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.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2022 年第一季財報發布電話會議暨線上直播。我是 Chorus Call 的接線員 Myra。（接線員指示）本次會議將被錄音。（接線員指示）本會議不得錄音用於出版或廣播。

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

此刻，我很榮幸將會議交給集團副總裁、投資人關係主管 Celine Berthier。女士，請開始。

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，Myra。各位早安。感謝各位參加我們 2022 年第一季財務結果電話會議。今天主持會議的是 ST 總裁暨執行長 Jean-Marc Chery。今天與 Jean-Marc 一同出席的還有：總裁暨財務長 Lorenzo Grandi；以及類比、MEMS 與感測器事業群（AMS）總裁、並兼任 ST 策略、系統研究與應用及創新辦公室主管的 Marco Cassis。

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.

本次線上直播與簡報資料可於 ST 投資人關係網站取得。會議結束後不久將提供重播。本次電話會議將包含前瞻性陳述，涉及可能導致 ST 實際結果與管理層預期及計畫出現重大差異的風險因素。我們建議您查閱今早隨財報新聞稿一併發布的「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。此外，為確保所有與會者在問答環節都有機會提問，請每位與會者限制為 1 個問題並可簡短追問。

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

接下來我想把電話會議交給 ST 總裁暨執行長 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.

謝謝你，Celine。各位早安，感謝各位參加 ST 2022 年第一季財報電話會議。我先做一些開場說明，從第一季開始。第一季淨營收 35.5 億美元、毛利率 46.7%，均高於我們業務展望區間的中點。這項營收表現主要由微控制器的強勁需求所帶動，但部分被中國深圳製造基地因疫情而暫時降低營運所抵銷，該影響特別反映在我們 ADG 的營收上。

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.

從年對年表現來看，淨營收成長 17.6%。營收成長同時伴隨獲利能力提升：毛利率 46.7%，高於 39%；營業利益率 24.7%，由 14.6% 提升。淨利倍增以上至 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.

以季對季來看，營收大致持平。就 2022 年第二季而言，我們第二季業務展望中點為淨營收 37.5 億美元，年對年成長 25.3%，季對季成長 5.8%。毛利率預期約為 46%。就 2022 全年而言，基於客戶需求強勁與產能提升，我們將持續依據計畫推動公司，全年 2022 年營收目標區間為 148 億至 153 億美元。

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.

接下來我們更詳細回顧第一季。淨營收年對年增加 17.6%，三大產品事業群及其各子事業群（如預期的影像子事業群除外）銷售均增加。年對年而言，對 OEM 的銷售成長 14.4%，對通路（distribution）的銷售成長 24%。以季對季而言，淨營收下滑 0.3%，較我們展望中點高出 130 個基點。此表現主要由 MDG 帶動，微控制器製造效率優於預期，使其營收成長 12.8%。ADG 營收成長 2.5%，但受到中國深圳製造基地因疫情而暫時降低營運的影響。

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 營收季對季下滑 13.8%，大致符合我們預期。毛利為 16.5 億美元，年對年增加 40.8%。毛利率年對年由 39% 提升至 46.7%，主要受惠於有利的定價與產品組合改善。

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.

第一季毛利率較我們指引中點高出 170 個基點，原因同樣來自定價與產品組合因素。第一季營業利益率為 24.7%，較 2021 年第一季的 14.6% 提升，並受到三大產品事業群全面改善的支持。淨利與稀釋後每股盈餘年對年皆倍增以上，分別達到 7.47 億美元與 0.79 美元；而 2021 年第一季分別為 3.64 億美元與每股 0.39 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.

按產品事業群觀察年對年銷售表現：ADG 營收成長 20.5%，汽車與功率分離元件（Power Discrete）皆呈現雙位數成長。AMS 營收成長 0.4%，類比與 MEMS 均成長，而影像產品銷售如預期下滑。MDG 營收成長 35.2%，微控制器與 RF 通訊皆強勁成長。

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%.

就營業利益率而言，三大產品事業群年對年皆擴張。ADG 營業利益率由 8.2% 提升至 18.7%。AMS 營業利益率由 17.2% 提升至 22.6%。MDG 營業利益率由 19.4% 提升至 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.

第一季營運活動產生的淨現金流年對年增加 38.6% 至 9.45 億美元，去年同期為 6.82 億美元。第一季資本支出（CapEx）為 8.40 億美元，去年同期為 4.05 億美元。在大幅資本支出投資後，第一季自由現金流為 8,200 萬美元；2021 年第一季為 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.

第一季期間，我們向股東支付 4,900 萬美元現金股利，並依據現行庫藏股回購計畫執行 8,600 萬美元的股票回購。ST 於 2022 年 4 月 2 日的淨財務部位（非美國通用會計準則，non-U.S. GAAP）為 8.40 億美元，反映總流動性 34 億美元與總金融負債 26 億美元。其中包含因自 2022 年 1 月 1 日採用適用於可轉換債務的新美國 GAAP 申報指引而使總金融負債增加 1.07 億美元。於 2021 年 12 月 31 日，ST 的淨財務部位為 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.

接下來討論本季的市場與業務動態。整體而言，需求仍然強勁。先看汽車市場：第一季我們持續看到強勁需求，儘管全球汽車產量低於原先預期。強勁需求反映了汽車供應鏈各環節庫存回補，以及產業持續進行電動化與數位化轉型的綜合效應。

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.

在所有客戶與各地區，接單（bookings）仍然強勁。在手訂單（backlog）能見度仍約 18 個月，且遠高於我們目前及規劃中的 2022 年製造產能。車用產業加速朝向更高程度的電動化與數位化轉型，在第一季為我們帶來更多新增案（wins）與機會。

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（SiC）元件是汽車電動化的關鍵組成。於本季，我們再次將汽車與工業市場進行中的碳化矽專案數提升至 98 個，涵蓋 75 家客戶。這些專案在兩個終端市場之間大致各半分布，我們的進度符合營收目標。

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.

第一季我們取得多項新的設計導入（design wins），包括採用 ST 功率模組，以及一家模組製造商在電動車牽引逆變器（traction inverters）應用中採用我們第三代碳化矽 MOSFET 技術。我們也在電動車應用範疇內的互補技術方面取得成果，包括與電動車車廠及 Tier 1 客戶在微控制器、矽 MOSFET、電池管理解決方案，以及超快速與碳化矽為基礎的二極體（diodes）等方面的進展。在車用數位化方面，本季我們在所聚焦的關鍵應用上亦有斬獲。我們將下一代 Stellar 車用微控制器設計導入一個用於軟體定義車輛（software-defined vehicles）的新分區（zonal）架構。我們也與 Autotalks 合作，與中國的一家業者簽署 V2X 晶片組（chipset）交易；並且獲得一家電動車製造商針對 L4 ADAS 將 Mobileye EyeQ 技術設計導入（design-in）。

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.

在我們的汽車感測器業務中，我們的內嵌機器學習核心（Machine Learning Core）的 6 軸感測器在先進的汽車防盜系統中取得首個設計導入勝利，同時也持續為其他汽車感測器爭取到更多導入案。

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.

現在轉到工業領域。在工業方面，我們在整個季度都看到強勁需求，尤其是在工廠自動化、電力與能源應用，以及建築與居家控制。無論是透過通路分銷或 OEM，需求都很強勁。同時在工業領域，電氣化與數位化是加速半導體含量提升的主要趨勢。

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.

在第一季期間，我們產品在分銷商端的庫存於所有產品系列仍維持在領先水準，且庫存周轉率高；儘管如此，各產品與各地區的銷售點（POS）表現依然強勁。我們以通用與安全的嵌入式處理解決方案、電力與能源管理產品，以及感測器與類比產品組合來服務工業終端市場。

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，我們持續鞏固在 32 位元 MCU 的市場領導地位。我很高興宣布，2021 年我們在通用微控制器領域的全球排名為第 1 名。我們持續投資以進一步強化 STM32 產品家族，提供一個生態系統，特別聚焦於無線連線、安全性與人工智慧。

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，我們正加速與客戶互動，並以最新產品與解決方案推動設計導入。我們也在 STM32 微處理器產品上建立動能，這是客戶在需要更高效能與運算能力時的自然演進路徑。在此，我們在照明、可程式邏輯控制器以及智慧電網等應用中贏得了多個設計插槽。

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.

在電力與能源管理方面，我們以一系列產品切入工業應用，包括以碳化矽為基礎的功率元件與模組，以及以矽為基礎的功率元件、IGBT、二極體與整流器。在此，我們在多項應用中取得勝利，包括再生能源與節能技術。我們也在聚焦的應用中，以工業類比產品取得許多新設計，涵蓋運動控制、電力線通訊、工廠自動化與家電。

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，我們業界領先的智慧控制——抱歉，是智慧馬達控制、電氣隔離（galvanic isolation）以及功率元件，持續帶動設計導入勝利。我們在工業應用感測器方面也延續動能，像是工業級壓力感測器與防水感測器等產品都取得導入。我們推出了第一款智慧感測器處理單元（Intelligent Sensor Processing Unit），並與第三代 MEMS 感測器一同發表。

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.

接著談個人電子。該終端市場在本季度的需求符合季節性。配件市場仍然強勁，尤其是穿戴式裝置等連網設備（聽不清）帶動更多半導體含量，以及平板、助聽式耳機（hearables）與真無線立體聲耳機。

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.

我們在個人電子的第一個策略目標，是以差異化產品或客製化解決方案，在特定高出貨量應用中取得領先。本季度，我們在新的旗艦智慧型手機上，以動作與環境感測器、飛時測距（time-of-flight）感測器、無線充電產品、觸控顯示控制器以及安全解決方案贏得設計插槽。

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.

我們的第二個策略目標，是運用我們廣泛的產品組合來切入高出貨量應用。在此，我們以多樣的光學、動作與環境感測器，以及類比、電源與微控制器，在智慧手錶及其他由領先業者推出的穿戴式產品等應用中取得導入。

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.

在通訊設備、電腦與周邊領域，我們持續看到 5G 相關產品的採用，以及全球低軌道衛星計畫與服務的進一步部署。PC 市場持續顯示需求正逐步回歸常態。我們在切入此終端市場時有數個策略目標。首先，我們在運用廣泛產品組合的同時，鎖定特定高出貨量應用，以差異化產品或客製化解決方案切入。此處的新導入包括筆電用的安全可信平台解決方案與飛時測距感測器。

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

通用 MCU 的設計導入，以及我們 MasterGaN 產品家族在高功率密度智慧充電轉接器方面的進一步導入勝利。

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.

我也想強調我們鎖定行動通訊與衛星通訊基礎設施中特定應用的目標。在此領域，我們的關鍵客戶互動計畫持續取得良好進展。

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 2022 年第二季展望以及 2022 全年的規劃。第二季方面，我們預期淨營收在中位數約為 37.5 億美元，年增 25.3%，季增 5.8%。第二季毛利率預期在中位數約為 46%。我們的指引已包含法國 Crolles 因 4 月初延伸至我們廠區的停電影響而造成的暫時性降載營運影響。

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%.

就 2022 全年而言，我們確認將投入約 34 億至 36 億美元的資本支出（CapEx），以進一步提升產能並支持我們的策略性計畫，其中包括在義大利 Agrate 的新 300 毫米晶圓廠之首條量產導入線。基於強勁的客戶需求以及我們提升產能的投資規劃，我們持續依據 2022 年營收 148 億至 153 億美元的計畫推動公司發展，約代表 16% 至 20% 的成長。

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.

總結來說，我們第一季的成果與 2022 年的規劃，凸顯我們高度聚焦於加速落實策略與價值主張。我們在 2022 年計畫上進展順利，無論是營收，或是為支撐短期與長期成長目標所需的資本支出投資。

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，我們期待您於 5 月 12 日的資本市場日（Capital Markets Day）親臨巴黎，或透過我們的線上直播參與。非常感謝，現在我們準備回答各位的問題。

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

（接線員指示）第一個問題來自美國銀行（Bank of America）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?

在我提問之前，我想先恭喜你們在通用微控制器拿下全球第 1 名。我認為這對 ST 來說是非常了不起的成就。回顧過去 20 多年，ST 一直是這個重要領域的領導者。基於此，我想回到 Jean-Marc，你對全年指引的看法，因為有些人會說你們在第一季與第二季都優於預期，但你們並沒有上調全年。我想把這點拆解一下，請你談談是否在下半年指引中加入了一些保守或謹慎的因素。與此相關的是，我記得去年——更正，上季你很友善地給了我們全年 45% 的毛利率指引，看起來你們上半年大約在 46.3% 左右。你們是否打算上調全年毛利率指引？

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。毛利率部分由 Lorenzo 回答，營收部分由我回答。首先，在營收區間的中位數，我們指出將成長——可以說接近 19%，這顯著高於我們所服務的市場，因為我們收到的最新數據顯示，我們所面向的市場成長為 15.8%。所以第一點，我們的成長將明顯高於我們所服務的市場。

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.

第二點，這個營收區間完全不是因為對需求有任何保守或謹慎。我們目前的訂單積壓（backlog）基本上已超過我們製造產能的 30% 到 40%。而且我們已經有訂單積壓覆蓋到明年的規劃產能，接近 100%。因此這完全與整體需求無關，也與任何特定客戶或客戶產品無關。我想強調的是，我們的營收區間指引只是因為供應鏈已完全滿載：當我們的製造供應鏈負載達到 90% 以上，同時供應商也相當滿載時，就會是這樣的情況。

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.

全球整體供應鏈因各種封城而日益複雜，無論是我們在第一季面臨的情況，或是可能、也仍在第二季面臨的事件。我想，這基本上屬於照常營運，為了反映與執行相關的不確定性而給出一個區間，但絕對不是針對需求。

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.

因此我們會一如往常在7月更新年度指引，就像每一年一樣。今年我想你們也注意到，我們把能見度提前了一個季度。我認為這點獲得了很好的肯定。但我們會在上半年結束後於7月更新。所以這是關於年度指引。重點是：絕對不是因為對需求採取保守態度；我再重申一次，需求比我們的最大產能高出30%到40%，而且明年也已經（相當滿載），不論是任何已參與產品專案的客戶都沒有疑慮。唯一的、正常的謹慎，是在執行過程中可能遇到封城事件，因為我們製造產能的負載非常高。至於毛利率，Lorenzo。

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.

也謝謝你關於毛利率的提問。是的，你的計算完全正確。假設以上第二季指引中位數來看，上半年我們的毛利率會略高於46%。在這個階段，當然，相較於第一季初，我們對於動態的能見度更高，例如我們銷貨成本（COGS）的漲價幅度，以及產品組合等一些因素。

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.

就這個毛利率水準而言，我可以說——我們目前的看法是，下半年會受到一些逆風影響，主要來自銷貨成本（COGS）價格上升。但最終，我們的能見度顯示，我們應該能維持與上半年相近的毛利率水準。總體而言，我認為全年大致會接近——46%，且高於45%。因此在此時點，我們對於未來幾季全年維持此毛利率水準的能力，能見度略有上調。

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?

太好了。也許快速追問一下，Jean-Marc，我只是想確認——我想你有提到，但我想確保把細節都確認清楚。你們在美國的一位同業昨晚對第二季中國封城提出高度謹慎，感覺像是用很概括的方式下修。我記得你在事先準備的發言中提到，深圳的封城影響了你們的業務。我想問，在你們第二季營收指引中，已經納入了多少封城可能帶來的影響？

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.

我們在第一季就已經面臨上海封城的影響，主要是在物流方面。很明顯在第二季，我們也會受到一些影響，與組裝與測試的外包廠，或某些組裝材料供應商有關，但這些都已包含在我們的指引中，好嗎？因此我們的37.5億美元，也就是季增5.8%、年增25.3%，已經包含了我們目前面臨的所有逆風，包括上海封城，以及4月初Crolles事件。

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

不，我的問題是：如果沒有Crolles與上海封城的影響，會是多少？

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.

最終，根據我們目前掌握的資訊，我們的估計是，這些事件對我們營收（top line）的影響大約是數千萬美元的等級。大致上，這兩個事件的影響規模就是如此。

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，也恭喜你們的進展。延續Didier的問題。我想你們的美國競爭對手昨晚給出的——他們把它描述為對營收預期做了約10%的全面性下修，這比你剛才Lorenzo所說的要大得多。所以我想知道，他們的業務相較之下更直接面向客戶，而你們在某些情況下更大量透過通路分銷。

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?

因此當我們看你們日曆年度的下半年時，你們是如何把中國封城納入考量的？這是否是你們即使上半年表現超出預期、仍不提高全年指引的主要原因？還是還有其他我們需要考慮的因素？

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。我再重申，我們在第一季面臨、且第二季仍在面臨的各種事件，基本上影響的是上半年。第一季因上海封城導致物流更複雜；同樣地，也有一些材料供應商封城的情況。深圳的影響、Crolles的影響，主要都影響上半年。我們從未把災難情境納入規劃。我們只是把全年維持在一個區間，因為——我再重申——我們的銷售與營運計畫顯示，我們的產能在全年剩餘期間都會完全飽和，整體超過90%，組裝與測試也同樣如此。此外，我們的設備供應商、材料供應商、氣體與化學品供應商也都面臨複雜的物流與自身的短缺。

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繃狀態。因此我們相信，當我們提供指引時之所以給出這個區間，是因為這只是對我們業務與製造規劃的合理安排。

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

了解了，Jean-Marc。謝謝。別怪我，我只是轉達我們收到的問題……

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。我之所以回答，是因為我認為整體而言有兩個疑慮：要嘛你們對業務採取保守——我再重申，不是。要嘛——我只是跟你們分享——我們的製造產能與供應鏈真的、真的非常滿載，因此任何單一事件都會造成影響，這很正常。所以當你提供指引並與投資人和分析師溝通時，給出這個區間是正常的。你也看到在第一季，我們的營收表現略高於指引中位數。

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.

我們確實受到深圳的影響。深圳基本上相當於兩週的產量損失。但多虧我們能把部分產能重新分配到其他工廠（聽不清）微控制器。我們在微控制器方面表現超出預期。所以你總會有這種正負抵消——這也是為什麼我們要提供一個營運區間給你們，因為我認為這是我們的責任。

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.

再快速追問一下。Lorenzo，你介意就6月季度的指引按不同事業部多說一些嗎？我想ADG在3月季度確實受到一些影響，正如你提到的。但展望6月季度，如果能提供各事業部成長情況的一些說明會很有幫助。感謝。

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——你是指第二季營收的變化。不過在第二季，若以季比來看，成長的主要驅動力肯定會是ADG。ADG將會是第二季成長的驅動——也就是第二季成長的主要來源。

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.

我們也聽到，汽車與功率分離元件（Power Discrete）都會成長。當我看 AMS 時，AMS 在本季會小幅成長，且會有實質貢獻，但相較於 ADG，成長步調會低很多。至於 MDG，本季不會對成長做出貢獻；會略為下滑或大致持平。這是因為，讓我們這麼說，受影響較大的那個事業群——如 Jean-Marc 先前所描述的——受到這些事件影響，也就是我們在 Crolles 遇到的生產中斷，以及封控帶來的一些影響。所以總結來說，如果你看本季，成長的驅動因素、真正的驅動力將來自 ADG。

See You guys in Paris in a couple of weeks.

幾週後巴黎見。

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

非常感謝，我很樂意。謝謝你的提問，Matt。請下一題。

The next question is from Andrew Gardiner from Citi.

下一題來自花旗（Citi）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?

再追問一下第二季展望。我想確認，從你們的角度來看，你們並沒有看到因中國封控相關挑戰而導致客戶活動有任何變化。或者換個方式問：如果你們今天會面臨一些物流或研發方面的安排——在中國因積壓而產生的物流挑戰，且積壓程度——積壓水位高於你們目前需求的水準——你們是否能把很多這些零件改出貨到其他地方？因此從全球角度來看，這就是你們沒有看到那麼大影響的原因？

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，沒有。我們確認第一季的動能——儘管（我刻意強調「儘管」）發生了各種事件——動能仍更強。我們第一季的接單出貨比（book-to-bill）遠高於 [1.2]。第一季我們接單超過 40 億美元，好嗎？涵蓋所有客戶與各個地區。

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.

我們的銷售端（point of sales）仍在持續、並且增加。我們所監控的所有庫存——如我在發言中確認——都維持精實，且庫存周轉率很高。因此，從訂單接收與客戶相關的 KPI 來看，我們沒有看到任何跡象。接著，很明顯地，整個供應鏈與價值鏈都已經調整，以因應上海封控帶來、日益增加的複雜性，包括港口與機場。我們也有能力調整銷售並緩解這次封控的影響。

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，我再快速追問一下。既然你提到庫存，我記得你在評論中，特別針對汽車領域提到供應鏈中的一些庫存回補。你能否再多說一些汽車領域內部到底發生了什麼？那顯然一直是供應非常吃緊的市場，所以想了解你們在那裡看到的情況。

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.

你知道，基本上從 5 個季度以來，也就是 2020 年第四季開始，我們——整個產業鏈——車廠、Tier 1 與半導體公司，一直在一個非常複雜的供應鏈中運作。因為你知道，有時候鏈條會是車廠、Tier 1、EMS、EMS 1、EMS 2、半導體通路商。基本上，這條供應鏈在 2021 年上半年處於高壓狀態。而在某個時點，這不可能永遠持續。特別是當你導入與電動化與數位化相關的新產品時，合作夥伴與參與者嘗試把庫存運作在一個正常水位是合理的，這樣才能吸收物流時間的波動，尤其是在物流變得更複雜的情況下。

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.

所以可以確定的是，我們相信從 Tier 1 或 EMS 大量收到的訂單中，有一部分——主要是主流業務（mainstream business）——是為了進行庫存回補，以便在更安全的條件下運作，並且停止看到這些關於計畫性停產的公告；因為對車廠與 Tier 1 來說，停產並不容易，而且從社會影響角度來看，工廠也不可能經常性地關停。

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，很明顯主流業務的一部分與回到正常狀態的需求有關。然後另外一部分則與成長的驅動因素與加速器有關，也就是車內半導體含量提升：要嘛與電動車（電池為基礎）相關；我們知道在這裡，從電池管理系統到功率——功率驅動、功率開關——需求非常強，尤其是碳化矽。並且我們也開始看到數位化的第一波效果，也就是架構改變、不同層級的動作。因此我們看到這兩種效應。這也是為什麼在第一季，即使我們收到的數據點顯示 2022 年整車產量預測略為下修，從 8,600 萬降到 8,300 萬，確實有下降；但基於我剛分享的兩個原因，需求仍然非常強。

Thank you very much, Andrew. Next question please?

非常感謝你，Andrew。請下一題？

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

下一題來自法國巴黎銀行 Exane（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。關於毛利率的組合（mix）影響與漲價，我有個簡短問題。你們上季說，需求大概有 80% 會來自出貨量（volume），20% 來自價格（pricing）。對全年來說，我們仍應以同樣比例來看嗎？還是你們在組合中看到進一步的價格上升？

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.

Jean-Marc，我來回答。是的，確實我們看到定價走勢稍微更好，這也反映在我們第一季的毛利率水準上。總結來說，若以全年來看，我們把對全年的指引／預期稍微上調了一點。我會說，這主要不是來自量的提升，因為如 Jean-Marc 先前解釋，出貨量很大程度取決於我們的產能；主要來自定價的改善，另外也有一些與產品組合（mix）相關的因素。因此這確實會在這方面帶來幫助。

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.

再追問一下，特別是關於碳化矽。你能更新一下你們在認證（qualification）以及 200 毫米晶圓量產爬坡（ramp-up）方面的進度嗎？

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 Marco Monti 會在資本市場日（Capital Market Day）向各位提供更詳細的資訊。我在不過度提前透露的前提下可以分享的是：我們確實按計畫推進。很明顯，我們目前的能力與里程碑——技術里程碑——我們都已成功達成，這將成為 ST 在未來 2 到 3 年加速碳化矽營收成長的關鍵成功因素。你也知道，今年我們將交付約 7 億美元的碳化矽營收。

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.

你知道，我們已將原本 2024 年達到 10 億美元的目標提前了 1 年。而且很明顯，這股動能仍然非常正向。同樣很明顯，我們的 200 毫米能力——我們已在瑞典的基礎設施中證明——接下來將在 Catena 進行大規模部署，這將是未來 3 年加速碳化矽營收成長路徑的關鍵成功因素。

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

好的。也期待在資本市場日聽到更多內容。

Thank you very much. Next question please.

非常感謝。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?

首先我也要向你們表示祝賀，呼應 Didier 先前對你們成為通用型微控制器（general purpose microcontrollers）市占第 1 的卓越成就所做的評論，確實非常了不起。我的問題也與通用型微控制器有關。你們提到第一季（Q1）之所以表現強勁，是因為產能優於預期。這個產能改善主要是來自你們內部在 Q1 看到的提升嗎？還是也包含晶圓代工（foundry）端的貢獻？

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?

另外，當你們談到產品組合（product mix）對毛利率有正面影響時，從整體層面來看，我是否可以理解為通用型微控制器是你們毛利率最高——或至少是較高毛利率的業務，因此當這一塊強勁時，毛利率就會有明顯提升？那是否也能解釋為什麼你們的指引是從 46.7% 走向 46%，因為你們認為第二季（Q2）該部門的強度會不如其他部門？

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.

我先回答第一個問題，也就是微控制器成長的貢獻來源；第二個問題由 Lorenzo 來回答。我想說的是，在 2022 年，微控制器的成長將由——內部 [foundry] 與外部晶圓代工（foundry）共同貢獻，因為你知道這個產品群，基本上在內部生產與外部之間是相當均衡的；因為這是一個很廣的業務、也相當分散。我們——我們有超過 100,000 個客戶。很明顯，我們需要多來源（multisource）來支撐這個業務。

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 年的成長將同等地來自外部晶圓代工與內部晶圓廠。很遺憾，我們的供給能力顯然還沒有達到我們期望的水準，因為拜我們拿下的所有設計導入（design wins）以及 STM32 與生態系的吸引力所賜，需求遠遠高於我們目前的產能能力。

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.

至於毛利率的動態以及產品組合的貢獻，沒錯，當然，我們的微控制器產品線確實對毛利率具有增益（accretive）。因此，第一季能夠比預期賣出更多微控制器，主要是因為最終我們能以更有效率的方式運作，同時也如 Jean-Marc 所說，把部分產能調整（diverting）去做微控制器的封裝組裝；這也是我們毛利率表現超越指引的其中一個貢獻因素。

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.

到了第二季，這個因素——是的——將不再像先前那樣存在；因為在我們對第二季的指引中，MDG 如我所說，並沒有——不會對成長做出貢獻，因此將大致持平、略為下滑。這是我們的預期。所以就產品組合而言，微控制器確實是對我們獲利能力具有增益的產品線之一。

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?

我可以就影像（imaging）業務再追問一個問題嗎？你們先前提到它會下滑。但你能否再提醒我，為什麼會下滑？以及你們預期在今年剩餘期間以及進入 2023 年後，是否會回到成長？

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.

在 2022 年，我們回到一個更——可以說——更符合我們通常所見的全年營收分布（revenue profile）。2021 年並非如此，因為疫情的關係，原本在 2020 年下半年推出的新手機導入基本上延後了 1 個季度。通常 2020 年強勁的 Q3、Q4 營收，結果被推遲到 2020 年 Q4、2021 年 Q1。這就是為什麼當我們做年對年（year-over-year）成長比較時，2022 年會出現這種不均衡的情況。

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.

至於季對季（sequential）成長，這同樣是現在回到正常的季節性，也就是 Q1 相對於 Q4。我們再次確認，影像業務將在今年下半年（H2）相較上半年（H1）對 ST 的實質成長做出貢獻，明年也會如此。

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，Janardan。我們現在大概還有時間再問 2 個問題，希望不要太長。那麼請下一個問題，Myra。

The next question is from Sandeep Deshpande from JPMorgan.

下一個問題來自 JPMorgan 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?

我的問題是關於你們的毛利率：毛利率非常強勁，顯然產能利用率也非常高，而且你們的產品組合也很好。所以也許你們可以談談產品組合的情況——例如，銷售到通路商（distributor）渠道是否有幫助？或者是定價（pricing）在幫助？這是我關於毛利率的一個快速問題，然後我還有一個追問。很明顯，過去幾年 ST 的表現非常出色，Jean-Marc，並且是以有機成長（organically）方式成長。你對於 ST 是否想參與半導體產業的併購（M&A），或是目前走自己的路徑是最佳選擇，有什麼想法？

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

Lorenzo，你要回答第一部分嗎？

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.

關於毛利率、毛利率水準，當然，無論是季對季或年對年來看，驅動因素其實包含定價的部分——如我們所說，價格環境是有利的。另一個因素是產品組合（mix）。這兩個驅動因素我們都受惠；它們——可以說——對毛利率具有很強的增益效果，並推升了我們的毛利率水準。

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.

至於製造效率（manufacturing efficiency），到目前為止——當我們看季對季，或——特別是看季對季時——其貢獻並不顯著。仍然有一些生產力（productivity）的貢獻，但肯定不像幾個月前那樣的水準。因為在這個時間點，我們當然開始受到成本上升的影響，包括我們的 OSAT、晶圓代工（foundry）以及材料的漲價。

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.

往後看，我們認為，如我先前所說，這些因素將在很大程度上彼此抵銷。也就是說，我們在今年下半年將大致維持在上半年的水準。因此整體而言，如我之前所說，我預期 2022 全年的毛利率會落在 46% 的區間。

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.

關於你的第二個問題，Sandeep，很明顯我們會在資本市場日就這個與公司策略相關的問題，針對不同產品群與區域再多做一些說明。我可以向你確認的是，我們深信，我們可以持續推動公司沿著成長軌跡前進，並持續提升公司的基本價值。

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...

所以我現在想說的是，我們希望持續採取有機成長的策略。當然，也會搭配補強型（bolt-on）併購策略，因為我們相信，為公司帶來新血對創新是有益的；在某些時候，對公司的產品組合、公司的 IP 組合引入新血也是有益的。我們也——可以說——持續在檢視（scrutinize）市場上所有的機會。所以我們會這麼做：有機成長加上補強型併購策略。我們不打算在我們所處的賽道上進行重大的轉型型交易。我們把自己歸類為多元化半導體公司。當然，作為 CEO，我的職責永遠是保持警覺，並與同業保持討論與……

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

非常感謝你，Sandeep。所以第 1 點——最後一個問題，Myra，請你把這通電話的最後一題帶出來。

The last question is from Johannes Schaller from Deutsche Bank.

最後一個問題來自德意志銀行（Deutsche Bank）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?

另外，也再次恭喜你們在通用型微控制器的市場領導地位。也許就這一點再深入一些，你們能否更詳細地分享幾個數字：以你們所觀察的指標來看，目前的市占率相較於去年是多少？是什麼在推動這個成長？我的意思是，STM32 在廣泛領域都非常成功，但你們能否指出有哪些特定地區、應用或產業在推動？接下來我們應該如何看待？你們是否預期未來仍能像過去幾年那樣非常強勁地持續取得市占？另外給 Lorenzo 一個快速的問題：能否更新一下今年的 OpEx（營運費用）run rate，是否仍與你在 Q4 所說的一樣未變？還是有任何變動？

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.

我先回答最後一個關於費用的問題。這個很容易。然後我會讓 Jean-Marc 或 Marco 來回答關於市占的第一個問題。關於費用，我們看到第二季的淨營運費用大約落在 8.20 億到 8.30 億美元之間。這些如同往常包含 SG&A 加上 R&D，再加上其他收入與費用。

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.

展望今年接下來的時間，如你所知，我們正在加大投入，特別是在研發方面，以便創新並將產品推向市場。因此，往後費用會有一些增加。不過可以確定的是，我們的費用對銷售比（expense-to-sales ratio）將較去年下降。因此——費用對銷售比、也就是我們在費用上的槓桿，將是提升獲利能力的其中一個要素。

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.

關於微控制器的市占率，我可以給一個指引，因為我們不確定媒體在 2021 年最新公開數字的精確性。但我可以向你確認，我們的市占率遠高於 20%。

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.

關於應用面，通用型微控制器——很明顯，我們用這類微控制器所服務的兩個主要市場之一，肯定是工業領域。在工業領域，你基本上可以分成三個部分。第一部分是我們所稱的工廠與基礎設施，以及電力基礎設施、能源基礎設施。確實地，凡是有機器人、自动化、系統控制、電池管理系統的地方，就會有微控制器，對吧？其範圍涵蓋——例如——高運算效能，或有時是超低功耗的表現。所以這很明顯是一個部分。而這一塊業務我們大量覆蓋，透過 OEM——像 Siemens、General Electric、Schneider 這類大型 OEM 等重要客戶——也透過經銷通路。同時，我們也有中國客戶，例如（inaudible），這類客戶。

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，更像是我們有時分類為「消費型工業」的領域，也就是家電以及各種電動工具。因為現在，你知道，電動工具——我們稱之為「萬物電氣化」。在「萬物互聯」（Internet of everything）之後，你會看到「萬物電氣化」。因此在所有電動工具中，不論是專業或消費用途，你都在從插電式工具或內燃機工具，轉向電池供電。當然，在電池供電的工具中，你到處都會看到微控制器，用來控制電池與馬達，對吧？很明顯，電池的最佳化與馬達相關，而這一點基本上也適用於家電。

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.

接著，工業市場的第三個區塊，例如醫療、航太等等。在這裡，確實也會有微控制器，因為需要系統控制，但就出貨量而言相對較小。然後還有另一個很大的區塊，微控制器無所不在，那就是個人電子產品，尤其是我們所稱的 IoT、連網裝置，微控制器到處都是。像智慧手錶、智慧裝置、連網裝置、（inaudible）。所以一般而言，微控制器無所不在，而且通常是由超高效能需求所驅動。因此整合度非常重要。這類產品目前由我們產業的巨型趨勢所驅動，也就是電氣化與數位化。數位化來自連線、人工智慧、安全功能；電氣化來自電池管理系統。同時也受到 IoT 與連線的推動。

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、我也想強調的是，我們圍繞微控制器所建立的生態系。也就是讓客戶端的應用設計者能夠使用我們的產品組合、擴展我們的產品組合，並重複利用我們的產品路線圖，從而持續提升其裝置的效能。這就是我們在 STM32 上所處的位置。而且再次強調，我們的策略——在資本市場日（Capital Market Day）會由（重申/再次）更完整地闡述——是基於持續提升效能：同時提升運算能力與低功耗表現，但也越來越強調無線功能與安全功能，並加入某些對特定應用至關重要的使能技術，也就是人工智慧。因此，這就是——非常簡單地說——但確實是 [STM] 將會發展的方向。

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 Jean-Marc，從你的說法來看，市占率的提升是非常廣泛的，而且你們確實預期在可預見的未來仍會持續提升市占。

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。我希望已回答你所有問題。感謝各位的關注。再次提醒，在這通電話中你們已多次聽到，（inaudible）我們將於 5 月 12 日舉行資本市場日（Capital Markets Day）。非常感謝，祝各位今天一切順利。

Thank you. Bye-bye. See you soon.

謝謝。再見。很快再見。

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.

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。