美光科技 (MU) 2004 Q4 法說會逐字稿

Good evening, everyone, and welcome to the Micron Technology fourth-quarter 2004 earnings teleconference.

大家晚上好，歡迎參加美光科技 2004 年第四季度財報電話會議。

At this time, all lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation.

目前，所有台詞都處於只聽模式，演講結束後將開放提問和評論。

I would now like to introduce your host for this call, Kip Bedard.

現在，我想介紹一下本次電話會議的主持人 Kip Bedard。

Sir, you may begin.

先生，您可以開始了。

Thank you very much.

非常感謝。

Welcome to Micron Technology's fourth-quarter and fiscal year-end 2004 financial release conference call.

歡迎參加美光科技公司 2004 年第四季度和財政年度末財務發布電話會議。

On the call today, of course, are Steve Appleton, Chairman, CEO and President;

今天的電話會議當然是主席、首席執行官兼總裁史蒂夫·阿普爾頓（Steve Appleton）；

Bill Stover, Vice President of Finance and Chief Financial Officer; and Mike Sadler, Vice President of Worldwide Sales.

Bill Stover，財務副總裁兼首席財務官；以及全球銷售副總裁 Mike Sadler。

This conference call, including audio and slides, is available on Micron's homepage on the Internet at Micron.com.

本次電話會議（包括音頻和幻燈片）可在美光公司主頁上的 Micron.com 上找到。

If you have not had an opportunity to review the fourth-quarter and fiscal year-end 2004 financial press release, it will be available on our website at Micron.com.

如果您沒有機會查看 2004 年第四季度和財政年度末的財務新聞稿，請訪問我們的網站 Micron.com。

Our call will be approximately 60 minutes in length.

我們的通話時間約為 60 分鐘。

There will be a taped audio replay of this call available later this evening at 5:30 PM Mountain Daylight Time.

今晚晚些時候，山區夏令時間下午 5:30 將提供此通話的錄音重播。

You can reach that by dialing 973-341-3080 and use a confirmation code of 5127647.

您可以撥打 973-341-3080 並使用確認碼 5127647 來達到此目的。

This replay will run through Thursday, October 7, 2004 at 5:30 PM, again Mountain Daylight Time.

此重播將持續到 2004 年 10 月 7 日星期四下午 5:30，同樣是山地夏令時間。

A webcast replay will be available on the Company's website until September 29, 2005.

2005 年 9 月 29 日之前，公司網站上將提供網絡廣播重播。

We encourage you to monitor our website at Micron.com throughout the quarter for the most current information on the Company, including information on the various financial conferences that we will be attending.

我們鼓勵您在整個季度監控我們的網站 Micron.com，以獲取有關公司的最新信息，包括我們將參加的各種財務會議的信息。

During the course of this call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the Company and the industry.

在本次電話會議期間，我們可能會就公司和行業的未來事件或未來財務業績做出預測或其他前瞻性陳述。

We wish to caution you that such statements are predictions, and that actual events or results may differ materially.

我們希望提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。

We refer you to the documents the Company files on a consolidated basis from time to time with the Securities and Exchange Commission, specifically the Company's most recent Form 10-K and Form 10-Q.

我們建議您參考公司不時向證券交易委員會提交的綜合文件，特別是公司最近的 10-K 表格和 10-Q 表格。

These documents contain and identify important factors that could cause the actual results for the Company on a consolidated basis to differ materially from those contained in our projections or forward-looking statements.

這些文件包含並確定了可能導致公司在綜合基礎上的實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

These certain factors can be found on the Company's website.

這些特定因素可以在公司網站上找到。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水平、業績或成就。

We are under no duty to update any of the forward-looking statements after the date of the presentation to conform these statements to actual results.

我們沒有義務在演示日期之後更新任何前瞻性陳述，以使這些陳述符合實際結果。

With that, I would like to turn the call over to Mr. Bill Stover.

有了這個，我想把電話轉給比爾斯托弗先生。

Thanks, Kip.

謝謝，基普。

Let's repeat summary financial results for the fiscal year and fourth quarter, which ended September 2nd, for those listeners who may not yet have access to our press release.

讓我們重複一下截至 9 月 2 日的財政年度和第四季度的財務業績摘要，以供可能尚未訪問我們新聞稿的聽眾參考。

For the fiscal year, net sales totaled $4.4 billion, and the Company recorded operating income of $250 million and net income of 157 million or 24 cents per diluted share.

本財年，淨銷售額總計 44 億美元，公司錄得營業收入 2.5 億美元，淨收入 1.57 億美元或每股攤薄收益 24 美分。

That compares to net sales of 3.1 billion in fiscal year 2003 and a net loss of $2.11 per share.

相比之下，2003 財年的淨銷售額為 31 億美元，每股淨虧損 2.11 美元。

The net sales increase of 42 percent year over year was facilitated by a 15 percent higher average selling price for semiconductor memory and an approximate 23 percent increase in megabits of memory produced.

淨銷售額同比增長 42%，這得益於半導體存儲器的平均售價提高了 15%，並且生產的存儲器的兆位增加了約 23%。

Note that selling, general and administrative expenses, as a percentage of net sales, is reduced from 13 percent in 2002 to 8 percent in 2004.

請注意，銷售、一般和管理費用占淨銷售額的百分比從 2002 年的 13% 降至 2004 年的 8%。

For the fourth quarter, net sales totaled 1.2 billion, and the Company recorded net income of 94 million or 14 cents per diluted share.

第四季度，淨銷售額總計 12 億美元，公司錄得淨收入 9400 萬美元或每股攤薄收益 14 美分。

Operating income came in at 125 million.

營業收入為1.25億。

The income tax provision for the fourth quarter at 28 million is somewhat higher than recent quarters, and is a result of international taxation.

第四季度的所得稅撥備為 2800 萬美元，略高於最近幾個季度，這是國際稅收的結果。

Our expectation is that income taxes will likely run about $20 million per quarter in fiscal 2005.

我們的預期是，2005 財年每季度的所得稅可能達到 2000 萬美元左右。

Gross margin for the year came in at 30 percent, an improvement from approximately breakeven in fiscal year 2003.

該年度的毛利率為 30%，比 2003 財年的盈虧平衡有所改善。

The fourth quarter's gross margin was 33 percent, holding up pretty well as compared to the third quarter, taking into consideration an approximate 5 percent decline in average selling prices quarter over quarter, and also taking into account a lower level of margin on products from our TECH joint venture.

第四季度的毛利率為 33%，與第三季度相比保持良好，考慮到平均售價環比下降約 5%，同時考慮到我們產品的利潤率較低科技合資企業。

Selling, general and administrative expenses were slightly lower in the fourth quarter, and will likely return to a run rate approaching 90 million per quarter in fiscal 2005.

銷售、一般和管理費用在第四季度略有下降，並且可能會在 2005 財年恢復到接近每季度 9000 萬美元的運行率。

The comparative reduction fourth quarter versus third quarter was a result of lower levels of taxes other than income taxes and lower legal costs.

第四季度與第三季度的相對減少是由於所得稅以外的稅收水平較低和法律成本較低。

R&D expense for the fourth quarter was 199 million, slightly higher than in recent periods.

第四季度研發費用為1.99億，略高於近期。

The higher level was in part due to the expenses of wafer processing at the 300-mm line in Manassas, Virginia.

較高水平的部分原因是弗吉尼亞州馬納薩斯 300 毫米生產線的晶圓加工費用。

In the quarter, we shifted processing to our latest-generation 256-meg DRAM.

在本季度，我們將處理轉移到了最新一代的 256 兆 DRAM。

This hypershank (ph) 6F-squared DDR device, which uses utilizes copper interconnect technology, qualified for shipment to customers in September.

這款 hypershank (ph) 6F 平方 DDR 器件採用銅互連技術，可於 9 月向客戶發貨。

Future R&D expenses will vary significantly with the number of wafers dedicated to new device development and qualification.

未來的研發費用將隨著專用於新設備開發和認證的晶圓數量而有很大差異。

From this next slide, you can see that cash flow provided by operations for the fiscal year was much improved over the prior year.

從下一張幻燈片中，您可以看到本財年運營提供的現金流量比上一年有了很大改善。

Future operating cash flows are significantly dependent on average selling prices, which for semiconductor memory are highly volatile.

未來的經營現金流很大程度上取決於平均售價，這對於半導體存儲器來說是高度波動的。

Capital spending for fiscal year '04 came in below 1.4 billion, and fiscal year '05 is forecast to approximate 1.5 billion for capital spending.

04 財年的資本支出低於 14 億，而 05 財年的資本支出預計約為 15 億。

As of year end, Micron had cash and investment balances exceeding 1.2 billion, and our debt-to-equity ratio remained below 20 percent.

截至年底，美光的現金和投資餘額超過 12 億，我們的債務權益比率保持在 20% 以下。

I'll turn the commentary over to Mike.

我會把評論交給邁克。

Thanks very much, Bill.

非常感謝，比爾。

Heading into fiscal Q4, we expected to see continued robust demand from all sectors, and for all intents and purposes, things occurred just about as expected with very few surprises.

進入第四財季，我們預計所有行業的需求都將持續強勁，並且出於所有意圖和目的，事情的發生與預期幾乎一樣，幾乎沒有意外。

The portfolio of DRAM products sold through to end customers with ease, in applications ranging from handheld consumer electronics products to high-end servers and everything in between.

DRAM 產品組合輕鬆銷售給最終客戶，應用範圍從手持消費電子產品到高端服務器以及介於兩者之間的所有應用。

Mobile phone applications consumed substantial amounts of our Flash memory, low-powered DRAM, CellularRAM and CMOS sensors, as we continued to advance our position in this key market.

移動電話應用消耗了大量的閃存、低功耗 DRAM、CellularRAM 和 CMOS 傳感器，因為我們繼續在這個關鍵市場中提升我們的地位。

Generally speaking, pricing for our components was stable throughout the quarter.

總體而言，我們組件的價格在整個季度保持穩定。

Our perception is that supply and demand are relatively balanced at this time.

我們的看法是，此時供需相對平衡。

Our finished goods inventory levels for all mainstream products are quite low, and should remain that way as demand strength in the vast majority of applications continues.

我們所有主流產品的成品庫存水平都非常低，並且隨著絕大多數應用的需求強度繼續保持這種水平。

We don't anticipate material changes in the overall market environment in the current quarter that will significantly alter the current supply/demand balance.

我們預計本季度整體市場環境的重大變化不會顯著改變當前的供需平衡。

PCs continue to be the largest consumer of our DRAM products.

個人電腦仍然是我們 DRAM 產品的最大消費者。

We have a solid lineup of both DDR and DDR2 components and modules for the notebook, desktop and server markets.

我們為筆記本電腦、台式機和服務器市場提供完整的 DDR 和 DDR2 組件和模塊陣容。

Resurgent and seasonally strong PC unit sales and steadily increasing memory content per system are fueling sales of our DRAM products in this space.

復甦和季節性強勁的 PC 單位銷售以及每個系統的內存容量穩步增加正在推動我們在該領域的 DRAM 產品的銷售。

We have put forth a tremendous amount of marketing and technology development effort to prepare for the DDR2 transition, and this effort has resulted in a solid lineup of 256-megabit, 512-megabit and 1-gigabit components on modules ranging in density from 128 MB to 4 GB -- without a doubt, the most complete product offering in the industry today.

我們投入了大量的營銷和技術開發工作來為 DDR2 過渡做準備，這項工作已經在模塊上形成了 256 兆位、512 兆位和 1 吉位組件的穩固陣容，密度從 128 MB 不等到 4 GB——毫無疑問，這是當今業界最完整的產品。

For a variety of commercial reasons, sales of DDR2 memory have not ramped in the marketplace as aggressively as some industry watchers had projected.

由於各種商業原因，DDR2 內存在市場上的銷量並沒有像一些行業觀察家所預測的那樣猛增。

We have been and will continue the practice of monitoring the market closely and dialing our production output to meet the specific product mix needs of our customers.

我們一直並將繼續密切監控市場並調整我們的產量以滿足客戶的特定產品組合需求。

We have adequate capacity in place to accommodate virtually any DDR versus DDR2 demand scenario that might unfold over the course of the next several quarters.

我們有足夠的能力來適應未來幾個季度可能出現的幾乎任何 DDR 與 DDR2 需求情景。

Beyond PCs, in both the consumer electronics and communications space, we are seeing sufficient demand strength in the market to absorb our expanding production output.

除了個人電腦，在消費電子和通信領域，我們看到市場上有足夠的需求強度來吸收我們不斷擴大的產量。

The most prominent of these sectors, the mobile phone market, is experiencing both solid unit growth and expanded functionality this year.

這些領域中最突出的手機市場，今年正經歷著穩定的單位增長和擴展的功能。

With industry-wide infrastructure enhancements taking hold, Mobile handsets are moving upmarket such that the total available opportunity for Micron's products is becoming increasingly interesting.

隨著全行業基礎設施的加強，移動手機正在向高端市場移動，因此美光產品的總可用機會變得越來越有趣。

This is specifically resulting in increased memory content per mobile platform and growing camera phone penetration.

這特別導致每個移動平台的內存內容增加和拍照手機的普及率不斷提高。

On the memory front, we have positioned our CellularRAM, low-powered DRAM and NOR Flash products in the mobile handset space.

在內存方面，我們已將我們的 CellularRAM、低功耗 DRAM 和 NOR 閃存產品定位在手機領域。

This business is continuing to grow, as the market expands and as Micron's share of the available market increases.

隨著市場的擴大和美光在可用市場中的份額增加，這項業務正在繼續增長。

We are adding an additional memory product family to the portfolio, NAND flash, that will also find a place in mobile phone platforms.

我們正在向產品組合中添加一個額外的內存產品系列，即 NAND 閃存，它也將在手機平台中佔有一席之地。

In fiscal Q4, we started sampling our initial 2-gigabit NAND component, and feedback from customers on device performance has been positive.

在第四財季，我們開始對最初的 2 Gb NAND 組件進行採樣，客戶對設備性能的反饋是積極的。

Our plans to commence commercial shipments of this device by the end of calendar 2004 remain unchanged.

我們計劃在 2004 年年底之前開始商業出貨該設備的計劃保持不變。

We now have both VGA and 1-megapixel CMOS sensors in volume production to support the mobile phone camera business.

我們現在已經量產了 VGA 和 1 兆像素 CMOS 傳感器，以支持手機攝像頭業務。

These chips are being well-received by the mobile phone industry for their image quality, efficient power consumption characteristics and low cost relative to CCD.

這些芯片以其圖像質量、高效的功耗特性和相對於CCD的低成本而受到手機行業的好評。

We are continuing to enhance the product roadmap by rolling out cost and format reductions of these chips, as well as higher-density mobile phone camera chips in coming periods.

我們將繼續通過推出這些芯片的成本和格式降低以及未來一段時間內更高密度的手機攝像頭芯片來增強產品路線圖。

We are pleased with the position we have established with the mobile phone makers, and this is attributed to a solid memory and CMOS sensor product portfolio and strong customer support infrastructure.

我們對與手機製造商建立的地位感到高興，這歸功於穩固的內存和 CMOS 傳感器產品組合以及強大的客戶支持基礎設施。

We're moving through the first quarter of fiscal 2005, and from a demand standpoint, the market for our products continues to be quite favorable.

我們正在經歷 2005 財年的第一季度，從需求的角度來看，我們產品的市場仍然非常有利。

Micron's product portfolio and position in the marketplace is better than ever.

美光的產品組合和市場地位比以往任何時候都要好。

We are maintaining a solid standing in the high-volume computing platforms, and leverage the core technology to enhance the position in consumer, communications and other emerging applications.

我們在大容量計算平台上保持穩固的地位，並利用核心技術提昇在消費、通信和其他新興應用領域的地位。

The environment, both external and internal, is quite exciting, and we thank you for your continued interest and support.

外部和內部環境都非常令人興奮，我們感謝您一直以來的關注和支持。

And with that, I'll turn it back over to Kip.

有了這個，我會把它交給基普。

Thank you, Mike.

謝謝你，邁克。

We would now like to take questions from callers.

我們現在想回答來電者的問題。

Just a reminder -- if you are using a speakerphone, please pick up the handset when asking a question so that we can hear you clearly.

提醒一下——如果您使用免提電話，請在提問時拿起聽筒，以便我們清楚地聽到您的聲音。

With that, we would like to open up the phone lines.

有了這個，我們想打開電話線。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Michael Masdea, CSFB.

邁克爾·馬斯迪亞，CSFB。

Can one of you just run us through real quickly what actual bit production increased and then bit shipment increased in the quarter?

你們中的某個人能否快速向我們介紹一下本季度實際鑽頭產量增加了什麼，然後鑽頭出貨量增加了？

Sure.

當然。

We were up low double digits on bit production, and the growth rate in sales was slightly above that.

我們的鑽頭產量增長了兩位數，銷售額增長率略高於此。

And then can you -- maybe Mike can run us through kind of what the customer dynamics -- because it sounds like there weren't any surprises.

然後你能 - 也許邁克可以讓我們了解客戶動態 - 因為聽起來沒有任何驚喜。

But maybe, given what we have seen in some of the other end markets recently, maybe you can give us an update on what your customers are thinking about next quarter.

但也許，鑑於我們最近在其他一些終端市場上看到的情況，也許您可以向我們提供有關您的客戶在下個季度的想法的最新信息。

Sure.

當然。

In next quarter, which will be calendar Q4, fiscal Q1 for us, we're looking at from the PC space probably megabit consumption growth rates of around 15 percent, if I can kind of take an educated guess or educated rounding of what customers are telling us.

在下個季度，這將是我們的日曆 Q4，財政 Q1，我們正在從 PC 領域觀察可能 15% 左右的兆位消費增長率，如果我可以對客戶是什麼進行有根據的猜測或有根據的四捨五入的話告訴我們。

And that's roughly in line with what would seasonally be occurring.

這與季節性發生的情況大致一致。

And my perception is that was probably about the same growth rate that we saw in calendar Q3, as well.

我的看法是，這可能與我們在日曆第三季度看到的增長率大致相同。

In general, in the PC space -- which continues to be the largest consumer of our DRAM megabits, anyway -- things are happening about like we would have expected, from a seasonal standpoint.

總的來說，在 PC 領域——無論如何，它仍然是我們 DRAM 兆位的最大消費者——從季節性的角度來看，事情正在發生，就像我們預期的那樣。

In other markets, whether consumer electronics markets, also mobile phones, also -- things are occurring about as expected.

在其他市場，無論是消費電子市場，還是手機市場，事情都在按預期發生。

We're continuing to get the content boost that we had been expecting in all of these products, and we are continuing to roll out products to take advantage of that, as well.

我們將繼續在所有這些產品中獲得我們所期望的內容提升，我們也將繼續推出產品以利用這一點。

So, generally speaking, Michael, from an external market standpoint, everything is pretty much happening as we thought it would, and as we commented -- like we thought it would at the last conference call.

所以，一般來說，邁克爾，從外部市場的角度來看，一切都像我們認為的那樣發生，正如我們評論的那樣——就像我們在上次電話會議上認為的那樣。

And I guess, relative to that, how much can you guys grow your bits next order?

我想，相對於此，你們下一個訂單能增長多少？

We are starting our guidance at low double digits again.

我們再次以兩位數的低位開始指導。

And then just the last question is on the inventory front, and what you're seeing there, what it looks like in the channel and in total.

然後最後一個問題是關於庫存方面的，以及您在那裡看到的內容、渠道中的情況以及總體情況。

On finished goods inventory, we are pretty tight.

在成品庫存方面，我們非常緊張。

We're at -- ended the quarter at less than two weeks of supply.

我們在 - 以不到兩週的供應量結束了本季度。

We're currently in that range right now.

我們現在就在這個範圍內。

We've added to it a little bit in the first couple of weeks of the quarter, just to get inventories back in line.

我們在本季度的前幾週增加了一點，只是為了讓庫存恢復正常。

My perception on the customer front is very little inventory on hand.

我對客戶的看法是手頭的庫存很少。

We're still getting hit pretty hard by most of our customers on a daily basis for deliveries, and that would be a pretty strong indicator that there's not much inventory out there.

我們的大多數客戶每天仍然會受到很大的打擊，這將是一個非常強烈的指標，表明那裡沒有太多的庫存。

I couldn't really speak for the other suppliers, but again, to summarize, our inventory is less than two weeks of supply.

我真的不能代表其他供應商說話，但總而言之，我們的庫存不足兩週的供應。

My observation is that our customers are pretty much out of inventory, as well.

我的觀察是，我們的客戶也幾乎沒有庫存。

But prices looking pretty stable?

但是價格看起來很穩定？

Prices are -- DRAM prices, which is what most people focus on, are stable to trending up.

價格是——大多數人關注的 DRAM 價格穩定並呈上升趨勢。

We did, midmonth, realize a small price increase from the majors, and things look like they are probably on cue for another price increase here in a couple days.

我們確實，在月中，意識到主要的價格小幅上漲，而且看起來他們可能會在幾天內再次漲價。

Glen Yeung, Smith Barney.

Glen Yeung，美邦。

Maybe taking a bit of a longer-term look at your CapEx for fiscal '05, maybe just run through the rationale for taking it up, given what seems to be a growing consensus that we may be entering into oversupply.

也許對 05 財年的資本支出進行更長期的研究，也許只是考慮一下接受它的理由，因為我們可能會進入供過於求的共識似乎越來越多。

So maybe running through how you intend to spend it, what your wafer outs looks like next year and what your bits out look like for fiscal '05, as well?

因此，也許您打算如何使用它，明年您的晶圓產量如何以及您在 05 財年的產量如何？

There's a lot of questions in there.

裡面有很多問題。

I'll tackle the capital, and then perhaps Kip can talk about some of the wafer and bit.

我會解決資本問題，然後也許基普可以談談一些晶片和鑽頭。

On capital, I think, as most people are aware, we are ramping our 300-mm facility over the next six to eight months.

在資本方面，我認為，正如大多數人都知道的那樣，我們將在未來六到八個月內擴大我們的 300 毫米設施。

And actually, our capital is a little bit front-end loaded.

實際上，我們的資本有點前端負載。

So your comment about whatever happens in the latter half of the year, of course, is difficult if not impossible for us to predict.

因此，您對下半年發生的任何事情的評論，當然，即使不是不可能，我們也很難預測。

But we have made the commitment to bring that 300-mm facility up, and in fact a lot of equipment is being or has been delivered, and so for our fiscal year we are a little heavier in the front end of the CapEx.

但是我們已經承諾要建設 300 毫米的設施，事實上很多設備正在交付或已經交付，因此在我們的財政年度，我們在資本支出的前端有點重。

But again, that is a pretty big initial expenditure, and that's why you're seeing our CapEx move up a little bit.

但同樣，這是一筆相當大的初始支出，這就是為什麼您看到我們的資本支出略有上升的原因。

And then from an industry bit growth standpoint, if you look at the various analysts who study that -- IDC, iSupply, et cetera -- they are anywhere in the range of low 40's to low 50 percent production bit growth '05 over '04.

然後從行業位增長的角度來看，如果你看看研究過的各種分析師——IDC、iSupply 等等——他們在 05 年到 04 年的低 40% 到低 50% 的生產位增長范圍內.

We will be in that range, and of course some of that is subject -- exactly where we are in that range is somewhat subject to how we allocate wafers to non-DRAM products.

我們將在那個範圍內，當然其中一些是主題——我們在這個範圍內的確切位置在某種程度上取決於我們如何將晶圓分配給非 DRAM 產品。

Ted Parmigiani, Lehman Brothers.

泰德·帕瑪強尼，雷曼兄弟。

Just trying to understand some of your costs, as well as the comments on ASPs.

只是想了解您的一些成本，以及對 ASP 的評論。

You talk about memory ASPs declining 5 percent.

您談到內存 ASP 下降了 5%。

How should we understand that, given stable to higher contract prices quarter on quarter for you guys?

我們應該如何理解這一點，鑑於你們的合同價格季度環比上漲穩定？

Is there something going on in mix there?

那裡有什麼混合的嗎？

And then also, if you could talk about two more things -- one is the overall mix along the lines of memory versus non-memory, and also sequential reductions in cost, what you saw percentage-wise in the prior quarter, as well as what you expect to achieve in this current quarter.

然後，如果您可以再談兩件事 - 一個是內存與非內存的整體組合，以及成本的連續降低，您在上一季度看到的百分比，以及您期望在本季度實現的目標。

I'll address the ASP question and the product mix question, as well.

我還將解決 ASP 問題和產品組合問題。

I think, on the 5 percent reduction versus stable to increasing contract prices, we're mixing periods here.

我認為，在 5% 的降幅與穩定到上漲的合同價格之間，我們在這裡混合了各個時期。

The 5 percent ASP reduction occurred in overall in our entire portfolio fiscal Q4 versus fiscal Q3.

與第三季度相比，我們的整個投資組合第四季度與第三季度相比，總體平均售價下降了 5%。

The stable to increasing prices that I am referencing are today's situation.

我所指的穩定到上漲的價格就是今天的情況。

So we're in fiscal Q1; actually, we are 3.5 weeks through fiscal Q1, and prices did pick up slightly the first couple weeks of the quarter, and they are probably due to tick up again here over the course of the next couple days.

所以我們在第一財季；實際上，我們距離第一財季還有 3.5 週，並且在本季度的前幾週價格確實略有回升，並且可能會在接下來的幾天內再次上漲。

So, two different periods on the pricing question that you had.

因此，在您遇到的定價問題上有兩個不同的時期。

With respect to the product mix, generally speaking, from a product mix standpoint about a third -- somewhere between 30 and 35 percent of our overall wafer starts -- are in the non-core DRAM area, and that is consistent with the messaging that we have been stating.

關於產品組合，一般來說，從產品組合的角度來看，大約三分之一——大約在我們整體晶圓啟動的 30% 到 35% 之間——在非核心 DRAM 領域，這與傳遞的信息一致我們一直在陳述。

And the biggest case of the non-core DRAM, of course, would be the synchronous DRAM followed by the CellularRAM and then the Flash memory and the CMOS sensors, as well.

非核心 DRAM 的最大案例當然是同步 DRAM，其次是 CellularRAM，然後是閃存和 CMOS 傳感器。

Did we get all your questions answered?

我們是否回答了您所有的問題？

No.

不。

Actually, on the production costs, you had talked last quarter about expecting to achieve a percentage reduction in production costs.

實際上，關於生產成本，您上個季度曾談到希望實現生產成本降低百分比。

I was wondering if you had met that goal, and also what you could comment on going forward here in the current quarter.

我想知道您是否已實現該目標，以及您對本季度的前進有何評論。

To part of that question, we indicated in opening comments that the margin that we realized on products out of our TECH joint venture was less in the fourth quarter than that which we had realized in the third quarter.

對於這個問題的一部分，我們在開場評論中指出，我們在第四季度從我們的 TECH 合資企業中實現的產品利潤率低於我們在第三季度實現的利潤率。

Had that held level, gross margin would have stayed constant Q4 relative to Q3, so you can get a relationship of the cost profile on our core memory, just by looking at that gross margin staying constant and seeing the characterization of the fourth quarter versus third quarter ASP decline.

如果保持這個水平，那麼第四季度的毛利率將相對於第三季度保持不變，因此您可以通過查看保持不變的毛利率並查看第四季度與第三季度的特徵來了解我們核心內存的成本概況季度平均售價下降。

One of the things I would note there is that the -- remember, on the cost profile for our advanced product, as Mike just mentioned, that only constitutes a certain percentage.

我要注意的一件事是 - 請記住，正如邁克剛才提到的，在我們的高級產品的成本概況中，這僅佔一定百分比。

So we have certain products of our lower density or legacy, or however you want to categorize it, where we really don't make that much cost improvement.

所以我們有一些我們的低密度或傳統產品，或者無論你想對它進行分類，我們真的沒有做出那麼多的成本改進。

Of course, the margin is strong on those, as well.

當然，這些方面的利潤率也很高。

But you've got to keep that in mind, that the overall cost profile reductions that would occur -- those primarily relate to the advanced -- the mainstream core DRAM, and they don't really relate to some of these other product.

但是你必須牢記這一點，將會發生的總體成本降低——主要與先進的——主流核心 DRAM 相關，它們與其他一些產品並沒有真正的關係。

John Lau, Banc of America.

美國銀行的約翰·劉。

I was wondering if you could go over some of the dynamics in the CMOS sensor area, especially for the digital still cameras, and hence what is the particular density (ph) trends over there?

我想知道你是否可以回顧一下 CMOS 傳感器領域的一些動態，特別是對於數碼相機，那麼那裡的特定密度 (ph) 趨勢是什麼？

And then, you had mentioned that inventory was low.

然後，你提到庫存很低。

How about inventory for the CMOS sensor product lines?

CMOS 傳感器產品線的庫存情況如何？

And then, finally, is CMOS sensors still about 15 percent of the wafer starts?

最後，CMOS 傳感器是否仍佔晶圓啟動的 15% 左右？

I'll address them, and Steve might pipe in here, as well, with his input.

我會解決他們的問題，Steve 也可能會在這裡插話，並提供他的意見。

On the DSC front, my observation is the sweet spot density today is probably 3 megapixels, shifting to 4 megapixel.

在 DSC 方面，我的觀察是今天的最佳點密度可能是 3 兆像素，然後變為 4 兆像素。

One of the things that has occurred in the DSC market is that CCD technology has held onto a larger percentage of the business than Micron and other CMOS makers had anticipated probably a year ago.

DSC 市場中發生的一件事是 CCD 技術佔據的業務份額比美光和其他 CMOS 製造商可能在一年前所預期的要大。

And as a result, the opportunity that has been realized for CMOS sensors in the DSC space has not been nearly as significant as we would have expected.

因此，在 DSC 領域為 CMOS 傳感器實現的機會並沒有我們預期的那麼重要。

The bottom line is that the vast majority of our revenues today are coming from the mobile phone space, and the vast majority of our resources today are working on chips for both mobile phones, automotive applications and other emerging applications, as opposed to DSCs.

底線是，我們今天的絕大多數收入來自手機領域，我們今天的絕大多數資源都在為手機、汽車應用和其他新興應用開發芯片，而不是 DSC。

Now, that doesn't mean we're ignoring the DSC market, but what we are doing is we're embarking on a strategy to leverage the same designs, basically, for both the mobile phone market and the DSC market.

現在，這並不意味著我們忽略了 DSC 市場，但我們正在做的是我們正在著手製定一項戰略，以利用相同的設計，基本上，用於手機市場和 DSC 市場。

You had a question also about --

你還有一個問題——

Inventory.

存貨。

-- inventory.

- 存貨。

Its low; it's very low.

它的低；它非常低。

On the mobile phone area, as you know, we have a VGA chip in high-volume production today.

如您所知，在手機領域，我們今天已經有一塊 VGA 芯片量產。

Our inventory level on that -- I don't have the specific number at the tip of my fingertips, but it's quite low.

我們的庫存水平——我沒有指尖上的具體數字，但它相當低。

It's in a week or two weeks of inventory, very low.

它在一周或兩週的庫存中，非常低。

We have introduced a reduced format of the VGA, a 1.6-inch VGA chip, and we are just in the initial ramp-up stage right now.

我們推出了 VGA 的簡化格式，一個 1.6 英寸的 VGA 芯片，我們現在正處於初始階段。

We have virtually no inventory of that.

我們幾乎沒有這方面的庫存。

And as I mentioned, we have also got a 1-megapixel mobile phone sensor in the marketplace, and we have got virtually no inventory of that.

正如我所提到的，我們在市場上也有一個 1 兆像素的手機傳感器，我們幾乎沒有庫存。

So any inventory that we have accumulated has been 1, 2, 3-megapixel DSC chips, and I already talked about the current state of the DSC market.

所以我們積累的任何庫存都是1、2、3兆像素的DSC芯片，我已經談到了DSC市場的現狀。

And then finally, you had mentioned in the past that CMOS sensors was about 15 percent of your wafer starts.

最後，您過去曾提到 CMOS 傳感器約佔您晶圓起始量的 15%。

Is that still about right?

那還是差不多吧？

It's trending that direction.

正朝著這個方向發展。

We're still in the single-digit range.

我們仍處於個位數範圍內。

Adam Parker, Sanford Bernstein.

亞當·帕克，桑福德·伯恩斯坦。

I had a couple questions here.

我在這裡有幾個問題。

Sort of long-term, if international growth in PCs continues to exceed the US growth, how do you sort of plan on increasing your Asian exposure, or is that part of your long-term plan?

從長遠來看，如果個人電腦的國際增長繼續超過美國的增長，您如何計劃增加您在亞洲的曝光率，或者這是否是您長期計劃的一部分？

It's absolutely part of our long-term plan.

這絕對是我們長期計劃的一部分。

We're currently generating about a third of our revenues in the Asia-Pacific region, and as a subset of that, what we consider to be greater China -- which is Taiwan, Hong Kong and China itself -- about one-fifth of our revenues or about 20 percent of our revenues are coming from that region.

我們目前在亞太地區產生了大約三分之一的收入，作為其中的一個子集，我們認為大中華地區——即台灣、香港和中國本身——約佔其中的五分之一我們的收入或大約 20% 的收入來自該地區。

What we're doing is replacing more resources there to support the growing customer base -- both the multinationals that are leveraging the low labor cost areas in China, in particular, as well as the indigenous Chinese manufacturers.

我們正在做的是更換那裡的更多資源，以支持不斷增長的客戶群——尤其是利用中國勞動力成本低的地區的跨國公司，以及中國本土製造商。

Without question, we're the largest memory supplier to the largest PC manufacturer in China, Lenovo, and the second-largest in the region, we also have a very strong presence with, as well.

毫無疑問，我們是中國最大 PC 製造商聯想的最大內存供應商，也是該地區第二大內存供應商，我們也擁有非常強大的影響力。

So what we're doing is that if we use the Lenovo relationship as a model, we are attempting to replicate that with both PC makers, mobile phone makers and other electronics equipment makers in the region.

所以我們正在做的是，如果我們以聯想的關係為模型，我們正試圖與該地區的 PC 製造商、手機製造商和其他電子設備製造商複製這種關係。

So we are very well situated in the Asia-Pacific region today, generating a substantial amount of our revenues today and growing resources such that we can continue on that same kind of trajectory.

因此，我們今天在亞太地區的位置非常好，我們今天產生了大量的收入並不斷增加資源，這樣我們就可以繼續沿著同樣的軌跡前進。

Just a couple of quick housekeeping items.

只是幾個快速的家務用品。

What percent of your revenues -- I think you may have said this, but I didn't get it -- were from non-DRAM during the quarter, and what was legacy DRAM during the quarter?

在本季度，您的收入的百分之幾（我想您可能已經說過，但我沒有得到它）來自非 DRAM，以及本季度的傳統 DRAM 是多少？

If you consider legacy being basically SDRAM, figure about 15 percent of the wafer allocations, in that range, another 15 to 20 percent would be non-DRAM-related or specialty DRAM, which would be inclusive of image sensors, Flash, pseudo SDRAM, RLDRAM, mobile RAM, et cetera.

如果你認為傳統基本上是 SDRAM，那麼大約 15% 的晶圓分配在這個範圍內，另外 15% 到 20% 將是非 DRAM 相關或專用 DRAM，其中包括圖像傳感器、閃存、偽 SDRAM、 RLDRAM、移動 RAM 等。

Kip, that's wafers, right?

基普，那是威化餅，對吧？

That's wafers, yes.

那是威化餅，是的。

We tend not to break out the revenue numbers from those.

我們傾向於不打破這些收入數字。

One other thing.

另一件事。

Did you say anything about -- I didn't hear you say anything about the R&D guidance for '05.

你有沒有提到——我沒有聽到你提到 05 年的研髮指導。

I heard you say SG&A.

我聽說你說SG&A。

Do you have a range for us for R&D for the year?

你有我們今年的研發範圍嗎？

The 199 was what we reported for the fourth quarter.

199 是我們在第四季度報告的。

Q1 -- actually, all the quarters through '05, you can use the 175 reference point as pretty solid.

第一季度——實際上，到 05 年的所有季度，您都可以使用非常可靠的 175 參考點。

And then, the tax rate for the year -- obviously, it is contingent on making money and so forth, but is there any reason why we should expect it to go above what you just reported?

然後是當年的稅率——顯然，它取決於賺錢等等，但我們有什麼理由期望它高於你剛剛報告的水平？

Or you cannot guide on the tax rate at all, because it's too contingent on earnings?

或者你根本無法指導稅率，因為它太取決於收入？

If we thought of a tax dollar amount is probably the better way to think of it, as it's a function of our international operations, most specifically Japan and Italy.

如果我們考慮稅收金額可能是更好的考慮方式，因為它是我們國際業務的一個功能，尤其是日本和意大利。

If you use the 75 million, 80 million number for the year, that's a good way to think of it, because the net operating loss will largely offset the US profitability.

如果您使用當年的 7500 萬、8000 萬這個數字，這是一個很好的思考方式，因為淨營業虧損將在很大程度上抵消美國的盈利能力。

And the last thing -- I apologize;

最後一件事——我道歉；

I got the press release after the call started, but I did not see how the share count declined sequentially.

電話開始後我收到了新聞稿，但我沒有看到股票數量是如何依次下降的。

Can you just remind me how that happened?

你能提醒我這是怎麼發生的嗎？

The number of shares used in the earnings-per-share calculation fourth quarter of '04 was 645 million for basic, 701 for the diluted calculation.

04年第四季度每股收益計算中使用的基本股數為6.45億股，稀釋股數為701股。

And for the year, it was 641 and 645, remembering that for the year, the convert is anti-dilutive, so it's not included in that diluted calculation for the year.

而對於這一年，它是 641 和 645，請記住，對於這一年，轉換是反稀釋的，所以它不包括在當年的稀釋計算中。

Maybe I misread it.

也許我讀錯了。

I thought Q3 versus Q4, the diluted share count came down.

我認為第三季度與第四季度相比，稀釋後的股票數量下降了。

But maybe I'm not up to speed there.

但也許我沒有跟上那裡的速度。

Well, we'll have to work that one off-line with you.

好吧，我們將不得不與您脫機工作。

It's got to be a function of the interest add-back associated with the convertible debenture.

它必須是與可轉換債券相關的利息加回函數。

One last thing.

最後一件事。

What was the total contribution that you guys did for the full fiscal year on the employee profit-sharing, just in millions of dollars?

你們在整個財政年度對員工利潤分享所做的總貢獻是多少，僅以數百萬美元計？

We don't have that at our fingertip, Adam.

我們沒有觸手可及的，亞當。

Well, remember that it runs 10 percent of our net income.

好吧，請記住，它占我們淨收入的 10%。

So in aggregate, if you wanted to look at it that way -- of course, for the first two quarters there wasn't anything, and the for the second two quarters we had profitability.

所以總的來說，如果你想這樣看 - 當然，前兩個季度沒有任何東西，而後兩個季度我們有盈利能力。

But roughly, it's in that neighborhood.

但粗略地說，它就在那個街區。

The 10 percent program would aggregate 185 million.

10% 的計劃將總計 1.85 億。

It's 10 percent of the 185 million in the third and fourth quarter.

這是第三和第四季度 1.85 億的 10%。

Andrew Root, Goldman Sachs.

安德魯·魯特，高盛。

The impact of 6F-squared qualification on your costs next quarter -- does that result in a bit of a boost to your gross margin by putting those products in inventory now?

6F-squared 資格對您下一季度成本的影響——現在將這些產品放入庫存是否會導致您的毛利率有所提高？

Remember that we are continuing to convert more products to 6F-squared, so keep in mind that we first attack the mainstream runner and DDR, and then we move through it as we convert those.

請記住，我們將繼續將更多產品轉換為 6F 平方，因此請記住，我們首先攻擊主流運行器和 DDR，然後在轉換它們時通過它。

So kind of a general way to look at it is we have a lot of headroom left on the conversion of the 6F-squared -- the devices to 6F-squared.

所以一種一般的看待它的方式是我們在 6F 平方的轉換上留下了很多空間——將設備轉換為 6F 平方。

I don't have it right at the tip of my fingers, the impact specifically (ph) for the next quarter.

我沒有指尖上的信息，特別是下一季度的影響（ph）。

But obviously, for the year it's going to continue to make a difference every quarter that goes by.

但顯然，在這一年中，每個季度都會繼續產生影響。

And then, if I read the press release correctly, your megabits shipped of DRAM, excluding Flash and image sensors, your growth last fiscal year was 23 percent in megabits.

然後，如果我沒看錯新聞稿，你們出貨的 DRAM 兆比特，不包括閃存和圖像傳感器，你們上一財年的增長率為 23%。

Is that right?

那正確嗎？

That sounds a little bit lower than I would guess.

這聽起來比我想像的要低一些。

Do you have an estimate of what fiscal '05 will look like?

您對 05 財年的情況有估計嗎？

Yes.

是的。

Just before, we said the range -- we will be pretty much in range with the industry, at somewhere between low 40's and low 50 percent for DRAM.

就在之前，我們說過範圍——我們將在行業範圍內，DRAM 介於 40% 和 50% 之間。

And I might also mentioned that bit growth number also includes Flash but excludes image sensor.

而且我可能還提到，比特增長數也包括閃存，但不包括圖像傳感器。

Because the 23 percent -- that range is sort of a similar range, I guess, you were using through most of last year and ended up quite a bit lower.

因為 23% - 這個範圍有點相似，我猜，你去年大部分時間都在使用，結果卻低了很多。

Is it just the pull of the incremental profitability of the products will just keep moving it in that direction?

僅僅是產品的增量盈利能力的拉動會繼續朝著這個方向發展嗎？

Correct.

正確的。

As Steve mentioned earlier, and Mike reiterated as well, some of the products -- if we continue to allocate more wafers, for example, to 64 and 128-meg SRAM, the ability to shrink those and drive bit growth out of that is more difficult than if you are allocating more wafers to, say, 256, 512 or 1 gig.

正如史蒂夫之前提到的，邁克也重申了一些產品——如果我們繼續分配更多的晶圓，例如，64 和 128 兆 SRAM，縮小這些晶圓並推動比特增長的能力就更大了。比將更多晶圓分配到 256、512 或 1 gig 更困難。

So some of that is reflective of the actual wafer allocation.

所以其中一些反映了實際的晶圓分配。

I guess maybe I'm asking the question in a tortured manner.

我想也許我是在以一種折磨人的方式問這個問題。

But if things basically stay the same, is there any reason to believe that DRAM bit growth doesn't end up at 25 percent in the next 12 months?

但如果情況基本保持不變，是否有理由相信未來 12 個月 DRAM 位增長不會達到 25%？

Again, right now we're looking at pretty close to industry average, but if we decided to make a pretty major wafer allocation change, that numbers could be higher or lower.

同樣，現在我們看到的數據非常接近行業平均水平，但如果我們決定對晶圓分配進行相當大的改變，這個數字可能會更高或更低。

The thing to remember is that, as I just mentioned, we have headroom because we're continuing to convert more products to 6F-squared.

需要記住的是，正如我剛才提到的，我們有空間，因為我們將繼續將更多產品轉換為 6F 平方。

We have headroom left on our 20 series yields (ph), if you will, as we continue to optimize those.

如果您願意，我們在 20 系列產量 (ph) 上還有剩餘空間，因為我們會繼續優化這些產量。

And then let's not forget we have a 300-mm fab that's coming on that are wafers that are not even in the production bit count today, that will ramp during that period.

然後我們不要忘記，我們有一個 300 毫米晶圓廠即將投產，這些晶圓甚至在今天的生產位數中都沒有，在此期間將會增加。

So we would expect to get bit growth from all three of those sources, which is a little bit different than what happened in fiscal '04.

因此，我們預計這三個來源都會有所增長，這與 04 財年發生的情況略有不同。

And then, the final question is there is no provision in this release for any Department of Justice settlement or charge?

然後，最後一個問題是，本新聞稿中沒有任何關於司法部和解或指控的規定？

One of your competitors obviously took a big charge.

你的一個競爭對手顯然承擔了很大的責任。

I knew you guys are cooperating, but if you could give an update there, that would be great.

我知道你們正在合作，但如果你們能在那裡提供更新，那就太好了。

Well, as we said, we don't anticipate any charges or penalties against the company from the DOJ.

好吧，正如我們所說，我們預計司法部不會對該公司提出任何指控或處罰。

David Wong, A.G. Edwards.

David Wong，A.G. 愛德華茲。

You said that the PC demand package was pretty much as expected through the quarter, but can you give us any sort of finer detail, in terms of desktop status, notebooks and perhaps consumer versus commercial demand?

您說整個季度的 PC 需求包幾乎符合預期，但您能否給我們提供任何更詳細的信息，包括台式機狀態、筆記本電腦以及消費者與商業需求方面的差異？

Only qualitatively.

只是定性的。

The notebook business is quite strong; the server business is quite strong.

筆記本業務相當強勁；服務器業務相當強大。

But I really couldn't put any numbers behind it.

但我真的不能把任何數字放在後面。

It just seems that the screams are louder for our notebook memory and for our server memory than they are for desktop.

似乎我們的筆記本內存和服務器內存的尖叫聲比台式機的尖叫聲更大。

And any insight between consumer and commercial?

消費者和商業之間的任何見解？

We don't have much visibility there, unless I specifically go out and seek it, because it's by and large the same products that we -- the same components and modules we manufacture for either platform are flexible, fungible between the commercial and the consumer desktops.

我們在那裡沒有太多知名度，除非我專門出去尋找它，因為它與我們大體上是相同的產品——我們為任一平台製造的相同組件和模塊在商業和消費者之間是靈活的、可替代的台式機。

Tai Nguyen, Susquehanna Financial.

Tai Nguyen，薩斯奎哈納金融公司。

Could you comment on the communication market?

你能評論一下通信市場嗎？

I remember last quarter you were focusing a lot of your NOR Flash towards that market, and it seems like you're kind of shifting now the NOR Flash towards the handset market.

我記得上個季度您將大量 NOR Flash 集中在該市場上，現在看來您正在將 NOR Flash 轉向手機市場。

Yes.

是的。

We're not shifting the NOR flash to the handset market.

我們不會將 NOR 閃存轉移到手機市場。

We've got exposure in both mobile handsets communications as well as even some consumer electronics gear with our NOR flash product offering.

通過我們的 NOR 閃存產品，我們在手機通信以及一些消費電子設備中都有曝光。

My observation on the communication -- I presume what you are talking about are the communications infrastructure gear like routers and switches and so forth, base stations.

我對通信的觀察——我想你所說的是通信基礎設施設備，如路由器和交換機等，基站。

And my observation is that business is kind of plugging along at a reasonably healthy growth rate, nothing extraordinary occurring there.

我的觀察是，業務正在以相當健康的增長速度發展，沒有什麼特別的事情發生。

Then as far as for next quarter, are you expecting to continue with the high rate of the R&D, or are you expecting the wafer for 300-mm to come down?

那麼對於下個季度，您是期待繼續保持高研發速度，還是期待300mm的晶圓下降？

Well, Bill already answered that in an earlier comment, and we finished last quarter just under 200 million.

好吧，比爾已經在之前的評論中回答了這個問題，我們上個季度完成了不到 2 億。

And I think he said that you use basically 175 million as a good reference point going forward.

我認為他說你基本上使用 1.75 億作為未來的一個很好的參考點。

So it will come down, as those products convert from R&D into production and then drop through the cogs.

所以它會下降，因為這些產品從研發轉化為生產，然後通過齒輪下降。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

To what extent were ASPs down in Q4 because of the focus on the legacy SDRAM business, and could that reverse in Q4 as you focus more on DDR and DDR2 PC-centric DRAM?

由於專注於傳統 SDRAM 業務，第四季度的 ASP 下降到什麼程度，隨著您更多地關注以 DDR 和 DDR2 PC 為中心的 DRAM，這種情況會在第四季度逆轉嗎？

I presume what you are referring to is some market price pressure on the low-density SDRAM products.

我想你所指的是低密度 SDRAM 產品的市場價格壓力。

And to be honest with you, in our fiscal Q4, we did see some price pressure in the low-density SDRAM area, but that, in aggregate, had very little impact on our overall average selling prices for DRAM.

老實說，在我們的第四財季，我們確實在低密度 SDRAM 領域看到了一些價格壓力，但總的來說，這對我們 DRAM 的整體平均售價影響很小。

It was primarily fairly steady -- I would almost characterize it as stable to slightly declining pricing in the PC space that resulted in the 5 percent quarter-over-quarter ASP drop.

它主要是相當穩定的——我幾乎可以將其描述為穩定到 PC 領域的價格略有下降，導致 ASP 環比下降 5%。

In terms of fiscal Q1, as I mentioned, we are 3.5 weeks through it.

正如我所提到的，就第一財季而言，我們已經完成了 3.5 週。

On an aggregate basis, I think our shipments out the door today, the ASP is slightly higher than what it was in fiscal Q4.

總體而言，我認為我們今天出貨的平均售價略高於第四財季的水平。

But again, the big swing factor through the whole quarter is going to be what DRAM prices do, particularly in the PC environment.

但同樣，整個季度的重大波動因素將是 DRAM 價格的走勢，尤其是在 PC 環境中。

And the trend, as I mentioned, is currently up.

正如我所提到的，趨勢目前正在上升。

And in terms of DDR2, what percent of your mix do you think will be DDR2 in Q1?

就 DDR2 而言，您認為第一季度的 DDR2 將佔您組合的百分之幾？

And for the industry as a whole, what do you think that will be going into next year?

對於整個行業，您認為明年會發生什麼？

I think that going out of this calendar year, we will probably be at about 15 percent of our total shipments being DDR2 vintage.

我認為，在本日曆年之後，我們的總出貨量中可能會有 15% 左右是 DDR2 年份。

And we're trying to peg that to be roughly in line with what we think the market is going to be.

我們正試圖將其與我們認為的市場大致相符。

And the final question -- can you give us a sense for how quickly the 300-mm fab ramps up, and the impact of that on your gross margins?

最後一個問題——您能否告訴我們 300 毫米晶圓廠的發展速度有多快，以及這對您的毛利率的影響？

Well, with respect to gross margins, I don't have that data right at my fingertips, but the ramp is pretty steady from this point forward up through the summer of '05.

好吧，就毛利率而言，我並沒有觸手可及的數據，但是從這一點到 05 年夏天，這個斜坡相當穩定。

So there is no dramatic changes that would occur.

所以不會發生戲劇性的變化。

Obviously, it's a negative on the gross margin at the moment, but we have said we think it will become basically a positive on the gross margin after a couple of quarters.

顯然，目前這對毛利率是負面的，但我們已經說過，我們認為幾個季度後毛利率基本上會變成正面。

Matt Gable, Calypso Capital.

馬特蓋博，卡里普索資本。

I might have missed this.

我可能錯過了這個。

What did your fully-loaded costs do sequentially in the August quarter, and is there any guidance for the current November quarter on a sequential basis?

您的滿載成本在 8 月季度按順序做了什麼，對當前 11 月季度的按順序有什麼指導嗎？

Actually, we did cover that before.

實際上，我們之前確實介紹過。

And through Bill's comments, you could figure that it was probably about a 5 percent for Micron-controlled production, for our costs for the quarter.

通過比爾的評論，您可以計算出，對於我們本季度的成本，美光控制的生產可能約為 5%。

And going forward, as Steve mentioned, we haven't given a specific cost target number.

正如史蒂夫所說，展望未來，我們還沒有給出具體的成本目標數字。

But the three areas that we do have working in our favor, of course, outside of what pricing might do, is we have headroom on 6F-squared.

但是，我們確實在三個方面對我們有利，當然，除了定價可能做的事情之外，我們在 6F 平方上還有空間。

We have headroom on 110-nm maturity factor, and we still have 300-mm in front of us, as well.

我們在 110-nm 成熟度因子上有餘地，我們前面還有 300-mm。

But also remember that the number bill referenced is an aggregate number.

但也請記住，引用的數字賬單是一個匯總數字。

We have lots of products that are in that revenue flow that we really don't have much cost reduction on at all, because it's maybe a higher margin part, but it's a lower density or legacy device that's running on a process that's not utilizing the most advanced -- that we use to reduce the cost per bit.

我們有很多產品都在這個收入流中，我們根本沒有降低成本，因為它可能是利潤率較高的部分，但它是一種低密度或遺留設備，運行在一個沒有利用最先進的——我們用它來降低每比特的成本。

Nimal Vallipuram, DRKW.

Nimal Vallipuram，DRKW。

I have a few questions here.

我在這裡有幾個問題。

First of all, congratulations on a good quarter here.

首先，祝賀這裡有一個好季度。

The first question is to Mike.

第一個問題是問邁克的。

If you look at the last quarter, third calendar quarter, it was pretty weird in terms of DRAM pricing, because the expectations of the PC market just at the beginning of the quarter was pretty high.

如果你看最後一個季度，第三個日曆季度，DRAM 定價就很奇怪，因為在這個季度初對 PC 市場的期望是相當高的。

And at the end of the quarter, it turned out that at least July and August were pretty weak.

在本季度末，事實證明，至少 7 月和 8 月相當疲軟。

But if you look at the DRAM prices, at least the contract prices, did not move much just throughout the third calendar quarter.

但如果你看一下 DRAM 價格，至少是合同價格，在整個第三季度並沒有太大變化。

Can you give us an idea why that is the case?

你能告訴我們為什麼會這樣嗎？

Did you feel that's the same way, too, and why it is the case?

你是否也有同樣的感覺，為什麼會這樣？

And also, in your comments you don't seem too enthusiastic that in the fourth quarter, given that there is always some seasonality, that you don't think that the prices are going to seriously move up.

而且，在您的評論中，您似乎對第四季度不太熱情，因為總有一些季節性因素，您認為價格不會嚴重上漲。

Am I reading that right or not?

我讀對了嗎？

I'm not in the business of predicting what pricing is going to do.

我不從事預測定價的工作。

To be honest with you, I think what occurred in our fiscal Q4 and what has occurred thus far in the first couple weeks of fiscal Q1 are absolutely perfect, with respect to pricing.

老實說，我認為我們第四財季發生的事情以及第一財季前幾週迄今為止發生的事情在定價方面絕對完美。

Our customers can take comfort in relatively predictable -- in this business, anyway -- relatively predictable DRAM pricing, relatively stable DRAM pricing.

我們的客戶可以放心地接受相對可預測的——無論如何，在這項業務中——相對可預測的 DRAM 定價，相對穩定的 DRAM 定價。

They can plan a pretty rich portfolio from a memory content standpoint, and I think it's absolutely ideal.

他們可以從記憶內容的角度規劃一個相當豐富的投資組合，我認為這絕對是理想的。

These days, by the way, or at least in the last couple of years, and what I expect to be the pattern going forward, is that seasonal strength in calendar 4Q is really -- it starts in probably the July-August timeframe, and it really goes through November.

順便說一句，這些天，或者至少在過去的幾年裡，我預計未來的模式是，日曆 4Q 的季節性強度確實 - 它可能從 7 月到 8 月的時間框架開始，並且它真的經歷了十一月。

So it's kind of a second half of calendar Q3, first half of calendar Q4 seasonal strength.

所以這是日曆 Q3 的後半部分，日曆 Q4 的前半部分的季節性強度。

We are right in the middle of it right now, and that's absolutely what I am observing.

我們現在正處於其中，這絕對是我所觀察到的。

In terms of the price being relatively flat to slightly going up, that's just a byproduct of a relatively balanced supply/demand environment, again, which in this business is ideal, from our standpoint.

就價格相對持平到小幅上漲而言，這只是供需環境相對平衡的副產品，從我們的角度來看，這在該行業中是理想的。

So we couldn't be happier with the way the market is performing right now.

因此，我們對市場目前的表現感到非常滿意。

Just a follow-up on that.

只是對此的跟進。

Does it mean that any hidden variable from the supply side as some like (ph) some of your companies are having yield problem (ph) or anything of that sort continuing from what happened in the beginning of this year?

這是否意味著供應方面的任何隱藏變量，例如（ph），您的一些公司都存在產量問題（ph）或從今年年初發生的事情繼續存在的任何此類問題？

I think that, in aggregate, these things all tend to balance each other out.

我認為，總的來說，這些事情都傾向於相互平衡。

So clearly, some of our competition has had yield difficulties.

很明顯，我們的一些競爭對手遇到了產量困難。

But in the same breath, some of our competition has brought on more capacity.

但與此同時，我們的一些競爭也帶來了更多的產能。

And as you go through these periods of time, I don't think it's any one factor, and it tends to balance it all out in aggregate.

當你經歷這些時期時，我認為這不是任何一個因素，它往往會在總體上平衡這一切。

Just a follow-up question.

只是一個後續問題。

You said something about -- you gave a guidance for the SG&A.

你說了一些關於 - 你為 SG&A 提供了指導。

And I might have missed it in the initial comments, but the SG&A this quarter was pretty low compared to last quarter.

我可能在最初的評論中錯過了它，但本季度的 SG&A 與上一季度相比相當低。

Is that a number which you plan to have going forward?

這是您計劃前進的數字嗎？

No, the number which we indicated is it will probably move back to about a $90 million per quarter level.

不，我們指出的數字可能會回到每季度約 9000 萬美元的水平。

Okay, sorry.

好的，對不起。

That's what I missed, I suppose.

這就是我錯過的，我想。

Any reason why it was 75 this quarter, why it was so low?

本季度為 75 的任何原因，為什麼它如此之低？

We had indicated that we had slightly lower legal costs, had slightly lower level of taxes other than income were the primary factors causing a reduction this particular quarter.

我們曾表示，我們的法律成本略低，除收入外的稅收水平略低是導致本季度減少的主要因素。

Oren Hershman, OH Investment Group.

Oren Hershman，俄亥俄州投資集團。

Some of this you covered, to some degree.

在某種程度上，您涵蓋了其中的一些內容。

But perhaps, if you would be kind enough to do a recap, in terms of the joint venture and the effect on gross margins this quarter, and how it should affect gross margins this quarter and the coming quarter, the quarter ending now and the following quarter, can you just review that again quickly?

但也許，如果你願意重述一下合資企業和對本季度毛利率的影響，以及它應該如何影響本季度和下一季度的毛利率，現在結束的季度和下一個季度季度，你能再快速回顧一下嗎？

What we indicated is that the pricing arrangement with the TECH joint venture is a lag quarter pricing.

我們指出的是，與 TECH 合資企業的定價安排是滯後季度定價。

It had the effect of the margin which we realized on the product out of TECH in Q4 being somewhat less than the margin we had realized in Q3.

它的影響是我們在第四季度對 TECH 產品實現的利潤率略低於我們在第三季度實現的利潤率。

As part of the forward-looking, you'll have to take, again, you have to draw your own views as to what ASPs are going to do before you can make your own assessment there.

作為前瞻性的一部分，您必須再次對 ASP 將要做什麼提出自己的看法，然後才能在那裡進行自己的評估。

Did you actually quantify the impact that it had on margin?

你真的量化了它對利潤率的影響嗎？

The only reference that I'd given is that, had the margin on the TECH product stayed at the same level as Q3, overall gross margin would have been 35 percent, consistent with Q3.

我給出的唯一參考是，如果 TECH 產品的利潤率保持在與第三季度相同的水平，整體毛利率將為 35%，與第三季度一致。

And in terms of actual pricing in the CMOS sensor market, can you talk a little bit more about that, and if the shift to the higher pixel counts are beginning to take pressure off the pricing competition?

就 CMOS 傳感器市場的實際定價而言，您能否多談一談，以及向更高像素數的轉變是否開始減輕定價競爭的壓力？

The specific answer to your question is that the higher pixel count chips -- for example, the 1-megapixel versus the VGA chip -- the selling price is higher.

您的問題的具體答案是更高像素數的芯片——例如，1 兆像素與 VGA 芯片相比——售價更高。

There is no question about it.

毫無疑問。

I'm a little bit hesitant to say it takes pressure off the price, because we will continue to see competitors at every density level on every chip that we manufacture.

我有點猶豫要不要說它減輕了價格壓力，因為我們將繼續在我們製造的每個芯片的每個密度級別上看到競爭對手。

Specifically, the VGA pricing has been relatively stable, although we plan to get quite aggressive with our VGA chip pricing, because we have got what we believe is the lowest cost structure and the best image quality in the industry.

具體來說，VGA 定價相對穩定，儘管我們計劃對 VGA 芯片定價採取相當激進的做法，因為我們擁有業內最低的成本結構和最佳的圖像質量。

So we are going to get quite aggressive with the VGA pricing strategy going forward here.

因此，我們將在此處對 VGA 定價策略採取非常積極的態度。

And we will continue to price all the products in the portfolio competitively in the marketplace.

我們將繼續在市場上對產品組合中的所有產品進行有競爭力的定價。

Did you indicate whether that business grew revenue-wise this quarter versus last quarter?

您是否指出該業務在本季度與上一季度的收入相比是否有所增長？

I couldn't quite understand that question.

我不太明白這個問題。

Did you indicate, just on the CMOS sensor side, whether you were up sequentially in terms of revenue?

您是否指出，僅在 CMOS 傳感器方面，您的收入是否按順序增長？

No, we have not.

不，我們沒有。

Ben Lynch, Deutsche Bank.

本·林奇，德意志銀行。

A lot of your competitors have had very high operating margins for several quarters now, some of them in the 30 to 40 percent range.

您的許多競爭對手現在幾個季度都擁有非常高的營業利潤率，其中一些在 30% 到 40% 的範圍內。

And as you know, DRAM rarely stays very profitable for very long.

如您所知，DRAM 很少能長期保持盈利。

How worried are you that Micron's window of opportunity for making decent margins and actually boosting your cash position is maybe passing for this upcycle?

您是否擔心美光獲得可觀利潤並實際提高您的現金頭寸的機會之窗可能會在這個上升週期中過去？

I think you have to keep in context what we have been trying to achieve.

我認為您必須了解我們一直在努力實現的目標。

It is true, we could have sacrificed some of the development in the other product areas in order to get better margin in the -- in particular, by the way, in the primary largest-volume DRAM part that goes into the market.

誠然，我們本可以犧牲其他產品領域的一些開發，以便在進入市場的主要最大容量 DRAM 部件中獲得更好的利潤。

So if you look at one or two of our competitors -- by the way, it's hard to get -- unless they kind of report in a pure form, it's tough to know exactly what that margin is.

因此，如果你看看我們的一兩個競爭對手——順便說一句，很難得到——除非他們以純粹的形式報告，否則很難確切知道這個利潤是多少。

But even having said that, in other words, if we wanted to put all of our wafer starts on a 256-meg DDR and not make anything else, then obviously we could take advantage of an improved DRAM market, and are margins would be quite a bit higher.

但即便如此，換句話說，如果我們想把我們所有的晶圓都放在一個 256-meg DDR 上而不做其他任何東西，那麼顯然我們可以利用改進的 DRAM 市場，並且利潤率將是相當可觀的。高一點。

But the difficulty is we would then not be very well positioned, as you already just stated, when the price falls out on the 256-meg DDR, whenever that may be.

但困難在於，正如您剛才所說，當價格跌至 256-meg DDR 時，無論何時，我們的定位都不是很好。

We don't know when it's going to be, but whenever it occurs, obviously we would be much more impacted by it.

我們不知道它何時會發生，但無論何時發生，顯然我們會受到更大的影響。

So we have specifically been trying to not only position the product portfolio on some of the devices that we are calling legacy, but they still may be fairly advanced devices, like the synchronous DRAM, as we continue to shrink those and move them forward, or some of the specialty devices like pseudostatic RAM, which is going into the non-computing environment, which has been a very, very profitable part.

因此，我們一直在特別嘗試不僅將產品組合定位在我們稱之為傳統的一些設備上，而且它們仍然可能是相當先進的設備，例如同步 DRAM，因為我們會繼續縮小這些設備並將它們向前推進，或者一些專用設備，如偽靜態 RAM，正在進入非計算環境，這是一個非常非常有利可圖的部分。

So, regardless, as we diversify to some degree, it does require more resources to do that, and we do incur some higher costs, at least in the earlier stages.

因此，無論如何，隨著我們在某種程度上實現多元化，它確實需要更多的資源來做到這一點，而且我們確實會產生一些更高的成本，至少在早期階段是這樣。

So, if I kind of sum this all up, I've said this before, if you look at the DRAM alone and you don't count the resources that we are applying toward some of these other products -- which obviously today may not be quite as good a margin as the DRAM, but ultimately will probably have a better margin than the DRAM when the margin in the DRAM does decline -- even having said all that, we still have quite a bit of headroom in our 110-nm yields.

所以，如果我總結一下，我之前說過，如果你只看 DRAM，你不計算我們為其他一些產品應用的資源——顯然今天可能不會與 DRAM 一樣好的利潤率，但最終可能會在 DRAM 的利潤率下降時比 DRAM 有更好的利潤率——即使說了這麼多，我們在 110-nm 中仍有相當大的空間產量。

We have headroom as we continue to convert more to 6F-squared of the main DRAM runners, and you can't ignore that we at least historically have been the process of ramping the 300-mm facility.

隨著我們繼續將更多的主要 DRAM 流道轉換為 6F 平方，我們有足夠的空間，您不能忽視我們至少在歷史上一直在增加 300 毫米設施的過程。

So we think that that has bottomed, if you will, in terms of the drag on the Company, and now we have an improving scenario going forward on 300-mm.

所以我們認為，如果你願意的話，就對公司的拖累而言，這已經觸底，現在我們對 300 毫米的前景有所改善。

So we essentially paid that price, historically, and it actually will be an improving scenario for us on the contribution to the Company.

因此，從歷史上看，我們基本上付出了這個代價，這實際上將是我們對公司貢獻的改善情景。

So we feel pretty good about where we are at.

所以我們對自己所處的位置感覺很好。

Just a follow-up, please.

只是一個後續，請。

Steve, you might not want to state specifically, but how much headroom is there in 110-nm yields?

史蒂夫，您可能不想具體說明，但 110 納米良率有多少餘量？

And also, of mainstream DRAM today, how much of wafer adds are on 6F-squared technology?

還有，今天的主流DRAM中，有多少是6F平方技術增加的晶圓？

Well, let me go back to that.

好吧，讓我回到那個。

On the 20 series yields, it depends on the device, of course.

當然，在 20 系列產量上，這取決於設備。

And when you say yield, by the way, it depends on whether your talking about manufacturing yield or wafer yield, cumulative (ph), et cetera.

順便說一句，當您說良率時，這取決於您是在談論製造良率還是晶圓良率、累積 (ph) 等等。

I would say in aggregate, on the yield front, we can probably get somewhere in the neighborhood of 10 to 15 percent more on the cumulative side, which is obviously highly leveraged for us.

我會說，總的來說，在收益率方面，我們可能會在累積方面多獲得 10% 到 15% 左右，這顯然對我們來說是高度槓桿化的。

With respect to the 6F-squared, we only have about 40 to 50 percent of the product running on 6F-squared.

對於 6F 平方，我們只有大約 40% 到 50% 的產品在 6F 平方上運行。

And obviously, as we move through what we call our 90-nm and our 78-nm device, we would expect that to essentially go to 100 percent.

顯然，當我們通過我們所謂的 90 納米和 78 納米器件時，我們預計這將基本上達到 100%。

Tonya Saul (ph), Ragen MacKenzie.

Tonya Saul (ph)、Ragen MacKenzie。

I just had a question here.

我只是在這裡有一個問題。

We've been hearing a lot of indications from various companies on weakening consumer demand or weaker than normal calendar Q4.

我們從各家公司那裡聽到了很多關於消費者需求減弱或第四季度低於正常日曆的跡象。

And it sounds like you are not seeing that, that you are basically seeing there is demand out there for computers and the other consumer items like digital still cameras that you guys sell into.

聽起來你沒有看到這一點，你基本上看到了對電腦和其他消費品的需求，比如你們賣的數碼相機。

And can you just kind of talk about that for a second?

你能談談這個嗎？

I am quite confident in the end products that we have exposure to, which would be, in order of significance, PCs, cellular phones, communications infrastructure equipment and consumer electronics gear.

我對我們接觸到的最終產品非常有信心，按重要性排序，個人電腦、手機、通信基礎設施設備和消費電子設備。

I'm quite confident that in the customer base we're dealing with, there is sufficient demand to absorb everything we're going to produce -- very simply stated.

我非常有信心，在我們正在處理的客戶群中，有足夠的需求來吸收我們將要生產的一切——很簡單地說。

Clark Fuhs, Fulcrum Global.

克拉克福斯，支點全球。

The wafer outs -- where are they currently?

晶圓出局——他們目前在哪裡？

We were up a little bit this quarter over last quarter.

我們本季度比上一季度略有上漲。

We are running high 40,000 outs a week -- 300-mm equivalents.

我們每週的產量高達 40,000 次——相當於 300 毫米。

High 40,000?

高40,000？

That has not reached the 50K mark yet?

那還沒有達到50K大關？

I has, at times.

我有，有時。

Again, it depends on product mix, and it has been moving around that number for a while.

同樣，它取決於產品組合，並且已經圍繞這個數字移動了一段時間。

And can you remind us what your summer '05 300-mm level is going to be?

您能提醒我們您的 05 年夏季 300 毫米級別將是多少？

Yes, we think on -- well, for a 300-mm equivalent, of course, it's going to be somewhere between 10,000 and 15,000.

是的，我們考慮過——嗯，對於 300 毫米的等效物，當然，它會在 10,000 到 15,000 之間。

And you have a goal of your internal cost per bit --

你有一個內部每比特成本的目標——

Clark, just one qualification on the 300-mm.

克拉克，只是 300-mm 的一項資格。

I didn't give you the timeframe.

我沒有給你時間表。

That's going to be per week.

這將是每週一次。

Right.

正確的。

I just wanted to be clear.

我只是想清楚一點。

You have an internal cost per bit reduction plan of about 10 percent per quarter; you stated that before.

您有一個每季度大約 10% 的內部成本降低計劃；你之前說過。

Did the fourth quarter meet that goal, or was it more like high single digit?

第四節是否達到了這個目標，還是更像是高個位數？

The timing that we have given earlier in the call was when you take out the effect of the TECH joint venture, it essentially tracked with ASP reduction of 5 percent.

我們早些時候在電話會議中給出的時間是當您排除 TECH 合資企業的影響時，它基本上與平均售價下降 5% 保持一致。

That's in aggregate; that's not the devices that we actually would be focused on in solely reducing that cost.

總的來說；這不是我們真正專注於降低成本的設備。

So really, the way to look at it is what was the bit efficiency gain for the 256-meg 512 DDR, in other words?

所以說真的，換句話說，256-meg 512 DDR 的位效率增益是多少？

I'm kind of looking at more what the underlying --

我有點看更多潛在的東西 -

It's probably -- I don't have the number.

可能是——我沒有電話號碼。

I think it's probably in line with what we have done historically, which is around that 10 percent.

我認為這可能與我們在歷史上所做的一致，大約是 10%。

Right, I would guess actually more like high single-digit, but okay.

對，我猜實際上更像是高個位數，但沒關係。

Just a housekeeping -- depreciation expectations for Q1?

只是一個家務——第一季度的折舊預期？

We ran 309 in Q4, and you're going to be running 325 to 330 per quarter in '05.

我們在第四季度運行了 309 次，而您將在 05 年每季度運行 325 到 330 次。

And what percentage of wafer starts now are 512-megabit?

現在有多少百分比的晶圓開始是 512 兆位？

We can add those up for you here real quick.

我們可以在這裡快速為您添加這些內容。

We are running about almost close to 20 percent on starts today.

我們今天的開工率幾乎接近 20%。

And as far as 95-nm technology, you mentioned a few weeks ago that you had started that production, and it was kind of running a little ahead of plan.

至於 95 納米技術，幾週前你提到你已經開始生產，而且有點提前計劃。

But what percent wafer starts would you expect by calendar year end, and say by the middle of next year?

但是，您預計到日曆年末或明年年中時晶圓開工率是多少？

We're on target with what we have said before, and about the best guidance we have given you is just so that we don't tip off our competitors too much, is we will have a couple percent aimed at the 90-nm transition as we exit the calendar year.

我們已經達到了我們之前所說的目標，關於我們給您的最佳指導只是為了不向競爭對手透露太多信息，我們將有幾個百分比針對 90-nm 過渡當我們退出日曆年時。

Paul Lemming (ph), Soleil Securities.

Paul Lemming (ph)，太陽證券。

I was wondering if you have looked at what profitability would have been if you had not made the move over the last couple of quarters to shift wafers over to the nontraditional DRAM.

我想知道如果您在過去幾個季度沒有採取行動將晶圓轉移到非傳統 DRAM 上，您是否考慮過盈利能力。

Just as you do a snapshot on the quarter and look at wafer capability, did the transition over to image sensors, over to Flash, help or hurt margin in aggregate in the August quarter?

就像您對本季度進行快照並查看晶圓能力一樣，過渡到圖像傳感器、過渡到閃存是否有助於或損害 8 月季度的總體利潤率？

No, we never did.

不，我們從來沒有。

However, let me just make one comment along those lines.

但是，讓我就這些方面發表一點評論。

The ASP probably would have been lower, because we would have pumped out a lot more mainstream DRAM.

ASP 可能會更低，因為我們會抽出更多的主流 DRAM。

Fair enough.

很公平。

And I think (multiple speakers).

我認為（多位發言者）。

I'm not sure we are capable of even doing that calculation.

我不確定我們是否有能力進行這種計算。

And I understand there's a lot of pluses and minuses in doing it.

我知道這樣做有很多優點和缺點。

And actually, all my other questions have been answered.

實際上，我所有的其他問題都已得到解答。

I think we have time for one more question.

我想我們還有時間再問一個問題。

Ted Parmigiani, Lehman Brothers.

泰德·帕瑪強尼，雷曼兄弟。

Just a follow-up on the CMOS image sensor business.

只是對 CMOS 圖像傳感器業務的跟進。

You talked about, you believe, having the lowest cost structure out there.

你談到，你相信，有最低的成本結構。

And if I look at your largest kind of fabless pure play competitor and the margin structure, the gross margins they are currently getting for their product line, can you talk about what maybe your short-term and long-term hurdle rate or kind of goals are, with respect to gross margin in this business, and what we should be thinking about, in terms of modeling a kind of margin for this business going forward?

如果我看看你們最大的純無晶圓廠競爭對手和利潤率結構，他們目前為他們的產品線獲得的毛利率，你能談談你的短期和長期障礙率或目標類型嗎？就這項業務的毛利率而言，我們應該考慮如何為這項業務未來的利潤率建模？

Are you talking about Mandy (ph) or Hynix?

您是在談論 Mandy (ph) 還是 Hynix？

Excuse me?

打擾一下？

Are you talking about CMOS imagers?

您是在談論 CMOS 成像器嗎？

Yes, exactly.

對，就是這樣。

Oh, okay, because Hynix made some CMOS imagers, of course.

哦，好吧，因為海力士製造了一些 CMOS 成像器，當然。

I'm talking about the fabless player out there.

我說的是那裡的無晶圓廠播放器。

Oh, fabless?

哦，無話可說？

I'm sorry.

對不起。

You're talking about Omnivision.

你說的是Omnivision。

Let me get the question straight again.

讓我再把問題弄清楚。

You want to know what we think is a good (multiple speakers) --

你想知道我們認為什麼是好的（多位發言者）——

You have a low-cost structure, and presumably you are going after some market share with not only the technical merits of your products but also with price, to some extent, in the short term.

你有一個低成本的結構，並且可能你正在追求一些市場份額，不僅是你的產品的技術優勢，而且在某種程度上，在短期內還有價格。

But what should we be thinking about longer term, or what are you guys thinking about longer term, in terms of what this business can mean, in terms of gross margin?

但是我們應該如何考慮長期，或者你們認為長期，就這項業務意味著什麼，就毛利率而言？

Well, we think that 50 percent -- I don't know if -- it depends on the exact product line and where we are seeing the competition, but clearly somewhere between 45 and 55 percent gross margin, we think, given our cost structure, we should be able to achieve.

好吧，我們認為 50%——我不知道是否——這取決於確切的產品線以及我們在哪裡看到的競爭，但考慮到我們的成本結構，我們認為毛利率顯然在 45% 到 55% 之間，應該可以實現。

Thank you very much.

非常感謝。

We would like to thank everyone for participating on the call today.

我們要感謝大家參加今天的電話會議。

If you will please bear with me, I need to repeat the Safe Harbor protection language.

如果你能容忍我，我需要重複安全港保護語言。

During the course of this call, we may have made forward-looking statements regarding the Company and the industry.

在本次電話會議期間，我們可能對公司和行業做出了前瞻性陳述。

These particular forward-looking statements and all other statements that may have been made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

這些特定的前瞻性陳述以及可能在本次電話會議上做出的所有其他非歷史事實的陳述都受到許多風險和不確定性的影響，實際結果可能存在重大差異。

For information on the important factors that may cause actual results to differ materially, please refer to our filings with the SEC, including the Company's most recent 10-Q and 10-K.

有關可能導致實際結果出現重大差異的重要因素的信息，請參閱我們向 SEC 提交的文件，包括公司最近的 10-Q 和 10-K。

Thank you for joining us.

感謝您加入我們。

Thank you, everyone.

謝謝大家。

This does conclude today's teleconference.

今天的電話會議到此結束。

You may disconnect all lines at this time, and have a wonderful night.

此時你可以斷開所有線路，度過一個美好的夜晚。