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.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2021 年第一季財報發布電話會議暨線上直播。我是 Chorus Call 的接線員 Moira。（接線員指示）本次會議將被錄音。（接線員指示）本會議不得為出版或播送而錄音。

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

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

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，Moira。各位早安，也感謝各位參加我們 2021 年第一季財務結果電話會議。今天主持會議的是 ST 總裁暨執行長 Jean-Marc Chery。今天與 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. 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.

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。本次電話會議將包含前瞻性陳述，涉及可能導致 ST 結果與管理層預期及計畫出現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.

我們建議您查閱今早隨同業績發布的新聞稿中所載之「安全港」聲明，以及 ST 最新的監管申報文件，以完整了解這些風險因素。

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

（接線員指示）現在我想把電話交給 ST 總裁暨執行長 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.

謝謝你，Celine。各位早安，也感謝各位參加 ST 2021 年第一季（Q1）財報電話會議。讓我先做一些開場說明，從第一季開始。以年增率來看，淨營收成長 35.2%，達 30.2 億美元。所有產品群都對此成長有所貢獻，且全球需求持續加速。

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.

我們的營業利益率提升至 14.6%，淨利年增 89.6% 至 3.64 億美元。以季比來看，淨營收下滑 6.8%，但較我們展望中點高出 270 個基點。我們的毛利率為 39%，較展望中點高出 50 個基點。第一季自由現金流為 2.61 億美元，已扣除 4.05 億美元的淨資本支出付款。

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%.

第一季結束時，我們的淨現金部位為 11.9 億美元。關於 2021 年第二季（Q2），以我們展望中點來看，我們預期第二季淨營收約為 29 億美元，年增約 39%。毛利率預期約為 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.

就 2021 全年而言，我們規劃實現穩健的營收成長，並優於我們所服務的市場。我們將以 2021 全年營收約 121 億美元（正負 1.5 億美元）的計畫來推動公司；以中點計算，年增 18.4%。預期此成長將由我們所涵蓋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。我們目前規劃投入約 20 億美元的資本支出（CapEx），以支援強勁的全球市場需求與我們的策略性計畫。此投資水準位於我們 1 月所溝通區間的高端。

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.

接下來讓我們更詳細檢視第一季。淨營收年增 35.2%，除如預期的射頻通訊子產品群外，所有產品群銷售皆增加。以年增率來看，對 OEM 的銷售成長 21.4%，對通路（distribution）的銷售成長 76.2%。以季比來看，淨營收下滑 6.8%，較我們展望中點好 270 個基點。汽車與功率分離元件產品以及微控制器（Microcontrollers）季比成長，部分被個人電子產品（Personal Electronics）下滑所抵銷。毛利為 11.8 億美元，年增 38.9%。毛利率年增 110 個基點至 39%，主要受惠於較低的卸載費用、製造效率提升與產品組合改善，部分被不利的匯率影響（扣除避險後）所抵銷。

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.

我們第一季毛利率較指引中點高出 50 個基點，主要歸因於較佳的產品組合。第一季營業利益率為 14.6%，年增 420 個基點，其中 ADG 與 MDG 改善，而 AMS 下降。淨營業費用為 7.35 億美元。淨利年增 89.6% 至 3.64 億美元。稀釋後每股盈餘為 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%.

觀察各產品群的年增表現，三大產品群皆呈現雙位數成長。ADG 營收成長 38.4%，來自汽車與功率分離元件的成長。AMS 營收成長 27.1%，受惠於更高的類比產品組合與影像產品銷售。MDG 營收成長 42.2%，由微控制器成長帶動，部分被如預期的射頻通訊下滑所抵銷。以年增率來看，ADG 營業利益率由 3% 提升至 8.2%，AMS 營業利益率由 20.8% 降至 17.2%，MDG 營業利益率由 11.5% 提升至 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.

第一季營業活動產生的淨現金流年增 70.9% 至 6.82 億美元，去年同期為 3.99 億美元。自由現金流增至 2.61 億美元，去年同期為 1.13 億美元；資本支出為 4.05 億美元，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.

第一季期間，我們向股東支付 3,800 萬美元現金股利，並依既有庫藏股回購計畫執行 1.56 億美元的股票回購。

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.

截至 2021 年 4 月 3 日，我們的淨財務部位為 11.9 億美元，較 2020 年 12 月 31 日的 11.0 億美元增加。此反映總流動性（liquidity）為 41.6 億美元，總金融負債為 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.

接下來我們討論市場與業務動態。第一季期間，全球需求在 2020 年第三季開始、且已較預期更快更強的需求復甦之後，持續加速。在汽車領域，自 2020 年第四季的反彈遠快於預期，並已在整個半導體產業造成供應鏈限制。此反彈在所有客戶（包括通路）與各地區皆相當廣泛，並由三項主要因素驅動：第一，顯然是汽車產量；第二，汽車供應鏈各環節的庫存回補；第三，與數位化與電動化相關的半導體含量提升，以及由配備（accessories）帶動的傳統車款含量提高。

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.

在第一季期間，汽車需求仍然強勁，我們的接單量遠高於目前及規劃中的製造產能。接單能見度目前已延伸至約 18 個月。與電動化與數位化相關的客戶活動——亦即推動汽車半導體含量提升的長期趨勢——在第一季增加並持續加速。

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.

在車用電動化方面，我們在碳化矽（SiC）元件的設計導入（design wins）清單中新增了多項應用，例如牽引逆變器（traction inverters）與車載充電器（onboard chargers）。我們也以互補技術贏得多項設計案，例如：用於車載充電器與電動車輔助電源供應的高壓 MOSFET；用於電池管理系統的垂直智慧功率產品；以及用於牽引逆變器與電池管理系統的 32 位元車用微控制器。我們也在這些電動車設計中，透過我們既有的車用產品，在如車身與便利功能（body and convenience）以及車載資訊娛樂（infotainment）等領域持續取得更多導入機會（sockets）。

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.

在車用數位化方面，我們聚焦於駕駛輔助與自動駕駛、V2X 通訊，以及支援新一代網域控制器或區域伺服器車用架構的嵌入式處理解決方案等技術與方案。例如，我們的 28 奈米 FD-SOI 相變記憶體微控制器（名為 Stellar）又獲得了更多獎項。

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.

除了我先前在電動車方面提到的內容之外，我們也憑藉 32 位元車用 MCU 嵌入式處理解決方案贏得了多項設計導入。所有這些產品皆採用我們自有的專有技術設計，並在我們內部的 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.

整體而言，在 ADAS 領域，我們持續看到 Level 2 與 Level 2 Plus 的加速成長趨勢。

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.

作為本次車用業務概覽的結語，我們也以車規等級的動作感測器擴展了感測器業務，應用於全球定位模組與導航單元。此外，我們也為一家知名電動車車廠導入了全域快門影像感測器，這是我們在光學感測解決方案多元化策略上的最新例證。

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.

接著談工業市場。本季我們在高階工業與消費型工業兩端都看到非常強勁的需求。工廠自動化是主要需求驅動因素之一；同時我們也在電動工具、家電、運動控制與電力相關應用（包含再生能源）看到類似趨勢。無論在通路（Distribution）或 OEM 端，需求都很強勁，符合我們在高度分散的工業市場採取廣泛布局的策略。

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.

目前我們產品在經銷商端的庫存於各產品家族皆偏精實，且庫存周轉率高。第一季在所有產品與各地區的終端銷售（POS）仍維持強勁。我們以通用與安全 MCU、類比與感測器，以及電源與能源管理解決方案來服務工業終端市場。

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

我們在工業領域的第一項策略目標，是在嵌入式處理解決方案方面取得領導地位。

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.

我很高興地表示，2020 年的初步排名顯示，ST 在通用與安全 MCU 合併營收方面位居第 1。為了持續領先，我們正圍繞 STM32 系列強化嵌入式處理產品組合，重點在無線連線、安全性與人工智慧。本季我們宣布了多項支援此策略的產品與解決方案。我們推出全新超低功耗 STM32 系列，具備先進效能與資安功能；新裝置已在主要工業 OEM 與電表計量應用中贏得設計導入。我們也宣布新的 STM32 藍牙低功耗（Bluetooth Low Energy）裝置，以及首款 STM32 無線微控制器模組。此外，我們推出新的人工智慧韌體與相機模組套裝，協助開發者打造電腦視覺應用。

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項目標，是擴大電源與能源管理業務。在此方面，我們以功率分離元件產品取得多項勝利，例如碳化矽與高壓矽 MOSFET，以及 IGBT，應用於工業電源供應器、電動車充電器、電池測試系統、空調、家電與照明等。

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

整體而言，本季我們的碳化矽合作案再次增加，目前共有 68 家客戶，工業與車用各占一半，涵蓋 77 個進行中的專案。

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.

第三項策略目標，是加速我們在工業用類比與感測器的成長。第一季我們的類比產品在工業應用上取得許多新的設計導入，並在電表計量、運動控制、工廠自動化與家電等領域獲得獎項。我們也持續擴展工業應用的感測器業務，在如清潔機器人等應用中，以動作感測器與飛時測距（time-of-flight）方案取得設計導入。

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.

接著談個人電子市場。如今比以往任何時候，智慧型手機都是社交連結與串流娛樂服務（健身、遊戲與音樂）的重要來源。展望未來，5G 的採用仍是推動智慧型手機成長的主要動力。此外，我們在第一季也持續看到其他連網裝置的強勁需求，包括穿戴式裝置、平板、助聽/耳戴式裝置（hearables）、真無線立體聲耳機與遊戲主機。

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.

在個人電子領域，我們正推進兩項策略目標。第一，是以差異化產品或客製化方案，在特定高出貨量的智慧型手機應用中取得領先。在此方面，我們持續以動作感測器、多區域飛時測距感測器、無線充電產品、觸控顯示控制器，以及如嵌入式 SIM（eSIM）與具近場通訊（NFC）的安全元件等安全解決方案，在旗艦機種中贏得更多設計採用。

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.

第二項目標，是運用我們廣泛的產品組合，切入真無線立體聲耳機、智慧手錶、手環與智慧鞋等高出貨量應用。在此方面，我們在標準與專用的動作與壓力感測器、類比與電源產品，以及微控制器方面都取得了勝利。

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.

我們也在以雷射掃描為基礎的擴增實境解決方案上取得進展。我們去年宣布的 LaSAR Alliance 現已開放接受新成員加入。我們與一家技術專家簽署協議，共同開發超小型、低功耗的雷射光束掃描器，並在上海的世界行動通訊大會（Mobile World Congress）展示了基於 ST 元件的擴增實境眼鏡。

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.

在通訊設備與電腦周邊方面，第一季我們看到 5G 相關產品持續被採用，同時 PC 的需求維持強勁，尤其是筆電與 Chromebook，因其正從家庭共享裝置轉變為個人持有。

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.

我們對此終端市場的策略有三項目標。其中之一，是切入蜂巢式與衛星通訊基礎設施中的特定應用。在此領域，我們從一位新客戶取得多項用於電信基礎設施的 RF-CMOS ASICs 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，是以差異化產品或客製化方案切入特定高出貨量應用，並運用我們廣泛的產品組合。我們在此的勝利包括用於筆電與 Chromebook 的飛時測距與動作感測器。

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.

現在我們來討論 2021 年第二季展望，以及對 2021 全年的一些評論。半導體需求回升的幅度與速度出乎意料，已使整個供應鏈承受壓力。全球製造產能（包括晶圓代工廠）目前已飽和，且至少在未來 6 個月、很可能在 2021 全年，都將明顯低於客戶需求的全球水準。

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，透過正確的產品組合使我們現有製造產能完全滿載，並致力於在我們的晶圓廠中以快於且高於原先營運計畫的速度提升產能，特別是在數位混合訊號 CMOS 基礎技術、先進智慧功率與碳化矽技術方面，以服務車用、電源與微控制器需求。

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.

我們目前及規劃中的 2021 年製造產能已在已確認的訂單積壓（backlog）下完全滿載。我們現在正著手規劃 2022 年。我們正與各終端市場與通路的客戶及合作夥伴密切合作，以因應這個前所未有的情況。

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.

就第二季而言，我們預期淨營收約為 29 億美元；以中位數計算，年增約 39%，且各產品群再次全面成長。以季比來看，由於個人電子的季節性因素，中位數對應的銷售將下降 3.8%。我們預期毛利率約為 39.5%，年增 450 個基點，主要受惠於更高的產能負載與工廠效率提升。以季比來看，中位數約增加 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.

就全年而言，我們將依據 2021 全年營收約 121 億美元（上下浮動 1.5 億美元）的計畫來推動公司營運。此計畫以中位數計算對應年增 18.4%，我們預期將優於我們所服務的市場。此成長預期將由我們所涵蓋的所有終端市場的強勁動能，以及我們已投入的客戶產品所驅動。我們目前規劃在今年 2021 年投入約 20 億美元資本支出（CapEx），以支援今年強勁的市場需求，同時也為 2022 年及我們的策略性計畫做準備。

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.

總結而言，在第一季，ST 展現了其調整能力，以因應半導體需求強勁且突然的上升趨勢；該趨勢自去年第三季開始，並在第四季與第一季加速。我們是與客戶與合作夥伴並肩合作來達成，同時以跨終端市場多元且均衡的方法推進我們的目標，而這正是我們策略的核心。

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.

我們持續以客戶為重點，調整投資以提升製造產能，支援全球半導體需求的更高水準以及我們已承諾的客戶專案。我們也維持了財務實力，這可由我們的營運獲利能力與現金流創造能力所證明。

For 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.

就 2021 年而言，我們將依據 2021 全年營收 121 億美元、上下浮動 1.5 億美元的計畫來推動公司。我們也計畫投入約 20 億美元的資本支出（CapEx），不僅用於提升製造產能以支援強勁的全球需求，也包括已承諾的客戶專案。以年度為例，我們正準備再次擴建 Crolles，以為 2022 年做準備；同時我們也將持續推動製造策略性計畫，以支援未來成長。我們預期在明年年底前，將由 Agrate 交付量產晶圓。

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.

在這條加速的營收成長路徑上，我們將持續強化 ST，並決心透過發揮我們均衡的市場地位、聚焦高成長應用，以及穩健的產品 IP 與技術組合來達成策略目標。這一切都由 ST 獨特的內部製造基礎設施所支撐；在當前市場動態下，我們的團隊以高度紀律與彈性執行，這比以往任何時候都更為重要。

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，Jean-Marc。在我們開放提問之前，讓我補充幾句關於即將召開的年度股東常會（AGM）。我們 2021 年的 AGM 將於 5 月 27 日舉行。照例，所有相關資料都可在 ST 公司網站的投資人關係（Investor Relations）專區取得。作為提交股東核准的決議案之一，ST 監事會提議每股配發 0.24 美元股利，回到 COVID 之前的水準。若各位記得，去年考量 COVID-19 爆發造成的全球社會與經濟動盪，股利下調至每股 0.168 美元。另一項提交的決議案，我也很高興強調，是重新任命 Jean-Marc Chery 為管理董事會唯一成員兼執行長（CEO），任期再延長 3 年。

With this, we are happy to take your questions.

接下來，我們很樂意回答各位的問題。

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

（接線員指示）第一個問題來自法國興業銀行（Societe Generale）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?

我想稍微探討一下你們今年 121 億美元營收預測的上行與下行情境。我們看到缺貨從汽車延伸到智慧型手機及其他產業，正如你們所指出的。你們是否看到任何風險：若你們的主要客戶端生產受限，可能對你們全年展望造成負面影響？另一方面，上行方面，你們今年已滿載接單，是否有任何可能超越此預測？你們能否提高或加速任何資本支出計畫，或是我們基本上已經幾乎到達產能上限？另外，作為例行問題，能否提供你們 CMD 的展望？今年行事曆上會以什麼形式進行？第二個例行問題是關於 OpEx，你們如何看待第二季的 OpEx？

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，三個問題。我們先從這個開始。第一個是 121 億美元在一個區間內的上下浮動，可能會有一些下行，來自於模式輪廓的一些變化。我再重申一次，Aleks，如果我說錯請指正。另外，全年期間是否有任何彈性——也就是 121 億美元是否會有任何上上下下……

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，正負 1.5 億美元基本上是你提供此類計畫時，針對營運中隨機事件所帶來的不確定性之一般與標準範圍。我想大家都知道德州暴風雪造成的情況，以及日本競爭對手晶圓廠失火的事件。這類隨機事件你必須把它納入衡量。因此，正負 1.5 億美元的區間僅與營運上的隨機事件相關，絕對不是與需求相關；需求再次強調，遠高於我們製造廠的產能。

So second question?

第二個問題呢？

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——我們是否有任何明年資本市場日（Capital Markets Day）的計畫？或是我們會做些什麼……

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

今年嗎？不，今年我們尚未規劃。我們會在今年進行期間再做規劃。

And on OpEx?

那 OpEx 呢？

And on OpEx?

那 OpEx 呢？

Lorenzo?

Lorenzo？

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.

我來回答 OpEx 的問題。若我理解正確，問題是第二季 OpEx、也就是第二季 OpEx 該如何建模。在第二季，我們看到費用相較第一季會小幅下降。事實上，第一季費用略高於預期；而在第二季，我們大致上認為匯率（FX）會與第一季相近，可能略為下降，但不會太顯著。我們的行事曆因素較有利，匯率也可能稍微更有利一些，但這些將在很大程度上被活動增加所抵銷。另外別忘了，第二季我們有薪資政策，因此在人力成本方面會增加。

The next question is from Dominik Olszewski from Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）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?

第一個問題是延續上一題。這是否意味著，由於你們已滿載接單，你們對下半年上行潛力的看法更為有限？或者你們對下半年的看法有哪些利多與利空因素？第二個問題是追問——關於你們對 2021 年預期的營收組合（mix）。

No, for the full year or again...

是指全年，還是再一次……

Yes, by division?

是的，按事業部別？

Yes. By division...

是的。按事業部別……

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?

是全年營收組合。所以第一個是關於下半年受產能限制；第二個問題是今年的營收組合是什麼？

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

好的。我把營收組合的問題交給 Lorenzo 回答。

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.

嗯，這麼說吧，當我們看相較 2020 年的成長、按事業群（group）來看，在我們對 121 億美元中位數的預期下，所有事業群都有貢獻。當然，貢獻更大的事業群是 ADG，成長顯著；也基於去年——尤其是上半年——ADG 受到影響，因為汽車市場並不特別強勁。今年則相反。因此，ADG 將是成長的主要驅動力，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.

MDG 當然也受到影響，因為工業市場反彈更強，而我們的通路（distribution）——如你們在第一季已看到——也比去年強勁得多。因此第二個驅動力將會是 MDG。至於 AMS，AMS 去年表現較強，今年肯定會增加並持續走在成長軌道上，但相較另外兩個事業群，成長速度會較慢。我會說，這三個事業群都會有所貢獻：第一是 ADG，強勁成長；MDG 也會顯著成長；而 AMS 也將持續顯著成長，並對公司整體成長做出貢獻。

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。至於下半年以及全年，在我們已經建立的所有營運都能 100% 完美執行的前提下，我們可以達到我們先前提到的區間上緣。我想再次提醒，我們的營運是一天 24 小時、一週 7 天運作，包含所有休假與假期。因此我們完全沒有問題，並且能夠維持我們的供應鏈。如果我們一路交付到 2021 年的最後一刻，我們可能落在 121 億美元左右、上下 1.5 億美元的區間，也就是 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.

第一個問題，然後我還有一個追問：既然你們已經對今年剩餘期間提供了一些能見度，關於你們與最大客戶——或說客戶（不是客戶群）——在下半年的關係，你能否就內容面做一些釐清？你是否看到與這位客戶的銷售成長？如我所說，我之後還有追問。

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.

好，這是個有意思的問題。我想談談例如個人電子產品。很明顯，就 ST 而言，因為我們正在執行我們的策略目標，我們已經進入個人電子領域主要玩家的所有平台。我想提醒的是，透過客製化解決方案，我們有選擇性地切入一些高出貨量應用，這些應用位於智慧裝置核心數位功能之外。另一方面，我們運用通用型產品組合來取得智慧裝置周邊配件等同樣是高出貨量的應用。我也藉此機會指出，憑藉我們廣泛的產品組合，我們顯然能在各式各樣的裝置中、與主要玩家一起參與其中。這使我們能在全球參與許多重要客戶專案，而這對我們而言，再次強調，是在個人電子產品這個領域維持關鍵供應商地位的必要條件。

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.

更具體地說，我們在個人電子產品領域中、針對性地解決複雜應用的客製化產品，正好發揮我們的強項。若看這類複雜應用的典型設計週期時間，我可以確認，我們對於 ST 產品在未來 3 年仍將成為此類應用的一部分具有清楚的能見度，並且它們將為我們的營收成長做出貢獻。

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

好的。抱歉，想再確認一下。你是指今年，還是未來幾年？

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。那追問是：既然你們在 2021 年已達到 120 億美元，而你們先前把這個目標從 2022 延後到 2023，我理解終端需求比預期強很多；但你能否說明一下，你們過去不久前提到的 150 億美元願景，是否可能成為你們下一個目標？

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.

我想先回到 120 億美元這件事。基本上，相較於去年 12 月或 11 月，我們一共分享了兩個重要變化。第一點，我們目前面對的 SAM，也就是我們的特定可服務市場（specific addressable market），其絕對值已經是幾個月前原本預期在 2023 年才會出現的水準。也就是說，首先，我們現在面對的 SAM 絕對值，是我們原本預期在 2022 年才會面對的水準，而公司已展現快速反應以因應的能力。其次需要注意的是，SAM 內部的組合與幾個月前完全不同。因為幾個月前，我們的 SAM 在數位消費端非常強，而我們在那裡明顯受到華為影響；同時在車用與工業端則較弱。

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.

而現在與幾個月前最大的差異，是車用與工業部分的加速、強勁加速；在這兩個領域，我看到我們通常同時是供應商也是領導者。因此，正因為市場整體規模出現這種（[brutal]）變化，我們才能夠交付、而且將會交付 120 億美元。對我而言，這完全一致。

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.

至於接下來的未來。我們相信，憑藉我們的產品組合、技術與製造供應鏈——再次如我所說，我預期明年 Agrate 將開始交付可帶來營收的量產晶圓——我們確實具備所有要素，再加上我們已承諾客戶專案的能見度，能夠持續在我們所服務的市場中跑贏大盤。而且，當我們對市場如何演變具備足夠的信心水準，並結合我們對專案的能見度時，我們就會溝通下一步。但就像我們一向的做法，先聚焦在本季：首先給出 Q2 指引，並提供今年 120 億美元的指標。請相信我，要交付 121 億美元、同時把我們內部製造提升 20%，而代工廠的支援並未如我們預期、只會增加 10%，這已經非常具挑戰性。但公司做得到，也將能交付。

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.

我想我的第一個問題是，Lorenzo，看起來你們很明顯在自家工廠網路中盡可能多地生產，毛利率也上升了；在 6 月季度的指引中看起來約提升 450 個基點。也許你可以談談之後毛利率走勢會是什麼樣的輪廓？在產能持續滿載的情況下，我們是否會看到毛利率落在 40% 多的區間？或者在未來幾季的毛利率方面，還有其他變數需要考量，例如事業部組合或產品組合？然後我還有一個追問。

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.

線路有點干擾。我理解到的是一個關於毛利率走勢的問題——這是我的理解。你可以看到，上半年毛利率將略高於 39%。我們對 Q2 的指引是 39.5%；Q1 是 39%。所以略高。那接下來的期待是什麼？當然，往後看，在下半年，我們會有來自製造效率、製造效率改善的貢獻，但不會非常強。現在我們的晶圓廠以滿載運轉，已經做到我們能做到的最好。確實，Q1 我們大約在 91%。再高就不可能了。Q2 會類似，Q3、Q4 也會一樣。因此不會有任何卸載費用（unloading charges）。

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.

在此情況下，我們在製造效率方面會有小幅改善。產品組合也會帶來一些貢獻。你也必須考量，定價環境確實對我們的價格有利，但另一方面我們也面臨供應鏈因素，而整體成本/價格也在上升，部分抵銷了我們真正能與客戶分享的部分。因此，我的預期是在毛利率上會有一些溫和改善，前提是匯率環境沒有惡化，因為你也知道我們對此很敏感。假設匯率大致維持在目前水準，我們確實預期下半年毛利率會有溫和上升。

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.

我們最後會到哪裡？你知道，數學很簡單。我想說，我們今年的毛利率會落在 39% 到 40% 之間。

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

了解。也抱歉剛才插話打斷了線路。

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?

那個——我想——我的追問是，Jean-Marc，我知道華為對生態系裡很多公司來說一直是個逆風挑戰，但對你們公司尤其如此，因為你們曾為他們做一些客製化產品。現在看起來，他們的智慧型手機業務在 Honor（榮耀）品牌之下可能有一條前進的路，未來也許會有相當不錯的出貨量。我想請你談談，你們原本可能針對華為智慧型手機品牌所鎖定的一些產品——我們很多人在模型裡基本上把它們往後都當作零——這些產品是否也適用於 Honor 品牌？如果他們的手機業務有任何出貨量的話？

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，我們確實在服務這個客戶，可以這麼說，但是在中國訂單簿的框架下。不過，我們對自己確認並承諾他們訂單的能力感到還可以。他們向我們下單。所以是的，2021 年我們大概會對 Honor 交付約 1 億美元。但這個（聽不清）量級相較於我們原本預期與華為的規模要小很多。因此，剩下的華為部分我們有的——再說一次，我們在所有與 5G 與射頻相關的裝置授權上都被拒絕了。我們只有少數標準產品的授權。對我們而言，2021 年這將會是非常邊際的營收。

The next question is from Alexander Duval from Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）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?

兩個簡短問題。第一，汽車產業零組件供應吃緊的問題顯然已經廣為報導。想請問你能否更新一下，你認為這類限制大概在哪一季可能開始緩解？以及這是否意味著，如果今年汽車營收因供應受限而被稍微壓住，明年汽車營收可能會更具延續性？

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?

第二，你提到數位化是汽車業務的驅動因素。過去幾天有報導指出，英國政府正考慮促進 Level 3 汽車——高速公路自動駕駛；同時我們也看到高端 OEM 正加速進入 Level 2+ 的自動輔助駕駛領域。我想請你分享一下，你認為 ST 在支援這些發展所需的半導體領域中，定位如何？以及隨著自動化程度提升到更高等級，你對 ADAS 半導體市場前景的看法是什麼？

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

謝謝你的問題。我會把問題交給 Marco 回答。

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.

首先，是的，正如你所說，我們在汽車領域的反彈從 2020 年第四季後段開始就非常強勁，速度遠超過原先預期。而如你所言，這最終在整個半導體產業鏈帶來了一些供應鏈限制。我們目前正與客戶非常緊密合作以支援他們。這是由所有客戶所驅動，包括通路，也涵蓋所有地區。為什麼會發生？首先，汽車產量正在增加；整個汽車供應鏈顯然需要補回庫存。別忘了，車內的半導體含量因電動化與數位化而上升，同時也受到車內配備需求增加的推動。這些因素加總起來，造成了非常、非常吃緊的局面。我們看到在第一季，需求仍然極為強勁。我們目前所有的接單，在這個階段都高於我們現有與規劃中的製造產能。而我們現在的接單能見度已延伸到 18 個月。因此我們現在正在與客戶討論 2022 會計年度的需求會是什麼。

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.

再談到其他部分。是的，我們在市場上看到的情況是，基本上 Level 2 與 Level 2+ 是市場正在前進且加速的方向。如你所知，我們在這類應用上正與市場領導者合作，並持續與他們合作，以支援我們在這一市場區塊所看到的非常強勁需求。希望這回答了你的問題。

And we will prepare for Level 3.

而我們也會為 Level 3 做準備。

Absolutely.

完全正確。

The next is from Jerome Ramel from Exane BNP Paribas.

下一位是 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，Jean-Marc。你說你們現在產能滿載，但在第四季你們有能力做到 32 億美元營收。所以現在的產品組合是否不同，導致你們目前的運行水準（如果我可以這麼說）會是（聽不清）？還是因為晶圓代工產能取得的差異造成的？

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?

追問是，隨著你們在 Crolles、Agrate 等地增加產能、投入資本支出（CapEx），你能否稍微量化一下你們正在實施的產能擴張，例如以每月晶圓片數（wafer per month）來看？或至少給我們一些提示：今年年底你們的產能相較於去年年底大概會是什麼水準？

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.

謝謝。第一個問題，我也必須非常坦白地提到，第四季我們也有相當大的庫存下降。因此我們是用（聽不清）上的庫存來滿足需求，而當時的需求水準並沒有到現在這麼高。這也是為什麼很難做同口徑比較，例如第一季對第二季。但很明顯地，在第一季，是的，確實也有產品組合效應。舉例來說，如果我以垂直市場來評論營收——一般我們是按產品群組來看營收——但在這裡我可以提供一些垂直市場的顏色。第一季年增方面：汽車成長 31%；工業成長 65%；個人電子成長 26%；通訊設備與基礎設施成長 20%。而在季比方面，第一季相較第四季：汽車成長 5%；工業成長 12%；個人電子如往常（季節性）下降 27%；通訊設備與基礎設施成長 10%。所以是的，在組合上也有影響。至於產能，我們在哪裡增加產能。

But about capacity, where we are increasing capacity.

但關於產能，我們在哪裡增加產能。

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.

可以說，我們增加產能的主要 3 個領域——或者說 4 個領域——首先是 Crolles 300，因為 Crolles 300 是一座晶圓廠，強力支援我們個人電子領域的客戶專案（customer engaged program）；也支援我們的微控制器（Microcontroller），涵蓋安全型通用與車用。然後我們還有混合技術（mixed technology），幾乎涵蓋所有應用。因此在這裡，我們正把產能拉升到該廠目前完整建置（full buildup）能力的上限。但我們在 12 月決定再做一次擴產，因為我們在 Crolles 有一個可透過模組化方式延伸的特定設計。這個擴建預計在年底前就緒，以支援客戶專案、微控制器、汽車、通用安全，以及多元化的特殊混合訊號技術（mixed-signal technology）等各方面的額外成長。這是第一個領域。順帶一提，我們對 Crolles 的中期目標，是能夠接近每週運行 10,000 片晶圓。

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.

接著我們大幅增加的第二個領域，是在 Agrate 的 200 毫米先進智慧電源技術，因為這裡的需求相當強勁，尤其是我們所稱最先進的 BCD9。以及某種程度上（聽不清）新加坡。你們知道我們在 3 年前收購了 Micron 的前晶圓廠，這可以說是 200 毫米晶圓廠的樞紐。我們正把這座晶圓廠的產能拉到滿載，以支援 BCD9，同樣也支援微控制器，以及——同時也支援垂直整合的電源產品。

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.

第三個領域是碳化矽。我必須說，在 121 億美元當中，我們已提高了對碳化矽的營收展望。如果你記得很清楚，我在 1 月提到大約 4.5 億到 5 億美元的區間。現在將會明顯高於 5.5 億美元。因此我們正在加碼、加速碳化矽，不僅在卡塔尼亞，也在新加坡。所以現在我們可以說正在推進新加坡碳化矽的認證（qualification）。

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.

其餘部分則可以說是在卡塔尼亞，用於支援 IGBT 與高壓 MOSFET，以支援汽車市場。因此，這基本上就是 3 個領域——抱歉，是 4 個領域——我們在今年增加用於產能的資本支出（CapEx），並開始為 2022 年做準備。接著也很重要要與各位分享的是，我們目標是在 Agrate 300 毫米於今年稍晚以及明年第一季（Q1）啟動第一批設備。我對於 Agrate 300 的第一筆營收在 2022 年底前實現，具有很高的信心。

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

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

I just wanted to 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.

我想問你一個問題，Jean-Marc，關於目前短缺在較長期的影響，尤其是在汽車領域。我想知道你是否可以談談你與 Tier 1 的對話性質，甚至汽車 OEM 是否現在也在與你們洽談，以確保長期的庫存水位？以及你是否認為採購行為會改變，特別是當我們走向動力系統電氣化時，功率半導體公司與電池供應商一起，將成為汽車客戶最關鍵的供應商？任何對庫存以及未來如何管理的看法都會很有意思。我還有一個簡短的追問。

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.

我認為今天我們的看法與立場如下。嗯，今天你基本上有兩種商業模式。你有一種商業模式——在這裡我想提到車廠 Tesla，它是一種混合模式，基本上 Tesla 正在開發自家的嵌入式電子系統。而（聽不清）也談到其自家的模組電子系統（聽不清）。在這種模式下，我們與他們之間可以說一切照常，在規劃、庫存配置等等方面維持供應鏈關係。但我必須提到，在這種商業模式裡，我們任何時候都不會讓 Tesla 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，也就是——是的，我們不是。我們不是。好，這裡還有另一種商業模式。也有一種商業模式是傳統的。所以汽車 Tier 1 製作他們的電子產品，然後由 Tier 1 來對接我們。但未來如果車廠想以混合模式開發自家的電子系統，也就是部分仍由 Tier 1 負責、部分想自己做，是的，我們會準備好與他們討論並與他們落實合作。但如果他們——如果他們想跳過 Tier 1，直接與我們討論以確保庫存，同時又要延續目前與 Tier 1 的商業模式，這是我們不會考慮的。因為在某個時點，我們必須保持一致。再次強調，今天發生的並不是半導體短缺的問題。今天發生的是純粹缺乏對規劃與供應鏈的前瞻性。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.

因此我們的信念是，未來我們會有——而且也會因你所說的動力系統轉型、電氣化而加速——一種混合模式。所以有些車廠會有自家的車載電子，在這種情況下，他們會與半導體廠商直接討論。我們會在研發、供應鏈、工程等各方面維持我們一貫的緊密合作。而在電子系統的另一部分，他們仍會使用 Tier 1。在那種情況下，我們的客戶就是 Tier 1。我希望這樣已經說清楚了。

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?

這非常有幫助。如果可以的話，我想再有兩個簡短的追問。第一個是關於定價環境，這是很多投資人都在問的問題：ST 如何在目前的短缺中受益？我的意思是，你們是否可能受惠於潛在的漲價？所以我想知道你是否可以談談這一點。另外也請你談談你們的交期（lead times），也許是針對大宗（commodity）產品。這是否可能幫助你們把毛利率突破 40%——事實上這個水準對公司來說長期以來一直相當難達成？

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——抱歉讓你有點措手不及，但這是我的工作。你在 CMD 告訴我們，你最晚會在 2023 年做到 120 億美元。現在你們將在 2021 年就做到。而且你也提到中期有 150 億美元的目標。我想知道你是否可以給我們你對 2020 年的信心程度，也就是你是否能跑贏你的整體可服務市場（total addressable market）？你是否覺得你已經有足夠的能見度與信心做到這一點？

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，因為他負責銷售與行銷。

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，正如你所說，我們處在一個正在與客戶討論並且正在落實漲價的環境。這在 1 月時就已經討論過，而且目前仍在進行中。但正如我們在那裡所說，我們並不是以投機的方式來做。這也是用來回應供應鏈成本上升的方式，包括材料、你們的樞紐（hubs）、所有一切。因此，鑑於目前情況，這顯然是一項持續進行的工作。但再次強調，我們不會以任何投機的方式來執行。

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.

那麼，我再評論一下 120 億美元以及未來。再次，我的第一個問題會是：我會做同樣的事嗎？在知道今天正在發生什麼的情況下，幾個月前說 120 億美元只會在 2023 年發生，我的答案是會。為什麼？因為我們手上掌握的資料點，也就是我們按垂直領域所服務的市場資料點；關於 2021 到 2023 年將生產的輕型車、智慧型手機、華為的流失，以及當時我們所擁有的所有資料點，都促使我們在那樣的能見度下，再加上美中貿易戰可能帶來的影響，使我們處於一種情境：為了推動公司，我們相信我們能在 2023 年達成 120 億美元。嗯，簡單來說，在大約 11 月、12 月到第一季（Q1）之間，如果我沒記錯，我們在 5 個月內就接到接近 80 億美元的訂單（bookings）。然後當客戶來找我們說：我的轉型正在加速、汽車數量在增加、工業市場受永續發展驅動，想要更多自動化、更多低功耗的系統等等。於是所有條件在非常短的時間內快速到位。

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，我們之所以做出反應，是因為我們的產能，首先，原本並未規劃到這種程度。嗯，在某種程度上，產能並未完全飽和，這是好事。所以我們反應非常快。我們把許多技術導入其中，並且提高了我們的資本支出（CapEx）。而我們現在將交付 120 億美元，因為——再次強調——我們目前面對的市場，其實是我們原本預期在 2023 年才會處於的市場。但現在——我再重申一次——我們對已簽約客戶計畫（engaged customer program）中的一部分有清楚的能見度，涉及一些可說是客製化設計產品或差異化產品，用於解決複雜的嵌入式處理系統。我們也知道，這類系統的基本架構在設計前置時間方面，或多或少至少需要 2 到 3 年。因此我們非常清楚，在接下來 2 到 3 年，我們必須交付這套系統並服務這位客戶。那麼之後，就取決於所有與市場狀況相關的因素。所以如果市場狀況如 WSTS 所說，在 '22、'23 與 '24 會以 4%、5% 的複合年均成長率持續成長，公司將憑藉我們的產品組合、供應鏈、支援能力，以及已簽約客戶計畫而超越該市場表現。然後，當我們覺得時機適當時，我們會進一步規模化，並在我們的中期（可說是）策略計畫中，給出營收目標；這份計畫我們會在接下來幾個月內著手進行。

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

今天最後一個問題來自瑞士信貸（Crédit Suisse）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，如果我試著根據你們的全年指引來理解下半年的季節性，看起來類比與感測器（Analog and Sensor）業務在下半年同比可能只會有非常小的成長。所以我想了解一下：很明顯，來自智慧型手機及其配件的需求一直在增加，那麼是什麼原因讓你們在下半年對 AMS 業務看起來稍微更保守一些？這主要是與你們先前的中國客戶有關，還是指引中也納入了其他因素？

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，沒有任何單一特定客戶。再次強調，今年可以說是前所未有的一年。我們受限於產能。相信我，我們從汽車製造商那裡承受的壓力非常驚人。我想大家可能不知道，有些政府已對某些晶圓代工廠施壓，要求其減少（decommit）消費性產品的供應承諾，轉而分配給車用。這非常複雜。所以今年基本上是無限需求——我可以這麼分類。整個產業都在與客戶、合作夥伴緊密合作，依據短期優先順序進行分配，不建立任何庫存，但要確保所有元件都能讓客戶的各項計畫持續運轉。你可以看到這非常困難，但絕對不是與某一個特定應用或某一位客戶相關。

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.

因此可以確定的是，今年在這 120 億美元之內，車用與工業市場將有非常強勁的成長。而個人電子（Personal Electronics）以及（可說是）通訊基礎設施（Communication Infrastructure）相較去年則會是較為溫和的成長，首先是因為已經沒有華為了，只有非常邊際的訂單；另外也因為產能已被分配以支援汽車產業。這就是為什麼在不同產品群組與不同垂直領域之間，我們會看到這樣的成長差異。

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?

另外再追問一個很快的問題。如果我看你們的 SAM，你們在過去幾年（可能 3 年）一直大幅超越你們整體 SAM 的成長。基於你們目前的能見度，你認為這種超額表現會在 2021 與 2022 年持續嗎？

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

2021 年，WSTS 對外公布的能見度顯示，我們的 SAM 將成長 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%。抱歉口誤。而我們預測，好，將成長 18.4%。所以可以說，大約是我們所服務市場的 1.3 倍。至於 2022 年，我想重申我幾分鐘前說過的話。首先，我們正透過製造基礎設施來為成長做準備，也包括我剛才分享的各項計畫。所以我再重複一次：Crolles、新加坡 8 吋、Agrate 200、Agrate 300，以及卡塔尼亞（Catania）的碳化矽（silicon carbide）。然後，當然，藉由我們的已簽約客戶計畫，我們有能見度；我們有確定性；再加上市場狀況——預期將維持在約 5% 的已確認平均成長率——以及我們的產品組合。因此，通用產品、STM32、功率、我們的通用類比，以及所有應用特定的標準產品（application-specific standard product）。是的，我確認我們的企圖心與能力，是持續在我們所處的市場中超越市場表現。

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

謝謝各位。現在我們將結束本季度的電話會議。一如往常，非常感謝各位的關注。

Bye-bye. Thank you very much.

再見。非常感謝。

Thank you. Bye.

謝謝。再見。