意法半導體 (STM) 2019 Q2 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Ladies and gentlemen, welcome to the Second Quarter 2019 Earnings Release Conference Call and live webcast.

    女士們,先生們,歡迎來到 2019 年第二季度收益發布電話會議和網絡直播。

  • I'm Myra, the Chorus Call operator.

    我是合唱呼叫接線員邁拉。

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

    (操作員說明)不得為發布或廣播錄製會議。

  • At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Investor Relations.

    在這個時候,我很高興向投資者關係集團副總裁 Celine Berthier 工作。

  • Please go ahead, madam.

    請繼續,女士。

  • Celine Berthier - Group VP of IR

    Celine Berthier - Group VP of IR

  • Thank you, Myra, and good morning.

    謝謝你,邁拉,早上好。

  • Thank you, everyone, for joining our second quarter 2019 financial results conference call.

    感謝大家參加我們的 2019 年第二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.

    今天主持電話會議的是 ST 總裁兼首席執行官 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.

    今天加入 Jean-Marc 電話會議的有:Lorenzo Grandi,財務、基礎設施和服務總裁兼首席財務官; 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網絡直播和演示材料。

  • 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.

    本次電話會議將包括前瞻性陳述,其中涉及可能導致 ST 的結果與管理層的預期和計劃存在重大差異的風險因素。

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

    我們鼓勵您查看今天上午與結果一起發布的新聞稿中包含的安全港聲明,以及 ST 最新的監管文件中的安全港聲明,以獲得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。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Thank you, Celine.

    謝謝你,席琳。

  • Good morning, everybody, and thank you for joining ST on our second quarter 2019 earnings call.

    大家早上好,感謝您加入 ST 參加我們的 2019 年第二季度財報電話會議。

  • Let me start with some opening comments.

    讓我從一些開放的評論開始。

  • First, on Q2 and H1.

    首先,關於 Q2 和 H1。

  • So our Q2 revenues at $2.17 billion came in above the midpoint of our guidance.

    因此,我們第二季度的收入為 21.7 億美元,高於我們指導的中點。

  • Gross margin at 38.2% was slightly below due to product mix.

    由於產品組合,毛利率為 38.2%,略低於 38.2%。

  • Operating margin was 9% and net income was $160 million.

    營業利潤率為 9%,淨利潤為 1.6 億美元。

  • For the first half, we delivered results in line with our guidance, with revenues of $4.25 billion, gross margin of 38.8%, operating margin of 9.6% and net income of $338 million.

    上半年,我們的業績符合我們的預期,收入為 42.5 億美元,毛利率為 38.8%,營業利潤率為 9.6%,淨利潤為 3.38 億美元。

  • Second, on Q3.

    其次,在第三季度。

  • For the third quarter, we expect strong sequential revenue growth of about 15.3% at the midpoint, driven by engaged customer programs and new products in a softer than expected legacy Automotive and Industrial market.

    對於第三季度,我們預計中點的強勁環比收入增長約為 15.3%,這得益於參與的客戶計劃和新產品在弱於預期的傳統汽車和工業市場。

  • Gross margin is expected to be 37.5% at the midpoint, including 140 basis points of unsaturation charges.

    中點毛利率預計為 37.5%,包括 140 個基點的不飽和費用。

  • Regarding the full year 2019.

    關於2019年全年。

  • We now expect net revenues to be in the range of about $9.35 billion to $9.65 billion.

    我們現在預計淨收入將在 93.5 億美元至 96.5 億美元之間。

  • This level of revenues takes into account already engaged customer programs and new product introductions.

    這一收入水平考慮了已經參與的客戶計劃和新產品介紹。

  • It is still assuming improving market conditions in the second half in Automotive, Industrial and mass market, however, at a different pace compared with our prior expectations.

    它仍然假設汽車、工業和大眾市場下半年的市場狀況會有所改善,但與我們之前的預期相比,速度有所不同。

  • For Industrial and the mass market, last quarter, we indicated that margin at the point-of-sales revenues was showing signs of recovery.

    對於工業和大眾市場,上個季度,我們表示銷售點收入的利潤率顯示出複甦的跡象。

  • That trend continued in May and June.

    這種趨勢在 5 月和 6 月持續。

  • However, this market recovery is taking longer than forecasted, particularly in Europe.

    然而,這種市場復甦的時間比預期的要長,尤其是在歐洲。

  • For Automotive, we continued to see very strong demand in smart mobility application, driven by car electrification and digitalization.

    對於汽車,在汽車電氣化和數字化的推動下,我們繼續看到對智能移動應用的強勁需求。

  • What has changed since Q1 and our Capital Market Day is a deterioration of market conditions in automotive with lower car registrations, particularly in China affecting our legacy Automotive products.

    自第一季度和我們的資本市場日以來發生的變化是汽車市場狀況惡化,汽車註冊量下降,尤其是在中國,影響了我們的傳統汽車產品。

  • We already moderated in April our 2019 CapEx plan to a range of $1.1 billion to $1.2 billion.

    我們已在 4 月將 2019 年資本支出計劃調整至 11 億至 12 億美元。

  • We are not changing our plan here as we focus on our strategic programs supporting our future growth over the midterm.

    我們不會在這裡改變我們的計劃,因為我們專注於支持我們未來中期增長的戰略計劃。

  • Now let's move to a detailed review of the second quarter.

    現在讓我們來詳細回顧一下第二季度。

  • Net revenues decreased 4.2% year-over-year on lower sales of analog, microcontrollers and digital ICs.

    由於模擬、微控制器和數字 IC 的銷售額下降,淨收入同比下降 4.2%。

  • We saw year-over-year growth in Automotive and Power Discretes, MEMS and sensors.

    我們看到汽車和功率分立器件、MEMS 和傳感器的同比增長。

  • As planned, we returned to sequential growth in the second quarter with net revenue increase 4.7%.

    按照計劃,我們在第二季度恢復了連續增長,淨收入增長 4.7%。

  • This performance was driven by specialized imaging sensors, RF products for front-end modules, silicon carbide MOSFETs and digital automotive.

    這種性能是由專門的成像傳感器、前端模塊的射頻產品、碳化矽 MOSFET 和數字汽車驅動的。

  • Detractors were general purpose analog, microcontroller and legacy Automotive products.

    批評者是通用模擬、微控制器和傳統汽車產品。

  • Our gross margin was 38.2%, 30 basis points lower than the midpoint of our guidance reflecting unfavorable product mix.

    我們的毛利率為 38.2%,比我們指引的中點低 30 個基點,反映出不利的產品組合。

  • It included 80 basis points of unsaturation charges.

    它包括 80 個基點的不飽和費用。

  • Our net operating expenses were $632 million, in line with our seasonally higher expectation of about $625 million to $635 million for Q2.

    我們的淨運營費用為 6.32 億美元,符合我們對第二季度約 6.25 億美元至 6.35 億美元的季節性較高預期。

  • From a profitability perspective, operating margin was 9%, net income $160 million and diluted earnings per share $0.18.

    從盈利能力的角度來看,營業利潤率為 9%,淨利潤為 1.6 億美元,攤薄後每股收益為 0.18 美元。

  • Turning to cash generation.

    轉向現金產生。

  • Our net cash from operating activities was $324 million in the second quarter and $665 million for the first half.

    我們第二季度的經營活動淨現金為 3.24 億美元,上半年為 6.65 億美元。

  • Our CapEx in Q2 was $372 million compared to $390 million in the year ago period.

    我們第二季度的資本支出為 3.72 億美元,而去年同期為 3.9 億美元。

  • For H1, we invested $694 million in capital expenditures.

    上半年,我們在資本支出上投資了 6.94 億美元。

  • Free cash flow was negative $67 million in Q2.

    第二季度的自由現金流為負 6700 萬美元。

  • We paid cash dividends totaling $53 million and share buybacks of $64 million.

    我們支付了總計 5300 萬美元的現金股息和 6400 萬美元的股票回購。

  • Now let's move to our third quarter outlook.

    現在讓我們轉向我們的第三季度展望。

  • For Q3, we are expecting strong sequential revenue growth of about 15.3% at the midpoint.

    對於第三季度,我們預計中點收入環比增長強勁,約為 15.3%。

  • Our sequential growth will be driven by engaged customer programs and new products in a softer than expected legacy Automotive and Industrial market.

    在比預期疲軟的傳統汽車和工業市場中,參與的客戶計劃和新產品將推動我們的連續增長。

  • All product groups are expected to grow.

    所有產品組都有望增長。

  • At the midpoint of our guidance, this means we would be back to about the same revenue level as in Q3 2018.

    在我們指導的中點,這意味著我們將回到與 2018 年第三季度大致相同的收入水平。

  • Our gross margin guidance at the midpoint is 37.5%, with an estimated 140 basis points of unsaturation charges.

    我們在中點的毛利率指導為 37.5%,估計不飽和費用為 140 個基點。

  • This represents a decrease of 70 basis points sequentially, mainly due to a higher level of unsaturation charges.

    這意味著連續下降 70 個基點,主要是由於不飽和費用水平較高。

  • On a year-over-year basis, the decrease is 230 basis points.

    同比下降230個基點。

  • We expect net operating expenses in Q3 to be between $620 million to $630 million.

    我們預計第三季度的淨運營費用將在 6.2 億美元至 6.3 億美元之間。

  • And let me now share with you some important business, market and product dynamics.

    現在讓我與您分享一些重要的業務、市場和產品動態。

  • And let's start with Automotive.

    讓我們從汽車開始。

  • In the first half, this part of our business increased about 10% year-over-year.

    上半年,我們這部分業務同比增長約10%。

  • We operated under 2 opposing dynamics.

    我們在兩種相反的動力下運作。

  • On the one end, a declining legacy Automotive business, in line with the year-over-year decline in the number of car registration worldwide, worse than expected.

    一方面,隨著全球汽車註冊數量的同比下降,傳統汽車業務的下滑比預期的要差。

  • In China, specifically, we did not see a positive impact of the recent fiscal stimulus policies.

    特別是在中國,我們沒有看到近期財政刺激政策的積極影響。

  • And in Europe, demand for legacy Automotive products has been deteriorating during the second quarter.

    在歐洲,對傳統汽車產品的需求在第二季度一直在惡化。

  • On the other end, we continue to see very strong demand in smart mobility applications, driven by car electrification and digitalization.

    另一方面,在汽車電氣化和數字化的推動下,我們繼續看到對智能移動應用的強勁需求。

  • In car electrification, we had a number of significant design wins during the quarter for electric cars and charging.

    在汽車電氣化方面,我們在本季度在電動汽車和充電方面取得了多項重大設計勝利。

  • This included a key component in an electrical vehicle inverter application as well as MOSFETs and power modules.

    這包括電動汽車逆變器應用中的關鍵組件以及 MOSFET 和功率模塊。

  • We had a number of designs in onboard charging application at American, Korean and Chinese car makers and Tier 1. For silicon carbide products, we continue to increase revenues and the number of design-in activities with multiple customers.

    我們在美國、韓國和中國汽車製造商和 Tier 1 中進行了多項車載充電應用設計。對於碳化矽產品,我們繼續增加收入並增加與多個客戶的設計活動數量。

  • We now have 33 ongoing programs.

    我們現在有 33 個正在進行的項目。

  • This number includes both Automotive and Industrial programs, awarded or in production.

    這個數字包括汽車和工業項目,獲獎或生產。

  • We are on track for over $200 million of revenues this year.

    我們今年的收入有望超過 2 億美元。

  • Car digitization for us includes applications such as ADAS systems, V2X communications and embedded control units using powerful microcontrollers.

    對我們而言,汽車數字化包括 ADAS 系統、V2X 通信和使用強大微控制器的嵌入式控制單元等應用。

  • Here we continue to expand our footprint.

    在這裡,我們繼續擴大我們的足跡。

  • We won a design with a Japanese Tier 1 for our 32-bit MCUs for a new generation of ADAS system.

    我們為新一代 ADAS 系統的 32 位 MCU 贏得了日本 Tier 1 設計。

  • Moving now to Industrial.

    現在搬到工業。

  • Q2 was another quarter with softened market dynamics.

    第二季度是另一個市場動態疲軟的季度。

  • The inventory correction at distributor that has been impacting our analog portfolio and general purpose microcontrollers for some time is still ongoing and even slightly stronger, reflecting shorter lead time for this product.

    一段時間以來,一直在影響我們的模擬產品組合和通用微控制器的分銷商庫存調整仍在進行中,甚至略有增強,反映出該產品的交貨時間較短。

  • We expect this correction to be over in the third quarter based on the positive sign we started to see since March for the point of sales at distributor worldwide, except in Europe.

    基於自 3 月以來我們開始看到的全球分銷商銷售點的積極跡象,我們預計這種修正將在第三季度結束,歐洲除外。

  • As we already shared with you, Industrial is a key area of focus for ST, where we plan to accelerate our growth.

    正如我們已經與您分享的那樣,工業是 ST 的重點關注領域,我們計劃在該領域加速增長。

  • We target leadership in industrial embedded processing.

    我們的目標是在工業嵌入式處理領域處於領先地位。

  • Here, we introduced 2 new STM32 MCU families.

    在這裡,我們介紹了 2 個新的 STM32 MCU 系列。

  • The first one, with dedicated features designed for motor control and digital power application, is already in production at several Chinese industrial OEMs.

    第一個具有專為電機控制和數字電源應用設計的專用功能,已在多家中國工業 OEM 生產。

  • The second one is a dual-core STM32 with record Cortex-core processing power.

    第二個是雙核 STM32,具有創紀錄的 Cortex 核處理能力。

  • Furthermore, we introduced high-voltage motor driver ICs with embedded STM32 MCUs, leveraging our system capabilities to strengthen our analog offer.

    此外,我們還推出了帶有嵌入式 STM32 MCU 的高壓電機驅動器 IC,利用我們的系統功能來加強我們的模擬產品。

  • We won a number of designs across many industrial applications.

    我們在許多工業應用中贏得了許多設計。

  • For example, with metering and digital power solutions for LED lighting and power supply as well as in industrial power and energy management with numerous design wins for power discretes.

    例如,為 LED 照明和電源以及工業電源和能源管理提供計量和數字電源解決方案,並在電源分立器件方面獲得了眾多設計勝利。

  • Moving now to Personal Electronics.

    現在轉到個人電子產品。

  • The global smartphone market is still forecast to decrease slightly.

    預計全球智能手機市場仍將小幅下滑。

  • However, we are seeing an important positive trend of demand acceleration for 5G smartphones in Asia.

    然而,我們看到亞洲 5G 智能手機需求加速的重要積極趨勢。

  • In this end market, we confirm we target leadership in specific high-volume smartphone applications: sensors, secure solution, power management and RF products for front-end modules.

    在這個終端市場,我們確認我們的目標是在特定的大批量智能手機應用領域處於領先地位:傳感器、安全解決方案、電源管理和前端模塊的射頻產品。

  • And we also focus on the growing wearable and accessories market.

    我們還專注於不斷增長的可穿戴和配件市場。

  • During Q2 we had at least an Imaging sensor and/or a MEMS device in all of the top 10 smartphones currently on this market.

    在第二季度,我們在目前市場上排名前 10 的所有智能手機中都至少有一個成像傳感器和/或一個 MEMS 設備。

  • We had multiple wins for motion and pressure sensors in the flagship model for many of the world's top smartphone and wearable manufacturers.

    我們為許多世界頂級智能手機和可穿戴設備製造商的旗艦型號中的運動和壓力傳感器贏得了多項勝利。

  • We also continue to earn design wins and ramp shipments for our time-of-flight sensor, analog products and RF products for 4G front-end modules.

    我們還繼續為 4G 前端模塊的飛行時間傳感器、模擬產品和射頻產品贏得設計勝利並增加出貨量。

  • This last point allows me to transition to communication infrastructure.

    最後一點讓我可以過渡到通信基礎設施。

  • I would like to conclude with a few words on our objective to capture opportunities in 5G with RF mixed-signal technologies and products.

    最後,我想談談我們利用射頻混合信號技術和產品在 5G 中抓住機遇的目標。

  • During the quarter, we won multiple ASIC designs for 5G infrastructure, 5G smartphone and Wi-Fi routers.

    在本季度,我們贏得了針對 5G 基礎設施、5G 智能手機和 Wi-Fi 路由器的多項 ASIC 設計。

  • This thanks to our unique technology portfolio.

    這要歸功於我們獨特的技術組合。

  • To conclude my remark.

    結束我的發言。

  • During the second quarter, we executed in line with our expectations, returning to sequential revenue growth.

    在第二季度,我們的執行符合我們的預期,恢復了連續收入增長。

  • For the third quarter, we expect to see a strong increase in sequential revenue growth at the midpoint of our revenue range.

    對於第三季度,我們預計在我們收入範圍的中點,連續收入增長將強勁增長。

  • For the full year of 2019, we still plan for a strong sequential growth in the second half of the year compared with the first half.

    2019年全年,我們仍計劃下半年較上半年保持強勁的環比增長。

  • Our expected level of revenues takes into account already engaged customer programs and new product introductions.

    我們的預期收入水平考慮了已經參與的客戶計劃和新產品介紹。

  • It is still assuming improving market condition in the second half in Automotive, Industrial and mass market, however, at a different pace compared with our prior expectations.

    它仍然假設下半年汽車、工業和大眾市場的市場狀況會有所改善,但與我們之前的預期相比,速度有所不同。

  • Based our plans -- upon our plans, sorry, we will maintain a solid capital structure, returning to positive free cash flow in the third quarter.

    根據我們的計劃——抱歉,根據我們的計劃,我們將保持穩健的資本結構,在第三季度恢復正的自由現金流。

  • Thank you for your attention.

    感謝您的關注。

  • We are now ready to take your questions.

    我們現在準備回答您的問題。

  • Operator

    Operator

  • (Operator Instructions) The first question is from Aleksander Peterc from Société Générale.

    (操作員說明)第一個問題來自法國興業銀行的 Aleksander Peterc。

  • Aleksander Peterc - Equity Analyst

    Aleksander Peterc - Equity Analyst

  • Yes.

    是的。

  • Just on the outlook, if I may, firstly.

    就前景而言,如果可以的話,首先。

  • When you see now things being slightly softened in the second half in certain areas, is the timing of the recovery unchanged but the balance is lower than expected?

    你現在看到下半年某些領域的情況略有放緩,復甦的時機是否不變,但平衡低於預期?

  • Or it's also the recovery a little bit later than you initially planned?

    或者它的恢復比你最初計劃的要晚一點?

  • And then secondly, if you could comment maybe a little bit on the unused capacity charges for the unsaturation charges.

    其次,如果您可以評論一下未使用容量費用的不飽和費用。

  • Why are we still seeing an increase in these charges in the third quarter despite the strong sequential growth?

    儘管連續增長強勁,為什麼我們仍然看到第三季度這些費用有所增加?

  • If you could go into more detail on that.

    如果您可以對此進行更詳細的說明。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

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

    所以我會回答第一個問題,Lorenzo 會回答第二個問題。

  • About the outlook, well, first of all, I would like to confirm that what is interesting to us is totally are under control, so it means all the programs related -- key program related to customer, our new product introduction are fully under control and will ramp according our expectation and our plan.

    關於前景,好吧,首先,我想確認我們感興趣的是完全在控制之中,所以這意味著所有相關的程序——與客戶相關的關鍵程序,我們的新產品推出完全在控制之中並將根據我們的期望和計劃進行調整。

  • Then what is not under our control and extrinsic to ST, so mainly market condition for Industrial -- and when I say legacy Automotive, it means it is linked to, let's say, usual thermal combustion engine-based car.

    然後,什麼不受我們控制,不屬於 ST,所以主要是工業的市場狀況——當我說傳統汽車時,它意味著它與,比如說,通常的基於熱力內燃機的汽車有關。

  • For sure, it is related to the car registration.

    當然,這與汽車登記有關。

  • What year?

    哪年?

  • Okay, for these 2 markets, for Industrial, it is more, let's say, a slight pushout of the recovery and a lower amplitude of the recovery.

    好的,對於這兩個市場,對於工業來說,更多的是,比方說,復甦的輕微推動和復甦的幅度較小。

  • So again, what I discussed to you during my speech, we confirm that we do believe that in H2, we will see a recovery but at a softer pace than anticipated during the first quarter.

    因此,再次,我在演講中與您討論的內容,我們確認我們確實相信,在下半年,我們將看到復蘇,但速度比第一季度的預期要緩和。

  • So a smooth pushout and with a lower amplitude.

    因此,推出平穩且幅度較低。

  • Now on the Automotive market, well, it is totally related to the car registration.

    現在在汽車市場上,嗯,它完全與汽車註冊有關。

  • Well, you know that at the end of H1, worldwide, we see something is around minus 7% car registration versus the last year and especially forecast total for the full year of minus 5%.

    嗯,你知道,在上半年末,全球範圍內的汽車註冊量與去年相比約為負 7%,尤其是全年的預測總量為負 5%。

  • So certainly, okay, the plan, slight recovery in H2, and here, with the similar profile, certainly you pushout more recovery starting September other than July and August, and with a lower amplitude than expected.

    所以當然,好吧,計劃,下半年的小幅復甦,在這裡,在類似的情況下,除了 7 月和 8 月之外,你肯定會從 9 月開始推出更多的複蘇,並且幅度低於預期。

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Jean-Marc, thanks.

    讓-馬克,謝謝。

  • I will take the second question about unsaturation.

    我將回答關於不飽和度的第二個問題。

  • As you have noticed in the second quarter, we were hit in our gross margin by 80 basis point of unsaturation.

    正如您在第二季度所注意到的那樣,我們的毛利率受到了 80 個基點的不飽和影響。

  • This is including front-end saturation for our fabs as well as in saturation in some lines that we're having in the back-end.

    這包括我們晶圓廠的前端飽和度以及我們在後端擁有的某些生產線的飽和度。

  • Why we will continue to add on saturation also in the second half?

    為什麼我們會在下半年繼續增加飽和度?

  • This is not something new.

    這不是什麼新鮮事。

  • I was anticipating this already in our Capital Market Day.

    在我們的資本市場日,我已經預料到了這一點。

  • You see that in the first half, we started with production, especially in Q1, very -- keeping our fab quite loaded.

    您會看到,在上半年,我們開始生產,尤其是在第一季度,非常 - 讓我們的晶圓廠保持充足的負載。

  • This has increased our inventory.

    這增加了我們的庫存。

  • I was anticipating this in our call in Q1.

    我在第一季度的電話會議中就預料到了這一點。

  • And today, our inventory are in the range of 125, 130 days.

    而今天,我們的庫存在 125、130 天的範圍內。

  • So what we will do is in the second half of the year to reduce our production or withstanding, let's say, the significant increase in our revenues.

    因此,我們將在下半年做的是減少我們的產量或承受我們收入的顯著增加。

  • And this will be aimed to bring our inventory back to a level of number of days that will be closer to between 190 days.

    這將旨在使我們的庫存恢復到接近 190 天的天數水平。

  • Operator

    Operator

  • The next question is from Matt Ramsay from Cowen.

    下一個問題來自 Cowen 的 Matt Ramsay。

  • Matthew D. Ramsay - MD & Senior Technology Analyst

    Matthew D. Ramsay - MD & Senior Technology Analyst

  • Yes.

    是的。

  • I think from my side, one of the things that I would love to hear is some perspective on the margins.

    我認為從我的角度來看,我很想听到的一件事是對邊緣的一些看法。

  • As in the auto business, obviously, there's been weakness globally that you just highlighted, but you guys have quite a bit of products ramping.

    與汽車行業一樣,顯然,您剛剛強調的全球範圍內都存在疲軟,但你們有相當多的產品正在增加。

  • And so I'd really like to understand the weakness you are seeing maybe by geography.

    所以我真的很想了解你可能從地理上看到的弱點。

  • Obviously, a lot of us have heard and seen data that shows China is weak.

    顯然,我們中的很多人都聽說過和看到表明中國很弱的數據。

  • And maybe you made some comments in your prepared statements about Europe.

    也許你在準備好的關於歐洲的聲明中發表了一些評論。

  • But any comments that you could give us on a global basis on your auto outlook for the back half of the year and what you're baking in for a recovery potentially by region would be really helpful.

    但是,您可以在全球範圍內就您今年下半年的汽車前景以及您為各個地區的潛在復蘇所做的努力提供任何評論,這將非常有幫助。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So I take the question and certainly, Marco Cassis will complement it.

    所以我接受這個問題,當然,Marco Cassis 會補充它。

  • Well, it is a -- when not -- the first time, so today, so overall, car registration worldwide is minus 7%.

    嗯,這是第一次 - 如果不是 - 第一次,所以今天,總的來說,全球汽車註冊量是負 7%。

  • And clearly, China is minus 12%, minus 13%.

    很明顯,中國是負12%,負13%。

  • So there is, let's say, a stronger impact in China.

    所以,比方說,在中國的影響更大。

  • Then in Europe, there is an impact as well and in USA.

    然後在歐洲,在美國也有影響。

  • So there is a slight decrease in car registration.

    因此,汽車註冊量略有下降。

  • So this is from a fact based point of view, number of point of view.

    所以這是從基於事實的觀點,數量的觀點。

  • Well, then from qualitative point of view, it is clear that ST, again, end of H1, our growth in Automotive overall is 10%.

    好吧,那麼從定性的角度來看,很明顯 ST 再次在 H1 結束時,我們在汽車領域的整體增長率為 10%。

  • So it is clearly demonstrating that our strategy on car electrification and car digitalization is paying back because our microcontroller, our ADAS, our power MOSFETs, silicon carbide base, our IGBT are really growing, and clearly, our ASIC based on the [ISO] analog technologies are impacted by the car registration.

    因此,這清楚地表明,我們的汽車電氣化和汽車數字化戰略正在得到回報,因為我們的微控制器、ADAS、功率 MOSFET、碳化矽基底、我們的 IGBT 確實在增長,而且顯然,我們基於 [ISO] 模擬的 ASIC技術受到汽車註冊的影響。

  • So this is the overall picture.

    所以這是整體情況。

  • Now to give more color about the car industry.

    現在給汽車行業更多的色彩。

  • Well, we do believe that the car industry is passing through important change where the balance between thermal combustion engine base, they could produce electrical vehicles, means battery based, hybrid, plug-in hybrid and mild hybrid, will change during the next few quarters.

    好吧,我們確實相信汽車行業正在經歷重要的變化,熱力發動機基礎之間的平衡,他們可以生產電動汽車,這意味著基於電池的、混合動力、插電式混合動力和輕度混合動力,將在未來幾個季度發生變化.

  • But again, ST is very well positioned to capture this product mix change.

    但同樣,意法半導體非常有能力抓住這種產品組合變化。

  • So this is the situation.

    所以就是這種情況。

  • So Marco, you want to add something more?

    那麼,Marco,您想添加更多內容嗎?

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Yes.

    是的。

  • Hello.

    你好。

  • This is Marco.

    這是馬爾科。

  • One, as Jean-Marc has said, the major detractor in terms of car registration has been China, with only one bright spot, which is Japan.

    一,正如讓-馬克所說,汽車註冊方面的主要批評者一直是中國,只有一個亮點,那就是日本。

  • And we do see that the recovery that was expected in the second part of the -- in terms of car registration in China is not going to materialize.

    而且我們確實看到,就中國汽車註冊而言,第二部分所預期的複蘇不會實現。

  • And this at the end is going to have a notable impact during the year of minus 5% in terms of car registration.

    這最終將在汽車登記方面產生負5%的顯著影響。

  • Considering that we have an exposure in the range of 70% in the legacy Automotive, clearly, this has an impact also in our Automotive business.

    考慮到我們在傳統汽車領域的風險敞口在 70% 左右,顯然,這也對我們的汽車業務產生了影響。

  • Matthew D. Ramsay - MD & Senior Technology Analyst

    Matthew D. Ramsay - MD & Senior Technology Analyst

  • Great.

    偉大的。

  • Just as a follow-up.

    只是作為一個後續。

  • AMS peak having consensus by a pretty wide margin and the seasonal pattern in that business is a bit different than we saw in the second quarter of last year.

    AMS 峰值以相當大的幅度達成共識,該業務的季節性模式與我們在去年第二季度看到的有點不同。

  • Obviously, some new products.

    顯然,一些新產品。

  • So I just wanted to maybe understand a little bit under the covers if it's just a different pattern with the large smartphone customer or if there's something else going on from a seasonality perspective in AMS.

    所以我只是想在幕後了解一點,如果它只是與大型智能手機客戶的不同模式,或者如果從 AMS 的季節性角度來看還有其他事情發生。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Well, I will not comment.

    好吧,我不會評論。

  • This is an idea for our competitor.

    這是我們的競爭對手的想法。

  • We prefer to comment ST.

    我們更喜歡評論 ST。

  • Well, again, as I said during my comments, ST, we have a strategy to focus on higher-growing application, high-volume application: sensor, secure solution, power management, so wireless charging, memory and RF products for front-end module.

    好吧,正如我在評論中所說的,ST,我們有一個專注於高增長應用、大批量應用的戰略:傳感器、安全解決方案、電源管理,以及用於前端的無線充電、內存和射頻產品模塊。

  • (inaudible), as I said, we think, is a top player out of the 3 big ones, and the others are Chinese players mainly.

    (聽不清)正如我所說,我們認為是三大巨頭中的頂級玩家,其他主要是中國玩家。

  • So the result of ST in Q2 is a mix of, let's say, this attachment rate to the smartphone.

    因此,ST 在第二季度的結果是混合了智能手機的附著率。

  • However, this is what we disclosed to you on our press release and my speech.

    但是,這是我們在新聞稿和我的演講中向您披露的內容。

  • Clearly, in Q2, the performance of growth which was higher than the midpoint of our range is mainly related to specialized imaging products.

    顯然,在第二季度,高於我們範圍中點的增長表現主要與專業成像產品有關。

  • Operator

    Operator

  • The next question is from Andrew Gardiner from Barclays.

    下一個問題來自巴克萊銀行的 Andrew Gardiner。

  • Andrew Michael Gardiner - Director

    Andrew Michael Gardiner - Director

  • Just as a follow-up related to that last question and then another one perhaps around trade war.

    就像與最後一個問題有關的後續行動,然後是另一個可能與貿易戰有關的問題。

  • Just you mentioned, Jean-Marc, that the biggest single driver of the upside in the quarter relative to the guidance was specialized image sensors.

    剛才你提到,讓-馬克,相對於指引而言,本季度最大的單一驅動因素是專用圖像傳感器。

  • I mean are you seeing -- has that changed your view on the overall demand for that type of product over the course of the year?

    我的意思是您是否看到 - 這是否改變了您對一年中對該類型產品的總體需求的看法?

  • Or are we perhaps just seeing it a little bit earlier in second quarter, and therefore, perhaps a slightly lesser ramp in the second half of the year?

    或者我們可能只是在第二季度稍早看到它,因此,今年下半年的增長可能會稍微小一些?

  • And then also, just sort of more broadly speaking, trade war in particular related to Huawei.

    然後,更廣泛地說,貿易戰尤其與華為有關。

  • It doesn't seem like you have seen any impact from sort of the U.S.-based suppliers limiting their shipments into Huawei and then potentially Huawei has a knock-on impact to you guys in that regard.

    您似乎沒有看到美國供應商限制向華為發貨的任何影響,然後華為可能在這方面對你們產生連鎖反應。

  • And it certainly seems like some of the U.S. companies are now starting to ship again.

    而且,似乎一些美國公司現在又開始出貨了。

  • So I just -- if you have any further insight as to what's happening with that key customer would be helpful.

    所以我只是 - 如果您對該關鍵客戶的情況有任何進一步的了解,將會有所幫助。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So as I said, if we change slightly our guidance -- our expectation for the year, so from 9.45 to 9.85, $150 million less at the midpoint is mainly related to the Automotive market, so our legacy product and Industrial.

    所以正如我所說,如果我們稍微改變我們的指導——我們對今年的預期,從 9.45 到 9.85,中點減少 1.5 億美元主要與汽車市場有關,因此我們的傳統產品和工業。

  • It is not linked to our, let's say, key programs at -- key engaged programs with customer and if you remember well what we discussed to you at our Capital Market Day, it is clear that the smartphone programs are part of these key programs.

    它與我們的關鍵項目無關——比如說,與客戶互動的關鍵項目,如果你還記得我們在資本市場日向你討論的內容,很明顯智能手機程序是這些關鍵項目的一部分。

  • So for the full year, we maintain, let's say, our expectation slightly above, okay, but no more than that.

    因此,對於全年,我們維持,比方說,我們的預期略高於,好吧,但僅此而已。

  • Now about the trade war and the customer you asked me the question.

    現在關於貿易戰和你問我問題的客戶。

  • Well, here I can only say one thing -- 2 things.

    好吧,在這裡我只能說一件事——兩件事。

  • First of all, I repeat, ST's strategy is to focus and be a leader on sensor secure solutions, power management and RF product for front-end modules, whatever are the customers.

    首先,我重複一遍,ST 的戰略是專注於傳感器安全解決方案、電源管理和前端模塊的射頻產品,無論客戶是什麼,並成為領導者。

  • Specifically to Huawei.

    專門針對華為。

  • Of course, we will comply with the rules and regulations associated with sales to companies appearing on the entity list, including Huawei and its affiliates.

    當然,我們將遵守與實體名單上出現的公司(包括華為及其關聯公司)銷售相關的規則和規定。

  • However, even so, due to the nature of our supply chain, we are able to continue supplying our product to Huawei and its affiliates.

    然而,即便如此,由於我們供應鏈的性質,我們能夠繼續向華為及其關聯公司供應我們的產品。

  • And Huawei is part of the top customer we are targeting with our strategy.

    華為是我們戰略所針對的頂級客戶的一部分。

  • More than that, difficult for me to comment.

    不僅如此,我很難評論。

  • Operator

    Operator

  • The next question is from Sandeep Deshpande from JPMorgan.

    下一個問題來自摩根大通的 Sandeep Deshpande。

  • Sandeep Sudhir Deshpande - Research Analyst

    Sandeep Sudhir Deshpande - Research Analyst

  • Yes.

    是的。

  • Jean-Marc, if you look at your guidance in the third quarter, this 15.3% sequential growth is the highest you have guided to in the third quarter in the last 2 decades.

    讓-馬克,如果你看一下你在第三季度的指導,這 15.3% 的連續增長是你在過去 20 年中第三季度指導的最高水平。

  • So it's even better than what it was in 2009.

    因此,它甚至比 2009 年的情況還要好。

  • So maybe can you help us break it down into existing customers, new customers or products, so that we understand where this growth is coming from?

    那麼,也許您能幫助我們將其分解為現有客戶、新客戶或產品,以便我們了解這種增長來自哪裡?

  • And in terms of the mix from this growth, how should we be looking at the mix from the growth given that your product mix had some negative impact on the gross margin in 2Q?

    就這種增長的組合而言,鑑於您的產品組合對第二季度的毛利率有一些負面影響,我們應該如何看待增長組合?

  • Is this kind of mix that you see in 3Q going to continue?

    你在第三季度看到的這種混合會繼續嗎?

  • And does it have a positive or negative impact on mix, which is excluding, of course, impact of underloading?

    它對組合有正面還是負面的影響,當然不包括負載不足的影響?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So for the Q3 revenue guidance, more clearly, it includes the same, let's say, profile than the expectation for the second half.

    因此,對於第三季度的收入指引,更明確地說,它包含的概況與下半年的預期相同。

  • It is clearly a part of our, let's say, key programs with engaged key customers.

    比方說,這顯然是我們與關鍵客戶互動的關鍵計劃的一部分。

  • And clearly here, the key driver for these programs are specialized imaging sensor and analog.

    很明顯,這些程序的關鍵驅動因素是專門的成像傳感器和模擬。

  • Then as we said, as we have seen some positive sign of recovery in the distribution channel, mainly in Asia, with 2 very positive KPI.

    然後正如我們所說,正如我們看到分銷渠道出現了一些積極的複蘇跡象,主要是在亞洲,有 2 個非常積極的 KPI。

  • First positive KPI is the positive trend increase in the point of sales of distributor cumulated with inventory decrease.

    第一個積極的 KPI 是分銷商銷售點的積極趨勢增加加上庫存減少。

  • So that's the reason why a second driver of the growth in Q3 will be the microcontroller.

    這就是為什麼第三季度增長的第二個驅動因素將是微控制器的原因。

  • So this is the 3 main contributors to the growth in Q3.

    因此,這是第三季度增長的 3 個主要貢獻者。

  • It is specialized imaging sensor, analog related to key programs and microcontrollers related to distribution channel addressing Industrial and mass market.

    它是專門的成像傳感器、與關鍵程序相關的模擬和與面向工業和大眾市場的分銷渠道相關的微控制器。

  • So this is the Q3 outlook.

    這就是第三季度的展望。

  • Then for the second question, I...

    那麼對於第二個問題,我...

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • About the mix, the impact on the mix on the gross margin for the next quarter.

    關於組合,組合對下一季度毛利率的影響。

  • In Q2, the gross margin came at 38.2%, and now what we are seeing is 37.5%.

    在第二季度,毛利率為 38.2%,現在我們看到的是 37.5%。

  • These 70 basis points are 60 basis point related to the increase of unloading at the end because we moved from 140 to -- from 80 to 140.

    這 70 個基點是 60 個基點,與年底卸載量的增加有關,因為我們從 140 移動到 - 從 80 到 140。

  • So the main reason is related to the unloading and the decrease in term of gross margin.

    因此,主要原因與卸貨和毛利率下降有關。

  • When I look at the mix substantially, this will not be a detractor.

    當我從本質上看混合時,這不會是一個批評者。

  • There will be some price effect, these kinds of things, but not really a big detractor on moving from -- sequentially from the gross margin of 38.2% to 37.5%.

    會有一些價格效應,這類事情,但並不是真正的大貶低者——從毛利率依次從 38.2% 到 37.5%。

  • Operator

    Operator

  • The next question is from Achal Sultania from Crédit Suisse.

    下一個問題來自瑞士信貸的 Achal Sultania。

  • Achal Sultania - Director

    Achal Sultania - Director

  • Just a question on your RF business for front-end smartphones and also the 4G, 5G infrastructure business.

    只是關於前端智能手機的射頻業務以及 4G、5G 基礎設施業務的問題。

  • Can you just help us understand what are the -- what is the rough size of both these businesses separately?

    您能否幫助我們了解這兩個業務的大致規模分別是什麼?

  • And when you talk about these ongoing wins on new projects, revenue ramping in this area, is this all like new design wins because you did not have much presence in 4G and now you are basically getting more presence in the 5G space?

    當你談到這些新項目的持續勝利,該領域的收入增加時,這是否都像新的設計勝利,因為你在 4G 中沒有太多的存在,而現在你基本上在 5G 領域獲得了更多的存在?

  • Or is it just driven by incremental demand right now and things will normalize?

    還是現在只是由增量需求驅動,事情會正常化?

  • Just trying to understand how much it is market-driven versus content driven.

    只是想了解它在多大程度上是市場驅動與內容驅動的。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Well, it is more driven by content because, again, on 4G, we leverage our portfolio, which is basically based on RF mixed-signal technology like BiCMOS 55, RF-SOI.

    嗯,它更多地受內容驅動,因為在 4G 上,我們利用了我們的產品組合,該產品基本上基於 BiCMOS 55、RF-SOI 等射頻混合信號技術。

  • And for the 5G, we see a real acceleration of the demand.

    對於 5G,我們看到了需求的真正加速。

  • Clearly, compared to our expectation entering the year, the mix is changing.

    顯然,與我們進入這一年的預期相比,情況正在發生變化。

  • Overall, the number of phone will be slightly decreased, but clearly, the mix is changing.

    總體而言,手機的數量將略有減少,但顯然,組合正在發生變化。

  • There is really an acceleration of the 5G, certainly related to the current deployment of the 5G infrastructure in China.

    5G確實在加速,這肯定與中國目前5G基礎設施的部署有關。

  • We know that there is a big program in China to deploy a base station and all the related infrastructure to accelerate the 5G deployment.

    我們知道,中國有一個大計劃來部署基站和所有相關的基礎設施,以加速 5G 的部署。

  • And as a matter of consequence, there is also an acceleration of the 5G device set.

    因此,5G 設備組也出現了加速。

  • And ST here is well positioned with our technology, mainly in 300-millimeter at 65-nanometer and will contribute to H2.

    ST 在我們的技術方面處於有利地位,主要是 300 毫米和 65 納米,並將為 H2 做出貢獻。

  • Now, okay, we never comment the detailed number and weight of this contribution, but you see the importance, qualitative and trend, I would like to disclose with you.

    現在,好吧,我們從不評論這個貢獻的詳細數量和權重,但你看到了重要性、質量和趨勢,我想和你一起披露。

  • Operator

    Operator

  • The next question is from Amit Harchandani from Citigroup.

    下一個問題來自花旗集團的 Amit Harchandani。

  • Amit B. Harchandani - VP and Analyst

    Amit B. Harchandani - VP and Analyst

  • Amit Harchandani from Citi.

    花旗銀行的 Amit Harchandani。

  • Firstly, if I may, you talked about certain improving data point of sales at distributors.

    首先,如果可以的話,您談到了分銷商銷售數據點的某些改善。

  • At the same time, your inventories are high, which you're looking to run down.

    同時,您的庫存很高,您希望減少庫存。

  • Could you maybe walk us through potentially how lead times are looking like at this stage?

    您能否向我們介紹一下現階段的交貨時間如何?

  • And how the visibility or lead times have shifted over the course of the quarter and potentially exiting into July, what do you see out there?

    以及在本季度的過程中可見性或交貨時間如何變化並可能退出到 7 月,您對此有何看法?

  • And what is the degree of confidence do you have that whatever remaining improvement you are assuming should be coming through in the second half of the year?

    你有多大的信心相信你所假設的任何剩餘的改進都應該在下半年實現?

  • And then I have a follow-up.

    然後我有一個跟進。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Will you take it, Lorenzo?

    你會接受嗎,洛倫佐?

  • Or not?

    或不?

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • You refer to the market in distribution?

    你指的是分銷市場嗎?

  • Amit B. Harchandani - VP and Analyst

    Amit B. Harchandani - VP and Analyst

  • Broader market, distribution as well as your direct business, the lead times across your family, then visibility, exiting the June quarter and the level of confidence in the second half market recovery.

    更廣泛的市場、分銷以及您的直接業務、整個家庭的交貨時間、知名度、退出 6 月季度以及對下半年市場復甦的信心水平。

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Maybe Marco will take this.

    也許馬可會接受這個。

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Yes.

    是的。

  • What we are seeing, as was already introduced by Jean-Marc, is the market is acknowledging a return to, let's say, more normal and standard lead time, which means distribution is entering orders according to this new level of lead time.

    正如 Jean-Marc 已經介紹的那樣,我們所看到的是市場正在承認回歸到比方說更正常和標準的交貨時間,這意味著分銷正在根據這一新的交貨時間水平輸入訂單。

  • So I think the market is stabilizing towards a more normal situation with an exception still present which is on the power portion of our portfolio.

    因此,我認為市場正朝著更正常的情況趨於穩定,但仍然存在例外,這是我們投資組合的動力部分。

  • Amit B. Harchandani - VP and Analyst

    Amit B. Harchandani - VP and Analyst

  • Okay.

    好的。

  • And in terms of the OpEx and the gross margins, I know you're not necessarily guiding for Q4 at this stage, but given the mix effect we have seen in Q3 and potentially R&D which looked a bit higher in Q2, could you give us a sense for how we should think about gross margins and OpEx landing for the full year?

    就運營支出和毛利率而言,我知道您現階段不一定會指導第四季度,但考慮到我們在第三季度看到的混合效應以及在第二季度看起來更高的潛在研發,您能否給我們我們應該如何看待全年的毛利率和運營支出?

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Well, in term of OpEx, as I said already sometime, we do think that the average quarterly level of our OpEx, it will be between $620 million, $630 million.

    好吧,就運營支出而言,正如我已經說過的那樣,我們確實認為我們的運營支出的平均季度水平將在 6.2 億美元到 6.3 億美元之間。

  • So it means that if you will take the full year OpEx for the company, you divide it by 4, you will have, let's say, a number that will fall between $620 million or $630 million.

    因此,這意味著如果您將公司全年的運營支出除以 4,那麼您將擁有一個介於 6.2 億美元或 6.3 億美元之間的數字。

  • And in the OpEx, you know, we include net OpEx including other income and expenses.

    在運營支出中,您知道,我們包括淨運營支出,包括其他收入和支出。

  • So at the end, having the guidance of Q3, Q4 is easy to be computed where we will land.

    所以最後,在 Q3、Q4 的指導下,很容易計算出我們將降落在哪裡。

  • In term of gross margin, well, you're right.

    就毛利率而言,嗯,你是對的。

  • We don't give guidance for the following quarter.

    我們不提供下一季度的指導。

  • What I said at the Capital Market Day when we met together there, I was indicating that at midpoint of our guidance, that at that time was $9.65 billions, we will be in the range of 38% of gross margin for the year.

    當我們在那裡見面時,我在資本市場日所說的話,我表示在我們指導的中點,當時是 96.5 億美元,我們將在今年毛利率的 38% 範圍內。

  • Today, we have lowered a little bit our guidance.

    今天,我們降低了一點指導。

  • It's now more in the range of $9.5 billion in term of revenues.

    就收入而言,它現在更接近 95 億美元。

  • In term of gross margin, I substantially confirm these numbers.

    就毛利率而言,我基本上確認了這些數字。

  • Maybe, it will be few 10 basis points lower, but it will be in the range of 38% for the year.

    也許,它會低 10 個基點,但今年會在 38% 的範圍內。

  • So I -- there is no significant change in respect to this number.

    所以我 - 這個數字沒有顯著變化。

  • Operator

    Operator

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

    下一個問題來自 Craig-Hallum 的 Anthony Stoss。

  • Anthony Joseph Stoss - Managing Partner & Senior Research Analyst

    Anthony Joseph Stoss - Managing Partner & Senior Research Analyst

  • Also wanted to follow up on gross margins.

    還想跟進毛利率。

  • In the most recent goals for the company, you've talked about getting to 40% gross margins and staying there.

    在公司最近的目標中,您談到要達到 40% 的毛利率並保持在該水平。

  • You're coming up a little bit light now on that goal.

    你現在對那個目標有了一點了解。

  • Can you now kind of suggest that 40% is out of the range for even 2020 calendar year?

    您現在可以建議 40% 甚至超出 2020 日曆年的範圍嗎?

  • Or when do you think you can get back to 40% gross margins?

    或者你認為什麼時候可以恢復到 40% 的毛利率?

  • Secondly, it seems like you're not reducing CapEx in light of gross margins coming down and revenues falling short.

    其次,鑑於毛利率下降和收入不足,您似乎並沒有減少資本支出。

  • Why or what gives you the confidence to keep CapEx elevated?

    為什麼或是什麼讓您有信心保持資本支出的增長?

  • And what markets are you spending most of your CapEx on?

    您將大部分資本支出用於哪些市場?

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • With respect to the gross margin, as I was saying before, for this year, actually, we don't change substantially our view.

    關於毛利率,正如我之前所說,對於今年,實際上,我們並沒有大幅改變我們的觀點。

  • Now our gross margin will be substantially in the range of 38% at midpoint of our guidance.

    現在,在我們指導的中點,我們的毛利率將基本在 38% 的範圍內。

  • Our target is, yes, to be at 40%.

    我們的目標是,是的,是 40%。

  • 40% can be achieved with substantially no level of unloading.

    在基本沒有卸載水平的情況下可以達到 40%。

  • This is our view.

    這是我們的看法。

  • And we've said that we are running our optimized loading.

    我們已經說過我們正在運行我們的優化加載。

  • We did confirm that this is our view, our target.

    我們確實確認這是我們的觀點,我們的目標。

  • And for sure, now to give an indication on 2020 is a little bit premature, if you allow me.

    當然,如果你允許的話,現在給出 2020 年的跡像還為時過早。

  • But definitely, this is where we would like to position the company in a short, medium term, not in 10 years or so instead.

    但可以肯定的是,這是我們希望公司在短期和中期的定位,而不是 10 年左右的時間。

  • In term of CapEx, as you know, a significant portion of our CapEx is related to strategic initiatives.

    如您所知,就資本支出而言,我們很大一部分資本支出與戰略計劃有關。

  • These strategic initiatives are not 100% linked to the market.

    這些戰略舉措並非 100% 與市場掛鉤。

  • Of course, we are modulating our CapEx in respect to how our level of revenues and how, let's say, the company is moving.

    當然,我們正在根據我們的收入水平以及公司如何發展來調整我們的資本支出。

  • We have already revised the level of our CapEx entering in the second quarter, lowering our previous guidance.

    我們已經修改了我們在第二季度進入的資本支出水平,降低了我們之前的指導。

  • At this stage, we think that the level of CapEx is still appropriate in order to fulfill the need of the company.

    在這個階段,我們認為資本支出的水平仍然適合滿足公司的需求。

  • So there is no, in our view, need to reduce the CapEx at this stage.

    因此,在我們看來,現階段沒有必要減少資本支出。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • However, I would like just to give some color about 2020 and recall some important points by verticals.

    但是,我只想給 2020 年一些顏色,並按垂直方向回憶一些重要的點。

  • It is clear that for the automotive market this year and mainly in China and in Europe, under, let's say, the legacy car, I have not spoken about the electrical vehicles, has been, let's say, put under a kind of turmoil related to the impact of the WLTP and the China 6 in this country.

    很明顯,對於今年的汽車市場,主要是在中國和歐洲,比方說,在傳統汽車之下,我還沒有談到電動汽車,比方說,已經陷入了一種與WLTP 和中國 6 對這個國家的影響。

  • And you know as a carmaker, the difficulty we have in term of sign is they do no respect the target of 2021 in term of CO2 laws.

    你知道,作為汽車製造商,我們在標誌方面遇到的困難是他們不遵守二氧化碳法方面的 2021 年目標。

  • So it is clear that it has created, okay, some turmoil in end of 2018 and this year in 2019, and with collateral effect, saw some inventory correction.

    所以很明顯,它在 2018 年底和今年 2019 年造成了一些動盪,並伴隨著附帶效應,出現了一些庫存調整。

  • Now we do believe that starting Q4 this year and, let's say, in 2020, the situation will improve.

    現在我們確實相信,從今年第四季度開始,比如說到 2020 年,情況會有所改善。

  • I don't say we'll come back to full number, but this situation will improve.

    我並不是說我們會恢復到完整的數字,但這種情況會有所改善。

  • On the reverse, it is clear that the megatrend related to electrical vehicle, whatever they are, battery, mild hybrid, hybrid, plug-in hybrid, will continue to grow.

    相反,很明顯與電動汽車相關的大趨勢,無論是電池、輕度混合動力、混合動力、插電式混合動力,都將繼續增長。

  • And it is clear that the digitalization of the car will continue to grow.

    很明顯,汽車的數字化將繼續增長。

  • So we expect, okay, the automotive industry next year, first, will move out positively from this difficult situation in 2019 and will show, okay, some good sign of recovery.

    所以我們預計,好的,明年的汽車行業首先會從 2019 年的這種困難局面中積極走出,並且會顯示出一些好的複蘇跡象。

  • Now going to industrial market.

    現在進入工業市場。

  • Well, again, industrial market has been, at a certain extent, as well impacted by the automotive industry this year, okay?

    那麼,工業市場今年在一定程度上也受到了汽車行業的影響,好嗎?

  • We have seen some factory automation investment push out, and it cannot be pushed out forever.

    我們已經看到一些工廠自動化投資被推出,而且不可能永遠推出。

  • We have seen some other verticals in this market slightly impacted and with, let's say, inventory correction related to the overall mood and mainly impacted by the trade war between USA and China.

    我們已經看到該市場的其他一些垂直市場受到輕微影響,比方說,庫存調整與整體情緒相關,主要受到美國和中國之間的貿易戰的影響。

  • As a matter of fact, the inventory correction is ending, okay?

    事實上,庫存調整即將結束,好嗎?

  • We forecast that inventory correction will be end in Q3.

    我們預計庫存調整將在第三季度結束。

  • And starting Q4, we will go back to normal POS, POP, through distribution channel, and end demand visible to us without any filter from the inventory.

    從第四季度開始,我們將通過分銷渠道恢復正常的 POS、POP 和對我們可見的最終需求,而無需從庫存中進行任何過濾。

  • So this is what we are seeing for 2020.

    這就是我們在 2020 年看到的情況。

  • Now then to personal electronics and smartphone, what we describe as an acceleration of the 5G deployment, mainly in Asia, mainly in China, and the related 5G device will continue to accelerate in 2020.

    現在再來看個人電子產品和智能手機,我們所說的 5G 部署加速,主要在亞洲,主要在中國,相關的 5G 設備將在 2020 年繼續加速。

  • We know that the overall smartphone will be basically flat or slightly decreased, but the content will continue to increase.

    我們知道智能手機整體會基本持平或略有下降,但內容會不斷增加。

  • So all in all, I would like to say that too early to say about 2020 in term of number, but megatrend are there, positive trend are there, which make confident ST to continue to grow in 2020 and to go towards the objective we have shared with you at the Capital Market Day to achieve in the midterm USD 12 billion of revenue.

    所以總而言之,我想說,從數量上說 2020 年還為時過早,但大趨勢是存在的,積極的趨勢是存在的,這使 ST 有信心在 2020 年繼續增長並朝著我們的目標前進在資本市場日與您分享,以實現中期 120 億美元的收入。

  • Operator

    Operator

  • The next question is from David Mulholland from UBS.

    下一個問題來自瑞銀的大衛穆赫蘭。

  • David Terence Mulholland - Director and Equity Research Analyst - Technology Hardware

    David Terence Mulholland - Director and Equity Research Analyst - Technology Hardware

  • I just wanted to ask on some of the design win commentary that you gave in the -- in Automotive.

    我只是想問一下你在汽車中給出的一些設計獲勝評論。

  • I think you mentioned you won a key component in electric vehicle inverter, but could you just clarify what component that was?

    我想你提到你贏得了電動汽車逆變器的一個關鍵部件,但你能澄清一下那是什麼部件嗎?

  • Is that the IGBT inverter, silicon carbide MOSFETs, or is it for gate drivers?

    是 IGBT 逆變器、碳化矽 MOSFET,還是用於柵極驅動器?

  • And then also on the onboard charging applications, if you can just clarify if those are silicon or silicon carbide?

    然後在車載充電應用程序上,您是否可以澄清這些是矽還是碳化矽?

  • And then on some of the commentary you made in the consumer space and smartphone space, in terms of Time-of-Flight, we've obviously started seeing for 1D ranging sensors a bit more commentary coming out of one of your competitors, ams, around this.

    然後關於您在消費領域和智能手機領域所做的一些評論,就飛行時間而言,我們顯然已經開始看到您的競爭對手之一 ams 對一維測距傳感器發表了更多評論,圍繞這個。

  • I'm just wondering if you could comment on to how you see the competitive landscape in Time-of-Flight for ranging and then also your positioning for Time-of-Flight if we start using it for 3D sensing purposes as well.

    我只是想知道如果我們也開始將其用於 3D 傳感目的,您是否可以評論您如何看待飛行時間中的競爭格局以及您對飛行時間的定位。

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Yes.

    是的。

  • Okay.

    好的。

  • Marco speaking here.

    馬可在這裡講話。

  • I will take your first question about inverter, onboard charging, et cetera.

    我將回答您關於逆變器、車載充電等的第一個問題。

  • Of course, there, we are selling all our portfolio.

    當然,在那裡,我們正在出售我們所有的投資組合。

  • So depending on application, we are selling our silicon carbide, but of course, we are selling also IGBTs, and we are selling also gate driver when that is necessary, so our analog portfolio.

    因此,根據應用,我們銷售我們的碳化矽,但當然,我們也銷售 IGBT,並且在必要時我們也銷售柵極驅動器,因此我們的模擬產品組合。

  • So surely, for inverters, the lion share part is silicon carbide, but we are selling all the portfolio.

    因此,對於逆變器來說,最大的份額當然是碳化矽,但我們正在銷售所有的產品組合。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Well, about specialized imaging sensor, again, I will not comment on our competitor, but I will comment, okay, the visibility we have and what ST is doing.

    好吧,關於專業成像傳感器,我不會再評論我們的競爭對手,但我會評論,好吧,我們的知名度以及 ST 正在做什麼。

  • Well, it is clear that you know that ST is a key player in the 3D sensing for the face recognition.

    好吧,很明顯,您知道 ST 是人臉識別 3D 傳感的關鍵參與者。

  • Since 2017 second half, the unique foolproof technology is based on what we call structured light where ST is a key player, and we are still, let's say, growing in this kind of application.

    自 2017 年下半年以來,獨特的萬無一失的技術是基於我們稱之為結構光的,其中 ST 是主要參與者,並且我們仍然在這種應用中成長。

  • In parallel, components in the smartphone, there is clearly some other components like ambient licensing or, let's say, Time-of-Flight based proximity sensor or autofocus assist or ranging sensor.

    與此同時,智能手機中的組件,顯然還有一些其他組件,例如環境許可,或者比方說,基於飛行時間的接近傳感器或自動對焦輔助或測距傳感器。

  • And clearly, okay, I repeat that we have accumulated a huge volume in this Time-of-Flight and we continue.

    很明顯,好吧,我再說一遍,我們在這個飛行時間裡積累了大量的數據,我們繼續。

  • That's the reason why, as I told you, in the top 10 smartphone on the market today, we have either a special imaging sensor, including this Time-of-Flight or a main sensor.

    這就是為什麼,正如我告訴你的那樣,在當今市場上排名前 10 的智能手機中,我們要么有一個特殊的成像傳感器,包括這個飛行時間傳感器,要么有一個主傳感器。

  • Also, we disclosed to you during the recent quarter that now ST is important player on imaging licensing on the smartphone or, let's say, other wearable application.

    此外,我們在最近一個季度向您透露,ST 現在是智能手機或其他可穿戴應用程序成像許可的重要參與者。

  • Now in term of trend of the industry, it is clearly that one trend we are seeing is introduction of indirect Time-of-Flight for the wall-facing camera first, which certainly will be, let's say, a future competitive solution to address the depth map sensing.

    現在就行業趨勢而言,很明顯,我們看到的一個趨勢是首先為壁掛式攝像頭引入間接飛行時間,這肯定會成為未來解決問題的競爭性解決方案。深度圖傳感。

  • Now ST here, I confirm to you that we have a very strong road map with a very competitive and high-performing product that we will deliver to the market, whatever in iOS or Android phone.

    現在 ST 在這裡,我向你確認,我們有一個非常強大的路線圖,我們將向市場提供非常有競爭力和高性能的產品,無論是 iOS 還是 Android 手機。

  • So this is, let's say, the dynamic specific to ST we have on this application for the smartphone.

    因此,這就是我們在智能手機應用程序中所擁有的 ST 特有的動態。

  • Operator

    Operator

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

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

  • Jerome Andre Charles Ramel - Analyst of IT hardware and Semiconductor

    Jerome Andre Charles Ramel - Analyst of IT hardware and Semiconductor

  • Yes.

    是的。

  • Quick question on the capacity utilization rate and the outsourcing that you achieved in Q2.

    關於您在第二季度實現的產能利用率和外包的快速問題。

  • And just a follow-up on the guidance for the full year and specifically for Q4.

    並且只是對全年指導的後續行動,特別是針對第四季度的指導。

  • We still have a huge range between the low end and the high range, so there's a lot of difference, specifically for Q4.

    我們在低端和高端之間仍然有很大的範圍,所以有很大的不同,特別是對於第四季度。

  • How come that just with one more quarter, you still you have such uncertainties for Q4?

    為什麼再過一個季度,你對第四季度還有這麼多的不確定性?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So Jerome, Lorenzo will take the first part of the question and I will be pleased to take the second one.

    所以杰羅姆、洛倫佐將回答問題的第一部分,我很高興回答第二部分。

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • The -- about the utilization, in Q2, our utilization rate of our front-end fabs was in the range of 83%.

    - 關於利用率,在第二季度,我們的前端晶圓廠的利用率在 83% 的範圍內。

  • It was down in respect to the 88% that was in Q1.

    與第一季度的 88% 相比有所下降。

  • We do expect -- as you know, there is an increase in our unloading charges in the next quarter, and the expectation is to be in the range of 76% for Q3 in term of utilization rate.

    我們確實預計 - 如您所知,下一季度我們的卸貨費用會增加,預計第三季度的利用率將在 76% 的範圍內。

  • Talking about our weight in foundry, where we stand.

    談論我們在鑄造廠的重量,我們所處的位置。

  • In Q2, we were in the range of 70% of the value of production, total value of production for the front end.

    在第二季度,我們處於前端生產總值的 70% 範圍內。

  • That is similar to the level of Q1.

    這與第一季度的水平相似。

  • In Q3, we will be a little bit increasing this for 2 reasons.

    在第三季度,出於兩個原因,我們將稍微增加這一點。

  • One, because there is a decline on the overall, let's say, production value in front end, and the second reason is that some of our engaged customer programs are exposed to foundry, and so there is some increase in foundry due to the fact that there is increase in the revenues of these engaged customer programs.

    一是因為整體上,比如說前端的產值有所下降,二是我們的一些客戶項目接觸到了代工,所以代工有一些增加,因為這些參與的客戶計劃的收入有所增加。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So about the second part of your question, well, it is clear that we have a very high level of confidence to execute properly the midpoint of our guidance for Q3.

    所以關於你問題的第二部分,很明顯,我們非常有信心正確執行第三季度指導的中點。

  • Then about the range, well, first of all, I guess it's not that we have reduced the range compared to the Capital Market Day.

    然後關於範圍,首先,我想這並不是說我們與資本市場日相比縮小了範圍。

  • This is simply because now we are fully confident about what is under our control.

    這僅僅是因為現在我們對我們可以控制的事情充滿信心。

  • So the good execution of our programs and the perfect execution of the robust order supply chain.

    因此,我們的程序的良好執行和強大的訂單供應鏈的完美執行。

  • That's the reason why we narrowed the range from plus/minus 200 to plus/minus 150.

    這就是我們將範圍從正/負 200 縮小到正/負 150 的原因。

  • Then about the plus-minus 150, well, I would like to comment that it is, for us, adequate with risk and opportunities we are facing in the second half of this year.

    然後關於正負150,好吧,我想評論一下,對我們來說,這足以應對我們在今年下半年面臨的風險和機遇。

  • As I disclosed, I can give only some color but not weight about these risks and opportunities, starting by verticals.

    正如我所披露的,對於這些風險和機遇,我只能給出一些顏色,但不能給出權重,從垂直領域開始。

  • Well, again, on Automotive, you know that on Automotive we shared with you that for the time being, the overall market will decrease 5% expected full year 2019 versus year-to-date minus 7%.

    好吧,再一次,在汽車方面,你知道在汽車方面,我們與你分享了目前,預計 2019 年全年整體市場將下降 5%,而年初至今為負 7%。

  • So it means -- okay, means we will see a slight recovery.

    所以這意味著——好吧,意味著我們將看到輕微的複蘇。

  • However, we know that this recovery and especially in Europe will be perceived after the summer period because you know that in Europe, we have seasonality effect related to the summer period on car industry.

    但是,我們知道這種複蘇,尤其是在歐洲,將在夏季之後顯現,因為您知道在歐洲,我們對汽車行業有與夏季相關的季節性影響。

  • So you know that the visibility confirming that we will have a slight recovery in H2 will be perceived in September, not yet.

    所以你知道,確認我們將在下半年略有復甦的能見度將在 9 月被察覺,但目前還沒有。

  • So on Industrial, clearly, on Industrial related to our distribution channel and with our device, well, we have a very good confidence level on the microcontroller on Power Discrete.

    所以在工業方面,很明顯,在與我們的分銷渠道和我們的設備相關的工業方面,我們對 Power Discrete 上的微控制器有很好的信心。

  • On fuel discrete, we have still, let's say, important inventories.

    在燃料離散方面,我們仍然有重要的庫存。

  • And here, we have not seen yet sign of a recovery, so it is also something which is adjusting ourself.

    而這裡,我們還沒有看到復甦的跡象,所以也是在調整自己。

  • Now -- and then you know that there is overall situation between USA and China, which is not yet totally solved.

    現在——然後你知道美國和中國之間的整體局勢還沒有完全解決。

  • And if you go back 1 year ago, if you remember well, ST has been one of the first companies detecting some sign related to the collateral effect of this trade war.

    如果你回到 1 年前,如果你記得清楚的話,ST 是最早發現與這場貿易戰附帶影響有關的跡象的公司之一。

  • Now we expect that this trade war will be sooner or later, let's say, mitigated, and basically, we need a little bit time.

    現在我們預計這場貿易戰遲早會緩和,基本上,我們需要一點時間。

  • Well, then last but not the least, personal electronics.

    好吧,最後但並非最不重要的是個人電子產品。

  • Well, you know like me that a new device will be introduced in September with the launch of potential production.

    好吧,您和我一樣知道,隨著潛在生產的推出,新設備將在 9 月推出。

  • This is business as usual.

    這是照常營業。

  • Nowhere -- no better than usual.

    無處 - 沒有比平時更好。

  • But you know that there is a probability of focus change in Q4 as we faced last year when you see new introduction of device.

    但是您知道,當您看到新設備的推出時,我們去年面臨的焦點可能會在第四季度發生變化。

  • So all in all, accumulating this 3 vertical analyses, we do believe that the current range we disclosed today is well adequate, taking risks and opportunities, of course, based on a very high level of confidence to execute, particularly our Q3 midpoint.

    總而言之,累積這三個垂直分析,我們確實相信我們今天披露的當前範圍是足夠的,當然,基於非常高的執行信心,特別是我們的第三季度中點,承擔風險和機會。

  • Operator

    Operator

  • The next question is from Sébastien Sztabowicz from Kepler Cheuvreux.

    下一個問題來自 Kepler Cheuvreux 的 Sébastien Sztabowicz。

  • Sébastien Sztabowicz - Head of Tech - Equipment Research

    Sébastien Sztabowicz - Head of Tech - Equipment Research

  • Yes.

    是的。

  • One on your 5G market opportunity.

    一個關於您的 5G 市場機會。

  • You target more than 50% market share in supply for base stations mid-term.

    您的目標是中期基站供應的市場份額超過 50%。

  • Do you have the design wins already in your hand today?

    您今天是否已經獲得了設計勝利?

  • And what kind of market size opportunity are we talking about here, please?

    請問我們在這裡談論什麼樣的市場規模機會?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So Marco will take it.

    所以馬可會接受它。

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Yes.

    是的。

  • Okay.

    好的。

  • So I think you have mainly related to the -- our collaboration with MACOM.

    所以我認為你主要與我們與 MACOM 的合作有關。

  • So what we can say in this moment is that we acknowledge the change of management at MACOM and we are continuously working with them and develop the market with them.

    所以此刻我們可以說的是,我們承認MACOM管理層的變化,我們將繼續與他們合作並與他們一起開發市場。

  • So we have no further update from this point of view.

    因此,從這個角度來看,我們沒有進一步的更新。

  • Sébastien Sztabowicz - Head of Tech - Equipment Research

    Sébastien Sztabowicz - Head of Tech - Equipment Research

  • Okay.

    好的。

  • And one follow-up, if I may, on imaging because it seems that on imaging, finally, Sony seems to be a little bit more aggressive on 3D sensing.

    如果可以的話,還有一個關於成像的後續行動,因為在成像方面,索尼似乎在 3D 傳感方面更具侵略性。

  • I know that they are very well integrated apparently in this opportunity.

    我知道他們顯然很好地融入了這個機會。

  • Have you seen any change in the competitive landscape in imaging 3D sensing right now?

    您是否看到現在成像 3D 傳感的競爭格局有任何變化?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • No, no.

    不,不。

  • I confirm to you that we are in competition -- for the time, you have only 1 unique solution for face recognition 3D sensing, it is the structured light.

    我向您確認,我們正在競爭——目前,您只有一種獨特的人臉識別 3D 傳感解決方案,那就是結構光。

  • The other, let's say, architecture in term of system are, let's say, less foolproof.

    另一個,比方說,就係統而言的體系結構,比方說,不那麼萬無一失。

  • Well -- and again, this is what we confirmed.

    嗯 - 再一次,這是我們確認的。

  • We said to the Capital Market Day and we know that in the near future, certainly, architecture like structured light improved and indirect Time-of-Flight will be in competition.

    我們在資本市場日上說過,我們知道在不久的將來,結構光等架構的改進和間接飛行時間肯定會競爭。

  • ST addressed the 2 technology architecture.

    ST解決了2個技術架構。

  • And for sure, certainly, Sony is more addressing the indirect Time-of-Flight kind of architecture, and we will be in competition.

    可以肯定的是,索尼更多地解決了間接飛行時間類型的架構,我們將參與競爭。

  • But we do not see, let's say, dramatic or material change in the dynamic for the short term.

    但是我們看不到,比方說,短期內動態的戲劇性或實質性變化。

  • Operator

    Operator

  • 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。

  • Adithya Satyanarayana Metuku - Associate

    Adithya Satyanarayana Metuku - Associate

  • Yes.

    是的。

  • Two questions.

    兩個問題。

  • Firstly, I just wondered if you could give us some color within your guidance for 3Q and 4Q what you expect for the 3 different divisions.

    首先,我只是想知道您是否可以在您對 3Q 和 4Q 的指導中給我們一些顏色,您對 3 個不同部門的期望是什麼。

  • And secondly, obviously, we've seen Infineon buying Cypress recently.

    其次,很明顯,我們最近看到英飛凌收購了賽普拉斯。

  • I just wondered if you could give any -- give your thoughts around how you expect competition to change in the general-purpose microcontroller landscape and what your own thoughts are on getting involved in an industry consolidation.

    我只是想知道您是否可以提供任何意見 - 就您期望通用微控制器領域的競爭如何改變以及您對參與行業整合有何想法提出您的想法。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Yes.

    是的。

  • You take the first one, I'll take the second one.

    你拿第一個,我拿第二個。

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Okay, Jean-Marc.

    好的,讓-馬克。

  • For the first one, about some color on our guidance for the current quarter in term of divisions.

    對於第一個,關於我們對本季度部門指導的一些看法。

  • As we said, the driver of the growth will be the specialized image sensor, the microcontroller and the memories, MMS, and we will have a significant increase in revenues also in analog, while also power and discrete will contribute to the growth with a lower pace.

    正如我們所說,增長的驅動力將是專用圖像傳感器、微控制器和存儲器、MMS,我們的模擬收入也將顯著增加,而功率和分立器件也將以較低的價格推動增長步伐。

  • So at the end, when you look in term of not product, but in term of division, AMS will be the driver of the growth, the stronger driver, followed by MDG where we have a significant increase in our microcontroller revenues in the next quarter.

    所以最後,當你看的不是產品,而是部門,AMS 將是增長的驅動力,更強的驅動力,其次是 MDG,我們在下一季度的微控制器收入顯著增長.

  • And then there will be some growth at lower pace also in ADG, but as we were commenting during this hour, a little bit limited due to the Automotive legacy products that are not contributing to the growth.

    然後 ADG 也會以較低的速度增長,但正如我們在這個小時內評論的那樣,由於汽車遺留產品對增長沒有貢獻,因此受到了一些限制。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So about your second question, of course, I will not comment specifically Cypress acquisition from Infineon.

    所以關於你的第二個問題,當然,我不會特別評論賽普拉斯從英飛凌收購。

  • What I can say from the recent past, from ST side, clearly, we have always seen Cypress competitive on MCU for Automotive but not key competitor in the field of general-purpose MCU.

    我可以從最近的過去說,從 ST 方面,很明顯,我們一直看到賽普拉斯在汽車 MCU 上具有競爭力,但在通用 MCU 領域不是主要競爭對手。

  • What is very important for general-purpose MCU is related equipment, the wide product portfolio, so from ultralow power MCU addressing IoT kind of business to the high-performing MCU addressing the industrial market.

    對於通用 MCU 來說非常重要的是相關設備,廣泛的產品組合,從解決物聯網業務的超低功耗 MCU 到解決工業市場的高性能 MCU。

  • What is important is to complement this MCU portfolio with industrial MCU.

    重要的是用工業 MCU 補充這個 MCU 產品組合。

  • And in term of trend, based on this strong ecosystem, it is clearly a new capability to offer general-purpose embedded processing solution with security features and connectivity features.

    而就趨勢而言,基於這個強大的生態系統,提供具有安全特性和連接特性的通用嵌入式處理解決方案顯然是一種新的能力。

  • Well, this is what ST is doing.

    好吧,這就是ST正在做的事情。

  • This is where ST is accelerating.

    這是 ST 正在加速發展的地方。

  • And we acknowledge that Infineon has acquired Cypress, but up to now, Cypress, for us, was visible on the Automotive MCU, not too much on general-purpose application.

    我們承認英飛凌已經收購了賽普拉斯,但到目前為止,對我們來說,賽普拉斯在汽車 MCU 上是可見的,在通用應用上並沒有太多。

  • Adithya Satyanarayana Metuku - Associate

    Adithya Satyanarayana Metuku - Associate

  • Understood.

    明白了。

  • And just any color on your own involvement in consolidation in the space?

    以及您自己參與空間整合的任何顏色?

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • He meant M&A.

    他的意思是併購。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • M&A?

    嘛?

  • Well, the M&A, of course, we are monitoring, okay, the value trend.

    好吧,併購,當然,我們正在監控價值趨勢。

  • But ST, I confirm that our, let's say, strategy and our business model today is based on organic growth.

    但是 ST,我確認我們今天的戰略和商業模式是基於有機增長的。

  • I can classify organic growth plus, means, okay, ST will certainly in the future, let's say, acquire small companies, making our product portfolio stronger, completing our IP portfolio in order to accelerate our growth on industrial market, automotive, as it is the main focus of our application strategy as I disclosed to you at the Capital Market Day.

    我可以對有機增長進行分類,意味著,好吧,ST 肯定會在未來,比如說,收購小公司,使我們的產品組合更強大,完善我們的 IP 組合,以加速我們在工業市場、汽車領域的增長,因為它是正如我在資本市場日向您披露的那樣,我們應用策略的主要重點。

  • Operator

    Operator

  • The next question is from Janardan Menon from Liberum.

    下一個問題來自 Liberum 的 Janardan Menon。

  • Janardan Nedyam Menon - Technology Analyst

    Janardan Nedyam Menon - Technology Analyst

  • Two short ones.

    兩個短的。

  • One is on your gross margin and your capacity utilization trends towards the end of the year.

    一個是你的毛利率和年底的產能利用率趨勢。

  • You said you want to bring your inventories down to the sort of 90-, 100-day level, and so your utilization is coming down to 76%.

    您說您希望將庫存降低到 90 天或 100 天的水平,因此您的利用率下降到 76%。

  • If you assume that demand over the next few quarters is in line with your current expectations, would you be beginning to move up your loading level sometime in Q4?

    如果您假設未來幾個季度的需求符合您當前的預期,您是否會在第四季度的某個時候開始提高負載水平?

  • And if so, what is the time frame to cover that 140 basis points of hit on your gross margins from underloading?

    如果是這樣,彌補不足對毛利率造成 140 個基點的影響的時間框架是什麼?

  • Can we assume that sometime in either Q1 or Q2 next year that would be completed based on your current visibility and expectations for inventory reduction?

    我們是否可以根據您當前的可見性和對庫存減少的預期假設明年第一季度或第二季度的某個時候完成?

  • The second one is you've alluded to specialized image sensors, microcontrollers and analog as your key drivers into the second -- the growth into Q3.

    第二個是您提到專用圖像傳感器、微控制器和模擬作為您進入第二個的關鍵驅動因素——第三季度的增長。

  • I understand the specialized image sensors, the microcontrollers.

    我了解專門的圖像傳感器,微控制器。

  • I'm just a little bit confused as what exactly you're meaning by analog and the strong growth.

    我對模擬和強勁增長的確切含義有點困惑。

  • What is driving that strong growth into Q3?

    是什麼推動了第三季度的強勁增長?

  • Could you give us a little bit more color on what kind of products exactly are you talking about?

    您能否就您所談論的產品類型多說一點?

  • Is this the RF product?

    這是射頻產品嗎?

  • Or is there some other some other product involved?

    或者是否涉及其他一些其他產品?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So I take this question and Marco Cassis will complement, and then Lorenzo will answer the first question.

    所以我提出這個問題,Marco Cassis 將補充,然後 Lorenzo 將回答第一個問題。

  • When we speak about analog, basically, it covers 2 parts of our growth.

    當我們談到模擬時,基本上,它涵蓋了我們增長的兩個部分。

  • There is one part related to key projects with engaged customers.

    有一部分與有參與的客戶的關鍵項目有關。

  • Well, it is addressing one of the key focus of ST on the smartphones, I call it power management.

    嗯,它解決了 ST 在智能手機上的重點之一,我稱之為電源管理。

  • And the second part, so it is kind of a technology basic design.

    第二部分,所以它是一種技術基礎設計。

  • And so second part of analog is the continuous growth addressing the industrial mass market for metering, for motor control.

    因此,模擬的第二部分是針對計量、電機控制的工業大眾市場的持續增長。

  • So -- because motor control is one of the key application we are focusing on where ST addresses full solution with the driver of the power, the other processing solution, and of course, okay, the power MOSFETs.

    所以 - 因為電機控制是我們關注的關鍵應用之一,ST 解決了包含電源驅動器的完整解決方案、其他處理解決方案,當然還有功率 MOSFET。

  • So this is the analog part of power and energy control solution.

    所以這是功率和能量控制解決方案的模擬部分。

  • So Marco, do you want to address the...

    那麼馬可,你想解決...

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Yes.

    是的。

  • To be a little bit -- this is Marco speaking.

    稍微說點——這是馬可說話。

  • To be a little bit more specific, we'll have also growth related to seasonality of our disc drive where our analog is present and is growing H2 over H1 and plus some specific power management projects that we start during the second part of the year.

    更具體地說,我們還將獲得與磁盤驅動器的季節性相關的增長,其中我們的模擬設備存在並且 H2 比 H1 增長,以及我們在今年下半年開始的一些特定電源管理項目。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So now Lorenzo, you can...

    所以現在洛倫佐,你可以...

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • About the unloading, yes, for sure.

    關於卸載,是的,當然。

  • Then as we said, unloading -- the question is how will be the evolution moving toward Q4, if I well remember the question.

    然後正如我們所說,卸載 - 如果我清楚地記得這個問題,問題是如何向第四季度發展。

  • In Q4, still, we will have a material level of unloading, even if less than in Q3.

    在第四季度,即使低於第三季度,我們仍將有一定程度的卸貨。

  • Overall, to give you an idea, the midpoint of our yearly guidance or so for the second half, it's at $5.25 billion.

    總體而言,為了給你一個想法,我們下半年年度指導的中點左右為 52.5 億美元。

  • The unloading overall should impact our gross margin in the range of 100, 110 basis point.

    整體卸載應該會影響我們的毛利率在 100、110 個基點的範圍內。

  • So it means that the fab utilization will be still at a low level.

    因此,這意味著晶圓廠的利用率仍將處於較低水平。

  • We do see progressively entering next year in the first half the situation coming back to normal loading for our fabs.

    我們確實看到明年上半年逐步進入我們晶圓廠的正常負載情況。

  • Janardan Nedyam Menon - Technology Analyst

    Janardan Nedyam Menon - Technology Analyst

  • So it probably will be around Q2 before you reach optimal levels of loading?

    因此,在您達到最佳負載水平之前,它可能會在第二季度左右?

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Well, it's a little bit early to say, but yes, at the end, I do expect that in Q2 next year we will be back to the normal level of loading for our fabs.

    嗯,現在說有點早,但是是的,最後,我確實預計明年第二季度我們的晶圓廠將恢復到正常的負載水平。

  • Celine Berthier - Group VP of IR

    Celine Berthier - Group VP of IR

  • And Myra, in the interest of time, unfortunately, time is running.

    而邁拉,不幸的是,時間在流逝。

  • I think we have time for one more question.

    我想我們還有時間再問一個問題。

  • Operator

    Operator

  • Okay.

    好的。

  • The last question is from Johannes Schaller from Deutsche Bank.

    最後一個問題來自德意志銀行的 Johannes Schaller。

  • Johannes Schaller - Research Analyst

    Johannes Schaller - Research Analyst

  • Yes.

    是的。

  • In your long-term plan, you've obviously made some assumptions on revenue contribution from 3D sensing specialty imaging from various customers.

    在您的長期計劃中,您顯然對來自不同客戶的 3D 傳感專業成像的收入貢獻做出了一些假設。

  • And now it looks like there's a lot of change.

    現在看起來發生了很大的變化。

  • For example, Apple has just recently pulled a large project for 3D sensing with Nanoco, which supplied quantum dot chemicals.

    例如,Apple 最近剛剛取消了一個與 Nanoco 合作的大型 3D 傳感項目,該項目提供量子點化學品。

  • There's a lot of movement here.

    這裡有很多動靜。

  • Can you very broadly, not talking about a specific customer, but very broadly, give us an update, since your Capital Markets Day, anything on your assumptions on imaging or 3D sensing, the road maps in particular have changed based on kind of what is embedded in your long-term targets?

    您能否非常廣泛地(不是在談論特定客戶,而是非常廣泛地)給我們一個更新,因為您的資本市場日,您對成像或 3D 傳感的任何假設,特別是路線圖已經根據類型發生了變化嵌入您的長期目標?

  • And I have a quick follow-up.

    我有一個快速跟進。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • So I'll take the question and if Marco want to comment, he will take it.

    所以我會接受這個問題,如果 Marco 想發表評論,他會接受。

  • Now compared to what we said, again, at the Capital Market Day, there is no change in the way we see the trend of this specific application on the front face for -- of the phone, so for face recognition and on the wall-facing.

    現在,與我們在資本市場日所說的相比,我們看到這個特定應用程序在正面的趨勢沒有改變 - 手機,所以對於面部識別和牆上 -面對。

  • It is clear, as I told you, okay, during the call that for the time being, the structured light for the front-facing is a technology, okay, again, since H2 2017, and certainly will continue for a while.

    很明顯,正如我告訴你的,好吧,在電話會議期間,正面的結構光暫時是一種技術,好吧,再說一次,自 2017 年下半年以來,肯定會持續一段時間。

  • As we disclosed to you, we do believe that at a certain moment of time, indirect Time-of-Flight base architecture will certainly come up on this kind of application.

    正如我們向您透露的那樣,我們確實相信在某個時刻,間接飛行時間基礎架構肯定會出現在這種應用程序上。

  • Presently, as far as the performance is, let's say, consistent with the structured light.

    目前,就性能而言,比方說,與結構光一致。

  • Presently, okay, some advantages in form factor or something like that.

    目前,好吧,在外形或類似方面有一些優勢。

  • Well, this trend, okay, is confirmed and ST will compete overall on both architecture.

    好吧,這種趨勢已經得到證實,ST 將在這兩種架構上進行全面競爭。

  • And then you know that as, let's say, generic trend for semiconductor, the challenge will be always to reduce the form factor to improve the sector offering and to reduce the cost of ownership.

    然後你知道,作為半導體的通用趨勢,挑戰將始終是縮小外形尺寸以改善行業產品並降低擁有成本。

  • Then on the wall-facing, it is clear that indirect Time-of-Flight based solution will be certainly the winning architecture.

    然後在牆上,很明顯,基於飛行時間的間接解決方案肯定會成為獲勝的架構。

  • And again, okay, here, you will see maybe this year and certainly next year introduction of this kind of technology.

    再說一次,好吧,在這裡,你可能會在今年和明年看到這種技術的引入。

  • For the short term, I mean this year, it is not revenue for ST, but we are offering a solution for 2020 and beyond and we will be a key competitor in this market.

    就短期而言,我的意思是今年,這不是 ST 的收入,但我們正在為 2020 年及以後提供解決方案,我們將成為這個市場的主要競爭對手。

  • Now then other competitors like ambient licensing or, let's say, ranging sensor based on direct Time-of-Flight will continue as the RGB camera will have more and more pixel and you need to have to focus assist and this kind of stuff.

    現在其他競爭對手,比如環境許可,或者比方說,基於直接飛行時間的測距傳感器將繼續存在,因為 RGB 相機將擁有越來越多的像素,並且您需要對焦輔助和此類東西。

  • So no major change, no change compared to what we said at Capital Market Day.

    所以沒有重大變化,與我們在資本市場日所說的相比沒有變化。

  • Johannes Schaller - Research Analyst

    Johannes Schaller - Research Analyst

  • Very clear.

    非常清楚。

  • And just a very brief follow-up.

    只是一個非常簡短的跟進。

  • You talked also about your MSC controller, plus embedded secure element and embedded SIM going into production now in the second half.

    您還談到了您的 MSC 控制器,以及嵌入式安全元件和嵌入式 SIM,現在將在下半年投入生產。

  • You haven't really brought it up as a big driver, I think, on this call for H2 revenues.

    我認為,在呼籲 H2 收入時,您並沒有真正將其作為主要推動力。

  • Just how should we think about the ramp of this product and the contribution this year and the next?

    我們應該如何看待這個產品的坡度以及今年和明年的貢獻?

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • No, no.

    不,不。

  • It is -- this solution is part of the key program and engaged program for H2.

    它是 - 該解決方案是 H2 的關鍵計劃和參與計劃的一部分。

  • Celine Berthier - Group VP of IR

    Celine Berthier - Group VP of IR

  • With this, I think that this concludes our Q2 earnings call.

    有了這個,我認為這結束了我們的第二季度財報電話會議。

  • Thank you very much all for your attention.

    非常感謝大家的關注。

  • If you have some follow-up questions, don't hesitate to reach out to the Investor Relation team.

    如果您有一些後續問題,請隨時與投資者關係團隊聯繫。

  • And with this, have a nice end of earning season for all of you.

    有了這個,你們所有人的收入季節都結束了。

  • Jean-Marc Chery - President, CEO & Member of Managing Board

    Jean-Marc Chery - President, CEO & Member of Managing Board

  • Bye-bye.

    再見。

  • Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

    Lorenzo Grandi - President of Finance, Infrastructure & Services and CFO

  • Thank you.

    謝謝你。

  • Bye.

    再見。

  • Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

    Marco Luciano Cassis - President of Sales, Marketing, Communications & Strategy Development

  • Bye.

    再見。

  • Operator

    Operator

  • 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,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。