安費諾 (APH) 2026 Q1 法說會逐字稿

Hello, and welcome to the first quarter 2026 earnings conference call for Amphenol Corporation. (Operator Instructions) At the request of the company, 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（Amphenol Corporation）2026 年第一季財報電話會議。（接線員指示）應公司要求，今天的會議將被錄音。如有任何異議，您可於此時中斷連線。

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 Craig Lampo 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 first quarter 2026 conference call. Our first quarter results were released this morning, and I will provide some financial commentary, and then Adam will give an overview of the business and current market trends, and then, of course, we'll take your questions.

非常感謝。各位下午好。我是安費諾的財務長 Craig Lampo，今天與我們的執行長 Adam Norwitt 一同出席。歡迎各位參加我們 2026 年第一季電話會議。我們第一季的業績已於今天早上發布，我將先提供一些財務評論，接著 Adam 將概述業務與目前的市場趨勢，然後當然我們會回答各位的提問。

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.

提醒各位，在本次電話會議中，我們可能會提及某些非 GAAP 財務衡量指標，並發表某些前瞻性陳述，請參閱我們新聞稿中的相關揭露以取得更多資訊。

The company closed the first quarter of 2026 with record sales of $7.6 billion and GAAP and adjusted diluted EPS of $0.72 and $1.06, respectively. First quarter sales were up 58% in US dollars, 57% in local currencies, and 33% organically compared to the first quarter of 2025. Sequentially, sales were up 18% in US dollars and in local currencies and up 4% organically. Adam will comment further on trends by market in a few minutes.

公司於 2026 年第一季以創紀錄的 76 億美元營收作收，GAAP 與調整後稀釋每股盈餘（EPS）分別為 0.72 美元與 1.06 美元。與 2025 年第一季相比，第一季營收以美元計成長 58%，以當地貨幣計成長 57%，有機成長 33%。按季比較，營收以美元及當地貨幣計均成長 18%，有機成長 4%。Adam 將在幾分鐘後進一步說明各市場的趨勢。

Orders in the quarter were a record $9.435 billion, up a strong 78% compared to the first quarter of 2025 and up 12% sequentially, resulting in another very strong book-to-bill ratio of 1.24:1. This impressive book-to-bill was driven by robust bookings in all of our end markets with every end market having a positive book-to-bill this quarter.

本季訂單金額創新高，達 94.35 億美元，較 2025 年第一季大幅成長 78%，並較前一季成長 12%，使得出貨對訂單比（book-to-bill）再次達到非常強勁的 1.24：1。這項亮眼的出貨對訂單比，主要來自我們所有終端市場的強勁接單，本季每一個終端市場的 book-to-bill 均為正值。

GAAP Operating income was $1.8 billion in the quarter and GAAP operating margin was 24%. GAAP operating margin included $249 million of acquisition-related costs primarily related to the acquisition of CommScope, which closed at the beginning of January. These acquisition-related costs were also included $179 million of noncash amortization related to the value of acquired backlog and inventory step-up costs as well as a $70 million charge related to external transaction costs. Excluding acquisition-related costs, adjusted operating income, and adjusted operating margin were $2.1 billion and 27.3%, respectively.

本季 GAAP 營業利益為 18 億美元，GAAP 營業利益率為 24%。GAAP 營業利益率包含 2.49 億美元的併購相關成本，主要與 1 月初完成交割的 CommScope 併購案有關。這些併購相關成本亦包含 1.79 億美元的非現金攤銷（與取得之在手訂單價值及存貨公允價值調整（inventory step-up）成本相關），以及 7,000 萬美元與外部交易成本相關的費用。排除併購相關成本後，調整後營業利益與調整後營業利益率分別為 21 億美元與 27.3%。

On an adjusted basis, operating margin increased by a strong 380 basis points from the prior year quarter and was down 20 basis points sequentially. The year-over-year increase in adjusted operating margin was primarily driven by robust operating leverage on the significantly higher sales volumes, which more than offset the dilutive impact of acquisitions.

以調整後基礎計算，營業利益率較去年同期大幅提升 380 個基點，較前一季下降 20 個基點。調整後營業利益率的年增，主要來自在顯著更高的銷售量下所帶來的強勁營運槓桿，足以抵銷併購帶來的稀釋影響。

On a sequential basis, the decrease in adjusted operating margin was primarily driven by the dilutive impact of acquisition, partially offset by robust operating leverage on the higher organic sales volumes. I'm very proud of the company's operating margin performance in the first quarter, which reflects continued strong execution by our team.

按季比較，調整後營業利益率的下降主要來自併購的稀釋影響，部分被較高有機銷售量所帶來的強勁營運槓桿所抵銷。我對公司第一季的營業利益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 first quarter results by segment compared to the first quarter of 2025, Sales in the Communications Solutions segment were $4.5 billion and increased by 88% in US dollars and 47% organically and segment operating margin was 30.6%. Sales in the Harsh Environment Solutions segment were $1.7 billion and increased by 34% in US dollars and 23% organically and segment operating margin was 28%.

將第一季各事業部門的結果與 2025 年第一季相比：通訊解決方案（Communications Solutions）事業部營收為 45 億美元，以美元計成長 88%，有機成長 47%，事業部營業利益率為 30.6%。嚴苛環境解決方案（Harsh Environment Solutions）事業部營收為 17 億美元，以美元計成長 34%，有機成長 23%，事業部營業利益率為 28%。

Sales in the Interconnect and Sensor Systems segment were $1.4 billion and increased by 23% in US dollars and 17% organically as segment operating margin was 20.2%. The company's GAAP effective tax rate for the first quarter was 42.7%, and the adjusted effective tax rate was 27%, which compared to 22.7% and 24.5% in the first quarter of 2025, respectively. As the typical practice, our adjusted tax rate excludes the tax effect of acquisition-related costs and the excess tax benefit from stock option compensation as well as other discrete tax items.

互連與感測系統（Interconnect and Sensor Systems）事業部營收為 14 億美元，以美元計成長 23%，有機成長 17%，事業部營業利益率為 20.2%。公司第一季 GAAP 有效稅率為 42.7%，調整後有效稅率為 27%；相較之下，2025 年第一季分別為 22.7% 與 24.5%。依照一貫作法，我們的調整後稅率排除併購相關成本的稅務影響、股票選擇權薪酬所帶來的超額稅務利益，以及其他一次性稅務項目。

Specifically, the first quarter includes $130 million tax accrual related to the previously disclosed tax matter in China. The company recently received unfavorable tax determinations from certain relevant tax authorities in China and in this accrual, together with the $100 million accrual, the company booked in the fourth quarter of 2025 covers the full amount of the tax payment notices received.

具體而言，第一季包含 1.30 億美元的稅務應計，與先前已揭露的中國稅務事項相關。公司近期收到中國部分相關稅務機關不利的稅務裁定；本次應計金額連同公司於 2025 年第四季已提列的 1.00 億美元應計，涵蓋了已收到之稅款繳納通知的全部金額。

In addition, as a result of this matter together with the continued shift in income to higher tax jurisdictions amidst the company's high levels of growth, the company increased its effective tax rate to 27% in the first quarter and expect that rate to remain for the remainder of 2026.

此外，由於該事項以及在公司高成長之際，所得持續轉移至較高稅率司法管轄區，公司於第一季將有效稅率提高至 27%，並預期 2026 年剩餘期間將維持該稅率。

The recent developments with respect to the China tax matter also resulted in the company reassessing certain tax-related assumptions applied to prior period results, not subject to the China tax inquiries. This reassessment resulted in an adjustment to our tax provision of $160 million, which is recorded in the first quarter. The $130 million accrual together with the $160 million additional tax provision have been excluded from the company's first quarter 2026 adjusted tax rate and adjusted diluted EPS.

關於中國稅務事項的近期進展，也使公司重新評估先前期間業績中某些與稅務相關的假設（該等先前期間並不在中國稅務查詢範圍內）。此重新評估導致我們的所得稅費用增加調整 1.60 億美元，並於第一季入帳。上述 1.30 億美元應計以及額外 1.60 億美元的所得稅費用，已自公司 2026 年第一季的調整後稅率與調整後稀釋每股盈餘中排除。

GAAP diluted EPS was $0.72 in the first quarter, up 24% compared to the prior year period. And on an adjusted basis, diluted EPS was a record $1.06 and increased by 68% compared to $0.63 in the first quarter of 2025. This was an outstanding result. Operating cash flow in the first quarter was $1.1 billion or 120% of net income and free cash flow was $831 million or 89% of net income. These were strong results for first quarter, which typically has somewhat softer cash generation.

第一季 GAAP 稀釋每股盈餘為 0.72 美元，較去年同期成長 24%。以調整後基礎計算，稀釋每股盈餘創新高達 1.06 美元，較 2025 年第一季的 0.63 美元成長 68%。這是非常出色的成果。第一季營運現金流為 11 億美元，相當於淨利的 120%；自由現金流為 8.31 億美元，相當於淨利的 89%。對於通常現金產生較為偏弱的第一季而言，這些都是強勁的結果。

We continue to expect strong cash flow generation in 2026 with free cash flow conversion remaining within our typical range over time. From a working capital standpoint, inventory days, days sales outstanding, and payable days were all within a normal range.

我們仍預期 2026 年將有強勁的現金流產生，自由現金流轉換率長期而言將維持在我們一貫的區間內。就營運資金而言，存貨天數、應收帳款週轉天數（DSO）以及應付帳款天數皆處於正常範圍。

During the quarter, the company repurchased 1.3 million shares of common stock at an average price of approximately $140. And when combined with our normal quarterly dividend, total capital returned to shareholders in the first quarter of 2026 was approximately $485 million. Total debt at March 31 was $18.7 billion, and net debt was $14.2 billion. Total liquidity at the end of the quarter was $7.6 billion, which included cash and short-term investments on hand of $4.6 billion plus availability under our existing credit facilities.

本季公司以約每股 140 美元的平均價格回購 130 萬股普通股。加計我們例行的季度股利，2026 年第一季回饋股東的資本總額約為 4.85 億美元。3 月 31 日的總負債為 187 億美元，淨負債為 142 億美元。季末總流動性為 76 億美元，其中包含 46 億美元的現金與短期投資，以及我們既有信貸額度下的可用額度。

As previously noted, we expect quarterly interest expense net of interest income to be approximately $200 million for the remainder of 2026. First quarter 2026 EBITDA was $2.3 billion and our net leverage ratio was 1.6 times at the end of the first quarter. We are very pleased with the company's financial position.

如先前所述，我們預期 2026 年剩餘期間，扣除利息收入後的季度利息費用約為 2 億美元。2026 年第一季 EBITDA 為 23 億美元，第一季末的淨槓桿比率為 1.6 倍。我們對公司的財務狀況感到非常滿意。

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

接下來我將把電話交給 Adam，由他就目前的市場趨勢提供一些評論。

Well, thank you very much, Craig, and I hope it's not too late to extend my welcome to all of you on the call today from a beautiful spring day here in Wallingford, Connecticut. As Craig mentioned, I'm going to highlight some of our achievements in the quarter with our very strong start here to the year in 2026. I'll talk about our trends across our served markets. Then I'll comment on our outlook for the second quarter. And of course, we'll have time for questions at the end.

非常感謝你，Craig。我希望現在向今天參與電話會議的各位致意還不算太晚；我人在康乃狄克州沃靈福德（Wallingford），這裡正是美麗的春日。正如 Craig 提到的，我將重點說明我們在本季的幾項成就，作為 2026 年開年的強勁起步。我會談談我們所服務市場的趨勢，接著評論我們對第二季的展望，當然最後也會留時間回答問題。

Look, I just want to say that our organization, the Amphenol organization drove outstanding performance here in the first quarter. Our results were stronger than expected, exceeding the high end of guidance in sales and adjusted diluted earnings per share. Our sales grew from prior year by 58% in US dollars, 57% in local currency reaching a new record of $7.6 billion.

我想說的是，我們安費諾團隊在第一季推動了卓越的表現。我們的結果優於預期，營收與調整後稀釋每股盈餘均超越指引區間上緣。我們的營收較去年成長：以美元計成長 58%，以當地貨幣計成長 57%，並創下 76 億美元的新紀錄。

On an organic basis, our sales increased by a very strong 33% with growth across nearly all of our served markets, and I'll talk about those markets here in a few moments. The company booked a record $9.4 billion in orders in the first quarter and that represented a robust book-to-bill of 1.24:1. Orders grew by a very strong 78% from prior year and were up 12% sequentially.

以有機基礎計算，我們的銷售額大幅成長33%，幾乎在我們所服務的所有市場都實現成長，我稍後會在幾分鐘內談到這些市場。公司在第一季創下94億美元的訂單新高，對應強勁的出貨比（book-to-bill）為1.24:1。訂單較去年同期大幅成長78%，並較前一季成長12%。

I'm very pleased that our order growth in the quarter was broad-based with all of our end markets realizing book-to-bill of at least one, and this was driven in particular by strength in IT datacom, defense, commercial air, and industrial.

我非常高興本季的訂單成長相當廣泛，我們所有終端市場的出貨比皆至少達到1，而這尤其是由IT資料通訊、國防、商用航空以及工業領域的強勁表現所帶動。

We're also pleased to have delivered adjusted operating margins of 23 -- 27.3% in the quarter, an increase of 380 basis points from prior year, and down just 20 basis points sequentially. These impressive results were achieved despite the margin dilutive impact of the CommScope acquisition in the quarter. I would just add, though, that we're very pleased with the CommScope acquisition, and we do expect the business performance to continue to improve as part of the Amphenol family. Adjusted diluted EPS grew 68% from prior year and reached a new record of $1.06.

我們也很高興本季交出調整後營業利益率23 -- 27.3%，較去年同期提升380個基點，且僅較前一季下滑20個基點。即便本季受到CommScope收購案對毛利率的稀釋影響，仍達成這些亮眼成果。不過我也要補充，我們對CommScope的收購非常滿意，並預期該業務在成為Amphenol大家庭的一員後，營運表現將持續改善。調整後稀釋每股盈餘（EPS）較去年同期成長68%，並創下每股1.06美元的新高紀錄。

And finally, as Craig mentioned, the company generated operating cash flow of $1.1 billion and free cash flow of $831 million in the quarter, both clear reflections of the quality of the company's earnings. I can't express enough how proud I am of our team here in this very strong start to 2026. Our results this quarter once again reaffirm the value of the drive, discipline, and agility of our entrepreneurial organization as we continue to perform well amidst a very dynamic environment.

最後，如Craig所提，公司本季創造11億美元的營運現金流，以及8.31億美元的自由現金流，兩者都清楚反映公司獲利品質。我無法充分表達我對團隊在2026年強勁開局所感到的自豪。本季的成果再次印證，在高度動態的環境中，我們具企業家精神的組織所展現的衝勁、紀律與敏捷性所帶來的價值，讓我們得以持續繳出優異表現。

Now turning to our served markets. I just want to comment that we're pleased that the company's end market exposure remains diversified, balanced, and broad. And this diversification continues to create great value for Amphenol, enabling us to participate across all areas of the global electronics industry. All while not being disproportionately exposed to the volatility of any given application or market.

接著談我們所服務的市場。我想先說，我們很高興公司在終端市場的曝險仍然多元、均衡且廣泛。這種多元化持續為Amphenol創造巨大價值，使我們能參與全球電子產業的各個領域，同時不會對任何特定應用或市場的波動承擔過度曝險。

I will say that there's no doubt that with the extraordinary investments being made in artificial intelligence, or AI, coupled with our team's outstanding work and capturing a significant share of this unique interconnect opportunity that this has resulted in the IT datacom market in the quarter, representing just over 40% of our sales.

我必須說，毫無疑問，隨著在人工智慧（AI）上的非凡投資，加上我們團隊出色的工作並在這個獨特的互連機會中取得顯著市占，使得本季IT資料通訊市場的營收占比達到我們銷售額的40%出頭。

Nevertheless, we remain committed to continuing to broaden our portfolio across markets, customers, applications, and products as we build on the company's momentum and we further strengthen Amphenol's position across all areas of the global electronics industry.

儘管如此，隨著公司動能持續增強、我們進一步強化Amphenol在全球電子產業各領域的地位，我們仍致力於持續在市場、客戶、應用與產品面擴大我們的產品組合。

The defense market in the quarter represented 8% of our sales, and sales grew from prior year by a strong 44% in US dollars and 25% organically. I will say this is driven by really broad-based growth across virtually all segments of the defense market and all of our served geographies.

本季國防市場占我們銷售額的8%，銷售額以美元計較去年同期強勁成長44%，以有機基礎計算成長25%。我想說，這主要是由國防市場幾乎所有細分領域以及我們所服務的各個地理區域的廣泛成長所帶動。

Sequentially, sales grew by 2%, which was in line with our expectations coming into the quarter. And as we look into the second quarter, we expect sales in the defense markets increased in the high single-digit range sequentially. 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. Amidst the current dynamic geopolitical environment, countries around the world are increasing their investments in both current and especially next-generation defense technologies.

以季比來看，銷售額成長2%，符合我們在進入本季時的預期。展望第二季，我們預期國防市場銷售額將以季比高個位數的幅度成長。我們對公司在國防互連市場的領先地位仍感到振奮，因為我們持續提供業界最廣泛的高科技產品組合。在當前動態的地緣政治環境下，全球各國正增加對現有、尤其是下一代國防技術的投資。

With our expanded product offerings, both in discrete connectors as well as value-add interconnect, as well as the significant capacity expansions we've made in recent years, we're positioned better than ever to capitalize on this long-term demand trend. The commercial air market represented 4% of our sales in the quarter, and sales in this market increased by 22% in US dollars and 20% organically from prior year and that was really driven by broad-based strength across commercial aircraft manufacturers.

憑藉我們擴充的產品供應（包含離散連接器以及加值型互連方案），以及近年來進行的大幅產能擴張，我們比以往任何時候都更有能力把握這項長期需求趨勢。商用航空市場本季占我們銷售額的4%，該市場銷售額以美元計較去年同期成長22%，以有機基礎計算成長20%，主要由各商用飛機製造商的廣泛強勁需求所帶動。

Sequentially, our sales moderated by 3% from the fourth quarter, which was better than our expectations coming into the quarter. As we look to the second quarter, we expect a slight sequential -- a slight further sequential moderation in sales. I'm truly proud of our team working in the comm air market with this ongoing growth in demand for next-generation aircraft. Our efforts to expand our product offering, both organically and through our acquisition program continues to pay real dividends. And we look forward to further capitalizing on our expanded range of product solutions for the commercial air market long into the future.

以季比來看，我們的銷售額較第四季下滑3%，優於我們在進入本季時的預期。展望第二季，我們預期銷售額將出現小幅的季比 -- 進一步小幅季比趨緩。我對我們在商用航空市場團隊感到非常自豪，因為下一代飛機的需求持續成長。我們在擴大產品供應方面的努力，無論是有機成長或透過併購計畫，都持續帶來實質回報。我們也期待在未來很長一段時間內，進一步把握我們擴增的商用航空市場產品解決方案範圍所帶來的機會。

The industrial market represented 20% of our sales in the quarter, and our sales to industrial increased by 52% in US dollars and 16% organically as we continue to see accelerating demand across most segments of the diversified industrial market.

工業市場本季占我們銷售額的20%，隨著我們持續看到多元化工業市場多數細分領域的需求加速，我們對工業客戶的銷售額以美元計較去年同期成長52%，以有機基礎計算成長16%。

In fact, virtually all of those areas of the industrial market that we service grew organically in the quarter, and we also saw organic growth in all three major geographies. On a sequential basis, our sales were up 29% from the fourth quarter as we benefited from the addition of CommScope's building connectivity business. Organically, sales were up a strong 6% from the fourth quarter, better than our expectations as we entered the quarter.

事實上，本季我們所服務的工業市場幾乎所有領域都實現有機成長，且三大主要地理區域也都出現有機成長。以季比來看，受益於納入CommScope的建築連接（building connectivity）業務，我們的銷售額較第四季成長29%。以有機基礎計算，銷售額較第四季強勁成長6%，優於我們在進入本季時的預期。

Looking into Q2, we expect sales in the industrial market to increase in the high single digits from these already strong first quarter levels. I would just comment that we remain encouraged by the company's strength across the many diversified segments of the important industrial market. And with the addition of CommScope, we're now seeing new opportunities for growth in the exciting building connectivity market.

展望第二季，我們預期工業市場銷售額將在已相當強勁的第一季水準之上，再以高個位數幅度成長。我想補充的是，我們仍對公司在這個重要工業市場的多個多元化細分領域所展現的實力感到鼓舞。隨著納入CommScope，我們現在也在令人振奮的建築連接市場看到新的成長機會。

Over the long term, I'm confident in our strategy to expand our high-technology interconnect antenna and sensor offerings, both organically and through continued complementary acquisitions. This strategy has enabled Amphenol to capitalize on the many electronic revolutions that continue to occur across the diversified industrial market, thereby creating continued opportunities for our outstanding team working in this important base.

長期而言，我對我們擴大高科技互連、天線與感測器產品供應的策略充滿信心，無論是有機成長或透過持續進行互補性的併購。這項策略使Amphenol得以把握多元化工業市場中持續發生的多次電子革命，從而為我們在這個重要基礎市場工作的優秀團隊創造持續的機會。

The automotive market represented 11% of our sales in the quarter, sales in automotive grew by 7% in US dollars and 2% organically, as organic growth in North America and Europe was somewhat offset or partially offset by somewhat softer sales in Asia. Sequentially, our sales declined by 7% from the fourth quarter, which was a bit better than our expectations coming into the quarter.

汽車市場本季占我們銷售額的11%，汽車銷售額以美元計較成長7%，以有機基礎計算成長2%；其中北美與歐洲的有機成長，部分被亞洲較疲弱的銷售所抵銷或部分抵銷。以季比來看，我們的銷售額較第四季下滑7%，略優於我們在進入本季時的預期。

For Q2, we expect sales to increase modestly from these first quarter levels. I remain very proud of our team working in the global automotive market. Well, there are certainly some areas of demand uncertainty. Our team continues to be focused on driving new design wins with customers who continue to increase the content of new electronics being integrated into their next-generation vehicles.

第二季方面，我們預期銷售額將較第一季水準小幅成長。我仍為我們在全球汽車市場工作的團隊感到非常自豪。雖然需求確實存在一些不確定性，但我們的團隊仍專注於推動新的設計導入（design wins），因為客戶持續提高整合至其下一代車款中的新電子內容比重。

We look forward to benefiting from our strengthened position in the automotive market for many years to come. The communications networks market represented 12% of our sales in the quarter, and sales in this market grew from prior year by 91% in US dollars and that was really driven by the additions of ANDREW and CommScope. On an organic basis, our sales were flat from prior year as growth in wireless applications was offset by some moderations in broadband demand.

我們期待在未來多年持續受益於我們在汽車市場更強化的地位。通訊網路市場本季占我們銷售額的12%，該市場銷售額以美元計較去年同期成長91%，主要由納入ANDREW與CommScope所帶動。以有機基礎計算，我們的銷售額與去年同期持平，因無線應用的成長被寬頻需求的部分趨緩所抵銷。

Sequentially, our sales in the quarter grew by 57% from the fourth quarter, driven by the addition of CommScope. On an organic basis, sales were flat to prior year -- or to prior quarter, which was better than our expectations.

以季比來看，本季我們的銷售額較第四季成長57%，由納入CommScope所帶動。以有機基礎計算，銷售額與去年同期 -- 或與前一季持平，優於我們的預期。

As we look into the second quarter, we expect sales to remain at these first quarter levels. With our expanded range of technology offerings following the acquisitions of both CommScope and ANDREW, we are very well positioned with both service provider and OEM customers across the communications networks market. Our deep and broad range of products, coupled with our global manufacturing footprint, have positioned us to support customers around the world. As the accelerating volume of data traffic drives demand for expanded and upgraded networks in the future, we look forward to enabling these systems for many years to come.

展望第二季，我們預期銷售額將維持在第一季水準。隨著完成對CommScope與ANDREW的收購、我們擴大了技術產品供應範圍，我們在通訊網路市場中，面向電信營運商與OEM客戶都具備非常有利的定位。我們深厚且廣泛的產品組合，加上全球製造布局，使我們能支援世界各地的客戶。隨著資料流量加速成長推動未來網路擴建與升級需求，我們期待在未來多年持續為這些系統提供關鍵支援。

The mobile devices market represented 4% of our sales in the quarter, and sales in this market grew by 2% in US dollars and 1% organically from prior year as growth in laptops and accessories was somewhat offset by moderating demand in handsets and wearables.

行動裝置市場本季占我們銷售額的4%，該市場銷售額以美元計較較去年同期成長2%，以有機基礎計算成長1%；其中筆電與配件的成長，部分被手機與穿戴式裝置需求趨緩所抵銷。

On a sequential basis, our sales actually -- while declining by 22% was a better-than-expected decline compared to the fourth quarter as we had expected. Looking into the second quarter, we expect a modest sales decline from these levels on typical seasonal patterns. I'm very proud of our team working in the always dynamic mobile devices market as their agility and reactivity has once again enabled us to outperform our expectations in the quarter.

以季比來看，我們的銷售實際上——雖然下滑了 22%——但相較於我們原先對第四季的預期，這一下滑幅度優於預期。展望第二季，依照典型的季節性型態，我們預期銷售將在目前水準上出現溫和下滑。我為我們的團隊感到非常自豪；在一向瞬息萬變的行動裝置市場中，他們的敏捷與快速反應再次讓我們在本季的表現超越預期。

I'm confident that with our leading array of antennas, interconnect products, and mechanisms that are designed in across a broad range of next-generation mobile devices, we are well positioned for the long term.

我有信心，憑藉我們領先的天線、互連產品與機構件產品組合，且這些產品已被廣泛導入各式次世代行動裝置設計之中，我們在長期發展上具備非常有利的定位。

And finally, the IT datacom market represented, as I mentioned earlier, 41% in the fourth quarter. Sales in this market grew by a very strong 99% in US dollars and 81% organically. And this was driven by the continued acceleration in demand for our products used in AI applications, together with continued strong growth in our base IT datacom business.

最後，如我先前提到的，IT 資料通訊市場在第四季占比為 41%。該市場的銷售以美元計大幅成長 99%，以有機口徑成長 81%。這主要受惠於 AI 應用所使用之我們產品需求持續加速，以及我們核心 IT 資料通訊業務持續強勁成長。

On a sequential basis, our sales increased by 27% from the fourth quarter, which was substantially better than our expectation for a low double-digit increase. On an organic basis, our sequential growth reached 16%, a very strong number. And virtually all of this organic sequential sales growth was driven by growth in AI-related products.

以季比來看，我們的銷售較第四季成長 27%，顯著優於我們原先對低雙位數成長的預期。以有機口徑來看，我們的季比成長達到 16%，這是非常強勁的數字。而幾乎所有這些有機的季比銷售成長都來自 AI 相關產品的成長。

Looking ahead, we expect a further sequential sales increase in Q2 in the low teens level as investments in AI data centers accelerate and its enterprise and cloud customers continue to expand their demand for traditional IT datacom products. Just want to say that we're more encouraged than ever by the company's position in the global IT datacom market.

展望未來，我們預期第二季的季比銷售將在低十位數百分比水準進一步成長，因為 AI 資料中心投資加速，同時企業與雲端客戶也持續擴大對傳統 IT 資料通訊產品的需求。我只想說，我們對公司在全球 IT 資料通訊市場的定位比以往任何時候都更受鼓舞。

Our team has just done an outstanding job, both of securing future business on next-generation IT systems with a very broad array of customers but also in executing on these exciting programs. The revolution in AI continues to create a unique opportunity for Amphenol, given our leading high-speed and power interconnect products.

我們的團隊表現非常出色：一方面在次世代 IT 系統上，面向非常廣泛的客戶群成功取得未來業務；另一方面也在這些令人振奮的專案上展現了卓越的執行力。AI 革命持續為安費諾帶來獨特機會，因為我們在高速與電力互連產品方面具備領先優勢。

And now with the addition of CommScope, we have the industry's broadest range of high-speed copper, power, and fiber optics interconnect products, all of which are critical components in these next-generation systems and in the next-generation architectures of our customers. This creates a continued long-term growth opportunity for Amphenol.

而現在隨著 CommScope 的加入，我們擁有業界最廣泛的高速銅纜、電力與光纖互連產品組合；這些都是次世代系統以及客戶次世代架構中的關鍵元件。這為安費諾帶來持續的長期成長機會。

Turning to our outlook and assuming current market conditions as well as constant exchange rates, for the second quarter, we expect sales in the range of $8.1 billion to $8.2 billion and adjusted diluted EPS in the range of $1.14 to $1.16. This would represent strong sales and EPS growth of 43% to 45% and 41% to 43%, respectively, compared to the second quarter of prior year.

接著談我們的展望；在假設目前市場狀況不變且匯率維持不變（以固定匯率計）之下，第二季我們預期銷售額介於 81 億至 82 億美元之間，調整後稀釋每股盈餘（EPS）介於 1.14 至 1.16 美元之間。相較於去年第二季，這分別代表銷售與 EPS 強勁成長 43% 至 45% 以及 41% 至 43%。

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 all while driving sustainable and strong profitability for the long term.

我仍然有信心，我們傑出的管理團隊能夠因應當前環境中的各種機會與挑戰，持續提升安費諾的市場地位，同時在長期推動可持續且強勁的獲利能力。

Finally, I want to take this opportunity to thank our entire global team for their truly outstanding efforts here in this very special first quarter. And in particular, I just want to express my gratitude to the folks working in our factories around the world. This growth doesn't come easy. And the folks working on our factory, those amazing Amphenolians, they continue to amaze me and delight our customers with their extraordinary and hard work.

最後，我想藉此機會感謝我們全球團隊在這個非常特別的第一季所付出的真正卓越努力。尤其我想向在全球各地工廠工作的同仁表達感謝。這樣的成長並不容易。而在我們工廠工作的夥伴——那些令人驚嘆的安費諾人——他們以非凡且辛勤的工作持續讓我驚艷，也讓我們的客戶感到滿意。

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

接下來，接線員，我很樂意回答各位可能有的任何問題。

(Operator Instructions)

（接線員指示）

Mark Delaney, Goldman Sachs.

Mark Delaney，高盛。

Congratulations on the strong results. I appreciate that Amphenol is able to address data center customer need, both for copper and optics, especially post the CommScope acquisition, and that's certainly apparent with the orders and revenue that you reported for the IT datacom segment. However, I'm hoping, Adam, you can help investors better understand implications for Amphenol as CPO plays a bigger role over the next two to four years.

恭喜你們交出強勁的成績。我很欣賞安費諾能夠同時滿足資料中心客戶對銅纜與光學的需求，尤其是在收購 CommScope 之後；從你們在 IT 資料通訊部門所公布的訂單與營收也可明顯看出。不過我希望 Adam 你能協助投資人更好地理解：在未來兩到四年 CPO 扮演更重要角色時，對安費諾可能帶來的影響。

And specifically, as Amphenol is engaged with customers on designs that will utilize CPO, what does that mean for Amphenol's revenue and profit potential on a directional basis relative to current designs, especially now that you have CCS.

更具體地說，當安費諾與客戶合作、參與將採用 CPO 的設計時，這對安費諾的營收與獲利潛力（就方向性而言）相對於目前的設計會意味著什麼，特別是在你們現在擁有 CCS 的情況下？

Yes. Thanks so much, Mark. I appreciate the question, and thanks for your kind words here. Look, I mentioned earlier, and I'll just reiterate that we now have the broadest range of products for customers in the IT datacom market. And that starts with high-speed products. It continues on with power products, which are very, very important products for all architectures, current, and next, and the next after that generation.

是的。非常感謝你，Mark。我很感謝這個問題，也謝謝你的好意。你看，我先前提到過，我再重申一次：我們現在為 IT 資料通訊市場的客戶提供最廣泛的產品範圍。這從高速產品開始；接著延伸到電力產品——這些對所有架構（現有、下一代，以及再下一代）都非常、非常重要。

And now with CommScope, together with previous and prior capabilities that we already had optics, we now have a very, very broad suite of products in optics and capabilities, capacities. And so we now sit in a unique position with customers where we're really a leader across the board in all the technologies that they're thinking about for the future.

而現在有了 CommScope，再加上我們既有與先前已具備的光學能力，我們在光學產品、能力與產能方面都擁有非常、非常完整的組合。因此，我們如今在客戶端處於獨特的位置：在他們為未來所思考的各項技術上，我們幾乎全面都是領導者。

And I can just tell you we're working with all the players here up and down the stack of the AI ecosystem from the folks who are spending the money and outfitting the data centers and also in many cases, designing their own architectures to the systems manufacturers, the equipment makers who are participating very strongly all the way down through to the chip makers who are also creating their own unique architectures.

我也可以告訴你，我們正與 AI 生態系中從上到下的所有參與者合作：從投入資本、建置資料中心、且在許多情況下自行設計架構的業者，到系統製造商、設備製造商（他們也深度參與其中），再一路到晶片製造商——他們同樣在打造各自獨特的架構。

And we worked very strongly across that entire ecosystem on current next and next generation thereafter. Very specifically, as you allude to CPO and the potential evolution of things towards higher speeds and towards optical solutions. And you can imagine, we're working with customers on a broad array of solutions, including CPO for the future that create great opportunities for Amphenol in the long term.

我們在整個生態系中，針對現有、下一代，以及再下一代之後的各世代都進行非常深入的合作。特別是如你所提到的 CPO，以及朝向更高速度與光學解決方案演進的潛在趨勢。你可以想像，我們正與客戶就各式各樣的解決方案合作，包括面向未來的 CPO，這些都將在長期為安費諾創造極佳的機會。

What are our customers trying to achieve? Our customers are trying to achieve higher bandwidth, lower latency, higher density, higher transfer speeds so that ultimately, these AI systems can operate much as a human brain can do. Comparing everything to everything else and doing that in extremely fast time periods. And when you see the evolution of how these AI systems are, we're really enabling those systems today, and we're working with our customers on future generations, years and years from now, kind of generations both on copper and on optical solutions.

我們的客戶想達成什麼？他們想要更高頻寬、更低延遲、更高密度、更高傳輸速度，最終讓這些 AI 系統能像人腦一樣運作：把所有資訊彼此比對，並在極短時間內完成。當你看到這些 AI 系統的演進，我們今天就在賦能這些系統，同時也與客戶合作開發未來世代——在多年以後的世代——無論是在銅纜或光學解決方案上。

And what does that mean in terms of the quantum of the business? I mean, that all, I think, remains to be seen. But what's very clear is as we talk to our customers and even as our customers speak publicly, our customers are not talking about these kind of either/or solutions. What they're talking about is more interconnect no matter what.

那麼就業務量體而言，這代表什麼？我的意思是，我想這仍有待觀察。但非常清楚的是，當我們與客戶交流，甚至當客戶公開發言時，他們談的並不是這種非此即彼的解決方案。他們談的是：不管採用什麼方案，都需要更多的互連。

And so as we approach them with now that broader suite of products, we also approach them with another advantage in our back pocket, and that is the proven ability to execute. I mean what you see this quarter, growing 8% organically. What you saw last year with us growing our IT datacom business by 124% year over year. And obviously, AI growing even faster than that. These have not been trivial initiatives to ramp up and meet the moment for our customers. And we have proved that time and time again with customers up and down the stack.

因此，當我們以如今更廣泛的產品組合與他們合作時，我們還帶著另一個優勢：那就是經過驗證的執行能力。你看本季我們有機成長 8%；你看去年我們的 IT 資料通訊業務年增 124%；而 AI 的成長顯然更快。要快速擴產、把握客戶當下的需求並不容易。我們已一次又一次向整個產業鏈上下游的客戶證明了我們能做到。

And so you can imagine that as our customers, think about the future, whatever that architecture may be, Amphenol is going to have a very strong seat at the table in all of those architectures, not just because we have the suite of products but also because we have the proven capability of executing and making sure that they can hit their incredible aspirations and that our products don't become a bottleneck in that.

所以你可以想像，當客戶思考未來、無論最終採用何種架構，安費諾都會在所有這些架構中擁有非常重要的一席之地；不僅因為我們有完整的產品組合，也因為我們具備經過驗證的執行能力，能確保他們達成令人驚嘆的目標，並且讓我們的產品不會成為其中的瓶頸。

And so that combination of the suite of products, the proven execution capability, we think puts Amphenol in a very strong position for the future. And look, who knows what the cadence of AI investments will be and when and whether it will be ups and downs, of course, there will be ups and downs. But I think the long-term prospects for this industry and for this market and for Amphenol's position are very strong.

因此，我們認為：產品組合的完整性加上經過驗證的執行能力，讓安費諾在未來處於非常有利的位置。當然，誰也無法確定 AI 投資的節奏會如何、何時發生、是否會有起伏——一定會有起伏。但我認為，這個產業、這個市場，以及安費諾的長期前景與定位都非常強勁。

Andrew Buscaglia, BNP Paribas.

Andrew Buscaglia，法國巴黎銀行（BNP Paribas）。

I just wanted to along the lines of the discussion, I hear a little bit more about what these customers, the hyperscalers are saying to you intra-quarter and as the year progresses, do you think you should see continued acceleration of growth in that segment as presumably you have increased share or content in future generations. And then maybe project out to '27 or so and talk about what you think the implications are of your fiber portfolio will be on the next generation.

我想沿著剛才討論的脈絡再追問一下：在季度進行中、以及隨著年度推進，你從這些客戶、也就是超大規模業者（hyperscalers）那邊聽到更多什麼回饋？你是否認為該細分領域的成長會持續加速，因為你們在未來世代中可能提高了市占或內容占比？另外也許可以展望到 2027 年左右，談談你認為你們的光纖產品組合對下一代會有哪些影響。

Yes. Look, I mean I'm going to be careful not to give guidance beyond the quarter that we've talked about here in the second quarter. But you can imagine, I mean, we've had very strong orders, really strong across-the-board orders here in Q1, I mean, interestingly, you can imagine we had strong IT datacom orders, but they actually weren't much stronger than, for example, the orders we had in defense in terms of the book-to-bill.

是的。你看，我會小心不要提供超出我們在這裡談到的第二季、也就是本季以外的指引。不過你可以想像，我們在第一季拿到非常強勁的訂單，整體各領域都很強。很有意思的是，你可以想像我們的 IT 資料通訊（datacom）訂單很強，但就訂單出貨比（book-to-bill）而言，其實並沒有比例如國防領域的訂單強很多。

But we have had strong IT datacom orders. We had strong orders also in the fourth quarter where we had a book-to-bill even higher than this very unique 124 that we had here this quarter, I think 131 in the fourth quarter. And so we have good momentum really across the board and including in IT datacom. And all I can tell you is when we talk to our customers across the board in the IT datacom market, in particular, those customers who are heavily focused on these next-generation AI build-outs, they want more product. And I think our team's ability to satisfy that has really been a fabulous asset to the company.

但我們確實有強勁的 IT 資料通訊訂單。我們在第四季也有強勁訂單，當時的訂單出貨比甚至高於本季這個非常特殊的 124，我記得第四季是 131。因此我們在各方面、包括 IT 資料通訊，都有很好的動能。我能告訴你的是，當我們與 IT 資料通訊市場的客戶廣泛交流時，特別是那些高度聚焦於下一代 AI 建置的客戶，他們想要更多產品。而我認為我們團隊能夠滿足這些需求的能力，確實一直是公司非常出色的資產。

Look, in terms of 2027, I'm not going to try to give a prognosis for 2027, except what I will say is this. We look at the CommScope business today and its performance. And it's also performing as a company very, very strongly. I mean I would just tell you that obviously, we bought the company, not right on January 1. But on a like-for-like basis, in first quarter, CommScope growth was largely similar to the organic growth that we had across Amphenol. And that's a business that is a diversified business across data center and communications networks and industrial.

至於 2027 年，我不打算嘗試對 2027 年做預測；但我會這麼說：我們看今天的 CommScope 業務及其表現，它作為一家公司也表現得非常、非常強勁。我只想說，顯然我們收購該公司並不是在 1 月 1 日就完成；但在可比基礎上，第一季 CommScope 的成長大致與 Amphenol 的有機成長相近。那是一個在資料中心、通訊網路與工業等領域多元化的業務。

So they have very, very strong performance here in the quarter, and we're really pleased and proud with their performance. And that's performance really in the here and now because they're opening up to us a complementary part of the data center opportunity that we hadn't participated as strongly in before. And that's connecting from rack to rack and across the data center and even, of course, between data centers through the networks and that's really exciting for us.

所以他們在本季表現非常、非常強，我們對他們的表現感到非常滿意也很自豪。而這是「此時此刻」的表現，因為他們為我們打開了資料中心機會中一個互補的部分，而我們過去在那一塊參與得沒那麼深。也就是從機櫃到機櫃、跨資料中心的連接，當然也包括透過網路在資料中心之間的連接，這對我們來說非常令人振奮。

And again, going back to sort of how I talked about the first question, that makes us again more important to our customers because as soon as the signal gets into the building, we're helping our customers move that signal around across and within the racks and ultimately helping to create these unique AI architectures.

再回到我回答第一個問題時的說法，這也讓我們對客戶而言變得更重要，因為一旦訊號進入建築物，我們就協助客戶把訊號在機櫃之間與機櫃內部移動，最終協助打造這些獨特的 AI 架構。

So I think CommScope puts us in a very strong position going forward. And I'll just reiterate, our customers make a lot of trade-offs as they think about their architecture, and we can sit with them at the table and help the -- help them make those trade-offs with expertise and a breadth of an expertise really unique in this industry.

所以我認為 CommScope 讓我們在未來處於非常有利的位置。我也再強調一次：客戶在思考其架構時會做很多取捨，而我們可以與他們同桌討論，憑藉我們在這個產業中非常獨特的專業深度與廣度，協助他們做出這些取捨。

We have a question from Amit Daryanani.

我們有一個問題來自 Amit Daryanani。

Really impressive set of numbers here. Adam, one of the things we're starting to see a lot in the AI ecosystem is hyperscalers are engaging in these long-term capacity expansion plans with the suppliers to really ensure they can get whatever capacity they need across the tech stack.

這裡的數字真的非常亮眼。Adam，在 AI 生態系中，我們開始看到很多情況是：超大規模業者正與供應商進行這些長期的產能擴張規劃，以確保他們能在整個技術堆疊中取得所需的任何產能。

And I think you've seen this from a lot of companies, I think [Corning] talked about three such large deals on their call. As you look at this unprecedented growth you're seeing in IT datacom, I think you said 81% organic growth. How do you think about funding the capacity for these ramps as you go forward? And to the extent you can talk about is Amphenol, CommScope being approached for these multiyear capacity agreements, how do you view them? And would they ever make sense for Amphenol?

我想很多公司都有看到這種趨勢，我記得 [Corning] 在他們的電話會議上提到三筆這樣的大型交易。當你看你們在 IT 資料通訊看到的這種前所未有的成長——我想你說有機成長 81%——你如何思考為這些擴產爬坡提供資金？以及在你能談的範圍內，Amphenol、CommScope 是否也被接洽要簽這種多年期的產能協議？你怎麼看待它們？它們是否曾經會對 Amphenol 有意義？

Yes. Thank you very much, Amit. I really appreciate the comments and the question. I mean, look, you know that in our company, you followed us for a very long time. We pride ourselves on agility and the ability to react quickly to our customers. And that generally means that our customers can rely upon us, whether or not they give us kind of a long-term agreement, so to speak.

是的。非常感謝你，Amit。我很感謝你的評論與提問。你知道的，你長期追蹤我們公司；我們以敏捷性以及快速回應客戶的能力為傲。而這通常意味著，不管客戶是否給我們某種所謂的長期協議，他們都可以依賴我們。

Now all that being said, and we've talked about this in the past, we have talked about the fact that there are more meaningful investments, and you've seen that in our capital spending, which still is very reasonable as a percent of our sales. But our sales run rate has doubled here over a 2-year period from Q1 of '24 to Q1 of this year, we've more than doubled in our size. And so our CapEx has also increased substantially.

不過話說回來，我們過去也談過：確實需要更具規模的投資，你也在我們的資本支出中看到了這點；而以銷售額百分比來看仍然非常合理。但我們的銷售運行率在兩年期間內翻倍了——從 2024 年第一季到今年第一季，我們的規模已經增加到超過兩倍。因此我們的資本支出也大幅增加。

And so you can imagine that we work with customers when we make these kind of investments to make sure that we have security around those investments and that can mean participating in the investments, and we're very grateful to our customers for their willingness. To do that in certain cases, it can also mean opening the aperture of orders and the commitments that they make to us. So are those long-term supply agreements, I wouldn't call it that, but I would call it more commitments that our customers are making, which then give us the confidence to make the capacity increases that we have, the massive increase in automation for these ultra high-precision products for example, that we are making.

所以你可以想像，當我們做這類投資時，我們會與客戶合作，以確保這些投資有相應的保障；這可能意味著客戶參與投資，我們也非常感謝客戶在某些情況下願意這麼做；也可能意味著他們擴大下單的視野與對我們做出的承諾。這算不算長期供應協議？我不會這麼稱呼；但我會說這更像是客戶做出的承諾，進而讓我們有信心去做我們正在做的產能提升，例如針對這些超高精密產品所進行的大幅自動化提升。

And so I would say that there's more of that going on today than there has been in the past. I mean you're probably not going to hear us talk about it very explicitly, but no doubt about it. We're working hand-in-hand in partnership with our customers as they do this incredible thing called enabling AI.

所以我會說，現在這種情況比過去更多。我想你可能不會聽到我們非常明確地談它，但毫無疑問：我們正與客戶手牽手、以夥伴關係合作，來完成這件令人難以置信的事——也就是賦能 AI。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Maybe I wanted to build on some of that prior commentary, Adam, because just as the entire value chain for data center expands and matures, I'm just wondering how you're sort of thinking about a desire from some, ultimately, customers to sort of really bring in new players, maybe diversify some of their risk.

Adam，我想在你先前的評論基礎上延伸一下：隨著資料中心的整個價值鏈擴張並逐漸成熟，我想知道你如何看待某些最終客戶可能會希望引入新的參與者、也許分散一些風險。

So how are you thinking about that? How does your relationship change there? I know you're in there helping them sort of design that and maybe, in some cases, that leads to licensing opportunities for you. But does that meaningfully change your sort of profit opportunity here as that ecosystem expansion?

你怎麼看這件事？你們的關係在那裡會如何改變？我知道你們在其中協助他們做設計，而在某些情況下，這可能會帶來你們的授權機會。但隨著生態系擴張，這會在實質上改變你們在這裡的獲利機會嗎？

Yes. Thanks very much, Joe, and I will correct your name, Joe Spak. We all know that very well. Sorry for the mispronunciation of your surname there.

是的。非常感謝你，Joe——我也更正一下你的名字，Joe Spak。我們都很清楚。抱歉剛才把你的姓氏念錯了。

Look, this is not a new phenomenon. I mean we have always worked in this market and many others in a world where our customers want to mitigate risk. And that's no different. That's -- we have been doing that all along here. as we prosecute these unique opportunities that have arisen through AI. I mean we are not a sole source in any respect.

你看，這不是新現象。我們一直以來在這個市場以及許多其他市場運作時，都處在客戶希望降低風險的環境中。這沒有不同——我們一路以來都是這麼做的，來推進這些因 AI 而出現的獨特機會。我們在任何方面都不是唯一供應來源（sole source）。

But what we are is we're very uniquely able to execute. We do have a lot of unique technology that creates value for our customers. And so we welcome actually other participants in the market. And again, there are plenty of participants in the market. We partner with those companies. And yes, sometimes we have licensing agreements with them. But the end of the day, that unique Amphenolian ability to execute is ultimately what our customers value equally to the technology that we offer them.

但我們的特點是：我們非常獨特地具備執行能力。我們確實擁有許多能為客戶創造價值的獨特技術。因此我們其實歡迎市場上有其他參與者。而且再說一次，市場上本來就有很多參與者。我們也會與那些公司合作。是的，有時我們會與他們簽訂授權協議。但歸根結底，Amphenol 那種獨特的執行能力，對客戶而言，其價值不亞於我們提供給他們的技術。

And so we don't see any meaningful change to that. This is no different from how we've always prosecuted our business. We've always gone out and had to win business. We've always had to go out and out-execute our competition and thereby satisfy and even delight our customers, and we can just continue to do that. You can imagine, we've also built extraordinary capabilities right now.

所以我們不認為這會有任何重大的改變。這與我們一貫推進業務的方式沒有不同。我們一直都必須出去贏得業務；我們一直都必須以更強的執行力勝過競爭對手，從而滿足、甚至讓客戶感到驚喜，而我們會持續這麼做。你可以想像，我們現在也建立了非凡的能力。

Over the course of these last three years, as we've been managing through these extraordinary ramp-ups and 81% organic growth here in this quarter, 124 last year, we have built an extraordinary capability around the world to support customers in these unique technologies.

在過去這三年裡，當我們一路應對這些非同尋常的快速擴產，以及本季81%的有機成長、去年124%的有機成長時，我們已在全球建立起卓越的能力，來支援客戶採用這些獨特的技術。

And fortunately, we're in that virtuous cycle where the company does generate strong profitability. We convert that profitability into cash, and we reinvest that cash into product development, number one, capability development, number two, and capacity, number three, that ultimately allows us to be more important and to meet the moment for our customers.

而且幸運的是，我們正處於那個良性循環之中：公司確實能產生強勁的獲利能力；我們把獲利轉化為現金，再把現金再投資於產品開發（第一）、能力建置（第二）以及產能（第三），最終讓我們對客戶更重要，並在關鍵時刻挺身而出、滿足客戶需求。

And so look, we welcome more participants. We also welcome that when you have more participants, that also mitigates in some ways, the risk of volatility for everybody, and that's a good thing. And that's how this industry has worked for a long time, and we've prospered in that environment for many, many, many years, decades early.

所以你看，我們歡迎更多參與者。我們也樂見參與者增加，因為當參與者更多時，在某些方面也能降低大家面臨的波動風險，這是好事。這個產業長期以來就是這樣運作的，而我們也在這樣的環境中繁榮了很多很多很多年，甚至早在數十年前就已如此。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Adam, if I can just ask you more specifically around CCS. Obviously, you sounded pretty positive in terms of what you're seeing for demand there. If you go back to the time when you announced the acquisition and gave some guidance around it, I think you were assuming more sort of mid-teens growth for this year.

Adam，如果我可以更具體地問一下CCS。顯然，就你所看到的需求而言，你的語氣相當正面。若回到你宣布收購並提供一些指引的時點，我記得你當時假設今年大概是中十位數（mid-teens）的成長。

How are you seeing sort of that demand progress relative to those early milestones that you gave us? And are you seeing any supply constraints when it comes to sort of bare fiber or preform in relation to your ability to sort of meet some of the customer demand that you see for the CCS business?

相較於你當初給我們的那些早期里程碑，你現在看到的需求進展如何？另外，就你滿足CCS業務所見客戶需求的能力而言，在裸纖（bare fiber）或預製棒（preform）方面，你是否看到任何供應限制？

Well, thanks very much, No, you're absolutely correct. When we announced this deal, I think we did talk about it at the time as roughly a $3.5 billion, maybe $3.6 billion business. with sort of mid-teens growth expectations.

非常感謝。不，你說得完全正確。當我們宣布這筆交易時，我想我們當時確實提到，這大約是一個35億美元、也許36億美元的業務，並且預期成長約為中十位數（mid-teens）。

And as I mentioned, here at least here in the first quarter, they achieved a gross level, largely at the same pace of Amphenol's own organic growth, which is really impressive and really outperforms what we would have thought back when we signed the deal.

而如我所提到的，至少在第一季，他們在總體層面達成的步調，基本上與安費諾（Amphenol）自身的有機成長步調相當，這非常令人印象深刻，也確實遠優於我們在簽署交易時原本的預期。

And we continue to expect the company to deliver this year, as we said, roughly $4.1 billion in sales and $0.15 of accretion. I can tell you the team, this is a team of fighters. I mean it's so amazing. I mean they can from a very different culture, obviously, a very different corporate background over the 50 years that CommScope has been around. But the thing they have in common is this just desire to win. I mean this is a team of extraordinary capable individuals who want to win.

我們仍然預期該公司今年將如我們所說，實現約41億美元的營收，以及每股盈餘增加（accretion）0.15美元。我可以告訴你，這個團隊是一支硬仗派的隊伍。真的非常驚人。他們來自非常不同的文化，顯然也有非常不同的企業背景——CommScope成立至今50年一路走來。但他們共同擁有的一點，就是那種強烈的求勝慾望。這是一群能力極其出眾、渴望勝利的人。

And that means knocking down whatever impediments come along, along the way. And look, you mentioned there's no doubt a lot of demand for fiber right now around the world. And I can tell you that our team is doing a fabulous job of supporting their customers' demand, meeting kind of the expectations that we had growing the company by a very significant extent. And they're doing that by being real entrepreneurs. And that's a phenomenal thing.

這意味著他們會一路把任何出現的障礙逐一排除。你提到的沒錯，現在全球對光纖的需求確實非常旺盛。我可以告訴你，我們的團隊在支援客戶需求方面做得非常出色，並且在很大程度上達成了我們對公司成長的期待。他們之所以能做到，是因為他們真的像創業家一樣在做事。這非常了不起。

It's really satisfying to see that for a group of people who've only been part of Amphenol for now less than 5 months. And so I have really high expectations for them in the future. There's no doubt that they will manage through whatever dynamics arise in the marketplace. And now I will just say this, they're now part of a company that has a very different balance sheet, a very different approach to growth than what they may have had in the past.

看到這一點真的很令人滿足，因為這群人加入安費諾至今還不到5個月。所以我對他們未來抱持非常高的期待。毫無疑問，他們會妥善應對市場上出現的各種動態。最後我只想補充一點：他們現在已成為一家資產負債表截然不同、成長方式也與過去可能不同的公司的一部分。

And so we are very much willing to support their growth with investments as we always have in Amphenol, getting them on that same virtuous cycle that our organization has been on for so many years, what I described earlier and no doubt about it, the folks at CommScope are really excited to have such a supportive -- to be part of such a company that's so supportive of their growth aspirations and their growth aspirations are pretty significant.

因此，我們非常願意一如安費諾一貫作法，以投資來支持他們的成長，讓他們也進入我們組織多年來所處的同一個良性循環——也就是我先前描述的那個循環。毫無疑問，CommScope的同仁對於能成為一家如此支持其成長抱負的公司的一員感到非常興奮，而他們的成長抱負相當可觀。

William Stein, Truist Securities.

William Stein，Truist Securities。

Congrats on the great results and outlook, really excellent as we've grown accustomed to from you. But the question I have is that it's not just co-package optics we tend to hear about from some of the bigger customers in the AI data center supply chain. It's various trade-offs between passive copper, active copper.

恭喜你們交出很棒的結果與展望，確實非常出色，也符合我們對你們一貫表現的期待。不過我想問的是，在AI資料中心供應鏈中，我們從一些較大的客戶那裡聽到的不只是共封裝光學（co-package optics）。還有各種在被動銅纜（passive copper）與主動銅纜（active copper）之間的取捨。

And then within optical, we hear all the buzzwords about pluggables, near package optics, silicon photonics, co-package optics, even optical interposers and then some of these technologies being used in scale up, some in scale out. Should Amphenol have -- should we think about the company as having similar ability to succeed in all of those technologies? Or are there certain ones of those where your opportunity will be more limited or would potentially accelerate?

然後在光學領域，我們又聽到各種流行術語：可插拔（pluggables）、近封裝光學（near package optics）、矽光子（silicon photonics）、共封裝光學（co-package optics），甚至光學中介層（optical interposers），以及其中一些技術用於scale up、一些用於scale out。安費諾是否——我們是否應該把公司視為在所有這些技術上都具備類似的成功能力？還是其中某些技術你們的機會會比較受限，或反而可能加速？

Thanks, Will. Well, look, let's -- we'll talk about this one more time, and I think you alluded to one aspect of it that we haven't talked about, which is the active aspect. We certainly have a broad array of active and passive product offerings in both copper and optics. And I think I didn't mention the active piece of that with the other several questions on this topic.

謝謝你，Will。你看，我們再談一次這個議題。我想你提到了一個我們之前沒有談到的面向，也就是「主動式」的部分。我們在銅與光學兩個領域，都有相當廣泛的主動與被動產品組合。而在前面幾個關於這個主題的問題中，我確實沒有提到主動式這一塊。

But there's no doubt. I mean, we have developed that active capability both on copper very strongly and also through our acquisition program on optics. And so when I talk about the breadth of products that we have to offer to our customers, it's not just that we offer high-speed copper power and passive optics, but we also offer active copper. We also offer active optics.

但毫無疑問，我們已經在主動能力上有所建置：在銅的部分非常強，同時也透過我們在光學領域的併購計畫建立起來。因此，當我談到我們能提供給客戶的產品廣度時，不只是高速銅電源與被動光學；我們也提供主動銅纜，也提供主動光學。

Now do we have every single part number that exists in the universe? No, of course, not. But we have a breadth of capabilities across those -- all of those categories, if you call them sort of the two categories of copper and optics in the subcategories of passive and active.

那麼，我們是否擁有宇宙中存在的每一個料號（part number）？不，當然沒有。但如果你把它們視為兩大類——銅與光學——以及其下的被動與主動子類別，我們在這些類別上都具備相當廣泛的能力。

And I would just say that there's really no company, at least that I can think of here on the spot who can say that, who can say that they have that breadth of offering to help the customers as they face this sort of amazing smorgasbord of different choices that they're facing.

我想說的是，至少就我此刻能想到的，真的沒有哪家公司能夠這樣說——能說自己擁有如此廣泛的產品供應，來協助客戶面對他們正在面臨的、令人驚嘆的各式各樣選擇。

Now is each sort of dish on the smorgasbord going to have the same impact to our company. Are we going to have the same part numbers, that's very hard to give a prognosis about that. But what I do know is what I said earlier.

那麼，自助餐（smorgasbord）上的每一道菜，對我們公司的影響會一樣嗎？我們會擁有同樣的料號嗎？這很難做出預測。但我知道的是我先前說過的那一點。

No matter what, there's going to be more interconnect. There's going to be more connections, more synaptic connections across these neural networks. And that's going to lead to a higher degree of interconnect products, which is going to be good for the whole industry. And then it's up to us to continue to execute with the breadth of our products to take more than our fair share of that.

不管怎樣，互連（interconnect）都會更多；連結會更多；在這些神經網路之間會有更多類似突觸的連結。這將帶來更高程度的互連產品需求，對整個產業都是好事。接下來就看我們能否憑藉產品廣度持續執行，拿到超過我們應得份額的機會。

And so far, we've been able to do that. And the building blocks of why we've been able to do that are still very strongly, if not more strongly than ever in place. And so that gives me a dose of confidence for however these architectures evolve. And then the last thing I'll say is, I think we should be very careful that there is not just going to be a single architecture, a single moment.

到目前為止，我們一直做得到。而我們之所以能做到的基礎要素，仍然非常穩固——甚至比以往更穩固。因此，無論這些架構如何演進，這都讓我更有信心。最後我還想說，我們必須非常小心，不要以為只會有單一架構、單一時刻。

Customers are looking at lots of different things. They're looking at lots of different directions, and we'll have a lot of different customers doing a lot of different things architecturally in the future which is, again, why we believe it's very important to be with those customers with the full breadth of offerings for them as they approach these next generations.

客戶正在評估很多不同的事情，朝很多不同方向探索。未來會有很多不同的客戶在架構上採取很多不同作法。也正因如此，我們相信，當客戶邁向下一代時，能以完整的產品廣度陪伴他們、提供所需，將非常重要。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團。

Great set of results here if I can. There's been a lot of talk about component energy inflation. You guys delivered very strong margins here. If you could talk a little bit about prices -- pricing ability to pass through those costs.

如果我可以的話，這裡的結果非常亮眼。市場上一直在談零組件能源成本上漲（component energy inflation）。你們這季的毛利率/利潤率表現非常強勁。能否談談價格——也就是你們將這些成本轉嫁出去的定價能力？

And if you saw, there was more ability to raise prices here relative to historical. And if I can squeeze one more on just the book-to-bill in orders and lead times here. Very strong book-to-bill again, similar to last quarter. Are we seeing like extended lead times here? Just help us understand on the book-to-bill, what's driving that.

以及相較於歷史水準，你們是否看到更大的漲價空間？另外我再追問一個關於訂單的出貨比（book-to-bill）與交期（lead times）：book-to-bill再次非常強勁，與上季類似。我們是否看到交期在延長？請協助我們理解，在book-to-bill方面，是什麼在驅動這個表現。

Yes. Thanks, Asiya. I think I'll take the first part and maybe let Adam talk about the book-to-bill here. But I think in regard -- certainly, we're super happy with our margins here in the quarter, 27.3%, just slightly under kind of record margins we had in the second half of last year. And that's inclusive of CommScope, which had a great quarter, but ultimately, certainly still as a margin -- has some margin dilution. And as we would expect.

是的。謝謝你，Asiya。我想我先回答第一部分，至於訂單出貨比（book-to-bill）這邊也許讓 Adam 來談。不過我想就此而言——當然，我們對本季的毛利率非常滿意，達到 27.3%，僅略低於去年下半年我們創下的接近紀錄的毛利率水準。而這也包含了 CommScope；他們本季表現很出色，但最終就毛利率而言——仍然會帶來一些毛利率稀釋。而這也符合我們的預期。

And over time, we certainly are very confident that we'll get them closer to the company average. But this 27.3% in the quarter was just an outstanding result, given some of that pressure. That resulted in a few things, and I'll talk about costs in a second. But I mean, certainly, we just executed really well in the quarter on that really strong growth we continue to have.

而隨著時間推進，我們也非常有信心能把他們的毛利率拉近到公司平均水準。不過在本季，在承受部分壓力的情況下，27.3% 的毛利率仍是非常傑出的成果。這帶來了幾個結果，我稍後也會談成本。但我的意思是，我們本季在持續強勁成長的情況下，確實執行得非常到位。

And that execution, combined with the cost discipline we have within the company, has just enabled us to leverage at a pretty impressive level from a margin perspective across our business, including places like that serve the defense market, industrial, otherwise, I mean you see this across our segments and the improvement in the margins we've had there. So it's really just been kind of, I would say, almost across the board margin improvement story here.

而這樣的執行力，加上公司內部的成本紀律，使我們能在整體業務的毛利率面向上，以相當令人印象深刻的程度實現槓桿效益；包括像是服務國防市場、工業等領域——你可以在各個事業部門看到這點，以及我們在那裡的毛利率改善。所以我會說，這幾乎是一個「全面性毛利率改善」的故事。

And certainly, the ones that are growing faster than some of these markets are certainly contributing strongly as well. The cost environment certainly hasn't been supportive. I mean, I wouldn't say -- I would say on the margin, that's been, I guess, forgive the term there. I mean kind of on the -- to a lesser degree, that's been some impact. But I think we've done a great job of offsetting most of that through things we do in the factory productivity, things with our vendors.

當然，那些成長速度快於部分市場的業務，也同樣做出了強勁貢獻。成本環境確實不算有利。我的意思是，我不會說——我會說在邊際上（請原諒我用這個詞），也就是在較小程度上，確實有一些影響。但我認為我們透過工廠生產力的提升、以及與供應商合作等作法，已經很好地抵消了其中大部分。

And certainly, as we kind of drive those other levers, the last lever is pricing. And pricing is just a function of ultimately the value you bring to your customers with the technology, with the execution with all these other things that Adam has talked about. And we've been able to offset some of the things around cost, tariffs and otherwise over time. With these things, our general managers have just done a fantastic job. Some businesses are more impacted than others in some ways.

而且，當我們推動那些其他槓桿時，最後一個槓桿就是定價。定價最終取決於你透過技術、執行力，以及 Adam 談到的所有這些因素，能為客戶帶來的價值。隨著時間推進，我們也能抵消部分與成本、關稅等相關的因素。我們的各事業部總經理在這些事情上做得非常出色。有些業務在某些方面受到的影響比其他業務更大。

And that we don't do this from the top level. We let their general managers kind of make the decision to make relative to each of the businesses. And that's the result of kind of what you see in our margin line. So super proud of that. And certainly, we expect going forward, as you can see in our guide, we certainly expect strong margins going forward.

而我們並不是由總部自上而下地做這件事；我們讓各事業部總經理依各自業務做出相對應的決策。這也反映在你看到的毛利率表現上。所以我們對此非常自豪。並且，展望未來，正如你在我們的指引中所看到的，我們確實預期未來毛利率仍將維持強勁。

And just real briefly on book-to-bill. I wouldn't tell you that we see anything categorically with the only kind of proviso being that as I talked about earlier, we do have some customers who, because of investments that we're making, have opened up their order apertures. And that's something we've talked about for a number of quarters. But I wouldn't say anything more broadly about extended lead times.

另外非常簡短地談一下訂單出貨比（book-to-bill）。我不會說我們看到任何明顯的、類別性的變化；唯一需要補充的是，如同我先前提到的，因為我們正在進行的投資，有些客戶已經擴大了他們的下單視窗（order apertures）。這是我們已經談了好幾季的事情。但我不會更廣泛地去解讀為交期普遍延長。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

Adam, I was wondering if you could talk a little bit about commercial buildings. You highlighted in your prepared remarks now with CommScope being there. You also mentioned antennas and sensors. So how do you think 1 plus 1 equals 3 between you and CommScope as you now include commercial buildings in your portfolio?

Adam，我想請你談談商用建築。你在事先準備的發言中提到，現在有了 CommScope。你也提到了天線與感測器。所以當你們把商用建築納入產品組合後，你怎麼看你們與 CommScope 之間「1 加 1 等於 3」的綜效？

Yes. Thanks so much, Steve. No, we're -- actually, this building connectivity business, as we call it and as they call it, is something really exciting, and it is really complementary and new to Amphenol. There's no doubt that we're sitting in our old building here. And as many of you who have come to Wallingford, would not be surprised to hear.

是的。非常感謝你，Steve。不，我們——其實這個我們稱之為、他們也這麼稱呼的「建築連接（building connectivity）」業務，是一個非常令人興奮的領域，對 Amphenol 來說也非常互補且是新的。毫無疑問，我們現在坐在這棟老建築裡。而你們許多來過 Wallingford 的人，聽到這點應該不會意外。

I wouldn't say that we have a smart building here in Wallingford, but many companies who are less cheap than we are about their headquarters building are really making new investments and all the new functionalities that you can bring into a building.

我不會說我們在 Wallingford 有一棟智慧建築，但很多公司在總部大樓上不像我們這麼節省，正在投入新的投資，把各種新的功能導入建築之中。

And when you say building, you're talking about residential, you're talking about commercial office. You're also talking about factories and smart factories and all of the like. And so what we're especially excited about is not only the leading position that CommScope has in that market but the channel that they have because it's a very unique channel with unique distributors.

而你說的建築，包含住宅、商用辦公室，也包含工廠、智慧工廠等等。所以我們特別興奮的不只是 CommScope 在該市場的領先地位，還有他們所擁有的通路，因為那是一個非常獨特的通路，搭配獨特的經銷商體系。

They sell into nearly every country on earth. I think it is more than 150 countries at least. Any place where they're building buildings, they need the connectivity to enable all of these next-generation things that go in a next-generation smart building. And with CommScope's position, what we're very excited is that there are other interconnect products, and you mentioned specifically antennas and sensors where we have a very strong position and where we haven't necessarily had that open door into a market like this where I do think long term, that can create value creation for Amphenol, the kind of 1 plus 1 equals 3 that you alluded to.

他們幾乎銷售到地球上的每一個國家。我想至少超過 150 個國家。任何地方只要在蓋建築，就需要連接能力，才能支援下一代智慧建築中的所有這些下一代應用。而憑藉 CommScope 的地位，我們非常興奮的是，還有其他互連產品——你特別提到天線與感測器——我們在這些領域有非常強的地位，但過去未必能像現在這樣打開通往這類市場的大門；而我確實認為長期而言，這能為 Amphenol 創造價值，也就是你所提到的「1 加 1 等於 3」。

So it's a really exciting area, and we look forward in the years to come to getting to know that market better getting to forge the strategic distribution relationships that they have on a broader basis across Amphenol and ultimately taking advantage of the revolutions that are happening in this area.

所以這是一個非常令人興奮的領域。我們也期待在未來幾年更深入了解這個市場，並在更廣泛的 Amphenol 範圍內，建立並深化他們所擁有的策略性經銷關係，最終把握這個領域正在發生的各種變革所帶來的機會。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

Amphenol work with the leading GPU player in the market on design for scale up connectivity and has earned that leading market share over there in copper-based scale up. So as you think about this transition to optical, there are many more players there. Maybe there's a later start date within undeleted CommScope portfolio, which I'm sure you will change. But how are you thinking about the share and competitive landscape and the potential to have perhaps similar share in scale-up solutions in optical over time?

Amphenol 與市場上領先的 GPU 廠商合作，針對 scale-up 連接進行可擴展性的設計，並在以銅為基礎的 scale-up 領域取得了領先的市占率。當你思考這個往光學的轉換時，那裡會有更多參與者。也許在尚未納入的 CommScope 產品組合中，起步時間會更晚一些——我相信你們會改變這點。但你們如何看待市占率、競爭格局，以及隨著時間推進，在光學的 scale-up 解決方案中也可能取得類似市占率的潛力？

Yes. Look, let me just say this. I mean we are not the only player in upper or high-speed copper interconnect. But we have executed in a way that has ultimately led to us taking more than our fair share of that opportunity. And you mentioned one company, and we obviously have done that with many companies.

是的。你看，我先這麼說：我們並不是高速或超高速銅互連（high-speed copper interconnect）領域唯一的參與者。但我們的執行方式，最終讓我們在這個機會中取得了超過「應得份額」的成果。你提到了一家公司，而我們顯然也與許多公司做到了同樣的事。

And so to the extent that some of those architectures evolve into optics or some hybrid solutions, we will have also competition and maybe it will be the same or maybe it will be different, but we've always had competition, a very healthy competition, let me say, where we have to go earn that business every day of the week. And our team will go out there and work to earn it just as they have on the copper side.

因此，若其中一些架構演進到光學或某些混合式解決方案，我們也會面臨競爭；可能是相同的競爭對手，也可能不同。但我們一直都有競爭——我想說是非常健康的競爭——我們必須每天都去爭取那些業務。我們的團隊會走出去努力贏得它，就像他們在銅的領域所做的一樣。

Scott Graham, Seaport Research Partners.

Scott Graham，Seaport Research Partners。

Congratulations on another great quarter. I really just wanted to talk about industrial, where your organic was plus 16%. And in the past, Adam, you've been kind enough to unbundle a couple of the pieces of that. I'm hoping you can do that again, maybe delineate for us which end markets within there may be led and perhaps the one or two markets where the organic was less than the 16%.

恭喜你們又交出一個很棒的季度。我主要想談工業領域，你們的有機成長是 +16%。過去 Adam 你很貼心地把其中幾個部分拆開說明。我希望你能再做一次，或許幫我們界定一下裡面哪些終端市場是主要帶動者，以及可能有一兩個市場的有機成長低於 16%。

Well, thanks, Scott, and thanks for your kind words. Look, industrial has been really on a great momentum here in the recent quarters. And like I mentioned earlier, we're seeing that kind of accelerate with 16% organic growth. And one of the things that I find most encouraging is we look at a lot of different subsegments of the industrial market internally. And the vast majority of those subsegments actually have grown organically on a year-over-year basis.

謝謝你，Scott，也謝謝你的好話。你看，工業領域在最近幾季確實動能很強。就像我先前提到的，我們看到這個動能加速，有機成長達到 16%。而我覺得最令人鼓舞的一點是：我們內部會把工業市場再細分成許多不同的子領域來看，而其中絕大多數子領域其實都在年對年基礎上實現了有機成長。

I mean, where did we see the strongest performance? I mean, a lot of different places. We saw that in instrumentation. We saw that in electrification. We saw that in oil and gas, even areas like lighting, medical, we saw strong performance, heavy equipment, factory automation, I mean, those are all like strong double-digit organic growth.

也就是說，最強的表現在哪裡？很多不同的地方。我們在儀器儀表（instrumentation）看到強勁表現；在電氣化（electrification）看到強勁表現；在油氣（oil and gas）也看到強勁表現；甚至像照明、醫療，我們也看到強勁表現；重型設備、工廠自動化——我的意思是，這些都是強勁的雙位數有機成長。

I mean where did we see a little bit less. I don't know we saw a little bit less performance in like an RMT, marine, but pretty modest.

那麼哪裡稍微弱一點？我不確定——我們在像是 RMT、海事（marine）等領域看到的表現稍微弱一些，但幅度相當有限。

And then there's this category which we call Other. And it's funny, Other is a big category inside industrial where it goes into just the vast universe of harsh environment applications from companies large, medium, and small, and that grew very strongly in double digits as well. And so I think what we're seeing is a real broad-based reacceleration of the adoption of electronics in harsh environments in what we call the industrial market.

接著還有一個我們稱為「其他」（Other）的類別。很有意思的是，「其他」在工業領域裡其實是一個很大的類別，涵蓋了來自大型、中型與小型公司的、極為廣泛的嚴苛環境應用宇宙，而這一塊同樣也以兩位數的幅度強勁成長。因此我認為，我們看到的是在我們所稱的工業市場中，嚴苛環境下電子產品採用的真正廣泛性再加速。

And that's what ties all of our industrial together is it's unique electronic applications in places that aren't very hospitable. Everything from an operating theater to a corn field to an offshore oil well to a train going 400 kilometers an hour and everything in between. And so it's very broad-based growth, in fact.

而把我們所有工業業務串在一起的核心，就是在不太友善的場所中的獨特電子應用。從手術室到玉米田、從離岸油井到時速 400 公里的列車，以及其間的各種場景。所以事實上，這是非常廣泛的成長。

Luke Junk, Baird.

Luke Junk，Baird。

Adam sitting in front of what seems really like a once-in-a-generation supply chain restocking event in both the US and Israeli defense industry. Just hoping you can help us understand Amphenol's leverage within your defense electronics platform, especially thinking of interceptors, munitions, those sorts of things that are going to be exposed to the supply chain dynamic?

Adam，眼前看起來在美國與以色列國防產業都出現了某種「一代一次」的供應鏈補庫事件。想請你協助我們理解 Amphenol 在你們國防電子平台中的槓桿效應，特別是想到攔截器、彈藥這類會受到供應鏈動態影響的項目？

Yes. Thanks very much, Luke. I mean, look, let me just start by expressing my hope that the current ceasefire in the Middle East holds. We continue to monitor our employees who are in the Middle East, whether in Israel or in the Gulf region, and we've continued to support them and hold them in our thoughts because it's not easy being in a war zone for a couple of months here. And I know that's been stressful for many.

是的。非常感謝你，Luke。我的意思是，先讓我表達我希望中東目前的停火能夠維持。我們持續關注在中東的員工，不論是在以色列或海灣地區；我們也持續支持他們，並把他們放在心上，因為在戰區待上幾個月並不容易。我知道這對許多人而言都很有壓力。

But there's no doubt that the world is not a safer place today than it was 5, 10 years ago. And there's a particular focus on things like missile defense on things like smart munitions. And we saw that during the Ukraine war, which tragically continues as we sit here today. And there's also a question that in the current very dynamic geopolitical environment that countries around the world our planning, are making but are also planning long term significant upgrades in their own military spending and also in the nature of what they're spending their money on. Spending it on next-generation technologies.

但毫無疑問，今天的世界並不比 5 年、10 年前更安全。尤其是對飛彈防禦、智慧彈藥等議題的關注更高。我們在烏克蘭戰爭中也看到了這一點，而這場戰爭很不幸地在我們今天坐在這裡時仍在持續。此外，在當前非常動態的地緣政治環境下，各國不僅正在制定計畫，也在長期規劃大幅升級其軍事支出，以及改變資金投入的方向——投入到下一代技術上。

And by the way, not only from traditional defense contractors, but from a whole new generation of defense contractors who are really kind of the disruptors in this market, and if we look at our position as the world leader in defense interconnect, having expanded significantly the scope of that position with the acquisition of Trexon and others over the years expanding to more advanced RF interconnect active and passive and all of what we have done, we have just become more important to all of our customers in all those regions. Both existing customers as well as the generation of customers with whom we're working very intensively.

順帶一提，不僅是傳統國防承包商，還包括全新一代的國防承包商——他們可說是這個市場的顛覆者。若我們看我們作為全球國防互連領導者的地位，透過多年來收購 Trexon 等公司，我們已顯著擴大了這個地位的範疇，延伸到更先進的 RF 互連、有源與無源產品，以及我們所做的一切；我們對所有區域的所有客戶都變得更加重要——不論是既有客戶，或是我們正非常密切合作的新一代客戶。

And I think we've done a very smart thing along the way, which is we have invested not only in bringing new products, broadening our suite of products, but also in the capabilities to build those products and the capacities to meet the demands of our customers now and into the future. And when you see now the urgency with which many of these defense departments ramp up their own procurement budgets and that includes potentially here in the United States.

而我認為我們一路走來做了一件非常明智的事：我們不僅投資於推出新產品、擴大產品組合，也投資於製造這些產品的能力，以及滿足客戶當前與未來需求的產能。當你看到現在許多國防部門以多麼急迫的態度提高自身採購預算——其中也可能包括美國——

We sit in a relatively unique position as a company that has the breadth of products but also the capacities and the capabilities to meet that demand. And our team takes up very seriously, not just because it's a good thing for Amphenol's business, but we know that lives depend on it. And there is a mindset across our entire team of folks working in the defense interconnect market that this is more than just delivering numbers and revenues and profit, but we're also delivering critical thanks to our customers.

我們作為一家公司，處於相對獨特的位置：既有產品廣度，也有滿足需求的產能與能力。我們的團隊非常認真看待這件事，不只是因為這對 Amphenol 的業務有利，更因為我們知道這攸關生命。我們整個在國防互連市場工作的團隊都有一種心態：這不只是交付數字、營收與利潤，我們也在為客戶交付關鍵的東西。

And I'm really proud of what they've done. I mean growing that business as we have done, 25% organically last year for the full year, 21% organically. It's not a trivial initiative because making these products requires an enormous amount of technology. There's regulations of how you open new things. There's qualifications and all of the like. It's not as simple as just adding some machines and off you go.

我對他們所做的一切感到非常自豪。我的意思是，像我們這樣推動該業務成長——去年全年有機成長 25%，有機成長 21%——這不是一項微不足道的工作，因為製造這些產品需要大量技術；新項目如何導入有相關法規；還有認證、資格鑑定等等。這不像只是加幾台機器就能上線那麼簡單。

So look, we look -- we're very proud of our defense business. We're excited for the future. And to me, it feels like this is potentially a long-term structural shift in the demand dynamics in a market where we position ourselves very well to take advantage of that.

所以你看，我們對國防業務非常自豪，也對未來感到興奮。對我而言，這可能代表需求動態出現一個長期的結構性轉變，而我們在這個市場中的定位非常好，能夠把握這個機會。

Joe Giordano, TD Cowen.

Joe Giordano，TD Cowen。

I know we're not going to get into specific numbers here, but there's a lot of questions that people are trying to struggle with when you think about new architectures and data centers and on racks from -- as you move into higher voltages and what are the -- like the interplays between price -- like ASPs that you guys can charge versus like the pounds of wire or the lengths of wire.

我知道我們不會在這裡談具體數字，但當你想到新架構、資料中心、以及機櫃層級——隨著你們走向更高電壓——大家有很多問題想釐清：例如價格之間的互動——像是你們能收取的 ASP（平均售價）相對於線材的重量（磅數）或線材長度之間的關係。

And can you maybe just talk generally like as you get into these more complex, more streamlined types of architectures like the interplay between what the value of those products are versus like what might be going away in terms of, like I said, like pounds of copper or length of cabling in that sense. Like how do we get to a net of all that?

你能否大致談談：當你們進入這些更複雜、更精簡的架構時，產品價值與可能被減少的部分之間（就像我說的，例如銅的磅數或纜線長度）如何互相影響？我們要怎麼把這些加總起來看出一個淨效果？

Yes. Look, John, I'm probably going to frustrate you here with my answer. I'm not going to -- because I couldn't give you kind of the fill in the spreadsheet, so to speak, on pounds of this length of that. But you mentioned one thing. And you mentioned that there's new architectures with new approaches.

是的。你看，John，我的回答可能會讓你有點失望。我不會——因為我沒辦法給你那種、所謂把試算表填滿的答案，像是多少磅、多少長度之類。但你提到了一件事：你提到有新架構與新方法。

You mentioned, for example, higher voltage. And there's no doubt about it that our team is working to enable these next-generation systems which will need new energy. And we talk a lot about the data part of AI data centers, but I think we should also talk a lot about the power part of them.

例如你提到更高電壓。毫無疑問，我們的團隊正在努力促成這些下一代系統，而它們將需要新的能源配置。我們談 AI 資料中心時，常常談很多「資料」的部分，但我認為我們也應該同樣多談「電力」的部分。

And again, we come into that with the broadest array of power interconnect from discrete connectors to very complex power cable assemblies, bus bars, liquid cooled, bus bars. And you can imagine that our team is doing an enormous amount of things, making sure that as our customers shift to higher and higher power capacities inside their racks, inside their data centers, that ample -- their core partner.

同樣地，我們以最完整的電力互連產品組合切入：從離散式連接器到非常複雜的電力線纜組件、匯流排（bus bars）、液冷匯流排等。你可以想像，我們的團隊正在做大量工作，確保當客戶在其機櫃內、資料中心內把功率容量推向越來越高時，Amphenol 仍是他們的核心合作夥伴。

And I'm really proud of what the team has done there. And we'll continue to see great opportunities across the board. But I'm not going to be able to give you a pound and length kind of metric here.

我也為團隊在那方面的成果感到非常自豪。我們將持續在各方面看到很好的機會。但我沒辦法在這裡提供以磅數與長度為基礎的指標。

That concludes our Q&A session. So I will hand back to Mr. Norwitt for closing remarks.

我們的問答環節到此結束。接下來我把時間交回 Norwitt 先生做結語。

Well, thank you all very much. We truly appreciate everybody's interest in the company today, and we look forward to talking to you all here in 90 days, and I hope you all have a wonderful spring and start to your summer. Thanks so much. Thank you.

好，真的非常感謝各位。我們非常感謝大家今天對本公司的關注，也期待在 90 天後再與各位交流。祝各位有個美好的春天，以及一個愉快的夏季開端。非常感謝。謝謝。

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。感謝您的參與。您現在可以掛斷電話線。