意法半導體 (STM) 2020 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Q3 2020 Earnings Release Conference Call and Live Webcast. I am Alessandro, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們，先生們，歡迎來到意法半導體 2020 年第三季度收益發布電話會議和網絡直播。我是合唱團呼叫接線員亞歷山德羅。 （操作員說明）會議正在錄製中。 （操作員說明）不得為發布或廣播錄製會議。

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

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

Thank you, Alessandro. Good morning, everyone, and thank you for joining our third quarter 2020 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 Deployment.

謝謝你，亞歷山德羅。大家早上好，感謝您參加我們的 2020 年第三季度財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入 Jean-Marc 的還有財務、基礎設施和服務總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，銷售、營銷、傳播和戰略部署總裁。

This live webcast and presentation materials can be accessed on ST's Investor Relations website. A replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans. 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. (Operator Instructions)

可以在 ST 的投資者關係網站上訪問該網絡直播和演示材料。本次通話結束後不久將提供重播。本次電話會議將包括前瞻性陳述，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。我們鼓勵您查看今天上午與結果一起發布的新聞稿中包含的安全港聲明，以及 ST 最新的監管文件中的安全港聲明，以獲得對這些風險因素的完整描述。 （操作員說明）

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

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

Thank you, Celine. Good morning, and thank you for joining ST on our third quarter 2020 earnings conference call. Let me begin with some opening comments.

謝謝你，席琳。早上好，感謝您加入 ST 參加我們的 2020 年第三季度收益電話會議。讓我從一些開場評論開始。

Starting with Q3. As announced on October 1, 2020, net revenues were $2.67 billion, up 27.8% on a sequential basis, above the high end of our outlook range. This revenue performance was due to significantly better than expected market conditions through the quarter, demand for Automotive products, our engaged customer programs in Personal Electronics as well as Microcontrollers were the main factors that contributed to this result. Gross margin at 36% included about 140 basis points of unsaturation charges. Our operating margin was 12.3% and our net income was $242 million. For the first 9 months, net revenues grew 2.7% year-over-year to $6.98 billion, with an operating margin of 9.5% and a net income of $525 million.

從第三季度開始。正如 2020 年 10 月 1 日宣布的那樣，淨收入為 26.7 億美元，環比增長 27.8%，高於我們展望範圍的高端。這一收入表現是由於整個季度的市場狀況明顯好於預期，對汽車產品的需求、我們在個人電子產品以及微控制器方面的參與客戶計劃是促成這一結果的主要因素。 36% 的毛利率包括約 140 個基點的不飽和費用。我們的營業利潤率為 12.3%，淨收入為 2.42 億美元。前 9 個月，淨收入同比增長 2.7% 至 69.8 億美元，營業利潤率為 9.5%，淨收入為 5.25 億美元。

Looking at Q4 2020. At the midpoint of our guidance, we expect net revenues to be about $2.99 billion, representing sequential growth of about 12%, and gross margin to be about 38.5%, including about 70 basis points of unsaturation charges. For the full year 2020, we now expect net revenues of about $9.97 billion, at the midpoint of our Q4 '20 guidance, translating into 4.3% year-over-year growth and with a double-digit operating margin performance. Our CapEx plan for 2020 is unchanged at $1.2 billion. Year-to-date, we have invested $897 million.

展望 2020 年第四季度。在我們指導的中點，我們預計淨收入約為 29.9 億美元，環比增長約 12%，毛利率約為 38.5%，包括約 70 個基點的不飽和費用。對於 2020 年全年，我們現在預計淨收入約為 99.7 億美元，處於我們 20 年第四季度指導的中點，相當於同比增長 4.3% 和兩位數的營業利潤率表現。我們 2020 年的資本支出計劃保持不變，為 12 億美元。年初至今，我們已投資 8.97 億美元。

Now let's move to a detailed financial review of the third quarter. During Q3, market conditions improved progressively versus expectations. In early September, we communicated that net revenues would come in above the midpoint of our Q3 guidance and, as we preannounced on October 1, net revenues came in 690 basis points above the high end of our outlook range. Net revenues increased 4.4% year-over-year, with higher sales in Microcontrollers, RF Communications, MEMS and Analog, partially offset by lower sales of Automotive, Imaging and Power Discrete. Year-over-year sales to OEMs increased 7.5% and sales to distribution decreased 3.4%. On a sequential basis, net revenues increased 27.8% and all product groups grew revenues double-digit.

現在讓我們來看看第三季度的詳細財務回顧。在第三季度，市場狀況逐漸好於預期。 9 月初，我們表示淨收入將高於我們第三季度指引的中點，正如我們在 10 月 1 日預先宣布的那樣，淨收入高於我們展望範圍的高端 690 個基點。淨收入同比增長 4.4%，其中微控制器、射頻通信、MEMS 和模擬的銷售額增加，部分被汽車、成像和功率分立器件的銷售額下降所抵消。對原始設備製造商的銷售額同比增長 7.5%，對分銷的銷售額下降 3.4%。在環比基礎上，淨收入增長了 27.8%，所有產品組的收入都實現了兩位數的增長。

Our gross profit was $959 million, a decrease of 0.8% year-over-year. Our third quarter gross margin of 36% came in at the midpoint of our guidance, decreasing 190 basis points year-over-year, mainly due to price pressure and unsaturation charges. Unsaturation charges were about 140 basis points.

我們的毛利潤為 9.59 億美元，同比下降 0.8%。我們第三季度的毛利率為 36%，處於我們指引的中點，同比下降 190 個基點，主要是由於價格壓力和不飽和費用。不飽和費用約為 140 個基點。

Moving to operating expenses, we continue to manage them. In parallel, we continue to execute on our R&D, sales and marketing programs, and transformation initiatives. Net operating expenses at $628 million were below what we anticipated when entering the quarter. Our third quarter operating margin was 12.3%, decreasing 80 basis point on a year-over-year basis. Both ADG and AMS operating margins decreased, while MDG operating margin improved. Our net income decreased to $242 million and EPS to $0.26 compared to $302 million and $0.34 per share, respectively, in the year ago quarter.

轉向運營費用，我們將繼續對其進行管理。與此同時，我們繼續執行我們的研發、銷售和營銷計劃以及轉型計劃。淨運營費用為 6.28 億美元，低於我們進入本季度時的預期。我們第三季度的營業利潤率為 12.3%，同比下降 80 個基點。 ADG 和 AMS 營業利潤率均下降，而 MDG 營業利潤率有所提高。我們的淨收入降至 2.42 億美元，每股收益降至 0.26 美元，而去年同期分別為每股 3.02 億美元和 0.34 美元。

Turning now to the revenue performance of the product groups on a year-over-year basis. ADG revenues decreased 4.9% on weaker demand in legacy Automotive and in Power Discrete, while AMS revenue has increased 3%, with MEMS and Analog higher, while Imaging sales were lower. MDG revenues increased 18.6%, reflecting double-digit growth in both Microcontrollers and RF Communications.

現在轉向產品組的同比收入表現。由於傳統汽車和功率分立器件的需求疲軟，ADG 收入下降了 4.9%，而 AMS 收入增長了 3%，其中 MEMS 和模擬增長，而成像銷售下降。 MDG 收入增長 18.6%，反映出微控制器和射頻通信的兩位數增長。

In terms of operating margin by product group on a year-over-year basis. MDG operating margin increased to 17.4% compared to 15.7%, while ADG operating margin decreased to 5.8% from 8.5% and AMS operating margin decreased to 17.5% compared to 20.5%. Net cash from operating activities decreased 10.3% to $385 million in Q3 compared to $429 million in the year ago period. CapEx was $319 million in the quarter compared to $244 million in the year ago period.

就按產品組劃分的營業利潤率而言，同比。 MDG 營業利潤率從 15.7% 增加到 17.4%，而 ADG 營業利潤率從 8.5% 下降到 5.8%，AMS 營業利潤率從 20.5% 下降到 17.5%。第三季度經營活動產生的淨現金減少 10.3% 至 3.85 億美元，而去年同期為 4.29 億美元。本季度資本支出為 3.19 億美元，而去年同期為 2.44 億美元。

After the cash outflow of $76 million for acquisition to further strengthen the company's wireless connectivity capabilities and $33 million of accreted interest paid to settle the 2022 Tranche A of the convertible bond issued in 2017, free cash flow was negative $25 million in the third quarter compared to positive $170 million in the year ago quarter. In Q3, we paid cash dividends totaling $38 million. During the quarter, ST exercised the call option for the early redemption of its $750 million '22 Tranche A of the convertible bond issued in 2017. Simultaneously with the exercise of the call option, ST issued a new -- sorry, $1.5 billion dual-tranche senior unsecured convertible bond due '25 and 2027.

在為進一步加強公司的無線連接能力而進行收購的 7600 萬美元現金流出以及為結算 2017 年發行的可轉換債券的 2022 年 A 期支付的 3300 萬美元應計利息後，第三季度的自由現金流為負 2500 萬美元去年同期為正 1.7 億美元。在第三季度，我們支付了總計 3800 萬美元的現金股息。本季度，ST 行使了提前贖回 2017 年發行的 7.5 億美元 '22 期 A 可轉換債券的看漲期權。在行使看漲期權的同時，ST 發行了新的——抱歉，價值 15 億美元的雙重債券。 25 年和 2027 年到期的一批高級無抵押可轉換債券。

Let's now discuss the market and business dynamics. In Automotive first. Global demand picked up faster than what we were expecting in July. This acceleration was driven by car production volumes, which continued to increase in China and South Korea, and restarting faster than expected in Europe and in the U.S. Importantly, during Q3, we saw a progressive acceleration of key trends driving the increase in semiconductor content per car, electrification and digitalization, our strategic focus areas.

現在讓我們討論市場和業務動態。以汽車為先。全球需求的回升速度快於我們 7 月份的預期。這種加速是由汽車產量推動的，中國和韓國的汽車產量持續增長，並且歐洲和美國的重啟速度快於預期。重要的是，在第三季度，我們看到推動半導體含量增加的關鍵趨勢逐漸加速汽車、電氣化和數字化，我們的戰略重點領域。

In car electrification, the latest 2020 market estimates for hybrid and electrical vehicle production are for about 7 million and 2 million vehicles, respectively. Also, in car digitalization, the trend is positive, although with a different mix. The pandemic may delay Level 4 and 5 ADAS deployments, but demand is clearly accelerating on Level 2 and Level 2+. These dynamics are visible in our achievements during the quarter.

在汽車電氣化方面，最新的 2020 年混合動力和電動汽車產量市場估計分別約為 700 萬輛和 200 萬輛。此外，在汽車數字化方面，趨勢是積極的，儘管有不同的組合。大流行可能會延遲 4 級和 5 級 ADAS 部署，但 2 級和 2+ 級的需求顯然正在加速。這些動態在我們本季度的成就中可見一斑。

In car electrification, we had again a number of new design wins for silicon carbide MOSFETs in application such on-board charger for electrical vehicles. We also won a number of sockets with complementary technologies, such as our MDmesh MOSFETs for a battery management system, low-voltage transistor in an integrated belt starter generator, VIPower products for our body electrification platform and with ultrafast and silicon carbide diodes.

在汽車電氣化方面，我們再次在碳化矽 MOSFET 的應用（如電動汽車車載充電器）中贏得了多項新設計。我們還贏得了許多具有互補技術的插座，例如我們用於電池管理系統的 MDmesh MOSFET、集成皮帶啟動發電機中的低壓晶體管、用於我們的車身電氣化平台的 VIPower 產品以及超快和碳化矽二極管。

Overall, our silicon carbide engagements with customers has increased again during the quarter. As of today, we are engaged with 60 customers in 68 ongoing programs. We are extending our reach with electrical vehicle carmakers, with important production starts in Asia during the quarter. You will hear more during the ADG session of our Capital Markets Day on November 6.

總體而言，本季度我們與客戶的碳化矽業務再次增加。截至今天，我們在 68 個正在進行的項目中與 60 位客戶進行了接觸。我們正在擴大與電動汽車製造商的聯繫，本季度在亞洲開始了重要的生產。您將在 11 月 6 日資本市場日的 ADG 會議上聽到更多信息。

In car digitalization, we are focused on technologies and solutions for driver assistance and autonomous driving, V2X communications and embedded processing solutions supporting new car architectures. Here, we won a power-supply platform designed for ADAS applications with multiple Asian manufacturers and a design for a digital output tuner for a software-defined radio. As mentioned, we are seeing an acceleration trend on Level 2 and Level 2+, where we have already delivered, together with our partner, Intel-Mobileye, over 50 million vision processing chips to the market in the past 5 years.

在汽車數字化方面，我們專注於駕駛輔助和自動駕駛的技術和解決方案、V2X 通信和支持新汽車架構的嵌入式處理解決方案。在這裡，我們贏得了與多家亞洲製造商合作的為 ADAS 應用設計的電源平台，以及用於軟件無線電的數字輸出調諧器的設計。如前所述，我們看到了 Level 2 和 Level 2+ 的加速趨勢，在過去的 5 年中，我們已經與我們的合作夥伴 Intel-Mobileye 一起向市場交付了超過 5000 萬個視覺處理芯片。

With our 32-bit automotive MCU embedded processing solutions, we won designs in a keyless access control application and in an integrated communication solution. We also had additional awards for our 28-nanometer phase-change memory microcontroller, called Stellar, which support the evolution of car architectures. We recently announced further details on our Stellar MCUs to show how the devices ensure execution of multiple independent real-time application. ST has developed this new technology with Bosch to meet future OEM integration demands. To conclude this Automotive review, I would like to mention that we also expanded our sensor business with automotive-grade motion sensors and accelerometers for key phone applications.

憑藉我們的 32 位汽車 MCU 嵌入式處理解決方案，我們贏得了無鑰匙訪問控制應用和集成通信解決方案的設計。我們的 28 納米相變存儲器微控制器（稱為 Stellar）還獲得了額外的獎項，它支持汽車架構的發展。我們最近公佈了有關我們的 Stellar MCU 的更多詳細信息，以展示這些設備如何確保執行多個獨立的實時應用程序。 ST 與博世共同開發了這項新技術，以滿足未來的 OEM 集成需求。在結束這篇汽車評論時，我想提一下，我們還通過汽車級運動傳感器和用於關鍵手機應用的加速度計擴展了我們的傳感器業務。

Moving to Industrial now. The Industrial market dynamics remain mixed, but gradually improved during the quarter. This trend was visible across all geographies. Demand was strong for power tools and home appliance applications. We continue to see positive dynamics in power-related applications, motion control and factory automation, all of which are focus areas for ST.

現在轉工業。工業市場動態仍然喜憂參半，但在本季度逐漸改善。這一趨勢在所有地區都很明顯。電動工具和家用電器應用需求強勁。我們繼續看到與電力相關的應用、運動控制和工廠自動化的積極動態，所有這些都是 ST 的重點領域。

Distribution is an important element of our go-to-market strategy in Industrial. Here, the improvement of the situation in the channel is accelerating. In Asia, point-of-sales trends remained strong, up sequentially in a year-over-year, with healthy levels of inventory in our distribution channel across all product families. In the Americas and Europe, recovery is ongoing, with point of sale up sequentially. Here also, inventory is back to healthy levels across all product families. We address in this realm, end markets with our general purpose and secure MCUs, analog and sensor, power energy management solution.

分銷是我們在工業領域進入市場戰略的重要組成部分。在這裡，渠道形勢的好轉正在加速。在亞洲，銷售點趨勢保持強勁，同比增長，我們所有產品系列的分銷渠道中的庫存水平健康。在美洲和歐洲，復甦正在進行中，銷售點依次上升。在這裡，所有產品系列的庫存也恢復到健康水平。我們通過我們的通用和安全 MCU、模擬和傳感器、電源管理解決方案來解決這一領域的終端市場問題。

One of our strategic objective in Industrial is leadership in embedded processing solution. Last month, we held the first module of our 2020 Capital Markets Day covering MDG. In the presentation, we detail how we are strengthening our embedded processing offers around the STM32 family in term of wireless connectivity, security and artificial intelligence.

我們在工業領域的戰略目標之一是在嵌入式處理解決方案方面處於領先地位。上個月，我們舉辦了 2020 年資本市場日的第一個模塊，涵蓋千年發展目標。在演講中，我們詳細介紹了我們如何在無線連接、安全和人工智能方面加強我們圍繞 STM32 系列的嵌入式處理產品。

During the quarter, we had several announcements supporting this strategy, including acquisitions of Riot Micro and BeSpoon to further strengthen wireless connectivity, machine learning tools from a partner to support AI deployment and higher-performance top-end microcontrollers. In addition, last week, we announced the acquisition of SOMOS Semiconductor, a power amplifier and RF front-end module specialist. With this latest move, we are reinforcing our ability to play a major role in RF front-end modules for the IoT connectivity market. And we strengthened our RF front-end road map for 5G.

在本季度，我們發布了幾項支持這一戰略的公告，包括收購 Riot Micro 和 BeSpoon 以進一步加強無線連接、來自合作夥伴的機器學習工具以支持 AI 部署和更高性能的高端微控制器。此外，上週，我們宣布收購功率放大器和射頻前端模塊專家 SOMOS Semiconductor。通過這一最新舉措，我們正在加強我們在物聯網連接市場的射頻前端模塊中發揮重要作用的能力。我們加強了 5G 射頻前端路線圖。

Another strategic objective is to accelerate our growth in Analog and sensor for Industrial. In Q3, we won several new designs with our analog products for this kind of application. For example, we received awards for a new smart metering platform as well as in motion control and automation with our STSPIN product, which integrates an STM32 microcontroller. We also continue to expand our business in industrial sensors with wins for our inclinometer with a number of large players.

另一個戰略目標是加速我們在工業模擬和傳感器領域的發展。在第三季度，我們用我們的模擬產品贏得了幾款用於此類應用的新設計。例如，我們憑藉集成了 STM32 微控制器的 STSPIN 產品獲得了新的智能計量平台以及運動控制和自動化方面的獎項。我們還繼續擴大我們在工業傳感器方面的業務，我們的測斜儀贏得了許多大型企業的青睞。

The third objective for us is expansion in industrial power energy management. Here, we capture many wins for our power discrete products, silicon carbide MOSFETs and high-voltage silicon MOSFETs, IGBT, TRIAC diodes and intelligent power modules. These wins were for customers in applications such as power supply, air conditioning, metering, home appliance, power tools, solar pump and motor control.

我們的第三個目標是擴展工業電力能源管理。在這裡，我們的功率分立產品、碳化矽 MOSFET 和高壓矽 MOSFET、IGBT、TRIAC 二極管和智能功率模塊贏得了許多勝利。這些勝利是為電源、空調、計量、家用電器、電動工具、太陽能泵和電機控制等應用領域的客戶贏得的。

Moving now to the Personal Electronics market. In Q3, there was a strong restart of consumer demand for smartphones, combined by steady growth in wearables, tablets, hearables and game consoles. This was driven in part by the stay-at-home effect and by consumer demand for health and fitness devices. In Personal Electronics, we have 2 strategic objectives. First, to lead in selected high-volume smartphone applications with differentiated products or custom solutions. Here, we continue to have success with multiple wins in flagship devices with time-of-flight ranging sensor, motion sensor for image stabilization, wireless charging products, touch display controllers and secure solution such as [ESIB] and [CQ] in AMS with near-field communication.

現在轉向個人電子產品市場。在第三季度，消費者對智能手機的需求強勁重啟，可穿戴設備、平板電腦、可聽設備和遊戲機的穩定增長。這部分是由居家效應和消費者對健康和健身設備的需求推動的。在個人電子產品中，我們有 2 個戰略目標。首先，以差異化產品或定制解決方案引領精選的大批量智能手機應用。在這裡，我們繼續在旗艦設備中取得多項成功，包括飛行時間測距傳感器、用於圖像穩定的運動傳感器、無線充電產品、觸摸顯示控制器以及 AMS 中的 [ESIB] 和 [CQ] 等安全解決方案近場通訊。

I would like to give you more detail on one win I mentioned last quarter. I can now confirm it is Samsung Galaxy Note20 Ultra smartphone, which use ST multi-zone direct time-of-flight sensor. Also, both the Note20 and the Note20 Ultra include our MEMS for pressure sensor, inertial measurement units and EEPROMs.

我想給你更多關於我上個季度提到的一場胜利的細節。我現在可以確認它是三星 Galaxy Note20 Ultra 智能手機，它使用 ST 多區域直接飛行時間傳感器。此外，Note20 和 Note20 Ultra 都包含我們用於壓力傳感器、慣性測量單元和 EEPROM 的 MEMS。

Our second objective is to leverage our broad portfolio to address high-volume applications, such as true wireless (inaudible) headsets, smartwatches, bracelet and gaming devices. Here, we had wins for sensor, analog and power products as well as microcontrollers. It's worth mentioning that we shipped a record number of MEMS sensors during the quarter. We also launched the laser scanning for augmented reality, so LaSAR Alliance, as an ecosystem to accelerate the development of augmented-reality eyewear applications. We see this as another potential high-volume application.

我們的第二個目標是利用我們廣泛的產品組合來解決大批量應用，例如真正的無線（聽不清）耳機、智能手錶、手鐲和遊戲設備。在這裡，我們在傳感器、模擬和電源產品以及微控制器方面取得了勝利。值得一提的是，我們在本季度出貨的 MEMS 傳感器數量創歷史新高。我們還推出了用於增強現實的激光掃描，因此 LaSAR 聯盟作為一個生態系統來加速增強現實眼鏡應用的開發。我們認為這是另一個潛在的大容量應用程序。

In Communication Equipment and Computer Peripherals, during the quarter, we continued to see growing demand for homeworking-related product, while the demand for hard disk drives was softer. Our approach to this end market has 3 objectives. One is to address selected applications in cellular and satellite communication infrastructure. Here, I would like to mention a win we had with a new gallium-nitride-, GaN-, based product in the communication infrastructure application. This was based on our new MasterGaN smart power product, which combines a driver and a GaN set. In this area, we also capture multi RF-CMOS ASICs awards, an award for our new STM32 microprocessor and awards for our STM32 microcontrollers for 5G infrastructure.

在通訊設備和計算機外圍設備方面，在本季度，我們繼續看到對家庭工作相關產品的需求不斷增長，而對硬盤驅動器的需求則較為疲軟。我們對這個終端市場的方法有 3 個目標。一是解決蜂窩和衛星通信基礎設施中的選定應用。在這裡，我想提一下我們在通信基礎設施應用中使用基於氮化鎵、GaN 的新產品所取得的勝利。這是基於我們新的 MasterGaN 智能電源產品，它結合了驅動器和 GaN 套件。在這一領域，我們還獲得了多項 RF-CMOS ASIC 獎項、我們新的 STM32 微處理器的獎項以及我們用於 5G 基礎設施的 STM32 微控制器的獎項。

Our other objective are to address selected high-volume application with differentiated product or custom solutions while leveraging our broad portfolio. And here, I would like to mention wins with our FlightSense products, motion sensor and electronic fuses in personal computer and hard disk.

我們的另一個目標是在利用我們廣泛的產品組合的同時，通過差異化產品或定制解決方案解決選定的大批量應用。在這裡，我想提一下我們的 FlightSense 產品、運動傳感器和個人電腦和硬盤中的電子保險絲的勝利。

Now let's move to a discussion of the fourth quarter and brief comments on the full year 2020. In the fourth quarter, we expect net revenues to be about $2.99 billion. This sequential revenue growth of about 12% at the midpoint is expected to be delivered by all product groups, except the RF Communication subgroup, for obvious reason. Gross margin is expected to be about 38.5%, including about 70 basis points of unsaturation charges. For the full year, we now expect net revenues at the midpoint to be about $9.97 billion, translating into 4.3% growth year-over-year. Based upon this plan, we expect to report a double-digit operating margin performance. We are maintaining our CapEx plan for 2020 at about $1.2 billion.

現在讓我們討論第四季度並簡要評論 2020 年全年。第四季度，我們預計淨收入約為 29.9 億美元。出於顯而易見的原因，預計除射頻通信子組外的所有產品組都將實現中點約 12% 的連續收入增長。毛利率預計約為 38.5%，包括約 70 個基點的不飽和費用。對於全年，我們現在預計中點淨收入約為 99.7 億美元，相當於同比增長 4.3%。根據該計劃，我們預計將報告兩位數的營業利潤率表現。我們將 2020 年的資本支出計劃維持在約 12 億美元。

Before concluding, let me remind you on the upcoming virtual Capital Markets Day, which are conducting through 4 modules. We had our first module on MDG on September 15. Thank you for attending that session. The 3 upcoming modules are ADG, November 6; AMS, November 20; and overall strategic update, December 9.

在結束之前，讓我提醒您即將到來的虛擬資本市場日，該日將通過 4 個模塊進行。 9 月 15 日，我們舉行了關於千年發展目標的第一個模塊。感謝您參加那次會議。即將推出的 3 個模塊是 ADG，11 月 6 日； AMS，11 月 20 日；和總體戰略更新，12 月 9 日。

To conclude, I would like to reinforce to 2 key points. First, in response to the global COVID-19 pandemic, we will continue to ensure both the ongoing health and safety of our employees and continuity of our business operations for our customers. These priorities remain of utmost importance for us. Second, ST fundamentals are solid. The strategic decision we've made years ago stem from secular growing market trends addressing key societal needs. The underlying principle of our strategy have not changed, and we remain determined to continue to make ST stronger, executing our sales and operating plan and outperforming the markets we serve.

最後，我想強調兩個關鍵點。首先，為應對全球 COVID-19 大流行，我們將繼續確保我們員工的持續健康和安全以及我們為客戶提供的業務運營的連續性。這些優先事項對我們來說仍然至關重要。其次，ST基本面穩固。我們多年前做出的戰略決策源於滿足關鍵社會需求的長期增長的市場趨勢。我們戰略的基本原則沒有改變，我們仍然決心繼續讓 ST 更強大，執行我們的銷售和運營計劃，並超越我們所服務的市場。

Thank you. And we are now ready to answer your questions.

謝謝你。我們現在準備回答您的問題。

(Operator Instructions) The first question comes from Deshpande, Sandeep from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Deshpande、Sandeep。

Maybe if you could help us understand granularly the revenue increase from the third quarter to fourth quarter. It's about $310 million of additional revenue. Where are these $310 million approximately coming, in terms of buckets, in terms of Automotive, in terms of Personal Electronics, et cetera?

也許你能幫助我們詳細了解第三季度到第四季度的收入增長情況。這大約是 3.1 億美元的額外收入。就水桶、汽車、個人電子產品等而言，這 3.1 億美元大約將用於何處？

So thank you, Sandeep, for the question. Okay. I will address the question to Lorenzo.

非常感謝 Sandeep 的提問。好的。我將向洛倫佐提出這個問題。

Sandeep, yes. Indeed, we do expect a significant increase in our revenues in the coming quarter, in Q4. Where we do expect? As we were saying before, we do expect that all groups contributed to the sequential growth in term of revenues. But where we see, let's say, the driver? We see driver in term of revenues mainly coming from Imaging, coming from Analog. We will continue to grow in a significant way also in MMS, means that our microcontroller, both general-purpose and secure microcontroller.

桑迪普，是的。事實上，我們確實預計下一季度第四季度的收入將大幅增長。我們期望在哪裡？正如我們之前所說，我們確實預計所有集團都對收入的連續增長做出了貢獻。但是我們在哪裡看到，比方說，司機？我們看到收入方面的驅動因素主要來自成像，來自模擬。我們還將在 MMS 方面繼續顯著增長，這意味著我們的微控制器，包括通用微控制器和安全微控制器。

We will also grow our revenues in all our, as I said, product groups. So even if a little bit less extent, we will see growth also in power and discrete in the quarter. Automotive will contribute and MEMS as well will contribute. As we said, we have only 1 significant headwind in the quarter. That is mainly related to our subgroup RF...

正如我所說，我們還將增加我們所有產品組的收入。因此，即使程度稍小一些，我們也會看到本季度的功率和離散度增長。汽車將做出貢獻，MEMS 也將做出貢獻。正如我們所說，我們在本季度只有 1 個重大逆風。這主要與我們的子組RF有關...

Communication?

溝通？

Communication groups, which we will decline revenues. So looking sequentially, all the groups will grew. On a year-over-year basis, I can tell you that we -- our expectation is that, definitely, MDG group, AMS group will grow, while we do not expect this growth in ADG, that sequentially will grow, but on a year-over-year basis will be substantially flat. This is the dynamic that we see for the next -- for this current quarter, Q4, in term of revenues.

通訊組，我們將減少收入。所以按順序看，所有的組都會增長。與去年同期相比，我可以告訴你，我們的預期是，MDG 集團、AMS 集團肯定會增長，而我們不認為 ADG 的這種增長會依次增長，但同比基礎將基本持平。這是我們在下一個季度看到的動態 - 對於當前季度，第四季度，就收入而言。

Your next question comes from Anthony Stoss from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Anthony Stoss。

With the 38.5% gross margin guide for December, not too long ago, you held out a goal of getting to 40% gross margins. Any thoughts on if you can attain that in 2021? And also, if you wouldn't mind just sharing where you think you'll end for silicon carbide revenues for 2020 and any thoughts on that for 2021.

不久前，根據 12 月 38.5% 的毛利率指南，您提出了達到 40% 毛利率的目標。有什麼想法可以在 2021 年實現嗎？此外，如果您不介意分享您認為 2020 年碳化矽收入將在哪裡結束，以及對 2021 年的任何想法。

So thank you for the questions. So I will address the first question to Lorenzo and I will answer the second one.

所以謝謝你的問題。因此，我將向 Lorenzo 提出第一個問題，然後回答第二個問題。

In term of gross margin for 2021, what can I say is the following. You see that, the next quarter, our gross margin -- next quarter. Sorry, I'm talking always on next quarter, but actually, I'm referring to Q4. For the current quarter, Q4, you see that our guidance is at 38.5%. This is impacted still by, I would define, a significant amount of unloading. We will have a 70 basis point impact on unloading in the quarter.

就 2021 年的毛利率而言，我能說的是以下幾點。你看，下個季度，我們的毛利率——下個季度。抱歉，我總是在談論下一個季度，但實際上，我指的是第四季度。對於本季度第四季度，您會看到我們的指導為 38.5%。我會定義，這仍然受到大量卸載的影響。我們將對本季度的卸載產生 70 個基點的影響。

This comes from a very different situation, where, we have today, if I look at the various fabs, some of our fabs that are fully loaded, running at full capacity. Some other, mainly related to our legacy products, that are still suffering unloading. This situation will be continuing. We see this situation continue at least for Q1, and most likely, even for less extent in Q2 next year.

這來自一個非常不同的情況，如果我看看今天的各種晶圓廠，我們的一些晶圓廠已經滿負荷運轉，滿負荷運行。其他一些，主要與我們的遺留產品有關，仍在遭受卸載。這種情況將持續下去。我們認為這種情況至少會持續到第一季度，而且很可能會在明年第二季度持續下去。

For the level of gross margin of next year, allow me, let's say, to give me some more time in order to understand also how there will be the evolution of the market and our revenue for next year.

對於明年的毛利率水平，比方說，請允許我再給我一些時間，以便了解市場的演變和我們明年的收入。

So this year, about silicon carbide, well, we will not achieve the $300 million. We will be well above last year. The reason why we will not achieve is because, okay, as you know, we face unprecedented situation in H1 along the value chain of all these products. Now what is, let's say, great, is our current run rate and current demand is, let's say, well-aligned with this $300 million, let's say, revenue target.

所以今年，關於碳化矽，嗯，我們不會達到 3 億美元。我們將遠遠高於去年。我們無法實現的原因是，好吧，如您所知，我們在所有這些產品的價值鏈上都面臨著 H1 前所未有的情況。現在，比方說，我們當前的運行速度和當前需求與這 3 億美元（比方說）收入目標非常吻合。

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

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

Yes. Maybe could you help us to model the OpEx? You've been better than expected in Q3 once again. So how should we model OpEx going forward? And maybe if you could give us again for a little bit for next year.

是的。也許你能幫助我們為 OpEx 建模？你在第三季度再次好於預期。那麼我們應該如何為未來的 OpEx 建模呢？也許你能在明年再給我們一點點。

Yes. I will take the question, Jean-Marc.

是的。我會回答這個問題，讓-馬克。

Please, Lorenzo.

拜託，洛倫佐。

Okay. For OpEx. For OpEx, if you remember, I was guiding for the year, OpEx in the range -- quarterly OpEx between $635 million, $645 million as a total of the year divided by 4, with some different dynamic quarter -- in the different quarters, mainly due to seasonality, these kind of things. As you rightly say, we are coming a little bit better. So now if I see the OpEx for the full year, I would expect that we will be a little bit lower than our midpoint if we exclude any extraordinary item.

好的。對於運營支出。對於運營支出，如果你還記得的話，我是在指導這一年的運營支出——季度運營支出在 6.35 億美元之間，全年總計 6.45 億美元除以 4，還有一些不同的動態季度——在不同的季度，主要是由於季節性，這類事情。正如你所說的，我們正在變得更好。所以現在如果我看到全年的運營支出，我預計如果我們排除任何非同尋常的項目，我們將比我們的中點低一點。

Why I'm saying so? Because our expectation for Q4 actually is that we will have an extraordinary item that is related to the grants catch-up in one jurisdiction for, let's say, the year 2019 and 2020. This will be material for Q4, but it's onetime event, so it's not repeatable. That means that we will have our OpEx, let's say, in Q4, well below the normal average. We do expect OpEx in Q4 between $605 million and $610 million, mainly driven, let's say, by this onetime impact. I repeat, without this onetime impact, we will be, in term of OpEx, as an average in the quarter, say, in the range of $640 million for the year, quarterly average. So we will be at the level that we were expecting to be.

為什麼我這樣說？因為我們對第四季度的期望實際上是我們將有一個與一個司法管轄區的贈款追趕相關的非凡項目，比如說，2019 年和 2020 年。這對第四季度很重要，但這是一次性事件，所以這是不可重複的。這意味著我們將在第四季度擁有我們的運營支出，遠低於正常平均水平。我們確實預計第四季度的運營支出將在 6.05 億美元至 6.1 億美元之間，這主要是由這種一次性影響推動的。我再說一遍，如果沒有這種一次性影響，就 OpEx 而言，我們將在本季度的平均水平上，例如，在本年度季度平均水平的 6.4 億美元範圍內。所以我們將達到我們預期的水平。

Next year, there will be definitely some increase in term of OpEx. Now to be honest, it's a little bit early to model. There are 2 -- anyway 2 ingredients that we needed to take into consideration. One ingredient is the fact that there will be the normal increase related to salary. There will be the increase related to the cost of labor. There will be some increase also in term of activity. So these will bring us to be -- to move a little bit higher in terms of expenses.

明年，OpEx 肯定會有一些增長。現在說實話，現在建模有點早。有 2 種——無論如何，我們需要考慮 2 種成分。一個因素是與工資相關的正常增長。將有與勞動力成本相關的增加。在活動方面也會有一些增加。因此，這些將使我們成為 - 在費用方面提高一點。

As well as you see that, today, our exchange rate going in the range of $1.17, $1.18. This is for sure something that we have to factor in. Just to give an idea, in term of impact of FX, for 1 percentage point of change in eurodollars, this has an impact in our operating margin per quarter of around $8 million to $10 million. And this split half and half between gross margin and OpEx. In modeling this, you may want to keep into consideration this impact.

正如你所看到的，今天，我們的匯率在 1.17 美元、1.18 美元之間波動。這肯定是我們必須考慮的因素。就外彙的影響而言，歐洲美元每變化 1 個百分點，這對我們每季度的營業利潤率產生的影響約為 800 萬至 10 美元百萬。而這在毛利率和運營支出之間分成了一半。在對此進行建模時，您可能需要考慮這種影響。

The impact is per quarter, right?

影響是每季度的，對吧？

Yes, yes, yes. The impact is per quarter.

對對對。影響是每季度。

Next question comes from Stephane Houri from ODDO.

下一個問題來自 ODDO 的 Stephane Houri。

Yes. Can you please help us understand what is your visibility at the moment for 2021? And given the pretty high starting point or ending point at the end of Q4 and given comparison basis, especially in H1, is a double-digit growth assumption for you next year a credible scenario? And if you can give us some comment about the visibility you have with the large customer engagement program for next year like silicon carbide and other.

是的。您能否幫助我們了解您目前在 2021 年的知名度？鑑於第四季度末相當高的起點或終點以及比較基礎，尤其是在上半年，您明年的兩位數增長假設是否可信？如果您可以就明年的大型客戶參與計劃（如碳化矽等）的知名度給我們一些評論。

I take the question. No, it's -- let's say, of course, a very, very good question, okay? But what I can say? I would like to repeat what I say, let's say, early September. Yes, our assumption is next year will be a year where the market will grow again. This year, we have a view about ourselves that basically could be flattish, okay, minus 2%, plus 2%, but it's still difficult to say. And next year, okay, we expect, okay, to have year 2020 with, let's say, market growing again.

我接受這個問題。不，這是——讓我們說，當然，一個非常非常好的問題，好嗎？但我能說什麼呢？我想重複我說的話，比如說，九月初。是的，我們的假設是明年將是市場再次增長的一年。今年，我們對自己的看法基本上可以持平，好吧，負2%，正2%，但還是很難說。明年，好的，我們預計，好的，2020 年市場會再次增長。

Now saying that, okay, you know that, okay, we have, let's say, fixed milestone, okay, to communicate with you. December 9, okay, during our update about strategy, we will communicate about our model, so the $12 billion. Then you know that end of January, we will communicate about our CapEx for 2021, which will be, let's say, a first indication about the confidence level we have for the full year. And as we have done this year and last year, we will communicate the plan with which we drive the company in April during our Q1 earnings. I would like to strictly follow this process. And honestly, today is too early to give more detailed color. But again, the takeaway, the assumption we have preparing our budget, preparing our next year, is next year will be a year where the market we address will grow again.

現在這麼說，好吧，你知道，好吧，比方說，我們有固定的里程碑，好吧，可以與你溝通。 12 月 9 日，好吧，在我們更新戰略期間，我們將就我們的模型進行溝通，即 120 億美元。然後你知道，1 月底，我們將就 2021 年的資本支出進行溝通，這將是我們全年信心水平的第一個跡象。正如我們今年和去年所做的那樣，我們將在 4 月份的第一季度收益期間傳達我們推動公司發展的計劃。我想嚴格遵循這個過程。老實說，今天給出更詳細的顏色還為時過早。但同樣，我們準備預算、準備明年的假設是，明年將是我們所解決的市場將再次增長的一年。

The next question comes from Dominik Olszewski from Morgan Stanley.

下一個問題來自摩根士丹利的 Dominik Olszewski。

First one, just on the gross margin. Obviously, revenues came in significantly ahead for this quarter. So maybe could you just help us bridge this quarter's gross margin versus maybe quarter-on-quarter sequentially, just to understand the moving parts there? And then separately, there was a mention of some pricing pressure dynamics on top of your unsaturation charges. So maybe could you just describe which products or divisions were affected there?

第一個，就毛利率而言。顯然，本季度的收入明顯領先。所以也許你能幫助我們彌合本季度的毛利率與可能的季度環比，只是為了了解那裡的活動部分？然後，除了不飽和費用之外，還提到了一些定價壓力動態。那麼，也許你能描述一下哪些產品或部門受到了影響嗎？

Lorenzo?

洛倫佐？

See, yes, I will take the question. I would like to take the chance of this question also to give some colors about not only the dynamic of our gross margin moving from Q3 to Q4, but also some color on the Q3 gross margin. As you will notice that our gross margin came, in Q3, exactly at the midpoint of our guidance with a higher level of revenues.

看，是的，我會回答這個問題。我想藉此機會也對我們的毛利率從第三季度到第四季度的動態以及第三季度的毛利率進行一些描述。您會注意到，我們的毛利率在第三季度恰好處於我們指導的中點，收入水平更高。

And on top of that, we were -- we had in the quarter, lower level of unloading charges because, at the end, unloading charges in the quarter accounted for 140 basis point. This lower level of unloading charges and slightly better manufacturing efficiency, even in much lower impact, this has been totally offset in our gross margin of the quarter by unfavorable product mix, and in a much more lower extent, also by some negative impact of the exchange rate.

最重要的是，我們在本季度的卸貨費用水平較低，因為最後該季度的卸貨費用佔 140 個基點。這種較低水平的卸貨費用和略微提高的製造效率，即使在低得多的影響下，這已被不利的產品組合完全抵消了我們本季度的毛利率，並且在更低的程度上，也被一些負面影響所抵消匯率。

Why the product mix came, let's say, not accretive in the quarter? Product mix in Q3 was characterized by definitely an higher level of sales in Automotive legacy product in respect of what was our expectation entering the quarter. These products were the ones much suffering in the first part of the year, and in Q3 -- in Q2 particularly, from not an optimal manufacturing decision. And this was due to the lack of loading that we suffer. As you know, this inefficiency is impacting our gross margin with one quarter of delay due to the impact on the inventory. So this is the reason why, actually, we did not see significant benefit in the quarter by this higher level of revenues.

為什麼產品組合在本季度沒有增值？第三季度產品組合的特點是汽車傳統產品的銷售水平明顯高於我們對本季度的預期。這些產品在今年上半年和第三季度——尤其是在第二季度——由於不是最佳製造決策而遭受了很大的痛苦。這是由於我們遭受的負載不足。如您所知，由於對庫存的影響，這種低效率正在影響我們的毛利率，延遲四分之一。因此，這就是為什麼實際上我們在本季度沒有看到這種更高水平的收入帶來的顯著收益的原因。

Moving to the second part of the question. Let's say, why -- let's say, what are the drivers of the gross margin moving from Q3 to Q4? We increased by 250 basis points sequentially. And this is mainly thanks to, in this case, improved product mix net of price decline. The price decline will remain, let's say, normal price decline. I want to underline that we don't see, in the market, any significant pressure on prices, price decline as a norm. Definitely, we will have a better loading and some better efficiency in our fab. The loading will reduce from 140 and 70 basis point.

轉到問題的第二部分。比方說，為什麼——比方說，毛利率從第三季度到第四季度的驅動因素是什麼？我們連續增加了 250 個基點。在這種情況下，這主要歸功於產品組合的改善（扣除價格下降）。比方說，價格下跌將保持正常價格下跌。我想強調的是，在市場上，我們沒有看到任何重大的價格壓力，價格下跌是常態。毫無疑問，我們的晶圓廠將有更好的負載和更高的效率。負載將從 140 和 70 個基點減少。

The only, let's say, headwind that we will see, but slight -- really mitigated at this stage by our policy hedging, is the negative impact of the exchange rate. So I would say that, at the end, moving from this quarter to -- from Q3 to Q4, the driver will be definitely lower level on unsaturation and much better impact on the product mix. I was trying to explain to you what it happens in Q3, and that will be a significant difference in respect to what will happen in Q4.

比方說，我們將看到的唯一不利因素是匯率的負面影響，但在現階段我們的政策對沖確實緩解了這種不利影響。所以我想說，最後，從本季度到 - 從第三季度到第四季度，驅動因素肯定會降低不飽和度，對產品組合產生更好的影響。我試圖向你解釋它在第三季度會發生什麼，這與第四季度會發生什麼有很大的不同。

The next question comes from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Yes, and congratulations on the execution in what's been a very challenging environment. Jean-Marc, one of the questions that I've been getting from investors is around profitability, particularly as your silicon carbide revenue grows in your Automotive division going forward towards the long-term targets that you've set out. Maybe you could just talk a little bit about how you're thinking about growing revenue in the Automotive business, particularly in the hybrid and electric vehicle space versus profitability of that growth as you look forward.

是的，並祝賀在一個非常具有挑戰性的環境中執行。 Jean-Marc，我從投資者那裡得到的一個問題是關於盈利能力的，特別是隨著你的汽車部門的碳化矽收入增長，朝著你設定的長期目標前進。也許你可以談談你如何看待汽車業務的收入增長，特別是在混合動力和電動汽車領域，以及你期待的增長的盈利能力。

So I will start, okay, to answer and Marco will complement. Now it's -- okay, it is clear that what we want to do in our Automotive activity and power-related to -- activity is to, let's say, transform the company from, let's say, heavy legacy weight, which you remember, at present, today, approximately 70% of the total revenue, we have from Automotive, and 30% are, let's say, related to the new application, electrification, so -- and in digitalization, it is ADAS. It is connectivity. It is microcontroller-addressing domain. So this is clearly, okay, where we want to go.

所以我將開始，好的，回答，Marco 將補充。現在 - 好吧，很明顯，我們想要在我們的汽車活動和與權力相關的活動中做的事情是，讓我們說，將公司從你記得的沉重的傳統重量轉變為目前，今天，我們大約 70% 的總收入來自汽車，比方說，30% 與新應用、電氣化有關，所以——在數字化中，它是 ADAS。它是連通性。它是微控制器尋址域。所以這顯然是我們想要去的地方。

Now we consider that we have all the enablers to push this strategy from device, so silicon carbide MOSFET, low-voltage power MOSFET to address the [mild] hybrid car, silicon carbide to address the electrical car, both on-board charger, but as well, let's say, the powertrain of the electrical car. We will have the GaN in the near future for charger as well. Now we are really serious -- we have a serious offer in IGBT. And last but not the least, now we are really competing in the field of power modules, both with our internal source in Shenzhen and external one, or various partnership we have with a critical OEM.

現在我們認為，我們擁有從器件推動這一戰略的所有推動力，因此碳化矽 MOSFET、低壓功率 MOSFET 用於解決[輕度]混合動力汽車、碳化矽用於解決電動汽車，兩者都是車載充電器，但比如說，電動汽車的動力系統。我們將在不久的將來為充電器提供 GaN。現在我們真的很認真——我們在 IGBT 方面有認真的報價。最後但並非最不重要的一點是，現在我們真正在功率模塊領域展開競爭，無論是我們在深圳的內部資源還是外部資源，或者我們與關鍵 OEM 的各種合作夥伴關係。

So we have all the set of enabler to push our strategy to grow this 30% part of the Automotive revenue we have. And we do believe that this part will be a key driver of our profitability. Last but not the least, you have seen our announcement with Bosch. More clearly, we have demonstrated that in term of change of architecture of the, let's say, the car moving from fragmented ECUs to more domain ECU, large-domain ECU, you need a very powerful microcontroller capable to drive real-time activities in parallel.

因此，我們擁有所有推動者來推動我們的戰略，以增加我們擁有的汽車收入的這 30%。我們確實相信這部分將成為我們盈利能力的關鍵驅動力。最後但並非最不重要的一點是，您已經看到了我們與博世的公告。更清楚地，我們已經證明，就架構的變化而言，比方說，汽車從零散的 ECU 轉向更多域的 ECU，大型域的 ECU，你需要一個非常強大的微控制器，能夠並行驅動實時活動.

And we have already demonstrated that we have this device, we have this technology, which I repeat is a 28-nanometer, embedded phase memory, but 28 with FD-SOI, which is -- present some specific, let's say, feature, okay, really great for automotive. This will also drive our profitability in the future to increase. So this is the overview that I can share with you.

我們已經證明我們有這個設備，我們有這個技術，我再說一遍，它是一個 28 納米的嵌入式相位存儲器，但是 28 個帶有 FD-SOI，這是 - 介紹一些特定的，比如說，功能，好吧，非常適合汽車。這也將推動我們未來的盈利能力增加。這是我可以與您分享的概述。

So Marco, you want to complement some points?

那麼Marco，你想補充一些觀點嗎？

No, I -- yes. Just I would like to add that, as you said, we see a change in the market moving more towards electrification, digitalization. And our product portfolio, with the innovation that we are bringing, is moving towards the direction where we do believe we will outperform that market. And obviously, this will bring together an improving profitability.

不，我——是的。只是我想補充一點，正如你所說，我們看到市場正在朝著電氣化、數字化方向發展。我們的產品組合，以及我們帶來的創新，正朝著我們相信我們將超越該市場的方向發展。顯然，這將帶來盈利能力的提高。

The next question comes from Aleksander Peterc from Societe Generale.

下一個問題來自法國興業銀行的 Aleksander Peterc。

I just have a few specific points. One, if you could quantify the Huawei headwinds in the fourth quarter in terms of revenue percentage here. Second one, do you have a view on what will be this year's automotive semi market evolution? And how does your year-to-date revenue in Automotive compare to this overall market growth? And then just lastly, should we anticipate still some lingering unsaturation capacity, [ancillary] charges going into the beginning of the next year? Is it like for the first half or just the first quarter?

我只有幾個具體點。一，如果你可以在這裡用收入百分比來量化華為在第四季度的逆風。第二，您對今年汽車半成品市場的演變有何看法？與整體市場增長相比，您今年迄今在汽車領域的收入如何？最後，我們是否應該預計到明年年初仍有一些揮之不去的不飽和容量、[輔助]費用？是上半年還是第一季度？

So I will take the first question, and Marco and Lorenzo, you will take the other one. About the first question, if I have well understood, for Q4, I guess I have been quite clear. After 30 quarters of consecutive revenue growth with Huawei, ST revenue in Q4 from Huawei will be 0. We have stopped to ship any PCs to Huawei September 15, being compliant with a direct -- the foreign-produced Direct Product Rules from the BIS in the U.S.A. Of course, we have applied for export license to continue to support our customer. But at this day, we have not received any feedback.

所以我會回答第一個問題，Marco 和 Lorenzo，你們會回答另一個問題。關於第一個問題，如果我很好理解的話，對於Q4，我想我已經很清楚了。在與華為連續 30 個季度的收入增長之後，ST 第四季度來自華為的收入將為 0。我們已於 9 月 15 日停止向華為發貨，符合 BIS 的直接外國生產的直接產品規則。美國當然，我們已經申請了出口許可證以繼續支持我們的客戶。但在這一天，我們還沒有收到任何反饋。

So our revenue will be 0 in Q4. I guess I am quite clear on the subject. So overall, again, Huawei, let's say, weight in ST, no, we do not communicate percentage of customer, only when they are above 10%. And we have only one. But okay, it's quite well-known that Huawei weight was, let's say, mid-single-digit percent, okay, weight in our revenue overall this year, with Q4 at 0.

所以我們的收入在第四季度將是 0。我想我對這個問題很清楚。所以總的來說，華為，比方說，在 ST 中的權重，不，我們不傳達客戶的百分比，只有當他們超過 10% 時。而我們只有一個。但是好吧，眾所周知，華為的權重是，比如說，中個位數的百分比，好吧，在我們今年的整體收入中的權重，第四季度為 0。

Okay. So we take from Automotive, what we do see, confirm again that Q2 was the bottom. And we have moved up our view of light vehicle production for the full year. Now we see a range between 70 -- $73 million to $77 million, which means the midpoint around $75 million, which moved -- but nearly half to what we were seeing in the Q2, where we were between 63 million and 72 million cars, of which 7 million are hybrid cars and the 2 million are electric cars.

好的。因此，我們從汽車方面獲得了我們所看到的，再次確認第二季度是底部。我們提高了對全年輕型汽車生產的看法。現在我們看到的範圍在 70 到 7300 萬美元到 7700 萬美元之間，這意味著中點在 7500 萬美元左右，移動了 - 但接近我們在第二季度看到的一半，當時我們在 6300 萬到 7200 萬輛汽車之間，其中 700 萬輛是混合動力汽車，200 萬輛是電動汽車。

So -- and in terms of market overall, semiconductor market, clearly, we see the acceleration of increase of content in -- thanks to electrification and thanks to the digitalization of the car, a trend which is ongoing and probably further accelerated due to the provision more and more of electric car.

所以 - 就整個市場而言，半導體市場，顯然，我們看到內容增加的加速 - 這要歸功於電氣化和汽車的數字化，這種趨勢正在持續並且可能由於汽車的數字化而進一步加速提供越來越多的電動汽車。

Lorenzo, if you want to complement in terms of...

洛倫佐，如果你想補充......

Unloading charges, yes. If I well understood the question is that, how the unloading charges will be in a -- moving forward in the first half of next year. Yes, I confirm what I said before. Now yes, we do expect that to still to have some unloading charges in Q1 and likely, even if progressively going down, also in Q2. Let me say that, as I was saying before, this is a very unbalanced situation in which we have some of our fabs that are fully loaded at this stage, let's say, for which we cannot do more than what we do.

卸貨費，是的。如果我很好地理解問題是，卸貨費將如何在明年上半年向前推進。是的，我確認我之前所說的。現在是的，我們確實預計第一季度仍會有一些卸貨費用，即使逐漸下降，也可能在第二季度。讓我說，正如我之前所說，這是一個非常不平衡的情況，我們的一些晶圓廠在這個階段已經滿負荷運轉，比方說，我們不能做更多的事情。

And we have some other fabs that are still suffering for unloading charges due to, let's say, the demand is not balanced between what is the demand and what is our capacity. This we do expect will continue for at least, for sure, Q4, Q2 -- Q1 as well, and will start to progressively be corrected during the course of Q2 moving forward.

我們還有一些其他的晶圓廠仍在為卸載費用而苦惱，比如說，需求在需求和我們的產能之間沒有平衡。我們確實預計這種情況至少會持續到第四季度、第二季度和第一季度，並且將在第二季度前進的過程中逐步得到糾正。

Just to give you an idea. Let's say the level of saturation of the fab that we were, in average, let's say, suffering during the quarter, during Q3, was in the level of 73%, 74%, the saturation level, with many very different situation, so one, in the half 2 peak is one above 90%. And in the current quarter, in Q4, this level will be more in the range of 82%, so with some improvement. But still, you see that we are not at the optimal level, and this will continue, I repeat, for sure, also in Q1, progressively reducing, but not immediately reducing.

只是給你一個想法。假設我們在第三季度和第三季度平均遭受的晶圓廠的飽和水平處於飽和水平的 73%、74% 水平，有許多非常不同的情況，所以一個，在半 2 峰值是 90% 以上。而在本季度，在第四季度，這個水平將更多地在 82% 的範圍內，因此會有一些改善。但是，您仍然看到我們沒有處於最佳水平，而且這種情況將繼續下去，我肯定會在第一季度重複，逐步減少，但不會立即減少。

The next question comes from Adithya Metuku from Bank of America.

下一個問題來自美國銀行的 Adithya Metuku。

Yes. Two questions. Firstly, just looking at the OpEx numbers. I just wondered if you could give us some color on what, in your view, has led to OpEx being so different to what you expected at the beginning of the year. What were the key puts and takes? Just so we get a sense for what's changed. And then also, if you could give us the exact grants figure that we should expect in 2020 and how would that figure look going into 2021. Any color there would be much appreciated. And if possible, just a quick follow-up on the share count for next year given the redemption of the convertible bond. Would that really change? Should we factor anything in versus the disclosures in 3Q? Any color here would also be appreciated.

是的。兩個問題。首先，只看 OpEx 數字。我只是想知道您是否可以就您認為導致 OpEx 與您在年初的預期如此不同的原因給我們一些顏色。關鍵的投入和投入是什麼？只是為了讓我們了解發生了什麼變化。然後，如果您能給我們提供我們應該在 2020 年預期的確切撥款數字，以及該數字在 2021 年的情況如何。任何顏色都將不勝感激。如果可能的話，考慮到可轉換債券的贖回，只需快速跟進明年的股票數量。那真的會改變嗎？與第三季度的披露相比，我們是否應該考慮任何因素？這裡的任何顏色也將不勝感激。

So the question is on the level of OpEx on average per quarter for 2020. This is your question, Adi?

所以問題是關於 2020 年平均每季度的運營支出水平。這是你的問題，阿迪？

Yes. And then what has changed? I know the numbers that were given earlier. But what was different to what you expected?

是的。然後發生了什麼變化？我知道之前給出的數字。但是與您的預期有何不同？

Yes. If you say it's for the full year, Lorenzo can...

是的。如果你說是全年，洛倫佐可以...

Okay. For the full year, as I said, the average quarterly expenses that we do expect at the end of 2020, if you take the full value of our expenses, including other income and expenses, and you divide it by 4, it will be in the range of $640 million, before onetime item that we do expect in Q4. In Q4, we will have a positive impact in the line other income and expenses, material impact in the range of $100 million positive, that will reduce significantly the expenses, but it's onetime.

好的。正如我所說，對於全年，我們預計到 2020 年底的平均季度支出，如果你把我們的支出的全部價值，包括其他收入和支出，除以 4，它將是6.4 億美元的範圍，在我們預計第四季度的一次性項目之前。在第四季度，我們將對其他收入和支出產生積極影響，在 1 億美元的積極影響範圍內，這將顯著減少支出，但這是一次性的。

So at the end, let's say, this will not be repeatable. It's due to the fact that we have a catch-up of grants, thanks to a new law, let's say, one legislation that allow us to recognize these grants. But then, is onetime, will not be repeatable. So in respect to our original guidance, we are there, of course, without this impact. For sure, will be lower because you have to consider that this will decrease the average of our expenses in the year.

所以最後，讓我們說，這將是不可重複的。這是因為我們追趕了撥款，這要歸功於一項新法律，比方說，一項允許我們承認這些撥款的立法。但那時，是一次性的，將不可重複。因此，就我們最初的指導而言，我們當然沒有這種影響。當然，會更低，因為您必須考慮到這將降低我們一年中的平均費用。

What has changed? I would say, apart of this onetime in Q4, what we have seen when we gave our original guidance, $645 million, $635 million, for sure, also due to the pandemic impact, we had some savings. For sure, let's say, at the beginning of the year, we were thinking to travel in a normal way. This would not happen, let's say. So at the end, what it happens, we had some savings, especially in this kind of discretionary expenses. But not on our R&D programs.

發生了什麼變化？我想說，除了第四季度的一次，我們在給出最初的指導時所看到的，6.45 億美元，6.35 億美元，當然，由於大流行的影響，我們有一些儲蓄。當然，比方說，在年初，我們正在考慮以正常的方式旅行。這不會發生，讓我們說。所以最後，發生了什麼，我們有一些儲蓄，特別是在這種可自由支配的開支方面。但不在我們的研發計劃中。

What I can tell you is that, in the R&D programs in our, let's say, core activity, the activity was there, was done, let's say, even if we were under this particular situation of the pandemic. For sure, there was other savings because less traveling, less meetings, less -- like put discretionary expenses that in the normal life, of course, of a company, you have, and in this situation, we did not incur.

我可以告訴你的是，在我們的研發計劃中，比方說，核心活動，活動在那裡，比方說已經完成，即使我們處於大流行的這種特殊情況下。當然，還有其他節省，因為更少的旅行、更少的會議、更少的——比如在正常生活中投入可自由支配的費用，當然，在一家公司，你有，在這種情況下，我們沒有承擔。

On the other side, we had some more expenses for some items that were not supposed to be, like masks, protection for the pandemic, these kind of things. So at the end, if you want, we were, before this exceptional catch-up, substantially in line with our expectation. A little bit less on the discretionary, a little bit more on extraordinary expense and related to the pandemic, but more or less, we were there. I don't know if this actually answer completely to your question.

另一方面，我們在一些不應該的物品上花費了更多的費用，例如口罩，大流行的防護，諸如此類的東西。所以最後，如果你願意的話，在這次特殊的追趕之前，我們基本上符合我們的預期。在可自由支配的費用上少一點，在與大流行有關的特殊費用上多一點，但或多或少，我們在那裡。我不知道這是否真的完全回答了你的問題。

They do. And just a quick follow-up. Just on that share count number, whether the 3Q number is really reflective of the changes in the convertible bonds that you did in the quarter or whether we should factor anything when we look at the share count for the fourth quarter.

他們是這樣。只是一個快速的跟進。僅就該股數而言，第三季度的數字是否真的反映了您在本季度所做的可轉換債券的變化，或者我們在查看第四季度的股數時是否應該考慮任何因素。

The share count? You mean the total share count of the company?

股數？你是說公司的總股本？

Yes.

是的。

Yes. It's reflected.

是的。它反映了。

Yes. It's reflected. We have provided as well the number of shares which has been provided, treasury share.

是的。它反映了。我們還提供了已提供的股份數量，即庫存股份。

Okay. So with this, I think this conclude -- we are at the time, at 10:30. With this, I think it conclude our earnings call. Thank you very much, everybody, for attending. As usual, we remain -- Investor Relations team is available. If you have some follow-up question, do not hesitate.

好的。因此，我認為這可以得出結論——我們當時是 10:30。有了這個，我認為它結束了我們的財報電話會議。非常感謝大家的出席。像往常一樣，我們仍然 - 投資者關係團隊可用。如果您有一些後續問題，請不要猶豫。

Yes, and the next meeting is ADG, November 6.

是的，下一次會議是 ADG，11 月 6 日。

Yes, next meeting to answer all your question on Automotive and Power Solutions is 6 November with Marco Monti.

是的，11 月 6 日與 Marco Monti 會面，回答您關於汽車和電源解決方案的所有問題。

Okay. Bye-bye, everybody.

好的。再見，大家。

Thank you very much.

非常感謝你。

Thank you.

謝謝你。

Thank you. Bye.

謝謝你。再見。

Bye-bye.

再見。

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

女士們，先生們，會議到此結束。感謝您選擇 Chorus Call，感謝您參加會議。您現在可以斷開線路。再見。