voxeljet AG (VJET) 首席执行官 Ingo Ederer 博士于 2019年 第二季度业绩 - 收益电话会议记录

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voxeljet AG (NYSE:VJET) Q2 2019 Earnings Conference Call August 16, 2019 8:30 AM ET

voxeljet AG(纽约证券交易所代码:[VJET])2019年第二季度收益电话会议2019年8月16日美国东部时间上午8:30

公司参与者

Johannes Pesch - Director of Investor Relations
Dr. Ingo Ederer - Chief Executive Officer
Rudi Franz - Chief Financial Officer

  • Johannes Pesch - 投资者关系总监
  • Ingo Ederer博士 - 首席执行官
  • Rudi Franz - 首席财务官

电话会议参与者

Troy Jensen - Piper Jaffray

  • Troy Jensen - Piper Jaffray

会议主持员

Greetings, and welcome to the voxeljet AG Second Quarter 2019 Financial Results Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded
I would now like to turn the conference over to your host, Mr. Johannes Pesch, Director, Investor Relations and Business Development for voxeljet. Thank you. You may begin.

问候,欢迎来到voxeljet AG 2019年第二季度财务业绩电话会议。 此时所有参与者都处于只听模式。 问答环节将在正式演讲之后进行。 [操作员说明]提醒一下,此会议正在录制中

我现在想把会议转交给您的主持人,voxeljet的投资者关系和业务开发总监Johannes Pesch先生。 谢谢。 你可以开始吧。

Johannes Pesch

Thank you, operator, and good morning, everyone. With me today are Dr. Ingo Ederer, voxeljet's Chief Executive Officer; and Rudi Franz, voxeljet's Chief Financial Officer.
Yesterday, after the market closed, voxeljet issued a press release announcing its second quarter financial results for the period ended June 30, 2019. The release as well as the accompanying presentation for this conference call is available in the Investor Relations section of the company's website at voxeljet.com.
During our call, we may make certain forward-looking statements about the company's performance. Such forward-looking statements are not guarantees of future performance and therefore, one should not place undue reliance upon them. Forward-looking statements are also subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed. For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the Securities and Exchange Commission.
With that, I would now like to turn the call over to Ingo, Chief Executive Officer of voxeljet.

谢谢运营商,大家早上好。今天和我在一起的是Voxeljet首席执行官Ingo Ederer博士;和roxi Franz,voxeljet的首席财务官。

昨天,在市场收盘后,voxeljet发布了一份新闻稿,公布了截至2019年6月30日的第二季度财务业绩。该公司网站的投资者关系部分提供了此次电话会议的发布和随附的演示文稿。在voxeljet.com。

在我们的电话会议中,我们可能会对公司的业绩做出某些前瞻性的陈述。这些前瞻性陈述并非对未来业绩的保证,因此,不应过分依赖它们。前瞻性陈述也受固有风险和不确定因素的影响,这些风险和不确定性可能导致实际结果与表达的结果产生重大差异。有关可能导致实际结果与我们前瞻性陈述中讨论的结果不同的因素的其他信息,您应参阅我们新闻稿中包含的警示性陈述以及公司向证券交易所提交的文件中包含的风险因素。佣金。

有了这个,我现在想把这个电话转给voxeljet的首席执行官Ingo。

博士。 Ingo Ederer

Thank you, Johannes, and good morning, everyone. Thanks for joining us today for our second quarter call. We are happy with the results for the first half of 2019. Revenue from our Systems segment for the first six months this year is up 40% compared to the same period last year, which was two units of VJET X are installed at the leading German car makers plant and we are starting printing. As you know the frame contract for this consisted of five units and we expect to receive the order for the next three VJET X units in the coming weeks.
Let's turn to Slide 4. This year we are celebrating our 20th anniversary and are looking back at a multitude of exciting projects. Remember, we basically started in a garage unit and fast-forward today, products made with our technology are flying in states and we are implementing with VJET X and additive manufacturing solution for true mass production.
In our Indirect Part segment, we addressed the need of our customers for production-ready solutions and start to commercialize high performance products like VJET X and HSS.
In our Direct Part segment, we have successfully entered the market for direct and functional parts with High Speed Sintering. We have build on the knowledge we have accumulated in the development of VJET X and HSS to accelerate the commercialization of large direct parts production platform. The HSS production solution combined with new materials should be a game-changing combination. We will present a first version of this new printer at the Formnext show in Frankfurt later this year.
Our goal today is the same as it has been 20 years ago. We want to establish a new manufacturing standard with pioneers in technology, we put high emphasis on relentless research and development with a clear focus in mind to expand our total addressable market for new and improved products and applications. The vision statement we shared throughout the year represents who we strive to be every day, and essentially how we operate across all aspects of our business as we build this company for the long-term.
On Slide 5, we have highlighted our unique selling propositions, which are strongly aligned with the growing trend for higher performance products across all of our end-use markets. We differentiate ourselves from competitors by build size, mature diversity and speed. Our printing systems are modular, versatile and highly scalable and therefore, uniquely positioned to support critical demanding applications and address the challenges and needs that are most important to our customers.
Looking at Slide 6 and our integrated business model. It balances long with short sales target and helps us to maintain close relationships with our customers. In our System segment, we manufacture and sell industrial grade high-speed large-format 3D printing systems geared towards mass production of complex models, modes and direct parts. The primary target for this segment is to sell multi-system contracts. In addition to that, we put a high emphasis on after sales activities and are already seeing positive results from these initiatives.

谢谢你,约翰内斯,大家早上好。感谢您今天加入我们的第二季度电话会议。我们对2019年上半年的业绩感到满意。今年前六个月我们系统部门的收入比去年同期增长了40%,其中两台VJET X安装在领先的德国汽车制造商工厂,我们正在开始印刷。如你所知,这个框架合约由五个单位组成,我们期望在未来几周收到下三个VJET X单位的订单。

让我们转到幻灯片4.今年我们正在庆祝我们的20周年纪念日,并回顾了许多令人兴奋的项目。请记住,我们基本上是从车库开始,今天快进,用我们的技术制造的产品在各州飞行,我们正在实施VJET X和增材制造解决方案,以实现真正的批量生产。

在我们的间接零件部分,我们满足了客户对生产就绪解决方案的需求,并开始将VJET X和HSS等高性能产品商业化。

在我们的直接零件部分,我们已成功进入高速烧结的直接和功能部件市场。我们在VJET X和HSS的开发过程中积累了丰富的知识,以加速大型直接零件生产平台的商业化。 HSS生产解决方案与新材料相结合应该是一个改变游戏规则的组合。我们将在今年晚些时候在法兰克福的Formnext展会上展示这款新打印机的第一个版本。

我们今天的目标与20年前一样。我们希望建立一个拥有技术先锋的新制造标准,我们高度重视不懈的研究和开发,明确的重点是扩大我们的新的和改进的产品和应用的总体可寻址市场。我们在全年共享的愿景声明代表了我们每天努力成为的人,以及我们在长期建立这家公司的过程中我们如何在业务的各个方面运营。

在幻灯片5中,我们强调了我们独特的销售主张,这与我们所有最终用户市场中更高性能产品的增长趋势密切相关。我们通过构建规模,成熟的多样性和速度来区分竞争对手。我们的打印系统具有模块化,多功能和高度可扩展性,因此具有独特的定位,可支持关键要求苛刻的应用,并解决对客户最重要的挑战和需求。

查看幻灯片6和我们的集成商业模式。它平衡了很短的销售目标,并帮助我们与客户保持密切的关系。在我们的系统部门,我们制造和销售工业级高速大幅面3D打印系统,旨在大规模生产复杂的模型,模式和直接部件。该细分市场的主要目标是出售多系统合约。除此之外,我们高度重视售后活动,并已从这些举措中看到积极成果。

In our Services segment, we operate these systems and facilities around the world to offer affordable on-demand access to our technology. The primary target for this segment is to sell large multi-year volume contracts. We are in advanced talks with several parties for such volume contract all across the world. In addition to that, offering services is a great cash flow positive marketing tool to convince customers to purchase 3D printers.
Slide 7 shows our global sales network and production footprint. As you can see, we have reached and established position in all major markets in Europe, USA, as well as China. We continue to expand our sales teams around the world by investing in sales leadership, additional application engineers and training. To complement this, we focus on educating our channel partners to ensure true global coverage.
Turning to Slide 8, in May this year, we officially opened our new factory in Shanghai. We have a lot of customers coming in and are very excited for this new building and the opportunities it brings both in our Services and System segment. This new facility was build to our specifications and is free of rent for 36 months beginning in March 2019. We plan to sort and manufacture certain parts of our printers at this facility to lower the cost of our equipment and increase our addressable market, especially in the Asia region.
On Slide 9, we see some of the potential applications of our products and selective customers. Over the last 20 years, we have been working with leading companies from a variety of industries to produce parts that cannot be produced in any other way with traditional methods of manufacturing.
In the automotive sector, for example, we support the manufacturing of the most complex engine components, like cylinder heads or turbochargers to improve engine and overall vehicle performance. Meanwhile, we’re also printing, for example, battery casings for optimized heating and cooling in electric vehicles. We see significant opportunities for revenue growth across our portfolio of solutions for the remainder of 2019 and beyond.
On the right side of this slide, you can see an illustration of our new large HSS printer. We are very excited to present this platform for the first time to the public in the Formnext show in Frankfurt in November this year. This is really exciting news as we expect the new HSS printer to expand our addressable market considerably, besides VJET X this project has the highest priorities in our R&D and manufacturing teams.
Let's now start with the formal part of the presentation. I will begin with an overview of the second quarter results, Rudi will then provide a more in-depth view of our financials and our outlook for the third quarter of 2019. Following his comments, we will be happy to take your questions.
Let's turn to Slide 11. We had a very exciting GIFA show in Düsseldorf this year where we presented our new lineup of high-speed 3D printers. We had three different printers at the show: one, VX1000-S IOB at our partner ASK's booth; one, VX1000-S ODB at our own booth, and one VJET X printer at our partner Loramendi's booth. We showed VJET X for the first time to the public and received a lot of attention. I strongly believe that this is the most powerful additive manufacturing solution currently available on the market.

在我们的服务部门,我们在全球运营这些系统和设施,以便为我们的技术提供价格合理的按需访问。该分部的主要目标是出售大型多年期合约。我们正与世界各地的多方签订此类批量合同。除此之外,提供服务是一个很好的现金流积极营销工具,以说服客户购买3D打印机。

幻灯片7显示了我们的全球销售网络和生产足迹。如您所见,我们已经在欧洲,美国以及中国的所有主要市场达到并确立了地位。我们通过投资销售领导,其他应用工程师和培训,继续扩大我们在全球的销售团队。为了补充这一点,我们专注于教育我们的渠道合作伙伴,以确保真正的全球覆盖。

转到Slide 8,今年5月,我们在上海正式开设了新工厂。我们有很多客户加入,并对这座新建筑以及它在我们的服务和系统部门带来的机遇感到非常兴奋。这个新设施按照我们的规格制造,从2019年3月开始可以免租36个月。我们计划在这个工厂对我们打印机的某些部件进行分类和制造,以降低设备成本并增加我们的可寻址市场,特别是亚洲地区。

在幻灯片9中,我们看到了我们产品和选择性客户的一些潜在应用。在过去的20年中,我们一直与各行各业的领先公司合作,生产出传统制造方法无法以其他方式生产的零件。

例如,在汽车领域,我们支持制造最复杂的发动机部件,如汽缸盖或涡轮增压器,以改善发动机和整车性能。同时,我们还印刷电池外壳,以优化电动汽车的加热和冷却。在2019年及以后的剩余时间里,我们看到我们的解决方案组合的收入增长机会很大。

在本幻灯片的右侧,您可以看到我们新的大型HSS打印机的图示。我们非常高兴能够在今年11月的法兰克福Formnext展会上首次向公众展示这个平台。这真是令人兴奋的消息,因为我们期望新的HSS打印机大大扩展我们的可寻址市场,除了VJET X这个项目在我们的研发和制造团队中具有最高优先级。

现在让我们从演示文稿的正式部分开始。我将首先概述第二季度业绩,然后Rudi将对我们的财务状况以及我们对2019年第三季度的展望进行更深入的了解。根据他的意见,我们将很乐意回答您的问题。

让我们转到Slide 11.今年我们在杜塞尔多夫举办了一场非常精彩的GIFA演出,展示了我们新推出的高速3D打印机系列。我们在展会上有三台不同的打印机:一台是我们合作伙伴ASK展位的VX1000-S IOB;一,VX1000-S ODB在我们自己的展台,一台VJET X打印机在我们的合作伙伴Loramendi的展位上。我们第一次向公众展示了VJET X并受到了很多关注。我坚信这是目前市场上最强大的增材制造解决方案。

Keep in mind, a leading German car maker plans to use this 3D printer in the mass production of a new engine component. This new light metals aluminum component can help to reduce vehicle CO2 emission significantly. According to BMW, by using additive manufacturing technologies, engineers can manufacture cylinder heads with the lowest weight possible and then optimize geometric shape with the heat control.
New cylinder heads created with this technology can reduce engine weight by 2 kilograms. VJET X K can not only use to create ultra light bit parts, but the efficient temperature control of combustion engine, but also for batteries in the electric vehicles or for the protection of very complex gearboxes and similarly lightweight applications. In total, we generated roughly 150 qualified leads during the show which is a great result.
Let's turn to Slide 12 of the presentation and begin with the highlights for the second quarter of 2019. Revenue was approximately €5.1 million, which represents a 4% decrease compared to last year's second quarter. The reason is Services revenues in EMEA were slightly lower in May and early June. Since then it has pickup again. The main reason for the lower revenue was lower demand from French customers, which led to a slightly lower contribution to Services revenue from our German service center.
Overall demand is good. Just recently we have had received significant orders from large customers for printer parts. We are working hard to catch up and are optimistic as we see some larger orders coming in.
Revenue at our U.S subsidiary Michigan and our subsidiary in Shanghai is ramping up nicely. To meet the growing demand in U.S., especially for PDB solutions, we are currently shipping VX2000 PDB to the U.S. This is our second largest system.
Revenue from our Systems segment, which includes revenue from selling 3D printers, consumables and spare parts as well as maintenance, increased 13% to €2.1 million in the second quarter of 2019 from €1.9 million in last year's second quarter. We delivered two new printers in this year's second quarter compared to one used and one refurbished printer in last year's second quarter. The demand for our solutions continues to be high, and we are working hard to convert those opportunities into orders.
We are happy to report that we are making good progress in increasing after sales revenue. This is partially related to the higher install base of our 3D printers. In addition to that, we reorganized some responsibilities in the after sales segment and are offering tailored solutions to our customers, for example, to modular maintenance contracts. At the end of the second quarter, we had a backlog from Systems of roughly €3.1 million, which represent six 3D printers.
Revenue from our Services segment, which focuses on the printing of on-demand parts for our customers decreased 40% to €2.9 million in the second quarter this year from €3.4 million for the same quarter last year. This decrease is due to the reasons mentioned earlier and has also impact -- impacted our gross margin.

请记住,一家领先的德国汽车制造商计划在大规模生产新发动机部件时使用这款3D打印机。这种新的轻金属铝组件可以显着减少车辆二氧化碳排放。根据宝马的说法,通过使用增材制造技术,工程师可以制造尽可能低重量的气缸盖,然后通过热控制优化几何形状。

采用该技术制造的新气缸盖可将发动机重量减轻2千克。 VJET X K不仅可以用来制造超轻的钻头零件,而且可以有效控制内燃机的温度,还可以用于电动汽车中的电池或用于保护非常复杂的齿轮箱和类似的轻量化应用。总的来说,我们在节目中产生了大约150个合格的线索,这是一个很好的结果。

让我们转到演示文稿的幻灯片12,并从2019年第二季度的亮点开始。收入约为510万欧元,与去年第二季度相比减少了4%。原因是EMEA的服务收入在5月和6月初略有下降。从那以后它又重新开始了。收入减少的主要原因是法国客户的需求减少,导致德国服务中心对服务收入的贡献略有下降。

整体需求良好。就在最近,我们收到了大客户对打印机部件的大量订单。我们正在努力追赶并且乐观,因为我们看到一些更大的订单进入。

我们在美国的子公司密歇根州和我们在上海的子公司的收入正在大幅提升。为了满足美国日益增长的需求,尤其是PDB解决方案,我们目前正在向美国出货VX2000 PDB。这是我们的第二大系统。

我们系统部门的收入(包括销售3D打印机,耗材和备件以及维护的收入)在2019年第二季度从去年第二季度的190万欧元增长了13%,达到210万欧元。我们在今年第二季度推出了两台新打印机,而去年第二季度则推出了一台二手打印机和一台翻新打印机。对我们解决方案的需求持续很高,我们正在努力将这些机会转化为订单。

我们很高兴地报告,我们在增加售后收入方面取得了良好进展。这部分与我们3D打印机的更高安装基数有关。除此之外,我们重组了售后服务部门的一些职责,并为客户提供量身定制的解决方案,例如模块化维护合同。在第二季度末,我们有大约310万欧元的系统积压,代表六台3D打印机。

我们的服务部门的收入从去年同期的340万欧元下降40%至今年第二季度的290万欧元,该部门专注于为客户打印按需部件。这种减少是由于前面提到的原因造成的 - 也影响了我们的毛利率。

Slide 13 summarizes the results. When looking at the operating expenses, I would like to highlight two points. First, selling expenses increased as we hired additional colleagues and increased annual salaries. We remain focused on our growth strategy, which includes expanding our sales team around the world. In addition to that, we have had the GIFA show in June, which is the biggest show for us and takes place every four years.
Second, we will maintain the expenses allocated for research and development at a high-level and invest in order to be able to expand market share and to open up new markets, because we are manufacturing complex and extensive hardware and are dealing with industrial customers, these R&D investments are not immediately contributing to top line growth. However, as our new printer VJET X highlights we are uniquely positioned to support critical demanding applications and address the challenges that are most important to our customers. Make additives series production. I strongly believe that there is no other company close to reaching the same level of productivity as we do with VJET X.
Let's turn to Slide 14, and an explanation of what we do with VJET X. Conventionally sand parts for the series production of metal parts are produced by so-called core shooting systems. Sand is shot into a metal tool under high pressure to produce the sand part which is then used in the casting process. This is inexpensive, but limits the possible complexity of the sand part. For example, undercuts of draft angles are difficult or not possible at all.
Sometimes individual casts would need to be manufactured as multiple components are then assembled into a single piece. Therefore the complexity of the sand parts and as a consequence the complexity of the resulting metal component is very limited. This means that new desired properties like to reduce weight and optimal geometric shape for the heat control cannot be achieved.
With VJET X, we have developed a new printer which is 10x faster than previous models, processes and inorganic binding system which creates zero emissions during core printing, storage and when using the sand cores in the casting process. It is integrated into fully automated handling systems for pre-and post processes, like loading and unloading of the 3D printers, cleaning of the printed parts via robotic systems and the transport of the sand parts through the casting lines.
VJET X replaces core shooting systems which 3D printers to mass produce highly complex sand parts. The rest of the already existing supply chain remains unchanged and can still be used which states our customers a significant amount of infrastructure investment. This allows the advantages of 3D printing, mainly product and process innovation to be combined with those of conventional manufacturing of metal parts via casting. Cost advantages and high degree of automation, we call this combination hybrid additive manufacturing or HAM.
With this technology it is possible to mass-produce metal components with the new desired properties at the cost of conventional manufacturing. Another important advantage of HAM is that high recertification costs can be avoided as the casting process is the standard process for the production of metal parts.

幻灯片13总结了结果。在考虑营业费用时,我想强调两点。首先,随着我们雇用更多同事并增加年薪,销售费用增加。我们仍然专注于我们的增长战略,其中包括扩大我们在全球的销售团队。除此之外,我们还在6月份举办了GIFA展览,这是我们最大的节目,每四年举办一次。

第二,我们将维持高水平的研发费用,并投资以扩大市场份额和开拓新市场,因为我们正在制造复杂而广泛的硬件并与工业客户打交道,这些研发投资并未立即促进收入增长。然而,正如我们的新型打印机VJET X所凸显的那样,我们具有独特的优势,可以支持关键要求苛刻的应用,并解决对客户而言最重要的挑战。制作添加剂系列产品。我坚信没有其他公司能达到与VJET X相同的生产力水平。

让我们转到幻灯片14,以及我们对VJET X做什么的解释。传统上用于金属零件批量生产的砂件是由所谓的核心射击系统生产的。在高压下将砂子射入金属工具中以产生砂子部分,然后将其用于铸造过程。这是便宜的,但限制了砂部分的可能复杂性。例如,拔模角度的底切很难或根本不可能。

有时需要制造单个铸件,因为多个部件然后组装成单件。因此,砂部件的复杂性以及由此产生的金属部件的复杂性非常有限。这意味着不能实现诸如减轻重量和热控制的最佳几何形状的新的期望特性。

通过VJET X,我们开发出一种新型打印机,比以前的型号,工艺和无机装订系统快10倍,在核心打印,存储和在铸造过程中使用砂芯时产生零排放。它被集成到用于前后处理的全自动处理系统中,例如3D打印机的装载和卸载,通过机器人系统清洁打印部件以及通过铸造线输送砂部件。

VJET X取代了核心射击系统,3D打印机可以批量生产高度复杂的沙子部件。现有供应链的其余部分保持不变,仍可用于向客户提供大量基础设施投资。这使得3D打印(主要是产品和工艺创新)的优点与通过铸造的传统金属部件制造相结合。成本优势和高度自动化,我们称这种组合混合增材制造或HAM。

利用这种技术,可以以传统制造的成本批量生产具有新的所需特性的金属部件。 HAM的另一个重要优点是可以避免高重新认证成本,因为铸造工艺是生产金属部件的标准工艺。

So let's turn to Slide 15 and an explanation of why we believe this is important. With tightening regulation on pollution and fuel consumption, the evolution of CO2 regulation remains the main driver for changes in vehicle technology. China, for example, is implementing one of the most stringent emission standards and the ministry set a goal for carmakers to cut new models comprehensive fuel consumption to 5 liters per 100 kilometers by 2020. We can see similar development in Europe and U.S. This prompt carmakers to make extra effort on lightweight materials and to introduce smaller downsized engines with similar performance numbers, but less fuel consumption. This means that energy density is higher and new geometric shapes are necessary for an efficient heat control. As mentioned in the beginning, new shapes can only be build via additive manufacturing.
On the slide you can see the cost of part of printing in aluminum. In the automotive industry, demand for lightweight material is projected to grow at a unprecedented rate and if used in manufacturing is expected to double by 2030. From this slide we can immediately see that direct metal printing as of aluminum in its current form is too expensive. The reason here is the lack of printing speed and automation as well as the high material cost. Those are expected to come down and the printer speed is expected to increase over time as we can see by vision 2025. However, if we take a substantial amount of time and investment to realize this vision, if it is at all possible. In the bottom right of the graphic you can see why our solution VJET X is critical. It allows the production of complex aluminum parts as a cost of conventional manufacturing already today.
Let's turn to Slide 16 and see what this means in practice. A leading German car manufacturer launched a project several years ago with the aim of bringing additive manufacturing into automotive series production for the reasons just explained. voxeljet and its partners prevailed over several competitors and developed a new high-speed type 3D printer, VJET X. The problem of the lack of automation was solved together with a partner company, which is an established supplier of core shooting systems with the same automobile manufacturer.
Together with another partner from the chemical industry, the new inorganic binder system was developed that does not produce any harmful emissions during production in casting of the sand models. This is very significant as you can already today mass manufacture complex metal parts at a fraction of the cost of other players in the industry. We estimate that we have a competitive advantage of at least five years.
On Slide 17, we have summarized some impression of the first presentation of VJET X. On Slide 18, you can see the massive processing unit, which is the reason why this new printer is so fast. It is the heart of VJET X that makes additive mass production possible, which is a combination of one large linehead and two recoating units and an IR lamps, which leaves with unparallel speed. I believe this to be the most advanced piece of technology in the whole additive manufacturing industry. We have also included a link to a video on the slide.

让我们转到幻灯片15并解释为什么我们认为这很重要。随着对污染和燃料消耗的严格监管,二氧化碳调节的演变仍然是车辆技术变革的主要驱动力。例如,中国正在实施最严格的排放标准之一,该部门设定了一个目标,即汽车制造商到2020年将新车型的综合燃油消耗量降至每100公里5升。我们可以看到欧洲和美国的类似发展这种迅速的汽车制造商在轻质材料上做出额外的努力,并引入具有类似性能数量的小型发动机,但油耗更低。这意味着能量密度更高,并且新的几何形状对于有效的热控制是必需的。如开头所述,新形状只能通过增材制造来构建。

在幻灯片上,您可以看到部分铝印刷成本。在汽车行业,对轻质材料的需求预计将以前所未有的速度增长,如果在制造业中使用预计到2030年将增加一倍。从这张幻灯片我们可以立即看到,目前形式的铝直接金属印刷太贵了。原因在于缺乏打印速度和自动化以及高材料成本。预计这些将会下降,预计打印机速度会随着时间的推移而增加,正如我们可以从2025年的愿景中看到的那样。但是,如果我们花费大量的时间和投资来实现这一愿景,那么它是否可能。在图形的右下角,您可以看到为什么我们的解决方案VJET X至关重要。它允许生产复杂的铝部件作为传统制造的成本。

让我们转到幻灯片16,看看这在实践中意味着什么。几年前,一家领先的德国汽车制造商启动了一个项目,旨在将添加剂制造引入汽车系列生产,原因只是解释。 voxeljet及其合作伙伴胜过几家竞争对手并开发了一款新的高速3D打印机VJET X.与合作伙伴公司一起解决了自动化不足的问题,该公司是同一汽车的核心射击系统的知名供应商制造商。

与化学工业的另一个合作伙伴一起开发了新的无机粘合剂系统,该系统在砂型铸造生产过程中不会产生任何有害排放。这是非常重要的,因为您现在已经可以批量生产复杂的金属零件,而成本只是该行业其他参与者的一小部分。我们估计我们拥有至少五年的竞争优势。

在幻灯片17中,我们总结了VJET X第一次演示的一些印象。在幻灯片18上,您可以看到大量处理单元,这就是为什么这台新打印机如此之快的原因。它是VJET X的核心,可以实现添加剂量产,这是一个大型线头和两个重涂单元以及一个IR灯的组合,它们以不平行的速度离开。我相信这是整个增材制造行业中最先进的技术。我们还在幻灯片中添加了视频链接。

Turning to Slide 19, I believe we have the unique opportunity in front of us. Our investments in solutions and innovations are pointed directly at this opportunity. We expect our R&D investments to have high returns for us. We can develop product that carry gross margins above the company's average and we can diversify with those technologies in a wide variety of applications. We are a technology led additive manufacturing company and these investments will continue to strengthen our position as a leader in the global AM industry.
When introducing our business model, in the beginning I mentioned two primary targets. One for each of our business segments. In Services, we want to sell large volume contracts for printed parts. One example for this type of business is the contract we have signed with a customer in U.S. As mentioned in the beginning, we are in advanced talks with parties across the globe for such volume contract.
In Systems, we want to sell multisystem contracts. Recent examples here are the VJET X signed at the end of last year and the two units of VJET X we have delivered to the carmaker so far. I firmly believe that overall demand for our technology is greater than it had ever been. Our priorities this year remains on execution, improving efficiency and increasing disruptive new products to drive customer shift to 3D production.
With that, I would now like to turn the call over to Rudi.

转到幻灯片19,我相信我们面前有独特的机会。我们对解决方案和创新的投资直接指向了这个机会。我们希望我们的研发投资能为我们带来高回报。我们可以开发的产品的毛利率高于公司的平均水平,我们可以在各种应用中使用这些技术实现多样化。我们是一家以技术为主导的增材制造公司,这些投资将继续巩固我们作为全球AM行业领导者的地位。

在介绍我们的商业模式时,我在开始时提到了两个主要目标。每个业务部门一个。在服务方面,我们希望出售印刷零件的大批量合同。这类业务的一个例子是我们与美国客户签订的合同。如开头所述,我们正在与全球各方就此批量合同进行深入谈判。

在Systems中,我们希望销售多系统合同。最近的例子是去年年底签署的VJET X以及我们迄今为止交付给汽车制造商的两台VJET X。我坚信我们对技术的总体需求比以往任何时候都要大。我们今年的优先事项仍然是执行,提高效率和增加破坏性的新产品,以推动客户转向3D生产。

有了这个,我现在想把这个电话转到鲁迪。

Rudi Franz

Thank you, Ingo, and good morning, everyone. We remain committed to increase our levels of profitability and sales. We are closely managing discretionary expenses, while maintaining investments that will drive future profitable growth and I think we’re striking the right balance here. Our partner for potential future printer sales is well filled with sales opportunities in various phases of completion, we continue to work hard to turn these prospects into orders.
We put the highest emphasis on managing our sales pipeline as accurately as possible and are investing a significant amount of our time into monitoring the progress of our colleagues all around the world. I would like to begin by providing financial details and adding some additional context to our results before discussing our outlook for the rest of 2019.
Turning to Slide 21. Our total revenue decreased 12% to €5.1 million in the second quarter compared to €5.3 million in last year's second quarter. The reason is that Services revenues in EMEA were slightly lower in May and early June. This was mainly related to low orders from France, since Senate has picked up again. Overall demand is good and based on the current information we expect the next month to be similar as with the previous years in terms of Service revenues.
The U.S and Chinese service centers continue to ramp up nicely and contribute higher revenues. In Systems, we had strong after sales activities as a consequence of higher install base of our printers and more focused after sales activities like offering modular maintenance contracts.
Gross profit and gross margin in the quarter were €1.5 million and 32% compared to €1.9 million and 35.2% in last year's second quarter. The decrease was mainly related to lower gross profit margin contribution from the Services segment, as a result of lower utilization in the German service center and high depreciation expense in the U.S facility, as we added additional 3D printers last year to meet the growing demand.
The next slide show our segment reporting for the quarter. On Slide 22, revenues from our Systems segment, which includes revenues from selling 3D printers, consumables and spare parts as well as maintenance, increased 13.1% to €2.1 million from €1.9 million in last year's second quarter. This is excellent news.
As mentioned in prior calls, the recurring revenues portion from our population of 3D printers continues to grow. The reason is twofold: first, we sell more printers; and second, we focus on after sales activities. Therefore, we believe we are well positioned to enjoy the more predicable growth at such recurring revenues that provide us with. We sold two new printers in this quarter compared to one new and one used refurbished printer in last year's same period.
Systems revenue represented 42.2% of the total revenue this quarter compared to 35.8% in last year's second quarter. Gross profit and gross margin for our Systems segment in the quarter was [indiscernible] and 24.9% compared to orders of €7 million and 25.2% in last year's same period.

谢谢你,Ingo,大家早上好。我们仍致力于提高盈利水平和销售额。我们正在密切管理可自由支配的开支,同时保持将推动未来盈利增长的投资,我认为我们在这里取得了适当的平衡。我们的潜在未来打印机销售合作伙伴在各个完成阶段都充满了销售机会,我们将继续努力将这些前景转化为订单。

我们最重视尽可能准确地管理我们的销售渠道,并投入大量时间来监控全球同事的进度。我想首先提供财务细节,并在讨论我们对2019年剩余时间的展望之前为我们的结果添加一些额外的背景。

转向幻灯片21.第二季度我们的总收入下降了12%,达到510万欧元,而去年第二季度为530万欧元。原因是欧洲,中东和非洲地区的服务收入在5月和6月初略有下降。这主要与法国的低订单有关,因为参议院再次回升。整体需求良好,根据目前的信息,我们预计下个月的服务收入与前几年相似。

美国和中国的服务中心继续保持良好发展并提供更高的收入。在Systems,我们有强大的售后服务活动,因为我们的打印机安装基础更高,而且更专注于提供模块化维护合同等销售活动。

本季度毛利润和毛利率分别为150万欧元和32%,而去年第二季度为190万欧元和35.2%。由于德国服务中心的利用率较低以及美国工厂的折旧费用较高,这一减少主要与服务部门的毛利率下降有关,因为我们去年增加了额外的3D打印机以满足不断增长的需求。

下一张幻灯片显示了本季度的细分报告。在幻灯片22中,我们系统部门的收入(包括销售3D打印机,耗材和备件以及维护的收入)从去年第二季度的190万欧元增长了13.1%至210万欧元。这是个好消息。

如之前的调用所述,我们的3D打印机人口的经常性收入部分继续增长。原因有两个:首先,我们销售更多的打印机;第二,我们专注于售后活动。因此,我们相信,我们已准备好在为我们提供的经常性收入中享受更可预测的增长。本季度我们销售了两台新打印机,而去年同期则推出了一台新打印机和一台翻新打印机。

系统收入占本季度总收入的42.2%,而去年第二季度为35.8%。本季度我们系统部门的毛利润和毛利率[音频不清晰]为24.9%,而去年同期的订单为700万欧元和25.2%。

As utilization picks up, we expect gross margins from the Systems segment to be above 40% consistent with the outlook we’ve given in the past. Remember not all new products are yet contributing to revenue growth as we just started to commercialize them. We expect to book revenues for the two VJET X units next year. Also its important to understand that the individual printer gross margin contribution can already be above 50%. Depending on printer type and system configuration, we expect to receive the order for additional 3D VJET X printers in the next two weeks.
On Slide 23, Services revenue decreased 13.6% to €2.9 million compared to €3.4 million in last year's second quarter. This decrease is mainly due to a lower utilization rate in the German service center, primarily as a result of lower demand from France in May and early June. This was partially offset by higher demand in the U.S. and China.
We are working hard to catch up and are optimistic as we see some larger orders coming in. The top line outlook, of course, remains dependent on the underlying economic condition. We’re carefully monitoring our markets and are in constant dialogue with our customers.
Gross profit of our Services segment decreased to €1 million from €1.54 million in the second quarter of 2018. This was mainly due to the lower utilization rate at the German service center for the reasons mentioned earlier. To meet the growing demand in the U.S., and China we continue to add additional 3D printers. For example, we are shipping our second largest system of VX2000 PDB to the U.S. We are in talks with several potential customers for the system.
Looking now to the rest of the income statement on Slide 24, SG&A expenses were €3.3 million in the second quarter of 2019. This compares to €3.1 million in last year's second quarter. If you break this down, we can see that selling expenses increased, as we hired additional colleagues and as a result of annual salary increases. Also we had GIFA show in June, which is the last most important show to us and takes place every four years. Administrative expenses increased as our ongoing costs related to being a public company increased.
Research and development expenses of €1.7 million or 34% of revenue, which is really significant. As a large proportion of R&D expenses are related to VJET X and the larger HSS production platform, as Ingo highlighted earlier.
Operating loss was €4.2 million in the second quarter of this year compared to an operating loss of €2.4 million in the comparative period in 2018. This increase was primarily related to significant higher other operating expenses as a result of noncash effects from intercompany loan. The total quarter-over-quarter negative impact from gains and losses from foreign currency transactions, an operating loss of $1.1 million.
Net loss for the quarter was roughly €3.9 million or 79% per ordinary share compared to a net loss of €2.9 million or €0.79 per ordinary share in the prior year's quarter. From an ADS basis, net loss was €0.16 per ADS in the second quarter of 2019 compared to a net loss of €0.67 per ADS in the second quarter of 2018. This is based on the weighted average number of outstanding ADSs of €24.18 million for the three months ended June 30, 2019, compared to the last year's same period, the number of ADS outstanding was €18.6 million.

随着利用率的提高,我们预计系统部门的毛利率将超过40%,与我们过去的前景一致。请记住,并非所有新产品都能为收入增长做出贡献,因为我们刚开始将其商业化。我们预计明年将为两个VJET X单位预订收入。同样重要的是要了解单个打印机的毛利率贡献已经超过50%。根据打印机类型和系统配置,我们希望在接下来的两周内收到其他3D VJET X打印机的订单。

在幻灯片23中,服务收入下降13.6%至290万欧元,而去年第二季度为340万欧元。这一下降主要是由于德国服务中心的利用率较低,主要原因是法国5月和6月初的需求减少。这部分被美国和中国需求增加所抵消。

我们正在努力追赶并乐观,因为我们看到一些更大的订单进入。当然,顶线前景依然取决于潜在的经济状况。我们正在认真监控我们的市场,并不断与客户进行对话。

我们服务部门的毛利从2018年第二季度的154万欧元减少至100万欧元。这主要是由于前面提到的原因德国服务中心的利用率较低。为了满足美国和中国不断增长的需求,我们继续增加额外的3D打印机。例如,我们将第二大VX2000 PDB系统运送到美国。我们正在与该系统的几个潜在客户进行谈判。

现在看一下Slide 24的剩余收益表,2019年第二季度的SG&A费用为330万欧元。相比之下,去年第二季度为310万欧元。如果你打破这个局面,我们可以看到销售费用增加了,因为我们雇用了更多的同事并且因为年薪的增加。我们还在6月举办了GIFA秀,这是我们最后一次最重要的节目,每四年举办一次。随着与上市公司相关的持续成本增加,管理费用增加。

研发费用为170万欧元,占收入的34%,这是非常重要的。正如Ingo先前强调的那样,大部分研发费用与VJET X和较大的HSS生产平台有关。

今年第二季度的经营亏损为420万欧元,而2018年同期的经营亏损为240万欧元。这一增长主要与公司间贷款产生非现金影响导致的其他经营费用大幅增加有关。来自外币交易的收益和损失的季度环比总额,运营亏损110万美元。

本季度的净亏损约为390万欧元或每普通股79%,而去年同期的净亏损为290万欧元或每普通股0.79欧元。从ADS的角度来看,2019年第二季度净亏损为每ADS 0.16欧元,而2018年第二季度的净亏损为每ADS 0.67欧元。这是基于加权平均未偿还ADS数量2418万欧元截至2019年6月30日的三个月,与去年同期相比,ADS的未偿还数量为1860万欧元。

Slide 25 shows selected balance sheet items. At June 30, 2019, the company had cash, cash equivalents and short-term investments and bond funds of roughly €15.1 million. Total debt at June 30, 2019, was €21.8 million. Total debt consists of €20.4 million of long-term liabilities, which includes €10 million from the EIB Horizon 2020 venture debt program and €4.2 million of lease liabilities as a result of initially applying the IFRS 16 standard. These lease liabilities were previously classified as operating leases. Weighted average ordinary shares outstanding for the quarter were 4.836 million, which equates to €24.18 million ADSs.
I remain confident with our cash balance and overall liquidity position. We believe that our balance sheet with an equity ratio above 60% positions us well for the long-term.
Moving now on to Slide 26 and our revenue guidance for the full-year, which remains unchanged from the last earnings call. Full-year 2019 revenue is expected to be between €27 million and €30 million. The gross margin is expected to be about 40%. SG&A spending is expected to be in the range of €12 million to €12.5 million. And R&D spending is expected to be between approximately €5.5 million and €6 million.
Depreciation and amortization expenses are expected to be between €3.75 million and €4 million. CapEx spending for 2019 is projected to be in the range of €2 million to €2.5 million, which primarily consists of ongoing investments in our global subsidiaries.
Adjusted EBITDA, which excludes the impact of foreign exchange valuation, is expected to be neutral to positive for the second half of 2019. Revenue for the third quarter 2019 is expected to be in the range of €4.5 million and €5.5 million.
On Slide 27, we have summarized our projected long-term operating model.
This concludes my remarks. And with that, I will now open the call up for your questions. Operator?

幻灯片25显示所选的资产负债表项目在2019年6月30日,该公司拥有大约1510万欧元的现金,现金等价物和短期投资以及债券基金。 2019年6月30日的债务总额为2180万欧元。总债务包括2040万欧元的长期负债,其中包括来自EIB Horizo​​n 2020风险债务计划的1,000万欧元和由于最初应用IFRS 16标准而产生的420万欧元的租赁负债。这些租赁负债以前归类为经营租赁。本季度已发行的加权平均普通股为483.6万股,相当于2418万欧元的ADS。

我对现金余额和整体流动性状况保持信心。我们认为,我们的资产负债表权益比率超过60%,这对我们来说是长期的。

现在转到幻灯片26和我们的全年收入指导,与上次收益电话保持不变。 2019年全年收入预计在2700万至3000万欧元之间。毛利率预计约为40%。 SG&A支出预计在1200万至1250万欧元之间。研发支出预计在550万欧元到600万欧元之间。

折旧和摊销费用预计在375万欧元至400万欧元之间。 2019年资本支出预计将在200万欧元至250万欧元之间,主要包括对我们全球子公司的持续投资。

不包括外汇估值影响的经调整EBITDA预计2019年下半年将保持中性至正。预计2019年第三季度的收入将介于450万欧元和550万欧元之间。

在幻灯片27中,我们总结了我们预计的长期运营模式。

以上是我的发言。有了这个,我现在打开你的问题的电话。操作?

问答环节

Thank you. [Operator Instructions] Thank you. Our first question comes from the line of Troy Jensen with Piper Jaffray. Please proceed with your question.

谢谢。 [操作员说明]谢谢。 我们的第一个问题来自Troy Jensen与Piper Jaffray的合作。 请继续你的问题。

特洛伊詹森

Hey, gentlemen. Thanks for taking my questions here.

嘿,先生们。 谢谢你在这里提出我的问题。

Rudi Franz

Hi, Troy.

嗨,特洛伊。

特洛伊詹森

I guess, first -- hi, Rudi. Hi, Ingo. Hey guys, so I just want to talk about kind of the Q4 implied guidance here. I mean if we go to the midpoint of your guidance for September, it implies you got to do, like a €11.5 million, just stay at the low end of your range. So can you just talk about the visibility that you have for that implied December quarter number?

我想,首先 - 嗨,鲁迪。 嗨,Ingo。 嘿伙计们,所以我只想谈谈Q4隐含的指导。 我的意思是,如果我们在9月的指导中点,它意味着你必须这样做,比如1150万欧元,只是停留在你的范围的低端。 那么您能谈谈您对隐含的12月季度数字的可见性吗?

Rudi Franz

So we just talk about Q3, Troy, and the visibility on those numbers is reflected by the guidance. I would say we see the growing revenue of our service center activities plus the revenues, which we see from our other system related revenues, as secured. We have backlog on hand, which we currently shipping or installing to clients. And based on the information we believe that guidance which have been given is very likely, but I can't predict -- I can't make it closer simply because of we don't know when we get to sign off on the individual printer, it always can move from one month to the other and specially end of September. For example, it's a pretty, I would say, a pretty busy month, so we are cautious. On Q4, we have a pretty good overview currently already. We are currently shipping equipment already in the relevant market for installation, meaning that's part of the backlog. And we have equipment in the relevant market, meaning in the U.S and in China to be in a position to sign off on revenue on relatively short notice [ph]. And so that prepared for achieving pretty strong Q4 quarter.

所以我们只谈谈Q3,Troy,这些数字的可见性反映在指南中。我想我们看到我们服务中心活动的收入增加加上我们从其他系统相关收入中看到的收入是安全的。我们手头有积压,我们目前正在向客户发货或安装。根据这些信息,我们认为已经提供的指导非常可能,但我无法预测 - 我不能仅仅因为我们不知道何时签署单个打印机而更加接近它总是可以从一个月移动到另一个月,特别是9月底。例如,我认为这是一个非常繁忙的月份,所以我们保持谨慎。在第四季度,我们目前已经有了很好的概述。我们目前正在相关的安装市场运送设备,这意味着这是积压的一部分。我们在相关市场拥有设备,这意味着在美国和中国能够在相对较短的时间内签署收入[ph]。并为第四季度实现相当强劲的准备做好了准备。

特洛伊詹森

Okay. So can I add just a couple more on that. I know you guys talked about the big European customer and you've shipped to and you guys expect to three more orders shortly. Will those orders convert into revenues this year? Is that something that slips into 2020?

好的。 所以我可以再添加几个。 我知道你们谈到了欧洲的大客户而且你已经发货了,而且你们很快就会有三个订单。 这些订单今年会转换成收入吗? 这是否会进入2020年?

Rudi Franz

So you know that the first machines have been installed this year. To be realistic, we expect revenue for these two systems in next year. So that is a certain sign of procedure needed and this is a big, big company, so they will go according to the sign off procedure. The new order, which we expect to come in, in the upcoming weeks with three machines is set for installation for end of next year. With the timetable we have had on the first two systems, we don't believe that we can account these three for revenue in 2020. So it's order 2021.

所以你知道今年已经安装了第一台机器。 为了切合实际,我们预计明年这两个系统的收入。 所以这是一个必要的程序标志,这是一个大的,大的公司,所以他们将根据签署程序。 我们预计将在未来几周推出三款机器的新订单将于明年年底安装完毕。 根据前两个系统的时间表,我们认为我们不能在2020年将这三个系统用于收入。所以它的订单是2021。

特洛伊詹森

Okay. All right. Understood. And then how about just -- Ingo, for you to the European automotive that something we have heard for the past eight, nine months that it's weak. It sounds like for you guys it was just weak in France, if I heard you correctly, and I mean how confident are you that we’ve bottomed now and we can grow from here?

好的。 行。了解。 然后就是 - Ingo,对于欧洲汽车公司而言,我们在过去的8个月,9个月里所听到的一切都很弱。 听起来对你们来说,如果我听到你的话,那在法国只是很弱,我的意思是你们对我们现在已经触底并且能从这里成长起来有多自信了?

博士。 Ingo Ederer

So, surely that the automatically industry has currently a hard time especially in Europe. We don't see it for this moment in our Services business too much as you know we have various clients, we have also big chunk of our market is coming outside of automotive. The clients we have on typically also for a few suppliers, they have long-term contracts with their customers. So for the moment we're doing fine, but of course we are cautious and looking carefully at the markets for the moment. We don't see it as dramatic as maybe other reports in the news. Interestingly also with the Systems segment, the Systems segment demand is a very strong. Currently we don't see any influence on the Systems inflow with the current discussions here, you can follow in the media. So maybe this is something for the next year. For the moment, as said, market is very strong, demand is strong. So all good for this moment.

因此,当然,自动化行业目前在欧洲尤其困难。 我们在服务业的这一时刻并没有看到它,因为您知道我们有各种各样的客户,我们的大部分市场都来自汽车之外。 我们的客户通常也为少数供应商提供服务,他们与客户签订了长期合同。 所以目前我们做得很好,但我们当然谨慎,目前正仔细观察市场。 我们认为它不像新闻中的其他报道那样引人注目。 有趣的是,系统部门的需求非常强劲。 目前我们认为目前的讨论对系统流入没有任何影响,您可以在媒体上关注。 所以这可能是明年的事情。 目前,正如所说,市场非常强劲,需求强劲。 所以这一刻都很好。

特洛伊詹森

Okay, good. All right, guys. Well, good luck in the second half here.

好的。 好吧,伙计们。 那么,下半场好运。

博士。 Ingo Ederer

Thank you very much.

非常感谢你。

Rudi Franz

Thank you, Troy.

谢谢你,特洛伊。

会议主持员

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I will turn the floor back to Dr. Ederer for any final comments.

谢谢。 女士们,先生们,我们的问答环节结束了。 我将把发言回到Ederer博士的任何最后评论。

博士。 Ingo Ederer

Thank you. The momentum we are driving is grounded in strong product innovation. As mentioned in the beginning, we are a technology company whose mission is to establish a new manufacturing standard. The foundation of our success will always be inspiring and innovative product. It is how we drive distinction in the marketplace and it is a competitive advantage under any market conditions. While our organic investment remains the primary engine for growth, we made partner with other industry players in the investment that accelerate our life cycle value strategy and strengthen our vertical capabilities, like, for example, it is the case with VJET X. Wrapping things up, I am excited about both our progress and our prospects and we are competing aggressively for our total addressable market, the largest opportunity in our history with a lot of room to grow market segment share. In some of our segments, we are facing new research and competitors and in other segments, we are the new competitor. But in all cases, competition brings out very best in our company. Thank you for joining today's call and we're looking forward to speaking to you again in November. Thank you.

谢谢。我们正在推动的势头是以强大的产品创新为基础。如开头所述,我们是一家技术公司,其使命是建立新的制造标准。我们成功的基础永远是鼓舞人心和创新的产品。这是我们在市场中推动区分的方式,在任何市场条件下都是竞争优势。虽然我们的有机投资仍然是增长的主要动力,但我们与投资中的其他行业参与者合作,加快了我们的生命周期价值战略,并加强了我们的垂直能力,例如,VJET X的情况就是如此。我对我们的进展和前景感到兴奋,我们正在积极争夺我们的整个可寻址市场,这是我们历史上最大的机会,有很大的空间来增加市场份额。在我们的一些细分市场中,我们正面临新的研究和竞争对手,而在其他领域,我们是新的竞争对手。但在所有情况下,竞争在我们公司中发挥得淋漓尽致。感谢您参加今天的电话会议,我们期待着在11月再次与您交流。谢谢。

Rudi Franz

Thank you.

谢谢。

会议主持员

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

谢谢。 这就结束了今天的电话会议。 您可以在此时断开线路。 感谢您的参与。

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