意法半導體 (STM) 2017 Q1 法說會逐字稿

Ladies and gentlemen, good morning or good afternoon.

女士們先生們，早上好還是下午好。

Welcome to the STMicroelectronics Q1 2017 Earnings Results Conference Call and Live Webcast.

歡迎收看意法半導體 2017 年第一季度財報電話會議和網絡直播。

I am Moira, the Chorus Call operator.

我是 Chorus Call 接線員 Moira。

(Operator Instructions) And the conference is being recorded.

（操作員說明）會議正在錄製中。

(Operator Instructions) The conference must not be recorded for publication or broadcast.

（操作員說明）會議不得為出版或廣播而錄製。

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

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

Please go ahead, sir.

請繼續，先生。

Good morning.

早上好。

Thank you, everyone, for joining our first quarter of 2017 financial results conference call.

感謝大家參加我們 2017 年第一季度財務業績電話會議。

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

ST 總裁兼首席執行官 Carlo Bozotti 主持了今天的電話會議。

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

今天與 Carlo 一起參加電話會議的還有首席運營官 Jean-Marc Chery；首席財務官 Carlo Ferro； Georges Penalver，首席戰略官。

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

可以通過 ST 的網站訪問該網絡直播。

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

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.

此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產生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上午隨結果發布的新聞稿中包含的安全港聲明，以及 ST 最新的監管文件中對這些風險因素的完整描述。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Carlo Bozotti, ST's President and CEO.

我現在想把電話轉給 ST 的總裁兼首席執行官 Carlo Bozotti。

Carlo?

卡羅？

Thank you, Tait.

謝謝你，泰特。

And thank you for joining us on our First Quarter Earnings Conference Call.

感謝您加入我們的第一季度收益電話會議。

Our agenda today includes an overview, followed by a detailed discussion of our results and our outlook for the second quarter, but before starting this detailed review of the quarter: You may have -- you might have seen that, this morning, we also released the main resolutions proposed to our Annual General Meeting of Shareholders.

我們今天的議程包括概述，然後詳細討論我們的結果和我們對第二季度的展望，但在開始對本季度進行詳細審查之前：您可能已經 - 您可能已經看到，今天早上，我們還發布了向我們的年度股東大會提出的主要決議。

Among the resolutions, I have accepted to -- the proposal to extend my role as President and CEO for 1 more year.

在這些決議中，我接受了將我擔任總裁兼首席執行官的職務再延長一年的提議。

And I am fully committed to drive this company forward.

我完全致力於推動這家公司向前發展。

And of course, this is with the support of the newly appointed Deputy CEO, Jean-Marc Chery; and a strong executive team.

當然，這是在新任命的副首席執行官 Jean-Marc Chery 的支持下進行的；和強大的執行團隊。

Our objective for 2017 is to achieve sustainable revenue growth and margin expansion through our strategic focus on Internet of Things and Smart Driving.

我們 2017 年的目標是通過我們對物聯網和智能駕駛的戰略重點實現可持續的收入增長和利潤擴張。

The first quarter represented a very good start towards achieving these objectives.

第一季度是實現這些目標的良好開端。

Revenues increased 12.9% year-over-year to $1.82 billion.

收入同比增長 12.9% 至 18.2 億美元。

We saw healthy growth across all our regions, product groups and sales channels.

我們在所有地區、產品組和銷售渠道都實現了健康增長。

On a sequential basis, revenues decreased 2.1%, which was 30 basis points better than the midpoint of our guidance.

按順序計算，收入下降 2.1%，比我們指引的中點高 30 個基點。

Gross margins increased 420 basis points year-over-year to 36.6% (sic) [37.6%].

毛利率同比增長 420 個基點至 36.6%（原文如此）[37.6%]。

We benefited from a strong improvement in manufacturing efficiencies, a better product mix, lower unused capacity charges and favorable currency effects, partially offset by the normal pricing adjustments at the start of the year.

我們受益於製造效率的大幅提高、更好的產品組合、更低的未使用產能費用和有利的貨幣效應，部分被年初的正常定價調整所抵消。

On a sequential basis, gross margin came in 60 basis points better than the midpoint of our range on better-than-expected product mix.

在一個連續的基礎上，由於好於預期的產品組合，毛利率比我們範圍的中點高出 60 個基點。

Operating income before impairment and restructuring grew by $139 million year-over-year to $134 million in the first quarter, driven by higher revenues, improved product mix, manufacturing efficiencies, better fab loading and the set-top box restructuring program.

第一季度減值和重組前的營業收入同比增長 1.39 億美元，達到 1.34 億美元，這得益於收入增加、產品組合改善、製造效率提高、工廠裝載量增加和機頂盒重組計劃。

In turn, operating margin before impairment and restructuring reached 7.5% of net revenues.

反過來，減值和重組前的營業利潤率達到淨收入的 7.5%。

Net income also saw a very strong year-over-year swing of $149 million to $108 million.

淨收入也出現了非常強勁的同比波動，從 1.49 億美元增至 1.08 億美元。

Free cash flow of $62 million doubled over the year-ago quarter even with the higher capital investments we are making this year to support our growth plans.

6200 萬美元的自由現金流比去年同期翻了一番，儘管我們今年為支持我們的增長計劃進行了更高的資本投資。

We ended the quarter with a net financial position of $518 million, stable compared to the Q4 '16 and up by $79 million from the year-ago quarter, another indicator of our progress.

本季度結束時，我們的淨財務狀況為 5.18 億美元，與 16 年第四季度相比穩定，比去年同期增加 7900 萬美元，這是我們取得進展的另一個指標。

Now let's move to a detailed review of our product groups, beginning with automotive and discrete.

現在讓我們詳細回顧一下我們的產品組，從汽車和離散產品開始。

ADG revenues increased year-over-year by 5.6%, reflecting growth in automotive and strong growth in power discrete products.

ADG 收入同比增長 5.6%，反映了汽車業務的增長和功率分立產品的強勁增長。

On a sequential basis, ADG revenues posted a better-than-seasonal result with a decrease of 1.2%.

按順序計算，ADG 收入下降了 1.2%，好於季節性。

ADG's operating margin was 5.4% in Q1, substantially stable in comparison to the year-ago period's.

ADG 第一季度的營業利潤率為 5.4%，與去年同期相比基本穩定。

Moving to customer activity.

轉向客戶活動。

Bookings in automotive were robust in the first quarter, thanks to our focus on technologies and products enabling greener driving.

由於我們專注於實現更環保駕駛的技術和產品，第一季度汽車預訂量強勁。

We had important design wins related to car electrification, particularly in the area of battery management and on-board charging.

我們在汽車電氣化方面取得了重要的設計勝利，尤其是在電池管理和車載充電領域。

A number of OEMs worldwide selected products such as our MOSFET, both high- and low-voltage silicon; as well as silicon carbide; our 32-bit microcontrollers; and the lithium-cell balancing device.

全球許多 OEM 都選擇了產品，例如我們的 MOSFET，包括高電壓和低壓矽；以及碳化矽；我們的 32 位微控制器；和鋰電池平衡裝置。

We also captured the body control unit for a module from an American Tier 1 and the power control unit for a door zone application at a major European Tier 1. We also had a number of important wins related to a more connected and safer driving experience.

我們還獲得了來自美國一級供應商的模塊的車身控制單元和歐洲主要一級供應商的門區應用的電源控制單元。我們還獲得了一些與更互聯、更安全的駕駛體驗相關的重要勝利。

We started production of a 32-bit microcontroller for embedded security in a next-generation automotive gateway.

我們開始生產用於下一代汽車網關嵌入式安全的 32 位微控制器。

We won an award for a seatbelt pre-tensioner application with our 32-bit microcontroller for a major Tier 1 European customer.

我們憑藉我們的 32 位微控制器為一家主要的歐洲 1 級客戶贏得了安全帶預緊器應用獎。

And we had multiple wins with a parking brake application specific product.

我們在駐車製動器應用特定產品方面取得了多項勝利。

In our infotainment portfolio, we were awarded new business for processors, AM/FM tuners and class A, B amplifiers from Japanese Tier 1s for the Asian market.

在我們的信息娛樂產品組合中，我們獲得了面向亞洲市場的日本一級供應商的處理器、AM/FM 調諧器和 A、B 類放大器的新業務。

In addition, we had design wins and multiple global Tier 1s for rectifiers; protection devices; and automotive-grade IPAD devices for powertrain, on-board charger, ADAS and safety; and high-speed data line networks.

此外，我們在整流器方面贏得了多項設計大獎和多個全球一級供應商；保護裝置；以及用於動力總成、車載充電器、ADAS 和安全的汽車級 IPAD 設備；和高速數據線網絡。

Successes in our power discrete business include a number of wins in Asia for both high- and low-voltage power supply applications and the continued expansion of our business on RF integrated passive devices for the IoT market with several large customers.

我們在功率分立業務方面取得的成功包括在亞洲的高壓和低壓電源應用方面的多項勝利，以及我們在面向物聯網市場的 RF 集成無源器件業務的持續擴展，並擁有多家大客戶。

Moving to the -- to our Analog and MEMS Group, AMG.

移動到 - 我們的模擬和 MEMS 組，AMG。

Revenues increased 19.9% year-over-year, driven by strong growth in MEMS, continuing the significant progression began in the second half of 2016.

在 MEMS 強勁增長的推動下，收入同比增長 19.9%，延續了 2016 年下半年開始的顯著增長。

We also enjoyed solid growth in analog products following a second half 2016 rebound.

在 2016 年下半年反彈之後，我們的模擬產品也實現了穩健增長。

On a sequential basis, AMG revenues increased 1.6%, better than seasonal, with both product areas growing.

AMG 收入環比增長 1.6%，好於季節性增長，兩個產品領域均有所增長。

The strong improvements in AMG product portfolio and competitive position have translated into a significant turnaround in its operating performance over the last 2 quarters with operating margins of 9.4% in Q4 2016 and 10.1% in Q1 this year compared to substantially break-even results 1 year ago.

AMG 產品組合和競爭地位的強勁改善已轉化為過去兩個季度經營業績的重大轉變，2016 年第四季度的經營利潤率為 9.4%，今年第一季度的經營利潤率為 10.1%，而 1 年的業績基本實現收支平衡前。

Our ability to design-in multiple products into flagship smartphone and IoT devices was evident during the first quarter.

我們在第一季度將多種產品設計到旗艦智能手機和物聯網設備中的能力顯而易見。

First, we ramped production of several products inside the Samsung Galaxy S8 and S8+ smartphones, including a 6-axis ultra-low-power MEMS inertial measurement unit, an optical image stabilization gyroscope, a barometric sensor, a touch controller, and a multifunction protection switch.

首先，我們在三星 Galaxy S8 和 S8+ 智能手機中實現了多款產品的量產，包括 6 軸超低功耗 MEMS 慣性測量單元、光學圖像穩定陀螺儀、氣壓傳感器、觸摸控制器和多功能保護器轉變。

And in the new and very popular Nintendo gaming system, the Switch, we have motion sensors and a touch controller as well as multiple STM32 microcontrollers and a near-field communication controller from our microcontroller and digital ICs group.

在非常受歡迎的任天堂新遊戲系統 Switch 中，我們有運動傳感器和触摸控制器，以及來自我們的微控制器和數字 IC 組的多個 STM32 微控制器和近場通信控制器。

As well, we continued to gain share with motion and environmental sensors in smartphones and wearables worldwide but also in car navigation systems.

此外，我們繼續在全球智能手機和可穿戴設備以及汽車導航系統中獲得運動和環境傳感器的份額。

Automotive is an important focus area for our sensor business.

汽車是我們傳感器業務的一個重要重點領域。

Moving to IoT.

轉向物聯網。

We continued the strong design-in momentum in low-power wireless connectivity with our Bluetooth low-energy solutions as well as the SPIRIT sub-gigahertz family for home and building automation.

我們通過我們的藍牙低功耗解決方案以及用於家庭和樓宇自動化的 SPIRIT 亞千兆赫系列繼續在低功耗無線連接方面保持強勁的設計勢頭。

During the quarter, we also launched a partnership with USound to produce the world's first piezo-MEMS speaker with excellent sound quality, targeting IoT applications.

在本季度，我們還與 USound 建立了合作關係，以生產世界上第一款針對物聯網應用的具有出色音質的壓電 MEMS 揚聲器。

In the smart industry, we broadened our customer base for our STSPIN32 motion control family, including multiple designs for our newly introduced intelligent motor control devices.

在智能行業，我們擴大了 STSPIN32 運動控制系列的客戶群，包括針對我們新推出的智能電機控制設備的多種設計。

We also started production for a 6-axis inertial sensor for high-end industrial applications.

我們還開始生產用於高端工業應用的 6 軸慣性傳感器。

In addition, we won multiple designs for a range of analog products for the next-generation smart metering solutions.

此外，我們還贏得了針對下一代智能計量解決方案的一系列模擬產品的多項設計。

Our broad analog portfolio strongly complements our other product families, allowing us to design-in more silicon content across our customer base.

我們廣泛的模擬產品組合有力地補充了我們的其他產品系列，使我們能夠在我們的客戶群中設計更多的芯片內容。

Now let me share some highlights on our Microcontrollers and Digital ICs Group.

現在讓我分享我們微控制器和數字 IC 組的一些亮點。

MDG saw a strong progression, with revenues increasing year-over-year by 11.4%, or 14.6% if we exclude discontinued businesses.

MDG 取得了強勁進展，收入同比增長 11.4%，如果我們排除已停產的業務，則增長 14.6%。

Key drivers were strong growth in general-purpose microcontrollers and growth in digital products.

主要驅動因素是通用微控制器的強勁增長和數字產品的增長。

MDG's operating income and margin also had a very positive swing, with its operating income up $64 million year-over-year and its operating margin of 10.2% in the first quarter.

MDG 的營業收入和利潤率也出現了非常積極的變化，第一季度營業收入同比增長 6400 萬美元，營業利潤率為 10.2%。

With our general-purpose microcontrollers, we again set a new quarterly revenue record.

憑藉我們的通用微控制器，我們再次創造了新的季度收入記錄。

With the goal to continue with the momentum going forward, we introduced new products for our existing STM32 families, including new STM32L4 MCUs adding larger memories, enhanced graphics support and increased power-saving flexibility.

為了繼續保持前進的勢頭，我們為現有的 STM32 系列推出了新產品，包括新的 STM32L4 MCU，增加了更大的內存、增強的圖形支持和更高的節能靈活性。

We continued to expand the STM32 ecosystem with tools from STM partners.

我們繼續使用 STM 合作夥伴的工具擴展 STM32 生態系統。

For example, we teamed with DSP Concepts to offer STM32 users free access to an advanced audio design tool.

例如，我們與 DSP Concepts 合作，為 STM32 用戶免費提供高級音頻設計工具。

We also introduced the MCU Finder for PC desktops; a new STM32F7 Nucleo board and discovery kit; and new STM32 boards to evaluate low-power, long-range IoT connectivity.

我們還推出了用於 PC 桌面的 MCU Finder；新的 STM32F7 Nucleo 開發板和探索套件；和新的 STM32 板，用於評估低功耗、遠距離物聯網連接。

Getting our development tools into the end of embedded developers is a key step in the design-in process.

讓我們的開發工具進入嵌入式開發人員的終端是設計過程中的關鍵步驟。

And with over 1 million STM32 development kits now ships to the market, we are on the right track to expand our base of over 40,000 customers.

現在有超過 100 萬個 STM32 開發套件投放市場，我們正走在正確的軌道上，以擴大我們超過 40,000 名客戶的基礎。

Moving to security.

轉向安全。

We announced the availability of the new, advanced near-field communication ST21NFCD, the controller integrating the recently acquired booster technology.

我們宣布推出新型、先進的近場通信 ST21NFCD，該控制器集成了最近收購的助推器技術。

This product was already awarded a design win with a major OEM.

該產品已經贏得了一家主要 OEM 的設計大獎。

We also launched a new STSAFE solution to secure devices connected to the Sigfox low-power wide-area network.

我們還推出了新的 STSAFE 解決方案，以保護連接到 Sigfox 低功耗廣域網的設備。

And we teamed with Giesecke and FitPay Mobile-Payment to offer a solution to integrate tokenized payments from Mastercard or Visa on wearable devices.

我們與 Giesecke 和 FitPay Mobile-Payment 合作提供了一種解決方案，可在可穿戴設備上集成 Mastercard 或 Visa 的令牌化支付。

Benefiting from our recent acquisition, we captured a key win for our ST25 near-field communication reader portfolio at a major car OEM.

受益於我們最近的收購，我們的 ST25 近場通信讀取器產品組合在一家大型汽車 OEM 中獲得了關鍵勝利。

We also introduced dynamic tag ICs that support higher-speed and greater-distance RFID.

我們還推出了支持更高速度和更遠距離 RFID 的動態標籤 IC。

Also in this area we are focused on making our products easier for our customers to evaluate and design-in, and we introduced a new ST25 discovery kit that accelerates time to market for NFC applications.

同樣在這一領域，我們專注於使我們的產品更易於客戶評估和設計，並且我們推出了一種新的 ST25 探索套件，可加快 NFC 應用的上市時間。

To complete the review of our products, let's now discuss our Imaging Product Division, which we report in Others.

為了完成對我們產品的審查，現在讓我們討論一下我們在“其他”中報告的成像產品部門。

Imaging revenues in the first quarter more than doubled to 75 -- $72 million compared to the year-ago quarter, driven by ST's innovative Time-of-Flight technology.

在 ST 創新的飛行時間技術的推動下，第一季度的成像收入比去年同期翻了一番多，達到 75 美元——7200 萬美元。

We had multiple new design wins and continued high-volume shipments of Time-of-Flight ranging sensors to leading smartphone manufacturers.

我們贏得了多項新設計，並繼續向領先的智能手機製造商大量出貨飛行時間測距傳感器。

During Q1, our FlightSense technology was integrated in 7 new smartphones launched by Asian brands.

第一季度，我們的 FlightSense 技術被集成到亞洲品牌推出的 7 款新智能手機中。

We also announced a new generation of Time-of-Flight sensor which brings multi-object detection and multi-array scanning to mobile applications.

我們還發布了新一代飛行時間傳感器，為移動應用帶來多目標檢測和多陣列掃描。

Turning now to our second quarter guidance.

現在轉向我們的第二季度指導。

We expect to make further progress in revenue and margins.

我們希望在收入和利潤率方面取得進一步進展。

We continue to see strong bookings across all product groups and regions.

我們繼續看到所有產品組和地區的強勁預訂。

A careful analysis of point-of-sales data or sales to distribution continues to indicate a very healthy demand environment.

對銷售點數據或銷售到分銷的仔細分析繼續表明需求環境非常健康。

Therefore, based upon our current visibility, we expect a sequential revenue growth of about 5%, which translates to year-over-year growth of 12.3% at the midpoint.

因此，根據我們目前的能見度，我們預計收入環比增長約 5%，這意味著中點同比增長 12.3%。

We are targeting a gross margin of about 31.1% at the midpoint...

我們的目標是中點毛利率約為 31.1%...

8...

8...

38.1% at the midpoint.

中點為 38.1%。

Taking these 2 data points, it is clear that we see the opportunity in Q2 to deliver substantial year-over-year and sequential growths in operating income and net income.

從這兩個數據點來看，我們很明顯看到第二季度有機會實現營業收入和淨收入的同比大幅增長和環比增長。

Looking further ahead, we are continuing to prepare for a major program introduction, as anticipated.

展望未來，我們正在繼續準備引入一項重大計劃，正如預期的那樣。

There is no revenue contribution from this program in our Q2 guidance, and we are on track to ramp substantial revenues in the second half of this year.

在我們的第二季度指導中，該計劃沒有收入貢獻，我們有望在今年下半年增加可觀的收入。

More broadly, our investments to scale-up production in 12 inches, our 6- to 8-inch fab conversions and our technology evolution will help drive wafer cost reductions, benefiting all product groups.

更廣泛地說，我們對擴大 12 英寸生產規模的投資、我們的 6 英寸到 8 英寸晶圓廠轉換以及我們的技術發展將有助於推動晶圓成本降低，從而使所有產品組受益。

Finally, today's, ST's Supervisory Board is proposing to shareholders to declare a cash dividend of $0.25 per share...

最後，今天，ST的監事會向股東提議派發每股0.25美元的現金股息……

$0.24 (inaudible).

0.24 美元（聽不清）。

$0.24.

0.24 美元。

$24 per share.

每股 24 美元。

Cents per share.

每股美分。

Cents.

美分。

Sorry, $0.24 per share, payable in 4 equal quarterly installments, starting with the second quarter of 2017.

抱歉，每股 0.24 美元，從 2017 年第二季度開始分 4 個季度等額支付。

The 2017 Annual General Meeting of shareholders is scheduled for June 20, 2017.

2017年年度股東大會定於2017年6月20日召開。

And my colleagues and I will now be happy to take your questions.

我和我的同事現在很樂意回答您的問題。

And we look forward to meeting with you on May 11, at our 2017 Capital Markets Day in London.

我們期待 5 月 11 日在倫敦舉行的 2017 年資本市場日與您會面。

Thank you.

謝謝。

(Operator Instructions) The first question is from Achal Sultania from Crédit Suisse.

（操作員說明）第一個問題來自 Crédit Suisse 的 Achal Sultania。

Just a clarification on the MEMS business.

只是對 MEMS 業務的澄清。

I think you've talked about the several chips being used in the Galaxy S8 and S8+ devices.

我想您已經談到了 Galaxy S8 和 S8+ 設備中使用的幾種芯片。

I think in some of those sockets, in the past, you've shared that chip with some other supplier because that device has had 2 variants, 1 with Qualcomm chip and 1 with Exynos chip.

我認為在過去的某些插座中，您曾與其他供應商共享該芯片，因為該設備有 2 個變體，1 個使用 Qualcomm 芯片，1 個使用 Exynos 芯片。

Can you give us some color as to whether that is still continuing with S8 and S8+?

你能告訴我們一些關於 S8 和 S8+ 是否仍在繼續的顏色嗎？

Or are you becoming more of a sole supplier in some of those sockets in this generation?

還是在這一代中，您正在成為其中一些插座的獨家供應商？

Well, I -- of course, it's difficult for me to make comment on such details question, but the impression that we have is that certainly our share is a lion's share.

好吧，我——當然，我很難對這樣的細節問題發表評論，但我們的印像是我們的份額肯定是最大的。

Okay, okay, but is it -- the share is not changing.

好吧，好吧，但它是——份額沒有改變。

Is that -- it's lion's share, but it's not changing from last year.

那是——這是最大的份額，但與去年相比沒有變化。

Is that the right way to think about it?

這是正確的思考方式嗎？

Well, you can see, if the share is 100%, it's difficult in general to change.

那麼，你可以看到，如果份額是 100%，一般情況下很難改變。

It's...

它是...

Okay, okay.

好吧好吧。

And one, well, question on the automotive side of things.

還有一個，嗯，關於汽車方面的問題。

I think you've talked about bookings being strong in Q1.

我想你已經談到第一季度的預訂量很大。

I think we're starting to see small -- some data points that China obviously was very, very strong last year.

我認為我們開始看到一些小的數據點，表明去年中國顯然非常非常強大。

And year-on-year comps are a bit difficult as we go into Q2, Q3 of this year.

隨著我們進入今年第二季度和第三季度，同比比較有點困難。

Are we seeing any signs of that as yet in the bookings number?

我們是否在預訂號碼中看到任何跡象？

Or you think that the content increase is enough; or is accelerating, which will offset any slowdown in volume growth.

或者你認為內容增加就夠了；或正在加速，這將抵消銷量增長的任何放緩。

Is that the case, or are you not seeing any volume slowdown as yet?

是這種情況，還是您還沒有看到任何成交量放緩？

No, it's the opposite.

不，恰恰相反。

We see an acceleration of our business in the automotive.

我們看到我們在汽車領域的業務正在加速發展。

And Q1, it is certainly a low point for our automotives, and we expect to grow significantly.

而第一季度，這對我們的汽車來說肯定是一個低點，我們預計會大幅增長。

Overall, I also want to make the point that we have, on top of ADG, other products that we sell to automotive customers, of course including our sensors and including our (inaudible).

總的來說，我還想指出，除了 ADG 之外，我們還向汽車客戶銷售其他產品，當然包括我們的傳感器和我們的（聽不清）。

So there are important products that we sell to our automotive customers that we do not report in ADG.

因此，我們向汽車客戶銷售的一些重要產品並未在 ADG 中報告。

And overall, I want to make sure it's clear, our ambition is to grow significantly this year in the automotive business.

總的來說，我想確定的是，我們的目標是今年在汽車業務方面實現顯著增長。

And certainly, we do not see any slowdown.

當然，我們沒有看到任何放緩。

And we see an acceleration of our automotive business moving from Q1 to the Q2 and the rest of the year.

我們看到我們的汽車業務從第一季度加速到第二季度以及今年剩餘時間。

Next question is from Gareth Jenkins from UBS.

下一個問題來自瑞銀的 Gareth Jenkins。

Just a couple, if I could.

如果可以的話，只有一對。

The CapEx run rate looks like it's slightly -- tracking slightly below your full year guidance, so I just wondered whether you're finding more efficiencies in CapEx than you thought or whether we should expect a pickup through the rest of the year.

資本支出運行率看起來略有下降——略低於您的全年指導，所以我只是想知道您是否發現資本支出的效率比您想像的要高，或者我們是否應該期望在今年餘下時間有所回升。

And then I have a follow-up.

然後我有一個後續行動。

Carlo will take this.

卡羅會接受這個。

Thank you, Carlo.

謝謝你，卡洛。

No, I will not read the first quarter number as a sign on the run rate for the year.

不，我不會將第一季度的數字視為當年運行率的標誌。

We are absolutely on track on the plan of $1.1 billion CapEx spending for the year.

我們完全按照今年 11 億美元資本支出的計劃進行。

We are in the process now to look at the volume and the capacities needed for second half of the year, entering 2018.

我們現在正在研究下半年進入 2018 年所需的數量和產能。

So in this respect at this stage, I believe we may continue to make a reference to the previous guidance.

所以現階段在這方面，我相信我們可以繼續參考之前的指導意見。

We will meet on -- in a few weeks at our Capital Market Day.

我們將在幾週後的資本市場日見面。

That could be an opportunity eventually to tune the number, but please do not consider the number of the first quarter as a sign now to be at higher the range for this year.

這可能是最終調整數字的機會，但請不要將第一季度的數字視為現在處於今年更高範圍的標誌。

And (inaudible) is well needed in order to serve business and increase revenues significantly for the second half of the year.

並且（聽不清）非常需要，以便在今年下半年為業務提供服務並顯著增加收入。

That's great.

那太棒了。

And just as a follow-up, can you -- can I just have a follow-up, Tait, on the under-saturation charges, presumably 0 in the last quarter and 0 going forwards from here from that statement?

作為後續行動，泰特，我能否就飽和度不足費用進行後續行動，大概在最後一個季度為 0，從該聲明開始為 0？

Yes, very minor, very minor in both the cases.

是的，在這兩種情況下都非常輕微，非常輕微。

We are running with the fab almost all at full loading.

我們的工廠幾乎滿負荷運轉。

We are really in the process of increasing capacities, improving the service to customer and building higher revenues for the next quarters.

我們真的在增加產能，改善對客戶的服務，並為下個季度創造更高的收入。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

My question is regarding the next-generation technologies in 3D sensing.

我的問題是關於 3D 傳感中的下一代技術。

You have some technologies associated with 3D sensing.

您擁有一些與 3D 傳感相關的技術。

Can you, well, Carlo, possibly help us understand what technology you have associated with this?

Carlo，您能否幫助我們了解與此相關的技術？

And is it purely sensing technologies, or are you also selling digital chips associated with this?

它是純粹的傳感技術，還是您也銷售與此相關的數字芯片？

Secondly, my question is regarding the CapEx you announced earlier this year.

其次，我的問題是關於你今年早些時候宣布的資本支出。

What percentage of the CapEx are you spending on front end versus back end?

您在前端和後端上花費的資本支出分別佔多少百分比？

Okay, our activity in this field is very broad.

好的，我們在這個領域的活動非常廣泛。

And I think Jean-Marc will comment, yes.

我想 Jean-Marc 會發表評論，是的。

And then Carlo will take the second question.

然後 Carlo 將回答第二個問題。

So Jean-Marc speaking.

讓-馬克發言。

So more basically, well, to make history as simple as possible: For 3D sensing, okay, we see really 2 technologies which are key enablers.

所以更基本地說，好吧，讓歷史盡可能簡單：對於 3D 傳感，好吧，我們確實看到了 2 種技術，它們是關鍵推動因素。

These are what we call structured light.

這些就是我們所說的結構光。

And the second one, we call Time-of-Flight technology.

第二種，我們稱之為飛行時間技術。

And in Time-of-Flight, we have direct or indirect Time-of-Flight.

在飛行時間中，我們有直接或間接的飛行時間。

What I can say at this stage is that ST, from silicon point of view, we own.

在這個階段我能說的是，從芯片的角度來看，我們擁有 ST。

We develop.

我們發展。

We control.

我們控制。

We are able to manufacturing -- to make the manufacturing of all technologies which are key whatever is the Time-of-Flight or the structured light.

我們能夠製造——製造所有關鍵技術，無論是飛行時間還是結構光。

Then in term of module assembly of the key module linked to this technology, we completely control the technology in term of module assemblies.

然後在與該技術掛鉤的關鍵模塊的模塊組裝方面，我們完全控制了模塊組裝方面的技術。

We have the skill to manage all the critical components which are related to this structural light, and we are able to make the manufacturing of the module.

我們有能力管理與此結構燈相關的所有關鍵組件，並且我們能夠製造模塊。

So ST is completely well positioned with the specialty emerging strategy to address this market of 3D sensing whatever are the technology, Time-of-Flight or structured light.

因此，無論是技術、飛行時間還是結構光，ST 都完全可以通過專業新興戰略來應對 3D 傳感市場。

Sorry.

對不起。

I have one follow-up on that, Jean-Marc, which is that, does your technology require a separate digital chip beyond the sensing module that you will sell?

Jean-Marc，我對此有一個跟進，那就是，你的技術是否需要在你將出售的傳感模塊之外的單獨數字芯片？

Of course.

當然。

Okay, you need to have a -- digital chips to embed the software because structured light is very complex [request] in term of software.

好的，你需要有一個——數字芯片來嵌入軟件，因為結構光在軟件方面非常複雜 [request]。

So you have separate chips, digital chips, okay, to receive the signal from the various components and [create the 3D image].

所以你有單獨的芯片，數字芯片，可以接收來自各種組件的信號並[創建 3D 圖像]。

And do you supply that digital chip as well?

你也提供那個數字芯片嗎？

No.

不。

Okay.

好的。

I guess, Sandeep, the second question, on the capital spending this year between front end and back end, when taking front-end manufacturing and R&D, this is about 55%.

我猜，Sandeep，第二個問題，關於今年前端和後端之間的資本支出，當考慮前端製造和研發時，大約是 55%。

Probing, assembling and testing will be about 45%.

探測、組裝和測試將佔 45% 左右。

The next question is from Adithya Metuku from Merrill Lynch.

下一個問題來自美林證券的 Adithya Metuku。

So my question is firstly a clarification.

所以我的問題首先是澄清一下。

Could you give us some color on the growth rates in the automotive, microcontroller and analog and MEMS businesses in the first quarter?

您能否介紹一下第一季度汽車、微控制器、模擬和 MEMS 業務的增長率？

And then I have a quick follow-up on OpEx.

然後我對 OpEx 進行了快速跟進。

So the first question is about the growth rate on automotive...

所以第一個問題是關於汽車的增長率......

(inaudible) -- automotive, microcontroller and analog and MEMS.

（聽不清）——汽車、微控制器和模擬以及 MEMS。

All right.

好的。

So I think we can go through -- Carlo, we'll go through family by family, if you -- we have all the data.

所以我認為我們可以通過 - Carlo，我們將逐個家庭進行，如果你 - 我們擁有所有數據。

Of course.

當然。

Your question is in reference to which period, the first quarter?

你的問題是指哪個時期，第一季度？

Yes, first quarter.

是的，第一季度。

Okay.

好的。

It's in the press release, right?

它在新聞稿中，對嗎？

No, I don't mean the groups.

不，我不是說團體。

I mean automotive within the division that you disclosed.

我的意思是你披露的部門內的汽車。

Okay.

好的。

So I believe that, at the end, the best way for characterizing it is that in the area of ADG both automotive and power and discrete enjoyed better-than-seasonal trend overall.

所以我認為，最後，最好的描述方式是在汽車和電力和離散領域的 ADG 領域，整體趨勢好於季節性。

Then in the case of AMG, it has been another strong quarter for MEMS but also a stronger quarter for analog.

然後就 AMG 而言，它是 MEMS 的另一個強勁季度，也是模擬的強勁季度。

And certainly, in the field of MDG you may have noted there's some further erosion in the area of the digital business and the legacy businesses there, while general-purpose microcontrollers remained particularly solid.

當然，在 MDG 領域，您可能已經註意到數字業務領域和那裡的傳統業務受到進一步侵蝕，而通用微控制器仍然特別穩固。

And I'll check it.

我會檢查一下。

Okay, my quick -- my follow-up is on OpEx, Carlo Ferro.

好的，我的快速 - 我的後續行動是關於 OpEx，Carlo Ferro。

Could you give us a bit of color, taking into the current spot rates, what you expect in terms of growth in net OpEx in the next quarter and in the second half of the year?

您能否給我們一些顏色，考慮到當前的即期匯率，您對下一季度和下半年淨運營支出增長的預期是什麼？

Yes.

是的。

It's we remain on our target to maintain in average the net OpEx in the range of the $550 million.

我們的目標仍然是將平均淨運營支出維持在 5.5 億美元的範圍內。

We have anticipated that there is some imbalance quarterly due to seasonality.

我們預計由於季節性因素，季度會出現一些不平衡。

Particularly, third quarter is cheaper, in seasonality, if I can use the word; second quarter and fourth quarter a bit higher.

特別是，第三季度在季節性方面更便宜，如果我可以用這個詞的話；二季度和四季度高一點。

So I would basically model between $550 million to $560 million net operating expenses in the second quarter.

所以我基本上會在第二季度建立 5.5 億至 5.6 億美元的淨運營支出模型。

Next question is from Jerome Ramel from Exane BNP Paribas.

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

A question on automotive in Q1.

第一季度關於汽車的問題。

I mean automotive, for discrete.

我的意思是汽車，離散。

You were up 5.6% year-on-year.

你同比增長了 5.6%。

And you mentioned discrete grew faster, so my question is why is automotive growing not in line with peers.

你提到離散增長更快，所以我的問題是為什麼汽車增長與同行不一致。

Because peer, if I understand to peer in Q1, is year-on-year much more than 5.5%.

因為同業，如果我了解第一季度的同業，同比遠遠超過 5.5%。

So do you think you're losing market share?

那麼你認為你正在失去市場份額嗎？

Or do you think you're going to have an acceleration in the -- as you mentioned before, in second half of this year?

或者你認為你會在 - 正如你之前提到的那樣，在今年下半年加速嗎？

Well, I think, first of all, we need to look at the perimeter there.

嗯，我想，首先，我們需要看看那裡的周邊。

As I said, I mean, there will be a strong acceleration of the growth, and this will be across-the-board for all our automotive products.

正如我所說，我的意思是，增長將會強勁加速，這將全面影響我們所有的汽車產品。

It will be on what we traditionally call APG, which is smart power and microcontrollers and digital automotives.

它將出現在我們傳統上所說的 APG 上，即智能電源、微控制器和數字汽車。

It will be on power MOS.

它將在功率MOS上。

It will be on SiC.

它將在 SiC 上。

And it will be also on our MEMS, for instance, for our automotive applications.

它也將出現在我們的 MEMS 上，例如，用於我們的汽車應用。

And the visibility that we have today for the automotive growth year-over-year is far above the 5.6% that you mentioned.

我們今天對汽車同比增長的可見度遠高於您提到的 5.6%。

Okay.

好的。

And maybe as follow-up: I had in mind that your MEMS business for automotive was about around $50 million per quarter.

也許作為後續行動：我記得你們的汽車 MEMS 業務每季度約為 5000 萬美元。

Is that the right number?

那是正確的數字嗎？

Well, this is a very detailed question.

好吧，這是一個非常詳細的問題。

I -- we are growing significantly.

我——我們正在顯著增長。

I think it still is below $100 million.

我認為它仍然低於 1 億美元。

The next question is from Janardan Menon from Liberum Capital.

下一個問題來自 Liberum Capital 的 Janardan Menon。

I'm just going back to the comment that you made that your CapEx in the second half will also depend on what the volume expectations are et cetera.

我只是回到你所說的你下半年的資本支出也將取決於數量預期等等的評論。

And you talk about a significant ramp, in the second half, of revenue.

你談到了下半年收入的顯著增長。

I was just wondering.

我只是想知道。

What is the visibility that you have on that?

您對此有何看法？

I mean, is it that you are yet to get your purchase orders and your purchase orders will come later on and that will give you a better feel for what that revenue ramp will look like?

我的意思是，是不是您還沒有收到採購訂單，您的採購訂單稍後會來，這會讓您更好地了解收入增長的情況嗎？

Or do you already have a pretty good feel for how that'll look like in terms of volume and ASP?

或者您是否已經對數量和 ASP 方面的情況有了很好的感覺？

And if there is any sort of movement in that number, is that mainly from a back-end CapEx point of view?

如果這個數字有任何變化，主要是從後端資本支出的角度來看嗎？

Or can you -- will you consider adding front-end CapEx as well in the second half if the volume required for that?

或者你可以 - 如果需要的話，你會考慮在下半年增加前端資本支出嗎？

And for second question is, at your Mobile World Congress presentation I think there was a comment saying that you had a $1 billion run rate on IoT microcontrollers.

第二個問題是，在你的世界移動大會演講中，我認為有一條評論說你在物聯網微控制器上的運行率是 10 億美元。

I was just wondering, can you put together a number for what is your IoT revenue at this point in time, if you go through all the different divisions; and what would you say the ballpark figure of growth for that business right now?

我只是想知道，如果您遍歷所有不同的部門，您能否及時匯總一個數字來說明您此時的物聯網收入是多少？您認為該業務目前的大致增長數字是多少？

Maybe, Janardan, I take your question quite quickly to reaffirm, and Carlo said it during the introduction, that the demand environment is very solid and we enter really the next quarter with a very solid backlog.

也許，Janardan，我很快就接受你的問題來重申，Carlo 在介紹時說過，需求環境非常穩固，我們進入下一個季度的積壓量非常大。

On the rest of your question, you really want, Janardan, to spoil our market Capital Market Day.

關於你剩下的問題，Janardan，你真的想要破壞我們的市場資本市場日。

Let's have a little bit of content to come on May 10 on the second half for the year.

讓我們在今年下半年的 5 月 10 日發布一些內容。

Okay.

好的。

Can I have one more...

可以再要一份嗎...

[Well, I'll say] maybe one comment.

[好吧，我會說] 也許有一個評論。

The visibility is pretty good, okay?

能見度還不錯吧？

And I think, in this moment, we have -- we discussed automotive.

而且我認為，在這一刻，我們已經 - 我們討論了汽車。

I think the visibility that we have in general with our automotive customers is to grow much faster than the 5.6%.

我認為我們在汽車客戶中的總體知名度將比 5.6% 的增長速度快得多。

The POS and the distribution is at record level, and inventories are low.

POS 和分銷處於創紀錄水平，庫存很低。

And we are perfectly on track with our new major program.

我們的新主要計劃完全走上正軌。

So the 3 things are working well, so I think we have good confidence to make a substantial step in revenues moving from Q2 to the second half of the year.

所以這三件事運作良好，所以我認為我們有信心在從第二季度到下半年的收入方面邁出實質性的一步。

The next question is from Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的 Andrew Gardiner。

So not to belabor the point too much on the second half visibility, but you mentioned the -- sort of the key product ramp for the back half of the year, I think, sort of on the sensing side of things.

因此，不要在下半年的知名度上過多強調這一點，但你提到了 - 我認為，今年下半年的關鍵產品坡度，有點在事物的傳感方面。

You've also highlighted in the past a silicon carbide ramp.

您過去還強調了碳化矽坡道。

Just how is your visibility there in terms of sort of the key customers starting in the back half of the year?

就今年下半年開始的主要客戶而言，您的知名度如何？

And also, can you perhaps shed a little bit more light about engagement elsewhere?

而且，您能否更清楚地了解其他地方的參與情況？

I think you said you had a win in Asia for silicon carbide.

我想你說過你在亞洲贏得了碳化矽。

Just sort of how you expect trends to progress there for '18 and '19 based on customer engagement.

只是根據客戶參與度，您期望 18 年和 19 年的趨勢如何發展。

We are, first of all, in the condition to confirm the ramp, which is not the major program that we have described.

首先，我們處於確認斜坡的狀態，這不是我們描述的主要計劃。

The major program is also -- as we already said, is also calling for important capital investment.

主要計劃也——正如我們已經說過的那樣，也在呼籲重要的資本投資。

The silicon carbide is an important contributor in the second half.

碳化矽是下半年的重要貢獻者。

It's starting.

開始了

I think it's pretty innovative because it is high volume.

我認為它非常具有創新性，因為它的產量很高。

And I -- we are very proud about this growth on silicon carbide.

我——我們對碳化矽的這種增長感到非常自豪。

And we see an acceleration of design wins on silicon carbide products.

我們看到碳化矽產品的設計勝利加速。

And in the press release we mentioned this design award in Asia, but there are many things moving on also in Europe.

在新聞稿中，我們提到了這個亞洲設計獎，但歐洲也有很多事情正在發生。

This is, I believe, important to underline.

我認為，強調這一點很重要。

So it is a new generation of products.

所以它是新一代的產品。

And of course, there will be a contribution in the second part of this year, but we are confident that this contribution will grow materially in the next few years.

當然，今年下半年會有貢獻，但我們有信心在未來幾年內，這一貢獻將大幅增長。

The next question is from Mathias Santos Silva from Morgan Stanley.

下一個問題來自摩根士丹利的 Mathias Santos Silva。

First, regarding to the CapEx ramp, is this entirely related to models to be launched this year?

首先，關於資本支出的增長，這是否完全與今年推出的車型有關？

Or is there also some in there regarding models to be launched next year?

或者還有一些關於明年推出的車型？

And also, in the application that is going out in the market in the second half that will drive that revenue ramp and -- do you forecast that kind of application going into broad-based smartphone manufacturers as well, or is it mostly related to that one customer perhaps?

而且，在下半年將推向市場的應用程序中，這將推動收入的增長——你是否預測這種應用程序也會進入基礎廣泛的智能手機製造商，或者它是否主要與此相關也許是一位顧客？

Well, CapEx, you...

好吧，資本支出，你...

Yes.

是的。

On CapEx, you could expect at the end -- intense capital spending is, at the end, addressing all the, say, 3 relevant objective for us, which is to start the new program in the second half of the year.

在資本支出方面，你可以期待最後 - 大量的資本支出最終會解決我們所有的 3 個相關目標，即在今年下半年啟動新計劃。

It's to build the capacity for expanding revenues in the second half of the year and preparing capacity for 2018.

就是為下半年擴大營收做準備，為2018年做產能準備。

And this is almost across all the different process technologies for the company and to serve growth for all the 3 product groups and the imaging division or the subset of our business.

這幾乎涵蓋了公司所有不同的工藝技術，並為所有 3 個產品組和成像部門或我們業務的子集的增長服務。

Yes.

是的。

To respond to the second question, when we talk about this major project.

回答第二個問題，當我們談到這個重大項目時。

And of course, this is not one single device.

當然，這不是一個單一的設備。

This is obvious.

這是顯而易見的。

And some of the products are certainly suitable for many, many customers, while some other products are more dedicated to one customer.

而且有些產品肯定適合很多很多客戶，而有些產品則更專注於一個客戶。

The next question is from Robert Sanders from Deutsche Bank.

下一個問題來自德意志銀行的羅伯特桑德斯。

A question for Jean-Marc.

讓-馬克的問題。

I was just -- you mentioned you had a capability in structured light.

我只是 - 你提到你有結構光的能力。

I was just wondering what capability you have today in wafer-level optics.

我只是想知道你們今天在晶圓級光學方面有什麼能力。

Or are you partnering with firms like CDA or Himax?

或者您正在與 CDA 或 Himax 等公司合作？

And then the second question will just be on the Time-of-Flight.

然後第二個問題將只是關於飛行時間。

You've now -- you've launched a multi-object, multi-array scanner.

你現在——你已經啟動了一個多對象、多陣列掃描儀。

I was just wondering what kind of level of increase of content that could generate versus your simple SPAD-based proximity sensor today.

我只是想知道與今天基於 SPAD 的簡單接近傳感器相比，可以生成什麼樣的內容增加級別。

Just a sort of multiple would be interesting.

只是一種倍數會很有趣。

No, what is important when you would like to control this kind of technology is to have the skill, the technical skill, in the critical components.

不，當你想控制這種技術時，重要的是在關鍵組件中擁有技能，技術技能。

Of course, in structured light one of the critical component is the diffracted optical element.

當然，在結構光中，關鍵部件之一是衍射光學元件。

And you mentioned Himax.

你提到了 Himax。

Okay, of course, Himax is one of the key supplier in the world.

好的，當然，Himax 是世界上主要的供應商之一。

What is important for us is to have the technical skill to understand what are the best components and the best offer in the world.

對我們來說重要的是擁有了解什麼是世界上最好的組件和最好的報價的技術技能。

Then -- it is an example.

然後——這是一個例子。

Then you have the [vexel].

然後你有[vexel]。

Vexel , there is many vexel ; many power, different power for Time-of-Flight, okay; for structured light.

像素，有很多像素；很多功率，飛行時間的不同功率，好的；用於結構光。

For us, it's important to have the skill to be able to know very well the process, to assess the capability of the value vendor and to challenge them.

對我們來說，重要的是擁有能夠很好地了解流程、評估價值供應商的能力並向他們提出挑戰的技能。

[After], there is also a component like that, like the filters, okay; lens; and so on and so forth.

[After]，還有一個類似的組件，比如過濾器，好吧；鏡片;等等等等。

So ST, we have built in our imaging division a very strong capability to understand this key components, from the bill of material to challenge around them.

所以 ST，我們在我們的成像部門建立了一個非常強大的能力來理解這個關鍵組件，從材料清單到圍繞它們的挑戰。

But -- and then one of the key capability we have is an engineering and manufacturing capability to assemble and test all these components in a module.

但是——然後我們擁有的關鍵能力之一是工程和製造能力，可以在一個模塊中組裝和測試所有這些組件。

By the way, this is what we have demonstrated last year with one component for a famous customer we have delivered in the course of 2016.

順便說一句，這就是我們去年為我們在 2016 年交付的一位著名客戶展示的一個組件。

So really, we control -- we have a good control of the supply chain and we have a good control of the manufacturing of this kind of modules.

所以真的，我們控制 - 我們對供應鏈有很好的控制，我們對這種模塊的製造有很好的控制。

But then from silicon point of view, means the sensors or the Time-of-Flight all-in-1 technology [that year], we have, okay, this is [walker competitors] in term of silicon [footprint].

但是從矽的角度來看，意味著傳感器或飛行時間一體機技術 [那年]，我們有，好吧，這是 [walker competitors] 在矽 [footprint] 方面。

And we know the technology.

我們知道這項技術。

We have a very good road map, a very aggressive road map.

我們有一個非常好的路線圖，一個非常積極的路線圖。

And we position ourselves for future generation.

我們為下一代定位自己。

Great, that's helpful.

太好了，這很有幫助。

And just on the Time-of-Flight, I think the current proximity sensors, it's only a $1 component, the one you ship into the iPhone, but I would assume, with an array, these multi-point Time-of-Flight sensors are significantly higher.

就飛行時間而言，我認為當前的接近傳感器，它只是一個 1 美元的組件，您將其運送到 iPhone 中，但我假設這些多點飛行時間傳感器具有陣列明顯更高。

Do you have a sort of rough estimate of how much more content you -- these could generate?

您是否粗略估計了您可以生成多少內容？

Well, we cannot comment on the prices.

好吧，我們不能對價格發表評論。

Of course, price and complexity are related, but this -- and also, I do not want to comment on the price of the existing solution.

當然，價格和復雜性是相關的，但這個——而且，我不想對現有解決方案的價格發表評論。

You mentioned it, so it's certainly not possible for us to comment on the price.

你提到了它，所以我們當然不可能對價格發表評論。

But clearly, with more content, more complexity, the evolution of the price is in the right direction.

但顯然，內容更多、複雜性更高，價格的演變是朝著正確的方向發展的。

The next question is from Stephane Houri from Natixis.

下一個問題來自 Natixis 的 Stephane Houri。

I have a question on gross margin because you commented that the unused charge of -- is very limited.

我有一個關於毛利率的問題，因為你評論說未使用的費用非常有限。

So what are the ways to improve the gross margin going further?

那麼有什麼方法可以進一步提高毛利率呢？

And what is the potential?

潛力是什麼？

Well, Carlo will comment.

好吧，Carlo 會發表評論。

And I will say the potential is significant.

我會說潛力是巨大的。

Again, the -- you know, Stephane, that already in the guidance for the next quarter we are anticipating at the midpoint of the guidance another step of progression.

同樣，你知道，斯蒂芬，已經在下一季度的指導中，我們預計在指導的中點會有另一個進展。

I believe really what is nicely coming in, as expected, is that the innovation is making product mix able to somehow compensate the natural or beat in the future the natural price erosion in the industry.

正如預期的那樣，我相信真正好的結果是，創新正在使產品組合能夠以某種方式補償自然或在未來擊敗行業的自然價格侵蝕。

And the gross margin can take advantage of higher efficiencies.

毛利率可以利用更高的效率。

And efficiencies, of course, is a function on the volume of the fab not only in respect to the absorption of the unused capacity charges that now is fully done, but also in respect there are the big opportunity of scaling-up capacity in the fab going forward.

當然，效率是晶圓廠數量的函數，不僅與吸收現在已完全完成的未使用產能費用有關，而且與晶圓廠擴大產能的巨大機會有關向前走。

When we have entered the year, we have anticipated for the second half of the year a very significant contribution to the wafer cost, particularly in 300 millimeter, from scaling-up a fab.

當我們進入這一年時，我們預計今年下半年晶圓成本將因擴大晶圓廠而產生非常顯著的貢獻，尤其是 300 毫米晶圓成本。

It's also associated with the new program.

它還與新程序相關聯。

And this is really to come for the second half of the year.

這真的會在今年下半年到來。

Okay, okay.

好吧好吧。

And just a follow-up, if I may, looking at your Q2 guidance of 5% growth.

如果可以的話，只是一個後續行動，看看你的第二季度增長 5% 的指導。

Could you give us some indication about what's going to happen into the different division?

你能給我們一些關於不同部門會發生什麼的指示嗎？

Which is going to fastest growing and the one who will grow less?

哪一個增長最快，哪個增長慢？

Yes, Carlo will take...

是的，卡羅會帶...

As usual, without characterizing specifically growth by subgroups, I may indicate to you where we expect a more solid growth sequentially for the next quarter.

像往常一樣，在不按子組具體描述增長的情況下，我可能會向您指出我們預計下一季度將在哪些方面實現更穩健的增長。

And this is -- certainly, about the automotive and the micro memories and the secure microcontrollers, is in a second level for power discrete and analog; and in the case of digital will be a further slight erosion associated with the phaseout of legacy.

這是——當然，關於汽車、微型存儲器和安全微控制器，是功率分立和模擬的第二個層次；在數字化的情況下，隨著遺留系統的逐步淘汰，將進一步受到輕微侵蝕。

The next question is from Amit Harchandani from Citigroup.

下一個問題來自花旗集團的 Amit Harchandani。

Amit Harchandani from Citigroup.

來自花旗集團的 Amit Harchandani。

Two, if I may.

兩個，如果可以的話。

My first question would be around trends in the distribution business and also inventory levels across the supply chain.

我的第一個問題是關於分銷業務的趨勢以及整個供應鏈的庫存水平。

Could you maybe share your thoughts in terms of the segments, how you have seen the trends in distribution evolve as you have gone through the quarter and maybe some initial thoughts on the month of April?

您能否就細分市場分享您的想法，您如何看待整個季度的分銷趨勢演變以及 4 月份的一些初步想法？

And then I have a second question after that.

然後我有第二個問題。

The visibility, well, first of all, we know well Q1.

可見性，嗯，首先，我們很了解 Q1。

And I can say that it was unprecedentedly strong to us with a very healthy situation (inaudible).

我可以說，在非常健康的情況下（聽不清），這對我們來說是前所未有的強大。

This is across-the-board.

這是全面的。

And I have to say that Asia is strong, but Europe that is important for us in distribution of course is also very, very strong, even stronger than Asia.

我不得不說亞洲很強大，但對我們來說在分銷方面很重要的歐洲當然也非常非常強大，甚至比亞洲還要強大。

And we do not see any change in April.

我們沒有看到 4 月份有任何變化。

And we see very good trends in the months of April both in terms of bookings and in terms of POS.

我們在 4 月份的預訂和 POS 方面都看到了非常好的趨勢。

And I would like to underline again that the situation of inventory is pretty healthy.

我想再次強調庫存情況非常健康。

And of course, what we are trying to do here: For instance, yesterday and the day before yesterday, we had a major event in China on our STM32.

當然，我們在這裡要做的是：例如，昨天和前天，我們在 STM32 上在中國舉辦了一場大型活動。

We had 2,000 participants to this event.

我們有 2,000 名參與者參加了這次活動。

And this is mostly developers, people working with our microcontrollers and building around our microcontrollers with other products.

這主要是開發人員，他們使用我們的微控制器並圍繞我們的微控制器構建其他產品。

And this is exactly what we want to do.

而這正是我們想要做的。

We want to sell more around our STM32, so we are encouraged by this trend.

我們希望圍繞我們的 STM32 銷售更多產品，因此我們對這一趨勢感到鼓舞。

So we see a good momentum.

所以我們看到了良好的勢頭。

It was strong in Q1.

第一季度表現強勁。

And I think somebody mentioned before that our microcontroller, general-purpose microcontroller.

我想有人之前提到過我們的微控制器，通用微控制器。

It was $1 billion business or so before.

以前是 10 億美元左右的業務。

I think, today, the run rate is more $300 million per quarter and growing.

我認為，今天，每季度的運行率超過 3 億美元，並且還在增長。

And this is -- I believe it is a fundamental family for our mass-market strategy and for our distribution business.

這是——我相信它是我們大眾市場戰略和分銷業務的一個基本家族。

And we want to sell more of the rest of our kits together with our STM32.

我們希望與 STM32 一起銷售更多其他套件。

So pretty good visibility in distribution.

所以在分佈方面的可見性非常好。

And maybe just a second question.

也許只是第二個問題。

I was looking at the press release this morning with respect to the proposals for the new executive team and the creation of the position of Deputy CEO.

我今天早上正在看有關新執行團隊提案和副首席執行官職位設立的新聞稿。

I just wanted to understand your thoughts behind coming up with this new executive team structure, if it's in response to what you see out there in the industry.

我只是想了解您提出這個新的執行團隊結構背後的想法，如果它是為了回應您在行業中看到的情況。

And also, should we maybe look at the creation of a Deputy CEO position as a step in the succession planning thinking 1 year from now?

而且，我們是否應該將設立副 CEO 職位作為 1 年後繼任計劃思考的一個步驟？

Or am I getting ahead of myself?

還是我超前了？

Yes, well, I think, first of all, I believe this is a unique opportunity for Jean-Marc.

是的，嗯，我認為，首先，我相信這對 Jean-Marc 來說是一個獨特的機會。

We have been working with Jean-Marc with now many, many years.

我們已經與 Jean-Marc 合作了很多年。

In fact, it's since the moment of creation of the company in 1987.

事實上，自 1987 年公司創立之時起。

So it's certainly an important step for Jean-Marc.

所以這對 Jean-Marc 來說無疑是重要的一步。

I mean Jean-Marc in his career managed manufacturing technologies, certain products.

我的意思是 Jean-Marc 在他的職業生涯中管理製造技術，某些產品。

And we -- this is a unique opportunity to expand.

而我們——這是一個獨特的擴張機會。

We mentioned in our press release that there will be a more -- a stronger involvement of Jean-Marc in sales and marketing.

我們在新聞稿中提到，Jean-Marc 將更多地參與銷售和營銷。

So I think it's well deserved.

所以我認為這是當之無愧的。

Times are getting better.

時代在變好。

And Jean-Marc gave an important contribution, a very important contribution in the turnaround in this area.

Jean-Marc 做出了重要貢獻，在這個領域的轉變中做出了非常重要的貢獻。

Having said that, it is certainly not up to me to comment on the succession.

話雖如此，我當然不能對繼任發表評論。

This is not a matter that is discussed at the level of management.

這不是在管理層討論的問題。

This, of course, is our Supervisory Board.

這當然是我們的監事會。

True.

真的。

And just the rest of the executive team structure, the changes there, I just wanted to understand the thought process behind that, if...

只是執行團隊結構的其餘部分，那裡的變化，我只是想了解其背後的思維過程，如果......

Well, the changes are -- there are basically 2 changes.

好吧，變化是——基本上有兩個變化。

One change is the unification of the regions.

一個變化是地區的統一。

I think this is a step two.

我認為這是第二步。

Of course, all the organizations can work very nicely or maybe a little bit less, but I think -- we believe this is the right moment to make this step.

當然，所有組織都可以很好地工作，或者可能會少一些，但我認為 - 我們相信現在是邁出這一步的正確時機。

Some of our customers are, of course, very, very global.

當然，我們的一些客戶非常、非常全球化。

And this -- including some of our distributors, our presence with distributors is becoming more and more important.

而這 - 包括我們的一些分銷商，我們與分銷商的關係變得越來越重要。

And of course, we also want to make sure that it is a very good global approach in the -- in what we do with our global distributors.

當然，我們還希望確保這是一種非常好的全球方法——在我們與全球分銷商的合作中。

And the other one is somehow related to the promotion of Jean-Marc; and is the promotion of Orio Bellezza, that he's taking also the digital technologies on top of what he already has in terms of power and analog technologies.

另一個與讓-馬克的晉升有某種關係；並且是 Orio Bellezza 的提升，他還在他已經擁有的電源和模擬技術方面採用了數字技術。

The rest is basically a continuation that I think is a natural evolution.

剩下的基本上就是我認為是自然進化的延續。

I think, of course, the role of Jean-Marc is a unique role.

我認為，當然，讓-馬克這個角色是一個獨特的角色。

And I am sure that we will continue with the turnaround.

我相信我們將繼續扭轉局面。

We are better but certainly not at the level we want to be.

我們更好，但肯定沒有達到我們想要的水平。

And there is the opportunity to make another important step in the second half of this year -- and well, in Q2, first of all, then in the second half of this year and of course also in 2018.

並且有機會在今年下半年邁出另一個重要的一步——好吧，首先是在第二季度，然後是今年下半年，當然還有 2018 年。

The next question is from Lee Simpson from Stifel.

下一個問題來自 Stifel 的 Lee Simpson。

Maybe to circle back to OpEx, if I could, and SG&A in particular.

如果可以的話，也許可以回到 OpEx，尤其是 SG&A。

SG&A looked pretty steady last year, but going into Q1, things have picked up a little, perhaps a little higher than just my modeling, but I'm just trying to get a sense for how that pans out through the year.

去年 SG&A 看起來相當穩定，但進入第一季度，情況有所好轉，可能比我的模型高一點，但我只是想了解這一年的情況。

And I'm looking in particular for comments as it relates to restructuring.

我特別在尋找與重組相關的意見。

I mean obviously restructuring has been heavy for the last 2 years.

我的意思是，過去 2 年的重組很明顯。

I just wonder if the restructuring charges having now peaked means the SG&A -- the downside of the -- the ability to push SG&A down has maxed out already.

我只是想知道重組費用現在是否已經達到頂峰意味著 SG&A——降低 SG&A 的能力已經達到極限。

I believe the short answer to your question is the progression on -- the status of progression in the set-top box restructuring plan.

我相信對您的問題的簡短回答是機頂盒重組計劃的進展情況。

We are now at a stage that most of savings are already in.

我們現在所處的階段是大部分儲蓄已經到位。

About 74% of the target savings are already in the result of the first quarter.

第一季度的結果已經實現了大約 74% 的目標節省。

And certainly, the portion still to go is the one that could help going forward to be absorbed the normal inflationary dynamic in expenses, some strengthening of our firepower in sales and marketing.

當然，仍有待完成的部分是可以幫助未來吸收正常的費用通貨膨脹動力，加強我們在銷售和營銷方面的火力的部分。

So at the end, as anticipated when we talk in January, we'll see the combination of the completion of the restructuring plan and other ingredients to be substantially offering the company the possibility to keep expenses in this range of the $550 million net per quarter, on one side; and on the other side, doing so taking full advantage to the operating margin from the top line growth.

所以最後，正如我們在 1 月份談話時所預期的那樣，我們將看到重組計劃的完成和其他因素的結合將大大為公司提供將支出保持在每季度淨 5.5 億美元的範圍內的可能性， 在一邊;另一方面，這樣做是為了充分利用收入增長帶來的營業利潤率。

Great.

偉大的。

So I guess in summary we can expect some further savings in R&D as a result.

因此，我想總而言之，我們可以期待進一步節省研發費用。

Again, what we could expect going forward in the next quarter is expenses, the net expenses, operating expenses to be substantially flattish.

同樣，我們可以預期下一季度的支出、淨支出、運營支出將基本持平。

And this is also what we are anticipating with the visibility of the second quarter.

這也是我們對第二季度可見度的預期。

That could be a few million higher than the first quarter.

這可能比第一季度高出幾百萬。

And the third quarter, that will be some millions lower than the second quarter and the first.

第三季度，這將比第二季度和第一季度少幾百萬。

Got you.

明白了

That's pretty clear.

這很清楚。

And maybe just circling back to the earlier question.

也許只是回到之前的問題。

And I think this one goes to Jean-Marc.

我想這個是給讓-馬克的。

You were very good at giving us detail around the expansion to an array solution in Time-of-Flight, but you stepped back from giving the ASP increase.

您非常擅長向我們提供有關飛行時間陣列解決方案擴展的詳細信息，但您卻沒有提供 ASP 增長。

In the absence of giving us an ASP increase, could you give us perhaps the silicon area increase...

在沒有給我們增加 ASP 的情況下，您能否給我們增加矽面積......

This is even worse.

這更糟。

But I guess -- well, I guess, if we can get a ratio on the array itself.

但我想——好吧，我想，如果我們能得到陣列本身的比率。

I mean, if we're -- are we going from a 0.4 by 0.4 to a 1-millimeter-squared solution.

我的意思是，如果我們 - 我們是從 0.4 x 0.4 到 1 平方毫米的解決方案嗎？

Is that the way to look at this?

這是看待這個的方式嗎？

No, we cannot...

不，我們不可以...

No, we cannot comment.

不，我們無法發表評論。

Also, of course, it's never that clear whether we are talking about exactly the same thing.

此外，當然，我們是否在談論完全相同的事情從來都不是那麼清楚。

It is about the evolution of the Time-of-Flight.

它是關於飛行時間的演變。

Or this is a more complex chipset.

或者這是一個更複雜的芯片組。

I already mentioned that we are not talking about one product here.

我已經提到我們在這裡不是在談論一種產品。

And I think it's very, very complex.

我認為這非常非常複雜。

I -- what I can say is that this is a unique capability that we have in ST.

我——我能說的是，這是我們在 ST 中擁有的獨特能力。

And of course, we want to lever on this capability.

當然，我們希望利用這種能力。

And it is coming from the, let's say, all of these speciality technologies that we have developed in imaging.

它來自於我們在成像領域開發的所有這些專業技術。

And we want to have a very, very important return.

我們希望獲得非常非常重要的回報。

And now we are in the phase of the ramp-up, and we are on track.

現在我們正處於加速階段，我們正在走上正軌。

And I'm sure we can give more information, of course, during the next 2 months.

當然，我相信我們可以在接下來的 2 個月內提供更多信息。

Typically.

通常。

Great.

偉大的。

So stay tuned, Lee.

敬請期待，李。

The next question is from Veysel Taze from Oddo.

下一個問題來自 Oddo 的 Veysel Taze。

I have one question regarding your MEMS business.

我有一個關於您的 MEMS 業務的問題。

It was a little bit difficult to read the development in the MEMS business if you look at the -- or the news flow from China about inventories -- inventory correction there et cetera.

如果你看一下——或者來自中國的關於庫存的新聞——那裡的庫存修正等等，就很難讀懂 MEMS 業務的發展。

But your MEMS business has grown and very strong in Q1.

但是您的 MEMS 業務在第一季度增長且非常強勁。

I see the point that, Samsung, you had one additional design win versus the prior generation with the touch controller.

我明白這一點，三星，與上一代觸摸控制器相比，你在設計上獲得了額外的勝利。

Was that the main driver, or are there other factors which drove the business here?

這是主要驅動因素，還是有其他因素推動了這裡的業務發展？

No, the touch controller is not reported in the MEMS.

不，觸摸控制器未在 MEMS 中報告。

The touch controller is reported in our analog, [yes].

觸摸控制器在我們的模擬中報告，[是]。

So there is no relation.

所以沒有關係。

I mean it's -- of course, it's reported in AMG, I mean, but you talk about MEMS, so I wanted to be accurate.

我的意思是——當然，它是在 AMG 中報告的，我的意思是，但你談論的是 MEMS，所以我想準確一點。

Now what we see in MEMS, it is a strong demand.

現在我們在 MEMS 中看到的是強烈的需求。

The month of March was a pretty strong bookings.

3 月份的預訂量相當強勁。

And I have to say that, in February, the -- with the Chinese New Year, there was a correction, but there's the very, very strong month and very strong March booking on MEMS.

我不得不說，在 2 月份，隨著中國農曆新年的到來，出現了調整，但 MEMS 的月份和 3 月份的預訂量非常非常強勁。

Carlo mentioned before that we will grow sequentially on MEMS moving into Q2.

Carlo 之前提到，我們將在進入第二季度的 MEMS 上按順序增長。

So the growth year-over-year will be substantial growth.

因此，同比增長將是大幅增長。

And the priorities are always the same.

而且優先級總是相同的。

I think we wanted to diversify this business, diversify in terms of technologies, so not only MEMS sensors but also MEMS micro actuators.

我認為我們希望使這項業務多樣化，在技術方面實現多樣化，因此不僅是 MEMS 傳感器，還有 MEMS 微執行器。

We want to diversify in terms of customers.

我們希望在客戶方面實現多元化。

And so you mentioned Samsung, but we want to be more spread with many customers, including important customers in China.

所以你提到了三星，但我們希望更多地傳播給很多客戶，包括中國的重要客戶。

And we importantly want to diversify in terms of market segments.

重要的是，我們希望在細分市場方面實現多元化。

And I mentioned before that what we do in MEMS for automotive is not yet at the level, I believe, of the potential that we have in this area, and this is certainly an important priority.

我之前提到過，我認為我們在汽車 MEMS 方面所做的工作還沒有達到我們在該領域的潛力水平，這當然是一個重要的優先事項。

So -- and I tried to gave you -- to give you the 3 axes: diversification in terms of technology, diversification in terms of customer base and diversification in terms of market.

所以——我試著給你——給你三個軸：技術多元化、客戶群多元化和市場多元化。

Yes, the momentum is good, and we see a good trend.

是的，勢頭不錯，我們看到了好的趨勢。

And the month of March was pretty strong and the demand is strong.

三月份非常強勁，需求強勁。

And...

和...

Sorry.

對不起。

I think I missed it.

我想我錯過了。

The touch controller is part of which segment?

觸摸控制器屬於哪個部分？

Analog.

模擬。

Analog.

模擬。

Okay.

好的。

And then second question, regarding the gross margin and what Carlo Ferro mentioned regarding the scaling up of the volumes and the fabs.

然後是第二個問題，關於毛利率以及 Carlo Ferro 提到的關於擴大產量和晶圓廠的內容。

And if -- so I look at your gross margin profile first half this year versus first half of last year.

如果 - 那麼我看看今年上半年與去年上半年的毛利率情況。

So it seems like around 400 basis points of year-over-year growth.

所以看起來同比增長大約 400 個基點。

So the question will be what could be the kind of leverage you can get in the second half of the year, as indication.

因此，問題將是你在今年下半年可以獲得什麼樣的槓桿作用，作為跡象。

I mean, last year, you had roughly 7 -- 37% in second half of the year.

我的意思是，去年下半年大約有 7 - 37%。

Is there -- what would be like the opportunity there?

那裡有什麼機會？

The 400 basis points, I guess, in first half will be too high.

我猜上半年的 400 個基點太高了。

You see, for the time being, it's nice to see that now is several quarters in a row that, each quarter, gross margin is 4 or above 4 points higher than the prior year quarter.

你看，目前，很高興看到現在連續幾個季度，每個季度的毛利率比去年同期高出 4 個或 4 個百分點以上。

Yes.

是的。

So it's -- we cannot give the guidance for Q3.

所以它 - 我們無法為第三季度提供指導。

I think, as I said it, we believe that there are significant opportunities.

我認為，正如我所說，我們相信存在重大機遇。

Carlo mentioned already very well, I mean, what is the effect of the some part in certain fab.

Carlo 已經很好地提到了，我的意思是，某些晶圓廠中某些部分的作用是什麼。

That is a very important thing to do.

這是一件非常重要的事情。

And we have -- due to the turn of inventory, we have a positive effect in Q3, starting from Q3.

我們有——由於庫存周轉，我們對第三季度產生了積極影響，從第三季度開始。

One final one, on your auto business, if I may.

最後一個，如果可以的話，關於你的汽車業務。

In the auto business you mentioned that it will -- growth will accelerate for the rest of the year.

在您提到的汽車業務中，今年剩餘時間增長將加速。

And if I look at growth in Q1, it was 5 -- above 5%.

如果我看一下第一季度的增長率，它是 5——高於 5%。

You -- but nevertheless, if I look some of the peers, they are expecting for this year double-digit growth in their auto business, and so -- and all the Q1 for some of them looked really stronger than your Q1.

你 - 但儘管如此，如果我看一些同行，他們預計今年他們的汽車業務將實現兩位數的增長，所以 - 其中一些人的所有第一季度看起來都比你的第一季度更強勁。

So acceleration, an indication how strong this acceleration could be.

所以加速，表明這種加速有多強。

So could we move into double-digit range, or high double -- single digit?

那麼我們能否進入兩位數範圍或高兩位數 - 一位數？

Yes, well, I -- my comment was -- before was year-over-year, all right?

是的，好吧，我——我的評論是——之前是年復一年，好嗎？

And so I was -- and I was saying that, when we compare with others, we need to take in consideration also the organization of the company.

所以我 - 我是說，當我們與其他人進行比較時，我們還需要考慮公司的組織。

And we have products that are important products for automotive that are maybe not in ADG.

我們的產品是汽車的重要產品，可能不在 ADG 中。

I want -- or in APG in particular.

我想要——或者特別是在 APG 中。

For instance -- let's make, Carlo, examples.

例如——Carlo，讓我們舉個例子。

The silicon carbide growth is certainly for automotive, and these will be in ADG, all right?

碳化矽的增長肯定是為了汽車，這些將在 ADG 中，好嗎？

It will be in the discrete part of ADG.

它將位於 ADG 的離散部分。

We expect a strong growth on digital in the automotive, and this will be in what we call APG that is still part of ADG.

我們預計汽車數字化將實現強勁增長，這將出現在我們稱之為 APG 的領域，它仍然是 ADG 的一部分。

But there are other families, very important families, for us in the automotive, as I mentioned before.

但正如我之前提到的，在汽車行業還有其他家族，非常重要的家族。

It's, of course, MEMS.

當然是 MEMS。

And there are other companies that are reporting the sensors for automotive together with the business segments.

還有其他公司與業務部門一起報告汽車傳感器。

For us, of course, it's automotive in terms of customers.

對我們來說，當然，就客戶而言，它是汽車。

And this is going to be report under MEMS, right?

這將在 MEMS 下進行報告，對嗎？

And so if you put all together, year-over-year, we want to be close to double-digit growth, yes.

所以如果你把所有的東西放在一起，同比，我們希望接近兩位數的增長，是的。

The last question is from Gianmarco Bonacina from Equita SIM.

最後一個問題來自 Equita SIM 的 Gianmarco Bonacina。

Just a quick one about car electrification.

簡單介紹一下汽車電氣化。

You mentioned new design wins in Q1.

你提到了第一季度的新設計勝利。

I read in the press release in particular there is one on SiC MOSFET with an Asian OEM.

我在新聞稿中特別看到了一家亞洲 OEM 的 SiC MOSFET。

Can you give a little bit more detail?

你能提供更多細節嗎？

Is this in Japan, or in China?

這是在日本還是在中國？

And then more broadly, can we say that the bill of material for you is pretty similar either if it's hybrid or pure electric?

然後更廣泛地說，我們可以說無論是混合動力還是純電動，您的材料清單都非常相似嗎？

Or let's say on average there is a lot of difference because we are basically trying to track the announcement in terms of new products from the different OEMs.

或者說平均而言存在很大差異，因為我們基本上是在嘗試跟踪來自不同 OEM 的新產品方面的公告。

No -- well, first of all, on the customer, every time we can mention the customer, we tend to do.

不——好吧，首先，關於客戶，每次我們可以提及客戶時，我們都傾向於這樣做。

And when we can not, we are not in the position of commenting the customer name and we do not do.

當我們不能時，我們無法評論客戶名稱，我們也不會這樣做。

I think what is important for us is there are 2 applications.

我認為對我們來說重要的是有 2 個應用程序。

One, of course, is the inverter.

其中之一當然是逆變器。

And that is then the system that is driving the electric model.

這就是驅動電動模型的系統。

And our proposition here, of course, is to start replacing IGBT with our SiC PowerMOS.

當然，我們在這裡的提議是開始用我們的 SiC PowerMOS 取代 IGBT。

And there are many, many PowerMOS per inverter.

每個逆變器有很多很多 PowerMOS。

And now I cannot say the number, but there are many, many PowerMOS per inverter, tens of PowerMOS per inverters.

現在我不能說這個數字，但是每個反相器有很多很多 PowerMOS，每個反相器有幾十個 PowerMOS。

And this is one opportunity every time there is an inverter.

每次有逆變器時，這都是一次機會。

So every time there is an electric model in the car.

所以每次車上都有電動車型。

So of course, including hybrids.

所以當然，包括混合動力車。

And there is another application where we believe that SiC is also a very good solution.

還有另外一個應用，我們認為SiC也是一個很好的解決方案。

It is the on-board charger.

這是車載充電器。

And I think our products are suitable both for the inverter and the on-board charger.

而且我認為我們的產品既適用於逆變器，也適用於車載充電器。

For the customer, I've been told the [other times] maybe I can say the region, not the customer.

對於客戶，有人告訴我 [其他時候] 也許我可以說地區，而不是客戶。

Yes, I can say the region, not the customer.

是的，我可以說地區，而不是客戶。

So it's China.

所以是中國。

So it's China, yes.

所以這是中國，是的。

At this point, we'll go ahead and wrap up.

在這一點上，我們將繼續並結束。

And as Carlo mentioned earlier on, we will have our Capital Markets Day on May 11 in London.

正如 Carlo 之前提到的，我們將於 5 月 11 日在倫敦舉辦資本市場日。

If you need any information on that, please contact investor relations.

如果您需要這方面的任何信息，請聯繫投資者關係部。

And again, thank you for participating.

再次感謝您的參與。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, the conference is now over.

女士們，先生們，會議到此結束。

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

感謝您選擇 Chorus Call，也感謝您參加會議。

You may now disconnect your lines.

您現在可以斷開線路。

Goodbye.

再見。