意法半導體 (STM) 2018 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the third quarter 2018 earnings release conference call and live webcast.

女士們、先生們，歡迎來到 2018 年第三季財報電話會議和網路直播。

I am Moira, the Chorus Call operator.

我是莫伊拉，合唱呼叫操作員。

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

（操作員說明）不得對會議進行錄音以供出版或廣播。

At this time, it's my pleasure to hand over to Ms. 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 女士。

Please go ahead, sir.

請繼續，先生。

Good morning.

早安.

Thank you, everyone, for joining our third quarter 2018 financial results conference call.

感謝大家參加我們的 2018 年第三季財務業績電話會議。

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

今天主持電話會議的是 ST 總裁兼執行長 Jean-Marc Chery。

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

今天與 Jean-Marc 一起參加電話會議的包括：財務、基礎設施和服務總裁兼財務長 Lorenzo Grandi； Marco Cassis，銷售、行銷、傳播和策略開發總裁。

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

您可以在 ST 的投資者關係網站上存取該現場網路廣播和演示資料。

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 最新的監管文件中包含的安全港聲明，以獲取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 Jean-Marc, ST's President and CEO.

我現在想將電話轉給 ST 總裁兼執行長 Jean-Marc。

So thank you, Tait.

所以謝謝你，泰特。

Good morning, everybody, and thank you for joining ST on our earning calls today.

大家早安，感謝您今天參加 ST 的財報電話會議。

So let me begin with some high-level comments.

讓我先發表一些高層評論。

ST is on track to deliver a year of strong growth in revenues, operating profitability and earnings per share.

ST預計今年將實現收入、營業利潤和每股收益的強勁成長。

We are focused on driving sustainable profitable growth, and our third quarter is another step forward in our progress.

我們專注於推動可持續的獲利成長，第三季是我們進步的又一步。

Importantly, revenue growth and operating leverage are translating into expansion of profitability.

重要的是，收入成長和營運槓桿正在轉化為獲利能力的擴大。

Based upon our results and outlook, we anticipate net revenues in 2018 to grow about 16% at the midpoint.

根據我們的業績和展望，我們預計 2018 年淨收入中位數將成長約 16%。

This means we are outpacing the 2018 growth of the market we serve, in line with our expectations that we shared with you at our Capital Market Day back in May.

這意味著我們的成長速度超過了我們所服務的市場 2018 年的成長速度，這符合我們在 5 月資本市場日與您分享的預期。

Now let's move to our financial highlights.

現在讓我們來看看我們的財務亮點。

We had a very good third quarter.

我們第三季的表現非常好。

Our results were very much as expected, and we see a solid fourth quarter ahead of us.

我們的業績非常符合預期，我們預計第四季度將表現強勁。

Third quarter net revenues increased 18% year-over-year, a strong growth for imaging, power discrete and automotive products.

第三季淨收入年增 18%，成像、功率分立元件和汽車產品強勁成長。

On a sequential basis, ST's revenues increased 11.2%, 120 basis points above the midpoint of our guidance on higher-than-expected sales of imaging products.

以環比計算，ST 的收入成長了 11.2%，比我們對影像產品銷售額高於預期的指引中位數高出 120 個基點。

Our gross profit increased by about 19% year-over-year to over $1 billion.

我們的毛利年增約 19%，超過 10 億美元。

On a sequential basis, gross profit increased by about 10%.

毛利環比成長約10%。

Gross margin was 39.8%, 20 basis point above the year-ago period.

毛利率為39.8%，較去年同期高出20個基點。

Net operating expenses came in at $605 million.

淨營運費用為 6.05 億美元。

Operating income, operating margin and net income all grew substantially, both year-over-year and sequentially.

營業收入、營業利潤率和淨利潤均較去年同期和較上季大幅成長。

The increase in profitability translated into strong growth in our net cash from operating activities, which was up over 18% on a trailing 12-month basis to almost $1.8 billion.

獲利能力的提高轉化為我們經營活動產生的淨現金的強勁增長，在過去 12 個月的基礎上增長了 18% 以上，達到近 18 億美元。

Our free cash flow in the quarter was $114 million, back to a positive level compared to the second quarter, as we had expected.

我們本季的自由現金流為 1.14 億美元，與第二季相比恢復到正水平，正如我們預期的那樣。

For the first 9 months, free cash flow was $170 million, comparing favorably with our cash dividends year-to-date of $162 million.

前 9 個月，自由現金流為 1.7 億美元，與年初至今 1.62 億美元的現金股利相比，情況相當不錯。

I confirm that we will have a positive free cash flow for the fourth quarter much higher than our dividend and that we will exit 2018 with a higher net cash position compared to 2017.

我確認，我們第四季的自由現金流將遠高於股息，我們將在 2018 年結束時獲得比 2017 年更高的淨現金部位。

Now let's look at our results by product group, beginning with our Analog, MEMS and Sensors Group.

現在讓我們按產品組來查看結果，首先是模擬、MEMS 和感測器組。

During Q3, AMS revenues reached $899 million, an increase year-over-year of 36.7% on triple-digit growth in imaging and growth in analog and MEMS.

第三季度，AMS 營收達到 8.99 億美元，年增 36.7%，得益於成像領域的三位數成長以及模擬和 MEMS 領域的成長。

AMS operating profit grew about 82% to $157 million and its operating margins extended over 400 basis points to 17.5%.

AMS 營業利潤成長約 82%，達到 1.57 億美元，營業利潤率成長超過 400 個基點，達到 17.5%。

For AMS, we had anticipated second half 2018 operating margins to move into the mid-teens as we benefit from revenue leverage, specifically from smartphone applications.

對於 AMS，我們預計 2018 年下半年的營業利潤率將達到 15%左右，因為我們受益於收入槓桿，特別是智慧型手機應用程式。

In Q3, we exceeded that operating margin target.

第三季度，我們超越了營業利潤率目標。

Moving to our Automotive and Discrete Group.

轉到我們的汽車和離散集團。

ADG's revenue increased 16.3%, just above $900 million, on growth in both Automotive and Power Discrete.

由於汽車和功率分立元件業務的成長，ADG 的收入成長了 16.3%，略高於 9 億美元。

ADG's operating profit increased 36.2% to $116 million.

ADG 的營業利潤成長 36.2%，達到 1.16 億美元。

Its operating margin increased year-over-year to 12.8% from 10.9%.

其營業利潤率年增至 10.9% 增至 12.8%。

For ADG, we had anticipated second half 2018 operating margins to move into the low teens.

對於 ADG，我們預計 2018 年下半年營業利潤率將降至 10% 以下。

Indeed, we made good progress in Q3.

事實上，我們在第三季取得了良好的進展。

As you know, other ST organizations also serve the automotive market.

如您所知，其他 ST 組織也服務於汽車市場。

Overall demand for our automotive product continue to be strong, and we confirm that we expect ST's Automotive business to grow above the company average for 2018 at about 17% year-over-year.

對我們汽車產品的整體需求持續強勁，我們確認，我們預計意法半導體的汽車業務在 2018 年的成長將高於公司平均水平，年成長約 17%。

Finishing our product group discussion with Microcontroller and Digital ICs group.

結束與微控制器和數位 IC 小組的產品小組討論。

MDG's revenues increased 2.5% year-over-year.

MDG的營收年增2.5%。

On a sequential basis, revenues decreased 8.1%.

營收季減 8.1%。

As we have anticipated early in September, we have seen a softening of the market in China.

正如我們九月初所預期的那樣，我們看到中國市場疲軟。

This, coupled with shorter lead time in microcontrollers, translated into some inventory correction.

再加上微控制器的交貨時間較短，轉換為一些庫存修正。

MDG's operating income was $119 million in the third quarter, representing an operating margin of 16.6% compared to 18% in the year-ago period.

MDG第三季營業收入為1.19億美元，營業利益率為16.6%，去年同期為18%。

This was principally due to less favorable mix between microcontrollers and other products.

這主要是由於微控制器和其他產品之間的組合不太有利。

On a year-to-date basis, all product groups are well balanced and posted double-digit revenue growth.

年初至今，所有產品組均保持良好平衡，並實現了兩位數的收入成長。

Operating margin for all the product groups improved on the first 9-month basis compared to the year-ago period.

與去年同期相比，前 9 個月所有產品組的營業利潤率均有所改善。

This brings me to our performance in the 4 end markets we serve.

這讓我了解了我們在所服務的 4 個終端市場中的表現。

A common theme across these markets is our capability to introduce and ramp innovative products, often based on ST proprietary technologies and often first to market.

這些市場的一個共同主題是我們推出和推廣創新產品的能力，這些產品通常基於 ST 專有技術，並且通常會先推向市場。

Our ability to have the right products available in high volumes translates into long-lasting customer relationships and ultimately translates into long-lasting growing revenues.

我們大量提供合適產品的能力可以轉化為持久的客戶關係，並最終轉化為持久增長的收入。

Recent examples include our success in imaging and in silicon carbide.

最近的例子包括我們在成像和碳化矽領域的成功。

Our coverage in automotive is very broad.

我們在汽車領域的覆蓋範圍非常廣泛。

We have an offer for most of the car electronic applications where the silicon content continue to grow much faster than car units.

我們為大多數汽車電子應用提供報價，其中矽含量的成長速度遠遠快於汽車單元。

We have 2 areas of particular focus.

我們有兩個特別關注的領域。

The first is car electrification.

首先是汽車電氣化。

Here, we continue to win designs with our silicon carbide products for onboard chargers as well as charging station applications.

在這裡，我們繼續利用我們的碳化矽產品贏得車載充電器和充電站應用的設計。

As you know, silicon carbide is a strategic priority for ST and our aim is to be the leader here.

如您所知，碳化矽是意法半導體的策略重點，我們的目標是成為該領域的領導者。

We are well positioned.

我們處於有利位置。

Together with industry leaders along the supply chain, we bring radical innovation to the automotive market.

我們與供應鏈上的行業領導者一起，為汽車市場帶來徹底的創新。

As a consequence, we are now working on more than 30 silicon carbide projects across the world with carmakers and Tier 1 suppliers.

因此，我們現在正在全球範圍內與汽車製造商和一級供應商合作進行 30 多個碳化矽專案。

We are ready to capture an important part of this market, which is estimated to be about $3 billion in 2025.

我們已準備好佔領這個市場的重要組成部分，預計到 2025 年該市場的規模將達到約 30 億美元。

The second area is autonomous driving where we won a power management slot for 77-gigahertz radar system.

第二個領域是自動駕駛，我們贏得了 77GHz 雷達系統的電源管理插槽。

Our business in automotive sensors, a key component of autonomous car, also continued with positive momentum this quarter with a number of new wins.

我們的汽車感測器業務是自動駕駛汽車的關鍵部件，本季也持續保持積極勢頭，取得了多項新成果。

Another strategic area for us, industrial with tens of thousand of customers and hundreds of applications where we offer leading-edge products, complemented with our system solution approach.

我們的另一個策略領域是擁有數萬名客戶和數百種應用的工業領域，我們在其中提供領先的產品，並輔以我們的系統解決方案方法。

We sell products from all our portfolio such as power and analog, microcontrollers, sensors and connectivity.

我們銷售所有產品組合中的產品，例如電源和類比、微控制器、感測器和連接。

Some examples of applications behind the design wins this quarter include logistics tracking, industrial lighting, washing machines, medical power supplies, factory automation, predictive maintenance, metering and solar panel.

本季度獲獎設計背後的一些應用範例包括物流追蹤、工業照明、洗衣機、醫療電源、工廠自動化、預測性維護、計量和太陽能電池板。

In personal electronics, our main focus is on smartphones where we push to increase content per device.

在個人電子產品中，我們的主要關注點是智慧型手機，我們致力於增加每台設備的內容。

During the quarter, we had a number of design wins with our Time-of-Flight sensors, motion sensors, power management ICs and low-voltage motor drivers.

本季度，我們在飛行時間感測器、運動感測器、電源管理 IC 和低電壓馬達驅動器方面贏得了許多設計勝利。

We also began ramping production of 2 new products in secure MCUs with a new embedded SIM program at a top smartphone manufacturer and in imaging with a new generation of ambient light sensor for a major player.

我們也開始為一家頂級智慧型手機製造商增加兩款新產品的生產，其中包括安全 MCU 和新嵌入式 SIM 程序，以及為一家主要廠商提供新一代環境光感測器的成像產品。

We also had success in smartwatches with sensors and our ultra-low-power microcontroller.

我們在具有感測器和超低功耗微控制器的智慧手錶方面也取得了成功。

In communication equipment, computers and peripherals, we leverage our in-house processes on very specific application areas.

在通訊設備、電腦和周邊設備中，我們在非常特定的應用領域中利用我們的內部流程。

During the quarter, we won a design with our BiCMOS technology for an RF chip for cellular base station infrastructure as well as a socket inside a power subsystem for 5G networking equipment with our BCD technology.

在本季度，我們贏得了採用 BiCMOS 技術的設計，用於蜂窩基地台基礎設施的射頻晶片，以及採用我們的 BCD 技術的 5G 網路設備電源子系統內的插座。

We also won multiple sockets for computer power management using a combination of our BCD and VIPower technologies.

我們還結合使用 BCD 和 VIPower 技術贏得了多個用於電腦電源管理的插槽。

Now let's move to our Q4 outlook.

現在讓我們展望第四季。

In the fourth quarter, we expect net revenues to increase about 5.7% sequentially, translating into year-over-year growth of about 8% at the midpoint.

我們預計第四季淨收入將環比成長約 5.7%，相當於中位數年增約 8%。

The key driver of our sales growth sequentially will continue to come from Imaging, Automotive and Power Discrete while Microcontrollers will still face tough market conditions in China and some inventory correction.

我們銷售成長的主要驅動力將繼續來自成像、汽車和功率分立裝置，而微控制器仍將面臨中國嚴峻的市場條件和一些庫存調整。

We anticipate a gross margin of about 39.8% at the midpoint.

我們預計毛利率中位數約為 39.8%。

In term of operating margin, we are overall on track with our second half 2018 target just with slight differences in term of product group dynamics.

就營業利潤率而言，我們總體上正在實現 2018 年下半年的目標，只是產品組動態方面略有差異。

For ADG, we confirm the low-teen operating margin target.

對於 ADG，我們確認較低的營業利益率目標。

For MDG, the product group is performing below expectations due to the less favorable mix between microcontrollers and other products.

對於 MDG，由於微控制器和其他產品之間的組合較不利，因此該產品組的表現低於預期。

Therefore, we expect an operating margin in the second half similar to the results in Q3.

因此，我們預期下半年的營業利潤率與第三季的結果相似。

For AMS, the product group is performing above expectations, moving toward the high teens.

對於 AMS 來說，產品組的表現超出了預期，正在朝著十幾歲的方向發展。

So we see sequential improvement for our gross profit, operating income and margin and for net income.

因此，我們看到我們的毛利、營業收入和利潤率以及淨利潤連續改善。

Based on this outlook, we expect our full year 2018 revenues to grow about 16% over last year.

基於這一前景，我們預計 2018 年全年營收將比去年成長約 16%。

Importantly, this revenue growth will come with substantial improvements in our profitability at the operating and bottom line.

重要的是，收入的成長將伴隨著我們的營運獲利能力和利潤的大幅提高。

We are now available to answer to your questions.

我們現在可以回答您的問題。

(Operator Instructions) The first question is from Stephane Houri from ODDO.

（操作員說明）第一個問題來自 ODDO 的 Stephane Houri。

I guess my first question would be about your feeling about the end demand in the market because everybody is worried that there is deflation in the market.

我想我的第一個問題是關於您對市場最終需求的看法，因為每個人都擔心市場出現通貨緊縮。

Yesterday -- last night, Texas Instruments did confirm that there was some slowdown in the markets.

昨天——昨晚，德州儀器確實證實市場出現了一些放緩。

So could you drive us through your different businesses and tell us what you see?

那麼您能否帶領我們介紹一下您的不同業務並告訴我們您的看法？

If I remember well, last time, you talked -- publicly, you talked about some weakness at distributors in China.

如果我沒記錯的話，上次您公開談論了中國經銷商的一些弱點。

Could you be a bit more specific on the different markets you serve?

您能否更具體地介紹一下您所服務的不同市場？

Jean-Marc speaking.

讓-馬克發言。

So let's look at the demand and the booking.

那麼讓我們來看看需求和預訂。

Well, about the demand, more clearly, our industrial OEM, the demand is solid.

嗯，關於需求，更明確地說，我們的工業 OEM，需求是穩固的。

In Automotive, very strong.

在汽車領域，非常強大。

The backlog is really very strong, and you know that, okay, some areas we are still, okay, seeing some shortage, so we have a strong backlog in Automotive.

積壓的訂單確實非常多，你知道，好吧，我們在某些​​領域仍然，好吧，看到了一些短缺，所以我們在汽車領域有大量的積壓。

The new phone platform, customer demand is well on track with our current visibility.

新的電話平台、客戶需求與我們目前的知名度完全吻合。

And I confirm that the China mass market is softening, so we are seeing, okay, a POS flattening.

我確認中國大眾市場正在疲軟，所以我們看到了 POS 的扁平化。

And of course, okay, when you have specifically in China this kind of softening, acknowledging that the lead time of our microcontroller are shortening.

當然，好吧，當你特別在中國看到這種軟化時，承認我們微控制器的交貨時間正在縮短。

More clearly, we see it is not more a reaction and some slight inventory correction.

更清楚的是，我們看到這不僅僅是一種反應和一些輕微的庫存調整。

So this is overall what we see in term of demand.

這就是我們在需求方面看到的整體情況。

In term of booking, which is, let's say, providing a kind of dynamic, well, in Q3, the level of booking was good, but it was less strong than the first half of this year.

在預訂方面，也就是說，提供一種動態，在第三季度，預訂水平很好，但不如今年上半年強勁。

Again, except Automotive and Power Discrete where again the supply chain is still stretched with really some shortage.

同樣，除了汽車和功率分立裝置之外，供應鏈仍然緊張，確實存在一些短缺。

But the reason of this overall, let's say, booking less strong than H1 is again now we see, and this is what I said late August, early September, it is clean from inventory replenishment and acknowledge some shorter lead time on some device, okay, especially microcontroller.

但總體而言，我們現在再次看到預訂不如上半年強勁的原因，這就是我所說的八月底，九月初，庫存補貨是乾淨的，並且承認某些設備上的交貨時間較短，好吧，特別是微控制器。

And again, we are seeing on the China mass market a market softening, and especially for microcontroller.

我們再次看到中國大眾市場的市場疲軟，尤其是微控制器。

So this is the color I can give to you for markets ST address.

這就是我可以為您提供的市場 ST 地址的顏色。

Okay.

好的。

And I know it's very early, but can you tell us or share with us what you start to see for -- as dynamic for 2019?

我知道現在還為時過早，但您能告訴我們或與我們分享您開始看到的 2019 年的動態嗎？

Now the dynamic we are seeing, this is the one I just shared with you a few second ago.

現在我們看到的動態，就是我幾秒鐘前才剛與大家分享的動態。

The next question is from Aleksander Peterc from Societe Generale.

下一個問題來自法國興業銀行的 Aleksander Peterc。

I'd just like to come back a little bit on this microcontroller slowdown, particularly in China.

我想稍微回顧一下微控制器的放緩，特別是在中國。

Could you perhaps share with us which industries in particular or which end markets are seeing a slowing?

您能否與我們分享哪些產業或哪些終端市場正在放緩？

And also, is this just a kind of a couple of quarters at worst a slowdown here?

而且，這最多只是幾季的放緩嗎？

Or is there anything more serious brewing?

還是有什麼更嚴重的醞釀？

The end market and I then certainly I will ask Marco to complement.

終端市場和我當然會請Marco來補充。

End market addressed with distribution channel is basically mainly industrial, but you know is quite wide, okay, from a white goods consumer, industrial, drones, this kind of stuff.

分銷管道涉及的終端市場基本上主要是工業市場，但你知道，範圍相當廣泛，好吧，從白色家電消費者、工業、無人機等。

We also see some automotive commodities aftermarket.

我們也看到一些汽車商品售後市場。

So this is basically in term of end market after the distribution channel, the one which are showing some sign of softening.

因此，這基本上是在分銷管道之後的終端市場方面，該市場正顯示出一些疲軟的跡象。

So Marco, you want to...

所以馬可，你想...

Yes, I will add just a little bit of color.

是的，我會添加一點顏色。

What we have seen is different from the quarter before.

我們看到的情況與前一季有所不同。

We have seen the POS flattening.

我們已經看到 POS 扁平化。

Let me underline that year-over-year still we have the double-digit growth, but the POS has been -- is growing mainly due to the fact that the end markets are a little bit cautious, and due to that, we have a kind of inventory correction.

讓我強調一下，我們仍然有兩位數的同比增長，但 POS 一直在增長，主要是因為終端市場有點謹慎，因此，我們有一種庫存修正。

But overall, in the channel, we have a level of inventory, which is still healthy, under 3 months, except, of course, the combination of effect of short lead time and inventory replenishment plus POS now in China not growing, but staying flat.

但總體而言，在通路中，我們的庫存水準仍然健康，不到3 個月，當然，除了短交貨時間和庫存補充加上中國POS 的綜合影響外，目前中國的庫存沒有增長，而是持平。

So overall, I think the situation is under control and we have again some softening, but nothing extremely particular.

總的來說，我認為局勢已得到控制，我們再次出現了一些軟化，但沒有什麼特別的。

Okay.

好的。

Can I just have a quick follow-up on the smartphone demand there.

我可以快速跟進那裡的智慧型手機需求嗎？

Obviously, you had a strong third quarter.

顯然，第三季表現強勁。

And so going into the fourth quarter build, on the smartphone side, you see demand being stronger than expected or even a bit better perhaps?

因此，進入第四季度，在智慧型手機方面，您認為需求比預期強勁，甚至可能更好一些？

No.

不。

This is what I said, with the strong visibility we have, the customer demand for the new phone platform are really well aligned with our expectation.

這就是我所說的，憑藉我們強大的知名度，客戶對新手機平台的需求確實與我們的期望非常吻合。

And as you know, our supply chain is very robust and is able to fulfill this customer demand.

如您所知，我們的供應鏈非常強大，能夠滿足客戶的需求。

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

下一個問題來自法國巴黎銀行的 Jerome Ramel。

Just a question on the inventory correction you are seeing.

只是關於您所看到的庫存修正的問題。

To the best you can see, how long do you think it will take to see lead time to get back to normal and to get a kind of inventory level where this should be in the supply chain?

就您所能看到的最好情況而言，您認為需要多長時間才能看到交貨時間恢復正常並達到供應鏈中應有的庫存水平？

And I've got a follow-up.

我還有後續行動。

Jerome, okay, this is what I say in a while, too.

傑羅姆，好吧，這也是我一會兒要說的。

Okay, so we will grow 5.7% sequentially, 8% year-over-year, so overall 16%.

好的，我們將環比成長 5.7%，年成長 8%，所以整體成長 16%。

And we see that, in Q4, we still see some inventory adjustment for microcontroller.

我們看到，在第四季度，我們仍然看到微控制器的一些庫存調整。

More often, it's mechanical.

更多時候，它是機械的。

It will depend on the dynamic in 2019 and the POS and it's very mechanical, okay?

這將取決於 2019 年的動態和 POS，這非常機械，好嗎？

So I think it's early to say.

所以我認為現在說還太早。

Do you follow, Jerome?

你明白了嗎，傑羅姆？

Yes.

是的。

How should we model the OpEx for Q4?

我們應該如何為第四季的營運支出建模？

Lorenzo speaking.

洛倫佐發言。

How to model the OpEx for Q4?

如何對第四季的營運支出進行建模？

Firstly, in Q3, our OpEx came a little bit lower than expected.

首先，在第三季度，我們的營運支出略低於預期。

If you remember, entering in Q3, I was modeling OpEx in the range of $615 million, $620 million.

如果您還記得，進入第三季時，我對營運支出進行了 6.15 億美元至 6.2 億美元範圍內的建模。

Actually, the actual Q3 came at $605 million.

事實上，第三季的實際營收為 6.05 億美元。

This is lower than expected.

這低於預期。

This is mainly due to seasonal effect that was better than planned -- than anticipated.

這主要是由於季節性影響優於計劃，優於預期。

In Q4, we expect some increase compared to Q3.

在第四季度，我們預計與第三季度相比會有一些成長。

This increase is mainly due to longer quarter and some unfavorable effect of the seasonality.

這一增長主要是由於季度較長和季節性的一些不利影響。

Anyway, I confirm substantially what I said entering in Q3 that in the second half, in average, between Q3 and Q4, expenses will stay in the range of $615 million and $620 million as average.

無論如何，我基本上證實了我在第三季所說的，下半年平均而言，在第三季和第四季之間，費用將保持在平均 6.15 億美元到 6.2 億美元的範圍內。

So it means that, with some lower expenses in Q3, a little bit higher expenses in Q4, but the average per quarter in the second half will be in that range.

因此，這意味著，隨著第三季的支出下降，第四季的支出會稍高一些，但下半年每季的平均支出將在這個範圍內。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

Two questions, if I may.

如果可以的話，有兩個問題。

Firstly, Jean-Marc, I mean, in terms of the end market, I mean there are various worries about the end market in the auto space as such, for instance.

首先，讓-馬克，我的意思是，就終端市場而言，我的意思是，例如，對汽車領域的終端市場有各種擔憂。

I mean you are saying that you are going to grow more than your overall growth in 2018 in the auto market.

我的意思是，你是說你的成長將超過 2018 年汽車市場的整體成長。

Do you have visibility into 2019 in terms of the auto growth?

您對2019年的汽車成長有了解嗎？

Is there where you're going to see weakness?

你會發現弱點嗎？

Or is it that you do not see that cuts coming through in the supply chain at all at this point?

或者您目前根本沒有看到供應鏈中發生的削減？

And the second question I have is regarding your gross margin guidance into the fourth quarter.

我的第二個問題是關於第四季的毛利率指引。

I mean, you've got revenue growing significantly from the first -- from third quarter to the fourth quarter.

我的意思是，從第一季到第三季到第四季度，您的收入顯著成長。

Probably just a lot of that incremental revenue has to do with imaging and a bunch of that imaging is built in your own factories.

可能增量收入的很大一部分與成像有關，而其中大部分成像是在您自己的工廠中建造的。

Given the visibility in your own factories, why are you not seeing an improvement in the gross margin from Q3 to Q4?

考慮到你們自己工廠的知名度，為什麼第三季到第四季毛利率沒有改善？

Or are there some other impacts there?

或者還有其他一些影響嗎？

So I will take the first question and Lorenzo the second one.

所以我將回答第一個問題，洛倫佐回答第二個問題。

Well, Sandeep, I confirm that, okay, on automotive, we still see a very strong and healthy demand and we have basically no significant impact from carmakers and Tier 1 recent announcement.

好吧，桑迪普，我確認，好吧，在汽車方面，我們仍然看到非常強勁和健康的需求，而且汽車製造商和一級最近的公告基本上沒有對我們產生重大影響。

Absolutely no material impact.

絕對沒有實質影響。

Our backlog is very strong.

我們的積壓訂單非常多。

We have a very, let's say, good visibility across the next quarter.

可以說，我們對下個季度的能見度非​​常好。

So that's the reason why we are very confident in automotive.

這就是我們對汽車產業非常有信心的原因。

As I said, this year, we will grow better than the company average.

正如我所說，今年我們的成長將高於公司平均。

I also disclosed that, okay, on the retail market, okay, for infotainment, in China, we see some little -- softer, but it's really to be transparent among ourselves.

我還透露，好吧，在零售市場，好吧，對於資訊娛樂，在中國，我們看到了一些軟弱的東西，但我們之間確實是透明的。

The supply chain is really still is pressured for many component and many technologies.

對於許多組件和許多技術來說，供應鏈確實仍然面臨壓力。

So as a takeaway, the dynamic for Automotive for ST is really strong and we are confident with our capability to continue to grow on a sustainable way.

因此，作為一個外賣，意法半導體的汽車業務動力非常強勁，我們對我們繼續以可持續方式發展的能力充滿信心。

About gross margin.

關於毛利率。

About the gross margin, you saw that, in the Q3, our gross margin came at 39.8%, 20 basis points lower than our midpoint.

關於毛利率，你看到，第三季我們的毛利率為39.8%，比我們的中點低20個基點。

This was mainly impacted by different weight in the product group mix in term of revenues.

這主要受到產品組組合在收入方面權重不同的影響。

What we see moving from Q3 to Q4, the drivers in the revenue will be definitely our Imaging, Sensors, together with Automotive and Power and Discrete.

我們認為從第三季到第四季度，收入的驅動因素肯定是我們的成像、感測器以及汽車、電源和分立裝置。

In this respect, we do not see significant improvement moving from Q3 to Q4 in the gross margin where the manufacturing efficiency substantially will offset the decline, the normal price pressure that we see.

在這方面，我們認為從第三季到第四季毛利率不會有顯著改善，製造效率將大幅抵銷下降，這是我們看到的正常價格壓力。

So at the end there, we model a gross margin that will remain flat moving from Q3 to Q4.

因此，最後，我們模擬了從第三季到第四季將保持平穩的毛利率。

The next question is from David Mulholland from UBS.

下一個問題來自瑞銀集團 (UBS) 的大衛‧穆赫蘭 (David Mulholland)。

Just going back on the commentary you gave on bookings.

只是回顧一下您在預訂時給出的評論。

I wondered if you could just quantify what the actual book-to-bill in the quarter was.

我想知道您是否可以量化本季的實際訂單出貨量。

I think, in Q2, you'd said it was 1.1.

我想，在第二季度，你說過它是 1.1。

And then just, secondly, as you've progressed through October, you've already said a few times you haven't seen any kind of impact in autos.

其次，隨著十月份的進展，您已經多次說過，您沒有看到汽車業受到任何影響。

But do you have any thoughts at this stage?

但現階段有什麼想法嗎？

Obviously, it also depends on what happens in Imaging, but how we should think about kind of seasonality in the business as we head into Q1?

顯然，這也取決於成像領域發生的情況，但是當我們進入第一季時，我們應該如何考慮業務的季節性？

Would be really helpful just to have some understanding of that at this point.

此時只要對此有所了解就會非常有幫助。

On booking, I will answer.

預訂時，我會回答。

As Jean-Marc already said, we still saw a very good level -- a good level of bookings in Q3 even if it was less strong than before.

正如讓-馬克已經說過的那樣，我們仍然看到了一個非常好的水平——第三季的預訂量很高，即使它不如以前那麼強勁。

Because as already said, it's clean of the inventory replenishment effect and our customers acknowledged that we have shorter lead time than previous quarter.

因為正如已經說過的，它消除了庫存補充效應，而且我們的客戶承認我們的交貨時間比上一季更短。

So we stay positive on the revenues evolution for the years, and this is the booking evolution that we see during Q3.

因此，我們對多年來的收入演變保持樂觀，這就是我們在第三季度看到的預訂演變。

So David...

所以大衛...

I'm going to get a quantification of that as in more than 1.0 book-to-bill or 0.9 book-to-bill in Q3 or...

我將得到一個量化結果，即第三季的訂單出貨比超過 1.0 或 0.9 或...

Book-to-bill, I can answer it.

從訂單到帳單，我可以回答。

Book-to-bill in the third quarter was below parity.

第三季的訂單出貨比低於平價。

Was above parity in -- and this is mainly driven by a low level of our book-to-bill in the area of the microcontroller and as well we are explaining before, especially in China.

高於平價 - 這主要是由於我們在微控制器領域的訂單到帳單水平較低，而且我們之前已經解釋過，尤其是在中國。

So we are slightly below the parity.

所以我們略低於平價。

So David, on your second question was, did I read it right, Imaging seasonality?

大衛，關於你的第二個問題是，我讀得對嗎，想像季節性？

Was that correct?

這是正確的嗎？

Well, I guess, mainly overall seasonality, but I assume a lot of that is going to be driven by Imaging.

嗯，我想，主要是整體季節性，但我認為其中很大一部分將由成像驅動。

So just some idea on how you're thinking about seasonality into Q1, but I suspect one of the big drivers will obviously be Imaging.

因此，我想談談您如何看待第一季的季節性因素，但我懷疑最大的推動因素之一顯然是成像。

No, as usual, okay, we do not want to share, okay, what we see in Q1 because, okay, remember what happened this year.

不，像往常一樣，好吧，我們不想分享我們在第一季看到的情況，因為，好吧，記住今年發生的事情。

Okay, it's really, okay, useless to give a number.

好吧，確實，好吧，給個數字沒什麼用。

We will see, okay, like December or early January what will be, okay, our Q1 visibility.

我們會看到，好吧，例如 12 月或一月初，我們第一季的能見度會是什麼樣子。

We take lesson from this year.

我們從今年吸取教訓。

So we'll tell you in 3 months, David.

所以我們會在 3 個月後告訴你，大衛。

The next question is from Johannes Schaller from Deutsche Bank.

下一個問題來自德意志銀行的 Johannes Schaller。

The first one, just some of your competitors in power have talked about better pricing developments quite a little bit over the last few months because of the ongoing supply shortage.

第一個，由於持續的供應短缺，一些掌權的競爭對手在過去幾個月裡多次談論了更好的定價發展。

So I was just wondering if you could give us a bit of an update on what you're seeing on the pricing side in power.

所以我只是想知道您是否可以向我們介紹一下您在定價方面所看到的最新情況。

And I also I do have a follow-up.

我也有後續行動。

Yes, I can confirm -- this is Marco speaking.

是的，我可以確認──這是馬可。

I can confirm that due to the strike situation on the supply in power, we can confirm that we see upside on the price levels.

我可以確認，由於電力供應的罷工情況，我們可以確認價格水準有上漲的空間。

And is that something that will gradually come through over the next quarters?

這會在接下來的幾季中逐漸實現嗎？

Or is that already mostly in the run rate?

或者這已經主要體現在運作率中了嗎？

It will come in the next quarters.

它將在接下來的幾個季度到來。

Okay.

好的。

And as a follow-up, I mean, you talked about the microcontroller weakness in China.

我的意思是，作為後續行動，您談到了中國微控制器的弱點。

Could you give us a bit of a sense what you see for some of the other end markets for STM32 and the MDG business more broadly, so outside of China?

您能否讓我們了解一下您對 STM32 和更廣泛的 MDG 業務（中國以外）的其他一些終端市場的看法？

U.S. and Europe.

美國和歐洲。

Yes.

是的。

I think, in Europe, there was the seasonality due to the -- during Q3 during the summer vacation, let's say.

我認為，在歐洲，由於第三季暑假期間存在季節性。

But we do not see -- so there was some slowing there.

但我們沒有看到——因此存在一些放緩。

But the major problem that we see on MCU is also due to the size of the business that we have in China is mainly related to China.

但我們在 MCU 上看到的主要問題也是由於我們在中國的業務規模主要與中國有關。

The next question is from Anthony Stoss from Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Anthony Stoss。

Maybe you can help us with your Q4 revenue guide by division.

也許您可以幫助我們制定按部門劃分的第四季度收入指南。

Clearly, AMS is going to be up quite a bit.

顯然，AMS 將會大幅上漲。

What do you expect both ADG and MDG to be up or down sequentially?

您預計 ADG 和 MDG 依序上升或下降是多少？

And then also what levers can you pull, either via slowing wafer starts?

然後，您可以透過減緩晶圓啟動來拉動什麼槓桿？

And in CapEx for 2019, any thoughts on if things continue to be softer, what levers can you pull to help try to keep gross margins intact?

在 2019 年的資本支出中，如果情況持續疲軟，您可以採取哪些措施來幫助保持毛利率不變？

About the revenue dynamic in Q4, what we do expect is that to -- as what I was saying before, definitely AMS will be the driver of the growth and that will be followed by ADG where we see strong demand both in Automotive and in Power and Discrete.

關於第四季度的收入動態，我們確實期望 - 正如我之前所說，AMS 肯定將成為成長的驅動力，其次是 ADG，我們看到汽車和電力領域的強勁需求和離散。

What we see for -- sorry, for ADG, Automotive and Power and Discrete.

我們看到的是——抱歉，是 ADG、汽車、電力和離散。

What we see for MDG, the Microcontroller and Digital, we see some slight decline, but at much lower pace in respect what it has been sequentially moving from Q2 to Q3.

我們看到 MDG、微控制器和數位領域略有下降，但與從第二季到第三季的連續變化相比，下降速度要慢得多。

We see -- we continue to see weakness in the -- as we said, in the distribution market in China, but at this stage, we do not think that it will be a stronger decline.

正如我們所說，我們繼續看到中國分銷市場的疲軟，但在現階段，我們認為下降幅度不會更大。

There will be still a decline in any case.

無論如何，還是會有下降的。

Definitely, Imaging is driving our revenue next quarter.

毫無疑問，成像將推動我們下季度的收入。

Automotive and Power and Discrete are contributing to the growth.

汽車、電力和離散領域為成長做出了貢獻。

Second question was about the level of CapEx for this year, right?

第二個問題是關於今年的資本支出水平，對吧？

And gross margin levers, levers to keep gross margin.

還有毛利率槓桿，維持毛利率的槓桿。

Let's say in term of gross margin, what we said that we are guiding in term of to stay at 39.8% in Q4.

就毛利率而言，我們所說的第四季毛利率將維持在 39.8%。

And as we said, this level of gross margin will be -- we will be around 40% in the few quarters, I think, with the up and down depending also on the seasonality.

正如我們所說，這個毛利率水準將在幾個季度內達到 40% 左右，我認為，其上下也取決於季節性。

In respect to the CapEx, we do expect for 2018 to be in the range of $1.25 billion.

就資本支出而言，我們預計 2018 年的資本支出將在 12.5 億美元左右。

The next question is from Achal Sultania from Crédit Suisse.

下一個問題來自瑞士信貸銀行的 Achal Sultania。

Just a question on -- so I guess, like when I look at last year, we had the same situation in Microcontroller where the lead times were exceptionally long and you had very strong growth in Microcontrollers.

只是一個問題——所以我想，就像我去年看到的那樣，我們在微控制器方面也遇到了同樣的情況，交貨時間非常長，而且微控制器方面的成長非常強勁。

And now we are exactly seeing the same situation in Power Discrete where you're still saying that the market being soft, lead times are still stretching or very high.

現在我們在離散功率領域看到了同樣的情況，您仍然說市場疲軟，交貨時間仍然很長或非常長。

So can you help us understand what gives the confidence that we go into '19 and Power Discrete we don't see a similar situation evolving what we saw with Microcontrollers this year, like any drivers just to help us to understand what's different, maybe just longer lead times, longer-duration projects.

那麼，您能否幫助我們了解是什麼給了我們進入19 和Power Discrete 的信心，我們沒有看到類似的情況發展我們今年在微控制器上看到的情況，就像任何驅動程式一樣，只是為了幫助我們了解不同之處，也許只是交貨時間更長，專案持續時間更長。

Anything around those would be helpful.

圍繞這些的任何事情都會有幫助。

We -- again, sorry, we are not commenting on '19.

我們——再次抱歉，我們不會評論 '19。

We are focusing on Q4 and I think you have all the information about what are going to be our growth driver for Q4, which are again Automotive, Power and Discrete and Imaging.

我們專注於第四季度，我認為您已經了解了有關第四季度增長動力的所有信息，即汽車、電力、離散和成像。

Yes, but my point was like what -- like how should we think about Power and Discrete and how is it different versus MCU going forward?

是的，但我的觀點是——例如我們應該如何思考功耗和離散，它與未來的 MCU 有何不同？

Like obviously, I'm not telling you to guide for 2019, but how should we think about that business like -- and what's different versus MCU?

顯然，我並不是告訴你 2019 年的指導，但我們應該如何看待這個業務——以及與 MCU 有何不同？

In this moment, we still see a very strong demand plus we have a strong positioning in new technologies like silicon carbide.

目前，我們仍然看到非常強勁的需求，而且我們在碳化矽等新技術方面擁有強大的定位。

So I think the overall position of our offer to the market is extremely appealing and it is supported by a very strong backlog.

因此，我認為我們向市場提供的整體定位非常有吸引力，並且得到了非常強大的積壓訂單的支持。

While in MCU, as you said, we enjoyed a very strong first half.

正如你所說，在 MCU 期間，我們度過了非常強勁的上半場。

Unfortunately, the overall situation of China has driven to a POS that has not been developing as expected, which has created the necessity of an inventory correction that we do believe is temporary and will go back in the near future to growth.

不幸的是，中國的整體情況導致 POS 的發展並未達到預期，這導致了庫存調整的必要性，我們認為庫存調整是暫時的，並將在不久的將來恢復成長。

And also, we cannot -- the Power Discrete are well spread across all the end market we address.

而且，我們不能－功率分立元件廣泛分佈在我們所面對的所有終端市場。

So as Marco said, for sure, the electrification of the vehicle is growing now very fast, so -- and is a secular demand in power.

正如馬可所說，可以肯定的是，汽車的電氣化現在正在快速增長，因此，這也是對電力的長期需求。

So industrial, clearly, everywhere you have electrical motor, okay, you have power or you have power all around.

所以工業化，顯然，到處都有電動機，好吧，你有電源，或者你到處都有電源。

But also, in personal electronics around charger, in computer with power supply, in computer peripheral, okay, also we have said in autonomous driving.

而且，在充電器周圍的個人電子產品中，在有電源的電腦中，在電腦外圍設備中，好吧，我們也在自動駕駛方面說過。

So really, there is a difference, okay, between power that, okay, the spread of this device, of course, all the end market is very wide and with very strong growth driver like the electrification of the vehicle.

所以，確實，功率之間存在差異，好吧，這個設備的傳播，當然，所有終端市場都非常廣泛，並且具有非常強大的成長動力，例如車輛的電氣化。

So this is, okay, what I can share with you now.

這就是我現在可以與您分享的內容。

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

下一個問題來自美國銀行的 Adithya Metuku。

Two questions.

兩個問題。

Firstly, I just wanted to hear your views on POS demand in China.

首先，我只是想聽聽您對中國POS需求的看法。

When you look at this demand, can you give us some color on how it compares to what you saw in late 2015 or maybe in early 2013?

當您審視這項需求時，您能否向我們介紹它與您在 2015 年底或 2013 年初看到的情況有何不同？

I'm trying to get a sense for how this could play out as you look out into 2019.

展望 2019 年，我試圖了解這會如何發展。

And then, secondly, question is -- second question is for Lorenzo.

然後，第二個問題是──第二個問題是問洛倫佐的。

Just on OpEx trends into 2019 given where FX is and the hedging you have in place, any color you can provide on that would be very helpful.

就 2019 年的營運支出趨勢而言，考慮到外匯的情況以及您所採取的對沖措施，您可以提供的任何顏色都會非常有幫助。

I will take these.

我會接受這些。

I do not have the numbers here, but just to give you an overall picture.

我這裡沒有數字，只是為了給你一個整體的了解。

We are coming from many quarters of POS sequential growth.

我們經歷了 POS 連續成長的多個季度。

What is changing in China now is that we see a flattening of these POS.

現在中國正在發生的變化是，我們看到這些銷售點正在扁平化。

So the POS are, in this moment, not growing anymore.

所以目前 POS 不再成長。

And this is, again, linked to the -- due to this, again, the inventory grew according to a forecasted POS, which is not materializing with -- calling for an inventory correction, which is ongoing -- which was ongoing strongly in Q3 and still ongoing in Q4.

這再次與 - 因此，庫存根據預測的 POS 增長，而這並沒有實現 - 要求正在進行的庫存修正 - 這在第三季度持續強勁並且在第四季度仍在繼續。

About expenses, in term of expenses, as you know, we have already commented sometime that we believe that the structure of the company has today substantially suitable for the ambition in term of growth that we want to have.

關於費用，就費用而言，如您所知，我們已經在某個時候評論過，我們相信公司今天的結構基本上適合我們想要的成長目標。

So I do not expect to have a significant increase apart the impact of the normal inflation, salary increase.

所以我預期除了正常通膨的影響之外，薪資上漲不會有大幅上漲。

In respect to your question on the exchange rate, definitely, if the spot rate will remain in the range of 1.16, 1.15, today, our effective is more in the range of 1.18.

關於你關於匯率的問題，當然，如果即期匯率維持在1.16、1.15的範圍內，今天我們的有效匯率更多在1.18的範圍內。

This will give us some benefit.

這會為我們帶來一些好處。

So all these put together, I would say that expenses should stay substantially flat to slightly increasing in the next year.

因此，所有這些加在一起，我想說明年的支出應該基本上持平或略有增加。

Understood, very clear.

明白了，非常清楚。

Just -- if I could, just a quick follow-up on POS demand.

如果可以的話，就 POS 需求進行快速跟進。

I mean, when you look at it, do you ever compare internally on what this looks like versus 2015 or 2013?

我的意思是，當你看到它時，你是否曾在內部比較過 2015 年或 2013 年的情況？

And if you do, any color you can provide around that?

如果你這樣做，你可以提供任何顏色嗎？

Apologies for belaboring this point.

對於對這一點的闡述表示歉意。

The difference between what we are seeing in 2015.

我們在 2015 年看到的情況有所不同。

Well, here, I think, okay, many important point.

嗯，我想，好吧，有很多重要的觀點。

It is, clearly, we can call it a softening or deceleration because we are -- the POS overall year-over-year is still growing 10%, which is important.

顯然，我們可以稱之為軟化或減速，因為 POS 整體同比仍增長 10%，這很​​重要。

So 10% growth year-over-year.

所以年增 10%。

Now we are seeing in Q3 a POS flattening.

現在我們在第三季看到 POS 扁平化。

And again, for ST, the mechanical impact, some slight inventory correction.

再次，對於ST來說，機械影響，庫存略有調整。

So our revenue are slightly below that, the reason why Microcontroller, MDG, we decreased minus 8%.

所以我們的收入略低於這個水平，這就是微控制器、MDG 下降-8% 的原因。

So what we can describe is the current situation.

所以我們可以描述的是目前的情況。

Current situation is a soft deceleration, still good growth year-over-year, but a sequential flattening of the POS.

目前的情況是軟減速，年成長仍然良好，但 POS 連續趨於平緩。

We saw mechanical adjustment in term of inventory replenishment or adjustment, which is, for us, back to normal situation and no more than that.

我們在庫存補貨或調整方面看到了機械性調整，對我們來說就是回到正常狀態，僅此而已。

So this is the main difference compared to 2015.

所以這是與 2015 年相比的主要差異。

The next question is from Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的安德魯·加德納。

I had another one on the automotive space, please.

請給我另一份關於汽車領域的資料。

This is sort of normally the time of year when you'd be having discussions with the OEMs and the Tier 1s about their plans for next year.

通常在一年中的這個時候，您會與原始設備製造商和一級供應商討論他們明年的計劃。

Given what -- at least what the investment community clearly is concerned about in terms of the automotive space, can you give any sort of further detail sort of qualitatively on expectations from those partners in terms of volume and content and price into next year?

考慮到——至少是投資界在汽車領域明顯關心的問題，您能否就這些合作夥伴對明年的數量、內容和價格的期望提供任何進一步的細節？

You've already commented that pricing, particularly on the power area, is a little bit better.

您已經評論過定價，特別是在電力領域，要好一些。

But some of those other levers on the Automotive revenue line into next year would be helpful.

但明年汽車收入線上的一些其他槓桿將會有所幫助。

I understand your question, but I guess you understand that this is really difficult for me.

我理解你的問題，但我想你也明白這對我來說真的很難。

I cannot disclose, okay, the meeting we had at sales level or at my level with Tier 1 Europe and in U.S. Again, what I really want to confirm to you that our current visibility is really, really good per mention in the semiconductor content in car is increasing tremendously and for sure, will, let's say, offset completely some slight adjustment in term of car unit.

好吧，我不能透露我們在銷售層面或我與歐洲一級和美國一級的會議。汽車數量正在急劇增加，可以肯定的是，這將完全抵消汽車數量方面的一些細微調整。

So as a consequence, the forecast demand provided from the Tier 1 are totally consistent with this visibility.

因此，一級提供的預測需求與這種可見性完全一致。

And we see in front of us in our end a strong backlog and a very strong pipeline of new product coming within the planning horizon of product development.

最終，我們在產品開發的規劃範圍內看到了大量積壓的訂單和非常強大的新產品管道。

Now about the price negotiation and so on, okay, I'm sorry I must not comment.

現在關於價格談判等等，好吧，抱歉我不能發表評論。

I'm very sorry for that.

我對此感到非常抱歉。

Understood, I had to try.

明白了，我必須嘗試一下。

Just perhaps another one on silicon carbide.

也許只是碳化矽上的另一種。

You mentioned a few wins in the recent quarter.

您提到了最近一個季度的一些勝利。

Can you give us a better sense as to when those might start to ship?

您能否讓我們更了解這些產品何時開始出貨？

I presume it's not next year, but in terms of 2020, '21, sort of how you're thinking about the ramp over time.

我認為這不是明年，而是 2020 年、21 年，就​​像你對一段時間內的成長的看法一樣。

Now this is clearly with the usual product development, lead time and incubation, okay, it will be more impact on 2020 and beyond for ST.

現在這顯然是與通常的產品開發、交貨時間和孵化相比，好吧，這將對 ST 的 2020 年及以後產生更大的影響。

But for the time being, I confirm that, this year, we will execute and we will achieve our USD 100 million revenue from silicon carbide.

但就目前而言，我確認，今年我們將執行並實現碳化矽收入 1 億美元。

Our manufacturing machine is performing well, according expectation.

我們的製造機器運作良好，符合預期。

And these turnkey projects are simply consistent with our ambition to be a leader of the silicon carbide market.

這些交鑰匙項目完全符合我們成為碳化矽市場領導者的雄心。

And we know that with this market, we'll grow very fast.

我們知道，有了這個市場，我們會成長得非常快。

Okay, for the time being, we have visibility to see USD 3 billion in 2025 and we want to perform this market consistently with our current market share, generally speaking, Automotive, well above 30%.

好吧，目前我們預計到 2025 年將達到 30 億美元，我們希望這個市場的表現與我們目前的市佔率保持一致，一般來說，汽車產業，遠高於 30%。

The next question is from Janardan Menon from Liberum.

下一個問題來自 Liberum 的 Janardan Menon。

I'm sorry, I just want to go back to this POS distribution channel for Microcontrollers.

抱歉，我只想回到微控制器的 POS 通路。

So if I understand you right, you are saying that your POS has flattened since around August, September and continues to be flat whereas you had expected growth.

因此，如果我理解正確的話，您的意思是，自 8 月、9 月左右以來，您的 POS 一直持平，並且繼續持平，而您預期會增長。

But you're guiding up for an 8% fall quarter-on-quarter in Q3, you're guiding to a lower level of a decline in Q4, and that's because the channel cleared more inventory in Q3 and now you think that there is less inventory to be cleared in Q4 and therefore the decline into Q4 will be less than Q3.

但你預期第三季將季減 8%，預期第四季下降幅度較小，這是因為通路在第三季清理了更多庫存，現在你認為有第四季需要清理的庫存較少，因此第第四季的降幅將小於第三季。

Is that understanding correct?

這種理解正確嗎？

Yes, you are correct plus you have to consider the lead times are also shortening, so we'll add some terms coming during the quarter.

是的，您是對的，而且您必須考慮交貨時間也在縮短，因此我們將在本季度添加一些條款。

Okay.

好的。

And what gives you that confidence that the further correction of inventory in the channel in Q4 is going to be less than Q3.

是什麼讓您有信心第四季的通路庫存進一步修正將小於第三季。

What visibility do you have as to how low the channel wanted -- would want to take down inventories in the current face of demand?

您對通路想要的庫存有多低有什麼了解——在當前的需求面前，是否希望減少庫存？

It's a visibility that we do have because we are on the field.

這是我們確實擁有的可見度，因為我們在球場上。

And second is, again, it's mechanically the level of inventory has been down to a more reasonable level consistent with the growth we have.

其次，庫存水準已經機械地下降到與我們的成長相符的更合理水準。

So we have a turn of inventory slightly above 4. It means, okay, below 3 months of stock overall, so which we consider, let's say, something close to normal.

所以我們的庫存週轉率略高於 4。

So that's the reason why, okay, we consider the inventory adjustment in Q4 will be well below the one we faced in Q3.

這就是為什麼我們認為第四季度的庫存調整將遠低於第三季的庫存調整的原因。

Understood.

明白了。

And just going to the sensing business.

剛剛進入感測業務。

Can you just give us an update on what you're seeing in 3D sensing design wins and how you would expect that market to evolve for you outside of the big ramp that you have in the second half of this year?

您能否向我們介紹一下您在 3D 感測設計方面所看到的最新進展，以及您預計該市場在今年下半年的大幅成長之外將如何發展？

Well, clearly, I repeat, for ST, there is today short, medium term, really 2 kinds of market we are really leading is proximity sensing and a ranging sensor based on our, let's say, Time-of-Flight technology.

嗯，很明顯，我重複一遍，對於意法半導體來說，今天我們真正領先的短期、中期市場有兩種，即接近感測和基於我們的飛行時間技術的測距感測器。

So we have accumulated hundred of million pieces shipped.

所以我們已經累計出貨了數億件。

And here, we continue to really perform well and we will continue to perform.

在這裡，我們繼續表現出色，並將繼續表現出色。

Then, I guess, it is very clear for everybody now, okay, ST is really focusing on the structured light and the key component part of the bill of material of the structured light, okay, working very closely with our customer.

然後，我想，現在每個人都非常清楚，好吧，ST確實專注於結構光和結構光物料清單的關鍵組成部分，好吧，與我們的客戶密切合作。

And we want to improve continuously the performance of this system through our component -- through the performance of our component and we are really focusing on it, and we have really a strong ambition to continue to perform as we have done in the recent past quarter.

我們希望透過我們的組件不斷提高該系統的性能 - 透過我們組件的性能，我們真正關注它，我們確實有強烈的雄心壯志繼續像上個季度那樣表現。

Saying that, we can also offer more component part of the structured light.

也就是說，我們還可以提供更多結構光的組成部分。

As I mentioned a few minutes ago, as you have seen, we have a wonderful case on ambient light sensor, which is really a good performance.

正如我幾分鐘前提到的，正如您所看到的，我們有一個關於環境光感測器的精彩案例，這確實是一個很好的性能。

I am very, very pleased about that.

我對此感到非常非常高興。

So now ST is positioning itself as a strong competitor on ambient light sensing, and ambient light sensing is part of the bill of material of structured light.

所以現在ST將自己定位為環境光感測領域的強大的競爭對手，而環境光感測是結構光材料清單的一部分。

So we will also have the ambition to have more content in the structured light.

所以我們也會有志向在結構光方面有更多的內容。

Then coming to the real sensing, more certainly, here, you know that the winning architecture is certainly embedded on Time-of-Flight, either indirect or direct Time-of-Flight.

然後來到真正的感測，更確定的是，在這裡，您知道獲勝的架構肯定嵌入了飛行時間，無論是間接還是直接飛行時間。

We have a stronger, let's say, hallmark to address all the market whatever is on the win market or other operating system.

可以說，我們有一個更強大的標誌來應對所有市場，無論是在獲勝市場還是其他作業系統上。

And here, we see more, let's say, ramping business opportunities second half 2020 and beyond.

在這裡，我們看到了更多，比如說，2020 年下半年及以後的商機。

And ST, we are targeting, okay, to participate this market timely with this perspective.

而ST，我們的目標是，好吧，從這個角度及時參與這個市場。

Just one small follow-up.

只是一個小小的後續行動。

Your ambient light sensor, is it all design win?

您的環境光感應器，是設計的勝利嗎？

Is it already shipping in the second half of this year?

今年下半年已經出貨了嗎？

Is that to ship next year?

是明年出貨嗎？

No, no.

不，不。

It's not already shipped.

還沒有出貨。

It is a design win with an important smartphone maker.

這是一家重要智慧型手機製造商的設計勝利。

The next question is from Gianluca Bertuzzo from Intermonte.

下一個問題來自 Intermonte 的 Gianluca Bertuzzo。

I have just one on the tax rate.

我只有一份關於稅率的資料。

A question on the end market has already been answered.

關於終端市場的問題已經得到解答。

We have seen a very low level of tax rate in the third quarter.

我們看到第三季的稅率非常低。

Could you help us modeling the level for the fourth quarter and maybe also for what you see for the next year?

您能否幫助我們對第四季度的水平以及您對明年的預期水平進行建模？

Yes, I take your question about tax rate.

是的，我回答你關於稅率的問題。

You're right, in Q3, our tax rate is particularly low and this is due to 2 discrete items.

你是對的，在第三季度，我們的稅率特別低，這是由於兩個離散項目造成的。

Anyway, modeling next quarter, it will be similar in term of tax rate.

無論如何，在下個季度建模時，稅率將相似。

It will be slightly above.

會稍微高一點。

When we move to next year, I would like to remind you that we are enjoying now the positive impact of NOLs that will not be any longer there moving in the next year.

當我們進入明年時，我想提醒您，我們現在正在享受 NOL 的積極影響，但明年將不再存在。

So next year, if you have to model the tax rate, these will be in the range of 15%, 17%, so there will be an increase in tax rate moving next year.

所以明年，如果你必須對稅率進行建模，這些稅率將在 15%、17% 的範圍內，因此明年的稅率將會增加。

The next question is from Guenther Hollfelder.

下一個問題來自 Guenther Hollfelder。

First, a question follow-up again on the Power Discretes.

首先，再次跟進有關功率離散的問題。

If we just focus on distributors in China, you mentioned here weakness in some of the areas like white goods and others, so microcontrollers.

如果我們只關注中國的分銷商，您在這裡提到了白色家電和其他領域的弱點，例如微控制器。

Also just focusing on distribution channels in China, you're not seeing any slower demand for Power Discretes units there?

另外，僅關注中國的分銷管道，您沒有看到那裡對功率分立裝置的需求放緩嗎？

On Power Discrete, we still see a strong demand.

在功率分立元件方面，我們仍然看到強勁的需求。

Okay.

好的。

And your internal inventories, do you expect then a further increase then at the end of the fourth quarter due to these inventory corrections in Microcontrollers and other issues?

至於您的內部庫存，由於微控制器的這些庫存修正和其他問題，您預計第四季末會進一步增加嗎？

You talk about -- sorry, you talk about our inventory in MCU...

你談論——抱歉，你談論我們在 MCU 中的庫存...

Yes.

是的。

Our inventory in ST.

我們在 ST 的庫存。

No, for what concern inventory in ST, we do expect in Q4 to have some reductions in term of inventory, and we do expect that we have a significant improvement in what concern the terms.

不，就ST的庫存而言，我們確實預計第四季度庫存會有所減少，並且我們確實預計庫存將有顯著改善。

So we do not expect that.

所以我們不希望這樣。

We see that moving from Q2 to Q3, there has been a slight increase and an improvement in terms that was already anticipated entering in Q3.

我們看到，從第二季度到第三季度，與第三季度已經預期的情況相比，出現了輕微的成長和改善。

Now we do expect to stay -- to reduce -- slightly reduce our inventory and significantly improve the terms of our inventory.

現在，我們確實希望保持——減少——小幅減少我們的庫存，並顯著改善我們的庫存條件。

Maybe as a final question from my side.

也許作為我這邊的最後一個問題。

You mentioned some weakness in Automotive in the aftermarket in China.

您提到了中國汽車售後市場的一些弱點。

So I assume this is mainly related to the infotainment segment?

所以我認為這主要與資訊娛樂領域有關？

Yes.

是的。

Yes, you're correct.

是的，你是對的。

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 Citi.

來自花旗銀行的阿米特·哈昌達尼 (Amit Harchandani)。

Firstly, if I may, just to get -- go back and just clarify on the AMS segment and the outperformance of the margin.

首先，如果可以的話，我想回過頭來澄清一下 AMS 部門和利潤率的優異表現。

Could you just reconfirm if you think the outperformance versus your expectations was driven by volume, pricing or was it mix?

您能否再次確認一下，您是否認為業績超出您的預期是由銷售、定價還是混合因素推動的？

I ask this because there have been some concerns around pricing pressure exerted by big smartphone makers on the component suppliers.

我這麼問是因為人們擔心大型智慧型手機製造商對零件供應商施加的定價壓力。

And then I have follow-up.

然後我有後續行動。

No, I take the question.

不，我接受這個問題。

Lorenzo.

洛倫佐。

About the performing better in AMS is mainly thanks to better performance that we then expected in manufacturing.

AMS 中的更好表現主要歸功於我們當時預期的製造中更好的表現。

And you see that, overall, in respect our guidance in the second half of this year, we -- substantially we are in line with the Automotive and Discrete group.

你會看到，總體而言，就我們今年下半年的指導而言，我們基本上與汽車和離散集團保持一致。

We are -- due to this lower level of revenues than expected, a little bit handled our guidance in MDG, in the Microcontroller and Digital Group while we are better in AMS mainly driven by better-than-expected performance in manufacturing.

由於收入水準低於預期，我們對 MDG、微控制器和數位集團的指導進行了一些處理，而我們在 AMS 方面的表現更好，主要是由於製造方面的業績好於預期。

There are no different impact related to different pricing or things like this.

不同的定價或類似的事情不會產生不同的影響。

Overall, our expectation is to meet in the second half what we were expecting at our Capital Market Day and so on.

整體而言，我們的期望是在下半年達到我們在資本市場日等活動上的期望。

But I think margin in the second half increasing in respect to the first half of about 360 basis point with a little bit different mix among the 3 groups.

但我認為下半年的利潤率相對於上半年增加了約 360 個基點，三組之間的組合略有不同。

That's helpful, Lorenzo.

這很有幫助，洛倫佐。

Secondly, if I may, obviously there's ongoing backdrop of the trade wars between U.S. and China.

其次，如果可以的話，顯然中美之間的貿易戰仍在持續。

From your perspective, how are you thinking in terms of your supply chains and your own operations in China?

從您的角度來看，您如何看待自己在中國的供應鏈和營運？

At this stage, are you evaluating any potential realignment or change in supply chain?

在此階段，您是否正在評估供應鏈中任何潛在的重組或變更？

Just trying to understand where you stand in terms of how you are thinking and assessing the impact of the ongoing trade wars.

只是想了解您在如何思考和評估正在進行的貿易戰的影響方面的立場。

First of all, I have to confirm what I already said some time talking about this topic.

首先，我必須確認我已經說過的關於這個主題的內容。

For us, of course, it's not welcome this kind of things, but it's not a strong -- a big material impact for us.

當然，對我們來說，這種事情並不受歡迎，但它對我們來說並不是一個強烈的、重大的物質影響。

We have some impact, definitely, but it's not very big.

我們確實有一些影響，但不是很大。

Anyway, through that, we are somehow slightly readjusting our supply chain in order to secure that.

無論如何，透過這一點，我們正在以某種方式稍微調整我們的供應鏈，以確保這一點。

For some customer, we may ship from maybe in different location where they need, let's say, where they ask to have the parts.

對於某些客戶，我們可能會從他們需要的不同地點（比方說，他們要求獲得零件的地方）發貨。

Overall, I repeat that there are no major impact, no major change in our supply chain.

總的來說，我再說一遍，我們的供應鏈沒有重大影響、沒有重大變化。

And for the company, this impact is really not so material.

而對公司來說，這種影響確實沒有那麼重大。

And then just, finally, going back to Automotive.

最後，回到汽車領域。

A lot of talk about trends in China, but could you broadly confirm that there has been no material shift in the demand trends for you worldwide when it comes to the Automotive business inside and outside China?

很多人都在談論中國的趨勢，但您能否大致確認一下，就中國國內外的汽車業務而言，全球範圍內的需求趨勢沒有發生重大變化？

So again, what we are seeing is that our backlog is extremely strong.

我們再次看到，我們的積壓訂單非常多。

We -- of course, there has been here and there some reduction in terms of volumes in terms of cars.

當然，我們的汽車銷量有所減少。

But the provision of the semiconductor is such that what with the backlog we have, we confirm what we already say that we will grow in Automotive this year in the range of 17%.

但半導體的供應情況是這樣的，根據我們的積壓情況，我們確認了我們已經說過的，今年我們在汽車領域的成長將在 17% 的範圍內。

Thank you, Amit.

謝謝你，阿米特。

At this point, we'll turn to Jean-Marc for some closing comments.

此時，我們將請讓-馬克進行一些總結評論。

So before we close this session, I thank you, okay, everybody, for all the question and debate.

因此，在我們結束本次會議之前，我感謝大家提出的問題和辯論。

Before we close, I would like to advise you on some changes to our Investor Relations department.

在結束之前，我想就我們投資者關係部門的一些變化向您提供建議。

So after 18 years in Investor Relations at ST, so Tait Sorensen has informed our company about his desire and willingness to step down from his position in order to prepare for other professional opportunities within ST.

在 ST 投資者關係部門工作了 18 年後，Tait Sorensen 向我們公司表達了他辭去職務的願望和意願，以便為 ST 內的其他職業機會做好準備。

Well, Tait remains committed to the Investor Relations department during this period of transition.

在此過渡期間，泰特仍然致力於投資者關係部門。

He will support the Investor Relations team for some time to ensure a flawless transition.

他將在一段時間內為投資者關係團隊提供支持，以確保完美的過渡。

And in the meantime, I am very happy to announce that Celine Berthier has been promoted to the Head of Investor Relations effective immediately.

同時，我非常高興地宣布，Celine Berthier 已晉升為投資者關係主管，立即生效。

I trust you all know and respect Celine as she has been with ST Investor Relations for overall 11 years, and I am sure that you will join me in wishing them both all the best for the future.

我相信你們都認識並尊重 Celine，因為她在 ST 投資者關係部工作了整整 11 年，我相信你們會和我一起祝福他們未來一切順利。

However, I would like to take opportunity to thank personally Tait because we spent so many time together visiting you, visiting investors across the world during period, which were not so easy for us.

不過，我想藉此機會親自感謝Tait，因為我們花了很多時間一起拜訪您，拜訪了世界各地的投資者，這對我們來說並不容易。

And I have always appreciated the cooperation spirit of Tait, and I have to say it is more than a colleague, it is a friend.

而我一直很欣賞Tait的合作精神，我不得不說這不只是同事，更是朋友。

So thank you for your attention.

感謝您的關注。

So we will now close our Q3 call, and looking forward to see you soon.

現在我們將結束第三季的電話會議，期待很快見到您。

Bye-bye.

再見。

Thank you, everyone.

謝謝大家。

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 lines.

現在您可以斷開線路。

Goodbye.

再見。