日月光投資控股 (ASX) 2021 Q4 法說會逐字稿

Hello, I am Ken Hsiang, the Head of Investor Relations for ASE Technology Holdings. Welcome to our fourth quarter and full year 2021 earnings release. Thank you for attending our conference call today. Please refer to our safe harbor notice on Page 2. All participants consent to having their voices and questions broadcast via participation in this event. If participants do not consent, please disconnect at this time.

大家好，我是日月光科技控股有限公司投資人關係主管項建。歡迎參加我們2021年第四季及全年業績發表會。感謝您今天參加我們的電話會議。請參閱第二頁的安全港聲明。所有與會者均同意透過參與本次活動的方式公開其聲音和問題。如果您不同意，請立即斷開連線。

I would like to remind everyone that the presentation that follows may contain forward-looking statements. These forward looking statements are subject to a high degree of risk, and our actual results may differ materially. For the purposes of this presentation, our dollar figures are generally stated in new Taiwan dollars unless otherwise indicated. As a Taiwan based company, our financials are presented in accordance with Taiwan IFRS. Results presented using Taiwan IFRS may differ materially from results using other accounting standards, including those represented by our subsidiary using Chinese GAAP.

我謹提醒各位，以下簡報可能包含前瞻性陳述。這些前瞻性陳述風險較高，而我們的實際結果可能與這些陳述有重大差異。除非另有說明，本簡報中的美元數據通常以新台幣列示。作為一家台灣公司，我們的財務報表依照台灣國際財務報告準則（Taiwan IFRS）編製。採用台灣國際財務報告準則編製的財務結果可能與採用其他會計準則（包括我們子公司採用中國通用會計準則編製的財務結果）編製的財務結果有重大差異。

I am joined today by Dr. Tien Yu Wu, our COO and Joseph Tung, our CFO. For today's call, I will be going over our financial results. Tien will be providing our annual business recap and outlook. And Joseph will then provide an update on our China site dispositions and our quarterly guidance. We'll have a Q&A session following the prepared remarks.

今天與我一同出席電話會議的有我們的營運長吳天宇博士和財務長董先生。在今天的會議上，我將介紹我們的財務表現。吳天宇博士將提供年度業務回顧和展望。董先生隨後將報告我們在中國的業務處置情況以及季度業績指引。在發言結束後，我們將進行問答環節。

Please turn to Page 3, where you will find our fourth quarter consolidated results. Intercompany transactions between our ATM and EMS businesses have been eliminated during consolidation. During the quarter, we announced and completed the disposition of our subsidiary ASE Inc.'s major China sites. From a financial perspective, the sites were valued at an enterprise value of USD 1.46 billion, and the final consideration was USD 1.33 billion after adding cash balances and deducting the existing debt. We recorded in the fourth quarter a gain of USD 551 million net of related expenses and taxes. Joseph will give more details regarding this transaction towards the end of our prepared remarks.

請翻至第3頁，查看我們第四季的合併業績。合併過程中，我們已消除ATM和EMS業務之間的公司間交易。本季度，我們宣布並完成了子公司日月光股份有限公司在中國主要站點的出售。從財務角度來看，這些站點的企業價值為14.6億美元，加上現金餘額並扣除現有債務後，最終成交價為13.3億美元。第四季度，我們確認了扣除相關費用和稅項後的淨收益5.51億美元。約瑟夫將在我們準備好的發言稿結尾處提供有關此次交易的更多詳情。

For the fourth quarter, we recorded fully diluted EPS of $6.99 and basic EPS of $7.20. Without the inclusion of our China site disposition gain, fully diluted and basic EPS would be $3.45 and $3.66, respectively. Consolidated net revenue increased 15% sequentially and 16% year-over-year. We had a gross profit of $32.9 billion with a gross margin of 19%. Our gross margin declined by 1.4 percentage points sequentially, and increased by 3.3 percentage points year-over-year. This sequential margin decline is principally the result of higher EMS business mix. The annual increase is primarily the result of higher profitability of our ATM business.

第四季度，我們錄得完全攤薄後每股收益6.99美元，基本每股收益7.20美元。若不計入中國站點處置收益，完全攤薄後每股收益及基本每股收益分別為3.45美元及3.66美元。合併淨收入較上季成長15%，較去年同期成長16%。我們實現毛利329億美元，毛利率為19%。毛利率較上季下降1.4個百分點，較去年同期成長3.3個百分點。毛利率季減主要是由於EMS業務佔比增加所致。毛利率年增率主要得益於ATM業務獲利能力的提高。

Our operating expenses increased by $0.9 billion during the fourth quarter to $13.3 billion as a result of higher profit sharing expenses issued during the quarter. Despite the absolute dollar increase, our operating expense percentage declined 0.5 percentage points sequentially, and 0.4 percentage points year-over-year to 7.7%. Operating profit was $19.6 billion, up $1.2 billion sequentially, and $8.4 billion year-over-year. Operating margin was 11.3% declining 0.9 percentage points sequentially as a result of higher EMS product mix, while operating margin increased 3.7 percentage points year-over-year as a result of higher profitability from our ATM business.

由於本季利潤分成費用增加，我們的營運費用在第四季增加了9億美元，達到133億美元。儘管絕對金額增加，但營運費用佔比季下降0.5個百分點，年減0.4個百分點，至7.7%。營業利潤為196億美元，季增12億美元，年增84億美元。由於EMS產品組合佔比增加，營業利益率為11.3%，較上季下降0.9個百分點；但由於ATM業務獲利能力提高，營業利潤率年增3.7個百分點。

During the quarter, we had a net non-operating gain of $17.7 billion. The gain from the China site dispositions accounted for $17.3 billion of this net non-operating gain. The remaining non-operating gain was from our foreign exchange activities, government grants and other non-operating gains. This amount was offset in part by net interest expense of $0.6 billion. Tax expense for the quarter was $5.6 billion. The effective tax rate for the fourth quarter was 15%. The lower effective tax rate during the quarter was principally the result of differing taxation methodology related to our China site disposal.

本季度，我們實現淨非經營性收益177億美元。其中，出售中國資產所得收益173億美元。其餘非經營性收益來自外匯交易、政府補助及其他非經營性收益。部分收益被淨利息支出6億美元抵銷。本季所得稅費用為56億美元。第四季實際稅率為15%。本季實際稅率較低主要是由於出售中國資產採用了不同的稅務處理方法。

Net income for the quarter was $30.9 billion representing an improvement of $16.7 billion sequentially, and an improvement of $20.9 billion year-over-year. Excluding the gain, net of taxes and related expenses from the sale of our China sites, our net income would be $15.6 billion dollars, which would still represent substantial earnings growth of $1.4 billion sequentially, and $5.6 billion year-over-year. The NT dollar U.S. dollar exchange rate was fairly stable from the third to fourth quarter, and as a result, did not impact holding company level margins meaningfully. However, from a year-over-year perspective, we estimate that the strengthening NT dollar had a 1 percentage point negative impact gross margin. As a rule of thumb, for every percent the NT dollar appreciates, we see a corresponding 0.3 percentage point impact to our holding company gross margin.

本季淨利為309億美元，季增167億美元，年增209億美元。若不計出售中國業務所得收益（扣除稅項及相關費用），淨利潤將為156億美元，環比仍將實現14億美元的顯著增長，年增56億美元。新台幣兌美元匯率在第三季至第四季期間保持相對穩定，因此對控股公司層級的利潤率影響不大。然而，從年比角度來看，我們估計新台幣走強對毛利率產生了1個百分點的負面影響。通常情況下，新台幣每公升值1個百分點，控股公司毛利率就會隨之下降0.3個百分點。

On the bottom of the page, we provide key P&L line items without the inclusion of PPA related expenses. Consolidated gross profit excluding PPA expenses would be $33.8 billion with a 19.6% gross margin. Operating profit would be $20.8 billion, with an operating margin of 12%. Net profit would be $32.1 billion with a net margin of 18.6%. Basic EPS excluding PPA expenses would be $7.48.

頁面底部列出了未包含購電協議（PPA）相關費用的關鍵損益表項目。剔除購電協議費用後的合併毛利為338億美元，毛利率為19.6%。營業利益為208億美元，營業利益率為12%。淨利為321億美元，淨利率為18.6%。剔除購電協議費用後的基本每股盈餘為7.48美元。

Please refer to Page 4. Here you will find the 2021 consolidated full year result. Fully diluted EPS for the year was $14.40, while basic EPS was $14.84. Fully diluted EPS for the year without inclusion of our China site dispositions would be $10.86 and basic EPS would be $11.30. For 2021, consolidated net revenues grew 20% as compared with 2020. ATM revenues grew 21%, while EMS revenues grew 17% annually. Gross profit for the year was $110.4 billion, increasing $32.4 billion year-over-year or 42%. In 2021, our gross margin improved 3.1 percentage points to 19.4%, principally as a result of higher profitability in our ATM business and slight improvement in EMS.

請參閱第4頁。此處列出了2021年全年合併業績。全年完全攤薄後每股收益為14.40美元，基本每股收益為14.84美元。若不計入中國站點處置的影響，全年完全攤薄後每股收益為10.86美元，基本每股收益為11.30美元。 2021年，合併淨收入較2020年成長20%。其中，ATM營收成長21%，EMS營收年增17%。全年毛利為1,104億美元，年增324億美元，增幅達42%。 2021年，毛利率提升3.1個百分點至19.4%，主要得益於ATM業務獲利能力的提高以及EMS業務的略微改善。

Operating Expenses increased $5.1 billion for the year and came in at $48.2 billion. We were able to lower our operating expense percentage by 0.5 percentage points to 8.5% for the year. Operating profit for the year was $62.1 billion, improving 78% or $27.2 billion dollars. Operating margin for the year was 10.9%, an improvement of 3.6 percentage points. We recorded a net non-operating gain of $18.2 billion for the year. As mentioned earlier, $17.3 billion of this was attributable to the disposition of our China sites. The remainder was primarily attributable to investment income government grants and other non-operating income offset by net interest expense of $2.3 billion.

本年度營運費用增加51億美元，達482億美元。我們成功將營運費用率降低了0.5個百分點，至8.5%。本年度營業利潤為621億美元，年增78%，即272億美元。本年度營業利益率為10.9%，提高了3.6個百分點。本年度錄得淨非經營性收益182億美元。如前所述，其中173億美元來自出售我們在中國的業務。其餘部分主要來自投資收益、政府補助和其他非營運性收入，但被23億美元的淨利息支出所抵銷。

Total tax expense was $14.3 billion. The effective tax rate for the year was 17.8%. Our full year effective tax rate was primarily lower as the result of different taxation methodology related to our China site disposals. For ongoing purposes, we believe our effective tax rate to be about 20.5%. Net income increased by 132% to $63.9 billion. On a full year basis, we estimate that the strengthening NT dollar had a negative 1.6 percentage point impact to gross and operating margins. Removing the effect of PPA depreciation, our gross margin would be 20%. Our operating margin would be 11.8%. Our basic EPS would be $15.96.

全年稅項支出總額為143億美元。本年度實際稅率為17.8%。由於中國資產處置採用了不同的稅務處理方法，全年實際稅率較低。就持續經營而言，我們認為實際稅率約為20.5%。淨利成長132%至639億美元。我們估計，新台幣走強對全年毛利率和營業利潤率產生了1.6個百分點的負面影響。剔除購電協議折舊的影響後，毛利率將為20%，營業利益率為11.8%，基本每股盈餘為15.96美元。

On Page 5 is our ATM P&L. It is worth noting here that the ATM revenue reported here contains revenue eliminated at the holding company level related to intercompany transactions between our ATM and EMS businesses. During the fourth quarter, our ATM business continued to run at a fully loaded rate. Operationally, it was almost a continuation of the third quarter with slightly more business. We had a reclassification of bonus expense from cost of goods sold to operating expense during the quarter. We will explain sequential fluctuations that are impacted by this after the reported numbers are presented here.

第5頁是我們的ATM損益表。值得注意的是，此處報告的ATM收入包含在控股公司層級抵銷的與我們ATM和EMS業務之間的公司間交易相關的收入。第四季度，我們的ATM業務持續滿載運轉。營運情況與第三季基本相同，業務量略有成長。本季度，我們將獎金支出從銷售成本重新分類至營運費用。我們將在報告數據之後解釋受此影響的環比波動。

For the fourth quarter 2021, revenues for ATM business were $92.0 billion, up $1.9 billion from the previous quarter and up $19.2 billion from the same period last year. This represents a 2% increase sequentially and a 26% increase year-over-year. Our ATM revenues came in slightly ahead of our expectations due to higher than expected customer loading. Gross profit for our ATM business was $25.7 billion, up $1 billion sequentially, and $9.3 billion year-over-year. Gross profit margin for our ATM business was 28%, up 0.6 percentage points sequentially and up 5.4 percentage points year-over-year. The year-over-year gross profit margin improvement was primarily attributable to higher loading, improved efficiency and a friendlier ASP environment offset in part by a stronger NT dollar appreciation.

2021年第四季，ATM業務營收為920億美元，較上一季成長19億美元，較去年同期成長192億美元。季增2%，年增26%。由於客流量高於預期，ATM收入略高於預期。 ATM業務毛利為257億美元，季增10億美元，年增93億美元。 ATM業務毛利率為28%，季增0.6個百分點，較去年同期成長5.4個百分點。毛利率年增主要歸功於客流量增加、效率提升以及平均售價環境更加有利，但部分被新台幣升值所抵銷。

During the fourth quarter, operating expenses were $9.7 billion, up $0.6 billion sequentially, and $1.2 billion year-over-year. The year-over-year increase was primarily driven by a higher employee headcount and incremental bonuses tied to corporate performance. Our operating expense percentage was 10.5%, up 0.4 percentage points sequentially, and down 1.1 percentage points year-over-year. During the fourth quarter, operating profit was $16.1 billion, representing an improvement of $0.5 billion dollars quarter-over-quarter and an improvement of $8.1 billion year-over-year. The year-over-year mark represents a 101% increase from last year.

第四季度，營運支出為97億美元，季增6億美元，年增12億美元。年成長主要受員工人數增加和與公司業績掛鉤的額外獎金所致。營運支出佔總收入的10.5%，較上季上升0.4個百分點，較去年同期下降1.1個百分點。第四季度，營運利潤為161億美元，季增5億美元，年增81億美元。年成長幅度達101%。

Operating margin was 17.5%, improving 0.2 percentage points sequentially and 6.5 percentage points year-over-year. The NT dollar exchange rate did not have a significant impact on our ATM sequential margins. However, on a year-over-year basis, we estimate that the strengthening NT dollar had a 1.5 percentage point negative impact. During the quarter, we made a onetime reclassification of $0.4 billion relating to how bonuses were classified between cost of goods sold and operating expenses during the first 3 quarters of the year. In the fourth quarter. this reclassification lowers cost of goods sold compensation expenses, while increasing OpEx level compensation expenses.

營業利益率為17.5%，季增0.2個百分點，較去年同期成長6.5個百分點。新台幣匯率對我們的ATM業務較上季利潤率影響不大。然而，我們估計，新台幣走強對年比利潤率產生了1.5個百分點的負面影響。本季度，我們對前三個季度獎金在銷售成本和營運費用中的分類進行了一次性調整，金額為4億元。第四季度，該調整降低了銷售成本中的薪資支出，同時增加了營運費用中的薪資支出。

Adjusting for bonus reclassification, our gross profit margin would be 27.6% or flat sequentially. Our sequential operating expenses would be flattish up $0.1 billion, and our operating expense percentage would be 10.1%, down 0.2 percentage points sequentially. This reclassification has no impact to ATM operating margins. It also has no impact at a full year level. Without the impact of PPA related depreciation and amortization, ATM gross profit margin would be 28.9% and operating profit margin would be 18.7%.

經獎金重新分類調整後，我們的毛利率將為27.6%，與上一季持平。我們的營運費用將與上一季基本持平，略微增加1億美元，營運費用佔比將為10.1%，季減0.2個百分點。此重新分類對ATM營運利潤率沒有影響，對全年業績也沒有影響。若不計入購電協議（PPA）相關的折舊和攤銷的影響，ATM毛利率將為28.9%，營運利潤率將為18.7%。

On Page 6, we have our ATM full year P&L. On this page, you can see how that we saw a significant improvement in all aspects of our business during the year. 2021 revenues for ATM business increased by 19% with our packaging business and test business up 22% and 6% respectively. Gross profit for the year improved 49% to $88.7 billion. Gross margin was up 5.3 percentage points primarily as a result of higher loading and efficiency, a friendly ASP environment and offset in part by NT dollar appreciation.

第6頁是我們的ATM全年損益表。從本頁可以看出，我們全年業務各方面均取得了顯著進步。 2021年ATM業務收入成長19%，包裝業務和測試業務分別成長22%和6%。全年毛利成長49%，達到887億新台幣。毛利率提升5.3個百分點，主要得益於更高的裝貨量和效率、有利的平均售價環境，但部分被新台幣升值抵銷。

Our operating expense percentage declined by 0.9 percentage points from 11.4% to 10.5%. Operating profit improved 94% to $53.4 billion, with operating margin improving 6.2 percentage points to 16%. On a full year basis, we estimate that the strengthening NT dollar had a 2.3 percentage point impact gross margins. Without the impact of PPA expenses, gross profit margin would be 27.5%, and operating margin would be 17.3%.

我們的營運費用佔比下降了0.9個百分點，從11.4%降至10.5%。營運利潤成長了94%，達到534億美元，營運利潤率提升了6.2個百分點，達到16%。我們估計，全年來看，新台幣走強對毛利率產生了2.3個百分點的影響。若不計入購電協議費用，毛利率將為27.5%，營運利潤率將為17.3%。

On Page 7, you'll find a graphical representation of our ATM P&L. The commentary we would like to reinforce here is that we believe the improvements in our business are not only related to a prolonged semiconductor cyclical uptick. We strongly believe that we have substantial systemic improvements from our combination with SPIL. And while cyclicality in the industry is a given, from a longer term perspective, we believe that our margins still have further room to rise, given our strengthened market position after the combination with SPIL.

在第7頁，您可以看到我們ATM損益表的圖表。我們在此想要強調的是，我們認為業務的改善並非僅源自於半導體產業的週期性回升。我們堅信，與SPIL的合併帶來了顯著的系統性提升。雖然產業週期性波動是不可避免的，但從長遠來看，鑑於與SPIL合併後我們市場地位的增強，我們相信利潤率仍有進一步提升的空間。

On Page 8 is our ATM revenue by market segment. There is not a significant change here. However, it is worth noting that our computing segment appears to be outperforming our communication segment. This appears to be driven by strong demand from high performance computing products.

第 8 頁列出了我們按市場區隔劃分的 ATM 收入。此處數據並無顯著變化。但值得注意的是，我們的計算業務板塊表現似乎優於通訊業務板塊。這主要得益於高效能運算產品的強勁需求。

On Page 9, you will find our ATM revenue by service type. As we have mentioned, we expected a significant uptick in our advanced packaging services during the quarter. We expect continued strength within advanced packaging to persist through 2022. We also expect our testing revenues to outperform during 2022, after a muted 2021 which was impacted by EAR related business adjustment. As a percentage of revenue, our wirebond revenues have declined, but were flattish on an absolute dollar basis.

在第9頁，您可以找到我們按服務類型劃分的ATM收入。正如我們之前提到的，我們預計本季先進封裝服務收入將顯著成長。我們預計先進封裝業務的強勁勢頭將持續到2022年。此外，我們預期在經歷了受EAR相關業務調整影響而表現平淡的2021年之後，2022年我們的測試收入將超出預期。從收入佔比來看，我們的線焊收入有所下降，但以絕對金額計算則基本持平。

On Page 10, you can see the fourth quarter and full year results of our EMS business. The information we provide in regards to USI may differ materially from the information directly provided by our A share listed subsidiary, as they report independently using Chinese GAAP. During the quarter, demand was stronger than anticipated driven by stronger than expected demand for our SiP services. As production was slowed by component and chip shortages and its third quarter, such operating conditions continued to persist throughout the fourth quarter. Further in 2020, our consumer SiP business had a significantly later start as compared to the current year 2021.

在第10頁，您可以查看我們EMS業務的第四季和全年業績。我們提供的USI資訊可能與我們A股上市子公司直接提供的資訊有重大的差異，因為他們採用中國通用會計準則獨立編製報告。本季度，受SiP服務需求超出預期的推動，市場需求強於預期。由於元件和晶片短缺導致生產放緩，這種情況在第三季持續到第四季。此外，與2021年相比，我們2020年的消費級SiP業務啟動時間明顯較晚。

We believe the combination of these 2 factors distorts fourth quarter year-over-year comparisons. And as such, we believe that comparing back half numbers may be more telling of our EMS business's performance in such situations. For EMS business during the fourth quarter, EMS revenues increased 33% sequentially, and 3% year-over-year. As a result of component and chip shortages, this year's production cycle of certain SiP products was more evenly spread out across our third and fourth quarters. Some production will push into the first quarter of 2022. In 2020, the production cycle for some of our consumer SiP products launched later than 2021. As such, the year-over-year percentage increase was a bit muted. If we compare second half numbers between 2020 and 2021, we saw a 13% improvement in revenues.

我們認為這兩個因素的綜合影響了第四季度同比數據的準確性。因此，我們認為，在這種情況下，比較下半年的數據可能更能反映我們EMS業務的表現。第四季度，EMS業務營收季增33%，年增3%。由於元件和晶片短缺，今年部分SiP產品的生產週期更均勻地分佈在第三季和第四季。部分產品的生產將推遲到2022年第一季。 2020年，我們部分消費級SiP產品的生產週期延後到2021年後才推出。因此，年成長幅度略顯有限。如果我們比較2020年和2021年下半年的數據，收入成長了13%。

Our EMS gross profit was $7.1 billion, improving $1.2 billion sequentially, and $0.1 billion year-over-year. The sequential gross profit improvement is the result of the seasonal ramp of our SiP related products. The year-over-year improvement is again the reflection of comparing 2 manufacturing cycles at different times. Comparing second half gross profits, we saw a 7% improvement from 2020 to 2021. Gross profit margin for the EMS business unit came in at 8.7%, which is a decline of 0.9 percentage points sequentially, and 0.1 percentage points year-over-year. The margin declines are primarily the result of product mix shifting to higher material pass through products.

我們的EMS業務毛利為71億美元，季增12億美元，年增1億美元。毛利環比成長主要得益於SiP相關產品的季節性產能爬坡。同比成長則反映了兩個不同時期生產週期的差異。與2020年同期相比，2021年下半年毛利成長了7%。 EMS業務部門的毛利率為8.7%，季減0.9個百分點，較去年同期下降0.1個百分點。毛利率下降的主要原因是產品組合轉向了材料消耗量較高的產品。

Our EMS business units fourth quarter operating expenses were $3.5 billion, increasing the $0.3 billion sequentially, and flat year-over-year. Operating Expenses increased primarily as a result of increased employee profit sharing recorded during the year-end. Our EMS units operating expense percentage was 4.3%, down 1 percentage point sequentially and 0.2 percentage points year-over-year. This sequential decline in operating expense percentage is primarily attributable to higher revenues, while containing operating expenses.

我們的EMS業務部門第四季營運費用為35億美元，季增3億美元，與去年同期持平。營運費用增加的主要原因是年末提列的員工利潤分成增加。我們的EMS業務部門營運費用佔比為4.3%，季減1個百分點，較去年同期下降0.2個百分點。營運費用佔環比下降主要歸功於收入成長，同時營運費用得到有效控制。

Our EMS operating profit improved $0.9 billion sequentially, and $0.1 billion year-over-year. This sequential improvement was primarily due to increased seasonal demand for SiP products. Our EMS operating margin was 4.4%, which is up 0.1 percentage point sequentially, and is flat year-over-year. On a full year perspective, our EMS business in challenging conditions delivered another strong year. On a full year perspective, our EMS business revenues increased 17%. Gross profit increased 14%. In these challenging operating conditions characterized by wafer and component shortages, our full year gross and operating profit margins each declined by 0.2 percentage points.

我們的EMS業務營業利潤季增9億美元，年增1億美元。環比成長主要得益於SiP產品季節性需求的成長。 EMS業務營業利潤率為4.4%，較上季成長0.1個百分點，與去年同期持平。從全年來看，儘管面臨諸多挑戰，我們的EMS業務依然取得了強勁的業績。全年來看，EMS業務收入成長17%，毛利成長14%。然而，在晶圓和元件短缺等充滿挑戰的經營環境下，我們的全年毛利率和營業利潤率都下降了0.2個百分點。

On Page 11, you will find a graphical representation of our EMS revenue by application. With sales increasing 33% sequentially, interpreting this chart gets a bit tricky. What is fairly straightforward to see is that our consumer segment increased by 5 percentage points as a result of product seasonality. Other categories generally grew in absolute dollars. However, their growths were not as pronounced as that of the consumer segment.

第 11 頁展示了我們 EMS 業務按應用領域劃分的收入圖表。由於銷售額較上季成長 33%，解讀這張圖表就顯得有些複雜。比較容易看出的是，受產品季節性因素的影響，我們的消費品業務成長了 5 個百分點。其他類別的銷售額整體上也有所成長，但增幅不如消費品業務那麼顯著。

On Page 12, you will find key line items from our balance sheet. At the end of the quarter, we had cash, cash equivalents and current financial assets of $79.1 billion dollars. Our total interest bearing debt was $227.2 billion. Total unused credit lines amounted to $278.8 billion. Our EBITDA for the quarter was $51.9 billion. EBITDA for the year was $136.8 billion and our net debt to equity was 54% at the end of the year.

第12頁列出了我們資產負債表的關鍵項目。截至本季末，我們的現金、現金等價物及流動金融資產總額為791億美元。我們的計息債務總額為2272億美元。未使用的信貸額度總額為2788億美元。本季EBITDA為519億美元。全年EBITDA為1,368億美元，年末淨負債權益比為54%。

On Page 13, you will find our equipment capital expenditures. Machinery and equipment capital expenditures for the fourth quarter in U.S. dollars totaled $472 million, of which $231 million were used in packaging operations, $116 million in test operations, $68 million in EMS operations and $13 million in interconnect material operations and others. For the full year, machinery and equipment capital expenditures were $2 billion. $1.3 billion was spent on packaging, $0.5 billion on test and $0.2 billion on EMS.

第13頁列出了我們的設備資本支出。第四季機械設備資本支出總額為4.72億美元（以美元計），其中2.31億美元用於包裝業務，1.16億美元用於測試業務，6800萬美元用於電子製造服務（EMS）業務，1300萬美元用於互連材料業務及其他業務。全年機械設備資本支出為20億美元，其中13億美元用於包裝業務，5億美元用於測試業務，2億美元用於電子製造服務（EMS）。

Our ATM business continues to be constrained by substrate and wafer availability, in addition to a lack of our own manufacturing capacity. Given that we can generally put in capacity faster than our upstream foundry partners and our substrate suppliers, we can be a lot more nimble in our approach to our business. Although our smart factories do take somewhat more investment and time to build, we still believe that many of our investments are granular, which allows us to adapt quickly to market conditions. We continue to provide our EBITDA in U.S. dollars here as a reference. The earnings related to the China site disposition are separated for better comparability. We believe that the company's EBITDA relative to our equipment CapEx serves as a key financial performance metric for the company.

我們的ATM業務持續受到基板和晶圓供應以及自身產能不足的限制。鑑於我們通常比上游代工廠合作夥伴和基板供應商更快增加產能，我們在業務營運方面可以更加靈活。雖然我們的智慧工廠建設需要更多的投資和時間，但我們仍然相信，我們的許多投資都是細化的，這使我們能夠快速適應市場變化。我們在此繼續以美元計價提供EBITDA，以供參考。與中國工廠處置相關的收益已單獨列出，以便更好地進行比較。我們認為，公司EBITDA與設備資本支出的比率是衡量公司財務表現的關鍵指標。

Before we move on to Dr. Tien Yu Wu's and Joseph Tung's sections, I would like to inform everyone that they will make forward-looking references on a pro forma basis, removing the results of the China factory sold. As a reference, we have included an appendix to the slide deck that has a set of quarterly pro forma financial statements for the consolidated holding company, and one for our ATM business unit.

在進入田宇武博士和董先生的演講部分之前，我想先說明，他們將以備考為基礎進行前瞻性分析，剔除已出售中國工廠的業績影響。作為參考，我們在投影片附錄中附上了合併控股公司和ATM業務部門的季度備考財務報表。

With that said, I pass the presentation over to Dr. Tien Yu Wu. Dr. Wu?

既然如此，我就把發言權交給吳天宇醫生。吳博士？

Hi, everyone. I would like to give you the 2021 recap, as well as the outlook for 2022. I will also touch base on the industry perspective from where we can see. First of all, 2021 was a good year. We have seen revenue and margin improvement better than target. For example, in '21, the ATM revenue grew 26% year-over-year or 45% year-over-year, if we exclude the EAR-affected business. The ATM margin, gross margin was 26.5% approaching historical peak level of 27%. ASE consolidated revenue grew 26% year-over-year. ASE consolidated operating margin improved 3.6 percentage points versus the target that we set at the beginning of the year of 2.5% to 3%. So overall, '21 was a good year.

大家好。我想為大家總結一下2021年的情況，並展望一下2022年。我也會從產業角度談談我們目前所看到的情況。首先，2021年是業績不錯的一年。我們的收入和利潤率都超出了預期。例如，2021年ATM營收年增26%，如果剔除受EAR影響的業務，則較去年同期成長45%。 ATM毛利率為26.5%，接近27%的歷史最高水準。 ASE合併收入較去年同期成長26%。 ASE合併營業利潤率比年初設定的2.5%至3%的目標增加了3.6個百分點。總而言之，2021年是業績不錯的一年。

We have seen broad based growth in all sectors with momentum that carry over to at least 2022. For example, the 2021 wirebond revenue grew 36%. We continue to see the wirebond to be fully loaded. And we do expect wirebond revenue in 2022 will achieve double digit growth. Even with the EAR impact, which was very significant in test business, the 2021 test revenue grew 12% year-over-year. We do expect the test business in 2022 without the EAR impact, the growth rate will double from the 2021 level. So we do expect the testing business to play more of an important role for our business in 2022 and beyond.

我們看到所有業務板塊均實現了全面成長，且成長動能至少將延續至2022年。例如，2021年線焊業務收入成長了36%。我們預計線焊業務目前已全面飽和，並預計2022年線焊業務收入將達到兩位數成長。即使受到EAR（出口調整條例）的影響（該條例對測試業務的影響尤為顯著），2021年測試業務收入仍同比增長了12%。我們預計，2022年測試業務在不受EAR影響的情況下，成長率將比2021年翻倍。因此，我們預期測試業務將在2022年及以後對我們的業務發展發揮更重要的作用。

Advanced packaging based on the customers requirement, we're seeing more complexity and more demand. In 2021, we have seen the advanced packaging revenue grew 23% year-over-year. We do expect the growth rate in 2022 to be better than the number, which is another important sign that we're migrating more mix to the testing business as well as advanced packaging business, while we're maintaining the established base in wirebond and everything else. ATM automotive revenue grew over 60% year-over-year. The momentum will continue in 2022 and beyond. The good news is we do expect to achieve $1 billion automotive revenue in 2022, which will be a significant milestone for ATM business.

基於客戶需求的先進封裝技術，我們看到其複雜性和需求不斷增長。 2021年，先進封裝業務營收年增23%。我們預計2022年的成長率將高於這一數字，這再次表明，我們正在將更多業務組合轉向測試和先進封裝業務，同時保持我們在引線鍵合和其他領域的現有業務基礎。 ATM汽車業務營收年增超過60%。這一增長勢頭將在2022年及以後持續。好消息是，我們預計2022年汽車業務收入將達到10億美元，這將是ATM業務的一個重要里程碑。

Let me talk about the 2022 outlook. We do expect the revenue and margin to continue to see improvement in 2022. Our demands and forecast indicating a very strong 2022. And Joseph will talk about the specific guidance for Q1. Again, we're seeing a better than seasonal Q1, followed by our traditional pattern of quarter-to-quarter growth for the remainder of the year. The logic semiconductor industry without a better number, we believe will be in the 5% - 10% range for reference. And our ATM revenue year-over-year growth should be 2x of that. And we have been following this traditional pattern for at least the last 15 years, and 2022 will be of no exception. And the reason being, market demand is very strong, and we are seeing signs of IDM outsourcing accelerating.

讓我談談2022年的展望。我們預計2022年營收和利潤率將持續提升。我們的市場需求和預測都顯示2022年將非常強勁。 Joseph將談到第一季的具體業績指引。我們預期第一季業績將優於往年同期水平，之後將延續我們傳統的季度環比成長模式。邏輯半導體產業的成長率，如果沒有更具體的數字，我們認為將在5%到10%之間。而我們的ATM營收年增率應該是這個數字的兩倍。過去至少15年來，我們一直遵循著這種傳統的成長模式，2022年也不例外。原因在於市場需求非常強勁，我們看到IDM外包業務正在加速成長。

The pricing environment is friendly and stable with a higher mix of testing and advanced packaging business. And our margin, also our position will continue to be improved. We are expanding the SiP customer portfolio. And we're happy to report that in 2022, our new SiP customers with a diversified background from all sectors. For the first time, our new SiP customers revenue will break the $0.5 billion mark in 2022. It's another good news. The 2022 ATM growth and operating margin should surpass historical peak levels set in 2014. Consolidated operating margin to see further improvement versus 2021.

定價環境友善穩定，測試和先進封裝業務佔比更高。我們的利潤率和市場地位也將持續提升。我們正在拓展系統級封裝（SiP）客戶群。我們很高興地宣布，2022年，我們新增的SiP客戶來自各行各業，背景多元化。 2022年，新增SiP客戶的營收將首度突破5億美元大關。這又是一個好消息。 2022年，ATM業務成長和營業利潤率預計將超過2014年創下的歷史高峰。綜合營業利益率預計較2021年將進一步提升。

Next page, let me comment a little bit on the industry. We do see a solid outlook for year 2022. Capacity and supply constraint. Last year, I commented in Q1 time frame that sometime in 2023, we will see the a holistic balance of the supply versus demand. But right now, we believe the capacity and supply constraint will last maybe beyond 2023. Scale, technology leadership, flexibility and proven record for the past 2 years is making ASE an indispensable manufacturing partner. And we're gaining trust, support from customers and which is signified by the long-term service agreement as well as the design in a socket that we have been receiving for the last 2 years, particularly.

下一頁，我想就產業現狀稍作評論。我們對2022年的前景持樂觀態度。產能和供應方面有限制。去年第一季度，我曾提到，到2023年某個時候，供需將達到整體平衡。但目前，我們認為產能和供應限制可能會持續到2023年以後。規模優勢、技術領先、靈活性以及過去兩年來的良好業績，使日月光成為不可或缺的製造合作夥伴。我們正在贏得客戶的信任和支持，這體現在我們過去兩年收到的長期服務協議以及客戶對插座設計的認可。

Customer long range service agreement are in place through 2023. We will continue to discuss, collaborate with our customer and see how do we extend this beyond as we're building additional capacity for our loyal customers. IDM outsourcing ratio accelerating. We do see healthy growth of HPC, automotive, 5G migration, IoT and also the expanding silicon content leading to a quite robust end market environment, so we are optimistic about the long-term prospects.

我們與客戶簽訂的長期服務協議已持續到2023年。我們將繼續與客戶探討合作，並隨著我們為忠實客戶擴容，研究如何將協議期限延長。 IDM外包比例正在加速成長。我們看到高效能運算（HPC）、汽車、5G遷移、物聯網（IoT）以及晶片含量不斷提高都呈現健康成長態勢，這將形成一個相當穩健的終端市場環境，因此我們對長期前景持樂觀態度。

I would like to comment a little bit on what ASE is doing to prepare for years beyond 2022. We have started a new round of smart factory, building a infrastructure investment. As you know, building takes the longest time and the smart manufacturing environment, infrastructure does take a long time to develop. In 2021, 2022, as well as in years beyond, we have launched a new wave of smart manufacturing building. The purpose of that is working with our customer, we do believe that in 2023 and beyond, there will be impending wave of wafer supply coming. In case the market demands a much higher volume of wafer and silicon devices supply, ASE should be ready for that.

我想就日月光為2022年以後的發展所做的準備工作談幾點看法。我們已經啟動了新一輪的智慧工廠建設，加大了基礎設施投資。眾所周知，建設耗時最長，智慧製造環境和基礎設施的開發也需要很長時間。在2021年、2022年以及未來幾年，我們將繼續推動新一輪的智慧製造建設。這樣做的目的是為了與客戶攜手合作，我們相信在2023年及以後，晶圓供應將迎來一波成長。如果市場對晶圓和矽元件的需求量大幅增加，日月光將做好充分準備。

With that, I would like to pass the -- to Joseph. Joseph?

這樣，我想把麥克風交給約瑟。約瑟夫？

Thank you, Tien. Let me start with a bit of a recap of what we did on our China sites. In fact, we actually sold a 6 major manufacturing sites in China, and the deal was closed in December -- on December 16, 2021. The total value of these sites that we sold or the combined enterprise value was about $1.46 billion. And as Ken mentioned earlier on, after adding the cash balance and deducting the existing liabilities or debts that we have, the total consideration was $1.33 billion. Now the disposed sites accounted for about 7.6% of our overall ATM revenues in 2021 and about 4.5% of our consolidated revenues in 2021 as well.

謝謝Tien。首先，我簡單回顧一下我們在中國的業務狀況。事實上，我們出售了在中國的6個主要生產基地，交易已於2021年12月16日完成。這些基地的總價值，或者說合併後的企業價值，約為14.6億美元。正如Ken之前提到的，加上現金餘額並扣除現有負債後，總對價為13.3億美元。這些出售的基地約占我們2021年ATM業務總收入的7.6%，以及2021年合併收入的4.5%。

EPS wise, it generated about below TWD 0.80 in 2021. And the purpose of doing this transaction is really to better realign our resources and to focus on the investments in our mega sites, which is mainly SPIL Suzhou to continue to address the China opportunity. In fact, in this year, we're expecting very high growth in our Suzhou sites, SPIL Suzhou site, and as a result of revenue coming from expanded customer base mostly the Chinese customers in the region. And this transaction does provide us with more cash resource for our continuing organic expansion as well as we seize the opportunities, we will make further strategic investments to enhance our overall market position.

2021年，公司每股盈餘（EPS）約為0.80新台幣以下。這項交易的目的是為了更好地重新配置資源，集中精力投資於我們的大型基地，特別是蘇州SPIL基地，以持續掌握中國市場的機會。事實上，我們預計今年蘇州基地（包括蘇州SPIL基地）將實現高速成長，這主要得益於客戶群的擴大，尤其是來自該地區中國客戶的收入成長。此次交易將為我們持續的內生式成長提供更多現金資源，同時，我們將抓住機遇，進行進一步的策略投資，以提升我們的整體市場地位。

Now with that, let me give you a bit of a first quarter outlook. Based on the current business outlook and exchange rate assumptions, management projects overall performance for the first quarter of '22 to be a very strong quarter to start with and with the details as follows. Now on a pro forma basis, in U.S. dollar terms, our ATM first quarter 2022 business will slightly be impacted around 4% because of the lower working days in the quarter and also the SiP seasonality. That really implies that the -- aside from the SiP business, our overall ATM business continue to be running at full loading and the momentum is continuing throughout the year.

接下來，我將簡要介紹第一季的業績展望。基於目前的業務前景和匯率假設，管理層預計2022年第一季的整體業績將非常強勁，具體情況如下。以美元計價，由於第一季工作日較少以及系統整合支付（SiP）業務的季節性影響，我們2022年第一季的ATM業務將受到約4%的輕微影響。這意味著，除了SiP業務之外，我們的整體ATM業務將繼續滿載運轉，並且這種成長勢頭將持續到全年。

On a pro forma basis, our ATM first quarter 2022 gross margin should be slightly higher than our second quarter '21 gross margin. The margin will be slightly -- will be a bit lower than the fourth quarter, largely because of the -- first of all, of course, the lower revenue, but more so on the increase of labor cost and also depreciation as we continue to plan for the support our overall business going forward.

以備考基準計算，我們2022年第一季ATM業務的毛利率應該略高於2021年第二季。該毛利率將略低於第四季度，主要原因是——首先當然是收入下降，但更重要的是勞動力成本上升以及折舊，因為我們將繼續制定計劃以支持我們整體業務的未來發展。

In the terms of EMS, first quarter business level should be similar with the quarterly average of full year 2021, which follows a normal seasonality pattern. In terms of operating margin, it should be close to the average of second and third quarter '21 operating margin as the -- we continue to run our EMS business following the seasonality pattern. Now a bit of a comment on the -- okay.

就EMS業務而言，第一季的業務水準應該與2021年全年季度平均值相近，這符合正常的季節性規律。就營業利潤率而言，由於我們繼續以季節性規律經營EMS業務，因此應該接近2021年第二季和第三季營業利潤率的平均值。現在，我想就此做一些說明——好的。

And this is the guidance on the first quarter, and we will now open the floor for questions. Thank you.

以上是第一季的業績指引，現在我們將開放提問環節。謝謝。

(Operator Instructions) We have a question from Randy Abrams of Credit Suisse. Randy?

（操作員說明）我們收到瑞士信貸的蘭迪·艾布拉姆斯的提問。蘭迪？

Okay. Yes, sorry. Okay. I'm unmuted. Okay. Yes. I wanted to ask the first question on the new view that you have further out. So extending the period of tightness in the industry beyond 2023. We have seen more CapEx announcements from the supply side. So I'm curious on your commentary, what drove the change? And then how much it's reflection of what you're seeing supply, if that's a commentary on the front end, the foundry, the back end or substrate or if it's a commentary on demand side, a different confidence on the demand driver?

好的。是的，抱歉。好的。我已解除靜音。好的。是的。我想問的第一個問題是關於您對未來發展的新看法，也就是將產業供應緊張期延長至2023年後。我們看到供應方發布了更多資本支出公告。所以我很好奇，是什麼促成了這種改變？這在多大程度上反映了您對供應的觀察，例如前端（代工廠）、後端（基板）的情況，或者是否反映了您對需求方（對需求驅動因素的信心）的不同看法？

The comment that I made was referring to a holistic supply chain line balance. What we're seeing today is the foundries are making major investment. The IDMs are making the front-end investment. The OSAT industry, equipment industry, the substrate industry, lead frame, epoxy, everyone has increased the CapEx. But judging on the fact that the equipment delivery are [stooped and] slow comparing to historical norm. And that typically is the first indicator that we're not back to normal yet.

我之前的評論指的是整個供應鏈的平衡。我們現在看到的是，晶圓代工廠正在進行大規模投資，整合元件製造商（IDM）也正在進行前期投資。外包半導體組裝測試（OSAT）產業、設備產業、基板產業、引線框架、環氧樹脂等等，所有相關產業都增加了資本支出。但從設備交付速度與歷史正常水平相比仍然停滯不前來看，這通常是我們尚未恢復正常的第一個跡象。

The second indicator is among out of the whips, sometimes we're waiting for 8-inch wafer, sometimes we're waiting for 12-inch wafer for different technology nodes. And sometimes, we're waiting for substrates of different technologies, sometimes we're waiting for lead frames. So we do not see a holistic squareness of all of the material equipment capacity balance versus the overall demand. Now in 2021 time frame, we were calculating we believe in '23, sometime in 2023, we should see the squareness of that. Based on the last year, as was out of the conversation with our supplier and customers, now we believe that line balance on the holistic view will be beyond 2023. For example, some of the technology substrates, we are confident that the demand will be oversupplied for a much longer than 2023, just as an example.

第二個指標是，在各種晶圓生產環節中，有時我們需要等待8吋晶圓，有時需要等待不同技術節點的12吋晶圓。有時我們需要等待不同技術的基板，有時我們需要等待引線框架。因此，我們無法看到所有材料設備的產能與整體需求之間完全平衡。在2021年，我們曾預計到2023年某個時候，這種平衡將會實現。但根據去年與供應商和客戶的溝通，我們現在認為，從整體來看，產能平衡將持續到2023年以後。例如，我們確信某些技術基板的需求過剩將持續到2023年以後。

Okay. Great. That's helpful. And the other question on the IDM. And you mentioned about the CapEx that we're seeing the investment and a few -- I mean, TI was one that talked about raising the ratio. And I thought all the time they had mainly focused on outsourcing that. But they're mentioning the ratio. A few other IDMs are talking about actually adding capacity as well to back end. So I'm curious your comments for IDM, are they seeing that as a fix over the next year as they try to put in capacity? Are you seeing a different trend that's multiyear for behavior of IDM because some of their tone on calls sound like they want to also do more just for self-sufficiency, add some more capacity on the back end?

好的，太好了，這很有幫助。關於IDM的另一個問題。您提到了資本支出，我們看到了一些投資，例如TI就談到了提高自有率。我一直以為他們主要專注於外包，但他們現在也提到了自有率。其他一些IDM廠商也在討論增加後端容量。所以我很好奇您對IDM的看法，他們是否認為增加後端容量是未來一年解決問題的方法？您是否觀察到IDM未來幾年的發展趨勢？因為他們在電話會議上的語氣聽起來像是他們也想為了自給自足而增加後端容量。

I'll try to be more careful in making this comment because yes, you're asking a very sensitive questions, right? Now the -- based on our discussion as was news release, in general, the U.S.-based IBM, they will declare they would reduce their outsourcing. But let's put that comment in a separate category. Let's focus on everybody else. In all other geography, no one comments on increasing the internal or everyone agree in public a specific milestone to talk about increasing outsourcing ratio. What that is telling us is as the foundry and the OSAT world is gaining technology positioning, I won't even use the word leadership, but you can make that judgment yourself.

我會盡量謹慎發言，因為您問的問題確實非常敏感，對吧？根據我們先前的討論以及新聞稿，總部位於美國的IBM公司通常會宣布減少外包業務。但我們先把這則評論放在一邊，把重點放在其他公司身上。在其他地區，沒有人公開表示要增加內部外包，也沒有人公開共識，設定一個具體的里程碑來討論提高外包比例的問題。這說明，隨著晶圓代工和OSAT（外包半導體組裝和測試）行業在技術上佔據越來越重要的地位——我什至都不想用「領先」這個詞，但您可以自行判斷。

The economic scale and in the last 2 years, the foundry world has clearly demonstrate a flexibility and agility that the IBM cannot match. Otherwise, we will not have the automotive issues until today. So if you judge on all of the facts and you fast forward, you look at the total dollar amount of CapEx of old company, IBM included, what is the percentage they want to put in into the design, service. As was front end, what is the percentage they want to allocate to the back end. It is not difficult to go figure out because the competition is multidimensional.

過去兩年，晶圓代工產業展現的經濟規模與彈性，是IBM無法比擬的。否則，我們今天就不會面臨汽車產業的問題了。所以，如果綜合所有事實，展望未來，看看包括IBM在內的老牌公司的總資本支出，他們打算將多少比例的資金投入到設計和服務（即前端）中，又有多少比例的資金投入到後端。這並不難理解，因為競爭是多方面的。

You do a parametric study in the OSAT world with the scale, with the fungibility, agility and flexibility and the supply chain or the cost [in fact] and the economic benefit. How do you judge upon the outsourcing ratio? Now the U.S. based, I do -- we do understand politically the -- and also incentive wise, there are reasons. But at the end of the world, this world is competing -- semiconductor industry is competing on efficiency, right? So that's why we have a solid trend, socket, complexity that we're leveraging the foundry world of technology, and we're trying to position ASE as well as our partner and our customer. And I think the outsourcing ratio absolutely is increasing.

在OSAT領域，你會對規模、可替代性、敏捷性和靈活性、供應鏈或成本（實際上是成本）以及經濟效益進行參數化研究。你如何判斷外包比例？就美國而言，我理解——從政治和激勵機制的角度來看，這其中是有原因的。但歸根結底，整個半導體產業都在競爭——半導體產業在效率上競爭，對吧？所以，我們看到了一個穩固的趨勢，即插槽的複雜性，我們正在利用代工領域的技術，並努力提升日月光半導體、我們的合作夥伴和客戶的市場地位。我認為外包比例絕對在上升。

I mean, you can use the same argument. Go back to 25 or 30 years ago, how this outsourcing started. And today, in the outsourcing world, much stronger, much more flexible and even politically, it makes a whole lot more sense. So I think the outsourcing ratio per se, it will increase. But geographically, where do you do the manufacturing, how do you manage the logistic route, that can be discussed, right? I mean it's a long answer, but I have to answer this carefully because it's very politically sensitive. But I feel obligated to give you my best perspective, explaining the difference between the declaration or the sentiment and the reality.

我的意思是，你可以用同樣的論點。回顧25或30年前，外包是如何崛起的。而如今，外包產業更加強大、更有靈活，甚至在政治層面上也更具意義。所以我認為外包比例本身會上升。但從地理上看，生產在哪裡進行，物流路線如何管理，這些都是可以討論的，對吧？我知道這很難回答，但我必須謹慎作答，因為它非常敏感。但我有義務盡我所能，解釋聲明或情緒與現實之間的差異。

Okay. No, and I appreciate that. And I feel on their comments, they're mentioning back end, there's an efficiency to the clusters in Asia. A question on the CapEx. If you could give a sense now also with the growth outlook and confidence, the view relative to -- I think last year, it was about $2 billion equipment CapEx. How you're seeing that? And then it sounds like the mix, (inaudible) test with bonder decent but coming down from last year.

好的。不，我很感激。我覺得他們的評論裡提到了後端，亞洲集群的效率很高。關於資本支出，您能否也談談目前的成長前景和信心，以及與去年相比的看法——我記得去年的設備資本支出大約是20億美元。您如何看待這個問題？然後聽起來，（聽不清楚）測試結果還不錯，但比去年下降。

Well, this year, the CapEx dollar amount will be either equal or more than $2 billion. And we will have a different mix, maybe more towards the testing, maybe more towards the advanced technology, but we have to wait for how the year has evolved. All right. And then we just move the dynamically. But the comment that I was making is, in addition to the equipment CapEx, we're spending more on the building and the smart factory and the infrastructure of CapEx. And that number we normally don't report it.

嗯，今年的資本支出金額將達到或超過20億美元。我們會調整支出結構，可能更多用於測試，也可能更多用於先進技術，但我們需要觀察今年的發展。好的。然後我們會根據實際情況靈活調整。但我剛才想說的是，除了設備的資本支出，我們在建築、智慧工廠和基礎設施的資本支出也在增加。這部分支出我們通常不會公佈。

Now the reason why we're doing that is, it shows our aspiration as for -- as our customers' collective confidence, they really would like us to get ready. In case 2023, the market demand doesn't come down and there's a surge of wafer and the line balance is better, you will have a lot of back end demand. And then the question is now who will have the most readiness, flexibility and also the willingness to support that surge.

我們這樣做的原因在於，這反映了我們的願景——也反映了客戶的集體信心，他們真心希望我們做好準備。假設2023年市場需求沒有下降，晶圓需求激增，生產線平衡性也得到改善，那麼後端需求將會非常強勁。屆時，問題變成了：誰能做好最充分的準備，擁有最大的彈性，並且願意支持這種需求激增？

Okay. And the last one, it's a couple of kind of housekeeping, but a few metrics. One is the wirebond and tester. If you could (inaudible) how many actually sold with the venture because it did drop, so trying to see how many you added or sold. And then a couple of others I was curious. Since you gave us the 2022 or SiP and auto, if you could give the base for 2021? And then the other housekeeping, because of the onetime gain, how do you see the payout because you have that sale in terms of the dividend?

好的。最後一個問題，是一些瑣碎的事項，但也涉及一些指標。一個是線焊和測試儀。如果您能（聽不清楚）告訴我一下，由於創投期間實際售出了多少台，因為價格有所下跌，所以想了解一下您是新增了還是售出了多少台。另外還有幾個問題我很好奇。既然您已經提供了 2022 年的 SiP 和自動續約方案，能否提供一下 2021 年的基準值？還有另一個瑣碎的事項，由於有一次性收益，您如何看待出售這台設備後，股息的分配情況？

Let me comment on the -- a few question. Then I'll pass the floor to Joseph for the payout. The automotive in '21, the base was $700 million.

讓我先回答幾個問題。然後我把發言權交給約瑟夫，讓他來談談收益狀況。 2021年汽車產業的基準收入是7億美元。

ATM.

自動櫃員機。

ATM. Sorry, ATM. Now, the wirebonder, the -- roughly, I think we add 4,000 wirebonder in '21.

ATM。抱歉，是 ATM。現在，線焊機，——大致來說，我認為我們在 2021 年會增加 4000 台線焊機。

No. I'm…

不，我是…

Sorry.

對不起。

Let me give you the…

讓我來告訴你…

Joseph, why don't you talk about it?

約瑟夫，你為什麼不談談這件事？

Yes. At the end of fourth quarter, our total wirebond account was about $25,800. And that number is actually reduced from third quarter, given the fact that we sold the 4 factory of the China sites. And the number of boundaries that we saw is about 4 -- total, it's over 4,000 units, 4,221 to be exact. And in terms of testers, our total comp at the end of fourth quarter is 4,890 testers in the quarter. Along with the sale of the sites, the testers that we sold out is about 15 -- 1,522 units of testers that we sold out.

是的。第四季末，我們的線焊業務總額約為 25,800 美元。考慮到我們出售了中國四個工廠的訂單，這個數字實際上比第三季有所下降。我們看到的焊盤數量約為 4 個——總共超過 4,000 個，確切地說是 4,221 個。至於測試儀，第四季末我們的總銷售量為 4,890 台。加上工廠的出售，我們售出的測試儀數量約為 15 台——總共售出了 1,522 台。

Okay. And then the last one was the -- or last 2, the SiP. I think $500 million, if you have with SiP other customers was -- and then also your view on the payout, just factoring that -- the big onetime gain.

好的。然後最後一個是──或者說最後兩個，SiP。我認為5億美元，如果你有SiP的其他客戶——還有你對收益的看法，只是考慮到這一點——這是一筆巨大的一次性收益。

I'm sorry.

對不起。

The SiP revenue will break the $500 million at the -- in 2022 [overall].

SiP 的營收將在 2022 年突破 5 億美元（總體而言）。

Okay. And what was that in 2021?

好的。那麼2021年發生了什麼事？

In 2021, I think the revenue from new customers was about 330 -- $240 million.

2021年，我認為新客戶帶來的收入約為3.3億至2.4億美元。

And the payout?

賠付金額是多少？

In terms of the dividend payout, we do not plan to have a special dividend payout. I think the -- for this year, the dividend will continue to be paid out from the earnings from the earnings that we made for the year from operation. And the payout ratio will remain at about 60% to 65%.

關於股息派發，我們不打算派發特別股息。我認為，今年的股息將繼續從我們本年度的經營利潤中支付，股息率將維持在60%至65%左右。

Okay. And that includes the gain, like you'll pay out a proportion even on the additional amount for the sales?

好的。那這包括收益嗎？例如，即使是銷售的額外金額，你也要按比例支付一部分？

No. That does not included the special gain that we got through the transaction. I mean, it will be paid out from the operational earnings that we made.

不，這不包括我們透過交易獲得的特殊收益。我的意思是，這部分收益將從我們的營運利潤中支付。

(Operator Instructions) Our next question is from Gokul Hariharan of JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Gokul Hariharan。

Yes. A couple of questions from my side. I think, obviously, second half 2020 and 2021, we have seen some degree of price adjustment in -- especially in the older technologies like wirebonding, but also in some of the advanced packaging. If we think about the roughly 10% to 20% pro forma growth that you're guiding for, could we talk a little bit about how much of that is roughly units? How much of that is roughly pricing? Are we expecting any further adjustments in price or we think pricing is basically going to be largely settled and kind of stable from here on?

是的。我這邊有幾個問題。顯然，在2020年下半年和2021年，我們看到價格出現了一定程度的調整——尤其是在像引線鍵合這樣的傳統技術領域，以及一些先進的封裝技術領域。考慮到您預測的10%到20%的預期成長率，我們能否討論其中有多少是銷售成長？又有多少是價格成長？我們是否預期價格還會進一步調整，還是認為價格基本上會趨於穩定？

Well, I think it's very, very difficult to break it out like even in volume growth as well as say, price increases. I think the so-called pricing adjustment is really across -- to a very different -- many different ways of adjusting our pricing, including some from expediting fees, some from discontinuing discounts, the longer-term agreements and so on and so forth. There are many ways of dealing with the pricing issue. I think the bulk of the growth will still come from revenue, from the volume increase that we have and also the different product mix that we generated in the year. But in terms of overall pricing environment, I think 2022 will continue to be what of -- we call the pricing friendly year for us. And at this point, we're seeing very, very stable pricing. And what we meant by friendly pricing is really an environment that can -- a pricing environment that can help us better protect and/or improve our return.

嗯，我認為很難將價格調整單獨列出，即使是銷售成長和價格上漲這兩方面也是如此。所謂的價格調整實際上涵蓋了我們調整價格的多種方式，包括降低加急費、取消折扣、調整長期協議等等。有很多方法可以解決定價問題。我認為大部分成長仍然將來自收入，來自銷售的成長以及我們今年推出的不同產品組合。但就整體定價環境而言，我認為2022年將繼續是我們所謂的「價格友善年」。目前，我們看到價格非常穩定。我們所說的「價格友善」是指能夠幫助我們更好地保護和/或提高收益的定價環境。

Understood. So if we look at CapEx, now I think we're expecting $2 billion or more CapEx in 2022 higher than where we were maybe middle of last year, given the increased confidence in the market. We have seen then some of your Chinese peers are starting to invest even further, especially for their outside China capacity by like 40% to 50% increase in CapEx. And how do we think about competitive competition with some of these China companies, especially their competition in advanced packaging? Are we starting to see more kind of more kind of competition for future bids? Obviously, currently, things are clearly tight. Around a year back, Dr. Yu, you had mentioned that some of the China capacity or China market-related demand is starting to become a little bit more segregated and you're kind of not really competing in the same markets. Is that still the case? Or are we starting to see that there is still some linkage between what we are seeing in China OSAT because some of those companies are also seeing some utilization in (inaudible).

明白了。那麼，如果我們看一下資本支出，鑑於市場信心增強，我們預計2022年的資本支出將達到20億美元或更多，比去年年中時的預期要高。我們看到，一些中國同業開始加大投資，尤其是在海外產能方面，資本支出增加了40%到50%。我們該如何看待與這些中國公司之間的競爭，特別是他們在先進封裝領域的競爭？我們是否開始看到未來投標中出現更激烈的競爭？顯然，目前競爭非常激烈。大約一年前，餘博士，您曾提到，中國的一些產能或中國市場相關的需求開始變得更加分散，你們實際上不再在同一市場競爭。這種情況現在仍然存在嗎？或者我們開始看到，我們在中國OSAT（外包半導體組裝和測試）領域看到的現象仍然存在一些關聯，因為其中一些公司也看到了（聽不清楚）產能的提升？

I think this is natural for our China competitor under the support of the industrial market as well as the government to build up capacity because the midterm or even the short-term projected is to recreate a self-sufficient ecosystem in China per se. So many of the equipment as well as the capacity build up in China, they're mainly target at the internal consumption in China. I commented on the parallel universe. I think we're seeing the beginning of that. For example, the -- our long range forecast from customers primarily comes from the non-China based. The technology requirement is different. The end market, the system is different. Of course, there are overlaps into the China, the consumer market, but there are a lot of market that the -- we have no access to.

我認為，在工業市場和政府的支持下，我們的中國競爭對手自然會擴大產能，因為中期甚至短期目標都是在中國重建一個自給自足的生態系統。因此，中國正在建設的許多設備和產能主要面向中國國內消費。我之前提到過平行宇宙的概念，我認為我們現在正處於這個階段的開端。例如，我們來自客戶的長期預測主要來自中國以外的市場。技術要求不同，終端市場和系統也不同。當然，這些市場與中國消費市場重疊，但我們還有很多市場無法進入。

And therefore, we're not privileged to understand some of the long range capacity requirement. We are monitoring the situation closely. For example, we do understand some of our OSAT competitor continue to order the -- some equipment. We do have a total the bird's eye view on where the equipment are going. However, at this point in time, we don't believe the China competitor based on technology as was access to the design of our key customer, we don't believe that the competition is anywhere near, right? But we are mindful of that. But so far, we think we do have a clear leadership and also a clear firewall between -- not just on ASE, but ASE customer base versus the China base.

因此，我們無法了解一些長期產能需求。我們正在密切關注事態發展。例如，我們了解到一些OSAT競爭對手仍在訂購部分設備。我們對設備的流向瞭如指掌。然而，就目前而言，我們認為中國競爭對手在技術上無法與我們關鍵客戶的設計方案相提並論，對嗎？但我們對此保持警惕。到目前為止，我們認為我們擁有明確的領導階層，並且在ASE及其客戶群與中國客戶群之間建立了清晰的防火牆。

Got it. Maybe one last question from my side. When you talk about undersupply or supply demand not coming into balance into probably 2023 and beyond, what is your underlying industry growth expectation through this period, given I think in '22 itself, we are expecting to see the logic semi growth normalizing back to the 5% to 10% kind of growth rate compared to like the 20-plus percent growth or 15%, 20% growth that we saw last year?

明白了。我可能還有一個問題。您提到供需可能要到2023年及以後才會恢復平衡，那麼鑑於我認為2022年邏輯半增長就會恢復正常，回到5%到10%的增長率，而不是像去年那樣達到20%以上，甚至15%到20%，您對這段時期內整個行業的增長預期是什麼？

I mean we're the last person to be able to tell you what the overall semiconductor can do. I mean we don't know any better. We always use 5% to 10% like everybody else. And I think there is a demand. The COVID is still very much in place, and we are seeing the continuation of 5G migration. And the PC number, they went up and it did not have the kind of phenomenal growth. However, it's not coming down. And if you want to order any auto today, your waiting time is 6 to 9 months. So we clearly know at the channel inventory system manufacturers, we do not have enough components to ship what the consumer wants, and that's a fact. It doesn't matter how we project the macro economy and all of the potentials.

我的意思是，我們最不可能告訴你半導體產業的整體潛力。我們對此了解有限。我們和其他人一樣，總是只使用5%到10%的產能。我認為市場需求依然存在。新冠疫情仍在持續，5G的遷移仍在進行中。個人電腦的銷售量雖然有所成長，但並沒有出現爆炸性成長。然而，銷量並沒有下降。如果你現在想訂購一輛車，等待時間是6到9個月。因此，我們作為通路庫存系統製造商，很清楚我們沒有足夠的零件來滿足消費者的需求，這是事實。無論我們如何預測宏觀經濟和所有潛在趨勢，都無法改變這一事實。

But in the market, we know we don't -- we're not shipping enough components. We're managing the squareness of the line balance. But today, the fact is we are short of wafer, we're short of substrate. We're short of lead frame. For different customer, we're short of different things. Under a very complex logistics and the line balance maneuver, I think all of us are being trained, how do we grow our business and satisfy the end customer demand to the best of our capability. Along the way, you will have the expedite fee, you have a commoditized surcharge. The -- you have all kinds of things, and that's why it's adding to the pricing increase.

但在市場上，我們知道我們做不到——我們的元件出貨量不夠。我們正在努力維持生產線的平衡。但現實是，我們晶圓短缺，基板短缺，引線框架也短缺。對於不同的客戶，我們短缺的物料也各不相同。在極其複雜的物流和生產線平衡調整下，我認為我們都在學習如何發展業務，並盡我們所能滿足終端客戶的需求。在這個過程中，你會遇到加急費、商品附加費等等——各種各樣的費用都會推高價格。

So overall, we think 2022, we need to struggle for another year. And the things are getting better. However, we're not seeing a line balance by far. I know we don't believe in 2023 you will see that line balance. Of course, the end market, the -- if there's any black swan or any kind of major impact that we won't be able to see. But based on all of our customers, the short-term and loan range forecast, the design pipeline and we look at the end market, the electric vehicle, IoT and smart manufacturing demand, we're quite optimistic, which is why Joseph and myself were giving all of you a solid, confident 2022 outlook. And we're trying to extend that a little bit beyond 2023. And we're building additional footprint in smart factory just in case 2023 and 2024, 29 new fabs, wafers are coming out. And if they need a back-end partner, at least yes, we are -- we have been inspired in the last few years to make investment, just to get ready for the next wave.

總的來說，我們認為2022年還需要再努力一年。情況正在好轉，但目前遠未達到產能平衡。我知道我們也不認為2023年就能達到產能平衡。當然，終端市場的情況也存在變數——如果出現任何黑天鵝事件或其他我們無法預見的重大影響，情況就另當別論了。但基於我們所有客戶、短期貸款和貸款範圍預測、設計流程以及對終端市場（包括電動車、物聯網和智慧製造的需求）的分析，我們相當樂觀，這也是為什麼我和Joseph之前給大家帶來了對2022年充滿信心的展望。我們正努力將這種樂觀情緒延續到2023年以後。為了因應2023年和2024年可能出現的情況，我們正在智慧工廠領域擴大規模，並規劃新建29座晶圓廠。如果他們需要後端合作夥伴，至少我們是——在過去幾年裡，我們受到啟發進行了投資，為下一波浪潮做好準備。

I think, if I may comment. I think from a higher level perspective, a more linear kind of a growth pattern actually help us in terms of managing our overall business. It gives a better planning. And also the -- during the last year, I think the whole industry is scrambling and there's a lot of that that needs to break through and makes planning -- overall planning a very difficult task. I think this more linear type of a growth is -- does help the industry as a whole. And it certainly helps in outsourcing as well.

恕我直言，我認為從更高層次來看，更線性的成長模式其實更有利於我們整體業務的管理，也更有利於規劃。此外，我認為去年整個產業都在經歷一番波折，很多問題亟待解決，這使得整體規劃變得異常困難。我認為這種更線性的成長模式對整個產業都有益處，對業務外包也是如此。

Our next question is from Mr. [Bruce Lu].

下一個問題來自[Bruce Lu]先生。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. Great. Congrats for the great result. I think one thing management mentioned that strong growth in 2022. I just wanted to double check, is it like an apple-to-apple comparison or even you exclude your divestment in China and you still can generate like 2x of the semi growth? But the question I'm trying to ask here, another one is that you suggest that your testing business grows and is substantially higher than your wirebonding growth. Is that for the company-specific issue? Or is that for the market share issue? Or do you really see testing dollar content per devices has gone up?

好的，太棒了，祝賀你們取得如此佳績。我記得管理層提到2022年將實現強勁成長。我想確認一下，這是在進行同等條件下的比較嗎？即使剔除在中國的剝離業務，你們仍然能夠實現半導體業務兩倍的成長嗎？另外，我想問的是，你們提到測試業務的成長遠超引線鍵合業務。這是公司特有的狀況嗎？還是指市佔率？還是你們真的認為每台設備的測試成本佔比上升？

Well, let me comment on the testing business. The testing business have 2 components to it. The first one is we would like to do turnkey. And as the packaging becomes more complex, the testing naturally becomes proportionately more complex. In that scenario, it makes more sense for ASE to handle the packaging and the testing from design, qualification all the way to manufacturing and ramp up. Now under that understanding, strategically, ASE is increasing our appetite and aspiration to improve our testing business percentage. So I think I pretty much covered your question, right. That's that. Now in terms of the overall growth pro forma versus the China side, I will let Joseph answer that.

好的，關於測試業務，我想談談我的看法。測試業務包含兩個面向。首先，我們希望提供交鑰匙工程服務。隨著封裝變得越來越複雜，測試的複雜程度自然也會隨之提高。在這種情況下，由日月光負責從設計、認證到生產和產能提升的整個封裝和測試流程就顯得更加合理。基於這種認識，日月光正在策略性地加大力度，力求提升測試業務的佔比。我想我已經基本回答了您的問題，對吧？就這樣。至於整體成長與中國業務的對比，就讓約瑟夫來解答。

Yes. I think the growth that we're mentioning is really an apple-to-apple comparison, which means that we are based on the -- for last year's numbers, we're based on the pro forma numbers that we are giving, which excludes the China sites that we sold out.

是的。我認為我們提到的成長是真正意義上的同類比較，這意味著我們是基於去年的數據，也就是我們給出的備考數據，其中不包括我們已經售罄的中國站點。

So Joseph Tung, so to follow up that, we should expect a stronger growth for the final test versus wafer test, and we should see the testing business growth will be faster than the overall ATM business growth even for the coming years. Is that the right assumption?

所以，Joseph Tung，接下來，我們應該預期最終測試的成長速度會高於晶圓測試，而且即使在未來幾年，測試業務的成長速度也會超過ATM業務的整體成長速度。這個假設正確嗎？

The -- All right. I'm not going to get into the final test or wafers are, how do we do the breakdown. The overall testing business will grow at a faster than the corporate average, yes.

好的。我不打算深入討論最終測試或晶圓的情況，以及我們如何進行分解。是的，整體測試業務的成長速度將高於企業平均。

On the -- even for the following years?

甚至在接下來的幾年裡也是如此嗎？

Correct.

正確的。

That's right. That's great. The second thing is that I think there are several counter traditional wisdom thing at this moment. Maybe Tien, you can help us to understand it, right? We do see that end demand fluctuation, right? Some of the end demand is not as good as expected. And we do see some EMS overall inventory is going up. We also see your competitor was citing for wafer bank increase. However, we do not see the meaningful orders cut in the foundry side. We do see ATM -- at least your ATM business is still doing very, very good. So where is the discrepancy? And is that more of the company specific, like ATM is -- ASE is getting some market share? Or at the end of the day, the fundamental demand is still very strong and -- help us to understand the discrepancy.

沒錯，太好了。第二點是，我認為目前有一些與傳統觀點相反的情況。或許Tien，你能幫我們理解一下，對吧？我們確實看到終端需求波動，對吧？部分終端需求不如預期。我們也看到一些EMS整體庫存有所增加。我們也看到你們的競爭對手提到晶圓庫存增加。然而，我們並沒有看到代工廠方面出現明顯的訂單削減。我們看到ATM——至少你們的ATM業務仍然非常出色。那麼，問題出在哪裡呢？這更多是公司特有的問題嗎？例如ATM——日月光正在搶佔市場份額？或者歸根結底，基本需求仍然非常強勁——請幫我們理解這種差異。

Okay. The -- well, I think you're talking about a short-term disconnect because in the marketplace, for example, you might see one area specifically, they're complaining about inventory, also the order drop. And you have some supplier, to talk about specifically, they're seeing slowdown in particular area. But at the same time, you have different company serving a different segment. And then the -- they will use the idle capacity from some of the idle sector and then the -- will support the higher growth. So I think that's the nature of the outsourcing industry. Now one of the key things that we have is we have 400 customers. Some customer are growing very, very fast. And the -- and some of the customer are growing in step function like the 50%, 100% a year.

好的。嗯，我想您指的是短期脫節，因為在市場上，例如，您可能會看到某個特定領域的客戶抱怨庫存積壓和訂單下降。而某些供應商，具體來說，也面臨特定領域的業務放緩。但同時，其他公司服務於不同的細分市場。他們會利用一些閒置產業的閒置產能，從而支持更高的成長。我認為這就是外包產業的本質。我們擁有的一個關鍵優勢是，我們有400家客戶。有些客戶成長非常非常快。有些客戶的成長呈現階梯式成長，例如每年成長50%或100%。

So how do you support this kind of customer and you have that fungible capacity. So in the foundry world, there's some fungibility. In the assembly world, the fungibility is quite good. And therefore, we're writing between the foundry and the materials. So our job is to make sure we will support the high growth rate in that particular time frame to the best of what we can do. We do see some of our customer are having slow down, and they're going through inventory adjustment. But this is the kind of thing that we do for the last 30 years. A localized slowdown and seasonality for different customer and different sector is on rotational basis is very normal and very healthy. As a matter of fact, industry needs that break. If you look at 2020, the second half of 2021, we've been running straight line going nuts.

那麼，如何支援這類客戶，同時又能確保產能的可互換性呢？鑄造業產能有一定的可互換性，而裝配業的產能可互換性則相當高。因此，我們需要在鑄造廠和原料供應商之間建立聯繫。我們的工作就是盡我們所能，確保在特定時期內能夠支持高成長率。我們確實看到一些客戶的業務成長放緩，並且正在進行庫存調整。但這正是我們過去30年來一直在做的事。不同客戶和不同行業的局部放緩和季節性波動是輪流發生的，這非常正常，而且很健康。事實上，業界需要這樣的喘息之機。回顧2020年和2021年下半年，我們的業務一直保持高速成長。

So I think it's very healthy for the industry to go through some localized the adjustment -- and that's what we're seeing. And we're giving you a solid outlook because the overall forecast is very strong. I would not comment into which company, which sector, but overall, we have to manage the logistics, the line balance and the fungibility between all requirements. And I think the ASE has clearly demonstrated over the last few years that we're very good at that. And this is particularly appealing to IDMs, automotive as well as some of the very high growth like high-performance computing. They really would like to have the flexibility.

所以我認為，業界進行一些局部調整是非常健康的——而這正是我們目前正在看到的。我們之所以能給予穩健的展望，是因為整體預測非常強勁。我不會具體評論哪家公司或哪個行業，但總的來說，我們必須管理好物流、生產線平衡以及所有需求之間的可替代性。我認為，ASE在過去幾年中已經清楚證明，我們在這方面做得非常出色。這一點對整合裝置製造商（IDM）、汽車產業以及一些高成長產業（例如高效能運算）尤其具有吸引力。他們確實需要這種靈活性。

I think the overall industry is -- will continue to grow because of the increasing IC contents as well as IC applications. And so I think the overall market will continue to grow. And ASE [in specifics] in particular, I think we are very confident that we are gaining market share, and we are taking the lion's share of the increasing IDM outsourcing. And with all the volume growth and all the industry trends that working to our favor, I think our growth is -- we're going to see a very healthy growth pattern in the foreseeable future for us.

我認為整個產業將會持續成長，這得益於積體電路含量和應用範圍的不斷擴大。因此，我認為整個市場將會持續成長。就日月光半導體（ASE）而言，我們非常有信心擴大市場份額，並在日益增長的積體電路製造（IDM）外包業務中佔據主導地位。憑藉銷量成長和所有對我們有利的行業趨勢，我認為在可預見的未來，我們將保持非常健康的成長態勢。

And just one additional comment here I feel obliged to explain is the new product design cycle takes 2 to 3 years. So for example, the -- if we're not prepositioning for capacity and technology ahead of the curve, the designing will not occur. But once you have the technology and the infrastructure, the early stage, then the design start coming in. They start developing the volume. I think we're all very used to it. So we are sitting in 2022. If we believe 2023 and 2024, there's going to be a recession, if we're going to say if we believe that, you probably announced that we're not investing CapEx, we're not building infrastructure. Then your customer will have concern, what is your aspiration? And what is your view and appetite for much longer term.

我還要補充一點，新產品設計週期通常需要2到3年。舉個例子，如果我們沒有事先做好產能和技術的準備，設計工作就無法進行。但一旦技術和基礎設施到位，進入早期階段，設計工作就會啟動，並開始量產。我想我們都非常習慣這種情況。現在是2022年。如果我們認為2023年和2024年會出現經濟衰退，如果我們這麼認為，那麼我們可能就會宣布停止資本支出投資，停止基礎建設。那麼客戶就會質疑：你們的未來願景是什麼？你們對更長遠的未來有何看法和意願？

So what helped us quickly is ask yourself the question, in the next 5 to 10 years, how do you see some semiconductor going up in total content or going down in total content. Everyone that I talked to believes in the next decade, semiconductor will provide more efficiency to the world. So it is going up. But if you see that, then you ask yourself just, well, how about in the next 5 years, and people move beyond the impending wave of semiconductor of the wafer in 2023, they believe that next 5 years is still good. If you believe in that, then the infrastructure investment, the capacity investment to us makes perfect business sense.

所以，對我們快速有幫助的是，問問自己：在未來5到10年裡，你認為半導體的總含量是會上升還是下降？我交談過的每個人都相信，在未來十年裡，半導體將為世界帶來更高的效率。所以它肯定會上升。但如果你看到了這一點，那麼你就會問自己：那麼在未來5年呢？人們已經超越了即將到來的2023年晶圓半導體浪潮，他們相信未來5年依然前景光明。如果你也相信這一點，那麼對我們來說，基礎建設投資和產能投資就完全合理了。

Then you start asking what is your service agreement, pricing, margin. How do you do granularity with each one of your customer and then that's what the management do. You do long term, midterm as well as quarter-to-quarter report. So I think there's a lot of disconnect or between the mid to very, very short term. But that's why when we talk about our view and our customers' view, sometimes are distinct -- different from the analyzed view -- the analysts view. So I'm just trying to offer you my perspective on the disconnect. I don't think there's a disconnect. But I think the timing difference between how -- when we talk about things, we don't talk about a quarter. We talk about 3 years design cycle, sector growth, content growth, electrical vehicle, autonomous driving, what kind of infrastructure do you need to have in place.

然後你就會開始問你的服務協議、定價、利潤率是什麼。你如何與每位客戶進行細緻的溝通，而這正是管理階層要做的事。你要做長期、中期以及季報。所以我認為中期和極短期之間有許多脫節。這就是為什麼當我們談論我們的觀點和客戶的觀點時，有時會與分析師的觀點截然不同。所以我只是想就這種脫節提供我的看法。我不認為有脫節。但我認為時間上的差異在於——當我們談論事情時，我們不談一個季度。我們談的是三年設計週期、產業成長、內容成長、電動車、自動駕駛，以及你需要什麼樣的基礎建設。

So in 5 to 10 years' time, we can start pluck, part all of the design with you, expect the efficiency and the ASP for the kind of volume that the world needs. So I think the Taiwan and the ASE as a member of the cluster, we understand that obligation. That's why we're building technology and economic scale and all of the smart factory, the light-out factory, we're developing all this just to receive the next 5, 10 years of different waves the -- of semiconductor.

所以，在未來5到10年內，我們可以開始與您合作，共同完成所有設計，並期待達到世界所需的產量和平均售價。我認為，作為產業組合成員的台灣和日月光（ASE）都明白這項責任。這就是為什麼我們正在建造技術和經濟規模，以及所有智慧工廠、無人值守工廠，我們正在開發所有這些，以迎接未來5到10年半導體產業不同浪潮的到來。

I think that this comment is actually pretty big between the investors and what industry we're seeing. So I think thanks again for the explanation. And then one last quick question from me is that we do see a increasing new customers, new revenue contribution from the SiP business. Do we expect a better, much better profitability moving forward given that the newer customer or newer projects?

我認為這則評論對於投資者和我們所看到的行業現狀來說意義重大。所以，再次感謝您的解釋。最後一個問題，我們看到SiP業務的新客戶和新收入都在增加。考慮到新客戶和新項目，我們是否預期未來的獲利能力會大幅提升？

The -- I'll give you the direction. The direction is yes. With a diversified portfolio and then the assuring of IP technology and equipment set. I mean that was the whole idea of building a strong base of SiP and then offer that library and the expertise to other customer. I mean, that's the whole idea of foundry and the outsourcing. And so the answer is yes.

我會給你指示方向。答案是肯定的。透過多元化的產品組合，以及確保智慧財產權技術和設備組合的完善。我的意思是，這就是建立強大的系統級封裝（SiP）基礎，然後將這些函式庫和專業知識提供給其他客戶的全部意義所在。我的意思是，這就是代工和外包的全部意義。所以答案是肯定的。

Next question is from Roland Shu of Citigroup.

下一個問題來自花旗集團的Roland Shu。

Tien, I know you don't want to talk about for this quarterly view, but I still have a problem, a question on this first quarter IC ATM guidance. So look at your IC ATM revenue guidance, you guided the first quarter to decline by 4% quarter-on-quarter. However, if you look at in your -- of the foundries have been reported, they all guide first quarter revenue to up sequentially. And also some of your key customers also reported sequential up at first quarter. So for your IC ATM revenue to -- declined by 4% in first quarter. Again, is there any disconnection putting your IC ATM revenue with foundry or your key customers in your first quarter guidance?

Tien，我知道你不想在這個季度展望中談論這個問題，但我還是有個疑問，關於你第一季的IC ATM收入預期。你預測第一季IC ATM收入將季減4%。但是，如果你查看你已公佈的代工廠業績，他們都預測第一季營收將季增。而且，你的一些主要客戶也報告說第一季營收環比成長。所以，你的IC ATM收入預測是第一季下降4%。再次強調，你在第一季對IC ATM收入的預測中，是否將代工廠或主要客戶的業績預測與你的預期有矛盾？

By the way, there is no disconnect. I offer you 2 parameter to think about it. First of all, the -- there is a time lapse, right? They are typically between the 6 weeks' time. There is a time lapse between wafer to assembly. The -- therefore, okay, that will explain some of it. Now the second comment which Joseph already made it. Our assembly and test continue to run at a full run rate. Now we have like 2 fewer days, so that's like 2 percentage sum. And then the -- you do have seasonality between one of our largest customer on the SiP shipment. So when you look at revenue, they're reporting the -- whatever they have. They're selling for inventory or they're reporting the revenue of the last quarter. So our key customer revenue versus our shipment to them, you're off by 1 or 1.5 quarter. Foundry to assembly, you're maybe typically off by like a quarter. I'm not sure that explain it, but that's what we see.

順便說一下，這之間並沒有什麼脫節。我提供兩個參數供您參考。首先，存在時間差，對吧？通常需要六週左右的時間。從晶圓到組裝之間是有時間差的。因此，好的，這可以解釋一部分原因。現在，正如 Joseph 已經提到的，我們的組裝和測試仍在滿載運轉。現在我們少了大約兩天，也就是大約 2% 的時間差。然後，我們最大的客戶之一的 SiP 出貨量存在季節性波動。所以，當您查看收入時，他們會報告他們實際擁有的收入。他們要么在銷售庫存，要么報告上一季的收入。因此，我們主要客戶的收入與我們實際出貨量之間的差額，大約相差一個或一個半季度。從晶圓代工到組裝，通常也會相差一個季度左右。我不確定這是否能解釋所有問題，但這就是我們觀察到的情況。

Yes. I agree. But the foundry and your customers also have 2 fewer base working days in first quarter. So is there any business from you have been kept by or constrained by the component shortage in first quarter?

是的，我同意。但是，代工廠和你們的客戶在第一季也少了兩個工作天。那麼，第一季是否有任何業務因為零件短缺而受到影響或受限？

I will not comment on the -- why the foundry is growing. And yes, we have component shortage that we already talk about it. We have a variety of line balance issue, which I will not comment here more on that.

我不會評論代工廠發展壯大的原因。是的，我們確實面臨元件短缺的問題，這一點我們已經討論過了。我們還有各種生產線平衡問題，對此我也不再贅述。

Okay. And my second question is -- yes, since Tien, you are on this call. So can you give us more colors on your progress for your 5G millimeter wave smart factory and also on the light-out factory? And how did they contribute to your profitability or efficiencies improvement last year? And what's the target for this year?

好的。我的第二個問題是──是的，Tien，你也在參加這場電話會議。可以詳細介紹一下你的5G毫米波智慧工廠和無人化工廠的進展嗎？它們去年是如何提升你的獲利能力或效率的？今年的目標是什麼？

Right. Last year, we talked about the -- our target was to build 27 light-out factory. And the -- we're happy to report that we have to build 25. And 2 of the factory was delayed because we couldn't get the equipment in time. Well, anyway, this year, we will have a new target for 37. The -- so we continue to add 10 light-out factories per year, all right. Maybe accelerating over time based on the customer volume, how do we aggregate the volume into smart factories. In terms of the overall efficiency, I think you can see that from overall operating margin improvement. And that to us continue to serve 2 purposes.

沒錯。去年，我們談到了──我們的目標是建造27座無人值守工廠。我們很高興地報告，我們最終建成了25座。其中2座工廠因為設備未能及時到位而延期。總之，今年我們將把目標定為37座。所以我們將繼續每年新增10座無人值守工廠。也許隨著時間的推移，我們會根據客戶規模加快建造速度，我們將如何把這些規模整合到智慧工廠中？就整體效率而言，我認為您可以從整體營運利潤率的提升中看出這一點。而這對我們來說仍然有兩個意義。

First is efficiency that goes to the margin. What is more important is I talk about the ramp of the SiP and also automotive. Our automotive customer per se, they are extremely delighted to have light-out factory where you document our data of every single process station, every single process. And then the -- it demonstrate the unparalleled quality as well as traceability. I actually talked about this a few years ago. I'm not sure the -- we all remember that. One of the key things going forward is in the heterogeneous integration world, things will become more complicated. The liability will become bigger. You really have to have much better granularity as well as traceability. And without the light-out factory of every single process, you will not be able to demonstrate that.

首先是效率，也就是利潤率。更重要的是，我要談談系統整合流程（SiP）的產能爬坡，以及汽車產業的應用。我們的汽車客戶非常高興能擁有無人值守工廠，因為在這種工廠模式下，我們可以記錄每個工位、每個流程的資料。這展現了無與倫比的品質和可追溯性。我幾年前就談過這一點。我不確定大家是否都記得。展望未來，在異質整合領域，情況會變得更加複雜，責任也會更大。你必須擁有更高的粒度和可追溯性。如果沒有對每個流程進行無人值守工廠式的記錄，你就無法證明這一點。

We have demonstrated a 100% automated factory versus a 90% automated factory. They are different in nature. A lot of people couldn't comprehend that. But when you talk to the automotive guys, you will understand. So in the heterogenous integration going forward, as the micro system become more smaller, more difficult, more complex, and then the material sect become more intrinsically involved. And I think the light-out factory will add -- will play a great role in our engagement with our key customer in the complex design arena.

我們已經展示了100%自動化工廠和90%自動化工廠的比較。它們的本質不同。很多人可能難以理解這一點。但當你和汽車業的人交流時，你就會明白。因此，在未來的異構整合中，隨著微系統變得更小、更複雜、更難，材料部門的參與度也會更高。我認為，無人值守工廠將在我們與關鍵客戶在複雜設計領域的合作中發揮重要作用。

Okay. Just a follow up for the operating margin. So last year, you have the target to grow operating margin by 2.5% to 3% last year, and you end up have better 3.6% improvement last year. So how about this year? Do you have any operating margin improvement target for this year?

好的。關於營業利益率，我還有一個後續問題。去年，你們的目標是營業利潤率成長2.5%到3%，最終實現了3.6%的成長。那麼今年呢？你們今年的營業利益率成長目標是什麼？

We don't have exactly a target per se, but we'll -- what I can say is we will continue to see margin improvement both on the sequential only basis as well as on an annual basis. We'll continue to see our margin both at the growth and the operating margin level to improve for the year.

我們沒有具體的目標，但我可以肯定的是，無論從環比還是年度來看，我們的利潤率都將繼續提升。我們預計今年的成長利潤率和營業利潤率都將有所提高。

Our next question is from Rick Hsu of Daiwa Security.

我們的下一個問題來自大和安防公司的Rick Hsu。

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

Okay. Yes, just one quick housekeeping question from me. Maybe to Joseph. What's your utilization rate across the board on your wirebond, testing and [packaging] for Q4 last year and in this year, Q1 this year?

好的。是的，我還有一個簡單的例行問題想問。或許可以問 Joseph。你們去年第四季和今年第一季的引線鍵結、測試和[封裝]環節的整體使用率分別是多少？

Q4, our overall assembly utilization rate is above 85% and test above 80%. I think it's going to be very similar in Q1 as well. Packaging will be 80% to 85%, and test will continue to be above 80%.

第四季度，我們的整體組裝產能利用率超過 85%，測試產能利用率超過 80%。我認為第一季的情況也會非常相似。封裝產能利用率將達到 80% 到 85%，測試產能利用率也將持續維持在 80% 以上。

Okay. Just one quick follow-up. When you say about 4% impact to your ATM -- IC ATM sales in Q1 this year, that also has taken to account of the capacity loss because of your China disposal, right? So it's not really a apple-to-apple comparison, right?

好的。還有一個後續問題。您提到今年第一季ATM（積體電路ATM）銷售額受到約4%的影響，這其中也考慮到了因處置中國資產而造成的產能損失，對嗎？所以這其實不能算是完全公平的比較，對嗎？

I don't quite get your question. I'm sorry, can you repeat that?

我不太明白你的問題。不好意思，你能再說一次嗎？

Okay. Because your ATM revenue in Q4 last year, that was still -- yes, that was still including the China operation. But starting from Q1 this year.

好的。因為你們去年第四季的ATM收入，是的，仍然包括了中國業務。但從今年第一季開始算起。

When we say reduced by 4%, it's really apple-to-apple is that quarter 4, we excluded the China operation.

當我們說減少了 4% 時，真正公平地說，是指第四季度，我們排除了中國業務。

Next question from Szeho of China Renaissance. Szeho?

下一個問題來自中國文藝復興的司浩。司浩？

Two questions from me. The first one, you mentioned that you are seeing more IDM outsourcing this year. Is it fair to assume that IDMs nowadays are turning more receptive to turnkey outsourcing to us? Yes, because in the past then tends to only outsource the assembly part.

我有兩個問題。第一個問題，您提到今年IDM外包業務增加。我們可以這樣理解嗎？如今IDM廠商更願意接受我們提供的全套外包服務嗎？是的，因為過去他們通常只會外包組裝部分。

When I talk about IDM outsourcing, I mainly comment based on the fact from the last 2 years. As you know, automotive is the most difficult one to outsource simply because the automotive manufacturers and Tier 1, and they're not flexible at all. But we all know this. Now in the last 2 years, because of the supply chain disconnect, people are more accepting alternative route, different the material set, different the suppliers and different qualification standard. So I think the COVID-19 has done great for the outsourcing industry is it broke that constraint.

當我談到IDM外包時，我主要基於過去兩年的情況進行評論。眾所周知，汽車產業是最難外包的產業，原因很簡單，因為汽車製造商和一級供應商都非常固執，缺乏彈性。但我們都知道這一點。然而，在過去的兩年裡，由於供應鏈的斷裂，人們開始更願意接受替代方案，包括不同的材料組合、不同的供應商以及不同的資格標準。因此，我認為新冠疫情對外包產業來說是件好事，因為它打破了這種限制。

As a result of that, if the automotive end customers and the Tier 1 are directly connecting to the outsourcing industry. The IDM becomes one of the acceptable alternative as well as the outsourcing industry. So by that standard, it is good long term that the assembly and test will increase the outsourcing ratio from the IDMs. When you talk of [fabulous], it's meaningless because the fabulous has been outsourcing all of it. But IDM, we're seeing a clear trend not only in the automotive, you actually have the same issue even with the computing. And so we are seeing the outsourcing acceleration. Of course, I'm not addressing the location of the manufacturer, which is a totally separate the rationale, not purely based on economics.

因此，如果汽車終端客戶和一級供應商直接對接外包產業，IDM（整合開發模組）就成為一種可接受的替代方案，與外包產業並駕齊驅。所以從這個角度來看，從長遠來看，組裝和測試環節外包比例的提高，尤其是IDM外包，是件好事。說到[Fabulous]（指“Fabulous”， ...

The second question is on chiplet. Do you think OSAT or ASE in specific will play a meaningful role in the chiplet market? And if that's the case, in what areas and when we should see the contribution to us?

第二個問題是關於晶片組的。您認為OSAT或ASE（特別是ASE）會在晶片組市場中扮演重要角色嗎？如果是這樣，我們應該在哪些領域以及何時看到他們的貢獻？

Well, I do see the -- in the future, ASE will continue to play an important role in the outsourcing market, whichever segment. I think you talked about the chiplet. The -- I mean the chiplet that without naming the -- there are only a handful of customers are dealing with the chiplet architecture. And I believe all of them have more willingness to do outsourcing. And then the question is the -- for the back end of the chiplet, should I go to foundry or should I go to the OSAT. But if you have that view and in my -- I would advise you to have a bigger longer-term view.

嗯，我確實認為，未來無論哪個細分市場，日月光半導體（ASE）都將繼續在外包市場扮演重要角色。我想您剛才提到了晶片組（chiplet）。我指的是晶片組，雖然我不能透露具體名稱，但目前只有少數客戶在使用這種晶片組架構。我相信他們都更傾向於外包。那麼問題來了──對於晶片組的後端，我該選擇代工廠還是外包半導體組裝與測試（OSAT）廠商？如果您持有這種觀點，我的建議是，您應該從更長遠的角度來看待這個問題。

This is why I'm asking your opinion.

這就是我徵求你意見的原因。

Yes. Outsourcing is one trend, that's binary. Once you outsourced, how do you partition the outsourced volume as a totally separate question. I think having the binary from 0 to 1 is a whole lot more meaningful than how do you partition the one afterwards. And afterwards, we have to look at technology and the overall presence, logistics, business model, whether round is more meaningful or square is more meaningful. And then they get into an [argumental] -- the arena, which I'm not ready to discuss on line. But I believe outsourcing per se is very meaningful. And once the customer outsourced, that becomes a competition who can ramp up faster, who can manage the cost better, who will have better service and the less constrained. I mean the outsourcing we've been doing this for 40 years. We understand how it works. Yes.

是的。外包是一種趨勢，它是二元的。一旦外包完成，如何劃分外包業務量則完全是另一個問題。我認為，0到1的二元劃分比之後如何劃分業務量更有意義。之後，我們必須考慮技術、整體佈局、物流、商業模式，以及圓形劃分或方形劃分更有意義。然後，他們就進入了一個爭論的領域——我目前不方便在線上討論。但我相信外包本身意義重大。一旦客戶外包，就會演變成一場競爭，看誰能更快地擴大規模、誰能更好地控製成本、誰能提供更好的服務以及誰受到更少的限制。我的意思是，我們已經從事外包40年了。我們了解它的運作方式。是的。

Yes. Last question maybe if I can use you and that was it. Can you give (inaudible) between assembly and test this year? A rough number would do.

是的。最後一個問題，如果可以的話，我想請教一下。您能在今年的集會和考試之間安排時間嗎？大概時間就行。

I think the number -- Joseph, yes, why don't you…

我認為這個數字——約瑟夫，是的，你為什麼不…

Yes. This year, I think the -- we will start increase our investment in tests. So from a very rough sketch, I think this year, we're looking at around 50% of the CapEx -- equipment CapEx will be assembly, about 30% in tests. And at EMS, we're also -- because of the new projects that we're taking up, I think the percentage will increase to about 15% and the rest to material.

是的。今年，我認為我們會開始增加對測驗的投入。粗略估計，今年我們計劃將大約 50% 的資本支出（設備資本支出）用於組裝，約 30% 用於測試。在 EMS 方面，由於我們正在進行一些新項目，我認為測試投入的比例將增加到 15% 左右，其餘部分用於材料。

We have one last question, online question from Mr. Charlie Chan of Morgan Stanley. I'm going to read it for the management.

我們還有一個問題，是摩根士丹利的查理陳先生透過網路提出的問題。我將把它讀給管理層聽。

Any observation for the chip inventory trend in the supply chain? Will company's ATM utilization stay high through the year? How about the pricing and gross margin trend?

對供應鏈中晶片庫存趨勢有何觀察？公司ATM機利用率能否全年維持高位？定價和毛利率趨勢如何？

As we mentioned, I think -- yes, we're still expecting a very strong year this year. I think the loading will be kept at a very high level. And in terms of pricing, it's still a very pricing-friendly year for us. And as I mentioned earlier on, in terms of our margin, we are expecting a sequential margin improvement on quarterly basis. And for the whole year, I think there will be further improvement in terms of both our growth and operating margin comparing to last year.

正如我們之前提到的，我認為——是的，我們仍然預期今年業績會非常強勁。我認為裝貨量將保持在非常高的水平。就定價而言，今年對我們來說仍然是價格非常有利的一年。正如我之前提到的，就利潤率而言，我們預計每季的利潤率都會有所提升。而且就全年而言，我認為與去年相比，我們的成長和營業利潤率都將進一步提高。

Well, in terms of the chip inventory, we have seen some reports from some customers, but not all of the report. We think the chip inventory is low overall. Of course, the chip inventory can be high in a very highly localized application sector, right? That's all we want to share. Thank you.

關於晶片庫存，我們收到了一些客戶的報告，但並非所有報告都已收到。我們認為整體晶片庫存較低。當然，在某些高度本地化的應用領域，晶片庫存可能會很高，對吧？以上就是我們想分享的全部資訊。謝謝。

There is no more question. Thank you, everyone, for joining us this quarter. See you next quarter. Thank you.

問題已解決。感謝各位本季的參與。下季再見。謝謝。