漢威聯合 (HON) 2026 Q3 法說會逐字稿

(audio in progress) Technologies third quarter 2026 earnings conference call. Joining me today are Honeywell Technologies' Chairman and Chief Executive Officer, Vimal Kapur; and Senior Vice President and Chief Financial Officer, Mike Stepniak.

（音訊進行中）Technologies 2026 年第三季財報電話會議。今天與我一同出席的有 Honeywell Technologies 董事長兼執行長 Vimal Kapur，以及資深副總裁兼財務長 Mike Stepniak。

This webcast and the presentation materials, including non-GAAP reconciliations, are available on our Investor Relations website. From time to time, we post new information on the Investor Relations website that may be of interest or material to our investors.

本次網路直播與簡報資料（包含非 GAAP 調節表）可於我們的投資人關係網站取得。我們不時會在投資人關係網站發布可能令投資人感興趣或對投資人具重大性的新資訊。

Our discussion today includes forward-looking statements that are based on our best view of the world and of our businesses as we see them today and are subject to certain risks and uncertainties, including those described in our recent SEC filings. This morning, we will review our financial results for the third quarter of 2026 and discuss our updated 2026 guidance. And as always, we'll leave time for your questions at the end.

我們今天的討論包含前瞻性陳述，係基於我們對世界及我們業務在當前所見情況下的最佳判斷，並可能受到若干風險與不確定性影響，包括我們近期向 SEC 提交之文件中所述者。今天上午，我們將回顧 2026 年第三季財務結果，並討論更新後的 2026 年財測指引。一如既往，我們也會在最後保留時間回答各位的提問。

With that, it's my pleasure to turn the floor over to Vimal, who will begin on slide 3.

接下來，我很高興把時間交給 Vimal，他將從第 3 張投影片開始。

Thank you, Mark, and good morning, everyone. Our first quarter as a stand-alone pure-play automation company was a clear demonstration of the value creation strategy we laid out during Investor Day in June with broad-based organic growth, strong margin expansion and higher free cash flow conversion. And I'm very pleased with the results our teams delivered.

謝謝你，Mark，各位早安。作為一家獨立、純自動化（pure-play automation）公司的第一個季度，我們以廣泛的有機成長、強勁的利潤率擴張以及更高的自由現金流轉換率，清楚展現了我們在 6 月投資人日所闡述的價值創造策略。我對團隊交出的成果感到非常滿意。

This quarter showed the breadth and quality of new Honeywell Technologies portfolio with strong results across all segments. We delivered 7% organic sales growth above the high end of the targets we unveiled at Investor Day in June. Demand across the portfolio was broad-based, which drove short-cycle orders growth of 8%, excluding our divestitures led by Industrial and Building Automation. Additionally, the growth inflection we expected in Process Automation and Technology is occurring with the business growing 8% organically in third quarter. As I will talk more about shortly, we believe PA&T is beginning a multiyear growth inflection fueled by a robust project backlog and continued capital investment in energy sector, especially in Africa, Middle East and US.

本季展現了全新 Honeywell Technologies 投資組合的廣度與品質，各事業部門皆有強勁表現。我們實現 7% 的有機銷售成長，高於我們在 6 月投資人日公布目標區間的上緣。整體投資組合需求呈現廣泛成長，帶動短週期訂單（不含我們的資產剝離）成長 8%，主要由工業自動化與樓宇自動化帶動。此外，我們預期的流程自動化與技術（PA&T）成長拐點正在發生，該業務在第三季有機成長 8%。我稍後會進一步說明，我們認為 PA&T 正開始進入一個由強勁專案在手訂單與能源產業持續資本投資所驅動的多年期成長拐點，尤其是在非洲、中東與美國。

On profitability, we expanded margins by 370 basis points to over 21% through strategic pricing, productivity actions and the continued reduction in the stranded cost. Importantly, with accelerated progress this quarter, we now expect to eliminate all remaining stranded costs by end of 2026, just six months after the Aerospace spin-off, demonstrating our strong execution capabilities. Together, this combination of profitable growth and the fixed cost productivity drove adjusted EPS of $2.27, up 34% year-over-year.

在獲利能力方面，我們透過策略性定價、生產力措施以及持續降低擱置成本（stranded cost），將利潤率擴張 370 個基點至 21% 以上。更重要的是，隨著本季進度加速，我們目前預期將在 2026 年底前消除所有剩餘的擱置成本，亦即在航太業務分拆後僅 6 個月，展現我們強大的執行能力。綜合而言，這種具獲利性的成長與固定成本生產力提升，帶動調整後每股盈餘（adjusted EPS）達 2.27 美元，年增 34%。

To round out the story, the cash conversion accelerated to 95% for the quarter, and we expect to be above 100% conversion in the fourth quarter. As a result of our strong execution this quarter and momentum heading into fourth quarter, we are raising our full year 2026 guide across all metrics. The growth inflection is in PA&T and the turnaround in Industrial Automation are well underway, compounded by eight straight quarters of outperformance in Building Automation. Mike will talk more about our stronger outlook for Q4 and the full year in a few minutes.

為了完整呈現整體表現，本季現金轉換率加速至 95%，我們預期第四季將高於 100%。基於本季強勁的執行成果以及邁入第四季的動能，我們上調 2026 全年在所有指標上的財測指引。PA&T 的成長拐點與工業自動化的轉型改善均已順利展開，再加上樓宇自動化已連續八個季度優於預期。Mike 將在幾分鐘後進一步說明我們對第四季與全年更強勁的展望。

Our transformation into a pure-play automation company is complete. As our third quarter results have demonstrated, we have strong position in growing end markets, differentiated offerings and clear competitive advantage in higher-growth verticals like LNG and data centers. We are instrumenting the business to outperform both in 2027 and over the long term with strong short-cycle demand, a backlog of nearly $19 billion and momentum across the portfolio. This gives me and the leadership team great confidence in delivering of our 2029 targets.

我們轉型為純自動化公司的工作已完成。如第三季結果所示，我們在成長中的終端市場具備強勢地位，擁有差異化產品與服務，並在 LNG 與資料中心等高成長垂直領域具備明確競爭優勢。憑藉強勁的短週期需求、近 190 億美元的在手訂單，以及整體投資組合的動能，我們正強化營運以在 2027 年及長期持續優於市場。這讓我與領導團隊對達成 2029 年目標充滿信心。

Let's now turn to slide 4 to talk more about the order trends in the business. The key takeaway is that demand remains strong across most of our portfolio. We saw growth across our short-cycle businesses led by sensing and measurement in Industrial Automation and double-digit growth in Building Automation product businesses. Orders in data center vertical were up over 100%. In PA&T, we saw strong refining catalyst demand, consistent with our expectation for a second half recovery. And on a regional basis, we saw strength in India, the Middle East and Africa.

接著請看第 4 張投影片，我們將更深入說明業務的訂單趨勢。重點是：我們投資組合中多數業務的需求仍然強勁。我們看到短週期業務普遍成長，其中以工業自動化的感測與量測領域領先，以及樓宇自動化產品業務的雙位數成長。資料中心垂直領域的訂單成長超過 100%。在 PA&T 方面，我們看到煉油催化劑需求強勁，符合我們對下半年復甦的預期。就區域而言，我們在印度、中東與非洲看到強勢表現。

In Process Automation and Technology, we are navigating tough prior year comparison due to the two strategic low carbon energy and LNG awards in third and fourth quarter of 2025, which were each $700 million. From time to time, large award like this do not always correlate with underlying market demand we are seeing, which is why we have elected to present a normalized view of the demand. Excluding the impact of Q3 award last year, total company orders are up 3% organically. Furthermore, book-to-bill in this quarter was 1.0, which drove ending backlog to nearly $19 billion, up 7%, excluding our divestitures.

在流程自動化與技術方面，由於 2025 年第三季與第四季各有一筆 7 億美元的策略性低碳能源與 LNG 大型得標案，使得我們正面臨較嚴峻的去年同期比較基期。像這樣的大型得標案不時發生，但未必總是與我們所觀察到的基本面市場需求同步，因此我們選擇以常態化（normalized）的方式呈現需求概況。若排除去年第三季得標案的影響，公司整體訂單有機成長 3%。此外，本季接單出貨比（book-to-bill）為 1.0，使期末在手訂單接近 190 億美元；若不含我們的資產剝離，年增 7%。

In PA&T, specifically, the backlog was up double digits, driven by these large project awards. We continue to believe that the ongoing transition to LNG and renewable as priority fuel, increasing pipeline activity from refurbishment and rebuilds in Middle East and the refining build-out in Africa will drive a meaningful energy up cycle over the next several years. Looking ahead to the fourth quarter, we expect orders to grow in the high single-digit range, excluding the large LNG awards shown in the chart on slide 4. This will be driven by demand in Middle East, India and Asia Pacific in Process Technology and Building Automation, continued short-cycle demand in Building Automation products and sensing and utilities in Industrial Automation and momentum in our high-growth verticals.

就 PA&T 而言，在手訂單呈雙位數成長，主要由這些大型專案得標所帶動。我們仍相信，LNG 與再生能源作為優先燃料的持續轉型、中東地區因翻修與重建帶動的管線活動增加，以及非洲煉油產能擴建，將在未來數年推動一波顯著的能源上行週期。展望第四季，若排除第 4 張投影片圖表中所示的大型 LNG 得標案，我們預期訂單將以高個位數百分比成長。成長動能將來自流程技術與樓宇自動化在中東、印度與亞太地區的需求、樓宇自動化產品的持續短週期需求、工業自動化中的感測與公用事業需求，以及我們高成長垂直領域的動能。

Let us now turn to slide 5 to discuss the favorable dynamics we are seeing in the global energy value chain, reinforcing our growth outlook for Process Automation and Technology business. On a global basis, we continue to see activity increasing on large energy projects, including over $1 billion in Process Technology orders since quarter one of 2026. PA&T backlog is over 10% higher than a year ago, supported by win across LNG, refining and petrochemicals and low-carbon energy projects.

接著請看第 5 張投影片，我們將討論在全球能源價值鏈中觀察到的有利動態，進一步強化我們對流程自動化與技術業務的成長展望。從全球角度來看，我們持續看到大型能源專案活動增加，包括自 2026 年第一季以來流程技術訂單累計超過 10 億美元。在 LNG、煉油與石化，以及低碳能源專案的得標支撐下，PA&T 的在手訂單較一年前高出逾 10%。

The breadth of these orders is important, too. We are seeing investments across North America, the Middle East, Africa and Asia rather than a single region. LNG remains strong in US and internationally, while refining and petrochemical orders include major projects in Africa and continued activity across Middle East and Asia.

這些訂單的廣度同樣重要。我們看到投資分布於北美、中東、非洲與亞洲，而非集中於單一地區。LNG 在美國及國際市場仍維持強勁；同時，煉油與石化訂單包含非洲的重大專案，以及中東與亞洲持續的專案活動。

Low carbon energy remains a small part of the business overall, but it's growing at a strong double-digit rate with wins in areas such as sustainable aviation fuel and carbon capture. And we continue to believe that longer term, this will be a growth driver. These orders expand our installed base and create opportunities beyond the initial project win. As these facilities come online and operate at high utilization rate, they will drive future demand for catalyst, automation, digital modernization and life cycle services.

低碳能源在整體業務中仍占比不大，但正以強勁的雙位數速度成長，並在永續航空燃料與碳捕捉等領域取得訂單。我們仍相信，從長期來看，這將成為成長驅動力。這些訂單擴大了我們的裝機基礎（installed base），並在初始專案得標之外創造更多機會。隨著這些設施上線並以高稼動率運轉，將帶動未來對催化劑、自動化、數位現代化與全生命週期服務的需求。

Overall, the strength and global diversity of the orders give us confidence in the outlook for continued growth of PA&T segment as we enter 2027. In conclusion, we are seeing robust backlog growth and commercial momentum across our business, and we expect 2027 organic growth to be at or above our long-term growth algorithm.

整體而言，訂單的強勁表現與全球多元分布，讓我們對邁入 2027 年後 PA&T 事業部持續成長的展望更具信心。總結來說，我們看到全公司在手訂單強勁成長與商業動能提升，並預期 2027 年有機成長將達到或高於我們長期成長演算法（growth algorithm）。

Let me now turn it to Mike to discuss the third quarter results and our 2026 outlook in more detail.

現在我把時間交給 Mike，請他更詳細地說明第三季業績以及我們對 2026 年的展望。

Thank you, Vimal, and good morning. In the third quarter, Honeywell Technologies delivered strong results that surpassed our expectations across most metrics. Sales grew 7% organically with strength across all segments. Process Automation Technology sales grew 8% organically, led by double-digit growth in projects and a return to growth in aftermarket, led by refining catalyst demand. Project sales grew 14% year-over-year, led by strong LNG and petrochemical backlog conversion.

謝謝你，Vimal，大家早安。第三季，Honeywell Technologies 交出強勁成果，多數指標均超出我們的預期。銷售額有機成長 7%，各事業部門皆表現強勁。製程自動化技術（Process Automation Technology）銷售額有機成長 8%，由專案的雙位數成長帶動，售後市場也重回成長，主要受煉油催化劑需求帶動。專案銷售年增 14%，主要受強勁的 LNG 與石化訂單積壓轉換所帶動。

The momentum in Building Automation continued with 8% organic growth, our eighth straight quarter of high single-digit growth, evidence that we continue to gain share in the market. This was principally driven by 11% organic growth in products, led by both the Fire and Security businesses, while Solutions also grew 4% organically, driven by strength in services. On a regional basis, we saw double-digit growth in both India and Asia Pacific with continued strength in the Americas.

樓宇自動化（Building Automation）的動能延續，有機成長 8%，這是我們連續第八季維持高個位數成長，顯示我們持續在市場上提升市占。這主要由產品 11% 的有機成長所驅動，消防與安防兩大業務皆領先；同時解決方案也有機成長 4%，受惠於服務業務的強勁表現。以區域來看，印度與亞太地區皆呈現雙位數成長，美洲地區亦持續強勁。

Finally, in Industrial Automation, organic sales were up 4% in the third quarter, led by double-digit growth in solutions, principally in industrial measurement and utilities. Product sales were roughly flat with sensing and industrial measurement demand offset by industry-wide deferrals in meter deployments across the utility segment. On profitability, segment profit grew 23% and segment margin expanded 370 basis points to 21.3%, driven by productivity, accelerated stranded cost elimination as well as strategic pricing actions and volume leverage. This more than offset rising inflation, headwinds from the mix of projects versus aftermarket and the acquisition impact in Process Automation Technology.

最後，在工業自動化（Industrial Automation）方面，第三季有機銷售成長 4%，由解決方案的雙位數成長帶動，主要來自工業量測與公用事業。產品銷售大致持平；感測與工業量測需求的成長，被公用事業領域全產業普遍延後電表部署所抵銷。在獲利方面，事業部門利潤成長 23%，事業部門利潤率擴張 370 個基點至 21.3%，主要受生產力提升、加速消除閒置成本（stranded cost），以及策略性定價措施與量增槓桿所帶動。上述表現足以抵銷通膨上升、專案相較售後市場的組合不利因素，以及製程自動化技術業務中併購帶來的影響。

By segment, in Industrial Automation, price and productivity actions in the core business drove 350 basis points of margin expansion with the business firmly on path to deliver 22% segment margin in the fourth quarter. In Building Automation, segment margin expanded another 30 basis points to 27%, driven by volume leverage and pricing actions that more than offset rising inflation. And in Process Automation Technology, margin contracted as expected, driven by mix headwinds stemming from higher project growth and dilution related to the acquisition of Johnson Matthey's Catalyst Technologies business.

分事業部門來看，在工業自動化方面，核心業務的價格與生產力措施帶動利潤率擴張 350 個基點，該業務正穩健朝第四季達成 22% 事業部門利潤率的目標前進。在樓宇自動化方面，事業部門利潤率再擴張 30 個基點至 27%，由量增槓桿與定價措施帶動，且足以抵銷通膨上升。而在製程自動化技術方面，利潤率如預期收縮，主要受組合不利因素影響（專案成長較高），以及收購 Johnson Matthey 的 Catalyst Technologies 業務所帶來的稀釋效應。

Adjusted earnings per share was up 34%, driven primarily by 23% segment profit growth and lower interest expense, which more than offset a higher adjusted tax rate in the quarter. Finally, free cash flow was up 15% to roughly $690 million, while our conversion increased to 95% in the quarter. We expect free cash flow conversion to be above 100% in the fourth quarter as we drive working capital improvements, including strong receivable collections.

調整後每股盈餘（Adjusted EPS）成長 34%，主要由事業部門利潤成長 23% 與利息費用下降所帶動，足以抵銷本季較高的調整後有效稅率。最後，自由現金流成長 15% 至約 6.9 億美元，本季現金轉換率提升至 95%。我們預期第四季自由現金流轉換率將高於 100%，因我們將推動營運資金改善，包括強勁的應收帳款回收。

Let's now move to slide 7 to discuss the third quarter segment margin and adjusted EPS bridges. Starting with margin, we're delivering stronger incremental margin in our short-cycle businesses, driving roughly 70 basis points of volume leverage. We're also continuing to effectively mitigate high inflation with strategic pricing actions, productivity and a reduction in stranded costs. We expect inflation to remain at these levels at least into the first half of 2027. Our strong market positions, installed base-driven business model and the mission-critical nature of our offerings give us confidence in our ability to successfully navigate this inflationary environment.

接著請看投影片 7，討論第三季事業部門利潤率與調整後 EPS 的橋接分析。先從利潤率來看，我們在短週期業務中實現更強的增量利潤率，帶來約 70 個基點的量增槓桿。我們也持續透過策略性定價措施、生產力提升以及降低閒置成本，有效緩解高通膨影響。我們預期通膨至少在 2027 年上半年之前將維持在目前水準。我們強勢的市場地位、以裝機基礎驅動的商業模式，以及我們產品與服務的關鍵任務屬性，使我們有信心能成功因應此通膨環境。

On adjusted EPS, earnings growth in the third quarter was principally driven by a strong operational performance in all three segments, which allowed us to overcome the operating loss from our divestitures. Below segment profit, interest and other expenses declined year-over-year, while our tax rate was slightly higher. We're making good progress against commitments we outlined at the Investor Day in June. Our focus on offsetting inflation, delivering productivity and aggressively eliminating stranded costs for transformation is having a meaningful impact. This provides a strong foundation for 2027.

在調整後 EPS 方面，第三季獲利成長主要由三個事業部門皆強勁的營運表現所驅動，使我們得以克服資產剝離帶來的營運損失。在事業部門利潤以下，利息與其他費用年減，而稅率則略為提高。我們在落實 6 月投資人日所提出的承諾方面進展良好。我們聚焦於抵銷通膨、提升生產力，並積極消除轉型所需的閒置成本，已產生顯著成效。這為 2027 年奠定了堅實基礎。

Let's turn to slide 8 to provide an update on our leverage commitments. As I discussed at the Investor Day, we're committed to reducing our gross leverage to less than 3 times this year by lowering our gross debt balance from $18 billion in the second quarter to under $13 billion at the end of 2026. This will be enabled by the acceleration in free cash flow that we expect to continue in the fourth quarter. We expect our year-end cash balance to be approximately $3 billion, resulting in a net debt of around $10 billion. Importantly, the cash generation and continued reduction in our leverage will increase our capital allocation flexibility, including capacity to pursue disciplined M&A.

接著請看投影片 8，更新我們在槓桿方面的承諾。如我在投資人日所提到的，我們承諾今年將總槓桿降至 3 倍以下，並透過將總負債餘額自第二季的 180 億美元降至 2026 年底的 130 億美元以下來達成。這將由自由現金流加速成長所支撐，而我們預期此趨勢在第四季仍將延續。我們預期年底現金餘額約為 30 億美元，對應淨負債約 100 億美元。重要的是，現金創造能力與槓桿的持續下降，將提升我們資本配置的彈性，包括具備進行審慎併購（M&A）的能力。

Let's now turn to slide 9. As you can see here, we have made considerable progress reducing fixed costs related to the portfolio transformation, and we expect this to continue in 2027. We're implementing a cross-functional shared services model across the company with a simplified and more flexible corporate structure. More importantly, during this time, we continue to invest in our businesses to drive future growth. The progress on stranded cost reduction underscores the pace of execution across the organization and the progress we are making in building a simpler, more focused company.

接著請看投影片 9。如各位所見，我們在降低與投資組合轉型相關的固定成本方面已取得相當進展，並預期在 2027 年仍將持續。我們正在全公司推行跨職能的共享服務模式，並以更精簡且更具彈性的企業架構運作。更重要的是，在此期間我們仍持續投資於各項業務，以推動未來成長。閒置成本降低的進展，凸顯組織整體的執行速度，以及我們在打造更精簡、更聚焦公司的進程。

This will position the company for long-term profitable growth. Executing stranded cost takeout within six months of the Aerospace spins demonstrates the strong operational execution capabilities of Honeywell Technologies.

這將使公司具備長期且具獲利性的成長定位。在航太業務分拆後六個月內完成閒置成本的剔除，展現了 Honeywell Technologies 強大的營運執行能力。

Let's turn to slide 10 to discuss our revised full year outlook. Today, we're raising our full year organic growth, adjusted earnings per share and free cash flow guidance as well as tightening our margin guidance around the previous high end. We now expect full year organic growth of 4% to 5%, up from 3% to 4% previously, driven by our execution in the third quarter and stronger outlook in the fourth quarter. By business, in the fourth quarter, we expect to see continued strength in buildings across both products and solutions, high single-digit growth in Process Automation and Technology led by project backlog conversion and higher catalyst volumes and continued sensing and industrial measurement demand in Industrial Automation. As a result, we expect to deliver 5% to 6% organic growth.

接著請看投影片 10，討論我們修訂後的全年展望。今天，我們上調全年有機成長、調整後每股盈餘與自由現金流指引，並將利潤率指引收斂至先前區間的高端附近。我們目前預期全年有機成長為 4% 至 5%，高於先前的 3% 至 4%，主要受第三季執行成果以及第四季更強的展望所帶動。以業務別來看，第四季我們預期樓宇業務在產品與解決方案兩端皆將延續強勁表現；製程自動化與技術將在專案訂單積壓轉換與催化劑出貨量提升帶動下維持高個位數成長；工業自動化則將延續感測與工業量測需求。因此，我們預期可達成 5% 至 6% 的有機成長。

With the performance to date, we expect to be at the high end of our full year margin range at 20.5% and at approximately 22% for the fourth quarter. This will continue to be driven by pricing, productivity and volume leverage, overcoming higher inflation and anticipated mix headwinds in Process Automation Technology, driven by higher project activity and dilution from the Catalyst Technologies acquisition. Industrial Automation should be at 22% margin in the fourth quarter, while Building Automation is expected to expand margins 70 to 90 basis points and Process Automation Technology will end the fourth quarter around 21.5%.

依目前表現，我們預期全年利潤率將落在指引區間高端、約 20.5%，第四季約為 22%。這仍將由定價、生產力與量增槓桿所驅動，並可克服較高通膨以及製程自動化技術中預期的組合不利因素（更高的專案活動與 Catalyst Technologies 併購帶來的稀釋）。工業自動化第四季利潤率應可達 22%；樓宇自動化預期利潤率擴張 70 至 90 個基點；製程自動化技術則將在第四季末約為 21.5%。

We now expect full year adjusted EPS in the range of $8.40 to $8.45, which represents a $0.23 improvement at the midpoint. Notably, the low end of our guidance range is now above our previous high end. This results in full year earnings growth of approximately 30%. Lastly, our free cash flow guidance is up $100 million to $2.1 billion given the higher income conversion. You can find additional information on our 2026 outlook in the appendix of our presentation, which includes estimates for corporate and below-the-line items.

我們目前預期全年調整後 EPS 介於 8.40 至 8.45 美元，中位數較先前上調 0.23 美元。值得注意的是，我們指引區間的低端如今已高於先前的高端。這意味著全年獲利成長約 30%。最後，鑑於更高的收益轉換，我們將自由現金流指引上調 1 億美元至 21 億美元。關於我們 2026 年展望的更多資訊，請參閱簡報附錄，其中包含公司層級與損益表下方項目的估計。

Thank you for your time today. Let me now turn the call back to Vimal to wrap up before the Q&A.

感謝各位今天撥冗參與。接下來我把電話交回給 Vimal，在問答環節前做個總結。

Thank you, Mike. We are proud of our results in the first quarter as a stand-alone company. We surpassed our expectations across most metrics, and we see encouraging demand signal in many key end markets. We believe PA&T is at the beginning of a multiyear growth inflection, coinciding with an up cycle in global energy markets. We are also encouraged by the turnaround the team is driving in Industrial Automation, and Building Automation continues to execute on all fronts.

謝謝你，Mike。作為一家獨立運作的公司，我們對第一季的成果感到自豪。在多數指標上，我們都超越了自身預期，並且在許多關鍵終端市場看到了令人鼓舞的需求訊號。我們相信 PA&T 正處於多年成長拐點的起點，並與全球能源市場的上行週期同步。我們也對團隊在工業自動化所推動的扭轉局面感到振奮，而樓宇自動化則持續在各方面穩健執行。

We're also launching new offering on our Forge platform, both in Building Automation and Process Automation Technology, creating a robust foundation for future growth. With our performance this quarter and backlog of nearly $19 billion, we are confidently raising our 2026 outlook across all metrics, setting up for a strong start to 2027.

我們也正在 Forge 平台上推出新產品/方案，涵蓋樓宇自動化與製程自動化技術，為未來成長打造堅實基礎。憑藉本季表現以及接近 190 億美元的在手訂單，我們有信心上調 2026 年在所有指標上的展望，為 2027 年的強勁開局做好準備。

Thank you for joining us today. And Mark, let's now take some questions.

感謝各位今天加入我們。Mark，接下來我們開始提問。

Vimal, Mike and I are now available to answer your questions. We kindly ask that you please be mindful of others in the queue by asking one question and one related follow-up. Operator, please open the line for Q&A.

Vimal、Mike 和我現在可以回答各位的問題。為了照顧到隊列中的其他與會者，敬請每位提問者提出一個問題並加上一個相關追問。接線員，請開放問答。

(Operator Instructions)

(接線員指示)

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

So I'm curious the confidence in 4Q order growth. We're still only one month into the quarter. I'm assuming December is a pretty important month for bookings. So I'm just wondering what gives you the confidence that the pipeline converts into orders? And maybe just touch on how you -- what you've seen in October.

我想了解一下你們對第四季訂單成長的信心。我們目前才進入本季第一個月。我猜 12 月對接單應該相當重要。所以我想問，是什麼讓你們有信心管線能轉化為訂單？也請談談你們在 10 月看到的情況。

Yes. So, so far, Nigel, the first three weeks of October has been trending on and above expectations. So that certainly is a good data point. And we look at our statistical performance against pipeline, our win rates when we forecasted. We also provision for some adequate contingency for things which cannot happen as projected.

是的。Nigel，截至目前 10 月前三週的趨勢符合、甚至高於我們的預期。這當然是一個很好的數據點。我們也會看我們相對於管線的統計表現，以及在做出預測時的贏單率。同時，我們也會為一些無法如預期發生的事項預留足夠的緩衝。

So overall, our confidence to what we are stating on high single-digit orders growth in quarter four, less of the low carbon energy -- LNG order, I'm sorry, which we booked last year, which was several hundred million dollars. We remain highly confident on that.

整體而言，對於我們所提到的第四季訂單高個位數成長（扣除低碳能源—抱歉，是 LNG 訂單；去年我們入帳了一筆數億美元的訂單）我們仍然非常有信心。對此我們維持高度信心。

Okay. Okay. And then, Mike, a quick one on stranded costs. Good news that you'll be done by the end of this year. I think that's about six months earlier than expected. Does that change your perspective on your corporate expense for next year? I think that the guide was less than $600 million. How does that look right now?

好的，好的。接著 Mike，我想快速問一下擱置成本（stranded costs）。好消息是你們會在今年底前處理完。我記得這比原先預期大約早了六個月。這會改變你們對明年公司費用的看法嗎？我記得指引是低於 6 億美元。目前看起來如何？

Right. So it's a little bit early yet, but -- and we'll talk about it in February. But for next year, just like we talked about, I think, before, we plan for our corporate cost to be about $400 million. And then we're instrumenting the teams, obviously, to productivity and margin expansion north of 60 bps, like we talked about. So I feel we have a really good setup. Like you said, we're ahead, and that has implications as far as us having a really good momentum going into next year, and we'll work with that.

是的。現在談還稍早一些，不過——我們會在 2 月再詳細說明。但就明年而言，正如我們之前談到的，我們規劃公司層級成本約 4 億美元。同時我們也在推動各團隊提升生產力，並帶動超過 60 個基點的利潤率擴張，如同我們先前所說。因此我覺得我們的布局非常到位。如你所說，我們進度超前，這也意味著我們帶著很好的動能進入明年，我們會善用這個優勢。

Julian Mitchell, JPMorgan.

Julian Mitchell，摩根大通（JPMorgan）。

Just wanted to start off with a question on the IA segment. It's had a sort of rocky or uneven time for a few years for various reasons. It looks to be very well set today with a large sequential margin increase guided for the fourth quarter. I suppose maybe when we try and look a little bit further out, how confident are you in continued margin expansion at IA in the coming quarters? And given the macro backdrop is a bit choppy, anything concerning you've seen in the order rates of IA, the shorter-cycle pieces?

我想先從 IA 事業部的問題開始。由於各種原因，過去幾年它的表現有些顛簸或不均衡。但目前看起來狀態很好，且你們指引第四季將有很大的季比毛利率/營業利潤率提升。我想把視角拉長一些，未來幾季你們對 IA 持續的利潤率擴張有多大信心？另外，考量總體環境有些波動，你們在 IA 的接單速度、尤其是短週期業務，有看到任何令人擔憂的跡象嗎？

So overall, Julian, for IA, we remain very confident on continued performance in both top line recovery and margin rate expansion. The reason for that is the basics are improving as we talked about it in Investor Day very rapidly. Our on-time delivery now is -- it used to be just shy of 40% is now 60%. Our past dues are down 18%. Our new product launches are being highly accepted by our channel partners and our OE customers.

整體而言，Julian，對於 IA，我們對營收端復甦與利潤率擴張的持續表現仍非常有信心。原因在於，正如我們在投資人日所談到的，基本面正在非常快速地改善。我們的準時交付率——過去略低於 40%，現在已提升到 60%。逾期未交付（past dues）下降了 18%。我們的新產品上市也獲得通路夥伴與 OEM 客戶的高度認可。

So those foundations has turned the business from a negative territory to now more low single digit. And we do expect that it will continue to progress and find its pathway to mid-single-digit growth as we lap from '26 to '27. So we remain very convicted.

因此，這些基礎已讓業務從負成長區間轉為目前的低個位數成長。我們確實預期它會持續進展，並在 2026 到 2027 年的比較基期效應下，逐步走向中個位數成長。所以我們仍然非常堅定。

Same is true on the margin rate. We expect the year to end at 22%. Primarily, it's a higher-quality business now. And from this baseline, as we continue to execute our pricing action, productivity actions, we remain very confident on the margin expansion and also achieve 25% goal by 2029. So overall, sensing and measurement, building a unique segment in Industrial Automation, that's our pathway. And we remain highly convicted this is a high-quality business as part of our portfolio.

利潤率也是同樣的情況。我們預期今年將以 22% 作結。主要原因是，現在這是一個更高品質的業務。在這個基礎上，隨著我們持續推進定價與生產力提升措施，我們對利潤率擴張非常有信心，也有信心在 2029 年達成 25% 的目標。整體而言，感測與量測正在工業自動化中打造一個獨特的細分領域，這就是我們的路徑。我們仍高度確信，這是我們投資組合中的一項高品質業務。

That's helpful. And then just a quick follow-up on PA&T. Margin pressure kind of year-on-year in the third quarter, that's continuing into the fourth. Should we assume that margins stay under that type of pressure until the Johnson Matthey acquisition anniversaries? Or is there anything in the base business moving around that could help the margins sooner?

很有幫助。接著快速追問 PA&T。第三季利潤率同比有些壓力，第四季也延續。我們是否應該假設，在 Johnson Matthey 收購案滿一週年之前，利潤率都會維持在這種壓力之下？或者基礎業務本身是否有任何變化，能讓利潤率更早改善？

Yes. So versus where the team finished at the 22.2%, I would say, next quarter, 21.5%. And then in the first half, I would say, probably something similar. But next year, PA&T is going to expand margins. And what's happening there is, one, we have a catalyst mix is starting to mix up.

是的。相較於團隊結束時的 22.2%，我會說下一季大約 21.5%。而在上半年，我認為大概也會是類似水準。但明年 PA&T 的利潤率將會擴張。其中的原因是：第一，我們的觸媒（catalyst）產品組合開始改善。

That volume is going to grow. That's going to help. The project volume mix is going to abate. And as you know, we obviously are integrating CT. So in the second half, we will be substantively past CT integration. We see a really good margin expansion into the second half of 2027.

該業務量將會成長。這會帶來幫助。專案量的組合影響將會緩解。另外，如你所知，我們正在整合 CT。因此到下半年，我們在實質上將會大幅完成 CT 整合。我們看到 2027 年下半年利潤率將有相當不錯的擴張。

And I'd just remind you, like we talked about, this is a multiyear cycle. In 2028, there is a significant margin pickup again as we're counting on catalyst volume. So we have very good visibility to this cycle. We have proven it cycle over cycle over multiple decades, and we're extremely confident on the progression of the business in that fashion.

我也想提醒你，正如我們談到的，這是一個多年週期。在 2028 年，隨著我們仰賴觸媒業務量的成長，利潤率還會再有一次顯著提升。因此我們對這個週期有非常好的能見度。過去數十年，我們在一個又一個週期中都已證明這一點，我們對業務以這種方式推進充滿信心。

Steve Tusa, Wells Fargo.

Steve Tusa，富國銀行（Wells Fargo）。

Very helpful chart on the segment bridge. Can you just -- I think, kind of teasing out core incrementals, putting everything else aside on volume, roughly 40%. Is that right? And then can you just discuss that inflation number, the 350 basis points? Like what was that in the first and second quarter? And then what do you expect for that in the fourth?

分部橋接（segment bridge）那張圖非常有幫助。你能否——我想把其他因素先放一邊，單看量的核心增量利潤（core incrementals），大約是 40%？是這樣嗎？另外能否談談那個通膨數字：350 個基點？第一季和第二季那個數字是多少？第四季你們預期會是多少？

Sure. So you're exactly right. I think on core, we're about 40% incrementals. Price to cost in the third quarter was about 30 bps net positive. So that 350 bps that you -- on inflation is a little bit higher versus the first half, but also our price is higher.

當然。所以你說得完全正確。我認為在核心層面，我們大約有 40% 是增量貢獻。第三季的價格相對成本約為淨正向 30 個基點。所以你提到的通膨 350 個基點，相較上半年確實略高一些，但同時我們的定價也更高。

We are averaging about 3.5% price in the first half. We'll average about 4.5% in the second half, 4% for the year. That's going to be on a year basis, maybe 10, 20 bps of, I would say, margin expansion from price cost. And we see, obviously, inflation elevated. We expect that to continue into year-end and then starting to abate in the first half. Everything we get from our teams as far as planning for next year, we see inflation coming down a bit. So the price will move with that, but it's still around that 3% to 4%.

上半年我們平均提價約 3.5%。下半年平均約 4.5%，全年約 4%。以年度來看，價格相對成本可能帶來 10 到 20 個基點的利潤率擴張。而且我們顯然看到通膨仍處於高位。我們預期這種情況會持續到年底，然後在上半年開始緩和。從我們團隊針對明年規劃所回饋的所有資訊來看，我們看到通膨會稍微下降。因此價格也會隨之調整，但仍大約在 3% 到 4% 的區間。

Okay. And then just for the fourth quarter, my follow-up is the margin went to the low end of the range, I guess, for the fourth quarter. Any -- is that really just the price cost timing stepping up a little bit sequentially? Just curious as to that or just conservatism?

好的。那就第四季而言，我的追問是，我想第四季的利潤率落在區間的低端。這是否真的只是價格與成本的時點差異，導致環比略為上升？只是想了解是這個原因，還是只是比較保守？

No, not at all. Pricing cost is well. We actually -- we managed price in the third quarter to account for year-end. It's really just mix. So revenue is coming up. And like Vimal talked about, the products are performing extremely well. We don't see anything changing on products. On the other hand, projects is doing better and CT outlook is better, and they're dilutive to our overall mix, and that's what's driving our margin to that 400 basis. Still, I would say at the high end of our guide for the year, 20.5%, about 300 bps margin expansion for the year, really good setup for next year.

不，完全不是。價格相對成本的表現很好。其實——我們在第三季就管理了定價，以因應年底。主要就是組合（mix）。所以營收在上升。而且如 Vimal 談到的，產品表現非常好。我們不認為產品端會有任何變化。另一方面，專案（projects）表現更好，CT 展望也更好，但它們對我們整體組合具有稀釋效應，這就是把我們利潤率推到那 400 個基點水準的原因。不過，我會說以全年指引的高端來看，20.5%，全年約 300 個基點的利潤率擴張，為明年打下非常好的基礎。

Scott Davis, Melius Research.

Scott Davis，Melius Research。

I appreciate the shorter comments today, too, to leave more time for Q&A. Guys, you've been seemingly gaining a meaningful amount of share in Fire, Security. It seems for a while now. That was always a pretty low growth business, like literally like a 1% to 2% type growth business. You seem to have made it something a little bit bigger. What -- can you just update us on what you're doing there? And what's kind of changed at the margin? What's driving that growth or at least the sustainability of that growth?

我也很感謝今天的發言更精簡，能留更多時間做問答。各位，你們在消防（Fire）、安防（Security）領域似乎正在取得相當可觀的市占提升。而且看起來已經持續一段時間了。那原本一直是個低成長的業務，真的就是 1% 到 2% 這種成長型態。你們似乎把它做得更大了一些。你能否更新一下你們在那裡做了什麼？以及邊際上有哪些改變？是什麼在推動這個成長，或至少這個成長的可持續性？

I think the fundamental is our higher cycle of new product introduction, coupled with the mix change of the end markets. So we continue to amplify our new product introduction and maintain a very high vitality by which we then gain share from our competition. Forge is playing a very important role. Fire business was the first out of the door to build a connected solution by which you can configure our fire panels remotely. We introduced that almost three years back.

我認為根本原因在於我們更高頻率的新產品導入週期，再加上終端市場組合的變化。因此我們持續強化新產品導入，並維持非常高的產品活力，進而從競爭對手手中取得市占。Forge 在其中扮演非常重要的角色。消防業務是第一個率先打造連網解決方案的，讓你可以遠端設定我們的消防控制盤（fire panels）。我們大約在三年前就推出了。

So what it does is, Scott, that while the software content is low, it pulls the core product. And that value proposition is very compelling for our channel partners because they save significant commissioning time, inspection time and improve their P&L.

所以它的作用是，Scott，雖然軟體內容占比不高，但它能帶動核心產品。而且這個價值主張對我們的通路夥伴非常有吸引力，因為他們能大幅節省調試（commissioning）時間、檢驗（inspection）時間，並改善他們的損益表（P&L）。

Also, we are benefiting from data center growth. We have some unique products in fire for data center growth for early detection of fire in a very unique environment because you have a lot of electrical cables, a lot of servers. So there's a unique way we detect fire there. We have differentiated product line. We also introduced some unique new products for detecting fire in batteries as more and more lithium-ion batteries are being used.

另外，我們也受惠於資料中心成長。在消防領域，我們針對資料中心成長有一些獨特產品，可在非常特殊的環境中進行早期火災偵測，因為那裡有大量電纜、很多伺服器。因此我們在那裡有一套獨特的火災偵測方式。我們有差異化的產品線。隨著越來越多鋰離子電池被使用，我們也推出了一些獨特的新產品，用於偵測電池起火。

On the Security side, we're benefiting from very premium position of LenelS2. They continue to perform and double-digit growth rates across the world. And Honeywell added a lot of value in that business by globalizing it. We talked about that hypothesis when we acquired the business. And we clearly see growth of that business outside the US with a lot of synergies we are bringing in. So all in all, I would say we maintain the momentum in this business, and we see no reason that we won't perform at this level in the foreseeable future.

在安防方面，我們受惠於 LenelS2 的高端定位。它們持續表現出色，並在全球維持兩位數成長率。而 Honeywell 透過將該業務全球化，為其帶來了很大價值。我們在收購該業務時就談過這個假設。而我們清楚看到，在我們帶入許多協同效益之下，該業務在美國以外的成長。總體而言，我會說我們維持了這項業務的動能，而且我們看不出在可預見的未來無法維持這個表現水準的理由。

So just to follow up on that on Forge, just that answer was complete. But how do you go to market with Forge then? Is this kind of the -- is it getting wrapped in as a standard offering with every install? Or has it come in as kind of a sidecar, if you will, and priced separately? I mean how do you guys go to market with it and get value for it? Or is it just more of a tool used to again, to be able to gain share because you've got another kind of --

那我就 Forge 再追問一下，你剛剛的回答很完整。但你們是如何把 Forge 推向市場的？這是否會作為每次安裝的標準配套方案一起打包？還是說它像是附加模組（sidecar）那樣，另外定價？我的意思是，你們如何推向市場並從中取得價值？或者它更多只是個工具，用來再次提升市占，因為你們多了一種——

So there are -- no, very good question, Scott. There are three sales motions for Forge today. So it's our recurring revenue is now coming close to $1 billion in 2026, just shy of that. The first sales motion is Forge is sold along with our service contracts. So we make our customers connect to Forge, change the pricing of our service contract because we are able to provide higher value outcome.

所以——不，這是個非常好的問題，Scott。目前 Forge 有三種銷售模式（sales motions）。因此我們的經常性收入到 2026 年將接近 10 億美元，略低於 10 億。第一種銷售模式是 Forge 與我們的服務合約一起銷售。因此我們讓客戶連接到 Forge，並調整我們服務合約的定價，因為我們能提供更高價值的成果。

So that's sales motion 1. Sales motion 2 is there are unique applications built in to make our existing offering better, like I gave an example of Fire panel. So they are now, even though we sell it as a stand-alone offering, but it goes hand-in-hand with our core products.

這就是銷售模式 1。銷售模式 2 是在其中建置一些獨特應用，讓我們既有的產品方案更好，例如我剛舉的消防控制盤例子。所以現在，即便我們以獨立產品（stand-alone offering）形式銷售，它仍與我們的核心產品相輔相成。

And then the third is a stand-alone offering of Forge, which we launched, I would say, 18 to 24 months back, first in buildings, where we can connect stand-alone buildings of even competitors apart from Honeywell installed base to get better insight into customers' energy consumption, predictive maintenance, emissions. And we launched a similar offering for process earlier this year. In that scenario, it's sold as a stand-alone SaaS software. So all three sales motion are in place. And as we talked about at Investor Day, we expect our ARR to grow. Our aspiration is 15%. We want to have high aspiration. This year, probably we'll be slightly shy of that, more like 12%, 13%, but we'll continue to work our way through to get to closer to 15% every year.

第三種則是 Forge 的獨立產品方案，我們大約在 18 到 24 個月前推出，先從建築領域開始；我們可以連接獨立建築，甚至是競爭對手的建築（不僅限於 Honeywell 的既有裝機基礎），以更深入洞察客戶的能源消耗、預測性維護、排放。而我們今年稍早也針對流程（process）推出了類似方案。在那種情境下，它是以獨立的 SaaS 軟體銷售。所以三種銷售模式都已到位。而且如同我們在投資人日所談到的，我們預期 ARR 會成長。我們的目標是 15%。我們希望設定高目標。今年可能會略低於此，較接近 12%、13%，但我們會持續努力，讓每年更接近 15%。

Amit Mehrotra, UBS.

Amit Mehrotra，UBS。

Maybe just starting with Process and just understanding sort of the mid- to long-term growth opportunity as these maybe comps normalize. Obviously, great to see the high single-digit growth as you expected. I know there's been sort of a management change recently from Building to Process. I think Forge Cognition is maybe part of the growth story. So just talk about sort of beyond the first half of '27 and into the second half and beyond, what we think the sort of run rate steady-state growth opportunity is for Process?

也許先從流程（Process）開始，想了解在這些可能的比較基期（comps）正常化之後，中長期的成長機會大概如何。顯然，很高興看到如你們預期的高個位數成長。我知道最近管理層似乎有一些調整，從建築（Building）轉到流程（Process）。我想 Forge Cognition 可能也是成長故事的一部分。所以請談談在 2027 年上半年之後、進入下半年以及更往後，我們對流程業務的常態化（run rate）穩態成長機會應該如何看待？

So we see, Amit, the growth in Process Automation Technology, both on the project side and on the aftermarket and services and Catalyst side. The project side, if you see the chart we added into our prepared remarks, we see continued investments in LNG. So our backlog is very strong for LNG. We also see investments in Africa and Middle East and Asia on traditional refining, which is helping us a lot in our backlog. And finally, we also see activity in low carbon energy projects.

所以我們看到，Amit，製程自動化技術的成長，無論是在專案端，或是在售後市場、服務以及觸媒端。在專案端，如果你看我們在事先準備的發言中加入的圖表，我們看到對 LNG 的投資持續進行。因此我們在 LNG 方面的在手訂單非常強勁。我們也看到非洲、中東與亞洲在傳統煉油方面的投資，這對我們的在手訂單幫助很大。最後，我們也看到低碳能源專案的活動。

Just as a reminder, we have licensed 100 projects so far in sustainable aviation fuel and only about 20% of those have been built so far. So there's a lot of runway people coming back to us with FIDs, which then turn into a significant revenue stream. So project activity remains very robust and very diversified.

提醒一下，我們迄今已在永續航空燃料方面授權了 100 個專案，但目前只有約 20% 已建成。因此還有很長的跑道，很多客戶會帶著 FID 回來找我們，進而轉化為可觀的營收來源。所以專案活動仍然非常強勁且非常多元。

Then on the aftermarket side, we expect second half of 2026 catalyst growth to be double digit. It's double digit in Q3. It's going to be actually mid-teens growth in Q4. And given the higher margins our customers are making on the finished products, we expect catalyst demand to remain strong in 2027, more normalized year. And on the automation side, we see strength in our services portfolio, cybersecurity, our Forge offering, we call it plant cognition.

接著在售後市場端，我們預期 2026 年下半年觸媒成長將達到雙位數。第三季是雙位數，第四季實際上會是中十位數的成長。而且鑑於我們客戶在成品上的利潤率較高，我們預期 2027 年（較為正常化的一年）觸媒需求仍將維持強勁。在自動化方面，我們看到服務組合、資安，以及我們的 Forge 產品（我們稱之為工廠認知）表現強勁。

So that offering is also getting strong customer reception. So across the board, as Mike laid out, we see this as a multiyear cycle in which the project strength will provide us the top line growth and we'll maintain our margin with a high mix of catalyst and services and software as we progress.

因此該產品也獲得客戶強烈的正面回饋。所以整體而言，正如 Mike 所說，我們將其視為一個多年期循環：專案端的強勢將帶動營收成長，而隨著我們推進，我們將透過觸媒、服務與軟體的高占比組合來維持利潤率。

Got it. Okay. That's helpful. And maybe just as a follow-up, I know 2027 guidance is forthcoming, but I think, Vimal, you've talked about sort of at or above the long-term algorithm. I think, Mike, maybe a couple of months ago, you sort of floated this idea of 15% EPS growth.

了解。好的，這很有幫助。另外可能追問一下，我知道 2027 年的指引即將公布，但我想，Vimal，你談到大致會達到或高於長期演算法。我想，Mike，大概幾個月前你也提出過 15% EPS 成長這個想法。

If I just sort of compare the two, I would say, bottom line EPS growth, maybe I would have expected something a little bit higher just given the margin opportunity. Maybe just unpack that a little bit for us. Maybe the IA margins headwind in the first half of next year, maybe that's what's driving it. But just to the extent that you can, just sort of fill in the color between what you've already commented on '27 between the algorithm versus the 15% EPS growth.

如果我把兩者做個比較，我會說，就最終的 EPS 成長而言，考量到利潤率的機會，我原本可能預期會更高一些。能否幫我們稍微拆解一下？也許是明年上半年 IA 利潤率的逆風在驅動？但在你們能分享的範圍內，請在你們已經對 2027 年所評論的內容中，補充一下「演算法」與「15% EPS 成長」之間的差異與脈絡。

I would say, Amit, the setup for 2027 is very strong. First for starters, our midpoint of the guide for '26 is up by $0.23. So we are starting at a higher baseline. On the top line, we remain very confident on performing at upper end of our 4% to 6% guide. Our backlog is very strong. Our short-cycle momentum sustained itself, and we continue to maintain our share or gain share through new products. So that's going to continue.

我會說，Amit，2027 年的布局非常強勁。首先，我們 2026 年指引中位數上調了 0.23 美元，所以我們是從更高的基準起步。在營收端，我們仍非常有信心能達到 4% 到 6% 指引區間的上緣。我們的在手訂單非常強勁。我們的短週期動能持續，並且透過新產品維持市占或提升市占。所以這會持續下去。

On the margin rate, we have done a good job to manage inflation through price cost. It's slightly positive. We expect to maintain that. And we have maintained our fixed cost by elimination of stranded costs ahead of time. So when you see the setup here across the board, top line margin expansion and fixed cost, we expect a strong print in 2027.

在利潤率方面，我們透過價格與成本管理通膨做得不錯。目前略為正向。我們預期會維持這樣的狀態。而且我們已提前透過消除閒置成本來維持固定成本。因此從各面向來看——營收成長、利潤率擴張與固定成本——我們預期 2027 年會交出強勁的成績。

I can't tell you specifics because I'll be giving you guide, which I think we'll have to wait for February when we plan to come back to you. But final comment I'll make is, directionally, we are on the road to deliver $12 or better our long-term 2029 guide we set up in Investor Day.

我無法告訴你具體細節，因為那等於是在提供指引；我想我們得等到 2 月，屆時我們計畫再回來向各位說明。但我最後想補充的是，就方向性而言，我們正走在實現投資人日所設定的 2029 年長期指引——每股盈餘 12 美元或更高——的道路上。

Nicole DeBlase, Deutsche Bank.

Nicole DeBlase，德意志銀行。

If we could just start with the 4Q outlook. I think you're embedding a little bit of a deceleration in organic growth, but backlog is obviously so strong, short-cycle order growth is still strong. Can you maybe talk through the expectations by segment, like what's driving the modest deceleration that you've embedded for 4Q?

如果可以的話，我們先從第四季展望開始。我認為你們的假設中隱含了有機成長略為放緩，但在手訂單顯然非常強勁，短週期訂單成長也仍然強勁。你們能否按事業部門談談預期，例如第四季你們所納入的溫和放緩是由什麼因素所驅動？

I would say probably this is just more conservatism than anything else. We -- like we said, I think on the short-cycle orders, they're extremely strong on product side, of BA and IA booked in third quarter, high single-digit, double-digit growth. So we feel good about that. And then projects are incrementally better. So I think it's just more mix.

我會說，這大概只是更偏保守而已，沒有其他。我們——如同我們所說，我認為短週期訂單在產品端非常強勁，第三季 BA 與 IA 的接單是高個位數到雙位數成長。所以我們對此感覺良好。而且專案端也在逐步改善。所以我認為這更多是組合的因素。

And like we said, we'll do 4% to 5% in the -- for the year and 5% to 6% in the fourth quarter. And as we stand today, we're probably on the higher end of the 5% versus -- so it's incrementally, we feel -- I would say we feel better about the fourth quarter.

而且如同我們所說，全年我們會做到 4% 到 5%，第四季會做到 5% 到 6%。以我們目前的狀況來看，我們可能更接近 5% 的上緣——所以是逐步地，我會說我們對第四季的感覺更好。

I think it's fair to say, Nicole, we don't see any change quarter-on-quarter. I think the revenue mix can be different within a quarter of projects. But other than that, fundamentals of the business remains very strong quarter-over-quarter.

我認為可以公平地說，Nicole，我們沒有看到季度對季度有任何變化。我認為專案在單一季度內的營收組合可能不同。但除此之外，業務基本面在季度之間仍然非常強勁。

Okay. Understood. And then maybe just in IA, you guys referenced some deferrals in utility meter deployments. Can you just give some more color around what's going on there? And if that's expected to continue into 4Q or into '27, the time line for that kind of rectifying?

好的，了解。接著可能在 IA 方面，你們提到公用事業電表部署有一些遞延。你們能否就那邊的情況提供更多細節？以及這是否預期會延續到第四季或 2027 年？大概需要多久才能修正回來？

Yes. I think that's more of an upside opportunity for us in 2027. We've introduced some very new technology, both for gas meters and water meters. Gas meters, unlike electricity meters have not been upgraded at a large scale by utilities over the last decade. So our technology being new is being tested by multiple utilities and each utility done their testing by themselves rather than this being a common testing protocol, which just adds time.

是的。我認為那對我們在 2027 年反而更像是一個上行機會。我們在瓦斯表與水表方面都導入了一些非常新的技術。瓦斯表不同於電表，過去十年公用事業並未大規模升級。因此，由於我們的技術是新的，正被多家公用事業測試，而且每家公用事業都是各自進行測試，而不是採用共同的測試規範，這就增加了時間。

So we are in the process of working with our testing of our new gas meter with several utilities. And once they complete that cycle, which could be six to nine months, we expect them to turn into a major rollouts '27 onwards for several years. So actually, the low growth in our metering business is actually already factored in, in '26 and potentially in '27. But looking ahead, it's going to turn into a tailwind when the adoption rates will pick up in the period ahead.

因此我們正在與多家公用事業合作，進行新瓦斯表的測試。一旦他們完成該循環（可能需要 6 到 9 個月），我們預期自 2027 年起，他們將在接下來數年展開大規模部署。所以其實，我們計量業務的低成長已經反映在 2026 年，並且可能也反映在 2027 年。但往前看，當採用率在未來一段期間提升時，這將轉為順風。

Andrew Obin, Bank of America.

Andrew Obin，美國銀行。

Can you hear me? Excellent. Just a question a little bit on Process Automation and technology on the aftermarket services. I think you highlighted some good tailwinds on Catalyst. But if I look at sort of year-over-year comps, I mean, the comps have gotten quite a bit easier versus last quarter. So I would have expected more of a pickup sequentially in organic growth. What are the headwinds that the business is facing because clearly, the catalyst business is accelerating. But what are the headwinds?

你們聽得到我嗎？很好。我有個問題，想更聚焦在製程自動化與技術的售後服務。我認為你們提到觸媒有一些不錯的順風。但如果我看年對年的比較，與上一季相比，基期已經容易不少。所以我原本預期有機成長在季對季會有更明顯的回升。這項業務面臨哪些逆風？因為很明顯觸媒業務正在加速。但逆風是什麼？

I mean I won't call it headwinds. When you grow at 8% and then you grow subsequent quarter, probably at 7%, I may not call it headwinds. I would simply call it the cycle of the projects. I can't control the milestone when they have to be achieved. So they come at a certain timing.

我的意思是，我不會把它稱為逆風。當你成長 8%，然後下一季可能成長 7%，我可能不會稱之為逆風。我會單純稱之為專案週期。我無法控制里程碑必須達成的時間點。所以它們會在某個特定時點出現。

So I would say, broadly speaking, the PA&T revenue profile on an organic growth basis is very similar between Q3 and Q4. Q3 was slightly higher versus Q4, but not substantially different. You are talking a narrow range here. Catalyst demand is very strong in quarter four, sequentially better than quarter three. We were double digit, and we're going to go towards mid-teens growth in Catalyst.

所以我會說，廣義來看，PA&T 的營收輪廓在有機成長基礎上，Q3 與 Q4 非常相近。Q3 比 Q4 略高，但差異不大。你談的是一個很窄的區間。第四季的觸媒需求非常強勁，較第三季呈現連續性改善。我們是雙位數成長，並且將朝觸媒業務的中十位數成長邁進。

For example, in quarter three, our refining catalyst growth was up 80%. So we expect to maintain high rates there. Services growth also remains strong in automation, more like low to mid-single digits. So fundamentals are very robust in this business. I think the change you see is just the sequencing of the projects within a quarter.

例如，在第三季，我們的煉油觸媒成長達到 80%。因此我們預期能在那裡維持高成長率。服務業務在自動化方面的成長也仍然強勁，大約是低到中個位數。所以這個業務的基本面非常穩健。我認為你看到的變化只是專案在季度內的排程先後順序。

Okay. And just maybe another question on Industrial Automation. On the products, what would it take for the products to start growing faster? Because I think you guys sort of talked about initiatives to get deliveries on time, delivery improved, so that would sort of lead to a lot of good things happening. What would it take for that growth in that business to inflect materially positive or we're waiting for the new product introduction, as you alluded in the prior answer?

好的。再問一個關於工業自動化的問題。就產品而言，要怎麼樣產品才會開始更快成長？因為我想你們有提到一些措施，讓交付能準時、交付表現改善，這應該會帶來很多正向效果。要怎麼樣這個業務的成長才會出現明顯的正向拐點？還是說我們在等待你在前一個回答中提到的新產品導入？

I think directionally speaking, Andrew, if you observe, we have been turning this business to slow growth. Now we are at low single-digit territory right now. I would also like this to go to mid-single-digit territory. And we expect that to occur in 2027 moving forward. I think the drivers of fundamentals are the same.

Andrew，就方向性來說，如果你觀察，我們一直在把這個業務調整到低成長。現在我們處在低個位數的區間。我也希望它能提升到中個位數的區間。我們預期這會在 2027 年之後發生。我認為基本面的驅動因素是一樣的。

I talked about improving customer service, better delivery, improved pass-through rates, that's certainly already happening. New product launches and its penetration is -- takes time. I think that's the only variable. As some of them gets more penetration, we expect to continue to perform better in this segment. So there's no doubt in my mind. I think it's just the timing as we go from low single digit to mid-single digit in this portfolio -- in this business in '27.

我談到改善客戶服務、更好的交付、提升轉嫁率（pass-through rates），這些確實已經在發生。新產品上市以及其滲透率——需要時間。我認為那是唯一的變數。隨著其中一些產品滲透率提高，我們預期在這個分部會持續表現更好。所以我毫不懷疑。我認為只是時間點問題：在這個產品組合——在這個業務中，我們在 '27 年從低個位數走向中個位數。

And Andrew, I would just add that the third quarter orders for Industrial Automation core were up 15%. So this is a business that's going to the next year probably with the best backlog it has seen in over five years. We're quite confident about finishing.

Andrew，我再補充一點：第三季工業自動化核心業務的訂單成長了 15%。因此，這是一個明年可能帶著過去五年多來最佳在手訂單（backlog）進入新年度的業務。我們對完成目標非常有信心。

And we expect fourth quarter orders to be up high single digit. So there is a lot of momentum here. It's just the cycling of the business going from one phase to another phase.

我們也預期第四季訂單將呈現高個位數成長。所以這裡有很強的動能。只是這個業務從一個階段循環到另一個階段。

Andrew Kaplowitz, Citigroup.

Andrew Kaplowitz，花旗集團。

Vimal, I think we know your data center business overall is still a relatively small part of Honeywell. But last quarter, I think you mentioned your offerings in power generation were beginning to help your Process business in data centers in addition to Building Automation. So how do we think about that data center, call it, ecosystem and how it might help you in '27 and beyond?

Vimal，我想我們知道你們的資料中心業務整體而言仍是 Honeywell 相對較小的一部分。但在上一季，我記得你提到你們在發電方面的產品開始在資料中心領域，除了樓宇自動化之外，也在幫助你們的流程業務。那我們該如何看待這個資料中心——姑且稱之為——生態系，以及它在 '27 年及之後可能如何幫助你們？

Well certainly, we always talked about data center as mid-single-digit business for BA, Building Automation. We are not turning to a point with the change in demand of the customer. We continue to see this can become actually, at some point, mid-single digits of Honeywell. So we -- because now we see the demand in Process Automation, we saw year-to-date orders growth of more than 100%. Based upon the pipeline visibility we have, we expect very high growth in 2027 also. It will be mixing up not only the Building Automation, but even some Process Automation order for power island for controls, for energy storage, that solution is being mixed up.

當然，我們一直把資料中心視為 BA（樓宇自動化）的中個位數業務。我們並不是因為客戶需求的變化而轉向某個點。我們持續看到它在某個時間點實際上可能成為 Honeywell 的中個位數占比。所以我們——因為現在我們看到流程自動化的需求，今年迄今訂單成長超過 100%。基於我們對管線可視度（pipeline visibility）的掌握，我們也預期 2027 年會有非常高的成長。它將不僅混合樓宇自動化，甚至也會混入一些流程自動化的訂單，例如電力島（power island）的控制、儲能等，這些解決方案正在被整合進來。

One interesting thing which is occurring in addition to this for the last, I would say, six months is liquid cooling. As liquid cooling will take more penetration, we expect our spend -- share of spend to further go up. We are working with customers for sensing for liquid cooling from our sensors business. And our Sundyne pumps are a premium solution to circulate those liquid cooling. Those will -- as we can imagine, those are going to scale in the future, probably it's more post '27.

另外一個有趣的事情是，在過去大約六個月，液冷正在發生。隨著液冷滲透率提高，我們預期我們的支出占比（share of spend）會進一步上升。我們正與客戶合作，從我們的感測器業務提供液冷所需的感測。而我們的 Sundyne 幫浦是用於循環這些液冷介質的高階解決方案。這些——如你所想，未來會擴大規模，可能更多是在 '27 年之後。

But what I can see is something we started with a very modest content in Building Automation. Now we added Process Automation and now we are adding even our content from Process Technology and Industrial Automation. It's truly becoming a pan-Honeywell strategy, and we continue to improve our content. Last comment I'll make is, as we grow -- as data center growth is happening outside the US, in Europe and in Asia, particularly in Korea and India, we expect to continue to do well because of our global presence and global execution capabilities.

但我看到的是：我們一開始在樓宇自動化的內容占比非常有限。現在我們加入了流程自動化，並且現在甚至也在加入流程技術與工業自動化的內容占比。這確實正在成為一個橫跨 Honeywell 的策略，我們也持續提升我們的內容占比。我最後再補充一點：隨著資料中心的成長發生在美國以外、在歐洲與亞洲，特別是在韓國與印度，我們預期會持續表現良好，因為我們具備全球布局與全球執行能力。

That's helpful. And then, Vimal, I think you or Mike mentioned that you'll get net leverage down under 2.25 by the end of the year. And so -- and I think you also mentioned at that point, you could pursue, I think you said, disciplined M&A. So how do you characterize the environment right now? Obviously, it's the new company or the new Honeywell technology. So any sort of repriorities that you have as you move forward here toward the end of the year?

這很有幫助。接著，Vimal，我想你或 Mike 提到你們會在年底前把淨槓桿降到 2.25 以下。所以——我想你也提到在那個時點，你們可以進行你所說的「有紀律的併購」。那你如何描述目前的環境？顯然，這是新公司或新的 Honeywell 科技。因此，當你們往年底推進時，有沒有任何重新排序的優先事項？

I mean our highest priority is first to get our leverage ratio three or below and continue to work it way down as we get into '27, generate more cash, we want our leverage to further improve. Think from an M&A perspective, it's an optionality. As you know, our 2029 $12 commitment is all organic. So we have no compulsion. We have no need to wake up and think about an M&A to do our -- meet our organic earnings commitment.

我的意思是，我們的最高優先事項是先把槓桿比率降到 3 或以下，並在進入 '27 年時持續把它往下調；隨著我們產生更多現金，我們希望槓桿進一步改善。從併購角度來看，那是一種選擇權（optionality）。如你所知，我們對 2029 年 12 美元的承諾完全是有機成長。所以我們沒有被迫性。我們沒有必要一醒來就想著要靠併購來——達成我們的有機獲利承諾。

Having said that, we are looking at options three ways: highest priority being Industrial Automation, how we look at adding more content in measurement and sensing. That's the highest priority. Second area we are looking at it is higher growth verticals, how can we add more content to further upgrade our portfolio. And finally, we never overlook some of the frontier technologies. There are always tuck-ins, which can change the profile of our businesses, and we look at these midsized small businesses in addition to that. But -- all said, I think near term, you will see us staying very disciplined on our debt paydown and we'll work our pipeline for M&A for '27 onwards.

話雖如此，我們正從三個方向看選項：最高優先的是工業自動化，我們如何在量測與感測上增加更多內容占比。那是最高優先事項。第二個領域是較高成長的垂直市場，我們如何增加更多內容占比以進一步升級我們的產品組合。最後，我們也不會忽視一些前沿技術。總是會有一些補強型併購（tuck-ins）能改變我們業務的輪廓；此外我們也會看一些中型與小型企業。但——總而言之，我認為短期內你會看到我們在償還債務方面保持非常有紀律，同時為 '27 年之後的併購持續推進我們的管線。

Joe O'Dea, Vertical Research Partners.

Joe O'Dea，Vertical Research Partners。

Can you talk a little bit about the self-help opportunities moving forward, what you're most excited about heading into next year? I'm not sure if you perhaps touched on this with Johnson Matthey and Catalyst Technologies, but just on the heels of the speed with which you did the stranded cost takeout kind of thinking about other parts of the organization where you see kind of the biggest self-help opportunities.

能否談談未來的自助式（self-help）機會，尤其是您對明年最感到興奮的部分？我不確定您是否已在 Johnson Matthey 與 Catalyst Technologies 的部分提到過，但緊接著您以很快速度完成擱淺成本（stranded cost）剔除之後，我在想組織內其他領域，您認為最大的自助式機會在哪裡。

I would say just quickly maybe two or three which stand out the most, and that's obviously a focus for us as a company. One is -- we're moving more into lighter headquarters and more of adoption of shared services across the company, which is obviously will help us continue to focus on productivity, which is value engineering, component engineering. That's more from a supply chain standpoint and how we think about NPI. That's a significant opportunity for us.

我想很快地說兩到三個最突出的，這顯然也是我們公司聚焦的重點。第一個是——我們正朝向更精簡的總部運作，並在全公司更廣泛採用共享服務，這顯然將幫助我們持續聚焦於生產力提升，也就是價值工程、元件工程。這更多是從供應鏈的角度，以及我們如何看待 NPI（新產品導入）。這對我們而言是很大的機會。

And finally, we're obviously working through adoption of AI. All of our teams are either already trained or being trained on AI. Everybody has access to the models using across the company, and that's really opportunity for us in terms of manage OEF. And it's not as far as reduction in OEF, but manage the OEF growth or staying flat on OEF while we obviously grow mid- to high single digit operation.

最後，我們也正在推動 AI 的導入。我們所有團隊不是已經受過訓練，就是正在接受 AI 訓練。每個人都能存取並在全公司使用這些模型，這在管理 OEF（營運費用）方面對我們而言是個機會。

Two points I'll add to what Mike said on the self-help side. First is on the Catalyst Technology business, as we integrate the business, we are seeing higher cost synergies than we had forecasted. So that should certainly help us in our 2027 planning. We are also working on sales synergies, building pipeline, but that you can imagine that takes time to convert into a real revenue. So we do expect CT business to overdrive from a cost synergy standpoint.

我再補充 Mike 所說的自助式面向兩點。第一，在 Catalyst Technology 業務方面，隨著我們整合該業務，我們看到的成本綜效高於原先預測。因此，這應該會在我們 2027 年規劃中帶來明顯助益。我們也在推動銷售綜效、建立商機管線，但你可以想像，這需要時間才能轉化為實際營收。所以我們確實預期 CT 業務在成本綜效方面會超出預期、帶來更強的推動力。

Final point I would say is cross-sell between different parts of Honeywell. I gave an example of data center just in my remarks a couple of minutes before on how something which was centered around just one segment, we are doing it cross segment. We are doing that in other verticals, too. For example, in life sciences, how we cross-sell between building and Process Automation. On in semiconductor, where we have a very strong position in gas detection, how we also accelerate our participation in fire detection, which comes from Building Automation. So that's also a self-help. It's leveraging our sales channels to the fullest potential. And certainly, we are maximizing our efforts on that.

最後一點我想說的是 Honeywell 不同部門之間的交叉銷售。我在幾分鐘前的發言中以資料中心為例，說明原本只圍繞單一事業群的事情，我們正在跨事業群推動。我們在其他垂直領域也在做同樣的事。例如在生命科學領域，我們如何在樓宇與製程自動化之間進行交叉銷售。再如半導體領域，我們在氣體偵測有非常強的地位，同時也加速我們在火災偵測的參與，而這來自樓宇自動化。這同樣也是一種自助式作為。也就是把我們的銷售通路的潛力發揮到最大。而且我們確實正在最大化這方面的努力。

And then on Building Automation and demand visibility, clearly, strength is in the data center side of things, but maybe talking about end markets ex data center. Obviously, the growth rates over the past couple of years are tougher comps. But what the product innovation pipeline looks like, what that means in terms of the growth visibility you have heading into next year in the non-data center parts of Building Automation?

接著談到樓宇自動化（Building Automation）與需求能見度，顯然強勁動能在資料中心端，但如果談資料中心以外的終端市場呢？過去幾年的成長率面臨較嚴苛的比較基期。那麼產品創新管線看起來如何？這對於你們明年在樓宇自動化非資料中心部分的成長能見度意味著什麼？

I think the Building Automation business, the content of higher growth verticals and in high-growth verticals, we count three data centers, health care and hospitality is 20%. 80% of the business come from core or base business. and that's growing at mid-single digit. And that's on the strength of great customer service and new products.

我認為樓宇自動化業務中，來自高成長垂直領域的內容——我們把資料中心、醫療照護與飯店旅宿算作三個高成長垂直——約占 20%。其餘 80% 的業務來自核心或基礎業務。而核心業務以中個位數成長。這得益於優異的客戶服務與新產品。

To your question on new products, we have several big launches coming up ahead. Really right now, we have a new version of our security system launched, which is cloud-based. That's going to play in the mid-segment. A lot of our new offerings are actually going into the mid-segment as a broader theme. A new version of our fire system going into a mid-segment.

針對你問的新產品，我們接下來有幾個大型上市計畫。目前我們已推出新版的安防系統，是雲端化的。這將主打中階市場。其實我們許多新產品的更大主軸，都是切入中階市場。我們也有新版的消防系統，將導入中階市場。

We're also looking at similar offering in building management system. We are refreshing our EBI platform with a newer version. So across the board, we have learned that as we continue to accelerate our vitality and innovate, we will perform at this level of mid-single-digit plus. And the pipeline is very full, and I'm extremely confident on performance of results by this business.

我們也在樓宇管理系統方面評估類似的產品方案。我們正在以新版來更新 EBI 平台。因此整體而言，我們學到的是：只要持續加速提升產品活力（vitality）並推動創新，我們就能維持在中個位數以上的表現。而且產品管線非常充實，我對這項業務的成果表現非常有信心。

Joe Ritchie, Goldman Sachs.

Joe Ritchie，高盛。

So I think I'm going to focus both of my questions on PA&T. So I guess on the project side of the business with Brent now sitting above $110, typically, that stimulates investments from your customers. I don't know if you can maybe just give us a little bit of background on like what your customer conversations are like today, whether the pipeline has like materially increased over the past year. I thought that slide number 5 was very helpful. But just any color you can give us on that would be great.

我想我會把兩個問題都聚焦在 PA&T。我先從專案端的業務談起：Brent 現在在 110 美元以上，通常會刺激客戶增加投資。不確定你能否分享一些背景，例如你們目前與客戶的對話情況如何、過去一年商機管線是否有實質增加。我覺得第 5 張投影片非常有幫助。但任何你能補充的細節都會很棒。

So we -- as we said in the chart, Joe, we see investments certainly in diversity of fuels and energy security. What I mean by that is Africa was not seen as a destination of investments by refining petrochemicals. So if Dangote refinery, if you recall during Investor Day, he was up there and talking about partnership with Honeywell. They're not only expanding their existing refinery by 100%, which is the largest refinery in the world. They are doubling it.

如同我們在圖表中所說，Joe，我們確實看到投資聚焦在燃料多元化與能源安全。我的意思是，過去非洲並不被視為煉油與石化投資的目的地。但以 Dangote 煉油廠為例，如果你還記得在投資人日，他上台談到與 Honeywell 的合作夥伴關係。他們不只是把既有煉油廠擴產 100%——那已是全球最大的煉油廠——他們是要把它加倍。

They're also putting additional refinery in Kenya. These are all firm projects. If you look at their cash flow, it's billions of dollars in a quarter. So these are high certainty projects. There are additional investments happening in Africa on petrochemical side, too. So we can clearly see that as a trend.

他們也在肯亞新增另一座煉油廠。這些都是已確定的專案。如果你看他們的現金流，單季就是數十億美元。所以這些是確定性很高的專案。此外，非洲在石化端也有更多投資正在發生。因此我們可以清楚看到這是一個趨勢。

One thing which we highlighted is also low carbon energy projects are finally taking shape from a low base. We had two big wins on carbon capture-related projects in quarter three, and we have some robust pipeline for quarter four ahead for us. So there are some investments happening. And the driver for that is European Union continues to hold its mandate for SAF adoption. And to fulfill that demand, there's more capacity which is required.

我們也強調的一點是，低碳能源專案終於開始從低基期逐步成形。我們在第三季拿下兩個與碳捕捉相關的大案子，而第四季我們也有相當強健的商機管線。所以確實有一些投資正在發生。其背後的驅動因素是歐盟持續維持其對 SAF（永續航空燃料）採用的強制要求。而為了滿足該需求，需要更多產能。

And finally, we do see capacity addition for petrochemicals. Our licensing activity and automation business in petrochemicals continues to remain strong. So when you add it all together, it's less linked to the oil price. It's more linked to the drivers, which are more broader energy security, resiliency, low carbon fuels or the broader demand of petrochemicals. And that's why we believe it's a multiyear cycle. It's less linked to the price. It's more linked to other drivers. That's why it gives us more conviction.

最後，我們也看到石化產能的新增。我們在石化領域的授權業務與自動化業務活動仍然強勁。因此把這些加總起來，這與油價的連動性較低。它更取決於更廣泛的驅動因素：能源安全、韌性、低碳燃料，或更廣泛的石化需求。這也是為什麼我們相信這是一個多年期循環。它較不取決於價格。而是更取決於其他驅動因素。因此這讓我們更有信心。

Yes. Super helpful, Vimal. And I guess maybe just to ask Andrew's question slightly differently from before. On the refining side of the business, are you seeing any deferrals just given where crack spreads are, refiners may be running out harder a little bit given profitability looks really, really good right now. So are you seeing like any of that like business maybe pushing out into next year? Or has that remained very healthy for you?

是的，非常有幫助，Vimal。我想用稍微不同的方式問一下先前 Andrew 的問題。在煉油端的業務方面，考量到目前裂解價差（crack spreads）的水準，煉油商可能因為獲利看起來非常、非常好而更努力提高開工率，你們是否看到任何延後（deferrals）？也就是說，有沒有看到一些業務被推遲到明年？還是對你們而言仍然維持非常健康？

I would say what we all read, deferrals or higher uptime by US refiner is actually correct, which essentially means that some of the activity, which requires a shutdown cannot be performed. We look at our services business, aftermarket business in two buckets. A lot of it can be done online. So a lot of our automation offerings do not require a plant shutdown. If you want to harden your control system for cybersecurity or you want to migrate to the current version, it can be done online. So those businesses get protected even though customers are running at a higher rate.

我會說，我們大家所讀到的內容——美國煉油商延後（檢修/停工）或提高開工率——其實是正確的；這基本上意味著，某些需要停機的作業無法執行。我們看待服務業務、售後市場業務，分成兩個面向。其中很多可以線上完成。因此，我們許多自動化產品/方案不需要工廠停機。如果你想強化控制系統的資安防護，或想升級/遷移到目前版本，都可以在線上完成。所以即使客戶以更高的負載運轉，這些業務仍能受到保護。

But there are things which you need to replace like a Sundyne pump has to be replaced, you need a shutdown or if you want to refurbish a catalyst. So to me, there's some demand moving right, but it's not a lost demand. It's moving -- it's kind of pent-up demand, which will eventually show up. But when you look at the global view, the overall services and catalyst demand is very stable. As I mentioned before, we see the catalyst demand to be in teens -- high teens in quarter four.

但也有一些項目需要更換，例如 Sundyne 幫浦必須更換時就需要停機，或是你想翻新觸媒也需要停機。所以對我而言，有些需求是在往後遞延，但不是消失的需求。它是在移動——有點像被壓抑的需求，最終會浮現。但從全球角度來看，整體服務與觸媒需求非常穩定。如我先前提到的，我們預期第四季觸媒需求會落在十幾個百分點——偏高十幾個百分點。

Next year, we see overall catalyst to be very stable, mid-single-digit growth. Services growth remains very stable. Yes, absolutely, this is a trend of high utilization and no shutdowns. But it doesn't change the overall dynamics of the business for us in the near term.

明年，我們預期整體觸媒將非常穩定，呈現中個位數成長。服務業務成長仍然非常穩定。是的，完全正確，這是一個高稼動、沒有停機的趨勢。但在短期內，這不會改變我們業務的整體動態。

Varun Govindaraj, Bernstein.

Varun Govindaraj，Bernstein。

So a question on PA&T. When you're looking at projects and their delivery times, have they been in line with historical norms? I think there's been a concern that we're short labor in North America and that might lead to some of this just getting stretched. Are you seeing any of that in your numbers? Or is that not really a concern right now?

我有一個關於 PA&T 的問題。當你們看專案及其交付週期時，是否與歷史常態一致？我想市場一直擔心北美勞力短缺，可能導致部分專案時程被拉長。你們在數字上有看到這種情況嗎？還是說目前這並不是一個真正的疑慮？

Not a concern because a large part of our backlog is actually not in North America. LNG backlog is in North America. Everything else is in rest of the world. And in case of LNG, we build our own equipment in our own factory, and we have enough capacity to fulfill all our backlog. So we don't have any concern on that. On a broader basis, yes, the construction labor or labor shortages is a trend, but that's not driving any impact on our revenue execution on a visible basis.

不是疑慮，因為我們積壓訂單（backlog）中很大一部分其實不在北美。LNG 的積壓訂單在北美。其他所有都在世界其他地區。而就 LNG 而言，我們在自有工廠生產自有設備，且產能足以滿足所有積壓訂單。所以我們對此沒有任何疑慮。更廣泛來看，是的，施工勞力或勞力短缺是一個趨勢，但就可見範圍而言，它並未對我們的營收執行造成任何影響。

Appreciate it. And then just as a side note. So on Industrial Automation, big sequential jump from 18.4% to 22%. How much of that is coming from the spins of WWS and PSS and how much of that is more productivity? It feels at this point, everyone is very confident about the number, but just any color on that split?

了解，謝謝。另外補充問一下。在工業自動化（Industrial Automation）方面，利潤率（或相關指標）季比出現很大的跳升，從 18.4% 到 22%。其中有多少來自 WWS 與 PSS 的分拆（spins），又有多少是生產力提升？感覺目前大家對這個數字都很有信心，但能否就這個拆分提供一些說明？

Yes. I would say that organically, if you will, the business is probably expanding 150-plus bps just by operation getting better, rest of it is related to the (inaudible) separation.

是的。我會說，若以有機（organically）的角度來看，僅僅因為營運改善，該業務大概擴張了 150 個基點以上；其餘部分則與（聽不清）分拆有關。

Dan DiCicco, BMO Capital Markets.

Dan DiCicco，BMO Capital Markets。

On the inflation topic, 4.5% price in half two, just what businesses are you having to push the hardest on price? And then is there anywhere in the portfolio where this might be proving to be a little bit more challenging?

關於通膨議題，下半年 4.5% 的漲價，你們在哪些業務上需要最用力推動價格？另外，在投資組合中是否有任何地方，這件事可能比較具挑戰性？

I mean the pricing is -- I wouldn't say there's a large deviation within the segment. Pricing is a factor of inflation in the segment. And inflation drivers vary from semiconductor to electronics to metals like copper and brass. So I would say that our overall pricing is a narrow range. It doesn't vary from business from 1% and some business is 10%.

我的意思是，定價——我不會說在事業群內部有很大的差異。定價是該事業群通膨程度的函數。而通膨驅動因素從半導體、電子元件到金屬（如銅與黃銅）各不相同。所以我會說，我們整體定價落在一個很窄的區間。不會出現某些業務只有 1%，而另一些業務是 10% 這種差距。

It's not in that wide range. You can have a range from 3.5% to 4.5%. So it's a very narrow range for us. And the pricing attainment doesn't require only the action of pricing, but it requires good customer service, good customer communication, a good pipeline of new product. And I think that comprehensive 360-degree view is what we have really adopted to attain the price and keep the price cost positive.

並不是那麼寬的範圍。你可能會看到 3.5% 到 4.5% 的區間，所以對我們而言是非常窄的範圍。而價格達成（pricing attainment）不僅需要採取調價行動，還需要良好的客戶服務、良好的客戶溝通，以及良好的新產品管線。我認為，我們真正採用的是這種全面的 360 度視角，以達成定價並維持價格/成本為正向。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Kapur for final comments.

各位女士先生，我們的問答環節到此結束。我把時間交還給 Kapur 先生作最後結語。

Thank you. I would like to thank our shareowners, our customers and all Honeywell Technologies Futureshaper around the world for the strong third quarter results we delivered. Today marks another important milestone in our journey as a new Honeywell Technologies. Our first quarter as a stand-alone pure-play automation company demonstrated progress on all three elements for our investment case, broad-based organic growth, strong margin expansion and a higher free cash flow conversion. PA&T is converting its backlog into organic growth.

謝謝。我想感謝我們的股東、客戶，以及全球所有 Honeywell Technologies 的 Futureshaper，感謝大家讓我們交出強勁的第三季成果。今天也標誌著我們作為全新 Honeywell Technologies 旅程中的另一個重要里程碑。作為一家獨立、純自動化（pure-play automation）公司的第一個季度，我們在投資論點的三個要素上都展現進展：廣泛的有機成長、強勁的利潤率擴張，以及更高的自由現金流轉換率。PA&T 正在把積壓訂單轉化為有機成長。

IA is driving meaningful turnaround and BA continues to deliver. With nearly $19 billion in our backlog and a strong 2026 outlook, we entered the fourth quarter with strong momentum and increased confidence in our ability to deliver the commitments we outlined at Investor Day. Thank you all for joining us today, and we hope you have a great rest of your day.

IA 正在推動具意義的轉型改善，而 BA 也持續交出成果。在我們接近 190 億美元的積壓訂單以及強勁的 2026 年展望支持下，我們帶著強勁動能進入第四季，並對達成我們在投資人日所提出的承諾更具信心。感謝各位今天加入我們，也祝各位今天剩下的時間一切順利。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。