伊頓 (ETN) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Eaton second-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Yan Jin, Senior Vice President, Investor Relations. Please go ahead, sir.

感謝您的支持，歡迎參加伊頓 2025 年第二季收益業績電話會議。（操作員指示）提醒一下，今天的節目正在錄製。現在，我想介紹今天節目的主持人，投資者關係高級副總裁嚴進。先生，請繼續。

Good morning. Thank you all for joining us for Eaton's second-quarter 2025 earnings call. With me today are Paulo Ruis, Chief Executive Officer; and Olivier Leonetti, Executive Vice President and Chief Financial Officer. Our agenda today includes opening remarks by Paulo, then he will turn it over to Oliver, who will highlight the company's performance in the second quarter.

早安.感謝大家參加伊頓 2025 年第二季財報電話會議。今天與我一起的還有執行長 Paulo Ruis 和執行副總裁兼財務長 Olivier Leonetti。我們今天的議程包括 Paulo 的開場白，然後他將把發言權交給 Oliver，Oliver 將重點介紹公司第二季度的業績。

As we have done on our past calls, we'll be taking questions at the end of follows closing commentary. The press release and the presentation we'll go through today have been posted on our website. This presentation, including adjusted earnings per share, free cash flow and other non-GAAP measures. The reconciliation is in the appendix. A webcast of this call is accessible on our website, and it will be available for replay.

正如我們在過去的電話會議中所做的那樣，我們將在結束語結束時回答問題。我們今天要發布的新聞稿和簡報已發佈在我們的網站上。本報告包括調整後的每股盈餘、自由現金流量和其他非公認會計準則指標。對帳表見附錄。本次電話會議的網路直播可在我們的網站上觀看，並可重播。

I would like to remind you that our comments today will include statements related to expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our forecasted projections due to a wide range of risks and uncertainties that are described in our earnings release and the presentation.

我想提醒您，我們今天的評論將包括與公司預期未來業績相關的陳述，因此是前瞻性陳述。由於我們的收益報告和簡報中描述了各種風險和不確定性，我們的實際結果可能與我們的預測有重大差異。

With that, I will turn it over to Paulo.

說完這些，我會把麥克風交給保羅。

Thanks, Yan, and thanks, everyone, for joining us. I'm really pleased with the first half of the year. Our team delivered a strong set of results. Among the Q2 highlights, our adjusted earnings per share were up 8% versus Q2 2024. Our segment margins hit a Q2 record, up 20 basis points versus 2024.

謝謝 Yan，也謝謝大家加入我們。我對今年上半年的表現非常滿意。我們的團隊取得了一系列出色的成果。在第二季的亮點中，我們的調整後每股盈餘較 2024 年第二季成長了 8%。我們的分部利潤率創下第二季的新高，較 2024 年成長了 20 個基點。

Organic growth for the quarter was 8%, driven by growth in the Electrical Americas, Aerospace and Electrical Global. On a rolling 12-month basis, our orders accelerated in Electrical Americas, now up 2% from down 4% last quarter. Our Electrical Americas backlog grew 17% year-over-year, hitting a new all-time record.

本季有機成長率為 8%，主要得益於美洲電氣、航空航天和全球電氣的成長。從連續 12 個月來看，我們在美洲電氣業務的訂單加速成長，目前已從上一季的下降 4% 上漲至 2%。我們的美洲電氣積壓訂單年增 17%，創下歷史新高。

Demand in our Aerospace business remains very strong. We had order growth of 10% on a rolling 12 months basis and a backlog expansion of 16% year-over-year. As a result, our book-to-bill for the combined segments increased to 1.1. And we continue to deliver robust growth in the data center market as well. Our orders jumped approximately 55% and our sales were 50% up versus Q2 2024.

我們的航空航太業務需求仍然非常強勁。我們的訂單量在連續 12 個月內成長了 10%，積壓訂單量較去年同期成長了 16%。因此，我們合併後各部門的訂單出貨比提升至1.1。同時，我們在資料中心市場也持續保持強勁成長。與 2024 年第二季相比，我們的訂單成長了約 55%，銷售額成長了 50%。

A final highlight. We are raising 2025 guidance for organic growth and adjusted EPS at the midpoint. Olivier and I will dive into Q2 and the full year outlook in just a minute. But first, let's go to page 4 to have a conversation about our investments to grow the company.

最後的亮點。我們將提高 2025 年有機成長和調整後每股盈餘的中位數預期。奧利維爾和我將在稍後深入探討第二季和全年展望。但首先，讓我們翻到第 4 頁，討論一下我們為發展公司所做的投資。

So on page 4, I told you at our investor conference in March, we laid our bold new strategy. It's anchored by three pillars: lead, invest and execute for growth. All three are designed to accelerate our growth and create sustained value for our shareholders. Those three pillars also align very well with the key mega-trends we've discussed for the last few years with you.

因此，在第 4 頁，我告訴你們我們在 3 月的投資者會議上製定了大膽的新策略。它由三大支柱支撐：引領、投資和執行以實現成長。這三個目標都是為了加速我們的成長並為我們的股東創造持續的價值。這三大支柱也與我們過去幾年與您討論的關鍵大趨勢非常吻合。

Today, we will focus on the middle pillar: invest for growth. We executed strategic investments this quarter with key acquisitions, breakthrough technologies and transformative partnerships. This momentum is unlocking growth opportunities across our portfolio. So we are accelerating our focus on high-growth and high-margin markets to maximize the opportunities ahead.

今天，我們將重點放在中間支柱：投資促進成長。本季度，我們透過重大收購、突破性技術和變革性合作夥伴關係進行了策略性投資。這一勢頭正在釋放我們整個投資組合的成長機會。因此，我們正在加快關注高成長和高利潤市場，以最大限度地抓住未來的機會。

And let's start with an acquisition on page 5. We signed an agreement in June to acquire Ultra PCS. We are very excited about this deal, and we expect it to close in the first half of 2026. This acquisition strengthens our position in the fast-growing next-generation aerospace and defense markets. It ties in very well with our 2020 acquisition of Cobham Mission Systems.

讓我們從第 5 頁的收購開始。我們於 6 月簽署了收購 Ultra PCS 的協議。我們對這筆交易感到非常興奮，預計它將在 2026 年上半年完成。此次收購鞏固了我們在快速成長的下一代航空航太和國防市場中的地位。這與我們 2020 年收購 Cobham Mission Systems 的計畫非常契合。

Ultra PCS expands our exposure to both increasing global defense, expanding, and expanding European defense market. We anticipate cost and sales synergies, particularly from growing aftermarket services, and securing new program opportunities. We expect this business to post high single digits through low teens growth over the next several years with immediate margin accretion to our Aerospace segment.

Ultra PCS 擴大了我們對全球防禦和歐洲防禦市場的影響力。我們預計成本和銷售將產生協同效應，特別是透過不斷增長的售後服務和獲得新的專案機會。我們預計，未來幾年該業務的成長率將達到高個位數至低十幾個百分點，並立即增加我們航空航天部門的利潤率。

Now moving to slide 6. We highlight our most recent acquisition, Resilient Power Systems. This is a great example of how Eaton is investing through cutting-edge innovation. This is a game changer for our data center customers and other DC power applications.

現在轉到投影片 6。我們重點介紹我們最近的收購，Resilient Power Systems。這是伊頓透過尖端創新進行投資的一個很好的例子。對於我們的資料中心客戶和其他直流電源應用程式來說，這是一個改變遊戲規則的事件。

Resilient makes solid-state transformer technology to replace traditional copper windings. It is a critical building block in the future high-power AI center designs as well as EV charging and battery storage. Our customers see this capability as critical and very critical competitive advantage for us. It will accelerate and simplify the construction of AI data centers. But we're also investing for growth through strategic partnerships.

Resilient 採用固態變壓器技術來取代傳統的銅繞組。它是未來高功率人工智慧中心設計以及電動車充電和電池儲存的關鍵組成部分。我們的客戶認為這種能力對我們來說是至關重要的競爭優勢。它將加速並簡化AI資料中心的建置。但我們也透過策略夥伴關係進行投資以實現成長。

You see three examples here on page 7: NVIDIA, Siemens Energy and ChargePoint. We've partnered with NVIDIA to transform the infrastructure of data centers. NVIDIA understands the design is shipped out and they recognize we are a partner they need. We bring incredible expertise and capabilities in power distribution architecture, including higher-voltage DC power. So we are developing power management solutions for their high-density GPUs and solving other problems in the rack.

您可以在第 7 頁看到三個範例：NVIDIA、Siemens Energy 和 ChargePoint。我們與 NVIDIA 合作改造資料中心的基礎架構。NVIDIA 了解設計已經出貨，他們認識到我們是他們需要的合作夥伴。我們在配電架構方面擁有令人難以置信的專業知識和能力，包括高壓直流電源。因此，我們正在為他們的高密度 GPU 開發電源管理解決方案並解決機架中的其他問題。

We've also joined forces with Siemens Energy. This partnership unlocks opportunities where utilities can't provide enough power to data center operators. In this case, Siemens handles the on-site power generation and Eaton takes care of the modular power distribution. Together, we deliver flexible distributed power with no dependency on the grid, which means shorter project timelines and greater operational flexibility to our customers.

我們也與西門子能源合作。這種合作關係為公用事業公司無法向資料中心營運商提供足夠電力的情況帶來了機會。在這種情況下，西門子負責現場發電，伊頓負責模組化配電。我們共同提供不依賴電網的靈活分散式電力，這意味著更短的專案時間表和更大的營運靈活性。

Finally, we formed a partnership with ChargePoint, a leading EV charging provider. And jointly, we are developing global integrated EV charging, power distribution and software solutions. It enables vehicle electrification at scale.

最後，我們與領先的電動車充電供應商 ChargePoint 建立了合作夥伴關係。我們正在共同開發全球綜合電動車充電、配電和軟體解決方案。它能夠實現車輛大規模電氣化。

Broadly speaking, if I think about the portfolio, I hope you agree that we made strong progress in a short period of time. So we demonstrate a strong commitment and resolve to execute on our portfolio strategy. We'll continue to double down, investing in high-growth and high-margin businesses. And I'm proud of my team that delivered on our short-term commitments and, at the same time, took decisive steps in our portfolio.

廣義上講，如果我考慮投資組合，我希望您同意我們在短時間內取得了長足的進步。因此，我們展現了執行投資組合策略的堅定承諾和決心。我們將繼續加倍投入，投資高成長、高利潤的業務。我為我的團隊感到自豪，他們履行了短期承諾，同時在我們的投資組合中採取了果斷的措施。

Now I will turn it over to Olivier, who will walk us through our financial performance. Olivier?

現在我將把時間交給奧利維爾，他將向我們介紹我們的財務表現。奧利維爾？

Thanks, Paulo. I'll start by providing a brief summary of our Q2 results. We posted 8% organic sales growth, at the high end of our guidance range, driven by broad strength in many of our end markets. We generated record quarterly revenue of $7 billion and expanded margins by 20 basis points to 23.9%. Adjusted EPS of $2.95 increased by 8%, which is at the high end of our guidance range.

謝謝，保羅。我將首先簡要概述我們的第二季業績。我們實現了 8% 的有機銷售額成長，處於預期範圍的高端，這得益於我們眾多終端市場的強勁成長。我們創造了創紀錄的 70 億美元季度收入，利潤率提高了 20 個基點，達到 23.9%。調整後的每股收益為 2.95 美元，成長 8%，處於我們指導範圍的高端。

Now let's move to the segment details. On slide 8, we highlight the Electrical Americas segment. The business continues to execute at a high level and delivered another record quarter. Organic sales growth of 12% was driven primarily by strength in data centers, up about 50%, along with strength in commercial and institutional end markets. This represents the 11th consecutive quarter with 25 or more growth on a 2-year stack basis.

現在讓我們轉到片段細節。在第 8 張投影片上，我們重點介紹了美國電氣部分。該業務繼續保持高水準運行，並再創季度紀錄。有機銷售額成長 12% 主要得益於資料中心的強勁成長（成長約 50%）以及商業和機構終端市場的強勁成長。這是連續第 11 季在兩年疊加基礎上實現 25% 或以上的成長。

Operating margin of 29.5% was down 40 basis points versus prior year due to dilution from offsetting tariffs cost on a dollar basis and higher cost to support growth initiatives. Orders accelerated to up 2% on a trailing 12-month basis, from down 4%, with particular strength in the data centers, up about 55% in the quarter. This represents a strong acceleration with quarterly orders up sequentially by more than 20%.

營業利潤率為 29.5%，較上年下降 40 個基點，原因是以美元為基礎抵消關稅成本的稀釋以及支持增長計劃的成本增加。訂單量在過去 12 個月內加速成長 2%，之前為下降 4%，其中資料中心的訂單量尤為強勁，本季成長了約 55%。這代表著強勁的成長勢頭，季度訂單環比增長超過 20%。

Within the data center space, I highlight that there was particular strength for multi-tenant data center customers, which is consistent with the strategy we communicated earlier this year. Excluding the lumpiness from a large multiyear data center order in Q1 2024, orders for the segment were up 11%, accelerating from 4% last quarter on a rolling 12 months adjusted basis. Data center orders were up 23% on the same basis. Even with record sales, book-to-bill increased to 1.1 with 17% growth in our large $11.4 billion backlog, providing strong visibility for our organic growth in 2025 and beyond.

在資料中心領域，我強調多租戶資料中心客戶具有特別的優勢，這與我們今年稍早傳達的策略一致。不計入 2024 年第一季大型多年期資料中心訂單的影響，該部門的訂單成長了 11%，以滾動 12 個月調整後計算，高於上一季的 4%。資料中心訂單在同一基礎上成長了23%。即使銷售額創下紀錄，訂單出貨比仍升至 1.1，我們的 114 億美元大額訂單量增長了 17%，為我們 2025 年及以後的有機增長提供了強勁的可預見性。

Our major project negotiations pipeline in Q2 was up 31% versus prior year, remaining at a high level, up approximately 60% since Q2 2023. Mega projects to remain strong with 65 project announcements at a value of $333 billion on a year-to-date basis. The US economy mega project backlog is approaching $2.4 billion, up 31% year-over-year.

我們第二季的主要專案談判管道比去年同期成長了 31%，仍處於高位，自 2023 年第二季以來成長了約 60%。大型項目保持強勁勢頭，年初至今已宣布 65 個項目，價值 3,330 億美元。美國經濟大型專案積壓金額接近24億美元，較去年成長31%。

Through Q2, about 50% of the projects have started, which still provides a multiyear runway. The acquisition of Fibrebond closed on April 1, and the business is off a great start in our portfolio, exceeding our initial expectations for the quarter.

截至第二季度，約有 50% 的專案已經啟動，這仍提供了多年的發展空間。Fibrebond 的收購已於 4 月 1 日完成，該業務在我們的投資組合中取得了良好的開端，超出了我們對本季的初步預期。

Now I will summarize the results for our Electrical Global segment. Total growth of 9% included organic growth of 7% and 2 points FX tailwind. We have strength in data center and machine OEM end markets. We saw continued strength in APAC, posting double-digit organic growth, and ongoing recovery in EMEA, up mid-single digits organically.

現在我將總結一下我們全球電氣部門的表現。9% 的總成長包括 7% 的有機成長和 2 個百分點的外匯順風。我們在資料中心和機器 OEM 終端市場擁有實力。我們看到亞太地區持續保持強勁成長，實現了兩位數的有機成長，歐洲、中東和非洲地區也持續復甦，有機成長達到中等個位數。

Operating margin of 20.1% was up 110 basis points over prior year, driven primarily by sales growth and operating efficiencies. Orders were down 1% on a rolling 12-month basis with high single-digit growth in APAC. Backlog increased 1% from prior year, while book-to-bill remain at 1 on a rolling 12 months basis.

營業利益率為 20.1%，較上年成長 110 個基點，主要得益於銷售額成長和營運效率的提升。過去 12 個月，訂單量下降了 1%，其中亞太地區的訂單量呈現高個位數成長。積壓訂單較前一年增加 1%，而訂單出貨比在連續 12 個月內維持在 1。

Before to move to our industrial businesses, I'd like to briefly recap the combined Electrical segment's performance. For Q2, we posted organic growth of 10% and segment margin of 26.3%, which was up 30 basis points over prior year. On a rolling 12-month basis, orders were up 1% and our book-to-bill ratio for our Electrical sector remains above 1. Overall, we are very pleased with the Electrical business' execution in the first half of the year and remain confident in our position for growth going forward.

在談到我們的工業業務之前，我想先簡單回顧一下合併後的電氣部門的表現。第二季度，我們的有機成長率為 10%，分部利潤率為 26.3%，比去年同期成長了 30 個基點。在過去 12 個月內，訂單量增加了 1%，我們電氣部門的訂單出貨比仍然高於 1。整體而言，我們對電氣業務上半年的執行情況非常滿意，並對我們未來的成長地位充滿信心。

Page 11 highlights our Aerospace segment. Organic sales growth of 11% remained at a high level and resulted in all-time record sets. We had growth in all end markets and particular strength in defense and commercial aftermarket. Operating margin expanded by 70 basis points to 22.2%, driven primarily by sales growth.

第 11 頁重點介紹我們的航空航天部門。有機銷售額成長11%，維持高位，創下歷史新高。我們在所有終端市場都實現了成長，尤其是在國防和商業售後市場表現尤為強勁。營業利益率擴大 70 個基點至 22.2%，主要受銷售額成長的推動。

On a rolling 12-month basis, orders increased 10% with growth in all segments and particular strength in defense OEM, up 25%. On a rolling 12-month basis, our book-to-bill for our Aerospace segment remained strong at 1.1%, resulting in a backlog increase of 16% year-over-year and 3% sequentially. Overall, Aerospace posted a solid first half, remains well positioned going forward. And we are very pleased to have signed the agreement to acquire Ultra PCS, as Paulo described.

連續 12 個月，訂單成長了 10%，所有細分市場均實現成長，尤其是國防 OEM 成長了 25%。在過去 12 個月內，我們航空航天部門的訂單出貨比保持強勁，為 1.1%，導致積壓訂單年增 16%，季增 3%。整體而言，航空航太業上半年表現穩健，未來仍保持良好動能。正如 Paulo 所描述的，我們很高興簽署了收購 Ultra PCS 的協議。

Moving to our Vehicle segment on page 12. In the quarter, the business declined by 8% on a total and organic basis, primarily driven by weaknesses in the North America truck market. Despite top line weaknesses, the team managed to deliver solid margins of 17%, up from 15.5% in Q1. On page 13, we show results for our eMobility business. Revenue decreased 4% from 7% lower organic, partially offset by 3% favorable FX. Operating loss was $10 million.

轉到第 12 頁的「車輛」部分。本季度，業務總體和有機下降了 8%，主要原因是北美卡車市場疲軟。儘管營收疲軟，團隊仍成功實現了 17% 的穩健利潤率，高於第一季的 15.5%。第 13 頁展示了我們的 eMobility 業務的成果。收入下降 4%，有機下降 7%，但被 3% 的有利外匯影響部分抵消。營業虧損為 1000 萬美元。

Now I will pass it back to Paulo to go over our market assumptions and guidance.

現在我將把它交還給保羅，讓他討論我們的市場假設和指導。

Thanks, Olivier. Strong results in Q2, and thanks for helping me shaping the portfolio. Moving on the assumptions for the year. Here on page 14 is our view of Eaton's end market growth. We see no material change in our end markets from the last quarter.

謝謝，奧利維爾。第二季業績強勁，感謝您幫助我塑造投資組合。根據今年的假設。第 14 頁是我們對伊頓終端市場成長的看法。我們發現終端市場與上一季相比沒有重大變化。

Most of the end markets are growing fast. The up arrows represent 80% of our revenue, over 80% of our revenue. So we have many paths to growth, and we believe it's sustainable. And we see positive development in data centers and defense aerospace versus past quarter, while the other parts that aren't growing like residential, internal combustion engine, light vehicles and commercial vehicles are the smallest part of the company. We are confident in our end market positioning to deliver differentiated growth this year.

大多數終端市場都在快速成長。向上的箭頭代表我們收入的 80%，超過 80%。因此，我們擁有多種成長途徑，而且我們相信這種成長是可持續的。與上一季相比，我們看到資料中心和國防航空航太領域取得了積極的發展，而住宅、內燃機、輕型汽車和商用車等其他沒有成長的部分是公司最小的部分。我們對我們的終端市場定位充滿信心，今年我們將實現差異化成長。

Here on page 15 is our updated guidance for the year for organic growth and operating margins. Big picture, we are raising our guidance for the year on both. So let's start in the middle column: organic growth. We are increasing our guidance here by 50 basis points to a range of 8.5% to 9.5%. By segment, we have raised Electrical Americas by 50 basis points; Electrical Global by 100 basis points; and Aerospace by 200 basis points. Meanwhile, the growth of Vehicle and eMobility are weaker than prior expectations from challenging market conditions, as you know.

第 15 頁是我們對今年有機成長和營業利潤率的最新指導。總體而言，我們正在提高今年對這兩方面的指導。那麼讓我們從中間一列開始：有機成長。我們將預期提高 50 個基點，至 8.5% 至 9.5% 的範圍。按部門劃分，我們將電氣美洲業務的評級上調了 50 個基點；電氣全球業務的評級上調了 100 個基點；航空航天業務的評級上調了 200 個基點。同時，如您所知，由於市場條件嚴峻，汽車和電動車的成長低於先前的預期。

Now for margin guidance. As you see, our guidance is 24.1% to 24.5%, so it also increased our guidance range by 10 basis points. By segment, we have raised our expectations for both Electrical Americas and Vehicle by 20 basis points, but it's partially offset by lower margins in the eMobility business.

現在討論保證金指導。如您所見，我們的指導範圍是 24.1% 至 24.5%，因此也將我們的指導範圍提高了 10 個基點。按部門劃分，我們將電氣美洲業務和車輛業務的預期均上調了 20 個基點，但這被電動車業務的利潤率下降部分抵消。

Moving to page 16. Here is our outlook for Q3 and our updated guidance for the year. For the upcoming quarter, we see EPS of $3.01 to $3.07, and we see organic growth between 8% and 9%. And the segment operating margins between 24.1% to 24.5%.

翻到第 16 頁。以下是我們對第三季的展望以及對今年的最新指導。對於下一季度，我們預計每股收益將在 3.01 美元至 3.07 美元之間，有機成長率將在 8% 至 9% 之間。該部門營業利益率介於24.1%至24.5%之間。

For the year, we are raising our adjusted EPS guidance to a new range of $11.97 to $12.17. This represents 12% growth in earnings per share at the midpoint. I will close with a quick summary on page 17. We had a great quarter.

我們將今年調整後每股盈餘預期上調至11.97美元至12.17美元的新區間。這代表每股收益中位數成長12%。我將以第 17 頁的簡短總結作為結束。我們度過了一個美好的季度。

Record revenue, segment profit and margins. We see order acceleration, increase in negotiation pipeline and strong growth in our backlog. This gave us the confidence and earnings guidance for 2025. And we invest in our future growth as well as we are uniquely positioned as a growth company with a broad portfolio. Bottom line, we are delivering our financial commitments in 2025, and we are well positioned to deliver on our ambitious 2030 growth plan. We believe our best years are ahead of us.

記錄收入、分部利潤和利潤率。我們看到訂單加速成長、談判管道增加以及積壓訂單強勁成長。這給了我們 2025 年的信心和獲利預測。我們投資於未來的成長，並且我們作為一家擁有廣泛投資組合的成長型公司具有獨特的優勢。總而言之，我們將在 2025 年履行我們的財務承諾，並且我們已準備好實現我們雄心勃勃的 2030 年增長計劃。我們相信，我們最好的年華就在前方。

And with that, we are happy to take your questions now.

現在我們很樂意回答您的問題。

Thanks, Paulo. (Operator Instructions) With that, I will turn it over to our operator to give you guys the instruction.

謝謝，保羅。（操作員指示）有了這個，我將把它交給我們的操作員來給你們指示。

(Operator Instructions) Joe Ritchie, Goldman Sachs.

（操作員指示）高盛的喬·里奇。

Yes. So I want to start on orders. So clearly, like, look, you saw a little bit of a rebound in Electrical Americas orders up this quarter versus down last quarter. I'm just curious, as you think about the rest of the year, what is your expectation for Electrical Americas and Global orders? And then similarly, clearly, your backlog continues to grow, that's giving you some more visibility. If you can touch on the backlog as well, that would be great.

是的。所以我想開始下訂單。很明顯，你看，本季美國電氣訂單量略有反彈，而上一季則有所下降。我只是好奇，當您考慮今年剩餘時間時，您對美國電氣和全球訂單的期望是什麼？同樣，顯然，您的積壓工作繼續增加，這會給您帶來更多的可見度。如果您也能談及積壓問題，那就太好了。

Okay. Thanks, Joe. So we are really -- we had a very strong quarter with orders, strong momentum. And we also see a much stronger negotiation pipeline. So that gives us strong visibility into Q3 orders as well, especially in Electrical Americas.

好的。謝謝喬。所以，我們這個季度的訂單量非常強勁，發展勢頭強勁。我們也看到了更強大的談判管道。因此，這也使我們對第三季的訂單有了很好的了解，尤其是美洲電氣部門的訂單。

So as we have specific projects we are tracking and negotiating today, we expect this trend to continue to accelerate in Q3. And then if you ask about the backlog here, it's still early to call. But based on this performance, we can confidently say that we're going to have a book-to-bill higher than 1 for the year.

因此，由於我們今天正在追蹤和談判具體的項目，我們預計這一趨勢將在第三季繼續加速。如果你詢問這裡的積壓情況，現在下結論還為時過早。但基於這項表現，我們可以自信地說，今年我們的訂單出貨比將高於1。

Great. That's great, Paulo. And if I could maybe just ask a follow-up to what you just said. If you think about like the different end markets, clearly, data centers have been strong. If you backed out your data center orders this specific quarter, we're calculating that like the rest of EA, which was probably down somewhere in like the high single-digit order of magnitude, is that just a function of comp and that strength that you're seeing in 3Q? Are you seeing strength beyond data centers?

偉大的。太棒了，保羅。我是否可以就您剛才說的問題提出後續問題？如果你考慮不同的終端市場，顯然資料中心一直很強大。如果您在本季度取消了資料中心訂單，我們計算得出，與 EA 的其他部分一樣，其下降幅度可能在高個位數數量級左右，這是否只是公司業績和您在第三季度看到的強勁表現的一個函數？您是否看到了資料中心以外的優勢？

Yes. So the answer is yes to both. So if you extract the large Q1 order we had in 2024, the Electrical Americas orders are up 11% on a 12-month basis. So the underlying business is really strong. We always point to 12 months rolling because those big orders can be really lumpy. So that's one reason to say that.

是的。所以答案都是肯定的。因此，如果提取我們在 2024 年第一季的大量訂單，美國電氣訂單將在 12 個月內成長 11%。因此基礎業務確實很強勁。我們總是指出 12 個月的滾動時間，因為那些大訂單可能真的很不穩定。這就是這麼說的一個原因。

And we see also strength in other markets. We're going to see big orders coming out of the data center as well. And we are doing well in commercial institution, and we are also winning in other markets like utilities and so on. So there is more than just data center. But data center with big orders changed to move the middle quite well.

我們也看到其他市場的強勁表現。我們還將看到來自數據中心的大訂單。我們在商業機構領域表現良好，在公用事業等其他市場也取得了成功。因此，不僅僅只有資料中心。但訂單量大的資料中心轉型中台進展相當順利。

[Sabrina Apes], Bank of America.

[Sabrina Apes]，美國銀行。

Is it Andrew Obin. Hello?

是安德魯·奧賓嗎？你好？

Yes. Your line is open.

是的。您的線路已開通。

Yes. It's Andrew Obin. Just the question on Electrical Americas and just generally what's happening with the market share. Do you think Electrical Americas has been gaining market share in the US? And just following up on Joe's question, maybe more granularity, if you are gaining share, at what end markets?

是的。我是安德魯‧奧賓。我只是想問一下有關 Electrical Americas 的問題以及市場份額的整體情況。您認為 Electrical Americas 在美國的市佔率是否正在擴大？繼續回答喬的問題，也許更詳細一點，如果你正在獲得市場份額，那麼在哪些終端市場？

Yes. No, thanks, Andrew, for the question. The short answer is yes, we -- the market data we see today points to market share gains in North America in a number of end markets. And the key proof point, we shared the data center performance, the business grew at 50%, where we estimate the market to be around the low 30s year-over-year. And we believe as we put more capacity online in the second half, that this trend will be favorable, not only towards data center, but other end markets as well.

是的。不，安德魯，謝謝你的提問。簡短的回答是肯定的，我們今天看到的市場數據表明，北美多個終端市場的市場份額都有所增長。關鍵的證明點是我們分享的資料中心效能，業務成長了 50%，而我們估計市場年成長率將在 30% 左右。我們相信，隨著下半年我們投入更多產能，這一趨勢將有利，不僅對資料中心有利，對其他終端市場也有利。

Excellent. And just maybe you highlighted acquisitions and just on data centers: Fibrebond and Resilient. Can you just please recap your data center strategy in regards to both gray space and white space? How do you see it going forward?

出色的。也許您只是強調了收購以及資料中心：Fibrebond 和 Resilient。您能否簡單概括一下您的資料中心關於灰色空間和白色空間的策略？您如何看待未來的發展？

So as you guys know, we pride ourselves to have a broad and deep portfolio for both the gray and the white space, and we have a comprehensive strategy. And our starting point even before those moves was already a very strong one. But we keep strengthening our position as a company, listening to our customers. And we want to help them with the biggest, I would say, pain points they experience today, the biggest bottlenecks. And I can list those bottlenecks to be the power availability, the speed that they have to build the data centers. And also, they're looking at increasing their returns on their capital employed.

正如你們所知，我們很自豪能夠在灰色和白色領域擁有廣泛而深入的投資組合，並且我們擁有全面的策略。在這些措施之前，我們的起點就已經非常穩固了。但我們不斷加強公司地位，傾聽客戶的意見。我們希望幫助他們解決目前遇到的最大痛點和最大的瓶頸。我可以列出的瓶頸包括電力供應、建造資料中心的速度。此外，他們也正在尋求提高資本使用報酬率。

So we are looking always for opportunities to make our customers more successful here. So addressing each one of those, the partnership with Siemens Energy helps with the power bottleneck that I mentioned before. Our Fiberbond acquisition, that means modular solutions for the equipment, addresses two pain points. One is the speed of construction, and the other one is the higher returns on capital. And what I mean by this is that when you use models, you need less specialized craft in the data center itself to build a data center, so it's faster and removes the labor shortages.

因此，我們一直在尋找機會讓我們的客戶取得更大的成功。因此，解決每一個問題，與西門子能源的合作有助於解決我之前提到的電力瓶頸問題。我們收購了 Fiberbond，這意味著設備的模組化解決方案解決了兩個痛點。一是建設速度，二是資本報酬率更高。我的意思是，當你使用模型時，你在資料中心本身需要的專門技術更少，從而可以更快地建立資料中心，並消除勞動力短缺的問題。

And at the same time, when you place those models outside the data center, you increase the space for the service inside. So the revenue per square foot also goes up. So that's the second pain point our customers have, and I think this acquisition covers that.

同時，當您將這些模型放置在資料中心外部時，您就增加了內部服務的空間。因此每平方英尺的收入也會上升。這是我們客戶的第二個痛點，我認為這次收購涵蓋了這一點。

But we also see with the AI adoption that increased power density in the white space will bring a number of opportunities for Eaton to provide sophisticated technology solutions in that space. So we partnered with NVIDIA to help our customers with optimized designs from the chip out. And recently, we also announced the acquisition of Resilient Power. And that put us in a position to offer the C power conversion at scale right from the utility field all the way down to the GPUs. So we have a strong position before, Andrew.

但我們也看到，隨著人工智慧的採用，白色空間中功率密度的提高將為伊頓帶來許多機會，使其能夠在該領域提供先進的技術解決方案。因此，我們與 NVIDIA 合作，幫助我們的客戶從晶片開始優化設計。最近，我們也宣布收購 Resilient Power。這使我們能夠大規模地提供從公用事業領域一直到 GPU 的 C 電源轉換。因此，我們之前的地位很穩固，安德魯。

And I think after those moves, our position is much stronger. And we consider ourselves to be the only company in the data center space. They can go all the way from the utility down to the chip. So if we have a good position before, now it's even stronger.

我認為經過這些舉措之後，我們的地位將會更加強大。我們認為自己是資料中心領域唯一的公司。它們可以從實用程式一直延伸到晶片。因此，如果我們之前的地位很好，那麼現在我們的地位就更加牢固了。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to follow up on Electrical Americas orders, which obviously showed nice sequential improvement. So I understand the company only discloses orders on a trailing 12-month basis. But our math pegged Q2 up maybe in that 25% year-on-year range. So I guess, is this the right ballpark? And it does seem to imply pretty nice order growth outside of data center.

我想跟進 Electrical Americas 的訂單，這顯然顯示出良好的連續改善。因此，據我了解，該公司僅披露過去 12 個月的訂單。但我們的計算表明，第二季的增幅可能在同比增長 25% 左右。所以我猜，這是正確的大概範圍嗎？這似乎確實意味著資料中心以外的訂​​單成長相當不錯。

Yes. So we understand, Chris, that we don't share that. You guys calculate based on the information we share. You're on the right ballpark, it's around 25% growth, accelerating well. And we also see growth in other markets as well, it's not only about data center.

是的。所以我們明白，克里斯，我們不認同這一點。你們根據我們分享的資訊來計算。您的預測是正確的，成長率約為 25%，而且成長勢頭良好。我們也看到其他市場的成長，不只是資料中心。

Yes. To complement on this, and we said it earlier on, we are starting to see also some green shoots in the short cycle that was a headwind to the portfolio starting to turn positive. As we said in our prepared remarks, C&I, commercial and institutions, was -- is very strong, and utility was as well. So you see today many end markets being -- driving growth for our company and the industry.

是的。為了補充這一點，我們之前說過，我們也開始看到短期週期中的一些綠芽，這些綠芽曾經是投資組合的阻力，現在開始變得積極。正如我們在準備好的演講中所說，C&I、商業和機構都非常強大，公用事業也是如此。所以今天你會看到許多終端市場正在推動我們公司和產業的成長。

Appreciate that. And then if you look at the Americas organic guide, it calls for better growth in the back half versus what we got in the first half. Is that just a function of orders getting better? Or is there also maybe some volume unlock from the capacity you guys are adding, or maybe even price realization on the back of the tariff? Can you maybe talk about that, the implied step-up in growth as the year goes on?

非常感謝。如果你看美洲有機指南，你會發現下半年的成長會比上半年更好。這只是訂單變好的結果嗎？或者你們增加的產能是否也會帶來一些產量釋放，甚至可能在關稅的基礎上實現價格上漲？您能否談談隨著時間的推移，經濟成長是否會加速？

Chris, I think that the biggest contributor to the growth in Electrical Americas, the capacity we're putting online in the second half. We announced those investments since a couple of quarters, if not a couple of years, and this capacity is coming online as we speak. In the second half we're going to see most of it for the year. So that's the biggest contributor to the acceleration of growth.

克里斯，我認為對美國電氣業務成長貢獻最大的是我們在下半年投入的產能。我們從幾個季度前，甚至幾年前就宣布了這些投資，而這些產能正在我們所說的時間上線。下半年我們將會看到今年的大部分情況。所以這是加速成長的最大貢獻者。

Jeffrey Sprague, Vertical Research Partners.

傑弗裡·斯普拉格（Jeffrey Sprague），Vertical Research Partners。

I'll come back to Electrical Americas also. Just trying to get my head around the strength in data center, right? I mean if data center and distributed IT are 17% of Eaton, right, that makes it 24% or 25% of Electrical. So it sounds like all the growth really was in data center in the quarter. Can you just maybe speak to that? I get residential was probably weak. Was something else weak offsetting maybe the utility strength? Maybe just unpack those moving pieces for us, if you could.

我也會再次造訪 Electrical Americas。我只是想了解一下資料中心的實力，對嗎？我的意思是，如果資料中心和分散式 IT 佔伊頓的 17%，那麼它就佔電氣的 24% 或 25%。因此聽起來本季所有的成長確實都發生在資料中心。您能談談這個嗎？我認為住宅可能比較弱。是否有其他弱點抵消了實用性優勢？如果可以的話，也許你可以為我們解開那些移動的碎片。

Yes. So first of all, to clarify, the data center data we gave is data -- the pure data center, is not including distributed IT, right? So it's not to take the 17%. And you're right, there is more to it than data center only. We see middle -- high single-digit growth in utilities for the Americas, for example. We see also a recovery in some of the short-cycle businesses we had. So it's not only about data center in this quarter.

是的。那麼首先要澄清的是，我們給的資料中心資料是資料──純資料中心，不包括分散式IT，對嗎？所以不要拿那17%。你說得對，它不僅僅是資料中心。例如，我們看到美洲的公用事業呈現中高個位數成長。我們也看到一些短週期業務正在復甦。因此本季不僅涉及資料中心。

And moving forward to Olivier's point on short cycle, we saw a change not only in revenue quarter-over-quarter where we see the short cycle business turning positive in Q2, but the order is also inflected very positively, especially the OEM -- machinery OEM orders jumped nearly 30% in the quarter. So that, with all of the puts and takes, takes the 12-month basis orders for the short cycle to mid-single digits for the 12 months rolling. So there's more to it.

繼續討論奧利維爾關於短週期的觀點，我們看到不僅收入環比發生了變化，短週期業務在第二季度轉為正值，而且訂單也出現了非常積極的變化，尤其是 OEM——機械 OEM 訂單在本季度增長了近 30%。因此，考慮到所有的投入和產出，短週期的 12 個月基礎訂單量將達到 12 個月滾動的中位數。所以事情還不止於此。

And I would say for the overall company as well, if you look at Aerospace, the Aerospace growth is almost 1/4 of Eaton's growth, right? It's been consistent quarter-over-quarter. And we have a couple of businesses that are actually declining with the market, which are Vehicle and eMobility. So overall, we have different areas of growth, it's aligned with the market, and we are gaining share in most of them.

我想說的是，對於整個公司來說，如果你看一下航空航太業，其成長幾乎是伊頓成長的 1/4，對嗎？每個季度都保持穩定。我們的一些業務實際上正在隨著市場下滑而下滑，即汽車和電動車業務。總體而言，我們有不同的成長領域，與市場保持一致，並且我們在大多數領域都獲得了份額。

Great. And then just on Fiberbond, it looks like revenues are coming in much stronger than you anticipated. I think the trailing 12-month revenues as of February were like $378 million. And now you're run rating, it looks like, [560] or so. So maybe just speak to that, and also specifically, I'm wondering how much Fiberbond backlog came into the backlog number that you shared with us today. There's got to be some acquisitive backlog, I would imagine.

偉大的。僅就 Fiberbond 而言，看起來收入比您預期的要強勁得多。我認為截至 2 月的過去 12 個月收入約為 3.78 億美元。現在你的跑壘評分看起來是 [560] 左右。所以也許只是談談這一點，具體來說，我想知道您今天與我們分享的積壓訂單數量中有多少是 Fiberbond 積壓訂單。我想，肯定存在一些收購積壓。

Yes. So first of all, we are really happy with Fibrebond. They're executing really well. So we are confident that we can get more volume out of that facility. So this is the reason why we increased the outlook.

是的。首先，我們對 Fibrebond 非常滿意。他們的表現確實很好。因此我們有信心從該設施獲得更多產量。這就是我們提高展望的原因。

And they're also winning new businesses. They're winning new orders because the value proposition, to my earlier point, is a strong one for data center operator. So it's really well done. The process is going well. The integration is going well. They're performing at a high level.

他們還贏得了新的業務。他們贏得了新訂單，因為正如我之前所說，價值主張對於資料中心營運商來說非常強大。所以這確實做得很好。整個過程進展順利。整合進展順利。他們的表現非常高水準。

And then if you think about, the second part of your question, if you think about the other areas of growth here, on the backlog, we disclosed the backlog growth being organic. So when you talk about the backlog growth for Americas, it's the organic number. And then Fibrebond brings other $1.2 billion on top of it.

然後，如果您考慮問題的第二部分，如果您考慮這裡的其他成長領域，關於積壓訂單，我們揭露積壓訂單成長是有機的。因此，當您談論美洲的積壓訂單增長時，這是一個有機數字。然後，Fibrebond 又帶來了另外 12 億美元。

And on Fibrebond, we have been working on this acquisition for a period of time. So we have integrated Fibrebond as part of our go-to-market. So it starts to be difficult today to differentiate Fibrebond alone to Fibrebond within Eaton Electrical America. So the lines are starting to be very, very blurred.

關於 Fibrebond，我們已經為這次收購工作了一段時間。因此，我們將 Fibrebond 作為我們行銷的一部分。因此，如今在伊頓電氣美國公司內部，將 Fibrebond 與單獨的 Fibrebond 區分開來開始變得困難。因此界線開始變得非常非常模糊。

Steve Tusa, JPMorgan.

摩根大通的史蒂夫·圖薩。

Sorry, what was that EA backlog organic again, first of all? And then secondarily, I think on an organic basis, your TTM for total Electrical orders was still down modestly. Do you expect that to go positive in the next couple of quarters?

抱歉，首先，EA 積壓有機物是什麼？其次，我認為從有機角度來看，你們的電氣訂單總量的 TTM 仍然略有下降。您預計未來幾季情況會轉好嗎？

So first of all, the backlog question you raised, it's 17% for Electrical Americas, the growth.

首先，您提出的積壓問題，Electrical Americas 的成長率是 17%。

That's organic?

那是有機的嗎？

Total backlog.

總積壓。

That's total, includes the Fibrebond we talked about, Steve.

這就是總數，包括我們談到的 Fibrebond，史蒂夫。

Got it. Yes, that makes sense. Sorry, go ahead.

知道了。是的，這很有道理。抱歉，請繼續。

Yes. And then what was your second part of your question again?

是的。那麼你的問題的第二部分是什麼？

Yes. I think we have the total TTM for Electrical, total Electrical, down modestly on an organic basis in the quarter. Do you expect that to go positive in the next couple of quarters? TTM.

是的。我認為本季電氣業務的總 TTM、整體電氣業務在有機基礎上略有下降。您預計未來幾季情況會轉好嗎？順暢。

Are you talking about orders?

您是在談論訂單嗎？

Yes. Total Electrical orders, Global and Americas?

是的。全球和美洲的電氣訂單總額？

We do not see today, if you look on the TTM basis, 12 months, the orders stand positive for the total sector. And for Electrical Americas, they were up 2%, when they were in the prior quarter on the same basis down 4%, Steve.

今天我們看不到，如果以 TTM 為基礎，12 個月來看，整個產業的訂單都是正面的。而對於 Electrical Americas 來說，他們的股價上漲了 2%，而上一季則在同樣的基礎上下跌了 4%，史蒂夫。

Okay. So you're already comping positive on an organic basis. TTM is your --

好的。因此，您已經在有機基礎上獲得了積極的回報。TTM 是您的--

Yes.

是的。

Sorry, it's a little bit tough to tease out. And then just secondarily, in the second half, are we seeing the impact of that production step-up in 3 and 4Q? And then how does that play into next year? I know you guys have added capacity. You announced, I don't know, 12 to 18 months ago, and I think you said second half of '25 you should start to see some of that. Are we seeing that play through at this stage, in the guide?

抱歉，這個問題有點難以解答。其次，在下半年，我們是否看到了第三季和第四季產量提升的影響？那麼這對明年有何影響？我知道你們已經增加容量了。我不知道，您是在 12 到 18 個月前宣布的，我認為您說過 25 年下半年您應該會開始看到其中的一些。我們是否在指南中的這個階段看到了該表演？

Yes. Yes. So it's reflected in the guide. It supports the sequential growth of the company, and the projects are going well. The expansion projects are going well. A good way to think about it, we have around a dozen projects that are ongoing. Six of them, the construction is done. We are ramping it up in the second half, with all the initial difficulties to put new operations running. But it's going really well.

是的。是的。所以它反映在指南中。它支持了公司的連續成長，並且專案進展順利。擴建工程進展順利。一個很好的思考方式是，我們有大約十幾個項目正在進行中。其中六個，已完工。儘管新業務的啟動初期會遇到許多困難，但我們下半年仍將加強。但一切進展順利。

And then we're going to have, beyond '25, moving to '26 and beyond other six projects, they're going to add to the top line as well. So that's a good way to think about it. So the answer is yes. We have new capacity coming in. Projects are on track. And we have more to come towards next years.

然後，我們將在 25 年後、26 年以及其他六個項目之後，將這些項目也加入到營收中。這是一個很好的思考方式。所以答案是肯定的。我們有新的產能投入。項目正在按計劃進行。明年我們還將推出更多產品。

Nigel Coe, Wolfe Research.

沃爾夫研究公司的奈傑爾·科伊。

Most of my questions have been answered. But in terms of the capacity coming online, obviously, you talked about investing and the tariff offsets to the two factors in the EA margin. So I'm wondering, are you absorbing a lot of the capacity ramp costs today? And therefore, as you start shipping out the capacity, you start getting better operating leverage? Or are there additional costs that will come when you increase that capacity in the second half of this year?

我的大部分問題都已得到解答。但就上線產能而言，顯然您談到了投資和關稅抵銷對 EA 利潤率的兩個因素的影響。所以我想知道，您今天是否承擔了大量產能提升成本？因此，當您開始運出產能時，您是否開始獲得更好的營運槓桿？或是今年下半年增加產能時會產生額外成本？

The answer is yes. As I mentioned a second ago, we are ramping up six different facilities in Electrical Americas. So we are dealing with those inefficiencies as we speak. And as that normalizes, those inefficiencies will go away and then we can print better results coming out of those plants. I don't know if you want to add anything.

答案是肯定的。正如我剛才提到的，我們正在美洲電氣公司擴建六個不同的設施。因此，我們正在處理這些低效率的問題。隨著這種情況的正常化，這些低效率現象將會消失，然後我們就可以從這些工廠生產出更好的結果。我不知道您是否想添加任何內容。

Yes. And we have always asked this question, what is the impact of those? We are also investing in go-to-market capabilities based upon the exciting end markets we are facing. We see today due to the ramping of the investments about 1 point of margin headwind in Electrical America today.

是的。我們一直在問這個問題：這些會產生什麼影響？我們還根據我們面臨的令人興奮的終端市場，對進入市場的能力進行投資。今天我們看到，由於投資增加，美國電氣公司的利潤率面臨約 1 個百分點的逆風。

100 basis points.

100個基點。

100 basis points. Okay, that's material. Is that peak pressure? Or does that live with us now for the next 12 months? And then as you start to get better absorption, we start to get that leverage?

100個基點。好的，這是材料。那是峰值壓力嗎？或者說這種情況會持續到未來的 12 個月嗎？然後，當你開始獲得更好的吸收時，我們就開始獲得這種槓桿作用了？

We would expect the leverage to be better probably next year, not earlier, Nigel.

我們預計槓桿率可能會在明年變得更好，而不是更早，奈傑爾。

Okay. Great. And then a quick one on the ERP investments. I think that's the major driver of the corporate expense increasing. So just maybe talk about where are we today on the IT systems? What is the end-state of what you want to achieve? And is this a multiyear investment cycle or something that's short in duration?

好的。偉大的。然後簡單介紹一下 ERP 投資。我認為這是企業費用增加的主要驅動因素。那麼我們能否談談我們目前的 IT 系統處於什麼位置？您想要達到的最終目標是什麼？這是一個多年的投資週期還是短期投資週期？

Yes. So you're talking about the below line items, correct? So let me take a step back and give the bigger picture here. So first of all, we see increase in the corporate costs due to the M&A activity we have because, first of all, we have higher interest expenses coming from the commercial papers. This is one reason.

是的。所以您說的是下面的項目，對嗎？因此，讓我退一步來看看更大的圖景。首先，我們看到由於我們的併購活動導致企業成本增加，因為首先，我們的商業票據的利息支出更高。這是一個原因。

The second one is that we also would have smaller cash balances due to the acquisitions. So we have lost also some interest in the new guidance. That's another way to think about it. And finally, to the back of your question, we decided to double down and accelerate AI investments in the company. So we are launching tools to improve front end.

第二，由於收購，我們的現金餘額也會減少。因此，我們對新指南也失去了一些興趣。這是另一種思考方式。最後，回到您問題的背面，我們決定加倍並加速公司對人工智慧的投資。因此我們正在推出工具來改進前端。

So think about Electrical Americas the way we interact with distributors and our customers, our supply chains across the whole company, and modernizing systems for our factories as well. We believe this will pay back in spades as we grow our top line in the next years to come. And we work to manage the cost growth more effectively by having those tools. So this is one reason.

因此，請考慮 Electrical Americas，我​​們與經銷商和客戶的互動方式、整個公司的供應鏈以及工廠的現代化系統。我們相信，隨著未來幾年我們營業額的成長，這將帶來豐厚的回報。我們利用這些工具來更有效地管理成本成長。這是一個原因。

And the other way to think about it is, if you look at the above-the-line segment performance, it's very solid, right? We have $0.25 beat on average here. So instead of letting all this $0.25 flow to the bottom line, we are redeploying this into investments for our growth, because we see sustained growth not only this year but in years to come.

另一種思考方式是，如果你看一下上述細分市場的表現，它非常穩健，對嗎？我們這裡平均超出 0.25 美元。因此，我們不會將這 0.25 美元全部投入到利潤中，而是將其重新部署到成長投資中，因為我們不僅看到今年的持續成長，而且看到未來幾年的持續成長。

And to answer to the second part of your question, Nigel, this is a short-term investment, which shouldn't flow into 2026.

回答你問題的第二部分，奈傑爾，這是一項短期投資，不會持續到 2026 年。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Good color on the expenses coming in because that's key and the scale and the mix and stuff. But which segues into my question, which is, can you get to 40% gross margin once that capacity scales up and ERP spend trails down and such? Is that a KPI that you guys are looking at?

支出狀況的顏色很好，因為這是關鍵，還有規模、組合等等。但這又引出了我的問題，一旦產能擴大、ERP 支出減少等等，您能獲得 40% 的毛利率嗎？這是你們正在關注的 KPI 嗎？

No. I mean we gave you a long-term guide. As we discussed during our Investor Day, we said to you that we would increase margin by about 4 points -- 400 basis points over the planning period. There is no indication today that we do not have line of sight of those numbers, Scott.

不。我的意思是我們為您提供了長期指南。正如我們在投資者日期間所討論的那樣，我們告訴過您，我們將在規劃期間將利潤率提高約 4 個點——400 個基點。斯科特，今天沒有跡象表明我們無法了解這些數字。

Yes. No, no, understand, Olivier. I think what I'm getting at though is certainly on the operating leverage -- or operating profit line. I'm just wondering the puts and takes of how much of that can you get on gross margin versus operating margin.

是的。不，不，明白嗎，奧利維爾。我認為我要說的肯定是經營槓桿——或者經營利潤線。我只是想知道毛利率和營業利潤率之間的利弊。

Yes. I mean today, we are planning indeed to be close to 40% in gross margin. And we are today including that in our guide. You will see a ramp being included in the second half of this year. And yes, this is where I will -- the way I would comment on it, Scott.

是的。我的意思是今天我們確實計劃將毛利率控制在接近 40% 的水平。今天我們將其納入我們的指南中。您將在今年下半年看到坡道的建成。是的，這就是我對此發表評論的方式，斯科特。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Nicole, you might have your phone on mute.

妮可，你的手機可能靜音了。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

I just want to go back to the new capacity that's coming online. Can you remind us like in size order of which products capacity is coming on? I would imagine transformers is the biggest investment. But just if you could size us, that would be great.

我只是想回到即將上線的新容量。您能否提醒我們按尺寸順序哪些產品的產能即將到來？我認為《變形金剛》才是最大的投資。但如果你能告訴我們規模，那就太好了。

Yes. So it's not only about transformers. Includes transformers as well, but we're also expanding capacity in switch gear. And we also are looking at utility equipment like voltage regulators as well. So those are the three biggest for the second half. But then we're going to have more coming into the next couple of years, especially on the data center, UPS side, et cetera.

是的。所以這不僅與變壓器有關。也包括變壓器，但我們也在擴大開關設備的容量。我們也在研究電壓調節器等公用設備。所以這是下半年最重要的三件事。但未來幾年我們還將有更多業務，特別是在資料中心、UPS 方面等等。

And if we were thinking your transformer backlog has extended, this is pre-capacity adds, has extended to up to four years, how far do you think that backlog, how much does it come down and normalize based upon this new capacity?

如果我們認為您的變壓器積壓已經延長，這是預先增加的容量，已經延長到四年，您認為積壓程度如何，根據這一新容量，它會下降多少並正常化？

Yes. What we do see now, we are offering lower lead times to our customers. On the lower range of the transformers, we could reduce more the lead times. As you go up the bigger transformers, it's still very long. So this is where we are tackling.

是的。我們現在看到的是，我們為客戶提供了更短的交貨時間。在變壓器的較低範圍內，我們可以減少更多的交貨時間。當你使用更大的變壓器時，它仍然很長。這就是我們正在解決的問題。

But more than thinking about a linear one-to-one approach, what I wanted to invite to think about is that we have differentiated solutions. We have actually a three-in-a-box solution that a couple of our hyperscalers standardized their data centers around it. So we're going to actually are running behind, we are catching on the orders trend that we have. So we don't see necessarily that the backlog will materially go down, at least in the second half of this year, because we see the orders coming in.

但除了考慮線性的一對一方法之外，我更想請大家思考的是，我們有差異化的解決方案。我們實際上有一個三合一解決方案，我們的一些超大規模企業圍繞著它標準化了他們的資料中心。因此，我們實際上會落後，我們正在趕上我們擁有的訂單趨勢。因此，我們認為積壓訂單量不一定會大幅下降，至少在今年下半年不會，因為我們看到訂單不斷湧入。

Nicole DeBlase, Deutsche Bank.

妮可‧德布拉斯 (Nicole DeBlase)，德意志銀行。

Can you hear me now? Sorry about that headset troubles. I would like to start with Electrical Global margins. I thought the margin performance was pretty impressive in the quarter, north of 20%. Just curious why you guys didn't opt to raise the full year. It does imply a bit of a step-down in the second half.

現在你能聽到我說話嗎？很抱歉耳機出了問題。我想從電氣全球利潤開始。我認為本季的利潤率表現相當令人印象深刻，超過 20%。只是好奇為什麼你們不選擇全年進步。這確實意味著下半年會出現一些下滑。

Yes. I mean we want to be prudent. We are pleased with the performance of Electrical Global, not only from a revenue standpoint, but from a margin standpoint as well. Over time, we want Electrical Global margin to go up and to get closer to ESA. We're looking at portfolio actions.

是的。我的意思是我們要謹慎行事。我們對 Electrical Global 的表現感到滿意，不僅從收入角度，而且從利潤率角度也是如此。隨著時間的推移，我們希望 Electrical Global 的利潤率能夠上升並更接近 ESA。我們正在關注投資組合行動。

Most of the restructuring program for the business is going to impact Global, Europe being the bulk of it. And we're looking also at ways to simplify the business. So we believe the margin is going to keep increasing in Global, but we wanted to be prudent in the second half of the year.

大部分業務重組計劃將影響全球，其中歐洲是主要影響區域。我們也在尋找簡化業務的方法。因此，我們相信全球利潤率將繼續成長，但我們希望在下半年保持謹慎。

Okay. Totally understood. Thanks, Olivier. And then sticking with Electrical Global, can you guys talk a little bit about what you're seeing in the pipeline there? Any step-up in activity in Europe in particular? And it does sound like Asia has been pretty strong.

好的。完全理解。謝謝，奧利維爾。然後繼續談論 Electrical Global，你們能否談談你們在那裡看到的管道情況？歐洲的活動是否有增加？聽起來亞洲確實表現相當強勁。

Yes. So Asia continued to perform at a very high level, Nicole. We're talking about double-digit growth. And if you look at the European business, we start to get traction on orders on data centers in an interesting way. And the traditional business of the European group is around short cycle, right? And we see here green shoots, right? I quoted before this inflection in orders in Q2. So that is a good sign as well.

是的。所以亞洲繼續保持非常高的水平，妮可。我們談論的是兩位數的成長。如果你看一下歐洲業務，你會發現我們開始以一種有趣的方式獲得資料中心訂單的牽引力。而且歐洲集團的傳統業務都是圍繞著短週期的，對嗎？我們在這裡看到了綠芽，對吧？我在第二季訂單出現這種變化之前就已經引用過。所以這也是一個好兆頭。

So to Olivier's point before, we have a lot of work to do to bring EMEA in the Electrical Global part closer to where we are in Electrical Americas. We have a plan to do exactly that. Operationally, the business is already running better. In Europe, it has a very, very good performance in Asia, and that continues. So operationally, we're running the machine better. And then we're also looking at reshaping the portfolio through organic actions to resemble what we have in Electrical Americas. But we also, if we find the right target, we're also going to take inorganic actions as well.

正如 Olivier 之前所說，我們還有很多工作要做，以使 EMEA 地區的全球電氣部分更接近美洲電氣部分的水平。我們有一個計劃來實現這一點。從營運角度來看，業務已經運作得更好了。在歐洲，它在亞洲的表現非常非常好，而且這種勢頭還在持續。因此從操作角度來看，我們的機器運作得更好。然後，我們也考慮透過有機行動重塑投資組合，以類似於我們在 Electrical Americas 的投資組合。但如果我們找到正確的目標，我們也將採取無機行動。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

I'm going to ask some non-Electrical things, if that's okay. The first one I wanted to ask about was Aerospace. And given the backlog that you have there, I'm curious, as we think about moving into 2026, are there any changes in product mix or end market mix that we should be aware of relative to how that might impact margins?

如果可以的話，我想問一些與電氣無關的問題。我想問的第一個問題是航空航天。考慮到您那裡的積壓訂單，我很好奇，當我們考慮進入 2026 年時，產品組合或終端市場組合是否會發生變化，我們應該注意這可能會如何影響利潤率？

No. I think if you watch the news, you see that there's more excitement around defense markets. So we raised the end market performance there. If anything, that's the change moving to next year. As you say, backlogs are solid.

不。我想如果你看新聞，你會發現國防市場更令人興奮。因此我們提高了那裡的終端市場表現。如果有的話，那就是明年的變化。正如你所說，積壓訂單很充足。

We keep, as Olivier shared, we keep winning not only OE business but also aftermarket. So it remains the same mix. The only change will be as we get more of the military and defense orders to be executed in the next year. That's the only change but strength overall.

正如 Olivier 所說，我們不僅不斷贏得 OE 業務，而且還不斷贏得售後市場。所以它仍然是相同的混合。唯一的變化是，我們將在明年獲得更多的軍事和防禦訂單。這是唯一的變化，但總體而言是強大的。

We keep adding also -- as we are ramping this part of the portfolio, we still have inefficiencies in Aerospace. We believe we have a few points, a few hundred basis points of inefficiency still today impacting the margin of this business. So going forward, as we keep running it better, and we are pleased with the progress to date, we should see margin expansion for this business naturally coming.

我們還在不斷增加——隨著我們擴大這部分投資組合，我們在航空航太領域仍然存在效率低下的問題。我們認為，目前仍有幾個點、幾百個基點的效率低下影響著這項業務的利潤率。因此，展望未來，隨著我們不斷更好地運營，並且我們對迄今為止的進展感到滿意，我們應該會看到這項業務的利潤率自然而然地擴大。

Well said. Yes.

說得好。是的。

Excellent. Okay. Great. And then, Paulo, maybe just a shift. eMobility, it feels like the ground has shifted under us quite a bit since we last chatted, just how do you view that business now? Anything different that you feel like you want to do as we go forward in this new environment?

出色的。好的。偉大的。然後，保羅，也許只是一種轉變。 eMobility，感覺自從我們上次聊天以來，我們腳下的地基已經發生了很大變化，您現在如何看待這項業務？當我們在這個新環境中前進時，您覺得想要做哪些不同的事情？

Yes. So for the long term, we believe still that electrification is going to come. It's going to come later than our original plan. But we still see that transition is happening more often and more frequently and strongly outside the US than here, as you can track conversion. We, in the short term, we're experiencing with a couple of big customers, we have problems. They are having issues with their own ramp-up of their product line. So that's the temporary issue we see.

是的。因此從長遠來看，我們仍然相信電氣化將會到來。這會比我們原計劃的要晚一些。但我們仍然看到，美國以外的地區這種轉變比美國更頻繁、更頻繁、更強烈，正如你可以追蹤的轉變一樣。短期內，我們與幾個大客戶之間存在一些問題。他們在擴大產品線方面遇到了問題。這就是我們看到的暫時問題。

We understand the market dynamics. If you think about the way we prioritize our investments in that business, we prioritized in the last couple of years the electrical technology we had already for the electrical sector. So we are not starting suffering from scratch, and that protects our bottom line. And we still see the traditional vehicle business as a natural hedge for some headwinds we can get from the electrical side of the passenger car market.

我們了解市場動態。如果你考慮我們在該業務上的投資優先順序，你會發現過去幾年我們優先考慮的是我們已經為電力行業提供的電氣技術。因此，我們不會從頭開始遭受痛苦，這也保護了我們的底線。我們仍然將傳統汽車業務視為對沖乘用車市場電氣化方面可能出現的一些不利因素的自然對沖。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

I think you mentioned some order acceleration around this capacity add. I'm just wondering how much orders have maybe been held back by the capacity? And as you bring this capacity on, we could see some acceleration or further acceleration in orders? And then just given the growth in data center, any incremental capacity adds you're contemplating at this point?

我認為您提到了圍繞這一產能增加的一些訂單加速。我只是想知道有多少訂單可能因產能問題而被抑制？隨著這種產能的提升，我們是否會看到訂單量加速或進一步加速？那麼，考慮到資料中心的成長，您目前正在考慮增加任何增量容量嗎？

So to your first question, we have strengthened the orders, and we believe this is going to continue. We see that strongly in our negotiation pipeline for the quarter as well.

對於您的第一個問題，我們已經加強了命令，我們相信這種情況將會持續下去。我們在本季的談判中也強烈地看到了這一點。

And then if you look beyond what we are doing here in terms of capacity, we believe, for example, the business we acquired, Fibrebond, we already considered in our acquisition that we needed to invest in that business because they are getting tremendous traction with data center operators, both multi-tenant and now also increased hyperscaler interest. So if there is an area that will be new to you guys is where we already saw when we are acquiring Fibrebond that potentially we need to invest to expand that business already.

如果你不局限於我們在容量方面所做的事情，我們相信，例如，我們收購的業務 Fibrebond，我們在收購時就已經考慮到我們需要對該業務進行投資，因為它們在數據中心運營商方面獲得了巨大的吸引力，包括多租戶和現在超大規模的興趣也在增加。因此，如果有一個領域對你們來說是新的，那就是我們在收購 Fibrebond 時就已經看到，我們可能需要投資來擴大這項業務。

And in terms of capacity expansion for ESG, as we indicated earlier, we'll keep adding capacity next year as well. So the capacity will start to -- addition will start to plateau at the end of 2026, to satisfy those orders.

至於 ESG 的產能擴張，正如我們之前所說，明年我們也將繼續增加產能。因此，產能將開始——增加量將在 2026 年底開始趨於穩定，以滿足這些訂單。

Okay. Great. And then -- just wanted to get a feel for confidence within the cash flow and if there's any cash flow benefit from changes in the new tax bill.

好的。偉大的。然後——只是想了解現金流的信心，以及新稅法的變化是否為現金流帶來好處。

We have not changed the guide for cash flow. We gave you today a range. We believe we will more than likely trend towards the end of the guide. A few reasons for this, and a few reasons which are new since we showed the guide at the start of the year. First, acquisitions expenses, and second, also the impact of tariff, which is a drag on free cash flow because of the way we -- the payment terms associated with tariff. But within that, we will be within the range.

我們沒有改變現金流指南。我們今天為您提供了一個範圍。我們相信，我們很可能會走向指南的最後。造成這種情況的原因有幾個，而且自從我們在今年年初發布指南以來，還有一些新的原因。首先是收購費用，其次是關稅的影響，由於我們與關稅相關的付款條件，關稅對自由現金流造成了拖累。但在這個範圍內，我們會在範圍內。

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

I just want to make sure I understand demand trends in EA correctly because it sounds like you may have seen a bit of an inflection, and it comes back to Jeff Sprague's earlier point where data center growth in the quarter seems like can explain the vast majority of the organic revenue growth. But then the commentary around orders sounds like there's broader-based growth across C&I and utility and maybe some other areas. So can you just comment on that and the degree to which you did see an inflection within orders? And then any color on some of the end markets outside of data center?

我只是想確保我正確理解了 EA 的需求趨勢，因為聽起來你可能已經看到了一些變化，這又回到了 Jeff Sprague 之前的觀點，即本季度數據中心的增長似乎可以解釋絕大多數的有機收入增長。但有關訂單的評論聽起來像是商業和工業、公用事業以及其他一些領域出現了更廣泛的增長。那麼，您能否對此進行評論，以及您在多大程度上看到訂單的變化？那麼資料中心以外的一些終端市場有什麼特色嗎？

Yes. So we saw also strength in commercial and institutional for sure. And we also see a growth in the utilities business. While we see -- as we anticipated before, we also see growth in the OEM in orders and start to turn into positive in revenues as well. And the areas where we see downside continue to be down is the resi market. And distributed IT is flat. So that's a good way to have a picture of the electrical business.

是的。因此，我們也確實看到了商業和機構的優勢。我們也看到公用事業業務的成長。正如我們之前所預期的那樣，我們也看到 OEM 訂單有所增長，並且收入也開始轉為正值。我們認為持續下滑的領域是住宅市場。而分散式IT是扁平的。這是了解電氣業務的好方法。

And did you see that happening in orders before you've seen it happen in revenue? And so we've got that heading into the back half of the year?

在收入出現這種情況之前，您是否發現訂單也出現了這種情況？那麼，我們已經進入下半年了嗎？

Yes. As I commented before, on the short-cycle business, we already saw that inflection in orders there, from Q2 to -- Q1 to Q2. The answer is yes.

是的。正如我之前評論的那樣，關於短週期業務，我們已經看到訂單的變化，從第二季到第一季再到第二季。答案是肯定的。

Okay. And then just one on the announcement during the quarter and around high-voltage direct current and power infrastructure for AI data centers. At the Investor Day when you talked about the content per megawatt in an AI data center, you talked about that being in a range of roughly 1.2 million to 2.9 million. Just curious as you see some technology shift opportunities there, and you talked about the HVDC, how we should think about the content opportunity for you in that architecture?

好的。然後僅發布本季的公告以及有關人工智慧資料中心的高壓直流電和電力基礎設施的公告。在投資者日，當您談到人工智慧資料中心每兆瓦的內容時，您說這個範圍大約在 120 萬到 290 萬之間。只是好奇，當您看到那裡的一些技術轉變機會時，您談到了高壓直流輸電，我們應該如何看待該架構中的內容機會？

Yes. So it's a very important question. So we see our dollars per megawatt to go up with the new architecture of data centers. And the main reason for that is that, with increased power density of the white space, we see it as a very attractive market for Eaton, and will start demanding much more sophisticated power management solutions, distribution solutions.

是的。所以這是一個非常重要的問題。因此，隨著資料中心新架構的出現，我們看到每兆瓦的成本將會上升。主要原因是，隨著白色空間功率密度的增加，我們認為這對伊頓來說是一個非常有吸引力的市場，並將開始需要更複雜的電源管理解決方案和配電解決方案。

In the past, our share of the data center, we are heavily focused on gray space like 70% of our business, because in the white space we saw more of a commoditized market with lower margins because the power density was not there. Now if you start putting 1 megawatt racks, that is sophisticated technology that not only we love, but we know how to do it. And that's why we ended up getting a seat on the table for the discussions with NVIDIA.

過去，我們在資料中心的份額主要集中在灰色空間，占我們業務的 70%，因為在白色空間中，我們看到更多的是商品化的市場，利潤率較低，因為功率密度不存在。現在，如果你開始安裝 1 兆瓦的機架，那就是一項複雜的技術，我們不僅喜歡它，而且我們知道如何做。這就是我們最終與 NVIDIA 展開討論的原因。

And we are taking this all the way up. We are not stopping the white space only. As I said before, the acquisition of Resilient Power, it's a very big move to take DC power right from the utility point all the way down to the chips. So we can change the architecture of the data center much more effectively.

我們正在全力推進這項進程。我們不僅僅阻止空白。正如我之前所說，收購 Resilient Power 是一個非常大的舉措，將直流電從公用事業點一直傳輸到晶片。因此我們可以更有效地改變資料中心的架構。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

One thing I don't think it's been addressed yet, but perhaps the most notable thing from the release this morning was the cut to the high end of the EPS guidance. And I can see that versus, say, April, FX is a tailwind now, not a headwind. You took up the M&A revenue contribution for Fibrebond versus April.

有一件事我認為還沒有解決，但今天早上發布的消息中最引人注目的可能是對每股收益預期高端的下調。我可以看到，與 4 月相比，外匯現在是順風，而不是逆風。您接受了 Fibrebond 與 4 月相比的併購收入貢獻。

So you've got more tailwinds from FX and M&A, but the EPS guide high end coming down. And I can see the orders are very good, but you generally have six months of revenue in backlog. So a lot of the good orders recently, you'll see in the second half, and it's in that guide. So maybe just help me understand a little bit there the guide moving parts.

因此，外匯和併購將帶來更多利好，但 EPS 指導高端將下降。我可以看到訂單非常好，但通常有六個月的收入積壓。因此，您會在下半年看到許多近期的好訂單，而且它們都包含在該指南中。所以也許只是幫助我稍微了解一下指南的移動部分。

So just to clarify, and I would give the colors, Julian, we have increased the midpoint of the guide by $0.07, just to clarify. So meaning the beat of Q2 flow through plus an additional $0.02. So $0.07 increase at the midpoint. That's the way we would like the community to think about it.

因此，為了澄清起見，我會給出顏色，朱利安，我們將指南的中點提高了 0.07 美元，只是為了澄清起見。這意味著第二季的流量會額外增加 0.02 美元。因此，中間點會增加 0.07 美元。我們希望社區能夠這樣思考。

Let me answer to your question. You're right, FX is a tailwind. The Fibrebond, we are very pleased with the performance, that's also a tailwind. There are investments in the business today. We are pleased with the way our end markets are behaving.

讓我來回答你的問題。你說得對，FX 是一道順風。對於 Fibrebond，我們對其性能非常滿意，這也是一個順風。今天對該業務進行了投資。我們對終端市場的表現感到滿意。

We want to invest in the business. We talked about AI being one of them. We're investing also in frontline resources.

我們想投資這項業務。我們談到人工智慧就是其中之一。我們也在投資第一線資源。

We have some parts of the portfolio performing a bit less well than expected. Paulo mentioned that. Vehicle and eMobility are the 2 I will refer to. And then resi has been not has been recovering a bit but still in the close to 0.

我們的一些投資組合的表現略低於預期。保羅提到了這一點。我將要提到的兩個詞是車輛和電動車。然後 resi 就沒有再恢復一點，但仍然接近 0。

So overall, if you take the puts and takes, that's the way I will explain the guide. And I will finish by saying we want to be prudent as well regarding the way we guide. We have some lingering macro uncertainties and also tariff question marks. So that's the way we would think about the second half, Julian.

所以總的來說，如果你採取了這些措施，這就是我解釋指南的方式。最後，我想說，我們也希望謹慎地採取指導方式。我們仍面臨一些宏觀不確定性以及關稅問號。這就是我們對下半場的看法，朱利安。

That's helpful. And maybe my second question, just Paulo, just following up on something you said maybe 15, 20 minutes ago or something. In the context of more capacity coming on stream, particularly in Electrical Americas in the balance of the year, I think you said we should not expect the backlog to go down materially in the second half. So is the view there that, as you get more capacity, you can recognize the backlog more quickly in revenue, so the backlog shrinks. But it's not a steep drop because the orders are still pretty good coming in? Is that the conclusion?

這很有幫助。我的第二個問題是，保羅，我想問你大概 15 或 20 分鐘前說過的話。在更多產能投入使用的背景下，特別是在今年剩餘時間電氣美洲公司的情況，我認為您說過，我們不應該期望下半年積壓訂單會大幅下降。因此，那裡的觀點是，隨著產能的增加，您可以更快地在收入中確認積壓訂單，因此積壓訂單會減少。但下降幅度不算太大，因為訂單量還是很大？這就是結論嗎？

Yes. Directionally, you're right. But with the strength in orders, we don't see a reason to believe that book-to-bill will be less than 1 for the year. So yes, the orders are good. We have visibility -- good visibility on Q3 orders already. And yes, we're going to ramp up production, but that shouldn't eat much of the backlog in the second half.

是的。從方向上看，你是對的。但由於訂單強勁，我們沒有理由相信今年的訂單出貨比會低於 1。是的，訂單很好。我們已經對第三季的訂單有了很好的了解。是的，我們將提高產量，但這不會影響下半年的大量積壓訂單。

It's going to be very difficult for us to believe that the backlog will not increase by the end of the year. A lot of puts and takes. But with a book-to-bill ratio over 1, it's very unlikely to happen, Julian. And you saw it was very strong again in Q2, growing nicely in -- by about 15% for the company.

我們很難相信到今年年底積壓訂單不會增加。有很多付出和收穫。但是，由於訂單出貨比超過 1，這種情況不太可能發生，朱利安。您會發現，第二季公司業績再次表現強勁，成長良好，約 15%。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Yan for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程式交還給 Yan，以便他可以做出進一步的評論。

As always, the IR team will be available for any follow-up calls. Have the rest of the day feel good. Thank you, guys. Bye.

與往常一樣，IR 團隊將隨時接聽任何後續電話。讓這一天剩下的時間都感覺良好。謝謝你們。再見。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。