台積電 ADR (TSM) 2022 Q1 法說會逐字稿

(foreign language)

（外語）

Good afternoon, everyone, and welcome to TSMC's First Quarter 2022 Earnings Conference Call. This is Jeff Su, TSMC's Director of Investor Relations and your host for today. To prevent the spread of COVID-19, TSMC is hosting our earnings conference call via live audio webcast through the company's website at www.tsmc.com, where you can also download the earnings release materials. (Operator Instructions)

大家下午好，歡迎參加台積電2022年第一季業績電話會議。我是台積電投資者關係總監、今天節目的主持人 Jeff Su。為防止 COVID-19 的傳播，台積電將透過公司網站 www.tsmc.com 透過現場音訊網路直播的方式舉辦我們的收益電話會議，您也可以在該網站上下載收益發布資料。 （操作員指令）

The format for today's event will be as follows: first, TSMC's Vice President and CFO, Mr. Wendell Huang, will summarize our operations in the first quarter 2022, followed by our guidance for the second quarter 2022. Afterwards, Mr. Huang and TSMC's CEO, Dr. C.C. Wei, will jointly provide the company's key messages. Then we will open the line for Q&A.

今天活動的形式將如下：首先，台積電副總裁兼首席財務官黃溫德爾先生將總結我們 2022 年第一季度的運營情況，然後介紹我們對 2022 年第二季度的指導。魏先生將共同提供該公司的關鍵資訊。然後我們將開通問答熱線。

As usual, I would like to remind everybody that today's discussions may contain forward-looking statements that are subject to significant risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. 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 call over to TSMC's CFO, Mr. Wendell Huang, for the summary of operations and the current quarter guidance.

現在，我想將電話轉給台積電財務長黃文德先生，請他總結營運情況並給予本季指引。

Thank you, Jeff. Good afternoon, everyone. Thank you for joining us today. My presentation will start with financial highlights for the first quarter 2022. After that, I will provide the guidance for the second quarter.

謝謝你，傑夫。大家下午好。感謝您今天加入我們。我的演講將從 2022 年第一季的財務亮點開始。

First quarter revenue increased 12.1% sequentially at NT terms or 11.6% in U.S. dollar terms as our first quarter business was supported by strong HPC and automotive-related demand. First quarter gross margin increased 2.9 percentage points sequentially to 55.6%, mainly as we continue to sell our value and improve cost. Operating margin increased 3.9 percentage points sequentially to 45.6%, primarily due to lower vaccine donation expense as compared to the fourth quarter. Overall, our first quarter EPS was TWD 7.82, and ROE was 36.2%.

由於第一季業務受到強勁的 HPC 和汽車相關需求的支持，第一季營收以新台幣計算季增 12.1%，以美元計算季增 11.6%。第一季毛利率較上季成長2.9個百分點至55.6%，主要是因為我們持續提升價值並改善成本。營業利潤率較上季成長 3.9 個百分點至 45.6%，主要由於疫苗捐贈費用較第四季下降。整體而言，我們第一季度每股盈餘為7.82新台幣，股本回報率為36.2%。

Now let's move on to revenue by technology. 5-nanometer process technology contributed 20% of wafer revenue in the first quarter, while 7-nanometer accounted for 30%. Advanced technologies, which are defined as 7-nanometer and below, accounted for 50% of wafer revenue.

現在我們來談談按技術劃分的收入。 5奈米製程技術在第一季貢獻了晶圓收入的20%，而7奈米製程技術則佔30%。先進技術（定義為7奈米及以下）佔晶圓收入的50％。

Now moving on to revenue contribution by platform. All 6 platforms increased in the first quarter. Smartphone increased 1% quarter-over-quarter to account for 40% of our first quarter revenue. HPC increased 26% to account for 41%. IoT increased 5% to account for 8%. Automotive increased 26% to account for 5%. And DCE increased 8% to account for 3%.

現在來談談平台的營收貢獻。第一季6個平台均實現成長。智慧型手機季增 1%，占我們第一季營收的 40%。 HPC成長26%，佔比達41%。物聯網成長5%，佔比達8%。汽車銷售額成長26%，佔5%。大商所上漲8%，比重達3%。

Moving on to balance sheet. We ended the first quarter with cash and marketable securities of TWD 1.3 trillion. On the liability side, current liabilities increased by TWD 83 billion, mainly due to the increase of TWD 63 billion in accrued liabilities and others and the increase of TWD 30 billion in short-term loans, partially offset by the decrease of TWD 21 billion in accounts payable. Long-term interest-bearing debt increased by TWD 19 billion as we raised TWD 20 billion of corporate bonds during the quarter. On financial ratios, accounts receivable turnover days decreased 2 days to 38 days, while days of inventory remained at 88 days.

繼續討論資產負債表。截至第一季末，我們的現金和有價證券總額為1.3兆新台幣。負債方面，流動負債增加830億新台幣，主要由於預計負債及其他增加630億新台幣及短期借款增加300億新台幣，部分因應付帳款減少210億新台幣所抵銷。由於本季我們籌集了 200 億新台幣的公司債券，長期有息債務增加了 190 億新台幣。財務比率方面，應收帳款週轉天數減少2天至38天，庫存天數維持在88天。

Now let me make a few comments on cash flow and CapEx. During the first quarter, we generated about TWD 372 billion in cash from operations, spent TWD 262 billion in CapEx and distributed TWD 71 billion for second quarter '21 cash dividend. Bonds payable increased by TWD 20 billion due to the bond issuances. Overall, our cash balance increased TWD 87 billion to TWD 1.2 trillion at the end of the quarter. In U.S. dollar terms, our first quarter capital expenditures totaled $9.38 billion.

現在，讓我對現金流和資本支出發表一些評論。第一季度，我們經營活動產生的現金流量約為 3,720 億新台幣，資本支出 2,620 億新台幣，21 年第二季現金股利為 710 億新台幣。應付債券因發行債券而增加新台幣200億元。總體而言，本季末我們的現金餘額增加了 870 億新台幣，達到 1.2 兆新台幣。以美元計算，我們第一季的資本支出總計 93.8 億美元。

I have finished my financial summary. Now let's turn now to our current quarter guidance. Based on the current business outlook, we expect our second quarter revenue to be between USD 17.6 billion and USD 18.2 billion, which represents a 1.9% sequential increase at the midpoint. Based on the exchange rate assumption of USD 1 to TWD 28.8, gross margin is expected to be between 56% and 58%, operating margin between 45% and 47%. In addition, we maintain our 2022 capital budget to be between USD 40 billion and USD 44 billion. This concludes my financial presentation.

我已經完成我的財務摘要。現在讓我們來看看本季的指引。根據目前的業務前景，我們預計第二季營收將在 176 億美元至 182 億美元之間，中間值環比成長 1.9%。以1美元兌28.8新台幣的匯率假設計算，預計毛利率介於56%至58%之間，營業利潤率介於45%至47%之間。此外，我們將2022年的資本預算維持在400億美元至440億美元之間。我的財務報告到此結束。

Now let me turn to our key messages. I will start by making some comments on our first quarter and second quarter profitability. As a reminder, 6 factors determine TSMC's profitability: leadership technology development and ramp-up, pricing, cost reduction, capacity utilization, technology mix and foreign exchange rate. As we discussed earlier, our first quarter gross margin increased by 290 basis points sequentially to 55.6%, mainly due to cost improvement and value-selling efforts and a more favorable foreign exchange rate.

現在讓我來談談我們的關鍵訊息。我將首先對我們的第一季和第二季的獲利能力發表一些評論。需要提醒的是，決定台積電獲利能力的六個因素是：領導技術開發和提升、定價、成本降低、產能利用率、技術組合和外匯匯率。正如我們之前所討論的，我們的第一季毛利率環比增長 290 個基點至 55.6%，這主要歸功於成本改善和價值銷售努力以及更有利的外匯匯率。

Our gross margin guidance provided 3 months ago was based on exchange rate assumption of USD 1 to TWD 27.6, whereas the actual first quarter exchange rate was USD 1 to TWD 27.95. This created about 50 basis point difference in our actual first quarter gross margin versus our original guidance. We have just guided our second quarter gross margin to further increase by 140 basis points sequentially to 57% at the midpoint primarily due to a more favorable exchange rate assumption of USD 1 to TWD 28.8, which brings more than 100 basis points gross margin tailwind, and continued cost improvement and value-selling efforts.

我們三個月前提供的毛利率預測是基於1美元兌27.6新台幣的匯率假設，而第一季的實際匯率為1美元兌27.95新台幣。這導致我們第一季的實際毛利率與我們最初的預期相差約 50 個基點。我們剛剛預計第二季毛利率將比上一季增加 140 個基點，達到中間值 57%，這主要得益於 1 美元兌 28.8 新台幣的更有利的匯率假設，這為毛利率帶來了超過 100 個基點的順風，以及持續的成本改進和價值銷售努力。

Looking ahead on our profitability, we continue to face challenges from rising inflationary costs, increasing process complexity of leading nodes, new investments in mature nodes and overseas fab expansions. Despite the manufacturing cost challenges and excluding the impact of foreign exchange rate, of which we have no control over, taking the other 5 factors into consideration, we continue to believe a long-term gross margin of 53% and higher is achievable.

展望未來的獲利能力，我們持續面臨通膨成本上升、領先節點製程複雜性增加、成熟節點新投資以及海外晶圓廠擴建等挑戰。儘管面臨製造成本的挑戰，且排除我們無法控制的匯率的影響，考慮到其他 5 個因素，我們仍然相信可以實現 53% 及更高的長期毛利率。

Now let me turn the microphone over to C.C.

現在讓我把麥克風交給 C.C.

Thank you, Wendell. We hope everybody is staying safe and healthy during this time. First, let me start with our near-term demand and inventory. We concluded our first quarter with revenue of TWD 491.1 billion or USD 17.6 billion, which is above the high end of our guidance, mainly due to better demand from smartphone and automotive-related applications than our forecast 3 months ago and customer's continuing need to ensure supply security with the emergency of COVID-related uncertainties.

謝謝你，溫德爾。我們希望每個人在這段時間都能保持安全和健康。首先，讓我先談談我們的近期需求和庫存。我們第一季的營收為 4,911 億新台幣或 176 億美元，高於我們預期的高位，這主要是因為智慧型手機和汽車相關應用的需求優於我們 3 個月前的預測，且在新冠疫情相關的不確定性緊急情況下，客戶持續需要確保供應安全。

Moving into second quarter 2022, we expect our business to be supported by HPC and automotive-related demand, partially offset by smartphone seasonality. On the inventory front, we expect the supply chain to continue to maintain a higher level of inventory as compared to the historical seasonal level for a longer period of time, prolonged by recent COVID-related supply chain disruptions and uncertainties brought about by geopolitical tension.

進入 2022 年第二季度，我們預計我們的業務將受到 HPC 和汽車相關需求的支持，但會受到智慧型手機季節性部分抵消。在庫存方面，我們預計，由於近期與新冠疫情相關的供應鏈中斷以及地緣政治緊張局勢帶來的不確定性，供應鏈的庫存水準將在較長時間內繼續維持高於歷史季節性水準的水準。

On the demand side, despite the recent macro-related uncertainties, we continue to observe the structural increase in long-term semiconductor demand, underpinned by the industry's megatrend of 5G and HPC-related applications. This multiyear megatrend will support modest device unit volume growth, and much more importantly, drive substantial semiconductor content enrichment in many end devices across HPC, smartphone, automotive and IoT applications. With our technology leadership, TSMC is well positioned to capture the strong structural demand with our advanced and specialty technologies. And we expect our capacity to remain tight throughout 2022.

需求方面，儘管近期存在宏觀相關的不確定性，但我們仍觀察到長期半導體需求的結構性成長，這得益於產業 5G 和 HPC 相關應用的大趨勢。這一多年的大趨勢將支持適度的設備單位數量增長，更重要的是，推動 HPC、智慧型手機、汽車和物聯網應用等眾多終端設備的半導體內容大幅豐富。憑藉我們的技術領先地位，台積電有能力利用我們先進和專業的技術來滿足強勁的結構性需求。我們預計 2022 年全年產能仍將保持緊張。

2022 will be another strong growth year for TSMC. And we expect our full year growth to likely be at or exceed the high end of our guidance range of mid- to high-20s percent in U.S. dollar terms.

2022年將是台積電又一個強勁成長的一年。我們預計，以美元計算，全年成長率可能達到或超過我們預期範圍的高端，即 20% 左右。

Next, given the recent constraint in the tool supply chain, let me talk about the tool delivery update. As a major player in the global semiconductor supply chain, TSMC worked closely with all our tool suppliers to plan our CapEx and capacity in advance. However, like many other industries, our suppliers are facing great challenges in their supply chain from the continued impact of COVID-19, which are creating labor, component, and chip constraint in their supply chains and extending tool delivery lead time for both advanced and mature nodes. TSMC is working closely with our suppliers and taking several actions to do our part to help address the supply chain challenges. We have increased regular high-level communications to trace the progress.

接下來，考慮到最近工具供應鏈的限制，讓我來談談工具交付更新。作為全球半導體供應鏈的主要參與者，台積電與我們所有的工具供應商密切合作，提前規劃我們的資本支出和產能。然而，與許多其他行業一樣，由於 COVID-19 的持續影響，我們的供應商在供應鏈中面臨著巨大挑戰，這導致其供應鏈中的勞動力、零件和晶片受限，並延長了先進和成熟節點的工具交付週期。台積電正在與我們的供應商密切合作，並採取多項措施，盡我們的一份力量來幫助解決供應鏈挑戰。我們已增加高層定期溝通，以追蹤進度。

We have sent several teams on-site to support our suppliers and are working closely with them to identify critical chips that are gating the tool delivery. We are working with our customers to prioritize our wafer capacity to support those critical chips to help mitigate the chip constraint issue. By taking such actions, we do not expect any impact to our 2022 capacity plan, and we continue to work closely with our suppliers on 2023 and beyond so that we can ramp-up our capacity to meet customers' demand.

我們已派遣多個團隊到現場支援我們的供應商，並與他們密切合作，以確定影響工具交付的關鍵晶片。我們正在與客戶合作，優先考慮我們的晶圓產能來支援那些關鍵晶片，以幫助緩解晶片限制問題。透過採取此類行動，我們預計不會對 2022 年的產能計畫產生任何影響，我們將在 2023 年及以後繼續與供應商密切合作，以便提高產能來滿足客戶的需求。

Now I will talk about the materials supply update. TSMC operates a well-established enterprise risk management system to identify and access all relevant risk and proactively implement risk mitigation strategies. In terms of material supply, TSMC's strategy is to continuously develop multi-source supply solutions to build a well-diversified global supplier base and to improve the local supply chain. For specialty chemicals and gases, including Neon and Xenon we source from multiple suppliers in different regions, and we have prepared a certain level of inventory stock on hand. We are also working closely with our suppliers to further strengthen the resilience and the sustainability of our supply chain. Thus, we do not expect any impact on our operations from materials supply.

現在我來講一下物資供應更新的情況。台積電擁有完善的企業風險管理體系，能夠識別和評估所有相關風險，並積極實施風險緩解策略。在物料供應方面，台積電的策略是不斷發展多源供應解決方案，以建立多元化的全球供應商基礎，並完善本地供應鏈。對於特殊化學品和氣體，包括氖氣和氙氣，我們從不同地區的多個供應商處採購，並且我們已準備了一定水平的庫存。我們也與供應商密切合作，進一步增強供應鏈的彈性和永續性。因此，我們預計材料供應不會對我們的營運產生任何影響。

Finally, let me talk about the N3 and N3E status. Our N3 technology will use FinFET transistor structure to deliver the best technology maturity, performance and cost for our customers. Our N3 schedule is unchanged, and well on track for volume production in second half of 2022 with good yield. We expect the ramp of N3 to be driven by both HPC and smartphone applications. We continue to see a high level of customer engagement at N3 and expect more new tape-outs for N3 for the first year as compared with N5 and N7. N3E will further extend our N3 family with enhanced performance, power and yield. We also observed a high level of customer engagement at N3E, and volume production is scheduled for 1 year after N3.

最後說一下N3和N3E的狀態。我們的N3技術將採用FinFET電晶體結構，為客戶提供最佳的技術成熟度、性能和成本。我們的 N3 計劃保持不變，並且預計在 2022 年下半年實現量產，且產量良好。我們預計 N3 的成長將由 HPC 和智慧型手機應用程式共同推動。我們繼續看到 N3 的客戶參與度很高，與 N5 和 N7 相比，我們預計 N3 在第一年將有更多新的流片。 N3E 將進一步擴展我們的 N3 系列，增強其性能、功率和產量。我們也觀察到 N3E 的客戶參與度很高，並且計劃在 N3 推出一年後進行大量生產。

Our 3-nanometer technology will be the most advanced foundry technology in both PPA and transistor technology when it is introduced. In terms of profitability, the initial outlook for new node is always challenging. And the increasing process complexity of leading nodes such as the N3 bring even greater challenges to achieving the corporate average gross margin in 7 to 8 quarters, particularly as our corporate profitability has improved with long-term gross margin target of 53% and higher. As we have done at prior nodes, we will continue to work diligently with our cost improvement and value-selling effort to ensure that we earn the right profitability and return on N3. With our technology leadership and strong customer demand, we are confident that our N3 family will be another large and long-lasting node for TSMC.

我們的3奈米技術一旦推出，無論是在PPA或電晶體技術方面，都將成為最先進的代工技術。就獲利能力而言，新節點的初始前景總是充滿挑戰。而N3等領先節點的製程複雜度不斷提升，對實現7至8個季度的企業平均毛利率帶來更大挑戰，特別是在我們企業獲利能力不斷提升，長期毛利率目標達到53%及以上的情況下。正如我們在先前的節點所做的那樣，我們將繼續努力進行成本改進和價值銷售工作，以確保我們在 N3 上獲得正確的獲利能力和回報。憑藉我們的技術領先地位和強勁的客戶需求，我們相信我們的 N3 系列將成為台積電的另一個龐大且持久的節點。

This concludes our key message, and thank you for your attention.

這就是我們的關鍵訊息，感謝您的關注。

Thank you, C.C. This concludes our prepared remarks. (Operator Instructions) Should you wish to raise your question in Chinese, I will translate into English before our management answers your question. (Operator Instructions) Now let's begin the Q&A session. Operator, can we please proceed with the first caller on the line?

謝謝你，C.C。我們的準備好的演講到此結束。 (操作員指示)如果您想用中文提出您的問題，我會先將其翻譯成英文，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。接線生，我們可以繼續接聽第一位來電嗎？

Yes. The first one to ask question is Bruce Lu from Goldman Sachs.

是的。第一個提問的是高盛的 Bruce Lu。

Congratulations for the great result. I think the first one is still focused on the macro and inflation concern. How does TSMC evaluate the impact from the inflation and the geopolitical tension? We understand that TSMC worked with customers closely, but most of your customers probably don't have the full picture of end demand fluctuation. At the same time, TSMC has to bear the risk to build capacity a couple of years ahead to make the decision earlier, so how can TSMC provide more color to strengthen the investor confidence? Do we have any changes on our multiyear capacity expansion plan?

恭喜您取得優異的成績。我認為第一個問題仍然集中在宏觀和通膨問題上。台積電如何評估通膨與地緣政治緊張局勢的影響？我們了解台積電與客戶密切合作，但大多數客戶可能不完全了解最終需求波動的情況。同時，台積電為了提早做出決定，必須承擔提前數年擴充產能的風險，台積電如何才能提供更多色彩，以強化投資人信心？我們的多年產能擴張計畫有任何變化嗎？

Okay. Bruce, please allow me to summarize your first question. I think Bruce's question is related to the macro environment and inflationary concerns. He wants to know how do we evaluate the impact from inflation and macro environment. And also in terms of our capacity, our customers may not have the full clear picture of end demand but TSMC has to bear the risk of building the capacity multiple years ahead of time. And will the CapEx amplify our volatility, so he wants to know, if there's any color on what keeps basically management confident for the CapEx plan and color to strengthen investors' confidence in our CapEx.

好的。布魯斯，請容許我總結一下你的第一個問題。我認為布魯斯的問題與宏觀環境和通膨擔憂有關。他想知道我們如何評估通貨膨脹和宏觀環境的影響。而且就我們的產能而言，我們的客戶可能對最終需求沒有完全清晰的了解，但台積電必須承擔提前數年建設產能的風險。而資本支出是否會加劇我們的波動性，所以他想知道，是否有任何因素可以讓管理層對資本支出計劃保持信心，並增強投資者對我們資本支出的信心。

Bruce, this is C.C. Wei. Let me answer your question. As you said, TSMC works closely with our customers to plan capacity. And our CapEx and capacity expansion plan are actually based on customers' long-term demand profile, underpinned by the industry megatrend. We do not build capacity based on speculation. In advanced technology node, we have a leading position. In our mature node, our capacity is built to support customer demand for our differentiated specialty technologies. And we focus on building effective capacity, which is capacity that products and produce the specialized technology with high yield rather than just plain capacity. Thus, we are confident our capacity is built to support our customers' growth, and our utilization and profitability will be sustained.

布魯斯，我是 C.C.韋。讓我來回答你的問題。正如您所說，台積電與我們的客戶密切合作來規劃產能。我們的資本支出和產能擴張計畫實際上是基於客戶的長期需求狀況，並以產業大趨勢為支撐。我們不會基於猜測來建立產能。在先進技術節點上，我們處於領先地位。在我們成熟的節點，我們的能力建立是為了支援客戶對我們差異化專業技術的需求。我們著重建造有效的產能，也就是生產出具有專業技術、高收益的產品的產能，而不是簡單的產能。因此，我們有信心，我們的產能能夠支持客戶的成長，並且我們的利用率和獲利能力也將保持持續。

And then also, how do we -- I think the impact of inflation.

而且，我們如何——我認為通貨膨脹的影響。

Well, the inflation definitely impact the consumers' buying pattern. But let me stress then on overall demand, under the inflation environment, while the momentum in certain end market segment may slow down or adjust in terms of device units, other end market segment remains strong. In fact, we expect our HPC platform to be TSMC's strongest growing platform in 2022 and the largest contributor to our growth, fueled by the structural megatrend driving increasing need for greater computation power and energy-efficient computing. But then more importantly, the increasing silicon content in end devices such as 5G smartphones, PCs, servers, networking and automotive applications are a much more important factor in supporting our strong semiconductor demand. And with our industry-leading technology, we are well positioned to capture all the opportunities.

嗯，通貨膨脹肯定會影響消費者的購買模式。但我想強調的是，在整體需求方面，在通膨環境下，雖然某些終端市場領域的發展勢頭可能會放緩或就設備單位進行調整，但其他終端市場領域仍然保持強勁。事實上，我們預計我們的 HPC 平台將成為 2022 年台積電成長最強勁的平台，並成為我們成長的最大貢獻者，這得益於結構性大趨勢推動對更強運算能力和節能運算的需求日益增加。但更重要的是，5G 智慧型手機、個人電腦、伺服器、網路和汽車應用等終端設備中矽含量的增加是支持我們強勁的半導體需求的一個更重要的因素。憑藉我們行業領先的技術，我們有能力抓住所有機會。

Okay. Bruce, does that answer your first question?

好的。布魯斯，這回答了你的第一個問題嗎？

Yes. Okay. I want to go for the second question. I think in the prepared remarks, I noticed that there was no mentioning about the N2 schedule. Both of your competitors accelerated their schedule for the next-generation transistor. Can you comment on TSMC's status for the gate-all-around, especially in performance and the ramp-up schedule?

是的。好的。我想問第二個問題。我想在準備好的發言中，我注意到沒有提到 N2 時間表。你們的兩個競爭對手都加快了下一代電晶體的研發進度。您能否評估一下台積電環柵技術的現狀，特別是在性能和​​產能提升計畫方面？

Okay. So I think Bruce's second question -- Bruce, please allow me to make sure we got it is on the N2 schedule. He said that our competitors have commented on their N2 schedule, and Bruce wants to know what is our N2 plan?

好的。所以我認為布魯斯的第二個問題——布魯斯，請允許我確保它符合 N2 時間表。他說我們的競爭對手已經對他們的N2時間表發表了評論，Bruce想知道我們的N2計劃是什麼？

Our N2 development is on track, including new transistor structure and progressing to our expectation. We expect our N2 delivery to be the best technology, maturity, performance and cost for our customers. And we are confident that N2 will continue our technology leadership to support our customer growth. And we still plan the production in 2025.

我們的N2開發正在按計劃進行，包括新的電晶體結構並且正在按照我們的預期進展。我們期望我們的 N2 交付能夠為客戶帶來最佳的技術、成熟度、效能和成本。我們相信，N2 將繼續保持我們的技術領先地位，並支持客戶成長。我們仍計劃在2025年投入生產。

So the 2-year cadence remain unchanged for the N2?

那麼 N2 的兩年節奏保持不變嗎？

It won't.

不會。

Okay. Thank you, Bruce. Operator, can we move on to the next participant, please?

好的。謝謝你，布魯斯。接線生，我們可以繼續接聽下一位嘉賓嗎？

The next one to ask question is Gokul Hariharan from JPMorgan.

下一個提問的是摩根大通的 Gokul Hariharan。

My first question is on N3. Given we are less than 1 year from N3 mass production start, could we talk a little bit about how should we expect N3 revenues to be ramping up next year? Would it be similar to what we have seen with N5 and N7 with roughly about 10% of next year's revenues being N3? And also, could you talk -- I think you highlighted that there would be a little bit more challenge to get N3 to profitability closer to corporate average given some of the moving parts. Could we elaborate a little bit more on that as well? That's my first question.

我的第一個問題是關於 N3 的。鑑於距離 N3 量產開始不到一年時間，我們能否談談我們應該如何預期明年 N3 收入將如何成長？這是否與我們看到 N5 和 N7 的情況類似，即明年大約 10% 的收入來自 N3？另外，您能否談談——我認為您強調過，考慮到一些變動因素，讓 N3 的盈利能力更接近企業平均水平會面臨更大的挑戰。我們還可以對此進一步詳細說明嗎？這是我的第一個問題。

Okay. Gokul, please allow me to summarize your question. So Gokul's question is really related to N3. He wants to know with the ramp-up of N3 what kind of revenue contribution can we expect. Will it be similar to the past patterns of N5 and N7 for about 10% of wafer revenue in the first year. And also, he would like to ask given C.C.'s comment about process complexity challenges, what is the profitability outlook for N3. Is that correct, Gokul?

好的。 Gokul，請容許我總結一下您的問題。所以 Gokul 的問題確實與 N3 有關。他想知道隨著 N3 的提升我們可以期待什麼樣的收入貢獻。是否會像過去的N5和N7一樣，在第一年就佔據晶圓收入的10%左右？此外，他想問，鑑於 C.C. 關於流程複雜性挑戰的評論，N3 的盈利前景如何。對嗎，Gokul？

Okay.

好的。

Yes. Okay. Maybe Wendell can address.

是的。好的。也許溫德爾可以解決。

Yes. Gokul, this is Wendell. It's too early to talk about the revenue contribution as N3 will not begin volume production until second half of 2022 with revenue contribution starting 2023. In addition, as the structural demand underpinned by the industry megatrends is driving growth across all our nodes, the specific percentage of the new nodes as compared to the historical pattern may be less meaningful in the future. But overall, we are confident that our 3-nanometer will be the most advanced foundry technology when it is introduced. And with the strong customer engagement and tape-out activity, our N3 family will be another large and long-lasting node for TSMC, just like N5 and N7 families.

是的。戈庫爾，這是溫德爾。現在談論收入貢獻還為時過早，因為 N3 要到 2022 年下半年才會開始量產，而收入貢獻要到 2023 年開始。但總體而言，我們有信心，當 3 奈米技術推出時，它將是最先進的代工技術。憑藉強大的客戶參與度和流片活動，我們的 N3 系列將成為台積電的另一個龐大且持久的節點，就像 N5 和 N7 系列一樣。

Now about the gross margin, as C.C. said, the initial outlook for new node is always challenging. And the increasing process complexity of leading nodes such as N3 brings even greater challenges to achieving the corporate average gross margin in 7 to 8 quarters, and partially also because our corporate profitability has increased and our new long-term gross margin target of 53% and higher. Now it is a bit early to say when N3 can reach the corporate average gross margin at this stage because the volume production hasn't started yet. However, we will continue to work diligently on selling our value and cost improvement to ensure that we earn the right profitability and return. Now even considering the increasing process complexity of advanced nodes such as N3, we believe our technology leadership, manufacturing and capacity support and ability to earn our customers' trust will enable us to earn a long-term gross margin of 53% and higher.

現在來談談毛利率，正如 C.C.據說，新節點的初始前景總是充滿挑戰。而N3等領先節點的製程複雜度不斷提升，對在7到8個季度內實現企業平均毛利率帶來了更大的挑戰，部分也是因為我們的企業盈利能力提升，我們新的長期毛利率目標定為53%及以上。現在說N3何時能達到企業平均毛利率還為時過早，因為還沒有開始量產。然而，我們將繼續努力推銷我們的價值和成本改進，以確保我們獲得正確的獲利能力和回報。現在，即使考慮到N3等先進節點的製程複雜性日益增加，我們相信我們的技術領先地位、製造和產能支援以及贏得客戶信任的能力將使我們獲得53%及以上的長期毛利率。

Got it. My second question is on the more mature process technologies, could TSMC give us some view on the industry growth for specialty and mature technologies? I think based on the data we look at, historically, that has only grown at maybe low to mid-single digit. But right now, we see a lot of capacity being announced from many foundries in these older specialty and mature process technologies, let's say, defined as 28-nanometer and above. So could TSMC talk a little bit about growth rate for these mature process technologies going forward? Is it going to be materially higher than the 3% to 5% that we have seen in the past? In most cases, we have seen older nodes grow for 4 to 5 years and then kind of stagnate. Do we see that pattern changing because of some of the content per box or content per device dynamics that you talked about? Yes.

知道了。我的第二個問題是關於更成熟的製程技術，台積電能否給我們一些關於專業和成熟技術的產業成長的看法？我認為，根據我們所看到的歷史數據，這一數字可能只增長了低至中等個位數。但目前，我們看到許多代工廠宣佈在這些較老的專業和成熟製程技術中擁有大量產能，例如定義為 28 奈米及以上。那麼台積電能否談談這些成熟製程技術未來的成長率？它是否會比我們過去看到的 3% 到 5% 大幅上升？在大多數情況下，我們看到舊節點成長 4 到 5 年，然後停滯不前。我們是否看到這種模式會因您所談到的每盒內容或每台裝置內容的動態而改變？是的。

Okay. Gokul, let me summarize your second question. I think your second question is -- Gokul's second question is on the mature node and the outlook -- growth outlook for mature nodes. His question is, how do we see the growth outlook at mature nodes? In the past, it has grown, in his words, about 3% to 5%. Do we think it can be materially higher than that on the mature nodes, which he defines as 28-nanometer and above?

好的。 Gokul，讓我總結一下你的第二個問題。我認為你的第二個問題是 - Gokul 的第二個問題是關於成熟節點和前景 - 成熟節點的成長前景。他的問題是，我們如何看待成熟節點的成長前景？用他的話來說，過去它的成長率約為 3% 至 5%。我們是否認為它可以顯著高於成熟節點（他將其定義為 28 奈米及以上）？

Okay. Gokul, we forecast the growth rate of the overall semiconductor ex-memory industry to accelerate to high single-digit percentage level in the next 5 years as compared to around 4% CAGR in the past 10 years. The higher demand at mature nodes will be driven by structural factors, such as an increase in long-term demand for certain specialty technologies due to the multiyear industry megatrends of 5G and HPC and increasing silicon content in many end devices as well as the acceleration of digitalization. TSMC's strategy at mature nodes is to work closely with our customers to develop specialty technology solutions to meet their requirements and create differentiated and long-lasting value to customers. We believe our differentiated specialty technologies will enable us to capture the structural demand generated from the industry megatrends and continue to support our customers' growth.

好的。 Gokul，我們預測未來 5 年內整個半導體（不包括記憶體）產業的成長率將加速至高個位數百分比水平，而過去 10 年的複合年增長率約為 4%。成熟節點的更高需求將受到結構性因素的推動，例如由於 5G 和 HPC 的多年行業大趨勢、許多終端設備中矽含量的增加以及數位化的加速，對某些專業技術的長期需求增加。台積電在成熟節點的策略是與客戶密切合作，開發特色技術解決方案，滿足他們的需求，並為客戶創造差異化和持久的價值。我們相信，我們的差異化專業技術將使我們能夠抓住行業大趨勢所產生的結構性需求，並繼續支持客戶的成長。

Gokul, does that answer your second question?

Gokul，這回答了你的第二個問題嗎？

Yes.

是的。

Okay. Thank you, Gokul. Operator, can we move on to the next caller, please?

好的。謝謝你，Gokul。接線生，我們可以接聽下一位來電嗎？

Next one to ask question, Charlie Chan from Morgan Stanley.

下一個提問的是摩根士丹利的 Charlie Chan。

Congratulations for the great results, management. My first question is about the semi inventory debate. So may I clarify with C.C. that the company still believe that supply chain need to keep high inventory for several reasons. But in fact, we are seeing that PC, smartphone OEMs, they're working down channel inventory even, as you know, that the graphics they are working down the channel inventory. So do you think that the high inventory is actually a signal of a weaker demand? Or anything that we miss here because, in fact, we are seeing consumer tech inventory, we are seeing a correction?

管理層，恭喜您取得的優異成績。我的第一個問題是關於半庫存爭論。因此我可以向 C.C. 澄清一下嗎？該公司仍然認為供應鏈需要保持高庫存，原因如下。但事實上，我們看到個人電腦、智慧型手機 OEM 廠商正在努力降低通路庫存，甚至如你所知，他們正在努力降低通路庫存的圖形。那麼您是否認為高庫存其實是需求減弱的訊號？或者我們在這裡錯過了什麼，因為事實上，我們看到了消費者技術庫存，我們看到了調整？

Okay. Charlie, let me summarize your first question. So Charlie's question is on inventory and end demand. He wants to know or he notes that the consumers -- parts of the consumer end demand seem to be weaker or softer than expected. And so how does this also affect our view on the higher level of inventory, sort of our view? I guess, Charlie, your question is really what is our view on the end demand given potential weakness in consumer end market segments? And then what is our view on inventory. Is that correct?

好的。查理，讓我總結一下你的第一個問題。查理的問題是關於庫存和最終需求。他想知道或他注意到消費者——部分消費者終端需求似乎比預期的要弱或更軟。那麼這對我們對更高水準庫存的看法有何影響？我想，查理，你的問題實際上是，考慮到消費者終端市場領域可能存在的疲軟，我們對終端需求的看法是什麼？那我們對庫存的看法是什麼？那正確嗎？

Yes. Yes. And if the demand is indeed deteriorating, do you think the actual inventory level should come down?

是的。是的。如果需求確實惡化，您認為實際庫存水準應該下降嗎？

Charlie, this is C.C. Wei. You are right, some of the end market segment, actually, we start to see a little bit soft in these days for those smartphone, PC or tablets, load. But as I indicated, other end market segments remain very strong, all right? And so if you look at some of the imbalance in the supply chain, particularly in the MCU or the power managed IC side, we still see very strong demand. And also because of those kind of supply chain disruption by the emerging COVID-19 uncertainty, so we are continuing to observe that our customer will maintain a higher level of inventory for a longer period of time. We continue to observe that. And as a result, actually for TSMC, we -- our capacity remain very tight throughout the whole year of 2022.

查理，我是 C.C.韋。您說得對，實際上，我們開始看到，目前智慧型手機、個人電腦或平板電腦等終端市場的部分負載有些疲軟。但正如我所指出的，其他終端市場領域仍然非常強勁，好嗎？因此，如果你觀察到供應鏈中的一些不平衡，特別是在 MCU 或電源管理 IC 方面，我們仍然看到非常強勁的需求。而且由於新出現的 COVID-19 不確定性導致供應鏈中斷，我們繼續觀察到我們的客戶將在更長時間內維持更高的庫存水準。我們繼續觀察這一點。因此，實際上對於台積電而言，我們的產能在 2022 年全年仍然非常緊張。

I see. Okay. So is it more specific to those industrial automotive industry instead for consumer tech? Am I right about your comments about inventory level?

我懂了。好的。那麼它是否更針對工業汽車產業而不是消費科技呢？我對庫存水準的評論正確嗎？

Yes, you are right. In fact, the very important thing is a structural megatrend. So for the great -- you know that my customer require a greater computation power and energy-efficient computing and which is actually the strong point of TSMC's technology.

是的你是對的。其實，非常重要的是一個結構性的大趨勢。所以對於偉大的——你知道我的客戶需要更強大的計算能力和節能計算，而這實際上是台積電技術的強項。

I see. And my second question is about your N3 progress. So we continue to hear a lot of good news and anecdotes about your N3E is actually progressing very, very well. So do you think there is a possibility that you could actually pull in your N3E for maybe 1 or 2 quarters to address the customers' demand, right? So I think it could be a win-win for both TSMC and your customers. Do you see that kind of a possibility and maybe convert some N3 projects to N3E earlier?

我懂了。我的第二個問題是關於你的 N3 進度。因此，我們不斷聽到很多關於您的 N3E 進展非常非常好的好消息和軼事。那麼，您是否認為有可能將 N3E 延長 1 到 2 個季度來滿足客戶的需求，對嗎？所以我認為這對台積電和您的客戶來說是一個雙贏的局面。您是否看到了這種可能性，並可能儘早將一些 N3 專案轉換為 N3E？

Okay. So Charlie's second question is on N3E. He notes the progress is going very well. So his question is, is there a possibility to bring in the timing of N3 to earlier? And will we convert N3 capacity to N3E?

好的。 Charlie 的第二個問題是關於 N3E 的。他指出，進展非常順利。所以他的問題是，是否有可能將 N3 的時間提前一點？我們會將 N3 容量轉換為 N3E 嗎？

Exactly.

確切地。

Okay. Charlie, you are right again. I mean that our N3E result is quite good. And the progress is actually -- is ahead of our schedule. And pull in, yes, we are considering that. So far, I still did not have a very solid data to share with you that how many months we can pull in. But yes, it's in our plan. And also the capacity, since we have a very strong demand on the N3 and N3E, we are still planning to have enough capacity to support our customer.

好的。查理，你又說對了。我的意思是我們的N3E成績相當不錯。而且進展確實比我們的計畫提早了。是的，我們正在考慮這一點。到目前為止，我還沒有非常可靠的數據可以與大家分享我們可以完成多少個月的任務。此外，由於我們對 N3 和 N3E 的需求非常強烈，我們仍計劃提供足夠的產能來支持我們的客戶。

All right. Thank you, Charlie. Operator, can we move on to the next participant, please?

好的。謝謝你，查理。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one to ask question is Randy Abrams from Crédit Suisse.

下一個提問的是瑞士信貸的蘭迪‧艾布拉姆斯 (Randy Abrams)。

My first question, I wanted to follow up on your changed outlook where you took up from mid- to high 20s to now high 20s or above. Could you discuss because it is in light of the macro and the softening you've seen on consumer? Could you discuss the factors for the change if -- how much might be attributed to market share, technology or how much to a certain platform? If you could give an update on your view of the different platforms if certain platform drove it? And did you see any downward change on any of the 4 platforms?

我的第一個問題是，我想了解您觀點的變化，您從 25 歲左右到 26 歲左右，變成了 26 歲左右或以上。您能否討論一下，因為這是基於宏觀因素以及您所看到的消費者的疲軟表現？您能否討論一下造成這種變化的因素——在多大程度上歸因於市場份額、技術或某個平台？如果某個平台推動了它，您能否更新一下對不同平台的看法？您是否看到這 4 個平台上有任何下降的變化？

Okay. Thank you, Randy. So let me summarize Randy's first question is about our full year outlook, which as C.C. mentioned in his key messages that we expect to be at -- likely to be at or exceed the high end of our guidance of mid- to high 20s. So Randy's question is, what is driving the higher or better full year outlook given the macro environment looks a bit more shaky. Is it technology? Is it market share, et cetera? And what is the outlook by platform?

好的。謝謝你，蘭迪。所以，讓我總結一下蘭迪的第一個問題，是關於我們的全年展望，正如 C.C.他在關鍵訊息中提到，我們預計該數字可能會達到或超過我們預期的 25% 至 30% 左右的高端。因此，蘭迪的問題是，鑑於宏觀環境看起來有些不穩定，是什麼推動了全年前景的走高或改善。這是技術嗎？是市佔率嗎，等等？按平台劃分的前景如何？

Randy, we expect our HPC platform to be TSMC's strongest growing platform this year and the following years. And it will be the largest contributor to our growth. And this is all because of a structural megatrend driving increasing need for greater computation power and energy-efficient computing. As I said, these kind of technologies happen to be TSMC's strong point. So that all I can share with you is that we have confidence that it will be exceed or at on the high end of our guidance.

蘭迪，我們預計我們的 HPC 平台將成為今年和未來幾年台積電成長最強勁的平台。這將成為我們成長的最大貢獻者。這一切都是因為結構性大趨勢推動了對更強大運算能力和節能運算的需求不斷增加。我剛才說了，這類技術恰恰是台積電的強項。因此，我可以與大家分享的是，我們有信心，我們的業績將超出或達到我們的預期上限。

Okay. And a follow-up just on the first. Did you change your view on...?

好的。並就第一個問題進行後續跟進。你對...的看法改變了嗎？

Yes, and then also... .

是的，然後還有......。

Yes, so I wanted to know the other platforms, and if you change your view on smartphone or...

是的，所以我想了解其他平台，以及如果您改變了對智慧型手機的看法或...

Now for this year, Randy, we can share with you that we expect HPC and automotive to grow faster than the corporate average. IoT, similar. And smartphone, approaching the corporate average.

蘭迪，就今年而言，我們可以告訴您，我們預計 HPC 和汽車行業的成長速度將快於企業平均水平。物聯網，類似。智慧型手機方面，接近企業平均。

For the full year.

全年。

For the full year.

全年。

Yes.

是的。

Okay. So it sounds like not much change. My second question is more tied to -- there's a lot of fear about do we head into the downturn or a slowdown. If you can give the other way in terms of flexibility on expansion plans, if hopefully we don't, but if we go into a more of a recession, how much flexibility with your fab plans across U.S., Taiwan, Japan and Nanjing? And on the other side, with the prepayment in deposits, is there flexibility on timing of shipments, full flexibility for customers if they need to respond to a slowing demand?

好的。聽起來變化不大。我的第二個問題與以下問題更相關——人們非常擔心我們是否會陷入經濟衰退或放緩。如果您能就擴張計劃的靈活性給出另一種選擇，如果希望我們不會這樣做，但如果我們陷入更嚴重的經濟衰退，您在美國、台灣、日本和南京的晶圓廠計劃有多大的靈活性？另一方面，透過預付定金，是否可以靈活地安排發貨時間，當客戶需要應對需求放緩時，是否可以完全靈活地安排發貨時間？

Okay. So Randy's second question is about if there's a downturn or a slowdown, will this change? Or how flexible is the timeline for our new fab and capacity expansion plans whether in Taiwan, Japan and overseas if the outlook changes for the worse? And what is the flexibility of our prepayments with customers if there was a downturn or slowdown?

好的。因此蘭迪的第二個問題是，如果出現經濟衰退或放緩，這種情況會改變嗎？或者，如果前景惡化，我們在台灣、日本和海外的新晶圓廠和產能擴張計畫的時間表有多大的靈活性？如果出現經濟衰退或放緩，我們向客戶預付款的彈性如何？

Randy, this is C.C. Wei. Our CapEx and capacity expansion plan are always based on our customers' long-term demand profile. This is underpinned by an industry megatrend. As long as the mega trend continues, which we believe it will, we will continue to invest to capture the growth that will follow. So even a short term with the possibility of downturn, which we don't think it will impact too much to TSMC, if even it happens, we will continue our plan and we have confidence to invest to capture the growth that will follow.

蘭迪，這是 C.C.韋。我們的資本支出和產能擴張計畫始終基於客戶的長期需求狀況。這是由產業大趨勢所支撐的。我們相信，只要大趨勢持續下去，我們就會繼續投資，抓住隨之而來的成長。因此，即使短期內出現經濟低迷的可能性，我們也不認為這會對台積電造成太大影響，即使出現這種情況，我們仍將繼續我們的計劃，並且我們有信心進行投資以抓住隨之而來的增長。

Okay. And on the customer side for their -- the deposits and capacity they're locking in?

好的。那麼從客戶角度來說，他們鎖定的存款和容量是多少？

Randy, actually, we believe signing contracts to guarantee the loading in the future is not a common practice. We focus really on technology leadership, manufacturing excellence and earning customer trust as a more effective way to secure customer commitments. Now we work closely with our customers to plan the capacity, including receiving their prepayments for capacity support. And we will continue to work with them to determine the best way to support them.

蘭迪，實際上，我們認為簽訂合約來保證未來的裝載並不是常見的做法。我們真正注重技術領先、製造卓越和贏得客戶信任，以更有效的方式確保客戶承諾。現在我們與客戶密切合作，規劃產能，包括收到他們為產能支援而支付的預付款。我們將繼續與他們合作，找到支持他們的最佳方式。

Yes, Randy. So I think the answer for customer side and capacity side is pretty aligned or similar. Does that answer your second question?

是的，蘭迪。所以我認為客戶端和容量端的答案是相當一致或相似的。這回答了你的第二個問題嗎？

Yes. I mean, I guess, just like in the past, it was the flexibility like we saw the slowdown in utilization. So I mean I would think it's still work with customers on their plans if they need to reschedule because we've seen in the past like if they have to adjust their utilization. Like I don't know if anything's changed in the model on that element?

是的。我的意思是，我想，就像過去一樣，我們看到利用率的放緩就是由於靈活性。所以我的意思是，我認為如果客戶需要重新安排時間，我們仍然可以按照他們的計劃進行，因為我們過去已經看到他們必須調整他們的使用率的情況。就像我不知道該元素的模型中是否有任何變化？

No, no, nothing changed in the model. Yes.

不，不，模型沒有任何改變。是的。

Okay. Thank you, Randy. Operator, can we move on to the next caller, please?

好的。謝謝你，蘭迪。接線生，我們可以接聽下一位來電嗎？

Next one is Sunny Lin, UBS.

下一位是瑞銀的 Sunny Lin。

Congratulations on the strong performance. So my first question is on the pricing strategy for you going forward. I mean if we look at this up-cycle, the tight supply and the strong restocking demand has supported pretty meaningful price increase for foundry industry and TSMC throughout 2021. So from here, would you look to further raise price for some of the technologies to justify rising cost of expansion? And on the other hand, if the supply demand start to normalize, do you think there could be any risk to pricing?

恭喜您取得的出色表現。所以我的第一個問題是關於您未來的定價策略。我的意思是，如果我們看一下這個上升週期，緊張的供應和強勁的補貨需求支撐了整個 2021 年代工行業和台積電的價格大幅上漲。另一方面，如果供需開始正常化，您認為定價會有風險嗎？

Okay. So Sunny, let me -- please allow me to summarize your first question. Her question is on pricing on both sides sort of in an up-cycle. But as we face cost challenges, will TSMC consider to further raise the price. And then on the flip side, on the other hand, if demand were to soften, I think, Sunny, you -- on the other hand, was will there be any risk to pricing to lower price. Is that correct?

好的。那麼 Sunny，請容許我總結一下你的第一個問題。她的問題是關於雙方定價是否處於上升週期。但面臨成本挑戰，台積電是否會考慮進一步提高價格？另一方面，如果需求減弱，我認為，Sunny，你 — — 另一方面，定價是否會有風險？那正確嗎？

That's right.

這是正確的。

Okay. Sunny, this is C.C. Wei. We do not comment on our pricing detail. But let me assure you that our pricing strategy is strategic, not opportunistic or short term. And customer understands our effort to support their growth. As you said that if there is a downturn coming and on the flip side, is TSMC going to drop our price? The answer is no. Did I answer your question?

好的。 Sunny，我是 C.C.韋。我們不對定價細節發表評論。但我向你們保證，我們的定價策略是策略性的，而不是機會主義的或短期的。客戶也理解我們為支持他們成長所做的努力。正如你所說，如果經濟出現衰退，另一方面，台積電會降低我們的價格嗎？答案是否定的。我回答你的問題了嗎？

That's very helpful. So my second question is to follow up on the N3 ramp-up. So just trying to get a bit of a color on 2023. I understand the demand is pretty robust. But when we think about the potential revenue contribution for 2023, with the less equipment supply and delivery time, would that be a capping factor for 3-nanometer to exceed the typical 10% revenue contribution for next year? Or do you think there's still some time for you to try to accelerate the equipment expansion?

這非常有幫助。我的第二個問題是跟進 N3 的成長情況。所以只是想對 2023 年有個大致了解。但是，當我們考慮 2023 年的潛在收入貢獻時，由於設備供應和交付時間減少，這是否會成為 3 奈米明年超過典型 10% 收入貢獻的限制因素？或者您認為還有一些時間可以嘗試加速設備擴充？

Okay. So Sunny's second question is on N3 and the ramp-up. Her question once again is sort of around the revenue contribution of N3. And specifically, she is asking whether the equipment supply or some of the tool delivery issues would affect the ramp-up of N3 in next 2023 and, thus, the revenue contribution.

好的。 Sunny 的第二個問題是關於 N3 和提升。她的問題再次與 N3 的收入貢獻有關。具體來說，她詢問設備供應或某些工具交付問題是否會影響 2023 年 N3 產能提升，進而影響收入貢獻。

Well, we did see some of the issues on the tool delivery and we are still working on it. As I said in the statement, we are working on 2023 right now, and we hope that we won't have any big issue. But right now, we are not ready yet to share with you that how much we can resolve the issue. But we have strong demand. We try to build enough capacity for our customers. And we are working with our equipment supplier to get enough tool to expand our capacity.

嗯，我們確實看到了工具交付方面的一些問題，我們仍在努力解決。正如我在聲明中所說，我們現在正在為 2023 年做準備，我們希望不會遇到任何大問題。但目前，我們還沒有準備好與大家分享我們能在多大程度上解決這個問題。但我們有強勁的需求。我們努力為客戶建立足夠的產能。我們正在與設備供應商合作以獲得足夠的工具來擴大我們的產能。

Okay. Thank you, Sunny. Operator, can we move on to the next participant, please?

好的。謝謝你，Sunny。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one to ask questions, Rick Hsu from Daiwa.

下一個提問的是 Daiwa 的 Rick Hsu。

Yes. My first question is regarding your revenue guidance for this year. I think you think that it should be at or even exceed your mid- to high-20s guidance in U.S. dollar terms. So in that case, are you revising your forecast for the global semiconductor ex-memory for this year and also the global foundry market forecast for this year?

是的。我的第一個問題是關於您今年的收入預期。我認為您認為它應該達到甚至超過您以美元計算的 25% 至 28% 的預期。那麼在這種情況下，您是否會修改今年全球半導體（不包括記憶體）的預測以及今年全球代工市場的預測？

Okay. Rick's first question is about our 2022 outlook. Sorry, Rick, let me try to summarize. So Rick notes that C.C. said, our 2022 growth will likely be at or exceed the high end of our revenue guidance of mid- to high 20s. So he wants to know what does this mean for our forecast or expectation for the semiconductor ex-memory and foundry markets.

好的。里克的第一個問題是關於我們 2022 年的展望。抱歉，里克，讓我試著總結一下。因此 Rick 注意到 C.C.表示，我們 2022 年的成長可能會達到或超過我們收入預期的 25% 至 28% 的高端。所以他想知道這對我們對半導體（記憶體和代工市場）的預測或期望意味著什麼。

So let me answer your question. So far, we are confident on TSMC's performance. But the whole industry, semiconductor's foundry industry remain that it will be around 20% year-over-year as a growth. All others, we are still trying to understand the status and not very ready to share with you yet.

那麼就讓我來回答你的問題。到目前為止，我們對台積電的表現充滿信心。但整個產業，半導體的代工產業仍維持年增20%左右。對於其他所有人，我們仍在嘗試了解情況，尚未準備好與你們分享。

Okay. So basically, the strength is more TSMC company specific, right?

好的。所以基本上，實力比較取決於台積電公司本身，對嗎？

That's because our dealership in the technology, and you are right.

那是因為我們是該技術的經銷商，而且您說得對。

Okay. Great. C.C., and second question, I think your customers have been waiting in the long queue since last year. And I know this year, there's some macro issues, there's some change and you mentioned some demand slowdown. But some others still very strong. So I assume for any customers releasing capacity will be quickly filled up by others. But are you saying the queue is shortening? Or if that's the case, when do you think the queue -- there's no more queue? When do you think that will happen?

好的。偉大的。 C.C.，第二個問題，我想您的客戶從去年開始就一直在排長隊等候。我知道今年存在一些宏觀問題，存在一些變化，你提到了一些需求放緩。但其他一些人仍然非常強大。因此，我認為任何客戶釋放的產能都會很快被其他產能填補。但您是說排隊的時間在縮短嗎？或者如果是這樣的話，您認為什麼時候不再有排隊了？您認為什麼時候會發生這種情況？

Okay. So Rick's second question is about the -- C.C. mentioned that our capacity will remain tight throughout 2022. But C.C.'s -- sorry, Rick's question is more about the queue or the line to wait because, as we said, certain end market segments may slow down or adjust, but others remain strong. Rick's question is really is that wait or list line shortening, or when do we expect that to shorten?

好的。所以 Rick 的第二個問題是關於—— C.C.提到我們的產能在 2022 年全年仍將保持緊張。里克 (Rick) 的問題是，等待時間或排隊時間是否真的在縮短，或者我們預計什麼時候會縮短？

Rick, so far, as I said, TSMC's capacity will be very tight, not enough to support our customers. So if you ask whether the list in the queue will be longer or smaller, it doesn't matter. It's still just not enough to support our customers. And we are working very hard to support them. That's what I can share with you.

Rick，到目前為止，正如我所說，台積電的產能將非常緊張，不足以支持我們的客戶。因此，如果你詢問隊列中的列表是否會更長或更短，這並不重要。這仍然不足以支持我們的客戶。我們正在盡力支持他們。這就是我可以與你們分享的。

Okay. Thank you, Rick. Operator, can we move on to the next participant, please?

好的。謝謝你，里克。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one online Brett Simpson from Arete Research.

下一位線上嘉賓是來自 Arete Research 的 Brett Simpson。

Yes. I had a question on your overseas fab expansion plans. I guess today, if we look at your wafer capacity, it's 100% in Taiwan. Are you seeing any pressure from your strategic customers to accelerate your overseas plans for fab expansion? And can you also share with us if you have a target for what portion of your wafer capacity long term might come from your overseas fabs? And in what time period might that happen?

是的。我對您的海外晶圓廠擴建計畫有疑問。我想今天，如果我們看看你們的晶圓產能，它 100% 在台灣。你們的策略客戶是否給你們施加壓力，要求你們加速海外晶圓廠擴建計畫？您能否與我們分享一下，長期來看，您的晶圓產能中有多少比例可能來自海外晶圓廠？這可能發生在什麼時候？

Okay. So Brett's first question is about our overseas expansion and global manufacturing footprint. His question is that, are we seeing any pressure from strategic customers to expand overseas? And he wants to know what proportion or percentage of our capacity will be overseas by what time frame?

好的。布雷特的第一個問題是關於我們的海外擴張和全球製造足跡。他的問題是，我們是否看到來自策略客戶向海外擴張的壓力？他想知道在什麼時間內我們的產能將有多少比例或百分比在海外？

Okay. Let me answer the question. In fact, talking about the overseas supply or the capacity we are building, our responsibility as TSMC's management is to make the best decision for our customers and in the best interest of TSMC. And we are in close and constant communication with all of our customers. And so far, actually, their priorities are securing capacity, enough capacity to support their business and also working with TSMC on technology development. That's TSMC to focus on.

好的。讓我來回答這個問題。事實上，無論是海外供應，還是我們正在建立的產能，作為台積電管理層，我們的責任是為我們的客戶和台積電的最佳利益做出最好的決策。我們與所有客戶都保持著密切、持續的溝通。實際上，到目前為止，他們的首要任務是確保產能，足夠的產能來支援他們的業務，並與台積電合作進行技術開發。這是台積電需要關注的重點。

And for the how much of the capacity to build outside, let me share with you, right now, we have fab in Arizona with 5-nanometer, a fab in Japan which are 28 and 16 FinFET technology and expanding our capacity in China with 16 FinFET and 28. Also, we're building in Taiwan for 28 nanometers more capacity. We definitely have some future plan, but while increase in the next several years, but not enough to share with you say how many percentage in total will compared with TSMC's capacity. Does that answer your question?

至於我們在外部建設的產能有多少，讓我來告訴大家，現在我們在亞利桑那州有一座 5 奈米晶圓廠，在日本有一座晶圓廠，採用 28 和 16 FinFET 技術，並且我們正在中國擴大 16 FinFET 和 28 納米的產能。我們肯定有一些未來的計劃，但是雖然未來幾年會增加，但還不足以告訴你與台積電的產能相比總共會有多少百分比。這回答了你的問題嗎？

Yes, that's great. And maybe just a second question. On -- you mentioned N3E is coming 1 year after N3. But you can give us an update around timing of 2-nanometer, which I believe is going to have a new transistor architecture gate-all-around. I guess the move from N5 to N3 was more than 2 years, which is what you've typically been -- that cadence you've typically been running at. Are we going to get back to 2 years with N2, between N3 and N2, so that we'll see an end of 2024 introduction for N2? Or will it take longer?

是的，太棒了。也許這只是第二個問題。關於——您提到 N3E 將在 N3 推出一年後推出。但是您可以向我們提供有關 2 奈米技術發展時間的最新信息，我相信 2 奈米技術將會採用全新的環繞柵極電晶體架構。我想從 N5 到 N3 的轉變花了兩年多的時間，這正是您通常所採用的 — — 您通常所採用的節奏。我們是否要將 N2 的考試間隔重新調整為 2 年，介於 N3 和 N2 之間，以便我們在 2024 年底之前推出 N2 考試？或會花更久？

Okay. So Brett's second question is really on N2 and the cadence. He wants to know that N5 to N3 is about more than 2 years cadence between those 2 nodes. For N3 to N2, will it be back on a 2-year cadence? And what's the time frame for N2?

好的。所以 Brett 的第二個問題其實是關於 N2 和節奏的。他想知道 N5 到 N3 這兩個節點之間的節奏大約是 2 年多。對於 N3 到 N2，會回到 2 年的節奏嗎？那麼 N2 的時間框架是怎麼樣的呢？

Brett, our progress so far today for the N2 is on track. And all I want to say is, yes, at the end of 2024, you will enter the risk production. 2025, it will be in production, probably close to the second half or the -- or the end of 2025. That's our schedule.

布雷特，我們今天到目前為止在 N2 方面的進展一切順利。我只想說，是的，到 2024 年底，你們將進入風險生產。 2025 年，它將投入生產，可能接近 2025 年下半年或年底。

All right. Thank you, Brett. Operator, can we move on to the next participant, please?

好的。謝謝你，布雷特。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one, we have Laura Chen, KGI.

下一位是凱基證券的 Laura Chen。

My first question is about the advanced packaging development. Can you share with us your view on TSMC's current progress in advanced packaging in terms of the revenue contribution and the growth trend? And since we know that there are a lot of high computing PC clients relied on TSMC advanced packaging or 3D packaging service, so can we expect your advanced packaging revenue will be kind of part of your high computing PC growth outlook? That's my first question.

我的第一個問題是關於先進封裝的發展。您能否與我們分享一下台積電目前在先進封裝方面的進展，以及對營收的貢獻和成長趨勢的看法？而且我們知道有很多高運算 PC 客戶依賴台積電先進封裝或 3D 封裝服務，那麼我們是否可以預期貴公司的先進封裝收入將成為高運算 PC 成長前景的一部分？這是我的第一個問題。

Okay. So Laura's first question is on our 3D IC or advanced packaging progress. She wants to know the progress in terms of the revenue contribution, the growth outlook for the packaging business and how correlated is it to the high HPC platform.

好的。所以勞拉的第一個問題是關於我們的 3D IC 或先進封裝的進展。她想了解收入貢獻的進展、包裝業務的成長前景以及與高 HPC 平台的關聯性。

Right. Lauren, let me answer the first part. In 2021, the advanced packaging generated $4.1 billion of revenue. Now we expect that this year, the growth will be similar to the corporate growth. And during the 5-year -- in the next 5 years, we expect its growth in CAGR will be slightly higher than the corporate.

正確的。勞倫，讓我回答第一部分。 2021年，先進封裝創造了41億美元的收入。現在我們預計今年的成長將與企業成長相似。在未來五年內，我們預計其複合年增長率將略高於企業。

And the correlation with HPC?

與 HPC 有何關聯？

Well, let me answer that correlation. Actually, very advanced SoIC technology actually serve for the HPC high-end applications. So that required high bandwidth and very low power and very high performance. And so far, we just entered a small volume of the production in 2022 and we expect this one will continue to grow. That's what we have today.

好吧，讓我來回答這個相關性。實際上，非常先進的SoIC技術實際上是服務HPC高階應用的。因此，這需要高頻寬、極低的功率和極高的性能。到目前為止，我們剛剛在 2022 年實現了少量生產，我們預計產量將繼續成長。這就是我們今天所擁有的。

Okay. That's very clear. And my second question is more like a follow-up. I think C.C. already mentioned a lot about the strategy of the CapEx expansion in longer term. But we know that the equipment lead timeline has been quite longer. So I'm just wondering any specific area or process you are seeing the biggest impact? And what's your action accordingly? Or do you have any priorities for various technology nodes?

好的。這非常清楚。我的第二個問題更像是後續問題。我認為是 C.C.已經多次提到了長期資本支出擴張策略。但我們知道設備交付週期已經相當長了。所以我只是想知道您看到哪個特定領域或流程受到了最大的影響？您相應地採取了什麼行動？或是對各種技術節點有什麼優先考慮的嗎？

Okay. So Laura's second question is about capacity expansion and equipment lead time. Given the tool delivery that C.C. talked about, she wants to know what areas or nodes are we seeing the biggest impact? And are we prioritizing -- how are we prioritizing this?

好的。勞拉的第二個問題是關於產能擴張和設備交付週期。鑑於 C.C. 提供的工具談到，她想知道我們在哪些領域或節點看到了最大的影響？我們是否要分清輕重緩急──我們如何分清輕重緩急？

Laura, I mean that's -- we see this kind of tool delivery problem unexpectedly from beginning of this year. And we are working very hard with our tool suppliers to resolve all the issues. And so as for which technology node or which technology or what are being impacted, all the leading-edge technology and mature node technologies capacity expansion are being impacted. And certainly, in order to support our customers' strong demand, we're working very hard for the tool suppliers to resolve all the issues. And so far, 2022, no problem. We're working on 2023 and beyond. I hope a few months later that we can report that the issue will be resolved. But we're still working very hard with our suppliers and to resolve all the issue. That's all I can say right now.

勞拉，我的意思是——我們從今年年初就意外地看到了這種工具交付問題。我們正在與工具供應商努力合作解決所有問題。至於哪個技術節點或哪種技術或什麼受到影響，所有前沿技術和成熟節點技術的產能擴張都會受到影響。當然，為了滿足客戶的強烈需求，我們正在努力幫助工具供應商解決所有問題。到目前為止，2022 年還沒有問題。我們正在為 2023 年及以後的目標而努力。我希望幾個月後我們能夠報告該問題已解決。但我們仍在努力與供應商合作解決所有問題。這就是我現在能說的全部。

Okay. Thank you, Laura. Operator, can we move on to the next participant, please?

好的。謝謝你，勞拉。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one to ask questions, Mehdi Hosseini from SIG.

下一個提問的是 SIG 的 Mehdi Hosseini。

Yes. My first one has to do with better understanding demand dynamics. You highlighted better than average growth from HPC. And in that context, I'm just wondering how I should think about the mix of 5 and 7-nanometer node by year-end '22 or second half of '22?

是的。我的第一個問題與更好地理解需求動態有關。您強調了 HPC 的成長優於平均。在這種背景下，我只是想知道我應該如何考慮在 22 年底或 22 年下半年混合使用 5 奈米和 7 奈米節點？

Okay. So Mehdi's first question is looking at the demand and also by node, he wants to know how should he expect the contribution or the mix from N5 and N7 in the second half of this year.

好的。因此，Mehdi 的第一個問題是研究需求，並且按節點，他想知道今年下半年 N5 和 N7 應該如何預期的貢獻或組合。

It will be greater than we just reported of 50%, right? I mean for the second half of this year, the contribution to TSMC's revenue will be greater than 50%, combining 7 and 5 together.

它會比我們剛才報告的50%還要大，對嗎？我的意思是今年下半年對台積電營收的貢獻會超過50%，7加5加起來。

Okay. I was just trying to better understand how that increase would look like compared to prior years where in the second half, usually the advanced node contribution increases and with the leap in (inaudible) mix. I was just trying to better understand how the second half of '22 will look like in the past prior years.

好的。我只是想更了解與前幾年相比，這種增長會是什麼樣子，在下半年，通常高級節點的貢獻會增加，並且會伴隨（聽不清楚）組合的飛躍。我只是想更了解 22 年下半年與過去幾年相比會是什麼樣子。

Yes. Mehdi, I think that the second half revenue is normally higher partially because of seasonality of some of the products.

是的。梅迪，我認為下半年的收入通常會更高，部分原因是某些產品的季節性。

Okay. Great. And one more follow-up. And thank you so much for the color on the next technology migration of 2-nanometer. You highlighted the transistor change. But I also want to understand what is underlying assumption, especially as it relates to lithography. We also have another change coming up as going from EUV to high-NA. And I'm just curious to know if you are assuming if you will be using EUV, or you would need high-NA as you go into HBM for 2-nanometer in the second half of '25?

好的。偉大的。還有一件事。非常感謝您對下一代 2 奈米技術遷移的詳盡介紹。您強調了晶體管的變化。但我也想了解潛在的假設是什麼，特別是與光刻相關的假設。我們也即將迎來另一項變革，從 EUV 到高 NA。我只是好奇，想知道您是否假設您將使用 EUV，或者您是否需要高 NA，因為您在 25 年下半年進入 2 納米 HBM？

Okay. So Mehdi's second question is on N2, a very specific question. He wants to know with N2, there's a change in transistor structure. He also wants to know on the lithography side, will we be using EUV or high-NA, correct, Mehdi?

好的。 Mehdi 的第二個問題是關於 N2 的，這是一個非常具體的問題。他想知道 N2 的電晶體結構是否發生了變化。他還想知道在光刻方面，我們會使用 EUV 還是高 NA，對嗎，Mehdi？

Yes.

是的。

Well, let me answer the question. We are the largest user of EUV tool today in the industry. And so we have intensively evaluated and are very familiar with those high-end EUV tools for a while. And we will continue to evaluate and adopt the high-end tool whenever we think is necessary and is ready and cost effective. Whether it is a N2 or not, I have not yet to be able to share with you.

好吧，讓我來回答這個問題。我們是目前業界最大的 EUV 工具用戶。因此，我們對這些高端 EUV 工具進行了深入評估，並且非常熟悉。並且，只要我們認為有必要、準備就緒並且具有成本效益，我們就會繼續評估和採用高端工具。至於是不是N2，我還不能跟大家分享。

Okay. Thank you, Mehdi. Operator, can we move on to the next participant?

好的。謝謝你，梅迪。接線生，我們可以繼續接聽下一位嘉賓嗎？

Next one to ask questions, Charles Shi from Needham & Company?

下一個提問的是 Needham & Company 的 Charles Shi 嗎？

I want to ask my first question a little bit longer term. One of your IDM customers, well, I don't want to call the name. But their CEO, I believe, revisited you twice over the last 6 months. They think they can both buy wafers from you and, at the same time, compete with your technology. And they are hoping in 2025 and beyond, they'll compete with you in the foundry business. So there has been concerns that you may not really get a fair deal out of this a little bit of complex relationship. One concern, very specifically, I heard this that you may end up basically teaching this competitor, enabling their accelerated road map. But in the end, they will break away from you and compete against you, especially in the foundry business. So maybe can you address this concern and provide us some high-level thinking to the investor community and the public?

我想問一個稍微長期的問題。您的一位 IDM 客戶，嗯，我不想說出名字。但我相信，他們的執行長在過去的六個月裡已經拜訪過你兩次了。他們認為既可以向您購買晶圓，又可以與您的技術競爭。他們希望在 2025 年及以後與您在代工業務上競爭。因此有人擔心，你可能無法從這種有點複雜的關係中得到公平的對待。一個令人擔憂的問題，非常具體地說，我聽說你最終可能會教這個競爭對手，從而加速他們的路線圖。但最終，他們會脫離你並與你競爭，特別是在代工業務方面。那麼，您能否解決這個問題，並向投資者群體和公眾提供一些高層次的思考？

Okay. Charles, let me summarize your first question. His first question is on the IDM customer that wants to buy wafers or outsource to TSMC, but also said that they would like to compete in the foundry industry. So Charles, your question is really, I guess, 2 parts in the sense that how will TSMC end up teaching this IDM and enabling the road map? And how will we compete on the foundry side?

好的。查爾斯，讓我總結一下你的第一個問題。他的第一個問題是關於那些想購買晶圓或外包給台積電的IDM客戶，但也表示希望在代工行業中競爭。所以查爾斯，我猜你的問題實際上可以分為兩部分，即台積電最終將如何教授這種 IDM 並實現路線圖？那我們將如何在代工方面競爭？

Well, Charles, let me answer the question first on the competition. As a leading pure-play foundry, TSMC have never been short on competition in our 35-year history. And we know how to compete, all right? And you asked about how to protect the TSMC's IP or technology detail. In fact, we have a well-established process and design enablement system to ensure a productive engagement with all our customers and while we can protect our own IP as well as customers' IP. We do not anticipate any issues at all. And for the future, actually, this IDM -- might take back their business back into their own house. We have already taken this into our capacity planning consideration already. Did I answer your question, Charles?

好吧，查爾斯，讓我先回答有關比賽的問題。作為領先的純晶圓代工廠，台積電在35年的發展史上從來就不缺乏競爭。我們知道如何競爭，好嗎？您問到如何保護台積電的智慧財產權或技術細節。事實上，我們擁有完善的流程和設計支援系統，以確保與所有客戶進行富有成效的合作，同時保護我們自己的智慧財產權以及客戶的智慧財產權。我們根本不預期會出現任何問題。實際上，就未來而言，IDM 可能會將他們的業務收回到自己的公司。我們已經將這一點納入了容量規劃考量。我回答你的問題了嗎，查爾斯？

Yes. C.C., so maybe really just to follow up, the second question and then actually is a follow-up to my first question. There has been some press reports, I believe, over the last 2, 3 months saying TSMC is building -- potentially building a dedicated fab for this particular customer. I'm not sure if dedicated fab or production line for specific customers is really TSMC's standard practice. However, can you kind of provide your thinking? Would the answer be no, even if like this customer is going to bring you a significant volume?

是的。 C.C.，也許實際上只是為了跟進第二個問題，然後實際上是對我第一個問題的跟進。我相信，過去 2、3 個月有一些新聞報道稱，台積電正在為該特定客戶建造一個專用晶圓廠。我不確定為特定客戶設立專用晶圓廠或生產線是否真的是台積電的標準做法。但是，您能提供一下您的想法嗎？答案是否定的嗎，即使這個客戶會為你帶來大量的銷售？

Okay. So Charles' second question is there's been certain media reports saying that we will build a dedicated fab or production for certain IDM. Is this our practice? Or -- and would the answer still be no even if there is large volume behind such a dedicated capacity?

好的。查爾斯的第二個問題是，有一些媒體報告稱，我們將為某些 IDM 建立專門的晶圓廠或生產基地。這是我們的做法嗎？或者──即使如此專用的容量背後有著巨大的潛力，答案是否定的？

Well, Charles, to be frank with you, our capacity planning, as we said many times, is based on the long-term market demand profile, underpinned by the industry's megatrend of 5G and HPC and the semiconductor content enrichment in many end devices. We are not dependent on any single customer or product. Did I answer your question?

查爾斯，坦率地告訴你，正如我們多次說過的，我們的產能規劃是基於長期的市場需求狀況，並以行業 5G 和 HPC 的大趨勢以及許多終端設備中半導體內容的豐富為基礎。我們不依賴任何單一客戶或產品。我回答你的問題了嗎？

Yes.

是的。

Okay. Thank you, Charles. Operator, in the interest of time, I think we'll take the last 2 participants' questions, please.

好的。謝謝你，查爾斯。接線員，為了節省時間，我想我們將回答最後兩位參與者的問題。

Okay. And the next one to ask question is Krish Sankar from Cowen & Company.

好的。下一個提問的是 Cowen & Company 的 Krish Sankar。

I had 2 of them. The first one is for Wendell. In the March quarter, there's quite a big difference between the revenue growth and the shipment growth. So I'm kind of curious on your full year guidance of high 20s or even beyond that for revenue growth, how much is coming from pricing? Any color there would be helpful. And then I had a follow-up for C.C.

我有2個。第一個是給溫德爾的。在三月季度，收入成長和出貨量成長之間存在很大差異。所以我很好奇，您對全年營收成長 20% 甚至更高的預期，其中有多少來自定價？任何顏色都有幫助。然後我對 C.C. 進行了跟進。

Okay. So Krish's first question is in looking at our full year outlook. He wants to know how much of our growth this year, how much of it is coming from price versus volume, I guess?

好的。因此，Krish 的第一個問題是展望我們的全年前景。他想知道我們今年的成長有多少來自於價格，有多少來自於銷量，我想？

Yes. Krish, volume, price and product mix are important contributing factors in driving our growth. But we do not have a specific breakdown to share with you.

是的。 Krish，數量、價格和產品組合是推動我們成長的重要因素。但我們還沒有具體的細目可以與大家分享。

All right. No worries. And then I had a follow-up for C.C. Clearly, investors seem to be worried about a recession or a slowdown. So C.C. from your experience, when you look at price cyclical slowdowns or even macro corrections, what are the leading indicators TSMC looks for specifically? Is it a pricing slowdown? Is it pushed out of capacity? Is it customers breaking LTAs? What do you think is the first shoe to drop? Any color there would be helpful.

好的。不用擔心。然後我對 C.C. 進行了跟進。顯然，投資者似乎擔心經濟衰退或經濟放緩。所以 C.C.根據您的經驗，當您觀察價格週期性放緩甚至宏觀調整時，台積電具體尋找的領先指標是什麼？這是定價放緩嗎？產能是否超出預期？是客戶違反了長期協議嗎？您認為第一隻掉下來的鞋子是什麼？任何顏色都有幫助。

Okay. Krish's second question is in terms of looking at, again, the demand environment. He wants to ask C.C. and based on past recessions or slowdowns, what are some of the leading indicators that we watch for to -- as a signal? Do we look at pricing slowdown? Do we look at slowdown in capacity and CapEx? What are the indicators that we look at?

好的。 Krish 的第二個問題是關於再次審視需求環境。他想問C.C.根據過去的經濟衰退或放緩，我們需要關注哪些領先指標作為訊號？我們是否會看到價格放緩？我們是否會看到產能和資本支出放緩？我們關注的指標是什麼？

Krish, this is a tough question to be asked because we always in close working with our customers. So we know that each customer's demand and their forecast and we plan our capacity, we plan our technology by working with them. So if there is a downturn, sure, we've got the firsthand information from our customers. And we collect them together, and we look at it. And we decide our long-term CapEx and capacity. But which one is a leading indicator, that, I don't have a specific answer for your questions.

Krish，這是一個很難回答的問題，因為我們一直與客戶密切合作。因此，我們了解每個客戶的需求和預測，並透過與他們合作來規劃我們的產能和技術。所以，如果出現經濟衰退，我們當然可以從客戶那裡獲得第一手資料。我們將它們收集在一起並進行查看。我們決定長期的資本支出和產能。但哪一個是領先指標，對於你的問題我沒有具體的答案。

Okay. Thank you. Operator, we'll take the questions from the last participant, please then. Thank you.

好的。謝謝。接線員，接下來我們將回答最後一位參與者的問題。謝謝。

Yes. The last one to ask question is Rolf Bulk from New Street Research.

是的。最後一個提問的是來自 New Street Research 的 Rolf Bulk。

At the beginning of the year, you guided for advanced processes to account for 70% to 80% of CapEx and specialty nodes for 20%. Now with the year now underway and you're having better visibility on the demand in your different end markets, can you share with us if your thinking on capacity additions of advanced versus specialty have changed? Or whether those ratios that you gave originally still hold?

年初，你們指導先進製程佔資本支出的 70% 到 80%，專業節點佔 20%。現在，隨著新的一年的到來，您對不同終端市場的需求有了更好的了解，您能否與我們分享一下，您對先進和專業產能增加的想法是否發生了變化？或者你最初給出的比例仍然成立？

Okay. Rolf's first question is about our CapEx and CapEx spending. His question is with the -- in the past 3 months, has the allocation or breakdown between events and specialty technologies in terms of our CapEx, has that changed?

好的。羅爾夫的第一個問題是關於我們的資本支出和資本支出。他的問題是——在過去 3 個月中，就我們的資本支出而言，事件和專業技術之間的分配或細分是否發生了變化？

No, no, it has not.

不，沒有。

That's helpful. Now as a follow-up, you mentioned that you're working with suppliers to secure and further diversify your material supply. Can you discuss whether you expect your material input cost increase in the second half of the year? And how we should think about gross margin in the second half of 2022 in that context?

這很有幫助。現在作為後續問題，您提到您正在與供應商合作以確保並進一步多樣化您的材料供應。您能否討論一下您是否預計下半年的材料投入成本會增加？在這種背景下，我們該如何看待 2022 年下半年的毛利率？

Okay. So Rolf's second question is a little bit on materials cost. We have said that we're diversifying our material supplier. So are we seeing the input cost increase? And then what does this mean for the margin outlook in the second half?

好的。所以羅爾夫的第二個問題是關於材料成本的。我們說過，我們正在使我們的材料供應商多樣化。那我們是否看到投入成本增加呢？那麼這對下半年的利潤前景意味著什麼？

Yes. Well, let me answer that. Yes, we do face manufacturing cost challenges, partially due to the rising materials inflationary cost. But we always work closely with our customers to provide our value. And we will continue to ensure that the pricing strategy reflects the value creation. We will also work diligently in our fab operations and with our suppliers to deliver on cost improvements. So by taking such actions, we believe we can achieve the long-term gross margin of 53% and higher and earn greater than 25% ROE through the cycle. That will enable us to invest to support our customers' growth and to deliver profitable growth for our shareholders.

是的。好吧，讓我來回答這個問題。是的，我們確實面臨製造成本的挑戰，部分原因是材料通膨成本的上升。但我們始終與客戶密切合作，以提供我們的價值。我們將繼續確保定價策略反映價值創造。我們還將努力在我們的晶圓廠運營中並與我們的供應商合作以實現成本改進。因此，透過這樣的行動，我們相信我們可以實現53％以上的長期毛利率，並在整個週期中獲得超過25％的ROE。這將使我們能夠進行投資以支持客戶的成長並為股東帶來獲利成長。

Okay. Rolf, does that answer?

好的。羅爾夫，這回答對了嗎？

Very helpful.

非常有幫助。

Yes. Thank you, Rolf. Okay. So thank you, everyone. This concludes our Q&A session. Before we conclude today's conference, please be advised that the replay of the conference will be accessible within 1 hour from now. The transcript will become available 24 hours from now, both of which will be available through TSMC's website at www.tsmc.com.

是的。謝謝你，羅爾夫。好的。謝謝大家。我們的問答環節到此結束。在我們結束今天的會議之前，請注意，會議的重播將在一小時內提供。這份報告的文字記錄將在 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 everyone continues to stay healthy and safe. And we hope you will join us again next quarter. Goodbye, and have a good day.

感謝您今天加入我們。我們希望每個人都能保持健康和安全。我們希望您下個季度能再次加入我們。再見，祝你有美好的一天。