台積電 ADR (TSM) 2003 Q1 法說會逐字稿

Welcome to Taiwan Semiconductor Manufacturing Company's first quarter 2003 results Webcast conference call.

歡迎參加台積電 2003 年第一季業績網路廣播電話會議。

Today's event is hosted by Mr. Harvey Chang, Senior Vice President and Chief Financial Officer, and Dr. Rick Tsai, President and Chief Operating Officer.

今天的活動由資深副總裁兼財務長 Harvey Chang 先生和總裁兼營運長 Rick Tsai 博士主持。

This conference call is being Webcast live via the TSMC Webcast at - Web site at www.tsmc.com, and only in audio mode.

本次電話會議透過 TSMC 網路廣播進行網路直播，網址為 www.tsmc.com，且僅以音訊模式進行。

Your dial-in lines are also in listen-only mode.

您的撥入線路也處於僅監聽模式。

At the conclusion of management's presentation, we will be opening the floor for questions.

在管理層的演講結束後，我們將開始提問。

At that time, further instructions will be provided as to the procedure to follow if you would like to ask any questions.

屆時，如果您想提出任何問題，我們將提供有關應遵循的程序的進一步說明。

Please be advised, for those participants who do not yet have a copy of the press release, you may download it from TSMC's Web site at www.tsmc.com.

請注意，尚未獲得新聞稿副本的與會者可以從台積電網站 www.tsmc.com 下載。

Please also download the summary slides in relation to today's quarterly review presentation.

另請下載與今天的季度回顧演示相關的摘要幻燈片。

Once again, the URL is www.tsmc.com.

URL 再次為 www.tsmc.com。

I would now like to turn the conference over to Mr. Leon Ku (ph), head of Investor Relations for TSMC, for the cautionary statement before the main presentation by Mr. Chang and Dr. Tsai.

我現在想將會議轉交給台積電投資者關係主管 Leon Ku 先生（博士），讓他在張先生和蔡博士進行主要演講之前發表警告性聲明。

Please go ahead.

請繼續。

Good morning and good evening to all participants.

所有參與者早上好，晚上好。

This is Leon Ku (ph), head of Investor Relationship for TSMC.

我是台積電投資者關係主管 Leon Ku（博士）。

Before we begin, I would like to state that management's comments about TSM its current expectations made during this conference call are forward-looking statements subject to the significant risks and uncertainties and that actual results may differ materially from those contained in the forward-looking statements.

在開始之前，我想聲明，管理層在本次電話會議期間對TSM 及其當前預期的評論屬於前瞻性陳述，受到重大風險和不確定性的影響，實際結果可能與前瞻性陳述中包含的結果存在重大差異。

Information as to those factors that could cause actual results to differ materially from TSMC's forward-looking statement may be found in TSMC's annual report on Form 20-F, filed with the United States Securities & Exchange Commission on May 9, 2002 and such other documents that the company may file with or submit to the SEC from time to time.

有關可能導致實際結果與台積電前瞻性聲明產生重大差異的因素的信息，請參見台積電 2002 年 5 月 9 日向美國證券交易委員會提交的 20-F 表格年度報告以及其他此類文件。備案或提交。

And now, I would like to turn the conference call over to Mr. Harvey Chang, our senior vice president and the chief financial officer.

現在，我想將電話會議轉交給我們的高級副總裁兼財務長 Harvey Chang 先生。

Good morning and good evening, everyone, and welcome to TSMC's first quarter results conference call.

大家早安，晚上好，歡迎參加台積電第一季業績電話會議。

Let me begin by giving you a brief presentation of our first quarter results and then followed by our guidelines for the second quarter, then we will open up the floor for questions.

首先，我向大家簡要介紹我們第一季的業績，然後是我們第二季的指導方針，然後我們將開始提問。

Our first quarter revenue amounted to 39 billion NT, which is a little - roughly a four percent lower than the sequentially but about 10 percent lower from a year over year basis.

我們第一季的營收為新台幣 390 億，比上一季下降了一點，大約是 4%，但比去年同期下降了 10% 左右。

First quarter property after tax is roughly 4.3 billion NT, which is 71 percent growth on a sequential basis, but compared on a year over year basis is a decrease of 34 percent.

第一季度稅後房產約為新台幣43億元，較上季成長71%，但與去年同期相比則下降34%。

If you look at our balance sheet and the financial structure, in our first quarter we have roughly 67 billion NT on cash on hand.

如果你看一下我們的資產負債表和財務結構，第一季我們手上的現金大約是新台幣670億。

Our interest bearing debt is roughly 35 billion.

我們的有息債務約為 350 億美元。

Our shareholder equity is roughly 499 million.

我們的股東權益約為4.99億。

Our overall financial structure are extremely sound.

我們的整體財務結構非常健全。

During the first quarter this year we shipped roughly 690,000 wafers.

今年第一季度，我們出貨了大約 69 萬片晶圓。

Our utilization is roughly 68 percent.

我們的利用率約為 68%。

And we have now a new definition for utilization, which is we are going to deduct all the engineered wafers with profits (ph).

現在我們對利用率有了一個新的定義，就是我們將扣除所有具有利潤的工程晶圓（ph）。

And so, that is roughly one percent.

所以，這大約是百分之一。

From then, I think all our announcements when we talk about utilization we will use the commercial wafer utilization.

從那時起，我認為當我們談論利用率時，我們所有的公告都將使用商業晶圓利用率。

So, that will bring our commercial wafer utilization down by one percent to 67 percent.

因此，這將使我們的商業晶圓利用率下降 1%，降至 67%。

That's some of the highlight of our first quarter.

這是我們第一季的一些亮點。

And then let me get a little bit into the year over year comparison price quarter over quarter comparison.

然後讓我稍微了解一下同比價格季度環比比較。

Yearly over year comparison basis, as indicated, our revenue grew roughly 10 percent, primarily because wafers shifted bill (ph) over last year of roughly 600,000 wafers to this year's 694,000.

如前所述，我們的營收年增了約 10%，這主要是因為晶圓將去年約 60 萬片晶圓的帳單 (ph) 轉移到了今年的 69.4 萬片。

Gross profit measured (ph) fall a little bit from last year's 12 billion to this quarter's 10.3 billion, primarily due to the lower ASP as well as a higher depreciation expense.

毛利（ph）略有下降，從去年的 120 億下降到本季的 103 億，主要是由於平均售價較低以及折舊費用較高。

Because a year ago we haven't started the depreciate our facilities and poorly (ph) bad (ph) 12 (ph).

因為一年前我們還沒有開始對我們的設施進行折舊，差（ph）差（ph）12（ph）。

So, our gross margin essentially fall from last year from 33.6 percent to 26.4 percent.

因此，我們的毛利率基本上從去年的 33.6% 下降到 26.4%。

Operating expenses are roughly the same level at about 10.7 percent.

營運費用大致相同，約 10.7%。

The other thing worth noticing our year over year comparison is our investment from the losses.

另一個值得注意的年比比較是我們的虧損投資。

This quarter we have reported a investment losses of 1.5 billion NT versus last year, which is a little bit lower of one billion.

本季我們報告的投資損失為新台幣15億元，比去年少了10億元。

The biggest difference is our wafer tag.

最大的區別是我們的晶圓標籤。

The wafer tags in this quarter had a - reported a loss of roughly .5 billion versus last year, which they reported a profit of 450 million last year.

晶圓標籤本季的虧損約為 5 億美元，而去年他們報告的利潤為 4.5 億美元。

So, that's where the difference came from.

所以，這就是差異的來源。

As far as the total net profit after tax for this quarter, it's roughly 4.3 billion NT.

就本季稅後淨利而言，約為新台幣43億元。

So, that's on the income statement year over year comparison.

所以，這是損益表上的逐年比較。

The one item that you should notice is that for this quarter actually if we offset the tax expense with our investment in tax credit, actually we got a positive number.

您應該注意的一點是，實際上，在本季度，如果我們用稅收抵免投資來抵消稅收費用，實際上我們得到了一個正數。

Versus last year, this is a negative number.

與去年相比，這是一個負數。

So, that's a big difference there.

所以，這是一個很大的差別。

I will explain a little bit more for this.

我將對此進行更多解釋。

Let's take a look at our income tax in wafer and tax credit.

讓我們來看看我們的晶圓所得稅和稅收抵免。

If we compare the two quarters, which is first quarter this year versus fourth quarter last year, our income before tax this quarter is roughly 5.7 billion NT.

如果我們比較兩個季度，今年第一季和去年第四季度，我們這個季度的稅前收入大約是新台幣57億。

Last year fourth quarter is 5.2 billion NT.

去年第四季是52億新台幣。

And I indicated in the past that right now our tax rate is roughly at about 18 percent.

我過去曾說過，現在我們的稅率大約是 18% 左右。

So, as you plan 18 percent with these two numbers, for this quarter 5.7 billion at 18 percent will give you roughly one billion and for last quarter 5.2 billion at 18 percent will give you roughly 900 million.

因此，當您用這兩個數字計劃18% 時，本季的57 億美元按18% 計算將為您提供大約10 億，而上季度的52 億美元按18% 計算將為您提供大約9 億。

So, that's our imputed (ph) income tax for these two quarters.

這就是我們這兩個季度的估算所得稅。

And as far as the investment tax credit is concerned, last quarter investment tax credit was roughly at 400 million NT, but for this quarter is about 1.2 billion NT.

而就投資稅收抵免而言，上季投資稅收抵免約為新台幣4億，但本季約為新台幣12億。

This is where the big difference come from, the 800 million difference there.

這就是巨大差異的來源，八億的差異。

The net result of that we've got actually a positive tax benefit of 200 million for this quarter.

最終結果是，本季我們實際上獲得了 2 億美元的正稅收優惠。

For last quarter it was .5 billion tax expense.

上個季度的稅收支出為 5 億美元。

Why such a big difference on investment tax credit?

為什麼投資稅收抵免差異如此大？

This is primarily because there's a new change of interpretation of the tax law.

這主要是因為稅法解釋發生了新的變化。

In the past we are required to use our new latest tax credit first for the current year.

過去，我們必須先使用本年度最新的稅收抵免。

And so, now they changed that.

所以，現在他們改變了這一點。

They allow us to use the existing - some of the tax value we already had on the book first.

它們允許我們使用現有的——我們首先已經在書上記下的一些稅收價值。

In the past, because we did each tax credit only have a life of four years - so, in the past we are not - if we had too much tax credit for the current year we might not be able to use the old tax credit and which might cause some of those to expire.

過去，因為我們所做的每項稅收抵免只有四年的有效期 - 所以，過去我們不是 - 如果我們今年的稅收抵免太多，我們可能無法使用舊的稅收抵免，並且這可能會導致其中一些過期。

And in order to prevent that happen, we need to make some provisions for that.

為了防止這種情況發生，我們需要為此做出一些規定。

So now we don't have to make those provisions anymore.

所以現在我們不必再做這些規定了。

That's why we have reported a full tax credit this year at 1.2 billion.

這就是為什麼我們今年報告了 12 億美元的全額稅收抵免。

And so, that's the tax situation.

這就是稅收情況。

Now let me come back to the first quarter balance sheet, cash flow and key ratios.

現在讓我回到第一季的資產負債表、現金流量和關鍵比率。

You will see all these - the first quarter key numbers.

您將看到所有這些 - 第一季的關鍵數字。

Our balance sheet actually look at - compare the balance sheet this quarter versus a year ago there's not much difference except that we have a higher cash and equivalent cash, which is this quarter is now 67 billion versus total (ph) 61 billion a year ago.

我們實際上看看我們的資產負債表——將本季度的資產負債表與一年前相比，沒有太大區別，只是我們擁有更高的現金和等值現金，即本季度現在為670 億美元，而一年前總計為610 億美元。

And our interest bearing debt right now is 35 end of this quarter versus 44 versus a year ago.

截至本季末，我們的計息債務目前為 35，而去年同期為 44。

On the cash flow side, although our profit was not as high as a year ago for depreciation increase, depreciation for this quarter is 15 versus 12 a year ago.

在現金流方面，雖然由於折舊增加，我們的利潤沒有一年前那麼高，但本季的折舊是15，而一年前是12。

So, our overall basis operating cash inflow is 20.1 billion versus 21 billion last year.

因此，我們的整體基礎營運現金流入為 201 億美元，而去年為 210 億美元。

Our EBIT (ph) for this quarter is roughly at 5.9 percent.

本季我們的息稅前利潤 (ph) 約為 5.9%。

ROA (ph) is 5.2 percent.

ROA (ph) 為 5.2%。

On a sequential comparison basis, if we compare with last quarter, we have indicated actually the revenue side is a modest drop of four percent.

在連續比較的基礎上，如果我們與上季相比，我們表明實際上收入方面略有下降 4%。

As of our wafer shipment, actually this quarter's 694,000 wafers actually is roughly two percent higher than last quarter's 682,000 wafers.

從我們的晶圓出貨量來看，本季的 694,000 片晶圓實際上比上季的 682,000 片晶圓高出約 2%。

This is actually outperformed our guidelines we said, which originally we expected a modest drop of wafer shipments.

這實際上超出了我們所說的指導方針，我們最初預計晶圓出貨量將略有下降。

So actually we end up with a small positive number.

所以實際上我們最終得到了一個很小的正數。

On the ASP side, ASP this quarter is roughly seven percent lower than last quarter, which is consistent with our guideline that we made last release.

在 ASP 方面，本季的 ASP 比上季大約低 7%，這與我們上次發布的指導方針一致。

Gross profit is 10.3 versus last quarter 10.6.

毛利為 10.3，上一季為 10.6。

In terms of gross margin actually is improvement from 26 percent to 26.4 percent.

毛利率實際上從 26% 提高到了 26.4%。

On operating expenses, operating expenses for this quarter is actually 17 percent lower than the last quarter, primarily because last quarter actually we had quite a bit of R&D expense that on the special task force to improve the yield for the .13 micron.

在營運費用方面，本季的營運費用實際上比上個季度低了 17％，主要是因為上個季度我們實際上有相當多的研發費用用於提高 0.13 微米良率的特別工作組。

And right now it seems that we have already essentially (ph) run up the yield from .13-micron technology products.

現在看來，我們基本上已經提高了 0.13 微米技術產品的產量。

We will have such a regional (ph) R&D expense this quarter now.

我們本季將有這樣的區域研發費用。

On the investment income and losses this quarter, it is slightly 1.5 billion in investment losses, which is lower than last year and last quarter's 2.2 billion.

從本季的投資損益來看，投資損失略為15億，低於去年和上季的22億。

However, regional (ph) still wafer tag, wafer tag actually reported a loss of 500 million this quarter versus last quarter was one billion.

然而，地區（ph）仍然是晶圓標籤，晶圓標籤實際上報告本季虧損 5 億美元，而上季為 10 億美元。

Also I should mention that wafer tag is steadily turning profitable.

我還應該提到晶圓標籤正在穩步獲利。

They made a small profit as of April and they actually expect it to be profitable actually during the remaining months of the year.

截至 4 月份，他們實現了小幅盈利，並且預計今年剩餘幾個月將實現盈利。

And the other factor that caused some different impact on the investment income losses is on the performance of our venture capital fund, managed by the company Investar (ph).

對投資收益損失造成不同影響的另一個因素是我們的創投基金的業績，該基金由 Investar (ph) 公司管理。

This quarter we reported 58 million in capital gain, while last quarter there was a loss of 228 million last quarter.

本季我們報告了 5800 萬美元的資本收益，而上季度我們的資本收益為 2.28 億美元。

Some (ph) task (ph), and I already talked about it this year, for this quarter is 178 million, a positive number, while last year is 525 million items (ph).

一些（ph）任務（ph），今年我已經講過，這個季度是1.78億，一個正數，而去年是5.25億項（ph）。

So, on an overall comparison basis, net income for this quarter 4.3 billion versus 2.5 last quarter, which is 71 percent gross.

因此，從整體比較的角度來看，本季淨利潤為 43 億美元，而上季為 2.5 億美元，佔總營收的 71%。

On a quarter over quarter, adding (ph) cash flow and key ratio comparison, again, if you look at the balance sheet actually the most significant difference is we repaid a four billion NT dollar bond during the quarter.

環比來看，加上現金流量和關鍵比率比較，如果你看一下資產負債表，實際上最顯著的差異是我們在本季度償還了 40 億新台幣的債券。

So, the loss of debt there came out from 39 to 35.

因此，那裡的債務損失從 39 降至 35。

Our cash was a little bit higher than last quarter.

我們的現金比上季略高。

It was 67 versus 61.

雙方比數是 67 比 61。

This is primarily the reduction of our capital expenditure.

這主要是我們資本支出的減少。

Our capital expenditure this quarter is roughly 9.1 billion NT, which is equivalent to U.S. dollars $160 million, while last quarter the NT 17.9 billion.

本季我們的資本支出約為新台幣 91 億，相當於 1.6 億美元，而上季為新台幣 179 億。

So, it's a significant difference.

所以，這是一個顯著的差異。

Notable (ph) difference (ph) point (ph) to our cash on hand.

與我們手頭現金的顯著差異（ph）點（ph）。

On the operating cash flow, operating cash flow is 40 (ph) this quarter.

營運現金流方面，本季營運現金流為40（ph）。

It was at 23 last quarter, primarily because the last quarter, I think, return of the sales - part of the revenue for last quarter came in from the sale of new (ph) operating (ph) hand (ph).

上個季度是 23，我認為主要是因為上個季度的銷售回報 - 上個季度的部分收入來自新（ph）運營（ph）手（ph）的銷售。

Also, I think for this quarter, because revenue in March is higher than last year's December revenue.

另外，我認為對於本季來說，因為 3 月的收入高於去年 12 月的收入。

So, there's a increase of account receivable, which also used up part of the operating cash.

因此，應收帳款增加，也消耗了部分經營現金。

So, that's about the financials for the last quarter.

這就是上個季度的財務狀況。

On the business side, let's take - quickly go through.

在業務方面，讓我們快速了解一下。

There's a shipment of the technology we see that actually the shipment of .18, .15 and .13 the total revenue account for 53 percent of this quarter's revenue, which is the same percentage as we - as last quarter and also consistent with our last guideline.

我們看到該技術的出貨量實際上是 0.18、0.15 和 0.13 的出貨量，總收入佔本季收入的 53%，這與我們上個季度的百分比相同，也與我們上個季度一致。指導方針。

And what is noticeable is that the .13 now account for 11 percent of total revenue versus eight percent last quarter.

值得注意的是，0.13 現在佔總收入的 11%，而上季為 8%。

And we believe that the percentage of .18 will continue to increase.

而且我們相信0.18的比例還會繼續增加。

As far as the revenue breakup application is concerned, the computer percentage growth was 39 percent to 41 percent, communication from 35 to 38 percent, and consumer is a drop from 18 to 13 percent.

就收入細分應用而言，電腦百分比成長了 39% 至 41%，通訊從 35% 成長至 38%，消費者則從 18% 下降至 13%。

On the computer side the primary demand as (ph) I (ph) report (ph) is still coming from computer graphics, and it's computer chipsets.

在電腦方面，主要需求（ph）我（ph）報告（ph）仍然來自電腦圖形，並且是電腦晶片組。

Also, we see some significant increase of demand for flat panel display.

此外，我們也看到對平板顯示器的需求顯著增加。

On the communication, it's primarily demand from the wireless, which is the mobile phone and the wireless LAN.

在通訊方面，主要是無線的需求，即手機和無線區域網路。

As far as the consumer is concerned, last quarter - the first quarter's consumer demand accounted from DVD player, digital camera and TV game player.

就消費者而言，上季-第一季的消費者需求主要來自DVD播放器、數位相機和電視遊戲機。

But we see noticeable decrease in CD debt (ph) player.

但我們看到 CD 債務 (ph) 玩家明顯減少。

This is primarily because I think a seasonal back (ph) allow our TV game players were shipped during Christmas, even coming into the first quarter.

這主要是因為我認為季節性回歸（ph）允許我們的電視遊戲玩家在聖誕節期間發貨，甚至進入第一季。

And those shipment came up quite a bit, but we expect to see them come back up during this quarter.

這些出貨量增加了不少，但我們預計它們會在本季回升。

And on the geographical breakdown, 76 percent, the same, for North American, Asia-Pacific 14, down to 13, Japan actually from five percent to six percent.

就地理細分而言，北美為 76%，亞太地區為 14%，降至 13%，日本實際上從 5% 降至 6%。

Europe remained at five percent.

歐洲保持在百分之五。

As far as the breakdown by customer type and established continued accounts at 68 percent of the revenue.

按客戶類型細分，已建立的持續帳戶佔收入的 68%。

And on the fab (ph) utilization, we have indicated actually we end the first quarter with utilization of 67 percent, which is a few percent higher than the last - than our last indication we released.

在晶圓廠(ph) 利用率方面，我們實際上已經表明，第一季末的利用率為67%，比上一季度高出幾個百分點- 比我們發布的最後一個指標高出幾個百分點。

Although (ph) secretly (ph) we did indicate in our press release sales number release we indicated that we expect to see a three (ph) percent higher of utilization.

儘管 (ph) 秘密地 (ph) 我們確實在新聞稿中表示銷售數字發布，但我們預計利用率將提高 3 (ph)%。

The next one is about in-store capacity.

下一篇是關於店內容量的。

The last quarter and this quarter - we actually - at the end of the first quarter that we covered our capacity actually at 1,024,000 for the first quarter, which is a little bit lower than what I originally indicated, which is 1,068,000 wafers.

上個季度和本季 - 實際上 - 在第一季末，我們第一季的產能實際上為 1,024,000 片，這比我最初表示的 1,068,000 片晶圓略低一些。

Primarily Vanguard (ph) did not actually - before we did our last (ph) we expect to see Vanguard (ph) would increase their capacity for foundries (ph), but actually they did not do it.

主要是 Vanguard (ph) 實際上沒有這樣做 - 在我們完成最後一個 (ph) 之前，我們期望看到 Vanguard (ph) 會增加他們的代工廠 (ph) 產能，但實際上他們沒有這樣做。

So, their capacity for foundry (ph) remain at 80,000 wafers.

因此，他們的代工產能 (ph) 仍保持在 80,000 片晶圓。

This is where the difference came from.

這就是差異的來源。

Our impacts (ph) for the first quarter is at 460 million.

我們第一季的影響 (ph) 為 4.6 億。

And more than half went to the profit (ph) track (ph).

而一半以上都走向了利潤（ph）賽道（ph）。

Another end (ph) go (ph) more than 80 percent was used for capacity increase, primarily 12 (ph), step (ph) eight (ph) and staff (ph) six (ph).

另外端(ph)去(ph)80%以上被用於容量增加，主要是12(ph)、步(ph)八(ph)和人員(ph)六(ph)。

As far as the advanced capacity accounts (ph) .18, .15 and .13 account for roughly 44 percent of our total equity (ph).

就高級容量帳戶 (ph) 0.18、0.15 和 0.13 而言，約占我們總權益 (ph) 的 44%。

Next one is a recap of our major events in the first quarter.

下一篇是我們第一季的大事回顧。

I'm not going to talk to you with things (ph), only that we have made a release of all these incidents (ph).

我不會和你們談論事情（ph），只是我們已經發布了所有這些事件（ph）。

If you are interested in one of them, you can check on our Web site.

如果您對其中一個感興趣，可以訪問我們的網站。

Finally, we come to our guidance for the second quarter, which I'm pleased to report that we do have a fairly optimistic outlook for the second quarter.

最後，我們得出了第二季的指導意見，我很高興地報告說，我們對第二季的前景確實相當樂觀。

We expect our wafer shipment will grow about 20 percent on a sequential basis.

我們預計我們的晶圓出貨量將較上季成長約 20%。

Also, we expect to see ASA (ph) improvement by four percent due to a better product mix.

此外，由於更好的產品組合，我們預計 ASA (ph) 會提高 4%。

As far as revenue for advanced process technology, which means the .18 and more advanced, will account for six percent, which are significant up from the current 53 percent revenue (ph).

就先進製程技術的收入而言，這意味著 0.18 及更先進的技術將佔 6%，比目前的 53% 收入顯著上升 (ph)。

And then our overall utilization we expect to exceed eight percent.

然後我們的總體利用率預計將超過百分之八。

And utilization for the more advanced technologies we expect to be higher than 85 percent.

我們預計更先進技術的利用率將高於 85%。

As far as business demand for this quarter is concerned, it should improve across all customer applications.

就本季的業務需求而言，所有客戶應用程式的業務需求都應該有所改善。

And the consumer segment should report a strong growth (ph) from (ph) manehen (ph).

消費者細分市場應該報告來自 (ph) manehen (ph) 的強勁成長 (ph)。

We have already talked a little bit about that.

我們已經對此進行了一些討論。

The last one - on the kaypacks (ph), we continue to expect that the kaypack (ph) in 2003 to be in the range of one billion to one-and-a-half billion for the year 2003.

最後一個 - 關於 kapack（ph），我們繼續預計 2003 年的 kapack（ph）將在 2003 年的 10 億到 15 億之間。

So, that's my presentation today.

這就是我今天的演講。

And so, I'll be happy to open the floor for questions.

因此，我很樂意歡迎大家提問。

Rick, do you have anything to add?

瑞克，你還有什麼要補充的嗎？

No, no, that's fine.

不，不，沒關係。

OK.

好的。

Let's just open the floor for questions then.

那麼就讓我們開始提問吧。

At this time, we will open the floor for questions.

現在，我們將開始提問。

If you would like to ask a question, please press the star, then one on your touch-tone telephone now.

如果您想提問，請立即按星號，然後按按鍵式電話上的星號。

Questions will be taken in the order at which they are received.

問題將按照收到的順序進行處理。

If at any time you would like to remove yourself from the question queue, please press the star, then two.

如果您在任何時候想將自己從問題佇列中刪除，請按星號，然後按兩個。

Please limit your questions to one at a time to allow all participants an opportunity to ask questions of the management members.

請將您的問題限制為一次一個，以便所有參與者都有機會向管理人員提問。

One moment, please, for the first question.

請稍等一下，回答第一個問題。

And the first question is from Shekhar Pramanick (ph) with Prudential Securities.

第一個問題來自保德信證券公司的 Shekhar Pramanick（博士）。

Please go ahead with your question.

請繼續你的問題。

Hi.

你好。

Good evening.

晚安.

Just one or two questions.

只是一兩個問題。

You know, we have a very impressive second quarter guidance of essentially revenues up 25 percent quarter over quarter.

你知道，我們第二季的指導非常令人印象深刻，營收季增了 25%。

And what do you see whether this - can we have still a growth from these levels into the September quarter, particularly in this kind of - it reminds of second quarter of 2002, where you had a 25 percent growth.

您認為這是否 - 我們能否在 9 月季度保持這些水平的增長，特別是在這種情況下 - 它讓人想起 2002 年第二季度，當時增長了 25%。

Do you see any kind of similarities or is it truly different this time?

這次您是否看到任何相似之處或確實有所不同？

Well, you have to look at our capacity.

好吧，你必須看看我們的能力。

Can we handle a 25 percent growth each quarter?

我們能承受每季 25% 的成長嗎？

I don't think so.

我不這麼認為。

And also, it is curve (ph) that it's your forecast of 25 percent revenue growth.

而且，您預測的營收成長 25% 就是曲線 (ph)。

We did not forecast that.

我們沒有預測到這一點。

Well, you have said the shipment dry (ph) is 20 percent and price is going up by four percent.

嗯，您說過乾貨 (ph) 的出貨量為 20%，價格上漲了 4%。

Mathematically, that's kind of close to 25 percent.

從數學上來說，這個比例接近 25%。

I understand that.

我明白那個。

But what we are trying to really figure out is that how much of this do you think is an inventory build going on in a semi space?

但我們真正想要弄清楚的是，您認為其中有多少是在半空間中進行的庫存增加？

And do you think it's - or is it purely outsourcing, and so this is not really any reflection of end market growth?

您是否認為這是——或者純粹是外包，所以這實際上並不能反映終端市場的成長？

Well, it's probably a combination of both.

嗯，這可能是兩者的結合。

We do see, I think, some inventory building for this quarter.

我認為，我們確實看到本季庫存增加。

This is - I think that gives us a signal that the industry actually may be sort of our reviving (ph) trends (ph).

我認為這給了我們一個信號，即該行業實際上可能是我們復甦的趨勢（ph）。

But, yes- but - so whether this thing can continue or not, I guess we have to wait a few more months to see how everything (ph) goes.

但是，是的-但是-所以無論這件事能否繼續下去，我想我們還得再等幾個月才能看看一切（ph）進展如何。

OK.

好的。

My last question, you're spending on a cap ex right now about a run rate just above a billion.

我的最後一個問題是，您現在的資本支出支出約為 10 億美元以上。

When do you think you can - what signal you are looking that you spend at one point close to 1.5 or maybe higher?

您認為什麼時候可以 - 您正在尋找什麼信號表明您在接近 1.5 或更高的某個點上進行了支出？

I mean ...

我是說 ...

Well, when we get enough orders for our 12 inch .13.

好吧，當我們收到足夠的 12 英寸 0.13 訂單時。

And ultimately (ph) this year is primarily we want to keep our newly rest (ph) of equipment utilization as high as we can.

最終，今年我們主要希望保持新的設備利用率盡可能高。

And so, that's a change of our strategy because our focus here is really we want to bring our impact (ph) up.

因此，這是我們策略的改變，因為我們的重點實際上是我們希望提高我們的影響力。

OK.

好的。

I mean, are you looking for a very strong wafer start next two months for you to make that decision that your cap ex will go to close to 1.5?

我的意思是，您是否正在尋找未來兩個月非常強勁的晶圓開局，以便做出您的資本支出將接近 1.5 的決定？

Well, I cannot say that.

嗯，我不能這麼說。

Right now, of course, we have more conservative four months that we had our BB (ph) ratio that exceeding 1.2.

當然，現在我們有更保守的四個月時間，我們的 BB (ph) 比率超過 1.2。

So, we are getting a fairly strong signal at this point.

因此，我們此時收到了一個相當強烈的訊號。

Of course, we hope to see those continue.

當然，我們希望看到這些繼續下去。

When they continue we will probably see accelerate our kaypack (ph) a little bit, but whether they will go to the level of 1.5 I really don't know at this point.

當他們繼續時，我們可能會看到我們的 kaypack (ph) 稍微加速，但他們是否會達到 1.5 的水平，目前我真的不知道。

Thank you.

謝謝。

Thank you.

謝謝。

The next question is from Bhavin Shah (ph) with J.P.

下一個問題來自 Bhavin Shah（ph）和 J.P.

Morgan Securities.

摩根證券。

Please go ahead.

請繼續。

Bob, you are late today.

鮑勃，你今天遲到了。

Congratulations, Harry and Rick.

恭喜哈利和瑞克。

Absolutely fabulous results.

絕對令人難以置信的結果。

I just wanted to address a couple of things.

我只是想解決一些問題。

Wafer tech, pretty nice improvement there, even though it looks like the revenues are not really changing a whole lot.

晶圓技術，取得了相當不錯的進步，儘管看起來收入並沒有真正發生很大變化。

So, could you explain a bit about what's driving that improvement and why it will be sustainable?

那麼，您能否解釋一下推動這種改進的因素以及為什麼這種改進是可持續的？

And, secondly, would you expect the R&D line to increase in a couple of quarter's time when the 90-nanometer activity accelerates?

其次，當 90 奈米活動加速時，您是否預期研發線會在幾季內增加？

And just how do we see that line evolving over time?

我們如何看待這條線隨著時間的推移而演變？

And finally, 90 nanometer when do you see revenues?

最後，90 奈米技術什麼時候能看到收入？

How many quarters out is it at this point, do you think?

您認為現在還剩多少個季度了？

Thank you very much.

非常感謝。

Rick, why don't you do it first?

瑞克，你為什麼不先做呢？

Wafer tech, I think basically we - well, it's quite difficult that we have improved the loading over the back (ph).

晶圓技術，我認為基本上我們 - 嗯，我們很難改善背面的負載（ph）。

Over the past few quarters we have guided a new tape (ph) outs (ph) wafer tag.

在過去的幾個季度中，我們引導了一種新的磁帶 (ph) 輸出 (ph) 晶圓標籤。

We start loading .15, .18 has been reasonably good for some time.

我們開始加載 .15，.18 已經相當不錯了一段時間了。

But the low end technology that was not as good, but now even 4.25 they're getting loaded up pretty well.

但低端技術並不那麼好，但現在即使是 4.25，它們也能很好地加載。

So, we feel confident that the probability will continue into the future.

因此，我們有信心這種可能性將持續到未來。

On the R&D line, Bob, I believe (ph) you (ph) mean (ph) a sub-12 (ph).

在研發方面，鮑勃，我相信 (ph) 你 (ph) 的意思是 (ph) 12 以下 (ph)。

Our R&D is being done in sub-12 (ph).

我們的研發正在 12 歲以下（ph）進行。

Is that what you were asking?

這就是你問的嗎？

Hello?

你好？

Bob?

鮑伯？

Bob, are you still with us?

鮑勃，你還在我們身邊嗎？

Well, I guess I will just answer by understand.

好吧，我想我會簡單地回答「理解」。

I think Bhavin Shah's (ph) question is where do we expect R&D expenses to rise in the future given the 90-nanometer development.

我認為 Bhavin Shah 的問題是，考慮到 90 奈米的發展，我們預計未來研發費用會增加到哪裡。

I think R&D expense is going to be controlled.

我認為研發費用將會受到控制。

I think last year we did about - for the whole year it was six percent, right, of revenue goes to R&D.

我想去年我們做了——全年有百分之六的收入用於研發。

We probably want to undermaintain (ph) the ratio.

我們可能想要維持 (ph) 比率。

This quarter - the first quarter our R&D expense accounted for roughly 60 percent of our operating expense.

本季 - 第一季我們的研發費用約占我們營運費用的 60%。

Probably, I think, we will be around that area.

我想，我們可能會在那個地區附近。

Yes.

是的。

It will not drastically go up.

不會大幅上漲。

Ninety-nanometer revenue we have customer take-outs (ph).

九十奈米營收我們有客戶外送（ph）。

We probably have some early production in the second half, late - or maybe first quarter time.

我們可能會在下半年、後期或第一季進行一些早期製作。

We did some revenue, but that will be pretty small.

我們確實獲得了一些收入，但那將是相當小的。

Actually a fairly minor percentages in that.

實際上，其中所佔的比例相當小。

We actually send (ph) us the question as of when we're going to see at least more than one percent revenue.

我們實際上向我們發送了一個問題，即我們何時會看到至少超過百分之一的收入。

Actually, the answer is I don't know right now.

事實上，答案是我現在不知道。

I don't know when we're going to see.

我不知道我們什麼時候才能見面。

It really depends on when we go (ph) have sort of significant demand.

這實際上取決於我們何時有大量需求。

We're (ph) making (ph) our orders for that.

我們正在為此下訂單。

Right now it's hard to take that time (ph).

現在很難接受那個時間（ph）。

Thank you.

謝謝。

Our next question comes from Tim Arcuri (ph) with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Tim Arcuri（博士）。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Actually, I have two questions.

其實我有兩個問題。

First of all, you just talked about fab four - sorry, fab 12.

首先，你剛才談到了 fab 4 - 抱歉，是 fab 12。

Can you talk a little bit about fab 14?

您能談談 fab 14 嗎？

Is there anything happening there?

那裡有什麼事嗎？

And if not, when do you plan to resume filling up that fab?

如果沒有，您計劃什麼時候恢復填充該晶圓廠？

Fab 14, well, nothing really happening.

Fab 14，嗯，什麼事也沒發生。

You probably know that the fab is pretty much equipped not with tubes (ph) but with clingdom (ph) and sodity (ph) equipment.

您可能知道，工廠幾乎配備的不是管子 (ph)，而是 clingdom (ph) 和 sodity (ph) 設備。

Production tools we have not put KO'd (ph) yet.

我們還沒有將生產工具KO'd（ph）。

We still have quite a capacity available in fab 12.

我們 12 號晶圓廠仍有相當多的可用產能。

It's more expensive, quite a bit late (ph) in fab 12 for capacity maintenance (ph).

晶圓廠 12 的產能維護 (ph) 成本較高，且時間較晚 (ph)。

So, I don't know if we can give you a positive answer now for the fab 14.

所以，我不知道我們現在能否就 fab 14 給你一個肯定的答案。

So, then what point - maybe I can ask it this way.

那麼，那麼什麼點——也許我可以這樣問。

What point - what capacity in fab 12 would you have to reach before you started to order for production in fab 14?

在您開始為 14 號晶圓廠訂購生產之前，您必須達到 12 號晶圓廠的什麼產能？

Maybe up to 80 percent of the full capacity.

也許高達全部容量的 80%。

And the full capacity, again, is, I'm sorry, 25,000, or was it 20,000?

抱歉，總容量是 25,000，還是 20,000？

No, 25 plus.

不，25歲以上。

Twenty-five plus.

二十五加。

OK.

好的。

And I guess last question, if you look at year over year, look at your customer base year over year it does, as a previous question suggest, that things do look quite similar year over year.

我想最後一個問題，如果你逐年查看，逐年查看你的客戶群，正如前一個問題所暗示的那樣，情況確實逐年看起來非常相似。

But if you can pay your customer base year over year is it broader in Q1 '03 versus last year or is it narrower or is it about the same?

但是，如果您可以逐年向您的客戶群支付費用，那麼 03 年第一季的客戶群與去年相比是更廣泛還是更狹窄還是大致相同？

Customer base let me - I will say it's broader.

客戶群讓我——我會說它更廣泛。

I think one way we can look at it is to look at our top 10 customers.

我認為我們可以採用的一種方法是查看我們的十大客戶。

A year ago our top 10 customer accounted for roughly 63 percent of our total revenue.

一年前，我們的十大客戶約占我們總收入的 63%。

But this quarter our top 10 accounted for roughly 66 percent.

但本季前 10 名約佔 66%。

Would that be the same analysis if you looked at your top five customers?

如果您查看前五名客戶，這是否會是相同的分析？

It would be same (ph) 10.

這將是相同的 (ph) 10。

OK, great.

太好了。

Thanks a lot.

多謝。

Thank you.

謝謝。

The next - our next question comes from Dan Heyler with Merrill Lynch.

下一個 - 我們的下一個問題來自美林證券的丹海勒。

Please go ahead with your question.

請繼續你的問題。

Good evening.

晚安.

I wanted to follow-up on your comment, Harvey, when you had mentioned during the second quarter demand is pretty broad-based.

哈維，我想跟進您的評論，當時您提到第二季度的需求相當廣泛。

Could you comment what areas do you see strength first in the quarter and where you see application growth going throughout the quarter?

您能否評論一下您認為本季首先出現優勢的領域以及您認為整個季度應用程式成長的領域？

I.e., are you seeing computer a little bit stronger in the early part of the quarter and other areas come up in the second half of the quarter?

也就是說，您是否認為電腦在本季初期稍強一些，而其他領域在本季後半段出現？

Dan, you are talking about first quarter or this coming quarter?

丹，你是在談論第一季還是下一季？

The current quarter, the second quarter, June quarter.

當前季、第二季、六月季。

OK.

好的。

The June quarter for this year, right?

今年六月季度，對吧？

Right.

正確的。

Well, the June quarter this year basically it would be the demand on the computer side are primarily accounting for the graphics, from chipset and DVD-ROM.

嗯，今年六季基本上是電腦端的需求主要是顯示卡，來自晶片組和DVD-ROM。

And communications, while they remain roughly the same, a little bit small or modest growth over first quarter, but first quarter is already very strong.

通訊方面，雖然大致保持不變，比第一季略有小幅或溫和成長，但第一季已經非常強勁。

On the wire line we see more doses (ph) total increase for DSL and the Ethernet switch.

在有線路線上，我們看到 DSL 和乙太網路交換器的劑量 (ph) 總量增加更多。

The consumer has been for DVD player, the digital camera and TV game.

消費者一直針對DVD播放器、數位相機和電視遊戲。

And I think they will resume growth again this quarter.

我認為他們將在本季再次恢復成長。

Last quarter it was a little bit weak.

上個季度有點疲軟。

And then we also see set-top box also growing this quarter.

我們也看到機上盒本季也在成長。

Right.

正確的。

But my - yes.

但我的——是的。

My question is there kind of any discernible pattern in the quarter?

我的問題是，本季有什麼明顯的模式嗎？

Are you seeing computer relatively strong early in the quarter?

您認為本季初電腦市場相對強勁嗎？

Are you seeing demand kind of pick up across a variety of different areas of the quarter?

您是否看到本季各個不同領域的需求有所回升？

Well, that - if you're talking about the second quarter, I would say consumer ...

好吧，如果你談論的是第二季度，我會說消費者...

OK.

好的。

... was weakest the last quarter.

....上個季度最弱。

Do you see consumer picking up as the quarter progresses here?

您認為隨著本季的進展，消費者會有所回升嗎？

OK, great.

太好了。

I think the - Dan, the cell phone seems to be starting a bit.

我想——丹，手機似乎有點啟動了。

Is that what you guys are seeing also?

你們也看到這樣的情況嗎？

Yes.

是的。

There's definitely lots of data points out there that people are seeing cell phone related orders decelerate.

肯定有大量數據表明，人們發現與手機相關的訂單正在減少。

I think there's been consistent pattern here.

我認為這裡有一致的模式。

What I was also wondering with regard to your technology mix, if you were to look at - you had commented that .18 was - and below was pretty much in line, flat for the first quarter, although .13 ramping is fairly steep.

我還想知道關於您的技術組合的問題，如果您要看看 - 您曾評論過 0.18 是 - 並且低於第一季度幾乎一致，持平，儘管 0.13 的增長相當陡峭。

Do you anticipate the .18 and below to kind of maintain its current level and for that pattern to continue with .13 increasing share?

您是否預計 0.18 及以下會維持目前的水平，並且這種模式會隨著 0.13 份額的增加而繼續下去？

Or do you see demand on the .18 node improving, and that pretty much stable at this point?

或者您認為 .18 節點的需求有所改善，目前相當穩定？

You (ph) mean (ph) .15, .13 continue to be pretty good.

你的（ph）意思是（ph）0.15，0.13還是相當不錯。

That's why I think part of the reason Harvey gave the guidance on the technology loading even moving toward the higher percentage than what we have been seeing in the past few quarters.

這就是為什麼我認為哈維對技術負載給出指導的部分原因，甚至朝著比我們過去幾季所看到的更高的百分比發展。

It's grown 53 percent to 60 percent.

它增長了 53% 至 60%。

Fifty-three to what?

五十三到什麼？

Fifty-three to 60 percent.

百分之五十三到百分之六十。

That's our ...

那是我們的...

Right.

正確的。

Yes, that's our guidance.

是的，這就是我們的指導。

And then any idea where that goes in the second half?

那你知道下半場會發生什麼事嗎？

Do you think. 18 will start to run its course, or where does that pick (ph) up?

你認為。 18 將開始運行，或它將在哪裡恢復（ph）？

I cannot really say about second half, but what I can - what we can say about the general trend for .18 I think there's still quite a good life ahead.

我真的不能談論下半年，但我能說的——我們能說的關於 0.18 的總體趨勢，我認為未來的生活仍然相當美好。

I mean, we are seeing a robust customer take-off (ph) activity, both at .18 and .15.

我的意思是，我們看到了強勁的客戶起飛 (ph) 活動，分別為 0.18 和 0.15。

We - actually, our .15 is again is a very - what I would say a very robust technology for the aluminum, about a sweet spot for the aluminum generation.

事實上，我們的 .15 再次是一項非常 - 我想說的非常強大的鋁技術，關於鋁一代的最佳點。

So many does not really appreciate that.

很多人並不真正欣賞這一點。

Right.

正確的。

You've got good returns left for that.

您將獲得豐厚的回報。

Yes.

是的。

Great.

偉大的。

OK.

好的。

Thanks.

謝謝。

Thank you.

謝謝。

The next question comes from Mike O Brien with SoundView Technology Group.

下一個問題來自 SoundView Technology Group 的 Mike O Brien。

Please go ahead.

請繼續。

Yes.

是的。

Hi.

你好。

Good evening.

晚安.

Could you just give me a little idea on ASPs?

能給我一些關於 ASP 的想法嗎？

You say they're up because of mix.

你說他們的崛起是因為混合。

Any particular technology nodes where there's still a lot of pricing pressure?

有哪些特定的技術節點仍存在很大的定價壓力？

We still see actually pricing pressure - well, actually pricing pressure on both sides.

我們仍然看到實際的定價壓力——嗯，實際上雙方都有定價壓力。

On the more advanced we have people like IBM that more (ph) mature (ph) there are a number of other proprietors.

在更先進的方面，我們有像IBM這樣的人，更（ph）成熟（ph）還有許多其他所有者。

So, the pricing pressure has been around.

因此，價格壓力一直存在。

But as the demand start to pick up, we do hope to see that because pricing pressure is also a function of utilization.

但隨著需求開始回升，我們確實希望看到這一點，因為定價壓力也是利用率的函數。

Once we got the utilization up, I think we have less incentive (ph) to other (ph) price for business.

一旦我們提高了利用率，我認為我們對其他業務價格的誘因就會減少。

And do you think that as you get into the third quarter or fourth quarter ASP declines should start to moderate or stop, I mean on an individual basis, not on a blended basis?

您是否認為，當進入第三季或第四季時，平均售價下降應該開始放緩或停止，我的意思是在個人基礎上，而不是在混合基礎上？

Right now it all depends on, as we said, the second quarter customer seems (ph) to building (ph) a little bit inventory.

現在，正如我們所說，這一切都取決於第二季度客戶似乎建立了一點庫存。

If those inventory goes really quick, then (ph) hopefully the pricing pressure will ease up.

如果這些庫存消耗得非常快，那麼定價壓力有望得到緩解。

OK.

好的。

And could you talk a little bit about the flat panel business and what you're seeing there as you go into the June and September quarters, flat panel chip business?

您能否談談平板業務以及您在進入 6 月和 9 月季度時所看到的平板晶片業務？

Rick, you want to take that?

瑞克，你想接受這個嗎？

Well, flat panel monitor business still growing.

嗯，平面顯示器業務仍在成長。

Hopefully the controller chips, which goes with it, are doing reasonably well.

希望與之配套的控制器晶片表現良好。

And the LCD driver business, of course, is continuing our share in that is probably not too bad.

當然，液晶驅動器業務仍在繼續我們的份額，這可能還不錯。

Japanese (ph) IDN (ph) is probably our biggest shareholder.

日本（ph）IDN（ph）可能是我們最大的股東。

But in general we believe we are seeing a flat - of course, there is a flat panel TV application, but I think that's the start to grow.

但總的來說，我們相信我們正在看到平板——當然，有平板電視應用，但我認為這是成長的開始。

OK.

好的。

And just my final question.

這只是我的最後一個問題。

On your comments on R&D and R&D growth over the next few quarters, I would assume that the percentage will go down with the June quarter.

關於您對未來幾季的研發和研發成長的評論，我認為該百分比將隨著六月季度的下降而下降。

I think you said R&D will be up modestly, but I also thought you said it would stay at about the same percentage, which I would assume it's probably not going to grow at a 24 percent or 25 percent rate like the top line.

我認為你說研發將適度增長，但我也認為你說它將保持在大約相同的百分比，我認為它可能不會像營收那樣以 24% 或 25% 的速度增長。

No, definitely not.

不，絕對不是。

OK, thank you.

好的謝謝。

Thank you.

謝謝。

The next question is from Prana Kumar (ph) from Sawa (ph) Institute of Research.

下一個問題來自 Sawa (ph) 研究所的 Prana Kumar (ph)。

Please go ahead.

請繼續。

Good afternoon, gentlemen, and congratulations for the good set of guidance for second quarter '03.

先生們下午好，祝賀 03 年第二季的良好指導。

I have a couple of short questions.

我有幾個簡短的問題。

The first one probably on your - if your comment on silicon insulator related technology development, which days you are and in 90 nanometer below (ph).

第一個可能是你的－如果你對矽絕緣體相關技術的發展發表評論，你在90奈米以下（ph）是哪幾天。

Do you think that that particular technology could be one of the getting (ph) to look at?

您認為這項特定技術可能是值得關注的技術之一嗎？

So, like what you are doing on that particular line.

所以，就像您在該特定線路上所做的那樣。

I believe SOI (ph) is probably going to be quite - maybe more - shall we say more prevalent 65-nanometer node.

我相信 SOI (ph) 可能會相當——也許更多——我們可以說更普遍的 65 奈米節點。

Ninety nanometer we're working on that also.

我們也在研究 90 奈米。

However, we do not know now the - the business volume that will be.

然而，我們現在不知道業務量將會是多少。

Cost remains major issue there.

成本仍然是那裡的主要問題。

And this could be a little bit of maybe your lack of competition, where you may lose some of the customers because of some other competitor going ahead of you on this particular node?

這可能是因為您缺乏競爭，您可能會因為其他競爭對手在這個特定節點上領先於您而失去一些客戶？

Do you think that there is a chance of some there?

您認為那裡有機會嗎？

Well, our competitor have had that technology for a long time.

嗯，我們的競爭對手很早就擁有這項技術了。

It's not just now.

不僅僅是現在。

And it's just not - I don't - it goes back to .13 micron and .18 micron.

它只是不 - 我不 - 它會回到 0.13 微米和 0.18 微米。

So, it's not that the competitor does not have the technology.

所以，並不是競爭對手沒有技術。

So, I think the matter of the fact is that that technology is still kind of a niche technology, certain very specific to application but not suitable for mass production.

所以，我認為事實是，該技術仍然是一種小眾技術，某些特定於應用，但不適合大規模生產。

It would be very difficult to get enough sub (ph) space.

要獲得足夠的子（ph）空間將是非常困難的。

But whether the technology can mature enough in the next couple of generations, that - I think they have a better mass production potential in the next generation.

但科技是否能在未來幾代人中足夠成熟，我認為他們在下一代有更好的量產潛力。

OK.

好的。

Harvey, did you say about like the book to bill ratio is at .12 now?

哈維，你是不是說現在的訂單出貨比是 0.12？

That is in the month of April or in the month of March?

那是四月還是三月？

We have had book ratio exceeding 1.2 in the past four months now.

過去四個月我們的帳面比率超過了1.2。

From - this for March, yes.

從 - 這是三月份的，是的。

That's fine with me.

這對我來說沒問題。

Thank you very much.

非常感謝。

Thank you.

謝謝。

The next question comes from Shelesh Jeti (ph) with Nomura Securities.

下一個問題來自野村證券的 Shelesh Jeti（博士）。

Please go ahead.

請繼續。

Hello, Mr. Jyati (ph)?

您好，Jyati 先生（博士）嗎？

The next question comes from Matt Gazel (ph) with Calypso Capital.

下一個問題來自 Calypso Capital 的 Matt Gazel（博士）。

Please go ahead.

請繼續。

Thank you.

謝謝。

Two questions.

兩個問題。

Number one, what did you say about trends in cell phone?

第一，您對手機趨勢有何看法？

Did you say they were decelerating or accelerating?

你說他們是在減速還是在加速？

And, number two, as of now are you still seeing wafer loading increasing as of now?

第二，到目前為止，您仍然看到晶圓裝載量正在增加嗎？

Harvey, you want to get that?

哈維，你想得到那個嗎？

Hello?

你好？

Yes.

是的。

Rick, please go ahead.

瑞克，請繼續。

Yes.

是的。

Overall, I think it's kind of we're slowing down some - we're not accelerating.

總的來說，我認為我們正在放慢一些速度——我們並沒有加速。

Your second question about ...

你的第二個問題是關於...

Wafer loading.

晶圓裝載。

... wafer loading ...

... 晶圓裝載 ...

Yes.

是的。

... we're still seeing good activities from the customers.

……我們仍然看到客戶的良好活動。

OK.

好的。

Is it still - I guess it's still on an up trend then?

我猜它仍然處於上升趨勢嗎？

Right now we still see that the wafer loading is on an upward trend.

目前我們仍然看到晶圓裝載量呈現上升趨勢。

OK.

好的。

Thank you very much.

非常感謝。

Congratulations on a nice quarter.

恭喜您度過了一個美好的季度。

Thank you.

謝謝。

The next question comes from Shelesh Jeti (ph) with Nomura Securities.

下一個問題來自野村證券的 Shelesh Jeti（博士）。

Please go ahead.

請繼續。

Hi.

你好。

I just wanted to get an update on .13 micron.

我只是想了解 0.13 微米的最新情況。

You had mentioned in the previous quarter that you do expect to break even in this - on this node by second half.

您在上一季曾提到，您確實希望在下半年達到收支平衡。

Was wondering if there's any change to get that guidance.

想知道是否有任何改變來獲得該指導。

Break - Harvey, do you know of that?

Break - 哈維，你知道嗎？

Point one three.

點一三。

Break even.

收支平衡。

I'm sorry, I didn't get the question.

抱歉，我沒聽清楚問題。

Yes.

是的。

In the previous conference call you had mentioned that on .13-micron node you expect to break even by the second half of '03.

在先前的電話會議中，您曾提到，在 0.13 微米節點上，預計到 03 年下半年將達到收支平衡。

I was wondering if there is any changes to that guidance, given the ramp you have seen on .13.

鑑於您在 0.13 中看到的坡道，我想知道指南是否有任何變化。

Could you say it again as to what was the expectation?

您能再說一次您的期望是什麼嗎？

OK.

好的。

What I was mentioning is in the previous analyst briefing, the same conference call, you had mentioned that at .13 micron node you expect to be profitable by second half of this year.

我提到的是在先前的分析師簡報中，也就是同一個電話會議中，您曾提到，在 0.13 微米節點，您預計將在今年下半年獲利。

I was wondering if there is any change to that guidance or you still expect that you will reach the profitability in the second half.

我想知道該指導是否有任何變化，或者您仍然預計下半年將實現盈利。

To be profitable.

才能盈利。

OK, OK, OK.

好好好。

Yes. .13 - well, actually I think we're already profitable on the .13.

是的。 .13 - 嗯，實際上我認為我們已經在 .13 上盈利了。

But you probably specifically mentioned - referring to - for 12 inch .13.

但您可能特別提到 - 指 - 12 英吋 0.13。

Yes, I think we are still - we think that we will see profitable in the second half, yes.

是的，我認為我們仍然 - 我們認為我們將在下半年實現盈利，是的。

And the way you price the point .13 micron wafers, is it a dye base pricing now or is it still a mix between dye base and wafer?

您對 0.13 微米晶圓定價的方式，現在是染料基定價還是仍然是染料基和晶圓的混合定價？

It's still a case by case.

這還是要具體情況具體分析。

So, it depends on customer - there's no one set formula to do it.

所以，這取決於客戶——沒有一個固定的公式可以做到這一點。

OK.

好的。

And one last question.

最後一個問題。

Based on your guidance of 80 percent plus utilization going forward, what would be the estimated range of gross margins you expect in the next quarter?

根據您對未來 80% 以上使用率的指導，您預計下一季的毛利率範圍是多少？

We cannot respond to that question due to restrictions from our regulatory agency.

由於監管機構的限制，我們無法回答這個問題。

We cannot give a direct comment on margins.

我們無法對利潤率做出直接評論。

Sorry about that.

對於那個很抱歉。

OK.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Mike McConnell with Pacific Crest Securities.

下一個問題來自 Pacific Crest Securities 的 Mike McConnell。

Please go ahead with your question.

請繼續你的問題。

Thank you.

謝謝。

Was wondering on .13 micron on the yield side what are yields currently running right now with FSG and, more importantly, on Loquette (ph)?

想知道目前 FSG 以及更重要的是 Loquette (ph) 的 0.13 微米良率是多少？

Yield varies a lot with chip size, but overall evidently (ph) has come down learning curve quite well.

產量隨晶片尺寸變化很大，但顯然總體而言（ph）已經很好地降低了學習曲線。

We ship now more than 20,000 wafer per month for .13, and I think we're going to go up to 30,000 wafers per month level another quarter.

我們現在每月以 0.13 美元的價格出貨超過 20,000 片晶圓，我認為下一個季度我們將達到每月 30,000 片晶圓的水平。

And with - we evidently are continuing to improve.

顯然，我們正在不斷改進。

I'm sorry, I guess just on average, though, of .13 micron using FSG would you say it's north of 70 percent now?

抱歉，我想使用 FSG 時的平均精度為 0.13 微米，您認為現在已經超過 70% 了嗎？

Yes, yes, that's - yes, for - yes.

是的，是的，那就是——是的，為了——是的。

I mean, some graphic guy (ph) have very large chip size.

我的意思是，一些圖形人員（ph）的晶片尺寸非常大。

I'm just saying on average base.

我只是說平均水平。

I know there's different between different chips.

我知道不同晶片之間存在差異。

But on just kind of a broad based average, would you say that I guess you're more comfortable now with .13 micron FSG?

但僅就廣泛的平均值而言，我想您現在對 0.13 微米 FSG 更滿意嗎？

And where do you stand on the low K side?

那麼你站在低 K 一邊的哪一邊呢？

Low K was still in the process of improving the yields.

低 K 仍處於提高產量的過程中。

We believe we can go down the evidently (ph) curve probably by second half this year.

我們相信，到今年下半年，我們可能會沿著明顯的（ph）曲線下降。

We are putting quite a bit resources into low K, so - but we'll have pretty good volume production by end of the year.

我們在低 K 投入了相當多的資源，所以 - 但到今年年底我們將實現相當好的批量生產。

Now, is Low K mandatory at 90 nanometer, or can you use FSG there?

現在，90 奈米處必須採用低 K，還是可以在那裡使用 FSG？

Well, our competitor seems to say that they are going back to FSG, so FSG is global.

嗯，我們的競爭對手似乎說他們要回歸 FSG，所以 FSG 是全球性的。

However, we believe our low K capability is up there that we can add more value to our customers low K. We'll be able to do that.

然而，我們相信我們的低 K 能力足以為我們的低 K 客戶增加更多價值。

OK.

好的。

And my last question is just a couple times you dropped the word - two words - inventory build.

我的最後一個問題是，有幾次你漏掉了這個字——兩個字——庫存建設。

Obviously this is something that's a lot of concern out there on our side of the equation.

顯然，這是我們這邊非常關心的事。

So, was curious just can you just talk a little bit more about the inventory build, which end markets you're seeing it in, which products?

所以，我很好奇，您能否多談談庫存建設、您在哪些終端市場、哪些產品？

Just any more color there would be very appreciative.

只要有更多的顏色就會非常感激。

We cannot really comment that specifically about which product in the inventory build mode, which product.

我們無法具體評論庫存建構模式中的哪種產品、哪種產品。

What we can comment - I believe for most of the computer application and the - some of the communication - most of - I think what we are hearing from customers their inventory is getting really depleted.

我們可以評論的是 - 我相信對於大多數計算機應用程式和 - 一些通信 - 大部分 - 我認為我們從客戶那裡聽到的消息是他們的庫存正在耗盡。

So, they're replenishing some of them.

因此，他們正在補充其中的一些。

The sell through is two, three months of - sell through of those inventory need two, three months to see (ph).

售完需要兩三個月——那些庫存的售完需要兩三個月才能看到（ph）。

In addition, I think another important factor is the new products coming out.

另外，我認為還有一個重要因素是新產品的問世。

When you have the new products being launched, usually you will build sort (ph) lower (ph) inventory.

當您推出新產品時，通常您會建立排序（ph）較低（ph）的庫存。

So, that's quite common practice.

所以，這是很常見的做法。

So, your commentary is on inventory refresh rather than inventory build.

因此，您的評論是關於庫存刷新而不是庫存構建。

Is that what you're saying?

你是這麼說的嗎？

I think both are going (ph), for the new products and putting (ph) like (ph) refresh.

我認為兩者都會去（ph），尋找新產品並把（ph）像（ph）刷新一樣。

What I'm saying is there is some inventory replenishment for the existing products, but there are also inventory build for the - just the new - for new product launch.

我的意思是，現有產品有一些庫存補充，但也有為新產品發布而建立的庫存。

That will constitute part of the demand.

這將構成需求的一部分。

Sure, sure.

一定一定。

OK.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Ashish Kumar with Credit Suisse First Boston Corp.

我們的下一個問題來自瑞士信貸第一波士頓公司的 Ashish Kumar。

Please go ahead with your question.

請繼續你的問題。

Thank you.

謝謝。

Congratulations on excellent quarter.

恭喜季度表現出色。

My first question set is if you could guide us for both 2003 and 2004 on tax credit.

我的第一個問題是您能否為我們提供 2003 年和 2004 年稅收抵免的指引。

Should we assume similar tax credit in the remaining quarters and in '04?

我們是否應該在剩餘季度和 04 年假設類似的稅收抵免？

Well, that is one area very difficult to give you guidance.

嗯，這是一個很難給你指導的領域。

The tax credit is coming from capital expenditure numbers.

稅收抵免來自資本支出數字。

I can't even give you a good capital expenditure number.

我甚至無法給你一個準確的資本支出數字。

How can I give you a tax credit number?

我怎麼能給你一個稅收抵免號碼？

OK.

好的。

And earlier you said local regulatory norms are such that you cannot provide us gross margin guidance.

早些時候您曾說過，當地的監管規範使您無法向我們提供毛利率指導。

Could you give us a sense, like you gave us last time in the earnings call, when you said you do expect gross margin to be less than 30 percent for the quarter that you reported?

您能否像您上次在財報電話會議上向我們介紹的那樣，告訴我們您確實預計所報告季度的毛利率將低於 30%？

That type of broad sense could you give us for second quarter '03?

您能為我們介紹一下 03 年第二季的情況嗎？

OK.

好的。

Let me give you a different cut (ph) this time.

這次我給你一個不同的切口（ph）。

I (ph) quote (ph) more (ph) said this afternoon that he expect second quarter operating profit will grow in geometrics gross pattern versus a arithmetic.

我（ph）引用（ph）更多（ph）今天下午表示，他預計第二季度營業利潤將以幾何總體模式而不是算術增長。

So, the way he defined arithmetic is one, two, three, four, but geometric is one, two, four, six.

所以，他定義算術的方式是一、二、三、四，而幾何的方式是一、二、四、六。

So, that's how he defined it.

所以，他就是這樣定義的。

He also said that it's (ph) exponential.

他還說它是指數級的。

Exponential is one, two, four, eight, 16.

指數是一、二、四、八、十六。

OK.

好的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

The next question is from Donald Floyd with Lehman Brothers.

下一個問題來自雷曼兄弟的唐納德·弗洛伊德。

Please go ahead with your question.

請繼續你的問題。

Hi.

你好。

Thanks.

謝謝。

Just sorry about the R&D question again.

再次對研發問題表示抱歉。

But the expense actually in the first quarter was down about 30 percent Q on Q, and that's obviously not as much as the sales.

但實際上第一季的費用比上季下降了約 30%，這顯然沒有銷售額下降那麼多。

So, the expenses didn't really track sales.

因此，這些費用並沒有真正追蹤銷售情況。

So, if we look forward, at least in the short term, if you look over the next couple quarters how do you think it will track versus first quarter level?

因此，如果我們展望未來，至少在短期內，如果您展望未來幾個季度，您認為與第一季的水平相比將如何？

Don, I'm sorry, but your voice get blurred the first cut.

唐，我很抱歉，你的聲音在第一次剪輯時就變得模糊了。

You might need to repeat it again.

您可能需要再次重複。

OK.

好的。

Again - sorry, in terms of the R&D over the next couple quarters versus the first quarter absolute number, it dropped quite a bit in the first quarter from the fourth quarter.

再次 - 抱歉，就接下來幾季的研發絕對數量而言，與第一季的絕對數量相比，第一季比第四季下降了很多。

So, I'm just wondering how that is expected to trend.

所以，我只是想知道預計趨勢如何。

Well, I think that, as we've said, the second and third quarter is - the revenue number is going to be much higher than the first quarter.

嗯，我認為，正如我們所說，第二和第三季的收入數字將比第一季高得多。

So, the R&D expenses for the second and third quarter, I think, they will go up, but not as dramatic as the wafer growth.

因此，我認為第二季和第三季的研發費用將會上升，但不會像晶圓成長那麼劇烈。

And I do think that sort of 10 or 12 percent where you see is a reasonable estimate.

我確實認為你看到的 10% 或 12% 是一個合理的估計。

OK.

好的。

OK.

好的。

And you also mentioned that Wafer Tech is kind of broke even and will start to make money.

您也提到晶​​圓科技已經實現收支平衡，並將開始賺錢。

What's the status of FSMC (ph) and do you expect similar performance there?

FSMC (ph) 的狀況如何？

FSMC (ph) is different from Wafer Tech due to a number of reasons.

由於多種原因，FSMC (ph) 與 Wafer Tech 不同。

First of all, Wafer Tech is almost 100 percent owned by us.

首先，威發科技幾乎100%由我們擁有。

I think we have a better control in terms of order flow, in terms of how do we get the customer qualification.

我認為我們在訂單流、如何獲得客戶資格方面有更好的控制權。

FSMC (ph) is a little bit different because it's a joint venture.

FSMC (ph) 有點不同，因為它是一家合資企業。

And so, half of the loading - more than half of the loading is depending on Philips than from us.

因此，一半的負載——超過一半的負載取決於飛利浦，而不是我們。

We can help out a little bit, but I don't think we can expect to sell on to few other loading with orders from our customer side (ph).

我們可以提供一點幫助，但我認為我們不能期望將來自我們客戶方（ph）的訂單出售給其他少數裝載者。

So, the other thing is that Wafer Tech right now already, I think, is - they got a fairly complete production line.

所以，另一件事是，我認為，Wafer Tech 現在已經擁有一條相當完整的生產線。

So, once it get - we either get the loading, then it's impossible (ph).

所以，一旦它得到 - 我們要么得到負載，那麼這是不可能的（ph）。

So, FSMC (ph) actually they are only half - they're only half equipped with equipment.

所以，FSMC（ph）其實他們只是一半──他們只配備了一半的設備。

So, they probably got (ph) various other problem.

所以，他們可能遇到了各種其他問題。

OK.

好的。

And just the last question.

還有最後一個問題。

In terms of the monthly revenue progression, should we kind of look at it - look at the quarter as kind of every month should be increasing a bit?

就每月收入進展而言，我們是否應該看看它 - 看看季度，因為每個月都應該增加一點？

On the second quarter?

第二季？

Yes.

是的。

Yes.

是的。

The second quarter, I think, we did indicate that we expect to see sort of growth (ph) month over month.

我認為，第二季我們確實表明我們預計會逐月成長。

OK.

好的。

OK.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Will Davis (ph) with UBS Warburg.

我們的下一個問題來自瑞銀華寶 (UBS Warburg) 的威爾戴維斯 (Will Davis)。

Please go ahead with your question.

請繼續你的問題。

Mr. Davis (ph), your line is open.

戴維斯先生（博士），您的線路已接通。

Thank you.

謝謝。

The next question comes from Mark Fitzgerald with Bank of America Securities.

下一個問題來自美國銀行證券公司的馬克·菲茨傑拉德。

Please go ahead.

請繼續。

Thank you.

謝謝。

Could you give us an idea that 10 percent customers in the quarter and if you'd have any in the second quarter 10 percent plus?

您能否告訴我們，本季有 10% 的客戶，如果第二季有 10% 以上的客戶？

Ten percent customers.

百分之十的顧客。

We cannot comment on that.

我們無法對此發表評論。

You don't break that out for your reports?

你的報告裡不把這個說清楚嗎？

Mark, we don't usually don't comment the customer's 10 percent weighting during the quarterly releases.

馬克，我們通常不會在季度發布期間不對客戶的 10% 權重進行評論。

We do so in the 20-F disclosure annually though.

不過，我們每年都會在 20-F 披露中這樣做。

So - OK.

那麼好吧。

All right.

好的。

Can you give us a sense with the cap ex cuts that happened quarterly here how capacity will trend through the year here in terms of growth?

您能否讓我們了解每季發生的上限削減，全年產能成長趨勢如何？

Capacity - primarily I think the capacity increase will be on the .13.

容量 - 主要是我認為容量增加將在 0.13 上。

And as far as the fab 12 is concerned, I think we expect fab 12 to close to roughly 10,000 wafers per month for the year.

就晶圓廠 12 而言，我認為我們預計晶圓廠 12 今年每月的晶圓產量將接近約 10,000 片。

And if you rolled that up in overall capacity growth, are we talking single digits through the balance of the year on a quarterly basis?

如果將其納入整體產能成長中，我們是否會按季度討論今年剩餘的個位數成長？

Yes, I will say so.

是的，我會這麼說。

OK.

好的。

And can you give us a sense of mass (ph) revenues as a percent of the quarter?

您能否讓我們了解大眾 (ph) 收入佔本季的百分比？

Mass (ph) revenue is roughly eight percent.

Mass (ph) 收入約為 8%。

OK.

好的。

And just one last question.

還有最後一個問題。

When you're working with customers on .13 micron, how important is the fact that these guys design for your process technology?

當您與客戶就 0.13 微米進行合作時，這些人為您的製程技術進行設計有多重要？

And how do you in order to optimize yields?

您如何才能優化產量？

Can you explain the question?

你能解釋一下這個問題嗎？

I'm sorry, I missed that.

抱歉，我錯過了。

Sure.

當然。

When you're working with, say, a graphic chip company, how important is it that they - when they're sitting down and designing their chips, let's say you're designing with your process technology in mind in order to maximize yields on that part?

當你與一家圖形晶片公司合作時，他們坐下來設計晶片時，假設你正在設計時考慮到你的製程技術，以便最大限度地提高產量，這有多重要那部分？

That's getting more and more important for the advanced technology.

這對於先進技術來說變得越來越重要。

The - we need to work with - closely with our customers.

我們需要與我們的客戶密切合作。

Our side can sometimes still refine our models or design rules to improve the manufacturability, their side also.

我們這邊有時仍然可以改進我們的模型或設計規則，以提高可製造性，他們這邊也是如此。

So, we need to give them guidelines on how to design (ph) for manufacturability.

因此，我們需要為他們提供有關如何設計（ph）以實現可製造性的指南。

But it's kind of a interactive work.

但這是一種互動作品。

It's - it cannot be just one-sided.

它——它不能只是片面的。

Has that been some of the yield gains that you've had at .13 as those programs being implemented?

這是您在實施這些計劃時在 0.13 時獲得的一些收益收益嗎？

I think in both ends.

我認為兩方面都有。

Or the design once done.

或設計一旦完成。

So, once in mass production usually people do not change their design much.

因此，一旦投入大量生產，人們通常不會對設計進行太大改變。

So, once a product is in mass production, then you improve (ph) will see account (ph) from the big process (ph) control we (ph) then (ph) see (ph) reduction, that type of thing.

因此，一旦產品投入批量生產，那麼您改進（ph）將看到來自大流程（ph）控制的帳戶（ph），我們（ph）然後（ph）看到（ph）減少，諸如此類的事情。

But certainly from generation to generation for new products, I think some of which is implement new design.

但肯定是一代又一代的新產品，我認為其中一些是實現了新的設計。

And does it make - does some design trends make no sense in terms of going from .18 to .13 because of the lower yields or costs associated with that?

是否某些設計趨勢從 0.18 到 0.13 沒有意義，因為與之相關的產量或成本較低？

Have you seen that in the last year or so?

你在過去一年左右見過這種情況嗎？

I think it's a matter of time.

我認為這只是時間問題。

Any new generation technology will go through a learning period when the price - when the wafer cost is higher and dividends (ph) also is higher.

任何新一代技術都會經歷一個學習期，此時價格 - 晶圓成本更高，股息 (ph) 也更高。

But with TSMC for .13 now we have - we are down the learning curve for both wafer costs and evidently (ph).

但隨著台積電 0.13 的推出，我們在晶圓成本和顯然 (ph) 方面都在學習曲線上。

So, I think the crossover will be justifiable quite soon.

因此，我認為交叉很快就會變得合理。

So, you're encouraging all your customers at this point, whoever wants it, do shrinks to .13 to move ahead with those, that you can meet their price points?

那麼，您現在鼓勵所有客戶，無論誰想要，都縮小到 0.13 繼續前進，您可以滿足他們的價格點嗎？

We still talk to them in some details to understand their requirement.

我們仍然與他們進行了一些細節的交談，以了解他們的需求。

Every customer has different requirement instead (ph) of the analog circuits or those kind of thing.

每個客戶對類比電路或類似的東西都有不同的要求。

And analog doesn't (ph) shrink as much as the digital.

而且類比訊號的收縮幅度沒有數位訊號那麼大。

Where they are now, some customers see .35 and .6 (ph) or .425 (ph).

目前，一些客戶看到的是 0.35 和 0.6 (ph) 或 0.425 (ph)。

So, I think there's no one generic way of doing it.

所以，我認為沒有一種通用的方法可以做到這一點。

We just have to work very closely with many different customers and kind of find a value proposition for them.

我們只需要與許多不同的客戶密切合作，並為他們找到價值主張。

OK, thank you.

好的謝謝。

Thank you.

謝謝。

Our next question comes from Ivan Goh (ph) with Dresdner Kleinwort & Wasserstein.

我們的下一個問題來自 Dresdner Kleinwort & Wasserstein 的 Ivan Goh（博士）。

Please go ahead.

請繼續。

Hi.

你好。

Just got a question on kaypacks (ph).

剛剛有一個關於 kapacks (ph) 的問題。

I know you have not changed your kaypacks (ph) guidance, but I also remember that in the last quarter you said that you were working towards the lower end of that range.

我知道您沒有改變您的 kapacks (ph) 指導，但我還記得上個季度您說過您正在朝著該範圍的下限努力。

I just wanted to find out with tomorrow's afternoon (ph) thing (ph) that .13-micron capacity is tripling between the first quarter and the fourth quarter this year.

我只是想透過明天下午的事情來了解今年第一季到第四季之間 0.13 微米的產能增加了兩倍。

And also, there was a report a few days ago saying that fab (ph) capacity is going to increase to 14,000 wafers per month by the end of the year.

此外，日前有報告稱，到今年年底，晶圓廠產能將增至每月 14,000 片晶圓。

Does that - is that - are these already incorporated in the previous statement that you're working towards the lower end of the range or does that involve some increase from the lower end of the range?

這些是否已經包含在先前的聲明中，即您正在努力達到範圍的下限，或者是否涉及從範圍的下限開始進行一些增加？

That is still more on the lower end side.

這仍然是低端方面的情況。

OK.

好的。

And so, you're still working on that lower end of the range guidance, yes?

因此，您仍在研究範圍指導的下限，是嗎？

My second question is regards to the customer concentration into the second quarter.

我的第二個問題是關於第二季的客戶集中度。

Earlier you said that in the first quarter it was about 56 percent of your revenues coming from top 10.

早些時候您曾說過，第一季大約 56% 的收入來自前 10 名。

Can you probably make a stab at what that concentration will be in the second quarter?

您能否預測一下第二季的集中程度？

It's almost impossible.

這幾乎是不可能的。

Yes?

是的？

Yes.

是的。

We can't ...

我們不能...

Would you say it's ...

你說它是不是...

... go (ph) on pure (ph) after (ph) facts (ph).

……在（ph）事實（ph）之後繼續（ph）純粹（ph）。

But a little trend, I would say they will be close to the first quarter level.

但從一點趨勢來看，我想說它們將接近第一季的水平。

I really can't give you a number.

我實在無法給你一個數字。

OK.

好的。

All right.

好的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Our next question comes from Shekhar Pramanick (ph) with Prudential Securities.

我們的下一個問題來自保德信證券公司的 Shekhar Pramanick（博士）。

Please go ahead with your follow-up question.

請繼續提出您的後續問題。

Yes.

是的。

Just a question on .13 capacity.

只是關於 .13 容量的問題。

After the December quarter call, I think, Rick, you had talked about that you had .13 capacity about 23,000 per month and the goal was to take it to 47,000 or 48,000 per month by yearend.

在 12 月季度電話會議之後，我想，Rick，您曾談到您的 0.13 產能約為每月 23,000 個，目標是到年底將其提高到每月 47,000 或 48,000 個。

Can you give us an update where you are at the end of the March quarter the .13 capacity which (ph) operating (ph) to give us?

您能否提供我們最新情況，截至 3 月季度末，您向我們提供的 0.13 產能（ph）營運（ph）情況？

And give us an update where the number would be at the end of '03.

請告訴我們最新情況，該數字是 03 年底的數字。

End of March our .13 capacity total is roughly 30,000 wafers, eight inch equivalents.

截至 3 月底，我們的 0.13 產能總計約為 30,000 片晶圓，相當於 8 吋晶圓。

And the expectation where the number would be by end of the year?

預計到今年底這個數字會是多少？

End of the year, I think they will be somewhere between 50,000 plus to 60,000 wafers.

到今年年底，我認為晶圓數量將在 50,000 多到 60,000 片之間。

Yes.

是的。

That's about right.

差不多是這樣吧。

Fifty - I would say 50,000 plus, yes.

五十——我想說五萬多，是的。

One more question.

還有一個問題。

If the strategy is to convert some of the .18 aluminum lines into copper lines, or is it to - meaning just adding the backend metal capacity, or is it a strategy to add the full capacity from start to finish?

如果策略是將部分 0.18 鋁線轉換為銅線，或只是增加後端金屬產能，還是從頭到尾增加全部產能的策略？

We do not really have plan to do that now.

我們現在還沒有真正的計劃這樣做。

I think we may be able to do that somewhat later on in fab 12, but eight inch fab - we do have - I think our business models calls for to utilize our old generation technologies.

我認為我們稍後可以在 12 號晶圓廠中做到這一點，但我們確實有 8 吋晶圓廠，我認為我們的商業模式需要利用我們的老一代技術。

By now, .15, .18 actually has quite a robust demand.

目前來看，0.15、0.18其實有相當強勁的需求。

We must meet those demands also.

我們也必須滿足這些要求。

Right.

正確的。

But, you know, six months fast-forward when a lot of these - let's say part of the graphics chip guys all move to .13, the question is can those .13 capacity be filled.

但是，您知道，快轉六個月後，當很多人（比如說部分圖形晶片人員）全部轉向 0.13 時，問題是這些 0.13 容量能否被填滿。

So, at that point you might convert just the metal portion of it into copper?

那麼，到那時您可以僅將其金屬部分轉化為銅嗎？

That's a strong function of the demand.

這是需求的強大功能。

We (ph) do (ph) satisfy (ph) the somewhat graphics products will migrate from .15 to .13.

我們 (ph) 確實 (ph) 滿足 (ph) 圖形產品將從 0.15 遷移到 0.13。

But we also have quite a bit of other customers and the products migrating from .25 to .18 or .15.

但我們也有相當多的其他客戶和產品從 0.25 遷移到 0.18 或 0.15。

So, our feeling is for these - for the - well, no.

所以，我們的感覺是對這些 - 對 - 嗯，不。

The (ph) reason (ph) the (ph) future (ph) we will need those .15, .18 capacity.

(ph) 原因 (ph) 未來 (ph) 我們將需要 0.15、0.18 的容量。

OK.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Michael Holfelder (ph) with HVB Corporates End (ph) Markets.

我們的下一個問題來自 HVB Corporates End (ph) Markets 的 Michael Holfelder (ph)。

Please go ahead with your question.

請繼續你的問題。

Hi.

你好。

It's Michael Holfelder (ph) from Munich.

我是來自慕尼黑的邁克爾·霍爾菲爾德（Michael Holfelder）。

The questions have already been answered.

問題已經得到解答。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Shelesh Jeti (ph) with Nomura Securities.

我們的下一個問題來自野村證券的 Shelesh Jeti（ph）。

Please go ahead with your follow-up question.

請繼續提出您的後續問題。

Yes.

是的。

Hi.

你好。

I had a follow-up question regarding the utilization calculations.

我有一個關於利用率計算的後續問題。

When you calculate utilizations, is it the commercial wafers divided by the available capacity?

當您計算利用率時，是商業晶圓除以可用產能嗎？

That means the wafer shutdowns are what you had in the - for the maintenance of the plants in the first quarter do you include that, or is it excluded in the available capacity?

這意味著晶圓停工是您在第一季工廠維護中所遇到的情況，您是否將其包括在內，或者是否將其排除在可用產能中？

They are excluded.

他們被排除在外。

It is included?

包含在內嗎？

They are excluded.

他們被排除在外。

If there's a maintenance shutdown they will be excluded.

如果發生維護停機，它們將被排除在外。

OK.

好的。

OK, thank you.

好的謝謝。

Thank you.

謝謝。

Our next question comes from Dan Heyler with Merrill Lynch.

我們的下一個問題來自美林證券的丹·海勒。

Please go ahead with your follow-up question.

請繼續提出您的後續問題。

Thanks.

謝謝。

I just had a follow-up on IBM outsourcing.

我剛剛對IBM外包進行了跟進。

Your .13 product cycles clearly are maturing and ramping fairly steeply.

您的 .13 產品週期顯然正在成熟，並且成長相當迅速。

Do you anticipate potential IBM business coming in as a function of one year your excellent execution and the lack of capital spending at IBM?

您是否預期 IBM 的潛在業務會隨著您出色的執行力和 IBM 資本支出的缺乏而一年內出現？

Do you have any visibility there?

你那裡有能見度嗎？

It looks as though much of the growth has been fabless driven here so far.

到目前為止，看起來大部分的成長都是由無晶圓廠驅動。

We have - let me see here.

我們有—讓我看看這裡。

I know you've been doing a number of .13 customers already.

我知道您已經與許多 0.13 客戶打交道。

Yes, with IBM customers.

是的，與 IBM 客戶合作。

Right.

正確的。

On the .13 certainly, I think, we have very good participations from the IBM side.

我認為，在 .13 上，IBM 當然也有很好的參與。

Right.

正確的。

In the interest of time, we're probably going to take two more questions and then we're going to adjourn this session.

由於時間關係，我們可能還會再回答兩個問題，然後我們將休會。

Yes.

是的。

The next question comes from Ashish Kumar with Credit Suisse First Boston Corp.

下一個問題來自瑞士信貸第一波士頓公司的 Ashish Kumar。

Please go ahead with your question.

請繼續你的問題。

Thank you.

謝謝。

Three months back I think some (ph) Chang suggested that TSMC expects semiconductor industry revenue growth rate at about eight percent for the year.

三個月前，我認為一些張（ph）張建議台積電預計今年半導體產業營收成長率約為 8％。

I was wondering if there is any update to that, any change in your estimate for the industry.

我想知道這方面是否有任何更新，您對該行業的估計是否有任何變化。

Thank you.

謝謝。

I think we stand by the number.

我認為我們堅持這個數字。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Piari Menar (ph) with Deutsche Bank.

下一個問題來自德意志銀行的 Piari Menar（ph）。

Please go ahead with your question.

請繼續你的問題。

Yes.

是的。

Thanks a lot.

多謝。

Just a question on how your 90 nanometer - if I'm going to compare, I think you're doing about - you've got about 20 projects or so on 90 nano.

只是一個關於你的 90 奈米如何的問題 - 如果我要進行比較，我認為你正在做 - 你有大約 20 個關於 90 奈米的項目。

If you're going to compare how this is versus .13 was at a similar stage, the kind of interest that you're seeing from your customers, how do you compare it?

如果您要將其與 0.13 處於相似階段時的情況進行比較，您從​​客戶那裡看到的那種興趣，您如何比較？

Is it more, less or quite similar?

是更多、更少還是非常相似？

You mean customer projects?

你是說客戶專案嗎？

Yes.

是的。

I mean, basically design projects that you're doing.

我的意思是，基本上就是設計你正在做的專案。

What I'm doing (ph) is the kind of interest that you're getting from your customers on 90 nanometer, if you're going to compare it with how it was at a similar stage with .13.

我正在做的（ph）是您的客戶對 90 奈米的興趣，如果您要將其與 0.13 處於類似階段時進行比較。

Do you see it quite similar?

你看是不是很相似呢？

Well, I think for 90 nanometers obviously the customer with the - with volume are the ones who are doing serious work with us.

嗯，我認為對於 90 奈米，顯然，擁有量的客戶是那些正在與我們認真合作的客戶。

What I was trying to get a feel of is the willingness or the interest the customer is showing, like when they migrated from .18 to .13 in the initial stages, the kind of interest that you saw versus the interest that you see ...

我試圖了解的是客戶表現出的意願或興趣，就像他們在初始階段從 0.18 遷移到 0.13 時一樣，你看到的興趣與你看到的興趣的對比。

I think - to be very - in fact, I think it's getting very - it's getting more and more - the discussion has been very good actually, especially recently it has been very good, open.

我認為 - 事實上，我認為它變得非常 - 越來越多 - 討論實際上非常好，特別是最近它非常好，開放。

And we see a lot of willingness from our key customers to work on 90 nanometer with us.

我們看到我們的主要客戶非常願意與我們一起開發 90 奈米技術。

I think the .13-micron progress (ph) had a major impact.

我認為 0.13 微米的進展 (ph) 產生了重大影響。

OK.

好的。

Thank you, sir.

謝謝你，先生。

Thank you.

謝謝。

Our next question comes from Mike McConnell with Pacific Crest Securities.

我們的下一個問題來自 Pacific Crest Securities 的 Mike McConnell。

Please go ahead with your follow-up question.

請繼續提出您的後續問題。

Thank you.

謝謝。

One last question I have is obviously on the SARS outbreak.

我的最後一個問題顯然是關於非典的爆發。

What are you seeing?

你看到什麼了？

Obviously you're stationed in Asia.

顯然你駐紮在亞洲。

There was an article coming out of a Taiwanese newspaper, saying that this could cause delay in your Senjian facility plans for that.

台灣報紙上有一篇文章說，這可能會導致你們森劍設施計畫的延遲。

Could you just give us an update there and what you're seeing and any type of effect it's having on your production or your customer's production, anything like that?

您能否向我們提供最新情況以及您所看到的情況以及它對您的生產或客戶的生產產生的任何類型的影響，諸如此類？

Well, actually right now as far as the China plant is concerned, we haven't really made any commitment to any customer.

那麼實際上目前就中國工廠而言，我們還沒有真正對任何客戶做出任何承諾。

So, we don't see any impact on the customer side.

因此，我們認為對客戶方面沒有任何影響。

As far as the fab progress is concerned, it really depends on how the SARS situation in China will go.

就晶圓廠的進展而言，這實際上取決於中國的非典情況將如何發展。

Certainly, right now how much traveling involved has stopped people going to China for almost a month now.

當然，目前涉及的旅行量已經導致人們近一個月停止前往中國。

OK, thank you.

好的謝謝。

Thank you.

謝謝。

Our next question comes from Prana Kumar Samal (ph) with Sawa (ph) Institute Events (ph) Research.

我們的下一個問題來自 Sawa (ph) Institute Events (ph) Research 的 Prana Kumar Samal (ph)。

Please go ahead with your follow-up question.

請繼續提出您的後續問題。

Operator, we will have this as the last question.

接線員，我們將把這個當作最後一個問題。

Thank you, sir.

謝謝你，先生。

Thank you very much.

非常感謝。

Would it be possible to elaborate a little bit about mass cost for the 90 nanometer and 130 nanometer and how you are attracting customers to migrate to that higher mass cost level, whether you are subsidizing some of the mass cost at this point?

是否可以詳細說明一下 90 奈米和 130 奈米的品質成本，以及您如何吸引客戶遷移到更高的品質成本水平，目前您是否正在補貼一些品質成本？

Or there are some more multiple debt (ph) wafer you are looking at, if you can give us some idea on that side.

或者您正在考慮更多的多重債務（ph）晶圓，如果您能給我們一些這方面的想法的話。

Yes.

是的。

There's no question the cost is going up from 130 to 90.

毫無疑問，成本從 130 漲到 90。

We - as you also know that we have already started the 90 nanometer fiber shuttle and BW (ph) projects for our customers.

如您所知，我們已經為客戶啟動了 90 奈米光纖梭和 BW (ph) 專案。

And quite a few of them are using them to lower the mask issue.

其中相當多的人正在使用它們來減少面具問題。

And we continue to work from the business point of view with customers to reload (ph) the potential hurdle.

我們繼續從業務角度與客戶合作，克服潛在的障礙。

It will not be the showstopper for the 90-nanometer generation.

它不會成為 90 納米一代的主角。

Is it possible to give us some idea like how much a 90 nanometer must cost compared to how many times are more expensive than, say, 130 nanometer given the particular maybe nine metal layer sort of mask - rough estimate?

是否有可能給我們一些想法，例如 90 奈米的成本是多少，與 130 奈米相比貴多少倍（考慮到特定的可能是九層金屬層的掩模）——粗略估計？

Sorry, we do not have that data at the top of my head.

抱歉，我們腦子裡沒有這些數據。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Mr. Chang, please go ahead with any closing statements.

張先生，請繼續進行結案陳詞。

OK.

好的。

I just want to thank everyone for joining us.

我只想感謝大家加入我們。

And I also want to thank Rick, who is out (ph) in California.

我還要感謝遠在加州的里克。

We shall see you next time on the next conference call.

我們下次電話會議再見。

Thank you.

謝謝。

Good night.

晚安。

Thank you.

謝謝。

Thank you, sir.

謝謝你，先生。

Before we conclude TSMC's first quarter 2003 earnings Webcast conference call today, please be advised that the replay of the conference call will only be accessible through TSMC's Web site at www.tsmc.com.

在我們今天結束台積電 2003 年第一季財報網路廣播電話會議之前，請注意，電話會議的重播只能透過台積電的網站 www.tsmc.com 觀看。

Thank you, all.

謝謝你們。