意法半導體 (STM) 2022 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Q3 2022 Earnings Results Conference Call and Live Webcast. I'm Moira, the Chorus Call operator. (Operator Instructions) And the conference has been recorded. (Operator Instructions)

女士們，先生們，歡迎參加意法半導體 2022 年第三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）會議已錄製。 （操作員說明）

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 third quarter 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 of Finance, Purchasing, ERM and Resilience and our Chief Financial Officer; and Marco Cassis, our President of Analog, MEMS and Sensor Group and also Head of STMicroelectronics Strategy, System Research and Application and Innovation Office.

謝謝你，莫伊拉。早上好。謝謝大家參加我們的第三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 Jean-Marc 的還有 Lorenzo Grandi，我們的財務、採購、ERM 和彈性總裁兼首席財務官； Marco Cassis，我們的模擬、MEMS 和傳感器事業部總裁兼意法半導體戰略、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. This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans. 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 most recent regulatory filings, for a full description of these risk factors. 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.

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。本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 的結果與管理層的預期和計劃存在重大差異的風險因素。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 最近的監管文件中的安全港聲明，以獲取對這些風險因素的完整描述。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 Q3 2022 earnings conference call. So let me begin with some opening comments. So starting with Q3. Q3 net revenues of $4.32 billion and gross margin of 47.6% came in above the midpoint of our business outlook range, driven by continued strong demand for our product portfolio. Year-over-year, net revenues grew 35.2%. This revenue growth was accompanied by improved profitability, gross margin at 47.6%, up from 41.6%, operating margin at 29.4%, up from 18.9% and net income more than doubling at $1.1 billion.

謝謝你，席琳。大家早上好，感謝您加入 ST 參加我們的 2022 年第三季度財報電話會議。因此，讓我從一些開場白開始。所以從第三季度開始。由於對我們產品組合的持續強勁需求，第三季度的淨收入為 43.2 億美元，毛利率為 47.6%，高於我們業務前景範圍的中點。與去年同期相比，淨收入增長了 35.2%。這一收入增長伴隨著盈利能力的提高，毛利率從 41.6% 上升到 47.6%，營業利潤率從 18.9% 上升到 29.4%，淨收入翻了一番多，達到 11 億美元。

On a sequential basis, net revenues increased 12.6%. For the 9-month period, net revenues increased 27.2% to $11.7 billion, driven by growth in all product groups and subgroups. We reported a gross margin of 47.3%, operating margin of 26.9% and net income of $2.71 billion.

在連續的基礎上，淨收入增長了 12.6%。在 9 個月期間，受所有產品組和子組增長的推動，淨收入增長 27.2% 至 117 億美元。我們報告的毛利率為 47.3%，營業利潤率為 26.9%，淨利潤為 27.1 億美元。

On Q4 2022. Our fourth quarter business outlook at the midpoint is for net revenues of $4.4 billion, increasing by 23.7% year-over-year and by 1.8% sequentially, with a gross margin of about 47.3%.

2022 年第四季度。我們在中點的第四季度業務展望為淨收入 44 億美元，同比增長 23.7%，環比增長 1.8%，毛利率約為 47.3%。

For the full year 2022, both revenue and gross margin expectations are in line with the plan we shared in July. The midpoint of our Q4 guidance translates into a full year 2022 revenue growth of about 26.2% to $16.1 billion with a gross margin of 47.3%. We are on track with our 2022 CapEx plan of about $3.4 billion to $3.6 billion.

對於 2022 年全年，收入和毛利率預期均符合我們在 7 月分享的計劃。我們第四季度指導的中點轉化為 2022 年全年收入增長約 26.2% 至 161 億美元，毛利率為 47.3%。我們的 2022 年資本支出計劃約為 34 億至 36 億美元。

Now let's move to a detailed review of the third quarter. Net revenues increased 35.2% year-over-year with growth across all product groups and subgroups. Year-over-year sales to OEMs increased 34.1% and 37.4% to distribution. On a sequential basis, net revenues increased 12.6% and were 210 basis points above the midpoint of our outlook. Gross profit was $2.06 billion, increasing 54.7% on a year-over-year basis. Gross margin of 47.6%, coming in 60 basis points above the midpoint of our guidance, increased 600 basis points year-over-year, mainly driven by favorable pricing and improved product mix, partially offset by inflation of manufacturing input costs.

現在讓我們來詳細回顧一下第三季度。隨著所有產品組和子組的增長，淨收入同比增長 35.2%。對原始設備製造商的銷售額同比增長 34.1%，對分銷的銷售額增長 37.4%。在連續的基礎上，淨收入增長了 12.6%，比我們的展望中點高 210 個基點。毛利潤為20.6億美元，同比增長54.7%。毛利率為 47.6%，比我們的指導中點高 60 個基點，同比增長 600 個基點，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。

Third quarter operating income more than doubled to $1.27 billion. Operating margin was 29.4%, increasing from 18.9% in Q3 2021, with all 3 product groups contributing to the growth and expansion in both operating income and margin. Both net income and diluted earnings per share more than doubled year-over-year, with net income reaching $1.1 billion from $474 million, and diluted earnings per share increasing to $1.16 from $0.51.

第三季度營業收入翻了一番多，達到 12.7 億美元。營業利潤率為 29.4%，高於 2021 年第三季度的 18.9%，所有 3 個產品組都為營業收入和利潤率的增長和擴張做出了貢獻。淨利潤和每股攤薄收益均同比增長一倍以上，淨利潤從 4.74 億美元達到 11 億美元，每股攤薄收益從 0.51 美元增加到 1.16 美元。

Looking at the year-over-year sales performance by product groups. ADG revenues increased 55.5% on growth in both automotive and in Power Discrete. EMS revenues grew 9.7% with growth in analog, in MEMS and in imaging. MDG revenues increased 47.7% with growth in both microcontrollers and in RF communications.

查看產品組的同比銷售業績。 ADG 收入增長 55.5%，主要得益於汽車和功率分立器件的增長。隨著模擬、MEMS 和成像領域的增長，EMS 收入增長了 9.7%。隨著微控制器和射頻通信的增長，MDG 收入增長了 47.7%。

In terms of operating margin, all product groups demonstrated year-over-year expansion, with ADG operating margin of 25.9%, up from 10.8%, EMS operating margin of 27.2% compared to 24.3%, and MDG operating margin increasing to 36.7% from 23.5%.

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 10.8% 上升到 25.9%，EMS 營業利潤率從 24.3% 上升到 27.2%，MDG 營業利潤率從 36.7% 上升到23.5%。

Net cash from operating activities increased to $1.65 billion in Q3 compared to $895 million in the year ago quarter. For the 9-month period, net cash from operating activities increased 67.6% to $3.65 billion. Capex in the third quarter was $955 million compared to $437 million in the year ago quarter and $2.61 billion for the 9 months period compared to $1.28 billion in the same period of last year. Free cash flow was $676 million, up from $420 million in the year ago quarter. For the 9-month period, free cash flow increased 22.6% to $988 million.

第三季度經營活動產生的淨現金增至 16.5 億美元，而去年同期為 8.95 億美元。在 9 個月期間，來自經營活動的淨現金增長 67.6% 至 36.5 億美元。第三季度的資本支出為 9.55 億美元，而去年同期為 4.37 億美元，9 個月期間為 26.1 億美元，而去年同期為 12.8 億美元。自由現金流為 6.76 億美元，高於去年同期的 4.2 億美元。在 9 個月期間，自由現金流增長 22.6% 至 9.88 億美元。

During the third quarter, ST paid $55 million of cash dividends to stockholders, and we executed an $86 million share buyback under our current share repurchase program. ST's net financial position increased to $1.46 billion at October 1 compared to $924 million at July 2, 2022. It reflected total liquidity of $4.09 billion and total financial debt of $2.63 billion.

在第三季度，ST 向股東支付了 5500 萬美元的現金股息，我們根據當前的股票回購計劃執行了 8600 萬美元的股票回購。 ST 的淨財務狀況從 2022 年 7 月 2 日的 9.24 億美元增加到 10 月 1 日的 14.6 億美元。這反映了 40.9 億美元的總流動性和 26.3 億美元的總金融債務。

Let's now discuss the market and business dynamics of the quarter. Demand for ST products continued to be strong in Q3, and let me share with you a few data points. First, our backlog still covers 6 to 8 quarters of our planned capacity depending on the product type. Book-to-bill remains well above parity, and our manufacturing capacity is fully saturated. From an end market standpoint, automotive and what we call the B2B part of the industrial market; namely, factory automation and industrial infrastructure, remains strong, driven by semiconductor pervasion and structural transformation. The consumer, industrial and personal electronics markets are softening. The demand for ST products remains solid in the selected areas we target in those markets. The computer peripherals market is softening as well.

現在讓我們討論一下本季度的市場和業務動態。第三季度對ST產品的需求持續強勁，讓我與大家分享幾個數據點。首先，我們的積壓訂單仍占我們計劃產能的 6 到 8 個季度，具體取決於產品類型。訂單出貨量仍遠高於平價，我們的製造能力已完全飽和。從終端市場的角度來看，汽車和我們所說的工業市場的 B2B 部分；在半導體普及和結構轉型的推動下，工廠自動化和工業基礎設施依然強勁。消費、工業和個人電子產品市場正在走軟。在我們針對這些市場的選定領域，對 ST 產品的需求仍然穩定。計算機外圍設備市場也在疲軟。

Let's now go into more detail on automotive. We continue to see strong demand in Q3, reflecting the combined effects of the ongoing electrification and digitalization transformation of this industry, semiconductor pervasion in legacy automotive, and replenishment of inventories across the automotive supply chain. Bookings remain strong across all customers and geographies. Backlog visibility remains above 18 months and well above our current and planned manufacturing capacity through 2023. We accelerated transformation of the automotive industry continued to drive our design wins during Q3.

現在讓我們更詳細地了解汽車。我們繼續看到第三季度的強勁需求，這反映出該行業正在進行的電氣化和數字化轉型、半導體在傳統汽車中的普及以及整個汽車供應鏈的庫存補充的綜合影響。所有客戶和地區的預訂量都保持強勁。積壓的能見度保持在 18 個月以上，遠高於我們當前和計劃到 2023 年的製造能力。我們加速汽車行業的轉型繼續推動我們在第三季度取得設計勝利。

For car electrification we again increased the number of ongoing silicon carbide programs awarded. Between the automotive and the industrial markets, we now have 110 projects spread over 79 customers. About 60% of these projects are for automotive customers. We will achieve about $700 million of silicon carbide revenue this year, well in line with our revenue target of about $1 billion of silicon carbide revenue in full year 2023.

對於汽車電氣化，我們再次增加了授予的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 110 個項目，分佈在 79 個客戶中。這些項目中約有 60% 面向汽車客戶。我們今年將實現約 7 億美元的碳化矽收入，完全符合我們 2023 年全年碳化矽收入約 10 億美元的收入目標。

We had new design wins in automotive application in Q3 with both silicon and silicon carbide power discrete. This includes business for an Acepack Drive power module based on 1,200-volt silicon carbide MOSFETs and Generation 4 silicon carbide MOSFET for traction inverters projects. We also won designs for multiple electrical vehicle makers with rectifiers and protection products and with ultrafast and silicon carbide diodes. With our broader automotive portfolio, we won several sockets in electrical vehicles with solution for battery management systems, zone control units and car headlight control. This includes a win with our innovative data bus solution in a OLED lighting application that supports simpler, most cost-effective implementation of next-generation car architectures.

我們在第三季度的汽車應用中獲得了新的設計勝利，包括矽和碳化矽功率分立器件。這包括基於 1,200 伏碳化矽 MOSFET 的 Acepack Drive 功率模塊和用於牽引逆變器項目的第 4 代碳化矽 MOSFET 的業務。我們還為多家電動汽車製造商贏得了整流器和保護產品以及超快和碳化矽二極管的設計。憑藉我們更廣泛的汽車產品組合，我們憑藉電池管理系統、區域控制單元和汽車前照燈控制解決方案在電動汽車領域贏得了多個市場份額。這包括我們在 OLED 照明應用中的創新數據總線解決方案的成功，該解決方案支持更簡單、最具成本效益的下一代汽車架構實施。

In car digitalization, we also secured a number of design wins. This includes a smart power chip for power supplier in a zone architecture vehicle control unit, a win for an automotive microcontroller for a battery management system and an advanced chipset for satellite radio receivers. In our automotive sensor business, we won several new designs for 6-axis sensors and with our recently announced global shutter image sensors for driver monitoring systems.

在汽車數字化方面，我們還獲得了多項設計勝利。這包括用於區域架構車輛控制單元中電源供應商的智能電源芯片、用於電池管理系統的汽車微控制器以及用於衛星無線電接收器的高級芯片組。在我們的汽車傳感器業務中，我們贏得了多項 6 軸傳感器的新設計，以及我們最近宣布的用於駕駛員監控系統的全局快門圖像傳感器。

Moving now to Industrial. Here, we continue to see strong demand through the quarter, especially in business-to-business industrial, with some slowdown in consumer industrial that is bringing the level of demand closer to what we can effectively sell. Demand was strong with both distribution and OEM. During Q3, we saw normalization of inventories of our products and distributors with terms averaging around 4%, but totally consistent with the end market dynamics. Across the industrial market, we see 2 main trends driving a structural transformation in the market and accelerating the increase in semiconductor content: digitalization of devices and systems, and energy management and power efficiency improvements.

現在搬到工業。在這裡，我們繼續看到整個季度的強勁需求，特別是在企業對企業的工業中，消費工業的一些放緩使需求水平更接近我們可以有效銷售的水平。分銷和 OEM 的需求都很強勁。在第三季度，我們看到我們的產品和分銷商的庫存正常化，平均約為 4%，但與終端市場動態完全一致。在整個工業市場，我們看到兩個主要趨勢推動市場結構轉型並加速半導體含量的增加：設備和系統的數字化，以及能源管理和能源效率的提高。

We address the industrial market focusing on 3 areas. Business-to-business, the largest part, which includes automation, power energy and transportation. Consumer Industrial, which includes home appliances, smart buildings and power tools. And specialized industrial addressing, for example, health care. Across these 3 areas, we had key wins thanks to our broad portfolio. In business-to-business, we had design wins for products such as motor drivers, metering and power line communication solution, industrial sensors, power discrete and our STM32 [innovative] processing solution, including our industrial microcontrollers and microprocessors. Applications include electrical vehicle charging stations, next-generation smart water and electricity meters, industrial lighting, remote wireless monitoring and photovoltaic systems.

我們專注於三個領域的工業市場。企業對企業，最大的部分，包括自動化、電力能源和交通運輸。消費工業，包括家用電器、智能建築和電動工具。以及專門的工業解決方案，例如醫療保健。由於我們廣泛的產品組合，我們在這三個領域取得了重大勝利。在企業對企業中，我們在電機驅動器、計量和電力線通信解決方案、工業傳感器、功率分立器件和我們的 STM32 [創新] 處理解決方案（包括我們的工業微控制器和微處理器）等產品上贏得了設計勝利。應用包括電動汽車充電站、下一代智能水錶和電錶、工業照明、遠程無線監控和光伏系統。

In Consumer Industrial, we have design wins with power, analog sensor and embedded processing products in applications such as home appliances, e-bikes, power tools, vacuum cleaners, consumer power supplies and air conditioners. One innovative win I would like to highlight here is our high-performance STM32 H7 MCU to perform artificial intelligence predictive maintenance in a refrigerator from a major appliance manufacturer. And in specialized industrial, I would like to highlight a win in a medical-grade remote care wearable device with an STM32 wireless MUC, supporting Bluetooth and other short-range wireless [porto] growth.

在消費工業領域，我們在家用電器、電動自行車、電動工具、吸塵器、消費電源和空調等應用中的電源、模擬傳感器和嵌入式處理產品方面取得了設計勝利。我想在這裡強調的一個創新勝利是我們的高性能 STM32 H7 MCU，它可以在一家大型電器製造商的冰箱中執行人工智能預測性維護。在專業工業領域，我想強調醫療級遠程護理可穿戴設備的勝利，它配備 STM32 無線 MUC，支持藍牙和其他短距離無線 [porto] 增長。

Before closing on industrial, a few words on our continued investment in building the best ecosystem around our general purpose MCUs. In the quarter, we released a new version of our Touch GFX traffic interface creation tool, and we launched an update to our artificial intelligence development tools, to bring support for deeply quantized neuro networks, enabling more accurate machine learnings on existing microcontrollers.

在結束工業之前，請談談我們繼續投資於圍繞我們的通用 MCU 構建最佳生態系統。在本季度，我們發布了新版本的 Touch GFX 流量接口創建工具，並推出了人工智能開發工具的更新，以支持深度量化的神經網絡，從而在現有微控制器上實現更準確的機器學習。

Moving now to personal electronics. Demand for our product in the selected areas we target in the smartphone market was again above expectations. We have a selective focus in this market on high-volume smartphone application and personal devices. We address them with differentiated or custom products while leveraging our broad portfolio. During the quarter, we won sockets in flagship smartphones and wearable devices with wireless charging solutions, motion and other motor sensors, time-of-flight ranging sensor, touch display controllers, and secure solutions. We also had design wins with high-performance STM32 MCUs in gaming accessories for leading console makers.

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再次超出預期。我們在這個市場上選擇性地關注大容量智能手機應用程序和個人設備。我們利用我們廣泛的產品組合，通過差異化或定制產品解決這些問題。在本季度，我們憑藉無線充電解決方案、運動和其他電機傳感器、飛行時間測距傳感器、觸摸顯示控制器和安全解決方案贏得了旗艦智能手機和可穿戴設備的插座。我們還為領先的遊戲機製造商在遊戲配件中使用高性能 STM32 MCU 贏得了設計勝利。

In communication equipment and computer peripherals, we continue to see deployment of both 5G infrastructure products and of low earth orbit satellite programs in service around the globe. In parallel, we saw the [copes topephal] market softening. The cloud market remains strong. In this end market, we target selected high-volume application, again with differentiated products or custom solutions, while leveraging our broad portfolio. New wins here include secure solutions, time-of-flight sensors and general purpose microcontrollers for notebook PCs and tablets. We received awards based on our proprietary technologies for optical and wireless infrastructure ICs, with leading-edge mixed signal processes as well as for a CPU for space applications based on 28nm FD-SOI technology. I confirm our continued progress with key customer engagements in our focused application 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 5G 基礎設施產品和在全球範圍內服務的低地球軌道衛星計劃的部署。與此同時，我們看到 [copes topephal] 市場走軟。雲市場依然強勁。在這個終端市場，我們針對選定的大批量應用程序，再次提供差異化產品或定制解決方案，同時利用我們廣泛的產品組合。這裡的新成果包括安全解決方案、飛行時間傳感器和用於筆記本電腦和平板電腦的通用微控制器。我們獲得的獎項基於我們的光學和無線基礎設施 IC 專有技術，具有領先的混合信號處理以及基於 28nm FD-SOI 技術的空間應用 CPU。我確認我們在蜂窩和衛星通信基礎設施的重點應用中與關鍵客戶的合作繼續取得進展。

Now let's move to our 2022 4th quarter outlook. For the fourth quarter at the midpoint, we expect net revenues to be about $4.4 billion representing year-over-year and sequential growth of 23.7% and 1.8%, respectively. Gross margin is expected to be about 47.3% at the midpoint. Turning in the full year, our Q4 guidance at the midpoint translates into 2022 net revenues of about $16.1 billion representing growth of about 26.2% year-over-year, with a gross margin of about 47.3%, both in line with the plan we shared in July. We confirm our 2022 CapEx reinvestment range of about $3.4 billion to $3.6 billion.

現在讓我們轉向我們的 2022 年第四季度展望。對於第四季度中點，我們預計淨收入約為 44 億美元，同比分別增長 23.7% 和 1.8%。中點毛利率預計約為 47.3%。全年來看，我們在中點的第四季度指導轉化為 2022 年淨收入約為 161 億美元，同比增長約 26.2%，毛利率約為 47.3%，均符合我們共享的計劃在七月。我們確認 2022 年資本支出再投資範圍約為 34 億美元至 36 億美元。

Before concluding, let me briefly summarize some recent key developments related to our integrated device manufacturer model and strategy. As we outlined at our Capital Markets Days in May, we are transforming our global manufacturing operations with additional capacity in 300-millimeter manufacturing and a strong focus on wide-bandgap semiconductors. We have a unique position in our 300-millimeter wafer fab in Crolles, France, strengthened by the new project with GLOBALFOUNDRIES that we announced in July. And we continue to invest into our new 300-millimeter wafer fab in Agrate, Italy. Here, our activities are progressing according to plan with first volume ramping in H1 2023. I am also pleased to share with you that the first production lot has been successfully released recently from Agrate. So successfully means yield at the best. And on October 5, we announced that we will build an integrated silicon carbide substrate manufacturing facility in Catania, Italy to support the increasing demand from customers for silicon carbide devices across automotive and industrial applications. This initiative will be an important step in our silicon carbide vertical integration strategy. Production is expected to start in the second half of 2023. The investment in Catania of EUR 730 million over 5 years will be partially supported financially by the State of Italy in the framework of the national recovery and resilience plan. And it will create around 700 direct additional jobs at full build-out. All this initiative: Crolles, Agrate and Catania, will contribute to our sustainability strategy and commitments. These new facilities will provide our customers with the products and solutions they need to increase energy efficiency and reduce CO2 emissions. Moreover, our new facilities will contribute to our sustainable manufacturing commitment in terms of energy consumption and greenhouse gas emissions, air and water quality.

在結束之前，讓我簡要總結一下與我們的集成設備製造商模型和戰略相關的一些近期關鍵發展。正如我們在 5 月的資本市場日上所概述的那樣，我們正在通過增加 300 毫米製造能力和對寬帶隙半導體的高度關注來改變我們的全球製造業務。我們在法國 Crolles 的 300 毫米晶圓廠擁有獨特的地位，這得益於我們在 7 月宣布的與 GLOBALFOUNDRIES 的新項目。我們將繼續投資於位於意大利阿格拉特的新 300 毫米晶圓廠。在這裡，我們的活動正在按計劃進行，2023 年上半年開始量產。我也很高興與大家分享，Agrate 最近已經成功發布了第一批生產批次。所以成功意味著最好的收益。 10 月 5 日，我們宣布我們將在意大利卡塔尼亞建立一個集成的碳化矽襯底製造工廠，以支持汽車和工業應用中客戶對碳化矽器件不斷增長的需求。這一舉措將是我們碳化矽垂直整合戰略的重要一步。預計將於 2023 年下半年開始生產。意大利在國家恢復和復原力計劃的框架內，將在 5 年內對卡塔尼亞 7.3 億歐元的投資提供部分資金支持。它將在全面擴建時創造約 700 個直接額外的工作崗位。所有這些舉措：Crolles、Agrate 和 Catania，將有助於我們的可持續發展戰略和承諾。這些新設施將為我們的客戶提供提高能源效率和減少二氧化碳排放量所需的產品和解決方案。此外，我們的新設施將有助於我們在能源消耗和溫室氣體排放、空氣和水質方面的可持續製造承諾。

To conclude, based upon our year-to-date financial results and fourth quarter outlook, 2022 will be another year of progress for ST, in line with our focus on smart mobility, power energy management and IoT and connectivity within our core business and targeted high-growth areas. Our commitment to our Integrated Device Manufacturer model, with strategic technology and manufacturing investments to support our customers, current and future needs. And our $20 billion plus revenue ambition that we outlined at our Capital Markets Days. Thank you, and we are now ready to answer your questions.

總而言之，根據我們年初至今的財務業績和第四季度展望，2022 年將是 ST 又一個取得進展的一年，這與我們在核心業務中專注於智能移動、電力能源管理和物聯網以及連接性和目標高增長領域。我們對集成設備製造商模式的承諾，通過戰略技術和製造投資來支持我們的客戶、當前和未來的需求。以及我們在資本市場日概述的 200 億美元以上的收入目標。謝謝您，我們現在準備回答您的問題。

(Operator Instructions) First question is from Jerome Ramel from BNP Paribas Exane.

（操作員說明）第一個問題來自 BNP Paribas Exane 的 Jerome Ramel。

Maybe could you give us a little bit color on the dynamic division for Q4 in terms of revenues? And also an update on volumes versus pricing? That would be helpful.

也許你能給我們一點關於第四季度收入動態部門的顏色嗎？還有關於數量與定價的更新？那會很有幫助。

Okay. So I will give some color about the revenue growth of Q4. Clearly, in Q4, we will have automotive contributing to the growth, clearly, in -- including power discrete. In analog, MEMS and sensor -- more analog -- are clearly impacted by the softening of the market in the computer peripheral, so they will not contribute to the growth. And MEMS are impacted by the softening of the market in personal electronics smartphone, okay, which is Android comp. Imaging will grow. And on the MDG, MDG will be, let's say more, let's say, flattish because, okay, there is some growth but offset by, let's say, some specific product and customer. So here is more mix. And Lorenzo about volume and price?

好的。因此，我將對第四季度的收入增長進行一些說明。顯然，在第四季度，我們將讓汽車為增長做出貢獻，顯然，包括功率分立。在模擬方面，MEMS 和傳感器——更多的是模擬——顯然受到計算機外圍市場疲軟的影響，因此它們不會對增長做出貢獻。 MEMS 受到個人電子智能手機市場疲軟的影響，好吧，這就是 Android 競爭。成像會增長。在 MDG 上，MDG 將是，比方說更多，比方說，持平，因為，好吧，有一些增長，但被一些特定的產品和客戶所抵消。所以這裡有更多的混合。 Lorenzo 關於數量和價格？

By -- if we -- good morning to everybody. Looking at the price dynamic in -- specifically in Q4, we do not expect that to have a material change in terms of pricing, I mean seeing in both directions, both increasing or decreasing in respect to what is the pricing level that we see today in the market, and we have experienced in Q3. So I would say that in terms of dynamic, both in terms of revenues, both in terms of, let's say, gross margin there is no major impact in terms of pricing. Pricing, we see quite stable, let's say, overall. In term of dynamic of the revenues and so also reflecting in terms of the dynamic of the gross margin, maybe there is some impact in the mix. The mix was quite favorable in the previous quarter in Q3 and is one of the reasons of which we beat both the revenues and our midpoint in terms of gross margin. While moving from Q3 to Q4, the mix is slightly less favorable, and this is also explained a little bit the decline in term of gross margin.

通過 - 如果我們 - 大家早上好。查看價格動態 - 特別是在第四季度，我們預計價格不會發生重大變化，我的意思是看到兩個方向，相對於我們今天看到的定價水平增加或減少在市場上，我們在第三季度經歷過。所以我想說，就動態而言，無論是在收入方面，還是在毛利率方面，在定價方面都沒有重大影響。總體而言，我們認為定價相當穩定。就收入的動態而言，也反映在毛利率的動態方面，可能會對組合產生一些影響。這種組合在第三季度的上一季度非常有利，這也是我們在毛利率方面超過收入和中點的原因之一。從第三季度到第四季度，組合略有下降，這也稍微解釋了毛利率的下降。

The next question is from Matt Ramsay from Cowen & Co.

下一個問題來自 Cowen & Co. 的 Matt Ramsay。

Yes. Thank you very much, everybody. Good morning. Jean-Marc, I wanted to ask a couple of questions about your silicon carbide business. You were -- one of your key suppliers last evening in the States, Wolfspeed, had some challenges in some of their materials business that affected their own devices' business volumes. But I think an important distinction is that, at least in our models after talking to their management team last night, the estimates that we have in our model for their materials business that they sell to external customers such as yourselves, those estimates actually went up. So I guess the question is just the visibility near term on supply of silicon carbide from your key partners? And then the second part of the question is just your confidence in starting to ramp your internal supply. It sounds like you will be starting to ramp in the second half of 2023? And if you could just give any color around that internal silicon carbide ramp, that would be really helpful.

是的。非常感謝大家。早上好。 Jean-Marc，我想問幾個關於您的碳化矽業務的問題。您是昨晚在美國的主要供應商之一，Wolfspeed，在他們的一些材料業務中遇到了一些挑戰，這些挑戰影響了他們自己設備的業務量。但我認為一個重要的區別是，至少在我們的模型中，在昨晚與他們的管理團隊交談之後，我們在我們的模型中對他們出售給外部客戶（例如你們自己）的材料業務的估計，這些估計實際上上升了.所以我想問題只是您的主要合作夥伴近期對碳化矽供應的可見性？然後問題的第二部分只是你對開始增加內部供應的信心。聽起來您將在 2023 年下半年開始增長？如果您可以在內部碳化矽坡道周圍提供任何顏色，那將非常有幫助。

No. I can mention that, first of all, okay, when there is a yield issue in silicon carbide, okay, the [C of ST] is immediately alerted. And when the root cause is amplified the C of ST is calling the [COGT]. So for sure, we have many exchanges with [dayglo], okay, during the quarter. Yes, okay, we faced, okay, some, let's say, issues but which are not, let's say, a limiting factor for our capability to grow our silicon carbide business in 2022 and especially in H2, okay? So again, we will deliver our target of about $700 million. And more important, I take the opportunities and 1/4 of this business is not related to our major customer. Now about our, let's say, internal facilities. Again, this vertical integration strategy decision, okay, is still totally valid. We want to have, okay, about 40% of our internal need covered. We will continue to cooperate, okay, strategically with Wolfspeed. It's an important partner for us, and another source as well. Now we are simply executing our strategy and then, okay, to convert the silicon carbide in [hatige] as soon as we can, okay, to implement innovation, we are working on to optimize the silicon carbide usage. We are simply executing our strategy, but it will not change, okay, our relation with Wolfspeed.

不，我可以提一下，首先，好的，當碳化矽出現良率問題時，好的，[ST 的 C] 立即發出警報。當根本原因被放大時，ST 的 C 正在調用 [COGT]。因此，可以肯定的是，我們在本季度與 [dayglo] 進行了很多交流。是的，好吧，我們面臨，好吧，比方說，一些問題，但不是，比方說，我們在 2022 年特別是在下半年發展碳化矽業務的能力的限制因素，好嗎？因此，我們將再次實現約 7 億美元的目標。更重要的是，我抓住了這個機會，這項業務的 1/4 與我們的主要客戶無關。現在談談我們的內部設施。同樣，這個垂直整合戰略決策，好吧，仍然是完全有效的。好吧，我們希望滿足我們大約 40% 的內部需求。我們將繼續與 Wolfspeed 進行戰略性合作。它是我們的重要合作夥伴，也是另一個來源。現在我們只是在執行我們的策略，然後，好吧，盡快將碳化矽轉化為 [hatige]，好吧，為了實施創新，我們正在努力優化碳化矽的使用。我們只是在執行我們的策略，但它不會改變，好吧，我們與 Wolfspeed 的關係。

Jean-Marc, I really appreciate you addressing that. We got a ton of questions over the last 12 hours on that, just given the nature of the space. So I really appreciate the detail there. Just as a quick follow-up, Lorenzo, I heard your comments just now on gross margin for the fourth quarter, and I get those dynamics. I guess the question I get fairly often is gross margin trends into 2023. If you could maybe talk us through some of the puts and takes there and how you're thinking about margins, maybe a little tiny bit of headwinds in the near term, but off of a really, really high base on a relative basis. So just how you're thinking about margins, puts and takes into next year would be helpful.

讓-馬克，我真的很感謝你解決這個問題。考慮到空間的性質，在過去的 12 個小時裡，我們收到了大量的問題。所以我真的很感激那裡的細節。作為快速跟進，洛倫佐，我剛剛聽到你對第四季度毛利率的評論，我得到了這些動態。我想我經常被問到的問題是到 2023 年的毛利率趨勢。如果你能告訴我們一些看跌期權，以及你對利潤率的看法，也許在短期內會遇到一點點逆風，但相對而言，基數非常非常高。因此，您如何考慮明年的利潤、看跌期權和收益會有所幫助。

In -- for Q4, our gross margin, as we said, let's say, the dynamic of our gross margin for this quarter is planned in this range of 47.3%, and as I said, the dynamic looking, let's say, the evolution from the previous quarter is that there are 2 components that are going in the, let's say, in the direction to detriment of our gross margin. That one is, as I was saying, is the mix is a little bit less favorable than what it has been in the previous quarter in Q3. On the other side, you know that progressively, we are impacted by this inflationary cost in our COGS. These are the negative component. On the other side, there is a positive one, that is the exchange rate. The exchange rate is going in the positive direction. When we look at the next year, for sure, let's say, there are the various components. On one side, there are some positive ones that may remain. One is the FX. I mean it is -- it's difficult to predict. But at this stage, if we stay in this level, for sure it will play in a positive way. There is, let's say, the positive on the fact that our product mix is supposed to be improving in the next year. On the other side, we also will -- wins of productivity in our manufacturing, let's say, in terms of ability, let's say, to -- with our full fab, let's say, to gain some productivity. But on the other side, we will have also some headwinds because at the end, the inflationary cost will not disappear. We will continue. So even if probably will not increase structures we have seen this year, let's say, but will still be a negative impact in our gross margin. For sure, next year, we will have the ramp-up of 2 300-millimeter that at the end, you know before the, let's say, to be fully efficient. it will go through a period in which the efficiency will be not at the best. We need to increase their capacity. So at the end, let's say, we will have, let's say, this component, some in the right direction, some in the negative direction.

在 - 對於第四季度，我們的毛利率，正如我們所說，我們本季度的毛利率動態計劃在 47.3% 的範圍內，正如我所說，動態外觀，比方說，從上一季度有兩個組成部分正在進入，比方說，朝著損害我們毛利率的方向發展。正如我所說的那樣，這種情況與第三季度上一季度的情況相比略遜一籌。另一方面，您知道，我們逐漸受到 COGS 中這種通貨膨脹成本的影響。這些是負面的成分。另一方面，還有一個積極的方面，那就是匯率。匯率正朝著積極的方向發展。當我們展望明年時，可以肯定地說，有各種組成部分。一方面，可能會保留一些積極的因素。一是外匯。我的意思是——很難預測。但是在這個階段，如果我們保持在這個水平，肯定會以積極的方式發揮作用。比方說，我們的產品組合應該在明年得到改善這一事實是積極的。另一方面，我們也將在我們的製造中贏得生產力，比如說，在能力方面，比如說，我們的完整晶圓廠，比如說，獲得一些生產力。但另一方面，我們也會遇到一些不利因素，因為最終通脹成本不會消失。我們將繼續。因此，即使可能不會增加我們今年看到的結構，但仍會對我們的毛利率產生負面影響。可以肯定的是，明年，我們將增加 2 300 毫米，最後，你知道，比方說，完全高效。它將經歷一個效率不是最好的時期。我們需要增加他們的能力。所以最後，比方說，我們將有，比方說，這個組件，一些在正確的方向，一些在負面的方向。

Overall, now we are working on our sales and operating plan to see how, let's say, we will develop the next year, let's say, and I would say that at this stage, it's a little bit early to give, let's say, a firm indication of the evolution of our gross margin. I think as usual, we will discuss this entering in the next year. We will discuss about the CapEx evolution. We will discuss about the revenue evolution. And we will contain this also with some conversation about the dynamic of the gross margin.

總的來說，現在我們正在製定我們的銷售和運營計劃，看看明年我們將如何發展，比如說，我想說的是，在這個階段，現在給出一個有力地表明了我們毛利率的演變。我想像往常一樣，我們將在明年討論這個進入。我們將討論資本支出的演變。我們將討論收入的演變。我們還將通過一些關於毛利率動態的對話來包含這一點。

The next question is from Stephane Houri from ODDO BHF.

下一個問題來自 ODDO BHF 的 Stephane Houri。

Yes. Actually, I would love to talk about 2023, even though I know you're not going to give a guidance for next year. But could you share with us your views, your initial views on 2023 with the order book that you have, but at the same time, the environment, which is getting, let's say, more nervous? So as a CEO, how do you prepare to 2023? And how do you prepare the company for next year? And the second question is about the main client. Your main client, there has been a lot of, let's say conflicting news flow during the quarter. So can you share with us what is your vision of what's happening there?

是的。實際上，我很想談談 2023 年，儘管我知道你不會為明年提供指導。但是，您能否與我們分享您的看法，您對 2023 年的初步看法以及您擁有的訂單，但與此同時，環境變得越來越緊張？那麼作為 CEO，您如何為 2023 年做準備？您如何為公司明年做準備？第二個問題是關於主要客戶的。您的主要客戶，比方說，本季度有很多相互矛盾的新聞流。那麼，您能否與我們分享您對那裡正在發生的事情的看法？

Okay. So the situation for 2023. Again, I would like to repeat, okay, what we have both in terms of data point, but also, okay, direct input, okay, from our customer as our relations are more and more close. On automotive, okay, I confirm that there is basically 2 trend. Overall, the production of light vehicle will be around, okay, 85 million vehicles this year; should grow next year. But more important is the electrical battery-based vehicle. So this year, okay, should be around 7 million. And next year should be about 10 million. And you know that there is a factor of 4 to 5 in terms of semiconductor content. So clearly, here, okay, we confirm that, okay, both from a, let's say, data point visibility we have in our backlog, but conversation with our customer the demand from -- for electrical vehicles, so the transformation of electrification is calling for strong demand of semiconductor. And yes, okay, on thermal combustion engine, okay, it's not a secret that here, maybe there is some softening of the market. But here, the content of semiconductor is still increasing. So there is some mitigation effect.

好的。所以是 2023 年的情況。我想再說一遍，好吧，我們在數據點方面都擁有什麼，而且，好吧，直接輸入，好吧，來自我們的客戶，因為我們的關係越來越密切。在汽車方面，好吧，我確認基本上有兩種趨勢。總體來看，今年輕型車產量在8500萬輛左右；明年應該會增長。但更重要的是基於電池的車輛。所以今年，好吧，應該是700萬左右。而明年應該是1000萬左右。而且您知道，就半導體含量而言，有 4 到 5 倍。很清楚，在這裡，好吧，我們確認，好吧，比如說，我們在積壓中的數據點可見性，但是與我們的客戶對話的需求來自電動汽車，所以電氣化的轉型正在召喚對半導體的強勁需求。是的，好吧，在熱力發動機上，好吧，這不是秘密，也許市場有些疲軟。但在這裡，半導體的含量還在不斷增加。所以有一定的緩解作用。

So all in all, okay, we confirm that from our perspective, the semiconductor, automotive, let's say, verticals, okay, will grow next year. About industrial, it's basically quite similar path because, okay, discussing, okay, with our customer, and I guess you have seen this morning some announcement from big customer of ST. The infrastructure, the robotics automation after the lesson learned from COVID, but also shortage of workers and so on. Okay, how are -- the demand is very strong. And the demand of semiconductor in automation, robotics, okay, power energy, infrastructure, renewable energy, the charging station for electrical car, all are calling for very, very important demand and here, same both data points, so means the backlog we have in our hand plus, let's say, the discussion we have with customers are showing, let's say a very strong dynamic, whatever is the geographies. Yes, on consumer industrial, okay, that I named during my speech, there is a softening of the demand in terms of building, okay, home appliances, power tools. But power tools, it is clear, it's power tool from retailers, so for the consumer. But if you take power tool for professional, the demand is still very strong. Why? Because it is increasing the productivity of the worker. But here, again, it's not absolutely not similar than the pure consumer electronics. Here, okay, we see market softening, but just at the level of what we can sell in terms of capacity.

總而言之，好吧，我們確認，從我們的角度來看，半導體、汽車，比如說，垂直行業，好吧，明年將會增長。關於工業，它基本上是非常相似的路徑，因為，好吧，討論，好吧，和我們的客戶，我想你今天早上已經看到了 ST 大客戶的一些公告。基礎設施，從COVID中吸取教訓後的機器人自動化，還有工人短缺等等。好的，怎麼樣 - 需求非常強勁。半導體在自動化、機器人技術、電力能源、基礎設施、可再生能源、電動汽車充電站等方面的需求都需要非常非常重要的需求，在這裡，兩個數據點相同，這意味著我們有積壓在我們手中，比如說，我們與客戶的討論正在展示，比如說一個非常強大的動態，無論地理位置如何。是的，關於消費工業，好吧，我在演講中提到的，對建築，好吧，家用電器，電動工具的需求正在減弱。但是電動工具，很明顯，它是來自零售商的電動工具，所以對於消費者來說。但如果拿專業的電動工具來說，需求還是很旺盛的。為什麼？因為它提高了工人的生產力。但在這裡，它與純消費電子產品並非完全不相似。在這裡，好吧，我們看到市場疲軟，但只是在我們可以銷售的產能水平上。

So all in all, that's the reason why when we look at the data point, okay, provided by the various, let's say, industrial analysts, it is clear that the sum of ST in terms of growth, both in 2022 and in 2023, is showing a much better picture than the term of semiconductor. Why? Because the term of semiconductor is heavily impacted by memory and microprocessor serving computer, personal computer, but also, okay, smartphone and personal electronics, and especially, okay, the smartphone, overall Android base. So that's the reason why we do believe that with the data point we have from analysts, the customer view and the backlog. So I repeat, this is what I have said today, okay, when I put the search and operating plan we are building for 2023, and the Q4 run rate we have, we have an overall backlog which represents -- depend product line, of course -- between 6 to 8 quarters of run rate. So at the end, this is, okay, making us very confident to drive the company next year on the trajectory of growth. And of course, okay, we will communicate, okay, the range of expected growth next year, okay, entering in the year in January, where we will disclose the CapEx to support it, and the revenue and as Lorenzo said, the gross margin.

總而言之，這就是為什麼當我們查看數據點時，好吧，由各種，比如說，行業分析師提供，很明顯，ST 在 2022 年和 2023 年的增長總和，顯示出比半導體術語更好的畫面。為什麼？因為半導體的術語受到內存和微處理器的嚴重影響，服務於計算機、個人計算機，還有智能手機和個人電子產品，尤其是智能手機、整個 Android 基礎。所以這就是為什麼我們相信我們從分析師、客戶觀點和積壓中獲得的數據點。所以我重複一遍，這就是我今天所說的，好吧，當我提出我們為 2023 年制定的搜索和運營計劃以及我們擁有的第四季度運行率時，我們有一個總體積壓，它代表 - 取決於產品線，當然 - 運行速度的 6 到 8 個季度之間。所以最後，這讓我們非常有信心在明年推動公司走上增長的軌道。當然，好的，我們會溝通明年的預期增長范圍.

So again, my takeaway is very simple. We have proven points -- proven data point of solid market in automotive and industrial for the reason I have explained. Yes, okay, there is a market softening on consumer. However, coming back to your latest point, the revenue we extracted and the value we extracted through our partnership with our main customer, okay, has been great this year. That drives us on a very accurate way okay? The forecast provided to us entering in 2022, okay, versus the one we have today, okay, shift below 2%, okay? I don't say plus/minus, but within a very, very accurate manner. And we have the visibility for next year. So again, overall, okay, we'll drive the company on a growth trajectory.

再說一次，我的外賣很簡單。我們已經證明了點——汽車和工業市場的可靠數據點，原因我已經解釋過了。是的，好吧，消費者市場出現疲軟。但是，回到您的最新觀點，我們通過與主要客戶的合作獲得的收入和價值，好吧，今年都很棒。這促使我們以非常準確的方式進行，好嗎？提供給我們進入 2022 年的預測，好吧，與我們今天的預測相比，好吧，低於 2%，好嗎？我不是說加/減，而是以非常非常準確的方式。我們有明年的知名度。所以，總的來說，好吧，我們將推動公司走上增長軌道。

Any more question on [appleg]?

還有關於 [appleg] 的問題嗎？

This is what I already...

這是我已經...

The next question is from Johannes Schaller from Deutsche Bank.

下一個問題來自德意志銀行的 Johannes Schaller。

There were obviously a lot of questions already on the outlook from here. And I think one of the things you haven't really discussed too much is the pricing dynamics you're seeing. I think in Q4, you're not expecting a big benefit. But how do you conceptually think about pricing in your 3 divisions as we go into next year? And particularly on MDG, I think microcontrollers have obviously seen a very benign pricing environment and also very strong margin expansion on the back of that. How do you think about pricing here? And can you maybe help us understand a little bit better the margin expansion over the last 2 years in MDG, how of that you think was pricing-driven? And is there any risks of pricing actually coming down as we go into next year in some of your divisions?

從這裡開始，顯然已經有很多關於前景的問題。我認為你沒有真正討論太多的一件事是你所看到的定價動態。我認為在第四季度，您不會期望有很大的收益。但是，隨著我們進入明年，您如何從概念上考慮您的 3 個部門的定價？特別是在 MDG 方面，我認為微控制器顯然已經看到了一個非常良性的定價環境，並且在此背景下也有非常強勁的利潤增長。您如何看待這裡的定價？您能否幫助我們更好地了解過去 2 年 MDG 中的利潤率擴張，您認為這是由定價驅動的嗎？隨著我們進入明年，你們的一些部門是否存在定價實際上下降的風險？

So Lorenzo will take the answer, of course, okay, but I would like to repeat what I said a few minutes ago. Okay, the pricing must be considered versus the market, okay? So I repeat, when you have automotive transformation, electrification, digitalization and B2B industrial, the demand is very strong. Microcontrollers are key components. They are calling for more processing computer power. They are calling for more connectivity, they are calling for artificial intelligence, they are coming for secure connection. So you have to understand that pricing is not across the board. Okay. Pricing, of course, okay, in some countries in Asia, addressing the small consumer device, the small toys and so on and so forth, maybe here, you may have some pressure on pricing. But when you address microcontroller, okay, for automotive, when you address for industrial OEM, it is a total different story. So pricing must be considered at the right level of granularity. For saying that, okay, Lorenzo will give you more color.

所以 Lorenzo 會接受答案，當然，好的，但我想重複我幾分鐘前所說的話。好的，定價必須考慮到市場，好嗎？所以我再說一遍，當你有汽車轉型、電氣化、數字化和 B2B 工業時，需求非常強勁。微控制器是關鍵部件。他們要求更多的處理計算機能力。他們正在呼籲更多的連接，他們正在呼籲人工智能，他們正在尋求安全連接。因此，您必須了解定價並非全面。好的。定價，當然，好吧，在亞洲的一些國家，針對小型消費設備、小玩具等等等等，也許在這裡，你可能會對定價產生一些壓力。但是，當您針對微控制器，好吧，對於汽車，當您針對工業 OEM 時，情況就完全不同了。因此，必須在正確的粒度級別上考慮定價。這麼說，好吧，洛倫佐會給你更多的色彩。

Yes. At the end, let's say, on top of what already explained by Jean-Marc, what we see. As I said, today, we don't see, let's say, a significant evolution in terms of pricing also when we look at this product line, the microcontrollers in particular. It's true that there is some element, as we said, let's say, on some, let's say, low-end products that maybe we can have a little bit more pressure. But at the end, overall, I have to say that the price is quite stable. In 2023, we are not modeling, let's say, a significant change in terms of pricing. In terms of -- for sure, let's say, we don't think that there will be a significant increase in respect of where we stand today. We more and more, let's say, have relatively stable pricing, let's say, maybe with some small decline, as we said, in some areas, let's say, in which maybe the demand is a little bit less stronger than has been during this year. When we look, let's say, at the dynamic of the profitability of this business, there yes, for sure, our price is a component but has not to be undervaluated also the product mix. The value that we are, let's say, bringing in our products is constantly increasing. And this is actually -- is well reflected in the improvement of the profitability of this product line. So I would say that the 2 components go hand in hand. Let's say, price, definitely, yes, it's true that here we had a positive contribution from pricing. But definitely also the contribution that we saw in terms of product mix, in the top line and in the profitability, has been definitely not negligible. So it's quite important. And here is where I think, let's say, next year, will be the positive element that we take into consideration. Maybe price will not step up, would be more, let's say, flattish or mild decline. But we will continue, let's say, to have a positive impact coming from our product mix and the innovation that we are bringing to our customers.

是的。最後，讓我們說，在 Jean-Marc 已經解釋過的內容之上，我們看到了什麼。正如我所說，今天，當我們查看這條產品線，特別是微控制器時，我們看不到價格方面的重大變化。確實有一些因素，就像我們說的，比如說，在一些，比如說，低端產品上，也許我們可以有更多的壓力。但最後，總的來說，我不得不說價格是相當穩定的。在 2023 年，我們不會建模，比如說，定價方面的重大變化。就 - 可以肯定地說，我們認為我們今天的立場不會顯著增加。比方說，我們越來越有相對穩定的定價，比方說，也許會有一些小幅下降，正如我們所說，在某些領域，比方說，其中的需求可能比今年稍弱.比方說，當我們看一下這項業務的盈利能力動態時，是的，可以肯定的是，我們的價格是一個組成部分，但也不能低估產品組合。比方說，我們帶來產品的價值在不斷增加。而這其實——很好的體現在這條產品線盈利能力的提升上。所以我想說這兩個組件齊頭並進。比方說，價格，當然，是的，在這裡我們確實從定價中得到了積極的貢獻。但我們在產品組合、收入和盈利能力方面看到的貢獻也絕對不容忽視。所以這是相當重要的。這就是我認為明年將是我們考慮的積極因素的地方。也許價格不會上漲，會更多，比如說，持平或溫和下跌。但我們將繼續，比如說，從我們的產品組合和我們為客戶帶來的創新中產生積極的影響。

The next question is from Janardan Menon from Jefferies.

下一個問題來自 Jefferies 的 Janardan Menon。

I was just wondering about the distribution channel right now, both in China and elsewhere. In the past, you've always talked about what you are seeing at the POS level and in channel in general. Can you give us a little bit of how that dynamic is evolving into Q4? And when you talk about pockets of weakness could be in microcontrollers and some limited areas, would you assume that, that would be coming predominantly in the channel? And have you seen any evidence of that happening so far? And then a small follow-up is just on your Q4 guidance, can you give us what exactly would be the impact from currency, the positive impact on currency on your Q4 gross margin, that will be very helpful.

我只是想知道現在在中國和其他地方的分銷渠道。過去，您總是談論您在 POS 級別和一般渠道中看到的內容。你能告訴我們這種動態是如何演變到第四季度的嗎？當你談到微控制器和一些有限領域可能存在弱點時，你會認為這將主要出現在渠道中嗎？到目前為止，你有沒有看到任何證據表明這種情況發生了？然後就您的第四季度指導進行了小型跟進，您能否告訴我們貨幣的確切影響是什麼，貨幣對您的第四季度毛利率的積極影響，這將非常有幫助。

Lorenzo will answer the last question. No, distribution in China, first of all, okay, distribution overall is in a very, let's say a similar situation in terms of backlog coverage than the overall company. So it means the backlog we have from distribution is representing, okay, between 6 to 8 quarters of Q4 revenue run rate. So exactly the same profile. And then distribution is a copy/paste of the market. So clearly, we have distributor -- when we have distributor fully generalized, okay, addressing both automotive, industrial market, and you know that we are pushing. And when I say industrial, let's say B@ -- the infrastructure of industrial, terms of inventory are very high and the POS is growing. When you have, okay, a distributor addressing more consumer industrial, okay, terms are stabilizing and POS is stabilizing. And when you have okay distributor addressing the pure consumer electronics, okay. So small personal electronic device. Yes, okay, you have the POS decreasing and we are monitoring very carefully the inventory turn. Why? because we are controlling the allocation of PCs and allocation of capacity. So in fact, okay, the situation of distribution in China and overall in the world is really a copy/paste of the dynamic of the market and of the verticals. And today, okay, this is the situation we are seeing.

Lorenzo 將回答最後一個問題。不，在中國的分銷，首先，好的，分銷整體處於非常，比方說在積壓覆蓋率方面與整個公司類似的情況。因此，這意味著我們從分銷中獲得的積壓代表了第四季度收入運行率的 6 到 8 個季度。所以完全相同的配置文件。然後分發是市場的複制/粘貼。很明顯，我們有分銷商——當我們有分銷商完全概括時，好吧，解決汽車和工業市場，你知道我們正在推動。當我說工業時，讓我們說 B@ - 工業基礎設施，庫存條件非常高，POS 正在增長。當你有，好的，一個解決更多消費工業的分銷商，好的，條款正在穩定，POS正在穩定。當你有合適的經銷商處理純消費電子產品時，好的。這麼小的個人電子設備。是的，好的，您的 POS 減少了，我們正在非常仔細地監控庫存周轉。為什麼？因為我們正在控制 PC 的分配和容量的分配。所以事實上，好吧，中國和全球的分銷情況實際上是市場和垂直市場動態的複制/粘貼。今天，好吧，這就是我們所看到的情況。

And in your MDG, you've often talked about having up to 100,000 customers, which I presume in many cases, are small and medium-sized businesses, but sort of in the industrial market. What is the dynamic that you're seeing in that particular segment? Is that still holding up reasonably well?

在您的千年發展目標中，您經常談到擁有多達 100,000 名客戶，我認為在許多情況下，這些客戶是中小型企業，但屬於工業市場。您在該特定細分市場中看到的動態是什麼？這仍然保持得很好嗎？

On microcontroller, clearly, about the 100,000 customers, okay, there is customer we address through the distribution and there is okay, what we call medium-sized OEM. In 2022, okay, we set up programs, okay, to specially support medium-sized OEM with microcontroller in order to protect them because, okay, you know that we face okay, this a shortage in terms of capacity. And we were in conflict between, okay, a strong push from automotive industrial B2B OEM. And we set up specific programs, okay, for a medium-sized customer and I can confirm to you that this medium-sized customer, first of all, they grew a lot in 2022, well above the average of the company. And they will continue to grow in 2023. Of course, okay, the small customer and especially those, okay, addressing the personal electronics market in Asia and in China. Yes, okay, certainly here, we have lost some market share against, okay, the local, let's say, microcontroller provider. But okay, it is not the main part of our business. Again, the main part of the business for microcontroller is industrial OEM, definitively important OEM whatever the market, definitively, and we have managed at the best of our allocation. We see some price pressure on the low-end personal electronics. Again, okay, we have the capability to compete because we are using a mature technology, very cost-effective. We are using an important foundry providing now, okay, the right capacity at the right price. And here, we can compete. So we don't see any specific [curtail], okay, to this situation.

在微控制器上，很明顯，大約有 100,000 個客戶，好吧，有我們通過分銷解決的客戶，也有，我們稱之為中型 OEM。在 2022 年，好吧，我們設置了程序，好吧，專門支持帶有微控制器的中型 OEM，以保護它們，因為，好吧，你知道我們面臨著好吧，這在容量方面是短缺的。我們在汽車工業 B2B OEM 的大力推動之間發生了衝突。我們為一個中型客戶制定了具體的計劃，我可以向你確認，這個中型客戶，首先，他們在 2022 年增長了很多，遠高於公司的平均水平。而且它們將在 2023 年繼續增長。當然，小客戶，尤其是那些解決亞洲和中國個人電子市場的小客戶。是的，好吧，當然在這裡，我們已經失去了一些市場份額，好吧，當地的，比如說，微控制器供應商。但是，好吧，這不是我們業務的主要部分。同樣，微控制器業務的主要部分是工業 OEM，無論市場如何，都是絕對重要的 OEM，而且我們已經在我們的分配中做到了最好。我們看到低端個人電子產品存在價格壓力。同樣，好吧，我們有能力競爭，因為我們使用的是成熟的技術，非常划算。我們正在使用一家重要的代工廠，現在可以以合適的價格提供合適的產能。在這裡，我們可以競爭。所以我們沒有看到任何具體的[削減]，好吧，這種情況。

At the end in the quarter, POS was growing both sequentially than year-over-year.

在本季度末，POS 環比增長均高於去年同期。

Exactly.

確切地。

So data point. About the effects -- the modeling the effects for our companies is always more or less the same. I was giving a rule of thumb many times, let's say, about the 1 percentage change in the -- euro-dollar, how this translates in our operating margin on our -- in our operating profit in our gross profit, let's say, in the range of 1% of difference in terms of, let's say, exchange rate euro-dollar exchange rate it translates between 280 210 million dollars, equally split substantially between gross profit and operating profit, I mean, half in gross profit and the remaining half in the expenses by growth. So at the end, if you make the computation in Q3, our effective exchange rate was in the range of 1.08 including of course the hedging, in Q4 will be 1.03. So at the end, the positive impact we estimate on our gross margin moving from Q3 to Q4 is in the range of 30 basis points, something like that positive impact. Of course, this is offset by, as I was saying before, by, let's say, less favorable mix and the impact, definitely the impact of continual cost increase in our cost. So at the end, overall, our gross margin is declining 30 basis points.

所以數據點。關於效果——我們公司的效果建模總是或多或少相同。我多次給出了一個經驗法則，比如說，關於歐元兌美元的 1% 變化，這如何轉化為我們的營業利潤率，我們的營業利潤和我們的毛利潤，比方說，在就匯率而言，1% 的差異範圍，比如說，歐元兌美元匯率在 2802.1 億美元之間轉換，毛利潤和營業利潤之間基本平分，我的意思是，一半是毛利潤，另一半是毛利潤在費用增長。所以最後，如果你在第三季度進行計算，我們的有效匯率在 1.08 的範圍內，當然包括對沖，第四季度將是 1.03。所以最後，我們估計從第三季度到第四季度對我們的毛利率的積極影響在 30 個基點的範圍內，類似於這種積極影響。當然，正如我之前所說，這被不那麼有利的組合和影響所抵消，肯定是成本持續增加的影響。所以最後，總體而言，我們的毛利率下降了 30 個基點。

Next question is from Metuku Adithya from Credit Suisse.

下一個問題來自瑞士信貸的 Metuku Adithya。

So firstly, I just had a quick clarification on MDG. You said something [a lot] about demand softening driven by a specific customer. I didn't quite catch that. I just wondered if you could give us a bit more clarity there? And then secondly, a question for Lorenzo just on OpEx. Firstly, I wanted to understand how do you expect [all these] CHIPS Act to impact your OpEx and the R&D grants you receive? And secondly, can you give us some color on the gross OpEx and the R&D grants that we should model in Q4 and into 2023, if possible.

因此，首先，我對千年發展目標作了簡要說明。你說了很多關於由特定客戶推動的需求疲軟。我不太明白。我只是想知道你是否可以讓我們更清楚一點？其次，關於 OpEx 的問題是 Lorenzo 的問題。首先，我想了解您希望 [所有這些] CHIPS 法案如何影響您的運營支出和您獲得的研發補助金？其次，如果可能的話，您能否給我們一些關於我們應該在第四季度和 2023 年建模的總運營支出和研發撥款的顏色。

Okay. So maybe I take this one on the OpEx directly, that is simple to answer. In terms of OpEx for the current quarter, we see definitely an increase in respect to the one of the previous quarter. You have to keep in mind that in Q3, we are impacted by favorable seasonality on our OpEx basis in Europe, where the vacation plays positively in terms of accounting of the OpEx. So at the end, let's say, what we see for the quarter, including the impact of the other income and expenses, that is including the grants, it will be something in the range of $830 million, $840 million in the quarter. If you make the math, you will see that at the end, the quarterly expenses all over the year it will be something in the range of between 800 and 805, let's say, if you take the total expenses of the net expenses divided by 4. That is more or less what we have guided already in Q3, was a little bit higher in Q3, but the difference is mainly driven by the positive impact of the exchange rate.

好的。所以也許我直接把這個放在 OpEx 上，這很容易回答。就本季度的運營支出而言，我們肯定看到比上一季度有所增加。您必須記住，在第三季度，我們在歐洲的運營支出基礎上受到有利的季節性影響，假期對運營支出的核算起到了積極作用。所以最後，讓我們說，我們在本季度看到的情況，包括其他收入和支出的影響，也就是包括贈款在內，將在本季度 8.3 億美元到 8.4 億美元的範圍內。如果您進行數學計算，您會看到最後，全年的季度支出將在 800 到 805 之間，假設您將淨支出的總支出除以 4 . 這或多或少是我們在第三季度已經指導的，第三季度稍微高了一點，但差異主要是受到匯率的積極影響。

In respect to the question on the grants, I would say that at the end, in terms of grants for R&D, we do not expect a significant change in respect to what we have had in the past in the sense that at the end, we are -- this year, just to give you an idea, let's say, the overall other income and expenses will be, as already anticipated, more or less in the range of $140 million, something like that. We do not expect moving forward, let's say, significant change. Of course, there could be some -- as it happens also in the past, volatility due to the fact that at the end, you need to conclude and to sign the final let's say, convention with the various bodies, let's say, that are providing these grants, like the government or similar body. And here, you may have some quarter up and some quarter down, depending when you really, let's say, concluded this kind of administrative procedure when there is the renovation of these grants. But in general, moving forward with the visibility that we have today, the level of the grants will remain stable. The difference is, more than the grants in R&D, in the grant financing of investment like the silicon carbide fab that has been announced beginning of October, and Jean-Marc mentioned in his introduction speech, let's say, in which, let's say, for instance, our investment in Catania for the silicon fab, $740 million, has been partially financed through let's say these kind of new instruments that are available now for finance the investment in semiconductor. And this is a difference maybe in respect to the past.

關於贈款問題，我想說最後，就研發贈款而言，我們不期望與過去相比有重大變化，因為最後，我們是 - 今年，只是給你一個想法，比如說，其他整體收入和支出將如已經預期的那樣或多或少在 1.4 億美元的範圍內，類似這樣。我們不期望向前發展，比方說，重大變化。當然，可能會有一些——就像過去發生的那樣，波動性，因為最後，你需要得出結論並簽署最終協議，比如說，與各個機構的約定，比如說，提供這些贈款，如政府或類似機構。在這裡，您可能會有一些上漲和一些下跌，這取決於您何時真正完成了這種行政程序，當這些撥款進行了更新時。但總的來說，隨著我們今天的知名度向前發展，贈款水平將保持穩定。不同之處在於，除了研發撥款之外，投資的撥款資助，如 10 月初宣布的碳化矽工廠，Jean-Marc 在他的介紹演講中提到，比方說，其中，比方說，例如，我們在卡塔尼亞的矽晶圓廠投資 7.4 億美元，部分資金來自於現在可用於為半導體投資提供資金的這類新工具。這可能與過去有所不同。

So coming back to your question on the microcontroller. General purpose microcontroller, you have everywhere, okay? You have in automotive, noncritical, okay, system where you need to have real-time, let's say, control but you have it in some automotive system. You have it in industrial robotics, automation, infrastructure. You have it in [forestry], in personal electronics, important customer programs and you have it, okay, in communication equipment. And sometimes in computer peripheral, okay, with important customer forum. Everywhere, we are selective. For all this part of the business, either automotive, industry and [or engaged personal] program, okay, the demand is not softening. Where the demand is softening, as I repeat, it is on pure consumer personal electronic, we address through distribution because, okay, we know it's well known that there is a market softening in the consumer area, because the consumer, they change their behavior versus the purchase of this device. So but I repeat clearly for ST, okay, the demand is not softening overall for microcontroller general [postpone] is still very strong. We have still between 6 to 8 quarter backlog coverage versus the capacity we allocate, all the market where we want to address high growing area, the bookings is well -- with a book-to-bill well above 1, so the dynamic is very positive. Yes, okay, we have seen some sign of weakening on pure consumer. But here, we address through the distribution. And through the distribution, we manage our inventory at the right level.

所以回到你關於微控制器的問題。通用微控制器，無處不在，好嗎？你有汽車，非關鍵的，好的，你需要實時控制的系統，比方說，控制，但你在一些汽車系統中有它。你在工業機器人、自動化、基礎設施中都有它。你在[林業]、個人電子產品、重要的客戶項目中都有它，你也有它，好吧，在通信設備中。有時在電腦周邊，好吧，有重要的客戶論壇。在任何地方，我們都是有選擇性的。對於所有這部分業務，無論是汽車、工業和 [或參與的個人] 計劃，好吧，需求並沒有減弱。正如我重複的那樣，需求正在減弱的地方是純粹的消費個人電子產品，我們通過分銷來解決，因為，好吧，我們知道消費領域的市場疲軟是眾所周知的，因為消費者，他們改變了他們的行為與購買此設備相比。所以，但我對 ST 明確重複一遍，好吧，總體而言，微控制器的需求並未軟化，一般 [推遲] 仍然非常強勁。與我們分配的容量相比，我們仍然有 6 到 8 個季度的積壓覆蓋率，我們想要解決高增長區域的所有市場，預訂量都很好——訂單到賬單遠高於 1，所以動態非常積極的。是的，好吧，我們已經看到純消費者的一些減弱跡象。但是在這裡，我們通過分發來解決。通過分銷，我們在適當的水平上管理我們的庫存。

Got it. So your previous comment on one customer softening, was that like one of the consumer distributors seeing some softening, but the rest of the business remains very strong.

知道了。因此，您之前對一位客戶疲軟的評論是，就像一位消費者分銷商看到一些疲軟，但其他業務仍然非常強勁。

Exactly.

確切地。

We have time for 1 last question.

我們有時間回答最後一個問題。

Today's last question is from Andrew Gardiner from Citi.

今天的最後一個問題來自花旗的 Andrew Gardiner。

Just 2 clarifications really. One on the OpEx comment that you just answered, Lorenzo. If I go back to what you said at 2Q, then you were quite clearly guiding to between $810 million and $850 million per quarter on average for the year. Now you're well below that. Your prior answer seems to suggesting a moderate change, but it feels more significant based on what you've told us previously. How would you characterize that shift? And sort of where are you finding some of these savings, particularly given the inflationary environment you've already acknowledged? And then also on capacity, with the 2Q results you also gave us a sense as to your internal capacity growth relative to foundry wafer supply. How is that at the moment in terms of how your -- the kind of growth that you're seeing in terms of fourth quarter, your ability to get increased wafer supply from the foundry partners? Just an update on that would be helpful.

真的只有2個澄清。 Lorenzo，您剛剛回答的 OpEx 評論之一。如果我回到你在第二季度所說的話，那麼你很清楚地指導全年平均每季度在 8.1 億美元到 8.5 億美元之間。現在你遠遠低於這個水平。您之前的回答似乎暗示了適度的變化，但根據您之前告訴我們的內容，感覺更重要。你如何描述這種轉變？您在哪裡可以找到其中的一些節省，特別是考慮到您已經承認的通貨膨脹環境？然後在產能方面，您還通過第二季度的業績讓我們了解了您相對於代工晶圓供應的內部產能增長。目前，就您在第四季度看到的那種增長而言，您從代工廠合作夥伴那裡獲得更多晶圓供應的能力如何？只是對此進行更新會有所幫助。

[Could you restate] the first question.

[你能重述]第一個問題。

So the first question was on OpEx.

所以第一個問題是關於運營支出的。

Yes. On OpEx just going back to the prior statement, it was at a much higher level budgeted for this year than what you've just indicated.

是的。關於運營支出，回到之前的聲明，今年的預算水平比您剛剛指出的要高得多。

Not that much, if I can [weight] down because it was [8 50]...

沒那麼多，如果我能[減肥]因為它是[8 50]......

I think that, I don't remember exactly when, but I think my indication on OpEx was something in the range 810, 820 in average, let's say. Yes, actually, today, the visibility is a little bit lower. This is not really driven by any significant, let's say, change in our programs or something like that. I would say that -- if you remember, entering Q3, my guidance of expenses was a little bit higher for the quarter than what it came out. Now I didn't enter, let's say, in a lot of detail for Q3, but in Q3, if you count that we had 2 positive effects. One positive effect was that other income and expenses came a little bit higher than expected, and this is a little bit technical. There was some positive on grants and that was positive also related to our FX position, but fine. At the end that this is maybe not recurrent. And actually, there was also, let's say, a little bit higher level of vacation in respect to what was supposed to be entered in the quarter and was the normal seasonality. So at the end, we came lower than expected, a part, let's say, a little bit positive effect of exchange rate.

我認為，我不記得確切的時間，但我認為我對 OpEx 的指示平均在 810、820 範圍內，比方說。是的，實際上，今天的能見度有點低。這實際上並不是由任何重大的驅動，比如說，我們程序的變化或類似的東西。我想說——如果你還記得，進入第三季度，我對本季度的支出指導比它出來的要高一點。現在我沒有輸入第三季度的很多細節，但是在第三季度，如果你算上我們有兩個積極的影響。一個積極的影響是其他收入和支出比預期的要高一點，這有點技術性。贈款有一些積極的一面，這也與我們的外匯頭寸有關，但很好。最後，這可能不會經常發生。實際上，比方說，就本季度應該進入的假期以及正常的季節性而言，假期水平要高一些。所以最後，我們低於預期，比方說，匯率的一些積極影響。

Moving to Q4, we are back, let's say, at a normal level. Indeed, as I said, we will be between 830 and 840. So at the end of the month, it brings you a little bit down in respect to the 810 and 820, if I remember well that I was guiding a few months ago. Yes, you're right. It's coming a little bit lower. But at the end, to be honest, is not really related to that we have done significant changes in respect to what was our objective in terms of program, project, and things like that. It's not driven by that, but it's mainly driven, if you want, maybe by our ability to forecast so precisely these numbers. But yes, at the end, we are more or less there.

進入第四季度，我們回到了正常水平。確實，正如我所說，我們將在 830 和 840 之間。所以到月底，如果我記得幾個月前我在指導的話，它會讓你對 810 和 820 有所下降。你是對的。它會低一點。但最後，老實說，這與我們在計劃、項目等方面的目標方面所做的重大改變並沒有真正的關係。它不是受此驅動的，但它主要受驅動，如果你願意的話，也許是受我們如此精確地預測這些數字的能力所驅動。但是，是的，最後，我們或多或少在那裡。

So about capacity, if I well capture your question. We are increasing our capacity according to our plan. That's the reason why we have confirmed our CapEx, okay, range between $3.4 billion to $3.6 billion. If you remember well, okay, during the Q2 earnings, I share with you that Q3 revenue will be driven mainly by our capability to increase our manufacturing. And clearly, we increased in Q3 versus Q2, our manufacturing production value by 12.5%, completely consistent, okay, with our revenue increase. Well, I don't want to hide that, yes, we put many equipment maker under scrutiny because they are struggling to deliver their equipment on time versus their commitment. [Mercury], they are facing many issues on their own supply chain. About next year, okay, next year, we will increase our capacity; consistently with the sales and operating plan, we will decide. And consistently with the objective of $20 billion plus that I confirm for 2025 to 2027, and we will increase it consistently. From foundry side, now clearly, there is one partner which is supporting us much better than in 2022 according to our demand, clearly, and it's a very good news for us. especially in the sense that it is supporting our microcontroller business. And other foundry partner we are used to is more complex, okay? They are still facing some issues to increase their support at the expected level because of a capacity limitation.

那麼關於容量，如果我很好地抓住了你的問題。我們正在按照我們的計劃增加我們的產能。這就是為什麼我們確認我們的資本支出在 34 億美元到 36 億美元之間的原因。如果你沒記錯的話，好吧，在第二季度的收益期間，我與你分享第三季度的收入將主要由我們增加製造能力的能力驅動。很明顯，我們在第三季度與第二季度相比增加了 12.5% 的製造產值，這與我們的收入增長完全一致。好吧，我不想隱瞞這一點，是的，我們對許多設備製造商進行了審查，因為他們正在努力按時交付設備而不是他們的承諾。 [水星]，他們在自己的供應鏈上面臨著許多問題。大約明年，好吧，明年，我們會增加我們的產能；與銷售和運營計劃一致，我們將決定。並且與我確認的 2025 年至 2027 年 200 億美元以上的目標一致，我們將持續增加。在代工方面，現在很明顯，根據我們的需求，有一個合作夥伴對我們的支持比 2022 年要好得多，這對我們來說是一個非常好的消息。特別是在它支持我們的微控制器業務的意義上。而我們習慣的其他代工合作夥伴更複雜，好嗎？由於容量限制，他們仍然面臨一些問題，以將支持提高到預期水平。

Thank you so much. This will conclude our call.

太感謝了。這將結束我們的通話。

Thank you.

謝謝你。

Thank you. Bye-bye, all.

謝謝你。再見，所有。

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。