意法半導體 (STM) 2023 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics Fourth Quarter and Full Year 2023 Earnings Conference Call and Live Webcast. I am Moira, the Chorus Call operator. (Operator Instructions) and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Investor Relations. Please go ahead, madam.

女士們、先生們，歡迎參加意法半導體 2023 年第四季和全年收益電話會議和網路直播。我是莫伊拉，合唱呼叫操作員。 （操作員指示）並且正在錄製會議。 （操作員說明）不得對會議進行錄音以供出版或廣播。現在，我很高興將工作交給負責投資人關係的集團副總裁 Celine Berthier。請繼續，女士。

Thank you, Moira, and good morning. Thank you, everyone, for joining our fourth quarter and full year 2023 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, Chief Financial Officer; President of Finance, Purchasing, ERM and Resilience; and Marco Cassis, President of Analog, MEMS and Sensor Group and Head of STMicroelectronics Strategy, System Research and Applications and Innovation Office.

謝謝你，莫伊拉，早安。感謝大家參加我們的 2023 年第四季和全年財務業績電話會議。今天主持電話會議的是 ST 總裁兼執行長 Jean-Marc Chery。今天與 Jean-Marc 一起參加電話會議的還有財務長 Lorenzo Grandi；財務、採購、企業風險管理和復原力總裁； Marco Cassis，模擬、MEMS 和感測器事業部總裁兼意法半導體策略、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 results to differ materially from management expectations and plans.

您可以在 ST 的投資者關係網站上存取該現場網路廣播和演示資料。本次電話會議結束後不久將進行重播。此次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 結果與管理層預期和計劃之間存在重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors. 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.

我們鼓勵您查看今天早上發布的新聞稿中包含的安全港聲明以及 ST 最新的監管文件中包含的安全港聲明，以獲取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提問，請限制自己提出一個問題並進行簡短的後續。

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

我現在想將電話轉給 ST 總裁兼執行長 Jean-Marc。

Thank you, Celine. Good morning, everyone, and thank you for joining ST for our Q4 and full year 2023 earnings conference call. Let me begin with some opening comments.

謝謝你，席琳。大家早安，感謝您參加 ST 第四季和 2023 年全年財報電話會議。讓我先發表一些開場評論。

Starting with Q4. Our net revenues of $4.28 billion decreased 3.2% year-over-year and 3.4% sequentially. Gross margin was 45.5%. Revenues and gross margin were slightly below the midpoint of the guidance with higher revenues in Personal Electronics, offset by a softer growth rate in Automotive. Operating margin was 23.9% and net income was $1.08 billion.

從第四季開始。我們的淨收入為 42.8 億美元，年減 3.2%，季減 3.4%。毛利率為45.5%。收入和毛利率略低於指導中位數，個人電子產品收入增加，但被汽車業務成長率放緩所抵消。營業利益率為 23.9%，淨利為 10.8 億美元。

Looking at full year 2023. Net revenues increased 7.2% to $17.29 billion, driven by a strong demand in Automotive and to a lesser extent, Industrial, partially offset by lower revenues in Personal Electronics. Gross margin was 47.9%, up from 47.3% in full year 2022.

展望 2023 年全年。淨收入成長 7.2%，達到 172.9 億美元，主要受到汽車產業和工業產業強勁需求的推動，但部分被個人電子產品收入下降所抵銷。毛利率為 47.9%，高於 2022 年全年的 47.3%。

Operating margin was 26.7% compared to 27.5% in full year 2022. And net income increased 6.3% to 4.21% -- sorry, to $4.21 billion. We invested $4.11 billion in net CapEx while delivering free cash flow of $1.77 billion.

營業利益率為 26.7%，而 2022 年全年為 27.5%。淨利潤增長了 6.3%，達到 4.21%——抱歉，達到 42.1 億美元。我們的淨資本支出投資了 41.1 億美元，同時提供了 17.7 億美元的自由現金流。

During Q4, our customer order bookings decreased compared to Q3. We continue to see stable end demand in Automotive, no significant increase in Personal Electronics and further deterioration in Industrial compared to Q3. We have a solid backlog for the year both in Automotive and in all our engaged customer programs. In Industrial, where we are seeing a strong inventory correction, we have a much lower backlog than when we entered in 2023.

第四季度，我們的客戶訂單量較第三季下降。與第三季相比，我們繼續看到汽車領域的終端需求穩定，個人電子產品沒有顯著成長，工業領域進一步惡化。今年我們在汽車領域和所有參與的客戶計畫中都有大量的積壓訂單。在工業領域，我們看到庫存出現強勁調整，積壓訂單比進入 2023 年時要低得多。

On Q1 2024, at the midpoint, our first quarter business outlook is for net revenues of $3.6 billion, decreasing by 15.2% year-over-year and 15.9% sequentially. Gross margin is expected to be about 42.3%. For the full year 2024, it will be impacted in the first half by this significant inventory correction in Industrial with an expected significant sequential revenue growth in the second half. We expect this will be driven by a strong rebound in Industrial and in Computer Peripherals; continued growth in Automotive and in Communication Equipment and the usual seasonality in Personal Electronics.

2024 年第一季中期，我們對第一季業務的預期是淨收入為 36 億美元，年減 15.2%，季減 15.9%。毛利率預計約42.3%。就 2024 年全年而言，上半年將受到工業產業庫存大幅調整的影響，預計下半年營收將大幅季增。我們預計這將受到工業和電腦週邊設備強勁反彈的推動；汽車和通訊設備的持續成長以及個人電子產品的通常季節性。

In 2024, we plan to invest about $2.5 billion in net CapEx. And we will drive the company based on a plan for full year 2024 revenues in the range of $15.9 billion to $16.9 billion. Within this plan, we expect a gross margin in the low to mid-40s.

2024 年，我們計劃投資約 25 億美元的淨資本支出。我們將根據 2024 年全年收入 159 億美元至 169 億美元的計畫來推動公司發展。在此計劃中，我們預計毛利率將在 40 左右左右。

Now let's move to a detailed review of the fourth quarter. Both revenue and gross margin came slightly below the midpoint of our guidance by 40 and 50 basis points, respectively. This was mainly due to higher revenues in Personal Electronics, offset by a softer growth rate in Automotive compared to expectations.

現在讓我們詳細回顧第四季。收入和毛利率分別略低於我們指引的中點 40 和 50 個基點。這主要是由於個人電子產品收入增加，但被汽車業務成長率低於預期所抵消。

On a sequential basis, Q4 revenues decreased 3.4% with ADG increasing 1.7%, IMS stable and MDG decreasing by 13.3%. On a year-over-year basis, net revenues decreased 3.2%, ADG revenues increased 21.5%, IMS revenue decreased 25.8%, mainly reflecting lower revenues in Personal Electronics.

環比而言，第四季營收下降 3.4%，平均總目標成長 1.7%，IMS 穩定，MDG 下降 13.3%。與去年同期相比，淨收入下降3.2%，ADG收入成長21.5%，IMS收入下降25.8%，主要反映個人電子產品收入下降。

While this includes the impact of the change in product mix in an engaged customer program in Personal Electronics that I first mentioned last January. MDG decreased 11.5% on accelerated demand deterioration in Industrial, mainly impacting our general purpose MCU business. Year-over-year, sales decreased 0.4% to OEMs and 9.2% to distribution.

這包括我去年一月首次提到的個人電子產品參與客戶計畫中產品組合變化的影響。由於工業需求加速惡化，MDG 下降 11.5%，主要影響我們的通用 MCU 業務。與去年同期相比，原始設備製造商的銷售額下降了 0.4%，分銷商的銷售額下降了 9.2%。

Gross profit was $1.95 billion, decreasing 7.3% on a year-over-year basis. Gross margin was 45.5%, decreasing 200 basis points year-over-year due to higher input manufacturing costs, unused capacity charges and negative currency effect net of hedging, partially offset by the combination of sales price and product mix.

毛利為19.5億美元，年減7.3%。毛利率為 45.5%，年減 200 個基點，原因是投入製造成本上升、未使用的產能費用以及扣除對沖後的負面貨幣影響，但部分被銷售價格和產品組合的組合所抵消。

Fourth quarter operating income decreased 20.5% to $1.02 billion. Q4 operating margin was 23.9%, down from 29.1% in the year-ago period with ADG at 31.9%, IMS at 14.8% and MDG at 28%. Q4 2023 net income was $1.08 billion compared to $1.25 billion in the year ago quarter. Both Q4 2023 and Q4 2022 included onetime noncash income tax benefits of $191 million and $141 million, respectively. Earnings per diluted share were $1.14 compared to $1.32.

第四季營業收入下降 20.5% 至 10.2 億美元。第四季營業利益率為 23.9%，低於去年同期的 29.1%，其中 ADG 為 31.9%，IMS 為 14.8%，MDG 為 28%。 2023 年第四季淨利為 10.8 億美元，去年同期為 12.5 億美元。 2023 年第四季和 2022 年第四季分別包括 1.91 億美元和 1.41 億美元的一次性非現金所得稅優惠。稀釋後每股收益為 1.14 美元，去年同期為 1.32 美元。

Let's now discuss our full year results, starting with the business dynamics. In Automotive, we again saw strong demand across all geographies, driven by increasing semiconductor pervasion and structural transformation. The year was also positively impacted by inventory replenishment and a high level of capacity reservation fees.

現在讓我們從業務動態開始討論我們的全年業績。在汽車領域，在半導體普及率不斷提高和結構轉型的推動下，我們再次看到所有地區的強勁需求。庫存補充和高額產能預留費也對這一年產生了正面影響。

In 2023, we continued to execute our strategy supporting car electrification. With silicon carbide products, our revenue for the year was $1.14 billion, a growth of more than 60% versus 2022. We finished the year with around 160 awarded projects spread over about 100 customers. This continues to give us confidence in our silicon carbide growth ambitions towards $2 billion in revenue in 2025. Wins included important supply agreement for Automotive as well as a collaboration with Airbus for aircraft electrification. We progressed as planned on our technology road map.

2023年，我們繼續執行支援汽車電動化的策略。就碳化矽產品而言，我們今年的收入為 11.4 億美元，比 2022 年增長了 60% 以上。這一年結束時，我們獲得了約 160 個獲獎項目，覆蓋約 100 個客戶。這繼續讓我們對 2025 年收入達到 20 億美元的碳化矽成長目標充滿信心。勝利包括重要的汽車供應協議以及與空中巴士公司在飛機電氣化方面的合作。我們按照技術路線圖的計劃取得進展。

In car digitalization, we saw continued design win momentum with our latest generation of automotive microcontrollers across applications such as software-defined vehicle architectures and car electrification systems. In ADAS, we continued working closely with our long-time customer and partner, Mobileye.

在汽車數位化領域，我們看到最新一代汽車微控制器在軟體定義汽車架構和汽車電氣化系統等應用中不斷贏得設計動力。在 ADAS 領域，我們繼續與我們的長期客戶和合作夥伴 Mobileye 密切合作。

In Industrial, during 2023, demand was still strong, especially in power and energy, factory automation and robotics and industrial infrastructure. Towards the end of Q3, we saw a progressive weakening of demand accelerating during Q4. In power and energy management applications such as electrical vehicle charging stations, renewable energy systems and factory automation, we had a broad range of design wins. We further strengthened our embedded processing solution leadership with our STM32 microcontrollers and microprocessor families and related ecosystem, introducing many new products and tools.

在工業領域，2023 年需求仍然強勁，特別是在電力和能源、工廠自動化和機器人以及工業基礎設施方面。在第三季末，我們看到第四季需求逐漸疲軟加速。在電動車充電站、再生能源系統和工廠自動化等電力和能源管理應用中，我們贏得了廣泛的設計勝利。我們透過 STM32 微控制器和微處理器系列以及相關生態系統進一步加強了我們在嵌入式處理解決方案的領導地位，推出了許多新產品和工具。

We were again ranked as the #1 choice in the Aspencore survey of embedded processing solution developers. During the year, we had a strong focus on Edge AI. We announced and provide help desk on multiple hardware products, including microcontrollers, microprocessors and smart sensors.

在 Aspencore 對嵌入式處理解決方案開發商的調查中，我們再次被評為第一選擇。這一年，我們專注於邊緣人工智慧。我們宣布並提供多種硬體產品的幫助台，包括微控制器、微處理器和智慧感測器。

We announced the world's first microcontroller Edge AI developer cloud and held our first ST Edge AI Summit online with over 2,000 attendees and participation from many customers and partners. There we announced the ST Edge AI suite, a comprehensive ecosystem for Edge AI using ST hardware, including our NanoEdge AI Studio.

我們發布了全球首個微控制器Edge AI開發者云，並在線上舉辦了首屆ST Edge AI高峰會，吸引了超過2,000名與會者以及眾多客戶和合作夥伴的參與。在那裡，我們發布了 ST Edge AI 套件，這是一個使用 ST 硬體的 Edge AI 綜合生態系統，包括我們的 NanoEdge AI Studio。

We progressed with sensors for industrial applications, introducing new MEMS and optical sensor suitable for industrial robotics and embedded vision applications.

我們在工業應用感測器方面取得了進展，推出了適用於工業機器人和嵌入式視覺應用的新型 MEMS 和光學感測器。

In Personal Electronics and Computer Peripherals, market demand remained weak in 2023, while communication equipment demand remains solid in our focus areas. In Personal Electronics, we continue to be successful with our focused approach, winning sockets in flagship devices with sensors, wireless charging, touch display controllers and secure solutions. In Communication Equipment, our radio-frequency communication business delivered strong results. We continue to progress well with engaged customer programs in satellite and cellular communication infrastructure, including with the next generation of products for SpaceX-StarLink.

在個人電子產品和電腦週邊設備方面，2023 年市場需求仍然疲軟，而我們重點關注的通訊設備需求仍然強勁。在個人電子產品領域，我們憑藉專注的方法繼續取得成功，贏得了具有感測器、無線充電、觸控顯示控制器和安全解決方案的旗艦設備的市場份額。通訊設備領域，射頻通訊業務取得強勁業績。我們在衛星和蜂窩通訊基礎設施方面的客戶專案繼續取得良好進展，其中包括 SpaceX-StarLink 的下一代產品。

Let me now share a summary of our main 2023 manufacturing initiatives. We continue to transform our manufacturing base to enable our future growth and drive our profitability with the expansion of our 300-millimeter capacity and a strong focus on wide bandgap semiconductors.

現在讓我總結一下我們 2023 年主要製造計劃。我們繼續改造我們的製造基地，以實現未來的成長，並透過擴大 300 毫米產能和重點關注寬頻隙半導體來提高我們的獲利能力。

In silicon carbide, we continue to ramp our front-end device production in our Catania and Singapore facilities, and we increased back-end manufacturing capacity in our sites in Morocco and China. We also started production in our new integrated silicon carbide substrate manufacturing facility in Catania as a significant step in our silicon carbide vertical integration strategy.

在碳化矽方面，我們持續提高卡塔尼亞和新加坡工廠的前端設備產量，並提高了摩洛哥和中國工廠的後端製造能力。我們也在卡塔尼亞的新整合碳化矽襯底製造工廠開始生產，這是我們碳化矽垂直一體化策略的重要一步。

We also announced a joint venture with Sanan Optoelectronics for high-volume 200-millimeter silicon carbide device manufacturing in China. Production is expected to start in Q4 2025. These are important moves to further scale our global silicon carbide manufacturing operation. And there will be key enablers of the opportunity we see to reach above $5 billion silicon carbide yearly revenues by 2030.

我們也宣布與三安光電成立合資公司，在中國大批量生產 200 毫米碳化矽元件。預計將於 2025 年第四季開始生產。這些是進一步擴大我們的全球碳化矽製造業務的重要舉措。我們認為，到 2030 年，碳化矽年收入將達到 50 億美元以上，而關鍵的推動因素將是這項機會的關鍵推動因素。

We advanced also with our 300-millimeter capacity expansion plans. In Agrate, Italy, our new 300-millimeter wafer fab was qualified for production and capacity of slightly more than 1,000 wafer per week was installed as planned. In June, we announced the conclusion of the 3-party agreement for a new 300-millimeter semiconductor manufacturing facility in Crolles along with the state of France, GlobalFoundries and our company as approved by the European Commission.

我們也推進了 300 毫米產能擴張計畫。在義大利阿格拉特，我們新建的 300 毫米晶圓廠已獲得生產資格，並按計劃安裝了每週略多於 1,000 片晶圓的產能。 6 月，我們宣布與法國政府、GlobalFoundries 和我們公司就位於克羅爾的新 300 毫米半導體製造工廠達成三方協議，並獲得歐盟委員會的批准。

These initiatives are aligned with our sustainability strategy and our sustainable manufacturing commitment in terms of energy consumption and greenhouse gas emissions, air and water quality. We are on track to achieve our carbon neutrality goal on Scope 1, 2 and partially Scope 3 and our 100% renewable energy goal by 2027.

這些舉措與我們的永續發展策略以及我們在能源消耗和溫室氣體排放、空氣和水質方面的永續製造承諾保持一致。我們預計在 2027 年實現範圍 1、範圍 2 和部分範圍 3 的碳中和目標以及 100% 再生能源目標。

To further this goal, we announced in November, the signature of a 15-year power purchase agreement for renewable energy for our operation in Italy with ERG, a leading European independent energy producer. We also continue to work closely with external bodies and to maintain our strong presence in the major sustainability indices.

為了進一步實現這一目標，我們在 11 月宣布與歐洲領先的獨立能源生產商 ERG 簽署了一份為期 15 年的再生能源購電協議，用於我們在義大利的業務。我們也繼續與外部機構密切合作，並保持我們在主要永續發展指數中的強勢地位。

Looking now at our full year 2023 financial performance in greater detail. Net revenues increased 7.2% to $17.29 billion. On a year-over-year basis, Automotive revenues grew 33.5%, Industrial was up 11.4%, Communication Equipment & Computer Peripherals decreased 4.2%, and Personal Electronics was down 25.1%. By end market, Automotive represents about 41% of our total 2023 revenues, Industrial about 30%, Personal Electronics about 19% and Communication Equipment & Computer Peripherals about 10%.

現在更詳細地了解我們 2023 年全年的財務表現。淨收入成長 7.2%，達到 172.9 億美元。與去年同期相比，汽車收入成長 33.5%，工業收入成長 11.4%，通訊設備和電腦週邊設備收入下降 4.2%，個人電子產品收入下降 25.1%。以終端市場計算，汽車占我們 2023 年總收入的約 41%，工業約佔 30%，個人電子產品約佔 19%，通訊設備和電腦週邊設備約佔 10%。

By customer channel, sales to OEMs and distribution represented 66% and 34%, respectively, of total revenues in 2023, similar to the split in 2022. By region of customer origin, 37% of our 2023 revenues were from the Americas, 30% from Asia Pacific and 33% from EMEA. Looking at the sales performance by product group. ADG grew 31.5% in on growth both in Automotive and in Power & Discrete. AMS revenues decreased by 18.7% with lower revenues in the 3 subgroups. MDG revenues increased 3.9%. Revenue grew in radio frequency communications and were substantially flat in the microcontroller subgroup.

按客戶管道劃分，對OEM 的銷售和分銷分別佔2023 年總收入的66% 和34%，與2022 年的劃分類似。按客戶來源地區劃分，我們2023 年收入的37% 來自美洲，30% 來自美洲來自亞太地區，33% 來自歐洲、中東和非洲。按產品組查看銷售業績。隨著汽車和電力與分立元件業務的成長，每日均總收入成長了 31.5%。 AMS 收入下降 18.7%，其中 3 個子組的收入有所下降。 MDG 收入成長 3.9%。射頻通訊領域的營收成長，而微控制器子組的營收基本上持平。

Gross margin increased to 47.9% for 2023 compared to 47.3% for 2022, possibly driven by the positive impact of the combination of product mix and pricing, partially offset by higher input manufacturing costs and unused capacity charges. In 2023, operating margin decreased to 26.7% compared to 27.5% in 2022. By product group, ADG operating margin increased to 31.8% from 24.6%, IMS operating margin decreased to 17.3% from 25.2% and MDG operating margin decreased to 33.8% from 35%.

2023 年毛利率增至 47.9%，而 2022 年為 47.3%，這可能是由於產品組合和定價組合的正面影響，但部分被較高的投入製造成本和未使用產能費用所抵銷。 2023 年，營業利潤率下降至26.7%，而2022 年為27.5%。按產品組劃分，ADG 營業利潤率從24.6% 增至31.8%，IMS 營業利潤率從25.2% 下降至17.3%，MDG 營業利潤率從 2022 年下降至 33.8%。35%。

Net cash from operating activities increased 15.2% in 2023, totaling $5.99 billion. After investing $4.11 billion in net CapEx in 2023 compared to $3.52 billion in 2022, our free cash flow increased 11.3% to $1.77 billion. Inventory at the end of the year was $2.7 billion, compared to $2.58 billion in 2022. Days sales of inventory at year end was 104 days compared to 114 days at the end of Q3 2023 and 101 days at the end of the previous year.

2023 年經營活動產生的現金淨額成長 15.2%，總計 59.9 億美元。 2023 年淨資本支出投資了 41.1 億美元，而 2022 年為 35.2 億美元，我們的自由現金流增加了 11.3%，達到 17.7 億美元。年末庫存為 27 億美元，而 2022 年為 25.8 億美元。年末庫存銷售天數為 104 天，而 2023 年第三季末為 114 天，上年末為 101 天。

Cash dividends paid to stockholders in 2023 totaled $223 million. In addition, during 2023, ST executed share buybacks totaling $346 million under our current share repurchase program. ST net financial position of $3.16 billion at December 31, 2023, reflected total liquidity of $6.08 billion and total financial debt of $2.93 billion.

2023年向股東支付的現金股利總計2.23億美元。此外，2023年期間，ST根據我們目前的股票回購計畫執行了總額為3.46億美元的股票回購。截至 2023 年 12 月 31 日，ST 淨財務狀況為 31.6 億美元，反映出總流動性為 60.8 億美元，總金融債務為 29.3 億美元。

Now let's move to our plan for the full year 2024. On Q1 2024, at the midpoint, our first quarter business outlook is for net revenues of $3.6 billion, decreasing by 15.2% year-over-year and decreasing 15.9% sequentially. Gross margin is expected to be about 42.3%. For the full year 2024, we plan to invest about $2.5 billion in net CapEx and we will drive company based on the plan for full year 2024 revenues in the range of $15.9 billion to $16.9 billion. Within this plan, we expect a gross margin in the low to mid-40s.

現在讓我們轉向 2024 年全年計畫。在 2024 年第一季的中點，我們第一季的業務展望是淨收入 36 億美元，年減 15.2%，季減 15.9%。毛利率預計約42.3%。對於 2024 年全年，我們計劃投資約 25 億美元的淨資本支出，我們將根據計劃推動公司 2024 年全年收入在 159 億美元至 169 億美元之間。在此計劃中，我們預計毛利率將在 40 左右左右。

As mentioned earlier, the first half of 2024 will be impacted by a significant inventory correction in Industrial. In the second half of the year, we expect significant sequential revenue growth driven by a strong rebound in Industrial and Computer Peripherals, continued growth in Automotive and Communication Equipment and the usual seasonality in Personal Electronics.

如前所述，2024 年上半年將受到工業庫存大幅調整的影響。下半年，我們預計，在工業和電腦週邊設備強勁反彈、汽車和通訊設備持續成長以及個人電子產品通常的季節性因素的推動下，收入將出現顯著的環比增長。

At the midpoint of our full year 2024 revenue indications, we expect mid-single-digit year-over-year growth in Automotive. Excluding the impact of capacity reservation fees and a specific customer 2023 inventory replenishment effect, this would correspond to low double-digit year growth.

在我們 2024 年全年營收指標的中點，我們預期汽車業務將實現中個位數的年成長。排除產能預留費和特定客戶 2023 年庫存補充效應的影響，這將對應於較低的兩位數年度成長。

We expect Industrial to return to high single-digit year-over-year growth in the second half of 2024 after a significant decline in the first half. In Personal Electronics, we expect to grow revenues sequentially in the second half, in line with the usual seasonality. In Communication Equipment & Computer Peripherals, we expect to grow revenues both sequentially and year-over-year in the second half, driven by our engaged customer programs in both the communication and computer markets.

我們預計，繼上半年大幅下滑後，產業將在 2024 年下半年恢復高單位數年成長。在個人電子產品方面，我們預計下半年收入將持續成長，與通常的季節性相符。在通訊設備和電腦週邊設備方面，在我們在通訊和電腦市場的客戶計畫的推動下，我們預計下半年收入將環比和同比增長。

To conclude, following several years of revenue growth and increased profitability, we see 2024 as a transition year. We are adapting our plans according to market dynamics, while continuing to execute on our established strategy and operating model, continuing to strongly focus on Automotive and Industrial as a broad range supplier and being selective in our approach in Personal Electronics and Communication Equipment & Computer Peripherals.

總而言之，經過幾年的收入成長和獲利能力提高，我們將 2024 年視為過渡年。我們正在根據市場動態調整我們的計劃，同時繼續執行我們既定的策略和營運模式，繼續大力關注汽車和工業作為廣泛的供應商，並在個人電子產品、通訊設備和電腦外圍設備方面精挑細選。 。

Well, finally, before answering your questions, I would like also to mention that on January 10, 2024, we announced that we are reorganizing our product groups. ST will be organized in 2 product groups split in 4 reportable segments and the existing sales and marketing organization will be complemented by a new application marketing organization by end market implemented across all regions. This new organization implies a change in reporting, which will apply from January 1, 2024. We will now report revenues and operating income for the 4 new reportable segment. Thank you, and we are now ready to answer your questions.

好吧，最後，在回答大家的問題之前，我還想提一下，2024 年 1 月 10 日，我們宣布正在重組我們的產品組。 ST 將分為 2 個產品組，分為 4 個可報告的部門，現有的銷售和行銷組織將由在所有地區實施的終端市場的新應用行銷組織進行補充。這個新組織意味著報告方面的變化，該變化將從 2024 年 1 月 1 日起適用。我們現在將報告 4 個新的可報告部門的收入和營業收入。謝謝您，我們現在準備回答您的問題。

(Operator Instructions). First question is from Francois Bouvignies from UBS.

（操作員說明）。第一個問題來自瑞銀 (UBS) 的 Francois Bouvignies。

I have 2 quick questions, if I may. The first one is on Automotive. You mentioned that you expect mid-single-digit growth for the full year versus production flattish and versus 3 months ago, Jean-Marc, I think you were forecasting high single digit or significant growth for Automotive. So it seems that you see some sort of deterioration on the Automotive side.

如果可以的話，我有兩個簡單的問題。第一個是關於汽車的。您提到您預計全年將實現中等個位數成長，而產量則持平，而與 3 個月前相比，Jean-Marc，我認為您預測汽車產業將出現高個位數或顯著成長。因此，您似乎看到汽車方面出現了某種惡化。

My question is, what kind of inventory correction do you assume in this plus 5% number -- 5% or mid-single digit because when we look at Kia 2 days ago or yesterday, they were talking about correction in Automotive with no growth basically in -- or even negative in 2024. We had Tesla last night not giving guidance for 2024. And we had Mobileye, obviously, with a significant inventory correction.

我的問題是，你認為這個+5%的數字會發生什麼樣的庫存修正——5%或中等個位數，因為當我們兩天前或昨天看起亞時，他們正在談論汽車行業的修正，基本上沒有成長2024 年，甚至為負值。昨晚，特斯拉沒有給出 2024 年的指引。顯然，我們還有 Mobileye，其庫存進行了重大調整。

So in other words, is it conservative, this plus 5% or the inventory correction could be more as we look into 2024? And the second question is on the silicon carbide. Could you provide some guidance for 2024 by any chance in terms of revenues? What you ended up in 2023 and what you expect for '24 would be very helpful.

換句話說，是保守的，加 5% 還是當我們展望 2024 年時，庫存修正可能會更多？第二個問題是關於碳化矽的。您能否為 2024 年的收入提供一些指引？你在 2023 年的最終結果和你對 24 年的期望將會非常有幫助。

Change, okay, between October and January for automotive is about one important customer communicating about inventory in ADAS. So this is a change. That's the reason why, okay, to give color on Automotive, I really would like to confirm that we have to read the 2024 year, let's say, cleaning from this effect of, let's say, inventory replenishment we had in 2023 in ADAS and the capacity fee reservation.

好吧，十月到一月之間的汽車行業變化是關於一個重要客戶就 ADAS 中的庫存進行溝通。所以這是一個改變。這就是為什麼，好吧，為了給汽車帶來色彩，我真的很想確認我們必須閱讀 2024 年，比如說，清除我們 2023 年在 ADAS 中的庫存補充的影響，以及容量費預留。

Because in automotive, yes, I confirm to you that year '24, year '23 as reported, we will grow mid-single digit, but clean from this effect of strong inventory replenishment for ADAS in 2023. And the capacity reservation fee that are decreasing in '24 because, okay, we are exiting capacity overloading, the growth on Automotive will be low double digit, which is basically consistent with the indication we have about production of light vehicle, which are slightly above 90 million vehicles in 2024, which is consistent with the number of electrical vehicle worldwide that will be produced in the range of 14 million to 15 million vehicles.

因為在汽車領域，是的，我向您確認，據報道，24 年、23 年我們將實現中個位數增長，但不會受到 2023 年 ADAS 強勁庫存補充的影響。以及產能預留費24 年下降是因為我們正在擺脫產能超載，汽車行業的增長將是低兩位數，這與我們關於輕型汽車產量的指示基本一致，2024 年輕型汽車產量略高於9000 萬輛，其中與全球將生產1400萬至1500 萬輛電動車的數量一致。

And of course, okay, the continuous pervasion of, let's say, semiconductor electronics. But this in a year where, clearly, we have no more boost linked to inventory replenishment or capacity fee reservation. Again, I would like to repeat that for ST the only difference we see October, January is related to ADAS. Then about silicon carbide, okay, our plan will drive ourselves in 2024 is between $1.5 billion to $1.6 billion revenues.

當然，好吧，半導體電子產品的不斷普及。但顯然，今年我們不再有與庫存補充或產能費用預訂相關的提振。我想再次重申，對於 ST，我們在 10 月和 1 月看到的唯一差異與 ADAS 有關。那麼關於碳化矽，好吧，我們的計劃將推動我們在 2024 年實現 15 億至 16 億美元的收入。

That's great, Jean-Marc. Just a quick follow-up, if I may, on the -- when you laid out the underlying growth of the Automotive, which is really well understood. But isn't it like -- don't you think to have an inventory correction buffer would make sense at this point of time. I'm talking about inventory correction at the semiconductor level, for example, because obviously, last year, they all wanted to increase inventory significantly from a low base. So obviously, it makes the base effect technically negative from a semiconductor inventory point of view. Do you see what I mean?

太棒了，讓-馬克。如果可以的話，我只是快速跟進一下——當您闡述了汽車行業的潛在增長時，這是非常容易理解的。但你不認為在這個時候建立庫存修正緩衝是有意義的嗎？例如，我談論的是半導體層面的庫存修正，因為顯然，去年他們都希望在較低基數的基礎上大幅增加庫存。顯然，從半導體庫存的角度來看，這使得基數效應在技術上為負。你明白我的意思嗎？

Yes, yes, I exactly know. We absolutely don't see on Automotive what we are seeing on Industrial because on Industrial, this is what is happening. Again, on Automotive, where we see a pocket of inventory corrected is on ADAS. That has been pretty well communicated. And I have to confirm to you that we have a very solid backlog covering the plan I mentioned to you on Automotive.

是的，是的，我完全知道。我們絕對不會在汽車領域看到我們在工業領域看到的情況，因為在工業領域，這就是正在發生的事情。同樣，在汽車領域，我們看到 ADAS 上的一部分庫存得到了糾正。這已經溝通得很好了。我必須向您確認，我們有非常紮實的積壓工作，涵蓋了我向您提到的汽車計劃。

Thank you very much. Next question please, Moira.

非常感謝。請下一個問題，莫伊拉。

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

下一個問題來自法國巴黎銀行 (BNP Paribas Exane) 的 Jerome Ramel。

A quick question, Jean-Marc. On the guidance you gave for the full year and with the guidance for Q1, it kind of suggests that second half of this year could be maybe 20% above the first half. So I'm just wondering why the gross margin should be at 42.3% in Q1 and not significantly improve for the average of the full year because you said, I mean, mid-range would be 42.5%.

一個簡單的問題，讓-馬克。根據您給予的全年指導和第一季的指導，這表明今年下半年可能會比上半年成長 20%。所以我只是想知道為什麼第一季的毛利率應該是 42.3%，而全年平均毛利率卻沒有顯著提高，因為你說，我的意思是，中檔毛利率是 42.5%。

So despite the strong revenue expectation of growth in the second half of this year, so if you see what I mean, what I don't try to reconcile is why with such a low revenue in Q1, you're at 42.3% gross margin. And despite a very strong recovery -- revenue recovery in the second half of this year, the average for the full year gross margin is only 42 points or mid-40s -- between low 40s and mid-40s.

因此，儘管今年下半年的營收成長預期強勁，所以如果你明白我的意思，我不會試圖調和的是為什麼第一季的營收如此低，毛利率卻為 42.3% 。儘管復甦非常強勁——今年下半年收入復甦，但全年毛利率的平均水平僅為 42 點或 40 多點——介於 40 多點和 40 多點之間。

Thank you, Jerome. So I pass the question to Lorenzo.

謝謝你，傑羅姆。所以我把問題轉給洛倫佐。

Good morning, everybody. About the gross margin, but for sure, the first half of the year will be impacted in our gross margin by a material negative impact for the unloading charges. So this is clear. Already this quarter, the impact will be in the range above 200 basis points in our gross margin. .

大家早安。關於毛利率，但可以肯定的是，今年上半年我們的毛利率將受到卸貨費用的重大負面影響。所以這很清楚。本季度，我們的毛利率受到的影響將超過 200 個基點。 。

You have also to consider that we have in -- during 2024, the impact of our ramp-up in 300-millimeter in Italy in Agrate that is impacting especially the first half. On the second part of the year, definitely, let's say, when we look at the midpoint of our indication of the revenue, there will be a material increase in our gross margin. Anyway, we think that we will not be still at the optimal level in terms of manufacturing efficiency even if the unloading will move down significantly moving in the second part of the year, and so the gross margin will increase.

您還必須考慮到我們在 2024 年期間，義大利阿格拉特 300 毫米產能的提升所產生的影響，尤其是上半年。可以說，在今年下半年，當我們查看收入指標的中點時，我們的毛利率肯定會出現實質成長。無論如何，我們認為即使下半年卸貨量大幅下降，我們的生產效率也不會處於最佳水平，因此毛利率將會增加。

Then at that point, we will not be actually at the best of our efficiency. Anyway, we do expect to exiting the year above the midpoint, definitely of the -- around the, let's say, the 40s. So we will be higher than the 44%, 45%. But yet this year will be, let's say, a year of transition for our gross margin.

到那時，我們實際上並不會處於最佳效率。不管怎樣，我們確實預計今年會在中點以上退出，肯定是在 40 年代左右。所以我們會高於44%、45%。但可以說，今年將是我們毛利率轉型的一年。

Okay. And maybe a follow-up on costs. How should we model OpEx for this year?

好的。也許還有成本方面的後續行動。今年我們該如何為營運支出建模？

This year, we think that our OpEx, we will stay substantially flattish when we look at the sequential in Q1 but the increase, there will be some increase because definitely, you see there is some inflation. As usual, there will be some salary increase. So this is obvious. We think that we will increase our revenue in the year in the range of between 3%, 4% compared to 2023, OpEx, yes.

今年，我們認為，當我們觀察第一季的環比時，我們的營運支出將基本持平，但成長會增加，因為肯定會看到一些通貨膨脹。和往常一樣，工資會增加。所以這是顯而易見的。我們認為，與 2023 年相比，今年的收入將增加 3% 至 4%，營運支出，是的。

Okay. For the full year?

好的。全年？

Yes. And just that usually, we talk about net OpEx, so including also the other income and expenses. And here, our other income and expenses will help somehow to keep our OpEx increase not to too much high because we forecast at this point to be well above $100 million range, $140 million, $150 million positive impact on our other income and expenses.

是的。通常，我們談論淨營運支出，因此也包括其他收入和支出。在這裡，我們的其他收入和支出將以某種方式幫助我們的營運支出成長不要太高，因為我們目前預測將遠高於1 億美元、1.4 億美元、1.5 億美元的範圍，對我們的其他收入和支出產生正面影響。

Thank you very much, Jerome. Next question, please.

非常感謝你，傑羅姆。請下一個問題。

The next question is from Gianmarco Bonacina from Equita.

下一個問題來自 Equita 的 Gianmarco Bonacina。

Just a little bit more color, you gave an outlook for the full year on the worst case. Can you give us an outlook on the first quarter, in particular, if you expect Automotive to show year-over-year growth in Q1? And then I have a follow up.

稍微多一點色彩，你就最壞的情況給出了全年的展望。您能否給我們對第一季的展望，特別是您預期汽車產業在第一季將出現同比成長？然後我有一個後續行動。

Let's say, give a very simple summary of how we perceive the full year 2024. If we correct, let's say, our year 2023 from clearly the optical module that I already shared with you many times last year. And this specific contractual inventory replenishment for ADAS that we have done in 2023 adding capacity available. And the capacity fee reservations that are decreasing in '24 as expected. Overall, if we have took 2023 as a reference, we have about USD 800 million of revenue that will not be repeated in 2024.

比方說，對我們如何看待 2024 年全年進行一個非常簡單的總結。如果我們從去年我已經多次與大家分享的光學模組中清楚地糾正我們的 2023 年。我們在 2023 年完成了針對 ADAS 的特定合約庫存補充，增加了可用產能。正如預期的那樣，24 年的容量費預訂量正在減少。整體而言，如果以2023年為參考，我們大約有8億美元的收入，2024年不會重複。

So that's the reason why at the midpoint of our indication, so [16.4], we have to compare not with [17.3 but with 16.5, let's say]. And what is the dynamic? The dynamic is very simple. Automotive will grow 13%, so about, let's say, USD 750 million, USD 800 million, completely offset by the inventory correction of Industrial in the same range of amount. And then Personal Electronics and Computer Equipment and Communication will be basically flattish, which is coherent with a very soft increase of the smartphone market in 2024 as reported by some analysts.

這就是為什麼在我們的指示的中點，即[16.4]，我們必須不與[17.3，而是與16.5，比方說]進行比較。動態是什麼？動態非常簡單。汽車產業將成長 13%，也就是說，約 7.5 億美元、8 億美元，完全被相同範圍內的工業庫存調整所抵銷。然後個人電子產品、電腦設備和通訊將基本持平，這與一些分析師報告的 2024 年智慧型手機市場的疲軟成長一致。

As you know, there is no impact from the 5G because ST is not present on radio frequency. And then Communication Equipment & Computer Peripherals, for us, we have a clear strong growth with our engage customer program in the satellite communication. And this is offset by a legacy exit of our business. So this is overall takeaway for the company. So I repeat, we have to clean by $800 million with clear revenue that will not be repeated.

如您所知，5G 不會產生影響，因為射頻上不存在 ST。然後是通訊設備和電腦週邊設備，對我們來說，我們在衛星通訊領域的客戶計畫有明顯的強勁成長。這被我們業務的遺留退出所抵消。所以這對公司來說是一個整體的收穫。所以我再說一遍，我們必須清理 8 億美元，並且有明確的收入，不會重複。

Automotive will grow USD 800 million, 13%, offset by a strong inventory correction in H1 by Industrial, Personal Electronic and Communication Equipment & Computer Peripherals, basically flattish. Well, if I go more in detail, but Automotive, I confirm, is mid-single digit overall, clean is low double digit. Industrial will decrease about mid-teens in 2024 versus 2023. Personal Electronics will decrease by, let's say, low teens in 2024. But like-for-like, it's basically flattish if we remove the optical module. And basically, as I said, Communication Equipment & Computer Peripherals will be flattish. So this is all we can classify at the midpoint of the range we indicated our revenue in 2024. I hope I am clear.

汽車產業將成長 8 億美元，即 13%，但被工業、個人電子和通訊設備及電腦週邊設備上半年強勁的庫存調整所抵消，基本持平。好吧，如果我更詳細地說，但我確認，汽車行業總體處於中個位數，清潔行業處於低兩位數。與 2023 年相比，2024 年工業將減少約 15%。個人電子產品將在 2024 年減少約 15%。但同樣，如果我們去掉光學模組，它基本上是持平的。基本上，正如我所說，通訊設備和電腦週邊設備將變得扁平。因此，這就是我們可以根據 2024 年收入範圍的中點進行分類的全部內容。我希望我說得很清楚。

Just a quick follow-up on your midterm model. Can we assume that, especially on the gross margin side, the current transition here doesn't have any impact on your ability to achieve the 50% gross margin in the midterm?

只是對您的中期模型進行快速跟進。我們是否可以假設，特別是在毛利率方面，當前的轉型不會對你們在中期實現 50% 毛利率的能力產生任何影響？

It's clear that looking at our market positioning, our strengths, our operating model, we confirm the model. Clearly, we have just to have a look in detail of the implication of this transition year, but we confirm the model.

很明顯，透過我們的市場定位、我們的優勢、我們的營運模式，我們確認了這個模式。顯然，我們只需詳細了解這個過渡年的影響，但我們確認了模型。

Thank you very much. Next question please, Moira.

非常感謝。請下一個問題，莫伊拉。

The next question is from Joshua Buchalter from TD Cowen.

下一個問題來自 TD Cowen 的 Joshua Buchalter。

I was hoping you could maybe expand on your visibility into the back half ramp. I mean in particular, in Industrial. Generally, when you're in an inventory correction and lead times are coming down, it's hard to get a great grasp. So maybe you could provide some anecdotes of what you're seeing that's driving the sharp rebound in Industrial in the back half. Maybe any details on how cancellations or bookings are trending underneath in the near term?

我希望你能擴大後半坡道的視野。我的意思是特別是在工業領域。一般來說，當您進行庫存調整並且交貨時間縮短時，很難很好地掌握。因此，也許您可以提供一些您所看到的推動工業下半年大幅反彈的軼事。也許有關於近期取消或預訂趨勢的詳細資訊？

Clearly, the signal now we see after having seen in 2023 in the first half, as I mentioned, the acknowledgment of customers that the lead time of semiconductor are reducing clearly, and in October, we shared with you that when we have seen September bookings not at the expected level, we discuss with our customers and all of them say, well, we are revisiting our sales and operating plan because our own end demand is weakening, except power energy for infrastructure.

顯然，正如我所提到的，在2023 年上半年看到之後，我們現在看到的信號是，客戶承認半導體的交貨時間正在明顯縮短，並且在10 月份，我們與您分享了當我們看到9 月的預訂時沒有達到預期水平，我們與客戶討論，他們都說，好吧，我們正在重新審視我們的銷售和營運計劃，因為我們自己的最終需求正在減弱，除了基礎設施的電力能源。

But what was related construction, residential, including factory automation, robotics and of course, what is consumer, all the customer and distributor were really assessing their end demand that was weakening and their inventory level. Well, clearly, the signal of Q4 booking show that we are in the inventory correction mode.

但與建築、住宅相關，包括工廠自動化、機器人技術，當然還有消費者，所有客戶和分銷商都在真正評估他們正在疲軟的最終需求和庫存水平。嗯，很明顯，第四季的預訂訊號表明我們正處於庫存修正模式。

By experience, inventory correction, last 4 to 5 quarters, we can say that it has started in Q3, end of Q3, that's the reason why we expect that this inventory correction will end, end of Q2. Could be slightly extending Q3, let's monitor it, it's possible. But we are convinced discussing with our customers that this inventory correction will end, end of Q2.

根據經驗，過去 4 到 5 個季度的庫存調整，我們可以說它從第三季、第三季末開始，這就是為什麼我們預計這次庫存調整將在第二季末結束。第三季可能會稍微延長，讓我們監控一下，這是可能的。但我們確信，與客戶討論後，庫存調整將在第二季末結束。

So that's the reason why we have built a plan that is backloaded for Industrial, H2 versus H1. And that's the reason why also today, our backlog visibility on Industrial is pretty low. And that's the reason why we have given a range of $1 billion, between $15.9 billion to $16.9 billion. But at the end, the feedback we are receiving that we are facing an inventory correction that should end in Q2 and expecting a rebound in H2.

這就是為什麼我們制定了針對工業、H2 和 H1 的回載計劃的原因。這就是為什麼今天我們的工業積壓訂單可見度相當低的原因。這就是為什麼我們給出了 10 億美元（159 億美元至 169 億美元）的範圍的原因。但最後，我們收到的回饋表明，我們正面臨庫存調整，庫存調整應在第二季結束，並預計下半年將反彈。

And I guess as we go through this period of digestion, any way to quantify where the channel is at and where it needs to be? And any changes in the pricing environment with your customers as you go through the digestion?

我想當我們經歷這個消化階段時，有什麼方法可以量化渠道的位置和需要的位置嗎？在消化過程中，顧客的定價環境有什麼改變嗎？

No, pricing is going back to what we classify normal, is low single digit, okay? We don't see price pressure especially going back to normal. No, it's an inventory correction. I think we can classify that many customers in the field of Industrial market have overestimated in a certain extent their end demand dynamic in 2023 and restart in 2024.

不，定價將回到我們分類的正常水平，低個位數，好嗎？我們沒有看到價格壓力，尤其是恢復正常。不，這是庫存修正。我認為我們可以歸類為，工業市場領域的許多客戶在某種程度上高估了他們2023年的終端需求動態以及2024年的重啟。

They continue to order at the level of the backlog we received end of '22 and first half for 2023. And now they acknowledge that they have to adjust because the end demand is not at the expected level. This kind of adjustment again last 3, 4 quarters, started in Q3 should end in Q2.

他們繼續按照我們在 22 年底和 2023 年上半年收到的積壓訂單水準訂購。現在他們承認他們必須進行調整，因為最終需求未達到預期水準。這種調整又持續了三、四個季度，從第三季開始應該會在第二季結束。

The next question is from Lee Simpson from Morgan Stanley.

下一個問題來自摩根士丹利的李辛普森。

I just want to carry on from the last question. When we look at the inventory correction for Industrial, a lot of this -- I mean, correct me if I'm wrong, a lot of this looks as though its general purpose microcontrollers. And a lot of this looks as though it's going through a distribution channel.

我只想繼續上一個問題。當我們查看工業的庫存修正時，很多 - 我的意思是，如果我錯了，請糾正我，其中很多看起來像是通用微控制器。其中許多看起來像是透過分銷管道進行的。

So in many ways, I take the comment that it's a normal inventory correction. But would you say there may be scope for this to pull nearer the end of Q1 rather than the end of Q2 and that we might see scope for modest improvements for that business into Q2. And I guess I just wanted clarity on the earlier remark. I think you said that there was a high single-digit improvement for Industrial in the second half. Is that half-on-half because that doesn't look like it could be year-on-year?

因此，從很多方面來看，我認為這是正常的庫存調整。但您是否會說，這可能有空間將其拉近第一季末而不是第二季末，我們可能會看到該業務在第二季有適度改進的空間。我想我只是想澄清之前的言論。我想你說過下半年產業有很高的個位數改善。這是一半對一半，因為看起來不像是同比的嗎？

First of all, our inventory is, let's say, of course, impacting the general purpose microcontroller because this is the key semiconductor device in any Industrial system, but as well sensors, MEMS as well general purpose analog and some power switch or power driver, so discrete. So this is okay, a bit more than that.

首先，我們的庫存當然會影響通用微控制器，因為這是任何工業系統中的關鍵半導體裝置，還有感測器、MEMS 以及通用類比裝置和一些電源開關或電源驅動器，如此離散。所以沒關係，比這多一點。

Why maybe it is a little bit, let's say, more visible on the microcontroller because do not forget that Industrial customer in 2022 has been heavily hit by the Automotive. Many semiconductor companies has been forced to allocate more to Automotive because of fantastic growth of Automotive at the detriment of Industrial.

為什麼它在微控制器上更明顯一些，因為不要忘記 2022 年的工業客戶受到了汽車的嚴重打擊。由於汽車產業的快速成長損害了工業產業，許多半導體公司被迫向汽車產業投入更多資金。

So it is clear that Industrial market in 2023, they maybe cover them a little bit more than usual. And that's the reason why the inventory correction of MCU now in an economy which is impacting the Industrial market is a little bit amplified versus the other semiconductor, let's say, device.

因此很明顯，到 2023 年，工業市場的覆蓋範圍可能會比平常多一些。這就是為什麼現在在影響工業市場的經濟中，MCU 的庫存調整比其他半導體（比如說設備）稍微放大了一些。

To your question, about inventory correction lasting in Q1 or in Q2. But very honestly, now the key parameter we have to monitor is the order booking. Yes, if we see a strong acceleration during the course of Q1, we should expect that early Q2, the market will rebound but if we see, let's say, a softer restart in Q1 then accelerating in Q2, we will be the scenario that I described a few minutes ago.

關於你的問題，關於第一季或第二季持續的庫存調整。但老實說，現在我們必須監控的關鍵參數是訂單預訂。是的，如果我們在第一季看到強勁的加速，我們應該預期第二季初期，市場將會反彈，但如果我們看到，比方說，第一季重啟較慢，然後在第二季加速，我們將出現這樣的情況：幾分鐘前描述過。

Great. That's very clear. And maybe just -- if I just could add on -- can you hear me?

偉大的。這非常清楚。也許只是──如果我可以補充的話──你聽得到我嗎？

Yes, yes, we can hear you.

是的，是的，我們能聽到你的聲音。

All right. I'm just curious also, you may have mentioned about the Edge AI ecosystem. I think none of us can deny that there's been some great acquisitions, bolt-ons to backstop some of your ambitions there. But if we broaden this a little bit to include not just Edge AI but tinyML. I'm just very curious to understand your readiness and where the design wins are leaving you for a tick up late '24 or is this more of a '25 story with Edge AI and tinyML?

好的。我也很好奇，你可能提到了邊緣人工智慧生態系統。我想我們誰都不能否認有一些偉大的收購和補充來支持你在那裡的一些野心。但如果我們稍微擴大範圍，不僅包括邊緣人工智慧，還包括tinyML。我只是很好奇，想了解您的準備情況，以及設計的勝利會讓您在 24 年末繼續前進，還是這更像是一個關於 Edge AI 和tinyML 的 25 年故事？

It's more '25 story in terms of volume increase, okay? Now we are sampling our MCU that are embedding hardware accelerator and neural network. But it's a great success when we see all the demand we have. And of course, we are preparing [Rousset] to have a solid booster in revenue in 2025 and onward.

就數量增加而言，這更像是 25 年的故事，好嗎？現在我們正在對嵌入硬體加速器和神經網路的 MCU 進行採樣。但當我們看到我們擁有的所有需求時，這就是一個巨大的成功。當然，我們正在準備 [Rousset] 在 2025 年及以後實現收入的穩健增長。

Thank you very much. I think we have time for 2 more questions, Moira. So next question, please.

非常感謝。我想我們還有時間再問兩個問題，莫伊拉。那麼，請下一個問題。

Next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

I'm trying to understand, Jean-Marc, what you said about Auto's growth for the year. I mean you said year-on-year, it is about 5%. But then excluding something in '23, it is 13%. Can I understand what you're excluding in '23? And then my -- actually, after you answer that, I have a quick follow-up.

讓-馬克，我試圖理解你所說的汽車產業今年的成長情況。我的意思是你說同比大約是5%。但如果排除 23 年的某些內容，這個比例就是 13%。我能理解你在 '23 中排除了什麼嗎？然後我的——實際上，在你回答這個問題後，我會進行快速跟進。

To be very clear, what I exclude in 2023 is the delta of capacity fee reservation '24 versus '23. Why? Because, as expected, in '24, we have a decrease in the capacity reservation fees from OEM because we are exiting progressively from, let's say, capacity shortage. This must be, let's say, removed because it is not product-related or production capacity related in ST. So this is the first delta.

需要明確的是，我在 2023 年排除的是「24」與「23」容量費用預留的增量。為什麼？因為，正如預期的那樣，在 24 年，我們減少了 OEM 的產能預留費用，因為我們正在逐步擺脫產能短缺的問題。可以說，必須將其刪除，因為它與 ST 中的產品或生產能力無關。這是第一個三角洲。

Then the second delta is the following. In 2023, for ADAS, one of our customers contractually has to build a certain amount of inventory to secure the car OEMs. We have not been capable to do it in '21 and '22 for all the reasons you remember, frame shortage, wafer fab capacity limitation and so on and so forth. Yes, in 2023, ST had the capability with the investment we have done to fulfill this, let's say, significant amount of device piling the contractual inventory that our customer has to do. Of course, this will not be repeated in 2024, and this was expected.

那麼第二個增量如下。到 2023 年，對於 ADAS，我們的一位客戶根據合約必須建立一定數量的庫存，以確保汽車 OEM 廠商的安全。我們在 21 和 22 年未能做到這一點，原因有很多，如框架短缺、晶圓廠產能限制等等。是的，到 2023 年，ST 有能力透過我們所做的投資來實現這一目標，比如說，大量的設備堆積在我們的客戶必須做的合約庫存中。當然，這種情況在2024年不會重演，這也在意料之中。

So that's the reason why this very specific and unique case must be removed to compare a fair like-for-like and to share with you this market dynamic. When we make the math, clearly, as reported, our Automotive vertical will grow mid-single digit as reported. Like-for-like, it will be low double digit. So this is the math.

因此，這就是為什麼必須刪除這個非常具體和獨特的案例，以進行公平的同類比較並與您分享這個市場動態。當我們進行數學計算時，顯然，正如報導的那樣，我們的汽車垂直領域將如報道的那樣增長中個位數。類似地，它將是低兩位數。這就是數學。

Understood. So then maybe a follow-up to that would be in terms of margin. I mean if you got capacity reservation fees last year, that would be very, very high margin because if the capacity wasn't necessarily utilized by our clients, does that number you had in '23 have an impact on your gross margin in '24 because that doesn't exist in '24? And is it going to have a long-term impact on your gross margin?

明白了。因此，後續行動可能是利潤率。我的意思是，如果您去年獲得了容量預留費，那將是非常非常高的利潤，因為如果我們的客戶不一定使用這些容量，那麼您在23 年的數字是否會對您在24 年的毛利率產生影響因為24年不存在這個？這會對您的毛利率產生長期影響嗎？

Yes. It's true that when looking at the gross margin in last year, in 2023, capacity reservation fees were, let's say, of course, making a positive impact on our gross margin. And indeed, if you remember, let's say, in the first half of the year, we had, let's say, gross margin that was approaching the 50%, let's say, but when wherein the revenues well below the $20 billion plus. And for sure, this was a little bit an upside in respect to our normal path to the 50% gross margin in our model.

是的。確實，從去年的毛利率來看，2023 年，產能預留費當然對我們的毛利率產生了正面影響。事實上，如果你還記得的話，比如說，今年上半年，我們的毛利率接近 50%，但當時的收入遠低於 200 億美元以上。當然，這相對於我們模型中達到 50% 毛利率的正常路徑來說是有點好處的。

Now what is happened in 2024, first of all, capacity reservation fees are not disappearing because most of the contracts that we have with OEMs are lasting for this year, some of them was in 2025. But what we have embedded in our model is definitely a reduction in terms of dollars still are in this year, meaningful because there is an amount that is still material.

現在 2024 年發生的情況，首先，產能預留費並沒有消失，因為我們與 OEM 簽訂的大多數合約都將持續到今年，其中一些是 2025 年。但我們在模型中嵌入的肯定是今年以美元計價的減少仍然存在，這是有意義的，因為金額仍然很大。

But definitely, it's not at the level of the peak that we had last year. So at the end, let's say, this is something that were expected. The capacity reservation fees, if we look at the contract that we have signed will not disappear, in 2024 are still there. In 2025, will be still there, but they will progressively reduce. This is a little bit what we have embedded when we are evaluating our gross margin.

但可以肯定的是，它還沒有達到去年的峰值水平。所以最後，我們可以說，這是預料之中的事。如果我們看看我們簽署的合同，容量預留費不會消失，2024 年仍然存在。到2025年，仍然存在，但會逐漸減少。這是我們在評估毛利率時嵌入的一點內容。

Does it answer your question, Sandeep?

它能回答你的問題嗎，桑迪普？

Thank you very much.

非常感謝。

Thank you. We have time for one last question.

謝謝。我們還有時間回答最後一個問題。

The last question is from Stephane Houri from ODDO.

最後一個問題來自 ODDO 的 Stephane Houri。

Question on the CapEx reduction, actually. Can you tell us where you are cutting your CapEx, what you are preserving? I understand that you have been always preserving the strategic project, but I have the feeling that a lot of your projects are strategic now. So if you can tell us where you are reducing your CapEx would be very helpful.

實際上是關於資本支出減少的問題。您能告訴我們您在哪些方面削減了資本支出，保留了什麼？我知道你們一直在保留戰略項目，但我感覺你們現在很多項目都是戰略性的。因此，如果您能告訴我們您在哪些方面減少了資本支出，將會非常有幫助。

We continue to protect our -- what we classify as strategy, basically, which is about silicon carbide, GaN, definitively. So the campus in Catania, the CapEx that we will consolidate in China with the JV we have created for Sanan. Then all the devices which are also related to the battery management system, let's say, power -- electrical powertrains, so advanced BCD technology, this kind of device.

我們繼續保護我們的策略，基本上，這就是關於碳化矽、GaN 的策略。因此，我們將在卡塔尼亞的園區與我們為三安創建的合資企業整合在中國的資本支出。然後所有與電池管理系統相關的設備，比方說，電力－電力傳動系統，先進的BCD技術，這種設備。

All the device and technology related to the great growth we will have on Communication Equipment for satellite. But where we are modulating our CapEx is on all other capacity increase. But as we are doing in a normal way, clearly, the good news, I have to say that I would like to share with you is our flexibility.

所有與衛星通訊設備的巨大成長相關的設備和技術。但我們調整資本支出的是所有其他容量的增加。但正如我們正在以正常方式做的那樣，顯然，好消息是，我必須說，我想與大家分享的是我們的靈活性。

So our capacity to move from a $4.1 billion CapEx now to $2.5 billion, okay? So this is demonstrating that we can continue to focus to prepare our infrastructure towards our mission of $20 billion plus. And we adapt ourselves to the market condition I described during the call.

那麼我們的資本支出能力可以從現在的 41 億美元增加到 25 億美元，好嗎？因此，這表明我們可以繼續專注於準備我們的基礎設施，以實現我們 200 億美元以上的使命。我們會根據我在電話會議中描述的市場狀況進行調整。

Any follow-ups, Stephane?

有後續行動嗎，史蒂芬？

Actually, I missed -- sorry, I had problems, technical problems, but what's your view on the silicon carbide level of revenue for the year? And maybe if you could talk a little bit about the client concentration this year.

事實上，我錯過了——抱歉，我遇到了問題，技術問題，但是您對今年碳化矽的收入水平有何看法？也許您可以談談今年的客戶集中度。

It's $1.5 billion to $1.6 billion. So it's another, let's say, a significant increase in '24. So we are doing our best to deliver the $2 billion in '25. But I will not comment specifically on our main customer, but as I already shared, progressively, the weight of this very important customer for us is decreasing. Let's say, as far as timely and smoothly, we are introducing all the new program that I report since many years to you. So yes, it will decrease, but I cannot report specifically the weight of the customer. But it will decrease for sure, according what we expect.

其規模為 15 億至 16 億美元。可以說，這是 24 年的另一個顯著增長。因此，我們正在盡最大努力在 20 年交付 20 億美元。但我不會具體評論我們的主要客戶，但正如我已經分享的那樣，這個非常重要的客戶對我們的權重正在逐漸下降。就說吧，就及時、順利來說，我們把我多年來向大家報告的所有新節目都介紹了一遍。所以是的，它會減少，但我無法具體報告客戶的體重。但根據我們的預期，它肯定會減少。

Okay. Thank you very much. This was the last question.

好的。非常感謝。這是最後一個問題。

Would you like to conclude the call?

您想結束通話嗎？

Yes, I think with the time, I guess.

是的，我想隨著時間的推移。

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，會議現在結束了。感謝您選擇 Chorus Call，也感謝您參加本次會議。現在您可以斷開線路。再見。