意法半導體 (STM) 2024 Q2 法說會逐字稿

2024 earnings release conference call and live webcast. I am Myra, 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, Head of Investor Relations. Please go ahead, madam.

2024 年收益發布電話會議及網路直播。我是合唱呼叫操作員邁拉。 （操作員指示）會議正在錄製中。 （操作員說明）不得對會議進行錄音以供出版或廣播。此時此刻，我很高興將工作交給集團副總裁兼投資人關係主管 Celine Berthier。請繼續，女士。

Thank you, Myra, and good morning. Thank you, everyone, for joining our second-quarter 2024 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, ERM, & Resilience and Chief Financial Officer; and Marco Cassis, President, Analog, Power & Discrete, MEMS and Sensors Group and Head of STMicroelectronics' Strategy, System Research and Applications and Innovation Office. These live webcast and presentation materials can be accessed on ST Investor Relations website.

謝謝你，邁拉，早安。感謝大家參加我們的 2024 年第二季財務業績電話會議。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、採購、企業風險管理和復原力總裁兼財務長 Lorenzo Grandi； Marco Cassis，模擬、功率和分離裝置、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。這些現場網路直播和演示材料可以在 ST 投資者關係網站上存取。

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 causes this result to differ materially from management expectation and plans. We encourage you to review the Safe Harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors. (Operator Instructions) I'd now like to turn the call over to Jean-Marc, ST President and CEO.

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涉及風險因素的前瞻性陳述，這些風險因素可能導致這一結果與管理層的預期和計劃產生重大差異。我們鼓勵您查看今天早上發布的結果新聞稿中包含的安全港聲明以及 ST 最新的監管文件中的安全港聲明，以獲取這些風險因素的完整描述。 （操作員說明）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 Q2 2024 earnings conference call. Let me begin with some opening comments. Starting with Q2, second-quarter net revenues of $3.23 billion were above the midpoint of our business outlook range, driven by higher revenues in personal electronics, partially offset by lower-than-expected revenues in automotive.

謝謝你，席琳。大家早安，感謝您參加 ST 的 2024 年第二季財報電話會議。讓我先發表一些開場評論。從第二季開始，由於個人電子產品收入增加，第二季淨收入達到 32.3 億美元，高於我們業務前景範圍的中點，但汽車收入低於預期，部分抵消了這一影響。

Gross margin of 40.1% was in line with expectations. On a year-over-year basis, Q2 net revenues decreased 25.3% mainly driven by a decline in industrial and to a lesser extent in automotive. Gross margin decreased to 40.1% from 49%. Operating margin decreased to 11.6% from 26.5%. And net income decreased 64.8% to $353 million. On a sequential basis, net revenues decreased 6.7%.

40.1%的毛利率符合預期。與去年同期相比，第二季淨收入下降了 25.3%，主要是由於工業和汽車行業下滑所致。毛利率從49%下降至40.1%。營業利益率從 26.5% 下降至 11.6%。淨利潤下降 64.8% 至 3.53 億美元。淨收入季減 6.7%。

For the first half of 2024, net revenues decreased 21.9% year over year to $6.7 billion, mainly driven by a decrease in the microcontrollers and power and discrete segments. We reported gross margin of 40.9%, operating margin of 13.8%, and net income of $865 million.

2024 年上半年，淨收入年減 21.9% 至 67 億美元，主要是由於微控制器以及電源和分立元件領域的下降。我們的毛利率為 40.9%，營業利益率為 13.8%，淨利潤為 8.65 億美元。

During the quarter, contrary to our prior expectations, customer orders for industrial did not improve and automotive demand declined. For Q3 2024, our third quarter business outlook is for net revenues of about $3.25 billion at the midpoint decreasing 26.7% year over year and increasing 0.6% sequentially. Gross margin is expected to be about 38% impacted by about 350 basis points of unused capacity charges.

本季度，與我們先前的預期相反，工業客戶訂單沒有改善，汽車需求下降。對於 2024 年第三季度，我們第三季的業務展望是淨收入中位數約為 32.5 億美元，年減 26.7%，季增 0.6%。受未使用產能費用約 350 個基點的影響，毛利率預計約為 38%。

For the full year 2024, overall, in Q2 customer order bookings did not materialize as expected. Therefore, we now anticipate a delayed recovery in industrial and a lower-than-expected increase in automotive revenues in the second half of the year versus the first half. We will now drive the company based on the plan for full-year 2024 revenues in the range of $13.2 billion to $13.7 billion. Within this plan, we expect a gross margin of about 40%.

整體而言，2024 年第二季客戶訂單預訂並未如預期實現。因此，我們現在預計下半年工業復甦將延遲，汽車收入增幅將低於上半年預期。我們現在將根據 2024 年全年營收在 132 億美元至 137 億美元範圍內的計畫來推動公司發展。在此計劃內，我們預計毛利率約為40%。

By segment, on a year-over-year basis, analog product, MEMS and sensor was down 10%, mainly due to imaging. Power and discrete products decreased 24.4% with a decline both in power and in discrete products. Microcontrollers revenues declined 46%, mainly due to general purpose microcontrollers. And digital ICs and RF products declined 7.6%, with a decrease in ADAS, more than offsetting an increase in RF communications.

以細分市場來看，類比產品、MEMS 和感測器年減 10%，主要受影像影響。功率和分立產品下降了 24.4%，其中功率和分立產品均下滑。微控制器收入下降 46%，主要是由於通用微控制器。數位 IC 和 RF 產品下降了 7.6%，其中 ADAS 的下降足以抵消 RF 通訊的成長。

By end market, industrial declined by more than 50%, automotive by about 15%, and personal electronic by about 6% while communication equipment and computer peripheral increased by about 2%. Excluding the impact of the change in product mix in an engaged customer program, personal electronics was up about 14%.

從終端市場來看，產業下降超過50%，汽車下降約15%，個人電子下降約6%，通訊設備和電腦週邊成長約2%。排除參與客戶計畫中產品組合變化的影響，個人電子產品上漲約 14%。

Year over year, sales decreased 14.9% to OEMs and 43.7% to distribution. Overall, Q2 net revenues decreased 6.7% sequentially with a decline of 4.3% in analog products, MEMS and sensors; 8.8% in power and discrete products; 15.7% in microcontrollers; while digital ICs and RF products increased 8.6%. By end market, industrial was down about 17% sequentially, automotive down about 8%, and personal electronics down about 5%, while communication equipment and computer peripheral was up about 15%.

與去年同期相比，原始設備製造商的銷售額下降了 14.9%，分銷商的銷售額下降了 43.7%。總體而言，第二季淨收入環比下降 6.7%，其中模擬產品、MEMS 和感測器下降 4.3%；功率和分立產品佔8.8%； 15.7% 在微控制器領域；數位IC和射頻產品成長8.6%。以終端市場來看，工業環比下降約 17%，汽車下降約 8%，個人電子產品下降約 5%，而通訊設備和電腦週邊設備則成長約 15%。

Gross profit was $1.3 billion, decreasing 38.9% year over year. Gross margin decreased to 40.1% compared to 49% in the same quarter last year. The decrease was mainly due to the combination of product mix, and sales price, and higher unused capacity charges.

毛利為13億美元，年減38.9%。毛利率從去年同期的 49% 下降至 40.1%。下降的主要原因是產品組合、銷售價格以及未使用容量費用的增加。

Operating margin was 11.6% compared to 26.5% in the year-ago period. All reportable segments were down on a year-over-year basis with the main decline in microcontrollers and power and discrete.

營業利益率為 11.6%，去年同期為 26.5%。所有可報告細分市場均較去年同期下降，其中微控制器、功率和分立元件下降幅度最大。

On a year-over-year basis, Q2 net income decreased 64.8% to $353 million compared to $1 billion in the year-ago quarter. Earnings per diluted share decreased 64.2% to $0.38 compared to $1.06.

與去年同期相比，第二季淨利下降 64.8%，至 3.53 億美元，去年同期為 10 億美元。稀釋後每股收益從 1.06 美元下降至 0.38 美元，下降 64.2%。

Net cash from operating activities decreased at $702 million versus $1.31 billion in the year-ago quarter. Net CapEx in the second quarter was $528 million compared to $1.07 billion in the year ago quarter.

經營活動產生的現金淨額減少 7.02 億美元，去年同期為 13.1 億美元。第二季淨資本支出為 5.28 億美元，去年同期為 10.7 億美元。

Free cash flow was $159 million compared to $209 million in the year-ago quarter. Inventory at the end of the second quarter was $2.81 billion compared to $3.05 billion in the year-ago quarter. Days sales of inventory at quarter end were 130 days compared to 122 days in the previous quarter and 126 days in the year ago quarter.

自由現金流為 1.59 億美元，去年同期為 2.09 億美元。第二季末的庫存為 28.1 億美元，而去年同期為 30.5 億美元。季末庫存銷售天數為 130 天，上一季為 122 天，去年同期為 126 天。

During the second quarter, ST paid $73 million of cash dividends to stockholders, and we executed an $88 million share buyback, completing our $1.04 billion share repurchase program launched in 2021. On June 21, 2024, ST announced the launch of a new share buyback plan totaling -- sorry, up to $1.1 billion to be executed within a three-year period. ST's net financial position of $3.2 billion as of June 29, 2024, reflected total liquidity of $6.29 billion and total financial debt of $3.09 billion.

第二季度，ST向股東支付了7,300萬美元的現金股息，我們執行了8,800萬美元的股票回購，完成了2021年啟動的10.4億美元的股票回購計畫。宣布啟動新的股票回購計畫總額——抱歉，三年內執行金額高達 11 億美元。截至2024年6月29日，ST的淨財務狀況為32億美元，反映出流動性總額為62.9億美元，金融債務總額為30.9億美元。

I will now go through a short update on some of our strategic focus areas. As mentioned, contrary to our prior expectation, we saw a decline in automotive demand during the quarter. This was characterized by some reduction in backlog already in Q2 and reduced forecast from some of our customer, including adjustments related to electrical vehicle production decrease and with inventory adjustments going along the supply chain.

我現在將簡要介紹我們的一些策略重點領域的最新情況。如前所述，與我們先前的預期相反，我們看到本季汽車需求下降。其特點是第二季積壓訂單減少，並且我們的一些客戶降低了預測，包括與電動車產量減少相關的調整以及供應鏈中的庫存調整。

We continue to execute our strategy supporting car electrification during the quarter. We had multiple wins in power discrete with both silicon carbide and IGBT technologies for traction inverters at leading car manufacturers. We also won business with our automotive smart power technology for power domain control in new electrical and electronic architectures.

我們在本季繼續執行支援汽車電氣化的策略。我們利用碳化矽和 IGBT 技術在領先汽車製造商的牽引逆變器的功率分立方面取得了許多勝利。我們還憑藉用於新電氣和電子架構中電源域控制的汽車智慧電源技術贏得了業務。

We announced a long-term silicon carbide supply agreement with Geely Auto for silicon carbide power devices in their battery for electrical vehicles. We have also established a joint lab to share knowledge and explore innovative solutions related to evolving automotive architectures.

我們宣布與吉利汽車簽訂長期碳化矽供應協議，為其電動車電池中的碳化矽功率裝置提供服務。我們還建立了一個聯合實驗室，以分享知識並探索與不斷發展的汽車架構相關的創新解決方案。

In car digitalization, we saw further momentum with our portfolio of automotive microcontrollers. This includes wins with our later-generation Stellar MCUs in a body domain application with a leading European carmaker, as well as other MCU wins for battery management and HVAC systems.

在汽車數位化方面，我們的汽車微控制器產品組合看到了進一步的發展動能。這包括我們的新一代 Stellar MCU 在歐洲領先汽車製造商的車身領域應用中的勝利，以及電池管理和 HVAC 系統的其他 MCU 的勝利。

In automotive sensor, we introduced a six-axis module that enables a cost-effective solution for functional safety application, such as precise positioning and navigation systems and digitally stabilizing cameras, LiDARs and radars. Our design win activity in smart mobility highlights the robustness of our technology and product portfolio, positioning ST to leverage the structural growth of this key market.

在汽車感測器方面，我們推出了六軸模組，可為功能安全應用提供經濟高效的解決方案，例如精確定位和導航系統以及數位穩定攝影機、光達和雷達。我們在智慧移動領域的設計獲勝活動凸顯了我們技術和產品組合的穩健性，使義法半導體能夠利用這一關鍵市場的結構性成長。

In industrial, during the quarter, the anticipated stabilization of demand did not materialize as expected, and customer orders did not improve. In particular, for general purpose microcontrollers. We continue to see weakness in the market for short-cycle businesses such as power tools, residential solar, lighting and appliances, and more resilience in longer-cycle business, such as energy storage, grid, electrical vehicle charging, and process automation.

工業方面，本季度，預期的需求穩定並未如期實現，客戶訂單也沒有改善。特別是對於通用微控制器。我們繼續看到電動工具、住宅太陽能、照明和電器等短週期業務的市場疲軟，而儲能、電網、電動車充電和製程自動化等長週期業務則更具彈性。

This has resulted entering the second half in the weaker backlog than expected. In the short term, we are facing a longer and more pronounced correction in industrial than what we anticipated due a progressive weakening of end demand, amplified by a severe inventory correction along the industrial market value chain.

這導致進入下半年時積壓訂單弱於預期。短期來看，由於終端需求逐漸減弱，工業市場價值鏈上的嚴重庫存調整加劇了工業市場的調整，因此我們面臨比我們預期更長、更明顯的調整。

In this environment, we continue to work with our customers to design in our product of today and to invest in R&D to build the next generation of products. A good example is what we are doing to build on our leading position in industrial embedded processing solutions. ST was present at the the annual embedded world show in Germany where over 5,000 people visited our booth.

在這種環境下，我們繼續與客戶合作，設計當今的產品，並投資研發來打造下一代產品。一個很好的例子就是我們正在努力鞏固我們在工業嵌入式處理解決方案方面的領先地位。 ST 參加了在德國舉行的年度嵌入式世界展會，有超過 5,000 人參觀了我們的展位。

There, we received very positive customer feedback on the new products and solutions we announced shortly before, including low-cost, wireless, and high-performance microcontrollers, as well as new 64-bit microprocessors for industrial applications. We also announced an innovative smart sensor with Edge AI processing for motion tracking in industrial and robotics applications.

在那裡，我們收到了客戶對我們不久前發布的新產品和解決方案非常積極的回饋，包括低成本、無線和高效能微控制器，以及用於工業應用的新型 64 位元微處理器。我們還推出了一款具有邊緣人工智慧處理功能的創新智慧感測器，用於工業和機器人應用中的運動追蹤。

We also introduced the first embedded SIM in the industry to meet the incoming GSMA standard for eSIM IoT deployment. This simplifies the management of large number of connected devices in support of the proliferation of secure cloud-connected autonomous things.

我們也推出了業界首款嵌入式 SIM，以滿足即將推出的 eSIM IoT 部署的 GSMA 標準。這簡化了大量連接設備的管理，以支援安全的雲端連接自主事物的激增。

Finally, we also continued to build momentum on Edge AI enablement for our customers. In early June, the ST Edge AI Suite came online, bringing together tools, software, and knowledge to simplify and accelerate Edge AI application development. The suite supports both optimization and deployment of machine-learning algorithm, starting from data collection to final deployment on hardware, streamlining the workflow for different types of users.

最後，我們也持續為客戶推動邊緣人工智慧支援。 6月初，ST Edge AI套件上線，匯集了工具、軟體和知識，以簡化和加速Edge AI應用程式的開發。該套件支援機器學習演算法的最佳化和部署，從資料收集到最終在硬體上的部署，簡化了不同類型使用者的工作流程。

We are confident that our ongoing design-in and development efforts with customers and distributors in the industrial sector will position ST to capitalize on the next market upcycle more effectively. In personal electronics, communication equipment, and computer peripherals, our engaged customer programs are running as expected.

我們相信，我們與工業領域客戶和經銷商持續進行的設計和開發工作將使義法半導體能夠更有效地利用下一個市場升級週期。在個人電子產品、通訊設備和電腦週邊設備方面，我們參與的客戶程式正在如預期運作。

Moving now to manufacturing, in May, we announced a strategic update with the construction of a new high-volume 200 millimeter silicon carbide manufacturing facility in Catania, Italy. This facility will make power devices and modules, and will include both device manufacturing and testing and packaging.

現在轉向製造，5 月份，我們宣布了一項策略更新，在義大利卡塔尼亞建造了一座新的大批量 200 毫米碳化矽製造工廠。該工廠將生產功率元件和模組，並將包括裝置製造、測試和封裝。

In conjunction with the silicon carbide substrate manufacturing facility being prepared on the same site, these facilities will collectively form ST's Silicon Carbide Campus. This development will fulfill our vision of a fully vertically integrated manufacturing hub for the mass production of silicon carbide devices, all within a single location.

連同在同一地點準備的碳化矽基板製造設施，這些設施將共同構成意法半導體的碳化矽園區。這項開發案將實現我們的願景，在一個地點建立一個完全垂直整合的製造中心，用於大規模生產碳化矽元件。

The program is projected to be a EUR5 billion multiyear investment, including EUR2 billion support provided by the State of Italy in the framework of the European Union Chips Act. During the quarter, we also announced the expansion of the existing multiyear 150 millimeter silicon carbide substrate wafers supply agreement with SiCrystal.

該計劃預計將是一項 50 億歐元的多年投資，其中包括義大利政府在歐盟晶片法案框架內提供的 20 億歐元支持。本季度，我們也宣布擴大與 SiCrystal 現有的多年 150 毫米碳化矽基板晶圓供應協議。

Now let's move to our third quarter 2024 financial outlook and our plans for the full year 2024. For Q3, we expect net revenues of about $3.25 billion at the midpoint, representing a year-over-year decline of 26.7% and a sequential growth of 0.6%. Q3 gross margin is expected to be about 38% at the midpoint, impacted by about 350 basis points of unused capacity charges.

現在讓我們展望 2024 年第三季的財務展望以及 2024 年全年的計畫。受未使用產能費用約 350 個基點的影響，第三季毛利率預計約為 38%。

For 2024, entering the second half, with our current Q3 and year-end backlog and with ongoing market dynamics, we have further revised our plan for 2024 revenues, which we now see in the range of $13.2 billion to $13.7 billion representing a decline of about 22% at the midpoint compared to 2023. Within this plan, we expect a gross margin of about 40%, impacted about 270 basis points of unused capacity charges at the midpoint of our 2024 full-year indication.

對於2024 年，進入下半年，根據我們目前的第三季和年底積壓以及持續的市場動態，我們進一步修改了2024 年收入計劃，我們現在看到收入在132 億美元至137 億美元之間，下降了與2023 年中點相比，毛利率約為22%。影響。

To conclude, following an unprecedented chips shortage situation, the current semiconductor cycle is impacted by a number of factors: the desynchronization between the various end markets in terms of demand normalization or weakening and inventory adjustments or corrections; the available capacity, moving from tension to excess; and the non-linear acceleration of structural trends towards sustainability in areas like renewable energies, electrification of mobility, right for repair, and secondhand devices. This backdrop clearly affects the automotive and industrial end markets.

總而言之，在前所未有的晶片短缺情況下，當前的半導體週期受到多種因素的影響：各個終端市場之間在需求正常化或減弱以及庫存調整或修正方面的不同步；可用能力從緊張轉向過剩；再生能源、行動電氣化、維修權和二手設備等領域的永續結構趨勢非線性加速。這種背景明顯影響了汽車和工業終端市場。

As we have pointed to in our strategy, both of these markets are undergoing a deep transformation, also driven by a number of megatrends. This, coupled with the current cycle dynamics I have just mentioned, is bringing both opportunities and challenges in the short, medium, and longer term for ST and for our customers equally.

正如我們在策略中指出的那樣，這兩個市場都在許多大趨勢的推動下正在經歷深刻的轉型。再加上我剛才提到的當前週期動態，為意法半導體和我們的客戶帶來了短期、中期和長期的機會和挑戰。

In the short to medium term, we are working to best adapt our operating plans to this complex situation. We have already implemented measures and are adjusting them in response to the evolving situation. Medium to long term, we continue to be convinced that this transformation will provide the basis for our growth ambition.

從短期到中期來看，我們正在努力調整我們的營運計劃以適應這種複雜的情況。我們已經採取了措施，並正在根據情況的變化進行調整。從中長期來看，我們仍然相信這項轉型將為我們的成長目標奠定基礎。

We will be hosting a Capital Markets Day on November 20 in Paris to provide an update. It will be an in-person event and we will also webcast it live. Thank you, and we are now ready to answer your questions.

我們將於 11 月 20 日在巴黎舉辦資本市場日活動，以提供最新情況。這將是一場現場活動，我們也將進行網路直播。謝謝您，我們現在準備回答您的問題。

(Operator Instructions) Jerome Ramel, BNP Paribas Exane.

（操作員說明）Jerome Ramel，法國巴黎銀行 Exane。

Yeah, good morning. One question, Jean-Marc, you mentioned on the gross margin the impact of the underloading cost but also a little bit of price. Could you update us on the pricing environment for globally speaking and specifically for industrial and automotive? Thank you.

是的，早安。 Jean-Marc，有一個問題，您提到了毛利率、裝載不足成本的影響以及價格的影響。您能否向我們介紹全球特別是工業和汽車領域的定價環境的最新情況？謝謝。

Jerome, I will let Lorenzo comment at this point.

傑羅姆，我現在讓洛倫佐發表評論。

Good morning. Good morning, everybody, and good morning, Jerome. But, in terms of price, I would say that is consistent on what we have said also last quarter. We don't see, at this stage, significant difference in the price environment. Of course, it's different than last year. Now what we see is that there is some pressure on the pricing. But overall, for the company, it remains at the low, single digit.

早安.大家早安，傑羅姆也早安。但是，就價格而言，我想說這與我們上季所說的一致。現階段我們沒有看到價格環境有顯著差異。當然，今年與去年不同。現在我們看到的是定價存在一些壓力。但總體而言，對於該公司來說，它仍然處於較低的個位數。

There is some difference between the market. It's higher. In industrial, definitely, is higher, especially when we look at our product line of microcontrollers. Here, we are more in the mid-single digit. While when we look automotive, it remains at the low, single digit. There is no particular, as I said before, difference in respect to what we were expecting last quarter.

市場之間存在一定差異。它更高。在工業領域，肯定更高，特別是當我們看看我們的微控制器產品線時。在這裡，我們更多地處於中個位數。而當我們審視汽車產業時，它仍然處於較低的個位數。正如我之前所說，與我們上季度的預期沒有什麼特別的差異。

And maybe a quick follow-up. Jean-Marc, you said on the short term, there's some overcapacity for the industry and, for you, how are you addressing it in terms of CapEx and maybe a ramp-up of the different manufacturing like you had in mind? Thank you.

也許還有一個快速的跟進。 Jean-Marc，您說過，從短期來看，該行業存在一些產能過剩，對您來說，您如何在資本支出方面解決這個問題，也許像您所設想的那樣，擴大不同製造業的規模？謝謝。

We are adjusting the working hour of our manufacturing already in Q3, definitively, and it will follow in Q4. That the reason why we have -- revised down of our sales and operating plan. We have immediately adjusted this activity. And of course, okay, we are cutting all the discretionary costs. And as I mentioned already, we have put the company on a higher increase or this is a conjunctual measure. Now, okay, what is important for us is to focus to come back on the run rate of revenue we have last year.

我們已經在第三季明確調整了製造的工作時間，並將在第四季進行調整。這就是我們下調銷售和營運計劃的原因。我們立即對這項活動進行了調整。當然，好吧，我們正在削減所有可自由支配的成本。正如我已經提到的，我們已經對公司進行了更高的增幅，或者說這是一項聯合措施。現在，好吧，對我們來說重要的是集中精力恢復去年的收入運行率。

Maybe, if I may add, Jean-Marc, with respect to the CapEx, we confirm that we are going to spend, at this year, something in the range of $2.5 billion. That is -- and this is mainly addressing our conversion toward the 12-inch that -- and for the silicon carbide, we have the plan as we were mentioning before about the campus to move rapidly our silicon carbide from the 150 millimeter to the 200 millimeter. These are the main project that we have in this CapEx of $2.5 billion, and these are confirmed.

Jean-Marc，如果我可以補充一下，關於資本支出，我們確認今年的支出約為 25 億美元。也就是說，這主要是解決我們向 12 英寸的轉換，對於碳化矽，我們有計劃，正如我們之前提到的，園區將我們的碳化矽從 150 毫米快速移動到 200 毫米毫米。這些是我們在 25 億美元資本支出中的主要項目，而這些都已得到確認。

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

非常感謝你，傑羅姆。請下一個問題，邁拉。

Francois Bouvignies, UBS.

弗朗索瓦·布維尼，瑞銀集團。

Thank you very much. My first question is on the Industrial and microcontroller general purpose mainly. Obviously, it's sharply down and I think there is kind of this destocking happening. However, there is this, I mean, discussion in the market that maybe you would have much higher inventories that maybe -- to peers, when you listen to peers, I mean, when as -- Microchip and TI, they said through the worst and and that they are proactively or they did proactively manage inventories in the channel.

非常感謝。我的第一個問題主要是關於工業和通用微控制器。顯然，它急劇下降，我認為庫存正在減少。然而，我的意思是，市場上有這樣的討論，也許你會有更高的庫存，對於同行來說，當你聽同行的時候，我的意思是，當Microchip 和TI 說，他們經歷了最糟糕的情況時並且他們正在主動或確實主動管理管道中的庫存。

So my question is like -- I would explain why you saw a bit later than everybody else the industrial downturn and maybe why it's sharper in terms of downside. So my question is, do you -- what's your view on this comment that maybe you have higher inventory that relative to peers that would explain this sharper decline? And more importantly, how it plays out for the rest of the year, how long this understocking would last for you? That would be my first question.

所以我的問題是——我會解釋為什麼你比其他人都晚看到工業衰退，也許為什麼它的下行趨勢更嚴重。所以我的問題是，你對這個評論有何看法？更重要的是，今年剩餘時間的情況如何，這種庫存不足會持續多久？這是我的第一個問題。

Okay. Thank you. I will not comment the benchmark with our competitor. First of all, TI is a different go-to-market approach with the distribution and they have much more inventory in home. About Microchip, I invite to check the number in detail. And for the other competitor, I will not comment.

好的。謝謝。我不會評論我們競爭對手的基準。首先，TI 採用不同的分銷方式進入市場，他們在國內擁有更多庫存。關於Microchip，請​​詳細查一下號碼。至於其他競爭對手，我不會發表評論。

No, we -- let's say, first of all, okay, we have the widest product portfolio on microcontroller. And again, we are addressing all the region of the world. And as I mentioned in my speech, we are really addressing as well short-cycle business and more long-cycle business.

不，我們——首先，我們擁有最廣泛的微控制器產品組合。再說一遍，我們正在針對世界所有地區。正如我在演講中提到的，我們實際上正在解決短週期業務和更長週期的業務。

On the short-cycle business, in fact, the head demand fluctuated a lot during the recent quarter for different reason. And the inventory is not only at our distribution channel and not only at EMS, is the value chain at system maker and including at the end customer.

就短週期業務而言，事實上，近一個季度頭部需求由於不同原因波動較大。庫存不僅存在於我們的分銷管道，也不僅存在於 EMS，還存在於系統製造商以及最終客戶的價值鏈中。

So that's the reason why, first of all, it has taken much longer than the other, okay, to first absorb the excess of inventory at the end customer or system maker. And now, yes, there is still, let's say, some excess of inventory at distributor in EMS.

因此，這就是為什麼，首先，它比另一個要花更長的時間來首先吸收最終客戶或系統製造商的過剩庫存。現在，是的，可以說，EMS 分銷商的庫存仍然存在一些過剩。

The point I would like to recall for this business, this business is a business, which suffered the most during the shortage of semiconductor under the pressure of carmakers, Tier 1, and big industrial working in the field of energy, power conversion and, I have to say, energy, transportation, electrical vehicle charging. They suffer the most.

對於這項業務，我想回顧的一點是，這項業務是在半導體短缺期間在汽車製造商、一級和能源、電力轉換領域的大型工業公司的壓力下遭受最嚴重打擊的業務，我不得不說，能源、交通、電動車充電。他們受苦最深。

That's the reason why, okay, when we allocated, we started to allocate that capacity we have. I repeat, we negotiated with them warranted volume and non-core enable order. So means up to March 2023, we ship according backlog they give to us. And this order were not considerable.

這就是為什麼，好吧，當我們分配時，我們開始分配我們擁有的容量。我再說一遍，我們與他們協商了保證數量和非核心啟用訂單。因此，截至 2023 年 3 月，我們將根據他們提供的積壓訂單出貨。而且這個訂單並不大。

Most likely, we have assessed that, already at this period of time, their end markets were already on, let's say, down cycle. And that is the reason why they have continued to accumulate inventory. So when we have completely removed this policy of non-cancelable order -- of course, we have just adopted a new policy and started to decrease our POP and so on and so forth, but it will take time.

最有可能的是，我們評估認為，在這個時期，他們的終端市場已經處於下行週期。這就是他們不斷累積庫存的原因。因此，當我們完全取消這種不可取消訂單的政策時——當然，我們剛剛採用了一項新政策並開始減少我們的 POP 等等，但這需要時間。

And it will take time, why? Because it is not only an inventory correction. It is also a real economical problem for this short-cycle business. Now we see a different path for the long-cycle business, I repeat, so renewable energy, what is related electrification of mobility, what is related charging station and so on.

而且需要時間，為什麼？因為這不僅僅是庫存調整。對於這種短週期業務來說，這也是一個現實的經濟問題。現在我們看到了長週期業務的不同路徑，我重複一遍，可再生能源，與行動電氣化相關的內容，與充電站相關的內容等等。

Here also, in a certain extent, some inventory were present. But we expect that, starting Q4, this will start to grow again. So the reason why ST has a profile a little bit longer in term of restart, is related first to our wide exposure on general purpose micro, and we have the widest portfolio.

在某種程度上，這裡也存在一些庫存。但我們預計，從第四季開始，這一數字將再次開始成長。因此，ST在重啟方面的表現稍長一些，首先與我們在通用微型領域的廣泛接觸有關，而且我們擁有最廣泛的產品組合。

The fact that in '22, '23, up to March, we had non-cancelable policy that increased the inventory for sure that now we have to digest. Unfortunately, in '24, this business has a problem of demand, end demand. That the reason why it takes longer. For the rest, okay, we behave very similarly our competitor, and they have a similar profile in term of business recovery for this year, and for the benchmark, be careful on the rear.

事實上，從 22 年、23 年到 3 月份，我們都有不可取消的政策，增加了庫存，現在我們必須消化這一點。不幸的是，在24年，這個產業遇到了需求問題，最終需求問題。這就是為什麼需要更長的時間的原因。對於其餘的，好吧，我們的行為與我們的競爭對手非常相似，他們在今年的業務復甦方面也有類似的情況，對於基準，要小心後面。

Right. Thank you, Jean-Marc. And maybe my follow-up, if I may, is on the automotive. You mentioned that it weakened. I mean, maybe you could explain a bit in details what exactly is happening in terms of automotive? And if you could remind us what you expect for automotive, industrial for the full year? What your full year is based on? Forward vision would be great. And I will leave it there.

正確的。謝謝你，讓-馬克。如果可以的話，也許我的後續行動是關於汽車的。你提到它減弱了。我的意思是，也許您可以詳細解釋一下汽車領域到底發生了什麼事？您能否提醒我們您對全年汽車和工業的期望是什麼？你的全年是基於什麼？遠見卓識會很棒。我會把它留在那裡。

On automotive, there is three points. But the point number one, let's classify on legacy. On legacy, starting in May, we have seen our main Tier 1. Pulling out the consignment stock, less pieces because the Tier 1 now, they came back with carmaker with two-week call off. So they have a very short-term visibility.

在汽車方面，有三點。但第一點，讓我們將遺產分類。在遺產方面，從五月開始，我們看到了我們的主要一級。所以他們的能見度非​​常短期。

And starting end of May, the start for us, okay, to pull out from our consignment stock, less pieces. So as a consequence, they can sell some frame order. So already in Q2, we have been impacted about less revenue than the forecast. That was based on backlog, about $100 million, is point number one.

從五月底開始，我們開始從我們的寄售庫存中撤出，減少件數。因此，他們可以出售一些框架訂單。因此，在第二季度，我們受到了收入低於預期的影響。第一點是基於大約 1 億美元的積壓訂單。

The point number two, still on this legacy business and usual application in the automotive, they have declined, okay, their forecast for H2. So that's the reason why we have been obliged to revise down the forecast for automotive legacy already impacted in Q2 about $100 million and about $350 million, $400 million for H2.

第二點，仍然是關於這個傳統業務和汽車領域的常見應用，他們已經降低了對下半年的預測。因此，這就是為什麼我們不得不下調對第二季度已經受到影響的汽車遺產預測的原因，約 1 億美元和約 3.5 億美元，下半年約 4 億美元。

The second point is the growth for what is related electrical vehicle. We will grow in H2 all of our components related to electrical vehicle but less than forecasted. And you know why? Because the production of electrical vehicle in the world has been adjusted now below EUR13 million of car.

第二點是相關電動車的成長。我們將在下半年成長所有與電動車相關的零件，但低於預期。你知道為什麼嗎？因為現在全球電動車產量已經調整到1300萬歐元以下的車款。

However, I confirm that H2 will be a growth driver for ST for all the component related to electrical vehicle, particularly for silicon carbide and particularly everywhere, okay, in China and also with our main customer. That the reason why we confirm our silicon carbide revenue about $1.3 billion this year.

然而，我確認，H2 將成為 ST 所有與電動車相關的零件的成長動力，特別是碳化矽，特別是在中國以及我們的主要客戶的所有地方。這就是我們確認今年碳化矽收入約為 13 億美元的原因。

Well, then the third element is what we already mentioned that is a little bit increasing. You know that, last year, one of our main customers for ADAS built a certain level of inventory, is adjusting in Q3 a little bit more the inventory with us.

嗯，那麼第三個要素就是我們已經提到的一點點增加。你知道，去年我們的 ADAS 主要客戶之一建立了一定水平的庫存，正在第三季度與我們一起調整更多的庫存。

So all in all, the automotive for us will grow in H2, I have to say 4% versus H1, about $100 million with a growth on electrical vehicle with silicon carbide, offsetted by the adjustment of the legacy from our Tier 1 and some inventory adjustment from our main customer in ADAS. So this is what we face in H2 in automotive.

總而言之，我們的汽車業務將在下半年增長，我不得不說，與上半年相比，增長了4%，大約1 億美元，其中碳化矽電動汽車的增長，被我們一級和一些庫存的遺留調整所抵銷來自我們 ADAS 主要客戶的調整。這就是我們在汽車產業下半年面臨的情況。

Thank you so much.

太感謝了。

Thank you very much. Next question, Myra.

非常感謝。下一個問題，邁拉。

Stephane Houri, ODDO.

史蒂芬·胡里，ODDO。

Yes, hello, good morning. I have a question about your main customer and the engaged customer program. Can you give us some visibility on your expectations for the second half? There has been noise around better volumes for a smartphone and also some potential gain of content, so if you can clarify that for us. Thank you.

是的，你好，早安。我對你們的主要客戶和參與的客戶計劃有疑問。您能為我們透露一下您對下半年的期望嗎？關於智慧型手機更好的音量以及內容的潛在收益一直存在爭議，所以您能否為我們澄清這一點。謝謝。

You have already seen the impact in Q2 because, in Q2, we exceeded a bit the midpoint of our revenue guidance, thanks to personal electronics and thanks to our main customer. That has been offsetted, as I just mentioned by automotive.

您已經看到了第二季度的影響，因為在第二季度，我們超越了收入指引的中點，這要歸功於個人電子產品和我們的主要客戶。正如我剛才提到的汽車行業，這一點已被抵消。

In Q3, we have a solid forecast for them. And now, as usual, Q3 is the biggest quarter. Or in Q4, we will have, for the time being, we see a decrease versus '23. But so far, now the plan they gave to us are stabilized.

在第三季度，我們對他們有一個可靠的預測。現在，像往常一樣，第三季是最大的季度。或者在第四季度，我們暫時會看到與 23 年相比有所下降。但到目前為止，現在他們給我們的計畫已經穩定下來了。

More about the content of semiconductor in ST, I repeat, second half this year and first half next year is lowest point in terms of content of ST in our main customer. Why? Because we have lost this famous optical module. But I confirm to you that starting H2 2025, the content of ST in our devices for our main customer will increase because we subsidize.

更多關於ST的半導體含量，我再說一遍，今年下半年和明年上半年是我們主要客戶中ST含量的最低點。為什麼？因為我們失去了這個著名的光模組。但我向您確認，從 2025 年下半年開始，我們為主要客戶提供的設備中 ST 的含量將會增加，因為我們提供補助。

Okay. And maybe a clarification on what you said earlier about the costs in the moment where you are now? Are you saying that you're going to limit the expansion of R&D and maybe cut a little bit the SG&A going forward? Thank you.

好的。也許可以澄清一下您之前所說的有關您現在所處的成本的情況？您是說您將限制研發的擴張，並可能削減一些未來的銷售管理費用（SG&A）嗎？謝謝。

Today, on R&D, we don't cut to care our R&D programs because all these program are engaged and completely consistent with our strategy. Still, we have already cleaned and disengage a product line we want to disengage many years ago. So all the program are strictly under control and executed under the decision of the Executive Committee. So now we continue to execute them.

今天，在研發方面，我們不再關心我們的研發計劃，因為所有這些計劃都參與並完全符合我們的策略。儘管如此，我們已經清理並取消了我們多年前就想取消的產品線。因此，所有的計劃都在執行委員會的決定下嚴格控制和執行。所以現在我們繼續執行它們。

Of course, also, I repeat that from the organization we have put in place early this year, we have already extracted some synergy and productivity that enable our capability to run this R&D program, minimizing or stopping any hiring. We just, let's say, focus on hiring on critical profile of expert. On SG&A, of course, we are -- we have put it on a very strict control.

當然，我還要重複一遍，從我們今年早些時候建立的組織中，我們已經獲得了一些協同效應和生產力，使我們有能力運行該研發計劃，從而最大限度地減少或停止任何招聘。可以說，我們只是專注於招募具有關鍵特徵的專家。當然，對於SG&A，我們進行了非常嚴格的控制。

Okay, thank you very much.

好的，非常感謝。

Next question, Myra.

下一個問題，邁拉。

Sandeep Deshpande, JPMorgan.

桑迪普·德什潘德，摩根大通。

Yeah, hi. Thanks for the -- I'd like to actually go into -- you've reduced your full-year guidance by about $1.5 billion for the full year. And now again, how does that divide up into automotive, industrial? And you've said in the quarter that you saw some weakness in the automotive market. Can you quantify how much weakness you saw and do you see that continuing into the current quarter?

是的，嗨。感謝您——我想真正討論一下——您將全年指導減少了約 15 億美元。現在再問一下，汽車和工業是如何劃分的？您在本季表示，您看到汽車市場出現了一些疲軟。您能否量化您所看到的疲軟程度以及您認為這種疲軟情況是否會持續到本季？

The pareto of the variance between the two guidance, the famous $1 billion delta, is about 40% automotive, 60% industrial. I repeat, on automotive, already in Q2, about $100 million. The rest is on H2 and mainly on what we call a legacy, legacy business, and partially on the ADAS, ASICs. Again, I repeat what is related to silicon carbide will grow, but at a lower pace than what was expected.

兩個指引之間的帕累托差異（著名的 10 億美元增量）約為 40% 汽車業，60% 工業業。我再說一遍，在汽車領域，第二季已經有大約 1 億美元。其餘的都在 H2 上，主要是我們所說的遺留業務，部分是 ADAS、ASIC。我再次重申，與碳化矽相關的業務將會成長，但成長速度低於預期。

On industrial, which is about 60%. No impact in -- on Q2. On Q2, we have done an execution consistent with our forecast. The point is that, in Q2, we didn't enter booking for industrial billable for 2024 at the expected level. So that's the reason why we have cut our forecast by about USD600 million. And also, we exceed the POS of our distributor decreasing.

就工業而言，約為60%。對第二季度沒有影響。在第二季度，我們的執行情況與我們的預測一致。關鍵是，在第二季度，我們沒有按預期水準輸入 2024 年工業計費預訂。這就是我們將預測下調約 6 億美元的原因。而且，我們的經銷商 POS 的減少量也超過了我們。

And taking into account the feedback they gave to us, we don't expect now to increase our POP in Q3. On contrary, we will continue to decrease the POP on Q3 on industrial to decrease the inventory at distribution level, but we expect our POP to increase in Q4. So this is the dynamics.

考慮到他們給我們的回饋，我們現在預計第三季的 POP 不會增加。相反，我們將繼續減少第三季工業的 POP，以減少分銷層面的庫存，但我們預計第四季的 POP 將增加。這就是動態。

So the takeaway is about 40% of the [1 billion] automotive already about $100 million in Q2 and about USD600 million for industrial. Why? Because no order in Q2 and POS still decreasing in Q2, so postponing in Q4, the restart of the distribution level.

因此，在第二季度，[10 億]汽車產業中約 40% 的銷售額已達到約 1 億美元，工業產業約 6 億美元。為什麼？由於第二季度沒有訂單，且第二季度POS仍在減少，因此推遲第四季度，重新啟動分銷層面。

Understood, thank you. And follow-up question is on automotive. We are hearing from many automotive companies that they are seeing weakness in the market. So do you think that the orders more than the revenue -- now you gave me this new on the revenue -- will continue to be weak in autos for the next few quarters?

明白了，謝謝。後續問題是關於汽車的。我們從許多汽車公司得知，他們看到了市場的疲軟。那麼，您是否認為訂單多於收入（現在您向我提供了有關收入的新資訊）在未來幾季中汽車行業將繼續疲軟？

We receive from the Tier 1, what they say, delivery forecast, okay? Now, with the delivery forecast they gave to us is encompassing all the adjustments we have already seen in Q1 that has been a bit amplified in Q2.

我們從一級收到了他們所說的交貨預測，好嗎？現在，他們給我們的交付預測涵蓋了我們在第一季已經看到的所有調整，這些調整在第二季放大。

Now we have our backlog. We -- as I said, the Tier 1 they are working with, two weeks call-off from carmaker. Of course, this is something that we have to put under a strict scrutiny. And we monitor with all our customer is a dynamic of the treatment and the order they put on us.

現在我們有積壓的訂單。正如我所說，我們與他們合作的一級汽車製造商取消了兩週的訂單。當然，這是我們必須嚴格審查的事情。我們與所有客戶一起監控他們對我們的治療和訂單的動態。

On electrical vehicle, I think it's a different story. Here now, as adjustment has been done, and we do believe that, okay, we will deliver our -- about $1.3 billion ASIC. But yes, on automotive, the market is dynamic. It's more on an inventory adjustment. But according some, let's say, analysts for the automotive industry, looks like the production of vehicle is confirmed around [90 million].

在電動車上，我認為這是一個不同的故事。現在，隨著調整已經完成，我們確實相信，好吧，我們將交付大約 13 億美元的 ASIC。但是，是的，在汽車領域，市場是動態的。更多的是庫存調整。但根據一些汽車行業分析師的說法，汽車產量似乎已確定在[9000萬輛]左右。

Well, we do believe that if it is confirmed, the inventory adjustment is basically done. So the backlog we have in front of us is valuable. However, we have to monitor the situation on a very dynamic way.

那麼，我們確實相信，如果得到證實，庫存調整就基本上完成了。因此，我們面前的積壓工作很有價值。然而，我們必須以非常動態的方式監控局勢。

Thank you.

謝謝。

Thank you, Sandeep. Next question, please, Myra.

謝謝你，桑迪普。請下一個問題，邁拉。

Sébastien Sztabowicz, Kepler Cheuvreux.

史巴博維奇 (Sébastien Sztabowicz)，開普勒‧舍弗勒 (Kepler Cheuvreux)。

Yeah, hello, everyone, and thank you for taking my question. On the OpEx for Q3 and 2024, how should we model the OpEx in the next two quarters? Are you expecting to have some benefit of specific cost-saving impact? (technical difficulty) first question. Thank you.

是的，大家好，感謝您提出我的問題。關於第三季和2024年的營運支出，我們該如何對未來兩季的營運支出進行建模？您是否期望從特定的成本節約影響中獲得一些好處？ （技術難度）第一個問題。謝謝。

Yeah, I answered about the OpEx. But in this, as we were commenting before, in this market environment, we will continue to have a strict control of our expenses. You see that in respect to our expectation in Q2, operating expenses, we consider net, including other income and expenses came lower than we were expecting entering the quarter. This was also due to the fact that we were realizing the difficulties that we were facing for the second half.

是的，我回答了有關營運支出的問題。但在此，正如我們之前評論的那樣，在這種市場環境下，我們將繼續嚴格控制我們的費用。您可以看到，就我們對第二季的預期而言，我們認為包括其他收入和費用在內的淨營運費用低於我們進入本季的預期。這也是因為我們意識到下半年我們面臨的困難。

But for Q3, we do not -- we now estimate something in terms of expenses between $905 million, $915 million. So means that we will continue to keep control. You know that during Q3, we had a positive impact of the seasonal vacation, especially in Europe that is helping us on this.

但對於第三季度，我們沒有——我們現在估計費用在 9.05 億美元到 9.15 億美元之間。這意味著我們將繼續保持控制。您知道，在第三季度，我們受到季節性假期的正面影響，尤其是在歐洲，這對我們有所幫助。

When I look at the total year, I think that also thanks to the fact that other income and expenses should increase in respect to last year. So it means that this year, we expect something in the range of $150 million positive. Our expenses overall in the year was slightly increasing with respect to last year, a very modest increase in respect to last year.

當我查看全年總額時，我認為這也是由於其他收入和支出應該比去年增加。因此，這意味著今年我們預計將獲得 1.5 億美元的正收益。我們今年的整體支出比去年略有增加，與去年相比增幅非常小。

And for Q4, where do you see the OpEx?

對於第四季度，您在哪裡看到營運支出？

You can make the math. Again, then we will stay substantially flat. There will be some increase in respect, very mild, very mild on the very few percentage points. And over in the ER, you can model something similar to what was the net OpEx of 2023 with a very mild increase in respect to last year.

你可以算一算。同樣，我們將保持基本持平。尊重會增加，非常溫和，非常溫和，只增加很少的幾個百分點。在 ER 中，您可以對 2023 年的淨營運支出進行類似建模，但與去年相比略有成長。

And in terms of dynamics for Q3, where do you see your revenue trending in Q3 by divisions or by verticals to understand a little bit the different dynamic to bottom in your flattish, I would say, sequential degrowth for the group? Thank you.

就第三季的動態而言，您如何看待第三季按部門或按垂直行業的收入趨勢，以了解該集團持平（我想說的是）連續去增長的底部的不同動態？謝謝。

I come back on the revenue after Lorenzo. But if you buy end market first, so compared to Q2, on automotive, we expect to grow 4% sequentially. On industrial, unfortunately, as I said, because of lack of visibility and weaker backlog, we continue to decrease minus 17%.

洛倫佐之後我又回到了收入上。但如果你先購買終端市場，那麼與第二季相比，在汽車領域，我們預計將環比成長 4%。在工業方面，不幸的是，正如我所說，由於缺乏可見性和積壓較弱，我們繼續下降-17%。

Personal electronic, we will grow 17%, but this is a seasonality effect and the engaged customer program we have with our main customer. And on communication equipment and computer peripheral, we will decrease minus 8%. It's related to the legacy business. We are disengaging progressively. If we move to reportable segment, so analog, MEMS and sensor will be flattish, almost flattish, 0.2%. For power and discrete, we'll increase 12.9%, driven by silicon carbide MOSFET.

個人電子產品，我們將成長 17%，但這是季節性影響以及我們與主要客戶的互動客戶計畫。而在通訊設備和電腦週邊設備上，我們將減少-8%。這與遺留業務有關。我們正在逐步脫離。如果我們轉向可報告細分市場，那麼類比、MEMS 和感測器將持平，幾乎持平，0.2%。對於功率和分立元件，我們將在碳化矽 MOSFET 的推動下成長 12.9%。

Our MCUs in Q3 will slightly increase 1.3%, but general purpose will continue to decrease and offsetted by auto MCU and secure MCU. And on digital and radio frequency, it will decrease minus 17.8%, but mainly it is related to head us, okay? It is the destocking of our customers that was partially anticipated. So this is the two dynamic by end market and by reportable segments.

我們在第三季的 MCU 將小幅增加 1.3%，但通用用途將繼續減少，並被汽車 MCU 和安全 MCU 所抵消。而在數位和無線電頻率上，它會下降-17.8%，但主要與我們的頭部有關，好嗎？我們的客戶去庫存是部分預期的。這是終端市場和可報告細分市場的兩個動態。

As you can see, we are very precise this time.

正如你所看到的，這次我們非常精確。

Exactly, thank you.

正是如此，謝謝。

Is it okay for you, Sébastien?

你還好嗎，塞巴斯蒂安？

Yes, that's perfect. Thanks.

是的，那就完美了。謝謝。

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

非常感謝。下一個問題，邁拉，請回答。

Didier Scemama, BoF.

迪迪埃·斯塞馬瑪 (Didier Scemama)，BoF。

Thank you so much. Few things, first of all, Jean-Marc, I mean, it feels to me like this is a downturn similar to what we saw at the turn of the last century, so it's a two-year downturn. And I think the lesson we learned from that downturn is that you needed to be much more aggressive on cost.

太感謝了。首先，讓-馬克，我的意思是，在我看來，這是一次類似於我們在上世紀之交所看到的低迷，所以這是一個為期兩年的低迷。我認為我們從那次經濟低迷中學到的教訓是，你需要在成本方面更加激進。

So two questions is, A, I know you've said you've sort of implemented a hiring freeze, et cetera, but what do you think about your CapEx? I know it's unchanged, but is that prudent at this stage to be spending that much more on CapEx and adding still capacity?

所以有兩個問題是，A，我知道你說過你已經實施了招聘凍結等等，但你對你的資本支出有何看法？我知道它沒有改變，但現階段在資本支出上投入更多資金並增加產能是否明智？

And I would like to come back to a comment you made at a conference recently where you said you were thinking about upgrading your 6 inch and your 8 inch fab to 300 mil. Should you accelerate that transition given that those fabs, especially those in Europe, perhaps even in Singapore, are in direct competition with the CapEx being spent in China? So that's my first question, sort of the fiscal discipline being more aggressive into next year. And I've got a follow-up. Thank you.

我想回到您最近在一次會議上發表的評論，您說您正在考慮將您的 6 吋和 8 吋晶圓廠升級到 3 億美元。考慮到這些晶圓廠，尤其是歐洲的晶圓廠，甚至新加坡的晶圓廠，與中國的資本支出有直接競爭，您是否應該加速這項轉型？這是我的第一個問題，明年的財政紀律是否會更加嚴格。我還有後續行動。謝謝。

Well, it is clear that we are facing the strongest inventory correction, certainly, we ever faced since a long time. However, I would like to say, do I like two or three points? Well, first of all, we continue to be convinced that even if the case not completely linear or less smooth than expected, that the transformation that our 2 main markets, industrial and automotive, let's say, will provide, okay, really for ST, the basis for our growth ambition.

嗯，很明顯，我們正面臨最強烈的庫存調整，當然，這是我們很長一段時間以來所面臨的。不過，我想說，我喜歡兩點還是三點？好吧，首先，我們仍然相信，即使情況不完全線性或不如預期順利，我們的兩個主要市場，工業和汽車市場，比如說，將為 ST 提供轉型，我們的成長雄心的基礎。

Also, supported by some specific, let's say, initiative. Every time we believe we can win differentiation in the field of personal electronics or including in the field of server for AI with the power stage or later on in the optical transfer. So we have our mega trend there.

此外，還有一些具體的倡議的支持。每當我們相信我們可以在個人電子領域或包括在具有功率級或稍後的光學傳輸的人工智慧伺服器領域贏得差異化優勢時。所以我們在那裡有我們的大趨勢。

Then we said that we are convinced that, for us, our capability to continuously improve the fundamental value of the company is to convert our activity to 300-millimeter for silicon-based technology. Of course, each time it is a trend that is monetary and to convert to 200 millimeter the silicon carbide one. That's the reason why this year, okay, we have confirmed the on gauge CapEx and the engagement we have with some suppliers to go in this direction.

然後我們說，我們堅信，對我們來說，不斷提高公司基本價值的能力就是將我們的活動轉化為300毫米矽基技術。當然，每次換算成200毫米碳化矽都是一種貨幣趨勢。這就是為什麼今年我們已經確認了正常的資本支出以及我們與一些供應商合作朝這個方向發展的原因。

Now the third point for us as a priority is to assess the baseline and in order to understand at which speed we will come back, okay, to 2023 revenues. More then, under the light of these 3 points, it is clear that the acceleration of the conversion, respectively, to 200-millimeter to 300-millimeter, acceleration of the 150 to the 200-millimeter in silicon carbide. In the best train to minimize, okay, our CapEx at the right level is what we are working on. It is what I said when I say we are adjusting our sales and operating plan consistently with what we see.

現在，我們優先考慮的第三點是評估基線，並了解我們將以何種速度恢復到 2023 年的收入。再從這三點來看，碳化矽的轉換加速度分別為200毫米到300毫米、150毫米到200毫米。在最大限度地減少資本支出的最佳途徑中，我們正在努力將資本支出保持在適當的水平。當我說我們正在根據我們所看到的情況調整我們的銷售和營運計劃時，我就是這麼說的。

But I repeat, we are convinced that ST will come back on a growth trajectory. We are convinced that we must convert to 300-millimeter and 200-millimeter, respectively. This is mandatory. Of course, okay, acknowledging the baseline is the dynamic of the market, we will decide which level of CapEx, okay, we have to cautiously expect but maybe accelerating some conversion with all the implication linked to this conversion.

但我再說一遍，我們相信 ST 將回到成長軌道。我們確信必須分別轉換為300毫米和200毫米。這是強制性的。當然，好吧，承認基準是市場的動態，我們將決定資本支出的水平，好吧，我們必須謹慎預期，但也許會加速一些與此轉換相關的所有含義的轉換。

Very good. My second question is about geopolitics. So I think how you're thinking about the world we might enter into next year with sort of 10% tariffs on all products imported into the US. I mean, one of your competitors obviously is boasting about is sort of domestic US capacity, call it, geopolitically dependable.

非常好。我的第二個問題是關於地緣政治的。所以我想你是如何看待明年我們可能進入的世界，對所有進口到美國的產品徵收 10% 的關稅。我的意思是，你的競爭對手之一顯然正在吹噓美國國內的某種能力，稱之為地緣政治上的可靠。

You've taken the sort of, I would argue, a smart decision to partner with a local Chinese company to build the silicon carbide capacity over there, which I think is very differentiated versus your peers. But what are you thinking about the need to have maybe local capacity also in the US, which you don't have at this stage? Or do you think that your automotive and industrial customer base is European enough to not warrant really the need to have capacity in the US?

我認為，你們做出了明智的決定，與一家中國本土公司合作，在那裡建立碳化矽產能，我認為這與你們的同行非常不同。但是，您認為是否需要在美國也擁有本地能力，而您目前還沒有這種能力？還是您認為您的汽車和工業客戶群是歐洲的，不足以保證真正需要在美國擁有產能？

Well, at this stage, we -- the manufacturing strategy that is, let's say, we have adopt in order to take into account what you mentioned, so China for China, so execution. So again, I repeat that we are building an ecosystem in China, let's say, as an independent as possible along the value chain from raw material device wafer processing, wafer sort as something in test, but including application lab and design center.

嗯，在這個階段，我們——也就是說，我們採取的製造策略是為了考慮到你提到的，所以中國是中國的，所以執行力。所以我再說一遍，我們正在中國建立一個生態系統，比方說，沿著價值鏈盡可能獨立，從原材料設備晶圓加工、晶圓分類作為測試中的東西，但包括應用實驗室和設計中心。

At this stage, we do believe that our European based or recognized countries reliable for America in term of location for manufacturing where ST is already implemented are good enough or adequate enough to support and face this decoupling. However, we are always, let's say, open for some partnership with the player in terms of manufacturing arrangement.

在現階段，我們確實相信，我們的歐洲國家或公認的在製造地點方面對美國可靠的國家，其中已經實施了 ST，足以支持和麵對這種脫鉤。然而，我們總是願意在製造安排方面與玩家建立一些合作關係。

On the model, okay, we have in cold with GF for the model we have in Agrate Mr. Witorgas. At this stage, there is nothing on the table, but this is a kind of model we are open. What I can confirm to you at this moment, we do not intent, okay, to build a far from scratch in US. Why? Because ST, we have got the bandwidth to do it. We have already project in our plate like the campus in Catania, okay, to continue old-timey, to continue again to continue the GD wisely in China. We do not intend okay to build an infrastructure in US.

關於模型，好吧，我們對 Agrate Witorgas 先生的模型感到不滿。在這個階段，還沒有什麼可討論的，但這是我們開放的一種模式。我現在可以向你們確認的是，我們並不打算在美國建立一個從零開始的國家。為什麼？因為 ST，我們有足夠的頻寬來做到這一點。我們已經在我們的板塊中進行了規劃，例如卡塔尼亞的校園，好吧，繼續老樣子，繼續在中國明智地繼續GD。我們不打算在美國建設基礎設施。

Okay. Sorry. And just one quick one. That's pretty helpful. I think you had floated the idea that M&A went back on the table. Any more update on that?

好的。對不起。只是一個快速的。這很有幫助。我認為你提出了併購重新回到桌面上的想法。還有更多更新嗎？

We are working actively on the right target.

我們正在朝著正確的目標積極努力。

We have time for very last question, Myra.

我們有時間回答最後一個問題，邁拉。

Josh Buchalter, TD Cowen.

喬許·布查爾特，TD·考恩。

Hey, guys, good morning. Thanks for squeezing me in. For my first one, last quarter, you were kind enough to give us details, and I think you mentioned that there was two months of channel inventory that you wanted to get down and it was running above target. I know a lot of it's at EMS and OEMs. But would you mind updating us on maybe either where you feel like levels are at entering this quarter and with -- in particular, the down 17% Industrial guidance for the third quarter, your -- does the rest of the year outlook assume that you get channel inventory back in line during the third quarter?

嘿，夥計們，早安。感謝您邀請我加入。我知道很多都是在 EMS 和 OEM 中。但是，您介意向我們通報您認為進入本季度時的水平嗎？

Maybe I can take this question. During the second quarter, when we look at the distribution evolution, we see that the POS were not improving. In general, were not improving. We have seen some areas a little bit better, but in general, not improved. So at the end, through that, we were shipping less to distribution, and this is visible in the result, especially when we look at the Industrial.

也許我可以回答這個問題。在第二季度，當我們觀察分銷演變時，我們發現 POS 並沒有改善。總的來說，沒有改善。我們看到一些領域有所改善，但總體而言並沒有改善。因此，最終，我們減少了向分銷商的運輸量，這在結果中是顯而易見的，特別是當我們關注工業時。

But when we look at the level of inventory, when we look at the situation of the inventory, I would say that is similar to the one exiting Q1. So I would say that still, we don't see significant improvement in this respect, especially because, let's say, the POS is not improving.

但是當我們看庫存水準時，當我們看庫存情況時，我會說這與第一季的情況類似。所以我想說的是，我們在這方面仍然沒有看到顯著的改進，特別是因為 POS 沒有改進。

Probably, let's say, we will see some mild improvement in Q3. Our expectation is to start to see some more material improvement and moving inside the Q4. But for the time being, the situation of the inventory remains, as we'd say, not particularly on the positive side on the improvement in respect to the one that we'll have exiting Q1.

也許，我們會在第三季看到一些輕微的改善。我們的期望是在第四季度開始看到更多實質改進和進展。但就目前而言，正如我們所說，庫存狀況相對於第一季的情況而言，仍然沒有特別積極的改善。

But for what concern, the inventory in our balance sheet, I can tell you that today, you see we are in the range of 130 days will be most likely in Q3. Similar at the end of Q3, we do not expect strong improvement during this quarter notwithstanding the unused and the level of production has been reduced, while we will start to see the benefit in Q4. In Q4, we expect a decrease in the range of least base average days in respect to where we stand today.

但對於我們資產負債表中的庫存有何擔憂，我今天可以告訴您，您看到我們最有可能在第三季處於 130 天的範圍內。與第三季末類似，儘管未使用量和生產水準有所減少，但我們預計本季不會出現強勁改善，而我們將在第四季度開始看到收益。在第四季度，我們預計最低基準平均天數範圍將比目前的情況減少。

For my follow-up, I wanted to ask about gross margins. So down like 200 basis points in the third quarter guidance, but I believe it implies that you basically improve another 200 basis points in the fourth quarter. Anything with mix that we should be aware of? Or is that all just utilization rates coming back up that's in your assumption sort of for gross margin improvement in the fourth quarter?

對於我的後續行動，我想問毛利率。第三季指引下降了 200 個基點，但我相信這意味著第四季基本上會再提高 200 個基點。 mix有什麼我們該注意的嗎？或者，這只是利用率的回升，這在您的假設中是第四季毛利率改善的結果嗎？

In the fourth quarter, the main driver of the improvement of our gross margin in our model is mainly coming from the mix. Of course, we do not expect to have positive -- significant positive impact in pricing. As you know, we are not modeling any improvement in the price environment. We expect price more or less be stabilize in the range of low single-digit decline.

第四季度，我們模型中毛利率改善的主要驅動力主要來自於混合。當然，我們預計不會對定價產生正面的、顯著的正面影響。如您所知，我們並未對價格環境的任何改善進行建模。我們預期價格或多或少會穩定在低個位數跌幅範圍內。

There is a mix that is improving. There will be also the level of unloading. This quarter, in Q3, loading is hitting our gross margin by 350 basis points. It will remain a material also in Q4 but declining in respect to the -- in the one of Q3. So these two components are the main one that make us modeling the Q4 as an improvement in respect to the current quarter, Q3. Moving back the year, let's say, close to 40%.

有一種組合正在改善。還會有卸載的等級。本季度，也就是第三季度，裝載量使我們的毛利率下降了 350 個基點。它仍然是第四季度的一種材料，但相對於第三季度的材料有所下降。因此，這兩個組成部分是我們將第四季度建模為相對於當前季度第三季度的改進的主要組成部分。回溯到今年，我們可以說接近 40%。

Thank you very much. This was the last question.

非常感謝。這是最後一個問題。

That was the last question. I would like now to turn the conference back over to Ms. Berthier for closing remarks.

這是最後一個問題。現在我想將會議轉回貝爾蒂爾女士致閉幕詞。

I think this is ending our call for this quarter. Thank you very much all of you for being there and we remain here at your disposal should you need any follow-up questions. Sorry for the one that didn't have time to ask a question there. Thank you very much.

我認為我們本季的電話會議到此結束。非常感謝大家的到來，如果您需要任何後續問題，我們將隨時為您服務。很抱歉沒有時間在那裡提問。非常感謝。

Thank you.

謝謝。

Thank you. Bye.

謝謝。再見。

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. Good-bye.

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。