STMicroelectronics 3Q26 法說會逐字稿（2026-10-29）（英文原文＋中譯）
逐字稿為法說會音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／財報為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。原轉寫附帶的 AI 摘要區塊（二次生成）已移除，改以 memo 主檔為準；中譯為機器翻譯，名詞與數字以校正後英文為準。 - 「sub-quarter 2026」→ third-quarter 2026；「Embedded Worlds North America」→ Embedded World North America；「Poor communication equipment」→ For communication equipment；「whole-hand markets」→ all end markets（各終端市場） - 「company-specific cost drivers」→ growth drivers（公司特有成長動能：AI 資料中心與低軌衛星） - 「IMS, power discrete, and digital ambient processing」→ AMS（類比／MEMS／感測器）、power discrete、embedded processing（依各事業部名稱）；「socket widths」→ socket wins；「unloading charges」→ underloading charges；「Q1 gross margin consensus of 41%」與提問者引述 Visible Alpha／Bloomberg 約 38% 不符，保留原話並標 [數字存疑]（memo 僅採「至少與共識相當」） - 「more than 85% coming from AMD RAFE」→ 保留原文，來源名詞無從判斷 [待確認]，memo 不採用該占比歸屬；資料中心 2026 年約 13 億美元、2027 年遠高於此數的兩倍為 CEO 與 Rémi 原話 - 「UMASC transfer process trials」→ 保留原文 [待確認]，語意為製造轉移（legacy fab 產品轉至新廠）之額外成本，約 30bps - 「Power and Discrete were negative 17.1%」（非 GAAP 營業利益率，00:15:22）→ 無法由分部營收驗算 [數字存疑]，memo 不採用該值；AMS 14.1%、Embedded Processing 23.1%、RF／Optical 26.2% 亦未能獨立驗算，僅在 memo 引用公司口述值 - 「automotive growth for the full year to be slightly above 10%」（00:54:31）與第三季車用僅 YoY +5%、QoQ 持平相較偏高，疑為口述誤植或含 4Q 加速 [數字存疑]，memo 保留並標註為口述值 - 財務數字四項交叉驗算：①營收 37.6 億美元 × 毛利率 37.3% ≈ 毛利 14.0 億 ✓；②非 GAAP 營業利益 4.29 億 ÷ 營收 37.63 億 ≈ 11.4% ✓（營益率 < 毛利率）；③非 GAAP 淨利 3.44 億 ÷ 稀釋 EPS 0.37 ≈ 9.3 億股（與 ST 約 9 億股一致）；④第四季財測 41.5 億 ÷ 第三季 37.6 億 ≈ +10.4%（公司口述 10.5%）、全年約 145 億 ✓；淨財務狀況 53.1 億總流動性 − 32.1 億總金融負債 ≈ 21.0–21.1 億 ✓；積壓逾 200 億 ÷ Q4 中點 41.5 億 ≈ 4.8 季（口述約五季）✓
Transcript Presentation Jérôme Ramel - STMicroelectronics, Investor Relation
(00:00:00)Thank you, everyone, for joining our third-quarter 2026 financial results call. Hosting the call today is Jean-Marc Chéry, STMicroelectronics President and Chief Executive Officer. Joining Jean-Marc on the call are Lorenzo Grandi, President and CFO, and Rémi El-Ouazzane, President of Microcontrollers, Digital ICs, and RF Products Group. This live webcast and presentation materials are available on the ST Investor Relations website. A replay will be accessible shortly after the conclusion of this call.
(00:00:00)感謝大家參加我們 2026 年第三季度財務結果電話會議。今天主持會議的是 STMicroelectronics 的總裁兼首席執行官 Jean-Marc Chéry。參加會議的還有總裁兼首席財務官 Lorenzo Grandi，以及微控制器、數位 IC 和射頻產品組的總裁 Rémi El-Ouazzane。此次直播網路研討會和簡報材料可在 ST 投資者關係網站上獲得。會後不久將可訪問重播。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:00:31)This call includes forward-looking statements involving risk factors that could cause STMicroelectronics' results to differ materially from management's expectations and plans. We encourage you to review the safe harbor statement contained in the press release issued with this morning's results and in STMicroelectronics' recent regulatory filings for a full description of these risk factors. To ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up.
(00:00:31)本次電話會議包含前瞻性聲明，涉及可能導致 STMicroelectronics 的結果與管理層的預期和計劃有重大差異的風險因素。我們鼓勵您查看今早發布的結果新聞稿中包含的安全港聲明，以及 STMicroelectronics 最近的監管文件，以獲取這些風險因素的完整描述。為了確保所有參與者在問答環節有機會提問，請限制自己提問一個問題及簡短的後續問題。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:01:02)Now, I would like to turn the call over to Jean-Marc Chéry, STMicroelectronics President and CEO.
(00:01:02)現在，我想把會議交給 STMicroelectronics 的總裁兼首席執行官 Jean-Marc Chéry。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:01:07)Thank you, Jérôme. Good morning, everyone, and thank you for joining STMicroelectronics for our Q3 2026 earnings conference call. I will start with an overview of the third quarter, including business dynamics. Then, I will hand over to Lorenzo for the detailed financial overview. I will conclude with comments on the outlook before answering your questions. So, starting with Q3. Our third-quarter net revenues of $3.76 billion came in above the midpoint of our business outlook range. This was mainly due to higher revenue in communication equipment and computer peripherals, driven by AI data center and low Earth orbit satellite revenues, as well as communication and personal electronics.
(00:01:07)謝謝你，Jérôme。大家早上好，感謝您參加 STMicroelectronics 的 2026 年第三季度收益電話會議。我將首先概述第三季度的情況，包括業務動態。然後，我將把時間交給 Lorenzo 進行詳細的財務概述。在回答您的問題之前，我將以對前景的評論作結。那麼，從第三季度開始。我們第三季度的淨收入為 37.6 億美元，超過了我們業務前景範圍的中點。這主要是由於通信設備和計算機周邊設備的收入增加，受 AI 數據中心和低地球軌道衛星收入的推動，以及通信和個人電子產品的增長。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:02:06)Gross margin was 37.3%, above the midpoint of our business outlook range. Non-US GAAP diluted earnings per share were $0.37. During the third quarter, inventory on our balance sheet increased slightly to support the expected rise in Q4 revenues. In distribution, inventory decreased and continued to track below our standard target. We generated positive free cash flow of $351 million. Let's now discuss our business dynamics during Q3. During the quarter, the ongoing recovery and secular growth across the end markets we serve continued to gain momentum.
(00:02:06)毛利率為 37.3%，高於我們業務前景範圍的中點。非美國通用會計準則的稀釋每股收益為 0.37 美元。在第三季度，我們的資產負債表上的庫存略有增加，以支持預期的第四季度收入增長。在分銷方面，庫存減少，並持續低於我們的標準目標。我們產生了 3.51 億美元的正自由現金流。現在讓我們討論第三季度的業務動態。在本季度，我們所服務的終端市場的持續復甦和長期增長繼續獲得動力。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:03:04)Demand strengthened further in Q3, with bookings increasing sequentially and book-to-bill remaining well above 2 overall. Book-to-bill was well above one in all end markets and significantly above two in communication equipment, computer peripherals, and industrials. Visibility improved, inventory in distribution continued to track below our standard target, and demand continued to outpace supply across multiple product categories. Automotive revenues were stable sequentially and increased 5% year-over-year.
(00:03:04)第三季度需求進一步增強，訂單量環比增加，訂單與出貨比率保持在 2 以上。在整體市場中，訂單與出貨比率遠高於 1，在通信設備、計算機周邊設備和工業領域則顯著高於 2。可見性改善，分銷中的庫存持續低於我們的標準目標，需求在多個產品類別中持續超過供應。汽車收入在環比上保持穩定，並同比增長 5%。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:03:49)Our solid position in automotive continues to be driven by application-specific ICs and sensors for core applications, electrical powertrain, and ADAS. We maintain our automotive design win momentum with OEMs and Tier 1 suppliers across the portfolio of STMicroelectronics product families, including microcontrollers, power, and discrete. These wins cover hybrid, electric, and internal combustion engine vehicles in areas including onboard charging, powertrain, and active suspension, as well as a first award for 48-volt electromechanical braking.
(00:03:49)我們在汽車領域的穩固地位繼續受到針對核心應用的專用 IC 和傳感器的推動，包括電動動力系統和 ADAS。我們在 OEM 和一級供應商中保持汽車設計贏得的動力，涵蓋 STMicroelectronics 產品系列的所有產品，包括微控制器、電源和分立元件。這些贏得的設計涵蓋了混合動力、電動和內燃機車輛，涉及車載充電、動力系統和主動懸掛，以及首次獲得 48 伏電動機械制動的獎項。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:04:40)We made progress with our automotive MEMS business, supported by the successful integration of NXP's MEMS sensors, achieving several key customer awards in telematics, cockpit control, and tire pressure monitoring. We had another important design win with our in-cabin monitoring solutions and introduced a new automotive image sensor for infrared in-cabin sensing. This sensor is designed to extend driver and occupant monitoring across more vehicle models. Industrial revenues improved 12% sequentially and 40% year-over-year.
(00:04:40)我們在汽車 MEMS 業務上取得了進展，得益於成功整合 NXP 的 MEMS 傳感器，在遠程信息處理、駕駛艙控制和輪胎壓力監測方面獲得了幾個重要客戶的獎項。我們在車內監控解決方案方面又獲得了一個重要的設計贏得，並推出了一款新的汽車圖像傳感器，用於紅外車內感測。此傳感器旨在擴展對更多車型的駕駛員和乘客監控。工業收入環比增長 12%，同比增長 40%。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:05:27)This solid growth was mainly driven by our general-purpose microcontrollers, analog, and power conversion products. During Q3, the broad-based recovery in industrial continued. Inventory and distribution declined further, remaining below our standard target. We had design wins across industrial automation, robotics, power systems, building automation, power tools, and home appliances. Our portfolio combines intelligent sensing, real-time control, and efficient power management to support the transformation of factory automation, robotics, power energy infrastructures, and the growing physical AI market.
(00:05:27)這一穩固增長主要得益於我們的通用微控制器、模擬和電源轉換產品。在第三季度，工業領域的廣泛復甦持續進行。分銷中的庫存進一步下降，仍低於我們的標準目標。我們在工業自動化、機器人技術、電力系統、建築自動化、電動工具和家用電器方面獲得了設計贏得。我們的產品組合結合了智能感測、實時控制和高效能量管理，以支持工廠自動化、機器人技術、能源基礎設施的轉型，以及不斷增長的物理 AI 市場。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:06:21)At the Embedded World North America event, we demonstrated our broad cooperation with NVIDIA on robotics. We showed an integrated robotics development path from digital twin to deployed application based on our inertial sensors, microcontrollers, and imaging solutions. We are continuing to strengthen these capabilities with new products. Our latest launch is a miniature 6-axis motion sensor with a machine learning core designed to improve accident alerts, robot teaching, drone stabilization, and structural monitoring.
(00:06:21)在北美嵌入式世界活動中，我們展示了與 NVIDIA 在機器人技術方面的廣泛合作。我們展示了一條從數位雙胞胎到部署應用的整合機器人開發路徑，基於我們的慣性傳感器、微控制器和成像解決方案。我們正在繼續通過新產品加強這些能力。我們最新推出的是一款迷你 6 軸運動傳感器，配備機器學習核心，旨在改善事故警報、機器人教學、無人機穩定和結構監測。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:07:10)By bringing AI processing to the sensor, systems can reduce energy use and save resources. In embedded processing, We continue to expand our STM32 offering with a robust pipeline of new products and software innovations. You will hear more about these at our STM32 Summit on November 3rd, followed by a dedicated STM32 Analyst Call on November 18th. For personal electronics, third-quarter revenues exceeded expectations, rising 12% sequentially and declining 4% year-over-year. During the quarter, we secured design wins with secure solutions, MEMS, imaging sensors, and microcontrollers across various devices, including smartphones, gaming headsets, earbuds, and smartphones.
(00:07:10)通過將 AI 處理引入傳感器，系統可以減少能耗並節省資源。在嵌入式處理中，我們持續擴展我們的 STM32 產品系列，並推出一系列新產品和軟體創新。您將在 11 月 3 日的 STM32 峰會上聽到更多相關資訊，隨後在 11 月 18 日舉行專門的 STM32 分析師電話會議。在個人電子產品方面，第三季度的收入超出預期，環比增長 12%，同比下降 4%。在這個季度，我們在各種設備上獲得了安全解決方案、MEMS、成像傳感器和微控制器的設計勝利，包括智能手機、遊戲耳機、耳塞和智能手機。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:08:18)For communication equipment and computer peripherals. Third-quarter revenues surpassed expectations, increasing 14% sequentially and 64% year-over-year. This strong growth primarily reflected contributions from our company-specific growth drivers in AI data centers and low Earth orbit satellite communications. For AI data centers, we continue to see strong demand driven mainly by our silicon photonic ICs, electronic ICs, microcontrollers, and power solutions. This supports our revenue expectation for 2026 of approximately $1.3 billion, assuming the current dynamics continue.
(00:08:18)通訊設備和電腦周邊設備表現不佳。第三季度的收入超出預期，環比增長 14%，同比增長 64%。這一強勁增長主要反映了我們公司在 AI 數據中心和低地球軌道衛星通信方面的成本驅動因素的貢獻。在 AI 數據中心，我們持續看到強勁的需求，主要由我們的矽光子 IC、電子 IC、微控制器和電源解決方案驅動。這支持我們對 2026 年收入約為 13 億美元的預期，假設當前的動態持續。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:09:17)With our current engagements, we aim for revenue well above $2 billion in 2027, with further growth beyond that. Now, over to Lorenzo, who will present our key financial figures.
(00:09:17)根據我們目前的參與情況，我們的目標是在 2027 年實現超過 20 億美元的收入，並在此基礎上進一步增長。現在，讓我們把時間交給 Lorenzo，他將介紹我們的主要財務數據。
Lorenzo Grandi - STMicroelectronics, CFO
(00:09:36)Thank you, Jean-Marc. Good morning, everyone. Let's begin with a detailed review of the third quarter. Starting with revenues on a year-over-year basis by reportable segment. Analog products, MEMS, and sensors grew 8.8%, mainly driven by MEMS and, to a lesser extent, analog and imaging. Power and discrete products increased by 11.3%. Embedded processing revenues rose 24.1%, primarily due to general-purpose microcontrollers. RF and optical communication grew 46.2%. By end market, communication equipment and computer peripherals grew 64%.
(00:09:36)謝謝你，Jean-Marc。大家早上好。讓我們開始詳細回顧第三季度。首先從按報告細分的同比收入開始。類比產品、MEMS 和傳感器增長了 8.8%，主要由 MEMS 驅動，類比和成像的貢獻相對較小。電源和離散產品增長了 11.3%。嵌入式處理收入增長了 24.1%，主要得益於通用微控制器。RF 和光通信增長了 46.2%。按終端市場，通訊設備和電腦周邊設備增長了 64%。
Lorenzo Grandi - STMicroelectronics, CFO
(00:10:32)Industrial increased by 40%. Automotive grew 5%, while personal electronics decreased by 4%. Year-over-year, sales to OEMs and distribution increased by 10.2% and 38.8%, respectively. On a sequential basis, by reportable segment, Analog products, MEMS, and sensors increased by 9.4%; power and discrete by 2.8%; embedded processing by 5.7%; and RF optical communication by 13.4%. By end market on a sequential basis, Communication equipment and computer peripherals grew 14%, industrial 12%, personal electronics 12%, while automotive was flat.
(00:10:32)工業增長了 40%。汽車增長了 5%，而個人電子產品下降了 4%。同比來看，對 OEM 和分銷的銷售分別增長了 10.2% 和 38.8%。按報告細分的環比數據，類比產品、MEMS 和傳感器增長了 9.4%；電源和離散產品增長了 2.8%；嵌入式處理增長了 5.7%；RF 光通信增長了 13.4%。按終端市場的環比數據，通訊設備和電腦周邊設備增長了 14%，工業增長了 12%，個人電子產品增長了 12%，而汽車持平。
Lorenzo Grandi - STMicroelectronics, CFO
(00:11:35)Turning now to profitability. Gross profit in the third quarter was $1.40 billion, increasing 32.2% year-over-year. Gross margin was 37.3%, up 410 basis points year-over-year, mainly due to lower unused capacity charges and a better product mix. On a sequential basis, gross margin increased by 250 basis points. Q3 gross margin included about 60 basis points of unused capacity charges. It also included approximately 40 basis points of negative impact from non-recurring costs related to our manufacturing reshaping program.
(00:11:35)現在轉向盈利能力。第三季度的毛利為 14 億美元，同比增長 32.2%。毛利率為 37.3%，同比上升 410 個基點，主要得益於較低的未使用產能費用和更好的產品組合。按環比計算，毛利率上升了 250 個基點。第三季度的毛利率包括約 60 個基點的未使用產能費用。這還包括約 40 個基點的負面影響，來自於我們的製造重組計劃的非經常性成本。
Lorenzo Grandi - STMicroelectronics, CFO
(00:12:31)Looking beyond these near-term effects, improving our gross margin remains a key priority. We remain committed to achieving the 44% to 46% gross margin target of our intermediate financial model once our manufacturing reshaping plan is completed. Starting from the approximately 39% gross margin expected for Q4 2026, we see a clear path to margin expansion. First, Q4 2026 temporary events, including approximately 40 basis points from unused capacity charges and about 30 basis points from non-recurring costs associated with our manufacturing reshaping program, are expected to largely disappear during the second half of 2027.
(00:12:31)在考慮這些短期影響的同時，提高我們的毛利率仍然是我們的首要任務。我們仍然致力於在完成製造重組計劃後實現 44% 到 46% 的毛利率目標。從預期的約 39% 的毛利率開始，我們看到明確的利潤擴張路徑。首先，預計 2026 年第四季度的臨時事件，包括約 40 個基點的未使用產能費用和約 30 個基點的與我們的製造重組計劃相關的非經常性成本，將在 2027 年下半年大部分消失。
Lorenzo Grandi - STMicroelectronics, CFO
(00:13:33)Second, We continue to expect more than 400 basis points of structural gross margin improvement from reshaping our manufacturing footprint. This benefit is expected to materialize as a step function either toward the end of 2027 or early 2028, subject to the shutdown of legacy fabs and customer qualification timings. Finally, we expect better mix and pricing to contribute to margin expansion over time, while input cost increases are expected to be a headwind. The timing and magnitude of these effects remain difficult to assess.
(00:13:33)第二，我們繼續預期通過重組我們的製造足跡，將實現超過 400 個基點的結構性毛利率改善。這一好處預計將在 2027 年底或 2028 年初以階段性方式實現，具體取決於舊廠的關閉和客戶的資格認證時間。最後，我們預計更好的產品組合和定價將隨著時間的推移促進毛利率擴張，而原材料成本的上升預計將成為阻力。這些影響的時間和幅度仍然難以評估。
Lorenzo Grandi - STMicroelectronics, CFO
(00:14:25)Moving now to total net operating expenses. In the third quarter, these amounted to $979 million, excluding restructuring. Non-US GAAP OPEX stood at $972 million, better than the indication we gave in July, reflecting continued cost discipline. For the fourth quarter of 2026, we expect non-US GAAP net OPEX to be about $1.035 billion. The sequential increase is mainly due to calendar days affected, net of vacation. This would lead to full-year 2026 non-US GAAP net OPEX slightly above $3.8 billion, in line with our expectations.
(00:14:25)現在轉向總淨營運費用。在第三季度，這些費用達到 9.79 億美元，不包括重組費用。非美國通用會計準則的營運費用為 9.72 億美元，優於我們在七月給出的指引，反映出持續的成本紀律。對於 2026 年第四季度，我們預計非美國通用會計準則的淨營運費用約為 10.35 億美元。環比增長主要是由於受影響的日曆天數，扣除假期。這將導致 2026 年全年的非美國通用會計準則淨營運費用略高於 38 億美元，符合我們的預期。
Lorenzo Grandi - STMicroelectronics, CFO
(00:15:22)In the third quarter, we reported operating income of $367 million, which included $55 million for impairment, restructuring charges, and other related phase-out costs. These charges relate to the execution of our company-wide program to reshape our manufacturing footprint and resize our global cost base. Q3 operating income also included $7 million in purchase price allocation effects from our acquisition of NXP's MEMS sensor business. Excluding these items, Q3 non-US GAAP operating income stood at $429 million, with a non-US GAAP operating margin of 11.4%. Analog products, MEMS, and sensors achieved 14.1%, while Power and Discrete were negative 17.1% [數字存疑].
(00:15:22)在第三季度，我們報告的營業收入為 3.67 億美元，其中包括5500 萬美元的減值、重組費用和其他相關的淘汰成本。這些費用與我們公司範圍內的計劃執行有關，旨在重塑我們的製造足跡並調整我們的全球成本基礎。第三季度的營業收入還包括 700 萬美元。這是來自我們收購 NXP 的 MEMS 傳感器業務的購買價格分配影響。排除這些項目後，第三季度非美國通用會計準則的營業收入為 4.29 億美元，非美國通用會計準則的營業利潤率為 11.4%。類比產品、MEMS 和傳感器的利潤率達到 14.1%，而電源和離散元件則為負 17.1%。
Lorenzo Grandi - STMicroelectronics, CFO
(00:16:28)Embedded Processing reached 23.1%, and RF Optical Communications stood at 26.2%. Third quarter 2026 net income was $291 million, compared to $237 million in the year-ago quarter. Diluted earnings per share were $0.31, compared to $0.26. Non-U.S. GAAP net income stood at $344 million, and non-U.S. GAAP diluted earnings per share stood at $0.37. Net cash from operating activities totaled $1.02 billion in the third quarter, compared to $549 million in the year-ago quarter. Net capital expenditures were $643 million in the third quarter, compared to $401 million in the year-ago quarter.
(00:16:28)嵌入式處理的利潤率達到 23.1%，而射頻光通信的利潤率為 26.2%。2026 年第三季度的淨收入為 2.91 億美元，與去年同期的 2.37 億美元相比。稀釋每股收益為 0.31 美元，與 0.26 美元相比。非美國通用會計準則的淨收入為 3.44 億美元，非美國通用會計準則的稀釋每股收益為 0.37 美元。第三季度的經營活動淨現金總額為 10.2 億美元，與去年同期的 5.49 億美元相比。第三季度的淨資本支出為 6.43 億美元，與去年同期的 4.01 億美元相比。
Lorenzo Grandi - STMicroelectronics, CFO
(00:17:41)Free cash flow was positive at $351 million in the third quarter, compared to a positive $130 million in Q3 2025. Inventory at the end of the quarter was $3.25 billion, compared to $3.19 billion in Q2 2026 and $3.17 billion in Q3 2025. Days sales of inventory at quarter-end were 126 days, better than our expectation and unchanged from the previous quarter, compared to 135 days in the year-ago quarter. Cash dividends paid to stockholders in the third quarter of 2026 totaled $83 million. In addition, STMicroelectronics executed a share buyback of $91 million.
(00:17:41)第三季度的自由現金流為正，達到 3.51 億美元，而 2025 年第三季度為正 1.3 億美元。季末庫存為 32.5 億美元，與 2026 年第二季度的 31.9 億美元和 2025 年第三季度的 31.7 億美元相比。季末的庫存周轉天數為 126 天，優於我們的預期，與上一季度持平，與去年同期的 135 天相比。2026 年第三季度支付給股東的現金股息總額為 8300 萬美元。此外，STMicroelectronics 執行了 9100 萬美元的股票回購。
Lorenzo Grandi - STMicroelectronics, CFO
(00:18:48)STMicroelectronics maintained its financial strength, with a net financial position remaining solid at $2.11 billion as of September 26, 2026, reflecting total liquidity of $5.31 billion and total financial debt of $3.21 billion. Following the exercise of the call option for the early redemption of STMicroelectronics' convertible debt due in 2027, bondholders exercised their conversion rights on the total $750 million convertible bonds. STMicroelectronics settled the bonds on a net share basis, delivering $750 million in cash and about $4.2 million in shares from Treasury stock.
(00:18:48)STMicroelectronics 保持了其財務實力，截至 2026 年 9 月 26 日，淨財務狀況仍然穩固，為 21.1 億美元，反映出總流動性為 53.1 億美元，總財務負債為 32.1 億美元。在行使 STMicroelectronics 2027 年到期可轉換債券的提前贖回的認購權後，債券持有人行使了 750 萬美元可轉換債券的轉換權。STMicroelectronics 以淨股份的方式結算這些債券，支付了 7.5 億美元的現金和約 420 萬美元的庫藏股。
Lorenzo Grandi - STMicroelectronics, CFO
(00:19:45)Finally, while we are not providing quarterly guidance for 2027, for modeling purposes, please note that 2027 will have 86 calendar days in Q1, 91 in Q2, 91 in Q3, and 97 in Q4. Now back to Jean-Marc Chéry, who will comment on our outlook.
(00:19:45)最後，雖然我們不提供 2027 年的季度指引，但為了建模目的，請注意 2027 年第一季度將有 86 個日曆天，第二季度 91 個，第三季度 91 個，第四季度 97 個。現在回到 Jean-Marc Chéry，他將對我們的前景進行評論。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:20:20)Thank you, Lorenzo. Now let's move to our business outlook for Q4 2026. We are expecting Q4 revenues of $4.15 billion, plus or minus 350 basis points at the midpoint. Our Q4 2026 net revenues will increase 10.5% sequentially and 24.7% year-over-year. We expect our gross margin to be about 39%, plus or minus 200 basis points, including approximately 40 basis points of unused capacity charges. This business outlook does not include any impact from potential further changes to global trade tariffs compared to the current situation.
(00:20:20)謝謝你，Lorenzo。現在讓我們來看看 2026 年第四季度的業務前景。我們預計第四季度的收入為 41.5 億美元，正負 350 個基點。我們 2026 年第四季度的淨收入將環比增長 10.5%，同比增長 24.7%。我們預計毛利率約為 39%，正負 200 個基點，包括約 40 個基點的未使用產能費用。此業務前景不包括與當前情況相比，全球貿易關稅可能進一步變化的影響。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:21:19)For 2026, the midpoint of this outlook translates into full-year revenues of about $14.5 billion, representing a 22.8% year-over-year increase. Beyond the cyclical recovery across our end markets, the year-over-year growth is supported by STMicroelectronics' company-specific growth drivers, including AI data centers and low Earth orbit satellite communications. Gross margin is expected to be about 36.4%. Non-US GAAP gross margin is expected to be about 36.6%. This represents an improvement of 270 basis points versus fiscal year 2025.
(00:21:19)對於 2026 年，這一前景的中點轉化為全年的收入約為 145 億美元，代表同比增長 22.8%。除了我們終端市場的週期性復甦外，年增長還受到 STMicroelectronics 公司特定增長驅動因素的支持，包括 AI 數據中心和低地球軌道衛星通信。預計毛利率約為 36.4%。非美國通用會計準則的毛利率預計約為 36.6%。這比 2025 財年提高了 270 個基點。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:22:15)To conclude, we continue to see very strong demand for our AI data center and low Earth orbit satellite communications products and technologies, alongside an ongoing cyclical recovery in automotive and industrial sectors. With demand across many of the markets we serve exceeding available supply, we are expanding capacity in line with STMicroelectronics' strategic roadmap and growth opportunities. At the same time, improving profitability remains a key priority as we progress toward our intermediate financial model.
(00:22:15)總結來說，我們繼續看到對我們的 AI 數據中心和低地球軌道衛星通信產品和技術的強勁需求，同時汽車和工業部門也在持續週期性復甦。隨著我們服務的許多市場的需求超過可用供應，我們正在根據 STMicroelectronics 的戰略路線圖和增長機會擴大產能。同時，隨著我們朝著中期財務模型的進展，提高盈利能力仍然是我們的首要任務。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:22:58)As mentioned earlier by Lorenzo, this is supported by our company-specific growth drivers combined with the execution of our company-wide program to reshape our manufacturing footprint and resize our global cost base. Before handing over to Jérôme Ramel, I would like to mention a few corporate developments. Earlier this month, the supervisory board asked me to be reappointed in my current role for an additional year. I was honored and pleased to accept the proposal. My reappointment as chairman of the managing board and STMicroelectronics' president and CEO will be proposed for shareholder approval at ST's 2027 Annual General Meeting of Shareholders.
(00:22:58)正如 Lorenzo 之前提到的，這得益於我們公司特定的增長驅動因素，並結合我們公司範圍內的計劃執行，以重塑我們的製造足跡並調整我們的全球成本基礎。在將話筒交給 Jérôme Ramel 之前，我想提到幾個公司發展。本月早些時候，監事會要求我在目前的角色中再任職一年。我很榮幸並高興接受這一提議。我作為管理委員會主席和 STMicroelectronics 總裁兼首席執行官的重新任命將在 ST 的 2027 年股東年會上提請股東批准。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:23:53)Finally, earlier today, we announced updates to STMicroelectronics' organization aimed at better aligning our vision and business objectives with evolving market dynamics. This will strengthen coordination between our strategy, technology, and product roadmap, accelerate innovation and time to market, ultimately supporting our long-term growth opportunities. Rémi El-Ouazzane. He is confirmed as President, Member of the Executive Committee, and Head of Microcontrollers, Digital ICs, RF, and Optical Communication Products.
(00:23:53)最後，今天早些時候，我們宣佈了 STMicroelectronics 組織的更新，旨在更好地將我們的願景和業務目標與不斷變化的市場動態對齊。這將加強我們的戰略、技術和產品路線圖之間的協調，加速創新和上市時間，最終支持我們的長期增長機會。Rémi El-Ouazzane。他被確認為總裁、執行委員會成員，以及微控制器、數位 IC、射頻和光通信產品的負責人。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:24:35)He will also assume leadership of the Imaging Sensor Group and be appointed ST's Chief Technology Officer. Marco Cassis is confirmed as President, Member of the Executive Committee, and Head of Analog, Power, Discrete, and MEMS Products. He will also lead R&D for analog, power, discrete, and MEMS technologies and be appointed Chief Strategic Officer. The new organization and related adjustments to our reportable segments will take effect on January 1, 2027, with implementation completed by the end of March 2027.
(00:24:35)他還將負責影像感測器組，並被任命為 ST 的首席技術官。Marco Cassis 被確認為總裁、執行委員會成員，以及類比、電源、離散和 MEMS 產品的負責人。他還將領導類比、電源、離散和 MEMS 技術的研發，並被任命為首席戰略官。新的組織及相關的報告部門調整將於 2027 年 1 月 1 日生效，並於 2027 年 3 月底前完成實施。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:25:21)Thank you. We are now ready to answer your questions.
(00:25:21)謝謝。現在我們準備回答您的問題。
Operator
(00:25:27)We will now begin the question-and-answer session. Anyone wishing to ask a question or make a comment may press star and one on their telephone. You will hear a tone confirming that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets only when asking a question. In the interest of time, please limit yourself to one question only. Anyone with a question may press star and one at this time. Our first question comes from Joshua Buchalter from TD Cowen.
(00:25:27)現在我們將開始問答環節。任何希望提問或發表評論的人可以在電話上按星號和一號。您將聽到一個音調，確認您已進入排隊。如果您希望退出問題排隊，可以按星號和二號。參與者在提問時請僅使用手持設備。為了節省時間，請限制自己僅提問一個問題。現在有問題的人可以按星號和一號。我們的第一個問題來自 TD Cowen 的 Joshua Buchalter。
Operator
(00:25:59)Please go ahead.
(00:25:59)請開始。
Joshua Buchalter - TD Cowen, Analyst
(00:26:02)Hey, guys. Thank you for taking my question, and congratulations on the results.
(00:26:02)嗨，大家好。謝謝您回答我的問題，並祝賀你們的成果。
Q&A Joshua Buchalter - TD Cowen, Analyst
(00:26:06)To start, I wanted to ask about some of the comments you made regarding gross margins. I believe you said that after the manufacturing transition headwinds abate, there would be a step-function increase of 400 basis points in gross margin. Will that increase occur all at once? Because I think you've previously said we shouldn't expect gross margins to reach 40% until the second half of 2027 or the first half of 2028. So is the expectation that it quickly rises from 40% to 44%? Thank you.
(00:26:06)首先，我想詢問您關於毛利率的一些評論。我相信您提到過，在製造轉型的逆風減弱後，毛利率將會有 400 個基點的跳升。這個增長會一次性發生嗎？因為我認為您之前說過我們不應該期待毛利率在 2027 年下半年或 2028 年上半年達到 40%。那麼預期是它會迅速從 40% 上升到 44% 嗎？謝謝。
Lorenzo Grandi - STMicroelectronics, CFO
(00:26:38)Maybe I will take this question. Clearly, regarding gross margin, what we said is that the impact of our manufacturing reshaping plan will factor into our gross margin once we close our fabs. You know there are four legacy fabs that we intend to close. The positive impact will be visible when we are able to close these, which will happen in the second half of next year, toward the end of 2027 and the beginning of 2028. This depends on customer acceptance for three of these fabs substantially, which we believe is fully in our hands.
(00:26:38)也許我會回答這個問題。明顯地，關於毛利率，我們所說的是影響我們的製造重組計劃將在我們關閉工廠後影響到我們的毛利率。您知道我們打算關閉四個舊工廠。當我們能夠關閉這些工廠時，正面影響將會顯現，這將在明年下半年發生，接近 2027 年底和 2028 年初。這取決於客戶對這三個工廠的接受程度，我們相信這完全在我們的掌控之中。
Lorenzo Grandi - STMicroelectronics, CFO
(00:27:42)There is still some discussion regarding one of them. In any case, we will continue to see gross margin improvements over the coming quarters, also due to the positive impact of manufacturing variants, progressively reducing underloading charges, and reducing the temporary negative cost impact from transferring products from legacy fabs to the new 300 mm fabs or, in the case of silicon carbide, to the 200 mm fabs.
(00:27:42)目前仍在討論其中一個工廠的情況。無論如何，我們將在接下來的幾個季度中繼續看到毛利率的改善，這也得益於製造變化、逐步減少卸貨費用，以及減少從舊工廠轉移產品到新 300 毫米工廠或在碳化矽的情況下轉移到 200 毫米工廠的暫時負面成本影響。
Joshua Buchalter - TD Cowen, Analyst
(00:28:35)Okay, thank you for all the details, Lorenzo. For a follow-up, could you provide any context or a tighter range on the data center contribution for next year, which is expected to be well above $2 billion? Also, any insight on the expected split between MCUs, electronic ICs, photonics, and power? Thank you.
(00:28:35)好的，謝謝你提供的所有細節，Lorenzo。對於後續問題，您能否提供任何背景或更緊湊的範圍，關於明年數據中心的貢獻，預計將超過 20 億美元？還有，對於 MCUs、電子 IC、光子學和電源的預期分配有何見解？謝謝。
Lorenzo Grandi - STMicroelectronics, CFO
(00:29:02)You are referring to revenues, I assume.
(00:29:02)我假設您是指收入。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:29:06)Josh, your question was about revenues?
(00:29:06)Josh，您的問題是關於收入的嗎？
Joshua Buchalter - TD Cowen, Analyst
(00:29:11)Yes, thank you. Revenue contribution from data center.
(00:29:11)是的，謝謝。數據中心的收入貢獻。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:29:14)Okay, I will provide the overall picture, and Rémi will comment on the details. As I mentioned during my speech, this year we will generate about $1.3 billion in revenue from data center, with more than 85% coming from AMD RAFE [待確認], mainly microcontrollers, silicon photonics, and electronic ICs on BiCMOS. Next year, I will not provide detailed figures. We will be well above double this number, and we will communicate specific figures for 2027 and guidance for 2028 in January. Or maybe, okay, perhaps you can provide more
(00:29:14)好的，我將提供整體情況，Rémi 將對細節進行評論。正如我在演講中提到的，今年我們將從數據中心產生約 13 億美元的收入，其中超過 85% 來自AMD RAFE，主要是微控制器、矽光子學和 BiCMOS 上的電子 IC。明年，我不會提供詳細數字。我們將遠超過這個數字的兩倍，並將在一月中溝通 2027 年的具體數字和 2028 年的指導。或者，也許，好的，您可以提供更多
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:30:07)detail. Sure. Microcontrollers in data centers will see steep year-on-year growth. To grow 2x in revenue size, I won't give you the exact number. The contribution of silicon photonics next year will start to grow and become very significant. I would say that, actually, it will be... tens of percent of the total revenue consideration. We will not disclose the exact details. Regarding BiCMOS, I believe the bulk of the effect will be seen from 28 nanometers onwards, as we've won many sockets over the past quarter.
(00:30:07)詳細信息。當然。數據中心的微控制器將看到顯著的年增長。要實現收入規模的兩倍增長，我不會給您確切的數字。明年矽光子學的貢獻將開始增長並變得非常重要。我會說，實際上，它將會是...總收入考量的百分之十幾。我們不會透露具體細節。關於 BiCMOS，我相信大部分的影響將會從 28 納米開始顯現，因為我們在過去一季贏得了許多插槽。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:30:54)I think you'll mainly see the effects in 28 nanometers, although it will be non-negligible in 27 nanometers; however, from a contribution standpoint, it will be very visible in 28.
(00:30:54)我認為你主要會在 28 納米看到影響，雖然在 27 納米也不容忽視；然而，從貢獻的角度來看，28 納米的影響將非常明顯。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:31:09)Thank you, Rémi. So about 1.3 billion this year, well above doubling next year, and we continue to grow in 28 nanometers; we will provide more details in January.
(00:31:09)謝謝你，Rémi。今年大約是 13 億，明年將會翻倍，我們在 28 納米上持續增長；我們將在一月提供更多細節。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:31:23)Thank you all. I appreciate it. Thank you, Josh. Next question, please.
(00:31:23)謝謝大家。我很感激。謝謝你，Josh。下一個問題，請。
Operator
(00:31:27)The next question comes from François-Xavier Bouvignies from UBS. Please go ahead.
(00:31:27)下一個問題來自 UBS 的 François-Xavier Bouvignies。請開始。
François-Xavier Bouvignies - UBS, Analyst
(00:31:32)Thank you very much. I have a question regarding the gross margin as well. I'm focusing more on the short term, specifically Q1. I was reviewing the history, and the gross margin direction in Q1 seems quite variable. It appears that during an up cycle, it increases quarter on quarter. Conversely, in a down cycle, it decreases quarter on quarter. The average change is a decrease of 70 basis points. But the results are very diverse. I was wondering if you could provide guidance on the gross margin direction for Q1, given all the moving parts currently.
(00:31:32)非常感謝。我有一個關於毛利率的問題。我更關注短期，特別是第一季。我在回顧歷史，第一季的毛利率走勢似乎相當變化多端。看起來在上行週期中，它會逐季增加。相反，在下行週期中，它會逐季減少。平均變化是減少 70 個基點。但結果非常多樣化。我想知道你是否能提供第一季毛利率走勢的指導，考慮到目前所有的變數。
Lorenzo Grandi - STMicroelectronics, CFO
(00:32:05)For Q1, we anticipate the gross margin to be... Clearly, we do not provide guidance on the gross margin for the following quarter. However, what I can say is that we expect the gross margin to be at least... around the current consensus of 41% [數字存疑：提問者引述共識約 38%], let's say. Beyond that, I would not speculate at this stage.
(00:32:05)對於第一季，我們預期毛利率將會是...顯然，我們不會對下一季的毛利率提供指導。不過，我可以說我們預期毛利率至少會在...大約是目前共識的 41% 左右。除此之外，我在這個階段不會進行猜測。
François-Xavier Bouvignies - UBS, Analyst
(00:32:36)Okay. Thank you, Lorenzo. And perhaps one question on satellites. Could you provide an update? You mentioned data centers, but what about LEO satellites into next year? How is that shaping up? I note that you have maintained your guidance for a long time. It's a broad guidance of above 3 billion, but... I was wondering if you could give more color on this year and next year as you gain more visibility.
(00:32:36)好的。謝謝你，Lorenzo。或許有一個關於衛星的問題。你能提供更新嗎？你提到數據中心，但明年 LEO 衛星的情況如何？這方面的情況如何？我注意到你們已經保持了很長時間的指導。這是一個超過 30 億的廣泛指導，但...我想知道隨著你們獲得更多的可見性，能否對今年和明年提供更多的細節。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:33:00)I'll pass the question directly to Rémi.
(00:33:00)我將這個問題直接交給 Rémi。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:33:03)Yes. We see strong momentum across the board, not only with SpaceX but also other programs that are ramping up. I would expect next year to be as good as, if not better than, this year. In terms of revenue contribution. In fact, I believe we are currently working hard to find more capacity to enable even greater revenue. That's the momentum we are experiencing. This is consistent with what you hear from our customers' earnings calls regarding their momentum.
(00:33:03)是的。我們看到整體勢頭強勁，不僅是與 SpaceX 的合作，還有其他正在增長的項目。我預期明年將會和今年一樣好，甚至更好。在收入貢獻方面。事實上，我相信我們目前正在努力尋找更多的產能，以實現更大的收入。這就是我們所經歷的勢頭。這與你從我們客戶的財報電話會議中聽到的勢頭是一致的。
François-Xavier Bouvignies - UBS, Analyst
(00:33:46)Sorry, Rémi, do you mean revenue contribution as a percentage of revenues or just growth in absolute terms? Just to clarify this point.
(00:33:46)抱歉，Rémi，你是指收入貢獻佔收入的百分比，還是僅僅是絕對增長？只是為了澄清這一點。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:33:54)My comment referred to the latter. Revenue will...
(00:33:54)我的評論是指後者。收入將會...
François-Xavier Bouvignies - UBS, Analyst
(00:33:57)not be larger than this year. Okay, thank you.
(00:33:57)不會比今年更大。好的，謝謝。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:34:02)Thank you, François-Xavier. Next question, please.
(00:34:02)謝謝你，François-Xavier。下一個問題，請。
Operator
(00:34:06)The next question comes from Sébastien Sztabowicz from Kepler Cheuvreux. Please go ahead.
(00:34:06)下一個問題來自於 Kepler Cheuvreux 的 Sébastien Sztabowicz。請繼續。
Sébastien Sztabowicz - Kepler Cheuvreux, Analyst
(00:34:11)Hi everyone, and thanks for taking my question. On a global basis, what kind of visibility do you have for the coming quarters, and where does the backlog stand at the end of Q3? Additionally, on the roving side, how do you see the seasonality building up for 2027? Should we expect better than usual seasonality? Thank you.
(00:34:11)大家好，謝謝你們回答我的問題。從全球的角度來看，你們對未來幾個季度有什麼樣的可見性？到第三季度結束時，訂單積壓的情況如何？此外，在流動性方面，你們如何看待 2027 年的季節性變化？我們應該期待比平常更好的季節性嗎？謝謝。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:34:34)Sébastien, your line was breaking up. Could you please rephrase the question? Were you asking about the seasonality for Q1?
(00:34:34)Sébastien，你的聲音有點斷斷續續。你能否重新表述一下問題？你是在問第一季度的季節性嗎？
Sébastien Sztabowicz - Kepler Cheuvreux, Analyst
(00:34:41)No, I was asking about the seasonality for 2027. Do you expect better than usual or normal seasonality moving into 2027?
(00:34:41)不，我是在問 2027 年的季節性。你們預期 2027 年的季節性會比平常或正常的季節性更好嗎？
Jean-Marc Chéry - STMicroelectronics, CEO
(00:34:52)Okay. No, the seasonality will be different. Why is that? Because, as I explained a few minutes ago, we are currently rebalancing ST's revenue spread across various verticals. For example, at the midpoint of the guidance we provided, the automotive vertical will represent about 35% of ST's total revenue. Industrial will be between 22% and 24%. CCP, which includes digital infrastructure such as data centers, low earth orbit satellites, and some legacy segments, will be slightly above 20%. Personal electronics will account for 22%.
(00:34:52)好的。不，季節性會有所不同。為什麼會這樣？因為，正如我幾分鐘前所解釋的，我們目前正在重新平衡 ST 在各個垂直市場的收入分佈。例如，在我們提供的指導中點，汽車垂直市場將佔 ST 總收入的約 35%。工業將在 22% 到 24% 之間。包括數位基礎設施（如數據中心、低地球軌道衛星和一些舊有市場）的 CCP 將略高於 20%。個人電子產品將佔 22%。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:35:57)In 2027, we expect CCP to continue growing. So, the balance between verticals will be significantly different. Naturally, this will impact seasonality. We will provide more detailed indications clearly in January.
(00:35:57)在 2027 年，我們預期 CCP 將繼續增長。因此，各垂直市場之間的平衡將會有顯著不同。自然，這將影響季節性。我們將在一月提供更詳細的指示。
Sébastien Sztabowicz - Kepler Cheuvreux, Analyst
(00:36:23)The first question was about the backlog level today. And what kind of visibility do you have for the coming quarters based on your current backlog?
(00:36:23)第一個問題是關於今天的訂單積壓水平。根據你們目前的訂單積壓，你們對未來幾個季度有什麼樣的可見性？
Jean-Marc Chéry - STMicroelectronics, CEO
(00:36:36)Currently, with a book-to-bill ratio well above two and revenue of $3.75 billion, our backlog stands well above $20 billion. This represents... compared to the Q4 midpoint of guidance, about five quarters of revenue, which provides appropriate visibility to drive our operations. However, we are still far from the peak levels of 2023 and 2022.
(00:36:36)目前，訂單出貨比率遠高於 2，收入為 37.5 億美元，我們的訂單積壓超過 200 億美元。這代表著...與第四季度指導的中點相比，約有五個季度的收入，這提供了適當的可見性來推動我們的運營。然而，我們仍然遠未達到 2023 年和 2022 年的高峰水平。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:37:14)Thank you, Sébastien. Thank you. Next question, please.
(00:37:14)謝謝你，Sébastien。謝謝。下一個問題，請。
Operator
(00:37:23)The next question comes from Janardan Menon from Jefferies. Please go ahead.
(00:37:23)下一個問題來自於 Jefferies 的 Janardan Menon。請繼續。
Janardan Menon - Jefferies, Analyst
(00:37:30)Hi, thanks for taking my question. I'll start with a clarification, then I have a question regarding gross margin. You mentioned that you don't expect Q1 gross margin to be at least in line with current consensus. I'm looking at both Visible Alpha and Bloomberg, which estimate about 38%. Are you suggesting that gross margin could decline slightly quarter-on-quarter, given that you are guiding 39% in Q4? I also have a question on gross margin. Your medium-term target model is 44% to 46%. If you take more than 400 basis points from fab conversion, that implies before that benefit, gross margin is around 41%.
(00:37:30)嗨，謝謝你們回答我的問題。我先做一個澄清，然後我有一個關於毛利率的問題。你提到你不預期第一季度的毛利率至少會與目前的共識一致。我正在查看 Visible Alpha 和 Bloomberg，這兩者預測約為 38%。你是在暗示毛利率可能會輕微下降，因為你在第四季度指導 39% 嗎？我也有一個關於毛利率的問題。你們的中期目標模型是 44% 到 46%。如果你從晶圓轉換中獲得超過 400 個基點，那意味著在獲得這一好處之前，毛利率約為 41%。
Janardan Menon - Jefferies, Analyst
(00:38:22)Should we assume that between Q4 this year at 39% and Q3 2027, your gross margin will increase by roughly 200 basis points? And beyond that, you will realize the full effect of the 400 to 450 basis points improvement. When you gave that target model, you did not have much visibility on the AI side, where you mentioned your margin is above the target model in areas like silicon photonics. Given that strength, is there a chance your gross margin in this cycle, supported by silicon photonics and pricing, could exceed that target model?
(00:38:22)我們是否應該假設在今年第四季度的 39% 和 2027 年第三季度之間，你的毛利率將增加約 200 個基點？而且在那之後，你將實現 400 到 450 個基點改善的全部效果。當你給出那個目標模型時，你對 AI 方面的可見性並不高，你提到在矽光子學等領域，你的毛利率超過了目標模型。鑑於這一優勢，你認為在這一週期中，受到矽光子學和定價支持的毛利率有可能超過該目標模型嗎？
Janardan Menon - Jefferies, Analyst
(00:39:09)Thanks.
(00:39:09)謝謝。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:39:15)So, basically, Janardan, you want to know the gross margin for Q1 and for 2027, correct? I will
(00:39:15)所以，基本上，Janardan，你想知道第一季度和 2027 年的毛利率，對嗎？我會
Lorenzo Grandi - STMicroelectronics, CFO
(00:39:23)Let me answer and provide guidance on the gross margin growth going forward. Clearly, as we have mentioned before, one of our main focuses is to increase our profitability and improve the gross margin. A key factor impacting the gross margin will definitely be our reshaping plan. As mentioned, our reshaping plan will significantly influence our gross margin toward the end of next year and into 2028. This is one of the important elements. Another important factor is the growth we are seeing in AI and AI infrastructure.
(00:39:23)讓我回答並提供有關未來毛利率增長的指導。顯然，正如我們之前提到的，我們的主要重點之一是提高盈利能力並改善毛利率。影響毛利率的一個關鍵因素肯定是我們的重組計劃。如前所述，我們的重組計劃將在明年年底及 2028 年對我們的毛利率產生重大影響。這是其中一個重要因素。另一個重要因素是我們在人工智慧及人工智慧基礎設施方面的增長。
Lorenzo Grandi - STMicroelectronics, CFO
(00:40:07)The growth we currently have in industrial markets, which is very significant as you have seen, contributes positively to our gross margin. We expect this positive impact to continue progressively beyond 2027. Regarding the gross margin for Q1, I do not want to provide specific guidance, but it should be at least in line with the current consensus. There is not much more to add beyond that. Clearly, there are other factors we need to consider. One key consideration is that we are operating in an inflationary environment, which leads to increased input costs.
(00:40:07)我們目前在工業市場的增長，正如您所見，對我們的毛利率有正面貢獻。我們預期這一正面影響將在 2027 年之後持續增長。關於第一季度的毛利率，我不想提供具體指導，但它應該至少與目前的共識相符。除此之外沒有太多可以補充的。顯然，我們還需要考慮其他因素。一個關鍵考量是我們在通脹環境中運營，這導致了投入成本的增加。
Lorenzo Grandi - STMicroelectronics, CFO
(00:41:01)These cost increases will have some impact, but on the other hand, there are positives such as improvements in manufacturing efficiency, favorable product mix, and continued price increases on our top line.
(00:41:01)這些成本的增加會有一些影響，但另一方面，也有一些正面因素，例如製造效率的改善、有利的產品組合，以及我們的營收持續上漲。
Janardan Menon - Jefferies, Analyst
(00:41:20)Understood. Regarding your first question, you are suggesting that due to strong AI growth, we could potentially exceed our target model. Is that the correct interpretation of your answer?
(00:41:20)明白了。關於您的第一個問題，您是暗示由於強勁的人工智慧增長，我們可能會超過我們的目標模型。這是您回答的正確解讀嗎？
Lorenzo Grandi - STMicroelectronics, CFO
(00:41:38)The question is whether we can end up above our target model. For now, our objective is to meet our target model. Of course, as I mentioned, there are many components involved. One of these components is the product mix. We will provide updates moving forward in January and throughout the next year.
(00:41:38)問題是我們是否能最終超過我們的目標模型。目前，我們的目標是達到我們的目標模型。當然，正如我提到的，涉及許多組成部分。其中一個組成部分是產品組合。我們將在一月及整個明年提供更新。
Janardan Menon - Jefferies, Analyst
(00:42:06)Understood. Thank you.
(00:42:06)明白了。謝謝。
Lorenzo Grandi - STMicroelectronics, CFO
(00:42:07)Thank you,
(00:42:07)謝謝，
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:42:07)Jonathan. Next question, please.
(00:42:07)喬納森。請問下一個問題。
Operator
(00:42:10)The next question comes from Gianmarco Bonacina from Banca Akros. Please go ahead.
(00:42:10)下一個問題來自 Banca Akros 的吉安馬爾科·博納奇納。請繼續。
Gianmarco Bonacina - Banca Akros, Analyst
(00:42:16)Yes, good morning. Just a follow-up on your book-to-bill ratio; could you provide more details for the different verticals? Also, you mentioned seasonality for the year. Could you give some indication, considering you have good visibility for Q1 and your comment on calendar days? We know that normally Q1 is... down about 10% sequentially. So, directionally, given seasonality and visibility, might this time's performance be different? Thank you.
(00:42:16)是的，早安。關於您的訂單與出貨比率，您能否提供不同垂直市場的更多細節？此外，您提到過今年的季節性。考慮到您對第一季度有良好的可見性以及您對日曆天數的評論，您能否給出一些指示？我們知道通常第一季度是...大約下降 10%。因此，從方向上來看，考慮到季節性和可見性，這次的表現可能會有所不同嗎？謝謝。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:42:52)Regarding the book-to-bill ratio, it is significantly above two for ST overall. It is above one for each of our end markets, product groups, and regions. Specifically, it is well above two for communication equipment, computer peripherals, and industrial sectors. When I say well above two, I mean well above three. About seasonality, again, As Lorenzo commented, we feel comfortable delivering a gross margin at least in line with consensus for Q1. We also feel comfortable delivering at least the revenue consensus for Q1 based on the calendar we have indicated.
(00:42:52)關於訂單與出貨比率，整體上 ST 的比率顯著高於 2。在我們每個終端市場、產品組和地區的比率均高於 1。具體來說，通信設備、計算機周邊設備和工業部門的比率遠高於 2。當我說遠高於 2 時，我的意思是遠高於 3。關於季節性，再次，正如洛倫佐所評論的，我們對第一季度提供至少與共識相符的毛利率感到放心。根據我們所指示的日曆，我們也對第一季度至少提供營收共識感到放心。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:44:01)This is despite having only 86 days in Q1. Thank you. Thank you. Next question, please.
(00:44:01)儘管第一季度只有 86 天。謝謝。謝謝。請問下一個問題。
Operator
(00:44:13)The next question comes from Didier Scemama from Bank of America. Please go ahead.
(00:44:13)下一個問題來自美國銀行的迪迪埃·斯科馬馬。請繼續。
Didier Scemama - Bank of America, Analyst
(00:44:18)Thank you. Good morning, gentlemen. Two questions. First, can you share any early indications from your pricing negotiations with your tier-one customers? And I need to follow up. Thank you.
(00:44:18)謝謝。早安，先生們。兩個問題。首先，您能分享與一級客戶的定價談判的早期跡象嗎？我需要跟進一下。謝謝你。
Lorenzo Grandi - STMicroelectronics, CFO
(00:44:36)To clarify on pricing, we confirm that given the higher input costs and increasing lead times, we are raising prices on selected products. This is, of course, an ongoing process. Looking at pricing, assuming the current supply-demand gap persists—as reflected in our backlog and build plans—we expect pricing next year to be stable or slightly higher. This is certainly within reach. We believe this is a likely scenario. However, at this stage, it is still early to provide more general comments, as discussions for next year are not yet finalized.
(00:44:36)為了澄清定價，我們確認由於較高的投入成本和增加的交貨時間，我們將提高部分產品的價格。這當然是一個持續的過程。從定價來看，假設目前的供需差距持續存在——如我們的訂單積壓和生產計劃所反映的——我們預計明年的價格將保持穩定或略有上升。這確實在可達範圍內。我們相信這是一個可能的情景。然而，在這個階段，提供更一般的評論仍然為時尚早，因為明年的討論尚未最終確定。
Lorenzo Grandi - STMicroelectronics, CFO
(00:45:45)We are actively engaging with our customers on this.
(00:45:45)我們正在積極與客戶進行交流。
Didier Scemama - Bank of America, Analyst
(00:45:49)Yes, very clear. Apologies. I want to better understand your Q1 outlook, as some of your statements seem contradictory to earlier comments. I just want to clarify. The number of calendar days in Q1 implies a sequential decline of about 10.6%, plus the usual 10% seasonal decline. So, combined, that would be approximately a 21% decline. Consensus estimates are around a 5% to 6% decline, yet you mentioned you expect to be in line with consensus on revenues adjusted for the calendar days. Sorry, I’m not sure how to interpret all of that.
(00:45:49)是的，非常清楚。抱歉。我想更好地瞭解你們第一季度的展望，因為你們的一些陳述似乎與之前的評論相矛盾。我只是想澄清一下。第一季度的日曆天數意味著大約 10.6% 的順序下降，加上通常的 10% 的季節性下降。因此，綜合起來，這將大約是 21% 的下降。共識預測約為 5% 到 6% 的下降，但你提到你預計將與調整日曆天數的共識一致。在收入方面與共識一致。抱歉，我不確定如何解釋這一切。
Didier Scemama - Bank of America, Analyst
(00:46:26)If you could clarify, that would be helpful. Related to this, Q1 is usually strongly influenced by your personal electronics business and the price cuts you apply in Q1. You addressed the second part. Regarding personal electronics, Q3 performance was better than expected. Is there a risk of pull-in demand, or is this genuine end demand, meaning no risk that Q1 will be worse than seasonal?
(00:46:26)如果你能澄清一下，那將會很有幫助。與此相關，第一季度通常受到你們個人電子產品業務和你們在第一季度施加的降價的強烈影響。你已經解釋了第二部分。關於個人電子產品，第三季度的表現超出預期。是否存在需求提前拉動的風險，或者這是真正的最終需求，意味著第一季度不會比季節性更糟？
Jean-Marc Chéry - STMicroelectronics, CEO
(00:46:53)We aim to be clearer. With the visibility we have and an 86-day quarter, we are confident in delivering the Q1 consensus.
(00:46:53)我們的目標是更清楚。根據我們的可見性和 86 天的季度，我們對實現第一季度的共識充滿信心。
Didier Scemama - Bank of America, Analyst
(00:47:08)Very clear. Thank you. On the personal electronics Q3 strength, was that due to pull-in demand or genuinely better end demand? You were cautious for Q3.
(00:47:08)非常清楚。謝謝你。關於個人電子產品第三季度的強勁表現，這是由於需求提前拉動還是真正的最終需求？你對第三季度持謹慎態度。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:47:20)No, no, no. There was no specific pull-in. We simply fulfilled the customer's demand. We do not see any specific pull-in.
(00:47:20)不，不，不。沒有特定的需求提前拉動。我們只是滿足了客戶的需求。我們沒有看到任何特定的需求提前拉動。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:47:36)Understood. Very clear. Thank you very much. Thank you, Dede. Next question, please.
(00:47:36)明白了。非常清楚。非常感謝。謝謝你，Dede。下一個問題，請。
Operator
(00:47:41)The next question is from Jakob Bluestone of BNP Paribas. Please go ahead.
(00:47:41)下一個問題來自 BNP Paribas 的 Jakob Bluestone。請開始。
Jakob Bluestone - BNP Paribas, Analyst
(00:47:47)Hi, thanks for taking my question. I have a question about your silicon photonics ramp. Could you provide an update on progress regarding yields and also on the expansion of your production capacity?
(00:47:47)嗨，謝謝你回答我的問題。我有關於你們矽光子學增長的問題。你能提供有關產量進展的更新，以及你們生產能力擴張的情況嗎？
Jean-Marc Chéry - STMicroelectronics, CEO
(00:48:05)Thank you. I will pass the question to Rémi.
(00:48:05)謝謝你。我會把問題轉給 Rémi。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:48:10)Hi, Jakob. We are on plan. The electrical yields our customers are achieving at this stage are setting a new industry standard. Keep in mind that we are currently the only 12-inch silicon photonics player shipping at scale. This speaks volumes about the value of 12-inch wafers in critical dimension control and yield entitlement. I can say with high confidence that our customers are extremely satisfied with the yield delivered by our technology platform. Clearly, this year the contribution is significant, but it is nowhere near the level we expect next year.
(00:48:10)嗨，Jakob。我們的計劃在進行中。我們的客戶目前所達到的電氣產量正在設立新的行業標準。請記住，我們目前是唯一一家大規模出貨的 12 英寸矽光子學廠商。這充分說明瞭 12 英寸晶圓在關鍵尺寸控制和產量權益方面的價值。我可以非常有信心地說，我們的客戶對我們技術平台所提供的產量感到非常滿意。顯然，今年的貢獻是顯著的，但遠未達到我們對明年的預期水平。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:49:13)We anticipate steep growth, supported by our communication that we will increase capacity by four times year over year. In fact, the increase will be slightly more than four times when you look at the specific numbers. I believe silicon photonics in SD represents a long-term growth story, for which we have strong visibility.
(00:49:13)我們預期將會有急劇增長，這得益於我們的溝通，表明我們將每年將產能提高四倍。實際上，當你查看具體數字時，增長將會略高於四倍。我相信，硅光子學在 SD 中代表著一個長期的增長故事，我們對此有很強的可見性。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:49:45)Do you have a follow-up question, Jakob?
(00:49:45)你有後續問題嗎，Jakob？
Jakob Bluestone - BNP Paribas, Analyst
(00:49:50)A quick one: I’m not sure if you can comment now, but regarding your lower OPEX this quarter and the expected step-up in Q4, could you provide an update on the outlook for your OPEX beyond this period? Do you expect it to remain flat next year, or could it increase due to the cost inflationary pressures you mentioned?
(00:49:50)快問一個：我不確定你現在是否可以評論，但關於你們本季度較低的營運支出和預期在第四季度的上升，你能提供一下這段時間之後的營運支出前景更新嗎？你預計明年會保持平穩，還是因為你提到的成本通脹壓力而可能增加？
Lorenzo Grandi - STMicroelectronics, CFO
(00:50:16)Regarding next year’s OPEX, directionally, I would say they will increase. At this stage, it is still a bit early to provide detailed comments. However, keep in mind that throughout 2027, we will continue our cost-saving programs, which should yield benefits in the range of $100 to $120 million. We also expect, especially in the second half of the year, a decline in our startup costs. These costs currently impact our other income and expenses negatively. Conversely, we are accelerating some investments in new business opportunities, as you can imagine.
(00:50:16)關於明年的營運支出，方向上，我會說它們將會增加。在這個階段，提供詳細評論仍然有點早。不過，請記住，在 2027 年期間，我們將繼續我們的節省成本計劃，這應該會帶來 1 億到 1.2 億美元的收益。我們還預期，特別是在下半年，我們的啟動成本將會下降。這些成本目前對我們的其他收入和支出產生了負面影響。相反，我們正在加速一些對新商機的投資，正如你可以想像的那樣。
Lorenzo Grandi - STMicroelectronics, CFO
(00:51:04)Additionally, there will be some impact from normal wage and salary inflation. So, while there will be some increase next year, it will be well below any improvement in our expense-to-sales ratio.
(00:51:04)此外，正常的工資和薪資通脹也會有一些影響。因此，雖然明年會有一些增長，但將遠低於我們的費用與銷售比的任何改善。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:51:27)Very clear. Thank you.
(00:51:27)非常清楚。謝謝你。
Operator
(00:51:28)Thanks, Jakob.
(00:51:28)謝謝，Jakob。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:51:29)Next question, please.
(00:51:29)下一個問題，請。
Operator
(00:51:31)The next question comes from Stéphane Houri from Oddo BHF. Please go ahead.
(00:51:31)下一個問題來自 Oddo BHF 的 Stéphane Houri。請開始。
Stéphane Houri - ODDO BHF, Analyst
(00:51:37)Yes, hello. Thank you very much. My first question is a clarification regarding the satellite opportunity for next year, as you mentioned uncertainty about growth but are working hard to achieve it. Could you elaborate by separating current demand and the number of customers besides your main one, and also explain how capacity ramp issues relate to this? Thank you.
(00:51:37)是的，您好。非常感謝。我的第一個問題是關於明年的衛星機會的澄清，因為你提到對增長的不確定性，但正在努力實現它。你能否詳細說明一下，分開當前需求和除了主要客戶之外的客戶數量，並解釋產能提升問題與此的關係？謝謝你。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:52:14)I will repeat what I said, Stéphane. I mentioned that, I expect next year’s revenue to be the same or better than this year’s revenue. That was my initial statement. This year was a record year for that business due to rapid growth from major customers. Next year, that growth will continue unabated, with additional customers joining. We are working hard to free up capacity to meet the full demand. I can say with confidence that, at this stage, when we look at front-end module technology and our BiCMOS technology, nothing else comes close.
(00:52:14)我會重複我所說的，Stéphane。我提到過，我預期明年的收入將與今年的收入相同或更好。這是我最初的聲明。今年是該業務的創紀錄年，因為主要客戶的快速增長。明年，這一增長將持續不減，還會有更多客戶加入。我們正在努力釋放產能以滿足全部需求。我可以自信地說，在這個階段，當我們查看前端模組技術和我們的 BiCMOS 技術時，沒有其他技術能與之相提並論。
Rémi El-Ouazzane - STMicroelectronics, President, Microcontrollers, Digital ICs and RF Products Group
(00:53:15)Remember, technology matters here because the noise figures achievable translate into spectrum efficiency, which in turn translates into deployment efficiency. We truly hold a front-row seat position with these accounts. Currently, I would say next year we are likely to be both capacity- and demand-constrained. As usual, we are working to find ways to release more capacity over time. That summarizes my earlier comments.
(00:53:15)請記住，技術在這裡很重要，因為可實現的噪聲指標轉化為頻譜效率，而這又轉化為部署效率。我們在這些客戶中確實處於前排位置。目前，我會說明年我們可能會受到產能和需求的限制。和往常一樣，我們正在努力尋找隨著時間推移釋放更多產能的方法。這總結了我之前的評論。
Stéphane Houri - ODDO BHF, Analyst
(00:53:52)Okay, thank you very much for reiterating that. My second question is a follow-up about automotive, which we haven’t discussed much today. There seems to be a sense that the book-to-bill ratio is above one. Yet, the situation among automotive customers does not seem to be improving. What is your outlook for 2027? And if you could, please elaborate on the electromobility opportunity and the software-defined vehicle opportunity simultaneously. Thank you.
(00:53:52)好的，非常感謝你重申這一點。我的第二個問題是關於汽車領域的後續問題，今天我們沒有多討論。似乎有一種感覺，訂單與出貨比率高於一。然而，汽車客戶之間的情況似乎並沒有改善。你對 2027 年的展望是什麼？如果可以的話，請同時詳細說明電動移動性機會和軟體定義車輛的機會。謝謝你。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:54:31)Automotive visibility from our European Tier 1 customers has remained stable for over six months, which is very positive compared to last year. For 2026, we expect automotive growth for the full year to be slightly above 10% [數字存疑]. This outlook is basically consistent with the overall market. Growth is well distributed across our main product groups, except for radio frequency and radio. We are not yet integrating optical cable in cars, but between AMS, power discrete, and embedded processing solutions, growth will be similar. We are also seeing an acceleration in power discrete in Q4.
(00:54:31)我們來自歐洲一級客戶的汽車市場可見度在六個月內保持穩定，這與去年相比非常正面。我們預計 2026 年的汽車增長將略高於 10%。這一展望基本上與整體市場一致。除了射頻和無線電外，我們主要產品組的增長分佈良好。我們尚未在汽車中整合光纖，但在 IMS、功率離散元件和數位環境處理解決方案之間，增長將相似。我們還看到第四季度功率離散元件的增長加速。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:55:45)Overall, power discrete growth in Q4 will be well above 20%, possibly reaching 25%. This growth is driven primarily by the European electromobility market. We expect automotive verticals to contribute significantly to the company's growth next year. Most likely, yes. On average, next year's growth drivers will remain AI data centers, infrastructure, and the B2B industrial business. This includes factory automation, robotics, and related sectors. We expect the consumer segment overall to remain soft or weak.
(00:55:45)整體而言，第四季度功率離散元件的增長將遠超過 20%，可能達到 25%。這一增長主要受到歐洲電動車市場的推動。我們預計汽車垂直市場將對公司明年的增長做出重大貢獻。很可能是的。平均而言，明年的增長驅動因素將仍然是 AI 數據中心、基礎設施和 B2B 工業業務。這包括工廠自動化、機器人技術和相關行業。我們預計消費者市場整體將保持疲軟或弱勢。
Jean-Marc Chéry - STMicroelectronics, CEO
(00:56:45)We have strong confidence in continued automotive growth driven by European electromobility and the many socket wins in thermal combustion engine cars.
(00:56:45)我們對歐洲電動車市場和熱燃燒引擎汽車中多種插座寬度推動的持續汽車增長充滿信心。
Stéphane Houri - ODDO BHF, Analyst
(00:57:01)Also, a quick follow-up: what is your view on silicon carbide for 2027?
(00:57:01)此外，快速跟進一下：您對 2027 年碳化矽的看法是什麼？
Jean-Marc Chéry - STMicroelectronics, CEO
(00:57:11)First of all, this year we expect about 20% growth in silicon carbide, which is positive news. The main growth driver is clearly the European electric car market. This trend will continue into next year. Importantly, our silicon carbide profitability turnaround involves diversification, including power supplies for data centers and high-power conversion applications in the industrial market. Next year will be another year of significant growth for our silicon carbide business. We expect to benefit from the wafer size conversion to 8-inch wafers from both Catania and Chongqing fabs.
(00:57:11)首先，我們預計今年碳化矽的增長約為 20%，這是個好消息。主要的增長驅動因素顯然是歐洲電動車市場。這一趨勢將持續到明年。重要的是，我們的碳化矽盈利能力的轉變涉及多元化，包括數據中心的電源和工業市場的高功率轉換應用。明年將是我們碳化矽業務顯著增長的一年。我們預計將受益於來自卡塔尼亞和重慶工廠的 8 英寸晶圓轉換。
Jérôme Ramel - STMicroelectronics, Investor Relation
(00:58:25)Thank you. We have time for one more question.
(00:58:25)謝謝。我們還有時間回答一個問題。
Operator
(00:58:31)The last question comes from Sandeep Deshpande from JPMorgan. Please go ahead.
(00:58:31)最後一個問題來自 JPMorgan 的 Sandeep Deshpande。請開始。
Sandeep Deshpande - JPMorgan, Analyst
(00:58:37)Hi. Thanks for letting me ask a question. Returning to the gross margin question, you mentioned a 400 basis point gross margin improvement once the reshaping program is complete. How much of that improvement comes from currently running both 200 and 300 millimeter fabs? Could you remind us what percentage of the gross margin uplift is due to the shift to 300 millimeter wafers and the associated lower costs? Yes. My second question is that despite considerable revenue growth in both the analog MEMS and sensor business and the power industry business, margins declined year-over-year in both units.
(00:58:37)嗨。感謝您讓我提問。回到毛利率的問題，您提到一旦重塑計劃完成，毛利率將改善 400 個基點。這一改善中有多少來自目前運行的 200 和 300 毫米晶圓廠？您能提醒我們毛利率提升中有多少百分比是由於轉向 300 毫米晶圓及相關的成本降低嗎？是的。我的第二個問題是，儘管模擬 MEMS 和傳感器業務以及電力行業業務的收入增長顯著，但這兩個單位的毛利率卻同比下降。
Sandeep Deshpande - JPMorgan, Analyst
(00:59:24)Why was that?
(00:59:24)為什麼會這樣？
Lorenzo Grandi - STMicroelectronics, CFO
(00:59:27)Okay. Regarding the over 400 basis points improvement... The improvement above 400 basis points results from several factors. Primarily, the wafer size increase and moving from fabs that are poorly automated, with significant labor costs, to fabs that are much more automated. Breaking down the contributors precisely is somewhat complex. The profitability decline in AMS year-over-year is mainly due to the legacy fabs where we are currently transferring products. We are in a transition phase, moving products from older fabs.
(00:59:27)好的。關於超過 400 個基點的改善……超過 400 個基點的改善來自幾個因素。主要是晶圓尺寸的增加，以及從自動化程度低、勞動成本高的晶圓廠轉移到自動化程度更高的晶圓廠。精確分解貢獻者是相當複雜的。AMS 的盈利能力同比下降主要是由於我們目前正在轉移產品的舊晶圓廠。我們正處於過渡階段，將產品從舊晶圓廠轉移過來。
Lorenzo Grandi - STMicroelectronics, CFO
(01:00:36)This transition causes extra costs, as I explained earlier for the company overall. There is an impact on the efficiency of these fabs during the cost transfer. This segment is currently suffering due to this transition phase. However, this group will benefit significantly once we complete the move to new, more advanced fabs. Especially with the transition to the most advanced 300 millimeter fabs. Similarly, the power discrete segment will benefit from moving from 150 to 200 millimeter wafers.
(01:00:36)正如我之前為整個公司解釋的，這一過渡會產生額外成本。在成本轉移期間，這些晶圓廠的效率受到影響。這一部分目前因為這一過渡階段而受到影響。然而，一旦我們完成轉移到新的、更先進的晶圓廠，這一組將會受益顯著。特別是轉向最先進的 300 毫米晶圓廠。同樣，功率離散元件部分將受益於從 150 毫米轉向 200 毫米晶圓。
Sandeep Deshpande - JPMorgan, Analyst
(01:01:33)Just a quick question on this. Regarding the guidance of 39% gross margin in Q4, you highlighted the extent of underloading involved. How much of the 39% gross margin is negatively impacted by double counting of costs, etc.?
(01:01:33)關於這一點，我有個簡短的問題。關於第四季度 39% 的毛利率指引，您強調了涉及的過載程度。39% 的毛利率中有多少受到成本重複計算等的負面影響？
Lorenzo Grandi - STMicroelectronics, CFO
(01:01:53)The underloading impact is about 40 basis points. The extra costs related to the UMASC [待確認] transfer process trials and so on are estimated to be around 30 basis points. It is more difficult to quantify the overall inefficiency caused by this activity in the fab. We do not typically disclose this because it is challenging to precisely determine the impact. However, this impact will, of course, disappear once we transition to the new fab. In any case, it amounts to approximately 40 basis points for unused capacity and 30 basis points for additional costs.
(01:01:53)過載影響約為 40 個基點。與 UMASC 轉移過程試驗相關的額外成本估計約為 30 個基點。在晶圓廠中，量化這項活動所造成的整體低效率更為困難。我們通常不會披露這些資訊，因為精確確定其影響是具有挑戰性的。不過，這種影響在我們轉移到新晶圓廠後，當然會消失。無論如何，這大約相當於未使用產能的 40 個基點和額外成本的 30 個基點。
Lorenzo Grandi - STMicroelectronics, CFO
(01:02:37)This is the information we usually report each quarter.
(01:02:37)這是我們通常每季度報告的資訊。
Jérôme Ramel - STMicroelectronics, Investor Relation
(01:02:41)Thank you, Sandeep. And thank you to everyone. I believe that concludes our call. Thank you all for joining us. Please feel free to reach out to the Investor Relations team if you have any further questions.
(01:02:41)謝謝你，Sandeep。也謝謝大家。我相信這結束了我們的通話。感謝大家的參與。如果您有任何進一步的問題，請隨時聯繫投資者關係團隊。