意法半導體 (STM) 2016 Q2 法說會逐字稿

Ladies and gentlemen, good morning.

女士們、先生們，早安。

Welcome to the STMicroelectronics second-quarter 2016 earnings results conference call and live webcast.

歡迎參加意法半導體 2016 年第二季財報電話會議和網路直播。

I am Selina, the Chorus Call operator.

我是合唱呼叫操作員賽琳娜。

(Operator Instructions).

（操作員說明）。

The conference is being recorded.

會議正在錄製中。

(Operator Instructions).

（操作員說明）。

The conference must not be recorded for publication or broadcast.

不得錄音會議以供出版或廣播。

At this time, it's my pleasure to hand over to Mr. Tait Sorensen, Group Vice President, Investor Relations.

此時此刻，我很高興將工作交給負責投資人關係的集團副總裁 Tait Sorensen 先生。

Please go ahead, sir.

請繼續，先生。

Thank you and good morning to everyone.

謝謝大家，大家早安。

Thank you again for joining our second quarter of 2016 financial results conference call.

再次感謝您參加我們的 2016 年第二季財務業績電話會議。

Hosting the call today is Carlo Bozotti, ST's President & Chief Executive Officer.

今天主持電話會議的是 ST 總裁兼執行長 Carlo Bozotti。

Joining Carlo on the call today are Jean-Marc Chery, Chief Operating Officer; Carlo Ferro, Chief Financial Officer; Georges Penalver, Chief Strategy Officer.

今天與 Carlo 一起參加電話會議的還有營運長 Jean-Marc Chery；卡洛費羅，財務長；喬治‧佩納爾弗，首席策略長。

This live webcast can be accessed through ST's website.

此網路直播可透過 ST 網站觀看。

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

本次電話會議結束後不久將進行重播。

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.

這次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 的業績與管理層的預期和計劃存在重大差異的風險因素。

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

我們鼓勵您查看今天早上發布的結果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，以獲取對這些風險因素的完整描述。

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

此外，為了確保所有參與者都有機會在問答環節提問，請限制自己提出一個問題並進行簡短的後續。

I'd now like to turn the call over to Carlo Bozotti, STs President & CEO.

現在我想將電話轉給 ST 總裁兼執行長 Carlo Bozotti。

Carlo.

卡洛.

Thank you, Tait, and thank you for joining us this morning on our second-quarter earnings conference call.

謝謝泰特，也感謝您今天早上參加我們的第二季財報電話會議。

Today, I would like to share our progress towards our most important objective for 2016: returning ST to revenue growth, focusing on two strategic areas, Smart Driving and Internet of Things.

今天，我想分享我們在實現2016年最重要目標方面取得的進展：讓ST恢復收入成長，並專注於智慧駕駛和物聯網這兩個策略領域。

As you know, we are targeting those obligations that are expected to grow the fastest, from car digitalization and electrification to the Internet of Things for portable and wearable devices, as well as smart [home], city, and industrial applications.

如您所知，我們的目標是那些預計成長最快的業務，從汽車數位化和電氣化到便攜式和可穿戴設備的物聯網，以及智慧[家居]、城市和工業應用。

Already during the first quarter, we saw a first step towards a return to year-over-year growth with two of our major product businesses representing about 50% of our 2015 sales, automotive and microcontrollers.

在第一季度，我們就邁出了恢復年成長的第一步，汽車和微控制器這兩個主要產品業務占我們 2015 年銷售額的 50% 左右。

And in the second quarter, we made a further step forward.

在第二季度，我們又向前邁出了一步。

Automotive and microcontrollers continued their positive revenues momentum.

汽車和微控制器繼續保持積極的收入動能。

On top of this, our power discrete business, our imaging product division, as well as our analog and MEMS product group, grew sequentially, and we are now well positioned to grow on a year-over-year basis in the second half of 2016.

除此之外，我們的功率分立業務、我們的成像產品部門以及我們的模擬和MEMS產品組都連續增長，我們現在已經做好了在2016年下半年同比增長的準備。

Now let's go through our key figures.

現在讓我們來看看我們的關鍵人物。

First, total revenues increased on a sequential basis to $1,703 million, up 5.6%.

首先，總營收季增 5.6%，達到 17.03 億美元。

This was slightly above the mid-point of our guidance.

這略高於我們指導的中點。

Importantly, all the three groups and the image product division delivered sequential growth.

重要的是，所有三個部門和圖像產品部門都實現了連續成長。

Second, our sequential growth in revenues translated into progress on gross margin.

其次，我們收入的環比成長轉化為毛利率的進步。

Specifically, the second-quarter gross margin came in at 33.9%, a quarter-to-quarter improvement of 50 basis points.

具體來說，第二季毛利率為33.9%，季增50個基點。

Unused capacity charges in the period impacted the gross margin by about 45 basis points compared to about 60 basis points in the first quarter.

該期間未使用容量費用對毛利率的影響約為 45 個基點，而第一季約為 60 個基點。

Third, combined R&D and SG&A expenses of $565 million were lower on a sequential basis by $6 million, mainly benefiting from fewer calendar days.

第三，研發和銷售、一般行政費用合計為 5.65 億美元，環比減少 600 萬美元，主要得益於日曆天數的減少。

Operating expenses also reflected the initial benefit of the set-top box restructuring plan.

營運支出也反映了機上盒重組計劃的初步效益。

More importantly, I can confirm that we are on track to capture about $100 million of annualized cost savings from our set-top box restructuring program exiting 2016.

更重要的是，我可以確認，我們預計從 2016 年退出的機上盒重組計劃中節省約 1 億美元的年度成本。

Fourth, our operating income before impairment and restructuring turned positive during the second quarter coming in at $40 million, thanks to the sequential growth in revenue and improvement in gross margin.

第四，由於營收季增和毛利率改善，第二季減損和重組前的營業收入轉正，達到 4,000 萬美元。

Finally, we also saw an improvement in our free cash flow, increasing to $47 million in the second quarter from $31 million in the first quarter.

最後，我們也看到自由現金流有所改善，從第一季的 3,100 萬美元增加到第二季的 4,700 萬美元。

For the first half 2016, this brings free cash flow to $78 million.

2016 年上半年，自由現金流達 7,800 萬美元。

Now let's move to a more detailed business review.

現在讓我們進行更詳細的業務回顧。

In ADG, our automotive and discrete group, revenues increased 7.5% on a sequential basis.

我們的汽車和離散產品集團 ADG 的收入較上季成長 7.5%。

Importantly, we saw a return to sequential growth for our power discrete products increasing by double digits.

重要的是，我們看到我們的功率分立產品恢復了環比成長，增幅達到兩位數。

This sharp improvement is due to a broad-based recovery following the market downturn that began last year, as well as to our marketing initiatives.

這種大幅改善得益於去年開始的市場低迷後的廣泛復甦，以及我們的行銷措施。

In automotive, we had another solid quarter of broad-based sequential growth with revenues up over 4%.

在汽車領域，我們又一個季度實現了廣泛的連續成長，收入成長了 4% 以上。

On a year-over-year basis, automotive increased about 6%.

汽車產業較去年同期成長約 6%。

While the performance of power discrete products improved sequentially, it was not yet enough to grow year over year.

雖然功率分立產品的效能逐年提高，但還不足以實現逐年成長。

However, based upon our current market visibility, power discrete products are positioned to contribute to year-over-year growth starting in the second half of 2016.

然而，根據我們目前的市場知名度，功率分立產品預計將在 2016 年下半年開始為年成長做出貢獻。

ADG operating income of $61 million in the second quarter was up sharply on a sequential basis, increasing from $39 million in the first quarter.

第二季 ADG 營業收入為 6,100 萬美元，較第一季的 3,900 萬美元較上季大幅成長。

ADG operating margin increased to 8.5% compared to 5.7% in the first quarter.

ADG 營業利潤率從第一季的 5.7% 增至 8.5%。

Both power discrete and automotive contributed to ADG's operating margin growth.

功率分立裝置和汽車裝置都為 ADG 的營業利潤成長做出了貢獻。

The second quarter was an important one for ADG in terms of announcements and awards covering our three priority areas: safer, greener, and more connected driving.

第二季度對 ADG 來說是重要的一個季度，其公告和獎項涵蓋了我們的三個優先領域：更安全、更環保和更互聯的駕駛。

In advanced ADG, we announced the continuation of our strong partnership with Mobileye through the development of the fifth generation of the system-on-chip in 7 nanometer [thin-thread] technology.

在高級 ADG 中，我們宣布透過開發採用 7 奈米[細線]技術的第五代晶片上系統，繼續與 Mobileye 建立牢固的合作夥伴關係。

We had wins in Japan with Tier 1s for a complete ABS chipset for motorbikes with a 32 bit microcontroller, and for a next-generation airbag smart-power chipset.

我們在日本獲得了 Tier 1 的勝利，包括用於具有 32 位元微控制器的摩托車的完整 ABS 晶片組以及下一代安全氣囊智慧電源晶片組。

We also started a collaboration with a major Japanese Tier 1 for a surround-view camera system, and with a new customer for another [other] application, the advanced safety applications.

我們也開始與一家主要的日本一級公司合作開發環視攝影機系統，並與新客戶合作開發另一種[其他]應用程序，即高級安全應用程式。

Both of these projects are using our 28 nanometer FD-SOI technology.

這兩個項目都使用我們的 28 奈米 FD-SOI 技術。

For greener driving, spurred by car electrification, our key technologies are the new generation of vertical intelligent power and silicon carbide.

在汽車電動化的推動下，實現綠色駕駛，我們的關鍵技術是新一代垂直智慧動力和碳化矽。

Vertical intelligent power continues to be a strong contributor to our sales in this area, and we recently celebrated a 25th anniversary of the creation of this industry-leading ST proprietary technology.

垂直智慧電源仍然是我們在該領域銷售的重要貢獻者，我們最近慶祝了這項業界領先的 ST 專有技術創建 25 週年。

For silicon carbide, during the quarter, we announced a complete set of advanced SiC power devices for high voltage power modules to extend vehicle range, increase convenience, and improve reliability.

對於碳化矽，本季我們推出了一整套用於高壓功率模組的先進 SiC 功率裝置，以延長車輛續航里程、增加便利性並提高可靠性。

In the area of connected cars, we continued the expansion of our 32 bit automotive microcontroller business with a major award from a Japanese Tier 1. We also announced, together with Autotalks the development of a solution to combine satellite navigation with vehicle-to-vehicle and the infrastructure communication for better positioning information in difficult CT environments.

在連網汽車領域，我們繼續擴展 32 位元汽車微控制器業務，並榮獲日本 Tier 1 的重大獎項。在困難的CT 環境中獲得更好的定位資訊。

In addition to our automotive focus, we also have products inside ADG that serve many other markets.

除了我們專注於汽車領域之外，我們在 ADG 內部還擁有服務許多其他市場的產品。

Some key wins were ESD protection devices for smartphones and wearable market leaders in the US and Asia, and designs for our super-junction and silicon carbide MOSFET product families across a range of applications, including servers, solar, gaming systems and dc/dc converters.

一些關鍵的勝利包括為美國和亞洲的智慧型手機和穿戴式市場領導者提供ESD 保護元件，以及針對伺服器、太陽能、遊戲系統和DC/DC 轉換器等一系列應用的超級結和碳化矽MOSFET 產品系列進行設計。

Turning now to AMG, our analog and MEMS Group, revenues increased 1.8% sequentially thanks to both our general purpose and analog products; while the sales of our MEMS products decreased, mainly reflecting lower sales of microphones for wireless applications.

現在轉向 AMG，我們的模擬和 MEMS 集團，得益於我們的通用和模擬產品，收入環比增長了 1.8%；而MEMS產品的銷售量則有所下降，主要反映了無線應用麥克風的銷售下降。

AMG operating margin was 0.2% in the second quarter, comparable to the 0.5% in the first quarter.

AMG 第二季營業利益率為 0.2%，與第一季的 0.5% 相當。

While we started sequential growth in revenues, operating results decreased slightly.

雖然我們的收入開始連續成長，但經營業績略有下降。

We can, however, reaffirm our expectation of an improved second half for AMG for both revenues and operating results.

然而，我們可以重申我們對 AMG 下半年收入和經營業績都有所改善的預期。

In our consumer business, we ramped production of our 6-axis ultra-low-power MEMS accelerometer and gyroscope, optical-image-stabilization gyroscope and barometric sensor MEMS for the latest Samsung Galaxy S7 and S7 edge smartphones.

在我們的消費業務中，我們提高了用於最新三星 Galaxy S7 和 S7 Edge 智慧型手機的 6 軸超低功耗 MEMS 加速度計和陀螺儀、光學影像穩定陀螺儀和氣壓感測器 MEMS 的產量。

During the quarter, we also announced the collaboration with Qualcomm on sensors for smart mobile devices.

在本季度，我們也宣布與高通在智慧移動設備感測器方面進行合作。

In China, and more generally in Asia, we landed multiple design wins for motion sensors, for user interface and optical image stabilizations, and for applications like sport watches.

在中國，以及更廣泛的亞洲，我們在運動感測器、使用者介面和光學影像穩定以及運動手錶等應用方面獲得了許多設計勝利。

We ramped the production of pressure sensors for wearables and smartphones, and our latest touchscreen sensor was selected by smartphone and tablet customers.

我們增加了穿戴式裝置和智慧型手機壓力感測器的產量，智慧型手機和平板電腦客戶選擇了我們最新的觸控螢幕感測器。

Finally, we introduced a programmable single chip Bluetooth low-energy solution.

最後，我們介紹了可程式單晶片藍牙低功耗解決方案。

The diversification of our sensor business is ongoing.

我們的感測器業務正在進行多元化。

In automotive, we booked new design wins for custom MEMS accelerometers in Japan and for our 3-axis gyroscope from a Tier 1.

在汽車領域，我們在日本獲得了客製化 MEMS 加速度計的新設計獎，以及來自一級供應商的 3 軸陀螺儀的新設計獎。

Within AMG, we have also had continuous success in the drone market.

在AMG內部，我們在無人機市場也持續成功。

One example is with motor drivers where we began ramping shipments of our latest STSPIN chip for a new higher performance drone from a well-known Chinese OEM.

一個例子是馬達驅動器，我們開始增加最新 STSPIN 晶片的出貨量，用於一家知名中國 OEM 生產的新型高性能無人機。

Last for AMG, I would like to highlight our success in electricity metering for smart homes and cities.

最後，我想強調一下 AMG 在智慧家庭和城市電力計量方面的成功。

During the quarter, we began volume production of multiple chips for the next-generation smart meters of Enel; and these chips include processing and metrology ICs and accelerometer, as well as near-field communication tags and high-density EEPROMs from our microcontrollers; and digitalized this group, to which I will now turn.

本季度，我們開始量產Enel下一代智慧電錶的多個晶片；這些晶片包括處理和計量 IC 和加速度計，以及來自我們微控制器的近場通訊標籤和高密度 EEPROM；並將這個小組數位化，我現在將轉向這個小組。

MDG's net revenues increased 4.6% on a sequential basis and totaled $556 million.

MDG 的淨收入較上季成長 4.6%，總計 5.56 億美元。

Microcontrollers represent the large majority of the sales in this group, and were the principal driver of sequential revenue growth, thanks to our general purpose STM32 family.

由於我們的通用 STM32 系列，微控制器佔該組銷售額的大部分，並且是連續收入成長的主要驅動力。

On a sequential and year-over-year basis, microcontrollers were up over 4%.

從環比和年比來看，微控制器的漲幅超過 4%。

Digital products sales grew sequentially driven by digital ASICs for networking applications.

在網路應用數位 ASIC 的推動下，數位產品銷售持續成長。

MDG's operating margin improved sequentially to 1.5%.

MDG 的營業利益率較上季提高至 1.5%。

The loss in digital was substantially lower than that of the first quarter, as we are progressing with savings from the outgoing set-top box restructuring plan.

數位業務的損失大大低於第一季度，因為我們正在努力節省即將離任的機上盒重組計劃。

As we said before, we expected the combination of this restructuring plan and the growth of digital [ICs] revenues to drive substantial improvement in MDG profitability.

正如我們之前所說，我們預計此次重組計劃與數位 [IC] 收入的成長相結合將推動 MDG 獲利能力的大幅改善。

Again, I want to emphasize the strong position we had in microcontrollers.

我想再次強調我們在微控制器領域的強勢地位。

In fact, our STM32 family of general purpose microcontrollers continues to be a leading choice for a broad range of smart things in the IoT.

事實上，我們的 STM32 系列通用微控制器仍然是物聯網中各種智慧型裝置的領先選擇。

One example is the drone market I talked about earlier, where our microcontrollers were chosen by several major drone manufacturers for flight and motor control [functions].

一個例子是我之前談到的無人機市場，我們的微控制器被幾家主要無人機製造商選擇用於飛行和電機控制[功能]。

Another example is in the smart lighting applications where we were selected by a major European lighting manufacturer.

另一個例子是在智慧照明應用中，我們被一家歐洲主要照明製造商選中。

During the quarter, we've also strengthened the STM32F0 system, launching a cooperation agreement with Arduino to expand access to the community of makers across the globe.

本季度，我們也加強了 STM32F0 系統，與 Arduino 簽署了合作協議，以擴大與全球創客社群的接觸。

We have also announced new free development tools and added a USB Type-C middleware stick to support developers.

我們還發布了新的免費開發工具，並添加了 USB Type-C 中間件棒來支援開發人員。

Security is essential for IoT expansion, and a very key element of our strategy.

安全對於物聯網擴展至關重要，也是我們策略的一個非常關鍵的要素。

During the quarter, we introduced a new family of secure called STSAFE.

在本季度，我們推出了一個名為 STSAFE 的新安全系列。

These are designed to protect all types of connected devise in the Internet of Things.

這些旨在保護物聯網中所有類型的連接設備。

In our custom silicon business, we had an FD-SOI ASIC award from a major Japanese player, and several 55 nanometer BiCMOS design wins.

在我們的客製化晶片業務中，我們獲得了一家日本主要廠商頒發的 FD-SOI ASIC 獎項，並贏得了多項 55 奈米 BiCMOS 設計獎。

We also ramped the production of ST's first 100 gigabyte per second silicon photonic transceiver.

我們也提高了 ST 首款每秒 100 GB 矽光子收發器的產量。

Let me speak briefly of our imaging product divisions, which is reported in the line others.

讓我簡單介紹一下我們的成像產品部門，其他部門對此進行了報告。

Here, we had a strong sequential increase in sales thanks to our Time-of-Flight specialized image sensors entering multiple smartphone models, 10 new flagship smartphones in Q2 alone.

在這裡，由於我們的飛行時間專用影像感測器進入了多種智慧型手機型號，僅在第二季度就有 10 款新旗艦智慧型手機，我們的銷售額實現了強勁的連續成長。

Among these, we can mention the Huawei P9 plus and Honor V8, and we continue to see a very good momentum.

其中，我們可以提到華為P9+和榮耀V8，我們繼續看到非常好的動力。

Now let's turn to our business outlook.

現在讓我們談談我們的業務前景。

In the third quarter, we are anticipating a strong sequential growth in net revenues which would drive a further improvement in our gross margin.

在第三季度，我們預計淨收入將出現強勁的環比成長，這將推動我們的毛利率進一步提高。

In terms of bookings, we saw an improvement last quarter in many applications, and looking to the third quarter, we expect all our product groups and imaging product division to contribute to sequential growth.

在預訂方面，我們看到上季度許多應用程式都有所改善，展望第三季度，我們預計我們所有的產品組和成像產品部門都將為環比成長做出貢獻。

However, while we see further improvement in our business, the macro backdrop, particularly for Europe as we come more complex, we think breeds uncertainty.

然而，雖然我們看到我們的業務進一步改善，但宏觀背景，特別是歐洲，因為我們變得更加複雜，我們認為會帶來不確定性。

Therefore, it is clear -- it is not clear if or how this may impact overall GDP, the semiconductor market, or individual customer demand.

因此，很明顯 - 目前尚不清楚這是否或如何影響整體 GDP、半導體市場或個人客戶需求。

With that word of caution, based upon our current visibility and our end market and customer plans, the increasing bookings translate into a sequential revenue growth guidance of about 5.5%, plus or minus 3.5%.

需要注意的是，根據我們目前的知名度以及我們的終端市場和客戶計劃，預訂量的增加轉化為約 5.5% 正負 3.5% 的連續收入成長指引。

We expect the growth in revenues and more favorable product mix to bring a meaningful improvement to gross margin.

我們預期收入的成長和更有利的產品組合將為毛利率帶來有意義的改善。

Specifically for the third quarter, we are targeting a gross margin of about 35.5%, plus or minus 2 percentage points.

具體到第三季度，我們的毛利率目標約為35.5%，上下浮動2個百分點。

This gross margin target still embeds a negative impact from a news capacity of about 65 basis points.

這個毛利率目標仍包含約 65 個基點的新聞容量的負面影響。

More broadly, we see growth in the second half of 2016 compared to the year-ago period.

更廣泛地說，我們認為 2016 年下半年與去年同期相比有所成長。

Automotive and microcontrollers are already contributing in a strong manner since the start of the year.

自今年年初以來，汽車和微控制器已經做出了巨大貢獻。

We took a step forward in the second quarter with sequential growth in power discrete imaging and AMG.

我們在第二季度向前邁出了一步，功率離散成像和 AMG 業務連續成長。

So for the second half of the year in total, again based upon our current visibility and market backdrop, we anticipate another step forward, with all product groups and the imaging product division positioned to deliver year-over-year sales growth.

因此，在今年下半年，再次基於我們當前的知名度和市場背景，我們預計將再向前邁出一步，所有產品組和成像產品部門都將實現同比銷售成長。

In turn, the improvement in our operating performance will lead to higher free cash flow in comparison to the first half of the year.

反過來，我們經營業績的改善將導致自由現金流較上半年更高。

My colleagues are now -- I would now -- my colleagues and I would now be happy to take your questions.

我的同事現在——我現在——我和我的同事現在很樂意回答你們的問題。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Gareth Jenkins, UBS.

加雷斯·詹金斯，瑞銀集團。

I wondered if I could ask a question on ordering patterns.

我想知道是否可以詢問有關訂購模式的問題。

I wondered whether you could just give us the shape of orders that you've seen into July given what's been going on in the macro.

我想知道您是否可以向我們介紹一下您在 7 月看到的宏觀經濟狀況下的訂單情況。

And on maybe the book to bill, where we currently stand.

也許還有我們目前所處的位置。

Going into the second half, it looks like you've got a very strong pipeline into H2 so I just wondered if you could give some sense of that.

進入下半場，看起來你已經有一個非常強大的進入 H2 的管道，所以我只是想知道你是否可以對此有所了解。

Thank you.

謝謝。

Yes, of course, we have the results of the first three weeks of July.

是的，當然，我們有七月前三週的結果。

The booking trend, I would say, positive booking trend is continuing.

我想說，積極的預訂趨勢正在持續。

Also in the first three weeks of July, we have the same run rate we had in Q2, and certainly as in Q2, the book to bill is positive.

同樣在 7 月的前三週，我們的運作率與第二季相同，當然與第二季一樣，帳單出貨量也是正面的。

Thank you.

謝謝。

Mr. Andrew Gardiner, Barclays.

安德魯·加德納先生，巴克萊銀行。

I just had two quick ones, please, first related to the first question.

我剛剛有兩個簡短的問題，首先與第一個問題有關。

Are you seeing any change in how distributors are thinking about holding stock given that economic uncertainty?

鑑於經濟的不確定性，您認為經銷商對持有庫存的看法是否有任何變化？

Is there a difference between the [Disty] side versus, say, bigger OEMs?

[Disty] 方面與其他較大的 OEM 廠商之間有區別嗎？

No.

不。

We are very pleased about the evolution of the point of sales with our distributors.

我們對經銷商銷售點的發展感到非常高興。

It was a very substantial growth of the point of sales, both sequentially and year over year.

無論是環比還是同比，銷售點都有非常大幅的成長。

It was pretty good.

非常好。

And during the course of the quarter, I think there was also an improvement of the stock turn.

在本季中，我認為庫存週轉率也有所改善。

So our objective, of course, is to keep going and this is what we want to do.

所以我們的目標當然是繼續前進，這就是我們想要做的。

It was very much across the board in terms of products and with very good growth, particularly in Asia and in Europe.

就產品而言，它非常全面，並且成長非常好，特別是在亞洲和歐洲。

Okay.

好的。

Thanks.

謝謝。

And then I just had a second one on the under-utilization charges within the gross margin.

然後我剛剛收到了第二份關於毛利率內利用率不足的費用的報告。

We saw it step down in the second quarter, as you've highlighted, to about 45 basis points from the 60 basis points in the first quarter.

正如您所強調的，我們看到第二季的利率從第一季的 60 個基點下降到約 45 個基點。

For Q3, you've guided it back up to 65 basis points, so above where we were in the first half of the year.

對於第三季度，您已將其引導回至 65 個基點，因此高於上半年的水平。

Can you just give us a sense as to what's happening in terms of loading and why those charges may be more of a drag in the third quarter despite a higher revenue level?

您能否讓我們了解一下裝載方面發生的情況，以及為什麼儘管收入水平較高，但這些費用可能會在第三季度造成更大的拖累？

Thank you.

謝謝。

I think Carlo will take -- Carlo Ferro will take the question.

我認為卡洛將回答這個問題。

Certainly, Carlo.

當然，卡洛。

Good morning, Andrew; good morning, everyone.

早上好，安德魯；大家，早安。

Yes, indeed.

確實是的。

At the end loading of fab in the second quarter fall very similar to expectations; inventories slightly better than expectations with an overall loading rate at about 85%, or slightly over 85%.

第二季末晶圓廠負載下降與預期非常相似；庫存略優於預期，整體裝載率約為85%，略高於85%。

And with our 200 millimeter, 75%.

而我們的 200 毫米，則為 75%。

What we anticipate, therefore, at the current quarter overall is a similar level of loading, however with a different distribution among the various fabs, and eventually less loading during the quarter in our 200 millimeter.

因此，我們預計本季的整體負載水準相似，但各個晶圓廠之間的分佈不同，最終本季 200 毫米的負載會減少。

And this is the reason why we anticipate a slight increase in the charges for new capacity that are embedded in our gross margin guidance for the total quarter.

這就是為什麼我們預計新產能的費用會略有增加，這些費用包含在我們整個季度的毛利率指引中。

Okay.

好的。

Thank you for that explanation.

謝謝你的解釋。

Thanks, guys.

多謝你們。

Thank you, Andrew.

謝謝你，安德魯。

Next question, please.

請下一個問題。

Mr. Sandeep Deshpande, JPMorgan.

Sandeep Deshpande 先生，摩根大通。

My first question is regarding the growth that you're seeing.

我的第一個問題是關於您所看到的成長。

From 2011, ST has not grown, and now you are growing a quarter-on-quarter basis.

從2011年開始，ST就沒有成長，現在你是逐季成長。

Based on what you see in terms of your product roadmap over the next year, do you expect this growth to continue if the macro environment remains the same?

根據您對明年產品路線圖的看法，如果宏觀環境保持不變，您預計這種成長會持續嗎？

Yes, certainly.

是的，當然了。

Yes.

是的。

Of course, we had a very difficult transition with the major block as you know of our legacy products that impacted the top line.

當然，如您所知，我們在主要業務方面經歷了非常困難的過渡，因為我們的遺留產品影響了營收。

This transition [was over] during the course of the last quarter of last year.

這一轉變在去年最後一個季度[結束]。

So we have important opportunities.

所以我們有重要的機會。

I would say the two sectors we are in, that is automotive and smart industry application, certain wearable and portable applications, I think our areas where the growth is there; I think certainly higher than the average growth of the semiconductor market.

我想說的是我們所處的兩個領域，即汽車和智慧工業應用，某些可穿戴和便攜式應用，我認為我們的成長領域就在那裡；我認為肯定高於半導體市場的平均成長。

And I believe what we have done in terms of portfolio, building a lot around our STM32 for the mass market, very fragmented -- with a very fragmented customer base, more than 40,000 customers today, and really focusing on the two major trends in the automobile: on one side the digitalization of the car; and on the other side, the electrification of the car.

我相信我們在產品組合方面所做的事情，圍繞我們的STM32 為大眾市場構建了很多東西，非常分散——客戶群非常分散，今天有超過40,000 名客戶，並且真正專注於市場的兩個主要趨勢。另一方面是汽車的電氣化。

I think this work is starting to pay off.

我認為這項工作已經開始得到回報。

I think we have -- as you know, we have moved a lot of R&D resources from other areas, from the legacy business with these new areas, and we are confident that this is a start of a new trend of year-over-year growth for the Company.

我認為我們已經——如你所知，我們已經從其他領域、從傳統業務轉移到這些新領域的大量研發資源，我們相信這是逐年新趨勢的開始公司的成長。

Thanks.

謝謝。

And just following up, Carlo.

繼續跟進，卡洛。

If you've seen -- there are a number of very large M&A transactions happening in the semiconductor space over the last few quarters as such, really.

如果您已經看到，過去幾季半導體領域確實發生了許多非常大規模的併購交易。

And if you notice that one of the things that you might have to do once you're -- I think the restructuring of ST is over -- whether you need to adjust your mix to improve your margins.

如果你注意到一旦你可能必須做的一件事——我認為ST的重組已經結束——你是否需要調整你的組合以提高你的利潤率。

And does that mean that ST needs to take part in some of these M&A transactions?

這是否意味著ST需要參與其中一些併購交易？

Thank you.

謝謝。

Well, today it's not on the table.

好吧，今天這件事還沒提上檯面。

I think we are executing our program.

我認為我們正在執行我們的計劃。

We are investing a lot on research and development.

我們在研發方面投入了大量資金。

And when we talk about M&A, it's important, of course, to make sure that we, as ST, have the dimension of scale to compete in the research and development.

當我們談論併購時，當然，重要的是要確保我們作為ST，擁有在研發方面競爭的規模維度。

And we have.

我們有。

Our research and development effort is very material.

我們的研發工作非常重要。

We have a big mass of R&D in a variety of areas that in fact I just described.

事實上，我們在我剛才描述的各個領域都有大量的研發工作。

This, of course, does not mean that M&A is not important for us.

當然，這並不意味著併購對我們不重要。

For instance, it's very important to make sure in this space of our life if there are IPs related to what we already do and to reinforce the product that we already have and we're already focusing on, of course, this is an area of attention for us.

例如，非常重要的是要確保在我們生活的這個領域是否存在與我們已經做的事情相關的知識產權，並加強我們已經擁有並且我們已經關注的產品，當然，這是一個領域對我們的關注。

But we do not have any, let's say, major deal on the table.

但我們沒有任何重大協議擺在桌面上。

It's more focusing on making sure our product portfolio is becoming stronger than what we already do, adding good IPs for the applications we want to target.

它更注重確保我們的產品組合比我們已經做的更強大，為我們想要的目標應用程式添加良好的 IP。

Thank you.

謝謝。

Thank you, Sandeep.

謝謝你，桑迪普。

Next question, please.

請下一個問題。

Janardan Menon, Liberum.

賈納丹‧梅農，《自由》。

A couple of questions; one is on your gross margin.

有幾個問題；一是你的毛利率。

You're guiding up 160 basis points despite a small headwind on under-utilization charges.

儘管利用率不足的費用帶來了小阻力，但您仍將上漲 160 個基點。

Can you just run through what is giving you that upside?

你能簡單回顧一下是什麼為你帶來了好處嗎？

How much is from sales; how much maybe coming from currency?

多少來自銷售；有多少可能來自貨幣？

Especially, Carlo, you talked about 100 basis points improvement in currency coming through over the coming quarters.

特別是，Carlo，您談到未來幾季貨幣將改善 100 個基點。

How much of that impact will be there by Q3 itself if you could tell us, and what is yet to come in subsequent quarters?

如果您能告訴我們，第三季本身會產生多少影響，以及後續幾季還會發生什麼？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I think Carlo will take that.

我想卡洛會接受的。

Janardan, happy to take the question.

Janardan，很高興回答這個問題。

So in the evolution of the gross margin from the second quarter, actual today midpoint of guidance for the third quarter at 35.5%; frankly, the dollar impact is quite negligible.

因此，從第二季毛利率的演變來看，今天第三季實際指引中點為 35.5%；坦白說，美元的影響可以忽略不計。

We talked earlier about some slightly deterioration in new capacity about 20 basis points.

我們之前談到新產能略有惡化約 20 個基點。

So overall, this is not so much the driver.

總的來說，這並不是一個驅動因素。

The driver instead is a good individual combination with an expected improvement in the overall mix that overall offset the natural price erosion and give the opportunity of taking advantages and benefits from almost all the manufacturing efficiencies that we are generating in our fab.

相反，驅動因素是良好的個體組合，以及整體組合的預期改進，總體上抵消了自然價格侵蝕，並提供了利用我們在晶圓廠產生的幾乎所有製造效率的優勢和收益的機會。

So does that mean that you still have some currency upside to come through still on your gross margin?

那麼這是否意味著您的毛利率仍有一定的貨幣上漲空間？

Yes.

是的。

Our estimation is that starting from that level, we may have about another less than 0.5 point upside from currency.

我們的估計是，從該水準開始，我們的貨幣可能還有不到 0.5 個點的上漲空間。

Understood.

明白了。

And just a question on the power discrete side, the growth that you're seeing.

只是關於功率分立方面的問題，即您所看到的增長。

Is that a rebound from the weakness that you previously saw from the PC market, or is it some new areas of growth that you're seeing right now?

這是您之前看到的個人電腦市場疲軟帶來的反彈，還是您現在看到的一些新的成長領域？

No.

不。

It's a rebound.

這是一個反彈。

It's not yet incorporating, for instance, all the opportunities that we see in [other] technologies like the silicon carbide.

例如，它尚未整合我們在碳化矽等[其他]技術中看到的所有機會。

It is a rebound; it's broad range.

這是一個反彈；它的範圍很廣。

And I think in the backlog it's solid.

我認為積壓的訂單是穩定的。

So I think this is one of the family where we believe there will be a contribution in terms of year-over-year growth.

因此，我認為這是一個我們相信會對同比成長做出貢獻的家族之一。

Understood.

明白了。

And just a small follow up.

只是一個小小的後續行動。

The small drop in utilization in the Crolles [300] millimeter fab, is that from the shutdown of the set-top box business, or is there some other factor there?

Crolles [300]毫米晶圓廠利用率小幅下降，是因為機上盒業務停產，還是有其他因素？

No.

不。

It's most seasonality on the overall planning of the fab [plan].

晶圓廠的總體規劃[計劃]最具季節性。

So considering that there is, as you know, some effect of the summer vacation and in planning the activity of the fab when we have significant demand, we can use a summer job when there is no significant demand.

因此，正如您所知，考慮到暑假的一些影響以及在我們有大量需求時規劃晶圓廠的活動，我們可以在沒有大量需求時使用暑期工作。

It's more cash wise to reduce a little bit the production and to avoid there the cash costs of the summer job.

減少一點產量並避免暑期工作的現金成本是更明智的做法。

So it's more planning related as opposed to demand related.

因此，它更多地與規劃相關，而不是與需求相關。

Got it.

知道了。

Thank you very much.

非常感謝。

Thank you, Janardan.

謝謝你，賈納爾丹。

Next question.

下一個問題。

Jerome Ramel, Exane.

傑羅姆·拉梅爾，艾克薩恩。

First question would be, how should we model the OpEx for Q3?

第一個問題是，我們應該如何為第三季的營運支出建模？

This is definitely for Carlo.

這絕對是為了卡洛。

Thank you for the question, Jerome.

謝謝你的提問，傑羅姆。

We start with the second quarter that has delivered in line with what we said three months ago.

我們從第二季開始，其交付情況與我們三個月前所說的一致。

And, of course, this also reflects and includes, as Carlo has anticipated, some steps forward in the set-top box restructuring.

當然，正如卡洛所預料的那樣，這也反映並包括機上盒重組的一些進展。

We are progressing there.

我們正在那裡取得進展。

Then for the third quarter, we enter the quarter with the opportunity of a further step in the set-top box restructuring towards the target we confirm to exit 2016 with a run rate of savings in the range of $100 million.

然後，在第三季度，我們有機會進一步進行機上盒重組，以實現我們確認的 2016 年節省運行率在 1 億美元範圍內的目標。

Additionally on the third quarter, we have the advantage of the summer vacation.

另外第三季我們還有暑假的優點。

On the other side, I should remember that -- remind that we do adopt worldwide the [salary] increase starting the month of July, so this is a negative for expenses.

另一方面，我應該記住——提醒我們確實在全球範圍內採用從 7 月份開始的[工資]增長，所以這對支出是不利的。

To make [it short], at the end there, we expect gross expenses for Q3 to be $20 million plus lower than in the second quarter, so in a range between $540 million and $545 million.

簡而言之，最後，我們預計第三季的總支出將為 2,000 萬美元，比第二季低，因此在 5.4 億美元到 5.45 億美元之間。

When looking at net expenses, another important indication I would like to share for you to model is that with the current level of grants operating [in common] with expenses there for the next -- for the current and the next quarter are more in the range of $20 million as opposed to the about $28 million in the first half, finish of the quarter of the first half of the year.

在考慮淨支出時，我想與您分享的另一個重要的模型指標是，當前的贈款水平與下一個季度的支出[共同]——當前和下一個季度的支出更多地在2000 萬美元的範圍，而上半年約為2800 萬美元，截至今年上半年季度末。

So overall, we're confident that we can continue to stay in the $500 million to $550 million range for net expenses, and the third quarter will be around or just below the midpoint of this range.

因此，總體而言，我們有信心能夠繼續將淨支出保持在 5 億美元至 5.5 億美元的範圍內，而第三季將約為或略低於該範圍的中點。

Thank you.

謝謝。

And maybe a follow-up concerning the guidance for Q3 and the strong top-line guidance.

也許是關於第三季指導和強勁營收指引的後續行動。

Could you give us a little bit of color on which segment or division are driving the growth, or if you could rank them that would be helpful?

您能否給我們一些關於哪個細分市場或部門正在推動成長的信息，或者您可以對它們進行排名，這會有幫助？

Yes.

是的。

I think as you said, all the groups will drive, but let's go through Carlo to give some follow-up here.

我認為正如你所說，所有小組都會開車，但讓我們透過卡羅來進行一些後續行動。

Yes.

是的。

We see, starting from eventually -- on an increasing ranking, in automotive and ADG, we anticipate some growth or so taking account that there is some seasonality for the automotive business, and that there is momentum on demand with power and discrete as a set.

我們看到，從最終開始，在汽車和平均總銷量不斷上升的排名中，考慮到汽車業務存在一定的季節性，並且動力和分立器件作為一個整體的需求有動力，我們預計會有一些增長。 。

In the area of the microcontroller and the digital group, also we expect some growth sequential, some level of sequential growth with our general purpose microcontrollers continuing to have momentum, and also some positive in digital ASIC.

在微控制器和數位領域，我們也預期會出現一些連續成長，我們的通用微控制器將繼續保持勢頭，並且會出現一定程度的連續成長，數位 ASIC 也會出現一些正面的成長。

Then we have the opportunity of a significant recovery of presence in MEMS which will drive analog and the MEMS group to significant sequential growth, driven by MEMS.

然後我們就有機會在 MEMS 領域顯著恢復，這將推動模擬和 MEMS 部門在 MEMS 的推動下實現顯著的連續成長。

And the other good opportunity is that in the imaging, and particularly in our specialty major sensors with the Time-of-Flight technology, we see momentum and we are starting also new opportunities.

另一個好機會是在成像領域，特別是在我們採用飛行時間技術的專業主要感測器中，我們看到了勢頭，我們也開始了新的機會。

And this is another important contributor of our sequential growth expectation.

這是我們連續成長預期的另一個重要貢獻者。

Thank you very much.

非常感謝。

Thank you, Jerome.

謝謝你，傑羅姆。

Next question?

下一個問題？

Achal Sultania, Credit Suisse.

阿查爾蘇丹尼亞，瑞士信貸。

I've got two questions, first on the MEMS business.

我有兩個問題，第一個是關於 MEMS 業務的。

So as you are -- we're already seeing improvement in automotive and analog business.

正如您一樣，我們已經看到汽車和模擬業務的改善。

What gives you the confidence on the MEMS side of things?

是什麼讓您對 MEMS 方面充滿信心？

You're talking about significant quarter-on-quarter growth.

您談論的是顯著的季度環比增長。

Can you talk about some of the recent design wins for MEMS?

能談談 MEMS 最近取得的一些設計成果嗎？

And specifically here also, obviously, you lost one of your big customers in the US; you had some market share loss.

特別是在這裡，顯然，您失去了美國的一位大客戶；您損失了一些市場份額。

How should we think that -- is there any potential to get that business back at some point in time, or is it mainly driven by pricing which is why you think it is difficult or not profitable to get that business back?

我們應該如何看待——是否有可能在某個時間點恢復該業務，或者它主要是由定價驅動的，這就是為什麼您認為恢復該業務很難或無利可圖？

Can you maybe talk about that?

你能談談這個嗎？

Yes.

是的。

So I think what we -- the confidences of this [Board] in sequential growth in MEMS is first of all coming from the dimension of the backlog and the increase of the backlog.

因此，我認為我們[董事會]對 MEMS 連續成長的信心首先來自於積壓訂單的規模和積壓訂單的增加。

We have a very, very strong backlog on MEMS in Q3.

第三季度，我們在 MEMS 方面的積壓量非常非常大。

And say that -- I would like to say that it's very much across the board.

我想說的是，這是非常全面的。

It's across the board with several new products for various regions, of course with a strong focus in Asia, in China, but also in America.

它全面推出了針對不同地區的多種新產品，當然專注於亞洲、中國，還有美國。

It is ranging from pressure sensors to microphones, but also the more traditional accelerometer and the new family of gyroscopes.

它的範圍從壓力感測器到麥克風，還有更傳統的加速度計和新的陀螺儀系列。

A very, very low power consumption product.

一款功耗非常非常低的產品。

I think it's a good generic new product and is, I would say, more fragmented than in the past in terms of customer coverage.

我認為這是一個很好的通用新產品，而且我想說，在客戶覆蓋範圍方面比過去更加分散。

As you know, I cannot comment on specific customer, but I would say the three most important things here is the bookings are very strong and the backlog is [supposed to be] very robust.

如您所知，我無法對特定客戶發表評論，但我想說，這裡最重要的三件事是預訂量非常大，而且積壓的訂單[應該]非常強勁。

The second is many, many customers, which is -- of course is good, and is very much across the board from a functionality point of view, microphones, gyroscopes, accelerometers, pressure sensors, etc.

第二個是很多很多的客戶，這當然很好，而且從功能的角度來看，麥克風、陀螺儀、加速度計、壓力感測器等都是非常全面的。

Okay.

好的。

Thank you.

謝謝。

And maybe one too for Carlo Ferro, I think.

我想卡洛費羅也許也是如此。

On the set-top box business, can you --?

在機上盒業務上，你能—嗎？

Obviously, you talked about $100 million cost savings run rate exiting this year.

顯然，您談到今年將節省 1 億美元的成本。

Can you also give us some color?

也能給我們一些顏色嗎？

I think revenues were $209 million last year, loss was $250 million.

我認為去年的營收為 2.09 億美元，虧損為 2.5 億美元。

How should we think about those two revenue and loss numbers for this year and 2017?

我們該如何看待今年和 2017 年的這兩個收入和虧損數字？

Can you give some color on those two things, please?

你能給這兩件事一些顏色嗎？

Yes.

是的。

We are in line with what we were expecting when announcing the plan for the overall 2016 versus 2015, starting from the about $210 million revenues of last year.

從去年約 2.1 億美元的收入開始，我們與宣布 2016 年與 2015 年整體計畫時的預期一致。

We expect an erosion in the range of $70 million.

我們預計損失將在 7000 萬美元左右。

And overall, the savings is moving based on the expectations, and at the end of the second quarter, the level of savings is at about 38% of the total target savings of $170 million.

總體而言，節省量正在按照預期變化，到第二季末，節省水準約為 1.7 億美元節省目標總額的 38%。

Then there is still a significant chunk, 60%, to come into our operating income.

還有很大一部分，即 60%，將進入我們的營業收入。

Okay.

好的。

Thanks a lot, Carlo.

非常感謝，卡洛。

Thank you, Achal.

謝謝你，阿查爾。

Next question.

下一個問題。

Adithya Metuku, Bank of America Merrill Lynch.

Adithya Metuku，美銀美林。

Firstly, a clarification; and second, I have a question on the payments market.

首先，澄清一下；第二，我有一個關於支付市場的問題。

Firstly, when you -- did I hear you correctly when you said auto actually went down in the quarter?

首先，當您說本季汽車銷售實際上下降時，我聽得對嗎？

Or can you clarify that?

或者你能澄清一下嗎？

And secondly, on the payments market with [EMV] demand lowering in the US and China, are you seeing your secure microcontroller business decline now?

其次，在美國和中國的 [EMV] 需求下降的支付市場上，您現在是否看到您的安全微控制器業務下降？

And what level of growth do you expect in the next six to 12 months in that business?

您預計該業務在未來 6 到 12 個月內的成長水準如何？

Thank you.

謝謝。

Adi, just to clarify, no, we did not say that auto was down.

阿迪，只是澄清一下，不，我們並沒有說汽車故障了。

In fact, the opposite.

事實上，恰恰相反。

Okay.

好的。

So your second question, Adi, can you just repeat that?

那麼你的第二個問題，阿迪，你能重複一遍嗎？

The second question just on the EMV, the chip card market.

第二個問題是關於EMV，晶片卡市場。

Now we're hearing lots of -- we're getting lots of data points on the US and Chinese market declining on a year-over-year basis and so I was wondering what the impact of that is on your secure microcontroller business.

現在我們聽到很多——我們得到的美國和中國市場的大量數據點逐年下降，所以我想知道這對您的安全微控制器業務有何影響。

And if you could give us some views on how you see demand developing in that business over the next six to 12 months.

您能否就您對未來 6 到 12 個月內該業務的需求發展有何看法？

Thank you.

謝謝。

Well, I think here the point I would like to make is for a number of reasons, this is not a market where we have a very, very strong position.

好吧，我想在這裡我想說的一點是出於多種原因，這不是我們擁有非常非常強大地位的市場。

We are participating to this market, of course, both in China and in the United States.

當然，我們正在參與這個市場，無論是在中國還是在美國。

It's not one of the main drivers in our secure microcontroller business.

它不是我們安全微控制器業務的主要驅動力之一。

I can confirm that we see this trend, and I would say the impact on ST is marginal.

我可以確認，我們看到了這種趨勢，而且我想說，對 ST 的影響是微不足道的。

And, of course, this is a consequence of the fact that our presence in this business is not at all glamorous.

當然，這是因為我們在這個行業的存在一點也不光鮮亮麗。

Okay.

好的。

Thank you.

謝謝。

Thank you, Adi.

謝謝你，阿迪。

Next question, please.

請下一個問題。

Robert Sanders, Deutsche Bank.

羅伯特‧桑德斯，德意志銀行。

Most of my questions have been asked, but maybe just a follow-up on the MEMS business.

我的大部分問題都被問到了，但也許只是 MEMS 業務的後續問題。

It sounds like that business is going to be growing the most sequentially in the third quarter.

聽起來該業務將在第三季實現最大的環比成長。

Could you just give a bit more clarity about whether, for example, in the microphone area, you're taking share, or if that's just additional content with customers adding mics?

您能否更清楚地說明一下，例如，在麥克風區域，您是否正在分享，或者這是否只是客戶添加麥克風的額外內容？

Or could you just give a bit more color about what you're seeing in the MEMS area, particularly in microphone.

或者您能否就您在 MEMS 領域（尤其是麥克風）所看到的情況提供更多的資訊。

That would be interesting.

那會很有趣。

Thanks.

謝謝。

Well, I believe that considering the good situation in terms of backlog and bookings trend, etc., and the target that we put the third quarter, certainly, starting from the level which you put, that is not the level that we want it to be.

嗯，我認為，考慮到積壓和預訂趨勢等方面的良好情況，以及我們設定的第三季度的目標，當然，從您設定的水平開始，這不是我們希望的水平是。

And moving from Q2 to Q3, we are going to gain market share, and we are going to gain market share again on a broad base of products.

從第二季度到第三季度，我們將獲得市場份額，並且我們將在廣泛的產品基礎上再次獲得市場份額。

So certainly, we are going to gain market share on the microphones, but I believe we are going to gain market share also in the more traditional products like accelerometers and gyroscope.

因此，當然，我們將獲得麥克風的市場份額，但我相信我們也將獲得加速度計和陀螺儀等更傳統產品的市場份額。

I think, as I said, it's overall a new family of products, new family of technology; it's good performance.

我認為，正如我所說，它總體上是一個新的產品系列、新的技術系列；這是很好的表現。

I think overall it's technically very, very, very low power.

我認為總體而言，它在技術上的功耗非常非常低。

And I believe moving into this generation, we see a step forward in terms of presence and in terms of market share.

我相信進入這一代，我們會看到在存在和市場份額方面向前邁出了一步。

That's great.

那太棒了。

And just one quick follow-up would just be around what you see in the automotive market.

只需要快速跟進您在汽車市場上看到的情況。

Is there a --?

有沒有 - ？

Do you see a recovery in infotainment, for example, in the second half, or is it more just driven by power or something else?

例如，您認為資訊娛樂領域會在下半年出現復甦，還是會受到更多電力或其他因素的推動？

Thanks.

謝謝。

No.

不。

For us, I think what is increasingly important is digital.

對我們來說，我認為越來越重要的是數位化。

Of course, power is the bulk of what we have.

當然，權力是我們擁有的大部分。

Power is growing.

力量正在增長。

And particularly, smart power is still an important opportunity for the next few quarters and next year.

尤其是，智慧電力仍然是未來幾季和明年的重要機會。

On the other hand, we see a wave of new design awards, a wave of new design wins with our microcontrollers, but also on others.

另一方面，我們看到了一波新的設計獎項，一波新的設計贏得了我們的微控制器，但也有其他的。

We all know that the time to market for these automotive and sometimes very complex applications is longer, but if I look from a strategic point of view, I see more and more opportunities to grow our automotive business in the digital domain.

我們都知道，這些汽車應用程式（有時是非常複雜的應用程式）的上市時間較長，但如果從戰略角度來看，我看到越來越多的機會在數位領域發展我們的汽車業務。

Car infotainment, this is traditional car infotainment, is not yet that strong; that could be stronger.

汽車資訊娛樂，這是傳統的汽車資訊娛樂，還沒有那麼強；那可能會更強。

But there are a lot of new digital applications that are certainly driving our growth.

但有許多新的數位應用無疑正在推動我們的成長。

Thank you very much.

非常感謝。

Thank you, Rob.

謝謝你，羅布。

Next question.

下一個問題。

Gianmarco Bonacina, Equita SIM.

Gianmarco Bonacina，Equita SIM。

A couple of questions.

有幾個問題。

Regarding the savings with set-top box, can we saw that the run rate in Q4 2017 could be in the region of $35 million from $25 million in Q4 of this year, considering you said in the past, if I'm not mistaken, that you want to reach about 80% of your synergies by the end of next year?

關於機上盒的節省，我們是否可以看到，2017 年第四季度的運行費用可能會從今年第四季度的2500 萬美元增至3500 萬美元左右，考慮到您過去所說的，如果我沒記錯的話，您希望在明年年底前達到 80% 左右的綜效嗎？

Second question about the automotive business, just a curiosity, because we saw yesterday there was this announcement from Mobileye about, let's say, dropping their relationship with Tesla.

關於汽車業務的第二個問題，只是出於好奇，因為我們昨天看到 Mobileye 宣布終止與特斯拉的關係。

If you can give us an idea of your business in [others], how much is camera-based versus radar-based, given that I think probably radar seems to have probably more demand versus camera for the future.

如果您能讓我們了解您在[其他]領域的業務，基於攝影機的業務與基於雷達的業務相比，有多少是基於攝影機的業務，因為我認為未來雷達似乎比攝影機有更多的需求。

Thank you.

謝謝。

Well, the first one, the answer is, yes.

嗯，第一個問題，答案是，是的。

Yes, of course, with a caveat.

是的，當然，但有一個警告。

We said since the announcement of the plan that at the end, the resources will be moderated based on the time to progressively phase out the business and the need of support of the business.

我們在計劃公佈後就表示，最終會根據業務逐步退出的時間和業務支援的需要來適度調整資源。

So at this stage, the visibility remains the one we have anticipated with about 80% of savings achieved at the end of Q4.

因此，在現階段，能見度仍然是我們預期的，在第四季度末實現了約 80% 的節省。

In the course of next year, we will moderate based on the evolution of the set-top box business.

明年，我們將根據機上盒業務的發展進行調整。

Well, on the -- of course, we cannot comment anything specific about customers and partners here.

嗯，當然，我們不能對這裡的客戶和合作夥伴進行任何具體評論。

What we can certainly say is that both applications are very important [to us], I think; the one that is using image sensors, but also the radar applications.

我們可以肯定地說，我認為這兩個應用程式（對我們來說）都非常重要；一種是使用影像感測器，另一種是雷達應用。

And in fact, I note that just during the course of Q3, we have won a very important new project for [doing] computing applications in the car, but also we have won -- we got an award for a radar processor, another one that is really important.

事實上，我注意到，就在第三季度，我們贏得了一個非常重要的新項目，用於在汽車中進行計算應用，而且我們也贏得了——我們獲得了雷達處理器獎，另一個獎品這非常重要。

So we are present in the two fields.

所以我們存在於這兩個領域。

The two ideas are important for us.

這兩個想法對我們來說都很重要。

Now the split of our business, I have to confess that we need to ask Marco Monti, the responsible for our automotive, but I can certainly confirm that from a strategic point of view, we have a strong focus on both.

現在我們業務的分割，我不得不承認，我們需要詢問負責我們汽車業務的Marco Monti，但我可以肯定的是，從戰略角度來看，我們對兩者都有強烈的關注。

I think today what we see is, of course, through the partnership with Mobileye, strong traction; and I believe that overall our business in the area of vision-based computing is bigger.

我認為今天我們看到的當然是透過與 Mobileye 的合作帶來的強大牽引力；我相信總體而言我們在基於視覺的計算領域的業務更大。

But radar is and remains an important priority for the Company.

但雷達現在仍然是公司的重要優先事項。

Thank you.

謝謝。

Thank you.

謝謝。

Next question, please.

請下一個問題。

[Basil Talse], Oddo.

[巴茲爾·塔爾斯]，奧多。

Basically, not much questions left, but one would be interesting around your image sensor business.

基本上，剩下的問題不多了，但有一個關於您的影像感測器業務的問題會很有趣。

There were recently rumors that one of the North American smartphone OEMs is ramping a new R&D in France, a fab for camera modules and image sensors.

最近有傳言稱，一家北美智慧型手機原始設備製造商正在法國加大新的研發力度，這是一家相機模組和影像感測器工廠。

And I was wondering, is that an option for you?

我想知道，這對你來說是一個選擇嗎？

I know you discontinued the camera module business, but is that an opportunity, or -- yes?

我知道您終止了相機模組業務，但這是否是一個機會，或者——是嗎？

Well, I think it's a good occasion for Jean-Marc to comment on all the nice things that we are doing on these specialty image sensors.

嗯，我認為這是讓-馬克評論我們在這些特種圖像感測器上所做的所有美好事情的好機會。

Jean-Marc.

讓-馬克.

Yes, Carlo.

是的，卡洛。

Thank you.

謝謝。

So first of all, okay, I confirm that ST decided to discontinue the camera module, the commodity camera module, so we have no intent to come back in this camera module.

首先，好吧，我確認 ST 決定停止生產相機模組，即商品相機模組，所以我們無意回歸這款相機模組。

So we are focusing on specialized imaging sensors, and especially our Time-of-Flight technology where we see a very good traction, especially with a nice product called EWOK where we have many Asia Pac and especially in China smartphone opportunities.

因此，我們專注於專門的成像感測器，特別是我們的飛行時間技術，我們看到了非常好的吸引力，特別是一個名為EWOK 的好產品，我們在亞太地區，特別是在中國的智慧型手機領域擁有很多機會。

and this is where we are focusing and focus our [own map].

這就是我們關注的地方，並關注我們的[自己的地圖]。

Okay.

好的。

Thanks.

謝謝。

One more question.

還有一個問題。

I don't know if I got that correct during the call, but your microphone IC revenues were declining in Q2, or --?

我不知道我在通話中是否正確，但你們的麥克風 IC 收入在第二季度有所下降，或者——？

I'm not sure if I got that correct.

我不確定我是否正確。

We did not talk about the sales of microphones, so maybe it was a confusion from our side.

我們沒有談論麥克風的銷售情況，所以這可能是我們方面的困惑。

But we did not talk at all about sales on microphones.

但我們根本沒有談論麥克風的銷售。

Certainly, we said that our sales on microcontrollers year over year grew materially with a strong drive from general purpose microcontrollers.

當然，我們說過，在通用微控制器的強勁推動下，我們的微控制器銷售逐年大幅成長。

We also said that starting in the area of MEMS, one of the areas where we have an important opportunity for growth moving from the second quarter to the third quarter is microphones.

我們也表示，從MEMS領域開始，從第二季到第三季我們有重要成長機會的領域之一是麥克風。

Okay.

好的。

Thanks a lot.

多謝。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Guenther Hollfelder, Baader Bank.

岡瑟‧霍爾菲爾德 (Guenther Hollfelder)，巴德爾銀行。

Two questions left, first one on gross margins.

還剩下兩個問題，第一個是毛利率。

You mentioned a strong product mix in Q3 which is having an impact here, so I was just wondering.

您提到第三季的強大產品組合正在產生影響，所以我只是想知道。

I assume this is a trend going forward.

我認為這是未來的趨勢。

It's not like a one-off event, this strong product mix in Q3?

第三季如此強大的產品組合，這不像是一次性事件？

And the second question would be about the electrification of cars.

第二個問題是關於汽車的電氣化。

So I was just wondering.

所以我只是想知道。

With your SiC MOSFET, I assume you have design wins so far regarding onboard battery chargers in electric cars.

憑藉您的 SiC MOSFET，我認為您迄今為止在電動車車載電池充電器方面已經取得了設計成果。

So I was just wondering whether your current technology, whether you are also targeting the main inverter, and what could be the timeline here for design wins?

所以我只是想知道你們目前的技術是否也針對主逆變器，以及設計獲勝的時間表是什麼？

Thanks.

謝謝。

I'll take this one first, the silicon carbide, and then we have more time for the mix evolution of our products, and Carlo will take that.

我將首先採用碳化矽，然後我們有更多的時間來改進我們的產品，卡洛將採用這一點。

Of course, the inverter is the target.

當然，目標是逆變器。

Of course, inverter is the main target of our silicon carbide products.

當然，逆變器是我們碳化矽產品的主要目標。

And this is an important priority for the Company.

這是公司的一個重要優先事項。

It is a very important area of focus and we want to be in production at the end of this year.

這是一個非常重要的重點領域，我們希望在今年年底投入生產。

This is our target with products for the main invertors of the car.

這是我們為汽車主要逆變器提供產品的目標。

Of course, with the silicon carbide, we can cover other automotive applications; and importantly, we can cover also the mass market and a wider base of industrial applications.

當然，有了碳化矽，我們還可以涵蓋其他汽車應用；重要的是，我們還可以涵蓋大眾市場和更廣泛的工業應用基礎。

But the car electrification is certainly a top priority.

但汽車電氣化無疑是重中之重。

Thanks.

謝謝。

If I may take the question on the gross margin first of all, Guenther, that we are sure that at the end in the gross margin evolution from Q2 to Q3 there is nothing special, of nothing one time.

如果我可以先回答毛利率問題，Guenther，我們確信，從第二季到第三季的毛利率演變最終沒有什麼特別的，一次也沒有什麼特別的。

At the end when I look for instance at our other revenues, revenues from licensing at the end the contribution we expect this quarter is very similar to the one that the prior quarter has benefit from.

最後，當我查看我們的其他收入時，最終來自許可的收入，我們預計本季的貢獻與上一季受益的貢獻非常相似。

So no one time there.

所以沒有人去過那裡。

It's another quarter in a row where our product mix positively contributed; also it has positively contributed to the 0.5 point of improvement actually from Q1 to Q2.

這是我們的產品組合連續另一個季度做出積極貢獻；它還為從第一季到第二季度實際提高了 0.5 個百分點做出了積極貢獻。

At the end, certainly the progressive result from set-top box plays favorably, as anticipated, and the new product, and particularly some of the new products are coming in being accretive to the overall margin.

最後，正如預期的那樣，機上盒的進步結果無疑是有利的，並且新產品，特別是一些新產品正在增加整體利潤。

Maybe one follow-up on the gross margin.

也許是毛利率的後續行動。

I would expect in the fourth quarter that your idle charges will remain relatively unchanged in preparation of weaker seasonality in the first quarter.

我預計第四季的閒置費用將保持相對不變，為第一季季節性疲軟做好準備。

Is this pretty much the scenario?

這幾乎是場景嗎？

It is a reasonable assumption at this stage.

在現階段這是一個合理的假設。

Okay.

好的。

Great.

偉大的。

Many thanks.

非常感謝。

Thanks, Guenther.

謝謝，岡瑟。

Next question, please.

請下一個問題。

Janardan Menon.

賈納爾丹·梅農.

Just a couple of quick follow-ups from me.

只是我的一些快速跟進。

One is on your imaging business, Time-of-Flight sensors.

其中之一是關於您的成像業務，即飛行時間感測器。

If I remember right, you made a loss of about $80 million last year on the imaging side.

如果我沒記錯的話，去年你們在成像方面虧損了大約 8000 萬美元。

I was just wondering, given the very strong growth that you've seen so far in the first half of this year and what you expect to see through the second half based on your design wins, would you be able to almost eliminate that loss by the end of this year?

我只是想知道，考慮到今年上半年迄今為止您所看到的非常強勁的增長，以及根據您的設計勝利，您預計下半年會看到什麼，您是否能夠通過以下方式幾乎消除這種損失：今年底？

Or is that going to be work in progress into next year as well?

或者這也將在明年進行嗎？

And another small one is on IoT.

另一個小問題是關於物聯網的。

You talked about design wins and drones and things like that.

您談到了設計勝利和無人機之類的事情。

Outside of the ones you've announced in Europe on smart metering, smart lighting, what are the kind of design wins you're seeing in other parts of the world?

除了您在歐洲宣布的智慧電錶、智慧照明之外，您在世界其他地區看到了哪些設計成果？

Is there a lot of design activity going on and IoT devices in a broad sense right now where you're successful?

目前是否有大量的設計活動正在進行，並且廣義的物聯網設備是否取得了成功？

Yes.

是的。

To respond to the first question, the answer is, yes.

對於第一個問題，答案是肯定的。

This is certainly an area where there is a significant turnaround because we had the result of the camera modules and the commodity that was also linked to certain needs in terms of fab loading and this now is done so it was a massive R&D effort.

這無疑是一個重大轉變的領域，因為我們獲得了相機模組和商品的成果，這些成果也與晶圓廠裝載方面的某些需求相關，現在已經完成，因此這是一項巨大的研發工作。

It was an important R&D effort with very limited sales.

這是一項重要的研發工作，但銷售量卻非常有限。

So now, sales are coming and, of course, there is a very significant improvement.

所以現在，銷售正在到來，當然，有一個非常顯著的改善。

Yes.

是的。

On the IoT, we mentioned drones.

在物聯網方面，我們提到了無人機。

For us, IoT first of all is not just wearable and portable products.

對我們來說，物聯網首先不僅僅是可穿戴和可攜式產品。

This is, I believe, is the first comment.

我相信這是第一個評論。

Wearable and portable products are very important for us.

可穿戴和便攜式產品對我們來說非常重要。

We are in many, many [sockets].

我們處於很多很多[插座]中。

And one of the elements here that is really driving is very low power microcontroller solutions, because in these portable equipments, we need very, very low power microcontrollers, microcontroller technology.

這裡真正推動的因素之一是超低功耗微控制器解決方案，因為在這些便攜式設備中，我們需要非常非常低功耗的微控制器、微控制器技術。

However, IoT is much broader.

然而，物聯網的範圍要廣泛得多。

Certainly, the evolution in the area of smart [home] applications.

當然，是智慧[家居]應用領域的發展。

We mentioned in my reading today the fact that we have a new important smart meter application taking off.

我們在今天的閱讀中提到，我們有一個新的重要智慧電錶應用正在起飛。

This is very material.

這是非常物質的。

This is very material and there are a lot of smart products inside.

這個很有料，裡面有很多智慧產品。

Of course, there is a microcontroller, there is a [power-line line].

當然，還有單晶片，還有【電源線】。

But this is also the way to connect not only to the line, to the power line, but also the way to connect through radio frequency to the home.

但這也是不僅連接到線路、連接到電力線的方式，也是透過射頻連接到家庭的方式。

So it's opening up at -- more smart home applications.

因此，它正在開放更多的智慧家庭應用。

This is a very integrated solution for smart metering with a lot of technologies, and it is almost a chipset of ST.

這是一個非常整合的智慧電錶解決方案，包含了許多技術，幾乎是ST的晶片組。

It is almost exclusively ST chipset covering many, many technologies and products.

它幾乎完全是ST晶片組，涵蓋了很多很多的技術和產品。

This is a very good example.

這是一個很好的例子。

But I can -- of course, we can have more.

但我可以——當然，我們可以擁有更多。

Another area that is extremely important for us is Industry 4.0.

對我們來說極為重要的另一個領域是工業 4.0。

Here again, we have our microcontrollers.

再次，我們有我們的微控制器。

Connectivity is key and security is key.

連結性是關鍵，安全性也是關鍵。

So we are focusing on also these transfers of areas to complete what we have in the area of microcontrollers.

因此，我們也將重點放在這些領域的轉移上，以完成我們在微控制器領域的工作。

Another area that I would like to mention is healthcare.

我想提到的另一個領域是醫療保健。

In the area of healthcare, again, we need to focus more and more on connected applications.

在醫療保健領域，我們需要越來越多地關注互聯應用程式。

I think we are working on some very important new applications where connectivity and microcontrollers together are crucial to achieve what we want to do in these healthcare applications.

我認為我們正在開發一些非常重要的新應用，其中連接性和微控制器對於實現我們在這些醫療保健應用中想要實現的目標至關重要。

For us, this is another example of Internet of Things, because certainly, this is another example of -- it's an electronics system that is connected to the web.

對我們來說，這是物聯網的另一個例子，因為當然，這是連接到網路的電子系統的另一個例子。

So there are many.

所以有很多。

The way that we characterize is smart things, smart industry, smart homes and smart cities.

我們描述的方式是智慧事物、智慧工業、智慧家庭和智慧城市。

For city, for instance, our agreement with Samtec, we have the opportunity to have this [LORA]; long range connectivity embedded in microcontrollers is another example.

對城市來說，比如說我們跟Samtec的協議，我們就有機會擁有這個【LORA】；嵌入微控制器中的遠端連線是另一個例子。

So you see there are many, but it's around these four areas for us: smart things, smart cities, smart homes, and smart industry.

所以你看有很多，但對我們來說都是圍繞著這四個領域：智慧事物、智慧城市、智慧家庭和智慧工業。

Understood.

明白了。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Stephane Houri, Natixis

史蒂芬‧胡里 (Stephane Houri)，Natixis

Sorry.

對不起。

I joined the call late so maybe my question has been asked before, but I have two, if I may.

我參加電話會議的時間很晚，所以也許我的問題之前已經被問過，但如果可以的話，我有兩個問題。

The first one is on the visibility that you have for the end of the year with the current backlog that is, if I understand well, currently continuing to build as in the last quarter.

第一個是關於今年年底目前積壓的可見性，如果我理解得很好的話，目前積壓的積壓工作與上個季度一樣。

So normally, Q4 is a bit down sequentially, or flat in the base case.

因此，通常情況下，第四季會連續略有下降，或在基本情況下持平。

Do you see any reason why it would be different this year?

您認為今年情況會有所不同嗎？

And the second question is about the tax rate.

第二個問題是關於稅率。

I seems like that there is a bit of volatility in the tax rate at the moment.

我覺得目前稅率有點波動。

Can you guide us towards the end of the year?

您能在年底為我們提供指導嗎？

Thank you.

謝謝。

Well, I think, as I said, the [booking] trend remained pretty strong also during the first three weeks of the third quarter.

嗯，我認為，正如我所說，在第三季度的前三週，[預訂]趨勢仍然相當強勁。

Of course, this is an encouraging sign looking forward.

當然，這是一個令人鼓舞的跡象。

But I think it's premature for us to comment on Q4.

但我認為我們對第四季度發表評論還為時過早。

I would not comment on Q4 at this point.

目前我不會對第四季發表評論。

We are encouraged by the trend of [buggings].

我們對[bugs]的趨勢感到鼓舞。

Of course, this is the fundamental ingredient to make sure that Q4 is going to be another step of improvement.

當然，這是確保第四季進一步進步的基本要素。

But I would not comment specifically on Q4 because it's certainly too early; too early at this very moment.

但我不會具體評論第四季度，因為現在確實還為時過早；此時此刻還為時過早。

On the tax line, Stephane, the volatility at the end depends on the level of earnings considering that given our presence in certain European countries where there is an amount of corporate tax which is unrelated to the earnings, it's almost fixed, there is a portion of fixed taxes.

在稅收方面，史蒂芬，最終的波動取決於收入水平，考慮到我們在某些​​歐洲國家的存在，那裡的公司稅與收入無關，它幾乎是固定的，有一部分的固定稅。

So my recommendation, my suggestion how to model is to consider about $14 million on a yearly basis as fixed cost, and then to add to that your base and your model assuming ETR in the range of 10% to 13% on your expected profit before tax.

因此，我的建議是，我建議如何建模，考慮每年約 1400 萬美元作為固定成本，然後將其添加到您的基礎和模型中，假設 ETR 在您之前預期利潤的 10% 到 13% 範圍內稅。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you, Stephane.

謝謝你，史蒂芬。

Next question, please.

請下一個問題。

Gareth Jenkins.

加雷斯·詹金斯。

Just a couple of follow-ups, if I could.

如果可以的話，只需進行一些後續行動。

I think in the past, you've talked about needing to reach $1.8 billion to $1.9 billion of revenue quarterly to reach 10% margin.

我想您過去曾談到需要實現季度收入 18 億至 19 億美元才能達到 10% 的利潤率。

I just wonder whether you still confirm that.

我只是想知道你是否仍然證實這一點。

And secondly, just on FD-SOI, it feels like there's real momentum behind FD-SOI right now.

其次，就 FD-SOI 而言，感覺 FD-SOI 背後現在有真正的動力。

Can you try and quantify that for us in terms of wafers out or what you're seeing in terms of contribution from products on FD-SOI specifically?

您能否嘗試根據晶圓產量或您所看到的 FD-SOI 產品的貢獻來量化這一點？

Thank you.

謝謝。

Gareth, maybe I'll take your first question to reaffirm what we said at the Capital Markets Day in last May.

加雷斯（Gareth），也許我會回答你的第一個問題，以重申我們在去年五月資本市場日所說的話。

We are confident that with the level of revenues between [$8.85 billion/$8.9 billion] we can -- we have the potential of an operating margin in the range of 10%.

我們相信，憑藉 [88.5 億美元/89 億美元] 之間的收入水平，我們有可能實現 10% 的營業利潤率。

The way that is evolving, and certainly it's positively evolving not only from Q1 to Q2, but based on expectations from the second to the third quarter, it's reflecting progress on some of these metrics.

這種演變的方式，當然它不僅從第一季到第二季積極演變，而且根據第二季到第三季的預期，它反映了其中一些指標的進展。

But it's not -- will not be exhaustive of all of this potential.

但它不會——不會窮盡所有這些潛能。

And like in area of the set-top box restructuring, still some 0.5 point of new capacity charges, another step in the revenue leverage to continue to -- while continuing to grow revenues; and, as we said, also from the currency there is another half a point to come.

與機上盒重組領域一樣，新容量收費仍約為 0.5 個百分點，這是收入槓桿繼續邁出的又一步——同時繼續增加收入；而且，正如我們所說，從貨幣角度來看，還有半個點即將到來。

So we see based on our current plan and visibility some opportunity of further progress after the third quarter.

因此，根據我們目前的計劃和可見性，我們看到第三季後取得進一步進展的一些機會。

And on the FD-SOI very briefly, I do not believe that we can provide the number (inaudible), but certainly, this is important.

關於 FD-SOI，我不相信我們可以提供這個數字（聽不清楚），但當然，這很重要。

But equally, it is important for all of our customers and opportunities for us and also a responsibility.

但同樣，這對我們所有的客戶和我們的機會都很重要，同時也是一種責任。

And this is pretty broad; we have more and more.

這是相當廣泛的；我們有越來越多的。

And this we can run both internally in our fab in Crolles, but as you know, we also have a second source with a silicon foundry company.

我們可以在克羅爾斯的工廠內部運行這兩種技術，但如您所知，我們還有一家矽鑄造公司的第二個來源。

So we have two sources of production on the FD-SOI, and this is important, not only the flexibility to ST, but also in terms of more -- as I said, it's a safer [process] for our customer.

因此，我們在FD-SOI 上有兩個生產來源，這很重要，不僅是ST 的靈活性，而且還包括更多——正如我所說，這對我們的客戶來說是一個更安全的[流程]。

Can I just follow up with Carlo Ferro on the 10%, $1.85 billion to $1.9 billion?

我可以跟卡洛費羅（Carlo Ferro）跟進 10%、18.5 億美元到 19 億美元的情況嗎？

Given the visibility you've got currently and the strength in lead times, I just wonder whether you could -- whether you can place a timing on that 10% now that you feel confident.

考慮到您目前所獲得的知名度以及交付週期的優勢，我只是想知道您是否可以——現在您是否可以在您感到有信心的情況下為這 10% 確定一個時間安排。

Do you think it will be achievable in one quarter next year, or for full year following year?

您認為明年一個季度或下一年全年可以實現嗎？

What's the timetable?

時間表是什麼？

Thank you.

謝謝。

Now, Gareth, I guess that this is -- you have six questions on the call and Tait has told me that there is a limit at five.

現在，加雷斯（Gareth），我想這是——你在電話會議上有六個問題，泰特告訴我，最多有五個問題。

Sorry for that.

對此感到抱歉。

I cannot take it.

我受不了。

It's better with our [planned] improvement quarter after quarter.

我們的[計劃]逐季改進效果更好。

That's a good dodge.

這是一個很好的閃避。

Thanks, guys.

多謝你們。

Next question, please.

請下一個問題。

Gianmarco Bonacina.

吉安馬科·博納納納。

Just if you can comment on the free cash flow.

只要你能評論一下自由現金流就好了。

I forgot if you said something for the full year.

我忘了你是否說過全年的事。

So if you can confirm for the full year, do you expect free cash flow to be at least in line with the performance of last year which was in excess of $300 million, which was a very good performance?

那麼如果你能確認全年的情況，你預計自由現金流至少會與去年超過3億美元的業績保持一致，這是一個非常好的業績嗎？

Thank you.

謝謝。

I'd say that Carlo has anticipated in his introduction that we expect strengthening the cash flow for the second part of the year, and we are confident that free cash flow in the second part of the year overall, all inclusive, will exceed certainly the dividend we distribute and we'll exit the year with a net financial position improved in respect to the one at the end of June.

我想說的是，卡洛在他的介紹中預計，我們預計今年下半年的現金流將會加強，而且我們有信心，今年下半年的自由現金流（包括所有內容）肯定會超過預期。分配的股息，我們將在今年結束時淨財務狀況比六月底有所改善。

Thank you.

謝謝。

Thank you, Gianmarco.

謝謝你，吉安馬科。

We'll go ahead and take our last question.

我們將繼續回答最後一個問題。

Guenther Hollfelder.

岡瑟·霍爾菲爾德。

Just one follow-up on silicon carbide.

只是碳化矽的後續行動之一。

I think you recently said that you built up in-house substrate supply for silicon carbide, so I was just wondering whether today you are still using third parties here for substrate supply and when you target to have 100% in-house supply.

我想您最近說過，您建立了內部碳化矽基板供應，所以我只是想知道您是否仍在使用第三方來提供基板供應，以及您的目標是何時實現 100% 內部供應。

We of course work for our own program internally, but we also have more than one external supplier.

當然，我們在內部為自己的專案工作，但我們也有不只一個外部供應商。

So this is [clear].

所以這是[清楚]。

And we have, of course, all the flexibility to address this important requirement, and we are, let's say, not unprepared to recent moves.

當然，我們擁有滿足這項重要要求的所有靈活性，可以說，我們對最近的舉措並非沒有準備。

And for us it's important, so we will focus on [to be] suppliers outside and on our internal activity.

對我們來說這很重要，因此我們將專注於成為外部供應商和我們的內部活動。

Okay.

好的。

Thank you.

謝謝。

If I can add, Carlo, having said that and having our own flexibility, we do expect each supplier to honor commitments, whomever is the owner of this business.

如果我可以補充一點，卡洛，話雖如此，並且我們擁有自己的靈活性，但我們確實希望每個供應商都能履行承諾，無論誰是該企業的所有者。

Okay.

好的。

Thank you, Guenther.

謝謝你，岡瑟。

At this point, we'll go ahead and close our Q2 financial results conference call.

此時，我們將繼續結束第二季財務業績電話會議。

Thank you again for your participation.

再次感謝您的參與。

Ladies and gentlemen, the conference is now over.

女士們、先生們，會議現在結束了。

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

感謝您選擇 Chorus Call，也感謝您參加本次會議。

You may now disconnect your line.

現在您可以斷開線路。

Goodbye.

再見。