奇景光電 (HIMX) 2021 Q3 法說會逐字稿

Hello, ladies and gentlemen.

你好，女士們，先生們。

Welcome to the Himax Technologies, Inc.

歡迎來到 Himax Technologies, Inc.

Third Quarter 2021 Earnings Conference Call.

2021 年第三季度收益電話會議。

At this (Operator Instructions) As a reminder, this conference is being recorded.

在此（操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Mr. Mark Schwalenberg from MZ Group.

我現在想將會議轉交給您的主持人，來自 MZ Group 的 Mark Schwalenberg 先生。

Thank you, Renz.

謝謝你，倫茨。

Welcome, everyone, to Himax's Third Quarter 2021 Earnings Call.

歡迎大家參加奇景光電 2021 年第三季度財報電話會議。

Joining us from the Company are Mr. Jordan Wu, President and Chief Executive Officer; Ms. Jessica Pan, Chief Financial Officer; and Mr. Eric Li, Chief IR/PR Officer.

從公司加入我們的是總裁兼首席執行官Jordan Wu先生；傑西卡潘女士，首席財務官；以及首席投資者關係/公關官 Eric Li 先生。

After the Company's prepared comments, we have allocated time for questions in a Q&A session.

在公司準備好評論後，我們安排了問答環節的提問時間。

If you have not yet received a copy of today's results release, please e-mail himx@mzgroup.us.

如果您尚未收到今天發布的結果副本，請發送電子郵件至 himx@mzgroup.us。

Access the press release on financial portals or download a copy from Himax's website at www.himax.com.tw.

訪問金融門戶網站上的新聞稿或從 Himax 的網站 www.himax.com.tw 下載副本。

Unless otherwise specified, we will discuss our financials based on non-IFRS measures.

除非另有說明，否則我們將根據非 IFRS 措施討論我們的財務狀況。

You can find the related reconciliation to IFRS on our website.

您可以在我們的網站上找到與 IFRS 的相關對賬。

Before we begin the formal remarks, I'd like to remind everyone that some of the statements in this conference call, including statements regarding expected future financial results and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this conference call.

在我們開始正式發言之前，我想提醒大家，本次電話會議中的一些陳述，包括關於預期未來財務業績和行業增長的陳述是前瞻性陳述，涉及可能導致的許多風險和不確定性實際事件或結果與本次電話會議中描述的事件或結果存在重大差異。

The factors include, but are not limited to, the effect of the COVID-19 pandemic on the Company's business, general business and economic conditions and the state of the semiconductor industry, market acceptance and competitiveness of the driver and nondriver products developed by the Company, demand for end-use applications products, reliance on a small group of principal customers, the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property, pricing pressures, including declines in average selling prices; changes in customer order patterns; changes in estimated full year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations, regulatory approvals for further investment in our subsidiaries; our ability to collect our accounts receivable and manage inventory and other risks described from time to time in the Company's SEC filings, including those risks identified in the section entitled Risk Factors in its Form 20-F for the year ended December 31, 2020, filed with the SEC as may be amended.

這些因素包括但不限於 COVID-19 大流行對公司業務、一般業務和經濟狀況以及半導體行業狀況的影響、公司開發的驅動和非驅動產品的市場接受度和競爭力，對終端應用產品的需求，對一小部分主要客戶的依賴，技術創新持續成功的不確定性；我們開發和保護我們的知識產權的能力、定價壓力，包括平均售價的下降；客戶訂單模式的變化；估計全年有效稅率的變化；關鍵零部件供應短缺；環境法律法規的變化；出口管理條例 (EAR) 規定的出口許可證變更；匯率波動、監管部門批准對我們的子公司進行進一步投資；我們收集應收賬款和管理庫存的能力以及公司提交給美國證券交易委員會的文件中不時描述的其他風險，包括提交的截至 2020 年 12 月 31 日的 20-F 表格中標題為風險因素的部分中確定的風險與美國證券交易委員會（SEC）可能會進行修訂。

Except for the Company's full year of 2020 financials, which were provided in the Company's 20-F and filed with the SEC on March 31, 2021, the financial information included in this conference call is unaudited and consolidated and prepared in accordance with IFRS accounting.

除公司 20-F 提供並於 2021 年 3 月 31 日向 SEC 提交的公司 2020 年全年財務數據外，本次電話會議中包含的財務信息未經審計，並根據 IFRS 會計準則進行合併和編制。

Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and external audits by an independent auditor to which we subject our annual consolidated financial statements and may vary materially from the audited consolidated financial information for the same period.

此類財務信息由內部生成，並未接受相同的審查和審查，包括我們對年度合併財務報表進行審計的獨立審計師的內部審計程序和外部審計，並且可能與本年度的經審計合併財務信息存在重大差異同一時期。

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

公司不承擔因新信息、未來事件或其他原因而公開更新或修改任何前瞻性陳述的義務。

I will now turn the call over to Mr. Eric Li.

我現在將把電話轉給 Eric Li 先生。

Eric, the floor is yours.

埃里克，地板是你的。

Thank you, Mark, and thank you everybody for joining us.

謝謝你，馬克，也謝謝大家加入我們。

My name is Eric Li, and I am the Chief IR/PR Officer.

我叫 Eric Li，是首席 IR/PR 官。

Joining me are Jordan Wu, our CEO; and Jessica Pan, our CFO.

加入我的還有我們的首席執行官 Jordan Wu；和我們的首席財務官Jessica Pan。

On today's call, I will first review Himax's consolidated financial performance for the third quarter of 2021, followed by the fourth quarter 2021 outlook.

在今天的電話會議上，我將首先回顧 Himax 2021 年第三季度的綜合財務業績，然後是 2021 年第四季度的展望。

Jordan will then give an update on the status of our business, after which we will take questions.

喬丹隨後將提供我們業務狀況的最新信息，之後我們將回答問題。

Our third quarter revenue met guidance issued on August 5th, while gross margin and EPS were both at the upper range of the guidance.

我們第三季度的收入達到了 8 月 5 日發布的指導，而毛利率和每股收益都在指導的上限範圍內。

Revenue, gross margin and EPS, again, all reached all-time highs in the third quarter of 2021.

收入、毛利率和每股收益在 2021 年第三季度再次創下歷史新高。

For the third quarter, we recorded net revenues of $420.9 million, an increase of 15.2% sequentially and an increase of 75.4% compared to the same period of last year.

第三季度，我們錄得淨收入 4.209 億美元，環比增長 15.2%，比去年同期增長 75.4%。

The sequential increase was at the middle range of the guidance of an increase of around 13% to 17% quarter-over-quarter.

環比增長處於指導值的中間範圍，環比增長約 13% 至 17%。

The 51.7% gross margin, at the upper range of the guidance of 50.5% to 52% was an increase from the already high level of 47.5% for the second quarter 2021.

51.7% 的毛利率處於 50.5% 至 52% 的指導上限，比 2021 年第二季度已經很高的 47.5% 水平有所提高。

Non-IFRS profit per diluted ADS was 79.5 cents, at the upper end of the estimate of 75.0 cents to 81.0 cents.

攤薄後的每份 ADS 的非 IFRS 利潤為 79.5 美分，處於 75.0 美分至 81.0 美分估計值的上限。

IFRS profit per diluted ADS was 68.0 cents towards the upper range of the guidance of 63.0 cents to 69.0 cents.

IFRS 每攤薄 ADS 利潤為 68.0 美分，接近 63.0 美分至 69.0 美分的指導上限。

Revenue from large display drivers was $117.6 million in Q3, up 37.6% sequentially and more than doubled year-over-year, with sales growing through all 3 major product areas, namely TV, monitor and notebook.

第三季度來自大型顯示驅動器的收入為 1.176 億美元，環比增長 37.6%，同比增長一倍多，銷售額在電視、顯示器和筆記本電腦這三個主要產品領域均實現增長。

Both monitor and notebook IC revenues delivered impressive growth of around 60% sequentially as a result of persisting IT demand derived from remote working and the distance schooling.

由於遠程工作和遠程教育帶來的持續 IT 需求，顯示器和筆記本 IC 收入均實現了約 60% 的環比增長。

TV revenue was up over 20% sequentially, mainly due to strong shipments of high-end TV products, including those for a world-leading end customer despite a dip in worldwide TV shipment during the quarter.

電視收入環比增長超過 20%，主要是由於高端電視產品出貨量強勁，其中包括面向世界領先終端客戶的產品，儘管本季度全球電視出貨量有所下降。

Large panel driver IC accounted for 27.9% of total revenues for this quarter, compared to 23.4% in the second quarter of 2021 and 23.2% a year ago.

大型面板驅動 IC 佔本季度總收入的 27.9%，而 2021 年第二季度為 23.4%，一年前為 23.2%。

Small and medium-sized display driver saw resilient sales with revenue of $252.3 million, up 9.4% sequentially and up 66.4% year-over-year.

中小型顯示驅動器的銷售表現強勁，收入為 2.523 億美元，環比增長 9.4%，同比增長 66.4%。

Automotive segment continued strong growth momentum and delivered a more than 30% sequential increase in Q3.

汽車板塊繼續保持強勁增長勢頭，第三季度環比增長超過 30%。

Our automotive segment has repeatedly been the fastest-growing sector among the small and medium sized display driver segment.

我們的汽車領域一再成為中小型顯示驅動器領域中增長最快的領域。

Tablet sales demonstrated another consecutive sequential increase, up low-teens quarter-over-quarter, while smartphone sales posted single-digit sequential decline, reflecting our capacity allocation decision, favoring tablet over smartphone.

平板電腦銷量再次連續環比增長，環比增長低至十幾歲，而智能手機銷量環比下降個位數，反映了我們的產能分配決策，平板電腦勝過智能手機。

Small and medium-sized driver IC segment accounted for 59.9% of total sales for the quarter, compared to 63.1% in previous quarter and 63.2% a year ago.

本季度中小型驅動IC部分佔總銷售額的59.9%，上一季度為63.1%，一年前為63.2%。

The third quarter smartphone sales reached $77.1 million, as mentioned earlier, down single digit sequentially but up more than 20% compared to the same period last year.

如前所述，第三季度智能手機銷售額達到 7710 萬美元，環比下降個位數，但與去年同期相比增長超過 20%。

The smartphone segment represented around 18% of our total sales in Q3.

智能手機部分占我們第三季度總銷售額的 18% 左右。

Even with lower sales, our smartphone TDDI sales were still capped by severe capacity constraints.

即使銷售額下降，我們的智能手機 TDDI 銷售額仍然受到嚴重的產能限制。

As highlighted many times before, our smartphone and tablet TDDI share the same process pool.

正如之前多次強調的那樣，我們的智能手機和平板電腦 TDDI 共享同一個進程池。

We continued with our strategy to favor tablet TDDI shipment over smartphone as we are the preferred main or sole-source vendor for major non-iOS tablet names.

由於我們是主要非 iOS 平板電腦名稱的首選主要或獨家供應商，因此我們繼續執行我們的戰略，以支持平板電腦 TDDI 出貨量而不是智能手機。

Sales of traditional smartphone display driver grew strongly in Q3 as expected due to seasonal demand from key customers.

由於主要客戶的季節性需求，傳統智能手機顯示驅動器的銷售在第三季度如預期強勁增長。

Nevertheless, the traditional smartphone DDICs are quickly being replaced by TDDI and AMOLED.

儘管如此，傳統的智能手機 DDIC 正在迅速被 TDDI 和 AMOLED 所取代。

Our tablet revenue made another record high in third quarter, reaching $94.3 million in sales that grew low-teens sequentially and were up more than 75% year-over-year.

我們的平板電腦收入在第三季度再創歷史新高，銷售額達到 9430 萬美元，環比增長低至十幾歲，同比增長超過 75%。

Our tablet sales continued to grow with accelerated TDDI penetration among leading non-iOS names where we continued to enjoy leading market share.

隨著 TDDI 在領先的非 iOS 品牌中的加速滲透，我們的平板電腦銷量繼續增長，我們繼續享有領先的市場份額。

Our position is particularly strong in higher-end areas such as active stylus design, high frame rate and bigger sized tablet.

我們在主動式觸控筆設計、高幀率和更大尺寸的平板電腦等高端領域的地位尤其強大。

It's worth highlighting that shipment of TDDI with active stylus feature already represented over 30% of tablet TDDI sales in Q3.

值得強調的是，具有主動觸控筆功能的 TDDI 出貨量已佔第三季度平板電腦 TDDI 銷售額的 30% 以上。

Yet our shipments were still limited by ongoing industry-wide capacity shortage.

然而，我們的出貨量仍然受到全行業持續的產能短缺的限制。

Revenue of traditional discrete driver ICs for tablet was up single digit sequentially in third quarter, while its market continued to be quickly eroded by TDDI.

平板電腦傳統分立驅動IC收入在第三季度環比增長個位數，而其市場繼續被TDDI快速蠶食。

Tablet revenue in this quarter represented the highest sales proportion of all product lines and accounted for more than 22% total sales.

本季度平板電腦收入在所有產品線中的銷售額佔比最高，佔總銷售額的22%以上。

Our third quarter driver IC revenue for automotive amounted to $71.6 million, up 34.3% sequentially and up more than 150% year-over-year, attributable to our market share gains in an expanding market as panels inside a car continue to grow in both quantity and size.

我們第三季度的汽車驅動 IC 收入達到 7160 萬美元，環比增長 34.3%，同比增長超過 150%，這歸因於我們在不斷擴大的市場中的市場份額增加，因為汽車內的面板在兩個數量上都繼續增長和大小。

Automotive driver IC business accounted for around 17% of total revenues in the quarter.

汽車驅動IC業務佔本季度總收入的17%左右。

As a reminder, automotive driver ICs enjoy high gross margins and higher revenue contribution from automotive can bolster our corporate gross margin.

提醒一下，汽車驅動 IC 的毛利率很高，而來自汽車的更高收入貢獻可以提高我們的企業毛利率。

We expect to see robust and sustainable growth in this area for the coming quarters.

我們預計未來幾個季度該領域將出現強勁且可持續的增長。

Jordan will elaborate on this in a few minutes.

喬丹將在幾分鐘內詳細說明這一點。

Third quarter revenue from our non-driver business was $51 million, up mid-single digits sequentially and up more than 50% year-over-year.

第三季度我們非司機業務的收入為 5100 萬美元，環比增長中個位數，同比增長超過 50%。

Tcon business registered a mid-teens sequential growth and was up more than 140% year-over-year, driven by high value-added product area such as the 4K/8K TV, gaming monitor and low power notebook.

Tcon 業務在 4K/8K 電視、遊戲顯示器和低功耗筆記本電腦等高附加值產品領域的推動下，實現了 10 年左右的環比增長，同比增長超過 140%。

Non-driver products in Q3 accounted for 12.2% of total revenue as compared to 13.5% in the second quarter of 2021 and 13.6% a year ago.

第三季度非驅動產品佔總收入的 12.2%，而 2021 年第二季度為 13.5%，一年前為 13.6%。

Non-IFRS gross margin for the third quarter was 51.7%, up 4.2 percentage points from 47.5% of the previous quarter and greatly increased from 22.4% of the same period last year.

第三季度非國際財務報告準則毛利率為51.7%，比上一季度的47.5%上升4.2個百分點，較去年同期的22.4%大幅提升。

IFRS gross margin was 51.5% for the quarter.

本季度國際財務報告準則毛利率為 51.5%。

The sequential increase was mainly a reflection of the tight foundry capacity which resulted in a more favorable IC pricing and the product mix.

環比增長主要反映了代工產能緊張，導致 IC 定價和產品組合更加有利。

Our non-IFRS operating expenses for the third quarter were $44.5 million, up 13.1% from the previous quarter and up 14.2% from a year ago, mainly because of increased salary and R&D expenses.

我們第三季度的非國際財務報告準則運營費用為 4450 萬美元，比上一季度增長 13.1%，比去年同期增長 14.2%，主要是因為工資和研發費用增加。

IFRS operating expenses were $68.5 million in the third quarter, up 73.1% from the preceding quarter and up 55.1% from a year ago.

第三季度國際財務報告準則運營費用為 6850 萬美元，比上一季度增長 73.1%，比去年同期增長 55.1%。

The difference is mainly due to the annual bonus compensation we award employees at the end of September each year.

差異主要是由於我們在每年9月底獎勵員工的年度獎金補償。

This year, the annual bonus compensation, including RSUs and the cash payout was in line with the guidance we mentioned on last earnings call that totaled $74.7 million, out of which $24.8 million was immediately invested in the third quarter.

今年，包括 RSU 和現金支付在內的年度獎金薪酬符合我們在上次財報電話會議上提到的總額 7470 萬美元的指導，其中 2480 萬美元立即投資於第三季度。

The remainder will be equally vested in the first, second and third anniversaries of the grant date.

剩餘部分將在授予日的第一、二、三週年等額分配。

Reflecting the higher sales and better gross margin, non-IFRS operating income was $173.4 million or 41.2% of sales versus 36.8% of sales in the last quarter.

反映更高的銷售額和更高的毛利率，非國際財務報告準則營業收入為 1.734 億美元，佔銷售額的 41.2%，而上一季度佔銷售額的 36.8%。

Again, both operating income and operating margin reached historical highs.

營業收入和營業利潤率再次創歷史新高。

Non-IFRS after-tax profit was $138.9 million or 79.5 cents per diluted ADS, a new record high and up significantly from $109.1 million or 62.4 cents per diluted ADS of the last quarter.

非國際財務報告準則稅後利潤為 1.389 億美元或每股攤薄後的美國存託憑證 79.5 美分，創歷史新高，遠高於上一季度的 1.091 億美元或每股攤薄後的美國存託憑證 62.4 美分。

Turning to the balance sheet, we had $250.8 million of cash, cash equivalents and other financial assets as of September 30, 2021, compared to $142.9 million at the same time last year and $270.4 million a quarter ago.

轉向資產負債表，截至 2021 年 9 月 30 日，我們擁有 2.508 億美元的現金、現金等價物和其他金融資產，而去年同期為 1.429 億美元，上一季度為 2.704 億美元。

The lower cash balance was derived mainly from $47.4 million payment of cash dividends and payments made for the purpose of securing long-term foundry capacity, somewhat offset by payments received from the customers for the purpose of securing their long-term chip supply.

較低的現金餘額主要是由於支付了 4,740 萬美元的現金股息和為確保長期代工產能而支付的款項，這在一定程度上被客戶為確保其長期芯片供應而支付的款項所抵消。

The third quarter saw a strong operating cash inflow of $60.5 million, compared to $33.5 million at the same time last year but lower than $85.2 million a quarter ago for the same reasons stated above.

第三季度營業現金流入強勁，為 6050 萬美元，去年同期為 3350 萬美元，但低於上一季度的 8520 萬美元，原因與上述相同。

Restricted cash was $156.8 million at the end of Q3, compared to $112.1 million a quarter ago and $104 million a year ago.

截至第三季度末，受限現金為 1.568 億美元，而上一季度為 1.121 億美元，一年前為 1.04 億美元。

The restricted cash was mainly used to guarantee the short-term secured borrowings for the same amount.

受限現金主要用於為等額的短期擔保借款提供擔保。

We had $54.0 million of long-term unsecured loan as of end of Q3, of which $6.0 million was current portion.

截至第三季度末，我們有 5400 萬美元的長期無抵押貸款，其中 600 萬美元是流動部分。

Our quarter end inventories were $160.9 million, up from $134.2 million last quarter and up from $125.7 million a year ago.

我們的季度末庫存為 1.609 億美元，高於上一季度的 1.342 億美元，高於一年前的 1.257 億美元。

Amid tight foundry capacity where demand still far outpaces supply, we continue to pursue an aggressive inventory buildup strategy.

在需求仍然遠遠超過供應的情況下，我們繼續追求積極的庫存積累策略。

The vast majority of our inventory position now is composed of work-in-progress goods, while finished goods are promptly shipped as soon as they are ready.

我們現在的絕大多數庫存狀況都是由在製品組成的，而成品一旦準備好就會立即發貨。

Accounts receivable at the end of September 2021 was $400.9 million, up from $329 million last quarter and up from $221.1 million a year ago due to higher sales.

由於銷售額增加，截至 2021 年 9 月末的應收賬款為 4.009 億美元，高於上一季度的 3.29 億美元，高於一年前的 2.211 億美元。

DSO was 100 days at quarter end, as compared to 99 days a year ago and 88 days at the end of last quarter.

季度末 DSO 為 100 天，而去年同期為 99 天，上一季度末為 88 天。

Third quarter capital expenditures were $2.1 million versus $1.4 million last quarter and $1.2 million a year ago.

第三季度資本支出為 210 萬美元，上一季度為 140 萬美元，一年前為 120 萬美元。

The third quarter CapEx was mainly for R&D-related equipment for our IC design business.

第三季度資本支出主要用於我們 IC 設計業務的研發相關設備。

As of September 30, 2021, Himax had 174.3 million ADS outstanding, little changed from last quarter.

截至 2021 年 9 月 30 日，Himax 的 ADS 餘額為 1.743 億份，與上一季度相比變化不大。

On a fully diluted basis, the total amount of ADS outstanding was 174.7 million.

在完全攤薄的基礎上，未償還的 ADS 總量為 1.747 億股。

Now turning to our fourth quarter 2021 guidance.

現在轉向我們的 2021 年第四季度指導。

For the fourth quarter, we expect further revenue growth from the already high level of Q3 2021.

對於第四季度，我們預計收入將比 2021 年第三季度已經很高的水平進一步增長。

We expect revenues to increase by 4% to 8% sequentially.

我們預計收入將環比增長 4% 至 8%。

Non-IFRS gross margin is expected to be around 50%, depending on the final product mix.

非國際財務報告準則毛利率預計約為 50%，具體取決於最終產品組合。

Non-IFRS profit attributable to shareholders is expected to be in range of 78.0 to 83.0 cents per fully diluted ADS.

股東應佔非國際財務報告準則的利潤預計在每股完全攤薄後的美國存託憑證 78.0 至 83.0 美分之間。

IFRS profit attributable to shareholders is estimated to be in the range of 74.5 to 79.5 cents per fully diluted ADS.

根據國際財務報告準則，股東應占利潤估計在每股完全攤薄後的美國存託憑證 74.5 至 79.5 美分之間。

I would now like to turn the call over to Jordan.

我現在想把電話轉給喬丹。

Jordan, the floor is yours.

喬丹，地板是你的。

Thank you, Eric.

謝謝你，埃里克。

At this moment, we still feel the pressure amid stringent wafer capacity shortage in the mature process nodes where we are mainly anchored.

目前，在我們主要錨定的成熟製程節點，我們仍然感受到晶圓產能嚴重短缺的壓力。

While the semiconductor industry continues to push towards advanced process nodes for applications such as 5G and HPC that demand high processing power, the system implementations of these applications also boost the demand for various companion chips such as PMIC, CIS and display driver that all share similar mature process pools.

雖然半導體行業繼續推動 5G 和 HPC 等需要高處理能力的應用的先進工藝節點，但這些應用的系統實現也推動了對各種配套芯片的需求，如 PMIC、CIS 和顯示驅動器，它們都共享相似的成熟的進程池。

In addition, major increases of wafer consumption also come from a few fast-growing new areas such as AIoT and EV which also require mature process nodes.

此外，晶圓消費量的大幅增長還來自一些快速增長的新領域，例如 AIoT 和 EV，這些領域也需要成熟的工藝節點。

As we have highlighted many times, the industry has lacked major mature process capacity investment in years and the explosive demand from the above applications has led to significant capacity shortage.

正如我們多次強調的那樣，該行業多年來缺乏主要的成熟工藝產能投資，上述應用的爆炸性需求導致產能嚴重短缺。

The display driver industry has been among the most impacted by the severe foundry shortage since the beginning of last year, and its supply-demand imbalance was exacerbated by the surging demands of some applications triggered by the pandemic.

顯示驅動行業是自去年初以來受嚴重的代工短缺影響最大的行業之一，而疫情引發的部分應用需求激增加劇了其供需失衡。

We believe the supply-demand imbalance will continue well into 2022.

我們認為，供需失衡將持續到 2022 年。

As such, we have made a long-term strategic decision to enter into multi-year contractual supply agreements with our foundry partners covering a wide range of product lines, including large display drivers, tablet and smartphone TDDIs, automotive and even OLED drivers to safeguard the capacity needed for our short-term and long-term business.

因此，我們做出了一項長期戰略決策，與我們的代工合作夥伴簽訂多年合同供應協議，涵蓋廣泛的產品線，包括大型顯示器驅動器、平板電腦和智能手機 TDDI、汽車甚至 OLED 驅動器，以保障我們短期和長期業務所需的能力。

Naturally, in entering into supply agreements, our strategies toward some applications, notably automotive and OLED, are more aggressive than others.

自然，在簽訂供應協議時，我們針對某些應用（尤其是汽車和 OLED）的戰略比其他應用更具侵略性。

Backed by solid supply agreements, the automotive segment is on track to become our single largest revenue contributor starting 2022 and we will be able to solidify our leading position by further widening the gap with our competitors.

在穩固的供應協議的支持下，汽車部門有望從 2022 年開始成為我們最大的單一收入貢獻者，我們將能夠通過進一步擴大與競爭對手的差距來鞏固我們的領先地位。

Meanwhile, we also seek out similar contractual arrangements with many panel houses and certain leading end customers, whereby customers make prepayments or deposits to us to secure their long-term chip supplies.

同時，我們還與多家面板廠和某些主要終端客戶尋求類似的合同安排，客戶向我們支付預付款或押金，以確保其長期的芯片供應。

All of these contractual arrangements are made following meticulous calculations of in-depth supply-demand projections among parties and typically cover the quantity deemed necessary to sustain the parties' businesses.

所有這些合同安排都是在對各方之間的深入供需預測進行細緻計算後製定的，通常涵蓋維持各方業務所需的數量。

They help alleviate the capacity pressure and are poised to boost collective organic growth of our customers, foundry partners and ourselves for the next few years.

它們有助於緩解產能壓力，並準備在未來幾年促進我們的客戶、代工合作夥伴和我們自己的集體有機增長。

Looking ahead to 2022, backed by secured capacity arrangements, the foundry capacity available to us is set to increase compared to this year, especially for automotive segment, covering both traditional display drivers and TDDI where the overall shortage across the industry is expected to be the most severe.

展望 2022 年，在有保障的產能安排的支持下，我們可用的代工產能將比今年增加，尤其是汽車領域，涵蓋傳統顯示驅動器和 TDDI，預計整個行業的整體短缺將是最嚴重。

Revenue-wise, we are particularly upbeat about the growth prospects of a few high-margin product areas.

在收入方面，我們對一些高利潤產品領域的增長前景特別樂觀。

The most notable of these is the automotive sector, where the robust demand for traditional driver IC is backed by strong capacity support while TDDI, which we pioneered in mass production is on track to grow exponentially from this quarter onwards.

其中最引人注目的是汽車行業，該行業對傳統驅動 IC 的強勁需求得到了強大的產能支持，而我們率先量產的 TDDI 有望從本季度開始呈指數級增長。

Moreover, non-driver products, especially our high-end Tcon and WiseEye ultralow power AI solution, a new addition to our revenue stream, are slated for vigorous growth in the next few years.

此外，非驅動產品，尤其是我們的高端 Tcon 和 WiseEye 超低功耗 AI 解決方案，是我們收入來源的新成員，預計在未來幾年內將實現強勁增長。

The strength in these high-margin businesses will provide a solid support for our corporate margin.

這些高利潤率業務的實力將為我們的企業利潤率提供堅實的支持。

Again, gross margin expansion will continue to be one of our major business goals.

同樣，毛利率擴張將繼續是我們的主要業務目標之一。

We expect a more diversified and balanced portfolio across sectors and are confident to deliver both top and bottom line growth in 2022.

我們預計跨行業的投資組合將更加多元化和平衡，並有信心在 2022 年實現收入和利潤增長。

With that, now let us start with an update on the large panel driver IC business.

有了這個，現在讓我們從大型面板驅動IC業務的更新開始。

For the fourth quarter, large display driver IC revenue is projected to increase by high-single digit sequentially.

第四季度，大型顯示驅動IC收入預計環比增長高個位數。

The buoyant market growth we experienced for notebook and monitor is expected to extend into Q4 with more than 20% sequential sales increase in both sectors.

我們在筆記本電腦和顯示器方面經歷的強勁市場增長預計將延續到第四季度，這兩個行業的銷售額環比增長超過 20%。

Conversely, our Q4 TV driver sales are expected to drop slightly due mainly to softer end market demand.

相反，由於終端市場需求疲軟，我們的第四季度電視驅動器銷售預計將略有下降。

While we faced partial market softness, we are armed with a diversified and comprehensive product offering covering TV, monitor and notebooks which allows us to take swift actions together with our customers and suppliers to redirect the production towards where market demand stays strong.

雖然我們面臨部分市場疲軟，但我們擁有涵蓋電視、顯示器和筆記本電腦的多元化和全面的產品供應，這使我們能夠與客戶和供應商一起迅速採取行動，將生產轉向市場需求保持強勁的地方。

Looking into 2022, backed by tight strategic relationships with some of the leading end customers in TV, monitor and notebook markets, our project design coverage across all markets with all major panel makers remains strong.

展望 2022 年，在與電視、顯示器和筆記本電腦市場的一些領先終端客戶的緊密戰略關係的支持下，我們與所有主要面板製造商的所有市場的項目設計覆蓋率保持強勁。

With the prevailing shortage expected to continue, especially given that much of the global large display driver ICs are still manufactured on 8-inch wafer where the room for capacity expansion is extremely limited, we remain positive on the prospect of our large display driver business.

由於普遍短缺的情況預計將持續，特別是鑑於全球大部分大顯示驅動IC仍以8英寸晶圓製造，產能擴張空間極為有限，我們仍然看好大顯示驅動業務的前景。

The consumer market continues to grow its appetite towards advanced displays with surging adoption of high-end features, such as slim border design, higher refresh rate, high-aspect-ratio, curved-view displays and low power, all of which implies much more IC used per device.

消費市場對高級顯示器的需求持續增長，高端功能的採用激增，例如窄邊框設計、更高的刷新率、高縱橫比、曲面顯示器和低功耗，所有這些都意味著更多每個設備使用的 IC。

These advanced features adopt more sophisticated IC designs and consume more wafer area, which lower the chip quantity output on a per wafer basis.

這些先進的功能採用更複雜的 IC 設計並消耗更多的晶圓面積，從而降低了每片晶圓的芯片數量輸出。

On the other hand, it increases the content value in terms of dollar per wafer sales.

另一方面，它增加了以每片晶圓銷售額計的內容價值。

We continue to lead in these areas with decent market share, providing one-stop shopping for clients who need driver ICs, advanced Tcons or total solution.

我們繼續以可觀的市場份額在這些領域處於領先地位，為需要驅動 IC、高級 Tcon 或整體解決方案的客戶提供一站式購物服務。

Now let's turn to the small and medium-sized display driver IC business.

現在讓我們轉向中小型顯示驅動IC業務。

In the fourth quarter, revenue is expected to increase by low-teens sequentially and more than 50% year-over-year.

在第四季度，收入預計將環比增長 50% 以上，同比增長 50% 以上。

Sales of smartphone is set to grow by high-teens sequentially and more than 30% year-over-year.

智能手機的銷量將連續增長 30% 以上，同比增長 30% 以上。

As for the tablet segment, we expect sales to be flat sequentially after successive quarterly growth, driven by the steady rise of TDDI penetration.

至於平板電腦，在 TDDI 滲透率穩步上升的推動下，我們預計銷售額在連續季度增長後將環比持平。

The Q4 automotive driver business, again, is poised to grow by double digit sequentially and more than double year-over-year, despite the adverse impact on global automotive production caused by chip shortage.

儘管芯片短缺對全球汽車生產造成不利影響，但第四季度汽車驅動器業務仍有望實現兩位數的環比增長，同比增長超過兩倍。

However, our growth is hindered by stalled supply in capacity that prevents us from meeting all customer demands.

然而，我們的增長受到產能供應停滯的阻礙，這使我們無法滿足所有客戶的需求。

In the fourth quarter, we expect smartphone, tablet and automotive driver sales to be about equal in revenue contribution with automotive sales outgrowing the other 2 segments.

在第四季度，我們預計智能手機、平板電腦和汽車驅動器的銷售收入貢獻將與汽車銷售增長超過其他兩個細分市場大致相當。

Now let's have a quick review on each of the three major product segments within the small and medium-sized display driver IC business.

現在讓我們快速回顧一下中小型顯示驅動IC業務的三大產品領域。

First, the smartphone driver IC business.

一是智能手機驅動IC業務。

In Q4, we expect our smartphone TDDI sales to increase double digits sequentially despite the outbreak of delta variant continuing to weigh heavily on worldwide smartphone market, especially in the Southern Asia area.

在第四季度，我們預計我們的智能手機 TDDI 銷售額將環比增長兩位數，儘管 delta 變體的爆發繼續對全球智能手機市場構成沉重壓力，尤其是在南亞地區。

Our supply for smartphone is still limited by the total capacity accessible to us where we can only support shipments to selected names.

我們的智能手機供應仍然受到我們可用的總容量的限制，我們只能支持向選定名稱發貨。

Looking ahead at our smartphone TDDI lineups, we are undertaking new design developments supporting higher frame rate, ultra slim bezel and higher resolution features.

展望我們的智能手機 TDDI 系列，我們正在進行新的設計開發，支持更高的幀速率、超薄邊框和更高分辨率的功能。

Successful engagements with some key customers have been achieved in Q4 with more customers indicating their interest for their next launches.

第四季度與一些主要客戶取得了成功的合作，更多的客戶表示他們對下一次發布感興趣。

Traditional drivers for smartphone, running at relatively low volume, are expected to decline for the fourth quarter due mainly to TDDI replacement.

智能手機的傳統驅動，運行量相對較低，預計第四季度將下降，主要是由於 TDDI 的替代。

Next, on tablet IC business.

其次，平板IC業務。

We maintain our leadership position in the tablet segment, particularly in advanced TDDI sector, where we have more than 60% global share in the non-iOS tablet TDDI market.

我們在平板電腦領域保持領先地位，特別是在先進的 TDDI 領域，我們在非 iOS 平板電腦 TDDI 市場的全球份額超過 60%。

In the fourth quarter, we expect sales of tablet TDDI to be up low teens, a continuation from the solid and high base in Q3.

在第四季度，我們預計平板電腦 TDDI 的銷售額將增長到十幾歲，這是第三季度穩固和高基數的延續。

Our TDDI is supporting further feature upgrades for customers' next-generation products, covering higher frame rate, super high resolution, larger than 11-inches display and better precision active stylus running on different operating systems.

我們的 TDDI 正在支持客戶下一代產品的進一步功能升級，包括更高幀率、超高分辨率、大於 11 英寸的顯示屏以及在不同操作系統上運行的更高精度的主動式觸控筆。

What's more, our tablet TDDI solution for the fast-expanding educational market has been successfully and widely adopted by leading Chinese players.

更重要的是，我們針對快速擴張的教育市場的平板電腦 TDDI 解決方案已成功並被中國領先企業廣泛採用。

Revenue of traditional DDIC for tablet is expected to decline double digits sequentially, resulting from replacement by TDDI as we mentioned repeatedly and also severe capacity constraints.

傳統平板 DDIC 的收入預計將環比下降兩位數，原因是我們反复提到的 TDDI 替代以及嚴重的產能限制。

Turning to the automotive sector, the highest growth area among our display driver business.

轉向汽車行業，這是我們顯示驅動器業務中增長最快的領域。

In Q4, our automotive IC sales are expected to grow double digits sequentially on the backdrop of worldwide key component shortage and serious port congestion that is hurting automobile sales worldwide.

在全球關鍵零部件短缺和嚴重的港口擁堵影響全球汽車銷售的背景下，第四季度我們的汽車 IC 銷售額預計將環比增長兩位數。

Looking ahead, the increase in the number, size and sophistication of displays inside the vehicle is evolving at a rapid rate, all indicating much more driver IC demand per vehicle.

展望未來，車內顯示器數量、尺寸和復雜性的增加正在快速發展，所有這些都表明每輛車的驅動器 IC 需求將大大增加。

Having foreseen the growing automotive display demand, we entered into long-term arrangements with our strategic foundry partner back in early 2020 and secured a major increase in capacity for not only this year but also the next few years.

在預見到不斷增長的汽車顯示器需求後，我們早在 2020 年初就與我們的戰略代工合作夥伴達成了長期安排，並確保了今年和未來幾年的產能大幅增加。

That, together with our strong customer engagement, enables our robust shipment and sales growth amidst the prevailing IC shortage.

再加上我們強大的客戶參與度，使我們能夠在普遍的 IC 短缺情況下實現強勁的出貨量和銷售增長。

Car interiors are increasingly catering to more stylish, interactive and free-form displays with ever improving image quality made possible with panels equipped with advanced technologies such as TDDI and local dimming.

汽車內飾越來越多地迎合更時尚、互動和自由形式的顯示器，通過配備先進技術（如 TDDI 和局部調光）的面板，圖像質量不斷提高。

In-cell TDDI for automotive, while still in small volume, will continue to increase in penetration and adoption on the center information display and rear seat infotainment display.

用於汽車的 In-cell TDDI 雖然數量仍然很小，但在中央信息顯示屏和後座信息娛樂顯示屏上的滲透率和採用率將繼續提高。

Himax is the front runner who kick started the industry's first automotive TDDI mass production back in 2019, followed by our Gen 2 automotive TDDI, which also went into mass production in Q3 this year.

Himax 是領先者，早在 2019 年就開始了業界首個汽車 TDDI 量產，其次是我們的 Gen 2 汽車 TDDI，它也於今年第三季度開始量產。

Right now, we are dominating in the new TDDI design-ins with multiple Tier-1 customers, panel makers as well as car manufacturers across the continents.

目前，我們在新的 TDDI 設計中佔據主導地位，擁有多個一級客戶、面板製造商以及各大洲的汽車製造商。

TDDI brings driver IC vendors much higher content value on a per panel basis, provides better profit margin, and represents a high barrier of entry for late comers.

TDDI 為驅動 IC 供應商帶來了更高的每塊面板的內容價值，提供了更好的利潤率，並為後來者提供了很高的進入門檻。

We are glad to report that, while still accounting for a small portion of our automotive business for now, we shipped over 1 million automotive TDDI chips within the third quarter alone, marking a major milestone for our automotive TDDI business.

我們很高興地報告，雖然目前仍占我們汽車業務的一小部分，但僅在第三季度，我們就出貨了超過 100 萬個汽車 TDDI 芯片，這標誌著我們汽車 TDDI 業務的一個重要里程碑。

As automotive TDDI is being adopted and put into mass production rapidly as we speak, we anticipate more aggressive shipment momentum to carry over into Q4 and throughout 2022.

正如我們所說，隨著汽車 TDDI 正在被採用並迅速投入批量生產，我們預計更積極的出貨勢頭將延續到第四季度和整個 2022 年。

We believe TDDI for automotive will soon become a major growth engine for our small- and medium-sized panel driver IC business.

我們相信，用於汽車的 TDDI 將很快成為我們中小型面板驅動 IC 業務的主要增長引擎。

We mentioned in the last earnings call that we were also leading the industry with the first launch of the cutting-edge LTDI or Large-Display Touch and Driver Integration solution.

我們在上次財報電話會議中提到，我們還率先推出了尖端的 LTDI 或大顯示屏觸摸和驅動程序集成解決方案，從而引領行業。

This technology incorporates sophisticated multichip system design and is essential for very large sized slim and curved automotive displays.

該技術融合了複雜的多芯片系統設計，對於超大尺寸纖薄曲面汽車顯示器至關重要。

We are glad to report that the introduction of the technology was met with enthusiastic responses from several OEMs and panel makers.

我們很高興地報告，該技術的引入得到了幾家原始設備製造商和麵板製造商的熱烈響應。

Combining all these leading technology with strong capacity support that we have secured with our foundry partners, we expect our automotive display driver IC business to enjoy exceptional growth going forward.

將所有這些領先技術與我們與代工合作夥伴獲得的強大產能支持相結合，我們預計我們的汽車顯示驅動器 IC 業務將在未來實現非凡的增長。

Next, for an update on AMOLED.

接下來，關於 AMOLED 的更新。

Himax remains committed to OLED technology, where we continue to commit R&D efforts on not only driver ICs but also Tcon for smartphone, wearable, tablet and automotive areas, in partnerships with major Chinese and Korean panel makers.

Himax 仍然致力於 OLED 技術，我們與中國和韓國的主要面板製造商合作，繼續致力於智能手機、可穿戴設備、平板電腦和汽車領域的驅動 IC 和 Tcon 的研發工作。

In the fourth quarter, we aim to successfully rollout production for the flexible AMOLED driver and Tcon for automotive application in collaboration with BOE Varitronix, a subsidiary of BOE, the world's largest TFT LCD player.

在第四季度，我們的目標是與全球最大的 TFT LCD 廠商京東方的子公司京東方精電合作，成功推出柔性 AMOLED 驅動器和車用 Tcon 的生產。

In view of serious constraints on OLED display driver capacity in the next few years, we have also secured meaningful capacity for smartphone OLED drivers.

鑑於未來幾年 OLED 顯示驅動器產能受到嚴重限制，我們還為智能手機 OLED 驅動器確保了有意義的產能。

Now let me share some of the progress we've made on the non-driver IC businesses.

現在讓我分享一下我們在非驅動IC業務方面取得的一些進展。

Let's start from the timing controller sector.

讓我們從時序控制器部門開始。

We anticipate Q4 Tcon sales to decrease by mid-teens sequentially as a result of weaker demand in TV and Chromebook notebook sectors after multiple quarters of strong shipments.

由於電視和 Chromebook 筆記本電腦行業在經歷了多個季度的強勁出貨後需求疲軟，我們預計第四季度 Tcon 銷售額將環比下降十幾倍。

While still limited by accessible foundry capacity, we are optimistic about the long-term growth prospect of the Tcon business where we continue to engage customers with high-end product areas, including 4K/8K TV, gaming monitor and low-power notebook.

儘管仍受限於可訪問的代工產能，但我們對 Tcon 業務的長期增長前景持樂觀態度，我們將繼續與高端產品領域的客戶接觸，包括 4K/8K 電視、遊戲顯示器和低功耗筆記本電腦。

Looking ahead, we are particularly excited about the potential for automotive Tcon where our cutting-edge local dimming Tcon has won numerous projects awards and penetrated into new car model launches of OEMs and Tier 1 car makers.

展望未來，我們對汽車 Tcon 的潛力感到特別興奮，我們尖端的局部調光 Tcon 已贏得眾多項目獎項，並滲透到 OEM 和一級汽車製造商的新車型發布中。

We believe Tcon segment will be one of the driving forces of our non-driver businesses moving forward.

我們相信 Tcon 細分市場將成為我們非司機業務向前發展的驅動力之一。

Next, on WLO update.

接下來，關於 WLO 更新。

The fourth quarter WLO revenue is expected to decline substantially as a result of lower shipments to an anchor customer.

由於對主要客戶的出貨量減少，預計第四季度 WLO 收入將大幅下降。

Moving forward, we will continue to support the shipments for the customer's legacy products.

展望未來，我們將繼續支持客戶舊產品的發貨。

Nevertheless, the WLO technology continues to play an important role in shaping next-generation optical applications.

儘管如此，WLO 技術仍然在塑造下一代光學應用方面發揮著重要作用。

Our exceptional optical design knowledge together with our production-proven nanoimprinting capabilities and mass manufacturing experience allow us to deliver high-quality solutions to meet the requirements of the future generation optical applications across automotive, consumer, industrial and medical applications.

我們卓越的光學設計知識以及經過生產驗證的納米壓印能力和大規模製造經驗使我們能夠提供高質量的解決方案，以滿足汽車、消費、工業和醫療應用的下一代光學應用的要求。

Next to address our 3D sensing business.

接下來解決我們的 3D 傳感業務。

Himax's proprietary 3D decoder IC, that provides accurate 3D perception data processing and low power operation with rigorous data security protection, plays a vital role in areas such as secure payments and personnel identification used in door lock and industrial access control applications.

Himax專有的3D解碼器IC，提供精確的3D感知數據處理和低功耗操作，具有嚴格的數據安全保護，在門鎖和工業門禁應用中使用的安全支付和人員識別等領域發揮著至關重要的作用。

It has been broadly adopted in leading e-payment ecosystems in China since its initial mass production in the second half of 2020.

自 2020 年下半年首次量產以來，它已被中國領先的電子支付生態系統廣泛採用。

Further new design-in sockets are on the way which will lead to growing volume starting next year with accelerated adoption of our 3D total solution in various fields such as manufacturing automation, medical inspection, automotive owner recognition and intelligent service robot, and much more.

隨著我們的 3D 整體解決方案在製造自動化、醫療檢查、車主識別和智能服務機器人等各個領域的加速採用，更多的新設計插座將於明年開始銷量增長。

Now I would like to turn to our WiseEye smart sensing solution.

現在我想求助於我們的 WiseEye 智能傳感解決方案。

To maximize market visibility and explore potential applications, we continue to push forward with 2 WiseEye business models, namely total solution and discrete component.

為了最大限度地提高市場知名度和探索潛在應用，我們繼續推進2個WiseEye商業模式，即整體解決方案和分立元件。

First, an update on WiseEye total solution.

首先，更新 WiseEye 整體解決方案。

Our WiseEye total solution incorporates Himax ultralow power CMOS image sensor, our proprietary AI processor and CNN-based AI algorithm.

我們的 WiseEye 整體解決方案結合了 Himax 超低功耗 CMOS 圖像傳感器、我們專有的 AI 處理器和基於 CNN 的 AI 算法。

It is designed for a wide range of ultralow power use cases in consumer electronics that aim to modernize legacy end-point devices, which lack AI capability, with ultralow power computer vision AI.

它專為消費電子產品中的各種超低功耗用例而設計，旨在通過超低功耗計算機視覺 AI 對缺乏 AI 功能的傳統端點設備進行現代化改造。

Equipped with AI capability, WiseEye is capable of processing data locally on the end device with just metadata output while avoiding the need to transport massive data to the cloud, thereby improving response time, saving bandwidth and power and, last but not least, enhancing data security.

配備 AI 功能，WiseEye 能夠在終端設備上本地處理數據，僅輸出元數據，同時無需將大量數據傳輸到雲端，從而提高響應時間、節省帶寬和電力，最後但同樣重要的是，增強數據安全。

We are pleased to report that the design-win with a top-tier name for a mainstream application that we indicated earlier is on track to enter into mass production in Q4.

我們很高興地報告，我們之前指出的主流應用程序的頂級名稱的設計勝利有望在第四季度進入量產。

Equally important, the number of awarded projects is growing quickly, covering a broad range of applications, including notebook, home appliances, utility meter, automotive, battery-powered surveillance camera, panoramic video conferencing and medical, just to name a few.

同樣重要的是，獲獎項目的數量正在迅速增長，涵蓋了廣泛的應用領域，包括筆記本電腦、家用電器、電錶、汽車、電池供電的監控攝像頭、全景視頻會議和醫療等等。

Some applications are already slated for mass production at the end of this year.

一些應用程序已經計劃在今年年底進行量產。

In addition to consumer electronics players who aim to add AI capability to their products, within just one year since we started sampling, our WiseEye solution has also drawn much attention from cloud service providers who look for secure and low-power edge AI devices to help collect big data for their cloud-based services.

除了希望在產品中加入 AI 功能的消費電子產品廠商，在我們開始提供樣品後的短短一年內，我們的 WiseEye 解決方案也引起了雲服務提供商的高度關注，他們尋求安全和低功耗的邊緣 AI 設備來提供幫助為其基於雲的服務收集大數據。

We are excited by the potential opportunities presented by the edge-to-cloud platform collaboration, opening up new market frontiers for us in areas such as smart city, smart office, healthcare, agriculture, retail and factory automation.

我們對邊緣到雲平台合作帶來的潛在機遇感到興奮，為我們在智慧城市、智慧辦公、醫療保健、農業、零售和工廠自動化等領域開闢了新的市場前沿。

We anticipate more design-win awards and growing volume shipments starting next year.

我們預計從明年開始會有更多的設計獲獎和不斷增長的出貨量。

For our WiseEye key component business model, we continue to leverage our key partners to amplify our offering and encourage adoption of our ultra-low power solution in AI communities, which also have strong appetite for ultralow power smart sensing AI.

對於我們的 WiseEye 關鍵組件業務模型，我們將繼續利用我們的主要合作夥伴來擴大我們的產品並鼓勵在 AI 社區中採用我們的超低功耗解決方案，這些社區也對超低功耗智能傳感 AI 有著強烈的興趣。

Being the official partner of prominent AI platforms such as Google TensorFlow Lite for Microcontrollers, Microsoft Azure, Arm AI Partner Program and tinyML Foundation, we get to enjoy the enormous network of these ecosystems and their numerous participants.

作為 Google TensorFlow Lite for Microcontrollers、Microsoft Azure、Arm AI 合作夥伴計劃和 tinyML 基金會等著名 AI 平台的官方合作夥伴，我們可以享受這些生態系統及其眾多參與者的龐大網絡。

We continue to receive inquiries from large corporations and individual developers alike with hundreds of evaluation boards and development kits having been purchased online and distributed across the globe.

我們不斷收到來自大公司和個人開發人員的諮詢，數百個評估板和開發套件已在線購買並分發到全球各地。

Additionally, we continued our marketing efforts through joint webinars and other online activities with several well-known platform partners such as Edge Impulse, Digi-Key and SparkFun.

此外，我們還通過與 Edge Impulse、Digi-Key 和 SparkFun 等多家知名平台合作夥伴的聯合網絡研討會和其他在線活動繼續我們的營銷工作。

We are confident that WiseEye will be one of our major growth drivers for our non-driver segments looking ahead into 2022 and beyond.

我們有信心 WiseEye 將成為我們展望 2022 年及以後的非司機細分市場的主要增長動力之一。

For non-driver IC business, we expect revenue to decrease single digits sequentially in the fourth quarter.

對於非驅動IC業務，我們預計第四季度收入將環比下降個位數。

That concludes my report for this quarter.

我本季度的報告到此結束。

Thank you for your interest in Himax.

感謝您對 Himax 的關注。

We appreciate you joining today's call, and we are now ready to take questions.

感謝您加入今天的電話會議，我們現在準備回答問題。

(Operator Instructions) Our first question comes from the line of Tristan Gerra from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Tristan Gerra。

So my question is that given the weakness in notebooks and TVs that's driving you to project your Tcon business to be down mid-single digit in the quarter, is that something, particularly if the weakness in notebooks is sustainable throughout the year unlike TVs where the business seems to be stabilizing, is the ongoing weakness in notebook at some point accelerating the point where you get back to supply-demand imbalance or balance?

所以我的問題是，鑑於筆記本電腦和電視的疲軟導致您將 Tcon 業務預計在本季度下滑至個位數中位數，這是什麼情況，特別是如果筆記本電腦的疲軟全年可持續，而不像電視那樣業務似乎趨於穩定，筆記本電腦的持續疲軟是否會加速您回到供需失衡或平衡的地步？

I know you've mentioned on the call that you're putting supply agreements in place and expect '22 to remain supply constrained.

我知道您在電話會議上提到您正在製定供應協議，並預計 22 年供應仍將受到限制。

But again, if we see sustained weakness, notably in notebooks, does that mean supply-demand balance comes earlier than you previously expected?

但同樣，如果我們看到持續疲軟，尤其是筆記本電腦，這是否意味著供需平衡比您之前預期的要早？

Any feedback would be useful here.

任何反饋在這裡都會很有用。

So particularly on notebook.

所以特別是在筆記本上。

So you want me to comment primarily on notebook rather than the overall market situation or supply-demand balance on driver IC.

所以你想讓我主要評論筆記本電腦，而不是整體市場情況或驅動IC的供需平衡。

Is that right?

是對的嗎？

Supply demand actually overall.

供給需求實際上是總體的。

So in other words, if you have one of your end market that continues to be weak, does that mean that your overall business gets back in supply-demand balance earlier than you previously expected?

換句話說，如果您的終端市場之一持續疲軟，這是否意味著您的整體業務比您之前預期的更早恢復供需平衡？

Okay.

好的。

Got it.

知道了。

Actually, we are actually rather bullish on our overall large display driver IC business for next year, and that includes both driver IC and Tcon.

實際上，我們實際上相當看好我們明年的整體大顯示驅動IC業務，包括驅動IC和Tcon。

And now I'm sure that everybody understands nowadays as we speak, the market is going through some softness, particularly in low end and small-sized TV segments.

現在我敢肯定，正如我們所說的，現在每個人都明白，市場正在經歷一些疲軟，特別是在低端和小型電視領域。

But in general, TV market remains soft.

但總體而言，電視市場依然疲軟。

However, on the higher end, the demand is more persistent while we are seeing pretty solid demand coming from IT sectors, both monitor and notebook.

然而，在高端市場，需求更加持久，而我們看到來自 IT 行業（包括顯示器和筆記本電腦）的需求相當穩定。

But most importantly, if you look at our projection for next year, we are actually, as I said, we are very upbeat about the prospect of large display sectors, including all the 3 areas, notebook, monitor and TV.

但最重要的是，如果你看一下我們對明年的預測，實際上，正如我所說，我們非常看好大型顯示領域的前景，包括筆記本、顯示器和電視這三個領域。

While we are not particularly certain about the prospect of the market's overall demand, our forecast is only as good as anyone's.

雖然我們對市場整體需求的前景並不特別確定，但我們的預測與任何人的預測一樣好。

But I think our optimism and our strengths going into next year has a lot of things that are particular to Himax.

但我認為我們對明年的樂觀態度和我們的優勢有很多對奇景來說是特別的東西。

And also, there are also factors that are particular to display driver IC.

此外，還有一些特定於顯示驅動器 IC 的因素。

Again, the large display market may go soft or maybe it will stay strong, I don't know, for the next year.

同樣，大型顯示器市場可能會走軟，或者可能會保持強勁，我不知道，明年。

But one very important factor for display driver IC that many people neglect is the fact that overall, the market is shifting towards higher-end feature and higher resolutions.

但許多人忽視的顯示驅動器 IC 的一個非常重要的因素是，總體而言，市場正在轉向更高端的功能和更高分辨率。

And that is going to change the dynamics of the high-V process, i.e., display driver IC, wafer consumption substantially.

這將極大地改變高 V 工藝的動態，即顯示驅動器 IC、晶圓消耗。

So let me just repeat.

所以讓我重複一遍。

So larger size, higher frame rate, higher end in general whether its notebook TV or monitor, while the number of units of panels shipment may remain the same or actually, it's only indirect relationship with the panel area or the glass area consumed.

所以更大的尺寸，更高的幀率，更高的端，不管是筆記本電視還是顯示器，而面板出貨的單位數量可能保持不變或實際上，這只是與面板面積或消耗的玻璃面積有間接關係。

But when you go to higher resolution, higher frame rate, better features that tend to enlarge the wafer consumption of our display driver IC a lot.

但是，當您追求更高的分辨率、更高的幀速率、更好的功能時，往往會大大增加我們的顯示驅動器 IC 的晶圓消耗。

Now I'm going to give you 1 or 2 very specific examples so you will get a very clear idea what I'm talking about.

現在我要給你一兩個非常具體的例子，這樣你就會很清楚我在說什麼。

If I take, for example, 4K TV 60-hertz against full HD also 60 hertz, by going from full HD to 4K, you actually with the same panel, you actually double your number of units of driver IC needed with each piece of IC actually area size slightly larger for 4K TV compared to full HD.

例如，如果我將 60 赫茲的 4K 電視與全高清的 60 赫茲相比較，通過從全高清到 4K，您實際上使用相同的面板，實際上每塊 IC 所需的驅動器 IC 的數量增加了一倍與全高清相比，4K 電視的實際面積略大。

Now if you take the same 4K TV, but you upgrade it from 60-hertz to 120 hertz, while the number of ICs remain the same, the die size of each IC actually will enlarge by almost 50%, by going from 60 hertz to 120 hertz.

現在，如果您使用相同的 4K 電視，但將其從 60 赫茲升級到 120 赫茲，而 IC 的數量保持不變，每個 IC 的芯片尺寸實際上將擴大近 50%，從 60 赫茲到120 赫茲。

So what I'm trying to say is the overall trend towards better feature, higher performance TV notebook and monitor actually is going to provide a very, very strong support for display driver IC demand regardless of the strength or weakness of the large display panel business.

所以我想說的是整體趨勢向更好的功能，更高性能的電視筆記本和顯示器實際上將為顯示驅動IC的需求提供非常非常強大的支持，無論大顯示面板業務的強弱。 .

And that is point number one.

這是第一點。

Point number two, based on internal analysis, which is derived out of extensive interviews and discussions with all foundry makers across the world who has a large display driver IC business, right, so based on our interview and survey with them, we actually project some decline of projected collective large display driver IC output next year because they are reallocating their wafer so that we are projecting large display driver IC wafer output to actually suffer from a little bit of decline next year against this, right?

第二點，基於內部分析，這是對全球所有擁有大型顯示驅動IC業務的代工廠商進行廣泛採訪和討論得出的，對，所以根據我們對他們的採訪和調查，我們實際上預測了一些預計明年大型顯示驅動器 IC 總產量下降，因為他們正在重新分配晶圓，因此我們預計大型顯示驅動器 IC 晶圓產量實際上會在明年遭受一點下降，對吧？

And seeing this, right, so seeing the 2 factors, one, the large display IC actually, the wafer consumption is going to increase regardless of the market.

看到這個，對，所以看到兩個因素，一個，大顯示IC實際上，無論市場如何，晶圓消耗都會增加。

And two, total wafer output may actually decrease.

第二，總晶圓產量實際上可能會減少。

So seeing these 2 factors combined, we actually went rather aggressive this year, and we managed to successfully secure the increase of our wafer capacity next year against this year by actually adding a new very important new foundry partner to our lineup.

因此，綜合考慮這兩個因素，我們今年實際上相當激進，我們通過在我們的陣容中增加了一個非常重要的新代工合作夥伴，成功地確保了明年晶圓產能的增加。

So we believe our accessible foundry capacity for large display drive IC may actually increase by double digit next year.

因此，我們相信明年我們的大型顯示驅動 IC 的可訪問代工產能實際上可能會增加兩位數。

So last but not least, I think throughout this shortage and what not, we have been collaborating a lot closely with selected leading end customers.

最後但並非最不重要的一點是，我認為在整個短缺期間，我們一直與選定的領先終端客戶密切合作。

I'm talking about the leading end customer for TV and for monitor and for notebook, respectively, right?

我說的是電視、顯示器和筆記本電腦的領先終端客戶，對吧？

So we enter into direct agreements, and we started direct collaboration with them.

因此，我們簽訂了直接協議，並開始與他們直接合作。

And that actually also not only secures our business for the coming years, it also enables us to when the market shifts, demand is shifting from one sector to another, we can actually react a lot more quickly compared to before.

這實際上不僅可以確保我們未來幾年的業務，還可以讓我們在市場發生變化、需求從一個部門轉移到另一個部門時，與以前相比，我們實際上可以更快地做出反應。

So all these factors combined, I apologize, this is a very long answer, but all these factors combined, I think we are actually rather upbeat of our prospects for next year high double-digit growth potentially for both display driver and Tcon.

所以所有這些因素結合起來，我很抱歉，這是一個很長的答案，但所有這些因素結合起來，我認為我們實際上對明年顯示驅動器和 Tcon 可能實現兩位數高增長的前景相當樂觀。

Great.

偉大的。

Thanks for the detailed answer.

感謝您的詳細回答。

That's actually very useful.

這實際上非常有用。

Just my follow-up question will be, do you expect your capacity, which you said is going to be up double digits next year to increase higher than the competition, which means that you will be able to gain market share as a result?

只是我的後續問題是，您是否期望您的產能，您所說的明年將增長兩位數以高於競爭對手，這意味著您將能夠因此獲得市場份額？

And then the second part of the question is, is the discrepancy between your Tcon business and the driver IC business really driven by the higher screen resolution and higher frame rate that you just described?

然後問題的第二部分是，你們的Tcon業務和驅動IC業務之間的差異，真的是由你剛才描述的更高的屏幕分辨率和更高的幀率驅動的嗎？

Is that really the key reason for you predicting Tcon will be down in Q4, but driver ICs would be up?

這真的是您預測第四季度 Tcon 會下降但驅動 IC 會上升的關鍵原因嗎？

And then finally, any comment about the China power shortages and the impact on the LCD panel production.

最後，關於中國電力短缺及其對液晶面板生產的影響的評論。

Okay.

好的。

First, our capacity, I think based on our analysis, the answer is yes.

首先，我們的能力，我認為根據我們的分析，答案是肯定的。

We believe we are going to have some increase of capacity next year compared to this year, while the industry may actually suffer from some decrease of overall output.

我們相信明年我們的產能將比今年有所增加，而該行業實際上可能會受到整體產量下降的影響。

So the 2 factors together, certainly, I think we are likely to outpace our competitors in market share, hopefully, next year.

因此，當然，這兩個因素加在一起，我認為我們很有可能在明年的市場份額上超過我們的競爭對手。

And the second question is Tcon.

第二個問題是Tcon。

I think the fact that we have one quarter of some dip in Tcon and increasing driver IC shipments, I think it may only be a reflection of timing controller certain customers having inventory adjustment.

我認為我們有四分之一的 Tcon 下降和驅動 IC 出貨量增加的事實，我認為這可能只是時序控制器某些客戶有庫存調整的反映。

Bear in mind, timing controller typically are not purchased directly from panel makers rather they are from their both manufacturers, both OEM, ODM manufacturers.

請記住，時序控制器通常不是直接從面板製造商那裡購買的，而是從他們的兩家製造商那裡購買的，包括 OEM 和 ODM 製造商。

So there could be timing wise, some mismatch.

因此，可能存在時間上的不匹配。

But in the long term, I think we believe our Tcon market share will rise next year faster than display driver because historically our display driver IC market share is slightly higher than Tcon.

但從長遠來看，我認為我們相信明年我們的 Tcon 市場份額將比顯示驅動器增長得更快，因為歷史上我們的顯示驅動器 IC 市場份額略高於 Tcon。

Now with the tightness.

現在有了鬆緊度。

We actually are, we and our customers I think we are both better off having our solutions shipped to customers on a bundled basis, meaning when much of them are bundled, our Tcon market share will get close to be more like driver IC.

實際上，我們和我們的客戶我認為我們最好將我們的解決方案捆綁交付給客戶，這意味著當其中大部分捆綁在一起時，我們的 Tcon 市場份額將更接近於驅動 IC。

And again, historically drive IC market share is higher than that of Tcon.

再一次，從歷史上看，驅動 IC 的市場份額高於 Tcon。

Your last question is about China power shortage.

你的最後一個問題是關於中國電力短缺的問題。

We haven't really seen a direct impact on us, not yet anyway.

我們還沒有真正看到對我們的直接影響，反正還沒有。

So touch wood.

所以摸木頭。

And I mean the reason is very simple.

我的意思是原因很簡單。

Panel industry is considered strategically important for the Chinese government.

面板行業被認為對中國政府具有重要的戰略意義。

So they actually take measures to ensure that there's no power disconnection with the panel makers.

所以他們實際上採取了措施來確保面板製造商不會斷電。

And they also, in turn, are asking customers to look after their key suppliers.

反過來，他們也要求客戶照顧他們的主要供應商。

So again, so far, we haven't seen any impact, whether there will be long-term repercussions coming all the way to us, I don't know yet.

再說一次，到目前為止，我們還沒有看到任何影響，是否會一直對我們產生長期影響，我還不知道。

But we haven't really seen or heard customers talking about this yet.

但我們還沒有真正看到或聽到客戶談論這個。

(Operator Instructions) We have our next question from the line of Jerry Su with Credit Suisse.

（操作員說明）我們有來自瑞士信貸的 Jerry Su 的下一個問題。

First question, I just want to get some more color about your gross margin outlook in the fourth quarter and perhaps into 2022, especially your gross margin guidance of around 50%.

第一個問題，我只是想了解一下你們在第四季度甚至到 2022 年的毛利率前景，尤其是你們 50% 左右的毛利率指導。

It seems like it's down 1 to 2 percentage points from the third quarter.

似乎比第三季度下降了 1 到 2 個百分點。

So can you comment a little bit on that, the reason behind it?

所以你能評論一下，背後的原因嗎？

And how should we think about the gross margin into first quarter next year or perhaps 2022?

我們應該如何考慮明年或 2022 年第一季度的毛利率？

Thank you, Jerry.

謝謝你，傑瑞。

Yes, we guided for a slight dip in gross margin Q4 against Q3.

是的，我們指導第四季度毛利率比第三季度略有下降。

Bear in mind, we have been going through a foundry capacity tightness.

請記住，我們一直在經歷代工廠產能緊張。

And therefore, we are taking up a lot of the foundry companies price hikes over the quarters.

因此，我們承擔了許多代工公司在本季度的價格上漲。

And so the way we keep or maintain or sustain or even improve our gross margin is to transfer the additional cost to our customers, right?

因此，我們保持或維持或維持甚至提高毛利率的方式是將額外成本轉移給我們的客戶，對嗎？

So your question is really about whether we will be able to continue to transfer such additional cost to our customers.

因此，您的問題實際上是關於我們是否能夠繼續將這些額外費用轉移給我們的客戶。

And in Q4, if you look at the numbers, it's simple mathematics, we are still able to transfer the cost.

在第四季度，如果你看一下數字，這是簡單的數學，我們仍然能夠轉移成本。

We are just not adding further markup to the increase on top of the cost increase to our customers.

我們只是沒有在增加客戶成本的基礎上進一步加價。

That's all.

就這樣。

So because it's quite simple, right?

所以因為它很簡單，對吧？

You both -- our revenue will increase a bit, right?

你們倆——我們的收入會增加一點，對吧？

And if we transfer our cost because there is a gap, because there's a gross profit, right, so if you transfer 100% effectively the cost into your customers, then actually by definition, your gross margin will come down slightly, right?

如果我們轉移成本是因為有差距，因為有毛利，對吧，所以如果你 100% 有效地將成本轉移給你的客戶，那麼實際上根據定義，你的毛利率會略微下降，對嗎？

So that's what exactly happened.

所以這正是發生的事情。

So if you look at the numbers we indicated for Q4, it basically shows that we are transferring just about all of our cost increases to our customers who can still take the cost increase, right, apparently.

因此，如果您查看我們為第四季度指示的數字，它基本上表明我們正在將幾乎所有的成本增加轉移給仍然可以承受成本增加的客戶，對，顯然。

That's why we are giving the guidance.

這就是我們提供指導的原因。

Now for next year, next is too long and too early for us to comment right now, given the nature of the industry.

考慮到行業的性質，現在對於明年來說，下一個時間太長了，我們現在就發表評論還為時過早。

However, I think there's no reason for us to be pessimistic about the prospect.

但是，我認為我們沒有理由對前景感到悲觀。

I'm talking about whether we can continue to stay at such similar or such or similar high levels of gross margin.

我說的是我們是否可以繼續保持如此或類似或類似的高毛利率水平。

Again, our comment would be we are not pessimistic for a few reasons.

同樣，我們的評論是我們並不悲觀，原因有幾個。

One, I mean for high-V process, that's the overall major capacity shortage studies on track to watch very much into the full of next year or even the year after, given the fact that there is simply no meaningful addition to the industry's capacity pool for high-V.

一，我的意思是，對於高 V 工藝，這是整個主要的產能短缺研究，預計明年甚至後年都將密切關注，因為該行業的產能池根本沒有有意義的補充對於高 V。

And secondly, particularly for Himax, I talked about automotive business, which is on track to outgrow the rest of our business both display driver IC and very importantly TDDI which really will be a major year of increase next year.

其次，特別是對於 Himax，我談到了汽車業務，它有望超越我們的其他業務，包括顯示驅動器 IC 和非常重要的 TDDI，這確實是明年增長的主要一年。

So automotive represent a better ASP and better margin.

因此，汽車代表了更好的平均售價和更高的利潤率。

And it's actually long-term sustainable margin as well, it tends to fluctuate a lot less compared to consumer electronics.

而且它實際上也是長期可持續的利潤率，與消費電子產品相比，它的波動往往要小得多。

So that is one factor.

所以這是一個因素。

And so I say in our prepared remarks that we believe automotive as a stand-alone sector will become the single largest revenue contributor next year.

所以我在準備好的評論中說，我們相信汽車作為一個獨立的行業將成為明年最大的單一收入貢獻者。

So that showed our confidence.

這顯示了我們的信心。

And also, there are more high-end products, which are set to outgrow the rest of our businesses, including timing controller and very interesting WiseEye, which will be the first year of mass production.

此外，還有更多的高端產品，將超過我們的其他業務，包括時序控制器和非常有趣的 WiseEye，這將是量產的第一年。

So starting from almost 0 this year.

所以從今年幾乎是0開始。

So that certainly is additional growth area, and that is a high-margin area as well.

所以這肯定是額外的增長領域，也是一個高利潤的領域。

So all of these together on top of the fact that throughout this tightness period, I think we have quite successfully managed to reposition ourselves so that we are now a lot more high-end centric, we are lot more focused on leading end customers.

因此，所有這些都加在一起，在整個緊縮時期，我認為我們已經成功地重新定位了自己，因此我們現在更加以高端為中心，我們更加專注於領先的最終客戶。

And I think all these factors combined and our capacity will be limited, meaning we are giving away lower-margin business, low-end business.

而且我認為所有這些因素加在一起，我們的能力將受到限制，這意味著我們正在放棄低利潤業務，低端業務。

So hopefully, product mix-wise, we'll be able to defend our gross margin quite well next year.

因此，希望在產品組合方面，我們明年能夠很好地捍衛我們的毛利率。

Okay.

好的。

And just one follow-up question.

只有一個後續問題。

I think in the prepared remarks, you also mentioned only a little bit about the WLO and also the LCoS.

我認為在準備好的評論中，你也只提到了一點關於 WLO 和 LCoS 的信息。

But I was just wondering for I think for a lot of companies that have been talking about metaverse.

但我只是想知道，因為我認為很多公司一直在談論元界。

I'm just wondering from Himax historical track record on out the AR/VR goggles, especially one of the tech giants invested in your LCoS subsidiary.

我只是想知道 Himax 在 AR/VR 護目鏡上的歷史記錄，尤其是投資於您的 LCoS 子公司的科技巨頭之一。

How should we think about metaverse -- how is Himax positioned in the metaverse world like in the next couple of years?

我們應該如何看待元界——未來幾年奇景在元界的定位如何？

Honestly, I think quite well.

老實說，我覺得還不錯。

But I think overall, metaverse, I guess these days, people are focusing primarily on VR goggles and then certainly AR goggles as well.

但我認為總的來說，metaverse，我想這些天，人們主要關注 VR 護目鏡，然後當然還有 AR 護目鏡。

And our position is quite well, primarily WLO and also LCoS.

我們的位置很好，主要是 WLO 和 LCoS。

Now admittedly, our exposure to VR is less than that to AR.

現在不可否認，我們對 VR 的接觸比對 AR 的接觸要少。

And AR, I mean, it's more challenging as a product, although it's a lot more exciting, even successful, right?

AR，我的意思是，它作為一種產品更具挑戰性，儘管它更令人興奮，甚至更成功，對吧？

So I think the whole industry is still fighting through the battles of conquering the engineering variance, trying to deliver something that consumers will go like, wow, right?

所以我認為整個行業仍在努力克服工程差異，試圖提供消費者喜歡的東西，哇，對吧？

So I think we are still going through that.

所以我認為我們仍在經歷這個過程。

In fact, our WLO in particular, we have projects covering 3D sensing for VR devices, and waveguide and 3D sensing for AR devices.

事實上，尤其是我們的 WLO，我們的項目涵蓋 VR 設備的 3D 傳感，以及 AR 設備的波導和 3D 傳感。

And I mean, obviously, I cannot disclose the details and specific end customer names, but if you're talking about some, if not all of the biggest names in the tech world.

我的意思是，顯然，我不能透露細節和具體的最終客戶名稱，但如果你談論的是科技界的一些，如果不是全部的話。

They are working very closely with us.

他們正在與我們密切合作。

However, I don't think much will materialize in next year.

但是，我認為明年不會有太多實現。

I will be very honest about this.

我會很誠實的。

And that is why we decided, given the limited time and space, we decided not to mention much about it in our prepared remarks.

這就是為什麼我們決定，鑑於時間和空間有限，我們決定在準備好的評論中不提太多。

And likewise for our LCoS, bear in mind, it's only applicable for AR.

同樣對於我們的 LCoS，請記住，它僅適用於 AR。

And of course, we are focusing on a lot of other things because we are working very hard with a few big names for AR goggles.

當然，我們正專注於很多其他事情，因為我們正在努力與一些大牌的 AR 護目鏡合作。

So we also understand the technical challenges.

因此，我們也了解技術挑戰。

And so that's why we actually put a lot of our LCoS effort into other areas such as HUD for automotive which are making good progress.

這就是為什麼我們實際上將大量 LCoS 工作投入到其他領域，例如正在取得良好進展的汽車 HUD。

However, given the nature of automotive, the real mass production with real volume will be few years away.

然而，考慮到汽車的性質，真正的量產還需要幾年時間。

And telecommunication, WSS, so switch device, areas such as this.

還有電信，WSS，所以交換機設備，這樣的領域。

But yes, AR goggles, we remain active player, but we feel it is we -- also understand there's a lot of hype, short-form hype recently, but we feel there may be some time to go before they really materialize.

但是，是的，AR 護目鏡，我們仍然是活躍的玩家，但我們認為這是我們 - 也理解最近有很多炒作，短形式的炒作，但我們覺得在它們真正實現之前可能還有一段時間。

Okay.

好的。

So this is something that we should still continue to monitor in the next couple of years' time?

所以這是我們在未來幾年內仍應繼續監測的事情嗎？

Yes, yes.

是的是的。

Our next question is from the line of Jon Lopez with Vertical.

我們的下一個問題來自於垂直行業的 Jon Lopez。

Can you guys hear me, right?

你們能聽到我的聲音，對嗎？

Yes.

是的。

Fantastic.

極好的。

I have 2 questions.

我有 2 個問題。

I guess the first one, just thinking about the near-term dynamics.

我猜是第一個，只是考慮近期的動態。

I guess maybe I want to ask it this way.

我想也許我想這樣問。

If we look at several of your panel customers, they're guiding their panel shipments and/or area shipments to decline in Q4 versus Q3.

如果我們查看您的幾個面板客戶，他們正在引導他們的面板出貨量和/或區域出貨量在第四季度與第三季度相比下降。

If we look at your largest display driver peer, they seem to be guiding their revenues to decline in Q4 versus Q3.

如果我們看看您最大的顯示驅動器同行，他們似乎正在引導他們的收入在第四季度與第三季度相比下降。

And there's kind of a whole bunch of weakness happening in the smartphone segment, again, sort of materializing in Q3 and extending into Q4.

智能手機領域出現了一大堆弱點，再次，在第三季度實現並延伸到第四季度。

You're guiding your sales to increase in Q4, and you're guiding your smartphone sales to increase more than your total sales.

您正在引導您的銷售額在第四季度增加，並且您正在引導您的智能手機銷售額增長超過您的總銷售額。

I'm wondering if you can just help us tease apart maybe what some of the differences are in your outlook versus that data set?

我想知道您是否可以幫助我們梳理一下您的觀點與該數據集的一些差異？

Well, again, twofold.

好吧，再一次，雙重的。

One is, compared to the panel industry and the other one is compared to our peers, right?

一個是跟面板行業比，另一個是跟同行比，對吧？

Compared to the panel industry, I think I've pretty much covered that in my response to the first question where our display driver demand do not necessarily go in proportion to the panel output for the glass area consumption, for the reason I've just mentioned, right, your feature upgrades, resolution upgrades, they tend to increase, in some cases, materially for the display driver wafer consumption while the glass area consumption may actually stay the same or even decline.

與面板行業相比，我想我在回答第一個問題時已經涵蓋了這一點，即我們的顯示驅動器需求不一定與面板產量成正比，因為我剛剛提到了，對了，你的功能升級，分辨率升級，它們往往會增加，在某些情況下，對於顯示驅動晶片的消耗來說，實際上玻璃面積消耗可能會保持不變甚至下降。

So I think that is the comparison to the customer side.

所以我認為這是與客戶方面的比較。

Now as for the competition, it's harder for me to comment.

現在關於比賽，我更難評論了。

I think what I can say is that, as I said, we are giving up a lot on the lower-end business because of 2 reasons, really, China local competition, they are subsidized, but they can only focus on low end, right?

我想我能說的是，正如我所說，我們放棄了很多低端業務，原因有兩個，真的，中國本土競爭，他們有補貼，但他們只能專注於低端，對吧?

They don't get really well recognized by leading international end customers.

他們並沒有得到領先的國際最終客戶的認可。

So they are very price aggressive, right, and they are subsidized.

所以他們的價格非常激進，對，他們得到補貼。

So throughout the foundry capacity tightness, we actually, before that, we have started to shift.

所以在整個代工產能吃緊的情況下，我們實際上，在此之前，我們已經開始轉移。

We have started in customers' new project design, our bidding will be very conservative in those lower-end product areas while we focus only primarily on high end.

我們已經開始著手客戶的新項目設計，在那些低端產品領域我們的投標會非常保守，而我們只專注於高端產品。

That is one thing.

那是一回事。

So there's a major product mix shift for us this year, compared to last year, or the year after and then next year will be more so.

因此，與去年相比，今年我們的產品組合發生了重大變化，或者後年和明年會更加如此。

So we are very much on -- for example, for TV, typically a very easy definition for high end against low end will be miniLVDS interface for low end and point-to-point interface for high end.

因此，我們非常關注——例如，對於電視，高端與低端的一個非常簡單的定義通常是低端的 miniLVDS 接口和高端的點對點接口。

And if you look at our product mix right now compared to just a couple of years ago, there's a major, major shift towards P2P interface.

如果你看一下我們現在的產品組合與幾年前相比，就會發現向 P2P 界面的重大轉變。

And now with P2P interface, we are shifting a lot more towards what we call USIT interface, which is the most high end.

現在有了 P2P 接口，我們更多地轉向我們所說的 USIT 接口，它是最高端的。

So that product mix, I think is a major difference.

所以產品組合，我認為是一個主要的區別。

And now the high-end market demand is a lot more resilient compared to the low end.

與低端相比，現在高端市場的需求更具彈性。

But I think that is one thing.

但我認為這是一回事。

And the second thing is that across TV and monitor and notebook, we have elected carefully and partnered closely, tightly with typically the #1 end customers.

第二件事是，在電視、顯示器和筆記本電腦上，我們精心挑選並密切合作，通常與排名第一的最終客戶緊密合作。

And so we enter into direct agreements with them.

因此，我們與他們簽訂了直接協議。

We have a lot of not just technical but business collaboration.

我們不僅有很多技術合作，還有業務合作。

And that also put our demand to be a lot more defensive to industry downturn.

這也使我們的需求對行業低迷更具防禦性。

So I can only talk about our sales, and we have proven again and again and again that our guidance has been very robust and reliable, and I certainly hope and no reason to believe it will be different this quarter.

所以我只能談論我們的銷售額，我們一次又一次地證明我們的指導非常穩健和可靠，我當然希望並且沒有理由相信本季度會有所不同。

So our guidance comes from directly from our board.

所以我們的指導直接來自我們的董事會。

Our next question comes from the line of Donnie Teng with Nomura Securities.

我們的下一個問題來自野村證券的 Donnie Teng。

Okay.

好的。

Just 2 simple questions.

就2個簡單的問題。

The first one is your large display driver IC guidance looks like to be a little bit better than our peers.

第一個是你的大顯示驅動IC指導看起來比我們的同行好一點。

So just wondering that if you originally have bigger sales exposure to IT panels, right, the TV panels or you temporarily gain market share in the fourth quarter?

所以只是想知道如果您最初對IT面板有更大的銷售敞口，對，電視面板還是您在第四季度暫時獲得市場份額？

That's my first question.

這是我的第一個問題。

And second question is regarding to our WiseEye total solution.

第二個問題是關於我們的 WiseEye 整體解決方案。

So previously, we seemed like more positive from our progress with PC OEM customers by end of this year.

因此，之前，我們似乎對今年年底與 PC OEM 客戶取得的進展更加積極。

So just wondering if you could give us some idea if we have entered into like volume production for our PC OEM customers in this quarter.

所以只是想知道您是否可以給我們一些想法，如果我們在本季度為我們的 PC OEM 客戶進行了類似的批量生產。

The first question, whether we have higher exposure for IT and notebook compared to TV, I don't have the answer right in front of me right now.

第一個問題，IT和筆記本的曝光率是否比電視高，我現在還沒有答案。

We know we have a very solid notebook, no sorry, monitor, especially high-end monitor like gaming monitor market share.

我們知道我們有一個非常堅固的筆記本電腦，沒有抱歉，顯示器，尤其是像遊戲顯示器這樣的高端顯示器市場份額。

And our notebook market share has been rising.

而我們的筆記本市場份額一直在上升。

And then again, I emphasize, we are collaborating directly with end customers, leading end customers.

然後，我再次強調，我們正在直接與終端客戶、領先的終端客戶合作。

I think all these factors helped.

我認為所有這些因素都有幫助。

For TV, again, we are really moving away from miniLVDS products, i.e., low-end products and focusing not just on high-end products, but really focusing a lot on some of the leading end customers' products.

對於電視，我們真的正在遠離 miniLVDS 產品，即低端產品，不僅專注於高端產品，而且非常專注於一些領先的終端客戶的產品。

So whether and how that compare with our peers and which peer, it's hard for me to comment and whether we are particularly more exposure on this sector than the other, I'm not sure about that.

因此，這是否以及如何與我們的同行以及哪個同行進行比較，我很難評論，以及我們是否在這個領域比其他領域特別多，我不確定。

And for WiseEye, we have said in a few quarters already that we have had a major design win with a leading end customer for a mainstream application.

對於 WiseEye，我們已經在幾個季度中表示，我們已經在主流應用程序的領先終端客戶中贏得了重大設計勝利。

We never really said it's PC or whether it's OEM or otherwise.

我們從來沒有真正說過它是 PC 或它是否是 OEM 或其他。

But yes, we are on track to start mass production in Q4, and that's what we have always indicated.

但是，是的，我們有望在第四季度開始量產，這就是我們一直表示的。

And certainly, Q4, it will not be throughout the whole quarter.

當然，第四季度不會貫穿整個季度。

So Q4 will be the commencement of mass production, but we have got pretty solid forecast for throughout for the whole next year.

所以第四季度將是量產的開始，但我們對明年全年的整體預測非常可靠。

And I think given that it's really a new thing for the whole world and it's a brand-new product for us, we only started the first sampling only about a year ago.

而且我認為鑑於這對整個世界來說確實是一個新事物，對我們來說它是一個全新的產品，我們只是在大約一年前才開始第一次採樣。

I think we are extremely pleased with the progress.

我認為我們對取得的進展非常滿意。

And in addition to that, we also have with smaller volume, quite a number of different applications with some customers also on track for mass production also starting this quarter as well.

除此之外，我們還有體積更小的、相當多的不同應用，一些客戶也有望從本季度開始量產。

So next year, you will see some revenue contribution from WiseEye, but it will still be low single-digit revenue contribution.

所以明年，你會看到 WiseEye 的一些收入貢獻，但它仍然是個位數的低收入貢獻。

But hopefully, we will outgrow our overall business for a very long time and certainly, we are confident this will be high-margin business.

但希望我們能夠在很長一段時間內超越我們的整體業務，當然，我們相信這將是高利潤的業務。

Thank you.

謝謝你。

There are no further questions at this time.

目前沒有其他問題。

I will turn the call back over to Mr. Jordan Wu.

我會將電話轉回給 Jordan Wu 先生。

I apologize for the hiccup, but luckily, we managed to finish just at the market open.

我為打嗝道歉，但幸運的是，我們設法在市場開放時完成了。

So as a final note, Eric will maintain investor marketing activities and continue to attend investor conferences.

因此，作為最後一點，Eric 將維持投資者營銷活動並繼續參加投資者會議。

So we'll announce the details as they come about.

因此，我們將在它們出現時公佈細節。

Thank you, and have a nice day.

謝謝你，祝你有美好的一天。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。