台積電 ADR (TSM) 2017 Q4 法說會逐字稿

(foreign language) Happy New Year, everyone. Welcome to TSMC's Fourth Quarter 2017 Earnings Conference and Conference Call. This is Elizabeth Sun, TSMC's Senior Director of Corporate Communications and your host for today. Today's event is webcast through TSMC's website at www.tsmc.com. (Operator Instructions). As this conference is being viewed by investors around the world, we will conduct this event in English only.

（外語） 大家新年快樂。歡迎參加台積電2017年第四季財報會議及電話會議。我是台積電企業傳播資深總監伊莉莎白·孫，也是今天的主持人。今天的活動透過台積電網站 www.tsmc.com 進行網路直播。（操作員指令）。由於本次會議將受到全球投資者的關注，因此我們將僅以英語進行此活動。

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

今天活動的形式如下：首先，台積電資深副總經理兼財務長何麗華女士將總結我們2017年第四季的營運情況，然後介紹我們對2018年第一季的展望。隨後，台積電兩位聯席執行長劉德華博士和陳建昌博士分別致詞。魏;財務長 Lora Ho 女士；和台積電董事長張忠謀博士將共同致詞。隨後，張主席將主持問答環節。

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

對於電話會議的參與者，如果您還沒有新聞稿的副本，您可以從台積電網站 www.tsmc.com 下載。請同時下載與今天的收益會議簡報相關的摘要投影片。

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

像往常一樣，我想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的結果有重大差異。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，我想請台積電財務長 Lora Ho 女士介紹總結、營運狀況和本季指引。

Thank you, Elizabeth. First of all, Happy New Year. Good afternoon. Thank you for joining us today.

謝謝你，伊麗莎白。首先祝大家新年快樂。午安.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. Then after that, I will provide the guidance for the first quarter.

我的演講將從第四季度的財務亮點和2017年全年的回顧開始。然後，我將提供第一季的指導。

Fourth quarter revenue increased 10.1% sequentially to TWD 278 billion, mainly driven by major mobile product launches and continuing demand for cryptocurrency mining. 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. 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. And operating margin increased by 0.3 percentage point sequentially to reach 39.2%. Overall, our fourth quarter EPS reached TWD 3.83, and ROE was 26.9% for the quarter.

第四季營收季增 10.1% 至 2,780 億新台幣，主要受主要行動產品的發布和加密貨幣挖礦的持續需求所推動。毛利率環比增長 0.1 個百分點至 50.0%，因為產能利用率提高和庫存估價調整有助於抵消 10 奈米利潤率持續稀釋和新台幣升值的影響。總營業費用增加了 13 億新台幣，但由於營業槓桿的影響，僅佔收入的 10.4%，而上一季為 10.9%。營業利益率較上季成長0.3個百分點，達到39.2%。整體而言，我們第四季每股收益達新台幣3.83元，當季淨資產收益率達26.9%。

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

現在讓我們來看看按應用劃分的晶圓收入貢獻。第四季度，通訊和電腦分別比上一季成長了20%和8%；而消費性和工業/標準類則分別下降了38%和4%。從全年來看，電腦和工業/標準分別年增25%和14%；而通訊和消費分別下降了2％和10％。

Now let's take a look at the revenue by technology. 10-nanometer process technology continue to ramp strongly, accounted for 25% of total wafer revenue in the fourth quarter. The combined 16/20 contribution was 20% of total wafer revenue. Advanced technologies, meaning 28-nanometer and below, accounted for 63% of total wafer revenue, up from 57% in the third quarter. On a full year basis, 10-nanometer contribution reached 10% of total wafer revenue in 2017. The combined 16 and 20 contribution was 25% of total wafer revenue. Advanced technology, 28-nanometer and below, accounted for 58% of total wafer revenue, up from 54% in 2016.

現在讓我們來看看按技術劃分的收入。10奈米製程技術持續強勁成長，佔第四季晶圓總營收的25%。16/20 總計貢獻了晶圓總收入的 20%。先進技術（即 28 奈米及以下技術）佔晶圓總收入的 63%，高於第三季的 57%。從全年來看，2017年10奈米貢獻達到了晶圓總收入的10%。第 16 項和第 20 項業務合計貢獻了晶圓總收入的 25%。28奈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. We ended the fourth quarter with cash and marketable security of TWD 649 billion, an increase of TWD 148 billion. On the liability side, current liabilities increased by TWD 60 billion. On financial ratios, accounts receivable turnover days decreased 2 days to 40 days, while days of inventory decreased 1 day to 52 days.

繼續討論資產負債表。截至第四季末，我們的現金和有價證券總額為 6,490 億新台幣，增加了 1,480 億新台幣。負債方面，流動負債增加600億新台幣。財務比率方面，應收帳款週轉天數減少2天至40天，庫存天數減少1天至52天。

Now let me make a few comments on cash flow and CapEx. During the fourth quarter, we generated about TWD 204 billion cash from operations and spent TWD 61 billion in capital expenditure. 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. 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.

現在，讓我對現金流和資本支出發表一些評論。第四季度，我們從營運中產生了約 2,040 億新台幣的現金，並花費了 610 億新台幣的資本支出。結果，我們產生了1430億新台幣的自由現金流，我們的整體現金餘額增加了1450億新台幣，到第四季末達到5530億新台幣。以美元計算，我們第四季的資本支出達到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. 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. 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.

現在我想向大家回顧一下我們2017年的表現。2017 年對於台積電來說又是強勁的一年，儘管新台幣升值了 5.5%（電話會議後公司進行了修正），但我們在收入和盈利方面再次創下了新紀錄。由於我們看到幾乎所有技術節點的晶圓出貨量都有所增加，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 9,770 億新台幣。

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.

由於營運效率的持續提高和產能利用率的提高，抵消了不利匯率和 10 奈米利潤率稀釋帶來的不利影響，2017 年毛利率上升了 0.5 個百分點，達到 50.6%。

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. Our effective tax rate for 2017 was 13.5%, same as in 2016. And full year earnings per share was TWD 13.23.

由於我們將研發支出比例提高到收入的 8.2%，我們的營業利潤率下降了 0.5 個百分點至 39.4%，這反映了 7 奈米和 5 奈米開發活動的更高水準。我們 2017 年的有效稅率為 13.5%，與 2016 年相同。全年每股盈餘為13.23元新台幣。

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

在現金流方面，我們的資本支出為 3,310 億新台幣，以美元計算為 109 億美元，同時我們產生了 5,850 億新台幣的經營現金流和 2,550 億新台幣的自由現金流。並派發現金股利1,820億新台幣，較2016年增加17%。

Now I have finished my financial summary. Now let's turn to the first quarter guidance. 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. 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%. Our first quarter operating margin is expected to be between 38% and 40%.

現在我已經完成了我的財務總結。現在讓我們來看看第一季的指引。基於目前的業務前景，我們預計第一季營收將在 84 億美元至 85 億美元之間，季減 8.3%，但年增 12.6%，創下第一季營收的新高。根據 1 美元兌 29.60 新台幣的匯率假設，我們第一季的毛利率預計在 49.5% 至 51.5% 之間。我們第一季的營業利潤率預計在38%至40%之間。

This concludes my remarks. Now I would like to turn it over to Mark for his comments.

我的發言到此結束。現在我想把這個問題交給馬克來徵求他的意見。

Thank you, Lora. Good afternoon.

謝謝你，洛拉。午安.

Firstly, I would like to talk about our "Everyone's Foundry" strategy. Being everyone's foundry is the strategy TSMC takes by heart. 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. As our customers continue to innovate, they bring new requirements to us, and we need to continuously develop new capabilities to answer them. In the meantime, they utilize those shared capabilities such as yield improvement, design, utilities, foundation IPs and our large-scale and flexible capacities. In this way, this open innovation ecosystem expands its scale and its value. We do not compete with our customers. We are everyone's foundry.

首先我想講一下我們的「人人鑄造」策略。成為所有人的代工廠，是台積電牢記的戰略。透過我們的技術和服務，我們建立了一個開放的創新平台，半導體產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。隨著我們的客戶不斷創新，他們為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。同時，他們利用那些共享的能力，例如產量改進、設計、實用程式、基礎IP以及我們的大規模和靈活能力。這樣，這個開放式創新生態系統就擴大了規模，也擴大了價值。我們不會與客戶競爭。我們是每個人的鑄造廠。

Now on cryptocurrency demand. In the past, TSMC's open innovation ecosystem incubates numerous growth drivers for the semiconductor industry. 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. Those ways of innovation continuously sprout in our ecosystem and drive the growth of TSMC.

現在對加密貨幣有需求。過去，台積電的開放創新生態系統為半導體產業孵化了無數的成長動力。90 年代是 PC 晶片組；然後在 20 世紀 20 年代初期，出現了圖形處理器； 20 世紀 20 年代中後期，它是手機晶片組；最近，從 2010 年開始，它開始用於智慧型手機。這些創新方式在我們的生態系中不斷萌芽，推動台積電的成長。

Lately, we observed the demand from cryptocurrency mining surged. Cryptocurrency mining requires massive, high-performance and low-power computing. TSMC's advanced technology and productization serves -- services suits it well. We have sized 2018 cryptocurrency mining demand carefully. 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. However, as long as the cryptocurrency miners can derive positive returns, demand for TSMC wafers will continue. 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.

最近，我們觀察到加密貨幣挖礦的需求激增。加密貨幣挖礦需要大量、高效能和低功耗的運算。台積電的先進技術和產品化服務非常適合它。我們已經仔細評估了 2018 年加密貨幣挖礦需求。由於它仍處於早期發展階段，我們很難準確預測其未來的需求。不過，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下去。此外，我們非常確定，作為加密貨幣挖礦的核心技術，深度學習和區塊鏈技術將在未來幾年引發新一波半導體創新和需求浪潮。

Now on N5 progress and EUV readiness. Our N5 technology development is well on track for 1Q 2019 risk production. We already achieved good SRAM yield. Device development is also well on plan. Progress on both are similar to our N7 to the same development stage. N5 customer test chips are already running in our fab.

現在討論 N5 進度和 EUV 準備。我們的 N5 技術開發進展順利，預計在 2019 年第一季實現風險生產。我們已經實現了良好的 SRAM 產量。設備開發也在順利進行中。兩者的進展與我們的 N7 相似，處於相同的開發階段。N5 客戶測試晶片已在我們的晶圓廠運作。

We also made significant progress in improving EUV capability and the manufacturability. We have been consistently demonstrating high yield on N7+ and N5 development lots. EUV source power is now operating at 160 watt to support our N7 and N5 development activities. EUV scanner with source power of 250 watt will -- has been installed in our fabs. Capability of in-house EUV pellicle making has also been established with low defect level and good transmission properties. So we are confident that our EUV technology will be ready for high-volume production for N7+ in 2019 and N5 in 2020.

我們也在提高 EUV 能力和可製造性方面取得了重大進展。我們一直在 N7+ 和 N5 開發地塊上展示高收益。EUV 光源功率目前為 160 瓦，以支援我們的 N7 和 N5 開發活動。光源功率為 250 瓦的 EUV 掃描器已安裝在我們的晶圓廠中。我們還建立了內部 EUV 薄膜製造能力，具有低缺陷水平和良好的傳輸性能。因此，我們有信心，我們的 EUV 技術將為 2019 年的 N7+ 和 2020 年的 N5 的量產做好準備。

On the growth platform of our mobile, high-performance computing, IoT and automotive. 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. Moving into 2018, growth of these platforms continue. We estimate that the high-performance computing platform will register the strongest growth in U.S. dollars.

在我們的行動、高效能運算、物聯網和汽車的成長平台上。2017年，也就是去年，我們所有的成長平台，包括行動、高效能運算、物聯網和汽車，都實現了兩位數的成長——以美元計算的收入成長。進入 2018 年，這些平台將繼續成長。我們估計高效能運算平台將實現最強勁的美元成長。

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. 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.

對於智慧型手機，智慧型手機將繼續包含新功能，例如3D身份驗證，3D感應，用於臉部和語音識別的AI以及18：9顯示器。我們的智慧型手機客戶正在為高階手機推出 7 奈米工藝，為主流手機推出 12 奈米工藝，這兩種工藝都有望在 2018 年實現量產。

In 2018, high-performance computing business will enjoy the most growth from GPU and cryptocurrency ASICs. The key technologies for high-performance computing are 16- and 12-nanometer and 7-nanometer together with our CoWoS technology.

2018年，高效能運算業務將從GPU和加密貨幣ASIC中獲得最大的成長。高效能運算的關鍵技術是 16 奈米、12 奈米和 7 奈米以及我們的 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. Our 22 ULP, ULL, ultra-low-power, ultra-low-leakage technology, will be key to all these applications.

2018年物聯網業務成長主要來自智慧語音助理設備、穿戴式裝置應用處理器和智慧家庭無線MCU。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. We have built automotive-specific design ecosystem on 16 FFC in 2017, and we'll complete that on N7 in 2018. 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.

2018 年汽車業務將主要來自於 IDM 對台積電新技術的外包增加。我們於 2017 年在 16 FFC 上建造了汽車專用設計生態系統，並將於 2018 年在 N7 上完成該生態系統。台積電卓越的製造品質、充足的產能支援以及我們長期的汽車供應承諾是擴大此項業務的關鍵推動因素。

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

謝謝。我將把麥克風轉向 C.C.韋。

Thank you, Mark. Let me talk about the near-term demand and inventory.

謝謝你，馬克。我先講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. 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.

我們第四季的美元銷售額環比增加了 10%，儘管我們的客戶持續減少庫存，但這仍略高於我們三個月前給出的預期。第四季的強勁業績主要得益於一款主要智慧型手機的發布，這款智慧型手機基於我們採用 InFO 的 10 奈米製程以及加密貨幣挖礦的強勁需求。

Concluding 2017, semiconductor, excluding memory, growth was 9%, while foundry grew 8%. TSMC's revenue grew 9% in U.S. dollars and accounted for 56% of the total foundry market segment share.

截至 2017 年年底，半導體（不含記憶體）成長率為 9%，而代工成長率為 8%。台積電的收入以美元計算成長了9%，佔據了整個晶圓代工市場56%的份額。

Moving into first quarter 2018, our revenue in U.S. dollar is likely to decline by about 8%, as Lora just have guided. This is mainly due to smartphone seasonality, offset partially by continued demand for cryptocurrency mining. Fabless DOI exceeding 2017 was a few days above seasonal level. Moving into 2018, we forecast fabless DOI to trend up but will track seasonal pattern.

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 剛剛預測的那樣。這主要是由於智慧型手機的季節性，但加密貨幣挖礦的持續需求部分抵消了這一影響。2017 年無晶圓廠 DOI 比季節性高出幾天。進入 2018 年，我們預測無晶圓廠 DOI 將呈現上升趨勢，但遵循季節性模式。

Now let me talk about N7 and N7+. So far, we have already taped out 10 customers' products in 7-nanometer. And we are currently qualifying this product in 2 different fabs, in preparation for volume production starting in second quarter this year. During first quarter 2018, we expect to tape out another 10 products. In total, we expect to have taped out more than 50 customer products in 7-nanometer by the end of 2018. Major applications covered by these tape-outs are in mobile, gaming, CPU, FPGA, networking and AI. In essence, almost every area that requires high-performance and lower-power consumption will benefit from TSMC's 7-nanometer solution.

現在我來談談N7和N7+。到目前為止，我們已經在7奈米製程上為10個客戶完成了產品流片。目前我們正在兩家不同的工廠對該產品進行鑑定，為今年第二季開始的批量生產做準備。2018 年第一季度，我們預計將推出另外 10 款產品。整體而言，我們預計到 2018 年底將有超過 50 種 7 奈米客戶產品投入生產。這些流片涵蓋的主要應用領域是行動、遊戲、CPU、FPGA、網路和人工智慧。本質上，幾乎所有需要高性能和更低功耗的領域都將受益於台積電的 7 奈米解決方案。

In terms of performance, power, area density and schedule, we believe our 7-nanometer solution is leading in the foundry industry. We will introduce our N7+ technology later this year. Here, we plan to replace some immersion layer by deploying a few layers of EUV processes. Currently, we have already demonstrated the same level of 256 megabit SRAM yield at N7+ as compared to N7.

我們相信，在性能、功率、面積密度和進度方面，我們的 7 奈米解決方案在代工行業中處於領先地位。我們將在今年稍後推出我們的 N7+ 技術。在這裡，我們計劃透過部署幾層 EUV 製程來替換一些浸沒層。目前，我們已經證明 N7+ 的 256 兆位元 SRAM 產量與 N7 相同。

Then let me move to N10 status. We successfully ramped up 10-nanometer in 2017. 10-nanometer contributed 25% wafer revenue in 4Q '17, up from 10% in third quarter. Full year 10-nanometer accounted for 10% of our total wafer revenue. Both defect density and device performance are meeting our targets. 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.

那麼讓我轉到N10狀態。我們於 2017 年成功實現了 10 奈米量產。10奈米製程在2017年第四季貢獻了25%的晶圓收入，高於第三季的10%。全年10奈米占我們晶圓總收入的10％。缺陷密度和設備性能都符合我們的目標。儘管我們目前的大多數 10 奈米行動客戶今年將開始遷移到 7 奈米，但我們仍然預計 2018 年我們的 N10 業務將逐年成長，這主要得益於應用處理器、蜂窩基帶和 ASIC CPU。

Now let me touch about N16, in 12-nanometer demand outlook and the competitive position. TSMC continues to enhance technology performance for every node, and 16-nanometer is no exception. We have moved from 16-FinFET to 16FF+ and then to 16FFC. Now we are moving into 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. It is the fourth year today that our N16, N12 enter into high volume production. 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. 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. As a result, we expect our market segment share in this node will be increased.

現在讓我談談N16在12奈米方面的需求前景和競爭地位。台積電不斷提升每個節點的技術效能，16奈米也不例外。我們已經從 16-FinFET 轉向 16FF+，然後轉向 16FFC。現在我們正在進入 12FFC。使用 12FFC，我們可以將裝置效能從 16FFC 提高約 10%，將功耗降低約 20%，同時我們也希望降低晶片成本。今天是我們N16、N12投入量產的第四年。我們仍然預計該節點的需求將非常強勁，這得益於今年 120 個流片計劃，涵蓋各種主流智慧型手機、加密貨幣、AI、GPU 和 RF 產品。儘管其他代工廠可能計劃進入 12 奈米節點，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。因此，我們預計我們在這個節點的市佔率將會增加。

Now let me move into 28-nanometer. Similar to 16/12-nanometer node, TSMC continues to improve the N28/N22 performance from 28LP to 28 HP, to 28HPC and 28HPC+. And now to 22ULL and ULP, which stands for ultra-low leakage and ultra-low power. 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+. Both 22ULP and 22ULL are ideally suited for IoT and RF-related applications.

現在讓我進入 28 奈米。與16/12奈米節點類似，台積電持續提升N28/N22性能，從28LP到28HP，再到28HPC和28HPC+。現在介紹 22ULL​​ 和 ULP，它們代表超低洩漏和超低功耗。新推出的22ULP/ULL與28HPC+相比，效能將提升約15%的速度，功耗將降低約25%，整體晶片面積將縮小5%至10%。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. 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. 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.

除了持續提升性能之外，我們卓越的製造能力和對產能的大量投入也是客戶選擇台積電作為主要代工廠的重要因素。去年，我們看到大約有 240 個產品採用我們的 28/22 節點流片，這是自 2011 年 28 奈米批量生產以來的最高紀錄。我們預計這種流片活動將在今年繼續下去，並且我們有信心在 28/22 技術節點上保持較高的市場份額。

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

現在我們來談談——我將談論先進封裝。我將更新我們的兩種先進封裝技術：晶圓上晶片封裝（CoWoS）；以及整合扇出（InFO）。

We have developed CoWoS to support the requirements of HPC applications, particularly the area of AI, data server and networking. This is the sixth years that our CoWoS technology has been in production. 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. Most of the products today are using 16-nanometer technology. We are actively developing CoWoS for 7-nanometer starting from this year.

我們開發了 CoWoS 來支援 HPC 應用的需求，特別是 AI、資料伺服器和網路領域。這是我們的 CoWoS 技術投入生產的第六年。我們看到越來越多的客戶與我們合作開發這項技術，我們預計未來 3 年內將收到超過 30 個流片訂單。目前大多數產品都採用16奈米技術。我們從今年開始積極開發7奈米的CoWoS。

TSMC's InFO has entered into high volume production for the third year, with majority of the adoption by mobile products. Beyond mobile, we are working to expand InFO to automotive and the HPC-related applications. 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. Today, we are working with various customers using InFO technology to cover their products ranging from N28, N16, N7 and N5 technologies.

台積電的InFO已進入第三年量產，大部分應用於行動產品。除了行動裝置之外，我們還致力於將 InFO 擴展到汽車和 HPC 相關應用領域。例如，我們為 HPC 產品開發了基板上的 InFO 或 InFO_oS，我們將在今年上半年驗證這項技術，並預計在今年稍後投入生產。今天，我們正在與各種客戶合作，使用 InFO 技術來涵蓋他們的產品，包括 N28、N16、N7 和 N5 技術。

Last, let me talk about the Nanjing fab update. We expect to expand our business in China, and to enhance our support to local customers with the Nanjing fab. Planned capacity for this phase is 20,000 wafer per month 12-inch using 16-nanometer and 12-nanometer. We broke ground for this fab in July 2016 and have now almost completed move in all production tools. We have already started initial engineering wafers. More than 1,000 engineers are working in this fab today. Customers at our Nanjing fab come from both China and the other regions with a variety of products in the initial ramp.

最後，我來談談南京工廠的更新情況。我們希望透過南京工廠擴大我們在中國的業務，並加強對本地客戶的支援。此階段規劃產能為每月2萬片12吋16奈米和12奈米晶圓。我們於 2016 年 7 月破土動工建造這座工廠，目前所有生產工具的遷移工作已基本完成。我們已經開始初步設計晶圓。目前有 1,000 多名工程師在該工廠工作。我們南京工廠的客戶來自中國和其他地區，初期將提供各種產品。

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

由於我們的 16/12 奈米技術節點需求強勁，我們將產量計畫提前了幾個月至 2018 年 5 月。我們有信心向大家報告南京16奈米和12奈米節點的良好成果。

That's all I have. Thank you for your attention. Now turn the call into Lora.

這就是我所擁有的一切。感謝您的關注。現在將電話轉給 Lora。

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

我想就資本支出和未來資本強度的前景發表評論。

Now let me start with CapEx. Our 2018 CapEx is expected to be between USD 10.5 billion to USD 11 billion, which is essentially flat with our 2017 CapEx. About 73% of the capital budget will be used for capacity buildup for the advanced technologies, mainly 7-nanometer, followed by 5-nanometer. Another 17% of the capital budget will be used for R&D, backend and mask.

現在讓我從資本支出開始。我們 2018 年的資本支出預計在 105 億美元至 110 億美元之間，與 2017 年的資本支出基本持平。約73%的資本預算將用於先進技術的產能建設，主要是7奈米，其次是5奈米。另外17%的資本預算將用於研發、後端和掩模。

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. 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.

正如我在三個月前的上一次投資者會議上所說的那樣，為了支持我們未來幾年5%到10%的增長，我們預計未來幾年的資本支出將保持在100億美元以上幾個百分點。這意味著我們未來幾年的資本支出將維持與去年支出和今年預計支出相似的水平。

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，我們領先節點的資本成本持續增加，但我們能夠透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. However, if any special revenue growth opportunities come along, we will certainly respond to it with appropriate CapEx.

隨著未來資本支出持平且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）將在未來幾年從目前的 30% 至 35% 水平逐步下降至 [25%]（電話會議後公司進行了更正）至 30% 水平。然而，如果出現任何特殊的收入成長機會，我們肯定會以適當的資本支出來應對。

Now, our Chairman may comment now.

現在，我們的主席可以發表評論。

I will now make some comments on TSMC 2018 outlook.

我現在就台積電2018年的展望發表一些評論。

First, some comments on the semiconductor market. We estimate the supply chain inventory at the end of 2017 to be still a few days above the seasonal normal level. We estimate that the total semiconductor market will grow 6% to 8% in 2018, 6% to 8% this year. 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.

首先，對半導體市場做一些評論。我們估計，2017年底的供應鏈庫存仍比季節性正常水準高出幾天。我們預計2018年整個半導體市場將成長6%至8%，今年將成長6%至8%。今年不包括記憶體的半導體市場將成長 5% 至 7%，而今年代工總收入將成長 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. Our revenue seasonality will be similar to 2017, stronger in the second half than in the first half. Our revenue Y-o-Y, year-over-year, growth rate now, however, will be stronger in the first half than in the second half. 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. All these are in U.S. dollars. 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. Is that clear? Good. No word in this -- everybody understands, okay.

現在對於台積電來說，我們預計2018年台積電的美元營收將比2017年增長10%到15%，以美元計算，2018年將比2017年增長10%到15%。我們的營收季節性將與 2017 年相似，下半年將強於上半年。不過，我們上半年的營收年增率將比下半年更高。基本上，我們預計 2018 年上半年以美元計算的營收成長率將比 2017 年上半年略高 15%，而 2018 年下半年的成長率將比 2017 年下半年略低 10%。所有這些都是以美元計算的。所以上半年略高於15%的成長率和下半年略低於10%的成長率構成了我所說的10%到15%的總收益率成長。清楚了嗎？好的。這沒什麼好說的——每個人都明白，好吧。

Our strong growth in 2018 is fueled by the growth of 3 of our growth platforms. Those 3 growth platforms that fuel our strong growth this year are the high-performance computing (HPC), IoT and automotive. 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. Mobile platform will be flat. And then, for the IoT and automotive platforms, there is considerable strength. You might describe this situation as the acceleration being enormous, but the velocity is still small.

我們 2018 年的強勁成長得益於三個成長平台的成長。推動我們今年強勁成長的三大成長平台是高效能運算 (HPC)、物聯網和汽車。由於所有電子設備中人工智慧應用的不斷擴展以及對加密貨幣挖礦、GPU 等的持續需求，HPC 將強勁成長。移動平台將會是平的。然後，對於物聯網和汽車平台，也有相當大的優勢。您可能會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. We reaffirm that plan. In 2017, our revenue grew 9%. In 2018, we expect to grow our revenue 10% to 15%. [2018] (corrected by company after the call) will be an above-average year.

在過去的兩年裡，我們一直計劃在 2017 年至 2021 年期間實現 5% 至 10% 的美元收入複合年增長率。我們重申該計劃。2017年，我們的收入成長了9%。2018年，我們預計營收將成長10%至15%。[2018]（電話會議後公司已更正）將是高於平均值的一年。

All right, this concludes our prepared statements. 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. Questions will be taken both from the floor and from the call. Should you wish to raise your question in Chinese, I will translate it to English before our management answers your question. (Operator Instructions) Now let's begin the Q&A session.

好的，我們的準備好的陳述到此結束。在我們開始問答環節之前，我想提醒大家每次將問題限制為 2 個，以便所有參與者都有機會提問。問題將從現場和電話中回答。如果您想用中文提出問題，我會將其翻譯成英文，然後我們的管理層才會回答您的問題。（操作員指示）現在讓我們開始問答環節。

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

好的，第一個問題來自高盛的唐納德·陸。

(foreign language) My first question is to the Chairman, and very nice to see you here. What is your view on -- in cryptocurrency, which is very -- have a surge in growth in recent months? So that's my first question. The second question is on N7+. I think if I hear it correctly, the performance of N7+ is similar to N7. Is that correct on the performance and power? Just want to clarify that.

（外語）我的第一個問題是給主席的，很高興在這裡見到您。您對加密貨幣近幾個月來的成長有何看法？這是我的第一個問題。第二個問題是關於N7+的。我想如果我沒聽錯的話，N7+ 的表現與 N7 相似。就性能和功率而言，這是否正確？我只是想澄清一下。

Well, let me answer the first. I think you all have come along here and that repeat that, and I heard that he was asking about cryptocurrency. The urge to mine cryptocurrency is very strong. The incentive, of course, depends on the price of cryptocurrency. And the price of cryptocurrency is very volatile. But the demand right now or for the last year has been very strong, and we expect it to continue to be strong. 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. So you can ask the second question on Mark -- oh, C.C., okay.

好吧，讓我回答第一個問題。我想你們都來過這裡並重複這一點，我聽說他在詢問加密貨幣。挖掘加密貨幣的渴望非常強烈。當然，激勵取決於加密貨幣的價格。而且加密貨幣的價格波動很大。但目前或去年的需求一直非常強勁，我們預計這種需求將持續強勁。但是，用馬克的話來說，我們已經仔細地評估了需求，我們已經仔細地評估了需求，所以我相信我們既能讓客戶滿意，又不會太樂觀。所以你可以問關於馬克的第二個問題——哦，C.C.，好的。

Okay. Well, let me repeat your question, the N7+'s performance versus N7, right? Okay. N7+ actually is about 10% better performance than N7. And in terms of area, it would be also about 10% smaller. 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.

好的。好吧，讓我重複一下你的問題，N7+ 的表現與 N7 相比如何，對嗎？好的。N7+ 的性能實際上比 N7 好 10% 左右。就面積而言，它也會小約 10%。但如果你把所有東西放在一起，就像一個關鍵層，透過使用 EUV，它會減少關鍵層的數量，所以我們預計對於晶圓來說，與 N7 相比，N7+ 會多出 10% 的關係。

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

您能否解釋一下最後一點——關於關鍵層，N7+ 的層數較少？

Yes, because we're using the EUV to replace some of the immersion layers. So I give you one example. One EUV layer can replace a 3P3E -- replace 3 layers of immersion. So in calculation of the defect density, you'll get more dies.

是的，因為我們正在使用 EUV 來替換一些浸沒層。我給你舉一個例子。一個 EUV 層可以取代 3P3E——取代 3 層浸沒式層。因此，在計算缺陷密度時，您將獲得更多的晶片。

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

好的。下一個問題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. The prior few years were only low single digit for the industry. 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.

第一個問題，我想問的是，無論是產業或台積電的成長是否高於趨勢。前幾年該產業的成長率僅為個位數。我很好奇，您認為其中有多少來自結構性因素，也就是新的成長平台，又有多少來自週期性因素，有時週期性因素會好轉。

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

好的，蘭迪，你的問題是，就我們今年的預期成長而言，半導體和台積電都高於行業平均趨勢。那麼，這個數字較高，是因為結構性因素還是週期性因素造成的呢？

By structural, you mean permanent?

你說的結構是指永久性的嗎？

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

或者我想說這是一種新趨勢——基於成長平台，一種更高成長的新趨勢。

Say it again?

再說一遍嗎？

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

從結構來看，一個新的趨勢是實現更高的成長，例如物聯網、高效能運算等驅動因素。

Well, it has always been our intention to be fully competitive, therefore, the least we want to do is to maintain our market share. 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. And I expect TSMC to grow revenue 10% to 15%. So that means perhaps a small gain in market share. Now what do we do to earn that? Now then I have to go back to the offset strengths we have, yes. We lead in technology, we lead in manufacturing capability, and I believe we lead in customers' trust.

嗯，我們一直的目標是充分競爭，因此，我們至少要保持我們的市場佔有率。正如我之前所說的，全球所有代工廠的總代工收入今年將成長 9% 至 10%。我預計台積電的收入將成長 10% 至 15%。所以這可能意味著市場佔有率會略有增加。現在我們要做什麼才能得到這個呢？現在我必須回到我們所擁有的抵銷優勢，是的。我們在技術上領先，在製造能力上領先，我相信我們在客戶信任上也領先。

Okay. The second question I wanted to ask was, this year, you already generated excess cash flow after paying the dividend. And you're talking about lower capital intensity the next few years. 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.

好的。我想問的第二個問題是，今年你們在派發股息後已經產生了超額現金流。您談到了未來幾年資本密集度的降低。因此，如果您現在可以根據這筆現金產生情況對股息或更廣泛的支出前景發表看法，那麼您是否可以開始加速我們在過去幾年所看到的進程。

Lora will...

洛拉將...

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

蘭迪，去年我們的自由現金流非常好，我們也相信，正如您剛才所說的，未來幾年的自由現金流也會很好，所以我們將堅持我們的計劃，每年逐步增加現金股息。對於明年，我認為董事會會議結束後將在二月宣布，是的。

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

好的。下一個問題來自德意志銀行的 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? 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?

關於 2018 年美元銷售指導，那麼在需求前景方面，您是否知道哪些領域實際上超出了您 6 個月前的預期？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，對吧，那麼就2018年的需求前景而言，是否有任何地區的需求實際上比您之前預期的要強，或者真的超出了您的內部規劃？

All right. 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.

好的。麥可的問題實際上是，由於我們已經聲明我們的複合年增長率為 5% 到 10%，而今年的 10% 到 15% 高於 5% 到 10% 的複合年增長率，所以他想了解額外的優勢來自哪裡。

Where is what?

什麼東西在哪裡？

The extra strength. Which area we are doing stronger than...

額外的力量。我們在哪些方面做得比...強？

Well, mainly, it's in the high-performance computing platform. And as I said a little earlier, that is due to the expanding usage of AI devices in all devices. And I also said it's the continuing strong demand of cryptocurrency mining.

嗯，主要是在高效能運算平台。正如我之前所說，這是由於人工智慧設備在所有設備中的使用範圍不斷擴大。我還說過，加密貨幣挖礦的需求持續強勁。

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，如果是邊緣 AI，您是否將智慧型手機 AI 類別放入 HPC 中，還是仍將其放入智慧型手機領域？

Since the AI in...

由於人工智慧在...

The AI-related application, if it is used in smartphone, do we categorize it in HPC or in smartphone? I believe we put it in smartphones.

AI相關的應用，如果用在智慧型手機上，是歸類在HPC還是智慧型手機？我相信我們已經把它放到智慧型手機了。

Okay. My second question is regarding 7...

好的。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──那是──那是什麼──你現在問的是第二個問題嗎？

Just a follow-up -- a second question.

只是一個後續問題──第二個問題。

Are you asking a second question now?

您現在要問第二個問題嗎？

Yes, second question.

是的，第二個問題。

This is your second question, actually, right? So anyway, let's answer that question. Let's answer that question. I think, well, either Mark or C.C., you can take it, yes. Okay, C.C., you want to take it?

實際上，這是您的第二個問題，對嗎？無論如何，讓我們來回答這個問題。讓我們來回答這個問題。我認為，無論是馬克還是 C.C.，你都可以接受，是的。好的，C.C.，你想拿走它嗎？

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

好的。智慧型手機中的人工智慧將歸入行動智慧型手機的範疇。

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今年第四季、2018 年 7 奈米銷售份額，2018 年第四季、今年第四季以及全年 7 奈米銷售份額，您有什麼預測？

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

嗯，我可以說全年大概是10%的收入。好的？

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

好的，我們必須請下一位分析師，他是摩根士丹利的 Charlie Chan。

Mr. Chairman, TSMC is really phenomenal. So my first question is kind of long. It's, again, on cryptocurrency. First of all, can you quantify the cryptocurrency contribution as you did the last quarter? I remember, it was like USD 350 million to USD 400 million now in 3Q. Can you give that data for first quarter, in 1Q? So given the strengths, can TSMC's 16-nanometer fulfill the demand? And will TSMC expand capacity for this cryptocurrency mining? This is the first question.

主席先生，台積電確實很了不起。我的第一個問題有點長。這又與加密貨幣有關。首先，您能像上個季度一樣量化加密貨幣的貢獻嗎？我記得，現在第三季的金額是 3.5 億到 4 億美元。您能提供第一季（1Q）的數據嗎？那麼，鑑於這些優勢，台積電的16奈米能夠滿足需求嗎？台積電是否會擴大加密貨幣挖礦的產能？這是第一個問題。

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

好的。Charlie的問題是，我們能否透露去年第四季和今年第一季我們從加密貨幣挖礦中獲得的營收比例是多少？而且，由於這需要我們的 16 奈米產能，我們是否能夠滿足需求，或者我們是否計劃擴大產能？

Stop there.

停在那兒。

Okay.

好的。

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

我聽了第一部分，但第二部分是什麼？

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

第二部分是，我們是否會增加產能來滿足需求？

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. Do we?

我認為我們不想透露加密貨幣的收入金額。我們有嗎？

No.

不。

No, we don't. 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. But we look at cryptocurrency demand as a part of our high-performance computing platform demand now. There are other parts of the high-performance computing. They are also fairly volatile, though not as volatile as the -- maybe as the cryptocurrency. So we look at the whole thing as a whole, and we are definitely adding capacity for the high-performance computing platform.

不，我們不知道。現在關於第二個問題，不，由於波動性——正如我們——正如我多次說過的，由於加密貨幣需求的波動性，可能的波動性，我應該說，我們不會——我們不會專門為加密貨幣增加容量。但我們現在將加密貨幣需求視為高效能運算平台需求的一部分。高效能運算還有其他部分。它們的波動性也相當大，儘管可能不如加密貨幣那麼大。因此，我們從整體上看待整個事情，我們肯定會增加高效能運算平台的容量。

So my second question is going to be very brief. 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?

我的第二個問題會非常簡短。是關於你們反壟斷的影響，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，這是否會影響你們2018年的營運？

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

我想Charlie指的是，最近歐盟委員會正在調查台積電是否違反了反壟斷法。

Well, we do not think that we have any problem. However, we'll cooperate with whatever government agency that investigates it. We'll cooperate fully.

嗯，我們認為沒有任何問題。但是，無論哪個政府機構進行調查，我們都會配合。我們將全力配合。

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

下一個問題來自 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?

張博士和所有高階主管，我的第一個問題是，您能否給我們一些大概的數字，說明您在 2018 年收入展望中，在應用 HPC、物聯網、汽車和行動方面的收入細分情況？

Well, those 4 are our growth platforms. We do have other platforms, which happened to be declining, actually. 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.

嗯，這四個就是我們的成長平台。事實上，我們確實有其他平台，但它們正在衰落。所以給你百分比實際上並不能告訴你任何事情，但是我們可以嗎——Lora 或 C.C.，我們可以嗎——是的，我的意思是，他想知道 HPC、行動、物聯網的收入百分比——我想也許你可以給他們一些大概的數字，是的。

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

好的。大約，實際上，行動智慧型手機，在整個一半中，它是......

Mobile, mobile.

移動，移動。

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. Did that answer your question?

行動裝置約佔 1/2；其次是 HPC，約 25%；其餘的約 10% 來自汽車和物聯網。這回答了你的問題嗎？

Yes, that's very clear. That's pretty good direction. Then the second question is about the inventory. I know Dr. Chang was talking about your end Q4 inventory was -- a few days above seasonal. 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?

是的，非常清楚。這是非常好的方向。那麼第二個問題是關於庫存的。我知道張博士說的是，您第四季末的庫存比當季庫存高出幾天。我不確定您是否也評論過今年第一季的庫存觀點將會下降並追蹤季節性平均值，還是我遺漏了什麼？

We exited 4Q '17 with a few days above the seasonality. And then we expect this start to increase again because of our customers start to build for the New Year's. 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.

我們在 2017 年第四季結束時，銷售額比季節性高出幾天。然後我們預計這個數字會再次增加，因為我們的客戶開始為新年做準備。因此庫存會略有增加，但這仍然是季節性的子模式，我想說，與前幾年相比，這並不奇怪。

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

下一個問題來自里昂信貸公司的 Sebastian Hou。

So my first question is on the -- what's your expectation for the growth from your Chinese customers? If I calculate correctly, it seems like your revenue from China has doubled in the past 3 years. And do you expect such doubling pattern to persist in the next few years?

所以我的第一個問題是－您對中國客戶的成長有何期望？如果我沒算錯的話，你們來自中國的收入在過去三年似乎翻了一番。您預計這種翻番模式在未來幾年會持續下去嗎？

So Chinese customers have been growing quite fast. Do we continue to expect the percentage to our revenue will double in the next few years as it has done...

因此，中國客戶的成長速度相當快。我們是否繼續預期未來幾年我們的收入百分比將翻一番，正如現在所做的那樣…

Will we continue to what?

我們還會繼續做什麼？

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

預計未來幾年客戶的收入將翻倍。

First, the Chinese customers have grown very fast. I guess -- you want to answer it? I was going to say I think the cryptocurrency thing, which is the volatile one, is the part of the Chinese customers. Yes, it has been growing fast. But you go ahead and answer the rest, okay?

首先，中國客戶成長非常快。我猜——你想回答這個問題嗎？我想說的是，我認為加密貨幣這種波動性較大的事物是中國客戶的一部分。是的，它發展得很快。但你繼續回答剩下的問題，好嗎？

Well, if you ask me whether China customer will grow, will double in the next few years, certainly. I think it has full potential to achieve that. The cryptocurrency is part of it, but even with after cryptocurrency cool and other application will continue to sprout in China I think.

好吧，如果你問我中國客戶數量是否會成長，未來幾年是否會翻一番，答案是肯定的。我認為它完全有潛力實現這一目標。加密貨幣是其中的一部分，但即使在加密貨幣流行之後，我認為其他應用程式仍將在中國繼續萌芽。

You said cool. Don't say cool. It may not cool.

你說很酷。別說酷了。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. They want to design their ASIC or a lot of them are working on AI. And do you also expect that to be an important growth driver for your Chinese revenue in next few years for that doubling pattern?

接下來我想問一下，除了加密貨幣之外，您如何看待中國獨角獸企業（新創公司）數量的成長？他們想要設計自己的 ASIC 或他們中的許多人正在研究 AI。您是否也預期這將成為未來幾年中國市場收入翻倍的重要成長動力？

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.

因此，Sebastian 想知道，除了加密貨幣挖礦之外，中國是否還有其他專注於人工智慧的 IC 設計商，這些類型的應用是否會推動客戶的翻倍成長。

Well, look. We are everyone's foundry, we are everyone's foundry. And being the technology/capacity/manufacturing leader, we are really in a really good position. So all right, so if they grow, great. We will grow with them. And we don't particularly care customers in which region grow. So we are kind of region-blind, okay, as far as where the growth comes from. We're everyone's foundry, everyone in the world, we're everyone's foundry. And usually, the customer that has innovations -- has innovative designs that grow the fastest. And so I'm sure that the Chinese innovations will grow very fast. But then, the rest of world is not just stay put. They are growing to -- I don't know -- does that answer your question? Or, No?

嗯，你看一下。我們是大家的鑄造廠，我們是大家的鑄造廠。作為技術/產能/製造領域的領導者，我們確實處於非常有利的地位。好吧，如果它們生長，那就太好了。我們將與他們一起成長。而且我們並不特別關心客戶在哪個地區發展。所以就成長來源而言，我們有點不了解地理。我們是每個人的鑄造廠，世界上每個人，我們都是每個人的鑄造廠。通常，擁有創新的客戶—擁有發展最快的創新設計。因此我相信中國的創新將會快速發展。但世界其他地區並非只是停留在原地。它們正在成長——我不知道——這回答了你的問題嗎？或者，不是？

Yes. 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. And remember, the same time last year, CFO give an estimate about how the price hike will impact the margin profit. I wonder if you have a similar numbers you can give this year?

是的。第二個問題是，是的，第二個問題是關於——我想知道台積電對原始晶圓供應短缺的預期和估計或評估是什麼。請記住，去年同一時間，財務長對價格上漲將如何影響利潤率做出了估計。我想知道您今年是否可以給出類似的數字？

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. We expect the short supply will continue through this year as well. But fortunately, because we are a big purchaser, so we were able to engage some of the vendor in the long-term contract. So we should be safe in terms of supply.

2017年原料矽片供應緊張。我們預計供應短缺的情況今年仍將持續。但幸運的是，由於我們是大採購商，所以我們能夠與一些供應商簽訂長期合約。因此，我們的供應應該是安全的。

And how about the price increase impact on the profitability?

那麼價格上漲對獲利能力的影響如何？

Yes, the price has indeed increased and has been affecting our margin as well. I think maybe 6 months ago, we have indicated the margin impact for 2017 will be around 0.2 percentage point something. With the continual hike in price and the impact in 2018 will be bigger. So we expect impact will be maybe half point, 0.5 to 1 percentage point impact to gross margin. Well, anyway, we'll try to offset that with some of the productivity improvement and other cost reductions.

是的，價格確實上漲了，也影響了我們的利潤。我想大概 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。隨著價格持續上漲，2018年的影響力會更大。因此，我們預期影響可能為毛利率的半個百分點、0.5 到 1 個百分點。好吧，無論如何，我們會嘗試透過提高生產力和降低其他成本來抵消這種影響。

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

有可能將增加的成本轉嫁給你的客戶嗎？

No, I don't think so.

不，我不這麼認為。

Okay. I think it's about time that we go to the call first because there are quite a few analysts queuing on the line. So operator, could you please go to the first caller on the line?

好的。我認為我們該先接電話了，因為有不少分析師在排隊。接線生，您能接通第一位來電者嗎？

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. When you look into 2019-2020, is EUV actually helping you with lower capital intensity? Is it helping you with lower CapEx spend? And if not, when should we expect to see that? And I have a follow-up.

我的第一個問題與 EUV 對資本密度的影響有關。展望 2019-2020 年，EUV 是否真的能幫助您降低資本密集度？它能幫助您降低資本支出嗎？如果沒有的話，我們什麼時候可以看到它呢？我還有一個後續問題。

We spent several hundred millions in EUVs since last year. And going forward this year and next year, the EUV investment will continue to go up. However, the number has been included in our overall CapEx budget, which I was just mentioning, $10 billion to $11 billion. 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. But also, the purpose of introduction of EUV is to simplify the process. So with the process simplification, therefore, the overall patterning cost will not increase compared to the multi-level patterning or the immersion version. So that was the simple answer to your questions.

自去年以來，我們在 EUV 上花費了數億美元。今年和明年，EUV 的投資將持續增加。不過，這個數字已經包含在我們的整體資本支出預算中，我剛才提到了100億到110億美元。然而，如果採用更前沿的技術，特別是 5 奈米技術，每 1,000 片晶圓的投資資本支出確實會更高。但同時，引進EUV的目的也是為了簡化流程。因此，隨著製程的簡化，與多層圖案化或浸沒式圖案化相比，整體圖案化成本不會增加。這就是對你的問題的簡單回答。

And with regard to the packaging, non-wafer revenues in in '18 '19 and 2020. How should we think about the diversification, scaling up InFO and also CoWoS? Is there any number you can provide us or maybe perhaps qualitatively you can help us? Again, the question has to do with revenue contribution from system in a package InFO and CoWoS in 2018, 2019, and 2020.

就封裝而言，2018 年、2019 年和 2020 年的非晶圓收入。我們應該如何看待多元化、擴大 InFO 和 CoWoS？您可以提供一些數字給我們嗎？或者您能從品質上幫助我們嗎？再一次，問題與 2018 年、2019 年和 2020 年系統級封裝 InFO 和 CoWoS 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.

所以這個問題可能與先進封裝有關，涉及其在 2018 年至 2020 年對台積電的收入貢獻。

Say it again?

再說一遍嗎？

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

InFO、CoWoS等先進封裝，對台積電營收的貢獻比例。

Lora, please.

請叫我洛拉。

I will talk about the whole assembly packaging service in TSMC instead of just a single out InFO or CoWoS. The backend service accounts for about 7% of the TSMC revenue...

我將討論台積電的整個組裝封裝服務，而不僅僅是單獨的 InFO 或 CoWoS。後端服務約佔台積電營收的7%…

Several, several...

好幾個，好幾個…

7%.

7%。

7%, 7%.

7%，7%。

Of TSMC's revenue 2017. With the continued growth in -- particularly in InFO and CoWoS going forward, we expect the percentage will go up slightly in out years.

台積電2017年營收。隨著持續成長——特別是 InFO 和 CoWoS 的持續成長，我們預計這一比例在未來幾年將略有上升。

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

好的，我們應該接聽下一位來電者。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. Good afternoon. Thanks for taking my question. Hi, Mark. You mentioned there is increasing IDM outsourcing trend in the new technology. However, we suspect one of your IDM customer is in-sourcing baseband product this year. So, for this year, do you see the total IDM outsourcing trend will be increased more than this IDM insourcing trend?

你好。午安.感謝您回答我的問題。你好，馬克。您提到新技術中IDM外包趨勢正在增加。不過，我們懷疑你們的某位IDM客戶今年正在內部採購基頻產品。那麼，就今年而言，您是否認為整體 IDM 外包趨勢將比 IDM 內部採購趨勢成長得更快？

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

Roland，我想您問的是台積電是否會繼續將 IDM 外包視為一種趨勢。進而...

Yes.

是的。

And then are you asking some proportion or percentage? No?

那你是問某個比例還是百分比？不？

No. I think proportion and also maybe for the total revenue contribution point of view. Thanks.

不。我認為，從比例，也可能從總收入貢獻的角度來看。謝謝。

Revenue contribution or proportion.

收入貢獻或比例。

Of IDM outsourcing?

IDM外包嗎？

Of IDM, yes.

是的，是的。

Do we even have a number on that, Lora? The answer to the first question whether the IDM outsourcing will continue. Yes, I think it will, but on the second part -- second part of the question is a number. Well.

洛拉，我們對此有數字嗎？第一個問題的答案是IDM外包是否會繼續。是的，我認為會，但問題的第二部分是一個數字。出色地。

We don't have a number, okay.

我們沒有號碼，好的。

Actually, frankly, I would say that almost without exception, every IDM has become fab light, almost without exceptions. There are exceptions. Yes, and all I'm saying. Excuse me. And All I'm saying is that those that are already fab light will become fab lighter and lighter.

實際上，坦白說，我想說，幾乎毫無例外，每個 IDM 都已變得輕薄，幾乎沒有例外。也有例外。是的，這就是我所說的。打擾一下。我要說的是，那些已經非常輕的東西將會變得越來越輕。

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

好的。明白了。謝謝。我認為對馬克的後續問題是，馬克，我們只能說，看到了新技術中的這種外包趨勢。Mark 能否詳細說明這些 IDM 正在尋找什麼樣的技術以及他們外包給代工廠什麼樣的應用？謝謝。

Yes, Mark.

是的，馬克。

Yes. IDM has not been building new fabs for quite some time. 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. And all those are specialty technologies.

是的。IDM 已經有相當長一段時間沒有建造新的晶圓廠了。但隨著技術的進步，當他們達到90奈米以下時，他們幾乎完全依賴代工廠的支持，這就是我們看到持續趨勢的原因。所有這些都是專業技術。

But these technology are new to TSMC or new IDM?

但這些技術對於台積電或新的IDM來說是新技術嗎？

What was the question?

問題是什麼？

Yes, right. The technologies are these new to TSMC or new to IDM?

是的，對。這些技術對於台積電或IDM來說都是新技術嗎？

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

這兩個對於 IDM 來說都是新產品，對台積電來說也是新產品。

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

好的。那麼這些技術，這些技術將會有什麼樣的應用呢？

Applications.

應用程式.

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

嗯，主要是在汽車和物聯網領域，是的，就是這兩個類別。

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

接線生，我們可以繼續接聽下一位來電嗎？

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

是的。我們的下一個問題來自匯豐銀行的史蒂文‧佩拉約 (Steven Pelayo)。

Just one quick follow-up on crypto. I know you don't want to disclose what it was in the fourth quarter. 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.

只需對加密進行一次快速跟進。我知道你不想透露第四季的情況。我想知道您是否可以透露至少 2017 年全年的情況，或者只是從方向上看，它是否每個季度都在增長。

All right. Cryptocurrency proportion to TSMC's revenue. Can we disclose what's the impact? 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?

好的。加密貨幣佔台積電收入的比例。我們能否透露一下其影響是什麼？2017年佔比是多少，今年環比趨勢如何，是每季都在增加，還是某個季度增加，某個季度減少？

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

嗯，C.C.或馬克，你想回答這個問題嗎？

Well, the cryptocurrency mining, the demand to TSMC. Actually, last year, of course we saw the strong increase in the second half of last year. But after that, I think it's keep a little bit flat for this year throughout this year.

嗯，加密貨幣挖礦，對台積電的需求。實際上，去年，當然我們看到了去年下半年的強勁成長。但此後，我認為今年全年都會保持穩定。

Okay, fair enough. And then I want to ask a little bit about above 10-nanometer. 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. And things like consumer were off pretty significantly and even 28-nanometer was off 15%. So, I guess, I'm trying to understand, is that normal seasonality? I would have thought we were seeing broader strength from an overall semi cycle when we look beyond just 10-nanometer.

好吧，夠公平。然後我想問一下有關 10 奈米以上的問題。如果你看一下第四季度，如果我們排除 10 奈米，公司其餘部分的收入大約 75% 環比下降了 8%。消費者等方面的下降相當明顯，甚至 28 奈米也下降了 15%。所以，我想了解一下，這是正常的季節性嗎？我原本以為，當我們的目光超越 10 奈米時，我們會看到整個半週期更廣泛的強度。

So Steven's curiosity is about our fourth quarter. Since 10-nanometer accounted for 25% of our fourth quarter revenue. If we take that out, the non-10-nanometer business is a decline of 8% quarter-over-quarter. In a seasonally -- supposedly seasonally strong quarter. Is that normal?

所以史蒂文好奇的是我們的第四季。因為 10 奈米占我們第四季營收的 25%。如果我們去掉這個數字，非 10 奈米業務較上季下降了 8%。在季節性－據稱是季節性強勁的季度。這樣正常嗎？

Well, to answer that question, you actually -- if you take out the 10-nanometer that representing a big portion of the smartphone business. 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. So it's not very appropriate to just take out the 1 node by talking the whole market segment. I'm talking about the smartphone HPC. In fact, really the HPC increased. But we enter into the first quarter. The smartphone seasonality dropped and HPC continue to be strong.

好吧，要回答這個問題，你實際上——如果你拿出佔智慧型手機業務很大一部分的 10 奈米。所以我不知道如果除去佔台積電收入 50% 左右的智慧型手機業務，其他人是否能說第四季業績繼續保持強勁或類似情況。所以，只談整個細分市場而去掉1個節點是不太適合的。我說的是智慧型手機 HPC。事實上，HPC 確實增加了。但我們已經進入第一季。智慧型手機的季節性下降，而 HPC 繼續保持強勁。

And if I could just follow up quickly to that, what do you think 10-nanometer will then be in the first quarter? How big of a seasonal decline do you see in the first quarter? That's it for me.

如果我可以快速跟進的話，您認為第一季 10 奈米將會是什麼樣子？您認為第一季的季節性下滑幅度有多大？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.

他要求我們給出今年第一季10奈米貢獻的指導。

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

第一季 10 奈米產量有所下降，正如我所說，這是因為智慧型手機業務的季節性。

Okay, I think we have answered Steven's questions. And now we are coming back to the floor. First, we are going to ask JPMorgan's Gokul to ask his question.

好的，我想我們已經回答了史蒂文的問題。現在我們回到會場。首先，我們請摩根大通的 Gokul 提出他的問題。

I had a couple of questions on 7-nanometer. 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? The second part is I think Mark mentioned in the last call, more than 50% of the tape-outs for 7 are HPC-related. Could you talk about what could be the size of HPC-related production revenues? 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?

我對 7 奈米有幾個疑問。您能否談談，如果我們考慮未來幾年的 N7 和 N7+，您的預期市佔率是多少？第二部分是，我認為馬克在上次電話會議中提到，7 的 50% 以上的流片都與 HPC 有關。能談談 HPC 相關生產收入的規模嗎？因為現在您已經接近生產了，所以並不是每個流片的數量都是相同的，您能對此進行一些說明嗎？

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

是的，Gokul 的問題首先要求我們量化我們在 7 奈米和 7+ 奈米的市場份額。這是他對未來幾年的第一個疑問，市場佔有率…

Market share on 7 and the 7+?

7 和 7+ 的市佔率是多少？

7 and 7+, right.

7 和 7+，對。

Well, we haven't even started producing 7 here. Is that a question or...

嗯，我們這裡甚至還沒開始生產 7。這是個疑問還是…

Yes, that's your question, right?

是的，這是你的問題，對嗎？

Yes.

是的。

We intend, I can only say -- we intend to have a very high market share. At least on 7, which we will start producing.

我只能說，我們的目標是佔據非常高的市場佔有率。至少在 7 上，我們將開始生產。

This year in the end of first half.

今年上半年已經結束。

June, he means June, the end of first half, Okay, which we'll start producing in June. And we intend to have a very high market share. In fact, I would say 100% close. Close, anyway. Now the 7+ comes, even what about, a year later?

六月，他的意思是六月，上半年的結束，好的，我們將在六月開始生產。我們的目標是佔據非常高的市場佔有率。事實上，我想說 100% 接近。無論如何，接近了。現在 7+ 來了，即使一年後呢？

Yes.

是的。

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

一年後。為什麼不在 7 年後再問這個問題，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. Number of tape outs HPC is more than 50%, whether or not the revenue contribution will also be more than 50%.

Gokul 問題的第二部分是，由於我們已經說過超過 50% 的流片是用於 HPC，所以他想知道這是否也是收入百分比。HPC的tape out數量超過50%，營收貢獻是否也會超過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. But that would be a few quarters away.

嗯，我想說，首先，實際上，智慧型手機業務仍然佔據 7 奈米業務的大部分，其次是 HPC。但這還需要幾個季度的時間。

So HPC will be more 2019 kind of.

因此 HPC 將更接近 2019 年的模式。

Yes.

是的。

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

好的。然後瑞士信貸的蘭迪·艾布拉姆斯 (Randy Abrams) 將會提出後續問題。

Actually wanted to go back to mobile. I think in the remarks earlier, you mentioned it will be flat for the mobile platform this year. Could you talk about your view on the market say for volume or content? Maybe a change in that or is it a view temporarily there are some market share swings on that front.

實際上想回到手機領域。我認為在之前的評論中您提到今年移動平台的表現將持平。您能談談您對市場數量或內容的看法嗎？這可能是一種變化，或者只是暫時的觀點，即市場佔有率會有一些波動。

You want to answer, C.C?

你想回答嗎，C.C？

Yes, let me comment on the mobile -- the smartphone unit first. This year, we expect smartphone unit growth will be in the low single digit. However, the high-end smartphone will be decreasing for this year. And middle end and low end will be increasing a few percentage points. So in total, it will be a low single digits growth. And for TSMC that we saw that we combined all the smartphone together, and wafer revenue will be flat as compared with last year.

是的，讓我先評論一下行動裝置——智慧型手機部門。今年，我們預計智慧型手機銷售成長率將維持在低個位數。不過，今年高階智慧型手機的銷售量將會減少。中端和低階將會增加幾個百分點。因此總體而言，這將是一個低個位數的成長。對於台積電，我們看到，如果我們把所有的智慧型手機合併在一起，晶圓收入將與去年持平。

And the second follow-up, it's more broadly on the margins. You mentioned the wafer price impact. 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. And the second part is, is there a new seasonality for margin? 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. So if you expect that same type of seasonality again?

第二次後續行動則涉及更廣泛的邊緣問題。您提到了晶圓價格的影響。如果您可以更廣泛地介紹其他影響因素，並對貶值、7 奈米坡道和外匯進行評論，請提出您的看法。第二部分是，保證金是否有新的季節性？看起來就像去年或兩年，上半年的利潤率較好，但下半年新科技的出現。那麼您是否預計會再次出現相同類型的季節性？

There are several things that will affect our 2018 margin. Number one is wafer price, we were just talking about that. The other one is the ramping of 7-nanometer. 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. Other than that, the foreign exchange is -- it can move positively or negatively. It's totally out of our control. I don't know what to say about that. 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. 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%. But, of course, every quarter can be different. 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. As utilization move every quarter, that could be a factors, okay.

有幾項因素會影響我們 2018 年的利潤。第一是晶圓價格，我們剛才在談論這個。另一個是7奈米製程的量產。我們預計 7 奈米的生產爬坡情況將與 10 奈米非常相似，我們預計今年下半年的利潤率下降將達到 2 到 3 個百分點，這也與 10 奈米的情況相似。除此之外，外匯可能會正向或負向變動。這完全超出了我們的控制範圍。我不知道該說什麼。除此之外，我們一直在盡一切努力嘗試更好地規劃產能，降低成本，提高生產力，希望能抵消一些潛在的負面因素。不過話雖如此，正如我們所說，台積電未來幾年的財務目標收入將是5％至10％，毛利率將在50％左右。但當然，每季的情況都會有所不同。例如，正如我剛才所指導的，第一季實際上包括了約 2 個百分點的庫存估值，這對第一季來說是一個利好。由於利用率每個季度都在變化，這可能是一個因素，好的。

Depreciation...

折舊...

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

折舊額為 105 億美元至 110 億美元，我們預計折舊額將年增 15% 左右。

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

好的，接下來是摩根士丹利的 Charlie Chan 的後續問題。

So actually, 2 small follow-ups. So first of all on the AI semiconductors. So now, those ASIC design customized chip is taking place and they have to replace that GPU. So if that trend continue to happen, do you think they will impact your GPU foundry business? And that is the first question. And the second question is regarding the IDM outsourcing. I think the logic chip outsourcing I think is already very clear, right. But for those specialty semiconductor outsourcing, like power management IC, does that need some technology or process transfer from your IDM customers to TSMC. How does that work?

所以實際上，有 2 個小後續行動。首先是關於人工智慧半導體。所以現在，那些 ASIC 設計客製化晶片正在出現，它們必須取代 GPU。那麼，如果這種趨勢持續下去，您認為它們會影響您的 GPU 代工業務嗎？這是第一個問題。第二個問題是關於IDM外包。我想邏輯晶片的外包我覺得已經非常清楚了，對吧。但是對於那些專業半導體外包，例如電源管理IC，是否需要將一些技術或製程從IDM客戶轉移到台積電。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. And if that is the case, what's going to impact TSMC because we have GPU business.

第一個問題是關於 ASIC 客戶的成長，ASIC 是否會比 GPU 更受歡迎。如果真是這樣，這會對台積電產生什麼影響呢？因為我們有 GPU 業務。

Why don't you answer that? Mark will answer the first question.

為什麼不回答這個問題？馬克將回答第一個問題。

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. However, it's also very clear that GPU, in some part of the market segment. For example, at least the data center is very solid. So I see in the future different design occupy different part of the market, and that is the situation so.

關於 ASIC、AI ASIC，我認為——當然，更多——隨著越來越多的客戶進入 AI ASIC，這部分業務將會成長。然而，GPU在某些細分市場中也很明顯。例如，至少資料中心非常堅固。所以我認為未來不同的設計將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，IDM 的外包超出了邏輯範圍，例如專業技術，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 合作開發這些專業技術…

I think you answered that question earlier, I think. while you -- while that was the point earlier or somebody...

我認為您之前已經回答過這個問題了。當你——當那是之前的觀點或某人…

Okay, both. I think we have a very deep specialty technology development. Some of the IDM just use our own technology, particularly moving into the finer nodes. But they are in order or older nodes definitely as their demand increases, we are also doing this phase-in, not transfer, phase-in. That means using our technology base to stimulate their technology to do the foundry services for them.

好的，兩者都有。我認為我們擁有非常深厚的專業技術開發經驗。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。但它們肯定是有序的或較舊的節點，隨著需求的增加，我們也逐步實施，而不是轉移，逐步實施。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，接下來是來自德意志銀行的 Michael Chou 的後續問題。

First question is regarding your 16-nanometer growth outlook. Is that right, your 16-nanometer revenue could be up year-on-year in 2018 or do you have any color for that?

第一個問題是關於您對 16 奈米成長前景的展望。是這樣的嗎？ 2018 年你們的 16 奈米收入可能會比去年同期成長，或對此有什麼預測嗎？

16-nanometer?

16奈米？

Yes.

是的。

It's a little bit increasing.

有一點點增加。

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了加密貨幣，對吧，那麼您認為在 2019 年，大多數加密貨幣需求將轉向 7 奈米，還是您認為人們將來仍會嘗試使用傳統節點？

Yes, a lot of applications from this cryptocurrencies mining; bitcoin, light coin, they are all different kind of applications. So they're using a lot of technologies. But most of them are advanced technology from 7, 10, 16, 12, it's all...

是的，很多應用程式都來自這種加密貨幣挖礦；比特幣、輕幣，都是不同類型的應用程式。所以他們使用了很多技術。但大多數都是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，你認為今年你們的 28 奈米銷售額會比去年同期成長還是持平？

28-nanometer?

28奈米？

Yes.

是的。

This year, it will be a little bit decreasing.

今年會稍微減少一點。

Okay, we still have quite a few analysts waiting on the queue on the call. So I think we really need to go back to the call. Operator, could you please get to the next caller on the line?

好的，我們仍然有不少分析師在排隊等待通話。所以我認為我們確實需要重新開始通話。接線生，您能接聽下一位來電嗎？

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

下一個問題來自瑞銀的 Bill Lu。

I've had a chance to visit a few of TSMC's customers recently especially in the areas of HPC and cryptocurrency. What I seem to be hearing is that foundry suppliers, especially at the leading edge are getting quite tight. Now your guidance for the full year is obviously very good, but that 10% to 15% is that constrained by supply?

最近我有機會拜訪台積電的一些客戶，特別是在高效能運算和加密貨幣領域的客戶。我聽到的消息是，代工供應商，尤其是前沿領域的供應商，已經變得相當緊張。現在您對全年的預期顯然非常好，但是 10% 到 15% 是否受到供應的限制？

Bill, your background noise is actually quite strong, so let me see if I understand your question. You are asking whether or not 2018's 10% to 15% growth, are we constrained by capacity. Is that your question on the leading edge?

比爾，你的背景噪音實際上相當強，所以讓我看看我是否理解你的問題。您問的是，2018 年 10% 到 15% 的成長是否受到產能的限制。這是您最關心的前沿問題嗎？

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

是的，那麼這反映了需求環境還是受到產能的限制？

What was the question again?

問題又是什麼？

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

我們今年的成長是否受到產能的限制。

Is what?

是什麼？

Constrained, limited by capacity.

受到約束，受容量限制。

Huh?

咦？

(foreign language)

（外語）

Oh the question is do we have -- is our 10% to 15% growth being limited by our capacity. No, no, it's not. Is it?

哦，問題是我們是否有——我們的 10% 到 15% 的成長受到我們產能的限制。不，不，不是這樣的。是嗎？

A little bit.

有一點點。

A little bit? A little bit, yes. A little bit.

有一點點？是的，有一點。有一點點。

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，是否存在可以提高產能並稍微增加資本支出的情況，什麼時候會發生這種情況？

Please repeat your question again.

請再次重複您的問題。

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

很抱歉背景噪音太大。我只是想知道，鑑於產能有所限制，您需要採取什麼措施來增加產能和資本支出？

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. Lora has already given our guidance on CapEx. And that is what we think we will spend. It's what you said 10...

不，我們已經給了指導。Lora 已經就資本支出給出了我們的指導。我們認為我們將要花的錢也正是如此。就是你說的10...

10...

10……

$10 to $10.5 to $11 billion.

100億美元至105億美元至110億美元。

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

是的，100 億美元到 105 億美元到 110 億美元。

Bill, so we have answered your questions, right?

比爾，我們已經回答了你的問題，對嗎？

Yes. My second question is on 28-nanometers. Now it looks like it's a bit weaker in the short term. TSMC I think has been saying pretty consistently that the 28 demand is going to be long-lasting. I'm wondering if you still feel that. Any changes to your long-term outlook for 28.

是的。我的第二個問題是關於 28 奈米的。現在看來，短期內它有點弱。我認為台積電一直在說，28 的需求將會持續很長一段時間。我不知道你是否還有這種感覺。您對 28 年的長期展望有何改變？

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. So is this decline a temporary situation?

正如我們所說，我們預計今年 28 奈米的需求會略有下降，但同時，我們也表示對 28 奈米的需求是長期的、持久的。那麼，這種下降是暫時的嗎？

Judging from the tape-out activities, yes, we expect this decreasing it's just a short-term phenomena. In the long term, we hope that the business will grow as the tape-outs showed.

從流片活動來看，是的，我們預期這種減少只是短期現象。從長遠來看，我們希望業務能夠像流片結果顯示的那樣成長。

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，您認為 28 的需求將會產生什麼影響？

28 will be flat? You mean...

28會平嗎？你的意思是...

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

不，28奈米需求的拐點什麼時候會再次開始上升？

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

什麼時候再漲，28奈米業務什麼時候再漲。

We certainly hope as soon as possible.

我們當然希望盡快實現。

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

你看，有 22 個，你知道，22 個的產量與 28 個相同，而且 22 個還在增加。

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

是的，在未來的幾年裡，22號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，對於 28 何時會再次上升這個問題的答案，我的答案是，當 22 充分增長時，我們預計它會上升。

Okay, I think we have answered Bill's question. Let's move on to the next caller on the line. Operator, please.

好的，我想我們已經回答了比爾的問題。讓我們繼續接聽下一位來電者。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. Will 7-nanometer yield rate start from a higher base since more than 90% of the equipment is compatible with 10-nanometer?

我只有一個問題。鑑於目前90%以上的設備都相容於10奈米，7奈米的良率是否會從更高的基數開始？

Did you hear the question? Would you please repeat?

你聽到這個問題了嗎？請您再說一次好嗎？

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奈米的良率，Patrick問的是7奈米的良率是否會從更高的基數開始，因為有90%的設備與10奈米相同。

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奈米產量方面的進展肯定比同期的10奈米好一點。

Perfect. It's better.

完美的。這樣更好。

Okay, now I know there are still quite a few hands on the floor. So we are coming back to the floor. That will be Goldman Sachs, Donald Lu.

好的，現在我知道地板上還有不少人。因此我們回到討論現場。那就是高盛的唐納德·陸。

Yes, my first question is on Moore's Law. I think 5-nanometer is around the corner and in the bag, so to speak. How about the 3-nanometer? And how about 2.5 if stops at some point, what would TSMC do? You have such a technology lead scaling. How you build the next technology barrier? The second question is on industry consolidation. I think chairman have commented before, but just want to hear it again, I guess. If just assuming Broadcom and Qualcomm merge at some point, you're going to have a huge customer. How you deal with this kind of huge customer?

是的，我的第一個問題是關於摩爾定律的。我認為 5 奈米即將到來，可以說已經板上釘釘。3奈米怎麼樣？那如果 2.5 在某個時候停止，台積電會怎麼做？你們有這樣的技術領先規模。如何建構下一個技術壁壘？第二個問題是關於產業整合。我認為主席之前已經評論過，但我只是想再聽一遍。如果只是假設博通和高通在某個時候合併，你就會擁有一個巨大的客戶。您如何應對這種大客戶？

Will you repeat the whole thing because...

你會重複整件事情嗎，因為......

Right. First question is with respect to Moore's law. Donald is asking us...

正確的。第一個問題是關於摩爾定律的。唐納德問我們…

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，3奈米的現況如何，如果摩爾定律在未來某個時間停止，台積電會發生什麼事。

All right, let's answer that question first. Mark?

好的，我們先來回答這個問題。標記？

I think C.C. mentioned, 7-nanometer already in the fab. So the original 7-nanometer team, most of them is starting work on 3-nanometer already. So -- but the company has a pipeline of technology development. We also have a big team of pathfinding, pathfinding that is develop technology to see 3 and/or possibly beyond. And we also have a small research team that's exploring further outing of technologies. So our R&D is organizing in full spectrum, exploring to the future technologies also.

我認為 C.C.提到，7奈米已經在晶圓廠。因此，最初的 7 奈米團隊中的大多數成員已經開始研究 3 奈米了。所以——但該公司擁有技術開發管道。我們還有一個龐大的尋路團隊，正在開發尋路技術以預見 3 甚至更遠的未來。我們還有一個小型研究團隊正在探索進一步的技術發展。因此，我們的研發工作正在全方位組織，並探索未來的技術。

Can you comment on the progress at the 3? Is this feasible and...

能評論一下 3 號的進度嗎？這可行嗎？ …

Progress on the 3-nanometer pathfinding. We'll, go ahead. It's positive.

3奈米探索取得進展。我們繼續吧。這是積極的。

It's possible. I think from our program lead. So we have a monthly review and including Chairman also. So it is real.

這是有可能的。我認為這是我們專案負責人的觀點。因此，我們每個月都會進行一次審查，主席也參與其中。所以它是真實的。

Look, I review it every month. I review all the advanced technologies, 7 and 3. And the EUV and the CoWoS, InFO, every month. And on -- specifically on the 3-anometer. The program manager has become increasingly positive. It is still pathfinding. So when we first started it about more than a year ago, there was a question of whether it was even feasible. Now he has become increasingly positive that it is feasible. And that he in fact is now working on concrete ways. Well, that's the pathfinding. I mean he is defining the path. That's a fair assessment. Yes, yes. And...

瞧，我每個月都會複習一下。我每個月都會回顧所有先進技術、7 和 3。以及 EUV 和 CoWoS、InFO。並且——特別是在 3 度計上。專案經理變得越來越積極。它仍在探索之中。因此，當我們一年多前第一次啟動這個計畫時，我們還在質疑它是否可行。現在他越來越確信這是可行的。事實上，他現在正在研究具體的方法。嗯，這就是尋路。我的意思是他正在定義道路。這是一個公平的評價。是的，是的。和...

Second part of the question is industry consolidation. How would TSMC deal with big customer?

問題的第二部分是產業整合。台積電如何應對大客戶？

I just refuse to comment on that because I think you mentioned a pair. And both of them are very good customers of ours. So and we stay neutral. And I'm -- yes, okay.

我只是拒絕對此發表評論，因為我認為你提到了一對。他們兩人都是我們的非常好的客戶。因此我們保持中立。我——是的，好的。

Follow-up question. Yes, follow up Credit Lyonnais' Sebastian Hou.

後續問題。是的，請關注里昂信貸公司的 Sebastian Hou。

My first follow-up is on the 8-inch revenue. It was growing year-over-year in 2017. But I remember a year ago, initially, last year was guiding -- the company was guiding might decline. So I was wondering what has changed. What's the change that lead to the upside and what's your outlook for 2018 on 8-inch?

我首先關注的是8吋的收入。2017 年該數字年增。但我記得一年前，最初，去年的指導是——公司指導可能會下降。所以我想知道發生了什麼變化。哪些變化導致了上漲？您對 2018 年 8 吋的展望如何？

Okay, Sebastian's question is a year ago, we were guiding 8-inch revenue to decline. But then in reality, that revenue actually went up. So what happened and what's the outlook for us this year?

好的，塞巴斯蒂安的問題是，一年前，我們預測 8 英寸的收入會下降。但實際上，收入確實增加了。那麼發生了什麼事？今年我們的前景如何？

Do you -- does Lora want to answer -- and no, C.C., you can answer that. You have picked up the microphone already.

你——洛拉想回答嗎——不，C.C.，你可以回答這個問題。您已經拿起麥克風了。

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

確實，我們的 8 英寸需求非常強勁，我認為這主要來自物聯網和汽車領域，對吧。所以今年我們仍然相信8吋的營收會繼續成長。

Thank you. Second part of my follow-up is the -- is a little bit different questions. Not on the silicon. But I wonder if TSMC's -- what is TSMC's strategy on compound semiconductors. It seems like there are more applications down the road like power device, VCSEL and RF, microLED, et cetera. So I was wondering what's the TSMC strategy on this because we haven't heard about this before?

謝謝。我的後續問題的第二部分是——一些有點不同的問題。不在矽片上。但我想知道台積電在複合半導體方面的策略是什麼。看起來未來還會有更多的應用，如功率元件、VCSEL 和 RF、microLED 等等。所以我想知道台積電對此的策略是什麼，因為我們之前沒有聽說過這個？

We did not specify so many compounded semiconductors at development but we did say that gallium nitride is a one that we're developing. And for the power management IC, and for power devices also that we are developing it for the working with the customer. And today, the business is still very small but we saw a high potential out of that.

我們在開發時沒有具體說明這麼多複合半導體，但我們確實說過氮化鎵是我們正在開發的半導體。對於電源管理 IC 和功率元件，我們也正在與客戶合作開發。如今，雖然業務規模仍然很小，但我們看到了巨大的潛力。

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

那麼您預計這項潛力何時能夠在收入中實現？

It's starting from this year, but probably in the 2019, 2020. You will see kind of reasonable amount coming out. This is the 6-inch wafer right now.

從今年開始，但可能在 2019 年或 2020 年。您會看到合理的金額流出。這是現在的6吋晶圓。

All right. Due to the consideration of time, I think we will stop taking analyst questions. But Chairman still have a few remarks to make.

好的。由於時間考慮，我想我們將停止回答分析師的問題。但主席仍有幾點要說。

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. And for the last 2 years now, I have appeared only once a year in January. In 2016, I appeared once in January. And 2017, again, I appeared only once in January. And so this year, this will be the last time. And I'm bringing -- I really have spent many years with some of you, many years, more than 20 years. Although I think most of you probably haven't attended this particular conference that long. But having here almost 30 years I think, yes. And I enjoyed it, and I think that we all -- at least I hope that I had a good time. I hope that you had a good time, too. And I will miss you, and thank you very, very much. Thank you. Thank you. Thank you.

我只想說，雖然我還會繼續擔任主席到今年6月5號，今年6月5號，但這是我最後一次參加這個會議了。而在過去兩年裡，我每年一月只出現一次。2016年，我在一月出現過一次。而 2017 年，我又只在 1 月出現過一次。所以今年，這將是最後一次。我確實和你們中的一些人在一起度過了很多年，很多年，超過 20 年。儘管我認為你們中的大多數人可能還沒有參加過這個特別的會議那麼長時間。但我已經在這裡待了近 30 年了，我想，是的。我很享受這一切，我想我們所有人——至少我希望我玩得很開心。我也希望你玩得愉快。我會想念你們，非常非常感謝你們。謝謝。謝謝。謝謝。

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

在我們結束今天的會議之前，請注意，會議的重播將在 3 小時後提供。文字記錄將於 24 小時後公佈，可透過台積電網站 www.tsmc.com 取得。

Thank you for joining us today. We hope you will join us again next quarter. Goodbye, and have a good day.

感謝您今天加入我們。我們希望您下個季度再次加入我們。再見，祝你有美好的一天。