日月光投資控股 (ASX) 2021 Q1 法說會逐字稿

Hello.

你好。

I am Ken Hsiang, the Head of Investor Relations for ASE Technology Holdings.

我是 ASE Technology Holdings 投資者關係主管 Ken Hsiang。

Welcome to our first quarter 2021 earnings release.

歡迎來到我們的 2021 年第一季度收益發布。

Thank you for attending our earnings presentation today.

感謝您參加我們今天的收益報告會。

Please refer to our safe harbor notice on Page 2. All participants consent to having their voices and questions broadcast via participation of this event.

請參閱我們在第 2 頁上的安全港通知。所有參與者都同意通過參與本次活動來廣播他們的聲音和問題。

If participants do not consent, please disconnect at this time.

如果參與者不同意，請在此時斷開連接。

I would like to remind everyone that the presentation that follows may contain forward-looking statements.

我想提醒大家，下面的演示文稿可能包含前瞻性陳述。

These forward-looking statements are subject to a high degree of risk, and our actual results may differ materially.

這些前瞻性陳述存在高度風險，我們的實際結果可能存在重大差異。

For the purposes of this presentation, our dollar figures are generally stated in new Taiwan dollars, unless otherwise indicated.

就本報告而言，除非另有說明，否則我們的美元數字通常以新台幣表示。

As a Taiwan-based company, our financials are presented in accordance with Taiwan IFRS.

作為一家台灣公司，我們的財務按照台灣國際財務報告準則呈報。

The results presented using Taiwan IFRS may differ materially from results using other accounting standards, including those presented by our subsidiary using Chinese GAAP.

使用台灣國際財務報告準則呈報的結果可能與使用其他會計準則的結果存在重大差異，包括我們的子公司使用中國公認會計準則呈報的結果。

I'm joined today by Dr. Tien Wu, Our COO; and Joseph Tung, our CFO.

今天，我們的首席運營官 Tien Wu 博士加入了我的行列；和我們的首席財務官 Joseph Tung。

For today's call, I will first be going over our financial results.

對於今天的電話會議，我將首先介紹我們的財務業績。

Joseph and Tien will then be available to answer questions during the Q&A.

Joseph 和 Tien 將在問答期間回答問題。

During our last earnings release, we talked about seeing an increasingly tight semiconductor supply chain.

在我們上次發布的財報中，我們談到了半導體供應鏈日益緊張。

At the time, we indicated that we saw tight supplies of wafers, components, substrates and capital equipment.

當時，我們表示我們看到晶圓、組件、基板和資本設備的供應緊張。

The tight supply environment continues to be true today.

供應緊張的環境今天仍然如此。

During the quarter, headlines citing semiconductor shortages have spread into daily newspapers.

在本季度，引用半導體短缺的頭條新聞已經傳播到日報。

Semiconductor companies, our customers, have started to plan further out with orders being placed now for products to be delivered in 2022.

我們的客戶半導體公司已經開始進一步計劃，現在正在下訂單，以便在 2022 年交付產品。

Longer-term loading agreements which seemed like an unusual request in the back half of 2020 now are being regarded as a requisite by not only us but by our customers as well.

更長期的裝載協議在 2020 年下半年似乎是一個不尋常的要求，現在不僅我們而且我們的客戶都認為這是必要的。

Last quarter, we expressed that we expected the logic semiconductor industry to grow between 5% to 10% during 2021.

上個季度，我們表示預計邏輯半導體行業在 2021 年將增長 5% 至 10%。

We also stated that our ATM business generally targets to grow 2x that number.

我們還表示，我們的 ATM 業務總體目標是增長該數字的 2 倍。

Since that time, we certainly have seen an overall step-up in our business.

從那時起，我們當然看到了我們業務的全面提升。

However, we also see some constraints becoming more of an obstacle for further growth.

然而，我們也看到一些限制因素越來越成為進一步增長的障礙。

Nevertheless, even with these constraints considered, we still see an improved growth environment, with our growth outlook to be on the very high end of the original range.

儘管如此，即使考慮到這些限制因素，我們仍然看到增長環境有所改善，我們的增長前景處於原始範圍的非常高端。

All signs continue to point towards 2021 being a banner year for our ATM business.

所有跡像都表明，2021 年是我們 ATM 業務的標誌性年份。

Meanwhile, our EMS business went through its seasonally soft quarter.

與此同時，我們的 EMS 業務經歷了季節性疲軟的季度。

The first quarter is usually when companies gauge their inventories and zero in on when to ramp down manufacturing while getting ready for the next product cycle.

第一季度通常是公司衡量庫存的時候，在為下一個產品週期做好準備的同時，何時減少製造量為零。

As a result, for us, volatility tends to be the norm during the first quarter.

因此，對我們來說，波動性往往是第一季度的常態。

This year is no different with business coming in a little behind our expectations during such order fine-tuning.

今年也不例外，在這樣的訂單微調過程中，業務的表現略低於我們的預期。

This year's target manufacturing was made even more complex by bill of material constraints.

由於物料清單的限制，今年的目標製造變得更加複雜。

Looking forward, we do see various product ramps coming including new SIP and traditional EMS projects in the next few quarters.

展望未來，我們確實看到未來幾個季度會出現各種產品增長，包括新的 SIP 和傳統 EMS 項目。

Please turn to Page 3, where you will find our first quarter consolidated results.

請轉到第 3 頁，您將在其中找到我們第一季度的綜合業績。

Intercompany transactions between our ATM and EMS business have been eliminated during consolidation.

我們的 ATM 和 EMS 業務之間的公司間交易已在合併期間消除。

For the first quarter, we recorded fully diluted EPS of $1.94 and basic EPS of $1.99.

第一季度，我們的完全攤薄每股收益為 1.94 美元，基本每股收益為 1.99 美元。

Consolidated net revenue decreased 20% quarter-over-quarter but increased 23% year-over-year.

綜合淨收入環比下降 20%，但同比增長 23%。

This sequential decline was primarily driven by seasonality of our EMS business.

這種連續下降主要是由我們的 EMS 業務的季節性驅動的。

We had a gross profit of $22 billion with a gross margin of 18.4%.

我們的毛利潤為 220 億美元，毛利率為 18.4%。

Our gross margin improved by 2.7 percentage points sequentially and 1.8 percentage points year-over-year.

我們的毛利率環比增長 2.7 個百分點，同比增長 1.8 個百分點。

Both margin improvements are principally the result of higher ATM business mix.

這兩項利潤率的提高主要是由於更高的 ATM 業務組合。

Our operating expenses decreased by $1.1 billion to $11 billion, mainly as a result of lower bonus expenses during the quarter.

我們的運營費用減少了 11 億美元至 110 億美元，主要是由於本季度獎金支出減少。

Our operating expense percentage increased 1.1 percentage points sequentially and declined 1.2 percentage points year-over-year to 9.2%.

我們的營業費用百分比環比增長 1.1 個百分點，同比下降 1.2 個百分點至 9.2%。

The operating expense percentage increase is mainly the result of seasonality.

營業費用百分比增加主要是季節性的結果。

On a full year perspective, we should see improvement from last year's 9% level.

從全年來看，我們應該會看到比去年的 9% 水平有所改善。

Operating profit was $11.1 billion, down $0.1 billion sequentially and up $5 billion year-over-year.

營業利潤為 111 億美元，環比下降 1 億美元，同比增長 50 億美元。

Sequentially, operating margin increased 1.7 percentage points to 9.3% and increased 3.1 percentage points year-over-year.

隨後，營業利潤率增長 1.7 個百分點至 9.3%，同比增長 3.1 個百分點。

From a total year perspective, we previously expected to be able to achieve 1.5 percentage point to 2 percentage point improvement.

從全年來看，我們此前預計能夠實現 1.5 個百分點至 2 個百分點的提升。

We now expect to be able to improve our full year consolidated operating margin by 2.5 percentage points to 3 percentage points, driven by increased scale, a friendly ATM pricing environment and SPIL synergies.

在規模擴大、友好的 ATM 定價環境和 SPIL 協同效應的推動下，我們現在預計能夠將全年綜合營業利潤率提高 2.5 個百分點至 3 個百分點。

During the quarter, we had a net nonoperating gain of $0.3 billion.

本季度，我們的非經營性淨收益為 3 億美元。

This amount primarily consists of gains related to our foreign exchange hedging activities, investments and asset sales offset in part by net interest expense of $0.6 billion.

該金額主要包括與我們的外匯對沖活動、投資和資產出售相關的收益，部分被 6 億美元的淨利息支出所抵消。

Tax expense for the quarter was $2.5 billion.

本季度的稅收支出為 25 億美元。

The effective tax rate for the first quarter was 22%.

第一季度的有效稅率為 22%。

We expect to have an effective tax rate for the year of between 20% to 21% during the full year.

我們預計全年的有效稅率在 20% 至 21% 之間。

Net income for the quarter was $8.6 billion, representing a decline of $1.5 billion sequentially and an improvement of $4.7 billion year-over-year.

本季度淨收入為 86 億美元，環比下降 15 億美元，同比增長 47 億美元。

On the bottom of the page, we provide key P&L line items without the inclusion of PPA-related expenses.

在頁面底部，我們提供了關鍵的損益表項目，但不包括與 PPA 相關的費用。

Consolidated gross profit, excluding PPA expenses, would be $22.9 billion with a 19.2% gross margin.

不包括 PPA 費用的合併毛利潤為 229 億美元，毛利率為 19.2%。

Operating profit would be $12.2 billion with an operating margin of 10.2%.

營業利潤為 122 億美元，營業利潤率為 10.2%。

Net profit would be $9.7 billion with a net margin of 8.2%.

淨利潤為 97 億美元，淨利潤率為 8.2%。

Basic EPS, excluding PPA expenses, would be $2.26.

不包括 PPA 費用的基本每股收益為 2.26 美元。

On Page 4 is our ATM P&L.

第 4 頁是我們的 ATM 損益表。

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.

值得注意的是，此處報告的 ATM 收入包含在控股公司層面消除的與我們的 ATM 和 EMS 業務之間的公司間交易相關的收入。

During the first quarter, our ATM factories not only held fourth quarter production run rates as per our original expectations, our factories were able to surpass them.

在第一季度，我們的 ATM 工廠不僅按照我們最初的預期保持了第四季度的生產運行率，而且我們的工廠能夠超越它們。

As you will see, we were also able to achieve higher-than-expected profitability as a result of these stronger revenues and on higher test revenue mix.

正如您將看到的，由於這些更強勁的收入和更高的測試收入組合，我們也能夠實現高於預期的盈利能力。

For the most part, the majority of our ATM product lines were running at full or near full capacity.

在大多數情況下，我們的大多數 ATM 產品線都在滿負荷或接近滿負荷運行。

Our wirebond business continues to be capacity constrained, driven not by just increased unit demand, but also by unit bonding complexity.

我們的引線鍵合業務繼續受到產能限制，這不僅受到單位需求增加的推動，還受到單位鍵合複雜性的推動。

During this time, our ATM factories have remained diligent to our customers trying to supply as much capacity as possible.

在此期間，我們的 ATM 工廠一直努力為客戶提供盡可能多的容量。

To cope with the current environment, our preference has been, in no particular order, to pass-through raw material price increases correct for underperforming engagements, enter into long-term loading contracts and secure key customer relationships.

為應對當前環境，我們的偏好是（無特定順序）將原材料價格上漲傳遞給表現不佳的業務，簽訂長期裝載合同並確保關鍵客戶關係。

We continue to work with our customers who are trying to work through an extremely challenging production environment.

我們將繼續與試圖在極具挑戰性的生產環境中工作的客戶合作。

For the first quarter of 2021, revenues for our ATM business were $73.8 billion, up $1 billion from the previous quarter and up $7.6 billion from the same period last year.

2021 年第一季度，我們 ATM 業務的收入為 738 億美元，比上一季度增加 10 億美元，比去年同期增加 76 億美元。

This represents a 1% increase sequentially and a 11% increase year-over-year.

這意味著環比增長 1%，同比增長 11%。

Our ATM revenues came in slightly ahead of our expectations.

我們的 ATM 收入略高於我們的預期。

On a U.S. dollar basis, our ATM revenues grew by 3% sequentially.

按美元計算，我們的 ATM 收入環比增長 3%。

This marks the first time in near-term history in which ASE's first quarter had sequential revenue growth.

這標誌著 ASE 第一季度的收入在近期歷史上首次出現連續增長。

Gross profit for our ATM business was $18 billion, up $1.5 billion sequentially and $4.7 billion year-over-year.

我們 ATM 業務的毛利潤為 180 億美元，環比增長 15 億美元，同比增長 47 億美元。

Gross profits improved both sequentially and annually, primarily as a result of higher manufacturing efficiency and significantly higher off-season loading.

毛利潤環比和年均增長，主要是由於更高的製造效率和顯著增加的淡季負荷。

Gross profit margin for our ATM business was 24.4%, up 1.8 percentage points sequentially and 4.3 percentage points year-over-year.

ATM業務毛利率為24.4%，環比上升1.8個百分點，同比上升4.3個百分點。

Our gross margin improvement was due to improved loading and a high percentage of low raw material product.

我們的毛利率提高是由於負載的改善和低原材料產品的高比例。

ATM gross margin improvement was accomplished despite NT dollar appreciation, having a negative 0.8 percentage point impact quarter-over-quarter and a 2.7 percentage point impact year-over-year.

儘管新台幣升值，ATM 毛利率仍有所改善，環比下降 0.8 個百分點，同比下降 2.7 個百分點。

Looking forward, we do expect this beneficial product mix to reverse itself in the second quarter and even switching to a high raw material product mix in the third and fourth quarters.

展望未來，我們確實預計這種有利的產品組合將在第二季度逆轉，甚至在第三和第四季度轉向高原材料產品組合。

However, even with this product mix shift looming, we expect to be able to deliver gradually improving gross margins throughout 2021.

然而，即使這種產品組合轉變迫在眉睫，我們仍預計能夠在 2021 年實現逐步提高的毛利率。

We are well on our way to achieving full year gross margin in the mid-20s.

我們正在朝著 20 年代中期實現全年毛利率的目標邁進。

During the first quarter, operating expenses were $8.1 billion, down $0.4 billion sequentially and up $0.3 billion year-over-year.

第一季度，運營費用為 81 億美元，環比下降 4 億美元，同比增長 3 億美元。

The sequential operating expense decline was primarily driven by a decline in employee bonuses.

營業費用環比下降主要是由於員工獎金下降。

Meanwhile, the year-over-year operating expense increase was the result of higher employee salaries due to higher headcount and higher bonus accrual.

同時，營業費用同比增長是由於員工人數增加和應計獎金增加導致員工工資增加的結果。

Our operating expense percentage was 11%, down 0.6 percentage points sequentially and down 0.7 percentage points year-over-year.

我們的營業費用百分比為 11%，環比下降 0.6 個百分點，同比下降 0.7 個百分點。

During the first quarter, operating profit was $9.9 billion, representing an improvement of $1.9 billion quarter-over-quarter and an improvement of $4.3 billion year-over-year.

第一季度，營業利潤為 99 億美元，環比增長 19 億美元，同比增長 43 億美元。

Operating margin was 13.4%, improving 2.4 percentage points sequentially and 5 percentage points year-over-year.

營業利潤率為 13.4%，環比提高 2.4 個百分點，同比提高 5 個百分點。

Without the impact of PPA-related depreciation and amortization, ATM gross profit margin would be 25.6% and operating profit margin would be 15%.

如果沒有與 PPA 相關的折舊和攤銷的影響，ATM 毛利率為 25.6%，營業利潤率為 15%。

On Page 5, you'll find a graphical representation of our ATM P&L.

在第 5 頁，您會發現我們的 ATM 損益表的圖形表示。

On Page 6 is our ATM revenue by market segment.

第 6 頁是我們按細分市場劃分的 ATM 收入。

You can see here the typical seasonal decline in the communications market segment.

您可以在此處看到通信細分市場的典型季節性下降。

However, our automotive, consumer and other products picked up to fill the typical seasonal decline gap.

然而，我們的汽車、消費品和其他產品回升，填補了典型的季節性下滑缺口。

On Page 7, you will find our ATM revenue by service type.

在第 7 頁，您會發現我們按服務類型劃分的 ATM 收入。

The quarterly movements tend be too small, but the chart taken as a whole tells a more complete story.

季度變動往往太小，但作為一個整體的圖表講述了一個更完整的故事。

You can see here the gradual improvement and underlying strength of our wirebond-related business.

您可以在這裡看到我們線鍵相關業務的逐步改善和潛在實力。

Meanwhile, our advanced and testing service types have seen a decline, much of which having to do with the impact of the U.S. EAR.

與此同時，我們的高級和測試服務類型出現了下降，這在很大程度上與美國 EAR 的影響有關。

On Page 8, you can see the results of our EMS business and a graphical representation of our EMS revenue by application.

在第 8 頁，您可以看到我們 EMS 業務的結果以及按應用劃分的 EMS 收入的圖形表示。

The information we provide in regards to our EMS business may differ materially from the information directly provided by our subsidiary as they report independently using Chinese GAAP.

我們提供的有關我們的 EMS 業務的信息可能與我們的子公司直接提供的信息存在重大差異，因為它們使用中國公認會計原則獨立報告。

During the quarter, our China-based factories were subject to a special government policy for lowering the risk of COVID-19 by means of reducing travel across China during the Lunar New Year holiday.

在本季度，我們在中國的工廠受到政府特殊政策的約束，該政策通過減少農曆新年假期期間在中國的旅行來降低 COVID-19 的風險。

China highly encouraged factories such as ours to maintain staffing levels throughout the Lunar New Year holiday.

中國高度鼓勵像我們這樣的工廠在整個農曆新年假期期間保持人員配備水平。

This resulted in extra unexpected labor expense.

這導致了額外的意外人工費用。

This, along with softer-than-expected business, contributed to the lower-than-expected profitability.

這與弱於預期的業務一起，導致盈利能力低於預期。

During the first quarter, EMS revenues declined 40% sequentially, primarily due to product seasonality.

第一季度，EMS 收入環比下降 40%，主要是由於產品的季節性。

EMS revenues increased 46% year-over-year as a result of having an expanded revenue base of products.

由於產品收入基礎的擴大，EMS 收入同比增長 46%。

Our EMS gross profit was $4.2 billion, declining $2.8 billion sequentially and increasing $1.1 billion year-over-year.

我們的 EMS 毛利潤為 42 億美元，環比下降 28 億美元，同比增長 11 億美元。

The lower sequential EMS gross profit was the result of lower loading due to seasonality and the higher year-over-year gross profit was the result of higher sales from a wider product base.

EMS 環比毛利較低是由於季節性因素導致裝載量減少，而同比毛利較高是由於產品基礎更廣的銷售額增加所致。

Gross profit margin for the EMS business came in at 8.7%, which is a decline of 0.1 percentage points sequentially and 0.6 percentage points year-over-year.

EMS業務的毛利率為8.7%，環比下降0.1個百分點，同比下降0.6個百分點。

In addition to the aforementioned level staffing role, the gross margin sequential decline was primarily the result of lower scale during the seasonally down quarter.

除了上述水平的人員配置作用外，毛利率環比下降主要是由於季節性下降季度規模下降所致。

Year-over-year, this decline is principally the result of the level staffing role and product mix.

與去年同期相比，這種下降主要是由於人員配置水平和產品組合的結果。

Our EMS business unit's first quarter operating expenses were $2.8 billion, declining $0.7 billion sequentially, while increasing $0.5 billion year-over-year.

我們的 EMS 業務部門第一季度運營費用為 28 億美元，環比下降 7 億美元，但同比增長 5 億美元。

The operating expense sequential decline is the result of lower bonus expense, while the annual increase is the result of China's level staffing role.

營業費用環比下降是獎金支出減少的結果，而年度增長是中國人員配置水平的結果。

Our operating expense percentage increased 1.4 percentage points sequentially to 5.9%, while declining 1.1 percentage points year-over-year.

我們的營業費用百分比環比增長 1.4 個百分點至 5.9%，但同比下降 1.1 個百分點。

The operating expense percentage movements are driven by lower bonuses in the first quarter and sales seasonality.

營業費用百分比變動是由第一季度獎金減少和銷售季節性推動的。

Our EMS operating profit declined $2.2 billion sequentially, while improving $0.6 billion year-over-year.

我們的 EMS 營業利潤環比下降 22 億美元，但同比增長 6 億美元。

Our EMS operating margin was 2.8%, declining 1.6 percentage points sequentially and up 0.4 percentage points year-over-year.

我們的 EMS 營業利潤率為 2.8%，環比下降 1.6 個百分點，同比上升 0.4 個百分點。

From a full year perspective, we continue to target a 4% operating margin for our EMS business.

從全年的角度來看，我們繼續將 EMS 業務的營業利潤率定為 4%。

On the bottom half of the page, you will find a graphical representation of our EMS revenue by application.

在頁面的下半部分，您會發現我們的 EMS 收入（按應用程序）的圖形表示。

You can see here that seasonally driven products in consumer and communication segments each declined by 6 percentage points.

您可以在此處看到，消費者和通信領域的季節性產品均下降了 6 個百分點。

Other segments were generally seasonally soft but were not as strongly pronounced.

其他部分通常季節性疲軟，但沒有那麼明顯。

On Page 9, you will find key line items from our balance sheet.

在第 9 頁，您將找到我們資產負債表中的關鍵項目。

The only things that we would like to add here are that total unused credit lines amounted to $255.2 billion and our net debt-to-equity ratio dropped to 61%, the lower end of our targeted range.

我們唯一想在這裡補充的是，未使用的信貸額度總額為 2552 億美元，我們的淨債務權益比率降至 61%，這是我們目標範圍的下限。

Page 10, you will find our equipment capital expenditures.

第 10 頁，您會發現我們的設備資本支出。

Amounts on this are denoted in U.S. dollars.

此金額以美元表示。

Machinery and equipment capital expenditures for the first quarter totaled $471 million, of which $337 million were used in packaging, $118 million in testing, $11 million in EMS operations and $5 million in interconnect materials and others.

第一季度機械設備資本支出總計 4.71 億美元，其中 3.37 億美元用於封裝，1.18 億美元用於測試，1100 萬美元用於 EMS 運營，500 萬美元用於互連材料和其他。

From the full year perspective, we currently expect to increase our wirebond capacity by about 10% to 15% during the year.

從全年來看，我們目前預計今年我們的引線鍵合產能將增加約 10% 至 15%。

We ended 2020 with slightly more than 26,000 wirebonders.

到 2020 年底，我們的銲線機數量略多於 26,000 台。

We also currently expect our 2021 equipment capital expenditures to increase 10% to 15% as compared to last year.

我們目前還預計我們 2021 年的設備資本支出將比去年增加 10% 至 15%。

We expect to invest roughly 65% of our CapEx on packaging equipment and 20% on testing equipment.

我們預計將大約 65% 的資本支出用於包裝設備，20% 用於測試設備。

The current environment is a challenging one.

當前環境充滿挑戰。

It is incredibly difficult to manage capacity allocations.

管理容量分配非常困難。

We continue to see tight wafer, substrate, component and capital equipment deliveries throughout the remainder of this year.

在今年剩餘時間內，我們繼續看到晶圓、基板、組件和資本設備的交付緊張。

It's even coming full circle for us.

它甚至對我們來說是一個完整的循環。

Some of our capital equipment vendors are telling us that their equipment delivery schedules are slipping because of lack of semiconductors.

我們的一些資本設備供應商告訴我們，由於缺乏半導體，他們的設備交付計劃正在推遲。

We are well aware that perceived capacity scarcity potentially perpetuates a snowball effect with customers scrambling for even more incremental supply chain security.

我們很清楚，感知到的產能稀缺可能會延續滾雪球效應，客戶爭相尋求更多的供應鏈安全。

There are rumblings that capacity has been systemically underbuilt for years, but we have only been capacity constrained outside of typical seasonality for just this quarter.

有傳言稱，多年來產能一直系統性不足，但僅在本季度，我們的產能僅在典型季節性之外受到限制。

At the very most, underordering in early times of COVID created an artificial lull in demand and capacity build.

至多，COVID早期的訂單不足造成了需求和能力建設的人為停滯。

We don't believe the current situation is simply explained away by saying the semiconductor industry had underinvested, specifically to us, in back end capacity.

我們不認為當前的情況可以簡單地通過說半導體行業投資不足來解釋，特別是對我們而言，後端產能。

The worldwide capacity was in balance 2 quarters ago.

全球產能在兩個季度前處於平衡狀態。

For us and others, there is a resurgence of the trailing edge underway.

對於我們和其他人來說，後緣正在復蘇。

We see longer-term shifts and product complexity, the expanded use of trailing edge technologies and geopolitical disruption as having a hand in this supply and demand in balance.

我們認為，長期的變化和產品的複雜性、前沿技術的廣泛使用以及地緣政治的破壞，都有助於平衡供需。

Regardless of the cause, we believe we stand to extend our competitive advantage during the coming year.

無論出於何種原因，我們相信我們將在來年擴大我們的競爭優勢。

Not only do you look at who has the largest capacity at this time.

你不僅看這個時候誰的容量最大。

What you have to ask is who gets the allocation of capital equipment in these times?

你要問的是，在這個時代誰獲得了資本設備的分配？

Who has the advantage in getting allocation of components and substrates at this time?

這個時候誰在獲取元器件和基板的分配上更有優勢？

Who invested during the last 3 years, while everyone else held back?

誰在過去 3 年進行了投資，而其他人卻持保留態度？

Who can supply chain managers trust with their jobs to deliver on long-term loading agreements?

供應鏈經理可以信任誰來履行長期裝載協議？

Industry leaders like us, stretch their leads in times like these.

像我們這樣的行業領導者，在這樣的時代擴大他們的領先優勢。

With that, we would like to provide our second quarter business outlook as follows: for our ATM business, our ATM second quarter sequential business growth rate should be similar with our second quarter 2020 sequential business growth rate.

鑑於此，我們希望提供我們第二季度的業務展望如下：對於我們的 ATM 業務，我們的 ATM 第二季度業務連續增長率應該與我們 2020 年第二季度的連續業務增長率相似。

Our ATM second quarter 2021 gross margin should slightly improve from the first quarter.

我們的 ATM 2021 年第二季度毛利率應該會比第一季度略有改善。

For our EMS business in U.S. dollar terms, EMS second quarter business should be similar with third quarter 2020 business levels.

對於我們以美元計算的 EMS 業務，EMS 第二季度的業務應該與 2020 年第三季度的業務水平相似。

Our EMS operating profit margin should be slightly below full year 2020 levels.

我們的 EMS 營業利潤率應略低於 2020 年全年水平。

Now we open the floor for Q&A.

現在我們開始問答環節。

(Operator Instructions) First question is coming from Randy Abrams, Crédit Suisse.

（操作員說明）第一個問題來自瑞士信貸的 Randy Abrams。

Okay.

好的。

Yes, actually, if I could ask the first question, I tried to get down the guidance real quick, but I want to just make sure I have the right understanding.

是的，實際上，如果我可以問第一個問題，我試圖快速了解指導，但我只想確保我有正確的理解。

For IC ATM, so we should imply 5% sequential -- about 5% if I look back to last year in U.S. dollar terms with slightly up gross margin.

對於 IC ATM，我們應該暗示 5% 的連續增長——如果我回顧去年以美元計算，毛利率略有上升，約為 5%。

And then for EMS, I think I saw compared to the third quarter '20 growth rate.

然後對於 EMS，我想我看到了與 20 年第三季度相比的增長率。

Is that a sequential or a year-on-year for that growth?

這是連續增長還是同比增長？

And then for operating margin, I assume it's slightly below.

然後對於營業利潤率，我認為它略低於。

So it's a good sequential improvement.

所以這是一個很好的順序改進。

But if you could just recap it just so we have the right assumption on those guidance metrics?

但是，如果您可以回顧一下，以便我們對這些指導指標有正確的假設？

Okay here.

好的，這裡。

I didn't write it down.

我沒有寫下來。

The guidance that we provided for ATM, you're correct.

我們為 ATM 提供的指導是正確的。

In terms of ATM on the top line, we're expecting the same level of growth that we saw in previous second quarter.

就頂線的 ATM 而言，我們預計與上一季度相同的增長水平。

In terms of the gross profit margin, we're looking at a slight improvement in the quarter.

就毛利率而言，我們預計本季度將略有改善。

For EMS, we are looking at EMS second quarter.

對於 EMS，我們正在關注第二季度的 EMS。

The top line will be similar to third quarter 2020 level.

收入將與 2020 年第三季度的水平相似。

And the operating margin should be slightly below full year 2020 level.

營業利潤率應略低於 2020 年全年水平。

Okay.

好的。

If I could follow up, the -- 2 things on the constraints.

如果我可以跟進，關於約束的兩件事。

Is there a way to think about the -- how much it is limiting you or how much behind you are on IC ATM?

有沒有辦法考慮——它在多大程度上限制了你，或者你在 IC ATM 上落後了多少？

And is it strictly a wirebond that's still the bottleneck?

嚴格來說，引線鍵合仍然是瓶頸嗎？

Or do you now have constraint on your -- like more advanced packaging, the flip chip and wafer Level packaging as well?

或者您現在是否對您的 - 比如更先進的封裝、倒裝芯片和晶圓級封裝也有限制？

The constraint we were referring to applies to capital equipment, including wirebonder, also related to substrates, lead frames and other components that are required to do the final assembly.

我們提到的限制適用於資本設備，包括引線鍵合機，也與進行最終組裝所需的基板、引線框架和其他組件有關。

So every product is different.

所以每個產品都是不同的。

I mean, I cannot tell you but definitely it's not just a wirebonder thing.

我的意思是，我不能告訴你，但絕對不僅僅是銲線機。

In terms of the -- how do we manage the line balance, I think that's the operations job.

就我們如何管理生產線平衡而言，我認為這是運營工作。

Whenever we're missing some components or materials or try to do the line conversion, we switch back to the other assembly where we have materials in reserve.

每當我們缺少一些組件或材料或嘗試進行生產線轉換時，我們都會切換回我們有儲備材料的另一個組件。

In terms of how much that limits our potential growth, it's very difficult to quantify that because the process right now is very dynamic.

就限制我們潛在增長的程度而言，很難量化，因為目前的過程非常動態。

I won't be able to give you a quantitative number.

我不能給你一個量化的數字。

Okay.

好的。

And the second part of the guidance outlook, the EMS actually picking up in second quarter.

而第二部分的指引展望，EMS實際上在第二季度回暖。

Last year did, but some years, it's still down.

去年有，但有些年，它仍然下降。

If you could talk about the drivers for the pickup, if there's some SIP projects or just existing EMS business recovering a bit earlier?

如果你能談談提貨的驅動因素，如果有一些 SIP 項目或只是現有的 EMS 業務恢復得更早一點？

And if you could give an update on the overall SIP outlook how that's now looking whether on a year-over-year or if any change versus the incremental growth you're expecting?

如果您可以提供有關 SIP 整體前景的最新信息，那麼現在的情況是同比增長還是與您預期的增量增長相比有什麼變化？

Okay.

好的。

I think from second quarter as well as for the full year, in terms of EMS, we will continue to see growth.

我認為從第二季度以及全年來看，在 EMS 方面，我們將繼續看到增長。

And for this year, I think EMS will go through a typical kind of first and second half distribution of revenue.

今年，我認為EMS將經歷一種典型的上半年和下半年的收入分配。

It will be similar to roughly 44-56 or 43-47 type of allocation distribution.

它將大致類似於 44-56 或 43-47 類型的分配分佈。

And I think the overall growth comes both from traditional EMS as well as SIP.

我認為整體增長來自傳統的 EMS 和 SIP。

In terms of SIP, I think last year, we went through a phenomenal growth in terms of SIP revenue.

在 SIP 方面，我認為去年，我們在 SIP 收入方面經歷了驚人的增長。

We have been entertaining many more projects and many more customers as well.

我們一直在招待更多的項目和更多的客戶。

And some of the new -- in terms of the new project revenues, we had hit.

還有一些新的——就新項目的收入而言，我們已經達到了。

We had about close to $400 million revenue coming from new projects, and we are seeing the same kind of momentum this year.

我們從新項目中獲得了近 4 億美元的收入，今年我們也看到了同樣的勢頭。

And overall, I think the -- in terms of the composition of the SIP revenue, there are some mature products going through some -- gradually tapering off because of feature transition.

總的來說，我認為 - 就 SIP 收入的構成而言，有一些成熟的產品正在經歷一些 - 由於功能轉換而逐漸減少。

And there is some projects that we are seeing second sourcing coming in.

我們看到一些項目正在進行二次採購。

But on the other front, there are new projects and the -- or the newer projects that we entertain -- or we're starting to entertain from last year, we're seeing them starting to also kind of expand for this year.

但另一方面，有新項目——或者我們娛樂的新項目——或者我們從去年開始娛樂，我們看到它們今年也開始有所擴大。

So we're going to see decent growth in SIP overall, and particularly in terms of new projects, so we're seeing still very strong momentum going forward.

因此，我們將看到整體 SIP 的可觀增長，特別是在新項目方面，因此我們看到未來的勢頭仍然非常強勁。

Okay.

好的。

And I could try to do the math.

我可以試著做數學。

I think on the 47-53, is it the implication IC ATM you had mentioned high end of the 2x, which seems to imply U.S. dollar up kind of high -- mid- to high teens.

我認為在 47-53 上，是不是您提到的 2x 的高端 IC ATM，這似乎暗示美元上漲了一種高 - 中高青少年。

Is EMS a similar type of growth profile factoring you consolidate?

EMS 是否是您整合的類似類型的增長概況？

I think the overall annual growth in the EMS business will be slightly better than the ATM overall growth for the year.

我認為 EMS 業務的整體年度增長將略好於今年 ATM 的整體增長。

Okay.

好的。

Great.

偉大的。

Okay.

好的。

And if I could ask a follow-up just on the -- actually, 2 questions on the CapEx.

如果我可以就資本支出的兩個問題提出後續問題。

One is the upgrade.

一是升級。

I think if I have it right, it was originally maintained at the high level you invested last year, but now increasing.

我想如果我沒記錯的話，它最初保持在你去年投資的高水平，但現在正在增加。

That's one, I guess, the area that relative to the prior year you're increasing?

這是一個，我猜，相對於上一年你正在增加的區域？

And then the second one on the wirebond at 10% to 15% year-over-year.

然後是引線鍵合上的第二個，同比增長 10% 到 15%。

Is that more what you see as kind of the need, like based on real demand?

這更像是您認為的一種需求，例如基於實際需求嗎？

Or is it a constraint number that you would add even more if the capacity?

或者它是一個限制數字，如果容量增加，您會添加更多？

And if I could fit a third, I'm curious the foundries -- usually, they'll talk it takes a couple of years to bring up fab, so we might have a shortage for 2 years.

如果我能裝下第三個，我很好奇代工廠——通常，他們會說需要幾年才能建立晶圓廠，所以我們可能會短缺 2 年。

Do you have kind of a view on sustainability of the tightness?

您對密封性的可持續性有什麼看法？

Where traditionally lead times, they're stretched, but a bit shorter than building a fab.

在傳統上，交貨時間會延長，但比建造晶圓廠要短一些。

How long it looks like -- like if this looks like it may extend into next year at this stage?

它看起來有多長——如果這看起來可能會在這個階段延續到明年？

The wirebonder delivery right now is 1 year, is anywhere between 40 weeks to 52 weeks.

目前的銲線機交貨期為 1 年，介於 40 周到 52 週之間。

And that's the wirebonder delivery.

這就是引線鍵合機的交付。

In other words, whatever wirebonders that I've ordered now it won't be delivered until next year.

換句話說，無論我現在訂購什麼引線鍵合機，它都要到明年才能交付。

So the wirebonder lead time as well as the other equipment that go with the wirebonding line also got elongated.

因此，引線鍵合機的交貨時間以及與引線鍵合線配套的其他設備也被延長了。

The wirebonder demand right now is clearly above the efficiency improvement as well as the new capital equipment that we can receive this year.

目前的引線鍵合機需求明顯高於效率提升以及我們今年可以獲得的新資本設備。

So right now, the wirebonder is under allocation highly constrained.

所以現在，銲線機的分配受到高度限制。

Previously, I made a comment that for the whole year of 2021, we will see wirebond constraint.

之前，我曾評論說，在 2021 年全年，我們將看到引線鍵合約束。

My view remains the same, except that the wirebonder constraint might last a little bit longer.

我的觀點保持不變，除了銲線約束可能會持續更長時間。

The back-end equipment has a shorter lead time comparing to the fab, so I will not draw comparison between one to the other.

後端設備與晶圓廠相比，交貨時間較短，因此我不會在兩者之間進行比較。

But right now, the supply/demand imbalance is obvious for the whole industry, which is why many of our customers who already signed long-term agreement, and we are talking about how do we collectively through the design optimization, material standardization, we can collectively improve the efficiency to support them for 2021 as well as 2022.

但是現在，整個行業的供需失衡是很明顯的，這就是為什麼我們很多已經簽訂了長期協議的客戶，我們正在討論如何通過設計優化，材料標準化，我們可以共同提高效率，以支持他們在 2021 年和 2022 年。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And I guess just a follow-up.

我想只是後續行動。

If you could clarify, like the increase in CapEx, it sounds like that might be an area you could place order to get additional tools.

如果你能澄清一下，比如資本支出的增加，聽起來這可能是一個你可以訂購以獲得額外工具的領域。

So was there kind of a -- versus the prior framework where the new spend is directed?

那麼，與新支出所針對的先前框架相比，是否存在某種形式？

The CapEx right now is literally across the board.

現在的資本支出實際上是全面的。

We're seeing the test equipment.

我們看到了測試設備。

We're seeing the fan-out equipment.

我們看到了扇出設備。

We're seeing the bumping equipment.

我們看到了碰撞設備。

We're seeing the wirebond equipment.

我們看到了引線鍵合設備。

The -- almost all kinds of equipment where we're issuing CapEx.

我們發行資本支出的幾乎所有類型的設備。

Right now, we are working with our suppliers, trying to prioritize delivery schedules.

目前，我們正在與我們的供應商合作，試圖確定交付時間表的優先級。

In terms of the total equipment that we plan to order, we will stay at the up level -- the high level, if not exceeding last year.

就我們計劃訂購的總設備而言，我們將保持在較高的水平——即使不超過去年，也將保持在高水平。

In terms of the actual delivery, that is what we need to do from an operational perspective.

在實際交付方面，這是我們需要從運營角度做的。

Now why are we placing order, knowing that we have such a low lead time because our customers' development and product cycle as well as the long-term service agreement dictates that.

現在我們為什麼要下訂單，因為我們的客戶的開發和產品週期以及長期服務協議規定了我們的交貨時間如此之短。

We're working closely with our customer to understand the demand profile long term.

我們正在與客戶密切合作，以了解長期的需求概況。

And all of the capital equipment expansion, we'll take that into consideration.

以及所有的資本設備擴張，我們都會考慮到這一點。

The next caller we have is Gokul from JPMorgan.

下一位來電者是摩根大通的 Gokul。

My first question -- yes, can you hear me?

我的第一個問題——是的，你能聽到我說話嗎？

Yes.

是的。

We, can hear you.

我們，可以聽到你的聲音。

All right.

好的。

My first question, could you talk a little bit more in detail about what are you seeing?

我的第一個問題，你能更詳細地談談你所看到的嗎？

What are the nature of these longer-term commitment partners?

這些長期承諾合作夥伴的性質是什麼？

Are you talking about 2- to 3-year fixed price, fixed contact -- fixed volume kind of orders?

您是在談論 2 到 3 年的固定價格、固定聯繫方式——固定數量的訂單嗎？

What does that mean for ATM pricing, margins, et cetera?

這對 ATM 定價、利潤等意味著什麼？

And are these primarily for wirebond?

這些主要用於引線鍵合嗎？

Or are we also seeing this spread to other areas in advanced packaging as well?

或者我們是否也看到這種情況也蔓延到先進封裝的其他領域？

Could we talk in a little bit more detail about what are the nature news of these kind of longer-term committed orders that you're getting?

我們能否更詳細地談談您收到的這類長期承諾訂單的性質新聞？

The long-term service agreement depends on customer.

長期服務協議取決於客戶。

Each one is different.

每一個都是不同的。

I will not comment in detail on that.

我不會對此進行詳細評論。

The comment that I can make is the service agreement right now covers more than just the wirebonder.

我可以做的評論是，現在的服務協議不僅僅包括銲線機。

It was wirebonder the second half of 2020, and now we're spreading into flip chip and the other areas because we do see a general constraint of the assembly capacity.

那是 2020 年下半年的引線鍵合機，現在我們正在擴展到倒裝芯片和其他領域，因為我們確實看到了組裝能力的普遍限制。

In terms of the pricing environment, the pricing environment remains friendly.

在定價環境方面，定價環境依然友好。

But as you know, we do not do tactical pricing.

但如您所知，我們不進行戰術定價。

What we're doing right now is we're working closely with our customer to reflect the raw material and the other component pricing increase, we took that into account.

我們現在正在做的是我們正在與我們的客戶密切合作，以反映原材料和其他組件的價格上漲，我們考慮到了這一點。

And we're also working closely with customers on long-term service agreement in terms of total demand, the capacity we need to build on behalf of their demand.

我們還與客戶就總需求方面的長期服務協議密切合作，我們需要為他們的需求建立能力。

The only area that I would like to comment is there are specific sectors where we have a super hot run as well as the expedited product requirement.

我想評論的唯一領域是我們有超級熱運行以及加速產品需求的特定領域。

And normally, we will have the expedite fee to apply for those particular cases.

通常，我們將收取申請這些特殊案件的加急費。

But in general, the price environment remains friendly.

但總的來說，價格環境仍然友好。

And I believe that condition will at least applies to the whole year of 2021, if not longer.

我相信這種情況至少適用於 2021 年全年，如果不是更長的話。

If I may also ask about chiplets and the 2.5D, 3D packaging, clearly, a lot of your compute customers especially seem to be talking about this in a very aggressive fashion.

如果我還可以詢問有關小芯片和 2.5D、3D 封裝的問題，很明顯，您的許多計算客戶似乎都在以非常激進的方式談論這個問題。

Could we refresh what is ASE's view on this area.

我們能否刷新一下 ASE 對該領域的看法。

When we think about the CapEx increase, are we allocating some of that CapEx to your fan-out as well as 2.5D packaging efforts as well?

當我們考慮增加資本支出時，我們是否將部分資本支出分配給您的扇出以及 2.5D 封裝工作？

Or most of it is still going to come a little bit later?

或者大部分還是會晚一點出現？

Well, I think you can see from the general -- the mega trend you understand that for the 2.5D, the 3D or the chiplet, whichever architecture you're referring to, there has been growing acceptance as well as growing demand from all regions on all application sectors.

好吧，我想你可以從總體上看到——你理解的大趨勢，對於 2.5D、3D 或小芯片，無論你指的是哪種架構，所有地區的接受度和需求都在增長在所有應用領域。

So ASE has been developing with our key customer for those architecture.

因此，ASE 一直在與我們的主要客戶一起開發這些架構。

So the -- that has been in place for quite some time.

所以 - 這已經存在了很長一段時間。

Now the 2020 and the 2021 scenario as we're in right now has modified the situation a little bit in the sense that because we have long-term service agreements with all of our key customers, the chiplet, the 2.5D, the fan-out also becomes a strategic development requirement as part of that overall long-term service agreement.

現在，我們現在所處的 2020 年和 2021 年情景已經稍微改變了這種情況，因為我們與所有主要客戶、小芯片、2.5D、風扇-都有長期服務協議。作為整體長期服務協議的一部分，out 也成為一項戰略發展要求。

So in other words, as we're going through better delivery cycle with our key customers, we are expected to do more development with them trying to further improve the efficiency and the performance from an architectural standpoint as well as from a process point.

因此，換句話說，隨著我們與主要客戶一起經歷更好的交付週期，我們有望與他們進行更多的開發，以從架構的角度和流程的角度進一步提高效率和性能。

I'm not sure the exact question that you're asking, but I believe those are the answers that I can offer you today.

我不確定您要問的確切問題，但我相信這些是我今天可以為您提供的答案。

The next question will be coming from Bruce Lu, Goldman Sachs.

下一個問題將來自高盛的 Bruce Lu。

Bruce are you on the line?

布魯斯，你在線嗎？

Yes.

是的。

Yes.

是的。

A very great result.

一個非常棒的結果。

Can you give us a little bit more color in terms of 2021 ATM overall?

就 2021 年 ATM 的整體而言，你能給我們更多的色彩嗎？

I look at like the first quarter revenue was very strong.

我看起來第一季度的收入非常強勁。

Do you expect the same year-on-year performance for the whole year?

您預計全年的同比表現是否相同？

And also for the profitability, the gross margin seems to improve more than 2.5 percentage points already, but the company was guiding only that 2.5 percentage operating margin improvement.

而且就盈利能力而言，毛利率似乎已經提高了 2.5 個百分點以上，但該公司僅指導營業利潤率提高 2.5 個百分點。

I would be greedy to ask for a little bit more because of the operating level.

由於操作水平，我會貪婪地要求更多。

I think the overall growth momentum in terms of ATM remains to be strong.

我認為 ATM 的整體增長勢頭仍然強勁。

And in the previous earnings call, we were saying that we will be our overall growth will be 2x of the logic market growth.

在之前的財報電話會議中，我們說我們的整體增長將是邏輯市場增長的 2 倍。

And that -- I think that principle remains, and although we're seeing the overall industry is kind of -- growth is kind of stepping up, but we're -- because of the -- some of the capacity constraint, we're now saying that our overall growth should be growth the high end, which we actually said in the last call, we're saying the -- we're expecting the growth to be anywhere from 10% to 20%.

而且 - 我認為這個原則仍然存在，雖然我們看到整個行業有點 - 增長正在加快，但我們 - 因為 - 一些產能限制，我們'現在說我們的整體增長應該是高端增長，我們在上次電話會議中實際上說過，我們說的是——我們預計增長將在 10% 到 20% 之間。

And we are seeing that the growth likely to be reaching the high end of the range.

而且我們看到增長可能會達到該範圍的高端。

In terms of profitability, I think for the growth level, we'll continue to see sequential growth in our gross margin as we continue to enlarge our overall operation, also improving the efficiency that we have.

在盈利能力方面，我認為在增長水平上，隨著我們繼續擴大整體運營，我們將繼續看到我們的毛利率連續增長，同時提高我們的效率。

And for the whole year, we are very confident that we will be reaching the mid-20% level.

對於全年，我們非常有信心達到 20% 的水平。

The operating margin improvement that you mentioned is really on the consolidated basis on holdco level that we're projecting 2.5% to 3% improvement now.

您提到的營業利潤率改善實際上是在控股公司水平的綜合基礎上，我們現在預計改善 2.5% 至 3%。

So when it translates to ATM, of course, the improvement will be higher because we're setting the -- we're only setting the EMS operating margin target to be 4% for the year.

因此，當它轉化為 ATM 時，當然，改進會更高，因為我們正在設定 - 我們只是將 EMS 營業利潤率目標設定為今年的 4%。

Can I track down a little bit for the ATM gross margin improvement in the first quarter?

我可以追踪一下第一季度 ATM 毛利率的改善情況嗎？

The gross margin was improved by 180 bps compared to the previous quarter, but the earlier guidance for the first quarter of GPM for ATM is flat.

與上一季度相比，毛利率提高了 180 個基點，但早先對 ATM 第一季度 GPM 的指引持平。

So where are the positive surprise coming from?

那麼，積極的驚喜從何而來？

And can you also give us a rank in terms of the gross margin amount like different business in ATM, such as wirebonder, testing, flip chip, SIP, what was the rank for the gross margin now?

也可以給我們一個毛利率的排名，比如ATM中不同的業務，比如wirebonder，testing，flip chip，SIP，現在毛利率是多少？

We don't give separate gross margins in our different business.

我們不會在不同的業務中給出單獨的毛利率。

But as a whole, I think the improvement that we see -- that we saw in the gross profit margin in this quarter, largely coming from -- first of all, the higher-than-expected revenue that we can generate in the quarter.

但總的來說，我認為我們看到的改善——我們在本季度看到的毛利率，主要來自——首先，我們可以在本季度產生高於預期的收入。

The other is really -- we have a higher test revenue as well.

另一個是真的 - 我們也有更高的測試收入。

In terms of the percentage of our overall revenue, test percentage is higher than expected.

就我們整體收入的百分比而言，測試百分比高於預期。

So that leads to a better-than-expected gross margin performance in the quarter.

因此，這導致本季度的毛利率表現好於預期。

Just one additional comment.

只有一條附加評論。

The -- when we offered the guidance last year, we were planning for the seasonality.

- 當我們去年提供指導時，我們正在計劃季節性。

In other words, the communications sector will go through the typical Q1 and Q2 seasonality.

換言之，通信行業將經歷典型的 Q1 和 Q2 季節性。

At the time, we were planning on some of the equipment dealing with the communications sector might not be fully utilized as well as the test equipment as well as the assembly or the SIP equipment.

當時，我們正在計劃一些與通信部門打交道的設備以及測試設備以及組裝或SIP設備可能沒有得到充分利用。

What has transpired in the first quarter was because of the loading situation and strong demand, we were able to collectively cooperate with our customers, trying to utilize some of the idle equipment that would have been underutilized otherwise.

第一季度發生的情況是，由於負載情況和強勁的需求，我們能夠與客戶共同合作，試圖利用一些本來沒有充分利用的閒置設備。

And that, as a result improved the revenue stream as well as the gross profit.

結果，改善了收入流和毛利潤。

That is just another comment.

那隻是另一條評論。

We believe the similar thing will permeate into Q2.

我們相信類似的事情將滲透到第二季度。

In other words, what is unique about 2021 years, we sort of removed from the typical communication sector seasonality in Q1 and Q2.

換句話說，2021 年的獨特之處在於，我們在第一季度和第二季度擺脫了典型的通信行業季節性。

Now having said that, in Q3 and Q4, we will go through the reverse part of the seasonality.

話雖如此，在第三季度和第四季度，我們將經歷季節性的反向部分。

So right now, from the operation execution wise, we have to work very hard to secure all the supply, all the equipment and all the necessary resources to make sure that after clear Q1 execution, we exit Q2 well, and we can deal with the second half, including the ATM as well as SIP as well as the traditional seasonality of the communication sector.

所以現在，從運營執行的角度來看，我們必須非常努力地確保所有的供應、所有的設備和所有必要的資源，以確保在明確 Q1 執行之後，我們能夠很好地退出 Q2，並且我們可以應對下半年，包括ATM以及SIP以及通信行業的傳統季節性。

So overall, I think 2021 will be a very exciting year.

所以總的來說，我認為 2021 年將是非常激動人心的一年。

Now in terms of the supply situation, the cover (inaudible), covers lead frame, ABF substrate, capital equipment that you're all very familiar with, we will try to give you a quarter-to-quarter update.

現在就供貨情況而言，封面（聽不清），涵蓋了大家非常熟悉的引線框架、ABF 基板、資本設備，我們將努力為您提供季度更新。

As of today, we have done a decent Q1 because all of the factor that Ken, Joseph and I have just outlined, we are optimistic about Q2, and we're quite excited about the second half of 2021.

截至今天，我們已經完成了不錯的第一季度，因為肯、約瑟夫和我剛剛概述的所有因素，我們對第二季度持樂觀態度，我們對 2021 年下半年感到非常興奮。

I mean there is some headwind, the NT dollar that we have not discussed much about it, the other type of constraints, and of course, the general global political situation as well as the pandemic.

我的意思是有一些逆風，我們沒有過多討論的新台幣，其他類型的限制，當然還有全球政治局勢以及大流行。

But with all of this considered, we have given you the best guidance that we believe is pertinent to the current -- the uncertainty in scenario.

但考慮到所有這些，我們為您提供了我們認為與當前相關的最佳指導——情景中的不確定性。

I hope that clarifies a lot of the questions about Q1 and also the outlook for Q2 and the second half.

我希望這能澄清很多關於第一季度的問題，以及第二季度和下半年的前景。

Can I ask a question about the EMS?

我可以問一個關於 EMS 的問題嗎？

I mean the guidance for the second quarter for EMS grew about like 10% despite the typical low seasonality.

我的意思是，儘管典型的季節性低迷，EMS 第二季度的指引增長了大約 10%。

How much is due to the Asteelflash acquisition?

收購 Asteelflash 有多少？

And also the consumer segment in EMS in first quarter seems to go down -- went down a lot.

此外，第一季度 EMS 的消費部分似乎下降了——下降了很多。

Do you see a rebound in the second quarter as well for the consumer segment in EMS?

您是否認為第二季度 EMS 消費領域也會出現反彈？

Second quarter compared to first quarter, we're seeing that both the -- I think the -- really, it's the organic growth that we're going to see largely because of the sequential growth is mainly from the supply chain security continuity.

第二季度與第一季度相比，我們看到——我認為——真的，這是我們將看到的有機增長，主要是因為連續增長主要來自供應鏈安全連續性。

I think a lot of the customers are -- because in the whole value chain, there's constraints in terms of component and some of the material supply.

我認為很多客戶是——因為在整個價值鏈中，在組件和一些材料供應方面存在限制。

And I think some of the customers are really bumping up their inventory, hoping to get the -- get their safety stock go up.

而且我認為一些客戶真的在增加他們的庫存，希望得到 - 讓他們的安全庫存上升。

So we're seeing an uptick in second quarter, which is not a very -- not a typical second quarter performance, but that's what we're seeing now for our EMS business in second quarter.

所以我們在第二季度看到了上升，這不是一個非常 - 不是典型的第二季度表現，但這就是我們現在在第二季度看到我們的 EMS 業務的情況。

So the whole year -- how do we see the whole year revenue growth for the EMS because nowadays seasonality doesn't really seem to be a good reference anymore?

那麼全年——我們如何看待 EMS 的全年收入增長，因為現在季節性似乎不再是一個好的參考？

Like I said, the -- in terms of the overall EMS business, we're expecting kind of a 44-56 kind of split between the first and second half.

就像我說的那樣，就整體 EMS 業務而言，我們預計上半年和下半年之間會有 44-56 的比例。

So I think the -- going into the second half, we will see new products coming on screen, and we're seeing more product launching, and then we'll go back to the typical seasonality, seeing a stronger -- much stronger uptick in the second half.

所以我認為 - 進入下半年，我們將看到新產品出現在屏幕上，我們看到更多產品推出，然後我們將回到典型的季節性，看到更強勁 - 更強勁的上升在下半場。

Okay.

好的。

Let me try to squeeze one more question.

讓我試著再提一個問題。

I mean, we do see a somehow different production iteration rate, especially the wirebonder between AC and a lot of Chinese OSAT makers.

我的意思是，我們確實看到了某種不同的生產迭代率，尤其是 AC 和許多中國 OSAT 製造商之間的引線鍵合機。

I mean most of the companies in OSAT are having like extremely high iteration rate.

我的意思是 OSAT 中的大多數公司都具有極高的迭代率。

But China is high, but not -- it's like a step down comparing to most of the Taiwanese guys.

但中國很高，但不是——與大多數台灣人相比，這就像一個台階。

Can you let us know what happened and why is that?

你能告訴我們發生了什麼，為什麼會這樣嗎？

Well, I think the supply security applies somehow into that scenario.

好吧，我認為供應安全以某種方式適用於這種情況。

In other words, if a supplier that has a longer working relationship, who can cooperate, not only the assembly complexity for you, the quality, who can also secure better component molding compound as well as the lead frame and substrate supply, I believe that plays into the fact why people tend to place more order, even though it's on the allocation mode just to prefer to work with the ASC or our peers in Taiwan.

換句話說，如果一個供應商有更長的工作關係，誰可以合作，不僅為您提供組裝複雜性，質量，誰還可以確保更好的組件模塑料以及引線框架和基板供應，我相信解釋了為什麼人們傾向於下更多訂單的事實，即使它處於分配模式只是為了更喜歡與 ASC 或我們在台灣的同行合作。

I can't really comment on the China OSAT because I'm sure you know their scenario better than I do.

我不能對中國 OSAT 發表評論，因為我相信你比我更了解他們的情況。

But I think the product complexity, the product security and the geopolitical sentiment might play might not play into their decision.

但我認為產品複雜性、產品安全性和地緣政治情緒可能會影響他們的決定。

That you have to talk to the customers.

你必須與客戶交談。

But Ken, don't get me wrong.

但是肯，不要誤會我的意思。

I'm fully agreed that ASE should be -- should have a much stronger customer demand.

我完全同意 ASE 應該——應該有更強烈的客戶需求。

But your customers are actually buying or like are in serious shortage.

但是您的客戶實際上正在購買或喜歡嚴重短缺。

I mean they need to grab like the dying people, they grab whatever they have, right?

我的意思是，他們需要像垂死的人一樣去搶，搶他們所有的東西，對吧？

So the gap seems to be a bit larger than I expected.

所以差距似乎比我預期的要大一些。

So that's why I tried to get some color.

所以這就是為什麼我試圖獲得一些顏色。

That's precisely the point.

這正是重點。

I think when things are tight, I think most of the customer will look for the safest bands.

我認為當事情緊張時，我認為大多數客戶會尋找最安全的樂隊。

And given our scale and given the leverage that we have in terms of sourcing, capital equipment as well as materials.

鑑於我們的規模和我們在採購、資本設備和材料方面的影響力。

I think we are much safer bet to our customers.

我認為我們對客戶的賭注要安全得多。

That's one front.

那是一方面。

And the -- I think the other one is that given the geopolitical situation, I think there is a growing concern on the longer-term or mid- to longer-term sustainability of some of the Chinese players.

而且 - 我認為另一個是考慮到地緣政治局勢，我認為人們越來越擔心一些中國參與者的長期或中長期可持續性。

I think it does play into the current situation a bit.

我認為它確實有點影響當前的情況。

Next question is coming from Roland Shu of Citi.

下一個問題來自花旗的 Roland Shu。

Just one quick question on the CapEx.

只是關於資本支出的一個簡單問題。

So I think for today, I don't hear you update your total CapEx spending plan this year.

所以我認為今天，我沒有聽到你更新今年的總資本支出計劃。

So how is the CapEx spend being planned this year?

那麼今年的資本支出計劃如何？

I think Ken briefly mentioned that this year, we are expecting to spend roughly 10%, 15% more than we spent last year in terms of equipment CapEx.

我認為 Ken 簡要提到，今年我們預計在設備資本支出方面的支出比去年多 10%，比去年多 15%。

And this is really to support the surge in demand that we're seeing now.

這真的是為了支持我們現在看到的需求激增。

And although we are -- we kind of brought up the overall CapEx spending amount this year, but in terms of actual spending, it really depends on the delivery that we will have.

雖然我們 - 我們今年提高了整體資本支出支出金額，但就實際支出而言，這真的取決於我們將擁有的交付。

But nonetheless, I think that's the current situation.

但儘管如此，我認為這就是目前的情況。

We are upping our CapEx.

我們正在增加我們的資本支出。

And in terms of distribution, I think out of the total spending, roughly 65% would be for assembly, we're up 21% for tests, 12% for EMS and the rest for our material.

在分銷方面，我認為在總支出中，大約 65% 用於組裝，21% 用於測試，12% 用於 EMS，其餘用於我們的材料。

I think that will be the distribution for this year.

我認為這將是今年的分配。

Understood.

明白了。

So it sounds like I think that the total number should be somewhere around $1.9 billion to $2 billion, you are planning, right?

所以聽起來我認為總數應該在 19 億到 20 億美元左右，你正在計劃，對吧？

Yes.

是的。

Last year, we spent close to $1.7 billion.

去年，我們花費了近 17 億美元。

And this year...

而今年...

Yes, and 10% to 15% higher.

是的，而且高出 10% 到 15%。

Yes.

是的。

Correct.

正確的。

Yes.

是的。

Okay.

好的。

Cool.

涼爽的。

And then probably 80%, 85% for assembly and testing.

然後大概 80%、85% 用於組裝和測試。

So our question is when you look at TSMC's CapEx spending on advanced back-end and their mark making is going to be around $3 billion this year.

因此，我們的問題是，當您查看台積電在高級後端的資本支出時，他們今年的創紀錄將達到 30 億美元左右。

So this actually is much higher than your total spending, about $2 billion this year.

所以這實際上遠高於你今年的總支出，大約 20 億美元。

But does it mean that you have to raise CapEx spending significantly going forward, if you are going -- also doing -- trying to do more advanced packaging business?

但這是否意味著您必須在未來顯著提高資本支出，如果您打算——同時也在做——嘗試做更先進的封裝業務？

Well, the comment about the TSMC CapEx for the back-end.

好吧，關於後端的台積電資本支出的評論。

And I think the first clarification I would like to make is, you really cannot make a -- it's not a direct comparison.

我想我要澄清的第一個問題是，你真的不能做一個——這不是一個直接的比較。

The CapEx that they're referring to for their back-end versus the CapEx we are referring to for the assembly equipment are very, very different in nature.

他們所指的後端資本支出與我們所指的裝配設備資本支出在本質上是非常非常不同的。

If you really go back to the CapEx, the equipment list, and you understand that.

如果你真的回到資本支出、設備清單，你就會明白這一點。

So there is no direct comparison that I can draw between that levels.

因此，我無法在這些級別之間進行直接比較。

Now the second comment is the -- if our customers demand us to engage in the type of configuration or the architectural design where our customer are designing with foundry suppliers, then we are obligated to work with our customer to come up with our proposal.

現在第二條評論是——如果我們的客戶要求我們參與客戶與鑄造供應商一起設計的配置類型或架構設計，那麼我們有義務與客戶合作提出我們的建議。

Our proposal could be in the form of what the foundry is using, but it might not be in the form, and it's up to the customers how to design their packaging, the architecture with us.

我們的建議可能是代工廠使用的形式，但可能不是形式，這取決於客戶如何設計他們的包裝，與我們一起設計架構。

The -- so that is a hypothetical question.

- 所以這是一個假設性問題。

Right now, we are engaging with several customer trying to explore our end of the proposal.

現在，我們正在與幾位客戶接觸，試圖探索我們的提案的結束。

Now in some form, there will be overlap.

現在以某種形式，會有重疊。

But in the majority of the form, it will be quite different, right?

但在大多數形式中，它會完全不同，對吧？

So I don't believe our CapEx will be at the foundry level because in nature, it is extremely different.

所以我不相信我們的資本支出會處於代工廠級別，因為在本質上，它是非常不同的。

Also, in terms of -- the variety is also quite different because we're not dealing with the large high-volume capacity for a few customers.

此外，就 - 品種也有很大不同，因為我們沒有為少數客戶處理大容量容量。

The process and the architectural design we need to come up with has to be able to fit into the application segment for a basket or a number of customer interchangeably, and that is the key difference between the business model versus the CapEx.

我們需要提出的流程和架構設計必須能夠適應一個籃子或多個客戶的應用程序細分，這是商業模式與資本支出之間的關鍵區別。

Okay.

好的。

So, Ken, correct me if I'm wrong.

所以，肯，如果我錯了，請糾正我。

So you are pretty much meaning TSMC is building its technology and proprietary technology for their customers.

所以你的意思是台積電正在為他們的客戶構建其技術和專有技術。

And this technology probably is different from the platform technology, you are doing for customers product across the board.

而且這個技術很可能不同於平台技術，你是為客戶做的產品一刀切。

Am I reading you right on that?

我讀你的正確嗎？

Yes, that, I believe -- well, again, it's not what the ASE wants, it's what ASE customers want.

是的，我相信——好吧，再說一遍，這不是 ASE 想要的，而是 ASE 客戶想要的。

Understood.

明白了。

Okay.

好的。

And I think a follow-up question is for -- in the past, you said for every $1 CapEx you invest on assembly, it probably will generate about $1 new revenue in the first year and more than $1 new revenue generation for testing for the first year.

我認為一個後續問題是——在過去，你說你在組裝上每投資 1 美元的資本支出，它可能會在第一年產生大約 1 美元的新收入，並為測試產生超過 1 美元的新收入。第一年。

So for the CapEx you are spending now and because of this capacity tightening, are you still going to generate a similar return for the CapEx or investment you invest in your new capacity now?

因此，對於您現在正在支出的資本支出，並且由於這種產能緊縮，您是否仍將為您現在投資於新產能的資本支出或投資產生類似的回報？

Well, I think as a rule of thumb, $1 of investment in packaging, we can generate about $1.20 of revenue on any (inaudible) and for tests, $1 of investment can generate about $0.50 of revenue.

嗯，我認為根據經驗，1 美元的包裝投資，我們可以在任何（聽不清）上產生大約 1.20 美元的收入，對於測試，1 美元的投資可以產生大約 0.50 美元的收入。

So from a blended point perspective, I think $1 of -- what we're seeing is in terms of assembly and test, $1 of investment should generate $1 of revenue for us, a blended revenue for us to make it an economically viable investment.

因此，從混合的角度來看，我認為 1 美元——我們所看到的是在組裝和測試方面，1 美元的投資應該為我們帶來 1 美元的收入，我們的混合收入使其成為經濟上可行的投資。

I think the -- from a different angle to look at TSMC's investment into back-end, that's totally different scenario.

我認為——從不同的角度來看台積電對後端的投資，這是完全不同的情況。

Yes.

是的。

I know it's very different.

我知道這是非常不同的。

so in general, you said for the back-end, you probably will have -- for every $1 investment, you probably will generate $1 return.

所以一般來說，你說後端，你可能會——每 1 美元的投資，你可能會產生 1 美元的回報。

So this is still the thumb rule still valid, right?

所以這仍然是拇指規則仍然有效，對吧？

That's still the rule, yes.

這仍然是規則，是的。

The next caller we have is Szeho Ng.

下一位來電者是 Szeho Ng。

Szeho, you're working 9-6?

Szeho，你朝九晚六工作？

I'm in Hong Kong.

我在香港。

Yes.

是的。

I have 2 questions for you guys.

我有2個問題要問你們。

Anyway, a good result.

總之，結果不錯。

First one regarding the wirebond delivery, I recall that in Q1, you got roughly a thousand hundred wirebonders, right?

第一個關於引線鍵合的交付，我記得在第一季度，您大約有 1000 根引線鍵合機，對吧？

So I basically want to note the wirebonder delivery schedule for the rest of this year.

所以我基本上想注意今年剩餘時間的引線鍵合機交付時間表。

I think currently, we're looking at 3,500 to 4,000 bonders for this year addition.

我認為目前，我們正在考慮今年增加 3,500 至 4,000 名保稅人。

And we're expecting full delivery by maybe October, November time frame.

我們預計可能在 10 月、11 月的時間框架內全部交付。

It will be delivered progressively.

它將逐步交付。

And I think full delivery were expected by October, November time frame.

我認為在 10 月、11 月的時間框架內預計會全部交付。

Okay.

好的。

Got you.

得到你。

Okay.

好的。

All right.

好的。

And then the other one is on the housekeeping.

然後另一個是做家務。

What is the utilization for your wirebonder business and testing back in Q1?

Q1 中您的銲線機業務和測試的利用率如何？

Where rough number would be fine?

粗略的數字在哪裡可以？

I think in terms of packaging, we're around 85% and for tests around 80%.

我認為在包裝方面，我們大約是 85%，測試大約是 80%。

That's go at peak utilization, right, I believe?

那是在高峰利用率，對吧，我相信？

Yes, that's pretty much -- we're pretty much maxed out.

是的，這差不多 - 我們幾乎已經用盡了。

Okay.

好的。

Good.

好的。

And last one, on the dividend policy, any update compared with 3 months ago?

最後一個，關於股息政策，與 3 個月前相比有什麼更新嗎？

No.

不。

I think we've announced it already.

我想我們已經宣布了。

It's going to be $4.2 this year, and the payout ratio is roughly 65%.

今年將是 4.2 美元，派息率約為 65%。

Okay.

好的。

And that will be the rule of thumb for the future -- at least for the near future, right?

這將是未來的經驗法則——至少在不久的將來，對吧？

Yes.

是的。

Yes.

是的。

We don't have any additional hand raisers in the queue.

我們在隊列中沒有任何額外的舉手者。

(Operator Instructions) Okay.

（操作員說明）好的。

Thank you for attending our first quarter earnings release.

感謝您參加我們的第一季度收益發布。

See you next time.

下次見。

Thank you.

謝謝你。

Thank you.

謝謝你。