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. I'm Andre, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2021 年第二季財報電話會議暨線上直播。我是 Chorus Call 的接線員 Andre。（接線員指示）本次會議將被錄音。（接線員指示）本次會議不得為出版或廣播目的而錄音。

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

現在，我很榮幸將會議交給集團副總裁、投資人關係主管 Celine Berthier。女士，請開始。

Thank you, Andre. Good morning. Thank you, everyone, for joining our second quarter 2021 financial results conference call. Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President of Finance, Infrastructure and Services and Chief Financial Officer; Marco Cassis, President of Sales, Marketing, Communications and Strategy Development.

謝謝你，Andre。各位早安。感謝各位參加我們 2021 年第二季財務結果電話會議。今天由 ST 總裁暨執行長 Jean-Marc Chery 主持本次會議。與 Jean-Marc 一同出席的還有：財務、基礎建設與服務總裁暨財務長 Lorenzo Grandi；以及銷售、行銷、傳播與策略發展總裁 Marco Cassis。

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

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

This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the result this morning and also in the most recent regulatory filings for a full description of these risk factors. (Operator Instructions)

本次會議將包含前瞻性陳述，涉及可能導致 ST 的結果與管理層預期與計畫出現重大差異的風險因素。我們建議您查閱今日上午隨同財報新聞稿發布的「安全港」聲明，以及最新的監管申報文件，以完整了解這些風險因素。（接線員指示）

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

現在我將把電話會議交給 ST 總裁暨執行長 Jean-Marc。

So thank you, Celine. Good morning, everybody, and thank you for joining ST for our Q2 2021 earnings conference call. Let me begin with some opening comments starting with Q2.

謝謝你，Celine。各位早安，感謝各位參加 ST 2021 年第二季財報電話會議。我先從第二季開始做一些開場說明。

Net revenues and gross margin came in at the high end of our business outlook range, driven by continued strong demand globally. Year-over-year, net revenues grew 43.4% to $2.99 billion. Our gross margin of 40.5% and operating margin of 16.3% improved from 35% and 5.1%, respectively. Our net income rose to $412 million. On a sequential basis, net revenues decreased 0.8% due to the normal seasonality in Personal Electronics.

在全球持續強勁需求的帶動下，淨營收與毛利率落在我們業務展望區間的高端。與去年同期相比，淨營收成長 43.4% 至 29.9 億美元。毛利率 40.5% 與營業利益率 16.3%，分別較去年的 35% 與 5.1% 改善。淨利提升至 4.12 億美元。以季比來看，由於個人電子產品的正常季節性因素，淨營收下滑 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. H1 operating margin was 15.5% and net income was $776 million.

2021 年上半年（H1），淨營收年增 39.1% 至 60.1 億美元，成長來自所有產品群組，唯獨射頻通訊（Radio Frequency Communications）子群組除外。上半年營業利益率為 15.5%，淨利為 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. Gross margin is expected to be about 41% at the midpoint.

針對 2021 年第三季（Q3），以我們展望的中點來看，預期第三季淨營收約 32 億美元，年增 20%，季增 7%。毛利率在中點預期約為 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. This growth is expected to be driven by strong dynamics in all the end markets we address and our engaged customer programs. We also now plan to invest about $2.1 billion in CapEx to support the strong market demand and our strategic initiatives.

針對 2021 全年，我們現在將以全年淨營收約 125 億美元（正負 1 億美元）的計畫來推動公司營運；以中點計算，年增 22.3%，高於先前計畫中點 18.4% 的成長。此成長預期將由我們所服務的所有終端市場的強勁動能，以及我們積極投入的客戶專案所帶動。我們也規劃將資本支出（CapEx）投資約 21 億美元，以支援強勁的市場需求與我們的策略性計畫。

Now let's move to a detailed review of the second quarter. 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. Year-over-year sales to OEMs increased 38.4% and 53.1% into distribution. On a sequential basis, net revenues decreased 0.8%, but were 300 basis points above the midpoint of our outlook. ADG and MDG reported increase in net revenues on a sequential basis, while AMS decreased.

接下來我們更詳細回顧第二季。淨營收年增 43.4%，三大產品群組與所有子群組的銷售均增加；如預期，射頻通訊子群組除外。年增來看，對 OEM 的銷售成長 38.4%，透過通路（distribution）的銷售成長 53.1%。以季比來看，淨營收下滑 0.8%，但仍較我們展望中點高出 300 個基點。ADG 與 MDG 的淨營收季比成長，而 AMS 則下滑。

Gross profit was 1.1 -- $1.21 billion, sorry, increasing 66.1% on a year-over-year basis. 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. These positive drivers were partially offset by negative currency effects net of hedging.

毛利為 1.1 -- 抱歉，是 12.1 億美元，年增 66.1%。毛利率年增 550 個基點至 40.5%，主要受惠於我們晶圓廠（fab）產能完全飽和（相較去年因卸載費用水準較高）、製造效率提升、有利的定價以及產品組合改善。上述正面因素部分被扣除避險後的匯率不利影響所抵銷。

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.

第二季毛利率較我們指引中點高出 100 個基點，主要歸功於更有利的定價與產品組合改善。

Second quarter operating margin increased to 16.3% from 5.1% in Q2 2020 with improvements in all 3 product groups. Net operating expenses were $725 million. Net income increased to $412 million from $90 million in Q2 2020. And our diluted earnings per share were $0.44.

第二季營業利益率由 2020 年第二季的 5.1% 提升至 16.3%，三大產品群組皆有改善。淨營業費用為 7.25 億美元。淨利由 2020 年第二季的 9,000 萬美元增加至 4.12 億美元。稀釋後每股盈餘為 0.44 美元。

Looking at the year-over-year performance. All product groups registered double the growth. ADG revenues increased 48.2% on growth in both Automotive and in Power Discrete. AMS revenues increased 62.3% on higher Analog, MEMS and Imaging product sales. MDG revenues increased 22.3% on growth in Microcontrollers, partially offset by the expected decline in Radio Frequency Communication.

觀察年增表現。所有產品群組皆呈現雙位數成長。ADG 營收成長 48.2%，來自汽車與功率分離元件（Power Discrete）雙雙成長。AMS 營收成長 62.3%，受惠於類比、MEMS 與影像產品銷售增加。MDG 營收成長 22.3%，主要由微控制器成長帶動，但部分被如預期的射頻通訊下滑所抵銷。

By product group, on a year-over-year basis, all product groups showed improvement in operating margin. ADG operating margin increased to 9.5% from 2.3%. AMS operating margin increased to 18.6% from 9%. And MDG operating margin increased to 22.9% from 15.9%.

以產品群組來看，年增基礎下所有產品群組的營業利益率皆改善。ADG 營業利益率由 2.3% 提升至 9.5%。AMS 營業利益率由 9% 提升至 18.6%。MDG 營業利益率由 15.9% 提升至 22.9%。

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

第二季營運活動產生的淨現金增加至 6.02 億美元，去年同期為 3.87 億美元。自由現金流增加至 1.25 億美元，去年同期為 2,800 萬美元；資本支出為 4.38 億美元，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. 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.

第二季期間，我們向股東支付 5,200 萬美元現金股利，並執行 1.56 億美元庫藏股回購，完成我們於 2018 年啟動的 7.5 億美元股票回購計畫。2021 年 7 月 1 日，我們宣布啟動新的股票回購計畫，規模最高達 10.4 億美元，將於 3 年期間內執行。

Our net financial position was $1.08 billion at July 3, 2021, compared to $1.19 billion at April 3, 2021. It reflected total liquidity of $4.25 billion and total financial debt of $3.17 billion. During Q2, we exercised the call option for the early redemption of our 2024 Tranche B convertible bond issued in 2017. The settlement of the $750 million principal amount bond is expected to be completed in Q3.

截至 2021 年 7 月 3 日，我們的淨財務部位為 10.8 億美元，較 2021 年 4 月 3 日的 11.9 億美元下降。其中反映總流動性 42.5 億美元，以及總金融負債 31.7 億美元。第二季期間，我們行使買回選擇權（call option），以提前贖回我們於 2017 年發行的 2024 年 B 期可轉換公司債。該本金 7.5 億美元債券的交割預期將於第三季完成。

Let's now discuss the market and business dynamics. During the second quarter, we were again operating with a backdrop of strong demand, stretching the global supply chain. We have continued to work closely with our customers across all verticals and channels to adapt to this difficult allocation situation. At the same time, we were and are optimizing our investments to increase our manufacturing capacity.

現在讓我們討論市場與業務動態。在第二季，我們再次在強勁需求的背景下營運，全球供應鏈因此承受壓力。我們持續與各垂直領域與各通路的客戶緊密合作，以因應這個艱難的配額分配情況。同時，我們一直並且仍在最佳化投資，以提升我們的製造產能。

COVID-19 continues to be a challenge for the world. 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. 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. Due to this situation, we recently temporarily closed our assembly plant in Muar, Malaysia. Following approval from the authorities, we resume operations after 11 days of closure.

COVID-19 仍持續對全球構成挑戰。在第二季，我們看到新變異株擴散，特別是在我們營運所在的部分亞洲國家，例如先前的印度，以及近期的馬來西亞。在這段期間，我們特別關心並全力支持在馬來西亞遭此波疫情嚴重衝擊的同事及其家人。由於此情況，我們近期暫時關閉了位於馬來西亞麻坡（Muar）的組裝廠。在獲得主管機關核准後，我們於停工 11 天後恢復營運。

Moving to Automotive vertical. Bookings remained strong in the second quarter with demand still well above our current and planned manufacturing capacity. Bookings now cover about 18 months of demand, and we are working on allocating our planned capacity for next year. Our customer activity related to the long-term trend of electrification and digitalization continue to be strong in Q2.

接著談汽車垂直領域。第二季接單維持強勁，需求仍遠高於我們目前及規劃中的製造產能。目前接單已涵蓋約 18 個月的需求，我們正著手分配明年的規劃產能。與電動化與數位化長期趨勢相關的客戶活動在第二季仍然強勁。

In car electrification first. We added to our list of design wins for silicon carbide devices in applications such as DC-DC converters and onboard chargers. We announced a strategic cooperation with the Renault Group to supply advanced power semiconductors for electric and hybrid vehicles. 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.

先談車用電動化。我們在 DC-DC 轉換器與車載充電器等應用中，新增了碳化矽元件的設計導入（design win）。我們宣布與雷諾集團（Renault Group）展開策略合作，供應用於電動與混合動力車的先進功率半導體。作為關鍵創新合作夥伴，ST 將在 2026 至 2030 年間受惠於這些功率模組與寬能隙功率電晶體的可觀出貨量。

Overall, our silicon carbide engagements increased again during the quarter, now with 81 ongoing programs equally split between Industrial and Automotive with 68 customers. Our strong pipeline of design wins continues to support well our target of $1 billion of silicon carbide revenues by 2025. 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.

整體而言，我們的碳化矽合作案在本季再度增加，目前共有 81 個進行中的專案，工業與汽車各占一半，涵蓋 68 家客戶。我們強勁的設計導入管線持續有力支持我們在 2025 年達成碳化矽營收 10 億美元的目標。我們正依計畫推進碳化矽製造投資，目標是相較 2017 年將前段產能提升 10 倍，並在 2024 年前使 40% 的基板需求由內部供應。

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. 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.

我們正在新加坡工廠提升產量，而在本週稍早也宣布，我們已在瑞典據點製造出首批 200 毫米碳化矽晶圓，這是我們產能提升計畫中的關鍵一步。我們也投資擴增 SiC 產品的內部後段製造產能，包含擴建摩洛哥 Bouskoura 據點，並與中國深圳工廠同步推進。

We are maintaining our technology lead in silicon carbide, ramping in high volume our third generation transistors for multiple automotive customers globally. This represents a major improvement in performance and in competitiveness versus the previous generation. We are also progressing on our next-generation transistor design in line with our plan.

我們持續維持在碳化矽的技術領先地位，並正為全球多家汽車客戶量產導入第三代電晶體。相較前一代，這在效能與競爭力上都有重大提升。我們也依照計畫推進下一代電晶體設計。

We are taking steps to accelerate our 300-millimeter [fab] strategy. We produced in Crolles our first IGBT 300-millimeter wafer lot for engineering qualification. This technology will be transferred to Agrate R3 with production ramp-up as soon as the fab is ready.

我們正採取措施加速 300 毫米（12 吋）晶圓廠策略。我們已在 Crolles 生產首批用於工程認證的 IGBT 300 毫米晶圓批次。待晶圓廠就緒後，該技術將移轉至 Agrate R3，並儘快展開量產爬坡。

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

再談電動車設計的其他互補技術，我們在多家車廠取得多項勝出案。其中包括用於電動化子系統的高、低電壓 MOSFET；用於馬達控制與車身控制模組的 VIPower 產品；用於 IGBT 逆變器的 32 位元微控制器；以及用於電動車配電的電子保險絲技術。

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

接著談車用數位化。我們聚焦於駕駛輔助與自動駕駛、V2X 通訊，以及支援新車用架構的車載處理解決方案等技術與方案。本季我們宣布在下一代車用 MCU 家族（稱為 Stellar）新增產品，提供可擴充的整合式處理平台，以支援先進車用電子。此外，在車用感測器業務方面，我們以動作感測器在 GNSS 模組與導航單元、車聯網（telematics）、資訊娛樂系統以及車鑰匙（key fob）等多個應用中取得多個設計導入。

Let's move now to Industrial. During Q2 demand, we are also very strong in [high] and consumer industrial, both as distributors and OEMs. 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.

現在轉到工業領域。第二季需求同樣非常強勁，涵蓋（高端）與消費性工業市場，無論是經銷商端或 OEM 端皆然。工廠自動化仍是主要需求驅動因素之一，此外還包括電動工具、家電、運動控制與電力相關應用（含再生能源）。

Inventories of our products at distributors continue to be lean across all product families with high inventory turns. Point of sales remained strong in the second quarter across all products and all geographies. 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.

經銷商端的我們產品庫存持續精實，涵蓋所有產品系列，庫存周轉率維持高檔。第二季在所有產品與所有地區的銷售點（POS）表現仍然強勁。在工業終端市場方面，我們的一般用途與安全 MCU、電源與能源管理解決方案，以及感測器與類比產品，皆有大量應用導入。

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. During the quarter, we took an important step. We acquired Cartesiam, a company specialized in software-enabling artificial intelligence on the edge.

在嵌入式處理方面，我們持續透過擴展 STM32 產品家族來強化領導地位，特別聚焦於無線連線、安全性與人工智慧。本季我們邁出重要一步。我們收購了 Cartesiam，該公司專精於在邊緣端以軟體實現人工智慧。

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

將其機器學習技術納入 ST 現有解決方案後，將可提供市場上最佳的邊緣人工智慧解決方案產品組合。本季我們的 STM32 產品取得多項設計導入，我想僅舉一例：在家用安防無人機中，我們導入了多項產品。

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

我們在工業領域的第二項目標，是擴展電源能源管理。在此方面，我們以 Power Discrete 產品組合取得多項勝出案，例如再次以碳化矽電晶體與模組，以及高、低電壓矽 MOSFET 與 IGBT 取得訂單。這些應用涵蓋太陽能逆變器、儲能、充電基礎設施、工業電源供應器、電源轉接器、家電，最後還包括空調與照明。

Our third objective is to accelerate our growth in analog and sensor for Industrial. 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. We also continue to win business in sensors for industrial applications. One win I would like to mention is for circuit breaker products from a major player with a low-power, industrial-grade accelerometer.

第三項目標是加速我們在工業用類比與感測器的成長。本季我們的類比產品在多個新設計中獲得採用，並在運動控制、智慧電網、工廠自動化與家電等應用中取得獎項。我們也持續在工業應用的感測器領域贏得業務。其中一項我想提及的勝出案，是為某主要業者的斷路器產品提供低功耗、工業級加速度計。

Moving now to Personal Electronics market. 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.

接著談個人電子市場。我們看到與第一季相同的趨勢：智慧型手機與其他連網裝置需求強勁，包括穿戴式裝置、平板、助聽式耳機（hearables）、真無線立體聲耳機以及遊戲主機。

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. 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.

在個人電子方面，我們持續推進兩項策略目標：第一，在特定高出貨量的智慧型手機應用中，以差異化產品與客製化解決方案取得領先。第二季，我們在旗艦機種中取得多個設計導入，包括動作感測器、多區域飛時測距（ToF）感測器（用於雷射自動對焦）、無線充電產品、觸控顯示控制器，以及安全解決方案，例如嵌入式 SIM（eSIM）與具近場通訊（NFC）的安全元件（Secure Element）。

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

我們的第二個目標是運用我們廣泛的產品組合來切入高出貨量應用，包括穿戴式裝置。在這裡，我們在各式飛行、動作與環境感測器方面取得多項勝利，包括新一代防水壓力感測器，以及類比與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. Here, we achieved key design wins and production launch for projects with multiple customers in different application. 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.

我們的 60GHz 收發器產品（用於極高速的非接觸式資料傳輸），也就是知名的 ST60，正逐步獲得市場動能。在此，我們在不同應用領域、面向多家客戶的專案中，取得關鍵設計導入並啟動量產。我們也推進了以雷射掃描為基礎的擴增實境解決方案，並與雷射驅動器 ASIC 的領先業者簽署開發協議，將用於下一代智慧眼鏡。

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

在通訊設備、電腦與周邊領域，我們持續看到 5G 相關產品的採用，以及需求維持強勁，特別是在筆記型電腦與 Chromebook。我們也看到多個國家啟動了低地球軌道衛星計畫。

We have 3 strategic objectives in our approach to this end market. One is to address selected application in cellular and satellite communication infrastructure. In this area, we received multiple RF-SOI front-end module awards, as well as several RF ASIC projects for telecommunication infrastructure. 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.

針對這個終端市場，我們的策略有三個目標。其一是鎖定行動通訊與衛星通訊基礎設施中的特定應用。在此領域，我們獲得多項 RF-SOI 前端模組獎項，以及多個用於電信基礎設施的 RF ASIC 專案。我們也開始為某衛星系統領導廠商的用戶終端，量產第二代 RF 前端 IC。

Our other objectives are to address selected high-volume application with differentiated products or custom solutions while leveraging our broad portfolio. Our wins here include time-of-flight and motion sensors for laptops and tablets, as well as many general purpose MCU design-ins. We also ramped production of our global shutter image sensor for a computer vision application at a major OEM. 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.

我們的其他目標，是在運用廣泛產品組合的同時，以差異化產品或客製化解決方案切入特定高出貨量應用。我們在此的成果包括用於筆電與平板的飛時（time-of-flight）與動作感測器，以及多項通用型 MCU 的設計導入。我們也在一家主要 OEM 的電腦視覺應用中，提升了我們全域快門影像感測器的量產爬坡。此外，在與一家領先印刷公司歷經多年開發後，我們也提升了首款由 ST 設計、採用壓電 MEMS 的噴墨列印頭在商用噴墨印表機中的量產爬坡。

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

現在我們來討論第三季展望。第三季以中位數來看，我們預期淨營收約為 32 億美元，分別代表年增 20% 與季增 7%。毛利率預期約為 41%，分別代表年增 500 個基點與季增 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. This plan will translate into year-over-year growth of 22.3% at the midpoint. Drivers of this expected growth are the continued strong dynamics in all the end markets we address and our engaged customer programs.

就全年來看，我們現在規劃以 2021 年淨營收 125 億美元（正負 1 億美元）為基礎來推動公司。此規劃在中位數下，將轉化為年增 22.3%。這項預期成長的驅動因素，是我們所涵蓋的所有終端市場持續強勁的動能，以及我們已投入的客戶專案。

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. It will also support our strategic manufacturing initiative, such as our Agrate 300-millimeter fab. We recently announced that we are bringing Tower Semiconductor onboard to accelerate the ramp-up to large volume and scale.

我們更新後的 2021 年資本支出（CapEx）計畫約為 21 億美元，將有助於提升製造產能，以持續支援客戶強勁的全球需求。同時也將支援我們的策略性製造計畫，例如 Agrate 的 300 毫米晶圓廠。我們近期宣布引入 Tower Semiconductor 加入，以加速提升至大批量與規模化的爬坡。

To conclude, in the second quarter, our net revenues and gross margin came in at the high end of our business outlook range. We also maintain our financial strength as demonstrated by our operating profitability and cash flow generation.

總結來說，第二季我們的淨營收與毛利率都落在我們業務展望區間的高端。我們也維持財務實力，這可由我們的營運獲利能力與現金流創造能力所證明。

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. This growth stems from the expected continuation of strong dynamics in all the end markets we address and our engaged customer programs. We will continue to focus on our customers, adapting our supply chain to support the current strong demand and to fuel longer-term growth.

針對 2021 全年，我們以淨營收 125 億美元（正負 1 億美元）的計畫來推動公司。此成長來自於我們所涵蓋的所有終端市場預期將持續維持強勁動能，以及我們已投入的客戶專案。我們將持續以客戶為核心，調整供應鏈以支援目前強勁需求，並推動更長期的成長。

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

謝謝，我們現在準備回答各位的問題。

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

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

Just firstly on your revenue guidance upgrade, could you help us understand if this is mostly driven by pricing or volume? Or is it really both? And then as a point of detail, at what point do you expect the RF business to return to growth within MDG? And again on this division, what explains the strong margins? Is it mostly microcontrollers pricing or anything else at play here?

首先關於你們上調營收指引，能否協助我們理解這主要是由價格還是出貨量所驅動？或者其實兩者都有？另外一個細節問題，在 MDG 之內，你們預期 RF 業務何時會恢復成長？再者，同樣在這個事業部，強勁的利潤率是由什麼因素所致？主要是微控制器的定價，還是還有其他因素在發揮作用？

Thank you for your questions. So Lorenzo will answer.

謝謝你的提問。接下來由 Lorenzo 回答。

Thank you, Jean-Marc. Thank you, and good morning to everybody. About our guidance on the revenues, yes, we have increased in respect to the previous visibility. How it comes this increase? Well, I have to say that it's a combination. It's a combination definitely of volumes, there is more volumes that we see. You will see also that our gross margin is improving. And here, we have a positive efficiency from our manufacturing machine. Of course, we are trying to get as much -- the maximum that we can get from the investment that we are doing. So this will translate also in a little bit higher volumes that will help.

謝謝你，Jean-Marc。謝謝，各位早安。關於我們的營收指引，是的，相較於先前的能見度我們已經上調。這個上調是怎麼來的？我必須說這是多項因素的組合。確實是出貨量的組合，我們看到的出貨量更多。你們也會看到我們的毛利率正在改善。在這裡，我們的製造設備效率帶來正面效益。當然，我們正努力從正在進行的投資中取得盡可能多、也就是最大的效益。因此這也會轉化為略高的出貨量，並帶來幫助。

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

而且確實，我們也正處於一個定價環境略優於原先預期的情況。這兩項因素的組合，正是讓我們得以上調指引的原因；同時，對於某些已投入的客戶產品，我們也有更好的能見度——在目前階段，我們看到其落地的程度略高於幾個月前我們所掌握的能見度。第二個問題是關於？

Radio frequency.

射頻。

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

啊，射頻。我們何時會看到射頻業務有所改善……

On the year.

在今年。

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. And definitely, our expectation is that next year, there will be a significant change in the trend on this subgroup. And we will see, let's say, with the engaged customer programs that we have, definitely an improvement in the revenues. But I would say that Q3 will be still a difficult quarter. Q4 we'll start to see, let's say, a significant improvement. And then the trend, there will be improvement trend all over the next year.

我們確實預期，從下一季的指引開始，射頻在營收方面就會有所改善。而且我們的預期是，明年這個子領域的趨勢將出現顯著變化。隨著我們已投入的客戶專案推進，我們肯定會看到營收改善。但我會說第三季仍會是艱難的一季。第四季我們將開始看到顯著改善。接著明年全年趨勢都會持續改善。

And MDG margin?

那 MDG 的利潤率呢？

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

MDG 的利潤率，也就是 MDG 營業利潤率強勁的原因。

MDG, let's say, is improving the margin, especially in the areas of microcontroller. We had a positive impact on the product mix, let's say, in this area, positive. 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. Of course, this is where we have increased and stability in term of pricing. This helped the market.

MDG 的利潤率正在改善，特別是在微控制器領域。在這個領域，我們的產品組合帶來正面影響。同時也得益於我們在該領域所處的良好定價環境所帶來的平衡。當然，這也是我們在定價方面有所提升並保持穩定的地方。這對市場有所幫助。

Then for sure, also, thanks to the fact that our microcontrollers are bringing more and more added value to our customers. And here, it's very visible also the return that we have done in our investment in R&D. And also, we started to see some return in our investment that we have done, let's say, in the new acquisitions. So at the end, this is where we were expecting, to have a good return, and these are materializing.

然後，當然也要感謝我們的微控制器為客戶帶來越來越多的附加價值。而且在這裡，我們在研發投資所帶來的回報也非常明顯。同時，我們也開始看到先前在新併購案上的投資回報。所以最終，這正是我們所期待能取得良好回報的地方，而這些回報正在逐步實現。

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. 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. 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. And I wonder if you might comment on that. Is it internal versus external supply that was imbalanced? 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?

各位，我想問一下你們部分事業部的季節性模式。你們某個大型客戶的一款旗艦產品，可能會如期推出，而不像去年有些延遲。但特別是，你們 AMS 事業部的季節性在你們剛公布的第二季結果中明顯、明顯強於去年同期的季節性表現。我想請你們評論一下這點。是內部供應與外部供應之間出現不平衡嗎？是否有不同的採購模式變化？以及我們在第三季展望中，應如何預期部分業務的季節性？

Thank you for your question. 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. 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. And as a matter of consequence, pushed out, let's say, program start. And the revenue in Q2 last year was really low.

謝謝你的提問。我在前幾次電話會議中已經先行提到，今年個人電子（Personal Electronic）的營收走勢會與去年相當不同。因為去年你知道，大約從二月到四月在亞洲，COVID 對許多活動造成很大影響，也延遲了一些專案開發。因此，某種程度上把專案啟動時間往後推遲。而去年第二季的營收確實非常低。

And when we entered in the year, I already announced that this year, we see a much better profile. 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. And of course, the vendor attached to this customer are benefiting of better seasonality this year in Q2 2021 versus last year.

而在我們進入今年時，我就已經宣布今年我們看到的走勢會好很多。此外，雖然我不評論客戶的、也就是說，業績與成功與否，但我想你們今年已經看到某位客戶的一項重大公告，表現超出預期。當然，與該客戶相關的供應商也因此在 2021 年第二季相較去年，受惠於更好的季節性。

Just as my follow-up question. Lorenzo, I mean, 41% gross margin. I guess, thinking about things up 5 full points year-over-year. Obviously, the unloading charges have gone away. 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?

作為我的追問。Lorenzo，我是說 41% 的毛利率。我想，年對年提升了整整 5 個百分點。顯然，卸載費用已經消失了。但往前看，當你們提高資本支出、增加更多產能、可能在晶圓代工廠取得更多產能，而且也有一些傳聞指出部分代工廠可能對客戶提高價格，你們如何看待未來毛利率的走勢，隨著業務成長會如何變化？

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

是的。所以我們預期下一季毛利率大約在 41% 的區間。我會說，我們的預期是在這個水準上，考量到我們晶圓廠的狀況、製造端滿載運轉，今年在這類水準上應該會保持穩定。最終，就全年而言，我們確實預期會略高於 40% 的毛利率，而第四季會延續我們在第三季看到的水準。

Moving forward, we do expect that we have all the ingredients to remain on this level of gross margin substantially. Of course, it will depend on the evolution of the market. But for the time being, let's say, we see the market very, very positive, continuing to be very strong moving forward. This is more or less what we can say about the level of gross margin.

往後看，我們確實預期我們具備所有要素，讓毛利率大致維持在這個水準。當然，這將取決於市場的演變。但就目前而言，我們看到市場非常、非常正向，未來仍將持續非常強勁。關於毛利率水準，我們大致能說的就是這些。

For this year.

就今年而言。

For this year, yes.

就今年而言，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? Basically, do you start to receive any substantial orders that will be ramped during 2022 in any specific verticals? And as a follow-up, on the OpEx side, how should we model the OpEx in Q3 and in Q4?

在一年中的這個時間點，你們對 2022 年有多高的能見度？基本上，你們是否已開始收到任何將在 2022 年放量（ramp）的重大訂單，集中在某些特定垂直領域？另外追問一下，在營業費用（OpEx）方面，我們應該如何建模第三季與第四季的 OpEx？

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

好的，謝謝。關於接單（order booking）的問題將由 Marco Cassis 回答，其他問題由 Lorenzo 回答。

Thank you very much for your question. Yes, in Q2, and this true across all the segments, we have seen our orders booking extending 18 months. So basically covering the whole 2022. And I have to say that the demand is higher than our capacity, our planned capacity. So we are working now to allocate the capacity for -- especially for the Automotive segment.

非常感謝你的提問。是的，在第二季，而且這在所有事業群都一樣，我們看到接單能見度已延伸到 18 個月。所以基本上涵蓋了整個 2022 年。我必須說，需求高於我們的產能、也就是我們規劃的產能。因此我們現在正著手分配產能——特別是汽車（Automotive）領域。

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. In Q2, we we're lending at the range of $725 million in the quarter for the expenses. We continue, let's say, to really push on our programs in R&D. We try, let's say, to accelerate our effort in this respect. 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. This is the current visibility that we have. 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.

就費用模型而言，我們——我談的是淨費用，也包含補助以及其他收入與費用。在第二季，我們的季度費用落在約 7.25 億美元的區間。我們持續、可以說，確實在研發計畫上加大推進力道。我們也嘗試在這方面加速投入。因此我對下半年預期是，我們每季費用將落在約 7.35 億到 7.40 億美元的區間。這是我們目前掌握的能見度。我會說，這——也就是說，對第三季當然如此；而且就全年來看，年底時的季度費用也會落在這個區間。

Just to complement the question about the coverage. 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. And it is covering above the full capacity we plan for next year already. And based on the capacity CapEx, we have this year and the CapEx we will, let's say, plan next year. So you see the coverage for 2021 and 2022 is very, very strong. 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.

補充一下關於覆蓋度（coverage）這個問題。如果你以我們手上客戶要求交期（requested date）的在手訂單（backlog）來看，基本上它覆蓋了我們今年規劃產能的 30% 以上。而且它也已經覆蓋了我們明年規劃的全部產能以上。這是基於我們今年的產能資本支出（CapEx），以及我們明年將、也就是說，規劃的 CapEx。所以你可以看到，2021 與 2022 的覆蓋度非常、非常強。當然，另外一個動態是，這樣的覆蓋度越來越多是由、也就是說，確定且不可取消的訂單所構成。

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

下一個問題來自 JPMorgan 的 Sandeep Deshpande。

Congratulations on good results this morning. I have a question on your Microcontroller business. 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. 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? And I have one quick follow-up.

恭喜你們今天早上公布了很好的業績。我有一個關於你們微控制器業務的問題。我的意思是，當你看你們的微控制器業務，從表面數字來看年對年成長非常強勁，尤其是你們也提到其中包含 RF，而 RF 年對年是下滑的。所以既然市場在說有短缺，而你們微控制器的供應可能年增達 30%，那麼是否存在供給過剩的風險，會比市場預期更早發生？我還有一個簡短的追問。

Here, again, what we are monitoring on microcontroller is really the consistent dynamic between the POS and POP. We monitor also the inventory level at a distributor clearly. And we are monitoring, let's say, the very spot market because we know it could happen. All this, let's say, KPI are on the green.

在這裡，同樣地，我們在微控制器上所監控的，確實是 POS 與 POP 之間一致的動態關係。我們也會清楚地監控經銷商端的庫存水位。另外，我們也在監控所謂的現貨市場，因為我們知道這種情況可能會發生。總之，這些 KPI 目前都在綠燈狀態。

So -- and they're on the green because for the time being, overall, there is a shortage, okay? Because microcontroller are basically using capacity either from 8-inch wafer fab on, let's say, 118-nanometer technology up to 130. Or massively, they are using 12-inch fab from 19-nanometer to 40-nanometer. And this capacity is fully saturated. So there is no risk of oversupply. And also simply because no new fab will be put on the market before a longer period of time, except [5 or 50].

所以——而之所以是綠燈，是因為就目前而言，整體上是短缺的，對吧？因為微控制器基本上使用的產能，來自 8 吋晶圓廠（例如 118 奈米到 130 奈米技術）。或者大量使用 12 吋晶圓廠（19 奈米到 40 奈米）。而這些產能已經完全飽和。因此不存在供給過剩的風險。此外，也很單純地因為在更長一段時間之前，不會有新的晶圓廠投放到市場上，除非是 [5 or 50]。

I mean my other question is regarding your CapEx. I mean you've raised CapEx again. Can you highlight where the spending is occurring from here? Is this to do with your particular programs with some customers? Or is this more general CapEx associated with your Agrate fab, et cetera?

我的另一個問題是關於你們的資本支出（CapEx）。你們又再次上調了 CapEx。你能說明一下接下來支出主要發生在哪些地方嗎？這是與你們和某些客戶的特定專案有關嗎？還是這比較屬於與你們 Agrate 晶圓廠等相關的一般性資本支出？

No, it's global capacity increase adaptation on test, on assembly and, yes, in a certain extent in wafer fab. Now part of the $2.1 billion of CapEx, pure capacity is about $1.4 billion, $1.5 billion.

不是，這是全球性的產能提升與調整，涵蓋測試、封裝組裝，並且在一定程度上也包括晶圓廠。目前 21 億美元的 CapEx 中，純粹用於產能的部分大約是 14 億到 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. 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. So my understanding was that there was no available capacities anywhere, neither or externally internally. So is it new capacity that you're building up that are arriving faster than expected? Or is it coming from foundries?

是的。第一個問題是，隨著你們上調 2021 全年銷售指引，你們基本上是把第四季看在大約 33 億美元左右，如果我沒算錯的話。但我的理解是，無論內部或外部，任何地方都沒有可用產能。所以這是你們正在建置的新產能，比預期更快到位嗎？還是來自晶圓代工廠？

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. 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.

第二個問題是，你們能否分享對 2022 年 CapEx 的看法？因為如你所說，今年的 CapEx 你們增加了 14 億到 15 億美元。所以如果明年也是同樣水準，那麼在目前條件下，2023 年達到 150 億美元目標似乎是有機會的，如果這樣推論正確的話。

In fact, okay, our capability, in fact, achieved $3.3 billion in Q4. 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. But from capacity perspective, it is $3.4 billion. Now our capability to go to $3.4 billion is related for the wafer fab side. To the CapEx we have injected in H1, taking into account the time you hook up equipment, you qualify them in one cycle time. Basically, we are enjoying the CapEx we had in H1 to support the revenue definitively of Q4.

事實上，好，我們的產能能力確實可以在第四季達到 33 億美元。而當你評估產能時，事實上，我們可以上看 34 億美元，因為我們提供了 1 億美元的區間，用來因應隨機事件。但從產能角度來看，是 34 億美元。我們能夠達到 34 億美元的能力，與晶圓廠端有關。也就是我們在上半年投入的 CapEx，考量到設備進場、掛機，以及在一個週期時間內完成認證。基本上，我們正在享受上半年 CapEx 的成果，來明確支撐第四季的營收。

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

我必須說，不幸的是，這部分被晶圓代工的承諾所抵銷，好嗎？我們在下半年會收到更少的晶圓，主要是我們——來自代工夥伴的一般用途元件，因為他們把更多產能分配給車用，我想你也知道整個車用市場的壓力。

Not our Automotive.

不是我們的車用。

But not our Automotive, unfortunately. So, no. 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.

但不幸的是，不是我們的車用。所以，不是。很明確地說，我們在下半年主要的成長能力來自內部製造；但在一段時間內——好，明年又是另一回事——會被下半年相較上半年、來自代工的供應量下降所抵銷。

And the 2022 CapEx?

那 2022 年的 CapEx 呢？

The 2022 CapEx, I will communicate on January. As usual, we are working on it. We are working on it. We are working closely with our equipment vendor because you know cycle time of equipment increase a lot. So this is something we are working on. And of course, we will communicate in due time.

2022 年的 CapEx，我會在一月對外溝通。照慣例，我們正在規劃中。我們正在規劃中。我們也正與設備供應商密切合作，因為你知道設備的交期大幅拉長。所以這是我們正在處理的事情。當然，我們會在適當的時間對外說明。

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

下一個問題來自 Barclays 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. Isn't your -- effectively, you already know what your maximum capacity for next year is given that -- given those lead times? Or do you feel like you've got -- is there still some flexibility with your equipment providers to actually upside that or not?

Jean-Marc，我想就剛才那個 CapEx 的問題追問一下，特別是展望明年、以及你提到設備端交期的情況下，產能擴張的可能性。由於這些設備必須在明年上半年安裝，才能讓你在 2022 年相對於目前計畫有一些上行空間。在這些交期限制下，你其實已經知道明年的最大產能會是多少了，不是嗎？還是你覺得——你們與設備供應商之間仍有一些彈性，可以把產能再往上調？

No, no, we have a clear view. First of all, we have, let's say, a clean room water fab expansion capability and where we can receive equipment. Well, first of all, we will -- it will be Agrate because we will start to receive equipment in Agrate end of this year. In Agrate, 300-millimeter will start to contribute to ST revenue by Q4 of next year 2022.

不，不，我們有很清楚的掌握。首先，我們有潔淨室晶圓廠擴建的能力，也知道在哪裡可以接收設備。嗯，首先會是 Agrate，因為我們會在今年底開始在 Agrate 接收設備。在 Agrate，300 毫米產線將在明年 2022 年第四季開始對 ST 的營收做出貢獻。

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. 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? So starting end of this year, we will be capable basically to increase the capacity of Crolles well above 9,000 wafer per week. So it will be, let's say, a very strong leverage to support the market we address.

接著我們也同步啟動——在我們於 12 月看到市場回升後，我們立刻決定擴建 Crolles。當我們與各位分享 Crolles 的製造策略時，我們有能力在 1 年內增加潔淨室的可用面積，並且非常快速地擴產，好嗎？因此從今年底開始，我們基本上就能把 Crolles 的產能提升到遠高於每週 9,000 片晶圓開工量（wafer per week）。所以這將會是非常強的槓桿，用來支撐我們所面向的市場。

We will fully saturate the 8-inch fab in Singapore. We bought 2, 3 years ago from Micron. So from a infrastructure point of view, we know exactly where we can add equipment, and we have booked all the slot. And so yes, I confirm to you the sales and operating plan of 2022 is well known. Now the challenge for us is allocation, how we allocate to verticals, region and customer. 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.

我們也會讓新加坡的 8 吋晶圓廠完全滿載。那是我們在 2、3 年前從 Micron 收購的。所以從基礎設施的角度，我們非常清楚可以在哪裡加裝設備，而且我們已經把所有的時段（slot）都預訂好了。因此，是的，我向你確認，2022 年的銷售與營運計畫是非常清楚的。現在對我們而言的挑戰是配給（allocation），也就是我們如何在不同垂直領域、區域與客戶之間分配。但從量的角度、技術群（technology cluster）、封裝群（package cluster）、製造據點、代工回饋來看，我們對明年有非常、可以說相當精準且有把握的掌握。

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

了解。如果我可以就你提到的 Crolles 再追問一下。你認為到今年底每週 9,000 片晶圓開工量，這是——我記得你在第一季時說你們當時……

Of next year, of next year.

明年，明年。

Next year. Okay. 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. Is that -- just given the time lines there, is that primarily on mass market distribution pricing? Can you comment perhaps on the difference between that versus your longer-term contracts? And how are those negotiations progressing? Are you -- given the tightness we see in the market, are you able to get more better pricing out of those longer-term negotiations?

明年。好的。接著快速就你提到的定價點，並指出這是第二季與第三季毛利率優於預期的原因之一。這是否——考量時間線——主要來自大眾市場通路的配銷定價？你能否談談這與你們較長期合約之間的差異？以及這些談判進展如何？鑑於我們看到市場供給吃緊，你們是否能在這些長期談判中取得更好、更多的定價？

It's Marco, I will reply to this one. As you can imagine, we cannot go in the detail of how we are splitting the price increase. But overall, the approach is, let's say, fair and it is across the different segments. And of course, it is a price increase, which is happening through the full supply chain. And the price environment in this moment is positive for us.

我是 Marco，我來回覆這題。如你所想像，我們無法詳細說明我們如何分拆這次漲價。但整體而言，我們的做法可以說是公平的，並且涵蓋不同的區隔。當然，這是一項會貫穿整個供應鏈的價格上調。而目前的價格環境對我們是正面的。

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（Bank of America）的 Didier Scemama。

I'd just like to push on a little bit on pricing, just to clarify things a little bit. One of your biggest competitors in Japan this morning just guided 500 basis points above on gross margins for Q3. I just wondered -- clearly, 41% gross margin is a nice surprise. I'm just wondering how much conservatism is actually baked in that relative to what these data are saying? 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? And I've got a follow-up.

我想再追問一下定價，釐清一些事情。你們在日本最大的競爭對手之一今天早上剛指引第三季毛利率將高出 500 個基點。我只是想知道——顯然 41% 的毛利率是個不錯的驚喜。我想了解，相較於這些數據所顯示的情況，你們在其中實際納入了多少保守假設？另外，我也想問，你們能否量化馬來西亞晶圓廠關閉或後段廠區關閉 11 天對毛利率的影響（若有的話），以及這是否會在第四季順利回沖？我還有一個追問。

Lorenzo?

Lorenzo？

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. On the gross margin, we will have a few basis point impact. But at the end, let's say, it's not the main impact that we will have during this quarter. Actually, you can understand that with days of closing, let's say, definitely, we will have impact on our ability to serve our customers. This is the main impact that we have for our Malaysia.

關於馬來西亞，我們在第三季將面臨的主要影響，肯定是在營收端（top line）多於毛利率。在毛利率方面，會有幾個基點的影響。但總的來說，這並不是我們本季所面臨的主要影響。實際上你可以理解，關閉的天數勢必會影響我們服務客戶的能力。這就是馬來西亞對我們造成的主要影響。

Yes, so about the pricing, about the pricing, yes, for sure, in our gross margin, there is a positive impact in term of pricing. It's increasing in pricing. 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. I can tell you that definitely, the increase in price is not 500 basis points, not yet. We are not there definitely. Let's say, it's much less than that.

是的，關於定價、關於定價，沒錯，毛利率確實受到定價的正面影響。也就是價格在上升。同時，我會說，除此之外，我們的產品組合也帶來正面影響，進而支撐毛利率。我可以告訴你，價格上調的貢獻絕對不是 500 個基點，至少目前還不是。我們肯定還沒到那個程度。可以說，遠低於那個數字。

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

但相較於過去不同的情況——當時產能與需求大致更為平衡，而定價影響通常是負面的、呈下行——也就是說，通常只會對我們毛利率造成負面影響，然後可能在某種程度上由產品組合與創新來抵銷。現在這兩個因素是同時存在的，因此毛利率確實得到幫助。

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，我可以說，相較於上一季的水準——也就是第一季我們大約在 39% 的區間——我們的漲價對毛利率改善的貢獻，略低於一半。

Okay. My follow-up is on Automotive. 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. Asked that question last quarter and I think you told me that, Jean-Marc, the Tier 1s were your main customers, which I appreciate. It looks like the Tier 1, at least some of them, are going to get squeezed out in the transition to electrical vehicles.

好的。我的追問是關於車用（Automotive）。我看到你們與雷諾（Renault）簽署了供應協議，而且看起來幾乎所有其他 OEM，也就是車廠 OEM，現在都在把逆變器（inverter）內製化。我上季問過這個問題，我記得 Jean-Marc 你告訴我 Tier 1 是你們的主要客戶，我理解。但看起來 Tier 1——至少其中一些——在電動車轉型過程中可能會被擠壓出局。

I just wondered who's going to take the gross margin of those Tier 1s? Is it equally split between the automotive OEMs and yourselves? Or do you feel that your engineering capabilities are going to warrant better pricing power? 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?

我想知道，這些 Tier 1 原本的毛利會由誰來取得？會在車廠 OEM 與你們之間平均分配嗎？或者你們認為自身的工程能力將帶來更強的定價能力？而這是否也是你們現在有信心與部分客戶簽長約、並取得相當可觀且相對穩固的定價（如果我引用你剛才的說法）的原因之一？

Here, I think the automotive industry, for sure, is facing 2 major transformation. Well, there is one transformation which is well known, which is the one related to the electrification. 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? So -- and the sourcing of the electronic subsystems, the business model related to the electronic subsystem are really -- could be really different, okay? And here, one very great example is a model of Tesla.

我認為汽車產業確實正面臨兩大轉型。其中一個眾所周知，就是與電動化相關的轉型。很明顯，隨著越來越多以電池為基礎的電動車出現，動力系統（powertrain）以及圍繞電芯（power cell）的整體架構都完全不同，對吧？因此，電子子系統的採購方式，以及與電子子系統相關的商業模式，確實可能非常不同。而其中一個非常典型的例子就是特斯拉（Tesla）的模式。

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. 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. So that's the reason why.

另一個轉型是汽車產業目前正在進行的——但這裡我不能評論太多，因為我們不習慣評論客戶的計畫與行動。是的，未來我們可能會看到一些車廠更多地自行負責軟體與某些電子子系統的設計，然後把製造委外給 AMS，而不是把整套交鑰匙（turnkey）方案委外給 Tier 1。但我們相信 Tier 1 的模式仍會存在。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. When you are a carmaker making its own system, they address us straight, this is an example of Tesla, as an example. And for the long term, ST to develop, let's say, a technology package and module to enable this transformation.

對我們而言，短期與長期最重要的事情是：首先，短期是以公平且適當的方式供應，並完全尊重 Tier 1，因為他們是我們的客戶。當車廠自行打造其系統時，他們會直接找我們，特斯拉就是一個例子。而長期而言，ST 會開發一套技術套件與模組，以支援這項轉型。

And here, we have to say we have both cooperation. 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. So we are, let's say, convinced that in the future, you will see dual agreed or complementary model living together. But more than that, I cannot comment on my customer.

在這方面，我們必須說我們同時有兩種合作。我們有與 Tier 1（其中最知名的那些）在平台上共同開發的合作；也有像我們宣布與雷諾合作那樣的案例。因此我們相信，未來你會看到兩種經同意的、或互補的模式並存。但除此之外，我無法再對客戶做更多評論。

Can I squeeze in a quick one on silicon carbide? The 8-inch substrate announcement, can you just clarify when you expect the volume production for that product? And what could be the impact on gross margin if and when you ramp that, that would be great? And congrats on this, by the way.

我可以再快速問一題關於碳化矽（silicon carbide）嗎？關於 8 吋基板（substrate）的公告，你能否釐清你們預期何時會進入量產？以及如果／當你們開始放量爬坡時，對毛利率可能會有什麼影響？如果能說明就太好了。順帶一提，也恭喜你們。

Thank you for the congrats. Okay, now, we will have to move to mass production. So we will move to mass production when our own fab will be, let's say, set up in Catania. So this one will be done end of 2023, 2024. But we will start on 8-inch before and mainly sourcing from Cree. And we will start on diodes next year and we will start on transistor in 2023. And then, we will source internally, transferring this 200-millimeter technology to our Catania infrastructure when it will be ready. 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.

感謝你的祝賀。好的，現在我們必須轉入量產。因此，當我們自有晶圓廠在卡塔尼亞（Catania）建置完成後，我們就會轉入量產。這項建置將在2023年底到2024年完成。但在此之前，我們會先從8吋開始，且主要向Cree採購。我們將在明年開始做二極體，並在2023年開始做電晶體。接著，待卡塔尼亞的基礎設施就緒後，我們會改為內部供應，將這項200毫米技術移轉到卡塔尼亞。而在卡塔尼亞，我們會同時有150毫米與200毫米的混合，因為要把所有產線都轉換成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. It is a die shrink. So our fourth generation of transistor device we are developing will shrink our transistor. And then you work on the design on modules. And here on modules, we are optimizing our design for custom design solution. And we are working in cooperation with important module maker also to decrease the cost. But I cannot tell you the detailed percentage of the contribution of the gross margin to silicon carbide. But I confirm to you our cost reduction program for silicon carbide is very strong.

再談到200毫米對毛利率的貢獻，在半導體產業中，成本改善通常的槓桿是晶圓尺寸的提升，也就是200毫米。這也包含晶粒縮小（die shrink）。因此，我們正在開發的第四代電晶體元件將縮小我們的電晶體尺寸。接著你會在模組設計上著力。在模組方面，我們正針對客製化設計解決方案來最佳化設計。我們也與重要的模組製造商合作以降低成本。但我無法告訴你碳化矽毛利率貢獻的詳細百分比。不過我可以向你確認，我們針對碳化矽的降本計畫非常強勁。

So we have now -- it was a very long question, very interesting. So unfortunately, we have now time only for one more question, the last one.

所以我們現在——這是一個很長、也很有意思的問題。很遺憾，我們現在只剩下時間再回答一個問題，也就是最後一題。

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

最後一個問題來自花旗（Citi）的Amit Harchandani。

Amit Harchandani from Citi. 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. 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? So your perspective on the semiconductor cycle and any thoughts on growth visibility into next year?

我是花旗的Amit Harchandani。如果不介意我塞進兩個問題。第一個問題是關於半導體景氣循環，產業內對於景氣見頂的擔憂有很多討論。但基於你們對庫存、價格的評論以及你們的能見度，為什麼我們不應該僅根據你們提供的一些數字，就認為ST明年會有兩位數成長？所以想請教你對半導體循環的看法，以及對明年成長能見度的任何想法？

And secondly, if I may, a lot of debate also about 3D sensing. You've been a key player in the industry. There's talk of technological changes there. Could you give us a sense for visibility on your engaged programs? I think in the past, you've talked about a 3-year visibility. So any thoughts on 3D sensing, where you stand today?

第二個問題，如果可以的話，市場也對3D感測有很多討論。你們一直是產業中的關鍵玩家。目前也有技術變革的說法。你能否讓我們了解一下你們已參與專案的能見度？我記得過去你們談過有3年的能見度。所以對3D感測，你們今天的定位如何？

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. 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...

關於景氣循環以及我們能取得的能見度，是否存在景氣見頂之類的討論。因此，要回答循環本身可能比較困難，但就目前而言，ST在2022會計年度的成長能見度，在這個概念上是……

No, this is what I said a few minutes ago. Today, we have a coverage in term of backlog with -- basically this year is 30% above our maximum capacity plan. And with an increase of our material increase of our capacity next year, the backlog already fully covered, okay? And more and more, you have a nonconsiderable order.

不，這就是我幾分鐘前說的。今天，我們以訂單積壓（backlog）來看覆蓋度——基本上，今年的訂單積壓比我們最大產能規劃高出30%。而隨著我們明年材料增加、產能提升，訂單積壓已經完全覆蓋了，好嗎？而且越來越多的是不可忽視的訂單。

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. Especially on the [onboard] electronics, where you have, let's say, specialty technology from 0.35 micron to 28-nanometer. We know that all this technology and capacity, related capacity are very saturated and will be saturated for next year as well. So that's the reason why, okay, no customer acknowledge it and put orders properly, let's say, on plan.

這很單純是因為電子產業已經認知到，產能限制以及我們所稱的半導體短缺將會延續到明年，至少會延續到明年。特別是在車載電子（onboard electronics）方面，你有例如從0.35微米到28奈米的特殊製程技術。我們知道所有這些技術及其相關產能都非常飽和，而且明年也會同樣飽和。所以這就是原因，好嗎？現在客戶都認知到這點，並且把訂單適當地下到計畫上。

So we consider the visibility is unprecedented, and the booking is really consistent with this effect. This is what we can say. Again, we monitor the inventories in the supply chain through our distribution channel. And I confirm to you that whatever are the geographies, whatever are the product group, this inventory are very lean. The inventory turn is incredibly high. There is consistent growth between what we supply to distributor and what they sell. So there is absolutely, no, let's say, indication of visibility, which decline or something like that. So this is what I can say about the visibility.

因此我們認為能見度是前所未有的，而接單（booking）也確實與這種效應一致。這就是我們能說的。再次強調，我們透過經銷通路監控供應鏈中的庫存。我可以向你確認，不論是哪個地區、不論是哪個產品群，庫存都非常精簡。庫存周轉率高得驚人。我們供貨給經銷商的數量與他們的銷售之間呈現一致的成長。因此完全沒有任何——怎麼說——能見度下滑或類似情況的跡象。以上就是我對能見度能說的。

About, let's say, Face ID, I can simply repeat what I say. You know this is a complex system. This is -- you have software, it was very complex software in you have a hardware, let's say, which are custom design component. And here, we have a visibility, 3 years ahead of what is happening. 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. But more than that, I cannot comment.

至於比如說Face ID，我只能重申我之前說過的。你知道這是一個複雜的系統。這——你有軟體，而且是非常複雜的軟體；你也有硬體，也就是一些客製化設計的元件。在這裡，我們對未來發生的事情有提前3年的能見度。這也是為什麼我們對我在2021年的說法感到放心，並且對2022年及之後有非常好的能見度。但超過這些，我無法評論。

Thank you very much, Amit. And this will conclude the session for today.

非常感謝你，Amit。今天的會議到此結束。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you very much.

非常感謝。

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

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