Telefonaktiebolaget LM Ericsson (ERIC) 2021 Q3 法說會逐字稿

Hello, and good morning, and welcome to the Ericsson Third Quarter 2021 Call.

大家好，早上好，歡迎來到愛立信 2021 年第三季度電話會議。

Today's call will be a little bit different from others.

今天的電話會與其他人有點不同。

We will start with the normal procedures going through the Q3 numbers.

我們將從通過 Q3 數字的正常程序開始。

The second part, we will actually spend a little bit on strategic topics: one, addressing the path to profitability in Digital Services by Carl; and then we will address the opportunities that we see in enterprise by Börje.

第二部分，我們實際上會花一點時間在戰略主題上：第一，卡爾解決數字服務盈利之路；然後我們將討論我們在 Börje 的企業中看到的機會。

And with me here today, as usual, I have our President and CEO, Börje Ekholm; and our CFO, Carl Mellander.

今天和往常一樣，我有我們的總裁兼首席執行官 Börje Ekholm；以及我們的首席財務官 Carl Mellander。

So hopefully, anyway, even though we'll have this little bit longer presentation, hopefully, we can spend the second part of this hour on Q&A.

所以希望，無論如何，即使我們的演示會稍微長一些，但希望我們可以將這一小時的後半部分花在問答上。

And in order to ask these questions, you need to contact or connect to the conference via a telephone, and you could find all the details in the press release on -- all on ericsson.com.

為了提出這些問題，您需要通過電話聯繫或連接到會議，您可以在 ericsson.com 上的新聞稿中找到所有詳細信息。

During today's presentation, we will be making forward-looking statements.

在今天的演講中，我們將做出前瞻性陳述。

These statements are based on our current expectation and certain planning assumptions, which are subject to risks and uncertainties.

這些陳述基於我們當前的預期和某些規劃假設，這些假設受到風險和不確定性的影響。

The actual results may differ materially due to factors mentioned in today's press release and discussed in this conference call.

由於今天的新聞稿中提到的和本次電話會議中討論的因素，實際結果可能存在重大差異。

We encourage you all to read about these risks and uncertainties in our earnings report as well as in our annual report.

我們鼓勵大家在我們的收益報告和年度報告中閱讀這些風險和不確定性。

With that said, I would like to hand over to our President and CEO, Börje Ekholm.

話雖如此，我想把事情交給我們的總裁兼首席執行官 Börje Ekholm。

Please, Börje.

請，Börje。

Thank you, Peter.

謝謝你，彼得。

And of course, welcome, everyone, and very happy to have everyone joining us for this call.

當然，歡迎大家，也很高興大家加入我們的電話會議。

So the third quarter, we're very happy about the performance that we can deliver based basically on us winning footprint across our portfolio, leveraging our strong 5G portfolio.

因此，第三季度，我們對我們能夠提供的性能感到非常高興，這基本上是基於我們利用我們強大的 5G 產品組合在我們的產品組合中贏得足跡。

And I would say that this ability to gain footprint is clearly based on our investments in technology leadership and the substantial commitments we have made to growing our R&D efforts over the last few years.

我要說的是，這種獲得足蹟的能力顯然是基於我們在技術領先地位方面的投資以及我們在過去幾年中為擴大研發工作所做的實質性承諾。

But I would say it's also a show of the commitment our people show to deliver a performance that actually are on the path to becoming a really strong performance in the future.

但我想說，這也表明了我們的員工所表現出的承諾，即提供一種實際上正在成為未來真正強勁表現的道路上的表現。

Today, we have 95 live 5G networks.

今天，我們擁有 95 個實時 5G 網絡。

We have 149 commercial 5G agreements across our portfolio with unique operators, I should say.

我應該說，我們在我們的產品組合中與獨特的運營商簽訂了 149 項商業 5G 協議。

But you have also seen that we have decided to delay our Capital Market -- or postpone our Capital Markets Day, our investor update to instead next year have a full Capital Markets Day with a full management team to participate and update you more in details of the plans we see going forward.

但是你也看到我們已經決定推遲我們的資本市場——或者推遲我們的資本市場日，我們的投資者更新到明年有一個完整的資本市場日，一個完整的管理團隊將參與並向你更新更多細節我們看到的未來計劃。

We will spend, as Peter said, a little bit of time on updating you all on our strategic thinking at the end of this presentation.

正如彼得所說，在本次演講結束時，我們將花一點時間向大家介紹我們的戰略思想。

But Carl and I will focus the first part here on the Q3 performance and go through a bit more in detail.

但是卡爾和我將把第一部分的重點放在第三季度的表現上，並進行更詳細的介紹。

So if we look at the quarter, we continued to see very good momentum in the U.S., and it's underpinned by our recent signing of a 5G contract with AT&T, which now means that we have 5G contracts with all 3 Tier 1 U.S. operators.

因此，如果我們看一下本季度，我們繼續看到美國的良好勢頭，這得益於我們最近與 AT&T 簽署的 5G 合同，這意味著我們與所有 3 家美國一級運營商都簽訂了 5G 合同。

And these contracts are, by the way, the largest in our history at Ericsson.

順便說一句，這些合同是愛立信歷史上最大的合同。

We also continued to gain market share overall.

我們還繼續獲得整體市場份額。

However, it's quite clear that our market share in Mainland China has been reduced, and this is a consequence or follows the decision Sweden took to exclude Chinese vendors in the build-out of 5G networks in Sweden, and this is fully in line with the guidance we have offered before.

但是很明顯，我們在中國大陸的市場份額已經減少了，這是瑞典決定在瑞典建設5G網絡時將中國廠商排除在外的結果，這完全符合瑞典的要求。我們之前提供的指導。

But we also see that we've been able to partly offset that loss of market share by growth in other markets during the quarter.

但我們也看到，我們已經能夠通過本季度其他市場的增長部分抵消市場份額的損失。

We've seen good growth in Europe and Latin America as well as North America, but I also want to highlight that also Africa saw growth following a very difficult period during the pandemic.

我們在歐洲和拉丁美洲以及北美看到了良好的增長，但我也想強調，非洲在大流行期間經歷了非常困難的時期後也出現了增長。

But of course, it's quite clear, the loss of sales in China hurts our sales volume in total.

但是，當然，很明顯，在中國的銷售損失損害了我們的總銷量。

And we have -- we need to invest even more to regain that loss of volume by growing in other markets.

我們有——我們需要更多投資，通過在其他市場的增長來彌補銷量的損失。

This quarter also, I would highlight the impact on disruptions to our supply chains that we, I would say, impact many companies across many different industry sectors alike.

同樣在本季度，我將強調對我們供應鏈中斷的影響，我會說，我們會影響許多不同行業的許多公司。

So for us, we have had very limited to no impact on our customers up until the end of the third quarter.

因此，對我們來說，直到第三季度末，我們對客戶的影響非常有限甚至沒有。

We've taken very proactive efforts, and we have built inventory and created in a way a flexible supply situation.

我們採取了非常積極的努力，我們建立了庫存並以一種靈活的供應方式創造了條件。

But late in the third quarter, we saw some impact on shortages of individual components.

但在第三季度末，我們看到了對個別零部件短缺的一些影響。

Basically, that resulted to loss of some sales, but it resulted also in higher inventory.

基本上，這導致了一些銷售損失，但也導致了更高的庫存。

And this is a risk that we see can have a bit of impact also on the fourth quarter, of course, or it's highly unlikely it will have no impact, but it will have some impact, we think is likely.

我們認為這是一種風險，當然也會對第四季度產生一些影響，或者它極不可能沒有影響，但我們認為它可能會產生一些影響。

Despite the share gains we've had outside of China, the reduced market share in China and the supply issues and lower sales in Managed Services led to a slight negative organic growth rate overall, so we're minus 1%.

儘管我們在中國以外的市場份額有所增加，但中國市場份額的減少以及供應問題和託管服務的銷售額下降導致整體有機增長率略有負數，因此我們為負 1%。

But if we exclude China, we saw a 6% organic growth year-over-year.

但如果我們排除中國，我們看到了 6% 的同比有機增長。

We also continued to deliver a strong profitability.

我們還繼續提供強勁的盈利能力。

Gross margin improved sequentially as well as year-over-year, and it reached 44%.

毛利率環比和同比都有所提高，達到 44%。

And our EBIT margin increased to 15.7%.

我們的息稅前利潤率增至 15.7%。

On IPR, we saw also good progress, and we increased our IPR revenues to 2.6%.

在知識產權方面，我們也看到了良好的進展，我們將知識產權收入增加到 2.6%。

This was driven by new agreements as well as a dispute settlement.

這是由新協議和爭端解決推動的。

Both have some retroactive financial impact, as we have said before.

正如我們之前所說，兩者都有一些追溯性的財務影響。

And what we see also is that the significant value of our product portfolio and strong technology position in 5G, and that positions us very well to conclude on future -- well, ongoing as well as future patent license renewals.

我們還看到，我們產品組合的重要價值和在 5G 中的強大技術地位，這使我們能夠很好地總結未來——好吧，正在進行的以及未來的專利許可續簽。

So we feel quite strongly about our position in IPR.

因此，我們對我們在知識產權方面的地位感到非常強烈。

However, you all know that timing of these license agreements may cause temporary gaps in our overall IPR revenues, but we will not waver from trying to maximize the value of our existing patent portfolio.

然而，你們都知道，這些許可協議的時間安排可能會導致我們的整體知識產權收入暫時出現缺口，但我們不會動搖努力最大化我們現有專利組合的價值。

We had very strong cash flow, and the free cash flow before M&A was SEK 13 billion during the quarter.

我們的現金流非常強勁，本季度併購前的自由現金流為 130 億瑞典克朗。

And I would say this is primarily a result of the investments and the commitment we have done in our strategy to improve flexibility, reduce sensitivity to business mix as well as lower our working capital needs.

我想說這主要是我們在提高靈活性、降低對業務組合的敏感性以及降低營運資金需求的戰略中所做的投資和承諾的結果。

We have now built a robust cash position and gives us a strong foundation to grow by investing further in technology leadership but also from inorganic moves.

我們現在已經建立了穩健的現金狀況，並為我們通過進一步投資於技術領導地位以及無機舉措提供了堅實的增長基礎。

We have a strong commitment to sustainability.

我們對可持續發展有著堅定的承諾。

You all know that.

你們都知道。

And it continues to deliver good value for us but also for our customers.

它繼續為我們和我們的客戶帶來良好的價值。

And you saw that we just recently launched a new Massive MIMO portfolio that has gains on energy efficiency.

你看到我們最近剛剛推出了一個新的大規模 MIMO 產品組合，它在能源效率方面有所提高。

It's much less heavy, and it has a lower wind factor, all-in-all providing clear values to our customers.

它的重量要輕得多，風力係數也更低，總而言之，它為我們的客戶提供了明確的價值。

But we also saw that during the quarter, we signed a $2 billion sustainability-linked revolving credit facility.

但我們也看到，在本季度，我們簽署了一項 20 億美元的與可持續發展相關的循環信貸安排。

And finally, I want to say our commitment to strengthening our ethics and compliance program continue.

最後，我想說我們將繼續致力於加強我們的道德與合規計劃。

This is a longer-term journey.

這是一個更長期的旅程。

We are committed to invest what it takes, and we have -- we are increasing and carrying significant costs in improving our ethics and compliance programs, but it's also a cultural journey for us as a company.

我們致力於不惜一切代價進行投資，而且我們已經——我們正在增加並承擔大量成本來改善我們的道德和合規計劃，但這對我們公司來說也是一次文化之旅。

And here, we are firmly committed to ensuring that we have created a culture built on integrity as a fundamental value.

在這裡，我們堅定地致力於確保我們創造了一種以誠信為基本價值觀的文化。

So now let's move on to the market area performance.

那麼現在讓我們繼續討論市場領域的表現。

Sales in North East Asia fell by 33%.

東北亞的銷售額下降了 33%。

That is, of course, due to the significantly lower market share in Mainland China.

當然，這是由於中國大陸的市場份額明顯較低。

But sales in other parts of the market area actually improved during the quarter.

但該市場其他地區的銷售額在本季度實際上有所改善。

And as a consequence of the loss of sales in China, we have to rightsize our sales and delivery organizations in China, and that will start in Q4.

由於在中國的銷售損失，我們必須調整我們在中國的銷售和交付組織，這將從第四季度開始。

And we will have some structural cost or restructuring cost to that.

我們將為此付出一些結構性成本或重組成本。

In South East Asia, Oceania and India, sales decreased by 16%.

在東南亞、大洋洲和印度，銷售額下降了 16%。

This is really due to a lot of accelerated rollouts in the end of last year for Networks but also some timing of orders and projects in Digital Services.

這實際上是由於去年年底網絡的大量加速推出，以及數字服務訂單和項目的一些時間安排。

If you look at Middle East and Africa, sales declined by 8%.

如果你看看中東和非洲，銷售額下降了 8%。

In Networks, we saw the primarily impact of timing of 5G contracts in Middle East, but I would also say that Africa clearly returned to growth.

在網絡方面，我們看到了中東 5G 合同時機的主要影響，但我還要說非洲顯然恢復了增長。

And we see -- primarily in Digital Services, we saw actually a strong software upgrades in the African market.

我們看到 - 主要是在數字服務方面，我們實際上看到了非洲市場的強大軟件升級。

In Europe and Latin America, we saw Europe -- or in total, sales increased by 9%.

在歐洲和拉丁美洲，我們看到了歐洲——或者總的來說，銷售額增長了 9%。

And if we look at the parts here, Europe grew by 5% basically on the back of market share gains.

如果我們看看這裡的部分，歐洲基本上在市場份額增加的支持下增長了 5%。

And the same thing in Latin America, we saw a 29% growth.

在拉丁美洲也是如此，我們看到了 29% 的增長。

Of course, it's coming off a very difficult period in COVID, but it's still growing very strongly on the back of our share gains.

當然，它已經度過了 COVID 的一個非常困難的時期，但在我們的份額增長的支持下，它仍在非常強勁地增長。

And we see that in both Networks as well as in Digital Services.

我們在網絡和數字服務中都看到了這一點。

5G momentum in North America continued, and sales increased by 13%.

北美 5G 勢頭持續，銷售額增長 13%。

And clearly, this demand is driven by demand for 5G solutions.

顯然，這種需求是由對 5G 解決方案的需求驅動的。

So let's now move on to the business segments.

那麼現在讓我們繼續討論業務部門。

So if we start with Networks, of course, sales was hit by China.

因此，如果我們從網絡開始，當然，銷售受到中國的打擊。

But if we adjust for Mainland China, sales actually grew by 8% year-over-year.

但如果我們針對中國大陸進行調整，銷售額實際上同比增長了 8%。

And this reflects clear gains in other markets that we -- that have been possible, thanks to a strong product portfolio.

這反映了我們在其他市場的明顯收益——這要歸功於強大的產品組合。

And we continue to see very good momentum in deployment of 5G around the world.

我們繼續看到全球 5G 部署的良好勢頭。

Of course, the impact on the supply chain from the disturbances also, of course, hit Networks, and we expect that to pose a challenge as well during the fourth quarter.

當然，干擾對供應鏈的影響當然也會影響網絡，我們預計這也會在第四季度構成挑戰。

Nevertheless, we saw gross margin strengthened to 47.8% compared to 46.7% last year.

儘管如此，我們看到毛利率從去年的 46.7% 提高到 47.8%。

In Digital Services, it's very encouraging that we now are starting to see revenues from the 5G contracts, and that's, of course, helping them to achieve some growth.

在數字服務方面，我們現在開始看到 5G 合同的收入，這是非常令人鼓舞的，這當然幫助他們實現了一些增長。

We saw the segment grow by 1% in the quarter, and that's despite a significant reduction in Mainland China.

我們看到該部門在本季度增長了 1%，儘管中國大陸的增長顯著下降。

If we exclude China, sales actually grew by 6% year-over-year.

如果我們排除中國，銷售額實際上同比增長了 6%。

Gross margin was 42.3% compared to 43.5%.

毛利率為 42.3%，高於 43.5%。

And going forward, we expect profitability to improve gradually and is going to exceed our initial target of an EBIT margin of 10% to 12%.

展望未來，我們預計盈利能力將逐步提高，並將超過我們最初設定的 10% 至 12% 的息稅前利潤率目標。

Sales in Managed Services fell by -- or decreased by 7% organically.

託管服務的銷售額有機下降或下降了 7%。

And clearly, here, Q3 was impacted by reduced variable sales, contract rescoping as well as some planned exits mainly in Europe.

顯然，在這裡，第三季度受到可變銷售額減少、合同範圍調整以及主要在歐洲的一些計劃退出的影響。

We also saw that network optimization grew primarily in Europe, and we continue to invest in developing our portfolio with AI and automation to further strengthen our competitiveness.

我們還看到網絡優化主要在歐洲增長，我們繼續投資開發我們的人工智能和自動化產品組合，以進一步增強我們的競爭力。

Gross margin decreased to 18.7% compared to 20.1% last year.

毛利率從去年的 20.1% 下降至 18.7%。

In Emerging Business and Other, sales grew by 4% organically.

在新興業務和其他業務中，銷售額有機增長 4%。

And gross margin actually increased very strongly to 39.4% compared to 30.5% last year.

與去年的 30.5% 相比，毛利率實際上增長非常強勁，達到 39.4%。

Reported sales grew by 26%, and that's, of course, mainly due to the acquired Cradlepoint business.

報告的銷售額增長了 26%，當然，這主要歸功於收購的 Cradlepoint 業務。

What I would say here is the strengthening of the gross margin actually came out of -- or is, to a very large degree, explained by Cradlepoint.

我在這裡要說的是，毛利率的提高實際上來自——或者在很大程度上是由 Cradlepoint 解釋的。

And it's even encouraging to see that Cradlepoint is one of the key drivers of the overall strengthened gross margin for Ericsson as a group.

甚至令人鼓舞的是，Cradlepoint 是愛立信集團整體毛利率提高的主要推動力之一。

With that, I want to go over to Carl to go through more details on the report and give some more perspectives on our path to profitability in Digital Services.

說到這裡，我想請 Carl 詳細了解該報告，並就我們在數字服務領域的盈利之路提供更多觀點。

Carl?

卡爾？

Thank you, Börje.

謝謝你，伯傑。

Thank you.

謝謝你。

And let's have a closer look at the numbers then.

然後讓我們仔細看看這些數字。

So reported sales, SEK 56.3 billion, negative organic development then of 1%, as Börje described, and this is following 4 consecutive quarters of organic growth.

因此報告的銷售額為 563 億瑞典克朗，正如 Börje 所描述的那樣，當時的負有機發展為 1%，這是繼連續 4 個季度有機增長之後。

And you saw the 2 largest market areas presented growth in the quarter, and the remaining 3 ones saw a decline.

你看到 2 個最大的市場區域在本季度呈現增長，而其餘 3 個則出現下降。

We had some disturbances, of course, in the supply chain, as Börje also mentioned, but the big factor here when it comes to top line is clearly Mainland China and the reduced market share there.

當然，正如 Börje 也提到的那樣，我們在供應鏈中遇到了一些干擾，但就收入而言，這裡的重要因素顯然是中國大陸以及那里市場份額的減少。

And in addition to what Börje said that we would have grown 6% in the quarter if we excluded Mainland China, the corresponding year-to-date number there is 10% growth if China is excluded.

除了 Börje 所說的，如果我們排除中國大陸，我們本季度將增長 6%，如果排除中國大陸，相應的年初至今增長 10%。

On IPR then, SEK 2.6 billion in revenue.

當時在知識產權方面，收入為 26 億瑞典克朗。

Out of that, we have certain retroactive benefits from the contracts or agreements that we signed in the quarter.

其中，我們從本季度簽署的合同或協議中獲得了一定的追溯利益。

It is an increase of SEK 0.5 billion year-over-year in IPR revenue.

知識產權收入同比增長 5 億瑞典克朗。

So as you see here now, on a rolling 4-quarter basis, our sales is now tracking around SEK 231 billion.

因此，正如您現在在這裡看到的那樣，在連續第 4 個季度的基礎上，我們的銷售額現在約為 2310 億瑞典克朗。

Börje showed the gross margin numbers per segment.

Börje 展示了每個細分市場的毛利率數據。

If we drill a little bit further into this, 44% on the group level, that's up 80 basis points, really based on continued improvements both in the Networks and as well as the Emerging Business and Other segments.

如果我們進一步深入研究，集團層面的 44% 上升了 80 個基點，這實際上是基於網絡以及新興業務和其他領域的持續改進。

And in Networks, pleased and encouraged to see continued operational leverage contributing to the margin here but also the higher IPR revenues, as we said before.

在網絡方面，正如我們之前所說，看到持續的運營槓桿有助於提高這裡的利潤率以及更高的知識產權收入，我們感到很高興和鼓舞。

And the gross margin in Networks then now at 47.8% compared with 46.7%.

網絡業務的毛利率從 46.7% 降至 47.8%。

In Digital Services, gross margin and excluding restructuring, again, declined 120 basis points.

在數字服務中，毛利率和不包括重組，再次下降 120 個基點。

And this is really connected, again, to what we have discussed before, the higher costs for initial deployment in the 5G Core contracts.

這再次與我們之前討論過的 5G 核心合同初始部署成本較高有關。

And sales there, I must say and again emphasize, sales in 5G Core is really progressing well, and we'll come back to a little bit of a deep dive into that a bit later in the call.

那裡的銷售，我必須說並再次強調，5G Core 的銷售確實進展順利，我們稍後會在電話會議中再次深入探討這一點。

On Managed Services gross margin, again, excluding restructuring, declined by 140 basis points, and this mainly comes from a reduction of variable sales on a few customer accounts.

在託管服務方面，不包括重組在內的毛利率再次下降了 140 個基點，這主要是由於一些客戶賬戶可變銷售額的減少。

And lastly then, Emerging Business, up 9 percentage point in gross margin, fueled by, to a large extent, development in Cradlepoint.

最後，新興業務的毛利率上升了 9 個百分點，這在很大程度上得益於 Cradlepoint 的發展。

Of course, Cradlepoint did not exist in our numbers a year ago.

當然，一年前我們的數字中不存在 Cradlepoint。

So OpEx, as you see, SEK 16.4 billion, up from SEK 15.9 billion a year ago, again, mainly related to the addition of Cradlepoint business, both in R&D and SG&A.

因此，正如您所見，運營支出為 164 億瑞典克朗，高於一年前的 159 億瑞典克朗，這主要與研發和 SG&A 中 Cradlepoint 業務的增加有關。

When it comes to R&D, the increase there, in addition to Cradlepoint, comes from more investments into the 5G Core portfolio in Digital Services, as we have reported on before as well.

在研發方面，除了 Cradlepoint 之外，那裡的增長還來自對數字服務 5G 核心產品組合的更多投資，正如我們之前也報導過的那樣。

We -- there is one line not visible on the slide here, but it's on other income and other operating income and expenses, where we had a positive development in the Ericsson Ventures investment portfolio this quarter.

我們 - 這裡的幻燈片上看不到一條線，但它是關於其他收入和其他營業收入和支出的，我們在本季度的愛立信風險投資組合中取得了積極的發展。

And the net of that positive development and an impairment contributed with SEK 0.4 billion to EBIT, and this is all in Emerging Business and Other segment.

扣除這一積極發展和減值後，為息稅前利潤貢獻了 4 億瑞典克朗，這些都在新興業務和其他部門。

So EBIT then ending up at SEK 8.8 billion or a margin of 15.7% in the quarter, which is up 10 basis points year-over-year.

因此，本季度息稅前利潤最終為 88 億瑞典克朗，利潤率為 15.7%，同比增長 10 個基點。

And this, remember, is in spite of the lower sales volume.

請記住，這是在銷量較低的情況下發生的。

EBITA, as you know, our EBITA long-term target is 15% to 18% of net sales.

EBITA，如您所知，我們的 EBITA 長期目標是淨銷售額的 15% 至 18%。

And we are now, if we look at the rolling 4-quarter basis, hitting 14% EBITA margin.

而我們現在，如果我們看一下滾動的 4 季度基礎，EBITA 利潤率達到 14%。

Taxes, SEK 2.5 billion in the quarter and then effective tax rate of 30%.

稅收，本季度為 25 億瑞典克朗，有效稅率為 30%。

This is also effective tax rate for the full year to date.

這也是迄今為止全年的有效稅率。

And now let's look into how this profit is converted into cash flow.

現在讓我們看看這些利潤是如何轉化為現金流的。

So operating activities cash flow increased by SEK 9.4 billion to a total of SEK 14.7 billion.

因此經營活動現金流量增加了 94 億瑞典克朗，達到 147 億瑞典克朗。

And we can also remember that last year, Q3 was impacted by a SEK 2 billion contribution to the Swedish pension fund.

我們還記得，去年第三季度受到向瑞典養老基金捐款 20 億瑞典克朗的影響。

But we work a lot with working capital in our company.

但我們在公司的營運資金上做了大量工作。

We focus a lot on lead times and efficiencies.

我們非常關注交貨時間和效率。

And you can see that also this quarter, the resulting free cash flow benefited from that working capital work that we put in.

你也可以在本季度看到，由此產生的自由現金流受益於我們投入的營運資金工作。

We had good collection from customers, including some prepayments as well.

我們從客戶那裡收到了很好的收款，包括一些預付款。

And as Börje also mentioned, we did increase inventory again.

正如 Börje 還提到的，我們確實再次增加了庫存。

This is something we have talked about on previous calls also, in order to create even higher resilience in the supply chain.

這也是我們在之前的電話會議上談到的，以便在供應鏈中創造更高的彈性。

But that was actually offset partially at least with higher trade payables, so the impact on cash flow was not that big.

但這實際上至少被較高的貿易應付賬款部分抵消了，因此對現金流的影響並不大。

CapEx net and other investing activities was relatively stable year-over-year, so that all resulted in a free cash flow of SEK 13 billion, up more than 200% year-over-year.

資本支出淨額和其他投資活動同比相對穩定，因此產生了 130 億瑞典克朗的自由現金流，同比增長超過 200%。

And maybe again, on the rolling 4-quarter basis, free cash flow before M&A was now SEK 31.3 billion, which corresponds to 13.6%.

也許再次，在滾動的第 4 季度基礎上，併購前的自由現金流現在為 313 億瑞典克朗，相當於 13.6%。

And again, that's beating then our long-term free cash flow generation target, which is 9% to 12% of net sales.

再一次，這超過了我們的長期自由現金流產生目標，即淨銷售額的 9% 至 12%。

This all meant that our gross cash and net cash increased by SEK 11 billion and SEK 12 billion, respectively.

這意味著我們的現金總額和現金淨額分別增加了 110 億瑞典克朗和 120 億瑞典克朗。

Okay.

好的。

If we move on to planning assumptions here finally on the quarter then.

如果我們最終在本季度繼續規劃假設，那麼。

First of all, starting with the market that we operate in.

首先，從我們經營的市場開始。

Dell'Oro now expects the RAN market to grow by 13% in 2021, which is up then from the 10% that was estimated in the May report.

Dell'Oro 現在預計 RAN 市場將在 2021 年增長 13%，高於 5 月份報告中估計的 10%。

And if we break that down by region, some of the regions then: China, 13%; North America, 15%; Europe, 10%.

如果我們按地區細分，那麼一些地區：中國，13%；北美，15%；歐洲，10%。

And looking ahead into 2022, the Dell'Oro forecast for the RAN market is to grow by 2%, or 3% if we exclude China.

展望 2022 年，Dell'Oro 預測 RAN 市場將增長 2%，如果不包括中國，則增長 3%。

Second point on the supply chain.

供應鏈上的第二點。

We see -- saw some disturbances in the third quarter, as mentioned, including some individual component shortages, and we continue to see this as a risk going into the fourth quarter as well for Networks sales.

我們看到 - 如前所述，第三季度出現了一些干擾，包括一些個別組件短缺，我們繼續將這視為進入第四季度以及網絡銷售的風險。

Over to IPR.

轉到知識產權。

We have a run rate in the current portfolio of SEK 7 billion.

我們目前的投資組合運行率為 70 億瑞典克朗。

This is the same number as we stated in the Q2 report as well, and it is -- the contract portfolio currently on an annualized basis.

這與我們在第二季度報告中所述的數字相同，而且是——目前按年化計算的合同組合。

And again, as we have discussed many times before, as these key IPR contracts are approaching expiry, we may see an impact on revenues until those contracts are actually renewed.

而且，正如我們之前多次討論過的那樣，隨著這些關鍵的知識產權合同即將到期，在這些合同真正續簽之前，我們可能會看到對收入的影響。

Lastly then on Digital Services, we expect to reach breakeven in the fourth quarter.

最後，在數字服務方面，我們預計將在第四季度實現盈虧平衡。

So now having gone through the quarter as such, I would like to shift gear and say a few words about Digital Services and the road back to profitability in this segment.

因此，現在已經經歷了這個季度，我想換檔並談談數字服務以及該領域恢復盈利的道路。

And to start with, as we communicated already in the second quarter report, now we expect a limited loss in 2022.

首先，正如我們已經在第二季度報告中傳達的那樣，現在我們預計 2022 年的虧損有限。

One impacting factor is, again, the decreased market share in Mainland China.

另一個影響因素是中國大陸市場份額的下降。

But the long-term target, 10% to 12%, remains, and of course, our ambition is to even exceed that over the longer term.

但 10% 到 12% 的長期目標仍然存在，當然，我們的目標是在長期內甚至超過這一目標。

Before diving in really, I just wanted to start here by reemphasizing again the strength in our 5G Core portfolio, and the business momentum is really here.

在真正深入之前，我只是想再次強調我們 5G Core 產品組合的優勢，從這裡開始，業務勢頭真的就在這裡。

The stand-alone 5G Core market window is open.

獨立5G核心網市場窗口打開。

Customers now make long-term commitments in their choice of vendors here.

客戶現在在這裡選擇供應商時做出長期承諾。

And we'll come back to our track record so far, but we are winning a lot of these deals.

到目前為止，我們會回到我們的記錄，但我們贏得了很多這樣的交易。

And this is really a cornerstone in our journey here in Digital Services, 5G Core contracts and what we call attached sales around that, and hence, the investment in R&D in this area.

這確實是我們在數字服務、5G 核心合同以及我們稱之為附加銷售方面的旅程的基石，因此也是該領域研發投資的基石。

If we look at the chart here, starting on the left side then with our investments in R&D.

如果我們看這裡的圖表，從左側開始，然後是我們在研發方面的投資。

So earlier in this year, and we have talked about this before, we decided to really prioritize long-term ambitions here rather than going for short-term results.

所以在今年早些時候，我們之前已經討論過這個問題，我們決定在這裡真正優先考慮長期目標，而不是追求短期結果。

So we have increased R&D significantly when it comes to 5G Core and orchestration.

因此，在 5G 核心網和編排方面，我們顯著增加了研發。

It adds expenses in the P&L, of course, short term but builds value clearly for the mid and long term, very similar to the development we've seen in Networks as well.

它在 P&L 中增加了費用，當然是短期的，但在中長期內明顯地建立了價值，這與我們在網絡中看到的發展非常相似。

So we also continue to make R&D investments in automation, and this is really more to drive efficiency in our delivery of software and to become more efficient in our own R&D.

因此，我們還繼續在自動化方面進行研發投資，這實際上更多地是為了提高我們交付軟件的效率，並提高我們自己的研發效率。

And thirdly, we also invest going forward now for the future in service orchestration and in evolving now the portfolio to enable our customers to serve not least their enterprise customers, including 5G, network slicing and edge solutions.

第三，我們現在也為未來的服務編排和現在的投資組合進行投資，使我們的客戶能夠為他們的企業客戶提供服務，包括 5G、網絡切片和邊緣解決方案。

Looking at gross margin, here, a couple of aspects.

從毛利率來看，這裡有幾個方面。

First, just to put in perspective the packet core area, including 5G Core that we talked so much about now, that represents about 20%, 25% of the total revenue in Digital Services.

首先，讓我們看看分組核心領域，包括我們現在談論的 5G 核心，它佔數字服務總收入的 20% 左右，佔 25%。

The other 75% or 80% of revenue is delivered from the other areas, which all have a clear trajectory towards improved profitability.

其他 75% 或 80% 的收入來自其他領域，這些領域都有明確的提高盈利能力的軌跡。

And this is underpinned by the transformation that we are driving towards more software-based content and more industrialized solutions.

我們正在推動更多基於軟件的內容和更多工業化解決方案的轉型，以此為支撐。

One area which I think is worth to call out here is the BSS because we're actually pleased to see that the BSS strategy that we revised in 2018 is delivering.

我認為在這裡值得一提的一個領域是 BSS，因為我們實際上很高興看到我們在 2018 年修訂的 BSS 戰略正在交付。

It's been executed, and now the BSS area is delivering gross margins in line with the group average levels.

它已經執行，現在 BSS 區域的毛利率與集團平均水平一致。

Another aspect impacting gross margin also positively now is that we are managing all of these 45 critical contracts that we talked about and started to mention back in 2017.

現在對毛利率產生積極影響的另一個方面是，我們正在管理我們在 2017 年討論並開始提及的所有這 45 份重要合同。

However then, the gross margin improvements that I just mentioned and the things we do coming out of technology investment are then partially offset by the initial 5G Core deployment costs for new product introduction.

然而，我剛才提到的毛利率提高以及我們通過技術投資所做的事情被新產品引入的初始 5G Core 部署成本部分抵消了。

And that's why we see an improved gross margin up to 2022 but not yet enough.

這就是為什麼我們看到到 2022 年毛利率有所提高但還不夠。

However, beyond 2022, we see then that we continue the transformation towards software-based solutions to customers, and this is going to contribute to the improved gross margin that you can see here to the right on the slide.

然而，到 2022 年以後，我們將繼續向基於軟件的客戶解決方案轉型，這將有助於提高毛利率，您可以在幻燈片右側看到。

Software share will increase, and the recurring element of software will also grow in our Digital Services business.

軟件份額將增加，軟件的經常性元素也將在我們的數字服務業務中增長。

And you can see here, that is really the most significant contribution to our long-term profitability target.

你可以在這裡看到，這確實是對我們長期盈利目標的最重要貢獻。

Finally then, if we turn to net sales.

最後，如果我們轉向淨銷售額。

The way the 5G Core contracts work is that we start to see revenue in the P&L when the networks go live.

5G 核心合同的運作方式是，當網絡上線時，我們開始在損益表中看到收入。

And then the net -- the revenue from those contracts grow then with added subscribers to those networks.

然後是淨收入——這些合同的收入隨著這些網絡的訂戶增加而增長。

This means that revenue from those will start now -- start towards the end of the year and then continue to grow over time.

這意味著這些收入將從現在開始——從年底開始，然後隨著時間的推移繼續增長。

So to continue then on the market -- on the sales piece.

所以繼續在市場上——在銷售片上。

Of course, the Mainland China reduction has cost us quite a bit of top line, and that's what you can see in the thin sales line leading up to 2022.

當然，中國大陸的降價讓我們損失了相當多的收入，這就是你在 2022 年之前的稀薄銷售線中可以看到的。

But of course, our ambition here is to compensate that with market share gains in other markets, and this we already saw actually in -- even in the third quarter that this is happening.

但是，當然，我們的目標是通過其他市場的市場份額增長來彌補這一點，我們實際上已經看到了——甚至在第三季度，這種情況正在發生。

Finally, when it comes to our ambitions then on CSP enterprise and service orchestration portfolios, we expect this to start to be visible in terms of revenue by 2023 and onwards.

最後，當談到我們對 CSP 企業和服務編排產品組合的雄心時，我們預計到 2023 年及以後，這將在收入方面開始顯現。

And this is then as things like a dedicated network start to scale up, edge, as I mentioned, the network slicing components are being commercialized.

這就是像專用網絡這樣的東西開始擴大規模，邊緣，正如我提到的，網絡切片組件正在商業化。

So next slide, and I will finish off with this, shows a bit about the momentum in deals won.

所以下一張幻燈片，我將以此結束，顯示了一些關於贏得交易的勢頭。

So far, we have landed 45 stand-alone 5G Core contracts.

到目前為止，我們已經獲得了 45 個獨立的 5G 核心網合同。

You can see that on the left here.

你可以在左邊看到它。

And 15 of those are added since October last year, and 8 of them are live and generating revenue.

其中 15 個是自去年 10 月以來添加的，其中 8 個正在運行並產生收入。

And it's really based on our containerized cloud-native technology that we win these deals and we anticipate that we will continue to lead the 5G Core market and more -- add more customers to this list as well.

我們贏得這些交易實際上是基於我們的容器化雲原生技術，我們預計我們將繼續引領 5G 核心市場以及更多市場——還將更多客戶添加到此列表中。

But as mentioned before, it's not only about 5G Core.

但如前所述，這不僅僅是關於 5G Core。

To the right here, you see examples from the other parts of the portfolio in Digital Services.

在此處右側，您可以看到來自數字服務組合其他部分的示例。

Starting with BSS, we have 70 new deals in 2021, all in line with the BSS strategy that we have put in place.

從 BSS 開始，我們在 2021 年有 70 筆新交易，都符合我們制定的 BSS 戰略。

And actually, our customers need to modernize their BSS to become more agile in the consumer business but also to meet the enterprise customers' requirements.

實際上，我們的客戶需要對其 BSS 進行現代化改造，以便在消費者業務中變得更加敏捷，同時滿足企業客戶的需求。

5G Core, as said, drives attached sales as well.

如前所述，5G Core 也推動了附加銷售。

And a good example of that is here, what you see on OSS, where network orchestration is a good example.

一個很好的例子就是你在 OSS 上看到的，網絡編排就是一個很好的例子。

And last year, we celebrated more than 100 customers here in our Ericsson Orchestrator.

去年，我們在 Ericsson Orchestrator 中慶祝了 100 多位客戶。

And since then, we have added another 30 customers on top of that.

從那時起，我們又增加了 30 位客戶。

Cloud communication, more than 160 customers have chosen our VoLTE solution for their voice offerings, of which about 20 new customers are new since last year.

云通信，超過160家客戶選擇了我們的VoLTE解決方案作為他們的語音產品，其中約有20家新客戶是去年以來的新客戶。

And then on cloud infrastructure, we have about 230 customers already and 29 new customers added so far in 2021.

然後在雲基礎設施方面，到 2021 年為止，我們已經擁有大約 230 個客戶，並增加了 29 個新客戶。

So I hope that gave a little bit more meat on the bone on DGS, our Digital Services segment, and the road to profitability.

因此，我希望這能在 DGS、我們的數字服務部門和盈利之路上提供更多的內容。

Essentially, it's about investing in technology leadership, winning us market share and improving the margins through a shift to higher software content.

從本質上講，它是關於投資於技術領先地位，贏得我們的市場份額，並通過轉向更高的軟件內容來提高利潤率。

Thank you.

謝謝你。

And back to you, Börje.

回到你身邊，Börje。

Thank you, Carl.

謝謝你，卡爾。

So now I'd like to shift gear a bit and talk more about our overall strategy as well as what the opportunities we see that we can grow in enterprises.

所以現在我想稍微換檔，更多地談談我們的整體戰略以及我們看到的我們可以在企業中成長的機會。

But starting here, and really saying as a result of the focused strategy we launched in 2017, we have now delivered, in a way, a clearly improved performance, including cash flow performance.

但從這裡開始，真正地說，由於我們在 2017 年推出的重點戰略，我們現在在某種程度上已經提供了明顯改善的績效，包括現金流量績效。

And it's all based on a very strong commitment to R&D to be technology leaders.

這一切都基於對研發的堅定承諾，以成為技術領導者。

But this has also established a strong platform to make strategic choices from going forward.

但這也為未來的戰略選擇建立了一個強大的平台。

The basis for our performance and the basis for us as a company is, of course, a competitive product portfolio.

當然，我們業績的基礎和我們作為一家公司的基礎是具有競爭力的產品組合。

And that today is built upon the leadership in RAN core as well as management and orchestration, and we can deliver those at a very competitive cost.

而今天是建立在 RAN 核心以及管理和編排方面的領導地位之上的，我們可以以極具競爭力的成本提供這些。

And for us, continue to drive the performance in the core business is going to be critical.

對我們來說，繼續推動核心業務的績效將至關重要。

And it's actually the fundamental, call it, ingredient that allow us now to make strategic choices for the future.

它實際上是讓我們現在可以為未來做出戰略選擇的基本要素。

But I think it's also fair to recognize, and you all do that, that the 5G deployment curve, even though it's been growing sharply now and growing great now, it will flatten out, or it's at least likely to flatten out.

但我認為，認識到 5G 部署曲線也是公平的，而且你們都這樣做了，儘管它現在一直在急劇增長並且現在增長很好，但它會趨於平緩，或者至少有可能趨於平緩。

And you see that in the blue bars here, the darker blue bars on this chart.

您會在此處的藍色條中看到，這張圖表上較深的藍色條。

And we see that happening in the years ahead, and this is a pattern we've seen in other Gs before.

我們看到未來幾年會發生這種情況，這是我們之前在其他 Gs 中看到的一種模式。

But I would also say that the previous generations of mobile technology really only addressed the consumer market.

但我還要說，前幾代移動技術實際上只針對消費市場。

What is actually different with 5G is that it's also addressing enterprise needs, and it was actually designed to fulfill enterprise needs.

5G真正不同的是它也在解決企業需求，它實際上是為了滿足企業需求而設計的。

So we believe that is going to drive traffic into the networks and actually provide a much longer investment cycle in the networks, but it will also start to open up for new segments to be attacked with mobile communication.

因此，我們相信這將推動流量進入網絡，並實際上為網絡提供更長的投資週期，但它也將開始為移動通信攻擊的新細分市場開闢道路。

So we believe that focusing on maximizing the value in our core mobile networks is the fundamental focus going forward, but we also see that we can make a focused expansion into enterprises.

因此，我們相信專注於最大化我們核心移動網絡的價值是未來的基本重點，但我們也看到我們可以重點擴展到企業。

This will open up higher growth markets as well as new value streams that we can realize here.

這將開闢更高的增長市場以及我們可以在這裡實現的新價值流。

What we see with the new future with 5G is that businesses are increasingly making choices where wireless can be a primary access technology.

我們在 5G 的新未來中看到的是，企業越來越多地選擇無線作為主要接入技術。

This is very different, and we believe this opens up new markets for us that could be worth up to USD 25 billion by 2025.

這是非常不同的，我們相信這會為我們開闢新的市場，到 2025 年價值可能高達 250 億美元。

And this is, maybe more importantly, a market that is growing very fast already today, achieving growth rates well above 20% per year.

或許更重要的是，這個市場如今已經發展得非常快，年增長率遠高於 20%。

But it also offers good gross margin as well as operating margin opportunities for us.

但它也為我們提供了良好的毛利率和營業利潤機會。

The last 18 months, we have seen the importance of mobile network to manage during the COVID situation.

在過去的 18 個月裡，我們已經看到了在 COVID 情況下管理移動網絡的重要性。

And mobile networks now play a key role in societies as well as allowing many people around the world to work remotely.

移動網絡現在在社會中發揮著關鍵作用，並允許世界各地的許多人遠程工作。

But there is no question that with 5G, we're lifting the performance to a completely new level, where we will have much higher bandwidth, lower latency and much higher capacity.

但毫無疑問，我們將通過 5G 將性能提升到一個全新的水平，屆時我們將擁有更高的帶寬、更低的延遲和更高的容量。

And we think that also will offer new opportunities basically to specify quality of service that, in addition to enterprise -- or consumer applications, will start to allow enterprises to take advantage of the wireless networks.

我們認為這也將提供新的機會來指定服務質量，除了企業 - 或消費者應用程序之外，還將開始允許企業利用無線網絡。

We see that we're already being able to unlock value for enterprises with 5G as we can adjust in a way the digital infrastructure based on the needs, and Carl mentioned it already.

我們看到，我們已經能夠通過 5G 為企業釋放價值，因為我們可以根據需要以某種方式調整數字基礎設施，Carl 已經提到了這一點。

We start to see network slicing gaining momentum.

我們開始看到網絡切片獲得動力。

We see orchestration and edge clouds, and that is something we are developing together with leading partners in the whole ecosystem.

我們看到了編排和邊緣雲，這是我們正在與整個生態系統中的領先合作夥伴共同開發的東西。

And we see that we are only at the beginning of that development, and the opportunities are clearly ahead of us.

我們看到我們才剛剛開始發展，機遇顯然就在我們面前。

So we see that there is a long-term value for us that can be captured by being an enabler as well as orchestrator of that ecosystem that's going to come.

因此，我們看到，通過成為即將到來的生態系統的推動者和協調者，我們可以獲得長期價值。

What we also know is that from the 4G experience is that really the developers that develop applications on top of the networks, they're actually realizing value that's multiples of the investments that goes into the network itself.

我們還知道，從 4G 的經驗來看，真正在網絡之上開發應用程序的開發人員，他們實際上正在實現的價值是網絡本身投資的數倍。

And we believe with 5G, that will be even more the case.

我們相信，對於 5G，情況會更是如此。

So let me give a couple of examples.

所以讓我舉幾個例子。

One is, for example, on quality of service where you can have network performance adjusted in real time.

例如，一種是關於服務質量，您可以在其中實時調整網絡性能。

This basically enables us to differentiate the service to customers, recognizing each customer may have different quality needs or performance needs.

這基本上使我們能夠為客戶提供差異化的服務，認識到每個客戶可能有不同的質量需求或性能需求。

Think, for example, telemedicine or think, for example, a sensitive video conference where you need to adjust and rely on very high-quality performance or high-quality networks.

例如，考慮遠程醫療或考慮敏感的視頻會議，您需要在其中調整併依賴非常高質量的性能或高質量的網絡。

I think this is an opportunity for sustainable growth for us, and I'm very excited about driving this strategy into the future.

我認為這對我們來說是一個可持續增長的機會，我很高興能將這一戰略推向未來。

We, of course, are going to see -- that we are already today starting to offer dedicated enterprise offerings.

當然，我們將會看到——我們今天已經開始提供專門的企業產品。

So we have our dedicated networks.

所以我們有我們的專用網絡。

We have mission-critical networks, IoT.

我們有關鍵任務網絡，物聯網。

But we also have, of course, network near solutions.

但我們當然也有網絡附近的解決方案。

And here, one that we're clearly investing in is Cradlepoint.

在這裡，我們顯然正在投資的一個是 Cradlepoint。

It's a network near.

這是附近的網絡。

It, in a way, is grow -- or it helps.

在某種程度上，它正在成長——或者說它有所幫助。

Not only does it provide us with a market opportunity, it actually generates revenues also for the CSPs because with every Cradlepoint installation, there is a network need as well.

它不僅為我們提供了市場機會，而且實際上還為 CSP 帶來了收入，因為每次安裝 Cradlepoint 時，都會有網絡需求。

So we see this to be a win-win together with our CSP customers.

因此，我們認為這與我們的 CSP 客戶是雙贏的。

But we are also very encouraged about the performance we see in those enterprise applications where we can provide very high growth.

但我們也對我們在那些我們可以提供非常高的增長的企業應用程序中看到的性能感到非常鼓舞。

For example, we see Cradlepoint growing very rapidly, following well on our plans.

例如，我們看到 Cradlepoint 發展非常迅速，很好地執行了我們的計劃。

But most importantly, we're also seeing the gross margin performance of that business to contribute to us as a company now.

但最重要的是，我們現在也看到該業務的毛利率表現為我們公司做出了貢獻。

And that shows that, to succeed in the enterprise area, we know already that we need to, of course, build on what we have to develop them organically, but we also need to rely on inorganic opportunities.

這表明，要在企業領域取得成功，我們已經知道，我們當然需要在我們所擁有的基礎上有機地發展它們，但我們也需要依靠無機機會。

And with the capital situation we have, we have the opportunity to make the acquisitions we need to strengthen our offering in enterprises.

憑藉我們現有的資本狀況，我們有機會進行所需的收購，以加強我們在企業中的服務。

But now let's move on to the summary slide.

但現在讓我們轉到摘要幻燈片。

So I'm putting another, I would say, strong quarter to our track record.

因此，我要說的是，我們的業績記錄又是一個強勁的季度。

We continue to be well positioned to take advantage of the market opportunities as 5G continues to be deployed globally.

隨著 5G 繼續在全球部署，我們將繼續處於有利地位，以利用市場機遇。

We continue to take proactive steps to manage the supply situation.

我們繼續採取積極措施來管理供應情況。

But we, of course, had some impact this quarter, and we think it could pose a risk for the fourth quarter.

但我們當然在本季度產生了一些影響，我們認為這可能對第四季度構成風險。

The C-band rollout continues in North America, and that's a key opportunity for our customers and therefore also for us.

C 波段在北美繼續推出，這對我們的客戶來說是一個重要的機會，因此對我們來說也是如此。

But based on a very competitive 5G portfolio, we continue to see a path towards winning more 5G contracts as we move along, both in North America and in the world.

但基於極具競爭力的 5G 產品組合，我們繼續看到一條通往贏得更多 5G 合同的道路，無論是在北美還是在全球。

So when we look ahead, we do feel that we're in a good position where we are -- where we can take the next steps strategically.

因此，當我們展望未來時，我們確實覺得我們處於有利的位置——我們可以戰略性地採取下一步行動。

But we're, of course, as an interim step, going to deliver on the 2022 targets as a long term -- as a group target, but we're also very committed to our long-term targets for the group.

但是，當然，作為一個臨時步驟，我們將實現 2022 年的長期目標——作為一個集團目標，但我們也非常致力於實現集團的長期目標。

With that, I give the word back to Mr. Nyquist.

有了這個，我把話還給奈奎斯特先生。

Thank you, Mr. Ekholm for that presentation, and thank you, Carl, for the presentation that was more of a strategic focus.

謝謝 Ekholm 先生的演講，也謝謝 Carl 的演講，更多的是戰略重點。

So with that, we have -- still have 20 minutes and maybe a little bit more to answer your questions here.

因此，我們 - 仍然有 20 分鐘，也許還可以在這裡回答您的問題。

So I would like to give the word to Mark.

所以我想把這個詞告訴馬克。

Can you hear me?

你能聽到我嗎？

(Operator Instructions) Our first question comes from the line of Edward Snyder at Charter Equity Research.

（操作員說明）我們的第一個問題來自 Charter Equity Research 的 Edward Snyder。

Congratulations on the gross margin performance which was very impressive.

祝賀毛利率表現令人印象深刻。

I believe that's the highest we've seen since we started covering Ericsson in 1999, so that's -- I'd like to really commend your turnaround strategy.

我相信這是自 1999 年我們開始報導愛立信以來我們看到的最高水平，所以——我真的很想讚揚你的周轉策略。

I had a question on gross margin.

我對毛利率有疑問。

As the mix of 5G deployment skews even further from China, especially towards North America, why shouldn't we put an upward -- why shouldn't that put upward pressure on margins?

由於 5G 部署的組合從中國進一步傾斜，尤其是向北美傾斜，為什麼我們不應該提高——為什麼不應該對利潤率施加上行壓力？

Your 5G systems have a higher software content than past systems, and your chip strategy has proven more successful than any of your competitors.

你們的 5G 系統比過去的系統有更高的軟件含量，你們的芯片策略被證明比任何競爭對手都更成功。

So I'm just curious about why coverage projects wouldn't run close to these levels and then densification perhaps raise them further.

所以我很好奇為什麼覆蓋項目不會接近這些水平，然後緻密化可能會進一步提高它們。

And then I have a follow-up.

然後我有一個後續行動。

Do you want to take it?

你想拿嗎？

Yes.

是的。

I think we're seeing in the gross margin -- thank you for your comments, by the way, on the gross margin.

我認為我們看到了毛利率——順便說一下，感謝您對毛利率的評論。

And what we're seeing is the fruit of the whole strategy and the entire work we have put in actually since 2017, I would say.

我們看到的是整個戰略的成果以及我們自 2017 年以來實際投入的全部工作，我想說。

I mean, investing in leading technology, that's gaining us market share, and that's also now translating in an ever-improved gross margin.

我的意思是，投資於領先的技術，這讓我們獲得了市場份額，現在也轉化為不斷提高的毛利率。

And I think our job is to obviously continue on that path and continue to design costs out of our product, at the same time, make it more and more attractive for customers to win further share.

而且我認為我們的工作顯然是繼續沿著這條道路前進，並繼續從我們的產品中設計成本，同時使其對客戶越來越有吸引力，以贏得更多份額。

Yes, I would only say thanks, again, as Carl said, for your comment first.

是的，正如 Carl 所說，我首先要再次感謝您的評論。

Now we have spent quite a big effort in actually, in a way, removing the exposure to business mix a bit.

現在，我們實際上已經付出了相當大的努力，在某種程度上消除了對業務組合的影響。

But what you see early in the cycle is, of course, more hardware.

但是你在周期的早期看到的當然是更多的硬件。

So we do believe there is -- we're quite comfortable about the future gross margin development, I would say, and see that to be providing an attractive basis for our future performance, clearly.

所以我們確實相信 - 我們對未來的毛利率發展感到非常滿意，我會說，並且清楚地看到這為我們未來的業績提供了一個有吸引力的基礎。

Great.

偉大的。

And then you've mentioned that the IPR annual run rate would be around $7 -- SEK 7 billion for existing contracts.

然後你提到 IPR 年運行率約為 7 美元——現有合同為 70 億瑞典克朗。

Is it possible to get back to SEK 10 billion without China?

沒有中國有可能回到100億瑞典克朗嗎？

Or should we expect this just to remain where it is until some other resolutions should occur there?

還是我們應該期望它保持原樣，直到那裡出現其他一些決議？

And then if you could please remind us the foreign exchange impact or your exposure to the U.S. dollar.

然後，如果可以的話，請提醒我們外匯影響或您對美元的敞口。

If all else is held constant, what would -- what should we expect for, say, a 10% decline in the dollar?

如果其他一切都保持不變，我們應該期待什麼，比如說，美元貶值 10%？

What would that do to revenue and cost?

這會對收入和成本產生什麼影響？

If we start on the IPR, and then Carl comments on the sensitivity to currency.

如果我們從 IPR 開始，然後 Carl 評論對貨幣的敏感性。

The -- we're -- let's not speculate about how future contracts are going to look like.

我們——我們不要猜測未來的合同會是什麼樣子。

So we'll communicate once we know how they will be and when we have landed them.

因此，一旦我們知道它們將如何以及何時降落它們，我們就會進行溝通。

But clearly, we're very -- we have a strong portfolio.

但很明顯，我們非常 - 我們擁有強大的投資組合。

We have a good IPR portfolio that allows us to negotiate with the license partners, and hopefully, we can realize a good value going forward.

我們擁有良好的知識產權組合，使我們能夠與許可合作夥伴進行談判，希望我們能夠在未來實現良好的價值。

That's at least our ambition.

這至少是我們的抱負。

But let's not go into the details yet.

但是，我們先不談細節。

Right.

正確的。

And on FX, if we -- at least if we generalize a bit, our rule of thumb is that 10% change in the U.S. dollar-SEK rate translates into about 5 percentage on -- 5% on top line and 1 percentage point on EBIT.

在外匯方面，如果我們——至少如果我們稍微概括一下，我們的經驗法則是美元兌瑞典克朗匯率 10% 的變化轉化為大約 5 個百分點——頂線 5% 和 1 個百分點息稅前利潤。

Now this quarter, the impact was not that large from currency.

現在本季度，貨幣的影響並不大。

Previous quarters, we have seen a quite more dramatic change, of course.

當然，在前幾個季度，我們看到了更為顯著的變化。

Great.

偉大的。

Thanks, Ed, for those questions.

埃德，謝謝你提出這些問題。

We'll move to the next question, which is from Aleksander Peterc at Societe Generale.

我們將轉到下一個問題，該問題來自法國興業銀行的 Aleksander Peterc。

Yes.

是的。

I just have a question on the supply chain risks that you see.

我只是有一個關於你看到的供應鏈風險的問題。

I'd just like to understand what kind of visibility you have for the supply chain.

我只想了解您對供應鏈的可見性。

Do you have good visibility for the next, let's say, 3 months, and so you might have some impact, but nothing really, really major?

在接下來的 3 個月裡，你是否有很好的知名度，所以你可能會產生一些影響，但沒什麼大不了的？

And then if you could maybe give a bit more detail on what you're missing exactly in terms of components.

然後，如果你能提供更多關於你在組件方面缺少的東西的細節。

Or is it logistics rather that is a problem?

或者是物流而不是問題？

And does that also lead to any tangible increase in your input costs?

這是否也會導致您的投入成本明顯增加？

And if so, can that affect your gross margins or your pricing going forward?

如果是這樣，這會影響您的毛利率或您未來的定價嗎？

Now what we see during the end of the third quarter is, actually, it's individual components that's been missing.

現在我們在第三季度末看到的是，實際上，它是缺失的單個組件。

So that has, in a way, driven up our WIP inventory and resulted in some lost sales basically.

因此，在某種程度上，這推高了我們的 WIP 庫存，並基本上導致了一些銷售損失。

That's what happened.

事情就是這樣。

We think these are disturbances that could happen.

我們認為這些是可能發生的干擾。

I wouldn't exaggerate them because we have reasonably good visibility, and we have quite good management of the supply chain.

我不會誇大它們，因為我們有相當好的知名度，而且我們對供應鏈有很好的管理。

But these were, late in the quarters, decommits that resulted in this disturbance.

但是，在季度後期，這些人退役導致了這場騷亂。

I wouldn't exaggerate the risk going forward, but it posed some threat, put it that way.

我不會誇大未來的風險，但它構成了一些威脅，這麼說吧。

It's very hard to tell you exactly how Q4 is going to look now, but we feel quite comfortable about our supply situation going into the quarter.

很難準確地告訴您現在第四季度的情況，但我們對本季度的供應情況感到非常滿意。

If you look at logistics costs, et cetera, we -- of course, you have some upward pressure there.

如果你看看物流成本等等，我們——當然，你在那裡有一些上行壓力。

But we also think those are manageable as we see today.

但我們也認為，正如我們今天所看到的那樣，這些都是可控的。

It's -- we're actually benefiting a bit from our supply chain, which we have created with some flexibility with some new facilities around the world to reduce our exposure a bit to logistics costs.

它是 - 我們實際上從我們的供應鏈中受益，我們在世界各地的一些新設施中以一定的靈活性創建了供應鏈，以減少我們在物流成本方面的風險。

But of course, we need to always be vigilant at how we manage our cost structure and manage our deliveries to customers.

但是，當然，我們需要始終警惕我們如何管理我們的成本結構和管理我們對客戶的交付。

But so far, that has had some but very limited impact on our margins, and we kind of absorb that in the margins actually.

但到目前為止，這對我們的利潤率產生了一些但非常有限的影響，我們實際上在利潤率中吸收了它。

And you see they are developing quite well anyway.

而且您會看到它們無論如何都發展得很好。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you.

謝謝你。

We'll move to Francois Bouvignies from UBS.

我們將從 UBS 調到 Francois Bouvignies。

So my first question is on the global RAN market that you expect or maybe Dell'Oro expect to grow 2% in 2022 and 3% excluding China.

所以我的第一個問題是關於全球 RAN 市場，你預計或者 Dell'Oro 預計 2022 年將增長 2%，不包括中國則增長 3%。

So what I wanted to ask you is how you feel Ericsson can be versus this target today.

所以我想問你的是，你覺得愛立信今天能達到這個目標。

And we saw a stronger market in the U.S., obviously, in the last 6 months with twice your upgraded -- your numbers for '21.

我們在美國看到了一個更強勁的市場，顯然，在過去的 6 個月裡，你升級了兩倍——你 21 年的數字。

So how much do you think is a pull-in?

那麼你認為多少是拉入？

Or is it something that also the strong market that you see towards the end of the year is also going to translate into 2022?

還是您在年底看到的強勁市場也將轉化為 2022 年？

So just like to clarify a bit on the 2022 outlook and how Ericsson is comparing to.

因此，我想澄清一下 2022 年的前景以及愛立信與之相比的情況。

And my quick follow-up is on the IPR, just a clarification.

我的快速跟進是關於知識產權的，只是一個澄清。

So you have like SEK 2.6 billion this quarter.

所以你本季度有 26 億瑞典克朗。

So how should we think about Q4?

那麼我們應該如何看待Q4呢？

Because I don't understand how much is a one-off or catch-up amount, if you just clarify.

因為我不明白一次性或追加金額是多少，如果你澄清一下。

I'm sorry if I missed it.

如果我錯過了，我很抱歉。

So how much we should think about Q4, please?

那麼我們應該考慮 Q4 多少呢？

You take it.

你拿著吧。

Yes.

是的。

Okay.

好的。

Now on the RAN market, I think, obviously, Dell'Oro expects now, as you said, 2% growth in 2022, 3% excluding China.

現在在 RAN 市場上，我認為，很明顯，正如你所說，Dell'Oro 現在預計 2022 年將增長 2%，不包括中國則增長 3%。

Our ambition remains to grow faster than the market.

我們的目標仍然是比市場增長更快。

And I think we have proven that in the past that we are gaining share.

而且我認為我們在過去已經證明我們正在獲得份額。

And of course, some of the deals that we have won, contracts that we have landed are not yet visible in the sales numbers either.

當然，我們已經贏得的一些交易，我們已經簽訂的合同也沒有在銷售數字中顯示出來。

So that remains to be seen.

所以這還有待觀察。

U.S., of course, being a very big component here.

當然，美國是這裡非常重要的組成部分。

There, we have very good momentum.

在那裡，我們有很好的勢頭。

And as Börje mentioned before, now with the C-band build-outs, we are seeing good CapEx levels from our customers, and we expect that to continue as well.

正如 Börje 之前提到的，現在隨著 C 波段的擴建，我們從客戶那裡看到了良好的資本支出水平，我們預計這種情況也會繼續下去。

But we have decided to look at the Dell'Oro and talk about the Dell'Oro forecast for the future market development, so we'll stick to that and then try to grow faster than that number.

但我們已經決定看看 Dell'Oro 並討論 Dell'Oro 對未來市場發展的預測，所以我們會堅持這一點，然後嘗試以比這個數字更快的速度增長。

IPR.

知識產權。

On the IPR, yes, so -- and we haven't disclosed exactly the retroactive element there.

在知識產權方面，是的，所以——我們還沒有準確披露那裡的追溯要素。

But as you know, it's SEK 7 billion on an annualized basis.

但如您所知，按年計算為 70 億瑞典克朗。

There is a certain retroactive element here in Q3, but I think that's as far as we can go.

第三季度有一定的追溯因素，但我認為這是我們可以做到的。

So the IPR revenue should come down a little bit from the Q3 numbers because of the retroactive element included in Q3 numbers.

因此，由於第三季度數字中包含追溯因素，知識產權收入應該比第三季度數字略有下降。

I know you -- I just want to comment on -- because I know everybody wants to know a lot more about the details on IPR.

我了解你——我只是想評論——因為我知道每個人都想知道更多關於知識產權的細節。

But there is a commercial element here that we also need to make sure that we maximize the value of the, call it, of our patent portfolio.

但這裡有一個商業因素，我們還需要確保我們最大限度地發揮我們專利組合的價值。

So disclosing too many of the terms in individual contracts just simply gets too sensitive and may actually hurt our ability for the future.

因此，在單個合同中披露太多條款只會變得過於敏感，實際上可能會損害我們未來的能力。

So that's why we're a bit restrictive here but trying to provide a guidance that at least can make you form some sort of opinion about each quarter.

所以這就是為什麼我們在這裡有點限制，但試圖提供一個至少可以讓你對每個季度形成某種意見的指導。

I know it might be a bit unsatisfactory, but it's really to -- it's not for lack of willing, it's actually to try to run a better business.

我知道這可能有點不盡如人意，但它確實是——這不是因為缺乏意願，實際上是為了經營更好的企業。

Thanks, Börje, and thanks, Francois.

謝謝 Börje，也謝謝 Francois。

We will move to Morgan Stanley and Dominik Olszewski.

我們將轉向 Morgan Stanley 和 Dominik Olszewski。

So 2 questions.

所以2個問題。

Firstly, on Digital Services.

首先，關於數字服務。

Could you just talk about what drove better EBIT performance in Q3 specifically?

您能否具體談談是什麼推動了第三季度更好的息稅前利潤表現？

Obviously, a bit better than the comparable performance that you talked about when you were talking about Q2, and Q2 into Q3 being the rough same level of profitability.

顯然，這比你在談論第二季度時所說的可比表現要好一點，而第二季度到第三季度的盈利水平大致相同。

So what was the difference there?

那有什麼區別呢？

Anything in the customer portfolio or product side?

客戶組合或產品方面的任何內容？

And then second question is on Cradlepoint.

然後第二個問題是關於 Cradlepoint 的。

Can you talk about the success so far you've had in basically immediately adding value to that acquisition?

你能談談到目前為止你在基本上立即為收購增加價值方面取得的成功嗎？

One of the elements I remember was going international.

我記得的其中一個要素是走向國際。

And you acquired the company, I think 90% of revenues was in North America.

你收購了這家公司，我認為 90% 的收入都在北美。

So how much success have you had in actually growing that into the rest of the world?

那麼，在將其實際推廣到世界其他地區方面，您取得了多少成功？

And are you still expecting the 25% to 30% top line growth in that business and over 60% gross margins that you talked about before?

您是否仍然期待您之前談到的該業務 25% 至 30% 的收入增長和超過 60% 的毛利率？

I can -- should I tackle the Cradlepoint first and then give you the Digital Services?

我可以——我應該先解決 Cradlepoint，然後再給你數字服務嗎？

Yes.

是的。

So if we look at Cradlepoint, we have started now to gain success in the international markets.

所以如果我們看看 Cradlepoint，我們現在已經開始在國際市場上取得成功。

It's still early in the days, but we're starting to see that to pan out.

現在還為時過早，但我們已經開始看到它的成功。

And the investments we made in SG&A have actually started to contribute today.

我們在 SG&A 方面的投資實際上已經開始在今天做出貢獻。

The gross margin is actually better than what we predicted when we made the acquisition.

毛利率實際上比我們進行收購時的預期要好。

So we are thereby feeling that we are delivering even a little bit better than we had in our own plans a year ago when we made the acquisition.

因此，我們因此感到，我們的交付比一年前進行收購時的計劃要好一點。

We have not disclosed over details here.

我們沒有在這裡透露更多細節。

But as we build out the enterprise, we will, of course, see how we're going to disclose more and more of the activities we do in there.

但是隨著我們建立企業，我們當然會看到我們將如何披露我們在那裡所做的越來越多的活動。

So bear with us a bit there.

所以請耐心等待。

But at least, you can -- we can see that we're going in the right direction, both on top line as well as the bottom line.

但至少，你可以——我們可以看到我們正朝著正確的方向前進，無論是在頂線還是底線。

Growth rates going forward should be at least in what we think the market is.

未來的增長率至少應符合我們對市場的看法。

If the market is 20%, 25%, we believe we should be able to grow a bit faster than that because we can add the value of international exposure as well.

如果市場是 20%、25%，我們相信我們應該能夠比這增長得更快一些，因為我們也可以增加國際曝光的價值。

Good.

好的。

And Dom, on Digital Services, why did it turn out better?

而 Dom，在數字服務方面，為什麼結果更好？

It's a combination actually of higher sales volumes than expected.

它實際上是比預期更高的銷量的組合。

And as you saw, even after the decline in China, we actually grew in that segment with 1%, so that exceeded our expectation.

正如你所看到的，即使在中國市場下滑之後，我們在該領域的增長實際上也達到了 1%，這超出了我們的預期。

And secondly, gross margin was stronger, and that has to do with the software share of sales, which again is exactly in line with our strategy to drive up software, but it came out stronger in this quarter.

其次，毛利率更高，這與軟件在銷售額中所佔份額有關，這也完全符合我們推動軟件增長的戰略，但本季度毛利率更高。

So therefore, we beat the expectations then.

因此，我們當時超出了預期。

It's very encouraging, by the way.

順便說一句，這非常鼓舞人心。

Thanks, Carl.

謝謝，卡爾。

Great.

偉大的。

Are you happy with that, Dom?

你滿意嗎，多姆？

Yes.

是的。

Perfect.

完美的。

We'll move to Daniel Djurberg at Handelsbanken.

我們將轉到 Handelsbanken 的 Daniel Djurberg。

And also, congratulation on a solid gross margin and cash flow, truly impressive.

而且，祝賀穩固的毛利率和現金流，真正令人印象深刻。

I would like to start again on the supply chain constraints that could pose a risk that you mentioned.

我想再次談談您提到的可能帶來風險的供應鏈限制。

And my question is really, if you expect the impact to be lost revenues or more of a deferred revenues into future development or deployment, I should say.

我的問題是，如果您預計影響是收入損失或更多的遞延收入進入未來的開發或部署，我應該說。

That is the first question.

這是第一個問題。

And then if I may, on the Digital Services, your comment that 75% roughly lies outside packet core and also that you took a good momentum here with 30-plus deals on BSS and some 30-plus on OSS so far.

然後，如果我可以的話，關於數字服務，你的評論是 75% 大致位於數據包核心之外，而且你在這裡取得了良好的勢頭，到目前為止，BSS 有 30 多筆交易，OSS 有 30 多筆交易。

But can you comment a little bit on the revenue model for those?

但是你能對這些的收入模式發表一些評論嗎？

Because I just can't see the full impact from those quite high numbers to me at least.

因為至少我看不到那些相當高的數字對我的全部影響。

If you could comment more on what we should expect given the 75% sales being outside of packet core.

考慮到 75% 的銷售額不在數據包核心之外，您能否就我們應該期待的內容髮表更多評論。

And if possible also, a comment on the percentage of OpEx being tilted to those 75% of sales would be great.

如果可能的話，對 OpEx 向這 75% 的銷售額傾斜的百分比發表評論也很好。

That is my questions.

那是我的問題。

I'll take the supply chain.

我會負責供應鏈。

Maybe you take the DGS question, Carl.

卡爾，也許你會回答 DGS 的問題。

Yes.

是的。

So on supply chain, yes, we have seen some disturbances.

所以在供應鏈上，是的，我們看到了一些干擾。

Our ambition is to work with the customer, of course, to make sure that we fulfill their needs.

當然，我們的目標是與客戶合作，確保我們滿足他們的需求。

That's ultimately the only way for us to be successful.

這最終是我們取得成功的唯一途徑。

And if we can do that, it really will end up being delayed sales, and we can realize it later on.

如果我們能做到這一點，它真的會延遲銷售，我們可以稍後實現。

So that's what we're trying to work towards.

這就是我們努力的方向。

But it's always a risk when you have a supply disturbance, that you can't satisfy the customer.

但是當你遇到供應干擾時，你總是有風險，你不能讓客戶滿意。

But we're going to do what we can, and so far, we have not seen that we have lost sales.

但我們將盡我們所能，到目前為止，我們還沒有看到我們失去了銷售。

And our ambition is to keep it that way.

我們的目標是保持這種狀態。

Okay.

好的。

And Daniel, on DGS or Digital Services, yes, I would say when it comes to the revenue models and so on, it's really similar to the rest.

丹尼爾，在 DGS 或數字服務方面，是的，我會說在收入模型等方面，它與其他模型非常相似。

Of course, it's a change towards -- it's a change versus what we had years ago where we went in, for example, in the BSS area, with the services-led scope sometimes a little bit undefined.

當然，這是一種變化——與我們多年前進入的變化相比，例如，在 BSS 領域，服務主導的範圍有時有點不確定。

And as you know, we had more than 40 contracts of that nature that we have now worked hard to get back to a decent profitability level.

如您所知，我們有 40 多份這種性質的合同，我們現在努力工作以恢復到可觀的盈利水平。

Now instead, of course, we lead instead with software with the product.

現在，當然，我們用軟件和產品來領導。

And that goes for all of these categories.

這適用於所有這些類別。

There's a certain element of system integration, of course, in there as well, and we charge as we go.

當然，其中也有一定的系統集成元素，我們邊走邊收費。

But mainly, it's a software business now, and this is also what we're driving for in all of these areas.

但主要是，它現在是一個軟件業務，這也是我們在所有這些領域所追求的目標。

And that's also, as you saw on the graph before, what is going to improve our overall profitability the most.

正如您之前在圖表上看到的那樣，這也是最能提高我們整體盈利能力的因素。

OpEx percentage, I don't have on top of my mind actually, so that I think we can leave that for now, maybe come back to it.

OpEx 百分比，實際上我並沒有想到，所以我認為我們可以暫時離開它，也許會回來。

Sorry.

對不起。

Yes, yes.

是的是的。

May I give a short follow-up on the same topic just on your assumption?

我可以根據您的假設對同一主題進行簡短的跟進嗎？

Thank you for giving this color.

謝謝你給了這個顏色。

But can you comment on your run rate IPR assumption for Digital Services in 2022?

但是您能否評論一下您對 2022 年數字服務的運行率 IPR 假設？

Is it SEK 7 billion that you talked about?

你說的是70億瑞典克朗嗎？

Or is it something else because of the litigation ongoing?

還是因為正在進行的訴訟是其他原因？

On IPR, what we have said earlier actually is that we assume IPR to stay flat in our business planning activities.

關於知識產權，我們之前所說的實際上是我們假設知識產權在我們的業務規劃活動中保持不變。

So yes.

所以是的。

Great.

偉大的。

Thanks, Daniel.

謝謝，丹尼爾。

And we'll move to the next question.

我們將轉到下一個問題。

I know we're running over the hour, but I will take 2 more questions because we had a little bit of a longer presentation.

我知道我們已經超過一個小時了，但我會再回答 2 個問題，因為我們的演示時間有點長。

So the next one is from Peter Kurt Nielsen at ABG.

下一篇來自 ABG 的 Peter Kurt Nielsen。

Can I just turn towards the sales side, the top line side, please?

我可以轉向銷售方面，頂線方面嗎？

If we look at Networks, even adjusted for the lower sales in China, the organic growth in Networks appears to be a bit below the market growth forecasted for the RAN market sort of overall and even for the regions Europe and North America, and you are talking about gaining market shares, too.

如果我們看一下網絡，即使針對中國較低的銷售額進行調整，網絡的有機增長似乎也略低於整個 RAN 市場甚至歐洲和北美地區的市場增長預測，你是也在談論獲得市場份額。

Could you elaborate a bit on why we're not seeing better sales momentum given the strong overall momentum in the market?

鑑於市場整體勢頭強勁，您能否詳細說明為什麼我們沒有看到更好的銷售勢頭？

And then just referring to your comments about the 3 large contracts in North America, should we expect to see a step-up here from next quarter and next year onwards at least?

然後僅參考您對北美 3 大合同的評論，我們是否應該期望至少從下個季度和明年開始看到這裡的升級？

And if I may add a follow-up on Digital Services, as was highlighted in the previous question, Q3 EBIT loss is significantly lower than you expected 3 months ago.

如果我可以添加數字服務的後續行動，正如上一個問題中強調的那樣，第三季度息稅前利潤損失明顯低於您 3 個月前的預期。

You're still anticipating a breakeven in Q4.

您仍然期待第四季度實現收支平衡。

Why is that given the positive trends?

鑑於積極的趨勢，為什麼會這樣？

Should I start with the second one, Börje?

我應該從第二個開始嗎，Börje？

Yes, you can do that.

是的，你可以這樣做。

Okay.

好的。

Take the third one also.

也拿第三個。

Okay.

好的。

I can take that.

我可以接受。

Yes, on Digital Services, yes, we maintain the guidance there or the anticipation on breakeven in the fourth quarter.

是的，在數字服務方面，是的，我們維持那裡的指導或對第四季度收支平衡的預期。

And the way to look at it, I think, is to look at the second half then that will perform significantly better, thanks to the improvement now that we saw in Q3, but we still maintain the breakeven ambition and guidance for Q4.

我認為，看待它的方式是看下半年的表現，這要歸功於我們在第三季度看到的改善，但我們仍然保持第四季度的盈虧平衡目標和指導。

Look at the full 6 months, and it's then substantially improved.

看看整整6個月，然後有了很大的提高。

And if you take the top line, I think it's a couple of different factors to keep in mind here.

如果你考慮最重要的一點，我認為這裡要記住幾個不同的因素。

One is, of course, the supply chain disturbances we had that have had an impact on network sales in the third quarter.

當然，其中之一是我們遇到的供應鏈干擾對第三季度的網絡銷售產生了影響。

But we should also remember that what we have tried to do is to -- or some part of the gain in footprint have been -- or have very limited attached services.

但我們還應該記住，我們試圖做的是——或者說在足跡方面取得的部分收益已經——或者非常有限的附加服務。

So as we see going forward is that we will have a little bit less of attached services, and thereby, you're going to see sales maybe not developing as fast as necessarily the growth in the underlying market.

因此，正如我們所看到的那樣，我們的附加服務會少一些，因此，您會看到銷售的發展速度可能不會像基礎市場的增長那樣快。

But at the same time, we do believe our product sales is longer term a much more attractive business than selling the services.

但與此同時，我們確實相信，從長遠來看，我們的產品銷售比銷售服務更具吸引力。

So when you look at the growth rate, you need to adjust for that as well.

因此，當您查看增長率時，您也需要對此進行調整。

Great, Peter Kurt.

太好了，彼得庫爾特。

We will actually now move to the last question of this session, and that's Sébastien Sztabowicz from Kepler Cheuvreux.

實際上，我們現在將轉到本次會議的最後一個問題，那就是來自 Kepler Cheuvreux 的 Sébastien Sztabowicz。

Yes.

是的。

One regarding China because your top line is dropping fast and you now plan to attack a little bit the cost base there to protect your margins.

一個是關於中國的，因為你的收入正在快速下降，你現在計劃稍微攻擊那裡的成本基礎以保護你的利潤。

Do you see any opportunity to come back in the country at some point with some additional contracts?

你認為有機會在某個時候帶著一些額外的合同回到這個國家嗎？

That will be the first question.

這將是第一個問題。

And second one is regarding the rise of input cost everywhere in the market, chips, logistic and so on.

第二個是關於市場、芯片、物流等各個方面投入成本的上升。

Do you see any room to increase the price of your base station in some specific contracts in order to protect so much the margins?

為了保護如此多的利潤，您認為在某些特定合同中是否有提高基站價格的空間？

I'd like to think when you lose a contract, the day after, you start to fight to win it back.

我想當你失去一份合同時，第二天，你會開始為贏回它而奮鬥。

The same is the thing with China.

中國的情況也一樣。

I do believe we have a chance to win back the trust to deliver products in the future.

我相信我們有機會贏回信任，在未來交付產品。

So we're focused on regaining that.

所以我們專注於重新獲得它。

But of course, short term, we just simply need to adjust the cost structure to rightsize that as much as we possibly can.

但是，當然，短期內，我們只需要簡單地調整成本結構以盡可能地調整規模。

But we're going to try to be there.

但我們會努力做到這一點。

I think it's important to remember, yes, we see cost pressure upwards, as you indicate.

我認為重要的是要記住，是的，正如您所指出的，我們看到成本壓力上升。

But what we are also seeing as we counterbalance that is actually that we -- this is an industry where it moves very fast on generations as well.

但我們在平衡時也看到的是，實際上我們 - 這是一個在幾代人中發展非常快的行業。

And we're actually introducing new products at a higher pace than we have ever done.

實際上，我們正在以前所未有的速度推出新產品。

That's also a way to combat, call it, input price increases.

這也是對抗投入品價格上漲的一種方式。

So we feel quite comfortable about our gross margin profile and the way we run the business right now.

因此，我們對我們的毛利率狀況和我們目前經營業務的方式感到非常滿意。

Great, Sébastien.

太好了，塞巴斯蒂安。

With that, actually, we had -- that was the last question.

有了這個，實際上，我們有了——這是最後一個問題。

I see I have more questions on the list here.

我看到這裡的列表上還有更多問題。

Please contact the IR team, and we will set up meetings and we can discuss those.

請聯繫 IR 團隊，我們將安排會議進行討論。

But before closing, Börje, maybe a remark from your side.

但在結束之前，Börje，也許是你這邊的評論。

I just want to say that we continue to execute on our strategy.

我只想說，我們將繼續執行我們的戰略。

It is built upon winning in the core mobile network business.

它建立在贏得核心移動網絡業務的基礎之上。

And here, we continue to have a very high intensity on our R&D.

在這裡，我們繼續在研發上保持非常高的強度。

That helps us to do 2 things.

這有助於我們做兩件事。

One is to offer competitive solutions to our customers, but equally important, it also addresses the cost structure, and we can actually continuously become more efficient by investing in R&D.

一是為我們的客戶提供有競爭力的解決方案，但同樣重要的是，它還解決了成本結構問題，我們實際上可以通過投資研發不斷提高效率。

So we feel that with the targets we have committed to for 2022 as well as the long-term targets, we're very comfortable about our ability to deliver on those.

因此，我們認為，根據我們承諾的 2022 年目標以及長期目標，我們對實現這些目標的能力感到非常滿意。

Thank you, Börje, and have a great day.

謝謝你，Börje，祝你有美好的一天。

Thank you, all.

謝謝你們。

Thank you.

謝謝你。