意法半導體 (STM) 2026 Q2 法說會逐字稿

Thank you everyone for joining our second-quarter 2026 financial result call. Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer. Joining Jean-Marc on the call are Lorenzo Grandi, President and CFO; Marc Cassis, President, Analog Power and Discrete, MEMS and Sensor Group, and Head of STMicroelectronics Strategy, System Research and Application and Innovation Office; and Remi El-Quazzane, President, Microcontrollers, Digitalizing and RF Product Groups.

感謝各位參加我們 2026 年第二季財務業績電話會議。今天主持會議的是 ST 總裁暨執行長 Jean-Marc Chery。與 Jean-Marc 一同出席的還有：總裁兼財務長 Lorenzo Grandi；類比電源與分離式元件、MEMS 與感測器事業群總裁，並兼任意法半導體策略、系統研究與應用及創新辦公室負責人 Marc Cassis；以及微控制器、數位化與 RF 產品事業群總裁 Remi El-Quazzane。

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

這些即時網路直播與簡報資料可於 ST 投資人關係網站取得。本次電話會議結束後不久將提供重播。本次電話會議將包含前瞻性陳述，涉及可能導致 ST 業績與管理層預期與計畫出現重大差異的風險因素。

We encourage you to review the Safe Harbor statement contained in the press release, that's what issued with the results this morning, and also in ST's most recent regulatory filing for a full description of this risk factor. 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.

我們鼓勵您查閱新聞稿中所載的「安全港」聲明（即今早隨業績一併發布者），並參閱 ST 最新的監管申報文件，以取得對該等風險因素的完整說明。此外，為確保所有與會者在問答環節都有機會提問，請每位與會者僅限一個問題並簡短追問。

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

現在我想把電話會議交給 ST 總裁暨執行長 Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone, and thank you for joining ST for our Q2 2026 earnings conference call. I will start with an overview of the second quarter 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 question.

謝謝你，Jerome。各位早安，感謝各位參加 ST 2026 年第二季財報電話會議。我將先概述第二季的表現，包括業務動態，接著交由 Lorenzo 進行更詳細的財務說明。之後我會就展望發表評論並作結，然後回答各位的問題。

So, starting with Q2, our second quarter net revenues of $3.49 billion came in above the midpoint of our business outlook range, driven by higher revenues in communication equipment, computer and peripherals, and automotive. Gross margin was 34.8% and non-US GAAP gross margin was 35.2%. Both were in line with the midpoint of our business outlook range. Non-US GAAP diluted earnings per share was $0.31. During the second quarter, inventory in our balance sheet remained flattish. In distribution, inventory further decreased and is now below our standard target. We generated a positive $75 million free cash flow.

先從第二季開始，我們第二季淨營收為 34.9 億美元，高於我們業務展望區間的中點，主要受惠於通訊設備、電腦與周邊，以及汽車領域營收較高。毛利率為 34.8%，非美國 GAAP 毛利率為 35.2%。兩者皆符合我們業務展望區間的中點。非美國 GAAP 稀釋後每股盈餘為 0.31 美元。第二季期間，我們資產負債表上的存貨維持大致持平。在通路端，存貨進一步下降，目前已低於我們的標準目標。我們產生了 7,500 萬美元的正向自由現金流。

Let's now discuss our business dynamics during Q2. During the quarter, demand increased further with strong bookings and book-to-bill close to 2 overall. We were well above 1 in whole end markets and significantly above 2 in communication equipment, computer and peripheral, mostly driven by optical connectivity, including silicon photonics. We saw improved visibility and signs of tight supply in several product categories.

接下來談談第二季的業務動態。本季需求進一步增加，接單強勁，整體接單出貨比（book-to-bill）接近 2。我們在所有終端市場皆遠高於 1，而在通訊設備、電腦與周邊更顯著高於 2，主要由光學連接（包含矽光子）所帶動。我們看到能見度改善，且在多個產品類別出現供應吃緊的跡象。

In automotive, revenues came in better than expected, increasing 14% sequentially and 16% year-over-year. This growth was driven by our solid position on application-specific ICs and sensors for conventional applications. Electrical powertrain and ADAS. Automotive design momentum continued to build across multiple OEM and Tier 1 ecosystems. We secured design wins across hybrid, electric and conventional vehicles, including applications in onboard chargers, powertrain and active suspension.

在汽車領域，營收表現優於預期，季增 14%、年增 16%。此成長主要來自我們在傳統應用的特定應用 IC 與感測器上的穩固地位。包括電動動力系統與 ADAS。汽車設計導入動能持續在多家 OEM 與一級供應商（Tier 1）生態系中累積。我們在混合動力、純電與傳統車款上取得設計導入勝利（design wins），涵蓋車載充電器、動力系統與主動式懸吊等應用。

These wins were across our application-specific ICs and sensors. Specifically, our smartpower ICs wins include custom devices for airbags, electronic stability control, and suspension applications based on our popularity BCD technologies manufactured in our Agrate 300 millimeter waffle fan. We have progressed well with the integration of NXP MEMS sensor business acquired in February.

這些勝利涵蓋我們的特定應用 IC 與感測器。具體而言，我們的 Smartpower IC 勝利包括用於安全氣囊、電子車身穩定控制與懸吊應用的客製化元件，採用我們的 BCD 技術製造，並在我們位於 Agrate 的 300 毫米晶圓廠生產。我們在整合 2 月收購的 NXP MEMS 感測器業務方面進展良好。

As we anticipated, the complementary technology and product portfolio is strengthening our automotive sensor business with awards at key players for active safety application and tire pressure monitoring. Industrial improvement 20% sequentially and 34% year over years. Importantly, inventory in distribution further decreased and is now below our standard target. This solid growth was driven by our general-purpose microcontrollers and by analog with their wide ecosystems, and by our application-specific analog products complemented by power conversion products.

如我們所預期，互補的技術與產品組合正在強化我們的汽車感測器業務，並在主動安全應用與胎壓監測方面獲得關鍵客戶的專案授予。工業領域季增 20%、年增 34%。重要的是，通路端存貨進一步下降，目前已低於我們的標準目標。這波穩健成長主要由我們的通用型微控制器、具廣泛生態系的類比產品，以及由電源轉換產品補強的特定應用類比產品所帶動。

We are strongly positioned to support the ingoing transformation of factory automation, robotics, and power and energy infrastructure. Our portfolio is uniquely addressing the emerging needs of physical AI, where intelligent sensing, real-time control, and efficient power management are increasingly critical. During the quarter, we saw design wins across industrial automation, power systems, building automation, and home appliances.

我們具備強勁的定位，可支援工廠自動化、機器人，以及電力與能源基礎設施正在進行的轉型。我們的產品組合以獨特方式滿足「實體 AI」的新興需求，其中智慧感測、即時控制與高效率電源管理正變得愈發關鍵。本季我們在工業自動化、電力系統、樓宇自動化與家電等領域取得設計導入勝利。

We continued to introduce new advanced sensors for these applications. We launched a new series of industrial MEM sensors with onboarded AI, tailored for the fast-growing industrial condition monitoring market. We also announced a new compact 3D LiDAR module delivering AI-ready output data for low-compute edge AI systems running on microcontrollers and high-performance sensing in applications such as robotics, industrial automation, smart buildings, VR, and healthcare. This is in line with our strategy to move beyond standalone sensors and deliver integrated sensing systems that support real-world Edge AI.

我們持續為這些應用推出新的先進感測器。我們推出一系列具備內建 AI 的工業 MEMS 感測器，專為快速成長的工業狀態監測市場打造。我們也宣布一款新的緊湊型 3D LiDAR 模組，可輸出 AI 就緒資料，適用於在微控制器上運行、低運算量的邊緣 AI 系統，並在機器人、工業自動化、智慧建築、VR 與醫療保健等應用中提供高效能感測。這符合我們的策略：從單一感測器走向整合式感測系統，以支援真實世界的邊緣 AI。

Finally, we announce a further expansion of our collaboration with NVIDIA to accelerate physical AI. As a partner in NVIDIA Halos for robotics and end-to-end functional safety system for industrial and humanoid robots, ST is bringing its microcontrollers, sensors, motor control, and security solutions to support Halos readiness across chips, evaluation kits, software, and reference designs.

最後，我們宣布進一步擴大與 NVIDIA 的合作，以加速實體 AI。作為 NVIDIA Halos（用於機器人與端到端功能安全系統，適用於工業與人形機器人）的合作夥伴，ST 將提供其微控制器、感測器、馬達控制與資安解決方案，透過晶片、評估套件、軟體與參考設計，支援 Halos 在各層面的就緒。

For personal electronics, second quarter revenues were up 3% sequentially and 20% year-over-year. This growth was driven by increased content by device in our engaged customer programs and better-than-normal seasonality. During the quarter, we introduced a secure chip that helps smartphone and personal electronics manufacturers prepare for quantum-ready security requirements. It combines post-quantum cryptography acceleration with NFC, secure elements, and eSIM functions on a (inaudible) for use cases such as digital identity, payments and digital car keys.

在個人電子領域，第二季營收季增 3%、年增 20%。此成長主要由我們在既有客戶專案中單機內容（content per device）提升，以及優於常態的季節性所帶動。本季我們推出一款安全晶片，協助智慧型手機與個人電子製造商為量子就緒的安全需求做好準備。該晶片將後量子密碼學加速與 NFC、安全元件與 eSIM 功能整合於一個（聽不清）上，適用於數位身分、支付與數位車鑰等使用情境。

We also introduced a new generation of ultra-low-power global shutter image sensors that deliver high-quality, always-on vision to compact devices operating on batteries or harvested energy, such as wearables, AR/VR, and XR headsets, smartphone appliances, and medical devices. They are engineered to deliver rich visual context and AI-ready data under tight constraints on power, size and cost.

我們也推出新一代超低功耗全域快門影像感測器，可為以電池或能量採集供電的精巧裝置提供高品質、常時啟動的視覺能力，例如穿戴式裝置、AR/VR 與 XR 頭戴式裝置、智慧型手機周邊、以及醫療裝置。其設計旨在於功耗、尺寸與成本受限的條件下，提供豐富的視覺情境與 AI 就緒資料。

With the depth sensing technologies I mentioned earlier and this device for AI vision, ST delivers a complete perception stack for edge AI to customer. For communication equipment, computer and peripherals, second quarter revenue were above expectations, showing increase of 13% sequentially and 50% year-over-year. This growth was driven by our engaged customer programs with our custom designed products, boosted by our microcontrollers for optical connectivity.

結合我先前提到的深度感測技術以及這款用於 AI 視覺的裝置，ST 為客戶提供完整的邊緣 AI 感知堆疊。在通訊設備、電腦與周邊方面，第二季營收高於預期，季增 13%、年增 50%。此成長主要由我們既有客戶專案中的客製化設計產品所帶動，並受惠於我們用於光學連接的微控制器而進一步提升。

Indeed, ST is a core enabler for the Cloud AI era. We see strong traction on optical connectivity driven by silicon photonics ICs, electronic ICs, microcontrollers. For the power stage of Cloud AI, we are already successful with our microcontrollers and high voltage power and analog products. And we are building a pipeline of design wins for low voltage power and analog products.

確實，ST 是雲端 AI 時代的核心推動者。我們看到由矽光子 IC、電子 IC、微控制器所帶動的光學連接需求強勁。在雲端 AI 的電源級方面，我們已憑藉微控制器以及高電壓電源與類比產品取得成功。同時，我們也正在為低電壓電源與類比產品建立一系列設計導入（design win）管線。

Therefore, we are raising our revenue ambition for data centers. We now expect revenue above $1 billion in 2026. And assuming the current dynamics continues, and with the current engagements we have, well above $2 billion in 2027. During the quarter, we secured multiple design wins across a range of products from optical connectivity driven by silicon photonics ICs, electronic ICs and microcontrollers to silicon and silicon carbide-based power solutions.

因此，我們上調了資料中心的營收目標。我們目前預期 2026 年營收將超過 10 億美元。並且在目前動能延續、以及現有合作案的基礎上，2027 年將遠超過 20 億美元。本季期間，我們在多項產品上取得多個設計導入，涵蓋由矽光子 IC、電子 IC 與微控制器驅動的光學連接，以及以矽與碳化矽為基礎的電源解決方案。

In addition, we see a growing numbers of non-traditional AI server companies, including players coming from industries such as solar power and battery storage, where we are leveraging strong relationships to support their expansion into this field.

此外，我們也看到非傳統 AI 伺服器公司的數量持續增加，包括來自太陽能發電與電池儲能等產業的業者；我們正運用既有的強大合作關係，支持其擴展至此領域。

In May, we held a webcast on the low-Earth orbit satellite communication and new space opportunity for ST, Highlighting how ST Is positioned as a core semiconductor enabler across this new industry. We see a significant opportunity here, with our addressable market expected to reach around $3 billion by 2030 or about 4 times the 2025 level. ST expects to generate well above $3 billion in cumulative space revenue over the period 2026-2028, mainly with our BiCMOS, FD-SOI and panel-level packaging technologies.

5 月，我們舉辦了一場網路直播，介紹 ST 在低地球軌道衛星通訊與新太空（New Space）領域的機會，並強調 ST 如何在這個新產業中定位為核心半導體推動者。我們在此看到顯著機會，預期可服務市場（addressable market）到 2030 年將達約 30 億美元，約為 2025 年水準的 4 倍。ST 預期在 2026-2028 年期間累計太空營收將遠超過 30 億美元，主要來自我們的 BiCMOS、FD-SOI 與面板級封裝技術。

Finally, in June, ST Joined the EUR115 million Series A financing of Quobly to accelerate the industrialization of its silicon-based quantum computers and bring its first commercial product to market by the end of 2026. For ST, the scale needed by high-performance computing customers can only be achieved if breakthrough quantum systems can be industrialized and integrated with semiconductor grade standards and backed by a robust ecosystem.

最後，在 6 月，ST 參與 Quobly 的 1.15 億歐元 A 輪融資，以加速其矽基量子電腦的工業化，並在 2026 年底前將其首款商用產品推向市場。對 ST 而言，高效能運算客戶所需的規模，唯有在突破性的量子系統能夠工業化、並以半導體等級標準完成整合且有健全生態系支撐時，才能實現。

We are leveraging years of shared expertise in FD-SOI and deep technological collaboration to accelerate the commercialization of Quobly products through our 300 millimeter silicon farm environment. In May, we held our 2026 STMicroelectronics Annual Shareholder Meeting, where all resolutions were approved. Following the AGM, ST Supervisory Board appointed Mr. Armando Varricchio as the Chairman and Mr. Nicolas Dufourcq as the V-Chairman of the Supervisory Board.

我們正運用多年在 FD-SOI 的共同專業與深度技術合作，透過我們的 300 毫米矽晶製造環境，加速 Quobly 產品的商業化。5 月，我們召開 2026 年 STMicroelectronics 年度股東常會，所有議案均獲通過。股東常會後，ST 監事會任命 Armando Varricchio 先生為監事會主席，並任命 Nicolas Dufourcq 先生為監事會副主席。

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

接下來交給 Lorenzo，由他為各位說明我們的主要財務數據。

Thank you, Jean-Marc. Good morning, everyone. Let's start with a detailed review of the second quarter, starting with the revenues on a year-over-year basis.

謝謝你，Jean-Marc。各位早安。我們先從第二季的詳細回顧開始，先看營收的年對年表現。

By reportable segment, analog products, MEMS, and sensors grew 26%, mainly due to imaging and MEMS. And to a lesser extent, analog. Power and discrete products increased by 3.7%. Embedded processing revenues were up 35.5%, mainly due to general-purpose microcontroller and to a lesser extent, custom processing and connected securities. And the RF and optical communication grew 32%.

按可報導部門來看，類比產品、MEMS 與感測器成長 26%，主要受影像與 MEMS 帶動。類比產品的貢獻相對較小。電源與分離式元件產品成長 3.7%。嵌入式處理營收成長 35.5%，主要來自通用型微控制器，其次為客製化處理與連接式安全元件。RF 與光學通訊成長 32%。

By end market, communication equipment and computer peripherals grew 50%, industrial 34%, personal electronics 20%, and automotive 16%. Year-over-year, sales to OEMs and distribution increased 23.3% and 33.1%, respectively. On a sequential basis, by reportable segment, analog product MEMS and sensor increased by 8.2%, power and discrete by 19.2%, embedded processing by 17.7%, and RF optical communication by 8.6%. By end market, on a sequential basis, industrial grew 20%, automotive 14%, communication equipment computer peripheral 13%, and personal electronics 3%.

按終端市場來看，通訊設備與電腦周邊成長 50%，工業成長 34%，個人電子成長 20%，汽車成長 16%。年對年而言，對 OEM 與通路的銷售分別成長 23.3% 與 33.1%。按季比來看，按可報導部門，類比產品、MEMS 與感測器成長 8.2%，電源與分離式元件成長 19.2%，嵌入式處理成長 17.7%，RF 與光學通訊成長 8.6%。按終端市場、按季比來看，工業成長 20%，汽車成長 14%，通訊設備與電腦周邊成長 13%，個人電子成長 3%。

Turning now to profitability. Gross profit in the second quarter was $1.22 billion, increasing 31.1% on a year-over-year basis. Gross margin was 34.8%, increasing 130 basis points year-over-year, mainly due to lower unused capacity charges and better product mix on a sequential basis, gross margin increased by 100 basis points. Non-US GAAP gross margin was 35.2%. Q2 gross margin included about 60 basis points of negative impact resulting from a non-recurring cost related to our manufacturing reshaping program. The negative impact on gross margin just mentioned, non-recurring cost is expected to remain at similar level over the rest of the year.

接著看獲利能力。第二季毛利為 12.2 億美元，年對年成長 31.1%。毛利率為 34.8%，年對年提升 130 個基點，主要因未使用產能費用較低以及產品組合改善；按季比，毛利率提升 100 個基點。非美國 GAAP 毛利率為 35.2%。第二季毛利率包含約 60 個基點的負面影響，源自與我們製造重塑計畫相關的一次性成本。上述對毛利率的負面影響（一次性成本）預期在今年剩餘期間將維持在相近水準。

Total net operating expenses, excluding restructuring amounted to $970 million in the second quarter. Non-US GAAP OpEx stood at $960 million in line with the expectation given in April. For the third quarter of 2026, we expect non-US GAAP net OpEx to stand at about $980 million. The sequential increase is mainly due to start-up cost and employee share award expenses that are more than offsetting the positive vacation seasonality effect. Excluding these two headwinds, Q3 '26 non-US GAAP net OpEx would have been at about $920 million.

第二季總淨營業費用（不含重整）為 9.70 億美元。非美國 GAAP 營業費用為 9.60 億美元，符合我們在 4 月給出的預期。對於 2026 年第三季，我們預期非美國 GAAP 淨營業費用約為 9.80 億美元。按季增加主要來自啟動成本與員工股份獎酬費用，且其影響超過了假期季節性帶來的正面效果。若排除這兩項逆風，2026 年第三季非美國 GAAP 淨營業費用約為 9.20 億美元。

For full year 2026, we now expect non-US GAAP net OpEx to be slightly above $3.8 billion, taking into account increased employee share award expenses and the temporary impact of the start-up cost, reducing our other income and extensive positive line. For full-year 2026, non-US GAAP net OpEx are expected to increase low double-digit year-over-year. Excluding NXP MEMS business acquisition and the exchange rate impact, like-for-like net OpEx should be up high single-digit year-over-year.

就 2026 全年而言，我們目前預期非美國 GAAP 淨營業費用將略高於 38 億美元，已考量員工股份獎酬費用增加，以及啟動成本的暫時性影響，這些因素降低了我們的其他收入與費用淨額（Other income and expense, net）項目的正面貢獻。2026 全年非美國 GAAP 淨營業費用預期年對年將以低雙位數成長。若排除 NXP MEMS 業務收購與匯率影響，以同口徑（like-for-like）計算的淨營業費用年對年應為高個位數成長。

Our cost-saving plan is delivering its expected benefits. At the same time, we are accelerating our investment in new business opportunities. In the second quarter, we reported $187 million operating income, which included $58 million for impairment, restructuring charges, and other related phase-out 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.

我們的成本節約計畫正如預期發揮效益。同時，我們也在加速對新業務機會的投資。第二季我們報告營業利益 1.87 億美元，其中包含 5,800 萬美元的減損、重整費用及其他相關的退場成本。這些費用與執行先前已宣布的全公司計畫有關，該計畫旨在重塑我們的製造版圖並調整全球成本基礎規模。

Q2 operating income also included $24 million purchase price allocation effective from our acquisition of NXP's MEMS sensor business. Excluding these items, Q2 non-US GAAP operating income stood at $269 million and non-US GAAP operating margin was 7.7% with analog product MEMS and sensor at 10.1%, power & discrete at minus 21.4%, embedded processing at 19.7% and RF optical communication at 21.2%.

第二季營業利益亦包含 2,400 萬美元的購買價格分攤（PPA）影響，該影響自我們收購 NXP 的 MEMS 感測器業務起生效。排除上述項目後，第二季非美國 GAAP 營業利益為 2.69 億美元，非美國 GAAP 營業利益率為 7.7%；其中類比產品、MEMS 與感測器為 10.1%，電源與分離式元件為 -21.4%，嵌入式處理為 19.7%，RF 與光學通訊為 21.2%。

Second quarter 2026 net income was $222 million, compared to a net loss of $97 million in the year-ago quarter. Diluted earnings per share were a positive $0.24 compared to a negative of $0.11 one year ago. Non-US GAAP net income stood at $291 million and non-US GAAP diluted earnings per share stood at $0.31.

2026 年第二季淨利為 2.22 億美元，相較於去年同期為淨損 9,700 萬美元。稀釋每股盈餘為正 0.24 美元，相較於一年前為負 0.11 美元。非美國 GAAP 淨利為 2.91 億美元，非美國 GAAP 稀釋每股盈餘為 0.31 美元。

Net cash from operating activities totaled $502 million in the second quarter, including $44 million outflow related to restructuring. Compared to net cash flow from operating activities of $354 million in the year-ago quarter. Net CapEx was $409 million in the second quarter, compared to $465 million in the year-ago quarter. We now expect 2026 net CapEx to be at the high end of our $2.2 billion range, reflecting accelerating investments in the selected growth drivers, including cloud optical interconnect.

第二季營運活動產生的淨現金合計 5.02 億美元，其中包含與重整相關的 4,400 萬美元現金流出。相較於去年同期營運活動產生的淨現金流為 3.54 億美元。第二季淨資本支出（CapEx）為 4.09 億美元，相較於去年同期為 4.65 億美元。我們目前預期 2026 年淨資本支出將落在 22 億美元區間的高端，反映我們對所選定成長驅動因素的投資正在加速，其中包括雲端光學互連。

Free cash flow was positive at $75 million in the second quarter, compared to a negative $152 million in Q2 2025. Inventory at the end of the quarter was $3.19 billion compared to $3.17 billion in Q1 '26 and $3.27 billion in Q2 2025. Day sales of inventory at the quarter end were 126 days in line with our expectation compared to 140 days for the previous quarter and 166 days in the year-ago quarter.

第二季自由現金流為正 7,500 萬美元，相較於 2025 年第二季為負 1.52 億美元。季末存貨為 31.9 億美元，相較於 2026 年第一季為 31.7 億美元、2025 年第二季為 32.7 億美元。季末存貨銷售天數為 126 天，符合我們的預期；相較於前一季為 140 天、去年同期為 166 天。

Cash dividends paid to stakeholders in the second quarter of 2026 totaled $75 million. ST maintained its financial strength with a net financial position that remains solid at $2.01 billion, as of June 27, 2026, reflecting total liquidity of $6.03 billion and a total financial debt of $4.02 billion. During the quarter, ST issued a new $1.5 billion dual tranche senior and secure convertible bond, tranche A, tranche B for $750 million each, due to 2031 and 2033 and announced the early redemption of its $750 million convertible bond due in 2027.

2026 年第二季支付給利害關係人的現金股利合計 7,500 萬美元。ST截至 2026 年 6 月 27 日，ST 以 20.1 億美元的穩健淨財務部位維持其財務實力，反映總流動性 60.3 億美元以及總金融負債 40.2 億美元。本季期間，ST 發行新的 15 億美元雙分券高級且具擔保可轉換公司債，A 券與 B 券各 7.5 億美元，分別於 2031 年與 2033 年到期，並宣布提前贖回其 2027 年到期的 7.5 億美元可轉換公司債。

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

現在回到 Jean-Marc，他將就我們的展望發表評論。

Thank you, Lorenzo. Now, let's move to our business outlook for Q3 2026. So we are expecting Q3 revenues of $3.7 billion, plus/minus 350 basis points at the midpoint of our Q3 '26 net revenues will increase 6.2% sequentially and by 16.2% year-over-year. We expect our gross margin to be about 37%, plus/minus 200 basis points, including about 70 basis points of unused capacity charges. This business outlook does not include any impact for potential further change to global trade tariffs compared to the current situation.

謝謝你，Lorenzo。現在讓我們進入 2026 年第三季的業務展望。我們預期第三季營收為 37 億美元，上下浮動 350 個基點；以中位數來看，我們 2026 年第三季淨營收將季增 6.2%，年增 16.2%。我們預期毛利率約為 37%，上下浮動 200 個基點，其中包含約 70 個基點的未使用產能費用。此業務展望未納入相較於目前情況、全球貿易關稅可能進一步變動的任何影響。

To conclude, in Q2, we saw demand further accelerating, strong bookings in all end markets and improved visibility. In Q3, revenues are expected to continue to grow sequentially and year-over-year and gross margin to continue to improve. As previously anticipated, personal electronics seasonality this year is different compared to previous years. Revenue growth for personal electronics is expected to be below normal seasonality in Q3, moderating ST sequential growth in the third quarter.

總結而言，在第二季我們看到需求進一步加速、所有終端市場的訂單強勁，且能見度提升。第三季預期營收將持續季增與年增，毛利率也將持續改善。如先前所預期，今年個人電子產品的季節性與往年不同。第三季個人電子產品的營收成長預期將低於正常季節性，因而使 ST 在第三季的季增幅度趨於溫和。

In Q4, we anticipate a revenue growth acceleration, mainly driven by our engaged customer programs in AI data centers and low-Earth orbit satellite communication. We expect Q4 revenues to be above $4 billion, representing a sequential improvement better on the normal seasonality. This translates into H2 versus H1 growth above our normal 15% seasonality.

第四季我們預期營收成長將加速，主要由我們在 AI 資料中心與低地球軌道衛星通訊的客戶合作專案所帶動。我們預期第四季營收將高於 40 億美元，代表季增改善幅度優於正常季節性。這意味著下半年相較上半年的成長將高於我們正常的 15% 季節性。

ST growth drivers remain solid. We continue to see strong demand in AI data centers, reflecting the success of our product and technology portfolio. We are raising our revenue ambition for data centers. We now expect revenues above $1 billion in 2026, and assuming the current dynamic continues, and with the current engagement we have, well above $2 billion in 2027. This confirms ST's strong position in the evolving AI data center.

ST 的成長驅動因素仍然穩健。我們持續看到 AI 資料中心的強勁需求，反映我們產品與技術組合的成功。我們正在上調資料中心的營收目標。我們目前預期 2026 年營收將超過 10 億美元；若目前動能延續，並以我們現有的合作進展來看，2027 年將遠超過 20 億美元。這確認了 ST 在持續演進的 AI 資料中心領域中的強勢地位。

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

謝謝，我們現在準備回答各位的問題。

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

我們現在開始問答環節。(接線員指示)

Janardan Menon, Jefferies.

Jefferies 的 Janardan Menon。

Hi, good morning. Thanks for taking the question. I was just looking into your second-half guidance and trying to get a feel for your gross margin trend into Q4. So I know you don't want to guide on Q4, but you are talking about a bigger increase in revenue quarter-on-quarter, and we don't know how much it is, I agree, because you just said more than $4 billion.

嗨，早安。謝謝讓我提問。我剛在看你們下半年的指引，想了解一下你們到第四季的毛利率走勢。我知道你們不想對第四季提供指引，但你們提到營收將有更大的季對季增幅，而我們也不知道幅度有多大，我同意，因為你們剛才只說會超過 40 億美元。

But I was wondering directionally whether you can give us any qualitative comments on how your Q4 gross margin could proceed and how you see that evolving into 2027 as well? Thanks.

但我想從方向性來看，你們是否能給一些定性評論，說明第四季毛利率可能如何走，以及你們如何看待其在 2027 年的演變？謝謝。

Okay, thank you for the question. I take the question, Jean-Marc, about the gross margin, the evolution. Clearly, let's say, the midpoint of Q3 non-GAAP gross margin or gross margin for us in Q3 will be 37%. Now, we have guided this level of gross margin that is increasing, let's say, about 180 basis points compared to the one of Q2.

好的，謝謝你的問題。Jean-Marc，我來接這個關於毛利率、其變化趨勢的問題。很明確地說，我們第三季非 GAAP 毛利率（或我們第三季的毛利率）中位數將是 37%。我們已指引這個毛利率水準將上升，約較第二季提高 180 個基點。

Clearly, starting from this Q3 gross margin at 37%, we do expect, for Q4, a sequential improvement in our gross margin, considering that our revenue will increase significantly, but you have to keep in mind that there is some headwinds as well. One is that, our level of unloading charges will not change significantly in Q4 due to the fact that we are starting some fab, particularly in China, let's say, in which we will still have some negative impact on our level of unloading.

很明確地，從第三季 37% 的毛利率出發，我們確實預期第四季毛利率將季對季改善，考量到我們的營收將顯著增加，但你也必須記住同時存在一些逆風。其中之一是，我們的閒置產能費用水準在第四季不會有顯著變化，原因是我們正在啟動一些晶圓廠，特別是在中國；也就是說，我們在閒置產能方面仍會有一些負面影響。

And clearly, there is also still this cost related to the transfer of technology related to our shaping program in our manufacturing infrastructure that will be still there, similar to the one that we have in the current quarter in Q3. So, yes, I confirm that there will be improvement, but there will be also some head winds that are impacting our gross margins.

而且很明顯地，與我們製造基礎設施的調整計畫相關之技術移轉成本也仍然存在，與我們目前第三季所承擔的成本類似。所以，是的，我確認毛利率會改善，但也會有一些逆風因素影響我們的毛利率。

Overall, anyway, I confirm that in Q4, there will be an improvement in our gross margin, sequential improvement compared to the 37% of the Q3.

總體而言，我仍確認第四季毛利率將改善，並且相較第三季的 37% 會有季對季提升。

Given that your revenue jump is going to be bigger, can we assume that your gross margin jump will also be bigger or is that speculation?

鑑於你們的營收跳升幅度會更大，我們是否可以假設你們的毛利率跳升幅度也會更大，還是這只是推測？

As I said, it will improve, compared to the 37%. But still, it will be impacted by some ingredients that is related to this level of unloading that will not decrease while when you look the dynamic between Q2 and Q3, unloading was decreasing. This will not be similar what will happen in between Q3 and Q4. And as well as, don't forget when we look at the dynamic of our gross margin, moving from Q2 to Q3, we had also benefits from the effects that was improving in respect, while in Q4, this effect will not be there, it will be neutral.

如我所說，與 37% 相比，這將會改善。但仍然會受到一些與此卸載程度相關的因素影響，這些因素不會下降；而當你看 Q2 與 Q3 之間的動態時，卸載是在下降的。這將不會類似於 Q3 與 Q4 之間將會發生的情況。另外也別忘了，當我們看毛利率從 Q2 到 Q3 的變化時，我們也受益於一些改善的效應；但在 Q4，這個效應將不會存在，會是中性。

So yes. I repeat that there will be an increase in our gross margin, but you have to also consider in your modeling that there are some headwinds, temporary headwinds, but there will be in Q4, that will be limiting somehow the improvement of our gross margin in Q4.

所以是的。我再重申一次，我們的毛利率會上升，但你在建模時也必須考量有一些逆風、暫時性的逆風會在 Q4 出現，將在某種程度上限制 Q4 毛利率的改善幅度。

Understood. Thank you.

了解。謝謝。

Thank you. Thank you, Janardan. Next question, please.

謝謝。謝謝你，Janardan。請下一個問題。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my questions. I guess I wanted to start with the data center number. Can you provide some more granularity on what's driving the big increase in 2027 versus the prior expectations? Like how much of this is optics versus power? It did sound like there was some positivity on the power side. And I guess also is -- you mentioned you were capacity constrained before. Is that number greater than $2 billion, assuming you're still constrained as well? Thank you.

嗨，各位。謝謝回答我的問題。我想先從資料中心的數字開始。你們能否更細緻地說明，為什麼 2027 年相較於先前預期會大幅上調？例如其中有多少是光學（optics），多少是電源（power）？聽起來電源端似乎有一些正面因素。另外我想問，你們提到之前產能受限。在仍然受限的前提下，那個數字是否會高於 20 億美元？謝謝。

So before I pass the question to Remi to go into further detail, it is clear that our growth in 2027 will be driven both by our specific engage customer program on this field of activity. But clearly, the overall success on optical cable connectivity, clearly, it will be the main driver of the significant growth we will do next year. Now, I let Remi comment on more in detail.

在我把問題交給 Remi 做更進一步的細節說明之前，很清楚的是，我們 2027 年的成長將同時由我們在此領域的特定客戶合作專案所帶動。但更明顯地，光纜連接（optical cable connectivity）的整體成功，將會是我們明年實現顯著成長的主要驅動因素。現在我讓 Remi 更詳細地補充。

To complement what Jean-Marc said, we see clearly an acceleration in the adoption of 800 gig and 1.6 terabit per second playable optics. And those are actually generation and categories of transceivers, we are now we are seeing a triple effect. And this triple effect is a fairly large market share when it comes to the microcontroller, taking care of the control plane, a growing share when it comes to the electronic IC driven by a BiCMOS technology.

補充 Jean-Marc 所說的，我們清楚看到 800G 與 1.6Tbps 可插拔光學（pluggable optics）的採用正在加速。而這些其實是收發器（transceivers）的世代與類別；我們現在看到的是三重效應。這三重效應包括：在負責控制平面（control plane）的微控制器方面有相當大的市占；在採用 BiCMOS 技術驅動的電子 IC 方面，市占也在提升。

And starting from next year, but really accelerating next year, is actually a growing revenue in silicon photonics, supporting photonics IC that is being part of those plug evolved transceiver. Like we'll explain, we have a lot of scalability in terms of capacity on that technology because of the structure we have in our whole factory. So we are not right now agated by capacity expansion to go and capture revenue at this stage.

並且從明年開始、且明年會明顯加速的是：矽光子（silicon photonics）的營收成長，支援光子 IC（photonics IC），其為這些演進型可插拔收發器的一部分。如同我們會說明的，基於我們整體工廠的架構，在這項技術的產能擴充上我們具備很高的可擴展性。因此在現階段，我們不會因為產能擴張而受限，無法去取得營收。

Thank you both for all the color there. Maybe to follow-up on that also. I totally appreciate what Lorenzo, you were highlighting from the manufacturing transitions and underloading charges, but on a like-for-like basis, should data center, as it grows, be accretive to gross margins?

謝謝兩位提供這麼多細節。我也想就此追問一下。我完全理解 Lorenzo 你提到的製造轉換與產能不足（underloading）費用，但在同口徑（like-for-like）的基礎上，資料中心業務隨著成長，是否應該對毛利率有增益（accretive）？

Yes, at the end, yes, this kind of clearly -- this has been already moving from Q2 to Q3 and will be also contributing from Q3 to Q4 product mix is contributing in a positive way to our gross margin. Yes, I confirm.

是的，最終來說是的。這一點其實在 Q2 到 Q3 已經在發生，從 Q3 到 Q4 也會持續貢獻；產品組合正以正面的方式推升我們的毛利率。是的，我確認。

Thank you, Lorenzo.

謝謝你，Lorenzo。

Thank you, Josh. Next question, please.

謝謝你，Josh。請下一個問題。

Jakob Bluestone, BNP Paribas.

Jakob Bluestone，BNP Paribas。

Thanks and for taking the question. So I had a question and a follow-up. On the pricing, could you maybe just give us a bit of an update, what are you seeing in terms of pricing, tailwinds and when do you think that might impact revenues this year?

謝謝，也謝謝讓我提問。我有一個問題和一個追問。關於定價，你們能否更新一下目前看到的定價情況、有哪些順風（tailwinds），以及你們認為今年何時會反映到營收上？

Yes, in terms of pricing, I would say that, of course, it's two-fold. On one side, it's true that we see in our input cost, price increase. Clearly, let's say, there are different materials or maybe contractual activity that are increasing prices. On the other side, I would say that there is the other side that we confirm that in this context of higher input cost, yes, we increase, increasing the prices on a selected product.

是的，就定價而言，我會說這當然是雙面向的。一方面，確實我們看到投入成本上升、價格上漲。很明顯地，某些材料或可能是合約相關活動正在推升價格。另一方面，我們也確認在投入成本較高的背景下，我們確實也在特定產品上調價格。

Clearly, this is an ongoing process that is expanding in terms of price increase. And I would say that at the end -- what we see in our input cost is more than offset of what we do on our top-line. So I would say that at the end, at this stage the two in fact, are more or less offsetting each other.

很明顯地，這是一個持續進行、且在擴大的漲價流程。而我會說，最終——我們在投入成本端看到的上升幅度，與我們在營收端（top-line）所做的調整相比，後者不足以完全抵消前者。所以我會說，在現階段兩者基本上大致互相抵消。

And if I can just ask a quick clarification, on your data center revenue guidance hike, was that increase driven by increased demand outlook or by a faster expansion of your capacity and supply?

如果我可以再快速釐清一下，關於你們上調資料中心營收指引，這個上調是由需求展望更強所驅動，還是因為你們的產能與供應擴張得更快？

It's both. It's both. Because clearly, the above $1 billion 2026 revenue, the demand is well well above. But thanks to our capability to grow in and with the various assembly and test manufacturing. So that's the reason why we have increased our indication for this data center business. And next year is the same.

兩者都有。兩者都有。因為很明顯地，2026 年超過 10 億美元的營收，需求遠遠高於這個數字。但也要歸功於我們透過各種組裝與測試製造能力來擴張的能力。這就是我們提高資料中心業務指引的原因。而明年也是一樣。

Next year, okay, clearly we will be closing the gap between the demand and our capability to supply, but it is really driven first by demand. Then it is covered by engagement, backlog for this year, 100% coverage. And next year, engagement are covering our expectation. And definitively, our capability to go on this advanced 300-millimeter technology is a very important competitive factor for us.

明年，好，顯然我們會縮小需求與我們供應能力之間的差距，但首先仍然是由需求所驅動。其次，今年的合作承諾與訂單積壓（backlog）已經 100% 覆蓋。而明年，合作承諾也覆蓋了我們的預期。並且可以確定的是，我們在先進 300 毫米技術上的能力，是我們非常重要的競爭因素。

Thank you.

謝謝。

Thank you, Jacob. Next question, please.

謝謝你，Jacob。請下一個問題。

Sandeep Deshpande, JPMorgan.

Sandeep Deshpande，JPMorgan。

Hi, thanks for letting me on. Could you talk about the revenue growth guidance into Q3 and then potentially into Q4 by your segments because you said earlier in the call that personal electronics was weaker in the third quarter, but can we look at how the growth was in the other segments? And based on what you are indicating for the fourth quarter at the moment of greater than $4 billion. At least directionally how to see the different segments in terms of your end markets into the fourth quarter based on your order book today?

嗨，謝謝讓我加入。你們能否按事業部門談一下，Q3 的營收成長指引，以及之後可能到 Q4 的情況？因為你們在電話會議前面提到，個人電子產品在第三季較弱，但我們能否看看其他部門的成長如何？並且基於你們目前對第四季大於 40 億美元的指引，至少方向性地，根據你們今天的訂單簿（order book），如何看待第四季各終端市場下不同部門的表現？

I will take the question. But clearly, if I am starting by the key growth driver is clearly our verticals, communication equipment, computer and peripheral. I can say that, in Q3 on a year-over-year growth, this segment will grow very similarly what we have achieved in Q2, so means close to 60% growth. And definitively where we will have in Q4 a very strong acceleration means, okay, we will be about 90% growth.

我來回答這個問題。但很明顯，如果我從關鍵成長驅動因素開始看，顯然是我們的垂直領域：通訊設備、電腦與周邊。我可以說，在第三季以年對年成長來看，這個區塊的成長會與我們在第二季達成的非常相近，也就是接近 60% 的成長。而且很確定的是，第四季我們會有非常強勁的加速，也就是說，我們大約會有 90% 的成長。

The second really positive growth verticals is industrial. Industrial in Q2, we grew 32% and step after step, Q3 and Q4, we will go close to 40% growth year-over-year in Q4. But then clearly, automotive is performing above what we expect and what the market is expecting. You know that for semiconductor industries, the automotive is expecting to grow about 13%, 14% year-over-year. This is what we will achieve on this segment.

第二個非常正向成長的垂直領域是工業。工業在第二季我們成長了 32%，而且一步一步地，第三季與第四季，我們將在第四季達到接近 40% 的年對年成長。不過很明顯，車用的表現高於我們的預期，也高於市場的預期。你們知道，就半導體產業而言，市場預期車用年對年成長大約 13%、14%。這就是我們在這個區塊將達成的水準。

Well, PE is definitively a different profile in the year-over-year growth, because it will be slightly negative mid-single-digit during Q3 and Q4, as we anticipated in our previous call, that will put this segment at the end of the year for the full year growing from low to mid-single-digit that we already anticipated in the previous call.

嗯，PE 的年對年成長輪廓確實不同，因為在第三季與第四季會如我們在前一次電話會議所預期的那樣，呈現中個位數的輕微負成長。

So, my takeaway is really very strong growth on computer and communication, moving from a 60% growth in Q2 to close 90% in Q4. On industrial, after Q2 of 30% growth year-over-year, we will grow close to 40% in Q4. Automotive, low double-digit, as expected consistently with the market. And this year, okay, different profile for PE, we will be on year-over-year negative on H2 after having been positive in H1, but on the full year, it is a low to mid-single-digit, which is consistent with the market of a smartphone that is decreasing because on the low-end device, there is an impact because of the memory price. So this is a profile of the revenue Q3 Q4.

所以，我的重點結論是：電腦與通訊將有非常強勁的成長，從第二季 60% 的成長提升到第四季接近 90%。工業方面，在第二季年對年成長 30% 之後，我們在第四季將成長接近 40%。車用方面，如預期且與市場一致，為低雙位數成長。而今年 PE 的輪廓不同：在上半年為正成長之後，下半年年對年將轉為負成長；但以全年來看仍是低到中個位數成長，這與智慧型手機市場下滑一致，因為在低階裝置上，記憶體價格帶來了影響。以上就是第三季、第四季營收的輪廓。

Any follow-ups, Sandeep?

Sandeep，還有追問嗎？

My question would be that you've seen this significant strength in computer and peripherals associated with the AI market. Is there not any flexibility in filling your capacity in the third quarter itself? Why does this have to wait till the fourth quarter, given that you still remain underutilized in the third quarter?

我的問題是，你們看到與 AI 市場相關的電腦與周邊出現顯著的強勁需求。在第三季本身就沒有任何彈性可以把產能填滿嗎？既然你們在第三季仍然處於產能利用不足，為什麼一定要等到第四季？

Let's say, all the advanced technology that are enabling our growing industrial market and communication and computer. We are in a permanent growth and exactly at what we'd expect. And here, the only flexibility we could have is to continue to accelerate permanently, which is already on the really competitive path. Well, then clearly where we have still some underloading. And even sometime in Q2, we face a slight delay in our capability to ramp up. It is a legacy, pure legacy analog technologies because if you remember Q1, we were totally underloaded. So the Q2 ramp-up was challenging.

可以這麼說，所有支撐我們工業市場、通訊與電腦成長的先進技術，都處於持續成長狀態，而且完全符合我們的預期。在這裡，我們唯一可能的彈性，就是持續不斷地加速，而這其實已經是在非常具競爭力的節奏上了。不過，很明顯我們仍然有一些產能負載不足的地方。甚至在第二季，有時我們也面臨產能爬坡能力略有延遲。這是傳統、純傳統的類比技術所造成的遺留問題，因為如果你還記得第一季，我們是完全負載不足的。所以第二季的爬坡是有挑戰的。

So we delayed a little bit this ramp-up. That in a certain extent has impacted also our capability on Q3 to fully fulfill the demand on legacy technology. So this is this, pure temporary capability to want and some unloading charges specific to really legacy technology on analog that is showing this figure.

因此我們把這次爬坡稍微延後了一點。在某種程度上，這也影響了我們在第三季於傳統製程技術上完全滿足需求的能力。所以這就是原因：這是一個純粹暫時性的產能限制，以及一些與類比領域真正傳統技術相關的卸載費用，才會呈現出這個數字。

Understood. Thank you so much.

了解。非常感謝。

Thank you, Sandeep. Next question, please.

謝謝你，Sandeep。請下一個問題。

Domenico Ghilotti, Equitas.

Domenico Ghilotti，Equitas。

Good morning. I have a follow-up on the gross margin. So in the past, you were guiding -- so you were suggesting that at $4 billion sales per quarter, so the profitability gross margin would have been at least in the 40% range, and now you are suggesting that you will probably not be at that point in Q4.

早安。我想追問毛利率。過去你們的指引——也就是你們曾表示，當每季銷售額達到 40 億美元時，獲利能力（毛利率）至少會在 40% 的區間；但現在你們表示第四季可能達不到那個水準。

So I'm trying to understand how these -- first of all, if you are still confident to get to the level of profitability you were suggesting, and there are some specifics, a temporary effect on Q4 that we should take into account.

所以我想了解：第一，你們是否仍有信心達到你們先前所提到的獲利水準；第二，第四季是否有一些我們需要納入考量的特定因素或暫時性影響。

And a follow-up on the AI data center demand and your customer engagement program. Can you give a sense of how concentrated is today the demand there and the Engage program supporting your $2 billion revenues for 2027?

另外追問 AI 資料中心需求以及你們的客戶參與（Engage）計畫。你能否說明目前那邊的需求集中度有多高，以及 Engage 計畫如何支撐你們在 2027 年達到 20 億美元營收？

Maybe I take the first question about the gross margin of $4 billion in respect to our model to be above the 40% gross margin. Yeah, I have to remind all of you that, yes, this is our model, but we always said that there are two conditions that we need to achieve in order to be above 40% when the company will be at $4 billion. One is the revenue, of course, that this is what is happening.

也許我先回答第一個問題：關於每季 40 億美元營收、依照我們的模型毛利率要高於 40%。是的，我必須提醒各位：沒錯，這是我們的模型，但我們一直說，要在公司達到每季 40 億美元時毛利率超過 40%，需要滿足兩個條件。第一當然是營收，而這點正在發生。

But the other point is that we complete our reshaping manufacturing program. Means that actually we have done this transfer from the 200 millimeter to the 300 millimeter for the silicon closing the two parts. And let's say from the 150 millimeter to the 200 millimeter for the silicon carbide. We are not yet there. We are in the middle of this transformation. So clearly here, we are not in the condition to have our manufacturing infrastructure at the right level of efficiency.

但另一點是，我們必須完成製造重塑（reshaping manufacturing）計畫。也就是說，我們已經在進行矽晶圓從 200 毫米轉到 300 毫米的移轉，並關閉兩個廠區。以及碳化矽從 150 毫米轉到 200 毫米。我們還沒到位。我們正處於這個轉型的中段。因此很明顯，在這裡我們的製造基礎設施尚未達到正確的效率水準。

The other way around, I would say that, in this moment, in these quarters, Q3 and Q4, we have some kind of extra cost that are related to this transfer, the qualification of the products, the reduced of the mask of the products, all these kinds of things that are impacting our gross margin. And clearly, for super-optimal efficiency due to this transition.

反過來說，我會說在目前這個時間點、在這幾個季度（第三季與第四季），我們有一些與移轉相關的額外成本，例如產品認證、降低產品的光罩數量，以及這類各種事項，這些都在影響我們的毛利率。而且由於這個轉換期，效率也無法達到最優。

So at the end, we confirm our model to be above 40% when the company is there. But once we have done the transformation, when we have completed our programs that, as it will be at the end of 2027 not before. So this is the reason why is not enough to be a $4 billion to have a gross margin at the right level of the model.

所以總結來說，我們確認：當公司達到那個規模時，我們的模型毛利率會高於 40%。但要在我們完成轉型、完成各項計畫之後——而這將在 2027 年底才會完成，不會更早。這就是為什麼僅僅達到每季 40 億美元，還不足以讓毛利率達到模型所對應的正確水準。

The second question, maybe, Remi, you can comment. Again, the key growth driver that will put us on a trajectory well above $2 billion next year.

第二個問題，也許 Remi 你可以補充評論。同樣地，關鍵的成長驅動因素將使我們明年走上遠高於 20 億美元的成長軌跡。

Yeah, we have discussed earlier about what we're doing on the optical front. And I insist on the fact that we are now at the intersection of three main vector of growth, which is the oversized market share we have on 800 gigs and 1.6 terabits per second in MCU, the growing adoption of our B55X Bi-CMOS process for electronic IC, and the steep rampup we have on our photonics IC platform or sequel to the next platform in 300 millimeters, which has proven to be really well adopted across the board by all the major actors.

是的，我們先前已經討論過我們在光學方面正在做的事情。我也要強調的是，我們現在正處於三個主要成長向量的交會點：我們在 MCU 的 800G 與每秒 1.6 太位元（Tb/s）領域擁有超大市占率、我們的 B55X Bi-CMOS 製程在電子 IC 上的採用率持續提升，以及我們在光子 IC 平台（或 300 毫米下一代平台的後續）上的快速放量，且已被所有主要參與者廣泛採用並證明成效。

And I think there was also a question related to the concentration of that revenue. And we see an evolution of our revenue that is pretty consistent with market chart distribution between hyperscalers, which makes us actually quite confident about the composition of our revenue.

我想也有一個問題與該營收的集中度有關。我們看到營收的演變與超大規模雲端業者（hyperscalers）的市場份額分布相當一致，這也讓我們對營收組成其實相當有信心。

Thank you.

謝謝。

Thank you, Domenico. Next question, please.

謝謝你，Domenico。請下一個問題。

Didier Scemama, Bank of America.

Didier Scemama，美國銀行（Bank of America）。

Good morning. Thanks for taking my questions. My first question is on the outlook. I think Jean-Marc, in the comments, you mentioned that your book-to-build was close to 2, I think, overall and above 2 in certain segments like optical interconnect, in particular. I'm just wondering, does that imply that your first quarter seasonality might be a bit better than normal? And I've got a follow-up. Thank you.

早安。謝謝讓我提問。我的第一個問題是關於展望。我想 Jean-Marc，你在評論中提到你們的接單出貨比（book-to-bill）整體接近 2，且在某些區隔（特別是光學互連）高於 2。我想確認一下，這是否意味著你們第一季的季節性可能會比正常情況好一些？我還有一個追問。謝謝。

Thank you. Now, yes, with this book-to-bill, what also is interesting is that, one of the 100% of the booking we received in Q2, well above 50% were for next year. So means the customer now, they have understood that they have to provide us visibility. And the good news is that, now our total backlog is representing about an average of 4.5 to 5 quarters of Q2 average revenue, which is clearly an improvement step.

謝謝。是的，在這個接單出貨比之下，另一個有意思的是：我們在第二季收到的訂單中，有超過 50% 是針對明年的。這表示客戶現在已經理解，他們必須提供我們能見度。好消息是，目前我們的總在手訂單（backlog）約相當於以第二季平均營收計算的 4.5 到 5 個季度，這顯然是一個改善的進展。

Coming back to standard of visibility. So clearly, yes, Q1 is today on the dynamic to be well loaded. And clearly continuously boosted by our revenue related to AI data center.

回到能見度的標準來看。所以很明顯地，第一季目前的動能顯示會有相當充足的訂單量。而且也會持續受到我們與 AI 資料中心相關營收的推動。

Okay, great, thank you. And as a follow-up, I just wanted to make sure I got the right end of the stick on the financial models. I think in the past, you were talking about 45% gross margin on $18 billion and then maybe 50% gross margin on $20 billion. Obviously, that's contingent on execution of the restructuring plan of manufacturing. So just wanted to make sure that this is still the case and whether you've got increased confidence that you can deliver these sort of numbers around 2028.

好的，很棒，謝謝。作為追問，我只是想確認我對財務模型的理解是否正確。我記得過去你們談到在 180 億美元營收時毛利率 45%，而在 200 億美元時毛利率可能達到 50%。顯然這取決於製造端重整計畫的執行。所以我想確認這仍然成立，以及你們是否更有信心在 2028 年左右交付這類數字。

No, we confirm our confidence level to reach $18 billion in 2028. And clearly, announcing the dynamic and increasing our indication on data center, it is clearly one of key growth driver that will position our company on $18 billion by 2028.

不，我們確認我們對於在 2028 年達到 180 億美元的信心程度。而且很明顯地，宣布資料中心動能並上調我們對資料中心的指引，這確實是關鍵成長驅動因素之一，將使我們公司在 2028 年達到 180 億美元。

Then second, Lorenzo already commented that this business related to AI data center is accretive to our gross margin. So we will have this mixed effect model. Okay, I confirm that assuming we complete on time our reshaping program on manufacturing and that the FX will remain our model, we should be in position to reach the gross margin target consistently with our $18 billion model.

第二點，Lorenzo 已經評論過，這個與 AI 資料中心相關的業務對我們毛利率是增益的（accretive）。因此我們會有這種組合效應的模型。好的，我確認：假設我們能按時完成製造端的重塑計畫，且匯率（FX）維持在我們模型假設之內，我們應該有能力達成與 180 億美元模型一致的毛利率目標。

More about $20 billion, okay, for the time being, let's reach together the $18 billion target, then we speak about the $20 billion.

至於 200 億美元，好吧，現階段先讓我們一起達成 180 億美元的目標，之後再來談 200 億美元。

All right. Thanks very much.

好的。非常感謝。

Thank you, Didier. Next question, please.

謝謝你，Didier。請下一個問題。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

Yes, good morning. So I would love to come back on maybe the satellite Low Earth Orbit opportunity. And if you can tell us what is the dynamic currently, notably with your main customer and the ramp of your second customer? And if you confirm the target of $1 billion for this year and if you have a view for next year already? Thank you.

是的，早安。我想回到衛星低地球軌道（LEO）的機會。你們能否說明目前的動態，特別是你們主要客戶的情況，以及第二個客戶的放量進展？另外，你們是否確認今年 10 億美元的目標，以及是否已經對明年有看法？謝謝。

Thank you. I'll pass the question directly to Remi.

謝謝。我把這個問題直接交給 Remi。

Stephane, the dynamic is quite healthy. Overall, like Jean-Marc explained at the beginning of the discussion, we stick to well above $3 billion over '26, '27, '28. You have noticed that and we spoke about that in the past that it's very much a launcher dependent business in the context of deploying satellite and then deliver the services which in itself is a fuel behind user terminal consumption. Clearly, things are progressing in the right direction space flights. Other constellation have faced a bit of a snag lately, and to be fixed in the coming quarters. But directionally, nothing has changed. We see actually a strong '26 and an even stronger '27.

Stephane，目前的動態相當健康。整體而言，如同 Jean-Marc 在討論一開始所說，我們仍維持在 2026、2027、2028 年合計遠高於 30 億美元的目標。你也注意到，而且我們過去談過，這在部署衛星的情境下非常依賴發射（launcher），接著提供服務，而服務本身又是推動用戶終端消耗的燃料。很明顯地，太空飛行的進展方向是正確的。其他星座系統最近遇到一些小挫折，預計在接下來幾個季度修正。但就方向而言，沒有任何改變。我們其實看到 2026 年很強，而 2027 年會更強。

Okay. And can you comment on the level of profitability on the gross margin on this business like you did for data center? Is it accretive?

好的。那你能否像你對資料中心那樣，評論一下這項業務的獲利水準、毛利率？它是增益的嗎？

Yeah, clearly, let's say, is a business with a combination of different gross margin because clearly, there are different products, the one that are going in the satellite, the one that are going in the gateway, the one that are going, let's say, in the user terminal. Anyway, when we look, let's say, at the average of the gross margin of this business, yes, I confirm that also Low Earth Orbit satellite is contributing, let's say, to the improvement of our gross margin.

是的，很明顯地，這可以說是一個結合不同毛利率的業務，因為產品確實不同：有用在衛星上的、有用在閘道（gateway）上的、也有用在用戶終端上的。不過，當我們看這項業務的平均毛利率時，是的，我確認低地球軌道衛星業務同樣有助於提升我們的毛利率。

Okay. Thank you very much.

好的。非常感謝。

Thank you, Stephane. Next question, please.

謝謝你，Stephane。請下一個問題。

Francois Bouvignies, UBS.

Francois Bouvignies，瑞銀（UBS）。

Thank you very much. My first question was on the capacity front. I mean we see an acceleration of growth from a cycle perspective, but also from AI data centers. And you are seeing some tightness, as you say in the release, also TI suggested as well some tightness. So I was wondering, how do you feel about your capacity in the next, let's say, two to three years? I mean, do you have, you think enough capacity to deliver the different growth scenarios? Or are you evaluating maybe some brownfield or greenfield expansion down the line so the capacity of ST in the next two, three years would be helpful?

非常感謝。我的第一個問題是關於產能。我的意思是，我們看到從景氣循環角度以及 AI 資料中心帶動下，成長正在加速。而且如你們在新聞稿中所說，你們也看到一些吃緊；TI 也提到了一些吃緊。所以我想問的是，對於未來兩到三年你們的產能，你們感覺如何？你們認為有足夠產能來交付不同的成長情境嗎？或者你們是否正在評估未來進一步的棕地（brownfield）或綠地（greenfield）擴產？若能說明 ST 在未來兩三年的產能規劃會很有幫助。

We have to see it under 2 angles. One angle is what is related now our capability to support AI data center and at this stage, we believe that we can sustain it and support it. Of course, under the assumption, we are well assessed the dynamic we have today, on optical cable and microcontroller. And clearly, the key success factor is Crolles. And Crolles will reach 15,000 wafer per week and will go above to support the dynamic of this business.

我們必須從兩個角度來看。其中一個角度是，就我們目前支援 AI 資料中心的能力而言，在這個階段，我們相信我們能夠維持並支援。當然，前提是我們已充分評估目前在光纜與微控制器方面的動態。而且很明顯，關鍵成功因素是 Crolles。Crolles 將達到每週 15,000 片晶圓，並會進一步提升，以支援這項業務的成長動能。

Clearly, we see some tightness is clearly what is related general purpose microcontroller. Why? Because first of all, we have 2 cumulated effect. There is first the enormous success of the microcontroller developed by Remi team for optical cable. And there is the solid recovery of the overall industrial market.

很明顯，我們看到一些緊張主要與通用型微控制器有關。為什麼？因為首先，我們有兩個累積效應。第一個是 Remi 團隊為光纜所開發的微控制器取得了巨大的成功。第二個是整體工業市場的穩健復甦。

And where, okay, I mentioned during my address that in distribution inventory now well below our standard and the POS dynamic is very strong. It is here that we are facing at this moment some tension on the supply and increasing lead time.

另外，正如我在發言中提到的，目前通路庫存已遠低於我們的標準水位，而 POS（銷售點）動能非常強。也正是在這裡，我們此刻正面臨供應端的一些緊張，以及交期拉長。

But here, basically, we have some key competitive advantage. First of all, we have our 300-millimeter fab, where clearly our microcontroller will be processed. The good news now is I got 300-millimeter, certainly will reach the full build-out pretty soon before 2028, and we'll be capable to support the growth of microcontroller as soon as we will have qualified as the 19-nanometer and 14-nanometer technology.

但在這裡，基本上我們有一些關鍵的競爭優勢。首先，我們有 300 毫米晶圓廠，而我們的微控制器將很明顯會在那裡進行製程。目前的好消息是，我們的 300 毫米產能肯定會在 2028 年之前相當快地達到完整建置，並且一旦我們完成 19 奈米與 14 奈米技術的認證，就能夠支援微控制器的成長。

Then the second important lever is our China for China strategy that will start to pay back because if you remember, we have qualified 14-nanometer technology in China with our main partner that will enable us to support the growth in China. That is very demanding, both for Industrial in distribution, but industrial OEM and also optical cable. On the other, let's say, technologies and product, clearly, the challenge for us is our transition phase between respectively, 6-inch to 8-inch silicon carbide technology and 8-inch to 12-inch analog technology. And we are accelerating as fast as we can in synchronization with our customer that could create time to time, okay, some temporary tightness on the supply.

其次，第二個重要槓桿是我們的「中國為中國」策略，將開始帶來回報；因為如果你記得，我們已與主要合作夥伴在中國完成 14 奈米技術認證，這將使我們能夠支援中國市場的成長。中國市場的需求非常高，涵蓋通路端的工業需求、工業 OEM，以及光纜。另一方面，就其他技術與產品而言，我們面臨的挑戰很明顯是在轉換期：分別是 6 吋到 8 吋的碳化矽技術，以及 8 吋到 12 吋的類比技術。我們正與客戶同步、盡可能加速推進，這可能會不時造成供應端的短期緊張。

So this is okay, the overall picture. So 3 elements, more short term on microcontroller, but we have exactly in our hand, our capability to grow. All the new technology driven by AI data center, we have the path to grow. Some other tightness related to our reshaping but only temporary. Then after, we have some pocket of capacity limitation time to time with OSAT, but okay, we manage it.

所以，這就是整體圖像。因此有三個要素：較短期的是微控制器，但我們手上確實具備成長能力。所有由 AI 資料中心帶動的新技術，我們都有成長路徑。另外一些與我們產能重塑相關的緊張，但只是暫時性的。此外，我們也會不時在 OSAT（外包半導體封裝測試）端遇到一些局部產能限制，但我們可以加以管理。

Great. Thank you, Jean-Marc. And maybe my follow-up would be on silicon carbide actually. I mean, we see a lot of change in terms of silicon carbide demand, one driven by the Chinese EV carmakers adopting 800 volts supporting the silicon carbide growth, but also we see one of your main customers delivering strong deliveries. And on top of that, you have the 800 volts opportunities for silicon carbide. So I was wondering if you saw an improvement on the silicon carbide front? And if you could provide any maybe guidance on what to expect for that business, that would be great?

很好。謝謝你，Jean-Marc。我接著想追問的是碳化矽。我的意思是，我們看到碳化矽需求出現很多變化：一方面是中國電動車車廠採用 800 伏架構，推動碳化矽成長；另一方面，我們也看到你們的一家主要客戶交付量表現強勁。再加上 800 伏帶來的碳化矽機會。所以我想請問，你們是否看到碳化矽方面有所改善？如果你們能提供一些對該業務的展望指引，那就太好了？

Well, thank you. So I will pass the question to Marco, who is managing the product line. Yes, okay, all the positive dynamic you described, we see it, but Marco will connect.

好的，謝謝。那我把這個問題交給負責產品線的 Marco。是的，你描述的所有正向動能我們都看到了，不過由 Marco 來補充說明。

Yeah. I confirm that we see the positive dynamics that you just highlighted. Actually, in Q2, we saw the revenue growth in the low teens year-over-year. So we are back to growth year-over-year and mid-30s in terms of quarter-over-quarter. This is also supported by strong bookings, a book-to-bill that is well above 1, which is resulting in a growing backlog. So the dynamics are confirmed and are factual is what we see.

是的。我確認我們確實看到你剛才強調的正向動能。事實上，在第二季，我們看到營收年增為低十位數百分比。因此我們已回到年對年成長，而季對季約為 30% 中段。這也受到強勁訂單的支撐，接單出貨比（book-to-bill）明顯高於 1，因而帶動在手訂單（backlog）增加。所以這些動能已被確認，而且是我們實際觀察到的事實。

So in this context, I can confirm that this year, we should grow the silicon carbide revenues double digit in '26 versus '25 based on already design wins and backlog, which is already visible. So the dynamics are positive. Of course, we are facing the transition between the 6 inches and 8 inches, which have sometimes created some tightness in terms of supply because the products need to be qualified by end customers. But I confirm that the dynamics are positive and are growing positive day by day.

在這樣的背景下，我可以確認，今年我們的碳化矽營收在 2026 年相較 2025 年應可達到雙位數成長，這是基於已取得的設計導入（design wins）與在手訂單，而這些都已清楚可見。因此動能是正向的。當然，我們正面臨 6 吋到 8 吋的轉換，這有時會在供應面造成一些緊張，因為產品需要由終端客戶完成認證。但我確認動能是正向的，而且每天都在持續改善。

Thank you.

謝謝。

Thank you, Francois. This is ending our call for this quarter. So thank you very much, everyone, for joining us. And we remain at your disposal should you need any follow-up questions. Thank you.

謝謝你，Francois。本季的電話會議到此結束。非常感謝各位的參與。若各位需要任何後續問題，我們也隨時樂意提供協助。謝謝。

Thank you.

謝謝。