Visteon Corp (VC) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

At this time, I'd like to welcome everyone to Visteon's third quarter 2024 results.

此時此刻，我歡迎大家關注偉世通 2024 年第三季的業績。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I'd now like to turn the call over to Ryan Wentling, Vice President of Investor Relations and Treasurer.

我現在想將電話轉給投資者關係副總裁兼財務主管 Ryan Wendling。

Please go ahead.

請繼續。

Good morning.

早安.

I'm Ryan Wentling, Vice President of Investor Relations and Treasurer.

我是投資者關係副總裁兼財務主管瑞安溫特林。

Welcome to our earnings call for the third quarter 2024.

歡迎參加我們 2024 年第三季的財報電話會議。

Please note, this call is being recorded and all lines have been placed on listen-only mode to prevent background noise

請注意，此通話正在錄音，所有線路均已置於僅聽模式，以防止背景噪音

Before we begin this morning's call, I'd like to remind you this presentation contains forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始今天早上的電話會議之前，我想提醒您，本簡報包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements.

前瞻性陳述並不是對未來結果和條件的保證，而是受到各種因素、風險和不確定性的影響，這些因素、風險和不確定性可能導致我們的實際結果與這些陳述中表達的結果存在重大差異。

Please refer to the page entitled forwardlooking information for additional details.

請參閱標題為前瞻性資訊的頁面以了解更多詳細資訊。

Presentation materials for today's call were posted on the Investors section of Visteon's website this morning.

今天早上的電話會議簡報資料已發佈在偉世通網站的投資者部分。

Please visit investors.visteon.com to download the material, if you have not already done so.

如果您尚未下載資料，請造訪 Investors.visteon.com 下載資料。

Joining us today are Sachin Lawande, President and Chief Executive Officer, and Jerome Rouquet, Senior Vice President and Chief Financial Officer.

今天加入我們的還有總裁兼執行長 Sachin Lawande 和資深副總裁兼財務長 Jerome Rouquet。

We have scheduled the call for one hour and we'll open the lines for your questions after Sachin's and Jerome's remarks.

我們已安排通話時間為一小時，在薩欽和傑羅姆發言後，我們將開通提問熱線。

Please limit your questions to one question and one follow-up.

請將您的問題限制為一個問題和一個後續問題。

Thank you for joining us.

感謝您加入我們。

Now I will turn the call over to Sachin.

現在我將把電話轉給薩欽。

Thank you, Ryan.

謝謝你，瑞安。

And good morning, everyone.

大家早安。

Thank you for joining our third quarter 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

Page 2 provides a summary of our third quarter performance.

第 2 頁提供了我們第三季業績的摘要。

Visteon delivered strong results for the third quarter with sales outperforming customers' vehicle production and generating solid profitability and free cash flow.

偉世通第三季業績強勁，銷量超過客戶的汽車產量，並產生了穩健的獲利能力和自由現金流。

Sales were just under $1 billion, driven by strong demand for our digital cockpit and electrification products.

由於對我們的數位駕駛艙和電氣化產品的強勁需求，銷售額接近 10 億美元。

These product lines drove mid-single digit growth over market, which was partially muted by lower sales in China, mainly due to the loss of market share of our global OEM customers in that region.

這些產品線推動了市場中個位數的成長，但部分原因是中國銷售額下降，這主要是由於我們在該地區的全球 OEM 客戶的市場份額下降。

Excluding China's negative impact, our growth over market would have been above 10%.

剔除中國的負面影響，我們的市場成長將在10%以上。

I'm proud of our solid results, which continue to validate the strength of our product portfolio even in a challenging environment.

我為我們所取得的堅實成果感到自豪，即使在充滿挑戰的環境中，這些成果也持續驗證了我們產品組合的實力。

Adjusted EBITDA was $119 million, driven by strong operational execution and our continued focus on controlling costs.

調整後的 EBITDA 為 1.19 億美元，這得益於強勁的營運執行力和我們對控製成本的持續關注。

Adjusted EBITDA margin was 12.1% for the quarter.

本季調整後 EBITDA 利潤率為 12.1%。

Adjusted free cash flow was $73 million in the quarter and our year-to-date total is a record $135 million.

本季調整後自由現金流為 7,300 萬美元，年初至今總額達到創紀錄的 1.35 億美元。

The global Visteon team did a great job in launching our products in 30 vehicle models across the world in the third quarter, bringing the full-year total to 71 product launches.

偉世通全球團隊在第三季在全球 30 款車型中推出了我們的產品，使全年推出的產品總數達到 71 款。

We also won $1.8 billion of new business in the quarter, mostly for digital cockpit products and taking our year-to-date total to $4.9 billion.

本季我們也贏得了 18 億美元的新業務，主要是數位駕駛艙產品，使我們年初至今的總業務額達到 49 億美元。

We have a solid pipeline of new business opportunities for Q4 and we should be able to meet our target of greater than $6 billion in new business for the full year.

我們在第四季擁有大量新商機，應該能夠實現全年新業務超過 60 億美元的目標。

Overall, our third quarter performance demonstrates the strength of our product portfolio and the continued focus on operational excellence and cost discipline by the entire Visteon team

總體而言，我們第三季的業績證明了我們產品組合的實力以及整個偉世通團隊對卓越營運和成本紀律的持續關注

Turning to Page 3.

翻到第 3 頁。

As I mentioned, demand for our digital cockpit products and electrification was strong, particularly in Americas and in rest of Asia outside of China, resulting in a growth over market of 6% in the third quarter.

正如我所提到的，對我們的數位座艙產品和電氣化的需求強勁，特別是在美洲和中國以外的亞洲其他地區，導致第三季市場成長了 6%。

The trends of digitalization and software defined vehicle continue to be powerful drivers of growth for our digital cockpit products.

數位化和軟體定義車輛的趨勢繼續成為我們數位座艙產品成長的強大推動力。

Commercial vehicles and two wheelers are also beginning to contribute meaningfully, although they are still a small percentage of total company sales

商用車和兩輪車也開始做出有意義的貢獻，儘管它們仍然只占公司總銷售額的一小部分

Digital clusters did very well and grew double digit with ramp-up of production of recently launched products on global vehicle platforms with Toyota and Nissan.

隨著豐田和日產最近在全球汽車平台上推出的產品產量的增加，數位集群表現非常好，並實現了兩位數的成長。

Commercial vehicles and two wheelers also contributed to growth of clusters with customers such as Volvo Trucks, Royal Enfield in India.

商用車和兩輪車也促進了沃爾沃卡車、印度皇家恩菲爾德等客戶群的成長。

Sales of large displays also grew double digit with ramp-up of launches with Ford, Stellantis and Nissan.

隨著福特、Stellantis 和 Nissan 的推出增多，大型顯示器的銷售量也實現了兩位數成長。

SmartCore sales were lower year-over-year due to lower sales in China.

由於中國銷售額下降，SmartCore 銷售額較去年同期下降。

However, SmartCore sales outside of China continued to do well and grow, driven by extension on vehicle models with Mahindra in India.

然而，在印度 Mahindra 車型擴展的推動下，SmartCore 在中國以外的銷售繼續表現良好並且成長。

Turning to our electrification products, sales were strong in Q3, driven by the ramp-up of production of electric vehicles by GM and the start of BMS production for our second customer, Stellantis.

至於我們的電氣化產品，受通用汽車電動車產量增加以及我們的第二個客戶 Stellantis 開始生產 BMS 的推動，第三季的銷售強勁。

We are optimistic that EV production volume with our BMS customers will grow with the launch of more price-competitive products like the electric Chevy Equinox, which has a starting price of under 35K which is critical for greater EV adoption.

我們樂觀地認為，隨著價格更具競爭力的產品（例如電動雪佛蘭Equinox）的推出，我們的BMS 客戶的電動車產量將會成長，該產品的起價低於3.5 萬，這對於擴大電動車的採用至關重要。

From a regional perspective, we outperformed the market in the Americas and in the rest of Asia, excluding China.

從區域角度來看，我們在美洲和亞洲其他地區（不包括中國）的表現優於市場。

In North America, the launch of digital cockpit products and growth in BMS more than offset the impact of slowing EV sales, resulting in a strong market outperformance in the third quarter.

在北美，數位座艙產品的推出和BMS的成長抵消了電動車銷售放緩的影響，導致第三季市場表現強勁。

In Europe, we slightly underperformed the market, mainly due to slowing EV sales in that region.

在歐洲，我們的表現略遜於市場，主要是因為該地區電動車銷售放緩。

The high number of new product launches in Q3 that we had in Europe should help offset this trend in the coming quarters.

第三季我們在歐洲推出的大量新產品應該有助於抵銷未來幾季的趨勢。

We outperformed customer vehicle production in rest of Asia, excluding China, mainly driven by new product launches in India.

我們的表現優於亞洲其他地區（不包括中國）的客戶汽車生產，這主要是受到印度新產品推出的推動。

From a year-over-year perspective, China was the biggest headwind as the ongoing loss of market share by our global customers and the lower sales of premium vehicles by Geely resulted in a 4 percentage point headwind to our overall growth over market for the quarter.

從同比角度來看，中國是最大的阻力，因為我們的全球客戶的市場份額持續流失以及吉利高檔汽車銷量的下降導致我們本季的整體成長比市場下降了 4 個百分點。

In summary, we delivered solid growth over market in Q3, while navigating industry challenges, most notably in China.

總而言之，我們在第三季實現了市場的穩健成長，同時應對了產業挑戰，尤其是在中國。

Our efforts to diversify our product and customer portfolio have paid-off with the company being much more resilient to market shifts and enabling us to continue to outperform our customer vehicle production.

我們為產品和客戶組合多元化所做的努力已獲得回報，公司對市場變化的適應能力更強，並使我們能夠繼續超越客戶的汽車生產。

Turning to Page 4.

翻到第 4 頁。

New product launches continue to be a key driver of sales growth for Visteon.

新產品的推出仍然是偉世通銷售成長的關鍵驅動力。

In the third quarter, we launched 30 new products, bringing our year-to-date total to 71.

第三季度，我們推出了 30 種新產品，使年初至今的新產品總數達到 71 種。

As you can see on the bottom right, our launches have been balanced across the regions this year, with roughly half of the launches in Europe and Americas and remainder in Asia.

正如您在右下角所看到的，我們今年在各個地區的發布是平衡的，大約一半的發佈在歐洲和美洲，其餘的在亞洲。

Having 35% of launches in Asia, excluding China, validates our success in diversifying our customer base in this key region.

35% 的產品發佈在亞洲（不包括中國），證明了我們在這一關鍵地區的客戶群多元化方面所取得的成功。

Launches were balanced across the product portfolio with digital clusters representing nearly one-third of our launches, highlighting the continued penetration of digital clusters in mass market vehicles.

各個產品組合的發布情況均衡，數位儀表組占我們發布產品的近三分之一，凸顯了數位儀表組在大眾市場車輛中的持續滲透。

Now, I would like to highlight some of our key launches during the quarter.

現在，我想重點介紹本季我們推出的一些重要產品。

We launched infotainment and display systems for the Tata Punch, a best-selling compact SUV in the Indian market.

我們為印度市場最暢銷的緊湊型 SUV Tata Punch 推出了資訊娛樂和顯示系統。

We have been a long-term cluster supplier to Tata Motors and this is our first infotainment system launch with them with potential to extend on additional vehicles.

我們一直是塔塔汽車公司的長期集群供應商，這是我們與他們合作推出的第一個資訊娛樂系統，並有可能擴展到更多車輛。

In North America, we launched a full digital cluster on the Ford Bronco Sport, replacing a competitor's hybrid cluster.

在北美，我們在福特 Bronco Sport 上推出了全數位儀表組，取代了競爭對手的混合儀表組。

We also launched our latest audio system in the vehicle as well.

我們還在車上推出了最新的音響系統。

We had two SmartCore launches in Q3.

我們在第三季推出了兩次 SmartCore。

We replaced a competitor's infotainment system with SmartCore on the latest Lynk & Co 01 plug-in hybrid vehicle model in Europe.

我們在歐洲最新的 Lynk & Co 01 插電式混合動力車型上用 SmartCore 替換了競爭對手的資訊娛樂系統。

We also launched SmartCore on the all-new Renault Grand Koleos hybrid vehicle with initial launch in Korea.

我們也在韓國首次推出的全新雷諾 Grand Koleos 混合動力汽車上推出了 SmartCore。

Following launches are expected in Europe, Middle East and South America markets.

隨後預計將在歐洲、中東和南美市場推出。

One of our digital cluster launches was on the Nissan Qashqai, which is a popular SUV in Europe.

我們推出的數位集群之一是在 Nissan Qashqai 上發布的，這是一款在歐洲流行的 SUV。

This vehicle is offered with mild hybrid and range extender powertrain options with our digital cluster being the default option on four of the five trim levels.

該車輛提供輕度混合動力和增程動力系統選項，我們的數位集群是五個裝飾級別中四個的預設選項。

Lastly, we launched our wireless battery management system with our second electrification customer, Stellantis, for the all-electric Wagoneer S. We expect further launches in the coming quarters as Stellantis rolls out the electrified models in North America.

最後，我們與第二個電氣化客戶 Stellantis 合作，為全電動 Wagoneer S 推出了無線電池管理系統。

Turning to Page 5.

翻到第 5 頁。

We delivered another strong quarter of new business wins, with $1.8 billion in the quarter, bringing our year-to-date total to $4.9 billion.

我們在本季取得了另一個強勁的新業務成長，新業務收入達 18 億美元，使我們年初至今的總收入達到 49 億美元。

Our quarterly win levels have increased sequentially for each of the [technical difficulty] and premium European OEMs on additional vehicle models.

對於其他車型的每個[技術難度]和優質歐洲原始設備製造商，我們的季度獲勝水平都已連續提高。

These two car OEMs are relatively new additions to our customer portfolio and these wins strengthen our position as key suppliers to these carmakers.

這兩家汽車原始設備製造商是我們客戶組合中相對較新的成員，這些勝利鞏固了我們作為這些汽車製造商主要供應商的地位。

We also won digital cluster business with three large two wheeler manufacturers in Asia, supporting our strategy of growing beyond the passenger car market.

我們也贏得了亞洲三大兩輪車製造商的數位集群業務，支持我們超越乘用車市場的發展策略。

We did very well in winning displays business in the third quarter continuing our strong first-half performance.

我們在第三季在贏得顯示器業務方面表現出色，延續了上半年的強勁表現。

Our vertical integration strategy for displays makes us different and more competitive from most of the suppliers and that has translated into greater success in the market.

我們的顯示器垂直整合策略使我們與大多數供應商不同，並且更具競爭力，這已轉化為在市場上取得更大的成功。

Displays make almost half of our total new business wins year-to-date and we believe displays will become as large as digital clusters in our future sales.

顯示器占我們今年迄今為止新業務總量的近一半，我們相信顯示器在我們未來的銷售中將變得與數位集群一樣大。

Our leadership and expertise in software for digital cockpit systems is well recognized in the industry.

我們在數位駕駛艙系統軟體方面的領導地位和專業知識得到了業界的廣泛認可。

And in the third quarter, we won multiple new business awards for our SmartCore cockpit domain controller technology for vehicles launching in China, Europe and India.

第三季度，我們的 SmartCore 駕駛艙域控制器技術為在中國、歐洲和印度推出的車輛贏得了多個新業務獎項。

On the right hand side of the Page, we highlight several wins from the third quarter.

在頁面的右側，我們重點介紹了第三季的幾場勝利。

The first win is for a large curve display for multiple mass-market models with a European OEM.

第一個勝利是針對歐洲 OEM 的多種大眾市場車型的大曲線顯示器。

Large displays, greater than 12 inches, are making inroads into the mass market, much like the trend we are experiencing with digital clusters.

大於 12 吋的大型顯示器正在進入大眾市場，就像我們在數位儀表方面所經歷的趨勢一樣。

The second win is for our SmartCore product and a multidisplay system for mid-cycle refresh of a popular SUV model for an Indian OEM.

第二個勝利是我們的 SmartCore 產品和多顯示系統，用於印度 OEM 的流行 SUV 車型的中期更新。

Indian OEMs represent a key catalyst of future growth as demand for our products continues to increase in the region.

隨著該地區對我們產品的需求不斷增加，印度原始設備製造商是未來成長的關鍵催化劑。

Another SmartCore win to highlight is for an electric vehicle for a domestic China OEM, our third domestic customer in that region.

SmartCore 的另一個值得強調的勝利是為中國國內 OEM 製造的電動車，這是我們在該地區的第三個國內客戶。

SmartCore provides an upgraded digital cockpit experience for consumers, which is highly valued by these OEMs as they look to move into the mid and upper segment of the intensely competitive market in China.

SmartCore為消費者提供升級的數位座艙體驗，受到這些希望進入競爭激烈的中國中高階市場的主機廠的高度重視。

Lastly, I would like to highlight our win for a digital cluster on a flagship two-wheeler model for an Indian OEM.

最後，我想強調一下我們在印度 OEM 旗艦兩輪車車型上的數位儀表組的勝利。

This cluster offers Bluetooth and Wi-Fi based wireless smartphone integration and turn-by-turn navigation on a 5 inch TFT display.

該儀錶板提供基於藍牙和 Wi-Fi 的無線智慧型手機集成，並在 5 吋 TFT 顯示器上提供路線導航。

These new features are only recently being introduced in the two-wheeler market and we expect to see rapid adoption of these new advanced features in that part of the industry.

這些新功能最近才被引入兩輪車市場，我們預計這些新的先進功能將在該行業中迅速採用。

Overall, I'm very pleased with our new business win performance.

總的來說，我對我們新業務的獲勝表現非常滿意。

We have been able to offset the headwinds of China market dynamics and the slowdown in electric vehicles and still win high levels of new business while diversifying our customer portfolio.

我們已經能夠抵消中國市場動態和電動車成長放緩的不利因素，並且仍然贏得高水準的新業務，同時使我們的客戶組合多元化。

Turning to Page 6.

翻到第 6 頁。

As we entered the final quarter of 2024, we expect to face similar industry dynamics in Q4 that we experienced in the third quarter.

隨著進入 2024 年最後一個季度，我們預計第四季度將面臨與第三季度類似的行業動態。

We expect demand for our digital cockpit products to drive strong market outperformance in all regions except in China and finish the year on a solid 6% market outgrowth.

我們預計，對我們的數位座艙產品的需求將推動除中國以外的所有地區強勁的市場表現，並以 6% 的穩定市場成長率結束今年。

In Americas, our sales are benefiting from the ramp up of recent new product launches in electrification and digital clusters and we expect double-digit market outperformance in the fourth quarter.

在美洲，我們的銷售受益於最近在電氣化和數位集群領域推出的新產品的增加，我們預計第四季度的市場表現將達到兩位數。

Product launches in the third quarter with multiple OEMs in Europe are expected to ramp up in production in Q4 and more than offset lower vehicle production.

歐洲多家原始設備製造商第三季推出的產品預計將在第四季度提高產量，並足以抵消汽車產量下降的影響。

We anticipate our sales to also grow double-digit over market in Europe.

我們預計我們的銷售額也將比歐洲市場實現兩位數成長。

We are forecasting a solid mid-single digit market outperformance in Rest of Asia, excluding China, given our recent momentum in that region.

鑑於我們最近在該地區的發展勢頭，我們預計亞洲其他地區（不包括中國）的市場表現將穩定在中個位數。

In China, we are estimating a sequentially flat performance given the headwinds in that region and underperformed vehicle production.

在中國，鑑於該地區的不利因素和汽車產量表現不佳，我們預計中國的業績將連續持平。

We are in the process of expanding our business with domestic China OEMs to offset the trend, but it will take some more time to turn the tide in that region.

我們正在擴大與中國國內整車廠的業務，以抵消這一趨勢，但要扭轉該地區的局勢還需要一些時間。

For the full year, we expect our sales to grow 6% over market.

我們預計全年銷售額將比市場成長 6%。

This is a solid performance, given the industry headwinds that we have had to face throughout the year.

考慮到我們全年必須面對的行業逆風，這是一個穩健的表現。

Moving to Page 7.

移至第 7 頁。

I want to take a step back to both reflect on what we have accomplished and look forward to what I view is a bright future for Visteon.

我想退一步反思我們所取得的成就，並展望我所認為的偉世通光明的未來。

Visteon has a proven track record of delivering in challenging times.

偉世通擁有在充滿挑戰的時期提供服務的良好記錄。

In recent years, we overcame numerous industry headwinds, including the COVID pandemic, semiconductor shortages and cost inflation as well as headwinds in China and electric vehicles.

近年來，我們克服了許多行業阻力，包括新冠疫情、半導體短缺和成本通膨，以及中國和電動車的阻力。

But through this all, we have delivered exceptional results across every key financial metric.

但透過這一切，我們在每個關鍵財務指標上都取得了出色的成果。

To be direct, our team has delivered regardless of the challenge.

坦白說，無論面臨什麼挑戰，我們的團隊都已經交付了成果。

To put our performance in context, I'd like to compare our current results to what we delivered in 2019, the last year before the COVID crisis.

為了了解我們的表現，我想將我們目前的業績與 2019 年（新冠危機前的最後一年）的表現進行比較。

I think it's helpful for the comparison that both 2019 and 2024 had roughly the same global light vehicle production.

我認為 2019 年和 2024 年全球輕型車產量大致相同，這有助於比較。

While the market was flat over this five year period, Visteon was not.

雖然這五年期間市場表現平平，但偉世通卻不然。

We grew sales by over 30%, adding $1 billion of sales.

我們的銷售額成長了 30% 以上，銷售額增加了 10 億美元。

We did this by strengthening our market leadership in digital cockpit with digital clusters, displays and infotainment products and expanding our product portfolio in electrification.

為此，我們透過數位儀表組、顯示器和資訊娛樂產品加強了數位駕駛艙的市場領導地位，並擴大了電氣化領域的產品組合。

While growing sales by $1 billion, we doubled adjusted EBITDA and expanded margin by 430 basis points.

在銷售額成長 10 億美元的同時，我們調整後的 EBITDA 翻了一番，利潤率提高了 430 個基點。

Equally as important, we efficiently converted that EBITDA to cash.

同樣重要的是，我們有效地將 EBITDA 轉換為現金。

Our adjusted free cash flow tripled, driven by EBITDA growth and a focus on cost control in all aspects of the business.

在 EBITDA 成長和對業務各個方面成本控制的關注的推動下，我們調整後的自由現金流增加了兩倍。

As I mentioned earlier, all key financial metrics improved substantially over this fiveyear period.

正如我之前提到的，所有關鍵財務指標在這五年期間都大幅改善。

Looking to the future, we have a strategy that will drive our next phase of growth through four key pillars.

展望未來，我們制定了一項策略，將透過四個關鍵支柱推動我們下一階段的成長。

First, our best-in-class software capabilities serve as the foundation for our partnerships with OEMs.

首先，我們一流的軟體能力是我們與原始設備製造商合作的基礎。

Cars are increasingly defined by software and we believe the automotive industry is starting on a new super cycle of innovation and software content growth with emergence of new technologies such as artificial intelligence at the edge, which is the car in this case.

汽車越來越多地由軟體定義，我們相信，隨著邊緣人工智慧（即本例中的汽車）等新技術的出現，汽車產業正在開始一個創新和軟體內容成長的新超級週期。

Diversification of our customer base has been a key priority of mine since joining Visteon nearly a decade ago.

自從近十年前加入偉世通以來，客戶群的多元化一直是我的首要任務。

In recent quarters, we have made substantial progress on this initiative, diversifying our customer base in Asia, and there is significant runway yet to go.

最近幾個季度，我們在這項措施上取得了實質進展，使我們在亞洲的客戶群更加多元化，而且還有很長的路要走。

OEMs in Japan, India and Korea represent more than a third of global light vehicle production, but only a small share of Visteon's revenue.

日本、印度和韓國的原始設備製造商佔全球輕型汽車產量的三分之一以上，但只佔偉世通收入的一小部分。

Diversifying our China business with more domestic OEMs is also a key priority for us going forward.

與更多國內原始設備製造商合作，實現中國業務多元化也是我們未來的首要任務。

Diversifying into adjacent end markets such as two wheelers and commercial vehicles is another pillar of our growth strategy.

多元化進入兩輪車和商用車等鄰近終端市場是我們成長策略的另一個支柱。

While these markets only represent low single digits of our sales today, there is significant upside as the digitalization trend strengthens in these markets and demand for digital cockpit products increases further.

雖然這些市場僅占我們今天銷售額的低個位數，但隨著這些市場數位化趨勢的加強以及對數位駕駛艙產品的需求進一步增加，存在顯著的上升空間。

Lastly, we have identified a growing need for OEMs to have a strong partner for advanced design and R&D services in addition to our existing tier 1 supplier status.

最後，我們發現，除了我們現有的一級供應商地位之外，原始設備製造商越來越需要在先進設計和研發服務方面擁有強大的合作夥伴。

These advanced capabilities and services also strengthen our product portfolio by bringing key insights gained from early engagement with car OEMs across several critical technology domains such as connectivity, cybersecurity and functional safety.

這些先進的功能和服務還透過在連接、網路安全和功能安全等多個關鍵技術領域提供從與汽車原始設備製造商的早期合作中獲得的重要見解，增強了我們的產品組合。

Overall, we are optimistic about the future for Visteon, and I look forward to updating you more about our mid-term views in our February earnings call.

總體而言，我們對偉世通的未來持樂觀態度，我期待在二月份的財報電話會議上向您介紹更多有關我們中期觀點的最新信息。

Turning to Page 8.

翻到第 8 頁。

In summary, the company performed very well in the first nine months of 2024.

綜上所述，該公司在2024年前9個月的表現非常出色。

Our technology portfolio is aligned with key industry trends, including digitalization, the connected car and electrification, megatrends that will drive future growth for years to come.

我們的技術組合符合關鍵的產業趨勢，包括數位化、連網汽車和電氣化，這些大趨勢將推動未來幾年的成長。

We continue to deliver market outperformance compared to our customers' vehicle production with 6% growth over market expected for the full year.

與客戶的車輛產量相比，我們持續提供優於市場的表現，全年預計將比市場成長 6%。

The team continued to execute on our commercial and operational plans, which resulted in a strong adjusted EBITDA margin of 12.2%.

團隊繼續執行我們的商業和營運計劃，調整後的 EBITDA 利潤率高達 12.2%。

We continue to build our foundation for the future by launching 71 new products and winning $4.9 billion in new business.

我們透過推出 71 種新產品並贏得 49 億美元的新業務，繼續為未來奠定基礎。

Now, I will turn the presentation over to Jerome.

現在，我將把演講交給傑羅姆。

Thank you, Sachin.

謝謝你，薩欽。

And good morning, everyone.

大家早安。

Visteon delivered solid results in the third quarter.

偉世通第三季業績強勁。

We successfully navigated another quarter of challenging market conditions and delivered strong operational performance, both on the commercial and on the cost side.

我們成功度過了另一個充滿挑戰的市場環境，並在商業和成本方面實現了強勁的營運表現。

Our growth over market was in the mid-single digits and in line with our expectations.

我們的市場成長處於中個位數，符合我們的預期。

We delivered an adjusted EBITDA margin slightly above 12% and generated strong cash flow.

我們的調整後 EBITDA 利潤率略高於 12%，並產生了強勁的現金流。

We also strengthened our future growth profile with 30 new product launches this quarter and $1.8 billion of new business wins.

我們也透過本季推出 30 個新產品和 18 億美元的新業務來增強我們的未來成長前景。

The end market and customer diversification initiatives that we have highlighted in recent quarters have continued to gain traction with $600 million of new business wins with Rest of Asia OEMs and further successes with commercial vehicle OEMs and two wheeler customers.

我們最近幾季強調的終端市場和客戶多元化計畫繼續受到關注，與亞洲其他原始設備製造商贏得了6 億美元的新業務，並在商用車原始設備製造商和兩輪車客戶方面取得了進一步的成功。

Overall, I am very pleased with this performance and continue to be confident in our prospects for long term growth and margin expansion.

總體而言，我對這項業績感到非常滿意，並對我們的長期成長和利潤擴張前景繼續充滿信心。

Turning now to our third quarter financial results in more detail.

現在更詳細地討論我們第三季的財務表現。

Q3 sales were slightly below $1 billion.

第三季銷售額略低於 10 億美元。

Compared to last year, sales benefited from our market outperformance of 6%, driven by new product launches and strong performance of our digital cockpit and electrification product lines.

與去年相比，在新產品發布以及數位駕駛艙和電氣化產品線強勁表現的推動下，銷售額成長了 6%。

This was offset by lower customer volumes and lower recoveries from our customers.

這被客戶數量減少和客戶回收率下降所抵消。

In terms of performance by geography, Americas had the strongest market outperformance, rest of Asia was positive, Europe declined slightly and China underperformed by double digits.

從地理表現來看，美洲市場表現最強勁，亞洲其他地區表現積極，歐洲略為下滑，中國表現落後兩位數。

Consistent with past quarters, customer recoveries declined year-over-year as a result of improved semiconductor supply, but were stable sequentially.

與過去幾季一致，由於半導體供應改善，客戶恢復量較去年同期下降，但季比保持穩定。

Adjusted EBITDA was $119 million for the quarter or 12.1%.

本季調整後 EBITDA 為 1.19 億美元，即 12.1%。

Our strong EBITDA performance this quarter is the result of our robust sales level and excellent operational performance, including strong cost controls and increased efficiencies.

我們本季強勁的 EBITDA 業績得益於我們強勁的銷售水平和出色的營運業績，包括強有力的成本控制和提高的效率。

We believe our normalized EBITDA margin continues to run at approximately 12%.

我們相信我們的正常化 EBITDA 利潤率將繼續保持在 12% 左右。

Adjusted free cash flow was $73 million in the quarter as a result of our solid adjusted EBITDA and improved working capital performance.

由於我們穩健的調整後 EBITDA 和營運資金績效的改善，本季調整後自由現金流為 7,300 萬美元。

Lastly, in the third quarter, we completed a bolt-on acquisition for $48 million net of cash acquired.

最後，在第三季度，我們以 4,800 萬美元的現金淨額完成了一項補強收購。

As I have mentioned in recent quarters, we are prioritizing bolt-on M&As in our capital allocation framework as we believe there are meaningful opportunities to enhance our capabilities and grow our business.

正如我在最近幾季提到的，我們在資本配置框架中優先考慮補充併購，因為我們相信存在增強我們能力和發展業務的有意義的機會。

Our strong balance sheet with net cash of over $200 million provide us with significant flexibility to pursue our capital allocation priorities.

我們強大的資產負債表和淨現金超過 2 億美元，為我們實現資本配置優先事項提供了極大的靈活性。

Our team continues to operate well with strong focus on operational performance, commercial excellence and cost discipline.

我們的團隊繼續良好運營，專注於營運績效、商業卓越性和成本紀律。

We proactively adjust our cost structure to reflect the business changes.

我們主動調整成本結構以反映業務變化。

And in that regard, we recognized approximately $28 million of restructuring costs outside of adjusted EBITDA in the third quarter, aimed at improving our efficiency and further rationalizing our footprint.

在這方面，我們在第三季調整後的 EBITDA 之外確認了約 2800 萬美元的重組成本，旨在提高我們的效率並進一步合理化我們的足跡。

This is in line with our focus on continuous improvement and maintaining our best-in-class footprint.

這符合我們對持續改進和維持一流足跡的關注。

Overall, I am proud of our solid third quarter performance.

總的來說，我對我們第三季的穩健表現感到自豪。

Turning to Page 11.

翻到第 11 頁。

Sales were $980 million for the quarter, representing a slight decrease compared to the prior year.

該季度銷售額為 9.8 億美元，較上年略有下降。

Our market outperformance of 6% was offset by 6% lower customer production, lower recoveries, normal price downs at customers, and a 1% headwind from FX.

我們 6% 的市場表現被 6% 的客戶產量下降、較低的回收率、客戶的正常價格下跌以及 1% 的外匯阻力所抵消。

Our growth over market was driven by recent product launches, combined with strong demand for our digital cockpit products and the ramp up of our electrification products.

我們的市場成長是由最近的產品發布、加上對我們的數位駕駛艙產品的強勁需求以及我們的電氣化產品的成長所推動的。

Our next-gen products continue to grow with digital clusters, displays and electrification all showing yearover-year increases.

我們的下一代產品持續成長，數位集群、顯示器和電氣化均呈現逐年成長。

Adjusted EBITDA was $119 million in the third quarter, representing a 12.1% margin.

第三季調整後 EBITDA 為 1.19 億美元，利潤率為 12.1%。

Our strong performance this quarter represented a decrease from the prior year, which had approximately 100 basis points of non-recurring commercial items.

我們本季的強勁業績比去年同期有所下降，去年的非經常性商業項目下降了約 100 個基點。

Excluding those commercial items in the prior year, our adjusted EBITDA margin would have increased year-over-year in the third quarter of 2024.

排除上一年度的商業項目，我們調整後的 EBITDA 利潤率在 2024 年第三季將年增。

Exchange negatively impacted year-overyear adjusted EBITDA by approximately $10 million, driven mostly by the euro and the Brazilian real.

交易所對調整後 EBITDA 年比產生約 1,000 萬美元的負面影響，主要受到歐元和巴西雷亞爾的推動。

Net engineering cost as a percentage of revenue was 4.8%, below our expected full year average in the mid-5% range due to the timing of project spend, higher recoveries and lower spending in China in response to the challenges in the region.

淨工程成本佔收入的百分比為 4.8%，低於我們預期的全年平均水平 5% 左右，這是由於項目支出的時機、較高的回收率以及中國為應對該地區的挑戰而減少的支出。

SG&A as a percentage of revenue was 4.5%, in line with our expected full-year target.

SG&A 佔營收的百分比為 4.5%，符合我們預期的全年目標。

Turning to Page 12.

翻到第 12 頁。

Our balance sheet remains among the strongest in the industry.

我們的資產負債表仍然是業界最強的。

We ended the quarter with $553 million in cash and a net cash position of $229 million.

本季結束時，我們的現金為 5.53 億美元，淨現金部位為 2.29 億美元。

Our balance sheet supports our growth and provides flexibility for our capital allocation priorities.

我們的資產負債表支持我們的成長，並為我們的資本配置優先事項提供靈活性。

Turning to cash flow, we generated $73 million of adjusted free cash flow in the third quarter, bringing our year-to-date total to a record $135 million.

談到現金流，我們在第三季產生了 7,300 萬美元的調整後自由現金流，使我們年初至今的總現金流達到創紀錄的 1.35 億美元。

This is a $42 million improvement compared to the first nine months of last year, primarily due to $40 million higher adjusted EBITDA year-over-year.

與去年前 9 個月相比，這一數字增加了 4,200 萬美元，主要是由於調整後的 EBITDA 同比增加了 4,000 萬美元。

Trade working capital was an outflow for the first nine months as we built additional working capital to support our future growth.

前九個月，貿易營運資金出現流出，因為我們建立了額外的營運資金來支持未來的成長。

Cash taxes were modestly lower than prior year as 2023 was impacted by the timing of some tax payments.

由於 2023 年受到某些報稅時間的影響，現金稅略低於去年。

Interest was a positive in the quarter with a net inflow as interest cost from our term loan were more than offset by interest income on our invested cash.

本季利息為正，出現淨流入，因為我們的定期貸款利息成本被我們投資現金的利息收入所抵銷。

CapEx was $96 million in the first nine months.

前 9 個月的資本支出為 9,600 萬美元。

We expect this to increase in the fourth quarter due to timing.

由於時間安排，我們預計第四季度這一數字將會增加。

We remain on track for $145 million for the full year.

我們預計全年收入將達到 1.45 億美元。

We're investing in projects to deliver on our future growth and margin expansion, including vertical integration.

我們正在投資項目以實現未來的成長和利潤擴張，包括垂直整合。

With our consistent cash flow generation and solid balance sheet, we're able to execute on our capital allocation priorities.

憑藉我們持續產生的現金流量和穩健的資產負債表，我們能夠執行我們的資本配置優先事項。

As noted on the right side of the slide, our first priority continues to be investing in organic growth.

如幻燈片右側所示，我們的首要任務仍然是投資於有機成長。

Our annual CapEx spend of approximately 3.5% of sales support projects that are critical to our sustainable profitable growth.

我們的年度資本支出約佔銷售支援項目的 3.5%，這對我們的永續獲利成長至關重要。

Our second priority is bolt-on acquisitions, like the one we completed this quarter.

我們的第二個優先事項是補強收購，就像我們本季完成的收購一樣。

We are targeting companies that not only enhance our capabilities or product offering, but are also quickly accretive to our bottom line.

我們的目標公司不僅能夠增強我們的能力或產品供應，而且能夠快速增加我們的利潤。

Although these bolt-on acquisitions are likely to be individually small, we believe that, in aggregate, they can be a meaningful growth and profit driver in the medium term.

儘管這些補強收購可能個別規模較小，但我們相信，總的來說，它們可以在中期內成為有意義的成長和利潤驅動力。

Our acquisition this quarter met this criteria and we will continue to be very selective and disciplined in executing on future M&A.

我們本季的收購符合這項標準，我們將繼續在執行未來的併購時非常有選擇性和嚴格自律。

Lastly, we intend to continue to return cash to shareholders through share repurchases.

最後，我們打算繼續透過股票回購向股東返還現金。

Since implementing our $300 million share repurchase program in March 2023, we have repurchased $126 million of shares.

自 2023 年 3 月實施 3 億美元的股票回購計畫以來，我們已回購了 1.26 億美元的股票。

We're committed to a balanced capital allocation between these three priorities.

我們致力於在這三個優先事項之間實現平衡的資本分配。

Turning to Page 13.

翻到第 13 頁。

Based on our year-to-date performance and our outlook for the fourth quarter, we are updating our 2024 full-year guidance.

根據我們今年迄今的業績和對第四季度的展望，我們正在更新 2024 年全年指引。

For sales, we are tightening our guidance range to $3.85 billion to $3.9 billion.

對於銷售額，我們將指導範圍收緊至 38.5 億美元至 39 億美元。

While still within our previous guidance, we brought down the top end of the range as a result of (technical difficulty) despite the industry challenges this year, notably in China and the slower adoption of electric vehicles, we still expect to deliver a solid full year growth over market of 6%.

儘管仍在我們之前的指導範圍內，但由於（技術困難），我們降低了該範圍的上限，儘管今年行業面臨挑戰，特別是在中國以及電動車的採用速度較慢，但我們仍然期望提供堅實的全面較市場年增 6%。

For adjusted EBITDA, we are raising our guidance range to $465 million to $480 million, reflecting our strong year-to-date commercial and operational performance.

對於調整後的 EBITDA，我們將指引範圍提高至 4.65 億美元至 4.8 億美元，反映了我們年初至今強勁的商業和營運業績。

We have been able to flex our net engineering and SG&A costs, which we expect to remain within our initial forecast of approximately 10% of sales.

我們已經能夠調整我們的淨工程和銷售、一般行政費用成本，我們預計這些成本將保持在我們最初預測的約佔銷售額 10% 的範圍內。

On a margin basis, the 12.2% midpoint is slightly higher than our prior guidance as a result of our strong year-to-date performance.

在利潤率基礎上，由於我們今年迄今表現強勁，12.2% 的中點略高於我們先前的指導。

For adjusted free cash flow, we're increasing our guidance to $165 million to $185 million.

對於調整後的自由現金流，我們將指導價值提高至 1.65 億美元至 1.85 億美元。

Our full year range considers our assumption of the current adjusted EBITDA range, a use of working capital and CapEx spending of $145 million.

我們的全年範圍考慮了我們對目前調整後 EBITDA 範圍的假設、營運資金的使用和資本支出為 1.45 億美元。

Our adjusted EBITDA conversion ratio remains within our targeted range of 35% to 40%.

我們調整後的 EBITDA 轉換率仍維持在 35% 至 40% 的目標範圍內。

Turning to Page 14.

翻到第 14 頁。

Visteon remains a compelling long term investment opportunity.

偉世通仍然是一個引人注目的長期投資機會。

We expect to benefit from higher demand for more digital content in the cockpit regardless of powertrain and the growth of electric and hybrid vehicles.

無論動力系統以及電動和混合動力車的成長如何，我們預計都會受益於駕駛艙內對更多數位內容的更高需求。

Visteon is uniquely positioned for multiyear top line growth, margin expansion and free cash flow generation, while our strong balance sheet provides us with significant flexibility.

偉世通在多年營收成長、利潤擴張和自由現金流生成方面擁有獨特的優勢，而我們強大的資產負債表為我們提供了巨大的靈活性。

We appreciate your support and look forward to talking with you again in February when we will provide our 2025 and future guidance.

我們感謝您的支持，並期待在 2 月再次與您交談，屆時我們將提供 2025 年和未來的指導。

Thank you for your time today.

感謝您今天抽出時間。

I would like now to open the call for your questions.

我現在想打開電話詢問你們的問題。

(Operator Instructions)

（操作員說明）

Luke Junk, Baird.

路克垃圾，貝爾德。

Hi, good morning.

嗨，早安。

Thanks for taking the questions.

感謝您提出問題。

To start-off, hoping to just expand on cluster growth specifically, Sachin.

首先，Sachin 希望能夠具體擴大集群成長。

Just hoping to unpack it from both a product launch and sunset standpoint as well as just geographic mix impacts that might be reflected right now, just the growth here pretty flat in a growth over market basis.

只是希望從產品發布和日落的角度以及現在可能反映出來的地理組合影響來解開它，只是這裡的增長在市場基礎上的增長相當平穩。

What are some of the conditions that you would see that are needed to get that cluster business back to an overall growth posture despite continued digital growth right now?

儘管目前數位化持續成長，但您認為要讓叢集業務恢復到整體成長態勢需要哪些條件？

Good morning, Luke.

早上好，盧克。

Yes.

是的。

So in terms of clusters, I would say, first, that the trend of digitalization really continues to be a strong driver for growth of that product line for us.

因此，就集群而言，我首先要說的是，數位化趨勢確實繼續成為我們該產品線成長的強大推動力。

And in Q4 as well, our digital clusters led our product sales.

在第四季度，我們的數位集群也引領了我們的產品銷售。

And excluding China, they grew doubledigit.

如果不包括中國，則成長了兩位數。

So what we really see here is the impact of China that on the surface makes it feel like it did not really grow everywhere, but it's really just in China.

因此，我們在這裡真正看到的是中國的影響，表面上讓人感覺它並沒有真正在各地增長，但實際上只在中國。

Now if you look at our performance this year, we have continued to launch several new cluster programs, about 30% of our 71 new launches year-to-date were digital clusters.

現在如果你看看我們今年的表現，我們繼續推出了幾個新的集群項目，今年迄今為止我們推出的 71 個新集群項目中約有 30% 是數位集群。

And the percentage was about the same for new business wins this year.

今年新業務獲勝的百分比大致相同。

So -- and at the same time, as we go forward, what we are seeing is that CDCs and displays are going to replace discrete digital clusters and infotainment in the premium and luxury segment of the market.

因此，與此同時，隨著我們的前進，我們看到 CDC 和顯示器將取代高端和豪華市場領域的離散數位集群和資訊娛樂系統。

However, we'll continue to grow, especially digital clusters and standalone infotainment in the mass market segment, and we are very well positioned to take advantage of both trends.

然而，我們將繼續成長，特別是大眾市場領域的數位集群和獨立資訊娛樂系統，並且我們處於充分利用這兩種趨勢的有利位置。

So in fact, what we are seeing, especially in this environment where there's a lot of pressure on our prices at OEMs in many parts of the world, such as China, is that the shift is also helping us in terms of having a higher sell through of our more mass-market products.

事實上，我們所看到的是，這種轉變也有助於我們提高銷量，特別是在中國等世界許多地區的原始設備製造商的價格面臨很大壓力的環境下。 。

We also launched, as you know, a digital cluster with Toyota and we are expecting a very good growth with that customer with that product line as we go forward.

如您所知，我們還與豐田合作推出了數位集群，我們預計隨著我們的發展，該產品線將與該客戶取得良好的成長。

So overall, I'm pretty pleased with where we stand with digital clusters.

總的來說，我對我們在數位集群方面的現狀非常滿意。

It continues to be a very strong product line for us.

它仍然是我們非常強大的產品線。

And as you've seen with our displays performance, that second line is starting to shape up and I wouldn't be surprised if it becomes as big as digital clusters for us in the next couple of years.

正如您在我們的顯示器性能中所看到的那樣，第二條生產線正在開始成形，如果它在未來幾年內變得像我們的數位集群一樣大，我不會感到驚訝。

Okay.

好的。

Thanks for that, Sachin.

謝謝你，薩欽。

And then maybe a second question, my follow up would be for Jerome, just on the net R&D or net engineering, second quarter in a row that that's run a little better than expected.

然後也許是第二個問題，我的後續行動是針對傑羅姆的，只是在網路研發或網路工程方面，連續第二季的運作情況比預期要好一些。

Can you just pull apart the two pieces here in terms of project timing, what that might mean to 2025, seems like maybe some spend is deferred and can flow back in and then recoveries just tracking higher.

您能否從專案時間方面將這兩部分分開，這對 2025 年可能意味著什麼，似乎有些支出會被推遲，可以回流，然後復甦會走高。

Can you continue to drive a little bit higher than expected outcome on the recovery side?

您能否繼續在復甦方面取得比預期結果稍高的成績？

And then you had mentioned also in your prepared remarks some rationalization of R&D in China.

然後您在準備好的發言中也提到了中國研發的一些合理化。

So, hoping you could just expand on that and the sort of balance of multi is coming under pressure in China, yet the need to still drive launches with local OEMs there in terms of engineering investment?

那麼，希望您能在此基礎上進行擴展，而在中國，多種類型的平衡正面臨壓力，但在工程投資方面仍然需要推動與當地原始設備製造商的發布嗎？

Thank you.

謝謝。

Yes, thanks a lot, Luke.

是的，非常感謝，盧克。

Good morning.

早安.

So maybe let me step back a little bit on engineering.

所以也許讓我退一步談談工程。

We've been running a fairly cost effective engineering organization in the last few years and maybe three points around that.

在過去的幾年裡，我們一直在運行一個相當具有成本效益的工程組織，也許圍繞這一點有三點。

The first one is that our platform approach has been very successful.

第一個是我們的平台方法非常成功。

We also have most of our engineers located in best cost countries and that has been helping our model tremendously.

我們的大多數工程師也位於成本最低的國家，這對我們的模型有很大幫助。

And then finally, we've been working very diligently on efficiencies within our engineering teams, ensuring that they produce quality software on-time in a cost effective manner.

最後，我們一直非常努力地提高工程團隊的效率，確保他們以具成本效益的方式按時生產高品質的軟體。

So as it relates to Q3, and the two pieces are obviously the gross engineering piece as well as the recoveries.

因此，就第三季而言，這兩個部分顯然是整體工程部分以及回收量。

If you step back and look at what we've achieved on gross engineering side, our costs have been fairly flattish for the last few quarters.

如果您退後一步看看我們在整體工程方面的成就，您會發現過去幾季我們的成本相當穩定。

So therefore, it's been in line with what we've been able to achieve in the first half of the year.

因此，這與我們今年上半年所取得的成就是一致的。

Recovery really is what has helped us this quarter and we had an improvement in recoveries versus the prior quarter, but as well versus prior year.

復甦確實是本季對我們有幫助的因素，與上一季相比，我們的復甦有所改善，與去年相比也有所改善。

And we've been running a little bit ahead this year in terms of the recovery.

今年我們在復甦方面已經領先了一些。

So timing is hard to predict on recoveries and we think that will still be overall in terms of net engineering within our target of, let's say, mid-single digit percentage of total sales.

因此，復甦的時機很難預測，我們認為，就網路工程而言，整體而言仍將在我們的目標之內，比如說佔總銷售額的中個位數百分比。

As we go into next year, we'll keep on looking at efficiencies and we'll keep on as well investing in very critical area that will allow us to grow on a go forward basis, connectivity, AI as well as other areas.

進入明年，我們將繼續專注於效率，並將繼續在非常關鍵的領域進行投資，這將使我們能夠在連接、人工智慧以及其他領域不斷發展。

As it relates to China, we have now flexed a little bit our engineering cost, especially in Q2 and Q3, to adjust for what is going on in the region.

就中國而言，我們現在稍微調整了工程成本，特別是在第二季和第三季度，以適應該地區正在發生的情況。

So it is indeed a slightly reduction over there just to adjust for the reality of the market.

因此，那裡確實略有減少，只是為了適應市場的實際情況。

Maybe just the China piece, if you could, just a follow up on the local OEMs, just investment in engineering specifically with that cohort?

也許只是中國部分，如果可以的話，只是對當地原始設備製造商的跟進，只是專門針對該群體進行工程投資？

Yes.

是的。

We continue to be present in China and we do want to stay very relevant.

我們繼續在中國開展業務，並且確實希望保持重要地位。

As you know, there is a lot of technology in China and there is as well a lot of focus on cost, given the pricing that is going on, the price war that is going on.

如你所知，中國有很多技術，考慮到正在進行的定價和正在進行的價格戰，人們也非常關注成本。

So we keep on investing over there and we are still winning new business, but we'll obviously make sure that we are very selective in terms of the customers that we want to go along with.

因此，我們繼續在那裡投資，我們仍在贏得新業務，但我們顯然會確保我們在選擇我們想要合作的客戶方面非常有選擇性。

And maybe, Sachin, you want to--?

也許，薩欽，你想──？

Indeed.

的確。

In fact, this topic of China may be of interest to everybody given how significant of an impact it has been.

事實上，鑑於中國這個話題所產生的影響之大，可能每個人都會感興趣。

So let me elaborate on that a little bit.

讓我詳細說明一下。

So if you go back maybe last year or the year before, China represented about 15%, 16% of our sales.

如果你回顧去年或前年，中國約占我們銷售額的 15%、16%。

Now that has come down to about 11% to 12% this year and that's largely due to the loss of market share of our global OEM customers that are selling into China.

今年這一數字已降至 11% 至 12% 左右，這主要是由於向中國銷售產品的全球 OEM 客戶的市佔率流失。

Now our - if you look at our revenue profile in China, about two thirds of our revenue in China comes from global OEMs, one-third from domestic OEMs.

現在，如果你看看我們在中國的收入概況，我們在中國的收入大約三分之二來自全球原始設備製造商，三分之一來自國內原始設備製造商。

But we are really well-represented in that market.

但我們在這個市場上確實有很好的代表性。

Of the top 15 OEMs that have more than 70% of the market in China, nine are Visteon customers today.

目前，在 15 家佔據中國 70% 以上市佔率的 OEM 廠商中，有 9 家是偉世通的客戶。

And of those nine, it's about three are domestic OEMs.

在這九家公司中，大約有三家是國內整車廠。

At the same time, it's a very competitive market.

同時，這是一個競爭非常激烈的市場。

So there has been a lot of price based sort of war that is being fought by OEMs.

因此，原始設備製造商正在進行許多基於價格的戰爭。

And at the same time, the OEMs have to keep their cockpits competitive.

同時，原始設備製造商必須保持駕駛艙的競爭力。

So we continue to see opportunities, but we have been very prudent in terms of where and how we want to engage because we want to make sure that we have a profitable business there.

因此，我們繼續看到機會，但我們在參與地點和參與方式方面一直非常謹慎，因為我們希望確保在那裡擁有有利可圖的業務。

So our strategy has been to grow more with domestic OEMs and also to grow share of the wallet with the OEMs that we are currently present in China.

因此，我們的策略是與國內原始設備製造商進行更多的合作，並增加我們目前在中國的原始設備製造商的錢包份額。

Now European and American OEMs have done a little worse than, let's say, the Japanese.

現在歐洲和美國的原始設備製造商的表現比日本製造商差一些。

And of course, the domestic OEMs have taken a lot of market share.

當然，國內整車廠也佔據了大量的市場。

So we have a strategy of working with the ones that we think are going to do well, but it's going to take a little bit of time for us to recover from what has happened this year and we expect in a couple of years to see growth return to that part of our business.

因此，我們制定了與我們認為表現良好的公司合作的策略，但我們需要一點時間才能從今年發生的事情中恢復過來，我們預計幾年後會看到成長回到我們業務的一部分。

That's all great color.

這都是很棒的顏色。

Thanks for jumping in there, Sachin.

感謝您參與進來，薩欽。

I'll leave it there.

我會把它留在那裡。

Thank you, Luke.

謝謝你，盧克。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Sachin, maybe you could just sort of provide a little bit of color on what you're seeing out there from your customers because it looks like you're implying your customer production is down maybe mid-single digits in the fourth quarter.

薩欽，也許您可以提供一些關於您從客戶那裡看到的情況的信息，因為看起來您暗示您的客戶產量在第四季度可能下降了中個位數。

We just had another supplier report some pretty dire volume for the fourth quarter, like minus 9%, including significant deterioration in Europe in the fourth quarter.

我們剛收到另一家供應商報告，第四季的銷售相當糟糕，例如負 9%，其中歐洲第四季的銷售量顯著惡化。

So just want to better understand what you're seeing.

所以只是想更好地理解你所看到的。

Yes, absolutely.

是的，絕對是。

Thanks, Joe. And the first thing I would say is at this point, our outlook for the fourth quarter is really relying more on the direct orders that we have from our customers.

謝謝，喬。我要說的第一件事是，我們對第四季度的展望實際上更依賴我們從客戶那裡獲得的直接訂單。

And as you can imagine, given all of the announcements that have been made, we have been very diligent in terms of checking for integrity of those orders and we feel pretty good about where we stand.

正如你可以想像的那樣，考慮到已經發布的所有公告，我們一直非常努力地檢查這些訂單的完整性，並且我們對自己的立場感到非常滿意。

So having said that, we do see softness in Europe.

話雖如此，我們確實看到了歐洲的疲軟。

There's no question about it.

毫無疑問。

But our performance in Europe is driven more by new product launches.

但我們在歐洲的業績更受到新產品發布的推動。

And if we were not to have those, I believe we would have seen a similar drop in our outlook for production as perhaps some others might have been referring to.

如果我們沒有這些，我相信我們的生產前景也會出現類似的下降，正如其他一些人可能提到的那樣。

So, as you know, we had a high number of launches even in Q3 and many of them were actually in Europe.

因此，如您所知，即使在第三季度，我們也發布了大量產品，其中許多實際上是在歐洲。

And that's benefiting us.

這對我們有利。

From a production perspective, if I look at the various regions for Q4, we see pretty much, I would say, a reduction in all regions except our customers in Americas.

從生產角度來看，如果我看看第四季的各個地區，我們會發現，除了美洲客戶之外，所有地區的產量都出現了大幅下降。

And so, Americas seems to be doing relatively well, is holding up pretty okay.

因此，美洲似乎表現相對較好，表現相當不錯。

All of the regions are a bit, I would say, on the negative side, including Europe.

我想說，所有地區都有點消極，包括歐洲。

And our performance is totally driven by new product launches.

我們的業績完全由新產品的發布所推動。

So we see a market outgrowth in all regions except China.

因此，我們看到中國以外的所有地區的市場都在成長。

And in China, we see more of a flattish performance relative to Q3, even though there is a seasonal uplift in production anticipated for Q4, we would probably be, I think, prudent in not assuming any benefit from that.

在中國，我們看到的表現與第三季相比更加持平，儘管預計第四季度的產量會出現季節性增長，但我認為，我們可能會謹慎地認為不會從中受益。

There might be some tailwind, but we're not assuming it in our outlook for now.

可能會有一些順風，但我們目前不會在我們的前景中假設它。

Hope that gives you some color.

希望能給你一些色彩。

Yes, no, that's helpful.

是的，不，這很有幫助。

I guess the second question and it's sort of a little bit bigger picture, but I just wanted to understand the types of conversations you're having with your customers and how this could affect future sourcing because Qualcomm, for instance, a new release of some auto product this past week, and I know you use their product a lot and there was a big step up in performance that allows AI, etcetera.

我想第二個問題是一個更大的問題，但我只是想了解您與客戶進行的對話類型以及這如何影響未來的採購，因為高通公司，例如，一些產品的新版本上週汽車產品，我知道你們經常使用他們的產品，並且在性能上有了很大的進步，允許人工智慧等。

But if that product is out now, right, it's probably not getting to vehicles in '26 or so to maybe '27, but it also seems like the pace of development on the hardware side is really inflecting.

但如果該產品現在就推出了，那麼它可能不會在 26 年左右到 27 年上市，但硬體方面的開發速度似乎確實在改變。

And so, I'd venture to guess that like a year from now, there's another huge leap in performance.

因此，我大膽猜測，從現在起一年後，效能還會出現另一個巨大飛躍。

So how does that -- when you go to your customers and have that conversation, like how do they think about that?

那麼，當你去找客戶並進行對話時，他們是如何看待這個問題的呢？

How does that impact your sourcing because things seem to be moving so quickly and accelerating and you don't want to get caught with outdated around tech, I guess.

我想，這對您的採購有何影響，因為事情似乎發展得如此之快並且加速，您不想被過時的技術所困擾。

Right.

正確的。

Right.

正確的。

No, that's a great question, Joe. And let me try to answer this this way.

不，這是一個很好的問題，喬。讓我嘗試這樣回答這個問題。

So AI, as I mentioned in my prepared remarks, is really what's going to drive a cycle of content growth and increase in the cockpit, in particular, but it's not going to come for free.

因此，正如我在準備好的發言中提到的那樣，人工智慧確實將推動內容成長和駕駛艙增加的循環，但它不會免費。

So there is a pretty big step up when you go to the newest and the latest and greatest silicon that is actually capable of supporting AI models.

因此，當你使用實際上能夠支援人工智慧模型的最新、最新、最好的晶片時，就會有一個相當大的進步。

And so, therefore, that's not going to be applicable or affordable by all segments of the market.

因此，這並不適用於所有細分市場，也無法負擔。

So what we're seeing here is more of a separation between, let's say, the premium luxury end of the market, which will have to compete on all of these features that we just talked about, right, AI, not just in the cockpit, but also in ADAS and connected features, more and more camerabased vision processing and features related to that.

因此，我們在這裡看到的更多的是高端豪華市場之間的分離，它們必須在我們剛才談到的所有這些功能上進行競爭，對吧，人工智慧，而不僅僅是在駕駛艙中，而且在ADAS 和互聯功能中，越來越多的基於相機的視覺處理和與之相關的功能。

So that's all good, but that's really more in the upper end on account of the significant uplift in the price of these silicon, in particular, which then impacts the overall system.

所以這一切都很好，但由於這些矽的價格大幅上漲，這實際上更多地處於高端，這會影響整個系統。

We are talking about a 2x or 3x increase in price, right, not a percent.

我們談論的是價格上漲 2 倍或 3 倍，對吧，而不是百分之一。

So that also is causing a need for having more competitive, more feature rich, not necessarily having all of the bells and whistles in AI, in particular in the lower part of the market.

因此，這也導致需要更具競爭力、更豐富的功能，但不一定擁有人工智慧的所有花哨功能，特別是在低端市場。

And this is going to be a big opportunity for us because we have existing solutions, existing platforms that we can bring to these OEMs.

這對我們來說將是一個巨大的機會，因為我們擁有可以為這些原始設備製造商提供的現有解決方案和現有平台。

And it's not just in passenger cars.

而且這不僅存在於乘用車中。

We are starting to see this interest come in commercial vehicles.

我們開始看到人們對商用車產生了興趣。

Very similar to what we see in cars in terms of features and content and, to a lesser extent, in two-wheelers.

就功能和內容而言，與我們在汽車中看到的非常相似，在較小程度上也與兩輪車相似。

Although in two wheelers, the volumes are higher and the time to market is shorter.

儘管在兩輪車中，銷量更高，上市時間更短。

So in general, I see a sort of a segmentation of tech that follows kind of the segmentation of vehicles that we have known for a long-time.

因此，總的來說，我看到了一種技術細分，它遵循我們長期以來已知的車輛細分。

And the key is going to be to have solutions that are appropriate for each segment and even for, say, two wheelers and commercial vehicles that are specific and unique to that -- to those parts of the industry.

關鍵是要有適合每個細分市場的解決方案，甚至適合該行業的這些部分的特定且獨特的兩輪車和商用車。

And that's what we've been really trying -- we've been focused on doing.

這就是我們一直在真正嘗試的——我們一直專注於做的事情。

Part of this is to have a vertical integration strategy, right, because that's what helps us drive costs lower and make the systems more affordable.

其中一部分是製定垂直整合策略，對吧，因為這可以幫助我們降低成本並使系統更便宜。

We can take it to a greater extent in software and in displays, to a lesser extent when it comes to silicon, but all of that helps.

我們可以在軟體和顯示器方面更大程度地採用它，在矽方面則可以較小程度地採用它，但所有這些都有幫助。

And I think that also helps separate and differentiate Visteon.

我認為這也有助於偉世通的分離和差異化。

Thank you.

謝謝。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Hi, yes.

嗨，是的。

Good morning and thanks very much for taking my questions.

早上好，非常感謝您回答我的問題。

First, I was hoping to better understand the key puts and takes behind the updated EBITDA outlook for this year and what's allowing a slight increase to the EBITDA guidance even on slightly lower revenue?

首先，我希望更了解今年更新的 EBITDA 前景背後的關鍵看點和觀點，以及即使在收入略有下降的情況下，是什麼允許 EBITDA 指引略有增加？

And perhaps more importantly, as you're seeing some of the progress the company is making within margins, is there anything episodic helping that's more temporary in nature?

也許更重要的是，當您看到公司在利潤範圍內取得的一些進展時，是否有任何臨時性的幫助本質上是更暫時的？

Or is this perhaps a sign of progress toward the medium-term target of 13.5%?

或者這可能是朝著 13.5% 的中期目標取得進展的跡象？

Yes, thanks.

是的，謝謝。

I would say, generally, we've been running pretty well ahead of targets on the margin side.

我想說的是，總的來說，我們在利潤方面已經遠遠超越了目標。

And we saw that in Q2 and we saw that again in Q3.

我們在第二季度看到了這一點，並在第三季度再次看到了這一點。

And that's really the fundamental reason as to why we are increasing our full year guidance on the margin dollar, but as well margin percentage standpoint.

這確實是我們提高全年保證金指引的根本原因，也是保證金百分比的觀點。

Despite a slight reduction in volume for the full year, we're able essentially to have better engineering cost.

儘管全年產量略有減少，但我們基本上能夠獲得更好的工程成本。

We are pretty much keeping our engineering percentage as is for the full year.

我們幾乎保持全年的工程百分比。

And obviously, with lower sales, that implies lower dollars.

顯然，隨著銷售額的下降，這意味著美元的下降。

And we've been as well running well.

我們也一直運作良好。

In terms of efficiencies, operational performance has been good and that's another reason as to why we're able as well to improve our margins.

在效率方面，營運績效一直很好，這也是我們能夠提高利潤率的另一個原因。

So 12.2% is the number we are putting out there for the full year.

所以 12.2% 是我們全年公佈的數字。

It's essentially very much in line with what we've achieved in H1, and that's a very good run rate as we go into next year.

它本質上與我們在上半年取得的成就非常一致，當我們進入明年時，這是一個非常好的運行率。

So apart from the commercial items that I indicated impacted our financials in Q2 and it was not a very large number.

因此，除了我指出的影響我們第二季財務狀況的商業項目之外，這個數字並不是很大。

It was 50 basis points of margin at the time.

當時的保證金為 50 個基點。

I don't see any major item that is temporary as we go into next year.

當我們進入明年時，我沒有看到任何臨時的重大項目。

Obviously, next year, we'll have a lot of puts and takes and we'll talk about that in February.

顯然，明年我們將會有許多的調整和調整，我們將在二月討論這個問題。

Yes, thank you for that.

是的，謝謝你。

My other question was around BMS and one of your key BMS customers spoke recently about a future plan to shift some of their cell manufacturing away from pouch toward prismatic cells.

我的另一個問題是關於 BMS 的，你們的一位 BMS 主要客戶最近談到了未來計劃將其部分電池製造從軟包電池轉向棱柱形電池。

Hoping to better understand if there's any implications of that for Visteon and your BMS business there.

希望更好地了解這對偉世通和您在那裡的 BMS 業務是否有任何影響。

Thanks.

謝謝。

No, great question.

不，很好的問題。

And, Mark, what I would say is Visteon is one of the few suppliers, if not maybe the only supplier of BMS that actually has a BMS design that is agnostic to the form factor or to the chemistry of the battery cell.

馬克，我想說的是，偉世通是為數不多的 BMS 供應商之一，甚至可能是唯一一家實際上擁有與電池單元的外形或化學成分無關的 BMS 設計的供應商。

Now this is something that needs to be understood carefully because most BMS systems are designed to work with a specific cell chemistry and we took a platform approach.

現在，這是需要仔細理解的事情，因為大多數 BMS 系統都是設計用於特定的細胞化學，而我們採用了平台方法。

This is part of what we do here for all of the product lines and that platform approach meant that we had to design our BMS to be able to work with different form factors, different chemistries of the cell and, therefore, it requires no change on our part to support this transition or eventually, for example, they were to -- they were to go with, say, solid state batteries, it would still allow them to go through that transition without needing a change with the BMS.

這是我們在這裡為所有產品線所做的工作的一部分，平台方法意味著我們必須設計我們的 BMS，使其能夠與不同的外形尺寸、不同的電池化學物質一起工作，因此，它不需要改變我們的部分是支持這一轉變，或者最終，例如，他們將使用固態電池，這仍然允許他們經歷這一轉變，而無需對BMS 進行更改。

So that's a unique and a key differentiator that we offer to our customers.

因此，這是我們為客戶提供的獨特且關鍵的差異化優勢。

Thank you.

謝謝。

Thank you.

謝謝。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Hi, guys.

嗨，大家好。

This is (inaudible) filling in for Colin.

這是（聽不清楚）填補柯林的空缺。

My first question just on the restructuring.

我的第一個問題是關於重組的。

You guys have been one of the cleanest suppliers on restructuring really this decade.

你們確實是近十年來重組最乾淨的供應商之一。

I just wanted to see if you can give a little bit more color on the actions you took and maybe if you can quantify the savings you expect to see?

我只是想看看您是否可以對您所採取的行動提供更多的信息，也許您是否可以量化您期望看到的節省？

Yes, good morning.

是的，早安。

I'll take that question.

我來回答這個問題。

Maybe stepping back on our footprint, we've -- as I mentioned earlier on, we've got a pretty good footprint, but we're always looking for further improvements.

也許回顧一下我們的足跡，正如我之前提到的，我們已經取得了相當不錯的足跡，但我們一直在尋求進一步的改進。

We also want to ensure, especially with the acceleration of the technology changes that we are rebalancing our resources, in order to meet the need of the businesses.

我們也希望確保，特別是隨著技術變革的加速，我們正在重新平衡我們的資源，以滿足企業的需求。

So the restructuring plan that we've put together in September is essentially achieving that.

因此，我們在 9 月制定的重組計劃基本上正在實現這一目標。

It's as much a cost improvement that it is a rebalancing of resources.

這既是成本的改善，也是資源的重新平衡。

And for example, in Asia, we've mentioned earlier on some level of restructuring in China.

例如，在亞洲，我們之前提到中國的某種程度的重組。

We are then reinvesting some dollars in other area like rest of Asia as we want to grow two wheelers or some very specific customers in Japan.

然後，我們將一些美元再投資到亞洲其他地區等其他地區，因為我們希望在日本發展兩輪車或一些非常特定的客戶。

So it's really as much a cost at play than it is a rebalancing of resources.

因此，這實際上是一種成本，而不是資源的重新平衡。

Great.

偉大的。

Thank you.

謝謝。

And my second question, you guys called out some potential strength in Q4 in North America.

我的第二個問題，你們指出了北美第四季的一些潛在優勢。

My question is the D3 of their inventory is rather elevated.

我的問題是他們的 D3 庫存相當高。

Do you guys have any downside risk to D3 production in Q4 factored into your guidance?

你們的指導中是否考慮了第四季度 D3 生產的任何下行風險？

Yes.

是的。

We do have a good visibility at this stage for the full rest of the quarter.

現階段我們確實對本季剩餘時間有良好的了解。

So I would say it is largely all factored in, short of something that is dramatically different that might happen in the next few weeks, which we do not foresee.

所以我想說，這很大程度上是考慮在內的，除了未來幾週內可能發生的、我們無法預見的顯著不同的事情。

So the answer -- the short answer is yes.

所以答案——簡短的答案是肯定的。

It is factored in.

它已被考慮在內。

Great.

偉大的。

And then just maybe one last one.

然後也許只是最後一件事。

On the share repurchases, I think you've done $20 million year-to-date versus $76 million last year at this point.

在股票回購方面，我認為今年迄今您已完成 2000 萬美元的回購，而去年此時為 7600 萬美元。

Do you expect to see a rather dramatic pickup in Q4?

您預計第四季會出現相當戲劇性的回升嗎？

So we've generated a pretty strong cash flow this year.

因此，我們今年產生了相當強勁的現金流。

And in the last 18 months, we've been very focused on share repurchases.

在過去 18 個月裡，我們一直非常關注股票回購。

We have this quarter focused on M&A.

本季我們的重點是併購。

What we want to achieve overall is a fairly balanced approach in our capital allocation.

整體而言，我們希望實現的是資本配置中相當平衡的方法。

We've -- out of our $12 million of share repurchase authorization that we got last year, we've purchased so far $126 million.

我們去年獲得了 1,200 萬美元的股票回購授權，到目前為止我們已經買了 1.26 億美元。

So we've got some room and we are very committed to continue to repurchase shares as we go forward.

因此，我們有一些空間，我們非常致力於在前進的過程中繼續回購股票。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody.

大家好。

Can you just provide any clarity on what Visteon is seeing within the competitive landscape for SmartCore?

您能否澄清偉世通在 SmartCore 競爭格局中的看法？

It seems there are more-and-more Tier 2 and 3 suppliers trying to vie for the cockpit domain controller as OEMs consolidate their vehicle architecture.

隨著整車廠整合車輛架構，越來越多的二三級供應商試圖爭奪座艙控制器。

How important is it for Visteon to win this hardware specific to the domain controller and just the -- a better understanding of the interplay of SmartCore and your digital instrument clusters business.

對於偉世通來說，贏得網域控制器專用的硬體以及更好地了解 SmartCore 和數位儀表叢集業務之間的相互作用是多麼重要。

Is there sort of a zero sum game emerging between the two?

兩者之間是否存在某種零和遊戲？

Thanks.

謝謝。

Yes.

是的。

So good question.

好問題。

And again, I'll go back to what I said earlier about how we see the market segmenting with respect to technology, right?

再次，我會回到我之前所說的關於我們如何看待技術方面的市場細分，對吧？

We tend to normally think of these as zero sum, but the reality is that the technologies start at the upper end of the market and then they migrate down to the mass market.

我們通常認為這些是零和遊戲，但現實是這些技術始於市場高端，然後向下遷移到大眾市場。

And it's not a very homogeneous environment out there in terms of where things stand today.

就目前的情況而言，這並不是一個非常同質的環境。

So what has happened is domain controllers make a lot of sense at the mid to the upper end of the market because it allows you to put more processing power and therefore drive more software defined features inside the vehicle, mostly in the cockpit, right?

因此，網域控制器在中高階市場非常有意義，因為它允許您投入更多處理能力，從而在車輛內部（主要是駕駛艙）驅動更多軟體定義的功能，對吧？

Now what has happened as we just talked about earlier is that AI is starting to impact that, which means that there's even further segmentation within the cockpit domain controllers where you would have a class of those systems that are AI capable versus your normal cockpit domain controller, which offers still much higher compute than a discrete digital cluster and a discrete infotainment.

現在，正如我們之前談到的那樣，人工智慧開始影響這一點，這意味著駕駛艙域控制器內存在進一步的細分，您將擁有一類具有人工智慧功能的系統，而不是普通的駕駛艙網域控制器，它提供的運算能力仍然比離散數位叢集和離散資訊娛樂系統高得多。

So if you think about this three step approach, we are seeing growth in all three segments of this product, as I just described.

因此，如果您考慮這個三步驟方法，我們將看到該產品的所有三個部分都在增長，正如我剛才所描述的。

So it's not at all a zero sum game.

所以這根本不是零和遊戲。

Number two, the complexity in terms of technology just grows exponentially because although we talk about it as just maybe hardware capabilities, it is attracting a ton of software at every stage of the step.

第二，技術的複雜性呈指數級增長，因為儘管我們將其視為硬體功能，但它在每個階段都吸引了大量的軟體。

And therefore, if you do not have the full portfolio of capabilities that are part of your platform already, integrating all these various technologies from third parties and making it all work is a nightmare.

因此，如果您還沒有平台中包含的完整功能組合，那麼整合第三方的所有這些不同技術並使其全部正常工作將是一場噩夢。

That's what has been really the reason why if you just think about all of these OEMs with all this immense investments that they've made in trying to bring that in house, it hasn't really worked is because they haven't built that platform.

這就是為什麼如果你想想所有這些 OEM 廠商為了將其引入內部而進行的巨大投資，你會發現它並沒有真正發揮作用，因為他們還沒有建造這個平台。

So I'm not going to comment on who are the emerging competitors and so on.

所以我不會評論誰是新興競爭對手等等。

All I'll say that is that we do not see a lot of new competitors emerge.

我想說的是，我們沒有看到很多新的競爭對手出現。

We still have the same set.

我們還有同樣的一套。

And given within that, it's getting increasingly challenging to be able to execute as a -- in a single supplier.

有鑑於此，能夠作為單一供應商執行任務變得越來越具有挑戰性。

So we do see, as we go forward, more of a collaboration between this -- the tier 1 supplier, the OEM and some technology partners that bring more and more of all of these other technologies that I mentioned, mostly software, and that's going to be the approach for the upper end of the market.

因此，隨著我們的前進，我們確實看到，一級供應商、原始設備製造商和一些技術合作夥伴之間的合作越來越多，這些合作夥伴帶來了越來越多的我提到的所有其他技術，主要是軟體，而且這正在發生。

For the mid and below, it's going to be more business as normal.

對於中層和中層以下的人來說，一切都會像平常一樣。

Yes, that's super helpful.

是的，這非常有幫助。

Appreciate that.

很欣賞這一點。

And just my follow-on, and apologies if I missed this, but can you provide -- shed any light on the German acquisition you made for roughly $50 million, which is half of I think the intended target of $100 million type of bolt-on pipeline.

這是我的後續內容，如果我錯過了這一點，我深表歉意，但是您能否提供一下您以大約5000 萬美元進行的德國收購，這只是我認為1 億美元類型螺栓的預期目標的一半-在管道上。

What the benefits are of that business?

該業務有什麼好處？

And in the absence of the other $50 million or so toward M&A, should we assume buybacks, returns?

在沒有另外 5000 萬美元左右用於併購的情況下，我們是否應該假設回購、回報？

Thanks.

謝謝。

Yes.

是的。

Let me address that first and then I'll also invite Jerome to talk about the buybacks in maybe a little more detail.

讓我先解決這個問題，然後我也會邀請傑羅姆更詳細地談論回購問題。

So the way we look at how and where we are at in the industry with the various technology trends impacting it, the last five years were years of digitalization and connected car.

因此，我們看待我們在行業中所處的位置以及各種技術趨勢對其的影響，過去五年是數位化和連網汽車的十年。

And the next five years, we believe, are going to be more driven by software defined and AI defined vehicles, as we just discussed.

正如我們剛才討論的那樣，我們相信，未來五年將更多地由軟體定義和人工智慧定義的車輛驅動。

Right now, our strategy is to make sure that we are in a position to lead through technology and offer all of the key capabilities required to build these platforms.

目前，我們的策略是確保我們能夠引領技術並提供建構這些平台所需的所有關鍵功能。

As I mentioned, if you do not have those capabilities, you cannot hope to catch up and this trend is accelerating.

正如我所提到的，如果你沒有這些能力，你就不可能趕上，而且這種趨勢正在加速。

It's not even a stable or let alone slowing down.

它甚至不是穩定的，更不用說放緩了。

So we have been continuously looking at the make versus buy decision on various technologies.

因此，我們一直在不斷研究各種技術的自製與購買決策。

And we do a lot of make ourselves, okay, and that's going to continue.

我們做了很多自己的事情，好吧，這將繼續下去。

For example, we just launched our vision based -- surround vision based technology for integrating multiple cameras in the CDC.

例如，我們剛剛推出了基於視覺的環繞視覺技術，用於在 CDC 中整合多個攝影機。

We are one of the very few that can do that today at even the entry price point of the market.

我們是當今極少數能夠以市場入門價格做到這一點的公司之一。

Now that was done in-house.

現在這是在內部完成的。

Now at the same time, we are looking at opportunities where we can acquire specific capabilities and strengthen our technology offerings.

同時，我們正在尋找可以獲得特定能力並加強我們的技術產品的機會。

And this company that we bought, it's a small technology company based in Germany that focuses on connectivity and e-mobility technology.

我們收購的這家公司是一家位於德國的小型科技公司，專注於連接和電動車技術。

And today, they are engaged with German OEMs supporting their technology development needs.

如今，他們與德國原始設備製造商合作，以支持他們的技術開發需求。

They have deep expertise in that area.

他們在該領域擁有深厚的專業知識。

And it helps us, as I said, strengthen our capabilities and maybe plug a few holes that we may have.

正如我所說，它可以幫助我們增強我們的能力，並可能彌補我們可能存在的一些漏洞。

On top of that, it enables us to engage in services engagements with OEMs because they're also trying to figure out what are they going to do in those areas beyond what they currently have defined for the next generation cockpit.

最重要的是，它使我們能夠與原始設備製造商進行服務合作，因為他們還試圖弄清楚他們將在這些領域做什麼，超出他們目前為下一代駕駛艙定義的範圍。

So what we are starting to define or refer to as outsourced R&D services that we think is a very exciting area of potential growth opportunity for Visteon.

因此，我們開始定義或稱為外包研發服務，我們認為這對偉世通來說是一個非常令人興奮的潛在成長機會領域。

Maybe, Sachin, just to comment on the share repurchases versus M&A, we want to keep it very balanced overall and we'll continue to look at acquisitions.

也許，薩欽，只是為了評論股票回購與併購，我們希望整體保持非常平衡，我們將繼續考慮收購。

But in the short term with the cash that we've generated, we should be able to do both, continue to look at acquisitions while doing some share repurchases.

但在短期內，利用我們產生的現金，我們應該能夠做到這兩點，繼續考慮收購，同時進行一些股票回購。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Want to see if we can take another one.

想看看我們是否可以再拿一張。

(Operator Instructions)

（操作員說明）

Shreyas Patil, Wolfe Research.

施雷亞斯·帕蒂爾，沃爾夫研究中心。

Hi, thanks so much for taking my question.

你好，非常感謝你回答我的問題。

I just wanted to follow up on the commentary around displays.

我只是想跟進有關顯示器的評論。

You mentioned that in the next couple of years, you could see that grow to about the same size as your clusters business, which would be quite a significant amount of growth.

您提到，在接下來的幾年中，您可能會看到其成長到與您的叢集業務大致相同的規模，這將是相當可觀的成長量。

And just thinking about how can you -- how to frame your current market position in displays, any color on the kind of margin profile that you have in this business?

想想你如何——如何確定你目前在顯示器領域的市場地位，你在這個行業的利潤狀況有什麼顏色？

Is it relatively in line with the corporate average, so more like 14%, 15% gross margin?

是不是比較符合企業平均水平，大概是14%、15%的毛利率？

Yes, I would answer that first.

是的，我會先回答這個問題。

Absolutely.

絕對地。

I think the margins there look very good.

我認為那裡的利潤看起來非常好。

And the way I would look at our displays different from maybe some other products is that it has lower software content, but it has a lot of the other value adds that we do that is driving margins.

我認為我們的顯示器與其他產品的不同之處在於，它的軟體含量較低，但它有許多其他增值功能，我們所做的這些增值功能可以提高利潤率。

What we're seeing, Shreyas, is that the value of displays that we are doing, especially for the premium and upper end of the market is significantly higher than, let's say, the ASP of a digital cluster and that's really what's going to drive a pretty rapid growth in our displays revenue.

Shreyas，我們所看到的是，我們正在做的顯示器的價值，特別是對於高端市場和高端市場來說，明顯高於數位集群的平均售價，這才是真正的推動因素我們的顯示器收入增長相當快。

It depends to a certain extent on our how successful some of our customers are with their electric vehicle launch and production, which, as I've said before, we do believe that we are entering into this our timeframe where, say, '26, '27 the state and federal mandates here in the U.S. and also in Europe with the emissions are -- the step up that is being required is going to drive more sales of those vehicles and that's going to also pull this content more.

這在一定程度上取決於我們的一些客戶在電動車推出和生產方面的成功程度，正如我之前所說，我們確實相信我們正在進入這個時間表，比如說“26” 27 美國和歐洲的州和聯邦對排放的要求是——所要求的加強將推動這些車輛的銷售增加，這也將進一步拉動這些內容。

So we have a fairly high number of new product launches around displays.

因此，我們圍繞著顯示器推出了相當多的新產品。

The value is higher and we are pretty -- feeling pretty good about the growth profile there.

價值更高，我們對那裡的成長狀況感覺非常好。

Okay, great.

好的，太好了。

And then wanted to just touch a little bit on the topic that came up earlier around the competitive landscape, broadly maybe focusing on China, in particular, we do see a several cockpit electronics players in that market.

然後想簡單談談之前圍繞競爭格局提出的話題，大致上可能集中在中國，特別是，我們確實在該市場看到了幾家駕駛艙電子產品製造商。

In areas like displays, clusters, cockpit domain controllers, they seem to be pricing their products quite competitively while still generating decent gross margins and growing volume.

在顯示器、集群、駕駛艙域控制器等領域，他們的產品定價似乎相當有競爭力，同時仍然產生了可觀的毛利率和不斷增長的銷售。

I'm curious what you're seeing from a competitive landscape in China.

我很好奇你對中國的競爭格局有何看法。

And do you see risks or are you seeing any expansion of those players into markets outside of China?

您是否看到了風險，或者您是否看到這些參與者向中國以外的市場擴張？

Yes.

是的。

So let's talk first about what's happening in China, right.

那我們先來說說中國發生的事情吧。

And I mentioned that we have been pretty, I would say, disciplined about how we go about the opportunities there.

我提到過，我想說的是，我們對於如何抓住那裡的機會非常有紀律。

Because of the pace of change of technology adoption being very rapid, what we see is that, very often, those OEMs are replacing those electronics faster than what would be good for returns on that business.

由於技術採用的變化速度非常快，我們經常看到，這些原始設備製造商更換這些電子產品的速度超過了該業務回報的速度。

So we do not really see -- even if the margins may look good, on paper that the frequent changes are not driving profitability with most of the suppliers.

因此，我們並沒有真正看到——即使利潤率看起來不錯，從紙面上看，頻繁的變化並沒有提高大多數供應商的獲利能力。

If you look at many of the suppliers there, most of them are not profitable.

如果你看看那裡的許多供應商，你會發現大多數都沒有獲利。

Or not sufficiently profitable.

或者利潤不夠。

So that's the issue there.

這就是問題所在。

And now at the same time, if you look at the cost structure of these, we feel we are competitive with anybody.

現在，如果你看看這些的成本結構，我們覺得我們與任何人都有競爭力。

We have never seen that we somehow are at a disadvantage when it comes to cost.

我們從未發現我們在成本方面處於劣勢。

Now pricing is a different matter, but from a cost viewpoint, we are extremely competitive.

現在定價是另一回事，但從成本角度來看，我們極具競爭力。

So that's the other point.

這就是另一點。

Now as far as those suppliers coming to outside of China, we will naturally see some suppliers come as the China OEMs also start to export more.

現在，就那些進入中國境外的供應商而言，我們自然會看到一些供應商到來，因為中國整車廠也開始增加出口。

As you know, 20% of the vehicles produced in China are exported.

眾所周知，中國生產的汽車有20%用於出口。

But we have a very good footprint already.

但我們已經有了很好的足跡。

In fact, that's one of our value propositions to Chinese domestic OEMs is to be a partner to them for their business outside of China.

事實上，我們對中國國內原始設備製造商的價值主張之一就是成為他們在中國境外業務的合作夥伴。

And we do not see that there would be any different in terms of being a competitor to the ones that we have today outside of China.

我們認為，作為競爭對手，與我們今天在中國以外的競爭對手相比，不會有任何不同。

And at the end of the day, we have to be able to live on our own competitive capabilities, which we feel good about.

歸根究底，我們必須能夠依靠自己的競爭力生存，我們對此感到滿意。

This concludes our earnings call for the third quarter of 2024.

我們的 2024 年第三季財報電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。