意法半導體 (STM) 2024 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics full year 2024 earnings release conference call and live webcast.

女士們，先生們，歡迎參加意法半導體 2024 年全年收益發布電話會議和現場網路直播。

I'm Sandra, the Chorus Call operator.

我是桑德拉 (Sandra)，Chorus Call 的接線生。

I would like to remind you that all participants are in listen-only mode and the conference is being recorded.

我想提醒您，所有參與者都處於只聽模式，會議正在錄音。

The presentation will be followed by a Q&A session.

演講之後將進行問答環節。

(Operator Instructions) The conference must not be recorded for publication or broadcast.

（操作員指示）會議不得錄製以供出版或廣播。

At this time, it's my pleasure to hand over to Jerome Ramel, EVP, Corporate Development and Integrated External Communications.

現在，我很高興將權力移交給企業發展和綜合外部溝通部門的執行副總裁 Jerome Ramel。

Please go ahead, sir.

先生，請繼續。

Thank you.

謝謝。

Thank you, everyone, for joining our fourth quarter and full year 2024 financial results call.

感謝大家參加我們的 2024 年第四季和全年財務業績電話會議。

Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer.

今天電話會議的主持人是 ST 總裁兼執行長 Jean-Marc Chery。

Joining Jean-Marc on the call today are Lorenzo Grandi, President and CFO; and Marco Cassis, President, Analog, Power & Discrete, MEMS & Sensors Group and Head of ST Micro Electronics Strategy System Research and Application and Innovation Office.

今天與 Jean-Marc 一起參加電話會議的還有總裁兼財務長 Lorenzo Grandi；以及意法半導體模擬、功率與分立元件、MEMS與感測器事業部總裁兼意法半導體策略系統研究與應用創新辦公室負責人Marco Cassis。

This live webcast and presentation materials can be accessed on ST Investor Relations website.

此現場網路直播和簡報資料可在 ST 投資者關係網站上查閱。

A replay will be available shortly after the conclusion of this call.

本次通話結束後不久將提供重播。

This call will include forward-looking statements that involve risk factors that could cause ST results to differ materially from management expectations and plans.

本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 結果與管理層預期和計劃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 ST's recent regulatory filings for a full description of these risk factors.(Operator Instructions).

我們鼓勵您查看今天早上隨結果發布的新聞稿中包含的安全港聲明，以及 ST 最近的監管文件中包含的有關這些風險因素的完整描述。

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

現在我想將電話轉給 ST 總裁兼執行長 Jean-Marc Chery。

So thank you, Jerome.

所以謝謝你，傑羅姆。

Good morning, everyone, and thank you for joining ST for our Q4 and full year 2024 earnings conference call.

大家早安，感謝您參加 ST 的 2024 年第四季和全年財報電話會議。

So today, I will start with an overview of the fourth quarter and the full year 2024, including business dynamics, and I will hand over to Lorenzo for the detailed financial overview.

所以今天，我將首先概述第四季度和 2024 年全年的情況，包括業務動態，然後我將把詳細的財務概述交給 Lorenzo。

I will then comment on the outlook and conclude before answering your questions.

然後我將對前景進行評論並得出結論，然後再回答您的問題。

So starting with Q4.

因此從 Q4 開始。

In a persisting challenging environment, we achieved a Q4 2024 financial results, pretty much in line with the midpoint of our guidance.

在持續充滿挑戰的環境中，我們實現了 2024 年第四季的財務業績，與我們的預期中位數基本一致。

Our Q4 net revenues decreased 22.4% year over year and increased 2.2% sequentially to $3.32 billion.

我們的第四季淨收入年減 22.4%，季增 2.2% 至 33.2 億美元。

Our gross margin was 37.7%.

我們的毛利率為37.7%。

Our operating margin was 11.1% and net income was $341 million.

我們的營業利益率為11.1%，淨收入為3.41億美元。

Our Q4 net revenues were in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics, offset by lower revenues in Industrial, while Automotive and Communication Equipment and Computer Peripherals, performed as expected.

我們的第四季淨收入與我們的業務展望範圍的中點一致，這得益於個人電子產品收入的增加，但工業產品收入的下降，而汽車和通訊設備以及電腦外圍設備的表現符合預期。

Q4 gross margin was broadly in line with the midpoint of our business outlook range.

第四季的毛利率與我們的業務展望範圍的中點大致一致。

Looking at the full year 2024.

展望2024年全年。

Net revenues decreased 23.2% to $13.27 billion, mainly driven by a strong decrease in Industrial and to a lesser extent in Automotive.

淨收入下降 23.2% 至 132.7 億美元，主要由於工業業務的大幅下滑以及汽車業務的較小幅度下滑。

Gross margin was 39.3%, down from 47.9% in full year 2023.

毛利率為 39.3%，低於 2023 年全年的 47.9%。

Operating margin was 12.6% compared to 27% in full year 2023 and net income decreased 63% to $1.56 billion.

營業利益率為 12.6%，而 2023 年全年為 27%，淨收入下降 63% 至 15.6 億美元。

We invested $2.53 billion in net CapEx while generating free cash flow of $288 million.

我們投資了 25.3 億美元的淨資本支出，同時產生了 2.88 億美元的自由現金流。

Let's now discuss our business dynamics during Q4 and a recap of our 2024 business highlights.

現在讓我們討論一下第四季度的業務動態並回顧一下 2024 年的業務亮點。

In Automotive, during the fourth quarter, we continued to face a slowdown, particularly in Europe, and our book-to-bill ratio remained below 1.

在汽車領域，在第四季度，我們繼續面臨成長放緩的趨勢，尤其是在歐洲，我們的訂單出貨比仍然低於 1。

Throughout 2024, we continued to execute our strategy, supporting the transition of the automotive industry to car electrification and digitalization.

在整個 2024 年，我們將繼續執行我們的策略，支持汽車產業向汽車電氣化和數位化的轉型。

In electrification, we won business with our power discretes and modules, both silicon and silicon carbide, as well as smart power technologies and smart fuse solutions.

在電氣化領域，我們憑藉功率分立元件和模組（包括矽和碳化矽）以及智慧電源技術和智慧保險絲解決方案贏得了業務。

With Silicon Carbide products, our revenue for the year was $1.1 billion.

憑藉碳化矽產品，我們今年的營收達到了 11 億美元。

During the year, we had multiple high-value wins with both silicon carbide devices and modules for automotive customers, including a cooperation with Ampere, as well as broadly in industrial applications.

今年，我們在碳化矽元件和模組方面為汽車客戶贏得了多個高價值訂單，包括與 Ampere 的合作，以及廣泛的工業應用。

In China which is the fastest-growing market for electrical vehicles, we have a very strong momentum in terms of design in activities.

中國是電動車成長最快的市場，我們在活動設計方面有著非常強勁的發展動能。

And as of today, we have more silicon carbide engagements with top Chinese carmakers than any other suppliers.

截至今天，我們與中國頂尖汽車製造商的碳化矽合作比其他任何供應商都多。

To this respect, in June, we announced -- we signed a long-term silicon carbide supply agreement with Geely Auto.

為此，我們在6月宣布與吉利汽車簽署了長期碳化矽供應協議。

We also introduced our fourth generation of silicon carbide MOSFET technology, bringing new benchmarks in power efficiency, power density, and robustness.

我們也推出了第四代碳化矽 MOSFET 技術，為功率效率、功率密度和穩健性樹立了新的標竿。

Our automotive microcontrollers portfolio supports both electrification and digitalization.

我們的汽車微控制器產品組合支援電氣化和數位化。

And during the year, we saw continued design win momentum across applications such as software-defined vehicle architectures and car electrification systems.

在這一年中，我們看到軟體定義的車輛架構和汽車電氣化系統等應用領域的設計持續獲勝勢頭。

Important trends here are the integration of multiple ECUs into a single more powerful unit and the zonal architecture approach.

這裡的重要趨勢是將多個 ECU 集成為一個更強大的單元和區域架構方法。

During Q4, we announced a strengthened offering for our advanced ARM-based Stellar microcontrollers as well as a brand-new series in the STM32 family designed for actuation of car body, convenience & on-board charging applications.

在第四季度，我們宣布推出增強型基於 ARM 的先進 Stellar 微控制器產品，以及專為車身驅動、便利性和車載充電應用而設計的 STM32 系列全新系列。

In ADAS, we worked closely with our long-time customer and partner Mobileye with a focus on their latest market introductory introduction, the EyeQ6 family.

在 ADAS 領域，我們與長期客戶和合作夥伴 Mobileye 密切合作，專注於他們最新的市場產品 EyeQ6 系列。

The family includes the EyeQ6 L, designed for performance, power, and cost efficiency for level 1 and 2 driver assistance, as well as EyeQ6 H, which delivers premium ADAS and full surround view functionality.

該系列包括 EyeQ6 L，專為 1 級和 2 級駕駛輔助的性能、功率和成本效率而設計，以及 EyeQ6 H，可提供高級 ADAS 和全環視功能。

In Industrial, during Q4, we continued to face a delayed recovery and inventory correction, particularly in Europe, and our book-to-bill ratio remained below 1.

在工業領域，在第四季度，我們繼續面臨復甦延遲和庫存調整，尤其是在歐洲，我們的訂單出貨比仍然低於 1。

Looking at our 2024 highlights.

回顧我們 2024 年的亮點。

In power and energy management applications, we had a broad range of design wins, including in data centers, EV charging stations, renewable energy systems, white goods, and factory automation.

在電力和能源管理應用領域，我們獲得了廣泛的設計勝利，包括資料中心、電動車充電站、再生能源系統、白色家電和工廠自動化。

We introduced a wide range of new products, solutions, and reference designs, also including high-performance telecom applications and AI server power supply.

我們推出了一系列新產品、解決方案和參考設計，還包括高效能電信應用和AI伺服器電源。

Another important growth opportunity around AI for ST, on top of our focus on Edge AI.

除了專注於邊緣人工智慧 (Edge AI) 之外，ST 的另一個重要的成長機會是圍繞著人工智慧。

In the embedded processing solutions.

在嵌入式處理解決方案中。

We further strengthened STM32 microcontroller and microprocessor families and ecosystem, introducing many new products and tools.

我們進一步加強了 STM32 微控制器和微處理器系列和生態系統，推出了許多新產品和工具。

A particular focus was on Edge AI enablement for our customers.

我們特別關注的是為客戶提供 Edge AI 支援。

In June, the ST Edge AI Suite came online, bringing together tools, software, and knowledge to simplify and accelerate Edge-AI application development.

6 月，ST Edge AI Suite 上線，匯集工具、軟體和知識，以簡化和加速 Edge-AI 應用程式開發。

In December, we made our most powerful MCU series, the STM32N6, available for broad market adoption.

12 月，我們推出了功能最強大的 MCU 系列 STM32N6，供廣泛市場採用。

The series is the first to feature our propriety Neural-ART Accelerator NPU, making it possible to run computer vision, audio processing, sound analysis and more consumer and industrial applications at the edge on a microcontroller.

該系列首次採用我們專有的 Neural-ART 加速器 NPU，從而能夠在微控制器上運行電腦視覺、音訊處理、聲音分析以及更多消費和工業應用。

We also introduced an innovative smart sensor with edge-AI processing for motion tracking in industrial and robotics applications.

我們還推出了一種具有邊緣 AI 處理的創新智慧感測器，可用於工業和機器人應用中的運動追蹤。

The combination of software and tools ecosystem continues to lower the barrier to entry for developers to take advantage of AI-accelerated performance for real-time operating system.

軟體和工俱生態系統的結合不斷降低開發人員利用即時作業系統AI加速效能的進入門檻。

In October we announced a new strategic collaboration with Qualcomm Technologies for the new generation of industrial and consumer IoT solutions.

十月份，我們宣布與 Qualcomm Technologies 建立新的策略合作夥伴關係，共同打造新一代工業和消費性物聯網解決方案。

Together, we are integrating Qualcomm’s leading wireless connectivity technologies with our STM32 microcontroller ecosystem.

我們將高通領先的無線連接技術與我們的 STM32 微控制器生態系統結合。

We also introduced the industry’s first embedded SIM meeting the GSMA standard for eSIM IoT deployment to support the proliferation of secure cloud-connected autonomous things.

我們也推出了業界首款符合 GSMA eSIM IoT 部署標準的嵌入式 SIM 卡，以支援安全雲端連接自主事物的普及。

In Personal Electronics, Q4 was slightly better than expected, while in communication equipment and computer peripheral was in line with our expectations.

個人電子領域第四季表現略好於預期，通訊設備和電腦週邊設備則符合我們的預期。

In Personal Electronics, during 2024, we continue to be successful with our focused approach through solid execution of engaged customer programs, securing sockets in flagship devices with differentiated products, and leveraging our broad portfolio to address high-volume applications.

在個人電子領域，2024 年，我們將繼續以專注的方式取得成功，透過紮實執行參與的客戶計劃，以差異化產品確保旗艦設備中的插座，並利用我們廣泛的產品組合來滿足大批量應用。

In Communications Equipment, our RF communication business delivered solid results.

在通訊設備方面，我們的射頻通訊業務取得了穩健的表現。

We continued to progress well with engaged customer programs in satellite and cellular communication infrastructure and receive awards from a new player in the low earth orbit satellite market.

我們在衛星和蜂窩通訊基礎設施領域的客戶參與計畫繼續取得良好進展，並獲得低地球軌道衛星市場新參與者的獎勵。

Let me now share a summary of our main 2024 manufacturing initiative.

現在，讓我分享一下我們 2024 年主要製造計劃的摘要。

In May, we announced the construction of a new high-volume 200-millimeter silicon carbide manufacturing facility in Catania, Italy, to manufacture power devices and modules, including testing and packaging.

今年5月，我們宣佈在義大利卡塔尼亞建造一個新的大批量200毫米碳化矽製造工廠，用於生產功率裝置和模組，包括測試和封裝。

Along with the silicon carbide substrate manufacturing facility on the same site, these facilities will form ST's Silicon Carbide Campus, a fully vertically integrated manufacturing hub for silicon carbide devices.

這些設施與位於同一地點的碳化矽基板製造設施一起，將組成意法半導體的碳化矽園區，這是一個完全垂直整合的碳化矽元件製造中心。

In sustainability.

在可持續性方面。

All our strategic manufacturing initiatives are aligned with our sustainability strategy and our commitment to sustainable manufacturing in terms of energy consumption, greenhouse gas emissions, air and water quality.

我們的所有策略製造措施均與我們的永續發展策略以及我們在能源消耗、溫室氣體排放、空氣和水質方面的永續製造承諾相一致。

We are on track to be carbon-neutral by 2027 in all direct and indirect emissions from Scope 1 and 2 and focusing on product transportation, business travel and employee commuting emissions for Scope 3.

我們的目標是到 2027 年實現範圍 1 和範圍 2 的所有直接和間接排放均達到碳中和，並重點關注範圍 3 的產品運輸、商務旅行和員工通勤排放。

And we are on track for our 100% renewable energy goal by 2027 as well as for other key sustainability commitments.

我們正在實現 2027 年 100% 再生能源的目標以及其他關鍵的永續發展承諾。

Power purchase agreements will play a major role in our transition.

電力購買協議將在我們的轉型中發揮重要作用。

Following the first ERG announcement in Q4 2023, we added two more in 2024: one in Italy, with Centrica and one in Malaysia with Engie.

繼 2023 年第四季首次發布 ERG 公告後，我們在 2024 年又增加了兩個 ERG：一個在義大利與 Centrica 合作，另一個在馬來西亞與 Engie 合作。

You will also have noticed, we just announced another one in France with total for 15 years.

您還會注意到，我們剛剛宣佈在法國再簽訂為期 15 年的協議。

We also continue to work closely with external bodies to maintain our strong presence in the major sustainability indices.

我們也繼續與外部機構密切合作，以保持我們在主要永續發展指數中的強勢地位。

Let me close this section with a recap of our 2024 corporate development activities.

讓我以回顧我們 2024 年的企業發展活動來結束本節。

ST has made a number of significant change in the way our company is structured and operates during 2024.

ST 在​​ 2024 年對公司結構和營運方式做出了許多重大改變。

In January, we announced the reorganization of our Product Groups into two groups, split in four Reportable Segments, as well as the creation of a new application marketing organization, by end market, implemented across all regions with the existing and marketing organization.

今年 1 月，我們宣布將產品集團重組為兩個集團，分為四個報告分部，同時根據終端市場創建一個新的應用行銷組織，與現有的行銷組織一起在所有地區實施。

In May, I was pleased to be reappointed as member and Chairman of the Managing Board for a three-year term to expire at the end of 2027 Annual General Meeting of shareholders.

今年五月，我很高興再次被任命為管理委員會成員兼主席，任期三年，至 2027 年年度股東大會結束時到期。

And Lorenzo was appointed as member of the Managing Board for the same three-year term.

而洛倫佐 (Lorenzo) 則被任命為管理委員會成員，任期同樣為三年。

In October, Lorenzo, President and CFO, added responsibilities to cover Supply Chain, Corporate Development and Integrated External Communication in addition to Finance, Global Procurement, Digital Transformation and Information Technology, Enterprise Risk Management and Resilience.

10 月份，總裁兼財務長 Lorenzo 的職責範圍擴大到供應鏈、企業發展和全面外部溝通，此外還涵蓋財務、全球採購、數位轉型和資訊科技、企業風險管理和彈性。

In October, we also announced the launch of a new company-wide program to reshape our manufacturing footprint accelerating our wafer fab capacity to 300-millimeter silicon Agrate and Crolles and 200-millimeter Silicon Carbide in Catania and resizing our global cost base.

10 月份，我們還宣布啟動一項新的全公司計劃，重塑我們的製造足跡，將我們的晶圓廠產能加速至Agrate 和Crolles 的300 毫米矽片以及卡塔尼亞的200 毫米碳化矽，並調整我們的全球成本基礎。

This program should result in strengthening our capability to grow our revenues with an improved operating efficiency, resulting in annual cost savings in the high triple-digit million dollar range exiting 2027.

該計劃將增強我們增加收入的能力，提高營運效率，到 2027 年，每年可節省數億美元成本。

Specifically, in terms of operating expenses, SG&A and R&D.

具體來說，在營業費用方面，SG&A 和研發費用。

The program is now going to start and we expect annual cost savings totaling $300 million to $360 million, exiting 2027, compared to the cost base of 2024.

該計畫現在即將啟動，我們預計，與 2024 年的成本基數相比，到 2027 年，每年的成本節省總額將達到 3 億至 3.6 億美元。

Now over to Lorenzo, who will present our key financial figures.

現在請 Lorenzo 為我們介紹關鍵財務數據。

Thank you, Jean-Marc.

謝謝你，Jean-Marc。

Good morning, everyone.

大家早安。

Let's start with a detailed review of the fourth quarter, starting with revenues on a year-over-year basis by reportable segment.

讓我們先詳細回顧一下第四季度，首先按報告部分查看同比收入。

Analog products, MEMS and Sensor was down 15.5%, mainly due to decreases in Analog and Imaging.

模擬產品、MEMS 和感測器下降了 15.5%，主要由於模擬和成像的下降。

Power and Discrete products decreased 22.1% with a decline in both Power and Discrete.

功率和分立元件產品下降 22.1%，功率和分立元件數量均下降。

Microcontrollers revenue declined 30.2% mainly due to General Purpose Microcontroller.

微控制器收入下降30.2％，主要由於通用微控制器。

Digital ICs and RF products declined 22.8%, mainly due to ADAS and infotainment.

數位積體電路和射頻產品下降 22.8%，主要由於 ADAS 和資訊娛樂。

By end-market, Industrial declined by about 41%, Automotive by about 20%.

按終端市場劃分，工業下降約 41%，汽車下降約 20%。

Personal Electronics by about 17%, and Communication Equipment and Computer Peripheral increased by about 2%.

個人電子產品成長約17%，通訊設備和電腦週邊設備成長約2%。

Year-over-year sales increased 19% to 8% to OEMs and 28.7% to Distribution.

與去年同期相比，銷售額成長了 19%，其中 OEM 銷售額成長了 8%，分銷銷售額成長了 28.7%。

On a sequential basis, revenue increased 1.1% in Analog, MEMS And sensors, 7.0% in Microcontroller, and 13% in Digital ICs and RF while decreased 6.8% in Power and Discrete.

按季度計算，類比、MEMS 和感測器的收入成長了 1.1%，微控制器的收入成長了 7.0%，數位 IC 和 RF 的收入成長了 13%，而電源和分立元件的收入下降了 6.8%。

By end-market, Industrial grew by about 12%.

以終端市場來看，工業成長約12%。

Communication Equipment, Computer Peripheral by about 13% and Automotive by about 1%, while Personal Electronic decreased by about 8%.

通訊設備、電腦週邊設備下降約 13%，汽車下降約 1%，個人電子產品下降約 8%。

Turning now to profitability.

現在來談談獲利能力。

Gross profit in the fourth quarter was $1.25 billion, decreasing 35.7% on a year-over-year basis.

第四季毛利為12.5億美元，年減35.7%。

Gross margin was 37.7%, decreasing 780 basis points year over year mainly due to unfavorable product mix and to a lesser extent, to sales price and higher unused capacity charges.

毛利率為37.7%，較上年同期下降780個基點，主要由於產品結構不利，其次也是因為銷售價格和未使用容量費用上升。

Total net operating expenses amounted to $884 million in the fourth quarter.

第四季總淨營運費用為8.84億美元。

This was better than anticipated, reflecting higher level of R&D grants, a stronger dollar, as well as the continued strict monitoring of our expenses in the current market environment.

這比預期要好，反映了研發補助水準的提高、美元的走強，以及在當前市場環境下對我們費用的持續嚴格監控。

Talking about the net OpEx, let me give you an indication for the first quarter of 2025.

談到淨營運支出，讓我給你提供 2025 年第一季的預測。

In the first quarter of 2025, we expect them to stand at about $850 million.

到 2025 年第一季度，我們預計該數字將達到約 8.5 億美元。

As a reminder, these amounts are net of the other income and expenses.

提醒一下，這些金額是扣除其他收入和支出後的金額。

Coming back to the fourth quarter.

回到第四季。

As a result of fourth quarter operating income decreased 64% to $369 million. Q4

因此第四季營業收入下降64%至3.69億美元。 Q4

operating margin was 11.1%, down from the 23.9% in the year-ago period, with Analog MEMS and Sensor at 14.7%, Power & Discrete at 11.9%, Microcontroller at 14.3%, and Digital ICs and RF at 31%.

營業利潤率為 11.1%，低於去年同期的 23.9%，其中類比 MEMS 和感測器為 14.7%，電源和分立元件為 11.9%，微控制器為 14.3%，數位 IC 和 RF 為 31%。

Q4 '24 net income was $341 million compared to $1.08 billion in the year-ago quarter.

24年第四季淨收入為3.41億美元，去年同期為10.8億美元。

Earnings per diluted share were $0.37 compared to $1.14 one year ago.

每股攤薄收益為 0.37 美元，去年同期為 1.14 美元。

As a reminder, the fourth quarter 2023 net income included a onetime noncash income tax benefit of $191 million.

提醒一下，2023 年第四季的淨收入包括 1.91 億美元的一次性非現金所得稅收益。

Looking now at our full year 2024 financial performance.

現在回顧我們 2024 年全年的財務表現。

Net revenue decreased 23.2% to $13.27 billion.

淨收入下降23.2%至132.7億美元。

By end-market, on a year-over-year basis, Industrial revenues decreased 49%.

按終端市場劃分，工業收入與去年同期相比下降了 49%。

Automotive was down 14%.

汽車股下跌14%。

Personal Electronic declined 11% and Communication Equipment and Computer Peripheral were down 2%.

個人電子產品下跌 11%，通訊設備及電腦週邊設備下跌 2%。

Automotive represented about 46% of our total '24 revenues.

汽車業務約占我們24年總收入的46%。

Personal Electronics, about 21%, Industrial, 20%; and Communication Equipment, Computer Peripheral about 13%.

個人電子，約 21%，工業，20%；及通訊設備、電腦週邊設備約佔13%。

By customer channel, sales to OEMs and distribution represented 73% and 27%, respectively, of the total revenues in 2024.

按客戶通路劃分，2024 年 OEM 和經銷商的銷售額分別佔總收入的 73% 和 27%。

The lower share of distribution compared to 2023 reflected the inventory correction in the industrial end-market, which is mainly addressed through distributors.

與 2023 年相比，分銷份額的下降反映了工業終端市場的庫存調整，主要透過分銷商來解決。

By region of customer origin. 40% of our 2024 revenues were from the Americas, 30% from Asia Pacific, and 30% from EMEA.

按客戶來源地區劃分。我們 2024 年的收入中有 40% 來自美洲，30% 來自亞太地區，30% 來自 EMEA 地區。

Looking at the sales performance by reportable segment.

查看按報告分部劃分的銷售業績。

Analog MEMS and Sensor was down 13%, with all subgroups declining.

模擬 MEMS 和感測器下降了 13%，所有子類別均出現下降。

Power and Discrete decreased 18.8% with a decline in both Power and Discrete.

電力和分立元件下降了 18.8%，電力和分立裝置均下降。

Microcontroller revenues declined 38.8%, mainly due to General Purpose Microcontrol.

微控制器收入下降38.8％，主要由於通用微控制。

Digital ICs and RF products declined 16.5%, mainly due to ADAS and infotainment.

數位積體電路和射頻產品下降 16.5%，主要由於 ADAS 和資訊娛樂。

In 2024, gross margin decreased to 39.3% compared to 47.9% for 2023, mainly due to product mix and to a lesser extent, to sales price and higher unused capacity charges.

2024 年，毛利率從 2023 年的 47.9% 下降至 39.3%，主要是由於產品結構所致，其次是銷售價格和未使用容量費用增加所致。

In 2024, operating margin decreased to 12.6% compared to 26.7% in 2023.

2024 年，營業利潤率將從 2023 年的 26.7% 下降至 12.6%。

By reportable segment.

按報告分部劃分。

Analog Products, MEMS and Sensor operating margin decreased to 14.3% from 21.7%.

類比產品、MEMS 和感測器的營業利潤率從 21.7% 下降至 14.3%。

Power & Discrete operating margin decreased to 14.7% from 26.1%.

電源與分立元件營業利潤率從 26.1% 下降至 14.7%。

Microcontroller operating margin decreased to 14.4% from 35.6% and Digital ICs and RF operating margin decreased to 29.7% from the 35.6% of the previous year.

微控制器營業利益率從去年的35.6%下降到14.4%，數位IC和RF營業利潤率從去年的35.6%下降到29.7%。

Net income was $1.56 billion and earnings per share was $1.66. Net cash from operating activities decreased 50.5% in 2024, totalling $2.97 billion.

淨收入為 15.6 億美元，每股收益為 1.66 美元。 2024 年營業活動淨現金減少 50.5%，總計 29.7 億美元。

Net CapEx stood at $2.53 billion in 2024 in line with our expectations compared to $4.11 billion in 2023.

2024 年淨資本支出為 25.3 億美元，符合我們的預期，而 2023 年為 41.1 億美元。

Free cash flow was $288 million in 2024 compared to $1.77 billion previous year.

2024 年自由現金流為 2.88 億美元，而前一年為 17.7 億美元。

Inventory at the end of the year 2024 was $2.79 billion compared to $2.7 billion in 2023.

2024 年底的庫存為 27.9 億美元，而 2023 年為 27 億美元。

Day sales of inventory at year-end was 122 days, substantially in line with our expectations, compared to 130 days at the end of Q3 '24, and 104 days at the end of the previous year.

年末庫存銷售天數為 122 天，基本上符合我們的預期，而 24 年第三季末為 130 天，去年年底為 104 天。

Cash dividends paid to stockholders in 2024 totaled $288 million.

2024 年向股東支付的現金股利總額為 2.88 億美元。

In addition, during 2024, ST executed share buyback totaling $359 million. ST

此外，2024年，ST 執行了總額為 3.59 億美元的股票回購。英石

net financial position of $3.23 billion at December 31, 2024, reflected total liquidity of $6.18 billion and total financial net debt of $2.95 billion.

截至 2024 年 12 月 31 日的淨財務狀況為 32.3 億美元，反映總流動性為 61.8 億美元，總財務淨債務為 29.5 億美元。

Now back to Jean-Marc who will comment on our outlook.

現在請 Jean-Marc 對我們的展望進行評論。

So thank you, Lorenzo.

所以謝謝你，洛倫佐。

Now let's move to our business outlook for Q1 2025.

現在讓我們來看看 2025 年第一季的業務展望。

Our business environment remains challenging as we continue to face a delayed recovery and inventory correction in industrial and a slowdown in automotive, both particularly in Europe.

我們的經營環境仍然充滿挑戰，因為我們繼續面臨工業復甦延遲和庫存調整以及汽車行業放緩的問題，尤其是在歐洲。

As a result, we ended up 2024 with a book-to-bill still below parity.

結果，到 2024 年，我們的訂單出貨比仍然低於平價。

As we indicated during our Q3 2024 results, we were expecting our Q1 2025 revenues, quarterly decline compared to Q4 2024 to be well above our normal seasonality, partly due a lower number of calendar days as Q1 2025, we have six less days than Q4 2024.

正如我們在2024 年第三季業績中所指出的那樣，我們預計2025 年第一季的營收與2024 年第四季相比，季降幅度將遠高於我們的正常季節性，部分原因是2025年第一季的日曆天數較少，比第四季少了六天2024年。

We are confirming this trend.

我們正在確認這一趨勢。

We are expecting Q1 2025 revenues at $2.51 billion, plus/minus 350 basis points.

我們預計 2025 年第一季的營收為 25.1 億美元，上下浮動 350 個基點。

At the midpoint, our Q1 2025 net revenues will decrease by 27.6% year over year and 24.4% sequentially.

從中位數來看，我們的 2025 年第一季淨收入將年減 27.6%，季減 24.4%。

We expect our gross margin to be about 33.8%, plus/minus 200 basis points.

我們預計毛利率約 33.8%，上下浮動 200 個基點。

In terms of CapEx, in 2025, we plan to invest about $2 billion to $2.3 billion in net CapEx.

在資本支出方面，2025年，我們計劃投資約20億至23億美元的淨資本支出。

So to conclude. 2024 turned out to be one of the worst years in many decades for the industries we sell, particularly in Industrial and in Automotive.

總結一下。對於我們銷售的行業來說，2024 年是幾十年來最糟糕的一年，尤其是工業和汽車行業。

It was characterized by unexpectedly weaker head demand and higher level of inventories, which significantly impacted ST.

其特徵是頭部需求意外走弱，庫存水準較高，對 ST 產生了重大影響。

Coping with this reality, we had to postpone our $20 billion-plus revenue ambition plan to 2030 during our Capital Market Day last November.

為了應對這一現實，我們不得不在去年 11 月的資本市場日期間將 200 多億美元的收入目標計劃推遲到 2030 年。

And we set a new intermediate financial model for '27, '28.

我們為27、28年制定了新的中期財務模型。

We are already engaged and determined to execute our manufacturing reshaping and cost-saving program to restore profitability compatible with our model and investing in innovation to capture the revenues growth from the secular trends we are addressing.

我們已經參與並決心執行我們的製造業重塑和成本節約計劃，以恢復與我們的模式相容的盈利能力，並投資於創新以從我們正在應對的長期趨勢中獲取收入增長。

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

謝謝，現在我們準備好回答您的問題。

(Operator Instructions) Francois Bouvignies, UBS.

(操作員指令) Francois Bouvignies，瑞銀。

Thanks a lot.

多謝。

So my question would be, I mean, given the outlook that you see in Q1 and the book-to-bill, that doesn't bring a lot of confidence at this stage, especially in terms of visibility, what should we think about the rest of the year?

所以我的問題是，考慮到你在第一季看到的前景和訂單出貨比，這在現階段並沒有帶來太多信心，特別是在可見性方面，我們應該如何看待今年剩下的時間？

I mean, Jean-Marc, you said at the Capital Markets Day, you were comfortable about the consensus numbers, which has minus 3% at the time following these results.

我的意思是，讓-馬克，您在資本市場日上說過，您對一致數據感到滿意，但在這些結果公佈後，一致數據當時為負 3%。

How should we think about the rest of the year and given the book-to-bill?

考慮到訂單出貨比，我們應該如何看待今年剩餘的時間？

How should see the trend?

應該怎樣看趨勢？

Thank you very much.

非常感謝。

Following the business dynamic Q4 and specifically on Automotive, but we believe it's really too early to communicate our new plan for the full year 2025.

專注於第四季度的業務動態，特別是汽車領域的業務動態，但我們認為現在公佈 2025 年全年新計劃還為時過早。

Considering again, the visibility we have in Industrial, but both in Automotive.

再次考慮我們在工業領域的知名度，以及在汽車領域的知名度。

Well, beyond Q1, the visibility remains extremely low, but except for the main engaged customer program in which we should grow beyond seasonality in H2 versus H1, but driven by content increase.

嗯，除了第一季之外，可見度仍然非常低，但除了主要參與的客戶計劃之外，我們應該在下半年超越季節性而不是上半年，而是由內容增加推動。

For normal seasonality between Q2 and Q1 is generally speaking, flattish revenues.

對於第二季和第一季之間的正常季節性來說，一般來說，收入持平。

And at this stage, we do not see any specific reason why it should be much different than the positive calendar effect means plus 3% Q2 versus Q1.

而在現階段，我們還沒有看到任何具體原因導致它與正日曆效應意味著第二季度相對於第一季成長 3% 有很大差異。

However, we think it's fair to expect Q1 at the low point of 2025.

不過，我們認為預計第一季的低點在 2025 年是合理的。

You have any follow-up?

您還有什麼後續訊息嗎？

Yeah. (technical difficulty) been weakening and the channel has been fairly high.

是的。 （技術難度）一直在減弱，而且通道已經相當高了。

How do you see the level?

你怎麼看水平？

I mean, do you see any evidence of strong destocking?

我的意思是，您是否看到任何強勁去庫存的證據？

If you can maybe disclose in the channel where you are versus a normal or if you see any light in the destocking part this quarter in Q1 and of course, Q4 as well.

您是否可以透露您所在的管道與正常情況相比的情況，或者您是否看到本季第一季以及第四季的去庫存部分有任何跡象。

Thank you.

謝謝。

I will pass the question to Lorenzo.

我會將這個問題轉交給洛倫佐。

In term of inventory in distribution in the quarter, we have not seen a significant destocking, let's say, still situation, I would say there is some excess of inventory.

就本季的庫存分佈而言，我們尚未看到明顯的去庫存現象，也就是說，我仍然認為庫存還是有些過剩。

This excess of inventory stays in the range of one or two months, let's say, depending on the product higher in respect of what we consider a normal situation in distribution.

這種庫存過剩會持續一到兩個月的時間，這取決於產品的高低，我們認為這屬於正常的分銷情況。

So at the end, still, we see inventory in excess inventory in distribution.

因此最終我們仍然看到分銷中的庫存過剩。

The only positive point is that our distributor POS, so their whole sales increased slightly versus Q3.

唯一的積極一點是我們的分銷商 POS，因此他們的整體銷售額與第三季度相比略有增長。

By geography, it has been driven by improvement in Asia, while Europe and America did not improve.

從地理上看，亞洲的改善推動了這一趨勢，而歐洲和美洲並未改善。

But however, according the input and the visibility we have, the POS will decrease in Q1 versus Q4.

但是，根據我們的投入和可見性，第一季的 POS 將比第四季度下降。

So that's the reason why inventory correction is still in front of us.

這就是為什麼我們仍面臨庫存調整的原因。

Thanks.

謝謝。

Thank you, Francois Bouvignies.

謝謝你，Francois Bouvignies。

Sandra, next question, please.

桑德拉，請問下一個問題。

Andrew Gardiner, Citi.

花旗銀行的安德魯‧加德納 (Andrew Gardiner)。

Good morning gentlemen, thanks for taking the question.

先生們早安，感謝您回答這個問題。

Jean-Marc, given what you have just described in terms of both the lack of visibility, but also your current expectation about, let's say, steady 2Q.

Jean-Marc，鑑於您剛才所描述的缺乏可見性，以及您目前對第二季穩定表現的預期。

How are you planning for fab loadings, the underutilization charges.

您如何規劃晶圓廠負載和利用不足的費用？

And then also, if you've got any steer on the net OpEx as we move beyond first quarter, starting the year at 850, effectively implying zero adjusted operating profit.

而且，如果您對第一季之後的淨營運支出有任何指導，那麼年初的淨營運支出為 850，實際上意味著調整後的營業利潤為零。

It would be helpful to understand what your plans are for the next couple of quarters in terms of the net OpEx as well.

了解您未來幾季在淨營運支出方面的計劃也會很有幫助。

Thank you.

謝謝。

Lorenzo will take the question.

洛倫佐將回答這個問題。

What I can say also share with you immediately that in Q1, we have already taken significant closure of production day across our fabs and assembly and tax plans.

我還可以立即告訴大家的是，在第一季度，我們已經在我們的晶圓廠和組裝廠以及稅收計劃中採取了大規模的生產關閉措施。

Then after there is a number related to on load charges and OpEx.

然後有一個與裝載費用和營運支出相關的數字。

So Lorenzo will comment.

因此洛倫佐會發表評論。

The loading, let's say, this quarter, the impact of the unloading charges is above 500 basis points.

假設本季的裝卸費用影響將超過 500 個基點。

So it's quite heavy.

所以它相當重。

We have a plan also for temporary closing of many of our fabs during this quarter.

我們也計劃在本季暫時關閉許多晶圓廠。

Our expectation is that in Q2, we will continue, let's say, to have a significant amount in terms of unloading maybe slightly improving in respect to the first quarter, but still impacting significantly our gross margin.

我們預計，在第二季度，我們的卸貨量將繼續大幅增加，可能比第一季略有改善，但仍會對我們的毛利率產生重大影響。

But in term of OpEx.

但就營運支出 (OpEx) 而言。

In terms of OpEx, as we said, in this quarter, we do expect to have a net OpEx around $850 million.

就營運支出而言，正如我們所說，本季我們預計淨營運支出約為 8.5 億美元。

Then you know that we have started now our program in terms of resizing our OpEx.

那你知道我們現在已經開始了調整營運支出的計畫。

We think that in 2025, we will start to see some first benefit of our cost saving program on OpEx.

我們認為，到 2025 年，我們將開始看到我們的營運支出成本節約計畫帶來的一些初步效益。

Overall, the saving program, we said this should be over the horizon of the three years at $300 million, $360 million compared to the cost base of 2024.

整體而言，我們說，節約計畫應該在三年內實現 3 億美元、3.6 億美元，而 2024 年的成本基數則為 3.6 億美元。

We think we estimate that for 2025, we will have compared to the basic cost at 2024, something in the range between $100 million, $120 million impact reduction on our expenses.

我們估計，到 2025 年，與 2024 年的基本成本相比，我們的費用將減少 1 億美元至 1.2 億美元之間。

On the other hand, you have not to forget that there will be the impact of the inflation, that means salary increase, these kind of things.

另一方面，你不能忘記通貨膨脹的影響，也就是加薪之類的事情。

Overall, we expect that net OpEx should decrease low single digit in 2025 compared to 2024 despite the fact that we have a lower R&D grants in the -- as expected lower R&D grants in 2025 compared to the 2024.

總體而言，我們預計 2025 年的淨營運支出將比 2024 年下降一個低個位數，儘管我們的研發補助金較低——正如預期的那樣，2025 年的研發補助金將比 2024 年減少。

Do you have any follow-up?

您還有什麼後續訊息嗎？

Thank you very much.

非常感謝。

It's just a separate one.

它只是一個單獨的。

I was just interested, Jean-Marc, on the comment you made regarding the visibility.

Jean-Marc，我只是對你關於可見性的評論很感興趣。

I mean on the Industrial side, I think that's pretty clear given the weakness you saw in the fourth quarter and what you're seeing in terms of the channel.

我的意思是，就工業方面而言，考慮到您在第四季度看到的疲軟以及您在頻道方面看到的情況，我認為這非常明顯。

But in 4Q, Automotive was let's say, okay, was in line with your expectations.

但在第四季度，汽車業務可以說是符合您的預期。

But you're also pointing out that the visibility there, looking into this year is particularly weak.

但您也指出，展望今年，那裡的可見度尤其弱。

What has perhaps changed for the worst?

什麼情況可能變得更糟了？

Or is it just the customers are so uncertain, they're not giving you visibility on a normal lead time?

還是只是客戶太不確定，他們沒有給你正常交貨時間的可見度？

Just a bit of color around what's happening in automotive would be helpful.

了解汽車領域正在發生的事情會很有幫助。

No, we are coming to the -- all the way of working between carmaker and Tier 1.

不，我們正在進行汽車製造商和一級供應商之間的全方位合作。

So it means order coming within two, three weeks visibility.

所以這意味著訂單將在兩到三週內到達。

So this is the point number one.

這是第一點。

It is also clear that taking into account the current situation of the overall automotive industry between mix change on the turbo combustion engine, high end, okay, middle end, exchange on electrical vehicles, battery based versus hybrid one.

很明顯，考慮到當前整個汽車行業的現狀，包括渦輪增壓內燃機、高端、中端、電動車、電池車與混合動力車之間的混合變化。

In Q1, okay, we see a phenomena of inventory adjustment.

在第一季度，我們看到了庫存調整的現象。

That's the reason why we anticipated and we share, okay, with the market that Q1 will be significantly below the seasonality that generally speaking, are only due to personal electronics and China and Asia, okay, because of Chinese New Year, but this year, amplified by an inventory correction at automotive.

這就是為什麼我們預期，並與市場分享第一季的業績將明顯低於季節性，一般來說，這僅僅是由於個人電子產品以及中國和亞洲，好吧，因為農曆新年，但今年，受汽車庫存調整影響，漲幅擴大。

After Q1, okay, we know that some Tier 1 have already adjusted their delivery forecast but again, which is only a forecast, but the visibility of the pooling from the consignment inventory are very short term.

在第一季之後，我們知道一些一級供應商已經調整了他們的交付預測，但這只是一個預測，從寄售庫存中匯集的可見性是非常短期的。

So we are not protected against some fluctuation on this pooling.

因此，我們無法免受這種資金池波動的影響。

That's the reason why we come back on this situation.

這就是我們重新討論這一情況的原因。

Thank you, Jean-marc.

謝謝你，讓馬克。

Thank you, Andrew.

謝謝你，安德魯。

Sandra, next question, please.

桑德拉，請問下一個問題。

Didier Scemama, Bank of America.

美國銀行的迪迪埃·斯凱瑪（Didier Scemama）。

Good morning.

早安.

Thank you for taking my question.

感謝您回答我的問題。

Jean-Marc, if you could give us an update also on the manufacturing footprint.

Jean-Marc，您能否向我們介紹製造足跡的最新情況？

Obviously, the company structured for a substantially higher level of revenue.

顯然，該公司的收入結構明顯更高。

Obviously, you communicated your OpEx cuts over the next three years.

顯然，您已經傳達了未來三年營運支出削減計劃。

Can you help us on just a little bit the rest of the OpEx or COGS, I should say, a reduction and where the manufacturing footprint will be reduced and that would be helpful.

您能否幫助我們減少剩餘的營運支出 (OpEx) 或銷貨成本 (COGS)，我應該說，減少製造足跡，這將會很有幫助。

Thank you.

謝謝。

Lorenzo will comment on the

Lorenzo 將評論

--

--

Yeah, maybe I'll take this question.

是的，也許我會回答這個問題。

As you remember, at our Capital Market Day, we were indicating that we wanted to accelerate our transformation of the manufacturing footprint accelerating our 300 millimeter.

您還記得，在我們的資本市場日，我們表示我們希望加速製造足跡的轉型，加速我們的 300 毫米。

So moving from 200-millimeter for silicon to 300-millimeter and for Silicon Carbide from the 150-millimeter to the 200-millimeter.

因此，矽的尺寸從 200 毫米增加到 300 毫米，碳化矽的尺寸從 150 毫米增加到 200 毫米。

So this plan, of course, cannot yield a significant benefit already this year because definitely, we need move our production from the existing 200-millimeter fab to the 300-millimeter fab.

因此，該計劃當然不能在今年產生顯著的效益，因為我們肯定需要將生產從現有的 200 毫米晶圓廠轉移到 300 毫米晶圓廠。

As we said, overall, the program is yielding, including expenses, high triple digit, let's say, savings what we have given to you, let's say, the sizing over the next three years, let's say, in terms of expenses.

正如我們所說，總體而言，該計劃的收益包括費用、高三位數的儲蓄，我們可以為您提供未來三年的費用規模。

And as you have seen, substantially, we think that this will come in in our P&L quite evenly in the next three years.

正如您所看到的，我們認為，這將在未來三年內相當均勻地體現在我們的損益表中。

For what concern the COGS, it will be mainly -- we will start to impact the 2026, but the significant impact in 2027.

就 COGS 而言，主要的影響將在 2026 年開始，但重大影響將在 2027 年產生。

So the program is a program that will yield some benefit in 2026.

因此該計劃將在 2026 年產生一些效益。

And this is work mainly, let's say, thanks to the accelerated move of the Silicon Carbide on for 150-millimeter to 200-millimeter and will yield the most of our savings in 2027.

這項工作主要歸功於碳化矽從 150 毫米到 200 毫米的加速發展，並將在 2027 年產生最大的節約。

For my follow-up, I just wondered if you could give us an update on where you are in terms of general purpose and controller market share.

作為我的後續問題，我只是想知道您是否可以向我們介紹您在通用和控制器市場份額方面的情況。

I think Jean-Marc, you mentioned last quarter, if I remember correctly that about a quarter of the revenue contraction came from market share loss in China, I think, in consumer.

我認為，Jean-Marc，您上個季度提到過，如果我沒有記錯的話，大約四分之一的收入萎縮來自於中國消費者市場的份額損失。

Do you have any sort of fresh thoughts on this?

您對此有什麼新的想法嗎？

And I guess the question from here on is the magnitude of the decline is such that people are starting to wonder whether it's much more than a cyclical downturn?

我想現在的問題是，下滑的幅度如此之大，以至於人們開始懷疑這是否只是週期性的衰退？

And how much market share you've actually lost in China and elsewhere.

以及您在中國和其他地區實際失去了多少市場份額。

So just give us a sense of comfort level that this is cyclical and not structural.

所以請讓我們感到安心，這只是週期性的，而不是結構性的。

No, we confirm basically the relative weight of the root cause of the revenue decline in '24 versus '23.

不，我們基本上確認了2024年與2023年收入下降的根本原因的相對重要性。

So inventory correction, 60%.

因此庫存調整為60%。

Then lower market, 30%.

然後是較低的市場，30%。

And market share loss clearly in -- mainly in mainstream Microcontroller in Asia in China with the competition and mainly on EBIT.

市佔率的損失明顯——主要是亞洲主流微控制器在中國的競爭，以及息稅前利潤的損失。

There is no reason that this may change.

這種情況沒有理由改變。

And by the way, we believe of how we wait really, we will wait the last picture.

順便說一句，我們相信我們真的會等待，我們會等待最後一張照片。

But we believe that in Q4, we have restarted to win market share.

但我們相信，在第四季度，我們已經重新開始贏得市場份額。

This is our view and what we are convinced about.

這是我們的觀點，也是我們深信的。

Then I repeat, in order to comfort ourselves about this statement the recipe, to control and to continue to grow in this market remain the same.

然後我再重複一遍，為了安慰自己，我們控制這個市場並繼續成長的秘訣仍然是一樣的。

So the most comprehensive hardware and software stack.

因此最全面的硬體和軟體堆疊。

ST has the most comprehensive hardware and software stack.

ST擁有最全面的硬體和軟體堆疊。

In the industry, we have the most advanced ecosystem.

在產業內，我們擁有最先進的生態系統。

We have basically more than 1.2 million developers around our ecosystem.

我們的生態系統基本上有超過 120 萬名開發人員。

But you know that our technology road map, we have one of the [40 millimeter], the enabling from higher performance to ultra-low-power microcontroller.

但你知道我們的技術路線圖，我們有一個[40毫米]，從更高效能到超低功耗微控制器。

We are introducing (inaudible) will be really competitive versus all the advanced offer from a foundry or integrated people.

我們正在推出（聽不清楚）與代工廠或整合商提供的所有先進產品相比將具有真正的競爭力。

Then we have the manufacturing capacity, 300-millimeter fab.

然後我們有製造能力，300毫米晶圓廠。

And then we are completing our microcontroller with hardware accelerators.

然後我們用硬體加速器來完成我們的微控制器。

So there are offer on AI, there are offer on connectivity.

因此，有關於人工智慧的報價，有關於連接性的報價。

So -- and we saw on our ecosystem that continuously the developer are scrutinizing our portfolio.

所以——我們在我們的生態系統中看到，開發人員正在不斷審查我們的投資組合。

So now I confirm, yes, the competition is tough and challenging in China, in Asia with, let's say, a new player.

所以現在我確認，是的，在中國，在亞洲，競爭確實非常激烈，而且充滿挑戰，因為我們還有一位新選手。

I would like to repeat that here in China to compete, we are developing a China-for-China strategy.

我想重申，為了在中國參與競爭，我們正在製定一項針對中國的策略。

It is an exhaustive strategy.

這是一個詳盡的策略。

It is not only about manufacturing, there is a lag of manufacturing, but there is a lag of product development and product support and the result of business development and business support.

這不僅涉及製造業，存在製造業的滯後，還存在產品開發和產品支援的滯後以及業務開發和業務支援的結果。

So we are adapting ourselves completely to the ecosystem of microcontroller in China in order to keep growing our market share.

因此，我們正在完全適應中國的微控制器生態系統，以繼續擴大我們的市場份額。

But yes, I confirm, we lost 10% because during the shortage period, we have sacrificed 8-bit microcontroller at the low end 32-bit of the mainstream.

但是的，我確認，我們損失了 10%，因為在短缺期間，我們犧牲了主流低端 32 位元的 8 位元微控制器。

We do believe that partially we will recover moving forward, offering microcontroller, which are super competitive and with embedded features.

我們確實相信，我們將在未來部分恢復，提供極具競爭力且具有嵌入式功能的微控制器。

Menon Janardan, Jefferies.

傑富瑞的梅農‧賈納丹 (Menon Janardan)。

I was just trying to get a feel for the gross margin possible progression through this year.

我只是想了解今年毛利率可能的成長情況。

Lorenzo, you were saying that you won't get much of the effect on the COGS reduction in 2025 and you have the -- you have a 500 basis point on the utilization charge, which is hitting you right now in Q1.

洛倫佐，您說過，到 2025 年，您不會對 COGS 減少產生太大影響，而且使用費將增加 500 個基點，這會在第一季度給您帶來影響。

So assuming that the underutilization gradually improves through the course of the year, are we in a situation where even by Q4 you may be 100, 200 basis points below the 40% level because there's no other factor there?

因此，假設利用率不足的情況在一年內逐漸改善，我們是否會面臨這樣的情況：即使到第四季度，利用率也可能比 40% 的水平低 100 到 200 個基點，因為沒有其他因素？

Or is there any other factor which could come into play in the second half of the year in terms of product mix or cost reduction or anything like that, which could improve your gross margin as you get to the end of the year.

或者在產品組合或成本削減等方面，下半年是否還有其他因素可以發揮作用，從而可以在年底時提高毛利率？

Thank you for your question.

感謝您的提問。

Clearly, let's say, at this stage, it's a little bit difficult, let's say, to give an indication for the gross margin.

顯然，在現階段，給出毛利率的指標有點困難。

And this is also related to the fact that at this stage, our visibility on the evolution of the revenues is not yet there.

這也與現階段我們尚未能清楚了解收入的變化有關。

But I think regarding the unused capacity charges, for sure, we will have a significant level of unloading in H1.

但我認為，就未使用的容量費用而言，我們肯定會在上半年有大量的卸載。

But we think it should improve in H2, benefiting from the additional content in personal electronic, that this is supporting fab floating, especially, let's say, loading on our 3-millimeter that are the one that are impacting more the unloading charges as you can image.

但我們認為，由於個人電子產品的額外內容，它應該在下半年有所改善，這支持了晶圓廠的浮動，尤其是 3 毫米晶圓上的裝載，這對卸載費用的影響更大。圖像。

Clearly, the level of unloading, it will also depend on the magnitude of the recovery in industrial, this is another important factor.

顯然，卸載的水平，也將取決於工業復甦的幅度，這是另一個重要因素。

Then you have to consider that when we look at the year, we will have some tailwinds.

那你必須考慮到，當我們回顧這一年時，我們將會遇到一些順風。

Definitely, one is the price dynamic in COGS.

毫無疑問，其一是 COGS 中的價格動態。

We have a positive impact there due to the cost of energy, low cost for our foundry.

由於能源成本較低，我們的鑄造廠成本較低，因此我們對那裡產生了積極影響。

There is stronger US dollar that will gradually materialize during, let's say, the year, you know that we have not the full benefit due to our hedging policy.

如果美元在今年逐漸走強，那麼你知道，我們的對沖政策並沒有帶來全部利益。

But assuming that the dollar will stay at this level, we will see positive impact materializing during the year.

但假設美元保持在這個水平，我們將看到年內出現正面影響。

But then it will also be also the mix.

但隨後它也將會是混合的。

The mix has been one of the main detractor in 2024.

這種混合是 2024 年的主要阻礙因素之一。

Clearly, depending on the recovery in the industrial, the mix will play a positive impact over the gross margin moving forward.

顯然，隨著工業的復甦，該組合將對未來的毛利率產生積極影響。

But then we have some headwinds.

但我們又面臨一些阻力。

One of this is the capacity reservation fees.

其中之一就是容量預訂費。

If you remember, the capacity reservation fees will decline this year.

如果你還記得的話，今年容量預訂費將會下降。

This year will be declining by more than $200 million compared to 2024.

與 2024 年相比，今年將下降 2 億多美元。

And then we will expect the price erosion.

然後我們就會預期價格下跌。

Price erosion is expected in the range of mid-single digit.

預計價格下跌幅度在個位數中段。

I would say these are the dynamics to quantify at this stage is a little bit cost of sale.

我想說的是，現階段需要量化的動態是銷售成本。

And just on the -- sorry, continue.

只是—抱歉，請繼續。

If you want, I can add that we think anyway that Q1 for gross margin will be the bottom.

如果你願意的話，我可以補充一點，無論如何我們都認為第一季的毛利率將是最低的。

It's fair to say that we expect the Q1 will be the bottom.

可以公平地說，我們預計第一季將是底部。

So we will see progressively recovery in terms of gross margin.

因此，我們將看到毛利率逐步回升。

And just on the last two points, the capacity reservation fee and the price erosion.

就最後兩點而言，容量預訂費和價格下滑。

The capacity reservation fee, is that a linear steady effect through the four quarters?

容量預留費用在四季中是否具有線性穩定效應？

Or is there some kind of a limit where it improves or reduces into the second half of the year?

或者是否存在一個極限，在下半年它會改善還是減少？

Can you give us the same issue on price pressure?

您能給我們講講關於價格壓力的相同問題嗎？

Is price pressure higher now?

現在價格壓力是否更大？

Is there any expectation that it could reduce in the second half if demand recovers or something like that?

若需求復甦或出現類似情況，是否預期下半年產量可能會減少？

In term of the capacity reservation fees are substantially linear over the various quarter.

就容量預訂費用而言，各季度的費用基本上呈線性增長。

You may have a plus or minus, but not significant changes in the quarter.

您可能會有加號或減號，但本季不會有重大變化。

In terms of pricing, yes, Q1 is impacted on a sequential basis mainly for the renegotiation of the contract in Automotive.

就定價而言，是的，第一季受到了連續影響，主要是因為汽車合約的重新談判。

So it will be a step down that is not repeatable over the other quarters.

因此，這將是一個在其他季度無法重複的降級。

So at the end, let's say, in the year, we will see price down, we expect in the mid-single digit, which a significant portion has been already, let's say, factor in already in Q1.

因此，到年底，我們會看到價格下降，我們預計價格將在中等個位數，其中很大一部分已經在第一季考慮到了。

And can you just remind last one.

您能提醒一下最後一個嗎？

Can you just remind us on your sensitivity on currency.

你能否提醒我們一下你對貨幣的敏感度。

What is your current -- do you have a formula to update us on?

您目前的—您有一個公式可以向我們更新嗎？

In terms of the effects, roughly you can say that is impacting in the range of $10 million, $12 million operating income per quarter for any 1 percentage change in the euro-dollars impact.

就影響而言，粗略地說，歐元兌美元匯率每發生 1% 的變化，就會對每季 1,000 萬美元至 1,200 萬美元的營業收入產生影響。

This is more or less impacted than you may change a little bit because there is a portion of the revenues that are in euro, there is no hedging.

這或多或少會造成影響，因為有一部分收入是以歐元計算的，沒有對沖。

But if you want, roughly, this is the rule that you may consider.

但如果你願意，大致來說，這是你可以考慮的規則。

Sandra, we have time for the last question.

桑德拉，我們還有時間回答最後一個問題。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

Actually, I have a question on Automotive and on the Silicon Carbide scenario, you made a few comments about the fact that you had some wins, notably in China.

實際上，我有一個關於汽車和碳化矽場景的問題，您對您取得了一些勝利，尤其是在中國，發表了一些評論。

So I'd like to understand if you think you can growth this year in Silicon Carbide?

所以我想了解您是否認為今年碳化矽的產量能夠成長？

And what would be the mix between new customers and the main customer that has been using your product?

新客戶和一直使用你的產品的主要客戶之間的組合是怎麼樣的？

Thank you.

謝謝。

Overall, I will not comment full year 2025 on silicon carbide.

總的來說，我不會對 2025 年全年的碳化矽做出評論。

Similarly, okay, we don't want to comment the full year with the visibility we have more than specifically on Silicon Carbide, I will let Marco to comment a few points.

同樣，好的，我們不想對全年的情況進行評論，因為我們對碳化矽的了解程度不高，我會讓馬可評論幾點。

Really, on Silicon Carbide -- crucial for the following.

確實，碳化矽——對於以下內容至關重要。

First of all, okay, we want to convert as fast as possible our manufacturing in

首先，我們希望盡快將我們的製造業轉變為

[8-inch].

[8吋]。

This is what we -- we have engaged in Catania.

這就是我們在卡塔尼亞所從事的工作。

And I repeat, okay, by H2 2025, we will start the production in 8-inch in Catania.

我再說一遍，好的，到 2025 年下半年，我們將在卡塔尼亞開始生產 8 吋的產品。

Partially, okay, integrated with the raw material and this to address, okay, mainly the Western market.

部分地，好的，與原料結合，這主要是為了解決西方市場。

In China, okay, I would like to insist that we will start in H1 2026 (inaudible) directly into a [1 millimeter], and we will be fully integrated in China, okay, with our Shenzhen fab.

在中國，好的，我想堅持認為，我們將從 2026 年上半年開始（聽不清楚）直接進入 [1 毫米]，並且我們將完全整合在中國，好的，與我們的深圳工廠整合。

And similarly to the Microcontroller, we will be, let's say, a China-for-China strategy for manufacturing for product development and support and for business development and support. 2025 will be a transition year, but again, it's too early to speak.

與微控制器類似，我們將採取中國針對中國的策略，進行產品開發和支持，以及業務開發和支援。 2025 年將是一個過渡年，但現在談論它還為時過早。

And we expect, okay, then to accelerate the growth, '26, '27, and moving.

我們預計，26、27 年的成長將會加速，並且還會繼續成長。

In more detail, okay, Marco can make some complement information.

更詳細一點好嗎，Marco可以做一些補充資訊。

Yes.

是的。

Thank you, Jean-Marc.

謝謝你，Jean-Marc。

As we presented during the Capital Market Day, the positioning that we have in this moment in terms of sockets where we are in with the Chinese makers is surely strong.

正如我們在資本市場日所介紹的那樣，就我們與中國製造商的合作關係而言，我們目前的定位無疑是強大的。

I think we are relative to peers we are the strong positions in terms of sockets, how this will develop during 2025 in terms of top line, considering and overall slowdown in terms of battery electric vehicles is too early to say.

我認為，相對於同行，我們在插座方面佔據強勢地位，但考慮到電動車整體成長放緩，2025 年我們的營收將如何發展，目前還言之過早。

What I can say is that our growth and our ambitions in the long term to retain a 30% market share either, and this will be driven by four elements that are innovation because our technology roadmap is extremely strong.

我可以說的是，我們的長期成長和目標是保持 30% 的市場份額，這將由四個要素驅動，即創新，因為我們的技術路線圖非常強大。

We just introduced our generation four and we are continuing to work to implement further generations.

我們剛推出了第四代產品，並正在繼續努力推出後續產品。

Our manufacturing footprint, Sanan, China, and Catania is helping us to position ourselves strongly to serve both, let's say, the Asian and the Chinese market and the Western world.

我們的製造足跡遍佈三安、中國和卡塔尼亞，這些都幫助我們強而有力地定位自己，為亞洲和中國市場以及西方世界提供服務。

And we expect that beyond this transition period during 2025, to see a recovery and acceleration of the EV.

我們預計，2025 年這一過渡期過後，電動車將迎來復甦和加速。

And we will, of course, push not only for the automotive market, but in terms of Silicon Carbide, we want to enlarge also our positioning in terms of industrial and AI data centers.

當然，我們不僅會推動汽車市場，而且在碳化矽方面，我們還希望擴大我們在工業和人工智慧資料中心方面的地位。

I repeat again, the position in terms of sockets where we are present in the Chinese market, which is at this stage the -- let's call it the healthiest is relatively to our piece, extremely strong.

我再重複一遍，就插座而言，我們在中國市場的地位，可以說是現階段最健康的，相對於我們的產品來說，非常強大。

Thank you, Stephane.

謝謝你，史蒂芬。

Unfortunately, we don't have time for follow-up question.

不幸的是，我們沒有時間回答後續問題。

So thank you, everyone.

謝謝大家。

I think this is ending our call for this quarter.

我想我們本季的電話會議就到此結束了。

Thank you for attending, and we are at your disposal, should you need any follow-up question.

感謝您的參加，如果您有任何後續問題，我們將竭誠為您服務。

Sorry for the one that didn't have time to ask a question.

抱歉，沒有時間提問。

Thank you very much.

非常感謝。

Ladies and gentlemen, the conference is now over.

女士們、先生們，會議到此結束。

Thank you for choosing Chorus Call, and thank you for participating in the conference.

感謝您選擇Chorus Call，感謝您參加本次會議。

You may now disconnect your lines.

現在您可以斷開線路了。

Goodbye.

再見。