Ferrari NV (RACE) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Welcome to the Ferrari Q3 results 2024 conference call and webcast.

歡迎參加 2024 年法拉利 Q3 業績電話會議和網路廣播。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your speaker, Nicoletta Russo, Head of Investor Relations.

現在我想將會議交給您的發言人，投資者關係主管 Nicoletta Russo。

Please go ahead.

請繼續。

Thank you, Razia, and welcome to everyone who is joining us.

謝謝你，拉齊亞，歡迎所有加入我們的人。

Today, we plan to cover the group's operating results of the third quarter of 2024 and the duration of the call is expected to be around 60 minutes.

今天，我們計劃報道集團2024年第三季的經營業績，預計電話會議時間約60分鐘。

Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna; and Group CFO, Mr. Antonio Picca Piccon.

今天的電話會議將由集團執行長 Benedetto Vigna 先生主持；和集團財務長 Antonio Picca Piccon 先生。

All relevant materials are available in the Investors section of the Ferrari Corporate website.

所有相關資料均可在法拉利公司網站的投資者部分找到。

And at the end of the presentation, we will be available to answer your questions.

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 risk and uncertainties mentioned in the safe harbor statement included on page 2 of today's presentation.

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聲明均受到今天演示文稿第2 頁所包含的安全港聲明中提到的風險和不確定性的影響。

And the call will be governed by this language.

並且呼叫將受此語言管轄。

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.

謝謝，尼科萊塔。

And thank you everyone for joining us today.

感謝大家今天加入我們。

Before we begin, I would like to extend my gratitude to the incredible team at Ferrari for their hard work and dedication, to all our client and collectors for their ongoing trust in our brand, and to all our partners, suppliers, and dealers for the strong collaborations we have continued to build together.

在我們開始之前，我要向法拉利令人難以置信的團隊表示感謝，感謝他們的辛勤工作和奉獻精神，感謝我們所有的客戶和收藏家對我們品牌的持續信任，感謝我們所有的合作夥伴、供應商和經銷商，感謝他們對我們品牌的信任。

The stability of the Ferrari ecosystem resides on their spirit of co-operation, shared passion, and sense of belonging.

法拉利生態系統的穩定取決於他們的合作精神、共同的熱情和歸屬感。

Grazie a tutti.

謝謝大家。

Thanks to all.

感謝大家。

We are continuing to execute our business plan in line with our trajectory.

我們將繼續按照我們的軌跡執行我們的業務計劃。

And Q3, once again, a quarter rich in achievements and strong financial results.

第三季度，再次是取得豐碩成果和強勁財務業績的季度。

Let's begin with a brief summary of these financial results and then Antonio will provide all other details.

讓我們先簡要概述這些財務業績，然後安東尼奧將提供所有其他詳細資訊。

Revenues EUR1.6 billion, up 7% versus the previous years.

營收 16 億歐元，比前幾年成長 7%。

A double-digit growth in profitability, with EBIT at approximately EUR470 million and EBIT margin of 28.4%, sustained by the strength of the product mix and the continuing solid trend of personalizations.

憑藉強大的產品組合和持續強勁的個人化趨勢，獲利能力實現兩位數成長，息稅前利潤約為 4.7 億歐元，息稅前利潤率為 28.4%。

A remarkable net profit of EUR375 million, and industrial free cash flow generation of more than EUR360 million.

淨利高達 3.75 億歐元，工業自由現金流量超過 3.6 億歐元。

Such figures continue to demonstrate strong execution and sustained growth.

這些數字繼續展現出強大的執行力和持續的成長。

These results were accompanied by a continuous brand momentum.

這些成果伴隨著持續的品牌動力。

The order book -- our order book has evolved as expected, with the new 12Cilindri Spider guiding the order intake, providing us with a remarkable rolling visibility well into 2026.

訂單簿－我們的訂單簿已如預期發展，新的 12Cilindri Spider 引導訂單量，為我們提供了直至 2026 年的卓越滾動可見性。

The same positive sentiment has been confirmed by many of our dealers who attended the Dealer Annual Meeting a couple of weeks ago here in Maranello in our new E-building.

同樣的正面情緒也得到了幾週前在馬拉內羅新電子大樓參加經銷商年會的許多經銷商的證實。

All our 170 plus dealers from all over the world came to this important event.

我們來自世界各地的 170 多名經銷商都參加了這項重要活動。

And immediately after it, during the dinner, they reported very favorable feedback across the board: from recent product unveiling to customer engagement, from a clear and consistent product and industrial strategy, to increase openness and transparency, and of course, unique brand experiences.

緊接著，在晚宴期間，他們報告了全面的非常有利的回饋：從最近的產品發佈到客戶參與，從清晰一致的產品和產業策略，到增加開放性和透明度，當然還有獨特的品牌體驗。

In this same location, in the E-building, during those days, we arranged bespoke previews of the new supercar, the F80, for our collectors before displaying it to our broader racing community at Finali Mondiali.

在那個日子裡，在 E 大樓的同一地點，我們為我們的收藏家安排了新款超級跑車 F80 的客製化預覽，然後將其展示給 Finali Mondiali 更廣泛的賽車界。

This model opens a new chapter in the history of our legendary supercars.

車型開啟了我們傳奇超級跑車歷史的新篇章。

The F80 will be produced in a limited run of just 799 examples, which have already been fully allocated to our collectors.

F80 將限量生產 799 輛，目前已全部分配給我們的收藏家。

It joins the iconic 288 GTO launched 40 years ago in 1984, F40, F50, Enzo, and La Ferrari in showcasing the very pinnacle of technology and performance.

它與 40 年前（即 1984 年）推出的標誌性 288 GTO、F40、F50、Enzo 和 La Ferrari 一起展示了技術和性能的巔峰。

The F80 is the most powerful road car ever to come out of the factory's gate with a combined maximum power of 1,200 horsepower.

F80 是有史以來最強大的公路車，總最大功率為 1,200 匹馬力。

It has become the new benchmark for innovation and engineering excellence from the latest generation V6 hybrid powertrain with the introduction of the turbo to the four-wheel driving capability enabled by the electric front axle from the ultra-light carbon fiber chassis to the extreme aerodynamic solutions.

從引入渦輪增壓的最新一代V6混合動力系統到電動前軸實現的四輪驅動能力，從超輕碳纖維底盤到極致的空氣動力學解決方案，它已成為創新和卓越工程的新標竿。

And here, I would like to praise the entire team here in Ferrari for this incredible masterpiece, marking the 8th model unveiled out of the 15 we promised at the 2022 Capital Markets Day.

在這裡，我要讚揚法拉利整個團隊的這一令人難以置信的傑作，這是我們在 2022 年資本市場日承諾推出的 15 款車型中的第 8 款。

So what is most striking about F80?

那麼F80最引人注目的是什麼呢？

Firstly, it symbolizes our technological evolution, the significant transfer of technology from our racing world to the road.

首先，它像徵著我們的技術進步，即技術從賽車世界到公路領域的重大轉移。

Today, both our Formula 1 and our 499P Hypercar have turbo V6 IC engines with a hybrid system.

如今，我們的一級方程式賽車和 499P 超級跑車均配備帶有混合動力系統的渦輪增壓 V6 IC 引擎。

So, it was the natural choice for us to transfer this powerful and advanced architecture into our newly born F80.

因此，將這種強大而先進的架構移植到我們剛剛誕生的 F80 中是我們自然而然的選擇。

Secondly, we are making a clear technology statement.

其次，我們正在做出明確的技術聲明。

More specifically, I refer to the following three key components of our F80, all developed and manufactured in our newly inaugurated E-building.: one, the electric motors, the first to be developed, tested, and manufactured entirely by us; two, the high-voltage battery module, conceived for very high-power density and adopting a patented carbon fiber housing system to save weight; and three, the front axle, designed for high efficiency and incorporating two electric motors and inverters using silicon carbide transistors and integrated advanced cooling system.

更具體地說，我指的是我們F80的以下三個關鍵部件，全部是在我們新落成的E大廈開發和製造的：一是電動機，第一個完全由我們開發、測試和製造；二是電機。二、高壓電池模組，專為極高功率密度而設計，並採用專利碳纖維外殼系統以減輕重量；第三，前軸，專為高效率而設計，包含兩台電動馬達和使用碳化矽晶體管的逆變器以及整合的先進冷卻系統。

What I just mentioned above underlines the progress that we are making in our electrification journey and our willingness to internalize core components.

我剛才提到的強調了我們在電氣化過程中所取得的進展以及我們內部化核心組件的意願。

After the first hybrid F1 car of 2009, La Ferrari of 2013, and our six hybrid models, F80 represents a key milestone in our electrification journey.

繼 2009 年第一輛混合動力 F1 賽車、2013 年的 La Ferrari 以及我們的六款混合動力車型之後，F80 代表了我們電氣化之旅的一個重要里程碑。

And now after our amazingly beautiful and high-performance Ferrari, let's switch gears to client activities.

現在，在我們擁有令人驚嘆的美麗和高性能的法拉利之後，讓我們轉向客戶活動。

Q3 has been also a quarter rich in many unique experiences, such as: (i) our presence in Pebble Beach, where the Tee 1 hosted many classic and new Ferraris; (ii) the Cavalcade Classiche, which attracted over 60 historic Ferraris and their owners to Italy, Friuli Venezia Giulia region and Slovenia; and (iii) the legacy tour dedicated to owners of the iconic 288 GTO and our first supercar; (iv) and the Finali Mondiali, which saw the participation of more than 35,000 motorsport enthusiasts, clients, sponsors, suppliers, and employees with their friends and families.

第三季也有許多獨特的體驗，例如：（i）我們在圓石灘的存在，Tee 1 舉辦了許多經典和新款法拉利； (ii) Cavalcade Classiche，吸引了 60 多輛歷史悠久的法拉利及其車主前往義大利、弗留利·威尼斯朱利亞地區和斯洛維尼亞； (iii) 專為標誌性 288 GTO 和我們的第一輛超級跑車車主舉辦的遺產之旅； (iv) 以及 Finali Mondiali，共有超過 35,000 名賽車運動愛好者、客戶、贊助商、供應商、員工及其朋友和家人參加。

Each event has been a resounding success, bringing together our community to celebrate the Ferrari legacy and extraordinary experiences that define our brand.

每場活動都取得了巨大成功，讓我們的社區齊聚一堂，慶祝法拉利的傳統和定義我們品牌的非凡體驗。

These opportunities for our international community to gather together offer a unique platform for enthusiasts to immerse themselves in the Ferrari experience.

我們的國際社群聚集在一起的這些機會為愛好者提供了一個獨特的平台，讓他們沉浸在法拉利的體驗中。

They foster connections and create unforgettable memories that resonate with the true essence of the Prancing Horse, a shared passion and a strong sense of belonging.

他們促進聯繫並創造難忘的回憶，與躍馬的真正本質、共同的熱情和強烈的歸屬感產生共鳴。

And Finali Mondiale is a good launch pad to our racing and lifestyle world.

Finali Mondiale 是我們賽車和生活方式世界的一個很好的起點。

So let's start with the racing world.

讓我們從賽車世界開始。

September 1, is a date that we will always remember because for the first time in Ferrari's history, we secured two victories in the two Championships, WEC and F1, in a single day, as our victory in Austin came just a few hours after our win at the Monza Grand Prix with Scuderia Ferrari HP.

9 月1 日，是一個我們將永遠銘記的日子，因為在法拉利歷史上，我們第一次在一天內贏得了WEC 和F1 兩項錦標賽的兩場勝利，而我們在奧斯汀的勝利是在我們在奧斯汀取得勝利的幾個小時後取得的。

I was in Monza, and I can tell you that you cannot describe those emotions, you can only live them, and you will never forget.

我在蒙扎，我可以告訴你，你無法描述那些情感，你只能經歷它們，而且你永遠不會忘記。

In Formula1, the recent victories and improvements in Austin and Mexico City have provided us with the boost we need to continue to fight in the last few races of the Championship, always with the four wheels on the ground.

在一級方程式賽車中，奧斯汀和墨西哥城最近的勝利和進步為我們提供了繼續在錦標賽最後幾場比賽中戰鬥所需的動力，始終保持四個輪子在地面上。

The road till the end of Abu Dhabi is -- we will make all we can to fight till the very last lap.

直到阿布達比終點的路是——我們將竭盡全力戰鬥到最後一圈。

The recent racing and sports car events have also been occasions to showcase our renewed lifestyle dimension.

最近的賽車和跑車賽事也是展示我們新的生活方式維度的機會。

Among the main activities, let me highlight our last collection shown during the Milan Fashion Week and that has been very, very well received.

在主要活動中，讓我重點介紹我們在米蘭時裝週期間展示的上一個系列，該系列受到了非常非常多的好評。

The strength of our brand is further demonstrated by the record attendance at our museums.

我們博物館創紀錄的參觀人數進一步證明了我們品牌的實力。

Two months in Q3, both saw well-above 100,000 visitors.

第三季的兩個月，訪客人數均超過 10 萬人次。

And year to date, we already passed the record of attendees of last year.

今年迄今為止，我們已經超越了去年的與會者記錄。

And lastly, I want to mention another very important achievement of this quarter.

最後，我想提一下本季的另一項非常重要的成就。

Actually, it's a quantum leap toward our carbon neutrality target for 2030.

事實上，這是朝著 2030 年碳中和目標邁出的一大步。

We have switched off our three-generation plant here in Maranello, and we managed to do this three months earlier than we had previously planned.

我們已經關閉了馬拉內羅的三代工廠，並且比之前計劃提前了三個月。

This means we no longer use gas to produce electricity in Maranello, replacing a significant proportion of our methane gas consumption with renewable energy sources.

這意味著我們在馬拉內羅不再使用天然氣發電，用再生能源取代了很大一部分甲烷氣體消耗。

This will ensure us a 60% annual reduction in Scope 1 and Scope 2 CO2 emission compared to the 2021 base year.

這將確保我們的範圍 1 和範圍 2 二氧化碳排放量與 2021 年基準年相比每年減少 60%。

To conclude, we are conscious of the macro environment around us and we continue to monitor it very carefully.

總而言之，我們意識到我們周圍的宏觀環境，並將繼續非常仔細地監控它。

We are all fully committed to execute our strategy with focus and determination, confident in our clients, our direction, and the opportunities that lie ahead of us and always keeping in mind the importance to be well grounded.

我們全心全意專注、堅定地執行我們的策略，對我們的客戶、我們的方向以及擺在我們面前的機會充滿信心，並始終牢記紮根的重要性。

And on this note, I hand over to Antonio to review the Q3 '24 financial results.

就此而言，我將交給 Antonio 審查 24 年第三季的財務表現。

Antonio?

安東尼奧？

Grazie, Benedetto.

謝謝，貝內代托。

And good morning or afternoon to everyone joining us today.

今天加入我們的大家早安或下午好。

I start on page 6 with a quick glance at the highlights of the third quarter.

我從第 6 頁開始快速瀏覽了第三季的亮點。

The quarter posted strong financial results aligned with our targets, once again affirming this year's main drivers: product mix and personalizations.

本季公佈的強勁財務業績符合我們的目標，再次證實了今年的主要驅動力：產品組合和個人化。

As previously communicated. volumes and mix also reflected our decisions to facilitate the company's transition to a new ERP.

正如之前所傳達的。數量和組合也反映了我們促進公司過渡到新 ERP 的決定。

In this respect, I want to take this opportunity to extend my thanks to all the colleagues who supported company with this transition.

在此，我想藉此機會向所有支持公司此次轉型的同事表示感謝。

In summary, shipments were a few units less than prior year while revenues were up 7%, adjusted EBIT up 10% with a 28.4% margin.

總而言之，出貨量比去年減少了幾台，而營收成長了 7%，調整後的息稅前利潤成長了 10%，利潤率為 28.4%。

Adjusted EBITDA increased 7% with a 38.8% margin.

調整後 EBITDA 成長 7%，利潤率為 38.8%。

And such economic results led to a strong industrial free cash flow generation of more than EUR360 million.

這樣的經濟成果帶來了超過 3.6 億歐元的強勁工業自由現金流。

Moving to page 7, we review our shipments for the third quarter.

轉到第 7 頁，我們回顧了第三季的出貨量。

The Purosangue, the Roma Spider, and 296 GTS drove the deliveries in the quarter.

Purosangue、Roma Spider 和 296 GTS 帶動了本季的交付量。

We also commenced the first deliveries of the SF90 XX Spider and increased deliveries of the SF90 XX Stradale.

我們也開始了 SF90 XX Spider 的首批交付，並增加了 SF90 XX Stradale 的交付量。

Allocations of the Daytona SP3 grew in the quarter compared to prior year, in line with our plans and slightly sequentially lower than in the second quarter.

Daytona SP3 的分配量在本季度與去年同期相比有所增長，符合我們的計劃，但比第二季度略有下降。

Shipments of the 812 Competizione A decreased and were approaching the end of its life cycle while the 812 Competizione A and the Roma phased out.

812 Competizione A 的出貨量有所下降，並接近其生命週期的終點，而 812 Competizione A 和 Roma 則逐步停產。

As a result, the hybrid share reached 55% in line with product cadence and mainly driven by the 296 GTS.

結果，混合動力份額達到了 55%，與產品節奏一致，主要由 296 GTS 推動。

As usual, our product allocations across the different regions were consistent with the product cycle and the developments observed in each respective market.

與往常一樣，我們在不同地區的產品配置與產品週期和各個市場的發展保持一致。

On page 8, you can see the net revenues bridge, which show a 7% growth versus prior year at constant currency.

在第 8 頁，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 7%。

The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations.

汽車和零件的成長是由更豐富的產品和國家組合以及更高的個人化所推動的。

In the quarter, personalizations were approximately 20% of total revenues from cars and spare parts, significantly supported by the Purosangue and the Daytona SP3.

本季度，個人化服務約佔汽車和零配件總收入的 20%，這得益於 Purosangue 和 Daytona SP3 的大力支持。

Sponsorship, commercial, and brand increased, mainly thanks to new sponsorships related to our racing activities and largely driven by the new title sponsorship with HP.

贊助、商業和品牌的增加，主要歸功於與我們的賽車活動相關的新贊助，並主要受到與惠普的新冠名贊助的推動。

Currency net of hedges in place had a negative net impact mainly due to the adverse dynamics of the US dollar and Japanese yen versus the Euro.

扣除對沖後的貨幣產生了負面的淨影響，主要是由於美元和日圓兌歐元的不利動態。

Moving to page 9, the change in adjusted EBIT is explained by the following variances: First, volume, slightly negative, reflecting the lower deliveries.

翻到第 9 頁，調整後息稅前利潤的變化可以透過以下差異來解釋：首先，銷售量略有負值，反映了交付量的下降。

Second, mix and price, strongly positive.

其次，組合和價格，強烈積極。

Thanks to the enriched product mix sustained by Daytona SP3 and the sales of two 499 P Modificata.

得益於 Daytona SP3 所維持的豐富產品組合以及兩輛 499 P Modificata 的銷售。

The increased contribution for personalizations and a positive country mix, mainly supported by Americas.

對個人化和積極的國家組合的貢獻增加，主要受到美洲的支持。

Third, industrial and R&D expenses positively contributed to lower D&A, in line with certain models phase out.

第三，工業和研發費用對 D&A 的降低做出了積極貢獻，這與某些型號的淘汰一致。

SG&A increased and reflected the continuous initiatives in software and digital infrastructure, organizational development, as well as brand investments.

SG&A 增加並反映了在軟體和數位基礎設施、組織發展以及品牌投資方面的持續舉措。

Other had a positive impact of EUR14 million, thanks to the combined effect of new sponsorships and lower costs due to revised Formula 1 in-season ranking assumptions, in line with current Constructor standings.

其他方面產生了 1,400 萬歐元的積極影響，這要歸功於新贊助商的綜合效應以及因修訂一級方程式賽季排名假設而降低的成本（與當前的車隊排名一致）。

Lastly, the total net impact of currency was negative for EUR8 million.

最後，貨幣的總淨影響為負 800 萬歐元。

The EBITDA margin was 38.8% while the EBIT margin reached 28.4% and benefited from flattish D&A.

EBITDA 利潤率為 38.8%，而 EBIT 利潤率則達到 28.4%，受益於持平的 D&A。

Turning to page 10, in the third quarter our industrial free flow generation reached EUR364 million, reflecting: (i)the increase in profitability, (ii) a positive contribution from net working capital, provision and other, primarily driven by the inventory reduction at quarter end, partially offset by (i) increased capital expenditures, in line with the pace of development of our products and the new infrastructure in Maranello and largely driven by the new paint shop; (ii) higher taxes due to a different cadence of balance payments.

翻到第10 頁，第三季我們的工業自由流動發電量達到3.64 億歐元，反映了：(i) 獲利能力的增加，(ii) 淨營運資本、準備金和其他方面的正面貢獻，這主要是由於季度末，部分被 (i) 資本支出增加所抵消，這與我們產品的開發速度和馬拉內羅新基礎設施的步伐一致，並且主要由新塗裝車間推動； (ii) 由於餘額支付節奏不同而導致更高的稅收。

And the end of September, the net industrial debt position was EUR246 million after share repurchase of EUR147 million.

截至 9 月底，回購股份 1.47 億歐元後，淨工業債務部位為 2.46 億歐元。

Moving to page 11, thanks to increased visibility, we look at 2024 guidance with increased confidence on all metrics.

轉到第 11 頁，由於可見性的提高，我們對 2024 年指南的所有指標都更加有信心。

To conclude this quarter's strong financial results, the exceptional reception of the new supercar F80, the high client attendance at our events, and our fast order intake on the 12Cilindri family, along with the strong order book, all reinforce our confidence in executing our future plans with success.

總結本季強勁的財務業績、新款超級跑車 F80 的出色接待、參加我們活動的大量客戶、12Cilindri 系列的快速訂單吸收以及強勁的訂單，所有這些都增強了我們執行未來的信心計劃成功。

These achievements underscore the momentum we are building and our continued commitment to delivering value to our clients and stakeholders.

這些成就凸顯了我們正在建立的勢頭以及我們為客戶和利害關係人提供價值的持續承諾。

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

感謝您的關注，我現在將電話轉給 Nicoletta。

Thank you, Antonio.

謝謝你，安東尼奧。

Razia, we are now ready to open the Q&A session.

Razia，我們現在準備開始問答環節。

Thank you.

謝謝。

(Operator Instructions) Thomas Besson, Kepler Cheuvreux.

（操作員說明）Thomas Besson，Kepler Cheuvreux。

It's Thomas.

是托馬斯。

Thanks for taking my question.

感謝您提出我的問題。

I'll have two please.

請給我兩個。

I'd like to start with the F80.

我想從 F80 開始。

Can you give us an idea about the timeline for the first deliveries of this product?

您能否告訴我們該產品首次交付的時間表？

And over which time period or how many quarters you intend to deliver it, given its substantial price point and the likely contribution?

考慮到其巨大的價格點和可能的貢獻，您打算在哪個時間段或幾個季度交付它？

That's my first question.

這是我的第一個問題。

And the second question, I'd like to come back on the mix gains in Q3.

第二個問題，我想回顧第三季的混合收益。

Could you discuss why it declined sequentially that much?

您能否討論一下為什麼它會連續下降這麼多？

Is it mainly due to sequentially lower Dayton shipments or is there something else that explains the relatively low mix gain, please?

這主要是由於代頓出貨量連續下降還是有其他原因可以解釋混合增益相對較低的原因？

Thank you.

謝謝。

Thomas, I'll take the first one.

湯瑪斯，我選第一個。

The second one, Antonio will be more specific.

第二個，安東尼奧會更具體。

So F80, we start deliveries Q4 '25 and we will go ahead for two to three years.

因此，F80，我們在 25 年第 4 季開始交付，並將持續兩到三年。

So that's about the F80 and the number of cars we will ship is 799.

這就是 F80，我們將運送的汽車數量是 799 輛。

The second one about the mix, Antonio will comment.

關於混合的第二個，安東尼奧將發表評論。

Yeah, the sequential decline is due to the fact that the comparison with last year was based on the fact that both Daytona SP3 and mix impact and personalizations last year was already high in Q3.

是的，連續下降是因為與去年的比較是基於去年的 Daytona SP3 和混合影響和個性化在第三季度已經很高的事實。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good afternoon, everybody.

大家下午好。

Benedetto, just a question as you look at the upcoming product launches, I mean, you got the F80, which is very impressive; 12Cilindri, I would imagine a successor to the Icona; the Daytona.

Benedetto，只是當你看到即將推出的產品時的一個問題，我的意思是，你得到了 F80，這是非常令人印象深刻的； 12Cilindri，我想成為 Icona 的繼任者；代托納。

The Purosangue successor that will come in the next couple of years and the EV Hypercar.

Purosangue 的繼任者將在未來幾年推出，還有 EV 超級跑車。

There's a lot at the high end here.

這裡有很多高端產品。

It seems like it's very strong and will be well received.

看來它的實力很強，一定會受到好評。

I mean, how do you think about positioning all this with your customers and particularly, the F80 as we look at it somewhere between the Icona and the EV Hypercar that's coming.

我的意思是，您如何考慮向您的客戶定位這一切，特別是 F80，因為我們將其視為介於 Icona 和即將推出的電動超級跑車之間的產品。

I’ll take the question.

我來回答這個問題。

Look, the supercar, as we said, is coming as the pinnacle of technology and performance.

看，正如我們所說，超級跑車即將成為技術和性能的頂峰。

As I said, also, a few minutes ago, this represents an important step in our electrification journey because it shows how this company, Ferrari, can manage some key components for the electric vehicle.

正如我幾分鐘前所說，這代表了我們電氣化之旅的重要一步，因為它展示了法拉利公司如何管理電動車的一些關鍵零件。

So I think that in F80, there are a couple of important messages.

所以我認為在 F80 中，有一些重要的資訊。

One, Ferrari is able to do in hybrid world as well in ICE world, continues to be able to make with very high-level performances.

第一，法拉利能夠在混合動力世界以及內燃機世界中做到這一點，並且繼續能夠保持非常高水準的性能。

Two, the road map, our product road map is such that there is a continuous, a continuum between what we were doing in the past and what we are planning in the future.

第二，路線圖，我們的產品路線圖是這樣的，即我們過去所做的事情和我們未來計劃的事情之間有一個連續的、連續的統一體。

And I would say that this is a unique strength for our company, putting together the tradition and innovation.

我想說，這是我們公司的獨特優勢，將傳統與創新融為一體。

So F80, we are learning something in manufacturing that will be very beneficial also not only for electric car of the future but also for all other cars.

因此，F80，我們在製造方面學到了一些東西，這不僅對未來的電動車而且對所有其他汽車都非常有益。

So that is the importance of F80 in our road map.

這就是 F80 在我們路線圖中的重要性。

But maybe just, I thought -- if you think about the EV Hypercar, supercar, however, you want to use the terminology, will it be positioned above the F80 or adjacent to it or below it as far as price point?

但也許只是，我想 - 如果你想到電動超級跑車，超級跑車，然而，你想使用這個術語，它會定位在 F80 之上、鄰近還是低於它的價格點？

I am very curious.

我很好奇。

I would be in your shoes; I would be equally curious.

我會站在你的立場；我也會一樣好奇。

But we are a luxury company, and we want to keep the secret and desirability a little bit for the future.

但我們是一家奢侈品公司，我們希望為未來保守一點秘密和願望。

Q3, we already did the F80.

Q3，我們已經做了F80。

Let's wait a little bit.

讓我們稍等一下。

John.

約翰.

I understand you but let's wait a little bit.

我理解你，但讓我們稍等一下。

Okay.

好的。

We love the product.

我們喜歡這個產品。

Just one follow-up.

只是一個後續行動。

Is there the potential, there's a hyper focus right now in this quarter about volume declining.

有潛力嗎？

A lot of concerns in the luxury market.

奢侈品市場存在著許多擔憂。

Looking at all this great product coming but is it possible that you run this company with little to no volume growth and drive mix and scarcity to be even more Ferrari-like to drive -- that would drive profits and margins higher in the future as opposed to needing volume growth?

看著所有這些即將推出的偉大產品，但你是否有可能在銷量增長很少甚至沒有增長的情況下經營這家公司，並推動混合和稀缺性變得更像法拉利那樣駕駛——這將在未來推動利潤和利潤率更高需要銷售成長？

I mean, I think there's this real concern in the short run here around the volume decline.

我的意思是，我認為短期內確實存在成交量下降的擔憂。

This is a good question.

這是一個好問題。

I will take both points.

我會採納這兩點。

Number one, I would like to remember to you and everyone that this is a company that is putting together two important dimensions.

第一，我想提醒您和所有人，這是一家將兩個重要維度結合在一起的公司。

One is luxury and one is technology.

一是奢華，一是科技。

And the second important point is that we always said that we give a priority to the quality of revenues not to the quantity.

第二個重要的一點是，我們總是說我們優先考慮收入的品質而不是數量。

And this is also the way you have to read the evolution of our business plan.

這也是您閱讀我們商業計劃演變的方式。

We don't want to push too much on the top line, but we want and we always, as we always did and we plan to do, we want to give priority to the quality of the P&L.

我們不想在營收方面投入太多，但我們希望並且始終如一，正如我們一直所做的那樣，我們計劃這樣做，我們希望優先考慮損益表的品質。

George Galliers, Goldman Sachs.

喬治‧加利爾斯，高盛。

Yeah, good afternoon.

是的，下午好。

And thank you for taking my questions.

感謝您回答我的問題。

The first question I wanted to ask was just with respect to the guidance.

我想問的第一個問題是關於指導的。

Obviously, you stated that you're increasingly confident in it, but at the low end, and I'm sure you'll do better than the low end, the implied EBIT for Q4 would be about EUR400 million, so lower sequentially than Q3.

顯然，您表示您對此越來越有信心，但在低端，我相信您會比低端做得更好，第四季度的隱含息稅前利潤將約為4 億歐元，因此比第三季低。

Could you just walk us through a few of the puts and takes as we think about the evolution of Q4 relative to Q3?

當我們思考第四季相對於第三季的演變時，您能否向我們介紹一些看跌期權和看跌期權？

The second question I had was with respect to some of the residual value developments we're seeing in certain used markets.

我的第二個問題是關於我們在某些​​二手市場看到的一些剩餘價值的發展。

I think it's quite notable that low mileage, relatively young 296s are actually trading at lower values than older F8 Tributos with higher mileage.

我認為值得注意的是，里程數較低、相對較年輕的 296 的交易價格實際上低於里程數較高的舊款 F8 Tributos。

Why do you think that is?

你認為這是為什麼？

And is that leading you to reconsider at all your pricing strategy or power strain strategy as we go forward?

這是否會導致您在我們前進的過程中重新考慮您的所有定價策略或功率緊張策略？

Thank you.

謝謝。

So I take the second one on residual values and the first one, Antonio will elaborate.

因此，我將討論第二個關於剩餘價值的問題，第一個問題，安東尼奧將詳細闡述。

I would like to clarify a few things here about the residual value.

我想在這裡澄清一些關於剩餘價值的事情。

Okay.

好的。

First of all, the dynamics are not the same in all the countries.

首先，各國的動態並不相同。

You are right.

你是對的。

There is a one country, UK, that is a little bit softer.

有一個國家，英國，稍微溫和一點。

But this is not true for other countries.

但對於其他國家來說並非如此。

What I can tell you that we keep monitoring what is happening on the residual value.

我可以告訴你的是，我們一直在監控剩餘價值的變化。

And we noticed that -- let me say, when there is a degree of personalizations a little bit too high, well, it’s clear the following buyer is not -- in some cases not willing to buy for personalizations that pleased a lot the first buyers.

我們注意到——讓我說，當個人化程度有點太高時，很明顯，下面的買家不是——在某些情況下不願意購買非常滿意的個人化第一批買家。

So that's I think the two things you have to keep in mind.

所以我認為你必須記住兩件事。

The number one, the pattern is not the same all over the world.

第一，世界各地的模式並不相同。

And two, it depends a little bit on the degree of personalizations that the first buyer put on the Ferrari.

第二，這在某種程度上取決於第一個買家對法拉利的個人化程度。

And that the second one is not willing to pay for something they do not choose.

第二個不願意為他們沒有選擇的東西付出代價。

So this is about residual value.

所以這就是剩餘價值。

The second one is..

第二個是..

Hi, George.

嗨，喬治。

On the guidance, please do not disregard the fact that the guidance uses the “greater than” language that is open upward.

在指南上，請不要忽略指南使用向上開放的“大於”語言這一事實。

Okay?

好的？

Then in Q4, we are anyway planning higher deliveries of the Daytona SP3 compared to prior year, but sequentially, lower than the previous quarters.

然後，在第四季度，我們計劃將 Daytona SP3 的交付量高於去年，但按順序來看，將低於前幾季。

While in Q4, we have incremental OpEx, particularly related to racing activities and lifestyle.

在第四季度，我們的營運支出增加，特別是與賽車活動和生活方式相關的支出。

And we are encompassing the expectation of persisting inflation and incremental D&A related to digital initiatives and lifestyle.

我們正在考慮持續通貨膨脹以及與數位計劃和生活方式相關的增量 D&A 的預期。

So these are the main drivers for Q4, even if you look at that at the floor of the guidance end.

因此，即使您從指導端的底部來看，這些也是第四季度的主要驅動力。

But please do not disregard the language that we used on purpose.

但請不要忽視我們故意使用的語言。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Hi.

你好。

Good afternoon, everybody.

大家下午好。

I'm going to follow up on the implied 4Q guide but for industrial free cash flow where your language says up to EUR950 million, which would imply if I used EUR950 million, a fourth quarter year-on-year decline of industrial free cash flow of about 36%.

我將跟進隱含的第四季度指南，但對於工業自由現金流，您的語言說高達 9.5 億歐元，這意味著如果我使用 9.5 億歐元，第四季度工業自由現金流將同比下降約36 %。

So in addition to the factors you already mentioned driving EBIT for the fourth quarter, - Antonio, could you comment on maybe your outlook for a change of working capital or CapEx that might be driving that type of year-on-year decline in free cash flow?

因此，除了您已經提到的推動第四季度息稅前利潤的因素之外，安東尼奧，您能否評論一下您對營運資本或資本支出變化的看法，這可能會導致自由現金同比下降流動？

And I have a follow-up.

我有一個後續行動。

Thank you, Adam, for this question.

謝謝亞當提出這個問題。

I think it's important that we comment.

我認為我們發表評論很重要。

I think I said already in the past few quarters, this year will be particularly strong in terms of capital expenditure.

我想我在過去幾季已經說過，今年的資本支出將特別強勁。

And I also said that the spending is more linear compared to what we were previously used to.

我還說過，與我們以前習慣的相比，支出更加線性。

And this is essentially because our expenditure for infrastructural development, including the E-building in the first part of the year and then the new paint shop from the second quarter on, is going to have an impact.

這主要是因為我們的基礎建設支出，包括今年上半年的電子大樓以及第二季開始的新油漆車間，都會產生影響。

So this is biting into the cash flow for the full year.

因此，這會影響全年的現金流。

The second element is obviously that in these conditions, I do not expect working capital to help generating significantly, while we obviously have higher taxes in consideration of the higher results that we expect to achieve.

第二個因素顯然是，在這種情況下，我預期營運資本不會顯著幫助創收，而考慮到我們期望實現的更高成果，我們顯然有更高的稅收。

Hope it helps.

希望有幫助。

It does, Antonio.

確實如此，安東尼奧。

Thank you.

謝謝。

And just as a follow-up on SG&A, increased 2 times faster than revenue this quarter.

作為 SG&A 的後續行動，本季的成長速度是營收的兩倍。

Again, you highlighted some of the reasons including the digital journey, ERP, integration, et cetera.

您再次強調了一些原因，包括數位化旅程、ERP、整合等。

I just -- any outlook on forward SG&A of how much further this temporarily -- is this a temporary bulge in SG&A, which reversed a multiyear decline in SG&A percentage of sales.

我只是——對未來 SG&A 暫時進一步的展望——這是否是 SG&A 的暫時增長，扭轉了 SG&A 佔銷售額百分比多年來的下降趨勢。

How much longer that might continue if you want to describe that in either dollar terms or percentage terms?

如果您想用美元或百分比來描述這種情況，這種情況可能會持續多久？

Thanks.

謝謝。

Now, there is an element, which is structural.

現在有一個元素，它是結構性的。

The fact that with the current accounting principle, expenditure for digital infrastructure, particularly for software, when we use cloud, it's going to be expensed to the P&L directly.

事實上，根據目前的會計原則，數位基礎設施的支出，特別是軟體的支出，當我們使用雲端時，它將直接計入損益表。

So this is a change that occurred a couple of years ago already.

所以這是幾年前就已經發生的改變。

And as we grow in this respect, with updating our digital infrastructure is going to be an addition to the SG&A spending that we are used to.

隨著我們在這方面的發展，更新我們的數位基礎設施將成為我們習慣的銷售、管理和管理支出的補充。

Does that make sense?

這樣有道理嗎？

Thanks, Antonio.

謝謝，安東尼奧。

Grazie.

謝謝。

Monica Bosio, Intesa SanPaolo.

莫妮卡·博西奧，聯合聖保羅銀行。

Yes.

是的。

Good afternoon.

午安.

And thanks for taking my question.

感謝您提出我的問題。

The first one is on the F80.

第一個是在 F80 上。

Are you going to collect advances on the supercar?

您要預付超級跑車的費用嗎？

And if yes, when do you expect to account them?

如果是，您預計什麼時候會對它們進行核算？

My second question is on the personalizations rate, which was a 20% in the third quarter.

我的第二個問題是關於個人化率，第三季為 20%。

I'm just curious, what is the average price increase embedded in your personalizations compared to the previous year?

我只是好奇，與前一年相比，你們的個人化定制中的平均價格上漲了多少？

And the third question is on the shipments.

第三個問題是關於出貨的。

Obviously, you can allocate the shipments as you wish.

顯然，您可以根據需要分配發貨。

It's a deliberate strategy.

這是一個經過深思熟慮的策略。

In China, shipments decreased a lot.

在中國，出貨量大幅下降。

I know that you keep it below the 10%.

我知道你把它控制在 10% 以下。

But I'm just wondering if you can give us a flavor on the consumer spending or on the willingness to buy in China, as of now.

但我只是想知道您能否向我們介紹目前中國的消費者支出或購買意願。

If you can give us any color, it could be very helpful.

如果您能給我們任何顏色，那將會非常有幫助。

Thank you.

謝謝。

Okay.

好的。

So I will take the third one, also because I was in China until a few hours ago.

所以我會選第三個，也是因為幾個小時前我還在中國。

And Antonio will navigate you through the two other questions.

安東尼奧將引導您解決另外兩個問題。

First of all, I'd like to -- I appreciate when you underline the deliberate adjective that we are using in our presentation.

首先，我想——當您強調我們在演示中使用的故意形容詞時，我很感激。

That's very, very important.

這非常非常重要。

Then coming specifically more to China, I think we have two different -- I met all the five owners of the dealerships that we have in China.

然後具體到中國，我認為我們有兩個不同的地方——我遇到了我們在中國擁有的經銷商的所有五位所有者。

And I can tell you that, let's say, in China, they agree that the growth China Ferrari must be done in the right way with the right pace, in the sense that the strategy we highlighted of staying below 10% is the right one, because they need to get acquainted with our brand.

我可以告訴你，比方說，在中國，他們同意中國法拉利的成長必須以正確的方式、正確的速度進行，從某種意義上說，我們強調的保持在 10% 以下的策略是正確的，因為他們需要熟悉我們的品牌。

They do not see any particular negative signal because the order book is still around five quarters.

他們沒有看到任何特別的負面訊號，因為訂單量仍約為五個季度。

We have some areas that are a little bit stronger than others.

我們有一些領域比其他領域稍強。

I can tell you that in that region that is reported as a greater China, we have some different dynamics.

我可以告訴你，在那個被報導為大中華的地區，我們有一些不同的動態。

One is going a little bit down, that is China.

一個稍微往下走的，就是中國。

The other one is going up, that is Taiwan.

另外一個正在上升，那就是台灣。

So if you see, we have two different patterns over there.

所以如果你看到的話，我們那裡有兩種不同的模式。

But clearly, I mean, we see traction of some models in China and we have to make sure that we provide to the Chinese market also the cars that are more fitting with their, let's say, the tax structure over there, because the 12 cylinder is not so cheap in China.

但顯然，我的意思是，我們看到一些車型在中國很受歡迎，我們必須確保我們向中國市場提供的汽車也更適合他們的稅收結構，比如說，那裡的稅收結構，因為 12 缸發動機在中國沒那麼便宜。

It can cost up to 3 times what the client will pay in Europe.

它的費用可能是客戶在歐洲支付的費用的三倍。

So this is about China.

所以這是關於中國的。

The first two…

前兩個…

The first two, Antonio, F80 and

前兩個，Antonio，F80 和

--

--

Ciao Monica, yes so on the F80, yes, we will collect advances on the F80.

Ciao Monica，是的，F80，是的，我們將收取 F80 的預付款。

This will start in 2025.

這將從 2025 年開始。

On personalizations, 20% in Q3.

在個人化方面，第三季為 20%。

The average price increase of personalizations that we applied for this year was in line with inflation.

我們今年申請的個人化服務的平均價格上漲與通貨膨脹一致。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Thanks for taking our question.

感謝您提出我們的問題。

I guess, with the Daytona moving into the later part of its lifecycle over the next few quarters, if I assume -- make some assumptions around how many units left to sell and generally spread those out, now that the now that the units are starting to decelerate on a quarter-over-quarter basis.

我想，隨著代托納在接下來的幾個季度進入其生命週期的後期，如果我假設——對還剩多少輛待售的車輛做出一些假設，並通常將這些車輛分散開來，現在這些單位已經開始銷售環比放緩。

As we look out past the end of this year into the first half of next year, you'll have Daytona as a lower impact to the all-important average selling price per car before you start to get the F80 in the fourth quarter.

當我們展望今年年底到明年上半年時，在第四季開始購買 F80 之前，代托納對每輛車平均售價的影響較小。

I'm wondering how you would tell us to think that you guys will strategically approach - fighting that sale -- that revenues per car compression in the first half of next year with those dynamics.

我想知道你們會如何告訴我們，你們將在明年上半年透過這些動態策略性地採取行動——對抗銷售——每輛汽車的收入壓縮。

And then Benedetto, as you move more into electrification and the eventual full electric vehicle next year, how do you see the margins on an expanding portfolio of electrified cars influencing some of the historical targets you've given us like the 40% EBITDA margin you laid out at the 2026 Capital Markets Day?

然後，貝內代托，隨著您更多地轉向電氣化以及明年最終的全電動汽車，您如何看待不斷擴大的電動汽車產品組合的利潤率對您給我們的一些歷史目標的影響，例如40%的EBITDA 利潤率2026 年資本市場日有何安排？

Thank you, Michael.

謝謝你，麥可。

I think the second -- the first one, Antonio.

我認為是第二個——第一個，安東尼奧。

So look, we have been doing what we said since the beginning we intend and our plan, call it, electrification, hybridization, combustion engine is in line with our plan.

所以看，我們從一開始就一直在做我們所說的事情，我們的計劃，即電氣化、混合動力、內燃機與我們的計劃是一致的。

So you can use a different adjective but what we are doing is in line with our plan.

所以你可以使用不同的形容詞，但我們正在做的事情符合我們的計劃。

On the first one, you're right, the Daytona is going to decelerate until, say, the third quarter of next year more or less is what we could expect as of now.

在第一個方面，你是對的，代托納將會減速，直到明年第三季度，這或多或少是我們目前所預期的。

In terms of development of the mix though, it also depends on the range cars and the specials that we have.

不過，就混合開發而言，這也取決於我們擁有的車型和特價產品。

In Q3, you've seen a few initial units of SF90 XX starting.

在第三季度，您已經看到了 SF90 XX 的一些初始單元的啟動。

This will grow and the 12Cilindri will be added to the panel.

該數量將會增長，並且 12Cilindri 將被添加到面板中。

So overall, the mix will be less dependent on the Daytona and a bit more diversified in terms of the product offering.

因此，總體而言，該組合將減少對代托納的依賴，並且在產品供應方面更加多樣化。

Tom Narayan, RBC.

湯姆·納拉揚，加拿大皇家銀行。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

The first one is just a housekeeping one.

第一個只是一個家事服務。

The ERP volume impact, just confirming that was pretty much done in Q3 and won't happen in Q4.

ERP 數量的影響，只是確認這在第三季已經完成，並且不會在第四季度發生。

And then, did you guys disclose how many Daytonas were delivered in Q3?

然後，你們有透露第三季交付了多少代托納嗎？

And then my second question is a follow-up to George's question on residual values.

我的第二個問題是喬治關於剩餘價值問題的後續問題。

The one that comes up a lot is Purosangue.

最常出現的是 Purosangue。

Obviously, it's probably too early to tell, but the fear here obviously is that it's a very different type of vehicle, maybe used for different purposes more kind of utility as opposed to you know what other Ferraris are used for, so that potentially could impact the residual value.

顯然，現在下結論可能還為時過早，但這裡顯然令人擔心的是，它是一種非常不同類型的車輛，可能用於不同的目的，更實用，而不是你知道其他法拉利的用途，因此這可能會影響殘值。

I'm sure it's something you consider.

我確信這是您考慮的事情。

Just love to hear any thoughts you have on how you plan to maintain the residual value of Purosangue.

只是想聽聽您對計劃如何保持 Purosangue 的剩餘價值的任何想法。

Thank you.

謝謝。

Tom, thank you, I take one and three, and Antonio will take the second.

湯姆，謝謝你，我拿一和三，安東尼奧拿第二。

So ERP transition is being concluded.

至此，ERP轉型即將結束。

So there is no impact in Q4.

所以第四季沒有影響。

And by the way, you may remember that in the previous call, Antonio said that we anticipated some shipment just to make sure that the transition would have been, I mean, smoother.

順便說一句，您可能還記得，在之前的電話中，安東尼奧說我們預計會有一些發貨，只是為了確保過渡更加順利。

This was done always within the three months of Q3.

這總是在第三季的三個月內完成。

When it comes to residual value, if I take the Purosangue, your observation is right that what we see is that some clients are using the Purosangue more than other cars.

當涉及剩餘價值時，如果我選擇 Purosangue，您的觀察是正確的，我們看到的是一些客戶比其他汽車更多地使用 Purosangue。

And I think that this is fitting also with, if you want, the original position of the car to allow the people to enjoy more the car together with more friends, with the family.

我認為，如果你願意的話，這也符合汽車最初的定位，讓人們與更多的朋友、家人一起享受更多的汽車。

So we do not have yet a lot of data coming from the client, but we expect to see a little bit more increased mileage of the Purosangue.

因此，我們還沒有從客戶那裡獲得大量數據，但我們預計 Purosangue 的行駛里程會增加。

On the other side, we see that the demand on the Purosangue is very, very strong, keeps very strong and I can tell you that we receive more or less daily request of people from all over the world that want to have fun with our Purosangue.

另一方面，我們看到對Purosangue 的需求非常非常強烈，而且一直非常強勁，我可以告訴你，我們每天或多或少都會收到來自世界各地的人們的請求，他們想要享受我們的Purosangue 帶來的樂趣。

The second is for Antonio.

第二個是安東尼奧。

yeah, I think the only one remaining is the how many Daytona in Q3, few units less than the previous quarter, so around 70.

是的，我認為唯一剩下的就是第三季迪通拿的數量，比上一季少了幾輛，所以大約 70 輛。

But I mean, it's not really this specific number that matters.

但我的意思是，真正重要的並不是這個具體數字。

As I said, it all depends also on the mix.

正如我所說，這一切都取決於組合。

And Q3 was particularly heavy in terms of the entry levels of our range cars.

就我們系列汽車的入門級而言，第三季尤其重要。

Henning Cosman, Barclays Capital.

亨寧·科斯曼，巴克萊資本。

Good afternoon.

午安.

Thank you very much.

非常感謝。

Perhaps the first one for Antonio.

也許是安東尼奧的第一個。

I'm still trying to reconcile, Antonio, that deliberately softer language with respect to the third quarter.

安東尼奧，我仍在努力協調有關第三季度的刻意溫和的語言。

I think by more -- it's been a pretty strong quarter in terms of margin, in terms of mix.

我認為更多的是——就利潤率和組合而言，這是一個相當強勁的季度。

So I suppose I'm trying to get to what that implies for Q4.

所以我想我正在嘗試了解這對第四季度意味著什麼。

I mean, some of my colleagues have asked this already.

我的意思是，我的一些同事已經問過這個問題了。

But you know, any more color you can give us on did it actually been better than you expect?

但你知道，你能給我們更多的顏色嗎，它真的比你想像的更好嗎？

Does this still determine a soft quarter, in your opinion?

您認為這仍然決定了季度疲軟嗎？

I'm still a little bit confused but ended up as weak as you thought it would be or if it actually turned out to be better?

我還是有點困惑，但最終還是像你想的那樣虛弱，或者實際上結果更好了？

If I can, just on this one, and I don't know if you have other, but maybe you try and clean the table of the question.

如果可以的話，就這個問題，我不知道你是否還有其他問題，但也許你會嘗試清理問題表。

I started explaining already in Q2 that in terms of unit, Q3 would have been softer.

我在第二季就開始解釋，就單位而言，第三季會更軟。

And this is because with ERP, you basically remain with your production and delivery stopped for some weeks.

這是因為使用 ERP 後，您的生產和交付基本上會停止數週。

So in order to ease the transition, we decided to sell some units more in the previous quarter and some less in Q3.

因此，為了緩解過渡，我們決定在上一季增加銷售一些單位，在第三季減少銷售一些單位。

Does it matter overall?

整體重要嗎？

Honestly, no.

老實說，不行。

Obviously, we arranged also the mix in order to have the quarter sufficiently strong overall from a revenue and margin perspective.

顯然，我們也安排了組合，以便從收入和利潤率的角度來看，本季整體表現足夠強勁。

It was just flagged because if you look at the units, you see that those are lower than last year.

它只是被標記了，因為如果你看一下單位，你會發現這些單位比去年低。

But the units are in no way related to demand or whatever that is read as comments in few reports, okay, so deliberate decision.

但這些單位與需求或少數報告中被解讀為評論的任何內容無關，好吧，所以是深思熟慮的決定。

Okay.

好的。

Thank you.

謝謝。

And maybe one for Benedetto or perhaps both of you, but just because Benedetto said it in his opening remarks that you are executing in line with the trajectory.

也許是貝內代託的，也可能是你們兩個的，但只是因為貝內代託在他的開場白中說，你們正在按照軌跡執行。

Now, I think it's the first time we have the opportunity to speak to you again after the F80 release.

現在，我想這是繼F80發布之後我們第一次有機會再次與大家交談。

And at least, compared to my expectations, the economics seem to be even stronger.

至少，與我的預期相比，經濟似乎更強勁。

And obviously, '26 is going to be a year where you already take a lot of advantage of that vehicle.

顯然，26 年你已經充分利用了該車輛。

So in the context of these targets and '24 we already being in the end of the '26 range, it's sort of put a bit more color around that again, to what extent that is now, in fact, well ahead of the planned trajectory?

因此，在這些目標和「24」的背景下，我們已經處於「26」範圍的末尾，這有點再次圍繞這個目標添加了更多色彩，事實上，現在的程度遠遠超出了計劃的軌跡？

Or in what way you would say this is still in line with trajectory or at what point you may be considering to update us around these things?

或者您會以何種方式說這仍然符合軌跡，或者您可能會在什麼時候考慮向我們通報這些事情的最新情況？

Thank you.

謝謝。

Thank you, Henning.

謝謝你，亨寧。

It's a good question.

這是一個好問題。

Yes, for sure.

是的，當然。

Let me say, when we did the Capital Markets Day in June of '22, we were not expecting such high level of personalizations, especially on something, the carbon finish.

讓我說，當我們在 22 年 6 月舉辦資本市場日活動時，我們並沒有期待如此高水準的個人化，特別是在碳飾面方面。

That was -- that is highly appreciated by the client on one side, and also let me say, a good personalizations option for us to sell.

一方面，這是客戶高度讚賞的，我也可以說，這是我們銷售的一個很好的個人化選擇。

So in that sense, if you want the bigger difference between what we planned and what we have seen is this one.

所以從這個意義上說，如果你想要我們計劃的和我們所看到的之間更大的差異，那就是這個。

Now for us to give a longer term, a long-term view of where the company is heading in the next years, well, H2 next year, we will have the Capital Markets Day and we will update all of you.

現在讓我們對公司未來幾年的發展方向進行更長遠的展望，明年下半年，我們將舉辦資本市場日，我們將為大家提供最新情況。

But clearly, you hear me always thanking the team as well as the clients because all this has been possible thanks to the personalizations that the client has been willing to take from us.

但顯然，你聽到我總是感謝團隊和客戶，因為這一切之所以成為可能，要歸功於客戶願意從我們這裡獲得的個人化服務。

Stephen Reitman, Bernstein.

史蒂芬‧雷特曼，伯恩斯坦。

Yes, good afternoon.

是的，下午好。

Thank you very much.

非常感謝。

I have a question about the F80 and sort of like the special cars that you can do.

我有一個關於 F80 的問題，有點像你可以做的特殊車。

We heard that when -- on October 17, we heard that demand for the F80 have been about 3 times the level that you're actually going to be delivering, so very strong demand from your best customers and you can only satisfy a certain number of them.

我們聽說，10 月 17 日，我們聽說對 F80 的需求大約是您實際交付水平的 3 倍，因此您最好的客戶的需求非常強烈，而您只能滿足一定數量的客戶其中。

We also know that with the E-factory, the idea is not to increase the absolute level of production capacity but to give you more flexibility.

我們也知道，電子工廠的目的不是提高生產能力的絕對水平，而是為您提供更多靈活性。

And it strikes me that the timescale that you're producing F80 is going to be quite small in two, two and a bit years maybe to deliver 799 cars.

讓我吃驚的是，你們生產 F80 的時間尺度會相當小，在兩年、兩年或幾年內可能會交付 799 輛汽車。

Does the e-building give you -- is it because the e-building gives you more flexibility to do these kinds of complex cars and what does that say about your ability to make other kind of vehicles like this in the future?

電子建築是否給了你——是因為電子建築給了你更大的靈活性來製造這些類型的複雜汽車，這對你未來製造其他類型的車輛的能力有何影響？

My second question is about the battery warranty that you're going to be -- that you're introducing on the hybrids, plug-in hypers and obviously for the EV as well.

我的第二個問題是關於你將要提供的電池保固——你在混合動力車、插電式超級跑車上引入的電池保修，顯然也適用於電動車。

Can you update us on what the take up has been on this so far?

您能否向我們介紹一下迄今為止對此的進展？

Has it already been rolled out?

已經推出了嗎？

Thank you very much.

非常感謝。

Thank you, Stephen.

謝謝你，史蒂芬。

Benedetto.

貝內代托。

I will take the two points.

我將採取兩點。

So the F80, as I said, is an important milestone for our electrification journey because for the first time in our history, we are going to do internally some component for all our electrification journey.

因此，正如我所說，F80 是我們電氣化之旅的一個重要里程碑，因為這是我們歷史上第一次，我們將在內部為我們所有的電氣化之旅做一些組件。

As of today, if you look at our hybrid car, well we are buying from outside some components, while for the F80, the key components, the axle, the motor as well as the battery will be done in our e-building.

截至今天，如果你看看我們的混合動力汽車，我們從外部購買一些零件，而對於 F80，關鍵零件、車軸、馬達以及電池將在我們的電子建築中完成。

In the e-building, you said it, well, is not meant to increase the capacity but it is meant to increase the technology flexibility because we want to leave the ultimate choice of the motorization - of the propulsion - to the client.

在電子建築中，您說，這不是為了增加容量，而是為了增加技術靈活性，因為我們希望將機動化（推進）的最終選擇留給客戶。

So I think this is very important.

所以我認為這一點非常重要。

This goes hand in hand with our strategy to push to keep alive the three platforms: the ICE, the hybrid, and to add the electric.

這與我們推動保持三大平台活力的策略是緊密結合的：內燃機、混合動力和增加電動。

Because Stephen, for us, it's not electric transition.

因為史蒂芬，對我們來說，這不是電動轉型。

For us, it's electric addition.

對我們來說，這是電力的補充。

We want to add also the electric platform.

我們還想添加電動平台。

And the e-building is the tool that will allow us to master, to give this flexibility and to leave the ultimate choice to our clients.

電子建築是讓我們掌握、賦予這種靈活性並將最終選擇權留給我們的客戶的工具。

So this is about, let's say, the F80 and about our electrification journey.

所以這就是關於 F80 以及我們的電氣化之旅。

The second question was about the battery warranty.

第二個問題是關於電池保固。

Well, we can tell you in this way that the people are always worried about something they don't know.

好吧，我們可以這樣告訴你，人們總是擔心他們不知道的事情。

And the battery is something that usually people don't know yet with the same level of depth like any other component of the car.

與汽車的任何其他部件一樣，電池通常是人們還不了解的東西。

With this warranty that we started in July, we want to give the peace of mind to the client.

透過我們從 7 月開始的保修，我們希望讓客戶安心。

It's still a little bit too early to see how many people are activating it.

現在判斷有多少人啟動它還為時過早。

But I can tell you that the people that are taking it, and I was with people in China as well as people in US, in Pebble Beach or during last week trip, they all appreciated the fact that we give them the peace of mind and we take care of the battery.

但我可以告訴你，那些正在服用它的人，包括我和中國人以及美國人，在圓石灘或上週的旅行中，他們都感謝我們讓他們安心，並且我們負責電池的保養。

That's a key point.

這是一個關鍵點。

Because the battery starts to become something that more and more clients start to know, and I think this was a good -- they appreciate because we listen to them.

因為電池開始成為越來越多的客戶開始了解的東西，我認為這是一件好事——他們很欣賞，因為我們傾聽他們的意見。

So this is good.

所以這很好。

But we can provide more data in the next quarters.

但我們可以在接下來的幾季提供更多數據。

Anthony Dick, Oddo BHF.

安東尼·迪克，奧多·BHF。

Yes.

是的。

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

So just some follow-ups on the shipments and the mix.

所以只是對出貨量和組合進行一些後續追蹤。

I know shipment is not the main criteria, but still with all the impacts in Q3, the ERP, the factory shutdowns in the summer, is it fair to assume that shipments should go up in Q4?

我知道出貨量不是主要標準，但考慮到第三季、ERP、夏季工廠停工的所有影響，假設第四季出貨量應該上升是否公平？

Or is Q3 the kind of new normal here?

或者第三季是一種新常態嗎？

And then on the mix, you mentioned the lower mix on the series cars in Q3 with more entry models.

然後在混合方面，您提到了第三季系列汽車的較低混合和更多入門車型。

How do you think about this for Q4?

您如何看待第四季度的這個問題？

And also, how do you think about Daytona Sp3 deliveries in Q4?

另外，您如何看待第四季度 Daytona Sp3 的交付量？

Should we still remain above the 60 unit run rate?

我們是否仍應將運行率保持在 60 台以上？

Or is that normalizing from next quarter?

或者從下個季度開始這種情況會正常化嗎？

And then maybe just the last one on China.

然後也許是最後一篇關於中國的文章。

So obviously, the market is a bit different here.

顯然，這裡的市場有點不同。

I was just wondering if the current level of volumes for you is acceptable in China.

我只是想知道你們目前的銷量水準在中國是否可以接受。

Do you think supply and demand are well adjusted for you?

您認為供需關係是否適合您？

Or could you see further downside in the quarters to come?

或者您認為未來幾季會出現進一步的下行趨勢嗎？

Thank you.

謝謝。

I take the third one, Anthony.

我選第三個，安東尼。

I leave the first and the second to Antonio.

我把第一個和第二個留給安東尼奧。

I believe that the level of volumes, it is acceptable.

我相信就捲的水平來說，是可以接受的。

Okay.

好的。

And let's say this is something that we've been discussing in detail with the dealers.

假設這是我們一直在與經銷商詳細討論的事情。

So we don't see any strange pattern over there for the future.

所以我們沒有看到未來有任何奇怪的模式。

We expect Q4 units delivered to be higher than last year and most likely lower than the previous quarter of this year.

我們預計第四季度的交付量將高於去年，並且很可能低於今年上一季。

And on Q4, Daytona deliveries, those will be lower in line with what we commented about in the previous answer given to one of your colleagues.

在第四季度，代托納的交付量將低於我們在先前給您一位同事的答覆中所評論的內容。

Will be anyway higher than last year, the Daytona.

無論如何都會高於去年的迪通拿。

Michael Tyndall, HSBC.

麥可‧廷德爾，匯豐銀行。

Yeah.

是的。

Hi, there.

你好呀。

Thanks for taking my question.

感謝您提出我的問題。

Just two, if I may.

如果可以的話，就兩個。

The first one is just related to the F1 provision release.

第一個與 F1 條款發布有關。

I just wonder if you can give us some context around the scale of that.

我只是想知道你能否給我們一些有關其規模的背景資訊。

Just trying to understand what it means for the underlying business?

只是想了解這對基礎業務意味著什麼？

And then the second one is a little bit more longer term.

第二個是更長期的。

I'm guessing when you did the new ERP system, there was a cost benefit analysis.

我猜當你做新的 ERP 系統時，有一個成本效益分析。

Can you talk a bit about the benefits?

能談談好處嗎？

I mean, I'm wondering perhaps what it means for working capital and what's the positive side of this ERP story?

我的意思是，我想知道這對營運資金意味著什麼以及這個 ERP 故事的正面方面是什麼？

Thanks.

謝謝。

I think the second one and the first for F1, Antonio will give an answer.

我想第二個也是F1的第一個，安東尼奧會給答案。

Well, I think, Michael, we added two ERP system in the company.

嗯，我想，邁克爾，我們在公司增加了兩個 ERP 系統。

And when you had to pass the data from production -- sorry, from sales to production, there was a little bit too much on the workload.

當你必須從生產中傳遞資料時——抱歉，從銷售到生產，工作量有點太多了。

So we will find, for sure, some efficiencies in SGA because, believe me, there were two systems not talking the same language.

因此，我們肯定會發現 SGA 具有一定的效率，因為相信我，有兩個系統使用的語言不同。

So we expect some efficiencies.

所以我們期望有一些效率。

And one of the reasons why it took some weeks, several weeks to fix it is because, really, we were talking about two different generation of ERP with two different languages.

花了幾週、幾週的時間來修復它的原因之一是因為，實際上，我們正​​在談論使用兩種不同語言的兩代不同的 ERP。

The second question.

第二個問題。

Yeah, that is on Formula 1 provisioning.

是的，這是一級方程式賽車的配置。

It's around EUR10 million, the impact.

影響約 1000 萬歐元。

So it's not huge.

所以它並不大。

Daniel Schwarz, Stifel.

丹尼爾·施瓦茨，史蒂菲爾。

Thank you very much for taking my question.

非常感謝您回答我的問題。

One is on potential tariffs.

一是潛在的關稅。

If the US would impose a 20% import tariff and the client already out the car, I assume the 20% would be needed to be fully paid by the customers.

如果美國徵收20%的進口關稅，而客戶已經下車，我想這20%的關稅需要由客戶全額支付。

I guess that's difficult to say, but do you expect any impact on the order book?

我想這很難說，但是您預計會對訂單簿產生任何影響嗎？

Maybe you're prepared to reallocate some products to other regions.

也許您準備好將一些產品重新分配到其他地區。

And the second question is on R&D accounting.

第二個問題是關於研發會計的。

So in Q3, amortization declined and capitalization increased with a positive impact on earnings.

因此，在第三季度，攤銷下降，資本增加，對獲利產生了積極影響。

Based on your launch schedule, you expect this to reverse or to continue in coming quarters?

根據您的發佈時間表，您預計這種情況會在未來幾季扭轉或持續下去？

Maybe the first one, it is still difficult to say.

也許是第一個，現在還很難說。

It depends on the dimension of the tariff increase, whether there is an impact on the order book or no, and how this can be shared among the various parties in the game.

這取決於關稅上漲的幅度，是否對訂單產生影響，以及博弈各方如何分享。

On the capitalization rate increase, I think we commented already several times.

關於資本化率的提高，我想我們已經評論過好幾次了。

This very much depends on the fact that expenses for innovation and Formula 1 are rather flattish during the year with some seasonality in specific quarters.

這在很大程度上取決於這樣一個事實：創新和一級方程式賽車的支出在一年中相當平穩，特定季度存在一些季節性。

And while most of the expenditure now is on development of new products, so it's quite normal that we have a capitalization rate that is going to grow.

雖然現在大部分支出都用於新產品的開發，所以我們的資本化率將會成長，這是很正常的。

Does it help?

有幫助嗎？

Yeah.

是的。

Yeah.

是的。

Thank you.

謝謝。

Thank you.

謝謝。

We will now end the question-and-answer session here.

我們現在的問答環節就到此結束。

I will now hand back to Benedetto Vigna for closing remarks.

現在請貝內代托·維尼亞致閉幕詞。

Thank you for your time today and also for all your questions.

感謝您今天抽出寶貴的時間，也感謝您提出的所有問題。

These strong Q3 results and the continuous progress in our journey provide us with further confidence for the development of the year and the future.

這些強勁的第三季業績和我們歷程中的不斷進步，讓我們對今年和未來的發展更加充滿信心。

If you were here, I would invite you to take the cake for Antonio birthday.

如果你在這裡，我會邀請你為安東尼奧的生日準備蛋糕。

On the cake, it's written greater than.

蛋糕上寫著「大於」。

And then I wish you a good afternoon, good morning, and thanks again for your attention.

然後祝您下午好，早上好，並再次感謝您的關注。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路。

Thank you.

謝謝。