意法半導體 (STM) 2021 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Q3 2021 Earnings Release Conference Call and Live Webcast. I'm Moira, the Chorus Call operator. (Operator Instructions)

女士們、先生們，歡迎參加意法半導體（STMicroelectronics）2021 年第三季（Q3 2021）財報發布電話會議暨線上直播。我是 Chorus Call 的接線員 Moira。(接線員指示)

The conference must not be recorded for publication or broadcast.

本會議不得錄音以供出版或廣播。

At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Investor Relations. Please go ahead, madam.

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, Moira.

謝謝你，Moira。

Good morning. Good morning, everyone, and thank you for joining our third quarter 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 of Finance, Infrastructure and Services and Chief Financial Officer; and Marco Cassis, President of Sales, Marketing, Communications and Strategy Development.

各位早安。各位早安，感謝各位參加我們 2021 年第三季財務結果電話會議。今天由 ST 總裁暨執行長 Jean-Marc Chery 主持本次電話會議。今天與 Jean-Marc 一同出席的還有：財務、基礎建設與服務事業總裁暨財務長 Lorenzo Grandi；以及銷售、行銷、傳播與策略發展事業總裁 Marco Cassis。

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 投資人關係網站取得。本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 ST's 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 results this morning and also in ST's most recent regulatory filings for a full description of these risk factors. (Operator Instructions)

本通話將包含前瞻性陳述，涉及可能導致 ST 結果與管理層預期與計畫出現重大差異的風險因素。我們建議各位查閱今早隨同業績發布的新聞稿中所載之「安全港」聲明，以及 ST 最新的監管申報文件，以取得對這些風險因素的完整說明。(接線員指示)

With this, I'd now like to turn the call over to Jean-Marc, ST's President and CEO.

接下來，我想把電話交給 ST 總裁暨執行長 Jean-Marc。

So good morning, everybody, and thank you for joining ST for our Q3 2021 earnings conference call. Let me begin with some opening comments starting with Q3.

各位早安，感謝各位參加 ST 2021 年第三季（Q3 2021）財報電話會議。我先從第三季開始做一些開場說明。

Net revenues increased 6.9% on a sequential basis to $3.2 billion, substantially in line with the midpoint of our business outlook range. The revenue performance was driven by strong global demand and by our engaged customer programs in Personal Electronics. This was partially offset by lower-than-expected revenues in Automotive caused by more severe-than-anticipated reduced operation at our Malaysian manufacturing facility due to the pandemic.

淨營收較前一季成長 6.9% 至 32 億美元，與我們業務展望區間的中位數大致一致。營收表現主要受強勁的全球需求，以及我們在個人電子（Personal Electronics）領域的客戶合作專案所帶動。但部分被汽車（Automotive）業務低於預期的營收所抵銷，原因是受疫情影響，我們位於馬來西亞的製造廠營運縮減幅度比原先預期更為嚴重。

Our gross margin at 41.6% came in 60 basis points above the midpoint of our range.

我們的毛利率為 41.6%，較我們區間中位數高出 60 個基點。

Looking at our year-over-year performance, net revenues increased 19.9%. Our gross margin of 41.6% and operating margin of 18.9% improved from 36% and 12.3%, respectively. Our net income nearly doubled to $474 million.

從年對年表現來看，淨營收成長 19.9%。毛利率 41.6% 與營業利益率 18.9% 分別較去年的 36% 與 12.3% 提升。淨利幾乎倍增至 4.74 億美元。

On a year-to-date basis, net revenues increased 30 -- 31.8% to $9.2 billion driven by growth in all product groups except the Radio Frequency Communications subgroup. For the 9-month period, we reported a gross margin of 40.4%, operating margin of 16.7% and net income of $1.25 billion.

以年初至今來看，淨營收成長 30 -- 31.8% 至 92 億美元，成長動能來自除射頻通訊（Radio Frequency Communications）子群以外的所有產品群。在前 9 個月期間，我們的毛利率為 40.4%、營業利益率為 16.7%，淨利為 12.5 億美元。

On Q4 2021, at the midpoint of our outlook, we expect net revenues in the fourth quarter to be about $3.4 billion, representing an increase of 6.3% sequentially. Gross margin is expected to be about 43% at the midpoint, representing a sequential increase of 140 basis points.

關於 2021 年第四季（Q4 2021），以我們展望的中位數來看，我們預期第四季淨營收約為 34 億美元，較前一季成長 6.3%。毛利率中位數預期約為 43%，較前一季增加 140 個基點。

For the full year 2021, based on the midpoint of our Q4 '21 guidance, we now expect full year revenues of about $12.6 billion, representing a year-over-year increase of 23.3%, at the high end of the range we provided in July. This growth is expected to be driven by continuing strong dynamics in all the end markets we address and our engaged customer programs.

就 2021 全年而言，基於我們 2021 年第四季指引的中位數，我們目前預期全年營收約為 126 億美元，年增 23.3%，位於我們 7 月提供區間的高端。此成長預期將由我們所服務的所有終端市場持續強勁的動能，以及我們的客戶合作專案所帶動。

Our 2021 CapEx investment plan of about $2.1 billion remain unchanged.

我們 2021 年約 21 億美元的資本支出（CapEx）投資計畫維持不變。

Now let's move to a detailed review of the third quarter. The revenue performance was driven by strong global demand and by our engaged customer programs in Personal Electronics, partially offset by the impact of the pandemic in Malaysia. Net revenues increased 19.9% year-over-year, with higher sales in our 3 product groups and all subgroups except, as expected, the Radio Frequency Communications subgroup. Year-over-year sales to OEMs increased 9.9% and 48.6% to distribution.

接下來我們進入第三季的詳細回顧。營收表現由強勁的全球需求，以及我們在個人電子領域的客戶合作專案所帶動，但部分被馬來西亞疫情影響所抵銷。淨營收年增 19.9%，三大產品群及各子群的銷售皆增加，唯如預期，射頻通訊子群除外。年對年來看，對 OEM 的銷售成長 9.9%，對通路（distribution）的銷售成長 48.6%。

On a sequential basis, net revenues increased 6.9%, substantially in line with the midpoint of our outlook. This growth was mainly driven by IMS, up 25.2%, and, to a lesser extent, MDG, up to 2.6%, while ADG decreased by 6.7% caused by more severe-than-anticipated reduced operations at our Malaysian manufacturing facility due to the pandemic. Specifically, the incremental revenue impact in Q3 related to Muar is about $100 million, above our initial assessment, mainly for the Automotive subgroup.

以季對季來看，淨營收成長 6.9%，與我們展望中位數大致一致。此成長主要由 IMS 帶動，成長 25.2%；其次為 MDG，成長 2.6%；而 ADG 則下滑 6.7%，原因是受疫情影響，我們位於馬來西亞的製造廠營運縮減幅度比原先預期更為嚴重。具體而言，第三季與 Muar 相關的增量營收影響約為 1 億美元，高於我們最初的評估，主要發生在汽車子群。

Gross profit was $1.33 billion, increasing 38.7% on a year-over-year basis.

毛利為 13.3 億美元，年增 38.7%。

Gross margin increased year-over-year to 41.6% from 36% mainly driven by manufacturing, both efficiencies and better loading as well as product mix and more favorable pricing. These positive drivers were partially offset by negative current effects, net of -- currency effects, sorry, net of hedging.

毛利率年對年由 36% 提升至 41.6%，主要受製造端帶動，包括效率提升與更佳的產能負載，以及產品組合與較有利的定價。上述正面因素部分被不利的即期匯率影響所抵銷，扣除 -- 抱歉，是扣除避險後的匯率影響。

Our third quarter gross margin was 60 basis points above the midpoint of our guidance driven by product mix.

第三季毛利率較我們指引中位數高出 60 個基點，主要由產品組合所帶動。

Third quarter operating margin was 18.9% from 12.3% in Q3 '20, with improvements in all 3 product groups.

第三季營業利益率為 18.9%，高於 2020 年第三季的 12.3%，三大產品群皆有所改善。

Both net income and diluted earnings per share nearly doubled year-over-year, respectively reaching $474 million and $0.51 from $242 million and $0.26 per share in Q3 '20.

淨利與稀釋後每股盈餘（EPS）年對年幾乎倍增，分別達到 4.74 億美元與 0.51 美元；而 2020 年第三季分別為 2.42 億美元與每股 0.26 美元。

Looking at the year-over-year performance, all product groups recorded double-digit growth. ADG revenues increased 18.1% on growth in Automotive and Power Discrete. AMS revenue increased 27.1% on higher Analog, MEMS and Imaging Product sales. MDG revenues increased 12.9% on growth in Microcontrollers, partially offset by the expected decline in Radio Frequency Communications.

從年對年表現來看，所有產品群皆錄得雙位數成長。ADG 營收成長 18.1%，受汽車與功率分離元件（Power Discrete）成長帶動。AMS 營收成長 27.1%，來自類比、MEMS 與影像產品銷售增加。MDG 營收成長 12.9%，受微控制器（Microcontrollers）成長帶動，但部分被如預期的射頻通訊下滑所抵銷。

By product group on a year-over-year basis, all product groups showed improvement in operating margin. ADG operating margin increased to 10.8% from 5.8%, AMS operating margin increased to 24% from 17.5% and MDG operating margin increased to 23.9% from 17.4%.

以產品群別的年對年表現來看，所有產品群的營業利益率皆有所改善。ADG 營業利益率由 5.8% 提升至 10.8%；AMS 營業利益率由 17.5% 提升至 24%；MDG 營業利益率由 17.4% 提升至 23.9%。

Net cash from operating activities more than doubled to $895 million in Q3 versus $385 million in the year ago quarter.

第三季營運活動產生的淨現金流量較去年同期倍增以上，達 8.95 億美元，而去年同期為 3.85 億美元。

CapEx in third quarter was $437 million compared to $319 million in the year ago quarter.

第三季資本支出（CapEx）為4.37億美元，較去年同期的3.19億美元增加。

Free cash flow improved to $420 million compared to a negative $25 million in Q3 '20.

自由現金流改善至4.20億美元，相較於2020年第三季為負的2,500萬美元。

We exercised the call option of the early redemption of our 2024 Tranche B convertible bond issued in 2017. As a consequence, bondholders exercised their conversion rights on the total of $750 million principal amount of the bond. In the third quarter, we fully settled this bond, delivering about 5.8 million treasury shares and paying $1.26 billion in cash, which includes the $750 million principal amount.

我們行使了對2017年發行之2024年B分券可轉換公司債的提前贖回買回選擇權。因此，債券持有人就該債券合計7.50億美元本金金額行使了轉換權。在第三季，我們已全數結清該債券，交付約580萬股庫藏股並支付12.6億美元現金，其中包含7.50億美元本金金額。

During the third quarter, we paid $55 million of cash dividends to shareholders, and we executed a $87 million share buyback in connection with our new share repurchase program initiated on July 1 of this year.

第三季期間，我們向股東支付了5,500萬美元現金股利，並配合本年7月1日啟動的新股票回購計畫，執行了8,700萬美元的股票回購。

Our net financial position was $798 million at October 2, 2021, reflecting total liquidity of $3.46 billion and total financial debt of $2.66 billion.

截至2021年10月2日，我們的淨財務部位為7.98億美元，反映總流動性34.6億美元及總金融負債26.6億美元。

Let's now discuss the market and business dynamics. Similar to the second quarter, the backdrop of strong global demand continued with supply chain remain stretched -- remaining stretched, sorry. In Automotive, bookings remained strong in Q3, and the backlog still covers about 18 months of demand. Demand continued to be well above our current and planned manufacturing capacity.

接下來我們討論市場與業務動態。與第二季類似，在全球需求強勁的背景下，供應鏈仍然吃緊——仍然吃緊，抱歉。在汽車領域，第三季接單維持強勁，未交貨訂單仍可覆蓋約18個月的需求。需求持續遠高於我們目前及規劃中的製造產能。

One of the biggest challenge in the quarter for the whole automotive industry has been the pandemic situation in Malaysia, a country accounting for 13% of the worldwide chip assembly, testing and production. This had an impact also on us. First of all, to Muar, deepest regret. It impacted our employees and their families at our site in Muar. Then there was an operational impact. With the worsening of the situation in July and August, the impact of reduced operations in our facilities in Muar became more severe than anticipated when providing our Q3 2021 business outlook. Our site went through a period of partial or complete closure with a progressive return to 100% production capacity during Q3.

本季整個汽車產業面臨的最大挑戰之一，是馬來西亞的疫情情勢；該國占全球晶片封裝、測試與生產的13%。這也對我們造成影響。首先，對於Muar，我們深感遺憾。這影響了我們在Muar廠區的員工及其家人。接著也帶來營運層面的影響。隨著7月與8月情勢惡化，Muar廠區營運縮減的影響，比我們在提供2021年第三季業務展望時所預期的更為嚴重。我們的廠區經歷了一段部分或完全停工的期間，並在第三季逐步恢復至100%的產能。

Moving now to car electrification and digitalization. In car electrification, we added to our list of projects for silicon carbide devices. overall. Overall, our engagement increased again during the quarter, now with 85 ongoing programs and 70 customers equally split between industrial and Automotive. I am pleased to announce that based on our strong pipeline of design wins and market dynamics, we now anticipate to reach our target of $1 billion of silicon carbide revenues in 2024, 1 year earlier than planned.

接下來談汽車電動化與數位化。在汽車電動化方面，我們新增了碳化矽元件的專案清單。整體而言。整體來看，我們本季的客戶參與度再次提升，目前有85個進行中的專案與70家客戶，且工業與汽車客戶各占一半。我很高興宣布，基於我們強勁的設計導入（design win）管線與市場動態，我們現在預期將於2024年達成碳化矽營收10億美元的目標，比原計畫提前1年。

New design wins in Q3 include a generation-3 silicon carbide MOSFET for an electrical vehicle climate control compressor. There were also a number of other electrical vehicle applications where we had success with complementary technologies. These includes sockets for high- and low-voltage silicon MOSFET and microcontroller in battery management systems and traction inverters, MOSFETs and inverters, onboard chargers and DC-to-DC converters and VIPower in electrical vehicle battery packs.

第三季的新設計導入包括：用於電動車空調壓縮機的第三代碳化矽MOSFET。此外，在多項電動車應用上，我們也以互補技術取得多項成果。這些包括：電池管理系統與牽引逆變器中高、低電壓矽MOSFET與微控制器的插槽（sockets），以及MOSFET與逆變器、車載充電器與DC-DC轉換器，並在電動車電池組中導入VIPower。

In car digitalization, during the quarter, we had a number of design wins with our 32-bit automotive microcontroller family in applications like body domain, Smart-Gateway as well as a win for our Teseo GNSS chipsets in an audio/video navigation system.

在汽車數位化方面，本季我們的32位元汽車微控制器系列在車身域（body domain）、Smart-Gateway等應用取得多項設計導入，並且我們的Teseo GNSS晶片組也在一套音訊/視訊導航系統中取得設計導入。

Also, in our automotive sensor business, we won sockets with automotive-grade inertial measurement units across multiple applications such as telematics, door control and navigation.

此外，在我們的汽車感測器業務中，我們在多項應用（如車聯網（telematics）、車門控制與導航）上，取得了車規級慣性量測單元（IMU）的插槽（sockets）。

Moving now to Industrial. We continue to see very strong demand both in high-end and consumer industrial and with distribution as well as OEMs, in line with our broad approach in the highly fragmented industrial market. Inventories of our products at distributors continue to be lean across all product families with high inventor turns. We address the industrial end markets with our general-purpose and secure embedded processing solutions, power/energy management products and our sensors and analog portfolio.

接下來談工業市場。我們持續看到高階與消費型工業領域的需求都非常強勁，無論是通路商或OEM皆然，這與我們在高度分散的工業市場中採取的廣泛策略一致。通路商端對我們產品的庫存，在所有產品系列中仍維持精實，且庫存周轉率高。我們以通用型與安全型嵌入式處理解決方案、電源/能源管理產品，以及感測器與類比產品組合，來服務工業終端市場。

In embedded processing, we are continuing to strengthen our leadership through the STM32 family offering and ecosystem. As I have mentioned before, we have a particular focus on wireless connectivity, security and artificial intelligence. We are seeing increasing success with our STM32 wireless product line, achieving design wins across a broad customer base. We strengthened support for wireless design with additional software tools as well as new modules that will help developers grow faster.

在嵌入式處理方面，我們透過STM32系列產品與生態系持續強化領導地位。如我先前提到的，我們特別聚焦於無線連接、安全與人工智慧。我們看到STM32無線產品線的成功持續提升，並在廣泛的客戶基礎上取得設計導入。我們透過新增軟體工具以及新模組來強化對無線設計的支援，協助開發者更快成長。

In artificial intelligence, we released tools that add new artificial intelligence methods to our STM32Cube.AI.

在人工智慧方面，我們發布了工具，為STM32Cube.AI加入新的人工智慧方法。

In power and energy management, we achieved a number of wins with our Power Discrete portfolio. For example, with silicon carbide transistors and modules, with high- and low-voltage silicon MOSFETs, with IGBTs and with diodes. Applications include solar inverters, energy storage systems, power adapters, home appliances, air conditioning and lighting, welding and industrial power supplies. We also won a 1,200 SiC-based power module for an electrical vehicle charging station.

在電源與能源管理方面，我們的功率分離元件（Power Discrete）產品組合取得多項勝出。例如，碳化矽電晶體與模組、高低電壓矽MOSFET、IGBT以及二極體。應用涵蓋太陽能逆變器、儲能系統、電源轉接器、家電、空調與照明、焊接以及工業電源供應器。我們也在一座電動車充電站中，取得一款以SiC為基礎的1,200功率模組的設計導入。

In the quarter, we also had many new designs with our industrial analog products with award in application like motion control, smart grid, factory automation and home appliances. We continue to win business in sensor for industrial application, such as power tools, and with our specialized devices like inclinometers.

本季我們的工業類比產品也有許多新設計，並在運動控制、智慧電網、工廠自動化與家電等應用中獲得採用。我們也持續在工業應用感測器領域贏得業務，例如電動工具，以及我們的傾角儀等專用元件。

Moving now to the personal electronics market. In Q3, we continued to see strong demand for smartphones and for other connected devices, including wearables, tablets, hearables, true wireless stereo headsets restarts and game consoles.

接下來談個人電子市場。第三季，我們持續看到智慧型手機及其他連網裝置的強勁需求，包括穿戴式裝置、平板、助聽式耳機（hearables）、真無線立體聲耳機、機上盒（set-top boxes）以及遊戲主機。

Our first strategic objective in Personal Electronics is to lead in selected high-volume smartphone applications with differentiated products or custom solutions. During the quarter, we won sockets in a number of devices with motion sensors, ambient light sensors, time-of-flight ranging sensors for laser autofocus, wireless charging products, touch display controllers and secure solution.

我們在個人電子領域的第一項策略目標，是以差異化產品或客製化解決方案，在特定高出貨量的智慧型手機應用中取得領先。本季，我們在多款裝置中取得插槽（sockets），涵蓋動作感測器、環境光感測器、用於雷射自動對焦的飛時測距（time-of-flight）感測器、無線充電產品、觸控顯示控制器以及安全解決方案。

Our second objective is to leverage our broad portfolio to address high-volume applications. Here, we had wins with a broad range of light, motion and environmental sensors as well as with analog power and microcontrollers in applications such as smart watches, true wireless stereo headsets and smart shoes. We also progressed on engagements with several leading players for our laser beam scanning solutions for augmented reality.

我們的第二項目標，是運用我們廣泛的產品組合來切入高出貨量應用。在此，我們以多樣的光學、動作與環境感測器，以及類比電源與微控制器，在智慧手錶、真無線立體聲耳機與智慧鞋等應用中取得勝出。我們也與多家領先業者在擴增實境用的雷射光束掃描解決方案上持續推進合作。

In communication equipment and computer peripherals, we continue to see adoption of 5G-related products as well as a sustained demand for PC, mainly for enterprise notebook. Moreover, following the recent Helios satellite launches, I can confirm that our programs and ramp-up are on schedule.

在通訊設備與電腦周邊方面，我們持續看到5G相關產品的採用增加，以及PC需求維持強勁，主要來自企業用筆記型電腦。此外，隨著近期Helios衛星發射，我可以確認我們的專案與量產爬坡（ramp-up）均按計畫進行。

We have 3 strategic objectives in our approach to this end market. One is to address selected applications in cellular and satellite communication infrastructure. In this area, we were awarded new sockets in a radio frequency design for satellite.

在我們切入此終端市場的策略中，有三項策略目標。其一是鎖定行動通訊與衛星通訊基礎設施中的特定應用。在此領域，我們在一項衛星用射頻設計中獲得新的插槽（sockets）。

We also target selected high-volume applications with differentiated products or custom solutions while leveraging our broad portfolio. Our wins here include time-of-flight sensor for laptops, many general-purpose MCU design wins as well as a win with our MasterGaN family for smart charging control in an ultra-slim power adapter.

我們也在善用我們廣泛產品組合的同時，鎖定部分高出貨量應用，以差異化產品或客製化解決方案切入。我們在此的勝出案例包括：用於筆電的飛行時間（ToF）感測器、多項通用型 MCU 設計導入案，以及我們 MasterGaN 系列在超薄型電源轉接器中用於智慧充電控制的導入案。

Now let's discuss the fourth quarter outlook. For the fourth quarter, we expect net revenues to be about $3.4 billion at the midpoint, representing a growth of 5.1% year-over-year and 6.3% sequentially.

現在我們來討論第四季展望。第四季我們預期淨營收在中位數約為 34 億美元，年增 5.1%，季增 6.3%。

Gross margin is expected to be about 43% at the midpoint, representing year-over-year and sequential increase of 420 basis points and 140 basis points, respectively.

毛利率在中位數預期約為 43%，分別較去年同期與上一季提高 420 個基點與 140 個基點。

Based upon our year-to-date results and Q4 midpoint, we now expect 2021 net revenues of about $12.6 billion, at the high end of the range we provided in July. This plan will translate into year-over-year growth of 23.3% at the midpoint. Drivers of this expected growth are the continuing strong dynamics in all the end markets we address and our engaged customer programs.

根據我們年初至今的結果以及第四季中位數，我們目前預期 2021 年淨營收約為 126 億美元，位於我們 7 月所提供區間的高端。此計畫在中位數將轉化為年增 23.3%。此一預期成長的驅動因素為我們所服務的所有終端市場持續強勁的動能，以及我們積極投入的客戶專案。

To conclude, our results in the third quarter and higher sales plan for the full year reflect strong year-over-year revenue growth, translating in higher operating profitability, net income and free cash flow. Revenue growth stems from the expected continuation of strong dynamics in all the end markets we address and our engaged customer programs.

總結而言，我們第三季的結果以及全年較高的銷售計畫，反映出強勁的年對年營收成長，並轉化為更高的營運獲利、淨利與自由現金流。營收成長源自我們所服務的所有終端市場預期將延續的強勁動能，以及我們積極投入的客戶專案。

Our focus stays on customers. We continue to adapt our supply chain to support their strong demand. We also continue to provide leading-edge technology and product innovation to enable smarter mobility, more efficient power and energy management, the wide-scale deployment of IoT and 5G and a more sustainable world.

我們的重點仍以客戶為中心。我們持續調整供應鏈，以支援他們強勁的需求。我們也持續提供領先技術與產品創新，以實現更智慧的移動性、更高效率的電力與能源管理、IoT 與 5G 的大規模部署，以及更永續的世界。

Thank you, and we are ready to answer your questions.

謝謝，我們已準備好回答各位的問題。

(Operator Instructions) The first question is from Stephane Houri from ODDO.

(接線員指示) 第一個問題來自 ODDO 的 Stephane Houri。

Actually I have 2 questions. The first one is an update because last quarter, you basically said that end demand was more than 30% above the current supply. So can you please update this statement and comment on your visibility for 2022 revenue growth?

其實我有兩個問題。第一個是更新：因為上一季你們基本上表示，終端需求比目前供給高出 30% 以上。所以能否請你更新這個說法，並評論你們對 2022 年營收成長的能見度？

And the second question is about the gross margin guidance in Q4. 43% is a level that honestly I haven't seen for many, many years, if ever. So can you comment a little bit on the elements of this gross margin evolution and if this level can be seen as a sustainable level going forward?

第二個問題是關於第四季的毛利率指引。坦白說，43% 這個水準我已經很多很多年沒看過了，甚至可能從未見過。所以你能否稍微談談毛利率演變的要素，以及這個水準未來是否可視為可持續的水準？

Thank you for the questions. So I will take the one related to the revenue perspective, and Lorenzo will take the one about the gross margin.

謝謝你的提問。我會先回答與營收展望相關的問題，而 Lorenzo 會回答毛利率的問題。

Well, I can confirm that for 2021, yes, okay, we are seeing unconstrained demand, which will -- let's say, are really well above our manufacturing capacity and sales plan, okay, in the range you mentioned. Things will improve next year, definitively, but the gap will be still quite material.

好的，我可以確認 2021 年，是的，我們看到的是不受供給限制的需求，也就是說，需求確實遠高於我們的製造產能與銷售計畫，約在你提到的那個範圍。明年情況肯定會改善，但缺口仍會相當顯著。

About 2022, what I can say, having the following elements in our hand, basically the market we sell will be supposed to increase by 8%. Looking at our backlog coverage that, again, okay, is above the manufacturing capacity we are planning, we are planning based on the investment, okay, we are doing currently and will contribute, okay, for the first half next year. And the investment we are planning for the first half next year will contribute to the second half.

關於 2022 年，我能說的是，基於我們手上的幾個要素：基本上，我們所銷售的市場預期將成長 8%。再看我們的訂單積壓（backlog）覆蓋度，同樣仍高於我們規劃的製造產能；而我們的規劃是以目前正在進行的投資為基礎，這些投資將在明年上半年開始貢獻。此外，我們規劃在明年上半年進行的投資，將在下半年帶來貢獻。

I can say that we are -- I am -- we are very confident that, okay, ST will perform materially better than the market we sell for next year. And again, we will communicate, okay, end of January the CapEx we intend to do for 2022. And we will provide the detailed number for the year indication in April. But I can confirm now that we are very confident to perform much better than the market we sell. Lorenzo?

我可以說，我們——我——我們非常有信心，ST 明年的表現將顯著優於我們所銷售的市場。同樣地，我們會在 1 月底溝通我們 2022 年預計進行的資本支出（CapEx）。而我們會在 4 月提供全年指引的詳細數字。但我現在可以確認，我們非常有信心能夠遠優於我們所銷售的市場表現。Lorenzo？

Yes. So maybe I take the second question about the gross margin, the dynamic of the gross margin. Good morning to everybody.

是的。那我來回答第二個關於毛利率、毛利率動態的問題。各位早安。

A gross margin of 43% is our guidance for the current quarter here, that we will see an improvement in respect to 41.6% we posted in the last quarter, in Q3. And this is mainly driven by 2 elements. On one side, we have still a positive price environment that is helping our gross margin, as well as we also have improved efficiency. This especially will be in our -- both in front end but especially in our back end, where today, all our plants, including, of course, the plant in Malaysia, in Muar, are running at full capacity and at full efficiency.

43% 的毛利率是我們對本季的指引，相較於上一季第三季我們公布的 41.6%，我們將看到改善。這主要由兩個因素驅動。一方面，我們仍處於有利的價格環境，這有助於毛利率；同時我們的效率也有所提升。這將反映在我們的——前段製程與後段製程皆有，但尤其是在後段製程；目前我們所有工廠（當然也包括馬來西亞 Muar 的工廠）都以滿載產能、滿載效率運行。

Looking at the total year, let's say, if -- at a midpoint of our Q4 guidance, the gross margin for the total year will come in the range of 41%. Moving forward, of course our gross margin has some seasonality quarter-over-quarter. Anyway, the price environment moving in 2022, considering the backlog that we have and the situation of the business, I would say that they remain positive. And definitely, we still have room for manufacturing productivity gain and definitely also for a better product mix moving in the next year.

若看全年，假設以第四季指引的中位數來看，全年毛利率將落在約 41% 的區間。往前看，當然我們的毛利率在季度之間具有一定的季節性。不過，考量我們的訂單積壓以及業務狀況，我會說 2022 年的價格環境仍將維持正向。而且，我們在製造生產力提升方面仍有空間，明年產品組合也確實有機會進一步改善。

We have also to consider that -- however, the recent increase in our cost. There is inflationary cost there that are not yet fully reflected in our gross margin at the moment in Q4. This will progressively materializing in the next quarters. Additionally, you have also to consider that we are investing, let's say, the investment that will increase our depreciation, as, of course, the increased production and in CapEx, there is a lag of time between when you can increase your production and have a full efficiency of your investment.

我們也必須考量——不過——近期我們成本的上升。目前存在通膨性的成本，尚未在第四季的毛利率中完全反映。這些影響將在接下來幾季逐步顯現。此外，你也必須考量我們正在投資；這些投資將提高折舊。當然，隨著產量提升與資本支出增加，從你能提高產量到投資達到完全效率之間，存在時間落差。

Anyway, when I look at all these ingredients altogether, I think that, let's say, we have a -- moving in the coming quarters, we -- definitely we have opportunity to improve our yearly gross margin in respect to the 41% and moving in 2022.

總之，當我把所有這些因素綜合起來看，我認為在接下來幾季，我們——確實有機會在 2022 年將年度毛利率較 41% 進一步提升。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

I guess just following on the margin question a little bit, and congratulations, guys. 43% is a heck of a level. I guess, Lorenzo, could you walk us through a little bit more specifically what kind of driver -- or I guess how material is the pricing increases in your gross margin that you're seeing and maybe what you plan for the next couple of quarters? And I guess the reason for the question I get asked a lot, how much of this pricing increase that you guys are seeing right now in this environment where demand is materially better than supply, how much of that price increase do you guys think is sustainable through the cycle versus transitory?

我想就毛利率問題再追問一下，並恭喜各位。43% 真的是很高的水準。我想，Lorenzo，你能否更具體地帶我們了解一下，毛利率中你們所看到的漲價因素到底有多大的貢獻——或者說，你們對接下來幾季的規劃是什麼？我之所以這麼問，是因為我常被問到：在目前需求顯著高於供給的環境下，你們現在看到的這些漲價，有多少你們認為能在景氣循環中具備可持續性、又有多少只是短期性的？

And I guess my second question is just on the ADG business. Obviously, some headwinds in Malaysia. Jean-Marc, if you could talk about how you see that business recovering and potentially how quickly in the first half of the year and maybe even in the fourth quarter.

我想我的第二個問題是關於 ADG 業務。顯然，馬來西亞那邊有一些逆風。Jean-Marc，你能否談談你如何看待該業務的復甦，以及在上半年、甚至第四季可能會以多快的速度恢復？

I take the one on gross margin.

我來回答毛利率的問題。

When I -- when we look at the gross margin, let's say, for sure there is an ingredient there that is, as I was saying before, related to the price. If you want -- when we look at our progression of the gross margin, both if I look sequentially, even if I look year-over-year, of course year-over-year there are many components. But I would say there are 2 main drivers. On one side are the price environment. On the other side is the product mix and manufacturing efficiency. This impact, I would say that all in all when I look at, let's say, the progression, is more or less in the 50-50.

當我——當我們看毛利率時，可以說，確實有一個因素，如我先前所說，與價格有關。如果你想——當我們看毛利率的走勢，無論是按季比較，甚至按年比較，當然按年比較有很多組成因素。但我會說有兩個主要驅動因素。一方面是價格環境。另一方面是產品組合與製造效率。整體而言，當我看這個走勢時，我會說大致是 50-50。

How much is sustainable, the pricing rise? I think that in a short, medium term, I think this situation will stay also because, as I was saying before, let's say, here is an inflationary environment both from our side, let's say, to our customers but also, let's say, for our cost.

價格上漲有多少是可持續的？我認為在短中期，這種情況會持續，因為如我先前所說，這是一個通膨環境，既反映在我們對客戶的端，也反映在我們的成本端。

I said what -- I repeat what I said before. Let's say looking at the level of profitability in term of gross margin of this year, I think that combining together, let's say, price environment, manufacturing efficiency and also discounting, of course, on the other side, the headwinds that are mainly related to this price increase from our supply, I think that there is room to progress moving year 2022, our gross margin, compared to the year 2021. Of course, following some kind of seasonality that we normally have, I mean, which -- let's say, the gross margin in the first quarter and first half generally is a little bit lower in respect of the gross margin in the second half.

我說過什麼——我重申我先前說的。就今年的毛利率獲利水準而言，我認為把價格環境、製造效率以及折扣（當然在另一端）綜合起來，再加上主要與我們供應端價格上升相關的逆風，我認為在 2022 年，我們的毛利率相較 2021 年仍有提升空間。當然，會遵循我們通常的季節性，也就是說，第一季與上半年通常會比下半年毛利率略低一些。

To -- about the second question on Automotive and Power Discrete, yes, I can confirm that this group will be a key contributor to the growth in Q4 for ST. Just as a matter of transparency, so I mentioned during my speech that versus what we already embedded in our guidance, the impact of Muar has been $100 million, mainly impacting the Automotive Product Group. But what we already embedded in our guidance was $70 million. So you see a total impact of Muar of $170 million on Automotive -- mainly on Automotive Product Group and, in a lesser extent, on Microcontrollers.

至於第二個關於汽車與功率分立元件（Automotive and Power Discrete）問題，是的，我可以確認這個事業群將是 ST 在第四季成長的關鍵貢獻者。為了透明起見，我在發言中提到，相較於我們已納入指引的部分，Muar 的影響是 1 億美元，主要影響汽車產品事業群。但我們原先已納入指引的是 7,000 萬美元。因此你會看到 Muar 對汽車——主要對汽車產品事業群、以及較小程度對微控制器——的總影響為 1.7 億美元。

So now Muar operation completely resumed during September. All the people are vaccinated. We have, let's say, in full agreement with the Malaysian authorities, okay, to really adopt, let's say, protocols to avoid any further lockdown and closure of our plant. So yes, okay, I am very confident that, okay, ADG will be a key contributor of the growth in Q4 and next year.

目前 Muar 的營運已在 9 月完全恢復。所有員工都已接種疫苗。我們也與馬來西亞當局完全達成一致，確實採取相關防疫規範，以避免工廠再度封鎖或停工。所以是的，我非常有信心 ADG 將是第四季以及明年成長的關鍵貢獻者。

Your next question is from Johannes Schaller from Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Johannes Schaller。

Firstly, we have seen a few semiconductor companies talking about destocking of components even in this very strong demand environment. And I think that's mostly in PC and smartphone, and it relates to components that are not in tight supply. But then there was restocking, but the final product, the PC or the smartphone, couldn't be built. Can you maybe give us a bit of an overview on your product portfolio, if you are seeing any of such dynamics in any of your businesses? Jean-Marc, I think you already mentioned on the distributor channel you see very lean inventories. But maybe there are some product groups we should consider here where inventories have recovered already.

首先，我們看到有幾家半導體公司談到，即使在需求非常強勁的環境下，仍出現零組件去庫存（destocking）。我認為這主要發生在 PC 與智慧型手機，且與供應不緊張的零組件有關。但之後又出現補庫存（restocking），只是最終產品——PC 或智慧型手機——卻無法組裝完成。你能否就你們的產品組合提供一些概覽，看看你們是否在任何業務中也看到類似的動態？Jean-Marc，我想你已提到在經銷通路你看到庫存非常精實。但也許有些產品群我們需要留意，因為那裡的庫存可能已經恢復。

And secondly also, Jean-Marc, I think you maybe scared the market a little bit when you talked about flat imaging sales about a year ago in 2022. Can you now just maybe give us a quick update to better understand the dynamics in imaging? And maybe also, give us an idea of how that business is growing in the second half of this year compared to the second half of last year.

第二點也是，Jean-Marc，我想你大約一年前談到 2022 年影像（imaging）銷售持平時，可能讓市場有點緊張。你現在能否快速更新一下，幫助我們更好理解影像業務的動態？也請你談談今年下半年相較去年下半年，該業務的成長情況。

So thank you for your question. Now first of all, okay, about Personal Electronics and computer, as you know, our strategy is to address selectively this market basically with a custom-designed solution. So you have no inventory and custom-designed solution as a principle because, okay, we have a perfect connection with our customers, and we are working, okay, with forecasts and, let's say, real-time sales. So we have not seen any inventory, okay, change because, okay, we have no inventories.

謝謝你的提問。首先，關於個人電子與電腦市場，如你所知，我們的策略是以客製化設計解決方案選擇性地切入這個市場。因此原則上是沒有庫存、以客製化設計方案為主，因為我們與客戶之間連結非常緊密，並且依據預測以及即時銷售來運作。所以我們沒有看到任何庫存變化，因為我們本來就沒有庫存。

However, you know as well that we are addressing also this market, taking opportunity of our, let's say, greater general-purpose product portfolio, so like MCU on power. And clearly, overall on Personal Electronics and computer, we have not seen, okay, an, let's say, adjustment in the inventory pipeline.

不過，你也知道我們也會利用我們更廣泛的通用型產品組合來把握這個市場的機會，例如 MCU 與功率產品。而且整體而言，在個人電子與電腦領域，我們沒有看到庫存管線出現所謂的調整。

Well, I would like to recall that, okay, even if worldwide, okay, we have seen here and there some fluctuation in the smartphone market, all the markets related to accessories, so headset, okay, all this kind of stuff, is very dynamic, is very strong. So we have absolutely not seen that.

我也想提醒一下，即使在全球範圍內，我們在智慧型手機市場某些地方看到一些波動，但所有與配件相關的市場——例如耳機等各類產品——都非常活躍、非常強勁。因此我們完全沒有看到那種情況。

Well, about Imaging, well, clearly, in H2 this year compared to, let's say, H2 last year, there is a different profile of the revenue between Q3 and Q4. Because if you remember well, last year was a little bit exceptional mainly related to one of the -- our major customers because the program and the introduction of one were a little bit delayed, which was not the normal signature of revenue. This year, okay, is coming back to normal. So we have a strong Q3. And basically, okay, that's the reason why we shared with you that our AMS group contribute a lot on the Q3 revenue growth both sequentially and on a year-to-year basis.

至於影像（Imaging），很明顯，今年下半年相較於去年的下半年，第三季與第四季之間的營收分布輪廓不同。因為如果你記得，去年有點特殊，主要與我們某個主要客戶有關，因為某個專案與某項導入稍有延遲，導致營收特徵並非正常狀態。今年則回到正常。因此我們第三季很強。基本上，這也是我們與你們分享 AMS 事業群在第三季營收成長（無論按季或按年）貢獻很大的原因。

Well, in Q4, definitively this year, okay, is a different profile compared to Q4 last year. Also, the number of -- the quarter -- or the day of the quarter is materially lower. Basically, we have 6 days less in Q4 2021 versus Q4 '20.

至於第四季，今年確實與去年第四季的輪廓不同。另外，該季度的——季度天數也明顯較少。基本上，2021 年第四季相較 2020 年第四季少了 6 天。

Well, then, okay, last but not the least, I guess you have seen, okay, like me many communication from [Tier 1] on the architecture of their system, okay, that I will not comment but, okay, by the way, quite well balanced between (inaudible) and modification. And I would simply to confirm that, okay, this Imaging product group will contribute this year to the growth of the company.

最後但同樣重要的是，我想你也和我一樣看到了許多來自 [Tier 1] 關於其系統架構的溝通，我不予評論，但順帶一提，在（聽不清）與修改之間相當平衡。我只想確認的是，這個影像產品群今年將會對公司的成長做出貢獻。

We have completed, as I said a few minutes ago, the sales and operating plan of the company for next year that will target a material growth better than the market we serve. Imaging, okay, will materially contribute to this growth. And with the visibility we have, I am very confident that Imaging, okay, will be a key contributor of the revenue model, okay, that ST will disclose, okay, certainly next year at our Capital Market Day.

如同我幾分鐘前所說，我們已完成公司明年的銷售與營運計畫，目標是實現優於我們所服務市場的顯著成長。影像（Imaging），好的，將對這項成長做出實質貢獻。而以我們目前的能見度，我非常有信心影像（Imaging），好的，將會是ST將披露的營收模型，好的，的重要貢獻者；ST當然會在明年資本市場日（Capital Market Day）上披露。

That's very clear, Jean-Marc. Just maybe one quick follow-up on the inventory question. Is there anything in automotive, even some smaller components, that may be less supply constrained where you see any inventories right now? Or is there really nothing in your view within the supply chain at your customers?

非常清楚，Jean-Marc。我想就庫存問題再快速追問一下。在車用領域，是否有任何項目——即使是一些較小的元件——供應限制相對沒那麼嚴重，因此你們目前看到有任何庫存？或者以你的觀點來看，在客戶端的供應鏈裡其實完全沒有？

To the day-to-day life we have with our customer, okay, first, the Tier 1 and the carmaker, that the list of, let's say, components of (inaudible) To the capability of the semiconductor to support the automotive industry is quite wide. Well, then the carmakers and the Tier 1, they manage their supply chain, and we don't know -- we have not the visibility of the way they behave, okay, facing this shortage of many components for the time being. And oh, they prepare, okay, their Q4 and next year. But from our, let's say, visibility for our whole consignment stock, because that the business model, okay, with the automotive industry is consignment stock, and then, okay, the push-out to their whole supply chain, we have no, let's say, over-inventory in our, let's say, supply chain.

就我們與客戶的日常互動而言，好的，首先是Tier 1與車廠，關於（聽不清）元件的清單——可以說，半導體支援車用產業的能力範圍相當廣。接著車廠與Tier 1會管理他們的供應鏈，而我們並不知道——我們沒有他們在目前多種元件短缺情況下的行為方式之能見度，好的。而且他們在準備，好的，他們的第四季以及明年。但就我們的能見度而言，針對我們整體的寄售庫存（consignment stock），因為與車用產業的商業模式，好的，就是寄售庫存，然後，好的，再推送到他們整體供應鏈，我們在我們的供應鏈中沒有，怎麼說，過量庫存。

If we have a slight inventory increase for ST, it's simply due to the fact that in Q3, okay, we have seen our Muar operation, okay, facing many closures. We have decided to not stop wafer supply. Why? Because, okay, we strongly believe that we will recover, okay, Muar, let's say, issues during the course of the next few months. And all this wafer will be absorbed, okay, thanks to the strong demand we have from the automotive industry.

如果ST的庫存有些微增加，純粹是因為在第三季，好的，我們看到Muar廠區的營運，好的，面臨多次停工關閉。我們決定不停止晶圓供應。為什麼？因為，好的，我們堅信在接下來幾個月內，我們將能恢復，好的，Muar的問題。而所有這些晶圓都會被消化，好的，這要歸功於車用產業的強勁需求。

Your next question is from Didier Scemama from Bank of America.

下一個問題來自美國銀行（Bank of America）的Didier Scemama。

I just wanted to come back to your gross margin puts and takes. I think that was quite useful. I just want to understand one thing with regard to calendar year 2022. So you're talking about inflationary pressures, which I fully understand, coming from your subcontractors, materials, et cetera. But so far, those costs have already started to come through, and yet you are guiding for, if I remember, the highest gross margin since 3Q 20 -- 2000. I think you did 47% there, if I recall. It was, I think, the second or third quarter I covered ST.

我想回到你們毛利率的正負因素（puts and takes）。我覺得那部分相當有幫助。我只想就2022曆年理解一件事。你們談到通膨壓力，我完全理解，來源包括你們的代工夥伴、材料等等。但到目前為止，這些成本其實已經開始反映出來了，然而你們卻在指引中提到——如果我沒記錯——將達到自2000年第三季以來最高的毛利率。我記得當時你們做到47%，如果我沒記錯的話。那是我覆蓋ST的第二或第三個季度。

So my question to you is, when you look at 2022, pricing is starting to move up for you guys. Your long-term contracts are probably starting to get repriced as well, which was not the case, I suspect, in 2021. So in other words, for your gross margins to not be above 43% or at least well above 41%, you would have to assume that either your depreciation is going to go up massively into 2022 or that you cannot, if you want, more than pass on or at least pass on the inflationary pressures you get from your subcontractors and materials. I'm just trying to understand, why -- what are the bits there that I'm missing?

所以我想問的是，當你看2022年時，你們的定價開始上調。你們的長期合約大概也開始重新議價（reprice），我猜這在2021年並不是如此。換言之，若你們的毛利率不高於43%，或至少不明顯高於41%，你就必須假設：要嘛你們的折舊在2022年會大幅上升；要嘛你們無法——如果你願意這麼說——把從代工夥伴與材料端承受的通膨壓力多數轉嫁，或至少轉嫁出去。我只是想理解，為什麼——我漏掉了哪些部分？

Yes. I take your questions. It's quite a [big] question.

是的。我收到你的問題。這是一個相當[大的]問題。

Yes, of course, when I look at the dynamic of our gross margin, there are different elements, as you were mentioning. On one side, for sure the inflationary costs that we see are not yet fully reflected correctly in our current gross, in our expectation of the gross margin, let's say, even if also during this year, they were progressively entering in our gross margin in 2021 already because we were protected by some long-term agreement. But progressively, these long-term agreement were expiring. So yes, it's true that, let's say, a portion of these inflationary costs will come inside the year 2022.

是的，當然，當我看我們毛利率的動態時，確實有不同的要素，如你所提到的。一方面，確定的是，我們看到的通膨成本目前尚未在我們當前的毛利率、或我們對毛利率的預期中被完全且正確地反映出來；即便在今年，這些成本也已在2021年逐步進入我們的毛利率，因為我們受到一些長期協議的保護。但這些長期協議也在逐步到期。所以是的，確實可以說，其中一部分通膨成本會在2022年內反映進來。

It's even true that on the other side, we have a -- we see positive impact on our gross margin moving in 2022 coming from product mix, coming from improvement in manufacturing, in our efficiency, in our back end. So this will, on one side, offset this negative impact.

同時也確實是，另一方面，我們看到在2022年推動毛利率的正面影響，來自產品組合，來自製造改善、效率提升，以及我們後段製程（back end）的改善。因此這將在某種程度上抵銷這個負面影響。

There is -- will be seasonality during the year, as I was mentioning before. And what we think and what we see looking at the next year is that our gross margin in average for the year 2022 will be, let's say, improving in respect to the average that we have in 2021. So we see, let's say, still opportunity to progress in gross margin in the next year.

此外——如我先前提到——全年也會有季節性因素。而我們的看法、以及我們對明年的觀察是：2022年全年的平均毛利率，將會相較於2021年的平均水準有所改善。所以我們認為，明年毛利率仍有進一步提升的空間。

Very well. Thank you for the details on that. I wanted to ask also a little bit about the macro environment. So we've seen some reports of power cuts in China. So I just wondered if you could give us a little sense of situation on the ground over there. You said your distribution inventories were lean. Have you seen any sort of negative activity or negative impact from those power cuts? Or any slowdown in the China economy with regards to your distribution business or direct business with OEMs in that region?

很好。謝謝你對此提供的細節。我也想問一下總體環境。我們看到一些關於中國限電的報導。所以我想請你們談談當地的實際情況。你提到你們的通路庫存偏精實。你們是否看到任何負面活動或因限電造成的負面影響？或者就你們在該區域的通路業務、或與OEM的直接業務而言，中國經濟是否有任何放緩？

Absolutely not. I think, okay, with what happened in Malaysia, it's enough for ST. But in China, absolutely not.

完全沒有。我想，好的，馬來西亞發生的事情對ST來說已經夠多了。但在中國，完全沒有。

Okay. Brilliant. And then maybe one tiny one since this one was short. You said that Q4 is short by 6 days. Is there any sort of number you can give us for Q1? Is it a more normal quarter for Q1?

好的。太好了。那再問一個小問題，因為這題很短。你說第四季少了6天。那第一季有沒有什麼數字可以提供？第一季會是比較正常的一季嗎？

Yes. So Q1 will be, let's say -- Q4, I would qualify Q4 as a normal quarter because it's 90 days. What was not really normal was Q4 last year. That was a longer calendar days for ST. This year, let's say, this quarter is 90 days, and Q1 will be similar, I think.

是的。所以第一季將會——可以說——第四季我會把它定義為正常的一季，因為是90天。真正不太正常的是去年的第四季。那時ST的曆日天數更長。今年，這一季是90天，而第一季我想也會類似。

92.

92。

Huh?

蛤？

92 days.

92 天。

92 days, okay.

92 天，好的。

Your next question is from Jerome Ramel from Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Jerome Ramel。

Question, could you update us on the capacity coming from foundry and also the ramp-up of your own capacity specifically for silicon carbide and gallium nitride? On the gallium nitride, when are we going to see this program to become material for STMicro?

至於氮化鎵，我們何時會看到這個專案對 STMicro 變得具有實質性貢獻？

As I said, okay, on the nonrecurring point, okay, the support we receive from the foundry in H2 versus H1, as far as volumes are concerned, is below, okay? I already explained why because, okay, during last March, okay, some decision had been taken about allocation to support the automotive industry and to detriment of the industrial market. Well, I don't want to comment more than that.

如我所說，好的，就一次性（nonrecurring）這一點而言，好的，我們在下半年相較上半年從晶圓代工端獲得的支援，就出貨量而言，是較低的，好的。我已經解釋過原因，因為，好的，在去年三月期間，好的，曾做出一些關於產能分配的決策，以支援汽車產業、並犧牲工業市場。嗯，我不想再多做評論。

One good news is that part of our sales and operating plan, of course there is our internal manufacturing capacity and foundry commitment to us. And I can confirm that next year, okay, they will increase, okay, their support, especially to support a lot of growth on microcontroller.

一個好消息是，作為我們銷售與營運計畫的一部分，當然包含我們的內部製造產能以及晶圓代工對我們的承諾。我可以確認，明年，好的，他們將提高，好的，對我們的支援，特別是為了支援微控制器的大幅成長。

Silicon carbide. Well, silicon carbide, okay, we are, let's say, continuing to increase quarter after quarter our capacity first in assembly in Shenzhen and in Bouskoura, okay, both for application-specific, okay, modules or packages. We continue to increase our capacity in Catania, and now we have the double source in Singapore. We are in close connection with our suppliers. So our capacity is steadily increasing with the -- to support, okay, the very strong demand of our customers and especially, okay, one, okay, with whom we are engaged.

碳化矽。嗯，碳化矽，好的，我們可以說，正持續一季接一季地提升產能，首先是在深圳與 Bouskoura 的封裝組裝產能，好的，涵蓋應用特定的，好的，模組或封裝。我們持續提升卡塔尼亞（Catania）的產能，而現在我們在新加坡也有雙來源。我們與供應商保持密切聯繫。因此，我們的產能正穩步提升，以支援，好的，客戶非常強勁的需求，尤其是，好的，其中一位，好的，我們正與其深度合作的客戶。

Longgang, okay. Longgang, okay, you know that our strategy, okay, was to go fast on the market with again, okay, using TSMC as a foundry. So this is what we are doing. So our revenue will start, okay, to grow next year. And in parallel, embedded in our CapEx for 2021 and 2022, there is capacity we are building in our wafer fab in Tours that will contribute, okay, to the revenue more, let's say, in 2023, 2024 and beyond.

Longgang，好的。Longgang，好的，你知道我們的策略，好的，是要快速進入市場，同樣地，好的，使用台積電（TSMC）作為晶圓代工。所以這就是我們正在做的事。因此，我們的營收將從明年開始，好的，成長。同時，在我們 2021 與 2022 年的資本支出（CapEx）中，已包含我們在圖爾（Tours）晶圓廠正在建置的產能，該產能將在，好的，較多地於 2023、2024 以及之後貢獻營收。

And maybe a follow-up just on the OpEx. How should we model OpEx for Q4?

另外追問一下 OpEx。我們應該如何建模 Q4 的 OpEx？

In term of OpEx, let's say, in Q4, we will see some increase in respect to Q3. Of course, there is seasonality. Q3, we are benefiting of the vacation. Anyway, when you model the expenses, I confirm what I was saying in July. When you take the full year expenses for 2021 and you split by 4, let's say, to have an average quarterly OpEx, they will stay in the range of 7 -- net OpEx -- including other income and expenses, our net OpEx will remain in the range of $735 million, $740 million per quarter.

就 OpEx 而言，我們可以說，在 Q4 相較 Q3 會看到一些增加。當然，這有季節性因素。Q3 我們受惠於假期。不管怎樣，在你們建模費用時，我確認我在七月所說的。當你把 2021 全年費用除以 4，假設得到平均每季的 OpEx，它們將維持在 7-- 淨 OpEx -- 包含其他收入與費用後，我們的淨 OpEx 將維持在每季 7.35 億至 7.40 億美元的區間。

Your next question is from Francois Bouvignies from UBS.

下一個問題來自 UBS 的 Francois Bouvignies。

I have 2 small questions. The first one is coming back on the silicon carbide. So you talk about your capacity, which is helpful. But you also said today that you expect $1 billion to reach in 2024 versus 2025. So I wanted to have a sense, can you explain what is driving this kind of accelerated road map? Is it one specific customer? Is it like more Automotive, industrial? Anything you can give around the drivers of this accelerated path would be helpful.

我有兩個小問題。第一個是回到碳化矽。你談到你們的產能，這很有幫助。但你今天也說，你們預期 2024 年就能達到 10 億美元，而不是 2025 年。所以我想了解一下，你能否解釋是什麼在推動這種加速的路線圖？是某一個特定客戶嗎？是更多來自汽車、工業嗎？任何你能提供的、關於這條加速路徑驅動因素的資訊都會很有幫助。

And the second question is the inventory, coming back to that slightly. Sorry about that, but you talk about the inventory situation now. But I wanted to have your view with your experience, how you see the inventories in the next quarters basically. How should we think about the development of these inventories given the high demand? I mean should we expect inventories to be different by products or inventories to increase slightly from here? Just to have your sense of how we should think about that going forward. That would be helpful.

第二個問題是庫存，也稍微回到這個話題。抱歉又提到它，但你談到目前的庫存狀況。不過我想以你的經驗了解，你如何看待未來幾季的庫存基本走勢。在需求很高的情況下，我們應該如何看待庫存的變化？我的意思是，我們是否應預期不同產品的庫存會有所不同，或是庫存從這裡開始會小幅增加？只是想了解你對未來我們應如何思考這件事的看法。這會很有幫助。

Okay. Well, first of all, about silicon carbide, okay, we work on the market that very recently. And now clearly, when you look -- the compound average growth rate of the electrical vehicles is increasing a lot for the next 3 years versus, okay, what was expected 1 year ago. So first of all, the first input parameter is the data point, okay, we receive from various analyses about an acceleration of the adoption of the electrical vehicles in the next 3 years.

好的。嗯，首先，關於碳化矽，好的，我們是最近才在這個市場上發力。而現在很明顯，當你看——電動車的複合年均成長率在未來三年相較於，好的，一年前的預期大幅提高。所以首先，第一個輸入參數是我們從各種分析中收到的數據點，好的，顯示未來三年電動車採用速度正在加快。

By the way, I will not make any advertisement, but I guess you are aware that in September, the first vehicles which had been sold in Europe is an electrical vehicle. So you see it is a clear sign of an acceleration of the electrical vehicles, okay, within the overall, let's say, plan of production forecast. So this is the point number one.

順帶一提，我不做任何宣傳，但我想你們知道，九月在歐洲銷售量第一的車款是電動車。所以你可以看到，這是電動車加速發展的一個明確訊號，好的，在整體，姑且說，生產預測規劃之中。所以這是第一點。

So our confidence level, okay, for the next 3 years of the market for electrical vehicles is really increasing. Well, then, specifically for ST, it is clear that, okay, now we have a number of programs increasing. And then it's a mix. It's a mix where high volumes contributing to revenues are related to Automotive, where we have already a famous, ongoing, engaged programs with one important customer. That is, let's say, running very, very well, and I guess you can assess, okay, with the various publication.

因此，我們對未來三年電動車市場的信心程度，好的，確實在提升。嗯，接著，具體到 ST，很明顯，好的，現在我們有多個專案在增加。而且這是一個組合。這個組合中，對營收有貢獻的高出貨量主要來自汽車領域；在這裡，我們已經與一位重要客戶有一個知名的、正在進行且深度投入的專案。該專案運作得非常、非常好，我想你們也可以從各種公開資訊中，好的，做出判斷。

Then the other, okay, opportunities, okay, will start to fly in the near term. And this is clearly, okay, from a volume perspective and revenue perspective the main driver of our $1 billion revenue that we will deliver full year in 2020/'24. And for sure, okay, we have also the other contribution from industrial market, where here it's more fragmented. However, okay, from the industrial market, our strong expectation are on the charging station, because here, okay, we expect a strong proliferation of the charging station everywhere in the world, in Europe, okay, in order to support this electrical vehicle increase.

接著其他的，好的，機會，好的，將在短期內開始起飛。而這很明顯，好的，從出貨量與營收角度來看，是我們在 2020/'24 全年可達成 10 億美元營收的主要驅動因素。當然，好的，我們也有來自工業市場的其他貢獻；在那裡市場更為分散。然而，好的，就工業市場而言，我們最強的期待是在充電站，因為在這裡，好的，我們預期全球各地的充電站將大量普及，在歐洲也是如此，好的，以支援電動車的成長。

Then about inventories. You asked for my -- thank you. You asked for my experience. Now simply, what I can tell you, the inventory situation today in many supply chains is not sustainable. When you have complex supply chain between, okay, an OEM customer, Tier 1, Tier 2, EMS, okay, distributor, Tier 3, you cannot operate smoothly all these operations, point number one, if you have no inventory.

接著談到庫存。你問到我的——謝謝。你問到我的經驗。簡單來說，我能告訴你的是，如今許多供應鏈的庫存狀況是不可持續的。當你在一個複雜的供應鏈中，介於（例如）OEM 客戶、Tier 1、Tier 2、EMS、經銷商、Tier 3 之間，如果你沒有庫存，你就無法順暢地運作所有這些作業，這是第一點。

Point number two, the logistics. I guess you are really aware that there is a congestion of, let's say, the logistics by sea, okay, by boat. All the big harbors in the world are totally congested. A part of the traffic now is going to air flights. Air flights today are basically also congested because, okay, the reduction of number of flight and plane. And it is very similar, okay? These logistic constraints, okay, increase of lead time related to the logistics, will also push, okay, all the manufacturing actors in the world, okay, to increase a little bit their security or safety inventory.

第二點是物流。我想你很清楚，譬如說海運、船運物流正出現壅塞。全球所有大型港口都完全塞港。目前有一部分運量轉往空運。而今天的空運基本上也同樣壅塞，因為（例如）航班與飛機數量減少。而且情況非常類似，對吧？這些物流限制，也就是與物流相關的交期拉長，也會推動全球所有製造業者稍微提高其安全庫存。

So for me, that's the reason why the demand of semiconductor, which is strongly driven by the mega trends, okay, again, smart mobility, power/energy, efficiency, connectivity, 5G, IoT, on top of logistics, which is becoming much more constrained, and the situation today of inventory, which is very lean, will be really sustained and will last, okay, for a material time.

所以對我而言，這就是為什麼半導體需求——其強勁動能來自於多個巨型趨勢，例如智慧移動、電力/能源、效率、連結性、5G、IoT——再加上物流變得更受限，以及目前庫存非常精實的狀況，將會被真正支撐，並且會持續一段相當長的時間。

Does it answer your question, Francois?

Francois，這有回答你的問題嗎？

Yes.

有。

Your last question is from Sandeep Deshpande from JPMorgan.

你最後一個問題來自摩根大通（JPMorgan）的 Sandeep Deshpande。

My question is actually regarding your view into -- clearly, you've been supply constrained this year, Malaysia issues, et cetera. But what's your view is into -- looking into '22 based on your backlog not only on your revenue front but also in terms of being able to continue to supply? Will you continue to be supply constrained in '22?

我的問題其實是關於你們對未來的看法——很明顯你們今年受到供給限制，馬來西亞的問題等等。但你們對 2022 年的看法是什麼——基於你們的訂單能見度（backlog），不僅在營收端，也包括在能否持續供貨方面？你們在 2022 年還會持續受到供給限制嗎？

And then the follow-up is on costs. And the cost follow-up is related to what is your depreciation in '21? And what will it be in '22?

接著追問是關於成本。成本的追問是：你們 2021 年的折舊是多少？2022 年會是多少？

So Lorenzo will comment on the cost question. But sorry, Sandeep, I have not captured very well your first question.

所以 Lorenzo 會評論成本問題。但抱歉，Sandeep，我沒有很清楚地掌握你的第一個問題。

Will you be -- will you have at least some supply constraints? And what is the level of supply constraints you will get in 2022?

你們是否——至少會有一些供給限制？你們在 2022 年會面臨多大程度的供給限制？

Well, here, it's clear that when we have completed our overall sales and operating plan constraints, I can confirm to you that the perspective, okay, the feedback we have today, that we have constraints first, okay, in equipment delivery. So process equipment delivery, assembly and test. Basically now if you want to have a slot for a scanner, I think you have to wait by Christmas 2022. More or less, okay, for, let's say, other process tool, it's maybe a little bit shorter in term of lead time but not so far. Assembly as well. And why? Because also, most likely, these equipment, they're also limited by semiconductor supply. So we -- I have managed case, okay, with my team, that, okay, equipment supplier for wafer fab, okay, ask ST support, okay, to supply.

嗯，在這裡很清楚的是，當我們完成整體銷售與營運計畫（S&OP）的限制盤點後，我可以向你確認：就我們目前得到的觀點與回饋來看，我們首先的限制在於設備交付。也就是製程設備交付，以及封裝與測試。基本上，現在如果你想要一個曝光機（scanner）的產能檔期，我想你得等到 2022 年聖誕節左右。大致如此；至於其他製程工具，交期可能稍短一些，但也差不了太多。封裝（assembly）也是如此。為什麼？因為很可能這些設備本身也受限於半導體供應。所以我們——我和團隊曾經遇到過這樣的案例：晶圓廠設備供應商請 ST 支援供貨。

Well then, okay, material for back end. The situation, okay, for substrate, okay, for frame are quite stretched. And we are in very close discussion with our supplier, okay, to provide long-term forecasts, but, okay, quite long-term engagement. It is valid as well on, let's say, process materials. So gases, chemicals.

再來是後段（back end）的材料。例如載板（substrate）、導線框架（frame）的情況都相當吃緊。我們正與供應商非常密切地討論，提供長期預測，但也需要相當長期的合作承諾。這同樣也適用於製程材料。例如氣體、化學品。

And last but not the least, the silicon. Clearly, okay, the demand on the 300-millimeter silicon for 2022 and 2023 is quite strong. So now as a semiconductor company, it is clear that we have to be, let's say, very accurate and attentive building our sales and operating plan, okay, to check, okay, our full supply chain because a big mistake would be to think that we operate at infinite capacity. So it is not the case. And now semiconductor is not only the bottleneck. So you have the full supply chain under stretch, and that will, let's say, increase capacity smoothly, okay, in 2022, and then, okay, coming back to expected situation where you will have a balanced inventory, lead time and flexibility not before 2023.

最後但同樣重要的是矽晶圓。很明顯，2022 與 2023 年對 300 毫米矽晶圓的需求相當強勁。因此，作為一家半導體公司，很清楚我們必須在建立銷售與營運計畫時非常精準且謹慎，去檢視我們的完整供應鏈；因為一個重大錯誤，就是以為我們是在無限產能下運作。事實並非如此。而且現在瓶頸不只在半導體本身。所以整個供應鏈都處於緊繃狀態，這將使得產能在 2022 年逐步、平順地增加；而要回到你能擁有均衡的庫存、交期與彈性的預期狀態，恐怕要到 2023 年之前都不會發生。

The question about depreciation. This year or in 2021, our depreciation and amortization, mainly depreciation, I would say, we are in the range of slightly above $1 billion, $1.05 billion. I do expect with our plan and -- let's say, of investment that we are doing -- we have done in -- this year, let's say, 2021, and then we will continue to invest also next year, there will be a similar increase. In 2020, we had around $900 million of depreciation, and they will increase in 2022 in a similar way, slightly, well.

關於折舊的問題。今年，也就是 2021 年，我們的折舊與攤銷（主要是折舊），我會說大約略高於 10 億美元，約 10.5 億美元。我預期，依照我們的計畫以及——我們正在進行的投資——我們在今年（也就是 2021 年）已經投資，明年也會持續投資，因此折舊也會有類似的增加。2020 年我們的折舊約為 9 億美元，而 2022 年也會以類似方式增加，略微上升。

Thank you very much. I think this was the last question. And that will conclude our call.

非常感謝。我想這是最後一個問題。我們的電話會議到此結束。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you. Bye-bye.

謝謝。再見。