Cognex Corp (CGNX) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Cognex third quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加康耐視 2024 年第三季財報電話會議。（操作員說明）

It is now my pleasure to introduce your host, Nathan McCurren. Thank you, and you may begin.

現在我很高興向大家介紹你們的主持人內森麥卡倫。謝謝您，您可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us.

謝謝你，接線生。大家早安，感謝您加入我們。

Our press release was published yesterday after market close, and our quarterly report on Form 10-Q for Q3 2024 was filed this morning. The press release, earnings presentation and 10-Q are available on the Investor Relations section of our website.

我們的新聞稿於昨天收盤後發布，我們的 2024 年第三季 10-Q 表格季度報告已於今天上午提交。新聞稿、收益報告和 10-Q 可在我們網站的投資者關係部分取得。

Both our published materials and the call today will reference non-GAAP measures. You can find a reconciliation of certain items from GAAP to non-GAAP in our press release and earnings presentation.

我們發布的資料和今天的電話會議都將參考非公認會計原則措施。您可以在我們的新聞稿和收益演示中找到從 GAAP 到非 GAAP 的某些項目的調整表。

Any forward-looking statements we made in the press release, the accompanying presentation posted to our website or any that we may make during this call are based upon information that we believe to be true as of today. Our actual results may differ from our projections due to the risks and uncertainties that are described in our SEC filings, including our most recent Form 10-K and Form 10-Q.

我們在新聞稿中、在我們網站上發布的隨附簡報或我們在本次電話會議中可能做出的任何前瞻性陳述均基於我們今天認為真實的資訊。由於我們的 SEC 文件（包括我們最新的 10-K 表格和 10-Q 表格）中描述的風險和不確定性，我們的實際結果可能與我們的預測有所不同。

On today's call, Rob Willett, Cognex's President and CEO, will discuss end market trends and provide an update on our strategic initiatives. Dennis Fehr, Cognex's CFO, will discuss our third quarter financial results, and we'll conclude with our outlook.

在今天的電話會議上，康耐視總裁兼執行長 Rob Willett 將討論終端市場趨勢並提供我們策略計畫的最新資訊。康耐視財務長 Dennis Fehr 將討論我們第三季的財務業績，最後我們將展望未來。

With that, I'll turn the call over to Rob.

這樣，我就把電話轉給羅布。

Thanks, Nathan. Hello, everyone, and thank you for joining us on Halloween, Cognex's favorite holiday.

謝謝，內森。大家好，感謝您參加康耐視最喜歡的萬聖節萬聖節。

In the third quarter, we delivered revenue and adjusted EBITDA margin in line with our guidance. Revenue grew 19% year on year, or 7%, excluding the contribution of our Moritex acquisition, led by continued momentum in Logistics and Semiconductor and comparing against a low base in Q3 of 2023.

第三季度，我們按照我們的指導交付了收入並調整了 EBITDA 利潤率。營收年增 19%，即 7%（不包括收購 Moritex 的貢獻），這主要得益於物流和半導體領域的持續成長勢頭，而 2023 年第三季的基數較低。

Conditions across our broader factory automation business remained challenging. While most of our factory automation business has been stable for several quarters, we've seen a further step down in automotive. We continue to manage costs tightly in the third quarter and reduced operating expenses sequentially despite increased costs from the emerging customer initiative and an extra month of Moritex financials.

我們更廣泛的工廠自動化業務的狀況仍然充滿挑戰。雖然我們大部分的工廠自動化業務幾個季度以來一直保持穩定，但我們看到汽車業務進一步下滑。儘管新興客戶計劃和 Moritex 財務報告增加了一個月，但我們在第三季度繼續嚴格管理成本並連續減少營運費用。

I now want to provide you with an update on our strategic initiatives. We continue to make excellent progress in bringing world-class AI to our machine vision products. In the third quarter, we launched AI-assisted labeling to reduce the time required to train deep learning vision models.

我現在想向您介紹我們策略舉措的最新情況。我們在將世界一流的人工智慧引入我們的機器視覺產品方面不斷取得巨大進展。第三季度，我們推出了人工智慧輔助標註，以減少訓練深度學習視覺模型所需的時間。

We've incorporated a new AI model into our VisionPro deep learning products that can cut out any object in any image with a single click. This makes the labeling process much faster. Training AI vision models can sometimes require labeling of over 1,000 images, and this latest model cuts the labeling time by approximately 90%, allowing more customers to adopt our most powerful deep learning products.

我們在 VisionPro 深度學習產品中融入了新的 AI 模型，只需單擊即可剪切任何圖像中的任何物件。這使得標記過程更快。訓練 AI 視覺模型有時需要標記 1,000 多張圖像，而這款最新模型將標記時間縮短了約 90%，讓更多客戶能夠採用我們最強大的深度學習產品。

Another example of how we're making our products more accessible to a broader audience can be seen in our AI-driven Optical Character Recognition tool that we launched in Q3. Our prior OCR offering requires significant training, which limited its use to more sophisticated customers.

我們如何讓我們的產品更容易被更廣泛的受眾使用的另一個例子可以從我們在第三季度推出的人工智慧驅動的光學字元辨識工具中看到。我們先前的 OCR 產品需要大量培訓，這限制了其對更成熟的客戶的使用。

Now with virtually no setup required, customers can leverage this out-of-the-box technology to obtain industry-leading [weed] rates and performance. As AI enables machine vision to solve more human-like tasks, we have conviction that a larger portion of future market growth will be driven by a more diversified set of small- and medium-sized businesses who need products that are easy to implement and which deliver powerful results.

現在，幾乎不需要任何設置，客戶就可以利用這種開箱即用的技術來獲得業界領先的[除草]率和性能。隨著人工智慧使機器視覺能夠解決更多類似人類的任務，我們相信，未來市場成長的很大一部分將由更多元化的中小型企業推動，他們需要易於實施且易於實施的產品。 。

I now want to go a bit deeper into our strategic rationale for the emerging customer initiatives and give you more color on how it is going, what we've learned and what we expect from here. Historically, Cognex has excelled at providing the most powerful vision technology to the world's most advanced manufacturers.

現在，我想更深入地探討我們針對新興客戶計畫的策略原理，並為您提供更多關於它的進展、我們學到了什麼以及我們對此的期望的資訊。從歷史上看，康耐視一直擅長為世界上最先進的製造商提供最強大的視覺技術。

There are thousands of such customers, and our share with them is high, but there's also a much larger segment of customers with less complex applications and less automation engineering capacity who are looking for more standardized products that are easy to apply and easy to use. The technology we have developed over the last five years, including our edge learning, sensor and newest ID products, are ideal for these customers.

這樣的客戶有數千個，我們與他們的份額很高，但還有更多的客戶，其應用不太複雜，自動化工程能力也較低，他們正在尋找更標準化、易於應用和使用的產品。我們在過去五年中開發的技術，包括我們的邊緣學習、感測器和最新的 ID 產品，是這些客戶的理想選擇。

And as we launch more of these types of products, we expect to achieve our long-term growth by reaching more of what we estimate to be hundreds of thousands of potential customers. We're doing so by adding a new salesnoid profile to our team: ambitious recent college graduates who are less experienced, less expensive to employ and less technical.

隨著我們推出更多此類產品，我們預計將涵蓋更多我們估計的數十萬潛在客戶，從而實現長期成長。為此，我們為我們的團隊添加了新的銷售人員：雄心勃勃的應屆大學畢業生，但經驗不足、僱用成本較低且技術含量較低。

They are enabling us to broaden our sales coverage, make many more shorter sales calls and reach more customers. Our first cohort of these salesnoids entered the field at the beginning of 2024 against a challenging macro backdrop, but we're happy to see their bookings continue to ramp.

它們使我們能夠擴大銷售範圍、縮短銷售拜訪時間並接觸更多客戶。我們的第一批銷售人員於 2024 年初在充滿挑戰的宏觀背景下進入該領域，但我們很高興看到他們的預訂量繼續增加。

Q3 of 2024 was our largest quarter, and September was our largest month of emerging customer bookings. This is helping to offset slow bookings in many of our end markets in 2024, and even resulting in bookings in end markets where we have previously had minimal coverage, such as aerospace and agriculture.

2024 年第三季是我們最大的季度，9 月是我們新興客戶預訂量最大的月份。這有助於抵消 2024 年我們許多終端市場的預訂緩慢，甚至導致我們先前覆蓋範圍極小的終端市場（例如航空航太和農業）的預訂量增加。

While we will not report the following metric on a regular basis, I want to help you understand the scope of what this program is delivering. In the third quarter, the first cohort of emerging customer salesnoids sold almost $1 million per week and referred millions of dollars of vision business that was closed by our more experienced sales teams.

雖然我們不會定期報告以下指標，但我想幫助您了解該計劃所提供的範圍。第三季度，第一批新興客戶銷售人員每週銷售額近 100 萬美元，並推薦了價值數百萬美元的視覺業務，該業務由我們更有經驗的銷售團隊完成。

I will note that this includes bookings by these salesnoids to some existing accounts, so it's not necessarily all incremental. Our second cohort is now in training, and will enter the field over the next four months. Our emerging customer initiative is a long-term program, still in its early stages and driven with a mindset of continuous improvement.

我要指出的是，這包括這些銷售人員對某些現有帳戶的預訂，因此不一定都是增量的。我們的第二批人員目前正在接受培訓，並將在接下來的四個月內進入該領域。我們的新興客戶計劃是一項長期計劃，仍處於早期階段，並以持續改進的心態驅動。

We're learning which products are most compelling to these target customers. We've responded by evolving the product portfolio to the sales team and equipping them to sell additional vision products. Just like prospective customers, our established accounts also have use cases for our entry-level, easy-to-use technology and benefit from more frequent engagement and broader sales coverage from Cognex.

我們正在了解哪些產品對這些目標客戶最有吸引力。我們的應對措施是向銷售團隊改進產品組合，並幫助他們銷售更多視覺產品。就像潛在客戶一樣，我們的老客戶也有我們的入門級、易於使用的技術的用例，並受益於康耐視更頻繁的參與和更廣泛的銷售覆蓋範圍。

Emerging customer salesnoids can also identify more applications for our advanced vision products and refer this business to our more experienced salesnoids. To better serve these accounts and optimize sales coverage, we are combining sales forces under a unified management structure in each geography.

新興客戶銷售人員還可以識別我們先進視覺產品的更多應用，並將此業務推薦給我們更有經驗的銷售人員。為了更好地服務這些客戶並優化銷售覆蓋範圍，我們將每個地區的銷售團隊整合到統一的管理結構下。

While we are long-term focused, we acknowledge that we are investing in a challenging market environment. In the near term, this initiative is generating more customer visits, increasing our customer base and generating gross margin accretive business.

雖然我們著眼於長期，但我們承認我們正在充滿挑戰的市場環境中進行投資。在短期內，這項措施將帶來更多的客戶訪問，擴大我們的客戶群並產生毛利率增值業務。

Emerging customer salesnoids are on track to make over 80,000 additional in-person customer visits and to add around 3,000 new accounts this year. In the medium and long term, we expect the sales transformation to support strong growth and profitability.

新興客戶銷售人員預計今年將增加超過 80,000 次面對面客戶拜訪，​​並增加約 3,000 個新帳戶。從中長期來看，我們預期銷售轉型將支持強勁的成長和獲利能力。

As our salesnoids are now serving a mix of new and existing accounts, incremental revenue delivered by this group is no longer a measure we are evaluating to determine success. However, we believe this sales transformation supports our long-term target of over 30% adjusted operating margins and positions Cognex for future success.

由於我們的銷售人員現在為新客戶和現有客戶提供服務，因此團隊提供的增量收入不再是我們衡量成功與否的衡量標準。然而，我們相信這項銷售轉型支持我們調整後營業利潤率超過 30% 的長期目標，並為康耐視未來的成功奠定了基礎。

We are excited to continue this initiative and to introduce a new cohort of salesnoids each year. As we plan for future years, we will, however, be flexible about cohort sizes and be responsive to market conditions and resulting growth.

我們很高興能夠繼續這項舉措，並每年推出一批新的銷售人員。然而，在我們對未來幾年的規劃中，我們將靈活調整隊列規模，並對市場狀況和由此產生的成長做出反應。

Turning now to what we are seeing across our end markets, which you will find on page 6 of the earnings presentation. I will discuss the end market results, excluding the contribution of Moritex. End markets have been mixed, as we have seen both continued softness as well as pockets of growth.

現在轉向我們在終端市場所看到的情況，您可以在收益簡報的第 6 頁上找到這些內容。我將討論最終市場結果，不包括 Moritex 的貢獻。終端市場的情況好壞參半，我們既看到了持續的疲軟，也看到了一些成長。

Starting with automotive, revenue was down both year on year and sequentially. We continue to see delays, reductions and cancellations of EV battery projects, and we saw a further step down in our broader automotive business.

從汽車業開始，收入年比和季比均下降。我們繼續看到電動車電池專案的延遲、減少和取消，我們更廣泛的汽車業務也進一步縮減。

I spent time this past quarter with automotive customers in many geographies. This is probably the weakest and most tentative I have seen the automotive market in my 16 years at Cognex.

上個季度我與許多地區的汽車客戶進行了交流。這可能是我在康耐視工作 16 年來見過的最疲軟、最具嘗試性的汽車市場。

The industry is suffering from an overinvestment in electric vehicles, macro uncertainty, increased competition from new entrants and unclear future end user demand. This has all led to minimal capital investment across the value chain, which we expect to continue until these customers have more certainty.

該行業正面臨電動車過度投資、宏觀不確定性、新進入者競爭加劇以及未來最終用戶需求不明朗等問題。這一切都導致整個價值鏈的資本投資最小化，我們預計這種情況將持續下去，直到這些客戶有更多的確定性。

Moving on to logistics. Revenue in logistics has grown strong double digits year to date. We continue to see growth across this business from large e-commerce to [parcel and posts] to base logistics customers globally. This is fueled by both market growth and recent product innovations, including the success of the DataMan 380 that we launched in 2023.

轉向物流。迄今為止，物流收入已實現兩位數的強勁成長。我們繼續看到從大型電子商務到[包裹和郵政]再到全球基礎物流客戶的整個業務的成長。這是由市場成長和最近的產品創新推動的，包括我們在 2023 年推出的 DataMan 380 的成功。

One recent example of logistics success is our partnership with the e-commerce leader in South Korea. We're seeing regional e-commerce leaders like this automate more of their warehouses and adopt more vision solutions.

最近物流成功的一個例子是我們與韓國電子商務領導者的合作。我們看到像這樣的區域電子商務領導者將更多的倉庫自動化，並採用更多的視覺解決方案。

We partnered with this customer to increase its throughput and enable better tracking and tracing of packages by providing a hands-free ID reading solution for its inbound freight processes across its network. We won this business with better read rates at higher speeds than our competition can support.

我們與該客戶合作，透過為其整個網路的入境貨運流程提供免持 ID 讀取解決方案，提高其吞吐量並更好地追蹤和追蹤包裹。我們以比我們的競爭對手所能支援的更高的讀取率和更高的速度贏得了這項業務。

This customer is also investing in robotic automated bagging across their existing facilities. With unmatched read rates and value, our DataMan code readers were able to unlock this opportunity for us, where we both replaced competitors on existing equipment and one business on investment in new automation.

該客戶還投資於其現有設施中的機器人自動裝袋。憑藉無與倫比的讀取率和價值，我們的 DataMan 讀碼器能夠為我們釋放這一機遇，我們既取代了現有設備上的競爭對手，又在新自動化投資方面取代了競爭對手。

We believe logistics is well positioned to continue to be our fastest growth end market. As automation penetration increases e-commerce investment returns, we win share in the [parcels and posts] segment, and more customers move beyond purely reading barcodes and start to implement a broader range of vision tools and technology.

我們相信物流處於有利地位，將繼續成為我們成長最快的終端市場。隨著自動化滲透率的提高，電子商務投資回報率不斷提高，我們在[包裹和郵政]領域贏得了份額，越來越多的客戶超越了純粹讀取條碼的範疇，開始實施更廣泛的視覺工具和技術。

Consumer electronics revenue was up year on year and down sequentially, both driven by project timing. Q2 of 2023 included $15 million of revenue that shifted forward from Q3. This year was also more weighted to Q2, but to a lesser extent than in 2023.

消費性電子產品收入年增，季減，均受專案時機的影響。2023 年第二季包括從第三季向前轉移的 1,500 萬美元收入。今年第二季的權重也更大，但程度低於 2023 年。

Consumer electronics has positive long-term trends. Currently, our expectation for a near-term investment in consumer electronics are tempered. But we tend to have a better line of sight to this by early Q2 each year.

消費性電子產品具有正面的長期趨勢。目前，我們對消費性電子產品近期投資的預期有所緩和。但我們往往在每年第二季初對此有更好的認識。

Lastly, SEMI is continuing to build with significant year-on-year growth, albeit off a low 2023 base. We're seeing increased investment from major machine builders across geographies and are optimistic that these trends can continue.

最後，儘管 2023 年基數較低，但 SEMI 仍在繼續實現顯著的同比增長。我們看到各地區主要機器製造商的投資不斷增加，並對這些趨勢能夠持續下去持樂觀態度。

Let me now hand it over to Dennis to walk you through the financial results and the outlook for the fourth quarter.

現在讓我將其交給丹尼斯，向您介紹第四季度的財務表現和前景。

Thank you, Rob. Turning to the financial highlights, which you can see on page 8 of our earnings presentation posted to the website. Third quarter results include four months of Moritex financials as we aligned accounting close schedules in the quarter.

謝謝你，羅布。轉向財務要點，您可以在我們發佈在網站上的收益簡報的第 8 頁上看到。第三季業績包括四個月的 Moritex 財務數據，因為我們調整了本季的會計結算時間表。

Third quarter revenue of $235 million came in slightly above the midpoint of our guidance range and increased 19% year on year. Excluding Moritex, revenue grew by 7%. As a reminder, in 2023, we had approximately $50 million of consumer electronics revenue shift into the second quarter from Q3, providing us with an easier comparison. Adjusting for this timing effect, revenue excluding Moritex was roughly flat year on year.

第三季營收為 2.35 億美元，略高於我們指引範圍的中點，年增 19%。不包括 Moritex，營收成長 7%。提醒一下，到 2023 年，我們有大約 5000 萬美元的消費性電子產品收入從第三季度轉移到第二季度，這為我們提供了更容易的比較。調整此時間效應後，不包含 Moritex 的營收年比大致持平。

From a geographic viewpoint, excluding Moritex, revenue grew year on year in all four of our major regions for the first time in over 2.5 years. Europe grew nearly double digits in the quarter, while Americas and other Asia were both up slightly.

從地理角度來看，除 Moritex 外，我們所有四個主要地區的收入在 2.5 年來首次實現同比增長。歐洲本季成長近兩位數，而美洲和其他亞洲地區均略有成長。

Strong logistics results pushed these three regions into year-on-year growth. China was up significantly in the quarter, snapping a streak of seven consecutive declines, however, entirely due to the timing of Consumer electronics revenue in the comparable period.

強勁的物流業績推動這三個地區實現年增。中國在本季大幅成長，結束了連續七次下降的局面，但這完全是由於同期消費電子產品收入的時機所致。

Turning to margins. Adjusted gross margin was 68.7% in Q3, down 4 points from 72.7% a year ago. Gross margin included a 3 percentage point dilution effect from Moritex, which is higher than the typical 2 percentage point impact due to the additional month of Moritex financials.

轉向邊緣。第三季調整後毛利率為 68.7%，較去年同期的 72.7% 下降 4 個百分點。毛利率包括 Moritex 的 3 個百分點的稀釋效應，高於由於 Moritex 財務數據增加一個月而產生的典型 2 個百分點的影響。

Sequentially, adjusted gross margin declined 1.6 percentage points, driven mostly by extra Moritex revenue and mix effect. Furthermore, gross margin in Q3 was impacted by competitive pricing pressure. Many manufacturers are being more discerning on cost in the current market environment.

隨後，調整後毛利率下降了 1.6 個百分點，主要是由於 Moritex 額外收入和混合效應所致。此外，第三季的毛利率受到競爭定價壓力的影響。在當前的市場環境下，許多製造商對成本越來越挑剔。

And considering the current scarcity of projects, we have prioritized maintaining share. This has been most pronounced within China.

考慮到目前項目的稀缺性，我們優先考慮保持份額。這在中國最為明顯。

Adjusted operating expenses increased 10% year on year and were slightly down sequentially despite the additional month of Moritex expense. The year-on-year increase was driven by Moritex, increased investment in our emerging customer initiative and the headwind in incentive compensation from a lower bonus achievement accrual in 2023.

儘管 Moritex 費用增加了一個月，但調整後的營運費用較去年同期成長 10%，較上季略有下降。年比成長的推動因素包括 Moritex、對新興客戶計畫的投資增加以及 2023 年獎金成就應計較低導致的激勵薪酬不利因素。

We continue our focus on cost management and the current business environment. Excluding Moritex and the emerging customer initiatives, adjusted operating expense was down 2% on a year-to-date basis despite incentive compensation headwinds.

我們繼續關注成本管理和當前的商業環境。不包括 Moritex 和新興客戶計劃，儘管激勵薪酬存在阻力，調整後的營運費用仍較年初至今下降了 2%。

Just in the third quarter, we able to reduce OpEx sequentially by $3 million, excluding these two initiatives. Adjusted EBITDA margin was 17.6% in Q3, in line with the midpoint of our guidance range and up slightly from 17.4% a year ago.

光是第三季度，我們就能夠連續減少營運支出 300 萬美元（不包括這兩項措施）。第三季調整後 EBITDA 利潤率為 17.6%，與我們指引範圍的中點一致，略高於一年前的 17.4%。

Operating leverage from higher year-on-year revenue was mostly offset by lower adjusted gross margin and strategic investment in the emerging customer initiative. Adjusted EBITDA margin declined by 2.3 percentage points sequentially, driven by the step-down in adjusted gross margin, as well as slight operating deleverage.

年比收入增加帶來的營運槓桿大部分被調整後毛利率下降和新興客戶計畫的策略投資所抵消。由於調整後毛利率下降以及輕微的經營去槓桿化，調整後 EBITDA 利潤率則是季減 2.3 個百分點。

Diluted earnings per share on a GAAP basis was $0.17, up from $0.11 in the year ago period. The year-on-year increase was mainly due to an $8.5 million foreign currency loss recognized in Q3 of 2023 on a forward contract to hedge the purchase price of Moritex.

以 GAAP 計算的稀釋每股收益為 0.17 美元，高於去年同期的 0.11 美元。年比成長主要是由於 2023 年第三季為對沖 Moritex 的購買價格而在遠期合約中確認了 850 萬美元的外匯損失。

Adjusted diluted EPS was $0.20, up 19% or $0.03 year on year due to the contribution from Moritex. The adjusted effective tax rate was 18% in both Q3 of 2024 and Q3 of 2023. Free cash flow in Q3 was $52 million, our highest quarterly total since Q4 of 2022. This compared to $35 million the previous year.

由於 Moritex 的貢獻，調整後稀釋每股收益為 0.20 美元，年增 19%，即 0.03 美元。2024年第三季及2023年第三季調整後的有效稅率均為18%。第三季的自由現金流為 5,200 萬美元，這是自 2022 年第四季以來最高的季度總額。相比之下，前一年為 3500 萬美元。

While we are early in the journey and Q3 was supported by seasonal effects, our focus on working capital efficiency is paying off, as shown by a sequential improvement in our cash conversion cycle. The strong free cash flow in the quarter flowed to the balance sheet, where Cognex strengthened its position with $607 million in cash and investments and no debt.

雖然我們處於這段旅程的早期階段，並且在第三季度受到季節性影響的支持，但我們對營運資本效率的關注正在得到回報，正如我們現金轉換週期的連續改善所表明的那樣。本季強勁的自由現金流流向資產負債表，康耐視以 6.07 億美元的現金和投資以及無債務鞏固了其地位。

Cognex returned $17 million to shareholders in the form of stock buybacks and dividends in the quarter. I will now turn to our outlook for the fourth quarter. In the fourth quarter, we expect revenue between $210 million and $230 million. This range reflects the challenging but stable backdrop we are operating against.

康耐視本季以股票回購和股利的形式向股東返還 1,700 萬美元。我現在將談談我們對第四季的展望。我們預計第四季的營收將在 2.1 億美元至 2.3 億美元之間。這一範圍反映了我們面臨的充滿挑戰但穩定的營運背景。

The sequential step down is driven by seasonal consumer electronic trends and one month less of Moritex results. At the midpoint, excluding Moritex, this represents a high single-digit increase year on year driven by continued growth in logistics and SEMI. We expect the Moritex business to return to its typical range of 6% to 8% of revenue in Q4.

這一連續下調是由於季節性消費電子趨勢以及 Moritex 業績減少一個月所致。從中間值來看，不包括 Moritex，這意味著在物流和 SEMI 持續成長的推動下，年比出現高個位數成長。我們預計 Moritex 業務將在第四季度恢復到收入的 6% 至 8% 的典型範圍。

As a reminder, the fourth quarter of 2023 included six weeks of Moritex results or $7 million in revenue. For the fourth quarter, we expect adjusted gross margin in the high 60% range. Sequentially, mix and competitive pricing are expected to be a slight headwind, partially offset by the favorable impact of one month less of Moritex financials.

提醒一下，2023 年第四季包括六週的 Moritex 業績或 700 萬美元的收入。我們預計第四季調整後毛利率將在 60% 左右。因此，混合和競爭性定價預計將是一個輕微的阻力，但部分被 Moritex 財務數據減少一個月的有利影響所抵消。

The total gross margin impact of Moritex is expected to be approximately 2 percentage points in the quarter or an approximately 1 point headwind year on year. We expect adjusted EBITDA margin between 14% and 17%. The midpoint of this range represents a 3 percentage point increase year on year driven by continued tight management of operating expenses and positive operating leverage, slightly offset by lower gross margin and investment in the emerging customer initiatives.

Moritex 對本季總毛利率的影響預計約為 2 個百分點，年減約 1 個百分點。我們預計調整後 EBITDA 利潤率在 14% 至 17% 之間。由於持續嚴格管理營運費用和積極的營運槓桿，該範圍的中點同比增長了 3 個百分點，但毛利率下降和對新興客戶計劃的投資略有抵消。

Lastly, I would like to call to your attention that we expect to hold our Investor Day on June 9 on June 10 of next year. So please mark your calendars and consider joining us in person at our Boston area headquarters for this exciting event.

最後，我想提請您注意，我們預計將於明年 6 月 9 日和 6 月 10 日舉行投資者日。因此，請標記您的日曆並考慮親自前往我們的波士頓地區總部參加這項令人興奮的活動。

Now we will open the call for questions. Operator, please go ahead.

現在我們將開始提問。接線員，請繼續。

(Operator Instructions) Jamie Cook, Truist.

（操作說明）Jamie Cook，Truist。

I guess, first, on the emerging customer initiative, how do we think about the 3,000 new customers that you're targeting -- that you talked about this quarter relative to your targets in the beginning of the year and how that compares to the $50 million of incremental revenue you once talked about?

我想，首先，關於新興客戶計劃，我們如何看待您所瞄準的 3,000 名新客戶——您在本季度談到了相對於年初目標的情況，以及與 50 美元的目標相比如何您曾經談到過百萬增量收入嗎？

And given the combined sales force that you're doing, does that represent a cost savings opportunity potentially in 2025? And then my second question, just on the gross margins for the fourth quarter. Can you just elaborate how much mix and pricing is a headwind to margins sequentially?

考慮到您正在進行的合併銷售隊伍，這是否意味著 2025 年可能存在節省成本的機會？然後是我的第二個問題，關於第四季的毛利率。您能否詳細說明一下組合和定價對利潤率的影響有多大？

And just what's going on in the pricing environment? That seems like a new nuance. Just wondering, again, how much of a headwind this could be as we look further out.

定價環境到底發生了什麼事？這似乎是一個新的細微差別。只是再次想知道，當我們放眼更遠的地方時，這可能會帶來多大的阻力。

Great. Yes. Thank you. Thanks for joining us. So I'll talk to your first question, and then I'll give it to Dennis, who give you a little color on gross margin.

偉大的。是的。謝謝。感謝您加入我們。所以我會談談你的第一個問題，然後我會把它交給丹尼斯，他會給你一些關於毛利率的資訊。

So I think some context overall, I think as we all understand, Cognex has very strong share among the most sophisticated manufacturers. And we're looking to make our new technology more available to many more customers. And we think there are hundreds of thousands of customers like that. So we expect to sign up 3,000 new customers through the current program in its very first year.

因此，我認為總體而言，正如我們都了解的那樣，康耐視在最先進的製造商中擁有非常強大的份額。我們希望讓更多客戶能夠使用我們的新技術。我們認為有數十萬這樣的客戶。因此，我們預計第一年就能透過目前計劃簽署 3,000 名新客戶。

So it might sound like a small number, but it's big step, I think, that this first cohort is making. They'll -- they're ramping. They're getting better every day. The rate of signing up new customers is increasing. And as we move into next year, we would expect more from them.

因此，這聽起來可能是一個很小的數字，但我認為，這是第一批人正在邁出的一大步。他們會——他們正在加速。他們每天都在變得更好。新客戶簽約率正在增加。當我們進入明年時，我們會對他們有更多的期望。

Then we have the second cohort coming online, we'd expect the same or better from them as we get better and better at this initiative. So you can see, we can give it as turning a flywheel, and it's starting to get momentum, and it's broadening our customer base over time.

然後我們有第二批上線，隨著我們在這項舉措上做得越來越好，我們希望他們能提供相同或更好的服務。所以你可以看到，我們可以將其視為轉動飛輪，它開始獲得動力，並且隨著時間的推移，它正在擴大我們的客戶群。

And then in context, we've said in the past, we have about 30,000 customers. So that 3,000 and hopefully, more from that cohort next year, the second cohort coming on and adding as we turn the flywheel faster and faster.

然後在上下文中，我們過去說過，我們有大約 30,000 名客戶。因此，明年這個群體中將有 3,000 人，希望還會有更多人，隨著我們將飛輪轉得越來越快，第二個群體也會出現並不斷增加。

You can see over a long period, we're pretty optimistic about how that can broaden our customer base overall. Second part of your question, you asked a little bit about the cost of serving customers. For sure, we're bringing in a different profile of salesnoid and much more activity. They need make more sales calls as they're selling easier to sell products, and they are less expensive to employ.

您可以看到，在很長一段時間內，我們對這如何擴大我們的整體客戶群非常樂觀。您問題的第二部分，您詢問了一些有關服務客戶的成本的問題。當然，我們將引入不同的銷售人員形象和更多的活動。他們需要打更多的銷售電話，因為他們銷售的產品更容易銷售，而且僱用成本也更低。

So as our sales force grows and develops and turns over over time, we're seeing the potential for higher productivity per salesperson both from a sales amount and from a cost point of view. So that's how we certainly think about that, and we have a lot of metrics that we use to track that.

因此，隨著我們的銷售團隊隨著時間的推移而成長、發展和更替，我們從銷售額和成本的角度看到了每個銷售人員生產力提高的潛力。這就是我們的想法，我們有很多指標來追蹤這一點。

In terms of our expectations on entering the year, we were learning as we went along. I would say we're pretty happy with where this is getting in terms of the expectations we had originally.

就我們對進入這一年的期望而言，我們一邊走一邊學習。我想說，就我們最初的期望而言，我們對目前的情況感到非常滿意。

Right. Let me take the second question. So when we look at the gross margin, gross margin stepped down about 160 basis points sequentially. About 1 basis point -- sorry, [14] percentage point of that is driven by Moritex, right, an addition of an extra month of Moritex financials.

正確的。我來回答第二個問題。因此，當我們看毛利率時，毛利率環比下降了約 160 個基點。大約 1 個基點——抱歉，其中 [14] 個百分點是由 Moritex 推動的，對吧，額外一個月的 Moritex 財務數據。

So in the quarter, that dilutive impact was 3 points instead of the normal 2 points. And then the remainder of that is driven by mix and pricing. So that means we talk about the mix side, then we have less of Consumer Electronics and more of Logistics. And then on the pricing specifically, we have been talking about specifically about China.

所以在本季度，稀釋影響是 3 分，而不是正常的 2 分。然後剩下的部分是由組合和定價驅動的。因此，這意味著我們談論混合方面，然後我們減少消費性電子產品，增加物流方面的內容。然後是具體的定價，我們一直在專門討論中國。

Tommy Moll, Stephens Inc.

湯米·莫爾，史蒂芬斯公司

Rob, I wanted to start on Logistics, the progression there we're seeing again in the third quarter, presumably also in the fourth. And if we look around that end market, there are some fairly positive anecdotes just in terms of the pacing of warehouse leasing activity. Others in the market talking about some of the end users having absorbed a lot of the overcapacity that was built in years past.

羅布，我想從物流開始，我們在第三季再次看到了進展，大概也在第四季。如果我們環顧終端市場，就倉庫租賃活動的節奏而言，就有一些相當積極的軼事。市場上的其他人談論一些最終用戶已經吸收了過去幾年形成的大量過剩產能。

And so I'm just curious, given that a lot of these large projects can be -- can have a lead time for you, where you have -- I don't know how early you take orders or how early the conversations start. But are you seeing any signs that there could be another inflection higher in the coming quarters?

所以我只是很好奇，考慮到很多這樣的大型項目可以 - 可以為你提供交貨時間，無論你有什麼 - 我不知道你多早接受訂單或對話多早開始。但您是否看到任何跡象表明未來幾季可能會再次走高？

So we're certainly very positive about what we're seeing in Logistics currently. Revenue grew materially on a year-on-year basis for the third straight quarter in the third quarter. And we expect to finish this year in strong double-digit range.

因此，我們對目前物流領域的情況非常樂觀。第三季營收連續第三個季度較去年同期大幅成長。我們預計今年的業績將達到兩位數的強勁成長。

And it's pretty broad across our business, both in terms of the end markets that we're serving and in terms of geographies. But -- and I think we all know that we're coming off two years of significantly lower investment.

無論是在我們服務的終端市場還是在地理方面，我們的業務都非常廣泛。但是——我想我們都知道我們將擺脫兩年投資大幅減少的局面。

So I think we're starting from a much lower position, basically where there was overcapacity built during the pandemic that had to be worked through. And it has worked through now. And we're getting back on to the nice growth path we had envisioned, and I think it's coming together very nicely.

因此，我認為我們是從一個低得多的位置開始的，基本上是在大流行期間產生的產能過剩，必須解決這個問題。現在已經成功了。我們正在回到我們所設想的良好成長道路上，我認為一切進展得非常好。

In your question, you asked about visibility. Yes, for sure, longer lead times, bigger projects. So we do have, I think, good visibility for a business that we see in our pipeline and we see it booking. When it comes in, how quickly or not can vary.

在您的問題中，您詢問了可見性。是的，當然，更長的交貨時間，更大的項目。因此，我認為，我們確實對我們在管道中看到的業務有良好的可見性，並且我們看到它正在預訂。當它進來時，多快或慢可能會有所不同。

The projects that on things coming in this quarter that come next and vice versa. But overall, yes, I think we have a pretty good sense of what's going on in that market. Some other things that we're seeing and that we expect to go on seeing, new customer activity is strong with many new customers signing up.

本季度即將推出的項目將在下一個季度推出，反之亦然。但總的來說，是的，我認為我們對該市場正在發生的事情有很好的了解。我們看到並希望繼續看到的其他一些事情是，新客戶活動很強勁，有許多新客戶註冊。

We're seeing the industry embrace our edge intelligence platform, which really is adding a lot more capability to our customers in terms of understanding what's going on within the tunnels and read points they have in a warehouse, and those could be thousands of read points, so it's a very data-rich resource we're giving to customers.

我們看到業界正在擁抱我們的邊緣智慧平台，該平台確實為我們的客戶增加了更多的功能，讓他們能夠了解隧道內發生的情況並讀取倉庫中的讀取點，而這些讀取點可能是數千個，所以這是我們為客戶提供的數據非常豐富的資源。

We're seeing more penetration of vision products, which is exciting to us beyond our traditional ID where we excel, but we want to go further. Nice momentum building in the parcel and post sector for our business. Although new CapEx and investment in that market isn't necessarily great.

我們看到視覺產品的滲透率越來越高，這讓我們興奮不已，超越了我們擅長的傳統 ID，但我們希望走得更遠。包裹和郵政行業為我們的業務帶來了良好的勢頭。儘管該市場的新資本支出和投資不一定很大。

Our business is really -- we're starting to penetrate that sector and more exciting. And then emerging markets, especially in India, have a lot of potential for us overall. So that's a little color on what we see overall.

我們的業務確實——我們開始滲透到這個領域，而且更加令人興奮。然後新興市場，尤其是印度，對我們來說總體上有很大的潛力。所以這對我們的整體看法來說有點色彩。

And then for a follow-up, I wanted to ask about something you mentioned on the emerging customer initiative. I think I heard you say the first cohort hit the $1 million a week run rate in the third quarter. And if I heard that correctly, I'm just curious, what does that number need to be to hit the targeted 30% operating margin for this initiative?

接下來，我想問您提到的有關新興客戶計劃的問題。我想我聽到你說第一批人在第三季達到了每週 100 萬美元的運行率。如果我沒聽錯的話，我只是很好奇，這個數字需要是多少才能達到該計劃 30% 的營業利潤率目標？

Yes. I said almost $1 million per week, and that's correct. They did that. And then they're also referring significant business over to our account sales engineers who are closing vision business, et cetera.

是的。我說每週幾乎 100 萬美元，這是正確的。他們這樣做了。然後他們也將重要業務轉交給我們正在關閉視覺業務等的客戶銷售工程師。

As we look at our models, it's some quarters before they break even and then start to add -- to reach that 30%. It's gross margin accretive to our target. So the gross margin is great. The fall-through is great, as we see that.

當我們觀察我們的模型時，需要幾個季度才能實現盈虧平衡，然後開始增加——達到 30%。它的毛利率增加了我們的目標。所以毛利率是很大的。正如我們所看到的，失敗是巨大的。

We've given you a sense in general and what we've invested in the program. Overall, there's a bit of attrition, obviously, as one would expect overall. So I think we can all do the math together on how that plays out. Dennis, I don't know if you'd like to weigh in?

我們已經讓您大致了解了我們在該計劃中的投資。總體而言，正如人們所預期的那樣，顯然存在一點消耗。所以我認為我們可以一起計算一下結果如何。丹尼斯，我不知道你是否願意參加？

Yes. Maybe first, I think we wanted to give you this number, right, that you have a bit of a sense where is, right? You also mentioned it's not a number which we want to provide on an ongoing basis.

是的。也許首先，我想我們想給你這個數字，對吧，你知道這個數字在哪裡，對吧？您也提到這不是我們想要持續提供的數字。

So I think in a big picture, what we have typically said is that like in the first year's investment year, right, we hired them last year, we trained them this year. This year is the year for breakeven and next year is basically the year where we really want to see it to be accretive to our numbers. So it's perhaps how you can think about the progression.

所以我認為從大局來看，我們通常說的是，就像第一年的投資年一樣，對吧，我們去年僱用了他們，今年我們培訓了他們。今年是損益平衡的一年，而明年基本上是我們真正希望看到它增加我們的數字的一年。所以這也許就是你思考進展的方式。

Andrew Buscaglia, BNP Paribas.

安德魯·巴斯卡利亞，法國巴黎銀行。

Good morning, everyone. So for the guidance for Q4 for gross margin, are you able to say -- is that similar to Q3 and more tech would be above 70%? Or is there any other color you can provide to help us out with that?

大家早安。那麼，對於第四季度的毛利率指導，您是否可以說——這是否與第三季度類似，並且更多的技術將超過 70%？或者您可以提供其他顏色來幫助我們解決這個問題嗎？

Yes, sure. I wouldn't give you a number on excluding Moritex, but I can talk you through a bit on the puts and takes here, right? So if you take our Q3 '24 as a starting point, right? And we have benefits on the one side, right, we have one month less of Moritex. So that's the percentage point on the positive side.

是的，當然。我不會向您提供排除 Moritex 的具體數字，但我可以向您介紹這裡的看跌期權和索取期權，對吧？那麼，如果您以 24 年第三季為起點，對吧？而且我們一方面有好處，對吧，我們的Moritex少了一個月。這就是正面的百分點。

But then on the other side, it's clearly we also talked about where the growth is coming from. It's coming from Logistics. And then certainly, Q4 is typically the weakest quarter on consumer electronics. So that means we have a headwind on mix.

但另一方面，顯然我們也討論了成長的來源。是從物流來的。當然，第四季通常是消費性電子產品最疲軟的季度。所以這意味著我們在混合方面遇到了阻力。

And then we have been talking also about the headwind on pricing, particularly in China. So these are the puts and takes from Q3 moving into Q4.

然後我們也一直在談論定價方面的逆風，尤其是在中國。這些是從第三季度進入第四季度的看跌期權和持倉期權。

Okay. So -- okay. And with the emerging customer initiative, are you assuming contribution in Q4? And then should we expect a number or another target for 2025 as $1 million a week would imply a pretty material number? So just wondering what your thoughts are? In terms of the guiding that.

好的。所以——好吧。隨著新興客戶計畫的出現，您是否會在第四季做出貢獻？那麼我們是否應該期望 2025 年有一個數字或另一個目標，因為每週 100 萬美元意味著一個相當重要的數字？所以只是想知道你的想法是什麼？就指導而言。

Right. So two things on that, right? The first, we have been saying this $50 million run rate, not all of that is incremental, but we have been seeing have been continuous increase of bookings. In that regard, yes, absolutely, there a contribution baked into our Q4 guidance in terms of increased bookings coming out of the emerging customer initiative.

正確的。那麼有兩件事，對吧？首先，我們一直在說這個 5000 萬美元的運行率，並不是所有這些都是增量的，但我們已經看到預訂量持續增加。在這方面，是的，絕對是，我們第四季度的指導意見中包含了新興客戶計劃帶來的預訂量增加的貢獻。

And then second, when we talk about 2025, I think we think it's too early to talk about '25, right? So we can talk about broader, the market trends that we are seeing there. But in general, a bit early to call '25 at this moment.

其次，當我們談論 2025 年時，我認為現在談論「25」還為時過早，對嗎？因此，我們可以談論更廣泛的市場趨勢。但總的來說，現在說「25」還為時過早。

Damian Karas, UBS.

達米安卡拉斯，瑞銀。

Good morning, everyone. I was wondering if you might be able to just speak to us about the specific trends you're seeing at the regional level? I know you said all regions were up in the quarter, but maybe you could just take us a walk around the globe and where you're seeing things looking potentially any better or any worse than previously?

大家早安。我想知道您是否可以與我們談談您在區域層面看到的具體趨勢？我知道您說過本季所有地區都出現了上漲，但也許您可以帶我們環遊全球，看看您認為哪些地區的情況可能比以前更好或更糟？

Yes, I'm happy to do that, and I have circled the globe since we last spoke. So I think I have some perspective on this. I think the Americas market is -- so overall, I mean markets are tough, right? You look at the PMIs that we see overall. Generally, they're pretty weak on a global basis.

是的，我很高興這樣做，自從我們上次談話以來，我已經繞地球一圈了。所以我想我對此有一些看法。我認為美洲市場——總體而言，我的意思是市場很艱難，對吧？你看一下我們總體上看到的 PMI。一般來說，它們在全球範圍內相當弱。

And I think that's a good metric of what we see in markets and current feelings across really all the markets that we're serving. And that doesn't so much apply to other growth areas like logistics and semiconductors that are really helping us. But everywhere else, it's weak. Very weak, I would say, overall.

我認為這是一個很好的指標，可以衡量我們在市場中看到的情況以及我們所服務的所有市場的當前感受。但這並不適用於物流和半導體等真正對我們有幫助的其他成長領域。但在其他地方，它很弱。我想說，整體而言非常弱。

Americas, it's -- that certainly applies. You can see that, particularly negative sentiment in automotive, I would say, overall, other markets as low but stable. I would characterize. In Europe, similar story, even more concern, I think, around automotive.

美洲，這當然適用。你可以看到，特別是汽車領域的負面情緒，我想說，整體而言，其他市場雖然低但穩定。我會描述。在歐洲，類似的故事，我認為，圍繞汽車的故事更令人擔憂。

We put up some pretty good results in Europe in the last quarter, and I think we probably gained some share there, but helped a lot by our logistics, the performance of our logistics business. But the factory automation situation continues to be pretty weak there.

上個季度我們在歐洲取得了一些相當不錯的業績，我認為我們可能在那裡獲得了一些份額，但我們的物流、我們的物流業務的表現給了我們很大幫助。但那裡的工廠自動化狀況仍然相當薄弱。

China, we can go into that in a lot more detail if we're interested if others if you want to talk about it. But I think the market there has been weak for a long time. We've seen seven consecutive quarters of decline in our business, but we actually grew there last quarter and mostly as a result of the timing of electronics, but our automotive business in China did grow last quarter.

中國，如果我們有興趣，如果其他人想談論這個問題，我們可以更詳細地討論這個問題。但我認為那裡的市場已經疲軟很久了。我們的業務已經連續七個季度下滑，但實際上上個季度我們的業務有所增長，這主要是由於電子產品的時機，但我們在中國的汽車業務上個季度確實有所增長。

And I think we'll hear and see and my experience having visited China this month is the automotive industry in China is strong, strengthening, and they have overcapacity. Which means their vision investments aren't perhaps strong, but the overall market sentiment there in automotive is perhaps a little better than anywhere else.

我想我們會聽到和看到，我本月訪問中國的經驗是，中國的汽車產業很強大，正在增強，但產能過剩。這意味著他們的願景投資可能並不強勁，但汽車產業的整體市場情緒可能比其他任何地方都要好一些。

Japan might be a slightly better market overall, I think, helped by SEMI, helped by a weak yen. Certainly, we're we see some more positive sentiment there. And then probably the rest of Asia definitely is more of a growing market, but still a lot of tentativeness around what's going on in the world about the geopolitical situation. So I think that would be a little bit of a color on how I would call the markets overall around the world.

我認為，在 SEMI 的幫助下，在日圓疲軟的幫助下，日本整體上可能是一個稍微好一點的市場。當然，我們在那裡看到了一些更積極的情緒。亞洲其他地區可能肯定是一個不斷增長的市場，但對於世界上正在發生的地緣政治局勢仍然存在許多不確定性。因此，我認為這對於我如何稱呼全球整體市場來說有點不同。

That's really helpful. And Rob, you talked about some of the AI tools that you're building into your solution set. I'm curious if that's changing your pricing dynamics at all? Or maybe the best way to think about that is just as a means to get new customers on board or existing customers to refresh.

這真的很有幫助。Rob，您談到了您正在建立到解決方案集中的一些人工智慧工具。我很好奇這是否會改變您的定價動態？或者也許最好的思考方式就是作為吸引新客戶或現有客戶更新的一種手段。

And also, I'm just curious to what extent AI might be driving an investment cycle for your customers, right? Like if I just think about consumer electronics, I presume a lot of those customer products are going to be evolving to become AI-enabled. So getting beyond the near-term CE pressures, how are you thinking about that?

而且，我只是很好奇人工智慧可能會在多大程度上推動客戶的投資週期，對吧？就像如果我只考慮消費性電子產品一樣，我認為許多客戶產品都將不斷發展以支援人工智慧。那麼，除了近期的 CE 壓力之外，您如何看待這個問題？

Great. Yes. Thank you. So what's going on in the world of AI, as we all hear about, is it's moving at a great pace. It's very exciting, the capabilities. I alluded to some in the -- in my opening remarks that really are taking very complicated problems that really weren't solvable by machine vision before or not economically solvable and making them much easier to deploy, right?

偉大的。是的。謝謝。正如我們所知，人工智慧世界正在快速發展。這些能力非常令人興奮。我在開場白中提到了一些問題，這些問題確實是在解決以前機器視覺無法解決或經濟上無法解決的非常複雜的問題，並使它們更容易部署，對吧？

This is a very sophisticated technology overall, but what it is allowing us to serve more customers who can now apply our technology in a more robust way. And it's the beginning. There's a lot of very powerful technology coming to market.

總體而言，這是一項非常複雜的技術，但它使我們能夠為更多的客戶提供服務，他們現在可以以更強大的方式應用我們的技術。這就是開始。有許多非常強大的技術進入市場。

We're investing in it. We think we're ahead in that space based on the acquisitions and the investments that we've made and the caliber of our engineers. And it's something we have very, very clearly in our sights.

我們正在投資它。根據我們進行的收購和投資以及我們工程師的能力，我們認為我們在該領域處於領先地位。這是我們非常非常清楚的目標。

I've met with some of the most sophisticated manufacturers in consumer electronics and other spaces over the last few months. And I think they're very excited about as we are about what we see the potential of this technology is.

在過去的幾個月裡，我會見了一些消費性電子產品和其他領域最先進的製造商。我認為他們和我們一樣對這項技術的潛力感到非常興奮。

It does have the potential for us to broaden what we do and serve many, many more applications and to do so more cost effectively with less engineering time spent by us or by our customers overall. So -- and then as we've alluded to and continues to be true, this technology, it gets applied in a very powerful complex way.

它確實有潛力擴大我們的業務範圍，為更多的應用程式提供服務，並以更少的我們或我們的客戶花費的工程時間來更具成本效益地做到這一點。因此，正如我們已經提到的並將繼續如此，這項技術以一種非常強大的複雜方式得到應用。

And I think of NVIDIA chips banging out huge data masses of data to accomplish tasks. And then we're very good at taking that technology and deploying it in a much more energy and processor-intensive way into embedded systems. And that's what we see more in lower price point products, selling what we call edge learning technology that can be trained on just a very few samples.

我認為 NVIDIA 晶片會產生大量資料來完成任務。然後，我們非常擅長採用該技術，並以更能源和處理器密集的方式將其部署到嵌入式系統。這就是我們在低價產品中看到的更多內容，銷售我們所謂的邊緣學習技術，只需很少的樣本即可進行訓練。

And it doesn't have the power, but has, in some cases, quite close to the power of the products that we sell at the high end. So that's something that we then will allow -- is allowing us to broaden our customer base.

它沒有這種能力，但在某些情況下，它的能力與我們在高端銷售的產品的能力相當接近。因此，這就是我們將允許的事情——允許我們擴大我們的客戶群。

And that links very closely to our aspirations with the emerging customer segment, where we can take powerful technology that then over time, we learn how to make easy to deploy, to put on low-cost hardware and sell very broadly and broaden those customers away beyond the 30,000 towards the hundreds of thousands we aspire to.

這與我們對新興客戶群的願望密切相關，在新興客戶群中，我們可以採用強大的技術，然後隨著時間的推移，我們學會如何輕鬆部署、安裝低成本硬體、廣泛銷售並擴大這些客戶群超越30,000 人，邁向我們渴望的數十萬人。

So that's the journey that we're on, and we're excited. But we also know it's the whole industry is moving fast in that direction so we need to make sure we're innovating and staying ahead.

這就是我們正在進行的旅程，我們很興奮。但我們也知道整個產業正在朝這個方向快速發展，因此我們需要確保我們不斷創新並保持領先地位。

Absolutely. Thanks for all the color.

絕對地。感謝所有的顏色。

Joe Giordano, Cowen & Company.

喬佐丹奴，考恩公司。

This is Michael on for Joe. So earlier, you mentioned about $1 million per week sale cadence from that first cohort for the emerging customer -- excuse me, customer initiatives. And then like a certain degree of referral business.

這是邁克爾替喬代言。早些時候，您提到了針對新興客戶的第一批客戶的每週約 100 萬美元的銷售節奏——對不起，客戶計劃。然後喜歡一定程度的推薦業務。

So all this was hit despite, clearly, factory automation being weak, and that's like the primary end market for those types of customers. So can you just give us a sense of what the revenue uplift would be in a more normalized market environment?

因此，儘管工廠自動化很薄弱，但這一切都受到了打擊，而這就像這類客戶的主要終端市場。那麼您能否讓我們了解一下在更正常化的市場環境下收入的成長會是多少？

Yes. Just -- I wouldn't say it's a $1 million cadence. I'd say it's growing all the time, right? So we've hired a team. We're getting them out and they're growing.

是的。只是——我不會說這是 100 萬美元的節奏。我想說它一直在增長，對嗎？所以我們聘請了一個團隊。我們正在把它們拿出來，它們正在成長。

And in the third quarter, they were selling almost $1 million per week. Our aspirations are for them to sell more and more as we move forward. And they are referring business, you're quite right.

第三季度，他們每週的銷售額接近 100 萬美元。我們的願望是隨著我們的前進，他們的銷售量越來越多。他們指的是生意，你說得很對。

In terms of where that ends up, in terms of where we can get to and the potential of that, that's something that we're going to discover. But right now, we -- as we're looking at that hill and we're seeing our progress, we're pretty happy with what it is, but I can't give you more detail on that at this point.

就最終的結果而言，就我們可以到達的地方以及其潛力而言，這是我們將要發現的東西。但現在，當我們看著那座山並看到我們的進展時，我們對它的現狀感到非常滿意，但目前我無法向您提供更多細節。

Right. Maybe to add -- I mean what we also said is that in this quarter, we made changes that now these emerging customer salesnoids also selling to existing customers. And therefore, not all of this revenue coming out of that is incremental, right? So in that regard, keep that in mind when you think about that $1 million.

正確的。也許要補充一點——我的意思是我們也說過，在本季度，我們做出了改變，現在這些新興客戶銷售人員也向現有客戶銷售產品。因此，並非所有由此產生的收入都是增量的，對嗎？因此，在這方面，當您考慮那 100 萬美元時，請記住這一點。

Yes. Yes. And actually, to that point, I think it might be interesting. We gave you a concrete example of why we're doing that. We definitely have seen within our existing customers that we're just not making enough calls within them at deeper levels within and broadly enough within those existing customers.

是的。是的。事實上，就這一點而言，我認為這可能很有趣。我們給了您一個具體的例子來說明我們為什麼要這樣做。我們確實在現有客戶中看到，我們沒有在現有客戶的更深層次和足夠廣泛的範圍內向他們發出足夠的呼籲。

So I was at one of the world's largest automotive companies in recent weeks. And I think it's instructive as to who Cognex is. I was in there with the Head of Automation Engineering in a three-hour meeting, discussing the application of advanced machine vision to robot guidance. Right?

最近幾週我在世界上最大的汽車公司之一工作。我認為這對於了解康耐視是誰很有啟發性的。我在那裡與自動化工程負責人進行了三個小時的會議，討論了先進機器視覺在機器人引導中的應用。正確的？

And just imagine those videos you see on YouTube, right? Okay. And a great meeting, I walk out of the meeting, and I noticed there's a cubicle outside with one of our competitors demoing vision sensors and ID products. And that's the place generally we haven't been at Cognex, and there's a lot of business in that space.

想像一下您在 YouTube 上看到的那些視頻，對吧？好的。這是一次很棒的會議，當我走出會議現場時，我注意到外面有一個小隔間，我們的一位競爭對手正在演示視覺感測器和 ID 產品。這是我們在康耐視一般沒有去過的地方，而且這個領域有很多業務。

And with the emerging customers calling at existing accounts, that's where we see we can get a big bang from the buck in addition to signing up these thousands of new customers were targeted. So I hope you see that and perhaps you can also see why it's a little difficult for us then to pass and quantify what's incremental versus just pure sales of dollars.

隨著新興客戶致電現有帳戶，我們發現除了註冊這數千名目標新客戶外，我們還可以從資金中獲得巨大收益。所以我希望你能看到這一點，也許你也能明白為什麼我們很難通過和量化增量與純粹的美元銷售額。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

I wanted to focus on the -- in the other category that you guys sometimes talk about, it's in your deck. SEMI, strength in semi, I wonder if you can talk to where you're seeing the strongest demand, particularly in light of concerns some people have about maybe a more modest recovery in the WFE market in the early part of 2025? And then also, I noticed you highlighted strength in the medical market, Rob. Maybe you could talk to what you're seeing there?

我想專注於你們有時談論的另一個類別，它在你們的套牌中。SEMI，半成品的實力，我想知道您是否可以談談您看到需求最強勁的地方，特別是考慮到一些人擔心 2025 年初 WFE 市場可能會出現更溫和的複蘇？然後，我注意到你強調了醫療市場的實力，羅布。也許你可以談談你在那裡看到的東西？

Jim, happy to do that. Thanks for the question. So yes, I mean, it is hard to call a long-term trajectory of semiconductor CapEx have been -- having been in that a long time as have you -- we know how that market is. I think there's a debate about are we in -- are we at the start of a super cycle or are we really -- are we in more of a cyclical position.

吉姆，很高興這樣做。謝謝你的提問。所以，是的，我的意思是，很難稱之為半導體資本支出的長期軌跡——像你一樣經歷了很長一段時間——我們知道這個市場的情況。我認為有一個爭論是關於我們是否處於超級週期的開始，或者我們是否真的處於週期性的位置。

We talk to machine builders. I'm not sure I have great visibility on that either, to tell you the truth. But we are seeing strong investment definitely and a lot around high-bandwidth memory, relating to a lot of chips for data centers overall. And I think just the quality of Cognex's technology in that space for precise alignment and inspection for traceability, for wafer probing for those type of applications is very well recognized and good.

我們與機器製造商交談。說實話，我也不確定我對此是否有足夠的了解。但我們確實看到了圍繞高頻寬記憶體的強勁投資，與整個資料中心的許多晶片有關。我認為康耐視在精確對準和可追溯性檢查以及針對此類應用的晶圓探測方面的技術品質得到了很好的認可和良好。

So we see that. And then our business with Moritex really -- and Moritex was a significant part of its revenue is in SEMI is giving us nice additional exposure to that market and cross-selling opportunities to sell optics or software where we were previously only selling one in, respectively, Cognex or Moritex.

所以我們看到了這一點。然後，我們與Moritex 的業務確實——Moritex 收入的重要組成部分來自SEMI，這為我們提供了進入該市場的良好機會，並提供了交叉銷售機會來銷售光學器件或軟體，而我們之前分別只銷售一種產品、康耐視或莫里特。

So we like what we see. We're confident about what we're seeing at the moment in the near term. But next year, perhaps more difficult to call, as you note. The second part of your question asked about medical-related industries, which are about 10% of our revenue. They grew nicely in the third quarter.

所以我們喜歡我們所看到的。我們對近期所看到的情況充滿信心。但正如您所指出的，明年可能會更難打電話。你問題的第二部分問的是醫療相關產業，這個產業占我們收入的10%左右。他們在第三季取得了良好的成長。

And although year to date has been down, I think what we're seeing is pretty consistent with what other players supplying into this industry are seeing, was -- there was just an overinvestment in -- by big machine builders around COVID, around supply chain disruption that we've seen. It was massive, I would say.

儘管今年迄今為止有所下降，但我認為我們所看到的情況與向該行業供應的其他參與者所看到的情況非常一致，大型機器製造商圍繞新冠病毒、圍繞供應進行了過度投資我們所看到的鏈條中斷。我想說，它是巨大的。

And I think we've now seen that unwind. And I think we're probably going to be returning over the next few quarters to a much more normal cadence of spending and investment in collaboration with those companies.

我認為我們現在已經看到這種情況有所緩解。我認為我們可能會在接下來的幾個季度恢復與這些公司合作的支出和投資的正常節奏。

We have great technology for them, and particularly our new edge learning tools and deep learning tools, I think, really are resonating very well with those customers who want to do a lot more inspection of medical samples and inspection of medical products to make sure quality is there to see color changes in test tubes and layers of fluid in test tubes and applications like that.

我們為他們提供了出色的技術，特別是我們新的邊緣學習工具和深度學習工具，我認為，確實與那些想要對醫療樣本進行更多檢查和醫療產品檢查以確保質量的客戶產生了很好的共鳴是否可以看到試管中的顏色變化和試管中的液體層以及類似的應用。

We all know it's a very long sales cycle also. So while they may have over ordered for some of the existing customers, we expect new customers to come online, who we would think would be long-term customers in that space.

我們都知道這也是一個很長的銷售週期。因此，雖然他們可能對一些現有客戶進行了超額訂購，但我們預計新客戶會上線，我們認為他們將是該領域的長期客戶。

And I do think probably as we look at the vision industry and we think longer term, that the investment we're making in AI and the capabilities we're having, not everybody is going to be able to do that, right? So certainly, as I meet with customers, particularly in the life science segment, there's potential reduction of players who can really meet the needs for what they want to do, and we're excited to be there.

我確實認為，當我們審視視覺產業並從長遠考慮時，我們在人工智慧方面的投資和我們擁有的能力，並不是每個人都能做到這一點，對嗎？因此，當然，當我與客戶會面時，特別是在生命科學領域，能夠真正滿足他們想做的事情的需求的參與者可能會減少，我們很高興能在那裡。

Got it. Just a quick follow-up. Rob, it sounds like you were in China and spent a lot of time with customers. Just curious, I know it's early, but are you seeing -- are the customers that you talked to at all hopeful of stronger business just given some of the government initiatives to try to stimulate growth?

知道了。只是快速跟進。羅布，聽起來你在中國，花了很多時間與客戶打交道。只是好奇，我知道現在還為時過早，但是您是否看到，鑑於政府採取了一些試圖刺激增長的舉措，與您交談的客戶是否完全希望業務更加強勁？

Yes. It's not obvious to me, Jim, that, that stimulus impacts manufacturing per se. I think it's about -- probably more about the real estate market. But if it feeds back into consumer demand, then that obviously drives domestic consumption and manufacturing. And I don't think it's there yet overall.

是的。吉姆，對我來說，刺激措施對製造業本身的影響並不明顯。我認為這可能更多地與房地產市場有關。但如果它反饋到消費者需求，那麼顯然會推動國內消費和製造業。我認為總體而言還沒有實現。

But as I mentioned, if you look at our overall business in China, it's been declining sequentially for seven quarters, but we did buck that trend in this quarter. Too early to say whether that is a turning point or really just year over year.

但正如我所提到的，如果你看看我們在中國的整體業務，它已經連續七個季度下降，但我們在本季度確實扭轉了這一趨勢。現在說這是否是一個轉折點還是只是逐年變化還為時過早。

I'm not talking about sequentially year over year. Yes. Anyway, so I think too soon to say is the answer to that question. But the market itself is weak, very weak compared to where it was. And there's a lot of excess manufacturing capacity, which is meaning not a lot of desire to invest in new automation or applications at the moment.

我不是說年復一年的順序。是的。無論如何，我認為現在說這個問題的答案還為時過早。但市場本身很疲軟，與以前相比非常疲軟。而且製造能力大量過剩，這意味著目前投資新自動化或應用的意願並不強烈。

And then in our own space, there are more local Chinese competitors who are getting stronger. They're gaining share, I would say, particularly versus European companies and some of the smaller Japanese players in that space.

然後在我們自己的領域，有更多的中國本土競爭對手正在變得越來越強大。我想說，他們的份額正在增加，特別是與歐洲公司和該領域一些規模較小的日本公司相比。

And as we think about our position in that market, we believe very strongly, it's important that we maintain share. So particularly at the lower end of the market, simpler applications like simpler barcode reading.

當我們思考我們在該市場的地位時，我們堅信，保持份額非常重要。因此，特別是在低端市場，更簡單的應用程序，例如更簡單的條碼讀取。

We're pricing just more aggressively in that market to make sure that we're maintaining share while we get our new products ready, which will be higher gross margin, and then we can be there with very, very competitive technology as we have as the market recovers.

我們在該市場上的定價更加積極，以確保我們在準備好新產品的同時保持市場份額，這將提高毛利率，然後我們就可以憑藉我們擁有的非常非常有競爭力的技術進入市場。 。

And then we tend to sell older generations of products at those lower price points to make sure that we're still maintaining share. But that is a little dilutive to our gross margin. And you'll see a little of that in the Q3 results, if you look closely.

然後我們傾向於以較低的價格銷售老一代產品，以確保我們仍然保持份額。但這有點稀釋了我們的毛利率。如果你仔細觀察，你會在第三季的結果中看到一些這樣的情況。

Jacob Levinson, Melius Research.

雅各布·萊文森，Melius 研究中心。

Good morning, everyone. Rob, just on the Logistics business. I think we've heard some mixed signals from some of the players in that space, and it feels a little [sound-out] at this point after the post-COVID overhang. I know a few years ago, you had a pretty large concentration with an e-commerce customer that we all know well.

大家早安。羅布，負責物流業務。我認為我們已經從該領域的一些參與者那裡聽到了一些混合信號，在後新冠疫情懸而未決之後，此時感覺有點[聲音]。我知道幾年前，您非常關注我們都熟悉的電子商務客戶。

You mentioned that you're making progress in post and parcel. And I mentioned a Korean e-commerce company. So can you just give us a sense of how that business has changed over the last couple of years and maybe just the breadth of the customers that you have today versus a few years ago?

您提到您在郵政和包裹方面取得了進展。我提到了一家韓國電子商務公司。那麼，您能否讓我們了解一下該業務在過去幾年中發生了怎樣的變化，以及您今天與幾年前相比的客戶範圍？

Yes. So I think -- I'm not sure I heard you correctly. If you said bottomed out, I would agree with that. I think that's where we are, and we're now seeing a nice growth trajectory. And probably we have now for a few quarters. And that's building.

是的。所以我想——我不確定我沒聽錯。如果你說觸底，我會同意。我認為這就是我們現在的處境，我們現在看到了良好的成長軌跡。也許我們現在已經有幾個季度了。這就是建設。

That is really happening across all of our Logistics business, though, I would say, maybe for different reasons. I think the big e-commerce players are coming back and spending strongly and rolling out new generations of automation, and you can see that and what they're saying publicly.

不過，我想說，這可能是出於不同的原因，但我們所有的物流業務確實都在發生這種情況。我認為大型電子商務參與者正在捲土重來，大力投入並推出新一代自動化技術，您可以看到這一點以及他們的公開言論。

And we're right there with them, and it's very exciting. And then you see that even in the customers I mentioned out in Korea or in others overall. But then, yes, our more second tier of customers, smaller players, what we sometimes call our base logistics business.

我們就在他們身邊，這非常令人興奮。然後你會發現，即使在我提到的韓國或其他國家的客戶中也是如此。但是，是的，我們的更多第二層客戶、較小的參與者，我們有時稱之為我們的基礎物流業務。

That definitely is signing up many new customers, and we're seeing a lot of nice business there. I think of a large -- a an e-commerce company, not huge in terms of revenue, but playing in a niche, actually a few companies like that, whether it's pet food or food delivery type businesses.

這肯定會吸引很多新客戶，而且我們在那裡看到了很多不錯的業務。我想到的是一家大型電子商務公司，就收入而言並不龐大，但在一個利基市場中發揮作用，實際上有一些這樣的公司，無論是寵物食品還是食品配送類型的業務。

Certainly, we're seeing a pickup in the number of customers we have in those spaces and the growth and investment that we're seeing. So I think it's still quite early, I think, in the recovery. But what we're seeing in terms of activity, what we're seeing in terms of their response to our new products, which we've really spent a lot of time and investment in and are really now hitting their strides nicely is something we're encouraged by.

當然，我們看到這些領域的客戶數量以及成長和投資有所增加。所以我認為現在的復甦還為時過早。但我們在活動方面看到的情況，我們在他們對我們的新產品的反應方面看到的情況，我們確實花了很多時間和投資，現在確實取得了很好的進展，這是我們所看到的受到鼓勵。

And likewise, our parcel and post, a segment where we've been underrepresented. Well, I don't think the segment itself is exactly investing heavily. I don't. I think the -- if you look at the CapEx numbers from the big parcel players are down is what they're saying.

同樣，我們的包裹和郵政領域，我們的代表性不足。嗯，我認為該細分市場本身並沒有進行大量投資。我不知道。我認為，如果你看看大型包裹公司的資本支出數字，他們所說的就是下降的。

But we, ourselves, because our share was low and we have great technology now, we're seeing growth in that business for us, too. So that's an overall picture for you.

但我們自己，因為我們的份額很低，而且我們現在擁有出色的技術，所以我們也看到了該業務的成長。這就是您的整體情況。

Okay. That's helpful. Just pivoting quickly on semiconductor. I feel like that's -- that was the original machine vision market, I suppose, way back when, but as I understand it, a lot of those customers brought those capabilities in-house a long time ago.

好的。這很有幫助。只是快速轉向半導體。我覺得那是最初的機器視覺市場，我想，很久以前，但據我了解，很多客戶很久以前就在內部帶來了這些功能。

It's not a market that I think we've heard a lot about from you folks in the last couple of years. But what what's changed? I mean, have you just had success. And you mentioned the machine builders, have there been other portions of that market where you've been able to make inroads over time?

我認為過去幾年我們並沒有從你們那裡聽到很多關於這個市場的資訊。但到底改變了什麼？我的意思是，你剛剛取得成功嗎？您提到了機器製造商，隨著時間的推移，您是否能夠進入該市場的其他部分？

Yes. I think, gosh, we just stopped our history books. At Cognex, we go about 30 years, for sure. I think directionally, I think I'm right in saying that in the late '90s, 70% of our business was in Japan, and it was almost all semiconductor. So things have changed a lot.

是的。我想，天哪，我們剛剛停止了我們的歷史書。當然，在康耐視，我們已經工作了大約 30 年。我認為從方向上來說，我認為我說得對，在 90 年代末，我們 70% 的業務都在日本，幾乎都是半導體。所以事情發生了很大的變化。

And you're right, a lot of those capabilities were brought in-house in the late '90s. And -- but the Cognex technology is great, and we have -- they rely on us to do very difficult tasks that no one else can do, and they have specced into their machines in a market that generally doesn't change providers of technology very easily and more of a copy exact mentality.

你是對的，其中許多功能都是在 90 年代末引入公司內部的。而且——但是康耐視的技術很棒，我們有——他們依靠我們來完成其他人無法完成的非常困難的任務，並且他們已經在一個通常不會改變技術提供商的市場中投入了他們的機器非常輕鬆，更具有複製精確的心態。

So we benefit from that in a lot of areas have been inspection and code reading through the wafers and other difficult material for high-speed pick and place and align-type things that just we do better than anybody in the world and work really closely with those big machine builders.

因此，我們受益於在許多領域透過晶圓和其他困難材料進行檢查和程式碼讀取，以進行高速拾取和放置以及對齊類型的事情，我們比世界上任何人都做得更好，並且與世界上任何人都密切合作那些大型機器製造商。

So generally, our business with them is going to move with their own sales. It's -- it's a market-driven thing where we are specced in. And then we see and we are seeing opportunities to sell newer technology, particularly around the application of deep learning.

所以一般來說，我們與他們的業務將隨著他們自己的銷售而改變。這是我們所指定的市場驅動的事情。然後我們看到，我們正在看到銷售新技術的機會，特別是在深度學習的應用方面。

Some of the factors I talked about when I talked about AI and what it can do, which can, in many cases, be incremental business into similar applications that can be done more effectively, require less engineering or so.

當我談論人工智慧及其功能時，我談到了一些因素，在許多情況下，這些因素可以將業務增量引入類似的應用程序，這些應用程式可以更有效地完成，需要更少的工程等等。

So overall, it's a relatively small number of customers compared to what we see in the rest of our business. Our share is long term and good with them. And we're seeing just the quality of our technology and the demand for their products really leading to some nice growth for us.

因此，總體而言，與我們在其他業務中看到的客戶數量相比，其客戶數量相對較少。我們與他們的合作是長期且有益的。我們看到我們的技術品質和對他們產品的需求確實為我們帶來了一些不錯的成長。

Great. I'll pass it on.

偉大的。我會把它傳遞下去。

Rob Mason, Baird.

羅布梅森，貝爾德。

Hopping between calls here, so apologies if this has already been addressed. But Rob, I heard your commentary opening up around Automotive. Taking an incremental step lower, it sounded like.

在此處切換通話，如果這個問題已經解決，我們深表歉意。但是羅布，我聽到你對汽車的評論。聽起來像是一步步降低。

I'm just curious where you think that is in terms of the market bottoming? And what potentially could be a catalyst there to see investment flow back? Does it just need to be redirected back towards more traditional? Or are you still going to be relying on EV to drive that?

我只是好奇你認為市場觸底在哪裡？什麼可能成為投資回流的潛在催化劑？它是否只需要重新轉向更傳統的方向？或者您仍然會依靠電動車來驅動它嗎？

Yes, Rob. I think it's -- I think the market is -- looks very weak, and sentiment in the market is very weak. So we're not -- certainly not expecting a recovery in that market anytime soon. It will recover, right, but not that soon, I think. I think as we might segment by region and applications.

是的，羅布。我認為——我認為市場——看起來非常疲軟，市場情緒也非常疲軟。因此，我們當然不會期望該市場很快就會復甦。它會恢復，對吧，但我認為不會那麼快。我認為我們可以按地區和應用程式進行細分。

So I think the companies I've spoken to in America and Europe are really feeling quite burned by their investments in EV that they haven't really come through for them, right? And I think we probably all know that. I think they built infrastructure to supply perhaps hundreds of thousands of EV.

所以我認為我在美國和歐洲採訪過的公司確實對他們在電動車上的投資感到非常沮喪，因為他們並沒有真正做到這一點，對嗎？我想我們可能都知道這一點。我認為他們建造的基礎設施可以供應數十萬輛電動車。

I'm thinking of a Tier 1 supplier I met with recently who I've made very big investments to supply one of the biggest automotive companies in the world with hundreds of thousands of a particular area, and it's really just tens of thousands, and they put capital into that, and it's painful for them.

我想到了我最近遇到的一級供應商，我對他進行了很大的投資，為世界上最大的汽車公司之一提供了數十萬個特定領域的產品，但實際上只有數萬個，而且他們投入了資金，這對他們來說是痛苦的。

And I think sometimes with different pricing where you want to play in the EV space, you've got to price lower because it's the future, right? So I think I heard quite a lot of that in Europe and America. And so I think rebuilding around that when the EV supply -- EV demand isn't there, right?

我認為有時你想在電動車領域發揮不同的定價，你必須降低價格，因為這是未來，對嗎？所以我想我在歐洲和美國聽過很多這樣的事。因此，我認為當電動車供應-電動車需求不存在時，圍繞這一點進行重建，對嗎？

And we will read a lot about that, the lack of charging infrastructure, the lack of range, the reasons Western cost -- the reason that Western consumers aren't buying EVs. That will change at some point, but I don't think in the near term, right?

我們會讀到很多關於這一點的內容，充電基礎設施的缺乏、續航里程的缺乏、西方成本的原因——西方消費者不購買電動車的原因。這種情況在某個時候會改變，但我認為短期內不會改變，對嗎？

Because I do think in the long run, the technology will be superior, and I think it will be driven and adopted. But it's going to take time. And where will it happen then becomes the next question, right?

因為我確實認為從長遠來看，技術將會更加優越，我認為它將被推動和採用。但這需要時間。那麼它會在哪裡發生就成了下一個問題，對吧？

So I think as I'm in China, in short, you hear those people who go to China and see it's a very different picture there. It's really great movement in EV. EVs are being adopted and embraced by consumers and driven by the government there.

所以我認為，簡而言之，當我在中國時，你會聽到那些去中國的人看到那裡的情況非常不同。這在電動車領域確實是一個偉大的運動。電動車正在被消費者採用和接受，並受到當地政府的推動。

And if you look at our own business, we did actually see some growth in the EV business in the last quarter while we saw the rest of the the non-EV business slow down. So that's -- those are the dynamics that I think are in China and are going to continue. But there is an overcapacity in automotive in China.

如果你看看我們自己的業務，我們確實看到上個季度電動車業務出現了一些成長，而其餘非電動車業務則放緩。我認為這些是中國的動態，並將持續下去。但中國的汽車產能過剩。

So I think that has to be consumed first. And then I think the other other countries that are big in automotive, one thinks of Japan and Korea. I think they're more -- they've been faster or perhaps they've just been maybe fast cross lower, in some cases, and they're more in the hybrid mode.

所以我認為必須先消費它。然後我想到其他汽車大國，像是日本和韓國。我認為它們更多——它們更快，或者也許它們只是速度更快，在某些情況下，它們更多地處於混合模式。

And I think that's really paying off well for them now. So I think where you might see some better results out of -- particularly out of Japanese companies, it's because they've been a little more thoughtful and cautious.

我認為這對他們來說現在確實得到了很好的回報。所以我認為你可能會看到一些更好的結果——特別是日本公司，這是因為他們更加深思熟慮和謹慎。

And they have great use for our technology, but it's early days in terms of how they're applying it more to inspection or other aspects of batteries and other newer energy technologies that they have under development.

他們對我們的技術有很大的用途，但就如何將其更多地應用於檢查或電池的其他方面以及他們正在開發的其​​他新能源技術而言，還處於早期階段。

So I've said a lot. But overall, it's a pretty mixed picture, but we're not optimistic next year or at least for the next few quarters in terms of [automotives].

所以我說了很多。但總體而言，情況好壞參半，但我們對明年或至少在接下來的幾個季度並不樂觀[汽車]。

Understood. Okay. And just real quickly, just -- I know it's, again, a challenging market backdrop, as you noted, but you introduced some newer 3D vision products this year. I'm just curious, what the sense of uptake has been there?

明白了。好的。正如您所指出的，我知道這又是一個充滿挑戰的市場背景，但您今年推出了一些更新的 3D 視覺產品。我只是好奇，這種被接受的感覺是怎麼樣的呢？

Yes, we launched an excellent product, the first product ever to bring AI to 3D, an industrial 3D system. We launched it in April. We're happy to see the growth that's going on in that, and we think very much, it has very significant opportunity from here.

是的，我們推出了一款出色的產品，這是第一個將 AI 引入 3D 的產品，即工業 3D 系統。我們在四月推出了它。我們很高興看到這方面正在發生的成長，我們認為這裡有非常重要的機會。

So it's something we're pleased about. It's a good example, I think, of us launching new products, high gross margin products, high growth potential. We hope to do a lot of that next year and sell them through what is a larger sales force to many more customers.

所以這是我們很高興的事情。我認為，這是我們推出新產品、高毛利率產品、高成長潛力的一個很好的例子。我們希望明年能做很多這樣的事情，並透過更大的銷售團隊將它們銷售給更多的客戶。

And I think we're a little low on time. Maybe that's a good note to end on. So I'll -- operator, I'm going to wrap up.

我認為我們的時間有點少了。也許這是一個很好的結束語。所以我要——接線員，我要結束了。

I'm just going to say to everybody, I really, really appreciate you joining us this morning and your questions, and we look forward to seeing you again on the next quarter's call. Thank you.

我只想對大家說，我真的非常感謝你們今天早上加入我們並提出問題，我們期待在下個季度的電話會議上再次見到你們。謝謝。

Thank you. This does conclude today's teleconference, and we thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束，我們感謝您的參與。此時您可以斷開線路。