台積電 ADR (TSM) 2012 Q1 法說會逐字稿

(Audio in progress) -- for those participants who do not yet have a copy of the press release, you may download it from TSMC's website at www.tsmc.com.

（音訊正在進行中）—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。

I would like to remind all listeners that the following discussions may contain forward-looking statements that are subject to significant risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements.

我想提醒所有聽眾，以下討論可能包含前瞻性陳述，這些陳述存在重大風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。

Information as to those factors that could cause actual results to differ materially from TSMC's forward-looking statements may be found in TSMC's annual report on Form 20-F, filed with the United States Securities and Exchange Commission on April 13, 2012, and such other documents as TSMC 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陳述存在重大差異的因素的信息，請參見台積電於 2012 年 4 月 13 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報告。 SEC 提交或提交的文件。

Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

除法律要求外，我們不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

And now I would like to turn the call over to Lora.

現在我想把電話轉給洛拉。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Good morning and good evening to everyone.

大家早安，晚上好。

Thank you for joining us in the first quarter earnings conference call.

感謝您參加我們第一季財報電話會議。

Tonight I will start with the financial results for the first quarter and give you the outlook for the second quarter, followed by some comments on the supply chain inventory.

今晚我將從第一季的財務表現開始，給大家展望第二季度，然後是對供應鏈庫存的一些評論。

The first quarter 2012 was a stronger and seasonal quarter for TSMC.

2012 年第一季對於台積電來說是一個強勁的季節性季度。

Compared to a normal seasonal decline, our revenue increased 0.8% to TWD105 billion.

與正常的季節性下降相比，我們的收入成長了 0.8%，達到 1,050 億新台幣。

In the US dollar terms the increase was 2.7% over last quarter, which was slightly better than our guidance.

以美元計算，較上季成長 2.7%，略優於我們的指導。

During our last earning conference call we had expected the beginning of inventory replenishment in certain applications to drive first quarter demand.

在我們上次的收益電話會議上，我們預計某些應用程式的庫存補充將推動第一季的需求。

On top of that, the better technology also contribute to the first quarter's strength.

最重要的是，更好的技術也促成了第一季的強勁。

On the margin side, first quarter gross margin was 47.7%, or 3 percentage point higher than that in the fourth quarter 2011.

毛利率方面，第一季毛利率為47.7%，較2011年第四季高出3個百分點。

This is also about 3 points higher than our guidance, as the first quarter utilization rate was a lot higher than we had expected, reflecting the strong -- stronger demand in the first quarter and second quarter.

這也比我們的指導高出約 3 個百分點，因為第一季的利用率遠高於我們的預期，反映了第一季和第二季強勁的需求。

The first quarter's gross margin also includes the negative impact from NT dollar's appreciation and the temporary margin dilution effect from 28-nanometer, which takes place during the initial ramping stage of every technology node.

第一季的毛利率還包括新台幣升值的負面影響以及28奈米在每個技術節點的初始爬坡階段所產生的暫時性的利潤稀釋效應。

Operating margin was 33.6%, up 2.2 percentage point.

營業利益率為33.6%，上升2.2個百分點。

Operating expense increased about TWD1 billion, mainly due to higher operating expense for Fab-15 in preparation for 28-nanometer ramp up, as well as the increased R&D investment for 20-nanometer technology.

營業費用增加約10億新台幣，主要是因為Fab-15為28奈米產能提升所準備的營業費用增加，以及20奈米技術的研發投入增加。

Overall, our first quarter EPS was TWD1.29.

整體而言，我們第一季 EPS 為新台幣 1.29。

ROE for the first quarter was 20.8%.

第一季淨資產收益率為20.8%。

Let's move on to revenue analysis.

讓我們繼續進行收入分析。

For applications; computer, consumer and industrial related revenue benefit from the customers' inventory replenishment and increased by 11%, 17% and 11% respectively, whereas communication decreased by 9% due to the product transitions in emerging market.

對於應用程式；電腦、消費及工業相關收入受惠於客戶庫存補充，分別成長11%、17%及11%，而通訊則因新興市場產品轉型而下跌9%。

By technology; as we had expected last quarter, 28-nanometer contribution more than doubled to 5% of total wafer sales in the first quarter.

透過技術；正如我們上季度預期的那樣，28 奈米的貢獻增加了一倍多，達到第一季晶圓總銷售額的 5%。

This was the fastest ramp in foundry history as we tried to chase customers' massive demand.

這是代工廠史上最快的產能提升，因為我們試圖滿足客戶的龐大需求。

Meanwhile, 40-nanometer, 45-nanometer continued to be solid and contributed to 32% of our total wafer revenue, exceeding 65-nanometer for the first time.

同時，40奈米、45奈米持續穩固，貢獻了我們晶圓總收入的32%，首次超過65奈米。

Overall, contribution from 65-nanomter and below technologies increased 4 percentage points to 63%.

整體而言，65奈米及以下技術的貢獻增加了4個百分點，達到63%。

Our days of inventory increased by 4 days to 39 days in the first quarter.

第一季我們的庫存天數增加了 4 天，達到 39 天。

The -- sorry, days of inventory increased by 4 days to 47 days in the first quarter.

抱歉，第一季庫存天數增加了 4 天，達到 47 天。

The increase was mainly from the higher working process inventory in response to the strong second quarter demand.

這一成長主要是由於第二季強勁需求導致工序庫存增加。

On the cash flow side, we generated TWD57 billion from operations, invested TWD49 billion in capital expenditure, raised TWD17 billion through corporate bonds and increased TWD9 billion in short-term loans for currency hedge purpose.

現金流方面，營運產生570億新台幣，資本支出投入490億新台幣，透過公司債籌集170億新台幣，並增加短期貸款90億新台幣用於貨幣對沖。

As a result, our cash balance increased TWD27 billion to TWD171 billion at the end of the first quarter.

因此，我們的現金餘額在第一季末增加了 270 億新台幣，達到 1,710 億新台幣。

Let me move on to our full year capacity plan.

讓我繼續討論我們的全年產能計劃。

We expect our total capacity to increase about 12% to reach 14.8 million wafers in 2012.

我們預計 2012 年總產能將成長約 12%，達到 1,480 萬片晶圓。

Majority of the increase comes from a 17% increase in 12-inch wafers.

大部分成長來自12吋晶圓17%的成長。

Our third GigaFab, Fab-15, begins 28-nanometer volume production this month, and then ramped at fastest speed in our history to reach about 50,000 wafer per month by the end of this year.

我們的第三座 GigaFab Fab-15 於本月開始 28 奈米量產，然後以我們歷史上最快的速度增產，到今年年底達到每月約 50,000 片晶圓。

On the supply chain inventory, after the inventory adjustment to the second half of last year, supply chain DOI already dropped below seasonal level by the end of fourth quarter.

供應鏈庫存方面，經過去年下半年的庫存調整，供應鏈DOI到第四季末已經跌破季節性水準。

We estimate that the DOI exiting the first quarter will be even lower and then approach the seasonal level by the end of second quarter.

我們預計第一季的 DOI 將會更低，然後在第二季末接近季節性水準。

Before I turn to our next quarter guidance, I would like to talk about some dynamics in our second quarter gross margin, including utility cost, exchange rate, production cost and utilization.

在談到下一季的指導之前，我想談談第二季毛利率的一些動態，包括公用事業成本、匯率、生產成本和利用率。

First of all, the utility rate in Taiwan will start to increase from the middle of next month.

首先，台灣地區的電費將從下個月中旬開始上漲。

For TSMC this mean about 38% increase in average utility rate, which will take out 0.4 percentage point from the second quarter's gross margin or 0.5 percentage point from operating margin.

對於台積電來說，這意味著平均利用率增加約38%，這將使第二季的毛利率減少0.4個百分點，或營業利潤率減少0.5個百分點。

For second half of this year the impact will go up to about 1% of operating margin.

今年下半年，營業利益率的影響將達到約 1%。

Moreover, the higher summer utility price will start to be applied in July and take about 0.3 percentage points from gross margin in the second quarter.

此外，較高的夏季公用事業價格將於7月開始實施，這將導致第二季的毛利率下降約0.3個百分點。

As for the exchange rate, we anticipate a slight NT dollar appreciation to impact the second quarter gross margin by 0.2 percentage point.

匯率方面，我們預期新台幣小幅升值將影響第二季毛利率0.2個百分點。

On production cost, Fab-15 will start to contribute revenue from the second quarter given the higher initial production cost of a ramp in 28-nanometer, particularly in the new Fab.

在生產成本方面，鑑於 28 奈米製程的初始生產成本較高，特別是在新 Fab 中，Fab-15 將從第二季開始貢獻收入。

Its margin impact is estimated to be negative 2.5 percentage point.

其利潤率影響預計為負 2.5 個百分點。

Apart from 28-nanometer, other technology node will see efficiency improvements which will contribute about 1 percentage point to our gross margin.

除28奈米外，其他技術節點的效率也會提高，這將為我們的毛利率貢獻約1個百分點。

Lastly, on utilization, thanks to the strong wafer demand driven by mobile computing devices our utilization will continue to pickup and contribute about 2.8 percentage points to gross margin.

最後，在利用率方面，由於行動運算設備驅動的強勁晶圓需求，我們的利用率將持續上升，並為毛利率貢獻約2.8個百分點。

Overall, our second quarter gross margin will increase slightly from first quarter.

總體而言，我們第二季的毛利率將比第一季略有增加。

Now let me turn to outlook for the second quarter this year.

現在讓我談談今年第二季的展望。

Based on our current business expectation and a forecast exchange rate of TWD29.58 we expect our revenue to be between TWD126 billion and TWD128 billion, which translate into a sequential growth of 19% to 21%.

根據我們目前的業務預期和預測匯率TWD29.58，我們預計我們的收入將在1,260億新台幣至1,280億新台幣之間，相當於環比增長19%至21%。

In terms of margins, we expect the second quarter gross margin to be between 47% and 49% and operating margin to be between 34.5% and 36.5%.

利潤率方面，我們預期第二季毛利率將在47%至49%之間，營業利益率將介於34.5%至36.5%之間。

Now, I would like to turn the call over to Dr.

現在，我想把電話轉給博士。

Morris Chang, our Chairman and CEO, for his remarks.

感謝我們的董事長兼執行長張忠謀的演講。

Hi, ladies and gentlemen.

嗨，女士們、先生們。

Good evening or good morning as the case may be.

晚上好或早上好，視情況而定。

The news in the last quarter has ranged from encouraging to exciting.

上個季度的消息既有令人鼓舞的，也有令人興奮的。

Encouraging was the macroeconomic news from the United States and China, which are our largest end markets.

來自美國和中國的宏觀經濟消息令人鼓舞，這兩個國家是我們最大的終端市場。

Both economies seem to have averted a worst possible scenario and are playing out in a medium good scenario.

兩個經濟體似乎都避免了最壞的情況，並呈現出中等良好的情況。

And encouraging was also the world's semiconductor market trend.

令人鼓舞的還有世界半導體市場的趨勢。

It now looks to exceed our earlier forecast of plus 2% growth this year.

現在看起來超出了我們之前預測的今年 2% 的成長。

Exciting was that after two quarters of sequential decline TSMC's business points to a solid growth year this year.

令人興奮的是，經過兩個季度的連續下滑後，台積電的業務今年將穩健成長。

In the first quarter, three months ago, we had estimated that first quarter would be flat or a little down.

在第一季度，三個月前，我們預計第一季將持平或略有下降。

It turned out to be a little up.

原來是有點漲了。

Not only that, the incoming orders was strong enough that allowed us to guide a very solid growth second quarter, as Lora has just done.

不僅如此，新收到的訂單足夠強勁，使我們能夠在第二季度實現非常穩健的成長，正如 Lora 剛剛所做的那樣。

Not only that, the orders forecast, which is our forecast of incoming orders in the next few months, is also very strong, and that means that third quarter in all likelihood -- third quarter in all likelihood will be a continued growth quarter.

不僅如此，訂單預測，即我們對未來幾個月收到的訂單的預測，也非常強勁，這意味著第三季很可能將是一個持續成長的季度。

Most exciting is that our 28-nanometer, which is being ramped up just now.

最令人興奮的是我們的28奈米，才剛開始量產。

In fact, first quarter was the first ramp up quarter.

事實上，第一季是第一個成長季度。

28-nanometer is now turning out to be a roaring success.

28 奈米技術現已取得巨大成功。

The success has exceeded the expectations of our partners who have designed with our 28-nanometer technology and the success of course has exceeded our expectations too.

這個成功超出了使用我們的 28 奈米技術進行設計的合作夥伴的預期，當然也超出了我們的預期。

Let me talk more about 28-nanometer.

我再多談談28奈米。

Its performance and the costs are both attractive.

其性能和成本都很有吸引力。

We are the only effective foundry supplier.

我們是唯一有效的代工供應商。

We are quite confident that we'll remain the only effective foundry supplier for quite some time to come, and we are also confident that in the long run, which means many years, we will be the primary supplier.

我們非常有信心，在未來相當長的一段時間內，我們將仍然是唯一有效的代工供應商，而且我們也有信心，從長遠來看，這意味著很多年，我們將成為主要供應商。

Demand of 28-nanometers has surpassed our customers and our expectations, resulting in supply shortage.

28奈米的需求超出了我們的客戶和我們的預期，導致供應短缺。

I think the worst of the supply shortage is behind is us.

我認為最嚴重的供應短缺已經過去了。

We expect that we will be very close to catching up in the fourth quarter this year and we expect to have completely caught up with demand by the first quarter next year, and we will not fall behind again.

我們預計今年第四季我們將非常接近趕上，並且預計到明年第一季我們將完全趕上需求，我們不會再次落後。

This supply shortage problem is not caused by yield problems, but by underestimate by both our customers and us of the capacity and ramp up speed required this year.

這種供應短缺問題不是由產量問題引起的，而是我們和客戶都低估了今年所需的產能和爬坡速度。

The D0 and yields are on plan and exceeds those parameters in the early stage of 40-nanometer.

D0和良率均在計畫範圍內，並且超過了40奈米早期階段的參數。

Significantly, this is the first time the mobile product customers have played a big role in our leading edge node.

值得注意的是，這是行動產品客戶第一次在我們的前沿節點中發揮重要作用。

Now we are anticipating that in 20-nanometer, the next node, the mobile product customers will perhaps play an even more important role.

現在我們預計，在下一個節點20奈米，行動產品客戶或許將扮演更重要的角色。

It is now clear that 28-nanometer will be one of our biggest and most successful nodes, if not the biggest.

現在很明顯，28 奈米即使不是最大的節點，也將是我們最大、最成功的節點之一。

Turning to 20-nanometer, the development is on track with very good yield on SRAM.

轉向 20 奈米，開發已步入正軌，SRAM 產量非常高。

Compared with 28-nanometer, 20-nanometer is 1.9 times the density and has significant performance improvement in both speed and power.

與28奈米相比，20奈米密度是28奈米的1.9倍，在速度和功耗方面都有顯著的性能提升。

We have engaged with more first wave customers than even the 28-nanometer.

我們與第一波客戶的合作甚至比 28 奈米還要多。

If you recall a year or two ago, I told you that we were very pleased with the number of engagements on the 28-nanometer.

如果您還記得一兩年前，我告訴過您，我們對 28 奈米的參與數量非常滿意。

Now this time on the 20-nanometer we're engaged with even more customers than in the 28-nanometer.

現在，我們在 20 奈米製程上接觸的客戶甚至比在 28 奈米製程上的客戶還要多。

Also, this early engagement with a large number of customers on 20-nanometer means earlier collaborations, so that when the ramp up starts it will be faster and smoother.

此外，與大量客戶在 20 奈米技術上的早期接觸意味著更早的合作，因此當產能開始增加時，會更快、更順利。

We plan to roll out 20-nanometer at the end of this year.

我們計劃在今年年底推出 20 奈米製程。

Now FinFET, for significant performance gains.

現在採用 FinFET，可顯著提高效能。

We are going to introduce FinFET after the 28-nanometer planar.

繼28奈米平面之後，我們將推出FinFET。

We've been working on FinFET for more than 10 years.

我們在 FinFET 領域的研究已超過 10 年。

We are quite confident that we'll have a robust FinFET technology.

我們非常有信心我們將擁有強大的 FinFET 技術。

Now turning to subsystem integration.

現在轉向子系統整合。

I mentioned a year or so ago in more than one of these conferences that we're working on things like CoWoS, which stands for chip on wafer on substrate; BOT, which stands for bond on trace; and wafer level fan-out.

大約一年前，我在不只一次這樣的會議上提到，我們正在研究 CoWoS 之類的東西，它代表基板上晶圓上的晶片； BOT，代表 Bond on Trace；和晶圓級扇出。

All those are reported on more than once.

所有這些都不只一次被報道。

All those are under our subsystem integration program.

所有這些都在我們的子系統整合計劃之下。

We do plan to provide system or subsystem solutions and they are innovative solutions consisting of CoWoS, BOT and wafer level fan-out.

我們確實計劃提供系統或子系統解決方案，它們是由 CoWoS、BOT 和晶圓級扇出組成的創新解決方案。

We will also provide manufacturing capacity to better capture value.

我們還將提供製造能力，以更好地獲取價值。

We also are building a ecosystem with key partners in memory, EDA tools, IPs and substrates.

我們還與記憶體、EDA 工具、IP 和基板領域的主要合作夥伴建立了一個生態系統。

Now I'd like to say a few words about our capital expenditures.

現在我想談談我們的資本支出。

Our Company mission is to be the trusted provider of technology and capacity to the global logic IC industry in the years to come.

我們公司的使命是在未來幾年成為全球邏輯 IC 產業值得信賴的技術和產能提供者。

We will provide our customers with capacity and technology.

我們將為客戶提供產能和技術。

We are going to back them 100%.

我們將100%支持他們。

With 28-nanometers and the subsystem -- sorry, with the 28-nanometers and the subsystem and the system technology developing, 28-nanometer is being rapidly ramped up; 28-nanometer and especially technologies as well are being developed actively.

隨著28奈米和子系統——抱歉，隨著28奈米和子系統以及系統技術的發展，28奈米正在迅速崛起； 28奈米技術尤其是技術正在積極開發中。

We see very strong growth for the Company in the next few years.

我們預計公司在未來幾年將實現非常強勁的成長。

The strategy we outlined to you two or three years ago is going to bear fruit.

我們兩三年前向您提出的策略將會取得成果。

It has already borne some fruit and it is going to bear even more fruit.

它已經結出了一些果實，並且還將結出更多的果實。

The fruit will be a period of very strong growth for the next few years.

未來幾年，該果實將是一個非常強勁的生長時期。

Keeping our mission in mind and looking forward to the very strong growth for the Company for the next few years, we have increased the estimate of capital expenditure of this year from $6 billion to $8 billion to $8.5 billion.

牢記我們的使命並期待公司未來幾年的強勁成長，我們將今年的資本支出預估從 60 億美元提高到 80 億美元，再到 85 億美元。

Of the increase of $2 billion to $2.5 billion, $1.3 billion to $1.5 billion is for 28-nanometer, $700 million is for 20-nanometer pull-in.

在增加的20億至25億美元中，13億至15億美元用於28奈米，7億美元用於20奈米拉入。

We originally had planned to spend the first large increment of 20-nanometer capacity next year.

我們原本計劃明年投入第一批20奈米產能的大幅增量。

Now we are planning to pull-in that investment to this year.

現在我們計劃把這筆投資拉到今年。

About $200 million is for BSI and the embedded flash.

大約 2 億美元用於 BSI 和嵌入式快閃記憶體。

About $100 million is for backend, which is the system and the subsystem integration that I just talked about.

大約1億美元用於後端，就是我剛才講的系統和子系統整合。

Therefore after the sequential decline of the second half of last year I'm very happy that we now have bright news.

因此，在經歷了去年下半年的連續下滑之後，我很高興我們現在有了好消息。

And it's not just a cyclical movement, because the outlook is based on primarily technology progress; on the 8-nanometers; 20-nanometers; some special technologies; embedded flash; CMOS image sensor; and then in the slightly longer ranger future, subsystems integration.

這不僅僅是一種週期性運動，因為前景主要基於技術進步； 8奈米； 20奈米；一些特殊技術；嵌入式快閃記憶體； CMOS影像感測器；然後在稍長的遊騎兵未來，子系統整合。

Thank you very much.

非常感謝。

All right.

好的。

This concludes our prepared statements.

我們準備好的演講到此結束。

Operator, please open the floor to questions.

接線員，請開始提問。

(Operator Instructions).

（操作員說明）。

Daniel Heyler, Bank of America Merrill Lynch.

丹尼爾·海勒，美銀美林。

I had follow-up on the FinFET question, Dr.

我對 FinFET 問題進行了跟進，Dr.

Chang.

張。

Today you had in just your opening comments you had mentioned that FinFET would be introduced after the 20-nanometer planar version.

今天您在開場白中提到 FinFET 將在 20 奈米平面版本之後推出。

I don't know if I'm reading into this too much or not, it sounded like maybe a little bit of a different tone then previously.

我不知道我是否讀太多了，聽起來可能和以前的語氣有點不同。

I believe last time you guys said that FinFET would be on -- most likely on 14-nanometer.

我相信上次你們說 FinFET 將在 14 奈米上出現。

So just to clarify that, would FinFET possibly be on a later version of 20-nanometer or is it still embedded in the 40-nanometer ramp -- 14-nanometer ramp?

因此，為了澄清這一點，FinFET 可能會採用 20 奈米的更高版本，還是仍嵌入 40 奈米斜坡 - 14 奈米斜坡中？

Well, I'm not saying that, I'm not saying either.

好吧，我不是這麼說的，我也不是這麼說的。

And I think it could still be the 14-nanometer, but it can also be a later version of 20-nanometer.

我認為它仍然可能是14奈米，但也可能是20奈米的更高版本。

And we -- at this point I'm not going to predict or commit either way.

我們——在這一點上，我不會預測或承諾任何一種方式。

Okay, great.

好的，太好了。

Thank you for that.

謝謝你。

And then with regard to the huge growth that you're seeing in 2Q and it seems like pretty good visibility, as you said, likely growth into the third quarter for this year.

然後，關於您在第二季度看到的巨大增長，正如您所說，可見性似乎相當好，今年第三季度可能會出現增長。

Maybe walk us through the sustainability of that, because clearly a lot of smartphones getting introduced by handset companies across the world and tablets.

也許可以帶我們了解其可持續性，因為顯然世界各地的手機公司推出了許多智慧型手機和平板電腦。

So beyond the product introductions in 2Q and 3Q, what are your thoughts on sustainability of growth from fourth quarter into next year?

那麼除了第二季和第三季的產品推出之外，您對第四季到明年的成長永續性有何看法？

I think that there may be some cyclicality in the one year, two year term.

我認為一年、兩年的任期可能有一定的週期性。

But as far as the long-term is concerned -- I'm talking about three, four years -- I am quite confident that our three or four year growth is sustainable, because we're not just talking about the hand-held products, the mobile products sector, although we do depend quite a bit on it.

但就長期而言——我說的是三四年——我非常有信心我們三四年的成長是可持續的，因為我們不僅僅是在談論手持產品，移動產品部門，儘管我們確實相當依賴它。

But in addition to the strong growth of the mobile product sector, which benefits us, we're also talking about leadership; technology leadership, capacity leadership in the entire global logic IC industry.

但除了行動產品領域的強勁成長讓我們受益之外，我們還談論領導力；技術領先、產能領先整個全球邏輯IC產業。

Of course, I'm talking about leadership of -- leadership as a foundry.

當然，我說的是鑄造廠的領導力。

But that's getting to be more important in the whole scheme of things also now.

但現在這在整個計劃中也變得更加重要。

So I'm banking on leadership, technology and the capacity leadership plus trust from our customers, which we have had for a long time and we plan to maintain in the future.

因此，我依靠領導力、技術和能力領導力以及客戶的信任，我們長期以來一直擁有這種信任，並計劃在未來保持這種信任。

I'm banking on our leadership in those areas plus the strong growth of the mobile products.

我指望我們在這些領域的領導地位以及行動產品的強勁成長。

Thank you for that.

謝謝你。

And if I --

如果我——

I hope I've -- yes.

我希望我已經——是的。

You sure have.

你肯定有。

Thanks very much.

非常感謝。

And if I may ask just one more and then I'll get back in the queue.

如果我可以再問一個問題，然後我就會回到隊列中。

So today you'd mentioned that it's quite difficult to predict the mix of 20-nanometer, which is exceeding your expectation for the fourth quarter I think over 20% of revenue by fourth quarter, which is a very steep ramp.

今天您提到，預測 20 奈米的組合非常困難，這超出了您對第四季度的預期，我認為到第四季度將佔收入的 20% 以上，這是一個非常陡峭的增長。

But predicting the mix between the bulk version or the so-called Poly/SiON version and then the higher performance lower power version, the high high-K metal gate version.

但預測體版本或所謂的多晶矽/SiON 版本與更高性能、更低功耗版本、高高 K 金屬閘極版本之間的混合。

Predicting the mix between those is difficult and I understand somewhat customer driven.

預測這些之間的組合很困難，我理解有些是客戶驅動的。

Once the High-K Metal Gate kicks in, are there ASP implications for that?

一旦高 K 金屬閘極啟動，會對 ASP 產生影響嗎？

Is that a higher -- commanding a higher SP variety of the 28?

這是 28 中更高的——指揮更高的 SP 種類嗎？

Yes.

是的。

Yes, actually it does command higher price than the LP version.

是的，實際上它的價格確實比 LP 版本更高。

Is it meaningful?

有意義嗎？

I beg your pardon?

請再說一次？

Is it a meaningful price difference?

這是一個有意義的價格差異嗎？

I mean, given the performance and the power envelope is I believe materially better.

我的意思是，考慮到性能和功率範圍，我相信實質上更好。

I'm just wondering whether you would be capturing a meaningful ASP lift from the high (multiple speakers)?

我只是想知道您是否會從高位（多個揚聲器）捕獲有意義的 ASP 提升？

Yes, I think -- I would call it a meaningful one, yes.

是的，我認為——我會稱之為有意義的，是的。

Okay.

好的。

Thank you very much.

非常感謝。

Mehdi Hosseini, Susquehanna International.

邁赫迪·侯賽尼，薩斯奎哈納國際。

Going to Dan's question, Dr.

回答丹的問題，博士。

Chang, can you please help us better understand or evaluate the 28-nanometer High-K Metal Gate coming out of Taiwan versus competitors, gate-last versus gate-first?

Chang，您能否幫助我們更了解或評估台灣生產的 28 奈米高 K 金屬閘極與競爭對手、後閘極與先閘極？

We do know that gate-last is sustainable, but is there anything from your end that you can offer to better help us understand the differences and how it is going to help you keep the leadership?

我們確實知道「後門」是可持續的，但您能提供什麼來更好地幫助我們理解差異以及它將如何幫助您保持領先地位嗎？

And I have a follow-up.

我有一個後續行動。

Now as far as gate-last versus gate-first is concerned that battle is over, and gate-last has won.

現在就後門與先門而言，戰鬥已經結束，後門獲勝。

Now I think two to three years ago when I first resumed the CEO responsibilities that was a very controversial issue, and at that time I think I took some time to explain to the investors what the technical differences were.

現在我想，兩三年前，當我第一次恢復執行長職責時，這是一個非常有爭議的問題，當時我想我花了一些時間向投資者解釋技術差異是什麼。

And basically, both have their advantages; gate-last and gate-first have their advantages.

基本上，兩者都有各自的優點；後柵極和先柵極各有其優點。

And both also have their disadvantages.

兩者也都有各自的缺點。

And just to put it very simply, gate-first appeared to be easier to implement.

簡而言之，門優先似乎更容易實現。

However, in the actual implementation you could run into serious difficulties, and we anticipated that perhaps better than the people who decided to use the gate-first approach.

然而，在實際實施中，您可能會遇到嚴重的困難，我們預計這可能比決定使用門優先方法的人更好。

So we felt that ultimately gate-last would be the correct route.

所以我們認為最後登機口最終會是正確的路線。

And all right -- so I say the battle is over because even though some companies have continued to pursue gate-first on the 28-nanometer, 32-nanometer, but they have also decided to switch to the gate-last route in their 20-nanometer.

And all right -- so I say the battle is over because even though some companies have continued to pursue gate-first on the 28-nanometer, 32-nanometer, but they have also decided to switch to the gate-last route in their 20 -奈米.

So I don't think that it's an issue anymore.

所以我認為這不再是一個問題了。

Got it.

知道了。

And then one follow-up on the operating margin.

然後是營業利益率的一項後續行動。

The last time it peaked at 42% in Q4 of '05.

上一次達到 42% 的高峰是在 05 年第四季。

Given the improving blended ASPs and the challenges with increasing utility cost and everything, do you think that you can meet or exceed that 42% operating margin from Q4 of '05?

考慮到混合平均售價的提高以及公用事業成本增加等方面的挑戰，您認為您能夠達到或超過 05 年第四季 42% 的營業利潤率嗎？

I -- let me ask our CFO, Lora, to answer that one.

我——讓我請我們的財務長 Lora 回答這個問題。

Q4 of '05 actually was a long time ago.

05年第四季其實已經是很久以前的事了。

Yes.

是的。

It's not trying --

這不是在嘗試——

Well, I'm just trying to -- I'm trying to understand how a better blended ASP is going to help offset some of the higher cost associated with like electricity, and would you be able to capitalize on it and actually be able to continue expand operating margin going forward?

嗯，我只是想——我想了解更好的混合 ASP 將如何幫助抵消與電力等相關的一些較高成本，您是否能夠利用它並實際上能夠未來繼續擴大營業利潤率？

Let me comment your Q4 of [P5] first, and I'll go to the utility cost impact to your margin.

讓我先評論一下你們的 [P5] 第 4 季度，然後我將討論公用事業成本對你們利潤的影響。

Before 2008, actually the profit sharing expense in Taiwan was not expensed.

2008年之前，台灣的獲利分享費用其實並未計入費用。

Bonuses, yes.

獎金，是的。

Employee bonus.

員工獎金。

After 2008, it was expensed.

2008年以後，費用化。

Now actually it has quite a significant impact to our profitability.

現在實際上它對我們的獲利能力產生了相當大的影響。

Now we have allocated about 13.5% from our net income to employee as an employee bonus.

現在我們已將淨利潤的約13.5%分配給員工作為員工獎金。

If I remember correctly, the impact to operating margins is about 5% digit point.

如果我沒記錯的話，對營業利益率的影響約為 5%。

So that's the major difference, okay.

這就是主要的區別，好吧。

Nowadays, utility costs will go up.

如今，公用事業成本將會上漲。

In the second quarter we anticipate the utility cost for TSMC will go up by 38% in average.

我們預計第二季台積電的公用事業成本將平均上漲38%。

That will cost the 0.5% operating margin decline in the second quarter.

這將使第二季營業利潤率下降 0.5%。

And going forward to second half, the impact will be bigger, will be about 1 percentage point.

而到了下半年，影響會更大，大約是1個百分點。

So other than that -- and we also have foreign exchange impact.

除此之外，我們也受到外匯影響。

NT dollar has appreciated pretty much in the recent few years.

新台幣近幾年升值幅度很大。

If I -- you remember we have a -- give a rough estimation for every percent of exchange rate change.

如果我——你還記得我們有——對匯率變化的每一個百分比進行粗略估計。

The impact to our gross margin was about 0.4 percentage point.

對我們毛利率的影響約為 0.4 個百分點。

So that's another factor that's beyond our control.

這是我們無法控制的另一個因素。

But given the trend in 28-nanometer ramp and better ASP contribution, is that -- would that be enough to offset some of these headwinds on the margin front?

但考慮到 28 奈米技術進步的趨勢和更好的平均售價貢獻，這是否足以抵消利潤方面的一些不利因素？

Well, let me take up the question now.

好吧，現在讓我來回答這個問題。

I think you understand that -- did you hear Lora's explanation of the employee profit sharing, which was not expensed --

我想你明白這一點——你聽過洛拉對員工利潤分享的解釋嗎？

Yes.

是的。

-- until '08?

——直到 08 年？

So the period that you mentioned -- the last quarter of '05, did you say?

那你提到的那個時期——05 年最後一個季度，你是說嗎？

Yes.

是的。

Yes.

是的。

Last quarter of '05 the employee bonus, the employee profit sharing was not expensed.

05 年最後一個季度的員工獎金、員工利潤分享並未支出。

And so if you normalize the profit margin, the operating profit margin at that time to the present day situation, you will lose 5 points right away there.

因此，如果你將當時的利潤率、營業利潤率標準化為目前的情況，你將立即損失 5 個百分點。

So you said 42%, did you not?

所以你說的是42%，是嗎？

Yes.

是的。

So you lose 5 points right there, so it's 37%.

所以你就損失了 5 個點，也就是 37%。

And Lora then went on to explain the power cost and the exchange rate and so on.

隨後Lora又向我們解釋了電費、匯率等情況。

So now if you're asking whether one day we'll get back to 37% again operating profit, 37% operating profit, my answer, yes, yes.

所以現在如果你問是否有一天我們的營業利潤會再次回到 37%，37% 的營業利潤，我的答案是，是的，是的。

And I would like to see that day come, yes.

我希望看到那一天到來，是的。

Yes, I don't -- and I see no intrinsic reason why we can't.

是的，我不知道——而且我看不出我們不能這樣做的內在原因。

Got it.

知道了。

Thanks so much.

非常感謝。

I will go back in the queue.

我會回到隊列中。

Okay.

好的。

Randy Abrams, Credit Suisse.

蘭迪·艾布拉姆斯，瑞士信貸。

Wanted to see if I could ask on what are the factors that prompted the decision to pull-in $700 million to accelerate 20-nanometer, and if you could talk about what's the pull in?

我想問是什麼因素促使我們決定投入 7 億美元來加速 20 奈米，您是否可以談談投入的因素是什麼？

Would this pull the volume inflection and so comes back to the two-year cadence so that second half '13 it would ramp up rather than early 2014?

這是否會拉動成交量的變化，從而回到兩年的節奏，以便 13 年下半年成交量會比 2014 年初有所增加？

I got the first part of the question.

我得到了問題的第一部分。

Let me -- the two-year cadence, second half '13 -- yes.

讓我——兩年的節奏，13 年下半年——是的。

Well, look, let me answer the first part of the question first.

好吧，讓我先回答問題的第一部分。

What were the factors that caused us to pull-in the 20-nanometer, let's say, pilot line.

是什麼因素促使我們引入 20 奈米的中試線？

Actually, the motivation was quite tied to the experience we have -- we are having on 28-nanometers.

事實上，動機與我們在 28 奈米技術上的經驗密切相關。

Now in the 28-nanometer node, 28-nanometer is the first time when the mobile product, IC customers played a big role in the ramp up.

現在到了28奈米節點，28奈米是第一次移動產品的時候，IC客戶的爬坡起到了很大的作用。

And they are very big users.

他們是非常大的用戶。

So that's -- so right now we are having to ramp up very fast, faster than we ever have previously, because previously we did not have big users that needed a lot of chips, wafers at the initial stage of the ramp up.

所以現在我們必須非常快速地提升，比以前更快，因為之前我們沒有在提升的初始階段需要大量晶片、晶圓的大用戶。

Now we anticipate that in the 20-nanometer we will have big users just as we have them now in 28-nanometer.

現在我們預計，在 20 奈米技術中，我們將擁有大量用戶，就像現在在 28 奈米技術中一樣。

In 20-nanometer we will have to ramp up very fast, perhaps even faster than we are doing -- I think will be faster than we are doing in the 28-nanometer.

在 20 奈米製程中，我們必須非常快地提升速度，甚至可能比我們現在的速度更快——我認為會比我們在 28 奈米製程中的速度更快。

So it will be much to our advantage to shorten the learning cycle.

所以縮短學習週期對我們來說是非常有利的。

And the $700 million capital expenditure was just pulled in.

而7億美元的資本支出剛剛拉進來。

We were originally going to do it sort of a bit later in next year.

我們原本打算在明年晚些時候進行。

And now, we feel that it will be to our advantage to learn faster, sooner, and that's why we want to pull in this $700 million capital expenditure into this year.

現在，我們覺得更快、更快地學習對我們有利，這就是為什麼我們今年想投入 7 億美元的資本支出。

Okay.

好的。

Now the second, the two-year cadence, what does that mean?

現在是第二個，兩年一次，這代表什麼？

Yes.

是的。

What I was implying by that, 65-nanometer ramped second half 2007, 40-nanometers second half 2009.

我的意思是，65 奈米製程將在 2007 年下半年實現成長，40 奈米製程將在 2009 年下半年實現成長。

So 28, instead of the second half 2011.

所以是 28，不是 2011 年下半年。

You're going much faster route the first half of '12.

12 年上半年你會走得更快。

So I wanted to see if that gets you back to the second half of 2013, we should start the real volume inflection on 20-nanometer now.

所以我想看看這是否能讓你回到 2013 年下半年，我們現在應該開始 20 奈米的實際體積變化。

No, I don't see the real volume of 20-nanometer in the second half of '13 yet.

不，我還沒看到 13 年下半年 20 奈米的實際體積。

I see the real volume in the first half of '14, perhaps starting from the first quarter of '14.

我看到14年上半年的實際交易量，也許是從14年第一季開始的。

So as far as the cadence is concerned, the two-year cadence or the more slow 18 months, I really think that it may slow down a little bit.

所以就節奏來說，兩年節奏或更慢的18個月，我真的認為可能會慢一點。

Okay.

好的。

And maybe the following question.

也許還有以下問題。

Wanted to see because capacity will take a few quarters to ramp up, and I think you mentioned first quarter 2013 you'll be fully cut up.

我想看看，因為產能需要幾個季度才能增加，而且我想您提到 2013 年第一季您將完全被削減。

Is the shortage opening the door a bit to some multi-sourcing or a bit more than you might have wanted?

短缺是否為某種多來源打開了大門，或者是否超出了您的預期？

But I guess I just wanted to see what you're seeing from customers that they're trying to do that or you can keep up with most of the business?

但我想我只是想看看您從客戶那裡看到了什麼，他們正在嘗試這樣做，或者您可以跟上大部分業務嗎？

Yes, it has.

是的，確實如此。

But at the end we believe that those or he who has the best and the most will get to be the primary supplier.

但最終我們相信那些擁有最好和最多的人將成為主要供應商。

Okay, thanks a lot.

好的，非常感謝。

Yes.

是的。

Steven Pelayo, HSBC.

史蒂文‧佩拉約，匯豐銀行。

A question for Lora, first, just a little explanation on the March quarter results, especially the gross margin upside.

首先問 Lora 一個問題，我對三月季度的業績進行一些解釋，特別是毛利率的上升。

Revenue grew about TWD800 million, the gross profit grew about TWD3.5 billion, so a huge incremental margin there.

營收成長約8億新台幣，毛利成長約35億新台幣，增量利潤空間龐大。

I'm struggling to understand what were the drivers behind that and it was quite the step function improvement in gross margin than what I was looking

我很難理解背後的驅動因素是什麼，毛利率的增加比我想像的要大得多

Steven,

史蒂文，

you are talking about the first quarter?

你在談論第一季嗎？

Correct.

正確的。

So can you repeat your question again?

那麼你能再重複一次你的問題嗎？

I'm struggling to understand why the incremental gross margin in the first quarter was so strong, yet a little bit of revenue growth but a very big gross profit growth.

我很難理解為什麼第一季的增量毛利率如此強勁，但營收成長了一點，但毛利成長卻非常大。

What were really the drivers behind that?

這背後的真正驅動因素是什麼？

Okay.

好的。

The driver is the utilization for the first quarter associated with the strong second quarter, because we have seen the demand were coming very strong for second quarter.

驅動因素是第一季的利用率與強勁的第二季相關，因為我們看到第二季的需求非常強勁。

So we start to build a working process in the first quarter, start a help to the Fab overall utilization.

所以我們在第一季就開始建立一個工作流程，開始對Fab的整體使用率有幫助。

So we gain utilization from that point.

所以我們從那時起就獲得了利用。

Yes, I guess I'm a little clear with the -- wouldn't the cost raise up with building up that WIP?

是的，我想我有點清楚——建立 WIP 不會增加成本嗎？

Yes, the WIP cost go up, and I explained the DOI went up by four days mainly because of the WIP.

是的，WIP 成本上升，我解釋說 DOI 增加了四天，主要是因為 WIP。

Okay, I will follow that up later.

好的，我稍後會跟進。

That's fine.

沒關係。

Then a question for Dr.

然後問博士一個問題。

Chang, I asked earlier today about the capital intensity ratio that's kind of 40% to 50% revenues.

張，今天早些時候我問過資本密集度，也就是收入的 40% 到 50%。

It looks like you're going to spend for three years here.

看起來你要在這裡度過三年。

And I asked is that the new norm, and you said -- well, you didn't think necessarily that was the norm; it was part of the cycle.

我問這就是新常態，你說——好吧，你認為這不一定是常態；這是循環的一部分。

But I guess I'm thinking out just over the next two-three years since that's going to be pretty expensive and I assume there's going to be a 450-millimeter Fab investment sometime in the next few years as well, isn't there risk that we actually do have to sustain this kind of high level of capital intensity?

但我想我會在未來兩三年內考慮，因為這將非常昂貴，而且我認為未來幾年的某個時候也會投資 450 毫米晶圓廠，這不是有風險嗎？高水準的資本密集度嗎？

Well, look, it's -- I really can't answer your question in one or two sentences.

嗯，聽著，我真的無法用一兩句話來回答你的問題。

I mean, it all comes back to having to integrate all the financial factors into the business equation.

我的意思是，這一切都歸結為必須將所有財務因素整合到業務方程式中。

All I will do -- all I can do is to say that before we commit the kind of capital we must have the potential returns, meaning potential profit and the potential return on investment in pretty good grasp before we commit the capital.

我所能做的就是——我能做的就是說，在我們投入這種資本之前，我們必須有潛在的回報，這意味著在我們投入資本之前，我們必須很好地掌握潛在的利潤和潛在的投資回報。

So -- in a strong growth period I do not think that the 40%, 50% capital intensity per se bothers me.

因此，在強勁成長時期，我認為 40%、50% 的資本密集度本身並不會讓我感到困擾。

But in the long run I don't really think that it's permanently sustainable.

但從長遠來看，我並不認為它是永久可持續的。

I mean it's -- I think that's -- you have to run huge gross margins in order to justify a 40%, 50% capital intensity.

我的意思是——我認為是——你必須擁有巨大的毛利率才能證明 40%、50% 的資本密集度是合理的。

But in a short burst -- and I mean -- by short burst I mean a 3-4 year burst -- I really think that as long as we have the potential returns in grasp, I really think that just 40%, 50% capital intensity per se does not bother me.

但在短時間內——我的意思是——我所說的短暫爆發是指3-4年的爆發——我真的認為，只要我們掌握了潛在的回報，我真的認為只有40%、 50%資本密集度本身並不困擾我。

We had history to prove that.

我們有歷史證明這一點。

We had experience to prove that.

我們有經驗證明這一點。

We had experience to prove that in several year -- in periods of several years we could sustain 40%, 50%.

我們有經驗證明，在幾年內──在幾年內，我們可以維持40%、50%。

And then for again a pretty long period of time we had only 25%, 20% capital intensity, and those happen to be low-growth years too.

然後在相當長的一段時間內，我們的資本密集度只有 25%、20%，而這些年份也剛好是低成長年份。

The 20%, 25% capital intensity years happen to be low-growth years too.

資本密集度為20%、25%的年份也剛好是低成長年份。

So it's a question -- I think it's a question of seizing an opportunity, a growth opportunity when it presents itself.

所以這是一個問題——我認為這是一個抓住機會的問題，一個成長機會出現的問題。

Okay, understand.

好的，明白了。

If I could just sneak into housekeeping questions here, your tax rate is a little bit lower than I expected, Lora.

如果我能在這裡順便談談家政問題，你的稅率比我預期的要低一點，洛拉。

I'm curious what the outlook is for tax rate?

我很好奇稅率的前景如何？

And then, secondarily, I didn't see that you gave any guidance on where you thought the segments growth rates were going to be.

其次，我沒有看到您對您認為的細分市場成長率給予任何指導。

What was going to be the relative out performers or underperformers in the second quarter?

第二季相對錶現出色或表現不佳的企業是什麼？

If I get help with those two last questions that's it for me.

如果我在最後兩個問題上得到幫助，那就對了我。

You see the tax rate -- the tax rate is like last year, it's about 7% to our net income before tax.

你看稅率－稅率和去年一樣，大約是我們稅前淨收入的7%。

And this year we expect it's going to be around 8%.

今年我們預計這一比例將在 8% 左右。

The reason being it's lower than the corporate income tax rate of Taiwan is because we have some tax credit.

之所以比台灣的企業所得稅稅率低，是因為我們有一些稅收抵免。

And we also gain further by the (inaudible) of encouragement of tax incentive.

我們也透過稅收激勵（聽不清楚）的鼓勵進一步獲益。

We still enjoy that and we will continue to enjoy that for several years.

我們仍然很享受這一點，而且我們將繼續享受這一點好幾年。

So before that happened, our tax rate will now be as high as 17%.

所以在此之前，我們的稅率現在將高達17%。

So it will be like 8% and it will gradually go up to 10%, 11% in the coming two years.

所以大概是8%左右，未來兩年會逐漸上升到10%、11%。

Okay.

好的。

Your second question is about the segment growth for the second quarter.

你的第二個問題是關於第二季的細分市場成長。

In second quarter, we see across-the-board growth for all segment.

在第二季度，我們看到所有細分市場的全面成長。

The three segment will grow above seasonal, they are industrial and others, communication and computer.

這三個細分市場的成長將高於季節性，它們是工業及其他、通訊和電腦。

But for consumer we expect the growth will be lower than seasonal.

但對於消費者而言，我們預期成長將低於季節性。

Thank you.

謝謝。

Michael Chou, Deutsche Bank.

麥可週，德意志銀行。

Dr.

博士。

Chang, my question is that do you expect continued shortage for 28-nanometer High-K Metal Gate in 2013, given technology challenges for (inaudible) foundries?

Chang，我的問題是，考慮到（聽不清楚）代工廠面臨的技術挑戰，您預計 2013 年 28 奈米高 K 金屬閘極將持續短缺嗎？

Thank you.

謝謝。

20-nanometer?

20奈米？

28.

28.

No, 28.

不，28。

Do I anticipate a 28-nanometer High-K Metal Gate shortage in 2013, is that the question?

我預計 2013 年 28 奈米高 K 金屬柵會出現短缺嗎？

Yes.

是的。

No, I don't.

不，我不。

Okay, thank you.

好的謝謝。

I have no further question.

我沒有其他問題了。

Thank you.

謝謝。

Satya Kumar, Credit Suisse.

薩蒂亞·庫馬爾，瑞士信貸。

Dr.

博士。

Chang, I was wondering if you could comment on your current process development plans for 14-nanometers.

Chang，我想知道您是否可以評論一下您目前的 14 奈米製程開發計劃。

Specifically, I was wondering if you could comment on whether you're starting this development with multiple patenting lithography or with UV, and by when you will sort of make up your mind on what lithography process to use?

具體來說，我想知道您是否可以評論一下您是使用多重專利光刻還是使用 UV 來開始這項開發，以及您什麼時候才能決定使用哪種光刻工藝？

Yes.

是的。

On the 14-nanometer -- but there's still a choice, two possible routes; UV or immersion.

在 14 奈米上——但仍然有一個選擇，兩條可能的路線；紫外線或浸泡。

And our equipment supplier is working very actively on both immersion and UV.

我們的設備供應商在浸沒式和紫外線方面都非常積極地開展工作。

And it's not certain yet which one will be better.

目前還不確定哪一個會更好。

It's only a question of throughput.

這只是吞吐量的問題。

And emersion throughput is -- there are plans to increase it pretty dramatically.

再現吞吐量是－有計劃大幅增加它。

Now UV throughput has improved quite a bit just in the last six months, but it's still pretty far from being acceptable in production.

現在，紫外線吞吐量在過去六個月內已經有了很大的提高，但距離生產中可接受的水平還很遠。

Now -- so we're going to wait and see.

現在——所以我們要拭目以待。

We -- actually I think that the next, let's say, 12 months or 14 months -- I'm thinking of the middle of June '13 -- the next 14 months will be quite critical in our making a choice, making a decision of which way to go; faster immersion or faster UV.

我們——實際上我認為接下來的12個月或14個月——我想到的是2013年6月中旬——接下來的14個月對於我們做出選擇、做出決定將是非常關鍵的走哪條路；更快的浸泡或更快的紫外線。

As a quick follow-up, you mentioned that you're adding some extra capacity at 28-nanometer.

作為快速跟進，您提到要在 28 奈米上添加一些額外的容量。

I was wondering if you could let us know what your original plan was in wafer start capacity at 28-nanometer and what the new plan will be at the end of this year?

我想知道您是否可以告訴我們您最初的28奈米晶圓啟動產能計劃是什麼以及今年年底的新計劃是什麼？

And you also mentioned that you expect 28-nanometer -- maybe the biggest node that you have had.

您還提到您期望 28 奈米——這可能是您擁有的最大的節點。

So I was wondering from a high level perspective, do you expect that the rate of capacity additions at 28-nanometer to be comparable next year compared to this year or this year is the peak year for capacity additions at 28-nanometer?

所以我想從高層次的角度來看，您預計明年28奈米的產能增量速度與今年相當還是今年是28奈米產能增量的峰值年？

Thank you.

謝謝。

Sorry, I missed the last sentence.

抱歉，我錯過了最後一句話。

I missed the last sentence of your question.

我錯過了你問題的最後一句話。

Do I expect the latest addition of 28-nanometer to be what?

我預計最新添加的 28 奈米會是什麼？

The question was, what were you previously expecting to ramp 28-nanometer capacity to and what do you now plan to wrap -- to ramp 28-nanometer capacity to by the end of this year?

問題是，您之前預計將 28 奈米產能提升到什麼水平，以及您現在計劃在今年年底前將 28 奈米產能提升到什麼水平？

And the second part was, you said 28-nanometer would be the biggest node for TSMC.

第二部分是，您說28奈米將是台積電最大的節點。

So I was wondering if the amount of capacity additions on 28-nanometer is going to be higher, lower or comparable next year compared to this year?

所以我想知道明年28奈米的產能增量與今年相比是否會更高、更低或相當？

Lora, you --

洛拉，你——

I will take the first question.

我將回答第一個問題。

The capacity was originally build and with the current incremental capital expenditure that will give us 10K more -- 10K per month I mean in terms of overall capacity for 28-nanometer for this year.

該產能最初是建立的，隨著當前增量資本支出的增加，我們將增加 10K 產能——每月 10K 產能，我指的是今年 28 奈米的整體產能。

Your second question is to talk about will we have enough capacity for 2013?

您的第二個問題是關於2013年我們的產能是否足夠？

Yes.

是的。

2013 do you expect that the capacity addition will be higher in 28 or will it be similar compared to 2012?

您預計 2013 年 28 的產能增量會高於 2012 年還是會與 2012 年持平？

Okay.

好的。

We'll be adding a lot more 28.

我們將添加更多 28 個。

Yes, we will continue adding 2013 as the -- 2013 will be continued growth in the demand of 28-nanometer overall.

是的，我們將繼續添加2013年－2013年28奈米整體需求將持續成長。

Well, look, when I said that it will be the biggest node, I am measuring it in terms of the peak or the level of or the saturation output per month.

好吧，看，當我說它將是最大的節點時，我是用每月的峰值或水平或飽和輸出來衡量它的。

And if you look at the past -- we had the records and the best nodes, the highest nodes so far was 65-nanometer.

如果你看看過去——我們有記錄和最好的節點，迄今為止最高的節點是 65 奈米。

And I believe, if my memory serves me correctly, the mountain top output was in the order of 120,000 or 130,000 per month.

我相信，如果我沒記錯的話，山頂的產量約為每月 120,000 或 130,000。

Per month, correct.

每月，正確。

And when I say that 28 will be the biggest node, I mean that I expect 28 will top that.

當我說 28 將是最大的節點時，我的意思是我預計 28 將超過它。

Thank you.

謝謝。

All right.

好的。

In the interest of time I think we'll only accommodate two more callers' questions.

為了節省時間，我想我們只會再回答兩位來電者的問題。

The next one please.

請下一位。

Dan Malcolm, Viking Global.

丹·馬爾科姆，Viking Global。

Just a quick question on one of the -- on this capacity slide that you guys have.

只是關於你們所擁有的這張容量幻燈片上的一個簡單問題。

It looks like for Fab-14 you've got wafer capacity declining in the second quarter and then ramping back up again in 3Q and 4Q.

看起來 Fab-14 的晶圓產能在第二季下降，然後在第三季和第四季再次回升。

Can you just explain what's going on there?

你能解釋一下那裡發生了什麼事嗎？

I assume that's just a transition to a different process node.

我認為這只是到不同流程節點的過渡。

Okay.

好的。

The reason of Fab-14 capacity goes down for next quarter is because we're migrating 65-nanometer to 28-nanometer.

下個季度 Fab-14 產能下降的原因是我們正在將 65 奈米遷移到 28 奈米。

So currently, we have more 65 which can be used.

所以目前我們還有65個可以使用。

Most of the equipment can be used for 28, so we're doing a migration.

大多數設備都可以使用28，所以我們正在做遷移。

Perfect.

完美的。

Thanks.

謝謝。

And then just on the last comment for Morris about 28-nanometer being a bigger peak than the 65-nanometer peak.

然後就在 Morris 的最後評論中，28 奈米的峰值比 65 奈米的峰值更大。

What's the time frame when you expect to hit that?

您預計達到該目標的時間範圍是多少？

Is that this year or you expect that would happen some time next year?

是今年還是您預計明年某個時候會發生？

I think it will be -- it will possibly be 2014, I think.

我認為可能是 2014 年。

Okay, when you surpass it.

好吧，當你超越它的時候。

And you -- have you said what you guys think about --

而你——你說過你們的想法嗎——

Wait a minute.

等一下。

When we reach the peak of -- yes.

當我們達到頂峰時——是的。

When we surpass it?

我們什麼時候超越它？

When you see the 120, 130 that you were --

當你看到你原來的 120、130 時——

Yes, when we surpass the 120,000, 130,000.

是的，當我們超過12萬、13萬的時候。

You're right, yes.

你說得對，是的。

Okay.

好的。

Have you said what you expect your wafer capacity on 28-nanometer to be in total this year by the end of this year?

您是否說過您預計今年底您的28奈米晶圓產能總計是多少？

The what?

什麼？

20?

20？

Right, 28.

對了，28。

28.

28.

It will be ranging from 350K to 400K for the whole year.

全年在35萬到40萬之間。

For 28?

28歲？

Yes.

是的。

Okay.

好的。

350K to 400K for total for the year.

全年總計 35 萬至 40 萬。

Yes.

是的。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

Last question now.

現在最後一個問題。

[Alahon Ng], BNP.

[阿拉洪·吳]，BNP。

For 28-nano would TSMC still offer both (inaudible) and High-K Metal [dissolution] or a just High-K Gate?

對於 28 奈米，台積電是否仍提供（聽不清楚）和高 K 金屬 [溶解] 還是僅提供高 K 閘極？

For 28, just High-K Metal Gate.

對於 28，只需高 K 金屬閘極。

I see.

我懂了。

Got you.

明白你了。

And second one, what percentage of the 28-nano equipment would be upgradeable to 20-nano?

第二個問題，28 奈米設備中有多少比例可以升級到 20 奈米？

Just I want to get a feeling from you.

我只是想從你身上得到一點感覺。

About 70% of 28 equipments upgradeable to 20-nanometer.

28台設備中約70%可升級至20奈米。

Is that dollar value, right?

那是美元價值嗎？

70%, yes, dollar value.

70%，是的，美元價值。

Okay, all right.

好吧，好吧。

Okay, great.

好的，太好了。

Okay.

好的。

This -- thank you.

這個——謝謝。

This concludes our Q&A session.

我們的問答環節到此結束。

Thank you for joining us today.

感謝您今天加入我們。

We hope you will join us again next quarter and good-bye.

我們希望您下個季度再次加入我們，再見。

Right.

正確的。

Before we conclude TSMC's first quarter 2012 results webcast conference call today, please be advised that the replay of this conference call conference will only be accessible through TSMC's website at www.tsmc.com.

在我們今天結束台積電 2012 年第一季業績網路廣播電話會議之前，請注意，本次電話會議的重播只能透過台積電網站 www.tsmc.com 觀看。

Thank you all.

謝謝你們。

You may now disconnect.

您現在可以斷開連線。