意法半導體 (STM) 2021 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Q2 2021 Earnings Results Conference Call and Live Webcast.

女士們，先生們，歡迎參加意法半導體 2021 年第二季度收益結果電話會議和網絡直播。

I'm Andre, the Chorus Call operator.

我是合唱呼叫接線員安德烈。

(Operator Instructions) The conference is being recorded.

（操作員說明）正在錄製會議。

(Operator Instructions) The conference must not be recorded for publication or broadcast.

（操作員說明）不得為發布或廣播錄製會議。

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

在這個時候，我很高興向集團副總裁兼投資者關係主管 Celine Berthier 工作。

Please go ahead, madam.

請繼續，女士。

Thank you, Andre.

謝謝你，安德烈。

Good morning.

早上好。

Thank you, everyone, for joining our second quarter 2021 financial results conference call.

感謝大家參加我們的 2021 年第二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; Marco Cassis, President of Sales, Marketing, Communications and Strategy Development.

今天加入 Jean-Marc 的還有財務、基礎設施和服務總裁兼首席財務官 Lorenzo Grandi； 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 result this morning and also in the most recent regulatory filings for a full description of these risk factors.

我們鼓勵您查看今天上午發布的新聞稿以及最新的監管文件中包含的安全港聲明，以全面描述這些風險因素。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So thank you, Celine.

所以謝謝你，席琳。

Good morning, everybody, and thank you for joining ST for our Q2 2021 earnings conference call.

大家早上好，感謝您加入 ST 參加我們的 2021 年第二季度財報電話會議。

Let me begin with some opening comments starting with Q2.

讓我從 Q2 開始的一些開場評論開始。

Net revenues and gross margin came in at the high end of our business outlook range, driven by continued strong demand globally.

在全球持續強勁需求的推動下，淨收入和毛利率處於我們業務前景範圍的高端。

Year-over-year, net revenues grew 43.4% to $2.99 billion.

淨收入同比增長 43.4% 至 29.9 億美元。

Our gross margin of 40.5% and operating margin of 16.3% improved from 35% and 5.1%, respectively.

我們的毛利率為 40.5%，營業利潤率為 16.3%，分別從 35% 和 5.1% 提高。

Our net income rose to $412 million.

我們的淨收入增至 4.12 億美元。

On a sequential basis, net revenues decreased 0.8% due to the normal seasonality in Personal Electronics.

由於個人電子產品的正常季節性，淨收入環比下降 0.8%。

On H1 2021, net revenues increased 39.1% year-over-year to $6.01 billion, driven by growth in whole product groups, except the Radio Frequency Communications subgroup.

2021 年上半年，淨收入同比增長 39.1% 至 60.1 億美元，這得益於除射頻通信子集團外的整個產品集團的增長。

H1 operating margin was 15.5% and net income was $776 million.

上半年營業利潤率為 15.5%，淨利潤為 7.76 億美元。

On Q3 2021, at the midpoint of our outlook, we expect net revenues in the third quarter to be about $3.2 billion, representing an increase of 20% year-over-year and 7% sequentially.

在 2021 年第三季度，在我們展望的中點，我們預計第三季度的淨收入約為 32 億美元，同比增長 20%，環比增長 7%。

Gross margin is expected to be about 41% at the midpoint.

毛利率預計在中點約為 41%。

For the full year 2021, we will now drive the company based on the plan for full year 2021 revenues of about $12.5 billion, plus or minus $100 million, a year-over-year increase of 22.3% versus our prior plan of 18.4% growth at the midpoint.

對於 2021 年全年，我們現在將根據計劃推動公司 2021 年全年收入約 125 億美元，正負 1 億美元，同比增長 22.3%，而我們之前的計劃增長 18.4%在中點。

This growth is expected to be driven by 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強勁動力的推動。

We also now plan to invest about $2.1 billion in CapEx to support the strong market demand and our strategic initiatives.

我們現在還計劃在資本支出上投資約 21 億美元，以支持強勁的市場需求和我們的戰略舉措。

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

現在讓我們來詳細回顧一下第二季度。

Net revenues increased 43.4% year-over-year, with higher sales in our 3 product groups and all subgroups except, as expected, the RF Communications subgroup.

淨收入同比增長 43.4%，我們的 3 個產品組和所有子組（如預期的 RF 通信子組除外）的銷售額均有所增長。

Year-over-year sales to OEMs increased 38.4% and 53.1% into distribution.

對原始設備製造商的銷售額同比增長 38.4% 和 53.1%。

On a sequential basis, net revenues decreased 0.8%, but were 300 basis points above the midpoint of our outlook.

在連續的基礎上，淨收入下降了 0.8%，但比我們展望的中點高出 300 個基點。

ADG and MDG reported increase in net revenues on a sequential basis, while AMS decreased.

ADG 和 MDG 報告淨收入環比增長，而 AMS 下降。

Gross profit was 1.1 -- $1.21 billion, sorry, increasing 66.1% on a year-over-year basis.

毛利潤為 1.1 - 12.1 億美元，抱歉，同比增長 66.1%。

The gross margin increased by 550 basis points year-over-year to 40.5%, mainly driven by the full saturation of our fab compared with the high level of unloading charges last year, driven as well by manufacturing efficiencies, favorable pricing and improved product mix.

毛利率同比增長 550 個基點至 40.5%，主要是由於我們的晶圓廠完全飽和，而去年卸貨費水平較高，同時也受到製造效率、優惠定價和改進的產品組合的推動.

These positive drivers were partially offset by negative currency effects net of hedging.

這些積極的驅動因素被扣除對沖的負面貨幣影響部分抵消。

Our second quarter gross margin was 100 basis points above the midpoint of our guidance, mainly thanks to more favorable pricing and improved product mix.

我們第二季度的毛利率比我們的指導中點高 100 個基點，這主要歸功於更優惠的定價和改進的產品組合。

Second quarter operating margin increased to 16.3% from 5.1% in Q2 2020 with improvements in all 3 product groups.

第二季度營業利潤率從 2020 年第二季度的 5.1% 增加到 16.3%，所有 3 個產品組均有所改善。

Net operating expenses were $725 million.

淨運營費用為 7.25 億美元。

Net income increased to $412 million from $90 million in Q2 2020.

淨收入從 2020 年第二季度的 9000 萬美元增加到 4.12 億美元。

And our diluted earnings per share were $0.44.

我們的每股攤薄收益為 0.44 美元。

Looking at the year-over-year performance.

看一年比一年的表現。

All product groups registered double the growth.

所有產品組均實現雙倍增長。

ADG revenues increased 48.2% on growth in both Automotive and in Power Discrete.

ADG 收入增長 48.2%，主要得益於汽車和功率分立器件的增長。

AMS revenues increased 62.3% 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 62.3%。

MDG revenues increased 22.3% on growth in Microcontrollers, partially offset by the expected decline in Radio Frequency Communication.

由於微控制器的增長，MDG 收入增長了 22.3%，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 9.5% from 2.3%.

ADG 營業利潤率從 2.3% 提高到 9.5%。

AMS operating margin increased to 18.6% from 9%.

AMS 營業利潤率從 9% 提高到 18.6%。

And MDG operating margin increased to 22.9% from 15.9%.

MDG 營業利潤率從 15.9% 提高到 22.9%。

Net cash from operating activities increased to $602 million in Q2 compared to $387 million in the year ago quarter.

第二季度經營活動產生的淨現金增加至 6.02 億美元，而去年同期為 3.87 億美元。

Free cash flow increased to $125 million compared to $28 million in the year ago quarter, with CapEx of $438 million versus $312 million in the year ago quarter.

自由現金流從去年同期的 2800 萬美元增加到 1.25 億美元，資本支出為 4.38 億美元，而去年同期為 3.12 億美元。

During the second quarter, we paid $52 million of cash dividends to shareholders and we executed a $156 million share buyback, completing our $750 million share repurchase program launched in 2018.

在第二季度，我們向股東支付了 5200 萬美元的現金股息，並執行了 1.56 億美元的股票回購，完成了 2018 年推出的 7.5 億美元的股票回購計劃。

On July 1, 2021, we announced the launch of a new share buyback program of up to $1.04 billion to be executed within a 3-year period.

2021 年 7 月 1 日，我們宣布啟動一項高達 10.4 億美元的新股票回購計劃，該計劃將在 3 年內執行。

Our net financial position was $1.08 billion at July 3, 2021, compared to $1.19 billion at April 3, 2021.

截至 2021 年 7 月 3 日，我們的淨財務狀況為 10.8 億美元，而 2021 年 4 月 3 日為 11.9 億美元。

It reflected total liquidity of $4.25 billion and total financial debt of $3.17 billion.

它反映了 42.5 億美元的總流動性和 31.7 億美元的總金融債務。

During Q2, we exercised the call option for the early redemption of our 2024 Tranche B convertible bond issued in 2017.

第二季度，我們行使了提前贖回 2017 年發行的 2024 年 B 期可轉換債券的看漲期權。

The settlement of the $750 million principal amount bond is expected to be completed in Q3.

7.5億美元本金債券的結算預計將在第三季度完成。

Let's now discuss the market and business dynamics.

現在讓我們討論市場和業務動態。

During the second quarter, we were again operating with a backdrop of strong demand, stretching the global supply chain.

在第二季度，我們再次在需求強勁的背景下運營，延伸了全球供應鏈。

We have continued to work closely with our customers across all verticals and channels to adapt to this difficult allocation situation.

我們繼續與所有垂直領域和渠道的客戶密切合作，以適應這種困難的分配情況。

At the same time, we were and are optimizing our investments to increase our manufacturing capacity.

與此同時，我們一直在優化我們的投資以提高我們的製造能力。

COVID-19 continues to be a challenge for the world.

COVID-19 仍然是世界面臨的挑戰。

During Q2, we saw the spread of new variants, especially in some of the countries in Asia where we operate, such as in India earlier and more recently in Malaysia.

在第二季度，我們看到了新變種的傳播，特別是在我們運營的亞洲一些國家，例如早些時候在印度和最近在馬來西亞。

Over these days, we feel particularly close to and we strongly support our colleagues and their families in Malaysia seriously hit by this new wave.

這些天來，我們感到特別親近，我們強烈支持我們在馬來西亞的同事和他們的家人，他們受到了新浪潮的嚴重打擊。

Due to this situation, we recently temporarily closed our assembly plant in Muar, Malaysia.

由於這種情況，我們最近暫時關閉了我們在馬來西亞麻坡的裝配廠。

Following approval from the authorities, we resume operations after 11 days of closure.

經當局批准，我們將在關閉 11 天后恢復運營。

Moving to Automotive vertical.

轉向汽車垂直行業。

Bookings remained strong in the second quarter with demand still well above our current and planned manufacturing capacity.

第二季度的預訂量依然強勁，需求仍遠高於我們當前和計劃的製造能力。

Bookings now cover about 18 months of demand, and we are working on allocating our planned capacity for next year.

現在的預訂涵蓋了大約 18 個月的需求，我們正在努力分配明年的計劃產能。

Our customer activity related to the long-term trend of electrification and digitalization continue to be strong in Q2.

我們與電氣化和數字化長期趨勢相關的客戶活動在第二季度繼續保持強勁。

In car electrification first.

首先是汽車電氣化。

We added to our list of design wins for silicon carbide devices in applications such as DC-DC converters and onboard chargers.

我們在 DC-DC 轉換器和車載充電器等應用中添加了碳化矽器件的設計獲獎名單。

We announced a strategic cooperation with the Renault Group to supply advanced power semiconductors for electric and hybrid vehicles.

我們宣布與雷諾集團達成戰略合作，為電動和混合動力汽車提供先進的功率半導體。

As [being a] key innovation partner, ST will benefit from significant volumes of these power modules and wide bandgap power transistor from 2026 to 2030.

作為關鍵的創新合作夥伴，意法半導體將在 2026 年至 2030 年期間受益於這些功率模塊和寬帶隙功率晶體管的大量生產。

Overall, our silicon carbide engagements increased again during the quarter, now with 81 ongoing programs equally split between Industrial and Automotive with 68 customers.

總體而言，我們的碳化矽業務在本季度再次增加，現在有 81 個正在進行的項目在工業和汽車之間平均分配，有 68 個客戶。

Our strong pipeline of design wins continues to support well our target of $1 billion of silicon carbide revenues by 2025.

我們強大的設計勝利管道繼續很好地支持我們到 2025 年實現 10 億美元碳化矽收入的目標。

We are progressing with our manufacturing investments in silicon carbide, in line with our plan to increase tenfold the front-end capacity versus 2017 and to have 40% of our substrate needs internally sourced by 2024.

我們正在推進我們對碳化矽的製造投資，這符合我們將前端產能比 2017 年增加 10 倍以及到 2024 年將 40% 的基板需求從內部採購的計劃。

We are ramping production in our Singapore factory, and earlier this week announced that we have manufactured in our Sweden site our first 200-millimeter of silicon carbide wafer, a key step in our capacity increase plan.

我們正在新加坡工廠增加產量，本週早些時候宣布，我們已經在瑞典工廠生產了第一塊 200 毫米碳化矽晶片，這是我們產能增加計劃的關鍵一步。

We are also investing in growth of our internal back-end manufacturing capacity for SiC products with expansion of our Bouskoura site in Morocco, alongside our plant in Shenzhen, China.

我們還投資增加我們在 SiC 產品的內部後端製造能力，擴大我們在摩洛哥的 Bouskoura 工廠以及我們在中國深圳的工廠。

We are maintaining our technology lead in silicon carbide, ramping in high volume our third generation transistors for multiple automotive customers globally.

我們正在保持我們在碳化矽方面的技術領先地位，為全球多個汽車客戶大批量生產我們的第三代晶體管。

This represents a major improvement in performance and in competitiveness versus the previous generation.

與上一代相比，這代表了性能和競爭力的重大改進。

We are also progressing on our next-generation transistor design in line with our plan.

我們也在按照我們的計劃推進我們的下一代晶體管設計。

We are taking steps to accelerate our 300-millimeter [fab] strategy.

我們正在採取措施加速我們的 300 毫米 [晶圓廠] 戰略。

We produced in Crolles our first IGBT 300-millimeter wafer lot for engineering qualification.

我們在克羅爾斯生產了第一批用於工程認證的 IGBT 300 毫米晶圓。

This technology will be transferred to Agrate R3 with production ramp-up as soon as the fab is ready.

一旦工廠準備就緒，這項技術將轉移到 Agrate R3 並開始生產。

Moving to [other] complementary technologies for electrical vehicle designs, we have various wins at vehicle makers.

轉向電動汽車設計的[其他]互補技術，我們在汽車製造商處獲得了各種勝利。

This includes high- and low-voltage MOSFETs in electrification subsystems, VIPower products for motor control and body control modules, 32-bit microcontrollers for IGBT inverter and electronic fuse technology for electrical vehicle power distribution.

這包括電氣化子系統中的高壓和低壓 MOSFET、用於電機控制和車身控制模塊的 VIPower 產品、用於 IGBT 逆變器的 32 位微控制器和用於電動汽車配電的電子熔斷器技術。

Moving to car digitalization.

轉向汽車數字化。

We are focused on technologies and solutions for driver assistance and autonomous driving, V2X communication and onboard processing solutions supporting new car architecture.

我們專注於駕駛輔助和自動駕駛技術和解決方案、V2X 通信和支持新汽車架構的車載處理解決方案。

During the quarter, we announced new additions to our next-generation automotive MCU family, so-called Stellar, which provides a scalable integration processing platform for advanced vehicle electronics.

在本季度，我們宣布了我們下一代汽車 MCU 系列的新成員，即所謂的 Stellar，它為先進的汽車電子設備提供了一個可擴展的集成處理平台。

Also, in our automotive sensor business, we won multiple sockets with motion sensors for GNSS modules and navigation units, telematics, infotainment systems as well as key fobs.

此外，在我們的汽車傳感器業務中，我們贏得了用於 GNSS 模塊和導航單元、遠程信息處理、信息娛樂系統以及密鑰卡的運動傳感器的多個插槽。

Let's move now to Industrial.

現在讓我們轉向工業。

During Q2 demand, we are also very strong in [high] and consumer industrial, both as distributors and OEMs.

在第二季度的需求中，我們在 [高] 和消費工業方面也非常強大，無論是作為分銷商還是 OEM。

Factory automation continue to be one of the main demand drivers, together with power tools, home appliances, motion control and power-related applications, including renewable energy.

與電動工具、家用電器、運動控制和電力相關應用（包括可再生能源）一起，工廠自動化仍然是主要的需求驅動因素之一。

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

我們在分銷商的產品庫存在所有庫存周轉率高的產品系列中繼續保持精簡。

Point of sales remained strong in the second quarter across all products and all geographies.

第二季度所有產品和所有地區的銷售點保持強勁。

We have had as many applications across Industrial end market with our general purpose and secure MCUs, power and energy management solutions and our sensors and analog products.

通過我們的通用和安全 MCU、電源和能源管理解決方案以及我們的傳感器和模擬產品，我們在工業終端市場上擁有盡可能多的應用。

In embedded processing, we are continuing to strengthen our leadership by expanding our STM32 family, with a particular focus on wireless connectivity, security and artificial intelligence.

在嵌入式處理方面，我們通過擴展我們的 STM32 系列繼續加強我們的領導地位，特別關注無線連接、安全和人工智能。

During the quarter, we took an important step.

在本季度，我們邁出了重要的一步。

We acquired Cartesiam, a company specialized in software-enabling artificial intelligence on the edge.

我們收購了 Cartesiam，這是一家專門從事邊緣軟件支持人工智能的公司。

Adding their machine learning technology to ST existing solutions will provide the best edge artificial intelligence solution portfolio on the market.

將他們的機器學習技術添加到 ST 現有解決方案中，將提供市場上最好的邊緣人工智能解決方案組合。

We have many design wins for our STM32 products during the quarter, and I would like to mention just one where we design-in multiple products in the drone for home security.

在本季度，我們的 STM32 產品贏得了許多設計勝利，我想只提一個我們在無人機中為家庭安全設計的多種產品。

Our second objective in Industrial is expansion in power energy management.

我們在工業領域的第二個目標是擴大電力能源管理。

Here, we capture a number of wins with our Power Discrete portfolio, for example, again, with silicon carbide transistors and modules with high- and low-voltage silicon MOSFET and with IGBTs.

在這裡，我們憑藉我們的功率分立器件產品組合獲得了許多成功，例如，碳化矽晶體管和具有高低壓矽 MOSFET 和 IGBT 的模塊。

These were in applications such as solar inverters, energy storage, charging infrastructure, industrial power supplies, power adapters, home appliances, and finally, air conditioning and lighting.

這些應用包括太陽能逆變器、儲能、充電基礎設施、工業電源、電源適配器、家用電器，最後是空調和照明。

Our third objective is to accelerate our growth in analog and sensor for Industrial.

我們的第三個目標是加速我們在工業模擬和傳感器領域的發展。

In the quarter, we had many new designs with our analog products with awards in application like motion control, smart grid, factory automation and home appliances.

在本季度，我們的模擬產品有許多新設計，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 also continue to win business in sensors for industrial applications.

我們還在工業應用傳感器領域繼續贏得業務。

One win I would like to mention is for circuit breaker products from a major player with a low-power, industrial-grade accelerometer.

我想提到的一個勝利是來自主要參與者的斷路器產品，該產品具有低功耗、工業級加速度計。

Moving now to Personal Electronics market.

現在轉向個人電子市場。

We saw the same trend as Q1, with strong demand both for smartphones and other connected devices, including wearables, tablets, hearables, true wireless stere headsets and game consoles.

我們看到了與第一季度相同的趨勢，對智能手機和其他連接設備的需求強勁，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和遊戲機。

In Personal Electronics, we continue to progress with our 2 strategic objective: first, to lead in selected high-volume smartphone applications with differentiated products and custom solutions.

在個人電子領域，我們繼續推進我們的 2 個戰略目標：首先，通過差異化產品和定制解決方案引領精選的大批量智能手機應用。

In Q2, we won sockets in flagship devices with motion sensor, multizone time-of-flight ranging sensor for laser autofocus, wireless charging products, touch display controllers and secure solution, such as embedded SIM and Secure Element with near-field communication.

在第二季度，我們贏得了旗艦設備的插槽，包括運動傳感器、用於激光自動對焦的多區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，例如嵌入式 SIM 和具有近場通信的安全元件。

Our second objective is to leverage our broad portfolio to address high-volume application, including wearable devices.

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，包括可穿戴設備。

Here, we have the wins with a broad range of flight, motion and environmental sensors, including a new generation waterproof pressure sensor as well as with analog and power products and microcontroller.

在這裡，我們贏得了廣泛的飛行、運動和環境傳感器，包括新一代防水壓力傳感器以及模擬和電源產品和微控制器。

We are gaining traction with our 60 gigahertz transceiver products for very fast contactless data transfer, the famous ST60.

我們的 60 GHz 收發器產品（用於非常快速的非接觸式數據傳輸）（著名的 ST60）正在獲得關注。

Here, we achieved key design wins and production launch for projects with multiple customers in different application.

在這裡，我們為不同應用的多個客戶的項目實現了關鍵設計勝利和生產啟動。

We progressed with our solution for augmented reality base on laser scanning, and we signed a development agreement with a leading player for laser driver, ASIC, to be used in next-gen smart glasses.

我們推進了基於激光掃描的增強現實解決方案，並與激光驅動器 ASIC 的領先廠商簽署了開發協議，用於下一代智能眼鏡。

In Communications Equipment, Computer & Peripherals, we continue to see the adoption of 5G-related products as well as sustained demand, especially for notebooks and Chromebooks.

在通信設備、計算機和外圍設備方面，我們繼續看到 5G 相關產品的採用以及持續的需求，尤其是筆記本電腦和 Chromebook。

We also saw low-earth orbit satellite programs launched in a number of countries.

我們還看到一些國家啟動了低地球軌道衛星計劃。

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 application 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 received multiple RF-SOI front-end module awards, as well as several RF ASIC projects for telecommunication infrastructure.

在這一領域，我們獲得了多個 RF-SOI 前端模塊獎項，以及多個用於電信基礎設施的 RF ASIC 項目。

We also started production for a second-generation RF front-end IC for the user terminal of a satellite system from a leader in this area.

我們還開始為該領域的領先企業生產用於衛星系統用戶終端的第二代射頻前端 IC。

Our other objectives are to address selected high-volume application with differentiated products or custom solutions while leveraging our broad portfolio.

我們的其他目標是利用我們廣泛的產品組合，通過差異化產品或定制解決方案解決選定的大批量應用。

Our wins here include time-of-flight and motion sensors for laptops and tablets, as well as many general purpose MCU design-ins.

我們在這裡的勝利包括用於筆記本電腦和平板電腦的飛行時間和運動傳感器，以及許多通用 MCU 設計插件。

We also ramped production of our global shutter image sensor for a computer vision application at a major OEM.

我們還為一家主要 OEM 的計算機視覺應用增加了全局快門圖像傳感器的生產。

We also ramped production of the first ST design piezo MEMS printed in a commercial inkjet printer following a multiyear development with a leading printing company.

在與一家領先的印刷公司合作多年後，我們還增加了第一款使用商用噴墨打印機打印的 ST 設計壓電 MEMS 的產量。

Now let's move to a discussion of the third quarter outlook.

現在讓我們開始討論第三季度的前景。

For the third quarter, at the midpoint, we expect net revenues to be about $3.2 billion, representing year-over-year and sequential growth of 20% and 7%, respectively.

對於第三季度的中點，我們預計淨收入約為 32 億美元，同比和環比分別增長 20% 和 7%。

Gross margin is expected to be about 41%, representing a year-over-year and sequential increase of 500 basis point and 50 basis point, respectively.

毛利率預計約為41%，分別同比和環比增長500個基點和50個基點。

Looking at the full year, we will now plan to drive the company based on 2021 net revenues of $12.5 billion, plus or minus $100 million.

縱觀全年，我們現在計劃在 2021 年淨收入 125 億美元上下 1 億美元的基礎上推動公司發展。

This plan will translate into year-over-year growth of 22.3% at the midpoint.

該計劃將在中點轉化為 22.3% 的同比增長。

Drivers of this expected growth are the continued 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。

Our updated 2021 CapEx plan of about $2.1 billion will help increase our manufacturing capacity to continue to support the strong global demand of our customers.

我們更新後的 2021 年資本支出計劃約為 21 億美元，這將有助於提高我們的製造能力，以繼續支持我們客戶強勁的全球需求。

It will also support our strategic manufacturing initiative, such as our Agrate 300-millimeter fab.

它還將支持我們的戰略製造計劃，例如我們的 Agrate 300 毫米晶圓廠。

We recently announced that we are bringing Tower Semiconductor onboard to accelerate the ramp-up to large volume and scale.

我們最近宣布，我們將加入 Tower Semiconductor，以加快向大容量和規模的增長。

To conclude, in the second quarter, our net revenues and gross margin came in at the high end of our business outlook range.

總而言之，在第二季度，我們的淨收入和毛利率處於我們業務前景範圍的高端。

We also maintain our financial strength as demonstrated by our operating profitability and cash flow generation.

我們還保持了我們的財務實力，這從我們的經營盈利能力和現金流產生中可以看出。

For the full year 2021, we are driving the company with a plan based on net revenue of $12.5 billion, plus or minus $100 million.

對於 2021 年全年，我們正在製定一項基於 125 億美元淨收入（上下 1 億美元）的計劃來推動公司發展。

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

這種增長源於我們所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。

We will continue to focus on our customers, adapting our supply chain to support the current strong demand and to fuel longer-term growth.

我們將繼續關注我們的客戶，調整我們的供應鏈以支持當前強勁的需求並推動長期增長。

Thank you, and we are now ready to answer your question.

謝謝您，我們現在準備回答您的問題。

(Operator Instructions) The first question comes from the line of Aleksander Peterc from Societe General.

（操作員說明）第一個問題來自法國興業銀行的 Aleksander Peterc。

Just firstly on your revenue guidance upgrade, could you help us understand if this is mostly driven by pricing or volume?

首先，關於您的收入指南升級，您能否幫助我們了解這主要是由定價還是銷量驅動？

Or is it really both?

或者真的兩者兼而有之？

And then as a point of detail, at what point do you expect the RF business to return to growth within MDG?

然後作為一個細節點，您預計射頻業務在什麼時候會在 MDG 內恢復增長？

And again on this division, what explains the strong margins?

再次在這個部門，是什麼解釋了強勁的利潤率？

Is it mostly microcontrollers pricing or anything else at play here?

主要是微控制器定價還是其他什麼在起作用？

Thank you for your questions.

謝謝你的提問。

So Lorenzo will answer.

所以洛倫佐會回答。

Thank you, Jean-Marc.

謝謝你，讓-馬克。

Thank you, and good morning to everybody.

謝謝大家，大家早上好。

About our guidance on the revenues, yes, we have increased in respect to the previous visibility.

關於我們對收入的指導，是的，我們提高了之前的知名度。

How it comes this increase?

這種增長是怎麼來的？

Well, I have to say that it's a combination.

好吧，我不得不說這是一個組合。

It's a combination definitely of volumes, there is more volumes that we see.

這絕對是數量的組合，我們看到的數量更多。

You will see also that our gross margin is improving.

您還將看到我們的毛利率正在提高。

And here, we have a positive efficiency from our manufacturing machine.

在這裡，我們的製造機器具有積極的效率。

Of course, we are trying to get as much -- the maximum that we can get from the investment that we are doing.

當然，我們正在努力獲得盡可能多的收益——我們可以從我們正在進行的投資中獲得的最大收益。

So this will translate also in a little bit higher volumes that will help.

因此，這也將翻譯成更高的音量，這將有所幫助。

And definitely, it's also true that we are enjoying an environment in pricing that is a little bit better than we were expecting.

毫無疑問，我們正在享受一個比我們預期的要好一點的定價環境，這也是事實。

The combination of these 2 factors definitely are the one that allow us, let's say, to have increase in our guidance as well as also a better visibility on some, let's say, engaged customer products that at this stage we see, let's say, materialize with a little bit higher level in respect to what was the visibility that we had some months ago.

這兩個因素的結合絕對是讓我們能夠增加我們的指導以及更好地了解一些，比如說，在這個階段我們看到，比如說，實現的參與客戶產品的因素相對於我們幾個月前的可見度而言，它的水平要高一些。

Second question was about?

第二個問題是關於？

Radio frequency.

無線電頻率。

Ah, radio frequency.

啊，無線電頻率。

When we will see, let's say, radio frequency, let's say, improve on...

當我們看到，比方說，無線電頻率，比方說，改進...

On the year.

年。

We do expect, let's say, that already with our guidance of the next quarter, there will be an improvement in term of revenues for the radio frequency.

比方說，我們確實預計，在我們對下一季度的指導下，無線電頻率的收入將會有所改善。

And definitely, our expectation is that next year, there will be a significant change in the trend on this subgroup.

毫無疑問，我們的預期是，明年該子組的趨勢將發生重大變化。

And we will see, let's say, with the engaged customer programs that we have, definitely an improvement in the revenues.

比方說，我們將看到，通過我們擁有的參與客戶計劃，收入肯定會有所改善。

But I would say that Q3 will be still a difficult quarter.

但我想說第三季度仍將是一個艱難的季度。

Q4 we'll start to see, let's say, a significant improvement.

第四季度，我們將開始看到，比如說，顯著的改進。

And then the trend, there will be improvement trend all over the next year.

然後是趨勢，明年會有好轉的趨勢。

And MDG margin?

和千年發展目標保證金？

The margin of MDG, the rationale for the strength of the operating margin in MDG.

MDG 的邊際，MDG 中經營邊際強度的理由。

MDG, let's say, is improving the margin, especially in the areas of microcontroller.

比方說，MDG 正在提高利潤率，尤其是在微控制器領域。

We had a positive impact on the product mix, let's say, in this area, positive.

我們對產品組合產生了積極的影響，比如說，在這個領域，是積極的。

And definitely also, let's say, thanks to a balance with a good, let's say, level of price environment that we are experiencing in this area, let's say.

當然，我們可以說，這要歸功於我們在這個領域所經歷的良好的價格環境水平的平衡，比如說。

Of course, this is where we have increased and stability in term of pricing.

當然，這是我們在定價方面增加和穩定的地方。

This helped the market.

這有助於市場。

Then for sure, also, thanks to the fact that our microcontrollers are bringing more and more added value to our customers.

可以肯定的是，我們的微控制器正在為我們的客戶帶來越來越多的附加值。

And here, it's very visible also the return that we have done in our investment in R&D.

在這裡，我們在研發投資方面的回報也非常明顯。

And also, we started to see some return in our investment that we have done, let's say, in the new acquisitions.

而且，我們開始看到我們所做的投資獲得了一些回報，比如說，在新的收購中。

So at the end, this is where we were expecting, to have a good return, and these are materializing.

所以最後，這就是我們所期待的，有良好的回報，這些正在實現。

The next question comes from the line of Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Guys, I just wanted to ask about the seasonal patterns in some of your divisions.

伙計們，我只是想問一下你們一些部門的季節性模式。

There's going to be some -- a flagship product from one of your large customers that maybe launches on time versus a little bit of a delay last year.

將會有一些 - 來自您的一個大客戶的旗艦產品，可能會按時發布，而去年會有一點延遲。

But in particular, your AMS division seasonality is much, much stronger in the results that you just reported in the second quarter than it was seasonally last year.

但特別是，您剛剛在第二季度報告的結果中您的 AMS 部門的季節性比去年的季節性要強得多。

And I wonder if you might comment on that.

我想知道你是否可以對此發表評論。

Is it internal versus external supply that was imbalanced?

是內部供應與外部供應不平衡嗎？

Is there a different change in sort of buying patterns and maybe how we can expect seasonality in some of the businesses in the third quarter guidance?

購買模式的種類是否有不同的變化，也許我們如何在第三季度的指導中預期某些業務的季節性？

Thank you for your question.

謝謝你的問題。

I already anticipated during the previous calls, okay, that this year the profile of the revenue for Personal Electronic will be rather different than last year.

在之前的電話會議中，我已經預料到，今年 Personal Electronic 的收入情況將與去年大不相同。

Because last year, you know that from, let's say, February to April in Asia, the COVID impacted a lot activities and also delayed some program development.

因為去年，你知道，從亞洲的 2 月到 4 月，COVID 影響了很多活動，也推遲了一些項目的開發。

And as a matter of consequence, pushed out, let's say, program start.

結果，推出了，比如說，程序啟動。

And the revenue in Q2 last year was really low.

去年第二季度的收入真的很低。

And when we entered in the year, I already announced that this year, we see a much better profile.

當我們進入這一年時，我已經宣布，今年我們看到了更好的形象。

And then, after I do not comment customer's, let's say, results and success, I guess you have seen this year one of the major announcement of one customer overperforming.

然後，在我不對客戶的結果和成功發表評論之後，我想你已經看到今年一個客戶表現出色的主要公告之一。

And of course, the vendor attached to this customer are benefiting of better seasonality this year in Q2 2021 versus last year.

當然，與去年相比，與該客戶相關的供應商今年在 2021 年第二季度受益於更好的季節性。

Just as my follow-up question.

就像我的後續問題一樣。

Lorenzo, I mean, 41% gross margin.

洛倫佐，我的意思是，41% 的毛利率。

I guess, thinking about things up 5 full points year-over-year.

我想，想想事情比去年同期提高了 5 個百分點。

Obviously, the unloading charges have gone away.

顯然，卸貨費已經消失了。

But as we look out forward and you increase CapEx, add more capacity, potentially get more capacity at foundries, and there are some rumblings of increased pricing from some of the foundries to their customers, how do you think about gross margins trending from here as we look forward and the business grows?

但是，當我們向前看時，您會增加資本支出，增加更多產能，可能會在代工廠獲得更多產能，並且有些代工廠會向他們的客戶提高定價，您如何看待毛利率從這裡開始的趨勢我們期待和業務增長？

Yes.

是的。

So we see in the next quarter gross margin in the range of 41%.

所以我們看到下一季度的毛利率在 41% 的範圍內。

I would say that what is our expectation is on this level, considering the situation of our fabs, manufacturing fully loaded, for sure to remain stable this year on this kind of levels.

我想說的是，我們的期望是在這個水平上，考慮到我們工廠的情況，製造滿負荷，今年肯定會在這種水平上保持穩定。

At the end, for the total year, we do expect that to be a little bit higher than the 40% gross margin with Q4 that we've seen to Q3.

最後，我們確實預計全年的毛利率會略高於我們在第三季度看到的第四季度的 40% 毛利率。

Moving forward, we do expect that we have all the ingredients to remain on this level of gross margin substantially.

展望未來，我們確實希望我們擁有所有基本要素來保持這一毛利率水平。

Of course, it will depend on the evolution of the market.

當然，這將取決於市場的演變。

But for the time being, let's say, we see the market very, very positive, continuing to be very strong moving forward.

但就目前而言，我們認為市場非常非常積極，繼續非常強勁地向前發展。

This is more or less what we can say about the level of gross margin.

這或多或少可以說是毛利率水平。

For this year.

對於今年。

For this year, yes.

今年，是的。

The next question comes from the line of Sébastien Sztabowicz from Kepler Cheuvreux.

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

What kind of visibility do you have for 2022 at this time of the year?

在每年的這個時候，您對 2022 年的知名度如何？

Basically, do you start to receive any substantial orders that will be ramped during 2022 in any specific verticals?

基本上，您是否開始收到任何將在 2022 年期間在任何特定垂直領域增加的大量訂單？

And as a follow-up, on the OpEx side, how should we model the OpEx in Q3 and in Q4?

作為後續，在 OpEx 方面，我們應該如何對 Q3 和 Q4 的 OpEx 進行建模？

So thank you.

所以謝謝。

Marco Cassis will take the question on the order booking and Lorenzo for the other questions.

Marco Cassis 將回答有關訂單預訂的問題，Lorenzo 將回答其他問題。

Thank you very much for your question.

非常感謝您的提問。

Yes, in Q2, and this true across all the segments, we have seen our orders booking extending 18 months.

是的，在第二季度，所有細分市場都是如此，我們已經看到我們的訂單預訂延長了 18 個月。

So basically covering the whole 2022.

所以基本上涵蓋了整個 2022 年。

And I have to say that the demand is higher than our capacity, our planned capacity.

我不得不說，需求高於我們的產能，我們的計劃產能。

So we are working now to allocate the capacity for -- especially for the Automotive segment.

因此，我們現在正在努力為——尤其是汽車領域分配容量。

In term of expenses model, let's say, we -- I'm talking about net expenses, including also the grants and the other income and expenses.

在費用模型方面，比方說，我們——我說的是淨費用，還包括贈款和其他收入和費用。

In Q2, we we're lending at the range of $725 million in the quarter for the expenses.

在第二季度，我們在本季度為費用提供了 7.25 億美元的貸款。

We continue, let's say, to really push on our programs in R&D.

比方說，我們繼續真正推動我們的研發計劃。

We try, let's say, to accelerate our effort in this respect.

比方說，我們試圖加快這方面的努力。

So my expectation for the second part of the year is that we will land our expenses in the range -- per quarter in the range between $735 million, $740 million expenses per quarter.

所以我對今年下半年的期望是，我們將把我們的開支控制在這個範圍內——每季度的開支在 7.35 億美元到每季度 7.4 億美元之間。

This is the current visibility that we have.

這是我們當前的可見性。

I would say both -- let's say, definitely for Q3 and also for the year, when you look at the total year, we will end the year, let's say, with the quarterly expense in that range.

我會說兩者 - 讓我們說，絕對是第三季度和一年，當你查看全年時，我們將在這一年結束時，比方說，季度費用在該範圍內。

Just to complement the question about the coverage.

只是為了補充有關覆蓋範圍的問題。

Well, if you take the backlog on a requested date from customers we have in our hand, basically, it is covering 30% above the planned capacity we have for this year.

好吧，如果您在我們手頭的客戶要求的日期收到積壓的訂單，基本上，它比我們今年的計劃產能高出 30%。

And it is covering above the full capacity we plan for next year already.

它已經覆蓋了我們明年計劃的全部容量。

And based on the capacity CapEx, we have this year and the CapEx we will, let's say, plan next year.

根據容量資本支出，我們今年的資本支出和我們將在明年計劃的資本支出。

So you see the coverage for 2021 and 2022 is very, very strong.

因此，您會看到 2021 年和 2022 年的覆蓋率非常非常強。

And of course, let's say, the additional dynamic is that this coverage is more and more done with, let's say, firm and nonconsiderable order.

當然，比方說，額外的動態是，這種覆蓋越來越多地完成，比方說，嚴格和不重要的秩序。

The next question comes from the line of Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

Congratulations on good results this morning.

祝賀今天早上取得好成績。

I have a question on your Microcontroller business.

我對您的微控制器業務有疑問。

I mean when you look at your Microcontroller business, it is growing incredibly strongly year-over-year when you look at the headline numbers, especially when you say that there is RF there, which has declined year-over-year.

我的意思是，當您查看您的微控制器業務時，當您查看標題數字時，它的同比增長非常強勁，尤其是當您說那裡有 RF 時，它同比下降了。

So given that the market is saying that there are shortages and you are supplying the market with potentially 30% up year-on-year in microcontrollers, is there not a risk of oversupply here happening sooner than what the market expects?

因此，鑑於市場說存在短缺，而您為市場供應的微控制器可能同比增長 30%，那麼供應過剩的風險是否會比市場預期的更早發生？

And I have one quick follow-up.

我有一個快速跟進。

Here, again, what we are monitoring on microcontroller is really the consistent dynamic between the POS and POP.

同樣，我們在微控制器上監控的是 POS 和 POP 之間的一致動態。

We monitor also the inventory level at a distributor clearly.

我們還清楚地監控分銷商的庫存水平。

And we are monitoring, let's say, the very spot market because we know it could happen.

比如說，我們正在監控現貨市場，因為我們知道它可能會發生。

All this, let's say, KPI are on the green.

所有這一切，讓我們說，KPI 是綠色的。

So -- and they're on the green because for the time being, overall, there is a shortage, okay?

所以——他們在果嶺上，因為就目前而言，總體而言，存在短缺，好嗎？

Because microcontroller are basically using capacity either from 8-inch wafer fab on, let's say, 118-nanometer technology up to 130.

因為微控制器基本上使用的容量從 8 英寸晶圓廠開始，比如說 118 納米技術到 130 納米。

Or massively, they are using 12-inch fab from 19-nanometer to 40-nanometer.

或者大規模地，他們正在使用從 19 納米到 40 納米的 12 英寸晶圓廠。

And this capacity is fully saturated.

而這個容量已經完全飽和了。

So there is no risk of oversupply.

所以不存在供過於求的風險。

And also simply because no new fab will be put on the market before a longer period of time, except [5 or 50].

也很簡單，因為除了 [5 或 50] 之外，在更長的一段時間內不會有新的晶圓廠投放市場。

I mean my other question is regarding your CapEx.

我的意思是我的另一個問題是關於你的資本支出。

I mean you've raised CapEx again.

我的意思是你又提高了資本支出。

Can you highlight where the spending is occurring from here?

你能強調一下支出發生在哪裡嗎？

Is this to do with your particular programs with some customers?

這與您與某些客戶的特定計劃有關嗎？

Or is this more general CapEx associated with your Agrate fab, et cetera?

或者這是否與您的 Agrate 工廠等相關的更一般的資本支出？

No, it's global capacity increase adaptation on test, on assembly and, yes, in a certain extent in wafer fab.

不，這是全球產能增加適應測試、組裝，是的，在一定程度上在晶圓廠。

Now part of the $2.1 billion of CapEx, pure capacity is about $1.4 billion, $1.5 billion.

現在作為 21 億美元資本支出的一部分，純產能約為 14 億美元，15 億美元。

The next question comes from the line of Stephane Houri from ODDO BHF.

下一個問題來自 ODDO BHF 的 Stephane Houri。

Yes.

是的。

So the first question is to know that with your full year 2021 sales guidance upgrade, you basically view Q4 at about $3.3 billion, if I'm correct.

所以第一個問題是要知道，隨著你 2021 年全年銷售指導的升級，如果我是正確的，你基本上認為第四季度約為 33 億美元。

So my understanding was that there was no available capacities anywhere, neither or externally internally.

所以我的理解是，任何地方都沒有可用的容量，無論是在內部還是在外部。

So is it new capacity that you're building up that are arriving faster than expected?

那麼，您正在建立的新產能是否比預期更快到達？

Or is it coming from foundries?

還是來自鑄造廠？

And the second question is could you share with us your view on 2022 CapEx because, as you said, with the CapEx of this year, you're adding $1.4 billion to $1.5 billion.

第二個問題是您能否與我們分享您對 2022 年資本支出的看法，因為正如您所說，今年的資本支出將增加 14 億至 15 億美元。

So if it's same next year, it means that the $15 billion target could be within reach in 2023 under the current condition if correct.

因此，如果明年還是這樣，這意味著如果正確的話，在當前條件下，2023 年 150 億美元的目標是可以實現的。

In fact, okay, our capability, in fact, achieved $3.3 billion in Q4.

事實上，好吧，我們的能力實際上在第四季度達到了 33 億美元。

And when you assess capacity, in fact, okay, we can go up to $3.4 billion because this is $100 million of range we have provided for random event.

事實上，當你評估容量時，我們可以達到 34 億美元，因為這是我們為隨機事件提供的 1 億美元的範圍。

But from capacity perspective, it is $3.4 billion.

但從產能的角度來看，它是 34 億美元。

Now our capability to go to $3.4 billion is related for the wafer fab side.

現在我們達到 34 億美元的能力與晶圓廠有關。

To the CapEx we have injected in H1, taking into account the time you hook up equipment, you qualify them in one cycle time.

對於我們在 H1 中註入的資本支出，考慮到您連接設備的時間，您可以在一個週期時間內使它們合格。

Basically, we are enjoying the CapEx we had in H1 to support the revenue definitively of Q4.

基本上，我們正在享受我們在上半年擁有的資本支出，以最終支持第四季度的收入。

I have to say, unfortunately, that it has been -- it is offset by the commitment of foundry, okay?

我不得不說，不幸的是，它已經被鑄造廠的承諾所抵消，好嗎？

We will receive less wafer in H2, mainly on our -- from general purpose device from foundry partner, because they allocate more to automotive based on, I guess, you know the overall pressure on the automotive market.

我們將在下半年收到更少的晶圓，主要是來自代工廠合作夥伴的通用設備，因為我猜他們會根據汽車市場的整體壓力分配更多的汽車。

Not our Automotive.

不是我們的汽車。

But not our Automotive, unfortunately.

但不幸的是，不是我們的汽車。

So, no.

所以不行。

Clearly, our capability to grow mainly in H2 is related to our internal manufacturing, offsetted for a while -- okay next year will be another story, offsetted for a period of time by a decrease of volume supply of foundry H2 versus H1.

顯然，我們主要在下半年實現增長的能力與我們的內部製造有關，這在一段時間內被抵消了——好吧，明年將是另一個故事，在一段時間內被代工廠 H2 與 H1 的供應量減少所抵消。

And the 2022 CapEx?

以及 2022 年的資本支出？

The 2022 CapEx, I will communicate on January.

2022 年資本支出，我將在一月份進行溝通。

As usual, we are working on it.

像往常一樣，我們正在努力。

We are working on it.

我們正在做這件事。

We are working closely with our equipment vendor because you know cycle time of equipment increase a lot.

我們正在與我們的設備供應商密切合作，因為您知道設備的周期時間會增加很多。

So this is something we are working on.

所以這是我們正在努力的事情。

And of course, we will communicate in due time.

當然，我們會及時溝通。

The next question comes from the line of Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的 Andrew Gardiner。

Jean-Marc, I had a follow-up to that last one in terms of CapEx, particularly as we look into next year and just sort of the potential for capacity expansion, given the lead times on the equipment side that you mentioned and the fact that this equipment really needs to be installed in the first half of next year in order to give you sort of upside relative to the current plan that you might have for 2022.

讓-馬克，我在資本支出方面對最後一個進行了跟進，特別是在我們展望明年的時候，考慮到你提到的設備方面的交貨時間和事實，這只是產能擴張的潛力確實需要在明年上半年安裝此設備，以便相對於您可能在 2022 年制定的當前計劃為您提供一些好處。

Isn't your -- effectively, you already know what your maximum capacity for next year is given that -- given those lead times?

考慮到這些交貨時間，您不是 - 實際上，您已經知道明年的最大產能是多少嗎？

Or do you feel like you've got -- is there still some flexibility with your equipment providers to actually upside that or not?

或者你覺得你有 - 你的設備供應商是否仍然有一些靈活性來實際提升它？

No, no, we have a clear view.

不不不，我們有一個清晰的看法。

First of all, we have, let's say, a clean room water fab expansion capability and where we can receive equipment.

首先，我們有，比方說，潔淨室水廠擴建能力以及我們可以接收設備的地方。

Well, first of all, we will -- it will be Agrate because we will start to receive equipment in Agrate end of this year.

嗯，首先，我們將 - 它將是 Agrate，因為我們將在今年年底開始在 Agrate 接收設備。

In Agrate, 300-millimeter will start to contribute to ST revenue by Q4 of next year 2022.

在 Agrate，到 2022 年第四季度，300 毫米將開始為 ST 的收入做出貢獻。

Then we have engaged in parallel -- as soon as we have seen the market upturn in December, we have decided immediately an expansion of Crolles.

然後我們平行進行——我們一看到 12 月的市場好轉，就立即決定擴大 Crolles 的規模。

When we share with you the manufacturing strategy in Crolles, we are capable, okay, to add on material surface of clean room in 1 year and grow very fast, okay?

當我們與您分享Crolles的製造策略時，我們有能力，可以在1年內增加潔淨室的材料表面並且增長非常快，好嗎？

So starting end of this year, we will be capable basically to increase the capacity of Crolles well above 9,000 wafer per week.

因此，從今年年底開始，我們將基本能夠將 Crolles 的產能提高到每週 9,000 片以上。

So it will be, let's say, a very strong leverage to support the market we address.

因此，比方說，這將是一個非常強大的槓桿來支持我們所處理的市場。

We will fully saturate the 8-inch fab in Singapore.

我們將使新加坡的 8 英寸晶圓廠完全飽和。

We bought 2, 3 years ago from Micron.

我們在 2、3 年前從 Micron 購買。

So from a infrastructure point of view, we know exactly where we can add equipment, and we have booked all the slot.

所以從基礎設施的角度來看，我們確切地知道我們可以在哪裡添加設備，並且我們已經預訂了所有的位置。

And so yes, I confirm to you the sales and operating plan of 2022 is well known.

所以是的，我向你確認 2022 年的銷售和運營計劃是眾所周知的。

Now the challenge for us is allocation, how we allocate to verticals, region and customer.

現在我們面臨的挑戰是分配，我們如何分配給垂直行業、地區和客戶。

But from a, let's say, volume point of view, technology cluster, package cluster, manufacturing location, funding feedback, we have a very, let's say, accurate view for next year and secure.

但是從數量的角度來看，技術集群，封裝集群，製造位置，資金反饋，我們對明年有一個非常準確的看法，並且是安全的。

Understood.

明白了。

If I could just follow up on the point you made on Crolles.

如果我能跟進你在 Crolles 上的觀點。

You think 9,000 wafer starts per week by the end of this year, is that -- I recall you saying in the first quarter that you were...

您認為到今年年底每週將啟動 9,000 片晶圓，是嗎 - 我記得您在第一季度說過您是...

Of next year, of next year.

明年，明年。

Next year.

明年。

Okay.

好的。

And then just quickly on the pricing point where you're highlighting that as part of the reason for gross margin outperformance in 2Q and 3Q.

然後很快就在定價點上強調這一點，這是第二季度和第三季度毛利率表現優異的部分原因。

Is that -- just given the time lines there, is that primarily on mass market distribution pricing?

那是 - 只是考慮到那裡的時間線，主要是針對大眾市場分銷定價嗎？

Can you comment perhaps on the difference between that versus your longer-term contracts?

您能否評論一下這與您的長期合同之間的區別？

And how are those negotiations progressing?

這些談判進展如何？

Are you -- given the tightness we see in the market, are you able to get more better pricing out of those longer-term negotiations?

鑑於我們在市場上看到的緊張局勢，您是否能夠從這些長期談判中獲得更好的定價？

It's Marco, I will reply to this one.

我是 Marco，我會回复這個。

As you can imagine, we cannot go in the detail of how we are splitting the price increase.

您可以想像，我們無法詳細說明我們如何分割價格上漲。

But overall, the approach is, let's say, fair and it is across the different segments.

但總的來說，這種方法是公平的，而且它跨越不同的細分市場。

And of course, it is a price increase, which is happening through the full supply chain.

當然，這是價格上漲，這是通過整個供應鏈發生的。

And the price environment in this moment is positive for us.

而此時的價格環境對我們來說是積極的。

The next question comes from the line of Didier Scemama from Bank of America.

下一個問題來自美國銀行的 Didier Scemama。

I'd just like to push on a little bit on pricing, just to clarify things a little bit.

我只想在定價上稍加推敲，只是為了澄清一點。

One of your biggest competitors in Japan this morning just guided 500 basis points above on gross margins for Q3.

今天早上你在日本的最大競爭對手之一剛剛在第三季度的毛利率上超過了 500 個基點。

I just wondered -- clearly, 41% gross margin is a nice surprise.

我只是想知道——顯然，41% 的毛利率是一個驚喜。

I'm just wondering how much conservatism is actually baked in that relative to what these data are saying?

我只是想知道相對於這些數據所說的內容，實際上有多少保守主義？

And related to that, I just wondered if you could quantify on the gross margin the impact of the Malaysia fab closure or back-end fab side closure for 11 days, if it has any impact, and whether that unwinds nicely in Q4?

與此相關，我只是想知道你是否可以量化毛利率對馬來西亞工廠關閉或後端工廠關閉 11 天的影響，是否有任何影響，以及這是否會在第四季度很好地放鬆？

And I've got a follow-up.

我有後續行動。

Lorenzo?

洛倫佐？

About Malaysia, the main impact that we are going to have in Q3 is definitely on the top line more than on the gross margin.

關於馬來西亞，我們將在第三季度產生的主要影響肯定是對收入的影響，而不是對毛利率的影響。

On the gross margin, we will have a few basis point impact.

在毛利率上，我們會有幾個基點的影響。

But at the end, let's say, it's not the main impact that we will have during this quarter.

但最後，讓我們說，這不是我們在本季度將產生的主要影響。

Actually, you can understand that with days of closing, let's say, definitely, we will have impact on our ability to serve our customers.

實際上，您可以理解，隨著關閉的日子，可以說，肯定會影響我們為客戶服務的能力。

This is the main impact that we have for our Malaysia.

這是我們對馬來西亞的主要影響。

Yes, so about the pricing, about the pricing, yes, for sure, in our gross margin, there is a positive impact in term of pricing.

是的，所以關於定價，關於定價，是的，可以肯定的是，在我們的毛利率中，定價方面有積極的影響。

It's increasing in pricing.

它的價格正在上漲。

And also, let's say, I would say that together with that, we have also positive impact on the product mix that is helping our gross margin.

而且，比方說，我想說的是，除此之外，我們對產品組合也產生了積極影響，這有助於我們的毛利率。

I can tell you that definitely, the increase in price is not 500 basis points, not yet.

我可以肯定地告訴你，價格上漲不是500個基點，還不是。

We are not there definitely.

我們肯定不在那裡。

Let's say, it's much less than that.

比方說，它比這要少得多。

But in respect to different situation, let's say, in the past in which substantially there was more balancing between capacity and demand and where the pricing impact was usually negative, ranging down, let's say -- and only, let's say, having a negative impact on our gross margin and maybe, let's say, somehow offset by the product mix and by innovation here.

但是對於不同的情況，比如說，在過去，產能和需求之間存在更多的平衡，並且定價影響通常是負面的，可以說是下降 - 並且只有，比如說，產生負面影響在我們的毛利率上，也許，比方說，以某種方式被產品組合和這裡的創新所抵消。

The 2 things are together, and so there is definitely a help in our gross margin.

這兩件事是在一起的，所以對我們的毛利率肯定有幫助。

For sure, let's say, I can say that compared to the of level the previous quarter, I can say that -- I mean, in Q1, where we were in the range of 39%, our pricing increase would -- has contributed by a little bit less than half in improvement.

當然，比方說，我可以說，與上一季度的水平相比，我可以說——我的意思是，在第一季度，我們在 39% 的範圍內，我們的價格上漲將——貢獻了改進不到一半。

Okay.

好的。

My follow-up is on Automotive.

我的後續行動是關於汽車的。

So I saw that you signed a supply agreement with Renault, and it looks like virtually all the other OEMs, automotive OEMs are now in-sourcing the inverter.

所以我看到你與雷諾簽署了供應協議，看起來幾乎所有其他 OEM、汽車 OEM 現在都在採購逆變器。

Asked that question last quarter and I think you told me that, Jean-Marc, the Tier 1s were your main customers, which I appreciate.

上個季度問了這個問題，我想你告訴我，Jean-Marc，Tier 1 是你的主要客戶，我很感激。

It looks like the Tier 1, at least some of them, are going to get squeezed out in the transition to electrical vehicles.

看起來，Tier 1，至少其中一些，將在向電動汽車的過渡中被擠出。

I just wondered who's going to take the gross margin of those Tier 1s?

我只是想知道誰會拿走這些第一層的毛利率？

Is it equally split between the automotive OEMs and yourselves?

汽車原始設備製造商和您自己之間是否平分秋色？

Or do you feel that your engineering capabilities are going to warrant better pricing power?

還是您認為您的工程能力將保證更好的定價能力？

And is that part of the reason effectively why you feel confident now to sign long-term contracts with some of your customers that are nonconsiderable, reasonably firm pricing, if I quote what you just said?

如果我引用你剛才所說的話，這是否是你現在有信心與一些客戶簽訂長期合同的有效原因？

Here, I think the automotive industry, for sure, is facing 2 major transformation.

在這裡，我認為汽車行業肯定面臨著兩大轉變。

Well, there is one transformation which is well known, which is the one related to the electrification.

嗯，有一個眾所周知的轉變，就是與電氣化有關的轉變。

Clearly, with more and more battery-based electrical vehicles, where here, clearly, the powertrain and what is around the power cell is totally different, okay?

顯然，隨著越來越多的基於電池的電動汽車，在這裡，很明顯，動力系統和電池周圍的東西是完全不同的，好嗎？

So -- and the sourcing of the electronic subsystems, the business model related to the electronic subsystem are really -- could be really different, okay?

所以 - 電子子系統的採購，與電子子系統相關的商業模式真的 - 可能真的不同，好嗎？

And here, one very great example is a model of Tesla.

在這裡，一個很好的例子是特斯拉的模型。

Now, the other transformation that now the automotive industry is doing -- but here, I cannot comment too much because we are not used to comment our customers', let's say, plans and action.

現在，汽車行業正在做的另一個轉變——但在這裡，我不能評論太多，因為我們不習慣評論客戶的計劃和行動。

Yes, we will see in the future, let's say, some -- certainly some carmakers doing maybe more the software and the design of some electronic subsystem, and then will subcontract to AMS and will not subcontract the turnkey solution to Tier 1. But we are convinced the Tier 1, let's say, model will remain.

是的，我們將在未來看到，比方說，一些——當然一些汽車製造商可能會做更多的軟件和一些電子子系統的設計，然後將分包給 AMS，並且不會將交鑰匙解決方案分包給第 1 層。但我們確信第 1 層，比方說，模型將保留。

So that's the reason why.

所以這就是原因。

For us, what is important for the short term to do and for the long term to do, first, the short term is to supply them fairly and properly in full respect of the Tier 1, which are our customers.

對我們來說，重要的是短期和長期要做的事情，首先，短期是在充分尊重我們的客戶的第 1 層公平和適當地供應他們。

When you are a carmaker making its own system, they address us straight, this is an example of Tesla, as an example.

當你是一家製造自己的系統的汽車製造商時，他們直截了當地對我們說，這是特斯拉的一個例子，作為一個例子。

And for the long term, ST to develop, let's say, a technology package and module to enable this transformation.

從長遠來看，意法半導體將開發一個技術包和模塊來實現這種轉變。

And here, we have to say we have both cooperation.

在這裡，我們不得不說我們都有合作。

We have cooperation where we work on platform with Tier 1 and the most well-known one, and we have example of cooperation like the one of Renault we have announced.

我們有合作，我們在平台上與一級和最知名的平台合作，我們有合作的例子，比如我們宣布的雷諾。

So we are, let's say, convinced that in the future, you will see dual agreed or complementary model living together.

因此，比方說，我們確信，在未來，你會看到雙方同意或互補的模式共同生活。

But more than that, I cannot comment on my customer.

但更重要的是，我無法評論我的客戶。

Can I squeeze in a quick one on silicon carbide?

我可以在碳化矽上快速擠一個嗎？

The 8-inch substrate announcement, can you just clarify when you expect the volume production for that product?

關於 8 英寸基板公告，您能否澄清一下您預計該產品何時量產？

And what could be the impact on gross margin if and when you ramp that, that would be great?

如果以及當您提高毛利率時，這會對毛利率產生什麼影響，那會很棒嗎？

And congrats on this, by the way.

順便說一句，祝賀這一點。

Thank you for the congrats.

謝謝你的祝賀。

Okay, now, we will have to move to mass production.

好的，現在，我們將不得不轉向大規模生產。

So we will move to mass production when our own fab will be, let's say, set up in Catania.

因此，當我們自己的工廠（比方說，在卡塔尼亞建立）時，我們將轉向大規模生產。

So this one will be done end of 2023, 2024.

所以這一項將在 2023 年底、2024 年底完成。

But we will start on 8-inch before and mainly sourcing from Cree.

但我們將在 8 英寸之前開始，主要從 Cree 採購。

And we will start on diodes next year and we will start on transistor in 2023.

我們將在明年開始研究二極管，我們將在 2023 年開始研究晶體管。

And then, we will source internally, transferring this 200-millimeter technology to our Catania infrastructure when it will be ready.

然後，我們將在內部採購，在準備就緒時將這種 200 毫米技術轉移到我們的卡塔尼亞基礎設施。

And in Catania, we will have a mix between 150-millimeter and 200-millimeter because it will time take to have everything converted to 200 millimeter.

在卡塔尼亞，我們將混合使用 150 毫米和 200 毫米，因為將所有東西都轉換為 200 毫米需要時間。

More then about the contribution of 200-millimeter to gross margin, well, in semiconductor, the usual leverage for cost improvement is wafer size increase, so 200-millimeter.

更多關於 200 毫米對毛利率的貢獻，嗯，在半導體中，成本改善的通常槓桿是晶圓尺寸的增加，所以 200 毫米。

It is a die shrink.

這是一個模具收縮。

So our fourth generation of transistor device we are developing will shrink our transistor.

所以我們正在開發的第四代晶體管器件將縮小我們的晶體管。

And then you work on the design on modules.

然後你在模塊上進行設計。

And here on modules, we are optimizing our design for custom design solution.

在模塊上，我們正在優化定制設計解決方案的設計。

And we are working in cooperation with important module maker also to decrease the cost.

我們正在與重要的模塊製造商合作以降低成本。

But I cannot tell you the detailed percentage of the contribution of the gross margin to silicon carbide.

但我不能告訴你毛利率對碳化矽的貢獻的詳細百分比。

But I confirm to you our cost reduction program for silicon carbide is very strong.

但我向您確認，我們的碳化矽成本降低計劃非常強大。

So we have now -- it was a very long question, very interesting.

所以我們現在 - 這是一個非常長的問題，非常有趣。

So unfortunately, we have now time only for one more question, the last one.

所以不幸的是，我們現在只有時間再回答一個問題，最後一個問題。

The last question comes from the line of Amit Harchandani from Citi.

最後一個問題來自花旗的 Amit Harchandani。

Amit Harchandani from Citi.

花旗銀行的 Amit Harchandani。

If you don't mind me squeezing in 2. The first question is really with regards to the semiconductor cycle, a lot of debate in the industry on peak cycle fears.

如果你不介意我擠進去 2。第一個問題實際上是關於半導體週期的，業界對峰值週期的擔憂存在很多爭論。

But based on inventory comments, pricing comments, your visibility, why shouldn't we think of ST growing double digit next year purely based on some of the numbers you've given out there?

但是基於庫存評論、定價評論、你的知名度，我們為什麼不認為 ST 明年增長兩位數，完全基於你給出的一些數字呢？

So your perspective on the semiconductor cycle and any thoughts on growth visibility into next year?

那麼您對半導體週期的看法以及對明年增長可見性的任何想法？

And secondly, if I may, a lot of debate also about 3D sensing.

其次，如果可以的話，還有很多關於 3D 傳感的爭論。

You've been a key player in the industry.

你一直是這個行業的關鍵人物。

There's talk of technological changes there.

那裡談論技術變革。

Could you give us a sense for visibility on your engaged programs?

您能否讓我們了解您參與的計劃的可見性？

I think in the past, you've talked about a 3-year visibility.

我認為在過去，您談到了 3 年的知名度。

So any thoughts on 3D sensing, where you stand today?

那麼，您對 3D 傳感有什麼想法嗎？

The first question is about?

第一個問題是關於？

About the cycle and the visibility we can get whether there is a debate on peak cycle or this kind of thing.

關於週期和可見性，我們可以得到是否存在關於高峰週期或此類事情的爭論。

So it may be difficult to answer on the cycle itself, but the visibility of ST growth in fiscal year '22 as of today, in this is concept of...

因此，可能很難就週期本身做出回答，但截至今天，22 財年 ST 增長的可見性，這是...的概念

No, this is what I said a few minutes ago.

不，這是我幾分鐘前所說的。

Today, we have a coverage in term of backlog with -- basically this year is 30% above our maximum capacity plan.

今天，我們在積壓方面有了覆蓋——基本上今年比我們的最大產能計劃高出 30%。

And with an increase of our material increase of our capacity next year, the backlog already fully covered, okay?

而且隨著我們明年產能的實質性增加，積壓已經完全解決了，好嗎？

And more and more, you have a nonconsiderable order.

越來越多，你有一個微不足道的訂單。

Well, it is simply due to the fact that there is an acknowledgment of the electronic industry that the capacity limitation and what we classify as semiconductor shortage will last next year, up to next year minimum.

嗯，這僅僅是因為電子行業承認產能限制和我們歸類為半導體短缺的情況將持續到明年，至少到明年。

Especially on the [onboard] electronics, where you have, let's say, specialty technology from 0.35 micron to 28-nanometer.

尤其是在 [機載] 電子設備上，比方說，您擁有從 0.35 微米到 28 納米的專業技術。

We know that all this technology and capacity, related capacity are very saturated and will be saturated for next year as well.

我們知道所有這些技術和產能，相關產能都非常飽和，明年也將飽和。

So that's the reason why, okay, no customer acknowledge it and put orders properly, let's say, on plan.

所以這就是為什麼沒有客戶承認並正確下訂單的原因，比如說，按計劃。

So we consider the visibility is unprecedented, and the booking is really consistent with this effect.

所以我們認為能見度是前所未有的，而預訂確實符合這個效果。

This is what we can say.

這是我們可以說的。

Again, we monitor the inventories in the supply chain through our distribution channel.

同樣，我們通過我們的分銷渠道監控供應鏈中的庫存。

And I confirm to you that whatever are the geographies, whatever are the product group, this inventory are very lean.

我向你確認，無論是什麼地區，無論是什麼產品組，這個庫存都非常精簡。

The inventory turn is incredibly high.

庫存周轉率非常高。

There is consistent growth between what we supply to distributor and what they sell.

我們提供給分銷商的產品與他們銷售的產品之間存在持續增長。

So there is absolutely, no, let's say, indication of visibility, which decline or something like that.

所以絕對沒有，比方說，可見性的跡象，會下降或類似的東西。

So this is what I can say about the visibility.

所以這就是我可以說的關於可見性的內容。

About, let's say, Face ID, I can simply repeat what I say.

關於，比方說，Face ID，我可以簡單地重複我說的話。

You know this is a complex system.

你知道這是一個複雜的系統。

This is -- you have software, it was very complex software in you have a hardware, let's say, which are custom design component.

這是 - 你有軟件，這是非常複雜的軟件，你有一個硬件，比方說，這是定制設計組件。

And here, we have a visibility, 3 years ahead of what is happening.

在這裡，我們有一個可見性，比正在發生的事情提前 3 年。

And that's the reason why we are, let's say, comfortable with what I say for 2021, and we have a very good visibility for 2022 and onward.

這就是為什麼我們對我對 2021 年所說的話感到滿意的原因，並且我們對 2022 年及以後有很好的能見度。

But more than that, I cannot comment.

但除此之外，我無法評論。

Thank you very much, Amit.

非常感謝，阿米特。

And this will conclude the session for today.

今天的會議到此結束。

Thank you.

謝謝你。

Thank you very much.

非常感謝你。

Thank you very much.

非常感謝你。

Ladies and gentlemen, the conference is now over.

女士們，先生們，會議到此結束。

Thank you for choosing Chorus Call, and thank you for participating in the conference.

感謝您選擇 Chorus Call，感謝您參加會議。

You may now disconnect your lines.

您現在可以斷開線路。

Goodbye.

再見。