意法半導體 (STM) 2020 Q1 法說會逐字稿

Ladies and gentlemen, welcome to STMicroelectronics First Quarter 2020 earnings release conference call. I am Alessandro, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. 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 年第一季度財報電話會議。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。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 Relation. 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. Thank you, everyone, for joining our first quarter 2020 financial results conference call. Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President of Finance, Infrastructure and Services, and Chief Financial Officer; Marco Cassis, President of Sales, Marketing, Communications and Strategy Development.

謝謝你，亞歷山德羅。早上好。感謝大家參加我們的 2020 年第一季度財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入 Jean-Marc 的還有財務、基礎設施和服務總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，銷售、營銷、傳播和戰略發展總裁。

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

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。

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

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發布的新聞稿以及 ST 最新的監管文件中包含的安全港聲明，以全面描述這些風險因素。

(Operator Instructions)

（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 conference call.

謝謝你，席琳。早上好，感謝您加入 ST 參加我們的電話會議。

First of all, I hope you, your families and your colleagues are all safe and healthy. Also, beginning this call, I would like to highlight the extraordinary efforts of our employees, and to thank them again for their dedication and professionalism to overcome the challenges this pandemic has created.

首先，我希望您、您的家人和您的同事都平安健康。此外，在本次電話會議開始時，我想強調我們員工的非凡努力，並再次感謝他們為克服這一流行病帶來的挑戰所付出的奉獻精神和專業精神。

Now to ST results and plans, let me begin with some opening comments. Starting with Q1, year-over-year, net revenues grew 7.5% to $2.23 billion. Our operating margin increased to 10.4%, and our net income rose 7.9% to $192 million. On a sequential basis, net revenues came in about 5% below the midpoint of our outlook when entering the quarter.

現在到 ST 的結果和計劃，讓我從一些開場白開始。從第一季度開始，淨收入同比增長 7.5% 至 22.3 億美元。我們的營業利潤率增至 10.4%，淨收入增至 7.9% 至 1.92 億美元。在進入本季度時，按順序計算，淨收入比我們預期的中點低約 5%。

The COVID-19 outbreak and subsequent containment measures by governments around the world brought challenges in our manufacturing operations, and especially in the last few days of the quarter, logistics. Our Q1 gross margin of 37.9% was largely in line with our midpoint target. Our free cash flow during the first quarter was $113 million, including CapEx of $266 million. We exited the first quarter with a stable net cash position of $668 million, available liquidity of $2.7 billion and available credit facilities of $1.1 billion. On Q2 2020, at the midpoint of our guidance, we expect net revenues in the second quarter to be about $2 billion, leading to a gross margin of about 34.6% that includes about 400 basis point of unsaturation charges.

COVID-19 的爆發和世界各國政府隨後採取的遏制措施給我們的製造業務帶來了挑戰，尤其是在本季度的最後幾天，物流。我們第一季度 37.9% 的毛利率基本符合我們的中點目標。我們第一季度的自由現金流為 1.13 億美元，其中資本支出為 2.66 億美元。我們以 6.68 億美元的穩定淨現金頭寸、27 億美元的可用流動性和 11 億美元的可用信貸額度結束了第一季度。在 2020 年第二季度，在我們指引的中點，我們預計第二季度的淨收入約為 20 億美元，毛利率約為 34.6%，其中包括約 400 個基點的不飽和費用。

Our guidance is taking into account the declining demand environment, especially in automotive as well as the operational and logistics challenges due to the current regulations.

我們的指導考慮到了需求下降的環境，尤其是在汽車領域，以及當前法規帶來的運營和物流挑戰。

For the full year 2020, we will drive the company based on a plan for full year 2020 revenues between $8.8 billion and $9.5 billion. We plan for growth in the second half over the first half of the year to be in the range of $340 million to $1.040 billion at the midpoint of our Q2 guidance based on the evolution of the market. As a consequence, we have reduced our CapEx expectation for 2020 from $1.5 billion to between $1 billion and $1.2 billion.

對於 2020 年全年，我們將根據 2020 年全年收入在 88 億美元至 95 億美元之間的計劃推動公司發展。根據市場的發展，我們計劃在我們第二季度指導的中點時，在今年上半年的下半年增長在 3.4 億美元至 10.4 億美元之間。因此，我們將 2020 年的資本支出預期從 15 億美元下調至 10 億至 12 億美元之間。

Now let's move to a detailed review of the first quarter. Net revenues increased 7.5% year-over-year, with higher sales of imaging, analog and microcontrollers, in part offset by lower sales in automotive, Power Discrete and digital. Year-over-year sales to OEMs increased 22.5% and to distribution, decreased 21.4%. On a sequential basis, net revenues decreased 19%, about 5% below the midpoint of our guidance. The COVID-19 outbreak and subsequent containment measures by governments around the world bore challenges in our manufacturing operations, and especially in the last few days of the quarter, logistics. All product group revenue declined on a sequential basis.

現在讓我們來詳細回顧一下第一季度。淨收入同比增長 7.5%，成像、模擬和微控制器的銷售額增加，部分被汽車、功率離散和數字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 22.5%，對分銷商的銷售額同比下降 21.4%。在連續的基礎上，淨收入下降了 19%，比我們指導的中點低約 5%。 COVID-19 的爆發和世界各國政府隨後採取的遏制措施給我們的製造業務帶來了挑戰，尤其是在本季度的最後幾天，物流方面。所有產品組收入均環比下降。

Our gross profit totaled $846 million, representing a year-over-year increase of 3.5%. The gross margin of 37.9% decreased 150 basis points year-over-year, mainly impacted by price pressure and unsaturation charges, including the one associated with the COVID-19 workforce-related restrictions. More specifically, unsaturation charges were 150 basis point in Q1 2020 compared to 0 in Q1 '19 and to our estimate of 80 basis point in our Q1 '20 guidance.

我們的毛利潤總額為 8.46 億美元，同比增長 3.5%。毛利率為 37.9%，同比下降 150 個基點，主要受到價格壓力和不飽和費用的影響，包括與 COVID-19 勞動力相關限制相關的費用。更具體地說，2020 年第一季度的不飽和費用為 150 個基點，而 19 年第一季度為 0，而我們在 20 年第一季度的指導中估計為 80 個基點。

Our first quarter gross margin was 10 basis points below the midpoint of our guidance, as product mix and price evolution were better than expected. Our first quarter operating margin was 10.4%, increasing 20 basis point on a year-over-year basis, with the improvement of AMS operating margin compensating the decrease in MDG and ADG. Net operating expenses at $610 million were below what we anticipated when entering the quarter. Our net income increased 7.9% to $192 million on a year-over-year basis, and our diluted earnings per share were $0.21.

我們第一季度的毛利率比我們的指導中點低 10 個基點，因為產品組合和價格演變好於預期。我們第一季度的營業利潤率為 10.4%，同比增長 20 個基點，AMS 營業利潤率的提高彌補了 MDG 和 ADG 的下降。淨運營費用為 6.1 億美元，低於我們進入本季度時的預期。我們的淨收入同比增長 7.9% 至 1.92 億美元，每股攤薄收益為 0.21 美元。

Looking at the product group revenue performance on a year-over-year basis. ADG revenues decreased 16.6%, mostly due to the supply constraints, and particularly in automotive, to a weaker-than-expected demand. AMS revenue increased 54.3% on higher imaging and analog sales, mainly for personal electronics applications, while MEMS sales were essentially flat. MDG revenue increased 1%, with growth in microcontrollers, mainly driven by distribution in Asia, partially offset by lower digital IC sales.

逐年查看產品組的收入表現。 ADG 收入下降 16.6%，主要是由於供應限制，特別是在汽車領域，需求弱於預期。 AMS 收入增長 54.3%，主要用於個人電子應用的成像和模擬銷售額增加，而 MEMS 銷售額基本持平。 MDG 收入增長 1%，主要受亞洲分銷驅動的微控制器增長，部分被數字 IC 銷售下降所抵消。

By product group on a year-over-year basis: ADG operating margin decreased to 3% from 10.6%; IMS operating margin increased to 20.8% from 7.8%; and MDG operating margin decreased to 11.5% from 13.4%.

按產品組同比：ADG 營業利潤率從 10.6% 下降至 3%； IMS 營業利潤率從 7.8% 提高到 20.8%； MDG 營業利潤率從 13.4% 下降至 11.5%。

Net cash from operating activities increased 17% to $399 million in Q1 compared to $341 million in the year-ago period. Free cash flow was positive $130 million, including $266 million of CapEx, compared to negative $67 million in the year ago quarter. During the first quarter, we paid $53 million of cash dividends and we repurchased shares in the total amount of $62 million as part of our existing programs.

第一季度經營活動產生的淨現金增長 17% 至 3.99 億美元，而去年同期為 3.41 億美元。自由現金流為正 1.3 億美元，其中包括 2.66 億美元的資本支出，而去年同期為負 6700 萬美元。在第一季度，我們支付了 5300 萬美元的現金股息，並且作為我們現有計劃的一部分，我們回購了總額為 6200 萬美元的股票。

Our net financial position was $668 million at March 28, 2020, stable compared to $672 million at December 31, 2019. It reflected total core liquidity of $2.71 billion and total financial debt of $2.04 billion. We also have committed credit facilities for $1.1 billion equivalent, which are current undrawn, including a new EUR 500 million long-term line with the European Investment Bank.

截至 2020 年 3 月 28 日，我們的淨財務狀況為 6.68 億美元，與 2019 年 12 月 31 日的 6.72 億美元相比穩定。這反映了 27.1 億美元的核心流動性總額和 20.4 億美元的金融債務總額。我們還承諾了 11 億美元等值的信貸額度，目前尚未提取，其中包括與歐洲投資銀行的 5 億歐元新長期額度。

So let me now address the supply chain situation during the first quarter. During Q1, all countries where we operate decided to apply lockdown measures. In coordination with local authorities, we have been able to limit the temporary assembly and test site closures to 14 days in Shenzhen, 7 day above what was already planned; 2 days in Muar, Malaysia; and 1 day in Calamba, Philippines. We did not close any wafer fab. During this period, we managed to keep all our manufacturing sites operational at reduced workforce levels, keeping the most stringent health and safety measures. Our business continuity plans enabled us to continue to support our customers and to continue to execute our R&D programs. However, this unprecedented situation created logistic challenges, as well, impacted revenues and resulted in higher unsaturation charges.

現在讓我談談第一季度的供應鏈情況。在第一季度，我們開展業務的所有國家/地區都決定實施封鎖措施。在與地方當局的協調下，我們已經能夠將深圳的臨時組裝和測試場地關閉時間限制在 14 天，比原計劃提前 7 天；馬來西亞麻坡2天；在菲律賓卡蘭巴停留 1 天。我們沒有關閉任何晶圓廠。在此期間，我們設法在減少勞動力的情況下保持所有生產基地的運營，並採取最嚴格的健康和安全措施。我們的業務連續性計劃使我們能夠繼續支持我們的客戶並繼續執行我們的研發計劃。然而，這種前所未有的情況也帶來了物流挑戰，影響了收入並導致了更高的不飽和費用。

Let's now discuss the market and business dynamics. In automotive, during March, we started to see sign of slowdown in demand, especially for legacy automotive in Europe and in the U.S. as a consequence of the shutting down of many carmakers and Tier 1 production line around the world. However, we are starting now to see some sign -- some early signs of recovery in China, I have to classify, quite sharp. In the meantime, we continue to support the electrification and digitalization trends of our customers' design for smart mobility applications.

現在讓我們討論市場和業務動態。在汽車方面，3 月期間，我們開始看到需求放緩的跡象，尤其是歐洲和美國的傳統汽車，原因是全球許多汽車製造商和一級生產線關閉。然而，我們現在開始看到一些跡象——中國復甦的一些早期跡象，我必須對其進行分類，非常明顯。與此同時，我們繼續支持客戶智能移動應用設計的電氣化和數字化趨勢。

In car electrification, during the quarter, we won several sockets for automotive-grade diodes for onboard chargers at major Tier 1s and OEMs as well as a project with high-voltage silicon MOSFETs for inverters and charging stations. We also announced wins for 2 programs for battery management systems. We had an important development in our wide-band gap technology strategy, key for our automotive business and also for other end markets.

在汽車電氣化方面，在本季度，我們贏得了主要一級供應商和 OEM 的車載充電器的多個汽車級二極管插座，以及一個用於逆變器和充電站的高壓矽 MOSFET 項目。我們還宣布了 2 個電池管理系統項目的勝利。我們的寬帶隙技術戰略取得了重要進展，這是我們汽車業務和其他終端市場的關鍵。

For silicon carbide, we are progressing with our technology, manufacturing, and portfolio road map and with customer programs. As of today, we are engaged with 56 customers in 62 ongoing key programs. These programs are split around 50-50 between automotive customers and industrial customers. The silicon carbide awarded projects accounts for a total of $2.8 billion in the 2024 period.

對於碳化矽，我們正在推進我們的技術、製造和產品組合路線圖以及客戶計劃。截至今天，我們在 62 個正在進行的關鍵項目中與 56 位客戶進行了接觸。這些計劃在汽車客戶和工業客戶之間分配了大約 50-50。 2024年碳化矽中標項目總額達28億美元。

The next wide-band gap technology we are investing in is gallium nitride. On April 7, we closed the acquisition of a majority stake in French GaN innovator, Exagan. Exagan's expertise is in epitaxy, product development and application know-how, will broaden and accelerate our power GaN road map and business for automotive, industrial and consumer applications. We also announced that we are collaborating with TSMC to accelerate the development of gallium nitride process technology and the supply of both discrete and integrated GaN device to the market.

我們投資的下一個寬帶隙技術是氮化鎵。 4 月 7 日，我們完成了對法國 GaN 創新者 Exagan 多數股權的收購。 Exagan 在外延、產品開發和應用技術方面的專長將拓寬和加速我們在汽車、工業和消費應用領域的功率 GaN 路線圖和業務。我們還宣布，我們正在與台積電合作，加快氮化鎵工藝技術的開發，以及向市場供應分立和集成 GaN 器件。

Moving to car digitalization. Here, we had wins in a variety of applications. This include our 32-bit automotive MCUs in car access, switching, braking, and steer-by-wire applications, a major win for power management IC in an ADAS system and an award through our partner, AutoTalks, for a V2X communications application.

轉向汽車數字化。在這裡，我們在各種應用中取得了勝利。這包括我們在汽車門禁、開關、制動和線控轉向應用中的 32 位汽車 MCU、ADAS 系統中的電源管理 IC 的重大勝利以及我們的合作夥伴 AutoTalks 為 V2X 通信應用贏得的獎項。

Moving now to Industrial. The dynamics in the quarter were mixed, with some application already showing signs of demand slowdown, appliance, lighting; while orders, such as health care, as could be expected, but also automation, remain healthy. The situation in the distribution channel is showing some recovery in China after a restart of operations, but a slowdown in Europe and in the U.S. On a year-over-year basis, point of sales at distributors remained stable, with an improvement in Asia, offset by the Europe and the U.S.

現在搬到工業。本季度的動態喜憂參半，一些應用已經顯示出需求放緩的跡象，家電、照明；儘管可以預期的醫療保健等訂單以及自動化訂單保持健康。恢復運營後，中國分銷渠道情況有所回升，但歐洲和美國市場放緩。同比來看，經銷商銷售點保持穩定，亞洲、被歐洲和美國抵消

One of our objectives in Industrial is leadership in embedded processing solution. To support this, we are continuously strengthening our offer in term of hardware, software and ecosystem, around our microcontroller and microprocessor families. During the quarter, we announced many additions to the STM32 microcontroller portfolio, new products in our low-power and high-performance MCU families, and the world's first LoRa system-on-chips.

我們在工業領域的目標之一是在嵌入式處理解決方案方面處於領先地位。為了支持這一點，我們圍繞我們的微控制器和微處理器系列，不斷加強我們在硬件、軟件和生態系統方面的產品。在本季度，我們宣布了 STM32 微控制器產品組合的許多新成員、我們的低功耗和高性能 MCU 系列的新產品，以及世界上第一個 LoRa 片上系統。

With our power discrete products for industrial applications, we had wins with high- and low-voltage silicon MOSFETs and introduction for our modules for power supplies, solar power converters, home appliances and power tools for many manufacturers. We also won several new design with our analog products for industrial applications. For example, we received awards from multiple metering customers for smart power and ASIC products; by home appliance makers for power conversion and motion control products; and by machine manufacturers for vibration and environmental monitoring with industrial-grade MEMS sensors.

憑藉我們用於工業應用的功率分立產品，我們贏得了高壓和低壓矽 MOSFET，並為許多製造商推出了用於電源、太陽能轉換器、家用電器和電動工具的模塊。我們還憑藉用於工業應用的模擬產品贏得了多項新設計。例如，我們在智能電源和ASIC產品方面獲得了多家計量客戶的獎勵；由家電製造商提供電源轉換和運動控制產品；以及由機器製造商使用工業級 MEMS 傳感器進行振動和環境監測。

Moving now to personal electronics. While short-term smartphone consumer demand is clearly impacted by retail lockdowns and the inability to purchase devices, we observed sustained semiconductor demand during the quarter. This is also driven by increased demand for tablets and gaming devices as well as accessories. Importantly, customer demand for innovation-driven content is still solid. In this end market, we are leading in very specific high-volume smartphone applications as well in wearables, accessories and gaming devices.

現在轉向個人電子產品。雖然短期智能手機消費者需求明顯受到零售封鎖和無法購買設備的影響，但我們觀察到本季度半導體需求持續。這也受到對平板電腦和遊戲設備以及配件需求增加的推動。重要的是，客戶對創新驅動內容的需求仍然強勁。在這個終端市場，我們在非常具體的大容量智能手機應用以及可穿戴設備、配件和遊戲設備方面處於領先地位。

During the first quarter, we continued to win designs and ramp production in flagship customer devices. Some examples include a variety of sensors, time of flight, ranging sensor, ambient licensing, motion and waterproof pressure sensors; secure solution such as ESIM and secure elements; and analog solutions such as smart power, touch display and charging products. A number of the smartphone in which we won designs were 5G models. We were awarded several 5G designs with our RF mixed signal technologies. This is in line with another of our stated market objective.

在第一季度，我們繼續贏得旗艦客戶設備的設計和量產。一些示例包括各種傳感器、飛行時間、測距傳感器、環境許可、運動和防水壓力傳感器；安全解決方案，例如 ESIM 和安全元件；以及智能電源、觸控顯示和充電產品等模擬解決方案。我們贏得設計的許多智能手機都是 5G 型號。我們的射頻混合信號技術獲得了多項 5G 設計。這符合我們另一個既定的市場目標。

In our last end market, communication equipment and computer peripherals, we had many design wins ranging from time of flight and motion sensor for personal computers, to industrial inertial sensors in mobile infrastructure with multiple leading manufacturers. In this market during the quarter, we saw a stable situation for hard disk drives and enterprise servers as well as demand for 5G-related products in China.

在我們的最後一個終端市場，通信設備和計算機外圍設備中，我們獲得了許多設計勝利，從個人計算機的飛行時間和運動傳感器，到與多家領先製造商合作的移動基礎設施中的工業慣性傳感器。在本季度的這個市場中，我們看到硬盤驅動器和企業服務器的穩定情況以及中國對 5G 相關產品的需求。

Now let's move to a discussion of the second quarter and some comments of the full year 2020. For the second quarter, we expect net revenues to be about $2 billion and a gross margin at about 34.6%. This outlook is taking into account the declining demand environment, especially in automotive as well as ongoing operational and logistics challenges due to current governmental regulations. We anticipate that all our manufacturing sites will continue to be operational. However, some of them will run at reduced capacity, leading to about 400 basis points of unsaturation charges embedded in the gross margin guidance.

現在讓我們開始討論第二季度以及對 2020 年全年的一些評論。我們預計第二季度的淨收入約為 20 億美元，毛利率約為 34.6%。這一前景考慮到了需求下降的環境，特別是在汽車領域，以及當前政府法規帶來的持續運營和物流挑戰。我們預計我們所有的生產基地將繼續運營。然而，其中一些將減少產能，導致毛利率指導中嵌入約 400 個基點的不飽和費用。

For the full year, we are driving our company with a clear plan. It is a sales and operating plan based on our current view of the market as well as on continuous customer interaction. It is also a plan that in the framework of an already solid financial situation and to further increasing our financial flexibility, acknowledging the short-term global challenges, while also supporting our unchanged long-term strategy and its objectives.

全年，我們以明確的計劃推動公司發展。這是基於我們當前的市場觀點以及持續的客戶互動而製定的銷售和運營計劃。這也是一項計劃，在已經穩固的財務狀況的框架下，進一步提高我們的財務靈活性，承認短期的全球挑戰，同時也支持我們不變的長期戰略及其目標。

We will drive the company based on the plan for 2020 full year revenues between $8.8 billion and $9.5 billion. With Q2 expected to be the most challenging quarter, our plan anticipates growth in the second half over the first half to be in the range of $340 million to $1.040 billion. This growth will be driven by already engaged customer programs and by the removal of supply constraints. The growth range is linked to the evolution of the market. As a consequence, we have reduced our CapEx plan from $1.5 billion to a range of between $1 billion to $1.2 billion related to additional -- reduced additional capacity needs. Our strategic initiatives are all confirmed, although with some short-term schedule adjustments.

我們將根據計劃推動公司 2020 年全年收入在 88 億美元至 95 億美元之間。由於第二季度預計將是最具挑戰性的季度，我們的計劃預計下半年將比上半年增長 3.4 億美元至 10.4 億美元。這種增長將受到已經參與的客戶計劃和消除供應限制的推動。增長幅度與市場的演變有關。因此，我們將資本支出計劃從 15 億美元減少到 10 億至 12 億美元之間，這與額外減少的額外容量需求有關。我們的戰略舉措都得到了確認，儘管有一些短期的時間表調整。

While we are protecting our R&D, sales and marketing programs and transformation initiative, we will keep a strict discipline on controlling operating expenses. However, as the company is taking up nonrecurring expenses for solidarity initiative, donation both in cash and equipment/materials or for exceptional incentives for our employees at work, we have also launched an internal initiative whereby the management team will reduce their base salary for the next 2 quarters as their own contribution. In order to further increase our financial flexibility, we will not execute any transaction under our current share buyback program in the second half of the year.

在保護我們的研發、銷售和營銷計劃以及轉型計劃的同時，我們將嚴格控制運營費用。然而，由於公司正在為團結倡議、現金和設備/材料捐贈或為員工工作的特殊獎勵承擔非經常性費用，我們還發起了一項內部倡議，管理團隊將降低他們的基本工資接下來的2個季度作為自己的貢獻。為了進一步增加我們的財務靈活性，我們將不會在下半年根據我們當前的股票回購計劃執行任何交易。

To conclude. In response to the global COVID-19 pandemic, we will continue to ensure the health and safety of all our employees and to execute our business continuity plans, working with our customers, partners and the communities where we operate. We have a sales and operational plan for this challenging year, targeting growth in the second half over the first half. ST is in a solid position from a capital liquidity and balance sheet perspective. We will maintain our financial strength. We will also continue to advance our long-term strategy and objectives, together with our employees, for the benefits of our customers, partners, communities and for our shareholders.

總結。為應對全球 COVID-19 大流行，我們將繼續與我們的客戶、合作夥伴和我們經營所在的社區合作，確保我們所有員工的健康和安全，並執行我們的業務連續性計劃。我們為這個充滿挑戰的一年制定了銷售和運營計劃，目標是下半年增長超過上半年。從資本流動性和資產負債表的角度來看，ST 處於穩固的地位。我們將保持我們的財務實力。我們還將繼續與我們的員工一起推進我們的長期戰略和目標，以造福我們的客戶、合作夥伴、社區和股東。

Now before starting the Q&A session, I would like also to mention the other press release we have issued this morning. Taking to account the increasing global, societal and economic turmoil caused by the COVID-19 outbreak, ST Supervisory Board is now proposing a decrease in the 2019 dividend from $0.24 to $0.168 per share, with authorization to consider during September 2020 to increase such dividend resolution up to a maximum of $0.24 per share. The updated dividend resolution will be proposed at the 2020 AGM, which is now postponed to June 17, 2020.

現在在開始問答環節之前，我還想提一下我們今天上午發布的另一份新聞稿。考慮到 COVID-19 爆發引起的全球、社會和經濟動盪加劇，ST 監事會現提議將 2019 年股息從每股 0.24 美元降至 0.168 美元，並授權考慮在 2020 年 9 月期間增加此類股息決議最高為每股 0.24 美元。更新後的股息決議將在 2020 年年度股東大會上提出，現推遲至 2020 年 6 月 17 日。

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 Matt Ramsay from Cowen.

（操作員說明）第一個問題來自 Cowen 的 Matt Ramsay。

And thanks for the messages of health to everybody. Same to everyone in ST. I think, Jean-Marc, my first question is regards to the automotive business. I appreciate what some of the drivers you have is with smartphones, et cetera, that the second half will be better than the first half. But maybe you could talk about the second quarter and through the summer, your expectations in your automotive business. Obviously, there's lots of macro commentary and things out there about auto factories being closed globally. So maybe you could talk a little bit about that and your visibility to your previous silicon carbide targets through the remainder of the year.

感謝您向大家傳達健康信息。 ST的每個人都一樣。我想，讓-馬克，我的第一個問題是關於汽車業務的。我很欣賞你在智能手機等方面擁有的一些驅動力，下半年會比上半年好。但也許你可以談談第二季度和整個夏天，你對汽車業務的期望。顯然，有很多宏觀評論和關於全球汽車工廠關閉的事情。因此，也許您可以談談這一點，以及您在今年剩餘時間內對先前碳化矽目標的可見性。

Thank you for your question. So I will let Marco first to make the first comment about the automotive market and I will complement if needed.

謝謝你的問題。所以我會讓Marco先對汽車市場發表第一條評論，如果需要我會補充。

Yes. Thank you. As you had said clearly, the automotive market, having a complicated supply chain, has been hit by closures at carmakers and TS-1. This is happening, let's say, with different time schedule around the world. The first that was hit in Q1 was clearly China, and now it's happening in Europe and U.S. We have seen, in this moment, a sharp recovery, as Jean-Marc was saying during his address. China now is moving back, so automotive seems to be recovering in China, while during Q2, Europe and U.S. will be hit at the most.

是的。謝謝你。正如你所說的，汽車市場有著複雜的供應鏈，受到汽車製造商和 TS-1 關閉的打擊。比方說，這種情況正在世界各地以不同的時間表發生。第一季度首先受到打擊的顯然是中國，現在它正在歐洲和美國發生。正如讓-馬克在講話中所說的那樣，在這一刻，我們已經看到了急劇的複蘇。中國現在正在倒退，所以汽車在中國似乎正在復蘇，而在第二季度，歐洲和美國將受到最大的打擊。

Our view for the full year, our modeling is for the automotive to be down between 25% to 15% in terms of car production, which means a range between 67 million unit light vehicles and 77 million unit light vehicles. So we do believe, again, that Q2 is going to be the most difficult quarter and from Q3 and Q4 to see a recovery in the automotive. Thank you.

我們對全年的看法是，我們的模型是汽車產量將下降 25% 至 15%，這意味著輕型汽車的銷量在 6700 萬輛到 7700 萬輛之間。因此，我們再次相信，第二季度將是最困難的季度，從第三季度和第四季度開始，汽車行業將出現復甦。謝謝你。

Just as my follow-up question. No surprise that the heightened underutilization charges in the second quarter. Lorenzo, maybe if you could talk a little bit about how -- if you guys execute to the plan in the second half guidance, how do you feel like those underutilization charges will come off the P&L and what that trajectory looks like into next year? I appreciate the color.

就像我的後續問題一樣。毫不奇怪，第二季度的未充分利用費用增加。 Lorenzo，也許你能談談如何——如果你們在下半年的指導中執行計劃，你覺得那些未充分利用的費用將如何從損益表中扣除，明年的軌跡會是什麼樣子？我很欣賞這種顏色。

If I well understand, your question is about the evolution of our unloading charges for Q2. Yes, as you have, let's say, listened from the remark of Jean-Marc, our guidance for Q2 is impacted by a significantly level of unloading charges. We have unloading charges that are in the range of -- impacting our gross margin in the range of 400 basis point.

如果我很好理解，您的問題是關於我們第二季度卸貨費用的演變。是的，比方說，正如您從 Jean-Marc 的評論中聽到的那樣，我們對第二季度的指導受到了顯著水平的卸貨費用的影響。我們的卸貨費用在 - 影響我們的毛利率在 400 個基點的範圍內。

When we look to the second quarter, second quarter, we guide the 34.6%. Our gross margin is impacted by this 400 basis point of unloading charges. These unloading charge, we estimate are around 130 basis point due to the reduced demand, but there is still a significant impact coming from the unavailability of the workforce, not only in our front end plants, but also in back end. This is estimated to impact our gross margin for around 270 basis point. On top of that, we are modeling a negative impact coming from price and the negative impact also coming from mix. So at the end, we have this decline in term of gross margins.

當我們看第二季度時，第二季度我們指導的是34.6%。我們的毛利率受到這 400 個基點的卸貨費用的影響。由於需求減少，我們估計這些卸貨費用約為 130 個基點，但勞動力不足仍然會產生重大影響，不僅在我們的前端工廠，而且在後端。估計這將影響我們的毛利率約 270 個基點。最重要的是，我們正在模擬來自價格的負面影響以及來自混合的負面影響。所以最後，我們的毛利率下降了。

Did it answer your question, Matt?

它回答了你的問題嗎，馬特？

Did I answer your question?

我回答你的問題了嗎？

Yes, partly. I appreciate the details there. In addition, like -- I guess the next part of the question, Lorenzo, was if you execute the plan, and you guys have laid out a guidance range for the second half of the year, any kind of understanding as to the trajectory of the underutilization charges coming off of the P&L would be really helpful.

是的，部分。我很欣賞那裡的細節。另外，我想問題的下一部分，洛倫佐，如果你執行計劃，你們已經制定了下半年的指導範圍，任何關於軌蹟的理解來自損益表的未充分利用費用將非常有幫助。

Yes. Obviously, the second part of the year will be impacted by unloading charges. Second part of the year, we do expect to not have any longer unloading charge related to workforce because we do expect to come back in more a normal situation. Currently, based on our plan, we estimate to have in the year something in the range of between 180, 190 basis point on our gross margin for the year, impacted by the unloading charges. So it means that, that will remain also in the second part of the year, while in -- and this is at the high end of our, let's say, plan, so it means at EUR 9.5 billion.

是的。顯然，今年下半年將受到卸貨費的影響。今年下半年，我們確實預計不會再收取與勞動力相關的卸貨費用，因為我們確實預計會恢復到更正常的情況。目前，根據我們的計劃，我們估計今年的毛利率在 180 到 190 個基點之間，受卸貨費用的影響。所以這意味著，這也將在今年下半年保持不變，而在 - 這是我們計劃的高端，也就是說，這意味著 95 億歐元。

Based off the EUR 8 million that is unloading charges will impact in the year for more than 300 basis point our gross margin.

基於 800 萬歐元的卸貨費用將在年內影響我們的毛利率超過 300 個基點。

So anticipating maybe another question, what do you, let's say, model your gross margin for the year?

所以期待另一個問題，比方說，你如何模擬你今年的毛利率？

At this moment, our visibility for the gross margin, including this impact of unloading charges in the year, is to be at the high end of the plan at EUR 9.5 billion in the range of 37% and the low end in the range of 35% in term of gross margin.

目前，我們對毛利率的可見性，包括這一年卸貨費用的影響，將處於計劃的高端，為 95 億歐元，在 37% 的範圍內，低端在 35% 的範圍內% 以毛利率計算。

The next question comes from Aleksander Peterc from Societe General.

下一個問題來自法國興業銀行的 Aleksander Peterc。

Can I just ask? On silicon carbide, do you stick to your current guidance?

我可以問一下嗎？關於碳化矽，您是否堅持目前的指導？

And secondly, on the logistics issues that you experienced towards the end of the quarter, how do these issues look right now? Are they the same, worse, or are they being sorted out?

其次，關於您在本季度末遇到的物流問題，這些問題現在看起來如何？它們是相同的、更糟的，還是正在被整理出來？

And then just finally, on OpEx, how should we think of modeling OpEx going into the remainder of the year? I know you do have the puts and takes here. But if you could just give us a figure of the average OpEx for the remaining quarters.

最後，在 OpEx 方面，我們應該如何看待今年剩餘時間的 OpEx 建模？我知道你確實有看跌期權。但如果你能給我們一個剩餘季度平均運營支出的數字。

Maybe, Jean-Marc, I will take the...

也許，讓-馬克，我會接受...

Logistics.

後勤。

The logistic and the OpEx. And then starting from the logistic, the logistic is our Q1 result significantly -- especially toward at the end of the quarter, toward the end of the quarter when many countries start with the lockdown and the closing of the borders, we experienced many flights grounded, difficult terrestrial transportations with border closed.

物流和運營支出。然後從物流開始，物流是我們第一季度的顯著結果——尤其是在本季度末，當許多國家開始封鎖和關閉邊境時，我們經歷了許多航班停飛，困難的陸地運輸，邊境關閉。

We estimate that in the quarter, and in especially the very last days of the quarter, this was impacting our result for around $20 million, $25 million due to the fact that it was difficult to manage the logistic.

我們估計，在本季度，尤其是本季度的最後幾天，這對我們的業績造成了大約 2000 萬美元的影響，2500 萬美元是因為物流管理困難。

As well as in the last week of the quarter, we had also the closure of 2 important site, was mentioned in the remark of Jean-Marc, that were in Malaysia, Muar; and Calamba in the Philippines. Overall, this was impacting logistic plus lost manufacturing in the very day -- in the very last days in the range of $40 million.

除了本季度的最後一周，我們還關閉了 2 個重要站點，在 Jean-Marc 的評論中提到，它們位於馬來西亞麻坡；和菲律賓的卡蘭巴。總體而言，這影響了物流和當天的製造損失——在最後幾天，損失了 4000 萬美元。

What will happen in Q2 moving forward? For sure, for logistic, situation is getting better, also because we are starting to find, let's say, alternative routes, alternative ways to serve our customers, so it's getting a little bit better. We will, for sure, still be a little bit impacted. And overall, we do estimate that we will have still something ranging between $80 million, $100 million between loss of manufacturing, and let's say, some problem in logistic impacting our quarter, Q2.

Q2 未來會發生什麼？當然，對於物流來說，情況正在好轉，也因為我們開始尋找替代路線、替代方式來服務我們的客戶，所以情況會好一些。當然，我們仍然會受到一點影響。總體而言，我們確實估計，在製造損失之間，我們仍然會有 8000 萬美元到 1 億美元之間的損失，比方說，物流方面的一些問題會影響我們的第二季度。

In term of expenses. In term of expenses, when we met last time at Q4 earnings release, I was giving you an indication that expenses for the year is, on average, in the quarter, would have been in the range of $640 million, $650 million, more or less as an average per quarter. For sure, as anticipated during the presentation of Jean-Marc, we have revised down a little bit these numbers as, of course, we will take some action in order to be more disciplined, let's say, to refrain on discretionary, to be more selective on some of our programs. So today, what we are modeling for the year is more something in the range of $635 million, $645 million as a level of expenses per quarter, in average.

在費用方面。在費用方面，當我們上次在第四季度財報發佈時會面時，我告訴你，本季度的平均費用將在 6.4 億美元、6.5 億美元或更多或低於平均每季度。當然，正如在 Jean-Marc 的演講中所預期的那樣，我們已經對這些數字進行了一些修改，因為當然，我們會採取一些行動來更加自律，比如說，避免隨意性，更加選擇性地選擇我們的一些程序。所以今天，我們為今年建模的更多的是平均每季度 6.35 億美元，6.45 億美元的支出水平。

So about silicon carbide, okay, can you repeat your question, please?

那麼關於碳化矽，好的，你能重複一下你的問題嗎？

So I just wanted to finally see if your outlook for silicon carbide sales in the current year are modified in any way by the current recession?

所以我只是想最後看看你對今年碳化矽銷售的前景是否會因當前的經濟衰退而有所改變？

Okay. Well, so if you remember well, okay, when we answered this question entering in the year, our plan was supposed, okay, to reach a revenue of about $300 million linked to silicon carbide diodes and MOSFET. But clearly, with the current plan, okay, I have shared -- we share with you a few minutes ago, this year, okay, silicon carbide revenue will be below the $300 million, but will be well above the $200 million we have executed last year.

好的。好吧，所以如果你記得清楚，好吧，當我們在今年回答這個問題時，我們的計劃應該是，好吧，與碳化矽二極管和 MOSFET 相關的收入達到約 3 億美元。但很明顯，按照目前的計劃，好吧，我已經分享了——我們幾分鐘前和你分享了，今年，好吧，碳化矽收入將低於 3 億美元，但將遠高於我們執行的 2 億美元去年。

The next question comes from David Mulholland from UBS.

下一個問題來自瑞銀的大衛穆赫蘭。

Just a couple of questions. Firstly, obviously, things were changing pretty rapidly through the end of the quarter. But I just wonder if you could give us some color on how you've seen bookings trends? Have you seen much in the way of cancellations from customers? How's that been trending over the last couple of weeks as I guess things have settled down? And particularly in automotive, I think you made a few comments that things have stabilized and started to improve, but I assume that's just the China comment at this stage. Or have you seen any stabilization in Europe as well? And I'll maybe come back with a follow-up afterwards.

只是幾個問題。首先，很明顯，到本季度末情況正在迅速變化。但我只是想知道你是否可以給我們一些關於你如何看待預訂趨勢的顏色？您是否看到很多客戶取消訂單的方式？我猜事情已經穩定下來，過去幾週的趨勢如何？尤其是在汽車領域，我認為你發表了一些評論說情況已經穩定並開始好轉，但我認為這只是現階段中國的評論。或者您是否也看到了歐洲的穩定？之後我可能會回來跟進。

So here, okay, Marco, I guess, okay, you take the question?

所以在這裡，好的，馬可，我想，好的，你接受這個問題嗎？

Yes. So your question is about bookings. So during Q1, our book-to-bill have been above parity. So the trend in that -- from that point of view is overall positive. We have seen, in automotive, some alignment of the backlog with the existing situation, as you have highlighted, mainly in Europe. And the backlog in this moment seems to be stabilizing, and we are looking forward the recovery to come during the Q3.

是的。所以你的問題是關於預訂的。所以在第一季度，我們的訂單出貨量一直高於平價。因此，從這個角度來看，趨勢總體上是積極的。正如您所強調的，我們已經看到，在汽車領域，積壓訂單與現有情況有一定的一致性，主要是在歐洲。而此時的積壓訂單似乎正在穩定下來，我們期待著第三季度的複蘇。

That's great. And then just in terms of -- there's been a couple of comments on pricing. I think one where you said it had been a bit of a help to margins in Q1, but then some headwinds to margins in Q2. So just -- there's obviously a lot going on between supply challenges you're facing, but also demand disruption. Now is that having much an effect on a more generalized basis on pricing in the market? Or are people generally remaining quite disciplined?

那太棒了。然後就價格而言 - 有一些評論。我認為你說它對第一季度的利潤率有所幫助，但隨後對第二季度的利潤率產生了一些不利影響。所以只是 - 在您面臨的供應挑戰和需求中斷之間顯然有很多事情發生。現在，這是否對市場定價產生了更廣泛的影響？還是人們通常保持相當自律？

Maybe I take the question as I was introducing this point. First of all, let's put in this way. In the first quarter, in respect to what we were modeling in our gross margin, pricing came a little bit lighter than what was expected. But this was not driven by any opportunistic, let's say, situation driven by lack of supply chain. At the end, there is -- this was mainly driven by the fact that in respect to the pressure on pricing that we were expecting, we actually -- we managed to be a little bit less impacted.

也許我在介紹這一點時會提出這個問題。首先，讓我們這樣說。在第一季度，就我們在毛利率中建模的情況而言，定價比預期的要輕一些。但這不是由任何機會主義驅動的，比如說，缺乏供應鏈驅動的情況。最後，這主要是由於我們預期的定價壓力，實際上我們設法減少了一點影響。

In respect to our second quarter, and then maybe Marco will, for sure, complement. What we are expecting is the normal price pressure. For the time being, we don't see any significant impact, both in the, let's say, price decline or, let's say, maybe price increase due to the fact that we are for some products and for some situation in supply constraint. I don't know if, Marco, you wanted to add some more color in respect to the price dynamic that you see in the market?

關於我們的第二季度，也許 Marco 肯定會補充。我們所期待的是正常的價格壓力。就目前而言，我們沒有看到任何重大影響，比如價格下跌，或者說價格上漲，因為我們是針對某些產品和某些供應受限的情況。我不知道，Marco，您是否想為您在市場上看到的價格動態添加更多顏色？

Yes. Lorenzo, yes. Thank you. Yes, I confirm what Lorenzo is saying. We are not seeing any special, let's say, price pressure. The dynamics are quite normal and are also driven from the fact that the market is looking in some way also to get parts in this moment with -- we have the logistics and the supply chain is a little bit constrained. So nothing special in terms of price pressure in this moment, just the normal pattern. Thank you.

是的。洛倫佐，是的。謝謝你。是的，我確認洛倫佐所說的。我們沒有看到任何特別的價格壓力。這種動態是很正常的，也是由於市場正在以某種方式尋求在這一刻獲得零件的事實——我們有物流，供應鏈有點受限。因此，就目前的價格壓力而言，沒有什麼特別的，只是正常的模式。謝謝你。

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. Question, Jean-Marc, with the visibility you have for the second half of this year, how much is coming from your view on the market, and your specific programs/new products, new clients?

是的。問題，Jean-Marc，以您今年下半年的知名度，您對市場的看法以及您的具體計劃/新產品，新客戶有多少？

And maybe if you could give us a hint of where you see demand to be the strongest among your division for the second half versus the first half.

也許如果你能給我們一個暗示，你認為下半年與上半年的需求在你的部門中是最強的。

Well, okay, if we put ourself at the high end of our plan, it is clear that the second half growth that we have sized at $1 billion, basically. I would like to say that half is related to our top 10 OEM in which -- for which we develop, okay, some custom design product. And but not only custom design product, okay, we have also, okay, more application-specific standard product. And the visibility, okay, is, of course, better than the other 100,000 customer we address. So half will be the contribution from this top 10 customer and the other half will be more linked to the overall market, automotive and industrial. So this is basically what we are seeing today and what we have planned today. And the second question was?

好吧，好吧，如果我們把自己放在計劃的高端，很明顯，我們的下半年增長規模基本上是 10 億美元。我想說，其中一半與我們的前 10 名 OEM 有關——我們為此開發了一些定制設計產品。而且，不僅是定制設計產品，好吧，我們還有，好吧，更多特定於應用的標準產品。當然，可見度比我們處理的其他 100,000 名客戶要好。因此，一半將來自這 10 大客戶的貢獻，另一半將更多地與整體市場、汽車和工業相關。所以這基本上就是我們今天看到的和我們今天計劃的。第二個問題是？

Which segment do you see being the strongest in the second half of this year? Which end market?

您認為今年下半年哪個細分市場最強勁？哪個終端市場？

Okay. Well, clearly, I think -- okay, I have to say that if you, let's say, look, you make an assessment between a product line and a market, clearly -- and which product line are a key contributor to the fact that ST plan assume we will overperform our plan. So the product line which contribute positively, okay, to the overperformance of ST are clearly microcontroller, so general purpose and secure; and imaging sensors and MEMS. They are the key contributor.

好的。好吧，很明顯，我認為——好吧，我不得不說，如果你，比如說，看，你在產品線和市場之間進行評估，很明顯——以及哪個產品線是導致這一事實的關鍵因素ST 計劃假設我們將超出我們的計劃。因此，對 ST 的超高性能做出積極貢獻的產品線顯然是微控制器，因此通用且安全；以及成像傳感器和MEMS。他們是關鍵貢獻者。

Detractor, clearly, of course, are ASIC, our application standard product in analog linked to the automotive legacy market. If you look, okay, on this angle of market, clearly, personal electronics, thanks to our assumption both in term of overall volume, volume related to the key customer and the fact that the new program we have the design win are linked to the 5G phone, clearly, the overall personal electronic application segment will be a key contributor to the overperformance of ST.

當然，批評者顯然是 ASIC，這是我們與汽車傳統市場相關的模擬應用標準產品。如果你看，好吧，從這個市場角度來看，很明顯，個人電子產品，這要歸功於我們在總體數量、與關鍵客戶相關的數量方面的假設以及我們贏得設計的新計劃與5G手機，顯然，個人電子應用的整體應用領域將是ST業績超常的關鍵因素。

Then after we have some specific part of our portfolio and market which will contribute, I would like to speak about Power. It is clear that our Power Solutions covering silicon carbide, but IGBT, but low voltage power MOS will also contribute to the overperformance of ST in the automotive market. And I guess here, it is thanks to our focus on electrification of the car as well our ASIC in digital linked to the digitalization of the car and our application-specific MCUs for automotive linked to the digitalization will contribute to the overperformance of ST.

然後，在我們的投資組合和市場的某些特定部分將做出貢獻之後，我想談談 Power。很明顯，我們涵蓋碳化矽、IGBT、低壓功率MOS的電源解決方案也將有助於意法半導體在汽車市場的超常表現。我想，這要歸功於我們對汽車電氣化的關注，以及我們與汽車數字化相關的數字 ASIC，以及我們與數字化相關的汽車專用 MCU，這將有助於 ST 的出色表現。

Well, last but not the least, okay, one detractor will be pure digital ASIC linked to a, let's say, legacy communication equipment, which will be a detractor to the company.

好吧，最後但並非最不重要的一點是，一個批評者將是純數字 ASIC，它連接到比方說，遺留通信設備，這將成為公司的批評者。

So this is overall, let's say, picture I can share with you about which product line market contribute to the overperformance of the company, which product line market are detractor of the performance of the company.

所以這是總體的，比方說，我可以和大家分享一下，哪個產品線市場導致公司業績超額，哪個產品線市場損害公司業績。

The next question comes from Stephane Houri from ODDO.

下一個問題來自 ODDO 的 Stephane Houri。

Yes. I have a question about the utilization rate. Can you remind us what was the utilization rate in Q1? Where you think it will go in Q2? And also where you think your inventory can go at the end of Q2?

是的。我有一個關於利用率的問題。您能否提醒我們第一季度的利用率是多少？你認為它會在第二季度走向何方？還有你認為你的庫存在第二季度末可以去哪裡？

And linked to that, about the CapEx, what project did you put on hold to reduce the CapEx level?

與此相關的是，關於資本支出，您擱置了哪些項目以降低資本支出水平？

Maybe I take this question. Thank you for the question.

也許我會接受這個問題。感謝你的提問。

Okay. Utilization rate, I start from here. In Q1, our -- I'm talking about front end. Of course, you know in back end, you usually -- we don't have this metric. Of course, we had also problem in front end -- in back end, sorry, this quarter, and we will have also in Q2 for utilization rate. But talking about our facts, our utilization rate averaging in the first quarter in the range of 79%. Q2 will be worse. Q2, we are modeling something more in the range of 70%. This utilization rate will increase in the second part of the year. Our expectation, that will increase.

好的。利用率，我從這裡開始。在第一季度，我們——我說的是前端。當然，你知道在後端，你通常——我們沒有這個指標。當然，我們在前端也有問題——在後端，對不起，這個季度，我們也會在第二季度遇到利用率問題。但談到我們的事實，我們第一季度的平均利用率在 79% 的範圍內。第二季度會更糟。第二季度，我們正在對 70% 範圍內的更多內容進行建模。這一利用率將在今年下半年增加。我們的期望會增加。

But in the second part of the -- as I was commenting before, we will still have unloading charges. So we will not get a full utilization rate in the second part of the year.

但在第二部分——正如我之前評論的那樣，我們仍將收取卸貨費用。因此，我們不會在今年下半年獲得全部利用率。

Moving to the second point, was about the dynamic of the inventory. You'll see that the inventory grew substantially as expected in Q4 in -- sorry, in Q1, during the past quarter, Q1, a little bit higher than what I was anticipating. I was anticipating something in the range of 110, 111 days of inventory. This is mainly driven by the fact that we have the lower level of revenues.

轉到第二點，是關於庫存的動態。你會看到庫存在第四季度大幅增長——對不起，在第一季度，在上一季度，第一季度，比我預期的要高一點。我預計庫存在 110、111 天的範圍內。這主要是由於我們的收入水平較低。

In the second quarter, the inventory will have twofolds. On one side, we will have the finished product inventory that will decline. And you can easily understand why, because we have these constraints on our back-end plant, and so we will have really declining in our inventory as a finished product. But on the other side, we will have an increase in inventory for what concern the semi-finished, what we produce in our fab, because we are preparing also the growth for the second half.

第二季度，庫存將成倍增長。一方面，我們的成品庫存將下降。你可以很容易地理解為什麼，因為我們的後端工廠有這些限制，所以我們的成品庫存真的會下降。但另一方面，我們將增加與半成品有關的庫存，我們在我們的晶圓廠生產的東西，因為我們也在為下半年的增長做準備。

So overall, the expectation for Q2 is to have an increase in our inventory. This increase will be fully reabsorbed in the second half. And we do expect to end the year with an inventory ranging between 95 to 100 days by the end of the year.

因此，總體而言，第二季度的預期是我們的庫存增加。這一增長將在下半年完全重新吸收。我們確實預計到年底時庫存將在 95 到 100 天之間。

There was another question or not?

還有一個問題嗎？

On CapEx.

在資本支出上。

On CapEx.

在資本支出上。

On CapEx. So sorry.

在資本支出上。非常抱歉。

Which program we cut and...

我們剪掉了哪個節目，然後...

Which program?

哪個節目？

Yes.

是的。

On CapEx, of course, the reduced level of revenues that we are now envisaging for the year are bringing us to reduce what was supposed to be our capacity increase for the year. So this is a portion of CapEx that has been definitely reduced, and this is impacting both front end and back end.

當然，在資本支出方面，我們現在設想的今年收入水平的降低正在使我們減少本應增加的今年產能。所以這是資本支出的一部分，肯定會減少，這會影響前端和後端。

On top of that, there is some natural rescheduling of some of our strategic initiatives, mainly driven by the fact that in such a condition, as you can easily figure out, some of them have accumulated some delay during, for instance, Q1 in some of our activity like, for instance, the building up of our facilities that [Vincci] in the north of Italy. This has been strongly related, let's say, it was much slower in terms of activity than what was originally expected.

最重要的是，我們的一些戰略計劃自然會重新安排，主要是因為在這種情況下，您可以很容易地發現，其中一些計劃在第一季度累積了一些延遲。我們的活動，例如，在意大利北部建立我們的設施 [Vincci]。這有很強的相關性，可以說，它在活動方面比最初預期的要慢得多。

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. So 2 questions. Firstly, just on the Huawei issue. Recently, there's been a lot of news flow around the U.S. requiring licenses from global semiconductor companies to ship to Huawei. I just wondered if you could give us some color on how you may be affected by this. I believe 2% to 4% of your revenues come from Huawei at the moment.

是的。所以2個問題。首先，只是關於華為的問題。最近，美國各地傳出大量消息，要求全球半導體公司向華為發貨。我只是想知道你是否可以給我們一些關於你可能會如何受到影響的顏色。我相信你現在有 2% 到 4% 的收入來自華為。

And secondly, I just wondered if Lorenzo could give us an overview of the growth rate by division in the second quarter and also at the midpoint of your view for the full year 2020.

其次，我只是想知道 Lorenzo 是否可以向我們概述第二季度按部門劃分的增長率以及您對 2020 年全年的看法。

It's difficult, okay, to comment about the impact of this potential decision versus Huawei. I can only comment what is intrinsic ST and then okay, what will happen linked to the global situation so far? Okay, this is a scenario that today we do not consider. What is intrinsic ST? It's important.

很難評論這個潛在決定對華為的影響。我只能評論什麼是內在 ST，然後好吧，到目前為止與全球局勢相關的情況會發生什麼？好的，這是我們今天不考慮的場景。什麼是內在ST？這一點很重要。

If you read carefully the possible, okay, impact, it is linked to technology with a metal pitch below 80-nanometer. Mix, it is -- it will affect potentially technology like a 14-nanometer finfet and below. And you know ST strategy on personal Electronics is to focus on subsystem like sensor, specialized imaging sensor, secure solution, analog, RF, mixed signal and power management, and all these technology are enabled by technology with a metal pitch well above 80-nanometer. So intrinsically, ST will not be impacted. But I cannot, let's say, forecast, gamble, okay, what will be the overall impact if such a measure will occur.

如果你仔細閱讀可能的影響，好吧，它與金屬間距低於 80 納米的技術有關。混合，它是——它會影響潛在的技術，比如 14 納米 finfet 及以下。你知道意法半導體在個人電子產品上的戰略是專注於傳感器、專用成像傳感器、安全解決方案、模擬、射頻、混合信號和電源管理等子系統，所有這些技術都是由金屬間距遠高於 80 納米的技術實現的.所以本質上，ST不會受到影響。但是我不能，比如說，預測，賭博，好吧，如果這樣的措施發生，總體影響會是什麼。

I can move to the second part of your question. If I...

我可以轉到你問題的第二部分。如果我...

You have your answer? We can move.

你有你的答案嗎？我們可以搬家了。

Yes. Very clear. Very clear.

是的。非常清楚。非常清楚。

So I move to the second part of your question, talking a little bit about the dynamic of the revenues moving from Q1 to Q2. Moving from Q1 to Q2, as we said, we have, let's say, revenues declining by around 10%. Looking by group, I would say that there are different dynamics inside the various groups. On one side, we have MDG Group that will grow the revenues. And this growth is estimated to be in the mid-single-digit growth, let's say, in that range.

所以我轉向你問題的第二部分，談談從第一季度到第二季度的收入動態。正如我們所說，從第一季度到第二季度，我們的收入下降了大約 10%。按組來看，我會說各個組內部存在不同的動態。一方面，我們擁有將增加收入的 MDG 集團。並且這種增長估計在中個位數的增長，比方說，在那個範圍內。

Then we will have, let's say, ADG. ADG will decline in the low single-digit. But this inside on ADG, there are 2 different dynamic. On one side, we have automotive that will decline significantly. And on the other side, we will have recovery in power and discrete.

然後我們會有，比如說，ADG。 ADG將下降個位數的低位。但是這個里面關於ADG，有2種不同的動態。一方面，我們的汽車將顯著下降。另一方面，我們將在權力和離散方面有所恢復。

You have to keep in mind that the power and discrete has been one of the most hitted product line by the constraint that we have in China during Q1. So portion of this recovery is also related to the fact that now in China, our manufacturing site in Shenzhen is working at full steam.

您必須記住，由於我們在第一季度在中國遇到的限制，電源和分立器件一直是最受打擊的產品線之一。因此，這種複甦的一部分也與現在在中國的事實有關，我們在深圳的製造基地正在全速運轉。

Then we have a significant decline in revenue in AMS. In AMS, this is mainly driven by seasonality in personal electronics. So AMS will decline significantly revenue on a sequential basis moving from Q1 to Q2.

然後我們在 AMS 的收入顯著下降。在 AMS 中，這主要是由個人電子產品的季節性驅動的。因此，從第一季度到第二季度，AMS 的收入將連續大幅下降。

There was another question or this is covering...

還有一個問題，或者這是覆蓋...

Yes. It's same question for the full year, if I recall well.

是的。如果我沒記錯的話，全年都是同樣的問題。

For the full year?

全年？

For the plan, if you can give a sense of color.

對於計劃，如果可以給顏色感。

The full year, I would say that when we look at the evolution of the revenue, looking -- of course, we have a big range. We talk between $8.8 billion and $9.5 billion. Let's suppose that we talk about the $9.5 billion, just to give you some color on this.

全年，我想說的是，當我們查看收入的演變時，當然，我們有一個很大的範圍。我們談論的金額在 88 億美元到 95 億美元之間。假設我們談論的是 95 億美元，只是為了給你一些顏色。

On the $9.5 billion, I would say that looking to the -- we will have a decline in revenues compared to 2019 when we look at ADG. And this decline, you can easily understand, is related to automotive.

關於 95 億美元，我想說的是，當我們查看 ADG 時，我們的收入將與 2019 年相比有所下降。而這種下降，你可以很容易地理解，與汽車有關。

Looking, let's say, in AMS, we will have some slight increase, in our view. And MDG should increase also in this case, low single digit. So at the end, we will have a decline on the ADG; and the other 2 group, a little bit stable, a little bit increasing. This is the plan -- how we have framed the plan for 2020 by group -- the evolution of the revenues by group.

假設在 AMS 中，我們認為會有一些小幅增長。而MDG在這種情況下也應該增加，低個位數。所以最後，我們的 ADG 會下降；而另外2組，一點點穩定，一點點增加。這就是計劃——我們如何按組制定 2020 年的計劃——按組劃分的收入演變。

The next question comes from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

My question is back again to the guidance. When you look at Q1, I mean your Q1 was slightly weaker than what you had guided, but essentially in line. And that was guided before COVID-19 impact was really and fully known. So the point I have is that you're guiding second quarter to $2 billion in sales, at the midpoint, 10% down, which is approximately $170 million or $180 million down year-on-year. I mean -- and you've given how that is broken up from Q1 to Q2. But given that IHS is at this point saying that auto units are down 21% year-on-year, how can you say with conviction that Q2 is going to be the bottom, given that at this point, given that there are multiple -- and most of the impact, as I can see in Q2 is coming in AMS and not in ADG, how is this the bottom in the automotive market for you in terms of the orders or rather, in the sales because this -- if autos are going to be down 21%, you could see continuing impact into the second half of the year.

我的問題又回到了指導。當您查看 Q1 時，我的意思是您的 Q1 略弱於您所指導的，但基本上是一致的。這是在真正全面了解 COVID-19 影響之前得到指導的。所以我的觀點是，您將第二季度的銷售額引導至 20 億美元，在中點下降 10%，同比下降約 1.7 億美元或 1.8 億美元。我的意思是 - 你已經給出了從第一季度到第二季度的分解方式。但鑑於 IHS 目前表示汽車銷量同比下降 21%，你怎麼能有把握地說第二季度將觸底，鑑於此時，鑑於有多個——正如我在第二季度看到的那樣，大部分影響來自 AMS 而不是 ADG，就訂單或銷售而言，這對您來說是汽車市場的底部，因為如果汽車是將下降 21%，你可以看到今年下半年的持續影響。

I understand your point. I -- actually, when we look at the dynamic of the second quarter -- in this dynamic, you need to also factor in that is not only driven by the market, but it's also driven by the fact that in Q1, we had the impact on the availability of the parts. As I was trying to explain before, it's true that I was saying that the ADG is down on a sequential basis, let's say, on a single digit -- low single digit. But it's also true that it's very different inside the ADG, the portion of automotive and the portion of power discrete. The portion of power and discrete, let's say, is increasing significantly, mainly driven by the availability of the parts than the market, the market that you see.

我明白你的意思。我 - 實際上，當我們查看第二季度的動態時 - 在這種動態中，您還需要考慮到這不僅是由市場驅動的，而且還受到這樣一個事實的驅動，即在第一季度，我們有影響零件的可用性。正如我之前試圖解釋的那樣，我確實是在說 ADG 連續下降，比方說，下降了個位數 - 低個位數。但在 ADG 內部，汽車部分和功率分立部分也確實有很大不同。比方說，功率和離散的部分正在顯著增加，這主要是由於零件的可用性而不是市場，即您所看到的市場。

ADG is declining significantly. So at the end, the 2 -- the decline of ADG more than offset the increase of power and discrete. And the increase of power and discrete, as I repeat, is mainly driven by the fact that while in Q1, our factory in Shenzhen that has -- on which our power discrete as quite exposed was, in a shorter quarter of 88 day, 14 days closed, so you have to consider that 7 days were embedded in our guidance, but 7 days were not embedded. And then to consider that after 7 days of closing, based on start production from 0 to 100 in 1 day, because there was also the problem that the workforce was not available due to the constraint in movement, so we stopped, and we had 3, 4 weeks of production that was not at full steam during the quarter.

ADG 顯著下降。所以最後，2——ADG的下降抵消了力量和離散的增加。正如我重複的那樣，功率和分立器件的增加主要是由於在第一季度，我們在深圳的工廠——我們的功率分立器件在該工廠暴露得很厲害，在 88 天的較短季度內，14關閉天數，因此您必須考慮到我們的指導中嵌入了 7 天，但沒有嵌入 7 天。然後考慮到關門7天后，以1天從0到100的開始生產，因為還有人行不通的問題，所以我們停了下來，我們有3 , 4 週的生產在本季度並未全速進行。

So actually, there is also this kind of dynamic that you should embed when you look at how the revenues evolve and moving from Q1 to Q2. I hope to have clarified a little bit the -- between what is the market and what is related to intrinsic issues that we had as a company for our production.

所以實際上，當您查看收入如何演變以及從第一季度到第二季度的變化時，您應該嵌入這種動態。我希望能夠澄清一點——什麼是市場，什麼是與我們作為一家生產公司所面臨的內在問題相關的問題。

So I mean maybe I'll clarify somewhat. I mean I understand the point you're making because this seems to be very much driven by what inventories are in the system and what your shutdowns and startups of your facilities. But it is not -- to me, it doesn't look like a reflection of end demand because historically, ST has been very good in terms of guidance. When you give a revenue guidance, you achieve it. Maybe you -- not good in the long term, but definitely, in the short term, you're very good.

所以我的意思是也許我會澄清一些。我的意思是我理解你的觀點，因為這似乎很大程度上取決於系統中的庫存以及你的設施的關閉和啟動情況。但它不是——對我來說，它看起來不像是最終需求的反映，因為從歷史上看，ST 在指導方面一直非常好。當您提供收入指導時，您就實現了。也許你——從長遠來看不是很好，但在短期內，你肯定是非常好的。

Do you think at this point your ability to forecast is impaired by the fact that things are changing so dramatically? Or do you think that the order decline has stopped now and that you will not see further rounds of decline?

你認為在這一點上你的預測能力會因為事情發生如此巨大的變化而受到損害嗎？還是您認為現在訂單下降已經停止，您不會看到進一步的下降？

Look, when we look at the backlog that we have for Q2, it's definitely a backlog that is significantly higher than our guidance. So through that -- at this stage, we may say that visibility could be a little bit more difficult than in a normal quarter. This we acknowledge. I think everybody acknowledge that. But we do think that, let's say, we have taken inside our guidance the best of our, let's say, assumption, and then here Marco can also complement in term of dynamic of the market and what is, let's say, the feedback of our customers and what is also, let's say, the constraint that are different than what it was, for instance, in Q1.

看，當我們查看第二季度的積壓工作時，這絕對是比我們的指導要高得多的積壓工作。因此，通過這一點 - 在這個階段，我們可以說能見度可能比正常季度要困難一些。我們承認這一點。我想每個人都承認這一點。但是我們確實認為，比方說，我們已經在我們的指導中採用了我們最好的假設，然後在這裡 Marco 還可以補充市場動態以及什麼是，比方說，我們的反饋客戶和什麼也是，比方說，不同於它的約束條件，例如，在第一季度。

Just to make an example, in Q1, as I was mentioning before, we had mainly problem on the Shenzhen plant, while in Q2, probably, this will be more on Philippines and Muar that are different product lines. We have taken into consideration, and we think the guidance is reflecting the combination of these 2 ingredients, let's say, the demand from customers and, let's say, dynamic of our capability to produce. I don't know if you want to do another...

舉個例子，在第一季度，正如我之前提到的，我們主要在深圳工廠遇到問題，而在第二季度，可能更多的是菲律賓和麻坡這兩個不同的產品線。我們已經考慮到，我們認為該指南反映了這兩種成分的組合，比如說客戶的需求，以及我們生產能力的動態。不知道你要不要再做一個...

I think, okay, we can share, okay, as a data point that we assess the impact of the supply chain constraints in Q2 still related to, let's say, the -- some lack of workforce attendance because, okay, as it is clear that in Shenzhen, now we are running full speed. In the Philippines, Calamba and in Muar, these countries are still under lockdown, minimum up to end of April and for some of them, maybe mid-May. Similar situation we have in [Bukowa]. So all the impact, okay, we have assessed on revenue is in the range of $70 million to $80 million. Means, okay, without, okay, this constraint, okay, our, let's say, guidance would have been more in the range of USD 2.070 billion or USD 2.080 billion.

我認為，好的，我們可以分享，好的，作為我們評估第二季度供應鏈限制的影響的數據點，比方說 - 一些勞動力出勤率不足，因為，好吧，很明顯那在深圳，現在我們全速奔跑。在菲律賓、卡蘭巴和麻坡，這些國家仍處於封鎖狀態，至少到 4 月底，其中一些國家可能在 5 月中旬。我們在[布科瓦]也有類似的情況。所以所有的影響，好吧，我們對收入的評估在 7000 萬美元到 8000 萬美元之間。意味著，好吧，沒有，好吧，這個約束，好吧，假設我們的指導將在 20.70 億美元或 20.80 億美元的範圍內更多。

The rest, again, about the demand, as Lorenzo said, we have with us a backlog. And clearly, okay, a part of the backlog, we can assess it very well, okay, because of the intimacy we have with our, let's say, top OEM. Part of the backlog, okay, our duty is to, let's say, assess it and make some judgment, to consider if the backlog is fully reliable, and maybe, okay, part of the backlog and especially for automotive, is more linked for system substitution or let's say, because in Q1, people put a frame order in order to secure ourselves. This is something we have seen. And in fact, will not be transformed in the real revenue.

正如洛倫佐所說，其餘的關於需求，我們有一個積壓的訂單。很明顯，好的，作為積壓工作的一部分，我們可以很好地評估它，好的，因為我們與我們的頂級 OEM 有密切的關係。部分待辦事項，好吧，我們的職責是，比方說，評估它並做出一些判斷，考慮待辦事項是否完全可靠，也許，好的，部分待辦事項，尤其是汽車，更多地與系統相關聯替換或者說，因為在第一季度，人們為了保護自己而設置了框架順序。這是我們已經看到的。而事實上，不會轉化為真正的收入。

So that's the reason why we are really confident, okay, in this guidance. We are not happy with the guidance. We are very confident in the guidance. And we do believe it represents well the capability of ST to operate in Q2.

所以這就是我們對本指南非常有信心的原因。我們對指導不滿意。我們對指導很有信心。我們確實相信它很好地代表了 ST 在第二季度的運營能力。

The next question comes from Achal Sultania from Crédit Suisse.

下一個問題來自瑞士信貸的 Achal Sultania。

Just a couple of questions. One, on RF side of things. I guess can you help us -- give some color on what is the size of the business now? And how is the customer traction? I know you had good traction with one Chinese customer last year. Are we seeing signs that the customer list is growing in that RF part of the business? And is all of that business predominantly still coming from smartphones or infrastructure is starting to become a contributor to that?

只是幾個問題。一，在射頻方面。我想你能幫助我們嗎——給一些關於現在業務規模的顏色？客戶的吸引力如何？我知道你去年對一位中國客戶有很好的吸引力。我們是否看到有跡象表明該業務的射頻部分的客戶名單正在增長？所有這些業務是否仍主要來自智能手機或基礎設施開始成為其中的貢獻者？

And then secondly, on the GaN side of things, obviously, you've had partnership with TSMC. You've acquired a stake in Exagan. I guess how should we think about the revenue ramp here? Is it more about 2021 or 2022? Any color around potential for revenue in that part of the business would be helpful.

其次，在 GaN 方面，顯然您已經與台積電建立了合作關係。您已獲得 Exagan 的股份。我想我們應該如何考慮這裡的收入增長？是關於 2021 年還是 2022 年？圍繞這部分業務的收入潛力的任何顏色都會有所幫助。

So I will answer about GaN and Marco will answer about for RF mixed signal for mobile phone and infrastructure.

因此，我將回答有關 GaN 的問題，而 Marco 將回答有關手機和基礎設施的射頻混合信號的問題。

Now about GaN, it is clear that the agreement with TSMC is to, let's say, accelerate the availability of power solution using a GaN MOSFET associated with analog driver to offer power solution. But we do believe that in, let's say, second part of 2021, we could, let's say, acknowledge the first revenues. But for sure, will be more for 2022 and beyond.

現在關於 GaN，很明顯，與台積電的協議是為了加速電源解決方案的可用性，使用與模擬驅動器相關的 GaN MOSFET 來提供電源解決方案。但我們確實相信，假設在 2021 年下半年，我們可以承認第一筆收入。但可以肯定的是，2022 年及以後的情況會更多。

And then, thanks to Exagan acquisition, we can specifically generate revenue sooner. But here, I will communicate more at our Capital Market Day in September.

然後，多虧了 Exagan 的收購，我們可以更快地產生收入。但在這裡，我將在 9 月的資本市場日上進行更多交流。

Yes. I will take the part on the RF modules. So first of all, as you know, our model is mainly SOT -- COT business. And the RF modules can cover both the 4G and the 5G. And clearly, what we are seeing now is in China, while in the rest of the world, this is not happening, an acceleration on the 5G portion. The rest of the world is not happening because as you know, there are delays now in America and Europe on the 5Gs. So portion of -- the biggest portion of our business is clearly in the mobile, but can be applied also for the 5G base stations. Did this answer your question?

是的。我將參與 RF 模塊。所以首先，如你所知，我們的模式主要是SOT——COT業務。射頻模塊可以覆蓋4G和5G。很明顯，我們現在看到的是在中國，而在世界其他地方，這並沒有發生，5G 部分正在加速。世界其他地方沒有發生，因為如你所知，現在美國和歐洲的 5G 出現了延誤。因此，我們業務的最大部分顯然是在移動領域，但也可以應用於 5G 基站。這是否回答你的問題？

Yes. Just on the size of that business, if you can provide some color. Is it like $100 million, less than that, more than that? Any color on that?

是的。就該業務的規模而言，如果您可以提供一些顏色。是不是像 1 億美元，比那個少，比那個多？上面有什麼顏色嗎？

So we cannot comment so specifically. And I guess you understand why.

所以我們不能這麼具體地評論。我想你明白為什麼。

We have a question from Amit Harchandani from Citigroup.

我們有一個來自花旗集團的 Amit Harchandani 的問題。

Amit Harchandani from Citi. Two questions, if I may. My first question relates to what we saw in Q1 and what you are talking about Q2. In terms of inventory in the supply chain, do you get a sense that customers over-ordered or tried to build up some buffer supplies in Q1 because they were worried about supply disruption, and that is impacting how you're thinking about Q2 and second half? Or in other words, how do you assess the inventory in the supply chain today and customer buying behavior? And then I have a second question.

花旗銀行的 Amit Harchandani。兩個問題，如果可以的話。我的第一個問題與我們在第一季度看到的內容以及您在第二季度談論的內容有關。就供應鏈中的庫存而言，您是否感覺到客戶在第一季度過度訂購或試圖建立一些緩衝供應，因為他們擔心供應中斷，這會影響您對第二季度和第二季度的看法一半？或者換句話說，您如何評估當今供應鏈中的庫存和客戶購買行為？然後我有第二個問題。

So on the first question, I will pass the answer to Lorenzo, okay, which will provide, let's say, some data point and technical comment.

所以關於第一個問題，我會將答案傳遞給 Lorenzo，好吧，它將提供一些數據點和技術評論。

But I would like just to pass overall view from the CEO. It is clear that in Q1, okay, what the industry face, industry face here and there, okay, lockdown measures from various governments. And some of customers, okay, unfortunately -- and partners as well, were obliged to totally shut down their plant. And some of them, okay, like ST, has been able to operate at lower capacity than their maximum capacity.

但我想從首席執行官那里傳遞總體觀點。很明顯，在第一季度，行業面臨什麼，行業在這里和那裡面臨什麼，好吧，各國政府的封鎖措施。一些客戶，好吧，不幸的是——以及合作夥伴，不得不完全關閉他們的工廠。其中一些，好吧，比如 ST，已經能夠以低於最大容量的容量運行。

When you face such, let's say, unprecedented challenge, the normal behavior is to secure your own supply chain, and means, okay, you are not looking to optimize, okay, your inventories. Your first reaction behavior is to secure yourself, to be sure that you will not be impacted by components, okay, mechanical, electrical, whatever, which will, let's say, impact you in your capability to ramp again. I think it is a total normal behavior. That's the reason why it's difficult, okay, to assess and to comment the inventory in the supply chain because of this let's say, totally normal behavior.

當你面臨這種前所未有的挑戰時，正常的行為是保護你自己的供應鏈，這意味著，好吧，你不想優化，好吧，你的庫存。您的第一反應行為是保護自己，確保您不會受到組件的影響，好的，機械的，電氣的，等等，比方說，這會影響您再次爬坡的能力。我認為這是完全正常的行為。這就是為什麼很難評估和評論供應鏈中的庫存的原因，因為這可以說是完全正常的行為。

And I have to say that for ST, it has been known as well, part of our inventory increase of Q1 are linked to critical material we have put on inventory in order to be sure that we will be able to keep our wafer fab up, because that if you shut down the wafer fab, the impact is really, really material.

我不得不說，對於 ST 來說，眾所周知，我們第一季度的部分庫存增加與我們為確保我們能夠保持晶圓廠保持正常運轉而存入庫存的關鍵材料有關，因為如果你關閉晶圓廠，影響是非常非常重要的。

So in such a case, okay, you are trying to [guarantee] that your supply chain will be up. And then after all, you optimize the inventory level. So I would like to share with you this overall comment, and then I pass the ball to Lorenzo.

所以在這種情況下，好吧，你正試圖[保證]你的供應鏈將會啟動。畢竟，您優化了庫存水平。所以我想和你分享這個整體評論，然後我把球傳給洛倫佐。

What can I add is something that we have already commented before. What we saw in Q1 is that our book-to-bill is well above parity. And this is reflecting orders from our customer, and that for sure has not been yet readjusted as a consequence of the COVID-19 outbreak. Of course, we are monitoring the level of stock at our distributors. We are monitoring the consignment stock at our large OEMs.

我可以添加的是我們之前已經評論過的內容。我們在第一季度看到的是，我們的訂單出貨量遠高於平價。這反映了我們客戶的訂單，而且由於 COVID-19 爆發，這肯定還沒有重新調整。當然，我們正在監控經銷商的庫存水平。我們正在監控大型 OEM 的寄售庫存。

Anyway, the situation is complex from a supply standpoint that we cannot exclude that some customers are increasing their safety stock, to secure their own supply chain, as was mentioned just now by Jean-Marc. In this situation, this cannot be definitely excluded.

無論如何，從供應的角度來看，情況很複雜，我們不能排除一些客戶正在增加他們的安全庫存，以確保他們自己的供應鏈，正如 Jean-Marc 剛才提到的那樣。在這種情況下，不能絕對排除這種情況。

That's helpful, gentlemen. And secondly, if I may, maybe this might be a bit too early, but could you share your current thoughts in terms of the various trends that you see out there driving your business? Once we exit this situation, the pandemic, do you have any early thoughts in terms of based on your discussions, where could you potentially see sustainable acceleration of demand for you? And where do you think you could see structural deterioration of demand for you?

這很有幫助，先生們。其次，如果可以的話，也許這可能有點為時過早，但您能否就您看到的推動業務發展的各種趨勢分享您當前的想法？一旦我們擺脫這種情況，即大流行，根據您的討論，您是否有任何早期想法，您可能會看到對您的需求持續加速增長？您認為您的需求在哪裡會出現結構性惡化？

You mean beyond the -- when we are back to, let's say, normal or whatever at this stage is your questions?

你的意思是超越 - 當我們回到正常狀態時，或者在這個階段你的問題是什麼？

Yes, Celine. So beyond say 2020, I mean, clearly, some things will change permanently. I'm just wondering if you're in a position to share any initial views on how are you thinking about that once we exit the crisis.

是的，席琳。因此，在 2020 年之後，我的意思是，很明顯，有些事情會永久改變。我只是想知道您是否可以就我們擺脫危機後的想法分享任何初步看法。

Okay. So what I can, let's say, comment. The plan, okay, we have set up with this range of revenue, okay, is based on the usual data point we have, okay, backlog, booking dynamics, okay, POS, POP at the distributor channel. It's based also on clear intimacy we have with our top OEM, for the current ongoing programs, but also for next generation. And I commented, okay, during my address that, okay, we still see intense R&D and innovation activity. Ballpark, okay, maybe there is 1 program or 2 here and there which has been postponed, but overall, the innovation and the R&D activity is really solid. And then our plan is based also on various decision we have with the industry analysts providing, okay, various scenario about economic impact of the COVID-19.

好的。所以我可以說，評論。計劃，好的，我們已經建立了這個收入範圍，好的，是基於我們擁有的通常數據點，好的，積壓，預訂動態，好的，POS，POP 在分銷商渠道。它還基於我們與頂級 OEM 的明確親密關係，既適用於當前正在進行的項目，也適用於下一代。我評論說，好吧，在我的演講中，好吧，我們仍然看到激烈的研發和創新活動。 Ballpark，好吧，也許這里和那裡有 1 或 2 個項目被推遲了，但總的來說，創新和研發活動確實很紮實。然後我們的計劃還基於我們與行業分析師做出的各種決定，他們提供了關於 COVID-19 的經濟影響的各種情景。

What is important, okay, to share with you is that we are protecting our R&D. We are protecting our sales and marketing programs, especially the initiative about industrial for a long-term, sustainable and profitable growth.

重要的是，可以與您分享的是，我們正在保護我們的研發。我們正在保護我們的銷售和營銷計劃，尤其是有關工業的倡議，以實現長期、可持續和盈利的增長。

So all these program are protected. All these program are, let's say, consistent with the view and the discussion we have with our customers. So doing that, okay, we do believe that our long-term strategy and each objective remain. Now for sure, it's early to assess the mid/long-term impact of this COVID-19 outbreak. And that's the reason why we have postponed our Capital Market Day from May, okay, to September, believing that, okay, the visibility and about the midterm, okay, will be better at this stage.

所以所有這些程序都受到保護。可以說，所有這些計劃都與我們與客戶的觀點和討論一致。所以這樣做，好吧，我們相信我們的長期戰略和每個目標仍然存在。現在可以肯定的是，現在評估這次 COVID-19 爆發的中/長期影響還為時過早。這就是我們將資本市場日從 5 月推遲到 9 月的原因，我們相信，好吧，在這個階段，能見度和中期會更好。

My main message is, okay, whatever will be the visibility, the company will move stronger from this outbreak, okay, keeping our R&D program running, our sales marketing program running and our transformational program running. So this is what I can tell you.

我的主要信息是，好吧，無論知名度如何，公司都會從這次爆發中變得更加強大，好吧，保持我們的研發計劃運行，我們的銷售營銷計劃運行和我們的轉型計劃運行。所以這就是我可以告訴你的。

The next question comes from Johannes Schaller from Deutsche Bank.

下一個問題來自德意志銀行的 Johannes Schaller。

Maybe firstly, on microcontrollers, specifically. I mean you've proven to have a pretty accurate view on what is going on here in the channel and at the POS in the past. And I think a lot of your competitors are going out with quite different conflicting messages at the moment. So could you just update us here what you see in terms of channel inventory on the microcontroller side and also the trends you're seeing at the POS?

也許首先，特別是在微控制器上。我的意思是你已經證明對過去在頻道和 POS 發生的事情有一個非常準確的看法。而且我認為您的許多競爭對手目前都在傳達完全不同的相互矛盾的信息。那麼，您能否在此處向我們更新您在微控制器方面看到的渠道庫存以及您在 POS 上看到的趨勢？

And then the strength you see in MDG, kind of how much of that at the moment is really the kind of broader market as opposed to maybe some specific wins that ST has, that would be helpful.

然後你在千年發展目標中看到的力量，目前有多少真的是那種更廣泛的市場，而不是 ST 可能取得的一些具體勝利，這將是有幫助的。

And as a second question, just in terms of your CapEx and also what you said in terms of strategic project delays in Italy. Can you update us on your silicon carbide investment road map, both on the front-end manufacturing side, but also on the Norstel wafer side? How that is affected by the current situation?

作為第二個問題，就您的資本支出以及您在意大利戰略項目延遲方面所說的話而言。您能否向我們介紹您在前端製造方面以及 Norstel 晶圓方面的碳化矽投資路線圖？目前的情況如何影響它？

So Marco will answer the microcontrollers and the-go-to-market, okay, the channel, and then Lorenzo will answer the CapEx, and I will comment about the silicon carbide strategy.

所以 Marco 將回答微控制器和上市，好吧，渠道，然後 Lorenzo 將回答資本支出，我將評論碳化矽策略。

Yes. So as we already said before, the situation in the channel at the end of Q1 specifically for microcontroller is, I can say, extremely healthy. We had growth in POS year-over-year and the level of POP was growing, but much lower -- at lower level than the POS, which conclusion is we end up Q1 with a pretty clean inventory in terms of MCUs. And the backlog for the second quarter is healthy and that's why MDG is going to show a growth quarter-over-quarter.

是的。因此，正如我們之前已經說過的，我可以說，第一季度末專門針對微控制器的渠道情況非常健康。我們的 POS 同比增長，POP 的水平也在增長，但要低得多——低於 POS，結論是我們在第一季度結束時的 MCU 庫存非常乾淨。第二季度的積壓是健康的，這就是為什麼 MDG 將顯示季度環比增長。

And this is fueled not only by, let's say, the legacy product that we have, but also by the new products that have been introduced during last year. Let me remember (sic) [remind] you that we introduced 10 new products during last year. And now the pipeline of opportunities is transforming. So we have the new families that are covering microcontroller, extremely sophisticated, et cetera. So overall, I think we are gaining market share. The situation is pretty healthy.

這不僅是由我們擁有的傳統產品推動的，而且還受到去年推出的新產品的推動。讓我記住（原文如此）[提醒]你，我們在去年推出了 10 款新產品。現在機會的管道正在轉變。因此，我們有了涵蓋微控制器、極其複雜等的新系列。所以總的來說，我認為我們正在獲得市場份額。情況相當健康。

So about the silicon carbide and strategic program. As Lorenzo said, okay, it's obvious that 2 strategic program are -- so the 300-millimeter fab in Agrate, so close to Milano. And the silicon carbide -- the raw materials silicon carbine facilities, we intend to set up. It is clear that since March -- early March, the workforce attendance to this construction had reduced to 0 because, okay, clearly, we have been successful to maintain work force attendance inside our wafer fab, warranting, okay, the most stringent health and safety measures to our employees. That, okay, it was not question, okay, to maintain workforce attendance in construction building and facilities and for these programs. So these programs have not yet resumed and definitively will be naturally delayed.

那麼關於碳化矽和戰略計劃。正如洛倫佐所說，好吧，很明顯，有兩個戰略計劃是——阿格拉特的 300 毫米晶圓廠，離米蘭很近。還有碳化矽——我們打算建立的原料碳化矽設施。很明顯，自 3 月 - 3 月初以來，該建築的勞動力出勤率已降至 0，因為，好吧，很明顯，我們已經成功地維持了晶圓廠內的勞動力出勤率，保證了，好吧，最嚴格的健康和對我們員工的安全措施。好吧，這不是問題，好吧，保持施工建築和設施以及這些項目的勞動力出勤率。所以這些節目還沒有恢復，肯定會自然推遲。

For both of them, no impact, okay, on ST short/medium-term will happen, because I repeat for Agrate [L3], we did believe that the contribution of L3 for the growth of ST was planned in '22 and beyond, and so we will have no impact, okay, in the next 2, 3 years. And for silicon carbide, okay, what was important for us is, first, with the acquisition of Norstel, to focus on technology road map developments; to improve, okay, our whole technology, working closely with the Norstel team and their know-how and also, okay, to work on the future wafer size conversion of the technology from 6 -- 6 to 1 inch. So all these program running at full speed.

對於他們倆來說，不會對 ST 短期/中期產生影響，因為我對 Agrate [L3] 重複一遍，我們確實相信 L3 對 ST 增長的貢獻是在 22 年及以後計劃的，所以我們不會有任何影響，好吧，在接下來的 2、3 年內。對於碳化矽，好吧，對我們來說重要的是，首先，通過收購 Norstel，專注於技術路線圖的發展；改進，好吧，我們的整個技術，與 Norstel 團隊及其專業知識密切合作，並且，好吧，致力於將技術從 6 到 6 英寸到 1 英寸的未來晶圓尺寸轉換。所以所有這些程序都在全速運行。

But then the, let's say, mechanical delay of the future facilities of raw material for silicon carbide will have absolutely no impact because I remind you that we signed 2 strategic agreement, so with Cree and with SiCrystal, aiming to cover our need for the period, okay, 2024, where, I repeat that we have award, which enabled us to make $2.8 billion of revenue. And this plan are covered by our strategic agreement. And then it will be our decision to size the internal production ratio to the total needs according, okay, the availability of this new facility.

但是，假設未來碳化矽原材料設施的機械延遲絕對不會產生影響，因為我提醒您，我們簽署了 2 戰略協議，因此與 Cree 和 SiCrystal，旨在滿足我們在此期間的需求，好吧，2024 年，我再說一遍，我們有獎勵，這使我們能夠賺取 28 億美元的收入。我們的戰略協議涵蓋了該計劃。然後，我們將根據這個新設施的可用性來決定內部生產比率與總需求的大小。

So I think, okay, as a takeaway, but the strategic program, they are delayed because, okay, lack of workforce attendance to protect, okay, people and their families. No impact, okay, short/medium-term of our business, because one side, it was planned like that; and the other side, we are covered by strategic supply agreement with Cree and SiCrystal.

所以我認為，好吧，作為一個外賣，但戰略計劃，他們被推遲了，因為，好吧，缺乏勞動力來保護，好吧，人們和他們的家人。對我們的業務沒有影響，好吧，短期/中期，因為一方面，它是這樣計劃的；另一方面，我們與 Cree 和 SiCrystal 簽訂了戰略供應協議。

Thank you, Johannes. We are taking the very last question. We're now running out of time. As usual, for the ones of you that have not been able to ask question, do not hesitate to go directly to Investor Relation team, and we will seek to take your -- to answer your question after this call.

謝謝你，約翰內斯。我們正在回答最後一個問題。我們現在時間不多了。像往常一樣，對於那些無法提出問題的人，請不要猶豫，直接聯繫投資者關係團隊，我們將在本次電話會議後尋求回答您的問題。

So Alessandro, please, can we have the last question?

所以亞歷山德羅，請，我們可以問最後一個問題嗎？

The last question comes from Dominik Olszewski from Morgan Stanley.

最後一個問題來自摩根士丹利的 Dominik Olszewski。

So firstly, I just want to clarify, checking whether I heard correctly. Did you mention that your full year '20 guidance and the second half recovery assumed a relaxation of restrictions by a certain date? And if so, could you perhaps clarify what time frame were you thinking? For example, were you thinking of an easing of restrictions in June? That's the first question.

所以首先，我只想澄清一下，檢查我是否聽錯了。您是否提到您的 20 年全年指導和下半年復蘇假設在某個日期之前放寬限制？如果是這樣，你能否澄清一下你在想什麼時間框架？例如，您是否考慮在 6 月放寬限制？這是第一個問題。

And then just secondly, more broadly on capital allocation. Obviously, one of your global peers last night spoke about maintaining fab utilization rates at Q1 levels into Q2 to take advantage of few rebounds. So could you maybe just discuss how you're thinking about is there an upper limit of how -- where you would be happy to see inventory go, either in dollar terms, in days of inventory or however you are thinking about that, obviously bearing in mind your target to getting towards the 100 days by the end of 2020.

其次，更廣泛地涉及資本配置。顯然，昨晚您的一位全球同行談到將晶圓廠利用率維持在第一季度到第二季度的水平，以利用少量反彈。因此，您能否僅討論您的想法是否存在上限-您很樂意看到庫存的去向，無論是以美元計算，以庫存天數還是您正在考慮的方式，顯然是軸承記住你的目標是到 2020 年底達到 100 天。

So Dominik, the first question is to qualify the H2 -- the H2 over H1, we have indicated as part of our plan, whether there is still a portion which is related to supplies constraints or whether this is basically how it fared. And the second part, I'm not sure we capture well, is about the fab utilization. Could you repeat the second part?

所以Dominik，第一個問題是限定H2——H2 超過H1，我們已經指出作為我們計劃的一部分，是否還有一部分與供應限制有關，或者這是否基本上是它的表現。第二部分，我不確定我們是否能很好地捕捉到，是關於晶圓廠的利用率。你能重複第二部分嗎？

Sure. It's just to say, basically, is there a maximum level of inventory through the middle of the year, either in dollar or relative terms, where you'd be happy to run your fabs? Just thinking about where global competitors are also...

當然。這只是說，基本上，到年中是否有最高水平的庫存，無論是美元還是相對而言，你很樂意在哪裡運營你的晶圓廠？想想全球競爭對手也在哪裡……

You mean as a trend -- the trend between inventories and running the fab, et cetera, so we discuss the...

你的意思是一種趨勢——庫存和工廠運營之間的趨勢等等，所以我們討論...

Okay. I will try to answer. In our plan, we do assume that in the second part of the year, the restriction on our factories are removed. So means that the unloading charges that we are embedding in our plan is fully linked to lower demand than our capacity. So this -- we do not expect to have a restriction still in the second part of the year. This is the assumption, of course, that we have embedded here in our plan.

好的。我會盡力回答。在我們的計劃中，我們確實假設在今年下半年取消對我們工廠的限制。這意味著我們在計劃中嵌入的卸貨費用與低於我們能力的需求完全相關。因此，我們預計今年下半年不會有限制。當然，這是我們在計劃中嵌入的假設。

In respect to the modeling of inventory, no, what I would say is that our view is that in a year like the one that we are experiencing, we model our inventory only based on the needs, let's say, that we see in the market. We do not, let's say -- are aiming to protect or to produce in excess -- in respect to what is needed. Of course, we have to do as usual due to the seasonality, some smooth during Q2. But at the end, for sure, as I think most of our competitors and company around the world, we will be very attentive to the cash. So what we would like to do is to produce accordingly to our visibility in the market. And this is also the reason why we will be hit unfortunately during the year by unloading charges along H2 -- H1 and H2.

關於庫存建模，不，我想說的是，我們的觀點是，在我們正在經歷的這一年中，我們僅根據需求建模我們的庫存，比方說，我們在市場上看到.比方說，我們的目標不是保護或過度生產——就需要的東西而言。當然，由於季節性的原因，我們必須照常進行，在第二季度有些平穩。但最後，可以肯定的是，正如我認為我們在世界各地的大多數競爭對手和公司一樣，我們將非常關注現金。所以我們想做的是根據我們在市場上的知名度來生產。這也是為什麼我們會在這一年不幸受到H2-H1和H2卸載費用的打擊的原因。

Does this answer your question?

這回答了你的問題了嗎？

Yes.

是的。

Thank you, Dominik. Thank you very much. This is now the end of this call, Alessandro.

謝謝你，多米尼克。非常感謝你。亞歷山德羅，這次通話到此結束。

Okay. So thank you.

好的。所以謝謝。

Thank you.

謝謝你。

Thank you. Thank you very much for your attendance.

謝謝你。非常感謝您的出席。

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。