意法半導體 (STM) 2022 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics First Quarter 2022 Earnings Release Conference Call and live webcast. I'm Myra, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.

女士們，先生們，歡迎來到意法半導體 2022 年第一季度收益發布電話會議和網絡直播。我是合唱呼叫接線員邁拉。 （操作員說明）會議正在錄製中。 （操作員說明）不得為發布或廣播錄製會議。

At this time, it's my pleasure to hand over to Celine Berthier, Group Vice President, Head of Investor Relations. Please go ahead, madam.

在這個時候，我很高興向集團副總裁兼投資者關係主管 Celine Berthier 工作。請繼續，女士。

Thank you, Myra. Good morning. Thank you, everyone, for joining our first quarter 2022 financial results conference call. Hosting the call today is Jean-Marc Chery, ST's President and Chief Executive Officer. Joining Jean-Marc on the call today are Lorenzo Grandi, President and Chief Financial Officer; Marco Cassis, President of Analog, MEMS & Sensors Group and Head of ST Strategy, System Research and Applications and Innovation office.

謝謝你，邁拉。早上好。謝謝大家參加我們的 2022 年第一季度財務業績電話會議。今天主持電話會議的是 ST 總裁兼首席執行官 Jean-Marc Chery。今天加入 Jean-Marc 的還有總裁兼首席財務官 Lorenzo Grandi； Marco Cassis，模擬、MEMS 和傳感器集團總裁兼 ST 戰略、系統研究和應用與創新辦公室負責人。

This live webcast and presentation materials can be accessed on ST's 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's results to differ materially from management's expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued this morning with the results and also in ST's most recent regulatory filings for a full description of these risk factors. Also to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to 1 question and a brief follow-up.

可以在 ST 的投資者關係網站上訪問該網絡直播和演示材料。本次通話結束後不久將提供重播。本次電話會議將包括前瞻性陳述，其中涉及可能導致 ST 的結果與管理層的預期和計劃存在重大差異的風險因素。我們鼓勵您查看今天上午發布的新聞稿中包含的安全港聲明及其結果，以及 ST 最新的監管文件，以獲取對這些風險因素的完整描述。此外，為了確保所有參與者都有機會在問答環節中提問，請將自己限制在 1 個問題和簡短的跟進中。

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

我現在想把電話轉給 ST 總裁兼首席執行官 Jean-Marc。

So thank you, Celine. Good morning, everybody, and thank you for joining ST for our Q1 2022 earnings conference call. So let me begin with some opening comments. Starting with Q1. So Q1 net revenues of $3.55 billion and gross margin of 46.7% came in above the midpoint of our business outlook range. This revenue performance, driven by strong demand in microcontrollers was partially offset by temporarily reduced operations at our Shenzhen, China, manufacturing facility due to the pandemic, which impacted specifically our ADG revenues.

所以謝謝你，席琳。大家早上好，感謝您加入 ST 參加我們的 2022 年第一季度財報電話會議。因此，讓我從一些開場白開始。從第一季度開始。因此，第一季度的淨收入為 35.5 億美元，毛利率為 46.7%，高於我們業務前景範圍的中點。受微控制器強勁需求推動的這一收入表現被我們中國深圳製造工廠因大流行而暫時減少的運營部分抵消，這特別影響了我們的 ADG 收入。

Looking at our year-over-year performance, net revenues grew 17.6%. Revenue growth was accompanied by improved profitability, gross margin at 46.7%, up from 39% and operating margin of 24.7%, increasing from 14.6%. Net income more than doubled to $747 million.

從我們的同比表現來看，淨收入增長了 17.6%。收入增長伴隨著盈利能力的提高，毛利率從 39% 上升到 46.7%，營業利潤率從 14.6% 上升到 24.7%。淨收入翻了一番多，達到 7.47 億美元。

On a sequential basis, revenues were substantially flat. On Q2 2022, our second quarter business outlook at the midpoint is for net revenues of $3.75 billion, increasing year-over-year by 25.3% and sequentially by 5.8%. Gross margin is expected to be about 46%. For the full year 2022, based on a strong customer demand and increased capacity, we will continue to drive the company based on a plan for full year 2022 revenue in the range of $14.8 billion to $15.3 billion.

在連續的基礎上，收入基本持平。在 2022 年第二季度，我們第二季度的中點業務展望為淨收入 37.5 億美元，同比增長 25.3%，環比增長 5.8%。毛利率預計約為46%。對於 2022 年全年，基於強勁的客戶需求和增加的產能，我們將根據 2022 年全年收入 148 億美元至 153 億美元的計劃繼續推動公司發展。

Now let's move to a detailed review for the first quarter. Net revenues increased 17.6% year-over-year with higher sales in our 3 product groups and whole subgroups except as expected, the imaging subgroup. Year-over-year, sales increased 14.4% to OEMs and 24% to distribution. On a sequential basis, net revenues decreased 0.3%, coming in 130 basis points above the midpoint of our outlook. This performance was mainly driven by MDG with revenues up 12.8% on better-than-expected manufacturing efficiencies for microcontrollers. ADG revenues increased 2.5%, impacted by the temporary reduced operations at our Shenzhen, China manufacturing facility due to the pandemic.

現在讓我們來詳細回顧一下第一季度。淨收入同比增長 17.6%，除了預期的成像子組外，我們的 3 個產品組和整個子組的銷售額都增加了。與去年同期相比，原始設備製造商的銷售額增長了 14.4%，分銷商的銷售額增長了 24%。在環比基礎上，淨收入下降 0.3%，比我們展望的中點高 130 個基點。這一業績主要是由 MDG 推動的，由於微控制器的製造效率好於預期，收入增長了 12.8%。受疫情影響，我們在中國深圳的製造工廠暫時減少了運營，ADG 收入增長了 2.5%。

AMS revenues decreased 13.8% sequentially, substantially in line with our expectations. Gross profit was $1.65 billion, increasing 40.8% on a year-over-year basis. Gross margin increased year-over-year to 46.7% from 39%, largely driven by favorable pricing and improved product mix.

AMS 收入環比下降 13.8%，基本符合我們的預期。毛利潤為 16.5 億美元，同比增長 40.8%。毛利率從 39% 同比增長至 46.7%，這主要得益於優惠的定價和改進的產品組合。

Our first quarter gross margin was 170 basis points above the midpoint of our guidance, driven by similar pricing and product mix sector. First quarter operating margin was 24.7%, increasing from 14.6% in Q1 2021, well supported by improvements in all 3 product groups. Both net income and diluted earnings per share more than doubled year-over-year respectively reaching $747 million and $0.79 from $364 million and $0.39 per share in Q1 2021.

在類似定價和產品組合行業的推動下，我們第一季度的毛利率比我們的指導中點高出 170 個基點。第一季度營業利潤率為 24.7%，高於 2021 年第一季度的 14.6%，這得益於所有 3 個產品組的改善。淨收入和攤薄後每股收益分別從 2021 年第一季度的 3.64 億美元和 0.39 美元同比增長一倍以上，分別達到 7.47 億美元和 0.79 美元。

Looking at the year-over-year sales performance by product groups. ADG revenues increased 20.5% on double-digit growth in both Automotive and in Power Discrete. AMS revenue increased 0.4% with growth in both Analog and MEMS, while imaging product sales decreased as expected. MDG revenues increased 35.2%, strong growth in both microcontrollers and in RF Communications.

查看產品組的同比銷售業績。 ADG 收入增長 20.5%，汽車和功率分立器件均實現兩位數增長。隨著模擬和 MEMS 的增長，AMS 收入增長 0.4%，而成像產品銷售則如預期下降。 MDG 收入增長 35.2%，微控制器和 RF 通信均強勁增長。

In terms of operating margin, all 3 product groups delivered year-over-year expansion. ADG operating margin increased to 18.7% from 8.2%. AMS operating margin increased to 22.6% from 17.2%. And MDG operating margin increased to 24% from 19.4%.

營業利潤率方面，三大產品組均實現同比增長。 ADG 營業利潤率從 8.2% 提高到 18.7%。 AMS 營業利潤率從 17.2% 提高到 22.6%。 MDG 營業利潤率從 19.4% 提高到 24%。

Net cash from operating activities increased 38.6% to $945 million in Q1 versus $682 million in the year ago quarter. CapEx in the first quarter was $840 million compared to $405 million in the year ago quarter. After the strong investment in CapEx, free cash flow was $82 million in the first quarter. In Q1 2021, it was $261 million.

第一季度經營活動產生的淨現金增長 38.6% 至 9.45 億美元，而去年同期為 6.82 億美元。第一季度的資本支出為 8.4 億美元，而去年同期為 4.05 億美元。在資本支出的強勁投資之後，第一季度的自由現金流為 8200 萬美元。 2021 年第一季度為 2.61 億美元。

During the first quarter, we paid $49 million of cash dividends to stockholders and we executed an $86 million share buyback as part of our current share repurchase program. ST's net financial position, non-U.S. GAAP was $840 million at April 2, 2022 and reflected total liquidity of $3.4 billion and total financial debt of $2.6 billion. This includes a $107 million increase in total financial debt in connection with the adoption on January 1, 2022 of the new U.S. GAAP reporting guidance applicable to convertible debt. At December 31, 2021, ST's net financial position was $977 million.

在第一季度，我們向股東支付了 4900 萬美元的現金股息，並執行了 8600 萬美元的股票回購，作為我們當前股票回購計劃的一部分。截至 2022 年 4 月 2 日，意法半導體的淨財務狀況（非美國公認會計原則）為 8.4 億美元，反映了 34 億美元的總流動性和 26 億美元的總金融債務。這包括與 2022 年 1 月 1 日採用適用於可轉換債務的新美國公認會計原則報告指南相關的 1.07 億美元總金融債務增加。截至 2021 年 12 月 31 日，ST 的淨財務狀況為 9.77 億美元。

Let's now discuss the market and business dynamics during the quarter. Overall, demand continues to be strong. Starting with the automotive market, we continue to see strong demand in Q1 with a lower number of vehicles produced worldwide compared with initial expectations. The strong demand reflected the combined effect of replenishment of inventories across the automotive supply chain and the ongoing electrification and digitalization transformation of the industry.

現在讓我們討論本季度的市場和業務動態。總體而言，需求繼續強勁。從汽車市場開始，我們繼續看到第一季度的強勁需求，與最初的預期相比，全球生產的汽車數量有所減少。強勁的需求反映了整個汽車供應鏈的庫存補充以及行業正在進行的電氣化和數字化轉型的綜合影響。

Bookings remain strong across all customers and geographies. Backlog visibility is still about 18 months and well above our current and planned 2022 manufacturing capacity. The accelerated transformation of the vehicle industry towards more electrification and digitalization both additional wins and opportunities for us during Q1.

所有客戶和地區的預訂量都保持強勁。積壓的可見性仍約為 18 個月，遠高於我們當前和計劃的 2022 年製造能力。汽車行業加速向電氣化和數字化轉型，在第一季度為我們帶來了額外的勝利和機遇。

Silicon carbide devices are a key component of car electrification. During the quarter, we again increased the number of ongoing silicon carbide programs for the automotive and industrial markets to 98, spread over 75 customers. These projects are mostly equally split between the 2 end markets, and we are in line with our revenue targets.

碳化矽器件是汽車電氣化的關鍵部件。在本季度，我們再次將針對汽車和工業市場的碳化矽計劃數量增加到 98 個，分佈在 75 個客戶中。這些項目大多在兩個終端市場之間平均分配，我們符合我們的收入目標。

We had a number of new design wins in Q1 with ST power modules as well as with a module maker using our generation 3 silicon carbide MOSFET technology for electrical vehicles, traction inverters applications. We also had success with complementary technologies in the range of electrical vehicle applications. This includes with electrical vehicle carmakers and Tier 1 for microcontrollers, silicon MOSFETs, battery management solutions and ultrafast and silicon carbide-based dials. In car digitalization, during the quarter, we had wins across the key application we address. We designed our next-generation stellar automotive microcontroller into a new zonal architecture for software-defined vehicles. We signed a deal for a V2X chipset with a player in China in cooperation with Autotalks, and we had a design-in for Mobileye EyeQ technology from an electrical vehicle maker for L4 ADAS.

我們在第一季度通過 ST 功率模塊以及使用我們用於電動汽車、牽引逆變器應用的第 3 代碳化矽 MOSFET 技術的模塊製造商贏得了多項新設計。我們還在電動汽車應用範圍內的互補技術方面取得了成功。這包括電動汽車製造商和針對微控制器、矽 MOSFET、電池管理解決方案以及超快和碳化矽錶盤的 Tier 1。在汽車數字化方面，在本季度，我們在我們處理的關鍵應用程序中取得了勝利。我們將我們的下一代恆星汽車微控制器設計成用於軟件定義車輛的新區域架構。我們與中國的一家廠商與 Autotalks 合作簽署了一項 V2X 芯片組協議，並且我們從一家電動汽車製造商那里為 L4 ADAS 設計了 Mobileye EyeQ 技術。

In our automotive sensor business, we earned a first win for our 6-axis sensor with embedded Machine Learning Core in an advanced automotive antitheft system, while continuing to secure wins for other automotive sensors.

在我們的汽車傳感器業務中，我們憑藉在先進的汽車防盜系統中嵌入機器學習核心的 6 軸傳感器贏得了第一場胜利，同時繼續確保其他汽車傳感器的勝利。

Moving now to industrial. In industrial, we saw strong demand throughout the quarter, especially in factory automation, power and energy applications, as well as building and home control. Demand was strong both with distribution as well as OEMs. Also in industrial, electrification and digitalization are the main trends accelerating the increase we see in semiconductor content.

現在轉向工業。在工業領域，我們在整個季度看到了強勁的需求，尤其是在工廠自動化、電力和能源應用以及樓宇和家庭控制方面。分銷和原始設備製造商的需求都很強勁。同樣在工業領域，電氣化和數字化是加速我們看到的半導體含量增加的主要趨勢。

Throughout Q1, inventories of our products at distributors remain lead across all product families with high inventory turns, although point of sales were strong across all products and geographies. We address the industrial end markets with our general purpose and secure embedded processing solutions, power and energy management products and our sensors and analog portfolio.

在整個第一季度，儘管所有產品和地區的銷售點都很強勁，但在所有庫存周轉率較高的產品系列中，我們在分銷商處的產品庫存仍然領先。我們通過我們的通用和安全嵌入式處理解決方案、電源和能源管理產品以及我們的傳感器和模擬產品組合來滿足工業終端市場的需求。

In embedded processing, we are building on our market leadership in 32 bit MCUs. I am pleased to announce that in 2021, we were ranked #1 worldwide in general purpose microcontrollers. We continue to invest to further strengthen our STM32 family, offering an ecosystem with a particular focus on wireless connectivity, security and artificial intelligence.

在嵌入式處理方面，我們正在鞏固我們在 32 位 MCU 領域的市場領先地位。我很高興地宣布，在 2021 年，我們在通用微控制器領域排名全球第一。我們繼續投資以進一步加強我們的 STM32 系列，提供一個特別關注無線連接、安全和人工智能的生態系統。

In these 3 areas, we are accelerating our customer engagement, driving design wins with our latest product and solutions. We are also building momentum with our STM32 microprocessor offer. The natural evolution path for our customers needing higher performances and computing power. Here, we won a number of sockets in applications such as lighting, programmable logic controllers and smart grid.

在這三個領域，我們正在加速我們的客戶參與，用我們最新的產品和解決方案推動設計勝利。我們還通過我們的 STM32 微處理器產品來建立勢頭。需要更高性能和計算能力的客戶的自然進化路徑。在這裡，我們在照明、可編程邏輯控制器和智能電網等應用中贏得了多個插座。

In power and energy management, we address industrial applications with a range of products, including silicon carbide-based processors and modules as well as silicon-based processors, IGBTs, diodes and rectifiers. Here, we had wins across a number of applications, including renewable energy and power saving technologies. We also had many new designs with our industrial analog products with ours in applications where we are focused. This includes motion control, power-line communication, factory automation and home appliances.

在電源和能源管理方面，我們通過一系列產品解決工業應用問題，包括基於碳化矽的處理器和模塊以及基於矽的處理器、IGBT、二極管和整流器。在這裡，我們在包括可再生能源和節能技術在內的許多應用領域取得了勝利。我們的工業模擬產品在我們專注的應用中也有許多新設計。這包括運動控制、電力線通信、工廠自動化和家用電器。

Here, our industry-leading products for smart controls -- sorry, smart motor control, galvanic isolation and power commercial outdriving design wins. We continue our momentum in sensors for industrial applications with wins for products like our industrial-grade pressure and waterproof sensors. We introduced our first Intelligent Sensor Processing Unit, launched together with the generation 3 MEMS sensors.

在這裡，我們行業領先的智能控制產品——抱歉，智能電機控制、電流隔離和電力商業驅動設計獲勝。我們在工業應用傳感器方面繼續保持勢頭，我們的工業級壓力和防水傳感器等產品贏得了勝利。我們推出了我們的第一個智能傳感器處理單元，與第 3 代 MEMS 傳感器一起推出。

Moving now to Personal Electronics. Demand during the quarter was in line with seasonality for this end market. The market for accessories continues to be strong, especially for connected devices such as wearables (inaudible) driving more semiconductor content, tablets, hearables and true wireless stereo headsets.

現在轉到個人電子產品。本季度的需求與該終端市場的季節性一致。配件市場持續強勁，尤其是連接設備，例如驅動更多半導體內容的可穿戴設備（聽不清）、平板電腦、可聽設備和真正的無線立體聲耳機。

Our first strategic objective in Personal Electronics is to lead in selected high-volume applications with differentiated products or custom solutions. During the quarter, we won sockets in new flagship smartphones with motion and environmental sensors, time-of-flight ranging sensors, wireless charging products, touch display controllers and secure solutions.

我們在個人電子領域的第一個戰略目標是通過差異化產品或定制解決方案引領選定的大批量應用。在本季度，我們贏得了帶有運動和環境傳感器、飛行時間測距傳感器、無線充電產品、觸摸顯示控制器和安全解決方案的新旗艦智能手機的插座。

Our second strategic objective is to leverage our broad portfolio to address high-volume applications. Here, we had wins with a broad range of light, motion and environmental sensors as well as with analog, power and microcontrollers in application such as smart watches and other wearables from leading players.

我們的第二個戰略目標是利用我們廣泛的產品組合來解決大批量應用。在這裡，我們在廣泛的光、運動和環境傳感器以及模擬、電源和微控制器等應用領域取得了勝利，例如智能手錶和其他領先廠商的可穿戴設備。

In Communications Equipment, Computers & Peripherals, we continue to see adoption of 5G-related products and further deployment of low earth orbit satellite programs and services around the globe. The PC market continues to show signs of normalizing demand. We had several strategic objectives in our approach to this end market. First, we target selected high-volume applications with differentiated products or custom solutions, while leveraging our broad portfolio. New wins here include secure trusted platform solutions and time-of-flight sensors for laptops.

在通信設備、計算機和外圍設備方面，我們繼續看到 5G 相關產品的採用以及全球低地球軌道衛星計劃和服務的進一步部署。個人電腦市場繼續顯示出需求正常化的跡象。在我們進入這個終端市場的方法中，我們有幾個戰略目標。首先，我們針對具有差異化產品或定制解決方案的選定大批量應用程序，同時利用我們廣泛的產品組合。這裡的新勝利包括安全可信的平台解決方案和筆記本電腦的飛行時間傳感器。

General purpose MCU designing as well as further wins with our MasterGaN family for high-power-density smart charging adaptors.

通用 MCU 設計以及我們的 MasterGaN 系列進一步贏得高功率密度智能充電適配器。

I would also like to highlight our goal to address selected applications in cellular and satellite communication infrastructure. In this area, we continue to progress well with our key customer engagement program.

我還想強調我們的目標是解決蜂窩和衛星通信基礎設施中的選定應用程序。在這一領域，我們的關鍵客戶參與計劃繼續取得良好進展。

Now let's move to our 2022 second quarter outlook and our plans for the full year 2022. For the second quarter, we expect net revenues to be about $3.75 billion at the midpoint, representing a year-over-year growth of 25.3% and a sequential increase of 5.8%. Gross margin in Q2 is expected to be about 46% at the midpoint. Our guidance includes the impact of the temporary reduced operations in Crolles, France, caused by the power outage extended to our site that occur at the beginning of April.

現在讓我們談談我們對 2022 年第二季度的展望和我們對 2022 年全年的計劃。對於第二季度，我們預計中點淨收入約為 37.5 億美元，同比增長 25.3%，環比增長增長 5.8%。預計第二季度的毛利率在中點約為 46%。我們的指導包括法國 Crolles 臨時減少運營的影響，這是由於 4 月初發生在我們網站上的停電造成的。

For the full year 2022, we confirm our plan to invest about $3.4 billion to $3.6 billion in CapEx to further increase our production capacity and to support our strategic initiatives, which includes the first industrialization line of our new 300-millimeter wafer fab in Agrate, Italy. Based on our strong customer demand and our planned investments to increase capacity, we continue to drive the company based on a plan for 2022 revenues in the range of $14.8 billion to $15.3 billion, representing a growth of about 16% to 20%.

對於 2022 年全年，我們確認計劃在資本支出上投資約 34 億至 36 億美元，以進一步提高我們的產能並支持我們的戰略舉措，其中包括我們在 Agrate 的新 300 毫米晶圓廠的第一條工業化生產線，意大利。基於我們強勁的客戶需求和我們為增加產能而進行的計劃投資，我們將繼續推動公司根據 2022 年收入在 148 億美元至 153 億美元之間的計劃，增長約 16% 至 20%。

To conclude, our first quarter results and plans for 2022 underscore our tight focus on accelerating the execution of our strategy and value proposition. We are on track with our 2022 plan, both in terms of revenues and CapEx investments to sustain our short- and long-term growth objectives.

總而言之，我們的第一季度業績和 2022 年計劃強調了我們對加速執行戰略和價值主張的密切關注。在收入和資本支出投資方面，我們都在按照我們的 2022 年計劃進行，以維持我們的短期和長期增長目標。

Finally, we look forward to your participation either in person in Paris or via our live webcast at our Capital Markets Day on next May 12. Thank you very much, and we are now ready to answer your questions.

最後，我們期待您親臨巴黎或在明年 5 月 12 日資本市場日通過我們的網絡直播參與。非常感謝您，我們現在準備回答您的問題。

(Operator Instructions) The first question is from Didier Scemama from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Didier Scemama。

Maybe before I ask my question, I just want to give you my congratulations for finishing the #1 in general purpose microcontrollers. I think it's an amazing achievement for ST. When you look back at the last 20-plus years that ST, the leader in such an important franchise. With that, I just wanted to come back, Jean-Marc to your full year guide because the need speakers would say you've had a beat on Q1 and Q2 but you're not raising the full year. So I just wanted to unpack that a little bit, give us your sense whether you introduce a degree of caution in your second half even guide. And associated with that, I think last year -- last quarter, excuse me, you were kind enough to give us a full year gross margin guidance of 45%, looks like your first half is running at about 46.3%. Do you intend to raise that full year gross margin guidance?

也許在我問我的問題之前，我只想祝賀你完成了通用微控制器的第一名。我認為這對ST來說是一個了不起的成就。當您回顧過去 20 多年的 ST 時，在如此重要的特許經營中處於領先地位。有了這個，我只想回來，讓-馬克回到你的全年指南，因為需要發言者會說你在第一季度和第二季度都有節拍，但你沒有提高全年。所以我只是想稍微解釋一下，告訴我們你是否在下半場甚至指南中引入了一定程度的謹慎。與此相關，我認為去年 - 上個季度，對不起，你很友好地給了我們 45% 的全年毛利率指導，看起來你的上半年運行在 46.3% 左右。您是否打算提高全年毛利率指導？

Thank you. So Lorenzo will answer on the gross margin, and I will answer the revenue. No, first of all, okay, at the midpoint of the revenue range, okay, we have indicated we will grow, let's say, close to 19%, which is, let's say, substantially above the market we sell because the latest data point, okay, we receive about our -- the market we address is a growth of 15.8%. So point number one, okay, we will grow well above the market we sell.

謝謝你。所以洛倫佐會回答毛利率，我會回答收入。不，首先，好的，在收入範圍的中點，好的，我們已經表明我們將增長，比如說，接近 19%，比方說，這大大高於我們銷售的市場，因為最新的數據點，好吧，我們收到了關於我們的 - 我們所針對的市場增長了 15.8%。所以第一點，好吧，我們的增長將遠高於我們銷售的市場。

Then point number two, this, let's say, revenue range is absolutely not related to any, let's say, conservatism are cautious on the demand. The backlog we have is basically well above 30% to 40% of our manufacturing capacity. And we have already a backlog covering our planned capacity for next year, okay, close to 100%. So it's absolutely not related to the overall demand. It's absolutely not related to any specific customers and engaged customer products. So I would like to insist that, okay, our revenue range indication is simply related to the fact that our supply chain is totally loaded, when you load our manufacturing supply chain at 90% and plus, when you have your supplier pretty loaded as well.

然後第二點，這個，比方說，收入範圍絕對與任何東西無關，比方說，保守主義對需求持謹慎態度。我們的積壓訂單基本上遠高於我們製造能力的 30% 到 40%。我們已經積壓了明年的計劃產能，好吧，接近 100%。所以跟整體需求絕對沒有關係。它絕對與任何特定客戶和參與的客戶產品無關。所以我想堅持說，好吧，我們的收入範圍指示只是與我們的供應鏈完全加載這一事實有關，當您將我們的製造供應鏈加載到 90% 時，並且當您的供應商也加載得很好時.

The overall supply chain worldwide increasing complexity for the various lockdowns okay, we face in Q1 or events that maybe, okay, we are still facing in Q2. I guess, okay, it's a business as usual, okay, to give a range of uncertainty related to the execution, but absolutely not to the demand.

全球範圍內的整個供應鏈都在增加各種鎖定的複雜性，好吧，我們在第一季度面臨的問題，或者可能，好吧，我們在第二季度仍然面臨的事件。我想，好吧，這就像往常一樣，好吧，給出與執行相關的一系列不確定性，但絕對不是與需求相關的。

So we will, as usual, update, okay, the indication of the year in July as every year. This year, I guess you have well noted, that we have anticipated 1 quarter, okay, visibility. I think it has been well appreciated. But we will update this, okay, in July after the first half completion. So this is about, okay, the year indication. So as a takeaway, absolutely, okay, not an issue of conservatism on the demand, which is, I again repeat, is 30% to 40% above our maximum capacity and already [pretty loaded] next year, either any concern with any customer in engaged product program. Okay, only, okay, the normal cautious about, okay, the lockdown event we can face during the execution because of the high level of loading of our manufacturing capacity. About gross margin, Lorenzo.

因此，我們將像往常一樣，在 7 月像往年一樣更新年份的指示。今年，我猜你已經註意到了，我們已經預期了 1 個季度，好吧，可見度。我認為它得到了很好的讚賞。但我們會在上半年完成後的 7 月更新這個。所以這是關於，好的，年份指示。因此，作為一個外賣，絕對，好吧，不是關於需求的保守主義問題，也就是說，我再次重複，比我們的最大產能高出 30% 到 40%，並且明年已經 [相當負荷]，無論是對任何客戶的任何擔憂從事產品計劃。好吧，只是，好吧，正常的謹慎，好吧，由於我們的製造能力的高負荷，我們在執行期間可能面臨的鎖定事件。關於毛利率，洛倫佐。

And thank you for the question about the gross margin. Yes, your math is definitely correct. Let's say that in H1, our gross margin at midpoint of the second quarter guidance, it will be slightly above 46%. At this stage, of course, we have a little bit more visibility in respect to enter in Q1 about the dynamic respect, let's say, the price increase in our COGS in respect, let's say, to the mix, you expect to some elements.

感謝您提出有關毛利率的問題。是的，你的數學絕對是正確的。假設在上半年，我們在第二季度指導值中點的毛利率將略高於 46%。當然，在這個階段，我們對進入第一季度的動態方面有更多的了解，比如說，我們的 COGS 的價格上漲，比如說，混合，你期望的一些元素。

What I can say in respect to this level of gross margin, I do -- our view at this stage is that in the second half of the year, we will be impacted by some headwinds related to this increase in pricing in our COGS. But at the end, our visibility is that we should be able to remain on a similar level of gross margin, what we have done in the first half. So at the end, I think that overall in the year will be, let's say, close -- the 46% more than 45%. So we uplift a little bit our visibility at this point in respect to our ability to keep this level of gross margin along the year in the next quarters.

關於這一水平的毛利率，我能說的是——我們現階段的觀點是，在今年下半年，我們將受到與 COGS 定價增加相關的一些不利因素的影響。但最後，我們的可見性是，我們應該能夠保持與上半年相似的毛利率水平。所以最後，我認為今年的總體情況會接近——46% 超過 45%。因此，我們在這一點上提高了我們在未來幾個季度保持這一水平毛利率的能力的知名度。

Fantastic. Maybe as a quick follow-up, I just wondered, Jean-Marc, if you could -- I think you sort of touched on it, but I just want to make sure that we cross the t's and dot the i's. One of your peers in the U.S. last night sort of introduced a high level of caution with regards to the China lockdowns for the second quarter, feels like it's a sort of broad brush cuts. I think you said in your prepared remarks that the lockdowns in Shenzhen had affected your business. I wondered how much in Q2 of your revenue guide is baking in, if you want some impact from the lockdowns?

極好的。也許作為快速跟進，我只是想知道，Jean-Marc，如果你能 - 我想你有點觸及它，但我只是想確保我們越過 t 並點 i 。昨晚，你的一位美國同行對中國第二季度的封鎖提出了高度謹慎的態度，感覺就像是一種粗略的削減。我想你在準備好的發言中說過深圳的封鎖影響了你的業務。我想知道如果你想從封鎖中獲得一些影響，你的收入指南第二季度會有多少？

We are facing, let's say, the impact of lockdown from Shanghai already in Q1 on logistics, mainly. It is clear that in Q2, we have also some implication related to the assembly and test subcontractor or some assembly material provider, but it is included in our guidance, okay? So our $3.75 billion, so 5.8% sequential increase and 25.3% year-over-year is including all, let's say, the current headwinds we face. So Shanghai lockdown and the Crolles event of early April.

比方說，我們正面臨著第一季度上海的封鎖對物流的影響，主要是。很明顯，在 Q2 中，我們也有一些與組裝和測試分包商或一些組裝材料供應商有關的暗示，但它包含在我們的指導中，好嗎？因此，我們的 37.5 億美元，即環比增長 5.8% 和同比增長 25.3%，包括我們目前面臨的所有不利因素。所以上海的封鎖和四月初的克羅勒斯事件。

No, I guess my question was how much would it be without the impact of the Crolles and the Shanghai lockdowns?

不，我想我的問題是，如果沒有 Crolles 和上海封鎖的影響，會有多少？

At the end, let's say that our estimate based on the information that we have at this stage, let's say, is that the events will be a few tens of million dollars in our top line, the trade, so, at the end. This is more or less the sizing of these 2 events.

最後，假設我們根據現階段掌握的信息進行的估計是，我們的頂線交易將達到幾千萬美元，因此，最後。這或多或少是這兩個事件的大小。

The next question is from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

Yes. And congratulations on the progress. Just to follow up on Didier's question. I think your U.S. competitor last night gave -- they characterize it as sort of a broad-based haircut to their revenue expectations by about 10% and that's quite a bit more than Lorenzo, you just articulated. So I just wonder their business is much more direct to customers versus your business in certain cases, using distribution to a much greater extent.

是的。並祝賀取得的進展。只是為了跟進迪迪埃的問題。我認為你的美國競爭對手昨晚給出了 - 他們將其描述為對收入預期的廣泛削減約 10%，這比洛倫佐多得多，你剛剛闡明。所以我只是想知道在某些情況下，他們的業務比您的業務更直接地面向客戶，在更大程度上使用分銷。

So as we look into the back half of your calendar year, how have you guys accounted for the lockdowns in China? Is that substantially what's leading you to not raise the full year despite beating the first half of the year or are there other considerations that we could have?

因此，當我們回顧你們日曆年的後半段時，你們如何解釋中國的封鎖？儘管超過了上半年，這基本上是導致你沒有提高全年的原因，還是我們可以考慮其他因素？

No. I repeat, okay, the various events we face in Q1 and still in Q2, but basically, are impacting H1. So more complex logistics in Q1 related to Shanghai lockdown. Again, also let's say, lockdown, some material provider lockdown. The impact of Shenzhen, the impact of Crolles, okay, mainly are impacting H1. We never planned for catastrophe, okay. We are just, okay, putting in our full year, let's say, range because, again, I repeat okay, our sales and operating plan, okay, show our capacity fully saturated, okay, above 90% across the full remaining year, and it is valid as well for assembly and test. And we are facing on top of that, our equipment supplier, our material supplier, our gas and chemical supplier facing, okay, complex logistics, okay, shortage by themselves.

不。我再說一遍，好吧，我們在第一季度和第二季度面臨的各種事件，但基本上，正在影響 H1。因此，第一季度更複雜的物流與上海封鎖有關。同樣，也可以說，鎖定，一些材料供應商的鎖定。深圳的影響，Crolles的影響，好吧，主要是影響H1。我們從來沒有為災難做計劃，好吧。我們只是，好吧，把我們的全年，比如說，範圍，因為，我再說一遍，好吧，我們的銷售和運營計劃，好吧，顯示我們的產能完全飽和，好吧，在剩下的整個一年中超過 90%，並且它也適用於組裝和測試。最重要的是，我們的設備供應商，我們的材料供應商，我們的氣體和化學品供應商面臨著，好吧，複雜的物流，好吧，他們自己的短缺。

So all the supply chain is under tension. So we do believe that, okay, when we provide the indication, we give this range because, okay, it's simply a good sense of planification of our business and manufacturing.

所以整個供應鏈都處於緊張狀態。因此，我們確實相信，好吧，當我們提供指示時，我們會給出這個範圍，因為，好吧，這只是對我們的業務和製造的良好規劃。

Understood. Jean-Marc. Thanks. Don't shoot the messenger, just the questions we're getting...

明白了。讓-馬克。謝謝。不要射擊信使，只是我們得到的問題......

Right, okay. And I simply answer because I think altogether, there are 2 concerns, either you put a cautious on business, I repeat, no. Okay, either, okay, I share simply with you that our manufacturing capacity and supply chain is really, really loaded and it's normal, that each single event, okay, has an impact. So it's normal when you provide an indication and you share with investors and analysts, okay, you give this tranche, okay? And you see in Q1, okay, we performed slightly above the midpoint of our revenue.

對，好吧。我只是簡單地回答，因為我認為總共有兩個問題，要么你對生意保持謹慎，我再說一遍，不。好吧，或者，好吧，我只是簡單地與你分享，我們的製造能力和供應鏈真的，真的很負荷，這是正常的，每一個事件，好吧，都會產生影響。因此，當您提供指示並與投資者和分析師分享時，這很正常，好吧，您提供這部分，好嗎？你在第一季度看到，好吧，我們的表現略高於收入的中點。

We have been impacted, okay, by Shenzhen. Shenzhen, okay, was basically an equivalent of 2 weeks of production losses. But thanks, okay, to our capability to reallocate to some other plants (inaudible) microcontrollers. We have overperformed in microcontrollers. So you have always this kind of plus and minus -- and that's the reason why, okay, we provide an operating range, okay, to you because, again, I think it is our duty.

我們受到了深圳的影響，好吧。深圳，好吧，基本上相當於2週的生產損失。但是，好的，感謝我們重新分配給其他一些工廠（聽不清）微控制器的能力。我們在微控制器方面表現出色。所以你總是有這種正負——這就是為什麼，好吧，我們為你提供一個操作範圍，好吧，因為，我認為這是我們的職責。

Just as a quick follow-up. Lorenzo, do you mind shedding some light on the guidance for June just by the different divisions. I think ADG obviously had some impact, as you called out in the March quarter. But as you look forward into June, just some color on the growth by division would be helpful. I appreciate it.

就像快速跟進一樣。 Lorenzo，您是否介意僅通過不同部門對 6 月的指導進行一些說明。我認為 ADG 顯然產生了一些影響，正如您在 3 月季度所說的那樣。但是，當您展望 6 月份時，只需對部門增長進行一些顏色分析就會有所幫助。我很感激。

Yes. About -- you mean the evolution of the revenue in the second quarter. But in the second quarter, for sure, on a sequential basis, let's say, the main driver of our growth will be ADG. ADG will be the driver of the growth -- in the second quarter of the growth, let's say.

是的。關於 - 你的意思是第二季度收入的演變。但是在第二季度，可以肯定地說，我們增長的主要驅動力將是 ADG。 ADG 將成為增長的驅動力——比方說，在增長的第二季度。

And we hear, we will have both growth in Automotive and Power Discrete. When I look at AMS, AMS will slightly grow in the quarter but will be substantially contributing, but a much lower pace in respect to ADG. And what concerned MDG, MDG this quarter will not contribute to the growth. It will be slightly down or substantially flat. And this is due to the fact that the group that is, let's say, more impacted, but what was described before by Jean-Marc by these events, let's say, the interruption to production that we had in Crolles, some impact due to the lockdown. So at the end, if you want in this quarter, the driver, the real driver of the growth will come from ADG.

我們聽說，我們將在汽車和功率分立器件方面實現增長。當我查看 AMS 時，AMS 將在本季度略有增長，但將顯著貢獻，但相對於 ADG 的速度要低得多。與千年發展目標有關，本季度的千年發展目標不會對增長做出貢獻。它將略微下降或基本持平。這是因為這個群體，比方說，受到更大的影響，但是讓-馬克之前描述的這些事件，比如說，我們在克羅勒斯的生產中斷，一些影響是由於封鎖。所以最後，如果你想在本季度，增長的驅動力，真正的驅動力將來自 ADG。

See You guys in Paris in a couple of weeks.

幾週後在巴黎見。

Thank you very much, will be with great pleasure. Thank you for your question, Matt. Next question, please.

非常感謝您，將非常高興。謝謝你的問題，馬特。下一個問題，請。

The next question is from Andrew Gardiner from Citi.

下一個問題來自花旗的 Andrew Gardiner。

Another sort of follow-up on the 2Q outlook. I just want to confirm that from your point of view, you're not seeing any change to customer activity as a result of the challenges around the lockdowns in China. And I suppose if I could sort of ask it another way, if you are going to face some of these logistical or R&D placing them today, the logistical challenges in China given the backlog, the level of -- the level of which backlog exceeds your current demand, are you able to ship a lot of those parts elsewhere and therefore, from a global standpoint, that's why you're not seeing such an impact?

另一種對第二季度前景的跟進。我只想確認，從您的角度來看，由於中國封鎖帶來的挑戰，您沒有看到客戶活動發生任何變化。我想如果我可以換個方式問，如果你今天要面對這些物流或研發中的一些，考慮到積壓，中國的物流挑戰，積壓的水平超過你的目前的需求，您是否能夠將大量這些零件運送到其他地方，因此，從全球角度來看，這就是為什麼您沒有看到這樣的影響？

No, no. We confirm that the dynamic in Q1 despite, and I said despite purposely the various events, the dynamic is stronger. Our booking in Q1 book-to-bill is well about [1.2]. We booked more than $4 billion in Q1, okay, with all customers and geographies.

不，不。儘管我們確認了第一季度的動態，我說儘管有各種事件，但動態更強。我們在第一季度的預訂到賬單的預訂率約為 [1.2]。我們在第一季度為所有客戶和地區預訂了超過 40 億美元。

Our point of sales, okay, is continuing, increasing. All the inventory we monitor, as I confirmed during my speech, are lean and with high inventory turns. So we have not seen any, let's say, sign from the KPI of the order booking and customer. Then after, okay, it is clear that all, let's say, the supply chain and the value chain adapted itself, okay, to the complexity increasing related to Shanghai lockdown, both the harbor and the airport. And we have the capability, okay, to adapt our sales and to mitigate, okay, the effect of this lockdown.

我們的銷售點，好的，正在繼續，增加。正如我在演講中確認的那樣，我們監控的所有庫存都是精益且庫存周轉率高。所以我們沒有看到任何，比方說，來自訂單預訂和客戶的 KPI 的簽名。然後，好吧，很明顯，所有的，比如說，供應鍊和價值鏈都適應了自己，好吧，海港和機場都適應了與上海封鎖相關的複雜性增加。而且我們有能力調整我們的銷售並減輕這種封鎖的影響。

Jean-Marc, just perhaps a quick follow-up. Given you mentioned inventory then, I think in your comments, specifically on Automotive, you talked about some inventory replenishment through the supply chain. Can you shed any more light on what's happening within Automotive in particular? That's clearly been a market where things have been incredibly stretched. So just be interested in what you're seeing there.

Jean-Marc，也許只是一個快速的跟進。鑑於您當時提到了庫存，我認為在您的評論中，特別是在汽車方面，您談到了通過供應鏈進行的一些庫存補充。您能否進一步了解汽車行業正在發生的事情？這顯然是一個令人難以置信的市場。所以只要對你在那裡看到的東西感興趣。

You know that basically now since 5 quarters, so Q4 2020, we are operating all together a carmaker, Tier 1 and semiconductor company in a very complex supply chain because you know sometimes you have carmaker, Tier 1, EMS, EMS 1, EMS 2 distributor of semiconductors. And basically, okay, this supply chain has been high during H1 2021. And at a certain moment, okay, it's not sustainable forever. And specifically, when you have an introduction of new products related to the electrification and digitalization, and it is normal that the partners and the player, okay, they try to operate at a normal level of inventory, which are capable to absorb the variability of the logistic time because especially, okay, when the logistics is becoming, let's say, complex.

您知道，基本上從 5 個季度開始，到 2020 年第四季度，我們在一個非常複雜的供應鏈中共同經營一家汽車製造商、一級和半導體公司，因為您知道有時您有汽車製造商、一級、EMS、EMS 1、EMS 2半導體分銷商。基本上，好吧，這個供應鏈在 2021 年上半年一直很高。在某個時刻，好吧，它不會永遠持續下去。具體來說，當你有電動化和數字化相關的新產品推出的時候，合作夥伴和玩家，好吧，他們嘗試在正常的庫存水平上運作，這能夠吸收變化，這是正常的。物流時間，因為特別是，好吧，當物流變得複雜時。

So for sure, okay, we are convinced that in the order we receive from the Tier 1 massively or EMS, there is a part of this order mainly for the mainstream business, which is related to some inventory replenishment in order to operate in a safe condition, and to stop, okay, to see all this announcement about planned shutdown and because it's not easy for the carmaker and Tier 1 to shut down and for the social effect, to shut down plant regularly.

所以可以肯定，好吧，我們確信，在我們從Tier 1大規模或EMS收到的訂單中，這個訂單中有一部分主要是針對主流業務的，這與一些庫存補充有關，以便安全地運營條件，並停下來，好吧，看看所有關於計劃停工的公告，因為汽車製造商和一級汽車不容易關閉，為了社會影響，定期關閉工廠。

So first of all, yes, it's clear that part of the mainstream business is related to the weakness to come back to a normal situation. Well, and then after there is another part which is linked to the growth driver and booster of the growth. So increasing content in the car, which are either related, okay, to electrical car battery based, where we know that here, okay, from battery management system, okay, a power -- on a power driver, power switches. The demand is very strong, especially for silicon carbide. And also, we start to see the first effect of the digitalization. So change in architecture, okay, a different level of action. So we see the 2 effects. And then the reason why in Q1 even if the data point we receive is a little bit decreased of the production vehicle forecast for 2022, moving from 86 million to 83 million. So there is, let's say, a decrease. So demand is still very strong for the 2 reasons, okay, I just shared with you.

所以首先，是的，很明顯，部分主流業務與恢復正常狀態的疲軟有關。好吧，然後還有另一部分與增長的驅動力和增長的助推器有關。所以增加汽車中的內容，這些內容要么與基於電動汽車電池的相關，好吧，我們知道在這裡，好吧，從電池管理系統，好吧，一個電源 - 一個電源驅動器，電源開關。需求非常旺盛，尤其是碳化矽。而且，我們開始看到數字化的第一個效果。所以改變架構，好吧，不同層次的行動。所以我們看到了兩種效果。然後是為什麼在第一季度，即使我們收到的數據點比 2022 年的量產車預測略有下降，從 8600 萬輛增加到 8300 萬輛。因此，可以說是減少了。所以需求仍然非常強勁，原因有兩個，好吧，我剛剛和你分享了。

Thank you very much, Andrew. Next question please?

非常感謝你，安德魯。請問下一個問題？

The next question is from Jerome Ramel from BNP Paribas Exane.

下一個問題來自 BNP Paribas Exane 的 Jerome Ramel。

Yes. Quick question on the mix impact on the gross margin and the price increase. Could you quantify in last quarter, you said that probably about 80% of demand is you're going to do from volume and 20% from pricing. Is it still the same ratio we should think about for the full year? Or have you seen a further price increase in the mix?

是的。關於混合對毛利率和價格上漲的影響的快速問題。您能否在上個季度進行量化，您說大約 80% 的需求來自數量，20% 來自定價。它仍然是我們應該考慮全年的相同比率嗎？或者你有沒有看到價格進一步上漲？

I take the question, Jean-Marc. Yes, it's true that we see a little bit better pricing evolution, and this is reflected also in the level of our gross margin in the first quarter. If you want, at the end, you see in respect to the total year, we have a little bit upgrade our, let's say, indication our expectation for the year. I would say that this is mainly coming as the volume at the hand as was explained before by Jean-Marc is substantially linked to our capacity, is mainly coming from improvement between pricing, I would say, and something also related to the mix. So that is definitely something that will help in this respect.

我接受這個問題，讓-馬克。是的，我們確實看到了更好的定價演變，這也反映在我們第一季度的毛利率水平上。如果你想，最後，你會看到關於全年，我們有一點升級我們的，比如說，表明我們對這一年的期望。我想說這主要是因為手頭的數量正如 Jean-Marc 之前解釋的那樣與我們的產能有很大關係，主要來自定價之間的改進，我想說，以及與組合相關的一些東西。所以這絕對是在這方面有所幫助的東西。

And maybe a quick follow-up, specifically on silicon carbide. Could you update us where you are on the qualification and maybe the ramp-up of your 200-millimeter wafer.

也許是一個快速的跟進，特別是關於碳化矽。您能否向我們介紹您在資格方面的情況，以及您的 200 毫米晶圓的生產情況。

Okay. No, I think, okay, Marco Monti at the Capital Market Day, okay, will deliver to you, let's say, the detailed information. What I can share, okay, without anticipating too much is that we are really on track. And it is clear that our current capability and milestone -- technical milestone, okay, we go through successfully, will be a key factor -- key success factor for ST to accelerate our gross revenue on silicon carbide in the next 2, 3 years. And you know that this year, okay, we will deliver let's say, $700 million of revenue from silicon carbide.

好的。不，我想，好的，Marco Monti 在資本市場日，好的，會提供給你，比如說，詳細的信息。我可以分享的，好吧，沒有太多期待的是，我們真的走上了正軌。很明顯，我們目前的能力和里程碑——技術里程碑，好吧，我們成功地通過了，將是一個關鍵因素——意法半導體在未來 2、3 年內加快我們在碳化矽上的總收入的關鍵成功因素。你知道今年，好吧，我們將提供 7 億美元的碳化矽收入。

You know that we have anticipated by 1 year our target of $1 billion by 2024. And clearly, the dynamic is continuing to be very positive. And clearly, our 200-millimeter capability, we have demonstrated already in our, let's say, Sweden infrastructure that, okay, we will then, okay, massively deploy in Catena will be a key success factor to accelerated revenue path for silicon carbide in the next 3 years.

您知道，我們已經預計到 2024 年達到 10 億美元的目標在 1 年內實現。顯然，這種動態繼續非常積極。顯然，我們的 200 毫米能力，我們已經在我們的瑞典基礎設施中證明了，好吧，我們將在 Catena 大規模部署，這將是加快碳化矽收入路徑的關鍵成功因素。未來3年。

Okay. And looking forward to hearing more at the Capital Market Day.

好的。並期待在資本市場日聽到更多消息。

Thank you very much. Next question please.

非常感謝你。請下一個問題。

The next question is from Janardan Menon from Jefferies.

下一個問題來自 Jefferies 的 Janardan Menon。

First of all, congratulations from my side also, just echoing Didier's comments earlier on the fantastic achievement of becoming #1 in general purpose microcontrollers, truly remarkable. My question is also a little bit on the general purpose microcontroller side. You've said that you saw the strength in Q1 there because capacity was better than expected. Is that capacity improvement mainly from internal that you saw in Q1? Or was that also from the foundry side?

首先，我也祝賀你，只是呼應了迪迪埃早些時候關於成為通用微控制器第一的驚人成就的評論，真的很了不起。我的問題也有點關於通用微控制器方面的問題。您說過您在那裡看到了第一季度的實力，因為產能好於預期。您在第一季度看到的產能提升主要來自內部嗎？或者這也來自鑄造方面？

And when you talk about product mix having a positive impact on gross margin. At a top level, would I be right in assuming that the general purpose microcontroller side is your highest -- higher gross margin business. And so when that is strong, you get a good gross margin uplift? And would that explain why you are sort of guiding to 46% from 46.7% because you're saying that, that division will be less strong in Q2 than the other divisions?

當您談論產品組合對毛利率產生積極影響時。在頂層，我假設通用微控制器方面是您最高的 - 毛利率較高的業務是否正確。所以當它很強勁時，你會得到很好的毛利率提升嗎？這能解釋為什麼你會從 46.7% 引導到 46%，因為你說的是，這個部門在第二季度會比其他部門弱嗎？

So I will answer the first question about the contributor to the growth of micro and Lorenzo will answer the second question. I would like to say that in the year 2022, the -- both internal [foundry] and foundry will contribute to the growth of microcontroller, because you know that this product group, okay, is really equally balanced, okay, between internal production and external because, okay, it's, let's say, wide business, okay, fragmented, okay? We are -- we have more than 100,000 customers. And it is clear that we need to have a multisource, okay, to enable this business.

因此，我將回答第一個問題，關於對 micro 成長的貢獻者，而 Lorenzo 將回答第二個問題。我想說的是，在 2022 年，內部 [代工廠] 和代工廠都將為微控制器的增長做出貢獻，因為你知道，這個產品組，好吧，真的是平衡的，好吧，內部生產和外部因為，好吧，比如說，廣泛的業務，好吧，分散的，好嗎？我們是——我們有超過 100,000 名客戶。很明顯，我們需要有一個多源，好的，才能啟用這項業務。

So the growth in 2022 will be equally related to, let's say, external foundry and internal foundry. We, unfortunately, not at the level we would expect clearly because, thanks to all the design wins we have and the appetite of our STM32 and ecosystem, the demand is much, much higher than the capability we have.

因此，2022 年的增長將同樣與外部代工和內部代工相關。不幸的是，我們沒有達到我們預期的水平，因為由於我們所擁有的所有設計勝利以及我們 STM32 和生態系統的胃口，需求遠遠高於我們擁有的能力。

No, about the dynamic of the gross margin and the contribution in terms of product mix, yes, of course, our product line of the microcontrollers is definitely accretive to our gross margin. So it's true that the ability in Q1 to sell more microcontroller than expected, thanks to the fact that at the end, that we were able to run our operations in a more efficient way, also diverting as was said by Jean-Marc, some of our advice in order to be assembled for microcontroller, was 1 of the contributors of the overperforming our guidance in terms of the gross margin.

不，關於毛利率的動態和產品組合方面的貢獻，是的，當然，我們的微控制器產品線肯定會增加我們的毛利率。因此，在第一季度銷售的微控制器確實比預期的要多，這要歸功於最終我們能夠以更有效的方式運行我們的業務，正如 Jean-Marc 所說的那樣，我們的建議是為微控制器組裝，是毛利率方面超出我們指導的貢獻者之一。

In the second quarter, this element will be -- yes, will not be any longer there as in our guidance at the end, let's say, for the second quarter, MDG, as I was saying, it was not -- is not contributing to the growth. So will substantially remain flat slightly declining. This is our expectation. So it's true that in terms of product mix, microcontroller is 1 of the product line that is accretive for our profitability.

在第二季度，這個元素將——是的，將不再像我們最後的指導那樣存在，比如說，對於第二季度，千年發展目標，正如我所說，它沒有——沒有貢獻到成長。因此將基本持平略有下降。這是我們的期望。因此，就產品組合而言，微控制器確實是增加我們盈利能力的產品線之一。

And can I have a quick follow-up on the imaging business? You had pulled out earlier that it would be down. But can you just remind me of the reasons for why it is down? And how do you -- will you expect that to revert to growth over the course of the rest of the year and into 2023?

我可以快速跟進成像業務嗎？你之前已經退出了，它會被關閉。但是你能提醒我為什麼它下降的原因嗎？您如何 - 您是否期望在今年剩餘時間和 2023 年恢復增長？

In 2022, okay, we are coming back to a more, let's say, profile -- revenue profile across the year than we usually face. It was not the case in 2021 because of the pandemic, the new phone introduction in the second half of 2020 has been delayed basically by 1 quarter. And where usually the revenue of strong Q3, Q4 in 2020 was, okay, push out Q4 '20, Q1 '21. So that's the reason why, okay, we have this unbalanced situation in 2022 when we compare the year-over-year growth.

好的，在 2022 年，我們將回到比我們通常面臨的更全面的全年收入狀況。 2021年不是這樣，因為疫情，2020年下半年的新機推出基本推遲了1個季度。通常情況下，2020 年第三季度和第四季度強勁的收入是可以推出 20 年第四季度和 21 年第一季度的。這就是為什麼當我們比較同比增長時，我們在 2022 年會出現這種不平衡情況的原因。

About the sequential growth, okay, again, it's the usual seasonality now, okay, Q1 versus Q4. We confirm again that Imaging will contribute to H2 material growth of ST versus H1 this year and next year as well.

關於連續增長，好吧，再說一遍，現在是通常的季節性，好吧，第一季度與第四季度。我們再次確認，與今年和明年的上半年相比，成像將有助於 ST 的 H2 材料增長。

Thank you, Janardan. We've now time for maybe 2 more questions, if they're not long hopefully. So next question please, Myra.

謝謝你，賈納丹。我們現在可能還有 2 個問題的時間，如果他們希望不長的話。那麼下一個問題，邁拉。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自摩根大通的 Sandeep Deshpande。

My question is about your gross margin, very strong gross margin, clearly, very strong utilization as well as, I mean, your mix has been good. So maybe you can talk a little bit about the mix in the product. I mean, whether sales into the distributor channel is helping? Or is it pricing that is helping. So I have a quick question on gross margin. And then a follow-up question. I mean clearly, ST has done incredibly well over the last few years, growing organically, Jean-Marc. I mean, any thoughts on whether ST wants to participate in the M&A in the semiconductor industry or whether the own path is the best path to go at this point?

我的問題是關於您的毛利率，非常強勁的毛利率，很明顯，非常強大的利用率以及，我的意思是，您的組合一直很好。所以也許你可以談談產品中的混合。我的意思是，分銷商渠道的銷售是否有幫助？還是定價有幫助。所以我有一個關於毛利率的快速問題。然後是一個後續問題。我的意思很清楚，ST 在過去幾年裡做得非常好，有機增長，Jean-Marc。我的意思是，關於 ST 是否想參與半導體行業的併購，或者自己的道路是否是目前最好的道路，有什麼想法嗎？

Lorenzo, you want to answer the first part of that?

Lorenzo，你想回答第一部分嗎？

On the gross margin, the level of gross margin, for sure, the drivers, both on a sequential basis and on a year-over-year basis, are actually the component of pricing, let's say, as we said, the price is a favorable environment. The other component is mix. These are the 2 drivers that really we enjoy in product mix. These are the 2 drivers that we enjoy that were, let's say, very accretive and boosting our level of gross margin.

在毛利率上，毛利率水平，當然，驅動因素，無論是在連續基礎上還是在同比基礎上，實際上都是定價的組成部分，比方說，正如我們所說，價格是有利的環境。另一個成分是混合。這些是我們在產品組合中真正喜歡的兩個驅動因素。這些是我們喜歡的兩個驅動因素，可以說，它們非常具有增值作用並提高了我們的毛利率水平。

For sure, in terms of manufacturing efficiency, this -- the contribution so far has been, let's say, when we look sequentially or -- especially when we look at sequentially as not being significant. Still, there is some contribution in terms of productivity, but for sure, it's not at the level that was a few, let's say, months ago. Because at this time, of course, we started to be impacted by the increased pricing, both for our OSAT and foundry and material.

可以肯定的是，就製造效率而言，這 - 到目前為止的貢獻是，比如說，當我們按順序查看時，或者 - 特別是當我們按順序查看並不重要時。儘管如此，在生產力方面還是有一些貢獻，但可以肯定的是，它還沒有達到幾個月前的水平。因為在這個時候，當然，我們開始受到價格上漲的影響，包括我們的 OSAT 以及代工和材料。

Moving forward, we think that, as I was saying before, these components will be substantially, let's say, offsetting each other. So it means that we will remain substantially in the second half of the year at the level of the first half of the year. So overall, I see our gross margin, as I was saying before, in the range of 46% for the full year 2022.

展望未來，我們認為，正如我之前所說，這些組件將在很大程度上相互抵消。所以這意味著我們下半年將基本保持在上半年的水平。所以總的來說，正如我之前所說，我認為我們的毛利率在 2022 年全年的範圍內為 46%。

About your second question, Sandeep, it is clear that we will detail a bit more during our Capital Market Day as a strategic question, related to the company and various product groups and region. I can confirm to you that we are convinced, okay, we can continue to drive the company on a growth trajectory, increasing continuously the fundamental value of the company.

關於您的第二個問題，Sandeep，很明顯，我們將在資本市場日期間詳細介紹一下作為戰略問題，與公司以及各種產品組和地區有關。我可以向你證實，我們深信，好的，我們可以繼續推動公司走上增長軌道，不斷提高公司的基本價值。

So I would like to say now, okay, we want to continue a strategy of organic growth. Of course, with a bolt-on acquisition strategy because we are convinced it is good for the innovation in the company to bring new blood. It is good for some time for the portfolio of the company, our IP portfolio of the company to bring this new blood, and we have, let's say, ongoing activities to scrutinize, okay, all the opportunities we've on the market. So this is what we will do, organic growth and bolt-on acquisition strategy. We do not intend to make major transformational deal in the swimming lane we are. So what we classify, diversified semiconductor company. Of course, as a CEO is always my duty to be aware and to be in discussion with peers and...

所以我現在想說，好的，我們要繼續有機增長戰略。當然，採用補強式收購策略是因為我們相信，為公司的創新帶來新鮮血液是有好處的。一段時間以來，公司的產品組合，我們公司的 IP 產品組合能夠帶來新的血液，我們有，可以說，正在進行的活動來審查，好吧，我們在市場上的所有機會。所以這就是我們要做的，有機增長和補強收購戰略。我們不打算在我們的泳道上進行重大的轉型交易。所以我們歸類，多元化的半導體公司。當然，作為首席執行官，我始終有責任與同行進行討論並...

Thank you very much, Sandeep. So 1 -- the last question, please, Myra, you've for this call.

非常感謝你，桑迪普。所以 1 - 最後一個問題，Myra，請您參加本次電話會議。

The last question is from Johannes Schaller from Deutsche Bank.

最後一個問題來自德意志銀行的 Johannes Schaller。

And also, again, congratulations on the market leadership in general purpose microcontrollers. Maybe touching on that point, going a little bit deeper here, can you maybe share a few numbers in a bit more detail on that, just what your market share is right now versus what was last year based on the metrics you're looking at? And what is driving that growth? I mean STM32 has been very successful on a broad basis, but can you point out any particular regions or applications and industries that have been driving this? And then how should we think about this going forward? Do you expect to continue to take market share here very -- as strongly as you did in the last years. And maybe just a quick 1 for Lorenzo. Could you just maybe update us on the OpEx run rate for this year that's still unchanged from what you said with Q4? Or has that in any way changed?

此外，再次祝賀通用微控制器的市場領導地位。也許觸及這一點，在這裡更深入一點，您能否更詳細地分享一些數字，根據您正在查看的指標，您現在的市場份額與去年的市場份額相比?是什麼推動了這種增長？我的意思是 STM32 在廣泛的基礎上非常成功，但您能指出推動這一點的任何特定地區或應用和行業嗎？那麼我們應該如何看待這個未來呢？您是否希望像過去幾年一樣，繼續在這裡佔據市場份額。對於洛倫佐來說，也許只是一個快速的 1。您能否向我們更新今年的運營支出運行率，與您在第四季度所說的相比仍然沒有變化？還是有任何改變？

Maybe I take the last questions about the expenses. That's an easy one. And I'll let either Jean-Marc, Marco to answer about the market share, the first question. About expenses, what we see for the second quarter, our net operating expenses is something ranging between $820 million to $830 million. These are SG&A plus R&D, plus other income and expenses as usual.

也許我會回答關於費用的最後一個問題。這很容易。我會讓 Jean-Marc 和 Marco 回答關於市場份額的第一個問題。關於費用，我們看到第二季度的淨運營費用在 8.2 億美元到 8.3 億美元之間。這些是 SG&A 加上 R&D，加上其他收入和費用。

Moving forward in the year, let's say, as you know, we are increasing our effort, especially in R&D, let's say, in order to innovate, to bring on the market products. So there will be some increase in terms of our expenses moving forward. Anyway, definitely, our expense to sales ratio will decline compared to the 1 of last year. So there will be -- the expense to sales ratio, our leverage on expenses will be 1 of the ingredient to the improvement of our profitability.

在這一年中，假設如您所知，我們正在加大努力，特別是在研發方面，比如說，為了創新，將產品推向市場。因此，我們未來的開支將會有所增加。無論如何，我們的費用與銷售比率肯定會比去年的 1 下降。所以會有 - 費用與銷售額的比率，我們的費用槓桿將成為提高我們盈利能力的因素之一。

About market share on microcontroller, I will give, okay, an indication because, okay, we don't know -- we are not absolutely sure of the latest public number from media in 2021. But I can confirm to you we are well above 20%, okay, market share.

關於微控制器的市場份額，我會給出一個指示，因為，好吧，我們不知道——我們不確定 2021 年媒體的最新公眾號。但我可以向你確認，我們遠遠高於20%，好吧，市場份額。

About the application, general purpose microcontroller-s, well, clearly, okay, the 2 main markets that we address with this, let's say, microcontroller, for sure, there is industrial. And in industrial, okay, you can build basically in 3 parts. First part, it is what we call factory and infrastructure and power infrastructure, energy infrastructure. Definitively, everywhere, you have robotics, automation, system control, battery management system, you have microcontrollers, okay? And ranging, okay, from, let's say, with high completing power performances or some time, okay, with, let's say, ultra-low power consumption performances. So it is clearly 1 part. And all this part of the business, we massively address it, okay, either through OEMs -- major OEMs like Siemens, General Electric, okay, Schneider, okay, this kind of, let's say, important customers, but distribution as well. And also, okay, I have a Chinese customer like (inaudible), so this kind of customers.

關於應用，通用微控制器，嗯，很明顯，好吧，我們用這個解決的兩個主要市場，比如說，微控制器，當然，還有工業。在工業領域，好吧，你基本上可以分三部分建造。第一部分，就是我們所說的工廠和基礎設施以及電力基礎設施、能源基礎設施。毫無疑問，到處都有機器人、自動化、系統控制、電池管理系統，還有微控制器，好嗎？範圍，好吧，從，比方說，高完成功率性能或一段時間，好吧，比方說，超低功耗性能。所以它顯然是 1 部分。所有這部分業務，我們大規模解決它，好吧，或者通過原始設備製造商 - 主要的原始設備製造商，如西門子，通用電氣，好吧，施耐德，好吧，比如說，重要的客戶，但也有分銷。而且，好吧，我有一個像（聽不清）這樣的中國客戶，所以就是這種客戶。

But the other part of the industrial market is more what we sometimes classify consumer industrial, which are home appliances and all the power tools. Because now, okay, you know that power tools, okay, it is what we call electrification of everything. After the Internet of everything, you have the electrification of everything. So in all the power tools, whatever they are, professional or consumer, you are moving either for plug-in, let's say, tools or thermal combustion engine tools, you are moving to battery based. And of course, definitively in battery-based tools, you have microcontroller everywhere to control the battery and motors, okay? Clearly, because optimization of the battery is related to the motors, which is basically valid for home appliances.

但工業市場的另一部分更多的是我們有時將其歸類為消費工業，即家用電器和所有電動工具。因為現在，好吧，你知道電動工具，好吧，這就是我們所說的一切電氣化。萬物互聯後，萬物電氣化。因此，在所有電動工具中，無論是專業的還是消費者的，你要么轉向插入式工具，比如工具或熱力發動機工具，要么轉向基於電池的工具。當然，在基於電池的工具中，你到處都有微控制器來控制電池和電機，好嗎？顯然，因為電池的優化是和電機有關的，這對家電來說基本是有效的。

Well, after, okay, the third block of the industrial market, as, okay, medical, okay, aerospace and so on. Here, definitively, you have microcontroller as well because system control, but in terms of volume is more marginal. Then you have another big block where you have microcontroller everywhere is personal electronics, and especially personal electronics, what we call the IoT, the connected device, you have microcontroller everywhere. So smart watches, smart device, connected device, (inaudible). So micro everywhere, generally speaking, they are ultra-performance driven definitively. So the integration is very important. So this kind of, let's say, products are driven now by mega trends of our industry, which are connected to electrification and digitalization. Digitalization because connectivity, artificial intelligence, security feature. And electrification because battery management system. And they are driven also by IoT and connectivity.

好吧，之後，好吧，工業市場的第三塊，作為，好吧，醫療，好吧，航空航天等等。在這裡，毫無疑問，你也有微控制器，因為系統控制，但在體積方面更微不足道。然後你有另一個大塊，你到處都有微控制器是個人電子產品，尤其是個人電子產品，我們稱之為物聯網，連接的設備，你到處都有微控制器。所以智能手錶，智能設備，連接設備，（聽不清）。如此微型無處不在，一般來說，它們絕對是超性能驅動的。所以整合非常重要。因此，比方說，這種產品現在是由我們行業的大趨勢驅動的，這些大趨勢與電氣化和數字化有關。數字化是因為連通性、人工智能、安全功能。和電氣化是因為電池管理系統。它們還受到物聯網和連接性的驅動。

What is very important, and I would like to insist with is the ecosystem we have built around our microcontroller. So the capability of the application designer from our customer to use our portfolio to scale our portfolio, to reuse our portfolio road map in order to improve continuously the performance of their device. So this is, okay, where we are with this STM32. And again, our strategy is that will be widely developed by a repeat during the Capital Market Day is based on the continuous improvement of the performance, both computing power and low power consumption, but more and more wireless features and security features and with some critical enablers for some applications, which are the artificial intelligence. So this is, okay, very simply, but definitively what [STM] will develop.

非常重要，我想強調的是我們圍繞微控制器建立的生態系統。因此，我們客戶的應用程序設計人員能夠使用我們的產品組合來擴展我們的產品組合，重用我們的產品組合路線圖，以不斷提高其設備的性能。所以這就是我們使用這個 STM32 的地方。再一次，我們的策略是在資本市場日期間將通過重複廣泛開發基於性能的不斷提高，包括計算能力和低功耗，但越來越多的無線功能和安全功能並具有一些關鍵某些應用程序的推動者，即人工智能。這就是，好吧，非常簡單，但絕對是 [STM] 將要發展的東西。

So Jean-Marc, take from that, that the market share gains are very broad-based, and you definitely expect the share gains to continue from here for the foreseeable future.

所以讓-馬克，從中可以看出，市場份額的增長是非常廣泛的，你肯定希望在可預見的未來，市場份額的增長會繼續下去。

Okay. Thank you very much. I hope it answers all your questions. Thank you for your attention. Again, during this call, as you have listened several times, (inaudible) the Capital Markets Day on May 12. Thank you so much, and have a very nice as of today.

好的。非常感謝你。我希望它能回答你所有的問題。感謝您的關注。同樣，在這次電話會議中，正如您多次聽過的那樣，（聽不清）5 月 12 日的資本市場日。非常感謝您，今天過得很好。

Thank you. Bye-bye. See you soon.

謝謝你。再見。再見。

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

女士們，先生們，會議到此結束。感謝您選擇 Chorus Call，感謝您參加會議。您現在可以斷開線路。再見。