美光科技 (MU) 2005 Q3 法說會逐字稿

Good afternoon, welcome to the Micron Technology third quarter 2005 financial release conference call. [OPERATOR INSTRUCTIONS] It is now my pleasure to introduce our host, Mr. Kipp Bedard.

下午好，歡迎參加美光科技 2005 年第三季度財務發布電話會議。 [操作員說明] 現在我很高興介紹我們的主持人 Kipp Bedard 先生。

Sir, the floor is yours.

先生，地板是你的。

Thank you very much.

非常感謝。

Welcome to Micron Technology's third quarter 2005 financial release conference call.

歡迎參加美光科技 2005 年第三季度財務發布電話會議。

On the the call today are Steve Appleton, Chairman, CEO and President, Bill Stover, Vice President of Finance and Chief Financial Officer and Mike Sadler, Vice President of Worldwide Sales.

今天的電話會議有董事長、首席執行官兼總裁 Steve Appleton、財務副總裁兼首席財務官 Bill Stover 和全球銷售副總裁 Mike Sadler。

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

此次電話會議（包括音頻和幻燈片）也可以在 Micron.com 的 Internet 上的美光主頁上找到。

If you have not had an opportunity to review the third quarter 2005 financial press release, it is available on our Website at micron.com.

如果您沒有機會查看 2005 年第三季度財務新聞稿，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 p.m. daylight savings time.

今晚晚些時候將在下午 5:30 播放此次通話的錄音重播。夏令時。

You may reach that by dialing 973-341-3080 and use a confirmation code of 6146538.

您可以撥打 973-341-3080 並使用確認碼 6146538 來達到此目的。

This replay will run through Thursday, June 30, 2005 at 5:30 p.m. daylight savings time.

該重播將持續到 2005 年 6 月 30 日星期四下午 5:30。夏令時。

A Webcast replay will be available on the Company's Website until June 23, 2006.

2006 年 6 月 23 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，我們可能會就未來事件或公司和行業的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 results and events may differ materially.

我們希望提醒您，此類陳述是預測，實際結果和事件可能存在重大差異。

We refer you to the documents the Company files, on a consolidated basis, from time to time with the Securities and Exchange Commission.

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。

Specifically the Company's most recent form Form 10-K and Form 10-Q.

特別是公司最近的表格 10-K 和表格 10-Q。

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 for 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對前瞻性陳述的預測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 Kipp.

謝謝基普。

Let's repeat our summary of financial results for the third quarter, which ended June 2, for those who may not yet have access to our press release.

讓我們重複我們對截至 6 月 2 日的第三季度財務業績的總結，以供那些可能尚未獲得我們新聞稿的人使用。

For the third quarter net sales totaled 1.05 billion and the Company recorded a net loss of 128 million or $0.20 per diluted share.

第三季度淨銷售額總計 10.5 億美元，公司錄得淨虧損 1.28 億美元或每股攤薄收益 0.20 美元。

That compares to net sales of 1.31 billion in the immediate preceding quarter and a net income of $0.17 per share.

相比之下，上一季度的淨銷售額為 13.1 億美元，每股淨收入為 0.17 美元。

Note that the number of shares used in the EPS calculation in the third quarter, 648 million shares, does not include the anti-diluted shares underlying the convertible debt.

請注意，第三季度每股收益計算中使用的股份數量為 6.48 億股，不包括可轉換債務基礎的反稀釋股份。

With the dramatic decline in memory selling prices experienced by the industry over the last several months, it is not at all unexpected for Micron to have incurred a loss in its third quarter.

隨著過去幾個月內存銷售價格大幅下滑，美光第三季度出現虧損也就不足為奇了。

When you look beyond the reported loss, the underlying story is quite encouraging.

當您超越報告的損失時，潛在的故事非常令人鼓舞。

Micron's diversification efforts into CMOS image sensors and specialty DRAM's demonstrated their successes in the quarter.

美光在 CMOS 圖像傳感器和特種 DRAM 領域的多元化努力在本季度取得了成功。

Our CMOS image sensor business grew in excess of 40% quarter over quarter, our pseudo-static business grew nicely as well.

我們的 CMOS 圖像傳感器業務環比增長超過 40%，我們的偽靜態業務也增長良好。

Both of these businesses had gross margins at the top of our product portfolio and achieved higher gross margin percentages in the third quarter than in the second quarter.

這兩項業務的毛利率均位於我們產品組合的首位，並且第三季度的毛利率百分比高於第二季度。

Our synchronous DRAM business continues to generate attractive gross and is being designed into product applications.

我們的同步 DRAM 業務繼續產生有吸引力的總收入，並且正在被設計成產品應用。

The third quarter also reflects initial volume sales of our 2 gigabit NAND flash memories.

第三季度也反映了我們 2 Gb NAND 閃存的初始銷量。

All in all a success story for Micron's diversification strategy.

總而言之，美光多元化戰略的成功案例。

These successes were overshadowed by the dramatic decline in average selling prices for PC commodity memory.

這些成功被 PC 商品內存的平均售價急劇下降所掩蓋。

Average selling prices for DDR memory fell approximately 33%.

DDR 內存的平均售價下跌約 33%。

Although we sold 6% more megabits of memory in Q3 compared to Q2, net sales were lower due to the steep declines in pricing.

儘管與第二季度相比，我們在第三季度的內存銷量增加了 6%，但由於定價急劇下降，淨銷售額有所下降。

The Company lost money on products purchased from our TECH Semiconductor joint venture, and at the last quarter purchase price arrangement.

公司因從我們的 TECH Semiconductor 合資企業購買的產品以及上一季度的購買價格安排出現虧損。

And an environment of steep declines in average selling prices resulted in losses on product sales to our customers.

平均售價急劇下降的環境導致我們向客戶銷售產品的損失。

Over time the relationship with TECH has generated a very attractive return for Micron, given the limited amount of capital the Company has deployed in the joint venture.

隨著時間的推移，鑑於公司在合資企業中部署的資本有限，與 TECH 的關係為美光帶來了非常有吸引力的回報。

We expect the long-term relationship with TECH to be attractive for Micron.

我們預計與 TECH 的長期合作關係對美光具有吸引力。

Selling, general and administrative expenses for the third quarter came in at 89 million, pretty consistent with recent quarters.

第三季度的銷售、一般和管理費用為 8900 萬美元，與最近幾個季度基本一致。

Our current outlook suggests quarterly SG&A expense will run between $85 and $95 million.

我們目前的展望表明，季度 SG&A 費用將在 85 至 9500 萬美元之間。

Research and development expense, for the last three quarters, has approximated 150 million.

過去三個季度的研發費用約為 1.5 億美元。

This level reflects significant investments in NAND, flash and specialty RAM's and in CMOS image sensors.

這一水平反映了對 NAND、閃存和專用 RAM 以及 CMOS 圖像傳感器的重大投資。

Our current estimate of R&D expense is that it should run between 150 and 170 million per quarter.

我們目前對研發費用的估計是每季度應該在 150 到 1.7 億之間。

Cash and short-term investment balances increased to approximately $1.3 billion.

現金和短期投資餘額增加到約 13 億美元。

Capital expenditures totaled 320 million for the quarter.

本季度資本支出總計 3.2 億美元。

And our forecast for capital for fiscal '05 remains at approximately 1.5 billion.

我們對 05 財年的資本預測仍保持在 15 億左右。

I'll turn our commentary over to Mike.

我會把我們的評論交給邁克。

Thanks a lot Bill.

非常感謝比爾。

We saw demand strength in fiscal Q3 and believe the primary end markets for Micron's products, PC's, servers, mobile phones and a variety of consumer electronic devices are healthy and continue to drive solid demand in the current period.

我們在第三財季看到需求強勁，並認為美光產品、PC、服務器、手機和各種消費電子設備的主要終端市場健康，並在當前期間繼續推動強勁的需求。

There has been an oversupply of commodity DRAM for PC markets in the first half of calendar 2005.

2005 年上半年 PC 市場的商品 DRAM 供過於求。

As a result, we saw nearly unprecedented price per bit declines in the DDR and DRR2 arena.

結果，我們看到 DDR 和 DRR2 領域的每比特價格幾乎是前所未有的下降。

Although the quarter over quarter market price declines in the commodity area were the most severe in recent history, our overall gross margins remained in positive territory.

儘管大宗商品市場價格的季度環比跌幅是近期歷史上最嚴重的，但我們的整體毛利率仍處於正值區域。

The silver lining of an 8% gross margin is the fact that this did remain positive.

8% 的毛利率的一線希望是這確實仍然是積極的。

In previous years, with a more concentrated product portfolio, this would not have been the case.

在前幾年，由於產品組合更加集中，情況並非如此。

This fact highlights the impact Micron's product differentiation is having on the overall financial performance of the Company.

這一事實凸顯了美光的產品差異化對公司整體財務業績的影響。

In the quarter we generated approximately 40% of revenues from products other than DDR and DDR2.

在本季度，我們大約 40% 的收入來自 DDR 和 DDR2 以外的產品。

This provided some insulation from the severe price pressure in the commodity DRAM space.

這為商品 DRAM 領域的嚴重價格壓力提供了一定的保護。

In early May, at our analyst conference in London, I mentioned that we had a tolerance to accumulate some finished goods inventory given the unacceptable market prices being observed at the time.

5 月初，在倫敦的分析師會議上，我提到我們可以容忍積累一些成品庫存，因為當時觀察到的市場價格令人無法接受。

As you can see in the balance sheet, we did build some inventory with the increases predominantly in the DDR and DDR2 space.

正如您在資產負債表中看到的那樣，我們確實建立了一些庫存，主要是 DDR 和 DDR2 空間的增加。

Micron's DRAM output in this product space is leveling and there will there will be ample market demand for these products well into the future.

美光在該產品領域的 DRAM 產量正在趨於平穩，未來這些產品將有充足的市場需求。

We believed at the time we were more likely to see market price increases as opposed to further decreases.

我們當時認為我們更有可能看到市場價格上漲而不是進一步下跌。

This continues to be the case today.

今天仍然如此。

In fact market prices have not declined in the past six weeks.

事實上，過去六週市場價格並未下跌。

And we have recently passed on price increases to OEM without sacrificing volume or market share.

而且我們最近在不犧牲數量或市場份額的情況下將價格上漲轉嫁給了 OEM。

Taking into consideration all of the variables, we are optimistic about a more positive environment in the commodity DRAM space in the second half of this calendar year.

考慮到所有變數，我們對本日曆年下半年商品 DRAM 領域更為積極的環境持樂觀態度。

Beyond the PC platforms, we are quite pleased with the business environment, Micron's current position and continued progress.

除了 PC 平台，我們對商業環境、美光目前的地位和持續進步感到非常滿意。

Our lineup of specialty DRAM, which features synchronous DRAM and pseudo-static RAM for use in a variety of consumer, networking, mobile phone and general purpose applications is doing quite well.

我們的專業 DRAM 產品陣容（包括同步 DRAM 和偽靜態 RAM），可用於各種消費類、網絡、移動電話和通用應用，表現非常出色。

We see a lengthy and stable demand profile for synchronous DRAM given the wide bread of applications that utilize this technology.

鑑於使用該技術的應用廣泛，我們看到同步 DRAM 的需求長期穩定。

Our synchronous DRAM family is uniquely suited to meet the needs of virtually all of these applications.

我們的同步 DRAM 系列非常適合滿足幾乎所有這些應用的需求。

The pseudo-static RAM and low powered DRAM businesses are experiencing strong growth.

偽靜態 RAM 和低功耗 DRAM 業務正在經歷強勁增長。

We are benefiting as both the absolute number of mobile phones equipped with DRAM increases and of course the expanding memory content per phone has a compounding affect.

我們正在受益，因為配備 DRAM 的手機絕對數量增加，當然每部手機不斷擴大的內存內容都會產生復合影響。

The feature richness of mobile phones, specifically growth in penetration of camera enabled phones, is driving strong demand for our image sensors.

手機的豐富功能，特別是帶攝像頭的手機普及率的增長，正在推動對我們的圖像傳感器的強勁需求。

We now have design wins with every known phone maker and have our sensors positioned in the highest profile mobile handset in the marketplace today.

現在，我們已經贏得了所有知名手機製造商的設計勝利，並將我們的傳感器定位在當今市場上最高檔的手機中。

Our lineup of revenue generating mobile phone image sensors today includes products ranging in pixel density from VGA through 3 megapixels.

我們今天的創收手機圖像傳感器系列包括像素密度從 VGA 到 3 兆像素的產品。

The market has clearly demonstrated an affinity for the image quality, manufacturing knowhow and customer support infrastructure that Micron has put in place.

市場已經清楚地表明了對美光已經到位的圖像質量、製造技術和客戶支持基礎設施的吸引力。

The business is scaling well and gross margins for image sensors now are at or near the top of our product portfolio rankings.

該業務發展良好，圖像傳感器的毛利率現在處於或接近我們產品組合排名的首位。

Our customers are affirming the belief that our ability to deliver semiconductor memory and imaging technology without being a competitive threat in the end market is a differentiator.

我們的客戶堅信，我們提供半導體存儲器和成像技術而不會對終端市場構成競爭威脅的能力是一個差異化因素。

And this positions us to provide substantial incremental value to the customer base.

這使我們能夠為客戶群提供可觀的增量價值。

We are a couple of quarters into the ramp of our NAND flash business and are quite pleased with productivity and trajectory to yield maturity.

我們的 NAND 閃存業務已經進入了幾個季度，並且對生產力和產量成熟度的軌跡非常滿意。

Demand growth in the mass storage markets around USB drive, solid state MP3 players, memory cards and mobile phone imbedded memory is impressive.

圍繞 USB 驅動器、固態 MP3 播放器、存儲卡和手機嵌入式存儲器的海量存儲市場的需求增長令人印象深刻。

We are confident that the growth of these markets will benefit Micron directly in creating homes for our production output and indirectly in drawing competitor capacity away from the commodity DRAM area.

我們相信，這些市場的增長將有利於美光直接為我們的生產創造基地，並間接地從商品 DRAM 領域吸引競爭對手的產能。

Although this quarter's results were not what we were striving for, given the severe price declines in the commodity DRAM market, our product differentiation strategy is paying dividends.

儘管本季度的業績不是我們所追求的，但鑑於商品 DRAM 市場的價格大幅下跌，我們的產品差異化戰略正在帶來紅利。

We are continuing to establish a healthier balance of end markets that is driving revenues for the Company.

我們將繼續建立更健康的終端市場平衡，從而推動公司的收入。

Heading into the second half of this calendar year we see continued strength in these markets and are encouraged by what appears to be a more balanced supply/demand profile.

進入本日曆年下半年，我們看到這些市場持續走強，並且對似乎更加平衡的供需狀況感到鼓舞。

Thanks for your continued support and with that I'll turn it over to Kipp for Q&A.

感謝您一直以來的支持，我將把它交給 Kipp 進行問答。

Great, thank you Mike.

太好了，謝謝邁克。

With that we would now like to take questions from callers. [OPERATOR INSTRUCTIONS] With that we'd like to open it up.

有了這個，我們現在想回答來電者的問題。 [操作員說明] 我們想打開它。

Thank you. [OPERATOR INSTRUCTIONS] Our first question is coming from Glen Yeung of Smith Barney.

謝謝你。 [操作員說明] 我們的第一個問題來自 Smith Barney 的 Glen Yeung。

Thanks and good afternoon.

謝謝，下午好。

I wonder if you could talk a little bit, not about your inventories but what you are seeing in the channel inventories for commodity DRAM?

我想知道您是否可以談談，不是關於您的庫存，而是您在商品 DRAM 的渠道庫存中看到的內容？

Glen, this is Mike speaking.

格倫，這是邁克在說話。

Our inventories again, are in the DRAM area in the commodities DRAM area would be in the four to five weeks range, which is consistent with the messaging, I think, that we sent out at the analyst conference mid quarter.

我們的庫存再次位於商品 DRAM 區域中 DRAM 區域將在四到五週的範圍內，我認為這與我們在季度中期分析師會議上發出的信息一致。

The - - it's really difficult for us to be - - to have an accurate gauge on what the channel inventories are.

- - 我們真的很難 - - 準確衡量渠道庫存是什麼。

Our customers would have no reason to carry inventory unless they were speculating on the pricing environment of DRAM.

我們的客戶沒有理由持有庫存，除非他們猜測 DRAM 的定價環境。

You're probably familiar with our business model today which really calls for us to store inventory at the customer's site.

您可能熟悉我們今天的商業模式，這確實需要我們在客戶的站點存儲庫存。

So - - and it's there at virtually at all times so they can pull it whenever they need it.

所以——它幾乎一直都在那裡，所以他們可以在需要的時候拉它。

I don't really believe that they would have much inventory.

我真的不相信他們會有很多庫存。

From my perspective, there's no reason for them to carry much inventory.

從我的角度來看，他們沒有理由攜帶大量庫存。

So my belief is that there's very little inventory in the channel.

所以我認為渠道中的庫存很少。

Mike, maybe just a follow-on to that, you seem to be suggesting that DRAM prices could start going up from here.

邁克，也許只是一個後續，你似乎在暗示 DRAM 價格可能從這裡開始上漲。

And I've actually just talked to almost all of your competitors and they have the same view.

實際上，我剛剛與您的幾乎所有競爭對手進行了交談，他們的觀點相同。

So I wonder if you're seeing any change in behavior from your customers that might reflect that potential price increase?

所以我想知道您是否看到客戶行為的任何變化可能反映了潛在的價格上漲？

Not from - - not observable from our OEM customer base.

不是來自 - - 從我們的 OEM 客戶群中無法觀察到。

Although I would say the speculative buying activity or the attempt to buy speculatively , in the - - I'll call them in the broker markets, has picked up substantially over the course of the last couple weeks.

雖然我會說投機性購買活動或投機性購買嘗試，但在過去幾週內，我將在經紀市場中稱之為它們，已經大幅回升。

And it's probably directly related to the comment that you made, that there's a general feeling that pricing has bottomed out and that it's more likely to go up than go down.

它可能與您發表的評論直接相關，普遍認為價格已經觸底，而且價格上漲的可能性大於下跌的可能性。

And that is our belief as well.

這也是我們的信念。

And then just quick - - one last quick one just on the mix of what you think people are speculating on between DDR and DDR2?

然後快速 - 最後一個快速的關於你認為人們在 DDR 和 DDR2 之間推測的混合？

There's probably more speculation today on DDR1 as opposed to DDR2.

今天可能有更多關於 DDR1 的猜測，而不是 DDR2。

And I believe that is because there's a perception that most of the manufacturers have potentially overshot in terms of putting DDR2 manufacturing capacity in place and in fact production output.

我相信這是因為人們認為大多數製造商在將 DDR2 製造能力落實到位以及實際上的產量方面可能已經過火了。

Thank you.

謝謝你。

Thanks Glen.

謝謝格倫。

Thank you.

謝謝你。

Our next question is coming from Michael Masdea of Credit Suisse First Boston.

我們的下一個問題來自 Credit Suisse First Boston 的 Michael Masdea。

Yes thanks a lot.

是的，非常感謝。

Maybe one of you can give us insight, typically pricing is pretty weak in the second quarter.

也許你們中的一個人可以給我們一些見解，通常第二季度的定價相當疲軟。

Typically a little bit better in the third quarter.

通常在第三季度會好一些。

OEM's know that.

OEM 知道這一點。

What percentage of that 3P demand do you think typically gets pulled into Q2?

您認為該 3P 需求中通常會被拉入第二季度的百分比是多少？

And do you think this year is any different?

你認為今年有什麼不同嗎？

Michael, I don't think there's been any Q3 demand pulled into Q2 by our OEM customers.

邁克爾，我不認為我們的 OEM 客戶將第三季度的需求拉入第二季度。

As I mentioned earlier, I don't think they are carrying inventory.

正如我之前提到的，我認為他們沒有庫存。

I think there has been some speculative buying in the third party channels.

我認為第三方渠道存在一些投機性購買。

It's really difficult for me to quantify.

我真的很難量化。

In our case we did not sell measurable quantities of DRAM into the speculative market in the second quarter.

在我們的案例中，我們在第二季度沒有向投機市場出售可測量數量的 DRAM。

So in our case we didn't put anything out there at all to speak of.

所以在我們的案例中，我們根本沒有把任何東西放在那裡。

It would be difficult for me to say how much buying has been done - - pull ahead buying has been done by the third parties.

我很難說已經完成了多少購買 - 第三方已經完成了提前購買。

But in our case we've sold very little into that market.

但在我們的案例中，我們向該市場銷售的產品很少。

And you just said the speculative is mainly in the DDR1.

而你剛才說的投機主要是在DDR1。

Is that correct?

那是對的嗎？

I think that's where most of the demand is today, correct.

我認為這就是今天的大部分需求，正確的。

Great.

偉大的。

And then there's a lot of flexibility capacity or increasing flexibility in the DRAM suppliers.

然後DRAM供應商有很多靈活性能力或增加靈活性。

How much of the DRAM supply out there would you say has the ability to move the NAND or SDRAM or some of these other flavors?

你會說有多少 DRAM 供應能夠移動 NAND 或 SDRAM 或其他一些口味？

I can only speak for our case and we can move capacity from DRAM to NAND and back the other way should we need to, although we don't have complete flexibility.

我只能代表我們的情況，我們可以將容量從 DRAM 轉移到 NAND，並在需要時以另一種方式返回，儘管我們沒有完全的靈活性。

We've not build in complete flexibility in our manufacturing model to be able to do it from week to week.

我們還沒有在我們的製造模型中建立完全的靈活性，以便能夠每週都做到這一點。

It takes probably 90 days or so for us to make a real efficient transition in terms of capacity utilization from DRAM to NAND or vice versa.

從 DRAM 到 NAND 的產能利用率，我們可能需要 90 天左右才能真正有效地過渡，反之亦然。

Other of our competitors may have different kind of manufacturing models in place that enable them to be more or less flexible.

我們的其他競爭對手可能擁有不同類型的製造模型，使它們或多或少具有靈活性。

I don't really know.

我真的不知道。

You'd have to ask them in order to get the specifics.

您必須詢問他們才能獲得詳細信息。

Fair enough.

很公平。

The bits per box, given we are seeing a lot of growth in emerging markets and also notebooks.

鑑於我們看到新興市場和筆記本電腦的大量增長，每盒的位數。

Just talk to us about what that means for your bits per box overall blended.

只需與我們談談這對每盒整體混合的比特數意味著什麼。

Well, right now we are at about blended 500 megabytes per box on both notebooks and desktop platforms.

好吧，現在我們在筆記本電腦和台式機平台上的每盒混合容量約為 500 兆字節。

And what we are getting from the customer base in terms of regularly pulsing them are growth of somewhere around 3% to 4% per month.

我們從客戶群中獲得的定期脈衝是每月大約 3% 到 4% 的增長。

And that's still holding up fine with all the growth in notebooks and --?

隨著筆記本電腦的所有增長，這仍然很好，而且——？

It is, yes.

是的，是的。

Thanks a lot.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from Adam Parker of Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Adam Parker。

Hi.

你好。

Just kind of a couple long-term questions.

只是一些長期的問題。

Can you talk about what your sort of DRAM strategy or mission statement is?

您能談談您的 DRAM 戰略或使命宣言嗎？

In other words is it to be the lowest cost producer, or the most innovative with new products or the most profitable?

換句話說，它是成本最低的生產商，還是新產品最具創新性的生產商，還是利潤最高的生產商？

Or how do you think about your DRAM strategy?

或者您如何看待您的 DRAM 戰略？

Well, we clearly have had a change in the industry sufficient that the bit growth demand, and just the think of it as the desktop PC has dramatically changed from consuming almost all the bits that were produced in DRAM if you back up 5, 10, 15 years ago.

好吧，我們顯然已經在行業中發生了足以滿足位增長需求的變化，並且可以將其想像為台式機已經發生了巨大變化，如果您備份 5、10、 15年前。

So that's in large part why I think a lot of us have had to rethink where do we continue to grow the Company and put the bits.

所以這在很大程度上是為什麼我認為我們中的很多人不得不重新考慮我們在哪裡繼續發展公司並把這些東西放在一邊。

Because that demand has shifted from an average of 75% down to effectively, I think what Mike described is about 35% just in PC space itself.

因為這種需求已經從平均 75% 下降到有效，所以我認為 Mike 所描述的大約 35% 僅在 PC 領域本身。

So - - and with that in mind the other thing that's been a benefit of course is that the non-PC space has continued to grow.

所以 - 考慮到這一點，另一件事當然是非 PC 空間繼續增長。

So our strategy has been to continue to try to move in that direction as the growth of that segment starts to consume more and more bits.

因此，隨著該細分市場的增長開始消耗越來越多的比特，我們的策略是繼續嘗試朝這個方向發展。

Clearly it's less commoditized.

顯然，它的商品化程度較低。

It's not that you don't have to be competitive but it's less commoditized and less evidenced by the success of our pseudo-static RAM's and low power stuff etc.

並不是說您不必具有競爭力，而是它的商品化程度較低，並且我們的偽靜態 RAM 和低功耗產品等的成功證明較少。

And so - - and even to some extent what we call the specialty DRAM, which has to do with even an older generation interface, like synchronous DRAM.

所以 - - 甚至在某種程度上我們稱之為專業 DRAM，它甚至與更老一代的接口有關，比如同步 DRAM。

So we have continued to migrate that way.

因此，我們繼續以這種方式遷移。

Clearly it can consume all of our output and clearly we have to be in the PC space in order to maintain a competitive profile.

顯然，它可以消耗我們所有的輸出，顯然我們必須進入 PC 領域才能保持競爭力。

So, whereas before we were making essentially one device going into one application, it was pretty easy to focus.

因此，雖然在我們基本上將一台設備用於一個應用程序之前，它很容易集中註意力。

And you could say that you would be the most efficient in that space.

你可以說你將是那個領域中最有效率的。

The problem is being the most efficient in that space doesn't necessarily mean that that's the best return you can get for your asset utilizations.

問題是在該空間中效率最高並不一定意味著這是您可以從資產利用中獲得的最佳回報。

So we will continue to add this other product portfolio to what we're doing.

因此，我們將繼續將其他產品組合添加到我們正在做的事情中。

As a result, of course, our cost structure starts to change as you do that.

因此，當然，我們的成本結構會隨著您這樣做而開始改變。

We, really it's Micron and Samsung and the product breadth our DRAM portfolio; and I'm setting aside NAND and CMOS images at the moment, but just the DRAM portfolio alone, the product breadth of Samsung and Micron is probably two times that of the next guy.

我們，真的是美光和三星，以及我們的 DRAM 產品組合；並且我目前將 NAND 和 CMOS 圖像放在一邊，但僅 DRAM 組合，三星和美光的產品廣度可能是下一家的兩倍。

So, we clearly continue to broaden that portfolio and a lot of that goes into the specialty arena.

因此，我們顯然會繼續擴大該產品組合，其中很多都進入了專業領域。

And as a result it does impact some of our cost structure, because those are typically lower density devices or special devices and we just have to accept that.

因此，它確實會影響我們的一些成本結構，因為這些通常是低密度設備或特殊設備，我們只需要接受這一點。

So, really we need to be the lowest cost producer for the portfolio that we have.

所以，我們真的需要成為我們所擁有的投資組合成本最低的生產商。

But that doesn't mean we're going to necessarily be the lowest cost producer of a bit going into the PC market.

但這並不意味著我們一定會成為進入 PC 市場的成本最低的生產商。

Right.

正確的。

So you're saying the real strategy is to have the broadest DRAM portfolio.

所以你說真正的策略是擁有最廣泛的 DRAM 產品組合。

Yes, it's to have the - - a broad DRAM portfolio so we can extract the best margin that's available for the consumption of those bits.

是的，它擁有廣泛的 DRAM 產品組合，這樣我們就可以提取可用於消耗這些比特的最佳利潤。

Okay.

好的。

So what's - - that was actually leading into my other question, which is; can you talk about extracting that value, in terms of what you think is going to change in the next couple years?

那麼是什麼——這實際上導致了我的另一個問題，即；你能談談提取這個價值嗎，就你認為未來幾年會發生的變化而言？

Maybe not just for DRAM for desktop PC's but across your broad product portfolio, what's going to change that's going to enable you to have the industry best margins across your product portfolio?

也許不僅適用於台式 PC 的 DRAM，而且在您廣泛的產品組合中，將會發生什麼變化，使您能夠在您的產品組合中獲得行業最佳利潤？

Or how is your cost competitive, how is that going improve?

或者您的成本競爭力如何，將如何改進？

And maybe as specific, can you talk in retrospect about whether you wish you had a different 300 millimeter strategy?

也許同樣具體，你能回想一下你是否希望你有一個不同的 300 毫米策略？

Or do you still feel strongly that your ramp and switch to 300 was prudent from the cost perspective?

還是您仍然強烈認為從成本角度來看，您的斜坡和切換到 300 是謹慎的？

From a cost perspective - - part of it is getting the efficiency utilization out of the capacity that you have.

從成本的角度來看 - 其中一部分是從您擁有的容量中獲得效率利用。

So, when you talk about some of the specialty DRAM, there's not near as much benefit of moving it to an advanced process on 300 millimeter because the densities just aren't that high.

因此，當您談論一些特殊的 DRAM 時，將其轉移到 300 毫米的先進工藝並沒有太大的好處，因為密度並沒有那麼高。

Right.

正確的。

And as a result you wouldn't want to migrate that.

因此，您不想遷移它。

If you look at kind of the bifurcation of the product that we have, clearly the product that we're building, going into the - - if you think of it as the PC market, which is essentially the DDR, DDR2 high density stuff.

如果你看一下我們擁有的產品的分支，很明顯我們正在構建的產品進入 - 如果你認為它是 PC 市場，本質上是 DDR、DDR2 高密度的東西。

For us that's almost all shifting to the 300 millimeter that we have in Virginia, which is going quite well and with our partner TECH Semi in Singapore.

對我們來說，這幾乎都轉移到了我們在弗吉尼亞州擁有的 300 毫米，這與我們在新加坡的合作夥伴 TECH Semi 合作進展順利。

And they have of course a transition strategy of 300 millimeter as well.

他們當然也有 300 毫米的過渡策略。

That's where the focus is.

這就是重點所在。

And that's where the focus will be for making those bits that actually go into the desktop space if you will for PC's.

如果您願意的話，這就是將重點放在製作那些實際進入桌面空間的地方。

Really, when you look at the rest of our portfolio and the rest of our capacity I should say that, that capacity is getting consumed more and more on these other products like imagers and specialty DRAM.

確實，當您查看我們的其他產品組合和我們的其他產能時，我應該說，這些其他產品（如成像器和專用 DRAM）正在越來越多地消耗這些產能。

So, we think that it's - - we're just now starting to see some of that benefit.

所以，我們認為它是——我們現在才剛剛開始看到其中的一些好處。

We're starting to see some of the capacity efficiencies that we would have expected to get.

我們開始看到我們原本期望獲得的一些容量效率。

And that's where we are headed.

這就是我們前進的方向。

Okay.

好的。

So can you point to any specific on the cost competitive side that you think will help you kind of close the gap or pass some of your competitors?

那麼，您能否指出任何您認為有助於縮小差距或超越某些競爭對手的成本競爭力方面的具體內容？

Or is it just kind of more the product diversification helps accomplish that by nature of the strategy?

或者僅僅是產品多樣化有助於實現這一戰略的性質？

Well, yes.

嗯，是。

First of all, clearly our 6F(2), which we have talked about, which is essentially now deployed on almost all of the advanced process devices going into the PC market, we clearly have a competitive strategy there.

首先，很明顯，我們已經討論過的 6F(2)，它現在基本上部署在幾乎所有進入 PC 市場的先進工藝設備上，我們顯然有一個競爭戰略。

And then really everything is going to the 300 millimeter that goes into that space.

然後真的一切都進入那個空間的 300 毫米。

So - - and you can argue' well, did you bring that up in the right timeframe, etc.

所以 - - 你可以爭辯'好吧，你是否在正確的時間框架內提出了這一點，等等。

But the fact of the matter is we're over the hump on that.

但事實是我們已經解決了這個問題。

And it is starting to getting better and better every quarter that goes by in terms of contributing.

就貢獻而言，每個季度都開始變得越來越好。

I - - everyone keeps talking about cost, the other thing that you have to recognizes with our product portfolio is what your average ASP.

我 - - 每個人都在談論成本，你必須認識到我們產品組合的另一件事是你的平均 ASP。

And we are now clearly starting to differentiate what our average selling price is to a lot of these other guys in the space.

而且我們現在顯然開始將我們的平均售價與該領域的許多其他人區分開來。

Right.

正確的。

Sorry, one last totally unrelated issue.

抱歉，最後一個完全不相關的問題。

What do you think Intel's NAND flash strategy should be or will be?

您認為英特爾的 NAND 閃存戰略應該或將會是什麼？

And is there any opportunity to pursue a relationship with them?

有沒有機會與他們建立關係？

Or do you have any fear at all about Intel in terms of their NAND flash strategy?

或者你對英特爾的 NAND 閃存戰略有任何恐懼嗎？

Well, you're going to have to ask them what their NAND flash strategy is.

好吧，您將不得不問他們他們的 NAND 閃存策略是什麼。

They've clearly had NAND flash strategy for quite some time.

他們顯然已經採用 NAND 閃存策略已有一段時間了。

In fact they still talk about introducing new devices for, at least some of the higher density, but maybe not quite as high a density in that space that you would get from a NAND in the wireless space.

事實上，他們仍然在談論為至少一些更高密度的設備引入新設備，但在那個空間中的密度可能不如你從無線空間中的 NAND 獲得的密度高。

So, I think they have got to do a lot of thinking about what their strategy is in the flash space.

所以，我認為他們必須做很多思考他們在閃存領域的策略是什麼。

And to get more specific you probably ought to ask them.

為了更具體，您可能應該問他們。

Alright.

好吧。

So they're not coming to Boise for it.

所以他們不會來博伊西。

Well we'll sell it to anybody that wants to buy it.

好吧，我們會把它賣給任何想要購買它的人。

All right, thanks guys.

好的，謝謝各位。

Thank you.

謝謝你。

Our next question is coming from Christopher Danely from J.P. Morgan.

我們的下一個問題來自摩根大通的 Christopher Danely。

Can you just talk about what has led to the pricing stability slash going up over the last six weeks and maybe talk about your views on PC demand right now?

您能否談談在過去六週內導致價格穩定性大幅下降的原因，或者談談您現在對 PC 需求的看法？

Sure, I think a couple factors.

當然，我認為有幾個因素。

First and foremost would be seasonality of demand for PC's.

首先是個人電腦需求的季節性。

We poll or customers regularly, as I mentioned earlier.

正如我之前提到的，我們會定期對客戶進行調查。

And our expectation based on a sampling of our top 10, 11, 12 customers or so is that DRAM consumption in the PC space alone, calendar Q3 versus calendar Q2 will be up about 12%.

我們基於對前 10、11、12 家左右客戶的抽樣的預期是，僅個人電腦領域的 DRAM 消耗量，第三季度與第二季度相比將增長約 12%。

Now there's some margin for error there so I would say somewhere in the range of 10% to 15%.

現在那裡有一些錯誤餘地，所以我會說在 10% 到 15% 的範圍內。

Our growth profile in the commodity DRAM space in the third calendar quarter is basically flat with calendar Q2.

我們在第三季度商品 DRAM 領域的增長情況與第二季度基本持平。

So we are not growing output significantly.

所以我們沒有顯著增加產量。

Based on snippets that you read in the press and so forth, we see comments from competitors to have the ability to deploy capacity in other areas.

根據您在媒體等上閱讀的片段，我們看到競爭對手的評論，他們有能力在其他領域部署容量。

That they're DRAM capacity to NAND flash.

它們是 NAND 閃存的 DRAM 容量。

So I would say that it's the basic law of economics.

所以我會說這是經濟學的基本規律。

We believe that demand is growing faster than supply in the commodity DRAM space.

我們認為，商品 DRAM 領域的需求增長快於供應。

And that has led to stable pricing and will lead to increased pricing over the course of the next several months.

這導致了穩定的定價，並將導致未來幾個月的定價增加。

Sure.

當然。

And then inventory popped up a little bit here.

然後庫存在這裡突然出現了一點。

Where are you guys comfortable with inventory and what are the plans to bring it down?

你們對庫存感到滿意嗎？降低庫存的計劃是什麼？

We think that - - so we're at as I mentioned four to five weeks worth of inventory now.

我們認為——所以我們現在正處於我提到的四到五週的庫存量。

Virtually all of the inventory growth that occurred for us in fiscal Q3 was in one of two product areas, in the DDR and the DDR2, which is essentially the memory solution for notebooks and desktop PC's.

事實上，我們在第三季度出現的所有庫存增長都發生在兩個產品領域之一，即 DDR 和 DDR2，它本質上是筆記本電腦和台式電腦的內存解決方案。

We believe that with a flat, flattish output scenario for us in fiscal Q4 relative to fiscal Q3, we will bleed off some of that inventory as we move through fiscal Q4.

我們相信，由於我們在第四財季相對於第三財季的產出情況持平，我們將在第四財季中消耗掉部分庫存。

And in summary I'm not uncomfortable carrying four to five weeks of inventory.

總而言之，攜帶四到五週的庫存我不會感到不舒服。

And we believe that that's going to come down as we move through the current quarter.

我們相信，隨著我們在本季度的推進，這種情況將會下降。

And then last question, any thoughts on fiscal '06 Cap Ex?

最後一個問題，對 06 財年 Cap Ex 有什麼想法嗎？

Current spending for '05 as we have indicated is 1.5 billion.

正如我們所指出的，05 年的當前支出為 15 億。

Right now it's a pretty wide range looking forward to '06.

現在這是一個相當廣泛的期待'06。

We have a spread of 1 to 1.5, we will tighten that up as time moves along.

我們的價差為 1 到 1.5，隨著時間的推移，我們將收緊。

Okay.

好的。

So it's still 1 to 1.5.

所以它仍然是 1 到 1.5。

Thanks.

謝謝。

I want to add one more comment, Mike was mentioning the flat output quarter over quarter essentially in the desktop space.

我想再補充一條評論，Mike 提到了桌面領域的季度產出持平。

But that's not to say that we don't continue to have a greater conversion of 300 millimeter and the wafer wraps will continue to go up there from Virginia because they do.

但這並不是說我們不會繼續進行 300 毫米的更大轉換，並且晶圓包裝將繼續從弗吉尼亞州上升，因為它們確實如此。

But you have to keep in mind that we're also allocating more capacity that's been making DRAM over to some of these other products, as we have already stated they continue to grow at a pretty good rate.

但是你必須記住，我們還將更多的容量分配給其他一些產品，因為我們已經說過它們繼續以相當好的速度增長。

What was the DRAM versus non-DRAM and non-core DRAM split again?

DRAM 與非 DRAM 和非核心 DRAM 的再次分裂是什麼？

Well, from a revenue perspective it's - - we're not really dividing it as core and non-core DRAM, so to speak.

好吧，從收入的角度來看，我們並沒有真正將其劃分為核心和非核心 DRAM，可以這麼說。

When we talk about the desktop space versus the non-desktop space it was about 35%, 40% was into the non-desktop space, which is a pretty significant transition for us.

當我們談論桌面空間與非桌面空間時，大約 35%，40% 進入非桌面空間，這對我們來說是一個非常重要的轉變。

How about next quarter, any thoughts there?

下個季度怎麼樣，有什麼想法嗎？

It's just going to keep migrating.

它只會繼續遷移。

Okay, great, thanks guys.

好的，太好了，謝謝各位。

Sorry to take up so much time.

很抱歉佔用了這麼多時間。

No problem.

沒問題。

Thank you.

謝謝你。

Our next question is coming from Hans Mosesmann of Moors & Cabot.

我們的下一個問題來自 Moors & Cabot 的 Hans Mosesmann。

Thank you.

謝謝你。

A couple questions, a clarification first.

幾個問題，先澄清一下。

What is the bit growth production assumption for the current quarter?

本季度的比特增長產量假設是多少？

Hans, you can figure that to be about high single digits.

漢斯，你可以認為這大約是個位數。

Sequentially quarter over quarter

逐季逐季

Okay.

好的。

And in terms of the polling that you have done with your top ten or so customers, what's the seasonality this quarter, I think you mentioned last quarter was in the 12%, but what is it for this current quarter?

就您對前十名左右的客戶所做的民意調查而言，本季度的季節性是什麼，我認為您提到上個季度是 12%，但本季度是什麼？

The current - - keep in mind our fiscals are offset somewhat from the calendar quarters, that 12% figure I mentioned Hans, was calendar Q3 relative to calendar Q2.

當前 - - 請記住，我們的財政與日曆季度有所抵消，我提到漢斯的 12% 的數字是日曆 Q3 相對於日曆 Q2。

That would be DRAM demand in the PC space calendar Q3 relative to Q2.

這將是個人電腦空間日曆第三季度相對於第二季度的 DRAM 需求。

I don't have visibility into the granularity of how much of that demand increase is driven by content versus number of units.

我無法了解需求增長中有多少是由內容與單位數量驅動的。

But that would fall in the ramp of kind of normal seasonality from your perspective?

但從您的角度來看，這會屬於正常季節性的坡道嗎？

Yes.

是的。

That's correct.

這是正確的。

Okay.

好的。

And then one last question, from the TECH joint venture do you have a sense on when they'll build out a 300 millimeter fab?

最後一個問題，來自 TECH 合資企業，您知道他們何時會建造 300 毫米晶圓廠嗎？

Well, they have a conversion plan, I don't necessarily want to speak for them.

好吧，他們有一個轉換計劃，我不一定要為他們說話。

But - - and it all depends on of course the market as well but we have several partners there in that venture.

但是——當然這也取決於市場，但我們在該合資企業中有幾個合作夥伴。

So, we may have a transition phase that occurs.

因此，我們可能會出現一個過渡階段。

Essentially some of us starting to look at sometime next year and then that goes through the '07 time period where it occurs.

基本上我們中的一些人開始考慮明年的某個時候，然後經歷它發生的 '07 時間段。

Thank you.

謝謝你。

Our next question is coming from Tim Luke of Lehman brothers.

我們的下一個問題來自雷曼兄弟的蒂姆·盧克。

Thanks.

謝謝。

I was wondering if you could give us some sense of what the - - some of the profiles may be in the NAND flash area for the next six months?

我想知道您是否可以讓我們了解一些配置文件可能會在未來六個月內出現在 NAND 閃存領域？

And maybe give us some color on how you see demand developing in the CMOS image sensor with demand seemingly reasonably constructive in the handset arena?

也許就您如何看待 CMOS 圖像傳感器的需求發展以及手機領域的需求似乎相當有建設性，給我們一些顏色？

Thanks.

謝謝。

Tim, I didn't quite hear the first part of your question.

蒂姆，我沒有完全聽到你問題的第一部分。

Was that demand profiles in different segments for NAND like it was for image sensors?

NAND 的不同領域的需求概況是否像圖像傳感器一樣？

Yes, and maybe just what some of the milestones may be for that business going forward maybe for the second half of the year?

是的，也許下半年該業務的一些里程碑可能是什麼？

Okay.

好的。

Well I'll let Mike start with demand profiles maybe for image sensors and then I'll cover the NAND business plan.

好吧，我會讓 Mike 從圖像傳感器的需求概況開始，然後我將介紹 NAND 業務計劃。

How's that?

怎麼樣？

Thanks.

謝謝。

Yes.

是的。

With respect to the image sensors, mobile phone or camera enabled mobile phones are still the primary driver of demand for image sensors at least for Micron's image sensor business.

在圖像傳感器方面，手機或支持攝像頭的手機仍然是圖像傳感器需求的主要驅動力，至少對於美光的圖像傳感器業務而言。

And the growth is actually pretty extraordinary.

而且增長實際上非常不同尋常。

And as Bill mentioned in his comments, our revenue growth in the quarter was over 45%.

正如比爾在評論中提到的那樣，我們本季度的收入增長超過 45%。

That's sequential, not year over year.

這是連續的，而不是年復一年。

And we are in for what we believe to be a pretty healthy growth quarter again this year.

我們相信今年又是一個非常健康的增長季度。

And I think that's probably a combination of us incrementally increasing market share as well as the market just going through the roof with respect to the penetration rate of cameras and mobile phones.

而且我認為這可能是我們逐漸增加市場份額以及市場在相機和手機滲透率方面剛剛達到頂峰的結合。

Our mix of sensors in the mobile phone space today, is roughly 50/50 VGA, 1 megapixel with both 2 megapixel and 3 megapixel starting to pick up some steam for increased production in commercial shipments later this calendar year.

我們今天在移動電話領域的傳感器組合大約為 50/50 VGA、1 兆像素，其中 2 兆像素和 3 兆像素開始為今年晚些時候的商業出貨量增加生產提供一些動力。

I don't know if I adequately addressed your question.

我不知道我是否充分解決了你的問題。

Maybe just a little bit, could you touch on the breadth of your customer base in the mobile arena?

也許只是一點點，您能否談談您在移動領域的客戶群的廣度？

Everybody.

大家。

Every phone maker.

每個電話製造商。

We had design wins with every known phone maker and I'd say that there are probably five to six of those phone makers that are driving the bulk of our revenues.

我們與所有已知的手機製造商都贏得了設計勝利，我想說可能有五到六家手機製造商推動了我們的大部分收入。

I don't want to be too specific as to the names of them but it's virtually everybody.

我不想對他們的名字太具體，但幾乎每個人都是如此。

We have got design wins that we have counted up over 200 design wins.

我們已經獲得了超過 200 項設計勝利。

And of course there's several design wins with each of the phone makers.

當然，每個手機製造商都有一些設計上的勝利。

But over 200 design wins and probably closing on 300 here as I speak.

但是在我說話的時候，超過 200 項設計獲勝，並且可能接近 300 項。

So, it's a broad customer base and the design wins are really expanding in terms of numbers.

因此，這是一個廣泛的客戶群，並且設計的勝利在數量上確實在擴大。

So we couldn't be more pleased with respect to the progress that we have made and with the trajectory that we have in place right now for continued progress.

因此，對於我們已經取得的進展以及我們現在為繼續取得進展而製定的軌跡，我們感到非常高興。

And is it fair to say that these full costs have moved upwards as you've moved forward over the last several months?

公平地說，隨著您在過去幾個月中的發展，這些全部成本已經上升了嗎？

Sure. yes.

當然。是的。

Again the business is continuing to grow and it's both market share capture on our part as well as just that - - it's no secret growth rate or the penetration rate of cameras and phones is growing tremendously as the costs comes down and as the image quality continues to improve.

再次，業務繼續增長，它既是我們的市場份額，也是如此 - 這不是秘密的增長率，或者隨著成本的下降和圖像質量的持續，相機和手機的滲透率正在大幅增長改善。

Okay.

好的。

On the NAND front, really we have just started to make a significant progress in the market as you know.

在 NAND 方面，如您所知，我們真的剛剛開始在市場上取得重大進展。

We introduced the 2 gig part, which is the part that we have now, a 90 nanometer 2 gig part.

我們介紹了 2 gig 部分，這是我們現在擁有的部分，一個 90 納米 2 gig 部分。

But I think equally more important, that is ramping by the way in terms of number of wafer starts and really every month that goes by it's an increased record for us that are going into that space.

但我認為同樣更重要的是，晶圓啟動的數量正在增加，而且實際上每個月都在增加我們進入該領域的記錄。

But when you think about kind of the second half of the year, or 70 nanometer NAND looks pretty good.

但是當你想到下半年的時候，70 納米 NAND 看起來還不錯。

That's coming into production.

那正在投入生產。

We also have introduced a 1 gig and we will have a 4 gig and 8 gig And obviously then expanding into some of these other markets, the more parts we produce.

我們還推出了 1 gig，我們將有 4 gig 和 8 gig 顯然然後擴展到其他一些市場，我們生產的零件越多。

So, really for milestones for us it's just a continued ramp and it's to get a couple more densities into that space and then get the 70 nanometer production ramping up.

所以，對於我們來說，真的是里程碑式的，它只是一個持續的斜坡，它是讓更多的密度進入那個空間，然後讓 70 納米的產量增加。

Do you have any outlook for pricing in the NAND flash area or your expectations on how we should frame that going forward?

您對 NAND 閃存領域的定價有任何展望，或者您對我們應該如何制定未來計劃有任何期望嗎？

Yes, we are expecting continued price reductions in the marketplace as we're able - - the manufacturing side is able to take down costs as well.

是的，我們預計市場會繼續降價——製造方面也能夠降低成本。

Just as a reference point, the current market price for our chip, the 2 gigabit NAND flash today is somewhere in the $11 to $12 range per chip.

作為參考，我們芯片的當前市場價格，即今天的 2 Gb NAND 閃存在每芯片 11 到 12 美元之間。

And we are expecting the prices to continue to come down here pretty dramatically as we move through the balance of the year.

我們預計隨著我們度過今年的平衡期，這裡的價格將繼續大幅下降。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

Our next question is coming from David Wong from AG Edwards.

我們的下一個問題來自 AG Edwards 的 David Wong。

Thank you very much.

非常感謝。

Can you give us some numbers with regard to 300 millimeter wafer production growth in the coming quarter?

您能否給我們一些關於下一季度 300 毫米晶圓產量增長的數據？

And also whether there's any change in your 200 millimeter wafer output?

以及你們的 200 毫米晶圓產量是否有任何變化？

We are now running about 60,000, 200 millimeter equivalent outs per week.

我們現在每週運行大約 60,000、200 毫米等效輸出。

That will go up a couple percent here in our fiscal Q4.

在我們的第四財季，這將上升幾個百分點。

Of that we are running around 10%, 300 millimeter.

其中我們正在運行大約 10%，300 毫米。

And as we've previously stated we will be around 25% of our DRAM output on 300 millimeter by the end of this calendar year.

正如我們之前所說的那樣，到今年年底，我們將在 300 毫米上實現約 25% 的 DRAM 產量。

And at around 40% roughly towards the second half of '06 calendar year.

大約在 06 日曆年的下半年，大約為 40%。

Thanks very much.

非常感謝。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from Jim Covello from Goldman Sachs.

我們的下一個問題來自高盛的 Jim Covello。

Good evening, thank you.

晚上好，謝謝。

Quick question; on the NAND flash side we have seen some pretty steep drops in the NAND flash spot pricing for certain densities.

快速提問；在 NAND 閃存方面，我們看到某些密度的 NAND 閃存現貨價格大幅下降。

Do you think that's going to have any impact on some of the DRAM companies' willingness to continue to shift DRAM capacity over to NAND in the second half of this year and into next year?

你認為這會對一些 DRAM 公司在今年下半年和明年繼續將 DRAM 產能轉移到 NAND 的意願產生任何影響嗎？

I think that's a continuing variable that we will look at.

我認為這是我們將關注的一個持續變量。

Every week that goes by we look at the margin on NAND, we look at the margin on DRAM.

每週我們都會查看 NAND 的利潤，我們查看 DRAM 的利潤。

And as Mike described, in our case we really have a few month turn time.

正如邁克所描述的，在我們的案例中，我們確實有幾個月的周轉時間。

But as those margins shift it clearly will change motivation as to whether you want to go through the effort to change your product mix line.

但是隨著這些利潤的變化，它顯然會改變你是否想要努力改變你的產品組合線的動機。

Right now, given where the higher density DRAM product is, demand is still attractive to keep that conversion going.

目前，考慮到更高密度的 DRAM 產品在哪裡，保持這種轉換的需求仍然很有吸引力。

So, I think as long as that's the case you will see more products switch that direction.

所以，我認為只要是這樣，你就會看到更多的產品轉向這個方向。

And as soon as it become equilibrium, and who knows when that will be, then you will clearly see a change in the motivation.

一旦它達到平衡，誰知道什麼時候會達到平衡，那麼你就會清楚地看到動機的變化。

How much - - would you say that in - - how much of the view of the market do you think is based on the view in the market that the DRAM pricing will improve in the second half of the year, is dependent upon continued migration of DRAM over to NAND?

- - 你會說在 - - 你認為市場的觀點有多少是基於市場認為 DRAM 定價將在下半年改善的觀點，取決於持續遷移DRAM 到 NAND？

And when - - is there a pricing at which you think - - specific pricing at which you think that becomes a risk?

什麼時候 - - 是否有您認為的定價 - - 您認為會成為風險的特定定價？

My perspective is that at least for the next probably couple of quarters you have a number of entrants into the NAND space, and I probably should have qualified my last comment by this.

我的觀點是，至少在接下來的幾個季度裡，你有許多進入 NAND 領域的人，我可能應該以此來限定我的最後評論。

You have a number of entrants into the NAND space where they really just are trying to achieve critical mass in some scale.

您有許多進入 NAND 領域的人，他們實際上只是在嘗試以某種規模實現臨界質量。

Clearly Micron is in that direction, where we need to ramp in order to get more critical mass and so forth.

很明顯，美光正朝著這個方向發展，我們需要在這個方向上加速以獲得更多的臨界質量等等。

Because of expenditures, R&D, people out there trying to build a customer base, etc., But I think that's indicative of a couple of these other players that have moved in that space too.

由於支出、研發、試圖建立客戶群的人們等等，但我認為這表明其他一些參與者也已經進入了這個領域。

You take a company probably like Samsung and it's really more a pure economic decision for them, or some kind of strategic decision for them because they already have a large percentage of the market anyhow.

您選擇一家可能像三星這樣的公司，這對他們來說實際上更像是一個純粹的經濟決策，或者對他們來說是某種戰略決策，因為無論如何他們已經擁有很大的市場份額。

But I think for several of the newer entrants into the NAND space it's really - - there's first a drive to get some critical mass and a good customer base and then they'll start optimizing between the two products.

但我認為，對於進入 NAND 領域的一些新進入者來說，這確實是——首先需要獲得一些臨界質量和良好的客戶群，然後他們將開始在兩種產品之間進行優化。

That's helpful.

這很有幫助。

If I can sneak one more in.

如果我能再偷偷溜進去一個。

Traditionally, when DRAM companies start to lose money if I'm not mistaken you see two things.

傳統上，如果我沒記錯的話，當 DRAM 公司開始虧損時，你會看到兩件事。

You see increase in content per box, because the prices are lower, the elasticity kicking in.

您會看到每盒的內容有所增加，因為價格較低，彈性開始發揮作用。

And then you see CapEx cuts in order to sort of fix the supply demand situation.

然後你會看到資本支出削減，以解決供需狀況。

Now, one way that can get fixed is increased allocation from DRAM over the NAND.

現在，可以解決的一種方法是增加 DRAM 通過 NAND 的分配。

But if that were to stop do you think that we really need to see CapEx cuts to fix the supply demand situation?

但如果這種情況停止，你認為我們真的需要削減資本支出來解決供需狀況嗎？

And do you expect that at all?

你真的期待嗎？

It's hard for me to really know for sure what the other producers are doing because a lot of times what's announced ultimately doesn't happen or it tends to vaporize as the market changes.

我很難真正確定其他製片人在做什麼，因為很多時候宣布的最終不會發生，或者隨著市場的變化它往往會蒸發。

In our particular case, we actually think we will get more capital efficient because we are having higher utilization of our technology that's in place by virtue of some of these other products.

在我們的特殊情況下，我們實際上認為我們將獲得更高的資本效率，因為我們正在更高地利用我們的技術，而這些技術是由於其他一些產品而到位的。

And of course as the DRAM market has weakened then we also take a look at whether it makes more sense to put more capital in that direction.

當然，隨著 DRAM 市場的疲軟，我們也會看看在這個方向投入更多資金是否更有意義。

So, we really kind of have two things going on.

所以，我們真的有兩件事發生。

The other companies; it's hard for us to know but of course the expectation is that there will be adjustments in capital based on just the return generated from the product into that space.

其他公司；我們很難知道，但當然期望的是，僅根據產品在該領域產生的回報就會對資本進行調整。

And - - but those tend to be a little slower moving, those kind of decisions.

而且 - - 但那些往往會更慢一些，那些決定。

Either to increase the CapEx or decrease the CapEx, those are actually a little slower moving because they are the kind of commitments you have to make for some of this capital.

無論是增加資本支出還是減少資本支出，這些行動實際上都慢了一點，因為它們是你必須為部分資本做出的承諾。

And I would say in particular in the lithography area.

我會特別說在光刻領域。

Great.

偉大的。

And then on the elasticity issue, any difference this cycle versus previous cycles on the increasing content per box with lower prices?

然後在彈性問題上，這個週期與以前的周期在每盒內容增加和價格較低方面有什麼區別？

I don't think so.

我不這麼認為。

I think we might see a temporary plateau at 512 megabytes.

我認為我們可能會看到 512 兆字節的臨時平台。

There are certain increments where I think you see things level off.

在某些增量中，我認為您會看到事情趨於平穩。

And it's the most efficient economic model for the user from a memory content standpoint in terms of increments.

從內存內容的角度來看，就增量而言，它是用戶最有效的經濟模型。

But - - so I think we might see a temporary stall or slow down at 500 megabytes per system because the next logical jump there would be to probably to 1 gigabyte.

但是 - - 所以我認為我們可能會看到每個系統的 500 兆字節的臨時停頓或減速，因為下一個邏輯跳轉可能會達到 1 千兆字節。

So we might see some slowdown somewhat there.

所以我們可能會看到一些放緩。

But on the application software and operating software side we have got a big new operating system upgrade coming our way next year, which I think is probably going to result in a huge boost in terms of memory content per system.

但在應用軟件和操作軟件方面，明年我們將迎來一個全新的操作系統升級，我認為這可能會導致每個系統的內存容量大幅提升。

So, again that addresses the DRAM elasticity issue, specifically in PC's.

因此，這再次解決了 DRAM 彈性問題，特別是在 PC 中。

On the NAND flash side, interestingly enough we believe that there's even more price elasticity there.

在 NAND 閃存方面，有趣的是，我們認為那裡的價格彈性更大。

Actually, substantially more price elasticity there than there is in the DRAM area.

實際上，那裡的價格彈性比 DRAM 領域要大得多。

And as producers we believe that we have the ability really to instantly create demand by passing along prices increases to the end user.

作為生產商，我們相信我們有能力通過將價格上漲傳遞給最終用戶來真正立即創造需求。

And in fact, I think that's proven out true particularly in the case of USB drive.

事實上，我認為這已被證明是正確的，尤其是在 USB 驅動器的情況下。

So, if you look at the flash market I think we have the advantage of really being able to almost instantly create demand by passing on cost reductions.

所以，如果你看看閃存市場，我認為我們的優勢在於能夠通過降低成本來幾乎立即創造需求。

Terrific, that's really helpful, thanks a lot.

太棒了，真的很有幫助，非常感謝。

Thank you.

謝謝你。

Our next question is coming from John Barton from Wachovia Securities.

我們的下一個問題來自美聯證券的 John Barton。

Of the 40% of revs that were "non-DRAM" could you break them out a little bit more of what drove the CMOS sensors, what percentage was that of pseudo-statics etc. please?

在“非 DRAM”的 40% 的轉速中，您能否將它們分解出更多驅動 CMOS 傳感器的因素，偽靜態等的百分比是多少？

I don't think we want to be real specific on it, but it was - - it's not non-DRAM.

我認為我們不想具體說明它，但它是 - - 它不是非 DRAM。

It's not what we consider to be non-core DRAM or non-DDR and DDR2 DRAM.

這不是我們認為的非核心 DRAM 或非 DDR 和 DDR2 DRAM。

And I'll just tell you the mix of it would be, and these are all in very substantial numbers, synchronous DRAM for the consumer and communications infrastructure applications.

我只會告訴你它的組合，這些都是非常大量的，用於消費者和通信基礎設施應用的同步 DRAM。

CMOS image sensors primarily for camera enabled mobile phones, flash memory for a variety of consumer electronics and low power DRAM for mobile phones.

CMOS 圖像傳感器主要用於支持攝像頭的手機、用於各種消費電子產品的閃存和用於手機的低功耗 DRAM。

So, it's those products that make up the 40%.

所以，這些產品佔了 40%。

And I don't want to be real specific on the percentage or the dollar amount that we're going to attribute to each one of those

而且我不想具體說明我們將歸因於其中每一個的百分比或美元金額

Could you narrow down what CMOS image sensors are as a percentage of that 40 or no?

您能否縮小 CMOS 圖像傳感器在這 40 個或沒有的百分比中的範圍？

Well, it's - - let me just sai it's approaching - - well of the 40.

嗯，它是 - - 讓我說它正在接近 - - 40 個。

Of our total revenues we have said that imager historically, we've really talked about in terms of wafer starts and where they relate to the total.

在我們的總收入中，我們曾經說過成像儀，我們真的談到了晶圓啟動以及它們與總收入的關係。

They are where we said they would be about this time of year.

它們就是我們所說的大約每年這個時候的地方。

They are just in the neighborhood of 10%.

它們僅在 10% 左右。

And you could give it maybe slightly a little more.

你可以給它可能稍微多一點。

But it's right on track with what they thought would happen.

但這與他們認為會發生的事情是正確的。

On the topic of DRAM I thought I heard two different messages there.

關於 DRAM 的話題，我想我在那裡聽到了兩條不同的信息。

I must have misunderstood you.

我一定是誤會你了。

I thought I heard flat production for PC oriented DRAM's.

我想我聽說過面向 PC 的 DRAM 的扁平化生產。

But then I thought I heard high single digit fifth growth production going into next quarter.

但後來我想我聽到了下個季度的高個位數第五增長產量。

Where am I mistaken?

我錯在哪裡？

I should probably clarify that.

我可能應該澄清一下。

This is Mike speaking.

這是邁克在說話。

The flat production comment was specific to what we consider to be the commodity or core DRAM; the DDR and DDR2 that is tied specifically to personal computers, or almost entirely personal computers.

平坦的生產評論是針對我們認為是商品或核心 DRAM 的產品； DDR 和 DDR2 專門與個人計算機或幾乎完全是個人計算機相關聯。

Our output growth in fiscal Q4 is going to come from the specialty DRAM area, and from the NAND flash area and the low power DRAM areas.

我們在第四財季的產量增長將來自專業 DRAM 領域，以及 NAND 閃存領域和低功耗 DRAM 領域。

So, virtually all of our production output growth in the current quarter is coming from the, I'll call it the non-core DRAM or today the more - - the higher profit margin DRAM products and NAND flash.

因此，我們本季度幾乎所有的產量增長都來自於，我將其稱為非核心 DRAM，或者今天更多——利潤率更高的 DRAM 產品和 NAND 閃存。

And then final question if I could.

然後最後一個問題是否可以。

The comment was made that most of the speculation in the broker market is in the area of DDR because you thought DDR2 was kind of built up already, maybe well beyond what the OEM's had needed, so to speak.

有人評論說，經紀人市場上的大多數猜測都在 DDR 領域，因為您認為 DDR2 已經建立起來，可能遠遠超出了 OEM 的需要，可以這麼說。

How is that transition going from DDR1 to DDR2?

從 DDR1 到 DDR2 的過渡如何？

And how do you think it plays out for the balance of the year.

您如何看待今年的餘額。

Is your question specifically on the demand side from a transition or on the supply side?

您的問題是針對轉型的需求方還是供應方？

Demand side.

需求端。

Demand side, I think actually in recent weeks our take on the penetration rate of DDR2 for the balance of the year is probably slowed somewhat.

需求方面，我認為實際上最近幾週我們對今年餘下時間 DDR2 滲透率的估計可能有所放緩。

And I think that is generally perception on the part of the PC makers that the optimum balance between increased performance and potentially increased cost is probably not real clear right now or it's not as transparent as they would like it to be.

我認為 PC 製造商普遍認為，提高性能和可能增加的成本之間的最佳平衡目前可能還不是很清楚，或者不像他們希望的那樣透明。

So it's probably slowed somewhat.

所以它可能會有所放緩。

Our take on the crossover in terms of demand for DDR 2 versus DDR 1; if you asked me that question 60 days ago I probably would have told you we'd cross over in late summer, fall timeframe.

我們對 DDR 2 與 DDR 1 需求的交叉點的看法；如果你在 60 天前問我這個問題，我可能會告訴你我們會在夏末秋季時間跨過。

Now I would say that may be pushed out even into the first part of next year.

現在我想說的是，甚至可能會推遲到明年上半年。

Thank you very much.

非常感謝。

Our next question is coming from Tad LaFountain from Wells Fargo.

我們的下一個問題來自富國銀行的 Tad LaFountain。

I'm wondering what the gross margin in the quarter would have been without the TECH effect?

我想知道如果沒有 TECH 效應，本季度的毛利率會是多少？

I'm not willing to give a specific percentage there, but it would have been a noticeable swing.

我不願意在那裡給出一個具體的百分比，但這會是一個明顯的波動。

Just leave it at that.

就這樣吧。

Okay.

好的。

And with corporate gross margin at 8%, that obviously says that some areas were doing very poorly, what amount of inventory reserves were booked in the quarter?

企業毛利率為 8%，這顯然表明某些領域的表現非常糟糕，本季度預定了多少庫存儲備？

Your question runs to the heart of was there a net realizable value adjustment and there was none in this period.

您的問題的核心是是否有可變現淨值調整，而在此期間沒有。

Okay.

好的。

With pricing stabilizing over the last several weeks if that trend continues does that mean that we need not worry about inventory reserves in the fourth quarter?

如果這種趨勢持續下去，過去幾週價格趨於穩定，這是否意味著我們不必擔心第四季度的庫存儲備？

You appreciate the calculation that we have to make at the quarter end is looking forward to the average selling prices predicted for the period in which the inventory is going to be moved.

您很欣賞我們必須在季度末進行的計算，我們期待預測的平均銷售價格會在庫存轉移期間進行。

But what we're really saying is we have had manufacturing costs, efficiencies and there's margin in the ASP as we look forward relative to the current cost profile.

但我們真正想說的是，我們有製造成本、效率和 ASP 的利潤，因為我們期待相對於當前的成本狀況。

Okay.

好的。

And Mike, a question for you.

還有邁克，問你一個問題。

One of the concerns about the DRAM business is the extent of the ramp of 300 millimeter capacity and what that signifies for excess production.

對 DRAM 業務的擔憂之一是 300 毫米產能的上升幅度以及這意味著產能過剩。

Yet it appears with the April SIA data that looking at a three quarter moving average that the worldwide bit sales were up 8% quarter to quarter and over 60% year over year.

然而，從四月份的 SIA 數據來看，從三個季度的移動平均來看，全球鑽頭銷售額環比增長 8%，同比增長超過 60%。

Would that sort of bit growth - - I'm sorry, bit demand growth from your perspective chew up the sort of capacity that you're seeing in the industry?

那種位增長 - 對不起，從您的角度來看，位需求增長會破壞您在行業中看到的那種容量？

Well, basically we have talked in the past about what we think the supply profile is for '05 over '04.

好吧，基本上我們過去曾討論過我們認為 05 年比 04 年的供應情況。

And with all of those things you're talking about: Additional 300 millimeter coming on line, transitions to perhaps a less manufacturable, less efficient part DDR1 to DDR2 and capacity moving from DRAM to NAND flash, all of that put together gets you about 45% to 55% sequential bit growth on the supply side '05 over '04 based on the current CapEx numbers that are out there today.

再加上你所說的所有這些事情：額外的 300 毫米上線，過渡到可能製造性較差、效率較低的部分 DDR1 到 DDR2 以及容量從 DRAM 轉移到 NAND 閃存，所有這些加起來讓你大約 45根據目前的資本支出數字，05 年供應方比 04 年連續位增長 % 至 55%。

Okay.

好的。

So when we're seeing 60% year over year bit growth out of the SIA for DRAM, that would imply that the extent of the per received over capacity isn't as great as it was thought to be.

因此，當我們看到 DRAM 的 SIA 的比特位同比增長 60% 時，這意味著每收到的超容量程度並不像想像的那麼大。

I think Mike's made the comment before that we think there's very little inventory outside of the PC type memory.

我認為 Mike 之前發表過評論，我們認為 PC 型內存之外的庫存很少。

Okay.

好的。

Thanks.

謝謝。

You bet.

你打賭。

Thank you.

謝謝你。

Our next question is coming from Joseph Osha from Merrill Lynch.

我們的下一個問題來自美林證券的 Joseph Osha。

You mentioned earlier that you expected by the end of the next year output on 300 millimeter to be something like 40% of your total.

您之前提到，您預計到明年年底，300 毫米的產量將佔您總產量的 40%。

That is correct.

那是對的。

Okay.

好的。

Does that - - can you tell me what assumptions are involved there?

那 - - 你能告訴我那裡涉及哪些假設嗎？

Is that all out of Dominion or does that assume a conversion of TECH or some other things?

這一切都來自Dominion，還是假設轉換為TECH或其他一些東西？

Joe, there are two things that are going on when we talk about DRAM output.

喬，當我們談論 DRAM 輸出時，有兩件事正在發生。

And we just have to be careful how we categorizing this.

我們只需要小心我們如何對此進行分類。

Because when we talk about total DRAM output you have to take into consideration does that include the lower density stuff that isn't really going to an advanced process.

因為當我們談論 DRAM 總輸出時，您必須考慮到其中是否包括不會真正進入高級工藝的低密度材料。

Do you or do you not include pseudo-static RAM's, which is the DRAM and static RAM interface, etc..

您是否包括偽靜態 RAM，即 DRAM 和靜態 RAM 接口等。

I think actually when you look at the percent of our output that's on the advanced process mode, the highest density that will be on the 300 millimeter, that essentially almost all of our output in that category will be coming from our 300 millimeter.

我認為實際上，當您查看我們在高級工藝模式下的輸出百分比時，最高密度將在 300 毫米上，基本上我們在該類別中的所有輸出都將來自我們的 300 毫米。

And then really as to what extent does TECH start to get their 300 millimeter on line and converted.

然後真的是 TECH 在多大程度上開始讓他們的 300 毫米上線並轉換。

So, Kipp, I don't know if you want to add more commentary to that.

所以，Kipp，我不知道你是否想對此添加更多評論。

But just keep that color in mind when you hear this 40% number.

但是，當您聽到這個 40% 的數字時，請記住該顏色。

Well I'm just trying - - I appreciate the detail.

好吧，我只是在嘗試--我很欣賞細節。

But it's probably more complicated than I need, because I know and you all have done a great job describing what the sort of core versus non-core memory looks like.

但這可能比我需要的更複雜，因為我知道，你們都做了很好的工作來描述核心與非核心內存的樣子。

All I'm trying to figure out with that number in mind is if - - it sounded to me like you were saying 40% of your output in wafer terms was going to be 300 millimeter.

考慮到這個數字，我想弄清楚的是，如果 - - 在我看來，你在說 40% 的晶圓產量將是 300 毫米。

All I want to know is is that in fact what I heard?

我只想知道，事實上我聽到了什麼？

And if so, is that all going to come out of Dominion or not?

如果是這樣，這一切都會從Dominion出來嗎？

Yes, basically that's right Joe.

是的，基本上沒錯，喬。

The Dominion facility can run approximately 10,000 300 actual millimeter wafers per week.

Dominion 設施每周可以運行大約 10,000 300 個實際毫米晶圓。

And as you - - we just commented on the fact we're running about 60,200 millimeter equivalents per week today.

正如您——我們剛剛評論了我們今天每週運行約 60,200 毫米當量的事實。

So, just by ramping that up you can get to 40%.

因此，只需將其提高到 40%。

The only other qualifier I would put on is kind of where Steve was headed it's of the DRAM output more so.

我唯一要說的其他限定詞是史蒂夫的發展方向，更重要的是 DRAM 輸出。

So things like the image sensors can be very, very competitive at 200 millimeter for several years forward.

所以像圖像傳感器這樣的東西在 200 毫米的未來幾年內可能會非常非常有競爭力。

So we don't anticipate initially moving those to 300 millimeter

所以我們預計最初不會將它們移動到 300 毫米

Okay.

好的。

And then I guess by extension then the plan is to backfill in the neighborhood of 240, 250,000, 200 millimeter wafers a month with non-core products by that point in time then, CMOS sensors and specialty memory?

然後我想延伸一下，計劃是到那個時候用非核心產品、CMOS 傳感器和專用存儲器每月回填大約 240、250,000、200 毫米晶圓？

That part of our business will certainly keep growing based on demand profiles we are seeing right now, you bet.

你敢打賭，我們業務的這一部分肯定會根據我們現在看到的需求情況繼續增長。

Okay.

好的。

Thanks a lot.

非常感謝。

And Joe, you appreciate that we've indicated we are ramping the NAND.

喬，你很欣賞我們已經表明我們正在增加 NAND。

And that's for the near term consuming 200 millimeter capacity.

這是短期內消耗 200 毫米的容量。

And I take it the plan is to continue to manufacture NAND on 200 millimeter.

我認為計劃是繼續在 200 毫米上製造 NAND。

It is in the interim.

它是在過渡時期。

Clearly at some point in time it will probably convert, about 200 millimeters as well.

顯然在某個時間點它可能會轉換，大約 200 毫米也是如此。

But that's what we're looking at now is what that strategy is downstream.

但這就是我們現在正在研究的下游策略。

Okay.

好的。

Just as that kind of begs, I wasn't going to ask this, but it is headed this way so I'll ask it, is Boise, Avezzano or KMP on the table for conversion at all?

就像那種乞求一樣，我不打算問這個，但它正朝著這個方向發展，所以我會問它，Boise、Avezzano 或 KMP 是否會在桌面上進行轉換？

Clearly Boise is.

顯然博伊西是。

Avezzano actually is ramping our image sensors right.

Avezzano 實際上正在改進我們的圖像傳感器。

So, the expectation is that that facility will be consumed by the image sensor business.

因此，預計該設施將被圖像傳感器業務所消耗。

And then what was the other fab you mentioned?

然後你提到的另一個晶圓廠是什麼？

Well, TECH you mentioned today.

嗯，你今天提到的 TECH。

I believe - -

我相信 - -

Yes, TECH will convert.

是的，TECH 會轉換。

Yes, and then you have got KMP, Boise and Avezzano.

是的，然後你有 KMP、Boise 和 Avezzano。

So I'm just trying to get a sense outside of Dominion as to what the longer term road map is for maybe shifting out those other facilities.

因此，我只是想了解 Dominion 之外的長期路線圖可能會轉移那些其他設施。

Yes, well, first of all I already said Boise will ultimately convert to 300 millimeter I think.

是的，嗯，首先我已經說過博伊西最終會轉換為我認為的 300 毫米。

And then Virginia is there and TECH is there.

然後弗吉尼亞就在那裡，科技就在那裡。

So, Avezzano is going to be consumed by imaging.

因此，Avezzano 將被成像所消耗。

Japan in some ways kind of becomes a swing fab for us to determine whether the lower density devices and how long they continue to be consumed, because we have to have somewhere to build those.

日本在某種程度上變成了一個搖擺工廠，我們可以確定低密度設備是否以及它們繼續被消耗多長時間，因為我們必須有地方建造這些設備。

Things like the lower density synchronous DRAM and the pseudo-static RAM's and so forth.

諸如低密度同步 DRAM 和偽靜態 RAM 之類的東西。

It can be converted by the way.

順便可以轉換一下。

But that's really going to be kind of product dependent as we move forward.

但隨著我們的前進，這確實將取決於產品。

Oh, okay.

哦好的。

Would you care to comment, are we going to begin to see any of these fab conversions occur let's say for example in 2007?

您是否願意發表評論，我們是否會開始看到任何這些晶圓廠轉換發生，例如在 2007 年？

It sounds like you're telling TECH occurs even earlier than that.

聽起來你是在告訴 TECH 發生得更早。

But what about the other?

但是另一個呢？

Well, it's just a cycle time-out, it takes you about a year to get the equipment to put in place.

好吧，這只是一個週期超時，您需要大約一年的時間才能將設備安裝到位。

Take you about a year to put some kind of building up to do it.

花費你大約一年的時間來建立某種建設來做到這一點。

Remember, we also already have Lehi sitting there that's 12 inch capable, we just have to put the equipment in it.

請記住，我們也已經有 12 英寸的 Lehi 坐在那裡，我們只需要將設備放入其中。

And the lead time on ordering equipment as you know is somewhere in the near timeframe, in particular for litho.

如您所知，訂購設備的交貨時間是在近期的某個時間範圍內，尤其是對於平版印刷而言。

So, we have a facility now that can run 200 millimeter.

所以，我們現在有一個可以運行 200 毫米的設施。

We don't have actually go convert or build one.

我們實際上並沒有去轉換或建造一個。

We just have to order the equipment and put it in place.

我們只需要訂購設備並將其安裝到位。

Thank you, our next question is coming from Adam Benjamin from Jefferies.

謝謝，我們的下一個問題來自 Jefferies 的 Adam Benjamin。

Thanks a lot.

非常感謝。

Just a couple questions on the sensor business.

關於傳感器業務的幾個問題。

Can you talk just in general terms about the pricing environment and what you guys are expecting kind of on a year over year basis on a price decline?

您能否籠統地談談定價環境以及你們對價格下降的年復一年的預期？

We are, this is Mike speaking, interestingly enough our average selling price per sensor in the quarter was relatively flat versus the prior quarter.

我們，這是邁克所說的，有趣的是，我們在本季度每個傳感器的平均售價與上一季度相比相對持平。

And that's primarily - - well, for two reasons.

這主要是——嗯，有兩個原因。

Number one, there's not a tremendous amount of price pressure on the sensors.

第一，傳感器沒有巨大的價格壓力。

And number two, we are transitioning to a higher pixel density in our product mix as well and those command higher prices.

第二，我們的產品組合也在向更高的像素密度過渡，而這些產品的價格也更高。

We are expecting price reductions in the sensor business that will run along the lines of how we are able to reduce costs and that's primarily by shifting to smaller format sensors.

我們預計傳感器業務的降價將與我們能夠降低成本的方式一致，這主要是通過轉向更小格式的傳感器。

Not nearly as severe as I would say as is the case of the memory business, but we are expecting price declines that will roughly match what our ability to - - or match our ability reduce prices.

不像我所說的內存業務那麼嚴重，但我們預計價格下跌將大致與我們的能力相匹配 - 或與我們降低價格的能力相匹配。

Reduce costs I should say.

我應該說降低成本。

And you touched a little bit on your gross margin for each of your business lines.

你對每條業務線的毛利率都有一點影響。

With respect to your sensor gross margin can you talk a little about what your long-term target would be for that product?

關於您的傳感器毛利率，您能否談談您對該產品的長期目標是什麼？

I think we probably want to avoid that.

我想我們可能想避免這種情況。

For competitive reasons we would just assume avoid talking about specific margins on our sensor business.

出於競爭原因，我們只是假設避免談論我們傳感器業務的特定利潤。

Okay.

好的。

Then lastly one of your competitors, OmniVision, reported tonight and they seem to indicate that they're shifting over from the 1.3 and jumping over that and going for the 3 megapixel and the camera phone market.

最後，你的競爭對手之一，OmniVision，今晚報導，他們似乎表明他們正在從 1.3 轉移到 3 兆像素和照相手機市場。

While you've done pretty well on the 2 megapixel from what I understand.

據我所知，雖然你在 2 兆像素上做得很好。

Where do you see that market evolving?

您認為該市場在哪裡發展？

Do you see the market jumping over the 2 megapixel and jumping to the 3 megapixel?

您是否看到市場從 2 兆像素躍升至 3 兆像素？

Or do you see the 2 megapixel lasting longer?

還是您認為 2 兆像素的使用壽命更長？

And kind of what's your positioning and what you think - - how you guys are looking at that market?

你的定位是什麼，你的想法是什麼——你們如何看待這個市場？

Let me clarify.

讓我澄清一下。

We have been very successful at the VGA density in the mobile phones.

我們在手機中的 VGA 密度方面非常成功。

We have been very successful at 1 megapixel.

我們在 1 兆像素方面非常成功。

We are in the process of it being successful at 2 megapixel.

我們正在以 2 兆像素取得成功。

We will undoubtedly be successful and 3 and we will be very successful at 5.

毫無疑問，我們將在 3 歲時成功，在 5 歲時我們將非常成功。

We're not skipping any generations.

我們不會跳過任何一代。

We are basically knocking the cover off the ball, everything we are doing in the imaging business.

我們基本上是在打破球的掩護，我們在成像業務中所做的一切。

And we believe that the market will be strong for all the products I just stated.

我們相信我剛才提到的所有產品的市場都會很強勁。

Right now the bulk of the market is at VGA and 1 megapixel.

目前市場的大部分是 VGA 和 1 兆像素。

And I would characterize it as shifting, at least in the high performance area shifting to 2 megapixel and really starting to win some designs at 3 megapixel.

我將其描述為轉變，至少在高性能領域轉變為 2 兆像素，並真正開始贏得一些 3 兆像素的設計。

But this is where we are right now, VGA and 1 megapixel driving most of the volume. 2 megapixel and 3 megapixel kind of skimming the high end of the market.

但這就是我們現在所處的位置，VGA 和 1 兆像素驅動了大部分音量。 2 兆像素和 3 兆像素的那種掠過高端市場。

Starting to engage customers at 5 megapixel as well.

也開始以 5 兆像素吸引客戶。

Okay.

好的。

So with respect to '06, if you were to break out the percentages given where we are today and given what '05 is looking like, a roughly 50/50 VGA, and 1.3 and then maybe a small percentage of that being 2, where do you see '06 in terms of the breakout between including 2 megapixel and 3 megapixel?

因此，對於 06 年，如果你要打破我們今天所處的百分比以及 05 年的樣子，大約 50/50 VGA 和 1.3，然後可能其中的一小部分是 2，其中您是否看到 06 年包括 2 兆像素和 3 兆像素之間的突破？

Sure.

當然。

We have a business plan with those particulars in it.

我們有一個包含這些細節的商業計劃。

Obviously I don't have it in front of me so I'm going to give you some rough approximations here.

顯然我面前沒有它，所以我將在這裡給你一些粗略的近似值。

But there will still be a significant VGA market in 2006 for phones with two cameras as well as for low end, I'll call them entry level phones.

但 2006 年對於帶有兩個攝像頭的手機以及低端手機來說，VGA 市場仍然很重要，我將它們稱為入門級手機。

That may be a third of the market, VGA sensors, something along those lines.

這可能是市場的三分之一，VGA 傳感器，類似的東西。

I would say that 1 megapixel may be another third and the balance, which would be one third would probably be split between 2, 3 and 5.

我會說 1 兆像素可能是另外三分之一，而其餘的三分之一可能會在 2、3 和 5 之間分配。

And any views as to the 2, 3 and 5 split?

以及對 2、3 和 5 拆分的任何看法？

Not off the top of my head, sorry.

不是我的頭，對不起。

Okay, thanks so much for your time.

好的，非常感謝您抽出寶貴時間。

You're welcome.

別客氣。

Our next question is coming from Michael [Holfouder] from HDB.

我們的下一個問題來自 HDB 的 Michael [Holfouder]。

Actually I had a follow-up question on [Paganos] on the bit growth.

實際上，我對 [Paganos] 有一個關於比特增長的後續問題。

On - - what actually are your plans for financing the conversion or what's the current state of the financing for the conversion to 300 millimeter next year?

關於 - 你為轉換融資的實際計劃是什麼，或者明年轉換為 300 毫米的融資現狀是什麼？

And the second question was actually the bit growth for commodity DRAM's in the last quarter also flat?

第二個問題實際上是上季度商品 DRAM 的位增長也持平？

On the TECH financing piece, as I have mentioned we have several partners there.

在 TECH 融資方面，正如我所提到的，我們在那裡有幾個合作夥伴。

So the expectation is that as they go through whatever capital needs we will be sharing that among the partners.

因此，期望在他們滿足任何資本需求時，我們將在合作夥伴之間分享。

And obviously it all depends on discussion and times the participation of each partner to what level.

顯然，這完全取決於每個合作夥伴的討論和參與程度。

But basically that's how it's occurred in the past.

但基本上這就是過去發生的方式。

And then in addition to that they also have a syndicated loan that they have done and refreshed as we've gone through periods of time.

除此之外，他們還有一筆銀團貸款，他們已經完成並在我們經歷了一段時間後更新了這些貸款。

So it will be a combination of all those factors and they have a plan for that.

所以這將是所有這些因素的結合，他們對此有一個計劃。

On the bit growth for commodity DRAM, last quarter, I don't have the specifics in front of me but it was low single digits.

關於上個季度商品 DRAM 的位增長，我沒有具體的數據，但它是個位數的低水平。

This is our bit growth.

這是我們的一點成長。

Okay, great.

好，太棒了。

Low single digits.

低個位數。

Thank you very much.

非常感謝。

Thank you, our next question is coming from Nimal Vallipuram from Benchmark.

謝謝，我們的下一個問題來自 Benchmark 的 Nimal Vallipuram。

Thanks a lot.

非常感謝。

Mike, I'm just trying to understand what happened for the pricing in the last three months.

邁克，我只是想了解過去三個月的定價發生了什麼。

If you look at the PC market which is still your largest end market, the PC demand for the last six months has not been out of the ordinary.

如果你看看仍然是你最大的終端市場的個人電腦市場，過去六個月的個人電腦需求並沒有什麼不同。

Despite what people were thinking the PC demand turned out to be reasonably okay.

儘管人們認為 PC 的需求還算不錯。

And - - but you've indicated that the last quarter that pricing has been one of the worst you have seen in the last couple years.

而且--但是您已經表示，上一季度的定價是您在過去幾年中看到的最糟糕的一個季度。

I'm trying to understand on the equation, that what is going to change in the next six months or so that we believe that the PC market will follow the normal seasonality?

我試圖理解這個等式，未來六個月左右會發生什麼變化，以便我們相信個人電腦市場將遵循正常的季節性？

What is going to change to see even a sizable pick up on the DRAM pricing?

如果 DRAM 價格出現大幅回升，將會發生什麼變化？

If you can just share with us what you're thinking on that?

如果您可以與我們分享您對此的想法嗎？

Sure.

當然。

We believe that the tempering of the supply growth, Nimal, perhaps even a reduction in supply growth.

我們認為，供應增長的緩和，尼馬爾，甚至可能減少供應增長。

We had - - the industry had very strong supply output growth in the first half of the calendar year.

我們有 - - 該行業在日曆年上半年的供應產出增長非常強勁。

There was big significant CapEx that occurred in 2004 off of a strong year for Semi.

2004 年是 Semi 強勁的一年，資本支出非常顯著。

And that resulted in pretty significant supply growth in the DRAM manufacturers in the first half of the calendar year, Micron included.

這導致包括美光在內的 DRAM 製造商在今年上半年的供應量出現了相當大的增長。

We look at the outlook from our sales for the second half of the calendar year, basically, as I mentioned earlier, flat output in the commodity DRAM area.

我們從下半年的銷售來看，基本上，正如我之前提到的，商品 DRAM 領域的產量持平。

We believe based on some of the things we're observing in the press and so forth from our competitors is tempered supply growth from a commodity standpoint.

我們相信，根據我們在媒體等上從我們的競爭對手那裡觀察到的一些事情，從商品的角度來看，供應增長有所緩和。

We have the seasonal demand factors coming into play for us in the second half of the year.

我們將在下半年發揮季節性需求因素的作用。

We believe that's going to result in a much more favorable supply demand balance, if you will, in the second half of the year.

如果你願意的話，我們相信這將在今年下半年帶來更加有利的供需平衡。

So, in other words, what you're saying is that if essentially improvement as a result of the improved increased capital expenditure in the last year, has most of the efficiency improvement has probably happened for this year.

因此，換句話說，您的意思是，如果由於去年資本支出的增加而實質上有所改善，那麼大部分效率改善可能已經發生在今年。

And an improvement would be somewhat marginal going forward for the rest of the year.

在今年餘下的時間裡，進步將有些微不足道。

I think that's the case, yes.

我認為是這樣，是的。

Thank you, I appreciate that.

謝謝你，我很感激。

You're welcome.

別客氣。

Thank you, our next question is coming from Gus Richard from First Albany Capital.

謝謝，我們的下一個問題來自 First Albany Capital 的 Gus Richard。

Yes, could you talk a little bit about the season mix in your core DRAM, DDR2 versus DDR in the last quarter?

是的，您能否談談上個季度您的核心 DRAM、DDR2 與 DDR 的季節組合？

Yes.

是的。

I can help you, it was about two to one.

我可以幫你，大約是二比一。

And where do you see that mix exiting the calendar year?

您在哪裡看到退出日曆年的組合？

It's probably going to be about three to two.

大概是三到兩吧。

Okay.

好的。

And then quickly, if your bit output on your core DRAM is going to be flat is it fair to assume that the wafer starts in that business is declining a bit in the current quarter?

然後很快，如果您的核心 DRAM 上的位輸出將持平，是否可以假設該業務中的晶圓在本季度開始有所下降？

The answer is yes, but the wafer starts that are occurring on 300 millimeter are actually going up.

答案是肯定的，但是在 300 毫米上發生的晶圓開始實際上正在上升。

But because of the allocation of the wafers of other - - of the 200 millimeter capacity product lines net/net it's what described as probably going down a little bit.

但由於其他 200 毫米產能產品線淨/淨的晶圓分配情況，它被描述為可能會下降一點。

Right.

正確的。

So is the incremental change, the conversion of Avezzano to CMOS image sensors, is that really where the capacity is being pulled away from?

那麼增量變化，從 Avezzano 到 CMOS 圖像傳感器的轉換，真的是容量被拉走的地方嗎？

There's three things, it's imagers for sure.

有三樣東西，肯定是成像儀。

The pseudo-static RAM business continues to grow and we're also ramping the NAND.

偽靜態 RAM 業務繼續增長，我們也在增加 NAND。

And there are some things like low power DRAM that are ramping as well, but those are probably the three primary products that are impacting it.

還有一些東西，比如低功耗 DRAM，也在增長，但這可能是影響它的三種主要產品。

And sort of exiting the quarter as far as production is concerned, what will be the mix of non-core DRAM versus the other product lines?

就生產而言，退出本季度，非核心 DRAM 與其他產品線的組合將是什麼？

Is it going to move up toward 45, 55?

它會向上移動到 45、55 嗎？

It will be well over 40%, in fact we are well over 40% now in starts for the non-core DRAM product.

它將遠遠超過 40%，事實上，我們現在在非核心 DRAM 產品的啟動中遠遠超過 40%。

Okay.

好的。

Is it going to be 50/50 exiting the quarter, any guidance here?

退出本季度會是 50/50，這裡有什麼指導嗎？

We will keep you posted as we move through the quarter.

我們會在整個季度期間隨時通知您。

I think we have time for one more question, then we will wrap it up.

我想我們還有時間再問一個問題，然後我們將結束它。

Our final question of the day is coming from Ben Lynch of Deutsche Bank.

我們今天的最後一個問題來自德意志銀行的 Ben Lynch。

Thanks guys.

多謝你們。

The first question I have is could you give some commentary on the specialty DRAM pricing Q on Q?

我的第一個問題是您能否對 Q 上的特殊 DRAM 定價 Q 發表一些評論？

I guess it wasn't the message is wasn't as bad as 30%, but what did it contract please?

我想這不是信息不如 30% 糟糕，但它收縮了什麼？

We have four - - interestingly enough we have four densities of synchronous DRAM.

我們有四個——有趣的是，我們有四個密度的同步 DRAM。

Which is probably what you're referring to Ben, 64, 128, 256 and 512.

這可能就是您所說的 Ben，64、128、256 和 512。

Two of them were up quarter over quarter and two of them were down.

其中兩個季度環比上漲，其中兩個下跌。

On the margin they were - - I consider them to be essentially flat pricing.

在利潤上，它們是 - 我認為它們基本上是固定定價。

Okay.

好的。

Is there any sort of dynamic there in the near term relative to the stabilization which you have seen in mainstream DRAM?

相對於您在主流 DRAM 中看到的穩定性，短期內是否有任何動態？

I would view them --

我會查看它們——

Or are they in sync or out of sync or?

或者它們是同步的還是不同步的？

Yes.

是的。

The customer base and application base is entirely different and I would view them almost as being completely decoupled.

客戶群和應用程序群完全不同，我認為它們幾乎是完全解耦的。

So to the extent that today's environment would be relatively flattish I would say is just coincidental.

因此，在某種程度上，今天的環境會相對平淡，我會說只是巧合。

Okay.

好的。

And then a quick question I have is on production.

然後我的一個快速問題是關於生產的。

So I heard the wafer stock growth is I guess going to be 2ish% in the quarter?

所以我聽說晶圓庫存增長在本季度會達到 2% 嗎？

Correct.

正確的。

And the - - I don't know how you measure it, but I guess DRAM production growth high single digit.

而且--我不知道你是怎麼衡量的，但我猜DRAM產量增長高個位數。

Should I assume therefore that, if you like, the productivity gains in the quarter are sort of the difference between those two.

因此，我是否應該假設，如果您願意，本季度的生產力增長是這兩者之間的差異。

So let's say high single digit is 8 and wafer starts is 2 and therefore you have a 6% productivity growth is that --?

因此，假設高個位數為 8，晶圓開工率為 2，因此您的生產率增長為 6%，是嗎？

Be careful because what we talked about was the bit growth.

要小心，因為我們談論的是位增長。

And we don't count imagers in bit growth.

而且我們不計算位增長中的成像器。

So, you've got to decouple those.

所以，你必須把它們解耦。

So I guess I'm trying to go then Steve is the - - what sort of productivity improvement do you think you're going to achieve in mainstream DRAM?

所以我想我正在努力，然後史蒂夫是 - 你認為你將在主流 DRAM 中實現什麼樣的生產力改進？

We won't give you the exact number Ben.

我們不會給你確切的號碼 Ben。

But you're on the right track if you also included that the image sensor wafer allocation will continue to go up this quarter over last quarter as well.

但是，如果您還包括圖像傳感器晶圓分配將在本季度繼續比上一季度增加，那麼您就走在了正確的軌道上。

So, the actual improvement in the DRAM business and NAND business will be higher than what you're anticipating there.

因此，DRAM 業務和 NAND 業務的實際改善將高於您的預期。

Okay, great.

好，太棒了。

And then just the last and I will finish this little train of thought.

然後只是最後一個，我將完成這個小思路。

So TECH Semi, your costs are going to be down a lot Q on Q in this quarter.

因此，TECH Semi，您的成本將在本季度大幅下降。

For the other stuff you're subject to that sort of productivity.

對於其他東西，您會受到這種生產力的影響。

If DRAM prices, mainstream DRAM prices stay where they are today what will that imply about the Q on Q ASD decline given that you have the sort of steep drop through the May quarter?

如果 DRAM 價格，主流 DRAM 價格保持在今天的水平，這對 Q on Q ASD 下降意味著什麼？

Well we can tell you this, part of the data we provided you was on Q2.

好吧，我們可以告訴你，我們提供給你的部分數據是在第二季度。

We averaged right at just over $5 on 256 meg equivalent.

我們平均在 256 兆克等價物上剛剛超過 5 美元。

And we mentioned of course, in the release that it's down about 30%.

我們當然提到，在發布中它下降了大約 30%。

So, that puts you in the area for what we average for fiscal Q3.

因此，這使您處於我們第三財季平均水平的區域。

And then we will let you look at the market data and decide where you think we will be in Q4.

然後我們將讓您查看市場數據並決定您認為我們在第四季度的位置。

That will help you.

那會幫助你。

Okay, thank you.

好的謝謝你。

I would also like to thank everyone else who participated on the call today.

我還要感謝今天參加電話會議的其他所有人。

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

如果你能容忍我，我想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，我們可能就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 material, please refer to our filings with the SEC including the Company's most recent 10Q and 10K.

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 10Q 和 10K。

Thank you for joining us.

感謝您加入我們。

Thank you and thank you callers.

謝謝你，謝謝你的來電者。

That does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

And have a wonderful day.

並度過美好的一天。