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，歡迎參加意法半導體 2022 年第二季度收益結果電話會議和網絡直播。我是合唱呼叫接線員莫伊拉。 （操作員說明）會議正在錄製中。 （操作員說明）不得為發布或廣播錄製會議。

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

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

謝謝你，莫伊拉。早上好。謝謝大家參加我們的 2022 年第二季度財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入讓-馬克的電話會議的是我們的總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，模擬、MEMS 和傳感器集團總裁，兼任全球企業職務、戰略、系統研究和應用與創新辦公室負責人。

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.

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。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 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.

本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 的結果與管理層預期和計劃存在重大差異的風險因素。我們鼓勵您查看今天上午與結果一起發布的新聞稿中包含的安全港聲明，以及 ST 最新的監管文件中的安全港聲明，以獲得對這些風險因素的完整描述。

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.

此外，為了確保所有參與者都有機會在問答環節中提問，請將自己限制在一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。

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

謝謝你，席琳。大家早上好，感謝您加入 ST 參加我們的 2022 年第二季度財報電話會議。

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.

讓我從第 2 季度開始的一些開場評論開始。因此，由於對我們產品組合的持續強勁需求，第二季度的淨收入為 38.4 億美元，毛利率為 47.4%，高於我們業務前景範圍的中點。

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.

與去年同期相比，淨收入增長了 28.3%。這一收入增長伴隨著盈利能力的提高，毛利率為 47.4%，高於 40.5%。營業利潤率為 26.2%，高於 16.3%。淨收入翻了一番多，達到 8.67 億美元。

On a sequential basis, net revenues increased 8.2%.

在連續的基礎上，淨收入增長了 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，在所有產品組和子組增長的推動下，淨收入同比增長 22.9% 至 73.8 億美元。上半年營業利潤率為 25.5%，淨利潤為 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%.

在 2022 年第三季度，我們第三季度業務展望的中點為淨收入 42.4 億美元，同比增長 32.6%，環比增長 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.

對於 2022 年全年，我們現在將根據計劃推動公司 2022 年全年收入在 159 億美元至 162 億美元之間，高於我們之前預期的高端。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.

現在讓我們來詳細回顧一下第二季度。淨收入同比增長 28.3%，我們的 3 個產品組和所有子組的銷售額都有所增加。對原始設備製造商的銷售額同比增長 31.7%，對分銷的銷售額增長 22.2%。在連續的基礎上，淨收入增長了 8.2%，比我們展望的中點高出 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.

毛利潤為18.2億美元，同比增長50.2%。毛利率同比增長 690 個基點至 47.4%，主要受有利的定價和改進的產品組合推動，部分被製造投入成本的通脹所抵消。在類似定價和產品組合因素的推動下，我們第二季度的毛利率比我們的指導中點高出 140 個基點。

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.

第二季度營業收入翻了一番，達到 10 億美元。營業利潤率為 26.2%，高於 2021 年第二季度的 16.3%，所有 3 個產品組均有所改善。

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.

淨利潤和每股攤薄收益均同比增長一倍以上，淨利潤從 4.12 億美元達到 8.67 億美元，每股攤薄收益從 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.

查看產品組的同比銷售業績。 ADG 收入增長 35.1%，主要得益於汽車和功率分立器件的增長。 AMS 收入增長 11.3%，原因是模擬、MEMS 和成像產品銷售額增加。由於微控制器和射頻通信的增長，MDG 收入增長了 39.5%。

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%.

營業利潤率方面，所有產品組均實現同比增長，ADG營業利潤率從9.5%上升至24.7%； AMS 營業利潤率為 23.8%，高於 18.6%； MDG 營業利潤率從 22.9% 提高到 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.

第二季度經營活動產生的淨現金增至 10.6 億美元，而去年同期為 6.02 億美元。在過去 12 個月的基礎上，來自經營活動的淨現金總額為 37.8 億美元，比 25.9 億美元增長 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.

第二季度的資本支出為 8.09 億美元，而去年同期為 4.38 億美元。在對資本支出進行強勁投資後，自由現金流為 2.3 億美元，而去年同期為 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.

在第二季度，ST 向股東支付了 5400 萬美元的現金股息。我們根據當前的股票回購計劃執行了 8700 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 2022 年 4 月 2 日為 8.4 億美元。這反映了 34.4 億美元的總流動性和 25.2 億美元的總金融債務。

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.

現在讓我們討論一下本季度的市場和業務動態。總體而言，對 ST 產品的需求持續強勁。給大家分享幾個數據點。我們在第二季度的積壓工作涵蓋了計劃產能的 6 到 8 個季度。根據產品類型，帳單比價遠高於平價。我們的製造能力已經完全飽和。從終端市場的角度來看，在半導體普及和結構轉型的推動下，汽車和我們所說的工業市場的企業對企業部分的需求仍然強勁，因此工廠自動化、機器人技術和工業基礎設施仍然強勁。

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.

在消費電子和個人電腦市場，出現了一些廣泛的疲軟跡象。但在我們瞄準該市場的選定領域，對 ST 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.

現在更詳細地介紹汽車市場。我們繼續看到第二季度的強勁需求，仍然反映了整個汽車供應鏈的庫存補充以及行業正在進行的電氣化和數字化轉型的綜合影響。所有客戶和地區的預訂量都保持強勁。積壓的可見性現在超過 18 個月，遠高於我們當前和計劃到 2023 年的製造能力。

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.

汽車行業加速轉型，電氣化、數字化和半導體普及，繼續推動 ST 在第二季度取得勝利。對於汽車電氣化，我們再次增加了正在進行的碳化矽項目的數量。在汽車和工業市場之間，我們現在有 102 個項目，分佈在 77 個客戶中。這些項目大多在兩個終端市場之間平均分配，我們符合我們在 2023 年實現 10 億美元碳化矽收入的收入目標。

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.

我們在第二季度贏得了許多新設計，包括一系列矽和碳化矽功率分立器件。這包括帶有模塊製造商的第 3 代碳化矽 MOSFET 裸片、整流器、超快和碳化矽二極管以及我們用於牽引逆變器、車載充電器和其他電動汽車相關應用的 ACEPACK 電源模塊。

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.

我們還為多家一級供應商和汽車製造商贏得了用於車載充電器、DC-DC 轉換和電子駐車製動應用的電源管理 IC 的插座。

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.

在汽車數字化方面，我們上周宣布了與大眾汽車集團的新合作模式，用於我們的下一代數字汽車解決方案——Stellar 微控制器系列。這將包括直接使用我們的高性能 Stellar 微控制器系列，以及與大眾汽車廠聯合開發片上系統 Stellar 微處理器。 MCU 和片上系統 MPU 都將在大眾汽車集團的新區域架構平台中解決多個應用程序，該平台稱為大眾汽車三位一體項目。

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.

在我們的汽車傳感器業務中，我們的 6 軸汽車傳感器系列中的設備獲得了多項勝利，包括我們的嵌入式機器學習核心傳感器。

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

我們的汽車全球快門產品系列繼續受到關注，並贏得了主要的 OEM 計劃設計。

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.

現在轉向工業。在這裡，我們在本季度看到分銷和 OEM 對企業對企業的工業需求強勁，我們產品的分銷庫存在所有產品系列中保持精簡，庫存周轉率很高。在整個工業市場，我們看到加速半導體含量增加的兩大趨勢：設備和系統的數字化；能源管理和能源效率改進。這些趨勢正在推動這個市場的結構轉型。

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註三個領域：企業對企業工業領域，最大的部分，包括自動化、機器人、電力能源和轉型；消費工業，包括家用電器、智能建築和電動工具，以及更專業的部分，例如醫療保健。

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.

在這三個領域，我們廣泛的產品組合取得了重要的勝利。在 B2B 工業領域，我們在智能電源開關、工業傳感器、高低壓 MOSFET、無線充電解決方案和我們的 STM32 嵌入式處理解決方案等產品上獲得了多項設計勝利。應用包括可編程邏輯控制器、機器人、儲能和風力渦輪機。

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，我們在主要家電、電動工具、清潔機器人、消費電源、銷售點終端和樓宇空調系統等應用領域擁有設計優勢。

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.

在專業部分，我想強調一個醫療保健領域的創新示例，我們宣布 NP Plastibell 將 NFC 標籤整合到連接的注射器中。

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.

在結束工業之前，先談談嵌入式處理，我們將繼續鞏固我們在 32 位 MCU 中的#1 地位，並宣布通過 Amazon Web Services 增強我們的安全性，擴展我們對 Microsoft Azure RTOS 的支持我們的 NanoEdge 人工智能工作室的產品範圍和補充。

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.

現在轉向個人電子產品。我們在智能手機市場所針對的選定領域對我們產品的需求高於預期。在這個市場上，我們專注於選定的大容量智能手機應用程序，通過差異化或定制產品解決這些問題，同時利用我們廣泛的產品組合來解決其他大容量應用程序。

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.

在本季度，我們在這些設備中贏得了帶有運動和環境傳感器、飛行時間測距傳感器、觸摸顯示控制器和安全解決方案的插槽。我們的無線充電解決方案也取得了進展，在旗艦智能手機和智能手錶方面取得了勝利。

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.

在通信設備和計算機外圍設備方面，我們繼續看到全球部署 5G 基礎設施產品和低地球軌道衛星計劃和服務。在這裡，我們再次以差異化產品或定制解決方案為目標選擇和批量應用，同時利用我們廣泛的產品組合。這裡的新產品包括用於硬盤的壓力傳感器、用於筆記本電腦的飛行時間傳感器以及用於高功率密度充電適配器的 MasterGaN 系列。我還想確認我們在解決蜂窩和衛星通信基礎設施中選定應用方面的主要客戶參與方面的持續進展。

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.

現在讓我們轉向我們對 2022 年第三季度的展望和 2022 年全年的計劃。對於第三季度的中點，我們預計淨收入約為 42.4 億美元，同比增長 32.6% 和 10.5% ％， 分別。中點毛利率預計約為 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.

縱觀全年，我們現在計劃根據 2022 年的淨收入推動公司在 159 億美元至 162 億美元之間，增長約 25% 至 27%。該計劃包括約47%的毛利率。我們確認我們 2022 年資本支出的投資範圍為 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.

在結束之前，我想強調一下我們最近與 GlobalFoundries 共同發布的聲明。我們簽署了一份諒解備忘錄，在 ST 位於法國 Crolles 的現有 300 毫米工廠附近創建一個新的 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，其中將包括來自法國的大量財政支持。該項目需要執行最終協議和各種監管批准，包括來自歐盟委員會的 DG Competition。

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，我們正在通過大幅擴展 300 毫米產能來改造我們的製造基地，這是支持 ST 200 億美元以上收入雄心的主要推動力。我們在克羅爾斯的 300 毫米晶圓廠已經擁有獨特的地位，這一重要舉措將進一步加強這一地位。我們將繼續投資於位於意大利米蘭附近的 Agrate 的新 300 毫米晶圓廠，並在 2023 年上半年加速產能擴張，預計到 2025 年底完全飽和，以及我們垂直整合的碳化矽和氮化鎵製造。這個新設施將使我們能夠為所有終端市場的更多歐洲和全球客戶提供支持，並推進我們在汽車和工業領域的領先目標以及我們在通信基礎設施方面的重點活動。

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，我們的目標是讓這家新工廠成為可持續半導體製造領域的領導者。例如，它的溫室氣體排放量設計為比歐洲和世界其他地區的類似項目低 10 到 20 倍。當然，與格芯合作將使我們走得更快、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.

總而言之，我們的第二季度財務業績和 2022 年全年計劃與我們 ST 對核心業務和目標高增長領域的戰略重點保持一致。我們將繼續利用我們在智能移動、電力和能源管理以及物聯網和連接方面的早期投資。我們正在利用我們集成設備製造商模式的獨特優勢，輔以與代工廠和供應商的合作夥伴關係、客戶關係以及我們既定的終端市場和應用戰略。這些舉措將支持我們在資本市場日概述的 200 億美元以上的收入目標。

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

謝謝您，我們現在準備回答您的問題。

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

（操作員說明）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.

第一個問題實際上是關於您的全年指導升級和第三季度非常強大的牽引力。我想，由於今年餘下時間的所有供應限制，儘管可能會有一些價格上漲，但這些已經納入了之前的指導。那麼你能解釋一下這一年額外的十億收入來自哪裡嗎？儘管您的資本支出計劃沒有改變，H1 幾乎符合預期，還是略低於預期，但它是提高了代工產能還是提高了內部效率、增加了內部產能？所以，如果你能解釋一下——是什麼推動了這一年的額外收入。

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?

我的快速跟進將是運營支出，實際上第二季度的預期略低於預期，因此沒有跡象表明那裡存在過度的通脹壓力。我們應該如何看待今年剩餘時間的運營支出？

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

謝謝你的提問。所以 Lorenzo 將回答 OpEx。

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，比方說，我們的改進，比方說，今年的指標。好吧，基本上，有兩個累積效應。當然，一個影響是貫穿這一年，很明顯，我們能夠確保我們的供應鏈，比如設備到貨、設置，我們應該在我們的手機製造中增加產能。所以現在，好吧，我們有更好的能見度。因此，對我們來說，這是增加製造的機會。但舉個例子，好吧，ST第三季度的產值將比第二季度增長12.5%。所以這就是為什麼我們有能力增加收入目標的原因。我不得不說，我們從代工合作夥伴那裡得到了更好的支持。

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.

第二個影響是定價和混合。顯然，我們仍然有一個有利的環境。定價和組合也為這一 10 億美元的全年額外目標收入做出了貢獻。

And Lorenzo, your answer on OpEx?

Lorenzo，你對 OpEx 的回答是什麼？

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。大家早上好。就運營支出而言，我們現在對第三季度當前季度的建模將是運營支出——淨運營支出，因此還包括與我們在第二季度的上一季度類似的其他收入和支出。所以現在我們的價格在 8.1 億美元到 8.5 億美元之間。當然，我們也從本季度的季節性中受益，因為如您所知，歐洲有假期，這對我們的開支和匯率都有好處。

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.

對於這一年，我會說，如果我查找年份 - 總年份和平均值，如您所知，通常，我與您分享的是該年度的季度平均支出。但我會說，這個水平將或多或少地保持在 8.1 億美元到 8.5 億美元之間。這就是我們今天看到的，比如說，借出我們全年的費用。因此，這意味著由於季節性因素，第四季度將像往常一樣增加。但平均而言，我們會在那裡。

Next question is from Adithya Metuku from Crédit Suisse.

下一個問題來自瑞士信貸的 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。首先祝賀一個偉大的指南。就2個問題。首先，您能否告訴我們您如何看待第三季度和今年剩餘時間的部門增長？

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，我只是想知道，當我在您的指南中點查看第四季度的季節性時，您似乎假設第四季度的連續增長為 4%，而 5 年的季節性為 12%。那麼，您是否假設某種潛在的需求放緩？或者這是由您的產能增加計劃驅動的？是什麼推動了您在第四季度假設的季節性？那裡的任何顏色都會有幫助。

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

也許我會按小組（聽不清）評論下半場，而你評論季節性，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.

因此，總體而言，對於 H2、Q3 和 H2，嗯，很明顯，我們繼續看到 ADG 的強勁增長，包括汽車和功率離散。這顯然是由我們增加製造供應鏈的能力所維持的。

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 將在下半年增長。但是您知道，這是我們參與客戶計劃的通常吸引力，比方說，這些計劃在第三季度和第四季度有所增加。我們也將在模擬和 MEMS 方面增長。但是很明顯，產品組這個領域，在這裡，我們受限於我們的老產能。

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.

微控制器將會增長。但與模擬和 MEMS 類似，我們的產能也有限制，我們將在與客戶參與計劃相關的射頻通信部門大幅增長。

And Lorenzo, you comment on the seasonality.

Lorenzo，你評論了季節性。

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.

我想你已經涵蓋了，但最後，如果你想要更多關於 Q3 的顏色。可以肯定的是，第三季度，我們個人電子產品的季節性是我們增長的強大動力。因此，最終，本季度和環比增長的驅動力肯定是 AMS。 AMS 很享受——比方說，正如你所知，它是我們對個人電子產品有更多接觸的團隊之一，所以最終，它將成為增長的驅動力。

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.

無論如何，所有小組都將為本季度的增長做出貢獻。我們繼續看到牽引力——在 ADG 中的強大牽引力，我們將繼續增長，比方說，在 MDG 中也是如此。但是在第四季度和下半場，讓-馬克正在報導，比如說，演變。

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

知道了。所以本質上，AMS 將成為第三季度的主要增長動力，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.

正確的。正確的。假設這並不奇怪，因為最後，你知道最後——在下半年，特別是在第三季度，對我們來說，個人電子產品是一個強大的驅動力。無論如何，我確認所有小組都會做出貢獻，比如說，ADG 和 MDG 將是兩個小組對這一增長做出貢獻。

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

知道了。你會說本季度 AMS 的增長會異常強勁嗎？

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

但是我不知道異常強大是什麼意思，比方說。

You mean sequentially or...

你的意思是順序或...

Sequentially strong.

依次強。

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。當我們對第三季度的 AMS 收入進行建模時，是否需要考慮任何內容增長？任何顯著的內容增長？

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.

對不起？不，也許你說的是內容增長。內容增長——關於內容，你知道現在，比如說，在 AMS 中，在個人電子產品中，我們有各種各樣的產品，比如說，它們對增長做出了貢獻。我想說這真的是，我想說，這裡的數量問題。比方說，內容就是它。

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.

現在我們在 H1 和 H2 之間的收入概況中沒有看到任何與新設備推出有關的異常簽名。所以絕對是正常的季節性。

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?

我也祝賀異常強大的執行力。 Jean-Marc，您談到了到 2023 年的可見性。我想知道您是否可以評論您對不可取消訂單的百分比或您認為可能有向下轉移風險的百分比的信心水平？

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，當您從毛利率方面展望 2023 年時，再次達到 47%，令人印象深刻。對於今年，您認為基於組合，您是否可以將毛利率繼續增長到 2023 年？

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.

所以洛倫佐將對毛利率發表評論。關於 2023 年的數據點，再次——好的，我與你分享我們掌握的事實。因此，我重申，我們客戶要求的積壓訂單基本上涵蓋了 18 到 24 個月的計劃產能，而不是現有產能，具體取決於產品系列。我不得不說計劃的產能，這與我們今年將花費的資本支出以及我們將在明年花費的部分資本支出有關。

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，我們的 2022 年已售罄，基本上，我們有 2023 年，要么已售罄，要么部分售罄，好吧，取決於產品組。在汽車方面，好吧，2023 年的全部產能已售罄。所以這就是為什麼——當我被問到我們什麼時候相信我們會回到正常的交貨時間，補充庫存的能力時，好吧，我總是說，當然，不是在 2023 年底之前然後是 2024 年。這就是我們所說的。

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.

那麼我可以與您分享哪些其他數據點。因此，假設在今年上半年，我們改變了我們的訂單確認政策。所以現在我們真的把訂單安排到了 2023 年，所以 24 個月滾動。對我們來說，做這個練習很重要，因為我們已經檢測到潛在的雙重排序。我不得不說它非常非常邊緣，非常非常邊緣。所以我們絕對沒有看到，比方說，渠道中的雙重訂購，好吧，我們正在使用。

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.

我們經銷商的庫存水平很低。庫存周轉率低於標準水平更高——對不起，非常高的標準水平使業務。因此，仍有補充庫存的潛力，但我們目前無法做到。

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.

在我在演講中談到的兩個終端市場領域，汽車和工業 B2B 領域，客戶的壓力——需求是巨大的。好吧，我們每天、每週都有多個電話來尋找解決方案來供應它們。是的，我們已經看到了一些軟化的跡象。我在Chromebook、筆記本、PC、中端、低端Android智能手機中確認，在配件上沒有太多。我們出售的著名客戶，好吧，在第二季度超出了我們的預期，並將在下半年變得強大和穩固。

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 年制定的參與客戶計劃，我們贏得了新賽道。所以我確認碳化矽，至少在 2023 年收入 10 億美元。嗯，這就是我們擁有的所有數據點，我可以與你分享。

So about the gross margin, Lorenzo?

那麼毛利率呢，洛倫佐？

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，可以肯定的是，在這個階段，我們可以說，討論 2023 年還為時過早。我可以說的是，我們肯定會遇到一些順風，這肯定會是——匯率將保持在這個水平，肯定會有所幫助。組合——產品組合在這方面將朝著正確的方向發展。當然，我可以說的是，是的，我們看到，就通脹成本而言，這些通脹成本已經在 2022 年下半年產生影響。

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.

但我能說的是，比方說，2023 年將是另一年——這將使我們進入 2025 年至 2027 年之間的軌跡，比方說，毛利率在 50% 的範圍內。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

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?

恭喜您獲得了非常強大的指導。是——關於第三季度的指導，你對收入增長的指導是同比增長近 33%。同比增長中有多少來自單位增加，又有多少來自定價增加？就您的產品而言，定價是否仍在上漲？作為其必然結果，您的所有終端市場的價格漲幅是否相似，或者在某些特定的終端市場中，您看到的價格漲幅遠高於其他終端市場？

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。謝謝你的問題，桑迪普。但是，當我們從收入增長的角度來看待動態時，可以肯定地說，如果你願意的話，有 3 個組成部分。一方面，是的，價格上漲，因為今年的價格上漲，當我們看 2022 年與上一年相比時，是一個重要的組成部分，以及數量和混合，因為混合是另一個因素。但我會說我們在這裡談論，比方說，或多或少在 40-60 的範圍內。假設 40% 是定價，其餘的可以解釋——剩下的 60%。

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.

當我查看當前季度的當前指導時，實際上，我們並沒有嵌入任何顯著的價格連續上漲。當然，同比更好，原因是上半年價格上漲。但在連續的基礎上，沒有顯著 - 我們預計價格不會有任何顯著上漲。在這方面，我們或多或少會保持穩定。

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.

嗯，是的，當然，不同市場的定價動態存在差異。我可以肯定地說，當我們看大眾市場時，當我們看分銷時，比方說，我們的價格漲幅最高。然後我們在汽車材料領域也有價格上漲，這主要是由於我們能夠生產的產品有很大的需求。

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.

雖然 - 當我們看到像個人電子產品這樣的市場時，我會說我們的定價更加穩定，而不是價格上漲。當然，在這里和那裡，我們有一些價格加速。但總的來說，我想說的是，在這個市場上，沒有明顯的價格上漲，而相對於過去，可能沒有強大的價格壓力。我們或多或少會說——我們可以說我們或多或少是穩定的。

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.

Sandeep，這就是我與大家分享這個數字的原因。第三季度，意法半導體的產量將增長12.5%，支撐第三季度10.5%的環比增長，並為第四季度做好準備。是的。

Did this answer your question, Sandeep?

這回答了你的問題嗎，桑迪普？

Probably, yes.

大概是。

Probably, yes. I hope so.

大概是。但願如此。

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 建立 300 毫米晶圓廠，我們應該為這個特定晶圓廠的未來模型添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?

第二個是回到第三季度主要部門連續增長的問題。您能否就第三季度按部門順序預期的增長類型提供更詳細的信息？

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，我們打算與格芯一起完成的項目完全符合我們 200 億美元以上的雄心壯志。當然，當我們準備好這個計劃時，我們評估了許多製造供應的情景，以實現這個超過 200 億美元的雄心。不，我不得不說，在法國的大力支持下，與 GlobalFoundries 建立相鄰晶圓廠的方案顯然使該方案具有競爭力。

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，比方說，我們也會給 ST 和 GF 一些規模優勢。但資本支出，好吧，將與 200 億美元以上的雄心完全一致。

And the sequential growth, maybe Lorenzo?

以及連續增長，也許是洛倫佐？

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.

實在抱歉。不，好的。正如我之前所說，AMS 是一個推動連續增長的集團，但我認為，如果我說是我們的影像產品真正推動了 AMS 內部的增長 - 增長，這並不奇怪.可以肯定的是，模擬和 MEMS 都會做出貢獻，比方說，與成像相比，它們的重要性不那麼重要。

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.

在今年下半年，我們在個人電子產品中的客戶參與計劃，比如說，客戶在技術上對我們很重要。毫無疑問，Imaging 對此非常了解。所以最後，讓我們說，增長來自 AMS。

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.

但我想重複一遍，最後不是唯一的，AMS。假設我們在 ADG 和 MDG 方面仍有顯著增長。比方說，我們將繼續看到這些群體的成長。

The next question is from Gianmarco Bonacina from Equita.

下一個問題來自 Equita 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.

對我來說，只是澄清一下你最近宣布的與大眾汽車的合作。目前尚不清楚大眾汽車集團內部的廣泛程度，因為我知道您曾宣布，例如，前一段時間，與雷諾進行了一項非常重要的合作。所以只是想了解它是否基本上是與大眾汽車在未來平台上的廣泛合作，或者只是，比如說，會產生輕微的影響。

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?

然後與此相關，我想你已經在資本市場日提到你正在改變與汽車 OEM 互動的方式。所以我只是想知道你是否在過去幾個月繼續簽署新的長期合同，比如說，對你來說有吸引力的價格？

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，這個——首先，好吧，這是大眾汽車的一個名為 Trinity 的公共項目，旨在開發軟件定義的車輛架構和區域。在這裡，這個平台，好吧，將在所有大眾汽車集團中全面部署。在這裡，基本上，ST 今天將有參與，好吧，在 2 個關鍵組件中獲得獎勵。

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.

MCU，即基於 28 FD-SOI 嵌入式 PCM 技術開發的高性能 Stellar MCU，這是我們的技術開發的產品——在我們的技術中製造。然後，好吧，ST 正在參與復雜片上系統的嵌入式開發和架構，比如說，處理器還有實時處理器，這是 ST 的 IP，稱為 Stellar，也存在於 MCU 中. ST，好吧，我們將擁有與台積電合作的這個片上系統的工程和製造的所有權。它與我們使用 Mobileye 的模型非常相似。

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，當我們在大眾汽車集團層面進行全面部署時，能夠像 Mobileye 一樣擁有與大眾汽車廠和台積電合作的 MPU 片上系統以及我們將自己製造的所有 MCU .從 2026 年開始，它將成為 ST 的材料。

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

好的。與其他 OEM 廠商，你一直在改變，比如說，LTA 那種合同的關係？

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 EMS 和 ST 之間的生態系統關係發生了演變。很明顯，我們首選的模型是傳統汽車製造商、Tier 1 和我們，當然，可以改變價值鏈的運作方式，好嗎？我想現在大家都明白了，半導體並不是一種容量無限、交貨期很短的商品。所以我想每個人都明白，你必須計劃投資，你必須計劃容量，你必須提供可見性。當價值鍊是汽車製造商、Tier 1 和半導體時，好吧，最好保持原樣。

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.

然後我們所看到的——我們看到一些汽車製造商的一些演變，對於汽車系統的某些部分，顯然，汽車製造商編寫了 IP，開始設計系統架構和設備，我們將更多地在智能手機等模式下運行，您將讓汽車製造商使用 EMS，但是，好吧，與我們有直接關係，強制要求 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，我們看到了這種趨勢，好吧，肯定會增加很多。但這基本上是我們將來會看到的 2 個模型。好吧，那麼，好吧，如果汽車製造商之間有一些具體的協議，我們自己無論如何都必須在得到一級協議的情況下完成。

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

謝謝你。我們有時間再回答 1 或 2 個問題，具體取決於長度。

The next question is from Andrew Gardiner from Citi.

下一個問題來自花旗的 Andrew Gardiner。

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?

就定價而言，洛倫佐只是澄清你早些時候對桑迪普的回應。我只是想確保我沒聽錯。你是說，在今年下半年你看到的那種收入同比增長中，其中 40% 來自定價。那正確嗎？

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，從廣義上講，是的，從某種意義上說，當我們從收入的角度來看增長時，定價有一個組成部分。我說，有 3 個組件。一個是價格，一個是混合，比方說，另一個是，當然，比方說，數量。當我們整體看時，價格部分在大約 40% 的範圍內，是的，與去年同期相比。雖然本季度有所增加，但當您查看同比增長時，雖然順序基本穩定，但定價。

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。就您對明年價格進一步上漲的可見性而言，正如您所說，鑑於您基本上已經預訂完畢，特別是對於您擁有這些長期合同的 OEM 相關業務，我認為您已經以類似的方式了解明年的價格進一步上漲。

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.

但是今天，假設我們有一些合同，當然，這些合同正在定義定價的演變。比方說，在大眾市場方面，我會說可能會比今年穩定一點，價格。這就是我們今天在定價演變方面的可見性。

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。然後只是最後一個。關於您對產能增加的評論，第三季度的內部產能增加了 12.5%，很明顯，您將在今年晚些時候和明年繼續投資資本支出。但是，是否有任何理由讓我們開始考慮基於這種容量增加加上定價因素，您希望在 2023 年的銷量增長中建立什麼樣的容量？這些是從 2023 年開始的合理構建塊嗎？

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，今天，我們在哪裡——首先，好吧，很明顯，我們知道明年我們想把公司定位在哪裡，原因很簡單，比如說，我們的整個供應鏈在條款上提供了一些限制的交貨時間。你知道，對於掃描儀，交貨時間基本上是 24 個月，好吧，比如說薄膜沉積、蝕刻機或我們的大多數工藝工具基本上是 18 個月。然後進行組裝和測試等超過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，我們已經把所有的訂單，好的，預訂。我們對潛在的投資水平有清晰的認識，好吧，我們將在明年提出。

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.

好吧，今天，我們正處於真正保護它的過程中，因為今年，好吧，我們面臨著，好吧，設備製造商交付的可靠性很差。現在，好吧，這是我們正在深入研究的事情，因為他們也有自己的限制。不要把它當成玩笑，實際上是半導體的早期會議。這是一個端到端的練習——這非常複雜，但它是強制性的，因為正如我所說，我們也改變了我們的政策。現在我們在 24 個月滾動確認訂單給我們的客戶。因此，對我們來說，擁有來自設備製造商的安全可靠的預測非常重要。

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.

好吧，這個練習正在確定地進行。我們將像往常一樣提供資本支出支出的可見性和 2023 年的收入指標，比方說，在 1 月 - 1 月底第四季度收益期間。但重要的是，同樣，在 2022 年下半年，我們將受益於我們花費的資本支出，比如說，第四季度、第三季度——去年第四季度和今年第一季度，抱歉，第二季度開始。我們的產能和數量增加了 12.5%。 H2，好的，我們將提供 87 億美元的收入。

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

欣賞它。我不得不試著問更多關於明年的問題。

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。但我們將提出最後一個問題，而不是停留在它上面。那麼Moira，我們現在要回答最後一個問題，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 Didier Scemama。

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-馬克問你一個問題。很明顯，Imaging，這將成為今年下半年的一大推動力。您之前曾說過，您與該頂級客戶的合作將至少延長至 23 日曆年。所以我只是想問你一個問題。如果您在 23 年後期失去該合同，鑑於您目前的積壓和某種書籍容量，您認為在 23 日曆年的頂線或利潤率方面會對公司產生很大影響嗎？我有一個快速跟進。

This scenario is not existing.

這種情況不存在。

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?

瞧。所以下一個問題。所以——不，下一個問題，我要回到安德魯的問題。你試得很巧妙。所以我會非常笨拙地嘗試。因此，如果我拿你的第四季度，我有一點容量，你有效地指導至少一切都是平等的，收入可能在 170 億美元到 180 億美元之間，我可能對此持謹慎態度。這是正確的思考方式嗎？

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?

然後洛倫佐說定價，明年有點平淡。據推測，您的折舊率會上升。那麼您認為毛利率會穩定嗎？或者你認為即使明年收入大幅增長，毛利率也會下降？

Lorenzo, you want to [say more]?

洛倫佐，你想[多說]？

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.

在這個階段，我不知道我們為什麼要拒絕。我的意思是，最後，讓我們說 - 暫時，我說的是，讓我們說，今天，我們看到的是我們將成為匯率的一些順風，當然，我們的一些改善製造效率。比方說，與成本、通貨膨脹成本等相關的負面影響。比方說——這就是我們看到的——正如我之前所說，我認為明年將是另一個讓我們在 2005 年、2007 年 - 2025 年實現 50% 毛利率的年份。

$20 billion next year. Okay. Great.

明年200億美元。好的。偉大的。

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

我認為這將完成我們的通話。非常感謝大家的提問。莫伊拉，這取決於你。

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，感謝您參加會議。您現在可以斷開線路。再見。