ChipMOS Technologies Inc (IMOS) 2023 Q2 法說會逐字稿

Greetings, and welcome to the ChipMOS Second Quarter 2023 Results Conference Call. (Operator Instructions)

您好，歡迎參加 ChipMOS 2023 年第二季度業績電話會議。 （操作員說明）

A question-and-answer session will follow the formal presentation. 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.

正式演講之後將舉行問答環節。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 Second Quarter 2023 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.

謝謝你，接線員。歡迎大家參加 ChipMOS 2023 年第二季度業績電話會議。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. will chair the meeting and review business highlights and provide color on the operating environment. After Silvia'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.

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 Silvia 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。

Please note, we have posted a presentation on the MOPS and also on the ChipMOS' website www.chipmos.com to accompany today's conference call.

請注意，我們在今天的電話會議上發布了有關 MOPS 和 ChipMOS 網站 www.chipmos.com 的演示文稿。

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. 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.

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。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.請先生繼續。

Yes. Thank you, G.S. We appreciate everyone joining our call today. We are pleased with our strong revenue growth results in Q2 led by improvements in our memory and LCD drivers. In terms of Q2 highlights, our Q2 revenue increased 18.2% from Q1 2023. Q2 gross margin came in at 17.3%, up 490 basis points compared to Q1 2023. Net earnings was TWD 0.86 in Q2 2023, an increase of TWD 0.58 compared to TWD.0.28 of Q1 2023.

是的。謝謝 G.S。我們感謝大家今天加入我們的電話會議。我們對第二季度的強勁收入增長結果感到滿意，這得益於內存和 LCD 驅動器的改進。從第二季度亮點來看，我們第二季度收入較2023 年第一季度增長18.2%。第二季度毛利率為17.3%，較2023 年第一季度增長490 個基點。2023 年第二季度淨利潤為新台幣0.86，較2023 年第一季度增加0.58 新台幣2023 年第一季度的 TWD.0.28。

Accumulated first half of 2023 EPS is TWD 1.14. I am pleased to report that our overall utilization rate increased to 60% in Q2 2023 from 52% in Q1 2023. Assembly utilization was at 40% and testing average was 59%. DDIC significantly increased to 72% and bumping UT level increased to 60%. This reflects the rebound we are seeing from customers in several of our core markets.

2023年上半年累計EPS為新台幣1.14。我很高興地報告，我們的整體利用率從 2023 年第一季度的 52% 增加到 2023 年第二季度的 60%。裝配利用率為 40%，測試平均值為 59%。 DDIC 顯著增加至 72%，碰撞 UT 水平增加至 60%。這反映了我們在幾個核心市場看到的客戶的反彈。

Regarding our manufacturing business, our assembly represented 20.3% of Q2 revenue. Mixed signal and memory testing represented around 20.2% and wafer bumping represented around 21.7% of Q2 revenue. On a product basis, our DDIC product increased to around 38% with gold bumping representing about 20.8%.

就我們的製造業務而言，我們的組裝業務佔第二季度收入的 20.3%。混合信號和內存測試約佔第二季度收入的 20.2%，晶圓凸點測試約佔第二季度收入的 21.7%。從產品來看，我們的DDIC產品佔比增加至38%左右，其中金塊佔比約20.8%。

Revenue from DRAM and SRAM represented about 14.7% of Q2 revenue. Our mixed signal products represented about 7.8%. As additional color on our business, our memory products represented about 33.3% of total Q2 revenue. Memory product revenue was up about 8.2% compared to Q1 2023, but down about 34.2% on a year-over-year basis.

來自 DRAM 和 SRAM 的收入約佔第二季度收入的 14.7%。我們的混合信號產品約佔7.8%。作為我們業務的額外亮點，我們的內存產品約佔第二季度總收入的 33.3%。內存產品收入較 2023 年第一季度增長約 8.2%，但同比下降約 34.2%。

DRAM revenue represented about 14.1% of total Q2 revenue. Flash revenue represented about 18.6% of Q2 revenue, and this was slightly up 2.5% compared to Q1.

DRAM 收入約佔第二季度總收入的 14.1%。閃存收入約佔第二季度收入的 18.6%，較第一季度小幅增長 2.5%。

NOR flash was up around 7% compared to Q1 and NAND flash represented about 29.4% of Q2 total flash revenue. Moving on to driver IC and gold bump revenue. It represented about 58.9% of total Q2 2023 revenue and increased significantly 31.6% compared to Q1 2023.

與第一季度相比，NOR 閃存增長了約 7%，NAND 閃存約佔第二季度閃存總收入的 29.4%。接下來是驅動 IC 和黃金收入增長。它約佔 2023 年第二季度總收入的 58.9%，與 2023 年第一季度相比大幅增長 31.6%。

In line with broader trends, this was slightly down around 4% on a year-over-year basis. Gold bump benefited from a product demand rebound in specific areas and customer restocking. This results in the need to immediately load new wafers coming in for the gold bumping process. This led our gold bump revenue to increase more than 30% compared to Q1 2023.

與更廣泛的趨勢一致，這一數字同比小幅下降約 4%。黃金上漲受益於特定地區產品需求反彈和客戶補貨。這導致需要立即裝載用於金凸點工藝的新晶圓。這使得我們的金塊收入比 2023 年第一季度增長了 30% 以上。

DDIC revenue was also up strong, increasing about 28.7% compared to Q1 2023. I am pleased to report that more than 20% of DDIC revenue came from automotive panels in Q2, which was up 14% compared to Q1 2023 and Q2 2022. This remains a long-term growth market for us. Both TDDI and OLED were up significantly compared to Q1 2023. TDDI represented around 23.5% of Q2 DDIC revenue and OLED about 14% of Q2 DDIC revenue.

DDIC 收入也強勁增長，較2023 年第一季度增長約28.7%。我很高興地報告，第二季度超過DDIC 收入的20% 來自汽車面板，較2023 年第一季度和2022 年第二季度增長了14%。對我們來說仍然是一個長期增長的市場。與 2023 年第一季度相比，TDDI 和 OLED 均大幅增長。TDDI 約佔第二季度 DDIC 收入的 23.5%，OLED 約佔第二季度 DDIC 收入的 14%。

Driven by automotive TDDI and OLED, this helped drive a 27% increase in COG for small panels. On an end market basis, total revenue from automotive and industrial represented about 20.7% of Q2 revenue and increased about 5% over Q1. Consumer represented 21.4% of Q2 revenue.

在汽車 TDDI 和 OLED 的推動下，小型面板的 COG 增長了 27%。從終端市場來看，汽車和工業總收入約佔第二季度收入的 20.7%，比第一季度增長約 5%。消費者佔第二季度收入的 21.4%。

Regarding smartphones, TVs and computing as an end market, they accounted about 33.7%, 19.2% and 5% respectively. All three categories increased more than 30% compared to Q1 2023.

以智能手機、電視和計算機作為終端市場，其占比分別約為33.7%、19.2%和5%。與 2023 年第一季度相比，這三個類別均增長了 30% 以上。

Now let me turn the call to Ms. Silvia Su to review the second quarter 2023 financial results. Silvia, please go ahead.

現在請蘇女士來回顧一下2023年第二季度的財務業績。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 31.14 against USD 1 as of June 30, 2023. All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards referencing presentation, Page 12, consolidated operating results summary.

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 2023 年 6 月 30 日新台幣 31.14 兌 1 美元的匯率。所有數據均根據台灣國際財務報告準則參考演示文稿第 12 頁合併經營業績摘要編制。

For the second quarter of 2023, total revenue was TWD 5,444 million. Net profit attributable to the company was TWD 629 million in Q2. Net earnings for the second quarter of 2023 were TWD 0.86 per basic common share or USD 0.56 per basic ADS. EBITDA for Q2 was TWD 1,731 million. EBITDA was calculated by adding depreciation and amortization together with operating profit.

2023年第二季度總收入為新台幣54.44億元。第二季度歸屬於公司的淨利潤為新台幣6.29億元。 2023 年第二季度淨利潤為每股基本普通股 0.86 新台幣或每股基本美國存託股 0.56 美元。第二季度 EBITDA 為新台幣 17.31 億元。 EBITDA 是通過將折舊和攤銷與營業利潤相加計算得出的。

Return on equity of Q2 was 10.3%. Referencing presentation, Page 13, consolidated statements of comprehensive income compared to 1Q '23. Total 2Q '23 revenue increased 18.2% compared to 1Q '23. 2Q '23 gross profit was TWD 941 million with gross margin at 17.3% compared to 12.4% in 1Q '23. This represents an increase of 4.9 ppts, our operating expenses in 2Q '23 were TWD 442 million or 8.1% of total revenue, which is about 10.3% higher compared to 1Q '23. Operating profit for 2Q '23 was TWD 521 million, with operating profit margin at 9.6%, which is about a 5.6 ppts increase compared to 1Q '23. Net nonoperating income in 2Q '23 was TWD 222 million, an increase of TWD 179 million compared to 1Q '23. The difference is mainly due to positive foreign exchange impact of TWD 194 million from a foreign exchange loss of TWD 44 million in 1Q '23 to a foreign exchange gain of TWD 150 million in 2Q '23.

第二季度股本回報率為10.3%。參考第 13 頁的演示文稿，與 23 年第一季度相比的綜合收益合併報表。與 2023 年第 1 季度相比，2023 年第 2 季度總收入增長了 18.2%。 2023 年第二季度毛利潤為新台幣 9.41 億，毛利率為 17.3%，而 23 年第一季度毛利率為 12.4%。這意味著增長了 4.9 個百分點，我們 2023 年第二季度的運營費用為新台幣 4.42 億，佔總收入的 8.1%，比 23 年第一季度高出約 10.3%。 2023年第2季營業利潤為新台幣5.21億元，營業利潤率為9.6%，較23年第1季增加約5.6個百分點。 2023 年第 2 季度營業外收入淨額為新台幣 2.22 億元，較 23 年第 1 季度增加 1.79 億元新台幣。差異主要是由於 2023 年第 1 季度外匯損失 4400 萬新台幣到 2023 年第 2 季度外匯收益 1.5 億新台幣產生的 1.94 億新台幣的積極外匯影響。

This was partially offset by a decrease of gain on valuation of financial assets at fair value through profit or loss of TWD 21 million. Profit attributable to the company in 2Q '23 increased 210.5% compared to 1Q '23. This primarily reflects an increase of operating profit of TWD 336 million and net nonoperating income of TWD 179 million and partially offset by the increase of income tax expense of TWD 89 million.

這被按公允價值計入損益的金融資產估值收益減少 2,100 萬新台幣部分抵消。與 2023 年第 1 季度相比，2023 年第 2 季度公司應占利潤增長 210.5%。這主要反映了營業利潤增加3.36億新台幣和營業外淨收入1.79億新台幣，部分被所得稅費用增加8900萬新台幣所抵消。

Basic weighted average outstanding shares were 727 million shares compared to 2Q '22. Total revenue for 2Q '23 decreased 20.5% compared to 2Q '22. Gross margin at 17.3% decreased to 8.1 ppts compared to 2Q '22. Operating expenses decreased 8.9% compared to 2Q '22. Operating profit margin at 9.6% decreased 9.0 ppts compared to 2Q '22. Net nonoperating income decreased TWD 87 million compared to 2Q '22.

與 2022 年第二季度相比，基本加權平均流通股為 7.27 億股。與 2022 年第二季度相比，23 年第二季度的總收入下降了 20.5%。與 2022 年第二季度相比，毛利率從 17.3% 下降至 8.1 個百分點。與 2022 年第二季度相比，運營費用下降 8.9%。營業利潤率為 9.6%，較 2022 年第二季度下降 9.0 個百分點。與 2022 年第二季度相比，營業外淨收入減少了 8,700 萬新台幣。

The difference is mainly due to a decrease of share of profit of associates accounted for using equity method of TWD 94 million and a lower foreign exchange gain of TWD 75 million. This was partially offset by the decrease of net interest expense of TWD 16 million and the positive valuation of financial assets at fair value through profit or loss impact of TWD 56 million which included the gain of TWD 4 million in 2Q '23 and loss of TWD 52 million in 2Q '22.

差異主要是由於採用權益法核算的聯營公司利潤減少了新台幣 9,400 萬元，以及匯兌收益減少了新台幣 7,500 萬元。這被淨利息支出減少 1,600 萬新台幣以及按公允價值計入損益的金融資產正估值影響 5,600 萬新台幣所部分抵消，其中包括 2023 年第二季度 400 萬新台幣的收益和新台幣的虧損2022 年第二季度為5200 萬。

Profit decreased 52.4% compared to 2Q '22. The difference is mainly due to a decrease of operating profit of TWD 755 million and a net nonoperating income of TWD 87 million and partially offset by the decrease of income tax expense of TWD 150 million.

與 2022 年第二季度相比，利潤下降 52.4%。差異主要是由於營業利潤減少 7.55 億新台幣和營業外收入淨額減少 8,700 萬新台幣，並被所得稅費用減少 1.5 億新台幣部分抵消。

Referencing presentation, Page 14, consolidated statements of financial position and key indices. Total assets at the end of 2Q '23 were TWD 45,836 million. Total liabilities at the end of 2Q '23 were TWD 22,010 million. Total equity at the end of 2Q '23 was TWD 23,826 million. Accounts receivable turnover days in 2Q '23 were 76 days, inventory turnover days was 58 days in 2Q '23.

參考演示文稿，第 14 頁，合併財務狀況表和關鍵指數。截至2023年第二季度末的總資產為新台幣458.36億元。截至 2023 年第二季度末的總負債為新台幣 220.1 億元。截至 2023 年第二季度末的總股本為新台幣 238.26 億元。 2023年第二季度應收賬款周轉天數為76天，2023年第二季度存貨周轉天數為58天。

Referencing presentation, Page 15, consolidated statements of cash flows. As of June 30, 2023, our balance of cash and cash equivalents was TWD 12,293 million which represents an increase of TWD 2,397 million compared to the beginning of the year. Net free cash inflow for the first half of 2023 was at TWD 1,950 million compared to TWD 2,321 million for the same period in 2022. The difference is mainly due to the decrease of operating profit of TWD 1,802 million and partially offset by the decrease of CapEx of TWD 1,020 million and income tax expense of TWD 360 million.

參考演示文稿，第 15 頁，合併現金流量表。截至2023年6月30日，現金及現金等價物餘額為新台幣122.93億元，較年初增加新台幣23.97億元。 2023年上半年自由現金流淨流入為新台幣19.5億元，而2022年同期為新台幣23.21億元。差異主要是由於營業利潤減少18.02億元新台幣，部分被資本支出減少所抵消新台幣10.2億元，所得稅費用3.6億元。

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 692 million in CapEx in Q2. The breakdown of CapEx in Q2 was 3.7% for bumping, 57.6% for LCD driver, 21.2% for assembly and 17.5% for testing. Depreciation expenses were TWD 1,210 million in Q2.

參考第 16 頁的演示文稿，資本支出和折舊。我們第二季度的資本支出投資了 6.92 億新台幣。第二季度的資本支出細分為凸塊 3.7%、LCD 驅動器 57.6%、組裝 21.2% 和測試 17.5%。第二季度折舊費用為新台幣 12.1 億元。

As of July 31, 2023, the company's outstanding ADS number was approximately 4.3 million units which represents around 12% of the company's outstanding common shares. 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.

截至2023年7月31日，該公司已發行的ADS數量約為430萬股，約佔該公司已發行普通股的12%。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。鄭先生對我們的展望。請繼續，先生。

Thank you, Silvia. According to the current industry situation and customers' feedback and given the stronger Q2 results, we expect operating momentum, we'll see a gradual rebound in the near term with the second half of 2023 better than the first half of 2023. In our DDIC product, automotive panel and OLED demand is stable and gradually rebounding with the inventory situation cleaning up a bit.

謝謝你，西爾維婭。根據當前行業形勢和客戶反饋，鑑於第二季度業績強勁，我們預計運營勢頭將在短期內逐步反彈，2023 年下半年將好於 2023 年上半年。在我們的 DDIC 中產品方面，汽車面板和OLED需求穩定並逐步回升，庫存情況有所清理。

This results in the need to immediately load new wafers coming in for the gold bumping and further assembly/testing processes. This leads to the UT level of high-end DDIC test platforms further improving and some specific high-end test platform is near fully occupied.

這導致需要立即加載用於金凸塊和進一步組裝/測試過程的新晶圓。這使得高端DDIC測試平台的UT水平進一步提高，一些特定的高端測試平台已接近滿載。

In our memory products, we expect DRAM demand will start to improve in the middle of Q3 as we benefit from memory IDMs lowering their UT level, coupled with the NAND flash demand is rebounding. Combined, we expect an overall rebounding in memories business. We think memory product momentum will be better than DDIC in second half of 2023, even with continued destocking at certain customers.

在我們的內存產品中，我們預計 DRAM 需求將在第三季度中期開始改善，因為我們受益於內存 IDM 降低 UT 水平，加上 NAND 閃存需求正在反彈。綜合而言，我們預計存儲器業務將整體反彈。我們認為，即使某些客戶持續去庫存，2023 年下半年內存產品勢頭將好於 DDIC。

Regarding our 2023 CapEx budget, our strategy remains in place. We plan to carefully invest in green energy, AI and automation. To maintain our competitive advantage and strength, we will add capacity depending on the UT level and customers' further demand.

關於我們 2023 年的資本支出預算，我們的戰略仍然不變。我們計劃謹慎投資綠色能源、人工智能和自動化。為了保持我們的競爭優勢和實力，我們將根據UT水平和客戶的進一步需求增加產能。

For example, we deferred DDIC high-end testers, which were already pulled into the first half. We also continue to implement cost reduction and quality improvement actions where possible to gain leverage in our business.

例如，我們推遲了DDIC高端測試儀，該測試儀已經拉到了上半年。我們還繼續盡可能實施降低成本和提高質量的行動，以獲得我們業務的影響力。

Lastly, we continue to closely incorporate with vendors to gain insight into the channel. Our focus remains on expanding our leadership position and building value for shareholders. This includes returning capital to shareholders with our latest dividend distribution on July 20.

最後，我們繼續與供應商密切合作，深入了解渠道。我們的重點仍然是擴大我們的領導地位並為股東創造價值。這包括通過 7 月 20 日的最新股息分配向股東返還資本。

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

接線員，我們的正式發言到此結束。我們現在可以提問。

(Operator Instructions) Our first question comes from Jerry Su from Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Jerry Su。

Firstly, would you please give us more color about the Q-o-Q revenue and gross margin for each of memory and DDIC? Secondly, can you comment about the local DDIC competitor's recent price cut in recent? Further, how is your comment about the growing competition from DDIC back-end player in China? Lastly, please share your picture for mid- to long-term business momentum and direction after this year inventory correction.

首先，請您詳細介紹一下內存和 DDIC 的環比收入和毛利率？其次，您能否評論一下當地DDIC競爭對手近期的降價行為？此外，您如何看待中國 DDIC 後端廠商日益激烈的競爭？最後，請分享一下您對今年庫存調整後中長期業務動力和方向的看法。

According to the current industry situation and customers' feedback, we expect Q1 will be the bottom for the year with operating momentum continuing to gradually rebound in Q3 and Q4. We expect the second half will be better than the first half with a 10% growth as we move through 2023.

根據目前的行業形勢和客戶反饋，我們預計一季度將是全年底部，三季度和四季度經營勢頭將繼續逐步回升。我們預計，到 2023 年，下半年將好於上半年，增長 10%。

In memory, we think memory product momentum will be better than DDIC in the second half of 2023 since DDIC has performed at a significantly better Q-o-Q growth rate in Q2. We expect DRAM demand will be more clear in mid or late Q3, coupled with the NAND flash demand rebounding.

在內存方面，我們認為 2023 年下半年內存產品勢頭將優於 DDIC，因為 DDIC 在第二季度的環比增長率明顯更高。我們預計 DRAM 需求將在第三季度中後期更加明確，加上 NAND 閃存需求反彈。

In DDIC, we have already pulled in the deferred DDIC high-end testers in the first half. Therefore, DDIC revenue in H2 will benefit from the new capacity.

在DDIC方面，我們已經在上半年拉回了延期的DDIC高端測試人員。因此，DDIC下半年營收將受益於新增產能。

As for gross margin, we expect it could improve by UT level moving up and a better product mix. Regarding to the price issue, we would still maintain the price level of high-end testers due to a higher UT rate for OLED product.

至於毛利率，我們預計其可以通過UT水平的提升和更好的產品組合來改善。關於價格問題，由於OLED產品的UT率較高，我們仍將維持高端測試儀的價格水平。

For low-end testers and COF, we are taking this on a customer-by-customer basis and retaining some flexibility in the OEM price to the further improvement of the utilization rate. We see the hurdle from limited 28-nanometer DDIC wafer supply in China.

對於低端測試儀和COF，我們會根據客戶的情況進行處理，並在OEM價格上保留一定的靈活性，以進一步提高利用率。我們看到了中國 28 納米 DDIC 晶圓供應有限的障礙。

In the meantime, we will continue to improve our quality competitiveness and expand a penetration rate of high-end products such as OLED, automotive panels and high-end TVs to maintain the company's competitive advantage.

同時，我們將持續提升品質競爭力，擴大OLED、汽車面板、高端電視等高端產品的滲透率，保持公司的競爭優勢。

For mid- to long term, in terms of memory, we are optimistic about the product trend of upgrading commodity DRAM to DDR5 and high-density multi-chip stacked NAND flash. For DDIC, apart from the increase in the penetration rate of mobile phones, as the use of OLED panels in other applications, increases, such as laptops, tablets and automotive, et cetera. It is also another driving force for our DDIC to continue to grow in the future.

中長期來看，內存方面，我們看好商用DRAM升級為DDR5和高密度多芯片堆疊NAND閃存的產品趨勢。對於DDIC來說，除了手機滲透率上升外，OLED面板在其他應用領域的使用也隨之增加，例如筆記本電腦、平板電腦和汽車等。這也是我們DDIC未來持續增長的又一動力。

In addition, our logic mixed signal products such as PMIC, sensor and panel peripheral chips will expand from general consumer products such as mobile phones to other fields such as automotive.

此外，我們的PMIC、傳感器和麵板周邊芯片等邏輯混合信號產品將從手機等一般消費產品擴展到汽車等其他領域。

Of course, we still benefit from the continuous increase in the proportion of revenue in automotive applications, which covers our three major product segments, DDIC, memory and logic mixed-signal.

當然，我們還是受益於汽車應用營收佔比的持續提升，涵蓋了我們的三大產品領域，DDIC、內存和邏輯混合信號。

Next question comes from Anthony Liu from Yuanta. You may begin.

下一個問題來自元大的Anthony Liu。你可以開始了。

From the presentation, we see memory the segment grew 8% Q-o-Q, while assembly UT rate was still weak. Does it imply revenue growth is mainly from memory testing?

從演示中，我們看到內存該細分市場環比增長了 8%，而組裝 UT 率仍然疲軟。這是否意味著收入增長主要來自內存測試？

In memory wafer test and final test, we benefited from rush orders for consumer niche DRAM in Q2. However, our assembly business still suffered from low demand of commodity DRAM.

在內存晶圓測試和最終測試中，我們受益於第二季度消費利基 DRAM 的緊急訂單。然而，我們的組裝業務仍然受到商品 DRAM 需求低迷的影響。

Please give us more color about DRAM, NAND and NOR business momentum in the second half.

請給我們更多關於下半年 DRAM、NAND 和 NOR 業務勢頭的信息。

By ranking, we think NAND flash can grow more than DRAM, followed by flatter NOR Flash.

通過排名，我們認為 NAND 閃存的增長速度將超過 DRAM，其次是更平坦的 NOR 閃存。

DDIC and gold bump UT rate significantly increased in Q2. Would it maintain the sequential Q-o-Q growth in the second half?

第二季度 DDIC 和金塊 UT 率顯著上升。下半年能否保持環比增長？

Yes, we still see sequential Q-o-Q growth in DDIC. As explained, we have pulled in the deferred DDIC high-end tester capacity to meet customers' demand.

是的，我們仍然看到 DDIC 環比增長。正如所解釋的，我們已經引入了延期的 DDIC 高端測試儀產能來滿足客戶的需求。

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.

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。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]