分析师关注定价疲软

Host: It does seem like analysts were noting that the pricing during the quarter was weaker than expected and marks the second straight quarter of softer pricing. And maybe that's why we're seeing the stock down. What do you want to say to investors?

Host: 分析师似乎注意到，本季度定价弱于预期，这标志着连续第二个季度出现定价疲软。也许这就是我们看到股价下跌的原因。您想对投资者说些什么？

公司回应：业绩良好但面临定价挑战

Dan: Well, part of the reason our stocks are down is this price to perfection (完美定价：指股票估值已达到或超过其基本面所能支撑的最高水平，市场对其未来表现预期极高，容错空间小). If you look at what it's done year to date and where the multiple has gone.

Dan: 嗯，我们股价下跌的部分原因是它达到了完美定价（完美定价：指股票估值已达到或超过其基本面所能支撑的最高水平，市场对其未来表现预期极高，容错空间小）。如果你看看它今年迄今的表现以及市盈率的变化就知道了。

Dan: But, you know, we had a really good quarter. We had double-digit growth, something we hadn't seen for a couple of years. And we are pleased with the outcome.

Dan: 但你知道，我们度过了一个非常好的季度。我们实现了两位数的增长，这是我们好几年没见过的了。我们对结果感到满意。

Dan: One of the challenges we had this year was there's a lot of fluidity around tariffs (关税：国家对进出口商品征收的税费，旨在保护国内产业或增加财政收入) and what it means for pricing.

Dan: 我们今年面临的挑战之一是，围绕关税（关税：国家对进出口商品征收的税费，旨在保护国内产业或增加财政收入）及其对定价的影响存在很多不确定性。

Dan: And we will raise price to address costs in our customers' supply chain (供应链：产品或服务从原材料到最终消费者所经历的整个流程，包括生产、运输、分销等环节).

Dan: 我们将提高价格，以应对客户供应链（供应链：产品或服务从原材料到最终消费者所经历的整个流程，包括生产、运输、分销等环节）中的成本。

Dan: We really don't want to raise more than that because we believe it impairs our ability to grow as fast as we'd like.

Dan: 我们真的不想提价过多，因为我们认为这会损害我们实现期望增长速度的能力。

Dan: And, you know, coming into the quarter, we estimated a fourfold impact of pricing, but it came in a little bit less.

Dan: 而且，你知道，进入本季度时，我们估计定价会有四倍的影响，但实际影响略小一些。

Dan: We lowered our number for the fourth quarter. But the most important aspect is on a price-cost basis, we are neutral, and that's what we aspire to be. We'd rather just grow.

Dan: 我们下调了第四季度的预测数字。但最重要的是，在价格成本基础上，我们保持中性，这也是我们所追求的。我们宁愿只专注于增长。

定价策略与客户反馈

Host: And Dan, to your point, Fastenal, even with the pullback today, is returning 22% year to date, so outperforming the S&P 500 (标准普尔500指数：一个包含美国500家市值最大公司的股票市场指数，常被用作美国股市整体表现的衡量标准) and comparable stocks in the industrial space.

Host: 丹，就您所说，即使今天有所回调，Fastenal今年迄今的回报率仍达到22%，跑赢了标准普尔500指数（标准普尔500指数：一个包含美国500家市值最大公司的股票市场指数，常被用作美国股市整体表现的衡量标准）以及工业领域的同类股票。

Host: But just one more question on pricing. In terms of expectations, would you want to raise pricing? Like, do you get the sense that consumers and customers would push back, just given how you've been shifting into bigger customers spending much more money?

Host: 但关于定价，还有一个问题。就预期而言，你们会想提高定价吗？鉴于你们一直在转向那些花费更多的更大客户，你们是否觉得消费者和客户会抵制？

Dan: Yeah, customers always push back on pricing. Doesn't matter the size of customer.

Dan: 是的，客户总是会抵制定价。无论客户规模大小都一样。

Dan: We are having conversations with our customers. We will be doing some price increases in Q4. I suspect we'll be doing some price increases as we move into 2026.

Dan: 我们正在与客户进行沟通。我们将在第四季度进行一些价格上涨。我预计进入2026年我们也会进行一些价格上涨。

Dan: But again, our first discussion with the customer, they understand it, they're willing to move on price. Our first discussion is always: what are alternatives to this product that maybe don't mean we have to raise your prices 5%?

Dan: 但再说一次，我们与客户的首次讨论，他们理解并愿意在价格上做出调整。我们的首次讨论总是关于：除了这个产品之外，还有哪些替代方案，可能意味着我们不必将您的价格提高5%？

Dan: Maybe it means it only has to be two, and we'd rather go to two because that's what a supply chain partner does.

Dan: 也许这意味着只需要提高2%，我们宁愿选择2%，因为这是一个供应链合作伙伴应该做的。

关税影响与应对措施

Host: Well, then how did tariffs fit into this? Just given that, according to analysts across the street, when we look at certain industries, now is when we're going to see tariffs showing up in the third quarter in guidance as it relates to 2026. What are you seeing and how are you kind of attacking or addressing any pressures from tariffs?

Host: 那么，关税是如何融入其中的呢？鉴于市场分析师的观点，当我们审视某些行业时，现在正是我们会在第三季度指引中看到与2026年相关的关税影响的时候。你们看到了什么，以及你们是如何应对或处理来自关税的压力的？

Dan: Yeah. So for us, tariffs have been in the equation since the early part of the second quarter, a little bit of the first quarter.

Dan: 是的。所以对我们而言，关税从第二季度初，甚至第一季度末就开始进入我们的考量范围。

Dan: I think the individual that handles pricing historically, he'll provide us an update once a month. He'd gotten to the point where he was providing us updates. He was up to a video number of 14 as of July that he was serving out to the field, giving them guidance into what we were seeing in our supply chain.

Dan: 我想，负责定价的那位同事，他过去每月都会给我们提供一次更新。他已经到了会给我们提供最新信息的地步。截至七月，他已经制作了14个视频，分发给一线团队，指导他们了解我们在供应链中看到的情况。

Dan: And so we've been adding price as we've gone through the year, and these have been discussions with customers. And I hope that answers your question.

Dan: 因此，我们今年一直在提价，这些都是与客户讨论后的结果。我希望这能回答您的问题。

Host: No, I think it does. But I think the big thing is, are you mitigating the impact of tariffs? Are you shifting your supply chain? Is the expectation that you can have some kind of knock-on effect as it relates to pricing?

Host: 不，我想它回答了。但我认为关键在于，你们是否正在减轻关税的影响？你们是否正在调整供应链？是否预期在定价方面会产生某种连锁反应？

Host: If we do continue to see threats from the president going after countries like China or others. We are going to talk to one of the members of Levi's management team, and they called out that they had to dial up their expectations for the impact of tariffs from other countries.

Host: 如果我们继续看到总统对中国或其他国家采取行动的威胁。我们将与Levi's管理团队的一位成员交谈，他们指出他们不得不调高对来自其他国家的关税影响的预期。

Host: So how is that impacting when you look at your supply chain and when you look at the potential for pricing impacts in 2026?

Host: 那么，当您审视您的供应链以及2026年潜在的定价影响时，这会产生怎样的影响？

供应链多元化与物流优化

Dan: We've been moving supply chain around the planet in earnest since the 2017-2018 timeframe.

Dan: 自2017-2018年以来，我们一直在全球范围内认真调整供应链。

Dan: As our name would imply, we sell a lot of fasteners, and most of the fasteners in North America come from either mainland China or Taiwan.

Dan: 正如我们的名字所暗示的，我们销售大量紧固件，北美的大多数紧固件来自中国大陆或台湾。

Dan: And the automotive industry took the production there back in the fifties and sixties, actually took it to Japan and South Korea, and it migrated from there.

Dan: 汽车工业在五六十年代将生产转移到那里，实际上是转移到了日本和韩国，然后又从那里迁移开来。

Dan: If I look at our resources, we now have a sourcing team in Shanghai, but we have a sourcing team in Bangkok, we have a sourcing team in northern India, and we have worked to diversify our supplier base around the planet and a little bit more in North America, but really around the planet.

Dan: 如果我看我们的资源，我们现在在上海有一个采购团队，但在曼谷、印度北部也有采购团队，我们一直致力于在全球范围内，并在北美地区更多地，但主要是全球范围内，实现供应商基础的多元化。

Dan: So to have diversity in supply so you're not caught off guard by some price change or a tariff change.

Dan: 这样做的目的是为了实现供应多元化，以免因价格或关税变化而措手不及。

Dan: In addition to that, we have taken supply chains coming into North America, which traditionally came in through the West Coast of the United States, and then we would redistribute from there.

Dan: 除此之外，我们还将进入北美的供应链进行了调整，这些供应链传统上通过美国西海岸进入，然后我们从那里进行再分销。

Dan: We have moved supply chains so they're bringing product directly into the west coast of Canada or the west coast of Mexico because those two countries represent about 14% of our revenue.

Dan: 我们已经调整了供应链，现在产品直接运往加拿大西海岸或墨西哥西海岸，因为这两个国家约占我们收入的14%。

Dan: Now, you bypass the tariff, however, it's more expensive to break shipments down over in Asia and bring them in, but it's a lot less than a tariff.

Dan: 现在，你们绕过了关税，然而，在亚洲拆分货物并将其运入的成本更高，但这远低于关税。