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.

女士們，先生們，歡迎來到意法半導體 2021 年第四季度和全年收益電話會議和網絡直播。我是合唱呼叫接線員邁拉。 （操作員說明）正在錄製會議。 （操作員說明）不得為發布或廣播錄製會議。在這個時候，我很高興向投資者關係集團副總裁 Celine Berthier 工作。請繼續，女士。

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，邁拉，大家早上好，早上好。感謝您參加我們的 2021 年第四季度和全年財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入 Jean-Marc 的還有總裁兼首席財務官 Lorenzo Grandi； Marco Cassis 自 1 月 1 日起擔任模擬、MEMS 和傳感器集團總裁。 Marco 還保留了一些全球企業角色，以及 STMicroelectronics 戰略、系統研究和應用與創新辦公室。

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.

可以在 ST 的投資者關係網站上訪問該網絡直播和演示材料。本次通話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.

本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致這些結果與管理層的預期和計劃產生重大差異的風險因素。我們鼓勵您查看今天上午與媒體發布的新聞稿中包含的安全港聲明，以及 ST 最新的監管文件中的安全港聲明，以獲得對這些風險因素的完整描述。此外，為了確保所有參與者都有機會在問答環節中提問，請將自己限制在一個問題和簡短的跟進中。

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

我現在想把電話轉給 C 總裁兼首席執行官 Jean-Marc。

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，席琳。大家早上好，感謝您加入 ST 參加我們的第四季度和 2021 年全年收益電話會議。

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.

讓我從第 4 季度開始的一些開場評論開始。正如 1 月 7 日宣布的那樣，淨收入和毛利率好於預期，這主要是由於在不斷變化的市場中經營好於預期。第四季度淨收入為 35.6 億美元，同比增長 9.9%，環比增長 11.2%，比我們業務展望的高端高出 140 個基點。第四季度毛利率為 45.2%，比我們指引的高端高出 20 個基點。我們的營業利潤率為 24.9%，淨收入為 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.

展望 2021 年全年。2021 年淨收入增長 24.9% 至 127.6 億美元，這反映了我們全年處理的所有終端市場和我們參與的客戶計劃的強勁表現。儘管全球半導體行業供應鏈面臨挑戰，但與我們在這一年提供的預期相比，這一表現逐漸增強。

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年三大產品組均實現兩位數增長，盈利能力進一步提升。 21 年全年毛利率為 41.7%，營業利潤率為 19%，而 2020 年全年分別為 7 - 37.1% 和 12.9%。我們的淨收入幾乎翻了一番，達到 20 億美元。當年的自由現金流為 11.2 億美元，資本支出為 18.3 億美元。截至 2021 年 12 月 31 日，我們的淨財務狀況為 9.77 億美元，而 2020 年底為 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%.

在 2022 年第一季度的中點，我們第一季度的業務前景為淨收入 35 億美元，同比增長 16.1%。毛利率預計約為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.

在 2022 年全年，我們將加速執行我們的戰略和價值主張，該戰略源於 3 個長期推動因素：智能移動、電力能源管理、物聯網和 5G；以及基於可持續和盈利增長的價值主張，為客戶提供差異化的推動力，以獨立、可靠和安全的供應鍊為他們提供支持，致力於可持續發展，以造福我們所有的利益相關者。

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.

我們計劃在資本支出上投資約 34 億至 36 億美元，以進一步提高我們的產能並支持我們的戰略計劃。這包括我們在意大利阿格拉特新建的 300 毫米晶圓廠的第一條工業化生產線。基於我們強勁的客戶需求和增加的產能，我們將根據計劃推動公司 2022 年全年收入在 148 億美元至 153 億美元之間。

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%.

現在讓我們來詳細回顧一下第四季度。第四季度淨收入環比增長 11.2%。這一增長由 ADG 和 MDG 推動，分別增長 22% 和 15.4%，而 AMS 收入基本持平。與去年同期相比，淨收入增長 9.9%，ADG 和 MDG 分別增長 28.6% 和 23.7%，AMS 下降 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.

毛利潤為 16.1 億美元，同比增長 28.3%。毛利率從去年同期的 38.8% 增至 45.2%，比公司指引的高端高 20 個基點，這可能是受產品組合改善、有利的定價和製造效率的推動。

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.

第四季度的淨運營費用為 7.2 億美元。第四季度營業利潤率為 24.9%，高於 20 年第四季度的 20.3%，ADG 為 17.6%，AMS 為 26.6%，MDG 為 29.9%。與 20 年第四季度相比，淨收入和每股攤薄收益增長了約 30%，淨收益分別為 7.5 億美元和 5.82 億美元，每股攤薄收益分別為 0.82 美元和 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.

現在讓我們更詳細地看一下我們的全年業績，首先回顧一下我們在 2021 年看到的市場和業務動態，早些時候市場需求強勁，但仍受到大流行和全球半導體供應鏈限制的影響。在此，我想藉此機會感謝 ST 的所有員工，他們一年來孜孜不倦地支持我們的客戶，推動我們提高製造效率並創造創新的新產品。所有這一切都是在大流行的持續挑戰的背景下進行的，我們繼續為全球員工提供支持，確保在我們運營的每個站點都採取最嚴格的健康和安全措施。

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.

2021 年，隨著汽車行業繼續從艱難的 [環境] 中復蘇，我們在所有地區看到了前所未有的需求。反彈在所有客戶和地區都有廣泛的基礎。它是由生產的汽車數量和整個汽車供應鏈的庫存補充推動的。最重要的是，（聽不清）行業加速向電氣化和數字化轉型。全年預訂量保持強勁。積壓的可見性現在約為 18 個月，遠高於我們當前和計劃的 2022 年製造能力。

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.

在工業方面，我們看到今年高端和消費工業的需求非常強勁。電氣化和數字化是推動這一終端市場半導體含量增加的主要趨勢。在需求方面，工廠自動化是主要驅動力之一，此外還有與電力相關的應用，包括可再生能源、運動控制、電動工具和家用電器。分銷和 [OMEs] 的需求都很強勁，這符合我們在高度分散的工業市場中廣泛使用的方法。到 2021 年，我們在分銷商的產品庫存在所有庫存周轉率高的產品系列中保持精簡。此外，所有產品和地區的銷售點都很強勁。

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.

在個人電子產品中，智能手機仍然是娛樂、健身、遊戲和音樂的社交聯繫和流媒體服務的重要來源。在 5G 採用的推動下，智能手機銷量在 2021 年恢復增長，同比增長約 3%。全年對配件的需求強勁，與其他連接設備相關的健康動態，例如可穿戴設備、平板電腦、可聽設備和真正的無線立體聲耳機和遊戲機。

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.

在通信設備和計算機外圍設備方面，我們看到 5G 相關產品的持續採用以及全年對 PC 尤其是上網本的持續需求。硬盤驅動器市場從 2020 年的下滑中有所恢復。我們還看到低成本軌道衛星計劃在一些國家啟動或增加。

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.

現在更詳細地查看我們的全年財務業績。 2021 年的淨收入為 127.6 億美元，同比增長 24.9%，反映了我們全年處理的所有終端市場和我們參與的客戶計劃的強勁表現。到 2021 年，對 OEM 的銷售和分銷恢復到更加平衡的比例，分別佔總收入的 66% 和 34%。相比之下，受疫情第一階段影響工業終端市場的影響，2020 年這一比例分別為 73% 和 27%。

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.

按原產地劃分，我們 2021 年收入的 41% 來自美洲，34% 來自亞太地區，25% 來自歐洲、中東和非洲。按產品組的收入同比來看。 ADG 收入增長了 32.5%。汽車和功率離散兩個子組均錄得兩位數增長。 EMS 收入增長 18.8%。在成像產品銷售持續增長的支持下，Analog & MEMS 在 2021 年實現了兩位數的增長。千年發展目標收入增長了 24.3%。微控制器，我們最大的子集團報告了兩位數的增長，部分被射頻通信收入的預期下降所抵消。

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.

毛利率從 2020 年的 37.1% 增長至 2021 年的 41.7%，這反映了製造效率和裝載改進、有利的定價和產品組合，部分被扣除 [EG] 的負面貨幣影響所抵消。我們的營業利潤率在 2021 年也從 2020 年的 12.9% 顯著增加至 19%。公司營業利潤率的增長得到了所有 3 個產品組的良好支持。 ADG 營業利潤率從 5.5% 增至 11.8%，EMS 營業利潤率從 20.8% 增至 21.9%，MDG 營業利潤率從 16.6% 增至 24.3%。 2021 年的淨收入從 2020 年的 11 億美元增長 80.8% 至 20 億美元。每股攤薄收益從 1.20 美元增至 2.16 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.

現在轉到其他財務指標。 2021 年，來自經營活動的淨現金增加了約 46%，達到 30 億美元。資本支出為 18.3 億美元，而 2020 年的資本支出為 12.8 億美元。我們 2021 年的投資比我們預期的低約 3 億美元，主要是由於設備交付晚於計劃。

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.

我們全年的自由現金流為 11.2 億美元，而 2020 年為 6.27 億美元，增長了近 80%。 2021 年支付給股東的現金股息總額為 2.05 億美元。 2021 年，我們根據之前的和新的股票回購計劃回購了總計 4.85 億美元的股票。截至 2021 年 12 月 31 日，我們的淨財務狀況為 9.77 億美元，反映了 35.2 億美元的總流動性和 25.5 億美元的總金融債務。

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.

現在讓我們轉向我們對 2022 年第一季度的展望和我們對 2022 年全年的計劃。對於第一季度，我們預計淨收入約為 3.50 - 抱歉，中點為 35 億美元，同比增長16.1%，環比下降 1.6%。預計第一季度的毛利率中點約為 45%，同比增長 600 個基點，與 2021 年第四季度相比環比持平。

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.

全年，我們將加速執行我們的戰略和價值主張，該戰略源於三大長期推動力：智能移動、電力能源管理以及物聯網和 5G；以及基於可持續和盈利增長的價值主張，為客戶提供差異化的推動力，以獨立、可靠和安全的供應鍊為他們提供支持，並致力於可持續發展，以造福所有利益相關者。

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.

我們計劃在資本支出上投資約 34 億至 36 億美元，以進一步提高我們的產能並支持我們的戰略計劃。更詳細地看，我們的資本支出計劃包括大約 21 億美元用於增加產能和改變我們的製造足跡，特別是我們的晶圓廠、位於 Crolles 的數字 300 毫米、新加坡的模擬 200 毫米、碳化矽功率 MOSFET 150 -卡塔尼亞和新加坡的毫米以及組裝和測試業務。大約 9 億美元用於戰略投資。這包括我們在意大利阿格拉特新建的 300 毫米晶圓廠的第一條工業化生產線，以及硝酸鎵技術和碳化矽原材料計劃。資本支出計劃的其餘部分涵蓋我們的製造運營和基礎設施的整體維護和效率改進，以及我們的碳中和執行計劃。

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%.

關於後一個主題，我們可持續發展戰略的一個關鍵要素，我們正在推進我們的環境路線圖，到 2027 年實現碳中和。到 2021 年，我們提高了溫室氣體總排放效率，與 2020 年相比降低了負 27%，並且我們的使用可再生能源佔比達到51%左右。

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和我們計劃增加產能的投資，我們將推動公司基於2022年148億美元至153億美元的收入計劃，收入增長約16%至20%。

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.

總而言之，ST 在 2021 年實現了強勁的收入增長和盈利能力提升。我們與客戶一起工作，繼續調整我們的供應鏈以支持他們的強勁需求。 2022年，我們將繼續努力讓ST更強大。我們相信我們擁有正確的戰略和資源：我們平衡的終端市場重點和定位、我們堅實的產品 IP 技術組合、我們的集成設備製造商模式、我們的轉型計劃以及我們對持續加速的高增長應用的關注他們強大的積極動力。我們正在大力投資以支持這種加速發展，以便抓住新的機會，與我們的客戶一起工作，並為未來幾年的目標做好準備。

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.

在我們回答您的問題之前，請保存日期。我們將於 5 月 12 日在巴黎舉辦資本市場日。我們希望能夠進行面對面的活動，並且還將進行網絡直播。謝謝你。我們現在準備回答您的問題。

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

（操作員說明）第一個問題來自法國興業銀行的 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?

祝賀你取得了很好的成績。我想我的第一部分將是關於我們應該如何考慮全年毛利率的發展。我想你去年提到過，較高的投入成本可能會在短期內帶來一些不利因素。但顯然第一季度的情況並非如此，您在這一高水平上指導持平毛利率。那麼我們應該如何期待這一年的發展呢？你期待以後的壓力嗎？或者你會在第一季度建立如此強勁的毛利率嗎？

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?

然後很快，其次，您能否評論一下為什麼第四季度的研發如此之低？我們應該如何看待今年的運營支出建模？

Lorenzo will take the question.

洛倫佐會回答這個問題。

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.

當然。大家早上好，謝謝你的提問。是的，關於毛利率，我們在第四季度上個季度發布的毛利率的可持續性以及我們在第一季度宣布的內容。當然，您已經看到第四季度的毛利率強於預期。這主要歸功於更有利的產品組合，當然也歸功於價格環境。我們繼續在這個水平上看到我們的毛利率，比如說，第一季度也是如此。

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.

根據我們在收入水平上看到的當前市場環境，比如說，在我們的計劃中表明，我們認為我們應該能夠維持——比如說，我們應該能夠維持我們的毛利率在目前的水平作為全年的平均值。當然，我們預計我們的毛利率會有一定的季節性。這意味著，例如，我們確實預計第二季度相對於第一季度的情況會略有下降，然後在下半年可能會在今年的過程中有所復甦。

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.

實際上，在接下來的幾個季度，毛利率的動態將受到各種因素的影響。其中一些是積極的。其中一些是負面的。從積極的方面來看，我們確實預計收入價格會進一步上漲，而且還有一些，比如說，製造效率正在提高帶來的積極影響。當然，不利的一面是，我們有尚未完全反映在我們的成本上的全部影響，即材料價格的增加，[大阪]鑄造廠的成本增加，因為我們正在增加報價正如您可以想像的那樣，能源成本也會顯著增加。由於我們的資本支出計劃，我們的銷貨成本折舊增加也會影響我們的短期毛利率。比方說，這將是在轉化更高的產量和提高製造效率之前。無論如何，讓我們說，總而言之，我們確實預計，我們可能會在一年中的季節性方面保持不同水平的毛利率，比如說，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的。可以說，是的，確實，第四季度的費用比我們預期的要低——最初的預期。這主要是由於 2 個主要組成部分，我想說，對於第四季度的這種支出水平。一方面，我們有一些較低的可自由支配費用，特別是在本季度的最後一部分，這與大流行對某些網站產生了一些影響有關。所以我們的一些員工不允許去上班，當然，一些活動出現了某種放緩，尤其是在第二季度。然後實際上，有一些積極的一次性項目，比方說，與重新計量一些應計項目、負債有關，這當然會影響季度，但不是經常發生的事情。

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.

也許我藉此機會預測一些其他問題，即未來費用的動態。正如我所說，在第四季度，我們特別低。例如，我們確實期望在第一季度，我們的開支會有所增加。當然，這種增長與我們的研發活動增加有關，正如我之前所說，與我們在上一季度產生的一些影響的非經常性有關。因此，我們可以說，我們的支出在第一季度將更多地處於淨支出範圍內，包括其他收入和支出，更多地在 8 億美元、8.2 億美元的範圍內。我希望我已經回答了你的問題。

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，我想退後一步，問一個多部分的問題。我的意思是，如果你看一下 - 顯著的結果和祝賀。 2021 年，你們公司的收入增長了 25%，看起來你們正在指導 2022 年的青少年增長。我想我想了解的只是整體這種增長的驅動力。我的意思是，在幾年內，您基本上使公司在大流行前的水平上增長了 50%。我想我想了解的是您如何描述增長？是不是——有多少是由汽車電氣化和數字化等世俗事物驅動的，有多少是由產能擴張驅動的，又有多少是由價格上漲驅動的？

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.

尤其是我從投資者那裡得到的問題，不僅針對貴公司，還針對整個行業，這些價格上漲在整個週期中的持續性如何？如果您對此有任何看法，我將不勝感激。

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.

謝謝你。所以我會評論大趨勢，也許洛倫佐會評論數量組合和 - 與定價。好吧，關於 ST 的增長，好吧，在 2019 年、2020 年、2021 年和我們對 2022 年的指示之間，我們基本上看到了 2 個元素，使其非常清晰和簡單。好吧，首先，好吧，如果我們把電子市場分成獨立電子產品，即個人電子產品、消費電子產品和通信計算機，我們的戰略，好吧，多年來一直非常明確。在這裡，好吧，我們對一些參與的客戶項目非常有選擇性，我們利用我們的通用 MCU 和模擬和功率器件進行大批量應用的機會。因此，在這裡，ST 有能力利用這部分電子產品的大容量優勢，而且可以肯定的是，我們在一些非常具體的客戶參與計劃中非常成功，我們為客戶提供差異化。所以這是自 2016 年以來，好吧，我們每年都在增長。

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，也是我們戰略的核心，是嵌入式電子，所以眾所周知的汽車市場和工業市場。在這裡，在 2020 年後，我想確認這兩個市場，這兩個垂直市場，首先是在 2020 年之後明確地面臨復甦或反彈。但更重要的是，它是衡量這兩個垂直行業面臨的轉型的指標。

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，機動性的電氣化正在以 2020 年沒有預料到的速度加速，這是由世界的意願推動的，當然，好吧，以改善（聽不清）足跡，它在整個地區都有效全球，所有汽車製造商，所有卡車製造商，所有，比方說，兩輪汽車製造商，當然，包括更多的動力組件，比如碳化矽，還有功率模擬，好吧，對於驅動程序、用於電池管理系統的 MCU，以及同時實現汽車數字化以提高安全性，因此 [它擁有了我們]。最近，好吧，你已經看到 Mobileye 宣布，好吧，累計 1 億美元，好吧，（聽不清）設備交付相信真的很快就會實現 2 億美元。

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.

因此，首先，眾所周知，汽車市場確實面臨著轉型加速，結構上需要更多組件。因此，需要很多年才能在 2022 年到 2027 年、2030 年之間執行這種轉變，並需要長期的、好的、更多的半導體內容。然後是工業市場，因為更加分散而鮮為人知。在這裡，對於工業市場來說，是非常相似的。您擁有所有東西的電氣化，電動工具和（聽不清），好吧，無論是消費者還是專業人士。大型基礎設施需要更高效的電子系統，以優化它們消耗的電能。工廠自動化是因為，如果你記得清楚的話，從大流行中吸取的主要教訓之一就是工廠更能抵抗呆在家裡——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.

消費工業，所以整個電器和基本上所有的消費者，比方說，應用越來越多，比方說，綠色中立。因此需要更多的 MCU、更多的 MOSFET、更多的 IGBT、更多的控制。因此，作為外賣，我想說就 ST 而言，我們在解決面臨長期轉型的嵌入式電子產品方面的雙重立場，需要更多的半導體內容。再加上我們在獨立電子產品上的定位非常有選擇性，我們從通用設備中捕獲大量應用，這些應用非常高效，我們的 STM32 為例，加上非常具體的參與客戶計劃，我們帶來這種差異化是主要增長動力公司。

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，好吧，給你一些顏色，好吧，分別是數量和價格增量或混合，因為兩者都玩了，好吧，我讓洛倫佐評論。

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，讓-馬克。我想給你一些關於數據點的想法。去年，也就是 2021 年，我們的收入與 2020 年相比增長了 25 億美元。當我們查看並嘗試將這種增長分解為各個組成部分時，我可以說代表這種增長的 80% 左右的主要部分是數量。它們來自更高級別的音量。不要忘記，在 2020 年，我們卸載了 150 多萬美元。

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，由於我們已經完成的投資，比方說，滿負荷運行，我們正在以增加的產能運行我們的晶圓廠。假設我們的晶圓廠以 90% 的負載運行。那是最大的。更多是不可能的。所以我會說 80% 來自加載。

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.

價格和組合如何？價格和組合占我們增長的剩餘 20%。我會說它們在兩者之間基本上是一半一半。所以這是給你一個想法。我們增長的最大驅動力是數量，或者可以肯定的是，價格很重要，因為趨勢肯定是相反的。這通常發生在我們的市場中，比如說，以消極的方式穩定發揮。今年以積極的方式發揮了重要作用，但這絕對不是增長的主要驅動力，肯定對盈利能力很重要。

Does it answer your question?

它回答了你的問題嗎？

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.

是的。我真的很欣賞那裡的所有顏色和細節。而且非常非常清楚，即使在深夜，我也能理解。再次恭喜，我會跳回隊列中。欣賞它。

The next question is from Alexander Duval from Goldman Sachs.

下一個問題來自高盛的 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.

只是幾個快速的。我們在一夜之間從您的一位美國汽車大客戶那裡聽說，他們認為汽車半成品的緊張局勢將持續到明年。我想知道，你在多大程度上同意這種預測？您認為年底前出現某種修正或調整的風險有多大？只是想知道您是否可以根據您在渠道中看到的半庫存水平提供更多顏色。

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.

其次，關於碳化矽的快速介紹。我想知道您是否可以提供有關您在那裡獲得的資產的最新租賃視圖，以及垂直整合作為一種戰略將在多大程度上幫助 STMicro。您剛才提到，作為您的戰略投資的一部分，我相信其中一些是針對碳化矽材料的。因此，我想知道您是否有信心擁有足夠的晶圓供應來實現您的長期 SIC 目標。以及碳化矽上的汽車模型或平台的任何更新（聽不清）。

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

亞歷克斯，你的第一個問題是關於汽車的嗎？或者是全球性的？

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?

是的。所以你的第一個問題是關於汽車和趨勢，以及我們認為情況應該如何回到排序或正常化渠道中的庫存情況，你如何看待這一點。第二個問題是關於碳化矽的垂直整合戰略，正確，以及我們的立場，我們是否有足夠的資源來應對我們正在實施的戰略舉措。第三是我們是否有碳化矽，一些關於產品的新消息，趨勢等，在產品方面。我是否正確總結了您的問題？

Yes, makes sense, Celine.

是的，有道理，席琳。

Thank you very much, Alex.

非常感謝，亞歷克斯。

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

好的。所以我會評論汽車和碳化矽。但可以肯定的是，如果我錯過了某個點，好吧，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 的角度來看汽車，我們為這個行業提供電源解決方案，比如說，MOSFET、IGBT 和驅動器，但也包括更廣泛的處理解決方案，例如微控制器。我只是想向您確認，好吧，首先，我們計劃的 2022 年產能已售罄。而供應鏈，考慮到汽車製造商、Tier 1、EMS 之間的成本和 3 個粒子的數量，渠道中沒有庫存。渠道中沒有庫存積累，僅僅是因為產能，主要是我們談到使用19納米到14納米之間技術節點的處理解決方案產能，可能是28個。還有功率和功率模擬的能力，這比方說，主要是節點不是差異化因素的技術。所有這些能力在 IDM 級別或代工廠級別完全飽和。而且你知道代工廠正在大量投資於不超過 28 納米以支持獨立的電子世界。

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，我們暫時看不到任何庫存增加。再說一次，像 ST 這樣的公司面臨的挑戰，但比方說，對於英飛凌或 NXP 這樣的同行來說，是有能力繼續支持關鍵和重大轉型，並成功地實現汽車和移動領域的重大轉型行業。我們仍然看到汽車和車輛何時使用更先進的技術和處理器。不過，就目前而言，供應鏈中的一些緊張，好吧，更多與組裝材料有關，好吧，比如基板，好吧，或者框架，這種東西。但是這種緊張關係，可以說，應該會逐漸改善，比如說，在整個一年和 2023 年。但是，對於剩下的多元化，比如說，半導體產品和技術，這種緊張關係至少會在 2022 年保持下去.

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.

碳化矽怎麼樣？對於碳化矽，我們繼續，比方說，贏得套接字和程序，好吧。我們現在參與了 90 個正在進行的項目，涉及 72 個客戶。因此，我們明確確認了到 2024 年收入 10 億美元的目標。

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].

比方說，我們的立場在移動領導者和工業市場之間取得了很好的平衡。今年21億美元的產能增加的一部分，基本上，3個主要部分是數字300毫米，然後是新加坡和卡塔尼亞的碳化矽晶圓廠以及先進的功率模擬技術，這是關鍵設備，好吧，和 MOSFET 驅動器或汽車中任何解決方案的驅動器。同時，作為戰略計劃的一部分，我向您確認，我們已經開始在歐洲建設一些設施，以準備我們未來的原材料和外延內部供應，我們的目標是到 2024 年、2025 年實現內部供應我們 [需要] 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.

比這更好的是，我們有信心繼續保持我們的目標，即在這個蓬勃發展的碳化矽市場中佔有約 30% 的市場份額，這與加速所有車輛的電氣化有關，再加上非常對所有投資者的強烈需求——工業市場的高能投資者。

Any follow-up, Alex?

任何後續行動，亞歷克斯？

That's it.

而已。

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，你對你的主要客戶——主要客戶，抱歉，在今年這個時候，你的大型 [防禦性] 設計有什麼樣的知名度？回到 OpEx 問題，你在第一季度提供了一些顏色，Lorenzo。您如何看待 OpEx 在第一季度之後的發展？你能幫我們模擬一下 2022 年全年的運營支出嗎？

So, Lorenzo, the OpEx first.

所以，洛倫佐，首先是運營支出。

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.

對。是的。好的，當然。感謝你的提問。我們對 22 年全年的期望是什麼，我們的運營支出如何發展？比方說，我已經提到了我們對第一季度的預期運營支出水平。我說在 8 億到 8.2 億美元之間。 2022 年，我們將在研發活動中大力投資運營支出。當然，這是為了推動我們未來的收入增長以及盈利能力，因為我們希望推動 [前進] 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，在這方面，我們將加強我們在計劃中的努力，將我們的公司越來越多地轉變為數字化公司，解決我們的供應鏈問題，解決研發方法、質量、人力資源和 IT 骨干問題。我們有這麼多計劃，比如說，為了加強我們的流程，我們的方法。這——當然，所有這一切肯定會對我們的開支產生影響。相對於 2021 年所做的工作，這將增加。但是，如果我根據我們現有的銷售計劃來看，我們 - 我們已經傳達的內容，肯定是，比如說，我們在 2022 年的費用與銷售額的比率將在 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——你介意重複你的問題嗎？我們沒有聽到。那麼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?

這是關於您的主要客戶的 3 [防禦] 設計的問題。您對主要客戶將推出的下一個潛在設備有什麼樣的知名度？

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，我們不會在非常詳細的評論中，我們的客戶，但他們真的很棒，好吧，推動他們的合作夥伴和供應商的過程。所以我們有 1 年的知名度，比方說，這讓我們有機會推動我們的運營。所以 - 再次，好吧，這個客戶參與 - 將參與 ST 在 2022 年的增長。正如在之前的一些討論中已經評論的那樣，我們一起討論了智能設備這個子系統的架構，好吧，我們有對演變的清晰可見性，這使我們再次相信，這個客戶，特別是 Imaging 將繼續為公司在 2022 年及以後的發展做出貢獻。

Next question is from Francois Bouvignies from UBS.

下一個問題來自瑞銀的 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...

這可能是對之前問題的澄清。也許第一個是在 - 你提到的洛倫佐，你看到的 21 年的銷量和價格表現非常有幫助，但我想知道，對於 2022 年，拆分會是什麼樣子。因為當我看到你的評論時，我的意思是，以前，你說你在 22 年已經滿了。你這麼說已經有兩個季度了，但你一直在給市場帶來驚喜，隨著 16% 到 20% 的增長，這在收入方面是非常強勁的表現。那麼您能否澄清一下，對於 2022 年，這個數量和價格的組合是多少？會很有幫助，因為我認為您之前的評論是在 21 年，如果我不是...

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，絕對。我的評論是在 21 年，非常準確。我想說，是的，可以肯定的是，當我看到我們在 2022 年的增長時，銷量仍將是我們增長的重要驅動力。因此，當然，假設您看到我們在 2021 年的最後一年進行了大量投資。我們正在繼續投資。確實，我們將在 2022 年進行的投資將逐步轉化為更高的數量。但只是給出一個想法，假設在第一季度，我們打算投資 9 億美元。

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.

因此，這意味著為了滿足需求並為我們的客戶服務，這是一項重大的努力。當然，也有一部分與 Agrate 的 12 英寸相關的投資在今年不會轉化為任何顯著的數量。但無論如何，我想說的是，同樣在 2022 年，我們仍將看到我們的收入在數量、組合和價格方面的類似演變。在我們的指導中，價格上漲仍有一些空間。比方說，Mix 在今年肯定也會產生積極影響，而銷量將是主要驅動力。這是我們的期望。

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。這很清楚，洛倫佐。這很好——因為我的後續行動是增加容量。我的意思是本季度的亮點之一可能是您的資本支出支出，與上一季度相比，這是一個顯著的加速。我的意思是我們需要回到 2000 年。實際上，當你花費相同水平的資本支出時，你的毛利率幾乎是 46%。我的意思是我希望我們不會有——之後發生的事情。但我只是想知道這個資本支出，你能否讓我們了解一下這個重要資本支出將釋放的能力的時間安排，因為我相信它在方面非常緊張 - 你之前說過設備。那麼，隨著資本支出的增加，我們什麼時候應該看到容量顯著增加呢？

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.

在你的戰略計劃中，你說增長主要是由碳化矽等戰略舉措推動的，但到 2024 年，你仍然有 10 億美元的碳化矽收入。所以我只是想知道，在那之後是否會出現產能?或者您只是在為未來幾年的收入準備一些容量？換句話說，只是想了解這個資本支出。

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.

不，好吧。所以我接受這個問題，如果需要，洛倫佐會補充這個問題。關於資本支出，所以我再說一遍，如果我們拆分資本支出，則容量為 21 億美元。這 21 億美元將包括去年的一些結轉，因為正如我在我的地址中評論的那樣，我們在本季度末收到了設備。這就是為什麼資本支出低於計劃的原因。但是，我們將在第一季度支付這筆資本支出。現在很明顯，我們在 2022 年花費的資本支出，我們將開始參與晶圓廠的額外收入，比如一年中的 5、4 個月。而資本支出，我們將用於組裝和測試，好吧，基本上會立即參與到收入中。

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.

好吧，就產能而言，我不得不說，CapEx 的主要部分顯然是我們位於 Crolles 的 300 毫米晶圓廠的一半左右。在這裡，好吧，它主要由汽車嵌入式處理解決方案驅動，因此微控制器和工業市場，因此 MCU。為什麼？因為，好吧，你會看到 14 納米 MCU 的轉換加速，因為成熟技術 8 英寸的容量完全過飽和。而且沒有更多的投資，好吧，在這種成熟的MCU上，無論是世界上的哪個地區。所以首先，好的，300 毫米將支持，好的，內容的數字化，MCU，好的，在汽車中。增加 300 毫米容量的第二個驅動因素是 ADAS，好吧，目前，重要的體積，好吧，ADAS 也是 14 納米和 28 納米。

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.

然後產能的第二個重要部分是卡塔尼亞和新加坡的碳化矽。當然，這將為今年做出貢獻，好吧，我們將繼續增加我們的收入，比如說，超過 2022 年的 7 億美元收入，並準備 10 億美元。之後的另一部分產能，同樣是用於汽車，因為在電源管理、模擬混頻和 IC 方面，在功率 MOSFET、IGBT 的驅動器方面，你需要有 110 納米範圍內的功率模擬技術，這是最有效的技術。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.

所以這一大部分，這三個要素基本上存在 80% - 75%，從晶圓廠的角度來看，總產能增加的 80% 將在今年最後一部分做出貢獻，並且正在為 2023 年做準備。所以這是第一點。 [組裝興趣] 將為 2022 年做出貢獻。我不得不說，不幸的是，（聽不清）現在確實是一個瓶頸，因為無論 IDM 級別或 OSAT 的容量是否真的完全飽和。而設備供應商本身也受到半導體供應的限制。所以我們有很多，比方說，設備製造商無法提供我們需要的東西。

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.

關於戰略投資。伙計們，在接下來的 10 年裡，我們針對的市場和我們針對的產品轉向 300 毫米，好吧，當您針對汽車和工業市場時，我們需要的技術將在 19 -納米，好吧，到 16 納米，大規模，好吧。當然，您將需要非常具體的汽車案例，如視覺處理器或某些網關，以及非常具體的工業案例，非常先進的技術，但它只佔需求的 15% 以下。 85% 的需求將是大規模的 19 納米到 16 納米，以及電源技術。在這裡，您需要逐步執行到 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 ST 決定在 2018 年開始在意大利阿格拉特建立工廠以準備這一長期大趨勢的原因。 2022 年，是建立我們所說的第一條工業化生產線的時候了，我們決定在 2 或 3 項技術上支持我們的長期收入路線圖以符合條件。而且，要使技術符合汽車市場和工業市場的要求，不可能一蹴而就，好嗎？您基本上需要 1 年的時間來驗證該技術。因此，建立這條 300 毫米的第一條工業化生產線是一個強制性的里程碑，該生產線將在 2023 年及以後準備就緒，以支持公司的發展，解決模擬混音技術和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.

這就是為什麼 2022 年絕對是特定年份的原因，因為一方面，我們必須支持的工業和汽車市場有非常強勁的需求和積壓，因為除了我們在任何地方的 ST，沒有人可以支持它們。同時，您必須為未來 5 年、10 年的轉型和增長做好準備，這是在阿格拉特建立工業化線的強制性里程碑。

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.

最後但並非最不重要的一點是，我重申幾年前我們已經做出決定，意法半導體希望在原材料碳化矽上擁有我們自己供應鏈的一部分。為什麼？因為我們不想在創新、降低成本和增加晶圓尺寸方面受到限制。所以這就是我們決定在歐洲建立一個大型原材料工廠的原因。而這家大型原材料工廠也將具備外延能力。而且這個大型工廠，好吧，在未來，也將有能力支持晶圓廠的製造。

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.

所以這是資本支出的全貌，當然，這是由我們認為非常穩固的短期需求驅動的。在這裡，我想再次重申，我們有 18 個月的知名度。而且公司的總積壓量相比2022年的產能基本在50%以上，所以是中短期的。我們正在為 300 毫米轉換和碳化矽的未來做準備。順便說一下，硝酸鎵也是如此。這就是資本支出的全貌。

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.

不幸的是，我們得到了——我們已經過去了（聽不清）時間。我們有時間回答最後一個問題，不會太久。非常感謝，Myra，我們回答最後一個問題。

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

最後一個問題來自 BNP Paribas 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。 Jean-Marc 只是一個關於 Q1 相似性的問題，這比平時要好得多。您能否給我們提供每個終端市場或部門的詳細信息？

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的。顯然，數量龐大且沒有在 5 月舉辦資本市場日，這是否意味著您也非常有信心，在全球範圍內，您會看到 STMicro 在 2022 年之後的更多增長？

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.

因此，對於第一季度，強勁的收入指引最終是由汽車和工業市場推動的。在我們擁有的各種重要 OEM 的推動下，我們的個人電子產品具有通常的季節性。但顯然，好的，由於積壓，我們已經被客戶要求，即使我們有能力，相信我，第一季度的指導，我們會高得多，高得多。所以很明顯，好的，暫時的，季節性的，除了個人電子產品，這仍然有效，但汽車和工業市場的季節性是我們不得不暫時忘記的，因為需求非常強勁。

Then the second question is about -- Celine?

然後第二個問題是關於—— 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?

這是關於 - 沒有提前運行分析師日，它是水平的資本支出。告訴我，如果我是對的，杰羅姆。我們是否期望 - 這是否意味著我們預計 2020 年以後會進一步增長？

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，我們是——正如我總結的那樣，好吧，在我的演講中，好吧，當我們展望未來 5 年的市場動態時，好吧，汽車和工業市場發生了前所未有的轉變。我們在這兩個市場上的定位，加上我們在消費、個人電子、通信領域的定位，我再說一遍，我們將能夠利用技術、我們的差異化技術來捕捉一些重要的項目。但同樣，由於我們的通用設備，我們將能夠捕獲大量應用程序。我們相信，我們基於有機增長的增長戰略，加上補強收購，好吧，當我們想要加速某些特定的 IP 塊或技術塊時，將使公司能夠發展並比我們所服務的市場表現更好長期趨勢。

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，好吧，我們今年要做的當然是執行和供應 2022 年並準備 2023 年，第一點，第二點，為公司的中長期增長做好準備預計，再次感謝我們的戰略、市場定位、客戶群。但很明顯，我們在短期內支持我們的客戶是非常重要的。我們為他們提供支持他們強勁需求的靈活性和敏捷性。

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

非常感謝你。這是會議的結束。非常感謝大家一如既往的出席。

Thank you very much. Bye-bye.

非常感謝你。再見。

Thank you. Thank you. Bye.

謝謝你。謝謝你。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.

女士們，先生們，會議到此結束。感謝您選擇 Chorus Call，感謝您參加會議。您現在可以斷開線路。再見。