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 Myra，Chorus Call 接線生。（操作員指示）會議正在錄音。（操作員指示）會議不得錄製以供出版或廣播。現在，我很高興將主席職務交給集團副總裁兼投資者關係主管 Celine Berthier。女士，請繼續。

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意法半導體總裁兼執行長 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；以及意法半導體模擬、功率與分立元件、MEMS 和感測器部總裁兼策略、系統研究與應用和創新辦公室負責人 Marco Cassis。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.

本次通話結束後不久將提供重播。本次電話會議將包括前瞻性陳述，其中涉及可能導致結果與管理階層預期和計劃有重大差異的風險因素。我們鼓勵您查看今天早上發布的新聞稿中的安全港聲明以及 ST 最新的監管文件中包含的有關這些風險因素的完整描述。（操作員指示）現在我想將電話轉給 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 2024 年第二季財報電話會議。首先，我想說幾句開場白。從第二季開始，第二季淨收入為 32.3 億美元，高於我們業務展望範圍的中點，這得益於個人電子產品收入的成長，但汽車產品收入低於預期，部分抵銷了這一成長。

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%.

毛利率40.1%符合預期。與去年同期相比，第二季淨收入下降了 25.3%，主要原因是工業業務的下滑，汽車業務的下滑幅度較小。毛利率由49%下降至40.1%。營業利益率從26.5%下降至11.6%。淨收入下降64.8%至3.53億美元。與上一季相比，淨收入下降了 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，主要原因是微控制器、電源和分立裝置部門的下降。我們的毛利率為 40.9%，營業利益率為 13.8%，淨收入為 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，工業客戶訂單並未改善，汽車需求也下降。對於 2024 年第三季度，我們的第三季度業務預測是淨收入約為 32.5 億美元，年減 26.7%，環比成長 0.6%。預計毛利率將達到約 38%，受到約 350 個基點的未使用容量費用的影響。

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%.

就 2024 年全年而言，整體而言，第二季的客戶訂單並未達到預期。因此，我們現在預計下半年工業復甦將會延遲，汽車收入的成長將低於上半年的預期。我們現在將依照2024年全年營收在132億美元至137億美元之間的計畫推動公司發展。在這個計劃內，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%，主要原因是成像。功率及分立產品下降24.4%，功率產品及分立產品均下滑。微控制器收入下降了 46%，主要原因是通用微控制器。數位積體電路和射頻產品下降了 7.6%，其中 ADAS 的下降超過了射頻通訊的成長。

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，工業下降超過50%，汽車下降約15%，個人電子產品下降約6%，而通訊設備和電腦週邊設備則成長約2%。不計入參與客戶計畫中產品組合變化的影響，個人電子產品銷售量上漲了約 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，OEM 銷量下降 14.9%，分銷銷量下降 43.7%。整體而言，第二季淨收入季減6.7%，其中類比產品、MEMS和感測器收入下降4.3%；功率和分立產品成長8.8%；微控制器佔15.7%；數位IC及射頻產品則成長8.6%。以終端市場來看，工業環比下降約17%，汽車環比下降約8%，個人電子產品較上季下降約5%，而通訊設備和電腦週邊設備則較上季增加約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%。毛利率由去年同期的49%下降至40.1%。下降主要是由於產品組合、銷售價格以及未使用容量費用增加所致。

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%，而去年同期為 26.5%。所有可報告部門的銷售額年比均出現下降，其中微控制器、電源和分立元件的銷售額下降最為明顯。

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，第二季淨收入下降 64.8% 至 3.53 億美元，去年同期為 10 億美元。每股攤薄收益從 1.06 美元下降 64.2% 至 0.38 美元。

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.

經營活動產生的淨現金減少至 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，而去年同期的庫存為 30.5 億美元。季末庫存銷售天數為 130 天，而上一季為 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，意法半導體向股東派發了 7,300 萬美元的現金股息，並進行了 8,800 萬美元的股票回購，完成了我們 2021 年啟動的 10.4 億美元股票回購計畫。2024 年 6 月 21 日，ST 宣布啟動一項新的股票回購計劃，總額高達 11 億美元，將在三年內執行。截至 2024 年 6 月 29 日，ST 的淨財務狀況為 32 億美元，反映總流動資金為 62.9 億美元，總金融債務為 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.

現在我將簡要介紹我們的一些策略重點領域。如上所述，與我們先前的預期相反，我們發現本季汽車需求出現下降。其特點是第二季積壓訂單減少，部分客戶預測有所下調，包括與電動車產量下降相關的調整以及供應鏈上的庫存調整。

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.

本季我們繼續執行支援汽車電氣化的策略。我們在領先汽車製造商的牽引逆變器功率分立元件領域憑藉碳化矽和 IGBT 技術獲得了多項成功。我們還憑藉用於新型電氣和電子架構中的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達成長期碳化矽供應協議，為其電動車電池提供碳化矽功率裝置。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獲得了進一步的發展。其中包括我們最新一代 Stellar MCU 在與歐洲領先汽車製造商的車身領域應用中取得的勝利，以及在電池管理和 HVAC 系統等領域取得的其他 MCU 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，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勝利凸顯了我們技術和產品組合的穩健性，使意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預期實現，客戶訂單並未改善。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、照明和家電等短週期業務市場疲軟，而能源儲存、電網、電動車充電和流程自動化等長週期業務市場則更具彈性。

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.

這導致下半年的積壓訂單量低於預期。短期內，由於終端需求逐漸減弱，加上工業市場價值鏈的庫存大幅調整，我們面臨的產業調整將比我們預期的更長、更明顯。

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我們當前的產品，並投資研發以打造下一代產品。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領域的領先地位。ST 參加了在德國舉行的年度嵌入式世界博覽會，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的非常積極的反饋，其中包括低成本、無線和高性能微控制器，以及用於工業應用的新型 64 位元微處理器。我們還發布了一款具有 Edge AI 處理功能的創新智慧感測器，可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 卡，以滿足即將推出的 GSMA eSIM IoT 部署標準。這簡化了大量連接設備的管理，以支援安全雲端連接自主事物的擴散。

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，我們也持續為客戶打造 Edge AI 支援。6月初，ST Edge AI Suite上線，匯集工具、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分銷商正在進行的設計和開發努力將使 ST 能夠更有效地利用下一個市場上升週期。在個人電子產品、通訊設備和電腦週邊設備方面，我們參與的客戶計畫正在如預期運作。

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.

現在轉向製造業，今年 5 月，我們宣布了一項策略更新，將在義大利卡塔尼亞建造一個新的大容量 200 毫米碳化矽製造工廠。該工廠將生產功率裝置和模組，包括裝置製造以及測試和封裝。

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.

這些設施與在同一地點準備的碳化矽基板製造設施一起，將共同組成意法半導體的碳化矽園區。這項發展將實現我們的願景，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.

該計畫預計將是一項 50 億歐元的多年期投資，其中包括義大利政府在歐盟晶片法案框架下提供的 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.

現在讓我們來看看 2024 年第三季的財務展望和 2024 年全年的計畫。對於第三季度，我們預計淨收入中位數為 32.5 億美元左右，年減 26.7%，季增 0.6%。預計第三季毛利率中位數約為 38%，受未使用容量費用約 350 個基點的影響。

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 年下半年，考慮到我們目前第三季和年底的積壓訂單以及持續的市場動態，我們進一步修改了 2024 年的收入計劃，目前我們預計收入將在 132 億美元至 137 億美元之間，與 2023 年相比，中點下降約 22%。在該計劃下，我們預計毛利率約為 40%，對 2024 年全年預期中點的未使用容量費用產生約 270 個基點的影響。

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.

綜上所述，在經歷了前所未有的晶片短缺局面後，本輪半導體週期受到多種因素的影響：各終端市場在需求正常化或減弱、庫存調整或修正方面的不同步；可用容量從緊張變為過剩；以及可再生能源、交通電氣化、維修權和二手設備等領域加速可持續性結構性趨勢的非線性。這種背景顯然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，這兩個市場都在經歷深刻的轉型，這也是受到一系列大趨勢的推動。再加上我剛才提到的當前週期動態，這將為 ST 和我們的客戶帶來短期、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，我們正在努力使我們的營運計劃最好地適應這種複雜的情況。我們已經採取了一些措施，並正在根據情況變化進行調整。從中長期來看，我們仍然相信，這種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，以提供最新資訊。這將是一場現場活動，我們也將進行網路直播。謝謝，我們現在準備回答您的問題。

(Operator Instructions) Jerome Ramel, BNP Paribas Exane.

（操作員指示）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。一個問題，Jean-Marc，您提到了毛利率受到裝卸成本以及價格的影響。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？謝謝。

Jerome, I will let Lorenzo comment at this point.

傑羅姆，我將讓洛倫佐對此發表評論。

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，傑羅姆早安。但是，就價格而言，我想說這與我們上個季度所說的話是一致的。目前，我們還沒有看到價格環境有顯著差異。當然，這與去年有所不同。現在我們看到的是定價面臨一些壓力。但總體而言，對於該公司而言，這一數字仍處於較低的個位數。

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.

市場之間存在一些差異。它更高。在工業領域，這個數字肯定更高，尤其是當我們看著我們的微控制器產品線時。現在，我們處於個位數的中間值。而當我們看汽車產業時，它仍然處於較低的個位數。正如我之前所說，與我們上個季度的預期相比，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.

或許還會有快速的跟進。Jean-Marc，您說過，短期內，該行業存在一些產能過剩，對於您來說，您如何在資本支出方面解決這個問題，或者像您所想的那樣，增加不同的製造業？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.

我們已經在第三季對製造工作時間進行了明確調整，並將在第四季度進行調整。這就是我們下調銷售和營運計劃的原因。我們已立即調整此活動。當然，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加薪，或者說這是一項聯合措施。現在，好的，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.

也許，如果我可以補充一下，Jean-Marc，關於資本支出，我們確認今年我們將花費約 25 億美元。也就是說 — — 這主要是為了解決我們向 12 英寸的轉換 — — 對於碳化矽，我們有一個計劃，正如我們之前提到的，校園將我們的碳化矽從 150 毫米迅速轉移到 200 毫米。這些是我們 25 億美元資本支出中的主要項目，並且已經確認。

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

非常感謝，傑羅姆。請問下一個問題，Myra。

Francois Bouvignies, UBS.

瑞銀集團的 Francois Bouvignies。

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涉及工業和微控制器通用用途。顯然，庫存急劇下降，我認為正在出現去庫存現象。然而，我的意思是，市場上有這樣的討論，也許你的庫存會比同行高得多，當你聽同行說的時候，我的意思是，當——Microchip 和 TI 表示經歷了最糟糕的情況，並且他們正在積極主動地管理渠道中的庫存。

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——我想解釋為什麼您比其他人更晚看到工業衰退，以及為什麼它的下滑幅度更大。所以我的問題是，你對這個評論有何看法？也許你的庫存比同行高，這可以解釋這種急劇的下降嗎？更重要的是，今年剩餘時間的情況會如何，這種庫存不足的情況會持續多久？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。我不會評論我們與競爭對手的基準。首先，TI 採用了不同的市場分銷方式，並且他們在國內擁有更多的庫存。關於Microchip，請​​詳細查看號碼。對於其他競爭對手，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，好吧，我們擁有最廣泛的微控制器產品組合。再次強調，我們正在向世界所有地區發表演說。正如我在演講中提到的，我們實際上也在解決短週期業務和長週期業務。

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，由於不同的原因，最近一個季度的頭部需求波動很大。庫存不僅存在於我們的分銷管道和 EMS，還存在於系統製造商和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.

所以這就是為什麼，首先，它比其他人花了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，EMS 分銷商處仍有一些過剩庫存。

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.

我想強調的是，在半導體短缺期間，由於受到汽車製造商、一級供應商以及能源、電力轉換領域（我不得不說，還有能源、交通、電動車充電領域）大型工業企業的壓力，這項業務遭受的損失最為嚴重。他們所遭受的苦難最為深重。

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量和非核心啟用訂單。這意味著到 2023 年 3 月為止，我們都會根據他們給我們的積壓訂單進行發貨。而這個訂單量並不大。

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，我們已經評估，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，並開始降低我們的 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.

而這需要時間，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，我再說一遍，再生能源、與行動電氣化相關的事物、與充電站相關的事物等等。

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.

這裡也在一定程度上存在一些庫存。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 在重啟方面的知名度稍高一些的原因首先與我們在通用微型產品方面的廣泛曝光有關，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，在 2022 年、2023 年到 3 月期間，我們實施的不可取消政策肯定會增加庫存，現在我們必須消化這些庫存。不幸的是，在 24 年，這個產業面臨需求問題，也就是終端需求問題。這就是需要更長時間的原因。至於其餘部分，好吧，我們的行為與競爭對手非常相似，他們在今年的業務復甦方面也有類似的情況，對於基準，要小心後方。

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，我的後續話題可能是汽車。您提到它變弱了。我的意思是，也許您可以詳細解釋汽車方面到底發生了什麼？您能否告訴我們您對全年汽車、工業的預期是什麼？您的全年業績是基於什麼？有遠見卓識將會很棒。我就把它留在那裡。

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.

關於汽車，有三點。但第一點，讓我們根據遺產進行分類。在遺產方面，從五月開始，我們已經看到了我們主要的第 1 層。由於現在一級供應商庫存減少，他們撤出了寄售庫存，並帶著兩週的休假回來了。因此他們的眼光非常短淺。

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，我們就開始從寄售庫存中取出更少的零件。因此，他們可以出售一些框架訂單。因此，在第二季度，我們受到的收入影響已經低於預期。這是基於積壓訂單，約 1 億美元，這是第一點。

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，仍然是關於汽車行業的傳統業務和常見應用，他們已經降低了對下半年的預測。因此，我們不得不下調對汽車遺產的預測，該預測在第二季度已受到影響約 1 億美元，在下半年則受到影響約 3.5 億美元至 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.

第二點是電動車相關產品的成長。我們下半年所有與電動車相關的零件都將成長，但增幅低於預期。你知道為什麼嗎？因為現在全球電動車產量已經調整到每輛1300萬歐元以下了。

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.

但是，我確認下半年將成為 ST 所有電動車相關組件的成長動力，特別是碳化矽，尤其是在中國以及我們的主要客戶那裡。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.

那麼第三個要素就是我們已經提到的，它有一點增加。您知道，去年，我們 ADAS 的主要客戶之一建立了一定水平的庫存，並在第三季度對我們的庫存進行了進一步的調整。

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.

所以總的來說，我們的汽車業務在下半年將增長，我不得不說與上半年相比將增長 4%，約為 1 億美元，其中電動汽車用碳化矽業務將實現增長，但這一增長被我們一級供應商遺留產品的調整以及 ADAS 主要客戶的一些庫存調整所抵消。這就是我們在汽車 H2 領域面臨的問題。

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.

Stephane Houri，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。我對您的主要客戶和參與客戶計劃有疑問。您能否向我們透露下半年的期待？有傳言稱，智慧型手機的音量會更大，內容也會有潛在的提升，所以您能否為我們澄清一下？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，我們略微超出了收入預期的中點，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，這已經被汽車所抵消了。

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，我們對他們做出了可靠的預測。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，他們給我們的計劃已經穩定下來。

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.

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？因為我們已經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，由於我們的補貼，我們主要客戶的設備中 ST 的含量將會增加。

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。也許您可以澄清一下您之前所說的有關當前成本的問題？您是說，您將限制研發的擴張，並可能在未來稍微削減銷售、一般和行政費用 (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，我們不會削減對研發項目的關注，因為所有這些項目都與我們的策略完全一致。儘管如此，我們已經清理並脫離了多年前我們想要脫離的產品線。所以所有計劃都嚴格按照執行委員會的決定來控制和執行。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，我還要重申，從我們今年年初建立的組織中，我們已經獲得了一些協同效應和生產力，使我們能夠運行這個研發項目，從而最大限度地減少或停止任何招聘。我們只是，可以說，專注於聘用具有關鍵資格的專家。當然，對於銷售、一般及行政費用，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.

摩根大通的 Sandeep Deshpande。

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，你好。謝謝您——我實際上想談談——您已將全年指導金額減少了約 15 億美元。那麼，它又是如何被劃分為汽車和工業的呢？您在本季曾表示，您發現汽車市場出現了一些疲軟。您能否量化您所看到的弱點的程度？您認為這種情況會持續到本季嗎？

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.

兩個指導值之間的差異的帕累托，即著名的 10 億美元差值，大約是汽車行業的 40%，工業行業的 60%。我再說一遍，在汽車領域，第二季已經達到了約 1 億美元。其餘部分在 H2 上，主要在我們所謂的遺留、遺留業務上，部分在 ADAS、ASIC 上。我再次重申，與碳化矽相關的產品將會成長，但成長速度將低於預期。

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.

工業方面，約佔60%。對第二季度沒有影響。在第二季度，我們執行了與預測一致的操作。關鍵在於，在第二季度，我們並沒有按照預期的水平輸入 2024 年工業應收帳款預訂量。這就是我們將預測下調約 6 億美元的原因。而且，我們的經銷商的 POS 也在減少。

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，我們將在第三季繼續降低工業 POP，以減少分銷層面的庫存，但我們預計第四季度 POP 將會增加。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，第二季汽車產業的收益約為 1 億美元，工業產業的收益約為 6 億美元，其中 [10 億美元] 汽車產業的收益約為 40%。為什麼？由於第二季沒有訂單，且第二季POS仍在減少，因此推遲了第四季分銷層面的重啟。

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聽說，他們看到了市場疲軟。那麼，您是否認為，訂單量大於收入（現在您已經向我提供了有關收入的新消息）的情況在未來幾個季度內將繼續導致汽車行業疲軟？

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 Tier 1 那裡收到他們所說的交付預測，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，這些調整在第二季度有所擴大。

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.

現在我們有了積壓的工作。正如我所說，他們正在與一級供應商合作，汽車製造商已經暫停了兩週。當然，這是我們必須嚴格審查的事情。我們會密切注意所有客戶的治療動態以及他們向我們下達的訂單。

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].

對於電動車，我認為情況就不同了。現在，調整已經完成，我們確實相信，我們將交付約 13 億美元的 ASIC。但就汽車而言，市場是動態的。這更多的是庫存調整。但根據一些汽車行業分析師的說法，汽車的生產似乎已確認在[9000萬]

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.

嗯，我們確實相信，如果得到確認，庫存調整就基本上完成了。因此，我們面前的積壓工作非常有價值。然而，我們必須以非常動態的方式監測局勢。

Thank you.

謝謝。

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

謝謝你，桑迪普。請問下一個問題，Myra。

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，謝謝你回答我的問題。關於第三季和2024年的營運支出，我們該如何模擬未來兩季的營運支出？您是否期望獲得一些具體的成本節約效益？（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 OpEx 的問題。但正如我們之前所說，在這種市場環境下，我們將繼續嚴格控制開支。您會看到，就我們對第二季的預期而言，我們認為包括其他收入和支出在內的淨營運費用低於我們進入本季時的預期。這也是因為我們意識到了下半場所所面臨的困難。

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，我們還沒有——我們現在估計支出在 9.05 億美元至 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，季節性假期對我們產生了積極影響，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.

當我回顧全年時，我認為這也得益於其他收入和支出相對於去年有所增加。所以這意味著今年我們預計營收將達到 1.5 億美元左右。我們今年的整體支出與去年相比略有增加，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，您認為營運支出如何？

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.

你可以算一下。再次，我們將保持基本平穩。會有一些增加，非常溫和，只有極少幾個百分點。在急診室，你可以模擬出類似 2023 年淨營運支出的情況，與去年相比有非常輕微的成長。

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，您認為第三季各部門或垂直部門的收入趨勢如何，以便稍微了解一下與集團持平底部不同的動態，我想說的是，集團的連續負增長？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%.

我繼洛倫佐之後又回來賺錢了。但如果你先購買終端市場，那麼與第二季相比，我們預計汽車市場將較上季成長 4%。就工業而言，不幸的是，正如我所說，由於缺乏可見性和積壓訂單較少，我們的產量繼續下降 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%，但這是季節性的影響，也是我們與主要客戶合作的客戶計畫的影響。而對於通訊設備和電腦週邊設備，我們將減少-8％。這與遺留業務有關。我們正在逐步脫離接觸。如果我們轉向可報告部分，那麼類比、MEMS 和感測器將會持平，幾乎持平，為 0.2%。對於功率和分立元件，我們將增加 12.9%，由碳化矽 MOSFET 推動。

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.

我們的 MCU 在第三季將小幅成長 1.3%，但通用 MCU 將繼續下降，並被汽車 MCU 和安全 MCU 所抵消。在數位和無線電頻率方面，它將減少-17.8％，但主要與我們有關，好嗎？我們客戶的去庫存化是部分預期的。這是按終端市場和可報告細分市場劃分的兩個動態。

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

如您所見，這次我們非常精確。

Exactly, thank you.

確實，謝謝。

Is it okay for you, Sébastien?

你覺得這樣可以嗎，賽巴斯蒂安？

Yes, that's perfect. Thanks.

是的，太完美了。謝謝。

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

非常感謝。請 Myra 問下一個問題。

Didier Scemama, BoF.

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，我覺得這次的經濟衰退與我們在上個世紀之交所看到的類似，所以這是一場持續兩年的經濟衰退。我認為我們從那次經濟衰退中得到的教訓是，我們需要在成本方面採取更積極的態度。

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：A，我知道您說過您已經實施了凍結招聘等等，但是您對您的資本支出有何看法？我知道它沒有變化，但在這個階段，在資本支出上花費那麼多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.

我想回到您在最近一次會議上發表的評論，您說您正在考慮將您的 6 英寸和 8 英寸晶圓廠升級到 3 億英寸。鑑於這些晶圓廠（尤其是歐洲甚至新加坡的晶圓廠）與中國資本支出直接競爭，您是否應該加速這一轉變？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 a case not completely linear or less smooth than expected, that the transformation that our two main markets, industrial and automotive, will provide, really, for ST, the basis for our growth ambition.

嗯，很明顯，我們正面臨著最強勁的庫存調整，當然，這是我們長期以來所面臨的最強勁的庫存調整。不過我想說我喜歡兩點還是三點呢？首先，我們仍然堅信，即使情況不是完全線性的或不如預期那麼順利，我們的兩個主要市場——工業和汽車——的轉型將真正為 ST 提供實現成長目標的基礎。

Also, supported by some specific 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，在一些具體舉措的支持下，我們相信每次我們都能夠在個人電子產品領域，或在人工智慧伺服器領域的功率級或後來的光學傳輸領域贏得差異化。因此，我們在那裡看到了大趨勢。

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 the reason why, this year, we have confirmed the engage CapEx and the engagement we have with some supplier to go in this direction.

然後我們說——我們確信，對我們來說，我們不斷提高公司根本價值的能力是將我們的活動轉化為 300 毫米矽基技術。當然，每次都是貨幣趨勢，將其轉換為200毫米的碳化矽。這就是為什麼我們今年確認了參與資本支出並與一些供應商合作朝這個方向發展。

Now, is 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 to 2023 revenues. More then, under the light of these three 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.

現在，我們的第三要務是評估基線，並了解我們將以何種速度恢復到 2023 年的收入。另外，根據這三個點，可以清楚看出碳化矽中加速度的轉換，分別為200毫米到300毫米，150到200毫米的加速度。

In the best off trade-off, to minimize 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. 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.

在最佳權衡之下，我們正在努力將資本支出降至最低，並控制在適當的水平。這就是我所說的，我們正在根據所看到的情況不斷調整我們的銷售和營運計劃。但我重申，我們堅信 ST 將重回成長軌道。我們確信必須分別轉換為300毫米和200毫米。這是強制性的。

Of course, acknowledging is the baseline as a dynamic of the market. We will decide which level of CapEx we have to cautiously spend but, maybe, accelerating some conversion with all the implication linked to this conversion.

當然，承認是市場動態的基礎。我們將決定必須謹慎花費哪個等級的資本支出，但也許會加速某些轉換以及與此轉換相關的所有意義。

Very good, thank you. 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 is boasting about is sort of domestic US capacity, call it, geopolitically dependable.

非常好，謝謝。我的第二個問題是關於地緣政治的。所以我想，您如何看待明年我們可能進入的這樣一個世界：美國進口的所有產品都將徵收 10% 的關稅？我的意思是，你們的一個競爭對手正在吹噓美國國內的某種能力，稱之為地緣政治可靠性。

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，你們做出了一個明智的決定，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有很大的不同。但是，您是否認為有必要在美國也擁有本地生產能力，而目前您還沒有這樣的能力？還是您認為您的汽車和工業客戶群已經足夠歐洲化，不需要在美國擁有產能？

Well, at this stage, we -- the manufacturing strategy that is -- 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 as independent as possible along the value chain, so 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 - 製造策略 - 我們已經採取了考慮到你提到的，所以中國針對中國，所以執行。因此，我再次重申，我們正在中國建立一個盡可能獨立的生態系統，涵蓋價值鏈，從原料、裝置晶圓加工、晶圓分類，到測試，還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 open for some partnership with the player in term of manufacturing arrangement.

在這個階段，我們確實相信，我們位於歐洲或公認的可靠國家，在製造地點方面已經實施了 ST，足以支持和應對這種脫鉤。然而，我們始終願意在製造安排上與玩家建立某種合作關係。

On the model, we have in call with a GF of the model we have in (inaudible), still world class. At this stage, there is nothing on the table, but this is a kind of model we are open.

在模型上，我們與我們所擁有的模型的 GF 進行了通話（聽不清楚），仍然是世界級的。目前，我們還沒有任何可以討論的方案，但這是我們所持開放態度的模式。

What I can confirm to you at this moment, we do not intent to build a fab from scratch in US. Why? Because ST, we have not the bandwidth to do it. We have already project in our plate like the campus in Catania, to continue call timely, to continue again timely, to continue as a Geely reseller in China. We do not intend to build an infrastructure in US.

我現在可以向你確認的是，我們無意在美國從頭開始建造一座工廠。為什麼？因為 ST，我們沒有足夠的頻寬來做這件事。我們已經在計劃中，例如卡塔尼亞的校園，繼續及時打電話，再次及時打電話，繼續作為吉利在中國的經銷商。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，抱歉。還有一個簡短的提示——非常有幫助。我認為您曾提出重新討論併購的想法。還有其他更新嗎？

We are working actively on the right target.

我們正在朝著正確的目標積極努力。

Thank you.

謝謝。

We have time for very last question, Myra.

邁拉，我們還有時間回答最後一個問題。

Josh Buchalter, TD Cowen.

喬許·布查爾特（Josh Buchalter），TD Cowen。

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，大家早安。謝謝你把我擠進來。對於我的第一個問題，上個季度，您很好心地向我們提供了詳細信息，我記得您提到過有兩個月的渠道庫存需要降低，而且庫存量已經超出了目標。我知道其中很多是在 EMS 和 OEM 中。但是，您能否介意向我們介紹一下，您認為進入本季時的水平如何，特別是第三季工業指引值下降 17%？您對今年剩餘時間的展望是否假設您在第三季將通路庫存恢復正常？

Well, 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, we're 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.

好吧，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。整體來說，我們沒有進步。我們看到有些方面有所好轉，但總體而言並沒有改善。因此，最終，透過這種方式，我們運送到分銷商的數量減少了，這在結果中是顯而易見的，尤其是當我們看工業時。

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

但當我們查看庫存水準、查看庫存情況時，我會說它與第一季的情況類似。所以我想說，我們仍然沒有看到這方面的顯著改善，特別是因為 POS 沒有改善。

Probably, 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.

或許，我們會在第三季看到一些溫和的改善。我們預計第四季將出現更多實質的改善和進展。但就目前而言，庫存狀況仍然沒有特別積極的一面，與第一季相比沒有改善。

But for what concern, the inventory in our balance sheet, I can tell you that, today, you see we are in the range 130 days. We'll 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，我可以告訴你，今天，你看我們在 130 天的範圍內。我們最有可能的是，在第三季度 - 與第三季度末的情況類似，儘管未使用的和生產水平已經降低，但我們預計本季度不會出現強勁改善，而我們將在第四季度開始看到收益。在第四季度，我們預期最低基準平均天數的範圍相對於目前的情況將會減少。

Thank you for the color there, Lorenzo. 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 improved 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? Thank you.

謝謝你的色彩，洛倫佐。作為後續問題，我想問一下毛利率。因此，第三季的預期下降了 200 個基點，但我相信這意味著第四季基本上又提高了 200 個基點。我們應該注意哪些因素的組合，或者所有利用率的回升是否符合您的假設，即第四季度的毛利率是否會提高？謝謝。

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 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 stabilized in the range of low single-digit decline.

第四季度，我們模型中毛利率提升的主要驅動力主要來自於產品組合。當然，我們並不期望對定價產生重大的正面影響。如您所知，我們並未對價格環境的改善進行任何建模。我們預期價格或多或少會穩定在低個位數跌幅的範圍內。

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 point. 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 (technical difficulty) modeling the Q4 as an improvement in respect to the current quarter, Q3. Moving back the year, let's say close to 40%.

有一種混合正在改善。還會有卸載等級。本季度，也就是第三季度，裝載量對我們的毛利率造成了 350 個基點的影響。它在第四季度仍將保持重要地位，但與第三季度相比有所下降。因此，這兩個組成部分是導致（技術難度）將第四季度建模為相對於當前季度第三季度有所改進的主要因素。回顧去年，我們假設接近 40%。

Got it. Thank you, Lorenzo.

知道了。謝謝你，洛倫佐。

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。現在我想將會議交還給貝爾蒂埃女士，請她致閉幕詞。

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.

我想我們本季的電話會議就此結束了。非常感謝大家的到來，如果您有任何後續問題，我們隨時為您服務。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。

Bye.

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，會議到此結束。感謝您選擇Chorus Call，感謝您參加本次會議。現在您可以斷開線路了。再見。