意法半導體 (STM) 2024 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics third quarter 2024 earnings release conference call and live webcast. I am Myra, the Chorus Call operator. (Operator Instructions) The conference has been recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Jean-Marc Chery, President and CEO. Please go ahead.

女士們、先生們，歡迎參加意法半導體 2024 年第三季財報電話會議和網路直播。我是合唱呼叫操作員邁拉。 （操作員指示）會議已錄製。 （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，我很高興將職務移交給總裁兼執行長 Jean-Marc Chery。請繼續。

Thank you, Myra, and good morning, everyone. Before starting this call, I am very pleased to announce the appointment of Jérôme Ramel as Executive Vice President, Corporate Development and Integrated External Communication. Jérôme has been associated with our company for many years as a recognized European semiconductor analyst and has had 24 years of experience in certain roles in various finance institutions.

謝謝你，邁拉，大家早安。在開始本次電話會議之前，我非常高興地宣布任命 Jérôme Ramel 為負責企業發展和全面外部溝通的執行副總裁。 Jérôme 作為公認的歐洲半導體分析師與我們公司合作多年，並在各種金融機構擔任某些職務，擁有 24 年的經驗。

He brings in-depth knowledge of the semiconductor industry and capital markets, which will be extremely beneficial to support the company in the way we interface with investors, analysts, and external stakeholders. I would now like to briefly turn the call over to Jérôme.

他帶來了對半導體產業和資本市場的深入了解，這對於支持公司與投資者、分析師和外部利害關係人的互動方式非常有利。我現在想簡單地將電話轉給傑雷姆。

Thank you, Jean-Marc, and good morning. I'm very pleased to join ST and excited by this new challenge. So thank you, everyone, for joining our third quarter 2024 financial results conference call. Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President and CFO; and Marco Cassis, President Analog, Power & Discrete MEMS and Sensors Group and Head of ST Micro Strategy System Research and Application and Innovation Office.

謝謝你，讓-馬克，早安。我很高興加入 ST，並對這項新挑戰感到興奮。感謝大家參加我們的 2024 年第三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總裁兼財務長 Lorenzo Grandi； Marco Cassis，模擬、功率和分離 MEMS 和感測器事業部總裁兼 ST Micro 策略系統研究及應用和創新辦公室負責人。

This live webcast and presentation materials can be accessed on ST Investor Relations website. A replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST results to differ materially from management expectations and plans.

此現場網路直播和演示資料可在 ST 投資者關係網站上存取。本次電話會議結束後不久將進行重播。這次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 結果與管理層預期和計劃有重大差異的風險因素。

We encourage you to review the safe harbor statement contained in the press release that was issued with the result this morning and also in estimate recent regulatory filings for a full description of these risk factors. (Event Instructions) Now I'd like to turn the call over to Jean-Marc Chery, ST President and CEO.

我們鼓勵您查看今天早上發布的新聞稿中包含的安全港聲明以及最近提交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。 （活動說明） 現在我想將電話轉給 ST 總裁兼執行長 Jean-Marc Chery。

So thank you, Jérôme. Let me begin with some opening comments. Starting with Q3. So third quarter net revenues of $3.25 billion were in line with the midpoint of our business outlook range. Compared to our expectations, revenues were higher in personal electronics, declined less in industrial, and were lower in automotive. Q3 gross margin of 37.8% was broadly in line with guidance.

謝謝你，傑瑞姆。讓我先發表一些開場評論。從第三季開始。因此，第三季淨收入 32.5 億美元符合我們業務前景範圍的中點。與我們的預期相比，個人電子產品的收入較高，工業產品的收入下降較少，汽車業的收入較低。第三季毛利率為 37.8%，與指引基本一致。

Q3 net revenues decreased 26.6% year over year, mainly driven by a decline in industrial and to a lesser extent, in automotive. Looking at our year-over-year performance, gross margin decreased to 37.8% from 47.6%. Operating margin decreased to 11.7% from 28% and net income came in at $351 million. On a sequential basis, net revenues increased 0.6%. For the nine months period, net revenues were down 23.5% year over year to $9.95 billion, decreasing across all reportable segments and particularly in microcontrollers, which is impacted by the continuing weakness in the industrial market.

第三季淨收入年減 26.6%，主要是由於工業和汽車業下降所致。從我們的年比業績來看，毛利率從 47.6% 下降至 37.8%。營業利潤率從 28% 下降至 11.7%，淨利潤為 3.51 億美元。淨收入季增 0.6%。在這 9 個月期間，淨收入年減 23.5% 至 99.5 億美元，所有可報告細分市場均出現下降，特別是受到工業市場持續疲軟影響的微控制器領域。

We reported gross margin of 39.9% in operating margin of 13.1%, and net income of $1.22 billion. During the quarter, customer order bookings were slightly up versus Q2, but were below our expectation. This reflected a continuing delayed recovery in industrial and a further deterioration in automotive.

我們的毛利率為 39.9%，營業利益率為 13.1%，淨利為 12.2 億美元。本季度，客戶訂單預訂量較第二季度略有上升，但低於我們的預期。這反映出工業復甦持續延遲以及汽車產業進一步惡化。

As a result, we now anticipate Q4 2024 revenues at the low end of the range previously indicated and well below normal seasonality in Q1 2025. For Q4 2024, our fourth quarter business outlook is for net revenues of about $3.32 billion at the midpoint, declining year over year by 22.4% and increasing sequentially by 2.2%.

因此，我們現在預計2024 年第四季的營收將處於先前所示範圍的低端，並遠低於2025 年第一季的正常季節性。是淨收入中點約33.2 億美元，年減年減 22.4%，季增 2.2%。

Gross margin is expected to be about 38%. For the full year 2024, the midpoint of our Q4 guidance translates into full year 2024 revenues of about $13.27 billion, representing a 23.2% decrease year over year at the low end of the range indicated in the previous quarter with a gross margin slightly below that provided indication. For Q1 2025, based on our current customer order backlog and demand visibility, we anticipate a revenue decline between Q4 2024 and Q1 2025, well above normal seasonality.

預計毛利率約38%。對於 2024 年全年，我們第四季度指引的中點意味著 2024 年全年收入約為 132.7 億美元，同比下降 23.2%，處於上一季所示範圍的低端，毛利率略低於該水平提供了指示。對於 2025 年第一季度，根據我們目前的客戶訂單積壓和需求可見性，我們預計 2024 年第四季至 2025 年第一季之間的收入下降，遠高於正常季節性。

I would like to highlight that today, we have also announced the launch of a new company-wide program to reshape our manufacturing footprint, accelerating our wafer fab capacity transition to 300 millimeter silicon and 200 millimeter silicon carbide and resizing our global cost base. Now I will move to a detailed review of the third quarter.

我想強調的是，今天我們還宣布啟動一項新的全公司計劃，以重塑我們的製造足跡，加速我們的晶圓廠產能向300 毫米矽和200 毫米碳化矽的過渡，並調整我們的全球成本基礎。現在我將詳細回顧第三季。

By segment, on a year-over-year basis, analog products, MEMS, and sensors was down 13.3%, mainly due to the decrease in imaging and in analog. Power and discrete products decreased 18.4% with the decline in both power and discrete products. Microcontrollers revenue declined 43.4%, mainly due to general purpose microcontrollers.

以細分市場來看，類比產品、MEMS和感測器年減13.3%，主要是因為影像和類比業務的下降。功率和分立產品下降18.4%，功率和分立產品雙雙下滑。微控制器收入下降 43.4%，主要是由於通用微控制器。

Both power and discrete and general purpose microcontroller revenue declines were largely driven by industrial. Digital ICs and radio frequency products declined 29.7%, mainly due to ADAS and infotainment. By end market, Industrial declined by more than 50%, automotive by about 18%, personal electronic by about 9% and communication equipment and computer peripherals by about 5%. Year-over-year sales to OEM decreased 17.5% led by 45.4% to distribution.

功率、分立和通用微控制器收入下降主要是由工業驅動的。數位IC和射頻產品下降29.7%，主要是由於ADAS和資訊娛樂。從終端市場來看，產業下降超過50%，汽車下降約18%，個人電子下降約9%，通訊設備和電腦週邊設備下降約5%。 OEM 銷售額較去年同期下降 17.5%，其中分銷銷售額下降 45.4%。

Overall, Q3 net revenues increased 0.6% sequentially with an increase of 1.7% in analog products, MEMS, and sensors, 7.9% in power and discrete products; and 3.6% in microcontrollers, while digital ICs and radio frequency products decreased 17.4%.

整體而言，第三季淨收入季增 0.6%，其中類比產品、MEMS 和感測器成長 1.7%，功率和分立產品成長 7.9%；微控制器下降 3.6%，數位 IC 和射頻產品下降 17.4%。

By end markets, industrial was down about 12% sequentially, automotive flat, personal electronics up about 20%, and communication equipment and computer peripheral down about 8%. Gross profit was $1.23 billion decreasing 41.8% year over year. Gross margin decreased to 37.8% compared to 47.6% in the same quarter last year. The decrease was mainly due to product mix and to a lesser extent, to sales price and higher unused capacity charges.

從終端市場來看，工業環比下降約12%，汽車持平，個人電子產品成長約20%，通訊設備和電腦週邊設備下降約8%。毛利為12.3億美元，年減41.8%。毛利率由去年同期的47.6%下降至37.8%。下降主要是由於產品組合，其次是由於銷售價格和較高的未使用產能費用。

Operating margin was 11.7% compared to 28% in the year-ago period. On a year-over-year basis, Q3 net income decreased around 68% to $351 million compared to $1.09 billion in the year ago quarter. Earnings per diluted share decreased to $0.37 compared to $1.16. Net cash from operating activities decreased to $723 million in Q3 versus $1.88 billion in the year ago quarter.

營業利益率為 11.7%，去年同期為 28%。與去年同期相比，第三季淨利下降約 68% 至 3.51 億美元，去年同期為 10.9 億美元。稀釋後每股收益從 1.16 美元下降至 0.37 美元。第三季經營活動產生的淨現金減少至 7.23 億美元，去年同期為 18.8 億美元。

Net CapEx in the third quarter was $565 million, compared to $1.15 billion in the year ago quarter. Free cash flow was $136 million compared to $707 million in the year ago quarter. Inventory at the end of the third quarter was $2.88 billion compared to the $2.87 billion in the year ago quarter.

第三季淨資本支出為 5.65 億美元，去年同期為 11.5 億美元。自由現金流為 1.36 億美元，去年同期為 7.07 億美元。第三季末的庫存為 28.8 億美元，而去年同期為 28.7 億美元。

Days sales of inventories at quarter end were 130 days, similar to the previous quarter and up compared to the 114 days in the year ago quarter. During the third quarter, ST paid $80 million of cash dividends to stockholders and were executed a $92 million share buyback under our current share repurchase program.

季末庫存銷售天數為 130 天，與上一季持平，高於去年同期的 114 天。第三季度，ST向股東支付了8000萬美元的現金股息，並根據我們目前的股票回購計畫執行了9,200萬美元的股票回購。

ST's net financial position of $3.18 billion as of September 28, 2024, reflected total liquidity of $6.3 billion and a total financial debt of $3.12 billion. I will now go through a short update on some of our strategic focus areas.

截至2024年9月28日，ST的淨財務狀況為31.8億美元，反映出總流動性為63億美元，總金融債務為31.2億美元。我現在將簡要介紹我們的一些策略重點領域的最新情況。

In automotive, we saw a further deterioration in customer backlog and order entry during the third quarter. In our view, this reflects a change in the plans of our customers with some shift from full battery electric to hybrid and from premium to economy vehicles, as well as size production at carmakers to control inventories.

在汽車領域，我們看到第三季客戶積壓和訂單輸入進一步惡化。我們認為，這反映了客戶計畫的變化，從純電動轉向混合動力，從高端轉向經濟型汽車，以及汽車製造商為了控制庫存而進行規模生產。

However, we do not anticipate significant change the long-term electrical vehicle adoption by consumers, and we assume their car sales, residual value, charging stations price will gradually alleviate. During the quarter, we continued to execute our strategy on car electrification.

然而，我們預期消費者對電動車的長期採用不會有重大變化，我們假設其汽車銷售、殘值、充電站價格將逐漸緩解。本季度，我們繼續執行汽車電動化策略。

We introduced our fourth generation of silicon carbide MOSFET technology. This brings new benchmarks in power efficiency, power density on our business, and is particularly optimized for investors in electrical vehicles. We had multiple wins with both silicon carbide and silicon devices and modules for new traction inverter and onboard charger design.

我們推出了第四代碳化矽 MOSFET 技術。這為我們的業務帶來了功率效率、功率密度的新基準，並且特別針對電動車投資者進行了最佳化。我們在新型牽引逆變器和車載充電器設計的碳化矽和矽元件和模組方面取得了許多勝利。

We also won additional business with our automotive smart power technologies for electrical vehicle battery and power management systems as well as our smart fuse solutions. In car digitalization, we gained further traction with our portfolio of automotive microcontrollers.

我們也憑藉用於電動車電池和電源管理系統的汽車智慧電源技術以及智慧保險絲解決方案贏得了更多業務。在汽車數位化領域，我們的汽車微控制器產品組合獲得了進一步的關注。

Our standard microcontroller was selected by a major European carmaker in a new platform for inverter and onboard charger management. Another significant stellar win was with a Japanese Tier 1 as part of an electrification platform design that integrates multiple function in the single MCU. This approach is generally called and is an important trend for next generation of car architectures.

我們的標準微控制器被歐洲一家主要汽車製造商選擇用於逆變器和車載充電器管理的新平台。另一項重大勝利是日本 Tier 1 作為電氣化平台設計的一部分，該平台在單一 MCU 中整合了多種功能。這種方法通常被稱為下一代汽車架構的重要趨勢。

A further win saw Stellar chosen for active safety application in a new electrical vehicle platform from an energy player. We also continue to have important design wins in traditional applications like braking, where we are the leader in smart power.

另一項勝利是，一家能源公司選擇 Stellar 在新型電動車平台的主動安全應用中使用 Stellar。我們也持續在煞車等傳統應用中取得重要的設計成果，在智慧動力領域我們處於領先地位。

Heat sensors, we had a number of wins with our automotive grade motion from smart keys, telematics units, and for rotating car displays. Our design win activity here continues to position ST well to leverage the structural growth in this key market. In industrial, we are seeing continuing inventory correction at OEMs and along the value chain, preventing any significant recovery in semiconductor demand.

熱感應器，我們透過智慧鑰匙、遠端資訊處理單元和旋轉汽車顯示器的汽車級運動贏得了許多勝利。我們在這裡的設計獲勝活動繼續使意法半導體能夠很好地利用這個關鍵市場的結構性成長。在工業領域，我們看到原始設備製造商和價值鏈上的庫存持續調整，阻礙了半導體需求的顯著復甦。

In this context, we continue to work with customers to design in today's products, while investing in R&D to create the next generation of solutions. We had design wins across a broad range of applications for our power and analog portfolio.

在此背景下，我們繼續與客戶合作設計當今的產品，同時投資研發以創建下一代解決方案。我們的電源和模擬產品組合在廣泛的應用中贏得了設計勝利。

This included a design win with silicon and silicon carbide products for a leading provider of power supply units for AI several infrastructure. The first win application requiring very high power efficiency. In processing, our STM32 microcontrollers continue to be the most familiar MCUs for developers.

其中包括為人工智慧多個基礎設施的電源供應商贏得了矽和碳化矽產品的設計勝利。第一個獲勝的應用需要非常高的電源效率。在處理方面，我們的 STM32 微控制器仍然是開發人員最熟悉的 MCU。

We have a recognized software ecosystem with over 1.2 million unique users growing more than 30% year over year and one of the fastest-growing and most active microcontroller technical capabilities with over 500,000 unique visitors each month and 40% year-over-year growth.

我們擁有公認的軟體生態系統，擁有超過120 萬獨立用戶，年成長超過30%，並且是成長最快、最活躍的微控制器技術能力之一，每月擁有超過50 萬名獨立訪客，較去年同期成長40%。

This growth in STM32 adoption will position ST to capitalize effectively on the next industrial market of cycles. Additionally, we have over 50,000 active development projects on ST's artificial intelligence tools. This activity has been also boosted by our ST Edge AI history that were launched at the end of the last quarter. During Q3, we also announced a new strategic collaboration with Qualcomm Technologies for the next generation of industrial and consumer IoT solutions.

STM32 採用率的成長將使 ST 能夠有效地利用下一個週期工業市場。此外，我們還有超過 50,000 個關於 ST 人工智慧工具的活躍開發專案。我們在上季末推出的 ST Edge AI 歷史也推動了這項活動。第三季度，我們也宣布與 Qualcomm Technologies 就下一代工業和消費性物聯網解決方案開展新的策略合作。

Together, we will integrate Qualcomm's leading wireless connectivity technologies with our STM32 microcontroller ecosystem. We will start with the Wi-Fi, Bluetooth, thread combo system on chip. Thanks to this, developers will enjoy seamless connectivity software integration into STM32 microcontrollers. Moving now to the other two end markets.

我們將共同將高通領先的無線連接技術與我們的 STM32 微控制器生態系統整合。我們將從 Wi-Fi、藍牙、執行緒組合系統單晶片開始。因此，開發人員將享受 STM32 微控制器的無縫連接軟體整合。現在轉向其他兩個終端市場。

Personal electronics was slightly better than expected and communication equipment and computer peripherals was in line with expectations for all our engaged customer programs. To conclude on this Q3 update, I would like to mention a new step in our company organization. Since the beginning of 2024, ST has made a significant change in the way it is structured and operates, including the reorganization of its product group.

個人電子產品略好於預期，通訊設備和電腦週邊設備符合我們所有參與的客戶計畫的預期。作為第三季更新的總結，我想提一下我們公司組織中的新一步。自2024年初以來，ST對其結構和營運方式進行了重大改變，包括重組其產品組。

Since October 1, 2024, Lorenzo Grandi, President and CFO, has taken additional responsibilities with a perimeter of now also covering supply chain, corporate development, and integrated external communication in addition to finance, global procurement, digital transformation, and information technology, risk management, and resilience.

自2024 年10 月1 日起，總裁兼財務長Lorenzo Grandi 承擔了額外的職責，除了財務、全球採購、數位轉型和資訊科技、風險之外，現在的範圍還涵蓋供應鏈、企業發展和綜合外部溝通。

The company's executive committee remains unchanged and continues to report to me as President and CEO. Now let's move to our fourth quarter 2024 financial outlook and our plans for the full year 2024. For Q4, we expect net revenues of about $3.32 billion at the midpoint, representing a year-over year decline of 22.4% and a sequential growth of 2.2%. Q4 gross margin is expected to be about 38% at the midpoint impacted by about 400 basis points of unused capacity charges.

公司執行委員會保持不變，繼續向我作為總裁兼執行長報告。現在讓我們展望 2024 年第四季的財務展望以及 2024 年全年的計畫。受未使用產能費用約 400 個基點的影響，第四季毛利率預計約為 38% 的中位數。

For 2024, our Q4 guidance at the midpoint translates into 2024 net revenues of about $13.27 billion. This represents a decrease of about 23.2% year over year in the low end of the range indicated in the previous quarter.

對於 2024 年，我們第四季的中期指引意味著 2024 年淨收入約為 132.7 億美元。這意味著比上一季所示範圍的低端年減約 23.2%。

Within this guidance, we expect a gross margin of about 39.4% 290 basis points of unused capacity charges at the midpoint of our 2024 full year indications. This $13.27 billion is in the low end of the revenue range indicated in the previous quarter. The difference compared with the midpoint of the ranges relates mainly to lower revenues in automotive and to a lesser extent, lower revenues in industrial, partially offset by the slightly better revenues in personal electronics.

在此指引下，我們預期 2024 年全年指標中點的未使用產能費用為 290 個基點，毛利率約為 39.4%。這 132.7 億美元處於上一季所示收入範圍的低端。與範圍中點相比的差異主要與汽車領域收入的下降有關，在較小程度上與工業領域收入的下降有關，但部分被個人電子產品收入略有增加所抵消。

We confirmed our 2024 net CapEx plan of about $2.5 billion. For Q1 2025, at this time of the year, we usually do not comment two quarters ahead. But based on our core customer backlog and order entry dynamics, we anticipate a revenue decline between Q4 2024 and Q1 2025 well above the normal seasonality. Fair to say this also includes a significant lower number of calendar days in Q1 2025 versus Q4 2024 a 6% sequential decrease, which is the highest sequential decrease in the number of days in the last three years.

我們確認 2024 年淨資本支出計畫約為 25 億美元。對於 2025 年第一季度，在每年的這個時候，我們通常不會對未來兩個季度發表評論。但根據我們的核心客戶積壓和訂單輸入動態，我們預計 2024 年第四季至 2025 年第一季的營收下降幅度將遠高於正常季節性。公平地說，這也包括與 2024 年第四季相比，2025 年第一季的日曆天數顯著減少，環比減少了 6%，這是過去三年來天數環比減少最多的一次。

Finally, today, we have announced the launch of a new company-wide program to reshape our manufacturing footprint. We are accelerating our wafer-fab 300 millimeter transition in particular, in Agrate and Crolles. In particular, in Agrate reaching a scale of about 4,000 wafer per week exiting 2026. In silicon carbide we will accelerate our transition to 200 millimeters.

最後，今天，我們宣布啟動一項新的全公司計劃，以重塑我們的製造足跡。我們正在加速晶圓廠 300 毫米的轉型，特別是在 Agrate 和 Crolles。特別是，到 2026 年，Agrate 的規模將達到每週約 4,000 片晶圓。

Moreover, we will resize our global cost base. This program should result in strengthening our capability to grow our value, but with an improved operating efficiencies, resulting in cost saving in the high triple-digit million dollar range exiting 2027.

此外，我們將調整我們的全球成本基礎。該計劃應該會增強我們增加價值的能力，同時提高營運效率，從而在 2027 年實現高達三位數百萬美元的成本節約。

To conclude, as I said last quarter, the current market cycle coupled with the ongoing transformation of the automotive and industrial end markets are bringing both opportunities and challenges in the short, medium, and long term.

總而言之，正如我上季度所說，當前的市場週期加上汽車和工業終端市場的持續轉型，在短期、中期和長期內帶來了機會和挑戰。

And this is true for ST and for our customers equally. In the short to medium term, we are adapting our operating plans to this situation, and we are launching our company-wide reshaping and resizing program, while continuing to invest in innovation and in our strategic manufacturing initiatives.

對於 ST 和我們的客戶都是如此。在中短期內，我們正在調整我們的營運計劃以適應這種情況，我們正在啟動全公司範圍的重塑和規模調整計劃，同時繼續投資於創新和策略製造計劃。

Medium to long term, we continue to be convinced that this will provide the basis for our sustainable growth ambitions and for delivering value to our stakeholders. We look forward to updating you on our strategy at our Capital Markets Day on November 20, either in person in Paris or via our live webcast. Thank you for your attention, and we are now ready to answer your questions.

從中長期來看，我們仍然相信，這將為我們的永續成長目標和為利害關係人創造價值奠定基礎。我們期待在 11 月 20 日資本市場日現場或透過我們的網路直播向您介紹我們的最新策略。感謝您的關注，我們現在準備好回答您的問題。

(Operator Instructions) Francois Bouvignies, UBS.

（操作員說明）Francois Bouvignies，UBS。

Jean-Marc, I wanted to come back to Q1 comments. Obviously, you mentioned less calendar days, but the sharp decline in Q1, could you highlight maybe some drivers? And importantly, it is the first quarter of the calendar year which is the pricing we set and you know that we have a lot of fear in the market right now, especially given the oversupply and the demand environment that pricing could fall significantly into next year.

Jean-Marc，我想回到第一季的評論。顯然，您提到日曆天數減少，但第一季急劇下降，您能否強調一些驅動因素？重要的是，這是我們設定的日曆年第一季度，你知道我們現在市場上有很多恐懼，特別是考慮到供應過剩和需求環境，明年定價可能會大幅下跌。

How should we think about that as negotiations started and you guided a weaker Q1, what is the pricing impact here? And how should we think about the next year's pricing environment?

隨著談判開始並且您指導第一季疲軟，我們應該如何看待這一點，這對定價有何影響？我們該如何思考明年的定價環境？

On the pricing, I will let Lorenzo comment, but here is not a warning about pricing, absolutely not. It's more warning about the customer backlog and the order dynamic. And the fact that, okay, you know that in Q1, we have it is the usual seasonality of personal electronics.

關於定價，我會讓洛倫佐評論，但這裡不是關於定價的警告，絕對不是。更多的是關於客戶積壓和訂單動態的警告。事實上，好吧，你知道，在第一季度，我們的情況是個人電子產品通常的季節性。

And including on personal electronics, potentially this year could be worse. Well, unfortunately, it will be significantly this year amplified by the fact that the quarter will be shorter, 88 days compare 94 days in Q4. So this impact also significantly the run rate of the revenue.

包括個人電子產品在內，今年的情況可能會更糟。不幸的是，今年這一季度的時間將縮短，為 88 天，而第四季度為 94 天，這一事實將顯著放大這一情況。因此，這也顯著影響了收入的運作率。

Well, so usually, we have, let's say, a low and double-digit sequential growth. This year will be amplified by the 6%, is more related to the customer or the dynamics and backlog, maybe worse specifically on personal electronics rather than something trigger by the price. So Lorenzo, you want to comment?

嗯，通常情況下，我們會出現低兩位數的連續成長。今年將擴大 6％，更多地與客戶或動態和積壓有關，特別是在個人電子產品方面可能更糟，而不是由價格觸發的因素。洛倫佐，你想發表評論嗎？

Yes. You know that when we look at the price dynamic today in this quarter, substantially the pricing is similar to what was expected, I would say, low single-digit decline. Next year, as was Jean-Marc remarking, we don't see a dramatic price environment. Yes, it's a little bit, let's say, there is a little bit more pressure than this year. We still are talking about mid-single-digit decline overall.

是的。您知道，當我們查看本季今天的價格動態時，定價基本上與預期相似，我想說的是，低個位數下降。正如讓-馬克所說，明年我們不會看到劇烈的價格環境。是的，有一點，比如說，比今年壓力大一點。我們仍在談論整體中個位數的下降。

So of course, we are in the negotiation phase now. But as I said, overall, for the company, on average, we see something that is more in the mid-single digit that is a little bit higher than this year, but not dramatically changing.

當然，我們現在正處於談判階段。但正如我所說，總體而言，對於公司而言，平均而言，我們看到的情況更多是在中個位數，比今年略高，但沒有顯著變化。

Yeah, the follow-up would be on the microcontroller side. I mean, obviously, it has been a big decline through the year. I mean Q4 might be also declining a lot. I was wondering where are your inventories in the channel? I mean where are you in this inventory correction versus your normal level, where you think you should be? And do you see any light in the tunnel here with regard to microcontrollers Industrial particularly?

是的，後續工作將在微控制器方面進行。我的意思是，顯然，這一年以來出現了大幅下降。我的意思是第四季可能也會下降很多。我想知道你們通路的庫存在哪裡？我的意思是，與正常水平相比，您在這次庫存調整中處於什麼位置，您認為自己應該處於什麼位置？您是否看到了有關工業微控制器的任何曙光？

For general purpose, okay, it is clear that it is a very significant decrease this year, above minus 50% and '24 versus '23. We have to say that about more than half of this decrease for microcontroller is really connected to an inventory correction.

就一般用途而言，好吧，很明顯，今年的下降非常顯著，超過負 50%，「24 年」與「23 年」相比下降了 50% 以上。我們不得不說，微控制器的下降大約有一半以上實際上與庫存調整有關。

But the point is that this inventory correction is lasting more than expected because the end demand of our customer, okay, moving along the year was also decreasing. So we also have said that 30%, 35% of the decrease of microcontroller is ultimately linked to the end demand weakening of our customers.

但關鍵是，這種庫存調整的持續時間比預期的要長，因為我們客戶的最終需求，好吧，今年的變化也在減少。所以我們也說過，單晶片的30%、35%的下降最終與我們客戶的終端需求減弱有關。

It is true that we have lost some market share in China, linked to the fact that during the shortage of semiconductor, okay, we squeezed some Chinese company, okay, to support, let's say, automotive and other big OEM and industrial.

確實，我們在中國失去了一些市場份額，這與半導體短缺期間的事實有關，好吧，我們擠壓了一些中國公司，好吧，來支持汽車和其他大型原始設備製造商和工業企業。

So we squeezed distribution in China in 2021 and 2022 and now we have lost this market share. About the inventory correction in the channel, it is not decreasing at the expected speed. And why? Because decreasing our POP, we didn't see, unfortunately -- globally, I've spoken, there is a value dynamic by region, the POS is not, let's say, behaving sufficiently to decrease inventory faster.

所以我們在2021年和2022年擠壓了在中國的分銷，現在我們已經失去了這個市場份額。關於通路中的庫存修正，它並沒有以預期的速度減少。為什麼？因為減少我們的 POP，不幸的是，我們沒有看到——在全球範圍內，我說過，按地區存在價值動態，比如說，POS 的表現不足以更快地減少庫存。

So we expect that in Q1, the inventory correction will continue and especially in Asia, amplified by the Chinese New Year vacation impact, should continue to decrease a bit in Q2 and discussing with our distributor, we should expect a normalization in H2 2025. So this is where we are today.

因此，我們預計第一季庫存調整將繼續，尤其是在亞洲，受農曆新年假期影響的放大，第二季度庫存應該會繼續減少一點，並與我們的經銷商討論，我們應該預計2025 年下半年會正常化。

Sandeep Deshpande, JPMorgan.

桑迪普·德什潘德，摩根大通。

I have a question on the automotive market. In the first half of the year, you saw a slowdown from your big EV customer as well as you saw a slowdown due to Mobileye. And now you're saying in the fourth quarter, you're seeing further slowdown. Can you quantify where this slowdown is occurring? Is it in legacy parts? Is it in silicon carbide? So where is this slowdown occurring in the automotive market?

我有一個關於汽車市場的問題。今年上半年，您看到了電動車大客戶的放緩以及 Mobileye 帶來的放緩。現在你說在第四季度，你會看到進一步放緩。您能量化這種放緩發生在哪裡嗎？是在遺留部分嗎？是碳化矽嗎？那麼汽車市場的放緩到底發生在哪裡呢？

And associated with the slowdown, are you seeing the Tier 1 suppliers reducing their inventories now, given that they have been holding such high levels of inventory in the automotive supply chain? Are we now seeing that correction in the automotive supply chain in terms of inventory? And is that what are the reasons why -- of course, there's a consumer angle as well, but -- or the personal electronic angle, but is that continuing into the first quarter of the year? And I have 1 quick follow-up.

與經濟放緩相關的是，鑑於一級供應商在汽車供應鏈中一直持有如此高的庫存，您是否看到他們現在正在減少庫存？我們現在是否看到汽車供應鏈在庫存方面出現調整？這就是為什麼——當然，也有消費者角度，但是——或者個人電子角度，但這種情況會持續到今年第一季嗎？我有 1 個快速跟進。

So thank you. If you don't mind, I will share the answer with Marco Cassis.

所以謝謝你。如果你不介意的話，我將與 Marco Cassis 分享答案。

Yes, Sandeep, good morning. So yes, what you say is correct. Let's give me some color. So first of all, the reduction in automotive is related with an overall reduction in terms of light vehicles, '24 will be lower than '23. And going specifically on battery-operated cars, we see a reduction in the battery-operated cars, giving space, let's say, to an increase in the hybrids and the plug-in hybrids.

是的，桑迪普，早安。所以是的，你說的是正確的。讓我們給我一些顏色。所以首先，汽車的減少與輕型車的整體減少有關，'24年將低於'23年。特別是在電池驅動汽車方面，我們看到電池驅動汽車的減少，為混合動力汽車和插電式混合動力汽車的增加提供了空間。

We are able to quantify this decrease in terms of battery-operated car in the range of 15%, not equally distributed much less in China and more in the Europe and in US. So clearly, this has an impact considering that battery-operated cars has a higher content in terms of silicon and has, of course, an impact also on the silicon carbide.

我們能夠量化電池驅動汽車的下降幅度在 15% 範圍內，分佈不均，中國的下降幅度要小得多，而歐洲和美國的下降幅度要大得多。顯然，考慮到電池驅動汽車的矽含量較高，這會產生影響，當然也會對碳化矽產生影響。

We believe and this is what analysts are saying is that '25 will be still not growing the overall number of light vehicles. So it's a situation that will proceed during '25, at least for the first half. And clearly, this has created, of course, probably some excess of inventory at carmakers and along the supply chain, which has an impact and as we have seen in our overall numbers.

我們相信，這就是分析師所說的，到 25 年輕型汽車的總數仍不會成長。因此，這種情況將在 25 年持續下去，至少在上半年是如此。顯然，這當然可能造成汽車製造商和供應鏈上的庫存過剩，正如我們在整體數據中看到的那樣，這會產生影響。

Now I say that if you extend a little bit the time horizon, we do believe that electrification is going to come because it's linked to two factors that will be in place and it's going to come at a slower pace than what we were expecting. '25 first half would be not easy, but as you said, yes, it's a combination of the factor that we are highlighting. I hope that this answers the question.

現在我說，如果你稍微延長一點時間範圍，我們確實相信電氣化將會到來，因為它與兩個因素有關，並且它的到來速度將比我們預期的要慢。 '25 上半場並不容易，但正如你所說，是的，這是我們強調的因素的結合。我希望這能回答這個問題。

And then, I mean, you mentioned earlier on the pricing environment at the moment, can you just comment on what you're seeing in terms of in the automotive space, in particular, what you're hearing in the current negotiations that are happening for pricing into next year, given how difficult the environment is for your customers and given also that they are holding quite high levels of inventory?

然後，我的意思是，您之前提到了目前的定價環境，您能否評論一下您在汽車領域所看到的情況，特別是您在當前正在進行的談判中聽到的情況考慮到您的客戶面臨的環境有多困難，而且他們持有相當高的庫存水平，那麼明年的定價又如何呢？

Lorenzo, you'll take that one.

洛倫佐，你就拿那個吧。

Negotiations are ongoing. For sure, let's say, this year, the price pressure in automotive was there, but quite mild. I would say that at the end, let's say, was in the low single digit. It's true that starting negotiations, we see some more price pressure in automotive than in the one that we see in 2024.

談判正在進行中。可以肯定的是，今年汽車產業的價格壓力是存在的，但相當溫和。我想說的是，最後，比方說，是低個位數。確實，從談判開始，我們看到汽車產業的價格壓力比 2024 年的壓力更大。

Of course, as you can image, is different in respect to the various customers. But I would say that assuming that at the end, the negotiations that are ongoing will end like the one that we are close already. We may say that in automotive now the price pressure will be mid-single digit, let's say, something in that range. Then we may have some more and less, but at the end, this is what we see today.

當然，正如您可以想像的那樣，對於不同的客戶來說是不同的。但我想說的是，假設正在進行的談判最終會像我們已經接近的談判那樣結束。我們可以說，現在汽車產業的價格壓力將是中個位數，比方說，在這個範圍內。然後我們可能會多一些，也可能少一些，但最終，這就是我們今天看到的。

Maybe if I can complement. It is clear that also it has been assessed in the perspective of a regional view. It is clear that today that's what happening in China, especially of the fact that the Chinese carmaker are really have excess of capacity. The price pressure in China, specifically around the ecosystem of passenger vehicle or light vehicle, is definitively high. So this is a different behavior compare the Western world or the region.

也許我可以補充一下。顯然，它也是從區域角度進行評估的。顯然，這就是今天中國正在發生的情況，尤其是中國汽車製造商確實產能過剩。中國的價格壓力，特別是乘用車或輕型汽車生態系統的價格壓力無疑很高。因此，與西方世界或該地區相比，這是一種不同的行為。

Maybe if I can add just the last comment here, Sandeep. What we see, let's say, yes, this pricing environment and then you have also to consider in term of capacity reservation fees, let's say, in 2025 there will a further reduction because, clearly, let's say, is acknowledged by the market that now capacity is available. This will be an element that will be there definitely in 2025.

也許我可以在這裡添加最後一條評論，桑迪普。我們看到的是，是的，這種定價環境，然後你還必須考慮容量預留費用，比如說，2025 年將會進一步減少，因為，顯然，可以說，市場已經承認現在容量可用。這將是 2025 年肯定會出現的元素。

Lee Simpson, MS.

李·辛普森，MS。

Great. Just wanted to ask around the R&D number, I think $492 million, looks that gap down maybe about 10% relative to some of the expectations out there. So just trying to get a sense for, is this a sustainable level? Do we think this is the right level going into next year? And whether or not related to this, there was any change perhaps in the spend structure around silicon carbide as a strategy?

偉大的。只是想問研發數字，我認為是 4.92 億美元，看起來相對於一些預期，差距可能下降了 10% 左右。所以只是想了解一下，這是一個可持續的水平嗎？我們認為這是進入明年的正確水平嗎？無論是否與此相關，圍繞碳化矽作為策略的支出結構可能有任何變化嗎？

No, I would say that when we look at the expenses in the quarter, in Q3, you have to keep in mind that there are a few elements. First of all, the expenses came lower than expected for few reasons. Well, one reason is we know, let's say, is impact of the vacation in Europe, this was expected, were a little bit higher than what we were modeling entering the quarter, but this is not the main reason.

不，我想說，當我們查看第三季的支出時，您必須記住有幾個因素。首先，由於幾個原因，費用低於預期。好吧，一個原因是我們知道，比如說，歐洲假期的影響，這是預期的，比我們進入本季度的模型要高一點，但這不是主要原因。

There are one, let's say, an item -- one-time item in the cost of labor that was decreasing our expenses, and this was not expected in respect to entering the quarter. But then there is also, let's say, some more control during the quarter on our discretionary expenses. So that's the combination of these elements combined together were running our expenses lower. It is not something structural.

比如說，勞動成本中的一項一次性項目正在減少我們的開支，而這在進入本季時是沒有預料到的。但是，比如說，本季我們對可自由支配開支也進行了更多控制。因此，這些要素的結合在一起降低了我們的開支。這不是結構性的東西。

We have not, let's say, especially when we look at our R&D change, our effort in terms of R&D. So we continue to invest. We continue to invest in the silicon carbide and we continue to invest, let's say, in the development of our products. It's true that, let's say, the new organization is bringing some efficiency in our, let's say, ability to follow our programs and somehow be more efficient in the way that we drive our expenses.

可以說，我們沒有，特別是當我們看到我們的研發變化，我們在研發方面的努力時。所以我們繼續投資。我們繼續投資碳化矽，我們繼續投資，比如說，我們產品的開發。確實，新組織正在提高我們執行計劃的能力，並以某種方式提高我們支出的效率。

This is also driven by the fact that we have reorganized our groups in a way that, let's say, today, we are avoiding overlaps between the activity in the group. And this is a portion also that is impacting our ability to have a better control of our expenses.

這也是因為我們重組了我們的小組，也就是說，今天我們避免了小組活動之間的重疊。這也是影響我們更好地控制開支的能力的一部分。

Great. Very clear. Really, if I could just turn to, I think, somewhere in the commentary you mentioned wins in AI servers, so I was just trying to understand which part of the server power semis architecture are you addressing? There's three major parts with power supply units, voltage handling across the rack, and of course, the delivery to accelerators or GPUs themselves. Is there a specific area where you're winning? And could you tell us anything about the architecture of the power semis that you're using?

偉大的。非常清楚。真的，如果我能轉向，我想，在你提到的人工智慧伺服器獲勝的評論中的某個地方，所以我只是想了解你正在解決伺服器功率半導體架構的哪一部分？它由三個主要部分組成，包括電源裝置、整個機架的電壓處理，當然還有向加速器或 GPU 本身的傳輸。您是否在某個特定領域獲勝？您能否告訴我們有關您正在使用的功率半導體的架構的任何資訊？

Thank you. Obviously, I will pass the question to Marco Cassis. He's now in charge of this fantastic product line.

謝謝。顯然，我會將這個問題轉交給馬可·卡西斯。他現在負責這條出色的產品線。

Yeah. So now we are going to address all the three main blocks. So I'm speaking about the power supply units, I'm speaking about down to the 48-volt or whatever and down to drive the GPUs, which means we will address silicon carbide, high voltage MOSFET, again to come, and phase change mortgage regulators and SPS.

是的。現在我們將解決所有三個主要問題。所以我說的是電源單元，我說的是降到 48 伏特或其他電壓，然後降到驅動 GPU，這意味著我們將解決碳化矽、高壓 MOSFET 和相變問題抵押貸款監管機構和 SPS。

So the SPS is the low-voltage which is the part in which we are now really focusing. It will take a little bit of time clearly to come with strong offer, but our offer is going to go through all the chains because we do believe we will have the portfolio, and we have the portfolio and we have the capabilities to serve all the contents inside the AI servers.

所以SPS就是低壓，這是我們現在真正關注的部分。顯然，要提供強有力的報價需要一點時間，但我們的報價將貫穿所有鏈條，因為我們相信我們將擁有投資組合，我們擁有投資組合，我們有能力為所有客戶提供服務AI伺服器內的內容。

Surely, considering the maturity of the products, the first big target is going to be on the power supply units and down the voltage and the scale through the AI service architecture.

當然，考慮到產品的成熟度，第一個大目標是電源單元，透過AI服務架構來降低電壓和規模。

Didier Scemama, Bank of America.

迪迪埃·斯塞馬瑪，美國銀行。

Congrats, Jérôme, for your appointment. There's a couple of questions. First on the commentary, should we assume that your gross margins are going to take another leg down, a, because obviously, your volumes are going to be lower and you're going to lower your factory utilization to lower your inventories on the balance sheet are lingering at a high level? That's my first question, and I've got a follow-up.

恭喜傑瑞姆獲得任命。有幾個問題。首先，我們是否應該假設您的毛利率將進一步下降，因為顯然，您的產量將會下降，並且您將降低工廠利用率，以降低資產負債表上的庫存是否徘徊在高位？這是我的第一個問題，我還有一個後續問題。

You see that in this quarter, our, let's say, the impact of the unloading charges is very material because it's impacting our gross margin by 400 basis points. We start already, let's say, to take some measure in front of a weaker Q1, as we said before, let's say, this will be well below our normal seasonality.

你看，在本季度，我們的卸貨費用的影響非常重大，因為它對我們的毛利率造成了 400 個基點的影響。比如說，我們已經開始在第一季疲軟之前採取一些措施，正如我們之前所說，這將遠低於我們的正常季節性。

There is the impact of the calendar, but there is also the impact of the visibility of the backlog, but for sure, Q1, yes, we do expect it's early at this stage to give a precise guidance, but definitely it will be a difficult quarter in terms of gross margin also because we will continue to have a significant impact for. We wanted to keep under control our inventory. And this is something that, for sure, let's say, will have an impact in Q1.

有日曆的影響，但也有積壓可見性的影響，但可以肯定的是，第一季度，是的，我們確實希望在現階段給出精確的指導還為時過早，但這肯定會是一個困難的過程。我們希望控制我們的庫存。可以說，這肯定會對第一季產生影響。

It is clear that our manufacturing activity in Q1 will not follow the usual activity profile. But in Q4, okay, we have to follow a strict process of discussion with representatives or personnel and people, okay, to plan this as Q1. But again, we will come back later on.

顯然，我們第一季的製造活動將不會遵循通常的活動概況。但在第四季度，好吧，我們必須遵循與代表或人員和人員進行嚴格討論的流程，好吧，將其計劃為第一季度。但同樣，我們稍後會回來。

Makes sense. And on the restructuring program, thank you for highlighting the fab sort of resizing and perhaps OpEx cutting. I think one of the questions we got this morning was, is the high triple-digit millions of dollars a net number or is it a gross number?

有道理。關於重組計劃，感謝您強調了晶圓廠的規模調整以及營運支出削減。我認為我們今天早上收到的問題之一是，三位數的數百萬美元是淨值還是總值？

This is the expected savings that we will have, let's say, there was a combination of COGS and expenses. Of course, this is not including the possible, let's say, cost related to severance or, let's say, something cost like that.

這是我們預計將節省的費用，假設是銷貨成本和費用的組合。當然，這不包括可能的，比如說，與遣散費相關的費用，或者，比如說，類似的費用。

Yeah, so it's a gross number. I mean -- okay. And maybe just a quick one. Last time, Jean-Marc asked you if you were still looking at M&A, you said that you're actively looking. So can you just give us an update on that?

是的，所以這是一個總數。我的意思是——好吧。也許只是一個快速的。上次Jean-Marc問您是否還在考慮併購，您說正在積極尋找。能為我們介紹一下最新情況嗎？

No, we continue to operate within our organic growth strategy with bolt-on acquisition, okay? We have activity in our radar which are pretty active today. So we'll come back to you as soon as conclude on it.

不，我們繼續在我們的有機成長策略範圍內透過補強收購來運營，好嗎？我們的雷達中有活動，今天非常活躍。因此，一旦得出結論，我們就會立即回覆您。

Gianmarco Bonacina, Banca Akros.

吉安馬科‧博納西納 (Gianmarco Bonacina)、阿克羅斯銀行 (Banca Akros)。

A couple of questions from me. The first one is, if you can specify what is the onetime charge related to your cost-saving plan? The second one is more strategic midterm. What -- given that we are seeing, especially in Europe, some change in the platform and factory closures. So makes you confident that in the mid to long term, we will see still a significant ramp-up in the penetration of EVs?

我有幾個問題。第一個是，您是否可以具體說明與您的成本節約計畫相關的一次性費用是多少？第二個是更具策略性的中期。鑑於我們看到，特別是在歐洲，平台發生了一些變化，工廠也關閉了。那麼，您是否有信心從中長期來看，我們仍將看到電動車的滲透率大幅上升？

You refer the one-time that I was referring for Q3 or something different, sorry, I'm not sure --

你提到了我提到的第三季度或不同的東西，抱歉，我不確定--

No. Assuming you will have, let's say, $800 million of cost saving in 2027, assuming that this will be partially related to, let's say, a lower headcount, how much will be the onetime cost associated with the cost saving plan?

不會。

I would say that at this stage, it's a little bit early to enter in those kind of details, let's say, of course, it is kind of things I think will be better clarified moving ahead on our Capital Markets Day and entering, let's say, more in detail on this plan. If you don't mind at this stage, I would prefer that, okay?

我想說，在現階段，輸入這些細節還為時過早，當然，我認為在我們的資本市場日繼續推進並進入，我認為這些事情會得到更好的澄清，比如說，更詳細地介紹該計劃。如果你現在不介意的話，我比較喜歡這樣，好嗎？

Okay.

好的。

Well, for the second question, if I want to simplify, well, it is clear that for any semiconductor company to continuously improve its competitiveness and especially facing ultra-competitive marketplace that we are facing now due among many reasons some capacity that has been triggered by government incentive here and there everywhere. And unfortunately, as well with some, let's say, trade constraints.

那麼，對於第二個問題，如果我想簡化的話，那麼很明顯，對於任何半導體公司來說，要不斷提高其競爭力，特別是面對我們現在面臨的競爭異常激烈的市場，由於多種原因，已經觸發了一些產能各地政府的激勵措施。不幸的是，還有一些貿易限制。

The other way is to increase the wafer size and to shrink the product. But then, okay, you know that when the industry is facing and our customers are facing this kind of down cycle, each time, okay, the exit period is asking for new product and new technology. So that's the reason why for ST, there is no other option to accelerate our 300 millimeter.

另一種方法是增加晶圓尺寸並縮小產品尺寸。但是，好吧，你知道，當行業和我們的客戶面臨這種下行週期時，每次，好吧，退出期都要求新產品和新技術。所以這就是為什麼對於ST來說，沒有其他選擇可以加速我們的300毫米。

And the reason why I have mentioned, okay, specifically, and we have to accelerate to reach as fast as we can the right scale in order to have benefits of the cost of goods sold about this 300 millimeter. Well, I would like to recall that basically, the benefits we can expect are moving to 300 millimeter with at least a 20% productivity increase.

我之所以提到，好吧，具體來說，我們必須加快速度，盡快達到正確的規模，以便從 300 毫米左右的銷售商品成本中獲益。好吧，我想回顧一下，基本上，我們可以預期的好處是，在提升至 300 毫米的同時，生產力至少提高 20%。

But directionally, this is ST what I see as engaged. Of course, we will update you timely [finally with this road map] because we have defined the critical milestone. And of course, we will give more color at our Capital Markets Day next November 20.

但從方向來看，這就是我所認為的 ST 的參與。當然，我們會及時向您更新[最後透過此路線圖]，因為我們已經定義了關鍵的里程碑。當然，我們將在明年 11 月 20 日的資本市場日上提供更多色彩。

Stephane Houri, ODDO BHF.

史蒂芬‧胡里 (Stephane Houri)，ODDO BHF。

You have described the change in dynamic of the EV market. Can you please update us on your vision and your targets for silicon carbide for this year and the following years?

您描述了電動車市場動態的變化。您能否向我們介紹一下您今年和未來幾年對碳化矽的願景和目標？

Okay. Thank you for the question. Clearly, considering, let's say, the change that we have seen in terms of dynamics when specifically the fact that fully battery-operated electric vehicles has decreased compared to what was the expectation in 2023.

好的。謝謝你的提問。顯然，考慮到我們在動態方面看到的變化，特別是與 2023 年的預期相比，全電池驅動的電動車數量有所減少。

And this reduction is going through linearly in the next year. This has an impact for us in 2024 that as you remember, we're expecting to be in the range of $1.3 billion. Now we expect to land the year at [$1.15 billion], $1.2 billion, so reflecting this change in terms of mix, in terms of electrification. Now we do believe that the trends going forward.

這種減少將在明年線性進行。這對我們 2024 年的影響預計將達到 13 億美元。現在我們預計今年的營收將達到[11.5 億美元]，即 12 億美元，從而反映了混合方面和電氣化方面的這種變化。現在我們確實相信未來的趨勢。

So if you expand the horizon up to 230, we believe that the trend for indication of mobility remains. And as I was saying before, if we go outside, we see also opportunity in servers or industrial for what is related to silicon carbide. So we still believe that our ambition to reach -- to go over the $5 billion by 2030 is there because -- and this is linked to market share that we do expect to be in the range between 30% to 33%.

因此，如果將範圍擴大到 230，我們相信移動性指示的趨勢仍然存在。正如我之前所說，如果我們走出去，我們也會看到伺服器或工業領域與碳化矽相關的機會。因此，我們仍然相信我們的雄心壯志——到 2030 年超過 50 億美元——這與我們預計在 30% 到 33% 之間的市場份額有關。

So yes, there is a slowdown, but the long-term ambition towards 2030 is remaining at the level that we were expecting. I hope that this answers you.

因此，確實存在放緩，但 2030 年的長期目標仍保持在我們預期的水平。我希望這能回答你。

Yes. Well, in fact, you also talked about 2025, I think you were targeting $2 billion, but I think you decreased this target to $1.8 billion, so that was also the question, what do you see for next year?

是的。嗯，事實上，你也談到了2025年，我認為你的目標是20億美元，但我認為你把這個目標降低到18億美元，所以這也是一個問題，你對明年有何看法？

We no longer expect to grow the $500 million. But due to the short-term uncertainty, we will provide better visibility at a later stage. Now it's too early to further comment.

我們不再期望增加這 5 億美元。但由於短期的不確定性，我們將在後期提供更好的可見性。現在進一步發表評論還為時過早。

Okay. And if I may, I have a follow-up. It's a specific question on the evolution of the tax environment, notably in France, where you've got significant operations. Have you thought already about the potential impact on your -- on the evolution of your tax rate of the new tax, let's say, increase in France coming?

好的。如果可以的話，我有一個後續行動。這是一個關於稅收環境演變的具體問題，特別是在法國，那裡有大量的業務。您是否已經考慮過新稅收對您的稅率演變的潛在影響，例如法國即將增加的稅收？

Well, as you know, in this kind of things, it's always a little bit difficult because there are many ingredients, let's say, that are combining together. Of course, it depends also how the distribution of the profit of the company is among the various, let's say, country's jurisdiction.

嗯，如你所知，在這種事情上，總是有點困難，因為有很多成分，比如說，組合在一起。當然，這也取決於公司的利潤在不同國家（例如國家）的管轄範圍內如何分配。

Definitely, yes, you see that today, our tax rate will be in the range of 17%. We think that more or less the impact that we may have if the law is enacted as has been announced, we need also to look in details how this will happen, but we may have an impact that will be below 1 percentage point on our tax rate.

當然，是的，你看，今天我們的稅率將在 17% 的範圍內。我們認為，如果法律像已經宣布的那樣頒布，我們可能會或多或少地產生影響，我們還需要詳細研究這將如何發生，但我們對我們的稅收的影響可能會低於 1 個百分點速度。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

I wanted to ask about the accelerated move to 300-millimeter move in the cost cutting. How should we think about the implications to CapEx from this change? Are you guys shutting down more quickly 200 millimeter facilities and in the short to medium term, does this bring your CapEx up or should it lower it?

我想問一下在成本削減方面加速向300毫米移動的問題。我們該如何考慮這項變化對資本支出的影響？你們會更快關閉 200 毫米設施，從短期到中期來看，這會增加還是會降低你們的資本支出？

We will reduce our CapEx, let's say, next year and in -- on the next three-year planning horizon. But it is, of course, something that we will disclose during our Capital Market Day based on the market evolution and our capability, let's say, to grow over the market perspective. But yes, of course, we will decrease our capacity.

比如說，我們將在明年和下一個三年規劃範圍內減少資本支出。當然，我們將根據市場的演變和我們的能力（比方說，從市場角度來看成長的能力）在資本市場日期間揭露這一點。但是，我們當然會減少產能。

If I may add to Marc, let's say, you have to think to consider that the big infrastructure to go to 300 millimeter are already there. The effort has been done. Let's say, we have already, let's say, put in place the infrastructure. So means that, yes, of course, we will have some CapEx, but we did lower in respect to what has been in the past.

如果我可以補充一下 Marc，那麼你必須考慮到 300 毫米的大型基礎設施已經存在。我們已經做出了努力。比方說，我們已經建立了基礎設施。這意味著，是的，我們當然會有一些資本支出，但我們的資本支出比過去低。

And the second, as we have accurate of this story, I would like to highlight that the concept of our wafer fab of silicon carbide 200 millimeter in is copy paste of the concept of means, okay, we can increase by getaway. So we don't need to build a big infrastructure to grow. We are building by module. So this is really a smart way to adapt ourselves to the market condition and investing in due time at the right time but never in excess.

第二，正如我們對這個故事的了解一樣，我想強調的是，我們的 200 毫米碳化矽晶圓廠的概念是複製貼上的概念，好吧，我們可以透過逃跑來增加。因此，我們不需要建立大型基礎設施來實現成長。我們正在按模組建置。因此，這確實是一種明智的方法，可以讓我們適應市場狀況，在正確的時間進行適當的投資，但絕不過度。

I think this is ending our call for this quarter. So thank you very much, all of you for being there. And we remain here to disposal should you need any follow-up questions. Sorry for the ones didn't have time to ask questions here. Thank you very much.

我認為我們本季的電話會議到此結束。非常感謝大家的光臨。如果您需要任何後續問題，我們將隨時為您解答。很抱歉沒有時間在這裡提問。非常感謝。

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

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