意法半導體 (STM) 2022 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2022 Earnings Conference Call and Live Webcast. I'm Moira, the Chorus Call operator. (Operator Instructions) The conference is being recorded. The presentation will be followed by a Q&A session. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們，先生們，歡迎收看 STMicroelectronics 2022 年第四季度和全年收益電話會議和網絡直播。我是 Moira，Chorus Call 接線員。 （操作員說明）會議正在錄製中。演示之後將進行問答環節。 （操作員說明）會議不得為出版或廣播而錄製。

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

此時，我很高興將工作交給負責投資者關係的集團副總裁 Celine Berthier。請繼續，女士。

Good morning. Thank you, everyone, for joining our Fourth Quarter and Full Year 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, President of Finance, Purchasing, Enterprise Risk Management and Resilience and Chief Financial Officer; and Marco Cassis, President of Analog, MEMS and Sensors Group and Head of STMicroelectronics Strategy, System Research and Applications and also the Innovation Officer. This live webcast and presentation materials can be accessed on ST's Investor Relations website. The replay will be available shortly after the conclusion of this call.

早上好。感謝大家參加我們的 2022 年第四季度和全年財務業績電話會議。今天的電話會議由 ST 總裁兼首席執行官 Jean-Marc Chery 主持。今天與 Jean-Marc 一起參加電話會議的還有財務、採購、企業風險管理和彈性總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，模擬、MEMS 和傳感器事業部總裁兼意法半導體戰略、系統研究和應用主管兼創新官。可以在 ST 的投資者關係網站上訪問該實時網絡廣播和演示材料。重播將在本次電話會議結束後不久提供。

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's most recent regulatory filings or 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 1 question and a brief follow-up.

此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產生重大差異的風險因素。我們鼓勵您查看今天上午隨結果發布的新聞稿中包含的安全港聲明以及 ST 最近的監管文件或這些風險因素的完整描述。此外，為確保所有參與者都有機會在問答環節提問，請將自己限制在 1 個問題和簡短的跟進。

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 的總裁兼首席執行官 Jean-Marc。

So thank you, Celine. Good morning, everyone, and thank you for joining ST for our Q4 and Full Year 2022 Earnings Conference Call. Let me begin with some opening comments, starting with Q4.

所以謝謝你，席琳。大家早上好，感謝您加入 ST 參加我們的 2022 年第四季度和全年收益電話會議。讓我從一些開場白開始，從第四季度開始。

ST delivered net revenues and gross margin above the midpoint of our guidance. Net revenues of $4.42 billion increased 24.4% year-over-year and 2.4% sequentially. Gross margin was 47.5%. Operating margin was 29.1% and net income was $1.25 billion.

ST 的淨收入和毛利率高於我們指引的中點。淨收入 44.2 億美元，同比增長 24.4%，環比增長 2.4%。毛利率為 47.5%。營業利潤率為 29.1%，淨收入為 12.5 億美元。

Looking at the full year 2022. Net revenues increased 26.4% to $16.13 billion, driven by strong demand in automotive and industrial and our engage customer programs. All 3 product groups contributed to the growth. Profitability improved on a year-over-year basis. Gross margin was 47.3% up from 41.7%. Operating margin was 27.5%, up from 19%. And net income was $3.96 billion, almost doubling from $2 billion. We generated stronger net cash from operating activities. We invested $3.52 billion in CapEx and delivered free cash flow of $1.59 billion. Our net financial position increased to $1.8 billion at December 31, 2022, from $977 million 1 year ago.

展望 2022 年全年。受汽車和工業的強勁需求以及我們參與客戶計劃的推動，淨收入增長 26.4% 至 161.3 億美元。所有 3 個產品組都為增長做出了貢獻。盈利能力同比有所改善。毛利率從 41.7% 上升到 47.3%。營業利潤率為 27.5%，高於 19%。淨收入為 39.6 億美元，幾乎是 20 億美元的兩倍。我們從經營活動中產生了更強勁的淨現金。我們在資本支出上投資了 35.2 億美元，並提供了 15.9 億美元的自由現金流。截至 2022 年 12 月 31 日，我們的淨財務狀況從一年前的 9.77 億美元增至 18 億美元。

On Q1 2023. At the midpoint, our first quarter business outlook is for net revenues of $4.20 billion, increasing by 18.5% year-over-year and decreasing 5.1% sequentially. Gross margin is expected to be about 48%.

2023 年第一季度。在中點，我們第一季度的業務前景是淨收入 42 億美元，同比增長 18.5%，環比下降 5.1%。毛利率預計約為48%。

For the full year 2023, we will continue to execute our strategy with a strong focus on Automotive and Industrial as a broad range supplier and a selective approach in Personal Electronics and Communication Equipment and Computer Peripheral. We entered this year with a backlog higher than what we had entering 2022. We plan to invest about $4 billion in CapEx, mainly to increase our 300-millimeter wafer fabs and silicon carbide manufacturing capacity, including our substrate initiative.

到 2023 年全年，我們將繼續執行我們的戰略，將重點放在汽車和工業領域，作為範圍廣泛的供應商，並在個人電子產品、通信設備和計算機外圍設備領域採取選擇性方法。我們進入今年時積壓的訂單數量高於我們進入 2022 年時的數量。我們計劃在資本支出上投資約 40 億美元，主要用於增加我們的 300 毫米晶圓廠和碳化矽製造能力，包括我們的基板計劃。

Based on our strong customer demand and increased manufacturing capacity, we will drive the company based on a plan for full year 2023 net revenues in the range of $16.8 billion to $17.8 billion, representing a growth range of 4% to 10% compared to full year 2022.

基於我們強勁的客戶需求和增加的製造能力，我們將推動公司根據 2023 年全年淨收入在 168 億美元至 178 億美元之間的計劃，與全年相比增長 4% 至 10% 2022.

Now let's move to a detailed review of the fourth quarter. Both revenue and gross margin came above the midpoint of our guidance by 60 and 20 basis points, respectively. On a sequential basis, Q4 net revenues increased 2.4%, driven mainly by ADG, which increased 8.5%. MDG revenues increased 0.7%, while AMS revenues decreased 3%.

現在讓我們進入對第四季度的詳細回顧。收入和毛利率分別高於我們指引的中點 60 和 20 個基點。按順序計算，第四季度淨收入增長 2.4%，主要受 ADG 增長 8.5% 的推動。 MDG 收入增長 0.7%，而 AMS 收入下降 3%。

On a year-over-year basis, Net revenues increased 24.4%, with ADG and MDG growing 38.4% and 29.1%, respectively, while AMS increased 7% year-over-year. Sales to OEMs increased 26.8% and 19.5% to distribution. Gross profit was $2.1 billion, increased 30.7% on a year-over-year basis. Gross margin was 47.5%, increasing 230 basis points year-over-year, mainly driven by favorable pricing, improved product mix and currency effect, net of hedging, partially offset by the inflation of manufacturing input costs.

與去年同期相比，淨收入增長 24.4%，ADG 和 MDG 分別增長 38.4% 和 29.1%，而 AMS 同比增長 7%。對原始設備製造商的銷售額增長了 26.8%，對分銷的銷售額增長了 19.5%。毛利潤為 21 億美元，同比增長 30.7%。毛利率為 47.5%，同比增長 230 個基點，主要受有利的定價、改善的產品組合和貨幣效應（扣除對沖）的推動，部分被製造投入成本的上漲所抵消。

Fourth quarter operating income increased 45.4% to $1.29 billion. Q4 operating margin was 29.1%, up from 24.9% in the year-ago period, with ADG at 27.7%, AMS at 25.8% and MDG at 35.8%.

第四季度營業收入增長 45.4% 至 12.9 億美元。第 4 季度營業利潤率為 29.1%，高於去年同期的 24.9%，ADG 為 27.7%，AMS 為 25.8%，MDG 為 35.8%。

Q4 net income was $1.25 billion, including onetime noncash income tax benefit of $141 million, compared to $750 million in the year ago quarter. Earnings per diluted share were $1.32 compared to $0.82.

第四季度淨收入為 12.5 億美元，其中包括 1.41 億美元的一次性非現金所得稅收益，而去年同期為 7.5 億美元。每股攤薄收益為 1.32 美元，而每股收益為 0.82 美元。

Let's now discuss our full year results, starting with the business dynamics. 2022 was a year marked again by strong demand in Automotive and Industrial, still impacted by supply chain challenges due to continuing shortages and capacity constraints. In the second half, we started to see market softening in Personal Electronics and Computer Peripherals. In Automotive, we again saw unprecedented demand across all geographies, driven by increasing semiconductor pervasion structural transformation,and inventory replenishment.

現在讓我們從業務動態開始討論我們的全年業績。 2022 年是汽車和工業需求強勁的一年，由於持續短缺和產能限制，供應鏈挑戰仍然受到影響。下半年，我們開始看到個人電子產品和計算機外圍設備市場疲軟。在汽車領域，我們再次看到所有地區前所未有的需求，這是由半導體普及結構轉型和庫存補充的推動。

We continue to execute our strategy for car electrification, in particular in our silicon carbide business. We added a wide range of wins in next-generation electrical vehicle design with our power discrete solutions. The latest one is with Hyundai Motor, who have chosen our Acepack drive silicon carbide MOSFET generation 3 based power module for traction inverter in its current generation electrical vehicle platform.

我們繼續執行我們的汽車電氣化戰略，特別是在我們的碳化矽業務方面。我們的功率分立解決方案在下一代電動汽車設計中取得了廣泛的成功。最新的一個是現代汽車，他們選擇了我們的基於 Acepack 驅動碳化矽 MOSFET 第 3 代的功率模塊用於其當前一代電動汽車平台的牽引逆變器。

In silicon carbide for Automotive and Industrial, we achieved $700 million of revenues with silicon carbide in 2022, with a plan to be above $1 billion in 2023. We finished the year with 115 awarded projects, spread over 80 customers, adding 25 projects and 8 customers during 2022. About 60% of these projects are for Automotive customers.

在用於汽車和工業的碳化矽方面，我們在 2022 年實現了 7 億美元的碳化矽收入，計劃在 2023 年超過 10 億美元。我們在這一年結束時有 115 個獲獎項目，分佈在 80 多個客戶中，增加了 25 個項目和 8 個2022 年期間的客戶。這些項目中約有 60% 是針對汽車客戶的。

We continue to lead in silicon carbide as we have moved to high volume production of our third-generation transistors for multiple Automotive customers, and we will ramp our fourth generation transistor in volume in the second half of this year.

隨著我們為多個汽車客戶大批量生產第三代晶體管，我們繼續在碳化矽領域處於領先地位，我們將在今年下半年提高第四代晶體管的產量。

In car digitalization, we are the range of wins with our MCUs and power solutions for new zonal car architectures. We won designs with our next-generation Stellar Automotive MCU and announced a cooperation model with Volkswagen Cariad, including the joint development of a System-on-Chip MPU. We also received awards with our partners Mobileye for ADAS and Autotalks for V2X.

在汽車數字化領域，我們憑藉適用於新區域汽車架構的 MCU 和電源解決方案取得了廣泛的成功。我們贏得了下一代 Stellar 汽車 MCU 的設計，並宣布了與大眾 Cariad 的合作模式，包括聯合開發片上系統 MPU。我們還與合作夥伴 Mobileye 的 ADAS 合作夥伴和 Autotalks 的 V2X 合作夥伴一起獲獎。

In our Automotive sensors, we continue to increase the scale of our business in inertial sensor, growing by over 40% year-over-year. In global shutter imaging sensors, we received awards for 5 key programs during the year.

在汽車傳感器方面，我們不斷擴大慣性傳感器業務規模，同比增長超過40%。在全局快門成像傳感器方面，年內有5個重點項目獲獎。

In Industrial, demand was also very strong throughout the year, especially in Power & Energy, Factory Automation and Robotics and in Industrial Infrastructure what we define the B2B part of the Industrial market. We continued to strengthen our embedded processing solutions leadership with our STM32 microcontroller and microprocessor families and ecosystem.

在工業領域，全年的需求也非常強勁，尤其是在電力和能源、工廠自動化和機器人技術以及我們定義為工業市場 B2B 部分的工業基礎設施領域。通過我們的 STM32 微控制器和微處理器系列及生態系統，我們繼續加強我們在嵌入式處理解決方案方面的領導地位。

We continued to win many designs in a wide range of industrial applications and to achieve record volumes and sales of STM32 products. In power and energy management applications, such as electric vehicle charging stations, photovoltaic systems,and industrial power supplies, we have many important design wins with our power discrete portfolio of both silicon and wide bandgap-based devices, and we further extended our product offer during the year.

我們繼續在廣泛的工業應用中贏得許多設計，並創造了 STM32 產品的銷量和銷售記錄。在電力和能源管理應用中，例如電動汽車充電站、光伏系統和工業電源，我們的功率分立式矽器件和基於寬帶隙的器件產品組合贏得了許多重要的設計，並且我們進一步擴展了我們的產品範圍年內。

We progressed with sensors for industrial applications, with revenue growth of around 50% year-over-year. We introduced new industrial sensors, such as the first Intelligent Sensor Processing Unit, launched together with Generation 3 MEMS Sensor as well as Time-Of-Flight sensor for touchless sensing applications. These enabled design wins with customers in many areas, such as equipment condition monitoring, asset tracking and healthcare.

我們在工業應用傳感器方面取得了進展，收入同比增長約 50%。我們推出了新的工業傳感器，例如與第 3 代 MEMS 傳感器以及用於非接觸式傳感應用的飛行時間傳感器一起推出的第一個智能傳感器處理單元。這些啟用的設計在許多領域贏得了客戶的青睞，例如設備狀態監控、資產跟踪和醫療保健。

During 2022, we introduced 80 new Industrial analog products, with awards in applications for factory automation, motion control, metering, power tools and home appliances. In Personal Electronics and Computer Peripherals, we started to see a market softening in the second half of the year, while Communication Equipment demand remains solid through the year in the areas we are focused on.

2022 年，我們推出了 80 款新的工業模擬產品，在工廠自動化、運動控制、計量、電動工具和家用電器等應用領域獲獎。在個人電子產品和計算機外圍設備方面，我們在今年下半年開始看到市場疲軟，而通信設備需求在我們關注的領域全年保持穩定。

In Personal Electronics, in 2022, we won many sockets in flagship smartphones, with motion and environmental sensors, time-of-flight ranging sensors, wireless charging products, touch display controllers and secure solutions. We also leveraged our broad portfolio to address high-volume personal electronics applications, such as smart watches, headsets and other wearables, as well as gaming accessories from leading player in each area.

在個人電子產品方面，我們在 2022 年贏得了旗艦智能手機中的許多插座，包括運動和環境傳感器、飛行時間測距傳感器、無線充電產品、觸摸顯示控制器和安全解決方案。我們還利用我們廣泛的產品組合來滿足大批量個人電子應用的需求，例如智能手錶、耳機和其他可穿戴設備，以及每個領域領先廠商的遊戲配件。

In Communication Equipment, we progressed well with engage customer program for selected applications in cellular and satellite communication infrastructure, and received new awards based on our proprietary technologies. These were for satellite, optical and wireless infrastructure ICs based on our mixed singl signal processes and 28-nanometer FD-SOI.

在通信設備方面，我們在針對蜂窩和衛星通信基礎設施中選定應用程序的參與客戶計劃方面進展順利，並獲得了基於我們專有技術的新獎項。這些是基於我們的混合單信號處理和 28 納米 FD-SOI 的衛星、光學和無線基礎設施 IC。

Let me now share a summary of our main 2022 manufacturing initiatives. We are transforming our manufacturing base to enable our future growth and drive enhanced profitability with a significant expansion of our 300-millimeter capacity and a strong focus on the wide bandgap semiconductors. In silicone carbide, we are following our plans to increase 10-fold, the front-end capacity versus 2017 and to have 40% of our substrate need internally sourced by 2024.

現在讓我總結一下我們 2022 年的主要製造計劃。我們正在改造我們的製造基地，以實現我們未來的增長並通過顯著擴大我們的 300 毫米產能和對寬帶隙半導體的高度關注來提高盈利能力。在碳化矽方面，我們正在按照我們的計劃將前端產能比 2017 年增加 10 倍，並在 2024 年之前實現 40% 的襯底需求在內部採購。

We continue to ramp our silicon carbide front-end device production in our Singapore facility on top of the Catania one, and we increased back-end manufacturing capacity in our sites in Morocco and China. We are building an integrated silicon carbide substrate manufacturing facility in Catania as an important step in our silicon carbide vertical integration strategy.

我們繼續在卡塔尼亞工廠之上的新加坡工廠提高碳化矽前端設備的產量，並提高摩洛哥和中國工廠的後端製造能力。我們正在卡塔尼亞建設一個綜合碳化矽襯底製造工廠，作為我們碳化矽垂直整合戰略的重要一步。

Volume production is expected to start in the second half of this year. And just recently, we have produced, in Catania, the first 150-millimeter ingot out of this facility.

預計今年下半年開始量產。就在最近，我們在卡塔尼亞生產了第一塊 150 毫米的鑄錠。

In terms of R&D activities, we have completed full MOSFET device processing using our internally produced 200-millimeter substrate. We also announced that we will cooperate with Soitec on silicon carbide substrate manufacturing technology, with an agreement to qualify Soitec's SmartSiC technology, for future 200-millimeter SiC substrate production. In our 300-millimeter strategy, in 2022, we have further expanded capacity in our Crolles, France site. We also signed a MoU with GlobalFoundries to create a new 300-millimeter semiconductor manufacturing facility adjacent to ST's existing facility in Crolles.

在研發活動方面，我們已經使用我們內部生產的 200 毫米基板完成了完整的 MOSFET 器件加工。我們還宣布，我們將與 Soitec 就碳化矽襯底製造技術進行合作，並同意將 Soitec 的 SmartSiC 技術用於未來 200 毫米 SiC 襯底的生產。在 2022 年的 300 毫米戰略中，我們進一步擴大了法國 Crolles 工廠的產能。我們還與 GlobalFoundries 簽署了一份諒解備忘錄，在 ST 位於 Crolles 的現有工廠附近新建一個 300 毫米半導體製造工廠。

In Agrate, Italy, having completed in 2022 the first industrialization line and the qualification of the engineering sample, we are now ramping our new 300-millimeter wafer fab. We plan to have a capacity of about 1,000 wafers per week by the end of this year. These initiatives will be aligned with our sustainability strategy and our sustainable manufacturing commitment in terms of energy consumption and greenhouse gas emissions, air and water quality.

在意大利阿格拉特，我們在 2022 年完成了第一條工業化生產線和工程樣品的鑑定後，現在正在對我們新的 300 毫米晶圓廠進行爬坡。我們計劃在今年年底前擁有每週約 1,000 片晶圓的產能。這些舉措將與我們的可持續發展戰略以及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保持一致。

We are on track to achieve our carbon neutrality in 100% renewable energy goals by 2027 as announced in December 2020. One important contributor to our plan was the adoption in 2022 of a district cooling system in Singapore ST's single largest wafer fabrication site. We expect to eliminate 30% of the site carbon emission on completion. We also continue to work closely with external bodies and were well ranked by the Carbon Disclosure project and included in the Dow Jones Sustainability World and Europe indices.

正如 2020 年 12 月宣布的那樣，我們有望到 2027 年實現 100% 可再生能源的碳中和目標。我們計劃的一個重要貢獻是 2022 年在新加坡 ST 最大的晶圓製造基地採用區域供冷系統。我們預計在完成後將消除 30% 的場地碳排放。我們還繼續與外部機構密切合作，並在碳信息披露項目中名列前茅，並被納入道瓊斯可持續發展世界和歐洲指數。

Looking now at full year 2022 financial performance in greater detail. Net revenues increased 26.4% to $16.13 million. On a year-over-year basis, Automotive volume grew 51%, industrial was up 34%, Communication Equipment and Computer Peripherals increased 19% and personal electronics grew 2%. This performance was consistent with both end market dynamics and our strategy. We have a strong focus on Automotive and Industrial as a broad range supplier of application specific and general purpose products targeting leadership position.

現在更詳細地查看 2022 年全年的財務業績。淨收入增長 26.4% 至 1613 萬美元。與去年同期相比，汽車銷量增長 51%，工業增長 34%，通信設備和計算機外圍設備增長 19%，個人電子產品增長 2%。這一表現與終端市場動態和我們的戰略一致。我們非常專注於汽車和工業領域，作為面向領導地位的特定應用和通用產品的廣泛供應商。

Automotive represents about 33% and Industrial about 29% of our total revenues in 2022. We selectively address the Personal Electronics and Communication Equipment and Computer Peripherals market, targeting some leadership positions with a few differentiated products or custom solutions, complemented by our general purpose product portfolio. In 2022, Personal Electronics represented about 27% of our total revenues, and Communication Equipment, Computer Peripherals 11%.

到 2022 年，汽車收入約占我們總收入的 33%，工業收入約占我們總收入的 29%。我們有選擇地針對個人電子產品和通信設備以及計算機外圍設備市場，通過一些差異化產品或定制解決方案瞄準一些領導地位，並輔以我們的通用產品文件夾。 2022 年，個人電子產品約占我們總收入的 27%，通信設備、計算機外圍設備佔 11%。

By customer channel, sales to OEMs and distribution represented 67% and 33%, respectively, of total revenues in 2022. Similar to the split in 2021. By region of origin, 41% of our revenue 2022 were from Americas, 30% from Asia Pacific and 29% from EMEA. Looking at the sales performance by product group. ADG revenues grew 37.2% on strong growth in Automotive and in Power Discrete. AMS revenues were higher by 7.1% with an increase in Imaging and MEMS, partially offset by a decrease in Analog. MDG revenues increased 37.5%, with strong growth in both microcontrollers and radio frequency communication.

按客戶渠道劃分，對 OEM 和分銷的銷售分別佔 2022 年總收入的 67% 和 33%。與 2021 年的分配情況類似。按來源地劃分，我們 2022 年收入的 41% 來自美洲，30% 來自亞洲太平洋地區，29% 來自歐洲、中東和非洲。按產品組查看銷售業績。 ADG 收入增長 37.2%，得益於汽車和分立功率器件的強勁增長。隨著成像和 MEMS 業務的增長，AMS 收入增長了 7.1%，部分被模擬業務的下降所抵消。 MDG 收入增長了 37.5%，微控制器和射頻通信領域均有強勁增長。

Gross margin increased to 47.3% for 2022 compared to 41.7% for 2021, specifically driven by favorable pricing, improved product mix, currency effect net of hedging, partially offset by deflation of manufacturing input costs. We delivered a strong increase in operating margin to 27.5% for 2022 compared to 19% in 2021. All product groups demonstrated year-over-year growth, with ADG operating margin up to 24.6% from 11.8%, AMS operating margin up to 25.2% from 22.3% and MDG operating margin up to 35% from 23.9%.

毛利率從 2021 年的 41.7% 增加到 2022 年的 47.3%，這主要是由於有利的定價、改進的產品組合、扣除對沖的貨幣效應，部分被製造投入成本的通縮所抵消。與 2021 年的 19% 相比，我們的營業利潤率從 2022 年的 19% 強勁增長至 27.5%。所有產品組均實現了同比增長，ADG 營業利潤率從 11.8% 增至 24.6%，AMS 營業利潤率增至 25.2%從 22.3% 和 MDG 營業利潤率從 23.9% 上升到 35%。

Net cash from operating activities increased 70% in 2022, totaling $5.2 billion. After investing $3.52 billion in CapEx in 2022 compared to $1.83 billion in 2021, our free cash flow increased 42.1% to $1.59 billion. Cash dividends paid to stockholders in 2022 totaled $212 million. In addition, during 2022, ST executed share buybacks totaling $346 million under our current share repurchase program. ST net financial position of $1.8 billion at December 31, 2022, reflected total liquidity of $4.52 billion and total financial debt of $2.72 billion.

經營活動產生的現金淨額在 2022 年增長了 70%，總計 52 億美元。與 2021 年的 18.3 億美元相比，在 2022 年資本支出投資 35.2 億美元後，我們的自由現金流增長了 42.1% 至 15.9 億美元。 2022 年支付給股東的現金股息總額為 2.12 億美元。此外，在 2022 年期間，根據我們當前的股票回購計劃，ST 執行了總計 3.46 億美元的股票回購。 ST 截至 2022 年 12 月 31 日的淨財務狀況為 18 億美元，反映出流動資金總額為 45.2 億美元，金融債務總額為 27.2 億美元。

Now let's move to our first quarter 2023 financial outlook and our plan for the full year 2023. For the first quarter, we expect net revenues to be about $4.2 billion at the midpoint, representing year-over-year growth of about 18.5% and a sequential decrease of about 5.1%. Gross margin is expected to be about 48% at the midpoint. For 2023, based on our strong customer demand and increased manufacturing capacity, we will drive the company based on this plan for full year 2023 revenues in the range of $16.8 billion to $17.8 billion, representing growth over 2022 of about 4% to 10%.

現在讓我們來看看我們的 2023 年第一季度財務展望和 2023 年全年計劃。對於第一季度，我們預計淨收入中點約為 42 億美元，同比增長約 18.5%，環比下降約 5.1%。中點毛利率預計約為 48%。對於 2023 年，基於我們強勁的客戶需求和增加的製造能力，我們將基於這一計劃推動公司 2023 年全年收入在 168 億美元至 178 億美元之間，較 2022 年增長約 4% 至 10%。

Automotive and Industrial will be the key growth drivers of our revenues in 2023. We plan to invest about $4 billion in CapEx, about 80% of this amount is mainly related to the increase of our 300-millimeter wafer fabs and silicon carbide manufacturing capacity, including our silicon carbide substrate initiative. The remaining 20% is for R&D, laboratories, manufacturing maintenance and efficiency, and our corporate sustainability initiative.

汽車和工業將是我們 2023 年收入的主要增長動力。我們計劃投資約 40 億美元的資本支出，其中約 80% 主要與增加我們的 300 毫米晶圓廠和碳化矽製造能力有關，包括我們的碳化矽襯底計劃。剩下的 20% 用於研發、實驗室、製造維護和效率，以及我們的企業可持續發展計劃。

To conclude, last May at our Capital Markets Day, we shared our value proposition. This is based on sustainable and profitable growth with our '25 to '27 $20 billion-plus revenue ambition and the related financial model. Our end market focus on Automotive and Industrial as a broad range supplier of application-specific and general purpose products, targeting leadership positions. On Personal Electronics and Communication Equipment and Computer Peripherals, with a selective approach, targeting some leadership position with a few differentiated products or custom solutions, complemented by our general purpose products portfolio, providing customers with differentiating enablers, and a reliable and secure supply chain.

最後，在去年 5 月的資本市場日，我們分享了我們的價值主張。這是基於我們 25 到 27 年超過 200 億美元的收入目標和相關財務模型的可持續盈利增長。我們的終端市場專注於汽車和工業，作為特定應用和通用產品的廣泛供應商，目標是領導地位。在個人電子和通信設備以及計算機外圍設備方面，採用選擇性方法，通過一些差異化產品或定制解決方案瞄準一些領先地位，輔之以我們的通用產品組合，為客戶提供差異化推動因素以及可靠和安全的供應鏈。

And last but not the least, a strong commitment to sustainability. In 2022, we made important progress in all these areas and we will continue along the same pace in 2023.

最後但並非最不重要的是，對可持續發展的堅定承諾。 2022 年，我們在所有這些領域都取得了重要進展，我們將在 2023 年繼續保持同樣的步伐。

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

謝謝，我們已準備好回答您的問題。

(Operator Instructions) The first question comes from Aleksander Peterc from Societe General.

（操作員說明）第一個問題來自 Societe General 的 Aleksander Peterc。

Congratulations for strong results and a very solid guidance. Now I'd just like to understand, given your first quarter gross margin outlook at 48%, are there any specific positive mix effects here at play that will shape out differently in the remainder of the year? I remember, Lorenzo, you said previously that we should probably look at the gross margin flat to maybe slightly up for the current year, is that still valid? And how should we think about the shape of gross margin over the year?

祝賀您取得了豐碩的成果和非常紮實的指導。現在我想了解一下，鑑於您第一季度的毛利率預期為 48%，是否有任何特定的積極混合效應在起作用，這些效應將在今年剩餘時間以不同的方式形成？我記得，洛倫佐，你之前說過，我們應該看看今年的毛利率持平或略有上升，這仍然有效嗎？我們應該如何考慮全年毛利率的形狀？

Lorenzo will take the question. Thank you.

洛倫佐將回答這個問題。謝謝你。

Okay. Good morning, everybody. Thank you for the question. For the gross margin of Q1, when I look at sequentially this improvement, this is mainly driven by 2 factors, I would say. The first one is related to a positive product mix that is continuing impacting positively our revenues and our gross margin. And actually, I would say that in this first quarter, we have still some positive effect on price increase. This was mainly on some specific customer and some specific area, I would say, mainly in Automotive and partially also for some customers in the Industrial. Of course, it's not the same magnitude that we experienced last year, but still there are some positive negotiations that are improving our gross margin.

好的。大家早上好。感謝你的提問。對於第一季度的毛利率，當我按順序看這種改善時，我想說這主要是由兩個因素驅動的。第一個與積極的產品組合有關，該產品組合繼續對我們的收入和毛利率產生積極影響。實際上，我想說的是，在第一季度，我們對價格上漲仍有一些積極影響。這主要針對某些特定客戶和某些特定領域，我想說，主要是在汽車領域，部分也針對工業領域的一些客戶。當然，這與我們去年經歷的幅度不同，但仍有一些積極的談判正在提高我們的毛利率。

On the other side, of course, our gross margin is impacted by some increase also in our input cost in the manufacturing. All in all, anyway, we see this improvement in respect to the previous quarter, with respect to Q4 of around 50 basis points. Moving forward, the gross margin at the midpoint of our revenue indication for the year is expected similar to the one that we had in 2022. So we are substantially confirming what I was saying also in -- during Q4. On one side, we have a positive product mix. In the manufacturing productivity, we expect some improvement.

當然，另一方面，我們的毛利率也受到製造投入成本增加的影響。總而言之，我們看到與上一季度相比有所改善，與第四季度相比大約有 50 個基點。展望未來，我們今年收入指標的中點毛利率預計與我們在 2022 年的毛利率相似。因此，我們也在很大程度上證實了我在第四季度所說的話。一方面，我們有一個積極的產品組合。在製造業生產力方面，我們預計會有一些改善。

In terms of pricing, we expect a substantial stability in terms of prices. So with the price, we do not expect in the course of the year play significantly high positive or negative, as said, but to stay substantially stable. This -- all these will be offset for sure by increased input cost in our manufacturing. And then we have not to forget that we start our 300-millimeter in Agrate, that is suboptimal in terms of, let's say, volume and production this year, and this will impact for some extent, our gross margin, especially in the second part of the year. So at the end, starting from the 48%, we see as average in the year, something more similar to 47% for the total year.

在定價方面，我們預計價格將大幅穩定。因此，對於價格，我們預計在年內不會像所說的那樣大幅上漲或下跌，但會保持基本穩定。這 - 所有這些肯定會被我們製造中增加的投入成本所抵消。然後我們不要忘記我們在 Agrate 中開始我們的 300 毫米，就今年的產量和產量而言，這不是最理想的，這將在一定程度上影響我們的毛利率，特別是在第二部分的一年。所以最後，從 48% 開始，我們看到的是當年的平均水平，更接近全年的 47%。

Excellent. And just a quick follow-up, if I may. Can you tell us how far out your current and planned capacity is currently fully booked? And is the top end of your guidance range aligned with the hypothesis that you remain sold out into year-end? How does this work out?

出色的。如果可以的話，只是快速跟進。您能否告訴我們您目前和計劃的容量目前已經訂滿了多長時間？您的指導範圍的上限是否與您在年底前仍售罄的假設一致？這是怎麼回事？

So about capacity, there is different dynamics. It is clear that we have to look now by technology and packaging clusters. It is clear that all technology which are related to Automotive and, let's say, B2B industrial. And here, I have spoken about power, technology. So SiC, MOSFET, IGBT, vertical integrated power, high-voltage, low-voltage MOSFET, but as well, okay, some advanced power driver like BCD and high-performance microcontroller on 40-nanometer, our capacity are fully booked for the year, definitively.

所以關於容量，有不同的動態。很明顯，我們現在必須通過技術和封裝集群來看待。很明顯，所有與汽車相關的技術，比方說，B2B 工業。在這裡，我談到了權力、技術。所以SiC，MOSFET，IGBT，垂直集成功率，高壓，低壓MOSFET，還有，好的，一些先進的功率驅動器，如BCD和40納米的高性能微控制器，我們今年的產能已經被預訂滿了, 明確地。

Well, for the other one, which are more addressing Personal Electronics, consumer market, we are going back, okay, something we classify normal, okay? So entering the year, the capacity is well utilized but not fully booked for the year. And that's the reason why for such, let's say, market, now our lead times are improving, okay, moving forward.

好吧，對於另一個，它更多地針對個人電子產品、消費市場，我們要回去，好吧，我們歸類為正常的東西，好嗎？所以進入這一年，產能得到充分利用，但全年沒有被預訂滿。這就是為什麼對於這樣的市場，現在我們的交貨時間正在改善，好吧，向前發展。

Next question is from Didier Scemama from Bank of America.

下一個問題來自美國銀行的 Didier Scemama。

Congratulations on the spectacular guidance for Q1 and '23. Jean-Marc, I'd like to understand one thing on your silicon carbide business. So number one, is it clear or is it -- or did I understand correctly that you slightly raised that guidance to -- from $1 billion to $1 billion plus?

祝賀 Q1 和 '23 的出色指導。 Jean-Marc，我想了解一件事關於您的碳化矽業務。所以第一，是否清楚，或者我是否正確理解你將該指導略微提高到 - 從 10 億美元到 10 億美元以上？

And then secondly, in that number, can you tell us a little bit about the mix between discretes versus modules? Because it seems like some of your competitors are shipping mostly modules, whereas you're shipping mostly discrete. And obviously, the value-added of modules is substantially greater than the value added of discretes. In other words, that's comparing apples to apples, if that makes any sense. And I've got a follow-up.

其次，在這個數字中，您能告訴我們一些關於分立器件與模塊之間的混合嗎？因為你的一些競爭對手似乎主要運送模塊，而你運送的大部分是離散的。顯然，模塊的附加值大大高於分立器件的附加值。換句話說，如果這有意義的話，那就是將蘋果與蘋果進行比較。我有後續行動。

Thank you. Yes, I confirm that our plan for 2023 is above $1 billion. And clearly, the mix, okay, we have is mainly modules, okay? First of all, okay, with one of our main customers. And the main part of the program, okay, we have been awarded are significantly based on the ACEPACK, okay, module we have for our main business is module-related. However, as this is not a KPI, okay, we communicate in detail. But qualitatively, I can confirm to you that it is mainly on module.

謝謝你。是的，我確認我們 2023 年的計劃超過 10 億美元。很明顯，混合，好吧，我們主要是模塊，好嗎？首先，好的，我們的主要客戶之一。而程序的主體部分，好吧，我們已經被授予顯著基於ACEPACK，好吧，我們主要業務的模塊是與模塊相關的。不過這個不是KPI，好吧，我們詳細溝通一下。但定性地，我可以向你確認它主要是在模塊上。

Okay. Excellent. And on the second half gross margin comment that you made, Lorenzo, can you quantify the sort of start-up costs in Agrate, Catania in the gross margins? That would be helpful.

好的。出色的。關於你發表的下半年毛利率評論，洛倫佐，你能量化毛利率中阿格拉特、卡塔尼亞的啟動成本嗎？那會很有幫助。

Yes, in terms of startup cost, we have 2 components, I would say. One is what is qualified startup. So it means that this cost will not hit our gross margin, but will be reflected in other incoming expenses. This from an accounting standpoint, let's say, are the pure startup cost. When your fab is not yet, let's say, at a minimal capacity, this will be visible in the line other income and expenses, that actually this year will be somehow lower in respect to what we have seen in 2022 for this reason, but not impacting the gross margin.

是的，就啟動成本而言，我們有兩個組成部分，我會說。一是什麼是合格的啟動。所以這意味著這筆費用不會影響我們的毛利率，但會反映在其他收入支出中。從會計的角度來看，這就是純啟動成本。當你的晶圓廠還沒有，比方說，以最小的產能，這將在其他收入和支出的行中可見，實際上今年將以某種方式低於我們在 2022 年看到的這個原因，但不是影響毛利率。

What I'm referring is in -- once the fab will be out of the startup and will start to produce, we'll be still in suboptimal situation in terms of efficiency because the volume is not yet enough to really to have wafer cost that is comparable with a full buildout of fab 300-millimeter. This will impact the second part of the year of our gross margin. But what I'm saying is that starting with 48%, the average of the year will be in the range of 47%. So it means that will not give us an opportunity to improve in respect to the first quarter, but will not be even a big detractor because at the end, the average will stay in this range.

我指的是——一旦晶圓廠停止啟動並開始生產，我們在效率方面仍將處於次優狀態，因為產量還不足以真正實現晶圓成本可與 300 毫米晶圓廠的完整擴建相媲美。這將影響我們今年下半年的毛利率。但我的意思是，從 48% 開始，一年的平均值將在 47% 的範圍內。所以這意味著這不會讓我們有機會在第一季度進行改進，但甚至不會成為一個大的貶低者，因為最後，平均值將保持在這個範圍內。

All right. And maybe just one quick one for Jean-Marc. Is there anything you want to call out for the second half for Personal Electronics? Is it a win or a loss or anything that we should be aware of when we model the business, please?

好的。對於 Jean-Marc，也許只是一個快速的。對於下半年的個人電子產品，您有什麼要說的嗎？請問是贏還是輸，或者我們在建模業務時應該注意的任何事情？

Okay. So yes, maybe I will comment, okay, the full year plan, okay, we have indicated at the midpoint. Well, clearly, at the midpoint of the plan, we indicated, so $17.3 billion, it is clear that we will grow every quarter sequentially, and we will grow every quarter year-on-year basis. But moving forward, okay at a, let's say, softer pace. And why, because we have to look dynamics, by product group and dynamics, by verticals.

好的。所以是的，也許我會評論，好吧，全年計劃，好吧，我們已經在中點指出了。好吧，很明顯，在計劃的中點，我們表示，所以 173 億美元，很明顯我們每個季度都會連續增長，而且我們每個季度都會同比增長。但是向前邁進，好吧，可以說，步伐更慢。以及為什麼，因為我們必須按產品組和垂直行業查看動態。

So by product group, as we said, okay, clearly, ADG and MDG will grow at double digit, okay; while IMS, okay, will, let's say, slightly decrease. By end market, it is clear that on Automotive and Industrial, the company will grow and will perform better than the market we address with double-digit, driven by the high-growing application we are focusing on and by the increasing capacity, okay, we built in H2 2022 and we are building in H1 2023.

所以按照產品組，正如我們所說，好吧，很明顯，ADG 和 MDG 將以兩位數的速度增長，好吧；而 IMS，好吧，可以說，會略有下降。就終端市場而言，很明顯，在汽車和工業領域，公司將以兩位數的速度增長，並且表現將優於我們所針對的市場，這是由我們關注的高增長應用和不斷增加的產能推動的，好吧，我們在 2022 年下半年建造，並在 2023 年上半年建造。

On communication equipment and computer peripheral, we will grow slightly in line with the market. And clearly, it is driven mainly by the engage customer program we have, offset by, let's say, the computer personal. Well, now in Personal Electronics, it's another dynamic year. We will have a decrease. We will, let's say, decrease our revenue, so lower definitively than the market. Why? Because we will have a change in important engage customer program, which will be accretive on our gross margin, but with less revenue. So this is the dynamic we will have on the -- moving forward in 2022.

在通訊設備和電腦周邊方面，我們會隨市場小幅增長。很明顯，它主要是由我們擁有的吸引客戶程序驅動的，比方說，由計算機個人抵消。那麼，現在在個人電子產品領域，又是充滿活力的一年。我們會有減少。比方說，我們將減少我們的收入，因此絕對低於市場。為什麼？因為我們將改變重要的客戶參與計劃，這將增加我們的毛利率，但收入會減少。所以這就是我們將在 2022 年向前邁進的動力。

The next question is from Matt Ramsay from Cowen and Company.

下一個問題來自 Cowen and Company 的 Matt Ramsay。

This is Josh Buchalter, on behalf of Matt. Congrats on the awesome results. I guess I wanted to follow-up on a previous question and double-click on Industrial and Auto in particular. I mean there's widespread, I guess, concerns of macro softening. And one of your large peers earlier this week called out some weakness in digestion in industrial. I guess can you walk us through and provide a little more granularity on what gives you confidence in Industrial? And I guess also Auto, is that still benefiting from replenishment inventory like it was last quarter?

我是 Josh Buchalter，代表 Matt。祝賀你取得了令人敬畏的結果。我想我想跟進上一個問題，特別是雙擊 Industrial 和 Auto。我的意思是，我猜人們普遍擔心宏觀經濟疲軟。本週早些時候，您的一位大型同行指出了工業消化方面的一些弱點。我想您能否為我們介紹一下，並更詳細地說明是什麼讓您對 Industrial 充滿信心？我想還有汽車，它是否仍然像上個季度一樣從補貨庫存中受益？

Yes, I think it's important to split the industrial market in two. I repeat, this is what we classify the B2B. In B2B, first of all, there is power and energy. And when I have spoken about power and energy, I have spoken about the generation of energy, conversion of synergy and storage. And with the whole initiative you have worldwide on renewable energy, okay, and in all geographies, the demand for power electronics and, let's say, board controllers, encompassing microcontroller, gate driver and sensor is huge. There is absolutely no investment softening in the field of power energy.

是的，我認為將工業市場一分為二很重要。我再說一遍，這就是我們對 B2B 的分類。在B2B中，首先是有動力和能量。當我談到功率和能量時，我談到了能量的產生、協同作用的轉換和儲存。好的，隨著全球可再生能源的整體倡議，在所有地區，對電力電子產品的需求，比方說，板控制器，包括微控制器、柵極驅動器和傳感器，都是巨大的。電力能源領域絕對沒有投資軟化。

Then the second point about power energy is the main consumption of electricity in the world is related to motion, okay, but engine, water or electrical. Everywhere in the world, there is an initiative to make more efficient all the engines which are connected to industry and factories. And here, the demand for power electronics, again, in terms of industrials, in terms of board controllers, MCU, power electronics is huge. This is exactly the same for factory automation and robotics, okay?

然後關於動力能源的第二點是世界上主要的電力消耗與運動有關，好吧，但是發動機，水或電。在世界各地，都有一項旨在提高與工業和工廠相關的所有發動機效率的倡議。在這裡，在工業方面，在板控制器、MCU、電力電子方面，對電力電子的需求是巨大的。這對於工廠自動化和機器人技術來說完全一樣，好嗎？

So because of the shortage of talent in the world, because of the lesson learned for the post-pandemic, there is many, many industries which are making them more automated and asking for more robotics. Here is the same. It's also the same in the logistics. The robots you need in the massive, let's say, storage infrastructure are completely with the robot, okay, asking for many microcontroller and so on and so forth. And last but not the least, you see the heavy infrastructure that you have in countries and in cities. This market is growing at the same pace in automotive, asking for power, MCUs and BCD technology for driver.

因此，由於世界上人才短缺，由於從大流行後吸取的教訓，有很多很多行業正在使它們更加自動化，並需要更多的機器人技術。這裡也一樣。在物流方面也是如此。你需要的大量機器人，比方說，存儲基礎設施完全由機器人提供，好吧，要求許多微控制器等等。最後但並非最不重要的一點是，您會看到在國家和城市擁有的重型基礎設施。這個市場在汽車領域以同樣的速度增長，需要用於驅動器的電源、MCU 和 BCD 技術。

Then the second part of the industrial market is more what we call the consumer one, which are battery-operated tool, okay? Because since 2, 3 years, there is an acceleration of all, let's say, professional and consumer small tools to move from thermal combustion engine base or plug-in on the grid to battery operators. Yes, here, there is a softening of the market, but the expectation of customer is a restart in Q2.

那麼工業市場的第二部分更多的是我們所說的消費者市場，它們是電池驅動的工具，好嗎？因為自 2、3 年以來，所有專業和消費小型工具都在加速從熱內燃機基礎或電網上的插件轉移到電池運營商。是的，市場在走軟，但客戶的期望是在第二季度重啟。

And then there is health care, where the volumes are less, but is in the, let's say, similar path. So yes, I would like to insist that on industrial market, you have 2 different dynamics. You have really a dynamic which is strong, the B2B, and here is driven by a transformation, so decarbonization and automation of the industry, so pervasion of semiconductor. And there is a second dynamic, which is going back to normal, softening, which is battery-operated tool, all appliances is basically the same and health care. So I don't know what the main competitor you refer or say. But I can confirm to you, this is what we see. This is a backlog we have and this is what the customer are demanding.

然後是醫療保健，數量較少，但可以說是類似的路徑。所以是的，我想堅持認為在工業市場上，你有兩種不同的動態。你真的有一個強大的動力，B2B，這裡是由轉型驅動的，所以行業的脫碳和自動化，所以半導體的普及。還有第二個動力，就是恢復正常，軟化，就是電池供電的工具，所有電器基本一樣，保健。所以我不知道你提到或說的主要競爭對手是什麼。但我可以向你確認，這就是我們所看到的。這是我們的積壓訂單，也是客戶的要求。

Did that answer your question?

這回答了你的問題嗎？

Thank you for all the color there. I guess for my follow-up I wanted to ask about silicon carbide substrates. You've seen a player -- the leading player in substrates sort of have yield issues over the last quarter or 2. It was great to hear you reiterate the confidence in 40% internal substrates over the next year. Could you just walk me through what gives you -- how can you be so confident, I guess, in your ability to, both medium term and longer term, get access to substrates, and particularly given some of your peers are going full vertical, others are going the other end and placing bets all over the place with multiple suppliers? Would just be great to hear an update on the silicon -- your view of silicon carbide substrate supply.

謝謝你那裡所有的顏色。我想對於我的後續行動，我想詢問有關碳化矽襯底的問題。你已經看到一個玩家 - 基板的領先玩家在上一季度或第二季度出現了產量問題。很高興聽到你重申對明年 40% 的內部基板的信心。你能不能告訴我是什麼給了你——我想你怎麼能如此自信，在你的能力中，無論是中期還是長期，都能獲得基板，特別是考慮到你的一些同行正在完全垂直，其他人則走向另一端，與多家供應商到處押注？很高興聽到有關矽的最新消息——您對碳化矽襯底供應的看法。

No, I would like to comment, let's say, the planning horizon of 3 to 5 years, and to confirm what is our strategy. Again, on substrate initiative, our intention was to, let's say, build an internal source in order to warranty to any customer with whom we have a strategic agreement, let's say some security of the supply chain, okay? We have seen during the past few years that some issues could occur. And one of the lessons learned we have taken, this silicon carbide is so key enabling technology for the electrification of the MOSFET and the decarbonization of the industry that we consider that, for a while, to offer strategic independence to our key customer was, let's say, a key initiative of us.

不，我想評論一下，比如 3 到 5 年的規劃範圍，並確認我們的戰略是什麼。再次，根據基本倡議，我們的意圖是，比方說，建立一個內部資源，以便向與我們有戰略協議的任何客戶保證，比方說供應鏈的一些安全性，好嗎？在過去的幾年中，我們已經看到可能會出現一些問題。我們吸取的教訓之一是，這種碳化矽是 MOSFET 電氣化和行業脫碳的關鍵支持技術，我們認為，在一段時間內，為我們的主要客戶提供戰略獨立性，讓我們比如說，我們的一項重要舉措。

But then the second objective to acquire internal capability on this substrate initiative is R&D and efficiency. We want to be, let's say, not dependent on anybody to move our production to 200-millimeter. And we do not want to be dependent on anybody to insert strong innovation in our substrate initiatives. As an example, the SmartSiC technology from Soitec. So now ST will be equipped -- is equipped very soon with all this internal capability to offer strategic independence to our customers and to drive in the safe management mode, our efficiency and innovation. So this is what we want during now and the next 5 years.

但是，在這一基板計劃中獲得內部能力的第二個目標是研發和效率。比方說，我們希望不依賴任何人將我們的生產轉移到 200 毫米。而且我們不想依賴任何人在我們的基材計劃中插入強大的創新。例如，Soitec 的 SmartSiC 技術。所以現在 ST 將配備——很快配備所有這些內部能力，為我們的客戶提供戰略獨立性，並推動安全管理模式、我們的效率和創新。這就是我們現在和未來 5 年想要的。

So beyond this horizon, we will see which complementary partnership or open partnership we can do. No, ST is not a company close to partnership. I would like to recall GlobalFoundries partnership, ThELMA partnership. So ST is perfectly open to any manufacturing cooperation and agreement. But it's too early to speak about that.

因此，在這個範圍之外，我們將看到我們可以建立哪種互補夥伴關係或開放夥伴關係。不，ST不是一家接近合夥關係的公司。我想回顧一下 GlobalFoundries 的合作夥伴關係，ThELMA 的合作夥伴關係。因此，ST 對任何製造合作和協議都持完全開放的態度。但現在談這個還為時過早。

The next question is from Francois Bouvignies from UBS.

下一個問題來自瑞銀的 Francois Bouvignies。

I have 2 quick ones. The first one is on maybe microcontroller has been a big driver in 2022 and seems to be still in Q1. Can you give some color around the dynamic in microcontroller, specifically that has been constrained for the last few quarters? I mean it looks like inventories are going up significantly. So what do you see in terms of supply demand and pricing dynamic inventories for microcontrollers specifically? Even though you assume pricing to be flat on average, but it would be very interesting to have your microcontroller view specifically.

我有2個快速的。第一個是微控制器可能在 2022 年成為一個重要的驅動力，而且似乎仍在第一季度。你能給微控制器的動態一些顏色嗎，特別是在過去幾個季度受到限制的東西？我的意思是看起來庫存正在顯著增加。那麼，您對微控制器的供需和定價動態庫存有何看法？即使您假設定價平均持平，但讓您的微控制器具體查看會非常有趣。

And the second question I had is on silicon carbide. Actually, to confirm the 40%, 4-0, subset in-house for, I think it was 2024, Jean-Marc, I was not sure I understood your answer. I mean do you still to have 40% next year? Or it's maybe more like a 3, 5 years aspiration? I just wanted to clarify that point.

我的第二個問題是關於碳化矽。實際上，為了確認 40%、4-0 的內部子集，我認為是 2024 年，Jean-Marc，我不確定我是否理解你的回答。我的意思是你明年還有 40% 嗎？或者它可能更像是一個 3、5 年的願望？我只是想澄清這一點。

By 2024, it means, by Q4 2024, we would like to have 40% internal production.

到 2024 年，這意味著到 2024 年第四季度，我們希望內部生產達到 40%。

Okay. And is it 200-millimeter or 150 that you...

好的。你是 200 毫米還是 150 毫米...

I think It will be 150 at the early stage, and step after step, we'll move to 200.

我覺得前期是150，一步步往200移動。

Good clarification.

很好的澄清。

On MCU, the market remains strong overall. We have spoken about STM32, I guess, general purpose. So remain -- the market remains very strong. But overall, I have spoken then -- okay, I will give maybe some specific color. Yes, the demand, the capacity and the inventories have started to be more balanced, clearly. And the lead time are starting to reduce step after step in certain product families and the pricing is stable. But where we are still, let's say, capacity constrained, it's on some ultra-performing microcontroller for industrial applications, for B2B application, because this ultra-performing microcontroller sometimes including let's say, connectivity, security and AI are in competition with microcontroller for automotive.

在 MCU 上，市場整體保持強勁。我們已經談到了 STM32，我猜是通用的。所以保持 - 市場仍然非常強勁。但總的來說，我已經說過了——好吧，我可能會給出一些特定的顏色。是的，很明顯，需求、產能和庫存已經開始更加平衡。某些產品系列的交貨時間開始逐步縮短，價格穩定。但是，比方說，我們仍然存在容量受限的地方，它是在一些用於工業應用、B2B 應用的超高性能微控制器上，因為這種超高性能微控制器有時包括比方說連接性、安全性和人工智能，正在與汽車微控制器競爭.

Basically, they are sharing the same 14-nanometer technology capacity. And here, clearly, we are still on the, let's say, important capacity saturation. Lead time, which are, let's say, quite above a normal situation and in a certain extent, due to is some allocation. For the mainstream microcontroller STM32, for the ultra-low power microcontroller STM32, we are moving step by step to a more normal situation. But I repeat with still a strong demand and in a pricing environment, which is stable whatever is, let's say, go-to-market channel we use.

基本上，它們共享相同的 14 納米技術能力。在這裡，很明顯，我們仍然處於重要的產能飽和狀態。比方說，交貨時間遠高於正常情況，並且在一定程度上是由於一些分配。對於主流單片機STM32，對於超低功耗單片機STM32，我們正在一步步走向更正常的局面。但我重複一遍，需求仍然強勁，在定價環境中，無論我們使用什麼進入市場渠道，價格環境都是穩定的。

Next question, please. I think we have time for 1 or 2 questions depending on the length of the question and answer. So next question and then we will adjourn.

請下一個問題。我認為我們有時間回答 1 或 2 個問題，具體取決於問題和答案的長度。那麼下一個問題，然後我們將休會。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

Two or 3 questions, if I may, quickly. Jean-Marc, you've had a great guidance for the full year. And you are highlighting that in the second half that there is some mix shift with your main consumer electronics customer. So essentially, it looks like all your growth for the year is coming from the automotive industrial space. Is that correct? And I would like to understand what is exactly happening in terms -- because you mentioned in an earlier question that there is some shift happening in terms of the consumer electronics customer, in terms of the part, I'd like to understand that. And I have one quick follow-up.

兩三個問題，如果可以的話，快點。 Jean-Marc，你對這一整年都有很好的指導。您強調，在下半年，您的主要消費電子產品客戶發生了一些混合變化。因此，從本質上講，您今年的所有增長似乎都來自汽車工業領域。那是對的嗎？我想了解具體發生了什麼——因為你在之前的問題中提到，消費電子客戶方面正在發生一些轉變，就這部分而言，我想了解這一點。我有一個快速跟進。

Yes. What I would like to confirm that in 2023, completing the plan we disclosed to you at the midpoint. Our company will have about 70% of our revenue generated by automotive and industrial markets, and about slightly above 30% from personal electronics and communication equipment and computer peripheral. But it is perfectly aligned with the $20 billion ambition that we shared with you at the Capital Market Day. This is exactly what we want to do.

是的。我想確認的是，在 2023 年，完成我們在中點向您披露的計劃。我們公司將有大約 70% 的收入來自汽車和工業市場，約略高於 30% 來自個人電子產品和通信設備以及計算機外圍設備。但這與我們在資本市場日與您分享的 200 億美元的雄心完全一致。這正是我們想要做的。

So this, yes, I confirm, in 2023, we will finish the year in the mix in terms of vertical exposure, which is a strategic target we set up at the management team during the Capital Market Day. Now where we are, I repeat, on the personal electronics overall, moving forward along the year, we have a mix change in the important engage customer program. Again, this mix change will translate in less revenue year-over-year, but better gross margin generation. So this is what I can confirm to you, and this will happen smoothly moving forward across the year.

所以，是的，我確認，到 2023 年，我們將在垂直風險敞口方面完成這一年，這是我們在資本市場日期間在管理團隊中設定的戰略目標。現在，我重複一遍，在整體個人電子產品方面，隨著這一年的發展，我們在重要的參與客戶計劃中發生了變化。同樣，這種組合變化將轉化為收入同比減少，但產生更好的毛利率。所以這就是我可以向你確認的，這將在全年順利進行。

Understood. And just a quick follow-up on manufacturing. I have -- I mean, how much of your production in '22 was 300 millimeters? And going forward, with your ramping up of Agrate, how should we look at that 300-millimeter as a percentage of your production in '23 and then in '24?

明白了。並且只是對製造的快速跟進。我有——我的意思是，你在 22 年生產的產品中有多少是 300 毫米？展望未來，隨著 Agrate 的增加，我們應該如何看待這 300 毫米在 23 年和 24 年的產量中所佔的百分比？

It was, let's say, slightly above 25%.

比方說，它略高於 25%。

Internal, we're talking about internal only.

內部，我們只談論內部。

And Jean-Marc, is it -- because there was some conversation earlier on the margin mix because of the ramp-up of the Agrate fab that there will be some negative impact on gross margin in the second half of this year, but will it be accretive in '24?

Jean-Marc，是嗎——因為早些時候就利潤率組合進行了一些討論，因為 Agrate 工廠的產能增加將對今年下半年的毛利率產生一些負面影響，但會不會在 24 年增加？

Yes, definitely. Of course, in the course of this year, in 2023, we will not be in scale for our 300-millimeter in Agrate, such as that it will be accretive at the level of our gross margin. Because at the end, as we said that we will end the year with the 1,000 wafer per week. Still it's too low, and you know that our priority is to grow as fast as we can in this.

當然是。當然，在今年的過程中，在 2023 年，我們的 300 毫米 Agrate 的規模不會擴大，例如它會在我們的毛利率水平上增加。因為最後，正如我們所說，我們將以每週 1,000 片晶圓結束這一年。仍然太低了，你知道我們的首要任務是在這方面盡可能快地增長。

In 2024, our expectation is that we will start to be neutral to our gross margin, and then in the second part of next year to be accretive as we target to increase this capacity along 2024. This year, no, it will not be, let's say, accretive to our gross margin. This is one of the reasons that you see that, in respect to the starting point of our gross margin in the first quarter, we have no opportunity to improve over the year. And we -- and our average for the full 2023 will be close to 47%, similar to the one that we had in 2022.

到 2024 年，我們的預期是我們的毛利率將開始保持中性，然後在明年下半年實現增長，因為我們的目標是到 2024 年增加產能。今年，不，不會，比方說，增加我們的毛利率。這就是你看到的原因之一，就我們第一季度的毛利率起點而言，我們沒有機會在一年內有所改善。而我們——我們整個 2023 年的平均水平將接近 47%，與 2022 年的水平相似。

Thank you very much, Sandeep. And we have time for our last question.

非常感謝，桑迪普。我們有時間回答最後一個問題。

This last question is from Andrew Gardiner from Citi.

最後一個問題來自花旗銀行的 Andrew Gardiner。

Lorenzo, perhaps one for you. You normally give us an update in terms of your operating expense outlook, if you could help both in terms of first quarter as well as how you see things trending through the year. And then a quick follow-up after that, if you don't mind.

洛倫佐，也許是給你的。如果您可以在第一季度以及您如何看待全年的趨勢方面提供幫助，您通常會向我們提供有關運營費用前景的最新信息。如果你不介意的話，然後快速跟進。

In terms of expenses, net operating expenses actually in the first quarter are expected to increase in respect to our Q4 operating expenses. And this is mainly due to negative impact of the calendar because during Q4, we had, let's say, a vacation at the end of the year, as you know very well, with the Christmas period. We have an increase of activity. We have also some unfavorable currency effect during -- in this quarter in respect to the previous quarter. We have also to consider that we will have a negative impact in the line other income and expenses. So there are 2 reasons for that. One, I was explaining before, is due to the start-up cost that we account in this line.

在費用方面，第一季度的淨營業費用預計將比我們第四季度的營業費用增加。這主要是由於日曆的負面影響，因為在第四季度，我們在年底放假，眾所周知，聖誕節期間。我們的活動增加了。與上一季度相比，本季度我們也有一些不利的貨幣影響。我們還必須考慮到我們將對其他收入和支出產生負面影響。所以有兩個原因。一，我之前解釋過，是由於我們在這一行中計算的啟動成本。

And the second reason is that we do expect in Q1, a lower level of R&D income and grants, let's say, due to the fact that for administrative reasons, we are not in the position to recognize, let's say, all the amount of R&D grants in Q1, most likely there will be a catch-up of these R&D grants due to the renewal of the various convention with the various authorities. So at the end, when we look at Q1, our net operating expenses, including other income expenses, should fall in the range of $900 million to $950 million (sic) [$915 million].

第二個原因是，我們確實預計第一季度的研發收入和補助金水平會降低，比方說，由於行政原因，我們無法確認所有研發金額第一季度的補助金，由於與各個當局的各種公約的更新，這些研發補助金很可能會趕上。所以最後，當我們看第一季度時，我們的淨運營費用，包括其他收入費用，應該在 9 億美元到 9.5 億美元（原文如此）[9.15 億美元] 之間。

And then in terms of how you think that trends through 2023.

然後就您如何看待 2023 年的趨勢而言。

For the year 2023, let's say, I would say that this year will be a year of quite significant, let's say, investment in terms of R&D, in terms of activity, in terms of digitalization of our company. So we have many programs running. I would say that at midpoint, while in 2022, we enjoyed a significant leverage on our expenses, my expectation is that in 2023, we will not enjoy a significant leverage on our expenses at the midpoint of our revenues indication.

對於 2023 年，我想說今年將是相當重要的一年，比方說，在我們公司的研發、活動和數字化方面進行投資。所以我們有很多程序在運行。我想說的是，在中點，雖然在 2022 年，我們對我們的支出有很大的影響，但我的預期是，到 2023 年，我們不會在收入指標的中點對我們的支出有很大的影響。

Okay. So steady as a percent of sales on '22?

好的。 22 年銷售額的百分比如此穩定？

Yes.

是的。

Okay. And if I could just squeeze a quick follow-up in back to the personal electronics question. If I go back to how you guys framed the outlook for '23 back at the third quarter, you've given us an initial indication of growth, and you said at that time that you thought you could grow across all 3 divisions in 2023. As we start the year here in January, you're now saying no, AMS is going to be down, driven by this reframing of the personal electronics relationship. Has something materially changed in the last few months with that, that's driving this mix towards lower revenue but higher gross margin? It feels like it's more socket change than any pricing dynamic because if it was pricing on a similar part, gross margin largely wouldn't move up. So is there anything more you can add to that?

好的。如果我可以快速跟進個人電子產品問題。如果我回到你們在第三季度如何構建 23 年的前景，你們給了我們一個初步的增長跡象，你們當時說你們認為你們可以在 2023 年在所有 3 個部門實現增長。當我們在 1 月在這裡開始新的一年時，您現在說不，受個人電子產品關係重構的推動，AMS 將會下降。在過去的幾個月裡有什麼實質性的變化嗎，這正在推動這種組合朝著更低的收入但更高的毛利率方向發展？感覺它比任何定價動態更多的是插座變化，因為如果它在類似的部分上定價，毛利率基本上不會上升。那麼你還有什麼可以補充的嗎？

Here, there is 2 points. Point number one is the usual seasonality of Q1 of the personal electronic overall. But this is not a surprise. And again, what I commented on the mix change with an important engage customer program is absolutely not a soft point.

這裡，有2點。第一點是個人電子整體第一季度的通常季節性。但這並不奇怪。再一次，我對一個重要的參與客戶計劃的混合變化的評論絕對不是一個軟點。

Okay. That's all you can say. I understand.

好的。這就是你能說的。我明白。

And just to clarify because we had a question from the expense book, the amount of net OpEx for Q1 is $900 million to...

澄清一下，因為我們在費用賬簿上有一個問題，第一季度的淨運營支出為 9 億美元......

$915 million or something.

9.15 億美元左右。

$915 million.

9.15 億美元。

Not, $950 million, $915 million.

不是，9.5 億美元，9.15 億美元。

Yes, exactly. Just to be clear.

對，就是這樣。只是為了清楚。

I take some time some cushion and there is hesitation. But this time, I am a little bit too mature.

我花了一些時間緩衝，有些猶豫。但這一次，我有點太成熟了。

So with this, thank you very much to all of you. I think you can end our call for this time.

因此，非常感謝大家。我想你可以結束我們這次的通話了。

Thank you, everybody, and Happy New Year for everybody.

謝謝大家，祝大家新年快樂。

Thank you.

謝謝你。

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，也感謝您參加會議。您現在可以斷開線路。再見。