Mobileye Global Inc (MBLY) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Mobileye 2Q '24 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Mobileye '24 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Dan Galves. Thank you, Mr. Galves, you may begin.

現在我很高興向大家介紹你們的主持人丹·加爾維斯。謝謝您，加爾維斯先生，您可以開始了。

Thanks, Kat. Hello, everyone, and welcome to Mobileye's second-quarter 2024 earnings conference call for the period ending June 29, 2024.

謝謝，凱特。大家好，歡迎參加 Mobileye 的 2024 年第二季財報電話會議（截至 2024 年 6 月 29 日）。

Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

請注意，今天的討論包含基於我們目前所看到的商業環境的前瞻性陳述。此類陳述涉及風險和不確定性。請參閱隨附的新聞稿，其中包含有關可能導致實際結果出現重大差異的具體因素的更多資​​訊。

Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release.

此外，在這次電話會議上，我們將參考公認會計原則和非公認會計原則資料。我們發布的收益報告中提供了 GAAP 與非 GAAP 財務指標的調整表。

Joining us on the call today, as usual, are Professor Amnon Shashua, Mobileye's CEO and President; Moran Shemesh, Mobileye's CFO. Also joining today for the Q&A session is Nimrod Nehushtan, Mobileye's Executive VP of Business Development and Strategy. Thanks.

像往常一樣，今天加入我們電話會議的還有 Mobileye 執行長兼總裁 Amnon Shashua 教授；莫蘭‧謝梅什 (Moran Shemesh)，Mobileye 財務長。 Mobileye 業務開發和策略執行副總裁 Nimrod Nehushtan 也參加了今天的問答環節。謝謝。

And now I'll turn the call over to Amnon.

現在我將把電話轉給阿姆農。

Hello, everyone, and thanks for joining the earnings call. Starting with the results, both Q2 and the first half were closely aligned with our outlook provided back in January. EyeQ volumes in Q2 more than doubled versus Q1.

大家好，感謝您參加財報電話會議。從結果開始，第二季和上半年都與我們一月份提供的展望密切相關。 EyeQ 第二季的銷售量比第一季增加了一倍以上。

And based on various sources of information we have reviewed, we believe inventory levels are back to normal with potential [some] residual in China. SuperVision volumes were also aligned with our original outlook, with 70,000 units for the first half of the year.

根據我們審查的各種資訊來源，我們認為庫存水準已恢復正常，並且中國可能存在[一些]殘留。 SuperVision 的銷售量也與我們最初的預期一致，今年上半年銷售量為 70,000 台。

All in all, revenue for Q2 stands at $439 million, which is 84% growth over Q1 and 3% decrease year over year. Adjusted operating margin also recovered significantly to 18% compared to minus 27% in Q1. More details on the results of the quarter will be covered by Moran.

總而言之，第二季營收為 4.39 億美元，較第一季成長 84%，年減 3%。調整後的營業利潤率也大幅恢復至 18%，而第一季為負 27%。莫蘭將報導更多有關本季業績的細節。

As we look forward to the second half of the year, we face near-term volume challenges stemming from market dynamics almost exclusively related to China. This has led to a reduction of customers' outlook in both ADAS and SuperVision.

當我們展望今年下半年時，我們面臨著幾乎完全與中國相關的市場動態所帶來的近期銷售挑戰。這導致客戶對 ADAS 和 SuperVision 的期望降低。

On ADAS, we faced three unexpected factors. Number one, global production forecasts have weakened, which has disproportionately impacted our core customers due primarily to continued share losses in China.

在ADAS方面，我們面臨三個意想不到的因素。第一，全球產量預測已經減弱，這對我們的核心客戶造成了不成比例的影響，這主要是由於中國市場份額持續虧損。

Number two, we have seen a decline in orders for the second half of 2024 from Chinese OEMs compared to what these customers were indicating as of our last update. Number three, the delay of a high-volume ADAS launch outside of China is also meaningful headwind, although smaller than the first two.

第二，與我們上次更新時這些客戶表示的數據相比，我們發現 2024 年下半年來自中國 OEM 的訂單有所下降。第三，在中國境外大規模推出 ADAS 的延遲也是一個很大的阻力，儘管比前兩者更小。

Turning to SuperVision, despite higher conviction on a reinforced competitive position for Mobileye in China in the mid- and long-term, we're seeing short-term volume headwinds. Second-half volumes are expected to be lower than our forecast back in January due primarily to increased US and European tariffs on Chinese-produced vehicles. We also have reduced our expectations for volumes in China itself due to uncertainties around market dynamics and reduced forecasts from our customers.

談到 SuperVision，儘管我們更加相信 Mobileye 在中長期內將在中國增強競爭地位，但我們看到了短期的銷售逆風。預計下半年銷售將低於我們一月份的預測，這主要是由於美國和歐洲對中國生產的汽車徵收關稅。由於市場動態的不確定性以及顧客的預測減少，我們也降低了對中國本土銷售的預期。

Overall, we see the current dynamics almost entirely isolated to China, where the market is undergoing a reshuffle process and is adapting to several macro developments. We believe our long-term position in China is (technical difficulty) among major Chinese OEMs with diverse product portfolios and aspirations for global expansion, as illustrated by our press releases announced today.

總體而言，我們認為當前的動態幾乎完全與中國無關，中國市場正在經歷洗牌過程，並且正在適應多項宏觀發展。正如我們今天發布的新聞稿所表明的那樣，我們相信，我們在中國的長期地位（技術難度）屬於擁有多樣化產品組合和全球擴張願望的主要中國原始設備製造商之一。

We expect key positives with this new development, once completed, be as follows: acceleration of SuperVision enhancements and adaptation to the Chinese market through DXP, Zeekr to adopt an EyeQ6 based version of SuperVision for the next generation of Zeekr 001 and additional models domestically and globally, and paving a path for Robotaxi collaboration. Ultimately, Mobileye's long-term growth outlook hinges on our prospects to lead the path of next generation ADAS and solve autonomy while offering a spectrum of product variants appealing to the broadest audience of car makers possible.

我們預計這項新開發一旦完成，將帶來以下主要正面影響：透過 DXP 加速 SuperVision 增強和適應中國市場，Zeekr 將為下一代 Zeekr 001 和其他國內型號採用基於 EyeQ6 的 SuperVision 版本全球範圍內，並為Robotaxi 合作鋪路。最終，Mobileye 的長期成長前景取決於我們引領下一代 ADAS 之路並解決自動駕駛問題，同時提供一系列產品變體以盡可能吸引最廣泛的汽車製造商受眾的前景。

As a final topic, I'll highlight some important details of how the EyeQ6 platform represents a leap forward towards these goals and helps position us as the only company in the world that can support all four consumer vehicles categories and Robotaxis as well. As the global OEMs are emerging from a major replanning process, combustion engines versus EV, China versus non-China, buy versus build for autonomy, we are seeing increased clarity on future ADAS and AV segmentation around four distinct categories.

作為最後一個主題，我將重點介紹 EyeQ6 平台如何實現這些目標的飛躍，並幫助我們成為世界上唯一一家能夠支援所有四種消費車輛類別和 Robotaxis 的公司的一些重要細節。隨著全球原始設備製造商正在經歷重大的重新規劃過程、內燃機與電動車、中國與非中國、購買與自主製造，我們看到未來 ADAS 和 AV 圍繞四個不同類別的細分越來越清晰。

Number one, emerging market ADAS as the future growth driver for the 25 million or so vehicles sold today that don't have any ADAS. These systems will require lower price for less functionality, yet with high performance, which is where we excel.

第一，新興市場 ADAS 是當今銷售的約 2,500 萬輛不配備 ADAS 的車輛的未來成長動力。這些系統需要更低的價格、更少的功能，但具有高性能，這正是我們擅長的地方。

Number two, developed market ADAS. Recent guidance on future regulations continue to push the envelope on performance, which is a significant positive for us. It's a key factor in the success of EyeQ6 Lite, which has already been nominated for 50 million units of future business, is involved in many current RFQs and is in -- and is progressing towards design wins across all major customers.

第二，已開發市場 ADAS。最近關於未來法規的指導繼續推動績效的極限，這對我們來說是一個重大的積極因素。這是 EyeQ6 Lite 成功的關鍵因素，EyeQ6 Lite 已獲得 5000 萬台未來業務的提名，參與了許多當前的 RFQ，並且正在努力贏得所有主要客戶的設計勝利。

Number three, mid-trim surround ADAS. This is a brand new growth driver that fits in between regular ADAS and SuperVision for mass market segments. The OEMs have two goals here. First, enable price competitive hands-off on highway function as the next standard. Second, to prepare for the increased safety requirements that will not be satisfied with the traditional front-facing camera alone.

第三，中型環繞 ADAS。這是一個全新的成長動力，介於常規 ADAS 和 SuperVision 之間，適合大眾細分市場。 OEM 廠商在這裡有兩個目標。首先，將高速公路功能的價格競爭性放手作為下一個標準。其次，為滿足日益增長的安全要求做好準備，僅靠傳統的前置攝影機無法滿足這些要求。

Number four is premium full-surround ADAS/AV, SuperVision and Chauffeur category, where OEMs continue to pursue aspirational technology to deliver hands-free driving all road types and maintain a path to eyes off where OEM see huge value for consumers.

第四名是高級全環繞ADAS/AV、SuperVision 和Chauffeur 類別，OEM 繼續追求理想的技術，以在所有道路類型中提供免提駕駛，並在OEM 認為為消費者帶來巨大價值的地方保持視線的路徑。

We view the emergence of category three as an extremely important as a driver of significant medium-term ASP growth within the mass market segments. And the RFQ volumes are very high. We are currently already responding to four RFQs representing over 19 million future units supported with a single EyeQ6 High with pricing that is approximately four times our current ASP and with similar gross margins to the company average.

我們認為第三類產品的出現對於大眾細分市場中中期平均售價的顯著成長具有極為重要的推動作用。而且詢價量非常高。目前，我們已經在回覆四份詢價，代表未來超過 1,900 萬台設備由單一 EyeQ6 High 提供支持，其定價約為我們當前平均售價的四倍，毛利率與公司平均水平相似。

To put this value into context, the life revenue value of these RFQs from just four OEMs is already about double the value of all the combined ADAS RFQs we're currently pursuing with more than 70 OEMs. On SuperVision and Chauffeur specifically, we have made substantial progress across many predevelopment engagements and we believe we are on track for major design wins by year-end 2024, with a strong pipeline of more to come in 2025.

考慮到這一價值，僅四家 OEM 廠商提出的這些詢價的生命週期收入價值就已經是我們目前向 70 多家 OEM 尋求的所有 ADAS 詢價總和的價值的兩倍左右。特別是在 SuperVision 和 Chauffeur 方面，我們在許多預開發工作中取得了實質進展，我們相信我們有望在 2024 年底之前取得重大設計勝利，並在 2025 年推出更多產品。

We currently have advanced product wins or are in advanced discussions with 14 OEMs, representing approximately 52% of industry production. Within that number, two of the OEMs are currently only pursuing surround ADAS category, I mentioned above, and two are pursuing both SuperVision and Chauffeur and surround ADAS.

目前，我們已贏得先進產品或正在與 14 家 OEM 進行深入討論，這些 OEM 約佔行業產量的 52%。在這個數字中，有兩家 OEM 目前只追求環繞 ADAS 類別，正如我上面提到的，還有兩家 OEM 同時追求 SuperVision 和 Chauffeur 以及環繞 ADAS。

We're also seeing accelerated interest in our drive platform, which serves the mobility as a service market. The Volkswagen commercial vehicle program is progressing nicely. Zeekr is looking to develop with us in this area.

我們也看到人們對我們的驅動平台越來越感興趣，該平台服務於行動即服務市場。大眾商用車專案進展順利。 Zeekr 希望與我們在這領域共同發展。

And there is an additional major OEM from Japan, where we continue to progress through pre-award testing activities. We believe that we are in the inflection point of becoming the clear market leader in these initiatives, both technologically and commercially.

另外還有一家來自日本的主要 OEM，我們繼續在其中進行授標前測試活動。我們相信，我們正處於成為這些舉措中技術和商業方面明顯市場領導者的轉折點。

And we want to use this opportunity to shed some more light in our recent progress, especially one of our most groundbreaking initiatives, Mobileye [Brain6]. Brain6 has been at the heart of our EyeQ6 product line since we began that development several years ago and it represents a significant leap forward in autonomous driving technology.

我們希望利用這個機會更多地展示我們最近的進展，特別是我們最具突破性的舉措之一，Mobileye [Brain6]。自從幾年前我們開始開發以來，Brain6 一直是我們 EyeQ6 產品線的核心，它代表了自動駕駛技術的重大飛躍。

This compound AI backbone is not just an incremental improvement, it's a transformative development designed to address the complexities and the demands of autonomy at scale.

這種複合人工智慧骨幹不僅是一種漸進式改進，更是一種變革性的發展，旨在解決大規模自治的複雜性和需求。

Let's dive into what makes Brain6 truly exceptional. First is performance. Brain6 is powered by sophisticated combination of state-of-the-art generative AI networks.

讓我們深入探討 Brain6 真正的卓越之處。首先是性能。 Brain6 由最先進的生成式人工智慧網路的複雜組合提供支援。

These networks, each with a specialized focus, work in concert to tackle the inherent challenges of autonomous driving, such as the long tail (technical difficulty) and input bias generalization error trade-off. By leveraging this multifaceted approach, Brain6 ensures the level of performance and robustness that is unparalleled.

這些網路各自有專門的重點，協同工作以解決自動駕駛的固有挑戰，例如長尾（技術難度）和輸入偏差泛化誤差權衡。透過利用這種多方面的方法，Brain6 確保了無與倫比的性能和穩健性水平。

During Q2, we began online testing of the EyeQ6 platform at scale as well as data-driven offline simulations. We now have a line of sight to a vision-only system, which we believe will be at least two orders of magnitude better than anything else available in the market today, deployed in all markets.

第二季度，我們開始大規模線上測試 EyeQ6 平台以及數據驅動的離線模擬。我們現在已經看到了純視覺系統，我們相信該系統將比當今市場上部署的任何其他系統至少好兩個數量級。

Moreover, EyeQ6 products are designed for flywheel product improvement by continuously aggregating feedback from the fleet and improving the product. Cost efficiency. We understand that the path to widespread adoption of autonomous driving technology hinges on cost effectiveness.

此外，EyeQ6產品旨在透過不斷匯總車隊的回饋並改進產品來改進飛輪產品。成本效益。我們知道，自動駕駛技術的廣泛採用取決於成本效益。

(technical difficulty) has been meticulously designed to operate efficiently with a cost effective inference computer. This synergy between Brain6 and our EyeQ6 platform not only drives down cost, but also maximizes value for our partners and customers.

（技術難度）經過精心設計，可與具有成本效益的推理計算機一起高效運行。 Brain6 和 EyeQ6 平台之間的這種協同作用不僅可以降低成本，還可以為我們的合作夥伴和客戶實現價值最大化。

Brain6 enables our customers to offer eyes-off products at 50% of the MSRP, compared to Tesla FSD 12 and hands-off at 25% of the MSRP. Modularity. One of the most exciting aspects of Brain6 is its modular architecture.

Brain6 讓我們的客戶能夠以建議零售價的 50% 提供 Eyes-off 產品，而 Tesla FSD 12 和 Hands-off 產品的建議零售價為 25%。模組化。 Brain6 最令人興奮的方面之一是其模組化架構。

This design allows for the seamless creation of drive -- of derivative products, including separate perception layers and adaptation to various sensor configurations. Our modular approach is intended to ensure that Brain6 can be customized to meet the diverse needs and preferences of OEMs, offering them unparalleled flexibility and adaptability.

這種設計允許無縫創建衍生產品的驅動器，包括單獨的感知層和適應各種感測器配置。我們的模組化方法旨在確保 Brain6 可以進行定制，以滿足 OEM 的不同需求和偏好，為他們提供無與倫比的靈活性和適應性。

Moreover, it opens up new business models in tangential areas such as infotainment and driver experience. More on that on our upcoming investor day later in the year. Finally, controllability.

此外，它還在資訊娛樂和駕駛員體驗等無關領域開闢了新的商業模式。我們將在今年稍後即將到來的投資者日詳細介紹這一點。最後，可控性。

In the realm of autonomous driving, control and transparency are paramount. Brain6 architecture incorporates robust guardrails and checkpoints, allowing for precise oversight and control of the system. This design not only imposes clear do's and don'ts, but also provides transparency in decision-making processes, thereby enhancing trust and reliability in our solution.

在自動駕駛領域，控制和透明度至關重要。 Brain6 架構包含強大的護欄和檢查點，可以對系統進行精確的監督和控制。這種設計不僅規定了明確的注意事項，而且還提供了決策過程的透明度，從而增強了我們解決方案的信任度和可靠性。

In our view, what sets Brain6 apart from the competition is its integration with mobilized unique assets, namely REM crowdsourced mapping and our extensive data lake. While EyeQ5 products, REM is used explicitly as a map, in EyeQ6, Brain6 leverages insights from our REM global database, which includes data from over 6 million vehicles amassing tens of millions of miles daily.

我們認為，Brain6 在競爭中的獨特之處在於它與行動化獨特資產的集成，即 REM 眾包地圖和我們廣泛的資料湖。雖然 EyeQ5 產品將 REM 明確用作地圖，但在 EyeQ6 中，Brain6 利用了我們的 REM 全球資料庫的見解，其中包括來自每天行駛數千萬英里的超過 600 萬輛車輛的數據。

This crowdsourced mapping not only teaches Brain6 how to interpret road conditions everywhere, but also provides invaluable driving behavior insights. Furthermore, Brain6 is backed by hundreds of petabytes of data collected through years of collaboration with OEMs around the world.

這種眾包地圖不僅教導 Brain6 如何解釋各地的路況，而且還提供了寶貴的駕駛行為見解。此外，Brain6 還得到了透過與世界各地 OEM 廠商多年合作收集的數百 PB 數據的支持。

This deep reservoir of real world data is intended to ensure that Brain6 is not only advanced in its current capabilities, but that it is also continuously evolving to meet these challenges and scenarios in autonomous driving with uniform performance everywhere on the planet.

這種真實世界數據的深層儲存旨在確保 Brain6 不僅在其當前功能方面處於領先地位，而且還在不斷發展，以應對自動駕駛的這些挑戰和場景，並在全球各地提供統一的性能。

In summary, in the past six months, we managed to successfully advance Mobileye's position as the leading technology provider across four growth categories as evidenced by, one, being the only company with design wins across all four segment categories mentioned above; and secondly, significant increase in the amount of business engagement towards nomination.

總而言之，在過去的六個月裡，我們成功地提升了Mobileye 作為跨越四個成長類別的領先技術提供者的地位，這一點可以從以下幾個方面證明：第一，我們是唯一一家在上述所有四個細分類別中都取得設計勝利的公司；其次，商業參與提名的數量顯著增加。

We view Brain6 and EyeQ6 system-on-chip as a technology linchpin that enables us to efficiently execute and deliver products across all four segments, providing ultimate versatility to our customers and synergies from delivering across all segments from the same technology backbone.

我們將Brain6 和EyeQ6 系統單晶片視為技術關鍵，使我們能夠在所有四個細分市場中高效執行和交付產品，為我們的客戶提供最終的多功能性，並透過同一技術骨幹在所有細分市場上提供產品而產生綜效。

As evident, we are on track to deliver production hardware in vehicle prototypes and SuperVision, Chauffeur and Drive in our production program with Volkswagen Group by the end of the year, in parallel, while at the same time leveraging the synergetic architecture of our EyeQ6 product family. We're excited about the potential of Brain6 and we'll provide more details and demonstrations at our Capital Markets Day planned for December this year.

顯然，我們預計在今年年底前與大眾汽車集團一起在生產計劃中並行交付車輛原型以及 SuperVision、Chauffeur 和 Drive 中的生產硬件，同時利用我們的 EyeQ6 產品的協同架構家庭。我們對 Brain6 的潛力感到興奮，我們將在計劃於今年 12 月舉行的資本市場日上提供更多詳細資訊和演示。

I now turn the call over to Moran.

我現在把電話轉給莫蘭。

Thank you, Amnon, and thanks for joining the call everyone. Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurement. The primary exclusion in Mobileye's non-GAAP numbers is amortization of intangible assets, which is mainly related to Intel's acquisition of Mobileye in 2017. We also exclude stock-based compensation. Starting with Q2 results.

謝謝阿姆農，也謝謝大家加入我們的通話。在開始之前，請注意，我對盈利能力的所有評論都將參考非公認會計準則衡量標準。 Mobileye 的非 GAAP 資料中主要排除的是無形資產攤銷，這主要與英特爾 2017 年收購 Mobileye 有關。從第二季的結果開始。

They were closely aligned with the Q2 outlook we provided back in January. EyeQ volumes more than doubled versus Q1 as we projected. Our Tier 1 partners digested most of the excess inventory in Q1 and that resulted in significantly higher volumes in Q2.

它們與我們一月份提供的第二季前景密切相關。正如我們預計的那樣，EyeQ 的銷量比第一季增加了一倍多。我們的一級合作夥伴消化了第一季的大部分過剩庫存，這導致第二季的銷售量顯著增加。

As of the end of Q2, we believe inventory levels at our customers are almost fully back to normal, based on customer discussions and inventory reporting from larger Tier 1, our own analysis of supply and demand and the large increase of volume in Q2. SuperVision volumes worth 31,000 in Q2 as expected.

截至第二季末，根據客戶討論和較大一級的庫存報告、我們自己對供需的分析以及第二季度銷售的大幅增長，我們認為客戶的庫存水準幾乎完全恢復正常。正如預期的那樣，SuperVision 第二季度的銷量為 31,000 份。

As compared to Q1, gross margin recovered significantly based on three factors. Number one, higher single-chip EyeQ revenue as a percentage of the total as inventory normalized. Number two, normalization of regional mix within EyeQ of most of the excess inventory at our Tier 1 customers was in North America and Europe, where prices and margins tend to be higher than China.

與第一季相比，毛利率在三個因素的影響下顯著恢復。第一，隨著庫存正常化，單晶片 EyeQ 收入佔總收入的百分比更高。第二，EyeQ 內的區域組合正常化，我們的一級客戶的大部分過剩庫存位於北美和歐洲，這些地區的價格和利潤率往往高於中國。

Number three, SuperVision gross margin rose to slightly above 40% due to conversion to the next-generation main controller, which is lower cost. Adjusted operating margin also recovered significantly to 18% versus minus 27% in Q1 due to gross profit conversion and higher revenue, partially offset by substantially higher operating expenses.

第三，SuperVision由於改用成本較低的下一代主控制器，毛利率上升至略高於40%。由於毛利轉換和收入增加，調整後的營業利潤率也大幅恢復至 18%，而第一季為負 27%，但部分被大幅增加的營業費用所抵銷。

On a year-over-year basis, operating margin remains well below Q2 2023 due to approximately $40 million higher operating expenses across a similar revenue base. Before moving to guidance, I'll make an overarching statement on operating expenses.

與去年同期相比，營業利潤率仍遠低於 2023 年第二季度，原因是相似收入基礎上的營業費用增加了約 4,000 萬美元。在轉向指導之前，我將就營運費用做出整體聲明。

It's important to note that our R&D expenses and sales and marketing as well are primarily related to technology development, promotion and program execution of our EyeQ6-based hardware platform and Brain6 software support advanced solutions like surround data SuperVision, Chauffeur, and Drive. All evident points to significant scaling of these products starting in mid-2026, with the EyeQ6 based (technical difficulty) program growing with many other customers beyond that.

值得注意的是，我們的研發費用以及銷售和行銷主要與我們基於 EyeQ6 的硬體平台和 Brain6 軟體支援先進解決方案（如環繞數據 SuperVision、Chauffeur 和 Drive）的技術開發、推廣和程序執行相關。所有明顯的跡像都表明，從 2026 年中期開始，這些產品將大幅擴展，基於 EyeQ6（技術難度）的計劃將與許多其他客戶一起不斷發展。

We must continue to execute now on the core technology platform in general and customer programs specifically. Therefore, our operating expenses will not flex based on changes to current revenue levels.

我們現在必須繼續在核心技術平台上繼續執行一般性的客戶計畫。因此，我們的營運支出不會根據當前收入水準的變化而變化。

However, after the accelerated pace of development over the last several years, we do expect the trajectory of OpEx growth to slow down, which will enable significant operating leverage as the advanced products begin to scale. In particular, I see the rise of the new surround data segment as important to operating leverage as it adds strong content per vehicle growth driver in addition to SuperVision and Chauffeur.

然而，在過去幾年發展速度加快之後，我們確實預期營運支出成長的軌跡將會放緩，隨著先進產品開始規模化，這將帶來顯著的營運槓桿。特別是，我認為新的環繞資料細分市場的崛起對於營運槓桿來說非常重要，因為除了 SuperVision 和 Chauffeur 之外，它還為每個車輛成長驅動因素添加了強大的內容。

Turning to updated guidance. At the midpoint, we are reducing the outlook for both full year 2024 revenue and adjusted operating income. The adjustments are almost exclusively volume-related for the reason that Amnon went through. Our EyeQ volume guidance is reduced to $28 million to $29 million from $31 million to $33 million previously.

轉向更新的指導。中期，我們下調了 2024 年全年收入和調整後營業收入的預期。由於阿姆農的經歷，這些調整幾乎完全與交易量有關。我們的 EyeQ 銷量指引從先前的 3,100 萬美元至 3,300 萬美元降至 2,800 萬美元至 2,900 萬美元。

And SuperVision volumes are reduced to 110,000 to 130,000 as compared to 175,000 to 195,000 previously. In terms of proportion, the lower EyeQ volume, offset by some ASP improvements, accounts for approximately 70% of the lower revenue expectation with SuperVision accounting for the remainder. A bit more detail on our volume expectation.

SuperVision 的數量從先前的 175,000 到 195,000 減少到 110,000 到 130,000。從比例來看，EyeQ 銷售量下降（被一些 ASP 改善所抵銷）約佔營收預期下降的 70%，而 SuperVision 則佔其餘部分。關於我們的銷售預期的更多細節。

At the midpoint, EyeQ volumes are expected to total to about $17.5 million in the second half of 2024, with a little below 50% of that expected in Q3. SuperVision volumes are expected to total approximately 50,000 in the back half, with a little above 50% expected in Q3. The higher level in Q3 versus Q4 reflects uncertainties and conservatism related to market dynamics in China and with respect to tariffs.

預計到 2024 年下半年，EyeQ 的銷售額將達到約 1,750 萬美元，略低於第三季預期的 50%。下半年 SuperVision 銷量預計將達到約 5 萬輛，第三季預計略高於 50%。第三季高於第四季的水平反映了與中國市場動態和關稅相關的不確定性和保守性。

In terms of adjusted operating expenses, we've looked at everything we consider discretionary and reduced our full year forecast by about $20 million. We now expect year-over-year growth of approximately 23% as compared to our prior outlook of 25% growth.

在調整後的營運費用方面，我們考慮了所有我們認為可自由支配的事項，並將全年預測減少了約 2000 萬美元。我們現在預計將年增約 23%，而先前的成長預期為 25%。

With respect to operating cash flow, the $70 million we generated in the first half was higher than adjusted net income. We expect this dynamic to continue in the second half.

就營運現金流而言，我們上半年產生的 7,000 萬美元高於調整後淨利。我們預計這種動態將在下半年持續下去。

Lastly, in terms of tax rate, we assume a non-GAAP effective tax rate of between 17% and 19% for 2024 in comparison to our prior expectation of 15% to 17%. We have some tax items that do not adjust based on pretax profit levels. So the tax rate for 2024 is being mathematically pushed up due to the reduced profit outlook.

最後，就稅率而言，我們假設 2024 年非 GAAP 有效稅率為 17% 至 19%，而我們先前的預期為 15% 至 17%。我們有一些稅項不會根據稅前利潤水準進行調整。因此，由於利潤前景下降，2024 年的稅率在數學上被推高。

Thank you. And we will now take your questions.

謝謝。現在我們將回答您的問題。

(Operator Instructions) George Gianarikas, Canaccord Genuity. My apologies. Ananda Baruah, Loop Capital Markets.

（操作員說明）George Gianarikas，Canaccord Genuity。我很抱歉。 Ananda Baruah，Loop 資本市場。

Yes, I guess I can do one and a follow-up here. So just with regards to the China dynamics, could you provide me context the degree to which, I guess, like lower level Chinese competition you're seeing also? And is that having any sort of impact? And if it is, what's the thought process around that? And then I have a follow-up as well.

是的，我想我可以在這裡做一個和後續的工作。那麼，就中國的動態而言，您能否向我介紹您所看到的中國低水準競爭的程度？這樣有什麼影響嗎？如果是的話，其思考過程是怎樣的？然後我也有後續行動。

Okay. Thank you. I think China automotive is a very volatile market. The dynamics are currently different from global markets at large. For one, the balance between cost and performance trade-off is skewed mainly due to lack of testing governance for clear and testable KPIs of base ADAS functions like AEB.

好的。謝謝。我認為中國汽車市場是一個非常不穩定的市場。目前的動態與整個全球市場不同。一方面，成本和效能權衡之間的平衡不平衡，主要是由於缺乏對 AEB 等基本 ADAS 功能的清晰且可測試的 KPI 的測試治理。

This is opposite to the ongoing trend in the US and Europe, where we see a considerable sustained expansion of ADAS safety requirements, such as the GSR mandate in Europe, FMVSS 127 in the US, new criteria for Euro NCAP ratings in 2026, 2028, all of which serve as tailwinds for increased content, multi-camera requirements, higher performance bar which is where Mobileye shines.

這與美國和歐洲的持續趨勢相反，我們看到 ADAS 安全要求持續大幅擴展，例如歐洲的 GSR 指令、美國的 FMVSS 127、2026 年、2028 年歐洲 NCAP 評級的新標準、所有這些都是增加內容、多相機要求和更高性能的推動力，而這正是Mobileye 的亮點。

We believe that our stable ground in China in the near term is primarily amongst major Chinese OEMs with global sales and with [CK Global Solution]. On top of that, I think that we see current volatility as short-lived. Eventually, we believe regulatory governance will follow the trends we see in the global markets.

我們相信，短期內我們在中國的穩定基礎主要是擁有全球銷售和[CK Global Solution]的主要中國原始設備製造商。最重要的是，我認為我們認為當前的波動是短暫的。最終，我們相信監管治理將遵循我們在全球市場看到的趨勢。

So our focus is to prepare the grounds for when the market will stabilize. This includes further localization of our technologies in China by establishing strong collaborations with local industry players like the PR we announced this morning with Zeekr.

因此，我們的重點是為市場穩定做好準備。這包括透過與當地產業參與者（例如我們今天早上與 Zeekr 宣布的 PR）建立強有力的合作，進一步將我們的技術在中國本土化。

This would enable us to build long-lasting infrastructure in China that will not only promote our solutions for China, but will also support our global OEM customers that are selling cars with our solutions into China. In addition, we're also preparing entry-level EyeQ chip for emerging markets with just the right compute for the most basic ADAS requirements. So I think, all in all, this volatility is short-lived.

這將使我們能夠在中國建立持久的基礎設施，這不僅將推廣我們在中國的解決方案，還將支持我們的全球 OEM 客戶向中國銷售採用我們的解決方案的汽車。此外，我們也正在為新興市場準備入門級 EyeQ 晶片，其運算能力足以滿足最基本的 ADAS 要求。所以我認為，總而言之，這種波動是短暫的。

And we're doubling down on investment of China because it is very important also for our other customers, Western customers selling into China. And we'll come up with a lower cost solutions down the road somewhere around beginning of 2026. And that will also cater just the right compute. Yes.

我們正在加倍對中國的投資，因為這對我們的其他客戶，即向中國銷售產品的西方客戶也非常重要。我們將在 2026 年初左右提出更低成本的解決方案。是的。

That's super helpful. And you actually touched on what my follow-up was going to be, just the context this morning that we should be aware of around the Zeekr collaboration that was announced. We've read the press release, but would just love to get your additional context on the structural importance of that announcement.

這非常有幫助。你實際上談到了我的後續行動，就是今天早上我們應該了解的圍繞已宣布的 Zeekr 合作的背景。我們已閱讀新聞稿，但很想了解您對該公告的結構重要性的更多背景資訊。

Next question please.

請下一個問題。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

So maybe if you could please just give us a little bit of a time line ramp for some of the RFQs that you discussed about the third emerging segment. When do you suspect that could start hitting the P&L and maybe we could see some win announcements?

因此，也許您可以為我們討論的有關第三個新興細分市場的一些詢問提供一些時間表。您認為什麼時候會開始影響損益表，也許我們可以看到一些獲勝公告？

Thanks, George. So maybe just to recap this category. So what we have seen in the past couple of quarters is the development of a new category in the passenger vehicle segment. Traditionally, OEMs are looking for solutions for three different categories that they have. Entry is for low-cost solutions that kind of have regulation-certified and nonperformance.

謝謝，喬治。所以也許只是回顧一下這個類別。因此，我們在過去幾季看到的是乘用車領域新類別的發展。傳統上，原始設備製造商正在為他們擁有的三個不同類別尋找解決方案。參賽資格是針對經過監管認證且無性能的低成本解決方案。

Premium is high-end functionality, which we -- what we see today is hands-off everywhere or eyes-off in highways. And recently, there is a push for a new generation for the mid-trim. This is the high volume but still affordable prices segment. Now there are two driving forces for this category development. Number one is the push from OEMs that want to simplify architecture, consolidate and improve their cost structure in the car, but still offer a new generation of comfort features in ADAS.

Premium 是高端功能，我們今天看到的是在任何地方都放手，或在高速公路上放眼。最近，人們正在推動新一代中型車的發展。這是銷量大但價格仍實惠的部分。現在這個品類的發展有兩個驅動力。首先是原始設備製造商的推動，他們希望簡化架構、鞏固和改善汽車成本結構，但仍能在 ADAS 中提供新一代舒適功能。

The second driving force is the pool from regulation. So seeing the latest road map from NCAP and [NITA] really drives the industry to add more sensors and more sophisticated software to be at the top of the line in terms of safety ratings and all the global standards.

第二個驅動力是來自監管的資金池。因此，看到 NCAP 和 [NITA] 的最新路線圖確實會推動業界添加更多感測器和更複雜的軟體，以便在安全評級和所有全球標準方面處於領先地位。

Now these two driving forces really, in combination with latest technology that we've been able to demonstrate to automakers that are truly unique to Mobileye, really opened the door and in a very short amount of time, we've been able to generate RFQs from four carmakers only in the process of one or two quarters. These are a few targets end of '26 or 2027 SOPs. So the ramp up will most likely start at the second half of '26 and early 2027.

現在，這兩種驅動力確實與我們向汽車製造商展示的 Mobileye 獨有的最新技術相結合，真正打開了大門，在很短的時間內，我們就能夠生成詢價四家汽車製造商僅在一、兩個季度的過程中就實現了這個目標。這些是 26 年底或 2027 年 SOP 的一些目標。因此，成長很可能會在 26 年下半年和 2027 年初開始。

As mentioned by Amnon earlier, the volumes of these RFQs are significant and combined with the tailwind in the ASP, the revenue potential is significantly higher than our entry ADAS today. Important to say that the OEMs are considering this as an expansion of the entry level as opposed to a kind of a down -- derivative of the SuperVision segment.

正如 Amnon 之前提到的，這些詢價的數量很大，再加上 ASP 的推動，收入潛力明顯高於我們今天的入門級 ADAS。重要的是，原始設備製造商認為這是入門級的擴展，而不是 SuperVision 細分市場的下降衍生品。

So these are living side-by-side with SuperVision and Chauffeur and not instead of SuperVision and Chauffeur. And one of -- or at least two of the RFQs that we have are with customers who are, in parallel, continuing to work with us on SuperVision as well. So we consider this to be an expansion of our entry level as opposed to cannibalizing potentially from SuperVision, which is a very, very important development for us.

因此，它們與 SuperVision 和 Chauffeur 並存，而不是取代 SuperVision 和 Chauffeur。我們收到的其中一份或至少兩份詢價是針對同時繼續與我們在 SuperVision 方面合作的客戶的。因此，我們認為這是我們入門級的擴展，而不是蠶食 SuperVision 的潛力，這對我們來說是一個非常非常重要的發展。

And maybe as a follow-up, you mentioned in the press release that you have significant wins to announce for SuperVision and Chauffeur in the second half of this year. I'm curious as to what the appetite is from particularly Western OEMs to adopt advanced autonomy solutions given what appear to be sort of subdued take rates from FSD -- from Tesla's FSD offering so far?

也許作為後續行動，您在新聞稿中提到，您將在今年下半年宣布 SuperVision 和 Chauffeur 的重大勝利。我很好奇西方原始設備製造商對採用先進自動駕駛解決方案的興趣是什麼，因為到目前為止，FSD（特斯拉的 FSD 產品）的採用率似乎有些低迷？

Yes. So as we mentioned at the beginning of this call, we continue to make progress across all of our business development activities with OEMs. This includes OEMs from all markets practically. The driving forces for them are -- I think it's evident today that the next big differentiator will be intelligent driving. And you see this in China, where some of the -- or at least the most innovative Chinese OEMs are continuing to make progress and invest more in better and more advanced intelligent driving offerings and in Tesla as well.

是的。正如我們在本次電話會議開始時所提到的，我們與原始設備製造商的所有業務開發活動將繼續取得進展。這實際上包括來自所有市場的原始設備製造商。它們的驅動力是——我認為今天很明顯，下一個重要的差異化因素將是智慧駕駛。你可以在中國看到這一點，一些——或者至少是最具創新性的中國原始設備製造商——正在繼續取得進步，並加大對更好、更先進的智能駕駛產品和特斯拉的投資。

Now I think OEMs understand that two to three years from now, performance will continue to improve. Potentially, if they can get to the right price point, which is what Mobileye can offer, they can offer this function to consumers at a very attractive price point and very -- in a reliable and high level of performance, which will then have a high take rate as opposed to having maybe not optimal performance at a high price, which is mostly what you see today that can have a negative impact on take rates.

現在我認為原始設備製造商明白，兩到三年後，性能將繼續提高。潛在地，如果他們能夠達到合適的價格點，這就是 Mobileye 可以提供的，他們可以以非常有吸引力的價格點和非常可靠且高水平的性能向消費者提供此功能，這將有高採用率而不是在高價格下可能無法獲得最佳性能，這主要是您今天看到的可能對採用率產生負面影響的情況。

So it's still -- even though today, you might have some data on Tesla take rates, there is a realization that two to three years from now, which is where OEMs would like to launch these systems, as performance continues to improve and as reliability of these systems continue to improve and prices can go lower, which is where Mobileye is unique, there will be a very, very good demand from consumers to these systems.

因此，即使今天，您可能有一些有關特斯拉採用率的數據，但人們意識到，從現在起兩到三年後，隨著性能的不斷提高和可靠性的提高，原始設備製造商將希望推出這些系統。

Just to give you an evidence to this. One of our engagements with these OEMs is actually with one of the OEMs that did not (technical difficulty) business with us for the next generation, and we reached out to them and did some demonstrations.

只是為了給你一個證據。我們與這些原始設備製造商的合作之一實際上是與其中一家未與我們進行下一代（技術難度）業務的原始設備製造商合作，我們聯繫了他們並做了一些演示。

And during the course of these demonstrations, they really opened the new opportunity that was not planned for them for 2027 because they realize that there is a path for very affordable, high level of performance in two years and they have to compete in the United States. They have to compete in China. And they consider Mobileye is the only global solution that have the best price versus performance ratio.

在這些演示過程中，他們確實打開了 2027 年未計​​劃的新機會，因為他們意識到有一條道路可以在兩年內實現非常實惠的高水平性能，並且他們必須在美國競爭。他們必須在中國競爭。他們認為 Mobileye 是全球唯一具有最佳性價比的解決方案。

I'll also add to what Nimrod said is that, in order to be an effective player, we need to have technology on the road, not just development and testing. And this is one of the big advantages of Mobileye. We are the only Western supplier that has this category of SuperVision in China. And we are gaining a lot and lot of experience. This experience will be translated into the global markets.

我還要補充尼姆羅德所說的是，為了成為一名有效的玩家，我們需要在路上擁有技術，而不僅僅是開發和測試。而這正是Mobileye的一大優勢。我們是中國唯一擁有此類 SuperVision 的西方供應商。我們正在獲得很多很多的經驗。這種經驗將轉化為全球市場。

So this experience is something that takes time. Now you cannot just sit in the lab and develop cool algorithms and expect that on day one, when you launch a system, everything will be perfect. And this is a great advantage of Mobileye's SuperVision that it's on the road. Today, we're gaining a lot and lot of experience.

所以這種體驗是需要時間的。現在，您不能只是坐在實驗室中開發很酷的演算法，並期望在第一天啟動系統時一切都會完美。這也是 Mobileye SuperVision 上路的一大優點。今天，我們獲得了很多很多的經驗。

And I think just to add one last comment to this question. Just to support with evidence, just by seeing the number of engagements that we have today compared to a year ago, there is an obvious progression in the market towards these technologies and not just the quantity, but also who are the OEMs that we're engaged with.

我想對這個問題添加最後一條評論。只是為了用證據來支持，只要看看我們今天與一年前相比的參與數量，就可以看出市場對這些技術的明顯進步，不僅僅是數量，還有我們正在使用的 OEM 廠商。 .

We are talking about the, let's say, global OEMs incumbents in the top 10 in vehicle production that have -- now this is not just niche OEM start-ups that have -- want to create a differentiating angle. So the pragmatist OEM incumbents are looking for these technologies and we see a growing number of those that are approaching us and investing a lot of resources into promoting the nomination for these systems.

我們談論的是全球汽車生產前十名的原始設備製造商（現在不僅僅是小眾原始設備製造商新創公司）希望創造一個差異化的角度。因此，實用主義的 OEM 廠商正在尋找這些技術，我們看到越來越多的廠商正在與我們接洽，並投入大量資源來促進這些系統的提名。

Thank you, George. Next question, please.

謝謝你，喬治。請下一個問題。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，新街研究。

So yes, I believe you lowered your SuperVision 2024 shipments projections by 70,000 at the midpoint. So could you maybe provide some more color on how that splits between the various customers impacted by the tariffs and how this lower 2024 baseline will impact the ramp-up SuperVision systems in '25, '26, maybe by telling us what proportion of the systems that you expected to ship in those years are impacted by the tariffs? And I have a follow-up.

所以，是的，我相信你們將 SuperVision 2024 年出貨量預測中位數下調了 70,000 台。那麼，您能否提供更多信息，說明受關稅影響的各種客戶之間的劃分情況，以及2024 年較低的基準將如何影響25 年、26 年的SuperVision 系統，也許可以告訴我們系統的比例是多少您預計在那些年發貨的產品是否受到關稅的影響？我有一個後續行動。

Look, our ability to make accurate forecast for SuperVision is being challenged by the volatility in China. Some of our platforms like Polestar 4 and Zeekr 001 are being exported to global markets, but the ramp up is taking longer than we initially forecasted, partly due to the recently imposed targets in US and Europe.

看來，我們對 SuperVision 進行準確預測的能力正受到中國市場波動的挑戰。我們的一些平台（例如 Polestar 4 和 Zeekr 001）正在出口到全球市場，但提升所需的時間比我們最初預測的要長，部分原因是美國和歐洲最近實施的目標。

Additionally, we anticipate that down the road, our SuperVision solution on Zeekr models may not necessarily be standard. Although no indication of that is baked into the forecast from Zeekr, we still believe that taking this conservative approach would be prudent.

此外，我們預計，未來我們在 Zeekr 模型上的 SuperVision 解決方案可能不一定是標準的。儘管 Zeekr 的預測中沒有表明這一點，但我們仍然認為採取這種保守的做法是謹慎的。

So we believe that this volatility is short-lived, but would likely sustain into 2025 and until we see more SuperVision models launched in global markets. So this volatility is really inherent in two things. One is that we have a small number of models with SuperVision. So everything is volatile. Second, China automotive is very, very volatile.

因此，我們認為這種波動是短暫的，但可能會持續到 2025 年，直到我們看到更多 SuperVision 型號在全球市場推出。因此，這種波動性其實是由兩件事所固有的。一是我們擁有 SuperVision 的型號很少。所以一切都是不穩定的。其次，中國汽車產業的波動非常非常大。

It's very difficult to make a forecast -- accurate forecast. This is why we took the conservative approach. So we took what would be the worst case for 2024, such that we don't need to again change guidance throughout this year. So our guidance does not reflect our optimistic view. It reflects our worst case view of SuperVision because of this heightened volatility that most of it is not in our control.

做出預測－準確的預測是非常困難的。這就是我們採取保守方法的原因。因此，我們考慮了 2024 年最壞的情況，這樣我們就不需要在今年再次改變指導。因此，我們的指導意見並不反映我們的樂觀觀點。它反映了我們對 SuperVision 最壞​​情況的看法，因為波動性加劇，其中大部分不在我們的控制範圍內。

So maybe on the 14 OEMs that you're working with, I believe the number was the same last quarter, can you maybe update on the likelihood of conversion with those 14 OEMs? How has that changed over the last 90 days?

因此，也許在與您合作的 14 家 OEM 廠商中，我相信上個季度的數字是相同的，您能否更新一下這 14 家 OEM 廠商轉換的可能性？過去 90 天發生了什麼樣的變化？

Nimrod Nehushtan

尼姆羅德·尼胡什坦

Yes. So I think what we have -- in all of these programs, we continue to make progress and we move in the right direction on the access towards nomination. As we mentioned in previous calls, the process of nominating this system is relatively complicated and involves many different activities starting from technically evaluating the system, building prototypes, doing global expedition and performance evaluations, reviewing the architecture changes that are needed by the OEM, et cetera.

是的。所以我認為我們在所有這些計劃中都在繼續取得進展，並且在獲得提名方面朝著正確的方向前進。正如我們在先前的電話會議中所提到的，提名該系統的過程相對複雜，涉及許多不同的活動，從技術評估系統、建立原型、進行全球考察和效能評估、審查 OEM 所需的架構變更等等等。

In addition to this, there is obviously the commercial part that needs to be negotiated and discussed and agreed to get to the right price point, the investments needed in order to build this program. And especially when we talk about incumbent (technical difficulty) that have dozens or even hundreds of different vehicle models, it also incorporated into their plans to launch cars in the future, which inserts another challenge or at least another question that they need to answer, I should say.

除此之外，顯然還需要談判和討論並商定商業部分，以達到正確的價格點，以及建立該計劃所需的投資。尤其是當我們談論擁有數十種甚至數百種不同車型的現有企業（技術難度）時，它也納入了他們未來推出汽車的計劃，這插入了另一個挑戰或至少是他們需要回答的另一個問題，我應該說。

So the fact that it takes a few months or a year, but in some cases, more than years to converge these activities, I think it's natural given the magnitude of decision. At the same time, having made these decisions, it's very likely that the selected solutions will continue to be the backbone for this OEM for many years to come.

因此，事實上，考慮到決策的規模，需要幾個月或一年的時間，但在某些情況下，需要幾年以上的時間來整合這些活動，我認為這是很自然的。同時，在做出這些決定後，所選解決方案很可能在未來許多年繼續成為該 OEM 的支柱。

So we believe that we are now in the process of acquiring these OEM partners for our next-generation platforms. But once we do this in the next few months, as we have announced, we believe it will give us stability for years to come afterwards in terms of locking ourselves as the technology provider for a very good portions of the -- out of the top 10 OEMs in the world today.

因此，我們相信我們現在正在為我們的下一代平台收購這些 OEM 合作夥伴。但是，一旦我們在接下來的幾個月內做到這一點，正如我們所宣布的那樣，我們相信這將使我們在未來幾年內保持穩定，因為我們將自己鎖定為大部分領域的技術提供商。

So in terms of likelihood and to quantify this into percentages, I think it's a little bit complicated. But what we have seen in the past quarter are only positive developments towards nomination.

因此，就可能性而言並將其量化為百分比，我認為這有點複雜。但我們在過去一個季度看到的只是提名的積極進展。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Hi, this is [Gabriel] on for Joe. So I think you just mentioned that the SuperVision [Lite] RFQs are incremental to the base business, so customers are not choosing this over SuperVision. But again, the 14 OEM number hasn't changed from the prior quarter and now two of those 14 are only saying SuperVision Lite.

大家好，我是為喬代言的[加百列]。因此，我認為您剛剛提到 SuperVision [Lite] RFQ 是基本業務的增量，因此客戶不會選擇 SuperVision。但同樣，14 個 OEM 的數量與上一季相比沒有變化，現在這 14 個 OEM 中有兩個只說 SuperVision Lite。

So did those two OEMs drop off and were replaced by the two new SuperVision Lite wins? Or was the last 14 OEMs inclusive of these two as well?

那麼，這兩家 OEM 是否已經退出並被兩家新的 SuperVision Lite 勝利所取代呢？或是最後 14 家 OEM 也包括這兩家嗎？

So the last 14 was inclusive of these two. And it's more of a -- we're now having defined this category more explicitly and more precisely, we wanted to also align the number that we're disclosing to be consistent with this definition.

所以最後 14 場比賽包括了這兩場比賽。更重要的是——我們現在已經更明確、更準確地定義了這個類別，我們也希望調整我們揭露的數字，使其與這個定義保持一致。

And we don't call it SuperVision Lite.

我們不稱之為 SuperVision Lite。

Yes.

是的。

Okay. And just a follow-up on the Zeekr question. What does this accelerated integration of your technology exactly entail? What's the time frame to getting on these vehicles? And I know you mentioned earlier your confidence to win further business with domestic Chinese OEMs. But are you still seeing a large focus on in-house developments within that region?

好的。這只是 Zeekr 問題的後續。您的技術的這種加速整合到底意味著什麼？乘坐這些車輛的時間範圍是多少？我知道您之前提到您有信心贏得與中國國內原始設備製造商的進一步業務。但您是否仍然看到該地區的內部開發受到極大關注？

First as a background, launching SuperVision with Zeekr in China was really a critical (technical difficulty) for us because it was a proof point for global OEMs to see our capacity, our capability and the key factor in winning, for example, the Volkswagen Group deal and which led to many other current development engagement.

首先作為一個背景，在中國與Zeekr一起推出SuperVision對我們來說確實是一個關鍵（技術難度），因為它是全球主機廠看到我們能力的一個證明，我們的能力和獲勝的關鍵因素，例如大眾集團交易並導致了許多其他當前的開發參與。

So we are continuing to double down on investments in China because it's super, super important to have a global solution, right? It's not just the Chinese market. It's the fact that we have a global solution. Now we are the only Western supplier of a system in this category and this says a lot about the challenges in operating in China.

因此，我們將繼續加大在中國的投資，因為擁有一個全球解決方案非常非常重要，對吧？這不僅僅是中國市場。事實上，我們有一個全球解決方案。現在，我們是該類別系統中唯一的西方供應商，這充分說明了在中國運作所面臨的挑戰。

So we believe that if we bolster our relationship with Zeekr and the Geely Group as a whole, it will benefit both parties. It will allow REM to be more standardized. It will allow helping localizing our solution because complying with the Chinese data regulation is very, very challenging.

因此，我們相信，如果我們加強與 Zeekr 以及整個吉利集團的關係，將使雙方受益。它將讓 REM 更加標準化。它將幫助我們本地化我們的解決方案，因為遵守中國的數據法規非常非常具有挑戰性。

So if we can get help in that area in terms of localizing the solution, I think it will benefit both parties. There are also some commercial details, but they are not material to Mobileye's operations.

因此，如果我們能夠在本地化解決方案方面獲得該領域的幫助，我認為這將使雙方受益。還有一些商業細節，但對 Mobileye 的運作並不重要。

And of course, we announced that we're targeting together also activity on Robotaxi, kind of the extension of what we are doing with the Volkswagen ID Buzz. We'll also be going to collaborate with Zeekr on this kind of technology. It will also help us to expand considerably the amount of vehicles sending us data.

當然，我們宣布我們也將共同瞄準 Robotaxi 上的活動，這是我們對大眾 ID Buzz 所做的事情的延伸。我們也將與 Zeekr 就此類技術進行合作。它還將幫助我們大幅增加向我們發送數據的車輛數量。

So it's all positive, both in terms of upgrading the SuperVision solution we have in localizing it into China and bolstering our global solution. I'll just give you an anecdote.

因此，無論是在升級 SuperVision 解決方案、將其本地化到中國還是支援我們的全球解決方案方面，這都是積極的。我只跟你講一個軼事。

When we look at one of the metrics, meantime between critical events, when we test -- and this we did, by the way, with one of our partner OEMs. When we test our SuperVision vehicle in the US, where we have very, very good coverage of our REM maps, the meantime between critical events is about 50 hours, right?

當我們查看其中一項指標時，在關鍵事件之間進行測試時，順便說一句，我們是與我們的合作夥伴 OEM 之一進行測試的。當我們在美國測試我們的 SuperVision 車輛時，我們的 REM 地圖覆蓋範圍非常非常好，關鍵事件之間的間隔時間約為 50 小時，對嗎？

In China, it's much less than that. So -- and this is because we haven't yet finished the localization, the REM coverage is not as good as we have outside of China. So if we can localize our solution more effectively, we can get a system that is really unparalleled.

在中國，這個數字要少得多。所以——這是因為我們還沒有完成本地化，REM 的覆蓋範圍不如我們在中國以外的地區。因此，如果我們能夠更有效地在地化我們的解決方案，我們就能得到一個真正無與倫比的系統。

And this is with the old technology of EyeQ5 technology. Imagine what we will do when we'll start launching EyeQ6 technology.

而這是用EyeQ5技術的老技術。想像一下當我們開始推出 EyeQ6 技術時我們會做什麼。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

This is [Jake] for Aaron. I was wondering if you could talk about the progress you're making on the SuperVision domain controller and just maybe the trajectory of the gross margin uplift you're expecting to see from that?

這是亞倫的[傑克]。我想知道您是否可以談談您在 SuperVision 網域控制器上取得的進展，以及您期望從中看到的毛利率提升的軌跡？

So we have considerably reduced cost of our main controller with the EyeQ5 chip. Kind of the goal -- we always said that the goal is to reach a 50% gross margin on the entire solution. And we are close to it. We're about 44% now, something like that. And there is more to optimize.

因此，我們使用 EyeQ5 晶片大大降低了主控制器的成本。類似的目標—我們總是說目標是整個解決方案達到 50% 的毛利率。我們已經接近它了。我們現在大約是 44%，類似的情況。還有更多需要優化的地方。

The EyeQ6 system that we're building now for the Volkswagen Group and for all the engagements that we are working on for nomination will not be more expensive. So it's really highly optimized. And we'll even have a better gross margin. It's more optimized in terms of gross margin. So I think that the 50% -- 50%, 55% gross margin on Tier 1 position is really achievable.

我們現在為大眾汽車集團以及我們正在為提名而進行的所有活動構建的 EyeQ6 系統不會更昂貴。所以它確實是高度優化的。我們甚至會有更好的毛利率。它在毛利率方面更加優化。所以我認為一級定位50%、50%、55%的毛利率確實是可以實現的。

Great. And then maybe just going back to the traditional ADAS business. Have you seen any change, any significant change in adoption rates on lower level ADAS over the last few quarters, especially at Chinese OEMs?

偉大的。然後也許會回到傳統的 ADAS 業務。過去幾個季度，尤其是中國 OEM 廠商，低階 ADAS 的採用率是否有任何重大變化？

Yes, indeed. And this is what we reported. The second half, we see a decline in terms of shipments of the second half of the year. Now it could come from multiple sources. One of them is some residuals of inventory that -- we don't have 100% visibility to what is going on in inventory.

確實是的。這就是我們報道的內容。下半年，我們看到下半年的出貨量有所下降。現在它可能來自多個來源。其中之一是一些庫存殘留物——我們無法 100% 地了解庫存狀況。

Some of it is -- could be a market share loss where we get desourced and with a local solution instead of ours. As I mentioned in the opening, the cost performance optimization is quite skewed in China because of lack of testing governance, which is really opposite of what's going on in the West, right?

其中一些可能是市場份額的損失，因為我們被解散並採用本地解決方案而不是我們的解決方案。正如我在開篇中提到的，由於缺乏測試治理，中國的性價比優化相當傾斜，這與西方的情況正好相反，對嗎？

In the West, the testing governance is increasing, the envelope is increasing. Today's system that have five-star rating in 2026, 2027, will not have five-star ratings. You need to add either more sensors, more compute.

在西方，測試治理正在增加，範圍也在增加。今天的系統在 2026 年具有五星​​級評級，2027 年將不再具有五星級評級。您需要添加更多感測器、更多計算。

The bar is rising. In China, there is still no governance of testing. I believe it's temporary. I believe that they will align with the global markets in terms of testing. And by doing that, the cost optimization trade-off would be balanced.

酒吧正在上升。在中國，測試仍然沒有治理。我相信這是暫時的。我相信他們將在測試方面與全球市場保持一致。透過這樣做，成本最佳化權衡將得到平衡。

And therefore, we'll regain market share. The bolstering of localization we're doing with Zeekr, I think, will also help our ADAS. Once REM is completely with full coverage, it helps also our cloud-enhanced ADAS. A few months ago, we announced that with Chery in China, we have a program -- we're launching cloud-enhanced ADAS. So this could increase and expand our position in ADAS in China in the midterm.

因此，我們將重新獲得市場份額。我認為，我們與 Zeekr 一起加強在地化也將有助於我們的 ADAS。一旦 REM 完全覆蓋，它也有助於我們的雲端增強 ADAS。幾個月前，我們宣布與奇瑞在中國有一個計畫－我們將推出雲端增強型 ADAS。因此，這可能會在中期增加並擴大我們在中國 ADAS 領域的地位。

And we're also coming up with lower-cost chips, which are dedicated to emerging markets. So they have much less compute, but good enough to do the really basic, basic ADAS that is needed in those emerging markets. So I believe that the volatility we are seeing now, first of all it is real, but it is short-lived.

我們也推出了專門針對新興市場的低成本晶片。因此，他們的運算能力要少得多，但足以完成這些新興市場所需的真正基本的 ADAS。所以我相信我們現在看到的波動首先是真實的，但它是短暫的。

I just want to add to this that globally in terms of take rates of ADAS, what we have seen, which is a very positive development, there is a pull from the market from consumers in markets that today have very low, almost zero ADAS adoption rates. Areas like South Africa and India and some countries in Asia are really picking up in terms of increasing ADAS take rates.

我只想補充一點，就ADAS 的採用率而言，我們所看到的全球範圍內這是一個非常積極的發展，目前ADAS 採用率非常低、幾乎為零的市場中的消費者對市場產生了拉動。南非、印度等地區以及亞洲一些國家的 ADAS 採用率確實在不斷提高。

And these are today, let's say, 25 million to 30 million cars per year, which is a third of vehicle production that today have no ADAS at all. And we see this number will continue to drop and ADAS adoption rates will continue to increase. And we are very well positioned to benefit from this increase and to have higher adoption rates of ADAS.

假設現在每年有 2500 萬至 3000 萬輛汽車，佔目前根本沒有 ADAS 的汽車產量的三分之一。我們看到這個數字將繼續下降，而 ADAS 的採用率將繼續增加。我們完全有能力從這一成長中受益，並提高 ADAS 的採用率。

And in developed countries like Europe and the United States, we don't see -- again, the take rates are almost 100% today because the regulation and the trend in regulation is only to add more content and to increase the requirements.

在歐洲和美國等已開發國家，我們沒有看到——今天的接受率幾乎是100%，因為監管和監管趨勢只是增加更多內容和提高要求。

And there is another component that I missed in terms of the China ADAS. Our legacy customers, Western customers, some of them are losing share in China. This also affects us. So this also affects the volume of shipment of chips into China because of loss of market share of our Western OEMs. You wanted to say something more?

就中國 ADAS 而言，我還錯過了另一個組件。我們的傳統客戶、西方客戶，其中一些正在失去在中國的份額。這也影響到我們。因此，這也會影響中國的晶片出貨量，因為我們西方原始設備製造商失去了市場份額。你還想再說點什麼嗎？

Yes, for the non-Chinese OEM, just one I'm going to mention, the gap we are seeing from initial indications from the beginning of the year to the new order is very much consistent with the industry trend. It was pretty focused on specific OEMs. For the rest of the non-Chinese OEMs, more than half of them didn't have any reductions.

是的，對於非中國整車廠，我只想提一下，從年初的初步跡像到新訂單，我們看到的差距與行業趨勢非常一致。它非常關注特定的原始設備製造商。對於其餘的非中國整車廠，一半以上沒有任何降價。

And that's also aligned with industry trend. So it's important to mention also for our non-Chinese OEMs. It was very much focused on where we saw the market trend going down for them (inaudible) in China, for example.

這也符合產業趨勢。因此，對於我們的非中國原始設備製造商來說，這一點也很重要。例如，它非常關注我們在中國看到的市場趨勢下降的地方（聽不清楚）。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

So Mobileye's CapEx investments are kind of running at around $100 million a year right now. Some of your competitors in autonomy are investing many billions a year, particularly on compute. And I'm wondering, do the developments in AI and machine learning recently change how much capital Mobileye feels it needs to allocate towards compute?

因此，Mobileye 的資本支出目前每年約為 1 億美元。一些自動化領域的競爭對手每年投資數十億美元，特別是在計算方面。我想知道，最近人工智慧和機器學習的發展是否改變了 Mobileye 認為需要分配給計算的資本數量？

For example, developments like Brain6, does that change the quantum of CapEx investment needs at Mobileye in a material way that you'd like to communicate today?

例如，像 Brain6 這樣的開發，是否會以您今天想要交流的實質方式改變 Mobileye 的資本支出投資需求量？

Well, yes, indeed. It's not in the billions of dollars. I don't think we need those billions of dollars of investments. But definitely -- we're spending close to $100 million in cloud compute, just to be kind of transparent. But recently, in the past six months, we have been investing in much more on-prem, the H100 and A100s nodes.

嗯，是的，確實如此。這不是數十億美元。我認為我們不需要那數十億美元的投資。但可以肯定的是——為了保持透明，我們在雲端運算上花了近 1 億美元。但最近，在過去的六個月裡，我們一直在投資更多的本地部署、H100 和 A100s 節點。

We have been investing quite a lot there. And we're investing for our needs, not just -- now say that we are buying tens of thousands of H100 and who knows what's with them. We're not going to be a cloud provider. So we are investing in what we need in terms of the generative AI models that at the end of the day, they fit into a limited capacity chip no matter how strong your chip is in a car, it's still limited capacity. So this drives the size of the networks.

我們在那裡投入了大量資金。我們正在根據我們的需求進行投資，而不僅僅是——現在說我們正在購買數以萬計的 H100，誰知道它們的用途是什麼。我們不會成為雲端提供者。因此，我們正在投資我們所需的生成人工智慧模型，最終，它們適合容量有限的晶片，無論汽車中的晶片有多強大，它的容量仍然有限。因此，這推動了網路的規模。

And as I mentioned before, if you look at our old technology, the EyeQ5 technology, which does not yet have generative AI there, if you look at the meantime between critical events that we have testing in the US, it's about 5x better than the latest version 12.5 that I see in the small amount of data that has been released so far. So it's not that we are trailing behind and we need to catch up.

正如我之前提到的，如果你看看我們的舊技術，EyeQ5 技術，它還沒有產生人工智慧，如果你看看我們在美國測試的關鍵事件之間的時間間隔，它比現有的技術更好大約5 倍。所以並不是說我們落後了，我們需要迎頭趕上。

And we have -- with the EyeQ6, with the Brain6, where we have lots of generative AI components, all our testing, online and offline testing so far, show that we'll get two orders of magnitude improvement. So we're talking about just the camera built system, more than 1,000 hours of meantime between critical events. So yes, we have increased our investments, but I don't see the need to invest billions of dollars.

我們的 EyeQ6 和 Brain6 擁有大量的生成式人工智慧元件，到目前為止，我們所有的測試，包括線上和離線測試，都表明我們將獲得兩個數量級的改進。所以我們談論的只是攝影機建構的系統，關鍵事件之間的間隔時間超過 1,000 小時。所以，是的，我們增加了投資，但我認為沒有必要投資數十億美元。

Two orders of magnitude, that's incredible. Mobileye is at the cutting edge -- a bleeding edge of computer vision and AI clearly. And you've been doing this for decades. As you know, Amnon, there are obvious dual-use military applications for these technologies and you're also aware that autonomous weapon systems is increasingly gaining a lot of momentum due to the evolution of the types of technologies that you and your company are driving forward.

兩個數量級，太不可思議了。 Mobileye 處於最前沿——顯然是電腦視覺和人工智慧的前沿。幾十年來你一直這樣做。如您所知，阿姆農，這些技術有明顯的雙重用途軍事應用，您也知道，由於您和您的公司正在推動的技術類型的發展，自主武器系統正日益獲得巨大的發展動力。

It does seem that targeting objects may be easier than avoiding objects, one could argue. The US has banned NVIDIA and others from selling leading-edge chips into China. Do you not see a risk of similar intervention to the types of technology that you provided China, I mean, really advanced 100x improvements on AI and physical applications? And considering that you're a controlled-US entity, is that a stupid question, Amnon?

有人可能會說，瞄準物體似乎確實比躲避物體更容易。美國已禁止英偉達等公司向中國銷售尖端晶片。難道您沒有看到對您向中國提供的技術類型進行類似幹預的風險嗎？考慮到你是一個受美國控制的實體，這是一個愚蠢的問題嗎，阿姆農？

No, it's not a stupid question, not at all. I don't think that anything stupid could come out of you. But --

不，這不是一個愚蠢的問題，一點也不。我不認為你會做出任何愚蠢的事情。但 -

I think I would disagree actually.

我想我其實會不同意。

But let's put things in context. NVIDIA [Orin] chip is about 250 TOPS, tera operations per second. And EyeQ6 is 50, 60, right? So we're not talking about the same league in terms of high-performance computing. So I don't think that there is any need to kind of ban a chip of this category in terms of tera operations per second.

但讓我們把事情放在上下文中。 NVIDIA [Orin] 晶片約 250 TOPS，即每秒兆次運算。 EyeQ6 是 50、60，對嗎？因此，我們談論的不是高效能運算方面的同一聯盟。因此，我認為沒有必要在每秒萬億次運算方面禁止此類晶片。

I think what we excel is embedding software and hardware. We can provide -- we can solve autonomy without a brute force in terms of tera operations per second. So I believe that this really puts us not in the short list of chips that should be banned by the US because it's not really high-performance computing when you measure the metrics of what high-performance computing is.

我認為我們擅長的是嵌入軟體和硬體。我們可以提供——我們可以解決每秒萬億次運算的自治問題，而無需使用蠻力。所以我相信，這確實使我們不在美國應該禁止的晶片名單之列，因為當你衡量高效能運算的指標時，它並不是真正的高效能運算。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I think I had a little bit more of a here and now type of thing, which is the multinationals that are losing share in China, it seems like it's becoming a bigger and bigger risk factor for the business and giving your relative wins. Can you sort of isolate in on that a little bit more? How much should we worry about it, not just for how you adjust the numbers this year, but beyond this year? Like if that becomes a bigger trend, how do you offset that?

我認為我更多的是此時此地的事情，即跨國公司在中國的份額正在下降，這似乎正在成為企業越來越大的風險因素，並為你帶來相對的勝利。你能稍微隔離一下嗎？我們應該對此有多擔心，不僅是今年如何調整數字，而且是今年之後的數字？就像如果這成為一個更大的趨勢，你如何抵消它？

Yes. So it is a trend that we're closely monitoring as with other indicators that we keep track of. It's important to say that in China, our presence is comprised by our footprint in the joint ventures that Western have with the Chinese entities, by our presence in Western OEMs that sell directly in China, and by our presence in the Chinese OEMs.

是的。因此，與我們追蹤的其他指標一樣，我們正在密切監視這一趨勢。值得一提的是，我們在中國的存在包括我們在西方與中國實體的合資企業中的存在、我們在直接在中國銷售的西方原始設備製造商中的存在以及我們在中國原始設備製造商中的存在。

Our presence in the Chinese OEMs, although we have disclosed today some headwinds, still remains stable amongst some of the OEMs, especially the bigger ones that have global needs that look for uniform solution. And we still have strong relationships with some of the local Chinese OEMs.

我們在中國原始設備製造商中的存在，儘管我們今天披露了一些不利因素，但在一些原始設備製造商中仍然保持穩定，特別是那些具有全球需求並尋求統一解決方案的大型原始設備製造商。我們仍然與一些中國本土原始設備製造商保持著牢固的關係。

When it comes to the, let's say, the competitiveness of the Westerns, you can assume that they also are aware of this challenge and they work very hard to improve the competitiveness. And we don't currently see a trend that can further exacerbate compared to what it is today.

當談到西方人的競爭力時，你可以假設他們也意識到了這個挑戰，並且他們非常努力地提高競爭力。與今天相比，我們目前沒有看到任何可能進一步加劇的趨勢。

But what we are doing is to improve our presence in China as I disclosed today in the press release, to make sure that our products are as competitive as possible in China so that we can be the best solution for any -- all entities in China, Chinese OEMs and Western OEMs, so that we can have a good business in China, regardless if it's Western or Chinese.

但正如我今天在新聞稿中所揭露的那樣，我們正在做的是改善我們在中國的業務，以確保我們的產品在中國盡可能具有競爭力，以便我們能夠成為中國所有實體的最佳解決方案，中國的OEM廠商和西方的OEM廠商，這樣我們才能在中國有很好的業務，無論是西方的還是中國的。

That's helpful. Any chance you could give us a sense for -- on the new wins that you won? What percentage of units is tied to Western OEM built in China, just so we can maybe get an idea on that risk going forward?

這很有幫助。您能否有機會讓我們了解一下您贏得的新勝利？有多少百分比的設備與在中國製造的西方原始設備製造商有關，這樣我們就可以了解未來的風險？

Yes. So we don't have these numbers exactly from our customers. We don't really know because the OEMS don't really know themselves how many cars they're going to sell in China and globally as it can vary. But generally, you know our customer base and you can -- the numbers are public and you can do the math in terms of their market share and our derivative market share as a consequence.

是的。所以我們沒有從客戶那裡得到這些確切的數字。我們真的不知道，因為原始設備製造商自己並不真正知道他們將在中國和全球銷售多少輛汽車，因為它可能會有所不同。但一般來說，你了解我們的客戶群，你可以——這些數字是公開的，你可以根據他們的市場份額和我們的衍生性商品市場份額進行數學計算。

[Lu Misiosio], Daiwa.

[Lu Misiosio]，大和。

I guess I have one financial question and maybe one strategic visionary one. Can you sort of help paint us a picture for what 2025 is going to look like? You've already commented about 2026 about the second half ramp. But then there is a lot of questions about continued push-outs.

我想我有一個財務問題，也許還有一個策略願景問題。您能幫我們描繪一下 2025 年的情況嗎？您已經對 2026 年下半年的成長發表了評論。但隨之而來的是關於持續推出的許多問題。

So just maybe not guidance, but give us some thought about how things will improve for you all in 2025, 2026 and maybe even into 2027 as you comment about that? And then I have one follow-up.

所以也許不是指導，但請讓我們思考一下，當您對此發表評論時，2025 年、2026 年甚至 2027 年的情況將如何改善？然後我有一個後續行動。

Okay. So regarding 2025, we cannot say much now because our planning process is only beginning. But we can say that we believe that the China volatility would persist during next year. We believe that inventory levels will be normalized. So all the shipments that we lost this year, we will see them next year.

好的。因此，關於 2025 年，我們現在不能說太多，因為我們的規劃過程才剛開始。但我們可以說，我們相信明年中國的波動將會持續下去。我們相信庫存水準將會正常化。因此，我們今年損失的所有發貨量，明年我們都會看到。

So inventory will be normalized. And we are closely monitoring the ramp up of SuperVision platforms and we'll have more to say closer to the end of the year for 2025. 2026 and 2027 is a completely different picture because then, Western OEMs with SuperVision are coming out and also Chinese OEMs with the global experts with SuperVision are also coming out.

所以庫存將會正常化。我們正在密切關注SuperVision 平台的發展，到2025 年底，我們將有更多要說的。 OEM 廠商也會出現擁有 SuperVision 的全球專家的 OEM 也紛紛湧現。

So I think 2026 would be completely different in terms of reducing volatility of SuperVision forecast, much higher volumes of SuperVision compared to 2025. And 2027, even further ramp up of programs that started in 2026 and additional programs that will come in 2027, assuming that we'll get the nominations, but we are very hopeful that we'll get those nominations in the coming months.

因此，我認為2026 年在減少SuperVision 預測的波動性方面將完全不同，與2025 年相比，SuperVision 的數量要高得多。會進一步增加，假設我們將獲得提名，但我們非常希望在未來幾個月內獲得這些提名。

So it's really the next six months and 2025, which is quite volatile and the volatility is exclusively focused in China.

因此，接下來的六個月和 2025 年確實是相當不穩定的，而且波動主要集中在中國。

Okay. And then my follow-up -- and that's very helpful. When you look at the adjusted operating margin cut on a full year basis that you have in your press release, can you just help us understand, where is that being hit the most?

好的。然後是我的後續行動——這非常有幫助。當您查看新聞稿中調整後的全年營業利潤率削減時，您能否幫助我們了解哪些地方受到最大的打擊？

Is it gross margin is really being impacted the most and OpEx is sort of flat on a going basis, or is OpEx going up too? Just trying to understand as we model this out how the new numbers are going to impact how we model it.

毛利率確實受到的影響最大，而營運支出一直持平，還是營運支出也在上升？只是試圖了解當我們建模時新的數字將如何影響我們的建模方式。

Yes. So I think that for Q2, I mentioned that having a similar revenue base year-on-year with much larger operating expenses, that's the bigger driver for operating margin being lower and not -- we haven't changed our estimation on gross margin in this update.

是的。因此，我認為，對於第二季度，我提到過，同比收入基礎相似，但營業費用要高得多，這是營業利潤率較低的更大驅動因素，但我們沒有改變對毛利率的估計。

So gross margin is aligned with our expectations from beginning of the year. The operating margin is just an outcome. We reduced the better operating expenses $20 million, but revenue reduction was much higher.

因此，毛利率符合我們年初的預期。營業利益率只是一個結果。我們減少了 2000 萬美元的營運費用，但收入減少的幅度要大得多。

So that's the reason for operating margin. And I also say for 2025 -- this year, we have 23% growth in operating expenses. We will not have that meaningful growth in 2025 in terms of OpEx, to kind of balance it out with the revenue new numbers.

這就是營業利益率的原因。我還說，到 2025 年，今年我們的營運支出將增加 23%。到 2025 年，我們的營運支出不會出現有意義的成長，無法與新的收入數據相平衡。

Yes. So we had a significant OpEx increase in 2024. All the programs that we have won, becoming a Tier 1 supplier for some of the programs, all the investments that we are doing to meet, let's say, new technology launch that will be in 2026. So we did a major increase in OpEx in 2024. We don't see this happening in 2025.

是的。因此，我們在 2024 年的營運支出顯著增加。大幅增加了營運支出。

So I think we have what we need to go forward to execute and see any meaningful -- as Moran said, any meaningful OpEx increase in 2025.

因此，我認為我們已經具備了繼續執行所需的條件，並看到任何有意義的條件——正如莫蘭所說，2025 年任何有意義的營運支出成長。

This concludes our question-and-answer session. I would like to turn the floor back over to Dan Galves for closing comments.

我們的問答環節到此結束。我想把發言權交還給丹·加爾維斯（Dan Galves）以供結束評論。

Thanks, Kat, and thanks to the executive team and all the audience for participating in this call. We'll talk to you next quarter. Thank you.

謝謝凱特，也感謝執行團隊和所有觀眾參與這次電話會議。我們將在下個季度與您交談。謝謝。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。