IPG Photonics Corp (IPGP) 2020 Q4 法說會逐字稿

Greetings, and welcome to IPG Photonics' Fourth Quarter 2020 Conference Call. Today's call is being recorded and webcast. At this time, I'd like to turn the call over to Eugene Fedotoff, IPG's Director of Investor Relations, for introductions. Please go ahead, sir.

您好，歡迎參加 IPG Photonics 2020 年第四季電話會議。今天的通話正在錄音並進行網路直播。現在，我想將電話轉給 IPG 投資者關係總監尤金·費多托夫 (Eugene Fedotoff) 進行介紹。請繼續，先生。

Thank you, operator, and good morning, everyone. With us today is IPG Photonics' Chairman and CEO, Dr. Valentin Gapontsev; Chief Operating Officer, Dr. Eugene Scherbakov; and Senior Vice President and CFO, Tim Mammen.

謝謝接線員，大家早安。今天與我們在一起的有 IPG Photonics 董事長兼執行長 Valentin Gapontsev 博士；首席營運長 Eugene Scherbakov 博士；以及資深副總裁兼財務長 Tim Mammen。

Statements made during the course of this call that discuss management's or the company's intentions, expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties include the impact of the COVID-19 pandemic on our business and those detailed in IPG Photonics' Form 10-K for the period ended December 31, 2019, and other reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained by visiting the Investors section of IPG's website or by contacting the company directly. You may also find copies on the SEC's website.

在本次電話會議期間發表的討論管理層或公司的意圖、期望或對未來的預測的聲明均為前瞻性聲明。這些前瞻性陳述存在風險和不確定性，可能導致公司的實際結果與此類前瞻性陳述中的預測有重大差異。這些風險和不確定性包括COVID-19 大流行對我們業務的影響，以及IPG Photonics 截至2019 年12 月31 日止期間的10-K 表格以及向美國證券交易委員會備案的其他報告中詳述的風險和不確定性。可透過造訪 IPG 網站的投資者部分或直接聯繫該公司來取得這些文件的副本。您也可以在 SEC 網站上找到副本。

Any forward-looking statements made on this call are the company's expectations or predictions as of today, February 16, 2021, only. The company assumes no obligation to publically release any updates or revisions to any such statements. For additional details on our reported results, please refer to the earnings press release and the excel-based financial data workbook posted on our Investor Relations website. We will post these prepared remarks on our Investor Relations website following the completion of this call.

本次電話會議中所做的任何前瞻性陳述僅是本公司截至今天（2021 年 2 月 16 日）的預期或預測。本公司不承擔公開發布任何此類聲明的任何更新或修訂的義務。有關我們報告的結果的更多詳細信息，請參閱我們的投資者關係網站上發布的收益新聞稿和基於 Excel 的財務數據工作簿。本次電話會議結束後，我們將在投資者關係網站上發布這些準備好的評論。

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

現在，我將把電話轉給瓦倫丁。

Good morning, everyone. We are pleased with our fourth quarter results as we delivered revenue that was 10% higher than the fourth quarter 2019 and above our guidance range. In addition, book-to-bill was above 1 in the fourth quarter as we saw the traction in order flow that had started in the third quarter continue during the fourth quarter and into 2021. We're continuing to benefit from the advantages of our leading-edge products, technology differentiation, low-cost production capabilities and the global footprint.

大家，早安。我們對第四季度的業績感到滿意，因為我們的收入比 2019 年第四季高出 10%，高於我們的指導範圍。此外，第四季的訂單出貨比高於 1，因為我們看到第三季開始的訂單流牽引力在第四季度持續到 2021 年。我們將繼續受益於我們的優勢領先的產品、技術差異化、低成本生產能力和全球足跡。

We continue to see strong revenue in China, which was significantly higher on a year-over-year basis as volume growth more than offset lower selling prices in the region. We were also pleased to see a sequential improvement in revenue in Europe and strong sequential revenue growth in North America in the fourth quarter. Our systems sales also improved modestly, but continue to be below last year, primarily due to the impact on the economy from COVID-19.

我們繼續看到中國市場的強勁收入，與去年同期相比大幅成長，因為銷售成長足以抵消該地區較低的銷售價格。我們也很高興看到第四季度歐洲收入環比改善和北美收入環比強勁增長。我們的系統銷售額也略有改善，但仍低於去年，這主要是由於 COVID-19 對經濟的影響。

We're demonstrating good progress in our core markets, thanks to our technology differentiation and low-cost production capabilities. In high-power lasers, we delivered strong year-over-year growth in both our rack mounted 1 to 4 kilowatt lasers for the high-volume market and our ultra-high power lasers for leading-edge cutting systems as sales of lasers above 6 kilowatt increased 34% compared to the fourth quarter 2019 and were 56% of total high-power sales.

由於我們的技術差異化和低成本生產能力，我們在核心市場取得了良好的進展。在高功率雷射方面，我們面向大批量市場的機架式 1 至 4 千瓦雷射和用於前沿切割系統的超高功率雷射器均實現了強勁的同比增長，雷射器銷量超過 6與2019 年第四季度相比，千瓦成長了34%，佔大功率總銷量的56%。

At the high end of the market, we are benefiting from an increase in order volumes for our 20 and 30 kilowatt ultra-high power lasers and optical heads. These lasers not only enable 50% to 100% faster cutting speeds than our 15 kilowatt devices, but are capable of processing materials with 20 to 50 millimeters thickness or even greater. This improvement in productivity and flexibility, coupled with superior beam parameters, record wall plug efficiency and reliability is driving the replacement of plasma cutting machine, other nonlaser solutions and lower power laser solutions.

在高端市場，我們受益於 20 和 30 千瓦超高功率雷射和光學頭訂單量的增加。這些雷射不僅切割速度比我們的 15 千瓦設備快 50% 到 100%，而且能夠加工厚度為 20 到 50 毫米甚至更大的材料。生產率和靈活性的提高，加上卓越的光束參數、創紀錄的牆壁插頭效率和可靠性，正在推動等離子切割機、其他非雷射解決方案和低功率雷射解決方案的更新換代。

We booked the first orders for the new unique ultra-compact rack mounted U series of lasers for low-cost cutting systems, and we expect to start shipping them shortly in volume. Not only do these lasers provide extended optical performance, record power-to-volume ratio and full protection against humidity, they are also significantly evaluating cost to manufacture. As a result, we expect this new design to improve gross margin for these products. We continue to focus on growing sales in other applications that are outside of our traditional cutting and welding markets.

我們預訂了用於低成本切割系統的新型獨特超緊湊機架式 U 系列雷射的第一批訂單，預計很快就會開始批量發貨。這些雷射不僅提供擴展的光學性能、創紀錄的功率體積比和全面的防潮保護，而且還顯著評估製造成本。因此，我們預計這種新設計將提高這些產品的毛利率。我們繼續專注於傳統切割和焊接市場以外的其他應用的銷售成長。

Last quarter, we launched our revolutionary and innovative handheld laser welding system and the initial customer response has been extremely positive. We believe this system has a great potential for IPG as it replaces traditional handheld welding products used in metal fabrication like TIG or MIG. The product offers orders of magnitude higher welding quality and speed with much greater precision, flexibility and ease of use to our customers around the world. In addition, for the first time, the product will simultaneously provide the highest quality precleaning and after-cleaning of the weld surface and weld itself, respectively. We have already sold a number of units in the last few weeks only and believe that there are many thousands of customers in the U.S. alone and many tens of thousand worldwide that could be interesting in this unique product.

上季度，我們推出了革命性創新的手持式雷射焊接系統，客戶的初步反應非常正面。我們相信該系統對於 IPG 具有巨大潛力，因為它取代了 TIG 或 MIG 等金屬製造中使用的傳統手持式焊接產品。該產品為世界各地的客戶提供了更高數量級的焊接品質和速度，以及更高的精度、靈活性和易用性。此外，該產品將首次同時為焊接表面和焊接本身提供最高品質的預清潔和後清潔。僅在過去幾週內，我們就已經售出了許多產品，並且相信僅在美國就有成千上萬的客戶，在全球範圍內也有數以萬計的客戶可能對這種獨特的產品感興趣。

During the fourth quarter, emerging products and application sales were 28% of total revenue, increasing 22%. We are pleased with the performance of a number of products that are the key to the diversification of our revenue. Examples include high-power nanosecond pulsed lasers used for foil cutting and cleaning in electric vehicle battery processing as well as for ablation and cleaning; sales of medical lasers and consumable medical fibers, our gold standard thulium laser solution for urology; and green laser sales for solar cell processing. With record backlog, we expect sales of green lasers to continue to grow fast as our green pulsed lasers are enabling significant improvements in solar cell efficiencies. In addition, high-power lasers for defense application performed well year-over-year. Despite the impact of the pandemic, ultraviolet and ultrafast pulsed lasers into emerging microprocessing applications showed strong growth for 2020.

第四季度，新興產品和應用程式銷售額佔總收入的 28%，成長 22%。我們對許多產品的表現感到滿意，這些產品是我們收入多元化的關鍵。例如，高功率奈秒脈衝雷射用於電動汽車電池加工中的箔片切割和清潔以及燒蝕和清潔；銷售醫用雷射和消耗性醫用纖維，這是我們泌尿外科的黃金標準铥雷射解決方案；以及用於太陽能電池加工的綠色雷射銷售。隨著創紀錄的積壓，我們預計綠色雷射的銷售將繼續快速增長，因為我們的綠色脈衝雷射正在顯著提高太陽能電池的效率。此外，用於國防應用的高功率雷射比表現良好。儘管受到疫情的影響，紫外線和超快脈衝雷射在新興​​微加工應用的應用在 2020 年仍呈現強勁成長。

Our Adjustable Mode Beam, AMB, lasers continue to gain traction in the welding industry, most notably in electric vehicle battery welding. And as a result, we received significant orders for AMB lasers in Q4. Our AMB products offer superior speed and weld quality over competing solutions, thanks to broadest range of beam tunability, which enables spatterless welding.

我們的可調模式光束、AMB、雷射繼續在焊接行業中獲得關注，尤其是在電動汽車電池焊接領域。因此，我們在第四季度收到了大量 AMB 雷射訂單。憑藉最廣泛的光束可調性，我們的 AMB 產品可提供優於競爭解決方案的速度和焊接質量，從而實現無飛濺焊接。

The multichannel QCW laser for high-speed spot welding application brings significant cost savings due to an increase in welding productivity and decrease in electrical consumption. Beyond material processing, we continue to develop new soft tissue medical treatment, mid-infrared lasers for molecular-level resolution online spectroscopy, inspection, sensing and biomedical research applications. In addition, we are continuing development of our new generation of analog and coherent digital silicon photonic devices for super high speed and highest volume data processing for telecom, data telecom, many -- and many other advanced future applications. Furthermore, we were extremely pleased by the growth we saw in advanced applications and medical applications.

用於高速點焊應用的多通道 QCW 雷射可提高焊接生產率並降低電力消耗，從而顯著節省成本。除了材料加工之外，我們還繼續開發新的軟組織醫療、用於分子級分辨率線上光譜、檢測、感測和生物醫學研究應用的中紅外線雷射。此外，我們正在繼續開發新一代類比和相干數位矽光子元件，用於電信、數據電信以及許多其他先進的未來應用的超高速和最高容量的數據處理。此外，我們對先進應用和醫療應用的成長感到非常高興。

Research and development has been a driving force behind IPG's structure since the company's inception. We spent over 10% of our total revenue on R&D in 2020 and have over 650 people in research and development, including many scientists and engineers who continue to develop new leading-edge solutions for our customers, helping drive efficiency and productivity in their operations and making our fiber laser technology the tool of choice in mass production -- more than 20 years tool of choice in mass production, nobody can compare cost of this absolutely in quality and others.

自公司成立以來，研發一直是 IPG 結構背後的驅動力。 2020 年，我們將總收入的10% 以上用於研發，擁有超過650 名研發人員，其中包括許多科學家和工程師，他們不斷為我們的客戶開發新的領先解決方案，幫助提高他們的營運效率和生產力。使我們的光纖雷射技術成為大規模生產的首選工具——20多年來一直是大規模生產的首選工具，沒有人可以在品質和其他方面絕對地比較這種工具的成本。

I would like to thank our employees for their strong execution during our fourth quarter despite the continuing challenging operating environment. As a result, the well-being of our employees, their families, our customers, our partners and communities we operate in remains our highest priority.

我要感謝我們的員工在第四季儘管經營環境持續充滿挑戰，但仍表現出強勁的執行力。因此，我們的員工、他們的家人、客戶、合作夥伴以及我們社區的福祉仍然是我們的首要任務。

With that, I will turn the call over to Eugene Scherbakov.

這樣，我會將電話轉給尤金‧謝爾巴科夫 (Eugene Scherbakov)。

Thank you, Valentin, and good morning, everyone. The impact of COVID-19 on our production capability continues to be minimal and we are focused on ensuring the safety of our employees with social distancing and enhanced cleaning and filtration measures in place. Otherwise, we're operating normally.

謝謝瓦倫丁，大家早安。 COVID-19 對我們生產能力的影響仍然很小，我們致力於透過保持社交距離以及加強清潔和過濾措施來確保員工的安全。否則，我們就可以正常運作。

Despite the increase in COVID-19 cases in Northern Hemisphere with this fall and winter, production remained fully operational and we managed COVID-related absences effectively.

儘管今年秋季和冬季北半球的 COVID-19 病例有所增加，但生產仍然全面運轉，並且我們有效地管理了與新冠病毒相關的缺勤。

We are very pleased with performance of operations during the fourth quarter as production ramped to meet the increase in demand, enabling us to exceed the top end of our guidance range, and report first quarter of year-on-year growth in more than 2 years.

我們對第四季度的營運業績感到非常滿意，因為產量不斷增加，以滿足需求的增長，使我們能夠超出指導範圍的上限，並報告第一季的同比增長是兩年多來的。

We're proud of the improvement in underlying gross margin driven by an increase in revenue, product cost reduction and product mix improvement. Total SG&A and R&D expenses were $76 million in the fourth quarter and continue to benefit from lower travel and trade show expenses given pandemic-related restrictions. As the business activities start to pick up and some restrictions are lifted and life normalizes in the second half of 2021, we would expect our operating expenses to increase as well. We remain committed to supporting our R&D, while controlling the total operating expenses to drive operating leverage for the company. We continue to benefit from the reducing of the cost of devices, our vertical integrations and from expenses reduction initiative we undertook in the second half of 2019.

我們對收入成長、產品成本降低和產品組合改善推動的基礎毛利率的改善感到自豪。第四季的銷售、行政管理和研發費用總額為 7,600 萬美元，並繼續受益於疫情相關限制導致的差旅和貿易展覽費用下降。隨著 2021 年下半年業務活動開始回升、一些限制取消以及生活恢復正常，我們預計我們的營運費用也會增加。我們仍然致力於支援我們的研發，同時控制總營運費用以提高公司的營運槓桿。我們繼續受益於設備成本的降低、垂直整合以及我們在 2019 年下半年採取的費用削減措施。

Examining our performance by region, revenue in China increased 52% year-over-year, represented approximately 42% of total sales. Demand and order flow in China remained resilient during the quarter and order booked in 2021 prior to Chinese New Year have been strong. While we face aggressive competition in the region, we believe that our products have superior performance and reliability and we are seeing the strong growth in demand for our ultra-high power lasers.

按地區查看我們的業績，中國地區的營收年增 52%，約佔總銷售額的 42%。本季中國的需求和訂單流保持彈性，2021 年農曆新年之前預訂的訂單也很強勁。雖然我們在該地區面臨激烈的競爭，但我們相信我們的產品具有卓越的性能和可靠性，並且我們看到對我們的超高功率雷射器的需求強勁增長。

In Europe, while revenue decreased 5% year-over-year due to the effect of COVID-19, it did grow sequentially. In addition, in Europe, order flow continued to get better despite the increase in restriction in Europe due to lockdowns. Similarly, revenue in North America decreased 11% year-over-year, but grew 37% on a sequential basis with a good improvement in material processing sales for lasers and systems and year-over-year growth in medical and advanced applications. North American bookings continued to be strong even relative to expansion of order flow in Q3 2020.

在歐洲，雖然由於 COVID-19 的影響，收入同比下降 5%，但確實實現了環比增長。此外，在歐洲，儘管歐洲因封鎖而限制增加，但訂單流量仍持續改善。同樣，北美地區的收入年減 11%，但環比增長 37%，其中雷射和系統的材料加工銷售取得良好改善，醫療和先進應用領域同比增長。即使相對於 2020 年第三季訂單流的擴張，北美的預訂量仍然強勁。

Sales in Japan decreased 29% year-over-year. While economy in the region continues to be negatively impacted by COVID-19, some regional macroeconomic indicators have improved in the recent months. Sales to the rest of Asia increased 3% year-over-year, continuing to recover from the second quarter trough, and also benefited from shipment of green lasers for renewable energy. Sales in Turkey decreased 2% year-over-year and grew 21% sequentially.

日本銷售額較去年同期下降 29%。儘管該地區的經濟持續受到 COVID-19 的負面影響，但近幾個月來一些地區宏觀經濟指標有所改善。對亞洲其他地區的銷售額年增3%，繼續從第二季的低谷中復甦，也受益於再生能源綠色雷射的出貨。土耳其銷售額年減 2%，季增 21%。

Economic indicators continue to show improvement from significant contraction earlier in the year, and this is one factor behind the improving direction of our business. In addition, it seems that there is some optimism for an improving investment cycle driven by equipment upgrades related to requirements for the flexible processing, automation and energy efficiency.

經濟指標持續顯示較今年稍早大幅收縮有所改善，這是我們業務朝好方向發展的因素之一。此外，由於與柔性加工、自動化和能源效率的要求相關的設備升級，人們對改善投資週期似乎持樂觀態度。

Our leading-edge fiber laser technology offers significant productivity gains, electrical efficiency and lower cost of ownership over other lasers and nonlaser tools. An increasing focus on the environmental impact and commitment to the net-zero emissions for a large industrial manufacturers is creating additional opportunity for our lasers and bodes well for our long-term growth objective.

與其他雷射和非雷射工具相比，我們領先的光纖雷射技術可顯著提高生產率、電力效率並降低擁有成本。大型工業製造商對環境影響的日益關注和對淨零排放的承諾正在為我們的雷射創造更多機會，這對我們的長期成長目標來說是個好兆頭。

We're already starting to see it with electrical vehicle and electrical vehicle battery production and are likely to see it with other industries. We believe that efficiency is likely to become a more meaningful driver in displacing processes that are energy intensive, such as plasma cutting or legacy welding processes. Despite the challenging operating environment that we faced in year 2020 due to the COVID-19, we believe that we are well positioned as we enter year 2021. In addition, we continue to believe that the breadth and depth of our product offering, our vast and diversity of advanced materials and components technology platform, our efficient R&D model, our strong balance sheet and free cash flow provide us ample flexibility and respond to business disruptions.

我們已經開始在電動車和電動車電池生產中看到它，並且很可能在其他行業中看到它。我們相信，效率可能會成為取代等離子切割或傳統焊接工藝等能源密集型製程的更有意義的驅動力。儘管由於 COVID-19，我們在 2020 年面臨著充滿挑戰的營運環境，但我們相信，在進入 2021 年時，我們處於有利位置。此外，我們仍然相信，我們產品供應的廣度和深度、我們龐大的先進材料和零件技術平台的多樣性、高效的研發模式、強大的資產負債表和自由現金流為我們提供了充足的靈活性並應對業務中斷。

With that, I'll turn the call over to Tim to discuss financial highlights in the quarter.

接下來，我將把電話轉給蒂姆，討論本季的財務亮點。

Thank you, Eugene, and good morning, everyone. Revenue in the fourth quarter was $337 million and increased 10% year-over-year, driven by growth from most of our key product lines. Revenue from materials processing applications increased 10% year-over-year and revenue from other applications increased 12%. Sales of high-power CW lasers increased 17% and represented approximately 55% of total revenue. Sales of ultra-high power lasers above 6 kilowatts represented 56% of total high-power CW laser sales. Pulsed laser sales increased 55% year-over-year, with strong growth driven by our high-power nanosecond pulsed lasers used in EV battery manufacturing, green pulsed lasers used in solar cell manufacturing as well as higher sales of our new UV and ultrafast pulsed lasers, which were partially offset by lower sales of low-power pulsed lasers for marking applications.

謝謝尤金，大家早安。第四季營收為 3.37 億美元，年增 10%，這主要得益於我們大多數關鍵產品線的成長。來自材料加工應用的收入年增 10%，來自其他應用的收入成長 12%。高功率連續雷射的銷售額成長了 17%，約佔總收入的 55%。 6千瓦以上超高功率雷射銷售佔高功率連續雷射總銷量的56%。脈衝雷射銷售額較去年同期成長55%，強勁成長的推動因素包括用於電動汽車電池製造的高功率奈秒脈衝雷射、用於太陽能電池製造的綠光脈衝雷射以及新型紫外線和超快脈衝雷射的銷量成長。雷射器，部分被用於打標應用的低功率脈衝雷射銷售下降所抵消。

Systems sales decreased 20% year-over-year due to COVID-19, but did improve sequentially. Medium power laser sales increased 25% as there was some recovery in additive manufacturing and other fine processing applications. QCW laser sales decreased 16% year-over-year due to lower sales for aerospace drilling applications. Other product sales decreased 11% year-over-year primarily due to lower telecom sales.

由於 COVID-19，系統銷售額年減 20%，但確實有所改善。由於積層製造和其他精細加工應用有所復甦，中功率雷射銷售額成長了 25%。由於航空航天鑽孔應用銷售額下降，QCW 雷射銷售額較去年同期下降 16%。其他產品銷售額較去年同期下降 11%，主要是由於電信銷售額下降。

Q4 gross margin was 44%, which increased 310 basis points year-over-year. The additional inventory charge reduced gross margin by 410 basis points. Excluding this impact, gross margin benefited from lower cost of products and a decrease in unabsorbed costs as a percentage of sales as compared to the year ago period. The additional inventory charge of $14 million was related to optical components that have been replaced by components with better performance.

第四季毛利率為44%，較去年同期成長310個基點。額外的庫存費用使毛利率降低了 410 個基點。排除此影響，毛利率受益於產品成本下降以及未吸收成本佔銷售額的百分比與去年同期相比下降。 1400 萬美元的額外庫存費用與已被性能更好的組件替換的光學組件相關。

Fourth quarter GAAP operating income was $65 million and operating margin was 19%. During the quarter, we recognized a foreign exchange loss of $5 million, primarily related to the depreciation of the U.S. dollar versus the euro. Q4 net income was $49 million or $0.92 per diluted share. The additional inventory charge and foreign exchange loss reduced EPS by $0.27. The effective tax rate in the quarter was 24%.

第四季 GAAP 營業收入為 6,500 萬美元，營業利潤率為 19%。本季度，我們確認了 500 萬美元的外匯損失，主要與美元兌歐元貶值有關。第四季淨利為 4,900 萬美元，或攤薄後每股收益 0.92 美元。額外的庫存費用和外匯損失使 EPS 減少了 0.27 美元。本季的有效稅率為24%。

If exchange rates relative to the U.S. dollar had been the same as 1 year ago, we would have expected revenue to be $12 million lower and gross profit to be $8 million lower.

如果相對於美元的匯率與 1 年前相同，我們預計收入將減少 1,200 萬美元，毛利將減少 800 萬美元。

We ended the quarter with cash, cash equivalents and short-term investments of $1.4 billion and total debt of $38 million. Strong operational execution resulted in cash provided by operations of $85 million during the quarter.

截至本季末，我們的現金、現金等價物和短期投資為 14 億美元，債務總額為 3,800 萬美元。強勁的營運執行力使得本季營運提供的現金達 8,500 萬美元。

Capital expenditures were $26 million in the fourth quarter. We expect 2021 capital expenditures will be in the range of $150 million to $160 million for the full year. Total capital expenditures in 2020 were significantly below our initial budget as we delayed some projects and some of these projects are now rescheduled for 2021. 2021 CapEx includes facilities and equipment expenditure for production, R&D and sales activity to support our future growth.

第四季資本支出為 2600 萬美元。我們預計 2021 年全年資本支出將在 1.5 億至 1.6 億美元之間。 2020 年的總資本支出大大低於我們的初始預算，因為我們推遲了一些項目，其中一些項目現已重新安排到2021 年。2021 年資本支出包括用於支持我們未來成長的生產、研發和銷售活動的設施和設備支出。

During the quarter, we did not repurchase any shares. In total, fourth quarter book-to-bill was above 1, and we were pleased with order flow across all of our main geographic regions. Geographically, most areas continue to show improvement with the only area that remains weak being Japan.

本季度，我們沒有回購任何股票。總的來說，第四季的訂單出貨比高於 1，我們對所有主要地理區域的訂單流感到滿意。從地理上看，大多數地區繼續表現出改善，唯一仍然疲軟的地區是日本。

For the first quarter of 2021, IPG expects revenue of $310 million to $340 million. Company expects the first quarter tax rate to be approximately 25%. IPG anticipates delivering earnings per diluted share in the range of $0.90 to $1.20, with 53.2 million basic common shares outstanding and 53.9 million diluted common shares outstanding.

IPG 預計 2021 年第一季營收為 3.1 億美元至 3.4 億美元。公司預計第一季稅率約為25%。 IPG 預計每股攤薄收益將在 0.90 至 1.20 美元之間，其中已發行基本普通股為 5,320 萬股，已發行稀釋普通股為 5,390 萬股。

The improvement in macroeconomic indicators is now more broad-based and, if sustained, gives us optimism for 2021. However, we're a little cautious given the resurgence of COVID-19 in Europe and North America as well as the uncertainty surrounding vaccination rollout and return to normalcy is unclear at this time. These uncertainties continue to make forecasting our business challenging in the medium term. And our first quarter guidance remains subject to significant uncertainties, including the impact on the global business environment and expected recovery from COVID-19, economic trends, growth from emerging product revenue, competition and the lack of long-term binding order commitments.

宏觀經濟指標的改善現在基礎更加廣泛，如果持續的話，我們對 2021 年感到樂觀。但是，鑑於歐洲和北美的 COVID-19 捲土重來以及疫苗接種推廣的不確定性，我們有點謹慎目前尚不清楚能否恢復正常。這些不確定性繼續使我們的中期業務預測面臨挑戰。我們的第一季指引仍受到重大不確定性的影響，包括對全球商業環境的影響和 COVID-19 的預期復甦、經濟趨勢、新興產品收入的成長、競爭以及缺乏長期約束性訂單承諾。

That said, we continue to benefit from near-term growth opportunities in ultra-high power cutting, electric vehicle battery processing, renewable energy, microprocessing, medical procedures and advanced applications. We believe the strides we are making in higher power products within our core materials processing business and new solutions are enhancing our competitive position.

也就是說，我們繼續受益於超高功率切割、電動汽車電池加工、再生能源、微處理、醫療程序和先進應用領域的近期成長機會。我們相信，我們在核心材料加工業務和新解決方案中在更高功率產品方面的進步正在增強我們的競爭地位。

As discussed in the safe harbor passage of today's earnings press release, actual results may differ from our guidance due to factors, including, but not limited to, goodwill and other impairment charges, product demand, order cancellation and delays, competition, tariffs, trade policies, health epidemics and general economic conditions. Our guidance is based upon current market conditions and expectations, assumes exchange rates referenced in our earnings press release and is subject to risks outlined in the company's reports with the SEC.

正如今天收益新聞稿的安全港通道中所討論的，由於多種因素，實際結果可能與我們的指導有所不同，這些因素包括但不限於商譽和其他減值費用、產品需求、訂單取消和延遲、競爭、關稅、貿易政策、衛生流行病和總體經濟狀況。我們的指導是基於當前的市場狀況和預期，假設我們的收益新聞稿中引用的匯率，並受到公司向美國證券交易委員會提交的報告中概述的風險的影響。

With that, Valentin, Eugene and I will be happy to take your questions.

瓦倫丁、尤金和我將很樂意回答您的問題。

(Operator Instructions) Our first question comes from John Marchetti with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 John Marchetti。

Tim, Valentin, I was wondering if maybe you could just talk about some of the puts and takes on the longer-term view. I know you mentioned that the underlying fundamentals continue to get a little bit better here. But as we're looking out through the course of the year, all else being equal, would you expect that we're back to sort of getting back in line with a double-digit revenue growth range, maybe off of '19 as opposed to '20 given that '20 was such a challenging year?

提姆、瓦倫丁，我想知道你們是否可以談談一些長期觀點的看跌期權和看跌期權。我知道你提到這裡的基本面繼續好轉。但當我們展望這一年的進程時，在其他條件相同的情況下，您是否認為我們會回到兩位數的收入成長區間，也許是從 19 年開始考慮到「20 年」是充滿挑戰的一年，到「20 年」會怎樣？

Yes. We're not going to comment on annual guidance or targets there. So except for your last comment, John, I think talking about puts and takes, there were a number of them articulated in the script. First of all, the continuing shift to higher power lasers for cutting applications, a lot of new product introductions. We're very optimistic about the handheld welder and growth in revenue from that.

是的。我們不會對年度指導或目標發表評論。因此，約翰，除了你最後的評論之外，我認為談論看跌和看跌，劇本中還闡述了其中的許多內容。首先，切割應用不斷轉向更高功率的雷射器，推出了大量新產品。我們對手持式焊接機及其帶來的收入成長非常樂觀。

All of our emerging products in Q4 performed really exceptionally well across a pretty broad portfolio of items that are starting to drive incremental growth. So whether it's the green lasers, the high-power nanosecond pulse lasers for EV, some increasing traction for ultrafast and UV. Medicals performed very well during the whole course of the year with the lithotripsy application. Other newer product introductions, the multichannel QCW for displacing YAG lasers in spot welding. We had good orders for AMB.

我們在第四季度的所有新興產品在相當廣泛的產品組合中都表現非常出色，這些產品開始推動增量成長。因此，無論是綠色雷射、用於電動車的高功率奈秒脈衝雷射器，還是超快和紫外線的一些日益增長的吸引力。在碎石術應用的整個一年中，醫療表現非常好。其他更新的產品推出，用於在點焊中替代 YAG 雷射的多通道 QCW。我們有很好的 AMB 訂單。

So we continue to see traction and momentum across what is now a pretty broad-based and diverse set of products and applications, and we continue to see improvement in -- we referenced again some of the key macroeconomic indicators that we follow. Certainly this year looks like it could be set up for being significantly better than the last 2 years we've been through. I mean the key issue will be to get out of some of the volatility that we've seen that sometimes impacted the second half of a year as happened in 2019 or as resulted in a slow start to the year as the pandemic did last year. So the main target is to get out of more of the volatility and get to sort of consistent year-over-year growth on a quarterly business, and we've got significant drivers for that.

因此，我們繼續看到現在基礎相當廣泛且多樣化的產品和應用程式的吸引力和動力，我們繼續看到改進 - 我們再次引用了我們遵循的一些關鍵宏觀經濟指標。當然，今年看起來可能比我們過去兩年好得多。我的意思是，關鍵問題是擺脫我們所看到的一些波動，這些波動有時會影響下半年，就像 2019 年發生的那樣，或者像去年的大流行那樣導致今年開局緩慢。因此，主要目標是擺脫更多的波動，並實現季度業務年比持續成長，為此我們有重要的驅動力。

Got it. And so maybe just as a follow-up on the gross margin side. As we're looking out over the next several quarters, any expectations that we should assume maybe some additional charges like we saw this quarter? Or really treat that more as a one-off here in 4Q, and we're back to a more normalized environment for gross margin as we're looking out over the first half and into '21?

知道了。因此，也許只是毛利率方面的後續行動。當我們展望未來幾季時，是否期望我們應該承擔一些額外費用，就像我們在本季看到的那樣？或者真的將其視為第四季度的一次性事件，當我們展望上半年和 21 年時，我們的毛利率又回到了更正常化的環境？

Yes, I'm much more definitively expecting a normalized gross margin print over the coming year. We've -- during the course of the year, not just in Q4, given some of the volatility related to the pandemic, we have had significant inventory provisions and charges. And the last -- the final charge in the end of the quarter, I think, positions us well for a more normalized operating position going forward. So I think we've got a good start to the year in that context as well.

是的，我更明確地預期來年毛利率將會正常化。考慮到與大流行相關的一些波動，我們在這一年中，不僅僅是在第四季度，我們有大量的庫存準備和費用。我認為，最後一項——本季末的最後一項費用，使我們能夠為未來更正常化的營運狀況做好準備。所以我認為在這方面我們今年也有了一個好的開始。

And on the other side on gross margin, we've got other benefits coming through from some of the product mix as we continue to grow revenue, better absorption of fixed costs and then, for example, the ultra compact laser starting to generate more meaningful revenue, there's a meaningful improvement in gross margin we expect from that. And then even taking the design changes on the ultra compact and rolling them into higher power lasers up to, I think, 7 or 8 kilowatts -- up to 8 kilowatts not going to be used in. So there's a lot of other initiatives on cost reductions as well that we're optimistic about.

另一方面，在毛利率方面，隨著我們不斷增加收入，更好地吸收固定成本，我們從一些產品組合中獲得了其他好處，例如，超緊湊型雷射開始產生更有意義的成果收入，我們預計毛利率將顯著改善。然後甚至對超緊湊型雷射進行設計更改，並將其轉化為更高功率的雷射器，我認為高達 7 或 8 千瓦，高達 8 千瓦的雷射不會被使用。因此，在成本方面還有很多其他舉措減少也是我們樂觀的。

Sincerely speaking, we expect that this year, our gross margin will return back to our usual frames above 50%. But we're very careful with forecasting because the situation over quarter 3, quarter 4 is not setting at all. So quarter 1, quarter 2, absolutely promising on the puts, however. But of course, you know definitely our guidance is so very, very careful, very considerate.

真誠地說，我們預計今年我們的毛利率將恢復到50%以上的正常水平。但我們對預測非常謹慎，因為第三季、第四季的情況根本沒有確定。因此，第一季、第二季度，看跌期權絕對有希望。但當然，你肯定知道我們的指導是非常非常仔細、非常體貼的。

Our next question comes from Tom Diffely with D.A. Davidson.

我們的下一個問題來自 Tom Diffely 和 D.A.戴維森。

When you look at the strong activity, it sounds like you had pre-Chinese New Year in China on the order front. Do you expect China to grow as a percentage of the order book over the next couple of quarters? Or is that being matched by growth in some of the other regions?

當您看到強勁的活動時，聽起來您在中國的訂單方面似乎已經過了農曆新年。您預計未來幾季中國訂單量所佔比例是否會成長？或者其他一些地區的成長是否與之相符？

Tom, relative to like Q1 last year, when China order flow slowed down dramatically and then it really picked up in April and May, I would expect, in total, China order flow to remain relatively consistent as a percentage of the total because the growth in Europe and North America was also starting to recover more meaningfully. There's the growth in some of the emerging products as well that are not just strong in China, but are strong elsewhere.

Tom，相對於去年第一季度，當時中國訂單流大幅放緩，然後在 4 月和 5 月真正回升，我預計中國訂單流佔總量的百分比將保持相對穩定，因為增長歐洲和北美也開始更有意義地復甦。一些新興產品也出現了成長，這些產品不僅在中國表現強勁，在其他地方也表現強勁。

So totally, we expect more of an even contribution and a rather less China-centric focus perhaps on revenue for the year. But notwithstanding that, China order flow has really been very strong prior to Chinese New Year. For example, not just of shippable orders, but even the frame agreements has been very, very good. And those are generally placed to get licenses, so that shipment can take place during the course of the year.

因此，整體而言，我們預期今年的營收貢獻會更加均衡，而較不以中國為中心。但儘管如此，中國農曆新年之前的訂單流確實非常強勁。例如，不僅是可出貨訂單，甚至框架協議也都非常非常好。這些通常是為了獲得許可證，以便可以在一年內發貨。

And remarkable, the most frame orders, the normal quality of frame orders is practically doubled compared to last year or last 2 quarters. But the major of these orders is for high-power above 10, 15 kilowatt, when they're asking for license to get license. It's a normal growth of high power from that point. So we expect -- nobody can supply them that wattage. Nobody -- it's only we can supply working more than 15 -- 10, 15 kilowatts working (inaudible) all the time for IPG, all China done for IPG today. It's a lot. It's Europe and America is much more neutral here. Very much less still because major integrator -- cutting system integrators in Europe and the U.S., they don't have all high-power lasers, don't have. So -- and they're stocking 10-kilowatt range level. But China, extremely 15 to 30-kilowatt level.

值得注意的是，框架訂單最多，框架訂單的正常品質與去年或最近兩個季度相比幾乎翻了一番。但這些訂單主要是10、15千瓦以上的大功率，當他們要求許可證時。從那時起，這是高功率的正常成長。所以我們預期──沒有人能為他們提供那樣的瓦數。沒有人——只有我們可以一直為 IPG 提供超過 15 - 10、15 千瓦的工作功率（聽不清楚），今天中國為 IPG 所做的一切。很多。歐洲和美國在這裡比較中立。更不用說，因為歐洲和美國的主要整合商——切割系統整合商，他們沒有所有的高功率雷射器，沒有。所以——他們正在儲備 10 千瓦的範圍水準。而中國，則達到了15至30千瓦的水準。

Okay. That's helpful. And then as a follow-up, how big is the EV battery market right now for lasers? And where do you think that goes over time?

好的。這很有幫助。那麼作為後續，目前雷射的電動車電池市場有多大？您認為隨著時間的推移，情況會如何？

I think it's -- I don't have a definitive number on that in terms of where it is today. The message we give on it is that it is a potential decade-long investment cycle. And if EV vehicle production is going to get to the levels that are expected, people are talking about 25%, 40%, even 50% of total vehicle sales over 10 or 15 years, it will drive hundreds of millions of dollars of laser-based investment for EV battery manufacturing and even laser-based investment for EV auto vehicle manufacturing itself.

我認為，就目前的情況而言，我沒有確切的數字。我們傳達的訊息是，這是一個潛在的長達十年的投資週期。如果電動車產量達到預期水平，人們談論的是在 10 或 15 年內佔汽車總銷量的 25%、40%，甚至 50%，它將帶動數億美元的激光-對電動汽車電池製造的投資，甚至對電動車製造本身的雷射投資。

So it's a long-term significant opportunity with hundreds of millions of dollars of laser-based processing required for that. Even some of -- I've noticed some of the battery tech -- all the battery technologies like cylindrical, which were not using much laser-based processing, seem to be evaluating lasers more and more now.

因此，這是一個長期的重大機遇，需要數億美元的雷射加工。甚至一些——我注意到一些電池技術——所有電池技術，如圓柱形電池，沒有使用太多基於雷射的加工，現在似乎越來越多地評估雷射。

Our next question comes from Nik Todorov with Longbow Research.

我們的下一個問題來自 Longbow Research 的 Nik Todorov。

Tim, in the last up cycle, you guys had -- we've been very consistent on putting about 60% incremental gross margin. I understand guiding sales is difficult, but how should we think about the incremental gross margin? You highlighted multiple cost initiatives. Should we think about that 60% as a base case? Or you could see some upside? And also can you talk about what are the limitations of rolling that ultra compact design above 8 kilowatt? And then I have a follow-up.

提姆，在上一個上升週期中，我們一直非常一致地將毛利率提高到 60% 左右。我知道引導銷售很難，但我們該如何看待增量毛利率？您強調了多項成本計劃。我們是否應該將 60% 視為基本情況？或者你可以看到一些好處？您還能談談 8 千瓦以上的超緊湊設計有哪些限制嗎？然後我有一個後續行動。

I think some of the incremental gross margins are probably not far off where we were historically, maybe a little bit below that 60%. The one thing below the line we're cautious on is as we get into a more normal environment, we try to call this out on the script is that operating expenses, you get more travel and trade shows and other activity in a more normal environment. OpEx will probably pick up in the second half of the year a little bit. So that drop-through won't be straight to the bottom line.

我認為一些增量毛利率可能與歷史水準相差不遠，可能略低於 60%。我們謹慎對待的一件事是，當我們進入一個更正常的環境時，我們嘗試在劇本中指出這一點，即營運費用，您可以在更正常的環境中獲得更多的旅行和貿易展覽以及其他活動。下半年營運支出可能會回升。因此，這種下降不會直接到達底線。

In terms of the other question about migrating the design of the ultra compact to higher power lasers, perhaps, Eugene, you'd like to talk about that and a potential rollout over time?

關於將超緊湊型雷射的設計遷移到更高功率雷射的另一個問題，也許尤金，您想談談這個問題以及隨著時間的推移可能推出的情況嗎？

In principal, we have several generation of compact lasers, starting -- I'm talking about high-power lasers, of course, with power more than 2, 3 kilowatt. And the first stage was already demonstrated, and we already shipped thousands of such kind of lasers.

原則上，我們有幾代緊湊型雷射器，首先是高功率雷射器，當然功率超過2、3千瓦。第一階段已經進行了演示，我們已經發貨了數千台此類雷射。

The next step was to use a rack mounted compact laser for high-power applications, I mean, with power more than 1, 2, 3 and 4 kilowatt. Again, such kind of lasers already supplied to our customer effectively for -- first of all, for cutting and also for better welding application. The next-generation, which we are introducing this year, is much more compact with output level up to 8 kilowatt. It will be the next stage. And the first results demonstrated very good performances. And we're absolutely sure that it will be the next generation of ultra compact rack mounted laser, first of all, for cutting applications. And very important that based on this design, we can dramatically reduce our cost of production and, of course, to propose to our customer better price. Such kind of situation is compact and ultra compact lasers.

下一步是使用機架式緊湊型雷射進行高功率應用，我的意思是功率超過 1、2、3 和 4 千瓦。同樣，此類雷射已有效地提供給我們的客戶，首先用於切割，也用於更好的焊接應用。我們今年推出的下一代產品更加緊湊，輸出功率高達 8 千瓦。這將是下一階段。初步結果顯示出非常好的性能。我們絕對確信它將成為下一代超緊湊型機架式雷射器，首先用於切割應用。非常重要的是，基於這種設計，我們可以大幅降低生產成本，當然也可以向客戶提出更優惠的價格。這種情況就是緊湊型和超緊湊型雷射。

Okay. Very helpful. And just a follow-up. Maybe can you guys talk about the adoption curve that you expect for the handheld welding laser? It sounds like you guys have received -- you mentioned extremely positive feedback. How much do you think do you have to educate the customer or to kind of prove your point? It seems like they're seeing the benefits outright. I'm just trying to see what are you thinking in terms of the adoption curve.

好的。很有幫助。只是後續行動。也許你們能談談您對手持式焊接雷射的採用曲線的期望嗎？聽起來你們已經收到了——你們提到了非常正面的回饋。您認為您需要對客戶進行多少教育或證明您的觀點？看來他們已經徹底看到了好處。我只是想看看您對採用曲線有何看法。

VG, do you want to take it?

VG，你要接嗎？

Our estimation is enormous. Only United States that we investigated, more than 24,000 only small drop shops, which uses this manual welding tool instrumentation. 24,000 only U.S., but also watch OEM where I got a motive now that it was also used. But even they -- each of them will buy only 1 unit is 24,000 units. 24,000 units was $300 million. Only 1 unit, but typically the small shops spend not 1, 2 by 10. It's all that U.S. count, minimum 5x more, so it's 100,000 shops. Each from the -- we now provide for testing for this estimation, more than 70 -- only U.S., more than 70 such drop. They still think it's fantastic devices.

我們的估計是巨大的。光是我們調查的美國就有超過24,000家小型直營店，都使用這種手動焊接工具儀表。 24,000只美國，但也手錶OEM，我現在有了動機，因為它也被使用。但即使是他們——他們每個人也只會購買 1 件，即 24,000 件。 24,000 套價值 3 億美元。只有 1 單位，但通常小商店的花費不是 1、2 乘 10。這都是美國計數的，至少多 5 倍，所以有 100,000 個商店。我們現在為此估計提供了 70 多個測試，僅在美國就有 70 多個這樣的下降。他們仍然認為這是很棒的設備。

Let's imagine only speed of welding. Speed of welding increased 6 to 7x -- 6 or 7x quality of welding, much, much higher than with regular, but also simultaneously clean -- immediately clean surface and pre-welding and after-welding. Now with TIG and MIG regular, they have to use chemicals then to clean this, in any case, quality of final surface, not were very sufficient. Now they don't need to make (inaudible) and thus for one time put by laser beam in additional mode operation the same way the beam (inaudible). So the people with slow fantastic improvement, so they only waiting, waiting with the way -- delivery only due to some formal bureaucratical qualification for electrical emissions.

讓我們想像一下焊接速度。焊接速度提高了 6 至 7 倍——焊接品質提高了 6 或 7 倍，比常規焊接高得多，而且同時清潔——立即清潔表面以及焊接前和焊接後。現在常規的 TIG 和 MIG 必須使用化學品來清潔，無論如何，最終表面的品質還不夠。現在，他們不需要製造（聽不清楚），因此一次將雷射光束置於附加模式操作中，就像光束（聽不清楚）一樣。因此，那些進步緩慢的人，所以他們只能等待，等待方式——交付只是由於一些正式的官僚資格的電力排放。

So now we have a ship in U.S. of this emission, started only of -- a few weeks, started to ship first unit to be able to sell to customer before we cover due to order falls. So with new year, this year only, we'll sell some welding unit. Next year, it would be 10,000 units. So it's very fasting production market, and we don't see competition can make simmer during next 1 or 2 years. Even later would be difficult because we have very innovative new technology, which any Chinese, nobody have today.

因此，現在我們在美國有一艘這種排放的船，僅在幾週內開始運送第一批設備，以便能夠在我們因訂單下降而覆蓋之前向客戶出售。因此，新年之際，僅今年，我們將出售一些焊接設備。明年，產量將達到 10,000 輛。因此，這是一個非常快速的生產市場，我們認為競爭不會在未來一兩年內變得激烈。即使以後也會很困難，因為我們擁有非常創新的新技術，而今天任何中國人都沒有。

On the other point, actually it's easier to use as well. So it's easier to use. So the training of the welder and the skill of the welder...

另一方面，實際上它也更容易使用。所以使用起來比較方便。那麼焊工的訓練和焊工的技能...

Yes, very easy to use. If the normal welder, you have to train many months, even more it should be some tailwind. Here, you don't need any person, any student. After only few hours of demonstration, presumably production can go out immediately. So practically, it's available to everybody today. It's also enormous benefit, because quantity of professional welders now decrease and decrease.

是的，非常容易使用。如果是普通焊工，你得培訓好幾個月，甚至更應該有一些順風。在這裡，你不需要任何人，任何學生。經過幾個小時的示範後，想必可以立即投入生產。實際上，今天每個人都可以使用它。這也是巨大的好處，因為現在專業的焊工數量越來越少。

Our next question comes from Jim Ricchiuti with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Jim Ricchiuti。

On the topic of the handheld laser, so I'm wondering are you going to market any differently with this product offering, just given the size of the market and the price points? And how are the gross margins on this product?

關於手持式雷射的主題，我想知道考慮到市場規模和價格點，您是否會以不同的方式行銷該產品？該產品的毛利率如何？

So in terms of going to market at the moment, we're rolling it out in a phased manner with some of the key -- we had a lot of job shops coming to evaluate it. And we're also looking at potentially some distribution arrangements, but we potentially also have to expand some of the sales force as volumes ramp up to support what is a much broader-based customer list compared to our typical OEM base. So we're continuing to evaluate how best to get to that efficient model around it, Jim. But -- and typically, we've invested in a stuff as we've grown the revenue on it to get that return simultaneously. We may use a few more distributors around this as well. And the gross margins, by the way, on the product are very good, benefiting from some of the design improvements around the ultra compact lasers.

因此，就目前進入市場而言，我們正在分階段推出一些關鍵的產品——我們有許多加工車間來評估它。我們也在考慮一些潛在的分銷安排，但隨著銷售量的增加，我們可能還必須擴大一些銷售隊伍，以支援比我們典型的 OEM 基礎更廣泛的客戶名單。因此，吉姆，我們正在繼續評估如何最好地實現圍繞它的高效模型。但是——通常情況下，我們會在增加收入的同時投資某種東西，以同時獲得回報。我們也可能會為此使用更多的經銷商。順便說一下，該產品的毛利率非常好，這要歸功於圍繞超緊湊雷射的一些設計改進。

Okay. And the follow-up question is, you showed a nice recovery in the U.S., at least in North America, at least on a sequential basis. And I'm wondering you look at that business over the next couple of quarters, how sustainable do you think it is? Is it broadly based? And are you feeling comfortable that, that recovery in the U.S. is sustainable?

好的。後續問題是，美國（至少在北美）表現出良好的復甦，至少是連續的。我想知道您在接下來的幾個季度中審視該業務，您認為它的可持續性如何？它的基礎廣泛嗎？您對美國的復甦是可持續的感到滿意嗎？

Yes. There's -- the underlying materials processing business has improved. In fact, some of the order flow in Q4 with some of our specialty AMB lasers for battery processes was also in North America. We still have some revenue to recognize on advanced applications.

是的。基礎材料加工業務已經有所改善。事實上，第四季度我們用於電池製程的一些特種 AMB 雷射器的一些訂單流也在北美。我們仍然有一些先進應用程式的收入可以確認。

Medical growth will continue to be -- it's not going to be quite as strong as it was last year because we came on such a small base, but the medical business is continuing to perform well. We've got increasing visibility into medical sales in the second half of the year.

醫療成長將繼續——不會像去年那麼強勁，因為我們的基數很小，但醫療業務將繼續表現良好。我們對下半年醫療銷售的了解越來越多。

The green lasers going to Southeast Asia, although they're made in the U.S. at the moment, the backlog for those I've mentioned is good. I'd say, the only thing we don't have longer-term visibility into and which is more uneven and lumpy as some of the advanced applications, right? You're still waiting for some commercialization of the defense applications for that revenue to become more consistent and really start to grow consistently quarter-over-quarter and year-over-year.

運往東南亞的綠色雷射器，雖然目前是在美國製造的，但我提到的那些產品的積壓情況很好。我想說的是，我們唯一沒有長期可見性的東西，並且與某些高級應用程式相比更加不均勻和不穩定，對嗎？您仍在等待國防應用程式的一些商業化，以使收入變得更加穩定，並真正開始逐季度和逐年持續成長。

We're talking about increased share of products, which do not relate from China. It is product for another applications and traditional cutting and welding of metal sheet. So then if we report this year, we increased essential output 28%, but we are targeting to increase up to 50% during a couple of years. 50% is most of this product -- new products, which we -- for another application, we developed, introduced in U.S. So it's increased essentially sales in the U.S., also increased gross margin in the U.S.

我們談論的是與中國無關的產品份額的增加。它是另一種應用和傳統金屬板材切割和焊接的產品。因此，如果我們今年報告，我們的基本產出增加了 28%，但我們的目標是在幾年內增加至 50%。 50% 是該產品的大部分——新產品，我們為另一種應用開發並在美國推出，因此它基本上增加了美國的銷售額，也增加了美國的毛利率。

Before the major contribution to the net income in the U.S., we received from sales of dies and temporarily last 2 years, sales of die has decreased. So income from die has decreased also. Now we returned back for further growth in dies sales. So the profit from dies plus growth of the other applications, sales from the U.S. and made, developed in the U.S., not developed in Germany, and resales only in the U.S., maybe some than before. So it's a real American company. We welcome one of the major generation -- a real major generator of the revenue, our target to make a real not just a research centric, but also real money turnover as manufacturing of new...

在對美國淨利潤的主要貢獻之前，我們從模具銷售中獲得了收入，並且在過去兩年中，模具銷售額暫時下降。因此模具收入也減少了。現在我們回來尋求模具銷售的進一步增長。因此，模具的利潤加上其他應用的成長，來自美國的銷售以及在美國製造、開發，而不是在德國開發，並且僅在美國轉售，可能比以前增加。所以這是一家真正的美國公司。我們歡迎主要一代之一——真正的主要收入創造者，我們的目標是不僅以研究為中心，而且作為新產品的製造，實現真正的資金周轉…

Our next question comes from Michael Feniger with Bank of America.

我們的下一個問題來自美國銀行的麥可費尼格。

Tim, I recognize that you may not want to comment directly on one of your competitors. I was just hoping to get a sense of the big picture here. Some investors fear that with this bidding war, it could create a bigger competitor that could be much more aggressive, attacking the industrial markets, being price aggressive with scale of R&D. Maybe you can help us understand the competitive landscape in laser technology, a little bit more. How IPG positions itself to maintain that leadership?

蒂姆，我知道您可能不想直接評論您的競爭對手之一。我只是希望能了解這裡的大局。一些投資人擔心，透過這場競購戰，可能會產生一個更激進的競爭對手，攻擊工業市場，在研發規模上進行價格侵略。也許您可以幫助我們更了解雷射技術的競爭格局。 IPG 如何定位自己以保持領先地位？

And this is type of bidding war, even if it's not direct to IPG, does it validate some of the megatrends that are accelerating with automation, EV, dual supply chains? Do you see more consolidation going forward around laser technology and automation markets? Just curious on your thoughts on that one.

這是一場競購戰，即使它不是直接針對 IPG，它是否驗證了自動化、電動車、雙供應鏈正在加速的一些大趨勢？您是否認為雷射技術和自動化市場將出現更多整合？只是好奇你對此的想法。

There's a lot of different elements to that question, Mike. The first is we're not going to make a comment on the transaction and the bidding war that's going on out there. I think the comment is really to focus on where IPG strengths are in not only the core industrial markets, but also in a lot of these emerging product offerings. So in our core industrial markets, none of the parties that are involved in the process that is ongoing at the moment, really have any core strength and capability where IPG's core strength and capability is.

麥克，這個問題有很多不同的因素。首先，我們不會對交易和正在進行的競購戰發表評論。我認為這一評論實際上是關注 IPG 的優勢所在，不僅在核心工業市場，而且在許多新興產品中。因此，在我們的核心工業市場中，目前正在進行的進程中所涉及的各方都沒有真正擁有IPG的核心實力和能力。

So we don't -- we view this as being separate from our core strategies and capabilities. In addition to that, we've got a lot of emerging product development in areas that we've talked about the -- driving our growth with inherent advantages around the products that we have. So whoever the competitor is, IPG's fiber laser technology is unique in very many different ways and we have this fundamental strength that comes from the vertical integration, the speed to development, the ability to get cost out. And as you can see from an increasingly diverse product portfolio.

所以我們不認為這與我們的核心策略和能力是分開的。除此之外，我們在我們所討論的領域進行了許多新興產品開發——利用我們擁有的產品的固有優勢來推動我們的成長。因此，無論競爭對手是誰，IPG 的光纖雷射技術在許多方面都是獨一無二的，我們擁有來自垂直整合、開發速度和降低成本的能力的基本優勢。正如您從日益多樣化的產品組合中看到的那樣。

I think the main point that we make on this is that we get a significantly higher rate of return on our internal R&D and making limited, very specific acquisitions that relate to our ability to leverage our own technology. So we don't view ourselves as being a consolidator in the industry.

我認為我們對此的主要觀點是，我們在內部研發方面獲得了顯著更高的回報率，並進行了與我們利用自己技術的能力相關的有限、非常具體的收購。因此，我們並不認為自己是產業的整合者。

With regard to some of the other trends, I think, yes, they're perfectly apparent, right, the flexibility, the automation, the increasing acceptance of lasers across many different applications and technologies, flexibility, we call out, for example, energy is becoming perhaps more fundamentally a driver for IPG. We're the only company that has an electrical efficiency approaching 50%. Nobody else is close to us on that. So you really have to, I think, look into some of the very specific benefits that we have rather than an advantage we have, rather than look at what may or may not be a larger scale company that will have competitive advantages against us, we don't think that they will.

關於其他一些趨勢，我認為，是的，它們是非常明顯的，對吧，靈活性，自動化，在許多不同的應用和技術中對雷射的接受度不斷提高，靈活性，我們稱之為，例如，能源或許正在成為 IPG 更根本的驅動力。我們是唯一一家電力效率接近 50% 的公司。在這方面沒有其他人與我們接近。因此，我認為，你確實必須研究我們擁有的一些非常具體的好處，而不是我們擁有的優勢，而不是看看哪些可能或可能不是一家規模較大的公司，對我們有競爭優勢，我們我不認為他們會這麼做。

Finally, I don't -- beyond this, there has already been quite a lot of consolidation within the industry. So there's a limited number of large targets that are left out there. The largest other competitor that's out there for us is actually a private German company. So consolidation has already taken place a bit more meaningfully to varying degrees of success, I'd say.

最後，我不認為──除此之外，產業內已經發生了大量的整合。因此，留下的大型目標數量有限。我們最大的其他競爭對手實際上是一家德國私人公司。因此，我想說，整合已經取得了不同程度的更有意義的成功。

Perfect. And just following up. If we get the higher end of your Q1 guidance and you see a typical 15% to 20% sequential growth in Q2, you're kind of starting to knock on that $400 million sales figure level? Do you have more confidence around the ability to drive gross margins above 50% at that point? Just help us understand what type of margins when we start getting into these type of buckets of revenue ranges.

完美的。並且只是跟進。如果我們得到你們第一季指引的較高端，並且你們看到第二季度典型的 15% 到 20% 的環比增長，你們是不是已經開始達到 4 億美元的銷售數字水平了？屆時您對將毛利率提升到 50% 以上的能力是否更有信心？當我們開始進入這些類型的收入範圍時，只需幫助我們了解哪種類型的利潤率。

I think Valentin alluded to that earlier on the call that certainly getting back to the time a little bit more concerned around it. But getting back to the top end of our 45% to 50% guidance range and then really if you start to see revenue get back up to that $400 million level without guiding above that at the moment, we've got all these cost reduction initiatives and Valentin is increasingly comfortable that we're going to get back into, what I would call, more of an optimal gross margin operating model as compared to just being best-in-class, which we are at the moment.

我認為瓦倫丁早些時候在電話會議中提到過這一點，肯定會回到那個時候對此更加關心。但回到我們 45% 到 50% 指導範圍的上限，如果你開始看到收入恢復到 4 億美元的水平，而目前指導不超過該水平，我們已經採取了所有這些成本削減舉措瓦倫丁越來越放心，我們將回到我所說的，更多的是最佳毛利率營運模式，而不是僅僅成為一流的，我們目前是這樣的。

Our next question is from Mark Miller with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的 Mark Miller。

You've indicated several times about the opportunity in battery welding for EVs. But there's a chip shortage going on that's impacting auto sales. Do you see that having any impact on you over the next couple of quarters?

您已多次指出電動車電池焊接的機會。但晶片短缺正在影響汽車銷售。您認為這對您接下來的幾季有什麼影響嗎？

No, Mark, we don't think that the chip shortage in the semiconductor industry is going to affect us that -- even though it is affecting the auto industry in terms of some facility shutdown, we don't expect it to have an impact on our growth. And we don't have any visibility into it having an impact on us. We do not have any similar supply chain issues facing us at the moment, given our vertical integration and we also have inventory of electronic components, for example, that we've built up.

不，馬克，我們認為半導體行業的晶片短缺不會影響我們——儘管它正在影響汽車行業，導致一些設施關閉，但我們預計它不會產生影響關於我們的成長。我們沒有看到它對我們的影響。鑑於我們的垂直整​​合，我們目前沒有面臨任何類似的供應鏈問題，而且我們還擁有電子元件的庫存，例如我們已經建立的庫存。

Germany sales were also down sequentially year-over-year. Is that COVID also like the case in Japan?

德國的銷售額也較去年同期下降。新冠疫情是否也像日本的情況？

I mean look at the German number particularly, overall, Europe was up sequentially. So you saw -- I can't remember exactly where there have been some slight variation in where revenue in Europe was generated. But overall, Europe, we're actually pleased with in total. Rather than looking at Germany, specifically, we look at the whole of Northern Europe and then Italy. And even in Western Asia, Turkey, there was some sequential improvement, even though were down single digits. So yes, I haven't got any more commentary around that. I think Europe was better.

我的意思是特別看看德國的數字，總體而言，歐洲是連續上升的。所以你看到了——我記不清歐洲的收入來源到底在哪裡出現了一些細微的變化。但總的來說，我們對歐洲總體上感到滿意。我們不具體關注德國，而是關注整個北歐，然後是義大利。即使在西亞、土耳其，儘管下降了個位數，但也出現了一些連續改善。所以是的，我對此沒有更多評論。我認為歐洲更好。

Our next question comes from Joe Wittine with Edgewater Research.

我們的下一個問題來自 Edgewater Research 的 Joe Wittine。

I wanted to ask on welding. Obviously, EV battery is up on AMB and there's also a ton of interest in the handheld, which isn't surprising. But Tim, beyond that, how are you kind of viewing the broader macro welding market adopting laser? And that includes both stand-alone lasers and then your systems mix as the broader cycle turns here and cost of capital is low. Could there be kind of a tipping point in play for that market where the adoption has been slow over time?

我想問一下焊接方面的問題。顯然，電動車電池由 AMB 供電，而且人們對手持設備也很感興趣，這並不奇怪。但是蒂姆，除此之外，您如何看待採用雷射的更廣泛的宏觀焊接市場？這包括獨立雷射器，然後隨著更廣泛的周期轉向並且資本成本較低，您的系統會混合。隨著時間的推移，採用速度緩慢的市場是否會出現某種轉折點？

Eugene will address this question.

尤金將回答這個問題。

Yes. In view of the welding market, yes now is driven by, first of all, vehicle applications, battery welding, battery cutting and foil cutting and so on. But in principal, our advantage is that we are not supplying today for such kind of processes only lasers. This applying also our components, I mean, different kind of optical heads for cutting or for welding plus monitoring system like LDD plus single-mode laser specially produced for such kind of applications.

是的。從焊接市場來看，是的現在首先是由車輛應用、電池焊接、電池切割和箔片切割等驅動。但原則上，我們的優勢在於，我們現在不只為此類工藝提供雷射。這也適用於我們的組件，我的意思是，用於切割或焊接的不同類型的光學頭以及 LDD 等監控系統以及專門為此類應用生產的單模雷射。

And finally, we start to produce a complete system for battery welding, already supplied to some customers, automotive customers and now already supplied additional such kind of system to the customer. And for us, it's not a new product. But nevertheless, for us, it's new activity. And we see the very good opportunity for us to supply it, again, not only lasers, not only components for these applications, but complete systems in Europe, in China and also in the United States.

最後，我們開始生產一套完整的電池焊接系統，已經向一些客戶、汽車客戶提供，現在已經向客戶提供了額外的此類系統。對我們來說，這不是一個新產品。但無論如何，對我們來說，這是一項新活動。我們再次看到了非常好的機會，不僅可以提供雷射器，不僅可以提供這些應用的組件，還可以在歐洲、中國和美國提供完整的系統。

In total, welding market is growing well. Of course, not only committed to the automotive applications, not only to EV vehicle, but also for other applications. For example, for -- also, basically, of course, first of all, from different kind of metal welding, but this demand is growing definitely year-over-year.

整體而言，焊接市場成長良好。當然，不僅致力於汽車應用，不僅致力於EV汽車，也致力於其他應用。例如，當然，首先，來自不同類型的金屬焊接，但這種需求肯定逐年增長。

Okay. I wanted to go back to the comments on rolling out features from the ultra compact designs to higher power units up to -- I think you said up to 8 kilowatts. I guess I'm curious there, what sort of trade-offs do you need to make? Is it efficiency? Or could it be flexibility and durability? And going forward from a product offering perspective, do you plan to offer those units side-by-side, these 8 kilowatts, for example, with the ultra compact functionality versus your kind of existing full featured, if you will? I think it'd be interesting.

好的。我想回到關於推出從超緊湊設計到更高功率單元的評論，我想您說的是高達 8 千瓦。我想我很好奇，你需要做出什麼樣的權衡？是效率嗎？還是靈活性和耐用性？從產品供應的角度來看，您是否計劃並排提供這些設備（例如 8 千瓦），與您現有的全功能設備相比，具有超緊湊的功能？我認為這會很有趣。

First of all, we'll -- when we produce such kind of ultra compact lasers, we also produce special components lasers, of course. And this is why we have to dramatically decrease our cost of production for such kind of laser. But you see lasers we are producing -- such kind of lasers we are producing, first of all, for cutting applications, but our customers must be ready to adopt this laser to their systems. Of course, they need some time to also to change the design and to implement our ultra compact laser for these applications. So exchange, it will be not exchange, it will be the new machines. It will be much more compact, much more efficient, final machines, for example, for cutting. And from this point of view, we'll see very good opportunity. First of all, of course, better efficiency, better compactness, but first of all, better price for our customers.

首先，當我們生產這種超緊湊型雷射時，當然我們也會生產特殊組件雷射。這就是為什麼我們必須大幅降低此類雷射的生產成本。但是您會看到我們正在生產的雷射器——我們正在生產的此類雷射器首先用於切割應用，但我們的客戶必須準備好在他們的系統中採用這種雷射。當然，他們還需要一些時間來改變設計並為這些應用實施我們的超緊湊型雷射。所以交換，不會是交換，而是新機器。它將是更緊湊、更有效率的最終機器，例如用於切割的機器。從這個角度來看，我們將看到非常好的機會。首先，當然是更高的效率、更好的緊湊性，但首先是為我們的客戶提供更好的價格。

I can remind you all of you that, for example, we deployed CO2 laser for cutting by fiber laser. We worked 10 years, not 1, not 2, 5, 6, but from beginning, it's worthwhile. So fiber was much better in front point, but cutting quality from point of hostage of many use -- customer usage for 10 years, which granted now with practical CO2 cutting business. But in 10 years, not 1, 2, 3, 5, 10 years, you realize that immediately during only a few months to replace of this with any new product -- even fantastic new products, it's not serious to talk. It's a long process.

我可以提醒大家，例如我們採用CO2雷射來進行光纖雷射的切割。我們工作了10年，不是1年，不是2年、5年、6年，但從一開始，就值得了。因此，纖維在前端方面要好得多，但從許多用途的角度來看，切割品質——客戶使用了 10 年，現在可以進行實際的二氧化碳切割業務。但在10 年後，而不是1、2、3、5、10 年，你會立即意識到，在短短幾個月內用任何新產品取代它——即使是很棒的新產品，這也不是認真的談論。這是一個漫長的過程。

But now with an emanating cutting business, nobody trust at all. In fact, it's only for very thin metal, they so never will cut even than 2, 3 millimeters, they never will cut 5 millimeters. Now 50 millimeters we're cutting successful. Not only the CO2 laser, it's cutting now -- we replaced plasma, which CO2 never talk about replacing plasma, for example, and so on. It's -- but it's one way. Not to be so naive that -- we're making much shorter than other people, but it takes time in educate.

但現在切割業務蒸蒸日上，沒有人相信。事實上，它只適用於非常薄的金屬，所以他們永遠不會切割甚至超過 2、3 毫米，他們永遠不會切割 5 毫米。現在我們已經成功切割了 50 毫米。不僅是CO2雷射器，它現在正在切割——我們取代了等離子，例如，CO2從未談論過取代等離子，等等。這是——但這是一種方式。不要天真地認為——我們的薪水比其他人短得多，但這需要時間來教育。

Joe, the only other part to your comment was there is no trade-off. I mean we've never introduced a new product that has less reliability or lower electrical efficiency. This uses all the same optical components, but it has a much more compact electromechanical and sophisticated design around the electromechanical. So there isn't really a trade-off in terms of those parameters.

喬，您的評論唯一的另一部分是沒有權衡。我的意思是，我們從未推出過可靠性較低或電效率較低的新產品。它使用所有相同的光學組件，但它具有更緊湊的機電和圍繞機電的複雜設計。因此，在這些參數方面並沒有真正的權衡。

Perfect. That's great color, just what I was looking for. If I could squeeze one more in. The 20 to 30 kilowatt, curious what geographies those units are shipping to, if that's just kind of the pent-up, et cetera, of the world in China? Or is there interest in the West? And then what are the relevant applications there? I'm assuming from a cutting perspective, you run into some edge quality issues at that power level.

完美的。這顏色太棒了，正是我想要的。如果我能再擠進去一個。20 到 30 千瓦，好奇這些設備要運往哪些地區，如果這只是中國世界上被壓抑的等等？還是對西方有興趣？那麼相關的應用有哪些呢？我假設從切割的角度來看，您會在該功率等級遇到一些邊緣品質問題。

Probably, we're now not limited only 20 or 30 kilowatt. Recently, we received a request for 40-kilowatt laser for cutting applications. Of course, we are ready to supply such kind of laser for these applications. First of all, applications is for cutting. Some number of these lasers also using for welding applications, but for like a special applications, like for special materials and so on, but mainly for cutting applications. And you're right, unfortunately, the first customer now in China for such kind of applications, not in Europe, not in the United States.

也許，我們現在不僅限於 20 或 30 千瓦。最近，我們收到了用於切割應用的 40 千瓦雷射的請求。當然，我們已經準備好為這些應用提供此類雷射。首先，應用是為了切割。其中一些雷射也用於焊接應用，但用於特殊應用，如特殊材料等，但主要用於切割應用。不幸的是，你是對的，目前此類應用的第一個客戶是在中國，而不是在歐洲，也不是在美國。

(Operator Instructions) Our last question comes from the line of Paretosh Misra with Berenberg.

（操作員說明）我們的最後一個問題來自 Paretosh Misra 和 Berenberg 的線路。

Just curious of that CapEx guidance for the year, $150 million to $160 million. Can you provide some color as to some of the bigger projects included in that CapEx range? And anything worth flagging as potential future growth driver?

只是好奇今年的資本支出指引為 1.5 億至 1.6 億美元。您能否提供有關該資本支出範圍內的一些較大項目的一些資訊？有什麼值得標記為未來潛在成長動力的嗎？

The CapEx, first of all, we have to shift some CapEx in construction new building. First of all, so for this year in 2020 because this construction industry practically works only for 20%, 30% all-time quality the way they did not get it right material at the right time and so on. So over shift, they promise, for example, from 1 month delivery, but we wait half of year to deliver to get even windows and so on.

資本支出，首先，我們必須將一些資本支出轉移到興建新建築上。首先，2020 年是今年，因為這個建築業實際上只達到了歷史品質的 20%、30%，因為他們沒有在正確的時間獲得正確的材料等等。所以超班了，他們承諾，例如從1個月開始交貨，但我們要等半年才能交貨，甚至連窗戶等等。

It was awful at that time for construction of this. Now we, of course, we need about traditional, first, assembly facilities. We need a lot of the cost savings in small new production line. We need a new equipment. We need for mass production and so on. It's a lot of time. We have to improve, and we create now what we invested now, we invest in for future. It will work what we will need through 2, 3 years. But if we won't involve, won't build these new facilities, won't buy -- install this equipment technology now, then 2, 3 years, we would be absolutely short in production and so on. We don't -- want to have future. It's normal.

當時建造這個的情況很糟。當然，現在我們首先需要傳統的組裝設施。我們需要在小型新生產線上節省大量成本。我們需要新設備。我們需要批量生產等等。時間很多。我們必須改進，我們現在創造我們現在投資的東西，我們為未來投資。它將滿足我們兩三年內的需要。但如果我們不參與、不建造這些新設施、不購買——現在安裝這種設備技術，那麼2、3年後，我們的生產絕對會短缺，等等。我們不想擁有未來。這是正常的。

And we see a very small investment. We will double this investment more. We prefer to invest in this to increase facility and increase our product, so not to hold the money in the -- to make some of this absolutely not efficient, acquisition, new businesses. We're not buying new businesses. We're not buying at all. We are buying only some technology group with some technology. We will increase our technology choice. So it's our strength, it's our future, but not just to buy absolutely different business, not possible to weld even very good businesses. But to manage out this absolutely different business, it becomes the large company and not manageable at all. We don't need such a mixture.

我們看到的投資非常小。我們將把這項投資增加一倍。我們更願意對此進行投資以增加設施並增加我們的產品，因此不會將資金用於開展一些絕對效率不高的收購新業務。我們不會收購新企業。我們根本不買。我們只購買一些擁有某些技術的技術集團。我們將增加我們的技術選擇。所以這是我們的優勢，這是我們的未來，但不僅僅是購買完全不同的業務，甚至不可能焊接非常好的業務。但要管理這個完全不同的業務，它就變成了大公司，根本無法管理。我們不需要這樣的混合物。

I understand. I really appreciate. My follow-up was -- I was hoping if you could provide some high-level color as to how pricing and volume changed last year? Any color you could provide would be great.

我明白。我真的很感激。我的後續行動是——我希望您能否提供一些關於去年定價和銷售變化的高級資訊？你能提供的任何顏色都會很棒。

So on a year-over-year basis, pricing was down in a more normalized 10% to 15%. And it has been basically, though, much more stable over the last 3 quarters since Q2, Q3, Q4. So sometimes, when you see an improving demand environment, some of the antics of the Chinese competitors are not so extreme.

因此，與去年同期相比，定價下降了 10% 至 15%。不過，自第二季、第三季、第四季以來，過去三個季度的情況基本上更加穩定。因此，有時，當你看到需求環境改善時，中國競爭對手的一些滑稽動作就沒那麼極端。

The other part of this that we've talked about is that we're being more disciplined around pricing. We believe that the value of the laser technology is still extremely high. And that is the current pricing in the market. We're already displacing many existing laser and nonlaser technologies. And more fundamental changes in pricing to drive that adoption are not required.

我們討論的另一部分是我們在定價方面更加嚴格。我們相信雷射技術的價值仍然極高。這就是當前市場的定價。我們已經取代了許多現有的雷射和非雷射技術。並且不需要透過更根本的定價變化來推動採用。

So it's been good to see a bit more stability. You've obviously also had some benefit going to higher power levels for cutting applications, where we have competitive advantage. And then outside of that, the emerging products, for example, even high-power nanosecond pulse lasers are very, almost exclusive to IPG, where we have a good ASP for some of those applications. So mix has been a bit of a benefit, too.

所以很高興看到更多的穩定性。顯然，在切割應用中採用更高功率等級也能帶來一些好處，而我們在這方面具有競爭優勢。除此之外，新興產品，例如高功率奈秒脈衝雷射，幾乎是 IPG 獨有的，我們為其中一些應用提供了良好的 ASP。所以混合也有一點好處。

That concludes today's question-and-answer session. At this time, I'd like to turn the call back over to Eugene Fedotoff for closing comments.

今天的問答環節到此結束。此時，我想將電話轉回尤金·費多托夫（Eugene Fedotoff）以徵求結束意見。

Thank you for joining us this morning and for your continued interest in IPG. We look forward to speaking with you over the coming weeks, and we'll be participating in a number of virtual investor conferences this quarter. Have a great day, everyone.

感謝您今天早上加入我們並感謝您對 IPG 的持續關注。我們期待在未來幾週內與您交談，我們將參加本季的許多虛擬投資者會議。祝大家有個美好的一天。

This concludes today's conference webcast. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議網路廣播到此結束。此時您可以斷開線路，我們感謝您的參與。