意法半導體 (STM) 2021 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2021 Earnings Conference Call and Live Webcast. I'm Myra, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Investor Relations. Please go ahead, madam.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2021 年第四季及全年財報電話會議暨線上直播。我是 Chorus Call 的接線員 Myra。（接線員指示）本次會議正在錄音。（接線員指示）本會議不得錄製以供出版或廣播。現在，我很榮幸將會議交給集團副總裁、投資人關係部門的 Celine Berthier。女士，請開始。

Thank you, Myra, and good morning, good morning, everyone. Thank you for joining our fourth quarter and full year 2021 financial results conference call. Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President and Chief Financial Officer; and Marco Cassis, in his new role since January 1 as the President of Analog, MEMS and Sensor Group. And Marco has kept as well some global corporate role, is -- as well as the STMicroelectronics strategy, system research and applications and innovation office.

謝謝你，Myra，大家早安，早安，各位。感謝各位參加我們 2021 年第四季及全年財務結果電話會議。今天主持會議的是 ST 總裁兼執行長 Jean-Marc Chery。今天與 Jean-Marc 一同出席的還有：總裁兼財務長 Lorenzo Grandi；以及自 1 月 1 日起擔任類比、MEMS 與感測器事業群（Analog, MEMS and Sensor Group）總裁的新任 Marco Cassis。此外，Marco 也保留了一些全球企業層級職務，並同時負責意法半導體的策略、系統研究與應用，以及創新辦公室。

This live webcast and presentation materials can be accessed on ST's Investor Relations website. A replay will be available shortly after the conclusion of this call.

本次線上直播與簡報資料可於 ST 的投資人關係網站取得。會議結束後不久將提供重播。

This call will include forward-looking statements that involve risk factors that could cause these results to differ materially from management's expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the media this morning and also in ST's most recent regulatory filings for a full description of these risk factors. Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up.

本次電話會議將包含前瞻性陳述，涉及可能導致實際結果與管理層預期與計畫有重大差異的風險因素。我們建議您查閱今早隨新聞稿發布的「安全港」聲明，以及 ST 最新的監管申報文件，以取得這些風險因素的完整說明。此外，為確保所有與會者在問答環節都有機會提問，請每位與會者僅提出一個問題並簡短追問一次。

I'd now like to turn the call over to Jean-Marc, C President and CEO.

現在我想把電話會議交給 Jean-Marc，ST 總裁兼執行長。

Thank you, Celine. Good morning, everyone, and thank you for joining ST for our Q4 and full year 2021 earnings conference call.

謝謝你，Celine。各位早安，感謝各位參加 ST 的 2021 年第四季及全年財報電話會議。

Let me begin with some opening comments, starting with Q4. As announced on January 7, net revenues and gross margin came in better than expected primarily due to better-than-anticipated operations in an ongoing dynamic market. Q4 net revenues of $3.56 billion were up 9.9% year-over-year and 11.2% sequentially, coming in 140 basis points above the high end of our business outlook. Q4 gross margin was 45.2%, 20 basis points above the high end of our guidance. Our operating margin was 24.9%, and our net income was $750 million.

我先從一些開場評論開始，先談第四季。如同 1 月 7 日所宣布的，淨營收與毛利率優於預期，主要是因為在持續動態的市場中，營運表現優於原先預估。第四季淨營收為 35.6 億美元，年增 9.9%、季增 11.2%，較我們業務展望區間上緣高出 140 個基點。第四季毛利率為 45.2%，較我們指引上緣高出 20 個基點。營業利益率為 24.9%，淨利為 7.5 億美元。

Looking at our full year 2021. Net revenues increased 24.9% to $12.76 billion in 2021, reflecting a strong performance across all the end markets we address and our engaged customer programs throughout the year. This performance progressively strengthened versus expectations we provided during the year despite the challenges faced by the global semiconductor industry supply chain.

再看 2021 全年。2021 年淨營收成長 24.9% 至 127.6 億美元，反映我們所服務的所有終端市場均有強勁表現，以及全年客戶專案的積極推進。儘管全球半導體產業供應鏈面臨挑戰，我們的表現仍逐步優於年內所提供的預期。

All 3 product groups achieved double-digit growth in 2021. Our profitability further increased. Full year '21 gross margin was 41.7%, and operating margin was 19% compared to 7 -- 37.1%, sorry, and 12.9%, respectively, in full year 2020. Our net income nearly doubled to $2 billion. Free cash flow for the year was $1.12 billion, and CapEx was $1.83 billion. Our net financial position was $977 million at December 31, 2021, compared to $1.1 billion at year-end 2020.

2021 年三大產品事業群皆達成雙位數成長。我們的獲利能力進一步提升。2021 全年毛利率為 41.7%，營業利益率為 19%，相較於 2020 全年分別為 37.1%（抱歉）與 12.9%。淨利幾乎倍增至 20 億美元。全年自由現金流為 11.2 億美元，資本支出（CapEx）為 18.3 億美元。截至 2021 年 12 月 31 日，我們的淨財務部位為 9.77 億美元，相較於 2020 年底的 11 億美元。

On Q1 2022, at the midpoint, our first quarter business outlook is for net revenues of $3.5 billion, representing an increase of 16.1% year-over-year. Gross margin is expected to be about 45%.

關於 2022 年第一季，以中位數計算，我們第一季業務展望的淨營收為 35 億美元，年增 16.1%。毛利率預期約為 45%。

For the full year 2022, we will accelerate the execution of our strategy and value proposition, a strategy which stems from 3 long-term enablers: smart mobility, power energy management, IoT and 5G; and a value proposition based on sustainable and profitable growth, providing differentiating enablers to customers, supporting them with an independent, reliable and secure supply chain, committing to sustainability for the benefit of all our stakeholders.

對於 2022 全年，我們將加速執行我們的策略與價值主張。此策略源自三項長期驅動因素：智慧移動（smart mobility）、電力與能源管理（power energy management）、物聯網與 5G（IoT and 5G）；而我們的價值主張則建立在永續且獲利的成長之上，為客戶提供具差異化的關鍵技術，並以獨立、可靠且安全的供應鏈支援客戶，同時承諾推動永續發展，以造福所有利害關係人。

We plan to invest about $3.4 billion to $3.6 billion in CapEx to further increase our production capacity and to support our strategic initiatives. This includes the first industrialization line of our new 300-millimeter wafer fab in Agrate, Italy. Based on our strong customer demand and increased capacity, we will drive the company based on the plan for full year 2022 revenues in the range of $14.8 billion to $15.3 billion.

我們計畫投入約 34 億至 36 億美元的資本支出（CapEx），以進一步提升產能並支持策略性計畫。其中包括我們位於義大利 Agrate 的新 300 毫米晶圓廠之首條量產導入線（industrialization line）。基於強勁的客戶需求與提升的產能，我們將以 2022 全年營收 148 億至 153 億美元的計畫區間來推動公司營運。

Now let's move to a detailed review of the fourth quarter. On a sequential basis, Q4 net revenues increased 11.2%. This growth was driven by both ADG and MDG, up 22% and 15.4%, respectively, while AMS revenues were substantially flat. On a year-over-year basis, net revenues increased 9.9% with ADG and MDG growing 28.6% and 23.7%, respectively and AMS decreasing 11.2%.

接下來我們更詳細回顧第四季。以季比來看，第四季淨營收成長 11.2%。成長主要由 ADG 與 MDG 帶動，分別成長 22% 與 15.4%，而 AMS 營收則大致持平。以年比來看，淨營收成長 9.9%，其中 ADG 與 MDG 分別成長 28.6% 與 23.7%，而 AMS 則下滑 11.2%。

Gross profit was $1.61 billion, increasing 28.3% on a year-over-year basis. Gross margin increased to 45.2% from 38.8% in the year ago quarter and was 20 basis points above the high end of the company guidance, possibly driven by improved product mix, favorable pricing and manufacturing efficiency.

毛利為 16.1 億美元，年增 28.3%。毛利率由去年同期的 38.8% 提升至 45.2%，並較公司指引上緣高出 20 個基點，可能受惠於產品組合改善、有利的定價以及製造效率提升。

Net operating expenses in Q4 were $720 million. Q4 operating margin was 24.9% and up from 20.3% in Q4 '20, with ADG at 17.6%, AMS at 26.6% and MDG at 29.9%. Net income and diluted earnings per share increased about 30% in comparison to Q4 '20, with net income of $750 million versus $582 million and diluted earnings per share of $0.82 versus $0.63.

第四季淨營業費用為 7.2 億美元。第四季營業利益率為 24.9%，高於 2020 年第四季的 20.3%，其中 ADG 為 17.6%、AMS 為 26.6%、MDG 為 29.9%。相較於 2020 年第四季，淨利與稀釋後每股盈餘約成長 30%；淨利為 7.5 億美元（對比 5.82 億美元），稀釋後每股盈餘為 0.82 美元（對比 0.63 美元）。

Let's look now in more detail at our full year results, starting with a recap of the market and business dynamics we saw during 2021, earlier marked by a strong market demand but still impacted by the pandemic and global semiconductor supply chain constraints. Here, I would like to take the opportunity to thank all of the ST employees, who worked tirelessly through the year to support our customers, drive our increased manufacturing efficiency and create innovative new products. All this in the context of the ongoing challenges of the pandemic, where we continue to support our employees across the globe, ensuring the most stringent health and safety measures in every site where we operate.

現在更深入檢視全年結果，先回顧 2021 年我們所見的市場與業務動態：年初市場需求強勁，但仍受到疫情與全球半導體供應鏈限制的影響。在此，我想藉此機會感謝所有 ST 員工，他們全年不懈努力以支援客戶、推動製造效率提升並創造創新新產品。這一切都是在疫情持續帶來挑戰的背景下完成的；我們也持續在全球各地支持員工，確保在每一個營運據點都採取最嚴格的健康與安全措施。

For 2021, in Automotive, we saw unprecedented demand across all geographies as the industry continued to rebound from the difficult [environment]. The rebound was broad-based across all customers and regions. It was driven by the volume of vehicles produced, the replenishment of inventories across the automotive supply chain. Most importantly, an accelerated transformation of the (inaudible) industry towards more electrification and digitalization. Bookings remain strong through the year. Backlog visibility is now about 18 months and well above our current and planned 2022 manufacturing capacity.

在 2021 年的汽車領域，隨著產業持續自艱困的［環境］中復甦，我們在所有地區都看到前所未有的需求。這波復甦在所有客戶與區域皆呈現廣泛性。其驅動因素包括車輛產量提升、汽車供應鏈各環節的庫存回補；更重要的是，（聽不清）產業正加速朝向更高程度的電動化與數位化轉型。全年接單（bookings）仍維持強勁。訂單能見度（backlog visibility）目前約為 18 個月，且遠高於我們目前及 2022 年規劃的製造產能。

In industrial, we saw through the year very strong demand, both in high-end and consumer industrial. Electrification and digitalization are the main trends driving semiconductor content increase also in this end market. In terms of demand, factory automation was one of the main drivers, together with power-related applications, including renewable energy, motion control, power tools and home appliances. Demand was strong both with distribution as well as [OMEs], in line with our approach to be broad in the highly fragmented industrial market. Through 2021, inventories of our products at distributors remain lean across all product families with high inventory turns. Also, point of sales were strong across all products and geographies.

在工業領域，我們全年看到非常強勁的需求，涵蓋高階工業與消費型工業。電動化與數位化是推動此終端市場半導體含量提升的主要趨勢。就需求而言，工廠自動化是主要驅動因素之一，另有電力相關應用，包括再生能源、運動控制（motion control）、電動工具與家電。無論是透過通路（distribution）或是［OMEs］，需求都很強勁，符合我們在高度分散的工業市場採取廣泛布局的策略。2021 年期間，通路商端我們產品的庫存於各產品系列皆維持精實，庫存周轉率高。此外，各產品與各地區的銷售點（point of sales）表現亦相當強勁。

In Personal Electronics, smartphone continues to be an essential source of social connection and streaming services for entertainment, fitness, gaming and music. Smartphone volumes returned to growth in 2021, about 3% year-over-year, driven by 5G adoption. Demand for accessories was strong through the year, with healthy dynamics related to other connected devices, such as wearables, tablets, hearables and true wireless stereo headsets and game consoles.

在個人電子領域，智慧型手機仍是社交連結與娛樂、健身、遊戲與音樂等串流服務的重要來源。2021 年智慧型手機出貨量恢復成長，年增約 3%，主要由 5G 採用所帶動。配件需求全年維持強勁，其他連網裝置亦呈現健康動能，例如穿戴式裝置、平板、耳戴式裝置（hearables）與真無線立體聲耳機（true wireless stereo headsets），以及遊戲主機。

In communication equipment and computer peripherals, we saw continued adoption of 5G-related products as well as a sustained demand for PCs and especially netbooks throughout the year to have. The hard disk drive market recovered somewhat from its decline in 2020. We also saw low-cost orbit satellite programs launch or ramp up in a number of countries.

在通訊設備與電腦周邊領域，我們看到與 5G 相關產品持續被採用，同時全年對 PC、尤其是小筆電（netbook）的需求也維持強勁。硬碟機市場自 2020 年下滑後有所復甦。我們也看到多個國家開始啟動或加速推進低成本軌道衛星計畫。

Looking now at our full year financial results in greater detail. Net revenues were $12.76 billion for 2021, increasing 24.9% year-over-year, reflecting a strong performance across all the end markets we address and our engaged customer programs through the year. Sales to OEMs and distribution returned to a more balanced split in 2021 representing, respectively, 66% and 34% of total revenues. This compares with 73% and 27% split in 2020, influenced by the first phase of the pandemic affecting the industrial end market.

現在更詳細地檢視我們的全年財務結果。2021 年淨營收為 127.6 億美元，年增 24.9%，反映我們所服務的所有終端市場皆表現強勁，以及我們全年積極推進的客戶專案。2021 年對 OEM 與通路的銷售回到較為均衡的結構，分別占總營收的 66% 與 34%。相較之下，2020 年的占比為 73% 與 27%，主要受到疫情第一階段對工業終端市場的影響。

By region of origin, 41% of our 2021 revenues were from the Americas, 34% from Asia Pacific and 25% from EMEA. In terms of revenues by product group on a year-over-year basis. ADG revenue increased by 32.5%. Both subgroups, Automotive and Power Discrete recorded double-digit growth. EMS revenue grew 18.8%. Analog & MEMS recorded double-digit growth for 2021, supported by continued growth in Imaging product sales. MDG revenues increased by 24.3%. Microcontrollers, our largest subgroup reported double-digit growth partially offset by the expected decrease in radio frequency communication revenues.

按來源地區劃分，2021 年我們的營收有 41% 來自美洲、34% 來自亞太、25% 來自 EMEA。就產品群的年對年營收而言，ADG 營收成長 32.5%。兩個子群（汽車與功率分離元件）皆錄得雙位數成長。EMS 營收成長 18.8%。Analog & MEMS 在 2021 年錄得雙位數成長，並受影像產品銷售持續成長所支撐。MDG 營收成長 24.3%。微控制器（我們最大的子群）呈現雙位數成長，部分被射頻通訊營收如預期下滑所抵銷。

Gross margin increased to 41.7% for 2021, expanding from 37.1% for 2020, reflecting manufacturing efficiencies and loading improvements, favorable pricing and product mix, partially offset by negative currency effect net of [EG]. Our operating margin also significantly increased during 2021 to 19% from 12.9% in 2020. The increase in the company's operating margin was well supported by all 3 product groups. ADG operating margin expanded to 11.8% from 5.5%, EMS operating margin increased to 21.9% from 20.8% and MDG operating margin increased to 24.3% from 16.6%. Net income increased 80.8% to $2 billion for 2021 from $1.1 billion in 2020. Diluted earnings per share were $2.16 from $1.20.

2021 年毛利率提升至 41.7%，高於 2020 年的 37.1%，反映製造效率與產能負載改善、有利的定價與產品組合，但部分被扣除 [EG] 後的匯率負面影響所抵銷。我們的營業利益率在 2021 年也顯著提升至 19%，高於 2020 年的 12.9%。公司營業利益率的提升由三大產品群全面支撐：ADG 營業利益率由 5.5% 擴大至 11.8%，EMS 營業利益率由 20.8% 提升至 21.9%，MDG 營業利益率由 16.6% 提升至 24.3%。2021 年淨利年增 80.8% 至 20 億美元（2020 年為 11 億美元）。稀釋後每股盈餘為 2.16 美元（前一年為 1.20 美元）。

Moving now to other financial indicators. Net cash from operating activities increased about 46% to $3 billion for 2021. CapEx was $1.83 billion compared with the 2020 CapEx of $1.28 billion. Our 2021 investments were about $300 million lower than what we had expected, mainly due to later-than-planned equipment deliveries.

接著看其他財務指標。2021 年營運活動淨現金流入增加約 46% 至 30 億美元。資本支出（CapEx）為 18.3 億美元，對比 2020 年的 12.8 億美元。2021 年的投資金額比我們原先預期少約 3 億美元，主要是因設備交付時間晚於計畫。

Our full year free cash flow was $1.12 billion compared to $627 million in 2020, up almost 80%. Cash dividends paid to stockholders in 2021 totaled $205 million. During 2021, we repurchased shares totaling $485 million under our prior and new share repurchase programs. Our net financial position was $977 million at December 31, 2021, reflecting total liquidity of $3.52 billion and total financial debt of $2.55 billion.

全年自由現金流為 11.2 億美元，較 2020 年的 6.27 億美元增加近 80%。2021 年支付給股東的現金股利合計 2.05 億美元。2021 年我們在先前與新的庫藏股回購計畫下回購股份合計 4.85 億美元。截至 2021 年 12 月 31 日，我們的淨財務部位為 9.77 億美元，反映總流動性 35.2 億美元與總金融負債 25.5 億美元。

Now let's move to our 2022 first quarter outlook and our plan for the full year 2022. For the first quarter, we expect net revenues to be about 3.50 -- sorry, $3.5 billion at the midpoint, representing a year-over-year growth of 16.1% and a sequential decrease of 1.6%. Gross margin in Q1 is expected to be about 45% at the midpoint, up 600 basis points year-over-year and sequentially flat compared with Q4 2021.

現在來看 2022 年第一季展望以及 2022 全年計畫。第一季我們預期淨營收約為 3.50——抱歉，按中位數為 35 億美元，年增 16.1%，季減 1.6%。第一季毛利率預期按中位數約為 45%，年增 600 個基點，且相較 2021 年第四季大致持平。

For the full year, we will accelerate the execution of our strategy and value proposition, a strategy which stems from the 3 long-term enablers: the smart mobility, power energy management and IoT and 5G; and the value proposition based on sustainable and profitable growth, providing differentiating enabler to customers, supporting them with an independent, reliable and secure supply chain and committing to sustainability for the benefit of all our stakeholder.

就全年而言，我們將加速執行我們的策略與價值主張。該策略源自三項長期驅動因素：智慧移動（smart mobility）、電力與能源管理，以及 IoT 與 5G；而價值主張則建立在可持續且具獲利性的成長之上，為客戶提供具差異化的關鍵使能，並以獨立、可靠且安全的供應鏈支持客戶，同時承諾推動永續發展以造福所有利害關係人。

We plan to invest about $3.4 billion to $3.6 billion in CapEx to further increase our production capacity and to support our strategic initiatives. Looking in greater detail, our CapEx plan includes approximately $2.1 billion for capacity additions and mix change in our manufacturing footprint, in particular, for our wafer fab, digital 300-millimeter in Crolles, analog 200-millimeter in Singapore, silicon carbide power MOSFETs 150-millimeter in Catania and Singapore as well as assembly and test operations. About $900 million for strategic investments. This includes the first industrialization line of our new 300-millimeter wafer fab in Agrate, Italy as well as gallium nitrate technology and silicon carbide raw materials initiatives. The remaining part of the CapEx plan covers the overall maintenance and efficiency improvements of our manufacturing operations and infrastructure as well as our carbon neutrality execution program.

我們計畫投入約 34 億至 36 億美元的資本支出，以進一步提升產能並支持策略性計畫。更細部來看，我們的 CapEx 計畫包含約 21 億美元用於產能擴增與製造版圖中的產品組合調整，特別是：位於 Crolles 的 300 毫米數位晶圓廠、位於新加坡的 200 毫米類比晶圓廠、位於卡塔尼亞與新加坡的 150 毫米碳化矽功率 MOSFET，以及封裝與測試作業。約 9 億美元用於策略性投資，包括我們在義大利 Agrate 新建 300 毫米晶圓廠的首條工業化產線，以及氮化鎵技術與碳化矽原材料相關計畫。CapEx 計畫的其餘部分涵蓋製造營運與基礎設施的整體維護與效率提升，以及我們的碳中和落地執行方案。

On this latter topic, a key element of our sustainability strategy, we are moving ahead in our environmental road map to be carbon neutral by 2027. In 2021, we improved our total greenhouse gas emissions efficiency, minus 27% versus 2020, and our use of renewable energy reached about 51%.

就後者這個主題而言，作為我們永續策略的關鍵要素，我們正推進環境路線圖，目標在 2027 年達成碳中和。2021 年，我們的溫室氣體排放效率較 2020 年改善 27%，再生能源使用占比提升至約 51%。

Based on the strong customer demand and our planned investment to increase capacity, we will drive the company based on the 2022 revenue plan of $14.8 billion to $15.3 billion, representing revenue growth of about 16% to 20%.

基於強勁的客戶需求以及我們為提升產能所規劃的投資，我們將以 2022 年營收計畫 148 億至 153 億美元來推動公司發展，對應約 16% 至 20% 的營收成長。

To conclude, in 2021, ST delivered strong revenue growth and increased profitability. We work alongside our customers, continuing to adapt our supply chain to support their strong demand. For 2022, we continue to work on making ST stronger. We are convinced that we have the right strategy and resources in place: our balanced end market focus and position, our solid product IP technology portfolio, our integrated device manufacturer model, our transformation programs and our focus on high-growth applications that continue to accelerate their strong positive dynamics. We are investing significantly to support this acceleration in order to capture new opportunities, working alongside our customers and to prepare our goals for the years to come.

總結而言，2021 年 ST 實現強勁的營收成長並提升獲利能力。我們與客戶並肩合作，持續調整供應鏈以支援其強勁需求。展望 2022 年，我們將持續強化 ST。我們深信已具備正確的策略與資源：均衡的終端市場聚焦與布局、穩健的產品 IP 技術組合、整合元件製造商（IDM）模式、轉型計畫，以及我們對高成長應用的聚焦，而這些應用持續加速其強勁的正向動能。我們正進行大幅投資以支援這一加速，藉此掌握新機會，與客戶並肩合作，並為未來數年的目標做好準備。

Before we take your questions, save the date. We will be hosting our Capital Markets Day on May 12 in Paris. We hope to be able to have an in-person event and will also webcast live. Thank you. We are now ready to answer your question.

在我們回答各位問題之前，請先記下日期：我們將於 5 月 12 日在巴黎舉辦資本市場日（Capital Markets Day）。我們希望能以實體方式舉行，同時也將進行線上直播。謝謝。我們現在準備回答各位的提問。

(Operator Instructions) The first question is from Aleksander Peterc from Societe Generale.

（接線員指示）第一個問題來自法國興業銀行（Societe Generale）的 Aleksander Peterc。

Congratulations for great results. I guess the first part I would have would be on how we should think about your gross margin developing throughout the year. I think you mentioned last year, there could be some near-term headwinds from higher input costs. But it's clearly not the case in Q1, where you guide for flat gross margins at this high level. So how should we expect this to develop over the year? Do you expect the pressure later? Or will you build on this strong gross margin in the first quarter?

恭喜取得優異的成果。我想第一部分的問題是，我們應該如何看待你們全年毛利率的走勢。我記得你們去年提到，短期可能會受到投入成本上升的逆風影響。但顯然在第一季並非如此，你們指引在這麼高的水準下毛利率仍可持平。因此，我們應該如何預期全年走勢？你們是否預期壓力會在之後出現？還是會在第一季強勁毛利率的基礎上再往上提升？

And then just very quickly, secondly, if you could comment on why R&D was so low in the fourth quarter? And how should we think about OpEx modeling for the year?

另外很快第二點，如果可以的話，能否評論一下為什麼第四季的研發費用這麼低？以及我們應該如何看待全年營業費用（OpEx）的建模？

Lorenzo will take the question.

Lorenzo 會來回答這個問題。

Sure. Good morning, everybody, and thank you for the question. Yes, about gross margin, what it will be the sustainability of the gross margin that we have posted during last quarter in Q4 and what we have announced for Q1. For sure, you have seen that in Q4, gross margin was stronger than expected. This was mainly thanks to more favorable product mix and definitely also thanks to the price environment. We continue to see our gross margin at this level, let's say, also for Q1.

好的。各位早安，謝謝你的提問。是的，關於毛利率，也就是我們在上一季第四季所呈現、以及我們對第一季所公布的毛利率水準，其可持續性會如何。可以確定的是，你們已經看到第四季毛利率比預期更強。這主要歸功於更有利的產品組合，當然也明顯受惠於定價環境。我們也持續看到毛利率維持在這個水準，姑且說，在第一季也是如此。

With the current market environment that we see at the level of the revenues that we have, let's say, indicating in our plan, we think that we should be able to maintain -- let's say, we should be able to maintain our gross margin around the current level as an average for the whole year. Of course, we expect some seasonality in our gross margin. It means that, for instance, we do expect some slight decline in Q2 in respect to what we stand in Q1 and then maybe some recovery in the course of the year in the second half.

以我們目前所看到的市場環境，以及我們在計畫中所指示的營收水準來看，我們認為應該能夠維持——也就是說，全年平均而言，應該能夠將毛利率維持在目前水準附近。當然，我們預期毛利率會有一些季節性波動。也就是說，例如，我們確實預期第二季相較第一季會有些微下滑，然後在下半年可能在年度進程中出現一些回升。

In the next following quarters, actually, the dynamic of the gross margin will be impacted by various elements. Some of them are positive. Some of them are negative. On the positive side, we do expect there's some further revenue price increase and also some, let's say, positive impact from the manufacturing efficiency that is improving. On the negative side, of course, we have the full impact that is not yet totally reflected in our cost of the increase on production of the material price, increase in the cost of a foundry in [Osaka] as we are increasing the quotation as well as a significant increase in the energy cost, as you can imagine. Also increased depreciation in our COGS as a consequence of our CapEx plan will impact on short term our gross margin. This will be before, let's say, to translate higher output and improved manufacturing efficiency. Anyway, let's say, all in all, we do expect that substantially, we may stay at different level of the gross margin with some, let's say, up and down in terms of seasonality during the year.

在接下來的幾個季度，實際上，毛利率的動態將受到多種因素影響。有些是正面因素，有些是負面因素。正面來看，我們確實預期還會有進一步的營收價格上調，並且也會有一些——可以說——來自製造效率改善的正面影響。負面來看，當然，我們尚未在成本中完全反映的影響將全面顯現，包括材料價格上漲導致的生產成本增加、隨著我們提高報價而使位於[Osaka]的晶圓代工成本上升，以及如各位所想像的能源成本大幅增加。此外，因我們資本支出（CapEx）計畫所帶來的折舊增加，將在短期內反映在銷貨成本（COGS）中並影響毛利率。這會先於——也就是說——更高產出與製造效率改善的轉化效益。總之，整體而言，我們預期毛利率大致上會維持在某個水準，但全年會因季節性而有一些——可以說——上下波動。

The second question was about expenses. Let's say, yes, indeed, expenses of Q4 came, let's say, lower than we were expecting -- originally expecting. This was mainly driven by the fact the 2 main components, I would say, for this level of expenses in the Q4 quarter. On one side, we had some lower discretionary expenses, especially, let's say, on the last part of the quarter related to the fact that there was some impact in some sites due to the pandemic. So some of our employees are not allowed to go to work, and of course, some activity had some kind of slowdown, especially in the second quarter. Then actually, there has been some positive onetime item, let's say, linked to the remeasurement of some accrual, the liability, and this, of course, is something that is impacting the quarter, but it's not something that is recurrent.

第二個問題是關於費用。可以說，是的，第四季的費用確實比我們——原先預期的——來得低。這主要是由兩個主要構成因素所驅動，我會說，這就是第四季費用水準的兩大原因。一方面，我們有一些較低的可裁量性費用，特別是——可以說——在季度最後一段時間，因為疫情對某些據點造成影響。因此，我們的一些員工不被允許去上班，當然，一些活動也出現某種程度的放緩，尤其是在第二季。另一方面，實際上還有一項正面的一次性項目——可以說——與某些應計項目的重新衡量（remeasurement）相關，也就是負債，而這當然會影響該季度，但並不是經常性項目。

Maybe I take the chance maybe to anticipate some other question about what it will be the dynamic of the expenses moving forward. As I said, in Q4, we're particularly low. What we do expect, for instance, in Q1 is that there will be some increase in our expenses. This increase is related, of course, some activity increase in our R&D and, as I was saying before, and the nonrecurrent of some impact that we had during the previous quarter. So we may say that our expenses, it will be something in Q1 more in the range of net expenses, including other income and expenses, more in the range of $800 million, $820 million. I hope I have answered your question.

也許我藉此機會先回答一個可能的後續問題：未來費用的動態會是什麼。如我所說，第四季特別低。以第一季為例，我們確實預期費用會有所增加。這項增加當然與我們研發（R&D）活動的提升有關，正如我先前所說，以及上一季度某些影響不再重複出現。因此我們可以說，我們第一季的費用——以淨費用來看，包含其他收入與費用——大約會落在8億美元到8.2億美元的區間。希望我已回答了你的問題。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Jean-Marc, I wanted to step back and ask sort of a multipart question. I mean if you look at -- remarkable results and congratulations. 2021, you guys grew the company, say, 25% on revenue, and it looks like you're guiding for high-teens growth off of that in 2022. And I guess what I would like to get your perspective on is just the overall drivers of that growth. I mean you're essentially growing the company by 50% in a couple of years off of the prepandemic levels. And I guess what I want to understand is how would you characterize the growth? Is it -- how much driven by secular things like electrification and digitization in autos, et cetera, how much driven by capacity expansion and how much driven by pricing increases?

Jean-Marc，我想退一步問一個算是多部分的問題。我的意思是，如果你看——表現非常出色，恭喜。2021 年你們的公司營收成長大約 25%，而看起來你們在 2022 年的指引是在此基礎上達到高十幾%的成長。我想我希望聽到你對這種成長的整體驅動因素的看法。也就是說，你們基本上在幾年內相較疫情前水準把公司規模成長了 50%。我想了解的是，你會如何描述這種成長？它——有多少是由電動化、汽車數位化等長期結構性（secular）因素所驅動，有多少是由產能擴張所驅動，又有多少是由價格上調所驅動？

And particularly the question that I get from investors, not just for your company but for the industry, is how durable are some of these price increases through the cycle? And if you had any perspective there, I'd really appreciate it.

而且，投資人問我的一個問題——不只是針對你們公司，而是針對整個產業——是：這些價格上調在景氣循環中有多耐久？如果你對此有任何觀點，我會非常感謝。

Thank you. So I will comment on the megatrend, and maybe Lorenzo will comment on the volume mix and -- versus pricing. Well, about the growth of ST, okay, between 2019, 2020, 2021 and our indication for 2022, we see basically 2 elements to make it quite clear and simple. Well, first of all, okay, if we split the electronics market into the stand-alone electronics, which is personal electronic, consumer and communication computer, our strategy, okay, has been very consistently clear since many years now. Here, okay, we are very selective with some engaged customer programs, and we take opportunity of high-volume application with our general purpose MCU and analog and power device. So here, ST has the capability to both take into advantage, okay, the high volume from this part of the electronics, and for sure, we are quite successful with some very specific customer engage program where we provide differentiation to the customer. So this is something that since 2016, okay, we are growing every year.

謝謝。所以我會評論一下大趨勢（megatrend），也許 Lorenzo 會評論量與組合——相對於定價。那麼，關於 ST 的成長，好吧，在 2019、2020、2021 以及我們對 2022 的指引之間，我們基本上看到兩個要素，讓事情相當清楚且簡單。首先，好吧，如果我們把電子市場拆分為獨立型電子（stand-alone electronics），也就是個人電子、消費性與通訊電腦等，我們的策略——多年來一直非常一致且清楚。在這裡——我們非常有選擇性地投入某些客戶合作專案（engaged customer programs），並且把握高出貨量應用的機會，透過我們的通用 MCU、類比與電源元件。因此在這裡，ST 具備能力去利用——好吧——這一部分電子市場的高出貨量，而且可以肯定的是，我們也在一些非常特定的客戶合作專案上相當成功，因為我們能為客戶提供差異化。因此，這是自 2016 年以來——好吧——我們每年都在成長的部分。

The second part, which is the core of our strategy, is an embedded electronics, so the well-known automotive market and the industrial market. And here, post 2020, I would like to confirm that these 2 markets, these 2 verticals are facing, first, recovery or rebound after 2020 definitively. But more importantly, it is a measure of transformation these 2 verticals are facing.

第二部分，也是我們策略的核心，是嵌入式電子（embedded electronics），也就是眾所周知的汽車市場與工業市場。而在這裡，2020 年之後，我想確認的是，這兩個市場、這兩個垂直領域首先確實在 2020 年之後出現復甦或反彈。但更重要的是，這兩個垂直領域正面臨一場轉型的衡量尺度。

Again, the electrification of the mobility is accelerating at the speed which was not expected in 2020, driven by the willingness of the world, of course, okay, to improve the (inaudible) footprint, and it is valid in all the region of the globe, for all the car makers, all the truck maker, all, let's say, the 2 wheels vehicles maker, including, of course, for more components in terms of power, like the silicon carbide but also the power analog, okay, for the driver, MCU for battery management system and, in parallel, the digitalization of the car for more safety, so [it had us]. More recently, okay, you have seen Mobileye announcing, okay, $100 million cumulative, okay, (inaudible) device delivery believe really the $200 million will be achieved quite soon.

再一次，移動載具的電動化正以 2020 年時未預期的速度加速，這是由全球——當然——希望改善（聽不清）足跡的意願所驅動，而且這在全球所有地區都成立，對所有汽車製造商、所有卡車製造商、所有——可以說——兩輪車製造商也都成立；這也意味著在功率元件方面需要更多零組件，例如碳化矽（silicon carbide），以及功率類比——好吧——用於驅動器、用於電池管理系統的 MCU；同時，汽車的數位化也在提升安全性，所以[it had us]。更近期——好吧——你們也看到 Mobileye 宣布——好吧——累計 1 億美元——好吧——（聽不清）裝置出貨，我相信 2 億美元將很快就會達成。

So first of all, okay, the automotive market, which is the most well known, is really facing an acceleration of the transformation calling structurally for more components. So it will take many years, okay, to execute this transformation between 2022 up to 2027, 2030 and calling for a secular, okay, more semiconductor content. Then something which is less well known because much more fragmented, it is the industrial market. And here, for the industrial market, is very similar. You have the electrification of everything, the power tools and (inaudible), okay, whatever are for consumer but also for professional. The big infrastructure, which are calling for much better efficient electronic system in order to optimize the power energy they consume. The factory automation because, again, if you remember well, one of the major lessons learned from the pandemic has been that the plant, which resists better to the stay at home -- the plant with high level of automation.

所以首先——好吧——汽車市場這個最為人所熟知的領域，確實正面臨轉型加速，結構性地需要更多零組件。因此，這項轉型將需要很多年——好吧——在 2022 年到 2027、2030 年之間去執行，並且帶來長期結構性（secular）的——好吧——更高半導體含量。接著，有一個較不為人所熟知、因為更為分散的領域，就是工業市場。而在工業市場方面，也非常類似。你會看到萬物電動化，電動工具以及（聽不清）——好吧——不論是消費用途或專業用途。大型基礎設施需要更高效率的電子系統，以便最佳化其所消耗的電力能源。工廠自動化也是如此，因為——再一次——如果你們記得，疫情帶來的一個主要教訓是：更能抵抗居家令影響的工廠——是自動化程度高的工廠。

The consumer industrial, so the whole appliance and basically all the consumer, let's say, application are being more and more, let's say, green neutral. So calling for more MCUs, more MOSFET, more IGBT, more control. So as the takeaway, I would like to say as far as ST is concerned, our dual position to address embedded electronics facing secular transformation, calling for much more semiconductor content. Plus our position very selective on stand-alone electronics where we capture high-volume application from general purpose device, which are quite efficient, our STM32 as an example, plus very specific engage customer program where we bring this differentiation are the main growth drivers of the company.

消費型工業（consumer industrial），也就是整個家電，以及基本上所有消費——可以說——應用，正變得越來越——可以說——綠色中和。因此需要更多 MCU、更多 MOSFET、更多 IGBT、更多控制。總結來說，我想說，就 ST 而言，我們的雙重定位：一方面，面向正經歷長期結構性轉型、需要更多半導體含量的嵌入式電子；另一方面，在獨立型電子上採取非常有選擇性的策略，我們透過通用元件捕捉高出貨量應用——例如我們的 STM32，效率相當高——再加上非常特定的客戶合作專案，我們在其中帶來差異化，這些就是公司主要的成長驅動因素。

Now, okay, to give you some color about, okay, respectively, the volume and the price increment or the mix because both played, okay, I'll let Lorenzo comment.

現在，好，為了讓你更了解情況，分別就出貨量以及價格提升或產品組合（因為兩者都有影響）來說明一下，好，我讓Lorenzo來評論。

Thank you, Jean-Marc. I wanted to give you some ideas on data point. Last year, in 2021, we grew, respect to 2020, by $2.5 billion, our top line, our revenue. When we look and when we try to split this growth in the various components, I can say that the main one representing around 80% of this growth is volume. They come from a higher level of volume. Don't forget that in 2020, we had a $150-plus million of unloading.

謝謝你，Jean-Marc。我想就一些數據點給你一些想法。去年，也就是2021年，相較於2020年，我們的營收、我們的營業額成長了25億美元。當我們回頭看並嘗試把這個成長拆分成不同組成部分時，我可以說，主要的部分約占這個成長的80%，來自於出貨量。這是因為出貨量水準更高。別忘了在2020年，我們有超過1.5億美元的unloading（卸載/減載）。

This year, we are running our fabs with increased capacity due to investment that we have done, let's say, fully loaded. Let's say, our fabs are running at 90% of loading. That is at the maximum. More than that is impossible. So I would say 80% is coming from loading.

今年，由於我們所做的投資，我們的晶圓廠以更高的產能在運轉，可以說是滿載運行。我們的晶圓廠大約在90%的負載率運行。這已經是上限了，再高是不可能的。所以我會說，80%是來自於負載率提升。

How about price and mix? Price and mix accounts for the remaining 20% of our growth. And I would say they are substantially even half and half between the 2. So this is to give you an idea. The biggest driver of our growth has been the volume, or for sure, price has been important because definitely, the trend was the other way around. That normally happens in our market, let's say, stable to play in a negative way. This year has been played in a positive way for a significant amount, but it's not definitely the main driver of the growth, definitely important on the profitability for sure.

那價格和產品組合呢？價格與產品組合占我們成長的其餘20%。而我會說，兩者大致各占一半。這是給你一個概念。我們成長最大的驅動因素是出貨量；當然，價格也很重要，因為趨勢原本是相反方向。在我們的市場裡，通常在相對穩定時會以負面方式影響。今年則以正面方式發揮了相當大的作用，但它確實不是成長的主要驅動因素；不過對獲利能力而言，肯定是重要的。

Does it answer your question?

這有回答你的問題嗎？

Yes. I really appreciate all the color and the detail there. And very, very clear even in the middle of the night, I can understand it. Congrats again, and I'll jump back in the queue. Appreciate it.

有。我非常感謝你提供的所有背景說明和細節。而且非常、非常清楚，即使在半夜我也聽得懂。再次恭喜，我先回到隊列後面。謝謝。

The next question is from Alexander Duval from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的Alexander Duval。

Just a couple of quick ones. We heard overnight from one of your big U.S. auto customers that they see tightness in automotive semis continuing until next year. I wonder, to what degree you'd agree with that prognosis? And to what extent do you see a risk of some kind of correction or adjustment before the end of the year? Just wondered if you could give a bit more color in terms of the semi inventory levels you're seeing in the channel.

我有幾個很快的小問題。我們昨晚聽到你們一位大型美國汽車客戶表示，他們認為車用半導體的供應緊張會持續到明年。我想知道，你們在多大程度上同意這個判斷？以及你們在今年年底前看到某種修正或調整的風險有多大？也想請你就你們在通路中看到的半導體庫存水位，多提供一些背景。

And then secondly, a quick one on silicon carbides. I wondered if you could give an update on your leases view on the asset you acquired there and the extent to which vertical integration as a strategy is going to help STMicro. You mentioned just now that as part of your strategic investment, I believe, some of that's going towards silicon carbide material. So I wondered how confident you are that you'll have enough wafer supply to deliver your long-term SIC targets. And any update on track (inaudible) with car models or platforms on silicon carbide.

第二個是關於碳化矽（silicon carbide）。我想請你更新一下你們對所收購資產的租賃（leases）看法，以及垂直整合這個策略將在多大程度上幫助STMicro。你剛才提到，作為你們策略性投資的一部分，我相信其中有一部分會投入到碳化矽材料。所以我想知道，你們對於有足夠的晶圓供應以達成長期SiC目標的信心如何。以及在碳化矽方面，與車款或平台的進展（聽不清楚）有沒有更新。

For your first question, Alex, was about automotive? Or was it globally?

Alex，你的第一個問題是關於汽車？還是整體市場？

Yes. Yes.

是的，是的。

Yes. So your first question is about automotive and the trends and how we think that the situation should go back to sort or normalization whether how is inventories in the channel, how do you see this. The second question is on the vertical integration strategy on silicon carbide, correct, and where we stand, whether we have enough in our hands to what are the strategic initiatives we're going through. And the third is whether we have silicon carbide, some new news on products, trends, et cetera, in terms of product. Did I correctly summarize your question?

好的。所以你的第一個問題是關於汽車的趨勢，以及我們認為情況何時會回到某種正常化；也就是通路中的庫存如何、你怎麼看這件事。第二個問題是關於碳化矽的垂直整合策略，對嗎？以及我們目前的狀況、我們手上的資源是否足夠、我們正在推進哪些策略性措施。第三個是我們在碳化矽方面是否有一些新消息，包含產品、趨勢等等。我的問題摘要正確嗎？

Yes, makes sense, Celine.

是的，Celine，這樣很合理。

Thank you very much, Alex.

非常感謝你，Alex。

Okay. So I will comment automotive and silicon carbide. But definitively, if I miss some point, okay, Marco Cassis will complement.

好的。我會評論汽車與碳化矽。不過如果我漏掉任何點，好，Marco Cassis會補充。

First of all, on automotive from an ST perspective, where we provide to this industry, let's say, power solution means, okay, MOSFET, IGBT and driver but also on broader processing solutions, so microcontroller. I simply would like to confirm to you that, okay, first of all, our planned capacity for 2022 is sold out. And the supply chain, taking into account the number of, let's say, cost and 3 particles we have between carmakers, Tier 1s, EMS, there is no inventory in the channel. There is no inventory buildup in the channel simply because the capacity, which is mainly when we have spoken about the processing solution capacity using technology node between 19-nanometer to 14-nanometer, maybe 28. And the capacity for power and power analog, which are mainly, let's say, technology where the node is not the differentiating factor. All this capacity are totally saturated at IDM level or at foundry level. And you know that the foundry are massively investing on not beyond, okay, 28-nanometer to support the standalone electronics world.

首先，從ST的角度談汽車。我們為這個產業提供的，譬如說，電源解決方案，也就是MOSFET、IGBT與驅動器，同時也提供更廣泛的處理解決方案，例如微控制器。我想簡單確認的是：首先，我們2022年的規劃產能已經全部售罄。再者，考量到汽車製造商、Tier 1、EMS之間的成本與多個環節（3 particles）所構成的供應鏈，通路中沒有庫存，沒有庫存堆積。原因很簡單：產能——主要是我們談到的處理解決方案產能，使用19奈米到14奈米、也可能是28奈米的製程節點——以及電源與電源類比的產能（主要是製程節點不是差異化因素的技術）。所有這些產能在IDM層級或晶圓代工層級都完全飽和。你也知道，晶圓代工廠正在大規模投資，但不是投向先進到超越28奈米，而是以不超過28奈米來支援更廣泛的獨立電子世界。

So we don't see, for the time being, let's say, any inventory buildup. And again, the challenge for a company like ST, but let's say, for a peer like Infineon or NXP is to have the capability to continue to support the critical and major transformation and successfully the major transformation of the, let's say, automotive and mobility industry. We still see when cars and vehicles are using, let's say, more advanced, let's say, technology and processor. Still, for the time being, some tension, okay, in the supply chain, more related to assembly materials, okay, like substrates, okay, or frame, this kind of stuff. But this tension, okay, should, let's say, improve progressively, let's say, through the year and in 2023. But for -- again, the remaining diversified, let's say, semiconductor product and technology, the tension at least will remain in 2022.

因此，就目前而言，我們沒有看到任何庫存堆積。再說一次，對像ST這樣的公司——也包括像Infineon或NXP這樣的同業——挑戰在於要有能力持續支援汽車與移動產業這個關鍵且重大的轉型，並成功推動這個轉型。我們仍然看到，當汽車與車輛採用更先進的技術與處理器時，供應鏈目前仍有一些緊張，更多是與封裝材料相關，例如載板（substrates）或引線框架（frame）這類東西。但這種緊張狀況應該會在今年並延續到2023年逐步改善。不過對於其餘多元化的半導體產品與技術而言，至少在2022年緊張狀況仍將持續。

How about silicon carbide? For silicon carbide, we continue, let's say, to win socket and programs, okay. We are now engaged with 90 ongoing programs, addressing 72 customers. So we definitively confirm our target, okay, of $1 billion revenue by 2024.

那碳化矽呢？在碳化矽方面，我們持續贏得design-in與專案。我們目前參與了90個進行中的專案，涵蓋72個客戶。因此我們明確重申我們的目標：到2024年達成10億美元營收。

Our position, let's say, is well balanced between mobility leaders and industrial market. Part of the $2.1 billion of capacity increase this year, basically, the 3 main parts are the digital 300-millimeter, then the silicon carbide wafer fab in Singapore and in Catania and the advanced power analog technology, which are the key device, okay, and driver of MOSFET or driver of any solution in the car. And in parallel, a part of the strategic initiative, I confirm to you that we have already started the building of some facilities in Europe to prepare our future supply internally for raw material and epitaxy, where our target is by 2024, 2025 to supply internally 40% of our [need].

我們的布局相當均衡，介於移動領域的領導者與工業市場之間。今年21億美元的產能增加，基本上三大部分是：數位300毫米、位於新加坡與卡塔尼亞（Catania）的碳化矽晶圓廠，以及先進的電源類比技術——這些是關鍵元件，也是車用MOSFET或任何解決方案驅動器的核心驅動因素。同時，作為策略性措施的一部分，我向你確認，我們已經開始在歐洲興建一些設施，以準備未來在原材料與磊晶（epitaxy）方面的內部供應；我們的目標是在2024、2025年時，內部供應我們需求的40%。

Better than that, we are confident that we will be capable to continue to sustain our objective to have approximately 30% of market share of this booming market of silicon carbide, which is connected to the acceleration of the electrification of all vehicles, plus a very strong demand for all investor -- high-power investor in the industrial market.

更進一步，我們有信心能夠持續支撐我們的目標：在這個快速成長的碳化矽市場中取得約30%的市占率。這與所有車輛電動化加速密切相關，另外在工業市場也有非常強勁的需求，來自各類高功率逆變器（high-power inverter）的需求。

Any follow-up, Alex?

Alex，還有追問嗎？

That's it.

沒有了。

The next question is from Sébastien Sztabowicz from Kepler Cheuvreux.

下一個問題來自Kepler Cheuvreux的Sébastien Sztabowicz。

One, what kind of visibility do you have on your large [defensing] design that your main customers -- the main customers, sorry, at this point of the year? And also coming back to the OpEx question, you provide some color, Lorenzo, on Q1. How do you see the OpEx evolving beyond Q1? And can you help us model a little bit the OpEx for the full year 2022?

第一，你們對主要客戶在今年這個時間點的大型（聽不清楚）設計案，有什麼樣的能見度？另外回到營業費用（OpEx）問題，Lorenzo，你對第一季提供了一些說明。你怎麼看第一季之後OpEx的走勢？以及你能否協助我們在建模時，對2022全年OpEx有一個大致的估算？

So, Lorenzo, the OpEx first.

那麼，Lorenzo，先談OpEx。

Right. Yes. Okay, sure. Thank you for the question. What is our expectation for the full year '22, how there is the evolution of our OpEx? I was already mentioning, let's say, the level of OpEx that we do expect for the first quarter. I said between $800 million and $820 million. In 2022, this will be a year in which we will strongly invest in OpEx in our R&D activity. This is to fuel our future revenue growth, of course, and also profitability as we wanted to push [forward] to continue to improve our product mix.

好的，是的。當然可以。謝謝你的問題。你問的是我們對2022全年的預期，以及OpEx如何演變。我先前已經提到我們對第一季OpEx的預期水準，我說大約在8億到8.2億美元之間。2022年將是我們在OpEx、尤其是研發活動上大幅投資的一年。這是為了推動我們未來的營收成長，當然也包括獲利能力，因為我們希望持續往前推進、繼續改善我們的產品組合。

Additionally, on this, we will reinforce our effort in our programs to transform our company more and more in a digitalized company, addressing our supply chain, addressing the R&D methodology, the quality, the HR, our IT backbone. So many programs we have, let's say, in order to reinforce our processes, our methodology. This -- of course, all of this will have, for sure, consequence on our expense spending. That will increase in respect to what has been done in 2021. However, if I look based on the current sales plan that we have, our -- what we have communicated, definitely, let's say, our expense-to-sales ratio in 2022 will improve in respect to what has been in 2021.

此外，針對這一點，我們將加強各項計畫的投入，讓公司愈來愈轉型為數位化公司，涵蓋供應鏈、研發方法論、品質、人力資源、我們的 IT 基礎架構。我們有許多計畫，可以說是為了強化我們的流程與方法論。當然，這一切必然會對我們的費用支出帶來影響；相較於 2021 年，費用將會增加。然而，若以我們目前的銷售計畫、以及我們已對外溝通的內容來看，可以肯定地說，2022 年的費用對銷售比率將較 2021 年有所改善。

And Sébastien, could you -- would you mind repeating your question. We didn't hear. So what is your first question?

Sébastien，你能不能——方便的話請再重複一次你的問題？我們沒有聽到。所以你的第一個問題是什麼？

It was a question on your 3 [defensing] design at your main customer. What kind of visibility do you have on the next potential device that will be launched by your main customer?

這是一個關於你們在主要客戶那邊的 3 [defensing] 設計的問題。對於主要客戶下一款可能推出的裝置，你們對其可見度有多高？

Generally speaking, we don't comment in a very detailed okay, our customer, but they are really great, okay, process to drive their partners and suppliers. So we have, okay, 1 year of visibility, which, let's say, give us the opportunity to drive our operation. So -- and again, okay, this customer participate to -- will participate to the growth of ST in 2022. And as already comment during some previous discussion we have together on the architecture of this subsystem of the smart device, okay, we have clear visibility on the evolution, which make us confident that, again, this customer and specifically Imaging will continue to contribute to the growth of the company in 2022 and beyond.

一般來說，我們不會對客戶做非常細節的評論；但他們確實有非常出色的流程來帶動其合作夥伴與供應商。因此我們大約有 1 年的可見度，這讓我們有機會來推動我們的營運。再者，這位客戶將會參與——也將在 2022 年參與 ST 的成長。正如我們在先前幾次討論中已就這款智慧裝置之該子系統架構所評論的，我們對其演進有清楚的可見度，這使我們有信心：這位客戶、尤其是影像（Imaging）業務，將在 2022 年及之後持續為公司的成長做出貢獻。

Next question is from Francois Bouvignies from UBS.

下一個問題來自 UBS 的 Francois Bouvignies。

It's maybe a clarification from the questions before. Maybe the first one is on the -- you mentioned, Lorenzo, the very helpful, the volume and price performance in '21 that you saw, but I was wondering, for 2022, what the split is going to look like. Because when I look at your comments, I mean, previously, you said that you were full in '22. It's been 2 quarters you are saying that, but yet you are consistently surprising the market, and with the growth of 16% to 20%, it's a very strong performance on the revenue side. So can you maybe clarify, for 2022, what is the mix of this volume and price? Would be very helpful because I thought your previous comment was on '21, if I'm not...

這可能是對前面問題的一個釐清。第一個問題是關於——你提到的，Lorenzo，2021 年你們看到的、非常有幫助的出貨量與價格表現；但我想知道 2022 年這個拆分會是什麼樣子。因為當我看你們的評論時，我的意思是，先前你們說 2022 年產能已滿。你們已經連續兩個季度這麼說了，但你們仍然持續讓市場感到意外；而 16% 到 20% 的成長，從營收面來看是非常強勁的表現。所以你能否釐清一下，對 2022 年而言，出貨量與價格的組合各占多少？這會非常有幫助，因為我以為你先前的評論是針對 2021 年，如果我沒有……

Yes. No, definitely. My comment was on '21, so precise. I would say that, let's say, yes, for sure, when I look at our growth moving in 2022, volume will be still a significant driver for our growth. So of course, let's say, you see that we have invested significantly during the last year in 2021. We are continuing to invest. It's true that the investment that we are going to do during 2022 will translate progressively in higher volume. But just to give an idea, let's say, in Q1, we intend to invest in the range of $900 million.

是的。不，完全正確。我剛才的評論是針對 2021 年，所以要精確一點。我會說，當我看我們在 2022 年的成長動能時，出貨量仍將是推動成長的重要驅動因素。當然，你也看到我們在 2021 年過去一年已大幅投資，而且我們會持續投資。確實，我們在 2022 年要做的投資將會逐步轉化為更高的出貨量。不過為了給你一個概念，在第一季，我們打算投資約 9 億美元的區間。

So it means that it's a significant effort in order to follow the demand and to serve our customer. Of course, there is also the portion of investment relevant for the 12-inch in Agrate that will not translate during this year in any significant volume. But in any case, let's say, I would say that still, also in 2022, we will see a similar evolution of our, let's say, revenues in terms of volume, mix and price. There is still some room from price increase that is embedded inside our guidance. Mix, let's say, is definitely giving a positive effect also during this year, and the volume will be the big driver. This is our expectation.

這代表我們為了跟上需求並服務客戶，正在做出相當顯著的努力。當然，也有一部分投資是與 Agrate 的 12 吋（晶圓）相關，這部分在今年不會轉化為任何顯著的出貨量。但無論如何，我會說，在 2022 年，我們仍會看到在出貨量、組合與價格方面，營收呈現類似的演進。指引中仍內含一些價格上調的空間。產品組合在今年也明顯帶來正面效果，而出貨量將是最大的驅動因素。這是我們的預期。

Okay. That's very clear, Lorenzo. And it's a good -- for my follow-up is on the capacity increase. I mean one of the highlights of this quarter is probably your CapEx spend, which is a significant acceleration compared to previous. I mean we need to go back to 2000. And really, you had the similar almost gross margin of 46% when you spend the same level of CapEx. I mean I hope we won't have the -- what happened after. But I was just wondering for this CapEx, can you give us a sense of the timing of the capacity that it will be released with this significant CapEx because I believe that it's very tight in terms of -- and you said it before in terms of equipment. So when should we see the capacity meaningfully increasing following this CapEx increase?

好的。這非常清楚，Lorenzo。我的追問是關於產能提升。我是說，本季的亮點之一可能是你們的資本支出（CapEx），相較以往有顯著加速；我們得回溯到 2000 年才看到類似水準。而且當你們花同樣水準的 CapEx 時，你們的毛利率也幾乎同樣是 46%。我希望不會發生——之後發生的事情。但我想問的是，針對這筆 CapEx，你能否讓我們了解一下：在這麼大幅的 CapEx 之下，產能釋出的時間點大概會是什麼時候？因為我相信在——而且你之前也提到——設備方面非常吃緊。所以在這次 CapEx 增加之後，我們應該在何時看到產能有意義地提升？

And in your strategic program, you said that the increase mainly driven by strategic initiatives like silicon carbide, but you still have $1 billion revenues for silicon carbide by 2024. So I'm just wondering, is it something that will come for capacity after that? Or just are you preparing some capacity over your revenues just for the years ahead? Just trying to understand this CapEx, in other words.

另外，在你們的策略性計畫中，你說增加主要由碳化矽等策略性倡議所驅動，但你們到 2024 年碳化矽營收仍只有 10 億美元。所以我想知道，這是否意味著產能會在那之後才到位？還是你們正在為未來幾年的需求，提前準備超過營收所需的產能？換句話說，我只是想理解這筆 CapEx。

No, okay. So I take the question, and Lorenzo will complement this if needed. About CapEx, so I repeat, if we split the CapEx, there is $2.1 billion for capacity. This $2.1 billion will be including some carryforward of last year because as I commented in my address, we received late the equipment during the quarter. That's the reason why the CapEx spend were below, let's say, the plan. But this -- we will pay this CapEx, okay, in Q1. Now clearly, the CapEx we spend in 2022, we'll start to participate for wafer fab of additional revenue in the last, let's say, 5, 4 months of the year. And the CapEx, we will spend for assembly and test, okay, will participate basically immediately to the revenue.

好的。我來回答這個問題，如有需要 Lorenzo 會補充。關於資本支出（CapEx），我再重申一次：如果我們拆分 CapEx，其中有 21 億美元是用於產能。這 21 億美元包含了去年結轉的一部分，因為如我在發言中所評論的，我們在該季度較晚才收到設備，這也是為什麼 CapEx 支出低於——可以說——原計畫。但這部分 CapEx 我們會在第一季支付。現在很清楚的是，我們在 2022 年支出的 CapEx，將在今年最後——可以說——5 個月、4 個月開始為晶圓廠帶來額外營收。而我們用於封裝與測試的 CapEx，基本上會立即對營收做出貢獻。

Well, for the capacity, I have to say that the main part of the CapEx is clearly approximately half of that for our 300-millimeter wafer fab in Crolles. And here, okay, it is driven mainly by embedded processing solution for automotive, so microcontroller and the industrial market, so MCU. Why? Because, okay, you see an acceleration of the conversion of the MCUs on 14-nanometer because, okay, the capacity on mature technology, 8-inch, are totally oversaturated. And there is no more investment, okay, on this kind of mature MCU, whatever is a region in the world. So first of all, okay, the 300-millimeter will support, okay, the digitalization of the content, MCUs, okay, in automotive. The second driving factor to increase the capacity for the 300-millimeter is ADAS, okay, the -- currently, the important volume, okay, for ADAS is 14-nanometer and 28-nanometer as well.

至於產能，我必須說，CapEx 的主要部分很明顯地約有一半是用於我們位於 Crolles 的 300 毫米晶圓廠。在這裡，其主要驅動來自汽車用的嵌入式處理解決方案，也就是微控制器，以及工業市場，也就是 MCU。為什麼？因為你看到 MCU 正加速轉換到 14 奈米；而成熟製程的產能——8 吋——已經完全超載飽和。且在全球任何地區，都不再對這類成熟 MCU 進行投資。所以首先，300 毫米將支援汽車領域 MCU 內容的數位化。第二個推動 300 毫米產能增加的因素是 ADAS；目前 ADAS 的重要出貨量是在 14 奈米與 28 奈米。

Then the second important part of the capacity is silicon carbide in Catania and in Singapore. And of course, this will contribute for this year, where, okay, we will continue to increase our revenue, let's say, above the $700 million of revenue in 2022 going and prepare the $1 billion. Then after the other part of the capacity is, again, for automotive because in terms of power management, analog mixing and ICs, in terms of driver of power MOSFET, IGBT, you need to have power analog technology in the range of 110 nanometer, which is the most efficient technology. And this will be done in Singapore.

接著，第二個重要的產能部分是位於卡塔尼亞（Catania）與新加坡的碳化矽。當然，這將在今年做出貢獻；我們將持續提升營收，可以說在 2022 年將超過 7 億美元，並為 10 億美元做準備。然後，其他的產能部分同樣是為了汽車領域，因為在電源管理、類比混合與 IC，以及功率 MOSFET、IGBT 的驅動器方面，你需要 110 奈米範圍的功率類比技術，這是最有效率的技術。這將在新加坡完成。

So this big part, these 3 elements are present basically 80% -- 75%, 80% of the total capacity increase will contribute from wafer fab perspective on the last part of the year and are preparing 2023. So this is point number one. [Assembly interest] will contribute for 2022. And I have to say that unfortunately, (inaudible) is really now a bottleneck because whatever the capacity at IDM level or OSAT are really fully saturated. And the equipment suppliers are themselves limited by the semiconductor supply. So we have many, let's say, event where the equipment maker, they are not capable to supply what we need.

因此，這一大部分——這三個要素——基本上占總產能增加的 80%——75%、80%。從晶圓廠的角度來看，這些將在今年後段開始貢獻，並為 2023 年做準備。這是第一點。[Assembly interest] 將在 2022 年做出貢獻。而我必須說，不幸的是，（聽不清）現在確實是一個瓶頸，因為無論是 IDM 層級或 OSAT 的產能都已完全飽和。而設備供應商本身也受限於半導體供應。因此我們遇到許多——可以說——事件，設備製造商無法供應我們所需要的設備。

About the investment for strategy. Guys, the move to a 300-millimeter for, let's say, the market we address and the product we address, for the next 10 years, okay, when you address the market of automotive and industrial, the technology we need will be between 19-nanometer, okay, to 16-nanometer, massively, okay. Of course, you will need from very specific case for automotive, like the vision processor or some gateway, and for very specific case in industrial, very advanced technology, but it will represent below 15% of the need. 85% of the need will be massively 19-nanometer to 16-nanometer, plus the power technology. And here, you need to execute progressively the conversion to 300-millimeter.

關於策略投資。各位，轉向 300 毫米（晶圓）就我們所服務的市場與產品而言，在未來 10 年，當你聚焦汽車與工業市場時，我們所需要的技術將主要落在 19 奈米到 16 奈米之間，大量需求會在這個區間。當然，在汽車領域會有非常特定的案例，例如視覺處理器或某些閘道器；在工業領域也會有非常特定的案例需要非常先進的技術，但這些合計將低於 15% 的需求。85% 的需求將主要是 19 奈米到 16 奈米，再加上功率技術。在這裡，你需要逐步執行向 300 毫米的轉換。

And that's the reason why ST decided in 2018 to start to build a plant in Agrate, Italy to prepare this long-term megatrend. In 2022, this is the time to set up what we call the first industrialization line, where on 2 or 3 technology we have decided supporting our long-term revenue roadmap to qualify. And to qualify the technology to address the automotive market and to address the industrial market cannot be done overnight, okay? You need basically 1 year to qualify the technology. So it's a mandatory milestone to set up, okay, this 300-millimeter first industrialization line to be ready in 2023 and beyond to support the growth of the company, addressing analog mixing technology and embedded processing solution technology.

這就是為什麼意法半導體（ST）在 2018 年決定開始在義大利 Agrate 興建一座工廠，以因應這個長期的巨大趨勢。到了 2022 年，就是建立我們所稱的第一條工業化產線的時點；在 2 到 3 項技術上，我們已決定依據長期營收路線圖來進行支援與認證。要認證能夠切入汽車市場與工業市場的技術，不可能一蹴可幾。基本上你需要 1 年來完成技術認證。因此，建立這條 300 毫米的第一條工業化產線是必須達成的里程碑，讓我們在 2023 年及之後能夠支援公司成長，涵蓋類比混合技術與嵌入式處理解決方案技術。

So that's the reason why definitively 2022 is a specific year because on one side, you have a very strong demand and backlog on industrial and automotive market that we have to support because nobody can support them, except ST everywhere we are. And in parallel, you have to prepare yourself to prepare your future transformation and growth for the next 5, 10 years, and this is a mandatory milestone to set up the industrialization line in Agrate.

因此，2022 年之所以確實是一個特殊的年份，是因為一方面，我們在工業與汽車市場面臨非常強勁的需求與訂單積壓，我們必須支援，因為在我們所涉足的各個領域，除了 ST 之外幾乎沒有人能支援他們。與此同時，你也必須為未來 5 年、10 年的轉型與成長做好準備，而在 Agrate 建立這條工業化產線就是必須完成的里程碑。

Last but not the least, I repeat that we have taken the decision a few years ago that ST want to have a part of our own supply chain on the raw material silicon carbide. Why? Because we do not want to be limited in innovation, in cost decrease and in wafer size increase. So that's the reason why we have decided to set up in Europe a mega factory for raw material. And this mega factory for raw material will have also the epitaxy capability. And this mega factory, okay, for the future, will have also the capability to support wafer fab fabrication.

最後但同樣重要的是，我再重申，我們在幾年前就已做出決定：ST 希望在碳化矽原材料（供應鏈）上擁有一部分自有供應鏈。為什麼？因為我們不希望在創新、成本下降以及晶圓尺寸提升方面受到限制。因此，我們決定在歐洲建立一座原材料的超級工廠。這座原材料超級工廠也將具備外延（epitaxy）能力。而且這座超級工廠在未來也將具備支援晶圓廠製造的能力。

So this is a full picture of the CapEx, which is driven, of course, by the short-term demand we consider very solid. And again, here, I would like to repeat, we have 18 months on visibility. And the total backlog of the company compared to the capacity of 2022 is basically 50% above, so medium and short term. And we are preparing the future for 300-millimeter conversion and silicon carbide. And by the way, gallium nitrate as well. So this is the full picture of the CapEx.

以上就是資本支出（CapEx）的全貌；其驅動因素當然是我們認為非常穩固的短期需求。我也想再次重申，我們有 18 個月的能見度。而公司總訂單積壓相較於 2022 年的產能，基本上高出 50%，涵蓋中短期。我們也在為 300 毫米轉換與碳化矽的未來做準備；順帶一提，還包括氮化鎵（gallium nitrate）也是如此。這就是 CapEx 的全貌。

Unfortunately, we are getting -- we have already over past the (inaudible) of the time. We have time for one last question, not too long. Thank you so much, so Myra, we take the last question.

很遺憾，我們已經——我們其實已經超過了（聽不清）的時間。我們還有時間再問最後一個問題，不要太長。非常感謝。那麼 Myra，我們進行最後一個問題。

The last question is from Jerome Ramel from BNP Paribas Exane.

最後一個問題來自法國巴黎銀行 Exane 的 Jerome Ramel。

Yes. Just a question, Jean-Marc, on the similarity for Q1, which is much better than usual. Could you give us a little bit granularity per end market or division?

是的。我只有一個問題，Jean-Marc，關於第一季（Q1）的相似性（表現），明顯比以往好很多。你能否按終端市場或事業部提供更細的拆解？

And my second question just on the CapEx. Clearly, big numbers and without front running the Capital Market Day in May, does that mean that you're also very confident that globally speaking, you see more growth beyond 2022 for STMicro?

我的第二個問題是關於資本支出（CapEx）。顯然數字很大，而且不想搶先於 5 月的資本市場日（Capital Market Day），這是否也意味著你們對 STMicro 在 2022 年之後整體仍會有更多成長非常有信心？

So for Q1, the strong revenue guidance is driven by automotive and industrial market definitively. We have the usual seasonality for Personal Electronics, okay, driven by the various important OEM we have. But clearly, okay, with the backlog, we have requested by customer even if we would have the capacity, believe me, the guidance of Q1, we would have been much, much, much higher. So it is clearly, okay, for the time being, okay, seasonality, except for Personal Electronics, which is still valid, but seasonality for automotive and industrial market is something we have to forget for a while because of the very strong demand.

關於第一季，強勁的營收指引明確是由汽車與工業市場所驅動。我們在個人電子（Personal Electronics）方面仍有一貫的季節性，主要由我們合作的多家重要 OEM 所帶動。但很清楚的是，考量訂單積壓，以及客戶對我們的要求，即使我們有產能，相信我，第一季的指引本來可以高得多、多得多、多得多。所以目前來看，除了個人電子的季節性仍然成立之外，汽車與工業市場的季節性我們暫時必須先忘掉，因為需求非常強勁。

Then the second question is about -- Celine?

那第二個問題是關於——Celine？

It's about the -- without front running the Analyst Day, it is level CapEx. Tell me if I'm right, Jerome. Do we expect -- does that mean that we expect further growth beyond 2020?

是關於——在不搶先於分析師日（Analyst Day）的前提下，這個 CapEx 水準。Jerome，如果我理解正確的話，你是問：我們是否預期——這是否意味著我們預期 2020 年之後仍會有進一步成長？

No, we are -- as I conclude, okay, during my address, okay, when we look the market dynamic in the next 5 years, okay, unprecedented transformation of the automotive and industrial market. And the positioning we have on these 2 markets, plus the one we have on consumer, personal electronic, communication, where, again, I repeat, we will be able to capture some important programs with technology, our differentiated technology. But as well, we will be capable to capture high-volume application, thanks to our general purpose device. We are convinced that our growth strategy based on organic one, plus bolt-on acquisition, okay, when we want to accelerate on some specific IP blocks or technology block, will enable the company to grow and to perform better than the market we serve on the long-term trend.

不，我們——正如我在發言結尾所說，當我們看未來 5 年的市場動態，汽車與工業市場將出現前所未有的轉型。我們在這兩個市場的定位，加上我們在消費、個人電子、通訊等領域的定位——我再重申，我們將能以技術、以我們差異化的技術，拿下某些重要專案。同時，憑藉我們的通用型元件，我們也能夠切入高出貨量的應用。我們相信，我們以有機成長為基礎、再加上補強式併購（bolt-on acquisition）（當我們希望在某些特定 IP 模組或技術模組上加速時），將使公司在長期趨勢下成長，並且表現優於我們所服務的市場。

So yes, okay, what we are doing this year is, of course, to execute and supply 2022 and prepare 2023, point number one, and, point number two, to prepare ourselves to the medium-, long-term growth that the company expects, thanks again to the strategy we have, market positioning, customer base. But clearly, it's very important that, okay, we support our customer, okay, in the short term. We offer them the flexibility, the agility to support their strong demand.

所以是的，我們今年所做的，當然是執行並供應 2022 年、並為 2023 年做準備，這是第一點；第二點，是為公司所預期的中長期成長做好準備，這再次得益於我們的策略、市場定位與客戶基礎。但很明顯，短期內支援客戶非常重要。我們要提供他們彈性與敏捷性，以支援他們強勁的需求。

Thank you very much. This is the end of the session. Thank you so much, all of you, for your attendance as usual.

非常感謝。今天的會議到此結束。也非常感謝各位一如既往的出席。

Thank you very much. Bye-bye.

非常感謝。再見。

Thank you. Thank you. Bye.

謝謝。謝謝。再見。

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

各位女士、先生，本次電話會議現在結束。感謝您選擇 Chorus Call，也感謝您參與本次會議。您現在可以掛斷電話線。再見。