Visteon Corp (VC) 2024 Q4 法說會逐字稿

Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to our earnings call for the fourth quarter and full year 2024. (Event Instructions) Before we begin this morning's call, I'd like to remind you this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

早安.我是 Ryan Wentling，投資人關係副總裁兼財務長。歡迎參加我們 2024 年第四季和全年財報電話會議。（活動說明）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》所定義的前瞻性陳述。

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. Please refer to the page entitled Forward-Looking Information for additional details. Presentation materials for today's call were posted on the Investors section of Visteon's website this morning. Please visit investors.visteon.com to download the material if you have not already done so.

前瞻性陳述並非對未來結果和條件的保證，而是受各種因素、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有重大差異。請參閱標題為「前瞻性資訊」的頁面以了解更多詳細資訊。今天電話會議的簡報資料已於今天上午發佈在偉世通網站的「投資者」部分。如果您尚未下載資料，請造訪 investors.visteon.com 下載。

Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We have scheduled the call for one hour, and we'll open the lines for your questions after Sachin's and Jerome's remarks. Please limit your questions to one question and one follow-up. Thank you for joining us. Now I will turn the call over to Sachin.

今天與我們一起出席的有總裁兼執行長 Sachin Lawande 和高級副總裁兼財務長 Jerome Rouquet。我們的通話時間定為一小時，在 Sachin 和 Jerome 發言後，我們將開放式熱線回答您的問題。請將您的問題限制為一個問題和一個後續問題。感謝您加入我們。現在我將把電話轉給 Sachin。

Thank you, Ryan, and good morning, everyone. Thank you for joining our fourth quarter and full year 2024 earnings call. Visteon delivered a strong performance in 2024 with robust sales of $3.87 billion, record adjusted EBITDA of $474 million and record adjusted free cash flow of $300 million, all of which are outstanding numbers for our company.

謝謝你，瑞安，大家早安。感謝您參加我們的 2024 年第四季和全年財報電話會議。偉世通在 2024 年表現強勁，銷售額達到 38.7 億美元，調整後 EBITDA 達到創紀錄的 4.74 億美元，調整後自由現金流達到創紀錄的 3 億美元，這些對於我們公司來說都是非常出色的數字。

Our product portfolio is well aligned with key industry trends of digitalization, software-defined vehicle and electrification. Demand for Visteon products that enable these trends such as SmartCore, large displays, Digital clusters and BMS were strong and resulted in our sales outperforming underlying customer vehicle production by 4 percentage points.

我們的產品組合與數位化、軟體定義汽車和電氣化等關鍵產業趨勢保持一致。市場對支持這些趨勢的偉世通產品（如 SmartCore、大型顯示器、數位集群和 BMS）的需求強勁，導致我們的銷售額比基礎客戶汽車產量高出 4 個百分點。

In the Americas, Visteon outperformed the market by double digits, driven by ramp-up of digital cluster and electrification products. In Europe, Visteon outperformed the market by mid-single digits with the launch of digital clusters and large displays in mass market passenger vehicles as well as on heavy commercial vehicles.

在美洲，偉世通的表現超越市場兩位數，這得益於數位儀錶板和電氣化產品的成長。在歐洲，偉世通在大眾乘用車和重型商用車上推出數位儀錶板和大型顯示屏，表現優於市場中個位數成長。

In Asia, Robust demand for large displays and SmartCore drove mid-single-digit market outperformance in Japan and India. And while market headwinds faced by our customers in China muted our performance, Visteon delivered 9% growth over market outside of China. We secured $6.1 billion of new business wins in 2024 with strong demand for our large displays, SmartCore and digital cluster products.

在亞洲，對大顯示器和 SmartCore 的強勁需求推動日本和印度的市場表現達到中等個位數。儘管中國客戶面臨的市場逆風抑制了我們的業績，但偉世通在中國以外市場實現了 9% 的成長。由於我們的大顯示器、SmartCore 和數位叢集產品需求強勁，我們在 2024 年獲得了 61 億美元的新業務成功。

We achieved important milestones in new product introduction with first wins for our high-performance SmartCore an onboard charger and DC to DC converter, which further expands our product portfolio into fast-growing parts of the market, while our customers had lower than average court activity in 2024, I'm pleased that the breadth and strength of our product portfolio enabled us to exceed our new business win target for the full year.

我們在新產品推出方面取得了重要的里程碑，我們的高性能 SmartCore 車載充電器和 DC-DC 轉換器首次獲得成功，這進一步擴展了我們的產品組合，進入了快速增長的市場領域，儘管我們的客戶在 2024 年的法院活動低於平均水平，但我很高興我們產品組合的廣度和強度使我們能夠超額完成新業務勝利目標。

Adjusted EBITDA was a record $474 million, driven by strong operational execution and our continued focus on cost control. Adjusted EBITDA margin was a record 12.3% for the year, a 130 basis points improvement compared to last year. Adjusted free cash flow was also a record at $300 million for the year. We delivered on our commitment to balanced capital allocation with more than $100 million deployed to M&A and share repurchases.

調整後的 EBITDA 達到創紀錄的 4.74 億美元，這得益於強大的營運執行力和我們對成本控制的持續關注。全年調整後 EBITDA 利潤率創歷史新高，達到 12.3%，較去年同期提高 130 個基點。調整後的自由現金流也創下了年度 3 億美元的紀錄。我們履行了平衡資本配置的承諾，向併購和股票回購投入了超過 1 億美元。

Overall, our 2024 performance is proof of the strength of our product portfolio, a continued focus on operational excellence, in our best-in-class cost structure. Turning to Page three. Key industry trends of digitalization software-defined vehicle and electrification continue to drive increased digital content in the vehicle.

總體而言，我們 2024 年的業績證明了我們產品組合的實力、對卓越營運的持續關注以及我們一流的成本結構。翻到第三頁。數位化、軟體定義汽車和電氣化等關鍵行業趨勢繼續推動車輛數位內容的增加。

Visteon's product portfolio is aligned with these trends, which was also reflected in our new product launches in 2024. Software-driven features and functions are growing rapidly in the mid and upper part of the market, which is driving demand for our industry-leading SmartCore and large display products. Nearly 30% of our 2024 launches were for these products, which are a key driver of our market outperformance.

偉世通的產品組合與這些趨勢一致，這也反映在我們 2024 年推出的新產品中。軟體驅動的特性和功能在中高階市場中快速成長，這推動了對我們領先業界的 SmartCore 和大顯示器產品的需求。在我們 2024 年推出的產品中，近 30% 是這些產品，它們是我們市場表現優異的關鍵驅動力。

The trends of digitalization and connected car are now impacting mass market vehicles. Digital clusters and Android-based infotainment systems are becoming mandatory features of affordable vehicles in all regions of the world. we're also seeing commercial vehicles and two-wheeler OEMs start to offer digital cockpit systems. About 40% of our launches in the year were for products targeting this section of the market.

數位化和連網汽車的趨勢正在影響大眾市場汽車。數位集群和基於 Android 的資訊娛樂系統正在成為世界各地經濟型汽車的必備功能。我們還看到商用車和兩輪車 OEM 開始提供數位駕駛艙系統。我們今年推出的產品中約有 40% 是針對這一市場的產品。

As shown on this page, in the fourth quarter, we launched digital clusters on the popular Citroen C4 and on the scooter for TVS and Asian two-wheeler OEM. Our wireless BMS offers OEMs the flexibility to offer a range of electric vehicles with different battery configurations without reengineering the system, which reduces time to market and cost.

如本頁所示，在第四季度，我們在熱門雪鐵龍 C4 以及 TVS 和亞洲兩輪車 OEM 的踏板車上推出了數位集群。我們的無線 BMS 為 OEM 提供了靈活性，使其能夠提供一系列具有不同電池配置的電動車，而無需重新設計系統，從而縮短了上市時間和成本。

In Q4, we launched our wireless BMS system on the Jeep Recon, our second launch with Stellantis. We launched a total of 95 new products in 2024 with 21 different OEMs globally and on ICE, hybrid and fully electric vehicles. This is a testament to the strong execution capability of the Visteon team and to the powertrain agnostic nature of the business.

第四季度，我們在 Jeep Recon 上推出了無線 BMS 系統，這是我們第二次與 Stellantis 合作推出該系統。2024 年，我們與全球 21 家不同的 OEM 廠商合作，在內燃機、混合動力和純電動車上共推出了 95 款新產品。這證明了偉世通團隊強大的執行能力以及業務與動力系統無關的性質。

Turning to Page four. We delivered $6.1 billion of new business wins in 2024, making it our third straight year at or above the $6 billion level. We made significant progress on our strategic initiatives to diversify our customer base and expand into adjacent end markets. The breadth of our product portfolio and success in new customer acquisitions enabled us to win a high level of new business despite lower than usual customer quoting activity.

翻到第四頁。2024 年，我們贏得了 61 億美元的新業務，這是我們連續第三年達到或超過 60 億美元的水平。我們在多元化客戶群和拓展鄰近終端市場的策略性舉措上取得了重大進展。儘管客戶報價活動低於平常，但我們廣泛的產品組合和成功獲得新客戶使我們贏得了大量新業務。

OEMs from Japan, Korea and India accounted for about 40% of the total wins with Toyota emerging as the top customer for bookings for Visteon in 2024. We also won our first cockpit business with Maruti Suzuki, the market share leader in India, with significant runway for further expansion. Customer interest for large displays was strong across all regions, and we won substantial displaced business with multiple OEMs, including Lexis, Mahindra, Stellantis, Volvo and Audi.

來自日本、韓國和印度的原始設備製造商佔據了總訂單量的 40% 左右，其中豐田成為 2024 年偉世通預訂量的最大客戶。我們還與印度市場份額領導者瑪魯蒂鈴木贏得了首個駕駛艙業務，為進一步擴張提供了巨大的空間。所有地區的客戶對大型顯示器的興趣都很濃厚，我們贏得了多家原始設備製造商的大量替代業務，包括 Lexis、Mahindra、Stellantis、Volvo 和 Audi。

Our display design and manufacturing capabilities are a competitive advantage for the company, and most of these are conquest wins for Visteon. In China, we expanded our base of domestic OEM customers by winning a SmartCore program with FAW and a large display program with Dongfeng. Both these wins are for new affordable electric vehicles that are expected to launch at the beginning of 2026.

我們的顯示器設計和製造能力是公司的競爭優勢，其中大部分是偉世通的勝利。在中國，我們贏得了一汽的SmartCore專案和東風的大型顯示器項目，擴大了國內OEM客戶群。這兩項獲獎均屬於預計 2026 年初推出的新型經濟型電動車。

In the fourth quarter, we won our first high-performance SmartCore program with Zeekr the premium EV brand of Chile, a leading domestic OEM in China. SmartCore HPC is designed to run large language models for AI in the cockpit, which requires significantly higher processing power than the usual cockpit domain controllers. This system will launch in mid 2026 in China and will be offered in the higher trims of Zeekr vehicle models.

第四季度，我們與智利高端電動車品牌 Zeekr 贏得了首個高性能 SmartCore 項目，Zeekr 是中國國內領先的 OEM 廠商。SmartCore HPC 旨在運行駕駛艙內 AI 的大型語言模型，這需要比通常的駕駛艙域控制器高得多的處理能力。該系統將於 2026 年中期在中國推出，並將搭載於 Zeekr 車型的高階配置中。

While China is leading the industry in bringing AI into cockpit, we expect OEMs globally to follow quickly and bring the exciting potential of LLM to their customers. Lastly, we won our first business for onboard charger and DC-DC converter with Merced Dispense. These power electronics components offer best-in-class power conversion efficiency in a small package, which is critical for improving battery range and reducing charging time for electric vehicles.

雖然中國在將人工智慧引入駕駛艙方面處於行業領先地位，但我們預計全球原始設備製造商將迅速跟進，並將 LLM 的巨大潛力帶給他們的客戶。最後，我們與 Merced Dispense 贏得了第一筆車載充電器和 DC-DC 轉換器業務。這些電力電子元件在小型封裝中提供一流的功率轉換效率，這對於提高電池續航里程和縮短電動車的充電時間至關重要。

Overall, 2024 was a very successful year for Visteon in terms of new business bookings. These wins highlight the breadth of our technology portfolio and our ability to stay in sync with emerging technology trends and launch new products. Moving to Page five. Before turning to our forward-looking outlook, I wanted to take a moment to reflect on the highly successful year we had and the significant progress we made on our strategic initiatives.

整體而言，就新業務訂單而言，2024 年對偉世通來說是非常成功的一年。這些勝利凸顯了我們技術組合的廣度以及我們與新興技術趨勢保持同步並推出新產品的能力。翻到第五頁。在談到我們的未來展望之前，我想花點時間回顧我們取得的巨大成功的一年以及我們在策略性舉措上取得的重大進展。

Our strategy is focused on addressing fast-growing automotive technology domains with products that are aligned with the key industry trends, coupled with a best-in-class cost structure. We added new customers and expanded our business with leading OEMs in Asia, particularly in Japan and India, which was a key priority for the company. We achieved significant bookings for our digital products that support key industry trends such as large displays and cockpit domain controllers, laying a solid foundation for our continued growth.

我們的策略重點是透過符合關鍵產業趨勢的產品以及一流的成本結構來應對快速成長的汽車技術領域。我們增加了新客戶，並擴大了與亞洲（尤其是日本和印度）領先 OEM 的業務往來，這是公司的首要任務。我們的大顯示器、座艙域控制器等支援關鍵行業趨勢的數位產品獲得了大量訂單，為我們的持續成長奠定了堅實的基礎。

We are also constantly innovating and enhancing our product portfolio. We displayed our onboard charger and DC-DC converter for the first time at CES in 2022 and delivered our first win for these products within two years in 2024. Expertise in emerging technologies is critical for continued success. We strengthened our technology capabilities through bolt-on acquisitions that complement our in-house R&D and bring critical expertise in-house.

我們也在不斷創新和增強我們的產品組合。我們於2022年在CES上首次展示了車載充電器和DC-DC轉換器，並於2024年在兩年內首次贏得了這些產品的勝利。新興技術的專業知識對於持續的成功至關重要。我們透過補充收購來增強我們的技術能力，以補充我們的內部研發並將關鍵的專業知識帶入內部。

AI and large language models will drive the next cycle of innovation and content growth in the cockpit and require new hardware and software solutions. We introduced a high-performance version of SmartCore, called SmartCore HPC, that can run AI models in the car and secured our first win with Zeekr as discussed on the previous page. And at CES, earlier this year, we introduced an industry-first software solution for AI-based user interface called Cognito AI that enables carmakers to implement smart assistant features in their cockpits.

人工智慧和大型語言模型將推動駕駛艙的下一輪創新和內容成長，並需要新的硬體和軟體解決方案。我們推出了 SmartCore 的高性能版本，稱為 SmartCore HPC，它可以在汽車中運行 AI 模型，並如上一頁所述與 Zeekr 合作取得了首次勝利。今年早些時候，在 CES 上，我們推出了業界首個基於人工智慧使用者介面的軟體解決方案 Cognito AI，它使汽車製造商能夠在駕駛艙中實現智慧助理功能。

Our technology platforms are a key competitive advantage for Visteon, and we are continuously enhancing these platforms and integrating more functionality in them. We integrated new software technologies, such as surround view and software-defined radio that eliminates the need for third-party solutions, reducing the total system cost to carmakers.

我們的技術平台是偉世通的關鍵競爭優勢，我們正在不斷增強這些平台並在其中整合更多功能。我們整合了新的軟體技術，例如環視視圖和軟體定義無線電，從而無需第三方解決方案，從而降低了汽車製造商的總系統成本。

We're also driving vertical integration of hardware, bringing Tier 2 content in-house to drive innovation and increase our competitiveness while removing layers from the supply chain. In 2024, we started manufacturing of automotive cameras in-house as well as designing backlight unit for displays and injection molding of various metal and plastic components used in our products.

我們也正在推動硬體的垂直整合，將二級內容引入內部，以推動創新並提高競爭力，同時消除供應鏈層級。2024年，我們開始內部生產車載攝影機，並設計顯示器的背光單元以及注塑我們產品中使用的各種金屬和塑膠零件。

Our cost structure is already very competitive with most of our manufacturing and engineering footprint located in best cost regions. However, we continue to look for opportunities to further align our footprint to the evolving market dynamics.

我們的成本結構已經非常具有競爭力，我們的大部分製造和工程業務都位於最佳成本地區。然而，我們仍在繼續尋找機會，使我們的足跡進一步適應不斷變化的市場動態。

In 2024, we increased our resources to support growth in Japan and India, while reducing our footprint in China to reflect the changes to the market in that region. And the software is core to Visteon, we have established a training and development program to build a pipeline of talent to meet our growing needs for software developers that are specialized in key automotive technologies. This is truly a competitive advantage as it's very challenging to find such expertise in the market.

2024年，我們增加了資源以支持日本和印度的成長，同時減少在中國的業務，以反映該地區市場的變化。軟體是偉世通的核心，我們建立了培訓和發展計劃，以建立人才管道，滿足我們對專門從事關鍵汽車技術的軟體開發人員日益增長的需求。這確實是一個競爭優勢，因為在市場上找到這樣的專業知識非常具有挑戰性。

We remain committed to a balanced capital allocation approach. We are laying the foundation for future growth with the organic growth initiatives I mentioned earlier, while layering in M&A to expand our product and technology offerings. We deployed $55 million to M&A in 2024 and have a pipeline of additional tuck-in acquisitions. We also returned capital to shareholders with $63 million of share repurchases in the year.

我們仍然致力於平衡的資本配置方法。我們正在透過我之前提到的有機成長措施為未來的成長奠定基礎，同時透過併購來擴大我們的產品和技術供應。我們在 2024 年投入了 5500 萬美元用於併購，還有一系列額外的補充收購。我們還在今年回購了 6,300 萬美元的股票，向股東返還資本。

Overall, 2024 was an impressive year for Visteon as we expanded our product and customer base, delivered strong financial results and set ourselves up for future growth with strong bookings. Turning to Page six. On this page, I would like to share our sales outlook for 2025 and through 2027. For 2025, our customer vehicle production forecasts are based on S&P Global's January forecast and include company estimates where our production expectations differ from S&P.

總體而言，2024 年對於偉世通來說是令人印象深刻的一年，因為我們擴大了產品和客戶群，取得了強勁的財務業績，並透過強勁的訂單為未來的成長奠定了基礎。翻到第六頁。在此頁面上，我想分享我們對 2025 年和 2027 年的銷售展望。對於 2025 年，我們對客戶汽車產量的預測是基於標準普爾全球 1 月的預測，並包括我們的產量預期與標準普爾不同的公司估計。

Global light vehicle production is expected to decline slightly with a mid-single-digit decline in Visteon's customers' vehicle production. Several of our largest customers, including Ford and GM, are expected to adjust production to work down elevated vehicle inventories. Our growth over market is expected to be mid- to high single digit in 2025 with another year of outgrowth in every region outside of China.

預計全球輕型汽車產量將略有下降，偉世通客戶的汽車產量將出現中等個位數的下降。預計我們的幾家最大客戶（包括福特和通用）將調整生產以降低汽車庫存。預計到 2025 年，我們的市場成長率將達到中高個位數，中國以外的所有地區都將再成長一年。

Our strong performance is driven by new product launches with several customers, including Ford, Renault, Stellantis and Toyota as well as commercial vehicle and two-wheeler OEMs. Despite a strong performance in 2024, we expect electric vehicle sales in the US to stay flat in 2025 due to tariffs and incentive uncertainty. We are forecasting our BMS sales to be slightly lower in 2025, accounting for the elevated levels of electric vehicle inventory in the market.

我們強勁的業績得益於與多家客戶推出的新產品，包括福特、雷諾、Stellantis 和豐田以及商用車和兩輪車原始設備製造商。儘管 2024 年表現強勁，但由於關稅和激勵措施的不確定性，我們預計 2025 年美國電動車銷售將保持穩定。我們預測 2025 年我們的 BMS 銷量將略有下降，這是由於市場上電動車庫存水平較高。

In China, where we have experienced sales headwinds in 2024 from the loss of market share by global OEMs. We expect our sales drop to moderate in 2025 and represent the low point for our sales in that market before recovering in 2026.

在中國，由於全球原始設備製造商市場份額的下降，我們在 2024 年遭遇了銷售阻力。我們預計，2025 年我們的銷售額下降幅度將會減緩，並代表我們在該市場的銷售額的最低點，然後在 2026 年恢復。

Overall, we are guiding to sales of $3.75 billion at the midpoint for 2025. This represents a flat base sales year-over-year despite the headwinds from lower customer vehicle production and recoveries as well as FX. This is a very solid performance as a strong product portfolio and business win momentum offset the near-term market headwinds. Now turning to our outlook for 2026 and 2027. We're assuming that light vehicle production increases in line with S&P Global forecasts for both years with customer mix improving from 2025.

總體而言，我們預計 2025 年的中期銷售額將達到 37.5 億美元。儘管面臨客戶汽車產量下降、經濟復甦以及外匯等不利因素，但銷售量較去年同期基本持平。這是一個非常穩健的表現，因為強大的產品組合和業務勝利勢頭抵消了近期的市場逆風。現在來展望一下 2026 年和 2027 年。我們假設輕型汽車產量將按照標準普爾全球對這兩年的預測成長，且客戶結構將從 2025 年開始改善。

Growth over market is expected to be in mid- to high single digit in 2026 and 2027. We have some large SmartCore and display programs that we're launching with customers in Asia and Europe, that will drive our market outperformance in those regions. In China, in particular, we have several new launches with domestic Chinese OEMs as well as German and Japanese OEMs that are expected to do relatively better and hold their market share in that region.

預計 2026 年和 2027 年市場成長率將達到中高個位數。我們正與亞洲和歐洲的客戶合作推出一些大型 SmartCore 和顯示項目，這將推動我們在這些地區的市場表現優異。特別是在中國，我們與中國本土的原始設備製造商以及德國和日本的原始設備製造商合作推出了幾款新產品，預計這些公司的表現會相對較好，並在該地區保持市場份額。

Our BMS sales are expected to grow modestly in line with electric vehicle sales growth at GM and Stellantis and helped by the launch of BMS with a third customer based in Europe. Overall, we are targeting $4.15 billion in sales in 2027, which is a mid-single-digit sales growth CAGR relative to our 2025 sales guidance. This represents an attractive multiyear growth profile as our strategic initiatives continue to gain traction.

我們的 BMS 銷量預計將隨著通用汽車和 Stellantis 的電動車銷量增長而溫和增長，並且得益於與歐洲第三家客戶推出 BMS。總體而言，我們的目標是到 2027 年實現 41.5 億美元的銷售額，相對於我們 2025 年的銷售指導，這是一個中等個位數的複合年增長率。隨著我們的策略舉措繼續獲得支持，這代表著具有吸引力的未來多年成長前景。

Now I will turn the presentation over to Jerome.

現在我將演講交給傑羅姆。

Thank you, Sachin, and good morning, everyone. I want to start by taking a step back and looking at our financial performance over the past five years. For perspective, I would like to compare our current results to what we delivered in 2019, the last year before the COVID crisis.

謝謝你，Sachin，大家早安。首先我想回顧一下我們過去五年的財務表現。為了便於理解，我想將我們目前的業績與 2019 年（即新冠疫情危機前的最後一年）的業績進行比較。

During this time, the industry has faced several challenges with significant supply chain disruptions and inflation, and yet we have grown revenue, improved margin and generated impressive free cash flow. Over the last five years, sales increased almost $1 billion compared to 2019, including recoveries.

在此期間，該行業面臨嚴重的供應鏈中斷和通貨膨脹等挑戰，但我們的收入增加了，利潤率提高了，並產生了令人印象深刻的自由現金流。過去五年，包括復甦在內，銷售額與 2019 年相比增加了近 10 億美元。

Our leading market position in digital clusters and cockpit domain controllers drove strong growth in the first half of the period, while innovations in displays and electrification generated growth later in the period. We grew despite a substantial sales headwind from the changes in the China market since 2022. We doubled EBITDA over the same five year period. EBITDA margin reached a record of more than 12% in 2024, an improvement of 440 basis points compared to 2019.

我們在數位集群和座艙控制器領域的領先市場地位推動了上半年的強勁成長，而顯示器和電氣化方面的創新則在後期帶來了成長。儘管自 2022 年以來中國市場的變化為銷售帶來了巨大阻力，但我們仍實現了成長。在同一五年期間，我們的 EBITDA 翻了一番。2024 年 EBITDA 利潤率達到創紀錄的 12% 以上，較 2019 年提高 440 個基點。

Our ability to grow revenue and significantly improve margins at the same time is a testament to our strong product portfolio and operational efficiency. Improvements in margins have been the result of scale from additional sales, our laser-focused cost approach and our drive for best cost footprint as well as an engineering platform approach, which allowed us to optimize cost while continuing to invest in the business.

我們能夠同時增加收入並大幅提高利潤率，證明了我們強大的產品組合和營運效率。利潤率的提高是由於額外銷售帶來的規模效應、我們以雷射為重點的成本方法、我們對最佳成本足跡的追求以及工程平台方法，這使我們能夠在繼續投資業務的同時優化成本。

Our EBITDA to cash conversion was 38% on average over the five year period. This is the direct result of our increased profitability, our success in managing working capital as well as turning Visteon into an efficient business with light capital requirements, all supported by a strong balance sheet.

五年期間，我們的 EBITDA 現金轉換率平均為 38%。這是我們獲利能力提高、營運資本管理成功以及將偉世通轉變為一家高效、資本需求較低的企業的直接結果，所有這些都得益於強勁的資產負債表。

Overall, Visteon has delivered impressive improvements in sales, margins and cash flow over the last five years, with an innovative technology-based product portfolio and a team focused on execution, Visteon has a strong foundation for continued profitable growth.

總體而言，偉世通在過去五年中在銷售額、利潤率和現金流方面取得了令人矚目的進步，憑藉基於創新技術的產品組合和專注於執行的團隊，偉世通為持續盈利增長奠定了堅實的基礎。

Turning to Page nine. We had a very strong finish to the year with Q4 sales of $939 million. Compared to last year, sales benefited from our market outperformance driven by new product launches and robust performance of our digital cockpit and electrification product lines, offset by lower customer production, lower recoveries as a result of improved semiconductor supply and annual pricing.

翻到第九頁。我們今年的業績表現非常強勁，第四季的銷售額達到 9.39 億美元。與去年相比，銷售受惠於我們新產品發布和數位駕駛艙及電氣化產品線強勁表現所推動的市場優異表現，但被客戶產量下降、半導體供應改善導致的回收率下降和年度定價所抵消。

In terms of performance by geography, Europe had double-digit market outperformance, Americas high single-digit outperformance while China underperformed. The weaker year-over-year performance in China is consistent with the trend from recent quarters and is due to the ongoing market share shift towards domestic OEMs. While we remain underexposed to domestic OEMs relative to the market, we continue to make inroads with these customers, including a significant Q4 new business win for HPC with Zeekr, as mentioned by Sachin.

從地理表現來看，歐洲市場表現超乎預期兩位數，美洲市場表現超乎預期個位數，而中國市場表現不佳。中國年比表現較弱與最近幾季的趨勢一致，這是由於市場份額持續向國內原始設備製造商轉移所致。雖然相對於市場而言，我們對國內 OEM 的曝光度仍然不足，但我們仍在繼續與這些客戶取得進展，包括 Sachin 提到的與 Zeekr 在第四季度為 HPC 贏得的重大新業務。

Adjusted EBITDA was $117 million for the quarter. Our EBITDA performance was driven by continued cost discipline and strong operational performance. Net engineering, while including the recent acquisition we made in Q3 2024 was lower due to the favorable timing of engineering recoveries, offset by higher SG&A. Margins improved to 12.5%, a 70 basis points expansion compared to the prior year.

本季調整後的 EBITDA 為 1.17 億美元。我們的 EBITDA 業績受到持續的成本控制和強勁的營運績效的推動。淨工程收入（包括我們在 2024 年第三季進行的最新收購）由於工程回收的有利時機而較低，但被更高的銷售、一般及行政費用所抵銷。利潤率提高至 12.5%，較前一年增加 70 個基點。

When adjusting for more normalized engineering and SG&A, our run rate margin exiting the year was around 12%. Adjusted free cash flow was a record $165 million in the quarter, a result of our strong adjusted EBITDA and a significant inflow from working capital. This level of cash flow was above our expectations, as we had several onetime working capital benefits.

當根據更規範的工程和銷售、一般及行政費用進行調整時，我們今年的運行率利潤率約為 12%。本季調整後的自由現金流達到創紀錄的 1.65 億美元，這得益於我們強勁的調整後 EBITDA 和大量營運資金流入。由於我們獲得了幾項一次性營運資金收益，這項現金流水準超出了我們的預期。

Lastly, we continued to return capital to shareholders in the fourth quarter, repurchasing $43 million of our shares. We remain committed to our balanced capital allocation framework with allocations to organic growth, M&A and capital returns to shareholders. Overall, we delivered a strong fourth quarter with continued market outperformance, strong adjusted EBITDA margin with significant cash flow generation. We continue to launch a high number of new products and win new business, which will drive future growth.

最後，我們在第四季繼續向股東返還資本，回購了價值 4,300 萬美元的股票。我們將繼續致力於平衡的資本配置框架，將資源分配給有機成長、併購和股東資本回報。整體而言，我們在第四季表現強勁，持續跑贏市場，調整後 EBITDA 利潤率強勁，現金流產生顯著。我們繼續推出大量新產品並贏得新業務，這將推動未來的成長。

Turning to Page 10. For the full year, sales were $3.87 billion, representing a slight decrease year-over-year. Base sales, which excludes the impact of supply chain recoveries, were roughly flat compared to the prior year. Our next-gen products, including digital clusters, displays, SmartCore and electrification drove our 4% market outperformance. This market outperformance was offset by lower customer production, lower recoveries, price downs to customers and a headwind from FX.

翻到第 10 頁。全年銷售額為38.7億美元，較去年同期略有下降。不包括供應鏈復甦影響的基本銷售與去年基本持平。我們的下一代產品，包括數位集群、顯示器、SmartCore 和電氣化，推動我們的市場表現超出預期 4%。這一市場優異表現被客戶產量下降、回收率下降、客戶價格下降以及外匯逆風所抵消。

China was also a 5% headwind to growth of our market as a result of our global OEMs losing shares in the market. Adjusted EBITDA for the full year was a record $474 million, a $40 million improvement compared to the prior year. Our EBITDA performance was driven by solid incrementals on our growth of market and another year of significant operational improvements. As we continue to optimize our manufacturing costs and increased vertical integration, which more than offsets the impact of annual pricing to customers.

由於我們的全球原始設備製造商 (OEM) 在中國的市佔率不斷下降，中國也對我們市場的成長造成了 5% 的阻力。全年調整後 EBITDA 達到創紀錄的 4.74 億美元，比前一年增加了 4,000 萬美元。我們的 EBITDA 業績得益於市場穩步成長以及另一年顯著的營運改善。隨著我們不斷優化製造成本並增加垂直整合，這足以抵消年度定價對客戶的影響。

Net engineering costs were lower, mostly due to the favorable timing of engineering recoveries, which can be lumpy in nature as well as lower spending in China in response to the challenges in the region. This decrease was despite additional engineering spending in 2024 associated with our acquisition of an outsourced R&D firm. Net engineering costs as a percentage of revenue was 4.9%, which is below our normal run rate. SG&A as a percentage of revenue was 4.6% and in line with our expectations.

淨工程成本較低，主要是因為工程回收的時機有利（本質上可能是不穩定的），以及中國為應對該地區的挑戰而降低了支出。儘管我們在 2024 年收購了一家外包研發公司，增加了工程支出，但支出仍下降。淨工程成本佔收入的百分比為 4.9%，低於我們的正常運作率。銷售、一般及行政費用佔收入的百分比為 4.6%，符合我們的預期。

Finally, we benefited from the nonrecurrence of the $15 million recall charge incurred in 2023 but were also negatively impacted year-over-year by approximately $12 million of foreign exchange, driven mostly by the Brazilian real and the Japanese yen, partially offset by the peso. EBITDA margin was 12.3% in 2024, an expansion of 130 basis points year-over-year.

最後，我們受益於 2023 年發生的 1500 萬美元召回費用不再發生，但也受到約 1200 萬美元外匯的同比負面影響，主要受巴西雷亞爾和日元的影響，部分被比索所抵消。2024 年 EBITDA 利潤率為 12.3%，較去年同期成長 130 個基點。

Turning to Page 11. Visteon generated a record $300 million of adjusted free cash flow in 2024. The improvement compared to the prior year was primarily due to higher adjusted EBITDA and an inflow from trade working capital. This trade working capital inflow was above our expectations as we benefited not only from the unwind from lower sales, but as well from several onetime benefits in the fourth quarter of 2024, some of which will reverse in 2025.

翻到第 11 頁。偉世通在 2024 年創造了創紀錄的 3 億美元調整後自由現金流。與前一年相比的改善主要歸因於調整後的 EBITDA 增加以及貿易營運資金的流入。貿易營運資金流入超出了我們的預期，因為我們不僅受益於銷售額下降帶來的收益，還受益於 2024 年第四季的幾項一次性收益，其中一些收益將在 2025 年逆轉。

Adjusting for these items, trade working capital would have been a modest outflow for the year and our conversion would have been between 45% and 50% of EBITDA in 2024, closer to our targeted level of 40% conversion. Cash taxes were modestly higher than the prior period, as we paid higher taxes in line with our increased profitability. Interest was positive for the year as interest income on our invested cash exceeded the interest cost from our term loan. CapEx was $137 million for the year, an increase of $12 million compared to last year.

在調整這些項目後，貿易營運資本在當年將出現小幅流出，而我們的轉換率將在 2024 年達到 EBITDA 的 45% 至 50% 之間，更接近我們 40% 的目標轉換水準。現金稅略高於上一時期，因為我們繳納的稅款隨著獲利能力的提高而增加。由於我們投資現金的利息收入超過了定期貸款的利息成本，因此本年度的利息為正。全年資本支出為 1.37 億美元，比去年增加 1,200 萬美元。

The increase was primarily focused on investing for the future, including setting up our new plant in Tunisia as well as several vertical integration initiatives, including investing in our display product line. Our consistent cash flow generation and solid balance sheet enables significant allocations of capital to both invest in our future and return capital to shareholders. In 2024, we deployed $55 million to M&A and $63 million to share repurchases. We expect to continue executing on these important strategic initiatives.

此次成長主要集中在對未來的投資，包括在突尼斯建立新工廠以及多項垂直整合計劃，其中包括投資我們的顯示產品線。我們持續的現金流量產生和穩健的資產負債表使我們能夠分配大量資本，既投資於未來，又向股東返還資本。2024 年，我們投入 5,500 萬美元併購，投入 6,300 萬美元用於股票回購。我們希望繼續執行這些重要的策略性舉措。

Turning to Page 12. Before moving to our financial guidance, I would like to address the topic of tariffs. The tariff situation continues to evolve with the tariffs against Mexico and Canada currently postponed until early March and global reciprocal tariffs proposed last week. If implemented, these tariffs will have a meaningful impact across the entire automotive industry and especially the supply base. We are working closely with our customers to identify mitigation actions and minimize any potential impact on Visteon, should these tariffs be elected.

翻到第 12 頁。在談到我們的財務指導之前，我想談談關稅問題。關稅情勢持續變化，針對墨西哥和加拿大的關稅目前已推遲至 3 月初，全球互惠關稅已於上週提出。一旦實施，這些關稅將對整個汽車產業，特別是供應基地產生重大影響。如果這些關稅得以實施，我們將與客戶密切合作，確定緩解措施並盡量減少對偉世通的潛在影響。

Our guidance does not include any impact from these or any other potential tariffs. Now let's turn to our 2025 guidance. Our guidance range for sales is $3.65 billion to $3.85 billion. Excluding the impact of supply chain recoveries, our base sales are expected to be roughly flat year-over-year. We have assumed Visteon customer production declined mid-single digits, with customer production down the most in the Americas as OEMs rightsized dealer inventory and in Europe due to the ongoing macroeconomic weakness.

我們的指導不包括這些或任何其他潛在關稅的影響。現在讓我們來看看 2025 年的指導。我們的銷售預期範圍是 36.5 億美元至 38.5 億美元。不計供應鏈復甦的影響，我們的基礎銷售額預計與去年同期基本持平。我們假設偉世通客戶的產量將下降中等個位數，其中美洲的客戶產量下降幅度最大，因為原始設備製造商調整了經銷商庫存，而歐洲的客戶產量則因持續的宏觀經濟疲軟而下降。

Our growth of our market is anticipated to be mid- to high single digits, driven by strong expected performance for large displays, digital clusters and infotainment products. Regionally, we expect the strongest performance in rest of Asia and Europe, offset by continued double-digit underperformance in China.

受大顯示器、數位集群和資訊娛樂產品強勁預期表現的推動，我們預計市場成長率將達到中高個位數。從地區來看，我們預計亞洲其他地區和歐洲的表現將最為強勁，但中國的表現將繼續呈現兩位數的下滑。

Recoveries and FX are expected to be a 3.5% headwind in 2025. Adjusted EBITDA is expected to be between $450 million and $480 million, representing a margin of 12.4% at the midpoint. This is a margin improvement year-over-year as continued strong commercial performance and further operating efficiencies partially offset the impact of a more normalized net engineering spend.

預計 2025 年經濟復甦和外匯將帶來 3.5% 的阻力。調整後的 EBITDA 預計在 4.5 億美元至 4.8 億美元之間，中間值為 12.4%。由於持續強勁的商業表現和進一步的營運效率部分抵消了更正常化的淨工程支出的影響，因此利潤率較去年同期有所提高。

As a percentage of 2025 sales, we anticipate net engineering to be in the high 5% range and SG&A to be in the high 4% range as we continue to invest in our teams to support future growth. We also expect FX to be a modest headwind to EBITDA in 2025. Adjusted free cash flow is expected to be between $175 million to $205 million, which at the midpoint is a conversion of 40% of adjusted EBITDA into adjusted free cash flow.

作為 2025 年銷售額的百分比，我們預計淨工程費用將達到 5% 的高位，而銷售、一般及行政費用將達到 4% 的高位，因為我們將繼續投資於我們的團隊以支持未來的成長。我們也預計，外匯將對 2025 年的 EBITDA 產生輕微的阻力。調整後的自由現金流預計在 1.75 億美元至 2.05 億美元之間，中間值是將 40% 的調整後 EBITDA 轉換為調整後的自由現金流。

We expect working capital to be a modest outflow for the year to come as the onetime benefits from 2024 and [win] next year. CapEx forecasted at $150 million as we invest for future growth and margin expansion with several notable vertical integration initiatives planned for 2025.

我們預計，由於 2024 年和明年的一次性收益，未來一年營運資金將出現適度流出。預計資本支出為 1.5 億美元，因為我們投資於未來的成長和利潤擴張，並計劃在 2025 年實施幾項值得注意的垂直整合計劃。

And finally, while we do not provide quarterly guidance, we expect a slight decline sequentially in both revenue and EBITDA in the first quarter of 2025. Turning to Page 13. Looking now to the medium term. We are providing 2027 targets for sales, adjusted EBITDA and adjusted free cash flow. For sales, our target for 2027 is $4.15 billion. This represents a 5% growth CAGR and an increase of $400 million in sales between 2025 and 2027.

最後，雖然我們沒有提供季度指導，但我們預計 2025 年第一季的營收和 EBITDA 都會將比去年同期略有下降。翻到第 13 頁。現在來看中期。我們制定了 2027 年的銷售額、調整後 EBITDA 和調整後自由現金流目標。就銷售額而言，我們 2027 年的目標是 41.5 億美元。這意味著 2025 年至 2027 年期間複合年增長率為 5%，銷售額將增加 4 億美元。

Our forecast assumes a modest LDP growth for our customers over the period. We're expecting growth of market of mid- to high single digits in both 2026 and 2027, driven by the progress on our strategic initiatives. We expect our growth to be largely driven by launches of next-generation products that align with our strategy of growing our business with white space customers in rest of Asia in SDV and a building product, with OEMs in Europe and in adjacent markets, including commercial vehicles and two wheelers.

我們的預測是，在此期間我們的客戶的 LDP 將出現適度成長。我們預計，在策略措施取得進展的推動下，2026 年和 2027 年市場將實現中高個位數成長。我們預計，我們的成長將主要由下一代產品的推出推動，這些產品符合我們的策略，即與亞洲其他地區的 SDV 和建築產品空白客戶以及歐洲和鄰近市場的 OEM（包括商用車和兩輪車）一起發展業務。

We continue to have significant new product launches, including a few key programs such as a display with Toyota, a cluster with Maruti Suzuki, a large CDC program with luxury German OEM or multiple products on two wheelers with Honda, TVS, BMW and Royal Enfield and a high-performance compute cockpit domain controller with Zeekr in China.

我們繼續推出重要的新產品，包括一些關鍵項目，例如與豐田合作的顯示器、與瑪魯蒂鈴木合作的集群、與德國豪華 OEM 合作的大型 CDC 項目或與本田、TVS、寶馬和 Royal Enfield 合作的兩輪車上的多種產品，以及與中國 Zeekr 合作的高性能計算駕駛艙域控制器。

As a result, our product portfolio mix will continue to evolve with growth driven by displays electrification and cockpit domain controllers, while at the same time, expanding our market share with white space OEMs and in adjacent markets. In addition, we anticipate we will return to growth in China starting in 2026.

因此，我們的產品組合將繼續發展，由顯示器電氣化和駕駛艙域控制器推動成長，同時擴大我們在白色空間 OEM 和鄰近市場的市場份額。此外，我們預計從 2026 年開始我們將在中國恢復成長。

For adjusted EBITDA, margins are expected to expand to 13.3% in 2027. This represents a 90 basis points increase from 2025. Roughly half of the increase in margin is from leveraging scale as we grow the business and the other half relates to further improvements in operational performance and manufacturing costs, including vertical integration. Our continued focus on cost control drives incrementals in the low 20% range.

調整後的 EBITDA 利潤率預計將在 2027 年擴大至 13.3%。這意味著比 2025 年增加了 90 個基點。利潤率的成長大約有一半來自於我們業務成長過程中規模的利用，另一半則與營運績效和製造成本的進一步改善有關，包括垂直整合。我們持續關注成本控制，推動增量保持在 20% 以下。

With regard to cash flow, we expect to convert more than 40% of adjusted EBITDA to adjusted free cash flow in 2027, which represents $230 million of adjusted free cash flow or a 10% CAGR from 2025 levels. As a result of our capital-light business model, nearly 50% of the increase in EBITDA from 2025 to 2027 flows through adjusted free cash flow. Our strong level of cash flow will allow for significant capital to be deployed to M&A and shareholder returns.

關於現金流，我們預計到 2027 年，調整後 EBITDA 的 40% 以上將轉換為調整後自由現金流，這意味著調整後自由現金流將達到 2.3 億美元，或從 2025 年的水平起實現 10% 的複合年增長率。由於我們採用輕資本業務模式，2025 年至 2027 年 EBITDA 成長的近 50% 來自於調整後的自由現金流。我們強勁的現金流將使我們能夠將大量資本部署到併購和股東回報。

Overall, I am excited to deliver on this plan and the substantial growth in sales, EBITDA and free cash flow we are showing here. I am confident that the foundation we have put in over the past few years positions us very well for strong financial results through 2027.

總的來說，我很高興能夠實現這項計劃，並實現我們所展示的銷售額、EBITDA 和自由現金流的大幅成長。我相信，過去幾年我們打下的基礎將使我們在 2027 年之前取得強勁的財務表現。

Turning to Page 14. Visteon remains a compelling long-term investment opportunity. 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. Visteon is well positioned for top line growth, margin expansion and free cash flow generation, while our strong balance sheet provides us with significant flexibility to pursue our capital allocation priorities.

翻到第 14 頁。偉世通仍然是一個引人注目的長期投資機會。無論動力系統如何以及電動和混合動力汽車的成長，我們都有望受益於駕駛艙對更多數位內容的更高需求。偉世通在營收成長、利潤率提高和自由現金流產生方面處於有利地位，而我們強勁的資產負債表為我們追求資本配置優先事項提供了極大的靈活性。

Thank you for your time today. I would like now to open the call for your questions.

感謝您今天抽出時間。現在我想開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thank you for taking the questions. I wanted to ask a couple of questions on the revenue outlook and mix dynamics. And first, maybe if we could just talk about the growth opportunity that you have ahead with the Asian OEMs, Toyota, et cetera. What percent of the revenue is it today? I think it's small. How significant is that in driving growth for this year and through 2027.

嗨，早安。感謝您回答這些問題。我想問幾個有關收入前景和組合動態的問題。首先，我們可以談談您與亞洲原始設備製造商（例如豐田等）合作所面臨的成長機會嗎？這佔今天收入的百分之多少？我認為它很小。這對於推動今年乃至 2027 年的成長有多重要？

Great. And let me take that question and Jerome can add more to it. So this Asian OEMs historically have been underrepresented in our revenue makeup. And I'm talking about OEMs, primarily in Japan, in India, so OEMs outside of China.

偉大的。讓我來回答這個問題，傑羅姆可以補充更多內容。因此，從歷史上看，亞洲原始設備製造商在我們的收入組成中所佔比例一直偏低。我談論的是 OEM，主要是日本、印度以及中國以外的 OEM。

And just to put things into historical context, the reason why they were underrepresented is because we were working with many of them in China, where China was to focus award for them as well with us in the past few years.

從歷史背景來看，他們之所以代表性不足，是因為我們在中國與他們中的許多人都有合作，過去幾年來，中國也致力於為他們頒發獎項。

So as we started to see this transition happened in China, I mean, the loss of one share for global OEMs, about a couple of years ago, we made it our strategic initiative to grow business with these OEMs outside of China. And in terms of our current share of revenue, I think they are like mid -- high single-digit levels. And if you think about even by 2027, they would almost double in terms of the share of our revenue. So pretty robust growth, and they represent between them.

因此，當我們開始看到這種轉變發生在中國時，我的意思是，大約幾年前，全球原始設備製造商失去了一部分市場份額，我們把發展與中國以外的原始設備製造商的業務作為我們的戰略舉措。就我們目前的收入份額而言，我認為它們處於中高個位數水準。如果你想想，甚至到 2027 年，它們在我們收入中所佔的份額幾乎會翻倍。因此，它們之間的成長相當強勁。

I would say, somewhere around 25% to 30% of the global vehicle production. So it's a sort of a white space opportunity for us.

我想說，大約佔全球汽車產量的 25% 到 30%。所以這對我們來說是一個空白機會。

Great, thank you. The second question is also on mix dynamics. And it's maybe two parts of it. You're talking about customer mix as a headwind this year, but improving next year, if you could unpack that. And you're saying China sounds like it's weak this year, but terms around the next couple of years. What's turning things around in China? So customer [mix] --

太好了，謝謝。第二個問題也與混合動力學有關。它可能由兩個部分組成。您說的是，今年客戶組合是一個阻力，但明年會有所改善，如果您能解釋一下的話。您說中國今年的經濟似乎比較疲軟，但未來幾年經濟情勢會很好。中國局勢發生哪些轉變？所以顧客[混合] -

Yeah. Let me walk you through that because it is something that does need a little bit of explanation. So if you look at our customer mix, and I'll start with '24, overall, production was down by, let's say, about a point in terms of LVP. our customer mix was negative slightly by about 1.5% in '24. And as we look at 2025, we are essentially looking at industry forecasts, S&P Global's forecast mid-January as well as the customer data that we get directly from our customers.

是的。讓我帶您了解一下，因為這確實需要一點解釋。因此，如果您查看我們的客戶組合，我將從 24 年開始，總體而言，就 LVP 而言，產量下降了大約一個點。我們的客戶組合在 24 年略微下降了約 1.5％。展望 2025 年，我們主要專注於產業預測、標準普爾全球 1 月中旬的預測以及我們直接從客戶那裡獲得的客戶資料。

And I would say that our customer data tends to be more accurate in the near quarters, first couple of quarters. After that, we tend to use more industry forecasts to come up with our own perspective, a balanced perspective of how we feel the LVP will turn out. And the negative mix in '25 is really driven by a few large customers that are forecasted by S&P Global to lower production this year as compared to last year. For example, Ford and GM here in North America.

我想說的是，我們的客戶資料在近幾個季度，也就是前幾季往往更準確。此後，我們傾向於使用更多的行業預測來得出我們自己的觀點，即我們對 LVP 將如何發展的平衡觀點。而 25 年的負面組合實際上是由一些大客戶造成的，標準普爾全球預測這些客戶今年的產量將比去年有所下降。例如北美的福特和通用。

In Europe, it is Mercedes primarily that's impacting us dragging our mix down, and in Asia, there's Nissan and Mazda. Now most of that is second half of the year. So we will have to wait and see how much of that actually transpires. But as I explained, it's really driven from what the industry forecast point to in terms of production.

在歐洲，主要影響我們的是梅賽德斯，拖累了我們的產品組合；在亞洲，則有日產和馬自達。現在大部分都是下半年。因此，我們必須拭目以待，看看究竟有多少事情會發生。但正如我所解釋的，這實際上是由產業對生產的預測所驅動的。

Now if you look at, again, the forecast for 2026, the mix is still negative, but it improves from the 2025 level. And so it's a moderating situation for us. Now when it comes to China, again, taking maybe a step back because I think this is going to be a topic for a lot of people listening today in terms of how do we see the China market and our performance there.

現在，如果你再看一次 2026 年的預測，情況仍然是負面的，但比 2025 年的水準有所改善。所以這對我們來說是一個緩和的情況。現在再談中國，我們可能要退一步考慮，因為我認為今天很多聽眾都會討論這個話題，即我們如何看待中國市場以及我們在中國的表現。

Historically, our business in China has been with global OEMs and clusters has been our main product that we offered with them in China. And since 2022, the market has changed quite dramatically in many ways. So the transition to electric vehicles also caused a transition of the products in the markets from clusters and stand-alone infotainment to CDCs in larger displays.

從歷史上看，我們在中國的業務一直與全球原始設備製造商合作，而儀表組是我們在中國向他們提供的主要產品。自 2022 年以來，市場在許多方面發生了相當大的變化。因此，向電動車的轉變也導致市場上的產品從集群和獨立資訊娛樂系統轉向更大顯示器的 CDC 轉變。

And as the market changed quite rapidly, global OEMs have lost a significant amount of share in that market. Now we were able to develop business with some domestic OEMs such as Chile, GMC and Dongfeng. But that business, although it has developed well, was not sufficient to offset the loss of sales that we saw with the global OEMs.

由於市場變化很快，全球原始設備製造商已經失去了該市場的大量份額。現在我們已經能夠與一些國內OEM廠商如智利、GMC、東風等開展業務。但儘管該業務發展良好，但不足以彌補全球原始設備製造商的銷售損失。

Now this dynamic will continue also in 2025, but that impact is going to be moderated. We have a few product launches that I remarked in my prepared remarks. But both international OEMs operating in China, the Germans and the Japanese who we think are going to do relatively well as compared to the rest of the global OEMs, but also with our domestic Chinese OEMs. So that's what is causing us to think that our sales in China are going to be at a low point this year and then start to improve from 2026 onwards.

這種動態在 2025 年仍將持續，但影響將會減弱。我們在準備演講中提到了一些產品發布。但我們認為，在中國運營的國際原始設備製造商，無論是德國的還是日本的，與全球其他原始設備製造商相比，他們的表現都會相對較好，而且與中國國內的原始設備製造商相比，他們的表現也會相對較好。因此，我們認為今年我們在中國的銷售額將處於低點，然後從 2026 年開始回升。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thanks very much for taking my questions. I was hoping to start with SmartCore. If we look at the SmartCore infotainment bookings, in total for 2024. I think it ended up at about $1.6 billion compared to $2.7 billion last year. You did mention some momentum that was SmartCore specifically. So could you elaborate on how SmartCore bookings are tracking?

是的，早安。非常感謝您回答我的問題。我希望從 SmartCore 開始。如果我們看一下 SmartCore 資訊娛樂系統的預訂量，2024 年的總數是這樣的。我認為最終金額約為 16 億美元，而去年為 27 億美元。您確實提到了 SmartCore 的一些具體發展勢頭。那麼，您能詳細說明一下 SmartCore 的預訂情況是如何追蹤的嗎？

I'd be especially interested if you've had any success with multi-domain controllers, which I know had been an area of focus for the company in the last few years.

如果您在多網域控制器方面取得任何成功，我會特別感興趣，我知道這是過去幾年公司關注的重點領域。

And as you think about SmartCore going forward, at the last Investor Day, you spoke about that getting to $1 billion of revenue in 2016. I recognize the industry environment has changed, but maybe you can update us on when you see SmartCore revenue reaching that sort of a level?

當您考慮 SmartCore 的未來發展時，在上次投資者日上，您談到了 2016 年實現 10 億美元收入的目標。我知道產業環境已經發生了變化，但您能否告訴我們，當您看到 SmartCore 收入達到這種水準時？

Yes. Yes, sure. So the thing I would like to first maybe discuss here is that what we're seeing is a couple of trends, right? So large displays and higher power smart core or concomitant controllers are really what is driving the products in the mid- to offer section of the market. But there's also a lot of interest in stand-alone digital clusters, IVI in more mass market. So both those dynamics are happening at the same time.

是的。是的，當然。所以我首先想在這裡討論的是，我們看到了一些趨勢，對嗎？因此，大型顯示器和更高功率的智慧核心或伴隨控制器才是推動中階到高階產品市場發展的真正動力。但人們對獨立數位集群、大眾市場的 IVI 也非常感興趣。因此，這兩種動態是同時發生的。

And inherently, SmartCore wins tend to be lumpy. These are the more complex systems that our count makers have in their product portfolio. And so that's where there's a lot more activity that goes into the quoting and vetting of the suppliers.

從本質上來說，SmartCore 的勝利往往是不穩定的。這些是我們的計數器產品組合中更複雜的系統。因此，在供應商的報價和審查方面需要進行更多的活動。

The other thing I would like to mention and which I also verified in my prepared remarks, is that 2024, we saw a slightly lower level of customer activity in terms of coatings, especially in Europe and North America as the OEMs were dealing with the evolving market dynamics with lower-than-expected demand for EVs and what has been happening to their sales in China.

我想提及的另一件事，也是我在準備好的發言中證實的，那就是到 2024 年，我們看到塗料方面的客戶活動水平略有下降，尤其是在歐洲和北美，因為原始設備製造商正在應對不斷變化的市場動態，電動汽車的需求低於預期，以及他們在中國的銷售情況。

So if you look at 2023, we did pretty well. And that was also mostly with Western OEMs. And in 2024, a majority of our new (inaudible) suspends for the reasons I mentioned came from Asia the products that of, I would say, interest to the OEMs there. Yes, some SmartCore, but largely displays and stand-alone clusters and IBI or infotainment as many of those OEMs were a little late in following some of those trends and are now quickly catching up. Now I expect to see smart core activity in Europe and US returned back this year and next year. So things ultimately are a little lumpy when you talk about new business wins. But overall, I do expect it to be quite okay for us.

所以如果你看看2023年，我們做得相當不錯。而這主要也是與西方 OEM 合作。到 2024 年，由於我提到的原因，我們的大多數新（聽不清楚）暫停產品都來自亞洲，我想說，這些產品引起了那裡的原始設備製造商的興趣。是的，有一些 SmartCore，但主要是顯示器和獨立集群以及 IBI 或資訊娛樂，因為許多 OEM 在遵循這些趨勢方面有點晚了，現在正在迅速趕上。現在我預計歐洲和美國的智慧核心活動將在今年和明年恢復。因此，當你談論新業務的成功時，事情最終會變得有點不順利。但總的來說，我確實希望這對我們來說還不錯。

And Sacin, that includes multi-domain is an area where you could get some bookings?

而 Sacin，包括多網域在內的這個領域是您可以獲得一些預訂的嗎？

Yes. I think for us, when we talk about multi-domain, we do see some body control functions getting integrated into SmartCore, so when we talk about SmartCore HPC is a good example. We don't really classify that as a multi-domain controller for us, still more of an integrated cockpit domain controller with some portion is integrated we don't yet see ADAS, for example, integrated into a single compute cluster, that will probably take a little bit longer.

是的。我認為對我們來說，當我們談論多領域時，我們確實看到一些車身控制功能被整合到 SmartCore 中，所以當我們談論 SmartCore 時，HPC 就是一個很好的例子。我們實際上並未將其歸類為多網域控制器，更多的是整合駕駛艙網域控制器，其中某些部分是整合的，例如，我們還沒有看到 ADAS 整合到單一運算叢集中，這可能需要更長的時間。

Helpful. My second question was just around bookings, and you just alluded to it, but the quoting activity in '24 so was somewhat subdued. Could you talk about your expectations for the opportunity for bookings in 2025? And do you have any guidance relative to the $6 billion that you did last year, do you think you could grow it in '25? Thank you.

很有幫助。我的第二個問題是關於預訂的，你剛才提到了這一點，但 24 年的報價活動有些低迷。您能談談對 2025 年預訂機會的預期嗎？對於去年的 60 億美元，您有什麼指導嗎？您認為 25 年可以成長嗎？謝謝。

Yes, absolutely. In fact, the slowdown in '24 that we -- that I mentioned, this is causing '25 to be quite robust. Many of these OEMs have to still plan and launch new models. So the pipeline seems to be pretty robust. And with a sort of a shift more towards Europe and US more, and from a product perspective, it does look very similar to what we have seen in the last couple of years, displays are pretty strong and as is SmartCore. And in terms of the overall target for us, it remains the same $6 billion-plus for the year as well.

是的，絕對是。事實上，正如我所提到的，24 年經濟放緩導致 25 年經濟表現相當強勁。許多原始設備製造商仍需規劃和推出新車型。因此，該管道看起來相當穩健。隨著向歐洲和美國的轉變，從產品角度來看，它與我們在過去幾年看到的非常相似，顯示器非常強大，SmartCore 也是如此。就我們的整體目標而言，今年的目標仍為 60 億美元以上。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Hi, thanks. Hi Sacha and Jerome. Thanks for checking the questions. First one is on the '25 outlook. So you called out, I think it was for GM, Mercedes, -- was it I think Nissan and Mazda for why your company weighted LVP is down mid-single digits, while S&P is flattish. But I mean, based on what I think those OEMs have said on their respective earnings calls or just in general, it might appear that your guys' forecast could be maybe conservative? Just seeing if that's the case. And then I appreciate the comments on China. Just as a housekeeping, what are you including in your growth over market expectation in '25 for China or ex China?

你好，謝謝。你好，Sacha 和 Jerome。感謝您檢查這些問題。第一個是關於 25 年展望。所以您指出，我認為是通用汽車、賓士，或日產和馬自達，為什麼貴公司的加權 LVP 下降了中等個位數，而標準普爾指數卻持平。但我的意思是，根據我認為這些 OEM 在各自的收益電話會議上或總體上所說的內容，你們的預測可能有些保守？只是看看是否確實如此。我很感謝對中國的評論。只是作為一個家務，您對 25 年中國或中國以外地區的市場成長預期包括哪些內容？

Sure. And Tom, you are correct that if you look at some of the OEMs that I mentioned, what they have publicly said, it would imply a more, I would say, our view being a little more conservative, which is why I wanted to clarify earlier that what we have assumed is based on S&P Global's outlook for -- especially for the second half of the year. So there might be some upside if our customers' production plans do materialize. So that's one point.

當然。湯姆，你說得對，如果你看看我提到的一些原始設備製造商，看看他們公開發表的言論，就會發現我們的觀點更加保守，這就是為什麼我想早點澄清，我們的假設是基於標準普爾全球對今年下半年的展望。因此，如果我們客戶的生產計劃確實實現，可能會有一些好處。這是其中一點。

In terms of growth of a market, if you again look at 2024, new product launches are really the drivers of our growth over market, especially in Americas, which was a strong double-digit performance. And Europe and Asia outside of China were mid-single digit, again, driven by our product launches.

就市場成長而言，如果你再次展望 2024 年，新產品的推出才是我們市場成長的真正驅動力，尤其是在美洲，其成長表現強勁，達到兩位數。而中國以外的歐洲和亞洲的銷售額則達到了中等個位數，這同樣得益於我們產品的推出。

Now China, '24 was a bigger negative now as we look at 2025, more or less at a bigger picture, the same dynamic pace with China improving, moderating in terms of the loss right? And the rest of the world, more or less, I would say, looking the same. It does shift a little bit.

現在我們展望 2025 年，中國的 24 年負值更大，從更大的角度來看，中國的進步速度與動態速度相同，損失正在減緩，對嗎？我想說，世界其他地方的情況或多或少也大致相同。它確實發生了一點變化。

We have more launches in Europe that's going to drive market outperformance there, stronger than the regions. But overall, it should look very similar in terms of growth over market.

我們在歐洲推出了更多產品，這將推動歐洲市場表現優於其他地區。但整體而言，從市場成長來看應該非常相似。

Okay, thank you. And my follow-up, a recurring theme that disappeared in on a supplier base earnings season and even before this -- what's been called the urge to demerge. A couple of Tier 1 suppliers announcing their intentions to divest certain businesses to unlock shareholder value. Just curious how you view your portfolio of assets.

好的，謝謝。我的後續問題是，一個反覆出現的主題在供應商基礎收益季節甚至在此之前就消失了——這就是所謂的拆分衝動。一些一級供應商宣布有意剝離某些業務以釋放股東價值。只是好奇您如何看待您的資產組合。

I know in the prepared comments, you talked about a pipeline of tuck-ins and the M&As you did in '24. It would appear that you're more likely to add assets instead of cutting. Just curious how you think about portfolio allocation. Thanks.

我知道在準備好的評論中，您談到了 24 年進行的一系列收購和併購。看起來您更有可能增加資產而不是削減資產。只是好奇您如何看待投資組合分配。謝謝。

Yeah. Yeah. No, that's a great question, Tom. And if you think about the spaces that we are focused on, there's a lot of activity there. There's a lot of content growth happening there driven by technology. So we really believe that we are in a position to take market share really based on our ability to add new product lines right and anticipate and position the company to take advantage of the emerging trends. And you've seen us do that now repeatedly.

是的。是的。不，這是一個很好的問題，湯姆。如果你考慮我們關注的領域，你會發現那裡有很多活動。在科技的推動下，那裡的內容正在大量增長。因此，我們確實相信，憑藉我們正確添加新產品線的能力以及預測和定位公司以利用新興趨勢的能力，我們能夠真正佔領市場份額。你已經看到我們多次這樣做了。

This 2024, we launched a couple of products SmartCore HPC, which I think is going to be a big driver of growth for the company for a fairly long period of time as more content and especially, I start coming into the cockpit. And electrification of our product line is continuing to expand very much along the lines that we have said earlier. If you go back a couple of years, we've been talking about adding powered electronics to our BMS portfolio, and that is starting to come to life.

2024 年，我們推出了幾款產品 SmartCore HPC，我認為隨著越來越多的內容，特別是我開始進入駕駛艙，這些產品將在相當長的一段時間內成為公司成長的一大動力。我們的產品線的電氣化正在按照我們之前所說的方向繼續擴大。如果回顧幾年前，我們一直在討論將動力電子設備添加到我們的 BMS 產品組合中，而這項計劃現在開始變為現實。

So as our product landscape and technology landscape grows. It's critical that we have expertise in all of the key technologies that are important and so we will continue to look for those types of acquisitions. So that's going to be our strategy for the midterm, and we will see from thereof, it evolves.

隨著我們的產品格局和技術格局不斷發展。至關重要的是，我們在所有重要的關鍵技術上都擁有專業知識，因此我們將繼續尋找此類收購。這就是我們的中期策略，我們將從中看到它的演變。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

Great, thanks for taking my questions. Just wanted to look at the '27 sales target. It's over $1 billion lower than what you had talked about at the Investor Day. Can you just remind us, I know obviously a lot has changed in the last couple of years. But any way to bucket the major drivers here? I mean I know EV is one of the factors.

太好了，謝謝你回答我的問題。只是想看看 27 年的銷售目標。這比您在投資者日上談到的金額低了 10 多億美元。您能否提醒我們一下，我知道過去幾年顯然發生了很多變化。但是有什麼方法可以把主要驅動因素分類嗎？我的意思是我知道 EV 是其中一個因素。

Is it really just mostly customer mix, FX, I mean.

我的意思是，它真的只是主要的客戶組合，FX 嗎？

Right. Right. I'll start, and then I'll also ask Jerome to maybe expand if I missed anything. The main drivers are really, I would say, three that you can consider close to $1 billion, as you said, lower than what we thought it would be.

正確的。正確的。我先開始，然後我也會請傑羅姆詳細說明我是否遺漏了什麼。我想說，主要驅動因素實際上有三個，正如您所說，您可以認為接近 10 億美元，低於我們預期的水平。

Number one, would be China. So if you think about China, where we were at and where the market is at now, we were expecting to see a steady growth from the 2023 levels. And since then, we have lost almost about, I would say, 5 percentage points of revenue in China alone from just where we were at in '23, let alone the growth. So if you consider what we were expecting, it's actually a bigger impact than a 5 percentage point as I mentioned.

第一名是中國。因此，如果你考慮中國，看看我們當時的處境以及現在的市場狀況，我們預計從 2023 年的水平開始，中國市場將穩步增長。自那時起，我們僅在中國市場的收入就比 2023 年損失了近 5 個百分點，更不用說成長了。因此，如果你考慮到我們的預期，它的影響實際上比我提到的 5 個百分點還要大。

After that, you have electrification, right? BMS in particular, you may remember back in those days, the expectation was much higher in terms of the ramp-up of electric vehicles and our customers, and that has come down significantly. Between the two of them, that's about 70%, 80% of the impact in terms of the $1 billion that we are talking about. And the rest is just production expectations. Our customers' production over that period of time has come down, and that's really the third bucket.

之後就實現電氣化了，對嗎？特別是 BMS，您可能還記得，在那些日子裡，對於電動車和客戶的成長的期望要高得多，但現在這一期望已經大幅下降。就我們所談論的 10 億美元而言，他們兩人的影響力約佔 70% 到 80%。其餘的只是生產預期。我們的客戶在這段時間內的產量有所下降，這實際上是第三個桶子。

Jerome, did I miss anything?

傑羅姆，我遺漏了什麼嗎？

I would just add the EV as well growth. So beyond BMS, which is for us essentially GM, EV was supposed to grow much more, and we had some very specific programs that were on EV that obviously aren't.

我只想增加 EV 和成長。因此，除了 BMS（對我們來說基本上是 GM）之外，EV 應該會有更大的成長，而且我們針對 EV 制定了一些非常具體的計劃，但顯然並沒有。

Corporate electronics content.

企業電子產品內容。

Exactly, yes. So that are not going to have the same impacts. So that's probably as well in the second bucket, another area to mention.

確實如此。所以不會產生同樣的影響。所以這可能也屬於第二個範疇，是另一個值得提及的領域。

Got it. And any color, where is your China -- obviously, number one on your list there. What is your China local mix in '24? And where do you see it going by '25 and '26. When are you able to catch up there or can you given some of the economics of locals as a noise create?

知道了。無論什麼顏色，你的中國在哪裡——顯然，它在你的名單上排名第一。24 年您的中國本土混音是什麼？您認為 25 年和 26 年的情況會是如何？您什麼時候能夠趕上那裡，或者您能否考慮當地人的經濟狀況，從而創造一些噪音？

Sure. So if you look at our revenue, it's about 10% of the company revenue, that's our China exposure now. And of that, the mix is 60-40. So 60% with global OEMs and 40% domestic. As you know, the market share is about, I would say, reversed, right?

當然。所以如果你看看我們的收入，它大約占公司收入的 10%，這就是我們現在在中國的收入。其中，比例為 60：40。因此，60% 來自全球 OEM，40% 來自國內。正如你所知，我想說市場佔有率是顛倒的，對嗎？

So the domestic OEMs have about 65% share of the market versus global OEMs 35%. And that has come down quite quickly over the last couple of years. However, I would like to just point out that if you look at the performance of global OEMs in the market in January of this year, although it's just one month data, they've been able to hang on to their market share in January in terms of retail sales.

因此，國內 OEM 佔據約 65% 的市場份額，而全球 OEM 佔據 35% 的市場份額。過去幾年裡，這一數字迅速下降。不過，我想指出的是，如果你看一下今年1月份全球汽車廠商在市場上的表現，雖然只是一個月的數據，但是從零售額來看，他們在1月份的市場份額還是能夠維持的。

So global OEMs are at about 35% is the same rate that they exited last year at. And that's the first time I've seen, even though the data as I said, just one month data of that there hasn't been a further degradation of market share.

因此，全球 OEM 的退出率約為 35%，與去年的退出率相同。這是我第一次看到，儘管數據如我所說，只有一個月的數據，但市佔率並沒有進一步下降。

And so I think that, that points to maybe some level of at least a slowdown in the erosion of the share and maybe at some point, it will form a certain base level that we can work in the mid- to long term, I do expect that German and Japanese OEMs, in particular, will have a certain share of the market that we can participate in and then the rest of the business will be with the domestic OEMs.

因此，我認為這可能表明份額流失的速度至少會在某種程度上有所減緩，並且可能在某個時候形成我們可以在中長期開展工作的某個基準水平，我確實預計，特別是德國和日本的原始設備製造商將擁有一定的市場份額，我們可以參與其中，而其餘業務將由國內原始設備製造商承擔。

Got it. Alright, thanks for taking my question.

知道了。好的，感謝您回答我的問題。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. Just on free cash flow, can you confirm what specifically drove the working capital benefit in the quarter, how that influences your 2025 free cash flow outlook? And can you speak to the M&A pipeline how that looks and will be balanced against share buybacks for this year? And also, what was the inorganic revenue contribution in the quarter? Apologies if I missed that.

大家好。僅就自由現金流而言，您能否確認本季營運資本利得的具體推動因素以及這對您 2025 年自由現金流前景有何影響？您能否談談併購計畫的進展以及如何與今年的股票回購取得平衡？另外，本季的無機收入貢獻是多少？如果我錯過了，請見諒。

Yeah. Thanks a lot, Jim. So we had a very good quarter in terms of cash flow generation, indeed, and there are a few drivers. And in fact, it's a lot of little things that added up to a fairly large number. So it was, as you just said, mostly from working capital.

是的。非常感謝，吉姆。因此，就現金流產生而言，我們確實度過了一個非常好的季度，並且有幾個驅動因素。事實上，很多小事加起來就是一個相當大的數字。所以，正如您剛才所說，它主要來自營運資金。

Generally, I would say collections were very good with customers, but we were surprised in some cases with the timing of some of the payment from some customers. So that's one driver. The second driver is the fact that we had very good recoveries, engineering recoveries in Q4. And again, the timing of these recoveries allowed us to collect the cash in Q4 where normally it would have probably gone into Q1. So that's the second big driver.

整體來說，我認為客戶的收款情況非常好，但在某些情況下，我們對某些客戶的付款時間感到驚訝。這就是一個驅動因素。第二個驅動因素是我們在第四季實現了非常好的復甦，工程復甦。而且，這些回收的時機讓我們能夠在第四季度收回現金，而通常這些現金可能會進入第一季。這是第二大驅動因素。

Third large driver as well, we generated inventory reductions, and that as well has driven some cash and finally, what you have in Q4 generally is a reduction in sales, and that generates some positive as well working capital. So some of that will not reoccur, obviously, in Q1, mostly the timing of the customer, the engineering recoveries and as well the inventory reduction. So that's why you have such a, let's say, large cash inflow in Q4 of 2024. And we don't see that flowing through going into 2025. Our conversion, we think is still around 40% from EBITDA into cash flow.

第三大驅動因素是我們減少了庫存，這也帶來了一些現金，最後，第四季的銷售額通常會減少，這也產生了一些正面的營運資本。因此，顯然，其中一些情況在第一季不會再次發生，主要是客戶的時間安排、工程恢復以及庫存減少。這就是為什麼 2024 年第四季會有如此大的現金流入。我們認為這種趨勢不會持續到 2025 年。我們認為，從 EBITDA 到現金流量的轉換率仍有 40% 左右。

So it's very consistent with what we've been at generating in the last the last two quarters. In terms of capital allocation, we remain very balanced. We've done about $43 million of share repurchases in Q4. When I say balance, we continue to invest business, we've bumped up a little bit.

因此，這與我們過去兩個季度的業績非常一致。在資本配置方面，我們保持非常平衡。我們在第四季回購了約 4,300 萬美元的股票。當我說平衡時，我們繼續投資業務，我們已經有所提升。

You probably saw in '25, our CapEx spend to invest in vertical integration where as well because of all the wins that we are having in rest of Asia, we need to as well, rebalance a little bit our footprint, and we're investing in India, and rest of Asia to be able to accommodate that. We're investing in vertical integration. So that's one aspect of our capital allocation.

您可能在 25 年就看到過，我們的資本支出用於投資垂直整合，同時由於我們在亞洲其他地區取得的所有勝利，我們也需要重新平衡我們的足跡，我們正在印度和亞洲其他地區進行投資，以便能夠適應這一點。我們正在投資垂直整合。這是我們資本配置的一個面向。

We are working on a pretty extensive pipeline of M&A in '25, and we are making good progress on that on that side. And then finally, we'll remain opportunistic on the share repurchase side. So again, a very balanced approach as far as capital allocation.

我們正在為 25 年的併購活動進行相當廣泛的準備工作，並且在這方面取得了良好的進展。最後，我們將繼續在股票回購方面抓住機會。因此，就資本配置而言，這是一種非常平衡的方法。

And then maybe back to your final question. The acquisition we did in '24, which was at the end of '24, was pretty small in nature. It was more adding capabilities. So it's not really material to our numbers in -- definitely not in '24 and not even in '25. So we've not been disclosing any substantial information on that side.

然後也許回到你的最後一個問題。我們在 24 年底進行的收購規模相當小。它更多的是增加功能。所以這對我們的數字來說並不重要——絕對不是 24 年，甚至不是 25 年。因此我們尚未披露這方面的任何實質資訊。

Got it. Okay. Super helpful. And my last question, just on BMS. You're assuming flat to slightly down this year to account for IRA tax credit repeal uncertainties I, of course, I think that's prudent.

知道了。好的。超有幫助。我的最後一個問題是關於 BMS 的。您假設今年的成長率將持平或略有下降，以解釋 IRA 稅收抵免廢除的不確定性，當然，我認為這是謹慎的。

But just curious if that's getting informed by your own bottoms-up roll-up of customer indications? Or is it simply just an overlay macro point of conservatism on your part? And if possible, could you also confirm what your BMS revenue total was in 2024?

但我只是好奇這是否是從您自下而上匯總的客戶指示中得知的？或者這僅僅是您保守主義的一個宏觀觀點？如果可能的話，您能否確認 2024 年您的 BMS 總收入是多少？

So what we saw in 2024 was a pretty robust demand for our BMS product, especially with GM and as you probably know, the supply chain pipeline is a little more extended for BMS and for some of our other products because we supply to the battery plant that then supplies to the vehicle manufacturing plant. So the two reasons why we believe that it's good to be prudent. One, as we talked about the IR credit potentially being at risk.

因此，我們在 2024 年看到的是對我們的 BMS 產品的需求相當強勁，尤其是通用汽車，而且您可能知道，BMS 和我們的一些其他產品的供應鏈渠道更加延伸，因為我們向電池廠供貨，然後再由電池廠向汽車製造廠供貨。我們認為謹慎行事是件好事，原因有二。首先，正如我們所討論的，IR 信貸可能面臨風險。

Number two, overall demand is not as strong as perhaps was anticipated earlier. And as a result, there is a fair amount of inventory both of vehicles as well as from our perspective, our product going into that extended supply chain. So we believe 2025 will be a year where that's going to get adjusted and balanced out.

第二，整體需求可能不如之前預期的那麼強勁。因此，從我們的角度來看，無論是車輛庫存還是產品庫存，都有相當數量的庫存進入延伸的供應鏈。因此，我們相信 2025 年將是調整和平衡的一年。

And then '26 onwards, we can expect to grow with the market. So that's really been the main thinking the driver behind our forecasting for a slightly lower PMS revenues for us in '25. Jerome, do you want to talk about how big was the --

從 26 年開始，我們有望與市場共同成長。所以這確實是我們預測 25 年 PMS 收入將略有下降的主要原因。傑羅姆，你想談談--

Our revenues in 2024 were high single digit for BMS. And as Sachin said, it was a great year for us with a lot of ramp-ups and probably quite some inventory building as well.

2024 年，BMS 的收入將達到高個位數。正如薩欽所說，這對我們來說是偉大的一年，我們實現了許多成長，也可能建立了相當多的庫存。

High single-digit growth -- the high single digit percentage of total sales. Got it. Thank you.

高個位數成長－總銷售額的高個位數百分比。知道了。謝謝。

Alright correct. Yes. Absolutely.

好的，正確。是的。絕對地。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Hey, thanks so much for taking my question. Jerome, you mentioned that 50% of the EBITDA margin improvement by 2027 is being driven by scale. And I was wondering if you could just expand on that. Is that mainly engineering and SG&A leverage? Or you have capacity that needs to be built out?

嘿，非常感謝您回答我的問題。傑羅姆，您提到，到 2027 年，EBITDA 利潤率的 50% 成長是由規模推動的。我想知道您是否可以進一步闡述這一點。這主要是工程和銷售、一般及行政費用槓桿嗎？或是您有需要擴建的產能？

Yeah, absolutely. That's what I mean by scale. Generally, we've seen that this business is very sensitive to scale. And we've a great job over the years, leveraging additional volume while keeping our SG&A and engineering levels that are reasonable to use that word not proportionally increasing to the level of sales. So that is what I do mean by scale.

是的，絕對是如此。這就是我所說的規模。總體而言，我們發現這項業務對規模非常敏感。多年來，我們一直做得很好，利用額外的銷量，同時保持合理的銷售、一般及行政費用和工程水平，而不是按比例增加銷售水平。這就是我所說的規模。

The rest of the improvement is coming from our operational improvement, and we still have got a lot of areas that we think we can still improve. We've done, as I said, a pretty good job in the last few years. I'm mentioning vertical integration as one fundamental driver for us to improve margins and bring in-house as much as what we can control, not only for cost saving purposes, by the way, but as well to stay relevant from a technology standpoint on some in some areas like displays.

其餘的改進來自於我們的營運改進，我們認為仍有許多領域可以改進。正如我所說，過去幾年我們做得相當不錯。我提到垂直整合是我們提高利潤率和盡可能地將我們能夠控制的部分納入內部的一個基本驅動力，順便說一句，這不僅是為了節省成本，也是為了從技術角度在某些領域（如顯示器）保持相關性。

We will continue, obviously, to work on manufacturing productivity, but we do as well continue to work on engineering productivity automation in engineering, AI as well, will be a tool that we'll be using to be able to be more priced from an engineering standpoint. So there are a lot of drivers that we are considering as we look into 2027.

顯然，我們將繼續致力於提高製造業生產力，但我們也將繼續致力於提高工程生產力。工程自動化和人工智慧也將成為我們使用的工具，以便從工程角度提高價格。因此，展望 2027 年，我們正在考慮許多驅動因素。

Okay. And then just looking at 2024, clusters as a percent of total bookings was about 17% last year. It's about 40% of the current revenues. So just trying to get a sense of what happened or what you were seeing in clusters last year? And how you're thinking about the growth rate for that business going forward?

好的。展望 2024 年，去年集群佔總預訂量的百分比約為 17%。這約佔當前收入的40%。那麼，您只是想了解去年發生了什麼，或者您在集群中看到了什麼？您認為該業務未來的成長率如何？

Yeah. Yeah. So that's a good question, Shreyas. And this goes back to the point that I was making about some of the changes we are seeing in terms of the product makeup as we go forward here. So stand-alone clusters and infotainment in mid- to high segment of the market are going to be replaced by larger displays and cockpit domain controllers.

是的。是的。這是個好問題，Shreyas。這又回到了我剛才提到的關於我們在前進的過程中所看到的產品組成方面的一些變化。因此，中高階市場的獨立儀錶板和資訊娛樂系統將被更大的顯示器和駕駛艙域控制器所取代。

So there will be some level of that sort of cannibalization, if you want to call it that, that's going to happen in the industry. And for us, we think that's a good thing because from an ASP viewpoint, both displays and CDC are higher than stand-alone clusters and IVI or infotainment. At the same time, we're seeing those go more down market in terms of more affordable vehicles. So the volumes are going to go up. ASPs are going to go down on those clusters and infotainment. And that's how we see the market evolve.

因此，如果你願意這麼稱呼它的話，某種程度的蠶食現象將會在產業中發生。對我們來說，我們認為這是一件好事，因為從 ASP 的角度來看，顯示器和 CDC 都高於獨立集群和 IVI 或資訊娛樂。同時，我們看到更廉價的汽車正在走向低端市場。因此交易量將會上升。這些集群和資訊娛樂系統的平均售價將會下降。這就是我們所看到的市場演變。

What we have really done here is to anticipate these trends and position us to -- in a manner where we can take advantage of them. So we have a very strong displays and CDC business that's growing, clusters are still growing. If you look at the volume, our digital clusters grew close to almost 17%, 18% in 2024 year-over-year, right? And ASPs have come down as the product has gone into more value-oriented vehicles.

我們在這裡真正做的是預測這些趨勢，並讓我們能夠利用這些趨勢。因此，我們的顯示器和 CDC 業務非常強勁，而且還在不斷成長，集群也仍在成長。如果你看一下數量，我們的數位集群到 2024 年將年增近 17%、18%，對嗎？隨著產品越來越注重價值，平均售價也隨之下降。

So we will continue to see this dynamic, which is, I think, a very natural progression of how content is growing more starting with the upper end of the market and then coming down into the mass market.

因此，我們將繼續看到這種動態，我認為這是一個非常自然的進程，即內容從高端市場開始成長，然後進入大眾市場。

This concludes the Visteon's Fourth Quarter and Full Year 2020 Results Earnings Call. You may now disconnect.

偉世通 2020 年第四季及全年業績電話會議到此結束。您現在可以斷開連線。