意法半導體 (STM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics first quarter 2025 earnings release conference call and live webcast. I am Moira, the Chorus Call operator.

女士們，先生們，歡迎參加意法半導體 2025 年第一季收益發布電話會議和現場網路直播。我是 Moira，Chorus Call 接線生。

(Operator Instructions) The conference is being recorded. (Operator Instructions)

（操作員指示）會議正在錄音。（操作員指示）

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

現在，我很高興將工作交給企業發展和全面外部溝通執行副總裁 Jerome Ramel。請繼續。

Thank you, everyone, for joining our first quarter 2025 financial results 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 STMicroelectronics Strategy, System Research and Application and Innovation Office.

感謝大家參加我們的 2025 年第一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；以及意法半導體模擬、功率與分立裝置、MEMS 和感測器事業部總裁兼策略、系統研究與應用和創新辦公室負責人 Marco Cassis。

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.

您可以在 ST 投資者關係網站上存取此現場網路直播和簡報資料。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 result to differ materially from management expectations and plans. 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.

本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 績效與管理層預期和計劃有重大差異的風險因素。我們鼓勵您查看今天早上發布的新聞稿中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。

(Event Instructions)

（活動須知）

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

現在我想把電話轉給 ST 總裁兼執行長 Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone, and thank you for joining ST for our Q1 2025 earnings conference call. I will start with an overview of the first quarter, including the business dynamics, and I will hand over to Lorenzo for the detailed financial overview. I will then comment on the outlook and conclude before answering your questions.

謝謝你，傑羅姆。大家早安，感謝大家參加 ST 2025 年第一季財報電話會議。我將首先概述第一季的情況，包括業務動態，然後將把詳細的財務概述交給 Lorenzo。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 Q1. In a persistently uncertain environment, our first quarter 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 Automotive and Industrial compared to expectations.

從 Q1 開始。在持續不確定的環境中，我們的第一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成長，但汽車和工業產品收入低於預期，從而抵消了這一影響。

Q1 gross margin was slightly below the midpoint of our business outlook range mainly due to product mix. On a year-over-year basis, Q1 net revenues decreased 27.3% to $2.52 billion. Gross margin decreased to 33.4% from 41.7%. Operating margin decreased to 0.1% from 15.9%. And net income decreased 89.1% to $50 million -- $56 million.

第一季的毛利率略低於我們業務展望範圍的中點，主要原因是產品組合。與去年同期相比，第一季淨收入下降 27.3% 至 25.2 億美元。毛利率由41.7%下降至33.4%。營業利益率從15.9%下降至0.1%。淨收入下降 89.1% 至 5,000 萬美元至 5,600 萬美元。

Let's now discuss our business dynamics during Q1. In Automotive, we expect Q1 to be the low point of our Automotive revenues. During the quarter, we saw lower revenues across all geographies. The current situation on trade and tariffs is creating uncertainty in production levels, leading to a slight downward revision of forecast for the year, more pronounced for electrical vehicle volumes.

現在讓我們討論一下第一季的業務動態。在汽車領域，我們預計第一季將是我們的汽車收入的最低點。本季度，我們發現所有地區的收入均有所下降。目前的貿易和關稅狀況導致生產水準出現不確定性，導致今年的產量預測略有下調，電動車產量預測尤其明顯。

Despite this, our book-to-bill ratio was above 1. In dollar terms, bookings were also up significantly quarter-on-quarter.

儘管如此，我們的訂單出貨比仍然高於 1。以美元計算，預訂量也比上一季大幅成長。

During the quarter, we continued to execute our strategy in car electrification. We had wins with both silicon carbide and silicon devices and modules for new onboard charger and traction inverter designs as well as with our smart power and smart fuel solutions for electric vehicle power systems. We remain focused on solid execution in power and discrete for car electrification in the continuing challenging market environment.

本季度，我們繼續執行汽車電氣化策略。我們在用於新型車載充電器和牽引逆變器設計的碳化矽和矽元件及模組以及用於電動汽車電力系統的智慧電源和智慧燃料解決方案方面都取得了成功。在持續充滿挑戰的市場環境中，我們依然專注於汽車電氣化電源和分立元件的穩健執行。

In car digitalization, we saw further traction with our portfolio of automotive microcontrollers. Automotive microcontrollers are one of our revenue growth drivers beyond the medium-term horizon. We are confirming strong progress in executing our road map with many new products set to launch in 2025 and in 2026 across our Stellar and STM32A product families. We also continuing to see strong designing momentum in China, EMEA, and the Americas with both large-scale OEMs and Tier 1s.

在汽車數位化方面，我們的汽車微控制器產品組合獲得了進一步的發展。汽車微控制器是我們中期收入成長的動力之一。我們確認在執行路線圖方面取得了重大進展，並將於 2025 年和 2026 年在 Stellar 和 STM32A 產品系列中推出許多新產品。我們也繼續看到中國、歐洲、中東和非洲地區以及美洲的大型 OEM 和一級供應商的強勁設計勢頭。

During Q1, our Stellar P microcontroller family was selected in a dual inverter powertrain application by a fast-growing OEM in China. And we continue to expand our business with our current high-volume automotive microcontrollers in application like EyeQ6L compress systems.

在第一季度，我們的 Stellar P 微控制器系列被中國一家快速發展的 OEM 選中，用於雙逆變器動力系統應用。我們將繼續利用目前的大容量汽車微控制器在 EyeQ6L 壓縮系統等應用中擴展我們的業務。

To support the challenges of developing software designed vehicle, we recently announced our extensible memory offer for Stellar microcontrollers. ST's propriety PCM technology enables a smaller memory size for the automotive market. Thanks to this, our customers can benefit from increased headroom to continuously innovate their products over time and in the field while also simplifying logistics.

為了應對開發軟體設計車輛的挑戰，我們最近宣佈為 Stellar 微控制器提供可擴展記憶體。ST 專有的 PCM 技術可以為汽車市場提供更小的記憶體尺寸。由於此，我們的客戶可以獲得更大的空間，從而隨著時間的推移和在現場不斷創新他們的產品，同時簡化物流。

In ADAS, we saw our customer Mobile EyeQ6H being adopted to improve safety and driving comfort in high-volume vehicles. This enables entry driving, smart parking and improved occupant and pedestrian detection with a single integrated system. We also introduced our newest family of global navigation satellite system receivers aimed at advanced driving system for ADAS and autonomous driving. Thus industry's first to integrate multi-constellation and quad processing in a single die.

在 ADAS 領域，我們看到客戶採用 Mobile EyeQ6H 來提高大量車輛的安全性和駕駛舒適度。這使得透過單一整合系統實現進入駕駛、智慧停車以及改進的乘員和行人偵測成為可能。我們還推出了最新的全球導航衛星系統接收器系列，旨在實現 ADAS 和自動駕駛的先進駕駛系統。因此，這是業界首次在單一晶片中整合多星座和四路處理功能。

With our automotive grade sensors, we have a number of wins for as vehicle, angle detection, and occupancy monitoring applications. Also, this is a clear growth opportunity for us in the midterm.

憑藉我們的汽車級感測器，我們在車輛、角度檢測和占用監控應用方面取得了許多勝利。此外，這對我們中期來說是一個明顯的成長機會。

In Industrial, we expect Q1 to be the low point in terms of revenues. In Q1, orders were also up versus Q4 and overall, inventory decreased, particularly for Smart Industrial and to a lesser extent power energy. By region, the improvement in inventory was driven by Asia, while we have not seen a significant improvement in Europe and in Americas. Our book-to-bill ratio was above 1.

在工業領域，我們預計第一季將是收入的最低點。第一季的訂單量也比第四季有所上升，整體而言，庫存有所下降，尤其是智慧工業，電力能源的庫存下降幅度較小。從地區來看，庫存的改善是由亞洲推動的，而歐洲和美洲的庫存並未明顯改善。我們的訂單出貨比高於1。

During the quarter, we had wins for our power and analog portfolio across a range of applications. This included motor control, industrial drives, white goods, solar panels, air conditioning, and data switches.

在本季度，我們的電源和類比產品組合在一系列應用領域取得了成功。其中包括馬達控制、工業驅動、白色家電、太陽能電池板、空調和數據交換機。

At the end of March, we signed a development and manufacturing agreement for gallium nitride technology with Innoscience. It includes a joint development initiative on gas power technology as well as reciprocal agreement allowing each company to use the other front-end manufacturing capacity. This allows to ST to accelerate our road map in GaN power technology to complement our silicon and silicon carbide offer.

三月底，我們與Innoscience簽署了氮化鎵技術開發和製造協議。其中包括一項關於天然氣發電技術的聯合開發計劃，以及允許每家公司使用對方前端製造能力的互惠協議。這使得 ST 能夠加速我們在 GaN 功率技術方面的路線圖，以補充我們的矽和碳化矽產品。

For ST, this is a further step in the China for China operating model, coming on top of the joint venture with Sanan for front-end manufacturing of silicon carbide, and the foundry agreement with [Ashe Grace] multiple technologies, including 40 nanometer.

對於意法半導體來說，這是其在中國市場營運模式的又一步，此前，意法半導體與三安成立合資企業，生產碳化矽前端，並與 Ashe Grace 達成多項技術（包括 40 奈米）的代工協議。

In embedded processing our STM32 microcontrollers continued to gain traction with a broad developer community. Facing the current challenging market conditions, we were able to reconfirm our number one ranking on the general purpose microcontroller market in 2024, with a market share that has consistently grown sequentially from Q2 2024 onward.

在嵌入式處理中，我們的 STM32 微控制器持續受到廣大開發者社群的關注。面對當前充滿挑戰的市場環境，我們能夠再次確認我們在 2024 年通用微控制器市場上的第一名的位置，並且市場份額從 2024 年第二季度開始持續增長。

In 2024, our software ecosystem grew 30% to over 1.3 million unique users, and we continue to see a strong growth trend in the first quarter of 2025. One area of particularly strong growth is in Edge AI projects developed on our tools. Over the past 12 months, we sold over 160,000 projects, more than twice the number in the previous 12 months. We continue to reinforce our portfolio and ecosystem with new innovative products, leveraging our 14-nanometer and 18-nanometer process node technologies.

2024 年，我們的軟體生態系統成長了 30%，獨立用戶超過 130 萬，我們將在 2025 年第一季繼續看到強勁的成長趨勢。成長特別強勁的一個領域是利用我們的工具開發的邊緣人工智慧專案。在過去的 12 個月中，我們售出了超過 16 萬個項目，是前 12 個月的兩倍多。我們利用 14 奈米和 18 奈米製程節點技術，繼續透過新的創新產品來加強我們的產品組合和生態系統。

In '25, '26, we plan to introduce 18 new lines, leveraging memory technologies at and below 14-nanometer. Between '25 and '27, the percentage of our STM32 revenue coming from this advanced product at 14-nanometer and below will double, reinforcing our leadership in this market segment.

在 25、26 年，我們計劃推出 18 條新生產線，利用 14 奈米及以下的記憶體技術。在 2025 年至 2027 年期間，來自 14 奈米及以下先進產品的 STM32 收入百分比將翻一番，從而鞏固我們在該領域的領先地位。

Based on our design in nanometer, we are equipped to grow faster than the market, going back to well above 20% market share. In Personal Electronics, Q1 was slightly better than expected, while communication equipment and computer peripherals was in line with our expectations. Here, our engaged customer programs are progressing to the plan.

基於我們的奈米設計，我們有能力以比市場更快的速度成長，重新獲得遠高於 20% 的市場份額。在個人電子產品方面，第一季的表現略優於預期，而通訊設備和電腦週邊設備則符合我們的預期。在這裡，我們參與的客戶計劃正在按照計劃進行。

Our high level of innovation and ability to execute with MEMS and optical sensing as well as with our analog technology portfolio are a key competitive advantage, enabling us to win and grow our business. And our specialized propriety technologies also position us for growth in low earth orbit satellites and data centers.

我們的高度創新和在 MEMS 和光學感測以及模擬技術組合方面的執行能力是我們贏得和發展業務的關鍵競爭優勢。我們的專有技術也使我們在低地球軌道衛星和資料中心領域獲得了成長。

For example, during the quarter, we introduced new technologies to enable higher performance optical interconnect in data centers and AI clusters. Our silicon photonics and next-generation technologies bring better performance to address the ongoing evolution of optical interconnect for customers like Amazon Web Services.

例如，在本季度，我們引入了新技術，以實現資料中心和AI叢集中更高效能的光互連。我們的矽光子學和下一代技術帶來了更好的性能，以滿足亞馬遜網路服務等客戶的光互連的不斷發展。

Well, finally, in terms of corporate development activities, during Q1, ST announced the details of its three years program to reshape the manufacturing footprint and resize the global cost base. We also confirm the annual cost savings target in the high triple-digit million dollar range exiting 2027.

最後，就企業發展活動而言，在第一季度，意法半導體公佈了其重塑製造足跡和調整全球成本基礎的三年計畫的細節。我們也確認，到 2027 年，每年的成本節約目標將達到數億美元。

The reshaping and modernization of ST's manufacturing operations and to achieve two main objectives: investment towards future-ready infrastructure, such as 300-millimeter silicon and 200-millimeter silicon carbide wafer fabs to enable them to reach a critical scale and maximizing the productivity and efficiency of legacy 150-millimeter capabilities and mature 200-millimeter capabilities. This program is expected to see up to 2,800 people leaving the company globally on a voluntary basis over three years. On top of normal attrition. This is expected to occur mainly in '26 and '27.

重塑和現代化意法半導體的製造業務，並實現兩個主要目標：投資面向未來的基礎設施，例如 300 毫米矽和 200 毫米碳化矽晶圓廠，使其達到關鍵規模，並最大限度地提高傳統 150 毫米產能和成熟的 200 毫米產能的生產力和效率。該計劃預計將在三年內在全球吸引多達 2,800 名員工自願離開公司。除了正常的損耗之外。預計這主要發生在 26 年和 27 年。

To conclude, for sustainability, we issued our first annual integrated report during the quarter. This report integrates our sustainability statement detailing our performance in 2024. We remain on track for our commitment to becoming carbon neutral by 2027 onward Scope 1; and 2, and our product transportation, business travel and employee commuting for Scope 3. Our carbon neutrality program includes a strategy covering the reduction of direct and indirect greenhouse gas emissions and the sourcing of 100% renewable electricity by 2027.

總而言之，為了永續發展，我們在本季發布了第一份年度綜合報告。本報告整合了我們的永續發展聲明，詳細介紹了我們 2024 年的業績。我們仍在按照承諾，到 2027 年實現碳中和範圍 1； 2、範圍 3 包括我們的產品運輸、商務旅行和員工通勤。我們的碳中和計畫包括一項策略，涵蓋到 2027 年減少直接和間接溫室氣體排放以及採購 100% 可再生電力。

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. Good morning, everyone. Before commenting Q1 results, let me remind you that following ST reorganization into two product groups and four reportable segments announced in January 2024, we have made further progress in reorganizing our global product portfolio. This results in some adjustments to our reportable segments effective starting in January 1, 2025 without modifying subtotals at product group level.

謝謝你，讓-馬克。大家早安。在評論第一季業績之前，我想提醒大家，繼 2024 年 1 月宣布 ST 重組為兩個產品組和四個報告分部之後，我們在重組全球產品組合方面取得了進一步進展。這導致我們從 2025 年 1 月 1 日起對報告分部進行一些調整，但不會修改產品組等級的小計。

Therefore, from Q1 '25 we report revenues and operating income according to those four adjusted reportable segments. For more details, please refer to the appendix of the earnings press release we published today.

因此，從 2025 年第一季開始，我們根據這四個調整後的報告部門報告收入和營業收入。如欲了解更多詳情，請參閱我們今天發布的收益新聞稿附錄。

And now let's start with a detailed review of the first quarter, starting with the revenues on a year-over-year basis. By reportable segments, analog products, MEMS and sensor, EMS was down 23.9%, mainly due to a decrease in analog. Power & Discrete products decreased 37.1%. And Embedded processing AMP revenues declined 29.1% mainly due to general purpose and automotive MCU. RF and optical communication declined 19.2%.

現在讓我們開始詳細回顧第一季度，首先從年收入開始。按報告分部劃分，模擬產品、MEMS 和感測器、EMS 下降 23.9%，主要由於模擬產品的下降。電源和分立產品下降37.1%。嵌入式處理 AMP 收入下降 29.1%，主要原因是通用和汽車 MCU。射頻和光通訊下降了19.2%。

By end market, Automotive declined by about 39%. Industrial by about 32%. Personal Electronics by about 11%. And communication equipment, computer peripheral increased by about 1%. On a year-over-year sales to OEMs decreased 25.7% and 31.2% to distribution.

以終端市場來看，汽車市場下降了約39%。工業成長約32%。個人電子產品成長約 11%。其中通訊設備、電腦週邊成長約1%。與去年同期相比，OEM 銷量下降了 25.7%，分銷銷量下降了 31.2%。

On a sequential basis, revenue decreased 20.7% in AMS, 34.1% in Power Discrete, 26% in AMP, and 16.5% in RF and OC. By end market, Automotive declined by about 34%, Industrial by about 18%, Personal Electronics by about 17% and Communication Equipment and Computer Peripheral by about 40%.

與上一季相比，AMS 部門營收下降 20.7%，功率分立元件部門營收下降 34.1%，AMP 部門營收下降 26%，RF 和 OC 部門營收下降 16.5%。以終端市場來看，汽車市場下降約 34%，工業市場下降約 18%，個人電子產品下降約 17%，通訊設備和電腦週邊設備下降約 40%。

Turning now to profitability. Gross profit in the first quarter was $841 million, decreasing 41.7% on a year-over-year basis. Gross margin was 33.4%, decreasing 830 basis points year-over-year, mainly due to product mix and to a lesser extent, to higher unused capacity charges and lower sales price.

現在談談獲利能力。第一季毛利為8.41億美元，年減41.7%。毛利率為 33.4%，年減 830 個基點，主要由於產品結構變化，其次是未使用容量費用增加和銷售價格下降。

Total net operating expenses, excluding restructuring, amounted to $830 million in the first quarter. This was better than anticipated, reflecting the continued strict monitoring of our expenses in the current market environment.

第一季度，不包括重組在內的總淨營運費用為 8.3 億美元。這比預期的要好，反映了我們在當前市場環境下對費用的持續嚴格監控。

In the second quarter of 2025, we expect a net OpEx to stand between $860 million and $870 million, a 6% year-over-year decline. As a reminder, these amounts are net of other income and expenses and exclude restructuring.

2025 年第二季度，我們預計淨營運支出將在 8.6 億美元至 8.7 億美元之間，年減 6%。提醒一下，這些金額是扣除其他收入和支出後的金額，不包括重組。

First quarter operating income was $3 million. Q1 operating margin was 0.1% with AMS at 7.7%. P&D, a minus 6.9%. E&P at 8.9%. And RF and OC at 13.9%.

第一季營業收入為300萬美元。問題 1營業利益率為 0.1%，其中 AMS 為 7.7%。P&D，下降6.9%。勘探與生產佔 8.9%。RF 和 OC 為 13.9%。

Q1 '25 net income was $56 million compared to the [$513 million] in the year ago quarter. Earnings per diluted share were $0.06 compared to the $0.54. Net cash from operating activity decreased 33.2% in Q1 to $574 million.

2025 年第一季淨收入為 5,600 萬美元，去年同期為 [5.13 億美元]。每股攤薄收益為 0.06 美元，去年同期為 0.54 美元。第一季經營活動淨現金下降 33.2% 至 5.74 億美元。

First quarter net CapEx was $530 million compared to the $967 million in Q1 in 2024. Free cash flow was positive $30 million in the first quarter compared to a negative $134 million in the year ago quarter. Inventory at the end of this quarter was $3.01 billion compared to the $2.69 billion in Q1 '24. Days of sales of inventory at the quarter end was 167 days, in line with our expectations compared to 122 days for both the previous quarter and the year ago quarter.

第一季淨資本支出為 5.3 億美元，而 2024 年第一季為 9.67 億美元。第一季自由現金流為正 3,000 萬美元，去年同期為負 1.34 億美元。本季末的庫存為 30.1 億美元，而 24 年第一季的庫存為 26.9 億美元。季度末庫存銷售天數為 167 天，符合我們的預期，而上一季和去年同期均為 122 天。

Cash dividend paid to two stakeholders in Q1 '25 totaled $72 million. In addition, ST executed a share buyback of $92 million. ST maintained its financial strength with a net financial position that remained solid at $3.08 billion as of March 29, 2025, reflecting total liquidity of $5.96 billion and total financial debt of $2.88 billion.

25 年第一季向兩位股東支付的現金股利總計 7,200 萬美元。此外，ST 還進行了 9,200 萬美元的股票回購。英石維持了財務實力，截至 2025 年 3 月 29 日，淨財務狀況保持穩健，為 30.8 億美元，總流動資金為 59.6 億美元，總金融債務為 28.8 億美元。

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

現在回到 Jean-Marc，他將對我們的展望發表評論。

Thank you, Lorenzo. Now let's move to our business outlook for Q2 2025. In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity. We are expecting Q2 2025 revenues at $2.71 billion, plus/minus 350 basis points. At the midpoint of our Q2 2025 net revenues will decrease by 16.2% year-over-year and increase 7.7% sequentially.

謝謝你，洛倫佐。現在讓我們來看看 2025 年第二季的業務展望。第一季度，我們的訂單出貨比有所改善，汽車和工業訂單出貨比均高於平價。我們預計 2025 年第二季的營收為 27.1 億美元，上下浮動 350 個基點。預計 2025 年第二季淨收入將年減 16.2%，季增 7.7%。

We expect our gross margin to be about 33.4%, plus/minus 200 basis points, impacted by about 420 basis points of unused capacity charges. This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

我們預期毛利率約 33.4%，上下浮動 200 個基點，受未使用容量費用約 420 個基點的影響。與當前情況相比，該業務展望不包括全球貿易關稅可能進一步變化的影響。

For the full year 2025, considering the level of uncertainty for the economy globally and for ST end markets, specifically, we are not providing an indication for the full year 2025 revenues. We plan to maintain our net CapEx plan for 2025 between $2 billion and $2.3 billion, mainly to execute the reshaping of our manufacturing footprint.

對於 2025 年全年，考慮到全球經濟和 ST 終端市場的不確定性水平，我們不會提供 2025 年全年收入的預測。我們計劃將 2025 年的淨資本支出計畫維持在 20 億美元至 23 億美元之間，主要用於重塑我們的製造足跡。

To conclude, while we see Q1 2025 at the bottom, in the current uncertain environment, we are focusing on what we can control. We are maintaining strict expense control while protecting R&D, continuously innovating to enhance and accelerate the competitiveness of our product and technology portfolio. We are on track with our company-wide program to reshape our manufacturing footprint, and we confirm that the cost savings target is in the high triple-digit million dollar range exiting 2027.

總而言之，雖然我們認為 2025 年第一季是底部，但在當前不確定的環境下，我們專注於我們能夠控制的事情。我們在保護研發的同時，嚴格控制費用，不斷創新，以增強和加速我們的產品和技術組合的競爭力。我們正在按計劃實施全公司範圍的計劃，以重塑我們的製造足跡，我們確認到 2027 年，成本節約目標將達到數億美元。

ST medium-term growth drivers remain solid. Specifically, they will come from MEMS and optical sensing solutions. General purpose microcontrollers, analog and device for low earth orbit satellite communication. While we see a lower and delayed growth in Power and Discrete, due primarily to the well-known electrification market dynamics.

ST 中期成長動力依然穩固。具體來說，它們將來自 MEMS 和光學感測解決方案。用於低地球軌道衛星通訊的通用微控制器、類比和設備。然而，我們看到電力和分立元件的成長較低且延遲，這主要是由於眾所周知的電氣化市場動態。

We anticipate additional further growth beyond the medium-term horizon, thanks to automotive microcontrollers and AI applications at the Edge for power management and cloud optical interconnect in data centers and AI clusters.

我們預計中期之後還將進一步成長，這得益於汽車微控制器和邊緣人工智慧應用在電源管理以及資料中心和人工智慧叢集中的雲光互連方面的應用。

We will do so by leveraging our product and technology portfolio and road map and our competitive reshaped manufacturing footprint. Thank you, and we are now ready to answer your questions.

我們將利用我們的產品和技術組合、路線圖以及我們具有競爭力的重塑製造足跡來實現這一目標。謝謝，我們現在準備回答您的問題。

(Operator Instructions) Francois Bouvignies, UBS.

（操作員指示）Francois Bouvignies，瑞銀。

So the first question that is in everybody's mind, and you saw it with TI yesterday is how much your Q2 is driven by tariff pooling. So effectively, you are plus 7% quarter-on-quarter guiding on the revenue side. And I was wondering if you saw any strange behavior or unusual behavior as maybe the industry is trying to get some inventories ahead of a tariff. So I just wanted to have your view on that. If you could provide any data that you have seen during the quarter that would support any pooling or not would be helpful. That's my first question.

因此，每個人心中的第一個疑問，也是您昨天在 TI 上看到的，是第二季的業績在多大程度上受到關稅池的推動。因此實際上，您的收入比上一季成長了 7%。我想知道您是否看到任何奇怪的行為或不尋常的行為，因為也許該行業正試圖在關稅之前獲得一些庫存。所以我只是想聽聽你對此的看法。如果您可以提供本季度看到的任何支援或不支援合併的數據，那將會很有幫助。這是我的第一個問題。

No, we have not seen specific pooling tariff. The Q2 forecast and guidance has been built in Q1, with our backlog we had entering in the year, plus a booking plan that has been achieved on a very linear and smooth model. So no, no specific pooling, okay, due to tariff for Q2.

不，我們還沒有看到具體的統籌關稅。第二季的預測和指導是在第一季制定的，其中包括我們今年的積壓訂單，以及透過非常線性和平滑的模型實現的預訂計劃。所以沒有，沒有特定的集中，好的，由於第二季的關稅。

Second question is on your inventories. I mean, if I look at your inventory and the balance sheet is back to all-time high from -- when I look at my model, both on the absolute side, on the days of inventories. And I was wondering, what does it mean for the gross margin? Because it looks like it will take some time to clear these inventories and with the uncertain environment on the top line, I was just wondering, the consensus having gross margin increasing significantly in H2. Is it really realistic? I mean, to have a significant improvement in gross margin, given where the inventories are?

第二個問題是關於你們的庫存。我的意思是，如果我查看你的庫存，資產負債表又回到了歷史最高水平——當我查看我的模型時，無論是在絕對方面，還是在庫存天數方面。我想知道，這對毛利率意味著什麼？因為看起來清理這些庫存需要一些時間，而且由於營收環境不確定，我只是想知道，市場普遍認為下半年毛利率會大幅上升。這真的現實嗎？我的意思是，考慮到庫存情況，毛利率能有顯著提高嗎？

I take this question about the inventory. Yes, it's true that our inventory ending Q1 is, let's say, a 167 days is actually, let's say, on the high side, but this was expected. As you know, let's say, the revenue in Q1, also due to the particularly unfavorable calendar at the length of the quarter was little bit, let's say, was lower than our normal trend, but at the end, we do expect to start already in this quarter to reduce the level of our inventory. We expected to go slightly down in terms of days more in the range of 160 days.

我回答有關庫存的問題。是的，我們第一季末的庫存確實是 167 天，實際上可以說是偏高，但這是預料之中的。如您所知，由於本季時間特別不利，第一季的收入略低於我們的正常趨勢，但最終，我們確實希望從本季開始降低庫存水準。我們預計天數會略有下降，約 160 天。

I consider that during this quarter, we are also preparing the ramp up for the Personal Electronic for Q3. So yes, clearly, let's say, we have a path of reduction of this inventory, let's say, over the -- then I would say that, yes, clearly, this is something that we are monitoring strictly. And indeed, also during this quarter, we will have in one of our sites still one week of closure in order to under control this level of inventory.

我認為在本季度，我們還在為第三季的個人電子產品做準備。所以是的，很明顯，假設我們有一條減少庫存的途徑，假設——那麼我想說，是的，很明顯，這是我們正在嚴格監控的事情。事實上，在本季度，我們的其中一個工廠仍將關閉一周，以控制庫存水準。

And what does that mean for gross margin for H2? I mean inventory is coming down, does it mean that gross margin will -- can it go up as well?

這對 H2 的毛利率意味著什麼？我的意思是庫存正在下降，這是否意味著毛利率也會上升？

In Q2, our guidance for the gross margin as you have seen is substantially to stay flat in respect to the first quarter. There are a few components of this dynamic of the gross margin. On one side, is clearly, let's say, the gross margin is impacted negatively by the manufacturing efficiency that we had during Q1. Manufacturing efficiency during Q1 was impacted by the significant number of days of closure that we have done in our fabs and in our plant. You know that when you have this, let's say, actions to close the sites, not all the efficiency, let's say, not all the negative impact of disclosure is captured by the unloading charges.

在第二季度，如您所見，我們對毛利率的預期是與第一季基本持平。毛利率的動態變化有幾個組成部分。一方面，很明顯，毛利率受到了我們第一季製造效率的負面影響。由於我們的晶圓廠和工廠停工天數較多，第一季的生產效率受到了影響。你知道，當你採取這種行動，例如關閉網站時，並不是所有的效率，並不是所有的揭露負面影響都被卸貨費所抵消。

So there are some impact that is negatively impacting the efficiency, and this is reflected in the dynamic of the second quarter gross margin. On top of that, there is an unfavorable impact on the euro dollars moving from 1.06 to 1.08. This is offset on the other side by the improvement in the product mix. Product mix is improving as Personal Electronic is declining. Automotive is improving in the second quarter.

因此，有些影響會對效率產生負面影響，這反映在第二季毛利率的動態中。除此之外，歐元兌美元匯率從 1.06 跌至 1.08 也產生了不利影響。另一方面，產品組合的改善抵消了這種影響。隨著個人電子產品的減少，產品組合正在改善。汽車產業在第二季有所好轉。

It's improving also Industrial. This is offsetting, let's say, the negative impact that we have related to the manufacturing that rightly, you say is coming from -- substantially from our inventory. Why I would say that in terms of pricing, we don't see any significant high pressure in terms of pricing, it's the normal trend that usually we experienced quarter after quarter.

工業也在不斷進步。可以說，這抵消了我們在製造業方面所遭受的負面影響，您正確地說這種負面影響主要來自於我們的庫存。為什麼我要說，在定價方面，我們沒有看到任何明顯的高壓，這是我們通常每個季度都會經歷的正常趨勢。

Menon Janardan, Jefferies.

傑富瑞的梅農‧賈納丹 (Menon Janardan)。

Yesterday, going back to Instruments, they were sounding quite bullish about the industrial business. They said that they're seeing a broad recovery across segments and geographies and all their customers are at low levels of inventory. Those comments seem a little bit more bullish than the comments you've just made today on industrial. I'm just wondering why there would be a difference between the two. Is it that they have a more direct sales model and we'll see the improvement in the -- earlier than through the distribution channel where you are selling some more.

昨天，回到儀器產業，他們對工業業務表現得相當樂觀。他們表示，他們看到各個領域和地區的業務普遍復甦，而且所有客戶的庫存水準都很低。這些評論似乎比您今天對工業的評論更樂觀。我只是想知道為什麼兩者之間會有差異。是因為他們有更直接的銷售模式，我們會比透過通路銷售更早看到改善？

And when we talk about the second half, would the level of recovery of industrial microcontrollers be a key factor, the level of -- in terms of your gross margin outlook into the second half?

當我們談論下半年時，工業微控制器的復甦水準是否是一個關鍵因素，就下半年的毛利率前景而言？

So I take the question for the revenue. Well, it is clear that for industrial, we see some positive trend. I repeat that our Q1 book-to-bill was above 1. In terms of orders, dollar, okay, we were also up. But clearly, we have seen some inventory done in a smart industrial and to a lesser extent in power and energy.

我回答有關收入的問題。嗯，很明顯，對於工業來說，我們看到了一些積極的趨勢。我再說一遍，我們第一季的訂單出貨比高於 1。就訂單而言，美元也上漲了。但顯然，我們已經看到智慧工業領域完成了一些庫存，電力和能源領域的庫存較少。

And also, we see some positive dynamic by region, so especially in Asia, but still no improvement in Europe, particularly -- and in America. So it's a point number one.

此外，我們看到各地區都出現了一些積極的動態，尤其是在亞洲，但歐洲和美國仍然沒有改善。所以這是第一點。

Point number two, you know that our industrial market, let's say, go to market is mainly related to general purpose microcontroller. And there is still a situation of other inventory in general purpose going in the right direction but at a slower pace than what we expected, okay, a few months ago.

第二點，您知道我們的工業市場，比如說，進入市場主要與通用微控制器有關。其他通用庫存仍在朝著正確的方向發展，但速度比我們幾個月前預期的要慢。

Well, about H2. Well, as I have said, we will not provide any indication about H2. Why? Because of the uncertainty of the environment, the low visibility we have. However, we already communicated that we are pretty confident about our Engage customer program in Personal Electronics and in Communication Equipment and Computer Peripheral.

嗯，關於 H2。嗯，正如我所說的，我們不會提供任何有關 H2 的跡象。為什麼？由於環境的不確定性，我們的能見度較低。然而，我們已經表示，我們對個人電子產品、通訊設備和電腦週邊設備領域的 Engage 客戶計劃非常有信心。

Definitively, this increase in H2 versus H1 related to this on the Edge customer program will not represent the full H2 growth versus H1. Another part, okay, should be related to industrial market definitively, but it's too early to confirm this indication. But it is something that probably will happen.

毫無疑問，與 Edge 客戶計畫相關的 H2 相對於 H1 的成長並不代表 H2 相對於 H1 的全部成長。另一部分，好的，應該肯定與工業市場有關，但現在確認這個跡象還為時過早。但這是有可能發生的事情。

But you are confirming that Q1 is the bottom in industrial. So it should be higher than Q1, at least.

但您確認第一季是工業的底部。所以它至少應該要高於 Q1。

We can see Q1 is the bottom in industrial

我們可以看到，第一季是工業的底部

Any follow-up, Janardan?

還有後續消息嗎，Janardan？

So if the second half is on the Personal Electronics where you have an engaged customer ramp into the second half. And just going back to the gross margin issue, where your Personal Electronics has lower gross margins than Industrial Automotive. So just from that perspective, would the level of improvement, all things being equal, just assuming that there is no big tariff impact in the second half, would your gross margin improvement be somewhat more muted?

因此，如果下半場是在個人電子產品上，那麼您將會有一個參與的客戶進入下半場。回到毛利率問題，個人電子產品的毛利率低於工業汽車。那麼僅從這個角度來看，在其他條件相同的情況下，假設下半年沒有重大的關稅影響，您的毛利率改善程度是否會減弱？

In the second part of the year, clearly, at this stage, it's a little bit difficult to give any precise indication in terms of gross margin where we will land. But clearly, we have some elements that we can share with you. Clearly, the impact of the growing in terms of Personal Electronic and with significant content in terms of silicon will definitely help significantly our, let's say, reduction in terms of unloading charges and also improving in our manufacturing efficiency. And this is clearly a positive benefit that we will have in the second part of the year.

顯然，在現階段，我們很難準確預測今年下半年的毛利率會達到什麼水準。但顯然，我們有一些可以與你們分享的元素。顯然，個人電子產品的成長以及矽含量的增加肯定會對我們有很大幫助，例如降低卸貨費用，提高生產效率。這顯然是我們在今年下半年將獲得的正面效益。

Clearly, in the second part of the year, as we were mentioning before, there will be improvement, is expected improvement in the industrial that is very accretive for us in terms of gross margin. So I would say that these elements are elements that are supporting for us some, let's say, expected improvement moving from the first half to the second half.

顯然，正如我們之前提到的，今年下半年將會有所改善，預計工業將會有所改善，這對我們的毛利率來說非常有利。所以我想說，這些因素對我們有一定的支撐作用，可以說，預計上半年到下半年會有改善。

Clearly, let's say, there are also some headwinds that we have to take into consideration, one maybe is the dynamic of FX. But clearly, let's say, in this environment is not, let's say, helping us. And the other element that we have to take into consideration is the fact that as we have said many times, the capacity reservation fees will progressively go down also moving from the first half to the second half. Anyway, I have to say that -- it's fair to say that, let's say, the level of gross margin that we have seen in Q1 and in Q2 will be the bottom for our gross margin. Gross margin will improve moving to Q3 and Q4.

顯然，我們也必須考慮一些不利因素，其中之一可能是外匯的動態。但顯然，在這種環境下，這並沒有對我們有幫助。我們必須考慮的另一個因素是，正如我們多次說過的那樣，容量預訂費也將從上半年到下半年逐步下降。無論如何，我不得不說——可以公平地說，我們在第一季和第二季看到的毛利率水平將是我們毛利率的底線。毛利率將在第三季和第四季有所改善。

So finishing on industrial revenue, what I can confirm to you is that company will grow revenue at the midpoint of our guidance, 7.7% Industrial will do as well. Very similar than the average of the company in terms of growth. The main detractor of the lows of Q2 versus Q1 is the usual seasonality for ST on Personal Electronics. But it's a good sign that for the first time since many quarters now, that sequentially the industrial market we address will grow about 80% sequentially.

因此，關於工業收入，我可以向你們確認的是，公司的收入將按照我們預期的中點成長，即 7.7% 的工業收入也將如此。就成長而言，與公司的平均水平非常相似。與第一季相比，第二季的低點主要原因是 ST 在個人電子產品方面的常見季節性。但這是一個好兆頭，自多個季度以來，我們所關注的工業市場首次較上季成長約 80%。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

I appreciate all the color on the inventory on the balance sheet. I was wondering if you can maybe provide additional details on how you're viewing downstream inventory in the channel. I think you had been -- you mentioned entering the year, you were at two months more than you were hoping. Was there any progress on that front in aggregate, getting channel inventory lower during the quarter and sort of where you see things now?

我很欣賞資產負債表上庫存的所有顏色。我想知道您是否可以提供更多詳細信息，說明您如何看待渠道中的下游庫存。我想你已經——你提到進入今年，你的工作時間比你希望的多出了兩個月。整體而言，這方面有什麼進展嗎？本季通路庫存是否降低？您現在看到的情況如何？

Yeah, I take this question about the inventory. This time inventory that you are mentioning is inventory in the chunk. But during the last quarter, in Q1, we have seen substantially one dynamic, very clear reduction of inventory in the channel mainly in Asia.

是的，我回答有關庫存的問題。這次您提到的庫存是大塊庫存。但在上個季度，也就是第一季度，我們看到主要在亞洲的通路庫存出現了大幅、明顯的減少。

This was, let's say, evident. While for what concern EMEA and America, we have not yet seen any significant reduction of our inventory in the channel. Let's say that today, even if we have seen, let's say, some improvement in the course of last quarter, still we have some excess of inventory in the channel. This is clear. we do expect, let's say, that in Q2, with this dynamic in terms of Industrial and expectation of our, let's say, POS.

可以說，這是顯而易見的。而就歐洲、中東和非洲地區以及美國而言，我們尚未看到通路庫存有任何顯著減少。假設今天，即使我們看到上個季度的情況有所改善，但通路中仍然有一些庫存過剩。這是很清楚的。我們確實預計，在第二季度，工業和我們的 POS 預期將會出現這種動態。

So the sales of our distributor toward the final market to have a significant step down in terms of inventory. So for the time being, what I can say is that, yes, there is still some excess of inventory. This inventory should progressively go down, let's say, the success of inventory should progressively go down toward a normal, let's say, situation already starting in the current quarter.

因此，我們的分銷商對最終市場的銷售在庫存方面大幅下降。因此，就目前而言，我可以說的是，是的，仍然存在一些庫存過剩。這個庫存應該會逐步下降，可以說，庫存的成功應該逐步下降到正常水平，可以說從本季開始就處於正常狀態。

Okay. And then maybe, Jean-Marc, I was hoping you could comment bigger picture on how you feel ST's position to sort of handle backdrop where the global trade environment is different than it has been in the past, in particular from a manufacturing standpoint. Have you -- have your conversations with your customers changed much over the last few weeks?

好的。然後，Jean-Marc，也許我希望您能從更大的角度評論一下您認為 ST 如何應對與過去不同的全球貿易環境，特別是從製造業的角度來看。在過去幾周里，您與客戶的對話有很大變化嗎？

I know you're not guiding any changes. But I'd be curious to hear how your customers are viewing you guys, given your significant manufacturing footprint internally but also with being in Europe, like are you viewed as sort of a neutral third party in this? Or -- any details you can give us on the flexibility of your manufacturing footprint across your locations would be helpful as well.

我知道你沒有引導任何改變。但我很好奇，考慮到你們在國內和歐洲都有大量的製造足跡，你們的客戶是如何看待你們的，你們是否被視為一種中立的第三方？或者——如果您能向我們提供有關您在各個地點的生產佈局靈活性的任何詳細信息，那也將很有幫助。

No, we have engaged since many quarters now, adjustment of our manufacturing footprint. Basically, there is two legs. One is the most visible. One clearly is our China for China strategy, where now we have -- with our joint venture with Sanan, wafer fab that will be ready by end of the year for mass production for silicon carbide. We have this strategic agreement with Innoscience. And then, okay, we have a long-term agreement with both for microcontroller, analog technology, and other power.

不，我們已經連續多個季度調整我們的製造足跡。基本上，有兩條腿。其中最引人注目的是。一個明顯的例子就是我們的「中國為中國」戰略，目前我們已經與三安建立了合資企業，晶圓廠將於今年年底準備好進行碳化矽的大規模生產。我們與 Innoscience 達成了戰略協議。然後，好的，我們與雙方就微控制器、模擬技術和其他電源達成了長期協議。

So clearly, first, we have worked since many quarters to have a China for China manufacturing infrastructure and ecosystem. Then with our customer, we already anticipated the reverse dynamic mix, we move already in our wafer fab either in Europe or in Singapore, and respectively, from our assembly plant and test out of China or out of Taiwan, thanks to our infrastructure in Philippines, in Malaysia, in Malta and in Morocco.

顯然，首先，我們多年來一直致力於建立適合中國的製造業基礎設施和生態系統。然後，對於我們的客戶，我們已經預見了反向動態組合，我們已經將晶圓廠轉移到歐洲或新加坡，並且分別從我們的組裝廠轉移到中國或台灣，這得益於我們在菲律賓、馬來西亞、馬耳他和摩洛哥的基礎設施。

Honestly and transparently, what happened early April didn't change drastically anything. We have not seen any panic about customer or immediate reaction. I think, okay, it's urgent to wait and see because, okay, adaptation of the supply chain, our decision to modify structurally the supply chain is very easy -- heavy, sorry, in terms of qualification, in terms of transfer of product and so on and so forth.

坦白說，四月初發生的事情並沒有帶來任何重大改變。我們還沒有看到客戶有任何恐慌或立即做出反應。我認為，好的，現在迫切需要等待，因為，好的，供應鏈的調整，我們決定從結構上修改供應鏈，這很容易——很重，對不起，在資格方面，在產品轉移方面等等。

So we have not seen immediate reaction or very, let's say, classified emotional reaction about that. But I repeat we have engaged a modification of our footprint structurally since many, many quarters. That's the reason why we -- of course, we are waiting what will happen moving forward, but we do believe that the company is well equipped to face okay, this situation.

因此，我們尚未看到對此的立即反應，或者可以說是機密的情緒反應。但我重申，我們從許多季度以來就一直在從結構上改變我們的足跡。這就是為什麼我們——當然，我們正在等待未來會發生什麼，但我們確實相信公司已經做好了充分的準備來應對這種情況。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

I have a question about your comments on the automotive market. Could you maybe clarify what's your vision about your own revenues on the automotive side this year versus the market? And also, you made a difference between electrification and let's say, the bulk of the market. Could you clarify this for us?

我對您對汽車市場的評論有一個疑問。您能否解釋一下，相對於市場而言，您對今年汽車方面的收入有何看法？而且，你也對電氣化和大部分市場做出了區分。您能為我們解釋一下嗎？

Well, indeed, in Q1, so we have seen lower revenues in all geographies for Automotive, and -- including a mild non-war revision for the forecast of the year because you know that automotive industry drivers with a firm order backlog. And clearly, this behavior is more pronounced on electrical vehicles.

確實，在第一季度，我們看到所有地區的汽車收入都有所下降，其中包括對年度預測的溫和非戰爭修正，因為你知道汽車行業的驅動因素是堅定的訂單積壓。顯然，這種行為在電動車上更為明顯。

Well, the positive point is that -- at the same moment in Q1, our book-to-bill ratio was above 1 for specifically Automotive. And in terms of dollar terms, the bookings were also up quarter-on-quarter. The other positive point for 2025 is we believe that one risk factor has been elevated.

嗯，積極的一面是——在第一季的同一時刻，我們的汽車訂單出貨比高於 1。以美元計算，預訂量也較上季成長。2025 年的另一個正面因素是，我們認為一個風險因素已經上升。

So the one in Europe because now European Union is proposing some smooth approach on a three year flexibility for the carmaker to comply with CO2 standard. Of course, we will wait for the vote, but this is a good news. However, we believe that the current situation on trade and tariff is creating uncertainty on the level of car production, clearly. And there is still some other risk factor. So taking into account all this situation, we believe that Q1 is a low point for automotive.

因此，歐洲的情況是這樣的，因為現在歐盟正在為汽車製造商提出一些為期三年的靈活措施，以使其能夠遵守二氧化碳標準。當然，我們會等待投票結果，但這是一個好消息。然而，我們認為，當前的貿易和關稅狀況顯然為汽車生產水準帶來了不確定性。另外還存在一些其他風險因素。因此，考慮到所有這些情況，我們認為第一季是汽車行業的低谷。

Excluding the capacity reservation fees, we expect our auto revenue will decline, unfortunately, in '25 versus '24, and that the capacity reservation fee will decline substantially in '25 versus '24 by almost USD300 million. So takeaway is Q1 is the bottom. Full year revenue should decline versus '24. We have the indication for that. Well, there is still some risk around the production of cars.

不計入容量預訂費，我們預計 2025 年我們的汽車收入將比 2024 年下降，而容量預訂費在 2025 年將比 2024 年大幅下降近 3 億美元。因此，要點是 Q1 是底部。全年收入應該會比 24 年下降。我們有這樣的跡象。嗯，汽車生產仍然存在一些風險。

We know that some analysts provide a forecast at 92.4 million of car produced in '25. So a slight increase. But here, we prefer to remain cautious and wait what will happen in the next few weeks, especially related to the tariffs.

我們知道一些分析師預測25年汽車產量為9240萬輛。因此略有增加。但在這裡，我們寧願保持謹慎，等待未來幾週發生的事情，特別是與關稅相關的事情。

And just a quick follow-up. I know you're not guiding for 2025, obviously, but you haven't changed your CapEx budget, which in general means that basically the outlook according to you hasn't really changed. When you look at the consensus, you see a very strong increase in H2 versus H1, 20% to 25%. Does it mean that this evolution in the second half is still possible?

這只是一次快速的跟進。我知道您顯然沒有為 2025 年制定指導，但您並沒有改變資本支出預算，這總體上意味著您所說的前景基本上並沒有真正改變。當你查看共識時，你會發現 H2 相對於 H1 有非常強勁的成長，從 20% 到 25%。這是否意味著下半年仍有可能出現這樣的演變？

Well, there is two points in your question. Well, first of all, I would like to clearly repeat that the main purpose of the CapEx this year is to enable our reshaping plan. We will disengage from 150-millimeter fab, and we will disengage from 200-millimeter fabs. That's the reason why we need to increase our capacity on 300-millimeter fab silicon, respectively, 200-millimeter fab silicon carbine is point number one. And to help them at the right scale because it will be a booster for our gross margin.

嗯，你的問題有兩點。嗯，首先，我想明確重申，今年資本支出的主要目的是實現我們的重塑計畫。我們將退出 150 毫米晶圓廠，也將退出 200 毫米晶圓廠。這就是為什麼我們需要分別增加 300 毫米晶圓廠矽片產能的原因，而 200 毫米晶圓廠碳化矽產能是首要的。並以適當的規模幫助他們，因為這將提高我們的毛利率。

Respectively, 300-millimeter fab silicon is much more efficient than a 200-millimeter, one. And the same for 200-millimeter silicon carbide. So the first objective of our capital expenditures this year is to enable our reshaping plan. But definitively, some part of the CapEx has been dedicated to as an example, an exchange, the device. That will be introduced as one of the main Engage customer program for H2 in Personal Electronics, which is an increasing dollar and the silicon content in the application, as requested some CapEx will be spent in Q1. So one part of the CapEx, of course, is mix adaptation, but it is also valid in test and finishing as well.

相應地，300 毫米晶圓廠矽片的效率比 200 毫米晶圓廠矽片高得多。200毫米碳化矽也是如此。因此，我們今年資本支出的首要目標是實現我們的重塑計畫。但可以肯定的是，資本支出的某些部分已經專門用於例如交易所、設備等。這將作為個人電子產品 H2 的主要 Engage 客戶計劃之一推出，該計劃將增加美元和應用中的矽含量，根據要求，一些資本支出將在第一季支出。因此，資本支出的一部分當然是混合適應，但它在測試和完成方面也有效。

So I repeat, for 2025, the CapEx is mainly some mix adaptation, which are, let's say, awarded to us and the main part of the CapEx is to prepare our plan to grow in '26, '27 in a different reshape manufacturing footprint. This is really the objective of the CapEx. So that's the reason why we still give this $2 billion to $2.3 billion range. But you see that in Q1, we are basically slightly above $2 billion run rate. More about H2.

所以我再說一遍，對於 2025 年來說，資本支出主要是一些混合調整，可以說，這些調整是授予我們的，而資本支出的主要部分是準備我們在 26 年、27 年以不同的方式重塑製造足跡的增長計劃。這確實是資本支出的目標。這就是我們仍然給出 20 億至 23 億美元範圍的原因。但您會發現，在第一季度，我們的運行率基本上略高於 20 億美元。有關 H2 的更多資訊。

No, again, we don't give any indication. We have some visibility. We have a backlog. But you know now, our backlog except the normal terms and condition of our sales contract, the backlog is not particularly protected, so it could be canceled. In case, something happen at the economy for end of the year or 2026.

不，我們再說一遍，我們沒有給出任何跡象。我們有一定的知名度。我們還有一些積壓工作。但是您現在知道，我們的積壓訂單除了銷售合約的正常條款和條件外，並沒有受到特別的保護，因此可能會被取消。萬一到今年底或 2026 年經濟出現什麼變化。

So that's the reason why we have been cautious. However, what we can say, we can say that taking into account our Engage customer program. Taking into account what I say on automotive that Q1 is the bottom, even if the full year will not show a growth, taking into account the trend of the inventory on industrial, we should expect to have H2 better than H1.

這就是我們一直謹慎的原因。然而，我們可以說，考慮到我們的 Engage 客戶計劃。考慮到我所說的汽車產業第一季是底部，即使全年不會出現成長，考慮到工業庫存的趨勢，我們應該預期下半年會比上半年更好。

Sandeep Deshpande, JPMorgan.

摩根大通的 Sandeep Deshpande。

My first question is about tariffs. There have been some retaliatory tariffs from China on US product as such. Does this -- has ST seen any impact because of these retaliatory tariffs on their -- for demand for your product from China at all. And whether there have been any changes in the environment because of this? And I have a quick follow-up.

我的第一個問題是關於關稅的。中國對美國產品徵收了一些報復性關稅。這些報復性關稅是否對 ST 的中國產品需求產生了任何影響？環境是否因此而改變了？我有一個快速的後續行動。

Sandeep, can you repeat the question, please?

Sandeep，可以重複這個問題嗎？

Yeah. My question is about the Chinese retaliatory tariffs on product from the US as such, really. Given that the retaliatory tariffs, there could be potential for tariffs on US semiconductor companies shipping into China. So does this have any potential impacts on ST Micro?

是的。我的問題其實是關於中國對美國產品徵收報復性關稅的問題。鑑於報復性關稅，美國半導體公司出口到中國的產品可能會被徵收關稅。那麼這對意法半導體有潛在影響嗎？

As I told you, it is clear that with the current situation on tariff, our peers that are the fabs in US, for sure, will be or could be penalized. We serve customers, but again, our American peers generally speaking, are supplying to Chinese customer product with value and with some stickiness.

正如我所說的，很明顯，在目前的關稅形勢下，我們的同行，即美國的晶圓廠，肯定會受到或可能受到懲罰。我們為客戶提供服務，但總體而言，我們的美國同行也向中國客戶提供有價值且具有一定黏性的產品。

So again, I repeat what I have said a few minutes ago, we don't see immediate panic reaction or emotional reaction versus the situation. Why? Because, indeed, the situation is frozen for some days now.

因此，我再次重複幾分鐘前說過的話，我們沒有看到針對這種情況的立即恐慌反應或情緒反應。為什麼？因為，事實上，局勢已經僵持好幾天了。

I do believe that customers and partners are waiting all the situation will move forward. But definitively, let's remain pragmatic. If some customers came to us and has taken a decision in the past to allocate, so to our competitor for various reasons. And if today, our products comply with the specification and comply in terms of performance and price and so on, yes, certainly, we will acknowledge some trend that ST could be a new vendor solution taking into account this tariff increase for American peers in China.

我確實相信客戶和合作夥伴正在等待一切情況向前發展。但毫無疑問，我們還是應該保持務實。如果一些客戶來找我們，並且過去已經決定分配，那麼由於各種原因，他們也會分配給我們的競爭對手。如果今天我們的產品符合規範，並且在性能和價格等方面都符合要求，是的，當然，我們會承認一些趨勢，即考慮到中國美國同行的關稅上調，ST 可能成為新的供應商解決方案。

And my quick follow-up is on, again, on your auto business. Can you talk about how your share has evolved at your major silicon carbide customer in the first quarter? And if we can assume that any share loss that has occurred has already been factored into the numbers or whether we will see further share loss at that customer through the rest of this year?

我接下來想問的是有關您的汽車業務的問題。您能談談第一季您在主要碳化矽客戶中的份額變化嗎？我們是否可以假設已經發生的任何份額損失都已經計入數字中，或者我們是否將在今年剩餘時間內看到該客戶的份額進一步損失？

I will comment and, Marco Cassis will complement. So what we say we have repeated since a few quarters, the way we have established the business relation with our main customer for silicon carbide was a warranty about some share, okay? And it is automotive industry and for automotive industry is a normal let's say, process to have built so to have at least two source.

我會發表評論，Marco Cassis 也會補充。因此，我們幾個季度以來一直重複說，我們與碳化矽主要客戶建立業務關係的方式是對某些份額的保證，好嗎？這是汽車產業，對於汽車產業來說，這是一個正常的流程，所以至少有兩個來源。

So for us, it was super well known that at a certain moment, okay, when the second source will be qualified and efficient, okay, our main customer will manage manufacturing and supply chain with two sources. We are in this situation.

因此，對我們來說，眾所周知，在某個時刻，當第二個來源合格且有效率時，我們的主要客戶將透過兩個來源管理製造和供應鏈。我們正處於這種情況。

So we have absolutely not lost market share because any reason. We are simply coming back on a normal share consistently with what we contractually signed with our customer. Well, then after where we pay attention is more about volume of cars sold by our main customer, inventory and so on and so forth. But here we cannot comment. So Marco, you want to add something?

所以我們絕對沒有因為任何原因而失去市場佔有率。我們只是按照與客戶簽訂的合約正常回報。那麼，接下來我們要關注的是我們的主要客戶銷售的汽車數量、庫存等等。但在這裡我們無法發表評論。那麼 Marco，你想補充點什麼嗎？

No, I just confirm what you just said that we moved towards the contract or our market share that we have with our major customers, and there will be no erosion of market share going forward. And on the longer trend, we confirm that we will be present in the silicon carbide market, at least with a 30% or above market share overall.

不，我只是確認您剛才所說的，我們正在朝著與主要客戶簽訂合約或擴大市場份額的方向發展，並且未來的市場份額不會受到侵蝕。從長遠趨勢來看，我們確認我們將佔據碳化矽市場，至少佔據整體30％以上的市場。

Thank you, Sandeep. Unfortunately, we don't have any time for more questions. So thanks for attending our call for this quarter.

謝謝你，桑迪普。不幸的是，我們沒有時間回答更多問題。感謝您參加我們本季的電話會議。

Thank you very much, all of you for being there, and we remain here at your disposal should need any follow-up questions. Sorry for the ones that you don't have time to ask the question there. Thank you very much.

非常感謝大家的到來，如果您有任何後續問題，我們隨時準備為您解答。很抱歉您沒有時間在那裡提問。非常感謝。

Bye-bye.

再見。

Thank you. Bye.

謝謝。再見。

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

女士們、先生們，會議到此結束。感謝您選擇合唱集錦，感謝您參加本次大會。現在您可以斷開線路了。再見。