意法半導體 (STM) 2018 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2018 Earnings Results Conference Call and Live Webcast.

女士們，先生們，歡迎收看 STMicroelectronics 2018 年第四季度和全年收益結果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) 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 Miss Celine Berthier, 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 Celine Berthier 小姐。

Please go ahead, madam.

請繼續，女士。

Thank you, Moira.

謝謝你，莫伊拉。

And good morning, everyone.

大家早上好。

Thank you for joining our fourth quarter 2018 financial results conference call.

感謝您參加我們 2018 年第四季度財務業績電話會議。

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

今天的電話會議由 ST 總裁兼首席執行官 Jean-Marc Chery 主持。

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還有財務、基礎設施和服務總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，銷售、營銷、傳播和戰略發展總裁。

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

可以在 ST 的投資者關係網站上訪問該實時網絡廣播和演示材料。

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 statements contained in the press release that was issued with the results this morning, and also in ST's most recent regulatory filing with the 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 最近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 Jean-Marc, ST President and CEO.

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

Thank you, Celine.

謝謝你，席琳。

Good morning, everybody, and thank you for joining ST on our year-end earnings call today.

大家早上好，感謝您今天參加我們的年終財報電話會議。

Before going through a detailed review, let me start with some opening remarks.

在進行詳細審查之前，讓我先做一些開場白。

First, on 2018.

首先，2018年。

We had solid financial results in the fourth quarter for both revenues and profitability.

我們在第四季度的收入和盈利能力方面都取得了穩健的財務業績。

For the full year, in line with our objective, we delivered significant revenue growth across our product groups, a strong expansion of our operating profitability, net income and free cash flow, while investing to drive growth opportunities and operating efficiency over the midterm.

全年，根據我們的目標，我們在我們的產品組實現了顯著的收入增長，我們的運營盈利能力、淨收入和自由現金流量大幅增加，同時投資以推動中期增長機會和運營效率。

Second, on 2019.

二是2019年。

Our first quarter outlook reflects the combined impact of increased unfavorable dynamics on top of first quarter seasonality in some of the end markets we serve: smartphone applications, computer hard disk drive, and distribution in China and also in Europe.

我們的第一季度展望反映了在我們服務的一些終端市場（智能手機應用程序、計算機硬盤驅動器以及中國和歐洲的分銷）第一季度季節性因素之上的不利動態增加的綜合影響。

On the other hand, we see Automotive and Power Discrete holding well, with significant growth year-over-year.

另一方面，我們看到汽車和分立功率器件表現良好，同比顯著增長。

After Q1, we plan to return to sequential growth in the second quarter, with an acceleration in the second half of the year.

第一季度之後，我們計劃在第二季度恢復環比增長，並在下半年加速增長。

Our key objective for this year are to continue outperforming our served market and to balance our end market and application focus, delivering sustainable profitability and returning value to shareholders.

我們今年的主要目標是繼續超越我們所服務的市場並平衡我們的終端市場和應用重點，為股東提供可持續的盈利能力和回報價值。

To support all of that and to execute on our strategic technology, R&D and manufacturing programs, we expect to invest in CapEx.

為了支持所有這些並執行我們的戰略技術、研發和製造計劃，我們希望投資資本支出。

Part of this CapEx is devoted to support 3 strategic initiatives that I will detail later.

部分資本支出用於支持 3 項戰略計劃，我將在後面詳細介紹。

Let's now start with the detailed review.

現在讓我們從詳細的審查開始。

Our financial results in the fourth quarter for both revenues and profitability were solid.

我們在第四季度的收入和盈利能力方面的財務業績都很穩健。

Net revenues increased 7.4% year-over-year, on double-digit growth across our Automotive and Discrete Group, in Imaging and in Digital ICs.

淨收入同比增長 7.4%，這得益於我們的汽車和離散事業部、成像和數字 IC 領域的兩位數增長。

On a sequential basis, our revenue increased 5%, very close to our midpoint target of 5.7%.

按順序計算，我們的收入增長了 5%，非常接近我們 5.7% 的中點目標。

Sequential growth was driven by Imaging, Automotive and Power Discrete.

連續增長是由成像、汽車和功率分立驅動的。

Our gross profit totaled $1.06 billion, representing a year-over-year increase of 5.6%.

我們的毛利總額為 10.6 億美元，同比增長 5.6%。

Our gross margin was 40%, 20 basis points higher than the midpoint of our guidance.

我們的毛利率為 40%，比我們指引的中點高 20 個基點。

In comparison to the fourth quarter of 2017, our gross margin was 70 basis points lower.

與 2017 年第四季度相比，我們的毛利率下降了 70 個基點。

Our net operating expenses were $614 million.

我們的淨運營費用為 6.14 億美元。

Operating income increased 7.9% year-over-year to $443 million.

營業收入同比增長 7.9% 至 4.43 億美元。

Our operating margin was 16.8%, 10 basis point higher than the year-ago quarter.

我們的營業利潤率為 16.8%，比去年同期高出 10 個基點。

Fourth quarter net income of $418 million and diluted earnings per share of $0.46 both increased about 35% year-over-year.

第四季度淨收入為 4.18 億美元，攤薄後每股收益為 0.46 美元，均同比增長約 35%。

Now let's look at our fourth quarter results by product group on a year-over-year basis.

現在讓我們按產品組查看我們第四季度的同比業績。

ADG revenue increased 7.8% to $960 million, on double-digit revenue growth for both Automotive and Power Discrete.

ADG 收入增長 7.8% 至 9.6 億美元，這得益於汽車和分立功率器件的兩位數收入增長。

ADG -- I have to correct here, sorry.

ADG -- 我必須在這裡更正，抱歉。

Okay, it is 17.8%.

好的，是 17.8%。

Okay, as you guessed, it is much better than 7.8%.

好吧，如你所料，它比 7.8% 好得多。

Sorry for my mistake.

對不起，我錯了。

Let's continue now.

讓我們現在繼續。

ADG operating margin expanded 220 basis points to 14.6% from 12.4%.

ADG 營業利潤率從 12.4% 擴大 220 個基點至 14.6%。

For both the third and fourth quarters, ADG's operating margin was solidly in line or ahead of our low teens second half 2018 target.

對於第三季度和第四季度，ADG 的營業利潤率與我們 2018 年下半年的低十幾歲目標一致或領先。

Moving now to our Analog, MEMS and Sensors Group, AMS.

現在轉到我們的模擬、MEMS 和傳感器組，AMS。

Revenues totaled $988 million, an increase of 9.5%, with double-digit growth in Imaging and single-digit growth in Analog and MEMS.

收入總計 9.88 億美元，增長 9.5%，成像業務實現兩位數增長，模擬和 MEMS 業務實現個位數增長。

AMS operating margin was 20.5%, stable with the year-ago level of 20.8%.

AMS 營業利潤率為 20.5%，與去年同期的 20.8% 水平持平。

For AMS, we had initially anticipated second half 2018 operating margins to move into the mid-teens, and we exceeded that level in both the third and fourth quarters.

對於 AMS，我們最初預計 2018 年下半年的營業利潤率將進入十幾歲中期，我們在第三和第四季度都超過了這一水平。

Finishing our product discussion with the Microcontroller and Digital ICs group, called MDG.

結束我們與微控制器和數字 IC 小組（稱為 MDG）的產品討論。

The inventory correction in Microcontrollers continued as anticipated during the fourth quarter due to the mass-market softening in China.

由於中國大眾市場疲軟，第四季度微控制器的庫存調整如預期的那樣繼續進行。

In total, MDG revenues decreased 6.9% year-over-year to $689 million, with growth in Digital ICs, offset by Microcontrollers and memories.

總體而言，MDG 收入同比下降 6.9% 至 6.89 億美元，數字 IC 的增長被微控制器和存儲器所抵消。

MDG operating margin was 17.7%, below the 19.7% in the year-ago quarter.

MDG 營業利潤率為 17.7%，低於去年同期的 19.7%。

For MDG, we had initially anticipated second half 2018 operating margins to be about 20%, and we came in below that level in both the third and fourth quarter.

對於 MDG，我們最初預計 2018 年下半年的營業利潤率約為 20%，而我們在第三和第四季度均低於該水平。

This was mainly due to a lower level -- lower-than-expected level of revenues and less favorable mix between microcontrollers and other products.

這主要是由於較低的水平——低於預期的收入水平以及微控制器和其他產品之間不太有利的組合。

Turning now to our full year results.

現在轉向我們的全年業績。

As I said earlier, 2018 was an important year of achievement.

正如我之前所說，2018 年是取得成就的重要一年。

2018 net revenues were up by 15.8% compared to 2017, reaching $9.66 billion.

2018 年淨收入比 2017 年增長 15.8%，達到 96.6 億美元。

So in 2018, we achieved our objective to outpace the growth of our market we serve.

因此，在 2018 年，我們實現了超越所服務市場增長的目標。

Gross margin was 40% compared to 39.2% in the previous year.

毛利率為 40%，而上一年為 39.2%。

Operating margin expanded 250 basis points to reach 14.5% in 2018 on sales growth and operating efficiency leverage.

營業利潤率在 2018 年擴大了 250 個基點，達到 14.5%，得益於銷售增長和運營效率槓桿。

Net income and free cash flow were up 60% and 73%, respectively, compared to 2017, while CapEx was slightly lower at $1.26 billion from $1.3 billion in 2017.

與 2017 年相比，淨收入和自由現金流分別增長 60% 和 73%，而資本支出略低於 2017 年的 13 億美元，為 12.6 億美元。

Also in 2018, revenues were balanced across product groups, customer types and region of customer origin.

同樣在 2018 年，收入在產品組、客戶類型和客戶來源地區之間保持平衡。

ST has over 100,000 customers.

ST 擁有超過 100,000 名客戶。

By region of origin, 35% of our 2018 revenues were from the Americas, 34% from Asia Pacific and 31% from EMEA.

按來源地區劃分，我們 2018 年收入的 35% 來自美洲，34% 來自亞太地區，31% 來自 EMEA。

Sales to OEMs represent 65% of total revenues and increased 14% in 2018, while distribution representing 35% and growing 19% for the year.

OEM 銷售額佔總收入的 65%，2018 年增長 14%，而分銷佔 35%，全年增長 19%。

By product group.

按產品組。

ST's total revenue growth of 15.8% was reported by all 3 product groups.

所有 3 個產品組均報告了 ST 的總收入增長 15.8%。

ADG's revenue increased 16.2%, with double-digit growth for both Automotive and Power Discrete.

ADG 的收入增長了 16.2%，汽車和功率分立業務均實現兩位數增長。

However, looking at our products across ST in total, addressing the automotive market, we finished the year with a growth of about 18%, above the 17% year-over-year growth expectation that we have shared with you previously.

然而，縱觀我們在 ST 的產品總數，針對汽車市場，我們在今年年底的增長率約為 18%，高於我們之前與您分享的 17% 的同比增長預期。

AMS revenues increased 19.9% on sharply higher Imaging sales and double-digit growth with -- in Analog.

AMS 的收入增長了 19.9%，這主要歸功於成像銷售額的大幅增長以及模擬領域的兩位數增長。

MDG revenues increased 11.1% in 2018, with double-digit growth for both Microcontrollers and memories and Digital ICs.

MDG 收入在 2018 年增長了 11.1%，微控制器和存儲器以及數字 IC 均實現兩位數增長。

In parallel, all 3 groups delivered operating income and operating margin growth.

與此同時，所有 3 個集團都實現了營業收入和營業利潤率增長。

ADG operating income increased by 48% to $431 million and its operating margin increased to 12.1% from 9.5% in 2017.

ADG 營業收入增長 48% 至 4.31 億美元，營業利潤率從 2017 年的 9.5% 增至 12.1%。

AMS operating income increased 34% to $480 million and its operating margin increased to 15.5% from 13.9% in 2017.

AMS 營業收入增長 34% 至 4.8 億美元，營業利潤率從 2017 年的 13.9% 增至 15.5%。

And MDG operating income increased by 35% to $547 million and its operating margin increased to 18.6% from 15.3% in 2017.

MDG 營業收入增長 35% 至 5.47 億美元，營業利潤率從 2017 年的 15.3% 增至 18.6%。

In 2018, our financial performance drove a 10% increase in net cash from operation for the year, reaching $1.85 billion.

2018 年，我們的財務業績推動全年運營現金淨額增長 10%，達到 18.5 億美元。

Our free cash flow increased 73% to $533 million, well covering our cash dividends of $260 million, as well as $62.5 million share buyback under the program launched during the fourth quarter.

我們的自由現金流增長了 73%，達到 5.33 億美元，足以支付我們 2.6 億美元的現金股息，以及第四季度啟動的計劃下的 6250 萬美元股票回購。

Finally, as anticipated, we exited 2018 with a higher net cash position compared to 2017 at $686 million compared to $489 million at December 31, 2017.

最後，正如預期的那樣，我們在 2018 年結束時的淨現金頭寸比 2017 年更高，為 6.86 億美元，而 2017 年 12 月 31 日為 4.89 億美元。

Now let's move to our guidance.

現在讓我們轉向我們的指導。

Our first quarter outlook is for net revenues of about $2.1 billion at the midpoint.

我們第一季度的預期是中點淨收入約為 21 億美元。

This would represent a year-over-year decrease of about 5.7% and a sequential decrease of about 20.7%.

這意味著同比下降約 5.7%，環比下降約 20.7%。

We anticipate a gross margin of about 39% at the midpoint.

我們預計中點的毛利率約為 39%。

After Q1 2019, we plan to return to sequential revenue growth in the second quarter, with an acceleration in the second half of the year.

在 2019 年第一季度之後，我們計劃在第二季度恢復收入環比增長，並在下半年加速增長。

This is in line with the objective I stated at the beginning of my speech: Continue outperforming our served market and balance our end market and application focus, delivering sustainable profitability and returning value to shareholders.

這符合我在演講開始時陳述的目標：繼續超越我們服務的市場並平衡我們的終端市場和應用重點，為股東提供可持續的盈利能力和回報價值。

In order to support all of that and to execute our strategic technology, R&D and manufacturing programs, we expect to invest between $1.2 billion to $1.3 billion CapEx.

為了支持所有這些並執行我們的戰略技術、研發和製造計劃，我們預計將投資 12 億至 13 億美元的資本支出。

Of course, these amounts includes the maintenance of our infrastructure fab and plant and R&D required by all our manufacturing operation and also capacity addition in some of our existing technologies.

當然，這些金額包括我們所有製造業務所需的基礎設施晶圓廠和工廠的維護以及研發，以及我們現有技術的一些產能增加。

However, part of this CapEx is also devoted to support 3 strategic initiatives.

但是，此資本支出的一部分也用於支持 3 項戰略計劃。

First, a new 300-millimeter wafer fab in Agrate, our site near Milan.

首先，我們在米蘭附近的 Agrate 新建了一個 300 毫米晶圓廠。

The construction work of the first stage to support R&D and first industrial deployment phase has already started, with the related building and facilities to be completed and ready to host some equipment for R&D in 2020.

一期研發支撐和產業佈局一期建設工作已經啟動，相關建築和設施即將完工，準備在2020年承載部分研發設備。

This new fab is designed to be expandable, of course, according to demand, to start volume production starting from 2021.

這個新晶圓廠的設計是可擴展的，當然是根據需求，從 2021 年開始量產。

It will be focused on supporting our growth ambitions and leadership in BCD, IGBT and power technologies.

它將專注於支持我們在 BCD、IGBT 和電力技術方面的增長雄心和領導地位。

Second, the expansion of our installed capacity for silicon carbide and the start of production ramp-up for gallium nitride for RF devices.

二是碳化矽產能擴大，射頻器件用氮化鎵開始量產。

Here, our early investments in wide bandgap compounds have already resulted in over $100 million of silicon carbide revenues in 2018.

在這裡，我們對寬帶隙化合物的早期投資已經在 2018 年帶來了超過 1 億美元的碳化矽收入。

And we have over 30 active silicon carbide projects with many players around the globe, both in automotive and industrial application.

我們在全球範圍內擁有 30 多個活躍的碳化矽項目，包括汽車和工業應用領域的眾多參與者。

Also, earlier this month, we announced a multi-year supplier agreement with Cree, our partner.

此外，本月早些時候，我們宣布與我們的合作夥伴 Cree 達成多年供應商協議。

These investments support our goal to sustain an important share, about 30%, of the silicon carbide market, which is estimated to be over $3 billion in 2025.

這些投資支持我們維持碳化矽市場重要份額（約 30%）的目標，預計到 2025 年該市場將超過 30 億美元。

Third, our investments in the next generation of imaging sensor technologies.

第三，我們對下一代成像傳感器技術的投資。

This will enable us to continue our leadership in our focused technologies for personal electronics and to address selected industrial and automotive application in the future.

這將使我們能夠繼續在個人電子產品的重點技術領域保持領先地位，並在未來解決特定的工業和汽車應用問題。

These initiatives are part of our strategy to reinforce our leadership in our end markets, broad-based in industrial and automotive and with a selective approach in personal electronics and in communication infrastructure.

這些舉措是我們戰略的一部分，旨在加強我們在終端市場的領導地位，這些終端市場廣泛應用於工業和汽車領域，並在個人電子產品和通信基礎設施領域採用選擇性方法。

We will discuss in detail our end market and product strategy at the Mobile World Congress in Barcelona on February 26.

我們將於 2 月 26 日在巴塞羅那舉行的世界移動通信大會上詳細討論我們的終端市場和產品戰略。

And we will provide a more in-depth overview of our company when we will meet at our annual Capital Market Day in London on May 14.

當我們將於 5 月 14 日在倫敦舉行的年度資本市場日會面時，我們將對我們公司進行更深入的概述。

To conclude.

總結一下。

In 2018, we met our objectives, with 15.8% year-over-year revenue growth across our product groups, as well as a strong expansion of our profitability and cash flow from operations.

2018 年，我們實現了我們的目標，我們的產品組收入同比增長 15.8%，並且我們的盈利能力和運營現金流強勁增長。

In 2019, after Q1, we plan to return to sequential growth in the second quarter, with an acceleration in the second half of the year.

2019年Q1之後，我們計劃二季度恢復環比增長，下半年加速。

Our objective for the year is to continue outperforming our served market, to balance our end market and application focus, delivering sustainable profitability and returning value to shareholders.

我們今年的目標是繼續超越我們所服務的市場，平衡我們的終端市場和應用重點，提供可持續的盈利能力並為股東回報價值。

We are now ready to answer your question.

我們現在準備好回答您的問題。

(Operator Instructions) The first question is from Janardan Menon from Liberum.

（操作員說明）第一個問題來自 Liberum 的 Janardan Menon。

I have one question and a short follow-up.

我有一個問題和一個簡短的跟進。

The first question, Jean-Marc, is just to find out where you're getting your confidence on the sequential growth into Q2 and the acceleration into the second half.

讓-馬克，第一個問題只是找出你對第二季度的連續增長和下半年的加速有信心的地方。

My point is, you have had headwinds in the China distribution channel.

我的意思是，你在中國分銷渠道遇到了阻力。

There are signs of -- there's been a slowdown in the Chinese car market, et cetera.

有跡象表明——中國汽車市場已經放緩，等等。

Do you expect some of those issues to recede into Q2, therefore giving you the upside?

您是否預計其中一些問題會在第二季度消退，從而給您帶來好處？

Or is it coming from signs from your major smartphone customers?

還是來自主要智能手機客戶的跡象？

And into the second half, can you be a little bit more specific on what are the drivers of that acceleration?

進入下半場，您能否更具體地說明加速的驅動因素是什麼？

My second question is on your inventory days, which came down quite a bit in the fourth quarter to 88 days from 95 days.

我的第二個問題是關於您的庫存天數，第四季度庫存天數從 95 天大幅下降至 88 天。

Given your sort of guidance into Q1, where do you see those inventory days?

鑑於您對第一季度的指導，您在哪裡看到那些庫存天數？

Will they be going down further from this 85 in Q1 and where does that bottom out?

他們會在第一季度從這個 85 進一步下降嗎？它在哪裡觸底？

And do you think your distribution channel is also having the sort of a profile of inventory days where it is coming down?

您是否認為您的分銷渠道也有庫存天數下降的情況？

And it came down in Q4 and will come down or will -- what will be the trend in Q1?

它在第四季度下降並將下降或將下降 - 第一季度的趨勢是什麼？

So thank you.

所以謝謝。

I will answer the first -- your first question and Lorenzo will take the second one.

我會回答第一個問題——您的第一個問題，Lorenzo 會回答第二個問題。

Clearly, the sequence for the year 2019, overall, we do believe that we will see a similar pattern of what we've seen in 2018.

顯然，總體而言，2019 年的順序，我們確實相信我們會看到與 2018 年類似的模式。

I guess, okay, everybody remember, okay, the pattern of 2018 for ST, well, clearly, with an acceleration in the second part.

我想，好吧，每個人都記得，好吧，ST 2018 年的模式，很明顯，第二部分加速了。

But why we plan this pattern of sequential growth again in Q2 and acceleration in the second half?

但為什麼我們計劃在二季度再次環比增長，在下半年加速呢？

Well, there is some which are really specific to ST and some are, let's say, more related to the market, and of course, we will closely monitor on a permanent time what is happening on the market.

好吧，有些確實是 ST 特有的，有些與市場更相關，當然，我們將長期密切關注市場上發生的事情。

From today, first, we have no visibility that our market would decline on the full year, and instead, the indication we have are from some growth overall.

從今天開始，首先，我們看不到我們的市場會在全年下滑，相反，我們有跡象表明整體增長。

And certainly, the inventory correction we have seen started in Q3, continuing in Q4 and in Q1 will slightly continue in Q2 but should start to stop in Q2.

當然，我們看到的庫存調整從第三季度開始，一直持續到第四季度，第一季度將在第二季度略微繼續，但應該在第二季度開始停止。

On top, we have a growth driver allowing us to outperform.

最重要的是，我們有一個增長動力讓我們跑贏大市。

On Automotive first, I recall to you that our silicon carbide is performing very well.

首先在汽車方面，我記得我們的碳化矽表現非常好。

We have new MCUs in production at the 40-nanometer, and we are performing very well on ADAS components.

我們有新的 40 納米 MCU 正在生產，我們在 ADAS 組件上表現非常好。

In smartphone and personal electronics, we will see start of new programs in the second half of the year.

在智能手機和個人電子產品方面，我們將在今年下半年看到新項目的啟動。

And in industrial end markets, we will introduce this year more than 10 new products to address this market with our general-purpose MCUs.

而在工業終端市場，我們今年將推出 10 多款新產品，通過我們的通用 MCU 來應對這一市場。

That's the reason why, linked to what is specific to our company, we have a good confidence level to have a strong acceleration in H2 this year versus H1, and as we guide, a low Q1 guidance.

這就是為什麼與我們公司的具體情況相關聯的原因，我們有信心在今年下半年與上半年相比實現強勁加速，並且正如我們所指導的那樣，第一季度指導較低。

So this -- that's the reason why we are confident to see this pattern very similar of 2018, with an acceleration on the second half.

所以這 - 這就是為什麼我們有信心看到這種模式與 2018 年非常相似，並在下半年加速。

So this is our plan.

所以這是我們的計劃。

But definitively, it is our duty as management to closely monitor, on a permanent basis, all the business metrics related to the market, our customers and the end market we address.

但最終，作為管理層，我們有責任長期密切監控與市場、我們的客戶和我們所針對的終端市場相關的所有業務指標。

Now I let Lorenzo to elaborate about inventories, consistently with the plan I described.

現在我讓 Lorenzo 詳細說明庫存，與我描述的計劃一致。

About inventory, as you rightly said, in the Q4, the inventory went down significantly.

關於庫存，正如您所說，在第四季度，庫存大幅下降。

Our revenue grew and the number of days of inventory went down.

我們的收入增長了，庫存天數下降了。

What will happen in Q1?

第一季度會發生什麼？

In Q1, seasonally, we have a shorter quarter.

在第一季度，季節性地，我們有一個較短的季度。

The production is -- today, we have our fab fully loaded.

生產是——今天，我們的工廠滿負荷運轉。

What we see is similarly to what has happened last year, to have an increase in term of inventory.

我們看到的情況與去年類似，庫存期限有所增加。

Today, the inventory is below one quarter.

今天，庫存低於四分之一。

In -- at the end of Q1, it will be higher of -- in term of days than one quarter.

在 - 在第一季度末，它會比 - 天數多於一個季度。

This is quite seasonally.

這是相當季節性的。

And this is also a plan in order to fulfill our growth ambition in the second quarter and for the second half of the year.

這也是為了實現我們在第二季度和下半年的增長目標而製定的計劃。

Any comment on the distribution channel inventory?

對分銷渠道庫存有何評論？

As Jean-Marc already highlighted, the distribution channel, we're expecting the inventory correction to be faster than what has been happening, and this is why we have an impact in Q1.

正如 Jean-Marc 已經強調的那樣，分銷渠道，我們預計庫存調整將比目前發生的更快，這就是我們對第一季度產生影響的原因。

The meaning is, we had the POS that we're expecting to be flattish in Q4.

意思是，我們擁有預期在第四季度持平的 POS。

Reality, they declined.

現實，他們拒絕了。

So the inventory correction will take a little bit longer than expected, but we do not see this has an impact on our growth in Q2 and on the rest of the year.

因此，庫存修正將比預期花費更長的時間，但我們認為這不會對我們第二季度和今年剩餘時間的增長產生影響。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

My first question is regarding your Imaging business and your CapEx.

我的第一個問題是關於您的影像業務和資本支出。

I mean, are you adding CapEx in this environment in the smartphones or in Imaging business?

我的意思是，您是否在智能手機或影像業務的這種環境中增加了資本支出？

And are there wins that you have going forward which is why you are adding CapEx there?

您是否取得了前進的勝利，這就是為什麼要在那裡增加資本支出的原因？

And secondly, my question is on your gross margin.

其次，我的問題是關於你的毛利率。

I mean, despite your guidance of a 21% revenue decline in Q1, your gross margin has remained 39%.

我的意思是，儘管您預計第一季度收入下降 21%，但您的毛利率仍保持在 39%。

So I mean, clearly, I mean, some of these products are built in-house.

所以我的意思是，很明顯，我的意思是，其中一些產品是內部製造的。

How has your gross margin remained so at that level given the extent that the revenue is impacted in Q1?

考慮到第一季度收入受到影響的程度，您的毛利率如何保持在該水平？

So I will answer, Sandeep, to -- about CapEx and Imaging, and I will let Lorenzo to answer about the gross margin part.

所以我會回答，Sandeep，關於資本支出和成像，我會讓 Lorenzo 回答毛利率部分。

As I said in my opening remark and speech, clearly, I confirm that the end market strategy and product portfolio is to be a broad range leader on automotive and industrial.

正如我在開場白和演講中所說的那樣，我明確確認終端市場戰略和產品組合將成為汽車和工業領域的廣泛領導者。

And where we consider we have a portfolio, we can put us in a position to be a leader or very close to the leader.

在我們認為我們擁有投資組合的地方，我們可以讓我們成為領導者或非常接近領導者的位置。

And we want to be very selective on personal electronics, in sensor, in secure solutions, power management and RF and millimeter wave devices.

我們希望在個人電子產品、傳感器、安全解決方案、電源管理以及射頻和毫米波設備方面非常有選擇性。

As you know, in Sensors, overall, to address the personal electronics and the smartphone business, and especially answering to your question on Imaging, we have a important R&D effort to continuously improve the performance of our device, especially addressing the Time-of-Flight application and the 3D sensing.

如您所知，在傳感器方面，總體而言，為了解決個人電子產品和智能手機業務，特別是回答您關於成像的問題，我們進行了重要的研發工作，以不斷提高我們設備的性能，特別是解決時間問題飛行應用和3D傳感。

And we intend and we will invest in CapEx in order to support, first, our R&D effort to make our product more competitive, better for our customers with better differentiation.

我們打算並且我們將投資資本支出，首先是為了支持我們的研發工作，使我們的產品更具競爭力，更好地為我們的客戶提供更好的差異化。

And of course, when you improve the efficiency of your device, time to time, you have to put additional, let's say, equipment in order to bring additional process step or to improve your process in order to maintain your capacity to address the need of your customer.

當然，當您不時提高設備效率時，您必須放置額外的設備，比方說，設備以帶來額外的工藝步驟或改進您的工藝，以保持您的能力來滿足需求你的客戶。

So this is the reason why we are investing in Imaging to personal electronics, not to grow at infinite capacity, but more to adapt our process, enabling much better device, competitive device and better than the competition.

所以這就是我們投資個人電子產品成像的原因，不是為了無限增長，而是更多地調整我們的流程，打造更好的設備，有競爭力的設備，比競爭對手更好。

About gross margin of Q1.

關於Q1的毛利率。

About the gross margin of Q1, as you have seen, our guidance for Q1 is to have a gross margin in the range of 39%, 39% at midpoint.

關於第一季度的毛利率，正如您所見，我們對第一季度的指導是毛利率在 39% 的範圍內，中點為 39%。

There are different dynamics on the gross margin.

毛利率有不同的動態。

First of all, you have to remind that, in Q4, we worked really at full speed with our manufacturing with all the fab fully saturated.

首先，您必須提醒，在第四季度，我們真正全速生產，所有工廠都完全飽和。

This has brought a very good efficiency in term of manufacturing during Q4 that is reflecting in the gross margin of Q1.

這在第四季度的製造方面帶來了非常好的效率，這反映在第一季度的毛利率中。

As you know, there is a delay due to the inventory of about almost one quarter between the performance of manufacturing and the impact of Q1.

如您所知，由於庫存，製造性能與第一季度的影響之間存在大約四分之一的延遲。

So we are enjoying positive impact of manufacturing.

因此，我們正在享受製造業的積極影響。

There will be, on the other side, in Q1, the impact of the renegotiation of pricing with our customers, and this is embedded in our guidance.

另一方面，在第一季度，與我們的客戶重新協商定價將產生影響，這已包含在我們的指導中。

And we do expect Q1 not to have any impact of unloading, thanks to the fact that, on some extent, we have leveraged some flexibility in the respect of what we have -- we outsource outside.

我們確實希望第一季度不會對卸載產生任何影響，這要歸功於這樣一個事實，即在某種程度上，我們在我們擁有的方面利用了一些靈活性——我們外包給外部。

And also, on the fact that we will keep our fab loaded, with some increase in inventory to support the revenue growth that we expect in the second quarter and in the second part of the year.

而且，事實上我們將保持我們的晶圓廠滿載，增加一些庫存以支持我們預期的第二季度和今年下半年的收入增長。

The next question is from Aleksander Peterc from Société Générale.

下一個問題來自法國興業銀行的 Aleksander Peterc。

The first one will be on Automotive.

第一個將關於汽車。

Can you confirm that growth patterns there are broadly unchanged?

您能否確認那裡的增長模式基本沒有變化？

And could you share what kind of growth Automotive was at for ST as a whole in the fourth quarter and whether we will stay in double-digit territory going into the beginning of 2019?

您能否分享第四季度整個 ST 的汽車業務增長情況，以及我們是否會在 2019 年初保持兩位數的增長？

And then, secondly, could you give us any targets for silicon carbide for 2019 now that you have reached the $100 million milestone in 2018?

然後，其次，既然你們已經在 2018 年達到了 1 億美元的里程碑，你們能否給我們 2019 年碳化矽的任何目標？

Do you...

你...

Do you want -- I take the first part of your question about the growth in Automotive.

你想要 - 我回答你關於汽車增長的問題的第一部分。

As Jean-Marc has said in his remark -- initial remark, for the full year, we grew in Automotive slightly above 18%.

正如 Jean-Marc 在他的評論中所說 - 最初的評論，全年，我們在汽車領域的增長略高於 18%。

This is the full automotive of the company, it means that it's encompassing products in the different groups, not only in ADG.

這是公司的完整汽車，這意味著它包含不同組的產品，而不僅僅是 ADG。

When I look at the growth in Automotive in Q4, it's closer to 20%.

當我查看第四季度汽車行業的增長時，它接近 20%。

We grow around 20% sequentially in Automotive -- sorry, we grow, let's say -- sorry, not 20% sequentially, year-over-year, let's say, in Q4 in Automotive in respect to Q4 of the previous year.

我們在汽車行業連續增長約 20%——抱歉，我們增長，比方說——抱歉，不是連續增長 20%，比方說，在汽車行業第四季度與上一年第四季度相比。

And just to give you an idea how much it was, the sequential growth in respect to Q3, this was more in the range of 8%.

只是為了讓您了解它是多少，相對於第三季度的連續增長，這更多地在 8% 的範圍內。

So about silicon carbide, what I can say that we prepare ourself and we plan to support and fulfill widely our customers demand, whatever, in term of mass production for the car assembly and production, but also delivering all the engineering sample we need to deliver to all the projects we won in 2018.

所以關於碳化矽，我可以說我們自己準備好了，我們計劃支持和滿足客戶的廣泛需求，無論是在汽車組裝和生產的大規模生產方面，而且還提供我們需要交付的所有工程樣品我們在 2018 年贏得的所有項目。

What I would like to simply confirm you that our expected growth in 2019 is completely consistent with the expected market growth of the silicon carbide application, which I repeat that, for the time being, people, they plan to have a USD 3 billion in 2025, and if my memory is still very up, USD 600 million in 2020.

我想簡單地確認一下，我們 2019 年的預期增長與碳化矽應用的預期市場增長完全一致，我再重複一遍，目前，人們計劃在 2025 年達到 30 億美元，如果我的記憶還很清晰的話，2020 年是 6 億美元。

So our revenue growth will follow totally this pattern.

所以我們的收入增長將完全遵循這種模式。

The next question is from Stephane Houri from ODDO.

下一個問題來自 ODDO 的 Stephane Houri。

You recently talked about the ability of the group to protect the margins above the 10% line, talking about the operating margin.

你最近談到了集團保護 10% 線以上利潤率的能力，談到了營業利潤率。

But you also said that you needed to check some of the parameters that should lead to that.

但是你也說過你需要檢查一些應該導致這種情況的參數。

So if I understand well, you're saying that you will be growing at the end of the year year-on-year.

因此，如果我理解得很好，你是說你將在年底同比增長。

You have shown that you are able to protect your gross margin at the level of, let's say, 39%, and if we have growth, maybe it will get higher.

你已經證明你能夠將你的毛利率保持在 39% 的水平，如果我們有增長，也許它會變得更高。

So what does it mean in term of OpEx?

那麼，就 OpEx 而言，這意味著什麼？

Are you just cutting the OpEx to make sure that the margins will hold?

您是否只是削減運營支出以確保利潤率保持不變？

Or are you doing nothing at the moment and you keep on moving that base?

或者你現在什麼都不做，你繼續移動那個基地？

So Lorenzo will comment on the OpEx model.

因此，Lorenzo 將對 OpEx 模型發表評論。

Yes, for sure.

是肯定的。

In term of OpEx, we discussed about in term of OpEx in our model.

在 OpEx 方面，我們在模型中討論了 OpEx。

We said that the company substantially is equipped to sustain the growth.

我們說公司基本上有能力維持增長。

And we do not expect to have a significant growth moving from 2018 to 2019, apart, of course, the normal increase due to the salary, to the inflation rate.

我們預計從 2018 年到 2019 年不會有顯著增長，當然，除了工資和通貨膨脹率導致的正常增長。

Actually, we do expect, in Q1, to have expenses in the range of between $600 million and $610 million.

實際上，我們確實預計第一季度的支出在 6 億美元至 6.1 億美元之間。

This does not come from, let's say, any cut or any action, it is -- you have to consider that, Q1, there is some seasonality.

這不是來自，比方說，任何削減或任何行動，它是 - 你必須考慮到，Q1，有一些季節性。

That is a shorter quarter, so it's also in term of expenses.

這是一個較短的季度，所以它也是費用方面的。

And also, you have to consider that this -- in this number, we embed also some [catch-up] in term of plants.

而且，你必須考慮到這一點——在這個數字中，我們還嵌入了一些植物方面的[追趕]。

When I look, overall, the expenses -- the average expenses by quarter, during 2019, we do expect to have a net expenses, including other income and expenses, in the range of $620 million to $630 million per quarter.

總的來說，當我看一下支出——2019 年每個季度的平均支出時，我們確實預計每季度的淨支出（包括其他收入和支出）在 6.2 億美元至 6.3 億美元之間。

This comes with, of course, some attention to our expenses, but without any plan to cut activity or to cut workforce.

當然，這伴隨著對我們開支的一些關注，但沒有任何削減活動或裁員的計劃。

Okay.

好的。

And did I understand correctly that you said that you were expecting some growth for the year, that for the moment you were not seeing any decline?

我是否正確理解你說你預計今年會有一些增長，目前你沒有看到任何下降？

It means that in term of acceleration in maybe -- probably in Q3, it means a double-digit acceleration sequentially.

這意味著就加速而言可能——可能在第三季度，這意味著連續兩位數的加速。

Where do you see -- in which division do you see much of this acceleration, sorry?

你在哪裡看到 - 你在哪個部門看到了這種加速，抱歉？

This is Jean-Marc speaking.

我是讓-馬克。

Exactly I repeat what I say after the first question.

在第一個問題之後，我準確地重複了我所說的話。

There is an element intrinsic to our company and an element, okay, related to the market.

我們公司有一個固有的元素，還有一個與市場相關的元素。

Related to our company, clearly, again, Automotive will accelerate in the second half, thanks to the acceleration of our growth on silicon carbide, so this is what I just said 2 minutes ago, Automotive and Discrete.

與我們公司相關，很明顯，汽車將在下半年加速，這要歸功於我們在碳化矽上的增長加速，所以這就是我 2 分鐘前所說的，汽車和離散。

Then acceleration related to introduction of MCUs on the 40-nanometer and acceleration on ADAS components.

然後加速與在 40 納米上引入 MCU 和在 ADAS 組件上加速相關。

So this is the first dimension.

所以這是第一個維度。

Now then, definitively, we have also programs starting in the second half of the year related to smartphone and personal electronics, and this will support mainly AMS product group.

現在，我們肯定會在今年下半年啟動與智能手機和個人電子產品相關的計劃，這將主要支持 AMS 產品組。

Now clearly, again, I come back to Marco Cassis' comments about distribution channel.

現在很明顯，我再次回到 Marco Cassis 關於分銷渠道的評論。

As I've told you and anticipated during, let's say, various communication, our initial plan was to see inventory correction on the microcontroller mainly to China and a bit in Europe to end in Q1.

正如我在各種溝通中告訴你和預期的那樣，我們最初的計劃是看到微控制器的庫存修正主要在中國和歐洲進行，並在第一季度結束。

Certainly will continue a bit in Q2, because the point of sales, which was flattening in Q3 and supposed to be still flat in Q4, showed some sign of slightly decrease in Q4.

第二季度肯定會繼續，因為銷售點在第三季度趨於平緩，本應在第四季度保持平穩，但在第四季度顯示出略有下降的跡象。

So in this condition, we do believe that the inventory correction will be prolonged one quarter more.

因此，在這種情況下，我們確實認為庫存調整將再延長一個季度。

That's the reason why in the second half of the year and, let's say, starting in Q2, we will see an acceleration overall of microcontroller here more related to the overall market.

這就是為什麼在今年下半年，比方說，從第二季度開始，我們將看到與整體市場更相關的微控制器的整體加速。

However, on microcontroller, I would like to [insist with], that we will introduce 10 new products this year in order to embed in our portfolio more security, more connectivity, and to embrace mainly the industrial market with a high-performance hardware anchor, and this, of course, will contribute to the acceleration of our growth across the year.

然而，在微控制器上，我想[堅持]，我們今年將推出 10 種新產品，以便在我們的產品組合中嵌入更多安全性、更多連接性，並主要通過高性能硬件錨來擁抱工業市場，當然，這將有助於加速我們全年的增長。

And as usual, when we face such situation of market turning down, the growth is coming from new product.

和往常一樣，當我們面臨市場下滑的情況時，增長來自新產品。

The next question is from David Mulholland from UBS.

下一個問題來自瑞銀集團的 David Mulholland。

Just to follow-up on a couple of comments you made on the gross margin for Q1 and kind of, hopefully, you can help us think about through the rest of the year.

只是跟進你對第一季度毛利率的一些評論，希望你能幫助我們考慮今年餘下的時間。

Can you maybe comment on what you're planning to do utilization rates through Q1, and obviously could that end up having more of an impact on the gross margins as we head into Q2?

您能否評論一下您計劃在第一季度提高利用率，顯然，當我們進入第二季度時，這最終會對毛利率產生更大的影響嗎？

Obviously, it depends on what snapback you see.

顯然，這取決於您看到的回彈。

But are utilization rates starting to go down a bit through Q1?

但是在第一季度，利用率是否開始有所下降？

It would be helpful if you can comment on that.

如果您能對此發表評論，那將很有幫助。

And then just secondly, as a follow-up, could you comment a little bit on what you're seeing in terms of the book-to-bill in the quarter, particularly hard bookings trended through the period?

其次，作為後續行動，您能否評論一下您在本季度的預訂到賬單方面所看到的情況，特別是在此期間的硬預訂趨勢？

And if you can comment at all on how that has started the year so far in January as well that would be really helpful.

如果你能在 1 月份就今年到目前為止的開局情況發表評論，那將非常有幫助。

Okay.

好的。

Lorenzo speaking.

洛倫佐說話。

About -- coming back to your point about the gross margin, about the utilization rate.

關於——回到你關於毛利率和利用率的觀點。

As I said, in the Q4, the utilization rate, that was substantially with the full -- the fab -- all the fab pool.

正如我所說，在第四季度，利用率基本上與全部 - 晶圓廠 - 所有晶圓廠池。

This is translating in a utilization rate that is 90%.

這轉化為 90% 的利用率。

You know that for the fab, it cannot be higher than this level.

要知道對於晶圓廠來說，不能高於這個水平。

This level is already stretched.

這個水平已經被拉長了。

When we move to Q1, the utilization rate will be slightly lower, but I would say that is in the range of 89% -- 88%, 89%.

當我們轉到第一季度時，利用率會略低，但我會說在 89% - 88%、89% 的範圍內。

So it means that there is still a very high level of utilization rate of our fab.

所以這意味著我們晶圓廠的利用率仍然很高。

And this, of course, is one of the reason why we don't see any significant loading during the quarter.

當然，這也是我們在本季度看不到任何顯著負載的原因之一。

What is the expectation for the gross margin moving ahead?

對未來毛利率的預期如何？

As you know, usually, we do not guide on the next quarters.

如您所知，通常我們不會在下一個季度提供指導。

What we said the last year is that, at this stage, considering that, in our COGS, we have some headwinds that is in particularly the cost of silicon, that is still quite high.

我們去年所說的是，在現階段，考慮到在我們的 COGS 中，我們有一些不利因素，特別是矽的成本，它仍然很高。

We have headwinds in the cost of material and in the power.

我們在材料成本和電力方面遇到了阻力。

That has increased significantly.

這已經大大增加了。

On the other side, we do expect to have some positive from still some improvement in our manufacturing.

另一方面，我們確實希望我們的製造業仍有一些改善，從而帶來一些積極的影響。

We do expect to have, in the second quarter, based on the plan that we have today in term of revenues, a gross margin similar to the one of Q1.

根據我們今天的收入計劃，我們確實希望在第二季度獲得與第一季度相似的毛利率。

And then move, thanks to increased revenue, back in ranging around the 40%, that it is, let's say, what we were saying a few quarters ago.

然後由於收入增加，回到 40% 左右，這就是我們幾個季度前所說的。

This is about the dynamic of the gross margin in our plan.

這是關於我們計劃中毛利率的動態。

What was the other question, sorry?

另一個問題是什麼，抱歉？

Just wondered if you could comment on what happened to bookings in Q4 and the book-to-bill level.

只是想知道您是否可以評論一下第四季度的預訂情況和訂單到賬單水平。

I don't know if you can help at all, how that's been progressing so far this year.

我不知道你是否能提供幫助，今年到目前為止進展如何。

Okay.

好的。

Booking in Q4.

第四季度預訂。

Booking in Q4, as you can figure out from our guidance of revenue, was not particularly strong.

從我們的收入指引中可以看出，第四季度的預訂並不是特別強勁。

The booking in Q4 declined in respect to the one of Q3.

與第三季度相比，第四季度的預訂有所下降。

Our book-to-bill was below parity, was below parity even if in some areas, if you take, for instance, Automotive and Power and Discrete, the book-to-bill was close to parity.

我們的訂單出貨比低於平價，即使在某些領域也低於平價，例如汽車、電力和離散，訂單出貨率接近平價。

So we see here still in the market, the demand is still distorted.

所以我們在這裡看到市場仍然存在，需求仍然扭曲。

But overall, for the company, the book-to-bill was below parity during the quarter.

但總體而言，對於公司而言，本季度的訂單出貨比低於平價。

And our expectation is that, in the course of Q1, we will seek to revert with some booking to support our plan -- growth plan for the next quarter.

我們的期望是，在第一季度，我們將尋求通過一些預訂來恢復我們的計劃——下一季度的增長計劃。

The next question is from Achal Sultania from Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Achal Sultania。

Just one clarification, Jean-Marc.

只是一個澄清，讓-馬克。

I think you mentioned that when we think about second half of 2019, we should see a similar trend to what happened last year in the second half.

我想你提到過，當我們考慮 2019 年下半年時，我們應該看到與去年下半年類似的趨勢。

Obviously, last year, you had a benefit with one of your large customers where you had a key design win ramping up materially.

顯然，去年，您從一位大客戶那裡獲得了好處，您在關鍵設計中贏得了實質性的勝利。

So I'm just trying to understand, like this year, when you talk about similar trend, are we talking about -- like, what gives you the confidence of a similar ramp?

所以我只是想了解，就像今年，當你談論類似的趨勢時，我們是在談論——比如，是什麼讓你對類似的增長充滿信心？

Is it content gain or is it new customer wins?

是獲得內容還是贏得新客戶？

Or is it new design wins with existing customers?

還是新設計贏得了現有客戶？

Just trying to understand what exactly is underpinning that confidence in the second half.

只是想了解到底是什麼支撐了下半場的信心。

Thank you for your question.

謝謝你的問題。

But the answer are inside your question.

但答案在你的問題中。

It is everything.

它就是一切。

It is, of course, some content increase, thanks to new program starts.

當然，由於新程序的啟動，一些內容有所增加。

It is other customer growth.

這是其他客戶的增長。

Thanks to our, let's say, focus again on the personal electronics addressing the full market with sensor, secure solution, power management, charger, fast charger, wireless charger, and RF and millimeter wave.

多虧了我們，可以說，再次專注於通過傳感器、安全解決方案、電源管理、充電器、快速充電器、無線充電器以及射頻和毫米波解決整個市場的個人電子產品。

So all in all, okay, so it is due to the 3 reasons you mentioned in your question.

總而言之，好吧，這是由於您在問題中提到的三個原因。

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。

I was wondering if we could talk a little bit about your 300-millimeter plans in Agrate.

我想知道我們是否可以談談您在 Agrate 的 300 毫米計劃。

That now seems to go a bit beyond, obviously, the initial plans for just the pilot line here.

顯然，這現在似乎超出了最初的試點計劃。

Can you give us any kind of idea on how big you think that capacity will be here?

你能告訴我們你認為這裡的容量有多大嗎？

And also, have you started qualifying any products yet for the 300-millimeter process?

而且，你們是否已經開始對任何產品進行 300 毫米工藝的鑑定？

I mean, this has been quite time-consuming for some of your competitors.

我的意思是，這對您的一些競爭對手來說非常耗時。

Just wondering how you think about qualification and how big the production ramp will be in 2021.

只是想知道您如何看待資格以及 2021 年的生產量會有多大。

And then just as a quick follow-up, you mentioned also the pricing negotiations in Q1 and they are already in your guidance.

然後作為快速跟進，您還提到了第一季度的定價談判，它們已經在您的指導中。

How do you think about those?

你怎麼看這些？

Were they in line with your expectations?

他們符合你的期望嗎？

Maybe a bit better?

也許好一點？

Maybe a bit worse?

也許更糟？

If you can comment on pricing, that will be helpful.

如果您可以對定價發表評論，那將很有幫助。

So about the planning and the timing of this 300-millimeter wafer fab.

那麼關於這個 300 毫米晶圓廠的規劃和時間安排。

Again, the plan of record is the following.

同樣，記錄計劃如下。

We will start to receive R&D equipment in 2020 according to the, let's say, stronger lead time to make the groundbreaking, which is started already, the first facility set-up and wafer fab, so, let's say, standard planning to set up such infrastructure.

我們將在 2020 年開始接收研發設備，比方說，根據已經開始的破土動工的更強提前期，第一個設施設置和晶圓廠，所以，比方說，建立這樣的標準計劃基礎設施。

We will receive equipment in 2020.

我們將在 2020 年收到設備。

So to support R&D activities and first industrial deployment, I think it will be in the course of 2020 to, let's say, 2021.

因此，為了支持研發活動和首次工業部署，我認為這將在 2020 年到，比方說，2021 年。

And then according the demand, we will anticipate that in 2021, if demand is there, okay, we will start to grow mass production in 2021.

然後根據需求，我們預計到2021年，如果有需求，好吧，我們將在2021年開始大規模生產。

I confirm that we do not need this, let's say, additional capacity absolutely in 2021 to support our revenue linked to our 3 years plan.

我確認我們絕對不需要這個，比方說，在 2021 年絕對不需要額外的容量來支持我們與 3 年計劃相關的收入。

This is what I said, and I confirm that we don't need additional capacity related to this 300-millimeter fab before 2021.

這就是我所說的，我確認我們在 2021 年之前不需要與這個 300 毫米晶圓廠相關的額外產能。

However, we prepare ourself to grow beyond 2021 and to grow massively on BCD, advanced BCD technology, IGBT, because we are, let's say, winning, let's say, momentum in IGBT, thanks to our silicon carbide penetration, silicon carbide power MOSFET and high-voltage MOSFET.

然而，我們準備在 2021 年以後實現增長，並在 BCD、先進的 BCD 技術、IGBT 上實現大規模增長，因為我們正在贏得 IGBT 的勢頭，這要歸功於我們的碳化矽滲透、碳化矽功率 MOSFET 和高壓MOSFET。

So this will be the mission of this fab for the next 10 year to support our mission to be a leader in power device.

因此，這將是該工廠未來 10 年的使命，以支持我們成為功率器件領導者的使命。

In order to anticipate the R&D activity of this, let's say, Agrate close to Milano wafer fab, our company has decided to prepare itself on some technology modules we are already running in our fab of Crolles.

為了預測這方面的研發活動，比方說，Agrate 靠近米蘭晶圓廠，我們公司決定準備好我們已經在我們的 Crolles 晶圓廠運行的一些技術模塊。

So this is the main advantage of our company, which is perfectly controlling the 300-millimeter process for technology at 1,900-meter and beyond.

所以這就是我們公司的主要優勢，它完美地控制了300毫米的過程，用於1900米及以上的技術。

And in order to win time-to-market, to accelerate our capability, to make a very efficient learning curve in Agrate, we are preparing the job in fab of Crolles.

為了贏得上市時間，加快我們的能力，在 Agrate 中形成非常有效的學習曲線，我們正在準備 Crolles 工廠的工作。

So basically, you have already qualified products for 300-millimeter power in Crolles already?

那麼基本上，您已經在 Crolles 獲得了 300 毫米功率的合格產品？

No.

不。

No, no.

不，不。

I repeat what I exactly said.

我重複我剛才說的話。

We are preparing some technology module.

我們正在準備一些技術模塊。

And once this technology module will be qualified, okay, not to deliver production to customer, when we will start the R&D activities in Agrate, we will have all this technology module ready.

一旦這個技術模塊合格，好吧，不是向客戶交付生產，當我們在 Agrate 開始研發活動時，我們將準備好所有這些技術模塊。

Then we assemble this technology module to qualify a full technology, but it will be shorter than usual because all the technology modules enabling the technology will be already done.

然後我們組裝這個技術模塊來限定一個完整的技術，但是它會比平時短，因為所有啟用該技術的技術模塊都已經完成了。

So this is, in a certain extent, our capability to work in [component] engineering, thanks to the fact that we have already a very efficient 300-millimeter wafer fab.

因此，在某種程度上，這就是我們在 [組件] 工程方面的能力，這要歸功於我們已經擁有非常高效的 300 毫米晶圓廠。

There was also the question about the pricing for Q1.

還有關於第一季度定價的問題。

Yes, the pricing of Q1.

是的，第一季度的定價。

So I can comment on that.

所以我可以對此發表評論。

In this moment, we are not seeing any price abnormality situation for Q1.

目前，我們沒有看到Q1有任何價格異常的情況。

So Q1 price negotiation are according to a standard pattern.

所以Q1的價格談判都是按照標準模式進行的。

It was Marco really.

真的是馬可。

Same voice.

同樣的聲音。

The next question is from Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的 Andrew Gardiner。

Another one on the capital spending plan, in particular, the Imaging part of the budget you've outlined for 2019.

另一個關於資本支出計劃，特別是您概述的 2019 年預算的成像部分。

When we last sort of spoke about a big increase in the budget for such a project back about 2 years ago, there was specific customer commitments for the product being designed and manufactured in that Imaging -- as part of that Imaging program.

大約 2 年前，當我們最後一次談到此類項目的預算大幅增加時，作為該成像計劃的一部分，客戶對該成像中設計和製造的產品有具體的承諾。

Can you confirm that for the current expansion and investment that, again, you have clear and firm customer commitment?

您能否再次確認，對於當前的擴張和投資，您有明確而堅定的客戶承諾？

Or is this more sort of ST developing technology and then looking to sell it into the customers beyond there?

或者這更像是一種 ST 開發技術，然後將其出售給那裡的客戶？

No, I will not comment on customer commitment.

不，我不會評論客戶的承諾。

And as, okay, we are used to -- because, okay, you understand we have to protect our customer secret.

而且，好吧，我們習慣了——因為，好吧，你明白我們必須保護我們的客戶秘密。

But however, I just want to simply confirm the strategy of ST.

不過，我只是想簡單確認一下ST的策略。

The strategy of ST is to be a leader on, let's say, global shutter technology.

ST 的戰略是成為全球快門技術的領導者。

And I repeat it many time, okay, we have a technology road map.

我重複了很多次，好的，我們有一個技術路線圖。

We have, let's say, improved efficiency master plan in this technology to offer the best global shutter technology to our customer.

比方說，我們改進了這項技術的效率總體規劃，以便為我們的客戶提供最好的全球快門技術。

And we do believe that this technology will enable ST to continue to sustain, okay, this market, but in personal electronics, but as well in other application, like industrial and automotive in the future.

我們確實相信，這項技術將使 ST 能夠繼續維持這個市場，但在個人電子產品領域，以及未來的其他應用領域，如工業和汽車。

Then we have, let's say, complementary to this, let's say, Imaging global shutter technologies and product, we want also to have a strong leadership on the Time-of-Flight based devices, ambient licensing, Time-of-Flight sensor, Time-of-Flight sensors for proximity sensing ranging, but also enabling virtual reality or augmented reality application.

然後我們有，比方說，與此互補，比方說，成像全局快門技術和產品，我們還希望在基於飛行時間的設備、環境許可、飛行時間傳感器、時間用於接近感應測距的飛行傳感器，還支持虛擬現實或增強現實應用。

These require technology improvement.

這些都需要技術改進。

All in all, in order to support this format of ST and this, let's say, end market and product strategy, we need to put some add-on in term of process step or modify some process step in order to enabling our product road map and technology road map.

總而言之，為了支持 ST 的這種格式，比方說，終端市場和產品策略，我們需要在流程步驟方面添加一些附加組件或修改一些流程步驟，以啟用我們的產品路線圖和技術路線圖。

So again, in term of overall capacity volume, I think we have the right size.

因此，就整體容量而言，我認為我們的規模合適。

And we will have to, let's say, improve or increase this capacity timely and in a limited, let's say, increased number.

比方說，我們將不得不及時改進或增加這種能力，而且數量有限，比方說，增加的數量。

But we have some effort in order to improve the content of our technology and our processes in order to enable better product, most competitive product and the best product to address all this applications.

但是我們有一些努力來改進我們的技術和流程的內容，以便提供更好的產品、最具競爭力的產品和最好的產品來解決所有這些應用程序。

That's helpful.

這很有幫助。

Just a quick follow-up on silicon carbide, if I could.

如果可以的話，只是對碳化矽的快速跟進。

The growth -- the revenue growth you're calling for in 2019, is that still primarily driven by the sort of the initial ramp with your lead partner there?

增長——你在 2019 年要求的收入增長，這仍然主要是由你的主要合作夥伴那裡的最初增長驅動的嗎？

Or are you starting to see the potential for other OEMs to come on -- start to come onstream later in 2019?

或者您是否開始看到其他 OEM 的潛力——在 2019 年晚些時候開始投產？

I mean, certainly, in 2019, we will have a better capability to support both.

我的意思是，當然，在 2019 年，我們將有更好的能力來支持這兩者。

It means, okay, to support, of course, our initial partner and to continue to make him successful, which is, of course, our first priority.

這意味著，好吧，當然是支持我們最初的合作夥伴並繼續讓他成功，這當然是我們的首要任務。

And second, certainly, we will better support the other market on power MOSFET, but also on diode.

其次，當然，我們將更好地支持功率 MOSFET 和二極管的其他市場。

Because, okay, I would also like to recall that we have a device not only in MOSFET but also diode.

因為，好吧，我還想回顧一下，我們不僅有 MOSFET 器件，還有二極管器件。

And again, we will start to deliver engineering sample, prototyping and first phase production to address [those other] customers.

同樣，我們將開始提供工程樣品、原型設計和第一階段生產，以滿足 [those other] 客戶的需求。

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

下一個問題來自 Craig-Hallum 的 Anthony Stoss。

I was hoping that maybe on the down sequential from March, if you can give us a breakout of ADG, AMS, MDG, what you think each will be down sequentially.

我希望也許從 3 月開始連續下降，如果你能給我們一個 ADG、AMS、MDG 的突破，你認為每一個都會連續下降。

Or more so, it is predominately just your Imaging customer and the rest are near seasonal?

或者更重要的是，它主要只是您的成像客戶，其餘的都是季節性的？

And then second, as a follow-up, also on silicon carbide.

其次，作為後續行動，也是碳化矽。

I'm curious if you think you're winning the bulk of the industry wins for 2019 on the inverter side, and maybe any color you can give on competition.

我很好奇你是否認為你在逆變器方面贏得了 2019 年的大部分行業勝利，也許你可以在競爭中給出任何顏色。

May I take maybe the revenue dynamic on a sequential basis.

我可以按順序考慮收入動態嗎？

For sure, one of the detractor in respect to this drop in revenues is Imaging.

可以肯定的是，影響收入下降的因素之一是成像。

There is reduction in term of revenues, a material reduction, and this is linked definitely to seasonality for sure, but also weak demand from our customers.

收入減少，材料減少，這肯定與季節性有關，但也與我們客戶的需求疲軟有關。

On the other side, we see in the ADG group, substantially, the revenue holding.

另一方面，我們在 ADG 集團中看到了收入控股。

Of course, you have to remember that this quarter is shorter in term of calendar days.

當然，您必須記住，本季度的日曆天數較短。

So -- but this, let's say, the revenue will decline less than the number of days of the quarter.

所以——但是，比方說，收入下降的天數將少於本季度的天數。

So we see substantially flat to slightly increasing on the same number of day the Automotive and Discrete Group, while we still see some weaker demand and so declining revenues on the Microcontroller entering in Q1.

因此，我們看到汽車和離散集團在同一天基本持平或略有增長，而我們仍然看到需求疲軟，因此進入第一季度的微控制器收入下降。

So about silicon carbide.

那麼關於碳化矽。

On top of I have already answered, let's add some additional color.

在我已經回答的基礎上，讓我們添加一些額外的顏色。

Again, I repeat that when we met at our Capital Market Day in 2018 May, we mentioned 20 major programs won.

我再次重申，當我們在 2018 年 5 月的資本市場日會面時，我們提到了 20 個主要項目獲勝。

But now we have 30 -- more than 30.

但現在我們有 30 個——超過 30 個。

And I have to say that in the course of Q4, we won 4 major awards, okay, with the really rather important carmaker or Tier 1 associated to carmaker, which should make us, okay, really, really pleased about our success in power MOSFET.

我不得不說，在第四季度的過程中，我們贏得了 4 個主要獎項，好吧，與真正相當重要的汽車製造商或與汽車製造商相關的一級獎項，這應該讓我們，好吧，真的，真的對我們在功率 MOSFET 方面的成功感到高興.

Now about competition, clearly, we acknowledge that the competition is working hard.

現在關於競爭，顯然，我們承認競爭正在努力。

We have a lot of respect for our competitor.

我們非常尊重我們的競爭對手。

They prepare themselves to address this huge market.

他們準備迎接這個巨大的市場。

We -- I am and we are totally convinced that silicon carbide, power MOSFET and diode will grab important market share to traditional high-voltage power MOSFET or IGBT.

我們——我是而且我們完全相信碳化矽、功率 MOSFET 和二極管將搶占傳統高壓功率 MOSFET 或 IGBT 的重要市場份額。

And you know that the Q1 consensus from the industry and analysts are seeing a market, okay, close to or above USD 3 billion in 2025.

而且您知道，行業和分析師在第一季度達成的共識是，到 2025 年，市場規模將接近或超過 30 億美元。

And then beyond 2025, okay, it can go well above USD 10 billion.

然後到 2025 年以後，它可以遠遠超過 100 億美元。

So clearly, the industry will need a [multi] source.

很明顯，該行業將需要 [多] 來源。

So the competition is preparing itself to address this market.

因此，競爭對手正在準備應對這個市場。

But again, I confirm that our mission, our plan, our determination is to keep minimum 30% market share addressing this market.

但我再次確認，我們的使命、我們的計劃、我們的決心是保持至少 30% 的市場份額來應對這個市場。

Today, we have the unique, let's say, semiconductor [number] in mass production addressing automotive.

今天，我們擁有針對汽車的批量生產中獨一無二的半導體[數量]。

So we are accumulating mass production huge volume with technologies addressing automotive emission profile, which is, let's say, no Tg.

因此，我們正在通過解決汽車排放概況的技術積累大量生產，比方說，沒有 Tg。

And of course, it is providing to ST a unique competitive advantage in front of the other carmaker of Tier 1, which want to adopt this technology as early as possible because, okay, we will be able to [warrant] the same automotive profile quality.

當然，它為 ST 在其他一級汽車製造商面前提供了獨特的競爭優勢，後者希望儘早採用這項技術，因為，好吧，我們將能夠 [保證] 相同的汽車配置文件質量.

So again, what is important, ST's ambition to sustain minimum 30% market share addressing this market.

因此，重要的是，ST 的雄心是維持至少 30% 的市場份額以解決這個市場問題。

We are preparing ourselves.

我們正在準備自己。

Competition is preparing itself.

競爭正在自我準備。

We respect that a lot because we know they are good.

我們非常尊重這一點，因為我們知道他們很好。

But today, we are the leader.

但今天，我們是領導者。

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.

來自花旗的 Amit Harchandani。

Maybe a clarification and a question from my side.

也許是我這邊的澄清和問題。

Firstly, in terms of clarification.

首先，在澄清方面。

Did I understand correctly that, at present, you see your serviceable addressable market still up year-on-year in 2019 and you outperforming it?

我是否正確理解，目前，您認為您的可服務可尋址市場在 2019 年仍同比增長，並且您的表現優於它？

Or did you simply imply that your own revenues would be up year-on-year in 2019?

或者你只是暗示你自己的收入將在 2019 年同比增長？

So that would be my clarification.

這就是我的澄清。

And secondly, as a question, you've talked about some near-term demand softness, part of it, of course, being also impacted today by the ongoing trade wars between U.S. and China.

其次，作為一個問題，你談到了一些近期需求疲軟，當然，其中一部分今天也受到中美之間持續的貿易戰的影響。

I was just wondering, as you think about the trade wars dynamic, do you see any impact for yourself beyond the near-term demand, for example, in terms of your own supply chain or in terms of your own operations in China?

我只是想知道，當你考慮貿易戰的動態時，你是否看到除了近期需求之外的任何影響，例如，在你自己的供應鍊或你自己在中國的業務方面？

Any color on how you think about just playing out medium-term as best as you can today would be helpful.

任何關於你今天如何盡可能地玩中期的想法都會有所幫助。

Okay, thank you.

好的謝謝。

I take your question about the market.

我接受你關於市場的問題。

About the market, our plan is to grow and to grow outperforming the market.

關於市場，我們的計劃是成長並跑贏市場。

That means that our view today is that the market will be not negative during 2019.

這意味著我們今天的觀點是，市場在 2019 年不會消極。

For sure, last year, the market grew very strongly.

可以肯定的是，去年市場增長非常強勁。

Now we wait for the final number, but our market will be -- the market that we sell between 10%, 11%, probably more 10% than 11%, but fine, what it will be will be.

現在我們等待最終數字，但我們的市場將是——我們出售的市場在 10%、11% 之間，可能比 11% 多 10%，但很好，它將是什麼。

Next year, we'll be definitely be lower.

明年，我們肯定會更低。

But we see still, let's say, a market that is growing.

但我們仍然看到，比方說，一個正在增長的市場。

In respect to China.

關於中國。

In respect to China, we comment many times, for sure, when we look at the problem of the tariffs, of this kind of event, directly impacting in the accounts of the company is not huge.

關於中國，我們評論了很多次，當然，當我們看關稅問題時，這種事件對公司賬戶的直接影響並不大。

There are some impact there.

那裡有一些影響。

I already disclosed that in term of gross margin, the impact of the tariffs is in the range of 20 basis point, so -- on our gross margin.

我已經透露，就毛利率而言，關稅的影響在 20 個基點的範圍內，所以 - 對我們的毛利率。

So it's something that is not huge, but it's there.

所以它不是很大，但它就在那裡。

And definitely, what is worse for us in this situation is that it's creating, in term of macroeconomic, some uncertainty, some uncertainty that were reflecting in a difficult situation that we have seen in the market, especially in China, for our industrial product microcontroller in the mass market.

當然，在這種情況下對我們來說更糟糕的是，就宏觀經濟而言，它正在創造一些不確定性，這些不確定性反映在我們在市場上，特別是在中國，我們的工業產品微控制器的困難處境中在大眾市場。

These are the main consequences that we -- that impact ST.

這些是我們影響 ST 的主要後果。

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。

Most of my questions have been answered, but just a quick question.

我的大部分問題都已得到解答，但只是一個簡短的問題。

Looking at the cost for silicon, you mentioned that it's a factor in your gross margin as you go through the year.

看看矽的成本，你提到它是你全年毛利率的一個因素。

I just wanted to understand, there's been some talk recently around TSMC renegotiating contracts with the silicon wafer guys.

我只是想了解一下，最近有一些關於台積電與硅晶圓商重新談判合同的討論。

Do you see any scope here that could potentially help your gross margins versus what you already planned?

你在這裡看到任何可能有助於你的毛利率與你已經計劃的相比的範圍嗎？

Any color here would be helpful.

這裡的任何顏色都會有所幫助。

About, let's say, the pricing in foundry, I would say that when I was discussing about the -- the silicon was mainly for our internal fab, which means that the cost of silicon, the raw wafer, are increasing.

關於代工的定價，我會說，當我討論 - 矽主要用於我們的內部晶圓廠時，這意味著矽（原始晶圓）的成本正在增加。

And then, of course, what I meant is the raw wafer prices.

然後，當然，我的意思是原始晶圓價格。

I think TSMC was talking about renegotiating raw wafer prices from their suppliers, but can you do the same?

我認為台積電正在談論與他們的供應商重新談判原始晶圓價格，但你能這樣做嗎？

I see.

我懂了。

Yes, now I -- for sure.

是的，現在我 - 當然。

For sure, yes.

當然，是的。

I got your point now.

我現在明白你的意思了。

Now, for sure, yes.

現在，可以肯定的是，是的。

Today -- our supply in wafer is based on a portion on long-term agreement.

今天——我們的晶圓供應是基於長期協議的一部分。

And on this long-term agreement, we have a price negotiated and a portion that is based on negotiation.

在這個長期協議中，我們有一個價格談判，一部分是基於談判的。

On the one that is based on negotiation, for sure, our effort is to try to get the best price for our company.

在談判的基礎上，當然，我們的努力是為我們的公司爭取最好的價格。

On the long-term agreement, for sure, we need to respect some agreement that we have done with our supplier.

當然，在長期協議方面，我們需要尊重我們與供應商達成的一些協議。

And then we will see, entering in the year, let's say, if there are maybe conditions to have some renegotiations.

然後我們將看到，進入今年，比方說，是否有條件進行一些重新談判。

But for sure, these are agreement, and we needed to also have some kind of respect of our partner.

但可以肯定的是，這些都是協議，我們也需要對我們的合作夥伴有某種尊重。

The next question is from Gianmarco Bonacina from Equita.

下一個問題來自 Equita 的 Gianmarco Bonacina。

I have a [difficult] question on the grants.

我有一個關於撥款的 [困難] 問題。

Because we saw in December a new program in the European Union about EUR 2 billion mainly for France, Italy or so Germany, but I guess mainly was for France and Italy.

因為我們在 12 月看到了歐盟的一項新計劃，大約 20 億歐元，主要針對法國、意大利或德國，但我猜主要是針對法國和意大利。

And I guess if you can tell us, I mean, what kind of impact that this new program could have for you in terms of grants for '19, '20?

我想如果你能告訴我們，我的意思是，這個新項目在 19 年、20 年的撥款方面會對你產生什麼樣的影響？

Or just if you can comment a little bit.

或者，如果您可以發表一點意見。

Yes, you're right.

你是對的。

We are quite happy about these new initiatives that has been taken on which, definitely, they -- administration of France, Italy, where we are more exposed on our activity, really work hard in order to pass in getting in this support to our R&D activity, not only R&D activity but also first in this industrialization.

我們對已經採取的這些新舉措感到非常高興，當然，他們 - 法國、意大利的政府，我們在這些地方對我們的活動有更多的了解，他們真的很努力，以便獲得對我們研發的支持活動，不僅是研發活動，而且在這種產業化中也處於領先地位。

There will be some positive impact.

會有一定的積極影響。

I was mentioning -- talking about the expenses for Q1, some benefit, let's say, that is partially related to that.

我提到 - 談論第一季度的費用，一些好處，比方說，這與此部分相關。

And going forward, we do expect to have benefit in the grants coming from these initiatives that are supporting our R&D programs.

展望未來，我們確實希望從這些支持我們研發計劃的計劃中獲得贈款。

Okay.

好的。

But is this also, for example, related to the new Agrate investment you are making?

但這是否也與您正在進行的新 Agrate 投資有關？

Or it is more broad?

還是范圍更廣？

No, it's not so specific, it's more broader.

不，它沒有那麼具體，它更廣泛。

There are more different activity inside.

裡面還有更多不同的活動。

Today's last question is from Jerome Ramel from Exane BNP Paribas.

今天的最後一個問題來自 Exane BNP Paribas 的 Jerome Ramel。

Yes, a quick question for Jean-Marc.

是的，讓-馬克有一個簡短的問題。

Two question.

二問。

When do you expect, on the Imaging, to start filling your Time-of-Flight array, not the proximity sensor?

您希望什麼時候在成像上開始填充您的飛行時間陣列，而不是接近傳感器？

And second question, if I look at all the investments you are making in silicon carbide, gallium nitride and this 300-millimeter fab for IGBTs, what are your ambition in Power?

第二個問題，如果我看一下你們在碳化矽、氮化鎵和這座 300 毫米 IGBT 晶圓廠上所做的所有投資，你們在 Power 方面的雄心是什麼？

And should I read that, is it a kind of strategic shift from STMicro to become more power silicon company?

我應該讀一下，這是一種從 STMicro 轉變為更強大的矽公司的戰略轉變嗎？

Because if I look at the Power division from STMicro, you have always been very striking, but you haven't participate in the M&A in that field and your market share are also a bit lower than your biggest competitors.

因為如果我看意法半導體的電源部門，你一直很引人注目，但是你沒有參與那個領域的併購，你的市場份額也比你最大的競爭對手低一點。

So do you have any target in term of market share?

那麼你們在市場份額方面有什麼目標嗎？

What are the ambition of STMicro on their own branding power?

意法半導體在自有品牌力方面有何雄心？

Well, thank you, Jerome, for your question.

好吧，謝謝你，杰羅姆，你的問題。

So about Imaging, as I already said, as the contribution of our diversification strategy in Imaging in, let's say, device like ambient licensing and so on, we'll start more in the second half 2019 and more massively in 2020.

關於成像，正如我已經說過的，作為我們在成像方面的多元化戰略的貢獻，比方說，環境許可等設備，我們將在 2019 年下半年開始更多，並在 2020 年更大規模。

And this year, okay, Imaging revenue will be more specific, okay, to an important customer.

今年，好吧，成像收入將更具體，好吧，給一個重要的客戶。

About Power, no, I think, okay, what is more important is, again, I repeat that our strategy, end market and product, is to be broad-range leader both in automotive and industrial.

關於 Power，不，我認為，好吧，更重要的是，我再次重申，我們的戰略、終端市場和產品，是成為汽車和工業領域的廣泛領導者。

And in automotive, thanks to the electrification of the vehicle; and industrial, thanks to the ambition of Industrial to reduce their, let's say, energy footprint to optimize -- reduce their costs in term of energy consumption.

在汽車領域，得益於車輛的電氣化；和工業，這要歸功於工業減少能源足跡以優化的雄心——降低能源消耗方面的成本。

Power conversion, power MOSFET, IGBT are really key enabler in order to address this market, and it is part of our product portfolio.

功率轉換、功率 MOSFET、IGBT 確實是解決這個市場的關鍵推動因素，它是我們產品組合的一部分。

Of course, in the past, mainly ST was positioned as on the power MOSFET high-voltage, power rectifier and [shutter].

當然，過去ST主要定位在功率MOSFET高壓、功率整流器和[快門]上。

And now thanks, okay, to the important effort and the anticipation with a vision, okay, of our business and technology on silicon carbide, we are winning momentum and ST is positioning itself as a leader on power.

現在，感謝我們在碳化矽上的業務和技術的重要努力和遠見卓識，我們正在贏得動力，ST 將自己定位為功率領導者。

We do not need, clearly, any M&A in this field.

顯然，我們不需要在該領域進行任何併購。

We have all the capability, both in the wafer fab, but also in assembly and in test.

我們擁有所有的能力，既有晶圓廠的能力，也有組裝和測試的能力。

And here, I have spoken about modules, clearly.

在這裡，我清楚地談到了模塊。

And we will follow our product road map, our technology road map.

我們將遵循我們的產品路線圖，我們的技術路線圖。

We will invest consistently with our strategy based on the fact that we want to be a broad-range supplier and leader addressing automotive and industrial.

基於我們希望成為汽車和工業領域的廣泛供應商和領導者這一事實，我們將根據我們的戰略進行持續投資。

I believe this will be the end of our call now.

我相信這將是我們通話的結束。

We want to thank all of you for your interest.

我們要感謝大家的興趣。

And now do you have any...

現在你有沒有...

Thank you.

謝謝。

Thank you.

謝謝。

Thank you very much, and looking forward to see you in Barcelona soon.

非常感謝，期待很快在巴塞羅那見到您。

And of course, okay, we are preparing activity also our Capital Market Day in May.

當然，好吧，我們也在準備五月份的資本市場日活動。

So thank you for your question.

謝謝你的問題。

Thank you for your attention, and see you soon in Barcelona.

感謝您的關注，我們很快就會在巴塞羅那見到您。

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。