IPG Photonics Corp,Inc。(IPGP) 首席执行官 Valentin Gapontsev 在 2019年 第二季度业绩 - 收益电话会议记录

IPG Photonics Corporation. (NASDAQ:IPGP) Q2 2019 Results Earnings Conference Call July 30, 2019 10:00 AM ET

IPG Photonics Corporation。 (纳斯达克股票代码:[IPGP])2019年第二季度业绩收益电话会议2019年7月30日美国东部时间上午10:00

公司参与者

James Hillier - VP, IR
Valentin Gapontsev - Founder, Chairman & CEO
Timothy Mammen - SVP & CFO

  • James Hillier - IR副总裁
  • Valentin Gapontsev - 创始人,董事长兼首席执行官
  • Timothy Mammen - 高级副总裁兼首席财务官

电话会议参与者

Michael Feniger - Bank of America Merrill Lynch
Andrew DeGasperi - Berenberg
Joseph Wittine - Edgewater Research
David Ryzhik - Susquehanna
Jim Ricchiuti - Needham & Company
Patrick Ho - Stifel
Tom Diffely - D.A. Davidson
Tom Hayes - Northcoast Research

  • Michael Feniger - 美国银行美林证券
  • Andrew DeGasperi - Berenberg
  • Joseph Wittine - Edgewater Research
  • David Ryzhik - Susquehanna
  • Jim Ricchiuti - Needham&Company
  • Patrick Ho - Stifel
  • Tom Diffely - D.A.戴维森
  • Tom Hayes - Northcoast Research

会议主持员

Good morning, and welcome to IPG Photonics' Second Quarter 2019 Conference Call. Today's call is being recorded and webcast. At this time, I would like to turn the call over to James Hillier, IPG's Vice President of Investor Relations, for introductions. Please go ahead sir.

早上好,欢迎来到IPG Photonics的2019年第二季电话会议。 今天的电话正在录制和网络直播。 在这个时候,我想把这个电话转交给IPG的投资者关系副总裁詹姆斯·希利尔(James Hillier)进行介绍。 请继续先生。

詹姆斯希利尔

Thank you operator and good morning everyone. With us today is IPG Photonics' Chairman and CEO, Dr. Valentin Gapontsev, and Senior Vice President and CFO, Timothy Mammen. Statements made during the course of this call that discuss management's or the Company's intentions, expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties include those detailed in IPG Photonics' Form 10-K for the year ended December 31, 2018 and other reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained by visiting the Investors section of IPG's website or by contacting the Company directly. You may also find copies on the SEC's website.
Any forward-looking statements made on this call are the Company's expectations or predictions only as of today, July 30, 2019. The Company assumes no obligation to publicly release any updates or revisions to any such statements. For additional details on our reported results, please refer to the earnings press release and the Excel-based financial data workbook posted to our investor relations website. We will post these prepared remarks on our investor relations website following the completion of the call.
With that, I'll now turn the call over to Valentin.

谢谢运营商,大家早上好。今天与我们合作的是IPG Photonics的董事长兼首席执行官,Valentin Gapontsev博士,以及高级副总裁兼首席财务官Timothy Mammen。本次电话会议期间发表的讨论管理层或公司未来的意图,预期或预测的陈述均为前瞻性陈述。这些前瞻性陈述受风险和不确定因素的影响,可能导致公司的实际结果与此类前瞻性陈述中的预测产生重大差异。这些风险和不确定性包括IPG Photonics在截至2018年12月31日的年度10-K表中详述的以及向美国证券交易委员会提交的其他报告。这些文件的副本可以通过访问IPG网站的投资者部分或直接联系公司获得。您也可以在美国证券交易委员会的网站上找到副本。

本次电话会议上发表的任何前瞻性陈述均为公司的预期或预测,仅截至今日,即2019年7月30日。公司不承担公开发布任何此类陈述的任何更新或修订的义务。有关我们报告结果的其他详细信息,请参阅我们的投资者关系网站上的收入新闻稿和基于Excel的财务数据工作手册。我们将在电话会议结束后将这些准备好的评论发布在我们的投资者关系网站上。

有了这个,我现在将电话转到Valentin。

Valentin Gapontsev

Good morning. Our second quarter results were strong. Driven by improving trends in our China business during April and May, we sold a record number of high power lasers during the quarter. Although the macroeconomic climate and the pricing environment both remain challenging, we delivered results in the upper half of our guidance range, while demonstrating solid traction in new products.
We continue to meet competitive challenges by substantially reducing component and manufacturing costs while introducing new products that improve productivity and increase flexibility for our customers.
As widely reported, the macro economy has softened and the geopolitical climate has become more unstable over the last few months. As a result we again find ourselves in a more uncertain position with limited near-term visibility to improving business conditions.
Despite the volatile geopolitical and business environment, we will continue to invest in new products and applications to substantially enhance our competitive position.
IPG remains the clear market leader in fiber lasers with hundreds of megawatts of installed capacity. During the second quarter, our megawatts of total optical power shipped reached a record level. We were able to successfully meet the strong sequential growth in demand for our laser products coming from China, with record shipments into the region.
We continue to see aggressive pricing among China-based competition, which intensified toward the end of the second quarter. Nevertheless, we achieved strong sequential growth in high power laser sales.
We have many laser products and systems that are unique in the industry. Chief among these, we continue to produce high power CW lasers for cutting, welding and other materials processing applications at industry leading power levels, beam stability and wall plug efficiency.
Sales of ultra-high power fiber lasers at 6 kilowatts or greater accounted for nearly 50% of all high power laser sales. Sales of lasers at 10 kilowatts or greater grew 16% year over year, driven by rapid adoption in cutting applications.
We have started shipping our new high peak power lasers, receiving encouraging feedback from our customers. These new products offer a differentiated solution to cutting OEMs, providing us with a distinct advantage in a competitive market. This unique capability increases piercing speed, improves cut quality, delivers cleaner, more controlled drilling of thicker materials and reduces scrap by enabling closer nesting of parts.
We are seeing compelling customer interest in our new generation of lasers with adjustable mode beam capability that permits reliable adjustment of the output beam. AMB is shown to reduce spatter, increase speed and improve quality in welding applications, and our AMB products are being evaluated by leading edge battery producers. In the cutting market, OEMs can cut a wide range of material thicknesses using our AMB lasers or our standard high power lasers with our unique family of high power optical heads.

早上好。我们的第二季度业绩强劲。在4月和5月期间我们的中国业务趋势改善的推动下,我们在本季度销售了创纪录数量的高功率激光器。虽然宏观经济环境和定价环境仍然具有挑战性,但我们在指导范围的上半部分提供了结果,同时展示了新产品的稳固牵引力。

我们通过大幅降低组件和制造成本,同时推出可提高生产力和增加客户灵活性的新产品,继续应对竞争挑战。

众所周知,宏观经济已经疲软,地缘政治气候在过去几个月变得更加不稳定。因此,我们再次发现自己处于一个更加不确定的位置,近期能见度有限,无法改善商业环境。

尽管地缘政治和商业环境不稳定,我们仍将继续投资新产品和新应用,以大幅提升我们的竞争地位。

IPG仍然是光纤激光器的明显市场领导者,拥有数百兆瓦的装机容量。在第二季度,我们的总光功率兆瓦达到了创纪录的水平。我们成功地满足了来自中国的激光产品需求的强劲增长,并且在该地区的出货量创历史新高。

我们继续看到中国竞争的激进定价,这种竞争在第二季度结束时愈演愈烈。然而,我们在高功率激光器销售方面实现了强劲的连续增长

我们拥有许多业内独一无二的激光产品和系统。其中最重要的是,我们继续生产用于切割,焊接和其他材料加工应用的高功率CW激光器,具有业界领先的功率水平,光束稳定性和墙插效率。

6千瓦或更高功率的超高功率光纤激光器的销售额占所有高功率激光器销售额的近50%。由于切割应用的迅速普及,10千瓦或更高的激光器销量同比增长16%。

我们已经开始发售新的高峰值功率激光器,从我们的客户那里获得了令人鼓舞的反馈。这些新产品为切割OEM提供差异化​​解决方案,为我们在竞争激烈的市场中提供独特的优势。这种独特的功能可提高穿孔速度,提高切割质量,为更厚的材料提供更清洁,更可控的钻孔,并通过更紧密的零件嵌套减少废料。

我们看到客户对我们新一代激光器的兴趣具有可调模式光束能力,可以可靠地调节输出光束。 AMB被证明可以减少飞溅,提高速度并提高焊接应用的质量,我们的AMB产品正在由领先的电池生产商进行评估。在切割市场,OEM可以使用我们的AMB激光器或我们标准的高功率激光器以及我们独特的高功率光学头系列来切割各种材料厚度。

We delivered excellent progress in new product areas outside metal processing. Sales of green pulsed lasers used to improve solar cell efficiency increased 150% year over year and nearly doubled on a sequential basis.
We increased sales of our ultrafast pulsed lasers more than 200% year over year and nearly 50% sequentially. We are actively working on more than 50 new projects for these lasers across a wide range of applications processing glass, ceramics, circuit boards, OLED film, batteries and solar cells.
Sales of our newest pulsed lasers, which include those at visible and ultraviolet wavelengths and ultrafast pulse durations, now exceed $10 million per quarter and are growing more than 60% year-over-year.
As we expand our portfolio of new pulsed lasers and capitalize on the many application opportunities for our differentiated fiber laser solutions, we expect revenue for these products to grow rapidly over the coming years.
Systems sales increased more than 50% year-over-year, excluding Genesis, driven by strong growth in macro systems for welding and other materials processing applications. In addition, our seam stepper had a record quarter with sales into several large automotive customers.
Sales of beam delivery accessories increased 10% year-over-year. Toward the end of the quarter, we received a large order for our medical laser solution addressing a surgical application, enhancing our visibility into strong growth in medical this year.
Collectively, second quarter sales of newer laser products and systems into emerging applications grew 12% year-over-year in the second quarter and were 17% of total revenue.
I am pleased to report that we continue to demonstrate meaningful traction in ultra high power fiber lasers while investing in new products and applications that expand our addressable market opportunity.
While macro factors are creating near-term headwinds in our business, our continued focus on developing and enhancing our differentiated laser solutions will drive the company's growth for many years.
As a reminder, our mission is to make IPG's fiber laser technology the tool of choice in mass production, and I remain confident in our ability deliver on this mission.
With that, I'll turn the call over to Tim.

我们在金属加工以外的新产品领域取得了很好的进展。用于提高太阳能电池效率的绿色脉冲激光器的销售额同比增长了150%,并且连续几乎翻了一番。

我们的超快脉冲激光器的销量同比增长超过200%,接近50%。我们正积极为这些激光器开发50多个新项目,涉及玻璃,陶瓷,电路板,OLED薄膜,电池和太阳能电池等各种应用。

我们最新的脉冲激光器(包括可见光和紫外波长以及超快脉冲持续时间)的销售现在每季度超过1000万美元,并且同比增长超过60%。

随着我们扩展新型脉冲激光器产品组合并利用我们差异化光纤激光器解决方案的众多应用机会,我们预计这些产品的收入将在未来几年迅速增长。

由于焊接和其他材料加工应用的宏观系统的强劲增长,系统销售额同比增长超过50%,不包括Genesis。此外,我们的接缝步进器创下了创纪录的季度,销售给几个大型汽车客户。

光束传输配件的销售额同比增长10%。到本季度末,我们收到大量医疗激光解决方案,用于解决手术应用问题,提高我们对今年医疗增长强劲的可见度。

第二季度,新兴激光产品和系统第二季度在新兴应用领域的销售额同比增长12%,占总收入的17%。

我很高兴地报告,我们继续展示超高功率光纤激光器的有意义的牵引力,同时投资新产品和应用,扩大我们可寻址的市场机会。

虽然宏观因素在我们的业务中产生了近期的阻力,但我们持续关注开发和增强差异化激光解决方案将推动公司多年的发展。

提醒一下,我们的使命是使IPG的光纤激光技术成为大规模生产的首选工具,我对我们履行这一使命的能力充满信心。

有了这个,我会把电话转给蒂姆。

蒂莫西·马门

Thank you Valentin and good morning everyone. Revenue in the second quarter declined 12% year-over-year to $364 million. Revenue from materials processing applications decreased 12% year-over-year and revenue from other applications decreased 16%.
Examining performance by region, second quarter revenue in China decreased 19% year-over-year versus a record quarter a year ago, and represented approximately 45% of the total. On a sequential basis sales in China increased more than 40% driven by cutting, welding and marking applications.
Following the escalation of the US-China trade conflict, we have seen a slowdown in order volume during the month of June that has continued through the first three weeks of July. Unfortunately, we believe this is now likely to delay the recovery that had been underway in China.
The pricing environment in China remains intense, affecting the dollar value of units sold. Our team is focused on further cost reductions throughout the manufacturing process. These cost reductions will only partially offset more aggressive pricing actions by the competition, and weaker unit volumes arising from the challenging macroeconomic backdrop will be a headwind to growth during the third quarter.
In Europe, revenue decreased 22% year over year primarily due to softness in cutting and additive manufacturing, partially offset by growth in welding. While pricing pressure in Europe has not been as intense as in China, the decrease in average selling prices in Europe has been above our historic average of late, affecting revenue during the quarter.
Within the region, we have seen a slowdown in Italy, a market which had held up better during the course of 2018. Looking ahead, we believe the persistent macroeconomic weakness throughout Europe is likely to pressure results in the region.
In North America, revenue increased 34% year over year driven by the acquisition of Genesis. Excluding Genesis, sales in North America decreased 5% year over year with strong growth in welding and cutting offset by declines in marking, telecom and government applications due to project timing and more challenging comparisons.
Sales in Japan decreased 10% year-over-year on softness in marking, welding and cutting. Sales in Korea decreased 14% year-over-year, though strong bookings suggest improved Q3 performance, and revenue in Turkey decreased 31% year-over-year given macroeconomic pressures in the region.
Turning to performance by product, sales of high power CW lasers decreased 20% year-over-year and represented approximately 59% of total revenue. Reduced revenue from high power CW lasers in cutting, welding and additive manufacturing applications was partially offset by strength in other materials processing applications.
Pulsed lasers sales decreased 2% year-over-year, with rapid growth in solar cell processing and fine cutting offset by reduced sales for marking applications. Medium and low power laser sales decreased 50% on softness in additive manufacturing and the transition to kilowatt-scale lasers in cutting, while QCW sales declined 21% year over year due to softness in fine welding for consumer electronics versus the year-ago period.

谢谢Valentin,大家早上好。第二季度收入同比下降12%至3.64亿美元。材料加工应用收入同比下降12%,其他应用收入减少16%。

按地区审查业绩,中国第二季度收入同比下降19%,而去年同期创历史新高,约占总收入的45%。在连续的基础上,由于切割,焊接和标记应用,中国的销售额增长了40%以上。

在美中贸易冲突升级之后,我们看到6月份的订单量在7月的前三周持续放缓。不幸的是,我们认为这可能会推迟中国正在进行的复苏。

中国的定价环境依然激烈,影响了所售单位的美元价值。我们的团队专注于在整个制造过程中进一步降低成本。这些成本降低只会部分抵消竞争对手更积极的定价行为,而宏观经济背景下的单位数量减少将成为第三季度增长的逆风。

在欧洲,收入同比下降22%,主要是由于切割和增材制造的疲软,部分被焊接增长所抵消。虽然欧洲的定价压力并不像中国那么强烈,但欧洲平均销售价格的下降已高于我们近期的历史平均水平,影响了本季度的收入。

在该地区,我们看到意大利经济放缓,这个市场在2018年期间表现得更好。展望未来,我们认为整个欧洲持续的宏观经济疲软可能会给该地区带来压力。

在北美,由于收购Genesis,收入同比增长34%。不包括Genesis,北美地区的销售额同比下降5%,焊接和切割的强劲增长被标记,电信和政府应用的下降所抵消,原因是项目时间安排和更具挑战性的比较。

由于标记,焊接和切割的柔软性,日本的销售额同比下降10%。韩国的销售额同比下降14%,但强劲预订显示第三季度表现有所改善,土耳其的收入同比下降31%,原因是该地区的宏观经济压力。

从产品性能来看,大功率连续波激光器的销售额同比下降20%,约占总收入的59%。在切割,焊接和增材制造应用中,高功率CW激光器的收入减少部分被其他材料加工应用的强度所抵消。

脉冲激光器的销售额同比下降2%,太阳能电池加工和精细切割的快速增长被标记应用的销售额减少所抵消。由于增材制造业的疲软和向切割中千瓦级激光器的过渡,中低功率激光器的销售额下降了50%,而QCW的销售额同比下降了21%,原因是消费类电子产品的精细焊接与去年同期相比疲软。

Systems sales increased 193% year-over- year including Genesis and 50% year-over-year excluding Genesis, driven by growth in macrosystems for welding and other materials processing applications.
Other product sales decreased 9% year-over-year with growth in beam delivery accessories and service revenue more than offset by declines in communications and other laser products.
Gross margin of 49.5% declined 726 basis points from the second quarter 2018. Compared with the year-ago period, less favorable absorption of manufacturing expenses and foreign exchange reduced gross margin by 150 basis points.
The acquisition of Genesis reduced gross margin by nearly 200 basis points. Higher inventory reserves reduced gross margin by 150 basis points and lower product pricing and other factors reduced gross margin by approximately 240 basis points.
Given the renewed uncertainty and increasing price competition, we have limited visibility and less confidence in getting gross margin back above 50% in the near-term. Holding other factors constant, we believe that recovery in our core laser business to more than $380 million in quarterly sales would enable us to get gross margin to 50%. Even at their current levels, our gross margins are industry leading.
Second quarter operating income was $91 million, or 25% of sales, down 1,430 basis points year-over-year. Excluding a foreign exchange loss of $5 million, operating margin was 26.4%. Excluding foreign exchange, operating expenses as a percentage of sales increased 600 basis points year-over-year due to: lower revenue; investments in engineers, salespeople and IT systems; and the acquisitions of Genesis and our Brazil submarine networks division.
Net income was $72 million and earnings per diluted share were $1.34. Foreign exchange losses reduced EPS by $0.08. If exchange rates relative to the U.S. Dollar had been the same as one year ago, we would have expected revenue to be $18 million higher and gross profit to be $10 million higher. The effective tax rate in the quarter was 24%, which included certain discrete tax items.
We ended the quarter with cash, cash equivalents, and short-term investments of $1.04 billion and total debt of $44 million. Cash provided by operations was $58 million during the quarter.
Operating cash flow was reduced by a $44 million outflow in accounts receivable related to the increase in revenue during the second quarter. Capital expenditures were $54 million, as we continue to invest in new plants and equipment to meet demand for our products over the next several years.
During the quarter we repurchased 15 thousand shares for $2 million. We expect share repurchases to increase in the back half of 2019 and remain committed to offset dilution from equity issuance.
Turning to guidance, data points relating to the health of manufacturing economies in our largest regions have weakened over the last three months. Our second quarter book-to-bill ratio was above one, but below normal seasonality as order volumes weakened in June. Furthermore, the competitive environment remains challenging, due in part to the recent slowdown in industry demand levels.

由于焊接和其他材料加工应用的宏观系统的增长,系统销售额同比增长193%,包括Genesis,同比增长50%,不包括Genesis。

其他产品销售额同比下降9%,光束传输配件和服务收入的增长抵消了通信和其他激光产品的下降。

毛利率为49.5%,较2018年第二季度下降726个基点。与去年同期相比,不太有利的制造费用和外汇吸收减少了150个基点的毛利率。

对Genesis的收购使毛利率降低了近200个基点。较高的库存储备使毛利率下降150个基点,较低的产品定价和其他因素使毛利率下降约240个基点。

鉴于新的不确定性和价格竞争加剧,我们的能见度有限,而且近期毛利率回升至50%以下的可信度较低。持有其他因素,我们认为我们的核心激光业务的季度销售额将超过3.8亿美元,这将使我们的毛利率达到50%。即使在目前的水平,我们的毛利率也是行业领先的。

第二季度营业收入为9100万美元,占销售额的25%,同比下降1,430个基点。不计500万美元的外汇损失,营业利润率为26.4%。不计外汇,营业费用占销售额的百分比同比增加600个基点,原因是:收入减少;对工程师,销售人员和IT系统的投资;并收购了Genesis和我们的巴西潜艇网络部门。

净收入为7200万美元,每股摊薄收益为1.34美元。外汇损失使每股盈利减少0.08美元。如果相对于美元的汇率与一年前相同,我们预计收入将增加1800万美元,毛利润将增加1000万美元。本季度的有效税率为24%,其中包括某些离散税项。

我们在本季度结束时的现金,现金等价物和短期投资为10.4亿美元,总债务为4400万美元。本季度运营提供的现金为5800万美元。

与第二季度收入增长相关的应收账款流出的运营现金流减少了4400万美元。资本支出为5400万美元,因为我们将继续投资新工厂和设备,以满足未来几年对我们产品的需求。

在本季度,我们以200万美元的价格回购了15,000股股票。我们预计股票回购将在2019年下半年增加,并继续致力于抵消股票发行的稀释。

谈到指导意见,过去三个月来我们最大区域制造业经济健康状况的数据点有所减弱。我们的第二季度订单出货比率高于一,但低于正常季节性因为订单量在6月份减弱。此外,竞争环境仍然充满挑战,部分原因是近期行业需求水平放缓。

As a result, we expect pricing headwinds related to the competitive environment to continue. We expect growth in our innovative new products, accessories and complete systems to partially offset softness in our core business as these solutions gain further acceptance in the market.
Based on these factors, for the third quarter 2019 we expect revenue of $325 million to $355 million. We expect our third quarter tax rate to be approximately 25%. We anticipate delivering earnings per diluted share in the range of $1.05 to $1.35.
Escalation of the US-China trade conflict and further macro softness have reversed the market recovery we had expected to strengthen in the second half of 2019. Our largest machine tool OEM customers have not provided us with expectations beyond the next few months given the weaker macroeconomic and geopolitical climate.
As a result, we do not have the necessary conviction to provide an outlook beyond the current quarter. However, we believe strength in new products and ongoing enhancements to our core laser portfolio will enable us to better capitalize on the eventual rebound in end market demand.
As discussed in the Safe Harbor passage of today's earnings press release, actual results may differ from our guidance due to factors including, but not limited to, product demand, order cancellations and delays, competition, tariffs, trade policies and general economic conditions.
Our guidance is based upon current market conditions and expectations, assumes exchange rates referenced in our earnings press release, and is subject to risks outlined in the company's reports with the SEC.
With that, Valentin and I will be happy to take your questions.

因此,我们预计与竞争环境相关的价格逆风将继续。随着这些解决方案在市场上得到进一步的认可,我们预计我们的创新产品,配件和完整系统的增长将部分抵消我们核心业务的疲软。

基于这些因素,2019年第三季度我们预计收入为3.25亿美元至3.55亿美元。我们预计第三季度的税率约为25%。我们预计每股摊薄收益将在1.05美元至1.35美元之间。

美中贸易冲突的升级以及进一步的宏观疲软扭转了我们预期在2019年下半年加强的市场复苏。鉴于宏观经济疲软,我们最大的机床OEM客户未能在未来几个月内向我们提供预期和地缘政治气候。

因此,我们没有必要的信念来提供超出当前季度的展望。然而,我们相信新产品的优势和我们核心激光产品组合的持续增强将使我们能够更好地利用最终市场需求的最终反弹。

正如今天盈利新闻稿的安全港通道所述,实际结果可能与我们的指引不同,原因包括但不限于产品需求,订单取消和延迟,竞争,关税,贸易政策和一般经济条件。

我们的指引基于当前的市场状况和预期,假设我们的盈利新闻稿中提到的汇率,并且受到公司与美国证券交易委员会报告中概述的风险的影响。

有了这个,Valentin和我很乐意回答你的问题。

问答环节

[Operator Instructions]. Our first question comes from the line of Michael Feniger, Bank of America Merrill Lynch. Please proceed with your question

[操作员说明]。 我们的第一个问题来自美国银行美林公司的Michael Feniger。 请继续你的问题

Michael Feniger

Yes thanks guys for taking my question. Just help us understand the pricing comments. I believe at a conference Tim, it was I think two months ago, you mentioned how pricing stabilizing somewhat sequentially it sounds like things changed in June, so can you just remind us how much does pricing typically fall every year, I think it’s like 5% to 10%, how much did we see that fall in 2018 and now what are your expectations now for as we think of the rest of 2019 there?

是的,谢谢你们提出我的问题。 只是帮助我们了解定价评论。 我相信蒂姆,在两个月前的某个会议上,你提到了价格如何稳定在一定程度上,这听起来好像6月的事情发生了变化,所以你能不能提醒我们每年定价通常会下降多少,我认为这就像5 %到10%,我们看到2018年的跌幅是多少,现在我们对2019年剩余时间的预期是什么?

蒂莫西·马门

No typically you’ll see pricing go down 5% to 15% historically. More recently on average pricing if you look from a year-over-year basis has been 30% or even slightly higher than that from certain product lines. The issue that has really become a power within the market is as soon as the macro environment weakens the competitors try and hold on to or increase share by decreasing pricing aggressively. So its very closely tied. We are seeing changes and the demand environment with the way that the competitors respond to that.
Having said that, the pricing is it continues to be a challenge. We've had a lot of discussions internally at IPG about being certainly more selective and very strategic about how we're going to respond to these sort of reaction removed by the competition.
There are even some OEMs where we're looking at not responding to pricing in the way that they're demanding because we believe, we do have a significantly better quality product both in terms of just for example, electrical efficiency reliability service and support specifications warranty. And those are advantages that we believe people should be paying for. And if everyone's going to be reactionary in this market particularly in a volatile demand environment, it's really just to chase to the bottom and our view is that that that's not a way to leverage the value of this technology, which drives tremendous improvements in productivity and you've really seen this sort of really rapid growth in demand for different applications coming from those improvements in productivity.
So, it's certainly a challenging environment, but we're also looking at how we can add value around the lasers. The accessories, the for example in the welding applications some of the real time world monitoring capability within systems very advanced welding applications like titanium, copper welding, and these are in areas where the competition doesn't really have a lot of expertise or capability and there are areas where IPG is building a tremendous amount of depth in capability, and that's excluding some of the newer product applications where we're starting to see some nice traction as well, where there's an incremental margin profile that we have of that.

通常情况下,您不会看到定价在历史上下降5%至15%。最近的平均价格,如果你从一年多的基础上看,比某些产品线的价格高出30%甚至略高。真正成为市场力量的问题是,一旦宏观环境削弱竞争对手试图通过积极降低定价来保持或增加份额。所以它非常紧密。我们看到变化和需求环境与竞争对手的反应方式有关。

话虽如此,定价仍然是一个挑战。我们在IPG内部进行了很多讨论,关于我们如何应对竞争中消除的这些反应,我们当然会更具选择性和战略性。

甚至有些原始设备制造商也在考虑不按照他们要求的方式对价格作出反应,因为我们相信,我们确实拥有质量更好的产品,例如电气效率可靠性服务和支持规范保证。这些都是我们认为人们应该为此付出的优势。如果每个人在这个市场中都会反应,特别是在波动的需求环境中,那真的只是追逐到底,我们的观点是,这不是利用这项技术的价值的方式,这会带来生产力的巨大提升和你真的看到这种对生产力提高的不同应用需求的快速增长。

因此,它肯定是一个充满挑战的环境,但我们也在研究如何为激光器增加价值。附件,例如在焊接应用中的一些实时世界监控能力,系统非常先进的焊接应用,如钛,铜焊接,这些都是竞争并不真正具有很多专业知识或能力的领域,在某些领域,IPG正在构建巨大的能力深度,而且不包括一些较新的产品应用,我们也开始看到一些很好的牵引力,其中我们有一个增量的利润率。

Michael Feniger

And Tim, just can you help us, I understand the visibility is limited right now, but could we be seeing some type of replacement demand come through. I think systems are seven to 10 years old. You guys have seen strong growth over the last few years now. I'm just curious, if you are seeing maybe some baseline level replacement demand that has to occur?
And then just secondly on that, I'm just hoping if you'd give us any more color on the auto market I know there's a lot of movement there with new EV investments, but also some of the traditional size we're seeing CapEx maybe start to plateau, any type of color you can you can share on that as well? Thank you.

蒂姆,你能帮助我们,我知道目前的能见度有限,但我们是否可以看到某种类型的替代需求。 我认为系统是7到10年。 你们在过去几年里看到了强劲的增长。 我只是好奇,如果你看到可能会出现一些基线水平更换需求?

然后就是第二,我只是希望你能在汽车市场上给我们更多的颜色我知道那里有很多新的EV投资运动,但也有一些我们看到的顶级传统尺寸CapEx 可能会开始高原,您可以分享任何类型的颜色吗? 谢谢。

蒂莫西·马门

So the first part of the question, certainly for fiber lasers, you've got you know some quantity of kilowatts scale and other lasers that are now you know 10 or more years old. The issue that we face is the real volume of kilowatt scale fiber laser start to increase probably in 14 or 15. So you're relatively early in that replacement cycle. What I will say though is there's still a very large installed base of CO2 lasers that needs replacing one of our competitors and other supplies in the industry of components will pull quote that there's more than 70,000 CO2 lasers that are out there that would require replacement over time, we believe with fiber. That is part of the investment cycle towards replacing those is one of the issues that everyone's face a bit of challenge on. That has slowed down, when you get to some improvement in sort of the macro climate or you perhaps get some better visibility into what's happening with the geopolitical tensions around the world, that replacement cycle certainly has an opportunity to rebound pretty quickly, and it is, as I said tens of thousands of CO2 lasers that do require replacement.
The automotive market is, I think, obviously there's a lot of different analysis out there that shows that the automotive investment cycles out are relatively low at the moment and have perhaps peaked. But notwithstanding that, just going back to Q2, we just mentioned that we had the largest supply and purchase order that we supply for our Seam stepper applications into major automotive OEM zone in Europe.
So that was actually a demonstrated change in technologies being invested in even when the market is relatively low. There's a strong pipeline of automotive business we're working long in the U.S. again driven by technology change and some of the benefits we have from the real time well monitoring capability that we're hoping will generate order flow, and then the overall outlook for the EV investment cycle remains very strong and that's a multi-year investment cycle. It is project driven, and it can be uneven from quarter-to-quarter.
But there are certainly different areas of investment within the automotive that we believe that will be drivers for our business over the medium term, and certainly for the longer term.

所以问题的第一部分,当然对于光纤激光器,你已经知道了一些千瓦规模和其他现在你知道10年或更长时间的激光器。我们面临的问题是千瓦级光纤激光器的真实体积可能在14或15开始增加。所以你在这个更换周期中相对较早。我要说的是,仍然有一个非常大的二氧化碳激光器安装基础,需要更换我们的竞争对手和组件行业的其他供应将引用超过70,000个二氧化碳激光器,需要更换时间,我们相信纤维。这是替换这些问题的投资周期的一部分,这是每个人都面临一些挑战的问题之一。这种情况已经放缓,当你在某种宏观环境中得到一些改善,或者你可能更好地了解全球地缘政治紧张局势正在发生的事情时,更换周期肯定有机会快速反弹,而且正如我所说,成千上万的二氧化碳激光器需要更换。

我认为,汽车市场显然有很多不同的分析表明汽车投资周期目前相对较低并且可能达到顶峰。但尽管如此,回到第二季度,我们刚刚提到我们拥有最大的供应和采购订单,我们将Seam步进应用程序提供给欧洲主要的汽车OEM区域。

因此,即使市场相对较低,这实际上也是投资技术的一个显着变化。有一个强大的汽车业务管道我们在美国长期工作再次受到技术变革和我们从实时井监控能力中获得的一些好处,我们希望这些能力将产生订单流,然后是整体前景。电动汽车投资周期仍然非常强劲,这是一个多年的投资周期。它是项目驱动的,并且每季度可能不均衡。

但是,汽车内部肯定存在不同的投资领域,我们认为这将成为我们中期业务的推动因素,当然也包括长期投资。

会议主持员

Our next question comes from Andrew DeGasperi, Berenberg. Please proceed with your question.

我们的下一个问题来自Berenberg的Andrew DeGasperi。 请继续你的问题。

Andrew DeGasperi

Thanks, good morning. Thanks for taking my question. I guess one and maybe a follow up. On the – first of all I guess the 380 million core laser business you mentioned to get to the 50%. Just for clarification, was this the midpoint of the 50% to 55% gross margin, or was this just over 50%?

谢谢,早上好。 谢谢你提出我的问题。 我猜一个,也许是一个跟进。 首先,我猜你提到的3.8亿核心激光业务达到了50%。 仅仅为了澄清,这是50%至55%毛利率的中点,还是刚刚超过50%?

蒂莫西·马门

No getting back over 50% would be the target of our level that we’ve talked about. Previously and on this call, so you've started to see your absorption rates pick up. I think the thing to do is look at where we were at 363 million, we're just below 50% it has some relatively large inventory provisions in the quarter, the 380 it does give us some comfort of being able to get back there, but it is a different scaled business than one we’re guiding up to Q3 obviously, which is the challenge.

没有回头超过50%将成为我们谈论过的目标水平。 以前和这个电话,所以你已经开始看到你的吸收率上升。 我认为要做的事情是看看我们在3.63亿的位置,我们只是低于50%,它在本季度有一些相对较大的库存供应,380它确实给我们一些安慰,能够回到那里, 但这显然是一个不同于第三季度的业务,这显然是挑战。

Andrew DeGasperi

Right. And then just on pricing and competition, is a 6 to 10 kilowatt seeing some pricing pressure because of competition at the lower end or are you not seeing competition and that's in that tranche of lasers?

对。 然后仅仅是在定价和竞争方面,由于低端的竞争,或者你没有看到竞争,那么6到10千瓦的价格是否会受到一些价格压力?

蒂莫西·马门

Numerous of the competitors have announced products at that level, and they're trying to sell them. The issue faces that to a certain degree, any customer looks at the average selling price per kilowatt of a laser and even if there is less competition at the higher levels, you can't price at a premium and you get a very good gross margin on that product. But there's a certain blows through on an ASP per kilowatt across the entire product line is how we like to think about that.

许多竞争对手已宣布该级别的产品,他们正试图出售它们。 这个问题在某种程度上面临着一定程度上,任何客户都会看到激光器每千瓦的平均售价,即使较高级别的竞争较少,也不能以高价定价,而且你的毛利率会非常高 在那个产品上。 但是,整个产品线每千瓦的ASP有一定的打击是我们想要考虑的方式。

Andrew DeGasperi

Got it. Thank you.

得到它了。 谢谢。

Valentin Gapontsev

The more power for competition, it’s more and more difficult to compete because the even with more power it’s our knowledge information, we have very serious problem with a lifetime or with you have to repay very often with high powered the practical know them way they're not able to walk in serial -- just more from the image they claim they care, but not real sales that we did with them.

竞争的力量越大,竞争越来越困难,因为即使拥有更多的权力,这也是我们的知识信息,我们在一生中都会遇到非常严重的问题,或者你必须经常以高效率回报他们的实际知识。 无法连续走 - 只是更多来自他们声称他们关心的形象,而不是我们对他们做过的真实销售。

会议主持员

Our next question comes from Joseph Wittine, Edgewater Research. Please proceed with your question.

我们的下一个问题来自Edgewater Research的Joseph Wittine。 请继续你的问题。

Joseph Wittine

Yes, hey guys. It's Joe. First off, our high peak power QCW, you said you're now shipping wondering if you're offering in all geographies and then if you have any rough estimates on let's say what portion of the cutting base may realistically adopt HPP-QCW over the next year or so?

是的,嘿伙计们。 这是乔。 首先,我们的高峰值功率QCW,你说你现在发货,想知道你是否在所有地区提供,然后如果你有任何粗略估计,让我们说切割基地的哪一部分可能实际上采用HPP-QCW 明年左右?

蒂莫西·马门

We're offering this throughout the world at the moment Joe, it's still too early to say what proportion of resolve of the lower end of the market will transition to using that high peak power laser. But there's a lot of evaluation work ongoing, it's probably a quarter if not two quarters early to be able to give more definitive information about the traction that we expect to see from that or.
For example, what percentage of the low end of the market would start using an 8 2 kilowatt HPP or a four kilowatt HPP.

我们现在正在全世界提供这一点,现在还不能说市场低端市场的决心将转变为使用高峰值功率激光器。 但是还有很多评估工作正在进行中,如果不是提前两个季度就可以提供关于我们期望从中看到的牵引力的更明确的信息。

例如,市场低端市场中有多少百分比将开始使用8 2千瓦HPP或4千瓦HPP。

Joseph Wittine

Okay, I got it a little bit early. Jim, I know you can't quantify the fourth quarter and then that makes perfect sense, but in any event let's say headlines kind of stay with the status quo, kind of similar to as they are today would you expect all else equal somewhat typical seasonality off the third quarter base, wherever that ends up being?

好的,我早点了。 吉姆,我知道你无法量化第四季度,然后这是完全合理的,但无论如何,让我们说标题类似于现状,有点类似于今天,你会期望所有其他相等的典型 第三季度基数的季节性,无论在哪里结束?

蒂莫西·马门

Do you know that I can't quantify, but you're asking me to quantify. Yes I am.

你知道我无法量化,但你要我量化。 我是。

Joseph Wittine

I guess, I am.

我想,我是。

蒂莫西·马门

We just don't. I mean, it's one of those extraordinary times where we just need we need to get through the quarter to work out you know see where water flow ultimately ends up, see where demand in China ends up, be whether there's going to be a bit of budget spend come through. There are certainly some projects around the advance that we're expecting in order flow from that would be driven by some budget spending there's a pickup in some of the medical business shipments, that will take place in Q3 and Q4 that's still not very material. But you kind of need to see where the trade war ultimately ends up and whether that stabilize the situation in China. You want to see what happens with the European Economic Zone over the next eight to 10 weeks. I mean, you got the biggest you now around Brexit with the new Prime Minister in the UK being pretty aggressive there. It's an uncertain time. So, I'm – that's the kind of like color I can give you around it. But getting drawn into qualifying at this point in time, if we been be able to quantify we would have done.

我们只是没有。我的意思是,这是一个非常特殊的时期,我们只需要我们需要通过这个季度来解决问题,你知道水流最终会在哪里结束,看看中国的需求到底在哪里,是否会有一点点预算支出来了。肯定会有一些围绕预付款的项目,我们期待的顺序来自于一些预算支出的推动,一些医疗业务出货量有所增加,这将在第三季度和第四季度仍然不是很重要。但是你需要看看贸易战最终会在哪里结束,以及这是否能够稳定中国的局势。您想了解未来8到10周欧洲经济区会发生什么。我的意思是,你现在拥有英国脱欧最大的人才,英国的新首相在那里非常积极。这是一个不确定的时间。所以,我 - 这是我可以给你的那种颜色。但是,如果我们能够量化我们会做的事情,那么在这个时间点进入排位赛。

Joseph Wittine

All right. Understood. And then last from me. Could you remind us on what's driving the outsized inventory provisions on a year-over-year basis? And what do you assume there within the third quarter guide? Thanks.

行。了解。 然后从我这里来。 您能否提醒我们一年多来推动超额库存准备的原因是什么? 你在第三季度指南中有什么假设? 谢谢。

蒂莫西·马门

We just got a lower revenue level on relatively high buildup of inventory last year. So you got inventory that just becomes a bit older. It's not -- it's still not a massive in terms of total impact. It's not massively significant. So I expect them to remain relatively speaking a little bit elevated for two or three quarters as we go through lapping the annual build up in some of the inventory that happened a year ago. But I don't expect to have a much more material impact related to them.

去年我们的库存积累相对较高,我们的收入水平较低。 所以你的库存变得有点老了。 事实并非如此 - 就总影响而言,它仍然不是很大。 它并不重要。 所以我预计他们在两三个季度之后会保持相对较高的水平,因为我们会对一年前发生的一些库存进行年度增长。 但我不希望对它们产生更多的重大影响。

Joseph Wittine

Thank you.

谢谢。

蒂莫西·马门

We tried to manage that, Joe, as you know on a constant basis rather than suddenly looking at inventory provisions every two years and having to take a much larger provision. We're trying to look at the realizable value on a regular basis and manage it that way.

正如你所知,我们试图管理这一点,而不是每两年突然查看库存规定而不得不采取更大的规定。 我们试图定期查看可实现的价值并以这种方式进行管理。

会议主持员

Our next question comes from David Ryzhik at Susquehanna. Please proceed with your question.

我们的下一个问题来自Susquehanna的David Ryzhik。 请继续你的问题。

David Ryzhik

Hi. Thanks so much for taking my question. Tim, can you maybe elaborate on the base fee declines in Europe. Is that a function of competitive pressures increasing in Europe as well? Then I had a follow-up.

你好。 非常感谢你提出我的问题。 蒂姆,你能不能详细说明欧洲的基本费用下降。 这也是欧洲竞争压力增加的一个因素吗? 然后我进行了跟进。

蒂莫西·马门

Some of the Chinese are claiming they're selling product in Europe. There's certainly been some of the pulse lasers in Europe they've been trying to get traction on. They are trying to introduce product there. Debates on how much success they've got in that regard given the quality, their ability to support it. Some of the pricing just transitions through to the OEMs in Europe because they're aware of what's happened in other geographies around the world. Often some of them have JVs for example in China.
So they're very aware of what happens to pricing. So the ability to totally differentiate pricing on a standard product across regions is more difficult. The ability to differentiate pricing on capability and technical specification which is a key strategy that we have is very important, right? So we believe that the HPP lasers, the AMB lasers are going to enable. We're going to be able to premium price some of that product, selling product with some of the world's monitoring capability and accessories add a tremendous amount of value around it. But if you're just selling a straight three, four or five kilowatt laser, people understand what's happened to pricing in different regions around the world and unless you've got some other differentiating factor to some degree that pricing migrates

一些中国人声称他们在欧洲销售产品。在欧洲肯定有一些脉冲激光器,他们一直在努力争取。他们正试图在那里推出产品。讨论他们在这方面取得了多大成功,因为质量和支持能力。一些定价只是转移到欧洲的原始设备制造商,因为他们知道世界上其他地区发生的事情。通常他们中的一些人在中国有合资企业。

所以他们非常了解定价会发生什么。因此,跨区域完全区分标准产品定价的能力更加困难。区分能力和技术规范定价的能力是我们的关键策略非常重要,对吧?所以我们相信HPP激光器,AMB激光器将会启用。我们将能够为该产品的部分产品定价,销售带有一些世界监控功能的产品和配件为其增添了巨大的价值。但如果您只是直销三四千瓦或五千瓦的激光器,人们就会明白全球不同地区的定价情况会发生什么变化,除非您在某种程度上有一些其他差异化因素导致定价迁移

David Ryzhik

Understood. Thanks. And then just regarding the 3Q guide, would love to get your assumptions for the new product category embedded in your third quarter guide. It increased nicely from 15% to 18% in Q2. Just wondering what you expect for the third quarter?

了解。 谢谢。 然后只是关于第3季度指南,我们很乐意为您的第三季度指南中的新产品类别做出假设。 它在第二季度从15%上升到18%。 只是想知道你对第三季度的期望是什么?

蒂莫西·马门

We don't give specific guidance around different elements of the revenue streams in the third quarter. We continue to expect good traction around the green lasers, the ultrafast lasers, pick up in some of the shipments, the cinema applications continued strength in some of the laser systems business. So we're looking for growth from those areas. We don't give specific guidance around those numbers and we're looking for growth to drive the business forward not just in Q3 but Q4 and the medium term from those newer applications.
There'll be a pick up in some of the medical shipments as well based upon the order that we got. So we're actually pleased with some of the diversification in this business. When you look at these all areas we worked on for a long time and they're now starting to generate not the level of revenue we want, but they've got they've got some nice traction in revenue coming from these leading edge new products. And if we can continue executing with them we're going to have a much more diverse business within 18 to 24 month period.

我们没有就第三季度收入流的不同要素提供具体指导。我们继续期待绿色激光器,超快激光器的良好牵引力,一些出货量的增加,电影应用在一些激光系统业务中继续保持强势。所以我们正在寻找这些领域的增长。我们没有针对这些数字提供具体的指导,我们正在寻求增长来推动业务不仅在第三季度,而且在第四季度以及中期来自那些较新的应用程序。

根据我们获得的订单,一些医疗货物也将有所收获。因此,我们对这项业务的一些多元化感到满意。当你看到我们长期工作的所有领域时,他们现在开始产生的不是我们想要的收入水平,但是他们已经从这些领先的新领域获得了很好的收入。产品。如果我们能继续执行它们,我们将在18到24个月内完成更多样化的业务。

David Ryzhik

Okay. Thanks, Tim.

好的。 蒂姆,谢谢。

会议主持员

Our next question is from Jim Ricchiuti, Needham & Company. Please proceed with your question.

我们的下一个问题来自Needham&Company的Jim Ricchiuti。 请继续你的问题。

Jim Ricchiuti

All right. Thank you. Good morning. I'm wondering if there are any regions geographic regions where perhaps the bookings have held up somewhat better, sounds like it's been a – you're clearly seeing some slowing in bookings in July in China. Where are you seeing other areas of weakness and where are you seeing some signs where it's holding up better?

行。 谢谢。 早上好。 我想知道是否有任何地区的地理区域可能预订有点好,听起来像是 - 你很明显7月在中国预订有些放缓。 你在哪里看到其他弱点区域,你在哪里看到一些更好的迹象?

蒂莫西·马门

So, in China, Jim, actually bookings were relatively strong for the quarter. It's just -- there's some uncertainty about whether people are going to take that demand now, so their revenue guidance is weaker. Order flow in Korea was actually very strong even though the macro date out of Korea isn't that good. But that's again being – that lot of that development of some of the new product introductions and orders yet from DMV there specifically, but they've been doing a lot of work for example the DMV on welding applications, but a lot of the ultra far some of the UV, some of those newer applications in the welding business in Korea with strong.
Japan order flow was not great, but they're expecting a pickup in revenue from Japan in Q3. The US is continuing to hold up reasonably well, so that that continues to be a more resilient area into the macro. Also the U.S. business is a bit more diverse, right? You've got the emerging medical business. You've got the advanced business which was revenue wise was a bit weak, but there's a lot of different projects being worked on that. We've got an order for a 60 kilowatt laser in the last couple of weeks out of the U.S.

因此,在中国吉姆,实际上本季度的预订相对较强。这只是 - 人们现在是否会采取这种需求存在一些不确定性,因此他们的收入指导较弱。尽管韩国的宏观日期并不那么好,但韩国的订单流量实际上非常强劲。但这又是一次 - 那些新产品的推出和订单的大部分发展都来自DMV那里,但他们已经做了很多工作,例如DMV焊接应用,但很多超远一些紫外线,其中一些较新的应用在韩国焊接业务中具有很强的实力。

日本订单流量并不大,但他们预计第三季度日本的收入将有所回升。美国继续保持相当好的表现,因此这仍然是进入宏观市场的一个更具弹性的领域。美国的业务也更加多样化,对吧?你有新兴的医疗业务。你有一个先进的业务,收入明智有点弱,但有很多不同的项目正在进行。我们在过去几周内收到了美国60千瓦激光器的订单。

Valentin Gapontsev

Two orders.

两个订单。

蒂莫西·马门

Two orders with 60 kilowatts.

两个订单60千瓦。

Valentin Gapontsev

Yes.

是。

蒂莫西·马门

So that would be for an advanced research application. Other areas – I mean, Europe as a whole it is pretty weak and China is volatile, right. There is some underlying demand that exist in China, but its getting switched on and off as business uncertainty either gets switched off when business uncertainty declines and it comes back when there's some confidence in the business environment. So I wouldn't say there is no demand for ladies in China, it just volatile at the moment. And that's the challenge that we're dealing with.

这将是一个先进的研究应用程序。 其他方面 - 我的意思是,欧洲整体而言非常弱,中国也是动荡的,对吧。 中国存在一些潜在的需求,但随着业务不确定性在业务不确定性下降时被关闭,并且在业务环境存在信心时,业务不确定性会被关闭。 所以我不会说中国的女士们没有需求,现在只是动荡不安。 这就是我们正在应对的挑战。

Jim Ricchiuti

Thanks for clarifying.

谢谢你的澄清。

Valentin Gapontsev

We have still month value of fast growth of business in China. But after the new increase of tariff immediately quantity ordered from China drop minimum three times. Now our customers remain with that, but before they order by five, 10 even fifty hundred units per one order now quantity orders is the same will be practically quantity per day. But instead of 10, 15 or hundred of each order now will only one or two pieces. So they pull on order, but waiting [Indiscernible] what happened later now they hold practical problem in quantity volume what they need all they purchase, but [Indiscernible] to purchase.

我们对中国业务的快速增长仍具有月份价值。 但新增加的关税后立即从中国订购的数量最少下降三次。 现在我们的客户仍然坚持这一点,但在他们订购五个,每个订单10个甚至五百个单位之前,现在数量订单是相同的,实际上每天的数量。 但现在每个订单不是10,15或100,而是只有一两件。 所以他们按顺序,但等待[音频不清晰]后来发生了什么,现在他们在数量上存在实际问题,他们需要购买所需的东西,但是[音频不清晰]要购买。

Jim Ricchiuti

That's helpful. On the system side of the business x Genesis, I'm surprise if the business is been holding up and you're showing the kind of growth that you have that you're showing in this kind of macro environment. Are you -- is it just because it's a relatively small business and you have new applications you're going after?

这很有帮助。 在业务x Genesis的系统方面,如果业务持续发展并且您正在展示您在这种宏观环境中展示的那种增长,我会感到惊讶。 你是 - 这只是因为它是一个相对较小的业务,你有新的应用程序你要追求?

蒂莫西·马门

As you think some of the systems outside the multi axis and the small form cutting machine which is primarily sold in the U.S. right, does benefit from the U.S. economy being relatively stronger. There is also relatively old capital equipment in terms of age in the U.S. so that investment cycle potentially if the macro holds up is stronger. The ILC business which is shipping into the medical device manufacturing industry had had a good quarter in Q2. It's going to have another -- it's going to have a better quarter in terms of shipments in Q3. Their total order flow is also held up.
And then we did deliver quite a lot of higher power specialized -- some of these are fairly specialized systems. There was one system for welding batteries that was delivered to the UK, Jim. There's another system for welding batteries in a consumer product that will be delivered or revenue will come through on Q3. So some of those more specialized systems, we could get some revenue off. And then for example the system that was sold for the battery welding is actually going to result in good order flow for some lasers for the battery welding application in the future. So, yes, the systems business X Genesis for lasers performed pretty well.

正如您所认为的那样,多轴以外的一些系统和主要在美国销售的小型切割机确实受益于美国经济相对强大。在美国,年龄方面也有相对较旧的资本设备,因此如果宏观上涨,投资周期可能会更强。运往医疗器械制造业的ILC业务在第二季度表现良好。这将是另一个 - 在第三季度的出货量方面将会有更好的季度。他们的总订单流量也得到了保持。

然后我们确实提供了相当多的高功率专用 - 其中一些是相当专业的系统。吉姆,有一个用于焊接电池的系统交付给英国。还有另一种用于焊接消费产品电池的系统,该系统将在第三季度交付或收入。因此,一些更专业的系统,我们可以获得一些收入。然后,例如,出售用于电池焊接的系统实际上将导致用于电池焊接应用的一些激光器的良好订单流量。所以,是的,用于激光的系统业务X Genesis表现相当不错。

Jim Ricchiuti

Okay. Thank you.

好的。 谢谢。

会议主持员

Our next question is from Patrick Ho, Stifel. Please proceed with your question.

我们的下一个问题来自Patrick Ho,Stifel。 请继续你的问题。

Patrick Ho

Thank you very much. Jim, maybe first off you talked about some additional cost cutting efforts on your end, given how you're already the lowest cost supplier in the industry. Are these additional cost cuts coming on the manufacturing side of the supply chain? Can you just give a little more color and details of where you can extract additional cost savings?

非常感谢你。 吉姆,也许首先你谈到了一些额外的成本削减努力,因为你已经是业内成本最低的供应商。 这些额外的成本削减是否会出现在供应链的制造方面? 您能否提供更多颜色和详细信息,以便您可以节省额外的成本?

蒂莫西·马门

It continues to come from the core optical components that we use. The size is obviously one that we talk about a lot there. Increasing the power that you can get out of an individual fiber block, there are even some mechanical components where we're going to -- some of these are design changes, right? So for example, some of the heat sink designs we're looking at that are used in the modules, we're going to improve the quality of the cost aluminum in that to enable those heat sinks to more rapidly remove heat that will enable us to produce modules of higher power level and increase reliability.
That's something in the medium to near term that we're looking at that isn't going to roll into the building material for a few months. But that would be an example of something that we think about and it's a bit more of a lateral way of thinking about it. And then you've got to look at where we adding value around the accessories which grew a 10% year-over-year. There's a lot of value added around the accessories that we produce relative to the cost of an accessory and the selling price. The newer products where we're taking cost out of the bills and materials, for example, the cinema products continuing to ramp the demand for ultrafast pulse trying to get the cost of the green lasers down a bit more. There's some of the newer products you'll see improving margin there as well. It's a pretty broad based. As I always said, part of it -- the strongest part of IPG's DNA is not just the technology.

它继续来自我们使用的核心光学组件。这个大小显然是我们在那里谈论很多的。增加单个光纤模块的功率,甚至还有一些机械组件 - 其中一些是设计变更,对吧?例如,我们正在研究模块中使用的一些散热器设计,我们将提高铝的成本质量,使这些散热器能够更快地消除热量,从而使我们能够生产更高功率的模块并提高可靠性。

这是我们正在研究的中期到近期的事情,几个月内不会进入建筑材料。但这将是我们思考的一个例子,它更多地是一种横向思考方式。然后你必须看看我们在配件周围增加10%的价值。我们生产的配件相对于配件的成本和销售价格有很多附加值。我们所采用的新产品从票据和材料中获取成本,例如,电影产品继续增加对超快脉冲的需求,试图将绿色激光器的成本降低一些。还有一些较新的产品,你会看到它们也会提高利润率。这是一个非常广泛的基础。正如我一直所说,其中一部分 - IPG DNA中最强大的部分不仅仅是技术。

Valentin Gapontsev

And very important before that we had introduced diode beginning at this year a new product which much more powerful and also cheaper per watt very [Indiscernible] only introduced in the market couple of months ago. So the return work from this diode we expect this year next year would be much return from the market with these diodes.

在此之前,我们已经开始推出一款新产品,这种产品功率更大,而且每瓦特更便宜,而且几个月之前只在市场上推出了一款非常重要的产品。 因此,我们预计明年今年二极管的回报工作将会从这些二极管的市场中获得很大回报。

Patrick Ho

Great. That's helpful. Maybe its my follow up question. I think as Jim mentioned, Genesis has held up very well in this overall environment. How do you see expanding Genesis from kind of its core North American base? How do you I guess expand its opportunities into other regions? And how you look at that on a going forward basis?

非常好。 这很有帮助。 也许是我的后续问题。 我想,正如吉姆所说,创世纪在这个整体环境中表现得非常好。 您如何看待Genesis从其核心北美基地扩展? 您如何将其机会扩展到其他地区? 你是如何在未来的基础上看待它的?

Valentin Gapontsev

This Genesis before work on the American market, they don't have an opportunity, they have opportunity to work worldwide. Now we have extent the activity worldwide. So Europe, even for Asia market for example, Korea, in the Japan and many others [Indiscernible] become worldwide and we expect and second also -- now we redesign products using the way that before the quantity or system they produce always only very small quality. Now the most new product now based laser technology its take some time to redesign and so on. So we have very serious, very much products now, some in U.S., some in other country, and we prepare now is very much products that sold and they [Indiscernible] and components here and laser is also part of final system. It would be major our internal integrated all customers with whom we're working who discuss serious problem. They have the practical with Genesis, and very excited now to reach that [Indiscernible] integrated and very much in the market.

这个创世纪在美国市场上工作之前,他们没有机会,他们有机会在全球范围内工作。 现在我们在全球范围内开展活动。 所以欧洲,甚至亚洲市场,例如韩国,日本和其他许多国家[Indiscernible]都成为全球性的,我们期望和第二 - 现在我们重新设计产品的方式是在它们生产的数量或系统之前总是非常小的 质量。 现在,基于激光技术的最新产品需要一些时间来重新设计等等。 所以我们现在有非常严肃的产品,一些在美国,一些在其他国家,我们现在准备非常多的产品销售,他们[Indiscernible]和组件在这里和激光也是最终系统的一部分。 我们内部集成了所有与我们一起讨论严重问题的客户。 它们与Genesis具有实用性,现在非常兴奋地达到[Indiscernible]集成并且非常适合市场。

Patrick Ho

Great. Thank you very.

非常好。 非常感谢你。

Valentin Gapontsev

It will take time starting from [Indiscernible] of this new core production line. [Indiscernible] part like very unique accessories now, now we'll produce not even production sale which still some of them were able to make out Before. Now with Genesis we are now going to production wise portfolio and change technology [Indiscernible] company, full technology provide where they could provide new product, provide new solution and full solution in core production line. It’s absolutely new approach, IPG take some time but very successful we are going in to this new business.

从这个新的核心生产线的[Indiscernible]开始需要时间。 [音频不清晰]部分就像现在非常独特的配件一样,现在我们生产的产品甚至还不能生产,其中有些产品还能够制作出来。 现在有了Genesis,我们现在将采用生产明智的产品组合和变革技术[Indiscernible]公司,全面的技术提供他们可以提供新产品的地方,提供新的解决方案和核心生产线的完整解决方案。 这是一种绝对新的方法,IPG需要一些时间,但非常成功,我们正在进入这项新业务。

Patrick Ho

Thank you.

谢谢。

会议主持员

Our next question comes from Tom Diffely, D.A. Davidson. Please proceed with your question.

我们的下一个问题来自Tom Diffely,D.A。戴维森。 请继续你的问题。

Tom Diffely

Yes. Good morning. Just a follow up on Jim's question on the systems side. Does that mean that pricing is holding out better on systems versus the kind of core fiber laser market?

是。 早上好。 只是跟踪Jim在系统方面的问题。 这是否意味着与核心光纤激光器市场相比,系统的定价更好?

蒂莫西·马门

It’s a different dynamic. Tom, it depends how much where you are adding a lot of technology and you're adding a lot of value and you're delivering complete processes. The relative price versus cost is strong. In some parts of the market where there's more competition the relative price to cost is lower. So it really depends upon what the application and solution you're delivering is in some of these core areas where we're seeing some growth, for example, we're doing some of the medical device manufacturing applications, the average selling price of those systems because you're delivering software as well as technology, traceability for example within the manufacturing process. Certainly pricing is not being impacted in the way that it has in the other parts of the market. But it really comes down to the completeness of the technology and the solution that you're offering.

这是一个不同的动态。 汤姆,这取决于您添加大量技术的位置,并且您正在增加很多价值并且您正在提供完整的流程。 相对价格与成本相关性很强。 在竞争更激烈的市场的某些部分,相对成本价格更低。 所以它真正取决于你所提供的应用和解决方案在我们看到一些增长的一些核心领域,例如,我们正在做一些医疗器械制造应用,那些平均销售价格 系统,因为您提供软件以及技术,可追溯性,例如在制造过程中。 当然,定价不会受到市场其他部分的影响。 但这实际上取决于您所提供的技术和解决方案的完整性。

Tom Diffely

Okay. That's helpful. And then, Tim, when you look at the effects impact in the quarter what region is driving most of that impact? And what do you have in place as far as natural or synthetic hedges right now?

好的。 这很有帮助。 然后,蒂姆,当你看一下该季度影响影响时,哪个地区正在推动大部分影响? 对于现在的天然或合成树篱,您有什么处方?

蒂莫西·马门

So, what was the last part of the question, Tom?

那么,问题的最后一部分是什么,汤姆?

Tom Diffely

What kind of natural hedges through operations or synthetic hedges might you have in place for FX?

通过操作或合成对冲可以为FX做什么样的自然对冲?

蒂莫西·马门

So, the transaction FX losses in Q2 were primarily renminbi versus dollar driven, a little bit to a lesser extent on the Euro. We try and -- the natural hedges are pretty much the same. Sometimes those natural hedges don't work as effectively if exchange rates go in the same direction, so a weakening renminbi and a weakening euro, you're not for hedges just don't work. If you have a weakening euro and a strengthening renminbi those natural hedges work better. I continue to be, particular with the cost of hedging some of the renminbi exposures skeptical about whether you just end up smoothing the losses. So we tend not to go into using the FX forward contracts for that.
On the other side of it if you look at the impact on revenue on a translation basis, the two biggest exchange rates that have moved over the last year again are the renminbi is depreciated from a high of 630 almost, If you go back to Q2 a year ago. It touched lows approaching seven. So that's a 10% depreciation and the Euro probably a year ago is 1.18 1.19 and is anywhere in the range of 1.11, 1.12. The ruble which is also an exposure we have is properly traded between 57 and 63 and over the last year. And those would be the three main currencies that were affected by.

因此,第二季度的交易外汇损失主要是人民币兑美元汇率,对欧元汇率的影响较小。我们尝试 - 天然的树篱几乎是一样的。如果汇率走向同一方向,那么自然对冲就不会有效,因此人民币贬值和欧元贬值,你不是为了对冲就行不通。如果你的欧元走软和人民币升值,这些自然对冲的效果会更好。我继续这样做,特别是对冲部分人民币风险敞口的成本,对于你是否最终平息损失持怀疑态度。因此,我们倾向于不使用外汇远期合约。

另一方面,如果你看一下翻译对收入的影响,去年再次上调的两个最大汇率是人民币从630的高点贬值,如果你回到第二季度一年前。它接近七点触及低点。所以这是一个10%的折旧,一年前的欧元可能是1.18 1.19,并且在1.11,1.12的范围内。我们所拥有的卢布也在57到63之间以及去年交易。这些将是受到影响的三种主要货币。

Tom Diffely

Okay. Thank you.

好的。 谢谢。

会议主持员

Our next question comes from Nick [ph] Todorov, Longbow Research. Please proceed with your question.

我们的下一个问题来自Nick [T] Todorov,Longbow Research。 请继续你的问题。

身份不明的分析师

Thank you. Good morning guys. So, just to go back on the pricing headwind comment. So, obviously most of the headwinds are centered in China, but can you guys talk about if you're seeing anything in Europe or in North America? We just picked up some commentary from the supply chain that some OEM cutting tools manufacturers have become aggressive as well and from what we know they're not your customer, so just wondering if you're seeing any more aggressive discounts in Europe and in North America?

谢谢。 早上好家伙。 所以,只是回到定价逆风评论。 所以,显然大部分的逆风都集中在中国,但是如果你在欧洲或北美看到任何东西,你们可以谈谈吗? 我们刚刚从供应链中找到一些评论,一些OEM刀具制造商也变得好斗,而且我们知道他们不是你的客户,所以只是想知道你是否在欧洲和北方看到更大幅度的折扣 美国?

蒂莫西·马门

Yes. I mean I'd said that inevitably there is a knowledge about what goes on in China from the cutting equipment manufacturers in different regions around the world, so that you can isolate price changes in one region for another. And the second thing is that people tend to think about pricing in terms of the cost per kilowatt. So, if you see decreases in one region they tend to migrate to the other regions to a greater or lesser extent. And it depends also upon-- if you go to the higher power levels it tends to be less so because there's less competition as an advantage that the cutting equipment manufacturers get in terms of productivity.
Some of the electrical efficiency benefits have become more and more important as you go to higher and higher power levels right. A laser that operates at 20% electoral efficiency at one kilowatt, it's perhaps – its certainly not as important when you have 20% electrical efficiency competing against an IPG laser that has 50% electrical efficiency at 10 or 15 or 20 kilowatts. So, as you go up in power there's certain performance advantages that IPG delivers that are not matched by the competition, but you see pricing migrate around the world just because people understand what's happened in China. Several of the OEMs I mentioned have joint ventures in China. They've got intelligence on the ground about what the cost of a one, two, four, six, eight or 10 kilowatt laser is.

是。我的意思是说,我不可避免地会知道中国不同地区的切割设备制造商在中国发生的事情,这样您就可以将一个地区的价格变化隔离开来。第二件事是人们倾向于考虑每千瓦成本的定价。因此,如果您看到一个地区的减少,他们往往会或多或少地迁移到其他地区。它还取决于 - 如果你去更高的功率水平,它往往不那么如此,因为作为切割设备制造商在生产力方面获得的优势,竞争较少。

随着您越来越高的功率水平,一些电效率优势变得越来越重要。一个激光器以一千瓦的20%选择效率工作,或许 - 当你的电气效率达到20%与IPG激光器竞争时,它肯定不那么重要,IPG激光器的电效率为10或15或20千瓦,效率为50%。因此,当你掌权时,IPG提供的某些性能优势与竞争对手无法匹敌,但你会看到价格在全球范围内传播只是因为人们了解中国发生的事情。我提到的几家原始设备制造商在中国都有合资企业。他们在实地获得了关于一,二,四,六,八或十千瓦激光器的成本的情报。

身份不明的分析师

Okay.

好的。

Valentin Gapontsev

Don't forget, Europe for example with like 70% to 80% is only expert, but user not inside of Europe, mainly in Asia and China. So as they look in China mainly. So if China [Indiscernible] didn't change, it immediately [Indiscernible].

别忘了,欧洲例如70%到80%的人只是专家,但用户不在欧洲境内,主要在亚洲和中国。 所以他们主要看中国。 因此,如果中国[Indiscernible]没有改变,它会立即[音频不清晰]。

蒂莫西·马门

[Indiscernible] this well, probably 25, you just looked at average selling prices, first of all, its about 25% of the total change is related to the FX that I addressed in the previous question just on a translation basis with renminbi having depreciated 10% and the Euro having depreciated 5% or 6%. If you saw the dollar start to weaken and some of those currencies strengthen there'll be some recovery against that. So there's a view that the dollar may weaken if interest rates are moved down by the Fed tomorrow.

[音频不清晰]这很好,大概25,你只看了平均售价,首先,它总变化的25%与我在前一个问题中提到的外汇有关,只是在人民币贬值的翻译基础上 10%和欧元贬值5%或6%。 如果你看到美元开始走弱并且其中一些货币走强,那将会有一些复苏。 所以有一种观点认为,如果美联储明天降息,美元可能会走弱。

身份不明的分析师

Yes. Got it. And then you talked about demand being very volatile in China kind of related to changes in the headlines. Is it strictly demand being volatile or you're seeing also the same on the pricing front or prices have been kind of getting progressively weaker as we get into the – as we get into May and June?

是。 得到它了。 然后你谈到中国的需求变化很大,与头条新闻的变化有关。 是严格的需求是不稳定的,或者你在定价方面看到的也是一样的,或者当我们进入时,价格逐渐变弱 - 我们进入5月和6月?

蒂莫西·马门

I said at the beginning of the call that the demand volatility that tends to drive price volatility, right, particularly from the competition. I think the industry has to learn to become less reactionary to this because it's just going to be a rush to the bottom and we're certainly being more selective and strategic about looking at pricing and the value that the lasers deliver. But the demand volatility unfortunately the moment drives a reactionary response on pricing from particularly two or three of the competitors, because they're just trying to fight for any revenue they can get. That's a very short term view to have in our opinion around the markets and one of the reasons why we're looking to be more strategic and selective.

我在电话会议开始时说,需求波动往往会推动价格波动,尤其是竞争对手。 我认为该行业必须学会减少对此的反应,因为它只是匆匆走到谷底,我们肯定会更加有选择性和战略性地考虑定价和激光提供的价值。 但不幸的是,需求波动导致对特定两三个竞争对手的定价作出反动反应,因为他们只是想争取他们可以获得的任何收入。 对于市场而言,这是一个非常短期的观点,也是我们希望更具战略性和选择性的原因之一。

身份不明的分析师

Got it. And last question from me. Last couple of quarters you talked about some strength in aerospace and defense. Can you give us update and then, I didn't hear anything in this quarter. And I think you mentioned some volatility and probably in advanced products. Is that related to maybe some just temporary drop in demand in that end market or is there something else?

得到它了。 我的最后一个问题。 最近几个季度,你谈到了航空航天和国防方面的一些优势。 你可以给我们更新,然后,我在本季度没有听到任何消息。 我认为你提到了一些波动性,可能还有高级产品。 这与那个终端市场的需求可能只是暂时的下降有关,还是还有其他什么?

蒂莫西·马门

On the defense side is still very much. There's some commercialized applications, but they're only developing right. So a lot of it tends to be very project driven and you'll have very strong quarters and then the revenue can be uneven because order flow will be lower and people will be working on utilizing lasers they bought. There's one application that's been developed commercially at lower power single mode lasers where we're expecting to see some increase in demand in the second half the year. We referenced that we got two orders for 60 kilowatt lasers that are going to restart, so that business is just uneven and expected to be stronger in the in the second half of the year. A couple was the first part of the question I remember it.

在防守方面仍然非常。 有一些商业化的应用程序,但它们只是正确的开发。 因此,很多项目往往是非常强大的项目驱动,而且你的营业额非常强劲,然后收入可能会不均衡,因为订单流量会降低,人们会继续使用他们购买的激光器。 有一种应用是在低功率单模激光器上商业化开发的,我们预计下半年需求会有所增加。 我们提到我们已经获得了两个60千瓦激光器的订单,这些激光器将重新启动,因此业务不均衡,预计在下半年会更强劲。 一对夫妇是我记得它的问题的第一部分。

身份不明的分析师

No. I think you answered it. I think you answered it correctly.

不,我想你回答了。 我想你的回答是正确的。

Valentin Gapontsev

It cannot be a poor mainly about the same for this application laser, but now we're going for the production sell even system for this market. It absolutely different approach and much more valuable and so on and its going very successful is for the same, for example, to aerospace and high energy market. It's one for oil and gas market so on. We're going to pull complete solution, unique process. We have developed that process. Now we materialize in the full system. Some system platform [Indiscernible] so on. But its not easy process to introduce in this market, but it can take some years and so on. But we're going very successful for some products but very difficult application, going extremely and huge potential, very large order business.

对于这种应用激光器而言,它不可能是差的,但现在我们正在为这个市场生产销售均匀系统。 它绝对不同的方法和更有价值的等等,并且非常成功,例如,航空航天和高能市场。 这是石油和天然气市场的一个。 我们将提供完整的解决方案,独特的流程。 我们已经开发了这个过程。 现在我们在整个系统中实现。 有些系统平台[Indiscernible]等等。 但它在这个市场上推出并不容易,但可能需要几年时间等等。 但是我们对某些产品非常成功,但是应用非常困难,具有极大的潜力,非常大的订单业务。

身份不明的分析师

Got it. That's helpful. Thank you, guys. Good luck.

得到它了。 这很有帮助。 感谢你们。 祝好运。

会议主持员

Our next question is from Tom Hayes, Northcoast Research. Please proceed with your question.

我们的下一个问题来自North Hayast Research的Tom Hayes。 请继续你的问题。

汤姆海耶斯

Good morning. Thanks for taking my question. I'll try to be brief. Tim, I just wonder if you may provide any other color as it relates to mix within your China sales as it kind of relates to move in up and down the power scale?

早上好。 谢谢你提出我的问题。 我会尽量简短。 蒂姆,我只是想知道你是否可以提供任何其他颜色,因为它与你在中国销售中的混合有关,因为它与上下电力规模有关?

蒂莫西·马门

We would provide a little bit. Yes. I mean the ultra high power and the greater than 10 kilowatts performed very well in the quarter. That had rebounded strongly in April and May. So that was a bit of a benefit. The lower end of the market in units was relatively strong. I mean that's the really high level stuff in terms of the high power. There's some -- some of the welding applications in China at high power as well were performed reasonably well.

我们会提供一点点。 是。 我的意思是超高功率和超过10千瓦在本季度表现非常好。 这在4月和5月强劲反弹。 这样做有点好处。 单位市场的低端市场相对强劲。 我的意思是,就高功率而言,这是非常高水平的东西。 有一些 - 中国的一些高功率焊接应用也表现得相当好。

汤姆海耶斯

Great. Thanks for the color.

非常好。 谢谢你的颜色。

会议主持员

Our next question is from Mark Miller, The Benchmark Company. Please proceed with your question.

我们的下一个问题来自The Benchmark Company的Mark Miller。 请继续你的问题。

** - 马克米勒**

Thank you for the question. I'm just wondering about programmability, is that becoming a bigger part of the laser sales? You've seen growth in demand for programmable applications?

感谢你的提问。 我只是想知道可编程性,是否会成为激光器销售的重要组成部分? 您看到可编程应用的需求增长了吗?

蒂莫西·马门

Programmable, you mean the adjustable mode of the mark-up, an area that we're working on with for example customers both in cutting and welding applications. In welding, there's a substantial reduction in splatter with the programmability of it you can also then cut varying thicknesses of material. It's important but it's talked about a lot in terms of marketing materials by different companies around the world. Our view on it is actually the program ability is probably going to be more of an enhancement for welding applications that is necessarily for enhancing thick cutting applications.
Some of the quality people are getting to with our Higher Power cutting head for example is achieving adequate cut quality when you're cutting materials of one, two-inch thickness as you don't require jigsaw quality cuts. That sometimes is just the perception of the quality of the cut. If that's what you mean about programmability, it's going to have some niche applications particularly in welding. It's not going to be an overall dominant type of laser that's sold for materials processing.

可编程,您指的是标记的可调节模式,我们正在与切割和焊接应用中的客户合作。在焊接方面,随着它的可编程性,飞溅量大幅减少,您也可以切割不同厚度的材料。这很重要,但在全球不同公司的营销材料方面谈了很多。我们对它的看法实际上是程序能力可能更多地是对焊接应用的增强,这对于增强厚切削应用是必要的。

例如,当您切割一英寸,两英寸厚度的材料时,一些高质量人员正在使用我们的高功率切割头,因为您不需要拼图质量切割。这有时只是对切割质量的看法。如果这就是你对可编程性的意思,它将会有一些特殊的应用,特别是在焊接方面。它不会成为出售材料加工的整体主导型激光器。

Valentin Gapontsev

You're starting for example application. When people talk about fiber laser also very thin metal sheet like one, two millimeters and so on then CO2 we can provide much thicker processing much thicker material. Now people forget about it because fiber laser provide only one centimeter and so on. Now with the technology to cut up to five watt centimeter with high quality cutting, nobody still have this technology, nobody have this, only we have it. It's not only – and cut very specific, so also process it and so it's also priority.
Now with it produce it technology to the market, nobody can compete with that today so on. It thickness so far three to six even more centimeters cutting very high speed, high quality and so on, nobody can make this cut for example, the best way, 10 kilowatts, 12 kilowatt they try to develop cutting process so one. We provide now with 20 kilowatt. In process, it's also [Indiscernible] because its not power it also special solutions to how to deliver this power and so and optical [Indiscernible] so everything nobody cannot provide today to the market. And it’s a process also know how. But this business would be a little [Indiscernible] cutting still. We have this [Indiscernible].

您正在开始示例应用程序。当人们谈论光纤激光器也非常薄的金属板如一,二毫米等二氧化碳我们可以提供更厚的加工更厚的材料。现在人们忘了它,因为光纤激光只提供一厘米等等。现在采用高质量切割技术切割高达5瓦特的技术,没有人拥有这种技术,没有人拥有这种技术,只有我们拥有它。它不仅 - 并且非常具体,因此也处理它,因此它也是优先考虑的因素。

现在,随着它向市场生产技术,今天没有人可以与之竞争。它的厚度到目前为止三到六甚至更多厘米切割速度非常快,质量高等等,没有人可以做到这样切割,例如,最好的方法,10千瓦,12千瓦他们试图开发切割工艺这样一个。我们现在提供20千瓦。在过程中,它也是[音频不清晰],因为它不是电源,它也是如何提供这种电源的特殊解决方案,因此和光学[音频不清晰]所以今天没有人无法提供给市场。而且这个过程也知道如何。但是这项业务仍然会有点[音频不清晰]。我们有这个[音频不清晰]。

** - 马克米勒**

Thank you.

谢谢。

Valentin Gapontsev

And also, copper cutting for example and so on also and when people Indiscernible] very high generator for example for very powerful [Indiscernible] problem with this even copper provide excellent [Indiscernible] discuss provide for them I don't like to make but

而且,例如铜切割等等,当人们难以理解]非常高的发电机,例如非常强大[Indiscernible]这个甚至铜的问题提供了优秀的[Indiscernible]讨论提供给他们我不喜欢做但是

** - 马克米勒**

Thank you.

谢谢。

会议主持员

Thank you. At this time I will turn the call back to James Hillier for closing remarks.

谢谢。 这时我会把电话转回詹姆斯·希利尔的闭幕词。

詹姆斯希利尔

Thank you for joining us this morning and for your continued interest in IPG. We look forward to speaking with you over the coming weeks in our next quarter's call. Have a great day, everyone.

感谢您今天早上加入我们,感谢您对IPG的持续关注。 我们期待在接下来的几个星期的电话会议中与您交谈。 祝大家有个美好的一天。

会议主持员

This concludes today's conference. You may disconnect your lines at this time. Thank you for participation.

今天的会议结束了。 您可以在此时断开线路。 谢谢你的参与。

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