Magna International Inc (MGA) 2024 Q4 法說會逐字稿

Hello and thank you for standing by.

您好，感謝您的支持。

My name is Regina, and I will be your conference operator today.

我的名字是 Regina，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Magna International fourth quarter and year-end 2024 results and 2025 outlook webcast and conference calls.

現在，我歡迎大家參加麥格納國際第四季和2024年年終業績以及2025年展望網路直播和電話會議。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Louis Tonelli, Vice President of Investor relations.

現在，我想將會議交給投資者關係副總裁 Louis Tonelli。

Please go ahead.

請繼續。

Thanks operator.

謝謝接線生。

Hello, everyone, and welcome to our conference call covering our 2024 results and our 2025 outlook.

大家好，歡迎參加我們的電話會議，討論我們的 2024 年業績和 2025 年展望。

Joining me today are Swami Kotagiri, And Pat McCann.

今天與我一起的還有 Swami Kotagiri 和 Pat McCann。

Yesterday, our Board of Directors met and improved our financial results for the fourth quarter of 2024, as well as a 2025 financial outlook.

昨天，我們的董事會開會並改善了我們 2024 年第四季的財務表現以及 2025 年的財務展望。

We issued a press release this morning outlining both of these.

我們今天早上發布了一份新聞稿，概述了這兩點。

You'll find the press release, today's conference call webcast, the slide presentations go along with the call, and our updated quarterly financial review, all in the Investor Relations section of our website at magna.com.

您可以在我們網站 magna.com 的「投資者關係」部分找到新聞稿、今天的電話會議網路直播、電話會議的幻燈片演示以及我們最新的季度財務評論。

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation.

在我們開始之前，需要提醒的是，今天的討論可能包含適用證券立法含義內的前瞻性資訊或前瞻性陳述。

Such statements involve certain risks, assumptions, and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements.

該等聲明涉及某些風險、假設和不確定性，可能導致公司實際或未來的結果和業績與這些聲明中表達或暗示的結果和業績有重大差異。

Please refer to today's press release for a complete description of our safe harbor disclaimer.

請參閱今天的新聞稿，以了解我們的安全港免責聲明的完整描述。

Please also refer to the reminder slide included in our presentation that relates to our commentary today.

另請參閱我們簡報中包含的與今天的評論相關的提醒幻燈片。

With that, I'll pass it over to Swamy.

說完這些，我會把話題交給斯瓦米。

Thank you, Louis.

謝謝你，路易斯。

Good morning, everyone.

大家早安。

I appreciate you joining our call today and let's jump right in.

感謝您今天參加我們的電話會議，讓我們立即開始。

Overall, I was pleased with our 2024 operating performance relative to our initial 2024 expectations as we once again navigated a challenging industry production environment.

總體而言，由於我們再次度過了充滿挑戰的行業生產環境，我對我們的 2024 年營運表現相對於我們最初的 2024 年預期感到滿意。

Highlights include strong launch execution and continued traction on operational excellence activities.

亮點包括強大的發布執行力和對卓越營運活動的持續推動。

Successful efforts across the company to secure commercial recoveries largely related to delays, lower than expected volumes, and cancellations associated with EV programs.

公司為確保商業復甦所做的成功努力主要與電動車專案的延誤、低於預期的銷售量和取消有關。

Ongoing restructuring actions to right size our business and lower our fixed cost structure have started to show results for margin expansion and are expected to further benefit future years.

我們正在進行的重組行動旨在適當調整業務規模並降低固定成本結構，這已開始顯示出利潤率擴大的成效，並預計將在未來幾年進一步受益。

A discipline effort resulting in reduced capital and discretionary costs compared to our expectation at the start of 2024.

與我們在 2024 年初的預期相比，嚴格的監管措施降低了資本和可自由支配的成本。

We ended 2024 with solid Q4 results.

我們以穩健的第四季業績結束了 2024 年。

Our best quarter of the year as we expected.

正如我們預期，這是我們今年最好的季度。

As you can see from the slide, we performed well for the quarter and more importantly for the full year.

從幻燈片中您可以看到，我們本季的表現良好，更重要的是，全年的表現良好。

In the fourth quarter of 2024, our sales increased 2% year-over-year to $10.6 billion for a 2% weighted growth over market.

2024 年第四季度，我們的銷售額年增 2% 至 106 億美元，比市場成長 2%。

EBIT margin increased 120 basis points and adjusted EBIT increased 23%.

息稅前利潤率增加了 120 個基點，調整後息稅前利潤增加了 23%。

EPS was up 27% year-on-year to $1.69 and we generated over $1 billion in free cash flow well ahead of 2023.

每股盈餘年增 27% 至 1.69 美元，我們在 2023 年之前創造了超過 10 億美元的自由現金流。

Pat will take you through the specifics on the quarter.

帕特將帶您了解本季的具體情況。

For the year, sales of $42.8 billion were essentially level with 2023, despite lower volumes in our two largest markets, North America and Europe.

儘管我們最大的兩個市場北美和歐洲的銷量有所下降，但今年的銷售額為 428 億美元，基本上與 2023 年持平。

EBIT margin increased 20 basis points to 5.4%, and EBIT increased 4% to over $2.3 billion. EPS

息稅前利潤率增加 20 個基點，至 5.4%，息稅前利潤增加 4%，至 23 億美元以上。每股盈餘

for 2024 was down slightly versus '23, while free cash flow increased $849 million in 2024.

2024 年的現金流較 23 年略有下降，但 2024 年的自由現金流增加了 8.49 億美元。

Our team achieved several noteworthy accomplishments in 2024.

我們的團隊在 2024 年取得了多項值得注意的成就。

With respect to our financial performance, we outgrew weighted global vehicle production despite negative production mix as some of our largest customers.

就我們的財務表現而言，儘管我們最大的一些客戶的生產結構存在負面影響，但我們的加權全球汽車產量仍超過了預期。

We grew our sales in China by 15%, well ahead of the China market reflecting our approximately 60% exposure to fast growing domestic OEMs in China.

我們在中國的銷售額成長了 15%，遠遠領先中國市場，這反映了我們約 60% 的業務來自中國快速成長的國內 OEM。

They improved margins year over year in each operating segment, reflecting our focus on cost controls and margin expansion and we returned $746 million to shareholders through dividends and share repurchases.

每個營運部門的利潤率逐年提高，反映了我們對成本控制和利潤率擴大的關注，我們透過股息和股票回購向股東返還了 7.46 億美元。

Other noteworthy accomplishments on the innovation front, we continue to win program awards across our business based on our pipeline of technologies and over the last 10 years, they have won seven automotive new PACE Awards.

在創新方面其他值得注意的成就是，我們繼續憑藉我們的技術管道贏得整個業務的專案獎項，並且在過去 10 年中，我們已贏得七項汽車新 PACE 獎。

In 2024, specifically, they've won both PACE and PACEpilot Awards.

具體來說，在 2024 年，他們同時獲得了 PACE 獎和 PACEpilot 獎。

We continue to execute on our operational excellence activities, which contributed about 40 basis points to margin expansion this past year, with a further 75 basis points combined expected over the next two years.

我們繼續執行卓越營運活動，這為去年的利潤率成長貢獻了約 40 個基點，預計未來兩年將進一步貢獻 75 個基點。

Our efforts in operational excellence and innovation are recognized by our customers.

我們在卓越營運和創新方面的努力得到了客戶的認可。

Last year, we received 109 customer awards in recognition of quality and operational performance.

去年，我們因品質和營運績效而榮獲 109 項客戶獎項。

One reason why we continue to win business.

我們不斷贏得業務的一個原因。

Our success is enabled by our ongoing focus on people development, and in 2024 was the inaugural year of our operational management accelerator program aimed at identifying and cultivating future leaders from within Magna.

我們的成功源自於我們對人才發展的持續關注，2024 年是我們營運管理加速器計畫的首年，旨在從麥格納內部發掘和培養未來的領導者。

The first group graduated and a second group started in the program late last year.

第一批已畢業，第二批已於去年底開始參加該計畫。

And Magna is regularly recognized as one of the world's most ethical and admired companies.

麥格納經常被評為全球最具道德和最受尊敬的公司之一。

As you can see, our team has a lot to be proud of for their efforts in 2024.

正如您所看到的，我們的團隊在 2024 年的努力值得驕傲。

With that, I'll pass it over to Pat, to cover our Q4 financials in more detail.

說完這些，我將把話題交給帕特，讓他更詳細地介紹我們第四季的財務狀況。

Thanks Swamy, and good morning everyone.

謝謝斯瓦米，大家早安。

I'll start with a review of our Q4 results.

我將首先回顧我們的第四季業績。

For the fourth quarter, sales increased 2% to $10.6 billion.

第四季銷售額成長 2%，達到 106 億美元。

Adjusted EBIT improved 120 basis points to 6.5%, and adjusted EPS rose 27% to $1.69. Let me take you through some of the details.

調整後的息稅前利潤提高 120 個基點至 6.5%，調整後的每股盈餘將上漲 27% 至 1.69 美元。讓我向您介紹一些細節。

North America and China light vehicle production increased 2% and 10% respectively, while production in Europe declined 6%, netting to a 2% increase in global production.

北美和中國輕型汽車產量分別增加了 2% 和 10%，而歐洲產量下降了 6%，全球產量增加了 2%。

On a sales weighted basis, light vehicle production was leveling

按銷售加權，輕型汽車產量持平

!4 with the prior year.

!4與上年持平。

Our consolidated sales were $10.6 billion compared to $10.5 billion in the fourth quarter of 2023.

我們的綜合銷售額為 106 億美元，而 2023 年第四季為 105 億美元。

On an organic basis, our sales increased 2% year-over-year for a 2% growth over market in the quarter, despite negative production mix from lower D3 production in North America.

從有機基礎來看，儘管北美 D3 產量下降導致生產結構不佳，但本季我們的銷售額仍年增 2%，比市場成長 2%。

The launch of new programs, the recognition of previously deferred engineering revenue on the cancellation of a complete vehicle assembly program, the impact of the UAW strike in Q4 2023, and higher commercial recoveries were partially offset by lower production and the end of production of certain programs.

新項目的啟動、因整車組裝項目取消而確認的先前遞延工程收入、2023 年第四季度 UAW 罷工的影響以及商業回收率的提高，被產量下降和某些項目的生產結束部分抵消。

Lower complete vehicle assembly volumes.

降低整車組裝量。

The divestiture of a controlling interest in our metal farming operations in India, the impact of foreign exchange rates, and normal course customer price givebacks.

我們在印度的金屬農場業務的控股權的剝離、外匯匯率的影響以及正常的客戶價格回饋。

Adjusted EBIT was $689 million and adjusted EBIT margin was 6.5%, up 120 basis points from Q4 2023.

調整後的息稅前利潤為 6.89 億美元，調整後的息稅前利潤率為 6.5%，比 2023 年第四季上升 120 個基點。

The increased EBIT percentage in the quarter reflects a positive 60 basis points of net discrete items due to higher favorable commercial items partially offset by higher net warranty costs, higher restructuring costs not called out as unusual, and charges related to the insolvency of two Chinese OEMs.

本季息稅前利潤百分比的增加反映了淨獨立項目增加 60 個基點，這歸因於有利的商業項目增加，但被淨保固成本增加、未被稱為異常的重組成本增加以及與兩家中國 OEM 廠商破產相關的費用部分抵消。

A positive of 40 basis points related to higher equity income, mainly as a result of higher net favorable commercial items and a positive 15 basis points from operational items reflecting operational excellence activities of about 50 basis points largely offset by higher net input and lower tooling contribution.

40 個基點的正值與更高的股權收益有關，主要是由於淨有利商業項目增加，以及來自營運項目的正值 15 個基點，反映了約 50 個基點的卓越運營活動，但很大程度上被更高的淨投入和更低的工具貢獻所抵消。

Volume and other items which impact this by 5 basis points reflecting the impact of the UAW labor strike in the fourth quarter of 2023.

數量和其他項目對此產生了 5 個基點的影響，反映了 2023 年第四季 UAW 勞工罷工的影響。

Earnings on previously deferred engineering revenue and costs due to the cancellation of a complete vehicle contract and higher net transactional foreign exchange gains, all partially offset by reduced earnings on lower sales.

由於取消整車合約和更高的淨交易外匯收益而產生的先前遞延工程收入和成本的收益，全部被銷售額下降導致的收益減少部分抵消。

Turning to a review of our cash flows and investment activities.

回顧我們的現金流和投資活動。

In the fourth quarter of 2024, we generated $896 million in cash from operations before changes in working capital and over a $1 billion from working capital.

2024 年第四季度，我們在營運資本變動前從經營活動中產生了 8.96 億美元的現金，並從營運資本中產生了超過 10 億美元的現金。

Investment activities in the quarter included $709 million for fixed assets and a $207 million increase in investments and other assets in intangibles.

本季的投資活動包括固定資產投資 7.09 億美元，無形資產投資及其他資產增加 2.07 億美元。

Overall, we generate a free cash flow of $1.031 billion in Q4, compared to $472 million in the fourth quarter of 2023.

總體而言，我們在第四季度產生了 10.31 億美元的自由現金流，而 2023 年第四季為 4.72 億美元。

And we continue to return capital to shareholders, paying $133 million in dividends along with $202 million in share repurchases.

我們繼續向股東返還資本，支付 1.33 億美元的股息以及 2.02 億美元的股票回購。

Our balance sheet continues to be strong, with investment grade ratings from the major credit rating agencies.

我們的資產負債表繼續保持強勁，並獲得了主要信用評級機構的投資等級評級。

At the end of Q4, we had $4.5 billion in liquidity, including over $1.2 billion in cash.

截至第四季末，我們的流動資金為 45 億美元，其中包括超過 12 億美元的現金。

Currently, our adjusted debt to adjusted EBITDA ratio is 1.77, better than we had anticipated previously.

目前，我們的調整後負債與調整後 EBITDA 比率為 1.77，優於我們先前的預期。

Before reviewing -- during 2024, we delivered an adjusted EBIT margin within the range we provided at the start of the year, despite sales coming in meaningfully below our expected range.

在審查之前——在 2024 年，儘管銷售額遠低於我們的預期範圍，但我們實現了調整後的息稅前利潤率在年初提供的範圍內。

We responded to the lower sales with a number of actions, including negotiating commercial recoveries, accelerating operational excellence and restructuring activities and reducing capital spending.

我們採取了一系列措施來應對銷售額下降，包括協商商業復甦、加快卓越營運和重組活動以及減少資本支出。

As a result, we exceeded our range for 2024 free cash flow generation.

因此，我們超出了 2024 年自由現金流所產生的範圍。

We also delivered solid 2023 results relative to our initial expectations in early 2023, with sales, adjusted EBIT margin, adjusted net income, capital spending, and free cash flow all landing within or above our stated ranges.

相對於我們在 2023 年初的初步預期，我們也實現了穩健的 2023 年業績，銷售額、調整後的息稅前利潤率、調整後的淨收入、資本支出和自由現金流均達到或超過了我們規定的範圍。

Let me take you through the details of 2024 sales and a just an EBIT margin relative to the expectations we had to start the year.

讓我向您介紹 2024 年銷售詳情以及相對於我們年初預期的息稅前利潤率。

While global production came in slightly better than our expectations, production in both North America and Europe were down 1% and 3% respectively, netting to a 1% reduction in weighted production for Magna.

雖然全球產量略好於我們的預期，但北美和歐洲的產量分別下降了 1% 和 3%，導致麥格納的加權產量減少了 1%。

Notably, in North America, production by our Detroit-based customers declined 6% compared to what we expected in February 2024.

值得注意的是，在北美，我們位於底特律的客戶的產量與 2024 年 2 月的預期相比下降了 6%。

In addition, the bankruptcy of Fisker cost us about $400 million in sales relative to our expectations at the start of 2024.

此外，菲斯克的破產使我們的銷售額相對於我們在 2024 年初的預期損失了約 4 億美元。

These were the most significant elements that negatively impacted our results versus our initial outlook.

這些是對我們的業績和初步預期產生負面影響的最重要因素。

Items that impacted sales but had a limited impact on adjusted EBIT margin included updated information on the amount of directed content on the new Mercedes-Benz G-Class assembly programs which lowered sales significantly but had no impact to EBIT.

對銷售產生影響但對調整後息稅前利潤率影響有限的項目包括有關新款梅賽德斯 - 奔馳 G 級裝配項目定向內容數量的更新信息，這大幅降低了銷售，但對息稅前利潤沒有影響。

Modestly higher than expected complete vehicle sales, and a positive impact from foreign exchange translation.

整車銷售量略高於預期，且受到外匯折算的正面影響。

We set aside the negative impact of Fisker and the positive impact from Mercedes-Benz G-Class pricing as they are out of our control.

我們忽略了菲斯克的負面影響和賓士 G 級定價的正面影響，因為它們不在我們的控制範圍內。

Lower than expected vehicle production, particularly on EVs and lower equity income, also mainly EV related, collectively impacted adjusted EBIT margin versus our expectations by about 60 basis points.

汽車產量低於預期（尤其是電動車產量）以及股權收入下降（也主要與電動車有關），共同影響了調整後的息稅前利潤率（相對於我們的預期），降幅達約 60 個基點。

We were able to largely offset the impact of these through self-help activities, particularly commercial negotiations with our customers and operational initiatives.

我們能夠透過自助活動，特別是與客戶的商業談判和營運舉措，在很大程度上抵消這些影響。

Commercial negotiations were mainly but not exclusively associated with EV delays, cancellations, and lower volumes than previously communicated by OEMs.

商業談判主要（但並非完全）與電動車的延遲、取消以及原始設備製造商先前傳達的數量較低有關。

This performance should provide you with some confidence in our ability to execute and demonstrate our agility in the face of challenges and uncertainty in our industry.

這一表現應該會讓您對我們的執行能力和在面對行業挑戰和不確定性時展現的敏捷性充滿信心。

It should also help reinforce that we are more focused on yearly rather than quarterly performance.

這也有助於強調我們更專注於年度業績而不是季度業績。

Turning to our consolidated outlook.

轉向我們的綜合展望。

As always, our outlook reflects both tailwinds and headwinds relative to 2024.

像往常一樣，我們的展望反映了 2024 年的順風和逆風。

In terms of tailwinds, we expect further margin contribution from operational excellence activities, including from continuous improvement activities, optimizing current operations, and factory of the future initiatives.

在順風方面，我們預計卓越營運活動將進一步貢獻利潤，包括持續改善活動、優化當前營運和未來工廠計劃。

We took further restructuring actions in '24 that are expected to benefit the coming years.

我們在24年採取了進一步的重組措施，預計將使未來幾年受益。

We have in-sourced business from Tier 2 suppliers to optimize capacity as a result of lower production volumes, and we anticipate lower net engineering spend and a return to normal cadence of CapEx to sales, particularly as significant EV investments are behind us.

由於產量下降，我們從二級供應商引進了內部業務以優化產能，並且我們預計淨工程支出將下降，並且資本支出與銷售的比例將恢復正常，特別是因為我們已經完成了大量電動車投資。

In terms of headwinds included in our outlook.

就我們展望中所包含的逆風而言。

Macro challenges persist, including continued weak light vehicle production in our largest markets and a strong US dollar, which reduces our reported sales and earnings.

宏觀挑戰仍然存在，包括我們最大市場的輕型汽車產量持續疲軟以及美元走強，這降低了我們報告的銷售額和收益。

Although inflation is normalizing, we anticipate further net input cost increases, predominantly related to higher labor rates and long-term historical levels.

儘管通貨膨脹正在正常化，但我們預計淨投入成本將進一步增加，這主要與更高的勞動力率和長期歷史水準有關。

And given the significant pullback in EVs relative to previous OEM expectations, particularly in North America, we negotiated an unusually high level of commercial settlements in 2024, which helped mitigate the impact of EV volume shortfalls.

鑑於電動車銷量相對於先前的 OEM 預期大幅回落，尤其是在北美，我們在 2024 年達成了異常高的商業和解，這有助於減輕電動車銷量不足的影響。

We anticipate less volatility from OEM program recalibrations in 2025.

我們預計 2025 年 OEM 計劃重新校準的波動性會較小。

So while we expect to continue negotiations on commercial matters, we anticipate a lower level of net benefit from some -- such actions in both 2025 and 2026.

因此，雖然我們預計將繼續就商業問題進行談判​​，但我們預計 2025 年和 2026 年某些行動帶來的淨收益將較低。

In terms of key assumptions, our outlook reflects a 2% decline in weighted global vehicle production in 2025 and no growth over the 2024 to 2026 period, and we assume exchange rates in our outlook will approximate recent rates, reflecting a stronger US dollar year over year relative to our most important currencies.

在關鍵假設方面，我們的展望反映了 2025 年全球加權汽車產量將下降 2%，並且在 2024 年至 2026 年期間沒有增長，並且我們假設展望中的匯率將接近最近的匯率，反映出美元相對於我們最重要的貨幣逐年走強。

Note that given the current difficulty in determining the potential outcomes, we have not included any impacts of potential tariffs in this outlook.

請注意，鑑於目前確定潛在結果的難度，我們沒有在本展望中考慮任何潛在關稅的影響。

The industry has been experiencing in a high degree of volatility related to a number of factors including EV penetration rates, government policies, market share shifts, and the overall macro environment.

該行業一直經歷著與電動車普及率、政府政策、市場份額變化和整體宏觀環境等一系列因素相關的高度波動。

These have made forecasting more difficult than it has been in the past.

這些因素使得預測比過去更加困難。

So, today we disclosed our outlook for 2025 and also updated our 2026 outlook, since we had previously provided such detail.

因此，今天我們披露了 2025 年的展望，並更新了 2026 年的展望，因為我們之前已經提供了這樣的詳細資訊。

We expect organic sales growth over market, excluding complete vehicles to be somewhere between flat and 3% over our outlook period.

我們預計，在展望期內，不包括整車在內的市場有機銷售成長率將在持平至 3% 之間。

From 2024 to 2025, we expect a sales decline, largely reflecting the foreign translation impact of the stronger US dollar.

從 2024 年到 2025 年，我們預計銷售額將下降，這主要反映了美元走強對外幣翻譯的影響。

Lower light vehicle production in North America and Europe, and the end of production of JLR assembly programs in complete vehicles.

北美和歐洲輕型車產量下降，捷豹路虎整車組裝工程結束。

These are partially offset by the positive impact of new and replacement program launches.

這些影響被新計劃和替代計劃推出的正面影響部分抵消。

From 2025 to 2026, the most significant contributor to sales growth are the launch of new and replacement programs and modestly higher light vehicle production.

從 2025 年到 2026 年，銷售成長最重要的貢獻者是新車和替換計畫的推出以及輕型汽車產量的適度成長。

These are partially offset by lower sales in complete vehicles as a result of lower expected volumes on the BMW Z4 and the Toyota Supra.

由於BMW Z4 和Toyota Supra 預期銷量較低，導致整車銷量下降，但部分抵消了這一成長。

We expect consolidated margins in 2025 to be in the range of 5.3% to 5.8%.

我們預計 2025 年綜合利潤率將在 5.3% 至 5.8% 之間。

We anticipate a significant positive contribution from operational items, as well as benefits from reduced net engineering spend versus '24, as certain non-program related engineering is behind us.

我們預期營運項目將帶來顯著的正面貢獻，同時由於某些與專案無關的工程已經完成，與 24 年相比，淨工程支出減少也將帶來收益。

Offsetting these are lower expected sales due to lower volumes, partially offset by incremental earnings on new program launches, as well as lower anticipated net favorable commercial items partially offset by lower expected warranty costs.

抵銷這些影響的因素包括：由於銷售較低導致的預期銷售額下降，部分被新專案啟動帶來的增量收益所抵銷；以及預期淨有利商業項目的減少，部分被預期保固成本的降低所抵銷。

While we do not provide a quarterly outlook, similar to the last couple of years, we expect our 2025 earnings to be the lowest in the first quarter of 2025 and improve meaningfully in the second quarter.

雖然我們沒有提供季度展望，但與過去幾年類似，我們預計 2025 年的收益將在 2025 年第一季最低，並在第二季顯著改善。

In fact, Q1 2025 is expected to be lower than Q1 2024.

事實上，預計 2025 年第一季的業績將低於 2024 年第一季。

We currently expect EBIT in the first half of '25 to represent roughly 40% of the total year amount, which is more pronounced than we saw in '23 and '24.

我們目前預計 25 年上半年的息稅前利潤將佔全年總額的約 40%，這比 23 年和 24 年的幅度更為明顯。

Remember, this cadence of stronger second half is what we experienced over the last couple of years, and we met or exceeded our initial EBIT margin range over both of those years.

請記住，我們在過去幾年中經歷過這種下半年更強勁的節奏，並且在這兩年我們都達到或超過了我們最初的息稅前利潤率範圍。

We expect a step up in margins to the 6.5% to 7.2% range from 2025 to 2026.

我們預計利潤率將在 2025 年至 2026 年間上升至 6.5% 至 7.2% 之間。

This is largely driven by contribution on higher expected sales, including as a result of new launches.

這主要是由於預期銷售額增加（包括新產品的推出）所帶來的貢獻。

The further positive contribution from operational items, including operational excellence activities, efficiency improvements, and the benefit of restructuring actions partially offset by higher labor costs and a further reduction in net engineering spend.

營運專案的進一步積極貢獻，包括卓越營運活動、效率改善和重組行動的好處，部分被更高的勞動力成本和淨工程支出的進一步減少所抵消。

We expect these to be partially offset by lower anticipated net favorable commercial items.

我們預計這些影響將被預期較低的淨有利商業項目部分抵銷。

Many of the factors that are impacting consolidated sales and margins out to 2026 are also impacting our segments.

影響 2026 年綜合銷售額和利潤率的許多因素也會影響我們的部門。

In the interest of time, we will not run through the segment detail.

由於時間原因，我們不會詳細介紹該部分。

However, we are happy to discuss any questions on them.

不過，我們很樂意討論有關它們的任何問題。

Another way we look at our business is to distinguish our automotive parts and systems segments, namely BES, T&B, and seating from our complete vehicle segment, including engineering, which has a different business model and a sales and margin profile.

我們看待業務的另一種方式是將汽車零件和系統部門（即BES、T&B和座椅）與整車部門（包括工程）區分開來，因為整車部門具有不同的商業模式以及銷售和利潤狀況。

We expect the adjusted EBIT margin of Magna, excluding complete vehicles to grow from about high fives last year to approximately seven plus by 2026.

我們預計，到 2026 年，麥格納調整後的息稅前利潤率（不包括整車）將從去年的 5% 左右增長到 7% 以上。

Now I'll pass it back to Swamy, to cover our business strategy.

現在我將話題交還給斯瓦米，來介紹我們的業務策略。

Thanks, Pat.

謝謝，帕特。

Before I summarize the outlook for '25 and '26 that Pat just walked through, I would like to highlight the guiding principles that have been the cornerstone of Magna for many years.

在總結帕特剛剛講述的2025年和2026年的展望之前，我想強調一下多年來一直是麥格納基石的指導原則。

We have a long-term ownership mentality that starts with the culture of accountability and alignment of interests at all levels of the company.

我們擁有長期所有權心態，這始於公司各層面的責任文化和利益一致性。

We manage our portfolio under a set of criteria and dispassionately assess our product lines in terms of the markets, market positions, and returns.

我們根據一套標準管理我們的投資組合，並根據市場、市場地位和回報冷靜地評估我們的產品線。

We maintain a strong balance sheet to have the financial flexibility to manage through the cyclicality of our industry, and our capital allocation strategy entails a long-term balance of investing for profitable growth together with returning capital to shareholders.

我們保持強勁的資產負債表，從而擁有財務靈活性來應對行業的周期性，我們的資本配置策略包括長期平衡投資以實現盈利增長與向股東返還資本。

Regardless of where we are in the cycle or challenges we are facing, the overarching principles govern the way we manage Magna for long-term success.

無論我們處於週期的哪個階段，無論面臨什麼樣的挑戰，整體原則都指導著我們管理麥格納長期成功的方式。

Over the past 14 years, of the $47 billion that we've both invested in our business and returned to shareholders, about $30 billion or 65% of that was invested to support our continued growth in EBITDA.

在過去 14 年裡，我們在業務上投資並返還給股東的 470 億美元中，約有 300 億美元（65%）用於支持我們 EBITDA 的持續成長。

Over that period, our capital spending profile has oscillated around the low to mid 4% range.

在此期間，我們的資本支出狀況一直在 4% 左右的低點至中位數區間波動。

While there are some periods of higher investment, we typically normalize within two to three years.

雖然有投資較高的時期，但我們通常會在兩到三年內正常化。

Following a recent period of elevated investment, particularly for battery enclosure assembly capacity to support future EBITDA growth through the ongoing transition of EVs, we are seeing capital spending and CapEx to sales levels normalized.

經過最近一段時間的投資增加，特別是對電池外殼組裝能力的投資，以支持透過電動車的持續轉型實現未來的 EBITDA 成長，我們看到資本支出和資本支出與銷售水平已正常化。

For 2025, we expect capital spending to be approximately $1.8 billion and CapEx as a percent of sales to continue to decline to mid-4% and for 2026 to be in the low to mid 4% range, directionally in line with what we have been indicating over the past couple of years.

我們預計 2025 年的資本支出約為 18 億美元，資本支出佔銷售額的百分比將繼續下降至 4% 中段，而 2026 年的資本支出將處於 4% 的低段至中段範圍內，方向與我們過去幾年的預測一致。

Over the same 14-year period, they have returned about 35% or over $16 billion to shareholders in the form of dividends and share repurchases.

在同一 14 年期間，他們以股息和股票回購的形式向股東返還了約 35% 或超過 160 億美元。

Our fourth quarter dividend has risen for 15 consecutive years, including today's quarterly dividend increase to $48.05 per share.

我們的第四季股息已連續 15 年上漲，包括今天的季度股息上漲至每股 48.05 美元。

Over that time, using our excess liquidity, we have also repurchased almost $11 billion of our shares.

在此期間，我們也利用過剩的流動資金回購了價值近 110 億美元的股票。

Looking forward with the normalization of our capital profile and a leverage coming within our target ratio, we expect to increase capital returns through share repurchases.

展望未來，隨著我們的資本狀況正常化和槓桿率達到目標比率，我們期望透過股票回購來增加資本回報。

Ultimately, we are driving our business to generate long term free cash flow for share growth.

最終，我們正在推動我們的業務產生長期自由現金流，以實現股份成長。

This allows us to continue to reinvest in the business and increase return of capital to shareholders.

這使我們能夠繼續對業務進行再投資並增加股東的資本回報。

In the last few years, through a combination of industry challenges, including weak historical vehicle production levels in key markets, together with an elevated investment cycle to support the ongoing transition to EVs has impacted free cash flow.

在過去幾年中，由於該行業面臨的一系列挑戰，包括主要市場歷史汽車產量疲軟，以及為支持向電動汽車的持續轉型而延長的投資週期，對自由現金流產生了影響。

However, with recent investments, we are well positioned for an EV transition.

然而，透過最近的投資，我們已為電動車轉型做好了準備。

Our focus on continuous improvement, restructuring, commercial recoveries, and other operational excellence activities, our cost structure is well aligned to the current vehicle production environment.

我們專注於持續改善、重組、商業復甦和其他卓越營運活動，我們的成本結構與當前的汽車生產環境保持一致。

As a result, we expect to generate about $3.5 billion in free cash flow over the 2024 to 2026 period.

因此，我們預計 2024 年至 2026 年期間將產生約 35 億美元的自由現金流。

Leaving share buybacks aside, this represents strong free cash flow per share.

撇開股票回購不談，這代表著每股強勁的自由現金流。

However, we are planning to continue share repurchases with excess liquidity, which would further drive free cash flow per share.

然而，我們計劃繼續回購擁有過剩流動性的股票，這將進一步推動每股自由現金流。

Now, let me summarize our outlook.

現在，讓我總結一下我們的展望。

Consolidated sales are expected to decline in 2025, reflecting FX headwinds, end of production of Jaguar programs in complete vehicles, lower industry vehicle production, and negative program mix.

預計 2025 年綜合銷售額將下降，反映出外匯逆風、捷豹整車生產專案的結束、產業汽車產量下降以及負面的專案組合。

However, we expect a rebound in sales growth in 2026 based on modestly improved vehicle production and the launch of new programs.

不過，我們預計，基於汽車產量的適度成長和新項目的推出，2026 年銷售成長將出現反彈。

We expect EBIT margin to expand to the 6.5% to 7.2% range by 2026, largely driven by continued operational excellence activities and lowering engineering spend and despite very modest production environment.

我們預計，到 2026 年，息稅前利潤率將擴大至 6.5% 至 7.2% 之間，這主要得益於持續的卓越營運活動和降低工程支出，儘管生產環境非常溫和。

Capital spending is normalizing and CapEx access to sales should be mid 4% in 2025 and low to mid 4% next year.

資本支出正在正常化，到 2025 年，資本支出佔銷售額的比率應該達到 4% 中段，明年將達到 4% 的低段至中段。

And we expect another year of strong free cash flow generation in 2025 and further free cash flow growth in '26 to about $1.5 billion.

我們預計 2025 年將再次出現強勁的自由現金流，2026 年自由現金流將進一步成長至約 15 億美元。

In summary, we ended the year with a strong Q4 result, including over $1 billion in free cash flow, despite continued industry challenges.

總而言之，儘管行業挑戰持續存在，但我們以強勁的第四季度業績結束了這一財年，其中包括超過 10 億美元的自由現金流。

Operational excellence activities remain an important driver of 2024 margin performance, and we expect continued strong contributions in both '25 and '26.

卓越營運活動仍是 2024 年利潤表現的重要驅動力，我們預計 2025 年和 2026 年將繼續保持強勁貢獻。

We increased our dividend for the 15 consecutive year and expect continued purchases during 2025.

我們連續 15 年增加股息，並預計在 2025 年將繼續購買。

And they have a solid two year outlook including strong margin expansion and free cash flow generation over that period.

他們對未來兩年的前景看好，包括利潤率的強勁成長和自由現金流的產生。

We remain confident in executing our plan and continuing to drive free cash flow for share growth going forward.

我們仍然有信心執行我們的計劃，並繼續推動自由現金流以實現未來的股價成長。

Thanks for your attention, and we'll be happy to take your questions now.

感謝您的關注，我們很樂意現在回答您的問題。

(Operator Instructions)

（操作員指令）

Tamy Chen, BMO Capital Markets.

Tamy Chen，BMO 資本市場。

Hi, good morning.

嗨，早安。

Thanks for the question here.

感謝您在此提問。

I wanted to start with the controllable that, you're doing in the face of all this uncertainty.

我想從你面對所有這些不確定性時所做的事情開始。

So I see you've talked about still expecting fairly sizable benefits this year to margins from your cost reduction plans, restructuring.

所以我看到您談到了今年您仍然期望從成本削減計劃和重組中獲得相當大的利潤收益。

I think also some rolling on of better contrast that you've negotiated, but I see the lower end of your guidance this year has your margin down.

我認為，您協商後的對比也會更好，但我認為，今年您的預期下限已經降低了您的利潤率。

So I just wanted to understand that better.

所以我只是想更好地理解這一點。

I mean, what are the assumptions for that low end that would essentially fully offset your controllable.

我的意思是，對於那個低端的假設是什麼，基本上可以完全抵消你的可控性。

Good morning, Tamy.

早上好，塔米。

I think you remember we discussed about a 150 basis points from '23 to '25 approximately. 110 basis points is behind us and we're on track for the remaining 40 basis points or '25.

我想您還記得，我們​​討論過從 23 年到 25 年大約 150 個基點。 110 個基點已經過去，我們正朝著剩下的 40 個基點或 25 個基點邁進。

But in addition, we are looking at '26 and this year for about 35 basis points.

但此外，我們預計26年和今年的利率將達到約35個基點。

So to sum it up, another 75 basis points between '25 and '26.

總而言之，25 年和 26 年之間又增加了 75 個基點。

If you look at the last year, we were down in sales from the outlook by approximately $2 billion.

如果回顧去年，我們的銷售額比預期下降了約 20 億美元。

And our EBIT was down by about $200 million given some percentage.

我們的息稅前利潤以一定比例下降了約 2 億美元。

So you can see that, structurally, we have made a lot of changes to different activities inside our company, obviously, from an overall discipline, you've seen the capital lower, we've seen the engineering spend lower.

所以你可以看到，從結構上講，我們對公司內部的不同活動做出了很多改變，顯然，從整體上看，你會看到資本降低了，工程支出降低了。

We have done about 40 plants in terms of restructuring, consolidation or closure.

我們已經對大約 40 家工廠進行了重組、合併或關閉。

We've also taken up a lot of, we call it operational excellence or factory of the future.

我們也採取了許多措施，我們稱之為卓越營運或未來工廠。

We had over 300 implementation, a lot of devices connected, which is giving operational visibility, I would say, a lot of focus on automated material movements, smart automation, which is starting to yield results.

我們有超過 300 個實施項目，很多設備都連接起來了，這提供了操作可見性，我想說，我們非常關注自動化物料運輸、智慧自動化，這些項目已經開始取得成果。

We have seen that.

我們已經看到了這一點。

And, we see a lot of traction and a good path going forward.

而且，我們看到了很多進展和良好的前進道路。

In addition to that, in terms of commercial recoveries, tough discussions, but in terms of where there were program cancellations, volume reductions.

除此之外，在商業復甦方面，討論很艱難，但就項目取消、數量減少而言。

We had a good success in 2024.

2024年，我們取得了巨大的成功。

We've had conversations with the OEMs.

我們已經與 OEM 進行了對話。

So that's what gave us the confidence to structurally reduce the decremental, and we saw that results in '24 and that's the tailwind going into '25.

所以這給了我們從結構上減少遞減量的信心，我們在 24 年看到了這個結果，這對 25 年來說是一個順風。

Even in '25, when we say the revenue is down, predominantly $2 billion of that is foreign exchange related and, the end of JLR programs with minimal impact on margins, right?

即使在 25 年，當我們說收入下降時，其中主要是 20 億美元與外匯有關，而 JLR 計劃的結束對利潤率的影響微乎其微，對嗎？

And the remaining $1 billion, I would say is if you look at the North American production, we are saying it's down by about 2.5%, but the Detroit 3 and the German 3 customers are down 4% and 7% respectively.

剩下的 10 億美元，我想說，如果看一下北美產量，我們會說它下降了約 2.5%，但底特律 3 家和德國 3 家客戶分別下降了 4% 和 7%。

So that makes of our customers and some program makes.

這就為我們的客戶和一些程序做出了貢獻。

And, we have to look at the uncertainty that's in the market right now.

而且，我們必須關注當前市場存在的不確定性。

We feel pretty confident with what we are showing is an outlook for '25, but more importantly, taking that into '26.

我們對所展示的25年前景非常有信心，但更重要的是，將其帶入26年。

Got it.

知道了。

And my follow-up is, well, on '26 you've got some good revenue growth and pretty sizable margin expansion.

我的後續問題是，26 年你們的營收取得了不錯的成長，利潤率也相當可觀。

I'm just wondering, what gives you the confidence to assume that, given just how uncertain involved, how everything is this year, I mean, could things materially improve that much already to next year, and I noticed in particular the power and vision margin is quite an expansion.

我只是想知道，是什麼讓您有信心假設，考慮到所涉及的不確定性，今年的一切如何，我的意思是，到明年情況是否會有實質性的改善，我特別注意到，功率和視覺裕度有相當大的擴大。

And I think as we've seen with the power and vision margin, even this year's expectation, if we were to rewind a year or two ago for what could have happened this year, I think your guidance now for P&V margin this year might have been a bit lower than what was expected, a couple of years back.

我認為，正如我們所看到的，從功率和視覺利潤率來看，甚至是今年的預期，如果我們回顧一兩年前今年可能發生的情況，我認為你現在對今年的 P&V 利潤率的指導可能會比幾年前的預期要低一些。

So I think if you can just give a bit more color as to the confidence you feel that now in '26, we're really going to see that P&V margin in particular expand.

因此，我認為，如果您可以更詳細地說明您現在對 26 年的信心，我們確實會看到 P&V 利潤率特別擴大。

Thank you.

謝謝。

Thanks, Tamy.

謝謝，塔米。

I'll give some points and Pat, maybe you can jump in.

我會給出一些觀點，帕特，也許你可以加入。

When we look at 2026, the volume assumptions that we're making, are pretty modest increase from '25 to '26, right?

當我們展望2026年時，我們所做的數量假設是從25年到26年會有相當適度的成長，對嗎？

And maybe a little bit, and all the cost for us are, internal developed through looking at, specific programs and customer releases, inventories, run rates.

可能有一點點，我們所有的成本都是透過查看特定程式和客戶發布、庫存、運行率在內部開發的。

Yeah, there is a little bit you have to predict going into '26.

是的，你必須對 26 年的情況做出一些預測。

But we feel it's pretty modest as we see in the current conditions.

但就目前情況而言，我們認為這一幅度相當小。

You talked specifically about P&V.

您特別談到了 P&V。

I think we, if you look at the program mix and the launches that are coming in, some of the programs, with the core spending in terms of engineering behind us.

我認為，如果你看一下項目組合和即將啟動的項目，你會發現其中一些項目的核心工程支出已經到位。

We feel pretty confident even looking at the run rate that we saw this year.

即使從今年的運行率來看，我們仍然非常有信心。

Pat, anything?

帕特，有什麼事嗎？

Yeah, I think, Tamy, when I think of the change from '25 to '26, similar to '24 to '25, so from '24 to '25, we have -- and I'm talking just Magna broadly and I'll get to P&V in a second, but broadly our sales at the midpoint are going to be down about $3 billion, and as Swamy said, $2 billion of that is basically margin neutrals, that's going to be a positive impact on margin percent.

是的，Tamy，我認為從25年到26年的變化與24年到25年的變化類似，所以從24年到25年，我們——我只是在廣泛地談論麥格納，我稍後會談到P&V，但總的來說，我們的中期銷售額將下降約30億美元，正如Swamy所說的，其中20億美元基本上是利潤率的積極影響。

(technical difficulty) it flips on its head, and you look at P&V specifically to your question on the midpoint we're expecting sales to be up about $1.5 billion and that's going to flow through at historical incrementals, and then on top of it, we should continue to see benefits of the operational improvements that Swamy mentioned.

(技術難度) 它顛倒了，你具體看一下 P&V，對於你關於中間點的問題，我們預計銷售額將增長約 15 億美元，這將以歷史增量流動，然後最重要的是，我們應該繼續看到 Swamy 提到的運營改進帶來的好處。

Thanks.

謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹‧利維 (Dan Levy)。

Hi, thank you for taking questions.

你好，感謝您回答問題。

I think you may have just touched on it.

我想你可能剛剛提到了這一點。

But the outlook from '24 to '25 for Power sales that's down, almost a $1 billion.

但從24年到25年，電力銷售額預計將下降近10億美元。

Can you just double click on what's going on there and maybe decompose.

你能雙擊那裡發生的事情並分解嗎？

Are we seeing any, improvements in sort of the core mega trend areas whether it's ADAS with Veoneer or any of the hybrid opportunities there.

我們是否看到核心大趨勢領域有任何改善，無論是 Veoneer 的 ADAS 還是其中的任何混合機會。

Good morning, Dan.

早上好，丹。

I think one of the key things, from a P&V perspective, especially powertrain.

我認為，從 P&V 的角度來看，關鍵因素之一是動力系統。

There's a larger exposure in Europe.

歐洲的風險敞口較大。

So if you look at going back to the FX that the dollar tuning against the euro, that's almost like $460 million to $500 million impact there of the $1 billion.

因此，如果您回顧美元兌歐元匯率的調整，這幾乎相當於 10 億美元中 4.6 億至 5 億美元的影響。

I would say we talked about ADAS being softer in China.

我想說的是，我們討論過在中國 ADAS 會更軟化。

We talked about it in the last few calls.

我們在最近的幾次通話中討論過這個問題。

OEMs looking at architectural decisions and pushing out some of the call it the cues of the awards.

原始設備製造商 (OEM) 正在研究架構決策並推出一些稱為獎項的線索。

We see a little bit of softness there.

我們看到那裡有一點點柔軟。

The dichotomy of architectural discussions with differentiation between how China is looking at it versus the Western OEMs.

關於架構討論的分歧在於中國與西方原始設備製造商對此的看法不同。

We are a little bit cautious on looking at programs in terms of the spending platforms there.

我們在審視那裡的支出平台項目時持有點謹慎的態度。

I would say those are the key things, for the $1 billion drops in revenues and the LTAs, right, which come into play, which is normal cadences, I would say for the industry.

我想說這些是關鍵因素，對於 10 億美元的收入和長期協議來說，這些都發揮了作用，我認為這對行業來說是正常的節奏。

Okay, great, thank you.

好的，太好了，謝謝。

And then as a follow up, wanted to just unpack the free cash flow improvement.

然後作為後續行動，我們只想解開自由現金流改善的謎團。

Maybe you could just talk about working capital dynamics and, beyond, it seems like the rest of it is coming from EBIT, but maybe you can just talk about, the CapEx as well, just the broader line of sight that you have into free cash flow improving into 2026 and maintaining pretty flattish in '25.

也許您可以只談論營運資本動態，除此之外，似乎其餘部分都來自息稅前利潤，但也許您也可以談談資本支出，只是您對自由現金流的更廣泛看法，即到 2026 年自由現金流將會改善，而在 25 年則將保持相當平穩。

Okay.

好的。

I'll talk about CapEx just briefly at a high level and Pat will give a little bit more detail.

我將簡要地從高層次談論資本支出，然後 Pat 將提供更詳細的資訊。

If you just look at CapEx spend the peak really about a $1 billion approximately, I would say in the last three years was for the BES segment for battery enclosures.

如果你只看資本支出，那麼高峰實際上大約為 10 億美元，我想說在過去三年中，這些資金用於 BES 部分的電池外殼。

So if you take that off, I would say the curve looks pretty normalized.

因此，如果你把它去掉，我會說曲線看起來相當正常。

Okay, put that behind us.

好吧，那件事我們先拋在腦後吧。

So we're talking about the $1.8 billion range in CapEx this year, and indicating that, below 4% of sales next year.

因此，我們討論的是今年的資本支出在 18 億美元左右，並表明明年的銷售額將低於 4%。

So that is a significant piece going to the free cash flow.

所以這是自由現金流的重要組成部分。

The second part of it is the engineering spend, we typically we talked about $1.2 billion gross spend, right?

第二部分是工程支出，我們通常談論的是 12 億美元的總支出，對嗎？

And that is down roughly about $100 million in '24, so it ended up at about 1.1 plus or minus 10.

這比 1924 年下降了約 1 億美元，因此最終值約為 1.1 正負 10。

And then we are talking about a $200 million or so reduction further this year, and that cadence continues into '26.

然後我們談論的是今年將進一步削減 2 億美元左右，而且這種節奏將持續到 26 年。

So in Chinese spend, capital reduction, or I would say not capital reduction, it's capital normalization for our business.

因此，在中國的支出中，資本減少，或者我想說的不是資本減少，而是我們業務的資本正常化。

That all adding obviously in addition to the EBIT growth, right.

這一切顯然都會增加息稅前利潤的成長，對吧。

And Pat may be you

Pat 可能就是你

--

--

And I think the only thing I'd ask you asked about the working capital, so there was a bit of a pull ahead on working capital and from '25 to 20 -- sorry '25 to '24, so we did outperform on the working capital line in Q4, and it's really a reflection of the strong performance of our commercial teams that we talk a lot about these commercial recoveries, but turning them into cash so quickly benefited us, and then as we move into '25, what you notice is we so I was also talking about these restructurings and some of the curls have been made this year and the cash will start flowing out the door in '25 through into '26, so that'll be a headwind into '25, '26.

我想我唯一想問的就是關於營運資本的問題，所以營運資本方面有一些提前，從2025年到20年——抱歉，是2025年到2024年，所以我們在第四季度的營運資本方面確實表現出色，這實際上反映了我們商業團隊的強勁表現，我們在談論這些商業復蘇的事情，但在談論它們時，所以我們將受益於這些提高時今年已經做出了一些調整，現金將在2025年到2026年開始流出，所以這將成為2025年和2026年的阻力。

Okay, thank you.

好的，謝謝。

Chris McNally, Evercore ISI.

克里斯·麥克納利（Chris McNally），Evercore ISI。

Thanks so much team.

非常感謝團隊。

Just wanted to dig into for me to some of the comments you made, over the last two questions, but it seems like of that $1 billion, the majority is your customer mix actually being down, I think you said D3 4%, G3 7%.

我只是想深入了解您在前兩個問題中提出的一些評論，但似乎在那 10 億美元中，大部分是您的客戶組合實際上下降了，我記得您說的是 D3 4%，G3 7%。

I mean, the two of them combined are like 75% of your revenue.

我的意思是，他們兩個加起來佔你收入的 75%。

It seems like your customers are down in that 5% plus, the ADAS, you mentioned on top, these are some of your most profitable programs, particularly the trucks.

看起來您的客戶下降了 5%，而您上面提到的 ADAS 是您最賺錢的項目之一，尤其是卡車。

Is that the best way to phrase the sort of the revenue miss and you get some of that back in '26.

這是收入損失最好的表述方式嗎？

All right.

好的。

Short answer, yes.

簡短的回答是，是的。

That's right.

這是正確的。

I think you summarized it pretty well.

我認為你總結得很好。

Large part or significant part of our revenue comes from the D3 and G3 and we see, as I said, the disproportionate production compared to the overall North America and that's having an impact.

我們大部分或相當一部分的收入來自 D3 和 G3，正如我所說，我們看到與整個北美相比產量不成比例，這正在產生影響。

But -- and that's where we continued part of it EVs, in the mix volume reduction and that's where the commercial discussions come into play.

但是 - 這就是我們繼續生產部分電動車、減少混合量的地方，也是商業討論發揮作用的地方。

But we also continue to look at, Chris, how do we get some of the work.

但是我們也在繼續研究，克里斯，我們如何完成一些工作。

We did a lot of insourcing as we flex our capacity of EVs were changing, working with customers, and that's what really showed up in terms of the margin expansion of keeping the margin despite that revenue drop in '24 and continuing into '25.

隨著我們電動車產能的不斷變化，我們與客戶進行了大量的內部採購，這確實體現在利潤率的擴大上，儘管24年收入下降並持續到25年，但我們仍保持了利潤率。

Yeah.

是的。

It's super powerful and I think that leads to the margin question in '26, and we're, trying to see how realistic sort of 120 basis points , 140 basis points year over year.

它非常強大，我認為這導致了'26年的利潤問題，我們試圖看到每年120個基點，140個基點的現實情況。

It's like almost 30% incrementals would be some of that is because those topfull programs come back.

幾乎 30% 的增量可能是因為那些 topfull 程式的迴歸。

But one of the ones, the segments I wanted to dive into was for body, you're talking about an 8% to 8.7% margin.

但我想要深入研究的其中一個部分是身體部分，你談論的是 8％ 到 8.7％ 的利潤率。

I mean, essentially the highest margin you would ever have.

我的意思是，這基本上是你所能獲得的最高利潤。

Could you walk us through that, that you already gave the power and vision comments.

您能否向我們介紹一下，您已經給了關於權力和願景的評論。

Thanks so much.

非常感謝。

Good morning, Dan.

早上好，丹。

So I -- so at the midpoint, yeah, so we're in the range of about 8.5% at the midpoint.

所以我—中間點是的，所以我們的中間點範圍大約在 8.5% 左右。

So when you look at the delta, really it's being driven almost entirely by a sales increase.

因此，當你查看增量時，實際上它幾乎完全是由銷售額的成長所推動的。

So our sales are increasing about $1.3 billion, and just on the sales piece that incrementals, you work through the math, it's in the range of the low 20s, which we would have seen historically, but you have to remember what we're seeing as well is the continuous improvements that with all the blocking and tackling at the divisions, all the corporate initiatives, and just driving it, whether it's purchasing or factory the future, that's adding to it as well.

因此，我們的銷售額增加了約 13 億美元，而且僅在銷售額增量方面，你通過數學計算，你會發現它在 20% 的出頭的範圍內，這是我們在歷史上見過的，但你必須記住，我們也看到了持續的改進，隨著各個部門的阻礙和解決，所有的企業計劃，以及它，無論是採購還是工廠的未來，這些都在工廠增加它。

But the reality is, if the sales come, we're going to execute against those sales, that's the biggest driver of the margin.

但事實是，如果有銷售，我們就會針對這些銷售來執行，這是利潤的最大驅動力。

Excellent.

出色的。

Thanks so much, team.

非常感謝，團隊。

Joe Spak, UBS Securities.

瑞銀證券的喬‧斯帕克 (Joe Spak)

Thank you.

謝謝。

Pat, maybe just two quick housekeeping ones and then I have a bigger picture question for Swamy.

派特，也許我只想問兩個簡單的基本問題，然後我有一個更大的問題要問斯瓦米。

But on the '25 free cash flow, I just want to make sure I have the pieces here, right?

但是對於 25 自由現金流，我只是想確保我這裡有所有信息，對嗎？

Because the EBIT down about $200 million year-every-year, sort of in line with, I guess what you're guiding free cash flow down at the midpoint.

因為息稅前利潤每年下降約 2 億美元，我想這與你指導的中間點自由現金流下降趨勢是一致的。

CapEx is down more, so that the delta is some of the cash restructuring you mentioned and working or is that how we should think about it?

資本支出下降得更多，因此增量就是您提到的一些現金重組和運作，還是我們應該這樣考慮？

Exactly, and I think the other delta is we do have an increase in depreciation, so we're guiding at the EBIT level, so there is a depreciation increase as well.

確實如此，我認為另一個變化是折舊確實增加了，因此我們是按照息稅前利潤 (EBIT) 水平進行指導，因此折舊也會增加。

So for EBITDA, deterioration is not as high as EBIT.

因此，對於 EBITDA 而言，惡化程度並不像 EBIT 那麼高。

But those are the three

但這是三個

--

--

Others -- all right, the other just quick housekeeping one, I know you mentioned nothing on tariffs, does that include some of the potential tariffs on metals like steel, and can you just remind us your exposure there?

其他——好的，另一個只是快速的常規問題，我知道您沒有提到關稅，這是否包括對鋼鐵等金屬的一些潛在關稅，您能否提醒我們您在那裡的風險敞口？

We have no our guidance that we're giving this morning has no reflection of contemplated tariffs whatsoever.

我們今天早上給出的指導根本沒有反映出任何預期的關稅。

As far as the steel and aluminum, to be honest with you, Joe, it's hard to figure out what they're even going to apply it to at this point.

至於鋼鐵和鋁，老實說，喬，目前很難弄清楚他們甚至要將其應用於什麼。

So, I think I'm going to give you an answer you don't want to hear we're going to have to wait and see how this plays out.

所以，我想我會給你一個你不想聽到的答案，我們將不得不拭目以待事情將如何發展。

And Joe, I think we have the team in place right that, that is working through every detail, and this is the same team I should say that has gone through a similar exercise in 2017, 18.

喬，我認為我們已經組建了團隊，正在處理每一個細節，應該說，這個團隊在 2017 年和 2018 年也經歷過類似的演習。

So the playbook is in place, but until there's more details of how this is going to be implemented, we cannot act on it, but you're right.

因此劇本已經準備好了，但直到有關於如何實施方案的更多細節之前，我們無法採取行動，但你是對的。

Okay.

好的。

And then Swamy, just, as I review the guiding principles you laid out and in particular the pillars of portfolio management and capital allocation, you mentioned targeting these growth markets and but also, you mentioned exiting business that don't align and I guess I'm just curious given all the volatility and the dynamic nature of this industry that we're going through right now.

然後斯瓦米，當我回顧您列出的指導原則，特別是投資組合管理和資本配置的支柱時，您提到瞄準這些增長市場，但同時，您提到退出不一致的業務，考慮到我們現在正在經歷的這個行業的所有波動性和動態性質，我想我只是好奇。

Do you see yourself more as a buyer or a seller of assets?

您認為自己是資產的買方還是賣方？

And when you broadly talk about exiting a business that don't align with the portfolio criteria, is that purely from a product perspective, or are you also considering, some of the customer exposure because, the Chris's question earlier.

當您廣泛談論退出不符合投資組合標準的業務時，這純粹是從產品角度考慮，還是也考慮到一些客戶曝光，因為克里斯之前提出了這個問題。

You're pretty overweight, some customers, and I'm wondering whether you'd consider exiting some businesses that might allow you to redeploy capital with other customers that might potentially be, faster growing customers.

您的一些客戶相當超重，我想知道您是否會考慮退出一些業務，這樣您就可以將資本重新部署到其他可能成長更快的客戶身上。

Joe, it's a broad question.

喬，這是一個很廣泛的問題。

I'll try to parse it into pieces.

我將嘗試將其分解成幾個部分。

The first part, I think when we say growth, what we mean by that is, whatever the product we have, we should have a relevant market position, like, whether you look at our Cosmo or exteriors or, any of these core businesses, we really have a great position in the market and call it capability and technology that is wanted by the customers and see that in terms of wins and so on.

第一部分，我認為當我們說成長時，我們的意思是，無論我們擁有什麼產品，我們都應該擁有相關的市場地位，例如，無論您看我們的Cosmo還是外觀，或者任何這些核心業務，我們確實在市場上佔據著重要的地位，並稱之為客戶想要的能力和技術，並從勝利等方面來看待這一點。

So the relevance of the market not being fragmented, having stable profit pools, I would say is the important thing there.

因此，我認為，市場不分散、擁有穩定的利潤池才是最重要的。

So that's one piece.

這就是其中一件。

Your second part of the question, if you just look back in the history of Magna, over the period that I was showing data for the last 14 years, we have spent roughly $20 billion in investments to grow our business, and about net of diversity $2 billion in M&A, right.

問題的第二部分是，如果回顧麥格納的歷史，在我展示的過去 14 年的數據期間，我們已經花費了大約 200 億美元的投資來發展我們的業務，而除去多元化投資，我們在併購方面的淨支出約為 20 億美元，對吧。

So kind of should give you a viewpoint there.

所以應該給你一個觀點。

So I've said this in the past and I'm going to repeat, we did the [VNL] acquisition, we're digesting, we feel pretty comfortable with what we have.

我過去就說過，現在我再重複一遍，我們完成了 [VNL] 收購，我們正在消化，我們對現有的資產感到非常滿意。

So I would say except for any small tokens that would make sense, we are really focused on everything we just talked about, right?

所以我想說，除了任何有意義的小象徵之外，我們真的專注於我們剛才談到的一切，對嗎？

We're looking at every penny, every dime, a lot of focus on taking our manufacturing expertise to the next level, some of the initiatives that I talked about, and we have started seeing that and we see a lot more potentially going forward.

我們精打細算，將每一分錢都花在專注於將我們的製造專業知識提升到一個新的水平，以及我所談到的一些舉措，我們已經開始看到這一點，並且我們看到了未來的更多潛力。

But we're not taking divestitures off the table, right?

但我們不會放棄剝離資產，對嗎？

We have done interiors, which we felt was fragmented.

我們已經完成了室內設計，但我們感覺室內設計比較零散。

We did FP&C.

我們做了FP＆C。

So we continue to look at that.

因此我們繼續關注這個問題。

So more importantly, divestitures are not off the table.

因此，更重要的是，資產剝離並非不可能。

In terms of the customer mix, I think we have been able to consistently grow the CPV, but we look at that more importantly in China, markets growing at roughly 5%, I would say, Louis, and we've been growing at 15%.

就客戶結構而言，我認為我們能夠持續成長 CPV，但我們更重視中國市場，我想說，中國的市場成長率約為 5%，而我們的成長率為 15%。

Also there, we see a mixed change, right?

另外，我們看到了混合變化，對嗎？

When we started kind of material growth in China 15 years ago, it was primarily focused on international audience.

當我們15年前開始在中國實現物質成長時，主要關注的是國際觀眾。

But now as we stand today, 60% of our business in China is with the COEMs, a handful, right, really, five, six OEMs.

但就目前情況而言，我們在中國 60% 的業務是與 COEM 進行的，也就是少數幾個，對吧，實際上是五、六家 OEM。

And that is, even if you consider a tire, it might be even 60 range.

也就是說，即使你考慮輪胎，它的範圍也可能是 60。

And in the next three or four years, we almost see our revenue high in parity with the split as you see in the China market.

在未來三到四年內，我們的收入幾乎將與中國市場的分成持平。

So that's kind of -- it's a long answer, but that's how we are looking at it, overall from the business.

所以這是一個很長的答案，但從業務整體來看，這就是我們的看法。

Thank you.

謝謝。

I appreciate it.

我很感激。

Tom Narayan, RBC Capital Markets.

加拿大皇家銀行資本市場部的湯姆‧納拉揚 (Tom Narayan)。

Hi, thanks for taking the questions, Pat, Swamy.

嗨，感謝帕特、斯瓦米回答這些問題。

First one is just the one segment that I guess we haven't gone over seeding 2025 outlook does seem to be some detrimentals there.

第一個部分是我們還沒有討論過的，2025 年的前景似乎確實存在一些不利因素。

I just love to maybe double click on that and then I have a follow up.

我很喜歡雙擊它然後進行後續操作。

Yeah.

是的。

I think as we look at the seating, we ended at [38], and if you look at the high end of the range, it's pretty close for 2025.

我認為，當我們看一下座位數時，我們最終定格在[38]，如果你看一下範圍的高端，那麼到2025年，這個數字已經相當接近了。

Operationally, it's in a very good and stable place.

從營運上來說，它處於非常好且穩定的狀態。

Some of it, is because of the incremental input costs, that don't add up on the EBIT side.

部分原因是因為增量投入成本並未計入息稅前利潤 (EBIT) 方面。

Some of it is a program mix where the volumes are lower, that's, affecting us.

其中一部分是音量較低的程式混合，這對我們有影響。

But if you look at just the overall drop in revenue proceeding to the drop in EBIT, we've been able to reduce the decremental, right, compared to the historical.

但如果您只看整體收入下降以及息稅前利潤下降，與歷史相比，我們已經能夠減少減幅。

So it's really the input costs and the volume story there, operationally, it's in a very good place.

因此，從投入成本和產量來看，從營運角度來看，它處於非常好的位置。

Okay.

好的。

And then, my follow up, it's really a follow up to Joe's question and, in the past, yeah, you have said, all options on the table are not taking divestitures off the table, and it seems like that, you were saying -- you're looking to be in businesses, you have strong market share.

然後，我的跟進，這實際上是對喬的問題的跟進，在過去，是的，你曾經說過，所有擺在桌面上的選擇都不會放棄資產剝離，而且似乎你在說——你希望涉足企業，你擁有強大的市場份額。

One thing maybe that, many folks want to know better is the synergies between your business lines.

可能有一件事，許多人想更了解，那就是業務線之間的協同作用。

Is that something you also take into account?

您也考慮到了這一點嗎？

And the reason why we're asking all this is, we've had a couple of Tier 1 suppliers announce, sales or spends and if you would look at your guys, some of the parts, it would appear to a lot of us that it's trading a discount to where the some of the parts where your stock is.

我們之所以詢問所有這些問題，是因為我們已經有幾個一級供應商宣布了銷售或支出情況，如果你看看你們的一些零件，你會發現很多人似乎都在以折扣價交易你們庫存的零件。

So just love to hear more maybe on how you think about divestitures and the synergies right now between your business segments.

所以我很想聽聽您對資產剝離以及目前業務部門之間的協同作用的看法。

Thanks.

謝謝。

Yeah, I think there's a balance in trying to keep, call it the operational agility at the divisional level, but, whether it's purchasing, whether some of these initiatives that I talked about in purchasing or if you look at, the factory of the future and the operational initiatives we're talking.

是的，我認為在努力保持平衡方面存在著一種平衡，我們可以稱之為部門級別的運營敏捷性，但無論是採購，還是我在採購中談到的一些舉措，或者如果你看一下未來的工廠以及我們正在談論的運營舉措。

When we talk about a unified name space or we're talking about standardizing the operational visibility, getting automated material movement or getting smart automation, we end up on doing it one place.

當我們談論統一的名稱空間或談論標準化操作可見性，實現自動化物料移動或實現智慧自動化時，我們最終會在同一個地方進行。

Let's say you do a pick and place operation with inspection.

假設您執行一個帶有檢查的拾取和放置操作。

We do on one use case and then we have 80 or 90 of this across the company, which can be implemented and proliated very quickly.

我們在一個用例上進行操作，然後整個公司有 80 或 90 個這樣的用例，這些用例可以非常快速地實施和推廣。

So there is quite a bit of that.

所以這種情況相當多。

In addition to that, if you look at our group or corporate structure, right, we look at standardization and we look at bringing any of these initiatives and roll it across so it doesn't have to be re-engineered every time.

除此之外，如果你看看我們的集團或公司結構，你會發現我們關注的是標準化，關注的是引入任何這些舉措並將其推廣，這樣就不必每次都進行重新設計。

So there's a lot of synergies there, but that said, we're not going to let that determine whether a product line should be in Magna or not, right?

所以這其中存在著許多協同效應，但是話雖如此，我們不會讓這決定某條產品線是否應該屬於麥格納，對嗎？

As we are running, we have to always look at the best possible way to get the synergies, but if there's a compelling case like we did in interiors and we talked about FP&C as an example, we'll look at it.

在我們營運過程中，我們必須始終尋找實現協同效應的最佳方式，但如果有一個令人信服的案例，就像我們在室內設計中所做的那樣，並且我們以 FP&C 為例，我們就會考慮它。

And I think the other cities you have to consider, Tom, like when you start -- Swamy's talking about the operations and the customers, this SG&A synergies are significant like Swamy mentioned purchasing, but there's IT, public company costs, revenue opportunities, and then there's the whole area of tax planning, so it's something that's in the back of our mind, but that creates, margin expansion opportunities that we've seen over the past as well.

湯姆，我認為你還必須考慮其他城市，例如當你開始——斯瓦米談論營運和客戶時，這種銷售、一般及行政費用協同效應非常重要，就像斯瓦米提到的採購一樣，但還有 IT、上市公司成本、收入機會，然後是整個稅務規劃領域，所以這是我們腦海中浮現的事情，但這也創造了我們過去也看到的利潤擴張。

So, just consider that in your modeling.

所以，在建模時只需考慮這一點。

Yeah, thank you.

是的，謝謝。

Brian Morrison, TD Cowan.

布萊恩·莫里森（Brian Morrison），TD Cowan。

Thanks very much.

非常感謝。

I appreciate all the color and the questions so far.

我感謝迄今為止提出的所有問題和評論。

Swamy, I know that it was difficult to answer the question with respect to tariffs on aluminum and steel, but just in terms of broad-based tariffs, I know they're not factoring their guidance, and it's very difficult to answer, but you has talked about potential to move production or flexibility to move production.

斯瓦米，我知道回答有關鋁和鋼鐵關稅的問題很難，但就廣泛關稅而​​言，我知道他們沒有考慮他們的指導方針，而且很難回答，但你談到了轉移生產的潛力或轉移生產的靈活性。

What flexibility do you have with respect to addressing potential broad-based tariffs and or what contingency plans have you or could you put in place in order to mitigate the potential exposure.

在應對潛在的廣泛關稅方面，您有哪些靈活性？

Yeah, Brian, I think you said it right.

是的，布萊恩，我認為你說得對。

It's really an industry issue that you have to figure out how to solve holistically, not in isolation.

這確實是一個行業問題，你必須想辦法全面解決，而不是孤立地解決。

What I mean by that is the policymakers, the OEMs, the supply base, and the ecosystem have to figure out a solution together.

我的意思是政策制定者、原始設備製造商、供應基地和生態系統必須共同找到解決方案。

We are having significant dialogue with all the constituents, obviously a lot more with our customers at the table.

我們正在與所有選民進行重要對話，顯然與客戶的對話也更多。

We started this discussion, let's say in December time frame.

我們開始了這個討論，假設是在 12 月。

We have a footprint in Canada, US, and Mexico.

我們的業務遍及加拿大、美國和墨西哥。

To the extent we are able to work with the customers to see what they are thinking in terms of various levers, we are there.

只要我們能夠與客戶合作，了解他們在各種槓桿方面的想法，我們就會在那裡。

But I can tell you one thing, for a supplier to absorb this magnitude that they're talking about is really unrealistic and untenable, right?

但我可以告訴你一件事，對於一個供應商來說，吸收他們所說的這種規模真的是不切實際和站不住腳的，對嗎？

So we have to have many discussions -- we are having those discussions, but to the extent where the OEMs are going to look at shifting, managing in the short term.

因此，我們必須進行多次討論——我們正在進行這些討論，但討論的程度取決於原始設備製造商 (OEM) 將如何考慮在短期內進行轉變和管理。

Yeah, we'll do our best, right.

是的，我們會盡力的，對吧。

We have the footprint in all three areas.

我們在這三個領域都有足跡。

We are looking at that and we'll continue to look at that.

我們正在關注這個問題，並將繼續關注這個問題。

But all said and done, you know the industry well enough.

但總而言之，你對這個行業已經夠了解了。

This is not a switch that can be turned on and off in a short term.

這不是一個短時間內可以打開或關閉的開關。

So I believe if this is going to be disrupted, right.

所以我相信如果這會被打亂，對的。

We're going to see a lot of sharp start stops and moving up and down of volumes and where which assembly plant does what.

我們將會看到大量的急劇啟動和停止，產量的上下波動，以及哪個組裝廠在哪裡做什麼。

As an industry we have dealt with this in terms of chip shortages and COVID and so on and so forth.

作為一個產業，我們已經處理了晶片短缺、COVID 等問題。

We're not looking forward to that, but that muscle is there, and we have to work through this, but it's going to be disruptive for sure if the magnitude of tariffs they're talking about is implemented for the industry overall.

我們並不期待這一點，但是這種力量是存在的，我們必須努力解決這個問題，但如果他們所談論的關稅規模對整個行業實施，肯定會造成破壞。

Thank you.

謝謝。

James Piccariello, BNP Paribas.

法國巴黎銀行的詹姆斯‧皮卡里洛 (James Piccariello)。

Hi everybody.

大家好。

Just a question on the seating business.

我只想問一下關於座位業務的問題。

If we look at the -- if we exclude complete vehicles, look at the midpoint of your 2026 targets relative to your 2024 results, right, the segment that does stand out is seating.

如果我們看一下 - 如果我們排除整輛車，看看 2026 年目標相對於 ​​2024 年結果的中點，那麼確實脫穎而出的部分就是座椅。

In that revenue and margins are, just slightly lower than where you finished in '24.

其中收入和利潤率略低於24年的水準。

So, that is a business that stands out, something is structurally less positive than your other two, the power of vision or body exterior.

因此，這是一項脫穎而出的業務，其結構上不如其他兩項業務（即視覺力量或外部形態）那麼積極。

So if you just speak to, what those net headwinds are comparatively and, is there any insourcing? -- Is there insourcing -- are you seeing the insourcing by OEMs, for seeing in Europe in particular?

所以，如果您只是說，這些淨逆風相對而言是什麼，以及是否存在內部採購？ -- 是否有內部採購—您是否看到 OEM 進行內部採購，尤其是在歐洲？

Thanks.

謝謝。

Good morning James.

早安，詹姆斯。

Yeah, great question.

是的，很好的問題。

I think I answered a couple of things related to seating.

我想我已經回答了幾個與座位有關的問題。

One was really the input costs being higher, coming in from '24 to '25, normal cadence, and then, one or two programs that are seeing the volume drop.

一個原因是投入成本確實較高，從24年到25年，節奏正常，然後有一兩個項目的數量下降。

The third point, I think with the business that is there is an EV mix platforms there, right?

第三點，我認為就業務而言，那裡有一個電動車混合平台，對嗎？

And as the volumes are not hitting the plan volumes, we are seeing the negative impact on seating.

由於客流量沒有達到計劃量，我們看到了對座位數的負面影響。

But I think in the past, we've also talked about one program, which was underperforming, and we also said that program ends towards the end of '26, the replacement program is at the right metrics, and that starts flowing in end of '26 to '27, predominantly that would be a step change that will impact the margins positively in seating.

但我認為，在過去，我們也討論過一個表現不佳的項目，我們也說過，該項目將在26年底結束，替代項目達到了正確的指標，並將在26年底至27年開始流動，主要是這將是一個階躍變化，將對座位利潤產生積極影響。

To the last part, I don't see a structural deficiency operationally, it's a good business.

最後，從營運角度來看，我沒有發現任何結構性缺陷，這是一項好業務。

The mix is pretty high in North America and pretty significant in China.

這種混合在北美相當高，在中國相當重要。

Europe is a little bit weaker, but again, I don't think it's a structural issue in this business.

歐洲稍微弱一些，但我不認為這是該行業的結構性問題。

All right.

好的。

And then my follow up -- that was helpful.

然後我的後續行動——這很有幫助。

And then my more follow up is just on complete vehicles, what's the future for this business, in terms of quoting, activity, pipeline, potential, Chinese domestic OEMs, wanting a footprint in Europe.

然後，我的更多跟進只是在整車方面，這項業務的未來是什麼樣的，在報價、活動、渠道、潛力、中國國內原始設備製造商等方面，是否希望在歐洲佔有一席之地。

Just any color there, and then just any feedback or color on the LG powertrain JV how that's faring and what the trajectory, what the outlook is there.

只是任何顏色，然後只是關於 LG 動力總成合資公司的任何反饋或顏色，其進展如何，軌跡如何，前景如何。

Thanks.

謝謝。

Yeah, from the question on the CDA, I think the team has really done a good job in getting the cost structure to where it needs to be, right, given what the end of programs of the BMW last year, ending of the JLR this year, and we're looking at the Toyota Supra and the Z4 next year.

是的，從 CDA 的問題來看，我認為團隊在將成本結構調整到需要的水平方面確實做得很好，對吧，考慮到去年寶馬項目的結束，今年捷豹路虎項目的結束，以及明年我們正在關注豐田 Supra 和 Z4。

So there, the team has really been very agile and, addressed the cost structure there.

因此，團隊確實非常敏捷，並且解決了那裡的成本結構問題。

We continue to have conversations with various OEMs, including the Chinese OEMs, both call it normal, production, but also some CKD SKD discussions, that are on the table.

我們繼續與各種 OEM 進行對話，包括中國的 OEM，都稱之為正常生產，但也正在進行一些 CKD SKD 討論。

So we see, this business has been lumpy in the past, right?

所以我們看到，這項業務在過去一直不太順利，對嗎？

And with all the capacity and the transformation that's happening in the industry, it's been a little bit more rocky, but we see a good path in the outer years from the Chinese OEMs, but also from I would call it the existing normal OEMs with history, right?

隨著行業產能和轉型的不斷推進，情況變得有些艱難，但我們看到，未來幾年，中國原始設備製造商，以及我稱之為具有歷史的現有正常原始設備製造商，將走上一條良好的發展道路，對嗎？

You had another question, James.

你還有另一個問題，詹姆斯。

I'm sorry.

對不起。

Yeah, LG, I think, from a cadence of the product and the business in LG JV is pretty good.

是的，我認為，從產品節奏和 LG JV 的業務來看，LG 表現都相當不錯。

The pressure that you see today is predominantly because of what's happening in the EV market, right?

今天看到的壓力主要是因為電動車市場的情況，對嗎？

From a product perspective, from customer interaction and visibility to programs and winning is as we had expected.

從產品角度來看，從客戶互動和可見性到計劃和勝利都正如我們所預期的那樣。

Thanks.

謝謝。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Great, thanks for taking my questions.

太好了，謝謝您回答我的問題。

I hate to ask a basic question, but a little surprised by how large the FX headwind is at $2 billion.

我不想問一個基本問題，但對於外匯逆風規模高達 20 億美元，我感到有點驚訝。

That's like 4% to 5% of the sales decline actually it's like majority of your headwind.

這實際上相當於銷售額下降 4% 到 5%，這是大部分不利因素。

What is really driving that and any color maybe beyond the sensitivities of the rates change to kind of what we should be tracking.

真正推動這一趨勢的因素是什麼？

Morning Colin.

早安，科林。

I think just on the FX, it's primarily being driven by two currencies.

我認為就外匯而言，主要受到兩種貨幣的推動。

It's devaluation, or it's really that the US dollar striking against the bucket of currencies, but it's relative to the euro, we see a significant decline from 24% current rates.

這是貶值，或者實際上是美元對其他貨幣的衝擊，但相對於歐元，我們看到從目前 24% 的匯率大幅下跌。

The euro is down at about $103, and then the other area, so you see the numbers we have for sales, and then the other area we have a significant foreign currency devaluations, the Canadian dollar.

歐元下跌至約 103 美元，然後是另一個領域，所以你可以看到我們的銷售數字，然後是另一個領域，我們的外幣大幅貶值，即加元。

And the Canadian dollar is sitting just south of $0.70 right now, so again significantly below, and those are two big revenue generating regions for Magna.

目前，加幣兌美元匯率略低於 0.70 美元，因此再次大幅低於該匯率，而這兩個地區正是麥格納的主要收入來源。

Okay, and then if I just want to go through slide 26 to make sure I understand the broader buckets of the of the walk.

好的，然後如果我只想瀏覽投影片 26 以確保我理解此次步行的更廣泛的內容。

FX is about $2 billion.

外匯約20億美元。

I guess that would convert at, I guess it's embedded in one of those lines about, average margins and then normal decrementals around $20 on the sort of core business that's down roughly a billion dollars outside FX and then that those headwinds are going to be offset by operational and engineering those are like $100 million each, something like that, are those the right sort of buckets that we should be thinking about and trying to size those bars in the long.

我想這會轉化為，我想它嵌入在這樣一條線中，平均利潤率，然後核心業務的正常遞減額在 20 美元左右，外匯之外的損失約為 10 億美元，然後這些不利因素將被運營和工程所抵消，每個大約 1 億美元，諸如此類，這些是我們應該考慮的正確的桶類型，並嘗試在長期內調整這些條形圖的大小。

And I think when you look at the FX, as we said, it's about $1.5 billion of a headwind.

而且我認為，當你看一下外匯時，正如我們所說的那樣，這是一個約 15 億美元的逆風。

The culture on that number is not significant on the EBIT line because this is where you have all the CVA operations and some of the lower margin products.

這個數字的文化在息稅前利潤線上並不重要，因為這是所有 CVA 作業和一些利潤率較低的產品所在。

So I would say it's going to be below.

因此我想說它會在下面。

The corporate average on the CVA business coming down not because of the JLR and whatnot, again, you can see the margins at that level.

CVA 業務的企業平均水平下降並不是因為 JLR 之類的原因，再說一次，您可以看到該水平的利潤率。

So again, so when you get back into what's left of the, let's say $1 billion of sales decline, I would say our corporate average, it varies by segment, but you're probably in the range of, [15] to

所以，當你回到剩下的 10 億美元銷售額下滑時，我會說我們的企業平均值因部門而異，但可能在 [15] 到

[20], [22].

[20]，[22]。

Okay, and FX was one

好的，FX 就是其中之一

--

--

And then you also then -- sorry (multiple speaker) and you all set it with, operational performance, commercial, and lower warranty and whatnot.

然後你還可以--抱歉（多位發言者），你們都設定了操作性能、商業性和更低的保固期等等。

Okay.

好的。

Great.

偉大的。

Thanks for the clarification.

感謝您的澄清。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning.

是的，早安。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Starting with another one on the customer exposure, you spoke about the progress you've seen in China and having 60% of your revenue in that region with the domestics.

從另一個關於客戶曝光的問題開始，您談到了您在中國看到的進展，以及該地區 60% 的收入來自國內市場。

Maybe you could elaborate on what that might mean for how big China will be for Magna going forward and as you think about the outlook you provided for '25 and '26 and some better growth in China, what percent of revenue would you expect to come from China in the future?

也許您可以詳細說明一下，這對麥格納未來在中國的業務規模意味著什麼，並且考慮到您對 25 年和 26 年的展望以及中國市場的更好增長，您預計未來有多少比例的收入將來自中國市場？

Yeah.

是的。

So I think, Mark, we're just looking for the exact number, but our sales right now are just north of $5 billion in China, and we're expecting them to grow, just to $6 billion range, so it's a $1 billion increase, but, it's still strong growth at about 20%.

所以我認為，馬克，我們只是在尋找確切的數字，但我們目前在中國的銷售額略高於 50 億美元，我們預計銷售額將增長到 60 億美元左右，所以增長了 10 億美元，但仍保持著 20% 左右的強勁增長。

5.6% in '24.

'24年為5.6%。

So Louis has the exact numbers, and then we're just growing north of 6% by '26.

路易斯有準確的數字，到 26 年我們的成長率將超過 6%。

Okay, yeah, helpful, thanks for that, Pat.

好的，是的，很有幫助，謝謝你，帕特。

And then, I was also hoping you could elaborate on what's contributing to the lower net engineering spend over the next few years, how much of that is adjusting for the timing of when mega trend opportunities may be larger and, reevaluating your spend, to better time with those markets, how much might be from some of these other factors you were speaking about like restructuring, and I guess you're just on this topic of the engineering spend.

然後，我還希望您能夠詳細說明導致未來幾年淨工程支出降低的原因，其中有多少是根據大趨勢機會可能更大的時機進行調整，以及重新評估您的支出，以更好地適應這些市場，有多少可能是來自您提到的其他一些因素，比如重組，我想您剛才談到了工程支出這個話題。

Does this signal any potential change in how you're trying to run certain product lines or businesses and you've chosen to optimize more for margin than growth going forward?

這是否預示著您在經營某些產品線或業務的方式上將會發生潛在的變化，您選擇在未來更注重利潤而不是成長？

Thanks.

謝謝。

So I think, Mark, I can -- just on the number side of it, our view was we came out and from our guidance last year, we expected to reduce engineering spend in the range of about $500 million over the three year period, '24, '25, '26.

所以我認為，馬克，僅從數字方面來看，我們的觀點是，根據我們去年的指導，我們預計在 24、25、26 年三年內將工程支出減少約 5 億美元。

We executed in the range of about $124 million, and the balance of the $400 million we're expecting and planning on executing in '25 and '26.

我們執行的金額約為 1.24 億美元，剩餘的 4 億美元我們預計併計劃在 25 年和 26 年執行。

As far as the change in approach, I think it's more clarity of where the products are going and where we're at in that spend.

就方法的改變而言，我認為我們更清楚地了解產品的去向以及我們在支出方面的位置。

So it's similar to our battery trade spend, the engineering where we have a lot of our core spending behind us, and now we're into situations where the engineering is going to flex up or down more based on business awards.

因此，這類似於我們的電池貿易支出，我們在工程方面已經投入了大量的核心支出，現在，我們面臨的情況是，工程支出將根據業務獎勵而進一步增加或減少。

To your question, are we giving up growth because of this?

對於你的問題，我們是否因此而放棄成長？

That's not the case.

事實並非如此。

If we have a good opportunity that's going to meet our return thresholds for recording new business, we're going to quote it and we'll flex up as needed and something else will give on the other side that's it's basically balancing a whole portfolio of within [ME] and then also within Magno as a whole.

如果我們有一個好的機會，能夠滿足我們記錄新業務的回報門檻，我們就會對其進行報價，並根據需要進行調整，另一方面也會給予一些其他的東西，這基本上是在平衡[ME]內部的整個投資組合，然後也平衡整個 Magno 內部的投資組合。

I want to point out the engineering spend at the gross number, so I mean if the engineering comes down, there may be some recoveries that also go down, so the net may not be as impactful as that, we still have a net decline as well.

我想指出的是工程支出總額，所以我的意思是，如果工程支出下降，可能一些復甦也會下降，所以淨額可能不會那麼有影響力，我們仍然會有淨下降。

Yeah, the key point is we, again, I like to say that it's not a cut in capital or engineering in netting, it is actually putting efficiencies in place.

是的，關鍵點是我們，我再說一遍，這不是削減資本或​​削減工程量，而是實際上提高效率。

And with the operational excellence activities, we've been able to make it more efficient and, when there is volume reductions coming with customers, we've been able to take, discretionary capital pull back and with the expansions are not coming because of the volumes are not there, we pull back on that, right?

透過卓越營運活動，我們能夠提高效率，當客戶數量減少時，我們能夠採取自由裁量資本撤回措施，而當擴張由於數量不足而無法進行時，我們也會撤回資本，對嗎？

So I don't think we are doing any of this at the expense of profitable growth.

因此我認為我們做這些事並不會以犧牲利潤成長為代價。

Thank you.

謝謝。

Michael Glenn, Raymond James.

麥可格倫、雷蒙詹姆斯。

Thanks.

謝謝。

Good morning.

早安.

Just one for me, Pat, the other item on your cash flow statement, the increase in investments, other assets, and intangible assets, are you able to give us some guidance for that figure in 2025?

派特，我只想問一個問題，你的現金流量表上的另一項，即投資、其他資產和無形資產的增加，你能為我們提供 2025 年該數字的一些指導嗎？

And can you just remind us what some of the big buckets are in that line item as well?

您能否提醒我們一下該專案中的一些大項目是什麼？

Yeah, the -- I'll give you the description of what's in there the first, the biggest bucket by far is a customer, dedicated assembly lines, where it's their -- we don't treat it as capital because technically they own it, so it's effectively assembly lines that they own.

是的，我會向您描述其中的內容，第一個，迄今為止最大的部分是客戶專用裝配線，它是他們的——我們不把它當作資本，因為從技術上講他們擁有它，所以它實際上是他們擁有的裝配線。

We pay for it up front and we recover it through the price, most of that is a quality guaranteed number.

我們預先付款，然後透過價格收回，其中大部分是品質保證的數字。

Michael, so it's not treated the same as capital, it's a lower risk item, and we've been running at an elevated level.

邁克爾，因此它不會被視為與資本一模一樣，它是一個風險較低的項目，而且我們一直以較高的水平運行。

Traditionally, we would have seen that number in about 300 range, and I think we're expecting that to normalize back to 300 in 2025 as well and beyond.

傳統上，我們會看到這個數字在 300 左右，我認為我們預計到 2025 年及以後這個數字也會恢復到 300 左右。

Okay, so that number is going to be down quite a bit next year as well.

好的，所以明年這個數字也會下降相當多。

Correct.

正確的。

Okay.

好的。

That was it for me.

對我來說就是這樣了。

Thank you.

謝謝。

Yeah, perfect.

是的，完美。

Thanks.

謝謝。

And that will conclude our question and answer session, and I will now turn the call back to Swamy Kotagiri for closing remarks.

我們的問答環節到此結束，現在我將請斯瓦米·科塔吉里作結束語。

Thanks everyone for listening in today.

感謝大家今天的收聽。

As you've seen in the data, we remain, laser focused on executing on our outlook, including marginal expansion, capital discipline, free cash flow generation, and both getting back within our target leverage ratio and increasing returns of capital to shareholders.

正如您在數據中看到的那樣，我們仍然專注於實現我們的願景，包括邊際擴張、資本紀律、自由現金流產生，以及回到我們的目標槓桿率和增加股東資本回報。

We remain highly confident in the Magna's future and being able to deliver to the outlook.

我們對於麥格納的未來以及實現願景的能力仍然充滿信心。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

This concludes today's meeting.

今天的會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。