意法半導體 (STM) 2020 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2020 Earnings Conference Call and Live Webcast.

女士們先生們，歡迎來到意法半導體 2020 年第四季度和全年收益電話會議和網絡直播。

I am Myra, the Chorus Call operator.

我是合唱呼叫接線員邁拉。

(Operator Instructions) And the conference is being recorded.

（操作員說明）會議正在錄製中。

The conference must not be recorded for publication or broadcast.

會議不得為出版或廣播而錄製。

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

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

Please go ahead, madame.

請繼續，夫人。

Thank you, Myra.

謝謝你，邁拉。

Good morning.

早上好。

Thank you, everyone, for joining our fourth quarter and full year 2020 financial results conference call.

感謝大家參加我們的 2020 年第四季度和全年財務業績電話會議。

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

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

Joining Jean-Marc on the call today are Lorenzo Grandi, President of Finance, Infrastructure and Services, and Chief Financial Officer; Marco Cassis, President of Sales, Marketing, Communications and Strategy Development.

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

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

可以在 ST 的投資者關係網站上訪問該網絡直播和演示材料。

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

重播將可用 - 抱歉，本次通話結束後不久即可播放。

This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.

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

We encourage you to review the safe harbor statements contained in the press release that was issued with the results this morning and also in ST's most recent regulatory findings 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 最新的監管調查結果，以全面描述這些風險因素。

Also, to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to 1 question and a brief follow-up.

此外，為確保所有參與者都有機會在問答環節中提問，請將自己限制在 1 個問題和簡短的跟進中。

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

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So thank you, Celine.

所以謝謝你，席琳。

Good morning, and thank you for joining ST for our Q4 and full year 2020 earnings conference call.

早上好，感謝您加入 ST 參加我們的第四季度和 2020 年全年收益電話會議。

Let me begin with some opening comments.

讓我從一些開場評論開始。

Starting with Q4.

從第四季度開始。

As announced, on January 8, net revenues at $3.24 billion were up 21.3% sequentially, significantly above the high end of our guidance.

正如 1 月 8 日宣布的那樣，淨收入為 32.4 億美元，環比增長 21.3%，遠高於我們指引的高端。

Our engaged customer programs in Personal Electronics as well as continuous acceleration in demand, especially of automotive products and Microcontrollers, were the main factors that contributed to these results.

我們參與的個人電子產品客戶計劃以及需求的持續加速，尤其是汽車產品和微控制器的需求，是促成這些結果的主要因素。

Q4 '20 gross margin was 38.8%, 30 basis points above the midpoint of our guidance.

20 年第四季度毛利率為 38.8%，比我們的指導中點高 30 個基點。

Our operating margin was 20.3%, and our net income was $582 million.

我們的營業利潤率為 20.3%，淨收入為 5.82 億美元。

Moving to the full year 2020.

進入 2020 年全年。

Net revenues increased 6.9% to $10.2 billion for 2020, progressively strengthening versus the expectations we provided during the year.

2020 年的淨收入增長 6.9% 至 102 億美元，與我們在這一年提供的預期相比逐漸加強。

This was due to the stronger and faster than expected restart of demand during the second half.

這是由於下半年需求重啟的力度和速度快於預期。

Full year '20 gross margin was 37.1%; operating margin was 12.9%; and net income, $1.1 billion.

20年全年毛利率為37.1%；營業利潤率為 12.9%；淨收入11億美元。

Free cash flow for the year was $627 million, and CapEx was $1.28 billion.

當年的自由現金流為 6.27 億美元，資本支出為 12.8 億美元。

Our net financial position increased to $1.1 billion at December 31, 2020, from $672 million 1 year earlier.

截至 2020 年 12 月 31 日，我們的淨財務狀況從一年前的 6.72 億美元增加到 11 億美元。

On Q1 2021.

2021 年第一季度。

At the midpoint, our first quarter business outlook is for net revenues of $2.93 billion, representing a year-over-year increase of about 31.2%.

在中點，我們第一季度的業務前景是淨收入為 29.3 億美元，同比增長約 31.2%。

The gross margin is expected to be about 38.5%.

毛利率預計約為38.5%。

For the full year 2021, we plan for solid revenue growth outperforming the markets we serve.

在 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。

Smart mobility, power energy management, the IoT and 5G are driving demand for semiconductor content, and these trends have accelerated during 2020.

智能移動性、電力能源管理、物聯網和 5G 正在推動對半導體內容的需求，這些趨勢在 2020 年加速發展。

ST's strategy stems from these long-term enabler, and we are very well positioned to support our customers across them.

ST 的戰略源於這些長期推動者，我們非常有能力支持我們的客戶。

We plan to invest about $1.8 billion to $2 billion in CapEx in order to support the strong market demand as well as our strategic initiatives.

我們計劃在資本支出上投資約 18 億至 20 億美元，以支持強勁的市場需求以及我們的戰略舉措。

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

現在讓我們來詳細回顧一下第四季度。

During Q4, market demand accelerated sharply versus expectations.

第四季度，市場需求比預期急劇加速。

As we preannounced on January 8, net revenue came in 580 basis points above the high end of our outlook range.

正如我們在 1 月 8 日預先宣布的那樣，淨收入比我們展望範圍的高端高出 580 個基點。

On a sequential basis, net revenues increased 21.3%, with all 3 product groups performing above expectations.

在連續的基礎上，淨收入增長了 21.3%，所有 3 個產品組的表現都超出了預期。

AMS was up 42.4%, ADG up 12.1% and MDG up 5.3%.

AMS 增長 42.4%，ADG 增長 12.1%，MDG 增長 5.3%。

On a year-over-year basis, Q4 net revenues increased 17.5%, driven by whole product subgroups with only RF Communications decreasing as expected affected by the U.S.-China trade war.

在整個產品子組的推動下，第四季度淨收入同比增長 17.5%，只有 RF 通信如預期的那樣受美中貿易戰影響而下降。

AMS grew 30.8%, MDG grew 15.7% and ADG saw a return to a year-over-year growth increasing 3.2%.

AMS 增長 30.8%，MDG 增長 15.7%，ADG 恢復到同比增長 3.2%。

Our gross profit was $1.25 billion, an increase of 16% year-over-year.

我們的毛利潤為 12.5 億美元，同比增長 16%。

Gross margin was 38.8%, 30 basis points above the midpoint of our guidance.

毛利率為 38.8%，比我們指引的中點高 30 個基點。

In comparison to the year ago quarter, the gross margin decrease of 50 basis points was mainly due to the usual price pressure and negative currency effects, net of hedging, partially offset by improved mix and lower unloading charges.

與去年同期相比，毛利率下降 50 個基點，主要是由於通常的價格壓力和負面貨幣影響（扣除對沖），部分被改善的組合和較低的卸貨費用所抵消。

Net operating expenses were $598 million, included in this amount, other income and expenses improved to a net income of $131 million compared to a net income of $54 million in the year ago, mainly due to a nonrecurring favorable impact of some R&D growth catch-up.

淨運營費用為 5.98 億美元，包括在此金額中，其他收入和費用從去年同期的 5400 萬美元的淨收入提高到 1.31 億美元的淨收入，主要是由於一些研發增長的非經常性有利影響 -向上。

Q4 operating margin was 20.3%, up 80 basis points sequentially.

第四季度營業利潤率為 20.3%，環比增長 80 個基點。

On a year-over-year basis, Q4 operating margin was up 360 basis points with an improvement in AMS and MDG, partially offset by a decline in ADG.

與去年同期相比，第四季度營業利潤率上升了 360 個基點，其中 AMS 和 MDG 有所改善，但部分被 ADG 的下降所抵消。

Net income was $582 million, and diluted earnings per share were $0.63.

淨收入為 5.82 億美元，每股攤薄收益為 0.63 美元。

Let's look now in more detail at our full year results, starting with the recap of the market and business trends we saw during 2020, which was clearly an unprecedented year with a material swing.

現在讓我們更詳細地了解一下我們的全年業績，首先回顧一下我們在 2020 年看到的市場和業務趨勢，這顯然是前所未有的重大波動的一年。

During the first half of the year, our business continuity plans enable us to support our customers and to continue to execute our R&D programs while maintaining the most stringent health and safety measures.

今年上半年，我們的業務連續性計劃使我們能夠支持我們的客戶並繼續執行我們的研發計劃，同時保持最嚴格的健康和安全措施。

Then from Q3, we saw a much faster and stronger-than-expected restart of demand for our products, which further accelerated in Q4.

然後從第三季度開始，我們看到對我們產品的需求重啟速度和強於預期，並在第四季度進一步加速。

In automotive first.

以汽車為先。

The negative impact on demand was particularly strong in Q2, especially for legacy automotive in Europe and in the U.S., with many carmakers and Tier 1s shutting down for a period.

第二季度對需求的負面影響尤其強烈，尤其是對歐洲和美國的傳統汽車而言，許多汽車製造商和一級供應商關閉了一段時間。

Importantly, even at that time, we didn't see any substantial slowdown of customer activity on long-term strategic smart mobility projects.

重要的是，即使在那個時候，我們也沒有看到長期戰略智能移動項目的客戶活動出現任何實質性放緩。

After the summer, global demand start to pick up sequentially much faster and stronger than the industry has anticipated.

夏季之後，全球需求開始連續回升，比行業預期的要快得多且強勁。

We then saw a further acceleration during Q4, driven by care production volumes, replenishment of inventories across the automotive supply chain and more broadly, semiconductor content increase related to electrification and digitalization.

然後，我們在第四季度看到了進一步的加速，這得益於護理產品的產量、整個汽車供應鏈的庫存補充，以及更廣泛地說，與電氣化和數字化相關的半導體含量增加。

Then in industry owned.

然後在工業中擁有。

During the first half, we saw a demand slowdown in some applications, so appliance, lighting while others, such as health care, remain positive.

上半年，我們看到一些應用的需求放緩，因此電器、照明等其他應用（如醫療保健）保持樂觀。

From the end of Q2, we started to see improved dynamics in key application areas for ST, such as power-related applications, renewable energy, motion control and factory automation.

從第二季度末開始，我們開始看到意法半導體在關鍵應用領域的動態有所改善，例如電力相關應用、可再生能源、運動控制和工廠自動化。

This continued in Q3.

這種情況在第三季度繼續。

And during Q4, the situation improved strongly across all geographies.

在第四季度，所有地區的情況都得到了強勁改善。

Distribution is a key element of our go-to-market strategy in Industrial.

分銷是我們在工業領域進入市場戰略的關鍵要素。

Here, we saw different regional dynamics.

在這裡，我們看到了不同的區域動態。

China was hit first by the pandemic effect in Q1, but started to recover as soon as Q2.

中國在第一季度首先受到大流行的影響，但在第二季度就開始復蘇。

While the slowdown in Europe and in the U.S. came a bit later in Q1, but continued during Q2.

雖然歐洲和美國的放緩在第一季度稍晚出現，但在第二季度繼續。

From Q3, we saw improvement in Asia overall with healthy levels of inventory in our distribution channel across all product families and recovery in the Americas and Europe.

從第三季度開始，我們看到亞洲的整體情況有所改善，我們所有產品系列的分銷渠道中的庫存水平健康，美洲和歐洲也在復蘇。

In Q4, this positive strength accelerated inventories of our products and distributors are currently bailing across all product families and geographies with very high inventory terms.

在第四季度，這種積極的實力加速了我們產品和分銷商的庫存，目前所有產品系列和地區的庫存條件都非常高。

Now in Personal Electronics.

現在在個人電子產品中。

During the first half, consumer demand for devices like smartphones was clearly impacted by retail lockdown.

上半年，消費者對智能手機等設備的需求明顯受到零售封鎖的影響。

But demand for our key products remained strong, thanks to our engaged customer products.

但得益於我們參與的客戶產品，對我們關鍵產品的需求依然強勁。

From Q3, they were the strongest start of consumer demand for smartphones, driven by the introduction of 5G devices.

從第三季度開始，在 5G 設備的推出推動下，消費者對智能手機的需求最為強勁。

This trend accelerated in Q4.

這一趨勢在第四季度加速。

Demand related to accessories were strong throughout the year, with IC dynamics related to wearable, tablets, hearables and true wireless stereo headset and game consoles.

與配件相關的需求全年強勁，IC 動態與可穿戴設備、平板電腦、耳戴式設備和真無線立體聲耳機和遊戲機相關。

In communication equipment and computer perishable, we saw solid demand throughout the year for products related to hardworking and enterprise servers, while the overall market for all these were softer.

在通信設備和計算機易損件方面，我們看到與硬盤和企業服務器相關的產品全年需求強勁，而所有這些產品的整體市場均較為疲軟。

This was also valid in Q4.

這在第四季度也有效。

The 5G equipment rollout went through a significant slowdown in China during Q4.

第四季度，中國的 5G 設備部署經歷了顯著放緩。

Looking now at our full year financial results.

現在看看我們的全年財務業績。

Net revenue were $10.2 billion for 2020, increasing 6.9% year-over-year, progressively strengthening compared to the full year expectation shared in April and the regular subject we gave during the year.

2020 年的淨收入為 102 億美元，同比增長 6.9%，與 4 月份共享的全年預期和我們在這一年給出的常規主題相比逐漸加強。

Sales to OEMs represent 73% of total revenues, while distribution represented 27%.

對 OEM 的銷售佔總收入的 73%，而分銷佔 27%。

By region of origin, 42% of our 2020 revenues were from Americas, 34% from Asia Pacific and 24% from EMEA.

按原產地區劃分，我們 2020 年收入的 42% 來自美洲，34% 來自亞太地區，24% 來自歐洲、中東和非洲。

In terms of revenues by product group, 2 groups grew while 1 declined.

在按產品組劃分的收入方面，2 組增長，1 組下降。

ADG revenue decreased 8.9%.

ADG 收入下降 8.9%。

Revenue from automotive products sub group decreased, mainly due to a decline in legacy automotive, partially offset by growth in ADAS.

汽車產品子組的收入下降，主要是由於傳統汽車的下降，部分被 ADAS 的增長所抵消。

Revenues for the power discrete sub group saw a lower decrease with soft market conditions for industrial in Europe and in America, partially offset by growth in car electrification.

由於歐洲和美國工業市場疲軟，功率離散子組的收入下降幅度較小，部分被汽車電氣化的增長所抵消。

AMS revenues increased 18%, mainly driven by imaging and analog products for Personal Electronics.

AMS 收入增長 18%，主要受個人電子產品成像和模擬產品的推動。

MDG revenues increased 14.9%, driven by strong growth in Microcontrollers at both OEMs and distribution and partially offset by the strong decline in RF Communication products in Q4.

MDG 收入增長 14.9%，這主要得益於 OEM 和分銷商微控制器的強勁增長，但部分被第四季度射頻通信產品的強勁下滑所抵消。

Gross margin was 37.1%, 160 basis points lower than 2019, possibly reflecting higher unsaturation charges of about 150 basis points compared to about 70 basis points in full year 2019.

毛利率為 37.1%，比 2019 年低 160 個基點，這可能反映了與 2019 年全年約 70 個基點相比，不飽和費用增加了約 150 個基點。

Our operating margin for 2020 was 12.9%, in line with the double-digit target we had shared.

我們 2020 年的營業利潤率為 12.9%，符合我們分享的兩位數目標。

AMS posted an operating margin of 20.8%, MDG was 16.6% and ADG was 5.5%.

AMS 的營業利潤率為 20.8%，MDG 為 16.6%，ADG 為 5.5%。

Net income increased 7.2% to $1.1 billion, translating into diluting earnings per share of $1.20.

淨收入增長 7.2% 至 11 億美元，稀釋每股收益為 1.20 美元。

Moving now to the other financial indicators.

現在轉到其他財務指標。

Net cash from operating activities increased 12% to $2.09 billion.

來自經營活動的淨現金增長 12% 至 20.9 億美元。

CapEx was $1.28 billion, substantially in line with updated investment plan we announced last April and further refined in Q2 from the initial expectation of $1.5 billion.

資本支出為 12.8 億美元，與我們去年 4 月宣布的更新投資計劃基本一致，並在第二季度從最初預期的 15 億美元進一步完善。

Free cash flow in Q4 was $512 million, bringing the full year free cash flow to $627 million, up 26%.

第四季度的自由現金流為 5.12 億美元，使全年自由現金流達到 6.27 億美元，增長 26%。

Cash dividends paid to stockholders totaled $168 million.

支付給股東的現金股息總額為 1.68 億美元。

As part of our existing share buyback plan -- program, sorry, we repurchased shares totaling $125 million during the year.

作為我們現有股票回購計劃的一部分——計劃，對不起，我們在這一年回購了總計 1.25 億美元的股票。

During Q3, ST exercised the call option for the early redemption of its $750 million 2022 tranche A of the convertible bond issued in 2017.

在第三季度，ST 行使了提前贖回其 2017 年發行的 7.5 億美元 2022 年 A 期可轉換債券的看漲期權。

Simultaneously, with the exercise of the collection, ST issued a new $1.5 billion dual-tranche senior unsecured convertible bond due 2025 and 2027.

同時，隨著收債的行使，ST 發行了新的 15 億美元的雙檔高級無抵押可轉換債券，將於 2025 年和 2027 年到期。

Our net financial position exiting the year was $1.1 billion, up from $672 million at the end of 2019.

我們今年的淨財務狀況為 11 億美元，高於 2019 年底的 6.72 億美元。

Now let's move to our first quarter 2021 outlook and our perspective on the full year 2021.

現在讓我們轉向我們對 2021 年第一季度的展望以及我們對 2021 年全年的展望。

For Q1, we expect, at the midpoint, net revenues of $2.93 billion, increasing year-over-year by about 31.2% and decreasing sequentially by about 9.5%.

對於第一季度，我們預計中點淨收入為 29.3 億美元，同比增長約 31.2%，環比下降約 9.5%。

On a year-over-year basis, all product groups will contribute to the growth.

與去年同期相比，所有產品組都將為增長做出貢獻。

On a sequential basis, the decline will be lower than the usual seasonality.

在連續的基礎上，下降將低於通常的季節性。

We expect a decline in AMS due to the seasonality in Personal Electronics, stable revenues in MDG and a mid-single-digit increase in ADG, driven by strong demand in automotive.

我們預計，由於個人電子產品的季節性、MDG 收入穩定以及汽車需求強勁推動 ADG 中個位數增長，AMS 將下降。

Our gross margin at the midpoint is expected to be about 38.5%, representing a sequential decrease of about 30 basis points.

我們的中點毛利率預計約為 38.5%，環比下降約 30 個基點。

Year-over-year, the increase of about 60 basis points is mainly due to the much lower unloading charges.

同比增長約 60 個基點，主要是由於卸貨費用大幅降低。

For the full year, we plan for solid revenue growth outperforming the market we sell.

全年，我們計劃實現穩健的收入增長，超過我們銷售的市場。

The broad long-term trends in electronic systems that we are focused on have accelerated during 2020 and are driving demand for our products.

我們關注的電子系統的廣泛長期趨勢在 2020 年加速發展，並推動了對我們產品的需求。

These trends are smart mobility, power and energy application, and IoT and 5G.

這些趨勢是智能移動、電力和能源應用以及物聯網和 5G。

We are also facing an unprecedented market situation.

我們也面臨著前所未有的市場形勢。

Semiconductor demand is increasing across the entire industry, driven by car production volumes and replenishment of inventories across the automotive supply chain, very lean inventory levels at distributors, and steady FX, boosting demand of Personal Electronics and communication products.

受汽車產量和汽車供應鏈庫存補充、分銷商庫存水平非常低以及外匯穩定的推動，整個行業的半導體需求都在增長，從而推動了個人電子產品和通信產品的需求。

In terms of CapEx, so we plan to invest about $1.8 billion to $2 billion in 2021 in order to meet the strong market demand and also to advance our strategic initiatives.

在資本支出方面，我們計劃在 2021 年投資約 18 億至 20 億美元，以滿足強勁的市場需求並推進我們的戰略計劃。

This amount includes mainly the addition of capacity for our existing call 300-millimeter fabs; mix evolution for our most advanced 200-millimeter fabs; and silicon carbide, strong capacity expansion.

這一數額主要包括為我們現有的 300 毫米晶圓廠增加產能；我們最先進的 200 毫米晶圓廠的混合演變；而碳化矽，產能擴張強勁。

It also includes about $400 million of investments for strategic initiatives as well as the support of R&D activities and the maintenance required by our manufacturing operation.

它還包括約 4 億美元的戰略計劃投資，以及對研發活動的支持以及我們製造業務所需的維護。

These strategic initiatives are continued investments in our new aggregate 300-millimeter SAM, R&D for gallium nitride power technologies and the fabrication of silicon carbide substrate.

這些戰略舉措是對我們新的總計 300 毫米 SAM、氮化鎵功率技術的研發和碳化矽襯底製造的持續投資。

To conclude, on 2020, we returned to solid revenue growth on performing the market we sell.

總而言之，在 2020 年，我們在執行我們銷售的市場時恢復了穩健的收入增長。

We maintain our profitability with an operating margin at 12.9% and net income at $1.1 billion.

我們保持盈利能力，營業利潤率為 12.9%，淨收入為 11 億美元。

We strengthened our net financial position with strong growth in operating and free cash flow.

我們通過運營和自由現金流的強勁增長加強了我們的淨財務狀況。

ST demonstrated both resilience during the first half of this unprecedented year and the ability to support the strong and sudden upswing in demand during the second half.

ST 在這一史無前例的上半年表現出了韌性，以及在下半年支持強勁而突然的需求增長的能力。

Working alongside our customers and partner here, I am thinking about distributors, OSAT, foundries and, of course, various vendor.

在這裡與我們的客戶和合作夥伴一起工作，我正在考慮分銷商、OSAT、代工廠，當然還有各種供應商。

During all the different phases, we had to go through together in 2020.

在所有不同的階段，我們必須在 2020 年一起經歷。

For 2021, we are better aligned to continue to make ST stronger.

對於 2021 年，我們將更好地保持一致，繼續讓 ST 更強大。

We are convinced that we have the right strategy and resources to do this, our balanced market position, our focus on high-growth application and our solid product IP technology portfolio.

我們相信，我們擁有正確的戰略和資源來做到這一點、我們平衡的市場地位、我們對高增長應用的關注以及我們堅實的產品 IP 技術組合。

These are supported by our operating discipline and agility, now more important than ever in such a dynamic market and by the improvement programs and transformation programs we are engaged in.

這些都得到了我們的運營紀律和敏捷性的支持，在這樣一個充滿活力的市場中，我們現在比以往任何時候都更加重要，並且我們正在參與的改進計劃和轉型計劃。

This will translate into solid revenue growth and improved financial performance.

這將轉化為穩健的收入增長和改善的財務業績。

Thank you.

謝謝你。

We are now ready to answer your questions.

我們現在準備回答您的問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) The first question is from Andrew Gardiner from Barclays.

（操作員說明）第一個問題來自 Barclays 的 Andrew Gardiner。

Jean-Marc, I was hoping you could perhaps sort of compare and contrast some of the statements you had made in December at the final CMD session compared to what you're saying this morning.

Jean-Marc，我希望您可以將您在 12 月最後一次 CMD 會議上所做的一些陳述與您今天早上所說的進行比較和對比。

I mean if we look at how you outperformed in the fourth quarter and the very strong guidance you've given for the first quarter of this year plus your statement about "solid growth" for 2021, you're already annualizing at that $12 billion target today.

我的意思是，如果我們看看你在第四季度的表現如何，以及你在今年第一季度給出的非常強勁的指導，再加上你關於 2021 年“穩健增長”的聲明，那麼你的年化目標已經達到 120 億美元今天。

And yet, back in December, you gave what, I think, if I remember rightly, you referred to as a prudent or conservative guidance of calling for $12 billion by 2023, hopefully a bit sooner, but certainly by 2023.

然而，早在去年 12 月，我認為，如果我沒記錯的話，你給出了一個謹慎或保守的指導意見，即要求到 2023 年達到 120 億美元，希望能早一點，但肯定到 2023 年。

Like I said, it feels like you guys are already annualizing there and the solid growth expected for this year, it could be very well near that in 2021.

就像我說的那樣，感覺你們已經在那裡進行了年度化，並且預計今年的穩健增長，可能非常接近 2021 年的增長。

Have things changed since you gave us that outlook in December materially enough to drive that kind of upside?

自從您在 12 月向我們提供了足以推動這種上漲的前景以來，情況是否發生了變化？

Are you -- how do you see the balance of your business and why still be so cautious on that long term?

你是——你如何看待你的業務平衡，為什麼長期如此謹慎？

Thank you for your question.

謝謝你的問題。

Well, clearly, what we are seeing is, let's say, an accelerated path, okay, to the -- to our trajectory to deliver $12 billion of revenue.

好吧，很明顯，我們所看到的是，可以說，一條加速的道路，可以，通往我們實現 120 億美元收入的軌跡。

It is clear that with the backlog we have, the current dynamic of the market we have -- I would like also to recall that in December, what I told you that, basically, by fact, we have lost one important customer due to the implication of the trade war between U.S.A.

很明顯，由於我們有積壓，我們目前的市場動態——我還想回顧一下，在 12 月，我告訴過你的是，基本上，事實上，我們失去了一位重要客戶，原因是美中貿易戰的影響

and China.

和中國。

And our visibility at this time was that the other vertical we address, so industrial and automotive with a data point, okay, we own at this point of time.

我們此時的可見性是我們解決的另一個垂直領域，例如工業和汽車行業，我們現在擁有數據點。

We would not certainly offset, okay, this customer.

我們肯定不會抵消，好吧，這個客戶。

Now it is clear that after, let's say, a very strong order booking in Q4, which has accelerated, okay, in November and in December on automotive and industrial market, yes, I confirm today that we are clearly on an accelerated path versus this trajectory.

現在很明顯，在第四季度非常強勁的訂單預訂之後，在 11 月和 12 月汽車和工業市場加速了，是的，我今天確認我們顯然正處於加速的道路上彈道。

And we are working, we update every month our sales and operating plan for, let's say, rolling 12 months.

我們正在努力，我們每個月都會更新我們的銷售和運營計劃，比如說，滾動 12 個月。

So we see clearly this accelerated path.

所以我們清楚地看到了這條加速路徑。

That's the reason why we have, let's say, decided to increase our CapEx plan versus the model we have in order to fulfill the strong market demand and to continue our, let's say, strategic initiative.

這就是為什麼我們決定增加我們的資本支出計劃而不是我們現有的模型的原因，以便滿足強大的市場需求並繼續我們的戰略計劃。

And then another point, okay, is important to mention is Personal Electronics.

然後還有一點，好吧，值得一提的是個人電子產品。

While it is clear that something happened in the overall Personal Electronics, which is, let's say, in same time, okay, the 5G deployment of device and we know that our major customer is very successful in this area, we see all the accessories.

雖然很明顯，在整個個人電子產品中發生了一些事情，也就是說，在同一時間，好吧，設備的 5G 部署，我們知道我們的主要客戶在這個領域非常成功，但我們看到了所有的配件。

The variable level are very, very successful.

可變水平非常非常成功。

And this is certainly one of the effects of the work-at-home, stay-at-home, which will remain definitively whatever is the pandemic evolution during the year.

這當然是在家工作、待在家裡的影響之一，無論這一年的大流行演變如何，這種影響都將永遠存在。

So yes, I confirm to you that the mega trend we are accelerated more than expected.

所以是的，我向你確認，我們的大趨勢加速超過預期。

Certainly, this mega trend in automotive, in industrial, in Personal Electronics will offset, okay, the fact we lost, okay, this important customer due to the trade war.

當然，汽車、工業和個人電子產品的這種大趨勢將抵消我們因貿易戰而失去這個重要客戶的事實。

And today, our current view is, clearly, yes, we are on the accelerated price.

今天，我們目前的觀點顯然是，是的，我們正在加速價格。

Just one quick follow-up, if I may.

如果可以的話，只需快速跟進。

As we look forward throughout this year, based on what you just said, can we expect sort of somewhat normal seasonality?

根據您剛才所說，正如我們對今年全年的展望，我們可以期待某種正常的季節性嗎？

I know it's a -- things are, as you said, unprecedented in some end markets, but would you still say that second half should be up on the first half?

我知道這是一個 - 正如你所說，在某些終端市場上，情況是前所未有的，但你仍然會說下半年應該比上半年上漲嗎？

Well, okay, we try to be quite disciplined, okay, in the way we drive, and we give indication to you, the best indication, okay?

好吧，好吧，我們盡量保持自律，好吧，在我們駕駛的方式上，我們給你指示，最好的指示，好嗎？

So in January, okay, we give our Q4 earnings, the guidance of Q1.

所以在一月份，好的，我們給出了第四季度的收益，即第一季度的指導。

We give important information about the CapEx, okay, which is, of course, linked to the expectation we have on the full year revenue for 2021.

我們提供有關資本支出的重要信息，這當然與我們對 2021 年全年收入的預期有關。

And then in April, okay, we will provide to you, let's say, the full visibility of 2021.

然後在 4 月，好吧，我們將提供給你，比如說，2021 年的全部可見性。

Yes.

是的。

Most likely, we will have a different, let's say, breakdown between H1 and H2 in 2021, more simply because today, we have a very strong demand in automotive.

最有可能的是，我們將在 2021 年上半年和下半年之間出現不同的細分，更簡單地說是因為今天我們對汽車的需求非常強勁。

I think everybody well aware about the automotive, let's say, supply chain situation.

我想每個人都非常了解汽車，比如說供應鏈的情況。

So the demand is very strong, which will boost definitively the first half of the year.

所以需求非常強勁，這將在今年上半年得到明確的提振。

And this is valid as well for Personal Electronics and industrial markets.

這也適用於個人電子產品和工業市場。

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

下一個問題來自 Exane BNP Paribas 的 Jerome Ramel。

Yes.

是的。

Two quick questions.

兩個快速的問題。

The first one, how should we model the OpEx for Q1 and maybe for the full year?

第一個問題，我們應該如何為第一季度甚至全年的運營支出建模？

And a follow-up question on automotive.

還有一個關於汽車的後續問題。

Jean-Marc, you mentioned the disruption in the industry.

Jean-Marc，你提到了行業的顛覆。

Could you shed some light on what's going on, where the bottleneck and what is STMicro doing to address this issue?

您能否說明發生了什麼、瓶頸在哪里以及 STMicro 為解決這個問題正在採取哪些措施？

So the OpEx, Lorenzo, you start with OpEx.

所以運營支出，洛倫佐，你從運營支出開始。

I will start to talk about our OpEx.

我將開始談論我們的運營支出。

What we do expect for Q1 in terms of OpEx.

就運營支出而言，我們對第一季度的預期是什麼。

You have seen -- usually, when we guide, we guide including other income and expenses.

你已經看到了——通常，當我們指導時，我們指導包括其他收入和支出。

And as you remember in guiding, as you have seen, clearly, in this quarter, the number of other income and expenses has been quite significant.

正如您在指導中所記得的那樣，您已經清楚地看到，在本季度，其他收入和支出的數量相當可觀。

Here, we have a key chapter.

在這裡，我們有一個關鍵的章節。

It was expected on our R&D grants in 1 jurisdiction due to the change of 1 low, and we were in the position to recognize.

由於 1 個低點的變化，我們在 1 個司法管轄區的研發撥款是預期的，我們能夠承認。

This is for around $100 million.

這是大約1億美元。

So Q4, for sure, we benefit of this in our overall expenses.

因此，可以肯定的是，第四季度，我們會從整體支出中受益。

What we do expect for the next quarter?

我們對下一季度的期望是什麼？

For the next quarter, for sure, there will be some headwind for our expenses.

下個季度，我們的開支肯定會受到一些不利影響。

One is definitely the exchange rate.

一是肯定是匯率。

The guidance we are going to give -- we gave for Q1 is 1 -- euro-dollar exchange rate at 1.20, 1 in Q4, 1.16, and the level of other income and expenses are much more normalized in respect to what we see in Q4.

我們將給出的指導——我們給出的第一季度是 1——歐元兌美元匯率為 1.20，第四季度為 1，1.16，其他收入和支出水平相對於我們在Q4。

So the expectation is to have expenses that will range in the quarter Q1 between $705 million and $715 million, something in this range.

因此，預計第一季度的支出將在 7.05 億美元至 7.15 億美元之間，在這個範圍內。

This is our expectation.

這是我們的期望。

There no should be significant change moving forward, let's say, some up and down in the year, let's say, but the expectation will be substantially to be in this range moving forward.

向前發展不應該有重大變化，比方說，比方說，今年有些上下波動，但預期將在這個範圍內向前發展。

So then, Jerome, it's a question about industrial, automotive, okay, what we are doing to support the current demand.

那麼，杰羅姆，這是一個關於工業、汽車的問題，好吧，我們正在做什麼來支持當前的需求。

Well, it is clear that the demand for automotive has been quite sudden.

嗯，很明顯，對汽車的需求非常突然。

I don't want to repeat myself each time, but it is clear that coming after summer with this strong acceleration definitively has put under stretch the supply chain.

我不想每次都重複我自己，但很明顯，夏天過後，這種強勁的加速肯定會削弱供應鏈。

Well, as far as this is concerned, more clearly, we are supporting our customers very closely in a daily contact with them, okay, in order to be sure that each single piece we produce, okay, go directly, okay, to a production line.

好吧，就這個而言，更明確地說，我們在與客戶的日常接觸中非常密切地支持我們的客戶，好吧，為了確保我們生產的每一件單品，好吧，直接去，好吧，去生產線。

So we are under emergency tasks force mode with close relationship between the Tier 1, ourself and carmaker.

因此，我們處於緊急任務組模式，Tier 1、我們自己和汽車製造商之間關係密切。

And then, okay, the second action is the capability of the company to synchronize, okay, for Q1, Q2 and H2 all our manufacturing asset, supply chain and the foundry to make the best of triangulation between all the manufacturing source we have in order, okay, to really maximize the amount of wafer we can deliver to our assembly plant and all that to support all this demand.

然後，好的，第二個行動是公司同步的能力，好吧，為了真正最大化我們可以交付給我們的組裝廠的晶圓數量，以及所有這些來支持所有這些需求。

While it is clear that this is what we are doing, there is no too much flexibility because all the foundry are basically fully saturated, whatever they are, 8-inch or 12-inch.

雖然很明顯這就是我們正在做的事情，但並沒有太大的靈活性，因為所有的代工廠基本上都是完全飽和的，不管是 8 英寸還是 12 英寸。

There is no more, let's say, equipment available on 8-inch.

比方說，8 英寸設備上沒有更多可用的設備了。

So impossible basically to increase an 8-inch capacity now.

所以現在基本不可能增加一個8英寸的容量。

The situation is quite similar on OSAT, so assembly and test.

OSAT 上的情況非常相似，所以組裝和測試。

Here and there, there is also some start of shortage of material like a substrate.

這里和那裡，也有一些材料開始短缺，如基板。

Well, this is a situation which is very strange.

嗯，這是一個非常奇怪的情況。

As usual, the recipe is following all the [actor] as to increase, let's say, timely and steadily their capacity to support their customer with best visibility, okay, we can discuss with them and cooperate in order to fairly balance the capacity across all the verticals we address.

像往常一樣，配方遵循所有 [演員] 以增加，比如說，及時和穩定地以最佳可見度支持客戶的能力，好吧，我們可以與他們討論並合作，以公平地平衡所有人的能力我們解決的垂直領域。

It means automotive, industrial, Personal Electronics and communication equipment.

它意味著汽車、工業、個人電子產品和通信設備。

So it's a pure, let's say, operating job and process, but we are, let's say, pretty well, let's say, equipped to do.

所以這是一個純粹的，比方說，操作工作和流程，但我們，比方說，很好，比方說，有能力去做。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Yes.

是的。

Jean-Marc, I wanted to, I guess, dig a little deeper on the first question that Andrew asked to kick off the call.

Jean-Marc，我想，我想更深入地挖掘一下 Andrew 要求啟動電話的第一個問題。

I think a lot of us in December and a lot of investors were sort of struggling to square the circle of the strength that you're seeing in the business with pushing out the long-term revenue target.

我認為 12 月的我們中的很多人以及很多投資者都在努力調整您在業務中看到的力量的圈子，並推出了長期收入目標。

And you addressed some of the things about conservatism and around the challenges at Huawei.

你談到了一些關於保守主義和華為面臨的挑戰的問題。

But maybe you could just confirm for us or address if there have been any changes to your key customer program visibility with a few folks, namely the large smartphone customer, the silicon carbide programs and also what's going on with Mobileye.

但是，如果您的關鍵客戶計劃的可見性發生了任何變化，也許您可以向我們確認或與一些人聯繫，即大型智能手機客戶、碳化矽計劃以及 Mobileye 正在發生的事情。

If you could kind of confirm that there's no changes there in your view that I think that would help a lot of us in our forward modeling.

如果您可以確認您的觀點沒有變化，我認為這將有助於我們中的很多人進行前瞻性建模。

And then I have a follow-up on gross margin.

然後我對毛利率進行了跟進。

Well, coming back a bit to the 2021 accelerated path, okay, I would like to mention, okay, a few points.

嗯，稍微回到2021加速的路徑，好吧，我想說，好吧，幾點。

Well, clearly, the production of car in 2021 now is expected to be between 85 million to 90 million vehicles, but with also a notification related to inventory replenishment.

嗯，很明顯，現在預計2021年的汽車產量在8500萬到9000萬輛之間，而且還有一個關於庫存補充的通知。

Because it looked like, okay, the industry in Q2 and early Q3 inventory close to 0.

因為看起來，好吧，該行業在第二季度和第三季度初的庫存接近於 0。

So clearly, the run rate of what we are seeing today in terms of semiconductor demand for the automotive market is more aligned with 98 million vehicles rather than 85 million, okay, to 90 million.

很明顯，我們今天看到的汽車市場半導體需求的運行速度更接近於 9800 萬輛汽車，而不是 8500 萬輛，好吧，9000 萬輛。

So there is clearly an inventory replenishment, which was not, okay, the data point we have in November.

因此，顯然有庫存補充，這不是我們 11 月份的數據點。

In November, we were more around 80 million vehicles to be produced and without this amplification factor about inventory replenishment.

11 月，我們將生產大約 8000 萬輛汽車，並且沒有這種關於庫存補充的放大因素。

So this is point number one.

所以這是第一點。

Then about our, let's say, measure engage program on, let's say, on the ongoing application we address.

然後關於我們的，比如說，衡量參與計劃，比方說，在我們處理的正在進行的應用程序上。

First, smart mobility.

一是智能出行。

Smart mobility, I would clearly confirm to you that our programs with Mobileye, our program on silicon carbide are running very well.

智能移動，我會明確地向你確認，我們與 Mobileye 的程序，我們關於碳化矽的程序運行得非常好。

And on silicon carbide, okay, our plan for 2021 is to generate the revenue between USD 450 million and USD 500 million.

在碳化矽方面，好吧，我們 2021 年的計劃是產生 4.5 億美元到 5 億美元之間的收入。

Mobileye, I will not comment because we never comment specifically on the customer, but we will increase our plan.

Mobileye，我不會評論，因為我們從不專門評論客戶，但我們會增加我們的計劃。

Well, then about imaging and Face ID.

那麼，關於成像和麵部識別。

Again, okay, you know that I never comment on customers and customer programs.

再說一次，好吧，你知道我從不評論客戶和客戶計劃。

But however, I can confirm to you that we do not plan any material or significant change in our revenue in 2021 with our imaging business.

但是，我可以向您確認，我們不計劃在 2021 年對我們的成像業務的收入進行任何重大或重大的改變。

So I hope I am quite clear.

所以我希望我很清楚。

I really appreciate the candor there.

我真的很感激那裡的坦率。

And don't shoot the messenger, I had to ask the question.

並且不要射擊信使，我不得不問這個問題。

I guess the -- and my follow-up question, Lorenzo, I wanted to talk a little bit about gross margin.

我想——還有我的後續問題，洛倫佐，我想談談毛利率。

Obviously, there was an inventory correction in 2019 and then all of the turmoil that happened in the supply chain around COVID and demand in the automotive sector.

顯然，2019 年出現了庫存調整，然後圍繞 COVID 和汽車行業的需求在供應鏈中發生了所有動盪。

And you've been kind of chasing underloading charges in your margins for a while.

一段時間以來，您一直在追逐利潤不足的費用。

And maybe you could talk a little bit about what your expectations are for gross margin trends.

也許你可以談談你對毛利率趨勢的期望。

Tightness in the industry seems to indicate that the underloading charges would go away.

行業的緊張似乎表明裝載不足的費用將會消失。

Additionally, we've heard some rumblings of potential price increases for ST and other vendors.

此外，我們還聽到一些關於 ST 和其他供應商可能漲價的傳言。

Anyway, the puts and takes on gross margin would be really helpful.

無論如何，毛利率的看跌期權真的很有幫助。

Yes.

是的。

Maybe I can comment on that.

也許我可以對此發表評論。

Yes, it's true that during 2020, the combination of lack of demand in the first half, let's say, and the lower workforce has impacted significantly our gross margin.

是的，確實，在 2020 年，上半年需求不足以及勞動力減少對我們的毛利率產生了重大影響。

We said that there is around 150 basis point impact on the gross margin with the combination of these 2 elements.

我們說這兩個因素的結合對毛利率有大約 150 個基點的影響。

What did happen now?

現在發生了什麼？

In Q4, we already started to see some reduction in respect to the original expectation of our unloading charges.

在第四季度，我們已經開始看到卸貨費用的原始預期有所下降。

And this is one of the main factor of having exited the Q4 slightly better than was the expectation, 130 basis points and mainly driven by the fact that the unloading charges are a little bit lower.

這是退出第四季度的主要因素之一，略好於預期，130 個基點，主要是由於卸貨費用略低。

Then when we look at Q1, now Q1, I would say that unloading charges are substantially, let's say, gone.

然後當我們看第一季度，現在是第一季度，我會說卸貨費基本上已經消失了。

We have really no material residual unloading charge that is mainly driven by the fact that we are not yet ready to fully utilize some of our -- to change, let's say, fully the mix in some of our plants.

我們實際上沒有材料剩餘卸貨費用，這主要是因為我們還沒有準備好充分利用我們的一些——比如說，完全改變我們一些工廠的組合。

We are talking about 10 basis points of unloading charges in Q1.

我們說的是第一季度的 10 個基點的卸貨費用。

So the expectation is that, definitely, for this year, unloading charge will not be any material number.

因此，預計今年的卸貨費肯定不會是任何材料數量。

Already in Q1, contrary to what was expected.

已經在第一季度，與預期相反。

On the other side, there are 2, let's say, headwinds, let's say, for us.

另一方面，對我們來說，有兩個，比如說，逆風。

For sure, one is the exchange rate.

當然，一個是匯率。

This doesn't play in our favor.

這對我們不利。

It's negative.

這是負面的。

You see that now we are guiding in the range of 1.20, you see how is the stock rate.

您會看到，現在我們在 1.20 範圍內進行指導，您會看到股價如何。

So it means that we are in this -- at this level of exchange rate.

所以這意味著我們處於這個 - 在這個匯率水平上。

Last year, the average of the year was 1.13.

去年，全年平均值為 1.13。

Q1 in 2020 was 11 -- 1.11.

2020 年第一季度為 11 - 1.11。

So it means that definitely, there is a significant change in this respect for what concerned the impact of the FX.

所以這意味著，在這方面，與外匯影響有關的方面肯定會發生重大變化。

I was modeling this, if you remember during the Capital Markets Day, as impacting our cost in our COGS.

如果你還記得在資本市場日期間，我正在模擬這個，因為它會影響我們的 COGS 成本。

And then definitely, there is also some impact related, let's say, to the cost of our materials, the cost of precious material that is another important component of our cost.

當然，還有一些影響，比如說，我們的材料成本，珍貴材料的成本是我們成本的另一個重要組成部分。

True that on the other side, this is in terms of revenue pricing, fairly share somehow with, let's say, our customers.

確實，另一方面，這是在收入定價方面，以某種方式與我們的客戶公平分享。

So there is, for sure -- and this is visible in the guidance of this quarter, let's say, less seasonality in terms of price in respect towards our usual situation.

因此，可以肯定的是——這在本季度的指導中可以看到，比如說，相對於我們通常的情況，價格方面的季節性較少。

Indeed, when I look at the gross margin, the combination price/mix is substantially neutral.

事實上，當我查看毛利率時，組合價格/組合基本上是中性的。

We do not have the usual negative impact, a significant negative impact that we normally have at the beginning of the year.

我們沒有通常的負面影響，即我們通常在年初產生的重大負面影響。

So there are all these ingredients that are combining together.

因此，所有這些成分都結合在一起。

Moving forward, we will see, let's say, the evolution.

展望未來，我們將看到，比如說，演變。

I do expect some improvement, but then it's a little bit early now to really size the level of improvement.

我確實期待一些改進，但是現在要真正確定改進的水平還為時過早。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

Sandeep?

桑迪普？

Mr. Deshpande, your line is open.

Deshpande 先生，您的電話已開通。

Hi.

你好。

Can you hear me?

你能聽到我嗎？

Can you hear me?

你能聽到我嗎？

Yes, yes, we can hear you.

是的，是的，我們可以聽到你的聲音。

My first question is regarding what we've been hearing in the automotive market that there have been shortages in the market.

我的第一個問題是關於我們在汽車市場上聽到的市場短缺的消息。

Maybe STM can give a view on this market?

也許STM可以對這個市場發表看法？

And is STM able to supply this market?

意法半導體有能力供應這個市場嗎？

Or there are other suppliers who are not able to supply to the market?

還是有其他供應商無法向市場供應？

And then secondly, I mean, again, reverting to that question on CapEx and revenue guidance in your CMD.

其次，我的意思是，再次回到 CMD 中關於資本支出和收入指導的問題。

I mean, if you look at your CapEx figure at the moment, or then it would -- you guide to 6.5% CAGR growth on the plan at that time.

我的意思是，如果你現在看一下你的資本支出數字，或者它會——你當時的計劃是 6.5% 的複合年增長率。

I mean, your plan now looks to be much bigger for this year, although you're not guiding to this year.

我的意思是，你今年的計劃現在看起來要大得多，儘管你沒有為今年提供指導。

I mean maybe you could help us understand what new customer programs or what kind of customer programs have been engaged.

我的意思是，也許您可以幫助我們了解哪些新客戶計劃或參與了哪些客戶計劃。

Why suddenly the CapEx has gone up to this even higher than what was guided in December at this point?

為什麼突然間資本支出上升到比 12 月份的指導水平還要高？

And that will this be sustained because otherwise this huge spending at this point could later on hurt ST?

這將持續下去，因為否則此時的巨額支出可能會在以後傷害ST？

So I will take the Capex.

所以我會接受資本支出。

There is a CapEx question.

有一個資本支出問題。

The CapEx...

資本支出...

And the automotive.

還有汽車。

Well, automotive, so I will answer both.

好吧，汽車，所以我會回答這兩個問題。

And of course, Marco and Lorenzo will complement our sales.

當然，Marco 和 Lorenzo 將補充我們的銷售。

About automotive, first point I would like to mention about ST's view is that on, let's say, electrification of the car, so silicon carbide, we see a total share situation than on the legacy automotive.

關於汽車，我想提到的第一點是 ST 的觀點，比如說，汽車的電氣化，所以碳化矽，我們看到的總份額情況超過了傳統汽車。

Despite, okay, the tremendous growth of our key customer on the silicon carbide, okay, we are supporting them steadily, okay.

儘管，好吧，我們的主要客戶在碳化矽方面取得了巨大的增長，好吧，我們正在穩定地支持他們，好吧。

And as I mentioned, let's say, a few minutes ago, we plan, okay, to have this year a revenue between USD 450 million and USD 500 million with a strong growth in H2.

正如我所提到的，假設幾分鐘前，我們計劃今年的收入在 4.5 億美元到 5 億美元之間，並在下半年實現強勁增長。

And silicon carbide, yes, will show a strong growth, H2 versus H1.

是的，碳化矽將顯示出強勁的增長，H2 與 H1 相比。

And you remember, okay, we moved out 2020 with a run rate of, let's say, USD 300 million on an annual basis.

你還記得，好吧，我們以每年 3 億美元的運行速度搬出 2020 年。

So here, I answer, okay, partially both questions, okay?

所以在這裡，我回答，好吧，部分兩個問題，好嗎？

So -- but here, ST do not generate at any moment shortage on silicon carbine, and we will go very strongly H2 versus H1 and full year 2021 versus full year 2020.

所以 - 但在這裡，ST 不會在任何時候產生矽卡賓的短缺，我們將在 H2 與 H1 以及 2021 年全年與 2020 年全年進行非常強勁的對比。

Then coming back to the legacy.

然後回到遺產。

Now to the legacy, clearly, yes, there is a gap, important gap today between the short-term demand of the automotive industry, so carmakers and Tier 1 versus the capacity installed in the semiconductor industry.

現在到遺留問題，顯然，是的，汽車行業的短期需求之間存在差距，重要的差距，因此汽車製造商和一級供應商與半導體行業的裝機容量。

And so far, wafer fabs and assembly, okay, this capacity are shared with other verticals.

到目前為止，晶圓廠和組裝，好吧，這種能力是與其他垂直行業共享的。

And clearly, the other verticals, Personal Electronics, servers, computers, but industrial as well -- in industrial, especially in Asia since Q2 and now in Europe, in America, all this, let's say, this market, okay, request capacity.

顯然，其他垂直領域，個人電子產品、服務器、計算機，以及工業領域——工業領域，尤其是第二季度以來的亞洲，現在在歐洲、美國，所有這一切，比如說，這個市場，好吧，要求容量。

Unfortunately, the car industry wake up very late, and the lead time of semiconductor are what they are.

不幸的是，汽車行業醒來很晚，半導體的交貨時間就是這樣。

And you cannot, okay, overnight, okay, increase the capacity in like a direct [bus].

而且你不能，好吧，一夜之間，好吧，像直達[公共汽車]那樣增加容量。

So yes, okay, it is an industry problem.

所以是的，好吧，這是一個行業問題。

There is an overall industry problem showing an important gap between the demand and the capacity.

存在一個整體行業問題，表明需求和產能之間存在重要差距。

As in the past, as always, it's pretty well managed this kind of situation, delivering and supporting our customers at best and fairly balancing our capacity in all the verticals in order to protect customers from the automotive market, from industrial, Personal Electronics and computer peripheral.

與過去一樣，它對這種情況進行了很好的管理，為我們的客戶提供最好的服務和支持，並公平地平衡我們在所有垂直領域的能力，以保護客戶免受汽車市場、工業、個人電子產品和計算機的影響外圍。

Well, then I must not mention, okay, a specific bottleneck, okay, from a company or another one, okay, I think it's not my job to do it.

好吧，那我不能提，好吧，一個特定的瓶頸，好吧，來自一家公司或另一家公司，好吧，我認為這不是我的工作。

But it is an industry problem for sure.

但這肯定是一個行業問題。

Does it answer your question, Sandeep?

它回答了你的問題嗎，桑迪普？

Well, there -- for the full year, on the contribution of our revenue for the sales and operating plan of 2021 as usual will be pretty well balanced between on cash program.

好吧，就全年而言，我們的收入對 2021 年銷售和運營計劃的貢獻將像往常一樣在現金計劃之間取得很好的平衡。

So I confirm to you that the silicon carbine will be one of the main ones.

所以我向你確認，矽卡賓槍將是主要的卡賓槍之一。

Ongoing one on Personal Electronics, well, definitively, let's say, Huawei will be a strong decrease 2021 versus 2020 because up to now, we have first not receive any other license, especially on custom design product and technology.

個人電子產品正在進行中，好吧，明確地說，華為將在 2021 年與 2020 年相比大幅下降，因為到目前為止，我們首先沒有獲得任何其他許可，特別是在定制設計產品和技術方面。

And if tomorrow we receive, okay, we will be ready to support this customer.

如果明天我們收到，好的，我們將準備好支持這個客戶。

But with the lead time we have today, no more, no less.

但就我們今天的交貨時間而言，不多也不少。

And because today, with the capacity situation, our lead time are increasing.

而且因為今天，隨著產能的增加，我們的交貨時間正在增加。

So Huawei will be a detractor, definitively in 2021 of the revenue.

因此，華為將成為 2021 年收入的批評者。

And then, okay, we will have a well-balanced increase of our microcontroller, of our analog product, powering discrete on top of the silicon carbide and definitively, the legacy automotive.

然後，好吧，我們的微控制器和模擬產品將實現均衡增長，為碳化矽之上的分立器件以及最終的傳統汽車供電。

So ASIC based on BCD technology, on vertical integration power technology and the ADAS with Mobileye.

所以基於 BCD 技術的 ASIC，垂直集成電源技術和與 Mobileye 的 ADAS。

About the CapEx, to be clear.

關於資本支出，要清楚。

So about the Capex, no, you know our model, again, is well-known, okay?

所以關於資本支出，不，你知道我們的模型，再次，是眾所周知的，好嗎？

For $1 growth, we invest, okay, at least $0.8.

對於 1 美元的增長，我們至少投資 0.8 美元。

We need to keep 6%, 7% of our sales for the maintenance, for the R&D, for the corporate sustainability, okay?

我們需要保留 6%、7% 的銷售額用於維護、研發、企業可持續發展，好嗎？

We need to invest, okay, to go to 0 carbon neutrality and our strategic initiative.

我們需要投資，好的，以實現零碳中和和我們的戰略計劃。

Yes, between -- our model was 1.6 to 1.7.

是的，介於——我們的模型是 1.6 到 1.7。

This is what we said at the Capital Market Day, which was spread, okay, with $400 million for, let's say, the strategic initiative, around $300 million, $350 million for the month.

這就是我們在資本市場日上所說的，好吧，4 億美元用於戰略計劃，這個月大約 3 億美元，3.5 億美元。

And the rest, which was, let's say, USD 800 million for capacity increase.

其餘的，比如說，8 億美元用於增加產能。

But we have increased the CapEx for capacity increase.

但我們增加了資本支出以增加產能。

So now the CapEx for capacity increase will be between $1.1 billion to $1.2 billion in order to support the automotive industry, the industrial market and the Personal Electronics.

因此，現在增加產能的資本支出將在 11 億至 12 億美元之間，以支持汽車行業、工業市場和個人電子產品。

We will, let's say, continue to maintain high level of ratio of outsourced production with our main foundry partners, so TSMC, Samsung and other, let's say, specialty for this.

比方說，我們將繼續與我們的主要代工合作夥伴保持高水平的外包生產比例，因此台積電、三星和其他比方說是專業的。

So this is the view of the Capex.

這就是資本支出的觀點。

Last year, during in the year, we announced $1.5 billion before the COVID effect.

去年，在這一年中，我們在 COVID 效應之前宣布了 15 億美元。

ST, as always, a capability to modulate the CapEx and capacity, adapting us very fast on the business finance, okay?

意法半導體一如既往地具有調節資本支出和產能的能力，讓我們非常快速地適應商業金融，好嗎？

What will remain is a steadily execution of our strategic program because we are convinced we need to set up a new 300-millimeter fab, and we will increase the capacity of this fab timely with our business plan.

剩下的就是穩步執行我們的戰略計劃，因為我們確信我們需要建立一個新的 300 毫米晶圓廠，我們將根據我們的業務計劃及時增加該晶圓廠的產能。

We need to set up internal capacity for our silicon carbide in order to have a partial production of our needs to support the $1 billion target we have by 2025.

我們需要為我們的碳化矽建立內部產能，以便部分生產我們的需求，以支持我們到 2025 年實現的 10 億美元目標。

I guess you are well noted that in 2021, we will have achieved already half of this target.

我猜你很清楚，到 2021 年，我們已經實現了這個目標的一半。

And then, okay, we have also initiative on gallium nitride for power device, which will be the next generation of technology, important to address the power and energy sector.

然後，好吧，我們還提出了用於功率器件的氮化鎵，這將是下一代技術，對於解決電力和能源領域的問題很重要。

For the rest, capacity, we adapt ourselves to the market dynamic.

其餘的，容量，我們適應市場動態。

With market strong, we invest and we increase the production externally.

在市場強勁的情況下，我們在外部投資並增加產量。

When market decreased, okay, we correct immediately.

當市場下跌時，好的，我們立即糾正。

This is what we have done in 2020.

這就是我們在 2020 年所做的。

The next question is from Stephane Houri from ODDO.

下一個問題來自 ODDO 的 Stephane Houri。

Yes.

是的。

Actually, I have a clarification to ask and a question about diversification.

實際上，我有一個關於多元化的問題要問和一個問題。

So the clarification is, when you talk about your main customer on the engage program and you said that basically that the relationship is unchanged, does it suppose that you expect growth on this aspect?

所以澄清一下，當你談到你在參與計劃中的主要客戶時，你說基本上這種關係沒有改變，是否假設你期望這方面的增長？

And the following question is about diversification.

下面的問題是關於多元化的。

You've been talking during the CMD about the fact that now the game with your main customer was also to diversify your revenues.

您在 CMD 期間一直在談論這樣一個事實，即現在與您的主要客戶的遊戲也是為了使您的收入多樣化。

So can you highlight some of the initiatives there?

那麼，您能否重點介紹其中的一些舉措？

And same question basically about silicon carbide because there is going to be some growth this year.

同樣的問題基本上是關於碳化矽的，因為今年會有一些增長。

But so far, it was only on one customer, basically.

但到目前為止，基本上只針對一位客戶。

And is the diversity coming this year?

今年會出現多樣性嗎？

So about silicon carbide, it is clear that, as I said, okay, during the various opportunity, we have to discuss altogether, 2021 will be the year when we will start to see, let's say, enlarging our customer base, and they will start to, let's say, to contribute to the revenue or I guess, with this order of magnitude of revenue at USD 500 million.

所以關於碳化矽，很明顯，正如我所說，好吧，在各種機會期間，我們必須一起討論，2021 年將是我們開始看到，比如說，擴大我們的客戶群的一年，他們將比方說，開始為收入做出貢獻，或者我猜，這個數量級的收入為 5 億美元。

I will not communicate the breakdown because, okay, you can make after a correlation with our main customer, and I think it's not fair for me.

我不會就故障進行溝通，因為，好吧，你可以在與我們的主要客戶建立關聯後進行，我認為這對我來說是不公平的。

But for sure, it will be one of the -- still one of the main driver of our revenue growth.

但可以肯定的是，它將成為我們收入增長的主要驅動力之一。

But clearly, in 2021, we will enlarge our customer base, and they will really start to contribute to the revenue.

但顯然，在 2021 年，我們將擴大我們的客戶群，他們將真正開始為收入做出貢獻。

Well, about the diversification.

好吧，關於多元化。

Yes, I confirm to you that when -- now we -- when we see what happened in 2020 and when we look at the revenue, we have generated with our main customer in Personal Electronics.

是的，我向您確認，當我們看到 2020 年發生的事情並查看收入時，我們已經與個人電子產品的主要客戶產生了合作。

ST address in a balanced way all the major platforms of this customer, means, okay, the personal computer, the pad, the phone and the accessories, the watches and our product, consistency, okay, with our strategy.

ST 以平衡的方式解決該客戶的所有主要平台，意味著，好的，個人電腦、平板電腦、手機和配件、手錶和我們的產品，與我們的戰略保持一致。

Remember, okay, we want to be selective on some custom design in imaging sensor, secure solution, analog product, but we leverage our, let's say, general portfolio like microcontroller and power.

請記住，好吧，我們希望在成像傳感器、安全解決方案、模擬產品方面的一些定制設計上有所選擇，但我們會利用我們的通用產品組合，比如微控制器和電源。

Yes, now, okay, ST is very well positioned and spread in whole platform of our -- this major customer, which, by the way, was the same strategy we had with uncertainty with Huawei, which has been, let's say, destroyed by the reason you know.

是的，現在，好吧，ST 的定位非常好，並在我們的整個平台上傳播——這個主要客戶，順便說一下，這與我們與華為的不確定性相同，比方說，它已經被華為摧毀了你知道的原因。

So this is really a good diversification and a very good leverage of our product portfolio definitively.

因此，這確實是一個很好的多元化，也是我們產品組合的一個很好的槓桿作用。

And I would like to correct what you say, I have not said that there is significant change in the relation with our customer.

我想糾正你所說的，我並沒有說與我們客戶的關係發生了重大變化。

So I repeat what I say a few minutes ago.

所以我重複我幾分鐘前所說的話。

I say we do not plan any significant change in revenue in 2021 for our emerging business.

我說我們不打算在 2021 年為我們的新興業務帶來任何重大的收入變化。

I love relation, I prefer revenue.

我喜歡關係，我更喜歡收入。

Thank you.

謝謝你。

Thank you very much, Stephane.

非常感謝你，斯蒂芬。

We are running now close to the end of the time.

我們現在正在運行接近時間的盡頭。

We will take 2 questions, 2 more questions.

我們將回答 2 個問題，再回答 2 個問題。

And I apologize for the ones that have any other.

我為那些有其他問題的人道歉。

The next question is from David Mulholland from UBS.

下一個問題來自瑞銀的大衛穆赫蘭。

I'll keep it short from my side.

我會在我身邊保持簡短。

But obviously, one of the discussions we had when we were talking in the past about the headwinds of Huawei was what opportunity you might have to gain other OEMs that might benefit it volume-wise from the challenges Huawei faces.

但顯然，當我們過去談論華為的逆風時，我們進行的討論之一是，你可能有什麼機會獲得其他 OEM，這些 OEM 可能會從華為面臨的挑戰中大量受益。

So I just wonder if you could give us an update and how you feel about your design win traction and penetration into, I guess, the range of other Chinese OEMs that are hoping to gain on the back of Huawei's challenges.

所以我只是想知道你是否可以給我們一個更新，以及你對你的設計贏得牽引力和滲透的感覺，我猜，其他希望從華為挑戰中獲益的中國原始設備製造商的範圍。

Well, so our strategy for the Personal Electronics with the various OEM was the following: So 2 OEMS, 2 important OEM, which was, let's say, basically Apple and Huawei, well-known.

嗯，所以我們與各種 OEM 的個人電子產品戰略如下：所以 2 個 OEM，2 個重要的 OEM，比方說，基本上是眾所周知的蘋果和華為。

Our approach was to cooperate, okay, on R&D, on product development and system development and develop custom design solution, but being very selective, again, in the field of, let's say, optical sensing solution, in the field of secure solution and analog one.

我們的方法是在研發、產品開發和系統開發方面進行合作，並開發定制設計解決方案，但在安全解決方案和模擬領域，再次在光學傳感解決方案領域進行非常有選擇性一。

And on another side, having demonstrated, okay, the high efficiency and reliability of our, let's say, supply chain to leverage our general purpose portfolio to proliferate and pulling dice, okay, our product across all the platform of these customers.

另一方面，已經證明了，好吧，我們的供應鏈的高效率和可靠性，可以說是利用我們的通用產品組合來擴大和拉動骰子，好吧，我們的產品在這些客戶的所有平台上。

On the other player, so Samsung, VOX, so OPPO, Vivo and Xiaomi, the approach was a bit different, okay.

在其他播放器上，比如三星、VOX、OPPO、Vivo 和小米，方法有點不同，好吧。

Complementary means that it's more application-specific standard product.

互補意味著它是更特定於應用程序的標準產品。

Here, for this customer, we do not develop custom design solution, but we offer in the field of all the subsystem I have described.

在這裡，對於這個客戶，我們不開發定制設計解決方案，但我們提供了我所描述的所有子系統領域。

So sensing solution, secure solution, analog, charging, all this kind of stuff.

所以傳感解決方案，安全解決方案，模擬，充電，所有這些東西。

Power management, application standard product.

電源管理，應用標準產品。

And this is, okay, the way we work with them.

這就是我們與他們合作的方式。

And here, okay, clearly, today, we are, let's say, leveraging the strong demand with this customer, as an example, with our MEMS, okay?

好吧，很明顯，今天，我們正在利用這個客戶的強勁需求，例如，我們的 MEMS，好嗎？

So we are very, very successful with our MEMs with this customer.

因此，我們與該客戶的 MEM 非常非常成功。

So this is, okay, the way we address this Personal Electronic.

所以這就是我們處理這個個人電子的方式。

But then on top of that, it is clear that across the board, accessories through wireless handset, wearable and so on are very demanding.

但除此之外，很明顯，無線手機、可穿戴設備等配件的要求非常高。

And here, we address this market either, okay, straight with the OEM when we develop their own solutions and through the distribution channel when we address more of the market.

在這裡，我們要么在開發自己的解決方案時直接與 OEM 合作，要么在我們解決更多市場時通過分銷渠道來解決這個市場。

That's great.

那太棒了。

And just a quick follow-up.

只是一個快速的跟進。

Obviously, you've been developing custom RF power amplifier content for Huawei, and that can't be sold anymore.

顯然，您一直在為華為開發定制的射頻功率放大器內容，並且不能再出售了。

Have you find ways to repurpose that?

你找到重新利用它的方法了嗎？

Can that be seen with a bit more development from yourself in more of a standard product over time that you can still get some benefit from the investment?

隨著時間的推移，您是否可以通過自己在更多標準產品中的更多開發來看出這一點，您仍然可以從投資中獲得一些收益？

It is clear that, here, our strategy was, let's say, in 2 steps.

很明顯，在這裡，我們的策略是，比方說，分兩步。

Okay, step #1 was really the cooperation.

好的，第一步是真正的合作。

Okay, we developed across the past years, okay, with Huawei on Huawei's technology.

好吧，我們在過去的幾年裡發展了，好吧，在華為的技術上和華為一起發展。

And then to diversify ourself, anticipating, okay, the expansion of IoT when the 5G infrastructure will be deployed and the capability of the network to enable millions of nodes, okay, per unit of surface to have the capability inside ST to offer the full product part of the system.

然後讓我們自己多樣化，期待，好吧，當部署 5G 基礎設施時物聯網的擴展，以及網絡的能力，使數百萬個節點，好吧，每單位表面有能力在 ST 內部提供完整的產品系統的一部分。

It means microcontroller or microprocessor connectivity, analog power management and the radio frequency because, okay, we do not want to depend of third party to address.

這意味著微控制器或微處理器連接、模擬電源管理和射頻，因為，好吧，我們不想依賴第三方來解決。

So all the investments we have done with Huawei in technology and know-how, yes, we will reduce while reusing it on IoT.

因此，我們與華為在技術和專有技術方面所做的所有投資，是的，我們將減少，同時在物聯網上重複使用它。

And also, I would like to recall that we have acquired a start-up last year called SOMOS, which has a strong capability to design radio frequency device, like a power amplifier or other transceiver.

另外，我想回顧一下，我們去年收購了一家名為 SOMOS 的初創公司，該公司具有強大的射頻設備設計能力，例如功率放大器或其他收發器。

Thank you.

謝謝你。

And we will now take the last question.

我們現在將回答最後一個問題。

This last question is from Aleksander Peterc from Societe Generale.

最後一個問題來自法國興業銀行的 Aleksander Peterc。

Mr. Peterc, you can speak.

彼得克先生，你可以說話了。

Your line is open.

你的線路是開放的。

Alex?

亞歷克斯？

We lost connection with the questioner.

我們與提問者失去了聯繫。

The next question is from Sébastien Sztabowicz from Kepler Cheuvreux.

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

On the market demand, the market is currently overreaching right now.

在市場需求方面，目前市場正在過度擴張。

What kind of visibility do you have for Q2?

Q2 的知名度如何？

Do you see any potential risk of inventory correction moving into Q2 and maybe in the back half of the year?

您是否認為庫存調整的潛在風險進入第二季度，甚至可能在今年下半年？

And secondly, on the time-of-flight sensors, could you make an update on your road map?

其次，關於飛行時間傳感器，您能否更新您的路線圖？

And also how do you see the demand building up in this specific market?

您如何看待這個特定市場的需求增長？

Have you seen any slowdown in the adoption of 3 different sides in the market?

您是否看到市場上採用 3 個不同方面的速度有所放緩？

It seems that Samsung has stopped using time of licenses for wall-facing application in the last GF '21?

三星似乎在上一個 GF '21 中停止使用面向牆壁應用程序的許可證時間？

No.

不。

First of all, the demand is very clear on H1, and H2 is really starting to be loaded very healthy, okay?

首先對H1的需求很明確，H2真的開始加載很健康了好嗎？

So -- and again, we don't see, let's say, any other booking because the inventory in the supply chain is very healthy.

所以 - 再說一次，我們沒有看到任何其他預訂，因為供應鏈中的庫存非常健康。

I -- again, I confirm to you that we have a total visibility on the distribution channel and the turn of inventory are incredibly high, well above 4, 5 or 6. So inventory are very low.

我再次向您確認，我們對分銷渠道有全面的了解，庫存周轉率非常高，遠高於 4、5 或 6。因此庫存非常低。

So we don't see -- the business, okay, is very dynamic.

所以我們看不到 - 業務，好吧，是非常動態的。

But with this, it is very, very obvious.

但是有了這個，它非常非常明顯。

There is no inventory in the automotive industry, taking into account the number of calls we receive.

考慮到我們接到的電話數量，汽車行業沒有庫存。

And on the other, let's say, verticals, Personal Electronics is similar.

另一方面，比如說，垂直行業，個人電子產品是相似的。

Okay, we know very well the supply chain of our main customer, and we monitor very well the inventory level and then we did not detect any of our inventory.

好的，我們非常了解我們主要客戶的供應鏈，我們很好地監控了庫存水平，然後我們沒有檢測到任何庫存。

Now again, we confirm to you that the current situation clearly -- are clearly linked to the same demand where what is related, Personal Electronic, provide server, this kind of things are driven really by stay-at-home, the work-at-home, the lack of traveling, and this will last in a mixed way, I think, for a very long time.

現在，我們再次向您確認，目前的情況清楚地——明確地與相同的需求相關聯，個人電子，提供服務器，這種事情真的是由待在家裡，工作在-回家，缺乏旅行，我認為這將持續很長時間。

Then the industrial market in China, in Asia is very active, very, very healthy.

那麼中國、亞洲的工業市場非常活躍，非常非常健康。

It's starting to recover in Europe and in America.

它開始在歐洲和美國復甦。

And then on automotive, okay, again, this industry is engaged now in a major transformation related to electrification in order to comply with the various norm and regulation like the WLTP in Europe.

然後在汽車方面，好吧，這個行業現在正在進行與電氣化相關的重大轉型，以符合歐洲 WLTP 等各種規範和法規。

And this is very demanding in terms of component for, let's say, inverter, onboard charger, the battery management system, okay?

這對逆變器、車載充電器、電池管理系統等組件的要求非常高，好嗎？

So you need to have a lot of control.

所以你需要有很多控制權。

More and more, all the vehicles will be equipped with Level 2 or Level 3 ADAS system.

越來越多的車輛將配備 2 級或 3 級 ADAS 系統。

So this is very leaning in terms of components.

所以這在組件方面非常傾斜。

So the content is increasing.

所以內容越來越多。

And then there is a specific, let's say, situation, where, clearly, the overall production of car worldwide will come back to the level of 2019.

然後有一個特定的情況，比如說，很明顯，全球汽車的整體產量將回到 2019 年的水平。

Certainly, 1 year ahead than expected a few months ago with a notification in 2021 related to inventory replenishment.

當然，比幾個月前的預期提前了 1 年，2021 年的通知與庫存補充有關。

Why?

為什麼？

Because this industry put inventory close to 0 in Q2 and in Q3.

因為這個行業在第二季度和第三季度使庫存接近於 0。

So this is clearly a situation that the semiconductor industry has to manage, let's say, with all the capability of this industry to react to us and to control this situation.

所以這顯然是半導體行業必須管理的情況，比方說，該行業有能力對我們做出反應並控制這種情況。

And then the other question was about the time-of-flight.

然後另一個問題是關於飛行時間的。

Also, I will not communicate our strategy on time-of-flight.

另外，我不會就飛行時間傳達我們的策略。

Okay, clearly, there's a need to offer the best component for, let's say, the application with target, either on the front side or the offside of the smartphone.

好的，顯然，需要為具有目標的應用程序提供最佳組件，無論是在智能手機的正面還是越位。

We know that sometimes the direct time-of-flight is more adequate than the indirect time-of-flight.

我們知道，有時直接飛行時間比間接飛行時間更合適。

Then there is, let's say, the cost of ownership is very important.

然後，假設擁有成本非常重要。

Then the capability to put the components as much as we can under the OLED screen display of the phone is also very important.

那麼在手機的 OLED 屏幕下盡可能多地放置組件的能力也是非常重要的。

So this is okay on all this aspect.

所以這在所有這方面都是可以的。

ST is working, and we want to continue to address with custom design solution our main customer.

ST 正在努力，我們希望繼續為我們的主要客戶提供定制設計解決方案。

I guess, I have already commented about that.

我想，我已經對此發表了評論。

And to address with more application specific on our solution, the other smartphone player.

為了解決我們解決方案的更多應用特定問題，另一個智能手機播放器。

Okay.

好的。

So this will end our call now for this quarter.

因此，這將結束我們本季度的通話。

Thank you very much.

非常感謝你。

Thank you.

謝謝你。

Thank you very much.

非常感謝你。

Thank you for your attention, and we keep in touch.

感謝您的關注，我們保持聯繫。

Thank you very much.

非常感謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

Bye-bye.

再見。

Ladies and gentlemen, the conference is now over.

女士們，先生們，會議到此結束。

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

感謝您選擇 Chorus Call，感謝您參加會議。

You may now disconnect your lines.

您現在可以斷開線路。

Goodbye.

再見。