That's right, and a stored procedure is , as written in the MySQL manual:
A stored procedure is a set of SQL commands that can be compiled and stored in the server. Once this has been done, clients don't need to keep re-issuing the entire query but can refer to the stored procedure. This provides better performance because the query has to be parsed only once, and less information needs to be sent between the server and the client. You can also raise the conceptual level by having libraries of functions in the server.