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.

女士們先生們，歡迎來到意法半導體 2021 年第三季度財報電話會議和網絡直播。

I'm Moira, the Chorus Call operator.

我是合唱呼叫接線員莫伊拉。

(Operator Instructions)

（操作員說明）

The conference must not be recorded for publication or broadcast.

會議不得為出版或廣播而錄製。

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

在這個時候，我很高興向投資者關係集團副總裁 Celine Berthier 工作。

Please go ahead, madam.

請繼續，女士。

Thank you, Moira.

謝謝你，莫伊拉。

Good morning.

早上好。

Good morning, everyone, and thank you for joining our third quarter 2021 financial results conference call.

大家早上好，感謝您參加我們的 2021 年第三季度財務業績電話會議。

Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer.

今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。

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.

今天加入 Jean-Marc 電話會議的有：Lorenzo Grandi，財務、基礎設施和服務總裁兼首席財務官； Marco Cassis，銷售、營銷、傳播和戰略發展總裁。

This live webcast and presentation materials can be accessed on ST's Investor Relations website.

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。

A replay will be available shortly after the conclusion of this call.

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 ST's results to differ materially from management's expectations and plans.

本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 的結果與管理層的預期和計劃存在重大差異的風險因素。

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.

我們鼓勵您查看今天上午與結果一起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。

(Operator Instructions)

（操作員說明）

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

有了這個，我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So good morning, everybody, and thank you for joining ST for our Q3 2021 earnings conference call.

大家早上好，感謝您加入 ST 參加我們的 2021 年第三季度財報電話會議。

Let me begin with some opening comments starting with Q3.

讓我從 Q3 開始的一些開場評論開始。

Net revenues increased 6.9% on a sequential basis to $3.2 billion, substantially in line with the midpoint of our business outlook range.

淨收入環比增長 6.9% 至 32 億美元，基本符合我們業務前景範圍的中點。

The revenue performance was driven by strong global demand and by our engaged customer programs in Personal Electronics.

收入表現受到強勁的全球需求和我們參與的個人電子產品客戶計劃的推動。

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.

這部分被汽車業務收入低於預期所抵消，原因是我們的馬來西亞製造工廠因大流行而減少了比預期更嚴重的運營。

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%，比我們範圍的中點高出 60 個基點。

Looking at our year-over-year performance, net revenues increased 19.9%.

從我們的同比表現來看，淨收入增長了 19.9%。

Our gross margin of 41.6% and operating margin of 18.9% improved from 36% and 12.3%, respectively.

我們的毛利率為 41.6%，營業利潤率為 18.9%，分別從 36% 和 12.3% 提高。

Our net income nearly doubled to $474 million.

我們的淨收入幾乎翻了一番，達到 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.

年初至今，淨收入增長了 30 - 31.8% 至 92 億美元，這得益於除射頻通信子集團外的所有產品集團的增長。

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.

在 9 個月期間，我們報告的毛利率為 40.4%，營業利潤率為 16.7%，淨利潤為 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.

在 2021 年第四季度，在我們展望的中點，我們預計第四季度的淨收入約為 34 億美元，環比增長 6.3%。

Gross margin is expected to be about 43% at the midpoint, representing a sequential increase of 140 basis points.

預計中點毛利率約為 43%，環比增長 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.

對於 2021 年全年，根據我們 21 年第四季度指引的中點，我們現在預計全年收入約為 126 億美元，同比增長 23.3%，處於我們提供的範圍的高端七月。

This growth is expected to be driven by continuing strong dynamics in all the end markets we address and our engaged customer programs.

預計這種增長將受到我們所處理的所有終端市場和我們參與的客戶計劃的持續強勁動力的推動。

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

我們約 21 億美元的 2021 年資本支出投資計劃保持不變。

Now let's move to a detailed review of the third quarter.

現在讓我們來詳細回顧一下第三季度。

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.

收入表現受到強勁的全球需求和我們在個人電子產品領域參與的客戶計劃的推動，部分被馬來西亞大流行的影響所抵消。

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.

淨收入同比增長 19.9%，我們的 3 個產品組和所有子組的銷售額均有所增長，但正如預期的那樣，射頻通信子組除外。

Year-over-year sales to OEMs increased 9.9% and 48.6% to distribution.

對原始設備製造商的銷售額同比增長 9.9%，對分銷的銷售額增長 48.6%。

On a sequential basis, net revenues increased 6.9%, substantially in line with the midpoint of our outlook.

在環比基礎上，淨收入增長了 6.9%，與我們展望的中點基本一致。

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.

這一增長主要是由 IMS 推動的，增長 25.2%，在較小程度上，MDG 增長了 2.6%，而 ADG 下降了 6.7%，原因是我們馬來西亞製造工廠的運營減少了比預期更嚴重，原因是大流行病。

Specifically, the incremental revenue impact in Q3 related to Muar is about $100 million, above our initial assessment, mainly for the Automotive subgroup.

具體而言，與麻坡相關的第三季度收入增量影響約為 1 億美元，高於我們的初步評估，主要是汽車子集團。

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

毛利潤為 13.3 億美元，同比增長 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.

毛利率從 36% 同比增長至 41.6%，主要受製造、效率和更好的裝載以及產品組合和更優惠的定價的推動。

These positive drivers were partially offset by negative current effects, net of -- currency effects, sorry, net of hedging.

這些積極的驅動因素被當前的負面影響部分抵消，扣除貨幣影響，對不起，扣除對沖。

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

我們第三季度的毛利率比我們在產品組合驅動下的指導中點高出 60 個基點。

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

第三季度營業利潤率從 20 年第三季度的 12.3% 提高到 18.9%，所有 3 個產品組都有所改善。

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.

淨收入和攤薄後每股收益同比增長近一倍，分別從 20 年第三季度的 2.42 億美元和 0.26 美元增至 4.74 億美元和 0.51 美元。

Looking at the year-over-year performance, all product groups recorded double-digit growth.

從同比表現來看，所有產品組均錄得兩位數增長。

ADG revenues increased 18.1% on growth in Automotive and Power Discrete.

ADG 收入增長 18.1%，主要得益於汽車和功率分立器件的增長。

AMS revenue increased 27.1% on higher Analog, MEMS and Imaging Product sales.

由於模擬、MEMS 和成像產品銷售增加，AMS 收入增長了 27.1%。

MDG revenues increased 12.9% on growth in Microcontrollers, partially offset by the expected decline in Radio Frequency Communications.

由於微控制器的增長，MDG 收入增長了 12.9%，部分被射頻通信的預期下降所抵消。

By product group on a year-over-year basis, all product groups showed improvement in operating margin.

按產品組劃分，所有產品組的營業利潤率均有所改善。

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%.

ADG 營業利潤率從 5.8% 增至 10.8%，AMS 營業利潤率從 17.5% 增至 24%，MDG 營業利潤率從 17.4% 增至 23.9%。

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

第三季度經營活動產生的淨現金增加了一倍多，達到 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.

第三季度的資本支出為 4.37 億美元，而去年同期為 3.19 億美元。

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

與 20 年第三季度的負 2500 萬美元相比，自由現金流改善至 4.2 億美元。

We exercised the call option of the early redemption of our 2024 Tranche B convertible bond issued in 2017.

我們行使了提前贖回 2017 年發行的 2024 年 B 期可轉債的看漲期權。

As a consequence, bondholders exercised their conversion rights on the total of $750 million principal amount of the bond.

因此，債券持有人對總額為 7.5 億美元的債券本金行使了轉換權。

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.

第三季度，我們全額清償了該債券，交付了約 580 萬股庫存股，支付了 12.6 億美元現金，其中包括 7.5 億美元的本金。

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.

在第三季度，我們向股東支付了 5500 萬美元的現金股息，並執行了與今年 7 月 1 日啟動的新股票回購計劃相關的 8700 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，我們的淨財務狀況為 7.98 億美元，反映了 34.6 億美元的總流動性和 26.6 億美元的總金融債務。

Let's now discuss the market and business dynamics.

現在讓我們討論市場和業務動態。

Similar to the second quarter, the backdrop of strong global demand continued with supply chain remain stretched -- remaining stretched, sorry.

與第二季度類似，全球需求持續強勁的背景下，供應鏈仍然捉襟見肘——抱歉，仍然捉襟見肘。

In Automotive, bookings remained strong in Q3, and the backlog still covers about 18 months of demand.

在汽車領域，第三季度的預訂量依然強勁，積壓訂單仍涵蓋約 18 個月的需求。

Demand continued to be well above our current and planned manufacturing capacity.

需求繼續遠高於我們當前和計劃的製造能力。

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.

整個汽車行業在本季度面臨的最大挑戰之一是馬來西亞的大流行情況，該國占全球芯片組裝、測試和生產的 13%。

This had an impact also on us.

這也對我們產生了影響。

First of all, to Muar, deepest regret.

首先，對麻坡，最深的遺憾。

It impacted our employees and their families at our site in Muar.

它影響了我們麻坡工廠的員工及其家人。

Then there was an operational impact.

然後產生了運營影響。

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.

隨著 7 月和 8 月形勢的惡化，我們在提供 2021 年第三季度的業務展望時，麻坡設施運營減少的影響變得比預期的更為嚴重。

Our site went through a period of partial or complete closure with a progressive return to 100% production capacity during Q3.

我們的工廠經歷了一段部分或完全關閉的時期，在第三季度逐步恢復到 100% 的產能。

Moving now to car electrification and digitalization.

現在轉向汽車電氣化和數字化。

In car electrification, we added to our list of projects for silicon carbide devices.

在汽車電氣化方面，我們將碳化矽器件項目添加到了我們的項目列表中。

overall.

全面的。

Overall, our engagement increased again during the quarter, now with 85 ongoing programs and 70 customers equally split between industrial and Automotive.

總體而言，本季度我們的參與度再次增加，現在有 85 個正在進行的項目和 70 個客戶平分在工業和汽車之間。

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.

我很高興地宣布，基於我們強大的設計成功渠道和市場動態，我們現在預計將在 2024 年實現 10 億美元的碳化矽收入目標，比計劃提前 1 年。

New design wins in Q3 include a generation-3 silicon carbide MOSFET for an electrical vehicle climate control compressor.

第三季度贏得的新設計包括用於電動汽車氣候控制壓縮機的第三代碳化矽 MOSFET。

There were also a number of other electrical vehicle applications where we had success with complementary technologies.

還有一些其他電動汽車應用，我們在互補技術方面取得了成功。

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.

其中包括用於電池管理系統和牽引逆變器、MOSFET 和逆變器、車載充電器和 DC-DC 轉換器以及電動汽車電池組中的 VIPower 的高低壓矽 MOSFET 和微控制器的插座。

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.

在汽車數字化方面，在本季度，我們的 32 位汽車微控制器系列在車身域、智能網關等應用中獲得了多項設計勝利，同時我們的 Teseo GNSS 芯片組在音頻/視頻導航系統中也獲得了勝利。

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，在我們的汽車傳感器業務中，我們在遠程信息處理、車門控制和導航等多種應用中贏得了帶有汽車級慣性測量單元的插座。

Moving now to Industrial.

現在搬到工業。

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.

我們繼續看到高端和消費工業以及分銷和原始設備製造商的需求非常強勁，這與我們在高度分散的工業市場中的廣泛做法一致。

Inventories of our products at distributors continue to be lean across all product families with high inventor turns.

我們在分銷商的產品庫存在所有產品系列中繼續保持精簡，發明人周轉率高。

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.

我們通過我們的通用和安全嵌入式處理解決方案、電源/能源管理產品以及我們的傳感器和模擬產品組合來滿足工業終端市場的需求。

In embedded processing, we are continuing to strengthen our leadership through the STM32 family offering and ecosystem.

在嵌入式處理方面，我們將繼續通過 STM32 系列產品和生態系統加強我們的領導地位。

As I have mentioned before, we have a particular focus on wireless connectivity, security and artificial intelligence.

正如我之前提到的，我們特別關注無線連接、安全和人工智能。

We are seeing increasing success with our STM32 wireless product line, achieving design wins across a broad customer base.

我們看到我們的 STM32 無線產品線越來越成功，在廣泛的客戶群中贏得了設計勝利。

We strengthened support for wireless design with additional software tools as well as new modules that will help developers grow faster.

我們通過額外的軟件工具和新模塊加強了對無線設計的支持，以幫助開發人員更快地成長。

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

在人工智能方面，我們發布了一些工具，為我們的 STM32Cube.AI 添加了新的人工智能方法。

In power and energy management, we achieved a number of wins with our Power Discrete portfolio.

在電力和能源管理方面，我們的 Power Discrete 產品組合取得了多項勝利。

For example, with silicon carbide transistors and modules, with high- and low-voltage silicon MOSFETs, with IGBTs and with diodes.

例如，碳化矽晶體管和模塊、高壓和低壓矽 MOSFET、IGBT 和二極管。

Applications include solar inverters, energy storage systems, power adapters, home appliances, air conditioning and lighting, welding and industrial power supplies.

應用包括太陽能逆變器、儲能係統、電源適配器、家用電器、空調和照明、焊接和工業電源。

We also won a 1,200 SiC-based power module for an electrical vehicle charging station.

我們還贏得了用於電動汽車充電站的 1,200 個基於 SiC 的功率模塊。

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.

本季度，我們的工業模擬產品也有許多新設計，在運動控制、智能電網、工廠自動化和家用電器等應用領域獲獎。

We continue to win business in sensor for industrial application, such as power tools, and with our specialized devices like inclinometers.

我們繼續在用於工業應用的傳感器（例如電動工具）以及我們的專業設備（例如傾角儀）中贏得業務。

Moving now to the personal electronics market.

現在轉向個人電子產品市場。

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.

在第三季度，我們繼續看到對智能手機和其他連接設備的強勁需求，包括可穿戴設備、平板電腦、可聽設備、真正的無線立體聲耳機重啟和遊戲機。

Our first strategic objective in Personal Electronics is to lead in selected high-volume smartphone applications with differentiated products or custom solutions.

我們在個人電子領域的第一個戰略目標是通過差異化產品或定制解決方案引領精選的大批量智能手機應用。

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.

在本季度，我們在運動傳感器、環境光傳感器、用於激光自動對焦的飛行時間測距傳感器、無線充電產品、觸摸顯示控制器和安全解決方案的多個設備中贏得了插座。

Our second objective is to leverage our broad portfolio to address high-volume applications.

我們的第二個目標是利用我們廣泛的產品組合來解決大批量應用。

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.

在這裡，我們憑藉廣泛的光、運動和環境傳感器以及模擬電源和微控制器在智能手錶、真正的無線立體聲耳機和智能鞋等應用中取得了勝利。

We also progressed on engagements with several leading players for our laser beam scanning solutions for augmented reality.

我們還與幾家領先企業就增強現實的激光束掃描解決方案進行了合作。

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.

在通信設備和計算機外圍設備方面，我們繼續看到 5G 相關產品的採用以及對 PC 的持續需求，主要是企業筆記本電腦。

Moreover, following the recent Helios satellite launches, I can confirm that our programs and ramp-up are on schedule.

此外，在最近的 Helios 衛星發射之後，我可以確認我們的計劃和增產按計劃進行。

We have 3 strategic objectives in our approach to this end market.

在我們進入這個終端市場的方法中，我們有 3 個戰略目標。

One is to address selected applications in cellular and satellite communication infrastructure.

一是解決蜂窩和衛星通信基礎設施中的選定應用。

In this area, we were awarded new sockets in a radio frequency design for satellite.

在這一領域，我們獲得了衛星射頻設計的新插座。

We also target selected high-volume applications with differentiated products or custom solutions while leveraging our broad portfolio.

在利用我們廣泛的產品組合的同時，我們還針對具有差異化產品或定制解決方案的選定大批量應用程序。

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.

我們在這裡的勝利包括用於筆記本電腦的飛行時間傳感器、許多通用 MCU 設計的勝利以及我們的 MasterGaN 系列在超薄電源適配器中的智能充電控制的勝利。

Now let's discuss the fourth quarter outlook.

現在讓我們討論第四季度的前景。

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.

對於第四季度，我們預計中點淨收入約為 34 億美元，同比增長 5.1%，環比增長 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.

預計中點毛利率約為 43%，分別同比和環比增長 420 個基點和 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.

根據我們年初至今的業績和第四季度的中點，我們現在預計 2021 年的淨收入約為 126 億美元，處於我們 7 月份提供的範圍的高端。

This plan will translate into year-over-year growth of 23.3% at the midpoint.

該計劃將在中點轉化為 23.3% 的同比增長。

Drivers of this expected growth are the continuing strong dynamics in all the end markets we address and our engaged customer programs.

這種預期增長的驅動力是我們所處理的所有終端市場和我們參與的客戶計劃的持續強勁動力。

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.

總而言之，我們第三季度的業績和全年更高的銷售計劃反映了強勁的同比收入增長，轉化為更高的運營盈利能力、淨收入和自由現金流。

Revenue growth stems from the expected continuation of strong dynamics in all the end markets we address and our engaged customer programs.

收入增長源於我們處理的所有終端市場和我們參與的客戶計劃的強勁動力的預期延續。

Our focus stays on customers.

我們的重點仍然是客戶。

We continue to adapt our supply chain to support their strong demand.

我們將繼續調整我們的供應鏈以支持他們的強勁需求。

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.

我們還繼續提供領先的技術和產品創新，以實現更智能的移動性、更高效的電力和能源管理、物聯網和 5G 的大規模部署以及更可持續的世界。

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

謝謝，我們已準備好回答您的問題。

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

（操作員說明）第一個問題來自 ODDO 的 Stephane Houri。

Actually I have 2 questions.

其實我有2個問題。

The first one is an update because last quarter, you basically said that end demand was more than 30% above the current supply.

第一個是更新，因為上個季度，您基本上說最終需求比當前供應高出 30% 以上。

So can you please update this statement and comment on your visibility for 2022 revenue growth?

那麼您能否更新此聲明並評論您對 2022 年收入增長的可見性？

And the second question is about the gross margin guidance in Q4.

第二個問題是關於第四季度的毛利率指導。

43% is a level that honestly I haven't seen for many, many years, if ever.

老實說，43% 是我多年來從未見過的水平，如果有的話。

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?

那麼，您能否評論一下這種毛利率演變的要素，以及這一水平是否可以被視為未來的可持續水平？

Thank you for the questions.

謝謝你的提問。

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

因此，我將選擇與收入相關的問題，而 Lorenzo 將選擇與毛利率有關的問題。

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.

好吧，我可以確認，到 2021 年，是的，好吧，我們看到需求不受限制，比方說，這將遠遠超出我們的製造能力和銷售計劃，好吧，在你提到的範圍內。

Things will improve next year, definitively, but the gap will be still quite material.

明年情況肯定會有所改善，但差距仍然很大。

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%.

2022年左右，我可以說，我們手裡有以下幾個要素，基本上我們賣的市場應該會增加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.

再看一下我們的積壓覆蓋率，好吧，超出了我們計劃的製造能力，我們正在根據投資進行計劃，好吧，我們目前正在做，並且會在明年上半年做出貢獻。

And the investment we are planning for the first half next year will contribute to the second half.

而我們計劃明年上半年的投資，將對下半年有所貢獻。

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.

我可以說我們 - 我是 - 我們非常有信心，好吧，ST 的表現將比我們明年銷售的市場表現更好。

And again, we will communicate, okay, end of January the CapEx we intend to do for 2022.

同樣，我們將在 1 月底傳達我們打算在 2022 年進行的資本支出。

And we will provide the detailed number for the year indication in April.

我們將在 4 月提供年份指示的詳細數字。

But I can confirm now that we are very confident to perform much better than the market we sell.

但我現在可以確認，我們非常有信心表現得比我們銷售的市場好得多。

Lorenzo?

洛倫佐？

Yes.

是的。

So maybe I take the second question about the gross margin, the dynamic of the gross margin.

所以也許我會提出關於毛利率的第二個問題，即毛利率的動態。

Good morning to everybody.

大家早上好。

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.

43% 的毛利率是我們對本季度的指導，我們將看到我們在上一季度第三季度發布的 41.6% 的改善。

And this is mainly driven by 2 elements.

這主要是由2個元素驅動的。

On one side, we have still a positive price environment that is helping our gross margin, as well as we also have improved efficiency.

一方面，我們仍然有一個積極的價格環境，這有助於我們的毛利率，同時我們也提高了效率。

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.

這尤其會在我們的前端，尤其是在我們的後端，今天，我們所有的工廠，當然包括馬來西亞麻坡的工廠，都在滿負荷和全效率運行。

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%.

縱觀全年，假設 - 在我們第四季度指導的中點，全年的毛利率將在 41% 的範圍內。

Moving forward, of course our gross margin has some seasonality quarter-over-quarter.

展望未來，我們的毛利率當然有一些季節性的季度環比。

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.

無論如何，2022 年的價格環境，考慮到我們的積壓和業務情況，我會說它們仍然是積極的。

And definitely, we still have room for manufacturing productivity gain and definitely also for a better product mix moving in the next year.

毫無疑問，我們仍然有提高製造生產力的空間，而且肯定還有明年更好的產品組合的空間。

We have also to consider that -- however, the recent increase in our cost.

我們還必須考慮這一點——但是，最近我們的成本增加了。

There is inflationary cost there that are not yet fully reflected in our gross margin at the moment in Q4.

那裡的通貨膨脹成本尚未完全反映在我們第四季度的毛利率中。

This will progressively materializing in the next quarters.

這將在接下來的幾個季度逐步實現。

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.

此外，您還必須考慮到我們正在投資，比如說，會增加我們折舊的投資，因為當然，增加的產量和資本支出，在您可以增加產量和擁有充分發揮您的投資效率。

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.

無論如何，當我綜合考慮所有這些因素時，我認為，比方說，我們有一個 - 在接下來的幾個季度中，我們 - 絕對有機會將我們的年度毛利率提高到 41% 和移動2022 年。

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.

我想只是稍微關註一下保證金問題，恭喜，伙計們。

43% is a heck of a level.

43％是一個水平。

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?

我想，洛倫佐，你能不能更具體地告訴我們什麼樣的驅動因素——或者我想你所看到的毛利率的定價增加有多大意義，也許你對接下來幾個季度的計劃是什麼?

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?

我猜我經常被問到這個問題的原因是，在這種需求實質上優於供應的環境中，你們現在看到的價格上漲有多少，你們認為價格上漲有多少是可持續的通過週期與暫時？

And I guess my second question is just on the ADG business.

我想我的第二個問題只是關於 ADG 業務。

Obviously, some headwinds in Malaysia.

顯然，馬來西亞遇到了一些不利因素。

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.

Jean-Marc，如果您能談談您如何看待該業務的複蘇，以及今年上半年甚至第四季度的複蘇速度可能有多快。

I take the one on gross margin.

我拿的是毛利率。

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.

當我 - 當我們查看毛利率時，假設肯定有一種成分，正如我之前所說，與價格有關。

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.

如果你願意的話——當我們看我們的毛利率進展時，如果我按順序看，即使我看同比，當然同比也有很多組成部分。

But I would say there are 2 main drivers.

但我想說有兩個主要驅動因素。

On one side are the price environment.

一方面是價格環境。

On the other side is the product mix and manufacturing efficiency.

另一方面是產品組合和製造效率。

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.

這種影響，我想說，總而言之，當我看，比如說，進展，或多或少在 50-50 之間。

How much is sustainable, the pricing rise?

多少是可持續的，價格上漲？

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.

我認為在中短期內，我認為這種情況也會持續下去，因為正如我之前所說，假設這是一個通脹環境，既來自我們這邊，比如說，對於我們的客戶，也比如說，為我們的費用。

I said what -- I repeat what I said before.

我說了什麼——我重複我之前說過的話。

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.

讓我們看看今年毛利率的盈利水平，我認為結合價格環境、製造效率和折扣，當然另一方面，主要與不利因素有關由於我們的供應價格上漲，我認為與 2021 年相比，我們的毛利率在 2022 年有進步的空間。

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.

當然，按照我們通常具有的某種季節性因素，我的意思是——比如說，第一季度和上半年的毛利率通常比下半年的毛利率要低一些。

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.

關於汽車和功率分立器件的第二個問題，是的，我可以確認這個群體將成為 ST 第四季度增長的關鍵貢獻者。

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.

就透明度問題而言，我在演講中提到，與我們已經嵌入指南的內容相比，麻坡的影響已達 1 億美元，主要影響汽車產品集團。

But what we already embedded in our guidance was $70 million.

但我們已經在我們的指導中嵌入了 7000 萬美元。

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.

所以你看到麻坡對汽車的總影響為 1.7 億美元——主要是汽車產品集團，在較小程度上是微控制器。

So now Muar operation completely resumed during September.

所以現在麻坡的運營在九月完全恢復。

All the people are vaccinated.

所有人都接種了疫苗。

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.

比方說，我們與馬來西亞當局完全同意，好吧，要真正採用，比方說，避免我們工廠進一步封鎖和關閉的協議。

So yes, okay, I am very confident that, okay, ADG will be a key contributor of the growth in Q4 and next year.

所以是的，好吧，我非常有信心，好吧，ADG 將成為第四季度和明年增長的關鍵貢獻者。

Your next question is from Johannes Schaller from Deutsche Bank.

您的下一個問題來自德意志銀行的 Johannes Schaller。

Firstly, we have seen a few semiconductor companies talking about destocking of components even in this very strong demand environment.

首先，即使在這種非常強勁的需求環境下，我們也看到一些半導體公司在談論去庫存化組件。

And I think that's mostly in PC and smartphone, and it relates to components that are not in tight supply.

我認為這主要是在個人電腦和智能手機中，它與供應不緊張的組件有關。

But then there was restocking, but the final product, the PC or the smartphone, couldn't be built.

但隨後進行了補貨，但最終產品 PC 或智能手機無法製造。

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?

如果您在您的任何業務中看到任何此類動態，您能否向我們簡要介紹一下您的產品組合？

Jean-Marc, I think you already mentioned on the distributor channel you see very lean inventories.

Jean-Marc，我認為您已經在分銷商渠道上提到您看到非常少的庫存。

But maybe there are some product groups we should consider here where inventories have recovered already.

但也許我們應該在這裡考慮一些庫存已經恢復的產品組。

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.

其次，Jean-Marc，我想你在大約一年前的 2022 年談論平面成像銷售時可能有點嚇到市場。

Can you now just maybe give us a quick update to better understand the dynamics in imaging?

您現在能否給我們一個快速更新以更好地了解成像的動態？

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.

也許還可以讓我們了解今年下半年與去年下半年相比該業務的增長情況。

So thank you for your question.

所以謝謝你的問題。

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.

現在首先，好吧，關於個人電子產品和計算機，如您所知，我們的策略是基本上通過定制設計的解決方案來選擇性地解決這個市場。

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.

因此，原則上您沒有庫存和定制設計的解決方案，因為，好吧，我們與客戶建立了完美的聯繫，而且我們正在努力進行預測，比如說實時銷售。

So we have not seen any inventory, okay, change because, okay, we have no inventories.

所以我們沒有看到任何庫存，好吧，改變，因為，好吧，我們沒有庫存。

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.

但是，您也知道，我們也在針對這個市場，利用我們更大的通用產品組合的機會，比如電源上的 MCU。

And clearly, overall on Personal Electronics and computer, we have not seen, okay, an, let's say, adjustment in the inventory pipeline.

顯然，總體而言，在個人電子產品和計算機方面，我們還沒有看到，好吧，比方說，庫存管道的調整。

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.

好吧，我想回想一下，好吧，即使在全球範圍內，好吧，我們看到智能手機市場到處都有一些波動，所有與配件相關的市場，所以耳機，好吧，所有這些東西，非常動態，很強。

So we have absolutely not seen that.

所以我們絕對沒有看到這一點。

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.

好吧，關於成像，嗯，很明顯，今年下半年與去年下半年相比，第三季度和第四季度的收入情況有所不同。

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.

因為如果你沒記錯的話，去年有點特殊，主要與我們的主要客戶之一有關，因為計劃和引入一個有點延遲，這不是正常的收入簽名。

This year, okay, is coming back to normal.

今年，還好，恢復正常。

So we have a strong Q3.

所以我們有一個強勁的第三季度。

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.

基本上，好吧，這就是為什麼我們與您分享我們的 AMS 集團對第三季度收入增長的連續和同比貢獻很大的原因。

Well, in Q4, definitively this year, okay, is a different profile compared to Q4 last year.

好吧，在第四季度，與去年第四季度相比，今年肯定是不同的情況。

Also, the number of -- the quarter -- or the day of the quarter is materially lower.

此外，季度的數量或季度的日期要低得多。

Basically, we have 6 days less in Q4 2021 versus Q4 '20.

基本上，我們在 2021 年第四季度比 20 年第四季度少了 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.

那麼，好吧，最後但並非最不重要的一點，我想你已經看到了，好吧，像我一樣，許多來自 [Tier 1] 的關於他們系統架構的交流，好吧，我不會評論，但是，好吧，順便說一句，在（聽不清）和修改之間取得了很好的平衡。

And I would simply to confirm that, okay, this Imaging product group will contribute this year to the growth of the company.

我只想確認，好吧，這個成像產品組今年將為公司的發展做出貢獻。

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.

正如我幾分鐘前所說，我們已經完成了公司明年的銷售和運營計劃，目標是實現比我們所服務的市場更好的實質性增長。

Imaging, okay, will materially contribute to this growth.

成像，好吧，將對這種增長做出重大貢獻。

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.

憑藉我們的知名度，我非常有信心 Imaging 將成為收入模式的關鍵貢獻者，好吧，ST 將在明年的資本市場日披露，好吧。

That's very clear, Jean-Marc.

這很清楚，讓-馬克。

Just maybe one quick follow-up on the inventory question.

可能只是對庫存問題的快速跟進。

Is there anything in automotive, even some smaller components, that may be less supply constrained where you see any inventories right now?

汽車中是否有任何東西，即使是一些較小的組件，在您現在看到任何庫存的情況下，供應限制可能較少？

Or is there really nothing in your view within the supply chain at your customers?

或者，在您的客戶供應鏈中，您真的一無所有？

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.

對於我們與客戶的日常生活，好吧，首先，Tier 1 和汽車製造商，比方說，（聽不清）半導體支持汽車行業的能力的列表是相當寬。

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.

好吧，然後是汽車製造商和一級供應商，他們管理他們的供應鏈，我們不知道 - 我們沒有看到他們的行為方式，好吧，暫時面臨許多組件的短缺。

And oh, they prepare, okay, their Q4 and next year.

哦，他們準備好了，他們的第四季度和明年。

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.

但是從我們整個寄售庫存的可見性來看，因為商業模式，好吧，汽車行業是寄售庫存，然後，好吧，推出他們的整個供應鏈，我們沒有，讓我們比如說，我們的供應鏈中的庫存過剩。

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.

如果我們對 ST 的庫存略有增加，那僅僅是因為在第三季度，好吧，我們已經看到我們的麻坡業務，好吧，面臨許多關閉。

We have decided to not stop wafer supply.

我們已決定不停止晶圓供應。

Why?

為什麼？

Because, okay, we strongly believe that we will recover, okay, Muar, let's say, issues during the course of the next few months.

因為，好吧，我們堅信我們會在接下來的幾個月中恢復，好吧，麻坡，比如說，問題。

And all this wafer will be absorbed, okay, thanks to the strong demand we have from the automotive industry.

由於汽車行業的強勁需求，所有這些晶圓都將被吸收。

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

您的下一個問題來自美國銀行的 Didier Scemama。

I just wanted to come back to your gross margin puts and takes.

我只是想回到你的毛利率看跌期權。

I think that was quite useful.

我認為這非常有用。

I just want to understand one thing with regard to calendar year 2022.

關於 2022 日曆年，我只想了解一件事。

So you're talking about inflationary pressures, which I fully understand, coming from your subcontractors, materials, et cetera.

所以你說的是通脹壓力，我完全理解，來自你的分包商、材料等。

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.

但到目前為止，這些成本已經開始出現，但如果我記得的話，你正在指導自 20 年第三季度至 2000 年第三季度以來的最高毛利率。

I think you did 47% there, if I recall.

如果我記得的話，我想你在那裡做了 47%。

It was, I think, the second or third quarter I covered ST.

我認為那是我報導 ST 的第二或第三季度。

So my question to you is, when you look at 2022, pricing is starting to move up for you guys.

所以我的問題是，當你看到 2022 年時，你們的定價開始上漲。

Your long-term contracts are probably starting to get repriced as well, which was not the case, I suspect, in 2021.

您的長期合同可能也開始重新定價，但我懷疑 2021 年的情況並非如此。

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.

因此，換句話說，如果您的毛利率不超過 43% 或至少遠高於 41%，您將不得不假設您的折舊率將大幅上升到 2022 年，或者如果您願意，您不能更多而不是傳遞或至少傳遞您從分包商和材料那裡獲得的通貨膨脹壓力。

I'm just trying to understand, why -- what are the bits there that I'm missing?

我只是想了解，為什麼 - 我遺漏了什麼？

Yes.

是的。

I take your questions.

我接受你的問題。

It's quite a [big] question.

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.

是的，當然，當我查看我們的毛利率動態時，正如您所提到的，有不同的元素。

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.

一方面，可以肯定的是，我們看到的通脹成本尚未完全正確反映在我們當前的毛利率中，在我們對毛利率的預期中，假設即使在今年，它們也逐漸進入我們的毛利率2021 年已經是因為我們受到了一些長期協議的保護。

But progressively, these long-term agreement were expiring.

但逐漸地，這些長期協議即將到期。

So yes, it's true that, let's say, a portion of these inflationary costs will come inside the year 2022.

所以是的，假設這些通脹成本的一部分將在 2022 年內出現，這是真的。

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.

甚至在另一方面，我們看到產品組合、製造、效率和後端的改進對我們 2022 年的毛利率產生積極影響。

So this will, on one side, offset this negative impact.

因此，這將在一方面抵消這種負面影響。

There is -- will be seasonality during the year, as I was mentioning before.

正如我之前提到的，一年中會有季節性。

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.

我們認為以及我們對明年的看法是，我們 2022 年的平均毛利率將比 2021 年的平均水平有所提高。

So we see, let's say, still opportunity to progress in gross margin in the next year.

所以我們看到，比方說，明年毛利率仍有提高的機會。

Very well.

很好。

Thank you for the details on that.

感謝您提供詳細信息。

I wanted to ask also a little bit about the macro environment.

我還想問一些關於宏觀環境的問題。

So we've seen some reports of power cuts in China.

所以我們看到了一些關於中國停電的報導。

So I just wondered if you could give us a little sense of situation on the ground over there.

所以我只是想知道你能否讓我們了解一下那邊的情況。

You said your distribution inventories were lean.

你說你的分銷庫存很薄。

Have you seen any sort of negative activity or negative impact from those power cuts?

您是否看到這些停電造成的任何負面活動或負面影響？

Or any slowdown in the China economy with regards to your distribution business or direct business with OEMs in that region?

或者中國經濟在您的分銷業務或與該地區原始設備製造商的直接業務方面有任何放緩？

Absolutely not.

絕對不。

I think, okay, with what happened in Malaysia, it's enough for ST.

我認為，好吧，就馬來西亞發生的事情而言，這對 ST 來說已經足夠了。

But in China, absolutely not.

但在中國，絕對不是。

Okay.

好的。

Brilliant.

傑出的。

And then maybe one tiny one since this one was short.

然後可能是一個很小的，因為這個很短。

You said that Q4 is short by 6 days.

你說第四季度縮短了 6 天。

Is there any sort of number you can give us for Q1?

Q1 有什麼數字可以告訴我們嗎？

Is it a more normal quarter for Q1?

Q1 是一個更正常的季度嗎？

Yes.

是的。

So Q1 will be, let's say -- Q4, I would qualify Q4 as a normal quarter because it's 90 days.

所以第一季度將是，讓我們說 - 第四季度，我會將第四季度限定為正常季度，因為它是 90 天。

What was not really normal was Q4 last year.

真正不正常的是去年的第四季度。

That was a longer calendar days for ST.

這對 ST 來說是一個較長的日曆日。

This year, let's say, this quarter is 90 days, and Q1 will be similar, I think.

今年，比方說，這個季度是 90 天，我認為第一季度將是相似的。

92.

92.

Huh?

嗯？

92 days.

92 天。

92 days, okay.

92天，好吧。

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

您的下一個問題來自 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?

問題，您能否向我們介紹一下來自鑄造廠的產能以及您自己專門針對碳化矽和氮化鎵的產能提升情況？

On the gallium nitride, when are we going to see this program to become material for STMicro?

在氮化鎵上，我們什麼時候才能看到這個程序成為 STMicro 的材料？

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?

正如我所說的，好吧，在非經常性點上，好吧，就產量而言，我們在 H2 與 H1 中從代工廠獲得的支持低於，好嗎？

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.

我已經解釋了為什麼，因為，好吧，在去年三月，好吧，已經做出了一些關於分配支持汽車行業和損害工業市場的決定。

Well, I don't want to comment more than that.

好吧，我不想評論更多。

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.

一個好消息是我們的銷售和運營計劃的一部分，當然還有我們內部的製造能力和對我們的代工承諾。

And I can confirm that next year, okay, they will increase, okay, their support, especially to support a lot of growth on microcontroller.

我可以確認，明年，好吧，他們會增加，好吧，他們的支持，特別是支持微控制器的大量增長。

Silicon carbide.

碳化矽。

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.

好吧，碳化矽，好吧，比方說，我們正在逐季增加我們的產能，首先是在深圳和 Bouskoura 的組裝，好吧，無論是針對特定應用的，好吧，模塊或封裝。

We continue to increase our capacity in Catania, and now we have the double source in Singapore.

我們繼續增加我們在卡塔尼亞的產能，現在我們在新加坡擁有雙重來源。

We are in close connection with our suppliers.

我們與供應商保持密切聯繫。

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.

因此，我們的能力正在穩步增加——支持，好的，我們客戶的非常強烈的需求，特別是，好的，一個，好的，我們與之合作的人。

Longgang, okay.

龍崗，好吧。

Longgang, okay, you know that our strategy, okay, was to go fast on the market with again, okay, using TSMC as a foundry.

龍崗，好吧，你知道我們的策略，好吧，是再次快速進入市場，好吧，使用台積電作為代工廠。

So this is what we are doing.

這就是我們正在做的事情。

So our revenue will start, okay, to grow next year.

所以我們的收入將在明年開始增長。

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.

與此同時，嵌入我們 2021 年和 2022 年的資本支出中，我們正在圖爾的晶圓廠建設產能，這將有助於增加收入，比如說，在 2023 年、2024 年及以後。

And maybe a follow-up just on the OpEx.

也許只是對 OpEx 的跟進。

How should we model OpEx for Q4?

我們應該如何為 Q4 建模 OpEx？

In term of OpEx, let's say, in Q4, we will see some increase in respect to Q3.

就運營支出而言，假設在第四季度，我們將看到第三季度的一些增長。

Of course, there is seasonality.

當然，也有季節性。

Q3, we are benefiting of the vacation.

Q3，我們正在享受假期。

Anyway, when you model the expenses, I confirm what I was saying in July.

無論如何，當你對費用進行建模時，我確認了我在 7 月份所說的話。

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.

當您將 2021 年的全年支出除以 4 時，假設平均季度運營支出，它們將保持在 7 的範圍內——淨運營支出——包括其他收入和支出，我們的淨運營支出將保持不變在 7.35 億美元的範圍內，每季度 7.4 億美元。

Your next question is from Francois Bouvignies from UBS.

您的下一個問題來自瑞銀的 Francois Bouvignies。

I have 2 small questions.

我有 2 個小問題。

The first one is coming back on the silicon carbide.

第一個是碳化矽。

So you talk about your capacity, which is helpful.

所以你談論你的能力，這很有幫助。

But you also said today that you expect $1 billion to reach in 2024 versus 2025.

但你今天也說過，你預計 2024 年將達到 10 億美元，而 2025 年將達到 10 億美元。

So I wanted to have a sense, can you explain what is driving this kind of accelerated road map?

所以我想有個感覺，你能解釋一下是什麼推動了這種加速路線圖嗎？

Is it one specific customer?

它是一個特定的客戶嗎？

Is it like more Automotive, industrial?

它更像汽車，工業嗎？

Anything you can give around the drivers of this accelerated path would be helpful.

您可以圍繞這條加速路徑的驅動力提供的任何東西都會有所幫助。

And the second question is the inventory, coming back to that slightly.

第二個問題是庫存，稍微回到那個問題。

Sorry about that, but you talk about the inventory situation now.

很抱歉，但你現在談論庫存情況。

But I wanted to have your view with your experience, how you see the inventories in the next quarters basically.

但我想根據您的經驗了解您的看法，您如何看待接下來幾個季度的庫存。

How should we think about the development of these inventories given the high demand?

鑑於需求量大，我們應該如何看待這些庫存的發展？

I mean should we expect inventories to be different by products or inventories to increase slightly from here?

我的意思是我們是否應該期望庫存因產品而異，或者庫存會從這里略微增加？

Just to have your sense of how we should think about that going forward.

只是為了讓您了解我們應該如何考慮未來。

That would be helpful.

那會很有幫助。

Okay.

好的。

Well, first of all, about silicon carbide, okay, we work on the market that very recently.

好吧，首先，關於碳化矽，好吧，我們最近在市場上工作。

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.

現在很明顯，當你看時 - 電動汽車的複合平均增長率在未來 3 年將大幅增加，而 1 年前的預期。

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.

所以首先，第一個輸入參數是數據點，好吧，我們從各種分析中得到關於未來 3 年電動汽車採用速度的加速。

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.

順便說一句，我不會做任何廣告，但我想你知道九月份在歐洲銷售的第一輛汽車是電動汽車。

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.

所以你看到這是電動汽車加速發展的明顯跡象，好吧，在整體生產預測計劃中。

So this is the point number one.

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.

因此，我們對未來 3 年電動汽車市場的信心水平確實在提高。

Well, then, specifically for ST, it is clear that, okay, now we have a number of programs increasing.

那麼，那麼，專門針對ST，很明顯，好吧，現在我們有一些程序在增加。

And then it's a mix.

然後它是一個混合體。

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.

這是一種混合，其中高收入貢獻與汽車相關，我們已經與一個重要客戶有一個著名的、持續的、參與的計劃。

That is, let's say, running very, very well, and I guess you can assess, okay, with the various publication.

也就是說，假設運行得非常非常好，我想您可以評估各種出版物。

Then the other, okay, opportunities, okay, will start to fly in the near term.

然後另一個，好的，機會，好的，將在短期內開始飛行。

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.

從數量和收入的角度來看，這顯然是我們將在 2020/24 年全年實現的 10 億美元收入的主要驅動力。

And for sure, okay, we have also the other contribution from industrial market, where here it's more fragmented.

當然，好吧，我們還有來自工業市場的其他貢獻，在這裡它更加分散。

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.

但是，好吧，從工業市場來看，我們對充電站抱有強烈的期望，因為在這裡，好吧，我們預計充電站將在世界各地，在歐洲，好吧，以支持電動汽車的增長.

Then about inventories.

然後是關於庫存。

You asked for my -- thank you.

你要我的——謝謝。

You asked for my experience.

你問我的經驗。

Now simply, what I can tell you, the inventory situation today in many supply chains is not sustainable.

現在簡單地說，我可以告訴你的是，今天許多供應鏈中的庫存情況是不可持續的。

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.

當您在 OEM 客戶、第 1 層、第 2 層、EMS、好的、分銷商、第 3 層之間有復雜的供應鏈時，如果您沒有庫存，您將無法順利進行所有這些操作，第一點。

Point number two, the logistics.

第二點，物流。

I guess you are really aware that there is a congestion of, let's say, the logistics by sea, okay, by boat.

我想你真的知道海上物流很擁擠，好吧，船。

All the big harbors in the world are totally congested.

世界上所有的大港口都完全擁堵。

A part of the traffic now is going to air flights.

現在的一部分交通將用於空中航班。

Air flights today are basically also congested because, okay, the reduction of number of flight and plane.

今天的航空航班基本上也很擁擠，因為，好吧，航班和飛機數量的減少。

And it is very similar, okay?

而且非常相似，好嗎？

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.

這些物流限制，好吧，與物流相關的交貨時間的增加，也將推動，好吧，世界上所有的製造參與者，好吧，增加一點他們的安全或安全庫存。

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.

所以對我來說，這就是為什麼對半導體的需求受到大趨勢的強烈推動，好吧，再說一次，智能移動、電力/能源、效率、連接、5G、物聯網，以及物流，這正在變得越來越多受到更多限制，今天非常稀少的庫存狀況將真正持續下去，並且會持續一段時間。

Does it answer your question, Francois?

它回答了你的問題嗎，弗朗索瓦？

Yes.

是的。

Your last question is from Sandeep Deshpande from JPMorgan.

您的最後一個問題來自摩根大通的 Sandeep Deshpande。

My question is actually regarding your view into -- clearly, you've been supply constrained this year, Malaysia issues, et cetera.

我的問題實際上是關於您對 - 顯然，您今年的供應受到限制，馬來西亞問題等等。

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?

但是你的觀點是什麼——根據你的積壓來調查 22 年，不僅在你的收入方面，而且在能夠繼續供應方面？

Will you continue to be supply constrained in '22?

您會在 22 年繼續受到供應限制嗎？

And then the follow-up is on costs.

然後跟進的是成本。

And the cost follow-up is related to what is your depreciation in '21?

成本跟進與您在 21 年的折舊有關嗎？

And what will it be in '22?

22年會是什麼？

So Lorenzo will comment on the cost question.

所以 Lorenzo 將對成本問題發表評論。

But sorry, Sandeep, I have not captured very well your first question.

但對不起，桑迪普，我沒有很好地抓住你的第一個問題。

Will you be -- will you have at least some supply constraints?

你會 - 你會至少有一些供應限制嗎？

And what is the level of supply constraints you will get in 2022?

2022 年的供應限製程度如何？

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.

好吧，在這裡，很明顯，當我們完成了我們的整體銷售和運營計劃限制時，我可以向您確認，我們今天的反饋，我們首先有限制，好吧，在設備交付方面。

So process equipment delivery, assembly and test.

所以工藝設備交付、組裝和測試。

Basically now if you want to have a slot for a scanner, I think you have to wait by Christmas 2022.

基本上現在如果你想有一個掃描儀的插槽，我認為你必須等到 2022 年聖誕節。

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.

或多或少，好吧，比方說，對於其他流程工具，它的交貨時間可能會更短一些，但到目前為止還沒有。

Assembly as well.

組裝也一樣。

And why?

為什麼？

Because also, most likely, these equipment, they're also limited by semiconductor supply.

因為也很可能，這些設備也受到半導體供應的限制。

So we -- I have managed case, okay, with my team, that, okay, equipment supplier for wafer fab, okay, ask ST support, okay, to supply.

所以我們 - 我已經和我的團隊一起管理了案例，好的，晶圓廠的設備供應商，好的，請 ST 支持，好的，提供。

Well then, okay, material for back end.

那麼，好的，後端的材料。

The situation, okay, for substrate, okay, for frame are quite stretched.

這種情況，好吧，對於基板，好吧，對於框架來說，非常緊張。

And we are in very close discussion with our supplier, okay, to provide long-term forecasts, but, okay, quite long-term engagement.

我們正在與我們的供應商進行非常密切的討論，好的，以提供長期預測，但是，好的，相當長期的參與。

It is valid as well on, let's say, process materials.

它也適用於，比方說，加工材料。

So gases, chemicals.

所以氣體，化學品。

And last but not the least, the silicon.

最後但並非最不重要的是，矽。

Clearly, okay, the demand on the 300-millimeter silicon for 2022 and 2023 is quite strong.

顯然，好的，2022 年和 2023 年對 300 毫米矽的需求相當強勁。

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.

所以現在作為一家半導體公司，很明顯，我們必須非常準確和專注地制定我們的銷售和運營計劃，好的，檢查我們的完整供應鏈，因為一個大錯誤是認為我們以無限的能力運作。

So it is not the case.

所以事實並非如此。

And now semiconductor is not only the bottleneck.

而現在半導體不僅是瓶頸。

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.

所以你的整個供應鏈都處於緊張狀態，比如說，這將在 2022 年順利增加產能，然後，好吧，回到預期的情況，你將擁有平衡的庫存、交貨時間和靈活性，而不是以前2023 年。

The question about depreciation.

關於折舊的問題。

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.

今年或2021年，我們的折舊和攤銷，主要是折舊，我會說，我們在略高於10億美元，10.5億美元的範圍內。

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.

我確實希望我們的計劃和 - 比如說，我們正在做的投資 - 我們已經完成了 - 今年，比如說 2021 年，然後我們將在明年繼續投資，會有類似的增加。

In 2020, we had around $900 million of depreciation, and they will increase in 2022 in a similar way, slightly, well.

2020 年，我們有大約 9 億美元的折舊，到 2022 年它們將以類似的方式增加，稍微好一點。

Thank you very much.

非常感謝。

I think this was the last question.

我想這是最後一個問題。

And that will conclude our call.

這將結束我們的通話。

Thank you.

謝謝你。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Bye-bye.

再見。