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STMicroelectronics: Annual net revenue of over 100 billion yuan in 2023

Jessie January 30, 2024

Recently, ST released 2023 annual financial results. According to the financial report, ST's annual net revenue in 2023 was $17.29 billion (equivalent to about 124.1 billion yuan), with a growth rate of 7.2%. ; Gross profit margin 47.9%; Operating profit margin 26.7%, net profit of 4.21 billion US dollars (equivalent to about 30.2 billion yuan).


Among them, ST's silicon carbide (SiC) product revenue reached $1.14 billion (equivalent to about 8.2 billion yuan), an increase of more than 60% over 2022.


On the business side, ST CEO Jean-Marc Chery said in a conference call that the company will have about 160 design-win projects by the end of 2023, distributed among more than 100 customers. These include car supply deals and a partnership with Airbus on aircraft electrification. This bolstered the company's confidence in achieving its target of $2 billion (equivalent to about 14.4 billion yuan) in SiC product revenue by 2025.


In SiC manufacturing, ST added front-end equipment at its facilities in Catania and Singapore, and increased back-end manufacturing capacity at its plants in Morocco and China. In addition, production began at its new integrated SiC substrate facility in Catania, an important step in the company's vertical integration strategy for SiC.


The company also announced in 2023 a joint venture with SAN 'an OptoElectronics, which is responsible for mass production of 200mm SiC wafers in China, and the joint venture is expected to begin production in the second quarter of 2024.


These important initiatives will further expand ST's global SiC manufacturing operations, and they will be key enablers in achieving the company's goal of $5 billion in SiC revenue by 2030.


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