Ferrari NV (RACE) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Ferrari 2024 Q1 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加法拉利 2024 年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係主管 Nicoletta Russo。請繼續。

Thank you, Sandra, and welcome to everyone who is joining us. Today, we plan to cover the group's Q1 2024 operating results and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.

謝謝你，桑德拉，歡迎所有加入我們的人。今天，我們計劃介紹集團 2024 年第一季的營運業績，預計電話會議時間約為 60 分鐘。今天的電話會議將由集團執行長 Benedetto Vigna 先生和集團財務長 Antonio Picca Piccon 先生主持。所有相關資料均可在法拉利公司網站的投資者部分找到。在演示結束時，我們將回答您的問題。

Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation, and the call will be governed by this language.

在我們開始之前，請允許我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述均受到今天演示文稿第2 頁中包含的安全港聲明中提到的風險和不確定性的影響，並且電話會議將受此語言的約束。

With that said, I'd like to turn the call over to Benedetto.

話雖如此，我想把電話轉給貝內代托。

Grazie, Nicoletta, and thank you, everyone, for joining us today. I just came back from Miami, where I spent 1 week together with our clients, the fans, the sponsor, including HP, our new title sponsor and all brand enthusiasts. You should have been there with me and all Ferrari colleagues. You would have been experiencing the brand power of the Prancing Horse. Indeed, for the first time in our history, the three souls of our company; racing, sports cars and lifestyles have been working in unison together to provide all the people in Miami a truly unique experience.

感謝 Nicoletta，感謝大家今天加入我們。我剛從邁阿密回來，在那裡我與我們的客戶、球迷、贊助商（包括惠普、我們的新冠名贊助商和所有品牌愛好者）一起度過了一周。你應該和我以及所有法拉利同事一起在那裡。您一定已經體驗到了躍馬的品牌力量。事實上，在我們的歷史上第一次，我們公司的三個靈魂；賽車、跑車和生活方式齊心協力，為邁阿密的所有人提供真正獨特的體驗。

But before sharing with you more detail about this fantastic event, I would like to thank: Our Ferrari colleague for their outstanding work and dedication; our clients for their loyalty to our brand; and all our partners, suppliers, dealers and sponsors. Without their tireless effort and dedication, the strong result we present today would not have been possible.

但在與您分享有關這項精彩活動的更多細節之前，我要感謝： 我們的法拉利同事出色的工作和奉獻精神；我們的客戶對我們品牌的忠誠度；以及我們所有的合作夥伴、供應商、經銷商和贊助商。沒有他們不懈的努力和奉獻，我們不可能有今天的驕人成績。

So let's start with the financial results of the first quarter. We can say that it is a strong start to the year with double-digit growth on key metrics, thanks to an even more robust product mix and a strong trend in personalization. Three are the key highlights. One, total revenues reached approximately EUR 1.6 billion, with flat deliveries. This, once again, pays testament to our strategy of value over volume. Two, we enjoyed a strong profitability with EBITDA at EUR 605 million. And three, industrial free cash flow generation reached more than EUR 320 million in the quarter.

讓我們從第一季的財務表現開始。我們可以說，由於更強大的產品組合和強勁的個人化趨勢，今年的關鍵指標實現了兩位數的成長，這是一個強勁的開端。三是重點亮點。第一，總收入達到約 16 億歐元，交付量持平。這再次證明了我們的價值勝於數量的策略。第二，我們享有強勁的獲利能力，EBITDA 達到 6.05 億歐元。第三，本季工業自由現金流量超過 3.2 億歐元。

The order book on our current models continues to be very strong with a normalization in line with our expectation, with almost all model substantially sold out. And in the last week, we opened the order book for the 12Cilindri, Coupe and Spider. For the first time, for our range models, we unveiled the Coupe and the Spider together because we want to leave the freedom of selection to our clients.

我們目前型號的訂單仍然非常強勁，正常化符合我們的預期，幾乎所有型號都已基本售空。上週，我們開放了 12Cilindri、Coupe 和 Spider 的訂單。對於我們的系列車型，我們首次將 Coupe 和 Spider 一起推出，因為我們希望將選擇的自由留給客戶。

The first feedback from our two new models has been extremely positive. Several clients have said, "It's not a matter of either or, we love both." I talk to the client from all over the world, from China, from Korea, from U.S., from Europe, they were all astonished by both models, our new 12Cilindri are amazingly beautiful and high performance. They are the perfect blend of traditions and innovation, elegance and sportiness.

我們的兩款新車型的首次回饋非常積極。一些客戶表示：“這不是非此即彼的問題，我們兩者都喜歡。”我與來自世界各地的客戶交談，來自中國、韓國、美國、歐洲，他們都對這兩款車型感到驚訝，我們的新 12Cilindri 非常漂亮且高效能。它們是傳統與創新、優雅與運動的完美結合。

Our clients opinion are obviously paramount, but I am also proud to say that the Roma Spider has been recognized with the Red Dot Awards, Best of the Best in the Product Design Category. And the Ferrari SF90 XX Stradale and the one-off KC23, have also been awarded Red Dot Awards.

我們客戶的意見顯然是最重要的，但我也很自豪地說，Roma Spider 已獲得紅點獎，即產品設計類別中的最佳獎。法拉利 SF90 XX Stradale 和獨一無二的 KC23 也榮獲紅點獎。

All these are truly innovative vehicles enabled by our R&D innovation. And in fact, in 2023, just in Italy, we submitted 181 patent application, one every 2 days. And always on the subject of innovation, last month, we inaugurated the E-Cells Lab in collaboration with University of Bologna and NXP Semiconductor. This laboratory will make a significant contribution to research in electrochemistry and the project reflects the importance of collaboration between the academic and the business worlds. But there is much more in it, this lab will foster innovation in our local area and help us to build the skills of the future.

所有這些都是我們的研發創新所支持的真正創新的車輛。事實上，2023 年，光是在義大利，我們就提交了 181 項專利申請，每 2 天就提交一項。始終以創新為主題，上個月，我們與博洛尼亞大學和恩智浦半導體合作成立了 E-Cells 實驗室。該實驗室將為電化學研究做出重大貢獻，該計畫反映了學術界和商業界合作的重要性。但它的意義遠不止於此，該實驗室將促進我們當地的創新，並幫助我們培養未來的技能。

Talking of technology collaboration, we have renewed our partnership with SK On, a leader in the field of high-performance cell manufacturing with whom we have collaborated for many years, and we will continue to innovate further. As you can see, we are firing on all cylinders in the execution of our business plan and product development. But perhaps I should instead say, we are charging ahead, because in 2024 we will set another significant milestone in our electrification journey.

談到技術合作，我們與高性能電池製造領域的領導者SK On續簽了合作夥伴關係，我們與SK On已經合作多年，我們將繼續進一步創新。正如您所看到的，我們正在全力執行業務計劃和產品開發。但也許我應該說，我們正在向前推進，因為到 2024 年，我們將在電氣化之旅中樹立另一個重要里程碑。

In fact, on the 21st of June, exactly 2 years since our last Capital Market Day and as we promised you during all our previous calls and meetings, we will inaugurate our new e-building. This state-of-the-art and highly flexible plant will assure us of the flexibility and technical capacity in excess of our needs for years to come. Here, we will end craft the dedicated electric axles and batteries that will power future Ferraris. Exactly like we promised you 2 years ago.

事實上，6 月 21 日，距離我們上一次資本市場日整整兩年了，正如我們在之前的所有電話會議和會議中向您承諾的那樣，我們將為新的電子大樓舉行落成典禮。這個最先進且高度靈活的工廠將確保我們的靈活性和技術能力超越我們未來幾年的需求。在這裡，我們將最終製造為未來法拉利提供動力的專用電動車軸和電池。正如我們兩年前向您承諾的那樣。

A special thank goes to all the colleagues that have been able to maintain the e-building schedule despite all the difficulties we experienced in these turbulent times. It has not been easy, believe me, but they made it happened, grazie.

特別感謝所有同事，儘管我們在這個動盪的時期經歷了種種困難，但仍然能夠維持電子建築計劃。相信我，這並不容易，但他們做到了，謝謝。

Moving to the next page. The picture shows clearly the essence of One Ferrari ethos. And believe me, there is no better way to simplify it than our recent activities in the United States. As I told you, at the beginning, last week, Ferrari hosted an unforgettable series of brand experiences in Miami, which immerses international clients, sponsor, tifosi, dealers and the brand enthusiasts into the Ferrari universe. It began with Cavalcade International, one of our most prestigious driving events, which attracted about 70 Ferraris and their owners from all over the world as they drove together through the scenic landscape of Nashville, in Tennessee first, and later in Florida.

移至下一頁。這張照片清楚地展示了 One Ferrari 精神的精髓。相信我，沒有比我們最近在美國的活動更好的簡化方法了。正如我告訴你的，上週一開始，法拉利在邁阿密舉辦了一系列令人難忘的品牌體驗活動，讓國際客戶、贊助商、tifosi、經銷商和品牌愛好者沉浸在法拉利的世界中。它始於Cavalcade International，這是我們最負盛名的駕駛賽事之一，吸引了來自世界各地的約70 輛法拉利及其車主，他們一起駕車穿過納什維爾風景如畫的風景，首先在田納西州，後來在佛羅裡達州。

The journey culminated in Miami with the World Premiere of the Ferrari 12Cilindri and the Ferrari 12Cilindri Spider, our new 2-seater Berlinetta powered by front-mid, naturally-aspirated V12. These models are the perfect embodiment of the Prancing Horse DNA, offering incomparable performance and handling with sophisticated design. You should have seen the motion of all our clients. My words would never be capable to transmit to you those emotions. These events were accompanied by a privileged view of the latest fashion Capsule collection inspired by the history of racing on American tracks and the vibrant energy of Miami. The Capsule collection had a warm reception, it was nice to see most of our clients wearing many pieces of our lifestyle collections during the long weekend.

隨著 Ferrari 12Cilindri 和 Ferrari 12Cilindri Spider（我們的全新 2 座 Berlinetta，由前中置自然吸氣 V12 發動機提供動力）的全球首發，此次旅程在邁阿密達到了高潮。這些車型是躍馬 DNA 的完美體現，提供無與倫比的性能和操控性以及精緻的設計。您應該看到我們所有客戶的動議。我的言語永遠無法將這些情感傳遞給你。這些活動也伴隨著最新時尚膠囊系列的獨家展示，該系列的靈感來自美國賽道上的賽車歷史和邁阿密的活力。膠囊系列受到了熱烈的歡迎，很高興看到我們的大多數客戶在長週末穿著我們的生活方式系列的許多單品。

And last but not least, a fortunate few clients had the opportunity to leave the Miami Grand Prix to its fullest with exclusive and elegant hospitality of Casa Ferrari, right at the heart of the race. I'm also proud to say that the Miami Grand Prix was the start of a new partnership. HP has become our titled sponsor with a multiyear collaboration that encompasses a shared commitment to innovation, trust and excellence as well as commitment to sustainable future from carbon neutrality, to the education of the next generation. In HP we have found the same values, which make it an ideal partner. I know them since more than 20 years. And for both our companies, people are at the center of whatever we do, because it is only people who are able to blend together the traditions and innovation.

最後但並非最不重要的一點是，少數幸運的客戶有機會在比賽中心的卡薩法拉利 (Casa Ferrari) 的獨特而優雅的款待下，以最精彩的方式結束邁阿密大獎賽。我還可以自豪地說，邁阿密大獎賽是新合作關係的開始。惠普已成為我們的冠名贊助商，雙方進行了多年的合作，其中包括對創新、信任和卓越的共同承諾，以及對從碳中和到下一代教育的可持續未來的承諾。在惠普，我們發現了相同的價值觀，這使其成為理想的合作夥伴。我認識他們已有20多年了。對於我們兩家公司來說，無論我們做什麼，都以人為中心，因為只有人才能將傳統與創新融合在一起。

Not all of our clients, tifosi and brand enthusiasts were able to attend the event in person. Thus, we reached them through social media channels to nurture their sense of belonging.

並非我們所有的客戶、tifosi 和品牌愛好者都能親自參加這項活動。因此，我們透過社群媒體管道接觸他們，以培養他們的歸屬感。

Lastly, before moving on, I would like to thank you, our shareholders, for your continuing trust and among you, I'm delighted to welcome around 4,700 new shareholders among our dear colleagues. Indeed, around 98% of our employees have taken advantage of the broad-based share ownership plan launched by Ferrari that I described to you a few calls ago. This initiative demonstrates our desire to foster the sense of belonging that makes us unique, and underlines once more how we continuously strive for excellence.

最後，在繼續之前，我要感謝你們，我們的股東，感謝你們一直以來的信任，在你們中間，我很高興歡迎我們親愛的同事中的大約 4,700 名新股東。事實上，我們大約 98% 的員工都利用了法拉利推出的廣泛基礎的股權計劃，我之前在幾次電話中向您描述過這項計劃。這項舉措顯示我們渴望培養使我們與眾不同的歸屬感，並再次強調我們如何不斷追求卓越。

And on this note, I hand over to Antonio to review the Q1 2024 financial results. Please, Antonio?

就此而言，我將交給 Antonio 審查 2024 年第一季的財務表現。請問，安東尼奧？

Thank you, Benedetto, and good morning or afternoon to everyone joining us today.

謝謝貝內代托，今天加入我們的每個人都早安或下午好。

Starting on Page 5, we present the highlights of the first quarter results of this year. As you can see from this page, the first quarter saw shipments flat versus the prior year, while revenues and profitability grew double digit. As Benedetto mentioned earlier, the robust mix was the main driver.

從第5頁開始，我們將介紹今年第一季業績的亮點。正如您從本頁中看到的，第一季的出貨量與上一年持平，而收入和盈利能力則增長了兩位數。正如貝內代託之前提到的，強勁的組合是主要驅動力。

Let me briefly go through the main highlights. Revenues of EUR 1.585 billion, up 11%, adjusted EBIT of EUR 442 million, up 15% with a 27.9% margin, 100-basis-point higher than last year. Net profit of EUR 352 million, leading to an adjusted diluted earnings per share of EUR 1.95, up 20%. Adjusted EBITDA of EUR 605 million, up roughly 13% with a solid margin at 38.2%. And finally, strong industrial free cash flow generation of EUR 321 million.

讓我簡要介紹一下主要亮點。營收為 15.85 億歐元，成長 11%，調整後息稅前利潤為 4.42 億歐元，成長 15%，利潤率為 27.9%，比去年高 100 個基點。淨利為 3.52 億歐元，調整後攤薄每股收益為 1.95 歐元，成長 20%。調整後 EBITDA 為 6.05 億歐元，成長約 13%，利潤率為 38.2%。最後，工業自由現金流強勁，達 3.21 億歐元。

Moving to Page 6. We can now add more color to the shipment number of the first quarter. As usual, the geographic breakdown reflected our choices of both volume and product allocations in the different markets. As a result, deliveries increased in EMEA by 39 units, in Americas by 35 units, rest of APAC was almost flat and allocations to Mainland China, Hong Kong and Taiwan decreased by 79 units.

前往第 6 頁。像往常一樣，地理細分反映了我們在不同市場中對數量和產品分配的選擇。因此，歐洲、中東和非洲地區的交付量增加了 39 台，美洲增加了 35 台，亞太地區其他地區幾乎持平，中國大陸、香港和台灣的交付量減少了 79 台。

Moving to the product portfolio overview. During the first quarter, the Roma Spider continued its ramp-up phase, while the Purosangue reached global distribution. Deliveries of the 296 family continued sustaining the 46% hybrid share. The allocations of the Daytona SP3 increased in the quarter, in line with our plans, and above the average for the rest of the year. Lastly, some models were approaching the end of their life cycles, namely the SF90 Stradale and the 812 GTS. The SF90 XX Stradale, the SF90 XX Spider and obviously, the newly launched 12Cilindri Coupe with the start contributing at their respective pace this year, while the 12Cilindri Spider from 2025.

轉到產品組合概述。第一季度，Roma Spider 繼續其成長階段，而 Purosangue 則進入全球分銷。 296 系列的交付量繼續維持 46% 的混合動力份額。 Daytona SP3 的分配在本季度有所增加，符合我們的計劃，並且高於今年剩餘時間的平均水平。最後，一些車型已接近其生命週期的終點，即 SF90 Stradale 和 812 GTS。 SF90 XX Stradale、SF90 XX Spider，當然還有新推出的 12Cilindri Coupe，今年開始以各自的速度做出貢獻，而 12Cilindri Spider 則從 2025 年開始。

On Page 7, you can see the net revenue bridge, which shows a 13% growth versus prior year at constant currency. The increase in cars and spare parts was the most relevant contributor driven by the richer product mix and country mix as well as higher personalizations. In the first quarter, personalizations came in strong and in line with our expectations of approximately 19% in proportion to revenues from cars and spare parts. The main contributors were the Purosangue and the total carbon-finish for the Daytona SP3. Sponsorship, commercial and brand increased, thanks to the higher sponsorships for racing activities, partially offset by the lower Formula 1 ranking achieved in 2023 compared to 2022. With regard to sponsorship, the additional contribution is provided both from new sponsors and different phase-in of sponsored signed last year.

在第 7 頁上，您可以看到淨收入橋，以固定匯率計算，該橋顯示與前一年相比增長了 13%。汽車和零配件的成長是最相關的貢獻者，這是由更豐富的產品組合和國家組合以及更高的個人化所推動的。第一季度，個人化業務表現強勁，符合我們對汽車和零件收入比例約 19% 的預期。主要貢獻者是 Purosangue 和 Daytona SP3 的全碳飾面。由於賽車活動贊助增加，贊助、商業和品牌增加，部分被 2023 年一級方程式排名較 2022 年下降所抵消。

Other revenues were flat with improved contribution of financial services, offset by the decrease of the sales of engines to Maserati, whose supply contract expires at the end of 2023. As previously flagged, within the other revenue, we have now reclassified any residual sales of engines to third parties, whether for sport car or racing. Currency had a negative net impact of approximately EUR 25 million, mainly due to the adverse dynamics of the Chinese yuan, Japanese yen and U.S. dollar versus the euro.

其他收入與金融服務的貢獻持平，但被瑪莎拉蒂發動機銷量的下降所抵消，瑪莎拉蒂的供應合約將於 2023 年底到期。 正如之前指出的，在其他收入中，我們現在已將向第三方提供發動機，無論是跑車還是賽車。貨幣方面產生了約 2500 萬歐元的負面淨影響，主要是由於人民幣、日圓和美元兌歐元的不利動態。

Moving to Page 8. The change in adjusted EBIT is explained by the following variances. Volume, slightly negative, mainly reflecting lower range model deliveries. Mix and price positive for EUR 123 million, thanks to the robust product mix sustained by Daytona SP3. As a reminder, we show in this bar the whole contribution from the Icona pillar, including the volume variance. The increased contribution from personalization and a positive country mix, mainly driven by Americas. Industrial and R&D expenses grew EUR 29 million, led by innovation expenses, mainly for our sports car development as well as higher depreciation and amortization.

轉到第 8 頁。成交量略有下降，主要反映了較低系列車型的交付量。得益於 Daytona SP3 所維持的強勁產品組合，產品組合和價格為 1.23 億歐元。提醒一下，我們在此欄中顯示了 Icona 支柱的全部貢獻，包括數量差異。個人化和積極的國家組合的貢獻增加，主要由美洲推動。工業和研發費用增加了 2,900 萬歐元，其中創新費用領先，主要用於我們的跑車開發以及更高的折舊和攤提。

SG&A increased EUR 12 million and mainly reflected the ongoing development of our digital infrastructure and organization. Other positively contributed for EUR 6 million. The increased contribution from sponsorship and the release of prior year car environmental provisions in the U.S.A., the latter was approximately USD 10 million were partially offset by the lower Formula 1 ranking achieved in 2023 compared to 2022. Lastly, the total net impact of currency was negative for EUR 23 million.

SG&A 增加了 1200 萬歐元，主要反映了我們數位基礎設施和組織的持續發展。其他積極捐款達 600 萬歐元。贊助和美國上一年汽車環保條款的發布增加了貢獻，後者約為1000 萬美元，但與2022 年相比，2023 年一級方程式排名較低，部分抵消了這一貢獻。總淨影響為負 2300 萬歐元。

Turning to Page 9. In the first quarter, our industrial free cash flow generation was strong and reached EUR 321 million. It reflected the increase in profitability, partially offset by CapEx for EUR 195 million, EUR 45 million higher than last year and in line with the pace of development of our products and infrastructure. Capital expenditure during 2024 will develop more linearly compared to our usual cadence, particularly as we start spending for the new paint shop.

翻到第 9 頁。這反映了獲利能力的成長，部分被 1.95 億歐元的資本支出所抵消，比去年增加了 4,500 萬歐元，並且與我們產品和基礎設施的發展步伐一致。與我們通常的節奏相比，2024 年的資本支出將更加線性發展，特別是當我們開始為新塗裝車間支出時。

And second, a moderate increase in net working capital, mainly led by trade receivables. At the end of March, the company was in a net industrial cash position for EUR 38 million, notwithstanding EUR 136 million of share repurchases occurred in the quarter and residual impacts from currency and IFRS 16. Following the Annual General Meeting approval in April, the dividend distribution of approximately EUR 440 million was paid on the 3rd of May, thus impacting the balance sheet of the second quarter.

其次，淨營運資本適度增加，主要由應收帳款帶動。截至 3 月底，該公司的工業淨現金部位為 3,800 萬歐元，儘管本季度進行了 1.36 億歐元的股票回購，並受到貨幣和 IFRS 16 的影響。 3日支付了約4.4億歐元的股息分配，影響了第二季的資產負債表。

Finally, let's move to Page 10, which confirms the guidance for 2024. We are really pleased by the solid Q1 performance, the continued strength of the order book and the positive business trends also emphasized by the enthusiastic reception of the 12Cilindri and the great partnership started with HP. On this basis, we do look with great confidence at the next steps in the execution of our plan for the current year and beyond.

最後，讓我們轉到第10 頁，該頁確認了2024 年的指導。 我們對第一季度的穩健表現、訂單的持續強勁以及12Cilindri 的熱情接待和良好的合作夥伴關係所強調的積極的業務趨勢感到非常高興從惠普開始。在此基礎上，我們對今年及以後計劃的下一步執行充滿信心。

I thank you for your attention, and I'll now turn the call over to Nicoletta.

感謝您的關注，現在我將把電話轉給 Nicoletta。

Thank you, Antonio. We are now ready to open the Q&A session. Please, Sandra, go ahead.

謝謝你，安東尼奧。我們現在準備開始問答環節。桑德拉，請繼續。

(Operator Instructions) We will now take the first question coming from the line of George Galliers from Goldman Sachs.

（操作員說明）我們現在將回答來自高盛的 George Galliers 的第一個問題。

The first question I wanted to ask was just to help provide some clarification about the order book. You talked about some normalization, but you also in the opening marks referenced the order book being very strong. Could you just help us understand what normalization means? Is this just the fact that you have more slots available now going into 2026 and with the 12Cilindri or is there another element to it? And could you just confirm you haven't seen any pickup or abnormal behavior with respect to cancellations?

我想問的第一個問題只是為了幫助提供有關訂單簿的一些澄清。您談到了一些標準化，但您也在開場白中提到訂單簿非常強勁。您能幫助我們理解標準化的意思嗎？這只是因為進入 2026 年，12Cilindri 擁有更多可用插槽，還是還有其他因素？您能否確認您沒有看到任何與取消相關的提貨或異常行為？

The second question I had was around innovation. And Benedetto obviously, you referenced the large number of patents that you continue to file. Just with respect to the patents and the innovation, is there any one area where you are particularly active today, such as aero or chassis dynamics, software or electric powertrain? Or is the innovation really across the board and all of the different technologies obviously in play at Ferrari.

我的第二個問題是關於創新的。貝內代托顯然提到了您繼續申請的大量專利。就專利和創新而言，您目前在哪一個領域特別活躍，例如航空或底盤動力學、軟體或電動動力系統？或者說，創新真的是全面的嗎？

George, thank you for your question. I will start with the first one, the normalization, what does it mean? And so let me say in this way. It's a simple math, okay? Because we are in a situation where a lot of our models are sold out. And we have the two new models that were announced last week, and thanks for the efforts to pronounce well in Italian. Thank you. The 12Cilindri, well, this -- the order of these two cars are not yet in our portfolio. So normalization for us meant that, as we said also at the beginning of the year in February, we were expecting the product portfolio to go a little bit down because there was not too much for the client to orders. And this question, I would like to take this opportunity to clarify something important. The order book that we have goes well into 2026. This is very important. I want to clarify this because we have models that are, let me say, for which we have a long waiting list.

喬治，謝謝你的提問。我先從第一個開始，標準化是什麼意思？讓我這樣說吧。這是一個簡單的數學，好嗎？因為我們現在的情況是很多型號都賣完了。我們上週宣布了兩款新車型，感謝您為用意大利語發音所做的努力。謝謝。 12Cilindri，嗯，這兩款車的訂單尚未包含在我們的產品組合中。因此，正常化對我們來說意味著，正如我們在二月年初所說的那樣，我們預計產品組合會略有下降，因為客戶沒有太多訂單。對於這個問題，我想藉此機會澄清一件重要的事情。我們的訂單簿將持續到 2026 年。我想澄清這一點，因為我們有一些模型，可以說，我們有很長的等待名單。

The second point abnormality of cancellation. We saw less order coming from China. That's true. But we don't see an abnormality of cancellation. We don't see any pattern either in terms of country or in terms of models. We see some clients that want to have some more model, they have to wait longer because there is a long wait time, like, for example, the Purosangue.

第二點異常取消。我們看到來自中國的訂單減少了。這是真的。但我們沒有看到取消的異常情況。無論是在國家還是型號方面，我們都沒有看到任何模式。我們看到一些客戶想要更多的模型，他們必須等待更長的時間，因為等待時間很長，例如Purosangue。

The other point was about the IP. The IP is the innovation, let me say that we are running and we are partnering goes across the board. There are some areas that are, let me say more -- a little bit more present, what is related to the driving thrills. So if you can, let me say, in our patent portfolio, will not find many patents about things that are not strategic for us like autonomous driving. But when it comes to anything related to the driving thrills or (inaudible) interacting with regards. Well, over there, that one is an area of attention and focus for our patterning activity.

另一點是關於IP。智慧財產權就是創新，我想說的是，我們正在全面運營，我們正在全面合作。讓我多說一點，有些領域與駕駛刺激有關。因此，如果可以的話，我想說的是，在我們的專利組合中，不會找到許多與自動駕駛等對我們不具有戰略意義的事物相關的專利。但當涉及到與駕駛刺激或（聽不清楚）互動相關的任何事情時。嗯，那邊，這是我們圖案化活動的關注和焦點領域。

We will now take the next question from the line of John Murphy from Bank of America.

現在我們將回答來自美國銀行的約翰墨菲的下一個問題。

I just had two questions. The quarter was a very Ferrari-like quarter with volumes flat, very significant revenue growth from price and mix and personalization. So it was really proved out the model. But I think if we look at the two walks, I was just wondering if you could give us some information on or color on the EBIT change versus the revenue change because it was a very clean quarter with volumes almost flat year-over-year, but EBIT up EUR 123 million versus revenue up EUR 166 million, which would give you a 74% contribution margin, which I think is not being appreciated necessarily in the stock at the moment. So I don't know if you can talk about that on a relative basis. But if you could give us sort of color of how we should think about contribution margin ex volume because it was very strong in the quarter, about 74% as far as I can tell.

我只有兩個問題。該季度是一個非常像法拉利的季度，銷量持平，但價格、組合和個人化帶來的營收成長非常顯著。所以這個模型確實被證明了。但我認為，如果我們看看這兩次步行，我只是想知道您是否可以給我們一些有關息稅前利潤變化與收入變化的信息或顏色，因為這是一個非常乾淨的季度，銷量幾乎與去年同期持平，但息稅前利潤增加了 1.23 億歐元，而收入增加了 1.66 億歐元，這將帶來 74% 的邊際貢獻，我認為目前該股票不一定會升值。所以我不知道你是否可以在相對的基礎上談論這個問題。但如果你能給我們一些顏色，說明我們應該如何考慮銷售以外的貢獻邊際，因為它在本季度非常強勁，據我所知約為 74%。

For this next question, I would like Antonio to...

對於下一個問題，我希望安東尼奧......

Yes. There are three main elements that contribute to the increase in contribution margin. The first one is the product mix, whereby it's important to flag the role of the Daytona. Actually, I think I said in my comments on the bridge that the Daytona contributed higher than they would do over the course of the rest of the year in the first quarter. Secondly, personalization. Personalization is very strong. So it's above the 19% that we had for the rest of the year, it's slightly above. The third is country mix. Obviously, with China down that helps in terms of -- even of the marginality. I don't know whether it is a sufficient color. There are a couple of other elements that also contributed, 499P also and the other couple of models sold in the quarter. But that what explains the strength of this contribution of mix and price.

是的。貢獻邊際增加的三個主要因素。第一個是產品組合，因此突顯迪通拿的角色非常重要。事實上，我想我在對橋的評論中說過，代托納在第一季的貢獻高於今年剩餘時間的貢獻。其次，個性化。個性化很強。所以它高於我們今年剩餘時間的 19%，略高於。第三是國家組合。顯然，隨著中國的衰落，這甚至在邊緣性方面都有所幫助。不知道這個顏色夠不夠。還有其他幾個因素也做出了貢獻，499P 以及本季銷售的其他幾個型號也是如此。但這解釋了這種組合和價格貢獻的力量。

Okay. Maybe just one follow-up to that. I mean, basically, what you're saying is the 74% contribution margin ex volume is the kind of number we should think about in the future? And then just one follow-up on Purosangue.

好的。也許只是一個後續行動。我的意思是，基本上，你所說的是 74% 的貢獻率（除銷量）是我們未來應該考慮的數字？然後是 Purosangue 的一個後續行動。

There is one element you should take into consideration, the Daytona is higher this quarter than the rest of the year.

您應該考慮一個因素，代托納本季的價格高於一年中的其他時間。

Okay. And then just on the Purosangue success. I mean that form factor, obviously, is somewhat unique. But Benedetto, you're having incredible success there. Could we see a successor to that in the next couple of years? And what would that mean for the business?

好的。然後就是 Purosangue 的成功。我的意思是，形狀因素顯然是有些獨特的。但是貝內代托，你在那裡取得了令人難以置信的成功。在接下來的幾年裡我們能看到它的繼任者嗎？這對企業意味著什麼？

Look, also another interesting question. I can tell you that, yes, Purosangue is having a lot of traction and the order book is very strong. It goes well ahead. But I don't want to comment -- I cannot. I would like, but I cannot because secrecy is a way to fit the [salability] of what we do. Clearly, there is -- we are learning a lot from this model. And usually, let's put it this way, we like to use what we learned. But I don't want to say if there will be a success or whatever.

看，還有另一個有趣的問題。我可以告訴你，是的，Purosangue 有很大的吸引力，訂單也非常強勁。進展順利。但我不想發表評論——我不能。我願意，但我不能，因為保密是適應我們所做工作的[適銷性]的一種方式。顯然，我們從這個模型中學到了很多。通常，讓我們這樣說，我們喜歡使用我們學到的東西。但我不想說是否會成功或其他什麼。

We will now take the next question from the line of Tom Narayan from RBC Capital Markets.

現在我們將回答加拿大皇家銀行資本市場部湯姆·納拉揚 (Tom Narayan) 提出的下一個問題。

The first one I have is on China. You mentioned it was down a little. Just curious maybe if there's something driving that, I know that there is some just inherent reasons to not be as aggressive there with CO2 restrictions there and tariffs and such. Just love to hear maybe a little more on what's happening in China, if there's anything -- any commentary there first.

我的第一個是關於中國的。你提到它下降了一點。只是好奇，也許有什麼因素在推動這一點，我知道有一些內在的原因，導致人們不那麼積極地實施二氧化碳限制和關稅等措施。只是想聽聽更多關於中國正在發生的事情，如果有什麼的話——首先有任何評論。

Tom. I would like to share with you some color about China. That is pretty interesting. So we did some analysis. It's funny to see that if you go in China, and if you compare what was happening 1 year ago and this year, basically, there are two numbers that are [swapped] in terms of car that we ship to Mainland China, okay? We're talking about Mainland China. Clearly, if I see versus 1 year ago, there is a stronger traction of hybrid model. One year ago, we were shipping more ICE than hybrid. This year, we are shipping more hybrid than ICE. And this brings also -- since the hybrid model are basically sold out, a little bit is left to be sold, there is an impact and there is also, let me say, gives you more color about the meaning of normalization in the country.

湯姆.我想和大家分享一些關於中國的色彩。這很有趣。所以我們做了一些分析。有趣的是，如果你去中國，比較一年前和今年發生的情況，基本上，我們運送到中國大陸的汽車有兩個數字[交換]，好嗎？我們說的是中國大陸。顯然，如果我看到與一年前相比，混合動力車型的吸引力更強。一年前，我們運送的內燃機多於混合動力。今年，我們運輸的混合動力車數量超過了 ICE。這也帶來了——由於混合動力車型基本上已經售罄，還有一點點待售，這是有影響的，而且，讓我說，也讓你對國內正常化的意義有了更多的了解。

So I wanted to share a little bit more color because this China has a different meaning for us versus the other brand -- luxury brands acting in that region. It's a different meaning because for us, since the beginning, since the Capital Market Day, as Antonio said very clearly, we want to keep Mainland -- sorry, Greater China, so ABC, Mainland China, Taiwan and Hong Kong, below 10%, because we want this market to get more acquainted with our brands to be in the family of Ferrari, you need some time and to -- and you needed to give time to the client in a country to understand what does it mean to be our clients. So having said that, it's clear that let me say, in China, we had this kind of normalization that was also our, if you want, deliberate choice because the number of model we can sell there are not so many, and we wanted to keep always below 10%.

所以我想分享更多一點色彩，因為這個中國對我們來說與其他品牌（在該地區開展業務的奢侈品牌）有著不同的意義。這是一個不同的意義，因為對我們來說，從一開始，從資本市場日開始，正如安東尼奧明確表示的那樣，我們希望將大陸——對不起，大中華區，所以ABC、中國大陸、台灣和香港保持在10%以下，因為我們希望這個市場更加熟悉我們的品牌，加入法拉利家族，你需要一些時間，並且你需要給一個國家的客戶時間來了解成為我們的品牌意味著什麼。話雖如此，很明顯，讓我說，在中國，我們有這種正常化，如果你願意的話，這也是我們故意的選擇，因為我們可以在那裡銷售的型號數量並不多，而且我們想始終保持在10%以下。

And a quick follow-up on personalization. The guidance is to stay at that 19%. That was the same amount in 2023, so effectively flat. Purosangue is coming in, I think you also said Daytona above that level. So I guess the question would be is there upside potential to that 19% to your guidance in 2024? Or maybe it's because the initial folks were getting the Purosangue are more likely to personalize because they are maybe more VIP, et cetera. So I'd just love to hear more on -- your thoughts on...

以及個人化的快速跟進。指導意見是保持在 19%。這與 2023 年的數量相同，因此實際上持平。 Purosangue 即將到來，我想你也說過迪通拿高於這個水平。所以我想問題是，這 19% 比您 2024 年的指導值有上升潛力嗎？或者可能是因為最初獲得 Purosangue 的人更有可能個性化，因為他們可能更 VIP，等等。所以我很想聽更多關於——你的想法…

No, I think let's say, the trend of personalization is not specifically a model. What I can tell you, let me say, another lesson learned, we like to reduce the -- to report at least to us, what are the lessons learned and to share with you is that this year, we increased the price of personalization. You may remember, last call we said we increased the price of the new model and we increased the price of personalization. Well, what we saw that, yes, there was an increase on the price of the price of personalization, but there has not been any impact on the ratio personalization. So this is the lesson learned. We increased the price of personalization. But if the client want to personalize, they keep personalizing. And this is also the reason why when the previous colleague asked the contribution year-over-year to the EBIT, Antonio was telling contribution from personalization, product mix and country mix.

不，我想可以這麼說，個人化趨勢並不是一種特定的模式。我可以告訴你的是，我們吸取了另一個教訓，我們喜歡減少——至少向我們報告，吸取了哪些經驗教訓並與你們分享的是，今年我們提高了個性化的價格。您可能還記得，上次通話我們說我們提高了新型號的價格，並且我們提高了個性化的價格。嗯，我們看到的是，個人化的價格確實有所上漲，但個人化的比率沒有受到任何影響。所以這就是教訓。我們提高了個人化的價格。但如果客戶想要個人化，他們就會繼續個人化。這也是為什麼當前一位同事詢問對息稅前利潤的逐年貢獻時，安東尼奧說的是個人化、產品組合和國家組合的貢獻。

Also, if I may add, the higher the average price of car, the lower the percentage, it's just a mathematical formula. So the more we sell Daytona...

另外，我可以補充一下，汽車的平均價格越高，百分比越低，這只是一個數學公式。所以我們賣的迪通拿越多...

We will now take the next question from the line of Monica Bosio from Intesa Sanpaolo.

現在我們將回答聯合聖保羅銀行 Monica Bosio 提出的下一個問題。

The first one is on the 12Cilindri. I was wondering if the 12Cilindri might carry a higher ratio of personalization or if is there any particular future that might carry a higher personalization context, not only on the price side, any color is appreciated on this side? And my second question is on the country mix, which was favorable in the first quarter, should we expect a similar impact also in the coming quarters.

第一個是在 12Cilindri 上。我想知道 12Cilindri 是否可能會具有更高的個人化比例，或者是否有任何特定的未來可能會帶來更高的個人化背景，不僅在價格方面，任何顏色都受到讚賞？我的第二個問題是關於第一季有利的國家組合，我們是否應該預期未來幾季也會產生類似的影響。

Monica. I take the first one. The second, I leave it to Antonio. Let's say, two things for the 12Cilindri, okay? Coupe and Spider. Actually, three things. One, as I said, that the client like -- love sorry, love both of them. Two, I have been talking maybe around 60, 70 clients, spending time with them in the two evening we had in Miami. I saw a strong interest of the client for new colors. So arctic white as well as verde toscana. So there was a strong -- that many clients telling I will take, I will order this colors. Some clients asking for two different color on two different cars, the Coupe and Spider. What I can tell you, the last important point is that we agreed, I mean we increased the price. As you have seen, the price is EUR 395,000 for Europe -- for Coupe and EUR 435,000 for the Spider.

莫妮卡。我選擇第一個。第二個，我把它留給安東尼奧。比方說，12Cilindri 有兩件事，好嗎？轎跑車和蜘蛛人。其實就是三件事。一，正如我所說，客戶喜歡——抱歉，愛他們兩個。第二，我們在邁阿密的兩個晚上，我和大約 60、70 名客戶進行了交談，並與他們共度了時光。我看到客戶對新顏色表現出濃厚的興趣。北極白和托斯卡納綠。所以有一個強烈的想法——許多客戶告訴我會接受，我會訂購這種顏色。一些客戶要求在兩種不同的汽車（Coupe 和 Spider）上使用兩種不同的顏色。我可以告訴你的是，最後重要的一點是我們同意了，我的意思是我們提高了價格。正如您所看到的，歐洲 Coupe 的價格為 395,000 歐元，Spider 的價格為 435,000 歐元。

The number of the personalization, let me say, what will be the trend that will discover together, but I think there are enough personalization option for the client. And as I said, there is a lot of interest for the new colors that, let's say, let them get in love even more. That are reason there is a lot of -- there are many dimensions we can explore over the Monica. But we wanted to start from a price that is higher than the predecessor of this car. The second one, I would like to -- Antonio, if you can elaborate.

個性化的數量，讓我說，一起發現的趨勢是什麼，但我認為客戶有足夠的個人化選擇。正如我所說，人們對新顏色很感興趣，可以說，這讓他們更加相愛。這就是我們可以在莫妮卡上探索許多維度的原因。但我們想從比這款車的前身更高的價格入手。第二個，我想──安東尼奧，如果你能詳細說明一下。

Sure. So Monica, I think as far as the country mix is concerned, over the course of the year, I would expect a modest positive impact. And so...

當然。所以莫妮卡，我認為就國家組合而言，在這一年中，我預計會產生適度的正面影響。所以...

Sorry, can you repeat Antonio.

抱歉，你能再說一次安東尼奧嗎？

A modest positive impact.

適度的正面影響。

We will now take the next question from the line of Adam Jonas from Morgan Stanley.

現在我們將回答來自摩根士丹利的 Adam Jonas 的下一個問題。

A couple of questions. First, can you remind us of your sales today by unit volume, what percentage of your volume are delivered to clients that already own a Ferrari and how that changed in recent quarters? And I have a follow-up.

有幾個問題。首先，您能否提醒我們您今天的銷售量（以單位數量計算），您的銷售量中有多少百分比交付給已經擁有法拉利的客戶，以及最近幾季有何變化？我有一個後續行動。

We were waiting for -- only this question?

我們一直在等待──只有這個問題？

I have a follow-up, if I can ask it now or wait.

我有後續行動，如果我現在可以詢問或等待的話。

No, we were taking a note on a piece of paper. So maybe you can go. So one is the percentage of repeaters. The second?

不，我們正在一張紙上做筆記。所以也許你可以走了。所以一是回頭客的百分比。第二？

Yes. So again, the first question to be clear is what percentage of your volume are delivered to clients that already own a Ferrari or were existing owners replacing a Ferrari, if that makes sense. And the second question, Benedetto, is, you have been making efforts downstream with your dealers and franchise dealers on trying to capture more of the recurring revenue and establish a more intimate relationship, if I can say so, with your clients, including things like increasing your hit rate on repurchasing a secondhand vehicle. I know there's other efforts that you're doing, but if you could give us an update on how that's going since you kind of reemphasize the efforts there, that would be appreciated.

是的。因此，首先要明確的問題是，您的銷售中有多少百分比交付給已經擁有法拉利或正在更換法拉利的現有車主的客戶（如果這有意義的話）。貝內代托，第二個問題是，您一直在與您的經銷商和特許經銷商一起向下游努力，試圖獲得更多的經常性收入，並與您的客戶建立更親密的關係（如果我可以這麼說的話），包括諸如提高您重新購買二手車的成功率。我知道您正在做其他的努力，但如果您能向我們提供最新進展情況，因為您再次強調了這方面的努力，我們將不勝感激。

The first question is very -- the first answer is very simple, Adam. Let's say, the repeaters, what we call a repeater, the people that are already client, it depends a little bit on the model. So you have models where the repeater is in the range of 10% -- let's say, 30% -- sorry 30%, 35% to a situation where the repeater are going to around 80%, 85%. So it is -- in average in the year 2023, 74% of our new cars were sold to existing clients, okay? So this is the answer.

第一個問題非常——第一個答案非常簡單，亞當。比方說，中繼者，我們所說的中繼者，已經是客戶的人，這在某種程度上取決於模型。因此，您的模型中繼器的範圍為 10%（假設為 30%），抱歉為 30%、35%，而中繼器的範圍約為 80%、85%。所以，平均到 2023 年，我們 74% 的新車都賣給了現有客戶，好嗎？這就是答案。

The second, the dealers. What we are doing together with the dealers is to push more on to make the relation more intimate, as you said, we are working on two dimensions. Number one is the personalization, the personalization so that we can enrich -- we can personalize more of the cars. And the second is the Ferrari Approved in these days. I mean, last week, actually, we launched in USA, the Ferrari Approved program that is something that allows -- we want to link more and more -- we want to nurture more and more the preowned market. And to this, we launched the Ferrari Approved initiative that is intended to link, to bring more in the family, the client, to avoid them going, let me say, to use gray work body shop or gray dealers. And for this, we agreed with our dealers, some activities so that there is an incentive for our clients to go back and to stay in the family. So these are the two things we are doing, Adam.

第二，經銷商。我們現在和經銷商一起做的就是推動更多的事情，讓關係更加親密，就像你說的，我們是在兩個維度上做工作。第一個是個性化，個性化使我們能夠豐富——我們可以個性化更多的汽車。第二個是最近批准的法拉利。我的意思是，實際上，上週我們在美國推出了法拉利批准計劃，該計劃允許我們希望建立越來越多的聯繫，我們希望培育越來越多的二手車市場。為此，我們推出了法拉利批准計劃，旨在將更多的人帶入家庭和客戶，避免他們使用灰色車身修理廠或灰色經銷商。為此，我們與經銷商達成了一致，開展了一些活動，以便激勵我們的客戶回去並留在我們的大家庭中。這就是我們正在做的兩件事，亞當。

We will now take the next question from the line of Michael Binetti from Evercore ISI.

現在我們將回答來自 Evercore ISI 的 Michael Binetti 的下一個問題。

And Benedetto first, I want to say congrats on the 98% of the employees participating in the stock program. I know that's something that's been important to you since very early on your time here.

首先，貝內代托，我想對 98% 的員工參與股票計畫表示祝賀。我知道從你剛來這裡的時候起，這對你來說就很重要。

Just I guess a question on the margin cadence through the year as we think about the puts and takes, particularly in second quarter, I think you said there will be less Daytona after the first quarter. But I think here we are in May, I think the SF90 XX models start to ship in the second quarter with the Coupe and then the Spider later in the fourth quarter. I know those are high price point cars, and it sounds like they're very heavily personalized. Is there -- as we look at that mix bridge, does that slow because there's less Daytona through the rest of the year? And does the margin lift from Daytona slow through the year? Or does the XX pick it up and that can be more linear through the year?

只是我猜想，當我們考慮看跌期權和看跌期權時，特別是在第二季度，我想問一下全年的保證金節奏問題，我想你說過第一季度之後代托納的數量將會減少。但我認為現在已經是五月了，SF90 XX 車型將在第二季開始出貨，Coupe 車型將在第四季稍後推出 Spider 車型。我知道這些都是高價位的車，而且聽起來它們非常個人化。當我們觀察那座混合橋時，是否會因為今年剩餘時間代托納的數量減少而變慢？代托納的利潤率提升是否在這一年中放緩？或者 XX 是否會採取這種措施，並且全年都可以更加線性？

And then, I guess, secondly, maybe just on some of the new items, how does the HP sponsorship flow into the P&L, which lines? And what is the timing around when you start to record that if that's a new addition to 2024 guidance? And then I guess my last one is Benedetto, on the e-building, I know that that's an important input to the EV that you've announced for next year. Is there -- will we see that the output from that building start to show up in your commercial activities before the EV and maybe what that would look like?

然後，我想，其次，也許只是在一些新項目上，惠普贊助如何流入損益表，哪幾行？如果這是 2024 年指南的新增內容，那麼您開始記錄這一點的時間是什麼時候？然後我想我的最後一個是貝內代托，關於電子建築，我知道這是對您明年宣布的電動車的重要投入。我們是否會看到建築物的輸出開始出現在電動車之前的商業活動中，也許會是什麼樣子？

So I think, Mike, I'll take the third one, and Antonio will elaborate on the first two. So the e-building, as I said, is -- it will be -- let's say, the electric cars will be done in the e-building. But in these buildings, because we always give priority to flexibility. We will also have other cars assembled over there, the hybrid. So yes, we will have some hybrid cars that we'll get out will be manufactured, assembled in this e-building. But the electric cars, the plan for electric car stays as we committed 2 years ago, and the e-building will be inaugurated 21st of June, as I said before.

所以我想，麥克，我將採取第三個，安東尼奧將詳細說明前兩個。因此，正如我所說，電子建築是——它將是——比方說，電動車將在電子建築中完成。但在這些建築中，因為我們總是優先考慮靈活性。我們還將在那裡組裝其他汽車，即混合動力汽車。所以，是的，我們將在這座電子建築中製造和組裝一些混合動力汽車。但是電動車，電動車的計劃仍然是我們兩年前承諾的，而且電子大樓將於6月21日落成，正如我之前所說的。

So don't expect, any electric cars to get delivered before what we told you. I mean, we stick to our plan. We are in line with that. For the other two, the HP sponsorship flowing in the P&L and the margin cadence, Antonio.

因此，不要指望任何電動車會在我們告訴您之前交付。我的意思是，我們堅持我們的計劃。我們同意這一點。對於另外兩個，惠普贊助在損益表中流動以及利潤率節奏，安東尼奧。

Mike, the first one, in terms of the cadence, the cadence is partly -- the current margin cadence is partly dictated by date of the deliveries of Daytona, which we expect to be higher in the first half compared to the second even if in the second half at some point, will get also the SF90 XX Stradale for delivery. And the -- but we expect anyway, the overall mix and price impact to remain above 10% compared to last year in terms of growth.

麥克，第一個，就節奏而言，節奏部分 - 當前的利潤節奏部分取決於代托納的交付日期，我們預計上半年的交付日期將高於下半年，即使在下半年的某個時候，也將交付SF90 XX Stradale。但無論如何，我們預計整體組合和價格影響與去年相比成長將保持在 10% 以上。

And as far as the HP sponsorship flowing into the P&L. I will start from the second quarter. I do not disregard the fact that it is just a portion of the year. So it's not a full year sponsorship this one. And as these things do not happen overnight, as you may imagine, we encompass that already largely in our guidance for the year, at the beginning.

至於流入損益表的惠普贊助。我將從第二季開始。我不會忽視這只是一年中的一部分。所以這不是全年贊助。正如您可能想像的那樣，由於這些事情不會在一夜之間發生，因此我們從一開始就已經在很大程度上將其納入了今年的指導中。

We will now take the next question from the line of Stephen Reitman from Bernstein SG.

現在我們將回答 Bernstein SG 的 Stephen Reitman 提出的下一個問題。

I have some questions about the Purosangue at about the 12 Cylinder. First of all, on the Purosangue, you say it has reached global distribution, so that means there it's also reached the production cadence that's equivalent to the 20% target you would normally have for the vehicle over the lifetime of the product? Secondly, on the 12 Cylinder, could you comment, first of all, on your thought process and how you came about the pricing on this vehicle, obviously, which is a 30% uplift on the 812 Superfast and I believe a 27% uplift on the 812 GTS, obviously, big increases.

我對 12 缸 Purosangue 有一些疑問。首先，對於Purosangue，您說它已經實現了全球分銷，這意味著它也達到了生產節奏，相當於您通常在產品生命週期內為車輛設定的20%的目標？其次，關於 12 缸，您能否首先評論一下您的思考過程以及您如何確定這款車的定價，顯然，這比 812 Superfast 上漲了 30％，我相信 812 Superfast 上漲了 27％顯然，812 GTS 的增幅很大。

And secondly, also on the 12 Cylinder, the fact that you're launching the two vehicles together, although as you mentioned, there is a delay before the Spider comes out as a release to customers, does that indicate a higher degree of flexibility you now have within your production system that you can actually develop these vehicles in tandem and have them out in a very short space of time compared to the past when there was a quite a long gap between these kind of vehicles.

其次，同樣在 12 缸上，事實上，您將兩輛車一起推出，儘管正如您所提到的，在 Spider 向客戶發布之前存在延遲，這是否表明您具有更高程度的靈活性現在，在您的生產系統中，您實際上可以串聯開發這些車輛，並在很短的時間內將它們生產出來，而過去這些車輛之間存在相當長的差距。

Thank you, Stephen, for your question. So coming to the first one, the Purosangue. While we can say that in Q1, the deliveries of Purosangue were below 16% of the volume we shipped. So we are not yet at the 20%. You can assume for the year that we'll be around 18% overall. The -- coming back to the 12 Cylinder or 12Cilindri like we like. Well, the 12Cilindri, the price, let's say, we agreed to have a higher price, substantially higher price than the previous version because we believe there is a lot of innovation, a lot of activities have been done by the company by all the team to put together traditional innovation and also, let me say, when you try it, because we tried it several times, even Antonio and all other colleague on the track and on the road. There is the right mix between driving thrills, elegance and sportiness.

謝謝史蒂芬的提問。現在來看第一個，Purosangue。雖然我們可以說，在第一季度，Purosangue 的交貨量低於我們出貨量的 16%。所以我們還沒有達到 20%。你可以假設今年我們的整體成長率約為 18%。 - 就像我們喜歡的那樣，回到 12 Cylinder 或 12Cilindri。好吧，12Cilindri，價格，我們同意有一個更高的價格，比以前的版本高得多的價格，因為我們相信有很多創新，公司所有團隊都做了很多活動將傳統創新結合在一起，而且，讓我說，當你嘗試它時，因為我們嘗試了好幾次，甚至安東尼奧和所有其他同事在賽道上和路上。駕駛刺激、優雅和運動完美結合。

So let me say, I think this price is what the cars the -- the (inaudible) also for the -- all the work has been done. I have to say that also during the 2 nights, the world premieres, we have been talking about the feature of the car, okay? We've got -- some clients were telling I do not believe you have been able to reach such high performances in a car that was already high performance. Now we're thinking about 4-steering wheel that is really unique and brake-by-wires. A lot of innovation have been done on these cars, mainly on the dynamic, on the power control, on the power unit, so -- also on the interior side, the display -- the central display, yes, one thing that the client appreciated a lot is that we listen. We had the comment we have a central display that is very high-end and very easy to be used.

所以讓我說，我認為這個價格是汽車的價格 - （聽不清楚）也是 - 所有工作都已經完成。我必須說，在全球首映的兩個晚上，我們一直在談論汽車的功能，好嗎？我們—有些客戶告訴我，我不相信你能夠在一輛已經高性能的汽車上達到如此高的性能。現在我們正在考慮真正獨特的線控制動四方向盤。這些車進行了許多創新，主要是在動力方面、在動力控制方面、在動力裝置方面，所以——也在內飾方面、顯示器上——中央顯示器，是的，客戶認為的一件事非常感激的是我們傾聽。我們收到評論說我們有一個非常高端且非常易於使用的中央顯示器。

You said well, I mean, the reason why we launched the two models together, the Coupe and the Spider is the first time that we launched this for our range car is because we want to give more freedom to clients, it means that we [have higher] flexibility in us. So we prepared ourselves to have this higher flexibility in us because it's something that is also -- I mean, we met several times. We have to learn, to know more our clients, and this is a way also to learn from our clients how they react when they see the two model together. We are ready because we have a flexible manufacturing line.

你說得好，我的意思是，我們之所以一起推出Coupe和Spider這兩個車型，這是我們第一次為我們的系列車推出這個車型，是因為我們想給客戶更多的自由，這意味著我們[我們擁有更高的靈活性。因此，我們準備好擁有這種更高的靈活性，因為這也是——我的意思是，我們見過幾次面。我們必須學習，並更多地了解我們的客戶，這也是向客戶了解當他們看到這兩個模型在一起時他們的反應的一種方式。我們已做好準備，因為我們擁有靈活的生產線。

If I go back again about the pricing on the 12Cilindri. If the price increase, does that give us any idea of the future direction of when you launch also replacements for the next series of vehicles, what -- could we expecting this kind of degree of price uplift on these vehicles. Obviously, with the 296 GTB, it was about a 14% increase. And I think on the Roma Spider versus the Portofino M, it was about 16%.

如果我再回顧一下 12Cilindri 的定價。如果價格上漲，這是否能讓我們了解當您推出下一系列車輛的替代品時的未來方向，我們可以期待這些車輛的這種程度的價格上漲。顯然，296 GTB 的增幅約為 14%。我認為 Roma Spider 與 Portofino M 的差距約為 16%。

These are the other interesting questions. I think that it's clear that there are two things that we have to balance. One is all the innovation that we are offering to our clients. And number two, the willingness they have to pay an higher price. What I can tell is that, yes, there is -- as we said also in several meetings, there is an upward -- lift upward of our prices, as you have noticed it well, for the 296, for the Roma Spider and for the 12Cilindri. I think this is important, I mean we always said we want to grow we want to give priority to value over volume. If you see also the deliveries of this quarter, basically, they've been flat versus 1 year ago.

這些是其他有趣的問題。我認為很明顯我們必須平衡兩件事。一是我們為客戶提供的所有創新。第二，他們願意支付更高的價格。我可以告訴的是，是的，正如我們在幾次會議上所說的那樣，我們的價格正在上漲，正如您已經註意到的那樣，對於 296、Roma Spider 和12Cilindri。我認為這很重要，我的意思是我們總是說我們想要成長，我們想要優先考慮價值而不是數量。如果您還看到本季度的交付量，基本上與一年前相比持平。

We will now take the next question from the line of Anthony Dick from ODDO BHF.

現在我們將回答 ODDO BHF 的 Anthony Dick 提出的下一個問題。

Just a follow-up question on the HP title sponsorship. So quite a significant partnership you've signed there. And so I was just wondering how that affects the profitability profile of the F1 business. Is this something that could actually improve the profitability of the business? Or is it just made largely to cover any cost increases that you might expect in the coming years, maybe especially in 2025, with likely some higher wage expenses.

只是關於惠普冠名贊助的後續問題。你們在那裡簽署了相當重要的合作關係。所以我只是想知道這如何影響 F1 業務的獲利能力。這真的可以提高企業的獲利能力嗎？或者它主要是為了彌補您在未來幾年（尤其是 2025 年）可能預期的任何成本增加，可能會出現一些更高的工資支出。

And then a second question on the paint shop. Just wondering if you could update us on the development of the paint shop and what kind of investments and ramp-up could we expect for that new building.

然後是關於油漆車間的第二個問題。只是想知道您是否可以向我們介紹油漆車間的最新發展情況，以及我們對新建築的投資和產能預期。

Okay. The first question, yes, it improves, very simple answer. The second, the paint shop, yes, we laid down the foundation in the last quarter -- in Q1. And let's say, the total investment is in the -- is a part of the investment plan we declared to you 2 years ago. You remember we said EUR 4.4 billion...

好的。第一個問題，是的，它改進了，非常簡單的答案。第二個是油漆車間，是的，我們在上個季度（第一季）奠定了基礎。比方說，總投資是──是我們兩年前向你們宣布的投資計畫的一部分。你還記得我們說過 44 億歐元...

The plan is over 2022 to 2026.

計劃期限為2022年至2026年。

Yes, over 5 years, out of which, let me say, EUR 1.1 billion was for infrastructure and the paint shop as the e-building are part of this EUR 1.1 billion over the 5-year cycle. So nothing new, Anthony. It's -- we are moving according to the plan. The e-building will be announced next month as per plan, and the paint shop started in Q1 as per plan and all is part of this basket of EUR 1.1 billion.

是的，超過 5 年，其中，我想說，其中 11 億歐元用於基礎設施和油漆車間，因為電子建築是 5 年周期 11 億歐元的一部分。所以沒什麼新鮮事，安東尼。我們正在按照計劃進行。電子大樓將於下個月按計劃公佈，油漆車間按計劃於第一季啟動，所有這些都是這 11 億歐元一攬子計劃的一部分。

We will now take the next question from the line of Martino De Ambroggi from Equita.

現在我們將回答 Equita 的 Martino De Ambroggi 提出的下一個問題。

Sorry to bother you on the profitability in Q1 in customizations. But -- you mentioned that customization was higher in Q1 than the 19% projected for the full year. Am I right in assuming 21%, first? And second, you also mentioned the higher is the price, the lower is the customization.

很抱歉打擾您了解第一季客製化業務的獲利能力。但是，您提到第一季的客製化程度高於全年預期的 19%。我先假設 21% 對嗎？其次，您也提到價格越高，客製化程度就越低。

Martino, can I just stop you on this one, just to avoid any misunderstanding. We guided the market to 19% for the full year. And I just said in Q1, we are slightly above 19%, so that's it, but it's not significantly different, okay?

馬蒂諾，我可以阻止你這件事嗎，以避免任何誤會。我們全年指導市場上漲19%。我剛剛在第一季說過，我們略高於 19%，就是這樣，但並沒有顯著差異，好嗎？

Okay. Okay. And the second part, always on this question is you mentioned that the higher is the price, the lower is the customization as a percentage of sales. But you also mentioned the...

好的。好的。第二部分，總是在這個問題上，您提到價格越高，客製化佔銷售額的百分比就越低。但你也提到了...

It's a simple math fact.

這是一個簡單的數學事實。

Yes. Yes, yes. But you also mentioned that the Purosangue is ramping up and the Daytona had a higher contribution in Q1 than the rest of the year. I remember you mentioned in the previous call, Daytona was expected to deliver 60 units in this quarter, so maybe it was a higher. So -- and the two things together show that probably it is not in this quarter that the relationship, the higher is the price in the customization for the overall picture. So I don't know if...

是的。是的是的。但您也提到，Purosangue 正在加速發展，而 Daytona 在第一季的貢獻高於今年其他時間。我記得您在之前的電話會議中提到，Daytona 預計本季交付 60 輛，所以可能會更高。因此，這兩件事一起表明，可能不是在本季出現這種關係，整體客製化的價格較高。所以我不知道是否...

You're right in the sense that the first quarter, we had higher deliveries of the Daytona and the Purosangue is ramping up now in our global distribution, but it's not yet at 20%. When we said at the beginning, we are guiding to 19% average. Obviously, take into account that we do not have full visibility of personalization over the rest of the year because the decision on personalization is taken by the clients towards the end of this waiting time, a few months before delivery. So it's actually an assumption. The one we are not in a position to project on precise math for the following quarter, particularly as we go towards the end of the year. I think 19% on average is a fair assumption.

你是對的，第一季度，我們的 Daytona 交付量有所增加，而 Purosangue 現在在我們的全球分銷中正在增加，但尚未達到 20%。當我們一開始說的時候，我們的指導目標是平均 19%。顯然，請考慮到我們在今年剩餘時間裡無法完全了解個人化，因為個人化的決定是由客戶在等待時間結束時（即交付前幾個月）做出的。所以這其實是一個假設。我們無法對下一季的精確數學進行預測，特別是在接近年底的時候。我認為平均 19% 是一個合理的假設。

Okay. And the second question is on cost. Probably referring to the previous question on HP sponsorship. Am I right in assuming it is offsetting the Hamilton contract? And just to have an idea of the Formula 1 contribution going ahead regardless of the ranking you will have this year, which is probably higher than last year.

好的。第二個問題是成本。可能指的是之前關於惠普贊助的問題。我假設它抵消了漢密爾頓的合同，對嗎？只是為了了解未來對一級方程式的貢獻，無論您今年的排名如何，這可能會高於去年。

We said before, Martino, it improves. This was the same question that we got. So...

我們之前說過，馬蒂諾，情況有所改善。這與我們得到的問題是一樣的。所以...

No, but the Hamilton contract in the middle, I know you do not disclose the precise figures and so on. But I suppose this -- it helps to cover the Hamilton contracts that will come next year.

沒有，但是漢密爾頓的合約在中間，我知道你不會透露具體的數字等等。但我認為這有助於支付明年的漢密爾頓合約。

No, no, your answer -- your question is very clear. And our answer, yes, it improves. We don't discuss the detail A or B, the plus and the minus or the equal, but it improves.

不，不，你的答案——你的問題很清楚。我們的答案是，是的，它有所改善。我們不討論細節A或B、加號和減號或相等，但它有所改進。

We will now take the next question from the line of Gianluca Bertuzzo from Intermonte SIM.

現在我們將回答 Intermonte SIM 的 Gianluca Bertuzzo 提出的下一個問題。

I'm sorry to bother you on the partnership with HP. Are we talking about triple-digit sponsorship here such as the previous long-standing title sponsor. And second and third question are about volumes. Can we expect an acceleration of volumes deliveries throughout the year? Or can we assume a stable evolution? And on cost inflation, what are -- did you change your expectation or the development in line with your thinking at the beginning of the year.

很抱歉就與惠普的合作關係打擾您。我們在這裡談論的是三位數的贊助嗎？第二和第三個問題是關於數量的。我們能否預期全年交屋量會加速？或者我們可以假設一個穩定的演化嗎？關於成本通膨，您是否根據年初的想法改變了預期或發展？

I think the first two and the cost is Antonio will then pass to go through. So HP, we never disclosed the numbers, also because in the contract, if you see the contract we signed with all our sponsors, we cannot. We cannot, this information is confidential. So we cannot (inaudible) the number if it is 1, 2, 3, 4, 5 digits, whatever. Whatever measurement unit you are thinking to.

我認為前兩者和成本是安東尼奧將通過然後通過。所以惠普，我們從未透露過這些數字，也是因為在合約中，如果你看到我們與所有贊助商簽署的合同，我們就不能透露。我們不能，此資訊是保密的。因此，如果數字是 1、2、3、4、5 位數，我們就無法（聽不清楚）該數字。無論您想要使用什麼測量單位。

The second is the volume. We said since ever that we value -- we give a priority to value over volume. So let me say, you know how many car, we did last year. We also said that the growing volume will be very limited. You see that Q1 basically, we did to be precise, 7 units less than last year. So let's say, we do not expect at all any acceleration of volume. This is not -- I mean, what a brand like us should do. And that's also the reason why, if you remember the previous question of Stephen, Stephen was saying why you have been -- what is the rationale behind this strong price increase because we want to give always priority to value over volume.

第二是體積。我們從一開始就說過，我們重視價值——我們優先考慮價值而不是數量。所以我想說，你知道我們去年生產了多少輛車。我們也表示，成長量將非常有限。你看，第一季度，確切地說，我們確實做到了，比去年少了 7 個單位。這麼說吧，我們根本不期望交易量有任何加速。我的意思是，這不是像我們這樣的品牌應該做的事情。這也是為什麼，如果你還記得史蒂芬之前的問題，史蒂芬會說為什麼——這種強勁的價格上漲背後的理由是什麼，因為我們希望始終優先考慮價值而不是數量。

For the cost inflation, Antonio, can you...

對於成本膨脹，安東尼奧，你能...

Yes, it's very simple. We haven't changed our assumptions for the rest of the year actually.

是的，這很簡單。事實上，我們在今年剩餘時間並沒有改變我們的假設。

We will now take the next question from the line of Thomas Besson from Kepler Cheuvreux.

現在我們將回答來自 Kepler Cheuvreux 的 Thomas Besson 的下一個問題。

I'd like to come back to the seasonality of earnings and [talk at all] about the seasonality of CapEx and free cash flow, just to make sure I understood correctly. What I understood is that earnings would likely follow the shape of your deliveries for the Icona. So you likely have a better first half than the second half. I just want to confirm that. And I think you said as well that CapEx would be more linear this year than in previous years where it would have been more back-end loaded. Is that correct?

我想回到收益的季節性並[完全談論]資本支出和自由現金流的季節性，只是為了確保我理解正確。據我了解，收入可能會隨著 Icona 的交付情況而變化。所以你的上半場可能比下半場好。我只是想確認一下。我想你也說過，今年的資本支出將比前幾年更加線性，前幾年後端負載會更多。那是對的嗎？

Maybe just clarify on the first one. I commented the development of the gross margin, the contribution margin, if you wish, which is dictated by the guidance of the Daytona. When you look at the entire P&L, obviously, there are other seasonalities that cross over the top part of the profit and loss. Overall, I would not expect significant differences over time. But for probably Q3, it could be -- it normally happens a bit lower.

也許只是澄清第一個。我評論了毛利率和邊際貢獻的發展，如果你願意的話，這是由迪通拿的指導決定的。當你查看整個損益表時，顯然，還有其他季節性因素跨越了損益的頂部部分。總的來說，我預計隨著時間的推移不會出現顯著差異。但對於第三季來說，它可能會——通常會稍微低一些。

With respect to CapEx, you're right. I said usually, we experienced an exponential growth of capital expenditure over the course of the year. In 2024, we expect the growth to be more linear because several projects are already well advanced. We are basically finishing up on the development of the e-building and we have the ramp up of the expenditure on the new paint shop.

關於資本支出，你是對的。我通常說，我們在這一年中經歷了資本支出的指數級增長。到 2024 年，我們預計成長將更加線性，因為幾個項目已經進展順利。我們基本上完成了電子大樓的開發，新油漆車間的支出也有所增加。

My second question, I know you want to keep some surprise. I look forward to visiting it. This e-building, when we come there, are you already making something in it? Are we going to see something? Or is it just going to be -- or to present us your projects in more details when it comes to both the one to every component you're going to make there in cars? Or are you already manufacturing something in the building?

我的第二個問題，我知道你想保留一些驚喜。我期待著參觀它。這個電子大樓，我們到那裡的時候，你們已經在裡面做東西了嗎？我們要去看看什麼嗎？或者只是向我們展示您的項目的更多細節，涉及您將在汽車中製造的每個組件？或者您已經在大樓裡製造一些東西了嗎？

No, we told you maybe we were not clear in the past. In September, we started to get the first equipment. In December, we started already to assemble some component for our cars. So now we'll see how to manage it the best to the (inaudible), but it's not an empty shell. We don't do this inauguration with empty shell, Thomas. We -- I mean there are people working over there. There are a component made already over there.

不，我們告訴過你，也許我們過去並不清楚。 9月份，我們開始獲得第一台設備。 12 月，我們已經開始為我們的汽車組裝一些零件。所以現在我們將了解如何最好地管理它（聽不清楚），但它不是一個空殼。湯瑪斯，我們不會空殼舉行就職典禮。我們——我的意思是有人在那裡工作。那裡已經有一個組件已經製作好了。

I would have been prepared to come for a religious visit as well as (inaudible). Last question. On ForEx, please. The headwind was a bit larger than I thought in Q1. Can you give us an indication of what we should expect for the full year?

我本來會準備來進行宗教訪問以及（聽不清楚）。最後一個問題。請在外匯方面。第一季的逆風比我想像的還要大。您能否告訴我們全年的預期？

Well, we have said we expect the dollar to stay in the area of $1.10. Then let's see what happens. It's rather unpredictable. For example, the impact of Chinese yuan and the Japanese yen both last year and the current year is negative and larger than we would have back on. As you know, we hedge our currency exposure on a 12-month rolling basis. So this moving a bit the impact. But overall, I would expect this to be negative for the rest of the year.

嗯，我們已經說過，我們預計美元將保持在 1.10 美元的區域。然後讓我們看看會發生什麼。這是相當不可預測的。例如，人民幣和日圓去年和今年的影響力都是負面的，而且比我們預期的影響更大。如您所知，我們以 12 個月滾動的方式對沖我們的貨幣風險。所以這個搬家有點影響。但總體而言，我預計今年剩餘時間這將是負面的。

We will now take the next question from the line of Gabriele Gambarova from Banca Akros.

現在我們將回答 Banca Akros 的 Gabriele Gambarova 提出的下一個問題。

Yes. Just a couple left for me. Is it possible to know the precise number of SP3 Daytona delivered in Q1, please?

是的。只剩下一對給我了。請問可以知道第一季交付的 SP3 Daytona 的準確數量嗎？

Yes. Approximately 80.

是的。大約80。

80. Well.

80. 好吧。

Yes.

是的。

And another question again on price and mix, very strong in Q1. The balance between this 80 and EUR 123 million, am I right assuming that it's made of, let's say, bigger deliveries of Purosangue?

另一個關於價格和組合的問題在第一季非常強勁。這 80 到 1.23 億歐元之間的餘額，我是否正確地假設它是由更大的 Purosangue 交付量組成的？

Can you please repeat the question?

您能重複一下這個問題嗎？

Just wondering -- I was wondering if the Purosangue had, let's say, an important role in the improvement of price and mix in Q1 putting (inaudible) SP3.

只是想知道 - 我想知道 Purosangue 是否在 Q1 投入（聽不清楚）SP3 的價格和組合改善中發揮了重要作用。

Okay. We do not give the details of the overall product mix impact. I told you that overall, product mix impact is positive, and this is because of the Daytona. The other significant contributor remains to personalization. And the third one is country mix.

好的。我們沒有給出整體產品組合影響的細節。我告訴過你，總體而言，產品組合的影響是正面的，這是因為代托納。另一個重要貢獻者仍然是個人化。第三個是鄉村組合。

Okay. Okay. Okay. And very last question. Just to check, Antonio, if I understood well...

好的。好的。好的。最後一個問題。只是為了檢查一下，安東尼奧，我是否理解得很好......

Just for the sake of clarity, Purosangue in terms of contribution is average compared to the rest of the range percentage-wise.

為了清楚起見，與其他範圍的百分比相比，Purosangue 的貢獻是平均的。

Very last question. I understood right. You said you expect price and mix to give higher than 10% contribution across the rest of the year?

最後一個問題。我理解對了。您說您預計今年剩餘時間價格和組合的貢獻將高於 10%？

I said that the increase of price and mix, as you can measure it as the ratio of the average selling price compared to last year is expected to be above 10% on the full year basis.

我說的是價格和產品組合的成長，可以用平均售價與去年相比的比例來衡量，預計全年會在10%以上。

We will now take the next question from the line of Henning Cosman from Barclays.

現在我們將回答來自巴克萊銀行的亨寧·科斯曼的下一個問題。

I have also one more clarification, I'm afraid. But I'm still trying to reconcile your comments with respect to high number of Daytonas, I think, very strong personalization mix on the first Purosangue's to be delivered perhaps on modest geographical mix effect in the course of the year, perhaps a little bit less in Q1. So I would have thought these comments all sort of add to thinking that the Q1 margin is more towards the top end of the range that we can perhaps expect across the quarters for 2024. But then again, similar to the previous point that the colleague made, if the revenue per unit stays at about 10% or price/mix stays above 10%, I'm struggling to reconcile that how that would be consistent with the full year margin of below 28%. I mean perhaps you can help us one more time to reconcile that.

恐怕我還有一項澄清。但我仍在努力協調您對大量代托納的評論，我認為，第一批 Purosangue 的個性化組合可能會在這一年中受到適度的地理混合影響，也許會少一點在第一季度。因此，我認為這些評論都讓人認為第一季的利潤率更接近我們可以預期的 2024 年各季度範圍的上限。在10% 左右或價格/組合保持在10% 以上，我很難協調這如何與低於28% 的全年利潤率保持一致。我的意思是，也許你可以再次幫助我們協調一致。

And then on another topic that hasn't come up. And the second question is residual values, if I'm not mistaken, you had made comments around the degree of residual value normalization in the context of better availability of new cars. I don't know if you wanted to share anything there. Just wanted to give you an opportunity if you wanted to share something on residual values.

然後談到另一個尚未出現的話題。第二個問題是殘值，如果我沒記錯的話，您在新車可用性更好的背景下就殘值正常化程度發表了評論。我不知道你是否想在那裡分享什麼。如果您想分享有關剩餘價值的內容，只是想給您一個機會。

I think the first one, maybe Antonio can add some more color, and I will comment about the second. So I'll start from a second also for business of this question. The residual value. There are -- the residual value keep pretty well. There has been one country that has been suffering a little bit for one specific model. But the situation is coming basically to -- is recovering. So we don't see any strange pattern over there. Coming to the first question. Antonio will elaborate more. But what I would like to underline is that we are not changing the guidance.

我認為第一個，也許安東尼奧可以添加一些更多的色彩，我會評論第二個。因此，我也將從第二個開始討論這個問題。殘值。還有——殘值保持得很好。有一個國家因某種特定模式而受到了一點影響。但情況基本上正在恢復。所以我們在那裡沒有看到任何奇怪的模式。來到第一個問題。安東尼奧將詳細闡述。但我想強調的是，我們不會改變指導方針。

Absolutely. Absolutely. I mean we are asked about color for the development of product as of price and mix over the rest of the year. And I trying to simplify what I said before, meaning price and mix has been particularly strong in Q1. This has been supported by the number of deliveries of the Daytona, which is higher compared to the average for the rest of the year. And the other element that contributed positively was personalization. And obviously, as I said, the other information that I put is that we expect on average price and mix to be growing 10% or above that in the course of 2024 compared to last year. This means that over the course of the quarter in terms of contribution margin, depending on the cadence, the actual cadence of the Daytona will probably be slightly lower compared to the first quarter of the year. This is it. Does it help?

絕對地。絕對地。我的意思是，我們被問到今年剩餘時間產品開發的顏色、價格和組合。我試圖簡化我之前所說的，這意味著第一季的價格和組合特別強勁。迪通拿的交付數量也證實了這一點，該交付數量高於今年剩餘時間的平均水平。另一個正面貢獻的因素是個人化。顯然，正如我所說，我提供的其他資訊是，我們預計 2024 年平均價格和產品組合將比去年增長 10% 或以上。這意味著在本季的貢獻利潤率方面，根據節奏，代托納的實際節奏可能會比今年第一季略低。就是這個。有幫助嗎？

I might follow-up with the team afterwards. But thank you.

之後我可能會跟進團隊。但謝謝你。

Okay. Okay. Thank you.

好的。好的。謝謝。

I would now like to turn the conference back to Benedetto Vigna for closing remarks.

現在我想請貝內代托‧維尼亞 (Benedetto Vigna) 致閉幕詞。

Thank you. Thanks for your time. Thanks also for all your questions. The strong Q1 results and also the strong brand desirability are fueling our confidence for the development of the year and also forward. This is the key message that we wanted to pass to you. And I wish you a good afternoon, and thank you again for your attention. Grazie.

謝謝。謝謝你的時間。也感謝您提出的所有問題。第一季的強勁業績和強烈的品牌吸引力增強了我們對今年和未來發展的信心。這是我們想傳達給您的關鍵訊息。祝您下午好，並再次感謝您的關注。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。