意法半導體 (STM) 2021 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics First Quarter 2021 Earnings Release Conference Call and Live Webcast. I am Moira, the Chorus Call operator. (Operator Instructions). The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們，先生們，歡迎來到意法半導體 2021 年第一季度收益發布電話會議和網絡直播。我是合唱呼叫接線員 Moira。 （操作員說明）。會議正在錄製中。 （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, Investor Relations. Please go ahead, madam.

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

Thank you, Moira. Good morning, and thank you, everyone, for joining our first 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，莫伊拉。早上好，感謝大家參加我們的 2021 年第一季度財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入 Jean-Marc 的還有財務、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. A replay will be available shortly after the conclusion of this call. 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 plan.

可以在 ST 的投資者關係網站上訪問該網絡直播和演示材料。本次通話結束後不久將提供重播。本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 的結果與管理層的預期和計劃存在重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors.

我們鼓勵您查看今天上午與結果一起發布的新聞稿中包含的安全港聲明，以及 ST 最新的監管文件中的安全港聲明，以獲得對這些風險因素的完整描述。

(Operator Instructions) I'd now like to turn the call over to Jean-Marc, ST's President and CEO.

（操作員說明）我現在想將電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So thank you, Celine. Good morning. And thank you for joining ST for our Q1 2021 earnings conference call. Let me begin with some opening comments, starting with Q1. So year-over-year, net revenues grew 35.2% to $3.02 billion. All product groups contributed to this growth and continued acceleration of demand globally.

所以謝謝你，席琳。早上好。感謝您加入 ST 參加我們的 2021 年第一季度財報電話會議。讓我從第一季度開始的一些開場評論開始。因此，淨收入同比增長 35.2% 至 30.2 億美元。所有產品組都為這一增長和全球需求的持續加速做出了貢獻。

Our operating margin increased to 14.6%, and our net income rose 89.6% to $364 million. On a sequential basis, net revenues decreased 6.8%, 270 basis points above the midpoint of our outlook. Our gross margin was 39%, 50 basis points above the midpoint of our outlook. Our free cash flow during the first quarter was $261 million, after net capital expenditure payments of $405 million.

我們的營業利潤率增至 14.6%，淨收入增至 89.6% 至 3.64 億美元。在連續的基礎上，淨收入下降了 6.8%，比我們展望的中點高 270 個基點。我們的毛利率為 39%，比我們展望的中點高出 50 個基點。在淨資本支出支付 4.05 億美元後，我們第一季度的自由現金流為 2.61 億美元。

We exited the first quarter with a net cash position at $1.19 billion. On Q2 2021, at the midpoint of our outlook, we expect net revenues in the second quarter to be about $2.9 billion, a year-over-year increase of about 39%. Gross margin is expected to be about 39.5%.

我們以 11.9 億美元的淨現金頭寸退出第一季度。在 2021 年第二季度，在我們展望的中點，我們預計第二季度的淨收入約為 29 億美元，同比增長約 39%。毛利率預計約為39.5%。

For the full year 2021, we plan for solid revenue growth, outperforming the markets we serve. We will drive the company based on a plan for full year 2021 revenues of about $12.1 billion, plus or minus $150 million, a year-over-year increase of 18.4% at the midpoint. This growth is expected to be driven by strong dynamics in the all end markets we address and our engaged customer programs. We now plan to invest about $2 billion in CapEx to support the strong global market demand and our strategic initiatives. This level of investment is at the high end of the range we communicated in January.

對於 2021 年全年，我們計劃實現穩健的收入增長，超越我們所服務的市場。我們將根據 2021 年全年收入約 121 億美元（上下浮動 1.5 億美元）的計劃推動公司發展，中點同比增長 18.4%。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。我們現在計劃在資本支出上投資約 20 億美元，以支持強勁的全球市場需求和我們的戰略舉措。這一投資水平處於我們在一月份溝通的範圍的高端。

Now let's move to a detailed review of the first quarter. Net revenues increased 35.2% year-over-year, with higher sales in all product groups except, as expected, the radio frequency communications subgroup. Year-over-year sales to OEMs increased 21.4% and to distribution rose 76.2%. On a sequential basis, net revenues decreased 6.8%, so 270 basis points better than the midpoint of our outlook. Automotive and Power Discrete products and Microcontrollers increased sequentially, partially offset by a decrease in Personal Electronics products. Gross profit was $1.18 billion, growing 38.9% on a year-over-year basis. The gross margin increased 110 basis points year-over-year to 39%, mainly due to the lower unloading charges, manufacturing efficiencies and improved product mix, partially offset by negative current effects -- sorry, partially offset by negative currency effects, net of hedging.

現在讓我們來詳細回顧一下第一季度。淨收入同比增長 35.2%，所有產品組的銷售額均有所增長，但正如預期的那樣，射頻通信子組除外。對原始設備製造商的銷售額同比增長 21.4%，對分銷的銷售額增長 76.2%。在連續的基礎上，淨收入下降了 6.8%，比我們展望的中點高出 270 個基點。汽車和功率分立產品和微控制器環比增長，部分被個人電子產品的下降所抵消。毛利潤為 11.8 億美元，同比增長 38.9%。毛利率同比增長 110 個基點至 39%，主要是由於卸貨費用降低、製造效率提高和產品組合改善，部分被當前的負面影響所抵消——抱歉，部分被負面貨幣影響所抵消，扣除對沖。

Our first quarter gross margin was 50 basis points above the midpoint of our guidance, mainly thanks to better product mix. First quarter operating margin was 14.6%, a year-over-year increase of 420 basis points, with improvements in ADG and MDG and a decrease for AMS. Net operating expenses were $735 million. Net income increased 89.6% to $364 million on a year-over-year basis. And our diluted earnings per share were $0.39.

我們第一季度的毛利率比我們的指導中點高 50 個基點，這主要歸功於更好的產品組合。第一季度營業利潤率為 14.6%，同比增長 420 個基點，ADG 和 MDG 有所改善，AMS 有所下降。淨運營費用為 7.35 億美元。淨收入同比增長 89.6% 至 3.64 億美元。我們的每股攤薄收益為 0.39 美元。

Looking at the product group year-over-year performance. All 3 product groups had double-digit growth. ADG revenue increased 38.4% on growth in both Automotive and in Power Discrete. AMS revenue increased 27.1% on higher analog mix and imaging product sales. MDG revenues increased 42.2% on growth in microcontrollers, partially offset by the expected decline in radio frequency communications. By product group on a year-over-year basis, ADG operating margin increased to 8.2% from 3%, AMS operating margin decreased to 17.2% from 20.8% and MDG operating margin increased to 19.4% from 11.5%.

查看產品組的同比表現。所有 3 個產品組均實現了兩位數的增長。 ADG 收入增長 38.4%，主要得益於汽車和功率分立器件的增長。 AMS 收入增長 27.1%，因模擬組合和成像產品銷售增加。由於微控制器的增長，MDG 收入增長了 42.2%，部分被射頻通信的預期下降所抵消。按產品組劃分，ADG 營業利潤率從 3% 增至 8.2%，AMS 營業利潤率從 20.8% 降至 17.2%，MDG 營業利潤率從 11.5% 增至 19.4%。

Net cash from operating activities increased 70.9% to $682 million in Q1 compared to $399 million in the next year ago quarter. Free cash flow increased to $261 million compared to $113 million in the year ago quarter with CapEx of $405 million versus $266 million in the year ago quarter.

第一季度經營活動產生的淨現金增長 70.9% 至 6.82 億美元，而去年同期為 3.99 億美元。自由現金流從去年同期的 1.13 億美元增加到 2.61 億美元，資本支出為 4.05 億美元，而去年同期為 2.66 億美元。

During the first quarter, we paid $38 million of cash dividends to shareholders, and we executed a $156 million share buyback as part of our existing repurchase program.

在第一季度，我們向股東支付了 3800 萬美元的現金股息，並執行了 1.56 億美元的股票回購，作為我們現有回購計劃的一部分。

Our net financial position was $1.19 billion at April 3, '21 compared to $1.10 billion at December 31, 2020. It reflected a total liquidity of $4.16 billion and total financial debt of $2.97 billion.

21 年 4 月 3 日，我們的淨財務狀況為 11.9 億美元，而 2020 年 12 月 31 日為 11.0 億美元。這反映了總流動性為 41.6 億美元，總金融債務為 29.7 億美元。

Let's now discuss the market and business dynamics. During the first quarter, global demand continued to accelerate, following the already faster and stronger than expected restart of demand which began in Q3 2020. In Automotive, the rebound from Q4 2020 was much faster than anticipated, and it has caused supply chain constraints across all the entire semiconductor industry. This rebound remains broad-based across all customers, including distribution and geographies, and is driven by 3 main factors: first, obviously, the number of cars produced; second, the replenishment of inventories across the automotive supply chain; and third, semiconductor content increase related to digitalization and electrification, as well as higher content in traditional cars driven by accessories.

現在讓我們討論市場和業務動態。第一季度，繼 2020 年第三季度開始的需求重啟速度已經快於預期且強勁於預期之後，全球需求繼續加速增長。在汽車領域，自 2020 年第四季度以來的反彈速度遠快於預期，並導致全球供應鏈受限整個半導體行業。這種反彈仍然廣泛覆蓋所有客戶，包括分銷和地域，主要受三個因素驅動：首先，顯然是生產的汽車數量；第二，汽車供應鏈的庫存補充；三是與數字化、電動化相關的半導體含量增加，以及配件驅動的傳統汽車含量更高。

During Q1, automotive demand remained strong with our bookings well above our current and planned manufacturing capacity. Booking visibility is now extending to about 18 months. Our customer activity related to electrification and digitalization, the long-term trends driving automotive semiconductor content increased and continued to accelerate in Q1.

在第一季度，汽車需求依然強勁，我們的預訂量遠高於我們當前和計劃的製造能力。預訂可見性現在延長到大約 18 個月。我們的客戶活動與電氣化和數字化相關，推動汽車半導體含量的長期趨勢在第一季度增加並繼續加速。

In car electrification, we added to our list of design wins for silicon carbide devices in application such a traction inverters and onboard chargers. We also won a number of designs with complementary technologies, such as our high-voltage MOSFETs for onboard charger and an electrical vehicles auxiliary power supply, vertical intelligent power products for battery management system and with our 32-bit automotive microcontrollers for traction inverter and for battery management system. We are also winning sockets in these electrical vehicle designs with our legacy automotive products for domains such as body and convenience and infotainment.

在汽車電氣化方面，我們將碳化矽設備的設計獲獎名單添加到牽引逆變器和車載充電器等應用中。我們還贏得了多項技術互補的設計，例如用於車載充電器和電動汽車輔助電源的高壓 MOSFET、用於電池管理系統的垂直智能電源產品以及用於牽引逆變器和用於牽引逆變器的 32 位汽車微控制器。電池管理系統。我們還在這些電動汽車設計中贏得了我們用於車身和便利性以及信息娛樂等領域的傳統汽車產品的插座。

In car digitalization, we are focused on technologies and solutions for driver assistance and autonomous driving, V2X communications, and embedded processing solutions supporting new domain controller or zone server car architectures. For example, we had additional awards for our 28-nanometer FD-SOI phase-change memory microcontrollers called Stellar.

在汽車數字化方面，我們專注於駕駛員輔助和自動駕駛技術和解決方案、V2X 通信以及支持新域控制器或區域服務器汽車架構的嵌入式處理解決方案。例如，我們的 28 納米 FD-SOI 相變存儲器微控制器（稱為 Stellar）獲得了額外的獎項。

We won a number of designs, in addition to what I mentioned before for electrical vehicles, with our 32-bit automotive MCU embedded processing solutions. All these products are designed on our own proprietary technologies and manufactured in our own internal 300-millimeter wafer fab.

除了我之前提到的電動汽車之外，我們還憑藉我們的 32 位汽車 MCU 嵌入式處理解決方案贏得了許多設計。所有這些產品均採用我們自己的專有技術設計，並在我們自己的內部 300 毫米晶圓廠製造。

Overall, in ADAS, we continue to see an acceleration trend on Level 2 and Level 2 Plus.

總體而言，在 ADAS 中，我們繼續看到 Level 2 和 Level 2 Plus 的加速趨勢。

To conclude this automotive overview, we also expanded our sensor business with automotive-grade motion sensors for global positioning modules and navigation units. And we opened a global shutter image sensor for a well-known electrical vehicle carmaker, the latest example of our diversification strategy in optical sensing solution.

為了總結這份汽車概覽，我們還擴展了我們的傳感器業務，推出了用於全球定位模塊和導航單元的汽車級運動傳感器。我們為一家知名電動汽車製造商啟用了全局快門圖像傳感器，這是我們在光學傳感解決方案方面多元化戰略的最新例證。

Moving to Industrial. During the quarter, we saw very strong demand, both in high-end and consumer industrial. Factory automation was one of the main demand drivers, but also -- but we also saw a similar trend for power tools, home appliances, motion control and power-related applications, including renewable energy. Demand was strong both with Distribution as well as OEMs, in line with our approach to be broad in the highly fragmented industrial market.

轉向工業。在本季度，我們看到高端和消費工業的需求非常強勁。工廠自動化是主要的需求驅動因素之一，但我們也看到了電動工具、家用電器、運動控制和電力相關應用（包括可再生能源）的類似趨勢。分銷和原始設備製造商的需求都很強勁，這與我們在高度分散的工業市場中廣泛使用的方法一致。

Inventories of our products at distributors are currently lean across all product families, with high inventory turns. Point-of-sales remained strong in the first quarter across all products and geographies. We addressed the industrial end market with our general purpose and secure MCUs, analog and sensors, power and energy management solutions.

我們在分銷商的產品庫存目前在所有產品系列中都很薄，庫存周轉率很高。第一季度所有產品和地區的銷售點保持強勁。我們通過我們的通用和安全 MCU、模擬和傳感器、電源和能源管理解決方案解決了工業終端市場的問題。

Our first strategic objective in industrial is leadership in embedded processing solution.

我們在工業領域的第一個戰略目標是在嵌入式處理解決方案方面處於領先地位。

I am glad to say that preliminary rankings for 2020 indicate that ST was #1 for combined general purpose and secure MCU revenues. To continue to lead, we are strengthening our embedded processing offer around the STM32 family in terms of wireless connectivity, security and artificial intelligence. During the quarter, we announced a number of products and solutions supporting this strategy. We launched a new extreme low-power STM32 series with advanced performance and cybersecurity features. The new devices have already won designs at major industrial OEMs and in metering applications. We also announced new STM32 Bluetooth low energy devices, and the first STM32 wireless microcontroller module. And we introduced a new artificial intelligence firmware and camera module bundle to help developers building computer-vision applications.

我很高興地說，2020 年的初步排名表明 ST 在通用和安全 MCU 收入方面排名第一。為了繼續保持領先地位，我們正在圍繞 STM32 系列在無線連接、安全和人工智能方面加強我們的嵌入式處理產品。在本季度，我們宣布了一些支持這一戰略的產品和解決方案。我們推出了具有先進性能和網絡安全功能的全新超低功耗 STM32 系列。新設備已經贏得了主要工業 OEM 和計量應用的設計。我們還發布了新的 STM32 藍牙低功耗設備，以及第一個 STM32 無線微控制器模塊。我們還推出了新的人工智能固件和相機模塊包，以幫助開發人員構建計算機視覺應用程序。

Our second objective in industrial is expansion in power and energy management. Here, we captured many wins with our power discrete products, for example, with silicon carbide and high-voltage silicon MOSFET as well as IGBT in applications such as industrial power supply, electrical vehicle chargers, battery test systems, air conditioners, home appliances and lighting.

我們在工業領域的第二個目標是擴大電力和能源管理。在這裡，我們的功率分立產品贏得了許多勝利，例如，碳化矽和高壓矽 MOSFET 以及 IGBT 在工業電源、電動汽車充電器、電池測試系統、空調、家用電器和燈光。

Overall, our silicon carbide engagements increased again during the quarter, now with 68 customers, equally split between industrial and automotive, in 77 ongoing programs.

總體而言，我們的碳化矽業務在本季度再次增加，現在有 68 個客戶，在 77 個正在進行的項目中，工業和汽車行業各佔一半。

A third strategic objective is to accelerate our growth in analog and sensors for Industrial. In the first quarter, we had many new design with our analog products for industrial applications. We received awards in metering, motion control, factory automation and home appliances. And we also continue to expand our business in sensors in industrial applications, with design wins for motion sensors and time-of-flight solutions in applications like cleaning robots.

第三個戰略目標是加速我們在工業模擬和傳感器方面的增長。第一季度，我們針對工業應用的模擬產品進行了許多新設計。我們在計量、運動控制、工廠自動化和家用電器領域獲得了獎項。我們還繼續擴展我們在工業應用中的傳感器業務，在清潔機器人等應用中獲得運動傳感器和飛行時間解決方案的設計勝利。

Moving now to the personal electronics market. Today, more than ever, smartphones are an essential source of social connection and streaming services for entertainment, fitness, gaming and music. 5G adoption remains the main driver for smartphones growth moving forward. There is also strong demand as we continue to see during Q1 for other connected devices, including wearable, tablets, hearables, true wireless stereo headsets and game consoles.

現在轉向個人電子產品市場。今天，智能手機比以往任何時候都更成為社交聯繫和娛樂、健身、遊戲和音樂流媒體服務的重要來源。 5G 的採用仍然是智能手機向前發展的主要驅動力。我們在第一季度繼續看到對其他連接設備的需求也很強勁，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 are progressing on our 2 strategic objectives. First, to lead in selected high-volume smartphone applications with differentiated products or custom solutions. Here, we continued to win sockets in flagship devices with motion sensors, multi-zone time-of-flight ranging sensors, wireless charging products, touch display controllers and secure solutions such as an embedded SIM and secure elements with near-field communication.

在個人電子產品方面，我們正在推進我們的 2 個戰略目標。首先，以差異化產品或定制解決方案引領精選的大批量智能手機應用。在這裡，我們繼續在具有運動傳感器、多區域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）的旗艦設備中贏得插座。

Our second objective is to leverage our broad portfolio to address high-volume applications such as true wireless stereo headsets, smart watches, bracelets and smart shoes. Here we had wins for standard and specialized motion and pressure sensors, analog and power products as well as for microcontrollers.

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，例如真正的無線立體聲耳機、智能手錶、手鐲和智能鞋。在這裡，我們贏得了標準和專用運動和壓力傳感器、模擬和電源產品以及微控制器的勝利。

We also progressed with our solutions for augmented reality based on laser scanning. The LaSAR Alliance we announced last year is now open to accept new members. We signed an agreement with a technology specialist to jointly develop ultracompact, low-power laser beam scanner, and we demonstrated augmented reality glasses based on ST components at Mobile World Congress, Shanghai.

我們還在基於激光掃描的增強現實解決方案方面取得了進展。我們去年宣布的 LaSAR 聯盟現已開放接受新成員。我們與技術專家簽署了一項協議，共同開發超緊湊型低功率激光束掃描儀，並在上海世界移動通信大會上展示了基於 ST 組件的增強現實眼鏡。

In communication equipment and computer peripherals, during Q1, we saw continued adoption of 5G-related products as well as sustained demand for PCs and especially the notebooks and Chromebooks as they continue to move from being shared household devices to individual ownership.

在通信設備和計算機外圍設備方面，在第一季度，我們看到 5G 相關產品的持續採用以及對 PC 的持續需求，尤其是筆記本電腦和 Chromebook，因為它們繼續從共享的家用設備轉變為個人擁有。

Our approach to this end market has 3 objectives. One is to address selected application in cellular and satellite communication infrastructure. In this area, we captured multiple RF-CMOS ASICs awards for telecommunication infrastructure from a new customer.

我們對這個終端市場的方法有 3 個目標。一是解決蜂窩和衛星通信基礎設施中的選定應用。在這一領域，我們從一個新客戶那裡獲得了多個電信基礎設施的 RF-CMOS ASIC 獎項。

Our other objectives are to address selected high-volume application with differentiated products or custom solutions and to leverage our broad portfolio. Our wins here include time-of-flight and motion sensors for laptops and Chromebooks.

我們的其他目標是通過差異化產品或定制解決方案解決選定的大批量應用，並利用我們廣泛的產品組合。我們在這裡的勝利包括適用於筆記本電腦和 Chromebook 的飛行時間和運動傳感器。

Now let's move to a discussion on the second quarter 2021 outlook and some comments on the full year 2021. The unexpected magnitude and speed of the upturn in semiconductor demand has put the whole supply chain under strain. Manufacturing capacity worldwide, including at foundries, is currently saturated and well below the global level of customer demand, at least for the next 6 months and most likely for the full year 2021.

現在讓我們開始討論 2021 年第二季度的前景以及對 2021 年全年的一些評論。半導體需求回升的幅度和速度出乎意料，使整個供應鏈處於壓力之下。包括代工廠在內的全球製造能力目前已經飽和，遠低於全球客戶需求水平，至少在未來 6 個月內，最有可能在 2021 年全年。

ST reacted fast, fully saturating our existing manufacturing capacity with the right product mix and by working to increase capacity faster and above our initial operating plan in our wafer fabs, particularly for digital-mixed signal CMOS-based and advanced smart power and silicon carbide technologies to serve automotive, power and microcontrollers.

ST 反應迅速，以正確的產品組合使我們現有的製造能力完全飽和，並努力以更快的速度增加我們晶圓廠的產能，超出我們最初的運營計劃，尤其是基於數字混合信號 CMOS 的先進智能電源和碳化矽技術服務於汽車、電源和微控制器。

Our current and planned 2021 manufacturing capacity is fully loaded with a confirmed backlog. We are now planning for 2022. We are working closely with our customers and partners across all end markets and channels to adapt to this unprecedented situation.

我們當前和計劃的 2021 年製造能力已滿載確認積壓。我們現在正在計劃 2022 年。我們正在與所有終端市場和渠道的客戶和合作夥伴密切合作，以適應這種前所未有的形勢。

For the second quarter, we expect net revenues to be about $2.9 billion, increasing year-over-year by about 39% at the midpoint with, again, growth across all product groups. On a sequential basis, this translates into a sales decrease of 3.8% at the midpoint due to the usual seasonality in personal electronics. We expect the gross margin to be about 39.5%, representing a year-over-year increase of 450 basis points, mainly due to higher loading and improved efficiencies in our plants. Sequentially, this represents an increase of about 50 basis points at the midpoint.

對於第二季度，我們預計淨收入約為 29 億美元，在中點處同比增長約 39%，所有產品組均實現增長。由於個人電子產品的通常季節性，這意味著中點銷售額下降了 3.8%。我們預計毛利率約為 39.5%，同比增長 450 個基點，主要是由於我們工廠的負荷增加和效率提高。因此，這意味著中點增加了約 50 個基點。

For the full year, we will drive the company based on the plan for full year 2021 revenues of about $12.1 billion, plus or minus $150 million. With this plan, which translates into a year-over-year growth of 18.4% at the midpoint, we expect to outperform the markets we serve. This growth is expected to be driven by strong dynamics in all end markets we address and our engaged customer products. We now plan to invest about $2 billion in CapEx to support the strong market demand this year, 2021, but prepare 2022 as well, and our strategic initiatives.

全年，我們將根據計劃推動公司 2021 年全年收入約 121 億美元，上下浮動 1.5 億美元。有了這個計劃，在中點轉化為 18.4% 的同比增長，我們預計將跑贏我們所服務的市場。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產品的強勁動力的推動。我們現在計劃在資本支出上投資約 20 億美元，以支持今年 2021 年強勁的市場需求，但也要為 2022 年和我們的戰略舉措做好準備。

To conclude, on Q1, ST showed its ability to adjust to the strong and sudden upswings in semiconductor demand, which started in Q3 last year and accelerated in Q4 and in Q1. We did that working alongside our customers and partners, and pursuing our objective with a diversified and balanced approach across end markets that is at the heart of our strategy.

總而言之，在第一季度，ST 展示了其適應半導體需求強勁而突然的上升的能力，這種上升始於去年第三季度，並在第四季度和第一季度加速。我們與我們的客戶和合作夥伴一起做到了這一點，並以跨終端市場的多元化和平衡方法來追求我們的目標，這是我們戰略的核心。

We continued to focus on customers, adapting our investments to increase our manufacturing capacity to support the higher level of global semiconductor demand and our engaged customer programs. We maintained our financial strength as demonstrated by our operating profitability and cash flow generation.

我們繼續關注客戶，調整我們的投資以提高我們的製造能力，以支持更高水平的全球半導體需求和我們參與的客戶計劃。我們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 2021, so we will drive the company based on a plan for full year 2021 revenues of $12.1 billion, plus or minus $150 million. We also plan to invest about $2 billion in CapEx, not only to increase manufacturing capacity to support the strong global demand, including engaged customer programs. As an example for year, we are preparing another extension of Crolles to prepare for next year of 2022, but also we to continue to run our manufacturing strategic initiatives in order to enable our future growth. Our expectation, we will deliver production wafer from Agrate by end of next year.

對於 2021 年，我們將根據 2021 年全年收入 121 億美元（上下浮動 1.5 億美元）的計劃推動公司發展。我們還計劃在資本支出上投資約 20 億美元，不僅是為了提高製造能力，以支持強勁的全球需求，包括參與的客戶計劃。作為今年的一個例子，我們正在準備 Crolles 的另一個擴展，為明年的 2022 年做準備，但我們也將繼續實施我們的製造戰略計劃，以實現我們未來的增長。我們預計，我們將在明年年底之前從 Agrate 交付生產晶圓。

On this accelerated revenue growth path, we will continue to make ST stronger, determined to achieve our strategic objective by leveraging our balanced market position, our focus on high-growth application and our solid product IP technology portfolio. All this are well supported by ST's unique internal manufacturing infrastructure, with our teams executing with strong discipline and flexibility, now more important than ever under these market dynamics.

在這條收入加速增長的道路上，我們將繼續讓 ST 變得更強大，決心通過利用我們平衡的市場地位、我們對高增長應用的關注和我們堅實的產品 IP 技術組合來實現我們的戰略目標。所有這一切都得到了 ST 獨特的內部製造基礎設施的有力支持，我們的團隊以嚴格的紀律和靈活性執行，在這些市場動態下，現在比以往任何時候都更加重要。

Thank you, Jean-Marc. And before we open the floor to questions, let me add a few words on our upcoming Annual General Meeting. So our 2021 AGM will be on May 27. As usual, all related materials are available on the Investor Relations part of the ST corporate website. As part of the resolution submitted for the approval of shareholders, ST's supervisory board is proposing a dividend of USD 0.24 per share, so back to the pre-COVID level. If you recall last year, taking into account the global social and economic turmoils caused by the COVID-19 outbreak, the dividend was decreased to USD 0.168 per share. Another submitted resolution, I am happy to highlight, is the reappointment of Jean-Marc Chery as sole member of the Managing Board and CEO for another 3-year term.

謝謝你，讓-馬克。在我們開始提問之前，讓我對即將舉行的年度股東大會說幾句話。因此，我們的 2021 年年度股東大會將於 5 月 27 日舉行。與往常一樣，所有相關材料都可以在 ST 公司網站的投資者關係部分獲得。作為提交股東批准的決議的一部分，ST 的監事會提議派發每股 0.24 美元的股息，以恢復到新冠疫情之前的水平。如果您還記得去年，考慮到 COVID-19 爆發引起的全球社會和經濟動盪，股息降至每股 0.168 美元。我很高興地強調，另一項提交的決議是重新任命讓-馬克·奇瑞 (Jean-Marc Chery) 為董事會的唯一成員兼首席執行官，任期為 3 年。

With this, we are happy to take your questions.

有了這個，我們很高興回答您的問題。

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

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

Can I just explore a little bit on the upside and downside on your current year revenue forecast of $12.1 billion? So we see shortages propagating from auto into smartphones and other industries, as you've pointed out. Do you see any risk that if production is held back at your key clients that, that could have a negative impact on your overall outlook for the year? And then on the upside, you are fully booked for the year, are there any possibilities for you to exceed this forecast? Can you increase or accelerate any CapEx plans at all or are we basically really pretty much at capacity? And then just as a point of maintenance, could you give us an outlook for your CMD? What kind of format will we have on the calendar for this year? And second maintenance point just on OpEx, where do you see it in the second quarter?

我可以稍微探討一下您今年 121 億美元的收入預測的上行和下行嗎？因此，正如您所指出的，我們看到短缺從汽車蔓延到智能手機和其他行業。如果您的主要客戶的生產受到阻礙，您是否認為這可能對您今年的整體前景產生負面影響？然後從好的方面來說，你今年已經訂滿了，你有可能超過這個預測嗎？您是否可以完全增加或加速任何資本支出計劃，或者我們基本上真的已經滿負荷了？然後作為維護點，您能給我們介紹一下您的 CMD 的前景嗎？今年的日曆上會有什麼樣的格式？第二個維護點就在 OpEx，你在第二季度看到什麼？

Okay, 3 questions. Well, so we'll start with that one. So the first is the $12.1 billion up and down within a range what there could be some down, driven by some change in the profile of the mode. I reiterate, Aleks, and tell me if I'm wrong. And also if there is any flexibility during the year to -- is there any up and down to that $12.1 billion...

好的，3個問題。好吧，所以我們將從那個開始。因此，第一個是 121 億美元的上下波動幅度可能會有所下降，這是由模式概況的一些變化驅動的。我重申，Aleks，如果我錯了，請告訴我。此外，如果在這一年中有任何靈活性 - 是否有任何上升和下降的 121 億美元......

I think, okay, the plus or minus $150 million is basically the usual and standard uncertainty when you provide such plan related to random event in the operation. I guess everybody are aware about what happened in Texas with snowstorm and what happened, okay, in Japanese competitor fire in fab. So this kind of random event you have to size it, okay. So the range of plus/minus $150 million is only related to random event on the operation, absolutely not related to demand, which, again, is well above our manufacturing plant capacity.

我認為，好吧，當您提供與操作中的隨機事件相關的此類計劃時，正負 1.5 億美元基本上是通常和標準的不確定性。我想每個人都知道德克薩斯州的暴風雪發生了什麼，以及日本競爭對手在晶圓廠火災中發生了什麼。所以這種隨機事件你必須調整它的大小，好吧。因此，正負 1.5 億美元的範圍僅與運營中的隨機事件有關，絕對與需求無關，這再次遠高於我們製造廠的產能。

So second question?

那麼第二個問題？

And the second question was what -- if we have any plan for Capital Markets Day next year? Or if we do anything...

第二個問題是——如果我們對明年的資本市場日有任何計劃？或者如果我們做任何事情...

For this year? No, for this year, we have not yet planned. We will plan it during the course of the year.

今年？不，對於今年，我們還沒有計劃。我們將在一年中進行計劃。

And on OpEx?

在運營支出上？

And on OpEx?

在運營支出上？

Lorenzo?

洛倫佐？

Maybe I take the question about OpEx. If I well understand, the question was on OpEx in Q2, how to model the OpEx in Q2. In Q2, we see our expenses slightly decline compared to the one of Q1. Actually, the expenses in Q1 came a little bit higher than expected. While in Q2, we substantially, let's say, think the FX will stay similar to the one of Q1, slightly maybe down, but not significantly. Where we have a more favorable calendar and maybe a little bit more favorable FX, but this will be substantially offset by increase in activities. And don't forget that in the second quarter we have, let's say, the salary policy, so increase in terms of cost of labor.

也許我會接受關於 OpEx 的問題。如果我很好理解，問題是關於 Q2 的 OpEx，如何對 Q2 的 OpEx 建模。在第二季度，我們看到我們的費用與第一季度相比略有下降。實際上，第一季度的費用比預期的要高一些。雖然在第二季度，我們基本上認為外匯將與第一季度相似，可能略有下降，但不會顯著下降。我們有一個更有利的日曆，也許還有更有利的外匯，但這將被活動的增加所抵消。並且不要忘記，在第二季度，我們有，比如說，工資政策，所以勞動力成本增加了。

The next question is from Dominik Olszewski from Morgan Stanley.

下一個問題來自摩根士丹利的 Dominik Olszewski。

First one is really just to follow up on the previous question. So does that imply that your sort of view on upside potential in the second half of the year, because you're fully booked, is more limited? Or what are the puts and takes on sort of that view on the second half? And then the second question is a follow-up -- is just around the mix of revenues that you're expecting for 2021?

第一個實際上只是跟進上一個問題。那麼，這是否意味著您對下半年上漲潛力的看法更加有限，因為您已經訂滿了？或者下半場的看跌期權是什麼？然後第二個問題是後續問題——就在您預計 2021 年的收入組合附近？

No, for the full year or again...

不，全年或再次...

Yes, by division?

是的，按部門？

Yes. By division...

是的。按分...

For the full year it was mix of revenue. So first one was on H2 limited by capacity. And the second question is what is the mix of revenue for the year?

全年是收入的混合。所以第一個是在 H2 上，受容量限制。第二個問題是今年的收入組合是什麼？

Okay. So I'll let Lorenzo to answer on the mix.

好的。所以我會讓洛倫佐回答這個問題。

Well, let's say, when we look at the growth in respect to 2020, by group, definitely we see that in our expectation of the $12.1 billion midpoint, all groups are contributing. For sure, the groups that are contributing more is ADG, with a significant growth. Also based on the fact that last year, let's say, especially in the first part of the year, ADG was impacted by -- not have a particularly strong market in automotive. This year is the opposite. So definitely, ADG will be the driver of the growth, followed by MDG.

好吧，讓我們說，當我們按組查看 2020 年的增長時，我們肯定會看到，在我們對 121 億美元中點的預期中，所有組都在做出貢獻。可以肯定的是，貢獻更多的是 ADG，增長顯著。同樣基於去年，尤其是在今年上半年，ADG 受到影響——汽車市場沒有特別強勁的市場。今年正好相反。所以毫無疑問，ADG 將成為增長的驅動力，其次是 MDG。

MDG, for sure, is impacted by the fact that in industrial there is a stronger rebound in the market and our distribution, as you have already seen in Q1, is much stronger, let's say, than it was last year. So the second driver will be definitely MDG. And when we look at AMS, AMS last year had a stronger year and definitely will increase and will continue to on the path of growth, [but] let's say, at a less pace, lower pace compared to the other 2 groups. I would say, all of these 3 groups will contribute. First one, ADG, strong growth; MDG will be significant growth; and also, AMS will continue to grow significantly, let's say, contributing to the overall growth of the company.

當然，MDG 受到以下事實的影響：工業市場出現更強勁的反彈，而我們的分銷，正如您在第一季度已經看到的那樣，比去年強得多。所以第二個驅動因素肯定是千年發展目標。當我們看 AMS 時，去年 AMS 表現強勁，肯定會增加並將繼續走上增長的道路，[但是] 可以說，與其他兩組相比，速度較慢，速度較低。我想說，所有這三個小組都會做出貢獻。第一個，ADG，強勁增長； MDG 將顯著增長；而且，AMS 將繼續顯著增長，比如說，為公司的整體增長做出貢獻。

Yes. And for the second half and the full year, we can be at the upper range of what we mentioned, assuming we execute 100% perfectly of all the operations we have set up already. I would like to recall again that our operations are working 24 hours a day, 7 days a week, all the leave vacation. So we are absolutely okay and holding our supply chain. And if we deliver it to the last minute of 2021, we could be at the range of the $12.1 billion, plus or minus $150 million, means $12.25 billion.

是的。而對於下半年和全年，我們可以處於我們提到的上限，假設我們已經 100% 完美地執行了我們已經設置的所有操作。我想再次提醒一下，我們的業務是每週 7 天、每天 24 小時工作，所有休假。所以我們絕對沒問題，並持有我們的供應鏈。如果我們將其交付到 2021 年的最後一刻，我們可能會在 121 億美元的範圍內，正負 1.5 億美元，即 122.5 億美元。

The next question is from Stephane Houri from ODDO.

下一個問題來自 ODDO 的 Stephane Houri。

So the first question, and I have a follow-up, is can you -- now that you gave some visibility for the rest of the year, your vision of your relationship with your largest customers -- or customer, not customers, in the second half, can you clarify in terms of content? And if you see sales growing with this customer? And as I said, I have a follow-up after.

所以第一個問題，我有一個後續問題，你能不能 - 既然你在今年剩下的時間裡有了一些可見性，你對你與最大客戶的關係的看法 - 或者客戶，而不是客戶，在下半場，你能從內容上澄清一下嗎？如果您看到該客戶的銷售額增長？正如我所說，我有後續跟進。

Well, okay. So this is interesting question. What -- I would like to speak about, let's say, personal electronics, okay. Clearly, now about ST, we are in all the platform of the main players in personal electronics because we are executing our strategic objective. What I would like to recall, with custom solution we've addressed selectively some, let's say, high-volume application out of the core digital of the smart devices. And on another way, we leverage our general purpose portfolio to capture, let's say, accessories in the smart device, high-volume application as well. And I take this opportunity to note that with our broad range portfolio, clearly we play in multitude device everywhere with a major player. And this has enabled us to engage in many important customer programs around the world and which, for us, again, is essential to remain a key supplier in this space, personal electronics segment.

哦，那好吧。所以這是一個有趣的問題。什麼——我想談談個人電子產品，好吧。顯然，現在關於 ST，我們處於個人電子產品主要參與者的所有平台，因為我們正在執行我們的戰略目標。我想回顧一下，通過定制解決方案，我們有選擇地解決了一些，比如說，智能設備核心數字之外的大容量應用程序。另一方面，我們利用我們的通用產品組合來捕獲智能設備中的配件，以及大容量應用程序。我藉此機會指出，憑藉我們廣泛的產品組合，顯然我們在眾多設備中與主要參與者一起玩。這使我們能夠參與世界各地的許多重要客戶計劃，對我們來說，這對於保持個人電子領域的主要供應商至關重要。

Now more specifically, our custom products that address selectively complex applications in the personal electronics segment play to our strength. If we look at the typical design cycle time for this complex application, I can confirm that we have a clear visibility on where ST products will remain a part of such application for the current 3 years and they will contribute to our revenue growth.

現在更具體地說，我們的定制產品可選擇性地解決個人電子產品領域中的複雜應用，從而發揮我們的優勢。如果我們看看這個複雜應用的典型設計週期時間，我可以確認我們清楚地了解 ST 產品在當前 3 年內仍將成為此類應用的一部分，它們將有助於我們的收入增長。

Okay. Sorry, just to clarify. You can confirm for the current year or years?

好的。對不起，只是為了澄清。您可以確認當前年份或年份？

3 years.

3年。

3 years. Okay. Okay. And then the follow-up is, now that you have reached the $12 billion in 2021, while you postponed that target from 2022 to 2023, so I understand the end demand has been much stronger than expected, but can you clarify if the $15 billion aspiration, I would say, that you talked about in the recent past can become your next target?

3年。好的。好的。然後跟進的是，現在你已經達到了 2021 年的 120 億美元，而你將這個目標從 2022 年推遲到 2023 年，所以我理解最終需求比預期的要強得多，但你能否澄清一下 150 億美元我想說的是，你最近談到的願望可以成為你的下一個目標嗎？

Well, I would like to come to the $12 billion. Basically we share altogether 2 important change versus, let's say, last December or November. First point, now the SAM we are facing, so our specific addressable market, in absolute value, is the one which were supposed to be in 2023, a few months ago. So first of all, the absolute value of the SAM we are facing now is the one we are supposed to be in 2022. And the company has demonstrated its capability to fast react in order to address it. Then what is important to take note is that the mix inside the SAM is totally different than the one which was few months ago. Because few months ago our SAM was very strong in, let's say, digital consumer part. And clearly here we were impacted by Huawei. And it was weaker in Automotive and Industrial.

好吧，我想來 120 億美元。與去年 12 月或 11 月相比，基本上我們共有 2 個重要的變化。第一點，現在我們面臨的 SAM，所以我們的特定目標市場，絕對價值，是幾個月前應該在 2023 年的市場。因此，首先，我們現在面臨的 SAM 的絕對價值是我們應該在 2022 年達到的價值。該公司已經展示了其快速反應以解決它的能力。然後需要注意的是，SAM 內部的混合與幾個月前的完全不同。因為幾個月前，我們的 SAM 在數字消費部分非常強大。很明顯，我們在這裡受到了華為的影響。在汽車和工業領域表現較弱。

And the main change between now and few months ago is acceleration, the strong acceleration of the automotive and the industrial part where I see it's typically both the supplier and a leader. So that's the reason why with this [brutal] change in term of overall size of the market, we have been, let's say, capable to deliver, and we will deliver, the $12 billion. So for me, it's totally consistent.

現在和幾個月前之間的主要變化是加速，汽車和工業部分的強勁加速，我認為它通常既是供應商又是領導者。因此，這就是為什麼隨著市場整體規模的這種[殘酷的]變化，我們一直有能力交付，我們將交付 120 億美元。所以對我來說，這是完全一致的。

Then for the next future. We are convinced that with our product portfolio, our technology, our manufacturing supply chain, because, again, as I said, I expect next year Agrate to start to deliver production wafer for revenue. We really expect that we have all the ingredients, including the visibility of our engaged customer program, to continue to overperform the market we serve. And definitively when we will have the adequate confidence level about how the market will evolve, plus the visibility we have on our program, to communicate on the next step. But let's be this quarter as we are doing, as usual, first of all, but to give you the guidance of Q2, to provide this year indication at $12 billion. And believe me, to deliver $12.1 billion, growing our internal manufacturing by 20%, not totally supported at the level we expected from foundry because they will increase only by 10%, is already very challenging. But the company is able to do it and we'll be able to deliver it.

然後為下一個未來。我們相信，憑藉我們的產品組合、我們的技術、我們的製造供應鏈，因為，正如我所說，我預計明年 Agrate 將開始交付生產晶圓以獲取收入。我們真的希望我們擁有所有要素，包括我們參與的客戶計劃的知名度，以繼續超越我們所服務的市場。確切地說，當我們對市場將如何發展有足夠的信心時，加上我們對項目的可見性，以便在下一步進行溝通。但是，讓我們像往常一樣在本季度做，首先，但要給你第二季度的指導，提供今年 120 億美元的指示。相信我，要交付 121 億美元，將我們的內部製造增長 20%，而不是完全支持我們預期的代工水平，因為它們只會增長 10%，這已經非常具有挑戰性了。但是公司能夠做到，我們將能夠交付它。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

I guess for my first question, Lorenzo, it looks like obviously you're producing as much as you can in your factory network and the gross margin is up, looks like 450 basis points in the guidance for the June quarter. Maybe you could talk a little bit about what the margin profile is going forward from there? Are we looking at in the 40s as you remain fully booked? Or are there other variables that we should think about in terms of mix of divisions or mix of products in the coming quarters on gross margin? And then I have a follow-up.

我想對於我的第一個問題，洛倫佐，很明顯，您在工廠網絡中的生產量已經達到了極限，毛利率在上升，在 6 月季度的指導中看起來像 450 個基點。也許你可以談談從那裡開始的利潤率概況？我們是否在看 40 年代，因為您仍然訂滿了？或者在未來幾個季度的毛利率方面，我們是否應該考慮其他變量，比如部門組合或產品組合？然後我有一個跟進。

The line was a little bit disturbed. What I capture is a question about the evolution of the gross margin along the -- this is my understanding. So you see that in the first half, the gross margin will be slightly above 39%. Now, we are guiding 39.5% on Q2; is 39%, Q1. So slightly above. What is the expectation moving forward from here? Of course, moving forward, in the second part of the year, the contribution that we'll have from manufacturing efficiency, improvement of manufacturing efficiency, will be there, but will not be, let's say, very strong. Now we are running our fabs at full capacity, at the best that we can do. For sure, let's say, in Q1 we were at 91%. More than that is impossible, you know. The Q2 will be similar, and Q3 and Q4 will be the same. So without any kind of unloading charges.

線路有點亂。我捕捉到的是一個關於毛利率演變的問題——這是我的理解。所以你看上半年毛利率會略高於39%。現在，我們在第二季度指導 39.5%；為 39%，第一季度。所以略高於。從這裡向前發展的期望是什麼？當然，往前看，在今年下半年，我們對製造效率的貢獻，製造效率的提高，將會有，但不會，比如說，非常強。現在我們正在全力以赴地運行我們的晶圓廠，盡我們所能。可以肯定的是，假設在第一季度，我們達到了 91%。你知道，更多的是不可能的。 Q2 將相似，Q3 和 Q4 將相同。因此無需任何卸貨費用。

In respect to that, we will have small improvement in term of manufacturing efficiency. There will be some contribution from the mix. You have also to consider that the environment in pricing is yes favorable for our pricing but on the other side we have also the supply chain. And the price, overall, let's say, are increasing, partially offsetting, what we can really share with our customer. So my expectation is to have some mild improvement in our gross margin, assuming there is no worsening in the currency environment because also this you know we are sensitive on that. Assuming that more or less we will stay where we are today in terms of currency, we do expect some mild increase in the second part of the year in terms of gross margin.

在這方面，我們將在製造效率方面有小幅提升。混合會有一些貢獻。您還必須考慮定價環境對我們的定價有利，但另一方面我們也有供應鏈。總體而言，比方說，價格正在上漲，部分抵消了我們真正可以與客戶分享的價格。所以我的期望是我們的毛利率會有一些溫和的改善，假設貨幣環境沒有惡化，因為你知道我們對此很敏感。假設我們在貨幣方面或多或少會保持在今天的水平，我們確實預計今年下半年的毛利率會略有增長。

Where we will end? You know, the math is simple. Let me say that we will be between 39% and 40% gross margin for the year.

我們將在哪裡結束？你知道，數學很簡單。讓我說，我們今年的毛利率將在 39% 到 40% 之間。

Got it. And sorry about the breaking in the line.

知道了。很抱歉打斷了這條線。

No problem.

沒問題。

No problem.

沒問題。

The -- I guess the -- my follow-up question, Jean-Marc, I know that Huawei has been a challenge for lots of companies in the ecosystem as a headwind but for your company in particular given some custom products that you were doing for them. It seems like now there may be a path forward for their smartphone business under the Honor brand that may do some fairly decent volumes going forward. I wonder if you might talk about some of the products that you might have targeted for the Huawei smartphone brand that many of us are modeling sort of that zero going forward? If those might be applicable to the Honor brand, if they get any volume in their smartphone business?

- 我猜是 - 我的後續問題，Jean-Marc，我知道華為對生態系統中的許多公司來說都是一個挑戰，但對你的公司來說尤其如此，因為你正在做一些定制產品為他們。現在看來，他們在榮耀品牌下的智能手機業務可能會有一條前進的道路，這可能會在未來取得相當可觀的銷量。我想知道您是否可以談論一些您可能針對華為智能手機品牌的產品，我們中的許多人都在為未來的零建模？如果這些可能適用於榮耀品牌，他們是否在智能手機業務中獲得了任何銷量？

Yes. Okay, we are addressing this customer, let's say, but in the frame of the order book in China. But we felt okay with our capability to confirm to them orders. They ask us. So yes, we will deliver, let's say, about maybe $100 million to Honor in 2021. But this (inaudible) magnitude compared to what we were supposed to have with Huawei. But therefore the remaining Huawei we have, let's say -- again, we have been rejected on all the license related to 5G and radio frequency, let's say, devices. And we have only a few standard, let's say, product license. And for us, it will be really marginal revenue in 2021

是的。好的，比方說，我們正在解決這個客戶，但在中國的訂單簿框架內。但我們對我們向他們確認訂單的能力感到滿意。他們問我們。所以是的，比方說，我們將在 2021 年向 Honor 提供大約 1 億美元。但與我們應該與華為相比，這個（聽不清）規模。但是因此，我們擁有的剩余華為，比方說——再一次，我們在所有與 5G 和無線電頻率相關的許可證上都被拒絕了，比方說，設備。而且我們只有幾個標準，比如產品許可證。對我們來說，2021 年將是真正的邊際收入

The next question is from Alexander Duval from Goldman Sachs.

下一個問題來自高盛的 Alexander Duval。

A couple of quick questions. Firstly, obviously, the issues around tightness in supply of components in the auto industry are very well publicized. Wondered if you could give a bit of an update on which quarter you think those kind of constraints could ease? And whether that might mean that there's a bit more sustainability of auto revenues into next year if they're capped a little bit this year?

幾個快速的問題。首先，很明顯，汽車行業零部件供應緊張的問題已經廣為人知。想知道您是否可以提供一些關於您認為這些限制可以緩解的季度的最新情況？如果今年限制一點，這是否意味著明年汽車收入的可持續性會更高？

Secondly, you referenced digitalization as a driver of automotive. In the last few days, it's been reported that the U.K. government is looking at facilitating Level 3 automotive -- automated driving on highways, and we're seeing increasing moves by premium OEMs into that Level 2+ autopilot arena, I wondered if you could share your view on how ST is positioned in some of these areas of semis required to facilitate those kind of developments? And how you feel about the prospects of the ADAS market for semis as we move to those higher levels of automation?

其次，您將數字化稱為汽車的驅動力。在過去的幾天裡，據報導英國政府正在考慮促進 3 級汽車——高速公路上的自動駕駛，我們看到高端 OEM 越來越多地進入 2 級以上自動駕駛領域，我想知道你是否可以分享您對 ST 在促進此類發展所需的某些半導體領域的定位的看法？隨著我們向更高水平的自動化邁進，您對半成品 ADAS 市場的前景有何看法？

So thank you for your questions. So I will address to Marco.

所以謝謝你的問題。因此，我將向 Marco 致辭。

So first of all, yes, correctly, as you said, the rebound that we had in the automotive starting extremely strong from the late part of the Q4 2020 was much faster than was anticipated. And as you correctly say, this has driven at the end some supply chain constraints across all the semiconductor industries. And we are working at this stage very close with our customers to support them. This is driven by all customers, including the distribution, and by all the geographies. Why this is happening? Because, first of all, the number of cars that has been produced is increasing. There is clearly the need to replenish the inventories across all the automotive supply. And let's not forget that the semiconductor content inside the cars driven by electrification and digitalization is going up, but also it's driven by an increase of requirement of accessories inside the cars. So all these together has brought to the situation a very, very tight situation. And we saw that during Q1, this demand stayed extremely strong. We -- all the bookings that we have are, in this stage, above our current and planned manufacturing capacity. And the booking visibility that we have now is extended to 18 months. So what we are doing now is we are already talking with our customer about what is going to be the demand for fiscal year 2022.

因此，首先，是的，正如您所說，我們在汽車領域的反彈從 2020 年第四季度末開始非常強勁，比預期的要快得多。正如你所說的那樣，這最終導致了所有半導體行業的一些供應鏈限制。我們現階段正與客戶密切合作，為他們提供支持。這是由所有客戶（包括分銷商）和所有地區推動的。為什麼會這樣？因為，首先，已生產的汽車數量正在增加。顯然需要補充所有汽車供應的庫存。我們不要忘記，電動化和數字化驅動的車內半導體含量正在上升，但也受到車內配件需求增加的推動。因此，所有這些加在一起使局勢變得非常非常緊張。我們看到，在第一季度，這種需求仍然非常強勁。我們——在這個階段，我們所有的訂單都超過了我們當前和計劃的製造能力。我們現在的預訂可見性延長至 18 個月。因此，我們現在正在做的是，我們已經在與客戶討論 2022 財年的需求。

If you move now to the others. Yes, so the position what we see in the market is that basically Level 2 and Level 2+ is where the market is moving and is accelerating. And as you know, we are working here with the leader in the market in this kind of application, and we keep working with them to support the very strong demand that we do see in this portion of the market. I hope that this answered the question.

如果你現在搬到其他人那裡。是的，所以我們在市場上看到的情況是，基本上 2 級和 2+ 級是市場正在發展和加速的地方。如您所知，我們正在與此類應用的市場領導者合作，我們將繼續與他們合作，以支持我們在這部分市場中看到的非常強勁的需求。我希望這回答了這個問題。

And we will prepare for Level 3.

我們將為第 3 級做準備。

Absolutely.

絕對地。

The next is from Jerome Ramel from Exane BNP Paribas.

接下來是來自 Exane BNP Paribas 的 Jerome Ramel。

One question, Jean-Marc. You say you are fully utilized right now, but in Q4 you were capable of making $3.2 billion of revenues. So is the mix different that you are only, if I may say, will be (inaudible) now on a current run rate? Or is it the access to the foundry that's made the difference?

一個問題，讓-馬克。你說你現在已經充分利用了，但在第四季度你有能力賺取 32 億美元的收入。那麼，如果我可以說，現在以當前的運行速度（聽不清），您的組合是否有所不同？或者是對鑄造廠的訪問產生了影響？

And the follow-up question will be, with all the capacity increase, the CapEx you are putting in place in Crolles and Agrate and so on, could you quantify a little bit what kind of capacity expansion you are implementing in terms of wafer per month? Or just give us a hint of what kind of capacity by exiting the year you will be versus end of last year?

後續問題將是，隨著所有產能的增加，您在 Crolles 和 Agrate 等方面實施的資本支出，您能否量化一下您每月在晶圓方面實施的產能擴張類型?或者只是通過退出今年與去年年底的情況來告訴我們什麼樣的產能？

So thank you. For the first question also, I have to mention very transparently that in Q4 we have also a strong inventory decrease. So we fulfilled the demand which was, let's say, not at this level. With the inventory we have on the (inaudible). It is also the reason why it's difficult to compare apple to apple, Q1 versus Q2. But clearly, let's say, in Q1, yes, there is also mix effect definitively because if I comment, as an example, the revenue by verticals, generally speaking we come on the revenue by product group. But here I can give some color on verticals. In Q1, year-over-year, we grew Automotive by 31%; Industrial, 65%; Personal Electronics, 26%; and Communication Equipment and Infrastructure, 20%. And sequentially, Q1 versus Q4, we grew Automotive by 5%; Industrial by 12%; we decreased Personal Electronics for, let's say, as usual, by 27%; and we grew the Communication Equipment Infrastructure by 10%. So yes, also, there is effect in terms of mix. About capacity. Where we are increasing capacity.

所以謝謝。同樣對於第一個問題，我必須非常透明地提到，在第四季度，我們的庫存也大幅下降。所以我們滿足了比方說不在這個級別的需求。有了我們在（聽不清）上的庫存。這也是為什麼很難將蘋果與蘋果、Q1 與 Q2 進行比較的原因。但很明顯，讓我們說，在第一季度，是的，肯定也有混合效應，因為如果我評論一下，例如，垂直收入，一般來說，我們是按產品組計算的收入。但在這裡我可以在垂直方向上給出一些顏色。在第一季度，我們的汽車業務同比增長 31%；工業，65%；個人電子產品，26%；通信設備和基礎設施，20%。從第一季度到第四季度，我們的汽車業務增長了 5%；工業增長 12%；我們像往常一樣將個人電子產品減少了 27%；我們的通信設備基礎設施增長了 10%。所以是的，在混合方面也有影響。關於容量。我們正在增加容量的地方。

But about capacity, where we are increasing capacity.

但是關於容量，我們正在增加容量。

Let's say, the main 3 domain -- let's say, 4 domain we are increasing capacity are first of all Crolles 300 because Crolles 300 is a fab supporting strongly our personal electronic engaged customer program; our Microcontroller both for a secure general purpose and automotive. And then we have, let's say, mixing technology addressing everything. So here we are going up to the limit of the current full buildup, let's say, capability of the fab. But we have decided, in December, to make another expansion because we have a specific design in Crolles to extend by modules. And this extension will be ready, let's say, by end of the year to support additional growth both on customer engaged programs, microcontroller, automotive, general purpose secure and diversified specialized mixed-signal technology to address everything. So this is the first domain. And by the way, our midterm expectation with Crolles is to be capable to run close to 10,000 wafers per week.

比方說，主要的 3 領域——比方說，我們正在增加產能的 4 領域首先是 Crolles 300，因為 Crolles 300 是一家大力支持我們的個人電子參與客戶計劃的晶圓廠；我們的微控制器既適用於安全的通用用途，也適用於汽車。然後，我們可以說，混合技術可以解決所有問題。所以在這裡我們要達到當前全面建設的極限，比方說，工廠的能力。但我們決定在 12 月進行另一次擴展，因為我們在 Crolles 中有一個特定的設計，可以通過模塊進行擴展。比方說，這個擴展將在今年年底前準備好，以支持客戶參與的程序、微控制器、汽車、通用安全和多樣化的專業混合信號技術的額外增長，以解決所有問題。所以這是第一個域。順便說一句，我們對 Crolles 的中期期望是能夠每週運行近 10,000 個晶圓。

Then the second area we are increasing a lot is in Agrate 200-millimeter for advanced smart power technology because here the demand is quite strong on the, let's say, the most advanced what we call the BCD9. And as a kind of (inaudible) Singapore. You know that we acquired 3 years ago the ex-fab of Micron, which is, let's say, hub to the 200-millimeter fab. And we are saturating this fab to support BCD9, again, to support microcontroller as well as -- and also vertical integration power.

然後我們增加的第二個領域是用於先進智能電力技術的 Agrate 200 毫米，因為這裡對最先進的 BCD9 的需求非常強勁。作為一種（聽不清）新加坡。你知道我們在 3 年前收購了美光的前工廠，比方說，它是 200 毫米晶圓廠的樞紐。我們正在飽和這個晶圓廠以支持 BCD9，再次支持微控制器以及 - 以及垂直集成能力。

Well, the third domain is silicon carbide. I have to say that part of the $12.1 billion, we have increased our revenue perspective on silicon carbide. If you remember very well, I mentioned in January something in the range of $450 million, $500 million. Now it will be well about $550 million. So we are increasing, we are accelerating silicon carbide, both in Catania, but in Singapore as well. So now we are, let's say, underway to qualify Singapore silicon carbide.

那麼，第三個領域是碳化矽。我不得不說，在這 121 億美元中，我們增加了對碳化矽的收入預期。如果你記得很清楚，我在一月份提到了大約 4.5 億美元，5 億美元。現在將是大約 5.5 億美元。所以我們正在增加，我們正在加速碳化矽，無論是在卡塔尼亞，還是在新加坡。因此，現在我們正在為新加坡碳化矽取得資格。

And the rest is, let's say, in Catania to support IGBT and high-voltage MOSFET to support the automotive market. So this is basically the 3 domain -- the 4 domain, sorry, where we are increasing our CapEx dedicated for capacity for this year, starting to preparing 2022. And then important to share with you that we target to run the first equipment in Agrate 300-millimeter, let's say, late this year and in Q1 next year. And I have a strong confidence level that the first revenue extracted from Agrate 300 will happen by end of 2022.

剩下的就是，比方說，在卡塔尼亞支持 IGBT 和高壓 MOSFET 以支持汽車市場。所以這基本上是第 3 個領域——第 4 個領域，抱歉，我們正在增加今年專用於容量的資本支出，從準備 2022 年開始。然後重要的是要與您分享，我們的目標是在 Agrate 運行第一台設備300 毫米，比方說，今年年底和明年第一季度。我有很強的信心，從 Agrate 300 中提取的第一筆收入將在 2022 年底發生。

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

下一個問題來自美國銀行的 Didier Scemama。

I just wanted to ask you a question, Jean-Marc, on the longer-term sort of consequences of the current shortages, especially in automotive. I wondered if you could maybe talk a little bit about the nature of your conversations with Tier 1s, whether even automotive OEMs are now talking to you to secure long-term inventory levels? And whether you think that the behaviors in terms of purchasing are going to change, in particular, as we move into the electrification of the powertrain, where power semiconductor companies become, together with battery vendors, the most critical suppliers to automotive customers? Any views on inventories and how things are going to be managed going forward would be very interesting. And I've got a quick follow-up.

我只是想問你一個問題，讓-馬克，關於當前短缺的長期後果，尤其是在汽車領域。我想知道您是否可以談談您與一級供應商對話的性質，甚至汽車原始設備製造商現在是否正在與您交談以確保長期庫存水平？您是否認為購買行為會發生變化，特別是隨著我們進入動力總成電氣化，功率半導體公司與電池供應商一起成為汽車客戶最關鍵的供應商？任何關於庫存以及未來如何管理事物的觀點都會非常有趣。我有一個快速跟進。

I think today our view and, let's say, position is the following. Well, today, you have, let's say, basically 2 kind of business model. So you have a business model -- here, I would like to mention carmaker Tesla, which is a mix where basically Tesla is developing its own embedded electronic system. And (inaudible) has spoken about its own model electronic system (inaudible). And here with them we have, let's say, business as usual, supply chain relationship in terms of planning, inventory positioning and so on. But I have to mention that inside this business model, at any moment, we are putting Tesla in difficulties.

我認為今天我們的觀點和立場如下。好吧，今天，比方說，你基本上有兩種商業模式。所以你有一個商業模式——在這裡，我想提一下汽車製造商特斯拉，基本上特斯拉正在開發自己的嵌入式電子系統。並且（聽不清）談到了自己的模型電子系統（聽不清）。在這裡，我們與他們一起，比方說，一切照舊，在計劃、庫存定位等方面的供應鏈關係。但不得不提的是，在這種商業模式中，我們隨時都在讓特斯拉陷入困境。

Then you know there is the other business model, which is the -- yes, we are not. We are not. Okay and here there is other business model. There is also business model, which is a classic one. So automotive Tier 1, making their electronics, and the Tier 1 addressing us. But in the future, if a carmaker wants to develop its own electronic system, on a hybrid mode, so some will remain with Tier 1, some you want to do by yourself. Yes, we will be ready to discuss with them and to implement the business with them. But if they would -- if they want to skip the Tier 1 and discuss with us to secure inventory but continuing the current business model with Tier 1, this is something we will not consider. Because at a certain moment, we have to be consistent, again. Today what is happening is not a problem of shortage of semiconductor. Today what is happening is a pure lack of anticipation of planning and supply chain. It's not a question of business model.

然後你知道還有另一種商業模式，那就是——是的，我們不是。我們不是。好的，這裡還有其他商業模式。還有商業模式，很經典。所以汽車第 1 層，製造他們的電子產品，第 1 層針對我們。但是在未來，如果汽車製造商想要開發自己的電子系統，在混合模式下，那麼一些將保留在 Tier 1 中，一些你想自己做。是的，我們將準備好與他們討論並與他們開展業務。但如果他們願意 - 如果他們想跳過第 1 層並與我們討論以確保庫存但繼續使用第 1 層的當前業務模式，我們不會考慮這一點。因為在某個時刻，我們必須再次保持一致。今天發生的不是半導體短缺的問題。今天發生的事情純粹是缺乏對計劃和供應鏈的預期。這不是商業模式的問題。

So our conviction that in the future we will have, and also accelerated by the transformation of the powertrain, as you said, electrification, that we will have an hybrid one. So some carmakers will have their own onboard electronic and in such a case, they will discuss with semiconductor. And we will have the usual intimacy we have in R&D, in supply chain, in engineering and so on and so forth. And they will continue for another part of the electronics to use the Tier 1. And in such a case, our customers are the Tier 1. And I hope it's clarified.

因此，我們堅信，在未來，我們將擁有並通過動力總成的轉型加速，正如您所說，電氣化，我們將擁有混合動力。因此，一些汽車製造商將擁有自己的車載電子設備，在這種情況下，他們將與半導體進行討論。我們將在研發、供應鏈、工程等方面保持通常的親密關係。他們將繼續讓另一部分電子設備使用第 1 層。在這種情況下，我們的客戶是第 1 層。我希望它得到澄清。

That's very helpful. I'd like to have 2 quick follow-ups, if I may. First of all, on the pricing environment, that's a question that a lot of investors are asking, how can ST capitalize on the current shortages? I mean are they levered to maybe potential price increases? So I wondered if you could maybe talk a little bit about that. And if you could also talk a bit about your lead times maybe with the commodity products. Whether that could help you maybe break above the 40% gross margin that has been quite elusive, in fact, for the company for quite some time?

這很有幫助。如果可以的話，我想進行 2 次快速跟進。首先，在定價環境上，這是很多投資者都在問的一個問題，ST如何利用當前的短缺？我的意思是他們是否被利用來可能會導致價格上漲？所以我想知道你是否可以談談這個。如果你也可以談談你的交貨時間，也許是商品。這是否能幫助你突破 40% 的毛利率，事實上，這對於公司來說已經有一段時間了？

And my second question, Jean-Marc -- sorry to put you on the spot, but that's my job. So you told us at the CMD that you would do $12 billion in 2023 at the latest. Now you're going to do that in 2021. And you also sort of flagged that a $15 billion target midterm. I just wondered whether you could give us your level of confidence maybe for 2020, whether you could outperform your total addressable market? If you think you've got the sort of visibility and confidence to do that?

我的第二個問題，Jean-Marc - 很抱歉讓你陷入困境，但這是我的工作。所以你在 CMD 上告訴我們，你最遲會在 2023 年做 120 億美元。現在你將在 2021 年做到這一點。而且你還標記了 150 億美元的中期目標。我只是想知道您是否可以給我們您對 2020 年的信心水平，您是否可以超越您的整個潛在市場？如果你認為你有那種知名度和信心去做那件事？

First of all, on price, Marco will answer because he is managing the sales and marketing.

首先，關於價格，Marco 會回答，因為他負責管理銷售和營銷。

Yes, correctly, as you said, we are in an environment where the price increase is something that we are discussing and we are implementing with our customers. This was already discussed during January. And this is ongoing. But as we say there, we are applying this not in an opportunistic way. It's the way also to react to what is the increase in cost, in the supply chain, so material, your hubs, everything. So this is an ongoing activity, clearly, due to the situation. But again, we will not apply this in few opportunistic way.

是的，正確的，正如你所說，我們所處的環境是我們正在討論價格上漲，我們正在與我們的客戶一起實施。這已經在一月份討論過。這正在進行中。但正如我們在那裡所說，我們不是以機會主義的方式應用它。這也是對成本增加、供應鏈、材料、集線器和一切的反應的方式。因此，顯然，由於這種情況，這是一項持續的活動。但同樣，我們不會以少數機會主義的方式應用它。

Well, so I comment again on the $12 billion and the future. Again, my first question would have to do the same? Now knowing what is happening today, a few months ago to say that $12 billion will occur only by 2023, my answer is yes. Why? Because the data point we have in our hand, so market we address by verticals. Data point on the, let's say, light vehicles to be produced in '21 to '23, smartphone, the Huawei loss, all the data point we had at this period of time was pushing us to say with this visibility and on top of that the potential implication of the trade war between U.S. and China to put us in a situation to say to drive the company we do believe that we will be capable to achieve the $12 billion by 2023. Well, simply between, let's say, November, December and Q1, if my memory is well, we simply booked close to $8 billion in 5 months of bookings. And then once the customer come to us and say my transformation is accelerating, number of cars are increasing, industrial market driven by sustainability, want to have more automation, more system with lower power consumption and so on. So all the planets aligned in a very fast path.

好吧，所以我再次評論 120 億美元和未來。同樣，我的第一個問題也必須這樣做？現在知道今天發生了什麼，幾個月前說只有到 2023 年才會出現 120 億美元，我的回答是肯定的。為什麼？因為我們手中有數據點，所以我們通過垂直市場來處理市場。比如說，將在 21 到 23 年生產的輕型車輛、智能手機、華為的損失，我們在這段時間擁有的所有數據點都在推動我們以這種可見性和最重要的方式說美國和中國之間貿易戰的潛在影響使我們處於一種可以說推動公司的情況，我們相信我們將有能力在 2023 年之前實現 120 億美元。好吧，就在 11 月和 12 月之間Q1，如果我沒記錯的話，我們只是在 5 個月的預訂中預訂了近 80 億美元。然後一旦客戶來找我們說我的轉型正在加速，汽車數量在增加，工業市場由可持續性驅動，想要更多的自動化，更多的系統，更低的功耗等等。所以所有的行星都以非常快的路徑排列。

And, yes, we reacted because our capacity, first, were not planned. Well, in a certain extent, not fully saturated, which was good. So we have reacted very fast. We moved many technology in there, and we increased our CapEx. And we will deliver the $12 billion now because, again, the market we are facing now is the one which we're supposed to be in 2023. But now -- again, I repeat, we had clear visibility on one part of the engaged customer program with some, let's say, custom design product or differentiated product, addressing complex embedded processing system. And we know that this basically architecture of systems in terms of design lead time are more or less minimum 2, 3 years. And so we know exactly that for the next 2, 3 years, that we will have to deliver this system and this customer. Well, then after, there is all what is related to the market condition. So if the market condition, as said by WSTS, will continue for '22, '23 and '24 to be at the compound average growth rate of 4%, 5%, the company will overperform this market based on our product portfolio, our supply chain and our capability to support, and our engaged customer program. Well, then we will size it when we will feel that the time is adequate in order to give us a target in term of revenue in our midterm, let's say, strategic plan that we will work in the next few months.

而且，是的，我們做出反應是因為我們的產能首先是沒有計劃的。好吧，在某種程度上，沒有完全飽和，這很好。所以我們的反應非常快。我們在那裡遷移了許多技術，並增加了資本支出。我們現在將交付 120 億美元，因為我們現在面臨的市場是我們應該在 2023 年達到的市場。但是現在——我再說一遍，我們對參與的一部分有明確的了解客戶程序，比如說，定制設計產品或差異化產品，解決複雜的嵌入式處理系統。我們知道，就設計提前期而言，這種基本的系統架構或多或少至少需要 2、3 年。所以我們確切地知道，在接下來的 2、3 年內，我們將不得不交付這個系統和這個客戶。好吧，然後，所有與市場狀況有關的東西。因此，如果市場狀況，如 WSTS 所說，將在 22、23 和 24 年繼續保持 4%、5% 的複合平均增長率，根據我們的產品組合、我們的供應鍊和我們的支持能力，以及我們參與的客戶計劃。好吧，然後我們會在我們覺得時間足夠的時候調整它，以便在我們的中期給我們一個收入目標，比如說，我們將在未來幾個月內工作的戰略計劃。

Today's last question is from Achal Sultania from Crédit Suisse.

今天的最後一個問題來自瑞士信貸的 Achal Sultania。

Jean-Marc, if I'm just trying to understand the seasonality for second half based on your full year guidance, it seems that the Analog and Sensor business is likely to see a very small growth in the second half of the year, year-on-year terms. So just trying to understand that, see, clearly the demand from smartphones and accessories has been increasing, so what's causing you to be slightly more cautious, it seems, on the AMS business in the second half? Is it predominantly related to the China customer that you had or is it something else as well built into that guidance?

Jean-Marc，如果我只是想根據您的全年指導來了解下半年的季節性，那麼模擬和傳感器業務似乎在今年下半年可能會出現非常小的增長——年條款。所以只是想了解一下，顯然智能手機和配件的需求一直在增加，那麼是什麼讓您對下半年的 AMS 業務更加謹慎？它主要與您擁有的中國客戶有關，還是該指南中包含其他內容？

No, there is no single specific customer. Again, this year is, let's say, unprecedented one. We are limited by capacity. Believe me, the pressure we receive from carmakers is incredible. I guess everybody has not known that some government has put pressure on some foundries to decommit product for consumer to allocate to automotive. So this is very complex. So this year, there is basically infinite demand, I can classify it. And all the industry is working closely with customers, with partners in order to allocate according to short-term priorities without building any inventories but to be sure that all the components are making all the plans of the customer running, and you see it's very difficult, but not absolutely related to one specific application or one customer.

不，沒有一個特定的客戶。再說一次，可以說，今年是史無前例的一年。我們受到能力的限制。相信我，我們從汽車製造商那裡得到的壓力是不可思議的。我想大家可能還不知道，一些政府已經向一些代工廠施壓，要求他們停止生產供消費者分配給汽車的產品。所以這是非常複雜的。所以今年基本是無限需求，我可以分類。整個行業都在與客戶、合作夥伴密切合作，以便根據短期優先級進行分配，而不需要建立任何庫存，但要確保所有組件都在按照客戶的所有計劃運行，你會發現這非常困難，但與一個特定的應用程序或一個客戶並不絕對相關。

So for sure, we will have this year a very strong growth of automotive and industrial market within the $12 billion. And let's say, a more soft growth on Personal Electronics and on, let's say, Communication Infrastructure versus last year, first of all, because there is no more Huawei and there is only a marginal order, and also because capacity has been allocated to support the automotive industry. So this is the reason why we will have this difference of growth between the various product group and the various verticals.

因此，可以肯定的是，今年汽車和工業市場將在 120 億美元內實現非常強勁的增長。比方說，個人電子產品和通信基礎設施與去年相比增長更為疲軟，首先，因為沒有更多的華為，只有邊際訂單，而且還因為已經分配了產能來支持汽車行業。所以這就是我們在不同產品組和不同垂直領域之間會有這種增長差異的原因。

And maybe one quick follow-up. If I look at the SAM, you've been significantly outgrowing your overall SAM for the last couple of years, maybe 3 years. Do you think that, that outperformance continues into 2021 and 2022 given the visibility that you have?

也許是一個快速的跟進。如果我看一下 SAM，在過去的幾年裡，你的整體 SAM 的增長速度已經大大超過了，也許是 3 年。鑑於您的知名度，您認為這種優異表現會持續到 2021 年和 2022 年嗎？

2021, the public visibility we have from WSTS is our SAM to grow 14.6%.

2021 年，我們從 WSTS 獲得的公眾知名度是我們的 SAM 增長 14.6%。

14.3%.

14.3%。

14.3%. Sorry for the mistake. And us, we forecast, okay, to grow 18.4%. So let's say, 1.3x, basically, the market we address. Then for 2022, I would like to repeat what I said a few minutes ago. But first of all, we are preparing ourselves to grow with our manufacturing infrastructure and in the various plans I shared a few minutes ago. So I repeat: Crolles, the Singapore 8-inch, Agrate 200, Agrate 300 and Catania silicon carbide. And then, for sure, thanks to our engaged customer program, we have the visibility; we have the certainty; we have plus market condition, which are supposed to be at a confirmed average growth rate around 5%; and our portfolio. So general purpose, STM32, power, our general purpose analog, plus all our application-specific standard product. Yes, I confirm that our ambition and our capability is to continue to overperform the markets we are in.

14.3%。對不起這個錯誤。我們預測，好吧，增長 18.4%。所以我們說，基本上是我們所針對的市場的 1.3 倍。然後對於 2022 年，我想重複我幾分鐘前所說的話。但首先，我們正準備通過我們的製造基礎設施和我幾分鐘前分享的各種計劃來發展自己。所以我重複一遍：Crolles、新加坡 8 英寸、Agrate 200、Agrate 300 和 Catania 碳化矽。然後，當然，多虧了我們參與的客戶計劃，我們才有了知名度；我們有把握；我們的市場狀況良好，預計平均增長率約為 5%；和我們的投資組合。所以通用、STM32、電源、我們的通用模擬，以及我們所有的特定應用標準產品。是的，我確認我們的雄心和能力是繼續超越我們所在的市場。

Thank you to all of you. This will now conclude our call for this quarter. As usual, thank you very much for your attention.

謝謝大家。這將結束我們對本季度的呼籲。像往常一樣，非常感謝您的關注。

Bye-bye. Thank you very much.

再見。非常感謝你。

Thank you. Bye.

謝謝你。再見。