意法半導體 (STM) 2022 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics' Q2 2022 Earnings Results Conference Call and Live Webcast. I'm Moira, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們、先生們，歡迎參加義法半導體2022年第二季財報電話會議及網路直播。我是Chorus Call的接線生莫伊拉。 （接線員提示）本次會議正在錄音。 （接線生提示）會議內容不得用於發布或廣播。

At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Head of Investor Relations. Please go ahead, madam.

現在，我很高興將發言權交給集團副總裁兼投資者關係主管席琳·貝爾蒂埃女士。請您開始吧，女士。

Thank you, Moira. Good morning. Thank you, everyone, for joining our second quarter 2022 financial results conference call. Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, our President and Chief Financial Officer; and Marco Cassis, President of Analog, MEMS and Sensors Group and, in his global corporate role, Head of Strategy, System Research and Applications and Innovation Office.

謝謝莫伊拉。早安.感謝各位參加我們2022年第二季財務業績電話會議。今天主持會議的是意法半導體總裁兼執行長讓-馬克·謝裡。與讓-馬克一同參加會議的還有我們的總裁兼財務長洛倫佐·格蘭迪；以及模擬、MEMS和感測器事業部總裁兼全球策略、系統研究與應用及創新辦公室負責人馬可·卡西斯。

This live webcast and presentation materials can be accessed on ST's Investor Relations website. A replay will be available shortly after the conclusion of this call.

本次網路直播及簡報資料可在ST投資者關係網站上查看。電話會議結束後不久，即可觀看重播。

This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors.

本次電話會議將包含前瞻性陳述，其中涉及可能導致ST公司業績與管理層預期和計劃存在重大差異的風險因素。我們建議您查閱今天上午隨業績發布的媒體稿中包含的安全港聲明，以及ST公司最新的監管文件，以全面了解這些風險因素。

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

另外，為了確保所有參與者都有機會在問答環節提問，請您盡量只提一個問題，並簡短跟進。

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

現在我想把電話交給ST的總裁兼執行長Jean-Marc。

Thank you, Celine. Good morning, everyone, and thank you for joining ST for our Q2 2022 earnings conference call.

謝謝Celine。大家早安，感謝各位參加ST 2022年第二季財報電話會議。

Let me begin with some opening comments, starting with Q2. So Q2 net revenues of $3.84 billion and gross margin of 47.4% came in above the midpoint of our business outlook range, driven by continued strong demand for our product portfolio.

首先，我想就第二季的情況做一些說明。第二季淨收入為 38.4 億美元，毛利率為 47.4%，均高於我們業務展望範圍的中點，主要得益於市場對我們產品組合的持續強勁需求。

Year-over-year, net revenues grew 28.3%. This revenue growth was accompanied by improved profitability, gross margin at 47.4%, up from 40.5%. Operating margin at 26.2%, up from 16.3%. And net income more than double to $867 million.

與上年同期相比，淨收入成長了28.3%。在營收成長的同時，獲利能力也得到了提升，毛利率從40.5%上升至47.4%，營業利潤率從16.3%上升至26.2%，淨利潤更是翻了一番多，達到8.67億美元。

On a sequential basis, net revenues increased 8.2%.

與上一季相比，淨收入成長了 8.2%。

On the first half of 2022, net revenues increased 22.9% year-over-year to $7.38 billion, driven by growth in all product groups and subgroups. H1 operating margin was 25.5%, and net income was $1.61 billion.

2022年上半年，淨收入年增22.9%至73.8億美元，主要得益於所有產品組和子組的成長。上半年營業利益率為25.5%，淨利為16.1億美元。

On Q3 2022, our third quarter business outlook at the midpoint is for net revenues of $4.24 billion, increasing by 32.6% year-over-year and by 10.5% sequentially, with a gross margin of about 47%.

2022 年第三季度，我們的業務展望中位數為淨收入 42.4 億美元，年增 32.6%，季增 10.5%，毛利率約為 47%。

For the full year 2022, we will now drive the company based on the plan for full year 2022 revenue in the range of $15.9 billion to $16.2 billion, above the high end of our previous expectation. We now anticipate gross margin to be about 47% for the full year.

2022年全年，我們將根據全年營收計畫（預計在159億美元至162億美元之間）來推動公司發展，這一數字高於我們先前預期的上限。我們現在預計全年毛利率約為47%。

Now let's move to a detailed review of the second quarter. Net revenues increased 28.3% year-over-year, with higher sales in our 3 product groups and all subgroups. Year-over-year sales to OEMs increased 31.7% and 22.2% to Distribution. On a sequential basis, net revenues increased 8.2% and were 240 basis points above the midpoint of our outlook.

現在我們來詳細回顧一下第二季的情況。淨收入年增28.3%，三大產品組及其所有子組的銷售額均成長。面向OEM廠商的銷售額年增31.7%，面向分銷商的銷售額較去年同期成長22.2%。環比來看，淨收入成長8.2%，比我們先前預期的中位數高出240個基點。

Gross profit was $1.82 billion, increasing 50.2% on a year-over-year basis. Gross margin increased by 690 basis points year-over-year to 47.4%, mainly driven by favorable pricing and improved product mix, partially offset by inflation of manufacturing input costs. Our second quarter gross margin was 140 basis points above the midpoint of our guidance, driven by similar pricing and product mix factors.

毛利為18.2億美元，年增50.2%。毛利率年增690個基點至47.4%，主要得益於有利的定價和優化的產品組合，但部分被製造成本上漲所抵銷。第二季毛利率比我們先前預期的中位數高出140個基點，主要受類似的定價和產品組合因素驅動。

Second quarter operating income doubled to $1 billion. Operating margin was 26.2%, increasing from 16.3% in Q2 2021, with improvements in all 3 product groups.

第二季營業收入翻了一番，達到 10 億美元。營業利益率為 26.2%，高於 2021 年第二季的 16.3%，所有 3 個產品組的表現均有所改善。

Both net income and diluted earnings per share more than doubled year-over-year, with net income reaching $867 million from $412 million and diluted earnings per share increasing to $0.92, up from $0.44.

淨利潤和稀釋後每股收益均年增超過一倍，淨利潤從 4.12 億美元增至 8.67 億美元，稀釋後每股收益從 0.44 美元增至 0.92 美元。

Looking at the year-over-year sales performance by product groups. ADG revenues increased 35.1% on growth in both Automotive and in Power Discrete. AMS revenues grew 11.3% on a higher Analog, MEMS and Imaging Product sales. MDG revenues increased 39.5% on growth in both Microcontrollers and RF Communications.

依產品組別分析年比銷售績效。 ADG 營收成長 35.1%，主要得益於汽車和功率分立元件業務的成長。 AMS 營收成長 11.3%，主要得益於類比、MEMS 和影像產品銷售額的成長。 MDG 營收成長 39.5%，主要得益於微控制器和射頻通訊業務的成長。

In terms of operating margin, all product groups demonstrated year-over-year expansion, with ADG operating margin of 24.7%, up from 9.5%; AMS operating margin of 23.8%, up from 18.6%; and MDG operating margin increasing to 34% from 22.9%.

就營業利潤率而言，所有產品組均實現了同比增長，其中 ADG 營業利潤率為 24.7%，高於去年的 9.5%；AMS 營業利潤率為 23.8%，高於去年的 18.6%；MDG 營業利潤率從 22.9% 增至 34%。

Net cash from operating activities increased to $1.06 billion in Q2 versus $602 million in the year ago quarter. On a trailing 12-month basis, net cash from operating activities totaled $3.78 billion, increasing 45.8% from $2.59 billion.

第二季經營活動產生的淨現金流增加至10.6億美元，去年同期為6.02億美元。過去12個月，經營活動產生的淨現金流總計37.8億美元，較上年同期的25.9億美元成長45.8%。

CapEx in the second quarter was $809 million compared to $438 million in the year ago quarter. After the strong investment in CapEx, free cash flow was $230 million compared to $125 million in the year ago quarter.

第二季資本支出為8.09億美元，去年同期為4.38億美元。在強勁的資本支出推動下，自由現金流為2.3億美元，去年同期為1.25億美元。

During the second quarter, ST paid $54 million of cash dividends to stockholders. And we executed $87 million share buyback under our current share repurchase program.

第二季度，ST向股東派發現金股利5,400萬美元。此外，我們根據現行的股票回購計畫執行了8,700萬美元的股票回購。

Our net financial position was $924 million at July 2, 2022, compared to $840 million at April 2, 2022. It reflected total liquidity of $3.44 billion and total financial debt of $2.52 billion.

截至 2022 年 7 月 2 日，我們的淨財務狀況為 9.24 億美元，而截至 2022 年 4 月 2 日為 8.4 億美元。這反映了總流動資金 34.4 億美元和總金融債務 25.2 億美元。

Let's now discuss the market and business dynamics of the quarter. Overall, demand for ST products continued to be strong. Let me share with you a few data points. Our backlog exiting Q2 covered 6 to 8 quarters of planned capacity. Depending on the product type, book-to-bill is well above parity. Our manufacturing capacity is fully saturated. From an end market standpoint, demand both in automotive and in what we call the business-to-business part of the industrial market, so factory automation, robotics and industrial infrastructure, remains strong, driven by semiconductor pervasion and structural transformation.

現在讓我們來探討一下本季的市場和業務動態。整體而言，市場對意法半導體（ST）產品的需求依然強勁。我來分享一些數據。截至第二季末，我們的積壓訂單相當於計畫產能的6到8季。根據產品類型的不同，訂單出貨比遠高於正常水準。我們的產能已完全飽和。從終端市場角度來看，在半導體技術的普及和結構轉型的推動下，汽車行業以及我們所說的工業市場中的企業對企業（B2B）部分（例如工廠自動化、機器人和工業基礎設施）的需求仍然強勁。

In the consumer electronics and PC markets, there are some broad signs of softening. But demand for ST products remained strong in the selected areas where we target in this market.

消費性電子和個人電腦市場普遍出現疲軟跡象。但在我們重點關注的特定市場領域，對意法半導體產品的需求依然強勁。

Going now in more detail on the automotive market. We continued to see strong demand in Q2, still reflecting the combined effect of replenishment of inventories across the automotive supply chain and the ongoing electrification and digitalization transformation of the industry. Bookings remain strong across all customers and geographies. Backlog visibility is now above 18 months and well above our current and planned manufacturing capacity through 2023.

接下來我們將更詳細地分析汽車市場。第二季市場需求依然強勁，這主要得益於汽車供應鏈各環節庫存的補充，以及產業持續推動的電氣化和數位轉型。所有客戶和地區的訂單量均保持強勁。目前積壓訂單的可見度已超過18個月，遠高於我們2023年及之前的現有和計畫產能。

The accelerated transformation of the automotive industry with electrification and digitalization and semiconductor pervasion continued to drive wins for ST during Q2. For car electrification, we again increased the number of ongoing silicon carbide programs. Between the automotive and the industrial markets, we now have 102 projects spread over 77 customers. These projects are mostly equally split between the 2 end markets, and we are in line with our revenue target of $1 billion silicon carbide revenues in 2023.

在第二季度，汽車產業加速轉型，電氣化、數位化和半導體技術的廣泛應用持續推動ST取得佳績。在汽車電氣化領域，我們再次增加了正在進行的碳化矽項目數量。目前，我們在汽車和工業市場共有102個項目，服務77家客戶。這些項目在兩個終端市場之間的分佈基本均衡，我們可望實現2023年碳化矽業務營收達到10億美元的目標。

We had a number of new design wins in Q2, with a range of silicon and silicon carbide power discretes. This includes generation 3 silicon carbide MOSFET dice with a module maker, rectifiers, ultrafast and silicon carbide diodes and our ACEPACK power modules for traction inverter, onboard charger and other electrical vehicle-related applications.

第二季我們斬獲了多項新的設計訂單，涵蓋一系列矽和碳化矽功率分立元件。其中包括與模組製造商合作的第三代碳化矽 MOSFET 晶片、整流器、超快二極體和碳化矽二極體，以及我們用於牽引逆變器、車載充電器和其他電動車相關應用的 ACEPACK 功率模組。

We also won sockets for power management ICs in onboard chargers, DC-DC conversion and electronic parking brake application at multiple Tier 1s and carmakers.

我們還贏得了多家一級供應商和汽車製造商的訂單，用於車載充電器、直流-直流轉換和電子駐車煞車應用中的電源管理 IC。

In car digitalization, we announced last week a new cooperation model with the Volkswagen Group for our next-generation digital automotive solutions, the Stellar microcontroller family. This will include the direct usage of our high-performance Stellar microcontroller family and the joint development with Volkswagen car yard for a system-on-chip Stellar microprocessor. Both the MCU and the system-on-chip MPU will address multiple applications within the new zonal architecture platform of the Volkswagen Group, which is called Volkswagen Trinity project.

在汽車數位化領域，我們上週宣布與大眾汽車集團就下一代數位汽車解決方案——Stellar微控制器系列——達成新的合作模式。此模式將包括直接使用我們高效能的Stellar微控制器系列，以及與大眾汽車廠聯合開發系統單晶片微處理器。微控制器和系統單晶片級微處理器都將應用於大眾汽車集團全新區域架構平台（即大眾Trinity專案）的多個應用場景。

In our automotive sensor business, we had multiple wins for devices in our 6-axis automotive sensor family, including our embedded machine learning core sensor.

在我們的汽車感測器業務中，我們的 6 軸汽車感測器系列產品取得了多項成功，其中包括我們的嵌入式機器學習核心感測器。

We continued to gain traction for our automotive global shutter product family, with major OEM program design wins.

我們的汽車全球百葉窗產品系列持續獲得市場認可，並贏得了多個大型 OEM 項目設計訂單。

Moving now to industrial. Here, we saw strong demand through the quarter in business-to-business industrial from both Distribution and OEM, with Distribution inventories of our products remaining lean across all product families and high inventory turns. Across the industrial market, we see 2 main trends accelerating the increase in semiconductor content: digitalization of devices and systems; and energy management and power efficiency improvements. These trends are driving a structural transformation in this market.

接下來我們來看工業領域。本季度，來自經銷商和原始設備製造商 (OEM) 的 B2B 工業市場需求強勁，我們所有產品系列的分銷庫存均保持精簡，庫存週轉率高。在整個工業市場，我們看到兩大趨勢正在加速半導體含量的成長：設備和系統的數位化；以及能源管理和電源效率的提升。這些趨勢正在推動該市場的結構性轉型。

We addressed the industrial market focusing on 3 areas: the business-to-business industrial segment, the largest part, which includes automation, robotics, power energy and transformation; consumer industrial, which includes home appliances, smart buildings and power tools and a more specialized part addressing, for example, health care.

我們針對工業市場，重點關注以下三個領域：企業對企業工業領域（佔比最大），包括自動化、機器人、電力能源和轉型；消費工業領域，包括家用電器、智慧建築和電動工具；以及一個更專業的領域，例如醫療保健領域。

Across these 3 areas, we have important wins with our broad portfolio. In business-to-business industrial, we had multiple design wins for products such as intelligent power switches, industrial sensors, high- and low-voltage MOSFETs, wireless charging solutions and our STM32-embedded processing solutions. Application includes programmable logic controllers, robotics, energy storage and wind turbines.

在這三大領域，我們憑藉豐富的產品組合取得了重要進展。在企業對企業工業領域，我們贏得了多項產品設計訂單，包括智慧電源開關、工業感測器、高低壓 MOSFET、無線充電解決方案以及基於 STM32 的嵌入式處理解決方案。應用領域涵蓋可程式邏輯控制器、機器人、儲能設備和風力渦輪機。

In consumer industrial, we have design wins in applications such as major home appliances, power tools, cleaning robots, consumer power supplies, point-of-sales terminals and building air conditioner systems.

在消費工業領域，我們在大型家用電器、電動工具、清潔機器人、消費電源、銷售終端和建築空調系統等應用領域都獲得了設計訂單。

And in the specialized part, I would like to highlight just one innovative example in health care, where we announced the incorporation of an NFC tag into a connected syringe by NP Plastibell.

在專業領域，我想重點介紹一個醫療保健領域的創新案例，即 NP Plastibell 公司宣布將 NFC 標籤整合到連網注射器中。

Before closing on industrial, a few words on embedded processing, where we continue to build on our #1 position in 32-bit MCUs and where we announced enhancement to our security offer with Amazon Web Services, extension of our support for Microsoft Azure RTOS across the product range and addition to our NanoEdge artificial intelligence studio.

在結束工業領域之前，我們想簡單談談嵌入式處理，我們將繼續鞏固在 32 位元 MCU 領域的領先地位，並宣布透過 Amazon Web Services 增強我們的安全產品，擴展我們對 Microsoft Azure RTOS 的支持，並擴充我們的 NanoEdge 人工智慧工作室。

Moving now to personal electronics. Demand for our products in the selected areas we target in the smartphone market was above expectations. In this market, we focus on selected high-volume smartphone applications, addressing them with differentiated or custom products while leveraging our broad portfolio to address other high-volume applications.

接下來談談個人電子產品。我們在智慧型手機市場特定目標領域的產品需求超出預期。在這個市場，我們專注於部分高銷量智慧型手機應用，透過差異化或客製化產品來滿足這些應用的需求，同時利用我們豐富的產品組合來滿足其他高銷售量應用的需求。

During the quarter, we won sockets in these devices with motion and environmental sensors, time-of-flight ranging sensors, touch display controllers and secure solutions. We also made progress with our wireless charging solutions, with wins in flagship smartphones and smart watches.

本季度，我們在配備運動和環境感測器、飛行時間測距感測器、觸控顯示控制器和安全解決方案的設備中贏得了應用。此外，我們的無線充電解決方案也取得了進展，成功入選旗艦智慧型手機和智慧手錶市場。

In communication equipment and computer peripherals, we continue to see deployment of 5G infrastructure products and of low earth orbit satellite programs and services around the globe. Here, we target selected and volume application, again, with differentiated products or custom solutions while leveraging our broad portfolio. New wins here include pressure sensor for hard disks, time-of-flight senses for laptops and our MasterGaN family for high-power-density charging adapters. I would like also to confirm our continued progress with key customer engagements in addressing selected applications in cellular and satellite communication infrastructure.

在通訊設備和電腦週邊設備領域，我們持續看到5G基礎設施產品以及低地球軌道衛星計畫和服務在全球的部署。在此領域，我們再次針對特定應用和批量應用，利用我們廣泛的產品組合，提供差異化產品或客製化解決方案。我們在此領域取得的新成果包括硬碟的壓力感測器、筆記型電腦的飛行時間感測器以及用於高功率密度充電轉接器的MasterGaN系列產品。此外，我還想確認我們在與重要客戶的合作中，在滿足蜂窩和衛星通訊基礎設施特定應用的需求方面，也取得了持續進展。

Now let's move to our 2022 third quarter outlook and plan for the full year 2022. For the third quarter, at the midpoint, we expect net revenues to be about $4.24 billion, representing year-over-year and sequential growth of 32.6% and 10.5%, respectively. Gross margin is expected to be about 47% at the midpoint.

現在讓我們來看看2022年第三季的展望以及2022年全年的計畫。第三季度，我們預期淨收入中位數約為42.4億美元，年增32.6%，季增10.5%。毛利率中位數預計約為47%。

Looking at the full year, we now plan to drive the company based on 2022 net revenues in the range of $15.9 billion to $16.2 billion, representing growth of about 25% to 27%. This plan includes a gross margin of about 47%. We confirm our 2022 CapEx investment range of $3.4 billion to $3.6 billion.

展望全年，我們計劃以2022年淨收入159億美元至162億美元為基準，推動公司發展，年增約25%至27%。該計劃的毛利率約為47%。我們確認2022年資本支出投資範圍為34億美元至36億美元。

Before concluding, I want to highlight the recent announcement we made together with GlobalFoundries. We signed an MOU to create a new 300-millimeter semiconductor manufacturing facility adjacent to ST existing 300-millimeter facility in Crolles, France. This is a projected multibillion euro collaborative investment that will include significant financial support from the state of France. The project is subject to the execution of definitive agreements and various regulatory approvals, including from the European Commission's DG Competition.

在結束演講之前，我想重點介紹我們最近與GlobalFoundries共同發布的公告。我們簽署了一份諒解備忘錄，將在法國克羅勒（Crolles）毗鄰ST現有300毫米半導體製造工廠的地方新建一座300毫米半導體製造工廠。這是一項預計數十億歐元的合作投資，將獲得法國政府的大力財政支持。該項目尚需簽署最終協議並獲得包括歐盟委員會競爭總司在內的各監管機構的批准。

As you know, we are transforming our manufacturing base with a significant expansion of our 300-millimeter capacity, a major enabler supporting ST's $20 billion plus revenue ambition. We already have a unique position in our 300-millimeter wafer fab in Crolles, which will be further strengthened by this important initiative. We continue to invest into our new 300-millimeter wafer fab in Agrate, near Milan, Italy, ramping up in H1 2023 with an expected full saturation by the end of 2025 as well as in our vertically integrated silicon carbide and gallium nitride manufacturing. This new facility will enable us to support even more our European and global customers across all end markets and to advance our leadership objectives in automotive and industrial as well as our focus activities in communication infrastructure.

如您所知，我們正在透過大幅擴建300毫米晶圓產能來改造我們的製造基地，這對於ST實現超過200億美元的營收目標至關重要。我們在克羅勒的300毫米晶圓廠已擁有獨特的市場地位，而這項重要措施將進一步鞏固此優勢。我們將繼續投資位於義大利米蘭附近阿格拉特的全新300毫米晶圓廠，該廠將於2023年上半年開始投產，預計到2025年底全面投產。同時，我們也積極推動垂直整合的碳化矽和氮化鎵製造業務。這座新工廠將使我們能夠更好地服務歐洲和全球所有終端市場的客戶，並推進我們在汽車和工業領域的領先地位，以及我們在通訊基礎設施領域的重點業務。

Importantly, we are targeting to make this new fab a leader in sustainable semiconductor manufacturing. For example, it is designed to be 10 to 20x less emissive in terms of greenhouse gases than similar projects in Europe and in the rest of the world. And of course, working with GF will allow us to go faster, lower the risk pressures and ultimately reinforce the European FD-SOI ecosystem.

重要的是，我們的目標是使這座新晶圓廠成為永續半導體製造領域的領導者。例如，其溫室氣體排放量比歐洲乃至世界其他地區的同類計畫減少10到20倍。當然，與GF的合作將使我們能夠加快步伐，降低風險壓力，並最終加強歐洲FD-SOI生態系統。

To conclude, our Q2 financial results and plan for the full year 2022 are aligned with our ST's strategic focus on core business and targeted high-growth areas. We continue to leverage our early investments in smart mobility, power and energy management and IoT and connectivity. We are building on the unique strength of our integrated device manufacturer model, complemented by partnerships with foundries and suppliers, customer relationships and our established end market and application strategy. These initiatives will support the $20 billion plus revenue ambition we outlined at our Capital Markets Day.

總之，我們第二季的財務表現和2022年全年計畫與ST公司專注於核心業務和高成長領域的策略重點一致。我們將繼續利用在智慧出行、電源和能源管理以及物聯網和連接領域的早期投資。我們正依託自身獨特的整合裝置製造模式優勢，並輔以與代工廠和供應商的合作、客戶關係以及我們成熟的終端市場和應用策略。這些措施將協助我們實現資本市場日提出的超過200億美元的營收目標。

Thank you, and we are now ready to answer your questions.

謝謝，我們現在可以回答您的問題了。

(Operator Instructions) The first question is from Aleksander Peterc from Societe Generale.

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

The first question would be really on your full year guidance upgrade and the very strong traction in the third quarter. With all your supply constraints for the rest of the year and although there may be some price hikes, those were already baked into the previous guidance, I suppose. So could you explain where this extra billion of revenue is coming from in the year? Is it improved foundry capacity access or better internal efficiency, more internal capacity, although your CapEx plan is unchanged and H1 was pretty much in line or a little bit below expectations? So if you could just explain where -- what's driving this additional revenue for the year.

第一個問題是關於您上調全年業績預期以及第三季強勁的成長勢頭。考慮到您今年剩餘時間的供應限制，雖然價格可能會有所上漲，但我想這些因素應該已經反映在先前的業績預期中了。那麼，您能否解釋一下這額外增加的十億美元收入來自哪裡？是代工廠產能的提升，還是內部效率的提升或產能的增加？儘管您的資本支出計劃沒有改變，而且上半年業績基本上符合預期或略低於預期。所以，如果您能解釋一下是什麼因素推動了這部分額外收入的成長，那就太好了。

And my quick follow-up would be on OpEx, which actually came in a little bit below expectations for the second quarter, so no sign of undue inflationary pressure there. How should we think about OpEx for the remainder of the year?

接下來我想快速談談營運支出，第二季的營運支出實際上略低於預期，因此沒有跡象表明存在過多的通膨壓力。我們該如何看待今年剩餘時間的營運支出？

Thank you for your questions. So Lorenzo will answer on OpEx.

感謝您的提問。接下來由 Lorenzo 回答有關營運績效的問題。

About the second half, let's say, improvement with our, let's say, indication for the year. Well, basically, there is 2 cumulative effects. One effect, of course, is moving through the year, it is clear that we are able to secure our, let's say, supply chain, both the equipment arrival, setup, which we're supposed to add capacity in our phone manufacturing. So now, okay, we have better visibility. So it was, for us, the opportunity to increase our manufacturing. But as an example, okay, the production value of ST in Q3 will increase by 12.5% versus Q2. So this is the reason why, okay, we have this capability to increase our revenue target. We have better support from foundry partners, I have to say.

關於下半年，我們預計全年業績將會改善。這主要有兩個累積效應。首先，隨著時間的推移，我們能夠確保供應鏈的穩定，包括設備的到貨和安裝，進而提升手機產能。因此，我們對未來有了更清晰的了解。這為我們提供了提升產能的機會。例如，ST第三季的產值將比第二季成長12.5%。正因如此，我們才有能力提高營收目標。此外，我們也得到了代工廠合作夥伴的大力支持。

The second effect is pricing and mix. Clearly, we have still a favorable environment. And pricing and mix is also contributing to this $1 billion additional target revenue for the full year.

第二個影響因素是定價和產品組合。顯然，我們仍然處於有利的市場環境。定價和產品組合的調整也促成了全年額外10億美元的營收目標。

And Lorenzo, your answer on OpEx?

洛倫佐，你對營運支出有什麼看法？

Yes. Good morning to everybody. In terms of OpEx, what we model now for the current quarter for Q3 will be to have OpEx -- a net OpEx, so including also other income and expenses similar to the one that we had in the previous quarter in Q2. So now we are, let's say, in a range between $810 million, $850 million. Of course, we are benefiting also from the seasonality this quarter because, as you know, in Europe, there is vacation, and this is a benefit for our expenses as well as also for the exchange rate.

是的，大家早安。關於營運支出（OpEx），我們目前對第三季的預測是，淨營運支出（OpEx）將與第二季（Q2）的淨營運支出（OpEx）類似，其中包括其他收入和支出。因此，我們目前的預測範圍在8.1億美元到8.5億美元之間。當然，本季我們也受惠於季節性因素，因為如大家所知，歐洲正值假期，這對我們的支出以及匯率都有利。

For the year, I would say that if I look for the year -- the total year and in the average, as you know, usually, what I share with you is the quarterly average expenses in the year. But I would say that the level will stay more or less in this range of between $810 million, $850 million. This is where we see today, let's say, lending our expenses for the full year. So this means that there will be an increase in Q4, as usual, due to the seasonality. But in the average, we will be there.

就全年而言，如果我著眼於全年整體情況，也就是平均值，正如您所知，我通常分享的是季度平均支出。但我認為全年支出水準將大致維持在 8.1 億美元至 8.5 億美元之間。這是我們目前看到的全年支出水準。這意味著，由於季節性因素，第四季支出將如往常一樣有所增長。但總體而言，我們將保持在這個水平。

Next question is from Adithya Metuku from Crédit Suisse.

下一個問題來自瑞士信貸銀行的 Adithya Metuku。

Yes. Congrats firstly on a great guide. Just 2 questions. Firstly, can you give us some color on how you're thinking of growth by division in the third quarter and for the rest of the year?

是的。首先恭喜你寫出這麼棒的指南。我有兩個問題。第一，你能否詳細說明一下你對第三季以及今年剩餘時間各部門成長的預期？

And secondly, I just wondered, when I look at the seasonality for the fourth quarter at the midpoint of your guide, it looks like you're assuming 4% sequential growth in the fourth quarter versus 5-year seasonality of 12%. So are you assuming some kind of underlying demand slowdown? Or is that driven by your capacity increase plans? What is driving that seasonality that you're assuming in the fourth quarter? Any color there would be helpful.

其次，我想問一下，我查看您指南中第四季度的季節性預測時，發現您假設第四季度環比增長4%，而五年平均季節性增長率為12%。您是假設存在某種潛在需求放緩嗎？還是因為您的產能擴張計畫？您假設的第四季季節性成長是由什麼因素驅動的？如果能詳細解釋一下就更好了。

Maybe I comment on the second half for (inaudible) by group, and you comment on the seasonality, Lorenzo.

也許我可以評論下半部分（聽不清楚）按組別，而你可以評論季節性，洛倫佐。

Yes. No, no. No problem. I can comment.

是的。不，不。沒問題。我可以發表評論。

So overall, for H2, so Q3 and H2, well, clearly, we continue to see a strong growth in ADG definitively, both Automotive and Power Discrete. And it is clearly sustained by our capability to increase our manufacturing supply chain.

總體而言，就下半年（包括第三季和下半年）而言，ADG業務顯然繼續保持強勁成長，無論是汽車領域還是電力離散領域。這顯然得益於我們不斷提升製造供應鏈的能力。

AMS will grow in H2. But you know that here is the usual attraction of our engage customer programs, which are, let's say, increasing in Q3 and then in Q4. We will grow as well for Analog and MEMS. But clearly, this field of product group, here, we are limited by our old capacity.

AMS業務在下半年將會成長。但您也知道，我們一貫重視客戶互動項目，這些項目通常會在第三季和第四季持續成長。類比電路和MEMS業務也會成長。但很顯然，在這產品領域，我們受限於原有的產能。

Microcontrollers will grow. But similar to Analog and MEMS, we have also a limitation in capacity, and we will grow quite materially our RF Communications division related to customer engage program.

微控制器將會發展壯大。但與類比電路和MEMS電路類似，我們的產能也有限制，因此我們將大幅擴展與客戶互動專案相關的射頻通訊部門。

And Lorenzo, you comment on the seasonality.

洛倫佐，你對季節性有什麼看法？

I think you have covered, but at the end, if you want a little bit more color about Q3. For sure Q3, there is our seasonality in personal electronics that is a strong driver for our growth. So at the end, the driver of the growth in the current quarter and on a sequential basis definitely will be AMS. AMS is enjoying -- let's say, is one of our group that has more exposure to personal electronics as you know, so at the end, it will be the driver of the growth.

我認為您已經涵蓋了所有內容，但最後，如果您想更詳細地了解第三季的情況，我可以補充一點。當然，第三季個人電子產品的季節性因素是我們成長的主要動力。因此，本季以及季增的主要驅動力無疑是AMS。 AMS——正如您所知，它是我們集團中個人電子產品業務佔比最高的部門之一——最終將成為成長的主要驅動力。

Anyway, all the groups will contribute to the growth in the current quarter. We continue to see traction -- a strong traction in ADG that we will continue to grow, let's say, as well as also in MDG. But on Q4 and on the second half, Jean-Marc was covering, let's say, the evolution.

總之，所有業務部門都會為本季的成長做出貢獻。我們持續看到成長勢頭——ADG 板塊增長強勁，我們將繼續保持成長勢頭，MDG 板塊也是如此。至於第四季和下半年，Jean-Marc 主要負責分析業務發展。

Got it. So essentially, AMS will be the main growth driver in the third quarter, followed by ADG and the MDG?

明白了。所以基本上來說，AMS將是第三季的主要成長動力，其次是ADG和MDG？

Correct. Correct. Let's say, this is not a surprise because at the end, you know that at the end -- in the second half and particularly in Q3, personal electronics, for us, is a strong driver. Anyway, I confirm that all the groups will contribute, let's say, and ADG and MDG will be 2 groups contributing as well to this growth.

沒錯。沒錯。這麼說吧，這並不令人意外，因為大家都知道，在下半年，尤其是在第三季度，個人電子產品對我們來說是一個強勁的成長動力。總之，我確認所有業務部門都會做出貢獻，ADG 和 MDG 也將是推動這項成長的兩個重要部門。

Got it. And would you say that the growth in AMS would be abnormally strong this quarter?

明白了。您認為本季AMS的成長會異常強勁嗎？

But I don't know what means abnormally strong, let's say.

但我不知道「異常強」具體是什麼意思。

You mean sequentially or...

你是說按順序還是…

Sequentially strong.

順序強。

Yes. Is there any content growth that we need to think about when we're modeling AMS revenues in the third quarter? Any significant content growth?

是的。在預測第三季AMS營收時，我們是否需要考慮內容成長？是否存在顯著的內容成長？

Sorry? No, maybe you said the content growth. The content growth -- about the content, you know that now, let's say, in AMS, in personal electronics, we have a variety of products, let's say, that are contributing to the growth. I would say that is really, I would say, a matter of volume here. Let's say, the content is what it is.

抱歉？不，您剛才說的是內容成長。關於內容成長－您知道，現在，比如說，在AMS（應用行銷服務）和個人電子產品領域，我們有許多產品，比如說，這些產品正在推動成長。我認為這實際上是一個數量的問題。內容本身就是這樣。

Now we don't see any abnormal signature in the profile of the revenue between H1 and H2 and related to the new device introduction. So absolutely a normal seasonality.

目前我們並未發現上半年和下半年營收成長曲線有任何異常特徵，也未發現與新設備上市相關的跡象。這完全屬於正常的季節性波動。

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

下一個問題來自 Craig-Hallum 的 Anthony Stoss。

My congrats as well on the exceptionally strong execution. Jean-Marc, you talked about having visibility through 2023. I'm wondering if you can comment on your confidence level in maybe the percentage of orders that are noncancelable or what percent you think could be at risk to be down shifted?

我也要祝賀你們執行得非常出色。 Jean-Marc，你提到對2023年的前景有清楚的期待。我想問一下，你對不可取消訂單的比例，或者你認為可能面臨取消風險的訂單比例，有什麼信心？

And then when you look into 2023 on the gross margin side, again, 47%, darn impressive. For this year, do you think based on mix, you can continue to grow gross margins into 2023?

然後，當我們展望2023年的毛利率時，同樣達到了47%，非常令人印象深刻。就今年而言，您認為基於產品組合，毛利率能否在2023年持續成長？

So Lorenzo will comment on the gross margin. About the data point for 2023, again -- okay, I share with you the fact we have in our hand. So I repeat that the backlog we have requested by our customers basically is covering, depending the product family, between 18 to 24 months of planned capacity, not existing capacity. I have to say planned capacity, which are related to our CapEx we will spend this year and a part of the CapEx we will -- we intend to spend next year.

所以洛倫佐會就毛利率發表評論。關於2023年的數據，我再說一次──好的，我跟大家分享一下我們掌握的狀況。我重申一下，客戶要求的積壓訂單基本上可以涵蓋18到24個月的計畫產能，具體數量取決於產品系列，而不是現有產能。我在這裡說的計畫產能是指我們今年的資本支出，以及我們計畫明年投入的部分資本支出。

So first of all, okay, we have 2022 sold out, and basically, we have 2023, which is either sold out or partially sold out, okay, depending of the product group. On automotive, okay, the full capacity of 2023 is sold out. So that's the reason why that -- when I am questioned about when we do believe we'll come back to, let's say, normal lead time, capability to replenish inventories, okay, I always say, of course, not before end of 2023 and then in 2024. So this is what we say.

首先，好的，我們2022年的訂單已經售罄，2023年的訂單也基本上售罄或部分售罄，具體取決於產品類別。就汽車產品而言，2023年的全部產能都已售罄。所以，當被問到我們何時才能恢復正常的交貨週期和庫存補充能力時，我總是說，當然，最早也要到2023年底，然後是2024年。這就是我們的說法。

Then what other data point I can share with you. So we have, let's say, during H1 this year, changed our policy of confirmation of order. So now we really scheduled the order up to 2023, so on 24 months rolling. And for us, it was important, okay, to make this exercise because we have detected potential double ordering. And I have to say that it was very, very marginal, very, very marginal. So we are absolutely not seeing, let's say, double ordering in the channel, okay, we are using.

那我還能分享哪些數據呢？比如說，今年上半年我們調整了訂單確認政策。現在我們把訂單排程一直到2023年，也就是滾動24個月。對我們來說，這樣做很重要，因為我們發現了一些潛在的重複下單的情況。但我必須說，這種情況非常非常少見，真的非常少見。所以，在我們目前的管道中，絕對沒有出現重複下單的情況。

The inventory level at our distributor is lean. Inventory turns are below the standard level higher -- sorry, very higher standard level to make business. So there is still potential of inventory replenishment but that we are not capable to do at this present time.

我們分銷商的庫存水準很低。庫存週轉率低於正常水準－抱歉，是遠高於正常水準才能保證業務成功。因此，庫存仍有補貨的潛力，但我們目前沒有能力做到這一點。

More then in the field of the 2 end markets I have spoken about during my address, the automotive and the industrial B2B, the pressure of customer -- the demand is huge. We have, okay, multiple call every day, every week to find solution to supply them. Yes, we have seen some sign of softening. I confirm in Chromebook, notebook, PC, middle-end, low-end Android smartphone, not too much in accessories. And the famous customer we sell, okay, in Q2 was above our expectation and will be strong and solid in H2.

在我剛才提到的兩個終端市場－汽車和工業B2B領域，客戶壓力更大，需求量龐大。我們每天、每週都要接到很多電話，想辦法滿足他們的供貨需求。是的，我們已經看到一些疲軟的跡象。我確認，Chromebook、筆記型電腦、PC、中低階安卓智慧型手機的需求下降，配件方面則沒有太大變化。我們重要的客戶在第二季度的表現超出了預期，預計下半年也將保持強勁勢頭。

We know the engage customer program we have for 2023, new circuit we win. So I confirm silicon carbide, $1 billion revenue at least in 2023. Well, this is all the data points we have and I can share with you.

我們知道我們為2023年制定的客戶互動計劃，以及我們贏得的新電路。所以我確認碳化矽在2023年至少能帶來10億美元的收入。好了，這就是我們目前掌握並可以和大家分享的所有數據。

So about the gross margin, Lorenzo?

那麼，洛倫佐，毛利率方面的情況如何呢？

About the gross margin, for sure, at this stage, let's say, is a little bit early to go and to discuss about 2023. What I can say is that definitely, let's say, we will have some tailwinds that definitely will be -- the exchange rate will remain at this level, for sure, will help. The mix -- the product mix will be in the right direction in this respect. For sure, what I can say is that, yes, we see, in terms of inflationary costs, these inflationary costs that, by the way, are impacting already the second half of the year in 2022.

關於毛利率，現階段討論2023年的情況當然還為時過早。但我可以肯定的是，我們會有一些利多因素，例如匯率將維持在當前水平，這肯定會有所幫助。產品組合也將朝著正確的方向發展。當然，我們也看到，就通膨成本而言，這些通膨成本已經開始影響到2022年下半年。

But what I can say is that, let's say, 2023 will be another year that is -- will put us in our trajectory to be, between 2025 and 2027, let's say, in the range of 50% gross margin.

但我可以肯定的是，2023 年將是另一個好年頭，這將使我們走上正軌，在 2025 年至 2027 年之間，毛利率達到 50% 左右。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的桑迪普·德什潘德。

Congratulations on really strong guidance. Is -- regarding the guidance, third quarter, your guidance in revenue growth is almost 33% year-on-year. How much of that year-on-year growth is coming from unit increase and how much from pricing increase? And is pricing still increasing in terms of your product? And as a corollary to that, is pricing increases similar in all your end markets or, in some particular end markets, you're seeing much higher pricing increases than in other end markets?

恭喜貴公司發布了非常強勁的業績指引。關於指引，第三季營收年增近33%。這33%的年成長中，有多少來自銷售成長，又有多少來自價格上漲？貴公司產品的價格是否仍在上漲？此外，貴公司所有終端市場的價格上漲幅度是否一致，還是某些特定市場的價格漲幅遠高於其他市場？

So Lorenzo will answer.

所以洛倫佐會回答。

Yes. Thank you for the questions, Sandeep. But when we look at the dynamic in terms of increasing of our revenues, let's say, for sure, there are 3 components, if you want. On one side, there are, yes, price increase because price increase this year, when we look at 2022 compared to the previous year, is an important component as well as volume and the mix because mix was another ingredient. But I would say that we are talking here, let's say, more or less in the range of 40-60. Let's say, 40% is pricing, and rest could explain -- for the rest, 60%.

是的，謝謝你的提問，Sandeep。但如果我們分析收入成長的動態，可以肯定地說，它包含三個組成部分。一方面，價格上漲是重要因素，因為與前一年相比，2022年的價格上漲是重要因素；另一方面是銷售量和產品組合，因為產品組合也是影響因素之一。但我認為，這三個因素加起來的比例大約在40%到60%之間。假設價格上漲佔40%，剩下的60%則由其他因素解釋。

When I look at the current guidance for the current quarter, actually, we do not have embedded any significant price increase on a sequential basis. For sure, year-over-year is better, the reason because there's been an increased pricing during the first half. But on a sequential basis, there is no significant -- we do not expect any significant price increase. We will be more or less stable in respect to that.

從目前對本季的業績預期來看，實際上，我們並沒有計劃環比大幅漲價。當然，同比數據會更好，因為上半年價格上漲。但環比來看，我們預計不會大幅漲價，價格將保持相對穩定。

Well, yes, of course, there are differences in terms of pricing dynamic in the different market. I would say that for sure, when we look at mass market, when we look at distribution is where, let's say, we have the highest level of price increase. Then we have a price increase also in the area of automotive that is material, mainly driven by the fact that, let's say, there is a significant, let's say, higher demand in respect to what we were able to produce.

當然，不同市場的定價動態肯定存在差異。可以肯定的是，在大眾市場，尤其是分銷管道，價格漲幅最大。汽車產業的價格上漲也相當明顯，這主要是因為市場需求遠高於產能。

While -- when we look at a market like the personal electronics, I would say that we have more stabilization of pricing, more than price increase. Here and there, we have some, of course, price acceleration. But overall, I would say that, in this market, there is no significant price increase, while in respect to the past, maybe there is not strong price pressure. We will say more or less -- we can say that we are more or less stable.

就個人電子產品市場而言，我認為價格趨於穩定，而非上漲。當然，個別地區也會出現價格加速上漲的情況。但整體而言，我認為該市場並未出現顯著的價格上漲，與過去相比，價格壓力或許不大。我們可以說，目前市場基本上保持穩定。

And Sandeep, that's the reason why I share with everybody the number. In Q3, the production of ST will increase by 12.5%, supporting this sequential growth of 10.5% of Q3 and prepare in Q4. Yes.

桑迪普，這就是我把這個數字告訴大家的原因。第三季ST的產量將成長12.5%，支撐第三季10.5%的環比成長，並為第四季做好準備。是的。

Did this answer your question, Sandeep?

桑迪普，這個回答是否解決了你的問題？

Probably, yes.

很可能是。

Probably, yes. I hope so.

大概是吧。我希望如此。

The next question is from Sébastien Sztabowicz from Kepler Cheuvreux.

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

Regarding the 300-millimeter fab buildup with GlobalFoundries, what kind of CapEx should we add to our model going forward for this specific fab?

關於與 GlobalFoundries 合作建造 300 毫米晶圓廠，我們應該在未來的模型中為該晶圓廠增加什麼樣的資本支出？

The second one is returning to the question on sequential growth in your main divisions in Q3. Could you provide a little bit of more granularity on the kind of growth we can expect sequentially by division for Q3?

第二個問題是關於您第三季主要業務部門的環比增長情況。您能否更詳細說明一下第三季各業務部門的環比成長預期？

About the CapEx, the project we intend to complete with GF is consistent simply with our $20 billion plus ambition. Of course, when we have prepared this plan, we assessed many scenarios of manufacturing supply to enable this $20 billion plus ambition. No, and I have to say that the scenario to build an adjacent fab to call with GlobalFoundries, with significant support from the France is making the scenario competitive, clearly.

關於資本支出，我們計劃與格羅方德（GF）合作完成的專案完全符合我們超過200億美元的投資目標。當然，在製定這項計劃時，我們評估了多種製造供應方案，以實現這一超過200億美元的目標。不，我必須說，在法國的大力支持下，與格羅方德合作建造一座相鄰的晶圓廠的方案，顯然更具競爭力。

And then, okay, we'll, let's say, also give to both ST and GF some scaling advantage. But the CapEx, okay, is -- will be simply consistent with the $20 billion plus ambition.

然後，好吧，我們不妨也給ST和GF一些規模優勢。但資本支出，好吧，將完全符合200億美元以上的目標。

And the sequential growth, maybe Lorenzo?

而循序漸進的成長，或許是洛倫佐？

Sorry, sorry. No. Okay. As I said before, AMS is a group that is driving the sequential growth, but I think that this will not be a surprise if I say that it is our Imaging Products that are really, let's say, driving inside the AMS -- the growth. There will be contributions, sure, for Analog and also MEMS that will be, let's say, less significant of the one of Imaging.

抱歉，抱歉。不。好的。正如我之前所說，AMS部門是推動業務持續成長的主要力量，但我認為，如果我說真正推動AMS內部成長的是我們的影像產品，大家應該不會感到驚訝。當然，類比電路和MEMS部門也會有所貢獻，但與成像產品相比，它們的貢獻就顯得微不足道了。

In the second half of the year, our, let's say, customer engage program that we have in personal electronics with our main, let's say, customers is technically one that is important for us. And definitely, Imaging is quite exposed on that. So at the end, let's say, the growth comes from there in AMS.

下半年，我們針對個人電子產品主要客戶所進行的客戶互動專案對我們來說至關重要。影像業務在這方面也扮演著重要角色。因此，最終，AMS的成長將主要來自這些項目。

But I wanted to repeat that at the end is not the only one, AMS. We have still significant growth in ADG, in MDG as well, let's say. We will continue, let's say, to see growing these groups.

但我想重申，AMS 並非唯一的成長點。 ADG 和 MDG 等其他業務部門也仍保持顯著的成長。我們將繼續看到這些業務板塊的成長。

The next question is from Gianmarco Bonacina from Equita.

下一個問題來自 Equita 公司的 Gianmarco Bonacina。

Just, for me, a clarification on the cooperation you recently announced with Volkswagen. It was not clear how broad it is within the Volkswagen Group because I know you announced, for example, some time ago, a very important cooperation with Renault. So just to understand if it's basically a broad collaboration with Volkswagen on the future platform or it's just, let's say, will have a minor impact.

我只是想就您最近宣布的與大眾汽車的合作做個澄清。我不清楚這項合作在大眾集團內部的範圍有多廣，因為我知道您之前也宣布過與雷諾的重要合作。所以我想了解一下，這次合作是與大眾汽車在未來平台方面的廣泛合作，還是只是會產生一些小的影響？

And then related to this, I think you already mentioned at the Capital Market Day that you are changing the way you interact with automotive OEM. So I just wanted to know if you have continued in the last months to sign a new long-term contract with, let's say, attractive pricing for you?

關於這一點，我想您在資本市場日上已經提到過，您正在改變與汽車OEM廠商的合作方式。所以我想了解一下，在過去的幾個月裡，您是否繼續簽署新的長期合同，比如說，價格對您來說比較有吸引力的合同？

No, this -- first of all, okay, this is a public project called Trinity at Volkswagen aiming to develop the, let's say, software-defined vehicle architecture and zonal. And here, and this platform, okay, will be deployed across the board in all the Volkswagen Group, full. And here, basically, ST will have, let's say, participation today, okay, awarded in 2 critical components.

不，首先，這是大眾汽車一個名為Trinity的公共項目，旨在開發軟體定義的車輛架構和區域控制。這個平台將全面部署到大眾集團的各個部門。而ST公司目前參與了其中兩個關鍵組件的開發。

The MCU, so the high-performance Stellar MCU developed on 28 FD-SOI embedded PCM technology, which is a product developed, okay, in our technology -- manufactured in our technology. And then, okay, ST is participating to the development and the architecture of a complex system-on-chip's embedded, let's say, processor but also real-time processors, which are IP of ST called Stellar, which are also present in the MCU. And ST, okay, we'll have the ownership of, let's say, the engineering, the manufacturing of this system-on-chip in cooperation with TSMC. It is exactly a very similar model of what we have with Mobileye.

這款MCU，也就是基於28 FD-SOI嵌入式PCM技術開發的高效能Stellar MCU，是我們自主研發並製造​​的產品。此外，ST參與了複雜系統級晶片（SoC）的開發和架構設計，該晶片包含嵌入式處理器以及即時處理器，這些處理器是ST的智慧財產權，名為Stellar，也整合在MCU中。 ST將與台積電合作，負責此SoC的工程設計與製造。這與我們與Mobileye的合作模式非常相似。

So when we had, at Volkswagen Group level, full deployment, the capability, okay, to have like Mobileye, the ownership of the MPU system-on-chips in cooperation with Volkswagen car yard and TSMC plus all the MCU that we will manufacturing ourselves. Starting 2026, it will be material for ST.

因此，當我們在大眾集團層面全面部署，具備了像Mobileye那樣與大眾汽車廠和台積電合作，擁有MPU系統晶片以及我們自己生產的所有MCU的能力時，從2026年開始，這將對意法半導體（ST）至關重要。

Okay. And with the other OEMs, you have continued to change, let's say, the relationship on LTA that kind of contracts?

好的。那麼與其他OEM廠商相比，你們是否一直在改變，比如說，在LTA之類的合約方面的關係？

With -- it is clear that we see an evolution with the relation in the ecosystem between a carmaker, Tier 1 EMS and ST. It is clear that our preferred, let's say, model is either the traditional carmakers, Tier 1 and us, of course, okay, changing the way the value chain operate, okay? I guess now everybody has understood that semiconductors are not a commodity with infinite capacity and very short lead time. So I guess everybody has understood that you have to plan investments, you have to plan capacity, you have to give visibility. And when the value chain is carmaker, Tier 1 and semiconductor, okay, it's much better to keep it as it is.

很明顯，我們看到汽車製造商、一級電子製造服務商 (Tier 1 EMS) 和意法半導體 (ST) 之間的生態系統關係正在演變。顯然，我們更傾向於傳統的模式，比如說，由傳統的汽車製造商、一級電子製造服務商和我們自己組成，當然，這需要改變價值鏈的運作方式。我想現在大家都明白，半導體並非產能無限、交貨週期極短的商品。因此，我想大家都明白，必須規劃投資、規劃產能、確保透明度。而當價值鏈由汽車製造商、一級電子製造服務商和半導體組成時，最好還是維持現狀。

Then what we are seeing -- we are seeing some evolution in some carmakers that, for some part of the system of the car, clearly, there is an evolution where the carmaker wrote the IP, start to design the architecture of the system and the device, and we'll operate more in a mode like a smartphone, where you will have the carmaker using an EMS but, okay, with a straight relation with us imposing the type of semiconductor that the EMS will have to use.

然後我們看到——我們看到一些汽車製造商正在經歷一些演變，在汽車系統的某些部分，很明顯，汽車製造商編寫了知識產權，開始設計系統和設備的架構，我們將以更像智慧型手機的模式運行，汽車製造商將使用EMS，但好吧，我們與他們有直接的關係，規定EMS必須使用的半導體類型。

And clearly, we see this trend, okay, increasing a lot definitively. But this is basically the 2 models that we will see in the future. Well, then, okay, if there is some specific agreement between carmaker, ourselves, in any case, must be done, okay, with the agreement of the Tier 1.

很明顯，我們看到這種趨勢正在顯著增強。但基本上，未來我們將看到的只有這兩種模式。當然，如果汽車製造商和我們之間達成某種具體協議，無論如何，都必須得到一級供應商的同意。

Thank you. We have time for 1 or 2 more questions, depending on the length.

謝謝。我們還有時間再回答一到兩個問題，具體時間取決於問題的長度。

The next question is from Andrew Gardiner from Citi.

下一個問題來自花旗銀行的安德魯·加德納。

Just a clarification of your response, Lorenzo, to Sandeep earlier in terms of the pricing. I just want to make sure I heard it correctly. You're saying, of the sort of year-on-year growth in revenue that you're seeing in the second half of this year, 40% of that is coming from pricing. Is that right?

洛倫佐，關於你之前回覆桑迪普的定價問題，我想確認一下。你是說，今年下半年營收年增中，40%來自價格調整，是這樣嗎？

Yes, broadly, yes, in the sense that when we look at the growth in terms of revenues, there is a component of pricing. There are 3 components, I said. The one is price, one is mix, let's say, and the other one is, for sure, volumes, let's say. When we look overall, the price component is in the range of about 40%, yes, on a year-over-year. While this quarter is increased, when you look year-over-year, while sequentially are substantially stable, the pricing.

是的，總體而言，是的，因為當我們從營收成長的角度來看時，價格因素確實發揮了作用。我說過，成長包含三個部分：價格、產品組合，當然還有銷售量。整體而言，價格因素的貢獻率約為40%，是的，這是同比數據。雖然本季有所成長，但與去年同期相比，價格因素的影響相對較小，而季比來看則基本保持穩定。

Okay. And in terms of your visibility into further price rises into next year, given that you are essentially fully booked, as you said, and particularly for the OEM-related business where you've got these longer-term contracts, I presume you've got visibility into further price rises into next year on a like-for-like basis.

好的。至於您對明年價格進一步上漲的預測，鑑於您所說的訂單基本上已滿，特別是對於您簽訂了長期合約的OEM相關業務，我假設您對明年價格進一步上漲的預測是相對而言的。

But today, let's say, we have some contract that, of course, are defining the evolution of the pricing. Let's say, in terms of mass market, I would say that probably will be a little bit more stable than this year, the price. Then this is what is our visibility today in terms of evolution of pricing.

但今天，假設我們有一些合同，這些合約當然會影響價格的演變。比如說，就大眾市場而言，我認為價格可能會比今年更穩定一些。這就是我們目前對價格演變的預期。

Okay. And then just sort of a final one. In relation to the comment you've made about the rise in the production capacity, internal production capacity in the third quarter, the 12.5%, clearly, you're continuing to invest in terms of CapEx later this year and into next year. But is there any reason that that's not a good starting point for us to start thinking about the kind of capacity that you're looking to build into 2023 volume growth based on that kind of capacity increase plus a pricing element? Are those reasonable building blocks to start with 2023?

好的。最後一個問題。關於您提到的產能提升，第三季內部產能成長了12.5%，顯然，您將在今年稍後和明年繼續增加資本支出。但是，基於這種產能成長以及價格因素，我們是否可以以此為起點，開始思考您計劃在2023年實現銷售成長所需的產能規模？這些是否是2023年合理的規劃基礎？

No, today, where we are -- first of all, okay, it is clear that we know where we want to position the company next year, for a simple reason that our whole supply chain is, let's say, providing some constraints in terms of lead time. You know that for scanner, lead time basically is 24 months, okay, for, let's say, thin film deposition, etcher or the -- most of our process tool is basically 18 months. And then for assembly and test over and so on is above 12 months.

不，就目前而言，首先，我們很清楚公司明年的發展方向，原因很簡單，我們的整個供應鏈在交貨週期方面存在一些限制。比方說，掃描器的交貨週期基本上是24個月，薄膜沉積、蝕刻機或我們大多數製程設備的交貨週期基本上是18個月。而組裝、測試等的交貨週期則超過12個月。

So it's clear that today, we have a put all the orders, okay, to book. And we have a clear visibility on the level of investment that potentially, okay, we will put on the table next year.

所以很明顯，今天我們已經把所有訂單都安排好了。而且我們對明年可能投入的投資規模也有了清楚的認識。

Well, today, we are in the process to really secure it because this year, okay, we faced, okay, a poor reliability in the delivery of equipment maker. And now, okay, this is something we are deep diving in because they have also their own constraints. Don't take it as a joke, but the early meeting by semiconductor, in fact. And it is an end-to-end exercise that -- which is quite complex, but it is mandatory to make it because, as I said, we changed also our policy. Now we are confirming the order to our customer on 24 months rolling. So it's very important for us, okay, to have, let's say, a secure and reliable forecast from the equipment maker.

嗯，今天我們正在著手確保這一點，因為今年我們遇到了設備製造商交付可靠性不佳的問題。現在，我們正在深入研究這個問題，因為他們本身也有許多限制。別誤會，這確實是半導體產業早期會議的一部分。這是一個端到端的流程——相當複雜，但卻是必須的，因為正如我所說，我們也改變了政策。現在我們以滾動24個月的方式向客戶確認訂單。因此，對我們來說，獲得設備製造商提供的可靠預測至關重要。

Well, this exercise is going on definitively. And we will provide, as usual, the visibility of the CapEx spend and on the 2023 revenue indication, let's say, in January -- end of January during Q4 earnings. But what is important is, again, in H2 2022, we will have benefits of the CapEx we spend, let's say, Q4, Q3 -- Q4 last year and Q1 this year, sorry, and beginning of Q2. We increased our capacity and volume by 12.5%. And H2, okay, we will deliver a revenue of $8.7 billion.

這項工作正在進行中。我們將像往常一樣，在1月底第四季財報發布期間，提供資本支出狀況和2023年營收預期。但重要的是，在2022年下半年，我們將開始受惠於去年第四季、第三季（抱歉，應該是今年第一季）以及今年第二季初的資本支出。我們的產能和產量提高了12.5%。下半年，我們預計將實現87億美元的營收。

Appreciate it. I had to try and ask a bit more about next year.

謝謝。我得再多問一些關於明年的事情。

Thank you, Andrew. But we will take a final question, not to stay with it. So Moira, we'll take a very final question now, the last one.

謝謝你，安德魯。不過，我們再回答最後一個問題吧。莫伊拉，我們現在回答最後一個問題。

The last question for today is from Didier Scemama from Bank of America.

今天的最後一個問題來自美國銀行的迪迪埃·斯凱馬馬。

Congratulations. Just one question for you, Jean-Marc. So clearly, Imaging, this is going to be a big driver in the second half of this year. You've said previously that your engagements with that top customer was going to -- was, at least, extended through calendar year '23. So I just wanted to ask you a question. If you were to lose that contract in the later part of '23, given your current backlog and sort of book capacity, do you think that there would be much impact to the company in terms of top line or margins in calendar year '23? I've got a quick follow-up.

恭喜！讓-馬克，我還有一個問題。很顯然，影像業務將是今年下半年業績成長的重要驅動力。您之前說過，與那位重要客戶的合作至少會延續到2023年。所以我想問您一個問題：如果2023年下半年失去這份合同，考慮到您目前的訂單積壓和產能，您認為這會對公司2023年的營收或利潤率造成多大影響？我還有一個後續問題。

This scenario is not existing.

這種情況並不存在。

Voila. So the next question. So -- no, next question, I'm going to go back to Andrew's question. You tried very cleverly. So I'm going to try very clumsily. So if I take your Q4, I had a bit of capacity, you're effectively guiding at least everything being equal for revenues in probably $17 billion to $18 billion, and I'm probably being cautious there. Is that the right way to think about it?

好了。那麼下一個問題。不，下一個問題，我要回到安德魯的問題。你剛才的回答很巧妙，那我這次就笨拙地回答一下。如果我參考你第四季的業績，考慮到一些因素，你預計營收至少在170億到180億美元之間，而且我估計可能還比較保守。這樣理解對嗎？

And then Lorenzo said pricing, sort of flattish next year. Presumably, your depreciation will go up. So do you think gross margin would be stable? Or would you think gross margins would decline even on a big revenue growth next year?

然後洛倫佐說，明年的定價策略會比較平穩。想必折舊率會上升。那你認為毛利率會維持穩定嗎？還是說即使明年營收大幅成長，毛利率也會下降？

Lorenzo, you want to [say more]?

洛倫佐，你還有什麼要說的嗎？

At this stage, I don't know why we should decline. I mean, at the end, let's say -- for the time being, what I said is that, let's say, today, what we see is that we will be some tailwinds that are the exchange rate, for sure, some improvement in our manufacturing efficiency. There are, let's say, negative impact related to the cost, inflationary cost, these kind of things. There is the, let's say -- this is where we see -- as I said before, I think that next year will be another year moving us to the path to the 50% gross margin in 2005, 2007 -- 2025.

現階段，我不知道我們為何會下滑。我的意思是，最終，比如說——就目前而言，正如我所說，就目前而言，我們看到一些利好因素，例如匯率，當然還有我們生產效率的提升。當然，也存在一些負面影響，例如成本上漲、通貨膨脹等等。還有，比如說——正如我之前所說，我認為明年將是另一個讓我們朝著2005年、2007年乃至2025年實現50%毛利率目標邁進的年份。

$20 billion next year. Okay. Great.

明年200億美元。好的，太棒了。

I think this will complete our call. Thank you very much, everybody, for the questions. Moira, it's up to you.

我想我們的通話到此就結束了。非常感謝大家的提問。莫伊拉，現在輪到你了。

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

女士們、先生們，會議到此結束。感謝您選擇Chorus Call，也感謝您參加本次會議。您可以掛斷電話了。再見。