意法半導體 (STM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics full-year 2025 earnings release conference call and live webcast. I am Sandra, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們、先生們，歡迎參加義法半導體2025年全年業績發布電話會議和網路直播。我是Sandra，合唱團呼叫中心的接線生。（操作員指示）會議正在錄音。（操作說明）會議內容不得錄製用於出版或廣播。

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

此時，我很高興將發言權交給企業發展與綜合對外溝通執行副總裁傑羅姆·拉梅爾。請繼續，先生。

Thank you, Maura, and thank you, everyone, for joining our fourth quarter and full year 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 and Discrete, MEMS and Sensor Group and Head of ST Microelectronics Strategy, System Research and Application and Innovation Office.

謝謝 Maura，也謝謝各位參加我們 2025 年第四季及全年財務業績電話會議。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；以及模擬、功率和分立裝置、MEMS 和感測器集團總裁兼 ST 微電子策略、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.

本次網路直播及簡報資料可在ST投資者關係網站上取得。本次電話會議結束後不久，即可收聽錄音重播。

This call will include forward-looking statements that involve risk factors that could cause ST results to differ materially from management's expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors.

本次電話會議將包含前瞻性陳述，其中涉及可能導致短期績效與管理層預期和計劃有重大差異的風險因素。我們建議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最新的監管文件中對這些風險因素的完整描述。

Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up.

另外，為了確保所有參與者都有機會在問答環節提問，請您盡量只提一個問題，並簡短跟進。

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

現在我想把電話交給ST總裁兼執行長Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone, and thank you for joining ST for our Q4 and full year 2025 earnings conference call.

謝謝你，傑羅姆。各位早安，感謝各位參加ST公司2025年第四季及全年業績電話會議。

I will start with an overview of the fourth quarter and the full year 2025, including 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.

我將首先概述 2025 年第四季和全年情況，包括業務動態，然後我將把詳細的財務概述交給 Lorenzo。接下來，我將對前景發表看法並作總結，然後再回答你們的問題。

So, starting with Q4. We delivered revenues at $3.33 billion, above the midpoint of our business outlook range, driven by higher revenues in Personal Electronics and to a lesser extent in Communication Equipment and Computer Peripheral and Industrial, while Automotive was below expectations.

那麼，就從第四季開始吧。我們實現了 33.3 億美元的營收，高於我們業務展望範圍的中點，這主要得益於個人電子產品營收的成長，以及通訊設備、電腦週邊設備和工業領域的營收成長（儘管成長幅度較小），而汽車業務則低於預期。

Gross margin of 35.2% was also above the midpoint of our business outlook range, mainly due to better product mix. Excluding impairment, restructuring charges and other related phaseout costs, diluted earnings per share was $0.11, including certain negative one-time tax expenses impact of $0.18 per share.

毛利率為 35.2%，也高於我們業務展望範圍的中點，這主要是由於產品組合更加合理。不計減損、重組費用和其他相關逐步淘汰成本，稀釋後每股收益為 0.11 美元，其中包括每股 0.18 美元的某些負面一次性稅收支出影響。

Q4 revenue marked the return to year-over-year growth. During the quarter, we further worked down inventories, both in our balance sheet and in distribution, and we generated a positive $257 million free cash flow.

第四季營收恢復年增。本季度，我們進一步降低了資產負債表和分銷管道的庫存，並產生了 2.57 億美元的正自由現金流。

Looking at the full year 2025. Net revenues decreased 11.1% to $11.8 billion, mainly driven by a strong decrease in Automotive and to a lesser extent, in Industrial, while Personal Electronics and Communication Equipment and Computer Peripheral both grew. Gross margin was 33.9%, down from 39.3% in full year 2024. Excluding impairment, restructuring charges and other related phaseout costs, diluted earnings per share was $0.53. We invested $1.79 billion in net CapEx, while generating free cash flow of $265 million.

展望2025年全年。淨收入下降 11.1% 至 118 億美元，主要原因是汽車行業的大幅下降，其次是工業行業的下降，而個人電子和通訊設備以及電腦外圍設備均有所增長。毛利率為 33.9%，低於 2024 年全年的 39.3%。不計減損損失、重組費用及其他相關逐步淘汰成本，稀釋後每股收益為 0.53 美元。我們淨資本支出投入 17.9 億美元，同時產生 2.65 億美元的自由現金流。

Let's now discuss our business dynamics during Q4. In Automotive, during the quarter, we grew revenues 3% sequentially. Year-over-year revenues declined, but with continued improvement in the trend. Automotive design momentum progressed with design wins across both electric and traditional vehicle domains for applications such as onboard chargers, DC-DC converters, powertrain and vehicle control electronics.

現在我們來討論一下第四季的業務動態。在汽車業務方面，本季我們的營收季增了 3%。年比收入有所下降，但整體趨勢持續改善。汽車設計勢頭強勁，在電動車和傳統汽車領域均取得了設計上的成功，應用領域包括車載充電器、直流-直流轉換器、動力系統和車輛控制電子設備。

These included design wins for power semiconductors, smart power devices, automotive microcontrollers, analog and sensors. These awards supported by engagements with various OEMs and Tier 1 ecosystems, strengthen our position as a key supplier to the automotive industry. Regarding the acquisition of NXP's MEMS sensor business, the transaction we announced in July is still expected to close in H1 2026.

其中包括功率半導體、智慧功率元件、汽車微控制器、類比電路和感測器等領域的設計訂單。這些獎項，以及與各汽車製造商和一級供應商生態系統的合作，鞏固了我們作為汽車行業關鍵供應商的地位。關於收購恩智浦半導體的MEMS感測器業務，我們7月宣布的交易預計仍將於2026年上半年完成。

In Industrial, revenues were better than expected, showing increases of 5% sequentially and 5% year-over-year. Importantly, inventories in distribution further decreased and are now normalizing. In Industrial, our portfolio of microcontrollers, sensing technologies and analog and power devices is strongly positioned to support industrial transformation trends and the need of physical AI.

工業領域的收入優於預期，季增 5%，年增 5%。重要的是，分銷中的庫存進一步減少，目前正在恢復正常。在工業領域，我們的微控制器、感測技術以及類比和功率裝置產品組合具有強大的市場地位，能夠支援工業轉型趨勢和實體人工智慧的需求。

During the quarter, we saw design wins across industrial automation and robotics, building automation, power systems, health care and home appliances. In November, we held our STM32 Summit where we announced several key innovations, including the first microcontroller built on the 18-nanometer process, a next-generation wireless microcontrollers and an updated suite of edge AI software tools.

本季度，我們在工業自動化和機器人、建築自動化、電力系統、醫療保健和家用電器等領域都獲得了設計訂單。11 月，我們舉辦了 STM32 峰會，會上宣布了幾項關鍵創新，包括首款採用 18 奈米製程製造的微控制器、下一代無線微控制器以及一套更新的邊緣 AI 軟體工具。

Personal Electronics, fourth quarter revenues were above our expectations, down 2% sequentially, reflecting the seasonality of our engaged customer programs. During the quarter, we strengthened our position in mobile platform and connected consumer devices, both with our engaged customer programs as well as our open market offering for devices such as our sensors, secure solutions and power management products.

個人電子產品業務第四季營收超出預期，季減 2%，反映了我們客戶互動計畫的季節性特徵。本季度，我們透過積極的客戶互動計畫以及面向市場的感測器、安全解決方案和電源管理產品等設備產品，鞏固了我們在行動平台和互聯消費設備領域的地位。

Revenues for communication equipment and computer peripherals were up 23% sequentially, better than expected. In AI and data center infrastructure, we continue to reinforce our position supporting the increasing demand for higher power density and energy efficiency. During the quarter, we secured multiple design wins for silicon and silicon carbide-based power solutions, supporting next-generation AI compute architectures.

通訊設備和電腦週邊設備的收入環比成長 23%，優於預期。在人工智慧和資料中心基礎設施領域，我們不斷鞏固自身地位，以滿足對更高功率密度和能源效率日益增長的需求。本季度，我們獲得了多個基於矽和碳化矽的電源解決方案的設計訂單，為下一代人工智慧運算架構提供支援。

We also continue to work with customers to bring our silicon photonics technology to the market. The strong momentum in optical connectivity technologies for data centers also contributed to a significant rise in demand for our high-performance microcontroller used in pluggable optics.

我們也會繼續與客戶合作，將我們的矽光子技術推向市場。資料中心光連接技術的強勁發展動能也促使市場對我們用於可插拔光元件的高效能微控制器的需求大幅成長。

The low-earth orbit satellite business based on our BiCMOS and panel level packaging technologies continued to progress during the quarter with shipments ramping to our second largest customer.

基於我們的 BiCMOS 和麵板級封裝技術的低地球軌道衛星業務在本季度繼續取得進展，向我們第二大客戶的出貨量不斷增加。

Moving to sustainability. We remain on track for our key 2027 commitments. Carbon neutrality 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 and 100% renewable energy sourcing.

邁向永續發展。我們仍按計畫推進2027年的關鍵承諾。實現範圍 1 和範圍 2 的所有直接和間接排放的碳中和，重點關注範圍 3 的產品運輸、商務旅行和員工通勤排放，並實現 100% 可再生能源採購。

A major milestone this year was the launch of Singapore's largest industrial district cooling system at our Ang Mo Kio facilities in Q4. We also continue to maintain our strong presence in the major sustainability indices where we were honored to be recognized in the Time world's most sustainable companies list for the second consecutive year.

今年第四季度，我們在宏茂橋工廠推出了新加坡最大的工業區域冷卻系統，這是一個重要的里程碑。我們在各大永續發展指數中也持續保持強勁的競爭力，我們很榮幸連續第二年入選《時代》雜誌全球最具永續發展能力公司榜單。

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

現在請洛倫佐介紹我們的關鍵財務數據。

Thank you, Jean-Marc, and good morning, everyone. Let's have a detailed review of the fourth quarter. Starting with revenues on a year-over-year basis by reportable segment. Analog products, MEMS and sensor grew 7.5%, mainly due to Imaging. Power and Discrete products decreased by 31.6%. Embedded Processing revenues were up 1% to 2% with higher revenues in general purpose and automotive microcontrollers, offsetting declines in connected security and custom processing products. RF and optical communication grew 22.9%.

謝謝你，讓-馬克，大家早安。讓我們詳細回顧一下第四季的情況。首先按報告分部計算同比收入。類比產品、MEMS 和感測器成長了 7.5%，主要得益於成像技術的成長。功率和分立裝置產品銷量下降了 31.6%。嵌入式處理業務收入成長 1% 至 2%，通用和汽車微控制器的收入成長抵消了互聯安全和客製化處理產品收入的下降。射頻和光通訊成長了 22.9%。

By end market, communication equipment and computer peripheral and personal electronics both grew by about 17%. Industrial grew by about 5%, while automotive decreased by about 15%. Year-over-year, sales increased 0.6% to OEM and decreased 0.7% to distribution. On a sequential basis, Power and Discrete was the only segment to decrease by 3.9%. All the other segments grew, led by RF and optical communication up 30.5%, while Embedded Processing and Analog products, MEMS and sensor were up, respectively, 3.9% and 1.1%.

按終端市場劃分，通訊設備、電腦週邊設備和個人電子產品均成長了約 17%。工業成長約 5%，而汽車產業下降約 15%。與去年同期相比，OEM銷售額成長0.6%，分銷通路銷售額下降0.7%。按季度來看，電力和離散裝置是唯一下降 3.9% 的細分市場。其他所有細分市場均實現成長，其中射頻和光通訊成長 30.5%，嵌入式處理和類比產品、MEMS 和感測器分別成長 3.9% 和 1.1%。

By end market, sequential growth was led by communication equipment and computer peripherals, up 23%. Industrial was up 5% and automotive was up 3%, while Personal electronics declined 2%.

按終端市場劃分，通訊設備和電腦週邊設備引領了環比成長，成長了 23%。工業板塊上漲 5%，汽車板塊上漲 3%，而個人電子產品板塊則下降 2%。

Turning now to profitability. Gross profit in the fourth quarter was $1.17 billion, decreasing 6.5% on a year-over-year basis. Gross margin was 35.2%, decreasing 250 basis points year-over-year, mainly due to lower manufacturing efficiencies and to a lesser extent, negative currency effect and lower level of capacity reservation fees.

現在來談談獲利能力。第四季毛利為 11.7 億美元，年減 6.5%。毛利率為 35.2%，年減 250 個基點，主要原因是生產效率降低，其次是匯率負面影響和產能預訂費降低。

On a sequential basis, gross margin improved by 200 basis points. Q4 gross margin included about 50 basis points of negative impact resulting from a nonrecurring cost related to our manufacturing reshipping program. In the next few quarters, we expect a similar negative impact on gross margin from the just mentioned nonrecurring costs.

與上一季相比，毛利率提高了200個基點。第四季毛利率受到約 50 個基點的負面影響，這是由於與我們的生產重新發貨計劃相關的非經常性成本造成的。在接下來的幾個季度裡，我們預計上述非經常性成本將對毛利率產生類似的負面影響。

Total net operating expenses, excluding restructuring, amounted to $906 million in the fourth quarter, slightly increasing year-over-year due to unfavorable currency effect. They were slightly better than expected, reflecting our continued cost discipline and the initial benefit from our cost savings initiative. For the first quarter 2026, we expect net OpEx to stand at about $860 million, decreasing quarter-on-quarter. As a reminder, these amounts are net of other income and expenses and exclude the restructuring.

第四季總淨營運支出（不包括重組支出）為 9.06 億美元，由於不利的匯率影響，較去年同期略有成長。實際結果略好於預期，這反映了我們持續的成本控制以及成本節約計畫的初步成效。我們預計 2026 年第一季淨營運支出約為 8.6 億美元，季減。需要提醒的是，這些金額已扣除其他收入和支出，但不包括重組費用。

In the fourth quarter, we reported $125 million operating income, which included $141 million for impairment, restructuring charges and other related phaseout costs. These charges are related to the execution of the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding the nonrecurring items, Q4 non-US GAAP operating margin was 8%, with Analog product MEMS and Sensor at 16.2%, Power and Discrete negative 30.2% Embedded Processing at 19.2% and RF and Optical Communication at 23.4%.

第四季度，我們報告營業收入為 1.25 億美元，其中包括 1.41 億美元的減損、重組費用和其他相關逐步淘汰成本。這些費用與先前宣布的公司範圍內的計劃的執行有關，該計劃旨在重塑我們的生產佈局並調整我們的全球成本基礎。剔除非經常性項目後，第四季非美國通用會計準則營業利潤率為 8%，其中類比產品 MEMS 和感測器為 16.2%，功率和分立元件為 -30.2%，嵌入式處理為 19.2%，射頻和光通訊為 23.4%。

Fourth quarter 2025 net loss was $30 million, including certain onetime noncash income tax expenses of $163 million compared to a net income of $341 million in the year ago quarter. Diluted earnings per share was negative $0.03 compared to $0.37 of last year. Excluding the previously mentioned nonrecurring item related to the impairment, restructuring charges and other related phaseout costs, non-US GAAP net income stood at $100 million and non-US GAAP diluted earnings per share stood at $0.11, including certain negative onetime tax expenses impacting of $0.8 per share.

2025 年第四季淨虧損 3,000 萬美元，其中包括 1.63 億美元的某些一次性非現金所得稅支出，而去年同期淨利為 3.41 億美元。稀釋後每股收益為負0.03美元，去年同期為0.37美元。除上述與減損、重組費用和其他相關逐步淘汰成本相關的非經常性項目外，非美國通用會計準則淨收入為 1 億美元，非美國通用會計準則稀釋後每股收益為 0.11 美元，其中包括影響每股 0.8 美元的某些負面一次性稅項支出。

Looking now at our full year 2025 financial performance. Net revenue decreased 11.1% to $11.8 billion. In terms of revenue by end market, Automotive represents about 39% of our total 2025 revenues. Personal Electronics about 25%; Industrial, about 21% and Communication and Computer Peripheral about 15%. By customer channel, sales to OEMs and distribution represent 72% and 28%, respectively, of total revenue in 2025.

現在讓我們展望一下我們2025年全年的財務表現。淨收入下降11.1%至118億美元。以終端市場收入計算，汽車產業約占我們 2025 年總收入的 39%。個人電子產品約佔 25%；工業產品約佔 21%；通訊和電腦週邊設備約佔 15%。按客戶通路劃分，到 2025 年，面向 OEM 和經銷商的銷售額分別佔總收入的 72% 和 28%。

By region of customer region, 43% of our 2025 revenues were from the Americas, 31% from Asia Pacific and 26% from EMEA. Gross margin decreased to 33.9% for 2025 compared to 39.3% for 2024, mainly due to lower manufacturing efficiencies and to a lesser extent, the price and mix, lower level of capacity reservation fees, negative currency effect and higher unused capacity charges.

以客戶所在地區劃分，我們 2025 年的收入中有 43% 來自美洲，31% 來自亞太地區，26% 來自歐洲、中東和非洲地區。2025 年毛利率從 2024 年的 39.3% 下降至 33.9%，主要原因是生產效率降低，其次是價格和產品組合、產能預訂費降低、匯率負面影響以及閒置產能費用增加。

Operating income stood at $175 million compared to $1.68 billion in 2024. Excluding $376 million for impairment, restructuring charges and other related phaseout costs, non-US GAAP operating margin was 4.7%. On a reported basis, net income was $166 million and EPS was $0.18. On a non-US GAAP basis, they stood respectively at $486 million and $0.53.

營業收入為 1.75 億美元，而 2024 年預計為 16.8 億美元。扣除 3.76 億美元的減損、重組費用和其他相關逐步淘汰成本後，非美國通用會計準則下的營業利潤率為 4.7%。以報告數據計算，淨收入為 1.66 億美元，每股收益為 0.18 美元。以非美國通用會計準則計算，淨收入和每股盈餘分別為 4.86 億美元和 0.53 美元。

Net cash from operating activities totaled $2.15 billion compared to $2.97 billion in 2024. Net CapEx expenditure was $1.79 billion in 2025, in line with our revised expectation and lower than the $2.5 billion of 2024. Free cash flow was $265 million positive in 2025 compared to the $288 million positive of the previous year. Inventory at the end of the year was $3.14 billion compared to the $3.17 billion at the end of the third quarter and $2.79 billion one year ago.

經營活動產生的淨現金總額為 21.5 億美元，而 2024 年為 29.7 億美元。2025 年淨資本支出為 17.9 億美元，符合我們修訂後的預期，低於 2024 年的 25 億美元。2025 年自由現金流為 2.65 億美元，而前一年為 2.88 億美元。年末庫存為 31.4 億美元，而第三季末為 31.7 億美元，一年前為 27.9 億美元。

Days sales of inventory at quarter end were 130 days, slightly better than our expectation compared to the 135 days for the previous quarter and 122 days in the year ago quarter. Cash dividends paid to stockholders in 2025 totaled $321 million. In addition, during 2025, ST executed share buybacks totaling $367 million.

季度末庫存週轉天數為 130 天，略優於我們的預期，上一季為 135 天，去年同期為 122 天。2025年支付給股東的現金股利總額為3.21億美元。此外，在 2025 年，ST 執行了總額達 3.67 億美元的股票回購計畫。

ST maintained its financial strength with a net financial position that remains solid at $2.79 billion as at end of December 2025, reflecting total liquidity of $4.92 billion and total financial debt of $2.13 billion.

英石截至 2025 年 12 月底，公司維持了穩健的財務實力，淨財務狀況為 27.9 億美元，反映出總流動資金為 49.2 億美元，總金融債務為 21.3 億美元。

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

現在回到讓-馬克，他將對我們的前景發表評論。

Thank you, Lorenzo. Now let's move to our business outlook for Q1 2026. We are expecting Q1 '26 revenues at $3.04 billion, a decrease of 8.7% sequentially, plus or minus 350 basis points. We expect our gross margin to be about 33.7%, plus or minus 200 basis points, including about 220 basis points of unused capacity charges. This business outlook does not include any impact for potential further changes to global tariffs compared to the current situation.

謝謝你，洛倫佐。現在讓我們來看看2026年第一季的業務展望。我們預計 2026 年第一季營收為 30.4 億美元，季減 8.7%，上下浮動 350 個基點。我們預計毛利率約為 33.7%，上下浮動 200 個基點，其中包括約 220 個基點的未使用產能費用。該商業展望並未考慮全球關稅可能進一步變化對當前情況造成的任何影響。

In terms of net CapEx for 2026, we plan to invest about $2.2 billion to support capacity addition for selected growth drivers like those for cloud optical interconnect and our manufacturing reshaping plan.

就 2026 年的淨資本支出而言，我們計劃投資約 22 億美元，以支持選定的成長驅動因素（例如雲光互連）和我們的製造重塑計畫的產能增加。

To conclude, 2025 turned out to be a challenging year for the end market we serve, characterized by continued inventory correction in automotive and industrial, in particular, the first part of the year. The second half was better with gradual improvement of the revenue trend and a return to a year-on-year growth in the fourth quarter. We are entering '26 with a better visibility than entering '25 with the inventory correction in distribution progressively improving.

總之，2025 年對於我們所服務的終端市場來說是充滿挑戰的一年，其特點是汽車和工業領域持續的庫存調整，尤其是在上半年。下半年情況有所好轉，收入趨勢逐步改善，第四季度恢復了同比增長。進入 2026 年，我們對未來的預期比進入 2025 年時要好，分銷通路的庫存調整也逐漸改善。

Beyond the evidence of a cycle recovery, ST will benefit from the following company-specific growth drivers. In automotive, we see solid momentum in our engaged customer programs in ADAS, where we expect to grow this year and in the coming years. In silicon carbide power devices, following a significant contraction in 2025, we anticipate a return to revenue growth in 2026 with revenues projected to recover to 2024 levels by 2027. In sensors, we see strong demand, both in MEMS and imaging sensor and our planned acquisition of NXP MEMS business will strengthen our leading position across the automotive and industrial segment.

除了周期性復甦的跡像外，ST還將受益於以下公司特有的成長驅動因素。在汽車領域，我們看到ADAS（高級駕駛輔助系統）的客戶互動項目發展勢頭強勁，我們預計今年及未來幾年該領域將持續成長。在碳化矽功率元件領域，繼 2025 年大幅萎縮之後，我們預計 2026 年營收將恢復成長，預計到 2027 年營收將恢復到 2024 年的水準。在感測器領域，我們看到了強勁的需求，無論是 MEMS 感測器還是成像感測器，我們計劃收購 NXP MEMS 業務將鞏固我們在汽車和工業領域的領先地位。

In industrial, in general purpose MCUs, building on market share gains 2025 and a road map of new product launch for 2026, we are on track to return to our historical market share of about 23% by 2027. In Personal Electronics, where we continue to see strong momentum in our engaged customer programs in sensors and analog, we should keep on benefiting from increased silicon content in 2026 and beyond.

在工業領域，在通用MCU領域，憑藉2025年市場份額的成長和2026年新產品發布路線圖，我們預計在2027年恢復到約23%的歷史市場份額。在個人電子產品領域，我們在感測器和類比電路方面的客戶參與計畫持續保持強勁勢頭，我們應該會在 2026 年及以後繼續受益於矽含量的增加。

In communication equipment, computer peripheral, in data centers, including cloud, optical interconnect and power and analog for AI servers and data centers, with the current market dynamic, we believe we can deliver $1 billion revenue before 2030 with already USD500 million in 2026. In low-earth orbit satellites, we are expanding our customer base, and we anticipate continued revenue growth as low earth orbit constellation projects expand globally and penetrate new applications such as direct-to-cell constellation.

在通訊設備、電腦週邊設備、資料中心（包括雲端）、光互連以及人工智慧伺服器和資料中心的電源和類比電路領域，憑藉目前的市場動態，我們相信在 2030 年前可以實現 10 億美元的收入，並在 2026 年實現 5 億美元的收入。在低地球軌道衛星領域，我們正在擴大客戶群，隨著低地球軌道星座計畫在全球擴展並滲透到直接到小區星座等新應用領域，我們預計收入將持續成長。

Lastly, ST is uniquely positioned to address human wind robotics through our broad portfolio, spanning MCUs, MEMS, optical sensors, GNSS and power management. We are already generating revenues through engagements with major OEMs, and we estimate our current addressable bill of material at about $600 per system.

最後，ST憑藉其涵蓋MCU、MEMS、光學感測器、GNSS和電源管理的廣泛產品組合，在解決人類風力機器人問題方面具有獨特的優勢。我們已經透過與主要 OEM 廠商的合作創造了收入，我們估計目前每個系統的可處理物料清單約為 600 美元。

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

謝謝，我們現在可以回答您的問題了。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Francois Bouvignies, UBS.

瑞銀集團的弗朗索瓦·布維尼。

Thank you, very much. My first question maybe for Jean-Marc, I wanted to come back to what you said about the outlook. I mean, if we look at your revenue guidance down 8.7% quarter-on-quarter, this is below seasonal -- better than seasonal, sorry, of minus 11%. And if we take into account less days, it's actually significantly above seasonal.

非常感謝。我的第一個問題可能要問讓-馬克，我想回到你之前談到的前景問題。我的意思是，如果我們看一下你們的收入預期，環比下降 8.7%，這低於季節性預期——比季節性預期（-11%）要好，抱歉。如果減少天數，實際氣溫實際上會顯著高於季節性氣溫。

So, I was wondering, I mean, this is looking quite interesting. And if we compare to other peers like TI yesterday or ADI and Microchip, you see a number of your peers talking about above seasonal. I mean what's your view on the trajectory from here? Do you think this above seasonal trend can carry on a little bit? Or we shouldn't get carried away like we did in the last two years where we have many fall starts? Do you see like a very genuine evidence of a cycle recovery from here?

所以，我在想，這看起來很有趣。如果我們與昨天的 TI、ADI 和 Microchip 等其他同行進行比較，你會發現許多同行都在談論高於季節性的因素。我的意思是，你認為接下來的發展軌跡會是怎麼樣的呢？你認為上述季節性趨勢還能持續一段時間嗎？或者我們不應該像過去兩年那樣，秋季開賽太多？你認為這像是周期恢復的非常確鑿的證據嗎？

Well, we will not guide for 2026 today, clearly, but we are confident in our ability to grow organically for next year. But it's clear that we enter in a better and healthier situation compared to '25. If you remember last quarter, okay, I already shared with you that we were seeing a backlog that were reading during the quarter better than the usual seasonality. And today, with the visibility we have on Q2 that generally speaking, okay, is plus, let's say, low mid-single digit, but we absolutely see no reason that we will not be at least capable to deliver it.

顯然，我們今天不會對 2026 年做出預測，但我們對明年實現有機成長的能力充滿信心。但很顯然，與 2025 年相比，我們現在所處的環境更好、更健康。如果你還記得上個季度的情況，好的，我已經和你們分享過，我們看到的積壓訂單情況在當季表現優於通常的季節性水平。而今天，根據我們對第二季的了解，總的來說，情況還不錯，比如說，是略高於個位數，但我們絕對看不到任何理由說我們至少無法實現這一目標。

More important, I think, beyond the cycle is to share with you that we see for the company some specific growth driver. First of all, in automotive, clearly, we will have the sensor. And at a certain moment, when we will complete the acquisition of NXP, of course, it will bring additional revenues. This is obvious. But we see also positive momentum on ADAS ASICs and the silicon carbide after last year that was pretty challenging.

我認為，除了週期之外，更重要的是與大家分享我們看到的公司的一些具體成長動力。首先，在汽車領域，很顯然，我們會有感測器。當然，在某個時刻，當我們完成對恩智浦的收購時，它將帶來額外的收入。這顯而易見。但我們也看到，在經歷了去年的挑戰之後，ADAS ASIC 和碳化矽領域也出現了積極的發展動能。

Well, in industrial, clearly, the dynamic is really strong, thanks to the inventory correction gone, but more important is our portfolio. So we have done a tremendous effort in introduction of new products in '25 and '26, and this will contribute beyond the cycle. For Personal Electronics, our engaged customer program, you know that we have the visibility, okay? So I confirm to you. So we confirm that it will support us beyond the cycle.

嗯，在工業領域，很明顯，由於庫存調整的結束，市場動態非常強勁，但更重要的是我們的投資組合。因此，我們在 2025 年和 2026 年推出了新產品，這將有助於超越本週期的發展。對於個人電子產品，透過我們的客戶互動計劃，您知道我們擁有很高的知名度，好嗎？所以我向你確認。因此我們確認，它將在周期結束後繼續為我們提供支援。

And last but not the least, data center. But clearly, in 2026, cloud optical interconnect, so means both photonics ICs and analog mix signal by CMOS ICs plus our high-performance general purpose microcontroller will contribute because you know that the connectivity engine of the server will move to optical one. So this will be certainly an acceleration. And as well, we will start to contribute to the power supply unit and to the server from the green to the processor.

最後，也是非常重要的一點，資料中心。但很顯然，到 2026 年，雲光互連，也就是光子積體電路和 CMOS 積體電路類比混合訊號，再加上我們的高效能通用微控制器，都將發揮作用，因為你知道伺服器的連接引擎將轉向光纖連接。所以這無疑會加速發展。此外，我們將開始為電源供應器和伺服器（從綠色部分到處理器）做出貢獻。

Last but not the least, beyond the cycle in '26, we see also low earth orbit satellite communication with our engaged customer program, so with our ASICs really positive. This will be a bit offset by the capacity fee reservation. But all in all, I confirm really our confidence level to grow organically in 2026 and because we have, let's say, significant growth driver beyond the cycle of the market.

最後但同樣重要的是，在 2026 年的周期之後，我們也透過我們積極的客戶計畫看到了低地球軌道衛星通信，因此我們的 ASIC 也非常樂觀。場地預訂費將部分抵銷這部分損失。但總而言之，我確認我們對 2026 年實現有機成長充滿信心，因為我們擁有超越市場週期的顯著成長動力。

Very clear. And yes, maybe on the gross margin side, I mean, with it, I mean, obviously, it's a concern for the market. You delivered the guidance is in line on the gross margin, but 33.7%. But when I look at the consensus, it has 35.6% of gross margin for the year. So it would assume a recovery from here. So with the top line that you described nicely, should we see as well an improvement of gross margin from the level in Q1?

非常清楚。是的，也許在毛利率方面，我的意思是，很明顯，這對市場來說是一個令人擔憂的問題。您給出的毛利率指引與預期相符，但為 33.7%。但根據市場普遍預期，該公司的年度毛利率為 35.6%。所以，這假設情況會從這裡開始好轉。鑑於您剛剛描述的業績成長情況，我們是否也應該看到毛利率比第一季有所提高？

Maybe I take this one, Jean-Marc, about the gross margin. But today, of course, the gross margin will depend on the evolution of the revenue in the course of the year. As explained by Jean-Marc, we expect, let's say, to increase. But the gross margin today that we see in Q1, we believe is clearly the lowest point in the year, this expectation of 33.7%.

或許我可以回答這個問題，讓-馬克，關於毛利率。當然，如今的毛利率將取決於一年中收入的變化。正如讓-馬克所解釋的那樣，我們預計，比如說，會增加。但我們認為，目前第一季的毛利率顯然是今年的最低點，預期為 33.7%。

So we will see some increase. This increase is also driven by the fact that we expect to have constantly reduction in our unloading charges during the year. So we expect some mild increase for the second quarter and then a more significant increase also driven by the seasonality of the revenues in the second half of the year. Yes, at this stage, we can say that the expectation for us is to have increase in our gross margin all over the year.

所以我們將會看到一些成長。這一增長也源自於我們預計年內卸貨費用將持續下降。因此，我們預計第二季將出現小幅成長，然後下半年受季節性因素影響，將出現更大幅度的成長。是的，現階段我們可以說，我們預計全年毛利率都會有所成長。

Andrew Gardiner, Citi.

安德魯‧加德納，花旗集團。

Thank you for the question. Good morning all. I was interested, Jean-Marc, in digging a bit deeper into the automotive space. Clearly, your largest end market and the one where we're still seeing the most difficulty in terms of getting through the bottom of this cycle. There's a number of sort of end market data points out there that are, I suppose, still causing investors' questions in terms of the health of the market, tariff threats back and forth admittedly, but also not helping.

謝謝你的提問。各位早安。讓-馬克，我對深入了解汽車領域很感興趣。顯然，這是你們最大的終端市場，也是我們目前仍難以走出本輪週期低谷的市場。目前存在一些終端市場數據點，我認為，這些數據點仍然會引起投資者對市場健康狀況的疑問，關稅威脅一再出現，這固然沒錯，但也無濟於事。

I'm just wondering how -- can you give us a bit more detail in terms of how you're seeing your customers behave? Do you think inventory is absolutely at a bottom in terms of the automotive channel and at the OEMs and the Tier 1s. What kind of confidence do you have as we look into the future quarters that we can return to stronger demand trends?

我只是想了解一下—您能否更詳細地描述您觀察到的客戶行為？你認為汽車通路、整車製造商和一級供應商的庫存是否已經絕對觸底？展望未來幾季，您對能否恢復強勁的需求趨勢有多大信心？

Well, first of all, clearly, when we see our Q4 revenue in automotive, it was slightly below our expectation and mainly, in fact, driven by the pulling from inventory a little bit lower than expected from some Tier 1 means that the automotive market for, let's say, legacy application, clearly is pretty soft. Inventory correction is certainly gone, but there is a kind of a softness of this kind of application.

首先，很明顯，當我們查看第四季度汽車業務收入時，發現它略低於我們的預期，這主要是由於一些一級供應商的庫存提取量略低於預期，這意味著，例如傳統應用領域的汽車市場顯然相當疲軟。庫存調整機制雖然已經不存在，但這種應用方式有一定的彈性。

What will be positive on automotive is clearly what is around, let's say, the electronic architecture, the new software-defined electronic architecture calling for more complex MPU, MCUs definitively. So this will be an important growth driver. But we know that the electrical powertrain will be still an important driver.

對汽車產業來說，積極的方面顯然是圍繞著電子架構展開的，例如新的軟體定義電子架構，它需要更複雜的MPU和MCU。因此，這將是一個重要的成長驅動力。但我們知道，電動動力系統仍將是重要的驅動力。

But here, it is more the competition landscape that changed completely compared a few years ago because you see that out of, let's say, more than 30 million vehicles produced in China, more than half are battery based compared to America, where it is more marginal in terms of production. And in Europe, it is below one third. So here, it's more a question of the competition is in China. So you know that in China is more complex to compete. But the powertrain electronics, the demand is there.

但在這裡，與幾年前相比，競爭格局發生了徹底的變化，因為你可以看到，比如說，中國生產的超過 3000 萬輛汽車中，超過一半是電池驅動的，而美國在電池驅動汽車的生產方面佔比則相對較小。而在歐洲，這一比例不到三分之一。所以，這裡更多的是一個關於中國競爭的問題。所以你知道，在中國競爭更複雜。但是動力系統電子設備方面，市場需求是存在的。

So, all in all, I think the automotive market based on 90 million, 92 million, 93 million vehicles out of which 17 million to 18 million vehicle battery based and similar number in hybrid is still changing in terms of mix as well from the car classification is more middle end or premium car, even this car now embed some electronics. So the market is not yet stable. So that's the reason why we have to be, let's say, cautious to adapt ourselves. But we see a different situation compared entering in '25, where we faced very strong inventory correction in Q1 last year, if you remember, from our main customer, this will not be repeated.

總而言之，我認為汽車市場規模在 9000 萬、9200 萬、9300 萬輛之間，其中 1700 萬到 1800 萬輛是純電動汽車，混合動力汽車的數量也與之相近，而且汽車的構成仍在變化，從汽車分類來看，更多的是中端或高端汽車，即使是這些汽車現在也嵌入了一些電子設備。所以市場尚未穩定。所以，這就是為什麼我們必須謹慎行事，努力適應環境的原因。但與 2025 年初的情況相比，我們看到的情況有所不同。如果你還記得的話，去年第一季我們主要客戶出現了非常強烈的庫存調整，這種情況不會重演。

It is more, let's say, a progressive stabilization of the market in terms of mix of car electrical hybrid thermal combustion engine and mix of car between high premium, premium and middle class and mix between China, APAC, Europe and Asia. So this is something we have to, of course, closely monitor and adapt ourselves with our supply chain. So this is how we see the automotive market.

更確切地說，這反映了汽車市場在以下方面的逐步穩定：汽車電動混合動力燃油引擎的組合，高端、中高端和中檔汽車的組合，以及中國、亞太地區、歐洲和亞洲之間的汽車組合。所以，這當然是我們必須密切注意並調整自身供應鏈的事情。這就是我們對汽車市場的看法。

Thank you so much. Just a quick follow-up, given you mentioned China at length there. How is the partnership with Sanan progressing? Is that going as you anticipated? Is it helping your competitiveness in that market? Or is it still too early?

太感謝了。鑑於您剛才詳細提到了中國，我再補充一點。與三安的合作進度如何？事情進展是否如你所預期的？它是否有助於提升你在該市場的競爭力？還是現在說這些還太早？

No. Clearly, so we will start to ramp up the facilities now, okay? We have modernized. We know exactly the efficiency of this fab. And clearly, it will be a key success factor in our capability to compete on the Chinese market.

不。顯然，所以我們現在就要開始逐步完善設施，好嗎？我們實現了現代化。我們非常清楚這家工廠的效率。顯然，這將是我們能否在中國市場競爭的關鍵成功因素。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey guys, thank you for taking my question. I actually wanted to drill into the Personal Electronics segment a little bit more. I think there's some concerns of disruption or even pull-ins in the short term due to higher memory costs. It came in better in the quarter. Maybe you could walk through what the drivers you're seeing are there and if you're seeing any changes in order pattern. And I believe you called out higher silicon content in 2026. Was that referring to expectations for your largest customer this year? Thank you.

各位好，感謝你們回答我的問題。我其實想更深入探討個人電子產品領域。我認為，由於記憶體成本較高，短期內可能會出現一些業務中斷甚至用戶流失的擔憂。本季表現更好。或許您可以詳細說明您看到的驅動因素是什麼，以及您是否觀察到訂單模式有任何變化。我相信你曾預言2026年矽含量會更高。那是指你對今年最大客戶的預期嗎？謝謝。

Yes, you know that our revenue are mainly driven by our biggest customer and more on the high-end kind of product, which are, in some extent, less sensitive to the memory price. So, at this stage, with the visibility we have, first of all, we don't see significant impact detected by us. And I confirm that we expect to keep growing in personal electronics driven by our main customer in 2026, thanks to our increased device based on silicon and not module content increase in '26. So far, PE will be a growth driver for us in '26.

是的，您也知道，我們的收入主要來自我們最大的客戶，而且更多來自高端產品，這些產品在某種程度上對記憶體價格不太敏感。因此，就目前我們所掌握的情況來看，首先，我們並沒有發現任何重大影響。我確認，由於我們在 2026 年增加了基於矽而非模組的設備含量，我們預計在主要客戶的推動下，個人電子產品業務將在 2026 年繼續成長。到目前為止，私募股權投資將在 2026 年成為我們的成長動力。

And then I think the last couple of quarters, you've been kind enough to give us your book-to-bill ratios in auto and industrial. It seems like things are getting better on the industrial side in particular. Can you update us, I guess, on those metrics and whether you're mostly done with the channel inventory clearing on the industrial side? Thank you and congrats on the solid results.

然後，我認為在過去的幾個季度裡，您非常慷慨地向我們提供了汽車和工業領域的訂單出貨比。尤其在工業領域，情況似乎正在好轉。能否請您更新這些指標的情況，以及您是否已基本完成工業管道的庫存清理工作？謝謝，也祝賀你們取得如此優異的成績。

No. In Industrial, the book-to-bill was well above parity. Clearly. Also, beyond your question, I can tell you that the POS were growing, let's say, between low teens, mid-teens, which is a good news. So we continue to decrease our inventory.

不。在工業領域，訂單出貨比遠高於訂單出貨比。清楚地。另外，除了你的問題之外，我還可以告訴你，POS 值正在成長，比如說，在十幾到十幾之間，這是一個好消息。因此，我們繼續減少庫存。

But on automotive is the book-to-bill is a little bit more complex because we have some few key customers that are putting order in one shot for six months. So the book-to-bill must be, let's say, assessed on one-year moving average or six months moving average. So corrected from this, let's say, abnormal, let's say, process, the book-to-bill was parity on automotive.

但汽車業的訂單到出貨流程稍微複雜一些，因為我們有一些重要的客戶會一次下達未來六個月的訂單。因此，帳面出貨比必須以一年移動平均值或六個月移動平均值來評估。因此，在修正了這個異常的流程後，汽車產業的帳面出貨量與實際出貨量之比達到了一致。

Got it. Thank you.

知道了。謝謝。

Thanks Josh. Moira, next question, please.

謝謝你，喬希。莫伊拉，請問下一個問題。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

Yeah, hello, good morning. Thank you for taking the question. I just wanted to come back a bit on the scenario for the year, and I know you're not guiding. But historically, you've been saying that the second half is like 15% above the first, that's normal seasonality. And then on the top of that, you may have some specific programs.

是的，你好，早安。感謝您回答這個問題。我只是想稍微回顧一下今年的情況，我知道你不是指導者。但從歷史資料來看，你一直說下半年比上半年高出 15% 左右，這是正常的季節性現象。除此之外，你可能還有一些特定的項目。

With the sting point you guide on Q1 and we look at -- when I look at the consensus for the full year, it seems to be banking on something lower than that because of the starting point in Q1. So can you just confirm that you see now that the inventory correction is done normal seasonality throughout the year and maybe give some comments about the adds of some customer engage program? Thank you.

鑑於您在第一季給出的指導性要點，我們來看——當我查看全年共識時，似乎預期會低於該點，因為第一季的起點較低。所以，您能否確認一下，您現在看到的庫存調整是全年正常的季節性調整，並就新增的一些客戶互動項目發表一些意見？謝謝。

No. On the inventory correction, what we communicated, okay, I and Lorenzo and myself is to say by end of Q2, we believe we will be hold the excess of inventory. And this today, I can confirm -- it's already the case for many product family. We are still here and there some pockets of excess inventory versus what we see. But looking at the current dynamic, POS, POP by end of Q2, this will go. So now it's sure that in H2, we will be exposed directly to the end demand.

不。關於庫存調整，我們溝通的內容是，我和洛倫佐都認為，到第二季末，我們將能夠控制住過剩的庫存。今天我可以確認——這種情況已經發生在許多產品系列中了。與我們所看到的庫存相比，我們這裡仍然有一些地方存在庫存過剩的情況。但從目前的動態來看，到第二季末，POS 和 POP 的銷售情況將會好轉。所以現在可以肯定的是，在下半年，我們將直接面對終端需求。

Now about again, what we consider engaged customer program be the cycle, let's say, we can split I have to say. One is the usual personal electronics, and why we say it's cycle is because silicon content increase, okay? So we have the visibility with the current visibility we have, okay? So this will help us to grow the cycle of personal electronics and assuming our main customer will perform in market share really well performed in 2025, okay? So this will drive our growth.

現在再說回我們認為的參與客戶計畫的周期，比如說，我們可以把它拆分一下。一是常見的個人電子產品，之所以說它是循環的，是因為矽含量增加，懂嗎？所以，我們目前掌握的這些資訊是準確的，好嗎？這樣將有助於我們發展個人電子產品的週期，假設我們的主要客戶在 2025 年的市佔率表現非常出色，好嗎？這將推動我們的成長。

Moving to communication equipment and computer peripheral, well, communication equipment. Communication equipment, it is clear that for the lower or satellite communication is an important driver because thanks to our capability to supply and compete, our growth is driven by our largest customer in this field of activity. And as we see is pretty successful. And certainly this year, will be another demonstration of the success. Now since two quarters, we are supporting our second largest customer that is growing as well. So it is clearly beyond the cycle. So this will be a significant growth driver beyond the cycle for ST.

轉到通訊設備和電腦外圍設備，嗯，主要是通訊設備。通訊設備顯然是低端或衛星通訊的重要驅動力，因為憑藉我們的供應和競爭能力，我們的成長是由我們在該領域最大的客戶所推動的。正如我們所見，它相當成功。今年無疑將再次證明這項成功。現在，我們已經為第二大客戶提供服務兩個季度了，而且這家客戶也在不斷成長。所以它顯然已經超越了周期。因此，這將成為ST在周期之外的重要成長動力。

Last but not the least is AI data center. You know AI data center, okay, we were, let's say, a bit delay for what call the device addressing the power station we are in, let's say, process to close the gap and offer solution to our customers. But clearly, we will be at of the business dynamic, it is the optical engine or the cloud optical interconnect. So its photonics ICs, MOCs and high performance general microcontroller. And this will contribute to the growth of ST significantly in 2023.

最後但同樣重要的是人工智慧資料中心。你知道人工智慧資料中心，好吧，我們，比如說，在調用設備處理我們所在電站的問題上，稍微有些延遲，比如說，為了彌合差距並向我們的客戶提供解決方案。但很顯然，我們將處於業務動態的關鍵位置，那就是光引擎或雲光互連。所以它包括光子積體電路、MOC 和高性能通用微控制器。這將大大促進ST在2023年的成長。

Then moving to the more, let's say, traditional market focus we have, so automotive industrial. For ADAS, ASIC, last year was a challenging one because we saw some inventory correction on, let's say, some legacy ASIC. But this year, okay, clearly, with the visibility we have, this will be a booster of growth.

然後轉向我們更傳統的市場關注點，例如汽車工業。對於 ADAS 和 ASIC 而言，去年是充滿挑戰的一年，因為我們看到一些傳統 ASIC 的庫存進行了調整。但今年，好吧，很明顯，憑藉我們目前所看到的情況，這將促進成長。

Finally, our SiC MOSFET, about the difficult year of '25 will grow again. And I can confirm to you that up to now in Q1, we have a good book-to-bill on silicon carbide that is very encouraging. And definitely, our sensor contribution with the acquisition of NXP MEMS plus the existing imaging sensor, existing MEMS we have.

最後，我們的 SiC MOSFET 經歷了艱難的 2025 年，將會再次成長。我可以向你確認，截至目前，第一季碳化矽的訂單出貨比表現良好，這非常令人鼓舞。當然，我們收購 NXP MEMS 以及我們現有的成像感測器和 MEMS 也將為感測器領域做出貢獻。

And I am very pleased that beyond the inventory correction done on general purpose microcontroller, the proliferation of our new products are really paying back very well. And I am really confident that in '27, we come back to our historical market share and '26 will be an important step to demonstrate it. So this is actually in a few words how we can describe '26.

我很高興地看到，除了對通用微控制器進行庫存調整之外，我們新產品的普及也確實帶來了非常好的回報。我非常有信心，到 2027 年，我們將恢復到我們歷史上的市場份額，而 2026 年將是證明這一點的重要一步。所以，這就是我們用幾句話來描述「26」的方式。

Okay, thank you very much, Jean-Marc. I have a small follow-up on the gross margin comments. I think last quarter, you said that you think you would end up Q4 2026 above the level of Q4 2025 in gross margin. Do you still feel confident with what you see developing the mix, the underloading charges, et cetera, et cetera?

好的，非常感謝你，讓-馬克。關於毛利率的評論，我還有一些補充說明。我認為上個季度您說過，您認為 2026 年第四季的毛利率將高於 2025 年第四季的水平。您對目前所看到的混合料配比、裝藥量等情況仍有信心嗎？

Yes. Yes, I confirm that at this stage, the expectation is that Q4 this year '26 should be better than Q4 '25.

是的。是的，我確認，現階段預計 2026 年第四季業績將好於 2025 年第四季。

Okay, very clear. Thank you very much.

好的，非常清楚。非常感謝。

Domenico Ghilotti, Equita.

多梅尼科·吉洛蒂，Equita。

Good morning. A couple of questions. The first is on the unloaded charges. You are guiding for a significant drop in Q1. trying to understand despite the lower sales, I'm trying to understand if you see this number at the bottom and if you are already benefiting from, say, the efficiency plan that you carried out.

早安.幾個問題。首先是關於未裝填的彈藥。您預計第一季業績將大幅下滑。儘管銷售額下降，但我仍然想了解您是否已經看到了業績下滑的趨勢，以及您是否已經從您實施的效率提升計劃中受益。

And second is some color on, if you can, on the second client in low earth orbit. So should we assume that it is a significant number or just starting entrance of new clients or an add-on, but not particularly relevant?

其次，如果可以的話，請為近地軌道上的第二個客戶端添加一些顏色。所以我們應該認為這是一個相當大的數字，還是只是新客戶的開始湧入，或者只是一個附加功能，但並不特別重要？

Maybe I'll take the one of the unused charges. Yes, unused charges are declining in the first quarter. There are -- the reason -- the main ingredient of the declining in this quarter is the fact that, as you know, we are progressing with our programs to reshaping our manufacturing infrastructure. This program is progressively reducing our capacity in 6-inch for silicon carbide, 150-millimeter for silicon carbide and 200-millimeter for silicon. And we start, let's say, to move ahead on this plan. So this is, if you want, is something that is mechanical. At the end, the capacity is reduced. We are now moving our product on the existing capacity on one side, 8-inch for the silicon carbide and the 300-millimeter for the silicon.

或許我會選擇其中一個未使用的儲值額度。是的，第一季未使用的費用正在下降。本季業績下滑的主要原因是，如您所知，我們正在推進製造業基礎設施的改造計畫。該計劃正在逐步減少我們在 6 吋碳化矽、150 毫米碳化矽和 200 毫米矽方面的產能。然後，我們開始著手推進這個計畫。所以，如果你願意的話，這可以算是一種機械方面的東西。最後，產能下降。我們現在正將產品轉移到現有產能的一側，8 英吋用於碳化矽，300 毫米用於矽。

So that's why we see the level of unused capacity, notwithstanding that the revenue are lower in respect to the previous quarter to reduce. This trend will continue. Unused capacity will not disappear in the year, but will significantly reduce in the year and will be one driver for our improvement in the gross margin in the course of 2026.

所以這就是為什麼儘管收入比上一季下降，我們仍然看到產能利用率下降的原因。這種趨勢還會持續下去。未使用的產能不會在一年內消失，但會在一年內大幅減少，並將成為我們在 2026 年提高毛利率的驅動因素之一。

About the second question, yes, it's significant. If not, we will not mention. But I can just confirm you to number in Q4, our CCP segment grew sequentially 23% and year-over-year 22%. Definitively, it is linked to the low or satellite business we have, and it is driven both by our first customer and then by the second one. So at 22%, 23% growth sequential and year-over-year, so you can conclude it is significant.

關於第二個問題，是的，它很重要。如果沒有，我們就不提及。但我可以向你確認，根據第四季度的數據，我們的 CCP 業務板塊環比增長 23%，同比增長 22%。這無疑與我們的低端或衛星業務有關，並且是由我們的第一個客戶和第二個客戶共同推動的。因此，環比增長 22%、同比增長 23%，由此可見，這是一個顯著的增長。

Sandeep Deshpande, JPMorgan.

Sandeep Deshpande，摩根大通。

Hi, thanks for letting me on. My question is about your fab loading into the current quarter. Given what is happening with the gross margin in the current quarter, how is the fab loading going through in the quarter? And how is the mix shifting overall in terms of the gross margin? Because you have a revenue decline, but the gross margin is declining. So are you reducing your fab loading this quarter? Or are you increasing your fab loading?

你好，謝謝讓我加入。我的問題是關於你們工廠本季的產能負荷情況。鑑於本季毛利率的情況，本季晶圓廠的產能利用如何？從毛利率的角度來看，整體結構發生了什麼樣的變化？因為你們的收入下降了，但毛利率也在下降。那麼，你們本季會減少晶圓廠的產能負荷嗎？還是你們正在增加晶圓廠的產能負荷？

And my follow-up question associated with that is how the mix, particularly associated with your better margin microcontroller products is shifting?

我接下來的問題是，你們的產品組合，特別是利潤率較高的微控制器產品，正在發生什麼樣的變化？

In the quarter, as I was saying before, the unloading charges is mainly related to the fact that we are moving out capacity, reducing capacity in certain specific fabs. where, of course, we are now moving production in different fabs, 300 millimeters, so reducing our capacity. So at the end, when you look at the level of loading, we are not overloading our production, let's say, in the quarter.

正如我之前所說，本季的卸貨費用主要與我們正在轉移產能、減少某些特定晶圓廠的產能有關。當然，我們現在正在將生產轉移到不同的晶圓廠，300毫米晶圓廠，因此降低了我們的產能。所以最後，當你查看負載水準時，你會發現，比如說，在這個季度裡，我們的生產並沒有超負荷運作。

Clearly, if you look the inventory and you look where it will be the dynamic of the inventory in the quarter, as usual, you know that there is this seasonality in our inventory in which in the first half, our inventory is somehow increasing and then decreasing in the second part of the year. So, at the end, what it will be the impact is that now the expectation is end the quarter Q1 in the range of 140 days of inventory compared to the 130 days where we stand today.

顯然，如果你查看庫存，並觀察本季庫存的動態變化，你會發現，像往常一樣，我們的庫存存在季節性波動，上半年庫存會增加，下半年庫存會減少。因此，最終的影響是，預計第一季末的庫存天數將達到 140 天，而目前為 130 天。

But I repeat that this is more related, let's say, to the normal dynamic of our inventory over the year than, let's say, loading our manufacturing infrastructure in a way that is -- the impact on unloading charges is mainly related to the fact that we started with our programs to reduce capacity in some specific areas.

但我重申，這與我們全年正常的庫存動態關係更大，而不是與我們製造基礎設施的負載增加有關——卸貨費用的影響主要與我們開始實施某些特定領域產能削減計劃有關。

Clearly, the impact -- the positive impact, let's say, of this in terms of gaining efficiency and so on will come probably later, as you know, in our, let's say, manufacturing infrastructure. We do expect our program to be -- to start to yield a positive impact in our -- in our manufacturing efficiency more in 2027 than this year. But one of the impact that visible is the reduced level of unloading. Together also with the expectation of growth in terms of revenues. This we will see during the year, let's say, depending on the level of growth.

顯然，就提高效率等方面而言，這種正面影響可能會在以後顯現，正如你所知，例如在我們的製造業基礎設施方面。我們預計，到 2027 年，我們的專案將開始對我們的生產效率產生積極影響，比今年產生更大的影響。但其中一個顯而易見的影響是卸貨量減少。同時，也預期收入會成長。這或許會在一年內根據成長水準而定。

And my follow-up question is regarding about your microcontroller business, which is if you look at the Embedded Processing segment, it grew 1.2% year-on-year. I mean, many of your peers in this market are seeing better growth at this point. So why is ST growth in a key segment for ST lagging at this point or something else happening in that division?

我的後續問題是關於你們的微控制器業務，如果你看一下嵌入式處理部門，它比去年同期成長了 1.2%。我的意思是，目前市場上許多同業都取得了更好的成長。那麼，為什麼ST在關鍵業務領域的成長目前落後呢？還是該部門發生了其他什麼事情？

So, embedded processing segment, clearly, the growth dynamic we have on the general purpose microcontroller is, let's say, at least consistent with our peers. Why it is a little bit offset? It is offset by our automotive microcontroller because, okay, up to now, our automotive microcontroller are more the microcontroller that will be, let's say, for some model of car moving to the software-defined vehicle architecture removed clearly.

因此，就嵌入式處理領域而言，很明顯，通用微控制器的成長動態至少可以說與我們的同行保持一致。為什麼會略微偏移？我們的汽車微控制器彌補了這一點，因為，好吧，到目前為止，我們的汽車微控制器更像是微控制器，比如說，對於某些型號的汽車來說，轉向軟體定義車輛架構顯然是被移除的。

And I already explained that we have done a strong effort in 2025 to rework the road map of our micro, but this will be paid back, okay, more, let's say, end of '27 and '28. For the time being, yes, we suffer on the automotive microcontroller that is, let's say, optically offsetting the real good health of the general purpose.

我已經解釋過，我們在 2025 年大力改進了我們的微型電腦路線圖，但這種努力要到 2027 年底或 2028 年才能得到回報。就目前而言，是的，我們在汽車微控制器方面遇到了一些問題，可以說，這些問題在一定程度上抵消了通用電腦的良好運作狀況。

But the general purpose microcontroller, let's say, maybe I can share with you one number, okay, for Q1, the embedded processing solution segment will grow up low 30s. So above 30% year-over-year. So you can imagine that the growth of general purpose will be really, really strong more than, let's say, the secure microcontroller are growing a little bit less because driven by the market. And okay, of course, we have some offset linked to the automotive micro.

但是，就通用微控制器而言，比如說，也許我可以和你分享一個數字，好的，對於第一季來說，嵌入式處理解決方案領域將成長到 30 左右。年成長超過30%。所以你可以想像，通用微控制器的成長將會非常非常強勁，而安全微控制器的成長則會稍慢一些，因為受到市場驅動。當然，我們還有一些與汽車微電腦相關的偏移。

But I can confirm to you that our general-purpose microcontroller are performing or overperforming the market.

但我可以向你確認，我們的通用微控制器在市場上表現優異或超越市場平均。

Thank you, Sandeep. I think we have time for one more question.

謝謝你，桑迪普。我想我們還有時間再問一個問題。

Sebastian Sztabowicz, Kepler.

Sebastian Sztabowicz，開普勒。

Yeah, hi everyone, thanks for taking my question. Coming back to the transformation program, have you made any specific progress so far? And notably on the manufacturing front? And are you still on track to reach your savings ambition for the end of '27?

大家好，感謝各位回答我的問題。回到轉型計劃，到目前為止，你有任何具體進展了嗎？尤其是在製造業方面？您是否仍有望在 2027 年底實現儲蓄目標？

And the second one is more on the OpEx trend. So Q1, we know where it will stand. But for the full year, where do you see OpEx trending? And how do you see the start-up costs impacting the OpEx 2023? Do you plan to accelerate a little bit further the cost-cutting actions for OpEx? Thank you.

第二個趨勢更偏向營運支出 (OpEx)。所以，Q1，我們知道它的位置了。但就全年而言，您認為營運支出 (OpEx) 的發展趨勢如何？您認為啟動成本將如何影響 2023 年的營運支出？您是否計劃進一步加快營運支出方面的成本削減措施？謝謝。

In terms of our reshaping programs, I would say that is progressing in line with the expectation. In the course of 2025, the main, let's say, impact was related to the savings in our OpEx that indeed, when you look at the overall are declining, notwithstanding, let's say, the negative impact of the euro dollars. So at this stage in the course of 2026, as I said, we will start, let's say, progressively to transfer some activity from -- in silicon carbide to 8-inch in silicon to the 300-millimeter.

就我們的重組計劃而言，我認為其進展符合預期。在 2025 年，主要影響體現在我們的營運支出節省上，儘管歐元兌美元產生了負面影響，但總體而言，營運支出確實在下降。所以，正如我所說，在 2026 年的這個階段，我們將開始逐步地將一些活動從碳化矽轉移到 8 英寸矽，再轉移到 300 毫米。

As I was saying before, is now expected to yield the benefit in our manufacturing infrastructure efficiency of this program towards the second part of 2027 and 2028. So my short answer is, yes, we are on track in respect to what we have communicated previously. So, this is the situation.

正如我之前所說，預計該計劃將在 2027 年下半年和 2028 年提高我們製造業基礎設施的效率。所以我的簡短回答是，是的，就我們之前溝通的內容而言，我們正按計劃進行。情況就是這樣。

In respect to the expenses of 2026, now the expectation remains substantially the same, means that at the end, at this level of exchange rate, including the impact of the hedging, we should be able to stay with a net OpEx means including other income and expenses on a low single-digit increase, something in that range, mainly driven by the fact that we will have a reduction in other income and expenses in respect to the one of 2025 due to the phaseout cost because, of course, let's say, from the one side, we reduced the capacity in our manufacturing 6-inch, 8-inch. But on the other side, we have a progressive phaseout from these steps that will be reported in this line. It's a temporary effect, but it will be there during 2026.

關於 2026 年的支出，目前的預期基本保持不變，這意味著最終，在目前的匯率水平下，包括對沖的影響，我們應該能夠將淨運營支出（包括其他收入和支出）保持在較低的個位數增長，大致在這個範圍內，這主要是由於我們其他收入和支出相對於 2025 年將會減少，因為逐步製造成本，例如，一方面，我們逐步製造設備和生產設備。但另一方面，我們將逐步淘汰這些步驟，具體內容將在下文中報告。這只是暫時的影響，但會持續到 2026 年。

Okay, thank you.

好的，謝謝。

Thank you, Sebastian. And thank you, everyone. I think this is ending our call for this quarter. So thanks very much all of you for being there, and we remain here at your disposal should you need any follow-up questions. Thank you.

謝謝你，賽巴斯蒂安。謝謝大家。我認為本季電話會議到此結束。非常感謝各位的到來，如果您有任何後續問題，我們隨時為您服務。謝謝。

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

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