艾司摩爾 (ASML) 2014 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the ASML fourth-quarter and 2014 annual results conference call on January 21, 2015. (Operator Instructions).

女士們、先生們，感謝你們的支持。歡迎參加 2015 年 1 月 21 日 ASML 第四季及 2014 年年度業績電話會議。 （操作員指示）。

I would now like to turn the conference over to Mr. Craig DeYoung. Please go ahead, sir.

現在我想將會議交給 Craig DeYoung 先生。先生，請繼續。

Thank you, Eileen, and good afternoon and good morning, ladies and gentlemen. This is Craig DeYoung, Vice President of Investor Relations at ASML. Joining me today from our headquarters here in Veldhoven, The Netherlands, is ASML's CEO, Peter Wennink, and ASML's CFO, Wolfgang Nickl.

謝謝你，艾琳。女士們、先生們，下午好，早安。我是 ASML 投資人關係副總裁 Craig DeYoung。今天，與我一起從荷蘭費爾德霍芬總部前來的還有 ASML 執行長 Peter Wennink 和財務長 Wolfgang Nickl。

As a reminder, the subject of today's call is ASML's fourth-quarter and 2014 annual results. This call is also being broadcast live over the Internet at www.asml.com, and a replay of the call will be available on our website for approximately 90 days.

提醒一下，今天電話會議的主題是 ASML 第四季和 2014 年年度業績。此次電話會議也將透過網路在 www.asml.com 上進行現場直播，並且會議重播將在我們的網站上提供約 90 天。

Before we begin, I'd like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statement contained in today's press release and presentation, found on our website, and in ASML's annual report, Form 20-F, and other documents as filed with the Securities and Exchange Commission.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中發表的評論將包括聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述涉及重大風險和不確定性。有關風險因素的討論，我建議您查看今天的新聞稿和演示文稿中包含的安全港聲明，該聲明可在我們的網站上找到，也可以在 ASML 的年度報告、表格 20-F 和向美國證券交易委員會提交的其他文件中找到。

As a reminder, the length of the call will be 60 minutes, and now I would like to turn the call over to Peter Wennink.

提醒一下，通話時間為 60 分鐘，現在我想將通話交給 Peter Wennink。

Thank you, Craig. Good afternoon, good morning, ladies and gentlemen, and thank you for attending our fourth-quarter and annual 2014 results conference call.

謝謝你，克雷格。女士們、先生們，下午好，早安，感謝大家參加我們的 2014 年第四季和年度業績電話會議。

Before we begin the quarter -- the Q&A session, Wolfgang and I would like to provide you with an overview and some commentary on the fourth quarter and provide our view of the coming quarters.

在我們開始本季的問答環節之前，沃夫岡和我想向您提供第四季度的概述和一些評論，並提供我們對未來幾季的看法。

Wolfgang will start with a review of our Q4 and 2014 financial performance, with some added comments on our short-term outlook, and I will complete the introduction with some further comments on the current general business environment and our future business outlook. Wolfgang, if you will.

沃爾夫岡將首先回顧我們第四季度和 2014 年的財務業績，並對我們的短期前景發表一些補充評論，然後我將對當前的總體商業環境和我們未來的業務前景發表一些進一步的評論來完成介紹。沃爾夫岡，如果你願意的話。

Thank you, Peter, and welcome, everyone.

謝謝你，彼得，歡迎大家。

I would first like to highlight some of our financial accomplishments for 2014. Year on year, we grew our revenue by 12% to a record level of EUR5.86 billion. 2014 gross margin was up almost 3 percentage points to 44.3%, while our earnings per share increased by 16% to EUR2.74 per share.

首先，我想強調一下我們在 2014 年所取得的一些財務成就。與去年同期相比，我們的營收成長了 12%，達到創紀錄的 58.6 億歐元。 2014 年毛利率上升近 3 個百分點至 44.3%，每股收益成長 16% 至每股 2.74 歐元。

Last year, we paid a EUR0.61 per share dividend, worth EUR268 million, and used an additional EUR700 million to repurchase 10 million shares, returning a total of EUR968 million to shareholders throughout 2014.

去年，我們支付了每股 0.61 歐元的股息，價值 2.68 億歐元，並額外使用了 7 億歐元回購了 1,000 萬股，2014 年全年共向股東返還了 9.68 億歐元。

So all in all, a very successful year for ASML.

總而言之，對於 ASML 來說，這是非常成功的一年。

Looking to Q4, our net sales came in at EUR1.49 billion, which was ahead of our guidance. Memory accounted for 65% of our system sales in the quarter and also drove the upside in system sales. As anticipated, we recognized revenue for one EUV system during the quarter and service and field option sales came in at very healthy level of EUR409 million.

展望第四季度，我們的淨銷售額達到 14.9 億歐元，高於我們的預期。記憶體佔本季系統銷售額的 65%，也推動了系統銷售額的成長。正如預期的那樣，我們在本季度確認了一套 EUV 系統的收入，服務和現場選項銷售額達到了 4.09 億歐元的非常健康的水平。

Gross margin for the quarter was solid at 44%, compared to our guidance of approximately 43%. Higher gross margin was driven both by product mix and higher volume.

本季毛利率穩定在 44%，而我們的預期約為 43%。毛利率的提高得益於產品組合和銷售量的增加。

R&D expenses came in slightly above our guidance at EUR268 million, affected by both the strong US dollar and a one-off settlement with a farmout partner related to our suspended 450-millimeter program.

研發費用略高於我們的預期，為 2.68 億歐元，這受到美元走強以及與農場合作夥伴就我們暫停的 450 毫米計劃達成的一次性和解的影響。

SG&A expenses came in as expected at EUR79 million.

銷售、一般及行政開支符合預期，達 7,900 萬歐元。

Turning to the balance sheet, quarter over quarter we grew our cash, cash equivalents, and short-term investments balance to EUR2.75 billion. Regarding the order book, with the NXE:3350 we started to include EUV orders in the bookings and backlog for the first time.

談到資產負債表，我們的現金、現金等價物和短期投資餘額較上季成長至 27.5 億歐元。關於訂單，隨著 NXE:3350 的推出，我們首次將 EUV 訂單納入預訂和積壓訂單中。

Overall, Q4 systems bookings were strong again at almost EUR1.4 billion, including two NXE:3350 systems.

總體而言，第四季系統訂單再次強勁，達到近 14 億歐元，其中包括兩台 NXE:3350 系統。

An anticipated shift in bookings strength toward logic occurred, which represented 73% of bookings. This was largely driven by foundry. Although memory bookings dropped to 27% of total this quarter and Q4 memory sales were strong, as mentioned, the memory sector backlog remains high at 43% of total.

預訂力道預計會出現向邏輯方向的轉變，佔預訂量的 73%。這很大程度上是由代工推動的。儘管本季記憶體預訂量下降至總量的 27%，且第四季記憶體銷售強勁，但如上所述，記憶體產業積壓訂單量仍高達總量的 43%。

As a result of the strong foundry bookings, our backlog grew to almost EUR2.8 billion, including EUV.

由於代工訂單強勁，我們的積壓訂單成長至近 28 億歐元，其中包括 EUV。

With that, I would like to turn to our expectations for Q1 2015 and share our initial view on the first half of 2015.

因此，我想談談我們對 2015 年第一季的預期，並分享我們對 2015 年上半年的初步看法。

Our strong logic bookings last quarter are now giving us overall a nicely balanced backlog going into 2015. We expect that strong sales to the memory sector and strength in our service and field option sales will continue in the first half and that sales to the logic segment will increase from the second half 2014 to the first half 2015.

我們上個季度的邏輯訂單量強勁，這使得我們在進入 2015 年時總體上擁有均衡的訂單儲備。我們預計，記憶體領域的強勁銷售以及服務和現場選項銷售的強勁勢頭將在上半年繼續保持，而邏輯領域的銷售額將從 2014 年下半年到 2015 年上半年有所增長。

For the first quarter of 2015, we expect total revenues of around EUR1.6 billion. We do not expect any EUV revenue recognition during the quarter. As mentioned earlier, we expect strength in service and field options revenues to continue and we expect revenues in this portion of our business to be about EUR400 million in Q1 and to strengthen throughout the year.

2015 年第一季度，我們預計總營收約 16 億歐元。我們預計本季不會確認任何 EUV 收入。如前所述，我們預計服務和現場選項收入的強勁勢頭將持續下去，我們預計這部分業務的收入將在第一季達到約 4 億歐元，並且全年都將增強。

We expect gross margin for Q1 to be around 47%, driven again by sales volume, by the expected rich product mix, and continuing strong system performance enhancing option sales. R&D expenses for the first quarter will be at about EUR260 million. SG&A is expected at about EUR83 million.

我們預計第一季的毛利率將在 47% 左右，這再次受到銷售量、預期豐富的產品組合以及持續強勁的系統性能增強選件銷售的推動。第一季的研發費用約為2.6億歐元。預計銷售、一般及行政費用約 8,300 萬歐元。

Peter will talk more about EUV shortly, but I would like to make a few points regarding EUV shipments and revenue recognition for 2015. As most listeners are aware, we have shown excellent progress in improving on key performance metrics related to productivity and reliability in 2014.

Peter 很快會多談 EUV，但我想就 2015 年的 EUV 出貨量和收入確認談幾點。正如大多數聽眾所知，我們在 2014 年在生產力和可靠性相關的關鍵績效指標方面取得了顯著進展。

Also, as announced last quarter, one foundry customer has ordered two production EUV tools for the eventual insertion in 10-nanometer high-volume manufacturing. The first one of these systems is planned to ship to the customer midyear.

此外，正如上個季度宣布的那樣，一家代工客戶已經訂購了兩台生產 EUV 工具，以便最終實現 10 奈米大批量生產。首套系統計劃於年中向客戶發貨。

It is highly likely that the demonstration of all key performance metrics will not be confirmed until 2016. The accounting rules under these circumstances are not allowing us to recognize any revenue until all performance metrics are met; hence, we do not expect to recognize revenue on the two TSMC NXE:3350s in 2015.

所有關鍵績效指標的證明很可能要到 2016 年才能確認。在這種情況下，會計規則不允許我們在滿足所有績效指標之前確認任何收入；因此，我們預計 2015 年不會從這兩款 TSMC NXE:3350 上獲得收入。

We are at various stages of negotiation for the other four NXE:3350 tools, as well as the three customer-requested NXE:3300 to 3350 upgrades, which are in our 2015 production plans. The final negotiations on these systems will determine shipment dates, payment terms, and revenue recognition.

我們正就其他四種 NXE:3350 工具以及三種客戶要求的 NXE:3300 至 3350 升級進行不同階段的談判，這些工具都在我們的 2015 年生產計畫中。這些系統的最終談判將決定出貨日期、付款條件和收入確認。

Finally, we have now previously mentioned strong financial position cash flow prospects. We will continue to return our excess cash to shareholders through dividends and share buybacks. We intend to increase our dividend per ordinary share for 2014, again by 15%, to EUR0.70 per share and accordingly will submit a proposal for authorization to the 2015 annual general shareholder meeting, which will take place on April 22, 2015.

最後，我們之前提到過強勁的財務狀況和現金流前景。我們將繼續透過股利和股票回購的方式將多餘的現金回饋給股東。我們計劃將 2014 年每股普通股股息再增加 15%，至每股 0.70 歐元，並據此向 2015 年 4 月 22 日舉行的 2015 年年度股東大會提交授權提案。

We also intend to continue to purchase our own shares during 2015 and 2016, including 3.3 million shares to cover employee stock and stock option plans, as well as up to EUR750 million worth of shares intended to be canceled.

我們還計劃在 2015 年和 2016 年繼續購買自己的股票，其中包括 330 萬股用於涵蓋員工股票和股票選擇權計劃，以及價值高達 7.5 億歐元的打算取消的股票。

The buyback program will start tomorrow, and at current share price, these intended repurchases represent a total value of approximately EUR1 billion.

回購計畫將於明天啟動，以目前股價計算，這些預期回購的總價值約為 10 億歐元。

Now with that good news, I would like to turn the call back over to Peter.

現在有了這個好消息，我想把電話轉回給彼得。

Thank you, Wolfgang.

謝謝你，沃夫岡。

So as Wolfgang highlighted, we had a very successful year in 2014. We had record sales, record annual gross margins leading to significant EPS growth. Alongside our 2014 financial performance, we can also claim significant successes in product development, new product introduction, and product adoption.

正如沃夫岡所強調的，2014 年是我們非常成功的一年。我們的銷售額和年度毛利率均創歷史新高，從而實現了每股收益的顯著增長。除了 2014 年的財務表現外，我們還在產品開發、新產品推出和產品採用方面取得了重大成功。

As Wolfgang also highlighted, we expect our strong second-half 2014 sales to continue into the first half of 2015, driven by continued substantial memory spend and an increased spend in the logic sector, which is all supported by our current backlog.

正如沃爾夫岡所強調的，我們預計 2014 年下半年的強勁銷售勢頭將持續到 2015 年上半年，這得益於持續的大量內存支出和邏輯領域支出的增加，而這一切都得到了我們當前積壓訂單的支持。

Today, we see that foundry is essentially working on three to four nodes at the same time. The 28-nanometer node, the current high-volume node, is still not at its full 100% capacity as new demand for this node keeps growing. Therefore, we expect that our two shipments in 2015 will be used for capacity additions at this node in order to meet the growing demand.

今天，我們看到代工廠基本上同時在三到四個節點上工作。 28 奈米節點是目前的大批量節點，但由於對該節點的新需求不斷增長，因此仍未達到 100% 的容量。因此，我們預計2015年的兩批貨物將用於增加該節點的產能，以滿足不斷增長的需求。

At 20 nanometers, the first chips are on the market, so that node has moved into volume at some foundries. The 16- and 14-nanometer nodes are been qualified for production and there is process development happening at the 10-nanometer node.

第一批 20 奈米晶片已經上市，因此該節點已在一些代工廠實現量產。 16 奈米和 14 奈米節點已具備生產資格，10 奈米節點正在進行製程開發。

As we mentioned in earlier calls, the foundry industry effectively sees the most aggressive ramp of new nodes ever in their quest for faster, more energy-efficient and cost-effective shrinks for mobile and communications applications.

正如我們在之前的電話會議中提到的那樣，代工行業實際上已經看到了有史以來最積極的新節點增長，以尋求更快、更節能、更具成本效益的行動和通訊應用的縮小規模。

In memory, industry analysts are expecting both NAND and DRAM markets demands to continue growing at a similar rate to 2014, which means a little under 30% for DRAM and about 35% for NAND. New DRAM fabs are planned and some are already being equipped to meet demand, compensating for some lost capacity in DRAM due to device shrink, node complexity, and compensating for growing device size with movement from PC to mobile DRAM.

在記憶體方面，產業分析師預計 NAND 和 DRAM 市場需求將繼續以與 2014 年類似的速度成長，這意味著 DRAM 的成長率略低於 30%，NAND 的成長率約為 35%。新的 DRAM 晶圓廠已在規劃中，部分晶圓廠已配備齊全以滿足需求，彌補了由於設備縮小、節點複雜化而導致的 DRAM 產能損失，並彌補了從 PC 到行動 DRAM 的轉變導致的設備尺寸不斷增大。

Next to the initial introduction of vertical NAND, NAND fabs are continuing their planar node shrinks and are expected to add greater capacity to meet forecasted bit demand.

繼最初推出垂直 NAND 之後，NAND 晶圓廠正在繼續縮小其平面節點，並有望增加更大的產能以滿足預測的位元需求。

As to our product development and product introduction successes, we have ramped our NXT:1970C immersion product, launched late in 2013, faster than any new product introduction before, with over 50 shipments in 2014.

關於我們的產品開發和產品推出的成功，我們於 2013 年底推出的 NXT:1970C 浸入式產品，其推出速度比之前任何新產品都要快，2014 年的出貨量超過 50 台。

Our TWINSCAN immersion system set new productivity records at over 1.5 million 300-millimeter wafers imaged in a 12-month period, creating huge value for our customers. And we have had significant success in customer adoption of our new YieldStar petrology products, with an installed base of all YieldStar products touching on 200 units.

我們的 TWINSCAN 浸沒系統創造了新的生產力記錄，在 12 個月內成像超過 150 萬片 300 毫米晶圓，為我們的客戶創造了巨大的價值。我們在客戶採用新的 YieldStar 岩石學產品方面取得了巨大成功，所有 YieldStar 產品的安裝基數已達到 200 台。

Regarding EUV, we commented in great detail at our investor day in November, so I won't repeat myself too much here. But as a reminder, we have met the 500 wafer per day target that our customers set for us in 2014 as we have now demonstrated these productivity levels at multiple customers over multiple days. We also demonstrated source power at 100 watts with 96% die yield, which is a key factor to get to the productivity levels that our customers need for volume production.

關於 EUV，我們在 11 月的投資者日上進行了詳細的評論，因此我在這裡就不再重複了。但需要提醒的是，我們已經實現了客戶在 2014 年為我們設定的每天 500 片晶圓的目標，因為我們現在已經在多天內向多個客戶展示了這種生產水平。我們還展示了 100 瓦的源功率和 96% 的晶片良率，這是達到客戶批量生產所需的生產力水平的關鍵因素。

Our 2015 productivity target remains at 1,000 wafers per day, and importantly for our customers and for our EUV program, we received the first two orders for our fourth-generation NXE:3350 EUV tools, the first of which is planned for shipment in the middle of this year.

我們 2015 年的生產目標仍然是每天 1,000 片晶圓，對於我們的客戶和我們的 EUV 計劃來說，重要的是，我們收到了第四代 NXE:3350 EUV 工具的前兩份訂單，其中第一台計劃於今年年中發貨。

Our EUV product focus for 2015 is on improving the stability and availability of the machines in the field and to continue the encouraging progress that we have made with EUV productivity so far. We will furthermore concentrate on shipping the first six NXE:3350s so that our customers can continue their process integration planning and to begin to introduce these tools into their production environments.

我們 2015 年 EUV 產品的重點是提高現場機器的穩定性和可用性，並延續迄今為止在 EUV 生產力方面取得的令人鼓舞的進展。我們還將專注於運送前六台 NXE:3350，以便我們的客戶可以繼續他們的流程整合規劃，並開始將這些工具引入他們的生產環境。

Before I end my introduction, I would like to comment on some recent events regarding our customer core investment partners' equity holdings in ASML. All co-investment partners are approaching the end of their ASML equity lockup period whereby they can begin to sell all or parts of their holdings, if they wish to do so. Each company will act in their own best interest and are generally not obliged to inform us of their decisions.

在結束介紹之前，我想先評論一下最近有關我們的客戶核心投資夥伴在 ASML 的股權持有情況的一些事件。所有共同投資夥伴的 ASML 股權鎖定期即將結束，如果他們願意，他們可以開始出售其全部或部分持股。每家公司都會根據自己的最佳利益行事，通常沒有義務告知我們他們的決定。

I would like to make it clear, however, that whatever they decide in this regard, it in no way represents a change of support for ASML or ASML and there is no impact on the co-investment R&D contributions committed by each partner company.

但我想明確指出的是，無論他們在這方面做出什麼決定，都絕不代表對 ASML 或 ASML 的支持發生改變，也不會對每個合作公司承諾的共同投資研發貢獻產生影響。

Now with that, we would be happy to take your questions. I would like to turn back to Craig.

現在，我們很樂意回答您的問題。我想回到克雷格。

Thank you, Peter, and thanks, Wolfgang, as well.

謝謝你，彼得，也謝謝你，沃夫岡。

Ladies and gentlemen, the operator will instruct you momentarily on the protocol for the Q&A session, but beforehand, as I always do, I would like to ask you to kindly limit your questions to one with one short follow-up, if necessary. This, again, will allow us to get as many callers in as possible.

女士們，先生們，接線員將立即向您介紹問答環節的規程，但在此之前，正如我一直以來所做的那樣，我希望您將問題限制在一個範圍內，並在必要時進行一次簡短的跟進。這又將使我們能夠接到盡可能多的來電者。

Now, Eileen, could we have your instructions and then the first question, please?

現在，艾琳，我們可以聽聽您的指示，然後問第一個問題嗎？

(Operator Instructions). Sandeep Deshpande.

（操作員指令）。桑迪普·德什潘德。

This is Sandeep Deshpande from JPMorgan. Thanks for letting me on. My first question is regarding your EUV shipments. You have talked about those two EUV shipments to TSMC coming through in terms of recognition in the following year. How is your negotiations on the other tools going in? How do you see -- do you expect some of those other tools will also be recognized next year, as well as how do you see the recognition going on the tools associated with the upgrade from the 3300 to the 3350?

我是摩根大通的 Sandeep Deshpande。謝謝你讓我加入。我的第一個問題是關於你們的 EUV 出貨量。您曾談到，兩台向台積電出貨的 EUV 設備將在第二年獲得認可。您關於其他工具的談判進度如何？您如何看待——您是否預計其他一些工具明年也會得到認可，以及您如何看待與從 3300 升級到 3350 相關的工具的認可？

Secondly, my question is on the 16- and 14-nanometer node. You had strong ramp-up in the foundries in the fourth quarter. Do you see that all those 16/14-nanometer orders have come in or is there a tail to that? Thank you.

其次，我的問題是關於16奈米和14奈米節點的。第四季度，代工廠的產能大幅提升。您是否看到所有 16/14 奈米訂單都已到來，或者是否有尾部？謝謝。

Sandeep, Wolfgang, I will take the first part on the revenue recognition. As both of us mentioned, our prime focus here right now is to focus on shipping the tools so that customers can make progress on 10-nanometer and mid-node insertion and then preparation for 7 nanometers.

Sandeep、Wolfgang，我將負責第一部分的收入確認。正如我們兩人所提到的，我們現在的主要重點是集中精力運送工具，以便客戶能夠在 10 奈米和中間節點插入方面取得進展，然後為 7 奈米做好準備。

Just to ground us, we shipped three tools in 2013, we shipped four tools in 2014, and we have currently a plan to ship up to 10 tools in 2015.

為了讓我們腳踏實地，我們在 2013 年運送了 3 款工具，2014 年運送了 4 款工具，目前我們計劃在 2015 年運送多達 10 款工具。

As it relates to revenue recognition, it's different from the mature technologies where we recognize at shipment. And if you look at revenue recognition for this year, you've got to almost look at it in a couple of different slices.

就收入確認而言，它不同於我們在發貨時確認的成熟技術。如果你看今年的收入確認，你幾乎必須從幾個不同的角度來看待它。

First of all, there was one 3300 that remained to be shipped and recognized, and that system, I can tell you, has shipped by now and we will recognize that, I guess, in Q2.

首先，還有一台 3300 尚未發貨和確認，我可以告訴你，該系統現在已經發貨，我想我們會在第二季度確認它。

Then secondly, there are six tools of which 3350s. We got an order for two of them. We shipped them starting midyear, and like I mentioned in my remarks, the revenue recognition rules, they require us to meet all performance milestones in order to recognize any revenue, and we forecast that to happen in 2015.

其次，有六種工具，其中 3350s。我們接了兩份訂單。我們從年中開始發貨，正如我在演講中提到的那樣，收入確認規則要求我們達到所有績效里程碑才能確認任何收入，我們預計這將在 2015 年實現。

For the remaining four 3350s, the negotiations are ongoing with several customers, and it will depend on that outcome and those terms of conditions when we ship, when we get paid, and then when we recognize the revenue. The same applies actually for the three systems that we are upgrading for customers. Those negotiations are also ongoing, and again, we would have to see final terms and conditions before we can tell you when exactly we will recognize them.

對於剩餘的四台 3350，我們正在與幾位客戶進行談判，具體結果和條款將取決於我們何時發貨、何時收到付款以及何時確認收入。這其實也適用於我們為客戶升級的三個系統。這些談判仍在進行中，我們必須先看到最終的條款和條件，然後才能告訴您我們何時會確認它們。

Then before answering the second question, I will answer the second question. I would just like to add, Sandeep, if we ship the tools somewhere midyear -- let's say early Q3, then we take three to four months to ship and to install the tools, so before the customer can start to do the first qualifications and we start meeting the performance metrics, we will be easily in the beginning of 2016. It's just the time that it takes.

那麼在回答第二個問題之前我先回答第二個問題。我想補充一下，Sandeep，如果我們在年中某個時候發貨——比如說在第三季度初——那麼我們需要三到四個月的時間來發貨和安裝工具，這樣在客戶開始進行第一次鑑定並且我們開始滿足性能指標之前，我們很容易就能在 2016 年初完成。這只是需要的時間而已。

On the second question, the 16- to 14-nanometer node ramp have orders coming. Well, you could actually look at the backlog and the order intake and look at the geographical distribution of our order backlog, how that changed during the fourth quarter, and it won't be specific on the customers. But you can deduce from that that's a -- some of the logic orders still need to come from other parts of the world. I don't think everything's in.

關於第二個問題，16 至 14 奈米節點的爬坡有訂單到來。嗯，您實際上可以查看積壓訂單和訂單量，並查看我們訂單積壓的地理分佈，看看第四季度這些情況是如何變化的，而且它不會具體針對客戶。但你可以從中推斷出來——有些邏輯命令仍然需要來自世界其他地方。我認為並不是所有東西都齊全。

C.J. Muse, Evercore ISI.

C.J. Muse，Evercore ISI。

Thank you for taking my question. I guess, first question, in terms of your backlog you are now at roughly three-year high, and historically you have provided guidance out a little bit more than a quarter, so curious what's changing this time? Is it really a factor on the foundry side in terms of uncertainty of timing of shipments and/or yields or is there something else going on?

感謝您回答我的問題。我想，第一個問題，就您的積壓訂單而言，現在大約處於三年來的最高水平，而且從歷史上看，您提供的指導時間略多於一個季度，所以很好奇這次有什麼變化？就出貨時間和/或產量的不確定性而言，這真的是代工的因素嗎？還是還有其他原因？

Yes, I think we -- during our introductory call, I think we were pretty positive on the actually qualitative guidance that we are giving based on the backlog, because you are right, the backlog is high. It's well distributed amongst memory and amongst logic.

是的，我認為我們 - 在我們的介紹電話會議中，我認為我們對根據積壓情況提供的實際定性指導非常樂觀，因為您說得對，積壓情況很高。它在記憶體和邏輯之間分佈良好。

For the first quarter, we have much better indications of the, let's say, time in which we can ship and which we can recognize, because we now talk about the general -- the regular NXT immersion tools. But for the second quarter, there could be timing differences towards the end of the quarter, let's say in the June/July timeframe, where tools might be pulled in a bit or went from one month to the other month.

對於第一季度，我們有更好的跡象表明，我們可以在什麼時候發貨，我們可以識別什麼，因為我們現在談論的是常規的 NXT 沉浸式工具。但對於第二季度，在季度末可能會存在時間差異，例如在六月/七月的時間範圍內，工具可能會被稍微拉進來或從一個月轉移到另一個月。

Now if you have four tools, it's EUR200 million. Those things are still fluid, so it's not a matter of that we have any doubts on the total -- the amount. There is just a matter of when do we see the cutoff of those very expensive tools that are now over EUR50 million a pop. It's more that than anything else.

現在如果你有四種工具，那就是2億歐元。這些事情仍不確定，所以我們對總額沒有任何疑問。問題只是何時我們才能看到這些非常昂貴的工具被淘汰，目前這些工具的價格超過 5000 萬歐元。這比其他任何事情都重要。

Sure, makes sense, and I guess if I could ask a quick follow-up. In terms of field services, I think your installed base on the immersion front is roughly 224 tools, give or take. Curious in terms of YieldStar upgrade, what penetration are you there today and what kind of followthrough could we see in 2015, 2016, as well as, I guess, the upgrades on the EUV side, to help us understand how to model the spares and service part of your business?

當然，這很有道理，我想是否可以問一個快速的後續問題。就現場服務而言，我認為您在沉浸式前端安裝的基礎大約有 224 種工具，大概如此。我對 YieldStar 升級感到好奇，您現在的滲透率是多少，以及我們在 2015 年、2016 年可以看到什麼樣的後續行動，還有我猜，EUV 方面的升級，以幫助我們了解如何模擬您業務的備件和服務部分？

Yes, I think on the last question, how do you model it, I think we will guide you. When you talk about upgrades, it's a very wide variety of upgrades.

是的，我認為關於最後一個問題，您如何建模，我想我們會指導您。當您談論升級時，升級的種類非常廣泛。

You refer to YieldStar. That's one upgrade possibility, but another upgrade possibility, which is actually happening in -- we are signing POs for this as we speak, are upgrades for entire tools, for instance from a 1950 to a 1960, from a 1960 to a 1970, a 1970 to a 1980.

您指的是 YieldStar。這是一種升級的可能性，但另一種升級的可能性，實際上正在發生——我們正在為此簽署採購訂單，是整個工具的升級，例如從 1950 年到 1960 年，從 1960 年到 1970 年，從 1970 年到 1980 年。

There are four generations upgrade possibilities there, which is, of course, an upgrade. Next to the application products that we are bringing out, which can be, let's say, brought back to earlier scanner models. So the whole upgrade program has a very wide variety of different products. That means it's very difficult to guide you on all those different products.

那裡有四代升級的可能性，這當然是一種升級。接下來我們推出的應用產品可以追溯到早期的掃描器型號。所以整個升級計劃有各種不同的產品。這意味著很難指導您了解所有這些不同的產品。

What we will do, and I think Wolfgang said it, that we start the year with about EUR400 million in sales, and I think, Wolfgang, this will grow throughout the year with, I would say, a significant double-digit percentage towards the end of the year.

我們將會做什麼，我想沃爾夫岡說過，我們今年的銷售額約為 4 億歐元，而且我認為，沃爾夫岡，這一數字將在全年增長，我想說，到年底，銷售額將達到兩位數的顯著百分比。

This is clearly a growth engine. You might remember that on the applications business, the holistic litho business, we said we have a target of reaching EUR1 billion by 2017. I think we're just over halfway, so there is still something to go, but there's not that many years left, so the compound annual growth rates are pretty steep and that's only for the holistic litho, and that does not include, for instance, the system upgrades that I talked about.

這顯然是一個成長引擎。您可能還記得，在應用程式業務、整體光刻業務方面，我們說過我們的目標是到 2017 年達到 10 億歐元。我認為我們已經完成了一半多一點，所以還有一些工作要做，但剩下的時間不多了，所以複合年增長率相當高，而且這還只是針對整體光刻業務，還不包括我談到的系統升級等。

All in all, it's a very strong source of growth for us with good profitability.

總而言之，這是我們非常強勁的成長源泉，具有良好的獲利能力。

Great, thanks so much.

太好了，非常感謝。

Kai Korschelt, Merrill Lynch.

美林證券的 Kai Korschelt。

Thanks for taking my question. I had two, if that's okay. The first one was really on memory. It looks like the order intake has already moderated a bit, but we have also seen a new fab announcement, I think, in December from Micron, Toshiba, and some of these people. Presumably those haven't ramped yet for you, so I am just wondering what is your maybe 12- to 18-month view? I know it's difficult to predict, but do you think that memory cycle we have just seen has legs? That's my first question.

感謝您回答我的問題。如果可以的話，我有兩個。第一個確實是靠記憶。看起來訂單量已經放緩，但我認為，我們也看到了美光、東芝等公司在 12 月宣布新建晶圓廠的消息。大概這些對你來說還沒有增加，所以我只是想知道你對 12 到 18 個月的看法是什麼？我知道這很難預測，但您認為我們剛剛看到的記憶週期有持續性嗎？這是我的第一個問題。

The second one's, then, on the 10-nanometer foundry ramp. Just roughly when do you expect that to materialize? And also, could you remind us whether the initial rollout, which presumably will be without EUV, will that be triple patterning and what increase in the lithography content could we expect to offer? Maybe you end up double patterning 20-nanometer or 14/16-nanometer nodes. Thank you.

那麼，第二個是在 10 奈米代工坡道上。您預計這個目標大概什麼時候達成？另外，您能否提醒我們，首次推出的產品（大概不會採用 EUV）是否是三重圖案化，以及我們期望提供的光刻內容會有哪些增加？也許您最終會採用雙重圖案化 20 奈米或 14/16 奈米節點。謝謝。

Okay, let me just make some notes. On your first question, does memory has legs? I think if you look at all memory customers, DRAM and NAND, and you go through all the major customers, every customer is expanding their capacity. Every customer has either a new fab or an extension to a fab.

好的，讓我做一些筆記。關於你的第一個問題，記憶有腿嗎？我認為，如果你看看所有記憶體客戶、DRAM 和 NAND，並看看所有主要客戶，你會發現每個客戶都在擴大其產能。每個客戶都有一個新的晶圓廠或一個晶圓廠的擴建。

There were major fabs announced in Korea for both major players. Everybody knows that in Japan, there is a major effectively extension ongoing. Micron announced one recently.

兩大主要廠商均宣佈在韓國建立大型晶圓廠。眾所周知，日本正在進行一場大規模的有效擴張。美光公司最近宣布了一項消息。

Every major memory maker is looking at adding capacity and that capacity will not be up in two months' time, so it will take time to build those factories and it will take time to fill those factories up. That will not happen in two quarters. It will be stretched out over a much longer period and it just reflects, I would think, the discussions we have with our customers as not only that we have with them privately, but also I think how they talk about their business going forward.

每個主要的記憶體製造商都在考慮增加產能，但產能不會在兩個月內增加，因此建造這些工廠需要時間，填滿這些工廠也需要時間。但這不會在兩個季度內發生。它將持續更長的時間，我認為這不僅反映了我們與客戶之間的討論，也反映了他們如何談論未來的業務。

I think we internally also mentioned this amongst the senior managers here that we haven't seen our memory customers as, let's say, positive about the future applications of memory products in a very long, long while. It has to do with the fact that memory starts to take many, many forms, which will be used in many, many different applications, and that's what we see happening. So I think it's a very broad base and I don't think it is something that will easily go away.

我想我們內部的高階主管也提到過這一點，我們很久很久以來都沒有看到我們的記憶體客戶對記憶體產品的未來應用抱持正面的態度。這與記憶開始呈現多種形式有關，這些形式將用於許多不同的應用程序，這就是我們所看到的。所以我認為這是一個非常廣泛的基礎，而且我不認為它會輕易消失。

The 10-nanometer foundry ramp, when we see that happening, that will be end of 2016, going to 2017 and 2018. That's when it will happen. Definitely there will be higher litho content. We always see this at 20 nanometer. I think node on node, we see about a 35% to 40%, 45% litho intensity increase because of double and triple patterning.

10 奈米代工產能提升，當我們預見到這種情況發生時，那將是在 2016 年底、2017 年和 2018 年。那時它就會發生。一定會有更高的平版印刷內容。我們總是在 20 奈米處看到這種情況。我認為，在節點上，由於雙重和三重圖案化，我們可以看到光刻強度增加了約 35% 到 40%，甚至 45%。

Now that all looks nice and definitely for the nodes that we are currently seeing, but we all know that there is, from a cost point of view, only one solution going forward and that's ultimately EUV. That's about 40%, so on average.

現在，一切看起來都很好，而且確實適合我們目前看到的節點，但我們都知道，從成本的角度來看，只有一個解決方案，那就是最終的 EUV。平均而言，約為 40%。

Thank you.

謝謝。

Mahesh Sanganeria, RBC Capital Markets.

Mahesh Sanganeria，加拿大皇家銀行資本市場。

You just mentioned something about the 450 program. Can you provide a little bit more details? And what happens to the customer co-investment? I think Intel invested significantly on the 450, and so what happened to that agreement if there is a change in the 450 program?

您剛才提到了有關 450 計劃的一些事情。能提供更多細節嗎？那麼客戶共同投資會怎麼樣呢？我認為英特爾在 450 上投入了大量資金，那麼如果 450 計劃發生變化，該協議會怎樣？

This is Wolfgang, so it won't change the total contributions to ASML from that particular customer. It's just being allocated to other engineering projects, EUV and other projects.

這是沃爾夫岡，因此它不會改變該特定客戶對 ASML 的總貢獻。它只是被分配給其他工程項目、EUV 和其他項目。

In terms of the 450, I think it's publicly acknowledged that that program is past and we will see when that product -- project comes back online when the industry is converging as that one is a solution. (multiple speakers).

就 450 而言，我認為人們已經公開承認該計劃已經過去，我們將看到當行業融合時該產品 - 項目重新上線，因為那是一個解決方案。 （多位發言者）

The settlement that I mentioned was a relatively small settlement. That was a clean-up from one of our farmout partners in our R&D line.

我提到的和解是一個相對較小的和解。這是我們研發線的一位農場夥伴進行的清理。

Okay. The second question on the foundry orders, you talked about the different technology node, the different phases. Can you give us an approximate distribution of how do you see the full-year 28 nanometer, then 20 and 16/14, how will your shipment distribution will look like? Is it primarily 16/14 or more towards 20?

好的。第二個問題關於代工訂單，您談到了不同的技術節點、不同的階段。您能否給我們一個大致的分佈情況，您認為全年28奈米、20奈米和16/14奈米的出貨量分佈如何？它主要是 16/14 或更多，接近 20 嗎？

I asked the same question when we looked at the order backlog and the order intake, and that in fact it's across those three categories. It's -- we are seeing capacity additions on the 28. We see some capacity additions on the 20, and as you know from a lithography perspective, the litho requirements for 20 and 16 and 14 are virtually the same.

當我們查看訂單積壓和訂單量時，我問了同樣的問題，事實上它涉及這三個類別。我們看到 28 的產能增加。我們看到 20 的產能增加，從光刻的角度來看，20、16 和 14 的光刻要求幾乎相同。

We are definitely also seeing 16 and 14 coming out of -- they're currently in qualification, so they will ramp in the course of the year, which, of course, the installed capacity for 14/16 is still limited, so that's where definitely capacity needs to go. And by the end of the year, we are also shipping for 10 nanometer. I mean, 10-nanometer initial risk production will be on immersion only and the tool sets that we are developing today together with our customers to be able to deal with that node also require shipments towards the end of the year.

我們肯定也看到了 16 和 14 的出現——它們目前處於資格認證階段，因此它們將在今年內實現量產，當然，14/16 的安裝容量仍然有限，所以這肯定是需要增加容量的地方。到今年年底，我們還將推出 10 奈米產品。我的意思是，10 奈米的初始風險生產將僅在浸入式製程上進行，我們今天與客戶一起開發的用於處理該節點的工具集也需要在年底前出貨。

Actually, it's a difficult question to answer because you will see capacity additions at every new node. Now if you would ask me would there be an emphasis on one of them, I would say 16/14. That's where probably the majority will go.

實際上，這是一個很難回答的問題，因為你會看到每個新節點的容量增加。現在如果你問我會不會強調其中一個，我會說 16/14。大多數人可能都會去那裡。

That's very helpful. Thanks.

這非常有幫助。謝謝。

Gareth Jenkins, UBS.

瑞銀的加雷斯‧詹金斯。

Thank you and happy new year to you gentlemen. Just one quick question on R&D. Should we expect R&D through the course of 2015 to head lower from the EUR260 million level in Q1? And then, I have a follow-up, please.

謝謝你們，祝各位新年快樂。關於研發，我只想問一個簡單的問題。我們是否應該預期 2015 年全年的研發支出將從第一季的 2.6 億歐元水準下降？然後，請再跟進一下。

Gareth, the R&D, the total R&D for this year is in total euro terms going to be lower than it was in 2014. We are shooting for this EUR1 billion run rate level for the midterm.

加雷斯，研發方面，以歐元計算，今年的研發總額將低於 2014 年。我們的目標是在中期實現 10 億歐元的運行率水準。

Now the US dollar exchange rate throws us a tad bit of a curveball, so it could be in the EUR260 million range, too, but we are getting down and we're getting into that neighborhood. We will control it at that level for several quarters, and then at our capital markets day, we said that for the longer term we really will drop it as a percent of our revenue, and we're right now operating at about 18%, and with our EUR10 billion ambition by 2020, we should settle it in somewhere in the 13% range or so. It remains very well controlled.

現在美元匯率為我們帶來了一點變化，所以它也可能處於 2.6 億歐元的範圍內，但我們正在努力降低價格並進入這個區間。我們將在未來幾季內將其控制在這個水平，然後在資本市場日，我們表示，從長遠來看，我們確實會將其作為收入的百分比來降低，我們目前的營運比例約為 18%，而按照我們到 2020 年實現 100 億歐元的目標，我們應該將其穩定在 13% 左右的範圍內。它仍然受到很好的控制。

That's great, thanks. Just a somewhat different question on Chinese -- the Chinese market and what you are seeing there. You signed a large frame agreement pre-Christmas. I just wondered what you are seeing in China and whether you'd expect any of the demand to be fulfilled with the re-use of tools. Thank you.

太好了，謝謝。這只是一個關於中國市場以及您在那裡看到的情況的不同問題。您在聖誕節前簽署了一份大型框架協議。我只是想知道您在中國看到了什麼，以及您是否期望透過重複使用工具來滿足任何需求。謝謝。

I think the Chinese market after its years of silence has actually come back. Yes, we had this announcement pre-Christmas on a deal that we signed with a Chinese foundry.

我認為中國市場在沉寂多年之後實際上已經復甦。是的，我們在聖誕節前宣布了與一家中國鑄造廠簽署的協議。

Generally speaking, there is a lot more activity there. It is also focused on, let's say, what I would call an advanced node. It's the 32-nanometer and 28-nanometer node. Now what I said earlier on that 28-nanometer node is a very large node where we constantly see devices being brought onto the 28 node level.

總體來說，那裡的活動要多得多。它也專注於我所說的高階節點。它是32奈米和28奈米節點。我之前說過，28 奈米節點是一個非常大的節點，我們不斷看到設備被帶到 28 節點層級。

It seems to continue making it a very large node, and I think the Chinese foundries will benefit from that also, or at least that is what they are anticipating.

它似乎繼續使其成為一個非常大的節點，我認為中國代工廠也將從中受益，或者至少這是他們所預期的。

So that market has come back to life, definitely. It is not only used tools. The Chinese market is not a market where you only sell secondhand tools. These are new projects which require new NXTs, and let's be honest, 28 nanometer is a pretty advanced node. So, yes, it's -- after years of silence, it's back.

所以這個市場肯定已經恢復活力了。它不僅僅是使用的工具。中國市場並不是一個只銷售二手工具的市場。這些都是需要新 NXT 的新項目，說實話，28 奈米是一個相當先進的節​​點。所以，是的，在沉寂多年之後，它又回來了。

Thanks.

謝謝。

Timothy Arcuri, Cowen and Company.

提摩西·阿庫裡，考恩公司。

A couple questions. First of all, Peter, can you give us an update on the forecast you gave us last quarter. You said that the 20/16/14 wafers, you said there would be about 175,000 worth of outs by the middle of this year. Can you update the number and also maybe extend the forecast, given how much the orders have grown in December quarter from foundry? Can you update us where you think that will be exiting 2015?

幾個問題。首先，彼得，您能否向我們介紹一下上個季度的預測更新。您說 20/16/14 晶圓，到今年年中將有價值約 175,000 的晶圓。考慮到 12 月季度代工廠的訂單增長了多少，您能否更新數字並延長預測時間？您能否告訴我們您認為 2015 年會如何發展？

I think -- there is no reason to change what I said earlier, and I may remind you of what I said earlier when somebody asked the question, where does this foundry demand go to? What kind of node? And it's basically four nodes. It's 28, it's even 20. It's 16/14, with I think the emphasis on 16/14, and on 10 even.

我認為──沒有理由改變我之前所說的話，而且我可能會提醒你我之前在有人問這個問題時所說的話，這種代工需求流向了哪裡？什麼樣的節點？它基本上有四個節點。是 28，甚至是 20。是 16/14，我認為重點是 16/14，甚至是 10。

Yes, it does sound like a lot, but I mentioned it in my introductory call, also. We're in probably the most aggressive ramp period that we have seen for a very, very long time in the logic industry, but no reason for us to change our statement of last quarter of about 175,000 for that 20/16/14 node, but the outliers here are 28 and 10.

是的，聽起來確實很多，但我在介紹電話中也提到過這一點。我們可能正處於邏輯產業很長一段時間以來最激進的增長期，但我們沒有理由改變上個季度 20/16/14 節點約 175,000 的聲明，但這裡的異常值是 28 和 10。

Got it, okay. Then two more questions. One, I just wanted to make sure that your comment, that I actually heard it right. If your equity partners do decide to sell their stake, that has no impact at all on the NRE funding agreement? Is that correct?

知道了，好的。接下來還有兩個問題。首先，我只是想確認一下我的評論是否正確。如果您的股權合作夥伴決定出售其股份，這對 NRE 融資協議沒有任何影響嗎？對嗎？

You understood it correctly.

你理解得對。

Okay, thank you. Then just last thing, did I -- am I hearing some change in your EUV revenue recognition policy or is it just that it's now going to take longer for you to get the sign-offs from the customer and for you to hit the metrics in the field, or has there physically been a change to the revenue recognition policy on the EUV initiative?

好的，謝謝。那麼最後一件事，我是否聽說了你們的 EUV 收入確認政策發生了一些變化，或者只是現在你們需要更長的時間才能獲得客戶的批准並達到現場指標，或者 EUV 計劃的收入確認政策實際上發生了變化？

No, Tim, there is no change to the revenue recognition policy.

不，提姆，收入確認政策沒有改變。

To give you just a bit of background, because I think you are referring to the 3300, the 3300s were sold with the idea to go to the development sites of our customers, and there were hardly any performance criteria in there, except that you should be able to image a wafer. That was it, so you could call that a performance criteria.

我先給你介紹一下背景，因為我認為你指的是 3300，3300 的銷售目的是送到我們客戶的開發現場，幾乎沒有任何性能標準，除了你應該能夠對晶圓進行成像。就是這樣，所以你可以將其稱為績效標準。

Now when the 3350s will go into volume production, then, of course, clearly there are some performance metrics in stages or milestones that we need to hit, which we are confident that we will hit, and the only problem is that the accounting rules say that when you meet them all, which is also true for the 3300, only they were very limited, then you can recognize revenues.

現在，當 3350 投入大量生產時，當然，顯然我們需要分階段或里程碑達到一些性能指標，我們有信心能夠達到這些指標，唯一的問題是，會計規則規定，當你滿足所有指標時，3300 也是如此，只是這些指標非常有限，然後你就可以確認收入。

There is no change. It's just the fact that they are being used for a different purpose and that means that it takes a bit longer.

沒有變化。事實上，它們只是被用於不同的目的，這意味著需要更長的時間。

Wonderful, thank you so much.

太好了，非常感謝。

Farhan Ahmad, Credit Suisse.

瑞士信貸的 Farhan Ahmad。

Thanks for taking my question. I had a quick question on nanoimprint technology. There was recently a press release by Hynix indicating that the company is collaborating with Toshiba on nanoimprint technology for MRAM. Also, earlier in 2014, Toshiba and Canon announced that they would be collaborating on nanoimprint technology on production for 1Z nanometer node.

感謝您回答我的問題。我有一個關於奈米壓印技術的簡單問題。海力士最近發布新聞稿稱，該公司正在與東芝合作開發 MRAM 奈米壓印技術。此外，2014年早些時候，東芝和佳能宣布將在1Z奈米節點生產中合作開發奈米壓印技術。

I wanted to check if there is anything that you are picking up from your competitive intelligence in terms of nanoimprint and if there is an increased threat of the technology developing and competing with you.

我想檢查您是否從競爭情報中了解到有關奈米壓印的任何信息，以及該技術的發展和與您競爭的威脅是否增加。

No, we didn't pick that up, and even with the customers -- those customers that you mentioned, we have extensive discussions on it, and we don't regard it as a competitive threat for EUV, nor for [DUV].

不，我們沒有註意到這一點，甚至與客戶——您提到的那些客戶，我們也對此進行了廣泛的討論，我們並不認為這對 EUV 或 [DUV] 構成競爭威脅。

Thank you. The one question on the second-half shipments for the year, it seems like there was a pull-in on their DRAM shipments that caused upside to the fourth quarter, and DRAM spending is pretty high, following the seasonal patterns and with node conversions planned around the first half of 2015. Foundry spending also seems like it's pretty high in first half.

謝謝。關於今年下半年出貨量的一個問題，似乎他們的 DRAM 出貨量有所增加，從而導致第四季度出現上行趨勢，而且 DRAM 支出相當高，遵循季節性模式，並且計劃在 2015 年上半年進行節點轉換。上半年代工支出似乎也相當高。

I wanted to hear your thoughts on how the second half of 2015 could shape up. Could we see a similar decline in half and half in revenues as we saw last year, or do you think there are some offsets on the second half of this year that can balance the year?

我想聽聽您對 2015 年下半年前景的看法。我們是否會看到收入像去年一樣下降一半，或者您認為今年下半年會有一些抵消措施可以使全年收入保持平衡？

Yes, let me start. This is Wolfgang. I want to comment on the pull-in. It was not a pull-in. It was incremental demand.

是的，讓我開始吧。這是沃夫岡。我想對拉入進行評論。這不是一次吸引。這是增量需求。

Sometimes when you do guidance, it is not quite clear whether it's in the last two weeks of the quarter or whether it's in the first two weeks of the quarter.

有時當你做指導時，並不十分清楚是在本季的最後兩週還是在本季的前兩週。

It was not a pull-in; it was just demand strengthening as customers were outfitting the factories. And as you can see from our guidance in Q1, that is up [EUR]100 million or over EUR100 million. It was by no means a pull-in.

這不是一個吸引人的行為；隨著客戶為工廠配備設備，需求正在增強。正如您從我們第一季的指導中看到的那樣，這一數字增加了 1 億歐元或超過 1 億歐元。這絕對不是什麼吸引人的行為。

As it relates to the second half of the year, I will let Peter chime in, but we didn't give any guidance and we have given some color on the first half. I don't think that we go much beyond what we already said there.

至於下半年的情況，我會讓彼得加入進來，但我們沒有給任何指導，我們對上半年的情況做了一些說明。我認為我們並沒有超出我們已經說過的範圍。

I think I would like to reiterate what I said earlier on the memory market. Every customer is not only talking, but is using their well-earned cash to put capacity in place in different forms. So there is a time component to it.

我想重申我之前關於記憶體市場的言論。每個客戶不僅在談論，而且還在使用他們辛苦賺來的現金以不同的形式來落實產能。因此，這其中存在一個時間因素。

Now you are -- if I really want to answer your question precisely, I need to know exactly when those time components turn into a tool shipment.

現在——如果我真的想準確地回答你的問題，我需要確切地知道這些時間組件何時變成工具發貨。

I think for us medium term, the memory business is going to be good because there is a lot of empty fab space that needs to be filled. But now you're asking us to precisely indicate when that is, which is very difficult for us. It's going to be there. Whether it's going to be Q3 or Q4 or Q1 of next year and in what form, it doesn't really matter. It is DRAM and NAND and it looks good, so when we have more visibility, we will inform you further.

我認為對我們來說，從中期來看，記憶體業務將會很好，因為有很多空置的晶圓廠空間需要填補。但現在您要求我們準確地指出具體時間，這對我們來說非常困難。它會在那裡。無論是明年第三、第四季或第一季度，以何種形式出現，都並不重要。它是 DRAM 和 NAND，看起來不錯，所以當我們有更多的了解時，我們會進一步通知您。

Got it. Just one quick follow-up. On the memory demand, incremental demand that you saw, was that incremental new capacity addition or was it all node conversions?

知道了。只需快速跟進一次。關於記憶體需求，您看到的增量需求是增量新容量增加還是所有節點轉換？

It was node conversions, largely, because it was our newest and the most advanced systems that they needed, but a node conversion is also capacity in terms of memory. It's extra bits.

這主要是節點轉換，因為他們需要的是我們最新、最先進的系統，但節點轉換也是記憶體容量。這是額外的部分。

Got it. Thank you. That's all I have.

知道了。謝謝。這就是我所擁有的一切。

Jerome Ramel, Exane BNP Paribas.

傑羅姆·拉梅爾 (Jerome Ramel)，法國巴黎銀行 Exane。

Just a question to come back on the installed capacity. You mentioned the 16/14-nanometer node at [one of the] kilo wafer. What will be in your assumption the 28-nanometer node when it will be fully deployed?

我只是想再次問關於安裝容量的問題。您提到了公斤晶圓上的 16/14 奈米節點。您認為 28 奈米節點全面部署後會是什麼樣子？

That's an interesting one. We said -- we had an initial estimate last year of about 300,000. I think we are now looking at 340,000 and it's still moving. So I don't know where it is going to end, to be honest.

這很有趣。我們說——我們去年的初步估計是大約 30 萬。我認為我們現在看到的數字是 340,000，並且還在不斷變化。所以說實話我不知道它會在哪裡結束。

Our customers keep telling us that they see node conversions of existing devices coming from 65 down to 45 down to 28, and where it will end is difficult to say. But it's a big node. Even when you go back to the first introduction of the 28-nanometer node, we are three years further. We're still shipping capacity. That is something we haven't seen very often. Very difficult question, difficult to answer, so I'm not going to speculate.

我們的客戶不斷告訴我們，他們看到現有設備的節點轉換從 65 個減少到 45 個，再減少到 28 個，很難說最終會減少到什麼程度。但這是一個大節點。即使回顧 28 奈米節點的首次推出，我們也已經前進了三年。我們仍有運輸能力。這是我們很少見到的事情。這是一個非常難的問題，很難回答，所以我不會去猜測。

Okay, and a follow-up. If I understand correctly, maybe only one EUV revenue recognition this year for the 3300. Are you confident with where consensus stands today at EUR6.8 billion of revenue if we don't have this EUV revenues recognition?

好的，還有後續。如果我理解正確的話，今年 3300 可能只有一項 EUV 收入確認。如果我們沒有這項 EUV 收入確認，您是否對今天 68 億歐元收入的共識有信心？

Sorry, could you repeat it?

抱歉，您能再說一次嗎？

Are we happy with the EUR6.8 billion, given we don't recognize revenue on (multiple speakers)

考慮到我們沒有確認收入，我們對 68 億歐元感到滿意嗎？ （多位發言者）

Again, we're not giving a forecast today, like I said. But if you look at the EUR6.8 billion in the Street and if you look at what portion on EUV is in there, what we have told you today is that we know for one system for sure that it will recognize and for the rest -- the two systems for TSMC will most likely not recognize, and for the rest, it will -- it depends on the terms and conditions, so you've got to make up your mind on it, but it's probably to the lower end of the range because we only know for one system for sure that it will recognize.

再說一次，正如我所說，我們今天不會做出預測。但是，如果您看看華爾街的 68 億歐元，看看 EUV 佔了多少比例，我們今天告訴您的是，我們確信有一個系統可以識別，而對於其餘系統 - 台積電的兩個系統很可能不會識別，而對於其餘系統，它會 - 這取決於條款和條件，所以你必須下定決心，但它可能是在範圍的低端，因為我們只知道一個系統可以識別。

Okay, thank you very much.

好的，非常感謝。

Amit Harchandani, Citigroup.

花旗集團的阿米特·哈爾錢達尼 (Amit Harchandani)。

Amit Harchandani, Citigroup. Thanks for taking my questions. One question and an unrelated follow-up, if I may. The question that I have is really in terms of -- we talked about service and option sales serving as a strong tailwind for the Company. We have talked about lithography. At the analyst day, there was talk potentially about you looking at other related possibilities in terms of leveraging lithography data.

花旗集團的阿米特·哈爾錢達尼 (Amit Harchandani)。感謝您回答我的問題。如果可以的話，我問一個問題和一個不相關的後續問題。我的問題實際上是——我們討論了服務和選擇權銷售如何為公司帶來強勁的推動力。我們已經討論過光刻技術。在分析師日上，有人談到您可能會考慮利用光刻資料方面的其他相關可能性。

Could you maybe update us on how your thinking is and what you have -- if you have taken any further thoughts, if you would just share with us how you're thinking about the growth drivers for the Company beyond the sales of system tools and service options? Then I have an unrelated follow-up.

您能否向我們介紹一下您的想法以及您所取得的成果—如果您有任何進一步的想法，您是否願意與我們分享一下，除了系統工具和服務選項的銷售之外，您如何看待公司的成長動力？然後我有一個不相關的後續問題。

I think that's a good question. I think at the investor day, we did touch on it, and effectively what we said I'm going to repeat.

我認為這是個好問題。我認為在投資者日我們確實談到了這一點，實際上我們將重複我們說過的話。

If you look at the manufacturing process of a semiconductor device, and there are very, very few steps in the process where you can actually use a machine to use for corrective actions. The litho tool is a machine that can do that, and we have thousands of knobs that we can turn in order to change the settings so that the image process -- the imaging process takes account of those corrections.

如果你觀察一下半導體裝置的製造過程，你會發現在這個過程中，只有非常非常少的步驟可以使用機器來採取糾正措施。光刻工具是一種可以做到這一點的機器，我們有數千個旋鈕可以旋轉來改變設置，以便圖像處理 - 成像過程考慮到這些校正。

That means that the more you can feed back into the litho machine knowledge about errors -- errors or deviations from target, whether it's on overlay, whether it's on the critical dimensions, whether it's on depth of focus, whatever, the more information that you can gather, the better you can control it.

這意味著，您可以向光刻機反饋越多有關錯誤（目標錯誤或偏差）的知識，無論是在覆蓋上，還是在關鍵尺寸上，還是在焦深上，無論如何，您收集的信息越多，您就能更好地控制它。

Now with the prices of litho machine going up from now over EUR50 million to EUR100 million and over EUR100 million when we talk about EUV, the next generations, then you can imagine that importance only goes up. The quest for looking at data for those elements of the chip production process where the litho tool is suitable to do the corrections, that quest for data will continue.

現在，光刻機的價格從現在的 5,000 多萬歐元上漲到 1 億歐元，當我們談論 EUV（下一代）時，價格超過 1 億歐元，那麼你可以想像其重要性只會上升。對於晶片生產過程中那些適合使用光刻工具進行修正的元素的數據的探索將會持續下去。

Now we created one path by creating YieldStar and metrology and integrated metrology. That's a very valuable part of the business, which is growing, and so are we looking for together with our customers and with potential partners to help us, yes, and am I willing to go into detail about what that specifically means, no.

現在我們透過建立 YieldStar 和計量以及整合計量創建了一條路徑。這是我們業務中非常有價值的一部分，而且它還在不斷增長，因此我們也在尋求與客戶和潛在合作夥伴一起幫助我們，是的，我願意詳細說明這具體意味著什麼嗎？不。

But you have to use your imagination on what that could be, and then perhaps over the years to come we can be a little bit more specific on the work that we are doing in this area, because we are doing work in this area.

但是你必須發揮你的想像去想像那會是什麼，然後也許在未來的幾年裡，我們可以更具體地了解我們在這個領域所做的工作，因為我們正在這個領域開展工作。

But I hope I at least gave you the very clear vision that we have to use the litho tool as the correction mechanism for some of the major challenges that our customers are seeing when they move into the next nodes.

但我希望我至少能給你一個非常清晰的願景，那就是我們必須使用光刻工具作為糾正機制，以應對我們的客戶在進入下一個節點時所面臨的一些主要挑戰。

Thanks, Peter, and maybe as an unrelated follow-up, just a quick one, with regards to the customer co-investment program, we get the -- at least in the P&L, we have TSMC and Samsung down there in the other income line and Intel tends to move about a bit. Could you maybe share with us if there was any impact from Intel's contribution at the gross profit level in Q4 and if you're baking in a contribution for Q1 guidance? Thank you.

謝謝，彼得，也許作為一個不相關的後續問題，只是一個快速的問題，關於客戶共同投資計劃，我們得到了 - 至少在損益表中，我們在另一條收入線上有台積電和三星，而英特爾往往會有所變動。您能否與我們分享英特爾的貢獻對第四季毛利水準有何影響，以及您是否將其貢獻納入第一季業績指引？謝謝。

Let me take this. First of all, there was no extraordinary contribution in Q4 that -- nor in Q1 in the guidance, by the way.

讓我來接手這個。首先，順便說一下，第四季並沒有什麼特別貢獻——第一季的指導中也沒有。

The way how you have to think about the CCIP, first of all, accounting for that is probably even more complicated than the EUV revenue recognition.

首先，你必須考慮 CCIP，它的會計可能比 EUV 收入確認更為複雜。

The most important thing is that close to EUR1.4 billion will be collected by us in cash. The accounting rules have it that some of it will go through other income, some of it will go through the gross margin, and some of it may go straight to equity. It's very difficult for us. Every quarter, it may also change a bit.

最重要的是，我們將以現金收取近14億歐元。會計規則規定，其中一部分將通過其他收入，一部分將通過毛利率，一部分可能直接進入股權。這對我們來說非常困難。每個季度，它可能也會有一點變化。

So what we have elected to do is when we give you margin guidance, we will always have the impact reflected in there and we will tell you the other income portion of it so that you can always follow our guidance.

因此，我們選擇的做法是，當我們向您提供利潤指導時，我們始終將影響反映在其中，並且我們會告訴您其中的其他收入部分，以便您始終能夠遵循我們的指導。

But the most important part, like I said at the beginning, is it's EUR1.38 billion and we will collect the money over the period 2013 to 2017.

但最重要的部分，就像我在一開始所說的那樣，是13.8億歐元，我們將在2013年至2017年期間籌集這筆資金。

Thanks, Wolfgang.

謝謝，沃爾夫岡。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Thanks for squeezing me in. Two easy clarification questions. Wolfgang, if two EUV system has moved into backlog, how should we think about a commission of the remaining eight systems planned to be shipped next year? This is for booking specifically.

謝謝你抽出時間。兩個簡單的澄清問題。沃爾夫岡，如果兩個 EUV 系統已經積壓，我們應該如何考慮明年計劃交付的其餘八個系統的委託？這是專門用於預訂的。

You said an easy question. (laughter). The remaining -- what I said in my remarks and I hope I get your question right is we can ship up to 10 systems this year. (multiple speakers)

你說了一個簡單的問題。 （笑聲）。剩下的——我在發言中說過，我希望我正確理解了你的問題，那就是我們今年可以出貨多達 10 個系統。 （多位發言者）

Right, and two of those already in the backlog.

是的，其中兩個已經積壓了。

Yes, two on the backlog, so we got -- so the 10 systems are -- one has shipped. Then there are six 3350s, of which two are in the backlog and the other four we are negotiating for.

是的，積壓了兩個，所以我們得到了 - 所以 10 個系統 - 其中一個已經發貨。然後有六架 3350，其中兩架積壓，另外四架我們正在談判。

Then there are the three 3300s that our customers have upgraded, have asked us to upgrade to 3350s. Those upgrades are being negotiated. You will probably not see them in the systems backlog because they are upgrades, and as a reminder, these three systems from a cash perspective have also been repaid. We just got to negotiate the price for the upgrade.

然後，我們的客戶升級了三台 3300，並要求我們升級到 3350。這些升級措施正在協商中。您可能不會在系統積壓中看到它們，因為它們是升級版，提醒一下，從現金角度來看，這三個系統也已償還。我們只需要協商升級的價格。

Yes, so you will find the 3350s in the backlog when they get booked.

是的，所以當 3350 預訂時，您會發現它們處於積壓狀態。

Okay, so of the 10 systems planned to be shipped, I think six are 3350, two already in the backlog and the remaining four will move to the backlog sometime this year?

好的，那麼在計劃發貨的 10 個系統中，我認為有 6 個是 3350，2 個已經在積壓中，其餘 4 個將在今年某個時候轉移到積壓中？

Why don't you -- I can refer to slide 22 of the slide deck. That actually is simply put out in those three layers that Wolfgang talked about.

你為什麼不呢——我可以參考投影片的第 22 張。這其實只是沃夫岡所說的三個層次。

The 3300B is already out, so it won't be in the backlog because tools that are shipped are not in the backlog. Now you have the conversion from the 3300B to the 3350 is an upgrade. Generally, we don't put upgrades in the backlog. That's what he said. Of those 10, four you won't find in the backlog for these very specific reasons. The 3350, six should go into backlog, of which we booked two. Four still to book and those will go into the backlog.

3300B 已經出來了，所以它不會在積壓中，因為發貨的工具不在積壓中。現在您已從 3300B 轉換為 3350，這是一種升級。一般來說，我們不會將升級放在積壓狀態。他就是這麼說的。在這 10 個中，由於這些非常具體的原因，你不會在積壓中找到 4 個。 3350 中，有 6 個應該積壓，其中我們預訂了 2 個。仍有四張待預訂，這些將進入積壓狀態。

Okay. Then the second --

好的。然後第二個——

Now we get another easy one. (laughter).

現在我們得到另一個簡單的。 （笑聲）。

Oh, no, actually I have a big -- the core business, which is much easier than EUV.

哦，不，實際上我有一個很大的核心業務，這比 EUV 容易得多。

(laughter). EUV is our core business, sorry. (laughter).

（笑聲）。抱歉，EUV 是我們的核心業務。 （笑聲）。

Your backlog was very impressive, and, yes, I do understand that there is no visibility on shipping on a quarterly basis, but given your backlog and given how you have guided during the January conference call in the past, why not help us with a year-end guide, given your backlog?

您的積壓訂單非常令人印象深刻，是的，我確實知道無法按季度查看出貨情況，但考慮到您的積壓訂單以及您在過去 1 月份電話會議中的指導方式，為什麼不根據您的積壓訂單來幫助我們提供年終指南呢？

You seem very confident in the business. You talk about opportunities in 20, 16, 10, and memory has still got some leg into it. Why not use that to give us a reference for calendar-year 2015 revenue opportunities, and then we could fine-tune it as you report quarterly earnings?

您似乎對這項業務非常有信心。你談論的是 20 年、16 年、10 年內的機會，而記憶仍然在其中扮演著一定的角色。為什麼不使用它來為我們提供 2015 日曆年收入機會的參考，然後我們可以在您報告季度收益時對其進行微調？

To me, it seems like maybe you are not so confident with the booking trend into next year. Maybe this is why you are hesitant to provide calendar-year 2015 revenue guide, or is it something else?

在我看來，您可能對明年的預訂趨勢不太有信心。也許這就是您不願意提供 2015 日曆年收入指南的原因，或者是其他原因？

There's nothing else. There are many examples where we haven't guided the total year, more than -- more examples where we have not guided than we did guide.

沒有其他事了。有許多例子顯示我們沒有對全年情況進行指導，沒有進行指導的情況比進行指導的情況要多。

Now, and I know when you hand somebody something very nice, they want it next time, also. I can understand that. But we have to be realistic, also.

現在，我知道當你遞給某人一件非常好的東西時，他們下次也會想要它。我能理解。但我們也必須現實一點。

I said it before, we feel very confident about the -- well, about the backlog, but with all the extensions that the customers are currently planning, the timing in which they want to ship them, putting them in or pushing them out a month or two, is fluid. Like I said, it's 50 million, 60 million tools.

我之前說過，我們對積壓訂單非常有信心，但考慮到客戶目前正在計劃的所有延期，他們想要發貨、投入或推遲一兩個月的時間都是不確定的。就像我說的，它有 5000 萬到 6000 萬個工具。

Now if we miss two or three tools, it's 150 million or even more, and I can see the headlines of the reports that you guys write, ASML misses guidance. Well, nothing really happens.

現在，如果我們錯過兩到三種工具，損失將達到 1.5 億甚至更多，我可以看到你們撰寫的報告的標題，ASML 未能達到預期目標。嗯，實際上什麼也沒發生。

I think we are going to give you what we know that we will ship because we got extra confirmation from our customer, which is this quarter, and then next quarters, we will have a very healthy backlog and we will ship and whether 100 million or 200 million moves into Quarter 2 or 3 or from 3 to 4, it doesn't really matter.

我認為我們將向您提供我們知道將要發貨的產品，因為我們從客戶那裡得到了額外的確認，也就是本季度和下個季度，我們將擁有非常健康的積壓訂單，我們將發貨，無論是 1 億還是 2 億進入第二季度或第三季度，還是從第三季度到第四季度，這都無關緊要。

For the total year, it's a bit different. We do not have a backlog that covers the total year yet. That will happen throughout the year. The only thing that we know is that our memory customers are pretty bullish about their future. They have all announced capacity expansion plans in terms of billings, which is the first time since a long time. Some people would argue that is a point of attention, but I would also argue that the memory business currently has a much wider application space than it ever had before and that our memory customers, only a few left, have a much different spending profile as they have shown over the last couple of years.

就全年而言，情況有些不同。我們目前還沒有涵蓋全年的積壓訂單。這種情況將會在全年發生。我們唯一知道的是，我們的記憶體客戶對他們的未來非常樂觀。它們均以出貨量的形式公佈了產能擴張計劃，這是很長一段時間以來的首次。有些人會認為這是一個值得關注的點，但我還認為，內存業務目前擁有比以往更廣泛的應用空間，而且我們的內存客戶（只剩下少數）的支出狀況與過去幾年表現出了很大的不同。

So I think there is more control in the memory business, that is at least what we hear when we talk to our customers, which is also one of the reasons why things might move, yes, from one quarter to the other in terms of the shipments. These things are fluid, I would say, from a quarter to a quarter point of view.

因此，我認為記憶體業務的控制力更強，至少我們在與客戶交談時聽到的是這樣的，這也是為什麼出貨量從一個季度到另一個季度可能會改變的原因之一。我想說，從季度角度來看，這些事情都是不穩定的。

Now for the total year, it looks good, but I am not willing to give you any specific guidance on the total year. Like I said, there have been many more years where we didn't guide than we did guide. One quarter has to do with the fluidity of timing of some of the shipments.

現在就全年而言，看起來不錯，但我不願意就全年給你任何具體的指導。就像我說的，我們沒有指導的年份比我們指導的年份多得多。其中一個季度與部分貨物運輸時間的流動性有關。

Got it, thank you.

知道了，謝謝。

Johannes Schaller, Deutsche Bank.

約翰內斯·夏勒，德意志銀行。

Thanks for taking my question. Just two quick ones. Quickly going to -- back to YieldStar, there is a certain upgrade opportunity out there in the field. Could you maybe give us a bit of a sense what you think penetration is already for the tools that are in the field and how much more upgrade potential there is? Some metrics here, maybe even by foundry memory would be very useful.

感謝您回答我的問題。只需簡單兩句話。很快回到 YieldStar，該領域存在一定的升級機會。您能否讓我們稍微了解一下，您認為該領域工具的滲透率是多少，以及還有多少升級潛力？這裡的一些指標，甚至可能是透過代工廠記憶體來衡量的，都會非常有用。

Then just a quick follow-up. I noticed there has been a bit of a tick up in CapEx in Q4. Is there anything to be said on that? Maybe you could elaborate a bit on the drivers. Thank you.

然後只是快速跟進。我注意到第四季的資本支出略有增加。對此還有什麼好說的嗎？也許您可以詳細說明一下驅動程式。謝謝。

Okay, the YieldStar upgrade potential, you have to realize that YieldStar comes in two forms. It comes in a standalone form, where basically it's a standalone machine, and it comes in a form of an integrated built into the track. That means that the track should have the space available to put the YieldStar in.

好的，YieldStar 的升級潛力，您必須意識到 YieldStar 有兩種形式。它有獨立形式，基本上是一台獨立的機器，還有一種形式是整合在軌道上的。這意味著軌道應該有足夠的空間來放置 YieldStar。

So those upgrade possibilities are limited because you have to have a track that actually has the space there, which is an open gaping hole, which then needs a YieldStar.

因此，這些升級的可能性是有限的，因為你必須有一個實際上有空間的軌道，這是一個開放的巨大洞，然後需要一個 YieldStar。

Now on the standalone YieldStar, there is always an opportunity, so you could say for every NXT that is out there, that is 28-nanometer node and lower, the YieldStar data can be fed back into a litho tool, which, when you go to an integrated mode where it is in the track, it is almost easier.

現在，在獨立的 YieldStar 上，總是有機會的，所以你可以說，對於每一個 NXT，即 28 奈米節點及更低節點，YieldStar 資料都可以反饋到光刻工具中，當你進入軌道中的整合模式時，這幾乎更容易。

But those upgrades are limited. Upgrades for YieldStar are really standalone units that can be shipped, and there are opportunities there, but I would say the biggest focus that we currently have is on the integrated metrology going forward whereby the litho tool and the track are optimized to take the YieldStar, but that is then in there from day one. There is not an upgrade possibility.

但這些升級是有限的。 YieldStar 的升級實際上是可以發貨的獨立單元，並且有機會，但我想說，我們目前最大的重點是未來的集成計量，其中光刻工具和軌道針對 YieldStar 進行了優化，但這從第一天起就存在了。沒有升級的可能性。

Upgrades for YieldStar are there. The biggest upgrade possibility is in the litho systems, where you really take litho systems from a two -- one or two nodes ago, you actually upgrade them to the latest and the greatest. That is where the major upgrade opportunity is.

YieldStar 有升級版本。最大的升級可能性是在光刻系統中，您實際上將光刻系統從兩個節點前（一兩個節點前）升級到最新和最好的系統。這就是重大升級機會所在。

I'll take the CapEx one, Johannes. Actually, our CapEx for the year came in slightly below what we had estimated the beginning of the year. I think was EUR360 million that we ended up for the full year.

我會選擇資本支出，約翰內斯。實際上，我們今年的資本支出略低於年初的估計。我認為我們全年的最終收入是 3.6 億歐元。

It was a year of higher CapEx for us than usual. It had to do with the EUV factory that we are building out. The reason why it is actually a bit lower than we originally anticipated is because we kept the factory fairly modular and we are building it out as we go. In total, it was 6% of revenue, and also on our investor day, we indicated that our longer-term model is around 5% of revenue, so we will see that coming down. So, nothing extraordinary in Q4.

今年我們的資本支出比往年還要高。這與我們正在建造的 EUV 工廠有關。之所以實際上比我們最初預期的要低一些，是因為我們保持了工廠的模組化，我們在建設過程中不斷改進它。總體而言，這佔收入的 6%，而且在我們的投資者日，我們表示我們的長期模型是收入的 5% 左右，因此我們會看到這一數字下降。因此，第四季沒有什麼特別的。

Ladies and gentlemen, we're going to try to squeeze one more call in, please, so if we could keep the questions short, whoever it is, we would really appreciate it, just to stay on time.

女士們、先生們，我們將嘗試再擠出一個電話，所以如果我們能把問題弄得簡短些，無論是誰提出的問題，我們都會非常感激，只要能準時回答即可。

If you weren't able to get through, feel free to give investor relations a call. We will be working through the evening, and with that, Operator, can we have the last call, please?

如果您無法接通，請隨時致電投資者關係部門。我們將工作到晚上，接線員，我們可以進行最後一次通話嗎？

Pierre Ferragu, Bernstein.

皮耶費拉古、伯恩斯坦。

Thank you for taking my question. Just maybe one on your gross margin, so you have talked many times about your aspirational target of getting to 50%, and of course, your Q1 number is very impressive and it feels like huge progress towards that number. But now, given the visibility you have of when you start recognizing revenues for EUV, what sort of timeline do you think we should expect before seeing that number materializing?

感謝您回答我的問題。也許只是您的毛利率有問題，您曾多次談到達到 50% 的理想目標，當然，您的第一季度數字非常令人印象深刻，感覺朝著這個數字取得了巨大進步。但現在，考慮到您對開始確認 EUV 收入的時間的了解，您認為我們應該期待什麼樣的時間表才能看到這個數字實現？

Then maybe one very, very, very short clarification. On these four additional orders that you are still discussing with your clients, how many clients on top of the one who already placed orders are involved in the discussions? Thank you.

然後也許會有一個非常非常簡短的澄清。對於您仍在與客戶討論的這四個附加訂單，除了已經下單的客戶外，還有多少客戶參與了討論？謝謝。

I'll take the first piece. We said 47% for the first quarter. And without recognition of an EUV tool, I think we said before that the first tools have no gross margin, so in that sense it's accretive to gross margin for the quarter.

我要拿第一件。我們說第一季是47%。而且，由於沒有認可 EUV 工具，我想我們之前說過，第一批工具沒有毛利率，所以從這個意義上講，它會增加本季的毛利率。

Our EUV margin development over time remains unchanged on the 3350s. We are planning to be somewhere in the neighborhood of 20%, and then once we are in higher volume manufacturing, usually like two years after commencing shipments, we should reach the 40% level, and that will, of course, be one of the enablers to get us as a total company into the 50% territory that we talked about in London in November, and Peter, you (multiple speakers)

我們的 EUV 利潤率發展在 3350 上保持不變。我們計劃將這一比例控制在 20% 左右，然後一旦我們進入大批量生產階段，通常是在開始出貨兩年後，我們的這一比例應該能達到 40%，這當然會成為推動我們整個公司實現 50% 這一目標的因素之一，正如我們去年 11 月在倫敦所討論的那樣，彼得，您（多位發言者）

Yes, on the customers. In the detailed discussions that we have with our customers in executive review meetings, every customer has EUV on their roadmaps, some of it later, some of it earlier. But the customers that we are actively talking about EUV orders number four.

是的，對顧客而言。在我們與客戶在高階主管評審會議上進行的詳細討論中，我們發現每位客戶都將 EUV 列入了他們的路線圖，有些客戶會晚一些，有些會更早一些。但我們正在積極談論的客戶是第四個 EUV 訂單。

Thank you very much. Very helpful. Thank you. Have a good day.

非常感謝。非常有幫助。謝謝。祝你有美好的一天。

All right, with that, on behalf of the ASML Board and management, I would like to thank everybody for joining the call today, and now, Eileen, if we could have you formally conclude the call, we would appreciate it. Thanks.

好的，我謹代表 ASML 董事會和管理層感謝大家今天參加電話會議，現在，艾琳，如果您能正式結束電話會議，我們將不勝感激。謝謝。

Ladies and gentlemen, this concludes the ASML fourth-quarter 2014 and annual results conference call. Thank you for participating. You may now disconnect.

女士們、先生們，ASML 2014 年第四季和年度業績電話會議到此結束。感謝您的參與。您現在可以斷開連線。