Gentex Corp (GNTX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gentex third quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Gentex 2025 年第三季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Josh O'Berski, Director of Investor Relations. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係總監喬許‧奧伯斯基。請繼續。

Thank you. Good morning, and thank you for joining us today for our third quarter 2025 earnings conference call. I'm Josh O'Berski, Gentex's Director of Investor Relations. And with me today are Steve Downing, President and CEO; Neil Boehm, COO and CTO; and Kevin Nash, Vice President of Finance and CFO. Please note that a replay of this conference call webcast along with edited transcripts will be available following the call on the Investors section of our website at ir.gentex.com.

謝謝。早安，感謝各位今天參加我們2025年第三季財報電話會議。我是 Gentex 的投資者關係總監 Josh O'Berski。今天陪同我出席的有：總裁兼執行長史蒂夫唐寧；營運長兼技術長尼爾博姆；以及財務副總裁兼財務長凱文納許。請注意，本次電話會議的網路直播回放以及編輯後的文字稿將在會議結束後發佈在公司網站 ir.gentex.com 的投資者關係版塊。

As a reminder, many of the statements made during today's call are forward-looking statements that reflect our current expectations. These statements are subject to a number of risks and uncertainties, both known and unknown, including those detailed in our second quarter 2025 earnings press release and our annual report on Form 10-K for the year ended December 31, 2024 as well as general economic conditions.

再次提醒大家，今天電話會議上的許多陳述都是前瞻性陳述，反映了我們目前的預期。這些聲明受到許多已知和未知風險及不確定因素的影響，包括我們在 2025 年第二季度收益新聞稿和截至 2024 年 12 月 31 日的 10-K 表格年度報告中詳細列出的風險及不確定因素，以及總體經濟狀況。

If one or more of these risks or uncertainties materialize or if our underlying assumptions or estimates prove to be incorrect, actual results could differ materially from those expressed or implied in our forward-looking statements.

如果這些風險或不確定性中的一項或多項成為現實，或者如果我們的基本假設或估計被證明是錯誤的，則實際結果可能與我們在前瞻性聲明中表達或暗示的結果有重大差異。

On a quick programming note, I would also like to call attention to the fact that Gentex will be hosting investor visits at SEMA and in San Francisco and Los Angeles, the week of November 3. If you are interested in attending, please connect with me after this call.

另外，關於程式設計方面，我還想提請大家注意，Gentex 將於 11 月 3 日當週在 SEMA 展會以及舊金山和洛杉磯接待投資者來訪。如果您有興趣參加，請在通話結束後與我聯繫。

I'll now hand the call over to Steve Downing for our prepared remarks.

現在我將把電話交給史蒂夫唐寧，讓他發表我們事先準備好的演講。

Thank you, Josh. For the third quarter of 2025, the company reported consolidated net sales of Gentex and VOXX of $655.2 million, an 8% increase compared to net sales of $608.5 million in the third quarter of last year, which did not include VOXX. VOXX contributed $84.9 million of revenue while C ore Gentex revenue was $570.3 million in the third quarter of 2025, which was a 6% decline versus the third quarter of last year. This is in comparison to light vehicle production in the company's primary markets that increased by approximately 2% versus the third quarter of last year.

謝謝你，喬希。2025 年第三季度，該公司報告 Gentex 和 VOXX 合併淨銷售額為 6.552 億美元，比去年第三季度的淨銷售額 6.085 億美元增長了 8%（去年同期不包括 VOXX）。VOXX 貢獻了 8,490 萬美元的收入，而 2025 年第三季核心 Gentex 的收入為 5.703 億美元，比去年第三季下降了 6%。相比之下，該公司主要市場的輕型汽車產量較去年第三季成長了約 2%。

In terms of regional performance for the third quarter, North American OEM revenue increased approximately 5% quarter-over-quarter, supported by robust production schedules and increased content per vehicle.

就第三季區域業績而言，北美 OEM 收入環比增長約 5%，這得益於強勁的生產計劃和每輛車零件含量的增加。

In Europe, revenue declined approximately 14% quarter-over-quarter. The decrease was driven by customer-specific production challenges and a weaker regional vehicle mix. In Europe, light vehicle production volumes moved to lower trim level vehicles that do not typically include higher-end Gentex features. In China, revenue totaled approximately $34 million, down 35% compared to the third quarter of last year. The decline reflects the ongoing impact of tariff and counter tariff actions.

在歐洲，營收季減約 14%。下降的原因是客戶特定的生產挑戰和區域車輛組合疲軟。在歐洲，輕型車的產量轉向了配置較低的車型，這些車型通常不包含高階的 Gentex 功能。在中國，營收總計約 3,400 萬美元，比去年第三季下降 35%。這一下降反映了關稅及反關稅措施的持續影響。

Despite the regional headwinds, Gentex delivered solid results through disciplined execution and incremental contributions from the VOXX acquisition. For the third quarter of 2025, the company's consolidated gross margin was 34.4% compared to a gross margin of 33.5% for the third quarter of last year, which did not include VOXX.

儘管面臨區域性不利因素，Gentex 仍憑藉嚴謹的執行力和 VOXX 收購帶來的增量貢獻取得了穩健的業績。2025 年第三季度，該公司綜合毛利率為 34.4%，而去年同期毛利率為 33.5%（不含 VOXX）。

The core Gentex gross margin was 34.9%, representing 140 basis points increase compared to the third quarter of last year. The core gross margin improvement was driven by favorable North American customer and product mix, purchasing cost reduction and continuing operational efficiencies. The ongoing improvement in gross margin reflects the company's disciplined focus on cost control and productivity improvements. However, the gross margin was negatively impacted by approximately 90 basis points due to incremental tariffs in the quarter that were not offset through customers.

Gentex 核心毛利率為 34.9%，比去年第三季成長了 140 個基點。核心毛利率的提高得益於北美客戶和產品組合的有利變化、採購成本的降低以及持續的營運效率提升。毛利率的持續改善反映了公司在成本控制和生產效率提升方面所採取的嚴格措施。然而，由於本季新增關稅未能透過客戶抵消，毛利率受到約 90 個基點的負面影響。

Despite the incremental impact of tariffs on our business, the company has improved the overall gross margin to levels not seen in several years. Consolidated operating expenses during the third quarter of 2025 were $102.8 million compared to operating expenses of $78.3 million in the third quarter of last year, which did not include VOXX.

儘管關稅對我們的業務產生了一定的影響，但公司整體毛利率已提高到幾年來的最高水平。2025 年第三季綜合營運支出為 1.028 億美元，而去年同期營運支出為 7,830 萬美元（不包括 VOXX）。

The increase was primarily due to the VOXX acquisition, which accounted for $23.7 million of the increase. Gentex's operating expenses, excluding VOXX, were $79.2 million in the third quarter of 2025, compared to $78.3 million during the third quarter of last year. The increase in core Gentex operating expenses included $1.1 million in acquisition-related costs and Gentex-specific severance expenses.

此次成長主要歸功於對 VOXX 的收購，該收購帶來了 2,370 萬美元的成長。Gentex 2025 年第三季的營運支出（不含 VOXX）為 7,920 萬美元，而去年同期為 7,830 萬美元。Gentex核心營運費用的增加包括110萬美元的收購相關成本和Gentex特定遣散費。

Consolidated income from operations for the third quarter of 2025 was $122.3 million compared to income from operations of $125.7 million for the third quarter of last year, which did not include VOXX.

2025 年第三季合併營業收入為 1.223 億美元，而去年同期營業收入為 1.257 億美元（不含 VOXX）。

Gentex's income from operations, excluding VOXX, was $119.7 million in the third quarter of 2025, representing a 5% decrease versus the third quarter of last year. Total other loss was $1.8 million during the third quarter of 2025 compared to income of $19.7 million in the third quarter of last year. The reduction was primarily due to a $14.9 million gain included in the third quarter of last year related to the fair value adjustment of the company's original investment in VOXX.

Gentex 2025 年第三季的營業收入（不含 VOXX）為 1.197 億美元，比去年第三季下降了 5%。2025 年第三季其他總虧損為 180 萬美元，而去年同期營收為 1,970 萬美元。此次減少主要是由於去年第三季計入了一筆 1,490 萬美元的收益，該收益與公司對 VOXX 的原始投資的公允價值調整有關。

During the third quarter of 2025, the company had an effective tax rate of 16.3% compared to an effective tax rate of 15.7% during the third quarter of last year. The quarter-over-quarter change in the effective tax rate was primarily driven by lower tax benefits related to stock-based compensation compared to the third quarter of last year as well as a reduced benefit from the foreign-derived intangible income deduction.

2025 年第三季度，該公司實際稅率為 16.3%，而去年同期實際稅率為 15.7%。與去年第三季相比，實際稅率環比變化的主要原因是與股票選擇權相關的稅收優惠減少，以及來自外國的無形收入扣除優惠減少。

Consolidated net income attributable to Gentex for the third quarter of 2025 was $101 million, supported by higher overall sales levels, gross margin expansion and cost improvements. Net income in the third quarter of last year was $122.5 million. The quarter-over-quarter change was primarily due to the onetime gain in the prior period resulting from the fair value adjustment of the company's original investment in VOXX.

2025 年第三季歸屬於 Gentex 的合併淨利潤為 1.01 億美元，這得益於整體銷售額的成長、毛利率的擴大和成本的改善。去年第三季淨利為1.225億美元。季度環比變動主要是由於上期公司對 VOXX 的原始投資進行公允價值調整而產生的一次性收益。

Consolidated earnings per diluted share attributable to Gentex for the third quarter of 2025 were $0.46 compared to earnings per diluted share of $0.53 for the third quarter of last year, which did not include VOXX. Though VOXX was not consolidated in the third quarter of 2024, earnings per diluted share for that quarter were positively impacted by the onetime gain in the company's original investment in VOXX.

2025 年第三季歸屬於 Gentex 的合併稀釋後每股收益為 0.46 美元，而去年同期稀釋後每股收益為 0.53 美元（不包括 VOXX）。儘管 VOXX 在 2024 年第三季沒有被納入合併範圍，但該季度每股攤薄收益受到了公司最初對 VOXX 投資的一次性收益的積極影響。

I'll now hand the call over to Kevin for some further financial details.

現在我將把電話交給凱文，詢問一些財務細節。

Kevin Nash VP of Finance, CFO, Treasurer & Chief Accounting Officer

凱文·納什，財務副總裁、財務長、司庫兼首席會計官

Thanks, Steve. Gentex's automotive net sales were $558 million in the third quarter of 2025 compared to $596.5 million in the third quarter of '24. The lower quarter-over-quarter automotive sales were largely the result of lower shipments of auto-dimming mirrors into Europe and China in the third quarter compared to the third quarter of last year. However, the lower unit shipments were partially offset by strong growth and advanced feature mirror sales in North America.

謝謝你，史蒂夫。Gentex 2025 年第三季的汽車淨銷售額為 5.58 億美元，而 2024 年第三季為 5.965 億美元。第三季汽車銷售量環比下降，主要是由於第三季自動防眩後視鏡對歐洲和中國的出貨量比去年同期有所下降。然而，北美市場強勁的成長和先進功能後視鏡的銷售在一定程度上抵消了出貨量的下降。

Net sales from Gentex's other product lines, which includes dimmable aircraft windows, fire protection products, medical devices and biometrics were $12.3 million in the third quarter of '25 compared to $12 million in the third quarter of '24. VOXX net sales contributed $84.9 million during the third quarter of '25. The company continues to work through post acquisition transition with a focus on aligning product strategies, optimizing customer relationships and identifying operational synergies across both businesses.

Gentex 的其他產品線（包括可調光飛機窗戶、消防產品、醫療設備和生物辨識技術）在 2025 年第三季的淨銷售額為 1,230 萬美元，而 2024 年第三季為 1,200 萬美元。VOXX 在 2025 年第三季淨銷售額為 8,490 萬美元。公司繼續推動收購後的過渡工作，重點是協調產品策略、優化客戶關係以及在兩家公司之間尋找營運協同效應。

During the third quarter '25, the company repurchased 1 million shares of its common stock at an average price of $28.18 per share. for a total of $28.3 million. And year-to-date, the company has repurchased 9.8 million shares for a total of $230.5 million at an average price of $23.50 per share. And as of September 30 of '25, the company has approximately 39.6 million shares remaining available for repurchase pursuant to its previously announced share repurchase plan.

2025 年第三季度，該公司以每股 28.18 美元的平均價格回購了 100 萬股普通股，總計 2,830 萬美元。今年迄今為止，該公司已回購了 980 萬股股票，總計 2.305 億美元，平均每股價格為 23.50 美元。截至 2025 年 9 月 30 日，該公司根據其先前宣布的股票回購計劃，仍有約 3,960 萬股可供回購。

Turning to the balance sheet. Our comparisons today are based on September 30, 2025 versus December 31 of '24. Starting with liquidity. Cash and cash equivalents were $178.6 million, down from $233.3 million at year-end. This decline was primarily driven by the VOXX acquisition and share repurchases, partially offset by operating cash flow. Short-term and long-term investments totaled $267.2 million compared to $369 million at the end of '24. These investments include both fixed income, securities and our equity and cost method holdings.

接下來看一下資產負債表。我們今天的比較是基於 2025 年 9 月 30 日與 2024 年 12 月 31 日的比較。首先從流動性入手。現金及現金等價物為 1.786 億美元，低於年末的 2.333 億美元。這一下滑主要是由於 VOXX 收購和股票回購造成的，部分被經營現金流所抵銷。短期和長期投資總額為 2.672 億美元，而 2024 年底為 3.69 億美元。這些投資包括固定收益、證券以及我們的權益和成本法所持有的資產。

Accounts receivable stood at $384.7 million compared to $295.3 million at year-end. Of that, $320.4 million was attributable to Gentex and $64.3 million to VOXX. The increase in Gentex receivables was mainly due to higher sequential sales and the timing of those sales within the quarter.

應收帳款為 3.847 億美元，而上年末為 2.953 億美元。其中，Gentex 貢獻了 3.204 億美元，VOXX 貢獻了 6,430 萬美元。Gentex 應收帳款的增加主要是由於季度內銷售額環比增長以及這些銷售額的發生時間。

Inventories totaled $498.8 million, of which $386.9 million represented core Gentex inventory, down from $436.5 million at year-end, largely due to reductions in raw material inventory. The remaining $111.9 million reflects VOXX inventory. And consolidated accounts payable was $252 million compared to $168.3 million at year-end, including $169.8 million for Gentex and $82.2 million for VOXX.

庫存總額為 4.988 億美元，其中 3.869 億美元為 Gentex 核心庫存，低於年末的 4.365 億美元，主要是由於原物料庫存減少。剩餘的 1.119 億美元反映的是 VOXX 的庫存。合併應付帳款為 2.52 億美元，而上年末為 1.683 億美元，其中 Gentex 應付帳款為 1.698 億美元，VOXX 應付帳款為 8,220 萬美元。

Preliminary cash flow from operations for the third quarter was $146.9 million compared to $84.7 million in the same period last year, primarily due to changes in working capital. And year-to-date operating cash flow was $461.6 million, up from $343.8 million for the first nine months of 2024, also primarily due to changes in working capital compared to the prior period.

第三季初步經營活動現金流為 1.469 億美元，去年同期為 8,470 萬美元，主要原因是營運資金的變動。今年迄今的營運現金流為 4.616 億美元，高於 2024 年前九個月的 3.438 億美元，這主要也是由於與上一時期相比營運資本的變化。

CapEx for the third quarter was approximately $35.6 million versus $31.8 million last year, bringing year-to-date capital expenditures to $103.8 million, slightly higher than the $102.9 million last year. And depreciation and amortization expense for the third quarter was approximately $25.9 million compared to $22.9 million in Q3 of '24. And on a year-to-date basis, depreciation and amortization totaled $78.8 million, up from $70.9 million in the prior year.

第三季資本支出約為 3,560 萬美元，而去年同期為 3,180 萬美元，使得今年迄今的資本支出達到 1.038 億美元，略高於去年的 1.029 億美元。第三季的折舊和攤提費用約為 2,590 萬美元，而 2024 年第三季為 2,290 萬美元。今年迄今為止，折舊和攤提總額為 7,880 萬美元，高於上年的 7,090 萬美元。

I'll now hand the call over to Neil for a product update.

現在我將把電話交給尼爾，讓他為大家帶來產品更新報告。

Thank you, Kevin. The third quarter of 2025 was another strong launch quarter. In the quarter, over 55% of the launches were advanced interior and exterior auto-dimming mirrors and electronic features. Similar to previous quarters, HomeLink and Full Display Mirror were the primary technology introduced. The launch cadence has been strong over the last several quarters, and I appreciate the team's focus on execution to make them successful.

謝謝你，凱文。2025年第三季又是一個強勁的發布季度。本季度，超過 55% 的新品發布是先進的內外自動防眩後視鏡和電子功能。與前幾季類似，HomeLink 和全螢幕鏡像技術是本次推出的主要技術。過去幾季以來，產品發布節奏一直很強勁，我很欣賞團隊注重執行力，從而取得成功。

Full Display Mirror sales continue to be a key performer in Q3. Demand remains strong, and we are confident in our ability to sell 200,000 to 300,000 more units of FDM in 2025 compared to 2024, as we've previously stated. In the face of delayed or canceled EV platform launches, ICE and hybrid applications continue launching with Full Display Mirrors and consumer demand for our feature remains strong.

全景後視鏡的銷量在第三季度繼續保持強勁增長勢頭。正如我們之前所說，市場需求依然強勁，我們有信心在 2025 年比 2024 年多銷售 20 萬至 30 萬台 FDM。面對電動車平台發布延遲或取消的情況，燃油車和混合動力車應用仍在繼續推出配備全顯示後視鏡的產品，消費者對我們這項功能的需求仍然強勁。

A few notable FDM launches this quarter include the Ford Bronco, marking the first non-van launch of FDM at Ford. And the continued adoption of FDM in Europe on the DS No. 8 and the Vauxhall Combo. Additionally, we saw the rollout of FDM at Volvo as a dealer-installed accessory available on the majority of their lineup. Customer interest for dimmable sunroofs and visors continues to grow, and our teams have been working incredibly hard to continue moving this product from single unit production into more mass scale capability. As noted in prior calls, this is an incredibly complex and challenging manufacturing process.

本季值得關注的FDM產品發表包括福特Bronco，這是福特FDM首次推出非廂型車產品。而FDM在歐洲的持續應用，體現在DS No. 8和沃克斯豪爾Combo車型上。此外，我們還看到沃爾沃推出了 FDM，作為經銷商安裝的配件，適用於其大部分車型系列。消費者對可調光天窗和遮陽板的興趣持續成長，我們的團隊一直在努力將產品從單件生產推進到更大規模的生產能力。正如先前電話會議中提到的，這是一個極其複雜且具有挑戰性的製造過程。

To date, we've been utilizing partners to execute part of the process while we get our larger scale production equipment in-house and operational. The target is to have this in-house operation running in late Q1 to early Q2 2026. As with any new product or process launch, there will be challenges. But with the manufacturing capability we have at Gentex, I remain confident in the team's ability to bring this product into the market in the next 1.5 years.

迄今為止，我們一直依靠合作夥伴來執行部分流程，同時我們也將更大規模的生產設備納入公司內部並投入營運。目標是在 2026 年第一季末至第二季初實現這項內部營運。任何新產品或新製程的推出都會面臨挑戰。但憑藉 Gentex 的生產能力，我對團隊在未來 1.5 年內將這款產品推向市場的能力仍然充滿信心。

Now for a quick update on driver and in-cabin monitoring product area. We continue to make great progress with our driver monitoring and in-cabin systems and remain on track to launch with three additional customers by the middle of 2026. The acquisition of Guardian Optical Technologies in 2021 set the stage for Gentex to be a premier player within this industry, and we've continued to grow our capabilities since the acquisition.

現在快速更新一下駕駛員和車內監控產品領域的情況。我們在駕駛員監控和車內系統方面繼續取得巨大進展，並預計在 2026 年年中之前為另外三家客戶推出該系統。2021 年收購 Guardian Optical Technologies 為 Gentex 成為該行業的領導者奠定了基礎，自收購以來，我們的能力不斷提升。

These systems require substantial integration and coordination with our customers, and our teams have achieved high marks for their progress from our next launch customer. As we mentioned in the press release from this morning, we have been very focused on improvements of the Gentex -- of the core Gentex operating structure over the last two quarters.

這些系統需要與我們的客戶進行大量的整合和協調，我們的團隊在下一位啟動客戶中獲得了很高的評價。正如我們在今天早上的新聞稿中提到的，在過去的兩個季度裡，我們一直非常專注於改進 Gentex——Gentex 的核心營運結構。

We've successfully executed early retirement incentives that were designed to lower operating expenses while not impacting our ability to continue to invest in technologies and products that will propel Gentex forward over the next several years.

我們已成功實施了提前退休激勵措施，旨在降低營運成本，同時又不影響我們繼續投資於能夠在未來幾年推動 Gentex 發展的技術和產品的能力。

Additionally, since the closing of the acquisition of VOXX at the beginning of the second quarter, the teams have been working hard on the consolidation of systems, tools, back-office support, purchasing and logistics. So far, we've made great progress.

此外，自第二季初完成 VOXX 的收購以來，各團隊一直在努力整合系統、工具、後台支援、採購和物流。目前為止，我們已經取得了巨大進展。

As we look into the final quarter of 2025, there will be an even stronger focus on efficiency and optimization with a goal of having most plans implemented in the first half of next year. The VOXX teams have done a great job keeping the business moving in the right direction, and now we'll begin to collaborate deeper to drive longer-term improvements into the operation.

展望 2025 年最後一個季度，我們將更加重視效率和最佳化，目標是在明年上半年實施大部分計畫。VOXX 團隊在保持業務朝著正確方向發展方面做得非常出色，現在我們將開始更深入地合作，以推動營運的長期改進。

As an innovation-driven technology company, the focus on R&D over the last several years has enabled us to generate a strong pipeline of both automotive and nonautomotive products and technologies. Now we need to keep the focus on the execution of these products and move them forward into production to support our growth objectives.

作為一家創新驅動型科技公司，過去幾年對研發的重視使我們能夠建立起強大的汽車和非汽車產品及技術產品線。現在我們需要繼續專注於這些產品的執行，並推動它們投入生產，以支持我們的成長目標。

I'll now hand the call back over to Steve for guidance and closing remarks.

現在我將把電話交還給史蒂夫，請他作指導和總結發言。

Thanks, Neil. The company's light vehicle production forecast for the fourth quarter of 2025 and full years 2025 and 2026 are based on the mid-October 2025 S&P Global Mobility outlook for North America, Europe, Japan, Korea and China. Global light vehicle production for the fourth quarter of 2025 is expected to decline approximately 4% versus the fourth quarter of last year.

謝謝你，尼爾。該公司對 2025 年第四季以及 2025 年和 2026 年全年的輕型汽車產量預測是基於 2025 年 10 月中旬標普全球移動出行展望對北美、歐洲、日本、韓國和中國的預測。預計2025年第四季全球輕型汽車產量將比去年第四季下降約4%。

Full year 2025 production in the company's primary markets is expected to be down 1%, while production in North America and Europe is projected to fall approximately 2% in 2025 compared to last year. Based on the updated light vehicle production forecast and actual results for the first nine months of 2025, reduced demand in the China market, stemming from recently implemented counter tariffs and the expected incremental sales contribution from the VOXX acquisition, the company is making certain changes to its full year 2025 guidance. The following updated guidance reflects the anticipated impact of all known tariffs effective as of October 23 and can also be found in our press release from this morning.

預計 2025 年公司主要市場的全年產量將下降 1%，而北美和歐洲的產量預計在 2025 年將比上年下降約 2%。根據更新後的輕型汽車產量預測和 2025 年前九個月的實際結果，以及由於最近實施的反制關稅導致中國市場需求下降，加上收購 VOXX 預計帶來的額外銷售貢獻，該公司正在對其 2025 年全年業績指引做出一些調整。以下更新後的指導意見反映了自 10 月 23 日起生效的所有已知關稅的預期影響，也可在我們今天早上發布的新聞稿中找到。

Consolidated revenue for 2025, including VOXX, is expected to be in the range of $2.5 billion and $2.6 billion. Consolidated gross margin is anticipated to be between 33.5% and 34%. Consolidated operating expenses, excluding severance, are forecasted at $380 million to $390 million. The effective tax rate is expected to be 16% to 16.5%. Capital expenditures are projected at $115 million to $125 million. Depreciation and amortization is expected to total $96 million to $99 million.

預計 2025 年包括 VOXX 在內的合併收入將在 25 億美元至 26 億美元之間。預計合併毛利率將在 33.5% 至 34% 之間。不包括遣散費在內的綜合營運費用預計為 3.8 億美元至 3.9 億美元。實際稅率預計為16%至16.5%。預計資本支出為 1.15 億美元至 1.25 億美元。預計折舊和攤銷總額為 9,600 萬美元至 9,900 萬美元。

The third quarter is best summarized as a continuation of the underlying economic environment of the last 1.5 years. Light vehicle production levels in our primary markets have improved versus previous forecast, but any progress is in contrast to the declining production levels experienced over the past few years. Additionally, the previous two quarters were impacted by mix weakness in Europe, Japan and Korea, as well as continued headwinds in China due to the ongoing tariff environment.

第三季可以概括為過去一年半基本經濟環境的延續。我們主要市場的輕型汽車產量水準較先前的預測有所提高，但任何進展都與過去幾年產量水準下降的情況形成鮮明對比。此外，前兩季也受到歐洲、日本和韓國產品組合疲軟的影響，以及由於持續的關稅環境，中國市場持續面臨不利因素。

While core Gentex revenue in the third quarter of 2025 was lower compared to last quarter and the third quarter of last year, our strong business discipline and operational focus enabled us to deliver another meaningful improvement in gross margin.

儘管 2025 年第三季 Gentex 的核心收入低於上一季和去年第三季度，但我們強大的業務紀律和營運重點使我們能夠在毛利率方面實現又一次有意義的提升。

The company's focus on business discipline, expense management and operational improvements has helped improve margins despite incremental tariff headwinds that were not reimbursed during the quarter. As we move into the fourth quarter, our teams will be focused on bringing the same type of improvements to the VOXX organization to ensure the combined entity is structured to support sustainable profitability and create shareholder value.

儘管本季關稅上漲帶來的不利影響未能得到補償，但公司透過專注於業務紀律、費用管理和營運改進，幫助提高了利潤率。進入第四季度，我們的團隊將專注於為 VOXX 組織帶來相同的改進，以確保合併後的實體能夠支援可持續獲利能力並創造股東價值。

That completes our prepared comments for today. We can now proceed to questions.

我們今天的演講就到此結束了。現在我們可以進入提問環節了。

(Operator Instructions) Luke Junk, Baird.

（操作說明）盧克瓊克，貝爾德。

Steve, maybe if we could just start with the growth headwinds in Europe. Just trying to tease out how much of that was temporary, I would guess, some JLR-related impacts in the quarter versus things that might be more sticky in terms of true mix. And then as you kind of step into the fourth quarter for the company overall, any incremental trim mix impacts that you might anticipate?

史蒂夫，或許我們可以先從歐洲的成長逆風入手。我只是想弄清楚其中有多少是暫時的，我猜想，一些與捷豹路虎相關的因素在本季度產生了影響，而另一些因素則可能在真正的業務組合中更具持久性。那麼，隨著公司整體進入第四季度，您預期產品組合方面會有哪些增量影響呢？

Yes. I think -- if you look at the temporary impact, that was really probably $5 million, $6 million in revenue headwinds from one of the OEM shutdowns in Europe. So pretty minor there. If you look at the rest of it, it's really about mix. And really, what we're talking about is the only real growth. Most of the CD&E vehicles in Europe during the quarter were down pretty significantly. I think A and B, specifically B, I believe, was the only thing that really grew and that's where the strength was in the European market. And as you know, we struggle a little bit with content or at least the same level of content on those vehicles versus what we see in the CD&E segment.

是的。我認為——如果你看看暫時的影響，歐洲一家 OEM 廠商的停產可能會造成 500 萬到 600 萬美元的收入損失。所以這只是個小問題。如果你看看其他部分，你會發現它其實是關於混合的。而實際上，我們所談論的才是唯一真正的成長。本季歐洲大部分CD&E車輛的銷售量都大幅下降。我認為只有 A 和 B，特別是 B，我認為，是唯一真正實現成長的，這也是歐洲市場的優勢。如您所知，我們在內容方面有點困難，或者至少在這些車輛上的內容水平上，我們無法與CD&E領域的內容水平相提並論。

And then into 4Q, other than the temporary piece, anything you'd expect to change in trim mix Europe or, I guess, North America, too?

那麼到了第四季度，除了臨時部件之外，您認為歐洲或北美地區的裝飾組合會有什麼變化嗎？

No. I would say -- I wouldn't say it would probably be quite as drastic as what we saw in Q3 in terms of trim mix. But definitely, there -- I think with some of the economic challenges in the EU right now, we're definitely seeing a little lighter content than what we have been seeing over the last 18 months to two years. And so some of it, I think, will continue into Q4, but I think Q3 was definitely probably a hair overdone in terms of that -- how much that changed in one quarter.

不。我認為——就配料組合而言，可能不會像第三季度那樣劇烈。但可以肯定的是——我認為鑑於歐盟目前面臨的一些經濟挑戰，我們看到的內容肯定比過去 18 個月到兩年的內容要少一些。因此，我認為其中一些情況會延續到第四季度，但我認為第三季度在這方面肯定有點過度了——一個季度內變化如此之大。

Got it. Gross margin, yes, I appreciate the color on the tariff impact this quarter. Just be curious how you're thinking about approaching recovering those costs into the fourth quarter and ultimately into next year. And in terms of the fourth quarter specifically, is there anything incremental that you'd have a line of sight to in terms of costs that you need to recover?

知道了。毛利率方面，是的，我很欣賞本季關稅影響的分析。我很好奇你們打算如何將這些成本在第四季以及最終在明年收回。具體到第四季度，在需要收回的成本方面，是否有任何新增項目是您可以預見的？

No. I think what you're seeing right now, Q2 tariffs, we actually recovered probably 70%, 80% of the tariff costs of Q2 in Q3, and so what you're seeing is a step up in overall tariff from Q2 to Q3. We haven't been reimbursed those yet. We would expect to get most of that reimbursed in Q4, but there's definitely a lag effect as the tariffs have been ramping up over the last few quarters. Unfortunately, there's a lag and how -- when you incur the expense versus when you can recover it.

不。我認為你現在看到的，第二季的關稅，實際上我們在第三季收回了第二季70%到80%的關稅成本，所以你看到的是第三季整體關稅水準的上升。我們還沒有收到那些款項的報銷。我們預計大部分款項將在第四季度得到補償，但由於過去幾個季度關稅一直在逐步提高，因此肯定會存在滯後效應。遺憾的是，這其中存在著滯後性──也就是你產生費用的時間與你能收回費用的時間之間存在著滯後性。

Got it. And then last question for me, just lots of discussion around Nexperia, of course. Just curious to the extent that you have any direct supply chain exposure there, Neil, and then just what you're hearing from customers real-time.

知道了。最後一個問題，當然是關於Nexperia的許多討論。尼爾，我只是好奇你在那邊的供應鏈方面是否有任何直接接觸，以及你從客戶那裡實時聽到了哪些反饋。

Yes, absolutely. Yes, Nexperia, there is -- we do have some supply that we utilize from Nexperia. We do have some in-house inventory available. We've got -- unfortunately, if you go back a few years, we've been through this fire drill a few times on finding alternate supply, designing alternates in and doing it in a fast and expeditious way. So we are exercising that muscle again to find alternates and get the solutions moving to minimize any impact.

是的，絕對的。是的，Nexperia，確實有一些——我們確實從Nexperia採購了一些產品。我們有一些內部庫存可供使用。不幸的是，如果你回顧幾年前，我們已經多次經歷過尋找替代供應、設計替代方案並以快速高效的方式完成這項工作的緊急情況。因此，我們正在再次鍛鍊這種能力，尋找替代方案，並推動解決方案的實施，以最大限度地減少任何影響。

We're not expecting any significant impact in Q4, though.

不過，我們預計第四季不會受到任何重大影響。

No.

不。

At least not from our side. Obviously, OEM exposure could create challenges from other suppliers, but --

至少我們這邊不是這樣。顯然，OEM廠商的曝光可能會給其他供應商帶來挑戰，但…--

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Maybe to sort of just follow up on some of the European commentary, I know you mentioned sort of the different sort of segment levels, but it also sounds like there's maybe just overall more pressure in that market. And I guess I'm just wondering is in some of those higher segments that you mentioned where you tend to have more content, are you seeing any change in ordering patterns from your customers? Like any consideration to decontent you to maybe make some of those vehicles more affordable? Or is this really just a period where you mentioned AB vehicles really outperform some of those larger vehicles?

也許可以稍微補充歐洲的一些評論，我知道你提到了不同的細分市場層級，但聽起來那個市場整體上可能面臨更大的壓力。我想問的是，在你提到的那些內容較多的較高細分市場中，你的客戶的訂購模式是否有任何變化？有沒有考慮過降低車輛配置，讓其中一些車型的價格更親民？還是這只是你提到AB車輛性能確實優於某些大型車輛的時期？

No, Joe, it's definitely both. I mean you're seeing some decontenting on higher-end vehicles as well as OEMs look to try to get overall cost points lower. And obviously, as tariffs have impacted OEMs, they're looking for other creative ways to try to get their cost structure lower. So unfortunately, optional content does become in scope for some of them. I would say it's kind of a mix between both of those, both what the vehicle mix is and segmentation changing and then also some decontenting to avoid -- to help lower cost structure.

不，喬，肯定兩者都是。我的意思是，你會看到一些高階車型也出現了配置縮減的情況，因為汽車製造商都在努力降低整體成本。顯然，由於關稅對汽車製造商造成了影響，他們正在尋找其他創意的方法來降低成本結構。所以很遺憾，對於其中一些內容來說，可選內容也納入了範圍。我認為這算是兩者的混合體，既包括車輛組合和細分市場的變化，也包括為了避免成本結構降低而進行的一些減配。

Okay. And then just maybe on the implied fourth quarter gross margin. I just want to -- it looks like maybe seasonally, the step down looks a little bit greater, if I'm doing my math right. And I just want to understand what's really sort of considered in that, whether there's still some -- I mean, I know you sort of just talked about some trouble getting reimbursements. Anything considered on like semi tariffs or anything else we should be thinking about?

好的。然後或許取決於隱含的第四季毛利率。我只是想說——看起來好像季節性的下降幅度會更大一些，如果我的計算沒錯的話。我只是想了解其中真正考慮的是什麼，是否仍然存在一些——我的意思是，我知道你剛才談到了在獲得報銷方面遇到的一些困難。關於半成品關稅或其他任何我們應該考慮的因素，有什麼需要注意的嗎？

No, if you look at the real impact and the step down, it's a couple fold. Number one is as a percent of total revenue, VOXX is going to be higher, which will have a little bit of a head -- put a little bit of a headwind on the overall weighted margin. And then the real big factor in the second half is the lower sales levels that we usually see in Q4, especially around the holidays. And so there's not like any structural changes or anything wrong with the cost structure. We actually think Q4 margin, if revenue were exactly the same, we would expect Q4 from a margin perspective to be very, very similar to Q3.

不，如果你看看實際的影響和下降幅度，那就是好幾倍。第一點是，VOXX 佔總收入的百分比將會更高，這將帶來一些成長——對整體加權利潤率造成一些不利影響。而下半年真正的重大因素是第四季（尤其是在假日期間）通常出現的銷售水準下降。因此，成本結構方面沒有任何結構性變化或問題。我們認為，如果收入完全相同，那麼第四季的利潤率預計會與第三季非常非常相似。

Maybe just one last quick one. Sorry, if I missed this in the prepared remarks, but is there any update on FDM, especially since I know at least here in the U.S., we're seeing some likely lower demand for EVs. And I think like that was, I'd say, an above-average sort of feature on EVs versus sort of ICE vehicles. And so just how you're thinking about that, especially headed into '26?

或許就最後快速來一次吧。抱歉，如果我在準備好的演講稿中錯過了這一點，但FDM方面有什麼最新進展嗎？尤其是我知道至少在美國，我們看到電動車的需求可能會下降。我認為這算是電動車相對於燃油車的一個高於平均水平的特徵。那麼，您對此有何看法，尤其是在即將邁入 2026 年？

Yes, absolutely. Actually, Q3 was really good growth in FDM again. It's been strong and Q4 still looks really strong. So we -- I think last quarter, Q2 said we'd be 150,000 to 300,000 units above where we were in 2024. And so we just moved that to be 200 to 300 for the end of the year. So we still see us exceeding 2024 numbers by 200,000 to 300,000 units.

是的，絕對的。事實上，FDM 第三季再次實現了非常好的成長。業績一直很強勁，第四季看起來依然非常強勁。所以——我想上個季度，也就是第二季度，我們預測到 2024 年的產量將比預期高出 15 萬到 30 萬台。因此，我們把年底的目標調整為 200 到 300。因此，我們仍然預計 2024 年的產量將比預期高出 20 萬至 30 萬輛。

Okay. And any preliminary views into next year on that?

好的。對明年的情況有什麼初步看法嗎？

Not really. I mean, there's --

並不真地。我的意思是，有--

We're expecting to continue to grow, though.

我們預計未來還將繼續成長。

Yes, it's not -- we see growth. Absolutely.

是的，並非如此——我們看到了成長。絕對地。

We'll give formal guidance coming in fourth quarter.

我們將在第四季發布正式的業績指引。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Good to see the revenue and margin guidance for the year moving to the upper end of the range despite some of the European headwinds that you talked about. I just want to drill down a little bit into VOXX. We're about two quarters in now. Any updates on like synergy integration and the realization. Are you still on target to achieve those synergy levels that you previously kind of talked about 18 months after the close?

很高興看到，儘管如您所說，歐洲市場存在一些不利因素，但全年營收和利潤率預期仍上調至預期範圍的上限。我只是想稍微深入了解一下VOXX。現在已經過去大約兩個季度了。關於協同整合和實現方面有任何最新進展嗎？在交易完成 18 個月後，您是否仍然能夠實現先前提到的協同效應水準？

Yes, absolutely. I think if you look at the first -- through two quarters already, if you look at the overall numbers, it shows in this quarter that we -- that VOXX organization is positive on the net income side and accretive on the EPS side. And so that will be -- that was a little ahead of schedule, quite frankly. In that regard, we know the next couple of quarters, especially, there's a lot of work that has to happen to try to figure out where there's any redundancy or overlap between our two organizations.

是的，絕對的。我認為，如果你看一下前兩季的整體數據，你會發現本季VOXX集團的淨收入為正，每股盈餘也實現了成長。所以，坦白說，這比原計劃提前了一些。在這方面，我們知道接下來的幾個季度，尤其是接下來的幾個季度，有很多工作要做，才能弄清楚我們兩個組織之間是否存在任何冗餘或重疊之處。

We're starting to really make great progress with that organization. And looking forward to what the next 12 to 18 months can look like. But there's no doubt in the overall cash generation side of what we think that business can look like that we don't see any reason why we can't achieve those original targets.

我們與該組織的合作正在取得顯著進展。期待未來 12 到 18 個月的發展前景。但就我們認為該業務的整體現金流而言，我們毫不懷疑，我們看不出有什麼理由不能實現最初的目標。

Yes. And then just one follow-up, looking a little bit further out. Regarding the dimmable sunroofs and visors, you talked about, I think you said you expect to have those in market within 18 months, but operationally running in the first half of next year. What's left to be done in terms of achieving commercial viability for those today to really bring those to market? I'm just curious where you are or what's left to do? I know there's a lot of technicals that go into getting that OEM certified and just want a little bit of an update.

是的。然後，再進行一次後續探討，把目光放得更遠一些。關於您提到的可調光天窗和遮陽板，我想您說過預計在 18 個月內將它們推向市場，但要到明年上半年才能投入營運。為了讓這些產品真正實現商業可行性並推向市場，目前還有哪些工作要做？我只是好奇你現在在哪裡，還是還有什麼事要做？我知道要獲得 OEM 認證涉及許多技術細節，我只是想了解一下最新的情況。

Yes. Those are still some of the bigger challenges, the requirements of taking that technology into automotive and meeting the environmental temperature, all of the above process requirements as well as when you have really large pieces of glass with a darkened surface, it's easy to see small issues in the process that the dimming materials put down. So that's the big part of the Q1 into Q2 of next year as we are getting that capability in-house so that we can get better control on that process quality.

是的。這些仍然是一些更大的挑戰，例如將這項技術應用於汽車領域並滿足環境溫度要求，以及上述所有製程要求。此外，當使用表面變暗的大塊玻璃時，很容易發現調光材料在製程中出現的小問題。所以，明年第一季到第二季的重點就是將這種能力納入公司內部，以便更好地控制流程品質。

So with those, I think those are some of the biggest hurdles that we still got in front of us. There's a lot of little challenges that we fight every day, but the team has been doing a great job keeping those down and trying to get focus on some of these bigger ones.

所以，我認為這些是我們目前仍然面臨的一些最大障礙。我們每天都要應對許多小挑戰，但團隊在控制這些挑戰方面做得非常出色，並努力將注意力集中在一些更大的挑戰上。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

Is there any update you can provide on the place sort of retail consumer fire protection business? I realize it's only been a few months now in the Home Depot stores, but curious what -- any early feedback might be?

您能否提供一下關於零售消費消防業務的最新資訊？我知道這款產品在Home Depot商店上架才幾個月，但很好奇——大家有什麼初步回饋嗎？

Yes. I think probably the most telling portion of that has been so far, the consumer feedback has been really good in terms of ease of install, app integration, what that looks like, ease of use. So I mean, that was our big focus right away. Wasn't just the overall sales levels, but the real focus was, hey, really for our first time going direct-to-consumer with something especially that's feature-rich and app-heavy, how do we make -- do we do a good job executing that app and the interaction side.

是的。我認為最能說明問題的是，到目前為止，消費者回饋非常好，包括安裝便利性、應用程式整合、介面美觀性和易用性等方面。所以，那正是我們當時的工作重點。不僅僅是整體銷售水平，真正的重點是，嘿，我們第一次直接面向消費者推出功能豐富、應用密集的產品，我們該如何做好——我們能否在應用和互動方面做好。

And so far, I mean, fingers crossed, that all looks like it's going really well in that launch initially. And we never expected necessarily DIY to be a big home run in terms of sales volume. And so the growth over the next couple of years is really going to be focused on how do we get direct to builders, how do you start working on additional channels beyond just big box retail. And so that's where the team is actively focused right now is, first focused on making sure the product was robust and the app was robust.

到目前為止，但願一切順利，看來這次發表會的初期進展非常順利。我們從未期望 DIY 能在銷售上取得巨大成功。因此，未來幾年的成長重點將真正放在如何直接接觸建築商，以及如何開始拓展大型零售以外的其他管道。因此，團隊目前積極關注的重點是，首先要確保產品和應用程式的穩定性。

And then secondly, we got to start focusing and looking at how do we get into additional channels that are, quite frankly, new for us. But one of the things we have going for us in this regard is the -- some of the synergies on the VOXX side of the business. They have a lot more experience than we do in terms of how to market direct-to-consumer these type of products. And so we're working really hard with that team on how do we take advantage of the skill sets that they have to help us with the sales channels of that product.

其次，我們必須開始集中精力，思考如何進入其他管道，坦白說，這些管道對我們來說都是全新的。但我們在這方面的優勢之一是——VOXX 業務方面的一些協同效應。在如何直接向消費者推廣這類產品方面，他們比我們更有經驗。因此，我們正在與該團隊努力合作，探討如何利用他們的技能來幫助我們拓展該產品的銷售管道。

Okay. And then just lastly, on the VOXX side, you got one question already about the, I guess, the opportunity from consolidating sort of the Gentex and VOXX people and systems and public company costs. Maybe just remind us of the targets there and of the cadence, too, because it seems like so far, like a lot of the early retirement announcements have been really on the Gentex side. Is that fair to say?

好的。最後，關於 VOXX 這邊，你已經有一個問題了，我想，這是關於整合 Gentex 和 VOXX 的人員、系統以及上市公司成本的機會。或許應該提醒我們那裡的目標和節奏，因為到目前為止，似乎很多提前退休的公告都來自 Gentex 公司。這樣說公平嗎？

And in terms of the size of the opportunity, is it as simple to just kind of look at the relative difference in the gross margin profile and the operating margin profile of the two businesses and say that, that much can really be achieved? Or how much can you achieve and over what period of time? And what have you achieved so far?

至於機會的大小，是否只需看看兩家企業的毛利率和營業利潤率的相對差異，就斷言真的可以取得如此大的成就？或者，你能取得多大的成就，需要多久？你目前取得了哪些成就？

Yes, I'll start with the overall target when we kind of got into this. We believe, given that level of revenue that it was absolutely possible to achieve kind of $40 million or so in free cash flow off of their business on a per annual basis. And that's still our goal. We've kind of targeted that to be in about 18 months post acquisition. And we still believe we're on the same timetable to make that happen. I'll let Kevin jump in with a few of the -- what we've kind of accomplished already and where we're at currently.

是的，我會先從我們開始討論這個問題時的總體目標說起。我們認為，鑑於這樣的收入水平，他們的業務每年完全有可能實現約 4,000 萬美元的自由現金流。那仍然是我們的目標。我們計劃在收購後大約 18 個月內實現這一目標。我們仍然相信，我們正按照同樣的計畫時間表實現這一目標。我讓凱文來談談我們已經取得的一些成就以及我們目前的狀況。

Yes. So if you look at some of the audit costs, I mean, we have reduced that overlap, insurance costs, I mean, you're -- between those two, you're in the low $2 million to $3 million a year, plus you have some of the executive team overlap, those team -- they had run off. But they had already accounted for that prior. So that's why I don't see some of the severance expense coming from those things or the transition expense. But all told, we're over $10 million of annualized savings when you add up all the different things, and we continue to make progress beyond that every quarter.

是的。所以，如果你看一些審計成本，我的意思是，我們已經減少了這種重疊，保險成本，我的意思是，這兩項加起來，每年大約是 200 萬到 300 萬美元，再加上一些高管團隊的重疊，那些團隊——他們已經離職了。但他們事先已經考慮到了這一點。所以這就是為什麼我認為部分遣散費不會來自這些方面或過渡費用。但總的來說，把所有不同的節省加起來，我們每年可節省超過 1000 萬美元，而且我們每個季度都在不斷取得進展。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

This is [Srikanth] on for James. You guys put a pretty great gross margins in the quarter, especially considering some of the headwinds you saw in Europe. So how should we think about that really going to next year? Are these sustainable? Or are there any other puts and takes we should keep in mind?

這是斯里坎斯替補詹姆斯上場。你們本季的毛利率相當不錯，尤其考慮到你們在歐洲遇到的一些不利因素。那麼，我們該如何看待明年的情況呢？這些產品是否可持續？或是有其他需要注意的買賣點嗎？

Yes. I think as we head into next year and like we joke all the time, this is a big fingers cross moment as well. Hopefully, tariffs stabilize from this year going into next year. That would be the one big variable that obviously we can't control and don't really have a lot of insight into other than what's publicly available currently.

是的。我認為，隨著我們邁入明年，就像我們經常開玩笑說的那樣，這也是一個充滿希望的時刻。希望關稅從今年到明年能夠趨於穩定。那顯然是我們無法控制，而且除了目前公開的資訊之外，我們對其了解甚少的一個大變數。

The other ones start to become more normal puts and takes. So you got pricing at the beginning of the year to our customer base and then what we can get out of the supply chain. Historically, for us, if we can try to offset or make those offset each other, then we got a really good opportunity to maintain the margin profile. And that's what our current stance is heading into next year is that we believe that if we could get up to this kind of high 34%, 35% range on gross margin leaving this year, that we'd be in really good shape to maintain that heading into next year. And we still believe that what our outlook looks like.

其他的開始就變成了更正常的買賣交易。所以，年初時我們向客戶群制定了價格，然後我們又從供應鏈中獲得了價格。從歷史經驗來看，如果我們能夠嘗試抵銷或使這些相互抵消，那麼我們就有非常好的機會來維持利潤率水準。這就是我們目前對明年的立場：我們相信，如果我們今年的毛利率能夠達到 34% 到 35% 的高位，那麼我們明年就很有可能保持在這個水平。我們仍然相信我們所看到的景象。

And that obviously factors in, in terms of overall sales levels and some of the things that are a little unpredictable right now in terms of what happens geographically and with our primary customers all over the world. But as we stand here today, we feel like we're in a really good spot that we've executed most of the cost control mechanisms we needed to internally to get to where we had predicted we would end this year at.

顯然，這會影響整體銷售水平，以及目前一些難以預測的因素，例如地理位置和我們遍布全球的主要客戶的情況。但就目前而言，我們感覺我們處境非常好，我們已經執行了大部分必要的內部成本控制機制，達到了我們預測的今年年底的目標。

And so as we're -- the disciplines there, the efficiencies that we put in place. These are not onetime experiences. I mean these are recurring benefits that we'll see rolling forward. And so if I had to do a way too early version of what the margin will look like next year, I'd say it's really close to where we're at right now.

所以，正如我們所看到的──那裡的紀律，我們所建立的效率。這些並非一次性的經驗。我的意思是，這些都是我們會持續看到的好處。因此，如果讓我提前預測明年的利潤率會是什麼樣子，我會說它和我們現在的利潤率非常接近。

That's helpful. And then it's nice to see you guys have some good news point to in China. Do you think there's more room for improvement, should the trade situation stabilize a little bit more?

那很有幫助。很高興看到你們在中國也傳來了一些好消息。你認為如果貿易情勢更加穩定一些，是否還有改進的空間？

Yes. I would never say that it couldn't. I would say, right now, as we look at the China market, there's definitely a trend from OEMs there to go with domestic suppliers over international suppliers. And so we're seeing that trend kind of play out longer term. And so we're constantly looking at new products and saying, hey, it's a real market, significant. How do we try to make sure we have the right product offering to be competitive in that space. But I think there'll be a little more headwinds as we head into the next 18 months in the China market. And so we're kind of preparing ourselves for that.

是的。我絕對不會說它不可能。我認為，就目前中國市場而言，OEM廠商明顯傾向選擇國內供應商而非國際供應商。因此，我們看到這種趨勢正在長期持續下去。因此，我們不斷關注新產品，並認為，嘿，這是一個真正的市場，而且意義重大。我們如何確保提供合適的產品，從而在該領域保持競爭力？但我認為，未來18個月中國市場將面臨更多阻力。所以我們正在為此做準備。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I was hoping to circle back to the content challenges in trim mix issues that the company was speaking about that you've seen in the European market. I guess, first on that topic, as you think about what you've seen, especially the decontenting element and even in some of those CDE segment vehicles. As you think about that category, are there steps you think Gentex can take to get back to growth over market within Europe even with those -- within those segments? Or is it going to be more a function of you just need the market to recover for that category vehicle?

我希望能夠回到公司之前提到的、您在歐洲市場看到的配片組合方面的內容挑戰問題上來。我想，首先關於這個主題，想想你所看到的，特別是減少配置的因素​​，甚至在一些 CDE 細分市場車型中也是如此。當您考慮該類別時，您認為 Gentex 可以採取哪些措施，以便在歐洲市場（即使在這些細分市場中）恢復成長？或者，這更多取決於該類車型的市場復甦情況？

No, there's definitely -- I think there's definitely features. If you look at some of the new technology we've been working on, getting those into the marketplace, in-cabin monitoring, driver monitoring and then longer term, the stuff that Neil is referencing in terms of visors and large area devices, those products, in particular, have ASPs that are well above our current ASP and all have the potential to help us outgrow the marketplace even if it is in a declining market.

不，肯定有——我認為肯定有特色。如果你看看我們一直在研發的一些新技術，以及我們正努力將這些技術推向市場，例如車內監控、駕駛員監控，以及從長遠來看，尼爾提到的遮陽板和大型設備，這些產品的平均售價都遠高於我們目前的平均售價，而且所有這些產品都有潛力幫助我們超越市場，即使在市場下滑的情況下也是如此。

And so one of the reasons why you've seen such a focus on higher end tech over the last couple of years is preparing for these types of moments. I mean, I think this one is a little more drastic than even we had anticipated a couple of years ago in terms of the total impact of trade relations and what that's done from a margin compression standpoint for us. And so we're trying to make sure we have the right skills, the right products to make sure that we can find a growth opportunity.

因此，在過去幾年裡，人們如此關注高端科技的原因之一就是為了應對這類時刻。我的意思是，我認為就貿易關係的整體影響以及它對我們的利潤壓縮所造成的影響而言，這次的情況比我們幾年前預想的還要嚴重一些。因此，我們正在努力確保我們擁有合適的技能和合適的產品，以確保我們能夠找到發展機會。

And what we assume to be initially is probably just a flat market but it's actually become more of a declining market than what we even anticipated. And so the team stays really focused, and that's why you see us continuing to double down on the new tech development because that's the only really way to grow in this market currently.

我們原本以為的可能只是一個平穩的市場，但實際上市場下滑的程度甚至超過了我們的預期。因此，團隊始終保持高度專注，這也是為什麼你會看到我們繼續加倍投入新技術研發的原因，因為這是目前在這個市場中真正發展的唯一方法。

And then just in terms of the breadth of the challenge, I mean, is it one or two OEMs in Europe where you've seen this effect? Or is it kind of a wider range of your customers there have been looking to find savings and you've seen the decontenting?

那麼就挑戰的廣度而言，我的意思是，在歐洲，只有一兩家原始設備製造商 (OEM) 出現了這種影響嗎？或者說，是不是更廣泛的客戶群一直在尋找省錢的方法，而你也看到了這種減配行為？

It's really -- it kind of comes down to a couple of OEMs. I mean everyone's been impacted in terms of -- a lot of OEMs have been impacted in Europe based off their volume and overall trim level, like what they're building and how -- what price point of vehicles they're selling. But the decontenting, I think, is really limited to a couple of OEMs in the European market.

實際上，這主要取決於幾家原始設備製造商 (OEM)。我的意思是，每個人都受到了影響——歐洲很多汽車製造商都受到了影響，這取決於他們的產量和整體配置水平，例如他們正在生產什麼以及如何生產——以及他們銷售的車輛的價格點。但我認為，這種減配行為實際上僅限於歐洲市場上的幾家原始設備製造商。

Okay. And then I guess on this topic, kind of assuming on a global perspective, I mean, cost challenges and tariffs, I mean that's not isolated to Europe. And so I'm curious, do you think there's the risk or have you heard anything from customers this kind of thing may happen in Asia or the US? It sounds like it's only been in Europe, but I'm hoping to kind of think about whether this would or would not occur elsewhere?

好的。然後我想說，在這個主題上，從全球角度來看，成本挑戰和關稅，我的意思是，這並非歐洲獨有的問題。所以我很好奇，您認為是否有這種風險？或者您是否從客戶那裡聽說過這類事情可能會在亞洲或美國發生？聽起來這種情況似乎只發生在歐洲，但我希望思考一下這種情況是否也會發生在其他地方？

Yes. I mean, it's possible. I mean it's really -- that becomes more a function of where the vehicles end up, I believe, it's not just limited to European OEMs per se, but they definitely have -- they have more exposure to the overall European end market. I mean if you look at our primary customers in Asia, you're looking really at Honda and Toyota as the bulk of that revenue. And fortunately for us, both of those OEMs have held up very well through all this. And so we continue to find growth opportunities with both those OEMs.

是的。我的意思是，這並非不可能。我的意思是，這實際上更多地取決於車輛最終的去向，我認為這不僅限於歐洲汽車製造商本身，但他們肯定——他們對整個歐洲終端市場有更大的影響力。我的意思是，如果你看看我們在亞洲的主要客戶，你會發現本田和豐田是我們收入的主要來源。幸運的是，這兩家原始設備製造商在這場疫情中都表現得非常好。因此，我們繼續與這兩家原始設備製造商尋找成長機會。

Got it. That's actually my question, nice to see the progress this year with the FDM growth and everything you're working out with the large dimmable area devices, we'll keep an eye on that going forward.

知道了。這正是我要問的問題，很高興看到今年FDM技術的發展以及你們在大面積可調光器件方面所做的一切努力，我們會繼續關注這方面的進展。

David Whiston, Morningstar.

David Whiston，晨星公司。

On guidance, is there any chance of material upside in light of the October 17, the proclamation expanding the parts rebate on US assembly? Or is that pretty much all baked in?

關於業績指引，鑑於 10 月 17 日宣布擴大美國組裝零件退稅範圍，是否有任何實質上行的機會？或者說，這些基本上都是既定事實？

No. I think from a supply standpoint, I don't think it's going to change or impact a whole lot of what you're seeing. I mean if anything, what it does allow us to do, hopefully is it should lessen some of the controversy on tariff recoveries.

不。我認為從供應的角度來看，這不會對你目前看到的情況產生太大的影響。我的意思是，如果有什麼作用的話，那就是它能讓我們減少一些關於關稅追回的爭議。

Okay. And then I guess, could you talk a bit about what's the resistance on FDM for the automakers that haven't yet adopted it? Are they just waiting for future vehicle programs and they know they want to do it? Or are there still some cost or logistical issues beyond that?

好的。那麼，您能否談談尚未採用FDM技術的汽車製造商所面臨的阻力是什麼？他們是不是只是在等待未來的車輛項目，而且他們也知道自己想做這件事？除此之外，是否還有其他成本或物流的問題？

Well, you definitely always have the cost side. I mean, that's one that's -- with every OEM that we've been successful with, it's one of the obstacles you have to get past. Beyond that, I think the slow adopters at the beginning were the German OEMs. And I think that was really the only real hold out. If you look at most other OEMs, they had adopted the product to some level. The biggest challenge right now is how do you get it beyond small take rates into more mass market.

當然，成本問題總是需要考慮的。我的意思是，對於我們合作過的每一家原始設備製造商來說，這都是必須克服的障礙之一。除此之外，我認為最初反應較慢的是德國的原始設備製造商。我覺得那是唯一一個真正堅持己見的人。如果你看看其他大多數原始設備製造商，他們已經在一定程度上採用了該產品。目前最大的挑戰是如何讓它從小規模市場走向大眾市場。

And the teams have made some real good progress on that in terms of what does standard equipment look like or close to standard equipment on high-level vehicles and have an optional content on lower-end vehicles. And that's where we're starting to see a lot of the revenue growth come from. It's not just pure number of nameplates you're on. It's more about what are those take rates.

各團隊在這方面取得了一些非常好的進展，例如高端車輛的標準配備是什麼樣子，或者接近標準配備，而低端車輛則提供可選配置。而這正是我們開始看到的大部分收入成長來源。重要的不僅僅是你出現在銘牌上的數量。更重要的是這些轉換率是多少。

I'm showing no further questions at this time. I would now like to turn it back to Josh O'Berski for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給喬許‧奧伯斯基，請他作總結發言。

Thank you, everyone, for your time and questions. We hope you have a great weekend. This concludes our call.

感謝各位抽出時間並提出問題。祝您週末愉快。通話到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。