泰科電子 (TEL) 2026 Q1 法說會逐字稿

Everyone, thank you for standing by, and welcome to the TE Connectivity first quarter earnings call for fiscal year 2026. (Operator Instructions) As a reminder, today's call is being recorded.

各位，感謝各位的耐心等待，歡迎參加TE Con​​nectivity 2026財年第一季財報電話會議。 （操作說明）提醒各位，本次電話會議正在錄音。

I would now like to turn the conference over to our host, Vice President of Investor Relations, Sujal Shah. Please go ahead.

現在我將會議交給我們的主持人，投資者關係副總裁蘇賈爾·沙阿先生。請開始吧。

Good morning and thank you for joining our conference call to discuss TE Connectivity's first quarter results and our outlook for the second quarter of fiscal 2026. With me today are Chief Executive Officer, Terrence Curtin and Chief Financial Officer, Heath Mitts.

早安，感謝各位參加本次電話會議，我們將討論TE Con​​nectivity第一季的業績以及對2026財年第二季的展望。今天與我一同出席會議的有執行長Terrence Curtin和財務長Heath Mitts。

During this call, we will be providing certain forward-looking information, and we ask you to review the forward-looking cautionary statements included in today's press release.

在本次電話會議中，我們將提供一些前瞻性訊息，請您仔細閱讀今天新聞稿中包含的前瞻性警示聲明。

In addition, we will use certain non-GAAP measures in our discussion this morning. We ask you to review the sections of our press release and the accompanying slide presentation that address the use of these items. The press release and related tables, along with the slide presentation, can be found on the investor relations portion of our website at te.com.

此外，我們今天上午的討論中將使用一些非GAAP財務指標。請您查閱新聞稿及配套投影片中有關這些指標使用情況的章節。新聞稿、相關表格以及投影片均可在我們網站te.com的投資者關係頁面找到。

Finally, during the Q&A portion of today's call, due to the number of participants, we're asking everyone to limit themselves to one question, and you may rejoin the queue if you have a second question.

最後，在今天電話會議的問答環節，由於參與人數眾多，我們要求每位參與者只提一個問題，如果您有第二個問題，可以重新排隊。

Let me now turn the call over to Terrence for opening comments.

現在我把電話交給特倫斯，請他作開場白。

Thank you, Sujal, and I also want to thank everyone for joining us today, and I also want to thank those of you who attended our Investor Day last quarter.

謝謝蘇賈爾，我也要感謝今天到場的各位，也要感謝上個季度參加我們投資者日的各位。

Before I get into the details on the slide, I do want to frame today's call around the key messages that we shared at the event in November and are reinforced by our first quarter results as well as our outlook. And briefly, we conveyed several key tenets of our strategy and business model.

在詳細介紹投影片內容之前，我想先圍繞我們在11月活動中分享的關鍵資訊來展開今天的電話會議。這些資訊也得到了我們第一季業績和未來展望的進一步印證。簡而言之，我們闡述了我們策略和商業模式的幾個關鍵原則。

First, that we have been investing and have broadened our growth drivers to benefit from secular trends that are driven by the increased needs by our customers around data and power connectivity. Second, our co-creation engineering models ensure product innovation, and that coupled with our global supply chain investments will drive value for our customers.

首先，我們一直在加大投資，並拓展成長動力，以受益於客戶對數據和電力連接日益增長的需求所驅動的長期趨勢。其次，我們的協同創新工程模式確保了產品創新，加上我們對全球供應鏈的投資，將為客戶創造價值。

And lastly, that we will capitalize on the growth and the investments to drive margin expansion with double-digit earnings per share growth and a continued strong cash generation model. Our first quarter results and our expectations going forward reinforce these key messages that we conveyed.

最後，我們將充分利用成長和投資，推動利潤率提升，實現兩位數的每股盈餘成長，並維持強勁的現金流。我們第一季的業績以及對未來的預期都印證了我們傳達的這些關鍵訊息。

We delivered over 20% sales growth in the first quarter with growth in both segments by driving content growth above market. We had record orders of over $5 billion, and this was growth of more than $1 billion versus the prior year and this order growth was across our businesses. This growth is being driven by new program rewards from our customers, demonstrating the operations and engineering mode that we outlined.

第一季度，我們實現了超過20%的銷售成長，兩大業務部門均實現成長，這主要得益於內容成長速度高於市場平均。我們的訂單金額創下歷史新高，超過50億美元，較上年同期增長超過10億美元，且所有業務板塊均實現了訂單增長。這項成長主要得益於客戶新推出的獎勵計劃，也印證了我們先前製定的營運和工程模式的有效性。

Our sales growth and order momentum reinforces the broadening that we talked about at our Investor Day. We also have improved our operating resilience through localization of our supply chain. Our teams continue to execute well despite ongoing macro unevenness to deliver record adjusted operating margins and earnings per share in the first quarter along with strong cash generation.

我們的銷售成長和訂單勢頭印證了我們在投資者日上所談到的業務拓展。此外，我們透過供應鏈本地化提高了營運韌性。儘管宏觀經濟持續波動，但我們的團隊仍保持高效執行，在第一季度實現了調整後營業利潤率和每股收益的歷史新高，並保持了強勁的現金流。

And lastly, we outlined a long-term through cycle target of 6 points to 8 points of annual average growth. With the momentum that we're seeing, we expect to deliver growth in fiscal 2026 that is ahead of this target. So with that as a backdrop, let's get into the slides that we sent out, starting with slide 3 and I'll discuss first quarter results and our guidance for the second quarter of fiscal 2026.

最後，我們概述了長期週期目標，即年均成長6%至8%。憑藉目前的成長勢頭，我們預計2026財年的成長將超過這一目標。基於上述背景，讓我們來看看我們發送的幻燈片，從第3張幻燈片開始，我將討論第一季的業績以及我們對2026財年第二季的展望。

Our first quarter sales were $4.7 billion, growing 22% on a reported basis and 15% organically year-over-year, with growth in both segments, and both segments contributed to our sales being above guidance. As I mentioned, we saw orders increase to a record level of over $5 billion and our book to bill was 1.1, reinforcing our momentum, and I'll provide more color on orders as I get into the next slide.

我們第一季的銷售額為47億美元，按報告數據計算同比增長22%，按有機增長計算同比增長15%，兩個業務板塊均實現增長，且均對銷售額超出預期做出了貢獻。正如我之前提到的，我們的訂單金額成長至創紀錄的50多億美元，訂單出貨比為1.1，進一步鞏固了我們的成長動能。關於訂單情況，我將在下一張投影片中詳細說明。

We delivered record adjusted earnings per share of $2.72, which was above guidance and increased over 30% versus the prior year due to strong execution by our teams. Adjusted operating margins were 22%, and this was an increase of 180 basis points over last year.

我們實現了創紀錄的調整後每股收益2.72美元，高於預期，較上年同期增長超過30%，這主要得益於我們團隊的出色執行。調整後營業利益率為22%，較上年同期成長180個基點。

We also continue to demonstrate our strong cash generation model with free cash flow above $600 million, and we returned a 100% of our free cash flow to shareholders in the quarter while continuing to support investments for future growth.

我們也繼續展現了我們強勁的現金流生成模式，自由現金流超過 6 億美元，並在本季度將 100% 的自由現金流返還給了股東，同時繼續支持未來成長的投資。

As we look forward, we are expecting our second quarter sales to be $4.7 billion, reflecting an increase of 13% year-over-year on a reported basis and 6% organically. We expect adjusted earnings per share to be around $2.65 and this is 20% growth year-over-year. Sequentially, we expect our Industrial Solution segment to grow, and this will be partially offset by transportation's typical auto seasonality trends that we see globally.

展望未來，我們預期第二季銷售額將達到47億美元，並以報告數據計算年增13%，以內生成長計算年增6%。我們預計調整後每股收益約為2.65美元，年增20%。環比來看，我們預計工業解決方案業務將實現成長，但這一增長將被全球交通運輸行業常見的汽車季節性波動部分抵消。

So with that as a quick overview of results, let's turn to slide 4 so I can get into more detail on our order trends. In the quarter, we saw orders increase by over $1 billion versus the prior year to $5.1 billion. By geography, we saw double-digit organic order growth in all regions on a year-over-year basis.

以上是對業績的簡要概述，接下來我們來看第四張投影片，我將更詳細地介紹我們的訂單趨勢。本季，我們的訂單金額較上年同期成長超過10億美元，達到51億美元。從地理來看，所有地區的自然訂單成長率均實現了兩位數，年成長率相當。

At our Investor Day, we discussed our engineering-centric design model and focused on the need for more data and power connectivity to create value for our customers that will also translate into value for our owners.

在我們的投資者日上，我們討論了以工程為中心的設計模型，並重點討論了需要更多的數據和電力連接，以便為我們的客戶創造價值，同時也為我們的所有者創造價值。

Our momentum in the key applications continue, whether that is secular growth in AI, the positioning of TE for power connectivity in the utility space, or the data connectivity needed for next generation vehicles that's a key driver of content growth for our transportation businesses.

我們在關鍵應用領域的勢頭依然強勁，無論是人工智慧的長期成長，TE 在公用事業領域的電力連接定位，還是下一代汽車所需的數據連接（這是我們交通運輸業務內容成長的關鍵驅動力），我們都保持著這一勢頭。

Getting into orders by segment, in the industrial segment, orders grew over 40% versus the prior year with essentially every business posting double-digit growth versus the prior year. We see ongoing momentum in Digital Data Networks, energy, as well as AD&M.

以行業細分來看，工業領域的訂單量較上年增長超過40%，幾乎所有業務板塊的訂單量都實現了兩位數成長。數位數據網路、能源以及廣告、設計與行銷（AD&M）領域均保持著強勁的成長動能。

In our Automation and Connected Living business, we are seeing recovery in the factory automation applications with organic sales growth in all regions both year-over-year and sequentially, and I meant orders growth, not sales growth. Transportation orders increased 11% versus the prior year and grew in all businesses.

在我們的自動化和智慧家庭業務領域，工廠自動化應用正在復蘇，所有地區的銷售額均實現了同比增長和環比增長（我指的是訂單增長，而非銷售額增長）。運輸訂單年增11%，所有業務板塊均成長。

In our Automotive business, orders grew year-over-year, and sequentially from the fourth quarter to the first quarter, we saw our normal seasonal trends that follow auto production. Commercial transportation organic orders grew both year-over-year and sequentially, indicating ongoing market improvements in both Asia and in Europe.

在汽車業務方面，訂單量較去年同期成長，從第四季到第一季度，訂單量呈現與汽車生產相關的正常季節性成長趨勢。商用運輸業務的有機訂單量也實現了同比增長和環比增長，表明亞洲和歐洲市場持續改善。

So with that as an overview of the orders, let's get into the quarterly segment results and I'll start with our Industrial segment which is on slide 5. Our sales in the industrial solution segment grew 38% in the quarter and 26% on an organic basis year-over-year, reinforcing the broadening of growth within the segment.

以上是訂單狀況的概述，接下來讓我們來看看季度分部業績，首先是第 5 頁的工業分部。本季工業解決方案分部的銷售額成長了 38%，年成長 26%（以有機成長計算），進一步鞏固了該分部成長的擴大。

Digital Data Networks had another outstanding quarter where the business grew 70% year-over-year. And our AI revenue was higher than our expectations. Our customers continue to award us new programs, and the orders that we've received are creating backlog for the second half of this year and into 2027.

數位數據網路公司又迎來了一個出色的季度，業務年增70%。我們的人工智慧收入也超出了預期。客戶持續授予我們新的項目，目前已收到的訂單足以滿足今年下半年甚至2027年的需求。

We now expect our AI revenues in fiscal 2026 to be a couple $100 million higher than our view 90 days ago, with growth expected across every hyperscale customer. To support this acceleration, we continue to increase our investment in our Digital Data Networks business, and Heath will talk more about this in his section.

我們現在預計，2026財年人工智慧業務的營收將比90天前的預期高出數億美元，預計所有超大規模客戶都將成長。為了支持這項加速成長，我們將繼續增加對數位數據網路業務的投資，Heath將在他的章節中對此進行更詳細的闡述。

Turning to Automation and Connected Living, the business grew 12% organically year-over-year with growth in each region, and we continue to expect recovery in the general industrial markets as we move through the year. In our Energy business, our sales grew 88%, including the Richards acquisition, which enables us to capitalize on strong growth opportunities in the US utility market.

在自動化和智慧家庭領域，公司實現了12%的有機成長，各地區均實現成長。我們預計，隨著時間的推移，整體工業市場將持續復甦。能源業務方面，銷售額成長了88%，其中包括對Richards的收購，這使我們能夠掌握美國公用事業市場的強勁成長機會。

Organically, sales increased 15%, driven by continued increased investments by customers in grid hardening and renewable applications and what was nice this quarter is we saw strong growth both in the United States as well as in Europe.

有機銷售額成長了 15%，這主要得益於客戶在電網加固和再生能源應用方面持續增加的投資。本季令人欣喜的是，我們在美國和歐洲都實現了強勁成長。

In our AD&M business, sales grew 11% organically, driven by growth across both commercial aerospace and defense applications. In these markets, we continue to see favorable demand trends coupled with ongoing supply chain improvements that are helping to support the growth. And in our Medical business, we grew 5% organically, which was in line with what we expected.

在我們的航空航太及製造業務中，銷售額實現了11%的有機成長，這主要得益於商用航空航太和國防應用領域的成長。在這些市場中，我們持續看到良好的需求趨勢，同時供應鏈的不斷改進也為成長提供了支持。在我們的醫療業務中，我們實現了5%的有機成長，這與我們的預期相符。

At the segment level, if you look at margins, the Industrial segment adjusted operating margins expanded by over 500 basis points to 23%, driven by strong operational performance and the benefits of higher volume.

從業務板塊來看，如果看利潤率，工業板塊的調整後營業利潤率增長了 500 多個基點，達到 23%，這得益於強勁的營運業績和更高的銷量帶來的好處。

So with that as a summary of Industrial solutions, please turn to slide 6 and I'll get into Transportation Solutions. Our sales in the Transportation segment grew 10% in the quarter as well as 7% organically year-over-year. Our auto sales grew 7% organically in the first quarter, driven by content growth in Asia and in Europe.

以上是工業解決方案的總結，接下來請翻到第6頁，我將介紹交通運輸解決方案。本季度，我們在交通運輸領域的銷售額成長了10%，年增7%。第一季度，我們的汽車銷售額實現了7%的有機成長，這主要得益於亞洲和歐洲市場的成長。

Our growth of our market was at the high end of our 4 point to 6 point range in the first quarter. And as we shared with you in Investor Day, we expect our content growth to be balanced between data connectivity, e-mobility, as well as electronification trends in the car. Our current quarter results show the contributions from data connectivity applications in our results, which are growing across all powertrain platforms.

第一季度，我們的市場成長率達到了預期的4個百分點至6個百分點區間的高端。正如我們在投資者日上與您分享的，我們預計內容成長將在數據連接、電動出行以及汽車電氣化趨勢之間保持平衡。本季業績顯示了數據連接應用的貢獻，這些應用在所有動力系統平台上均呈現成長態勢。

We continue to benefit from our strong global position and localization strategy, and our growth-over-market in this quarter was driven by China and Europe. As we look forward, our view of auto production in fiscal 2026 remains consistent at roughly 88 million units, which is down slightly versus the last year.

我們持續受益於強大的全球地位和在地化策略，本季我們實現超額市場成長主要得益於中國和歐洲市場的強勁表現。展望未來，我們對2026財年汽車產量的預期維持不變，約8,800萬輛，較上年略有下降。

Turning to Commercial Transportation. We saw strong organic growth of 16% year-over-year, and this growth was driven by Asia and in Europe. After two years of cyclical declines in the Commercial Transportation market, we're now seeing recovery in the end markets outside the United States and expect to benefit from our leading global position and content growth driven by architectural changes.

再來看商用運輸業務。我們實現了16%的強勁內生成長，這一成長主要得益於亞洲和歐洲市場。在經歷了商用運輸市場兩年的周期性下滑之後，我們目前看到美國以外的終端市場正在復蘇，並期望受益於我們領先的全球地位以及架構變革帶來的內容成長。

In our Sensors business, sales were essentially flat, which was in line with our expectations. And on the margin side, for the Transportation segment, the team delivered adjusted operating margins above 21%, which was in line with our expectations.

在感測器業務方面，銷售額基本持平，符合預期。在利潤率方面，交通運輸業務部門的團隊實現了超過21%的調整後營業利潤率，也符合預期。

With that overview, let me hand it off to Heath who'll get into more details on the financials and our expectations going forward.

概述完畢，接下來我將把發言權交給希思，他將詳細介紹財務狀況以及我們未來的預期。

Thank you, Terrence, and good morning, everyone. Please turn to slide 7. For the quarter, we achieved record adjusted operating income of over $1 billion with an adjusted operating margin of 22% driven by strong operational performance by our teams.

謝謝特倫斯，大家早安。請翻到第7頁投影片。本季度，我們實現了超過10億美元的調整後營業收入，創歷史新高，調整後營業利潤率達到22%，這主要得益於我們團隊強勁的營運表現。

GAAP operating income was $963 million and included $6 million of acquisition related charges, $10 million of restructuring and other charges, and $57 million of amortization expense. As I said last quarter, I continue to expect restructuring charges and fiscal '26 to be roughly $100 million. Adjust EPS was $2.72 and GAAP EPS was $2.53 for the quarter and included restructuring, acquisition, and other charges of $0.04 and amortization expense of $0.15.

以美國通用會計準則（GAAP）計算，營業收入為9.63億美元，其中包括600萬美元的收購相關費用、1000萬美元的重組及其他費用，以及5700萬美元的攤銷費用。正如我上個季度所說，我仍然預計2026財年的重整費用約為1億美元。本季度調整後每股收益為2.72美元，以美國通用會計準則計算的每股收益為2.53美元，其中包括0.04美元的重組、收購及其他費用和0.15美元的攤銷費用。

The adjusted effective tax rate was approximately 22% in Q1, and we expect Q2 to be at this level as well. We continue to expect the full year tax rate to be approximately 23%, which is similar to last year. Importantly, as always, we anticipate our cash tax rate to be well below our adjusted ETR.

第一季調整後的實際稅率約為22%，我們預期第二季也將維持在這一水準。我們仍預計全年稅率約為23%，與去年基本持平。重要的是，與以往一樣，我們預計實際現金稅率將遠低於調整後的實際稅率。

Now, if you turn to slide 8. Our results reflect the business model performance that I shared with you a couple months ago at our Investor Day event. We are seeing broadening of growth that Terrence mentioned, 30%-plus incremental margins on that sales growth, double-digit EPS growth, and a strong cash generation model with balanced capital returns.

現在，請翻到第8張投影片。我們的表現反映了我幾個月前在投資者日活動上與大家分享的商業模式表現。正如Terrence所提到的，我們看到了成長範圍的擴大，銷售成長帶來了30%以上的額外利潤率，每股盈餘實現了兩位數的成長，並且擁有強勁的現金流和均衡的資本回報。

Sales of $4.7 billion were up 22% on a reported basis and 15% on an organic basis year-over-year. Adjusted operating margins were 22.2% in the first quarter, expanding 180 basis points year-over-year. Adjusted earnings per share were $2.72, up 33% year-over-year, driven by sales growth and margin expansion.

銷售額達47億美元，以報告基準計算年增22%，以有機成長基準計算較去年同期成長15%。第一季調整後營業利益率為22.2%，較去年成長180個基點。調整後每股收益為2.72美元，較去年同期成長33%，主要得益於銷售額成長和利潤率提升。

Turning to cash flow, cash from operations was $865 million and free cash flow was $608 million with roughly 100% return to shareholders through share buybacks and dividends.

從現金流來看，經營活動產生的現金流為 8.65 億美元，自由現金流為 6.08 億美元，透過股票回購和分紅，股東獲得了約 100% 的回報。

Our cash generation and healthy balance sheet give us continued optionality with uses of capital to support investments for future growth both organically and through M&A. With the order momentum Terrence mentioned, we are increasing our capital expenditure this year to support the growth, growing pipeline of customer rewards for AI programs.

我們充裕的現金流和穩健的資產負債表使我們擁有持續的資本運用選擇權，以支持未來成長的投資，包括內生成長和併購。正如Terrence所提到的，訂單成長勢頭強勁，因此我們今年將增加資本支出，以支援業務成長，並拓展人工智慧專案的客戶獎勵管道。

We now expect CapEx to be closer to 6% of our sales this year. We feel strong about our cash generation model and continue to expect at least 100% free cash flow conversion for fiscal '26.

我們現在預計今年的資本支出將接近銷售額的6%。我們對自身的現金流模式充滿信心，並持續預計2026財年自由現金流轉換率至少達到100%。

And before I turn it over to questions, let me reinforce that we continue to execute well in both segments, and our Q1 results reflect a strong start to fiscal '26. For the full year, we are set up to deliver sales growth that is ahead of our through cycle growth target while expanding operating margins and very strong earnings per share growth.

在進入問答環節之前，我想再次強調，我們在兩個業務板塊都持續保持良好的業績，第一季的業績也反映了2026財年的強勁開局。展望全年，我們已做好準備，實現高於週期性成長目標的銷售成長，同時擴大營業利潤率，並實現非常強勁的每股收益成長。

And with that, let's open it up for questions.

那麼，接下來就進入提問環節。

Thank you. Tiffany. Can you please give the instructions for the Q&A session?

謝謝你，蒂芙尼。請問你能給出問答環節的規則嗎？

(Operator Instructions)

（操作說明）

Scott Davis, Melius Research.

Scott Davis，Melius Research。

Everything was pretty positive. And when you guys are spending more money, that's usually a good sign as well. But I just wanted to lead off with the AI stuff because again, it still is the elephant in the room. I mean, it sounds like -- if I heard you right, which I think I did, you're taking up your forecast by a couple $100 million from where you were at Analyst Day. I just wanted to confirm that.

一切都相當積極。你們增加投入通常也是個好兆頭。但我還是想先談談人工智慧方面，因為這還是大家心知肚明卻又避而不談的問題。我的意思是，如果我沒聽錯的話（我覺得我沒聽錯），你們的預測比分析師日上的預測提高了幾個億美元。我只是想確認一下。

But more importantly, I just wanted to address the scaling of those revenues. How is -- can you walk us through the kind of linkage between the capacity ads and the scaling and how you expect that to improve margins as that capacity seasons? Even if you can't give specific numbers, just some reference points and kind of historically when you've had capacity for growth like this.

但更重要的是，我想談談這些收入的規模化問題。您能否詳細解釋一下廣告容量與規模化之間的聯繫，以及隨著廣告容量的增長，您預計利潤率將如何提高？即使您無法提供具體數字，也可以提供一些參考點，以及您過去在類似成長規模下所取得的表現。

Yeah. Sure, Scott. And happy new year and I appreciate the question. And just so we're all aligned about what we said at Investor Day, we did talk about getting to a $3 billion of AI revenue out a couple of years, and we're certainly on track to achieve this. And -- versus 90 days ago, when we shared the number, we do think the number for this year will be $200 million more than what we just shared.

是的，斯科特，新年快樂，感謝你的提問。為了確保我們對投資者日上所說的內容達成一致，我們確實提到未來幾年人工智慧營收將達到30億美元，而且我們目前正朝著這個目標穩步前進。此外，與90天前我們公佈的數字相比，我們認為今年的數字將比我們剛剛公佈的數字高出2億美元。

And what's nice is, this year, we're going to have growth across all hyperscale customers. And that's something that we all know, the CapEx trend that's happening in cloud CapEx to make that happen.

令人欣喜的是，今年我們所有超大規模客戶都將成長。我們都知道，雲端運算領域的資本支出趨勢正是為了實現這個目標。

The other thing is as we continue to build the momentum, the orders that we just talked about were very strong and certainly DDN played a part of that strength, and as I said in the comments, some of that's layered out later in the year.

另外，隨著我們繼續保持成長勢頭，我們剛才談到的訂單非常強勁，DDN 也確實為這種強勁勢頭做出了貢獻，正如我在評論中所說，其中一些訂單將在今年晚些時候逐步推出。

On the scaling, let's face it. We have been scaling. So when you look at the growth that we've had around where we positioned ourselves with our hyperscale customers, we've been scaling very nicely. Let's face it; these programs are big programs and that the time base to scale. Some of the awards we got in the first quarter are for later this year in 2027.

關於規模化，我們必須承認，我們一直在擴大規模。從我們與超大規模客戶的合作來看，我們的成長非常顯著。但必須承認，這些專案規模龐大，需要時間才能規模化。我們在第一季獲得的一些項目要到2027年才能啟動。

Feel that the teams will have it and continuing to be coming in with good margins on it like we have been doing. We have been improving the margins in IS across all the businesses. So it's not just AI, but certainly we're benefiting from the volumes as we bring these in and that's why you see some of the margin improvement that we're getting both from the benefit of the ramp of the AI volumes as well as all the businesses improving their margin going forward and that's you saw that strong growth that we talked about in the pre-read comments.

感覺團隊能夠勝任，並且像我們一直以來那樣繼續保持良好的利潤率。我們一直在提高所有業務的資訊系統利潤率。所以這不僅僅是人工智慧業務，當然，隨著業務量的增加，我們也從中受益。這就是為什麼你會看到利潤率提高，這既得益於人工智慧業務量的成長，也得益於所有業務利潤率的持續提升。這就是我們在預讀評論中提到的強勁成長。

Okay, thank you, Scott. Can we have the next question, please.

好的，謝謝你，斯科特。請問下一個問題可以嗎？

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

I was hoping you could double click on order trends both sequentially and year-over-year and what that implies for revenue by end market going forward. And I ask in part to better understand the Q2 revenue guidance of about $4.7 billion compared to orders that were over $5.1 billion at a record high, and maybe if you can speak to the duration of orders and if that's changing at all. Thank you.

我希望您能詳細分析訂單趨勢，包括環比和年比數據，以及這些趨勢對未來各終端市場收入的影響。我提出這個問題的部分原因是為了更能理解第二季約47億美元的營收預期，而同期訂單額卻創下51億美元的歷史新高。另外，您能否談談訂單的持續時間以及這種狀況是否有所變化？謝謝。

Sure. Now, thanks Mark. Like I said in the comments, our orders were a record at over $5 billion and that it was a $1 billion of order growth. The one thing that's important is it was very broad based. While we had very strong orders in DDN, if you exclude the DDN orders, our orders were up double-digit across TE. So that's the broadening growth we talked about.

當然。謝謝馬克。就像我在評論裡說的，我們的訂單金額創下歷史新高，超過50億美元，訂單增加了10億美元。最重要的是，這種增長非常廣泛。雖然DDN的訂單非常強勁，但如果排除DDN的訂單，TE業務的訂單成長也達到了兩位數。這就是我們之前提到的成長範圍擴大。

And Industrial orders were up in four- to five businesses, double-digits as well. So we have seen strengthening of orders here. Now that is continued momentum in DDN for AI applications and also energy, which let's face it, they were big growth drivers for us last year.

工業訂單在四到五個行業中實現了兩位數的成長。因此，我們看到訂單量有所增強。這延續了人工智慧應用和能源領域的成長勢頭，而能源領域也是我們去年的主要成長動力。

We're also continuing to see AD&M orders accelerate and they are typically in aerospace and defense a little bit longer lead time. And what was nice in the Industrial segment -- and I know we've talked to all of you about it, is we're continuing to see marked improvement in our ACL business, and that was across all regions.

我們也看到AD&M訂單持續加速成長，而航空航太和國防領域的訂單通常交貨週期稍長。工業領域的一個好消息是──我知道我們已經和大家討論過──我們的ACL業務持續顯著改善，而且這種情況遍及所有地區。

Certainly, we're seeing more in factory automation applications and we're going to continue to see growth as we go through the year in ACL. When you look at Transportation, and this comes into a little bit to the second part of your question. In Transportation, our orders are reflecting what we see in production patterns.

當然，我們在工廠自動化應用方面看到了更多成長，隨著ACL業務的推進，我們預計這一成長趨勢將持續下去。至於運輸領域，這與您問題的第二部分略有相關。在運輸領域，我們的訂單情況與生產模式相符。

So year-over-year, orders were very strong. Clearly, our first quarter is the strongest auto production quarter of the year. But then, we do have a 3 million unit production decline quarter 1 to quarter 2. And when we look at that, that's really when you look at the guide. You see that we're going to be up double-digits in Industrial as we go quarter 1 to quarter 2, but there will be partially offset by auto production in the world which will be down about 3 million units.

因此，與去年同期相比，訂單非常強勁。顯然，我們第一季是全年汽車產量最高的季度。但是，我們第一季到第二季的產量下降了300萬輛。當我們分析這一點時，就需要仔細研究績效指引。你會發現，從第一季到第二季度，工業產量將實現兩位數成長，但全球汽車產量下降約300萬輛將部分抵銷這一成長。

So that's really -- when you look at the order momentum which is very strong, we do have some automotive production changes that happen here that normally happen that you'll see reflected in our guide.

所以，當你觀察訂單動能時，你會發現它非常強勁。這裡確實發生了一些汽車生產方面的變化，這些變化通常會在我們的指南中有所體現。

Okay, thank you, Mark. Can we have the next question, please.

好的，謝謝你，馬克。請問下一個問題可以嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I just want to go back to the AI discussion for a bit and I'm hoping you folks can provide some color on what is driving the uptick in AI revenue expectations for the year. Is it just more that the existing programs are doing better. Or you see a better narrative around share gains? Let me just understand kind of what's driving the uptake here?

我想再回到人工智慧的話題上來聊聊，希望各位能詳細說說是什麼因素推動了今年人工智慧收入預期的成長。只是因為現有專案運作得更好嗎？還是說市場佔有率的成長是主要原因？我想了解一下，究竟是什麼因素在推動人工智慧的普及？

And then maybe if I just extend that, can you elaborate on what investments TE needs to make to meet this growing demand both from a CapEx and OpEx perspective?

那麼，如果我進一步探討，您能否詳細說明TE需要從資本支出和營運支出兩個方面進行哪些投資才能滿足不斷增長的需求？

Sure, Amit, and happy new year. So I'll take the first half. I'll let Heath take the second half. I think the first thing you have to be is, we have and the orders reflect that. New program awards and that they're with the hyper scalers is the way you should think about it. And even on some of that backlog, those programs will ramp here over the next couple of quarters and really be bigger in quarter 3 and quarter 4 than what's happening now.

當然，Amit，新年快樂。我來說是前半部分，Heath 講後半部分。我認為首先你要明白，我們已經有了訂單，訂單量也反映了這一點。你應該關注的是新專案的授予情況，以及這些專案都與超大規模資料中心合作。即使是一些積壓的項目，也會在接下來的幾個季度逐步推進，並在第三季和第四季比現在規模更大。

So they do extend out a little bit and what's nice -- and I said it to Scott's question is, it's across the hyper scales. So we're going to have growth across the hyper scalers this year. It is a mix of some programs continuing to ramp, but also new programs with the customers that'll ramp in the second half. Heath, why don't you talk about the investments that you commented on?

所以它們確實有所擴展，而且令人欣喜的是——正如我在回答斯科特的問題時提到的——這種擴展遍及所有超大規模數據中心。因此，今年我們將看到所有超大規模資料中心都實現成長。這既包括一些現有專案持續成長，也包括一些與客戶合作的新專案將在下半年逐步推進。希思，你為什麼不談談你之前提到的那些投資呢？

Sure. Amit, as you can imagine, as we're winning these programs, the ramps are fairly aggressive in terms of the time window to get up to speed and deliver on their production schedule. So we are -- when we talk about increasing our CapEx investments, we're really talking about specific program wins and the timing of those -- we're going to have to spend money over the next couple of quarters to support the production of those in the later part or the second half of our fiscal year and certainly into '27.

當然。阿米特，正如你所想，隨著我們贏得這些項目，產能爬坡的速度相當快，需要在有限的時間內達到生產進度並按時交付。所以，當我們談到增加資本支出時，我們實際上指的是具體的項目以及這些項目的交付時間——我們需要在接下來的幾個季度投入資金，以支持這些項目在本財年下半年乃至2027年的生產。

So as we're stacking up these programs, we're just trying to be transparent that the fact that there is specific tooling involved, and most of that's going into existing production facilities that we have throughout Asia, and a little bit North America. So we feel good about our ability to ramp our teams have shown the ability to ramp quickly.

因此，在推進這些項目的同時，我們也力求透明地說明，這些項目需要特定的工具，而且大部分工具都將投入到我們在亞洲各地以及北美部分地區的現有生產設施中。我們對團隊的快速擴充能力充滿信心，他們也已經證明了這一點。

But it's -- we're just continuing the acceleration of that, and that's going to require us to take up our CapEx number for this year. But, all is feeling good. As you would know, we would not be spending that money if we didn't have revenue and profits tied to it.

但是，我們正在繼續加速這一進程，這需要我們把今年的資本支出預算提高一些。不過，一切進展順利。如您所知，如果沒有相應的收入和利潤，我們是不會花這筆錢的。

Okay, thank you, Amit. Can we have the next question, please.

好的，謝謝你，阿米特。請問下一個問題可以嗎？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Just to stay on the AI topic, I guess. Maybe, Terrence, could you share some granularity if these programs are NVIDIA-centric or are they TPU or other [A6]-centric? And any color on signal versus power just to give us some sense of like what the content may be split as across those and what you're seeing in your orders.

我想繼續聊聊人工智慧的話題。 Terrence，你能否詳細說明一下這些程式是針對NVIDIA的，還是針對TPU或其他[A6]平台的？另外，能否提供一些關於訊號強度和功耗的信息，以便我們了解內容在這些平台上的分配情況，以及你在訂單中看到的情況。

Now, first off, being, as we've talked with many of you, if not all of you, we aren't going to talk at a customer level. Like I said, Wamsi, to the earlier question, these are hyper scale programs. And it's where what has driven our growth to date, and I think you can assume it's going to be a continuation of that growth with those customers.

首先，正如我們和在座各位（如果不是全部的話）都談過的那樣，我們不會討論客戶層面的問題。就像我剛才說的，Wamsi，針對你之前的問題，這些都是超大規模計畫。正是這些項目推動了我們迄今為止的成長，我認為你可以預見，這種成長勢頭將會在這些客戶身上繼續下去。

And it is across power and data and signal. Like you spent time with us in November, it is broad across both spectrums as we move to the next generation architectures that we're working on, and what's really good is the momentum that we've had with our hyper scale customers is just continuing and you see it in the orders.

而且它涵蓋電力、數據和訊號傳輸。正如您在11月與我們交流時所了解到的，隨著我們向正在研發的下一代架構邁進，其應用範圍已遍及各個領域。真正令人欣喜的是，我們與超大規模客戶之間保持的良好勢頭仍在繼續，這一點從訂單量中可見一斑。

Okay, thank you, Wamsi. Can we have the next question, please?

好的，謝謝你，瓦姆西。請問下一個問題可以嗎？

Luke Junk, Baird.

盧克瓊克，貝爾德。

Terrence, hoping we could just double click on the trends you're seeing within ACL, especially in the Industrial trends. Sounds like you're feeling a bit better, maybe quite a bit better than 90 days ago. And Heath, in terms of the incremental margin story in Industrial Solutions, is this strength something that we should think about just as an incremental margin driver as well? Thank you.

特倫斯，希望我們能就您在ACL中觀察到的趨勢進行深入探討，尤其是在工業領域的趨勢。聽起來您感覺好多了，可能比90天前好很多。希思，就工業解決方案的增量利潤而言，這種強勁勢頭是否也應該被視為增量利潤的驅動因素？謝謝。

No. First off, your comments are fair. We've been very much in a mode of -- and I would say there's two businesses I would put in there, not only ACL, but our Industrial Transportation business. Both of them were, in a multi-year downturn and we continue to see, and we started to see it last year, improvement in orders.

不。首先，您的評論很中肯。我們一直處於一種——我想說，有兩個業務尤其如此，不僅是ACL，還有我們的工業運輸業務。這兩家業務都經歷了多年的低迷期，但我們持續看到訂單有所改善，而且從去年開始就看到了這種改善。

It's nice to see them broaden out across all regions in ACL. Certainly, in ICT, Industrial Transportation, it's really in Asia and Europe still. But with the momentum we're seeing, with what we're hearing from our customers, we do view more momentum is there.

很高興看到他們在ACL的各個地區不斷拓展業務。當然，在資訊通信技術、工業運輸等領域，目前主要還是集中在亞洲和歐洲。但從我們目前看到的勢頭以及從客戶那裡了解到的情況來看，我們相信未來會有更大的發展空間。

You saw on the slide. We grew 12% orders were strong. The one thing I would say, when we look at ACL for us, it is around the factory automation and the CapEx side of our Industrial business. Places around residential, HVAC where we play in as well as appliances continue to be soft. But we're seeing the CapEx side of it and we're seeing it broadly across all regions. So that's -- whether that's Asia, China, Europe, North America.

正如您在幻燈片上看到的，我們的訂單增長了12%，表現強勁。我想說的是，就我們而言，ACL的成長主要集中在工廠自動化和工業業務的資本支出。住宅、暖通空調以及家電等我們涉足的領域仍然疲軟。但我們看到資本支出方面有所成長，而且這種成長遍及所有地區，包括亞洲、中國、歐洲和北美。

And it's nice to see some of the cyclical pain we had for a couple of years behind us. And as these businesses come up, let's face it, we've talked to you about, hey, they are better profit pools naturally. So they will also benefit our margin as they recover.

很高興看到過去幾年經歷的周期性陣痛已經過去。而且，正如我們之前和大家討論過的，隨著這些業務的復甦，它們自然會帶來更高的利潤。因此，它們的復甦也將提升我們的利潤率。

And Luke, on your incremental margins as we talked about in our business model in terms of our flow through. I mean, certainly both segments I'm confident will be at their 30%-plus flow through on their growth for FY26. For the Industrial segment, certainly the volume growth at these levels is helping a lot. We are able to get volume leverage on this kind of scale. So I would still tune in to the 30-plus. But there'll be quarters when we're well out ahead of that for sure.

盧克，關於你提到的增量利潤率，就像我們在商業模式中討論的那樣，也就是利潤傳遞率。我的意思是，我確信這兩個業務板塊在2026財年都能達到30%以上的利潤傳遞率。對於工業板塊來說，目前的銷售成長無疑起到了很大的推動作用。我們能夠在這種規模下獲得銷售槓桿效應。所以我還是認為30%以上的利潤傳遞率目標會很高。但可以肯定的是，肯定會有一些季度我們的實際成長率遠超這個目標。

All right. Thank you, Luke. Can we have the next question, please.

好的。謝謝你，盧克。請問下一個問題可以嗎？

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Just within DDN, two quick questions. I guess, you're talking about continued sort of AI growth. So, with the total revenue flattish quarter-over-quarter would suggest the not -- slowed or it's even really down I guess quarter-over-quarter. Maybe you could help us understand what's going on there.

僅就DDN而言，我有兩個簡短的問題。我想，您指的是人工智慧的持續成長。那麼，總收入環比持平是否意味著成長速度沒有放緩，甚至可能季減？您能否幫助我們理解其中的原因？

And then, even with the AI portion raised, it seems like you might actually be at a run rate higher than -- well, you just raised to. So I'm just wondering, is that sort of constrained by some of the capacity, or would you classify that as just some conservatism?

而且，即使人工智慧部分的比例提高了，你的實際運作率似乎也可能比你剛才提高的比例還要高。所以我就想知道，這是受到產能的限制，還是只是出於某種保守考量？

No, Joe, a couple of things. We grew AI programs from quarter 4 to quarter 1 sequentially. So that there was growth sequentially there. So -- and also we expect our Industrial Solution segment to grow sequentially quarter 1 to quarter 2. And certainly, we have the production decline in Automotive. So I feel very good about the momentum.

不，喬，有幾點。我們的人工智慧專案從第四季到第一季環比成長。所以，這方面實現了環比成長。另外，我們預期工業解決方案業務從第一季到第二季也將較上季成長。當然，汽車產業的產量有所下降。所以我對目前的成長動能非常樂觀。

And like I said, the orders that we have set up for quarter 3 and quarter 4, which is where the bulk of the increase that I talked about, the $200 million is really will come as these programs ramp and into '27. So I feel very good about the momentum. The orders reflect it. The DDN orders were up 70% year-over-year in the quarter, which is very strong, and you'll continue to feel that the momentum we have is strong. I don't think it has anything to do with capacity constraints.

正如我之前所說，我們為第三季和第四季安排的訂單，也就是我提到的2億美元成長的主要來源，將隨著這些項目的推進以及2027年的到來而真正實現。所以我對目前的成長動能非常有信心。訂單數據也反映了這一點。本季DDN訂單年增70%，這是一個非常強勁的成長，你會繼續感受到我們強勁的成長勢頭。我認為這與產能限制無關。

Okay. Thank you, Joe. Can we have the next question, please.

好的。謝謝你，喬。請問下一個問題可以嗎？

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe just staying with the AI theme, but more a question on the supply chain and what you're seeing on that front in terms of either tightness on the components or inflation thereof. I'm just wondering what you're seeing overall from that perspective in the supply chain and if that is the driver of why the hyper scales are giving you a bit more forward visibility with the orders for the new programs, or do you think it's just the complexity? Is it more the complexity of the new programs that's driving these sort of longer dated orders? Any color that would be helpful. Thank you.

或許可以繼續討論人工智慧這個話題，但我想問的是供應鏈方面的問題，例如零件供應緊張還是價格上漲。我想了解您從供應鏈整體情況來看有什麼看法，以及這是否是超大規模企業能夠更清晰地預估新項目訂單的原因，還是僅僅因為項目本身的複雜性？新項目的複雜性是否才是導致訂單週期延長的主要原因？任何相關資訊將不勝感激。謝謝。

Well, first off, our customers are expecting ramps that are very fast. So when you look at this, you're really talking about program launches that'll happen later in the year. In our supply chain, honestly, what do we feel and what we procure, we are able to procure what we need to procure.

首先，我們的客戶期望產能迅速提升。所以，實際上，我們指的是今年稍後才會啟動的項目。就我們的供應鏈而言，坦白說，我們能夠採購到所需的一切。

There is inflation around things that are metal related, and that's not just the AI supply chain, that's everywhere around us, and our teams are doing the appropriate pricing to make sure we get recovery on that. And from that viewpoint, that inflation is being passed through.

與金屬相關的商品價格上漲，這不僅限於人工智慧供應鏈，而是遍及我們周圍的各個領域。我們的團隊正在進行合理的定價，以確保我們能夠收回成本。從這個角度來看，這種通貨膨脹正在傳導到我們自己。

And just that they're looking out they're reserving capacity for the programs. These are very specific programs to a customer. These are not generic components that we're making here. This is very specific to a program. And what's nice is our team continues with the momentum to get these wins with our hyper scale customers and they're just giving us some visibility to make sure the ramps occur.

他們只是在密切關注，並為這些項目預留產能。這些都是為客戶量身定制的項目，並非我們在這裡生產的通用組件。這些組件是專門針對特定項目而設計的。令人欣慰的是，我們的團隊繼續保持勢頭，與超大規模客戶合作並取得成功，而他們也讓我們了解專案進展情況，確保產能爬坡順利進行。

Okay, thank you, Samik. May I have the next question, please?

好的，謝謝你，薩米克。請問我可以問下一個問題嗎？

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Just DRAM prices have really skyrocketed. Do you have any direct impact to that? And if not, do you also see any risk to auto production because of the potential supply issues there? Any thoughts on that risk and issue?

DRAM價格確實飆升了。這會對您造成直接影響嗎？如果沒有，您是否認為潛在的供應問題也會對汽車生產構成風險？您對此有何看法？

Yeah. For the memory that, obviously is out there that you talk about. We don't buy significant memory that impacts our supply chain and that's what we're very much focused on. When we talk to our customers right now, there is nothing related to memory but we see slowdowns that are happening, that are impacting our customers and our discussions.

是的。至於你提到的那些記憶體問題，我們顯然沒有大量採購，也不會對供應鏈造成太大影響，而這正是我們目前關注的重點。現在我們和客戶溝通時，並沒有提到與記憶體相關的問題，但我們確實看到一些業務放緩的情況，這影響了我們的客戶以及我們之間的溝通。

And I think what's really important is how we continue to service our customers and what's been really nice and you see the growth over market that we delivered it across all three of the levers. So the memory situation is not impacting us at all and our teams are doing a really good job, doing the growth above market and transportation.

我認為真正重要的是我們如何繼續為客戶提供服務，以及我們做得非常出色的一點——您可以看到我們在所有三個方面都實現了高於市場平均水平的成長。因此，記憶體問題對我們沒有任何影響，我們的團隊在實現高於市場平均的成長和運輸方面都做得非常出色。

Thank you, Colin. Can we have the next question, please.

謝謝你，科林。請問下一個問題可以嗎？

Guy Hardwick, Barclays.

蓋伊哈德威克，巴克萊銀行。

Congratulations on the results. The Commercial Transportation business was probably stronger than people expected. Was that down to easy comparatives? I know in the slide deck you said that's growth driven by Asia and Europe. But in terms of order momentum, what would you say the outlook is for Commercial Transportation for the rest of the year?

恭喜取得這樣的業績。商用運輸業務的表現可能超出了預期。這是否是因為去年同期數據相對較少？我知道您在簡報中提到，成長主要由亞洲和歐洲市場推動。但就訂單成長動能而言，您認為商用運輸業務在今年剩餘時間的前景如何？

Now, Guy, I mean. Let's face it, last year's first quarter was an easier compare. So that is when you look at that growth rate, it is benefiting from that. But what I would tell you when we look at the first quarter and we even look at the year, and we talked about it a little bit last year towards the end of the year.

蓋伊，我的意思是，說實話，去年第一季的數據更容易比較。所以，如果你看去年的成長率，它確實受益於此。但我想說的是，當我們審視第一季度，甚至審視全年數據時——我們在去年年底也稍微討論過這個問題——情況就有所不同了。

We continue to see in places like China and Europe, and India, whether it's truck builds, construction equipment builds have improved. And when you look at it, the growth over market you sit there has been strong.

我們持續看到，在中國、歐洲和印度等地，無論是卡車製造或工程機械製造，都取得了進展。而且，從整體市場來看，這些地區的成長勢頭強勁。

When we look at the year, we think global truck build will be up 200 basis points and we feel very confident we'll outgrow that for the year. The real wild card we still have to watch is North America. North America truck market is still negative, and I think that's probably the one toggle switch that we have to continue to keep an eye on.

展望全年，我們認為全球卡車產量將成長200個基點，我們非常有信心全年都能超過這個數字。我們仍然需要密切關注的一個真正不確定因素是北美市場。北美卡車市場目前仍處於低迷狀態，我認為這可能是我們必須持續關注的關鍵因素。

Because we aren't seeing as much order improvement there yet. But outside the United States it has actually shown a pick up around the world and certainly, we're hoping as we move through the year that we can get some of that uptick in the North American production environment as well.

因為我們目前還沒有看到那裡的訂單有明顯改善。但在美國以外，全球範圍內的訂單實際上已經出現回升，當然，我們希望隨著時間的推移，北美生產環境也能出現一些增長。

Okay, thank you, Guy. Can we have the next question, please.

好的，謝謝你，蓋伊。請問下一個問題可以嗎？

Asiya Merchant, Citi.

Asiya Merchant，花旗銀行。

Just wanted to double click on the EPS guide slightly down versus sales which were flat. So are these some below the operating income items that we should consider here? And just related to that, the incremental operating margins, I think you guys are guiding to continue to be strong here just given the momentum in the business. Looking -- just trying to understand what could be drivers for further expansion in those incrementals. Thank you.

我只是想就每股收益預期略有下降（銷售額持平）這一點再補充一下。這些是否是我們需要考慮的營業收入相關因素？另外，關於增量營業利潤率，鑑於目前的業務成長勢頭，我認為你們的預期是繼續保持強勁。我只是想了解一下，哪些因素可能會進一步推動這些增量利潤率的成長。謝謝。

Yeah, I see. I'd say, Q1 to Q2 in terms of just that. I mean, I think there's $0.04 or $0.05 of higher tax and higher interest expense between the two quarters. So that's probably your major bridging item if you're just thinking about that. In terms of the incrementals, we feel good about being at 30% or better. And as we work our way through the quarters this year, I don't see anything that would derail that.

是的，我明白了。就這一點而言，我認為第一季到第二季之間會有顯著變化。我的意思是，我認為這兩個季度之間稅收和利息支出會增加0.04美元或0.05美元。所以，如果你只考慮這一點，這可能是主要的過渡項目。至於增量部分，我們對達到30%或更高的目標感到滿意。而且隨著今年各季度的推進，我認為不會有任何事情會影響這個目標。

Certainly, volume is important and there's no doubt that -- we've done a pretty good job. There's always more to do. But we've done a pretty good job of reducing our operating footprint, which has the effect of reducing some of our fixed costs, particularly in Western Europe. And as that's common and you throw volume on top of that, that is certainly lending itself to the incremental flow throughs.

當然，銷量很重要，這點毋庸置疑——我們在這方面做得相當不錯。當然，我們還有更多工作要做。但我們在縮小營運規模方面做得相當出色，這有助於降低部分固定成本，尤其是在西歐地區。由於這種情況很普遍，再加上銷售量的成長，這無疑會促進利潤的逐步提升。

And it has the effect, as we talked about in the Analyst Day, of improving our operating margins and, we've seen that happen. If you look at it consistently over the last several years in most quarters, that's the effect. So, yeah. We feel good about where we're going to land for this full year even with some of the incremental investments that we need to make.

正如我們在分析師日上討論的那樣，這樣做確實能提高我們的營業利潤率，而且我們也看到了這一點。如果你持續觀察過去幾年大多數季度的數據，你會發現這種效果。所以，是的。即使我們需要進行一些額外的投資，我們對今年的全年業績仍然充滿信心。

All right, thank you, Asiya. Can we have the next question, please?

好的，謝謝你，阿西婭。請問下一個問題可以嗎？

Joe Giordano, TD Cohen.

喬喬丹諾，TD·科恩。

Can you touch on -- like we've just seen like metal prices exploding here. Copper, gold, silver. Like, can you talk about implications for you guys in terms of procurement, in terms of needing to pass costs on and what the customer acceptance of that has been?

您能否談談——就像我們最近看到的金屬價格飆升一樣，例如銅、黃金、白銀。您能否談談這對貴公司在採購方面的影響，例如是否需要將成本轉嫁給客戶，以及客戶對此的接受程度？

Yeah. Hey, Joe, this is Heath. You are absolutely correct. I mean, we are seeing inflationary pressure on the metals specifically. That category is our largest purchase category. So the team is hyper focused. We've made investments as we talked about the Analyst Day with some of the supply chain investments that we've made to get more scale and leverage purchases. So that has helped and that team has a very strong pipeline of opportunities to find ways to reduce those costs.

是的。嗨，喬，我是希思。你說得完全正確。我的意思是，我們確實看到金屬價格面臨通膨壓力。金屬是我們最大的採購類別。所以團隊現在高度重視這個問題。正如我們在分析師日上討論的那樣，我們已經進行了一些供應鏈投資，以擴大規模並提高採購效率。這些投資確實有所幫助，而且團隊目前有很多機會可以找到降低成本的方法。

But there's no doubt that as the stock market goes up, we feel that now it has the effect of us very quickly in passing that on through price or through other mechanisms that we can use to source. So we're not going to use it as an excuse on our margins or our flow through math. But, yeah, we're feeling it right now and it will factor into some of the elements we do with pricing.

但毫無疑問，隨著股市上漲，我們能很快地將這種影響透過價格或其他管道傳遞給消費者。因此，我們不會以此為藉口來降低利潤率或影響財務績效。但是，是的，我們目前確實感受到了股市上漲的影響，這也會對我們的定價策略產生一定影響。

Okay, thank you, Joe. Can we have the next question, please.

好的，謝謝你，喬。請問下一個問題可以嗎？

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi. Just to follow-up on some of the supply chain questions from two aspects. When you -- just to clarify, when you're passing them through, are you able to pass the higher cost of metals through on a similar timeline as you have in the past?

您好。我想就供應鏈方面的一些問題再補充兩點。首先，我想確認一下，當您將金屬成本轉嫁給消費者時，您是否能夠像過去一樣，在類似的時間節點內將更高的金屬成本轉嫁出去？

And from the big -- the real question is, when you think about supply chain and your capacity, the good news is you're seeing, like you said, a broadening of demand while AI is still growing really fast. How do you feel about just being able to keep up from a capacity standpoint as we go through this year and into next fiscal year? Thanks.

從宏觀角度來看——真正的問題是，當我們考慮供應鏈和產能時，好消息是，正如您所說，需求正在擴大，而人工智慧仍在快速成長。您認為在今年以及下一個財年，我們能否在產能上滿足需求？謝謝。

Okay. Why don't you take the first half. I'll take the second.

好的。你來負責前半部分，我來負責後半部分。

Steve, I'll take the first half. We have improved over the years in terms of our ability or, let's say, our agility, or nimbleness to pass on pricing on these inflationary measures more quickly. So I would say, there's certain things that go through distributors and channels that are a little bit easier to pass on prices more quickly.

史蒂夫，我來說前半部。這些年來，我們在應對通膨措施帶來的價格波動方面，或者說我們的靈活性和反應速度方面，都有所提高。所以我覺得，有些商品和服務透過經銷商和通路銷售，價格更容易更快反映出來。

There's other things that we reopen discussions with when we have in direct discussion. So, yeah. I mean, it's front and center to the team and we don't expect any significant time lapse as those discussions commence with the inflationary pressures that we're feeling.

還有一些其他問題，我們會在直接討論時重新開啟討論。所以，是的。我的意思是，這始終是團隊的首要任務，我們預計在應對我們目前感受到的通膨壓力時，這些討論不會出現任何長時間的停滯。

Yeah, and on the capacity, Steve. First off, on our Investor Day, we highlighted areas where we had added capacity. The AI ramps are really program ramps that are very specific to those programs with those customers because we do that direct. I would tell you elsewhere, we're in a good spot with capacity. We have some areas that are recovering like we talked about to the earlier question of ACL and ICT that we have capacity. And we continue to add in areas like energy and aerospace.

是的，關於產能問題，史蒂夫。首先，在我們的投資者日上，我們重點介紹了新增產能的領域。人工智慧產能提升實際上是針對特定專案和客戶的直接產能提升。我可以告訴你，在其他領域，我們的產能狀況良好。我們有一些領域正在復甦，像是我們之前提到的ACL和ICT領域，這些領域我們都有產能。而且我們也持續在能源和航空航太等領域增加產能。

So even when we did Richards, Richards is doing very well to its original plan. But we're adding capacity there to expand for our energy business as well as making sure we can continue to increase capacity for our aerospace and defense customers which that market's been continues to be strong. We expect it to be strong as the air framers continue to increase their builds as well as what's happening in the defense complex where that those numbers just keep moving up.

所以，即使我們投資了理查茲工廠，它也按照原計畫順利運作。但我們正在那裡擴大產能，以拓展我們的能源業務，並確保能夠繼續提升我們航空航太和國防客戶的產能，該市場一直保持強勁勢頭。我們預計，隨著飛機製造商不斷增加產量，以及國防領域的發展，該市場將繼續保持強勁勢頭，因為這些數字都在持續成長。

Okay, thank you, Steve. Can we have the next question, please.

好的，謝謝你，史蒂夫。請問下一個問題可以嗎？

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

A question on energy. The organic comps are pretty notably steeper in the second half. I'm wondering how orders, new applications, maybe even are kind of phasing into that? Would there be a kind of a growth adjustment period as you normalize into the kind of long-term Investor Day outlook, or would you settle kind of right into that would you expect?

關於能源產業，我有個問題。下半年有機成長幅度明顯較大。我想知道訂單、新申請，甚至其他方面，是否正在逐步適應這種變化？在向投資人日長期展望靠攏的過程中，是否會有成長調整期？或者您預計會很快穩定下來？

No, the momentum continues to be very strong, Chris. It hasn't slowed down at all. And as I said on my comments, we've also started to see an uptick in Europe, which is an area that we've had historical presence in, and our focus has been more in the US. But we continue to see nice growth across the businesses, including the ones we bought.

不，克里斯，成長勢頭依然非常強勁，絲毫沒有放緩。正如我剛才所說，我們也開始看到歐洲市場成長，歐洲是我們一直以來都有業務的地區，而我們之前的重心更多地放在了美國。但我們看到所有業務，包括我們收購的公司，都持續保持著良好的成長動能。

And remember, it comes into the grid hardening and capacity as the energy network plays out. So as we said at Investor Day, we thought organically we'd be double-digit. I feel like that's where we'll be this year on top of the benefit we get on the inorganic piece in the early part of the year. And it's nice to see the momentum continue.

記住，這最終會體現在電網的加固和容量提升上，隨著能源網路的發展而不斷改進。正如我們在投資者日上所說，我們原本預期有機成長會達到兩位數。我覺得今年我們不僅能達到兩位數成長，還能在年初受益於非有機成長。很高興看到這種成長勢頭仍在持續。

And as I said to Steve, how do we continue to make sure the capacity that we're putting in place supports the growth and I feel we're on track on that.

正如我跟史蒂夫說的那樣，我們如何繼續確保我們正在建立的產能能夠支持成長？我覺得我們在這方面正走在正確的道路上。

Thank you, Chris. Can we have the next question, please?

謝謝你，克里斯。請問下一個問題可以嗎？

William Stein, Truist Securities.

威廉·斯坦，Truist Securities。

I'm hoping to just try to further reconcile the outlook with the bookings. The business trends overall sound like they're good. They're broadening into Industrial as you highlighted. You had a record bookings quarter, very strong book-to-bill. I fully recognize that in some end markets, the bookings duration is a little longer than typical, so the read into the out quarter might not be as immediate as it usually is.

我希望能夠進一步將前景展望與訂單情況進行比較。總體而言，業務趨勢聽起來不錯。正如您所強調的，業務正在向工業領域拓展。你們的訂單量創下歷史新高，訂單出貨比也非常強勁。我完全理解，在某些終端市場，訂單週期比通常情況要長一些，因此對下一季的預測可能不會像往常那樣立竿見影。

But still, I'm looking at March quarter guidance that looks a few points below normal seasonality. My guess is that this is related to auto production in China, which is weaker, specifically for EVs. But can you sort of verify and maybe linger on that for a moment for us, please?

不過，我看到的3月季度業績指引似乎比正常季節性低了幾個百分點。我猜測這與中國汽車產量疲軟有關，尤其是電動車產量。能否幫忙確認一下，並就此展開討論片刻？

Sure, Will, and happy new year. When you look at it, there is an element in our second quarter guide that our segments are moving in two different ways, and [IAS] is going to be up double-digits year-on-year. And I think everything related to orders other than some of the AI orders being further out completely aligned. We do have a 3 million-unit auto production downtick from quarter 1 to quarter 2 in Automotive. Typically, runs around 2 million units in an average year. It's a little bit worse this year.

當然，威爾，新年快樂。你看，我們第二季業績指引中有一個因素是，我們各個業務板塊的發展方向不同，[IAS] 將實現兩位數的同比增長。我認為，除了部分人工智慧訂單的交貨時間較晚之外，所有與訂單相關的情況都完全一致。汽車業務的產量從第一季到第二季下降了 300 萬輛。通常情況下，汽車年產量平均下降約 200 萬輛。今年的情況略有不同。

But it all ties in with the 88 million units that we see for the year. So we do expect transportation to be down sequentially. That's very just the reality of auto production. And our first quarter was higher than seasonal. There is a little bit of, I think, as you're looking at compared to seasonal models, our first quarter, which came in well above guidance, was higher than seasonal due to some of the industrial trends.

但這都與我們全年預測的8,800萬輛銷量息息相關。因此，我們預計運輸業務的銷售將環比下降。這確實是汽車生產的現實。而且，我們第一季的銷售量高於季節性水準。我認為，正如您所看到的，與季節性車型相比，我們第一季的銷量遠超預期，這主要是由於一些行業趨勢所致。

But net-net, feel very good to where we guided and certainly the momentum that the orders show are not only just for quarter 2, but also as we exit through the year, which gives us a lot of confidence around the momentum, not only for quarter 2 but for the year.

但總的來說，我們對目前的預期非常滿意，訂單所顯示的勢頭不僅針對第二季度，而且也針對今年全年，這讓我們對未來的發展勢頭充滿信心，不僅是針對第二季度，也是針對全年。

Thank you, Will. Can we have the next question, please?

謝謝你，威爾。請問下一個問題可以嗎？

Shreyas Patel, Wolfe Research.

Shreyas Patel，Wolfe Research。

Maybe if we could just double click on the discussion earlier on incremental margins. When I look at the quarter, overall, if I strip out M&A and FX, it looks like incrementals were 31% in Q1. But between the segments, Industrial might have been closer to 40+ and Transportation Solutions was in the teens. So I'm just curious. Do you expect both segments to converge towards that 30%-plus figure that you've talked about previously, or should we continue to see Industrial running a little bit hotter than that?

或許我們可以再仔細看看之前關於增量利潤率的討論。我查看了整個季度的數據，如果剔除併購和外匯影響，第一季的增量利潤率似乎達到了31%。但具體到各個商業板塊，工業板塊的增量利潤率可能接近40%以上，而交通運輸解決方案板塊的增量利潤率則在10%左右。所以我很好奇，您是否預期這兩個板塊的增量利潤率最終都會趨近於您之前提到的30%以上？或者我們應該看到工業板塊的增量利潤率繼續保持略高於這個水準？

Well, as I stated earlier, I expect, as we're sitting here at the end of our fiscal year that both segments will be at or better than their incremental flow through math here, the 30%, for the full year. In a given quarter, you can have some noise. I think Transportation this quarter was hit with some foreign exchange noise in terms of what some of that is. But, in terms of how it impacted their flow through math, but it's nothing that I'm overly worried about.

正如我之前所說，我預計，在財年即將結束之際，這兩個業務板塊的全年增量利潤率都將達到或超過預期的30%。每個季度都可能受到一些波動因素的影響。我認為本季的運輸業務受到了一些外匯波動的影響，但就其對利潤率的影響而言，我並不太擔心。

So I don't know the second half of your question, which is does the higher running Industrial segment come back down? We'll see. I mean there are some investments that we're making. But as I said earlier on a prior question, at these volume levels we would expect a little bit more outsized flow through. So we feel good about where both segments are and what their trajectory is for the year.

所以，我不太明白你問題的後半部分，也就是工業板塊的銷售量是否會回落？我們拭目以待。我的意思是，我們確實在進行一些投資。但正如我之前在另一個問題中提到的，在目前的銷售水準下，我們預計會有更大的波動。因此，我們對這兩個板塊目前的狀況以及它們今年的發展軌跡都感到樂觀。

All right. Thanks, Shreyas. I want to thank everybody for joining us this morning for the call. If you have further questions, please contact investor relations at TE. Thanks again and have a nice day.

好的。謝謝Shreyas。感謝各位今天早上參加我們的電話會議。如果您還有其他問題，請聯絡TE的投資者關係部門。再次感謝，祝您愉快。

Today's conference call will be available for replay beginning at 11:30 AM Eastern Time today, January 21, on the investor relations portion of TE Connectivity's website. That will conclude the conference for today.

今天（1月21日）上午11:30（美國東部時間），TE Con​​nectivity公司網站投資者關係頁面將提供本次電話會議的錄音回放。今天的會議到此結束。