安費諾 (APH) 2025 Q3 法說會逐字稿

Hello, and welcome to the third quarter 2025 earnings conference call for Amphenol Corporation. (Operator Instructions). Today's conference is being recorded. If anyone has any objections, you may disconnect at this time.

您好，歡迎參加安費諾公司 2025 年第三季財報電話會議。（操作員指令）。今天的會議正在錄製中。如果有人有異議，此時可以斷開連接。

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

現在我想介紹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. We would like to welcome you to our third quarter 2025 conference call. Our third quarter '25 results were released this morning.

非常感謝。大家下午好。我是安費諾的財務長克雷格‧蘭波 (Craig Lampo)，和我一起來這裡的還有我們的執行長亞當‧諾維特 (Adam Norwitt)。歡迎您參加我們的 2025 年第三季電話會議。我們的 25 年第三季業績已於今天上午公佈。

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

我將提供一些財務評論，然後亞當將概述業務和當前的市場趨勢。當然，我們會回答您的問題。

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. The company closed the third quarter of 2025 with record sales of $6.194 billion, a record GAAP and adjusted diluted EPS of $0.97 and $0.93, respectively. Third quarter sales were up 53% in US dollars, 52% in local currencies and 41% organically compared to the third quarter of 2024.

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披露以獲取更多資訊。該公司 2025 年第三季的銷售額達到創紀錄的 61.94 億美元，GAAP 和調整後稀釋每股收益分別達到創紀錄的 0.97 美元和 0.93 美元。與 2024 年第三季相比，第三季銷售額以美元計算成長 53%，以當地貨幣計算成長 52%，有機成長 41%。

We Sequential were up 10% in US dollars and local currencies and up 9% organically. Adam will comment further on trends by market in a few minutes.

以美元和當地貨幣計算，我們的環比增長了 10%，有機增長了 9%。幾分鐘後，亞當將進一步評論市場趨勢。

Orders in the quarter were a record $6.111 billion, up a strong 38% compared to the third quarter of 2024 and up 11% sequentially, resulting in a book-to-bill ratio of [0.9921] GAAP and adjusted operating income were both $1.72 billion in the quarter and operating margin was a record 27.5%. On an adjusted basis, operating margin increased by a strong 560 basis points from the prior year quarter and 190 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by strong operating leverage on significantly higher sales volumes which was only modestly offset by the dilutive impact of acquisitions.

本季訂單金額達到創紀錄的 61.11 億美元，與 2024 年第三季相比強勁成長 38%，比上一季調整 11%，導致訂單出貨比達到 [0.9921] GAAP，本季調整後營業收入均為 17.2 億美元，營業利潤率達到創紀錄的 27.5%。經調整後，營業利潤率較去年同期大幅成長 560 個基點，較上一季成長 190 個基點。調整後營業利潤率的年增率主要得益於銷售量大幅增加帶來的強勁營業槓桿，而收購的稀釋影響僅略微抵消了這一增長。

On a sequential basis, the increase in adjusted operating margin reflected strong conversion on the higher sales levels as well as further progress on profitability improvement on acquired businesses. I'm extremely proud of the company's record operating margin performance in the third quarter, which reflects continued strong execution by our team. Breaking down third quarter results by segment compared to the third quarter of 2024. Sales in the Communications Solutions segment were $3.309 billion and increased by 96% in US. dollars and 75% organically.

與上一季相比，調整後營業利潤率的成長反映了銷售額成長的強勁轉化，以及收購業務獲利能力的進一步提升。我對公司第三季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。與 2024 年第三季相比，按部門細分第三季業績。通訊解決方案部門的銷售額為 33.09 億美元，以美元計算成長 96%，有機成長 75%。

Segment operating margin was 32.7%. Sales in the Harsh Environment Solutions segment were $1.516 billion, an increase by 27% in US dollars and 19% organically and segment operating margin was 27.1%.

分部營業利益率為32.7%。惡劣環境解決方案部門的銷售額為 15.16 億美元，以美元計算成長 27%，有機成長 19%，部門營業利潤率為 27.1%。

Sales in the Interconnect and Sensor Systems segment were $1.369 billion and increased by 18% in US dollars and 15% organically and segment operating margin was 20%. The company's GAAP effective tax rate for the third quarter was 23.5%, and the adjusted effective tax rate was 27%, which compared to 21.4% and 24% in the third quarter of '24, respectively.

互連和感測器系統部門的銷售額為 13.69 億美元，以美元計算成長 18%，有機成長 15%，部門營業利潤率為 20%。該公司第三季的 GAAP 有效稅率為 23.5%，調整後有效稅率為 27%，而 24 年第三季分別為 21.4% 和 24%。

The increase in our adjusted effective tax rate this quarter is due to some shift in income mix to higher tax jurisdictions during 2025. The third quarter includes an adjustment to bring the year-to-date taxes to 25.5% adjusted effective tax rate, which resulted in a $0.03 impact to our third quarter EPS.

本季度調整後有效稅率的增加是由於 2025 年收入結構向稅收更高的管轄區轉移。第三季進行了一項調整，將年初至今的稅率調整為 25.5% 的調整後有效稅率，這對我們的第三季每股收益產生了 0.03 美元的影響。

Our fourth quarter and full year guidance assumes this higher 25.5% tax rate, and we expect this higher tax rate to continue into 2026. GAAP diluted EPS was a record $0.97 in the third quarter, up 102% compared to the prior year period. and on an adjusted basis, diluted EPS increased 86% to a record $0.93 compared to $0.50 in the third quarter of '24. This was an outstanding result.

我們的第四季和全年指引假設稅率較高，為 25.5%，我們預期此較高稅率將持續到 2026 年。第三季度，GAAP 稀釋每股盈餘達到創紀錄的 0.97 美元，比去年同期成長 102%。經過調整後，稀釋每股收益較 2024 年第三季的 0.50 美元成長 86%，達到創紀錄的 0.93 美元。這是一個出色的結果。

Operating cash flow in the third quarter was $1.471 billion or 117% of net income and free cash flow was $1.215 billion or 97% of net income, also an excellent result. From a capital standpoint, inventory days, days sales outstanding and payable days were all within our normal range.

第三季的營業現金流為14.71億美元，佔淨收入的117%，自由現金流為12.15億美元，佔淨收入的97%，同樣取得了優異的成績。從資本角度來看，庫存天數、應收帳款天數和應付帳款天數均在正常範圍內。

During the quarter, the company repurchased 1.4 million shares of common stock at an average price of approximately $109 and when combined with our normal quarterly dividend, total capital returned to shareholders in the third quarter of 2025 was approximately $354 million.

本季度，該公司以平均約 109 美元的價格回購了 140 萬股普通股，加上我們正常的季度股息，2025 年第三季返還給股東的總資本約為 3.54 億美元。

As noted in the earnings release, the company has increased its quarterly dividend by 52% to $0.25 per share effective for payments beginning in January of 2026. Total debt on September 30, was $8.1 billion, and net debt was $4.2 billion. Total liquidity at the end of the quarter was $10.9 billion, and this included cash and short-term investments on hand of $3.9 billion plus availability under our existing credit facilities, including the $4 billion term loan facility recently put in place in anticipation of the CCS acquisition.

正如收益報告中所述，該公司已將季度股息提高 52% 至每股 0.25 美元，自 2026 年 1 月開始支付。截至 9 月 30 日，總債務為 81 億美元，淨債務為 42 億美元。本季末的總流動資金為 109 億美元，其中包括 39 億美元的現金和短期投資，以及我們現有信貸安排下的可用資金，其中包括最近為預期 CCS 收購而實施的 40 億美元定期貸款安排。

Third quarter 2025 EBITDA was $2 billion, and our net leverage ratio was 0.7 times at the end of the quarter. As of September 30, the company had no outstanding borrowings under its revolving credit facility or its commercial paper programs. I will now turn the call over to Adam, who will provide some commentary on current market trends.

2025 年第三季的 EBITDA 為 20 億美元，季末我們的淨槓桿率為 0.7 倍。截至 9 月 30 日，該公司在循環信貸安排或商業票據計劃下沒有未償還借款。現在我將把電話轉給亞當，他將對當前的市場趨勢發表一些評論。

Well, thank you very much, Craig, and thank you to everybody for taking the time to join our call today. And I hope that all of you are having an enjoyable fall, I can tell you it's a beautiful day here in Connecticut. I'm going to highlight our achievements in the third quarter. I'll discuss our trends and progress across our served markets. and then comment on our outlook for the fourth quarter and the full year.

好吧，非常感謝你，克雷格，也感謝大家今天抽出時間參加我們的電話會議。我希望你們所有人都度過一個愉快的秋天，我可以告訴你們，今天康乃狄克州的天氣很好。我將重點介紹我們在第三季所取得的成就。我將討論我們所服務市場的趨勢和進展，然後評論我們對第四季度和全年的展望。

And then, of course, we'll have time for questions thereafter. There's no doubt that our results in the third quarter were much stronger than expected, exceeding the high end of our guidance in sales and adjusted diluted earnings per share.

當然，之後我們會有時間回答問題。毫無疑問，我們第三季的業績遠超預期，銷售額和調整後每股攤薄收益都超過了我們預期的高端。

Sales grew from prior year by a very strong 53% in US dollars and 52% in local currencies, reaching a new record $6.94 billion or nearly $6.2 billion. On an organic basis, sales increased by a very strong 41%, the same level that we actually achieved in the second quarter, and this was driven by double-digit organic growth in all but one of our end markets. We're very pleased that the company booked a record $6.1 billion in orders in the third quarter, and that represented a book-to-bill of [0.9921]. Orders grew by a very strong 38% from prior year and were also up 11% sequentially.

銷售額較上年同期大幅成長 53%（以美元計算），52%（以當地貨幣計算），達到創紀錄的 69.4 億美元，近 62 億美元。從有機成長來看，銷售額成長了 41%，與我們第二季度實際實現的水平相同，這是由除一個終端市場外所有終端市場均實現兩位數有機成長所推動的。我們非常高興，該公司第三季的訂單量達到了創紀錄的 61 億美元，這意味著訂單出貨比達到了[0.9921]。訂單量較上年同期強勁成長 38%，較上季成長 11%。

I have to say that we're particularly pleased to have delivered record operating margins of 27.5% in the quarter an increase of 560 basis points from our prior year adjusted operating margin and 190 basis points sequentially.

我必須說，我們特別高興本季的營業利潤率達到了創紀錄的 27.5%，比去年同期調整後的營業利潤率增加了 560 個基點，比上一季增加了 190 個基點。

This strong profitability is a direct result of the outstanding execution of the Amphenol team around the world, all of whom continue to manage extremely well in a very dynamic environment. As Craig mentioned, our adjusted diluted EPS also grew very strong 86% from prior year reaching a new record of $0.93.

如此強勁的獲利能力直接歸功於安費諾全球團隊的出色執行力，他們在高度動態的環境中繼續保持著極佳的管理水平。正如 Craig 所提到的，我們的調整後稀釋每股盈餘也比去年強勁成長 86%，達到 0.93 美元的新紀錄。

And the company converted those earnings into record operating and free cash flow in the quarter of $1.47 billion and $1.215 billion, respectively, both clear demonstrations of the quality of the company's earnings. Finally, I'm very pleased that our Board has approved a 52% increase in the company's quarterly dividend to $0.25 per share.

該公司將這些收益轉化為本季創紀錄的 14.7 億美元和 12.15 億美元的營業現金流和自由現金流，這兩項都清楚證明了公司收益的品質。最後，我很高興董事會批准將公司季度股息提高 52% 至每股 0.25 美元。

I just can't express enough my pride in the ethanol team I would just say that our results this quarter once again reaffirm the value of the passion, discipline and agility of our entrepreneurial organization as we continue to drive superior performance.

我無法充分錶達我對乙醇團隊的自豪感，我只想說，隨著我們繼續推動卓越績效，本季的業績再次證明了我們創業型組織的熱情、紀律和敏捷性的價值。

Now as we announced in mid-August, we're very excited that we signed a definitive agreement to acquire Trexon for approximately $1 billion in cash. Trexon is a leading provider of high-reliability, interconnect and cable lies primarily for the defense market and expect to generate 2025 sales and EBITDA of approximately $290 million and 26% respectively very excited about incremental potential that Trexon capabilities will bring to the Amphenol. And we look forward to welcoming the entire Trexon team to the Amphenol family.

正如我們在 8 月中旬宣布的那樣，我們非常高興我們簽署了最終協議，以約 10 億美元現金收購 Trexon。Trexon 是一家領先的高可靠性、互連和電纜供應商，主要服務於國防市場，預計 2025 年的銷售額和 EBITDA 分別約為 2.9 億美元和 26%，對 Trexon 的能力將為安費諾帶來的增量潛力感到非常興奮。我們熱切歡迎整個 Trexon 團隊加入安費諾大家庭。

We continue to expect this acquisition to close by the end of the fourth quarter. We're pleased as well to announce that we closed on the acquisition of Rochester Sensors earlier in the third quarter. Based in the Dallas, Texas area and with annual sales of approximately $100 million Rochester is a leading manufacturer of highly engineered application-specific liquid-level sensors for the industrial market with a particular focus on propane, heavy vehicle and refrigeration.

我們仍預計此次收購將在第四季末完成。我們也很高興地宣布，我們已於第三季初完成了對羅徹斯特感測器公司的收購。羅徹斯特總部位於德州達拉斯地區，年銷售額約 1 億美元，是工業市場中高度工程化專用液位感測器的領先製造商，尤其專注於丙烷、重型車輛和冷凍領域。

The company has a strong and long respected brand in the sensor industry and no doubt will be a great complement to our already broad sensor offering. In addition, we remain excited about the pending acquisition of the CCS business from CommScope, given our good progress on the path towards closing, we now expect to close CCS by the end of the first quarter of 2026, about a quarter sooner than originally anticipated.

該公司在感測器行業擁有強大且長期受人尊敬的品牌，毫無疑問將對我們現有的廣泛的傳感器產品提供極大的補充。此外，我們對即將從康普收購 CCS 業務感到興奮，鑑於我們在收購過程中取得了良好的進展，我們現在預計將在 2026 年第一季末完成 CCS 收購，比最初預期的提前約一個季度。

We remain confident that our acquisition program will continue to create great value for Amphenol. In fact, it is our ability to identify and execute upon acquisitions and then to successfully bring these new companies into the Amphenol family that remains a core competitive advantage for the company. Now turning to our trends across our served end markets. I would just note that we continue to be very pleased that the company's end market exposure remains diversified, balanced and broad.

我們仍然相信我們的收購計劃將繼續為安費諾創造巨大的價值。事實上，我們能夠識別和執行收購，然後成功地將這些新公司納入安費諾家族，這仍然是公司的核心競爭優勢。現在來談談我們所服務的終端市場的趨勢。我只想指出，我們仍然非常高興地看到公司的終端市場覆蓋範圍仍然多樣化、均衡和廣泛。

This diversification continues to create great value for the company, enabling 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.

這種多樣化繼續為公司創造巨大的價值，使我們能夠參與全球電子產業的所有領域，同時又不會過度受到任何特定市場或應用的波動影響。

The defense market represented 9% of our sales in the quarter, and sales grew from prior year by a strong 29% in US dollars and 23% organically. And this is really driven by robust growth across virtually all segments of the defense market with the contributions in particular, related to space, naval, communications and ground vehicle applications.

本季國防市場占我們銷售額的 9%，銷售額較上年同期強勁成長 29%（以美元計算），有機成長 23%。這實際上是由國防市場幾乎所有領域的強勁成長所推動的，特別是與太空、海軍、通訊和地面車輛應用相關的貢獻。

Sequentially, our sales grew by 8%, which was higher than our expectations coming into the corner. And looking into the fourth quarter, we expect a mid-single-digit increase in sales from these already lofty third quarter levels.

我們的銷售額連續成長了 8%，高於我們的預期。展望第四季度，我們預期銷售額將在第三季已經很高的水平上再實現中等個位數成長。

And for the full year 2025, we expect sales to increase by more than 25%. I would just note that this outlook does not include any impact from the Trexon acquisition. We remain encouraged by the company's leading position in the defense interconnect market where we offer the industry's widest range of high-technology products.

我們預計 2025 年全年銷售額將成長 25% 以上。我只是想指出，這項展望並不包括 Trexon 收購的任何影響。我們仍然對公司在國防互連市場的領先地位感到鼓舞，我們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 continue to expand their investments into both current and next-generation defense technologies. With our existing offerings as well as the complementary capabilities that Trexon will bring, we're positioned better than ever to capitalize on this long-term demand trend. The commercial aerospace market represented 5% of our sales in the quarter.

在當前動態的地緣政治環境中，世界各國持續擴大對現有和下一代國防技術的投資。憑藉我們現有的產品以及 Trexon 將帶來的互補能力，我們比以往任何時候都更有能力利用這一長期需求趨勢。商用航空市場占我們本季銷售額的 5%。

Sales increased by 17% from prior year and 16% organically as we benefited from increasing production levels of our customers, together with our continued progress in expanding our content on next-generation commercial aircraft. Sequentially, our sales grew by 7% from the second quarter, which was better than our expectations coming into the quarter.

由於我們受益於客戶生產水準的提高，以及我們在擴大下一代商用飛機內容方面的持續進展，銷售額較上年增長了 17%，有機增長了 16%。與第二季相比，我們的銷售額成長了 7%，比我們本季的預期要好。

Now looking to the fourth quarter, we expect a mid-single-digit sales increase from these third quarter levels. And for the full year 2025, we expect sales to increase in the high 30% range from last year, helped by the acquisition of CIT back in 2024. I'm truly proud of our team working in the commercial air market. With the ongoing growth in demand for jetliners, our efforts to expand our product offering -- or expand our product offering, both organically and through our acquisition program continue to pay real dividends.

現在展望第四季度，我們預期銷售額將比第三季成長中等個位數。而對於 2025 年全年而言，我們預期銷售額將比去年成長 30% 左右，這得益於 2024 年收購 CIT 的推動。我為我們在商業航空市場工作的團隊感到非常自豪。隨著對噴射客機的需求不斷增長，我們擴大產品供應的努力——或透過有機成長和收購計劃擴大產品供應的努力繼續帶來真正的回報。

In particular, I just want to mention that we're very pleased with the progress of the CIT team who has now completed more than a full year as part of the Amphenol family. We look forward to further capitalizing on our expanded brand of product solutions for the commercial air market long into the future.

我特別想提一下，我們對 CIT 團隊的進步感到非常高興，他們作為安費諾大家庭的一員已經工作了一年多。我們期待在未來的很長一段時間內進一步利用我們擴展的品牌產品解決方案為商業航空市場提供服務。

The industrial market represented 18% of our sales in the quarter and sales in this market grew by 21% in US dollars and 11% organically, and that was really driven by organic growth in all three geographies. In particular, our organic growth was driven by strong performance in factory automation, medical, instrumentation, industrial electric vehicles and our heavy equipment segments.

工業市場佔本季度我們銷售額的 18%，該市場的銷售額以美元計算增長了 21%，有機增長了 11%，這實際上是由三個地區的有機增長推動的。特別是，我們的有機成長得益於工廠自動化、醫療、儀器、工業電動車和重型設備領域的強勁表現。

On a sequential basis, sales grew by 5% from the second quarter, which was better than our expectations coming into the quarter. As we look into the fourth quarter, we expect sales to moderate slightly from these third quarter levels and for the full year of 2025, we expect our sales to grow by approximately 20%, reflecting both strong organic growth as well as the benefit of acquisitions.

與上一季相比，銷售額成長了 5%，這好於我們本季的預期。展望第四季度，我們預計銷售額將較第三季度水準略有放緩，而 2025 年全年，我們預計銷售額將成長約 20%，這不僅反映了強勁的有機成長，也反映了收購帶來的好處。

We remain encouraged by the company's strength across the many diversified segments of this important market. As demand continues to recover, I am confident in our long-term strategy to expand our high-technology interconnect antenna and sensor offering, both organically as well as through complementary acquisitions.

我們仍然對該公司在這個重要市場的眾多多元化領域的實力感到鼓舞。隨著需求持續復甦，我對我們的長期策略充滿信心，即透過有機成長和互補收購來擴大我們的高科技互連天線和感測器產品。

Indeed, with the acquisition of Rochester sensors, we have further broadened our sensor offering for the industrial market. And that strategy has really enabled Amphenol to capitalize on the many electronic revolutions that are taking place across the diversified industrial markets thereby creating continued opportunities for our outstanding team working in this important area.

事實上，透過收購羅徹斯特感測器，我們進一步擴大了針對工業市場的感測器產品範圍。這項策略確實使安費諾能夠利用多元化工業市場正在發生的眾多電子革命，從而為我們在這一重要領域工作的優秀團隊創造持續的機會。

The automotive market represented 14% of our sales in the quarter, and sales in the third quarter grew by 13% in US dollars and 12% organically as we once again drove growth in all regions. Sequentially, our sales grew by 8% from the second quarter, which was actually much better than our expectations coming into the quarter.

汽車市場佔本季我們銷售額的 14%，由於我們再次推動所有地區的成長，第三季銷售額以美元計算成長了 13%，有機成長了 12%。與第二季相比，我們的銷售額成長了 8%，這實際上比我們本季的預期要好得多。

And that really reflected the ability of our team to quickly execute on a wide range of opportunities around the world. For the fourth quarter, we expect a moderate sales decline from these third quarter levels. And for the full year of 2025, we expect sales to increase in the mid- to high single-digit range from 2024.

這確實反映了我們團隊快速抓住世界各地各種機會的能力。對於第四季度，我們預計銷售額將比第三季度略有下降。對於 2025 年全年，我們預計銷售額將從 2024 年開始保持中高個位數成長。

I remain very proud of our team working in this important market. And while there are no doubt many areas of uncertainty in the global automotive market, our team continues to be focused on driving new design wins with customers who are implementing a wide array of new technologies into their vehicles. We look forward to benefiting from our strength and position in the automotive market for many years to come. The communications networks market represented 11% of our sales in the quarter.

我對我們在這個重要市場工作的團隊感到非常自豪。儘管全球汽車市場無疑存在許多不確定的領域，但我們的團隊將繼續致力於幫助客戶在其車輛中實施各種新技術，從而推動新的設計勝利。我們期待在未來的許多年裡從我們在汽車市場的實力和地位中獲益。通訊網路市場佔本季銷售額的 11%。

Sales grew from prior year by 165% in US dollars and a strong 25% organically as we benefited from the Andrew acquisition that we completed earlier this year as well as from increased spending by both communications network operators and equipment manufacturers.

由於我們受益於今年稍早完成的安德魯收購以及通訊網路營運商和設備製造商增加的支出，銷售額以美元計算比上年增長了 165%，有機增長高達 25%。

Sequentially, our sales grew by 8% from the second quarter, which was better than our expectation for sales to remain flat. As we look into the fourth quarter, we do expect sales to decline in the low teens range on normal seasonality. And for the full year we expect more than 130% growth driven by the acquisition of Andrew together with robust organic growth.

與第二季相比，我們的銷售額成長了 8%，這比我們預期的銷售額持平要好。展望第四季度，我們確實預期銷售額將因正常季節性因素而出現低至十幾個百分點的下降。我們預計，在收購安德魯和強勁的有機成長的推動下，全年成長率將超過 130%。

With our expanded range of technology offerings following the acquisition of Andrew earlier this year, we are well positioned with both service provider and OEM customers across the global communications networks market. Our deep and broad range of products, coupled with an expansive manufacturing footprint, have positioned us to better support customers around the world.

隨著今年稍早收購安德魯 (Andrew) 後我們的技術產品範圍不斷擴大，我們在全球通訊網路市場的服務供應商和 OEM 客戶中佔據了有利地位。我們擁有豐富且廣泛的產品系列，加上廣泛的製造足跡，使我們能夠更好地支援世界各地的客戶。

And as those customers continue to drive their systems to higher levels of performance, we look forward to enabling these important networks for many years to come. The mobile device market represented 6% of our sales in the quarter, and sales moderated by 3% in US dollars and organically as growth in wearables as well as basically flat sales enhanced set year-over-year was more than offset by moderations in sales related to laptops and tablets.

隨著這些客戶不斷將其係統推向更高的效能水平，我們期待在未來許多年內為這些重要的網路提供支援。行動裝置市場佔本季銷售額的 6%，銷售額以美元計算下降了 3%，有機下降是因為可穿戴設備的成長以及基本持平的銷售額同比增長被筆記型電腦和平板電腦相關銷售額的下降所抵消。

Sequentially, our sales did grow by 18% from the second quarter, which was much better than our expectations coming into the third quarter. As we look into the fourth quarter, we expect sales to increase modestly from these levels. And for the full year 2025, we expect sales to grow in the low single-digit range compared to 2024.

與第二季相比，我們的銷售額確實成長了 18%，這比我們對第三季的預期要好得多。展望第四季度，我們預期銷售額將在這些水準上小幅成長。我們預計，2025 年全年銷售額將比 2024 年成長低個位數。

I remain 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.

我仍然對我們在充滿活力的行動裝置市場中工作的團隊感到非常自豪，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，憑藉我們領先的天線陣列、互連產品和為廣泛的下一代行動裝置設計的機制，我們將為長期發展做好準備。

And finally, the IT datacom market represented 37% of our sales in the quarter. Sales in the quarter grew by a very strong 128% in US dollars and organically and that was driven by the continued acceleration in demand for our products used in artificial intelligence applications, together with continued robust growth in our base IT datacom business. I'm really proud of our team's outstanding execution here in the third quarter as we were once again able to significantly outperform our expectations in this very exciting market.

最後，IT 數據通訊市場佔本季銷售額的 37%。本季銷售額以美元計算和有機成長強勁，成長了 128%，這得益於我們用於人工智慧應用的產品的需求持續成長，以及我們的基礎 IT 數據通訊業務的持續強勁成長。我對我們團隊在第三季的出色表現感到非常自豪，因為我們再次能夠在這個非常令人興奮的市場中大大超出我們的預期。

On a sequential basis, sales increased by 13% from the second quarter, and that was substantially better than our expectation for mid- to high single-digit decline. This outperformance is actually driven both by sales of AI-related products as well as by growth in our base IT datacom business. As we look towards the fourth quarter, we expect sales to increase slightly from these very strong third quarter levels. And for the full year of 2025, we expect our IT datacom sales to more than double compared to prior year. We are more than ever encouraged by the company's position in the global IT datacom market.

與上一季相比，銷售額成長了 13%，這大大好於我們預期的中高個位數下降。這種優異表現實際上是由人工智慧相關產品的銷售以及我們基礎 IT 數據通訊業務的成長所推動的。展望第四季度，我們預計銷售額將在第三季度強勁水平的基礎上略有增長。到 2025 年全年，我們預計 IT 數據通訊銷售額將比上一年增長一倍以上。我們比以往任何時候都更鼓舞於該公司在全球 IT 數據通訊市場中的地位。

There's no doubt that our team has done an outstanding job securing future business on next-generation systems with a broad array of customers. The revolution in AI continues to create a unique opportunity for Amphenol, given our leading high-speed and power interconnect products. Whether high-speed power or fiber optic interconnects.

毫無疑問，我們的團隊在確保廣大客戶在下一代系統上的未來業務方面做得非常出色。鑑於我們領先的高速和電源互連產品，人工智慧革命繼續為安費諾創造獨特的機會。無論是高速電源還是光纖互連。

Our products are critical components in these next-generation systems, and that creates a continued long-term growth opportunity for the company. Turning to our outlook. And obviously, assuming the continuation of current market conditions as well as constant exchange rates, for the fourth quarter, we now expect sales in the range of $6 billion to $6.1 billion, and adjusted diluted EPS in the range of $0.89 to $0.91.

我們的產品是這些下一代系統的關鍵組件，這為公司創造了持續的長期成長機會。轉向我們的展望。顯然，假設當前市場狀況持續以及匯率保持不變，我們預計第四季度銷售額將在 60 億美元至 61 億美元之間，調整後稀釋每股收益將在 0.89 美元至 0.91 美元之間。

This would represent a sales increase of 39% to 41% and an adjusted diluted EPS increase of 62% to 65% and compared to prior year fourth quarter. Our fourth quarter guidance also represents an expectation for full year sales of $22.660 billion to $22.760 billion and full year adjusted diluted EPS of $3.26 to $3.28.

這意味著與去年同期第四季相比，銷售額將成長 39% 至 41%，調整後稀釋每股收益將成長 62% 至 65%。我們對第四季的預期也體現在全年銷售額為 226.60 億美元至 227.60 億美元，全年調整後稀釋每股收益為 3.26 美元至 3.28 美元。

This outlook represents full year sales and adjusted EPS increases of 49% to 50% and 72% to 74% respectively. There's no doubt that 2025 has been a very strong year for ethanol thus far. 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 thereby continue to grow our market position, all while driving sustainable and strong profitability through this year and into the long-term.

這一預期意味著全年銷售額和調整後每股收益將分別成長 49% 至 50% 和 72% 至 74%。毫無疑問，到目前為止，2025 年是乙醇非常強勁的一年。我仍然相信我們優秀的管理團隊有能力適應當前環境中的許多機會和挑戰，從而繼續提升我們的市場地位，同時在今年乃至長期內實現可持續的強勁盈利能力。

Finally, I'd like to take this opportunity once again to thank our entire global team for what were truly incredible efforts here in the third quarter. they worked unbelievably hard to deliver this level of growth and performance, and I'm truly grateful to each and every one of them.

最後，我想再次藉此機會感謝我們整個全球團隊在第三季所做的令人難以置信的努力。他們付出了令人難以置信的努力才實現了這種水準的成長和業績，我由衷地感謝他們每一個人。

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

接線員，我們非常樂意回答您的任何問題。

Thank you, Mr. Norwitt. (Operator Instructions).

謝謝您，諾維特先生。（操作員指令）。

Steve Fox, Fox Advisors.

史蒂夫福克斯，福克斯顧問公司。

Hi, good afternoon, thanks for taking my question. As you guys mentioned, your margins are quite impressive, another record. I was wondering if you could zero in on the incrementals a little bit from two aspects. One is the harsh environment and communications incrementals were 40%. Obviously, volume is helping, but what else is helping produce that? And then secondly, like you mentioned, Adam, there's a lot of product complexity.

大家好，下午好，感謝您回答我的問題。正如你們所提到的，你們的利潤率相當可觀，又創下了紀錄。我想知道您是否可以從兩個方面稍微關註一下增量。一是惡劣環境和通訊領域增量為40%。顯然，數量是有幫助的，但還有什麼能幫助實現這一點呢？其次，正如你所提到的，亞當，產品非常複雜。

We just saw a lot of your products at OCP last week. How does that either help or make it harder to deliver like these types of incrementals as you get into next-generation data centers, aerospace, things like that?

我們上週在 OCP 上看到了你們的許多產品。當您進入下一代資料中心、航空航太等領域時，這對交付此類增量產品有何幫助或使其變得更加困難？

Thank you.

謝謝。

Thanks, Steve. Yeah. No, listen, we're super proud, obviously, of our results this quarter and specifically the profitability we were able to achieve here and in the third quarter after coming off of a really strong quarter, actually in the second quarter at [25.6%]. So the 27.5% profitability for the company is something that certainly took a lot of work, and I think really it's driven by certainly a few factors. Number one, obviously, we're growing quickly.

謝謝，史蒂夫。是的。不，聽著，我們顯然對本季度的業績感到非常自豪，特別是我們在這裡和第三季度取得的盈利，因為我們剛剛經歷了一個非常強勁的季度，實際上在第二季度[25.6%]。因此，公司實現 27.5% 的盈利能力肯定需要付出很多努力，我認為這實際上是由幾個因素推動的。首先，顯然我們正在快速發展。

We had a really great quarter from a growth perspective, and we're continuing to execute in order to leverage that into strong profitability. And I think that's what you saw in the quarter. And the other part of it is our acquisitions also are doing really well. I mean you mentioned the HES segment. I mean that's kind of where the CIT business sits. And I would tell you that business is performing very well.

從成長角度來看，我們本季表現非常出色，我們將繼續努力，以實現強勁的獲利能力。我認為這就是您在本季度看到的情況。另一方面，我們的收購也進展順利。我的意思是您提到了 HES 部分。我的意思是，這就是 CIT 業務的所在。我想告訴你們，業務表現非常好。

And certainly, it's contributed to the margins and the conversion margin that you just mentioned in your question. So I think the overall profitability of the company is kind of hitting on all cylinders, it's the execution related to the growth of the company in addition to acquisitions that we're starting to see real progress on from a profitability perspective.

當然，它對您剛才在問題中提到的利潤率和轉換率有所貢獻。因此，我認為公司的整體獲利能力正在全面提升，除了收購之外，與公司成長相關的執行也從獲利能力的角度開始看到真正的進展。

So these are things that certainly proud of. I think that certainly, the value we're adding to our customers, the technology that we're bringing to the table here is being reflective in these margins, and that's kind of the results you're seeing here and these really great results.

所以這些都是值得驕傲的事。我認為，我們為客戶增加的價值、我們在這裡帶來的​​技術都反映在這些利潤率上，這就是您在這裡看到的結果，而且是這些非常棒的結果。

Yeah. Well, thank you, Craig. And Steve, thank you for the question. And thanks for stopping by the booth at OCP. We really appreciate that.

是的。好吧，謝謝你，克雷格。史蒂夫，謝謝你的提問。感謝您蒞臨 OCP 展位。我們對此深表感激。

Look, you saw a slice of our products there would certainly reflect an increasing complexity primarily related to the IT datacom market. And there's no doubt that as interconnect products and become more fundamental to the performance of the systems, the networks into which they're incorporated, there is more being demanded of those products.

你看，我們看到我們的部分產品肯定會反映出主要與 IT 數據通訊市場相關的日益增加的複雜性。毫無疑問，隨著互連產品對系統效能和網路效能的影響變得越來越重要，對這些產品的需求也越來越大。

They become more complex, whether those are higher speed products whether those are high-power products and to make those products to design those products to innovate around those products to develop the manufacturing processes to make these into ramp those products up at scale and at the speed that our customers in the market would like to have. This is not a trivial task whatsoever.

它們變得更加複雜，無論是更高速的產品，還是高功率的產品，以及製造這些產品、設計這些產品、圍繞這些產品進行創新、開發製造流程，以大規模和以市場客戶希望的速度生產這些產品。這絕對不是一項簡單的任務。

And I'm just so proud of our team for really working over many, many years to build the fundamental building blocks that have ultimately allowed us to be so successful. But I would also say this, it's not confined to that market. we see interconnect products across all of our end markets becoming increasingly high technology, having increasing complexity around them.

我為我們的團隊感到非常自豪，他們多年來一直努力建立基礎構件，最終使我們取得如此大的成功。但我也想說，這並不限於那個市場。我們看到所有終端市場的互連產品都變得越來越高科技，其複雜性也越來越高。

Whether you're talking about in the defense market in commercial air, where we can now offer a broader suite of value-add interconnect products to our customers, in part because of the CIC acquisition and what that brought. If you look at the Trexon acquisition that we announced this quarter, which brings us into even more advanced complex interconnect assemblies for customers in the defense market.

無論您談論的是商用航空的國防市場，我們現在都可以為客戶提供更廣泛的增值互連產品，部分原因是由於 CIC 收購及其帶來的好處。如果您看一下我們本季宣布的 Trexon 收購，這將使我們為國防市場的客戶提供更先進的複雜互連組件。

We see that across the industrial market as well, the automotive market. And certainly, in the communications networks with the complexity of the products the antenna products, the interconnect products that came along with the Andrew acquisition, I would tell you that today, more than ever before, customers recognize the importance.

我們也看到整個工業市場和汽車市場都有這樣的情況。當然，在通訊網路中，隨著對安德魯的收購，天線產品、互連產品等產品變得越來越複雜，我想告訴你，今天，客戶比以往任何時候都更認識到其重要性。

They rely upon the technology value of interconnect products and they represent a bigger hurdle for many of our customers, one that we can solve. You asked interestingly that question around margin out of the same breath as that question around product complexity and I don't think the two are unrelated.

它們依賴互連產品的技術價值，對於我們的許多客戶來說，它們代表著更大的障礙，而我們可以解決這個問題。有趣的是，您同時提出了有關利潤率的問題和有關產品複雜性的問題，我認為這兩者並非毫無關聯。

Yes, it's hard to do that. But if you are creating more value for your customers through the technology of your product by creating that value, then maybe those customers will be willing to share some small part of that value also with you that's embedded in that complex technology of the products. And I think that's something that Amphenol that we certainly, as a company, are seeing more of today than ever before.

是的，這很難做到。但是，如果您透過產品技術為客戶創造更多價值，那麼這些客戶也許會願意與您分享嵌入在產品複雜技術中的一小部分價值。我認為，作為一家安費諾公司，我們今天比以往任何時候都更能看到這種現象。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

Yeah, good afternoon, everyone. Thanks for being my question. Adam last quarter, I think we talked about $150 million of AI performance in the June quarter was driven by out execution. And that resulted in, I think, initially guiding IT datacom revenues down mid-single digits or so.

是的，大家下午好。謝謝你提出我的問題。亞當，上個季度，我想我們談到了 6 月季度 1.5 億美元的人工智慧表現是由我們的執行力推動的。我認為這最初導致 IT 數據通訊收入下降約個位數。

As you think of the better performance you just had in that segment, I think you folks said it's up 13%. How much of that do you think was driven by the traditional IT datacom market is doing well versus AI because the way to parse that out, it would be really helpful. And then how do you feel about the broader inventory levels in the AI ecosystem as you wrap this year get into 2026?

當您想到您剛剛在該領域取得的更好表現時，我想您們說它上漲了 13%。您認為其中有多少是由傳統 IT 數據通訊市場相對於人工智慧表現良好所推動的，因為解析這個問題的方法將非常有幫助。那麼，當您今年結束並進入 2026 年時，您對人工智慧生態系統中更廣泛的庫存水準有何看法？

Thank you.

謝謝。

Well, thank you very much, Amit. I appreciate the question. And look, I think if you think about our performance in the third quarter, I'd say it's pretty balanced. I mean I can't get super granular about this. You never know on exactly the margin, the book product does it exactly go into.

好吧，非常感謝你，阿米特。我很感謝你提出這個問題。而且，我認為如果你考慮我們第三季的表現，我會說它相當均衡。我的意思是我無法對此進行非常詳細的說明。你永遠不知道這本書的利潤到底是多少。

But I would say our impression is that it's pretty balanced, our upside in the quarter between AI-related and then more traditional datacom. And look, relative to inventory, we don't see any signs of anything abnormal. And there's no doubt -- in the third quarter, we obviously beat our expectations, and there was clearly more demand from our customers, and we were able to satisfy that demand.

但我想說，我們的印像是，它是相當平衡的，我們在本季的優勢在於人工智慧相關和更傳統的數據通訊之間。而且，相對於庫存，我們沒有看到任何異常跡象。毫無疑問，在第三季度，我們的業績明顯超出了預期，客戶的需求明顯增加，我們能夠滿足這些需求。

And so even though we came out of the second quarter with -- as we talked about it, maybe shipping a little bit ahead to what our customer demand was anticipated, the demand got better here in the third quarter and our team was able to flex to really react to that, both on the AI as well as the more traditional IT data count side.

因此，儘管我們在第二季度的出貨量可能比預期的客戶需求略有提前，但第三季的需求有所好轉，我們的團隊能夠靈活地對此做出反應，無論是在人工智慧方面還是在更傳統的 IT 數據統計方面。

Guy Hardwick, Barclays Capital.

巴克萊資本的蓋伊哈德威克 (Guy Hardwick)。

Hi, good afternoon, Adam and and team. Obviously, with so much of the incremental growth coming from IT datacom. It's natural for investors to kind of treat on major architectures in AI. Can you kind of allay any concerns about Amphenol content on, say, the (inaudible) architecture due to come in 2027 versus the Oberon architecture?

嗨，亞當和團隊，下午好。顯然，大部分增量成長來自 IT 數據通訊。投資者對人工智慧的主要架構進行某種程度的關注是很自然的。您能否緩解人們對安費諾內容的擔憂，例如，2027 年推出的（聽不清楚）架構與 Oberon 架構相比如何？

Yeah, thanks very much, Scott. Look, I'm not going to talk about specific customers and specific architectures. There's a lot of different design activity going on. And what I can tell you is this, why we have been so successful in establishing ourselves as a leader in this unique and high-value architecture of interconnect products in accelerated compute, AI, machine learning, however you want to term it, is a very long-term multi-decade buildup of our capabilities on high-speed and also power products.

是的，非常感謝，斯科特。聽著，我不會談論特定的客戶和特定的架構。目前有很多不同的設計活動正在進行中。我可以告訴你們的是，我們之所以能夠如此成功地確立自己在加速運算、人工智慧、機器學習等互連產品這一獨特且高價值架構領域的領導者地位，無論你怎麼稱呼它，都是因為我們在高速和電力產品方面的能力經過了數十年的長期積累。

And then also commensurate with that, building up the capabilities to make these advanced products and to ramp those products up when our customers need them. And those capabilities have enabled us to continue to win with customers up and down the stack of the AI ecosystem and people want to talk about one or another platform. But you know that there are lots of things going on in AI.

同時，我們也要建立製造這些先進產品的能力，並在客戶需要時提高這些產品的產量。這些能力使我們能夠繼續贏得整個人工智慧生態系統中客戶的青睞，人們也願意談論某個平台。但你知道人工智慧領域有很多事情正在發生。

We treasure our relationships with each of those customers, and we work directly with customers up and down the stack from the folks who are really the service providers all the way down through the equipment manufacturers, the data center builders and down through to the folks who are designing and specifying the chip-based architecture. And I can tell you that we have a strong position today, and we have a strong position in future platforms, really up and down that stack.

我們珍惜與每位客戶的關係，我們直接與各個層次的客戶合作，從真正的服務提供者一直到設備製造商、資料中心建構者，再到設計和指定基於晶片的架構的人員。我可以告訴你們，我們今天擁有強大的地位，而且我們在未來的平台上也擁有強大的地位，無論在哪個平台上。

Luke Junk, Baird.

盧克·簡克，貝爾德。

Good afternoon. Thanks for taking the question. Maybe a simple question, but a more complex answer. Adam, just wondering how you think about book-to-bill at this level of growth? I mean it just seems like it's these levels, maybe that becomes a less meaningful metric to look at? And also, I think some of your sales are shorter term in nature, especially in IT datacom, just how that's impacting the book-to-bill measure as well.

午安.感謝您回答這個問題。這可能是個簡單的問題，但答案卻更複雜。亞當，我只是想知道您如何看待這種增長水平下的訂單出貨比？我的意思是，看起來這些水平可能不再是一個有意義的指標？而且，我認為你們的一些銷售本質上是短期的，特別是在 IT 數據通訊領域，這也會影響訂單出貨比的衡量標準。

Thank you.

謝謝。

Well, thanks, Luke. Actually, it's a very good question. And I think you're kind of spot on like with these growth levels, the fact that our bookings grew also in the quarter on a year-over-year basis by 38%, and that we've had so much upside in the quarter in terms of our revenues to what our expectation, and yet we still managed to have a book-to-bill that was really just under one. I think it rounds to [$0.99]. But I mean more than $6.1 billion in orders in the quarter.

好吧，謝謝，盧克。事實上，這是一個非常好的問題。我認為你對這些成長水準的評價很正確，事實上我們的訂單量在本季度同比增長了 38%，而且本季度我們的收入比我們的預期有很大增長，但我們的訂單出貨比仍然略低於 1。我認為四捨五入為[0.99美元]。但我的意思是本季的訂單量超過 61 億美元。

I would say that when we were in the earlier part of the ramp-up of, in particular, this ramp-up related to IT datacom and specifically related to AI, there's no doubt that our book-to-bill was a very strong book-to-bill in particular, because we were making a lot of significant investments, and it was very much on the common, and our customers wanted to give us the confidence that we would make those various investments.

我想說的是，當我們處於早期成長階段時，特別是與 IT 數據通訊和人工智慧相關的成長階段，毫無疑問，我們的訂單出貨比非常強勁，因為我們進行了大量重大投資，而且非常普遍，我們的客戶希望讓我們有信心，我們會進行這些投資。

Now look, I can't tell you what the cadence of bookings will be here in the fourth quarter. We don't give guidance for bookings for that reason. It's very hard to tell. Maybe a little bit above one or below one and we still see. Is it a shorter cycle?

現在看，我無法告訴你第四季的預訂節奏是怎樣的。因此，我們不提供預訂指導。這很難說。也許稍微高於 1 或低於 1，我們仍然可以看到。週期是不是更短了？

What I would say about this IT datacom specifically is there's no question that as we've gone through this cycle of the build-out and the ramp-up, our lead times have certainly come down relative to what they were early on as we were building out the capacity. And as your lead times come down, that naturally has an impact on your book-to-bill and creates a slightly shorter cycle. And so I think that's not also totally far out based either, Luke.

關於這個 IT 數據通信，我想特別說的是，毫無疑問，隨著我們經歷了這個擴建和提升的周期，我們的交付週期相對於我們早期擴建容量時的交付週期肯定有所縮短。隨著交貨時間的縮短，這自然會對您的訂單出貨比產生影響，並產生略微縮短的週期。所以我認為這並非完全不著邊際，盧克。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Great, hi Adam, thanks for taking my question. Maybe just putting IT datacom beside the recovery and the strong organic growth that you had in the other end markets as well, like industrial communication networks, like really strong growth in all of them.

太好了，嗨，亞當，謝謝你回答我的問題。也許只是將 IT 數據通訊放在復甦和強勁的有機成長旁邊，其他終端市場也同樣如此，例如工業通訊網絡，所有這些市場都有真正強勁的成長。

Maybe one, how are you sort of overall looking at the landscape rate into 90 days ago, have things in those underlying markets improve. And then what is the visibility I get that may be book-to-bill and the best metric to look at for ITK.com, but what is the visibility of the book-to-bill in those end markets giving you in relation to future demand is the visibility improving with the book-to-bill numbers as well done.

也許首先，您如何從整體上看待 90 天前的景觀率，看看那些基礎市場的情況是否有所改善。那麼，我得到的可見性可能是訂單出貨比，也是 ITK.com 的最佳衡量標準，但這些終端市場的訂單出貨比的可見性與未來需求的關係如何，隨著訂單出貨比數字的提高，可見度也在提高。

Thank you.

謝謝。

Yeah. No, thank you very much, Samik. I mean, look, it's hard to say that we don't have a more positive view today than we would have had 90 days ago, really broadly across the company with the performance that we had here in the quarter.

是的。不，非常感謝你，薩米克。我的意思是，看，很難說我們今天對本季業績的看法不比 90 天前更積極，實際上整個公司都是如此。

I mean, growing sequentially as we did by 10% is really an outstanding performance, especially compared to when our expectations were coming into the quarter. And if you look at our performance across really all of our end markets with the small exception of mobile devices, which was slightly down, year-over-year, all of our end markets were up in double digits organically.

我的意思是，我們實現了 10% 的環比成長，這確實是一個出色的表現，尤其是與我們本季的預期相比。如果你看一下我們在所有終端市場的表現，除了行動裝置略有下降之外，我們所有的終端市場都實現了兩位數的有機成長。

And honestly, if you even took IT datacom totally out of our performance in the quarter, we would have organic growth in kind of the mid-teens levels, which, to me, sounds like pretty good performance. And so there's no doubt that we feel incrementally positive on the overall landscape.

老實說，即使你把 IT 數據通訊完全從本季度的業績中剔除，我們的有機成長率也會達到十幾歲左右的水平，對我來說，這聽起來是相當不錯的表現。因此，毫無疑問，我們對整體情勢的感覺越來越樂觀。

In terms of book-to-bill in the other markets, I mean, I would say that we had some favorable book-to-bill in particular, I would say, like defense. We have a pretty strong book-to-bill in that market. I'd say others are plus or minus, but certainly not negative.

就其他市場的訂單出貨比而言，我的意思是，我想說我們有一些特別有利的訂單出貨比，例如國防。我們在該市場的訂單出貨比相當強勁。我想說其他的有優點也有缺點，但絕對不是缺點。

And so I think we feel incrementally encouraged and that ultimately goes into our expectations where we look next quarter, for example, in the defense market, commercial air market, those two in particular, to be up kind of in the mid-single digits on a sequential basis, which is a very strong finish for each of those areas.

因此，我認為我們感到逐漸受到鼓舞，這最終體現在我們的預期中，例如，下個季度，國防市場、商用航空市場，這兩個市場，將環比增長中等個位數，這對於每個領域來說都是非常強勁的成績。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon.

是的，下午好。

Thank you very much for taking my question. Adam, you mentioned the company saw a better-than-expected strength in the auto market in the third quarter. And you spoke to some of that being a function of Amphenol executing well against opportunities that came up in the quarter.

非常感謝您回答我的問題。亞當，您提到公司看到第三季汽車市場表現優於預期。您談到，這是安費諾在本季抓住機會後表現良好的表現。

Could you speak a bit more on what some of those opportunities were and what was supporting that strength that the company saw in 3Q? And then maybe just give a bit more color on what you're seeing in the auto market for the fourth quarter, please?

您能否進一步談談這些機會是什麼，以及是什麼支撐了公司在第三季看到的優勢？那麼，您能否再多介紹一下您對第四季汽車市場的看法？

Thanks.

謝謝。

Well, thanks very much, Mark. I mean, look, I think our team did well on a global basis in automotive in the third quarter. I mean growing really sequentially in all regions, growing pretty strongly in all regions on a year-over-year basis, including, by the way, we saw double-digit organic growth in Europe which is maybe not what one reads in the paper every day. And so we feel really good about the performance, and I'm really pleased with our team there. And look, there's a lot of moving pieces in automotive right now.

好吧，非常感謝，馬克。我的意思是，我認為我們的團隊在第三季的全球汽車領域表現良好。我的意思是，所有地區都實現了連續增長，所有地區的同比增長都相當強勁，順便說一句，我們看到歐洲實現了兩位數的有機增長，這可能不是人們每天在報紙上看到的。因此，我們對錶現感到非常滿意，我對我們團隊的表現感到非常滿意。看看吧，現在汽車產業有很多活動部件。

You hear about lots of different things, different government policies impacting certain automotive demand. You hear about different supply chain, things going on, plus or minus in that area. And so as we look into the fourth quarter, taking all of that into account, we expected sort of modest sequential reduction in the fourth quarter which is not totally abnormal.

您會聽到很多不同的事情，不同的政府政策影響某些汽車需求。您會聽到有關不同供應鏈、正在發生的事情以及該地區的優點和缺點的消息。因此，當我們展望第四季時，考慮到所有這些因素，我們預計第四季度會出現適度的環比下降，這並不完全不正常。

Sometimes we'll see that in the fourth quarter for automotive. But our position is really strong. And in addition, I would tell you that we're really pleased to see a kind of growth in that market in new kind of platforms, EVs, where we've had strong performance in automotive last quarter, but also in traditional and hybrid vehicles around the world.

有時我們會在第四季看到汽車產業的這種現象。但我們的地位確實很強。此外，我想告訴大家，我們非常高興看到新平台、電動車市場的成長，上個季度我們在汽車領域表現強勁，在全球傳統汽車和混合動力汽車領域也表現強勁。

And so I think it's a pretty broad-based positive view that we had which I think does contrast with maybe some of the more cloudy things you read about every day in the paper. But I tried not to read all these cloudy things too often.

因此，我認為我們持有相當廣泛的正面觀點，這與您每天在報紙上讀到的一些較為模糊的內容形成了鮮明對比。但我盡量不常閱讀這些模糊的東西。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Hey, good morning everyone. Yeah, I wanted to check on -- so your margins have been great and you're talking about this kind of higher incremental margin shift. But yet your guidance to get to the midpoint of your guidance, it does imply margins would step down. If you look historically, usually, they're flat or up from Q3. I was wondering, are there some dynamics in there that are causing that or anything you want to call out ahead of that?

嘿，大家早安。是的，我想檢查一下——您的利潤率一直很高，而且您正在談論這種更高的增量利潤率轉變。但是，您的指導達到了指導的中間點，這確實意味著利潤率會下降。如果你回顧歷史，通常會發現它們與第三季度持平或上升。我想知道，是否存在一些導致這種情況的動態因素，或者您想提前指出什麼？

Yeah. Thanks a lot, Andrew. Yeah. No, listen, our fourth quarter kind of guidance here, certainly, I think, is actually very strong, both from a top line and a bottom line perspective. I mean we're guiding down slightly, our margins in the fourth quarter kind of implied are slightly down, but also revenue was slightly down, and we're talking about not as significant, I think 2% on the high end, sequential decline.

是的。非常感謝，安德魯。是的。不，聽著，我認為，我們第四季的預測實際上非常強勁，無論是從頂線還是底線的角度來看。我的意思是，我們的預期略有下降，第四季度的利潤率暗示略有下降，但收入也略有下降，而且我們談論的下降幅度並不那麼顯著，我認為最高為 2%，環比下降。

So I guess I wouldn't call out anything too specific. I mean the reality is that at these revenue levels, at these growth levels, I mean, there will be some variability in margins, and we're going to I think we talked about our 30% kind of conversion or approaching 30% on the growth. And I would think on the -- when we have some declines, you're going to see a little bit higher conversion on the decline than you would typically see at these margin levels that we're at.

所以我想我不會說出任何太具體的事情。我的意思是，現實情況是，在這些收入水準、這些成長水準下，利潤率會有一些變化，我們討論的是 30% 的轉換率或接近 30% 的成長率。我認為——當我們出現一些下滑時，你會看到下滑的轉換率比我們目前的利潤水平下通常看到的轉換率要高一點。

But -- so I wouldn't call anything out too specifically. I mean we are as I've mentioned before, adding some level of cost, kind of given the significant growth we've seen and the inability that necessarily add some costs as quick as you can when you're growing kind of 40% organically or 41% in this quarter. So I would say maybe that's having a slight impact, but maybe I would say modest. But I mean this implied margins, I think, still would be close to 27%. So I mean this is not a significant drop in margin.

但是——所以我不會太具體地說明任何事情。我的意思是，正如我之前提到的，我們增加了一定程度的成本，考慮到我們所看到的顯著增長，以及當你在本季度有機增長 40% 或 41% 時無法盡快增加一些成本。所以我想說，這可能有一點影響，但可能影響不大。但我的意思是，我認為這隱含的利潤率仍然接近 27%。所以我的意思是利潤率並沒有大幅下降。

And I think this is still a very good overall profitability for the company. And certainly, we believe, sustainable as we continue to grow but there will be some level of variability for sure.

我認為這對公司來說仍然是一個非常好的整體獲利能力。當然，我們相信，隨著我們繼續成長，這將是可持續的，但肯定會存在一定程度的變化。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you so much, Adam. Can you talk a little bit about the opportunity that you see on the power side as these AI data centers are now standing up racks that are consuming maybe 2x to 3x of 100-kilowatt rack, which itself used to be a lot lower just a year ago.

是的，非常感謝，亞當。您能否談談您在電力方面看到的機遇，因為這些人工智慧資料中心現在所安裝的機架的耗電量可能是 100 千瓦機架的 2 到 3 倍，而一年前 100 千瓦機架的耗電量還要低得多。

And maybe you can just address some of the products that are driving that opportunity for you? And if I could, Craig, could you just talk about the CapEx trajectory? It was slightly down quarter-on-quarter, I think you'd expected it to be flat. How should we think about the trajectory from here?

也許您可以談談為您帶來這一機會的一些產品？如果可以的話，克雷格，您能談談資本支出軌跡嗎？與上一季相比，它略有下降，我想你預計它會持平。我們該如何思考接下來的發展軌跡？

Thank you so much.

太感謝了。

Well thanks, Wamsi. I'll let Craig talk about CapEx first, and then I'll talk about the power product.

好吧，謝謝，Wamsi。我先讓 Craig 談談資本支出，然後再談談電力產品。

Sure. Thanks, Wamsi. Yeah, capital we spent, I would say we spent in the range of what we expected to spend in the quarter. I mean, there's no precision around exactly what you're going to spend in the quarter.

當然。謝謝，Wamsi。是的，我們花費的資本，我想說我們花費的金額在我們預期的本季支出範圍內。我的意思是，你無法精確地知道本季到底要花多少錢。

We expected kind of in the ballpark of what we had in the second quarter, and we were slightly under that. But I think still kind of roughly where we expect it to be. I think we hadn't really -- I haven't mentioned the fourth quarter. I mean I guess I would expect kind of to be in a similar range, maybe slightly higher than we were in the third quarter in the fourth.

我們預計第二季的業績大致如此，但實際業績略低於這一水平。但我認為它仍然大致處於我們預期的水平。我認為我們實際上還沒有——我還沒有提到第四季度。我的意思是，我預計第四季的水平會處於類似的範圍內，可能比第三季略高一些。

But I mean this is -- these are -- given the level of growth we've had, given the revenue that we've had, we're kind of growing into our capital spending right now, which we would expect to do, and that's certainly -- so we're closer to the kind of, again, the higher upper end of that kind of 4%. Kind of target that we would typically have, and that's what we did here in the third quarter. And I kind of would expect roughly in that range kind of as we move forward, certainly into the fourth quarter here.

但我的意思是，考慮到我們已經實現的成長水平，考慮到我們已經獲得的收入，我們現在的資本支出正在成長，這也是我們預期會做的，當然，所以我們更接近 4% 的較高上限。這是我們通常會設定的目標，這也是我們在第三季所做的事情。我預計，隨著我們繼續前進，肯定會進入第四季度，這一數字大致會在這個範圍內。

And look, relative to power, I mean, look, power is the big story here. I'm not saying anything to any of you don't know, but there's no doubt that power in these next-generation architectures is a really fundamental part of the operating of the systems.

看看，相對於權力，我的意思是，看看，權力是這裡的大問題。我不是對你們不知道的人說什麼，但毫無疑問，這些下一代架構中的功能是系統運作的一個真正基礎的部分。

And we've been involved in power connectors essentially since the birth of the company. If you think about our legacy back into military and industrial, high power, high voltage. I mean, we've been making interconnect products related to really high power consumption systems for most of the modern history of Amphenol, which means that we have dialed in the knowledge of what it means to be handling so much power.

自公司成立以來，我們基本上一直涉足電源連接器領域。如果您想想我們在軍事和工業領域的遺產，高功率、高電壓。我的意思是，在安費諾的大部分現代歷史中，我們一直在生產與真正高功耗系統相關的互連產品，這意味著我們已經了解了處理如此大功率意味著什麼。

The safety, the efficiency, the throughput of the power, this concept of millivolt drop and all of that, that goes along with it. And so we're involved in a very complex way across a lot of different interconnect products, complex interconnect assemblies, bus bars, board level circular interconnect, bringing power. As soon as the power gets to the side of a building, we're helping it get all the way around there, all the way until it gets to the board of the chips.

安全性、效率、電力吞吐量、毫伏降的概念以及所有與之相關的一切。因此，我們以非常複雜的方式參與了許多不同的互連產品、複雜的互連組件、母線、板級圓形互連以及供電。一旦電力到達建築物的一側，我們就會幫助它一路繞過那裡，直到我們到達晶片板。

I mean -- as you mentioned, AI is only going to increase in the needs of power. And I have to say, I use these tools probably more than most. I am just dived in head and shoulders into using AI. And I will admit that once in a while, when I'm doing something pretty complex and it's waiting a little bit, I get a little ping of guilt that I might be using a little more power.

我的意思是——正如您所說，人工智慧對電力的需求只會增加。我必須說，我使用這些工具的次數可能比大多數人還要多。我全心投入使用人工智慧。我承認，有時候，當我在做一些非常複雜的事情並且需要等待一段時間時，我會感到有點內疚，因為我可能會消耗更多的電力。

I mean I was making immunology model for my daughter who's sitting for a test last night, and I see the little thing thinking and know that that's probably burning if you light bulbs of power while doing that. And I think our job at Amphenol, our job at Amphenol to do this is to make sure that as little as possible of that energy that comes in the building is lost through the interconnect products.

我的意思是，昨晚我正在為參加考試的女兒製作免疫學模型，我看到這個小東西在思考，並且知道如果你在做這件事的時候點亮燈泡，它可能會燃燒。我認為我們在安費諾的工作，我們在安費諾的工作就是確保建築物中的能量盡可能少地通過互連產品損失。

That ultimately, our products are the most efficient and the safest so that the maximum amount of electrons can make their way to where they need to go, which is to the GPUs and to the associated things that go on these systems.

最終，我們的產品是最高效、最安全的，以便最大數量的電子能夠到達它們需要去的地方，即 GPU 以及這些系統上運行的相關設備。

And if we can do a good job at doing that, and we're pretty good at doing that. We've been developing that skill for many decades. Our customers are going to keep relying on us to support them. And I'm really proud of what our team has done here. and I look forward to more opportunities related to power in the future.

如果我們能夠很好地完成這項工作，那麼我們在這方面就做得相當不錯了。我們已經開發這項技能幾十年了。我們的客戶將繼續依賴我們來支持他們。我為我們團隊在這裡所取得的成就感到非常自豪。我期待未來有更多與電力相關的機會。

Asiya Merchant, Citigroup.

花旗集團的 Asiya Merchant。

Great, thank you very much. Great results here. If I may, Adam, I know you talked a lot about how the interconnects are now creating more value. And I think it's pretty well understood on the AI side. But I do get questions from investors on the other end markets.

太好了，非常感謝。這裡取得了很好的成果。如果可以的話，亞當，我知道你談了很多關於互連如何創造更多價值。我認為人工智慧方面對此已經有了相當好的理解。但我確實收到了另一端市場投資者的疑問。

Where is that extra value that is being created that can sustain the incremental margins that you're talking about. And sort of related to that, how do you think about the competitive dynamics now -- whether it's within the IT datacom or outside within the other end markets. that you participate in?

正在創造的、能夠維持您所說的增量利潤的額外價值在哪裡？與此相關的是，您如何看待現在的競爭動態—無論是在 IT 資料通訊領域還是在您參與的其他終端市場之外？

Thank you.

謝謝。

Well, thank you very much, Asiya. And hopefully, I pronounced your name correctly there. Sorry about that. Look, there's no doubt that as I mentioned earlier, we see Interconnect becoming increasingly embedded with more technology, increasingly complex and thereby increasing and creating value for our customers across the entire gamut of this wonderful array of markets that we serve. And how is that happening?

好吧，非常感謝你，Asiya。希望我正確地念出了你的名字。很抱歉。看，毫無疑問，正如我之前提到的，我們看到互聯越來越多地嵌入了更多的技術，變得越來越複雜，從而為我們服務的整個市場範圍內的客戶增加和創造價值。這是怎麼發生的呢？

And why is that happening? It gets to just the intensity of electronics that our customers are embedding in their products to create more functionality, more value for the end customers.

為什麼會發生這種情況？它只是涉及到我們的客戶在其產品中嵌入的電子強度，以便為最終客戶創造更多功能、更多價值。

Everything from a combined that is cutting down soybeans or corn in the Midwest now operating as an autonomous vehicle, where one driver can drive of these massive farming machines as opposed to having to have five drivers to do that. Mining equipment, the same with autonomy, with hybridization of the drivetrains across the defense industry.

中西部地區用於收割大豆或玉米的聯合收割機現在變成了自動駕駛汽車，一個司機就可以駕駛這些大型農機，而不需要五個司機來操作。採礦設備也具有自主性，並且在整個國防工業中都採用了動力傳動系統的混合化。

I mean we just see some much more complex adoption of electronics that thereby then requires a more complex interconnect system, the density, the number of different nodes, the sensors and the processes that are being associated there with.

我的意思是，我們看到電子產品的應用變得更加複雜，因此需要更複雜的互連繫統、密度、不同節點的數量、感測器以及與之相關的流程。

All of this adds up together to create a complexity and a need and ultimately an opportunity for us to create value for our customers. Now look, we have a lot of competition to your second question and everywhere that we operate. And it's up to us to create a sustainable advantage for our company through our technology, number one, through our capability and capacity to build that technology.

所有這些加在一起就產生了複雜性和需求，並最終為我們提供了為客戶創造價值的機會。現在看看，對於您的第二個問題以及我們經營的每個地方，我們都面臨著很多競爭。首先，我們要透過我們的技術、透過我們建構該技術的能力和產能，為我們的公司創造可持續的優勢。

Number two, and then ultimately, through our agility, reactivity and speed. And that last piece of it -- the last piece of it comes from that unique Amphenolian culture that I talk until I'm blue in the face about because it ultimately is the nucleus of what makes this company successful.

第二，最終，透過我們的敏捷性、反應性和速度。最後一點——最後一點來自於獨特的安費諾文化，我對此津津樂道，直到臉色發青，因為它最終是這家公司成功的核心。

And so we will always have competition and we respect those competitors. And there are some wonderful companies, large, medium and small around the world with whom we have really wonderful competition. But at the end of the day, if we can develop a better product. If we can build that product at scale and if we can do that in an agile, fast and flexible fashion, I believe that we'll continue to be able to win more than our fair share and thereby be able to outperform the market. We've done that for more than a quarter century, and I have a lot of confidence that we'll be able to do that for many years to come.

因此，我們永遠都會有競爭，我們尊重這些競爭對手。世界上有很多優秀的大、中、小型公司，我們與他們之間的競爭非常激烈。但最終，如果我們能夠開發出更好的產品。如果我們能夠大規模地生產該產品，並且能夠以敏捷、快速和靈活的方式做到這一點，我相信我們將繼續能夠贏得超過我們應得的份額，從而能夠超越市場。我們已經這樣做了二十五年多，而且我非常有信心，我們能夠在未來的許多年裡繼續這樣做。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks. Good afternoon. I just want to go back to some of the incremental margin commentary from before, particularly by segments because I understand growth is really the largest driver here. But is there anything structural between the segments that we think can impact incremental margins?

謝謝。午安.我只是想回顧一下之前關於增量利潤率的一些評論，特別是按細分市場的評論，因為我知道成長確實是這裡最大的驅動力。但是我們認為各部分之間是否存在某種結構性因素會影響增量利潤？

Like if you look at comms services and harsh environments, similar incrementals this quarter, but comm services grew 3 times as fast as ore. So is there some more investment that's needed there. And then if we think about the interconnect and sensor segment, is there anything that ultimately preventing that segment from also hitting 30%-plus incrementals if they achieve faster growth.

如果你看一下通訊服務和惡劣環境，本季也有類似的增量，但通訊服務的成長速度是礦石的 3 倍。那麼那裡是否需要更多的投資？然後，如果我們考慮互連和感測器部分，如果它們實現更快的成長，最終有什麼會阻止該部分達到 30% 以上的增量。

Thanks.

謝謝。

Yeah, thanks for the question. I mean I think the short answer is I don't think there's anything structural in any of the segments that's limiting them from or enhancing their profitability. I mean there's no doubt that the ACS segment has had a significant amount of growth.

是的，謝謝你的提問。我的意思是，我認為簡短的回答是，我認為任何一個細分市場都不存在任何結構性因素來限製或提高它們的獲利能力。我的意思是，毫無疑問 ACS 部門已經實現了顯著的成長。

And when we talk about kind of adding cost to support kind of 40% plus organic growth, we're talking about also adding cost of support. I think the 74% organic growth or whatever they had, in the quarter. So certainly, there's some of that kind of in that segment that maybe is more than in some other segments in terms of adding some of those costs that will catch up a little bit over time.

當我們談論增加成本以支持 40% 以上的有機成長時，我們也在談論增加支援成本。我認為本季他們的有機成長率為 74% 或其他數字。因此，可以肯定的是，就增加某些成本而言，該部分中的某些部分可能比其他部分中的部分要多，這些成本會隨著時間的推移而稍微趕上。

But these are modest amounts. These are on things that are going to have a super meaningful impact on the overall profitability of the segment or on the company. I mean, I think all of the segments have the ability to grow -- continue to grow their margins and continue to expand over time. I mean, AIS, actually, I say I would say I'm particularly proud of this quarter achieving 20% profitability, operating margins in the quarter. I mean it's outstanding its performance by that segment.

但這些金額並不大。這些事情將對該部門或公司的整體獲利能力產生極其重大的影響。我的意思是，我認為所有細分市場都有成長的能力——利潤率不斷提高，並且隨著時間的推移而不斷擴張。我的意思是，實際上，我對 ​​AIS 本季實現 20% 的盈利能力和營業利潤率感到特別自豪。我的意思是它在該領域的表現非常出色。

And actually, they did achieve, I believe, sequentially about 30% conversion margin in that segment. So they absolutely have the capability and the opportunity to continue to do that, I think, in the future. So I would say all the river segments have the opportunity to continue to expand margins.

事實上，我相信他們確實在該領域實現了約 30% 的轉換率。因此我認為，他們絕對有能力和機會在未來繼續這樣做。所以我想說，所有河段都有機會繼續擴大利潤。

And certainly, the level of growth that each of those have will have some impact on the margin expansion. But overall, I think this 30% kind of targeted long-term target we have here as we kind of come down to normal levels of growth over time. I think we're doing much better than that right now is something that all of them will contribute to.

當然，每種成長水準都會對利潤率擴張產生一定的影響。但總的來說，我認為 30% 是我們設定的長期目標，隨著時間的推移，我們的成長速度將逐漸恢復到正常水平。我認為我們現在做得更好，這是他們所有人都會做出貢獻的事情。

William Stein, Truist Securities

威廉·斯坦，Truist證券

Great, thanks for taking my question and congrats on the great quarter and outlook. Adam, in the last couple of meetings we had, you discussed incremental automation that you're doing in the IT datacom business. I think you noted that it helps you meet high product performance requirements, quality standards.

太好了，感謝您回答我的問題，並祝賀本季度取得的出色成績和良好的前景。亞當，在我們最近的幾次會議中，您討論了在 IT 數據通訊業務中所做的增量自動化。我想您已經注意到它可以幫助您滿足高產品性能要求和品質標準。

I think you talked also about time to market and time to volume maybe that even helps your print position with customers overall. But I'd love to hear any further clarification on that effort, especially if there's anything afoot to extend what you're doing there beyond the IT datacom end market, which is where it came up?

我認為您也談到了上市時間和批量生產時間，這甚至可能有助於您在印刷領域的整體客戶地位。但我很想聽到有關這項努力的進一步澄清，特別是是否有任何舉措可以將你們的工作擴展到 IT 數據通訊終端市場之外？

Thank you.

謝謝。

Well, thanks very much, Will, and thanks for your kind comments. Yeah, we did talk about this, and I think I mentioned this in the past in our quarterly calls, that when I think about the building blocks of our success, I mentioned it's about having a great product and building the fundamental engineering elements, the technology elements that go into those products. But then it's about how do you make those products at volume at quality and ramp those in a time expeditious and especially in this kind of hyper speed of like kind of world that we are in right now.

好吧，非常感謝，威爾，也謝謝你的善意評論。是的，我們確實討論過這個問題，我想我在過去的季度電話會議上提到過，當我思考我們成功的基石時，我提到成功的基石在於擁有一款優秀的產品，並構建基本的工程元素，即構成這些產品的技術元素。但接下來的問題是如何大量生產高品質的產品，並在短時間內提高產量，尤其是在我們現在所處的這種超高速世界中。

And over the last, I don't know, 10-, 15-years plus, we've been kind of around in our sort of typical Amphenol decentralized way developing an enormous amount of in-house capabilities related to automation. And I wouldn't even say that those capabilities started out necessarily related to IT datacom. I mean we were doing a lot of automation in our mobile business and others.

在過去的 10 年或 15 年多的時間裡，我們一直以典型的安費諾分散方式開發大量與自動化相關的內部能力。我甚至不會說這些功能一開始就必然與 IT 數據通訊相關。我的意思是我們在行動業務和其他業務中都進行了大量自動化。

But no question that as we design these next-generation products as the product life cycle shortened, it became imperative that we have our own capabilities to automate so that we could do that automation in lockstep with the product design and validation as opposed to design and validate a product and go outside and ask them one to make an automation machine for you which could take another year plus. And then at the end of the day, it comes back and it's not what you wanted.

但毫無疑問，隨著我們設計這些下一代產品，隨著產品生命週期的縮短，我們必須擁有自己的自動化能力，以便我們可以與產品設計和驗證同步進行自動化，而不是設計和驗證產品，然後去外面請他們為你製造一台自動化機器，這可能還需要一年多的時間。然後到了最後，它又回來了，而且不是你想要的。

And so working hand-in-hand between our design engineers, our automation engineers, has allowed us to really shorten that cycle and it has allowed us to make sure that when you have these products that are operating at the highest levels of performance, high speed, for example, that those products are so sensitive there's such a delicacy and a precision to those products that really they need to be automated in order to ensure the good performance of the product.

因此，透過我們的設計工程師和自動化工程師之間的密切合作，我們能夠真正縮短這個週期，並確保當這些產品以最高性能水平（例如高速）運行時，這些產品非常敏感，非常精細和精確，因此它們確實需要自動化，以確保產品的良好性能。

Now in terms of going beyond IT, we've been doing this for a long time as well. I mean, as entrepreneurial and decentralized as we are, we also talk about the company as being collaborative entrepreneurship, and there's been an enormous amount of collaboration, unstructured, not incented in any funny way.

現在就超越 IT 而言，我們也已經這樣做了很長一段時間。我的意思是，儘管我們具有創業精神和分散性，但我們也將公司視為協作創業，並且存在大量非結構化的、不以任何有趣方式激勵的合作。

It's not like some matrix structure of an automation, corporate team or anything like that. But there's a really organic kind of efforts around the company to work with each other to see where automation really makes sense. And I would tell you that in every one of our end markets, as products get more complex, as sort of the sort of cost environment changes as the trade environment changes, whatever, I mean we are adopting automation in places where it really makes sense.

它不像自動化、企業團隊或類似的矩陣結構。但公司內部確實正在進行一種有機的努力，相互合作，探索自動化的真正意義。我想告訴你，在我們的每個終端市場中，隨著產品變得越來越複雜，隨著貿易環境的變化，成本環境也隨之變化，無論如何，我們正在真正有意義的地方採用自動化。

Now are we just saying from above to shelf automate everything, absolutely not. I mean, this is a decision left to our general managers who know their products, who know what their customers need, who know where they make the products who know the life cycles and to ultimately own the financial assets that they're creating when they make these automation, having that push down to 140 general managers, but enabling that through the collaboration across the company has been a really good recipe.

現在我們只是從上面說要把一切都自動化，絕對不是。我的意思是，這個決定權留給了我們的總經理，他們了解自己的產品，了解客戶的需求，知道在哪裡生產產品，了解產品的生命週期，並最終擁有他們在實現這些自動化時所創造的金融資產，雖然將這一決定權下放到了 140 名總經理，但通過全公司的合作來實現這一目標確實是一個好辦法。

And so we see a lot of automation around the company, but it's reasonable automation, it's homegrown automation. It's lower cost automation and thereby allows us kind of to have our cake and eat it too in terms of the flexibility and the low cost of the company.

因此，我們看到公司周圍有很多自動化，但這是合理的自動化，是自主研發的自動化。這是成本較低的自動化，因此，就公司的靈活性和低成本而言，我們可以魚與熊掌兼得。

Joseph Giordano, TD Cowen.

約瑟夫·喬達諾 (Joseph Giordano)，TD Cowen。

Good afternoon. Thanks for taking my question. This is Michael on for Joe. You mentioned -- you mentioned earlier, strong year-over-year and sequential performance on the commercial aero side. and then mentioned some potential for like content or share gains in that area. Do you mind just diving the different parts of Arrow or the applications that are related to some of those content gains or share gains?

午安.感謝您回答我的問題。我是邁克爾，接替喬。您之前提到過，商用航空業務的同比和環比表現強勁，並且提到了該領域在內容或份額增長方面存在一些潛力。您介意深入研究 Arrow 的不同部分或與某些內容收益或份額收益相關的應用程式嗎？

Thank you.

謝謝。

Well, thank you very much. Look, we're really pleased with our commercial air business and in particular, the really quantum increase in the breadth of our products that came from the CIT acquisition a year ago. And so as we have conversations with customers around the global commercial air market, you can imagine we're having conversations at every part of the plane where there's electronics.

好的，非常感謝。瞧，我們對我們的商業航空業務感到非常滿意，特別是一年前收購 CIT 後我們的產品範圍得到了真正的大幅提升。因此，當我們與全球商業航空市場的客戶進行對話時，你可以想像我們正在飛機上每個有電子設備的部分進行對話。

And today, there's very few parts of a big airplane that don't have some degree of electronics from the engines to the avionics to the entertainment systems, cabin management systems, safety systems, all the way to something as mundane as like a coffeemaker or a laboratory, these things all have now electronics on them, and with CIT joining Amphenol, all together with our interconnect.

如今，大型飛機的各個部件幾乎都配備了一定程度的電子設備，從發動機到航空電子設備，再到娛樂系統、客艙管理系統、安全系統，甚至像咖啡機或實驗室這樣普通的部件，這些部件上都裝有電子設備，隨著 CIT 加入安費諾，所有這些部件都通過我們的互連技術連接在一起。

Our wonderful value-add business that we already had, the connector products, the cable and wire products that CIT brings and very complex interconnect assemblies as well that we can now do together with them, we really have the broadest product offering of interconnect products for the commercial air market at a time when that technology and the push of electronics into plans continues to grow.

我們已有的出色的增值業務，包括連接器產品、CIT 帶來的電纜和電線產品以及我們現在可以與他們合作的非常複雜的互連組件，在技術和電子產品融入計劃的推動力持續增長的時代，我們確實為商業航空市場提供了最廣泛的互連產品。

And so I think that just puts us in a very strong position. And in addition, I would tell you that our global footprint has been also a great asset. Because customers are very sensitive to making sure that you can support them around the world.

所以我認為這使我們處於非常有利的地位。此外，我想告訴你們，我們的全球影響力也是一筆巨大的財富。因為客戶非常希望您能在全球範圍內為他們提供支援。

And so now having even a broader footprint, again with CIT and other steps that we've taken internally we have not only the right product, not only the right breadth of product, but also the right capability to make those products where our customers need them to be made.

因此，現在我們的業務範圍更加廣泛，透過 CIT 和我們內部採取的其他措施，我們不僅擁有合適的產品、合適的產品範圍，而且還擁有在客戶需要的地方生產這些產品的合適能力。

Scott Graham, Seaport Research.

斯科特·格雷厄姆，海港研究。

Hey, good afternoon, great quarter. Thanks for taking my question squeezing me in. So really, you've answered a lot of the questions I had around incremental margins and their movement I was just wondering if we can just maybe flip the script a little bit and talk about acquisitions. You guys have obviously been very active the last couple of years.

嘿，下午好，這是一個很棒的季度。感謝您抽出時間來回答我的問題。所以實際上，您已經回答了我關於增量利潤及其變動的許多問題，我只是想知道我們是否可以稍微改變劇本，談談收購。過去幾年裡，你們顯然非常活躍。

To the extent, Adam, that you're able to comment on perhaps what you're missing, your wish list? And does that wish list perhaps include some of the end markets that you have kind of imported with new acquisitions, sort of either newer end markets that we've talked about with the deal flow or markets where you're already in, but you've really increased your critical mass in them with the deals. So could acquisitions be more to toward some of these newer verticals going forward?

亞當，您能否評論一下您所缺少的東西，您的願望清單？這個願望清單是否包括您透過新的收購引入的一些終端市場，這些市場要么是我們在交易流程中討論過的較新的終端市場，要么是您已經進入的市場，但您確實通過交易增加了在這些市場的臨界規模。那麼，未來收購是否會更多地針對這些較新的垂直領域？

Yeah. Well, thanks very much, Scott. Look, M&A is something near and dear to our heart. And there's no doubt that over the last 3-years, the company has made more acquisitions and also more fundamentally, large acquisitions. And I don't want to use the word transformative because none of these are at that level that you would say that's a merger of equals or anything like that.

是的。好吧，非常感謝，斯科特。瞧，併購是我們非常關心的事。毫無疑問，在過去三年中，該公司進行了更多收購，更重要的是，進行了大規模收購。我不想使用「變革」這個詞，因為這些都還沒有達到平等合併或類似的程度。

But we've clearly accelerated the expansion of our offering for our customers across our end markets. At the same time, even with the growth that we have had and the great array of wonderful new companies that we have brought into the Amphenol family or we will soon bring into the Amphenol family in terms of those that haven't closed yet, like CCS in Trexon there's a lot of opportunity in this industry.

但我們顯然加快了向終端市場客戶提供產品的擴展。同時，儘管我們已經取得了成長，並且已經將大量優秀的新公司納入安費諾家族，或者我們很快就會納入安費諾家族的那些尚未關閉的公司，例如 Trexon 的 CCS，但這個行業仍然有很多機會。

This is a highly fragmented industry. The interconnect industry is just such a wonderful place. When you think about the fact that interconnect products go into every place where you have electronics, I mean we estimate it's a market of more than [$25 trillion] in size. And even with our supportive growth this year, we still see a lot of room to grow both organically as well as through our M&A program. And do I have a wish list of companies, I'm certainly not going to articulate names of companies here.

這是一個高度分散的行業。互連產業就是這樣一個奇妙的行業。當你考慮到互連產品進入有電子產品的每一個地方時，我們估計這個市場的規模將超過 [25 兆美元]。即使今年我們的業績取得了支持性成長，我們仍然看到透過有機成長和併購計劃實現成長的巨大空間。我是否有一份公司願望清單，我當然不會在這裡透露公司的名稱。

But I can tell you this, we look at great companies across all of our end markets. We never put all our eggs in one basket. We don't chase a thing of the moment in M&A. We take a very, very long-term view of our acquisition program. We look for companies. We develop relationships with them for many, many years. I mean, I have been developing certain relationships with companies since I was an intern in the company 2-years ago.

但我可以告訴你，我們關注所有終端市場的優秀公司。我們從來不把所有的雞蛋放在同一個籃子裡。我們在併購中不追求眼前利益。我們對我們的收購計劃抱持非常長遠的眼光。我們尋找公司。我們與他們建立了多年的關係。我的意思是，自從兩年前我在該公司實習以來，我一直在與公司建立一定的關係。

And we'll continue to do that. And my team we'll continue to do that. And we take a very, very long view on M&A because at the end of the day, when we make an acquisition, it's for life. And we're not a trader. We're not buying and selling things all the time. If it doesn't work out, we develop long-term relationships and then we're not chasing what's the right thing in the market at that moment.

我們將繼續這樣做。我的團隊將繼續這樣做。我們對併購有著非常長遠的眼光，因為歸根結底，當我們進行收購時，它是為了終身的。我們不是貿易商。我們並不是一直在買賣東西。如果不成功，我們就會發展長期關係，然後我們就不會追逐當時市場上正確的東西。

And I think that's been a great recipe for us. for a long time. It's been a great return on the wonderful cash that we have generated. And it's one where we continue to see great potential for many years to come.

我認為長期以來這對我們來說都是一個很好的秘訣。對於我們創造的豐厚現金而言，這是一個巨大的回報。我們在未來許多年仍將看到它的巨大潛力。

Thank you. We currently have no further questions. So I'll hand back to Mr. Norwitt for closing remarks.

謝謝。目前我們沒有其他問題。因此我將把發言交還給諾維特先生，請他作最後發言。

Great. Well, thank you very much, and thanks to all of you for spending a small part of your beautiful fall day with us, and we appreciate your interest in the company, and we look forward to getting back together with you amazing to say it in 2026 in just 90 days from now. Thanks, everybody, and we'll talk to you soon.

偉大的。好吧，非常感謝大家，也感謝大家在美麗的秋日與我們共度時光，我們感謝您對公司的關注，我們期待在 90 天後的 2026 年再次與您相聚。謝謝大家，我們很快會再和你們交談。

Thank you. Bye-bye.

謝謝。再見。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。