意法半導體 (STM) 2019 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the third quarter 2019 earnings release conference call and live webcast.

女士們，先生們，歡迎來到 2019 年第三季度財報電話會議和網絡直播。

I am 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, Head of Investor Relations.

在這個時候，我很高興向集團副總裁兼投資者關係主管 Celine Berthier 工作。

Please go ahead.

請繼續。

Thank you, Myra.

謝謝你，邁拉。

Good morning.

早上好。

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

感謝大家參加我們的 2019 年第三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, Communication and Strategy Development.

今天加入 Jean-Marc 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。

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

這些現場網絡直播和演示材料可以在 ST 的投資者關係網站上訪問。

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 result 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 filing 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，以獲取對這些風險因素的完整描述。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Jean-Marc, ST's President and CEO.

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So thank you, Celine.

所以謝謝你，席琳。

Good morning, and thank you for joining ST on our third quarter earnings conference call.

早上好，感謝您加入 ST 參加我們的第三季度財報電話會議。

Let me begin with some opening comments.

讓我從一些開場評論開始。

First, on Q3 and year-to-date.

首先，在第三季度和年初至今。

So Q3 net revenues at $2.55 billion and Q3 gross margin at 37.9% came in above the midpoint of our guidance driven by engaged customer programs and new products [doing] as expected, a soft legacy Automotive and Industrial market.

因此，第三季度的淨收入為 25.5 億美元，第三季度的毛利率為 37.9%，高於我們預期的中點，這是由參與的客戶計劃和新產品（如預期的那樣）推動的，這是一個疲軟的傳統汽車和工業市場。

Q3 operating margin was 13.1%, and net income was $302 million.

第三季度營業利潤率為 13.1%，淨利潤為 3.02 億美元。

On the year-to-date basis, we delivered revenues of $6.80 billion, gross margin at 38.4%, operating margin of 10.9% and net income of $640 million.

年初至今，我們的收入為 68 億美元，毛利率為 38.4%，營業利潤率為 10.9%，淨利潤為 6.4 億美元。

Second, on Q4.

其次，在第四季度。

Our fourth quarter outlook is for net revenues to grow sequentially about 5% at the midpoint.

我們第四季度的展望是，淨收入將在中點環比增長約 5%。

Q4 gross margin is expected to be about 38.2% at the midpoint of our guidance and assumes about 120 basis points of unsaturation charges.

在我們指導的中點，第四季度毛利率預計約為 38.2%，並假設不飽和費用約為 120 個基點。

Based on our fourth quarter outlook for the full year 2019, we expect net revenues to be about $9.48 billion at the midpoint.

根據我們對 2019 年全年的第四季度展望，我們預計中點淨收入約為 94.8 億美元。

This confirms a strong H2 over H1 growth, with a double-digit operating margin performance.

這證實了 H2 較 H1 的強勁增長，營業利潤率表現達到兩位數。

Now let's move to a detailed review for the third quarter.

現在讓我們來詳細回顧一下第三季度。

Net revenues returned to year-over-year growth, up to 1.2%, driven by Imaging, Analog, Power Discrete and MEMS.

在成像、模擬、功率離散和 MEMS 的推動下，淨收入恢復了同比增長，高達 1.2%。

On a sequential basis, we reported strong revenue growth, up 17.5%, driven by specialized imaging sensors, application-specific analog products, general purpose and secure microcontrollers, RF products for front-end modules, silicon carbide MOSFETs and digital automotive.

在連續的基礎上，我們報告了強勁的收入增長，增長了 17.5%，這主要得益於專業成像傳感器、特定應用模擬產品、通用和安全微控制器、前端模塊射頻產品、碳化矽 MOSFET 和數字汽車。

This performance was partially offset by general purpose Analog and non-Power Discrete products.

這種性能被通用模擬和非功率分立產品部分抵消。

Legacy automotive products grew at a slower pace than expected.

傳統汽車產品的增長速度低於預期。

Our gross margin was 37.9%, 40 basis points above the midpoint of our guidance.

我們的毛利率為 37.9%，比我們的指導中點高 40 個基點。

Unsaturation charges represented 110 basis points, lower than our expectation of 140 basis points on better loading in our digital wafer fab.

不飽和費用代表 110 個基點，低於我們預期的 140 個基點，因為我們的數字晶圓廠負載更好。

Our net operating expenses were $631 million.

我們的淨運營費用為 6.31 億美元。

Moving to our profitability.

轉向我們的盈利能力。

Operating margin was 13.1%; net income, $302 million; and diluted earnings per share, $0.34.

營業利潤率為 13.1%；淨收入，3.02億美元；每股攤薄收益 0.34 美元。

Net cash from operating activities was $429 million in Q3 and was $1.09 billion for the first 9 months.

第三季度經營活動產生的淨現金為 4.29 億美元，前 9 個月為 10.9 億美元。

Capital expenditures were $244 million in Q3, similar to the year ago quarter.

第三季度的資本支出為 2.44 億美元，與去年同期相似。

On the year-to-date basis, we have invested $937 million for CapEx.

年初至今，我們為資本支出投資了 9.37 億美元。

As anticipated, we returned to positive free cash flow in Q3 at $170 million.

正如預期的那樣，我們在第三季度恢復了 1.7 億美元的正自由現金流。

During Q3, we paid cash dividends of $54 million and completed $62 million of share buybacks.

在第三季度，我們支付了 5400 萬美元的現金股息並完成了 6200 萬美元的股票回購。

Now let's move to our fourth quarter outlook.

現在讓我們轉向我們的第四季度展望。

We expect net revenues to increase about 5% sequentially at the midpoint of our guidance.

我們預計，在我們指導的中點，淨收入將環比增長約 5%。

All 3 of our product groups will contribute to the sequential growth, with MDG expected to be the stronger contributor.

我們所有 3 個產品組都將為連續增長做出貢獻，而 MDG 預計將成為更大的貢獻者。

Our guidance assumes a contribution from improving market conditions as well as from our engaged customer programs and new product introductions.

我們的指導假設市場狀況的改善以及我們參與的客戶計劃和新產品的推出做出了貢獻。

Our gross margin guidance at the midpoint is 38.2%.

我們在中點的毛利率指導為 38.2%。

So we see some sequential improvement in gross margin at the midpoint.

因此，我們看到中點的毛利率有一些連續改善。

We do anticipate unsaturation charges to continue, estimated at about 120 basis points.

我們確實預計不飽和收費將繼續，估計約為 120 個基點。

On a year-over-year basis, to decrease -- the decrease of the gross margin will be about 180 basis points.

同比下降——毛利率下降約180個基點。

Q4 net operating expenses are expected to be between $620 million to $630 million.

第四季度淨運營費用預計在 6.2 億美元至 6.3 億美元之間。

Let me now share with you some important business, market and product dynamics, starting with Automotive.

現在讓我與您分享一些重要的業務、市場和產品動態，從汽車開始。

In July, we said we were operating under 2 opposite market dynamics: challenging in Automotive legacy, but very healthy in smart mobility applications driven by the electrification and digitalization of car systems and platforms.

7 月，我們表示我們在兩種相反的市場動態下運營：在汽車傳統方面具有挑戰性，但在汽車系統和平台的電氣化和數字化驅動的智能移動應用方面非常健康。

In early September, we confirmed this view, saying that we would keep on tracking the situation closely for September and then October.

9 月初，我們證實了這一觀點，表示我們將繼續密切跟踪 9 月和 10 月的情況。

What we are seeing today is that the legacy Automotive business, closely linked to car registrations, is recovering at a slower pace compared with what we were expecting when entering the second half.

我們今天看到的是，與汽車註冊密切相關的傳統汽車業務的複蘇速度低於我們進入下半年時的預期。

In smart mobility applications, car digitalization and electrification, positive market dynamics are there indeed.

在智能移動應用、汽車數字化和電氣化方面，確實存在積極的市場動態。

Our innovative technology and product portfolio enables us to support our customers' shift to more electrification and more digitalization.

我們的創新技術和產品組合使我們能夠支持客戶向更多電氣化和更多數字化轉變。

In car electrification, we provide technology and products for all flavors of vehicles from the mild hybrid to full electrical vehicles with a broad range of products.

在汽車電氣化方面，我們為從輕度混合動力汽車到純電動汽車的各種車型提供技術和產品，產品範圍廣泛。

We saw continued traction and additional design wins with our silicon carbide MOSFET and diodes in applications like onboard charging and DC-DC conversion.

我們看到我們的碳化矽 MOSFET 和二極管在車載充電和 DC-DC 轉換等應用中的持續牽引力和額外的設計勝利。

We announced that we will supply high-efficiency silicon carbide devices to Renault, Nissan and Mitsubishi for advanced onboard chargers.

我們宣布將向雷諾、日產和三菱提供用於先進車載充電器的高效碳化矽器件。

Overall, we can confirm that we are on track for over $200 million of revenues with silicon carbide devices this year.

總體而言，我們可以確認，今年我們的碳化矽器件收入有望超過 2 億美元。

We have successfully completed our key milestone evaluation of silicon carbide wafer manufacturer Norstel.

我們已成功完成對碳化矽晶圓製造商 Norstel 的關鍵里程碑評估。

Therefore, we have decided to exercise our option to purchase the remaining 45% stake.

因此，我們決定行使購買剩餘45%股權的選擇權。

We expect to close this acquisition during Q4.

我們預計將在第四季度完成此次收購。

It is part of our plan to install internal substrate production capacity to support the programs of our Automotive and Industrial customers from 2021.

從 2021 年開始，我們計劃安裝內部基板產能以支持我們的汽車和工業客戶的計劃，這是我們計劃的一部分。

We also continue to progress on IGBT MOSFETs and Power Modules, with a number of design wins in applications like traction inverters in electrical vehicles.

我們還在 IGBT MOSFET 和功率模塊方面繼續取得進展，在電動汽車牽引逆變器等應用中取得了多項設計勝利。

Our offer for car electrification goes beyond power with a complete range of products such as protection devices, gate drivers, battery management solutions and microcontrollers.

我們為汽車電氣化提供的產品不僅限於電源，還提供保護設備、柵極驅動器、電池管理解決方案和微控制器等完整系列的產品。

I will mention one example.

我將舉一個例子。

During the quarter, we won a design with a major electrical vehicle manufacturer.

在本季度，我們贏得了一家大型電動汽車製造商的設計。

Our 32-bit automotive microcontrollers will be at the heart of electrical vehicle charging adapters.

我們的 32 位汽車微控制器將成為電動汽車充電適配器的核心。

Car digitalization for us includes ADAS systems, V2X communications and the range of systems from embedded control units to domain controllers using our MCUs.

對我們而言，汽車數字化包括 ADAS 系統、V2X 通信以及從嵌入式控制單元到使用我們 MCU 的域控制器的一系列系統。

Here, we continued to build momentum.

在這裡，我們繼續造勢。

An example I can mention is a design win with a European Tier 1 for our automotive microcontroller in a stand-alone body gateway.

我可以提到的一個例子是，我們的汽車微控制器在獨立車身網關中獲得了歐洲 1 級設計勝利。

That's the central communication node inside a vehicle, enabling cross-domain communications and connected services.

這是車輛內部的中央通信節點，可實現跨域通信和連接服務。

Moving now to Industrial, our second broad area of focus, and where we plan to accelerate our growth.

現在轉向工業，這是我們關注的第二個廣泛領域，也是我們計劃加速增長的領域。

The market dynamics of the third quarter were still soft overall, with mixed performance across applications and products.

第三季度的市場動態總體上仍然疲軟，應用和產品的表現參差不齊。

However, there are some positive signs.

不過，也有一些積極的跡象。

First, the inventory correction at distributors, which has been impacting our general purpose microcontrollers business for several quarters, is now over.

首先，影響我們通用微控制器業務幾個季度的分銷商庫存調整現已結束。

This business grew over 25% sequentially.

該業務連續增長超過 25%。

Second, the positive sign we started to see since March for the point-of-sales increase at distributors worldwide are still there, with the exception of Europe.

其次，自 3 月以來，我們開始看到全球分銷商銷售點增加的積極跡象仍然存在，但歐洲除外。

Power devices demand is facing different dynamics.

功率器件需求面臨不同的動態。

Demand is strong for silicon carbide MOSFET, IGBT and low-voltage Power MOS, while high-voltage Power MOS and non-Program Discrete are still suffering from soft end-market demand, amplified by an inventory correction due to short lead time of the industry.

碳化矽 MOSFET、IGBT 和低壓功率 MOS 需求強勁，而高壓功率 MOS 和非編程分立器件仍受制於終端市場需求疲軟，因行業交貨期短導致庫存調整放大.

Moving now to a short review of our achievements in the quarter for Industrial.

現在簡要回顧一下我們在本季度的工業成就。

One of our targets for this market is leadership in Industrial embedded processing solutions.

我們在這個市場的目標之一是在工業嵌入式處理解決方案方面處於領先地位。

To that end, we are strengthening our hardware, software and ecosystem offering around our microcontroller families.

為此，我們正在圍繞我們的微控制器系列加強我們的硬件、軟件和生態系統產品。

During the quarter, we introduced new hardware, such as our first STM32 in an 8-pin package.

在本季度，我們推出了新硬件，例如我們的第一個 8 引腳封裝的 STM32。

This further expands the market we can address to simple embedded projects that need 32 performance in a compact and cost-effective form factor.

這進一步擴大了我們可以解決的市場，使其適用於需要 32 性能且緊湊且具有成本效益的外形尺寸的簡單嵌入式項目。

We also added to STM32 ecosystem with the release of a number of software packages.

我們還發布了一些軟件包，加入了 STM32 生態系統。

In Q3, we also introduced new analog products for Industrial, addressing lighting, power supply and factory automation applications.

在第三季度，我們還推出了用於工業的新模擬產品，用於照明、電源和工廠自動化應用。

We won a number of new designs with metering, industrial sensors, Intelligent Power Modules and Power Discrete for applications such as power tools, induction heating, home automation, white goods and industrial compressors.

我們贏得了多項新設計，包括計量、工業傳感器、智能功率模塊和功率分立器件，適用於電動工具、感應加熱、家庭自動化、白色家電和工業壓縮機等應用。

Moving now to Personal Electronics.

現在轉到個人電子產品。

The current visibility we have is showing strong demand for our key products.

我們目前的知名度顯示出對我們的主要產品的強勁需求。

As you know, in this end market, we target leadership in specific high-volume smartphone applications as well as associated wearable, gaming and accessories markets.

如您所知，在這個終端市場，我們的目標是在特定的大容量智能手機應用以及相關的可穿戴設備、遊戲和配件市場中處於領先地位。

During the quarter, we won designs and ramped production for new products in many categories.

在本季度，我們贏得了許多類別的新產品的設計並增加了生產。

We were awarded design wins for our portfolio of sensors, Time-of-Flight, ambient light, motion and pressure sensors.

我們的傳感器、飛行時間、環境光、運動和壓力傳感器產品組合榮獲設計大獎。

We also had wins for secure solutions, wireless charging, touch and display products.

我們還在安全解決方案、無線充電、觸摸和顯示產品方面取得了勝利。

In addition, we had design wins and ramped up shipments for motor drivers and display products for portable game consoles.

此外，我們贏得了設計勝利，並增加了用於便攜式遊戲機的電機驅動器和顯示產品的出貨量。

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

我將以幾句話結束我們的目標，即利用射頻混合信號技術和產品在 5G 設備中抓住機會。

During the quarter, we were awarded wins for digital and mixed-signal ASICs for RF-SOI designs to be used in 5G smartphones and devices.

在本季度，我們贏得了用於 5G 智能手機和設備的 RF-SOI 設計的數字和混合信號 ASIC。

5G is an area of focus also for our efforts in the communication equipment market, on top of satellite communications and cloud computing.

除了衛星通信和雲計算之外，5G 也是我們在通信設備市場努力的重點領域。

During the quarter, we continued to execute on programs and also won new designs across a range of applications.

在本季度，我們繼續執行計劃，並在一系列應用程序中贏得了新設計。

This includes a design with our latest generation of Global Navigation Satellite System, ICs, chosen by an important provider of global internet access.

這包括採用我們最新一代全球導航衛星系統 IC 的設計，該系統由全球互聯網接入的重要供應商選擇。

To conclude my remark takeaway.

結束我的評論外賣。

During the third quarter, we reported strong sequential growth, double-digit operating margin, a strong increase in net income and a return to positive cash flow.

在第三季度，我們報告了強勁的連續增長、兩位數的營業利潤率、淨收入的強勁增長和正現金流的回歸。

For the fourth quarter, we expect to see, at the midpoint of our guidance, sequential revenue growth and an improvement in our gross margin.

對於第四季度，我們預計在我們指導的中點看到連續收入增長和我們的毛利率改善。

We do expect further improvement in our operating profitability and free cash flow generation as well.

我們確實預計我們的運營盈利能力和自由現金流的產生也會進一步提高。

Combining together Q3 revenue results and our Q4 outlook at the midpoint, we are in line with our expectations of a strong sequential growth H2 over H1, with an uplift in revenues close to $1 billion.

結合第三季度的收入結果和我們在中點的第四季度展望，我們符合我們對上半年強勁連續增長的預期，收入增長接近 10 億美元。

For the full year 2019, we expect net revenues to be about $9.48 billion at the midpoint.

對於 2019 年全年，我們預計中點淨收入約為 94.8 億美元。

Our engaged customer programs and new product introductions across the end markets we target are well on track and based on important secular electronic demand drivers: smart mobility, power and energy, and the IoT.

我們在目標終端市場的參與客戶計劃和新產品推出進展順利，並基於重要的長期電子需求驅動因素：智能移動、電力和能源以及物聯網。

This enables us to better navigate the macroeconomic and the market dynamics, both short and long term.

這使我們能夠更好地駕馭短期和長期的宏觀經濟和市場動態。

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

（操作員說明）第一個問題來自 ODDO 的 Stephane Houri。

A question on the sequential evolution you're expecting for Q4.

關於您對第四季度的預期順序演變的問題。

You said that you expect all the divisions to grow sequentially.

您說您希望所有部門都按順序增長。

But notably, you talked about MDG as probably the biggest driver for Q4.

但值得注意的是，您談到 MDG 可能是第四季度的最大推動力。

Can you help us understand a little bit better if it is only linked to the end of the inventory correction that you have talked about?

如果它只與您所說的庫存調整結束有關，您能幫助我們更好地理解嗎？

Or is there anything more, i.e., market share gains with the new range that you have launched?

或者還有什麼更多，即您推出的新系列增加了市場份額？

As I have said during my address, I think there is 2 positive points.

正如我在演講中所說，我認為有兩個積極的方面。

First of all, we continues to see a POS sequential increase from March.

首先，我們繼續看到 3 月份的 POS 連續增長。

So this is the point #1.

所以這是第 1 點。

As I've told you, the level of inventory now in distribution at -- for MCU is at a standard level or slightly below standard level.

正如我告訴過你的那樣，現在 MCU 的分銷庫存水平處於標準水平或略低於標準水平。

So this, we are in a, let's say, a healthy situation where you have a POS increasing, a level of inventory at the standard, okay, to support demand, and more important in such market conditions is to be capable to make [TAM] business quarter to quarter because when you are facing, let's say, such business condition, your visibility is limited, but it is not an issue as far as you have a strong capability to make TAM business quarter to quarter, and this is exactly the situation we have, and we offer short lead time to our customer.

因此，我們處於一個健康的情況下，您的 POS 增加，庫存水平達到標準，可以支持需求，在這樣的市場條件下更重要的是能夠製造 [TAM ] 業務季度，因為當你面對，比方說，這樣的業務狀況，你的知名度是有限的，但只要你有很強的能力做 TAM 業務季度到季度，這正是我們有這種情況，我們為客戶提供較短的交貨時間。

And with our strong product portfolio, we are able to support their demand.

憑藉我們強大的產品組合，我們能夠支持他們的需求。

Jean-Marc, Lorenzo speaking.

讓-馬克，洛倫佐發言。

If I can add.

如果我可以補充。

We talk about MDG, so there is the component that is related to the microcontroller.

我們談論 MDG，因此有與微控制器相關的組件。

But in this area, we have also, let's say, the digital, and we have customer programs that will contribute to this.

但在這個領域，我們也有，比如說，數字化，我們有客戶計劃會為此做出貢獻。

It's not only...

這不僅...

Okay.

好的。

And if I can have a follow-up on the margin because it seems that your gross margin is resisting a little bit better than you initially thought earlier this year.

如果我可以對利潤率進行跟進，因為您的毛利率似乎比您今年早些時候最初想像的要好一些。

So is it coming from the forex side of loading or the product mix?

那麼它是來自加載的外匯方面還是來自產品組合？

What is, in your view, the main element?

在您看來，主要元素是什麼？

About the level of margin -- Lorenzo speaking.

關於邊際水平——洛倫佐發言。

When we were discussing about the gross margin -- but looking at the gross margin of the quarter, let's start it from the gross margin of Q3.

當我們討論毛利率時——但看看本季度的毛利率，讓我們從第三季度的毛利率開始。

Where it comes the better result than respect our original guidance is mainly driven by a lower level of unloading charges.

比尊重我們最初的指導更好的結果主要是由於卸貨費用水平較低。

This lower level of unloading charges are due mainly to the fact that our production was increasing in order to follow better revenues than expected for the quarter.

這種較低水平的卸貨費用主要是因為我們的產量正在增加，以實現比本季度預期更好的收入。

There is also some component.

還有一些成分。

This -- the unloading charges accounted for around 30 basis points of improvement in respect to our original guidance.

這——卸貨費用比我們最初的指導提高了大約 30 個基點。

The remaining 10 basis points, substantially, is the better-than-expected exchange rate.

剩下的 10 個基點，實質上是好於預期的匯率。

So at the end, let's say, the gross margin came a little bit better on the way that we have a better level of loading.

所以最後，假設我們有更好的負載水平，毛利率會好一點。

For Q4, we always said that our view was that the lowest point for our gross margin this year should have been Q3, and this indeed is confirmed.

對於第四季度，我們一直說我們的觀點是我們今年毛利率的最低點應該是第三季度，這確實得到了證實。

Let's say, in next quarter, we are guiding it to be slightly above 38%.

假設在下個季度，我們將其引導至略高於 38%。

The next question is from Andrew Gardiner from Barclays.

下一個問題來自巴克萊銀行的 Andrew Gardiner。

Two, if I could.

二，如果可以的話。

One, on the comments on Automotive and then another one on the sort of gross margin and utilization.

一是關於汽車的評論，然後是關於毛利率和利用率的評論。

Just in terms of Automotive, Jean-Marc, you mentioned that the -- sort of the trends that you're seeing in the legacy business have been sort of worse than you'd anticipated when entering the second half when we last spoke around July.

就汽車行業而言，Jean-Marc，您提到您在傳統業務中看到的那種趨勢比您在進入下半年時的預期要糟糕，當時我們上次在 7 月左右發表講話.

Can you confirm, though, it is indeed recovering, right?

不過，你能確認它確實在恢復，對嗎？

You feel that there is a bottom in that part of the market.

你覺得那部分市場有一個底部。

It's just that the pace of recovery there is slower than you would have hoped.

只是那裡的恢復速度比您希望的要慢。

And I'm just wondering, what kind of perhaps sort of order linearity have you seen through third quarter and into October so far?

我只是想知道，到目前為止，從第三季度到 10 月，您看到了什麼樣的訂單線性？

Is there a consistent trend, albeit one that's just a bit weaker than you thought?

是否存在一致的趨勢，儘管比您想像的要弱一點？

And then I'll follow up on the utilization.

然後我會跟進使用情況。

So I confirm exactly what you have understood from my address.

因此，我確切地確認您從我的地址中所了解的內容。

Clearly, when we entered in third quarter, our expectation was a recovery, an improving condition for our legacy product.

顯然，當我們進入第三季度時，我們的預期是複蘇，這是我們傳統產品的改善狀況。

And we always said, and I repeated early September, that mid-September to mid-October will be a critical period to assess the dynamic.

我們一直說，我在 9 月初重複過，9 月中旬到 10 月中旬將是評估動態的關鍵時期。

What we can confirm that we see improving market condition, but clearly, at a lower pace than expected.

我們可以確認的是，我們看到市場狀況正在改善，但顯然速度低於預期。

So you see the point #1.

所以你看到了第 1 點。

My other point, we do not usually comment.

我的另一點，我們通常不發表評論。

We will see improving booking trends on the Automotive legacy, which is, let's say, making us -- makes the assessment that things are improving.

我們將看到汽車遺產的預訂趨勢有所改善，也就是說，讓我們 - 做出事情正在改善的評估。

And you know, it is based on car registration.

你知道，它是基於汽車登記的。

Now what we can say, clearly, we can say that we acknowledge that there is a kind of consensus that we will see improving worldwide combustion engine-based -- internal combustion engine-based car registration starting now and certainly next year.

現在我們可以說清楚，我們可以說我們承認有一種共識，即我們將從現在開始以及明年肯定會看到全球基於內燃機的基於內燃機的汽車註冊的改善。

But what is difficult to assess globally, it is, oh, it will propagate through the automotive supply chain, and oh, it will be transformed in semiconductor demand.

但是全球很難評估的是，哦，它會通過汽車供應鏈傳播，哦，它會轉化為半導體需求。

Today, what we can only say, we say.

今天，我們只能說，我們說。

We expected improving market conditions for legacy.

我們預計遺產的市場狀況會有所改善。

Yes, it is happening at a lower pace than expected.

是的，它正在以低於預期的速度發生。

So this is really the point I can share with you.

所以這真的是我可以和你分享的一點。

Okay.

好的。

And then if I could ask another one on the fab utilization.

然後如果我可以問另一個關於晶圓廠利用率的問題。

Lorenzo, you said that sort of the 4Q guidance clearly confirms that your 3Q has been the low point for gross margin, and it seems like utilization level is at a similar level for fourth quarter.

洛倫佐，你說第 4 季度的指導清楚地證實了你的第 3 季度一直是毛利率的低點，而且似乎第四季度的利用率水平處於相似水平。

How are you starting to plan for 2020?

您如何開始計劃 2020 年？

I realize it's early, but just in terms of your conviction around trends into 2020 and therefore what that can mean for fab utilization late this year and into early 2020?

我意識到這還為時過早，但就您對 2020 年趨勢的信念而言，這對今年年底和 2020 年初的晶圓廠利用率意味著什麼？

Well, let's say, the fab utilization in Q3 was in the range of 77%, and this was the loading.

好吧，假設第三季度的晶圓廠利用率在 77% 的範圍內，這就是負載。

As you rightly say, in Q4 will be similar, slightly below because you see that, overall, the unused chargers are a little bit increasing because we move from 110 basis points in Q3 to 120 basis points in Q4.

正如您所說的那樣，第四季度將類似，略低於因為您看到總體而言，未使用的充電器略有增加，因為我們從第三季度的 110 個基點增加到第四季度的 120 個基點。

So we will be more in the range of 75%.

所以我們會更多地在75%的範圍內。

What about, let's say, the unsaturation trend in the next quarters?

比如說，接下來幾個季度的不飽和趨勢呢？

In 2020, our plan is to keep our inventory under control.

2020年，我們的計劃是控制庫存。

There will be some smoothing effect in the first part of the year, but we want, of course, to not increase in a significant way our inventory.

今年上半年會有一些平滑效應，但我們當然希望不顯著增加我們的庫存。

So the expectation is that we will have an unsaturation in the first part of the year, in the first half of the year.

因此，預計我們將在今年上半年，在今年上半年出現不飽和度。

And this is mainly driven by the fact that there is a significant change in the mix, the demand, the technology.

這主要是由於組合、需求和技術發生了重大變化。

We've -- that is mainly impacting our mature technology.

我們 - 這主要影響我們成熟的技術。

For sure, the level of unsaturation charges will depend on the evolution of the market condition and our plan for 2020.

當然，不飽和費用的水平將取決於市場狀況的演變和我們 2020 年的計劃。

At this stage, my expectation, as I said, is that there will still have a level of unsaturation in the first half of the year, and we expect that to improve in the second part of 2020.

在現階段，正如我所說，我的預期是上半年仍會有一定程度的不飽和，我們預計 2020 年下半年會有所改善。

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。

I just have a little follow-up question on ADG, where you say that the revenue decreased in Automotive.

我只是有一點關於 ADG 的後續問題，你說汽車的收入下降了。

Could you maybe quantify maybe your year-to-date overall Automotive sales, how they evolved as of last year or for the third quarter alone, whichever you can provide?

您能否量化一下您今年迄今為止的整體汽車銷售額，截至去年或僅第三季度的發展情況，無論您能提供什麼？

And also, in Power Discrete, you had an increase in the quarter.

而且，在 Power Discrete 中，您在本季度有所增長。

Could you be more specific on which customer segments were behind that?

您能否更具體地說明背後的客戶群？

And then just finally, on geography.

最後，關於地理。

You were implying previously that Europe was lagging in certain markets in terms of the path to recovery.

您之前曾暗示歐洲在復甦之路上落後於某些市場。

Is that still the case today?

今天還是這樣嗎？

Okay.

好的。

Thank you.

謝謝你。

So I'll take the question.

所以我會回答這個問題。

What I can say that we assess and look our overall Automotive segment year-to-date facing a market of car registration decreasing slightly above 5%, ST is increasing year-to-date about 5% compared to same period last year year-to-date.

我能說的是，我們評估和展望我們的整體汽車市場今年迄今面臨的汽車註冊市場下降略高於 5%，ST 與去年同期相比今年迄今增長約 5% -日期。

So as we said, our capability to enable solutions for our customers to execute their transformation to more electrification and more digitalization has enabled us to grow much faster than the market we are facing from car registration perspective.

因此，正如我們所說，我們為客戶提供解決方案以實現向更多電氣化和更多數字化轉型的能力使我們能夠以比汽車註冊角度所面臨的市場更快的速度增長。

So this is the point.

所以這就是重點。

And we do believe that at the midpoint of our guidance of Q4 and the full year at $9.48 billion for overall ST, we will conclude the year for Automotive with a growth full year 2019 versus 2018 about 5%.

我們確實相信，在我們對第四季度和全年 ST 整體 94.8 億美元的指導的中點，我們將以 2019 年全年與 2018 年相比約 5% 的增長率結束汽車行業。

So on the Power Discrete, more clearly, Power Discrete is driven by our performance on the silicon carbide MOSFET and diodes and, let's say, pushed by the performance of a very important customer.

所以在Power Discrete 上，更清楚地說，Power Discrete 是由我們在碳化矽 MOSFET 和二極管上的性能驅動的，比方說，是由一個非常重要的客戶的性能推動的。

But as I said during my address, IGBT MOSFET and low-voltage Power MOS also are key contributors to the growth.

但正如我在演講中所說，IGBT MOSFET 和低壓功率 MOS 也是增長的關鍵因素。

Where we are facing a different dynamic now is high-voltage Power MOSFET, certainly linked to some inventory correction because now, for this device, the industry lead times are quite short, and the end demand also is suffering because of the overall industrial market weakness.

我們現在面臨不同的動態是高壓功率 MOSFET，這肯定與一些庫存調整有關，因為現在，對於這種器件，行業交貨時間很短，並且由於整體工業市場疲軟，最終需求也受到影響.

And on geography?

在地理上？

On the geography, so on geography for Power Discrete, not for Automotive, huh?

關於地理，Power Discrete 的地理，而不是汽車的地理，對吧？

I think your question, Aleksander, is it for -- the question on geography is just for Power Discrete or is it more global?

Aleksander，我認為您的問題是針對 - 地理問題僅針對 Power Discrete 還是更俱全球性？

No.

不。

It was a general question.

這是一個普遍的問題。

You were referring on the last quarterly call to Europe lagging and you saw some pockets of weakness extending actually at the last call.

您在上一個季度對歐洲的電話會議上指的是滯後，您在最後一次電話會議上看到一些疲軟的地方實際上正在擴大。

So I was wondering if this has changed somewhat in the current period overall for the group.

所以我想知道這在當前整個期間是否有所改變。

No.

不。

We confirmed overall, okay, for, let's say, geographic that we see the POS, let's say, increasing sequentially materially in Asia, in America as well, but in, let's say, a slower pace.

我們總體上確認了，好吧，比如說，我們看到 POS 的地理區域，比如說，在亞洲，美國也有實質性的增長，但是，比方說，速度較慢。

But in Europe, for sure, it is still decreasing.

但在歐洲，可以肯定的是，它仍在下降。

And we do believe it is consistent with the macroeconomic condition in Europe and in Central Europe related to the Industrial market.

我們相信這與歐洲和中歐與工業市場相關的宏觀經濟狀況是一致的。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

Could I ask about a view of your visibility that you have into design win activity into 2020?

我能否詢問您對 2020 年設計獲勝活動的知名度的看法？

I mean clearly, in a year when the semi cycle is so weak, this year, you've had significant new design win activity, which has held up your sales much better than your peer group.

我的意思很清楚，在半週期如此疲軟的一年中，今年，你有重要的新設計獲勝活動，這比同齡人更好地保持了你的銷售額。

So I mean, do you have visibility in how this design win activity looks into 2020?

所以我的意思是，你對這個設計獲勝活動在 2020 年的看法有了解嗎？

That's my first question.

這是我的第一個問題。

And my second question is in terms of the mix as such really.

我的第二個問題是真正的混合。

I mean is the -- I mean in terms of the long-term guidance on margin from the company, is the intention that the gross margin of the company remains at the kind of peak levels you saw last year?

我的意思是 - 我的意思是就公司的長期利潤率指導而言，公司的毛利率是否保持在你去年看到的那種峰值水平？

Or is it that you intend to change the mix over the next few years to reach the midterm operating margin target?

還是您打算在未來幾年改變組合以達到中期營業利潤率目標？

So I let Lorenzo to answer at gross margin midterm, even if I would be pleased to answer, but I will let Lorenzo to answer, and I will come back on the design win.

所以我讓洛倫佐在毛利率中期回答，即使我很樂意回答，但我會讓洛倫佐回答，我會在設計獲勝時回來。

Our internal gross margin midterm, we confirm -- if you take, let's say, today the gross margin -- how we run in terms of gross margin, if you take, let's say, the gross margin at midpoint of Q4 for the year, it will be in the range of 38.4% for the full year 2019.

我們的內部毛利率中期，我們確認 - 如果您採用今天的毛利率 - 我們的毛利率如何運行，如果您採用今年第四季度中點的毛利率， 2019 年全年將在 38.4% 的範圍內。

And this gross margin is overall impacted by around 80 basis point of unsaturation.

這一毛利率總體上受到約 80 個基點的不飽和度影響。

In respect to this gross margin, so we -- it means that if we exclude the unsaturation, we are above 39% with an impact on manufacturing efficiency that is not the best because you know that when the fab are not fully loaded, they're not at the best.

關於這個毛利率，所以我們 - 這意味著如果我們排除不飽和度，我們會超過 39%，對製造效率的影響並不是最好的，因為你知道當晶圓廠沒有滿負荷時，他們'不是最好的。

We confirm that our medium-term target for the gross margin is in the range of 40%, 41%.

我們確認我們的毛利率中期目標在 40%、41% 的範圍內。

The main driver, it will be, for sure, let's say, optimization of our manufacturing efficiency with the loading.

主要的驅動因素，當然，比如說，我們的製造效率與負載的優化。

We see some improvement also in the mix, but [we] will not be the strongest driver in term of gross margin improvement.

我們也看到了組合的一些改善，但 [我們] 不會成為毛利率改善的最強驅動力。

Well, about the design win and what I can say about 2020, well, clearly, what we are, let's say, acknowledging now that, first, we are monitoring for sure all the funnel of opportunities we have with our new product, new design, either when they are, let's say, general-purpose device or application-specific device.

好吧，關於設計的勝利以及我對 2020 年的看法，好吧，很明顯，我們是什麼，讓我們說，現在承認，首先，我們正在監控我們的新產品、新設計所擁有的所有機會漏斗，無論是通用設備還是應用程序專用設備。

And this funnel of opportunities is growing.

而這個機會漏斗正在增長。

And the commercial rates to transform these opportunities, win real business is accelerating.

而商業化的速度來轉變這些機會，贏得真正的商業正在加速。

But I have to say it is, let's say, this kind of phenomena is very one-on-one when you go through a tough market condition.

但我不得不說，當你經歷艱難的市場條件時，這種現像是非常一對一的。

So you have an acceleration of new products and new applications, and you have the deceleration of mature products and mature technology.

所以你有新產品和新應用的加速，你有成熟產品和成熟技術的減速。

So this is exactly the phenomena we have more.

所以這正是我們更多的現象。

And here, again, ST overall, and then I can discuss on what market, but overall, with our, let's say, wide-bandgap materials, so silicon carbide, GaN, low-voltage Power MOS.

在這裡，再次，ST 整體，然後我可以討論什麼市場，但總的來說，我們的寬帶隙材料，如碳化矽、GaN、低壓功率 MOS。

So we address very well all the opportunities in Automotive and Industrial power and energy control.

因此，我們很好地解決了汽車和工業電力和能源控制方面的所有機會。

With our microcontroller at 40 nanometer today, we address, okay, the domain microcontroller.

今天，我們使用 40 納米的微控制器，我們可以解決域微控制器。

With our advanced BCD, we address also all the opportunities for Automotive and ASIC for the industrial, and last but not the least, in personal electronics.

借助我們先進的 BCD，我們還為汽車和 ASIC 在工業領域以及最後但並非最不重要的個人電子產品領域提供了所有機會。

Clearly, our Time-of-Flight, ambient light sensor, our secure solution, our wireless charger and the RF mixed-signal technology to address the front-end module receive a great appetite from our customer.

顯然，我們的飛行時間、環境光傳感器、我們的安全解決方案、我們的無線充電器和用於處理前端模塊的射頻混合信號技術受到了客戶的極大青睞。

So I have to say that 2020, it's too early to disclose anything about 2020, but certainly, ST will take benefit next year about the new product and program growing as we have done this year.

所以我不得不說，到 2020 年，現在透露任何關於 2020 年的信息還為時過早，但可以肯定的是，ST 明年將受益於我們今年所做的新產品和計劃的增長。

The next question is from Sébastien Sztabowicz from Kepler Cheuvreux.

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

So could you please comment a little bit on the dynamics you are seeing with the Chinese smartphone OEM and notably following the Huawei component ban?

那麼，您能否就您在中國智能手機 OEM 中看到的動態發表一點評論，尤其是在華為組件禁令之後？

Have you seen any kind of pickup of demand, while those guys are accelerating, I would say, the shift away from U.S. players?

你有沒有看到任何形式的需求回升，而這些傢伙正在加速，我想說的是，從美國球員的轉移？

And also on Industrial general-purpose Analog, when do you expect to see the end of the inventory correction?

還有工業通用模擬，你預計什麼時候會看到庫存調整的結束？

I am sorry, but I will not be really a contributor to your question.

很抱歉，但我不會真正成為您問題的貢獻者。

Okay.

好的。

Well, first of all, about the OEM you have spoken about, I will not comment.

好吧，首先，關於您所說的OEM，我不會發表評論。

You know that it's a policy of ST to do not comment specific customer.

您知道，ST 的一項政策是不對特定客戶發表評論。

What I can say is that this is important customer for ST.

我能說的是，這是ST的重要客戶。

It is fully embedded in our strategy to address high-volume applications but being very selective for smartphone.

它完全嵌入我們解決大容量應用程序的戰略中，但對智能手機非常有選擇性。

Again, we target sensors, MEMS and specialized imaging.

同樣，我們的目標是傳感器、MEMS 和專業成像。

We target embedded processing solutions, embedded [field].

我們的目標是嵌入式處理解決方案，嵌入式[領域]。

We target wireless charger.

我們的目標是無線充電器。

And okay, I think it's something -- you have seen something public.

好吧，我認為這是一些東西——你已經看到了一些公開的東西。

And then, okay, and we target certain modules with our technology.

然後，好吧，我們用我們的技術針對某些模塊。

And the demand is strong, okay, for our key products and technology.

對我們的關鍵產品和技術的需求很強勁。

Now our Industrial general-purpose Analog, at this stage, it's very difficult to see when we can state that the inventory correction will end driven by end demand growing and inventory level coming back to standard.

現在我們的工業通用類比，在這個階段，很難看到我們什麼時候可以說庫存調整將在終端需求增長和庫存水平恢復到標準的推動下結束。

So for the time being, I will be prudent to not give any time schedule of the end of the inventory reduction.

所以我暫時不會給出去庫存結束的時間表。

The next question is from David Mulholland from UBS.

下一個問題來自瑞銀的大衛穆赫蘭。

I just wanted to follow on a little bit from the first question, but more generically, in China.

我只是想從第一個問題開始，但更籠統地說，是在中國。

How has your business trended in this quarter and into Q4?

您的業務在本季度和第四季度的發展趨勢如何？

And just part of the reason for asking was TI, a couple of nights ago, was a lot more cautious on their commentary into Q4.

詢問的部分原因是 TI 幾天前對他們對第四季度的評論更加謹慎。

So I'm trying to understand what you think the delta might be between what you're seeing and how they're guiding for some of these markets into Q4 and whether some of that might be the strength you might be seeing in China.

因此，我試圖了解您認為您所看到的與它們如何引導其中一些市場進入第四季度之間的差異，以及其中一些可能是您在中國可能看到的優勢。

Well, again, I think I do not want to, let's say, specifically speak about China.

好吧，再一次，我想我不想，比如說，專門談論中國。

Okay.

好的。

Again, it's more global for ourselves.

同樣，它對我們自己來說更加全球化。

So we address the mass market worldwide.

因此，我們面向全球大眾市場。

Again, we see a POS increasing of our distributor in Asia, okay, with a strong base.

同樣，我們看到我們在亞洲的分銷商的 POS 增加了，好吧，擁有強大的基礎。

In Europe, as I said, it is the reverse, okay, and for obvious reasons.

正如我所說，在歐洲，情況正好相反，好吧，原因很明顯。

And in America, it's okay.

在美國，沒關係。

Now about China, again, China is an important region.

再說中國，中國是一個重要的地區。

Totally, let's say, important for us but totally consistent with our strategy to be a broad-range leader in Automotive and Industrial market.

比方說，這對我們來說很重要，但完全符合我們成為汽車和工業市場廣泛領導者的戰略。

And you know that China in Automotive is the most important region because they produce about 20 million cars per year.

你知道中國在汽車領域是最重要的地區，因為他們每年生產大約 2000 萬輛汽車。

So it's an important region.

所以這是一個重要的地區。

Industrial as well and in personal electronics where we target high-volume applications being selective, the appetite for our technology is very strong.

在工業和個人電子產品中，我們針對的是選擇性的大批量應用，對我們技術的需求非常強烈。

So there is no more than that, and -- but for sure, China is an important region for ST.

因此，僅此而已，而且——但可以肯定的是，中國是 ST 的重要地區。

And then just one quick follow-up.

然後只是一個快速的跟進。

On the contrary, you've been giving around Automotive and the design win traction you've been talking about for a couple of quarters now in both IGBT and silicon carbide.

相反，您一直在圍繞汽車和設計贏得牽引力，您現在已經在 IGBT 和碳化矽中談論了幾個季度。

Can you just help us to quantify this?

你能幫我們量化一下嗎？

Is it possible to put a number on where you think you are in terms of value of design wins, even if it's over a multiyear period, but just something to get a gauge in on what that success has been?

是否有可能在您認為設計獲勝的價值方面給出一個數字，即使它是在多年的時間裡，但只是為了衡量成功的程度？

No, we cannot give a specific, let's say, number on SiC and IGBT.

不，我們不能給出具體的數字，比如說 SiC 和 IGBT。

Well, okay.

哦，那好吧。

Well, our number, okay, that I disclosed during the first quarter, was the number of programs on SiC, so 35.

好吧，我在第一季度披露的數字是 SiC 上的程序數量，所以是 35。

Now I simply said that now it's moving to 40.

現在我只是說現在它正在移動到 40。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Jean-Marc, I think I wanted to follow up a little bit to David's last question contrasting your microcontroller business to Tex.

Jean-Marc，我想我想跟進 David 的最後一個問題，將您的微控制器業務與 Tex 進行對比。

And I know that they recently made some pretty sharp changes in their distribution strategy, trying to go a bit more direct, taking Avnet out of their mix, for example.

而且我知道他們最近對分銷策略進行了一些相當大的改變，試圖更直接一些，例如將 Avnet 從他們的組合中剔除。

I think some of the prior questions were around your business trends in China.

我認為之前的一些問題與您在中國的業務趨勢有關。

But I think I wanted to see if you might comment on how you're seeing the overall distribution landscape given the changes at TI and maybe some distributor-friendly business on your side contributing to some of the strength.

但我想我想看看您是否可以評論一下您對整體分銷格局的看法，因為 TI 發生了變化，也許您身邊的一些對分銷商友好的業務有助於增強實力。

And then I have a follow-up.

然後我有一個跟進。

Well, we fully -- I fully respect TI's strategy and the consistency, okay, of what they are doing.

好吧，我們完全 - 我完全尊重 TI 的戰略以及他們所做工作的一致性，好吧。

About ST, you know that it is slightly different because our partnership on distribution is mainly targeting demand creation.

關於 ST，您知道它略有不同，因為我們在分銷方面的合作主要針對需求創造。

And we are very pleased with the partnership and various cooperation we have across the world and especially in Asia about this activity of demand creation, which is, let's say, very complementary of the outstanding ecosystem we have developed around the STM32.

我們對我們在全球尤其是亞洲就這種需求創造活動建立的伙伴關係和各種合作感到非常高興，可以說，這與我們圍繞 STM32 開發的優秀生態系統非常互補。

Because you know that one of the many strengths of ST is the broad range portfolio we have in STM32, with a very strong ecosystem around that in terms of user application, in term of tools to support the design, prototyping and so on, so forth.

因為您知道 ST 的眾多優勢之一是我們在 STM32 中擁有的廣泛的產品組合，在用戶應用、支持設計的工具、原型設計等方面，我們擁有非常強大的生態系統，等等.

So we are very pleased, okay, with our partnership with the distributor between the demand creation and the strong ecosystem we offer to them.

所以我們很高興，好的，我們與分銷商在需求創造和我們提供給他們的強大生態系統之間建立了合作夥伴關係。

So this is our strategy.

所以這是我們的策略。

But as I said, this year, we suffer and we were one of the companies -- I don't see it as really the healthiest last year, okay?

但正如我所說，今年我們受苦了，我們是其中之一——我認為去年並不是最健康的，好嗎？

One, end of August last year, of course, okay, we are seeing inventory correction, okay, during the past few quarters, but since March, the POS is continuously increasing.

一，去年8月底，當然，好吧，我們看到庫存在調整，好吧，在過去的幾個季度中，但是從3月份開始，POS在不斷增加。

The [circuits] are at the right level, the design wins are coming, the funnel of opportunity is growing and the conversion rate is increasing.

[電路] 處於正確的水平，設計勝利即將到來，機會漏斗正在增長，轉換率正在提高。

So we are pleased with this strategy.

所以我們對這個策略很滿意。

And then, okay, TI is following another one, but again, okay, we have a lot of respect and we see the consistency of TI.

然後，好吧，TI 正在追隨另一個，但同樣，好吧，我們非常尊重，我們看到了 TI 的一致性。

So we have no more comments about that.

因此，我們對此沒有更多評論。

That's helpful perspective.

這是有用的觀點。

Just a quick one, Lorenzo, on operating expenses.

洛倫佐，快來談談運營費用。

It looks like you're going to be around 2% to 3%, something like that, higher OpEx this year.

看起來你將在 2% 到 3% 左右，類似這樣，今年更高的 OpEx。

Is that sort of a growth rate we should anticipate?

這是我們應該預期的增長率嗎？

Or it seems like the opportunity funnel is widening a bit, so I just wonder on spending levels going forward into next year.

或者看起來機會漏斗正在擴大一點，所以我只是想知道明年的支出水平。

Yes.

是的。

On expenses, actually, in Q3 expenses, when we talk about expenses, we talk about the net expenses, including also the line of other income and expenses that we have, SG&A, R&D and other income and expenses.

關於費用，實際上，在第三季度的費用中，當我們談論費用時，我們談論的是淨費用，還包括我們擁有的其他收入和費用、SG&A、R&D 和其他收入和費用。

If you look in Q3, our expenses came at $631 million.

如果您查看第三季度，我們的支出為 6.31 億美元。

This is a little bit on the high side of what I was saying entering the quarter.

這比我在進入本季度時所說的有點偏高。

If you remember, I was talking about $620 million, $630 million as a range.

如果你記得，我說的是 6.2 億美元，6.3 億美元的範圍。

What there will be in Q4 our expenses?

第四季度我們的開支會是多少？

My expectation for Q4 is I confirm that we will be between $620 million and $630 million.

我對第四季度的預期是我確認我們將在 6.2 億美元到 6.3 億美元之間。

But in Q4, I do expect that to be on the low side of the range.

但在第四季度，我確實預計這將處於該範圍的低端。

And this is mainly driven by the fact that on the line other income and expenses will be much more positive than what we have seen in Q3 due to the fact that we will be in the condition to -- in some jurisdictions, to recognize a significant amount of R&D grants.

這主要是由於其他收入和支出將比我們在第三季度看到的要積極得多，因為我們將有條件——在某些司法管轄區，承認重大研發資助金額。

So it means that, at the end, I would confirm what I have said last time during our last call that overall in the year the expenses will came at between 630 -- $620 million and $630 million if you take the average quarterly on our expenses.

所以這意味著，最後，我會確認我上次在上次電話會議中所說的話，如果你按季度計算我們的平均費用，那麼今年的總體費用將在 630 至 6.2 億美元到 6.3 億美元之間.

The evolution of our expenses.

我們費用的演變。

For sure, next year, there will be some increase because there is some increase of activity, there is an inflation rate, these kind of things.

可以肯定的是，明年會有一些增長，因為活動有所增加，有通貨膨脹率，諸如此類。

But I repeat, there will not be a significant increase.

但我再說一遍，不會有顯著增加。

We will increase, but we believe that the structure of the company at this stage is such that it can support the level of business that we have and the ambition that we have with this level of business.

我們會增加，但我們相信現階段公司的結構能夠支持我們擁有的業務水平以及我們在這一業務水平上的雄心壯志。

So you can factor in some increase in the range of 3% -- 3% to 4% but no more than that.

因此，您可以考慮在 3% 到 3% 到 4% 的範圍內有所增加，但不會超過這個範圍。

The next question is from Achal Sultania from Crédit Suisse.

下一個問題來自瑞士信貸的 Achal Sultania。

Just coming back to the silicon carbide business.

剛剛回到碳化矽業務。

Obviously, a lot of growth this year, it seems, is driven by one key customer in the U.S. You've announced a few design wins, but I think most of them are going to ramp in 2021 and beyond.

顯然，今年的大量增長似乎是由美國的一個主要客戶推動的。您已經宣布了一些設計勝利，但我認為其中大多數將在 2021 年及以後增長。

That's my understanding.

這是我的理解。

Maybe I'm wrong.

也許我錯了。

So if that's the case, like, how should we think about the silicon carbide business next year, specifically in 2020?

那麼如果是這樣的話，我們應該如何看待明年的碳化矽業務，特別是在 2020 年？

Is it still going to be predominantly driven by volume growth at a key customer or we can actually expect some new customer ramping already next year?

它是否仍將主要由關鍵客戶的銷量增長推動，或者我們實際上可以預期明年已經有一些新客戶增長？

So if you allow me, for this year, I correct a little bit, okay, your assumption that our silicon carbide is only driven by one customer; it was valid for last year, so 2018, but not this year.

所以如果你允許我，今年，我稍微糾正一下，好吧，你假設我們的碳化矽只由一個客戶驅動；去年有效，所以 2018 年有效，但今年無效。

This year, okay, we have a significant amount of other customers which have started mass production, and so for us, revenues, of course, in the second half of this year.

今年，好吧，我們有大量其他客戶已經開始量產，所以對我們來說，收入當然是在今年下半年。

So what you say is a little bit, let's say, valid for last year but not for this year.

所以你說的有點，比如說，去年有效，但今年無效。

And next year, yes, we will continue to grow at, let's say, an important pace.

明年，是的，我們將繼續以一個重要的速度增長。

Okay.

好的。

We are building capacity for that.

我們正在為此建設能力。

This year, that's the reason why we invested, okay, a material amount of CapEx to support the perspective of growth for next year on silicon carbide.

今年，這就是我們投資大量資本支出以支持明年碳化矽增長前景的原因。

That's the reason why, okay, thanks to the fact that the milestone about Nortel has been reached, and we have decided now to take the full ownership of Nortel and forecast, okay, to start production by 2021.

這就是為什麼，好吧，感謝北電的里程碑已經實現，我們現在決定完全擁有北電並預測，好吧，到 2021 年開始生產。

So now okay, next year, 2020, well, with the current visibility we have, will be another year of material growth for silicon carbide.

所以現在好吧，明年，2020 年，好吧，以我們目前的可見性，將是碳化矽材料增長的又一年。

We are on track.

我們走上了正軌。

This year, we will outperform above $200 million and all our programs are on track to go to $1 billion by 2024.

今年，我們的表現將超過 2 億美元，我們所有的項目都有望在 2024 年達到 10 億美元。

Okay.

好的。

One follow-up, if I may, on the margins.

如果可以的話，在邊緣進行一項後續行動。

Like historically, microcontroller, I think, has been the highest margin business for ST.

我認為，與歷史一樣，微控制器一直是 ST 利潤率最高的業務。

Obviously, we've seen improvement in AMS also recently, while MDG has gone down because of inventory correction.

顯然，我們最近也看到 AMS 有所改善，而 MDG 由於庫存調整而下降。

Is that still a fair assumption in the long term, that microcontrollers should still be well above every other product line in terms of EBIT margin contribution?

從長遠來看，微控制器在息稅前利潤貢獻方面仍應遠高於其他所有產品線，這仍然是一個公平的假設嗎？

In term of operating margin, yes, in the sense that, if you remember what we said and what is our view, we said that overall, we see, let's say, on the margin for MDG, that is including microcontroller, to be in the range of 20% operating margin.

就營業利潤率而言，是的，從某種意義上說，如果您還記得我們所說的以及我們的觀點，我們說過，總的來說，我們看到，比如說，在 MDG（包括微控制器）的利潤率上20%的營業利潤率範圍。

When we look AMS in the average of the year or -- there is a strong seasonality in AMS, but we will be in the mid-high teens.

當我們查看 AMS 的年平均值時，或者 - AMS 有很強的季節性，但我們將處於中高水平。

And when we look, let's say, into ADG, we will be more in the mid-low teens and this I confirm.

比如說，當我們看 ADG 時，我們將更多地處於中低端，我證實了這一點。

I confirm that this is more or less the mix that we will have among our groups for what concerns the operating margin.

我確認，這或多或少是我們集團之間關於營業利潤率的組合。

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

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

Jean-Marc, 2 questions.

讓-馬克，2 個問題。

So the first one is concerning the 3D sensing.

所以第一個是關於 3D 傳感的。

How do you see in the mid-long term the technology evolving with the current solution we have in the market on structured light and Time-of-Flight?

您如何看待中長期技術與我們在市場上現有的結構光和飛行時間解決方案的發展？

How do you see the technology being deployed, let's say, within 2 to 3 years?

您如何看待在 2 到 3 年內部署的技術？

And the follow-up will be on the silicon carbide competitive landscape.

而後續將是關於碳化矽的競爭格局。

How do you see -- why do you see the reason for being vertically integrated, which seemed to be the trend of you and your competitors, are going to look forward, which is unique in this important industry?

你怎麼看——為什麼你看到垂直整合的原因，這似乎是你和你的競爭對手的趨勢，會向前看，這在這個重要的行業中是獨一無二的？

We don't have any other sort of being vertically integrated with the width of supply.

我們沒有任何其他形式與供應寬度垂直整合。

So yes, just your view on these 2 points.

所以是的，只是你對這兩點的看法。

So silicon carbide.

所以碳化矽。

Well, you know that the characteristic of any power device to drive the cost down and generate value expected by our customer is to really work on the device process itself, on the raw material cost down and to [revise] the design of the package of the module.

嗯，你知道任何功率器件降低成本並產生客戶期望的價值的特點是真正致力於器件工藝本身，降低原材料成本並[修改]封裝設計模塊。

And so both the wafer device and for, let's say, the raw material, for sure, the perspective to increase the wafer size will be a key growth driver for the cost reduction.

因此，無論是晶圓器件還是原材料，當然，增加晶圓尺寸的前景都將成為降低成本的關鍵增長動力。

So ST, we do not want to be limited by anybody in our strong willingness to decrease the cost of this device.

因此，ST，我們不希望受到任何人的限制，我們強烈願意降低該設備的成本。

That's the reason why we have decided to control partially our supply chain.

這就是為什麼我們決定部分控制我們的供應鏈的原因。

We always said that we do not intend to supply 100% of our raw material need.

我們總是說我們不打算提供 100% 的原材料需求。

It's only to -- the intention to support a share of our internal need.

這只是為了——支持我們內部需求的一部分。

That is the reason why, okay, we have signed a very important agreement with Cree, okay, 1 year ago.

這就是為什麼，好吧，我們已經與 Cree 簽署了一項非常重要的協議，好吧，一年前。

And the relationship with Cree is very good.

並且與克里的關係非常好。

But okay, we want really to look deeply in the raw material in order to accelerate as fast as we can wafer size conversion and cost reduction.

但是好吧，我們真的想深入研究原材料，以便盡可能快地加速晶圓尺寸轉換和降低成本。

So this is about the silicon carbide.

所以這是關於碳化矽的。

More clearly, about the 3D sensing.

更清楚的是，關於 3D 傳感。

Well, 3D sensing, well, for sure, for the time being, ST is really focusing on the structural light and 3D front facing with the important current customer we have.

嗯，3D 傳感，嗯，可以肯定的是，目前，ST 確實專注於我們現有的重要客戶的結構光和 3D 正面。

And our mission is to support at the best the performance improvement and the cost decrease of the solution.

我們的使命是為解決方案的性能改進和成本降低提供最佳支持。

Overall, we do believe that the future of, let's say, 3D sensing, depth map sensing, face recognition will evolve to solution-based on the indirect Time-of-Flight, so -- and driven by cost-reduction objectives.

總體而言，我們確實相信，比方說 3D 傳感、深度圖傳感、人臉識別的未來將發展為基於間接飛行時間的解決方案，因此 - 並受成本降低目標的驅動。

So this is something, okay, we are convinced about.

所以這是一些事情，好吧，我們對此深信不疑。

That's the reason why we are running development and we have a road map and equipped for that.

這就是我們進行開發的原因，我們有一個路線圖並為此做好準備。

Well, also, we consider that ambient light sensing is important device to have.

好吧，我們也認為環境光感應是重要的設備。

Well, and then, okay, we know that the on-the-way players are highly interested in 3D sensing solutions for [tier 15.] And our road map is well adapted to that.

好吧，然後，好吧，我們知道在途玩家對 [15 級] 的 3D 傳感解決方案非常感興趣。我們的路線圖很好地適應了這一點。

Well, after, okay, Jerome, that to comment more deeply is trying to speak about secrets and this one I cannot do.

好吧，之後，好吧，杰羅姆，更深入的評論是試圖談論秘密，而我不能這樣做。

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

下一個問題來自 Craig-Hallum 的 Anthony Stoss。

I wanted to follow-up on your comment that you expect your Auto business to be up about 5% year-over-year in 2019.

我想跟進您的評論，即您預計 2019 年您的汽車業務將同比增長約 5%。

When you look into 2020, I'm curious your thoughts on content expansion.

當您展望 2020 年時，我很好奇您對內容擴展的看法。

For instance, if global auto units are flat, where do you think your revenue could grow in 2020?

例如，如果全球汽車銷量持平，您認為 2020 年您的收入會在哪裡增長？

And then I had a follow-up.

然後我進行了跟進。

Now on Automotive, okay, let's share together, let's say, a certain element of context and not make a prediction, okay, because this is not -- don't want to make predictions.

現在關於汽車，好吧，讓我們一起分享，比如說，特定的上下文元素，而不是做出預測，好吧，因為這不是——不想做出預測。

So about element of context, okay?

那麼關於上下文元素，好嗎？

Okay, there is a really strong driver on electrification calling for silicon carbide MOSFET, diodes, IGBT and low-voltage PowerMOS.

好的，電氣化有一個非常強大的驅動力，需要碳化矽 MOSFET、二極管、IGBT 和低壓 PowerMOS。

And mainly the low-voltage PowerMOS are for the 48 volt.

主要是低壓PowerMOS用於48伏。

Here, there is a strong demand of components and the growth will be sustainable and material in 2020.

在這裡，對組件的需求強勁，2020 年的增長將是可持續的和實質性的。

Then there is digitalization.

然後是數字化。

So digitalization for us is clearly ADAS.

所以對我們來說，數字化顯然是 ADAS。

And you know that we have a strong partnership with Mobileye, V2X communication and associated component of ADAS, so it's not only the processor, but it is rather lidar sensor, let's say, sensor [fusion], the microcontroller, all these kind of stuff.

而且你知道我們與 Mobileye、V2X 通信和 ADAS 的相關組件有很強的合作關係，所以它不僅僅是處理器，而是激光雷達傳感器，比如說，傳感器 [融合]、微控制器，所有這些東西.

There is V2X communication.

有 V2X 通信。

And there is more and more the change in the architecture of vehicles moving from, let's say, a fragmented ECU to a domain controller.

車輛的架構也發生了越來越多的變化，比如說，從零散的 ECU 到域控制器。

Again, here, similarly, the demand will continue to be very strong for next year.

同樣，在這裡，明年的需求將繼續非常強勁。

Well, then about all the other legacy means powertrain [FST] for internal combustion engine, infotainment, so this kind of legacy product.

好吧，那麼關於所有其他傳統意味著內燃機、信息娛樂系統的動力總成 [FST]，所以這種傳統產品。

What we acknowledge now?

我們現在承認什麼？

We acknowledge that certainly for 2020, we will see improving condition for car registration about internal combustion engine vehicles.

我們承認，到 2020 年，我們肯定會看到內燃機汽車的汽車註冊條件有所改善。

This year was terrible because of the whole -- okay, it's a drop of minus 5%, minus 6%, and especially in China, minus 10%.

今年很糟糕，因為整體——好吧，下降了-5%，-6%，尤其是在中國，下降了-10%。

But we acknowledge that, for next year, certainly, we will see something stable, let's say, flattish, okay?

但我們承認，明年，我們肯定會看到一些穩定的東西，比如說，平淡，好嗎？

Now what is really challenging and difficult for the time being is to assess that this car registration stability, how it will propagate through the supply chain of the carmaker, of the automotive and how it will transform in semiconductor demand, because, let's say, a little bit disturbed, but some inventory correction here and there or a change of architecture, acceleration of system, and so on and so forth.

現在真正具有挑戰性和困難的是評估這輛汽車註冊的穩定性，它將如何通過汽車製造商、汽車的供應鏈傳播，以及它將如何在半導體需求中發生轉變，因為，比方說，有點不安，但是這里和那裡的一些庫存修正或架構的變化，系統的加速等等。

So what we expect for 2020 is an internal combustion engine car registration flattish; situation improving in terms of supply chain struggling about the excess inventory here and there, and then a transformation in semiconductor demand.

因此，我們對 2020 年的預期是內燃機汽車註冊持平；供應鏈方面的情況正在改善，因為這里和那裡的庫存過剩而苦苦掙扎，然後是半導體需求的轉變。

But it is still difficult to assess with a strong accuracy what is going on.

但是仍然很難準確地評估正在發生的事情。

What is really important at this stage is the capability for semiconductor vendors to be flexible enough, to be agile enough, to react very fast to the demand to customers.

在這個階段真正重要的是半導體供應商能夠足夠靈活，足夠敏捷，能夠對客戶的需求做出非常快速的反應。

And I have to say that here, ST, with our internal manufacturing, we have a good strategic position to support this kind of market situation.

而且我不得不說，ST，憑藉我們的內部製造，我們有很好的戰略地位來支持這種市場形勢。

And then as a follow-up.

然後作為後續行動。

You brought your inventory days on hand down to about 100 days in Q3.

在第三季度，您將手頭的庫存天數減少到大約 100 天。

When I look at your revenue guide for Q4, it's fairly similar, up a little bit year-over-year, yet your inventory is about $200 million above where it was a year ago.

當我查看您的第四季度收入指南時，它非常相似，同比略有增長，但您的庫存比一年前高出約 2 億美元。

Where -- what's the goal on inventory days on hand that you're comfortable with?

哪裡——你覺得合適的庫存天數的目標是什麼？

Yes.

是的。

About inventory, you're right.

關於庫存，你是對的。

At the end of Q3, we were around 100 days of inventory.

在第三季度末，我們大約有 100 天的庫存。

Our expectation for this quarter, Q4, is that the inventory will going down further in respect of where we stand today.

我們對本季度第四季度的預期是，相對於我們今天的情況，庫存將進一步下降。

We should be -- that will be below 100 days, in the range of 90, 95 days of inventory by year-end.

我們應該 - 到年底將低於 100 天，在 90、95 天的庫存範圍內。

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。

So on silicon carbide again, I mean a lot of the contracts in the market there, given that the volumes are quite low from your side but also from what your competitors like Cree has announced.

所以關於碳化矽，我指的是那里市場上的很多合同，因為從你的角度來看，數量相當低，而且你的競爭對手（如 Cree）已經宣布。

I would assume a lot of these contracts are largely or de facto single-sourced at the moment.

我會假設目前這些合同中有很多在很大程度上或事實上是單一來源的。

Can you share with us in terms of the competitive nature a little bit your expectation when these contracts will become multisource?

您能否就競爭性質與我們分享一下您對這些合同何時成為多源合同的期望？

Or actually, have you seen any contract in the market that is already multisource on silicon carbide in a meaningful way?

或者實際上，您是否在市場上看到過任何已經以有意義的方式多來源碳化矽的合同？

And I have a follow-up on MDG.

我有關於千年發展目標的後續行動。

Well, it's really difficult to comment about the multi-sourcing contract on silicon carbide for 2 reasons.

好吧，由於兩個原因，很難評論碳化矽的多源合同。

For reason #1, okay, we do not disclose the discussion we have with our customers.

出於#1 的原因，好吧，我們不會透露我們與客戶的討論。

This is point #1.

這是第 1 點。

And the point #2, silicon carbide MOSFET is a difficult device, okay?

第 2 點，碳化矽 MOSFET 是一個困難的器件，好嗎？

At ST, we have accumulated millions of PCs and thousands of wafer, so we are totally, perfectly comfortable with the [variability] of our device and the success rate of the codification we have at customer level.

在 ST，我們已經積累了數百萬台 PC 和數千個晶圓，因此我們對我們設備的 [可變性] 以及我們在客戶層面的編碼成功率完全滿意。

I am not so sure the competition is comfortable as well to be qualified on time on variability requested by automotive markets.

我不太確定競爭是否舒適，是否能夠按時滿足汽車市場要求的可變性。

No.

不。

That's clear.

這很清楚。

And on MDG, I mean you're running currently at a pretty similar revenue run rate what you had in Q4 2018, but your EBIT margins are about 200 basis points lower.

關於千年發展目標，我的意思是您目前的收入運行率與 2018 年第四季度的收入運行率非常相似，但您的息稅前利潤率低了約 200 個基點。

I understand underutilization is some of that.

我知道利用不足是其中的一部分。

But is there maybe also a pricing element, a mix element with more digital and other stuff in there?

但是是否還有定價元素，一個包含更多數字和其他內容的混合元素？

Could you maybe break that down a little bit more for us kind of where that headwind is coming from?

您能否為我們進一步分析一下逆風的來源？

In term of for MDG overall, it's true that we are running with an operating margin that is lower in respect to what it was.

就整體千年發展目標而言，確實，我們的營業利潤率低於原來的水平。

Here, we have some headwinds.

在這裡，我們遇到了一些不利因素。

One is, as you said, one is related to the fact that for sure manufacturing, even if I remind you that unsaturation charges are not charging the various segments but are in the others.

一個是，正如你所說，一個與肯定製造有關，即使我提醒你不飽和費用不是對各個部分收費，而是在其他部分收費。

Anyway, the impact of not good efficiency is definitely in manufacturing.

反正效率不好的影響肯定是在製造業。

Not good efficiency manufacturing is impacting the result.

效率不高的製造正在影響結果。

Second ingredient is that the mix inside the group is not particularly favorable.

第二個因素是組內的混合不是特別有利。

It will improve definitely with improvement in the microcontroller, but it's not particularly favorable.

隨著微控制器的改進，它肯定會有所改善，但並不是特別有利。

For sure, these ingredients are not boosting our operating margin.

當然，這些因素並沒有提高我們的營業利潤率。

These are, I would say, the main impact.

我想說，這些是主要影響。

Yes.

是的。

Okay.

好的。

So the non-microcontroller part has essentially held up better over the last few quarters than the microcontroller part and that has driven the deterioration in mix, and I would guess that will reverse somewhat in Q4.

因此，在過去幾個季度中，非微控制器部分基本上比微控制器部分錶現得更好，這導致了組合的惡化，我猜這將在第四季度有所逆轉。

Yes.

是的。

Exactly.

確切地。

The next question is from Janardan Menon from Liberum.

下一個問題來自 Liberum 的 Janardan Menon。

I just wanted to go back to the new program ramp, the design win activity that you talked about and the funnel of opportunities that you are seeing which is expanding even in the low part of the cycle.

我只是想回到新的計劃坡道，您談到的設計獲勝活動以及您所看到的機會漏斗，即使在周期的低端也正在擴大。

I was just wondering, how does that now relate to your midterm revenue target of a model of $12 billion that you talked about at your Capital Markets Day, given how those new programs have ramped in the second half of this year and the new design wins and activities that you are seeing?

我只是想知道，考慮到這些新項目在今年下半年的增長情況以及新設計的成功，這與你在資本市場日談到的 120 億美元模型的中期收入目標有何關係和你看到的活動？

Does that make you more confident or less confident versus May in terms of achieving that within a midterm of the $12 million?

在 1200 萬美元的中期實現這一目標方面，與 May 相比，這會讓你更有信心還是更沒有信心？

Okay.

好的。

Related what we control by ourselves, means our new product introduction and road map and the related technology, we are on track with all the programs we are managing.

與我們自己控制的相關，意味著我們的新產品介紹和路線圖以及相關技術，我們正在執行我們正在管理的所有項目。

We have no, let's say, time delivery [sleeping], clearly, whatever our industry of microcontroller for MDG, IMS or IDG.

比方說，我們沒有時間交付[睡眠]，很明顯，無論我們的 MDG、IMS 或 IDG 微控制器行業如何。

So at this stage, we confirm our confidence level, as we said at the Capital Markets Day, to reach $12 billion either as a run rate in the second half of 2021 or full year in 2022.

因此，在現階段，我們確認我們的信心水平，正如我們在資本市場日所說的那樣，將在 2021 年下半年或 2022 年全年達到 120 億美元的運行率。

Understood.

明白了。

And just a follow-up on your RF front-end module business.

只是對您的射頻前端模塊業務的跟進。

You talked about some additional design wins on that.

你談到了一些額外的設計勝利。

I was just wondering, are these new design wins at one customer or are you now having RF front-end module design wins at multiple smartphone OEMs?

我只是想知道，這些新設計是在一個客戶中獲勝，還是您現在在多個智能手機 OEM 中獲得 RF 前端模塊設計？

Okay.

好的。

It's mainly one customer.

主要是一個客戶。

Understood.

明白了。

And you talked about, on the analog application, specific analog strength in the second half.

你談到了模擬應用，下半年的具體模擬強度。

Is that predominantly on wireless charging that you're referring to?

您所指的主要是無線充電嗎？

And once again, is that at one customer or is that at multiple customers that you're seeing that traction on wireless charging?

再一次，您看到無線充電的吸引力是在一個客戶身上還是在多個客戶身上？

It's the wireless charging, multiple customers.

這是無線充電，多個客戶。

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

下一個問題來自美銀美林的 Adithya Metuku。

Just 2 questions if I could.

如果可以的話，只有2個問題。

Firstly, again, on the analog business in the quarter.

首先，再次是本季度的模擬業務。

You talked about growth, but you also mentioned general purpose analog was weak.

你談到了增長，但你也提到通用模擬很弱。

I just wanted to get a bit more color on what exactly drove the growth within analog.

我只是想了解一下究竟是什麼推動了類比的增長。

Any color on what this product does and whether it was a specific customer or multiple customers would be helpful.

該產品的功能以及它是特定客戶還是多個客戶的任何顏色都會有所幫助。

And secondly, and then I've got a follow-up on the inventories after.

其次，然後我對之後的庫存進行了跟進。

On analog, so what is related to general purpose in Industrial and distribution is still weak because of the over-inventory.

在模擬方面，由於庫存過剩，與工業和分銷中的通用用途相關的內容仍然很弱。

So we are facing inventory -- steep inventory correction.

所以我們面臨著庫存——急劇的庫存修正。

And also, it is amplified in Europe.

而且，它在歐洲被放大了。

Then what has driven our growth on analog is related to application-specific, so either related to personal electronics, but seasonal effects on our design.

然後，推動我們在模擬方面增長的因素與特定應用有關，因此要么與個人電子產品有關，要么與我們的設計相關的季節性影響。

And you know that, overall, our design this year, okay, is very strong dilution, and the market of [design] is decreasing 30%.

而且你知道，總的來說，我們今年的設計，好吧，是非常強烈的稀釋，[設計]的市場正在下降 30%。

But across the year, as the profile of the business is back loaded and it is linked to seasonal effect, and we have second benefit of this seasonal effect.

但在整個一年中，由於業務的概況被重新加載，並且與季節性影響有關，我們從這種季節性影響中獲得了第二個好處。

Understood.

明白了。

And just quickly following up on the inventories.

並迅速跟進庫存。

I just wondered if you -- obviously, you talked about inventory correction being over in MCUs, but inventory correction is continuing in other parts of the market.

我只是想知道您是否 - 顯然，您談到 MCU 的庫存修正已經結束，但市場其他部分的庫存修正仍在繼續。

So I just wondered if you could do a quick tour around the different verticals and talk about how you see inventories in the entire supply chain, in autos, in industrial and some of the key markets that you address.

所以我只是想知道你是否可以快速瀏覽一下不同的垂直領域，談談你如何看待整個供應鏈、汽車、工業和你所關注的一些關鍵市場中的庫存。

Any color here would be very helpful.

這裡的任何顏色都會很有幫助。

Well, inventory on what we monitor.

好吧，我們監控的庫存。

Again, we see a standard level of inventory on the channel for MCU and MEMS.

同樣，我們看到 MCU 和 MEMS 渠道上的標準庫存水平。

We still, let's say, excess inventory in general purpose analog, in high voltage power MOSFET and in, let's say, non-Power Discrete.

比方說，我們仍然在通用模擬、高壓功率 MOSFET 和非功率分立器件中存在過剩庫存。

And we see a healthy situation on low voltage power MOSFET and IGBT.

我們看到低壓功率 MOSFET 和 IGBT 的發展狀況良好。

Now that at our OEM, so when we address the strength of OEM is difficult to assess inventory level.

現在我們代工，所以當我們解決代工的實力時，很難評估庫存水平。

Overall, more on that at the ST level, okay, you have seen that we are decreasing our inventory.

總體而言，更多關於 ST 級別的內容，好吧，您已經看到我們正在減少庫存。

So I think, for us, what is important is to have a distribution inventory level at the healthy situation in order to be sure that we will take immediately benefits of the end-demand increase, especially when it will happen in Europe.

所以我認為，對我們來說，重要的是保持健康狀況下的分銷庫存水平，以確保我們將立即從最終需求增長中受益，尤其是當它發生在歐洲時。

Unfortunately, for general purpose Analog, it will take a bit a little bit longer and for high-voltage PowerMOS and standard discrete.

不幸的是，對於通用模擬，它需要更長的時間，對於高壓 PowerMOS 和標準分立。

For the rest, okay, we are totally ready to enjoy a growth.

其餘的，好吧，我們已經完全準備好享受成長了。

And this is exactly what we have done on MCU, especially in Asia and on MEMS.

這正是我們在 MCU 上所做的，尤其是在亞洲和 MEMS 上。

About the rest of the industry, well, difficult to say.

關於其他行業，嗯，很難說。

I think important you read, okay, what the analyst -- industry analysts are providing you, okay?

我認為你閱讀很重要，好吧，分析師 - 行業分析師為你提供了什麼，好嗎？

We know that some [IGM] are still at an important level of inventory.

我們知道一些 [IGM] 仍處於重要的庫存水平。

Foundry, I don't know.

鑄造廠，我不知道。

And this is what I can say.

這就是我能說的。

The next question is from Tristan Gerra from Baird.

下一個問題來自 Baird 的 Tristan Gerra。

Could you expand on the potential content and revenue opportunity that you see from 5G trends, both on the device and infrastructure side over the next year?

您能否擴展您從 5G 趨勢中看到的潛在內容和收入機會，包括明年的設備和基礎設施方面？

And also, expand on the opportunities you see with SOI.

此外，擴展您在 SOI 中看到的機會。

Well, so you know that the RF front-end module for 5G, so the content will increase and so this is the main difference between 4G and 5G.

嗯，所以你知道5G的射頻前端模塊，所以內容會增加，所以這是4G和5G的主要區別。

It is an increasing demand in the front-end module.

前端模塊的需求越來越大。

So -- and the front-end module involving globally 4 blocks, so the filter, passive network component, so -- then you have 4 amplifier, low-noise amplifier and switches.

所以 - 前端模塊涉及全局 4 個模塊，濾波器，無源網絡組件，所以 - 然後你有 4 個放大器，低噪聲放大器和開關。

So the rest of our RF technology is a good technology as far as you continue to improve and enable performance for switches and low-noise amplifier.

因此，只要您繼續改進和啟用開關和低噪聲放大器的性能，我們的 RF 技術的其餘部分都是一項很好的技術。

In ST today, okay, we develop in the pace well-known, let's say, great technology, 8-inch of RF-SOI.

在今天的ST，好吧，我們以眾所周知的速度發展，比如說，偉大的技術，8英寸的RF-SOI。

And in part, we develop a road map to convert to 12-inch or 65-nanometer based on 65 SOI.

在某種程度上，我們制定了一個路線圖，以轉換為基於 65 SOI 的 12 英寸或 65 納米。

And this technology is fulfilling the expectation of our customer in term of performance enablement.

這項技術在性能支持方面滿足了我們客戶的期望。

So this is where ST is and this is where ST is growing between the RF-SOI and the 65-nanometer SOI.

所以這就是 ST 的所在，這也是 ST 在 RF-SOI 和 65 納米 SOI 之間增長的地方。

Well, then, there is other, let's say, opportunities for us related to 5G.

那麼，比方說，我們還有其他與 5G 相關的機會。

More definitively, there is, in Automotive, the vehicle 2X connection.

更明確地說，在汽車領域，車輛 2X 連接。

Industrial, we will have the IoT.

工業，我們將擁有物聯網。

That's the reason why, in our road map, we are developing a system-on-chip embedding a data cellular modem to address IoT for 5G.

這就是為什麼在我們的路線圖中，我們正在開發一種嵌入數據蜂窩調製解調器的片上系統，以解決 5G 的物聯網問題。

And it is a strong effort for the company, okay, to deliver to be able to deliver this kind of system-on-chip in the future.

對於公司來說，為了能夠在未來提供這種片上系統，這是一項巨大的努力。

Well then, personal electronics, I have spoken about.

那麼，個人電子產品，我已經談到了。

It is mainly the RF module.

主要是射頻模塊。

And then in communication equipment, well, it is clearly that technology for millimeter wave communication links will be important like the GaN or the LT SOI.

然後在通信設備中，很明顯，毫米波通信鏈路技術將像 GaN 或 LT SOI 一樣重要。

And this is where ST is focusing anyway.

無論如何，這就是 ST 關注的地方。

So this is basically a ballpark the picture I can share with you.

所以這基本上是一個大概的圖片，我可以和你分享。

Today's last question is from Gianmarco Bonacina from Equita.

今天的最後一個問題來自 Equita 的 Gianmarco Bonacina。

Two quick questions from me.

我的兩個快速問題。

The first one is, if you can just confirm the final cash out for Norstel, if this will be in the region of $60 million.

第一個是，如果你能確認 Norstel 的最終現金支出，如果這將在 6000 萬美元左右。

And then the second one, in terms of the impact of destocking on your revenue for the full year '19.

然後是第二個，就去庫存對 19 年全年收入的影響而言。

You are guiding for $9.5 billion, which is a 2% decline year-over-year.

您的指導價為 95 億美元，同比下降 2%。

I wanted to know if you tried to make an estimate of how much this year overall destocking was a headwind for you on this figure.

我想知道你是否試圖估計今年整體去庫存對你來說是一個逆風。

In term on Norstel, yes, I sort of actually confirmed, let's say, we have signed the agreement.

就 Norstel 而言，是的，我實際上確認了，比方說，我們已經簽署了協議。

The valuation is known.

估值是已知的。

So the answer is in the range of $60 million.

所以答案在 6000 萬美元的範圍內。

This is what will impact our cash flow in the next quarters.

這將影響我們未來幾個季度的現金流。

In respect to how much has been the impact of the destocking, this is not easy to say.

至於去庫存的影響有多大，這個不好說。

Let's say, in the sense that, of course, it's a component, the lower demand.

比方說，從某種意義上說，當然，它是一個組成部分，即較低的需求。

I would say that probably on our decline in revenues has been probably a significant component.

我會說，這可能是我們收入下降的一個重要組成部分。

We start to see this already last year in the second half.

去年下半年，我們已經開始看到這一點。

But for sure, the first half of the year in 2019 has been significantly impacted.

但可以肯定的是，2019 年上半年受到了重大影響。

To be honest, to give you a hard number is not so simple, but I would say that at least let's say half of the decline is from (inaudible).

老實說，給你一個硬數字並不是那麼簡單，但我想說至少讓我們說一半的下降來自（聽不清）。

Okay.

好的。

Maybe just a quick follow-up.

也許只是一個快速的跟進。

In terms of your addressable market, do you have, let's say, an estimate for the full year '19 just to -- in terms of year-over-year change?

就您的潛在市場而言，您是否有對 19 年全年的估計——就同比變化而言？

In term of...

就...而言...

Value stream.

價值流。

Yes.

是的。

Exactly.

確切地。

Let's say, what we see is that we should be in the range of minus 3%, minus 4%.

比方說，我們看到的是我們應該在負3%、負4%的範圍內。

I think this concludes our Q3 earnings call.

我認為這結束了我們的第三季度財報電話會議。

Thank you very much for your participation.

非常感謝您的參與。

Thank you.

謝謝你。

Thank you.

謝謝你。

Bye-bye.

再見。

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。