意法半導體 (STM) 2026 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics third-quarter 2026 earnings release conference call and live webcast. I am Sandra, the Chorus Call operator. (Operator Instructions) The conference is being recorded. The conference must not be recorded for publication or broadcast.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2026年第三季財報發布電話會議暨線上直播。我是Chorus Call接線員Sandra。(接線員指示) 本次會議將被錄音。本會議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.

現在，我很榮幸將會議交給Jerome Ramel先生，執行副總裁（EVP），企業發展與整合對外溝通。先生，請開始。

Thanks, Sandra, and thank you, everyone, for joining our third-quarter 2026 financial results 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; and Remi El-Ouazzane, President, Microcontroller, Digital ICs and RF Product Group.

謝謝你，Sandra，也感謝各位參加我們2026年第三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暨財務長Lorenzo Grandi，以及微控制器、數位IC與RF產品事業群總裁Remi El-Ouazzane。

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

本次線上直播與簡報資料可於ST投資人關係網站取得。本次會議結束後不久將提供重播。本次會議將包含前瞻性陳述，涉及可能導致ST實際結果與管理層預期與計畫出現重大差異的風險因素。我們建議您查閱今早隨同業績發布的新聞稿中所載之安全港聲明，以及ST最新的監管申報文件，以取得這些風險因素的完整說明。(接線員指示)

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總裁暨執行長Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone, and thank you for joining ST for our Q3 2026 earnings conference call. I will start with an overview of the third-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年第三季（Q3）財報電話會議。我將先概述第三季表現，包括業務動態。接著我會交由Lorenzo進行更詳細的財務概述。之後我將就展望發表評論並在回答各位問題前作結。

So starting with Q3. Our third-quarter net revenues of $3.76 billion came in above the midpoint of our business outlook range, mainly due to higher revenue in Communication Equipment and Computer Peripheral, driven by AI datacenter and lower Earth orbit satellite revenues, communication and personal electronics. Gross margin was 37.3%, above the midpoint of our business outlook range. Non-US GAAP diluted earnings per share was $0.37.

先從Q3開始。我們第三季淨營收為37.6億美元，高於我們業務展望區間的中點，主要因通訊設備與電腦周邊營收較高，受AI資料中心與低地球軌道衛星相關營收帶動，以及通訊與個人電子產品。毛利率為37.3%，亦高於我們業務展望區間的中點。非美國通用會計準則（Non-US GAAP）稀釋後每股盈餘為0.37美元。

During the third-quarter, inventory in our balance sheet increased slightly to support the expected increase in Q4 revenues. In distribution, inventory decreased and continued to track below our standard target. We generated positive free cash flow of $351 million. Let's now discuss our business dynamics during Q3. During the quarter, the ongoing recovery and secular growth across the end markets we serve continued to gain momentum.

第三季期間，資產負債表上的存貨小幅增加，以支援預期第四季營收的提升。在通路端，存貨下降並持續低於我們的標準目標水準。我們產生了3.51億美元的正自由現金流。接下來談談我們第三季的業務動態。季度內，我們所服務終端市場的持續復甦與結構性成長持續加速。

Demand strengthened further in Q3 with bookings increasing sequentially and book-to-bill remaining well above two overall. Book-to-bill was well above one in all end markets and significantly above two in Communication Equipment and Computer Peripheral and Industrial. Visibility improved. Inventory distribution continued to track below our standard target and demand continued to outpace supply across multiple product categories.

第三季需求進一步增強，訂單（bookings）較前一季增加，且整體出貨比（book-to-bill）仍遠高於2。所有終端市場的出貨比均明顯高於1，而在通訊設備與電腦周邊以及工業領域則顯著高於2。能見度改善。通路存貨持續低於我們的標準目標，且多個產品類別的需求仍持續超過供給。

Automotive revenues were stable sequentially and increased 5% year-over-year. Our solid position in automotive continued to be driven by application-specific ICs and sensors for core application, electrical powertrain and ADAS. We maintained our automotive design win momentum with OEMs and Tier 1 suppliers across the portfolio of ST product families, including microcontrollers and Power & Discrete.

汽車業務營收季對季持平，年對年成長5%。我們在汽車領域的穩固地位，持續由特定應用IC與感測器所驅動，涵蓋核心應用、電動化動力系統與ADAS。我們在汽車設計導入（design win）方面，與各OEM及一級供應商（Tier 1）在ST產品家族組合上維持動能，包括微控制器與功率及分離式元件（Power & Discrete）。

These wins covered hybrid, electric and internal combustion engine vehicles in areas including onboard charging, powertrain and active suspension as well as a first award for 48-volt electromechanical braking. We made progress with our automotive MEMS business, supported by the successful integration of NXP's MEMS sensors, achieving several key customer awards in telematics, cockpit control and tire pressure monitoring.

這些設計導入涵蓋油電混合、純電與內燃機車款，應用領域包括車載充電、動力系統與主動式懸吊，並且首次獲得48伏特機電式煞車的專案授予。我們在汽車MEMS業務方面取得進展，在成功整合恩智浦（NXP）的MEMS感測器後，於車聯網（telematics）、座艙控制與胎壓監測等領域取得多項關鍵客戶專案。

We had another important design win with our in-cabin monitoring solutions, and we introduced a new automotive image sensor for infrared in-cabin sensing, designed to extend driver and occupant monitoring across more vehicle models. Industrial revenues improved 12% sequentially and 40% year-over-year. This solid growth was mainly driven by our general purpose microcontrollers, analog and power conversion products.

我們的座艙內監測解決方案也再度取得重要設計導入，並推出一款用於紅外線座艙內感測的新型車用影像感測器，旨在將駕駛與乘員監測擴展至更多車型。工業業務營收季對季成長12%，年對年成長40%。這項穩健成長主要由我們的通用型微控制器、類比與電源轉換產品所帶動。

During Q3, the broad-based recovery in industrial continued and inventory in distribution declined further remaining below our standard target. We had design wins across industrial automation, robotics, power systems, building automation, power tools and home appliances. Our portfolio combines intelligent sensing, real-time control and efficient power management to support the transformation of factory automation, robotics and power energy infrastructures and the growing physical AI market.

第三季期間，工業領域的廣泛復甦持續，通路存貨進一步下降，仍低於我們的標準目標。我們在工業自動化、機器人、電力系統、樓宇自動化、電動工具與家電等領域取得設計導入。我們的產品組合結合智慧感測、即時控制與高效率電源管理，以支援工廠自動化、機器人與電力能源基礎設施的轉型，以及日益成長的實體AI市場。

At the Embedded World North America event, we had a demonstration together with NVIDIA, illustrating our broad cooperation on robotics. We showed an integrated robotics development path from digital twin to deployed application based on our inertial sensors, microcontrollers and imaging solutions. We are continuing to strengthen these capabilities with new products.

在Embedded World North America活動上，我們與NVIDIA共同進行展示，呈現我們在機器人領域的廣泛合作。我們展示了一條整合式機器人開發路徑，從數位分身（digital twin）到部署應用，基於我們的慣性感測器、微控制器與成像解決方案。我們正透過新產品持續強化這些能力。

Our latest launch is a miniature 6-axis motion sensor with a machine learning core designed to improve accident alerts, robot teaching, board stabilization and structural monitoring. By bringing AI processing into the sensor, systems can reduce energy use and save resources. In embedded processing, we continue to expand our STM32 offering with a strong pipeline of new products and software innovations.

我們最新推出的是一款微型6軸動作感測器，內建機器學習核心，旨在改善事故警示、機器人示教、電路板穩定與結構監測。透過將AI處理導入感測器，系統可降低能耗並節省資源。在嵌入式處理方面，我們持續擴展STM32產品線，並擁有強勁的新產品與軟體創新管線。

You will hear more about this at our STM32 Summit on November 3, followed by a dedicated STM32 analyst call on November 18. For Personal Electronics, third-quarter revenues came in better than expected, up 12% sequentially and down 4% year-over-year. During the quarter, we had design wins with secure solutions, MEMS and imaging sensors and microcontrollers across a variety of devices, including smartphones, gaming headsets, earbuds and smart rings.

您將在11月3日的STM32 Summit聽到更多內容，之後在11月18日將舉行專場STM32分析師電話會議。在個人電子方面，第三季營收優於預期，季對季成長12%，年對年下降4%。本季我們在安全解決方案、MEMS與影像感測器以及微控制器方面取得設計導入，涵蓋多種裝置，包括智慧型手機、電競耳機、真無線耳機（earbuds）與智慧戒指。

For Communication Equipment and Computer Peripherals, third-quarter revenues were above expectation, increasing 14% sequentially and 64% year-over-year. This strong growth mainly reflected the contribution of our company-specific growth drivers in AI datacenter and low Earth orbit satellite communications. For AI datacenters, we continue to see strong demand driven mainly by our silicon photonic ICs, electronic ICs and microcontrollers as well as power solutions.

在通訊設備與電腦周邊方面，第三季營收高於預期，季對季成長14%，年對年成長64%。這項強勁成長主要反映我們公司特定成長驅動因素在AI資料中心與低地球軌道衛星通訊的貢獻。就AI資料中心而言，我們持續看到強勁需求，主要由我們的矽光子IC、電子IC與微控制器，以及電源解決方案所帶動。

This supports our revenue expectation for 2026 of about $1.3 billion and assuming the current dynamic continues and with the current engagements we have, our revenue ambition of well above $2 billion in 2027 and further growth beyond.

這支撐我們對2026年約13億美元的營收預期；並且假設目前動態持續、且以我們現有的合作進展來看，我們在2027年的營收目標為遠高於20億美元，並在此之後持續成長。

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

接下來交給Lorenzo，他將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 third-quarter, starting with revenues on a year-over-year basis by reportable segment. Analog products, MEMS and Sensor grew 8.8%, mainly due to MEMS and to a lesser extent, analog and imaging. Power & Discrete products increased 11.3%.

謝謝你，Jean-Marc。各位早安。我們先從第三季的詳細回顧開始，先以年對年基礎，按可申報部門（reportable segment）檢視營收。類比產品、MEMS與感測器成長8.8%，主要來自MEMS，其次為類比與成像。功率及分離式元件（Power & Discrete）產品成長11.3%。

Embedded Processing revenues were up 24.1%, mainly due to general purpose microcontrollers and RF & Optical Communication grew 46.2% -- by end market, Communication Equipment and Computer Peripheral grew 64%; Industrial, 40%; and Automotive 5%, while Personal Electronics decreased 4%. Year-over-year, sales to OEMs and distribution increased 10.2% and 38.8%, respectively.

嵌入式處理（Embedded Processing）營收成長 24.1%，主要受一般用途微控制器帶動；RF 與光通訊（RF & Optical Communication）成長 46.2%——按終端市場來看，通訊設備與電腦周邊成長 64%；工業成長 40%；汽車成長 5%，而個人電子下滑 4%。以年對年來看，對 OEM 與通路（distribution）的銷售分別成長 10.2% 與 38.8%。

On a sequential basis, by reportable segment, Analog Product, MEMS and Sensor increased by 9.4%, Power & Discrete by 2.8%, Embedded Processing by 5.7% and RF Optical Communication by 13.4% -- by end market on a sequential basis, Communication Equipment and Computer and Peripheral grew 14%, Industrial, 12% Personal Electronic, 12%, while Automotive was flat.

以季對季來看，按可報告部門（reportable segment）分類，類比產品、MEMS 與感測器成長 9.4%，電源與分離式元件（Power & Discrete）成長 2.8%，嵌入式處理成長 5.7%，RF 光通訊成長 13.4%——按終端市場季對季來看，通訊設備以及電腦與周邊成長 14%，工業成長 12%，個人電子成長 12%，而汽車持平。

Turning now to profitability. Gross profit in the third-quarter was $1.40 billion, increasing 32.2% on a year-over-year basis. Gross margin was 37.3%, increasing 410 basis points year-over-year, mainly due to a lower unused capacity charges and better product mix. On a sequential basis, gross margin increased by 250 basis points.

接下來談獲利能力。第三季毛利為 14.0 億美元，年對年成長 32.2%。毛利率為 37.3%，年對年提升 410 個基點，主要因未使用產能費用較低以及產品組合改善。以季對季來看，毛利率提升 250 個基點。

Q3 gross margin included about 60 basis points of unused capacity charges and about 40 basis points of negative impact resulting from nonrecurring cost related to our manufacturing reshaping program. Looking beyond these near-term effects, improving our gross margin remains a key priority. We remain committed to achieving the 44% to the 46% gross margin of our intermediate financial model once our manufacturing reshaping plan is completed.

第三季毛利率包含約 60 個基點的未使用產能費用，以及約 40 個基點因製造重塑計畫相關一次性成本所造成的負面影響。排除這些短期影響後，提升毛利率仍是我們的關鍵優先事項。一旦製造重塑計畫完成，我們仍致力於達成中期財務模型所設定的 44% 至 46% 毛利率。

Starting from the approximately 39% gross margin expected for Q4 '26, we see a clear path to margin expansion. First, Q4 '26 temporary headwinds, including approximately 40 basis points from unused capacity charges and approximately 30 basis points from nonrecurring costs associated with our manufacturing reshaping program are expected to largely disappear during the second half of 2027.

以 2026 年第四季預期約 39% 的毛利率為起點，我們看到明確的毛利率擴張路徑。首先，2026 年第四季的暫時性逆風，包括約 40 個基點的未使用產能費用，以及約 30 個基點與製造重塑計畫相關的一次性成本，預期在 2027 年下半年將大致消退。

Second, we continue to expect more than 400 basis points of structural gross margin improvement from the reshaping of our manufacturing footprint. This benefit is expected to materialize as a step function either toward the end of 2027 or in early 2028, subject to the shutdown of legacy fabs and customers' qualification timing. Finally, we expect better mix and price to contribute to margin expansion over time, while input cost increase is expected to be a headwind.

第二，我們仍預期透過製造版圖重塑，可帶來超過 400 個基點的結構性毛利率改善。此效益預期將以階梯式（step function）方式在 2027 年底或 2028 年初顯現，取決於舊有晶圓廠（legacy fabs）關閉以及客戶認證（qualification）時程。最後，我們預期更佳的產品組合與價格將隨時間推動毛利率擴張，而投入成本上升預期將形成逆風。

The timing and the magnitude of these effects remain more difficult to assess. Moving now to total net operating expenses. In the third-quarter, this amounted to $979 million, excluding restructuring. Non-US GAAP OpEx stood at $972 million, better than the indication we gave in July, reflecting continuing cost discipline.

這些影響的時點與幅度仍較難評估。接著談總淨營業費用。第三季（不含重整）為 9.79 億美元。非美國通用會計準則（Non-US GAAP）營業費用為 9.72 億美元，優於我們 7 月提供的指引，反映持續的成本紀律。

For the fourth-quarter of 2026, we expect non-US GAAP net OpEx to stand at about $1.035 billion. The sequential increase is mainly due to the calendar days effect net of vacation. This would lead the full year 2026 non-US GAAP net OpEx slightly above $3.8 billion, in line with our expectation. In the third-quarter, we reported operating income of $367 million, which includes $55 million for impairment, restructuring charges and other related phaseout costs.

對於 2026 年第四季，我們預期非美國 GAAP 淨營業費用約為 10.35 億美元。季對季增加主要來自日曆天數效應，扣除休假因素後的淨影響。這將使 2026 全年非美國 GAAP 淨營業費用略高於 38 億美元，符合我們的預期。第三季我們報告的營業利益為 3.67 億美元，其中包含 5,500 萬美元的減損、重整費用及其他相關退場（phaseout）成本。

These charges are related to the execution of our company-wide program to reshape our manufacturing footprint and to resize our global cost base. Q3 operating income also included $7 million in purchase price allocation effects from our acquisition of NXP's MEMS sensor business. Excluding these items, Q3 non-US GAAP operating income stood at $429 million and non-US GAAP operating margin was 11.4%, with Analog Products, MEMS and Sensor at 14.1% Power & Discrete negative 17.1% Embedded Processing at 23.1% and RF Optical Communications at 26.2%.

這些費用與我們在全公司推動的製造版圖重塑計畫，以及全球成本基礎縮減（resize）之執行相關。第三季營業利益亦包含因收購恩智浦（NXP）MEMS 感測器事業所產生的 700 萬美元購買價格分攤（purchase price allocation）影響。排除上述項目後，第三季非美國 GAAP 營業利益為 4.29 億美元，非美國 GAAP 營業利益率為 11.4%；其中類比產品、MEMS 與感測器為 14.1%，電源與分離式元件為負 17.1%，嵌入式處理為 23.1%，RF 光通訊為 26.2%。

Third-quarter 2026 net income was $291 million compared to $237 million in the year-ago quarter. Diluted earnings per share were $0.31 compared to $0.26. Non-US GAAP net income stood at $344 million and non-US GAAP diluted earnings per share stood at $0.37. Net cash from operating activities totaled $1.02 billion in the third-quarter compared to the $549 million in the year-ago quarter.

2026 年第三季淨利為 2.91 億美元，去年同期為 2.37 億美元。稀釋每股盈餘為 0.31 美元，去年同期為 0.26 美元。非美國 GAAP 淨利為 3.44 億美元，非美國 GAAP 稀釋每股盈餘為 0.37 美元。

Net CapEx was $643 million in the third-quarter compared to $401 million in the year-ago quarter. Free cash flow was positive at $351 million in the third-quarter compared to the positive $130 million in Q3 2025. Inventory at the end of the quarter was $3.25 billion compared to $3.19 billion in Q2 2026 and $3.17 billion in Q3 2025.

第三季淨資本支出（Net CapEx）為 6.43 億美元，去年同期為 4.01 億美元。第三季自由現金流為正 3.51 億美元，對比 2025 年第三季為正 1.30 億美元。季末存貨為 32.5 億美元，對比 2026 年第二季為 31.9 億美元、2025 年第三季為 31.7 億美元。

Days sales of inventory at quarter end were 126 days, better than our expectation, unchanged from the previous quarter and compared to the 135 days in the year-ago quarter. Cash dividends paid to stockholders in the third-quarter of 2026 totaled $83 million. In addition, ST executed a share buyback of $91 million. ST maintained its financial strength with a net financial position that remains solid at $2.11 billion as of September 26, 2026, reflecting total liquidity of $5.31 billion and total financial debt of $3.21 billion.

季末存貨銷售天數（Days sales of inventory）為 126 天，優於我們的預期，與前一季持平，並較去年同期的 135 天改善。2026 年第三季支付給股東的現金股利合計 8,300 萬美元。此外，ST 執行了 9,100 萬美元的庫藏股回購。截至 2026 年 9 月 26 日，ST 維持穩健的財務實力，淨財務部位仍為 21.1 億美元，反映總流動性 53.1 億美元與總金融負債 32.1 億美元。

Following the exercise of the call option for the early redemption of ST's convertible debt due in 2027, bondholders exercised their conversion rights on the total $750 million convertible bonds. ST settled the bonds on a net share basis, delivering $750 million in cash and about 4.2 million share from treasury stock. Finally, while we are not providing a quarterly indication for 2027, for modeling purposes, please note that 2027 will have 86 calendar days in Q1, 91 in Q2, 91 in Q3 and 97 in Q4.

在行使買權以提前贖回 ST 於 2027 年到期的可轉換債後，債券持有人就總額 7.5 億美元的可轉換債行使了轉換權。ST 以淨股數（net share）方式結算該等債券，支付 7.5 億美元現金，並自庫藏股交付約 420 萬股。最後，雖然我們不提供 2027 年的季度指引，但為便於建模，請注意 2027 年第一季有 86 個日曆天、第二季 91 天、第三季 91 天、第四季 97 天。

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

現在交回給 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 Q4 2026. We are expecting Q4 revenues of $4.15 billion, plus/minus 350 basis points at the midpoint. Our Q4 '26 net revenues will increase 10.5% sequentially and 24.7% year-over-year. We expect our gross margin to be at about 39%, plus/minus 200 basis points, including about 40 basis points of unused capacity charges.

謝謝你，Lorenzo。接下來我們談 2026 年第四季的業務展望。我們預期第四季營收為 41.5 億美元，以中位數計上下浮動 350 個基點。我們 2026 年第四季淨營收將季對季成長 10.5%，年對年成長 24.7%。我們預期毛利率約為 39%，上下浮動 200 個基點，其中包含約 40 個基點的未使用產能費用。

This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation. For 2026, the midpoint of this outlook translates into full year 2026 revenues of about $14.5 billion, representing a 22.8% year-over-year increase. Beyond the cyclical recovery across our end markets, the year-over-year growth is supported by ST's company-specific growth drivers, including AI datacenters and low Earth orbit satellite communications.

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所帶來的任何影響。就 2026 年而言，此展望的中位數對應到 2026 全年營收約 145 億美元，年對年成長 22.8%。除了各終端市場的循環性復甦之外，年對年成長亦受到 ST 公司特定成長動能支持，包括 AI 資料中心與低地球軌道（LEO）衛星通訊。

Gross margin is expected to be about 36.4%. Non-US GAAP gross margin is expected to be about 36.6%, representing an improvement of 270 basis points versus the fiscal year 2025. To conclude, we continue to see a very strong demand for our AI datacenters and low Earth orbit satellite communications products and technologies, alongside an ongoing cyclical recovery in automotive and Industrial.

毛利率預期約為36.4%。非美國GAAP毛利率預期約為36.6%，較2025會計年度改善270個基點。總結而言，我們持續看到AI資料中心以及低地球軌道（LEO）衛星通訊產品與技術的需求非常強勁，同時汽車與工業領域也正處於持續的景氣循環復甦之中。

With demand across many of the markets we serve exceeding available supply, we are expanding capacity in line with ST's strategic road map and growth opportunities. At the same time, improving profitability remains a key priority as we progress toward our intermediate financial model. As mentioned earlier by Lorenzo, this is supported by our company-specific growth drivers, combined with the execution of our company-wide program to reshape our manufacturing footprint and resize our global cost base.

由於我們所服務的多個市場需求超過可供應量，我們正依循ST的策略路線圖與成長機會擴充產能。同時，隨著我們朝中期財務模型邁進，提升獲利能力仍是關鍵優先事項。如Lorenzo先前所提，這得益於我們公司特定的成長驅動因素，並結合我們在全公司推動的計畫，以重塑製造版圖並調整全球成本基礎的規模。

Before handing over to Jerome, I would like to mention a few corporate developments. Earlier this month, the Supervisory Board asked me to be reappointed in my current role for an additional year. I was honored and pleased to accept the proposal. My reappointment as Chairman of the Managing Board and ST's President and CEO will be proposed for shareholder approval at ST's 2027 Annual General Meeting of Shareholders.

在交棒給Jerome之前，我想提及幾項公司層面的進展。本月稍早，監事會要求我在現任職務上再續任一年。我深感榮幸並欣然接受該提案。我續任管理董事會主席以及ST總裁兼執行長，將提交ST於2027年股東週年大會（AGM）由股東表決通過。

Finally, earlier today, we announced updates to ST's organization aimed at better aligning our vision and business objectives with evolving market dynamics. This will strengthen the coordination between our strategy, technology and product road maps, accelerate innovation and time to market, ultimately supporting our long-term growth opportunities.

最後，就在今天稍早，我們宣布更新ST的組織架構，旨在使我們的願景與業務目標能更好地對齊不斷演變的市場動態。此舉將強化我們策略、技術與產品路線圖之間的協同，加速創新與上市時程，最終支持我們的長期成長機會。

Remi El-Ouazzane is confirmed as President, member of the Executive Committee and Head of Microcontrollers, Digital ICs, RF and Optical Communication products. He will also take on leadership on the Imaging Sensor Group and be appointed as the Chief Technology Officer. Marco Cassis is confirmed as President, Member of the Executive Committee and Head of Analog, Power & Discrete and MEMS Product.

Remi El-Ouazzane確認擔任總裁、執行委員會成員，並負責微控制器、數位IC、RF與光通訊產品事業。他也將領導影像感測器事業群，並被任命為技術長（CTO）。Marco Cassis確認擔任總裁、執行委員會成員，並負責類比、功率與分離式元件以及MEMS產品事業。

He will also take on leadership of R&D for Analog, Power & Discrete and MEMS technologies and be appointed as the Chief Strategy Officer. The new organization and the related adjustment to our reportable segments will take effect on January 1, 2027 with implementation of the changes to be completed by the end of March 2027.

他也將領導類比、功率與分離式元件以及MEMS技術的研發（R&D），並被任命為策略長（CSO）。新組織架構及相關可報導部門（reportable segments）的調整將於2027年1月1日生效，並預計於2027年3月底前完成變更的落實。

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。

(Operator Instructions) Joshua Buchalter, TD Cowen.

(接線員指示) TD Cowen的Joshua Buchalter。

On the results. I guess to start, I want to ask about some of the comments you made on gross margins. So I believe you said after the manufacturing transition headwinds abate, there'd be a step function increase of 400 basis points to gross margin. Is that sort of going to hit all at once? Because I think you previously said we shouldn't expect gross margins to get to 40% until sort of second half '27 or first half '28. So I guess is the expectation that it very quickly goes from 40% to 44%?

關於業績。我想先從你們對毛利率的一些評論開始問起。我理解你提到在製造轉移的不利因素消退後，毛利率將出現400個基點的階梯式上升。這會是一次性全部反映嗎？因為我記得你們先前說過，毛利率要到40%大概得等到27年下半年或28年上半年。所以預期是很快就會從40%跳到44%嗎？

Maybe I take this question. Clearly, in terms of gross margin, we -- what we said is that the impact of our reshaping plan in manufacturing, it will factor in, in our gross margin once we will close our fabs. You know that there are 4 fabs, the legacy fabs that we intend, let's say, to close. And this, let's say, clearly, the impact, the positive impact will be visible when we will, let's say, be able to close.

也許我來回答這個問題。很明顯，就毛利率而言——我們所說的是，我們在製造端的重塑計畫，其影響會在我們關閉晶圓廠之後反映到毛利率中。你知道我們有4座計畫關閉的既有（legacy）晶圓廠。因此，這個正面影響會在我們能夠完成關廠時清楚可見。

And this will happen in the second part of next year, let's say, so means that it will happen towards the end of 2027 and let's say, at the beginning of 2028. Clearly, here, it depends on the acceptance of the customer for three of these fabs substantially, let's say, we believe we have all in our hands, let's say, still some discussion for one of those.

而這將發生在明年下半年，也就是說，會落在2027年年底左右，並延伸到2028年初。當然，這在很大程度上取決於客戶對其中三座晶圓廠的認可（acceptance）；我們相信基本上都在掌握之中，但其中一座仍有一些討論在進行。

In this respect, I would say that in any case, we will continue to see improvement of our gross margin moving forward along the various quarter also due to the fact that we have a positive impact of the mix and improvement in terms of manufacturing variance. As I was saying, progressively, let's say, reducing our unloading charges and reducing also the temporary impact of negative cost due to the activity to transfer product from the legacy fab to the new fab 300-millimeter or in case of silicon carbide to the 200 millimeter.

就此而言，我會說無論如何，往後我們仍將在各個季度持續看到毛利率改善，原因也包括產品組合（mix）的正面影響，以及製造差異（manufacturing variance）的改善。如我所說，我們會逐步降低未稼動費用（unloading charges），並降低因將產品從既有晶圓廠轉移至新的300毫米晶圓廠，或在碳化矽（silicon carbide）情況下轉移至200毫米產線所帶來的暫時性負面成本影響。

Okay. My follow-up, any help you can give us with either like context or any sort of tighter range on the datacenter contribution for next year of well greater than $2 billion? And any help you can give us on how much you expect to be MCUs versus electronic ICs and PICs and power?

好的。我追問一下：對於明年資料中心貢獻「遠高於20億美元」這個數字，你們能否提供一些背景或更緊的區間？另外，你們預期其中有多少會來自MCU，相對於電子IC、PIC以及功率產品？

On the revenues, I assume.

你是指營收對吧，我假設。

Josh, your question was on revenues?

Josh，你的問題是關於營收嗎？

Yes. Revenue contribution from datacenter.

是的。資料中心的營收貢獻。

Okay. So I will give the overall picture and Remi will comment on the detail. Well, as I said during my speech, this year, we will generate about $1.3 billion revenue for datacenter, 85% coming from MDRF, so mainly microcontroller, silicon photonics and electronic ICs and BiCMOS. Next year, I will not give in detail, okay? We will be well above doubling this number. And we will communicate in January, of course, a number for '27 and an indication for '28. So maybe, okay, Remi, you can comment some more detail.

好的。我先給整體概況，然後Remi再補充細節。如我在發言中所說，今年我們資料中心營收約為13億美元，其中85%來自MDRF，主要是微控制器、矽光子（silicon photonics）與電子IC以及BiCMOS。明年我不會提供細項，好嗎？我們將遠高於把這個數字翻倍。當然，我們會在1月對外溝通27年的數字，以及對28年的指引。所以也許——Remi，你可以再補充一些細節。

Sure. Microcontrollers in datacenters will see a steep growth year-on-year. It will grow 2x in revenue size. I won't give you the exact number. The contribution of silicon photonics next year will start to grow and become very relevant. I would say that actually, it will be tens of percent of the complete revenue consideration. We will not share the exact details.

當然。資料中心中的微控制器將呈現顯著的年增成長。其營收規模將成長到2倍。我不會給出確切數字。明年矽光子的貢獻將開始成長並變得非常重要。我會說，實際上它將占整體營收考量的數成（tens of percent）。我們不會分享精確細節。

As to BiCMOS, I think the bulk of the effect we will see is from '28 onwards because we've won a lot of sockets over the past quarter. And I think that you'll see the effects mainly in '28, even though it will be nonnegligible in '27, but I guess from a contribution standpoint, it will be very, very visible in '28.

至於BiCMOS，我認為我們看到的主要效果會從28年開始，因為過去幾個季度我們贏得了很多設計導入/插槽（sockets）。我想你會主要在28年看到效果，雖然在27年也不會微不足道，但就貢獻度而言，28年會非常、非常明顯。

Thank you, Remi. So about $1.3 billion this year, well above doubling next year, and we continue towards '28, and we will communicate more detail in January.

謝謝你，Remi。所以今年約13億美元，明年遠高於翻倍，我們也會持續朝28年推進，並會在1月提供更多細節。

Francois Bouvignies, UBS.

Francois Bouvignies，瑞銀（UBS）。

I had just a question on the gross margin as well. I mean a bit more short term here about the Q1. I was looking at the history, and it's a bit all over the place, the gross margin direction in Q1. And it seems to be that in an up cycle, it's up quarter-on-quarter. In the down cycle, it's down quarter-on-quarter. The average is down 70 bps, but it's very diverse. So I was wondering if you could help us on the direction of the gross margin given all the moving parts right now for the Q1, please?

我也想就毛利率問一個問題。我的意思是，這裡比較偏短期、關於第一季（Q1）。我看了歷史數據，第一季的毛利率走勢其實相當不一致、波動很大。看起來在上行週期時，毛利率會季對季上升。在下行週期時，則會季對季下降。平均值是下降70個基點，但差異非常大。

For Q1, we see gross margin -- clearly, we don't give indication of the gross margin of the following quarter. But what I can say is that we see gross margin at least at the current consensus for Q1. Let's say, more than that, I would not say more at this stage.

就第一季（Q1）而言，我們看到毛利率——很明確地，我們不會提供下一季毛利率的指引。但我能說的是，我們看到第一季（Q1）的毛利率至少會符合目前市場共識。

Okay. And maybe one on the satellites. Could you maybe update on -- you mentioned datacenter, but what about LEO into next year? How is it shaping? I mean you kept your guidance for a long time. It's a broad guidance of above $3 billion. But I was wondering if you could give more color on this year and next year as you get more visibility, please?

好的。那再問一個關於衛星的問題。您能否更新一下——您提到了資料中心，但低軌道（LEO）到明年呢？目前發展情況如何？我的意思是，您維持指引已經很長一段時間了。指引是超過30億美元，範圍也很廣。但我想請問，隨著能見度提高，您能否就今年與明年的情況提供更多細節，謝謝？

I pass the question directly to Remi.

我把這個問題直接交給Remi。

We see a lot of momentum across the board, not only in SpaceX, but other programs that are going to be ramping. I would expect actually next year to be as good, if not better than this year in terms of revenue contribution. As a matter of fact, I do believe that we are right now working hard to go and find more capacity to enable even more revenue. So that's the momentum we're into kind of very consistent with what you're hearing from one of our customer's earnings calls in terms of the momentum they're getting.

我們看到各方面都有很強的動能，不僅是SpaceX，還有其他即將放量（ramping）的專案。我預期明年的營收貢獻會跟今年一樣好，甚至可能比今年更好。事實上，我確實相信我們目前正努力尋找更多產能，以支撐更高的營收。所以我們所處的動能，與你在我們某位客戶的財報電話會議中聽到的內容一致，也就是他們所獲得的動能。

Sorry, you mean that revenue contribution as a percentage of revenues or just growing on absolute -- just to clarify this point.

抱歉，您的意思是營收貢獻占營收的百分比，還是只是絕對金額成長——我想釐清一下這點。

My comment was the latter. Revenue would be a lot larger than this year.

我的評論是後者。營收會比今年大很多。

Sebastien Sztabowicz, Kepler Cheuvreux.

Sebastien Sztabowicz，Kepler Cheuvreux。

On a global basis, what kind of visibility you have for the coming quarters and where the backlog is standing at the end of Q3? And attached to that, on the revenue side, how do you see the seasonality building up for '27? Should we expect a better than usual seasonality?

從整體來看，對於未來幾季你們有多大的能見度？以及第三季（Q3）結束時的在手訂單（backlog）水位如何？另外在營收方面，你們如何看待2027年的季節性走勢？我們是否應該預期季節性會比往常更好？

Sebastien, your line was breaking up. Can you rephrase the question what is the seasonality for Q1, you were asking?

Sebastien，你的線路有點斷斷續續。你能否重述一下問題——你是在問第一季（Q1）的季節性嗎？

No, seasonality for '27. Do you expect better than usual or normal seasonality moving into '27?

不是，是2027年的季節性。你們預期進入2027年時，季節性會比往常更好，還是屬於正常季節性？

Okay, the seasonality will be different. Why? Because as I explained a few minutes ago, we are on the dynamic where we are basically rebalancing the spread of ST across the various vertical. As an example, okay, at the midpoint of the guidance we provide, the automotive vertical's weight of total revenue ST will be about 35%.

好的，季節性會不一樣。為什麼？因為如我幾分鐘前所解釋的，我們正處於一個動態調整的過程，基本上是在各個垂直領域之間重新平衡ST的分布。舉例來說，在我們所提供指引的中位數情境下，汽車垂直領域在ST總營收中的占比大約會是35%。

And then, okay, industrial will be, let's say, between 22%, 24% CCP, so means the digital infrastructure, datacenter, low Earth orbit satellite and some legacy will be slightly above 20% and personal electronics 22%. For 2027, we expect to see CCP continuing to grow. So you see the balance between the verticals will be significantly different. So of course, it will impact the seasonality. So this is some indication we will give clearly in January. And the first --

接著，工業領域大概會在22%到24%之間（CCP），也就是說，數位基礎設施、資料中心、低軌道（LEO）衛星以及部分既有業務會略高於20%，而個人電子約為22%。對於2027年，我們預期CCP會持續成長。因此你會看到各垂直領域之間的平衡將顯著不同。所以當然會影響季節性。我們會在一月清楚提供一些指引。而第一個——

The first question was on the backlog level today. And what kind of visibility do you have for the coming quarters based on your backlog right now?

第一個問題是關於目前的在手訂單（backlog）水位。以及基於你們目前的在手訂單，對未來幾季你們有多大的能見度？

You see, okay, with a book-to-bill that was well above two, okay, and revenue of $3.5 billion. Now our backlog is well above $20 billion. So it's representing compared Q4 midpoint of the guidance, now about 5 quarters of revenue, which start to be appropriate visibility to drive our operation. We are still far the peak of 2023 and 2022.

你看，在訂單出貨比（book-to-bill）遠高於2的情況下，而且營收為35億美元。目前我們的在手訂單已遠高於200億美元。因此，若以第四季（Q4）指引中位數來比較，這相當於大約5個季度的營收，這開始提供足夠且合適的能見度來推動我們的營運。我們仍然遠低於2023年與2022年的高峰水位。

Menon Janardan, Jefferies.

Menon Janardan，Jefferies。

I'll just start with a sort of clarification and then I have a question after that, but both on gross margin. You had said that you don't expect Q1 gross margin to be at least in line with current consensus. I'm just looking at it both Visible Alpha and Bloomberg, it's about 38%. So are you suggesting that gross margin could decline slightly quarter-on-quarter, given that you are guiding at 39% in Q4? And then the question also is on gross margin.

我先做一個釐清，之後還有一個問題，但兩個都與毛利率有關。你剛才說，你不預期第一季（Q1）毛利率至少會與目前共識一致。我看Visible Alpha和Bloomberg，目前大約是38%。所以你的意思是，考量你們對第四季（Q4）指引是39%，第一季（Q1）毛利率可能會季對季小幅下滑嗎？然後第二個問題也與毛利率有關。

So your target model -- medium-term target model is 44% to 46%. If you take more than 400 basis points from the fab conversion, that means you're sort of saying before that comes through, it's about 41%-ish. So should we assume that between Q4 this year at 39% and, let's say, Q3 2027, your gross margin will essentially go up by, give or take, around 200 basis points?

你們的目標模型——中期目標模型是44%到46%。如果把晶圓廠轉換（fab conversion）帶來的超過400個基點扣除，等於你們是在說，在這些效益反映之前，大概是41%左右。所以我們是否可以假設，從今年第四季（Q4）的39%到例如2027年第三季（Q3），你們的毛利率基本上會上升約200個基點（上下浮動一些）？

And then as you go beyond that, you will get the full effect of 400, 450 basis points. And when you gave that target model, you did not have so much of visibility on the AI side where you've said that your margin is above the target model on areas like silicon photonics. So given that, that is so strong, is there a chance that your gross margin in this cycle with the help of that as well as pricing could actually end up above that target model?

然後在那之後，你們會獲得完整的400到450個基點的效果。而當你們提出該目標模型時，對AI端的能見度還沒有那麼高；你們也提到在矽光子等領域，你們的毛利率高於目標模型。在這麼強勁的情況下，是否有可能在本輪週期中，藉由這些因素以及定價的幫助，你們的毛利率最終會高於該目標模型？

So basically, Janardan, you want to know the gross margin in Q1 and for 2027, right? I will let Lorenzo answer but (technical difficulty) guide for the gross margin going forward. But Lorenzo, do you want to --

所以基本上，Janardan，你想知道第一季（Q1）以及2027年的毛利率，對嗎？我會讓Lorenzo回答，但（技術問題）我們不會對未來毛利率提供指引。不過Lorenzo，你要不要——

No. At the end, clearly, in the past, and as we said also before, clearly, one of our focus is to increase our profitability and increase the gross margin. One of the key element on the gross margin definitely will be our reshaping plan. As we said, our reshaping plan, let's say, will factor in, in our gross margin towards the end of next year and in 2028, let's say, substantially. And this is one of the important element.

不。總之，很明確地，過去以及我們之前也說過，我們的重點之一就是提升獲利能力並提高毛利率。毛利率的其中一個關鍵要素，肯定會是我們的重塑計畫（reshaping plan）。如我們所說，我們的重塑計畫對毛利率的影響，會在明年年底以及2028年實質反映。而這是其中一個重要要素。

The other important element is that the growth that we are in AI and the growth in the AI infrastructure and the growth that we have, let's say, now in the industrial that is very significant, as you have seen, is accretive for our gross margin. And this we do expect continuing, let's say, progressively also in 2027, so bringing a positive impact on the gross margin.

另一個重要因素是，我們在 AI 的成長、AI 基礎設施的成長，以及我們現在在工業領域所看到的非常顯著的成長（如你所見），都會對我們的毛利率帶來增益。而我們也預期這種趨勢將持續，並且在 2027 年也會逐步延續，從而對毛利率帶來正面影響。

As I said about the gross margin of the Q1 quarter, at this stage, for me, I don't want to guide, but what I said is that we will be at least at the level of the current consensus. And what's to say more than that, clearly, let's say, there are other elements that we need to consider. And one of the elements that you have to keep in mind is that we are also in an inflationary, let's say, environment for which there is a cost increase in our input cost. This will, let's say, have some impact.

正如我談到第一季的毛利率時所說，現階段我不想提供指引，但我說的是，我們至少會達到目前市場共識的水準。而除此之外，顯然還有其他因素需要考量。其中一個你必須記住的因素是，我們也處於一個通膨的環境，因此我們的投入成本會上升。這將會帶來一些影響。

But on the other side, there are other positive that are, as I said, the impact of the improvement in manufacturing efficiency, the mix that will enter and also some continued price increase on our top line.

但另一方面，也有其他正面因素，正如我所說，包括製造效率改善的影響、將進入的產品組合，以及我們營收端持續的一些漲價。

Understood. Just on the first answer, so you suggested and I understand it that because of the strong AI growth, you could end up above the target model. Is that the way I should understand your answer?

了解。就第一個回答再追問一下，所以你的意思、我也理解為，因為 AI 成長強勁，你們最終可能會高於目標模型。我應該這樣理解你的回答嗎？

The question is if we can end up above our target model, let's say. The point is that for the time being, we target to be at our target model, let's say. And of course, as I said, there are many components. One could be the mix. Let's say, we'll see. But we will, let's say, update you moving forward, let's say, in January and during the next year.

問題是我們是否能高於我們的目標模型。重點是，就目前而言，我們的目標是達到我們的目標模型。當然，如我所說，這裡有很多組成因素。其中之一可能是產品組合。我們再看看。但我們會在接下來的進程中，例如在一月以及明年期間，向各位更新。

Gianmarco Bonacina, Banca Akros.

Gianmarco Bonacina，Banca Akros。

Just a follow-up on your book-to-bill, if you can provide a little bit more color for the different verticals. And also, you talked about seasonality for the year. If you can give also some indication given that you indicated you have good visibility also in terms of the Q1, also with the comment you made on the calendar days, we know that normally Q1 is down about 10% sequentially. So if you can indicate directionally this time, given seasonality and visibility, maybe the performance will be different.

就你們的訂單出貨比（book-to-bill）再追問一下，能否就不同垂直領域提供更多說明。另外，你們也談到全年季節性。鑑於你們表示對第一季也有良好能見度，並且提到日曆天數的評論，我們知道通常第一季會較前一季下滑約 10%。所以能否就這次在季節性與能見度的情況下，方向性地說明表現是否可能不同。

So about the book-to-bill that is significantly above two for ST overall. It's above one for each of our end markets, product group in region. And specifically, it is well, well above two for Communication Equipment and Computer Peripheral and Industrial. When I say well, well above two, I have to say well above three. About the seasonality, again, what we can say similarly, Lorenzo commented that we feel comfortable to deliver the gross margin at least at the consensus for Q1. We feel comfortable to deliver at least the revenue consensus for Q1 on the calendar we have indicated.

關於訂單出貨比，ST 整體顯著高於 2。在我們每一個終端市場、產品群組與區域也都高於 1。具體而言，在通訊設備、電腦周邊以及工業領域都遠遠高於 2。當我說遠遠高於 2，我的意思是遠高於 3。至於季節性，同樣地，我們能說的是，正如 Lorenzo 評論的，我們有信心在第一季至少交付不低於市場共識的毛利率。我們也有信心在我們所指出的日曆安排下，第一季營收至少達到市場共識。

So despite having only 86 days in Q1.

所以儘管第一季只有 86 天。

Didier Scemama, Bank of America.

Didier Scemama，美國銀行（Bank of America）。

Two questions. One, can you give us a sense of the early indications of your pricing negotiations with your Tier 1 customers, if that -- you want to share anything about that? And I've got a follow-up.

兩個問題。第一，你們能否讓我們了解一下與一級（Tier 1）客戶進行定價談判的早期跡象，如果你們願意分享的話？我還有一個追問。

Let's say that -- what we can say is that in terms of pricing, we confirm that in this context that this higher input cost and the increasing lead time, we are increasing pricing on some selected product. This, of course, is an ongoing process. When we look, let's say, about pricing, assuming that this gap between supply and demand remains having -- and this is what we see today when we look at the evolution of our backlog and when we look at the billing, let's say, the fact that next year, we may have in terms of pricing stability or slightly increase, but this is not out of reach.

我們可以說的是，在定價方面，我們確認在目前投入成本較高且交期拉長的背景下，我們正在對部分特定產品提高價格。當然，這是一個持續進行的過程。當我們看定價時，假設供需之間的缺口仍然存在——而這也是我們今天從訂單積壓（backlog）的演變以及出貨開票（billing）所看到的——那麼明年在定價上可能維持穩定或小幅上調，這並非遙不可及。

We think that is something that we may see. Anyway, at this stage, it's a little bit early to comment more in general because as you can understand, the discussion for next year, let's say, have not yet been completed. So we are in discussions with our customers.

我們認為這是我們可能會看到的情況。不過，現階段要更概括地評論還稍早，因為如你所理解的，明年的討論尚未完成。所以我們正在與客戶進行討論。

Yes. No, very clear. Sorry, I just want to understand better what you're trying to say for Q1 because you just said a number of things which are, in my understanding, contradictory to what you said before. So I just wanted to make clear. The number of calendar days in Q1 implies a decline of about 10.6% sequentially, and then you've got normal seasonality of down 10%.

是的，很清楚。抱歉，我只是想更好地理解你們對第一季想表達的意思，因為你剛才說了幾件事，在我理解上與你之前說的有些矛盾。所以我想把它釐清。第一季的日曆天數意味著環比下滑約 10.6%，然後還有正常季節性下滑 10%。

So let's say, call it minus 21. Consensus is like minus 5%, minus 6%. And you just said you think you'll be in line with consensus on revenues adjusted for the calendar number of days. So sorry, I'm not sure what to understand from all of that. If you could help me, that would be great. And related to this, the seasonality in Q1 normally is strongly influenced by your Personal Electronics business and by the price cuts that you give to your Tier 1s. So you've answered the second part.

所以我們就說大約是 -21%。市場共識大概是 -5%、-6%。而你剛才又說，你認為在按日曆天數調整後，營收會與共識一致。所以抱歉，我不太確定該如何理解這些。如果你能幫我釐清，那就太好了。另外，第一季的季節性通常很大程度受到你們個人電子（Personal Electronics）業務以及你們給一級客戶的降價影響。所以你已經回答了第二部分。

On the Personal Electronics side, it looks like your Q3 was a lot better than expected. Is there a risk of a pull-in? Or is it genuine end demand and therefore, no risk that Q1 is worse than seasonal, let's say?

在個人電子方面，看起來你們第三季表現比預期好很多。是否存在提前拉貨（pull-in）的風險？或者這是真實的終端需求，因此第一季不會比季節性更差，對嗎？

No. I will try to be much more clear, okay. With the visibility we have with a quarter of 86 days, we are comfortable to deliver the consensus of Q1.

不。我會試著講得更清楚，好嗎。以我們在一個 86 天季度所掌握的能見度，我們有信心交付第一季的市場共識。

Very clear. And on the Personal Electronics, I mean, Q3 strength, was that a pull-in? Or do you think there was just end demand being better than expected? I mean you guided very cautiously for Q3 in fairness.

很清楚。那在個人電子方面，我是說，第三季的強勁，是提前拉貨嗎？還是你認為只是終端需求比預期更好？公平地說，你們對第三季的指引其實非常保守。

No, no, no. There is no specific pull-in. It is -- we just deliver, okay, the demand of the customer. And no, we don't see a specific pull-in.

不，不，不。沒有特定的提前拉貨。我們只是交付客戶的需求，好嗎。而且不，我們沒有看到特定的提前拉貨。

Jakob Bluestone, BNP Paribas.

Jakob Bluestone，法國巴黎銀行（BNP Paribas）。

I just had a question on your silicon photonics ramp. Just wondering if you can give a little bit of an update on how that is progressing in terms of yields? And maybe if you can also update us a little bit on your expansion of your production capacity there.

我想就你們的矽光子（silicon photonics）產能爬坡問一個問題。想請問你能否稍微更新一下目前在良率方面的進展？另外也請你更新一下你們在那邊擴充產能的情況。

Thank you. I pass the question to Remi.

謝謝。我把問題交給Remi。

Jakob, we -- it's going as per plan. The electro-optical yield our customers are getting at this stage are setting a new bar for the industry. Keep in mind that we are probably the only at-scale 12-inch SiPho player shipping right now. And I think it speaks volume for the value of 12-inch in critical dimension and yield entitlement. So I can say with high confidence that our customers are very, very, very happy with the yield that our technology platform is providing.

Jakob，我們——進展符合計畫。目前我們客戶所取得的電光良率，正在為產業樹立新的標竿。請記得，我們可能是目前唯一正在出貨、具規模化的12吋SiPho玩家。我認為這充分說明了12吋在關鍵尺寸控制與良率可達性（yield entitlement）上的價值。所以我可以非常有信心地說，我們的客戶對於我們技術平台所提供的良率非常、非常、非常滿意。

Clearly, this year, the contribution is not marginal, but it's not at all to the tune of what it will be next year. There will be -- we expect a steep growth, which itself is backed up by the fact that we've communicated that we would increase capacity by four times year-on-year. Actually, it will be a little bit more than 4x when you look specifically at the number. So I think silicon photonics in ST is going to be a long growth story for which we happen to have actually long-term visibility.

很明顯地，今年的貢獻不算微不足道，但也完全不到明年將會達到的程度。我們預期會有陡峭的成長，而這也有事實作為支撐：我們已經對外溝通，產能將以年增四倍的速度提升。實際上，若你特別看具體數字，會略高於4倍。因此我認為，ST的矽光子將會是一個長期成長故事，而我們也剛好對此具備長期能見度。

Do you have a follow-up, Jakob?

Jakob，你有追問嗎？

A quick one, maybe I don't know if you can comment at this point, but just in terms of the -- you obviously had lower OpEx this quarter, obviously flagging a little bit of a step-up for Q4. Just sort of if you can maybe just give us an update on the outlook for your OpEx beyond here? Do you think it could be sort of flattish next year? Or given some of the cost inflationary pressures you flagged, could it be up next year?

我快速追問一下，也許你現在不一定方便評論，但就——你們這一季的OpEx顯然較低，同時也提示Q4會有一些上升。想請你更新一下接下來對OpEx的展望？你覺得明年可能大致持平嗎？還是考量你提到的一些成本通膨壓力，明年可能會上升？

On the OpEx of next year, directionally, I would say that they will go up. At this stage, it's a little bit too early to comment. But keep in mind that during 2027, we will keep on continuing our cost savings programs, which should bring, let's say, something in the range of $100 million, $120 million benefit -- we should have also, especially in the second part of the year, some decline in our start-up cost.

關於明年的OpEx，就方向性而言，我會說會上升。現階段評論還稍微太早。但請記得，在2027年期間，我們會持續推動成本節省計畫，應可帶來約1億到1.2億美元的效益——此外，特別是在下半年，我們的啟動成本也會有所下降。

This means that are impacting our other income and expenses in a negative way. Conversely, on the other side, we are accelerating some of our investment in new business opportunities, as you can imagine. And then on the other side, there will be also, let's say, some impact related to the normal wage salary inflation and these kind of things. So there will be some increase next year, well below, let's say, with anyway an improvement in our expense-to-sales ratio.

這些啟動成本目前對我們的其他收入與費用造成負面影響。相對地，另一方面，如你所想像，我們也正在加速對新業務機會的部分投資。此外，還會有一些影響來自正常的薪資通膨等因素。因此明年會有一些增加，但增幅會明顯低於——同時我們的費用對銷售比（expense-to-sales ratio）仍會改善。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

First question is a clarification on what has been said about the satellite opportunity for next year? Because basically, you're saying you're not sure you will grow, but you're working hard to do so. Can you maybe elaborate and separate a little bit what is the end demand at the moment? And how many customers you have besides your main customer? And what is also linked to the capacity ramp issues?

第一個問題是釐清一下你剛才提到的、關於明年衛星機會的說法？因為基本上你是在說你不確定是否會成長，但你們正努力讓它成長。你能否再多說一些，並稍微區分一下目前的終端需求狀況？以及除了你們的主要客戶之外，你們還有多少客戶？另外，哪些又是與產能爬坡問題相關的？

I'll repeat what I said, Stephane. I said that actually, I expect next year revenue to be same or better than this year revenue. That's the first thing I said. This year revenue was a record year for that business due to the fast growth of our major customers. Next year, that growth continues unabated and comes with additional customers piling on top.

Stephane，我重申我剛才說的。我說的是，實際上我預期明年的營收會與今年相同或更好。這是我說的第一點。今年的營收之所以創下該業務的紀錄，是因為我們主要客戶快速成長。明年這個成長將持續不減，並且還會有更多客戶在其上叠加進來。

And we are actually working hard to release pocket of capacity to be able to capture the entire demand they have because I can say with confidence that at this stage, when we look at front-end module technology, and by BiCMOS technology, there is nothing coming close to it. And keep in mind that actually the technology matter in that case because the noise figures that you can actually get out of the technology will translate into the efficiency of the spectrum, which itself translate into the efficiency of the deployment.

而我們確實正努力釋出一部分產能，以便能夠承接他們全部的需求；因為我可以有信心地說，就前端模組技術、以及BiCMOS技術而言，目前沒有任何方案能與之接近。並且請記得，在這個案例中技術非常重要，因為你能從該技術得到的雜訊指標（noise figures）會轉化為頻譜效率，而頻譜效率又會轉化為部署效率。

So we truly have a first row seat position in those accounts. And right now, I will state that next year, we are most likely going to be capacity gated not demand-gated. And we are working to go and as usual, to find ways to go and release more and more capacity over time. That's the summary of what I said.

所以我們在這些客戶上確實處於第一排的有利位置。而就目前而言，我會說明年我們很可能是受限於產能，而不是受限於需求。我們也正在努力，一如往常，尋找方法隨時間推移釋放越來越多的產能。這就是我所說內容的總結。

Okay. And the second question, the follow-up is about automotive. We didn't speak a lot about automotive today. And there is a sense that the book-to-bill seems to be above one, so improving. At the same time, the situation among the automotive customers doesn't seem to improve. So what is your view on what's going to happen in 2027? And if you can maybe elaborate a bit about the electromobility opportunity and the software-defined vehicle opportunity at the same time?

好的。第二個問題、也是追問，關於車用。我們今天沒有談太多車用。而且感覺book-to-bill似乎高於1，正在改善。但同時，車用客戶端的情況似乎沒有改善。所以你對2027年會發生什麼的看法是什麼？另外你能否同時多談一些電動化（electromobility）的機會，以及軟體定義車輛（software-defined vehicle）的機會？

Automotive, first of all, the visibility we have from our European Tier 1 is really stable since more than 6 months now, which is really positive compared to the previous year. In '26, we expect to grow for the full year '26 automotive, that is slightly above 10% for us that is basically consistent with the market. It is pretty well spread with our main product group except, of course, radio frequency and optical cable. We are not yet putting optical cable in cars.

車用方面，首先，我們從歐洲Tier 1所看到的能見度，過去6個多月以來都非常穩定；相較於前一年，這是非常正面的。在'26年，我們預期車用全年'26年將成長，對我們而言略高於10%，基本上與市場一致。成長分布在我們主要產品群相當平均，當然不包含射頻與光纜。我們目前還沒有把光纜用在車上。

But between AM&S and Power Discrete and let's say, the digital processing solution, the growth will be pretty similar. But then yes, we are seeing an acceleration of our Power Discrete in Q4 (technical difficulty) will be well above 20% -- 25%. So this is driven by the European market of electromobility. So we expect next year the automotive to contribute to the growth of the company.

但在AM&S、Power Discrete，以及我們所說的數位處理解決方案之間，成長會相當類似。不過，是的，我們看到Q4的Power Discrete出現加速（technical difficulty），將遠高於20%——25%。這是由歐洲電動化市場所帶動。因此我們預期明年車用將對公司成長有所貢獻。

Most likely (technical difficulty) I repeat, next year the growth driver of the company will remain the AI datacenter will remain the infrastructure industrial will remain the B2B industrial business for factory automation robotics, this kind of stuff. Our consumer overall, we believe will remain soft or weak. But good confidence level to continue to grow in automotive, driven by European electromobility and also, the many socket wins we have in internal combustion engine cars and hybrid.

最有可能的是（technical difficulty）我再重申一次，明年公司的成長動能仍將是AI資料中心，仍將是基礎建設工業，仍將是B2B工業業務，例如工廠自動化、機器人等這類應用。我們認為整體消費性市場仍將偏軟或疲弱。但我們對車用持續成長有相當信心，成長動能來自歐洲電動化，以及我們在內燃機車與油電混合車上取得的多項socket wins。

Okay. And just one follow-up, a view on silicon carbide for 2027.

好的。再追問一個問題，請談談 2027 年碳化矽的看法。

Silicon carbide, first of all, this year, okay, we will grow about 20% which is a positive news. So clearly, the main growth driver is European, let's say, electrical car, and this will continue next year. Importantly, for us on silicon carbide, and also part of our, let's say, turnaround of the profitability of this group is the diversification we have engaged first of all, for the power supply of datacenter, but also for power application requesting high power conversion in the industrial market.

碳化矽，首先，今年，好，我們將成長約 20%，這是個好消息。所以很明顯，主要的成長驅動力是歐洲，譬如說電動車，而這個趨勢明年也會持續。重要的是，對我們而言在碳化矽方面，以及我們這個集團獲利能力扭轉的一部分，是我們所推動的多元化：首先是資料中心電源供應，但也包括工業市場中需要高功率轉換的電力應用。

So next year will be another year of growth, of significant growth for our silicon carbide. And okay, we expect to have the benefits of the wafer size conversion to 8-inch, both from Catania and Chongqing.

所以明年將是我們碳化矽另一個成長年，而且是顯著成長。另外，好，我們預期將受益於晶圓尺寸轉換到 8 吋，來源包括卡塔尼亞與重慶。

We have time for one more question.

我們還有時間再回答一個問題。

Sandeep Deshpande, JPMorgan.

JPMorgan 的 Sandeep Deshpande。

Just quickly coming back to the gross margin question. You've got this 400 bps of gross margin improvement once the reshaping program is over. How much of that is coming from -- today, you're running both the 200- and 300-millimeter fabs. And so what percentage of your gross margin uplift is from that versus how much of it, could you remind us is coming from -- because you're going to have lower cost on the wafer, et cetera, per chip associated with the shift to 300 millimeters?

我想快速回到毛利率的問題。你們提到重塑計畫完成後，毛利率將改善 400 個基點。其中有多少是來自——目前你們同時運行 200 毫米與 300 毫米晶圓廠。因此，你們毛利率提升中有多少比例是來自這點，相較之下又有多少是來自——可否提醒我們——因為轉向 300 毫米後，每顆晶片的晶圓成本等會更低，所帶來的貢獻？

And my second question is that despite your revenue growth, which was quite considerable in both the Analog, MEMS and Sensors business and in your Power & Discrete business, your margin actually declined year-on-year in both those business units. Why was that?

第二個問題是，儘管你們營收成長相當可觀，無論是在類比、MEMS 與感測器業務，或是在電源與分離元件業務，你們這兩個事業單位的利潤率卻都年對年下滑。為什麼會這樣？

Okay. In terms of, let's say, clearly improvement of above 400 basis points is a combination of different elements. Clearly, the size of the wafer, the fact that we move from fabs that are poorly automatized so with a significant cost of labor on, let's say, fabs that are much more automatized. Now to split, let's say, the various contributor is a little bit complex to be done.

好的。就超過 400 個基點的改善而言，這顯然是多個不同要素的組合。很明顯，晶圓尺寸的因素、以及我們從自動化程度較低、因此勞動成本占比很高的晶圓廠，轉移到自動化程度高得多的晶圓廠。至於要拆分各項貢獻者的占比，做起來有點複雜。

When we look, let's say, the profitability of AMS, let's say, overall going down on a year-over-year basis clearly here is the group where is mainly major impact where there is the major impact of the legacy fab that we are now, let's say, on which we are now transferring the products. Clearly, here, there is an impact related to the fact that in this moment, there are some extra cost, as I was explaining overall for the company, but there is also, let's say, an impact on the efficiency of this fab on which we are transferring the cost.

當我們看 AMS 的獲利能力，整體年對年下滑，這一塊很明顯是受影響最大的集團，主要影響來自我們目前正在把產品轉移過去的舊有晶圓廠。很明顯，這裡的影響一方面與目前存在的一些額外成本有關——我先前在公司整體層面已解釋過——同時也有一部分影響來自我們正在轉移成本的這座晶圓廠的效率。

So here, when we look at this segment, clearly here is now suffering about this transition phase. It's also true that will be one of the groups that will, let's say, enjoy more when we will finally move to the new fab, to the most advanced fab here, especially for the 300-millimeter. And at the same time, the Power & Discrete, where Power & Discrete will enjoy the move from the 150 to the 200 millimeter.

因此，當我們看這個部門時，很明顯它目前正承受這個轉換期的影響。同時也確實，當我們最終搬到新廠、也就是更先進的晶圓廠時——特別是 300 毫米——它將會是受益最多的集團之一。同時，電源與分離元件也將受益於從 150 毫米轉到 200 毫米。

Just a quick question on this. When you talk about the guidance of 39% gross margin in the fourth-quarter, you've highlighted how much of that is -- how much underloading is involved. But how much of this 39% gross margin has impact from this negative impact from this double counting of costs, et cetera?

就這點我再快速問一下。當你們談到第四季毛利率 39% 的指引時，你們已強調其中有多少是——有多少涉及產能未充分利用（underloading）。但這個 39% 毛利率中，有多少受到這些成本重複計入等負面影響的衝擊？

So for what concern, let's say, the underloading, yes, it's 40 basis points. The extra cost, let's say, related to the new mask, transfer of the process, trials and so on, we estimate in the range of 30 basis points. It's more difficult to say, let's say, the overall inefficiency created by this activity in the fab. It's something that we don't quote because it's a little bit more difficult to really say what is this impact.

就 underloading 而言，是的，是 40 個基點。至於與新光罩、製程移轉、試產等相關的額外成本，我們估計約在 30 個基點的範圍。至於這些活動在晶圓廠內造成的整體效率下降，則比較難量化。這部分我們不會對外引用，因為要真正說清楚其影響有點更困難。

But this is an impact that, of course, will disappear when we will move, let's say, to the new fab. Anyway, it's 40 basis points, let's say, the unused and 30 basis points, the extra cost. This is what we report usually each quarter.

但當然，等我們搬到新廠之後，這個影響就會消失。總之，未使用產能是 40 個基點，額外成本是 30 個基點。這就是我們通常每一季會揭露的內容。

Thank you, Sandeep, and thank you, everyone. I think that concludes our call. So thank you, everyone, for joining us, and feel free to reach out if you have further questions, the IR team.

謝謝你，Sandeep，也謝謝各位。我想我們的電話會議就到這裡結束。感謝各位參與；若還有進一步問題，歡迎聯繫投資人關係（IR）團隊。

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.

各位女士、先生，會議現在結束。感謝您選擇 Chorus Call，也感謝您參與本次會議。您現在可以掛斷電話線。再見。