ChipMOS Technologies Inc (IMOS) 2021 Q3 法說會逐字稿

Greetings, and welcome to the ChipMOS Third Quarter 2021 Results Conference Call. (Operator Instructions)

您好，歡迎參加 ChipMOS 2021 年第三季度業績電話會議。 （操作員說明）

I would now like to turn the conference over to Dr. G.S. Shen of ChipMOS TECHNOLOGIES Strategy and Investor Relations team to introduce the management team of the company in conference. Dr. Shen, you may begin.

現在我想請南茂科技戰略與投資者關係團隊的G.S. Shen博士在會議上介紹公司的管理團隊。沉醫生，您可以開始了。

Thank you, operator. Welcome, everyone, to ChipMOS Third Quarter 2021 Results Conference Call. Joining us today from the company are Mr. S.J. Cheng, Chairman and President; and Ms. Silvia Su, Vice President of Finance and Accounting Management Center. We are also joined on the call today by Mr. Jesse Huang, Spokesperson and Senior Vice President of Strategy and Investor Relations. S.J. will chair the meeting and review business highlights and provide color on the operating environment. After Sylvia's review of the company's key financial results, S.J. will provide our current business outlook. All company executives will then participate in an open Q&A session. Please note we have posted a presentation on the MOPS and the ChipMOS website, www.chipmos.com, to accompany today's conference call.

謝謝你，接線員。歡迎大家參加茂茂2021年第三季度業績電話會議。今天加入我們公司的是 S.J. 先生。程先生，董事長兼總裁；財務會計管理中心副總裁Silvia Su女士。發言人兼戰略與投資者關係高級副總裁黃杰西先生也參加了今天的電話會議。 S.J.將主持會議並回顧業務亮點並提供運營環境的信息。在 Sylvia 審查了公司的主要財務業績後，S.J.將提供我們當前的業務前景。所有公司高管隨後將參加公開問答環節。請注意，我們已在 MOPS 和 ChipMOS 網站 www.chipmos.com 上發布了演示文稿，以配合今天的電話會議。

Before we begin the prepared comments, we advise you to review our forward-looking statements disclaimer, which is noted as the safe harbor notice on the second page of today's presentation. As a reminder, today's conference call is being recorded, and a replay will be made available later today on the company's website.

在我們開始準備評論之前，我們建議您查看我們的前瞻性聲明免責聲明，該免責聲明在今天演示文稿的第二頁上被標記為安全港通知。提醒一下，今天的電話會議正在錄音，今天晚些時候將在公司網站上提供重播。

At this time, I'd like to now turn the call over to our company's Chairman and President, Mr. S.J. Cheng. Please go ahead, sir.

現在，我想將電話轉給我們公司的董事長兼總裁 S.J. 先生。程.請繼續，先生。

Yes. Thank you, G.S. We appreciate everyone joining our call today. This was another strong quarter for us with record revenue for the fourth consecutive quarter in Q3 2021. We have delivered over 23.4% revenue growth in the first 9 months of 2021 compared to 2020 with strong profitability and cash flow. We remain very close with our customers and are doing a good job supporting their demand and forecasts. Challenges remain across the broader industry, but we are covering everything within our control.

是的。謝謝 G.S。我們感謝大家今天加入我們的電話會議。對於我們來說，這是又一個強勁的季度，2021 年第三季度連續第四個季度的收入創紀錄。與2020 年相比，我們在2021 年前9 個月實現了超過23.4% 的收入增長，盈利能力和現金流強勁。我們與客戶保持密切聯繫，並很好地支持他們的需求和預測。更廣泛的行業仍然面臨挑戰，但我們正在覆蓋我們控制範圍內的一切。

Let me give you some highlights from the quarter. First, we achieved a new quarterly revenue record with a 25.9% increase in Q3 2021 revenue year-over-year. This is up 2.6% over Q2 2021. Gross margin increased 800 basis points for Q3 2021 to 27.3% compared to Q3 2020. Higher costs led to a 90 basis point decline compared to Q2 2021. And we achieved TWD 1.93 in Q3 EPS compared to TWD 1.76 of Q2 2021 with a 117% increase in the first 9 months of 2021, TW $5.01, compared to the same period of 2020, TWD $2.31.

讓我向您介紹本季度的一些亮點。首先，我們創下了新的季度收入記錄，2021 年第三季度收入同比增長 25.9%。比2021 年第二季度增長2.6%。與2020 年第三季度相比，2021 年第三季度毛利率增長800 個基點，達到27.3%。成本上升導致與2021 年第二季度相比下降90 個基點。與2021 年第二季度相比，我們的第三季度每股收益實現了1.93 新台幣2021 年第二季度為1.76 新台幣，2021 年前9 個月為5.01 新台幣，與2020 年同期的2.31新台幣相比增長117%。

I am very pleased that our profitability expansion is higher than our revenue growth. We continue to stress operating efficiency targets and utilization improvement. Our ongoing investments in automation are helping us maintain a safe work environment and let us hold operating expense at 6.5% of Q3 revenue. The overall utilization was 85% in Q3 compared to 87% in Q2 as we continue to benefit from customers' demand even with added capacity in before several quarters. And while we had a slightly lower assembly utilization level, it remains strong at 90% in Q3 2021. Testing also held strong at 85%.

我很高興我們的盈利增長高於收入增長。我們繼續強調運營效率目標和利用率提高。我們對自動化的持續投資正在幫助我們維持安全的工作環境，並使我們將運營費用控制在第三季度收入的 6.5%。第三季度的整體利用率為 85%，而第二季度為 87%，因為即使在前幾個季度增加了產能，我們仍繼續受益於客戶的需求。雖然我們的裝配利用率稍低，但在 2021 年第三季度仍保持在 90% 的強勁水平。測試也保持在 85% 的強勁水平。

Lastly, our high-end DDIC test platform utilization remained high in Q3, and DDIC remained at around 80% despite the nonlinear wafer supply [led].

最後，我們的高端 DDIC 測試平台利用率在第三季度仍然很高，儘管晶圓供應呈非線性，但 DDIC 仍保持在 80% 左右。

Regarding our manufacturing business, assembly represented 30% of Q3 revenue. Testing represented around 22%, and wafer bumping represented about 18.5% of Q3 revenue. On a product segment basis, our DDIC, including COG and COF, was about 29.8% of Q3 revenue with gold bumping representing about 15.7% of Q3 revenue. Revenue from DRAM and SRAM represented about 18.6% of Q3 revenue. Our flash segment and the mixed-signal segment represented about 24.8% of Q3 revenue and 11% of Q3 revenue, respectively.

就我們的製造業務而言，組裝佔第三季度收入的 30%。測試約佔第三季度收入的 22%，晶圓凸點約佔第三季度收入的 18.5%。從產品細分來看，我們的 DDIC（包括 COG 和 COF）約佔第三季度收入的 29.8%，其中金塊約佔第三季度收入的 15.7%。 DRAM 和 SRAM 收入約佔第三季度收入的 18.6%。我們的閃存部門和混合信號部門分別佔第三季度收入的 24.8% 和 11%。

In terms of adding color on our business, our memory product benefited from healthy demand across all end markets with growth in IoT and consumer electronics, including gaming. Revenue was up about 3.5% in Q3 2021 compared to Q2 2021. On a year-over-year basis, revenue was up about 32%. Memory products represented about 43.5% of total Q3 revenue. DRAM revenue increased 5.3% compared to Q2 2021, led by consumer and automotive electronics demand and 22% year-over-year. Total flash revenue benefited from application diversified and customers continuing restocking.

在為我們的業務增添色彩方面，我們的內存產品受益於所有終端市場的健康需求，以及物聯網和消費電子產品（包括遊戲）的增長。與 2021 年第二季度相比，2021 年第三季度的收入增長了約 3.5%。與去年同期相比，收入增長了約 32%。內存產品約佔第三季度總收入的43.5%。在消費和汽車電子需求的帶動下，DRAM 收入較 2021 年第二季度增長 5.3%，同比增長 22%。閃存總收入受益於應用多樣化和客戶持續補貨。

NOR grew 4.3% in Q3 compared to Q2 2021 and grew more than 34% year-over-year. Our NAND flash business increased about 6% compared to Q2 2021 and increased 47% year-over-year. This represented 31% of our total Q3 2021 flash revenue.

與 2021 年第二季度相比，NOR 在第三季度增長了 4.3%，同比增長超過 34%。我們的 NAND 閃存業務較 2021 年第二季度增長約 6%，同比增長 47%。這占我們 2021 年第三季度閃存總收入的 31%。

Moving on to driver IC related product revenue, including gold bumping. I am pleased to report that our test ASP increased driven by customers optimized their product mix. This would have been even higher, but we continue to work through ongoing wafer supply bottlenecks from foundry capacity constraints. Despite the supply limits, our driver IC related product revenue increased about 2.6% compared to Q2 2021 and increased about 15.5% compared to Q3 2020.

繼續驅動IC相關產品收入，包括金凸塊。我很高興地報告，我們的測試平均售價在客戶優化其產品組合的推動下有所增長。這個數字本來會更高，但我們將繼續努力解決因代工產能限製而持續存在的晶圓供應瓶頸。儘管供應有限，我們的驅動IC相關產品收入與2021年第二季度相比增長了約2.6%，與2020年第三季度相比增長了約15.5%。

Driver IC related revenue was about 45.4% of total Q3 revenue. Total DDIC revenue, including COG and COF, was up just over 25.4% year-over-year and increased 3.3% compared to Q2 2021. We are benefiting from higher wafer loading with some key customers. This helped our COF revenue increase 4% compared to Q2 2021 and represented 45% in Q3 DDIC revenue. TDDI revenue represented 24.3% of Q3 DDIC revenue. OLED significantly grew 11.2% compared to Q2 2021 and represented about 4.5% of Q3 DDIC revenue.

驅動IC相關營收約佔第三季度總營收的45.4%。包括 COG 和 COF 在內的 DDIC 總收入同比增長略高於 25.4%，與 2021 年第二季度相比增長 3.3%。我們受益於一些主要客戶的晶圓裝載量增加。與 2021 年第二季度相比，這幫助我們的 COF 收入增長了 4%，佔第三季度 DDIC 收入的 45%。 TDDI 收入佔第三季度 DDIC 收入的 24.3%。與 2021 年第二季度相比，OLED 顯著增長 11.2%，約佔第三季度 DDIC 收入的 4.5%。

On an end-market basis, revenue from automotive and industrial increased to 15% of Q3 revenue. We continue to see long-term growth in both automotive and industrial. Smartphones and TV as an end market accounted about 33.5% and about 16.5% of Q3 2021 revenue, respectively. Computing represented about 11% and consumer represented 24% of Q3 revenue.

從終端市場來看，汽車和工業收入佔第三季度收入的比例增至 15%。我們繼續看到汽車和工業領域的長期增長。智能手機和電視作為終端市場分別佔 2021 年第三季度收入的約 33.5% 和約 16.5%。計算業務約佔第三季度收入的 11%，消費者業務約佔 24%。

Now let me turn the call to Ms. Silvia Su to review the third quarter 2021 financial results. Silvia, please go ahead.

現在請蘇女士來回顧一下2021年第三季度的財務業績。西爾維婭，請繼續。

Thank you, S.J. All dollar amounts cited in our presentation are in NT dollars. The following numbers are based on the exchange rates of TWD 27.84 against USD 1 as of September 30, 2021. All the figures were prepared in accordance with Taiwan International Financial Reporting Standards.

謝謝你，S.J.我們的演示中引用的所有美元金額均以新台幣為單位。以下數據基於截至 2021 年 9 月 30 日新台幣 27.84 兌 1 美元的匯率。所有數據均根據台灣國際財務報告準則編制。

Referencing presentation Page 12, Consolidated Operating Results Summary. For the third quarter of 2021, total revenue was TWD 7,161 million. Net profit attributable to the company was TWD 1,399 million in Q3. Net earnings for the third quarter of 2021 were TWD 1.93 per basic common share or USD 1.38 per basic ADS. We achieved a 116.9% increase in net earnings for the first 9 months of 2021 to TWD 5.01 from TWD 2.31 in the first 9 months of 2020.

參考演示文稿第 12 頁，綜合運營結果摘要。 2021年第三季度總收入為新台幣71.61億元。第三季度歸屬於公司的淨利潤為新台幣13.99億元。 2021 年第三季度淨利潤為每股基本普通股 1.93 新台幣或每股基本美國存託股 1.38 美元。我們的淨利潤從 2020 年前 9 個月的新台幣 2.31 增至 2021 年前 9 個月的淨利潤 116.9% 至新台幣 5.01。

EBITDA for Q3 was TWD 2,724 million. EBITDA was calculated by adding depreciation and amortization together with operating profit. Return on equity of Q3 was 24.4%.

第三季度 EBITDA 為新台幣 27.24 億元。 EBITDA 是通過將折舊和攤銷與營業利潤相加計算得出的。第三季度股本回報率為24.4%。

Referencing presentation Page 13, Consolidated Statements of Comprehensive Income. Compared to 2Q '21, total 3Q '21 revenue increased 2.6% compared to 2Q '21. 3Q 21 gross profit was TWD 1,958 million, with gross margin at 27.3% compared to 28.2% in 2Q '21. This represents a decrease of 0.9 ppts.

參考演示文稿第 13 頁，綜合收益合併報表。與 2021 年第 2 季度相比，21 年第 3 季度總收入比 21 年第 2 季度增長了 2.6%。 21 年第 3 季度的毛利為新台幣 19.58 億元，毛利率為 27.3%，而 2021 年第 2 季度的毛利率為 28.2%。這意味著下降了 0.9 個百分點。

Our operating expenses in 3Q 21 were TWD 463 million or 6.5% of total revenue. Operating profit for 3Q 21 was TWD 1,528 million with operating profit margin at 21.3%, which is a decline of about 0.8 ppts compared to 2Q '21. Net nonoperating income in 3Q 21 was TWD 148 million compared to net nonoperating expenses in 2Q '21. The difference is mainly due to the increase of the share of gain of associates accounted for using equity method of TWD 85 million, the decrease of foreign exchange losses of TWD 62 million and the increase of gain on valuation of financial assets at fair value through profit or loss of TWD 15 million.

21 年第三季度我們的運營支出為新台幣 4.63 億，佔總收入的 6.5%。 21 年第 3 季度營業利潤為新台幣 15.28 億元，營業利潤率為 21.3%，較 21 年第 2 季度下降約 0.8 個百分點。 21 年第 3 季度的營業外淨收入為 1.48 億新台幣，而 2021 年第 2 季度的營業外支出淨額為新台幣。差異主要是由於權益法核算的聯營公司收益增加了新台幣8,500萬元，匯兌損失減少了新台幣6,200萬元，以及以公允價值計量且其變動計入當期損益的金融資產估值收益增加或損失新台幣1500萬元。

Profit attributable to the company in 3Q '21 expanded 9% compared to 2Q '21. Basic weighted average outstanding common shares were 727 million shares compared to 3Q '20. Total revenue for 3Q '21 was up 25.9%. Gross margin increased 8.0 ppts to 27.3%. Operating expenses increased 17.4%. Operating profit margin increased 8.7 ppts to 21.3%. Net nonoperating income in 3Q 21 were TWD 148 million compared to net nonoperating expenses in 3Q '20. The difference is mainly due to the increase of the share of gain of associates accounted for using equity method of TWD 201 million and the decrease of foreign exchange losses of TWD 112 million.

與 2021 年第 2 季度相比，2021 年第 3 季度公司應占利潤增長 9%。與 20 年第三季度相比，基本加權平均已發行普通股為 7.27 億股。 21 年第三季度的總收入增長了 25.9%。毛利率增長 8.0 個百分點至 27.3%。營業費用增加17.4%。營業利潤率增長 8.7 個百分點至 21.3%。 21 年第 3 季度的營業外淨收入為 1.48 億新台幣，而 20 年第 3 季度的營業外支出淨額為新台幣。差異主要是由於權益法核算的聯營公司收益增加新台幣2.01 億元，匯兌損失減少新台幣1.12 億元。

Profit was up 230.4% compared to 3Q '20. The difference is mainly due to the increase of the operating profit of TWD 810 million, net nonoperating income of TWD 327 million and partially offset by the increase of income tax expense of TWD 160 million.

與 20 年第三季度相比，利潤增長 230.4%。差異主要是由於營業利潤增加8.1億元新台幣、營業外淨收入3.27億元新台幣，並被所得稅費用增加1.6億元新台幣部分抵消。

Referencing presentation Page 14, Consolidated Statements of Financial Position and Key Indices. Total assets at the end of 3Q '21 were TWD 39,334 million. Total liabilities at the end of 3Q '21 were TWD 16,492 million. Total equity at the end of 3Q '21 was TWD 22, 842 million. Accounts receivable turnover days in 3Q '21 were 77 days. Inventory turnover days were 45 days in 3Q '21.

參考演示文稿第 14 頁，合併財務狀況表和主要指數。 2021 年第 3 季度末的總資產為新台幣 393.34 億元。截至 21 年第三季度末的總負債為新台幣 164.92 億元。截至 21 年第三季度末的總股本為新台幣 22, 8.42 億。 2021 年第三季度的應收賬款周轉天數為 77 天。 2021 年第三季度的庫存周轉天數為 45 天。

Referencing presentation Page 15, Consolidated Statements of Cash Flows. As of September 30, 2021, our balance of cash and cash equivalents was TWD 5,189 million, increased TWD 1, 075 million compared to the beginning of Q1. Free cash flow for the first 9 months of 2021 was TWD 1,416 million compared to TWD 1,329 million for the same period in 2020. The difference is mainly due to the increase of operating profit of TWD 1,820 million and depreciation expenses of TWD 364 million and partially offset by the increase of CapEx of TWD 1,494 million, income tax expenses of TWD 329 million and cash dividend paid of TWD 291 million.

參考演示文稿第 15 頁，合併現金流量表。截至2021年9月30日，現金及現金等價物餘額為新台幣51.89億元，較一季度初增加新台幣10.75億元。 2021 年前9 個月的自由現金流為新台幣14.16 億元，而2020 年同期為新台幣13.29 億元。差異主要是由於營業利潤增加新台幣18.20 億元和折舊費用增加新台幣3.64 億元以及部分被資本支出增加14.94億新台幣、所得稅費用3.29億新台幣以及派發現金股息2.91億新台幣所抵消。

Free cash flow was calculated by adding depreciation, amortization, interest income together with operating profit and then subtracting CapEx, interest expense, income tax expense and dividend from the sum.

自由現金流的計算方法是將折舊、攤銷、利息收入與營業利潤相加，然後從總和中減去資本支出、利息費用、所得稅費用和股息。

Referencing presentation Page 16, Capital Expenditures and Depreciation. We invested TWD 1,171 million in CapEx in Q3. The breakdown of CapEx was 4.4% for bumping, 41.1% for LCD driver, 30% for assembly and 24.5% for testing. Depreciation expenses were TWD 1,196 million in Q3. As of October 31, 2021, the company's outstanding ADS number was approximately 4 million units, which represents around 12.4% of the company's outstanding common shares.

參考演示文稿第 16 頁，資本支出和折舊。第三季度我們在資本支出上投資了 11.71 億新台幣。資本支出的細分為：凸塊佔 4.4%，LCD 驅動器佔 41.1%，組裝佔 30%，測試佔 24.5%。第三季度折舊費用為新台幣 11.96 億元。截至2021年10月31日，該公司已發行的ADS數量約為400萬股，約佔該公司已發行普通股的12.4%。

That concludes the financial review. I will now turn the call back to our Chairman, Mr. S.J. Cheng, for our outlook. Please go ahead, sir.

財務審查到此結束。現在我將把電話轉回給我們的主席 S.J. 先生。鄭先生，我們的展望。請繼續，先生。

Thank you, Sylvia. As we move into the fourth quarter, we expect to see continued customer restocking for consumer electronics launches, workplaces restarting and economies around the world continuing to grow. Capacity is expected to remain tight and OSAT ASPs will likely increase led by product mix optimization. However, this continues to be a challenging period for the industry as we all work together to remove supply chain bottlenecks. We were not directly impacted by recent power shortages in China, but this does not help when wafer supply is already tight. Overall, we are cautious about the fourth quarter and taking a conservative view given broader market challenges and how strong the first 9 months of 2021 have been for us.

謝謝你，西爾維婭。隨著進入第四季度，我們預計客戶將繼續為消費電子產品的發布、工作場所的重新啟動以及世界各地的經濟持續增長而補充庫存。預計產能仍將緊張，並且在產品組合優化的帶動下，OSAT 平均售價可能會增加。然而，對於該行業來說，這仍然是一個充滿挑戰的時期，因為我們所有人都在共同努力消除供應鏈瓶頸。我們沒有受到中國近期電力短缺的直接影響，但在晶圓供應已經緊張的情況下，這無濟於事。總體而言，鑑於更廣泛的市場挑戰以及 2021 年前 9 個月的強勁表現，我們對第四季度持謹慎態度，並採取保守觀點。

For example, in memory, despite demand increasing in consumer and auto electronics, there is a semiconductor supply imbalance that may impact overall Q4 demand in the segment. Therefore, we are taking a conservative view about memory in Q4. And in DDIC, tightened wafer supply is expected to continue in Q4, which will cause DDIC utilization level fluctuations. However, our ASP continues to increase driven by customers optimize their product mix and OLED increase in Q4. So we are somewhat cautiously optimistic about DDIC continuing to grow in Q4.

例如，在內存領域，儘管消費和汽車電子產品的需求不斷增加，但半導體供應不平衡可能會影響該領域第四季度的整體需求。因此，我們對第四季度的內存持保守看法。而在DDIC方面，預計第四季度晶圓供應將持續吃緊，這將導致DDIC利用率水平波動。然而，在客戶優化產品結構和第四季度 OLED 增長的推動下，我們的平均售價繼續增長。因此，我們對 DDIC 第四季度的持續增長持謹慎樂觀態度。

Operator, that concludes our formal remarks. We can now take questions. Operator?

接線員，我們的正式發言到此結束。我們現在可以提問。操作員？

At this time, we will be conducting a question-and-answer session. Our first question comes from Jerry Su from Credit Suisse.

此時，我們將進行問答環節。我們的第一個問題來自瑞士信貸銀行的蘇杰瑞。

Why did Q3 revenue grow but gross margin declined?

為什麼第三季度營收增長但毛利率下降？

In Q3, we had increased depreciation, higher power costs, and we recognized higher bonus costs due to the higher profit in Q3, gold material inventory valuation loss compared to previous quarter.

在第三季度，我們的折舊增加，電力成本上升，並且由於第三季度的利潤較高，與上一季度相比，黃金材料庫存估值損失，我們確認了更高的獎金成本。

Could you provide more color about Q4 revenue and gross margin?

您能否提供有關第四季度收入和毛利率的更多信息？

As we move into the fourth quarter in memory, despite demand increasing in consumer and auto electronics, there is a semiconductor supply imbalance that may impact overall Q4 demand in the segment. Therefore, we are taking a conservative view about memory in Q4. And in DDIC, our ASP continues to increase driven by customers optimizing their product mix and OLED increasing in Q4.

隨著內存領域進入第四季度，儘管消費和汽車電子產品的需求有所增加，但半導體供應不平衡可能會影響該領域第四季度的整體需求。因此，我們對第四季度的內存持保守看法。在 DDIC 中，由於客戶優化其產品組合以及第四季度 OLED 的增長，我們的平均售價持續增長。

Further, ChipMOS did get some rush orders from customers led by the uncertainty of power shortages in China. So we are somewhat cautiously optimistic about DDIC to be flat in Q4. In all, given the strength in the first 9 months of 2021, we expect revenue could be flat to down in the low single digits. Gross margin would be slightly impacted by revenue declines and higher depreciation in Q4.

此外，由於中國電力短缺的不確定性，茂茂確實收到了一些客戶的緊急訂單。因此，我們對 DDIC 第四季度持平持謹慎樂觀態度。總而言之，鑑於 2021 年前 9 個月的強勁表現，我們預計收入可能持平或下降至低個位數。毛利率將受到第四季度收入下降和折舊上升的輕微影響。

Next question comes from Stanley Wang of SinoPac Securities.

下一個問題來自永豐金證券的王俊傑。

Any impact to Unimos from the power shortage in China recently? If any, is there any countermeasure?

近期中國電力短缺對Unimos有何影響？如果有的話有什麼對策嗎？

There was no impact and Unimos has been turning profitable.

沒有受到任何影響，Unimos 已經實現盈利。

Is there any customer input seeing signs of wafer supply improvement? How is ChipMOS offsetting the impact on operations of wafer supply shortages?

客戶是否有任何意見認為晶圓供應有所改善？ ChipMOS如何抵消晶圓供應短缺對運營的影響？

So far, we are not seeing any real wafer supply relief. Under such situation, we did see customers optimizing product mix causing a longer test time. Currently, better UT for high-end testers [led] and worst UT for the others.

到目前為止，我們還沒有看到任何真正的晶圓供應緩解。在這種情況下，我們確實看到客戶優化產品組合導致測試時間更長。目前，高端測試人員的 UT 較好，而其他測試人員的 UT 最差。

Business momentum for memory products in Q4 by ranking, which is stronger: NOR, NAND or DRAM?

第四季度內存產品業務動能排名，NOR、NAND還是DRAM哪個更強？

NOR flash is better owing to auto and TWS application demand. Secondly would be 2D NAND and then next, DRAM.

由於汽車和TWS應用需求，NOR閃存更好。其次是 2D NAND，然後是 DRAM。

How is the tax rate of 2021?

2021年的稅率如何？

As usually, about 18%.

通常，大約為 18%。

Thank you. And I am not showing any further questions in the queue. I would like to turn the call back over to G.S.

謝謝。我不會在隊列中顯示任何其他問題。我想將電話轉回給 G.S.

Thank you. I will orally read some questions from foreign institutional investors. The question is asking about your 2022 dividend.

謝謝。我會口頭宣讀一些國外機構投資者的問題。問題是詢問您 2022 年的股息。

We don't expect any major changes to our dividend payout ratio, 50%, 60% of EPS. However, the final dividend will be discussed and proposed by our Board and need to get approval at our normal annual AGM.

我們預計我們的股息支付率（每股收益的 50%、60%）不會發生任何重大變化。然而，末期股息將由董事會討論和提議，並需要在正常的年度股東大會上獲得批准。

That concludes our question-and-answer session. Thank you for participating. I'll turn the floor back to Mr. S.J. Cheng for any closing comments.

我們的問答環節到此結束。感謝您的參與。我將把發言權交還給 S.J. 先生。鄭先生髮表任何結束意見。

Thank you, everyone, for joining our conference call. Please e-mail our IR team if you have any more questions. We appreciate your support. Goodbye.

感謝大家參加我們的電話會議。如果您還有任何疑問，請給我們的 IR 團隊發送電子郵件。我們感謝您的支持。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。