023.

2024 年全年銷售額為 152.23 億美元，以美元和當地貨幣計算成長 21%，與 2023 年相比有機成長 13%。

Orders in the quarter were a record $5.14 billion, up 58% compared to the prior year and up 14% sequentially, resulting in a strong book-to-bill ratio of 1.16:1.

該季度訂單達到創紀錄的 51.4 億美元，比上年增長 58%，比上一季增長 14%，訂單出貨比達到 1.16:1。

For the full year, orders were $16.835 billion, up 37% compared to 2023, resulting in a book-to-bill ratio of 1.11:1. GAAP operating income was $954 million and included $12 million of acquisition-related costs in the quarter, primarily related to the pending acquisition of the Andrew businesses from CommScope.

全年訂單金額為 168.35 億美元，較 2023 年成長 37%，訂單出貨比為 1.11:1。 GAAP 營業收入為 9.54 億美元，包括本季 1,200 萬美元的收購相關成本，主要與即將從康普收購安德魯業務有關。

GAAP operating margin was a record 22.1%, which increased to 140 basis points and 180 basis points compared to the fourth quarter of '23 and the third quarter of '24, respectively.

GAAP 營業利潤率為創紀錄的 22.1%，與 2023 年第四季和 24 年第三季相比分別增至 140 個基點和 180 個基點。

Excluding these acquisition-related costs, adjusted operating income in the fourth quarter of '24 was $966 million, resulting in a record adjusted operating margin of 22.4%.

排除這些收購相關成本，2024 年第四季調整後營業收入為 9.66 億美元，調整後營業利潤率達到創紀錄的 22.4%。

On an adjusted basis, operating margin increased by 120 basis points from prior year quarter and 50 basis points sequentially.

經調整後，營業利潤率較上年同期成長 120 個基點，較上一季成長 50 個基點。

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.

調整後營業利潤率的同比增長主要是由於銷售增加帶來的強勁營運槓桿推動的，但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.

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換。

For the full year 2024, GAAP operating income was $3.157 billion which included $146 million of acquisition-related costs.

2024 年全年，GAAP 營業收入為 31.57 億美元，其中包括 1.46 億美元的收購相關成本。

Full year GAAP operating margin was 20.7%, and increased 30 basis points compared to 2023.

全年 GAAP 營業利益率為 20.7%，較 2023 年增加 30 個基點。

Excluding acquisition-related costs, full year 2024 adjusted operating income was $3.303 billion, resulting in an adjusted operating margin of 21.7%, also a record.

不計入收購相關成本，2024年全年調整後營業收入為33.03億美元，調整後營業利益率為21.7%，同樣創歷史新高。

Compared to 2023, adjusted operating margin increased 100 basis points, which was primarily driven by the strong operational performance on the higher sales levels, partially offset by dilutive impact of acquisitions.

與 2023 年相比，調整後營業利潤率增加了 100 個基點，這主要是由於較高銷售水平上的強勁營運業績推動的，但部分被收購的攤薄影響所抵消。

I am very proud of the company's record operating margin performance in the fourth quarter and for the full year, which reflects continued strong execution by our teams.

我對公司第四季和全年創紀錄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 fourth quarter results by segment compared to the fourth quarter of 2023.

與 2023 年第四季相比，按細分市場細分第四季度業績。

Sales in the Harsh Environment Solutions segment were $1.262 billion, and increased by 40% in US dollars and 8% organically, and segment operating margin was 24.2%.

惡劣環境解決方案部門的銷售額為 12.62 億美元，以美元計算成長 40%，有機成長 8%，部門營業利潤率為 24.2%。

Sales in the Communications Solutions segment were $1.928 billion, and increased by 43% in US dollars and 42% organically, and segment operating margin was 26%.

通訊解決方案部門的銷售額為 19.28 億美元，以美元計算成長 43%，有機成長 42%，部門營業利潤率為 26%。

Sales in the Interconnect and Sensor Systems segment were $1.128 billion, and increased by 4% in US dollars and 3% organically and segment operating margin was 18.6%.

互連和感測器系統部門的銷售額為 11.28 億美元，以美元計算成長 4%，有機成長 3%，部門營業利潤率為 18.6%。

Breaking down full year results by segment compared to the full year 2023.

與 2023 年全年相比，按部門細分全年業績。

Sales in the Harsh Environment Solutions segment were $4.117 billion -- sorry, $4.417 billion and increased by 25% in US dollars and 4% organically, and segment operating margin was 24.7%.

惡劣環境解決方案部門的銷售額為 41.17 億美元——抱歉，是 44.17 億美元，以美元計算增長了 25%，有機增長了 4%，部門營業利潤率為 24.7%。

Sales in the Communications Solutions segment were $6.324 billion, and increased by 29% in US dollars and 27% organically, and segment operating margin was 24.8%.

通訊解決方案部門的銷售額為 63.24 億美元，以美元計算成長 29%，有機成長 27%，部門營業利潤率為 24.8%。

Sales in the Interconnect and Sensor Systems segment were $4.482 billion and increased by 9% in US dollars and 4% organically, and segment operating margin was 18.4%.

互連和感測器系統部門的銷售額為 44.82 億美元，以美元計算成長 9%，有機成長 4%，部門營業利潤率為 18.4%。

The company's GAAP effective tax rate for the fourth quarter was 17.4% and the adjusted effective tax rate was 24%, which compared to 22% and 24% in the fourth quarter of 2023, respectively.

該公司第四季公認會計原則有效稅率為17.4%，調整後有效稅率為24%，而2023年第四季分別為22%和24%。

For the full year 2024, the company's GAAP effective tax rate was 18.9%, and the adjusted effective tax rate was 24%, which compared to 20.7% and 24% in 2023, respectively.

2024年全年，該公司的GAAP有效稅率為18.9%，調整後的有效稅率為24%，而2023年分別為20.7%和24%。

We currently expect a 0.5 point increase in our effective tax rate in 2025 compared to 2024, bringing our tax rate to 24.5%.

我們目前預計 2025 年的有效稅率將比 2024 年增加 0.5 個百分點，使稅率達到 24.5%。

This is primarily driven by our expectation of a slightly less favorable income mix in 2025, and our first quarter guidance assumes this higher 24.5% tax rate.

這主要是由於我們對 2025 年收入結構略有不利的預期，而我們第一季的指導假設稅率較高，為 24.5%。

GAAP diluted EPS was a record $0.59 in the fourth quarter, up 44% compared to the prior period and on an adjusted basis diluted EPS increased 34% to a record $0.55 compared to $0.41 in the fourth quarter of 2023.

第四季 GAAP 攤薄每股收益為創紀錄的 0.59 美元，較上一季度增長 44%，調整後攤薄每股收益增長 34%，達到創紀錄的 0.55 美元，而 2023 年第四季為 0.41 美元。

This was an excellent result.

這是一個非常好的結果。

For the full year, GAAP diluted EPS was a record $1.92, a 24% increase from $1.55 in 2023 and adjusted diluted EPS was a record $1.89 in 2024, an increase of 25% from $1.51 in 2023.

全年，GAAP 攤薄後每股收益為創紀錄的1.92 美元，較2023 年的1.55 美元增長24%，2024 年調整後攤薄後每股收益為創紀錄的1.89 美元，較2023 年的1.51 美元增長25 %。

Operating cash flow in the fourth quarter was a record $847 million or 114% of net income.

第四季營運現金流達到創紀錄的 8.47 億美元，佔淨利的 114%。

And net of capital spending, our free cash flow was $648 million or 87% of net income.

扣除資本支出後，我們的自由現金流為 6.48 億美元，佔淨利的 87%。

This was an excellent result, especially considering that our capital spending was somewhat elevated in the quarter due to investments we are making in support of the strong growth we are seeing in IT datacom and defense markets.

這是一個出色的結果，特別是考慮到我們為支援 IT 數據通訊和國防市場的強勁成長而進行的投資，本季的資本支出有所增加。

We expect to continue to have somewhat elevated levels of capital spending in the first quarter as we continue to invest to support the significant growth we are seeing in the IT datacom market, particularly related to AI applications.

我們預計第一季的資本支出水準將繼續有所提高，因為我們將繼續投資以支援 IT 數據通訊市場的顯著成長，特別是與人工智慧應用相關的市場。

For the full year 2024, operating cash flow was a record $2.815 billion or 116% of net income, and net of capital spending, our free cash flow was $2.157 billion in 2024 or 89% of net income, a strong result.

2024 年全年，營運現金流達到創紀錄的28.15 億美元，佔淨利的116%，扣除資本支出後，2024 年我們的自由現金流為21.57 億美元，佔淨利潤的89%，這是一個強勁的業績。

From a working capital standpoint, inventory days, days sales outstanding and payable days were 80, 68 and 58 days, respectively, all within their 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80天、68天及58天，均處於正常水準。

During the quarter, the company repurchased 2.4 million shares of common stock at an average price of approximately $70 and when combined with our normal quarterly dividend, total capital returned to shareholders in the fourth quarter of 2024 was $368 million and $1.280 billion for the full year of 2024.

本季度，公司以約70 美元的平均價格回購了240 萬股普通股，加上我們正常的季度股息，2024 年第四季返還給股東的總資本為3.68 億美元，全年返還給股東的資本總額為12.8 億美元2024 年。

Total debt on December 31 was $6.9 billion, and net debt was $3.6 billion, and total liquidity at the end of the quarter was $6.3 billion, which included cash and short-term investments on hand of $3.3 billion, plus availability under our existing credit facilities.

截至12 月31 日的總債務為69 億美元，淨債務為36 億美元，季度末的流動性總額為63 億美元，其中包括33 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。

Until the previously announced acquisition of the Andrew businesses from CommScope closes, we expect quarterly interest expense net of interest income earned on cash on hand to be approximately $45 million, which is reflected in our first quarter guidance.

在先前宣布的從康普收購安德魯業務的交易完成之前，我們預計扣除手頭現金賺取的利息收入後的季度利息支出約為 4500 萬美元，這反映在我們第一季的指導中。

We continue to expect the CommScope acquisition to close in the first quarter of 2025.

我們繼續預期康普收購將於 2025 年第一季完成。

Excluding acquisition-related costs, costs, fourth quarter and full year 2024 EBITDA was $1.137 billion and $3.902 billion, respectively, At the end of the fourth quarter of 2024, our net leverage ratio was 0.9x. We are very pleased that the company's financial condition remained strong by any measure.

剔除收購相關成本、成本，2024年第四季及全年EBITDA分別為11.37億美元及39.02億美元，截至2024年第四季末，我們的淨槓桿率0.9倍。我們非常高興該公司的財務狀況無論以何種標準衡量都保持強勁。

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.

嗯，非常感謝你，克雷格。

And I hope its not too late to wish everybody here on the call a Happy New Year from frozen Wallingford, Connecticut.

我希望現在從康乃狄克州寒冷的沃靈福德祝大家新年快樂還不算太晚。

And I hope all of you are able to stay warm on this very chilly but beautiful winter day.

我希望你們所有人都能在這個寒冷但美麗的冬天保持溫暖。

As Craig mentioned, I'm going to highlight some of our achievements in the fourth quarter and the full year.

正如克雷格所提到的，我將重點介紹我們在第四季和全年所取得的一些成就。

I'll then discuss our trends across our served markets, and then -- then I'll comment on our outlook for the first quarter, and of course, we'll have time for questions.

然後我將討論我們所服務的市場的趨勢，然後我將評論我們對第一季的前景，當然，我們將有時間提問。

With respect to the fourth quarter, the company had a very strong finish to a successful 2024 with sales and adjusted diluted earnings per share, both exceeding the high end of our guidance here in the fourth quarter.

就第四季度而言，該公司在 2024 年取得了非常強勁的成績，銷售額和調整後的稀釋每股收益均超過了我們第四季度指導的上限。

Sales grew by 30% in US dollars and local currencies, reaching a new record of $4.318 billion.

以美元和當地貨幣計算的銷售額成長了 30%，達到 43.18 億美元的新紀錄。

And on an organic basis, our sales increased by a very strong 20% with growth across virtually all of our served markets.

在有機基礎上，我們的銷售額強勁成長了 20%，幾乎所有我們服務的市場都有成長。

The company booked just over $5 billion in orders in the fourth quarter, also a new record for the company and representing another strong book-to-bill of 1.16:1. Orders grew by a very strong 58% from prior year and were also up 14% sequentially.

該公司第四季的訂單量略高於 50 億美元，這也是該公司的新紀錄，訂單出貨比也達到了 1.16:1。訂單量較去年大幅增加 58%，較上季成長 14%。

These strong orders were once again driven primarily by data center demand related, in particular, to artificial intelligence or AI investments by a number of our large customers.

這些強勁的訂單再次主要受到與資料中心相關的需求的推動，特別是與我們許多大客戶的人工智慧或人工智慧投資相關的需求。

We're pleased to have delivered record adjusted operating margins of 22.4% in the quarter, an increase of 120 basis points from prior year and 50 basis points sequentially.

我們很高興本季調整後營業利潤率達到創紀錄的 22.4%，比上年增加 120 個基點，比上一季增加 50 個基點。

I would just say that this superior profitability is a direct result of the outstanding execution of the Amphenol team around the world.

我只想說，這種卓越的獲利能力是安費諾全球團隊出色執行力的直接結果。

Adjusted diluted EPS in the quarter grew by 34% from prior year and reached a new record of $0.55.

該季度調整後攤薄每股收益較上年同期增長 34%，達到 0.55 美元的新紀錄。

Finally, the company generated record operating cash flow of $847 million as well as free cash flow of $648 million in the fourth quarter, both clear reflections of the quality of the company's earnings.

最後，該公司第四季度營運現金流達到創紀錄的 8.47 億美元，自由現金流達到 6.48 億美元，這兩者都清楚反映了公司獲利的品質。

I just have to say that I can't express enough my pride in the Amphenol team.

我不得不說，我無法表達我對安費諾團隊的自豪感。

Our results this quarter once again reaffirmed the value of the discipline and agility of our entrepreneurial organization as we have continued to perform well amidst a very dynamic environment.

我們本季的業績再次證實了我們創業組織的紀律和敏捷性的價值，因為我們在充滿活力的環境中繼續表現良好。

Now turning to the full year of 2024.

現在轉向2024年全年。

I just want to say that this is a truly successful year for Amphenol.

我只想說，今年對安費諾來說是真正成功的一年。

We expanded our position in the overall market, growing sales by 21% in US dollars and local currency and 13% organically, reaching a new sales record of $15.2 billion.

我們擴大了在整個市場的地位，以美元和當地貨幣計算的銷售額成長了 21%，有機銷售額成長了 13%，達到 152 億美元的新銷售記錄。

As we cross $15 billion in sales in 2024, our organization is proud that we have grown our sales by 40% just in the last 3 years, and this is a great reflection of our organization's ability to navigate market uncertainties while capitalizing on the broad array of opportunities arising across the electronics industry.

到2024 年，我們的銷售額將突破150 億美元，我們的組織感到自豪的是，我們的銷售額僅在過去3 年就增長了40%，這很​​好地反映了我們組織在充分利用廣泛領域的同時應對市場不確定性的能力電子產業中出現的機會。

Our full year 2024 adjusted operating margins reached a record 21.7%, an increase of a full 100 basis points from prior year, and this strong level of profitability enabled us to achieve record adjusted diluted EPS of $1.89.

2024 年全年調整後營業利潤率達到創紀錄的 21.7%，比上年增長了整整 100 個基點，這種強勁的盈利水平使我們能夠實現創紀錄的調整後攤薄每股收益 1.89 美元。

And finally, we generated record operating cash flow of $2.815 billion and free cash flow of $2.157 billion, clear confirmations of the company's superior execution and disciplined working capital management.

最後，我們創造了創紀錄的 28.15 億美元營運現金流和 21.57 億美元自由現金流，這清楚地證明了公司卓越的執行力和嚴格的營運資本管理。

Also very pleased that our acquisition program again created great value in 2024.

我們也很高興我們的收購計劃在 2024 年再次創造了巨大價值。

We completed the acquisition of Carlisle Interconnect Technologies, our largest ever, together with the acquisition of Lutze US and Europe.

我們完成了對 Carlisle Interconnect Technologies 的收購，這是我們有史以來最大的收購，同時也收購了 Lutze 美國和歐洲公司。

These acquisitions have collectively added annualized sales of more than $1 billion to the company while enhancing Amphenol's position across a broad array of technologies and bringing outstanding and talented individuals into our family.

這些收購總共為公司增加了超過 10 億美元的年銷售額，同時增強了 Ampheno 在廣泛技術領域的地位，並為我們的大家庭帶來了傑出人才。

In addition, as previously announced, in July, we signed the acquisition for the Andrew businesses from CommScope.

此外，正如先前宣布的那樣，我們於 7 月簽署了從康普收購安德魯業務的協議。

This outstanding acquisition, which we still expect to close here in the first quarter of 2025 will also strengthen the company's position in the global communications market while adding incredible technologies and team members to Amphenol.

我們仍預計將在 2025 年第一季完成這項出色的收購，這也將鞏固該公司在全球通訊市場的地位，同時為安費諾增添令人難以置信的技術和團隊成員。

We returned substantial cash to shareholders in 2024, buying back 11.1 million shares under our share repurchase program and increasing our quarterly dividend by 50%, and this represented a total return of capital to shareholders of nearly $1.3 billion.

2024 年，我們向股東返還了大量現金，根據股票回購計畫回購了 1,110 萬股股票，並將季度股息增加了 50%，這意味著向股東返還的資本總額接近 13 億美元。

As we enter 2025, I remain excited about the opportunities ahead of us.

進入 2025 年，我對眼前的機會仍然感到興奮。

Our agile entrepreneurial organization has created a new position of strength from the company, from which we can continue to drive superior long-term performance.

我們敏捷的創業組織為公司創造了新的優勢地位，我們可以從中繼續推動卓越的長期績效。

Now turning to the trends and our progress across our diversified served markets.

現在轉向我們多元化服務市場的趨勢和進展。

I would just comment that we're very pleased that the company's end market exposure remains highly diversified, balanced and broad.

我只想評論說，我們非常高興該公司的終端市場敞口仍然高度多元化、平衡和廣泛。

This diversification continues to create great value for Amphenol because it enables us to participate across all areas of the global electronics industry, all while not being disproportionately exposed to the volatility of any given market or application.

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。

So turning first to the defense market.

因此首先轉向國防市場。

This market represented 10% of our sales in the quarter and 11% of our sales for the full year 2024.

該市場占我們本季銷售額的 10%，佔 2024 年全年銷售額的 11%。

Sales in the fourth quarter grew strongly from prior year, increasing by 16% in US dollars and local currency.

第四季的銷售額較去年同期強勁增長，以美元和當地貨幣計算增長了 16%。

On an organic basis, sales increased by 9%, with broad-based growth across virtually all defense applications, and this included in particular, space, ground vehicles, avionics, airframe and communications.

從有機角度來看，銷售額成長了 9%，幾乎所有國防應用領域都有廣泛成長，特別是太空、地面車輛、航空電子設備、機身和通訊領域。

Sequentially, our sales increased by 4%, which was in line with our expectations coming into the quarter.

隨後，我們的銷售額成長了 4%，這符合我們對本季的預期。

For the full year 2024, our sales grew by 15% in US dollars and local currency and by 9% organically, and this reflected our superior operational execution together with growth across really all segments of the defense market.

2024 年全年，我們的銷售額以美元和當地貨幣計算增長了 15%，有機增長了 9%，這反映了我們卓越的營運執行力以及國防市場各個領域的增長。

I would just note here that our growth in 2024 was particularly strong in Europe, and that reflected our broad and leading position across the many countries there who are increasing their defense spending.

我想在此指出，2024 年我們在歐洲的成長尤其強勁，這反映了我們在歐洲許多正在增加國防開支的國家中的廣泛和領先地位。

Looking into the first quarter, we expect sales to remain roughly at these levels, and we remain encouraged by the company's leading position in the defense interconnect market, where we continue to offer the industry's widest range of high-technology products.

展望第一季度，我們預計銷售額將大致保持在這些水平，並且我們仍然對該公司在國防互連市場的領先地位感到鼓舞，我們將繼續在該市場提供業界最廣泛的高科技產品。

Amidst the current dynamic geopolitical environment, countries around the world are expanding their spending on both current and next-generation defense technologies.

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。

With our investments in the development of a broad array of new products as well as in the capacities to build them around the world, we're well positioned to capitalize on this long-term demand potential.

憑藉我們對開發各種新產品以及在世界各地生產這些產品的能力的投資，我們已做好充分利用這一長期需求潛力的準備。

The commercial air market represented 6% of our sales and for the full year of 2024 and in the fourth quarter, sales grew by a strong 137% in US dollars and local currency.

商用航空市場占我們銷售額的 6%，2024 年全年和第四季度，以美元和當地貨幣計算的銷售額強勁增長 137%。

And on an organic basis, our sales increased by 18% from prior year and this is really driven by broad-based strength with virtually all commercial aircraft manufacturers.

從有機角度來看，我們的銷售額比上年增長了 18%，這實際上是由幾乎所有商用飛機製造商的廣泛實力所推動的。

Sequentially, our sales grew as expected by 7% from the third quarter.

隨後，我們的銷售額比第三季成長了 7%，符合預期。

For the full year 2024, our sales increased by 86% in US dollars and local currency as we benefited from the acquisition of CIT as well as from strong underlying growth in the market.

2024 年全年，我們的銷售額以美元和當地貨幣計算成長了 86%，這得益於收購 CIT 以及市場強勁的潛在成長。

And in fact, organically, our sales increased by 15% from prior year, and that really did reflect our robust design-in position on a broad range of jetliner platforms.

事實上，從有機角度來看，我們的銷售額比去年增長了 15%，這確實反映了我們在各種噴射客機平台上的強大設計地位。

Looking into the first quarter, we expect sales to moderate in the high -- mid- to high single-digit range sequentially.

展望第一季度，我們預期銷售額將連續在高、中、高個位數範圍內放緩。

I'm just really proud of our team working in the commercial air market.

我為我們在商業航空市場工作的團隊感到非常自豪。

With the ongoing growth and demand for aviation, our efforts to expand our product offering, both organically and through our acquisition program are paying real dividends.

隨著航空業的持續成長和需求，我們透過有機方式和收購計畫擴大產品供應的努力正在帶來真正的紅利。

We continue to see great long-term opportunities for our technology offering in this important market, and we look forward to realizing the benefits of our growth initiatives for many years to come.

我們繼續看到我們的技術在這個重要市場中存在巨大的長期機會，我們期待在未來許多年實現我們的成長計劃的好處。

Now turning to the industrial market.

現在轉向工業市場。

This market represented 23% of our sales in the fourth quarter and 24% for the full year 2024.

該市場占我們第四季銷售額的 23%，佔 2024 年全年銷售額的 24%。

Our sales in the quarter grew by 26% in US dollars and local currency from prior year.

以美元和當地貨幣計算，我們本季的銷售額比去年同期成長了 26%。

And on an organic basis, we were pleased that sales grew by 6% from prior year with growth in instrumentation, alternative energy, battery and electric heavy vehicles, medical as well as rail mass transit applications.

在有機基礎上，我們很高興看到銷售額比上年增長了 6%，其中儀器儀表、替代能源、電池和電動重型車輛、醫療以及鐵路公共交通應用領域都有增長。

On a sequential basis, our sales grew by 3%, which was better than our expectation coming into the quarter.

以環比計算，我們的銷售額成長了 3%，優於我們對本季的預期。

For the full year 2024, sales grew by 14% in US dollars and local currency as we benefited from the impact of our acquisitions.

2024 年全年，由於我們受益於收購的影響，以美元和當地貨幣計算的銷售額成長了 14%。

Organically, sales declined by 2% from prior year as strength in rail mass transit, alternative energy and medical applications were more than offset by moderations in other markets.

整體而言，銷售額較上年下降 2%，原因是軌道運輸、替代能源和醫療應用的強勁勢頭被其他市場的放緩所抵消。

Looking into the first quarter of 2025, we now expect sales to decline in the low single digits from these fourth quarter levels.

展望 2025 年第一季度，我們現在預計銷售額將比第四季的水平低個位數下降。

I will say that in 2024, despite the overall market moderation, we did continue to expand our range of products and capabilities in service of the diversified global industrial market.

我想說，2024年，儘管整體市場放緩，但我們確實繼續擴大我們的產品範圍和能力，以服務多元化的全球工業市場。

Demand did moderate in particular, in Europe this year, but we remain encouraged by the company's strength across the many diversified segments of this important market.

今年歐洲的需求確實有所放緩，但我們仍然對該公司在這個重要市場的許多多元化領域的實力感到鼓舞。

As demand now begins to improve, I'm confident that our long-term strategy to expand our high-technology interconnect antenna and sensor offering, both organically and through complementary acquisitions, has positioned us to capitalize on the many electronics revolutions that will no doubt continue to occur across the industrial market.

隨著需求現在開始改善，我相信，我們透過有機方式和互補性收購來擴大高科技互連天線和感測器產品的長期策略，使我們能夠利用許多電子革命，這無疑將成為未來的趨勢。市場繼續發生這種情況。

The automotive market represented 18% of our sales in the quarter and 20% of our sales for the full year.

汽車市場占我們本季銷售額的 18%，佔全年銷售額的 20%。

Sales in the fourth quarter were down by 3% in US dollars and local currencies and organic, and that was really driven particularly by lower demand from European customers, which more than offset organic growth in North America and Asia.

第四季的銷售額以美元和當地貨幣計算以及有機銷售額下降了 3%，這實際上是由歐洲客戶需求下降推動的，這遠遠抵消了北美和亞洲的有機成長。

Sequentially, our automotive sales increased by 1%, which was a bit better than our expectations coming into the quarter.

隨後，我們的汽車銷量成長了 1%，略好於我們對本季的預期。

For the full year 2024, our sales increased by 6% in US dollars and local currencies and by 4% organically, and this was driven particularly by strong performance in North America and Asia, which was partially offset by reduced demand in Europe.

2024 年全年，我們的銷售額以美元和當地貨幣計算增長了 6%，有機增長了 4%，這尤其受到北美和亞洲強勁業績的推動，但部分被歐洲需求減少所抵消。

Looking into the first quarter of 2025, we expect a seasonal moderation in sales from this quarter's levels.

展望 2025 年第一季度，我們預期銷售額將較本季水準出現季節性放緩。

Just want to say that I'm really proud of our team working in the automotive market.

只是想說，我為我們在汽車市場工作的團隊感到非常自豪。

While there are clearly some uncertainties in the market, in particular, in Europe, our team remains focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles.

儘管市場（尤其是歐洲）顯然存在一些不確定性，但我們的團隊仍然專注於與正在車輛中實施各種新技術的客戶一起推動新的設計勝利。

And this includes everything from electrified drivetrains to a whole multitude of other exciting applications that we're working on.

這包括從電氣化傳動系統到我們正在開發的眾多其他令人興奮的應用程式的一切。

And we look forward to benefiting from our strong position in the automotive market for many years to come.

我們期待在未來的許多年裡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 and 9% of our sales for the full year.

行動裝置市場占我們本季銷售額的 10%，佔全年銷售額的 9%。

In the fourth quarter, our sales grew by a robust 15% in US dollar, local currency and organically as strong growth in smartphones, laptops and wearables was only partially offset by a moderation in sales into tablets.

第四季度，我們的銷售額（以美元、當地貨幣計算）強勁增長 15%，智慧型手機、筆記型電腦和穿戴式裝置的強勁成長僅部分被平板電腦銷售額的放緩所抵消。

Sequentially, our sales increased by 7%, which was much better than our expectations coming into the quarter.

隨後，我們的銷售額成長了 7%，這比我們對本季的預期要好得多。

And for the full year, I'm really pleased that our sales in the mobile devices market increased by 11% in US dollars and organically, and this was driven by growth in virtually all mobile device applications.

就全年而言，我真的很高興我們在行動裝置市場的銷售額以美元計算有機增長了 11%，這是由幾乎所有行動裝置應用程式的成長所推動的。

As we look into the first quarter of 2025, we do anticipate a typical seasonal sequential decline in the sort of mid-30% range.

當我們展望 2025 年第一季時，我們確實預期典型的季節性環比下降幅度在 30% 左右。

I'm very proud of our team who's working in the always dynamic and volatile mobile devices market as their agility and reactivity have once again enabled us to capture incremental sales here in the fourth quarter.

我為我們的團隊感到非常自豪，他們在始終充滿活力和波動的行動裝置市場中工作，因為他們的敏捷性和反應能力再次使我們能夠在第四季度獲得增量銷售。

And 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 that we're positioned very well for the long term.

我相信，憑藉我們領先的天線陣列、互連產品和為各種新一代行動裝置設計的機制，我們的長期定位非常好。

The IT datacom market represented 27% of our sales in the fourth quarter and 24% of our sales for the full year.

IT 數據通訊市場占我們第四季銷售額的 27% 和全年銷售額的 24%。

Sales in this market grew by a very strong 76% in US dollar, local currency and organically, and this was driven by the continued acceleration in demand for our products used in AI applications together with continued growth in our base IT datacom business.

該市場的銷售額以美元、當地貨幣計算，有機增長了 76%，這是由於人工智慧應用中使用的產品需求持續加速，以及我們基礎 IT 數據通訊業務的持續增長所推動的。

On a sequential basis, sales increased by 17% from the third quarter, substantially better than our expectations coming into the quarter.

從環比來看，銷售額較第三季成長了 17%，大大優於我們對本季的預期。

This sequential growth was driven essentially by growth in AI-related applications.

這種連續成長主要是由人工智慧相關應用程式的成長所推動的。

For the full year of 2024, our sales in the IT datacom market grew by a very strong 57% in US dollars and 56% organically as we benefited from strong demand for AI-related applications as well as growth in our non-AI IT datacom business.

2024 年全年，我們在 IT 數據通訊市場的銷售額以美元計算強勁增長 57%，有機增長 56%，這得益於對人工智能相關應用程序的強勁需求以及非人工智能 IT 數據通信的增長商業。

Looking ahead, we expect a further mid-single-digit sequential increase in sales in the first quarter as investments in AI-related data centers continue to accelerate.

展望未來，隨著人工智慧相關資料中心的投資持續加速，我們預期第一季銷售額將進一步實現中個位數將較上季成長。

We are more encouraged than ever by the company's position in the global IT datacom market.

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。

Our team continues to do an outstanding job securing future business on next-generation IT systems particularly those enabling AI.

我們的團隊將繼續出色地工作，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。

This revolution in AI continues to create a unique opportunity for Amphenol given our leading high-speed and power interconnect products, and really whether high-speed power or fiber optic, our products are critical components in these next-generation networks, and this creates a continued long-term growth opportunity for Amphenol.

鑑於我們領先的高速和電源互連產品，人工智慧的這場革命繼續為安費諾創造了獨特的機會，而且無論是高速電源還是光纖，我們的產品都是這些下一代網路的關鍵組件，這創造了為安費諾提供持續的長期成長機會。

Now turning to the broadband and the mobile networks markets.

現在轉向寬頻和行動網路市場。

I just want to note that with the pending acquisition of the Andrew businesses from CommScope that effective in the first quarter of 2025 and going forward, we will combine the broadband and mobile networks markets into one market that we will refer going forward to as the communications network market.

我只想指出，隨著即將從康普手中收購安德魯業務（將於 2025 年第一季生效）以及今後，我們將把寬頻和行動網路市場合併為一個市場，我們稱之為通訊市場。市場。

The broadband market represented 3% of our sales in the fourth quarter and 3% for the full year 2024.

寬頻市場占我們第四季銷售額的 3%，佔 2024 年全年銷售額的 3%。

Sales in the fourth quarter grew by 10% in US dollars and 11% in local currency and organic as demand from broadband operators improved.

隨著寬頻業者需求的改善，第四季的銷售額以美元計算成長了 10%，以當地貨幣計算增加了 11%。

On a sequential basis, our sales increased by a very strong 14%, which was well-ahead of our expectations for actually a high single-digit sales decline.

環比來看，我們的銷售額強勁成長了 14%，遠遠超出了我們對實際銷售額大幅下降的預期。

For the full year of 2024, sales in the broadband market were down by 11% in US dollars, local currency and organically, and that was driven really by a moderation in broadband operator spending.

2024 年全年，寬頻市場的銷售額以美元、當地貨幣計算自然下降了 11%，這實際上是由寬頻業者支出放緩所致。

The mobile networks market represented 3% of our sales in the fourth quarter and 3% for the full year of 2024.

行動網路市場占我們第四季銷售額的 3%，佔 2024 年全年銷售額的 3%。

Sales in the fourth quarter increased by prior year by a strong 25% in US dollars and local currency and 21% organically as we benefited from increased spending by mobile network operators as well as wireless equipment manufacturers.

第四季的銷售額以美元和當地貨幣計算較去年同期強勁增長 25%，有機增長 21%，這得益於行動網路營運商和無線設備製造商支出的增加。

Sequentially, our sales decreased by 4%, but this was much better than our expectations coming into the quarter.

隨後，我們的銷售額下降了 4%，但這比我們對本季的預期要好得多。

And for the full year of 2024, sales grew by 11% from prior year and 5% organically.

2024 年全年銷售額較前一年成長 11%，有機成長 5%。

And this was driven by a strengthening in the mobile networks market, in particular in the second half of the year.

這是由行動網路市場的走強所推動的，尤其是在今年下半年。

So now looking ahead to the first quarter, we expect the newly named communications networks market to see a mid-teens decline in sales from these strong fourth quarter levels.

因此，現在展望第一季度，我們預計新命名的通訊網路市場的銷售額將較第四季度的強勁水平出現十幾歲左右的下降。

And as a reminder, this guidance excludes the impact of acquisitions that have not yet closed and therefore excludes the impact of the Andrew acquisition that we still expect to close in the first quarter.

提醒一下，該指引排除了尚未完成的收購的影響，因此排除了我們仍預計在第一季度完成的安德魯收購的影響。

I would just say that we're very well positioned with customers across the communications networks market and we look forward to continuing to support our OEM and service provider customers in 2025 and beyond.

我只想說，我們在通訊網路市場的客戶中處於非常有利的地位，我們期待在 2025 年及以後繼續為我們的 OEM 和服務供應商客戶提供支援。

Our teams around the world are working aggressively to realize the benefits of our efforts to expand our position in next-generation technologies, and we look forward to the increased potential that comes from Amphenol's unique position with both equipment manufacturers and mobile service providers.

我們遍布世界各地的團隊正在積極努力，以實現擴大我們在下一代技術中的地位的努力的好處，我們期待著安費諾在設備製造商和行動服務提供者中的獨特地位所帶來的更大潛力。

As we look forward to welcoming the Andrew team to Amphenol, we remain poised to further build on our position as mobility technology innovation continues to accelerate.

當我們期待安德魯團隊來到安費諾時，隨著行動技術創新的不斷加速，我們仍然準備好進一步鞏固我們的地位。

Now turning to our outlook.

現在轉向我們的展望。

And obviously, assuming the continuation of current market conditions as well as constant exchange rates.

顯然，假設當前市場狀況持續且匯率不變。

For the first quarter, we now expect sales in the range of $4 billion to $4.100 billion and adjusted diluted EPS in the range of $0.49 to $0.51. This guidance would represent sales growth for the first quarter -- from the first quarter of 2024 of 23% to 26% and adjusted diluted EPS growth of 23% to 28%.

目前，我們預計第一季銷售額將在 40 億美元至 41 億美元之間，調整後稀釋後每股收益將在 0.49 美元至 0.51 美元之間。該指引將代表第一季的銷售成長——從 2024 年第一季的 23% 到 26%，調整後的稀釋後每股收益成長從 23% 到 28%。

And I would just reiterate here that 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 Amphenol's market position while driving sustainable and strong profitability over the long term.

我在此重申，我對我們傑出的管理團隊有能力適應當前環境中的眾多機會和挑戰，並繼續提高安費諾的市場地位，同時推動長期可持續和強勁的盈利能力仍然充滿信心。

And finally, I would like to take this opportunity to thank our entire global team around the world for their truly outstanding efforts here in the fourth quarter and in the full year of 2024.

最後，我想藉此機會感謝我們在世界各地的整個全球團隊在第四季和 2024 年全年所做的真正出色的努力。

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。

Thank you.

謝謝。

The question-and-answer period will now begin.

問答環節現在開始。

Luke Junk, Baird.

路克垃圾，貝爾德。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Adam in late January only in the year.

亞當僅在一年中的一月下旬。

Just be curious to hear what your number one, number one below the radar opportunity for Amphenol into '25, AI is much discussed of course as are the new CIT and pending Andrew acquisitions, but what about below the radar opportunity either end market or operationally that you're excited about in the coming year?

只是好奇地想聽聽你的第一，第一低於安費諾進入'25的雷達機會，人工智能當然是很多討論的，新的CIT和懸而未決的安德魯收購，但低於雷達機會無論是終端市場還是營運來年你對什麼感到興奮？

Thank you.

謝謝。

Well, Luke, thank you very much.

嗯，盧克，非常感謝你。

I mean I would burn the next five hours, if I started to talk about all of the little bits and bobs of opportunities that we faced.

我的意思是，如果我開始談論我們面臨的所有點點滴滴的機會，我會花掉接下來的五個小時。

And so I'm going to punt a little bit on that.

所以我要在這一點上賭一點。

But just to tell you one thing, which is that, we see across the company so much opportunity with the revolution of electronics.

但我只想告訴你一件事，那就是，我們在整個公司看到了電子革命帶來的巨大機會。

I was just, a couple of weeks ago, out in Las Vegas at the Consumer Electronics Show.

幾週前，我剛在拉斯維加斯參加消費電子展。

And I know for a lot of people going to CES as kind of a chore and they dread it.

我知道對很多人來說去 CES 是一件苦差事，他們害怕它。

They spend their whole Christmas holiday dreading going on the first week of January to roam around the crowded aisleways of CES.

他們整個聖誕節假期都在害怕一月的第一周在 CES 擁擠的過道裡閒逛。

For me, it's the most exciting thing on Earth to go.

對我來說，這是地球上最令人興奮的事。

I think I've burnt nearly 30,000 steps in one day, wandering the hallways, looking at this extraordinary array of what's going on in the world.

我想我一天內已經走了近 30,000 步，在走廊上漫步，看著世界上發生的一系列非凡的事情。

And there was one thing that we see in our business, and you saw on full display in Las Vegas, which is the real convergence of all of these things that have been going on, things like robotics and next-generation vehicles and next-generation consumer devices, IoT and the like, and converging that with now this revolution in accelerated computing, and the combination of the device and product innovation with the acceleration of compute power that really is AI.

我們在業務中看到了一件事，你在拉斯維加斯充分展示了這一點，這就是所有正在發生的事情的真正融合，例如機器人技術和下一代汽車以及下一代消費設備、物聯網等，並將其與現在這場加速運算的革命相融合，以及設備和產品創新與運算能力加速的結合，這就是真正的人工智慧。

For me, that's going to unlock opportunities across our industry that we never could have imagined before, and when I spent those 30,000 steps in my half day of walking and burning out my shoe leather at CES, I just saw this over and over and over again.

對我來說，這將為整個行業帶來我們以前從未想像過的機會，當我在 CES 上半天步行 30,000 步並燒壞我的鞋革時，我一遍又一遍地看到這一點再次。

And so I am really excited about that convergence, and I'm really excited about what that's going to create the unknown new industries that are going to come out of this accelerated compute and that convergence with the amazing developments around product technology that we, as a company, are enabling across all of our end markets.

因此，我對這種融合感到非常興奮，而且我對這將創造出未知的新行業感到非常興奮，這些行業將通過加速計算以及與我們作為產品技術的驚人發展的融合而產生。為我們所有的終端市場提供支援。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Adam, if I can just ask you one on the data-AI connectors particularly.

Adam，我可以具體問你一個關於資料人工智慧連接器的問題嗎？

And there's been a lot of news reports about the complexity of the connectors that you're manufacturing for these AI systems.

有很多關於您為這些人工智慧系統製造的連接器的複雜性的新聞報導。

I mean if you can talk about the implications of the complexity increase that you're seeing there in terms of both market share for Amphenol and how that trends long term with the increase in complexity vis-a-vis sort of the need maybe for customers to look at some of the level of simplification over time?

我的意思是，如果您能談談複雜性增加的影響，您所看到的安費諾市場份額以及隨著複雜性增加與客戶需求的長期趨勢如何隨著時間的推移，看看一些簡化程度？

And how does that sort of impact your content opportunity on a generation-to-generation basis?

這對一代又一代的內容機會有何影響？

That will be helpful if you can talk about those drivers.

如果您能談論這些驅動程序，那將會很有幫助。

Thank you.

謝謝。

Yes.

是的。

Thanks very much, Samik.

非常感謝，薩米克。

It was a little broken, but I think I got the gist of your question.

雖然有點破損，但我想我明白了你問題的要點。

Look, the complexity is a great thing for Amphenol.

瞧，複雜性對安費諾來說是件好事。

And we've talked about this already a number of times with this advent and with the development and the acceleration of the investments in AI, that what is really unique about these systems is the fact that these chips, the processors, have to all talk to each other to make the complex calculations and the probability calculations that ultimately creates a learning model or a neural network or machine learning, whatever it is, you want to call it.

隨著人工智慧的出現以及人工智慧投資的發展和加速，我們已經多次討論過這一點，這些系統的真正獨特之處在於這些晶片、處理器必須都能夠說話彼此進行複雜的計算和機率計算，最終創建一個學習模型或神經網路或機器學習，無論它是什麼，你想稱呼它。

And our products are an integral part of that connectivity of linking chips to chips and then linking them across the various devices in the data center.

我們的產品是將晶片與晶片連接起來，然後將它們連接到資料中心的各種設備的連接中不可或缺的一部分。

We -- is that complex, it is by definition because the products have to all talk to each other.

我們——就那麼複雜，根據定義，這是因為所有產品都必須相互通訊。

And so then it's a question of can we solve our customers' problems with the highest speed, lowest latency interconnects that enable those chips to talk to each other, to make those calculations amongst themselves.

因此，問題是我們能否透過最高速度、最低延遲的互連來解決客戶的問題，使這些晶片能夠相互通信，並在它們之間進行計算。

And to do that using the lowest possible amount of energy because I think nobody -- you cannot pick up an article about AI without also hearing in the same breadth about the challenges around the power supply for these networks as they're being built out.

而且要使用盡可能低的能源來做到這一點，因為我認為沒有人會在閱讀有關人工智慧的文章時，同時也廣泛了解這些網路在建設過程中所面臨的電源挑戰。

And the beauty of the products that we supply is they accomplish both.

我們提供的產品的美妙之處在於它們同時實現了這兩點。

They are enabling the high speed, enabling the low latency but also doing that with a much more significant reduction in power than you would get from certain other architectures.

它們實現了高速、低延遲，但與某些其他架構相比，它們還可以顯著降低功耗。

And -- but for us, we're agnostic to how customers go about architecting these products as long as they continue to make investments broadly across the board, in these new AI architectures, which just are by definition going to have a more intensive content of interconnect products for our industry and where Amphenol, we're confident we'll able to gain more than our fair share of that opportunity.

而且 - 但對我們來說，只要客戶繼續在這些新的人工智慧架構中進行全面廣泛的投資，我們就不知道客戶如何建立這些產品，而根據定義，這些架構將具有更密集的內容為我們的產業和安費諾提供互連產品，我們有信心獲得比我們應得的更多的機會。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Adam, hoping you can just maybe talk a little bit more about the AI theme and maybe the part you can talk about is just the durability of growth you're seeing on the AI front would be helpful.

Adam，希望你能多談談人工智慧主題，也許你能談論的部分只是你在人工智慧方面看到的成長的持久性會有所幫助。

I think $5 billion of orders is extremely impressive.

我認為 50 億美元的訂單非常令人印象深刻。

Maybe you can just touch on what's the duration of this book, how does that convert to revenue?

也許你可以談談這本書的持續時間，它如何轉化為收入？

And then really related to AI, you folks had a really nice shot out from NVIDIA on the earnings call recently.

與人工智慧相關的是，你們最近在財報電話會議上從 NVIDIA 獲得了非常好的表現。

So clearly, you're working very closely with them.

很明顯，您正在與他們密切合作。

But, typically, when we see in your traditional smartphones, the switches and everything else, your content typically goes up as you go from Gen 1 to Gen 2 to Gen 3.

但是，通常情況下，當我們在傳統智慧型手機、交換器和其他所有裝置中看到時，您的內容通常會隨著從第 1 代到第 2 代再到第 3 代的變化而增加。

Would that hold true for AI as well?

對於人工智慧也是如此嗎？

Or is there something different here?

或者這裡有什麼不同嗎？

Yes.

是的。

Well, thanks very much, Amit.

嗯，非常感謝，阿米特。

And look, we are very pleased with the company's position on these next-generation systems.

看，我們對公司在這些下一代系統上的地位感到非常滿意。

And I've talked about the fact that we're working with really players up and down the stack from folks who are actually making the investments themselves in these data centers, all the way down to folks who are designing the chips and the systems around those chips and everything in between.

我已經談到了這樣一個事實，即我們正在與堆疊中的真正參與者合作，從那些實際上自己在這些數據中心進行投資的人，一直到那些正在設計晶片和系統的人這些晶片以及介於兩者之間的所有東西。

And we're really proud of our position and the breadth of our position.

我們對我們的地位和我們地位的廣度感到非常自豪。

And I think the breadth of that position and the strength of our products is really a very durable position in as much as there is not a backward trend in performance.

我認為這一地位的廣度和我們產品的實力確實是一個非常持久的地位，因為性能沒有落後趨勢。

Performance of these systems is a one-way ratchet.

這些系統的性能是單向棘輪的。

And as we continue to enable and push the limits of the performance of the program, that further strengthens our position across that entire stack of the investment.

隨著我們繼續啟用並突破該計劃的性能極限，這將進一步加強我們在整個投資堆疊中的地位。

Now are we going to win 100% of everything?

現在我們要贏得100%的一切嗎？

Of course, not.

當然不是。

I mean we have great competitors and some of those competitors are actually our licensed partners in certain cases.

我的意思是，我們有強大的競爭對手，其中一些競爭對手在某些情況下實際上是我們的授權合作夥伴。

But I would say that with Amphenol's leading position in high-speed and power products, it puts us certainly in a position to gain more than our fair share of that.

但我想說，憑藉安費諾在高速和電源產品領域的領先地位，我們肯定能夠獲得比我們應得的份額更多的收益。

I -- we're very pleased for any positive comments we get.

我——我們對收到的任何正面評論感到非常高興。

I will continue my trend of not making any comments about any customers.

我將繼續我的做法，不對任何客戶發表任何評論。

But what I will say is that as our customers think about the generational shifts and the performance increases in their products, we will have a very prominent role with them in helping to enable those generational changes, whether they're looking for more performance, whether they're looking for more power efficiency, whether they're looking to embed more complexity into those systems, those are all areas where we are already deeply at the table in a real partnership with all of our customers as they push the limits of this very, very exciting revolution in AI.

但我要說的是，當我們的客戶考慮其產品的代際轉變和性能提升時，我們將與他們一起在幫助實現這些代際變化方面發揮非常重要的作用，無論他們是否正在尋求更高的性能，是否他們正在尋求更高的能效，無論他們是否希望在這些系統中嵌入更多的複雜性，這些都是我們已經與所有客戶建立真正合作夥伴關係的領域，因為他們突破了這一極限人工智能領域非常非常令人興奮的革命。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good afternoon.

是的，下午好。

Thank you for taking my question and congratulations on the record profitability.

感謝您回答我的問題，並祝賀創紀錄的獲利能力。

Another question on AI, if I could.

另一個關於人工智慧的問題，如果可以的話。

And you spoke a bit already around the very robust demand that the company is seeing.

您已經談到了公司所看到的非常強勁的需求。

I'm hoping to double-click a bit on the supply side, if I could, please.

如果可以的話，我希望在供應方面雙擊一下。

And as Amphenol is shipping products to support next gen AI, servers and racks.

安費諾正在推出支援下一代人工智慧、伺服器和機架的產品。

Can you comment more on how that ramp is going and whether or not Amphenol has encountered any yield or supply issues that may be gating your ability to meet demand?

您能否更深入評論產能成長的進展以及安費諾是否遇到了任何產量或供應問題，這些問題可能會限制您滿足需求的能力？

And if there are any constraints, maybe you could share what the current status is?

如果有任何限制，也許您可以分享目前的狀況？

Thank you.

謝謝。

Yes.

是的。

Well, thanks very much, Mark.

嗯，非常感謝，馬克。

Appreciate your comments.

感謝您的評論。

I mean, look, when our customers choose Amphenol, they're doing this for a variety of reasons.

我的意思是，你看，當我們的客戶選擇安費諾時，他們這樣做的原因有很多。

They're doing it because we have the proverbial better mousetrap that our product has the capabilities and the abilities to satisfy the needs that they have and whether that's high speed, low latency, more efficient power or the like.

他們這樣做是因為我們有眾所周知的更好的捕鼠器，我們的產品有能力滿足他們的需求，無論是高速、低延遲、更有效率的電源或類似的需求。

But they're also doing it because they have -- that they have a kind of a confidence in the execution machine that our entrepreneurial organization has created.

但他們這樣做也是因為他們對我們的創業組織所創造的執行機器有一種信心。

And let's -- if you step back for a moment and think about what makes our company special?

讓我們退一步思考一下，是什麼讓我們公司如此特別？

It is really that decentralized entrepreneurial organization with nearly 140 general managers around the world, who each have the full authority and accountability to tailor their individual businesses in such a way that they meet customer demand.

它實際上是一個分散的創業組織，在世界各地擁有近 140 名總經理，每個人都有充分的權力和責任來客製化自己的個人業務，以滿足客戶的需求。

We've talked for years about the unique ability of our team working in mobile devices to capture incremental opportunities when maybe our competitors fall down, and we did that again last quarter, as you saw, outperforming our expectations coming into the quarter.

多年來，我們一直在談論我們的團隊在行動裝置領域的獨特能力，以便在我們的競爭對手倒下時抓住增量機會，正如您所看到的，上個季度我們再次做到了這一點，超出了我們對本季的預期。

And I would just tell you that the wide array of folks working inside of Amphenol on these AI ramp-ups, which are very significant ramp-ups, there's no doubt about it.

我只想告訴你，安費諾內部有很多人致力於這些人工智慧的提升，這是非常重要的提升，這是毫無疑問的。

I mean you have only to look at the public CapEx spending of some of the big companies who are outfitting these AI centers to know that these are very, very significant and not for the faint of heart.

我的意思是，你只需看看一些配備這些人工智慧中心的大公司的公共資本支出，就知道這些支出非常非常重要，不適合膽小的人。

There is no doubt about it.

毫無疑問。

Very challenging products, very challenging ramp-up schedules but no question, our customers are always happy to work with Amphenol in that unique agility.

非常具有挑戰性的產品，非常具有挑戰性的產能提升計劃，但毫無疑問，我們的客戶總是很高興以這種獨特的敏捷性與安費諾合作。

Are we perfect at all times?

我們在任何時候都是完美的嗎？

Of course, we're not.

當然，我們不是。

But are we always there to react in real time to redirect resources to make whatever needs to happen, happen in support of our customers.

但是，我們是否始終能夠即時做出反應，重新調整資源，以滿足需要發生的任何情況，以支援我們的客戶。

No question about it.

毫無疑問。

And that is, at the end of the day, the greatest value that we offer our customers is that unique Amphenolian entrepreneurship and the agility that comes there from.

也就是說，歸根結底，我們為客戶提供的最大價值是獨特的安費諾企業家精神以及由此產生的敏捷性。

And I would tell you, I'm so proud, so proud of our team working on these just really momentous programs and how great of a job that they're doing so far.

我想告訴你，我為我們的團隊致力於這些非常重要的專案以及他們迄今為止所做的工作感到非常自豪。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great.

偉大的。

Thanks.

謝謝。

Great.

偉大的。

If I can, just about the industrial end market.

如果可以的話，就工業終端市場而言。

I think in -- Adam mentioned that demand trends are improving.

我認為亞當提到需求趨勢正在改善。

So if you could just double-click on where you're seeing the end market improving, the linearity of that improvement, that would be great?

因此，如果您可以雙擊看到終端市場改善的地方以及改善的線性，那就太好了？

Thank you.

謝謝。

Yes.

是的。

Thank you very much, Asiya.

非常感謝你，阿西婭。

And there seems to be some issue with some connectivity here, certainly not using Amphenol connectors.

這裡的某些連接似乎存在一些問題，當然不是使用 Ampheno 連接器。

But if I understand your question, where are we seeing the improvements in industrial.

但如果我理解你的問題，我們在哪裡看到了工業的進步。

And first, I would just comment that we're very pleased actually to have -- for the first, I think, in seven quarters, organic growth in the industrial market growing by 6%, it was not so bad in the quarter.

首先，我想說的是，我們實際上非常高興——我認為，在七個季度中，工業市場的有機成長首次增長了 6%，本季的情況還不錯。

And as I mentioned in my prepared remarks, that growth would have been even better were not for the fact that we continue to see an organic moderation of our sales in Europe.

正如我在準備好的演講中提到的那樣，如果不是因為我們繼續看到我們在歐洲的銷售出現有機放緩，那麼成長會更好。

When I think about the markets that showed particular strength or the segments of the market that showed particular strength in the quarter, we're really pleased that we had good growth in areas like medical and rail mass transit, alternative energy, another area that we saw good organic growth.

當我想到本季表現出特別強勁的市場或表現出特別強勁的市場區隔時，我們真的很高興我們在醫療和鐵路公共交通、替代能源等領域取得了良好的成長，這是我們關注的另一個領域。

And then actually very encouraging that we saw very robust growth in our industrial instrumentation, and that really does include everything from test equipment and things that go into, for example, semiconductor manufacturing, where there was a little bit of a cycle in that semiconductor manufacturing.

然後，實際上非常令人鼓舞的是，我們看到工業儀器儀表非常強勁的增長，這確實包括從測試設備到半導體製造等領域的所有內容，半導體製造中有一點週期。

I think we're maybe on the other side of that cycle right now and starting to deliver growth.

我認為我們現在可能正處於該週期的另一端並開始實現成長。

So we're overall encouraged.

所以我們大體上受到鼓勵。

It's -- I would say it's still too early to call a full recovery, especially because the kind of outlook of Europe remains, in my mind, very uncertain.

我想說，現在說全面復甦還為時過早，特別是因為在我看來，歐洲的前景仍然非常不確定。

But with the strength that we've seen in Asia and in North America, we come into 2025, for sure, with a little bit of a better sense -- a better sense of confidence than we did coming into 2024.

但憑藉我們在亞洲和北美看到的實力，我們在進入 2025 年時肯定會比進入 2024 年時更有信心。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Adam, I'd recommend getting a good pair of sneakers for next year's CES to reduce the strain on your feet a little bit.

Adam，我建議為明年的 CES 買一雙好的運動鞋，以減輕雙腳的壓力。

The Communication Solutions margins, they really expanded quite meaningfully over the past year or so.

通訊解決方案的利潤率在過去一年左右的時間裡確實大幅成長。

And I think that trajectory is pretty similar to when AI started picking up.

我認為這個軌跡與人工智慧開始興起時非常相似。

So can you just help us understand how we should sort of think about profitability here going forward?

那麼您能否幫助我們了解我們應該如何考慮未來的獲利能力？

Is it sustainable?

它可持續嗎？

And as AI mix continues to go up, margins should mix higher?

隨著人工智慧組合的不斷增加，利潤率應該會更高嗎？

Or are there some other things to consider, whether it's more investment or I know you've mentioned some higher CapEx to build that capacity and maybe that starts to rein in the margins a little bit?

或者還有其他一些事情需要考慮，是否是更多的投資，或者我知道你提到了一些更高的資本支出來建立這種能力，也許這開始稍微控制利潤？

Yes.

是的。

Thanks a lot Joe. Listen, we're really proud, obviously, of just the overall profitability of the company and certainly hitting the operating margin levels at 22.4% for the company is really something that we're, again, extremely proud of.

非常感謝喬。聽著，顯然，我們真的為公司的整體盈利能力感到自豪，當然，公司達到 22.4% 的營業利潤率水平確實是我們再次感到非常自豪的事情。

As it relates to just the Communication Solutions division and their profitability, I mean, they grew -- that division certainly grew very significantly over the last year, driven by the IT datacom market and AI specifically, not all of that is in that division.

因為它僅與通訊解決方案部門及其獲利能力相關，所以我的意思是，他們正在成長——在IT 數據通訊市場和人工智慧的推動下，該部門在去年肯定成長非常顯著，但並非所有這些都在該部門。

But certainly, a good portion of it is.

但可以肯定的是，其中很大一部分是。

And when you have growth at that level, the conversion typically would be relatively strong.

當成長達到這個水準時，轉化通常會相對較強。

And it's not just related to the AI specifically.

這不僅與人工智慧有關。

It's just really related to the business' ability to really have strong discipline over fixed costs and really that drives the leverage in that business.

這確實與企業對固定成本實行嚴格紀律的能力有關，這確實推動了該企業的槓桿作用。

I mean if you look at the conversion in that division and that strong growth, it's probably in the low 30s which is not abnormal for a growth rate, for a conversion rate.

我的意思是，如果你看看該部門的轉換率和強勁的成長，你會發現它可能在 30 多歲左右，這對於成長率、轉換率來說並不異常。

And when you grow as much as they did, you're clearly going to drive operating margin dollars and ultimately drive that percent higher.

當你像他們一樣成長時，你顯然會提高營業利潤率，並最終提高這個百分比。

So I would say that's really more driven by just the execution of the team, their ability to really drive control the fixed costs within the operations as they continue to grow, which is typical to the Amphenol agility in what we do.

所以我想說，這實際上更多是由團隊的執行力驅動的，他們在不斷增長的過程中真正控制運營中固定成本的能力，這是我們所做的安費諾敏捷性的典型特徵。

We drive the growth.

我們推動成長。

We always keep an eye on costs.

我們始終關注成本。

And that's really what I think makes the company special and ultimately able to drive strong conversion margin when we continue to grow.

我認為這正是公司的獨特之處，並最終能夠在我們繼續發展時推動強勁的轉換利潤。

So really strong, really happy with the profitability.

非常強大，對獲利能力非常滿意。

And -- but I wouldn't say this has anything specifically to do with our AI-related business.

而且——但我不會說這與我們的人工智慧相關業務有任何具體關係。

It just really more relates to the growth and the real good discipline over costs.

它實際上更多地與增長和對成本的真正良好的約束有關。

Andrew Buscaglia, BNP.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey guys, sorry about that.

嘿夥計們，對此感到抱歉。

I think I got dropped there.

我想我被扔到那裡了。

I wanted to touch on, hopefully not repeating any questions that were asked, but President Trump has now taken office.

我想談談，希望不要重複提出的任何問題，但川普總統現已就職。

I want to get your take on what you guys are thinking, how you're planning for the year as it pertains to tariffs?

我想了解你們的想法，今年與關稅有關的計畫如何？

And can you provide some details around percent of products coming from Mexico, Canada and China, just so we can try to gauge the risk ahead?

您能否提供一些有關來自墨西哥、加拿大和中國的產品百分比的詳細信息，以便我們可以嘗試評估未來的風險？

Yes.

是的。

Thank you very much, and I appreciate the question.

非常感謝你，我很欣賞這個問題。

Obviously, we're watching very carefully all that goes around -- all that's happening around the world in all of the places that we operate as a global company.

顯然，我們正在非常仔細地觀察周圍發生的一切——作為一家全球性公司，在世界各地發生的所有事情。

Look, specific to tariffs, let me just say this.

你看，具體到關稅，我就這麼說吧。

I mean, this is not a new topic.

我的意思是，這不是一個新話題。

We dealt with tariffs back from the US back in, I think it was 2017, those tariffs were mostly directed at China, but not only China.

我們早在2017年就處理過從美國回來的關稅問題，這些關稅主要是針對中國的，但不僅僅是針對中國。

And I think what we saw in that time is our team did a fabulous job of mitigating the impact of those tariffs through a wide variety of measures.

我認為我們當時看到的是我們的團隊在透過各種措施減輕這些關稅的影響方面做得非常出色。

There was not a one-size-fits-all solution.

沒有一刀切的解決方案。

Underlying all of that is the backdrop that we tend to make our products in the regions where our customers buy them, not 100%, but that we tend to always try to be close to our customers.

所有這一切的背景是，我們傾向於在客戶購買的地區生產我們的產品，而不是 100%，但我們傾向於始終努力貼近客戶。

And sometimes our customers are making things in regions and shipping them into the US or into Europe, and we try to be close to those customers wherever they're making them.

有時，我們的客戶會在某些地區生產產品，然後將其運送到美國或歐洲，無論他們在哪裡生產產品，我們都會盡力與他們保持密切聯繫。

But if you really get to the essence of why we were so successful in mitigating the last phase of tariffs, it comes down to that unique entrepreneurial organization that I mentioned earlier.

但如果你真正了解我們為何在最後階段的關稅減免方面如此成功的本質，那就要歸功於我之前提到的那個獨特的創業組織。

The fact that we don't here at headquarters, put out for everybody a mandate to say, Hey, there are tariffs coming, here's what you have to do.

事實上，我們不在總部，而是向每個人發出命令說，嘿，關稅即將到來，這就是你必須做的。

Here's step one, step two, step three.

這是第一步、第二步、第三步。

Rather, what we do is we tell all of our general managers around the world that it's up to them to manage through anything that comes along and impacts their business, including trade policies, including tariffs, including whatever can come along.

相反，我們所做的是告訴我們世界各地的所有總經理，他們有責任管理出現的任何影響其業務的事情，包括貿易政策，包括關稅，包括可能出現的任何事情。

There's a whole host of different government policies that can ultimately bump into our company.

有很多不同的政府政策最終都會影響我們公司。

And what that means is not that they kind of guess where the policy is going, but rather that they make sure that their operations are as agile as possible.

這意味著他們並不是猜測政策的走向，而是確保他們的營運盡可能敏捷。

And we run a company that's based on the principle of agility, of entrepreneurship, the flexibility, the reactivity.

我們經營的公司以敏捷性、創業精神、靈活性和反應性為原則。

And that positions us extremely well when there are these kind of unpredictable situations that are coming.

當出現此類不可預測的情況時，這使我們處於非常有利的位置。

We're never going to front run a policy and guess what policy, but we'll be right there ready to react if a policy does come about.

我們永遠不會先行一項政策並猜測是什麼政策，但如果一項政策確實出台，我們將隨時準備做出反應。

And I can tell you that we were very successful in mitigating any impact that came back in 2017 by having general managers who know their products, who know their competitors, know their customers, have full ability to manufacture their products wherever they need to do so and to change the logistics if they need to do that.

我可以告訴你，我們非常成功地減輕了2017 年帶來的任何影響，因為我們的總經理了解他們的產品、他們的競爭對手、他們的客戶，並且完全有能力在任何需要的地方製造他們的產品並在需要時改變物流。

And I'm very confident that we'll be in the same position this time.

我非常有信心這次我們會處於同樣的位置。

And if anything, I would tell you that this time around, we're in an even better position, because since 2017, we've continued to expand the presence of our company, the manufacturing presence of our company around the world, new factories in Southeast Asia, new capabilities in South Asia, new capabilities in North America, in the US, in Mexico, in Eastern Europe, in North Africa, you name it.

如果有的話，我會告訴你，這一次，我們處於更好的位置，因為自 2017 年以來，我們不斷擴大我們公司的業務，我們公司在世界各地的製造業務，新工廠東南亞的新能力，南亞的新能力，北美、美國、墨西哥、東歐、北非的新能力，凡是你能想到的。

I mean we have around the world today nearly 300 facilities across more than 40 countries, and we continue to expand so that we preserve that flexibility in the event that there are policies that come out that do impact us and our customers.

我的意思是，我們今天在全球 40 多個國家/地區擁有近 300 個設施，並且我們將繼續擴張，以便在出現確實影響我們和我們的客戶的政策時保持靈活性。

And when those policies come out, we're first going to get together with our customers.

當這些政策出台時，我們首先要與客戶會面。

We're going to see what's going on with them, what they want us to do, and then we're going to react accordingly in real time and faster than any other organization can do because of that unique entrepreneurial structure that we have.

我們將了解他們正在發生什麼，他們希望我們做什麼，然後我們將即時做出相應反應，並且由於我們擁有獨特的創業結構，比任何其他組織都能更快地做出反應。

William Stein, Truist Securities.

威廉斯坦，Truist 證券公司。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Great.

偉大的。

I'll add my congratulations to the great results.

我將對取得的優異成績表示祝賀。

I'm trying to skew away from AI.

我正在努力遠離人工智慧。

And instead, I want to ask yet another one about the industrial end market.

相反，我想問另一個關於工業終端市場的問題。

Adam, you talked about some of the stronger areas.

亞當，你談到了一些較強的領域。

I wonder about industrial automation specifically.

我特別想知道工業自動化。

It's my recollection that, that may be more sort of Europe focused, and therefore, I'm guessing it's not recovering.

據我回憶，這可能更多地集中在歐洲，因此，我猜測它不會恢復。

But in terms of industrial automation, are you seeing any improvement there?

但在工業自動化方面，您看到有什麼改進嗎？

And to the degree it's still weak, is your sense that it's more demand related or inventory overhang related?

就其仍然疲軟的程度而言，您認為它更多地與需求有關還是與庫存過剩有關？

Thank you.

謝謝。

Yes.

是的。

Thanks very much, Will.

非常感謝，威爾。

I mean, look, double-clicking down into automation, you're very correct that industrial automation tends to be a more Europe-centric demand.

我的意思是，看，雙擊進入自動化，您說得非常正確，工業自動化往往是更以歐洲為中心的需求。

It's not necessarily where the automation ends up.

這不一定是自動化的終點。

But there's no doubt that the companies that we work with our customers who are creating these automation capabilities, they are more Europe-centric, and they are still more impacted by the overall moderation in demand in Europe.

但毫無疑問，我們與客戶合作創建這些自動化功能的公司，他們更以歐洲為中心，而且他們仍然更容易受到歐洲整體需求放緩的影響。

I mean -- so look, our sales into industrial automation were down organically on a year-over-year basis.

我的意思是——所以看，我們在工業自動化領域的銷售額同比有機下降。

I would say, though, that on a quarter-to-quarter basis, we saw a smidgen of growth in factory automation.

不過，我想說的是，按季度計算，我們看到工廠自動化略有成長。

I don't want to get ahead of my skis on that and tell you that, that's a recovery or any other sign, but it is a data point.

我不想提前告訴你，這是復甦或任何其他跡象，但這是一個數據點。

And so we'll see.

我們拭目以待。

Look, I remain somewhat concerned about Europe with the exception that we've seen very, very strong performance in our defense and commercial air businesses in Europe.

看，我仍然對歐洲有些擔憂，但我們在歐洲的國防和商業航空業務中看到了非常非常強勁的表現。

But anything related to industrial and industrial, by the way, in Europe still has a strong linkage to the overall automotive industry, that I think the recovery and the timing of that recovery is yet to be really determined.

但順便說一句，在歐洲，與工業和工業相關的任何事情仍然與整個汽車行業有著強烈的聯繫，我認為復甦和復甦的時機尚未真正確定。

Saree Boroditsky, Jefferies.

薩雷·博羅迪茨基，傑弗里斯。

Hi, thanks for putting me in.

你好，謝謝你讓我加入。

So maybe building on some of the margin commentary, obviously, saw some nice margin improvement, but you did highlight the dilutive impact of acquisitions in the quarter.

因此，也許在一些利潤率評論的基礎上，顯然看到了一些不錯的利潤率改善，但您確實強調了本季度收購的稀釋影響。

Could you just update us on the integration of acquisitions and margin improvement there?

您能否向我們介紹一下收購整合和利潤率改善的最新情況？

And then maybe how organic margins would have performed in the quarter?

那麼本季的有機利潤率可能會表現如何？

Thanks so much.

非常感謝。

Yes.

是的。

Thanks, Saree.

謝謝，莎莉。

I appreciate the question.

我很欣賞這個問題。

Yes, we had obviously a really good quarter on the face of our conversion margins of kind of in the mid-20s conversion on a year-over-year basis and in the 30% sequential conversion we had going into the fourth quarter.

是的，從我們的轉換利潤率來看，我們顯然度過了一個非常好的季度，與去年同期相比，我們的轉換利潤率達到了20 多歲，並且進入第四季度的連續轉換率為30%。

But as I did mention, and as you point out, that really despite the acquisition and dilutive impact of acquisitions, we had those conversions.

但正如我確實提到的，正如你所指出的，儘管存在收購和收購帶來的稀釋影響，我們還是進行了這些轉換。

So with the acquisitions, these conversion margins were even stronger.

因此，透過收購，這些轉換利潤甚至更高。

I wouldn't say sequentially so much because there's such an acquisition impact sequentially, but really on a year-over-year basis, and obviously, the biggest acquisition on a year-over-year basis in the fourth quarter was CIT.

我不會按順序說這麼多，因為按順序有這樣的收購影響，但實際上是同比影響，顯然，第四季度同比最大的收購是 CIT。

We're not going to give specific margin information on CIT, but we certainly are very happy with their progress during the year.

我們不會提供有關企業所得稅的具體利潤信息，但我們當然對他們今年的進展感到非常滿意。

They're still under the company average margins.

他們的利潤率仍然低於公司的平均水平。

So they're still dilutive to the company in regards to our conversion, but certainly accretive on an EPS level and also from the perspective of progress on the margin line, we're happy with the progress they have made.

因此，就我們的轉換而言，它們仍然會稀釋公司的份額，但在每股收益水平上肯定會增加，而且從利潤率進展的角度來看，我們對他們所取得的進展感到滿意。

The management team has been outstanding and really just couldn't say really enough things positively about how happy we are with the CIT and the progress of that acquisition.

管理團隊非常出色，對於我們對 CIT 和收購進展的滿意程度，我們無法以正面的方式表達。

But the margins do have a little bit more to go.

但利潤率確實還有一些差距。

This takes a little bit of time.

這需要一點時間。

And -- but I think that at the end of the day, we're really optimistic that ultimately we'll get to those company average margins.

而且 - 但我認為歸根結底，我們非常樂觀地認為最終我們將達到這些公司的平均利潤率。

Guy Hardwick, Freedom Capital Markets.

蓋伊‧哈德威克，《自由資本市場》。

Hi, good afternoon.

嗨，下午好。

I just wanted to ask a question about the defense business, Adam, if you could break it up a little bit as you did with Industrial.

我只是想問一個關於國防業務的問題，亞當，你是否可以像工業業務那樣將其分解一點。

What's driving the growth beyond just broadening improvement in military budgets?

除了擴大軍事預算的改善之外，是什麼推動了成長？

Are you in particular areas where there's unmanned systems or electronic warfare?

您是否身處有無人系統或電子戰的特定領域？

Can you maybe talk about some of the drivers behind defense?

您能談談防守背後的一些推動因素嗎？

I mean, look, a little bit different from industrial.

我的意思是，看，與工業有點不同。

Our defense business, which had a very strong performance last quarter and for the full year, both growing by 9% organically.

我們的國防業務上季和全年表現非常強勁，有機成長了 9%。

I would tell you that it's very broad-based in defense.

我想告訴你，它的防禦基礎非常廣泛。

I mean, yes, are there different pockets which are a little higher growing than others like space for example, anything related to space is growing really strong.

我的意思是，是的，是否有不同的領域比其他領域成長得更快，例如太空，任何與太空相關的領域都成長得非常強勁。

Actually, we're seeing good strength in vehicles, in particular, in Europe, airframe growing very strong.

事實上，我們看到車輛的強勁實力，特別是在歐洲，機身成長非常強勁。

But there's really communications growing strong, both in the quarter and the year.

但無論是在本季還是今年，溝通確實都在增強。

But it's not as distinguished as it was in industrial, where we're seeing a few markets, which really offset other markets that remain more challenged, like we mentioned to the answer to Will's question.

但它並不像工業領域那麼突出，我們看到了一些市場，這些市場確實抵消了其他仍然面臨更大挑戰的市場，就像我們在回答威爾的問題時提到的那樣。

So I think broadly in defense, it is a question, number one, of increased investments by a variety of different countries, especially what we're seeing in Europe.

因此，我認為，從廣義上講，在國防領域，第一個問題是各個不同國家增加投資，尤其是我們在歐洲看到的情況。

And then it's the redirection of that spending towards next-generation electronics broadly.

然後是將支出廣泛轉向下一代電子產品。

And that's where Amphenol's position is really at such a premium because we participate in those next-generation electronics to a greater degree than we did in just the general overall military spending.

這就是安費諾的地位確實如此重要的地方，因為我們對下一代電子產品的參與程度比我們對整體軍費開支的參與程度要高。

And I think that's ultimately the equation that results in the strong performance that we saw last year.

我認為這最終是導致我們去年看到的強勁表現的方程式。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes.

是的。

Thank you, Adam.

謝謝你，亞當。

There are a lot of moving pieces here in this AI supply chain, if I could go back to that topic.

如果我可以回到那個主題的話，這個人工智慧供應鏈中有很多變化的部分。

You had record orders, but your CapEx came down marginally.

您的訂單量創歷史新高，但您的資本支出略有下降。

Your yields are very good, but ODM yields are low in these complex AI systems.

你們的產量非常好，但在這些複雜的人工智慧系統中，ODM 產量很低。

Can you just help calibrate if investors should think that second half revenues in AI could moderate for Amphenol?

您能否協助調整投資人是否認為安費諾下半年人工智慧收入可能會放緩？

Or what kind of visibility do you have into second half growth versus first half, especially given where you are with CapEx and perhaps your capacity matching with ODM ramps?

或者，與上半年相比，您對下半年的成長有什麼樣的了解，特別是考慮到您的資本支出以及您的產能與 ODM 成長相符的情況？

Thank you.

謝謝。

Yes.

是的。

Thanks very much, Wamsi.

非常感謝，瓦姆西。

I mean, look, I'm not going to try to predict any of our markets past the guidance that we've given here in the first quarter.

我的意思是，聽著，我不會嘗試預測我們在第一季給出的指導之外的任何市場。

I would just tell you that our position for these AI build-outs is very robust.

我只想告訴你，我們對這些人工智慧建構的定位非常穩健。

We're making significant investments, as we've talked about.

正如我們所討論的，我們正在進行重大投資。

And yes, sure, in a given quarter, I mean, there can be a lumpiness to CapEx for a wide variety of reasons, when you order certain things, when you pay for certain things and the like.

是的，當然，在給定的季度，我的意思是，當您訂購某些東西時，當您為某些東西付款等時，資本支出可能會由於多種原因而出現波動。

But I think the orders that we've talked about, the very significant book-to-bill that we have in IT datacom, in particular, related to AI and the broad array of design wins that we have with customers gives us a great long-term confidence without commenting on which quarter is going to be higher or lower next year, I think we've already given guidance about the first quarter that is unseasonably strong.

但我認為我們所討論的訂單，我們在IT 數據通信領域的非常重要的訂單到賬單，特別是與人工智能相關的訂單，以及我們與客戶獲得的廣泛的設計勝利，給我們帶來了很長的一段時間。

I mean, typically, our first quarter in IT datacom would be down, I don't know, kind of low to mid-single-digit decline from the fourth quarter, which is typical seasonality in IT datacom, and here we are guiding that up mid-single digits, which is quite a differential for a market of that scale.

我的意思是，通常情況下，我們的IT 數據通信第一季會下降，我不知道，比第四季度低到中個位數的下降，這是IT 數據通信的典型季節性，在這裡我們指導上升了中個位數，這對於這種規模的市場來說是一個相當大的差異。

And so I think we come into 2025 with a very positive outlook.

因此，我認為我們將帶著非常積極的前景進入 2025 年。

And as we go through the year, we'll try to give you a good sense of how we see that each quarter successively.

當我們度過這一年時，我們將盡力讓您清楚地了解我們如何看待每個季度的情況。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hey, good afternoon guys.

嘿，大家下午好。

Just on the auto markets and the mobile devices market, it seems like you guys for the full year on an organic growth basis outgrew what were pretty flattish markets.

僅在汽車市場和行動裝置市場上，全年的有機成長似乎超出了相當平淡的市場。

I was just curious if you could sort of give us a report card on whether that's sort of par for the course now looking at those numbers or if there was something unusually positive or negative that helped or hurt your growth over market in those areas looking out into '25?

我只是好奇你能否給我們一份成績單，說明這些數字是否符合現在課程的標準，或者是否有一些異常積極或消極的因素有助於或損害你在這些領域的市場增長進入'25？

Thanks.

謝謝。

Thanks so much, Steve, for the comment.

非常感謝史蒂夫的評論。

I think you're correct.

我認為你是對的。

I mean we've outperformed in both of those markets.

我的意思是我們在這兩個市場上都表現出色。

And I would say that, that's not a rarity for us in recent years.

我想說，近年來這對我們來說並不罕見。

I mean automotive, for example, I think we've outperformed for a number of years, whatever benchmark one wants to use.

我指的是汽車行業，例如，我認為我們多年來一直表現出色，無論人們想使用什麼基準。

And I think the underlying driver of automotive has always been for more than a decade, the expansion of electronics into cars and thereby the content opportunity that comes to us.

我認為十多年來，汽車的根本驅動力一直是電子產品向汽車的擴展，從而為我們帶來了內容機會。

And then our ability to try to win more than our fair share of that content, whether it's in next-generation drivetrains, next-generation electronics, safety, communications and the like.

然後，我們有能力嘗試贏得超出我們公平份額的內容，無論是在下一代動力傳動系統、下一代電子產品、安全、通訊等方面。

And relative to mobile devices, it really comes down to two things.

相對於行動設備，它實際上可以歸結為兩件事。

One is our position with customers through the breadth of our antenna interconnect and mechanism offering and a wide variety of products that we sell into that market, everything from unique antennas to complex interconnect products to mechanical hinges and the like.

一是我們透過廣泛的天線互連和機制產品以及我們向該市場銷售的各種產品（從獨特的天線到複雜的互連產品再到機械鉸鍊等）對客戶的定位。

And then our ability to execute when customers need us the most and thereby to take a little more than our fair share of that overall business.

然後，我們有能力在客戶最需要我們的時候執行任務，從而在整個業務中獲得比我們應得的份額多一點的份額。

And I think our team has demonstrated time and time again over, gosh, I'd say the whole of my 16 years so far as CEO, they've demonstrated that ability to execute.

我認為我們的團隊已經一次又一次證明了，天哪，我想說，在我擔任執行長的 16 年裡，他們已經證明了執行能力。

And our team is just a fabulous organization.

我們的團隊是一個非常棒的組織。

They continue to have that agility that serves them so well in mobile devices.

他們仍然保持著在行動裝置上表現出色的敏捷性。

And look, every year is different.

你看，每年都是不同的。

There's a different cadence.

有不同的節奏。

There's a lot of volatility, but I don't think there's something unique in 2024 rather than a continuation of what has allowed us to outperform for many years prior.

波動性很大，但我認為 2024 年並沒有什麼獨特之處，而是我們多年來表現優異的延續。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究中心。

Hey, thank you for squeezing me in.

嘿嘿，謝謝你把我拉進來。

Congratulations on a strong quarter.

恭喜季度表現強勁。

I also have a question on the auto market, and hopefully, it's simple.

我還有一個關於汽車市場的問題，希望這個問題很簡單。

With EV production well above certainly current and forecast ICE production over the next five years, does that reduce your market opportunity in auto?

由於電動車產量遠高於當前和未來五年預測的內燃機產量，這是否會減少您在汽車領域的市場機會？

We talked about the fact that EVs and ICE vehicles all have growing amounts of content.

我們討論了電動車和內燃機汽車的內容量都在增加的事實。

And when you get to an EV and you're converting things that were mechanical or hydraulic into electronic and electrical, that creates a great opportunity for our company.

當你使用電動車並將機械或液壓的東西轉換為電子和電氣時，這為我們公司創造了一個巨大的機會。

And I think we've done a fabulous job of capitalizing upon that opportunity around the world.

我認為我們在利用世界各地的這個機會方面做得非常出色。

And meanwhile, with ICE vehicles, to the extent that there's a tilt to or from EVs to ICE, there's no doubt that ICE vehicles will be built to also be more fuel efficient and electronics is a great driver of that fuel efficiency as well, new sensors, new interconnect products that go along with that.

同時，對於內燃機汽車來說，就電動車向內燃機汽車的傾斜而言，毫無疑問，內燃機汽車的燃油效率也將更高，而電子設備也是提高燃油效率的重要推動力。之而來的新互連產品。

And the vast majority of our automotive business is actually agnostic to the drivetrain.

我們的絕大多數汽車業務實際上與動力傳動系統無關。

And what it's not agnostic to is the expansion of electronics in the car.

汽車中電子設備的擴充也並非不可知。

And so I think today, when you get a new car, and I know recently, we've been shopping for a new car for my mom, and you look at these new cars, and I mean, there's just a kind of flamboyant array of different electronics that you can get even for someone who is not used to so much electronics in their life like my mom would be.

所以我想今天，當你得到一輛新車時，我知道最近我們一直在為我媽媽購買一輛新車，你看看這些新車，我的意思是，有一種華麗的排列即使對於像我媽媽這樣不習慣生活中那麼多電子產品的人來說，你也可以獲得不同的電子產品。

And it's amazing.

這太棒了。

I mean it's just amazing.

我的意思是這太棒了。

These are life-saving, life-changing electronics that are being embedded even in the type of a car that my 75-year-old mom would want to drive.

這些是拯救生命、改變生活的電子產品，甚至嵌入我 75 歲的媽媽想要駕駛的汽車中。

And so I think the opportunity ahead of us in automotive remains very, very robust.

因此，我認為我們在汽車領域面臨的機會仍然非常非常強勁。

We have no further questions.

我們沒有其他問題了。

I would like to turn the call back to Mr. Norwitt for closing remarks.

我想將電話轉回給諾維特先生，請他致閉幕詞。

Well, thank you so much, operator.

嗯，非常感謝你，接線生。

And I want to extend again my thanks to all of you on the phone for your attention and support of the company, and we very much look forward to talking to everybody 90 days from now.

我想再次感謝電話中的各位對公司的關注和支持，我們非常期待 90 天後與大家交談。

Take care.

小心。

Thank you.

謝謝。

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

感謝您參加今天的會議並祝您有愉快的一天。