台積電 ADR (TSM) 2017 Q4 法說會逐字稿

(foreign language) Happy New Year, everyone.

（外語）大家新年快樂。

Welcome to TSMC's Fourth Quarter 2017 Earnings Conference and Conference Call.

歡迎參加台積電 2017 年第四季度財報電話會議。

This is Elizabeth Sun, TSMC's Senior Director of Corporate Communications and your host for today.

我是台積電企業傳播高級總監 Elizabeth Sun，也是今天的主持人。

Today's event is webcast through TSMC's website at www.tsmc.com.

今天的活動通過台積電的網站 www.tsmc.com 進行網絡直播。

(Operator Instructions).

（操作員說明）。

As this conference is being viewed by investors around the world, we will conduct this event in English only.

由於世界各地的投資者都在觀看本次會議，因此我們將僅以英語進行本次活動。

The format for today's event will be as follows: first, TSMC's Senior Vice President and Chief Financial Officer, Ms. Lora Ho, will summarize our operations in the fourth quarter 2017, followed by our guidance in the first quarter of 2018.

今天活動的形式如下：首先，台積電高級副總裁兼首席財務官何珏女士將總結我們在 2017 年第四季度的運營情況，然後是我們在 2018 年第一季度的指導。

Afterwards, TSMC's 2 Co-CEOs, Dr. Mark Liu and Dr. C.C. Wei; CFO, Ms. Lora Ho; and TSMC's Chairman, Dr. Morris Chang, will jointly provide our messages.

隨後，台積電的兩位聯席 CEO Mark Liu 博士和 C.C.魏;首席財務官Lora Ho女士；台積電董事長張忠謀博士將共同提供我們的信息。

After that, Chairman Chang will host the Q&A.

之後，常會長將主持問答環節。

For those participants in the call, if you do not yet have a copy of the press release, you may download it from TSMC's website at www.tsmc.com.

對於電話會議的參與者，如果您還沒有新聞稿的副本，您可以從台積電的網站 www.tsmc.com 下載。

Please also download the summary slides in relation to today's earnings conference presentation.

另請下載與今天的財報會議演示相關的摘要幻燈片。

As usual, I would like to remind everyone that today's discussions may contain forward-looking statements that are subject to significant risks and uncertainties, which could cause the actual results to differ materially from those contained in the forward-looking statements.

像往常一樣，我想提醒大家，今天的討論可能包含具有重大風險和不確定性的前瞻性陳述，這可能導致實際結果與前瞻性陳述中包含的結果存在重大差異。

Please refer to the safe harbor notice that appears on our press release.

請參閱我們新聞稿中的安全港通知。

And now I would like to turn the podium to TSMC's CFO, Ms. Lora Ho, for the summary, operations and current quarter guidance.

現在，我想把講台交給台積電首席財務官 Lora Ho 女士，以獲得總結、運營和當前季度的指導。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

First of all, Happy New Year.

首先，新年快樂。

Good afternoon.

下午好。

Thank you for joining us today.

感謝您今天加入我們。

My presentation will start with financial highlights for the fourth quarter and a recap of 2017 for the whole year.

我的演講將從第四季度的財務亮點和 2017 年全年回顧開始。

Then after that, I will provide the guidance for the first quarter.

然後，我將提供第一季度的指導。

Fourth quarter revenue increased 10.1% sequentially to TWD 278 billion, mainly driven by major mobile product launches and continuing demand for cryptocurrency mining.

第四季度收入環比增長 10.1% 至 2,780 億新台幣，主要受主要移動產品發布和加密貨幣挖礦需求的持續推動。

Gross margin increased 0.1 percentage point sequentially to 50.0% as the benefit from higher capacity utilization and the inventory valuation adjustment helped offset the impact from continued 10-nanometer margin dilution and NT dollar appreciation.

毛利率環比增長 0.1 個百分點至 50.0%，原因是產能利用率提高和庫存估值調整有助於抵消 10 納米利潤率持續稀釋和新台幣升值的影響。

Total operating expenses increased by TWD 1.3 billion but, thanks to operating leverage, only represented 10.4% of revenue versus 10.9% in the prior quarter.

總運營費用增加了 13 億新台幣，但由於運營槓桿，僅佔收入的 10.4%，而上一季度為 10.9%。

And operating margin increased by 0.3 percentage point sequentially to reach 39.2%.

營業利潤率環比增長0.3個百分點，達到39.2%。

Overall, our fourth quarter EPS reached TWD 3.83, and ROE was 26.9% for the quarter.

總體而言，我們第四季度的每股收益達到新台幣 3.83，該季度的 ROE 為 26.9%。

Now let's take a look at wafer revenue contribution by application.

現在讓我們看一下按應用劃分的晶圓收入貢獻。

During the fourth quarter, Communication and Computer increased 20% and 8% from the prior quarter, respectively; while Consumer and Industrial/Standard decreased by 38% and 4%, respectively.

第四季度，通信和計算機分別比上一季度增長 20% 和 8%；而消費者和工業/標準分別下降了 38% 和 4%。

On a full year basis, Computer and Industrial/Standard increased 25% and 14% year-over-year, respectively; while Communication and Consumer decreased 2% and 10%, respectively.

全年計算，計算機和工業/標準分別同比增長 25% 和 14%；而通信和消費者分別下降了 2% 和 10%。

Now let's take a look at the revenue by technology.

現在讓我們來看看技術收入。

10-nanometer process technology continue to ramp strongly, accounted for 25% of total wafer revenue in the fourth quarter.

10 納米製程技術繼續強勁增長，佔第四季度晶圓總收入的 25%。

The combined 16/20 contribution was 20% of total wafer revenue.

16/20 的總貢獻佔晶圓總收入的 20%。

Advanced technologies, meaning 28-nanometer and below, accounted for 63% of total wafer revenue, up from 57% in the third quarter.

先進技術（即 28 納米及以下）佔晶圓總收入的 63%，高於第三季度的 57%。

On a full year basis, 10-nanometer contribution reached 10% of total wafer revenue in 2017.

按全年計算，2017 年 10 納米的貢獻達到晶圓總收入的 10%。

The combined 16 and 20 contribution was 25% of total wafer revenue.

16 和 20 的總貢獻佔晶圓總收入的 25%。

Advanced technology, 28-nanometer and below, accounted for 58% of total wafer revenue, up from 54% in 2016.

28 納米及以下先進技術佔晶圓總收入的 58%，高於 2016 年的 54%。

Moving on to balance sheet.

繼續資產負債表。

We ended the fourth quarter with cash and marketable security of TWD 649 billion, an increase of TWD 148 billion.

我們在第四季度結束時的現金和有價證券為 6,490 億新台幣，增加了 1,480 億新台幣。

On the liability side, current liabilities increased by TWD 60 billion.

負債方面，流動負債增加600億新台幣。

On financial ratios, accounts receivable turnover days decreased 2 days to 40 days, while days of inventory decreased 1 day to 52 days.

財務比率方面，應收賬款周轉天數減少 2 天至 40 天，存貨天數減少 1 天至 52 天。

Now let me make a few comments on cash flow and CapEx.

現在讓我對現金流和資本支出發表一些評論。

During the fourth quarter, we generated about TWD 204 billion cash from operations and spent TWD 61 billion in capital expenditure.

在第四季度，我們從運營中產生了約 2040 億新台幣的現金，並花費了 610 億新台幣的資本支出。

As a result, we generated free cash flow of TWD 143 billion, and our overall cash balance increased TWD 145 billion to reach TWD 553 billion at the end of the fourth quarter.

結果，我們產生了 1,430 億新台幣的自由現金流，我們的整體現金餘額增加了 1,450 億新台幣，到第四季度末達到 5,530 億新台幣。

In the U.S. dollar terms, our fourth quarter capital expenditure reached $2.1 billion, and the totaled CapEx for the whole year was USD 10.9 billion.

以美元計，我們第四季度的資本支出達到 21 億美元，全年資本支出總額為 109 億美元。

Now I would like to give you a recap of our performance in 2017.

現在我想給大家回顧一下我們在 2017 年的表現。

2017 was another strong year of -- for TSMC as, once again, we set a new record in terms of both revenue and earnings despite a 5.5% [appreciation] (corrected by company after the call) in the NT dollars.

2017 年是台積電又一個強勁的一年，儘管以新台幣計算 5.5% [升值]（由公司在電話會議後修正），我們再次在收入和收益方面創下新紀錄。

Our revenue grew 9.1% year-over-year in U.S. dollar terms and 3.1% in NT dollars to reach TWD 977 billion as we saw wafer shipments increase across nearly all technology nodes.

我們的收入以美元計算同比增長 9.1%，以新台幣計算增長 3.1%，達到 9770 億新台幣，因為我們看到幾乎所有技術節點的晶圓出貨量都有所增加。

Gross margin increased 0.5 percentage point to reach 50.6% in 2017 as continual operational efficiency improvement and better capacity utilization more than offset the headwinds from the unfavorable exchange rate and the 10-nanometer margin dilution.

2017 年毛利率增長 0.5 個百分點至 50.6%，因為持續的運營效率提升和更好的產能利用率抵消了不利匯率和 10 納米利潤率稀釋帶來的不利影響。

Our operating margin declined 0.5 percentage point to 39.4% as we increased our R&D spending ratio to 8.2% of revenue, reflecting a higher level of 7-nanometer and 5-nanometer development activities.

我們的營業利潤率下降 0.5 個百分點至 39.4%，因為我們將研發支出比率提高到收入的 8.2%，反映出更高水平的 7 納米和 5 納米開發活動。

Our effective tax rate for 2017 was 13.5%, same as in 2016.

我們 2017 年的有效稅率為 13.5%，與 2016 年相同。

And full year earnings per share was TWD 13.23.

全年每股收益為 13.23 新台幣。

On cash flow, we spent TWD 331 billion in capital expenditure or $10.9 billion in U.S. dollar term, while we generated TWD 585 billion in operating cash flow and TWD 255 billion in free cash flow.

在現金流方面，我們花費了 3,310 億新台幣的資本支出或 109 億美元的美元計算，同時我們產生了 5,850 億新台幣的運營現金流和 2,550 億新台幣的自由現金流。

We also paid TWD 182 billion in cash dividend, an increase of 17% from 2016.

我們還支付了 1820 億新台幣的現金股息，比 2016 年增加了 17%。

Now I have finished my financial summary.

現在我已經完成了我的財務總結。

Now let's turn to the first quarter guidance.

現在讓我們轉向第一季度的指導。

Based on the current business outlook, we expect first quarter revenue to be between USD 8.4 billion and USD 8.5 billion, which is an 8.3% sequential decline but a 12.6% year-over-year increase at the midpoint and represent a new record high in terms of first quarter revenue.

根據目前的業務前景，我們預計第一季度收入將在 84 億美元至 85 億美元之間，環比下降 8.3%，但中點同比增長 12.6%，創歷史新高。按第一季度收入計算。

Based on the exchange rate assumptions of USD 1 to TWD 29.60, our first quarter gross margin is expected to between 49.5% and 51.5%.

基於 1 美元兌 29.60 新台幣的匯率假設，我們第一季度的毛利率預計在 49.5% 至 51.5% 之間。

Our first quarter operating margin is expected to be between 38% and 40%.

我們第一季度的營業利潤率預計在 38% 到 40% 之間。

This concludes my remarks.

我的發言到此結束。

Now I would like to turn it over to Mark for his comments.

現在我想把它交給馬克徵求他的意見。

Thank you, Lora.

謝謝你，洛拉。

Good afternoon.

下午好。

Firstly, I would like to talk about our "Everyone's Foundry" strategy.

首先，我想談談我們的“Everyone's Foundry”戰略。

Being everyone's foundry is the strategy TSMC takes by heart.

做每個人的代工是台積電銘記於心的戰略。

Through our technology and services, we build an Open Innovation Platform, where all innovators in the semiconductor industry can come to realize their innovation and bring their products to life.

通過我們的技術和服務，我們構建了一個開放式創新平台，半導體行業的所有創新者都可以在這裡實現他們的創新並將他們的產品變為現實。

As our customers continue to innovate, they bring new requirements to us, and we need to continuously develop new capabilities to answer them.

隨著我們的客戶不斷創新，他們給我們帶來了新的要求，我們需要不斷開發新的能力來滿足這些要求。

In the meantime, they utilize those shared capabilities such as yield improvement, design, utilities, foundation IPs and our large-scale and flexible capacities.

與此同時，他們利用了這些共享能力，例如產量提高、設計、實用程序、基礎 IP 以及我們大規模和靈活的能力。

In this way, this open innovation ecosystem expands its scale and its value.

通過這種方式，這個開放的創新生態系統擴大了它的規模和價值。

We do not compete with our customers.

我們不與客戶競爭。

We are everyone's foundry.

我們是每個人的鑄造廠。

Now on cryptocurrency demand.

現在是關於加密貨幣的需求。

In the past, TSMC's open innovation ecosystem incubates numerous growth drivers for the semiconductor industry.

過去，台積電的開放式創新生態系統為半導體產業孵化了無數的增長動力。

In the '90s, it was the PC chipsets; then in the early '20s, the graphic processors; in the mid- to late '20s, it was chipset for cellular phone; recently, start 2010, it was for smartphones.

在 90 年代，是 PC 芯片組；然後在 20 年代初，圖形處理器；在 20 年代中後期，它是用於手機的芯片組；最近，從 2010 年開始，它是針對智能手機的。

Those ways of innovation continuously sprout in our ecosystem and drive the growth of TSMC.

這些創新方式不斷在我們的生態系統中萌芽，並推動台積電的發展。

Lately, we observed the demand from cryptocurrency mining surged.

最近，我們觀察到加密貨幣挖礦的需求激增。

Cryptocurrency mining requires massive, high-performance and low-power computing.

加密貨幣挖掘需要海量、高性能和低功耗的計算。

TSMC's advanced technology and productization serves -- services suits it well.

台積電的先進技術和產品化服務——服務很適合它。

We have sized 2018 cryptocurrency mining demand carefully.

我們仔細衡量了 2018 年的加密貨幣挖礦需求。

Since it is still in its early stage of development, it is difficult for us to forecast its demand too far into the future with accuracy.

由於它仍處於早期發展階段，我們很難準確地預測它在未來太遠的需求。

However, as long as the cryptocurrency miners can derive positive returns, demand for TSMC wafers will continue.

但是，只要加密貨幣礦工能夠獲得正回報，對台積電晶圓的需求就會持續。

Furthermore, we are quite certain that deep learning and blockchain technologies, which are the core technology of cryptocurrency mining, will lead to new waves of semiconductor innovation and demand for years to come.

此外，我們非常確定，作為加密貨幣挖掘核心技術的深度學習和區塊鏈技術，將在未來幾年引領半導體創新和需求的新浪潮。

Now on N5 progress and EUV readiness.

現在關於 N5 的進展和 EUV 的準備情況。

Our N5 technology development is well on track for 1Q 2019 risk production.

我們的 N5 技術開發在 2019 年第一季度的風險生產方面進展順利。

We already achieved good SRAM yield.

我們已經實現了良好的 SRAM 良率。

Device development is also well on plan.

設備開發也在計劃中。

Progress on both are similar to our N7 to the same development stage.

兩者的進展都類似於我們的N7到了相同的發展階段。

N5 customer test chips are already running in our fab.

N5 客戶測試芯片已經在我們的晶圓廠運行。

We also made significant progress in improving EUV capability and the manufacturability.

我們還在提高 EUV 能力和可製造性方面取得了重大進展。

We have been consistently demonstrating high yield on N7+ and N5 development lots.

我們一直在展示 N7+ 和 N5 開發批次的高產量。

EUV source power is now operating at 160 watt to support our N7 and N5 development activities.

EUV 源電源現在以 160 瓦的功率運行，以支持我們的 N7 和 N5 開發活動。

EUV scanner with source power of 250 watt will -- has been installed in our fabs.

源功率為 250 瓦的 EUV 掃描儀將安裝在我們的晶圓廠中。

Capability of in-house EUV pellicle making has also been established with low defect level and good transmission properties.

內部製造 EUV 薄膜的能力也已經建立，具有低缺陷水平和良好的傳輸性能。

So we are confident that our EUV technology will be ready for high-volume production for N7+ in 2019 and N5 in 2020.

因此，我們有信心我們的 EUV 技術將在 2019 年為 N7+ 和 2020 年為 N5 大批量生產做好準備。

On the growth platform of our mobile, high-performance computing, IoT and automotive.

在我們的移動、高性能計算、物聯網和汽車的增長平台上。

In 2017, last year, all our growth platforms, mobile, high-performance computing, IoT and automotive, registered double-digit growth -- revenue growth in U.S. dollars.

2017 年，去年，我們所有的增長平台、移動、高性能計算、物聯網和汽車都實現了兩位數的增長——以美元計算的收入增長。

Moving into 2018, growth of these platforms continue.

進入 2018 年，這些平台的增長仍在繼續。

We estimate that the high-performance computing platform will register the strongest growth in U.S. dollars.

我們估計，高性能計算平台將以美元計的增長最為強勁。

For smartphones, smartphones will continue to include new features, such as 3D authentication, 3D sensing, AI for face and voice recognition and 18:9 display.

對於智能手機，智能手機將繼續包含新功能，例如 3D 身份驗證、3D 感應、用於面部和語音識別的 AI 以及 18:9 顯示。

Our smartphone customers are taping out 7-nanometer for premium phone and 12-nanometer for mainstream phones, both are on track to ramp in 2018.

我們的智能手機客戶正在為高端手機流片 7 納米，為主流手機流片 12 納米，兩者都有望在 2018 年實現增長。

In 2018, high-performance computing business will enjoy the most growth from GPU and cryptocurrency ASICs.

2018 年，高性能計算業務將受益於 GPU 和加密貨幣 ASIC 的最大增長。

The key technologies for high-performance computing are 16- and 12-nanometer and 7-nanometer together with our CoWoS technology.

高性能計算的關鍵技術是 16 和 12 納米以及 7 納米以及我們的 CoWoS 技術。

IoT business growth in 2018 mainly comes from smart voice assistant devices, application processor for wearables and wireless MCU for smart homes.

2018年物聯網業務增長主要來自智能語音助手設備、可穿戴應用處理器和智能家居無線MCU。

Our 22 ULP, ULL, ultra-low-power, ultra-low-leakage technology, will be key to all these applications.

我們的 22 ULP、ULL、超低功耗、超低洩漏技術將成為所有這些應用的關鍵。

Automotive business in 2018 will come mostly from increased IDM outsourcing to TSMC in new technologies.

2018年的汽車業務將主要來自於IDM在新技術方面對台積電的外包增加。

We have built automotive-specific design ecosystem on 16 FFC in 2017, and we'll complete that on N7 in 2018.

2017 年，我們在 16 個 FFC 上構建了汽車專用設計生態系統，我們將在 2018 年在 N7 上完成。

TSMC's superior manufacturer -- manufacturing quality, sufficient capacity support and our long-term automotive supply commitment are the key enabling elements to expand this business.

台積電的卓越製造商——製造質量、充足的產能支持和我們長期的汽車供應承諾是擴大這項業務的關鍵要素。

Thank you.

謝謝你。

I'll turn the microphone to C.C. Wei.

我會把麥克風轉到 C.C.魏。

Thank you, Mark.

謝謝你，馬克。

Let me talk about the near-term demand and inventory.

先說一下近期的需求和庫存。

We concluded our fourth quarter with 10% Q-over-Q growth in U.S. dollar, which was slightly above the guidance we gave 3 months ago despite a continuing inventory reduction by our customer.

儘管我們的客戶持續減少庫存，但我們第四季度的美元環比增長 10%，略高於我們 3 個月前給出的指導。

Fourth quarter's strong result was mainly driven by a major smartphone release, which is based on our 10-nanometer process with InFO and the strong demand in cryptocurrency mining.

第四季度的強勁業績主要受到主要智能手機發布的推動，這是基於我們與 InFO 的 10 納米工藝以及加密貨幣挖掘的強勁需求。

Concluding 2017, semiconductor, excluding memory, growth was 9%, while foundry grew 8%.

截至 2017 年，半導體（不包括內存）增長 9%，而代工增長 8%。

TSMC's revenue grew 9% in U.S. dollars and accounted for 56% of the total foundry market segment share.

台積電以美元計算的收入增長了 9%，佔整個代工市場份額的 56%。

Moving into first quarter 2018, our revenue in U.S. dollar is likely to decline by about 8%, as Lora just have guided.

進入 2018 年第一季度，我們的美元收入可能會下降約 8%，正如 Lora 剛剛指導的那樣。

This is mainly due to smartphone seasonality, offset partially by continued demand for cryptocurrency mining.

這主要是由於智能手機的季節性，部分被加密貨幣挖礦的持續需求所抵消。

Fabless DOI exceeding 2017 was a few days above seasonal level.

超過 2017 年的 Fabless DOI 比季節性水平高出幾天。

Moving into 2018, we forecast fabless DOI to trend up but will track seasonal pattern.

進入 2018 年，我們預測無晶圓廠 DOI 將呈上升趨勢，但將跟踪季節性模式。

Now let me talk about N7 and N7+.

現在讓我談談N7和N7+。

So far, we have already taped out 10 customers' products in 7-nanometer.

到目前為止，我們已經流片了 10 個客戶的 7 納米產品。

And we are currently qualifying this product in 2 different fabs, in preparation for volume production starting in second quarter this year.

我們目前正在兩個不同的晶圓廠中對該產品進行認證，為今年第二季度開始的量產做準備。

During first quarter 2018, we expect to tape out another 10 products.

在 2018 年第一季度，我們預計將推出另外 10 款產品。

In total, we expect to have taped out more than 50 customer products in 7-nanometer by the end of 2018.

總體而言，我們預計到 2018 年底將有超過 50 種客戶產品採用 7 納米技術流片。

Major applications covered by these tape-outs are in mobile, gaming, CPU, FPGA, networking and AI.

這些流片涵蓋的主要應用包括移動、遊戲、CPU、FPGA、網絡和人工智能。

In essence, almost every area that requires high-performance and lower-power consumption will benefit from TSMC's 7-nanometer solution.

從本質上講，幾乎所有需要高性能和低功耗的領域都將受益於台積電的 7 納米解決方案。

In terms of performance, power, area density and schedule, we believe our 7-nanometer solution is leading in the foundry industry.

在性能、功率、面積密度和進度方面，我們相信我們的 7 納米解決方案在代工行業處於領先地位。

We will introduce our N7+ technology later this year.

我們將在今年晚些時候推出我們的 N7+ 技術。

Here, we plan to replace some immersion layer by deploying a few layers of EUV processes.

在這裡，我們計劃通過部署幾層 EUV 工藝來替換一些浸沒層。

Currently, we have already demonstrated the same level of 256 megabit SRAM yield at N7+ as compared to N7.

目前，我們已經展示了與 N7 相比，N7+ 的 256 兆位 SRAM 良率水平相同。

Then let me move to N10 status.

然後讓我轉到N10狀態。

We successfully ramped up 10-nanometer in 2017.

我們在 2017 年成功提升了 10 納米。

10-nanometer contributed 25% wafer revenue in 4Q '17, up from 10% in third quarter.

10 納米在 17 年第四季度貢獻了 25% 的晶圓收入，高於第三季度的 10%。

Full year 10-nanometer accounted for 10% of our total wafer revenue.

全年 10 納米占我們晶圓總收入的 10%。

Both defect density and device performance are meeting our targets.

缺陷密度和器件性能都達到了我們的目標。

Despite that most of our current 10-nanometer mobile customers will start to migrate to 7-nanometer this year, we continue to expect a year-to-year growth of our N10 business in 2018, driven by application processor, cellular basedband and ASICs CPU.

儘管我們目前的大多數 10 納米移動客戶今年將開始遷移到 7 納米，但我們繼續預計 2018 年我們的 N10 業務將在應用處理器、基於蜂窩的頻段和 ASIC CPU 的推動下實現同比增長.

Now let me touch about N16, in 12-nanometer demand outlook and the competitive position.

現在讓我談談N16，在12納米的需求前景和競爭地位。

TSMC continues to enhance technology performance for every node, and 16-nanometer is no exception.

台積電不斷提升每個節點的技術性能，16納米也不例外。

We have moved from 16-FinFET to 16FF+ and then to 16FFC.

我們已經從 16-FinFET 轉移到 16FF+，然後再轉移到 16FFC。

Now we are moving into 12FFC.

現在我們正在進入 12FFC。

With 12FFC, we can improve the device by about 10% from 16FFC, will reduce the power consumption by about a 20%, all the while we expect to reduce the die costs as well.

使用 12FFC，我們可以在 16FFC 的基礎上將設備改進約 10%，將功耗降低約 20%，同時我們還希望降低芯片成本。

It is the fourth year today that our N16, N12 enter into high volume production.

今天是我們的N16、N12進入大批量生產的第四年。

And we still expect to see very strong demand for this node, which is supported by current plan of 120 tape-outs this year, covering a variety of mainstream smartphones, cryptocurrency, AI, GPU, and RF products.

我們仍然預計對該節點的需求將非常強勁，目前該節點今年計劃流片 120 個，涵蓋各種主流智能手機、加密貨幣、AI、GPU 和 RF 產品。

Although other foundries may have plan to enter into 12-nanometer node, TSMC achieved the lowest defect density and enjoys a very competitive cost structure.

儘管其他代工廠可能已經計劃進入 12 納米節點，但台積電實現了最低的缺陷密度，並享有極具競爭力的成本結構。

As a result, we expect our market segment share in this node will be increased.

因此，我們預計我們在該節點的細分市場份額將會增加。

Now let me move into 28-nanometer.

現在讓我進入 28 納米。

Similar to 16/12-nanometer node, TSMC continues to improve the N28/N22 performance from 28LP to 28 HP, to 28HPC and 28HPC+.

與 16/12 納米節點類似，台積電繼續將 N28/N22 性能從 28LP 提升到 28 HP，再到 28HPC 和 28HPC+。

And now to 22ULL and ULP, which stands for ultra-low leakage and ultra-low power.

現在到 22ULL 和 ULP，代表超低洩漏和超低功耗。

The newly introduced 22ULP/ULL will enhance performance by increasing speed by about 15%, will reduce the power consumption by about 25%, with an overall die area shrink of 5% to 10% as compared with the 28HPC+.

與 28HPC+ 相比，新推出的 22ULP/ULL 將通過將速度提高約 15% 來提高性能，將功耗降低約 25%，整體裸片面積縮小 5% 至 10%。

Both 22ULP and 22ULL are ideally suited for IoT and RF-related applications.

22ULP 和 22ULL 都非常適合物聯網和射頻相關應用。

Beyond continued performance enhancement, our excellent manufacturing capabilities and our significant investment in capacity are also important contributing factors for customers to choose TSMC as their primary foundry.

除了持續提升性能外，我們卓越的製造能力和對產能的大量投資也是客戶選擇台積電作為主要代工廠的重要因素。

Last year, we saw about 240 product tape-outs using our 28/22 node, which was a record high since 28-nanometer entered volume production in 2011.

去年，我們看到大約 240 個產品流片使用我們的 28/22 節點，這是自 2011 年 28 納米進入量產以來的歷史新高。

We expect that this tape-out activity to continue in this year, and we are confident that our high market segment share in 28/22 technology node will be maintained.

我們預計這一流片活動將在今年繼續進行，我們有信心保持我們在 28/22 技術節點的高市場份額。

Now we'll talk -- I will talk about advanced packaging.

現在我們來談談——我將談談先進封裝。

I will update two of our advanced packaging technologies: chip-on-Wafer-on-Substrate, or CoWoS; and Integrated Fan-Out, or InFO.

我將更新我們的兩項先進封裝技術：chip-on-Wafer-on-Substrate，或 CoWoS；和集成扇出，或 InFO。

We have developed CoWoS to support the requirements of HPC applications, particularly the area of AI, data server and networking.

我們開發了 CoWoS 來支持 HPC 應用程序的需求，特別是在人工智能、數據服務器和網絡領域。

This is the sixth years that our CoWoS technology has been in production.

這是我們的 CoWoS 技術投入生產的第六年。

We see more customers engaging with us in this technology, and we expect to receive more than 30 tape-outs in the next 3 years.

我們看到越來越多的客戶與我們合作使用這項技術，我們預計在未來 3 年內將收到 30 多個流片。

Most of the products today are using 16-nanometer technology.

今天的大多數產品都使用 16 納米技術。

We are actively developing CoWoS for 7-nanometer starting from this year.

從今年開始，我們正在積極開發 7 納米的 CoWoS。

TSMC's InFO has entered into high volume production for the third year, with majority of the adoption by mobile products.

台積電的 InFO 已連續第三年進入大批量生產，大部分被移動產品採用。

Beyond mobile, we are working to expand InFO to automotive and the HPC-related applications.

除了移動，我們正在努力將 InFO 擴展到汽車和 HPC 相關應用。

For example, we've developed the InFO on substrate, or InFO_oS, for HPC product, and we'll qualify this technology in first half of this year and expect to enter production later this year.

例如，我們已經為 HPC 產品開發了 InFO on substrate 或 InFO_oS，我們將在今年上半年對該技術進行認證，並預計在今年晚些時候投入生產。

Today, we are working with various customers using InFO technology to cover their products ranging from N28, N16, N7 and N5 technologies.

今天，我們正在與各種使用 InFO 技術的客戶合作，涵蓋他們的產品，包括 N28、N16、N7 和 N5 技術。

Last, let me talk about the Nanjing fab update.

最後說一下南京工廠的更新。

We expect to expand our business in China, and to enhance our support to local customers with the Nanjing fab.

我們希望擴大在中國的業務，並通過南京工廠加強對當地客戶的支持。

Planned capacity for this phase is 20,000 wafer per month 12-inch using 16-nanometer and 12-nanometer.

這一階段的計劃產能為每月 20,000 片 12 英寸晶圓，採用 16 納米和 12 納米。

We broke ground for this fab in July 2016 and have now almost completed move in all production tools.

我們於 2016 年 7 月為這家工廠破土動工，現在幾乎完成了所有生產工具的搬遷。

We have already started initial engineering wafers.

我們已經開始了最初的工程晶圓。

More than 1,000 engineers are working in this fab today.

今天有 1,000 多名工程師在這家工廠工作。

Customers at our Nanjing fab come from both China and the other regions with a variety of products in the initial ramp.

我們南京工廠的客戶來自中國和其他地區，初期產品種類繁多。

Due to the strong demand for our 16/12-nanometer technology node, we have pull-in the output schedule by a few months to May of 2018.

由於對我們的 16/12 納米技術節點的強勁需求，我們將產量計劃提前了幾個月，直到 2018 年 5 月。

We are confident that we will be able to report to you the good result of our 16- and 12-nanometer node in Nanjing.

我們有信心能夠向您報告我們在南京的 16 和 12 納米節點的良好成果。

That's all I have.

那是我的全部了。

Thank you for your attention.

感謝您的關注。

Now turn the call into Lora.

現在將呼叫轉為 Lora。

I'd like to make -- let me make comments on CapEx and outlook for future capital intensity.

我想說-讓我對資本支出和未來資本密集度的前景發表評論。

Now let me start with CapEx.

現在讓我從資本支出開始。

Our 2018 CapEx is expected to be between USD 10.5 billion to USD 11 billion, which is essentially flat with our 2017 CapEx.

我們 2018 年的資本支出預計在 105 億美元至 110 億美元之間，與我們 2017 年的資本支出基本持平。

About 73% of the capital budget will be used for capacity buildup for the advanced technologies, mainly 7-nanometer, followed by 5-nanometer.

大約 73% 的資本預算將用於先進技術的產能建設，主要是 7 納米，其次是 5 納米。

Another 17% of the capital budget will be used for R&D, backend and mask.

另外 17% 的資本預算將用於研發、後端和掩碼。

As I stated in our last investor conference 3 months ago, in order to support our 5% to 10% growth in the next few years, we expect our CapEx in the next few years to stay a few percentage points more than USD 10 billion.

正如我在三個月前的上次投資者會議上所說，為了支持我們未來幾年 5% 到 10% 的增長，我們預計未來幾年我們的資本支出將保持在 100 億美元以上幾個百分點。

This implies that our CapEx in the next few years will remain at a similar level to what we have spent last year and what we expect to spend this year.

這意味著我們未來幾年的資本支出將保持在與我們去年的支出以及我們今年預計支出的水平相似的水平。

Although our leading node capital cost continue to increase due to increasing process complexity, we are able to offset its impact to our CapEx by further optimizing our capital planning and productivity improvement.

儘管由於流程複雜性的增加，我們領先的節點資本成本繼續增加，但我們能夠通過進一步優化資本規劃和提高生產力來抵消其對資本支出的影響。

With the flattish CapEx going forward and the revenue CAGR of 5% to 10%, we expect capital intensity, which is the ratio between CapEx and revenue, to gradually decline from the current 30% to 35% level to [25%] (corrected by company after the call) to 30% level in the next few years.

隨著未來資本支出持平和收入複合年增長率為 5% 至 10%，我們預計資本密集度（即資本支出與收入之間的比率）將從目前的 30% 至 35% 水平逐漸下降至 [25%]（修正在電話會議後由公司）在未來幾年內達到 30% 的水平。

However, if any special revenue growth opportunities come along, we will certainly respond to it with appropriate CapEx.

但是，如果出現任何特殊的收入增長機會，我們一定會以適當的資本支出來應對。

Now, our Chairman may comment now.

現在，我們的主席現在可以發表評論了。

I will now make some comments on TSMC 2018 outlook.

我現在將對台積電 2018 年的展望發表一些評論。

First, some comments on the semiconductor market.

首先，關於半導體市場的一些評論。

We estimate the supply chain inventory at the end of 2017 to be still a few days above the seasonal normal level.

我們估計 2017 年底的供應鏈庫存仍比季節性正常水平高出幾天。

We estimate that the total semiconductor market will grow 6% to 8% in 2018, 6% to 8% this year.

我們估計，2018 年整個半導體市場將增長 6% 到 8%，今年增長 6% 到 8%。

The semiconductor market, excluding memory, will grow by 5% to 7% this year, and total foundry revenue will grow by 9% to 10% this year.

不包括內存的半導體市場今年將增長 5% 至 7%，今年總代工收入將增長 9% 至 10%。

Now for TSMC, we expect 2018 TSMC revenue in U.S. dollars will grow by 10% to 15% over 2017, 10% to 15% in U.S. dollars over 2017.

現在對於台積電，我們預計 2018 年台積電的美元收入將比 2017 年增長 10% 到 15%，比 2017 年增長 10% 到 15%。

Our revenue seasonality will be similar to 2017, stronger in the second half than in the first half.

我們的收入季節性將與 2017 年相似，下半年強於上半年。

Our revenue Y-o-Y, year-over-year, growth rate now, however, will be stronger in the first half than in the second half.

然而，我們現在的收入同比增長速度將在上半年強於下半年。

Basically, we expect the first half 2018 revenue growth rate in U.S. dollars will be slightly above 15% over the first half of 2017 and that the second half 2018 growth rate to be slightly under 10% over the second half of 2017.

基本上，我們預計 2018 年上半年的美元收入增長率將比 2017 年上半年略高於 15%，而 2018 年下半年的增長率將比 2017 年下半年略低於 10%。

All these are in U.S. dollars.

所有這些都是美元。

So the slightly above 15% growth rate in the first half and the slightly under 10% growth rate in the second half make up the 10% to 15% total yield growth that I spoke about.

因此，上半年略高於 15% 的增長率和下半年略低於 10% 的增長率構成了我所說的 10% 至 15% 的總產量增長。

Is that clear?

明白了嗎？

Good.

好的。

No word in this -- everybody understands, okay.

沒有這個詞——每個人都明白，好吧。

Our strong growth in 2018 is fueled by the growth of 3 of our growth platforms.

我們在 2018 年的強勁增長得益於我們三個增長平台的增長。

Those 3 growth platforms that fuel our strong growth this year are the high-performance computing (HPC), IoT and automotive.

推動我們今年強勁增長的 3 個增長平台是高性能計算 (HPC)、物聯網和汽車。

HPC will grow strongly due to continuing expansion of AI applications in all electronic devices and in continuing demand for cryptocurrency mining, GPU, et cetera.

由於所有電子設備中 AI 應用程序的持續擴展以及對加密貨幣挖掘、GPU 等的持續需求，HPC 將強勁增長。

Mobile platform will be flat.

移動平台將是扁平的。

And then, for the IoT and automotive platforms, there is considerable strength.

然後，對於物聯網和汽車平台，有相當的實力。

You might describe this situation as the acceleration being enormous, but the velocity is still small.

您可以將這種情況描述為加速度很大，但速度仍然很小。

For the last 2 years, we've been planning 5% to 10% compounded annual growth rate in U.S. dollar revenue growth in the 2017 to 2021 period.

在過去 2 年中，我們一直計劃在 2017 年至 2021 年期間以 5% 至 10% 的複合年增長率實現美元收入增長。

We reaffirm that plan.

我們重申該計劃。

In 2017, our revenue grew 9%.

2017 年，我們的收入增長了 9%。

In 2018, we expect to grow our revenue 10% to 15%.

2018 年，我們預計收入將增長 10% 至 15%。

[2018] (corrected by company after the call) will be an above-average year.

[2018]（由公司在電話會議後更正）將是高於平均水平的一年。

All right, this concludes our prepared statements.

好的，我們準備好的陳述到此結束。

Before we begin the Q&A session, I would like to remind everybody to limit your questions to 2 at a time to allow all participants the opportunity to ask their questions.

在我們開始問答環節之前，我想提醒大家一次將您的問題限制為 2 個，以便所有參與者都有機會提出他們的問題。

Questions will be taken both from the floor and from the call.

將在現場和電話中提出問題。

Should you wish to raise your question in Chinese, I will translate it to English before our management answers your question.

如果您想用中文提出問題，我會在管理層回答您的問題之前將其翻譯成英文。

(Operator Instructions) Now let's begin the Q&A session.

（操作員說明）現在讓我們開始問答環節。

All right, first question will be from Goldman Sachs, Donald Lu.

好的，第一個問題將來自高盛，唐納德·盧。

(foreign language) My first question is to the Chairman, and very nice to see you here.

（外語）我的第一個問題是問主席，很高興在這裡見到你。

What is your view on -- in cryptocurrency, which is very -- have a surge in growth in recent months?

您對近幾個月來增長激增的加密貨幣有何看法？

So that's my first question.

所以這是我的第一個問題。

The second question is on N7+.

第二個問題是關於 N7+。

I think if I hear it correctly, the performance of N7+ is similar to N7.

我想如果我沒聽錯的話，N7+的性能和N7差不多。

Is that correct on the performance and power?

這對性能和功率是否正確？

Just want to clarify that.

只是想澄清一下。

Well, let me answer the first.

好吧，我先回答一下。

I think you all have come along here and that repeat that, and I heard that he was asking about cryptocurrency.

我想你們都來過這裡，重複一遍，我聽說他在問加密貨幣。

The urge to mine cryptocurrency is very strong.

挖掘加密貨幣的衝動非常強烈。

The incentive, of course, depends on the price of cryptocurrency.

當然，激勵取決於加密貨幣的價格。

And the price of cryptocurrency is very volatile.

並且加密貨幣的價格非常不穩定。

But the demand right now or for the last year has been very strong, and we expect it to continue to be strong.

但現在或去年的需求一直非常強勁，我們預計它會繼續保持強勁勢頭。

However, we have, in Mark's words, sized the demand carefully, we have sized demand carefully, so I believe that we will both satisfy our customers, and we'll not be too optimistic.

但是，用馬克的話來說，我們仔細衡量了需求，我們仔細衡量了需求，所以我相信我們會滿足我們的客戶，我們不會太樂觀。

So you can ask the second question on Mark -- oh, C.C., okay.

所以你可以問馬克的第二個問題——哦，C.C.，好吧。

Okay.

好的。

Well, let me repeat your question, the N7+'s performance versus N7, right?

好吧，讓我重複你的問題，N7+ 與 N7 的性能對比，對嗎？

Okay.

好的。

N7+ actually is about 10% better performance than N7.

N7+ 的性能實際上比 N7 高 10%。

And in terms of area, it would be also about 10% smaller.

就面積而言，它也將小 10% 左右。

But if you put all together, like a critical layer, by using EUV it reduce at the critical layer number, so we expect for wafer, you will get 10% more ties from N7+ as compared with N7.

但是如果你把所有的東西放在一起，就像一個關鍵層，通過使用 EUV，它會減少關鍵層的數量，所以我們預計對於晶圓，你會從 N7+ 獲得比 N7 多 10% 的連接。

Can you explain the last point you have at the -- about the critical layer, you have less layer with N7+?

你能解釋一下你在關鍵層上的最後一點嗎，你的 N7+ 層更少？

Yes, because we're using the EUV to replace some of the immersion layers.

是的，因為我們正在使用 EUV 來替換一些浸沒層。

So I give you one example.

所以我給你舉一個例子。

One EUV layer can replace a 3P3E -- replace 3 layers of immersion.

一個 EUV 層可以代替一個 3P3E——代替 3 層浸沒。

So in calculation of the defect density, you'll get more dies.

所以在計算缺陷密度時，你會得到更多的芯片。

All right.

好的。

The next question will be coming from Credit Suisse and Randy Abrams.

下一個問題將來自瑞士信貸和蘭迪艾布拉姆斯。

The first question, I wanted to ask your growth, both for the industry and TSMC, is above trend.

第一個問題，我想問你的成長，無論是對於行業還是台積電，都高於趨勢。

The prior few years were only low single digit for the industry.

前幾年對該行業來說只是低個位數。

I'm curious how much you think is from the structural factors, meaning the new growth platforms, and how much you see is coming from cyclical factors, which sometimes see an upturn.

我很好奇您認為有多少來自結構性因素，即新的增長平台，以及您認為有多少來自周期性因素，這些因素有時會出現好轉。

All right, Randy, your question is, with respect to our projected growth of this year, both the semiconductor and TSMC are above the industry average trend.

好的，蘭迪，你的問題是，關於我們今年的預期增長，半導體和台積電都高於行業平均趨勢。

And so the higher number, is it due to structural or due to cyclical factors?

那麼更高的數字，是由於結構性因素還是由於週期性因素？

By structural, you mean permanent?

結構性的，你的意思是永久性的？

Or I'd say a new trend -- based on the growth platforms, a new trend to higher growth.

或者我會說一種新趨勢——基於增長平台，一種更高增長的新趨勢。

Say it again?

再說一遍？

By structural, a new trend to higher growth, say, from these drivers like IoT, high-performance computing.

通過結構性，更高增長的新趨勢，例如，來自物聯網、高性能計算等這些驅動因素。

Well, it has always been our intention to be fully competitive, therefore, the least we want to do is to maintain our market share.

好吧，我們一直致力於充分競爭，因此，我們最不想做的就是保持我們的市場份額。

And now as I said a little earlier, the total foundry -- all the foundries in the world, total foundry revenue will grow 9% to 10% this year.

現在，正如我早些時候所說，整個代工廠——世界上所有的代工廠，今年的總代工廠收入將增長 9% 到 10%。

And I expect TSMC to grow revenue 10% to 15%.

我預計台積電的收入將增長 10% 至 15%。

So that means perhaps a small gain in market share.

因此，這可能意味著市場份額的小幅增長。

Now what do we do to earn that?

現在我們要怎麼做才能賺到呢？

Now then I have to go back to the offset strengths we have, yes.

現在，我必須回到我們擁有的抵消優勢，是的。

We lead in technology, we lead in manufacturing capability, and I believe we lead in customers' trust.

我們領先於技術，我們領先於製造能力，我相信我們領先於客戶的信任。

Okay.

好的。

The second question I wanted to ask was, this year, you already generated excess cash flow after paying the dividend.

我想問的第二個問題是，今年，您在支付股息後已經產生了超額現金流。

And you're talking about lower capital intensity the next few years.

你說的是未來幾年較低的資本密集度。

So if you could give a view now on outlook for dividend or broader payout just with this cash generation, if you could start to accelerate what we've seen in the past couple years.

因此，如果您現在可以就這一現金產生的股息或更廣泛的派息前景發表看法，是否可以開始加速我們在過去幾年中看到的情況。

Lora will...

洛拉會...

Randy, we had a very good free cash flow last year, and then we also believe the free cash flow is going to be good in the future years, with what you just said, so we will stick on our plan to gradually increase our cash dividend every year.

蘭迪，我們去年的自由現金流非常好，然後我們也相信未來幾年的自由現金流會很好，就像你剛才所說的，所以我們會堅持我們的計劃，逐步增加我們的現金每年分紅。

For next year, I think announcement will be made in February after the board meeting, yes.

對於明年，我認為將在 2 月份董事會會議後公佈，是的。

All right.

好的。

Next question will be coming from Deutsche Bank, Michael Chou.

下一個問題將來自德意志銀行，Michael Chou。

Regarding the 2018 U.S. dollars sales guidance, so do you have any color for what area actually exceeded your expectation 6 months ago in terms of demand outlook?

關於 2018 年的美元銷售指導，您對哪個區域在需求前景方面實際超出您 6 個月前的預期有什麼看法嗎？

Because in the past, you mentioned that long-term sales CAGR could be 5% to 10%, right, so is any area demand actually stronger than you expected before or really exceed your internal planning in terms of demand outlook for 2018?

因為過去您提到長期銷售複合年增長率可能在 5% 到 10% 之間，對，那麼從 2018 年的需求前景來看，任何區域需求實際上是否比您之前預期的要強，或者真的超出您的內部計劃？

All right.

好的。

Question from Michael really is that since we have stated our CAGR to be 5% to 10%, and this year, the 10% to 15% is higher than the CAGR of 5% to 10%, so he wants to understand where the extra strength is coming from.

邁克爾的問題是，既然我們已經規定我們的複合年增長率為 5% 到 10%，而今年，10% 到 15% 的複合年增長率高於 5% 到 10% 的複合年增長率，所以他想了解額外的力量來自於。

Where is what?

什麼在哪裡？

The extra strength.

額外的力量。

Which area we are doing stronger than...

我們在哪個領域做得比...

Well, mainly, it's in the high-performance computing platform.

嗯，主要是在高性能計算平台上。

And as I said a little earlier, that is due to the expanding usage of AI devices in all devices.

正如我之前所說，這是由於 AI 設備在所有設備中的使用範圍不斷擴大。

And I also said it's the continuing strong demand of cryptocurrency mining.

我還說這是加密貨幣挖礦的持續強勁需求。

For follow-up question, so for AI, if -edge AI - do you put the category of smartphone AI into the HPC or you still put in the smartphone segment?

對於後續問題，對於AI，如果-edge AI-您將智能手機AI的類別放入HPC還是仍然放入智能手機領域？

Since the AI in...

由於人工智能在...

The AI-related application, if it is used in smartphone, do we categorize it in HPC or in smartphone?

AI相關的應用，如果用在智能手機上，我們是歸類在HPC還是智能手機？

I believe we put it in smartphones.

我相信我們把它放在智能手機中。

Okay.

好的。

My second question is regarding 7...

我的第二個問題是關於 7...

Okay, is that -- is it -- is that one -- that's what -- you are asking a second question now or what?

好的，那是 - 是 - 是那個 - 就是這樣 - 你現在要問第二個問題還是什麼？

Just a follow-up -- a second question.

只是一個後續——第二個問題。

Are you asking a second question now?

你現在問第二個問題嗎？

Yes, second question.

是的，第二個問題。

This is your second question, actually, right?

這是你的第二個問題，對吧？

So anyway, let's answer that question.

所以無論如何，讓我們回答這個問題。

Let's answer that question.

讓我們回答這個問題。

I think, well, either Mark or C.C., you can take it, yes.

我認為，好吧，無論是 Mark 還是 C.C.，你都可以接受，是的。

Okay, C.C., you want to take it?

好的，C.C.，你要接受嗎？

All right.

好的。

The AI in the smartphone will category into the mobile smartphone.

智能手機中的人工智能將歸類為移動智能手機。

My second question is regarding your 7-nanometer sales portion in Q4 this year, in 2018, 7-nanometer sales portion in Q4 in the 2018, Q4 this year, and the whole year, do you have any forecast?

我的第二個問題是關於你們今年Q4、2018年7納米銷量、2018年Q4、今年Q4、全年7納米銷量，你有預測嗎？

Well, I can say probably the whole year is roughly the 10% revenue.

好吧，我可以說大概是全年收入的 10% 左右。

Okay?

好的？

All right, we have to move to the next analyst, which is Morgan Stanley's Charlie Chan.

好的，我們必須轉向下一位分析師，即摩根士丹利的查理陳。

Mr. Chairman, TSMC is really phenomenal.

主席先生，台積電真是了不起。

So my first question is kind of long.

所以我的第一個問題有點長。

It's, again, on cryptocurrency.

這又是關於加密貨幣的。

First of all, can you quantify the cryptocurrency contribution as you did the last quarter?

首先，你能像上個季度那樣量化加密貨幣的貢獻嗎？

I remember, it was like USD 350 million to USD 400 million now in 3Q.

我記得，現在第三季度大概是 3.5 億美元到 4 億美元。

Can you give that data for first quarter, in 1Q?

你能在第一季度提供第一季度的數據嗎？

So given the strengths, can TSMC's 16-nanometer fulfill the demand?

那麼，鑑於實力，台積電的 16 納米能否滿足需求？

And will TSMC expand capacity for this cryptocurrency mining?

台積電會擴大這種加密貨幣挖礦的能力嗎？

This is the first question.

這是第一個問題。

All right.

好的。

Charlie's question is, can we disclose the proportion of revenue we get from cryptocurrency mining in the fourth quarter last year and the first quarter this year?

查理的問題是，我們能否透露去年第四季度和今年第一季度我們從加密貨幣挖礦中獲得的收入比例？

And also, since this requires our 16-nanometer capacity, are we able to fulfill the demand, or do we plan to expand capacity?

而且，由於這需要我們的 16 納米產能，我們是否能夠滿足需求，或者我們是否計劃擴大產能？

Stop there.

停在那裡。

Okay.

好的。

I heard the first part, but what's the second part?

聽了第一部，第二部呢？

Second part is, will we be adding capacity to satisfy the demand?

第二部分是，我們會增加產能以滿足需求嗎？

To satisfy crypto demand?

為了滿足加密需求？

Right.

正確的。

I don't think we want to disclose the revenue amount for crypto.

我認為我們不想披露加密貨幣的收入金額。

Do we?

我們要不要？

No.

不。

No, we don't.

不，我們沒有。

Now as to the second question, no, because of the volatility -- as we -- as I said several times, because of the volatility of the cryptocurrency demand, the possible volatility, I should say, we do not -- we are not going to add the capacity specifically for crypto.

現在關於第二個問題，不，因為波動性 - 正如我們 - 正如我多次說過的那樣，因為加密貨幣需求的波動性，可能的波動性，我應該說，我們沒有 - 我們不是將專門為加密添加容量。

But we look at cryptocurrency demand as a part of our high-performance computing platform demand now.

但我們現在將加密貨幣需求視為我們高性能計算平台需求的一部分。

There are other parts of the high-performance computing.

還有其他部分的高性能計算。

They are also fairly volatile, though not as volatile as the -- maybe as the cryptocurrency.

它們也相當不穩定，儘管不如加密貨幣那麼不穩定。

So we look at the whole thing as a whole, and we are definitely adding capacity for the high-performance computing platform.

因此，我們將整個事情視為一個整體，我們肯定會為高性能計算平台增加容量。

So my second question is going to be very brief.

所以我的第二個問題將非常簡短。

It's about your antitrust implication, given TSMC's strong industry position, so how the company is going to deal with this antitrust issue, and will they impact your 2018 operation?

這是關於你的反壟斷影響，鑑於台積電強大的行業地位，那麼公司將如何處理這個反壟斷問題，它們會影響你 2018 年的運營嗎？

I think Charlie is referring to, recently, the EU Commission is investigating whether or not TSMC has violated any antitrust.

我認為查理指的是最近，歐盟委員會正在調查台積電是否違反了任何反壟斷法。

Well, we do not think that we have any problem.

那麼，我們不認為我們有任何問題。

However, we'll cooperate with whatever government agency that investigates it.

但是，我們將與任何對其進行調查的政府機構合作。

We'll cooperate fully.

我們會全力配合。

Next question will be coming from Daiwa's Rick Hsu.

下一個問題將來自 Daiwa 的 Rick Hsu。

Dr. Chang and all the senior management, my first question is, could you give us some -- maybe some ballpark number about the revenue breakdown of your 2018 revenue outlook in terms of the application HPC, IoT, automotive and mobile?

Chang 博士和所有高級管理人員，我的第一個問題是，你能否給我們一些 - 也許是一些關於你 2018 年收入前景在應用程序 HPC、物聯網、汽車和移動方面的收入細分的大致數字？

Well, those 4 are our growth platforms.

嗯，這四個是我們的成長平台。

We do have other platforms, which happened to be declining, actually.

我們確實有其他平台，實際上這些平台恰好在下降。

So giving you the percentage actually don't tell you anything, but can we -- Lora or C.C., do we -- yes, I mean, he wants to know the percentage of revenue in HPC, in mobile, in IoT and -- I think maybe you can give them some approximate numbers, yes.

所以給你這個百分比實際上並不能告訴你任何事情，但是我們可以——Lora 或 C.C.，我們——是的，我的意思是，他想知道 HPC、移動、物聯網和——我想也許你可以給他們一些大概的數字，是的。

All right.

好的。

Approximately, actually, the mobile smartphone, throughout the half of what, is it...

大約，實際上，移動智能手機，在一半的時間裡，它是...

Mobile, mobile.

手機，手機。

Mobile will be about 1/2; and then followed by the HPC, that would be about 25%; and another probably around 10% from automotive and IoT, the rest of that.

移動將約為 1/2；然後是 HPC，大約是 25%；另一個可能來自汽車和物聯網的大約 10%，其餘的。

Did that answer your question?

這回答了你的問題嗎？

Yes, that's very clear.

是的，這很清楚。

That's pretty good direction.

是個不錯的方向。

Then the second question is about the inventory.

然後第二個問題是關於庫存的。

I know Dr. Chang was talking about your end Q4 inventory was -- a few days above seasonal.

我知道 Chang 博士在談論您的第四季度末庫存是 - 比季節性高幾天。

And I'm not sure if you also commented about your inventory view for the first quarter this year is going to be coming down and tracking the seasonal average, or am I missing something?

而且我不確定您是否還評論了您今年第一季度的庫存視圖將下降並跟踪季節性平均值，還是我遺漏了什麼？

We exited 4Q '17 with a few days above the seasonality.

我們在 17 年第 4 季度退出時比季節性高了幾天。

And then we expect this start to increase again because of our customers start to build for the New Year's.

然後我們預計這種情況會再次增加，因為我們的客戶開始為新年建造。

And so the inventory will increase a little bit, but it's still the seasonal sub-pattern, I'd say, is nothing surprised as compared with the previous years.

所以庫存會增加一點，但它仍然是季節性的子模式，我想說，與往年相比，這並不奇怪。

Next question will be coming from Credit Lyonnais', Sebastian Hou.

下一個問題將來自 Credit Lyonnais 的 Sebastian Hou。

So my first question is on the -- what's your expectation for the growth from your Chinese customers?

所以我的第一個問題是——你對中國客戶的增長有什麼期望？

If I calculate correctly, it seems like your revenue from China has doubled in the past 3 years.

如果我計算正確，您在中國的收入在過去 3 年中似乎翻了一番。

And do you expect such doubling pattern to persist in the next few years?

您是否預計這種翻倍模式會在未來幾年持續存在？

So Chinese customers have been growing quite fast.

因此，中國客戶的增長速度相當快。

Do we continue to expect the percentage to our revenue will double in the next few years as it has done...

我們是否繼續期望我們的收入百分比將在未來幾年內翻一番？

Will we continue to what?

我們會繼續做什麼？

Expect the customers' revenue to double in the next few years.

預計未來幾年客戶的收入將翻一番。

First, the Chinese customers have grown very fast.

首先，中國客戶增長非常快。

I guess -- you want to answer it?

我猜——你想回答嗎？

I was going to say I think the cryptocurrency thing, which is the volatile one, is the part of the Chinese customers.

我想說的是，我認為加密貨幣是易變的，是中國客戶的一部分。

Yes, it has been growing fast.

是的，它一直在快速增長。

But you go ahead and answer the rest, okay?

但你繼續回答其餘的，好嗎？

Well, if you ask me whether China customer will grow, will double in the next few years, certainly.

好吧，如果你問我中國客戶是否會增長，未來幾年肯定會翻一番。

I think it has full potential to achieve that.

我認為它完全有可能實現這一目標。

The cryptocurrency is part of it, but even with after cryptocurrency cool and other application will continue to sprout in China I think.

加密貨幣是其中的一部分，但即使在加密貨幣冷卻之後，我認為其他應用程序仍將繼續在中國萌芽。

You said cool.

你說酷。

Don't say cool.

別說酷。

It may not cool.

它可能不酷。

Just a follow up on that, how do you see -- besides cryptocurrency, how do you see the -- also there is a rising numbers of the Unicorn, the start-ups in China.

只是跟進一下，你怎麼看——除了加密貨幣，你怎麼看——還有獨角獸的數量在增加，中國的初創企業。

They want to design their ASIC or a lot of them are working on AI.

他們想要設計他們的 ASIC，或者他們中的很多人正在研究人工智能。

And do you also expect that to be an important growth driver for your Chinese revenue in next few years for that doubling pattern?

您是否也認為這會成為您未來幾年中國收入翻番的重要增長動力？

So Sebastian is wondering if beyond the cryptocurrency mining, there are other IC designers in China the focuses on AI, whether or not these type of applications will drive the doubling growth of the customers.

所以 Sebastian 想知道除了加密貨幣挖礦之外，中國是否還有其他 IC 設計師專注於 AI，這些類型的應用程序是否會推動客戶的翻倍增長。

Well, look.

嗯，看。

We are everyone's foundry, we are everyone's foundry.

我們是每個人的鑄造廠，我們是每個人的鑄造廠。

And being the technology/capacity/manufacturing leader, we are really in a really good position.

作為技術/產能/製造的領導者，我們確實處於非常有利的位置。

So all right, so if they grow, great.

好吧，所以如果他們長大，那就太好了。

We will grow with them.

我們將與他們一起成長。

And we don't particularly care customers in which region grow.

而且我們並不特別關心客戶在哪個地區增長。

So we are kind of region-blind, okay, as far as where the growth comes from.

所以我們有點地區盲，好吧，就增長的來源而言。

We're everyone's foundry, everyone in the world, we're everyone's foundry.

我們是每個人的鑄造廠，世界上的每個人，我們都是每個人的鑄造廠。

And usually, the customer that has innovations -- has innovative designs that grow the fastest.

通常，擁有創新的客戶——擁有增長最快的創新設計。

And so I'm sure that the Chinese innovations will grow very fast.

所以我相信中國的創新會發展得非常快。

But then, the rest of world is not just stay put.

但是，世界其他地方不僅僅是呆在原地。

They are growing to -- I don't know -- does that answer your question?

他們正在成長——我不知道——這能回答你的問題嗎？

Or, No?

或者沒有？

Yes.

是的。

Second question yes, the second question is on the -- I wonder what's the TSMC's expectation and your estimate -- or evaluation on the raw wafer supply shortage.

第二個問題是的，第二個問題是關於——我想知道台積電的期望和你的估計是什麼——或者對原始晶圓供應短缺的評估。

And remember, the same time last year, CFO give an estimate about how the price hike will impact the margin profit.

請記住，去年同一時間，首席財務官估計了價格上漲將如何影響利潤率。

I wonder if you have a similar numbers you can give this year?

我想知道你今年是否有類似的數字？

Do you want to answer the question?

你想回答這個問題嗎？

The raw wafer has been in short supply in 2017.

2017年原矽片一直供不應求。

We expect the short supply will continue through this year as well.

我們預計供應短缺也將持續到今年。

But fortunately, because we are a big purchaser, so we were able to engage some of the vendor in the long-term contract.

但幸運的是，因為我們是大採購商，所以我們能夠與一些供應商簽訂長期合同。

So we should be safe in terms of supply.

所以我們在供應方面應該是安全的。

And how about the price increase impact on the profitability?

價格上漲對盈利能力的影響如何？

Yes, the price has indeed increased and has been affecting our margin as well.

是的，價格確實上漲了，並且也影響了我們的利潤。

I think maybe 6 months ago, we have indicated the margin impact for 2017 will be around 0.2 percentage point something.

我想可能在 6 個月前，我們已經表示 2017 年的利潤率影響將在 0.2 個百分點左右。

With the continual hike in price and the impact in 2018 will be bigger.

隨著價格的不斷上漲，2018年的影響會更大。

So we expect impact will be maybe half point, 0.5 to 1 percentage point impact to gross margin.

因此，我們預計對毛利率的影響可能是半個百分點，0.5 到 1 個百分點。

Well, anyway, we'll try to offset that with some of the productivity improvement and other cost reductions.

好吧，無論如何，我們將嘗試通過一些生產力提高和其他成本降低來抵消這一點。

Is it possible to pass the cost increase to your customer?

是否有可能將成本增加轉嫁給您的客戶？

No, I don't think so.

不，我不這麼認為。

Okay.

好的。

I think it's about time that we go to the call first because there are quite a few analysts queuing on the line.

我認為現在是我們首先進行電話會議的時候了，因為有很多分析師在排隊等候。

So operator, could you please go to the first caller on the line?

接線員，請您轉接第一個來電者好嗎？

Your first question comes from the line of Mehdi Hosseini from SIG.

您的第一個問題來自 SIG 的 Mehdi Hosseini。

My first one has to do with the impact of EUV from your capital density.

我的第一個問題與 EUV 對資本密度的影響有關。

When you look into 2019-2020, is EUV actually helping you with lower capital intensity?

展望 2019-2020 年，EUV 是否真的在幫助您降低資本密集度？

Is it helping you with lower CapEx spend?

它是否可以幫助您降低資本支出？

And if not, when should we expect to see that?

如果沒有，我們應該什麼時候看到呢？

And I have a follow-up.

我有一個後續行動。

We spent several hundred millions in EUVs since last year.

自去年以來，我們在 EUV 上花費了數億美元。

And going forward this year and next year, the EUV investment will continue to go up.

並且展望今年和明年，EUV 投資將繼續上升。

However, the number has been included in our overall CapEx budget, which I was just mentioning, $10 billion to $11 billion.

但是，這個數字已包含在我們的整體資本支出預算中，我剛才提到了 100 億至 110 億美元。

While it is true that the CapEx per 1,000 wafer investment will be higher if you move into the more leading-edge technology, particularly 5-nanometer.

如果您採用更領先的技術，尤其是 5 納米技術，那麼每 1,000 片晶圓投資的資本支出確實會更高。

But also, the purpose of introduction of EUV is to simplify the process.

而且，引入 EUV 的目的也是為了簡化工藝。

So with the process simplification, therefore, the overall patterning cost will not increase compared to the multi-level patterning or the immersion version.

因此，隨著工藝的簡化，與多層圖案化或浸沒版本相比，整體圖案化成本不會增加。

So that was the simple answer to your questions.

這就是對您問題的簡單回答。

And with regard to the packaging, non-wafer revenues in in '18 '19 and 2020.

關於封裝，非晶圓收入在 18 年 19 年和 2020 年。

How should we think about the diversification, scaling up InFO and also CoWoS?

我們應該如何考慮多元化、擴大 InFO 和 CoWoS？

Is there any number you can provide us or maybe perhaps qualitatively you can help us?

有沒有你可以提供給我們的數字，或者也許你可以在質量上幫助我們？

Again, the question has to do with revenue contribution from system in a package InFO and CoWoS in 2018, 2019, and 2020.

同樣，這個問題與 2018 年、2019 年和 2020 年 InFO 和 CoWoS 打包系統的收入貢獻有關。

So maybe this question is regarding advanced packaging in terms of its revenue contribution to TSMC in 2018 all the way to 2020.

所以也許這個問題是關於先進封裝在 2018 年一直到 2020 年對台積電的收入貢獻。

Say it again?

再說一遍？

The advanced packaging such as InFO and CoWoS, the contribution to TSMC's revenue in percentage.

InFO和CoWoS等先進封裝，對台積電營收的貢獻率。

Lora, please.

勞拉，請。

I will talk about the whole assembly packaging service in TSMC instead of just a single out InFO or CoWoS.

我將討論台積電的整個組裝包裝服務，而不僅僅是一個單獨的 InFO 或 CoWoS。

The backend service accounts for about 7% of the TSMC revenue...

後端服務約佔台積電收入的7%...

Several, several...

幾個，幾個……

7%.

7%。

7%, 7%.

7%，7%。

Of TSMC's revenue 2017.

台積電2017年營收。

With the continued growth in -- particularly in InFO and CoWoS going forward, we expect the percentage will go up slightly in out years.

隨著持續增長——尤其是在 InFO 和 CoWoS 方面的發展，我們預計該百分比將在未來幾年略有上升。

Okay, we should go to the next caller on the line.

好的，我們應該去找下一位來電者。

Operator, please.

接線員，請說。

Our next question comes from the line of Roland Shu from Citigroup.

我們的下一個問題來自花旗集團的 Roland Shu。

Hi.

你好。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

Hi, Mark.

嗨，馬克。

You mentioned there is increasing IDM outsourcing trend in the new technology.

您提到新技術中 IDM 外包趨勢正在增加。

However, we suspect one of your IDM customer is in-sourcing baseband product this year.

但是，我們懷疑您的一位 IDM 客戶今年正在內購基帶產品。

So, for this year, do you see the total IDM outsourcing trend will be increased more than this IDM insourcing trend?

那麼，對於今年，您是否認為 IDM 總外包趨勢會比 IDM 內包趨勢增加更多？

Roland, I think you are asking if TSMC will continue to see the IDM outsourcing as a trend.

Roland，我想你是在問台積電是否會繼續將 IDM 外包視為一種趨勢。

And then...

接著...

Yes.

是的。

And then are you asking some proportion or percentage?

然後你問的是比例還是百分比？

No?

不？

No.

不。

I think proportion and also maybe for the total revenue contribution point of view.

我認為比例，也可能是從總收入貢獻的角度來看。

Thanks.

謝謝。

Revenue contribution or proportion.

收入貢獻或比例。

Of IDM outsourcing?

IDM外包？

Of IDM, yes.

IDM，是的。

Do we even have a number on that, Lora?

洛拉，我們有這個數字嗎？

The answer to the first question whether the IDM outsourcing will continue.

第一個問題的答案IDM外包是否會繼續。

Yes, I think it will, but on the second part -- second part of the question is a number.

是的，我認為會，但在第二部分-- 問題的第二部分是一個數字。

Well.

出色地。

We don't have a number, okay.

我們沒有號碼，好吧。

Actually, frankly, I would say that almost without exception, every IDM has become fab light, almost without exceptions.

實際上，坦率地說，我想說幾乎無一例外，每個 IDM 都變得輕量級，幾乎無一例外。

There are exceptions.

也有例外。

Yes, and all I'm saying.

是的，我要說的都是。

Excuse me.

打擾一下。

And All I'm saying is that those that are already fab light will become fab lighter and lighter.

我要說的是那些已經很輕的工廠將變得越來越輕。

Okay.

好的。

Understood.

明白了。

Thank you.

謝謝你。

I think the follow-up question to Mark is that, Mark, let's just say, is seeing this outsourcing trend in new technology.

我認為馬克的後續問題是，馬克，讓我們說，正在看到這種新技術的外包趨勢。

Can Mark add more color on what kind of technology are these IDMs are looking for and what kind of applications are they outsourcing to foundry?

Mark 能否為這些 IDM 正在尋找什麼樣的技術以及他們將什麼樣的應用程序外包給代工廠增加更多色彩？

Thanks.

謝謝。

Yes, Mark.

是的，馬克。

Yes.

是的。

IDM has not been building new fabs for quite some time.

IDM 已經有一段時間沒有建造新的晶圓廠了。

But as technology is progressing, when they reached to below 90-nanometer and they almost solely depend on the foundry support, and that's why we see the continued trend.

但隨著技術的進步，當它們達到 90 納米以下時，它們幾乎完全依賴於代工廠的支持，這就是我們看到持續趨勢的原因。

And all those are specialty technologies.

所有這些都是專業技術。

But these technology are new to TSMC or new IDM?

但這些技術對台積電或新IDM來說是新的？

What was the question?

問題是什麼？

Yes, right.

是的，沒錯。

The technologies are these new to TSMC or new to IDM?

這些技術對台積電來說是新的還是對 IDM 來說是新的？

Both are new to the IDM and also new for TSMC.

兩者對於 IDM 來說都是新的，對於台積電來說也是新的。

Okay.

好的。

So these technologies, what kind of applications for this technology will be?

那麼這些技術，對於這種技術會有什麼樣的應用呢？

Applications.

應用程序。

Well, mostly in the automotive and IoT, yes, in those 2 categories.

嗯，主要是在汽車和物聯網中，是的，在這兩個類別中。

Operator, can we continue to the next caller, please?

接線員，我們可以繼續接下一位來電者嗎？

Yes.

是的。

Our next question comes from the line of Steven Pelayo from HSBC.

我們的下一個問題來自匯豐銀行的 Steven Pelayo。

Just one quick follow-up on crypto.

只是對加密貨幣的快速跟進。

I know you don't want to disclose what it was in the fourth quarter.

我知道你不想透露第四季度的情況。

I wonder if you could at least disclose what it was for full year 2017 and maybe just directionally, is it increasing every quarter for you.

我想知道您是否至少可以透露 2017 年全年的情況，也許只是方向性的，是否每個季度都在增加。

All right.

好的。

Cryptocurrency proportion to TSMC's revenue.

加密貨幣佔台積電收入的比例。

Can we disclose what's the impact?

我們能透露一下有什麼影響嗎？

What's the proportion in 2017 and what's the direction quarter-over-quarter during this year, whether it is increasing every quarter or increasing in some quarter, decreasing in some quarter?

2017年的比例是多少，今年環比的方向是什麼，是每季度增加還是部分季度增加，部分季度減少？

Well, C.C. or Mark, you want to answer that question?

好吧，C.C.或者馬克，你想回答這個問題嗎？

Well, the cryptocurrency mining, the demand to TSMC.

好吧，加密貨幣挖礦，對台積電的需求。

Actually, last year, of course we saw the strong increase in the second half of last year.

實際上，去年我們當然看到了去年下半年的強勁增長。

But after that, I think it's keep a little bit flat for this year throughout this year.

但在那之後，我認為今年全年都保持平穩。

Okay, fair enough.

好吧，夠公平的。

And then I want to ask a little bit about above 10-nanometer.

然後我想問一點關於10納米以上的問題。

If you look at the fourth quarter, it looks like if we exclude 10-nanometer, the rest of the company, roughly 75% of revenue was down about 8% quarter-to-quarter.

如果你看第四季度，如果我們排除 10 納米，公司的其餘部分，大約 75% 的收入環比下降了約 8%。

And things like consumer were off pretty significantly and even 28-nanometer was off 15%.

像消費者這樣的東西大幅下降，甚至 28 納米也下降了 15%。

So, I guess, I'm trying to understand, is that normal seasonality?

所以，我想，我想了解，這是正常的季節性嗎？

I would have thought we were seeing broader strength from an overall semi cycle when we look beyond just 10-nanometer.

當我們看到超過 10 納米時，我原以為我們會從整個半週期中看到更廣泛的力量。

So Steven's curiosity is about our fourth quarter.

所以史蒂文的好奇心是關於我們第四季度的。

Since 10-nanometer accounted for 25% of our fourth quarter revenue.

由於 10 納米占我們第四季度收入的 25%。

If we take that out, the non-10-nanometer business is a decline of 8% quarter-over-quarter.

如果我們把它排除在外，非 10 納米業務環比下降 8%。

In a seasonally -- supposedly seasonally strong quarter.

在一個季節性的——據說是季節性強勁的季度。

Is that normal?

這正常嗎？

Well, to answer that question, you actually -- if you take out the 10-nanometer that representing a big portion of the smartphone business.

好吧，要回答這個問題，你實際上 - 如果你拿出代表智能手機業務很大一部分的 10 納米。

So I don't know if you take out the smartphone, which is about a 50% of TSMC's revenue, cannot be, say others continued strong fourth quarter or something like that.

所以我不知道你是否拿出約佔台積電收入 50% 的智能手機，不能說其他人在第四季度繼續保持強勁或類似的情況。

So it's not very appropriate to just take out the 1 node by talking the whole market segment.

所以說整個細分市場只拿出1個節點是不太合適的。

I'm talking about the smartphone HPC.

我說的是智能手機 HPC。

In fact, really the HPC increased.

事實上，HPC 確實增加了。

But we enter into the first quarter.

但我們進入第一季度。

The smartphone seasonality dropped and HPC continue to be strong.

智能手機季節性下降，HPC 繼續強勁。

And if I could just follow up quickly to that, what do you think 10-nanometer will then be in the first quarter?

如果我可以快速跟進，您認為 10 納米在第一季度會是什麼？

How big of a seasonal decline do you see in the first quarter?

您認為第一季度的季節性下降幅度有多大？

That's it for me.

對我來說就是這樣。

He's asking us to give a guidance in the first quarter this year, 10-nanometer contribution.

他要求我們在今年第一季度給出一個指導，10 納米的貢獻。

The first quarter 10-nanometer that is decreasing because of -- as I said, the seasonality of the smartphone business.

正如我所說，由於智能手機業務的季節性，第一季度 10 納米正在減少。

Okay, I think we have answered Steven's questions.

好的，我想我們已經回答了史蒂文的問題。

And now we are coming back to the floor.

現在我們要回到地板上。

First, we are going to ask JPMorgan's Gokul to ask his question.

首先，我們要請摩根大通的 Gokul 提問。

I had a couple of questions on 7-nanometer.

我有幾個關於 7 納米的問題。

Could you talk a little bit about what is your expected market share if we think about the N7 and N7+ over the next couple of years?

如果我們考慮未來幾年的 N7 和 N7+，您能否談談您的預期市場份額？

The second part is I think Mark mentioned in the last call, more than 50% of the tape-outs for 7 are HPC-related.

第二部分是我認為 Mark 在上次電話會議中提到的，超過 50% 的 7 流片與 HPC 相關。

Could you talk about what could be the size of HPC-related production revenues?

您能否談談與 HPC 相關的生產收入的規模？

Because not every tape-out is equal in volume now that you're getting closer to production if you could give some color on that?

因為現在你越來越接近生產，不是每個流片的量都是相等的，如果你能給它一些顏色嗎？

Could you repeat the question?

你能重複一下這個問題嗎？

Right, Gokul's question is first asking us to quantify over our market share at the 7 and 7+ nanometer.

對，Gokul 的問題首先是要求我們量化我們在 7 和 7+ 納米的市場份額。

That's his first question for the next few years, market share...

這是他未來幾年的第一個問題，市場份額……

Market share on 7 and the 7+?

7 和 7+ 的市場份額？

7 and 7+, right.

7 和 7+，對。

Well, we haven't even started producing 7 here.

好吧，我們甚至還沒有開始在這裡生產 7。

Is that a question or...

這是一個問題還是...

Yes, that's your question, right?

是的，這是你的問題，對吧？

Yes.

是的。

We intend, I can only say -- we intend to have a very high market share.

我們打算，我只能說 - 我們打算擁有非常高的市場份額。

At least on 7, which we will start producing.

至少在 7 日，我們將開始製作。

This year in the end of first half.

今年上半年結束。

June, he means June, the end of first half, Okay, which we'll start producing in June.

六月，他的意思是六月，上半年結束，好的，我們將在六月開始製作。

And we intend to have a very high market share.

我們打算擁有非常高的市場份額。

In fact, I would say 100% close.

事實上，我會說 100% 接近。

Close, anyway.

無論如何，關閉。

Now the 7+ comes, even what about, a year later?

現在 7+ 來了，甚至一年後呢？

Yes.

是的。

A year later.

一年後。

Why don't you ask the question for 7+ a year from now, okay?

從現在開始，你為什麼不問這個問題 7 年以上，好嗎？

And Gokul's second part of the question is since we have said that more than 50% of the tape-outs is for HPC, so he wants to know whether or not it is also revenue percentage.

Gokul 的第二個問題是，因為我們已經說過超過 50% 的流片是用於 HPC，所以他想知道這是否也是收入百分比。

Number of tape outs HPC is more than 50%, whether or not the revenue contribution will also be more than 50%.

HPC流片數量超過50%，收入貢獻是否也將超過50%。

Yes.

是的。

Well, I would say initially, actually, smartphone business still occupy the majority of 7 nanometers of business, followed by the HPC.

好吧，我首先要說的是，實際上，智能手機業務仍然佔據了7納米業務的大部分，其次是HPC。

But that would be a few quarters away.

但那將是幾個季度的距離。

So HPC will be more 2019 kind of.

所以 HPC 會更像 2019 年的那種。

Yes.

是的。

All right.

好的。

Then there will be a follow-up question from the floor coming from Credit Suisse Randy Abrams.

隨後，Credit Suisse Randy Abrams 將在會上提出後續問題。

Actually wanted to go back to mobile.

其實想回到手機。

I think in the remarks earlier, you mentioned it will be flat for the mobile platform this year.

我想在之前的評論中，你提到今年移動平台將是扁平化的。

Could you talk about your view on the market say for volume or content?

您能否談談您對市場的看法，比如數量或內容？

Maybe a change in that or is it a view temporarily there are some market share swings on that front.

也許會有所改變，或者是暫時認為這方面的市場份額存在一些波動。

You want to answer, C.C?

你想回答嗎，C.C？

Yes, let me comment on the mobile -- the smartphone unit first.

是的，讓我先評論一下手機——智能手機單元。

This year, we expect smartphone unit growth will be in the low single digit.

今年，我們預計智能手機銷量增長將處於低個位數。

However, the high-end smartphone will be decreasing for this year.

然而，今年高端智能手機將會減少。

And middle end and low end will be increasing a few percentage points.

中端和低端將增加幾個百分點。

So in total, it will be a low single digits growth.

所以總的來說，這將是一個低個位數的增長。

And for TSMC that we saw that we combined all the smartphone together, and wafer revenue will be flat as compared with last year.

而對於台積電，我們看到我們將所有智能手機組合在一起，晶圓收入將與去年持平。

And the second follow-up, it's more broadly on the margins.

第二次跟進，它更廣泛地處於邊緣。

You mentioned the wafer price impact.

你提到了晶圓價格的影響。

If you could give a broader picture on the other swing factors, a comment on depreciation, the 7-nanometer ramp and FX, a view on that.

如果您可以更廣泛地了解其他波動因素，對折舊、7 納米斜坡和 FX 的評論，以及對此的看法。

And the second part is, is there a new seasonality for margin?

第二部分是，保證金是否有新的季節性？

And it seems like the last year or 2, you had better margin in the first half, but then you have the new technology ramp in the second half.

似乎在過去的一兩年裡，你在上半年有更好的利潤，但在下半年你有了新技術的提升。

So if you expect that same type of seasonality again?

那麼，如果您再次期待相同類型的季節性？

There are several things that will affect our 2018 margin.

有幾件事會影響我們 2018 年的利潤率。

Number one is wafer price, we were just talking about that.

第一是晶圓價格，我們只是在談論這個。

The other one is the ramping of 7-nanometer.

另一個是7納米的斜坡。

We expect ramping profile for 7-nanometer will be very similar to 10-nanometer at the same time, and that we expect the margin dilution for second half of this year will be 2 to 3 percentage point, which is also similar to 10-nanometer.

我們預計 7 納米的增長曲線將與 10 納米同時非常相似，我們預計今年下半年的利潤率稀釋將 2 到 3 個百分點，這也類似於 10 納米.

Other than that, the foreign exchange is -- it can move positively or negatively.

除此之外，外匯是——它可以正面或負面地變動。

It's totally out of our control.

這完全超出了我們的控制。

I don't know what to say about that.

我不知道該怎麼說。

Other than that, we have been doing all our efforts trying to plan the capacity better, reduce the costs, improve the productivity, and that would hopefully we can offset some of the potential negative factors.

除此之外，我們一直在盡一切努力試圖更好地規劃產能，降低成本，提高生產力，希望我們可以抵消一些潛在的負面因素。

But having said so, as we have said, TSMC's financial goal for revenue on the next few years will be 5% to 10%, and the gross margin will be about, about 50%.

但是話雖如此，正如我們所說，台積電未來幾年的收入財務目標將是5％至10％，毛利率將在50％左右。

But, of course, every quarter can be different.

但是，當然，每個季度都可能不同。

For example, the first quarter, as I just guided, actually included a about 2 percentage point inventory valuation, which is a positive to first quarter.

例如，正如我剛剛指導的那樣，第一季度實際上包括了大約 2 個百分點的庫存估值，這對第一季度是有利的。

As utilization move every quarter, that could be a factors, okay.

隨著利用率每個季度的變化，這可能是一個因素，好吧。

Depreciation...

折舊...

Depreciation, with $10.5 to $11 billion, we expect the depreciation grow year-over-year by mid-teens.

折舊，從 10.5 美元到 110 億美元，我們預計折舊將同比增長到十幾歲。

All right, then a follow-up question from Morgan Stanley's Charlie Chan.

好的，然後是摩根士丹利的 Charlie Chan 的後續問題。

So actually, 2 small follow-ups.

所以實際上，有兩個小的後續行動。

So first of all on the AI semiconductors.

所以首先是關於人工智能半導體。

So now, those ASIC design customized chip is taking place and they have to replace that GPU.

所以現在，那些ASIC設計定制芯片正在發生，他們必須更換那個GPU。

So if that trend continue to happen, do you think they will impact your GPU foundry business?

因此，如果這種趨勢繼續發生，您認為它們會影響您的 GPU 代工業務嗎？

And that is the first question.

這是第一個問題。

And the second question is regarding the IDM outsourcing.

第二個問題是關於 IDM 外包。

I think the logic chip outsourcing I think is already very clear, right.

我想我認為的邏輯芯片外包已經很清楚了，對吧。

But for those specialty semiconductor outsourcing, like power management IC, does that need some technology or process transfer from your IDM customers to TSMC.

但是對於那些特殊的半導體外包，比如電源管理 IC，是否需要從 IDM 客戶向台積電轉移一些技術或工藝。

How does that work?

這是如何運作的？

First question is with respect to the growth of the ASIC customers, whether or not ASIC will gain more popularity over GPU.

第一個問題是關於 ASIC 客戶的增長，ASIC 是否會比 GPU 更受歡迎。

And if that is the case, what's going to impact TSMC because we have GPU business.

如果是這樣的話，將會對台積電產生什麼影響，因為我們有 GPU 業務。

Why don't you answer that?

你為什麼不回答這個問題？

Mark will answer the first question.

馬克會回答第一個問題。

On the ASIC, AI ASIC, right, I think it -- of course, more -- as more customers get into the AI ASIC, that part of business will grow.

關於 ASIC，AI ASIC，對，我認為——當然，更多——隨著更多客戶進入 AI ASIC，這部分業務將會增長。

However, it's also very clear that GPU, in some part of the market segment.

不過，也很清楚GPU，在某些細分市場。

For example, at least the data center is very solid.

例如，至少數據中心是非常堅固的。

So I see in the future different design occupy different part of the market, and that is the situation so.

所以我看到未來不同的設計佔據不同的市場部分，情況就是這樣。

And there is a second question.

還有第二個問題。

Second question is the outsourcing from IDM beyond logic such as specialty technology, do we see -- how do we work with IDM's on those specialty technology when we phased-in their technology...

第二個問題是從 IDM 外包超出邏輯（如專業技術），我們是否看到 - 當我們逐步採用他們的技術時，我們如何與 IDM 合作處理這些專業技術......

I think you answered that question earlier, I think.

我想你之前回答了這個問題，我想。

while you -- while that was the point earlier or somebody...

而你——而那是早先的重點或某人……

Okay, both.

好的，兩者都有。

I think we have a very deep specialty technology development.

我認為我們有很深的專業技術開發。

Some of the IDM just use our own technology, particularly moving into the finer nodes.

一些 IDM 只是使用我們自己的技術，特別是進入更精細的節點。

But they are in order or older nodes definitely as their demand increases, we are also doing this phase-in, not transfer, phase-in.

但是隨著需求的增加，它們肯定是有序的或較舊的節點，我們也在逐步實施，而不是轉移，逐步實施。

That means using our technology base to stimulate their technology to do the foundry services for them.

這意味著利用我們的技術基礎來激發他們的技術為他們提供代工服務。

Okay, follow-up question from the floor, and that will be coming from Deutsche Bank, Michael Chou.

好的，接下來的問題來自德意志銀行，Michael Chou。

First question is regarding your 16-nanometer growth outlook.

第一個問題是關於 16 納米的增長前景。

Is that right, your 16-nanometer revenue could be up year-on-year in 2018 or do you have any color for that?

是嗎，你的 16 納米收入可能會在 2018 年同比增長，或者你對此有什麼看法？

16-nanometer?

16納米？

Yes.

是的。

It's a little bit increasing.

它有點增加。

Okay, one follow-up question is you mentioned cryptocurrency, right, so do you think in 2019, most of the cryptocurrency demand will shift to 7-nanometer or do you think that people will still try to use legacy node in the future?

好的，一個後續問題是您提到加密貨幣，對，那麼您認為在 2019 年，大部分加密貨幣需求將轉向 7 納米，還是您認為人們將來還會嘗試使用遺留節點？

Yes, a lot of applications from this cryptocurrencies mining; bitcoin, light coin, they are all different kind of applications.

是的，這個加密貨幣挖掘的很多應用程序；比特幣，輕幣，它們都是不同類型的應用程序。

So they're using a lot of technologies.

所以他們使用了很多技術。

But most of them are advanced technology from 7, 10, 16, 12, it's all...

但是大部分都是7、10、16、12的先進技術，都是……

Okay, second question is do you think your 28-nanometer sales will be up year-on-year this year or be flat?

好的，第二個問題是您認為今年您的 28 納米銷售額會同比增長還是持平？

28-nanometer?

28納米？

Yes.

是的。

This year, it will be a little bit decreasing.

今年會有所下降。

Okay, we still have quite a few analysts waiting on the queue on the call.

好的，我們還有不少分析師在排隊等候。

So I think we really need to go back to the call.

所以我認為我們真的需要回到電話會議上。

Operator, could you please get to the next caller on the line?

接線員，您能接電話上的下一個呼叫者嗎？

Next question comes from the line of Bill Lu from UBS.

下一個問題來自 UBS 的 Bill Lu。

I've had a chance to visit a few of TSMC's customers recently especially in the areas of HPC and cryptocurrency.

我最近有機會拜訪了台積電的一些客戶，尤其是在 HPC 和加密貨幣領域。

What I seem to be hearing is that foundry suppliers, especially at the leading edge are getting quite tight.

我似乎聽到的是，代工供應商，尤其是處於領先地位的供應商變得非常緊張。

Now your guidance for the full year is obviously very good, but that 10% to 15% is that constrained by supply?

現在您對全年的指導顯然非常好，但那 10% 到 15% 是否受供應限制？

Bill, your background noise is actually quite strong, so let me see if I understand your question.

比爾，你的背景噪音實際上很大，所以讓我看看我是否理解你的問題。

You are asking whether or not 2018's 10% to 15% growth, are we constrained by capacity.

你問的是 2018 年 10% 到 15% 的增長，我們是否受到產能的限制。

Is that your question on the leading edge?

這是你的前沿問題嗎？

Yes, so does that reflect the demand environment or is that constrained by capacity?

是的，這反映了需求環境還是受產能限制？

What was the question again?

又是什麼問題？

Whether or not our growth this year is constrained by capacity.

我們今年的增長是否受到產能的限制。

Is what?

是什麼？

Constrained, limited by capacity.

受限制，受能力限制。

Huh?

嗯？

(foreign language)

（外語）

Oh the question is do we have -- is our 10% to 15% growth being limited by our capacity.

哦，問題是我們有沒有 - 我們的 10% 到 15% 的增長是否受到我們的能力的限制。

No, no, it's not.

不，不，不是。

Is it?

是嗎？

A little bit.

一點點。

A little bit?

一點點？

A little bit, yes.

一點點，是的。

A little bit.

一點點。

Yes.

是的。

But...

但...

So the follow up is, is there a situation where you may raise capacity and increase CapEx a little bit and when will that be?

那麼接下來的問題是，您是否可以提高產能並稍微增加資本支出，什麼時候可以？

Please repeat your question again.

請再次重複您的問題。

I'm sorry about the background noise.

我對背景噪音感到抱歉。

I'm just wondering given that it is somewhat capacity-constrained, what do you have to see to increase your capacity and CapEx?

我只是想知道它在某種程度上受到容量限制，你必須看到什麼來增加你的容量和資本支出？

Whether or not we'll increase CapEx this year.

我們今年是否會增加資本支出。

No, we have already given our guidance.

不，我們已經給出了指導。

Lora has already given our guidance on CapEx.

Lora 已經給出了我們對資本支出的指導。

And that is what we think we will spend.

這就是我們認為我們將花費的。

It's what you said 10...

你說的10...

10...

10...

$10 to $10.5 to $11 billion.

10 至 10.5 至 110 億美元。

$10 to $10.5 to $11 billion, yes.

10 到 10.5 到 110 億美元，是的。

Bill, so we have answered your questions, right?

比爾，所以我們已經回答了你的問題，對吧？

Yes.

是的。

My second question is on 28-nanometers.

我的第二個問題是關於 28 納米的。

Now it looks like it's a bit weaker in the short term.

現在看起來它在短期內有點弱。

TSMC I think has been saying pretty consistently that the 28 demand is going to be long-lasting.

我認為台積電一直在說 28 的需求將是持久的。

I'm wondering if you still feel that.

我想知道你是否還有這種感覺。

Any changes to your long-term outlook for 28.

您對 28 歲的長期展望的任何變化。

So as we said that we expect 28-nanometer to decrease a little bit this year, but at the same time, we also said the demand for 28-nanometer is long-term, it's lasting.

所以正如我們所說，我們預計今年 28 納米會有所下降，但同時我們也表示，對 28 納米的需求是長期的，是持久的。

So is this decline a temporary situation?

那麼這種下降是暫時的情況嗎？

Judging from the tape-out activities, yes, we expect this decreasing it's just a short-term phenomena.

從流片活動來看，是的，我們預計這種下降只是一個短期現象。

In the long term, we hope that the business will grow as the tape-outs showed.

從長遠來看，我們希望業務能夠像流片所顯示的那樣增長。

So judging by the tape-out activities, what do you think the 28 demand will inflect?

那麼從流片活動來看，你認為28的需求會發生什麼變化？

28 will be flat?

28會平嗎？

You mean...

你的意思是...

No, when does the inflection point for 28-nanometer demand will start going up again?

不，28納米需求的拐點何時會再次開始上漲？

When will it go up again, when will 28-nanometer business go up again.

什麼時候再漲，28納米業務什麼時候再漲。

We certainly hope as soon as possible.

我們當然希望盡快。

Look, there is the 22 you know, and 22 is made on the same capacity as 28, and the 22 is growing.

看，你知道有 22 個，22 個是在與 28 個相同的容量上製造的，並且 22 個正在增長。

Yes, in the next few years, the 22 will play a more important role.

是的，在接下來的幾年裡，22 將扮演更重要的角色。

So the -- the answer to the question when will 28 go up again, my answer is that when the 22 grows sufficiently, and we expect it will.

所以 - 28 什麼時候會再次上升的問題的答案是，我的答案是當 22 充分增長時，我們預計它會。

Okay, I think we have answered Bill's question.

好的，我想我們已經回答了比爾的問題。

Let's move on to the next caller on the line.

讓我們轉到線路上的下一個呼叫者。

Operator, please.

接線員，請說。

Yes, next question comes from the line of Patrick Liao from Macquarie.

是的，下一個問題來自麥格理的 Patrick Liao。

I have only one question.

我只有一個問題。

Will 7-nanometer yield rate start from a higher base since more than 90% of the equipment is compatible with 10-nanometer?

90%以上的設備兼容10納米，7納米良率是否會從更高的基數開始？

Did you hear the question?

你聽到這個問題了嗎？

Would you please repeat?

請重複一遍好嗎？

Yes, 7-nanometer yield rate, Patrick is asking whether 7-nanometer yield rate will start from a higher base because there is 90% equipment in common with the 10-nanometer.

是的，7 納米良率，Patrick 是問 7 納米良率是否會從更高的基數開始，因為 90% 的設備與 10 納米相同。

Our progress in the 7 nanometer's yield definitely is a little bit better than 10-nanometer at the same period of time.

我們在 7 納米的良率上的進步在同一時期肯定比 10 納米好一點。

Perfect.

完美的。

It's better.

它更好。

Okay, now I know there are still quite a few hands on the floor.

好的，現在我知道還有很多人在地板上。

So we are coming back to the floor.

所以我們要回到地板上。

That will be Goldman Sachs, Donald Lu.

那將是高盛、唐納德·盧。

Yes, my first question is on Moore's Law.

是的，我的第一個問題是關於摩爾定律的。

I think 5-nanometer is around the corner and in the bag, so to speak.

我認為 5 納米即將到來，可以這麼說。

How about the 3-nanometer?

3納米怎麼樣？

And how about 2.5 if stops at some point, what would TSMC do?

如果在某個時候停止 2.5，台積電會怎麼做？

You have such a technology lead scaling.

你有這樣的技術領先規模。

How you build the next technology barrier?

您如何構建下一個技術壁壘？

The second question is on industry consolidation.

第二個問題是關於行業整合。

I think chairman have commented before, but just want to hear it again, I guess.

我想主席之前已經發表過評論，但我想只是想再聽一次。

If just assuming Broadcom and Qualcomm merge at some point, you're going to have a huge customer.

如果只是假設博通和高通在某個時候合併，你將擁有一個龐大的客戶。

How you deal with this kind of huge customer?

你如何處理這種大客戶？

Will you repeat the whole thing because...

你會重複整個事情，因為...

Right.

正確的。

First question is with respect to Moore's law.

第一個問題是關於摩爾定律。

Donald is asking us...

唐納德在問我們...

Moore's Law?

摩爾定律？

Moore's Law, and that what is the status of 3-nanometer and what will happen to TSMC if Moore's Law stops at some point in the future.

摩爾定律，以及如果摩爾定律在未來某個時間點停止，那麼 3 納米的狀態如何以及台積電會發生什麼。

All right, let's answer that question first.

好吧，讓我們先回答這個問題。

Mark?

標記？

I think C.C. mentioned, 7-nanometer already in the fab.

我認為C.C.提到，7納米已經在晶圓廠。

So the original 7-nanometer team, most of them is starting work on 3-nanometer already.

所以最初的 7 納米糰隊，他們中的大多數人已經開始研究 3 納米了。

So -- but the company has a pipeline of technology development.

所以 - 但該公司擁有技術開發渠道。

We also have a big team of pathfinding, pathfinding that is develop technology to see 3 and/or possibly beyond.

我們還有一個龐大的尋路團隊，即開發技術以看到 3 和/或可能更遠的尋路。

And we also have a small research team that's exploring further outing of technologies.

我們還有一個小型研究團隊正在探索技術的進一步發展。

So our R&D is organizing in full spectrum, exploring to the future technologies also.

所以我們的研發正在全方位組織，探索未來的技術。

Can you comment on the progress at the 3?

你能評論3的進展嗎？

Is this feasible and...

這可行嗎？...

Progress on the 3-nanometer pathfinding.

3納米探路的進展。

We'll, go ahead.

我們會的，繼續。

It's positive.

這是積極的。

It's possible.

這是可能的。

I think from our program lead.

我認為來自我們的項目負責人。

So we have a monthly review and including Chairman also.

因此，我們每月進行一次審查，主席也包括在內。

So it is real.

所以它是真實的。

Look, I review it every month.

看，我每個月都會復習。

I review all the advanced technologies, 7 and 3. And the EUV and the CoWoS, InFO, every month.

我每個月都會回顧所有的先進技術，7 和 3。還有 EUV 和 CoWoS，InFO。

And on -- specifically on the 3-anometer.

然後——特別是在 3-anometer 上。

The program manager has become increasingly positive.

項目經理變得越來越積極。

It is still pathfinding.

它仍然是尋路。

So when we first started it about more than a year ago, there was a question of whether it was even feasible.

所以當我們大約一年多前第一次啟動它時，有一個問題是它是否可行。

Now he has become increasingly positive that it is feasible.

現在他越來越肯定這是可行的。

And that he in fact is now working on concrete ways.

事實上，他現在正在研究具體的方法。

Well, that's the pathfinding.

嗯，這就是尋路。

I mean he is defining the path.

我的意思是他正在定義路徑。

That's a fair assessment.

這是一個公平的評價。

Yes, yes.

是的是的。

And...

和...

Second part of the question is industry consolidation.

問題的第二部分是行業整合。

How would TSMC deal with big customer?

台積電將如何應對大客戶？

I just refuse to comment on that because I think you mentioned a pair.

我只是拒絕對此發表評論，因為我認為您提到了一對。

And both of them are very good customers of ours.

他們倆都是我們非常好的客戶。

So and we stay neutral.

所以我們保持中立。

And I'm -- yes, okay.

我 - 是的，好的。

Follow-up question.

後續問題。

Yes, follow up Credit Lyonnais' Sebastian Hou.

是的，跟進里昂信貸銀行的 Sebastian Hou。

My first follow-up is on the 8-inch revenue.

我的第一個跟進是關於 8 英寸的收入。

It was growing year-over-year in 2017.

它在 2017 年同比增長。

But I remember a year ago, initially, last year was guiding -- the company was guiding might decline.

但我記得一年前，最初，去年是指導 - 公司指導可能會下降。

So I was wondering what has changed.

所以我想知道發生了什麼變化。

What's the change that lead to the upside and what's your outlook for 2018 on 8-inch?

帶來上行的變化是什麼？您對 8 英寸 2018 年的展望是什麼？

Okay, Sebastian's question is a year ago, we were guiding 8-inch revenue to decline.

好的，塞巴斯蒂安的問題是一年前，我們指導 8 英寸的收入下降。

But then in reality, that revenue actually went up.

但實際上，該收入實際上上升了。

So what happened and what's the outlook for us this year?

那麼今年發生了什麼，我們的前景如何？

Do you -- does Lora want to answer -- and no, C.C., you can answer that.

你——Lora 想回答嗎——不，C.C.，你可以回答這個問題。

You have picked up the microphone already.

你已經拿起了麥克風。

I picked up the microphone to give it to Lora.

我拿起麥克風遞給洛拉。

Okay, yes.

好的，是的。

It is indeed that our 8-inch demand is very strong, and I think it's mainly from these IoT and Automotive stuff, right.

確實是我們8英寸的需求非常旺盛，我覺得主要是來自這些IoT和汽車的東西，對吧。

So in this year, we still believe the 8-inch revenue will continue to grow.

所以在今年，我們仍然相信8英寸的收入會繼續增長。

Thank you.

謝謝你。

Second part of my follow-up is the -- is a little bit different questions.

我跟進的第二部分是——有點不同的問題。

Not on the silicon.

不在矽片上。

But I wonder if TSMC's -- what is TSMC's strategy on compound semiconductors.

但我想知道台積電——台積電在化合物半導體方面的戰略是什麼。

It seems like there are more applications down the road like power device, VCSEL and RF, microLED, et cetera.

似乎還有更多的應用，如功率器件、VCSEL 和 RF、microLED 等。

So I was wondering what's the TSMC strategy on this because we haven't heard about this before?

所以我想知道台積電在這方面的策略是什麼，因為我們以前沒有聽說過這個？

We did not specify so many compounded semiconductors at development but we did say that gallium nitride is a one that we're developing.

我們沒有在開發時指定這麼多複合半導體，但我們確實說過氮化鎵是我們正在開發的一種。

And for the power management IC, and for power devices also that we are developing it for the working with the customer.

對於電源管理 IC，以及電源設備，我們正在開發它以與客戶合作。

And today, the business is still very small but we saw a high potential out of that.

今天，這項業務仍然非常小，但我們看到了其中的巨大潛力。

So when do you expect this potential to be realized in the revenue?

那麼，您預計何時會在收入中實現這一潛力？

It's starting from this year, but probably in the 2019, 2020.

從今年開始，但可能在 2019 年、2020 年。

You will see kind of reasonable amount coming out.

你會看到一種合理的數量出來。

This is the 6-inch wafer right now.

這是現在的 6 英寸晶圓。

All right.

好的。

Due to the consideration of time, I think we will stop taking analyst questions.

由於時間的考慮，我想我們將停止接受分析師的提問。

But Chairman still have a few remarks to make.

但主席還有幾句話要說。

I just want to say that even though I will continue to be the chairman until June 5 this year, June 5 this year, but this is the last time that I plan in this conference.

我只想說，儘管我將繼續擔任主席，直到今年6月5日，今年6月5日，但這是我計劃的最後一次會議。

And for the last 2 years now, I have appeared only once a year in January.

在過去的兩年裡，我每年一月份只出現一次。

In 2016, I appeared once in January.

2016年，我在一月份出現過一次。

And 2017, again, I appeared only once in January.

2017 年，我在 1 月份只出現過一次。

And so this year, this will be the last time.

所以今年，這將是最後一次。

And I'm bringing -- I really have spent many years with some of you, many years, more than 20 years.

我帶來了——我真的和你們中的一些人一起度過了很多年，很多年，超過 20 年。

Although I think most of you probably haven't attended this particular conference that long.

儘管我認為你們中的大多數人可能很久沒有參加這個特定的會議了。

But having here almost 30 years I think, yes.

但我認為在這裡待了將近 30 年，是的。

And I enjoyed it, and I think that we all -- at least I hope that I had a good time.

我喜歡它，我認為我們所有人——至少我希望我玩得開心。

I hope that you had a good time, too.

我希望你也過得愉快。

And I will miss you, and thank you very, very much.

我會想念你的，非常非常感謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

All right, thank you, Chairman.

好的，謝謝主席。

And before we conclude today's conference, please be advised that the replay of the conference will be accessible within 3 hours from now.

在我們結束今天的會議之前，請注意，從現在起 3 小時內將可以看到會議的重播。

Transcript will become available 24 hours from now, both of which will be available through TSMC's website at www.tsmc.com.

成績單將在 24 小時後提供，兩者都將通過台積電的網站 www.tsmc.com 提供。

Thank you for joining us today.

感謝您今天加入我們。

We hope you will join us again next quarter.

我們希望您能在下個季度再次加入我們。

Goodbye, and have a good day.

再見，祝你有美好的一天。