意法半導體 (STM) 2019 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2019 Earnings Conference Call and Live Webcast.

女士們，先生們，歡迎來到意法半導體 2019 年第四季度和全年收益電話會議和網絡直播。

I am Alessandro, the Chorus Call operator.

我是合唱團呼叫接線員亞歷山德羅。

(Operator Instructions) And the conference is being recorded.

（操作員說明）會議正在錄製中。

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

（操作員說明）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。

Thank you, Alessandro.

謝謝你，亞歷山德羅。

Good morning.

早上好。

Thank you, everyone, for joining our fourth quarter and full year 2019 financial results conference call.

感謝大家參加我們的 2019 年第四季度和全年財務業績電話會議。

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

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

可以在 ST 的投資者關係網站上訪問該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 expectation and plans.

本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 的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 statements contained in the press release that was issued with the result 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發布的新聞稿以及 ST 最新的監管文件中包含的安全港聲明，以全面描述這些風險因素。

Also, to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to 1 question and a brief follow-up.

此外，為確保所有參與者都有機會在問答環節中提問，請將自己限制在 1 個問題和簡短的跟進中。

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, everybody, and thank you for joining us for our Q4 2019 earnings conference call.

大家早上好，感謝您參加我們的 2019 年第四季度財報電話會議。

Let me begin with some opening comments.

讓我從一些開場評論開始。

Starting with Q4.

從第四季度開始。

We delivered a solid quarter.

我們交付了一個穩定的季度。

Net revenues at $2.75 billion grew 7.9% sequentially, above the midpoint of our guidance of 5%, with all product groups contributing to the growth.

淨收入為 27.5 億美元，環比增長 7.9%，高於我們預期的 5% 的中點，所有產品組都對增長做出了貢獻。

Q4 '19 gross margin was 39.3%, 110 basis point higher than the midpoint of our guidance.

19 年第四季度毛利率為 39.3%，比我們指導的中點高 110 個基點。

This was mainly due to better-than-expected manufacturing efficiencies and improved product mix.

這主要是由於製造效率好於預期和產品組合改善。

Our operating margin was 16.7%, and our net income was $392 million.

我們的營業利潤率為 16.7%，淨收入為 3.92 億美元。

Moving to the full year 2019.

進入 2019 年全年。

We delivered results aligned with the full year expectation we provided in April 2019: net revenues of $9.56 billion, with a gross margin of 38.7% and an operating margin of 12.6%.

我們交付的結果與我們在 2019 年 4 月提供的全年預期一致：淨收入為 95.6 億美元，毛利率為 38.7%，營業利潤率為 12.6%。

Our free cash flow for the year was $497 million, including CapEx of $1.17 billion, and our net financial position was $672 million.

我們當年的自由現金流為 4.97 億美元，其中資本支出為 11.7 億美元，我們的淨財務狀況為 6.72 億美元。

On Q1 2020.

2020 年第一季度。

Our first quarter outlook is for net revenues of $2.36 billion at the midpoint, a year-over-year increase of 13.7%.

我們的第一季度預期中點淨收入為 23.6 億美元，同比增長 13.7%。

The gross margin this Q1 is expected to be 38% at the midpoint, including about 80 basis points of unsaturation charges.

預計第一季度的毛利率中點為 38%，其中包括約 80 個基點的不飽和費用。

For the full year 2020, we plan for year-over-year growth, outperforming the markets we serve.

對於 2020 年全年，我們計劃實現同比增長，超越我們所服務的市場。

The broad long-term trends in electronic systems that we are focused on are driving demand for our products.

我們關注的電子系統廣泛的長期趨勢正在推動對我們產品的需求。

These trends are smart mobility, power and energy applications and IoT and 5G.

這些趨勢是智能移動、電力和能源應用以及物聯網和 5G。

We plan to invest about $1.5 billion in CapEx to support our strategic initiatives and revenue growth to progress towards our midterm revenue ambition of $12 billion.

我們計劃在資本支出上投資約 15 億美元，以支持我們的戰略計劃和收入增長，以實現我們 120 億美元的中期收入目標。

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

現在讓我們來詳細回顧一下第四季度。

Q4 net revenues confirm our return to year-over-year growth that started in Q3.

第四季度淨收入證實了我們從第三季度開始恢復到同比增長。

Net revenues increased 4% year-over-year in the fourth quarter, driven by analog, microcontrollers, Imaging and MEMS, partially offset by lower Automotive sales.

在模擬、微控制器、成像和 MEMS 的推動下，第四季度的淨收入同比增長 4%，部分被汽車銷售額下降所抵消。

AMS grew 9.9%; MDG grew 7.6%; while ADG was down 4.5%.

AMS 增長 9.9%；千年發展目標增長 7.6%；而 ADG 則下降了 4.5%。

On a sequential basis, revenue increased 7.9%, 290 basis points above the midpoint of our guidance, with all 3 of our product groups contributing to the growth.

在連續的基礎上，收入增長了 7.9%，比我們的指導中點高 290 個基點，我們的所有 3 個產品組都對增長做出了貢獻。

AMS performed above expectations on strong demand for our key products for personal electronics.

由於對我們的個人電子產品關鍵產品的強勁需求，AMS 的表現高於預期。

The 2 other business groups performed in line with our expectations, with a solid growth in MDG, especially in general purpose microcontrollers and digital ICs, and growth in automotive and power discrete products.

其他 2 個業務部門的表現符合我們的預期，MDG 穩步增長，尤其是通用微控制器和數字 IC，以及汽車和功率分立產品的增長。

Our gross margin was 39.3%, 110 basis points above the midpoint of our guidance, mainly due to better-than-expected manufacturing efficiencies and improved product mix.

我們的毛利率為 39.3%，比我們的指導中點高 110 個基點，主要是由於製造效率好於預期和產品組合改善。

This gross margin embed about 100 basis points of unsaturation charges.

該毛利率包含約 100 個基點的不飽和費用。

Our net operating expenses were $618 million, in line with our expectations.

我們的淨運營費用為 6.18 億美元，符合我們的預期。

Our operating margin was 16.7%, up 360 basis points sequentially.

我們的營業利潤率為 16.7%，環比增長 360 個基點。

On a year-over-year basis, our Q4 operating margin was down 10 basis points, with an improvement in the AMS operating margin fully offset by a decline for MDG and ADG.

與去年同期相比，我們的第四季度營業利潤率下降了 10 個基點，AMS 營業利潤率的提高完全被 MDG 和 ADG 的下降所抵消。

Our net income was $392 million, and diluted earnings per share were $0.43.

我們的淨收入為 3.92 億美元，每股攤薄收益為 0.43 美元。

Let's look now at our full year results.

現在讓我們看看我們的全年業績。

Starting with the recap of the market and business trends we saw during 2019.

首先回顧一下我們在 2019 年看到的市場和業務趨勢。

Clearly, during the year, we have operated under global soft market conditions, although with different dynamics for each end market we address.

顯然，在這一年中，我們一直在全球疲軟的市場條件下運營，儘管我們針對的每個終端市場的動態都不同。

In Automotive, we saw, on one hand, very healthy demand for smart mobility applications driven by the electrification and digitalization of car systems and platforms.

在汽車領域，我們看到，一方面，汽車系統和平台的電氣化和數字化推動了對智能移動應用的非常健康的需求。

On the other hand, the legacy automotive business, which is closely linked to the number of car registration worldwide, faced challenging situation with global registrations down 5% in 2019.

另一方面，與全球汽車註冊量密切相關的傳統汽車業務面臨挑戰，2019年全球註冊量下降5%。

The industrial market and distribution has been operating under soft conditions since Q3 2018.

自 2018 年第三季度以來，工業市場和分銷一直在疲軟的條件下運行。

Starting from March 2019, point of sales of our distributors in Asia restarted sequential growth.

2019年3月起，亞洲經銷商銷售點恢復環比增長。

There was an acceleration in the fourth quarter with a return to a year-over-year growth.

第四季度出現加速，同比增長恢復。

Since March as well, Americas stopped declining but remains flat.

自 3 月以來，美洲也停止下降，但保持平穩。

In Europe, we have not seen any recovery and it is still declining.

在歐洲，我們沒有看到任何復蘇，而且仍在下降。

In general purpose microcontrollers, the inventory correction at our distributor was completed in Q3 2019, while some excess inventories remain in general purpose analog and non-power discrete.

在通用微控制器方面，我們分銷商的庫存調整已於 2019 年第三季度完成，而通用模擬和非功率分立器件仍存在一些過剩庫存。

In personal electronics, demand for our key product was solid, getting stronger during the year and exceeding expectations in the second half.

在個人電子產品方面，對我們關鍵產品的需求穩健，年內增長強勁，下半年超出預期。

All devices, smartphones, accessories, wearables, contributed with some early contribution from 5G smartphones.

所有設備、智能手機、配件、可穿戴設備都得益於 5G 智能手機的早期貢獻。

In communication, equipment and computer peripherals, the hard disk drive market decreased as expected, dropping 13% in 2019, with a recovery in the second half.

在通訊、設備和電腦周邊，硬盤市場一如預期下降，2019年下降13%，下半年回升。

We saw 5G infrastructure growth compensating the wind-down of our legacy assets and set-top box business.

我們看到 5G 基礎設施的增長彌補了我們傳統資產和機頂盒業務的縮減。

Looking now at our results.

現在看看我們的結果。

They are aligned with the full year expectation we provided in April 2019.

它們與我們在 2019 年 4 月提供的全年預期一致。

Net revenues were $9.56 billion, decreasing 1.1% year-over-year and within the range we had indicated.

淨收入為 95.6 億美元，同比下降 1.1%，在我們指定的範圍內。

We had a strong H2/H1 growth of about $1 billion, driven by a stronger-than-expected contribution from engaged customer programs and new products.

由於參與的客戶計劃和新產品的貢獻強於預期，我們的 H2/H1 增長強勁，約為 10 億美元。

Sales to OEMs represented 70% of total revenues, while distribution represented 30%.

對 OEM 的銷售佔總收入的 70%，而分銷佔 30%。

By region of origin, 38% of our 2019 revenues were from Americas, 33% from Asia Pacific and 29% from EMEA.

按原產地劃分，我們 2019 年收入的 38% 來自美洲，33% 來自亞太地區，29% 來自歐洲、中東和非洲。

In terms of revenue by product group, 2 of them grew while 1 declined.

在按產品組劃分的收入方面，其中 2 家增長，1 家下降。

ADG revenues increased 1.4%.

ADG 收入增長 1.4%。

Revenue from Automotive product subgroup were substantially flat, reflecting 2 opposing dynamics: growth in car digitalization with ADAS and microcontrollers and the decline in legacy product.

汽車產品子組的收入基本持平，反映了兩個相反的動態：汽車數字化與 ADAS 和微控制器的增長以及傳統產品的下降。

Revenues for the Power Discrete subgroup increased, mainly driven by silicon carbide products, power MOSFET and IGBT, and partially offset by the non-power discretes.

功率分立器件子組的收入增加，主要由碳化矽產品、功率 MOSFET 和 IGBT 推動，部分被非功率分立器件抵消。

AMS revenues increased 4.6%, driven by personal electronics application and partially offset by lower sales in industrial and hard disk drives.

AMS 收入增長 4.6%，受個人電子應用的推動，但部分被工業和硬盤驅動器的銷售下降所抵消。

MDG revenues decreased 10.3%, mainly due to the inventory correction at our distributor, which affect the general purpose microcontrollers during the first half of the year.

MDG 收入下降 10.3%，主要是由於我們分銷商的庫存調整影響了上半年的通用微控制器。

MDG restarted year-over-year growth during the second half of 2019.

MDG 在 2019 年下半年重新開始了同比增長。

Gross margin was 38.7% at the high end of our April 2019 launch, impacted by 70 basis points of unsaturation charges.

在我們 2019 年 4 月推出的高端，毛利率為 38.7%，受到 70 個基點的不飽和費用的影響。

Controlling our operating expenses in line with our model, we delivered an operating margin of 12.6%.

根據我們的模型控制我們的運營費用，我們實現了 12.6% 的運營利潤率。

By product group, AMS posted an operating margin of 18.1%, MDG was 13.4% and ADG was about 10%.

按產品組劃分，AMS 的營業利潤率為 18.1%，MDG 為 13.4%，ADG 約為 10%。

Net income was above $1 billion, translating into $1.14 diluted earning per share.

淨收入超過 10 億美元，相當於每股攤薄收益 1.14 美元。

Moving now to other financial indicators.

現在轉到其他財務指標。

Net cash from operating activities increased 1.3% to $1.87 billion.

來自經營活動的淨現金增長 1.3% 至 18.7 億美元。

CapEx was $1.17 billion, in line with our investment plan.

資本支出為 11.7 億美元，符合我們的投資計劃。

Free cash flow in Q4 were $461 million, bringing the full year free cash flow to $497 million, net of $127 million paid for the acquisition of Norstel.

第四季度的自由現金流為 4.61 億美元，使全年自由現金流達到 4.97 億美元，扣除為收購 Norstel 支付的 1.27 億美元。

Cash dividends totaled $214 million.

現金股息總額為 2.14 億美元。

As part of our existing share buyback program, we repurchased shares totaling $250 million in the year.

作為我們現有股票回購計劃的一部分，我們在這一年回購了總計 2.5 億美元的股票。

From a balance sheet perspective, we exited 2019 with a net financial position of $672 million, substantially stable compared to last year.

從資產負債表的角度來看，我們在 2019 年的淨財務狀況為 6.72 億美元，與去年相比基本穩定。

Now let's move to our first quarter 2020 outlook and the full year 2020.

現在讓我們轉向我們對 2020 年第一季度和 2020 年全年的展望。

For Q1, we expect at the midpoint net revenues of $2.36 billion, increasing year-over-year by 13.7% and decreasing sequentially by 14.3%.

對於第一季度，我們預計中點淨收入為 23.6 億美元，同比增長 13.7%，環比下降 14.3%。

On a sequential basis, revenues from all of our 3 product groups are expected to decline in what will be a shorter and seasonally lower quarter, though we anticipate better than usual seasonality for personal electronics products.

在連續的基礎上，我們所有 3 個產品組的收入預計將在較短且季節性較低的季度下降，儘管我們預計個人電子產品的季節性要好於往常。

On a year-over-year basis, main revenue growth drivers are expected to be personal electronic products, MEMS, imaging and analog products, general purpose microcontrollers and silicon carbide products.

與去年同期相比，主要收入增長動力預計將是個人電子產品、MEMS、成像和模擬產品、通用微控制器和碳化矽產品。

Our gross margin guidance at the midpoint is 38%, including about 80 basis points of unsaturation charges.

我們在中點的毛利率指導為 38%，包括約 80 個基點的不飽和費用。

The sequential gross margin decrease is mainly due to the impact of the usual annual contract pricing negotiations and unfavorable product mix.

毛利率環比下降主要是由於通常的年度合同定價談判和不利的產品組合的影響。

Year-over-year, the decrease is mainly due to unsaturation charges and related manufacturing inefficiencies, including the start-up of the 200-millimeter fab we acquired in Singapore last year and usual price declines not fully compensated by improved product mix and a positive currency effect net of hedging.

同比下降主要是由於不飽和費用和相關的製造效率低下，包括我們去年在新加坡收購的 200 毫米晶圓廠的啟動，以及通常的價格下降沒有被改進的產品組合和積極的扣除套期保值的貨幣效應。

For the full year, we plan to return to solid revenue growth, outperforming the markets we serve.

全年，我們計劃恢復穩健的收入增長，超越我們所服務的市場。

We are operating in a market, driven by broad long-term trends in electronic systems.

我們在一個受電子系統廣泛的長期趨勢驅動的市場中運營。

This is driving demand for semiconductor content, and as a consequence, for our products and solutions.

這推動了對半導體內容的需求，因此也推動了我們的產品和解決方案的需求。

We also see that the supply chain has now substantially normalized from the excess inventory effect we saw last year.

我們還看到，供應鏈現在已經從我們去年看到的過剩庫存效應中基本正常化。

The current view for the market we serve is positive, and we expect the next 3 months will be important to confirm these dynamics.

目前對我們服務的市場的看法是積極的，我們預計未來 3 個月對於確認這些動態非常重要。

In terms of Capex, we plan to invest about $1.5 billion in 2020 to support our strategic initiative and revenue growth in order to progress towards our midterm revenue ambition of $12 billion.

在資本支出方面，我們計劃在 2020 年投資約 15 億美元來支持我們的戰略計劃和收入增長，以實現我們 120 億美元的中期收入目標。

This amount includes the addition of capacity for some of our existing technologies and investments and mix evolution for our 200-millimeter fab.

這一數額包括為我們的一些現有技術和投資增加產能，以及為我們的 200 毫米晶圓廠增加混合料。

It will also support the R&D activities and the maintenance required by our manufacturing operations and infrastructure.

它還將支持我們的製造運營和基礎設施所需的研發活動和維護。

This also includes about $400 million of investments for strategic initiatives: continued investments in our new Agrate 300-millimeter fab that will support our growth in BCD, IGBT and other power technologies; R&D for gallium nitride power technologies and production ramp-up for gallium nitride for RF devices; and investments for silicon carbide, these include substrate activities following the acquisition of Norstel.

這還包括用於戰略計劃的約 4 億美元投資：繼續投資於我們新的 Agrate 300 毫米晶圓廠，這將支持我們在 BCD、IGBT 和其他電源技術方面的增長；氮化鎵功率技術的研發和用於射頻器件的氮化鎵產能提升；以及對碳化矽的投資，其中包括收購 Norstel 後的基板活動。

They also support our plans to establish internal manufacturing of 150-millimeter wafer and drive the evolution to 200-millimeter wafer.

他們還支持我們建立 150 毫米晶圓內部製造並推動向 200 毫米晶圓演進的計劃。

To conclude.

總結。

Our 2019 financial performance was aligned with the full year expectation we provided in April.

我們 2019 年的財務業績與我們在 4 月份提供的全年預期一致。

Revenues were within the range, operating margin was above 12%, and free cash flow covered our cash dividends and share buybacks, maintaining our financial flexibility with a stable net financial position.

收入在該範圍內，營業利潤率高於 12%，自由現金流涵蓋了我們的現金股息和股票回購，保持了我們的財務靈活性和穩定的淨財務狀況。

At the same time, we invested $1.17 billion to support short-term demand as well as our strategic programs for our future growth.

與此同時，我們投資了 11.7 億美元來支持短期需求以及我們未來增長的戰略計劃。

For 2020, we plan to return to solid revenue growth, outperforming the markets we serve.

2020 年，我們計劃恢復穩健的收入增長，超越我們所服務的市場。

Smart mobility, power and energy management, the IoT and 5G are driving the demand for semiconductor content.

智能移動、電力和能源管理、物聯網和 5G 正在推動對半導體內容的需求。

ST is very well positioned to support its customers across these trends, thanks to our product portfolio, enabled by our differentiated technologies.

由於我們的產品組合和我們的差異化技術，ST 能夠很好地支持其客戶應對這些趨勢。

We continue to progress towards our midterm revenue ambition of $12 billion and deliver sustainable, profitable growth.

我們將繼續朝著 120 億美元的中期收入目標邁進，並實現可持續的盈利增長。

We look forward to meeting you at the Mobile World Congress in Barcelona on February 25 and at our Annual Capital Markets Day in London on May 6 to discuss our end market and product strategy in detail.

我們期待在 2 月 25 日於巴塞羅那舉行的世界移動通信大會和 5 月 6 日在倫敦舉行的年度資本市場日與您會面，詳細討論我們的終端市場和產品戰略。

Thank you.

謝謝你。

And we are now ready to answer your questions.

我們現在準備回答您的問題。

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

（操作員說明）第一個問題來自 ODDO 的 Stephane Houri。

So this is Stephane Houri from ODDO.

這是來自 ODDO 的 Stephane Houri。

I just wanted to come back a bit on the automotive market because you said that you are seeing some contradictory trends between the mass market and smart automotive products.

我只是想回到汽車市場，因為你說你看到大眾市場和智能汽車產品之間存在一些矛盾的趨勢。

So can you give us some details on how you see the growth in this market for you in 2020?

那麼，您能否詳細介紹一下您如何看待 2020 年這個市場的增長？

And if you could give us some outlook for the silicon carbide projects that you have.

如果您能給我們一些關於您擁有的碳化矽項目的展望。

Now so I will take the question, and certainly, Marco Cassis will complement it.

現在我要回答這個問題，當然，Marco Cassis 會補充它。

Now first, to go straight to the point about silicon carbide, let's say, initiative, we see our revenue in 2020 above $300 million.

現在首先，直截了當地談碳化矽，比如說，主動性，我們看到我們在 2020 年的收入超過 3 億美元。

Then in Automotive.

然後在汽車。

In Automotive, clearly we confirm that next year, overall, certainly the car registration will be flattish.

在汽車領域，我們清楚地確認明年總體而言，汽車註冊肯定會持平。

We see different dynamic, Europe, America and Asia/China.

我們看到不同的動態，歐洲、美洲和亞洲/中國。

But before to go inside this dynamic, we clearly confirm that, overall, what is related electrification, so means, okay, car moving to electrical powertrain or hybrid car or mild hybrid car is really a solid trend.

但在深入了解這種動態之前，我們清楚地確認，總的來說，電氣化是什麼意思，好吧，汽車轉向電動動力總成或混合動力汽車或輕度混合動力汽車確實是一個穩固的趨勢。

Clearly, we see as well that ADAS [utilization], Level 1, Level 2, okay, are still really -- is still solid and continuing.

顯然，我們也看到 ADAS [利用率]，1 級，2 級，好吧，仍然是真的 - 仍然是穩固和持續的。

A specific -- a little bit more specific to ST microcontroller, our, let's say, advanced microcontroller in 40-nanometer is really solid in terms of growth perspective.

一個特定的 - 對 ST 微控制器更具體一點，比方說，我們的 40 納米高級微控制器在增長前景方面非常可靠。

Well, clearly, if we assess by regional -- but we do believe that in America, the region is stable between thermal combustion engine and electrical car powertrain.

好吧，很明顯，如果我們按地區進行評估——但我們確實相信，在美國，該地區在熱力內燃機和電動汽車動力系統之間是穩定的。

In Asia, certainly we expect that -- and in China, you know that the main driver is China.

在亞洲，我們當然期望——在中國，你知道主要的驅動力是中國。

So we touched down the bottom in Q4, and we will see stability in Q1, and we expect, okay, slightly some growth starting Q2 and the remaining part of the year.

所以我們在第四季度觸底，我們將在第一季度看到穩定，我們預計，好吧，從第二季度和今年剩餘時間開始會有一些增長。

Now I have to say that Europe is more complex.

現在我不得不說歐洲更加複雜。

Certainly, Europe is more complex because you know about the WLTP effect.

當然，歐洲更複雜，因為您知道 WLTP 效應。

And clearly this is something we are monitoring very carefully in terms of mix between electrical car -- full electrical battery car, hybrid car, mild hybrid car and gasoline thermal combustion engine and the trend of the dealer.

顯然，這是我們在電動汽車（全電動電池汽車、混合動力汽車、輕度混合動力汽車和汽油熱力發動機）之間的混合以及經銷商趨勢方面非常仔細地監控的事情。

The mix here is more complex.

這裡的混合更複雜。

However, again, we do believe that we touched down the bottom in Q4 last year.

然而，我們再次相信我們在去年第四季度觸底。

Okay.

好的。

This is Marco.

這是馬爾科。

I would like to give you a little bit more color on silicon carbide.

我想給你更多關於碳化矽的顏色。

So we are, in this moment, engaged in 50 projects with 26 customers.

因此，此時此刻，我們與 26 個客戶參與了 50 個項目。

And roughly, this is 50% with automotive customers and 50% with industrial customers.

大致而言，汽車客戶佔 50%，工業客戶佔 50%。

So this is just showing you that our pipeline of opportunities, expansion of opportunities in silicon carbide keep accelerating, and we are extremely well positioned there.

所以這只是向您展示我們的機會管道，碳化矽機會的擴展不斷加速，我們在那里處於非常有利的位置。

For what is related with Automotive, I'll just reconfirm what Jean-Marc has just said to you.

對於與汽車有關的內容，我將再次確認 Jean-Marc 剛剛對您說的話。

Clearly, 2019 was a difficult year in terms of car registration with a minus 5% year-over-year and minus 8% specifically on China.

顯然，就汽車註冊而言，2019 年是艱難的一年，同比下降了負 5%，特別是中國為負 8%。

The forecast for this year is to go to a stabilization with a small growth of plus 1%.

今年的預測是趨於穩定，小幅增長 1%。

This combined with an increase of penetration of ADAS and electrification should help us to grow during this year.

再加上 ADAS 和電氣化的滲透率增加，應該有助於我們在今年實現增長。

But the legacy market is stabilizing now and we'll see how it's going to evolve.

但是傳統市場現在正在穩定下來，我們將看到它會如何發展。

Okay.

好的。

And could you -- and the follow-up is still on silicon carbide.

你能 - 後續行動仍在碳化矽上。

Last year, I think that one customer was about 80% of your sales, if I'm correct.

去年，如果我是正確的，我認為一個客戶大約佔您銷售額的 80%。

In 2020, how many customers will be live and driving growth in Automotive and in Industrial, if you can give us the detail?

2020 年，將有多少客戶在汽車和工業領域生活並推動增長，如果您能提供詳細信息嗎？

Main revenue contributor, okay, this year is still our main automotive customer because you know that other, let's say, electrical car, Phase 1, they move more on IGBT.

主要收入貢獻者，好吧，今年仍然是我們的主要汽車客戶，因為你知道其他，比如電動汽車，第一階段，他們更多地使用 IGBT。

So it is clear that for us, still the main revenue contributor is our main customer.

所以很明顯，對我們來說，主要的收入貢獻者仍然是我們的主要客戶。

Moving to a 3-year horizon, we clearly believe that the contribution from this customer will account for about 50% our total SiC revenues, thanks to significant growth with other automotive and industrial customer.

展望未來 3 年，我們清楚地相信，由於與其他汽車和工業客戶的顯著增長，該客戶的貢獻將占我們 SiC 總收入的 50% 左右。

So it means we will start, okay, to have contribution from the other one next year.

所以這意味著我們將開始，好的，明年得到另一個人的貢獻。

The next question comes from Achal Sultania from Crédit Suisse.

下一個問題來自瑞士信貸的 Achal Sultania。

Just if you can talk about, maybe, about the inventory on your books.

只要你能談談，也許，關於你書本上的庫存。

Obviously, inventory is down $100 million a quarter in Q4 -- Q3 and Q4 both, but we're still looking at the fab underloading charge, which is down from 100 bps last quarter to 80 bps, your guidance for Q1.

顯然，第四季度的庫存每季度下降了 1 億美元——第三季度和第四季度，但我們仍在關注晶圓廠的欠載費用，該費用從上一季度的 100 個基點下降到 80 個基點，這是您對第一季度的指導。

Clearly, like it seems you're still trying to manage inventory on your books very carefully.

顯然，您似乎仍在非常謹慎地管理書籍上的庫存。

So should we expect some level of fab utilization pickup from -- starting from Q2?

那麼我們是否應該期望從第二季度開始，晶圓廠利用率會有所回升？

And then secondly again on inventory in the channel.

其次是渠道中的庫存。

Obviously, we saw a pickup in your microcontroller business starting from Q3 last year.

顯然，我們看到您的微控制器業務從去年第三季度開始有所回升。

I guess some of the inventory in general purpose analog and discrete you mentioned previously were still running a bit higher than expected or normalized level.

我猜你之前提到的一些通用模擬和離散的庫存仍然比預期或標準化水平高一點。

So where are we on those 2 products in terms of inventory in the channel?

那麼，就渠道中的庫存而言，我們在這兩種產品上處於什麼位置？

Lorenzo speaking.

洛倫佐發言。

I'll take the question.

我會回答這個問題。

I will start from our inventory in the books.

我將從書中的庫存開始。

As you have seen, in Q4, our inventory went down materially.

如您所見，在第四季度，我們的庫存大幅下降。

We are now in the range of 90 days.

我們現在處於 90 天的範圍內。

As usual, in the first part of the year, our inventory will likely increase -- will increase due to the fact that, of course, we are preparing also the revenues, therefore, the growth revenues expected in Q2 and in the second half of the year.

像往常一樣，在今年上半年，我們的庫存可能會增加——因為我們當然也在準備收入，因此預計第二季度和下半年的收入增長。那一年。

So I do expect to have some increase in the number of days in our inventory, but it will be definitely lower than what it was last year.

所以我確實預計我們的庫存天數會有所增加，但肯定會低於去年的水平。

You remember, last year, we ended Q1 with an inventory on hand in our books that was in the range of 125 days.

您還記得，去年第一季度結束時，我們賬簿中的庫存在 125 天範圍內。

This year, I do expect it to be materially lower than this number of days, something in the range of 110 or something like that, so an increase but not a huge increase.

今年，我確實預計它會大大低於這個天數，大約在 110 天或類似的範圍內，所以會有所增加，但不會大幅增加。

In terms of unsaturation, we -- actually, we had in the first quarter, as you know, an unsaturation that is impacting in the range of 80 basis points our gross margin.

就不飽和度而言，我們 - 實際上，如您所知，我們在第一季度有一個不飽和度，影響我們的毛利率在 80 個基點範圍內。

What is our visibility at this stage for unsaturation along the year?

在這個階段，我們對全年不飽和度的可見度如何？

Yes, the unsaturation will continue also with a lower level in Q2.

是的，第二季度的不飽和度也將繼續降低。

But then our expectation is that we will substantially go a full saturation of our fab, almost a full saturation of our fab in the second part of the year.

但隨後我們的預期是，我們的晶圓廠將基本上完全飽和，在今年下半年我們的晶圓廠幾乎完全飽和。

So we will impacted in the first half for some unsaturation moving down from Q1 to Q2, and then in the second part of the year, we should really see this level be substantially not material.

因此，我們將在上半年受到從第一季度到第二季度的一些不飽和度的影響，然後在今年下半年，我們真的應該看到這個水平基本上不重要。

In terms of inventory in the channel, maybe I'll leave Marco to answer -- have answer to this question.

在渠道庫存方面，也許我會讓 Marco 來回答——這個問題有答案。

So we're seeing this moment that the supply chain now normalized from excess inventory effects.

因此，我們看到這一刻供應鏈現在因庫存過剩效應而正常化。

The only exception is for a few standard products, such as the general purpose analog and non-power discrete.

唯一的例外是少數標準產品，例如通用模擬和非功率分立器件。

Overall, again, we see the supply chain now normalized.

總體而言，我們再次看到供應鏈現在正常化。

Maybe I can add a little bit more color about unsaturation because to be honest, unsaturation for us in this first part of the year, more than on the control of our inventory that, of course, we put in place.

也許我可以添加更多關於不飽和度的顏色，因為老實說，在今年上半年對我們來說，不飽和度不僅僅是控制我們的庫存，當然，我們已經到位。

It's not the point.

這不是重點。

But it's also related to the fact that we have unsaturation related to the fact that we see a quite significant change in terms of the mix with acceleration in demand on new technology, most advanced technology, and low demand on the legacy technology.

但這也與我們的不飽和度有關，因為我們看到組合方面發生了相當大的變化，對新技術、最先進技術的需求加速，而對傳統技術的需求下降。

This is creating lack of capacity, if you want, the need to invest for -- improve our mix, moving toward most advanced technology, while we have in this first part of the year more access on the legacy technology.

如果你願意的話，這會造成能力不足，需要投資——改善我們的組合，轉向最先進的技術，而我們在今年上半年有更多的機會使用傳統技術。

This will be cured during the first half, and this is also one of the reasons why we will see unsaturation moving down during the year.

這將在上半年得到改善，這也是我們將看到今年不飽和度下降的原因之一。

The next question comes from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

I have a couple of questions.

我有一些問題。

So firstly, I have a question on your spending.

所以首先，我有一個關於你的支出的問題。

I mean you raised CapEx in the year.

我的意思是你在這一年提高了資本支出。

You -- in your prepared remarks, you indicated that you're spending on various devices.

你——在你準備好的評論中，你表示你在各種設備上花錢。

Is there any particular segments that you are spending on, such as -- I mean is majority of the spending going towards power transistors or it is going towards your optics and sensors?

您是否有任何特定的支出，例如 - 我的意思是大部分支出用於功率晶體管還是用於您的光學和傳感器？

So maybe you can give us some product color in where the spending is happening given that there is a significant increase in spending.

因此，鑑於支出顯著增加，也許您可以給我們一些產品顏色來說明支出發生的地方。

And then I have a follow-up regarding, overall, your sensors business.

然後，我會對您的傳感器業務進行總體跟踪。

I mean maybe you can give us a roadmap on what you see at this point, I mean, where your optical sensors are going towards?

我的意思是，也許你可以給我們一個關於你在這一點上看到的路線圖，我的意思是，你的光學傳感器將走向何方？

Thank you, Sandeep.

謝謝你，桑迪普。

It's a very exhaustive question.

這是一個非常詳盡的問題。

About the Capex, well, clearly, I think I have been quite clear about the strategic initiatives, so I do not come back on it.

關於資本支出，嗯，很明顯，我認為我對戰略舉措已經很清楚了，所以我不會再談了。

Now the remaining $1.2 billion, part of it is to invest in R&D, equipment, more for differentiation.

現在剩下的 12 億美元，一部分是投資研發、設備，更多是為了差異化。

So new materials, okay, new film for imaging, this kind of stuff; and overall, let's say, maintenance, okay, to continue to have really efficient fabs and assembly plant.

所以新材料，好吧，新的成像膠片，這種東西；總的來說，可以說，維護，好的，以繼續擁有真正高效的晶圓廠和組裝廠。

Now about the capacity increase, I have to say it is driven by advanced technology enabled our products.

現在談到產能增加，我不得不說它是由先進技術驅動的我們的產品。

So I would like to speak about BCD8, BCD9, 40-nanometer, secure microcontroller, 28 FD-SOI, image -- advanced imaging sensor.

所以我想談談 BCD8、BCD9、40 納米、安全微控制器、28 FD-SOI、圖像——高級成像傳感器。

So it is really power MOSFETs, IGBT, low-voltage MOSFETs, okay, driven by mild hybrid car -- hybridization of the car.

所以實際上是功率 MOSFET、IGBT、低壓 MOSFET，好吧，由輕度混合動力汽車驅動——混合動力汽車。

So it is well spread across our product portfolio and driven by differentiated and advanced technology.

因此，它很好地分佈在我們的產品組合中，並由差異化和先進技術驅動。

So -- and as Lorenzo mentioned a few minutes ago, one part is for additional capacity increase to support our solid growth we expect for 2020 second half and the first half of 2021 and because there is a lead time, okay, between the CapEx and the revenue.

所以——正如洛倫佐幾分鐘前提到的那樣，一部分是增加產能以支持我們預計 2020 年下半年和 2021 年上半年的穩健增長，因為資本支出和收入。

It is point #1.

這是第 1 點。

And another part is the mix adaptation of our fab, mainly Singapore, where we will have to adapt this fab, okay, to support advanced technology I mentioned.

另一部分是我們工廠的混合改造，主要是新加坡，我們將不得不調整這個工廠，好吧，以支持我提到的先進技術。

So this is, okay, for the CapEx.

所以這對資本支出來說是好的。

About our sensor.

關於我們的傳感器。

Well, clearly, ST -- well, first of all, direct Time-of-Flight for our ranging sensor or auto focus support and so on and so forth, so we continue to grow.

好吧，很明顯，ST - 首先，我們的測距傳感器或自動對焦支持等直接飛行時間，所以我們繼續增長。

And basically, we address all the smartphone player.

基本上，我們針對所有智能手機播放器。

About deep [math] sensing front side, ST really will continue to act as a leader to address front-facing face recognition, both for structured light and other technology, if they are requested.

關於深度 [數學] 感應前端，如果需要，ST 確實將繼續作為領導者解決正面人臉識別問題，包括結構光和其他技術。

And ST is also a key player for the rear-facing.

ST也是後置的關鍵參與者。

So we developed a strong product and technology to address the [world-facing] and back end side of the smartphone.

因此，我們開發了強大的產品和技術來解決智能手機的[面向世界的]和後端問題。

And we do expect to start to grow on this business starting next year.

我們確實希望從明年開始在這項業務上開始增長。

The next question comes from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

I wanted to -- you guys covered some of the silicon carbide stuff for 2020 in the commentary, and really appreciate the detail.

我想——你們在評論中介紹了 2020 年的一些碳化矽材料，並且非常感謝這些細節。

I wanted to ask the first question on longer-term visibility in the silicon carbide business.

我想問第一個關於碳化矽業務長期可見性的問題。

You've closed Norstel and obviously signed a new agreement with ROHM for supply.

你已經關閉了 Norstel 並且顯然與 ROHM 簽署了新的供應協議。

Maybe what do you see for sort of a multiyear visibility of design wins across silicon carbide?

也許您對碳化矽設計的多年可見性有什麼看法？

And how long might it take you to integrate those deals into the supply?

您需要多長時間才能將這些交易整合到供應中？

And then I have a follow-up.

然後我有一個跟進。

Right.

對。

I feel -- so again, okay, Marco will complement.

我覺得 - 再次，好吧，Marco 會補充。

But no, I confirm that our -- the current program we have, so 51, are well spread between Automotive and Industrial.

但是，不，我確認我們目前擁有的項目，即 51 個，在汽車和工業之間很好地傳播。

It's totally consistent in terms of funnel of opportunities for ST to sustain our objective of 30% market share of this business and achieve by 2025 minimum $1 billion of revenue extracted from this MOSFET on silicon carbide.

意法半導體維持我們在該業務中 30% 市場份額的目標，並在 2025 年之前從該碳化矽 MOSFET 中獲得至少 10 億美元的收入，這在機會漏斗方面是完全一致的。

And clearly, that's the reason why, in order to secure short/midterm our supply chain, we have increased our agreement with Cree and we have agreed a strategic agreement with SiCrystal.

很明顯，這就是為什麼為了確保我們的短期/中期供應鏈，我們增加了與 Cree 的協議，並與 SiCrystal 達成了戰略協議。

In parallel, as many times shared with you, we have invested in Norstel, a European-based raw material provider, to develop an internal supply chain.

與此同時，正如多次與您分享的那樣，我們投資了歐洲原材料供應商 Norstel，以開發內部供應鏈。

And we will decide timely what would be the weight of this internal supply chain.

我們將及時決定這個內部供應鏈的權重。

But more important, this internal supply chain will be also a key driver for R&D, so means of conversion to 200-millimeter.

但更重要的是，這條內部供應鏈也將成為研發的關鍵驅動力，因此是向 200 毫米轉換的手段。

And for sure, a key driver to improve ourselves in terms of yield efficiency and productivity for the raw material.

當然，這是提高原材料產量效率和生產力的關鍵驅動力。

So at the end, to support our $1 billion target by 2025, we will have a well-spread and balanced supply chain between 2 key players, Cree and SiCrystal, and one internal one to secure our supply from Europe and driving our R&D and conversion to 200-millimeter.

因此，最終，為了支持我們到 2025 年 10 億美元的目標，我們將在兩個主要參與者 Cree 和 SiCrystal 之間建立一個分佈良好且平衡的供應鏈，以及一個內部供應鏈來確保我們從歐洲的供應並推動我們的研發和轉換到 200 毫米。

So this is our strategy on silicon carbide.

這就是我們對碳化矽的策略。

As a follow-up for Lorenzo.

作為洛倫佐的後續行動。

I wanted to ask about gross margin.

我想問一下毛利率。

There was some fairly significant upside in the fourth quarter.

第四季度有相當大的上漲空間。

You guys mentioned mix and manufacturing efficiencies, but the guidance for March is sort of back towards where consensus was.

你們提到了混合和製造效率，但 3 月份的指導有點回到共識的地方。

You also mentioned sort of a negative mix effect and some pricing negotiations.

您還提到了某種負面的混合效應和一些定價談判。

Maybe you could break out some of the pieces of that gross margin on a sequential basis and -- that would really be helpful on the drivers.

也許你可以按順序細分毛利率的一些部分，這對司機來說真的很有幫助。

Yes.

是的。

Sure.

當然。

In Q4, actually, our gross margin came better than expected.

實際上，在第四季度，我們的毛利率好於預期。

We were guiding the range of 38.2%.

我們指導的範圍是 38.2%。

We came at 39.3%.

我們達到了 39.3%。

Actually, there was 2 important components there, and we will remind about that.

實際上，那裡有兩個重要的組件，我們會提醒一下。

One was related to the mix.

一個與混合有關。

The mix went better than expected.

混合比預期的要好。

This was driven by products, I would say, some of our products related to personal electronics and also, let's say, products related to the microcontroller.

這是由產品驅動的，我會說，我們的一些產品與個人電子產品有關，比方說，與微控制器有關的產品。

That came with an improved mix in respect to what was our initial expectation.

就我們最初的期望而言，這帶來了改進的組合。

Second point, there was a much better performance in our manufacturing, especially in back end.

第二點，我們的製造表現要好得多，尤其是在後端。

Because you know that in our -- substantially, our manufacturing machine which is different between front end and back end.

因為您知道，在我們的 - 基本上，我們的製造機器在前端和後端之間是不同的。

Front end is something that efficiency in the fab are somehow reflecting in the next quarter gross margin; while back end, if you perform better in the second part of the production phase, that is back end.

前端是晶圓廠效率在下一季度毛利率中反映的東西；而後端，如果你在生產階段的第二部分錶現更好，那就是後端。

This is also reflecting during the quarter.

這也反映在本季度。

We have a good surprise mainly driven by higher level of volume in -- on the back end side.

我們有一個很好的驚喜，主要是由於後端交易量的增加。

This was the reason that brings the gross margin a higher level than expected.

這就是毛利率高於預期的原因。

On the other side, when we look at the dynamic of the gross margin moving from Q4 to Q1, we see this decline as 130 basis points.

另一方面，當我們觀察毛利率從第四季度到第一季度的動態時，我們認為下降了 130 個基點。

This is -- there is definitely an impact related to the price, the renegotiation that we have at the beginning of the year.

這是 - 肯定會產生與價格有關的影響，我們在年初進行的重新談判。

This is impacting our gross margin in Q1, and this is usually seasonal.

這影響了我們第一季度的毛利率，這通常是季節性的。

In terms of price renegotiation, we have this impact with the step-down beginning of the year.

在價格重新談判方面，我們會隨著年初的降價而產生這種影響。

We recover partially during the year, of course, thanks to efficiency mix and so on, but it's difficult to recover in the first 3 months.

當然，由於效率組合等因素，我們在這一年中部分恢復，但前 3 個月很難恢復。

Then we have a mix that is not as favorable as it was in Q4.

然後我們的組合不如第四季度那麼有利。

What we see in this quarter, the mix is substantially a detractor on the gross margin.

我們在本季度看到的情況是，這種組合在很大程度上是毛利率的減損因素。

If you want, you can model something in the range of 100 basis points with the pricing and then 50 basis points with the mix.

如果您願意，您可以在 100 個基點的範圍內對定價進行建模，然後對組合進行 50 個基點的建模。

Then we have some recovery here and there but -- in term of some manufacturing efficiency.

然後我們在這里和那裡都有一些恢復，但是 - 就一些製造效率而言。

But at the end, let's say, we lose substantially this 130 basis points due to these 2 big drivers for Q1.

但最後，比方說，由於第一季度的這兩個主要驅動因素，我們大幅損失了這 130 個基點。

The next question comes from Aleksander Peterc from Societe Generale.

下一個問題來自法國興業銀行的 Aleksander Peterc。

Can we first touch upon the OpEx?

我們可以先談談 OpEx 嗎？

Where do you see it in the quarter -- in the first quarter and how we should model it going into the remainder of the year?

您在本季度的什麼地方看到它——在第一季度，以及我們應該如何在今年剩餘時間內對其進行建模？

And I have a follow-up.

我有一個後續行動。

In the -- about the OpEx, you see that substantially, OpEx in Q4 came in line with the expectation.

在關於運營支出的——你看到，第四季度的運營支出基本上符合預期。

You have also noticed, when I talk about OpEx, I always include also the impact in the line, other income and expenses.

你也注意到了，當我談到 OpEx 時，我總是把對線路的影響、其他收入和支出也包括在內。

That was quite positive in the quarter due to the fact that we had grants, as I was anticipating entering the quarter, recognized during the quarter, during Q4.

這在本季度是非常積極的，因為我們有贈款，正如我預期的那樣，在本季度，在第四季度得到認可。

The expectation for the next quarter is to have expenses that will stay in the range of between $620 million, $630 million, net Opex, including the other income and expenses.

預計下一季度的支出將保持在 6.2 億美元至 6.3 億美元的淨運營支出之間，包括其他收入和支出。

The quarter is shorter, so you will see, let's say, lower negative expenses in SG&A and in R&D and a little bit lower level of other income and expenses possible.

該季度較短，因此您會看到，比方說，SG&A 和 R&D 的負支出較低，其他收入和支出水平可能較低。

When we will look at the year, I'm pretty sure that sooner or later, I will have these questions so maybe I will anticipate, what is the current visibility today.

當我們回顧這一年時，我很確定遲早我會遇到這些問題，所以也許我會預測，今天的能見度是多少。

As I was saying last year, when I was discussing with you, in terms of structure, we think that the company could sustain the growth that we target.

正如我去年所說，當我與您討論時，在結構方面，我們認為公司可以維持我們目標的增長。

Saying that, of course, there will be some increase in our expenses and at the level of the inflation rate plus, let's put it this way.

說，當然，我們的支出和通貨膨脹率會有所增加，讓我們這樣說吧。

So at the end, including other income and expenses for the year, what I see for the full year 2020, an average in the range between $600 million and -- something that will range between $640 million, $650 million.

因此，最後，包括今年的其他收入和支出，我對 2020 年全年的看法，平均在 6 億美元到 - 6.4 億美元到 6.5 億美元之間。

Okay.

好的。

And then secondly, you had very, very strong AMS margin.

其次，你有非常非常強的 AMS 利潤。

Now I'd just like to understand if this was a particularly favorable mix or is this the new now for the seasonally strong fourth quarter at ST.

現在我只想了解這是否是一個特別有利的組合，或者這是 ST 季節性強勁的第四季度的新組合。

Well, I was mentioning that Q4 was impacted by favorable mix and good performance in manufacturing, especially in back end.

好吧，我提到第四季度受到有利的組合和良好的製造表現的影響，尤其是在後端。

I would say that the group that was enjoying more these 2 effects is actually AMS, as you can see from the results of the quarter, from the operating margin we report.

我想說，從本季度的結果和我們報告的營業利潤率中可以看出，享受更多這兩種影響的集團實際上是 AMS。

Yes, I confirm.

是的，我確認。

This group was there, was enjoying these 2 positive effects during the quarter.

這個小組在那裡，在本季度享受這兩個積極的影響。

The next question comes from Alex Duval from Goldman Sachs.

下一個問題來自高盛的 Alex Duval。

My first question was just to come back on this new CapEx guidance of $1.5 billion.

我的第一個問題是回到這個 15 億美元的新資本支出指導。

Obviously, that's decently up year-on-year and a bit ahead of consensus.

顯然，這比去年同期有所增長，而且有點超前於共識。

Obviously, you've given a lot of detail on some of the specific technologies you're investing in.

顯然，您已經詳細介紹了您正在投資的一些特定技術。

But I just wanted to clarify to what extent this is about safeguarding products -- projects that you already had envisaged when you issued your $12 billion target?

但我只是想澄清這在多大程度上是關於保護產品——你在發布 120 億美元目標時已經設想的項目？

And to what extent it's about going after new opportunities that recently have come on to your radar?

以及在多大程度上追求最近出現的新機會？

And if so, any more color on that would be interesting.

如果是這樣，上面的任何顏色都會很有趣。

Also related to your smartphone activities, there have been some reports recently there could be lower smartphone unit shipments than expected at one very large Chinese smartphone player.

同樣與您的智能手機活動有關，最近有一些報導稱，一家大型中國智能手機廠商的智能手機出貨量可能低於預期。

And therefore, given that, that potentially could have been a big incremental opportunity for ST, to what extent do those kind of situations in China have an impact for ST?

因此，鑑於此，這對 ST 來說可能是一個巨大的增量機會，中國的這種情況對 ST 有多大影響？

And to what degree can you diversify within China or taking other steps in order to mitigate any impacts on that incremental opportunity?

您可以在多大程度上在中國實現多元化或採取其他措施來減輕對這一增量機會的影響？

Thank you for the questions.

謝謝你的提問。

So I take the CapEx one and Marco will comment about smartphone.

因此，我選擇了資本支出，而 Marco 將評論智能手機。

Now about CapEx, so I repeat.

現在關於資本支出，所以我再說一遍。

So $1.5 billion, okay, out of which, okay, there is $400 million again for our strategic initiatives.

所以 15 億美元，好的，其中，好的，還有 4 億美元用於我們的戰略計劃。

So I repeat.

所以我重複一遍。

So it is Agrate's 300-millimeter fab because beyond 2021, starting 2022 and beyond, okay, we will need to have advanced analog and smart power technology going to 90-nanometer, and let's say, and shrinking out.

所以它是 Agrate 的 300 毫米晶圓廠，因為在 2021 年之後，從 2022 年及以後開始，好吧，我們需要先進的模擬和智能電源技術達到 90 納米，比如說，縮小。

So we must prepare ourselves.

所以我們必須做好準備。

But then, second, it is an initiative on gallium nitride, both for our power and energy control strategy.

但是，其次，它是氮化鎵的一項倡議，用於我們的電力和能源控制戰略。

Because again, ST, starting, okay, 2 years from now, we have totally completed our position to address this market with, I repeat, high-voltage PowerMOS, low-voltage PowerMOS, IGBT modules, silicon carbide MOSFET, and soon, gallium nitride MOSFET.

因為 ST，開始，好吧，從現在起 2 年後，我們已經完全完成了我們的定位來解決這個市場，我再說一遍，高壓 PowerMOS，低壓 PowerMOS，IGBT 模塊，碳化矽 MOSFET，很快，鎵氮化物 MOSFET。

So we have the full spectrum of technology, package and module to act as a leader on this market and capture the megatrend.

因此，我們擁有全方位的技術、封裝和模塊，可以作為該市場的領導者並抓住大趨勢。

So this is the second strategic initiative on the GaN.

所以這是關於 GaN 的第二個戰略舉措。

And then consistently, with the acquisition of Norstel, we will start to elaborate our own facilities on substrates.

然後，隨著對 Norstel 的收購，我們將始終如一地開始在基板上完善我們自己的設施。

So this is about strategy.

所以這是關於策略的。

Then about, let's say, the remaining CapEx.

然後，比如說，剩餘的資本支出。

Well, remaining CapEx, it is clear that what is happening in 2020, after a global soft market condition of 2019, is quite usual.

好吧，剩下的資本支出，很明顯，在 2019 年全球疲軟的市場狀況之後，2020 年發生的事情很常見。

You see the demand for high-end technology, a great acceleration.

你看到對高端技術的需求，有很大的加速。

So for us, all the demand, I repeat: BCD8 shrink, BCD9, BCD10 soon, 28 FD-SOI, 40-nanometer for secure solution, 28, okay, for microcontroller automotive, 40-nanometer for general purpose microcontroller, IGBT for hybridization, low voltage for mild hybrid, all these application occurring for capacity increase in our fab because we offer solutions enabled by differentiated technology.

所以對我們來說，所有的需求，我重複一遍：BCD8 縮小，BCD9，BCD10 很快，28 FD-SOI，40 納米用於安全解決方案，28，好的，用於微控制器汽車，40 納米用於通用微控制器，IGBT 用於混合，用於輕度混合動力的低電壓，所有這些應用都發生在我們工廠的產能增加中，因為我們提供了由差異化技術支持的解決方案。

So our CapEx is either to add on capacity on this technology and application or to adapt the needs of our wafer fab.

因此，我們的資本支出要么是增加這項技術和應用的產能，要么是適應我們晶圓廠的需求。

And you know very well the model because I very often share with everybody.

你非常了解這個模型，因為我經常與大家分享。

Basically, you need to increase capacity $0.8 per $1 of growth; and to maintain your infrastructure, adapt the needs, put new equipments in R&D, basically, you need to spend 7% of your sale.

基本上，每增長 1 美元，您需要增加 0.8 美元的容量；為了維護你的基礎設施，適應需求，將新設備投入研發，基本上，你需要花費你銷售額的 7%。

And as we subcontract with our partner, 20% of our production for foundry and about 30% in assembly and test, of course, this model is discounted by this external production ratio to total production.

由於我們與合作夥伴分包，20% 的生產用於代工，約 30% 用於組裝和測試，當然，這個模型被這個外部生產佔總產量的比例打折了。

So this is the model.

所以這就是模型。

So this CapEx is fully consistent with the model and with our strategy.

所以這個資本支出與模型和我們的戰略完全一致。

So this is about CapEx.

所以這是關於資本支出的。

Now I would like Marco to speak about smartphone.

現在我想讓 Marco 談談智能手機。

About smartphone, as you know, 2019 still was a year with a number of smartphone declining year-over-year.

關於智能手機，如您所知，2019 年仍然是智能手機數量同比下降的一年。

2020, the expectation is that the smartphone are going to increase again, leveraging on the introduction of the 5G smartphones coming to the market.

2020 年，隨著 5G 智能手機的推出，預計智能手機將再次增長。

So there will be an increase of number of stores with an increase of ASP inside the phones.

因此，隨著手機內部 ASP 的增加，商店的數量也會增加。

On top of that, for the Chinese smartphone-maker, [while there has been], we are leveraging, of course, on the leadership position that we do have, for example, on wireless charging or on MEMS, and we are expected to gain market share in those sets.

最重要的是，對於這家中國智能手機製造商來說，[儘管有]，當然，我們正在利用我們確實擁有的領導地位，例如在無線充電或 MEMS 方面，我們預計將在這些集合中獲得市場份額。

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

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

Jean-Marc, 2 points on the strategic initiative.

Jean-Marc，戰略主動性得 2 分。

Interesting comment on gallium nitride.

關於氮化鎵的有趣評論。

You seem to be more active on that field.

你似乎在那個領域更活躍。

So 2 questions on the gallium nitride.

所以關於氮化鎵的2個問題。

When are you expecting to start shipping the gallium nitride on silicon for RF power?

您預計何時開始出貨用於射頻功率的矽基氮化鎵？

And on power that you reviewed, should we expect some traction in automotive for the 48-volt anytime soon?

就您所審查的電源而言，我們是否應該期待 48 伏的汽車很快獲得一些牽引力？

A very technical question.

一個非常技術性的問題。

About RF, by next year, okay, we expect to start to generate revenue starting 2021.

關於 RF，到明年，好吧，我們預計從 2021 年開始產生收入。

For power device, what is clear that -- why GaN is so important in our technology portfolio is because each time you need to have -- to increase the frequency and you need to have power, the GaN is a good answer for charging whatever is onboard charger for automotive or other kind of device charger where you need to grow fast.

對於功率器件，有一點很清楚——為什麼 GaN 在我們的技術組合中如此重要是因為每次你需要——為了增加頻率並且你需要有功率，GaN 是一個很好的解決方案來充電車載充電器，適用於您需要快速增長的汽車或其他類型的設備充電器。

And with RF power, this technology is great.

借助射頻功率，這項技術非常棒。

And silicon carbine, silicon carbide is a key success factor each time you go to a very high power.

和矽卡賓槍一樣，碳化矽是每次打出很高功率的關鍵成功因素。

As an example, to move to 850 volt, to have very fast charger and to optimize, okay, the battery and the footprint, silicon carbide is mandatory and is a killer in front of the IGBT.

例如，要升級到 850 伏特，擁有非常快速的充電器並優化電池和占地面積，碳化矽是強制性的，是 IGBT 的殺手鐧。

So this is the breakdown.

所以這就是故障。

Well, clearly, for power GaN, we are developing the technology.

好吧，很明顯，對於功率 GaN，我們正在開發該技術。

We are in parallel with the initiative that I cannot disclose now because, okay, it's confidential for the time being.

我們與我現在無法透露的倡議並行，因為，好吧，它暫時是保密的。

And -- but clearly, this initiative are to boost our positioning on this power device using GaN.

而且——但很明顯，這一舉措是為了提升我們在這種使用 GaN 的功率器件上的定位。

And we expect it will contribute to our 3-years plan toward about $12 billion revenue.

我們預計它將為我們實現約 120 億美元收入的 3 年計劃做出貢獻。

And maybe as a follow-up.

也許作為後續行動。

On the comment you made on 3D sensing, developing new films, are we talking about polymer film?

關於您對 3D 傳感、開發新薄膜的評論，我們是在談論聚合物薄膜嗎？

It's a new film.

這是一部新電影。

The next question comes from Andrew Gardiner from Barclays.

下一個問題來自巴克萊的 Andrew Gardiner。

I just had another one on the CapEx spending, if I could sort of try the question a different way.

如果我能以不同的方式嘗試這個問題，我剛剛在資本支出方面又遇到了一個問題。

Clearly, you're spending a lot more this year than you have done in the prior 2 years.

顯然，您今年的支出比前兩年多得多。

And I can understand how you're -- what you're describing, Jean-Marc, in terms of the strategic initiatives and why they need investment.

我可以理解你的情況——Jean-Marc，你所描述的，就戰略舉措以及他們為什麼需要投資而言。

I'm just wondering if this step-up in plan was sort of always on your -- always on the cards for this year in terms of your internal planning.

我只是想知道這個計劃的升級是否總是在你的 - 就你的內部計劃而言，今年總是在卡片上。

Or in fact, are you seeing the opportunities materialize a bit sooner, and therefore, you've actually had to pull forward some of the spending to get things in place to drive the product ramps, drive the revenue?

或者實際上，您是否看到機會更快地實現了，因此，您實際上不得不提前一些支出以使事情到位以推動產品坡道，推動收入？

And so therefore, relative to the $12 billion target you've set out there for the medium-term, is this high level of CapEx suggesting that we could see that a bit sooner rather than later?

因此，相對於您為中期設定的 120 億美元目標，如此高水平的資本支出是否表明我們可以早點看到這一點？

Yes.

是的。

So you -- if you remember what we mentioned, okay, at our Capital Markets Day, we said basically 2 important things.

所以你——如果你還記得我們提到的，好吧，在我們的資本市場日，我們基本上說了兩件重要的事情。

We speak about 2019, okay, which are facing global soft market condition.

我們談到 2019 年，好吧，它正面臨全球疲軟的市場狀況。

We have to go through delivering a solid performance.

我們必須通過提供可靠的表現。

And in that time, okay, we need to spend the CapEx between $1.1 billion to $1.2 billion in order to support the second half of growth and to support strategic initiative.

在那個時候，好吧，我們需要花費 11 億到 12 億美元的資本支出，以支持下半年的增長並支持戰略計劃。

But what we say -- on another side, we say, in order to support our ambition toward $12 billion midterm, we know and we shared clearly with you that our CapEx will be, by year, in the range of $1.1 billion to $1.5 billion.

但是我們所說的——另一方面，我們說，為了支持我們實現 120 億美元中期目標的雄心，我們知道並且我們清楚地與您分享，我們的資本支出將在每年 11 億美元到 15 億美元之間.

It was in May.

那是在五月。

You know that the main outcome -- again, the main outcome of this past 2019 year, which was really a global soft market condition, but really with very different dynamic.

你知道主要結果 - 再次是過去 2019 年的主要結果，這確實是全球疲軟的市場狀況，但動態卻非常不同。

And I'll repeat again.

我會再重複一遍。

On legacy automotive, on industrial market, clearly, we see an acceleration of the obsolescence of the mature technologies; but in the same time, we see an acceleration of demand for more sophisticated technology, analog or embedded processing solution, in order to enable more complex products.

在傳統汽車和工業市場上，我們清楚地看到成熟技術加速過時；但與此同時，我們看到對更複雜技術、模擬或嵌入式處理解決方案的需求正在加速增長，以實現更複雜的產品。

And here, we see an acceleration.

在這裡，我們看到了加速。

And this is calling for capacity because ST are especially developing technology targeting this kind of market.

這需要產能，因為 ST 正在專門開發針對此類市場的技術。

On another end, okay, we comment about personal electronics.

另一方面，好吧，我們評論個人電子產品。

So personal electronics, whatever are the device, smartphone, wearables and accessories, our content of semiconductor ST-specific is increasing.

因此個人電子產品，無論是設備、智能手機、可穿戴設備和配件，我們的半導體 ST 特定內容都在增加。

So it is calling for capacity increase, but let's say, according to the demand.

所以它要求增加容量，但比方說，根據需求。

Then for microcontroller overall, embedded processing solution, again, you know that here, we subcontract widely in foundry.

然後對於微控制器整體，嵌入式處理解決方案，你知道，在這裡，我們在代工中廣泛分包。

But clearly, for secure microcontroller, automotive microcontroller and some specific system-on-chips embedding microcontroller in 40-nanometer, here, we see the same phenomena for more, let's say, acceleration of new technology and products.

但很明顯，對於安全微控制器、汽車微控制器和一些特定的 40 納米嵌入微控制器的片上系統，在這裡，我們看到更多相同的現象，比如新技術和產品的加速。

So that means overall, according to the plan we have today, in term of revenue growth, in term of mix, in term of technology, for the second half of 2020 and the first half 2021, we need to spend this CapEx on top of the strategic initiative I have shared with you.

所以這意味著總體而言，根據我們今天的計劃，就收入增長而言，就組合而言，就技術而言，在 2020 年下半年和 2021 年上半年，我們需要將這筆資本支出用於我與您分享的戰略舉措。

Again, always targeting above 20% of outsourcing in foundry, thanks to the partnerships -- the main partnership we have with companies like TSMC or Samsung; and with the OSAT in assembly and test, where we are well above 30%.

同樣，由於合作夥伴關係——我們與台積電或三星等公司的主要合作夥伴關係，始終瞄準 20% 以上的代工外包；在組裝和測試中使用 OSAT，我們的比例遠高於 30%。

So this is, again, the color about CapEx.

所以這又是關於資本支出的顏色。

I'm just wondering if I could follow-up, I mean, in terms of what you're describing there in terms of the growth in the second half of this year and into the first half of next.

我只是想知道我是否可以跟進，我的意思是，就你所描述的今年下半年和明年上半年的增長而言。

You guys have talked clearly for some time now about outperforming the market which you serve.

一段時間以來，你們已經清楚地談論瞭如何超越你們所服務的市場。

You didn't specify a number there for what you think the served market is going to grow.

您沒有在此處指定您認為所服務市場將會增長的數字。

You just mentioned TSMC.

你剛才提到台積電。

I mean they've talked about semis ex memory growing 8% this year.

我的意思是他們已經談到今年的半前內存增長了 8%。

That's not perfectly analogous to your served market, but there are similarities.

這與您所服務的市場並不完全相似，但有相似之處。

I mean how do you see your served market growing in 2020?

我的意思是您如何看待您的服務市場在 2020 年的增長？

Okay.

好的。

This is a public information, okay?

這是公開信息，好嗎？

The latest forecast from WSTS for the market we serve is about, 2020, a year of growth of 7.5%.

WSTS 對我們服務的市場的最新預測約為 2020 年，年增長率為 7.5%。

We expect that the next 3 months will confirm this dynamic, and this is a number we have taken into consideration, elaborating our business and industrial plan to drive the company.

我們預計未來 3 個月將證實這一動態，這是我們考慮的一個數字，詳細說明了我們的業務和產業計劃以推動公司發展。

Alessandro, we will take the last question for today.

Alessandro，我們將回答今天的最後一個問題。

Obviously, Investor Relations team remain available for any of your other question.

顯然，投資者關係團隊仍然可以回答您的任何其他問題。

We can take some calls after this call.

我們可以在這個電話之後接一些電話。

Thank you very much.

非常感謝你。

The last question comes from David Mulholland from UBS.

最後一個問題來自瑞銀的大衛穆赫蘭。

Just 2 quick ones for me.

對我來說只有 2 個快速的。

Firstly, on the trends you're calling out into Q1 in AMS and for personal electronics to be better than seasonal.

首先，關於您在 AMS 的第一季度以及個人電子產品優於季節性的趨勢。

Can you just give us some color on whether that's because your largest customer there is trending better than seasonal?

您能否就這是否是因為您最大的客戶的趨勢比季節性更好而給我們一些顏色？

Or if this is because you're seeing other products and other customers starting to ramp up a bit more, I guess, things like your RF power amplifier business.

或者，如果這是因為您看到其他產品和其他客戶開始增加一點，我猜，比如您的射頻功率放大器業務。

And then secondly, just on the various silicon carbide supply agreements that you signed.

其次，就您簽署的各種碳化矽供應協議而言。

Can you just help us understand the structure of those and whether they have some sort of take-or-pay arrangement or whether there's just flex in that?

您能否幫助我們了解它們的結構以及它們是否有某種照付不議的安排，或者是否有彈性？

What are you giving to get this commitment from the supplier on the capacity?

為了從供應商那裡獲得關於產能的承諾，你付出了什麼？

Well, about the better-than-usual seasonality on smartphone, it is well spread.

好吧，關於智能手機上比平常更好的季節性，它傳播得很好。

And no, we cannot comment in detail the customer rationale.

不，我們不能詳細評論客戶的理由。

But I can say it is well spread, and there is various, let's say, good reason behind, and it's better, okay, really than usual seasonality.

但我可以說它傳播得很好，背後有各種各樣的，比如說，很好的理由，而且它比通常的季節性更好，好吧，真的。

But it is -- for ST, it is well spread across our customer base.

但它是——對於 ST，它很好地分佈在我們的客戶群中。

And we address all the customers, okay, whatever they are, Chinese or American.

我們向所有客戶致意，好吧，不管他們是中國人還是美國人。

About silicon carbide, you know that I cannot comment the detail of strategic agreement and contract.

關於碳化矽，你知道我無法評論戰略協議和合同的細節。

Again, I do believe that a company like and Cree and SiCrystal, they perceive ST as a strategic partner, a key player with today a leading position on silicon carbide.

同樣，我相信像 Cree 和 SiCrystal 這樣的公司，他們將 ST 視為戰略合作夥伴，是當今在碳化矽領域處於領先地位的關鍵參與者。

And thanks to the 51 programs, we are in a good position to achieve 30% market share and $1 billion revenue by 2025.

得益於 51 個項目，我們有能力在 2025 年之前實現 30% 的市場份額和 10 億美元的收入。

So I guess this is the reason why these 2 companies are interested with us to participate to our success.

所以我想這就是為什麼這兩家公司有興趣與我們一起參與我們的成功。

But if I can just clarify now because there's a lot of variation and expectations on how pricing will trend for wafers.

但是，如果我現在可以澄清一下，因為對於晶圓的定價趨勢存在很多變化和預期。

Have you already potentially pre-agreed things like pricing over the next 2 to 3 years as part of that?

作為其中的一部分，您是否已經潛在地預先同意了未來 2 到 3 年的定價等事情？

Now our ambition is sustainable and profitable growth, so we are acting consistently.

現在我們的目標是可持續和盈利的增長，所以我們一直在行動。

I tried.

我試過。

That's fair.

這還算公平。

Thank you very much.

非常感謝你。

This will conclude our call, I think.

我想這將結束我們的通話。

Thank you very much, all of you, and see you next quarter for this type of calls.

非常感謝你們所有人，下個季度見此類電話。

And in the meantime, as Jean-Marc has reminded, we have a presentation at Mobile World Congress on the 25th of February and our Capital Markets Day on the 6th of May.

與此同時，正如 Jean-Marc 所提醒的，我們將在 2 月 25 日的世界移動通信大會和 5 月 6 日的資本市場日上進行演示。

And I take the opportunity because it is still possible to wish everybody a happy and profitable new year 2020.

我藉此機會，因為仍然有可能祝大家在 2020 年新年快樂且有利可圖。

In France, it's still possible.

在法國，這仍然是可能的。

It's still possible.

這仍然是可能的。

Thank you.

謝謝你。

See you soon.

再見。

Thank you.

謝謝你。

Bye.

再見。

Thank you.

謝謝你。

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。