聯華電子 (UMC) 2021 Q4 法說會逐字稿

Welcome, everyone, to UMC's 2021 Fourth Quarter Earnings Conference Call. (Operator Instructions)

歡迎大家參加聯華電子 2021 年第四季度收益電話會議。 （操作員說明）

And for your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within 2 hours after the conference is finished. Please visit our website, www.umc.com, under the Investor Relations, Investors/Events section.

為了您的信息，這次電話會議現在正在互聯網上進行現場直播。網絡直播重播將在會議結束後 2 小時內提供。請訪問我們的網站 www.umc.com，位於投資者關係、投資者/活動部分。

Now I would like to introduce Mr. Michael Lin, Head of Investor Relations at UMC. And Mr. Lin, please begin.

現在我要介紹聯華電子投資者關係負責人Michael Lin先生。林先生，請開始。

Thank you and welcome to the UMC's conference call for the fourth quarter of 2021. I am joined by Mr. Jason Wang, the President of UMC; and Mr. Qi Dong Liu, the CFO of UMC.

謝謝大家，歡迎參加聯電2021年第四季度電話會議。聯電首席財務官劉啟東先生。

In a moment, we will hear our CFO present the fourth quarter financial results, followed by our President's key message to address UMC's focus and the first quarter 2022 guidance. Once our President and the CFO complete their remarks, there will be a Q&A session. UMC's quarterly financial reports are available at our website at www.umc.com under the Investors/Financials section.

稍後，我們將聽到我們的首席財務官介紹第四季度財務業績，然後是我們的總裁關於聯華電子的重點和 2022 年第一季度指導的關鍵信息。一旦我們的總裁和首席財務官完成他們的發言，將有一個問答環節。 UMC 的季度財務報告可在我們的網站 www.umc.com 的投資者/財務部分獲取。

During this conference, we may make forward-looking statements based on management's current expectations and beliefs. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including the risks that may be beyond the company's control. For these risks, please refer to UMC's filings with the SEC in the U.S. and the ROC security authorities.

在本次會議期間，我們可能會根據管理層當前的預期和信念做出前瞻性陳述。這些前瞻性陳述受到許多風險和不確定性的影響，可能導致實際結果出現重大差異，包括可能超出公司控制範圍的風險。對於這些風險，請參閱聯電向美國 SEC 和中華民國安全機構提交的文件。

Now I would like to introduce UMC's CFO, Mr. Qi Dong Liu, to discuss UMC's fourth quarter 2021 financial result.

現在我想介紹聯電首席財務官劉啟東先生，討論聯電2021年第四季度的財務業績。

Thank you, Michael. I.. Would like to go through the 4Q '21 investor conference presentation material, which can be downloaded from our website.

謝謝你，邁克爾。一.. 想看一下21年第4季度投資者會議的演示材料，可以從我們的網站下載。

Starting on Page 3, the fourth quarter of 2021. Consolidated revenue was TWD 59.1 billion, with a gross margin at 39.1%. The net income attributable to the stockholder of the parent was TWD 15.95 billion and earnings per ordinary shares were TWD 1.3. Capacity utilization rate remained at 100%-plus.

從第 3 頁開始，2021 年第四季度。合併收入為 591 億新台幣，毛利率為 39.1%。歸屬於母公司股東的淨利潤為159.5億新台幣，每股普通股收益為1.3新台幣。產能利用率保持在100%以上。

Please turn to Page 4 on this Q4 comprehensive income statement. Operating revenue grew sequentially 5.7% to TWD 59.1 billion. Gross margin, as we reported, at 39.1% improved 12.5% to TWD 23.1 billion. We controlled the operating expenses, and the percentage of the revenue declined a little bit to 11.5% to TWD 6.82 billion. With a nonoperating income of TWD 558 million, our net income attributable to shareholders of the parent was 50 -- TWD 15.949 billion or an EPS of TWD 1.3 in Q4.

請轉至本第四季度綜合損益表的第 4 頁。營業收入環比增長 5.7% 至 591 億新台幣。正如我們所報告的，毛利率為 39.1%，增長 12.5% 至 231 億新台幣。我們控制了運營費用，收入佔比小幅下降至 11.5% 至 68.2 億新台幣。營業外收入為 5.58 億新台幣，第四季度我們歸屬於母公司股東的淨利潤為 50 新台幣 - 159.49 億新台幣或每股收益 1.3 新台幣。

For the whole year, on the Page 5, 2021 revenue grew by 20.5% year-over-year in NT dollar terms to TWD 213 billion. In U.S. dollar terms, the growth rate was higher, around 26%, 27%, given the stronger NT dollar appreciation against U.S. dollars. Gross profit margin was 33.8% or TWD 72 billion in the year of 2021. And the overall net nonoperating income is a little bit over TWD 10 billion, grew by 70% year-over-year mainly due to the stronger stock market performance and most of the financial asset we hold are evaluated according to the stock market performance. Income tax expenses also grew significantly to TWD 6.7 billion mainly due to a lower base in 2020 and also a stronger profitability in 2021. So for the full year, the EPS is TWD 4.57, grow by 91.1% in net income terms.

2021年全年收入以新台幣計算同比增長20.5%至2130億新台幣。以美元計算，由於新台幣兌美元升值較強勁，增長率較高，約為 26%、27%。 2021 年毛利率為 33.8% 或 720 億新台幣。整體淨營業外收入略高於 100 億新台幣，同比增長 70%，主要是由於股市表現強勁和大多數我們持有的金融資產根據股票市場表現進行評估。所得稅費用也大幅增長至 67 億新台幣，主要是由於 2020 年基數較低以及 2021 年盈利能力更強。因此，全年每股收益為 4.57 新台幣，按淨收入計算增長 91.1%。

So on Page 6, cash continued to pay up to TWD 132.6 billion by the end of 2021, and total equity also grow to TWD 281.2 billion by the end of 2021.

所以在第 6 頁，到 2021 年底現金繼續支付高達 1326 億新台幣，到 2021 年底總股本也增長到 2812 億新台幣。

Page 7. The ASP trend continue to inch up. In Q4 of last year, we saw EPS -- ASP grow by more than 3%.

第 7 頁。 ASP 趨勢繼續小幅上升。去年第四季度，我們看到每股收益——平均售價增長了 3% 以上。

In terms of revenue breakdown, for Page 8, Asia still remain our largest portion of earning -- revenue contribution with 66% in Q4 and North America is 21%. And for the full year on Page 9, the ratio didn't change much compared to the quarterly numbers.

在收入細分方面，對於第 8 頁，亞洲仍然是我們收入的最大部分——第四季度的收入貢獻為 66%，北美為 21%。第 9 頁的全年數據與季度數據相比變化不大。

So for Page 10, fourth quarter identical that IDM contribute around 14% of the total revenue. And for the full year, we see a 3% -- percentage point increase for IDM revenue to 15% in 2021 versus 12% in 2020.

因此，對於第 10 頁，第四季度 IDM 貢獻了大約 14% 的總收入。對於全年，我們看到 IDM 收入增長 3%——到 2021 年達到 15%，而 2020 年為 12%。

So on Page 12, communication also remain around 46% of the pie. And for the full year, on Page 13, we see computer segment grow by 3 percentage point to 17%, and consumer also grow 3 percentage point to 27% compared to the year of 2020.

因此，在第 12 頁，溝通也仍然佔 46% 左右。全年，在第 13 頁，我們看到與 2020 年相比，計算機市場增長了 3 個百分點至 17%，消費者也增長了 3 個百分點至 27%。

And for Q4 of '21 by technology breakdown on Page 14, for 22/28-nanometer, that account for about 20% of our total revenue, with 38% of the revenue coming from 40-nano and below in Q4. And for the full year, on Page 15, we see a pretty meaningful increase in 22/28 revenue from 14% in the previous year to 20% in 2021, which also helped our blended ASP.

對於 21 年第四季度，按第 14 頁的技術細分，對於 22/28 納米，這約占我們總收入的 20%，其中 38% 的收入來自第四季度的 40 納米及以下。全年，在第 15 頁，我們看到 22/28 收入從上一年的 14% 增加到 2021 年的 20%，這也有助於我們的混合 ASP。

On Page 16, we continued to see some mild capacity expansion, although Q1, there will be some maintenance and new maintenance. So most of the increase is scattered among different fabs, which shows in this table on Page 16.

在第 16 頁，我們繼續看到一些溫和的產能擴張，雖然第一季度會有一些維護和新的維護。因此，大部分增長分散在不同的晶圓廠中，如第 16 頁的表格所示。

For Page 17, so far, our -- currently, our 2022 CapEx is budget around $3 billion. And for year 2021, the actual spending was about USD 1.8 billion.

對於第 17 頁，到目前為止，我們的 - 目前，我們 2022 年的資本支出預算約為 30 億美元。 2021 年的實際支出約為 18 億美元。

And the above is a summary of UMC's result for Q4 2021. More details are available in the report, which has been posted on our website.

以上是聯華電子 2021 年第 4 季度業績的摘要。更多詳情請參閱已發佈在我們網站上的報告。

I will now turn the call over to President of UMC, Mr. Jason Wang.

我現在將把電話轉給聯電總裁 Jason Wang 先生。

Thank you, Qi Dong. Good evening, everyone. Here, I would like to update the fourth quarter operating result of UMC.

謝謝你，啟東。大家晚上好。在這裡，我想更新聯電第四季度的經營業績。

In the fourth quarter, strong demand continued to drive full loading across our fabs, while overall wafer shipments grew 1.7% quarter-over-quarter to 2.55 million 8-inch equivalents. For the full year, revenue in 2021 rose by more than 20% year-over-year and operating income reached a record high driven by a surge in our 28-nanometer business. The 75% year-over-year revenue increase from 28-nanometer technologies strengthened our overall wafer ASP and reflects the robust chip demand related to 5G, AIoT and automotive megatrends. It also substantially contributed to the improvement in the company's financial structure. Our healthy 28-nanometer product pipeline will further diversify our product portfolio and customer base and enable UMC to capture additional market share.

在第四季度，強勁的需求繼續推動我們晶圓廠的滿負荷運轉，而整體晶圓出貨量環比增長 1.7%，達到 255 萬片 8 英寸當量。全年來看，2021年收入同比增長超過20%，營業收入在28納米業務激增的推動下創歷史新高。 28 納米技術帶來的 75% 的收入同比增長增強了我們的整體晶圓 ASP，並反映了與 5G、AIoT 和汽車大趨勢相關的強勁芯片需求。這也極大地促進了公司財務結構的改善。我們健康的 28 納米產品線將進一步豐富我們的產品組合和客戶群，並使聯電獲得更多的市場份額。

Looking ahead into Q1 2022, we anticipate the demand across all nodes in UMC's addressable market will continue to outpace supply. Our growth in the long term is supported by industry's megatrends, which will be catapulted by structural changes occurring in the industry. We will continue to deepen cooperation with customers with our differentiated specialty technologies, manufacturing excellence and capacity expansion closely linked to the demand of our partners. At the same time, we will keep pushing for cost reduction and meticulously manage our CapEx in order to deliver sustainable and healthy return for our shareholders.

展望 2022 年第一季度，我們預計聯電潛在市場中所有節點的需求將繼續超過供應。我們的長期增長受到行業大趨勢的支持，行業發生的結構性變化將推動這一趨勢。我們將繼續深化與客戶的合作，以我們的差異化專業技術、卓越製造和產能擴張緊密結合合作夥伴的需求。同時，我們將繼續推動降低成本，精心管理資本支出，為股東帶來可持續和健康的回報。

Next, I would like to take a few minutes to share our view on the industry outlook and where we see UMC's position in the industry going forward.

接下來，我想花幾分鐘分享我們對行業前景的看法，以及我們對聯電在行業中的未來地位的看法。

UMC has enjoyed a banner year in 2021. Over the past 3 years, the company has performed and achieved our business goals, thanks to the positive market dynamics and strong partnerships we have developed with our customers. We believe the current semiconductor market megatrends, namely the continuous penetration of 5G phones, the acceleration of EV adoption and the fast pollination of IoT devices, will continue to drive higher demand for silicon content. That, in turn, will lead to a growing demand for foundry capacity and technology not only at the bleeding-edge nodes but also for UMC focused markets in the foreseeable future.

聯華電子在 2021 年迎來了豐收的一年。在過去的 3 年中，得益於積極的市場動態以及我們與客戶建立的強大合作夥伴關係，該公司已經完成並實現了我們的業務目標。我們認為，目前半導體市場的大趨勢，即 5G 手機的持續滲透、電動汽車的加速普及和物聯網設備的快速普及，將繼續推動對矽含量的更高需求。反過來，這將導致對晶圓代工能力和技術的需求不斷增長，不僅在前沿節點，而且在可預見的未來，對聯電的重點市場也是如此。

We have been working closely with our customers, aligning our technology solution to capture those megatrend-driven opportunities. We are well prepared ahead of competition across many platforms. The demand-supply imbalance we have experienced over the past 2 years may find some relief as the new capacity will come online. Yet, it has made clear the need for structural and dramatic transformation in the foundry value chain towards closer cooperation and mutual risk mitigation.

我們一直與客戶密切合作，調整我們的技術解決方案以抓住這些大趨勢驅動的機會。在跨多個平台的競爭之前，我們已做好充分準備。隨著新產能上線，我們在過去 2 年經歷的供需失衡可能會有所緩解。然而，它清楚地表明需要在代工價值鏈中進行結構性和戲劇性的轉變，以實現更緊密的合作和共同降低風險。

Many of our customers recognize the importance of the closer collaboration and have responded by participating in our accelerated capacity expansion partnerships and reach a multiyears long-term supply agreement with us. The LTA provides a long-term capacity assurance to our partners and loading protection to UMC in return. In addition, we are also working with end system companies and automakers to enhance visibility and transparency in the supply chain with the aim of addressing uneven supply in the industry and long-term undersupply challenges.

我們的許多客戶都認識到密切合作的重要性，並通過參與我們的加速產能擴張合作夥伴關係並與我們達成多年長期供應協議來做出回應。 LTA 為我們的合作夥伴提供長期容量保證，並為 UMC 提供負載保護作為回報。此外，我們還與終端系統公司和汽車製造商合作，提高供應鏈的可見性和透明度，以解決行業供應不均衡和長期供應不足的挑戰。

LTAs are more than a protection mechanism for UMC. They are endorsement from our customers and points to UMC's strengthened position among our foundry peers. In the past few years, we have also significantly enhanced the company's structural profitability, giving us the necessary resilience to weather through the market fluctuations. We envision UMC will continue the growth momentum achieved over the past 2 years based on our comprehensive technology offering, foundry position and customer relationships. Our goal is to make UMC a USD 10 billion company by 2024 with ROE over 20%.

LTA 不僅僅是 UMC 的一種保護機制。它們是我們客戶的認可，並表明聯電在我們的代工同行中的地位得到加強。在過去的幾年裡，我們還顯著提升了公司的結構性盈利能力，使我們具備了應對市場波動的必要應變能力。基於我們全面的技術產品、代工地位和客戶關係，我們預計聯電將延續過去 2 年所取得的增長勢頭。我們的目標是到 2024 年使聯電成為 100 億美元的公司，ROE 超過 20%。

Last but not least, I would like to highlight our focus on ESG. While ESG is at the forefront of many corporate agendas today, corporate social responsibilities have been UMC's top priority over the decade. Over the years, sustainability has become deeply embedded in our culture and become part of our corporate DNA. In June last year, UMC publicly committed to reach net zero emission by 2050, the first semiconductor foundry to do so. In the 2021 DJSI, we were ranked the first in the semiconductor sector, an important recognition for our ongoing commitment to the environment, our communities and our shareholders. We sincerely invite you to visit our website, where you can download our annual corporate sustainability report.

最後但同樣重要的是，我想強調我們對 ESG 的關注。雖然 ESG 處於當今許多企業議程的最前沿，但企業社會責任一直是 UMC 十年來的首要任務。多年來，可持續發展已深深植根於我們的文化中，並成為我們企業 DNA 的一部分。去年 6 月，聯華電子公開承諾到 2050 年實現淨零排放，這是第一家這樣做的半導體代工廠。在 2021 年 DJSI 中，我們在半導體行業中排名第一，這是對我們對環境、社區和股東的持續承諾的重要認可。我們誠摯邀請您訪問我們的網站，下載我們的年度企業可持續發展報告。

Now let's move on to the first quarter 2022 guidance.

現在讓我們繼續討論 2022 年第一季度的指導。

Our wafer shipments will remain flat. ASP in U.S. dollar will increase by 5%. Gross profit margin will be approximately 40%. Capacity utilization rate will be at 100%. Our 2022 cash-based CapEx will be budgeted at USD 3 billion.

我們的晶圓出貨量將保持平穩。以美元計算的 ASP 將增加 5%。毛利率約為40%。產能利用率將達到100%。我們 2022 年基於現金的資本支出將預算為 30 億美元。

That concludes my comments. Thank you all for your attention. And now we are ready for question.

我的評論到此結束。謝謝大家的關注。現在我們準備好接受提問了。

(Operator Instructions) Our first question is coming from Randy Abrams, Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Randy Abrams。

Okay, yes. Congratulations on the good result. I wanted to ask the first couple of questions on the CapEx. For the $3 billion budget, I want to clarify, is most of the spending tied to the Phase 6 project? Or do you have any other additional projects? And should we view this spending with that Phase 6 as a high base? Or is it your view we may have a follow-on expansion to maintain this higher level of spending?

好的，是的。恭喜取得好成績。我想問關於資本支出的前幾個問題。對於 30 億美元的預算，我想澄清一下，大部分支出是否與第 6 階段項目有關？或者你還有其他額外的項目嗎？我們是否應該將第 6 階段的支出視為高基數？還是您認為我們可能會進行後續擴張以維持較高的支出水平？

Okay. Well, I mean, the $3 billion CapEx, part of that was a $500 million CapEx budget that roll over from our 2021. And the other is -- includes our maximization of the 12A P6 and 12X P1 that we have announced. The 12X P1 capacity will increase 5,000 per month, and the P6 will increase another 5,000 per month. The -- for the 12A P6 capacity after the 5,000 per month, it will reach 32,500 per month for our P6, which is higher than what -- our previous announcement. The -- after we added 5,000 per month capacity at each site, we believe we can actually continue serving the strong customer demand. And we'll continue to enhance our economic scale on each site and maximize the production efficiency. So that's pretty much what that $3 billion include. And overall, based on that, the overall 2022 capacity will increase about 6% year-over-year.

好的。嗯，我的意思是，30 億美元的資本支出，其中一部分是從 2021 年結轉的 5 億美元資本支出預算。另一個是 - 包括我們宣布的 12A P6 和 12X P1 的最大化。 12X P1產能每月增加5000個，P6每月再增加5000個。 - 對於每月 5,000 個之後的 12A P6 容量，我們的 P6 將達到每月 32,500 個，這高於我們之前的公告。我們在每個站點增加了每月 5,000 個容量之後，我們相信我們實際上可以繼續滿足強大的客戶需求。我們將繼續擴大我們在每個站點的經濟規模並最大限度地提高生產效率。這幾乎就是這 30 億美元所包含的內容。總體而言，在此基礎上，2022 年的整體產能將同比增長約 6%。

Okay. And for the timing -- to clarify, for the 32,500, when is the timing when that would be available for like wafer shipments?

好的。至於時間——澄清一下，對於 32,500 片，什麼時候可以用於類似晶圓的出貨？

The 5,000 a month will be commenced in Q2 2024.

每月 5,000 個將從 2024 年第二季度開始。

Oh '24? Okay. So that's later. Okay. And for the $10 billion goal, is it the view, with these projects, you have the capacity? Or do you -- like if you think it through, do you have additional space between the China, Singapore, Taiwan to do additional kind of phase? Or do you need to expand further, go to greenfield?

哦 24 年？好的。所以那是以後。好的。對於 100 億美元的目標，是不是認為，有了這些項目，你有能力嗎？或者你——如果你想通了，你在中國、新加坡、台灣之間是否有額外的空間來做額外的階段？或者你需要進一步擴張，去綠地？

Oh, that's actually a pretty good question. The -- let me answer it this way. Our global expansion strategy will continue. First, we'll -- our global expansion strategy will continue to follow the stringent, ROI-driven criteria we have been follow. And -- but at the same time, we will take us -- into consideration our future market outlook and customer demand. And we -- the -- we, UMC, we have a very diversified regional production site, like you know. And so we do have the flexibility to assess the future expansion site and to meet those customer requirements.

哦，這實際上是一個很好的問題。 ——讓我這樣回答。我們的全球擴張戰略將繼續。首先，我們將——我們的全球擴張戰略將繼續遵循我們一直遵循的嚴格的、以投資回報率驅動的標準。而且——但與此同時，我們會考慮我們未來的市場前景和客戶需求。我們 - 我們，UMC，我們有一個非常多元化的區域生產基地，就像你知道的那樣。因此，我們確實可以靈活地評估未來的擴展站點並滿足這些客戶的要求。

The question about the 12X, the China fab, the -- currently, we have fab buildings constructed at both Japan, 12M, and the Xiamen, the 12X. However, both fab sites will still require additional CapEx to build cleanroom before install tools and equipment. And in addition to that, I think we -- UMC has a large to evaluate different expansion option as well beyond the current P5 and P6 in Taiwan. And we will discuss our expansion plan accordingly, but we will evaluate all options right now.

關於 12X 中國晶圓廠的問題，目前，我們在日本 12M 和廈門 12X 都建造了晶圓廠。然而，在安裝工具和設備之前，兩個工廠仍需要額外的資本支出來建造潔淨室。除此之外，我認為我們 - UMC 有很大的空間來評估不同的擴展選項，以及台灣目前的 P5 和 P6。我們將相應地討論我們的擴張計劃，但我們將立即評估所有選項。

One last maybe for Qi Dong on the depreciation for -- if you could give a view this year and initial feedback based on this planned direction for next year.

最後一個可能是 Qi Dong 關於折舊的——如果你能給出今年的看法，並根據明年的計劃方向給出初步反饋。

So I think the key is really we want to keep this percentage of revenue under control. So we will continue to do that. And then 2022 depreciation actually will decline year-over-year by approximately 5% or less and followed by a flat to small increase in 2023, which is dependent on the cash-based CapEx this year and also next year, because, currently, equipment delivery time is being prolonged.

所以我認為關鍵是我們真的想要控制這個收入百分比。所以我們將繼續這樣做。然後 2022 年的折舊實際上將同比下降約 5% 或更少，然後在 2023 年持平或小幅增長，這取決於今年和明年的基於現金的資本支出，因為目前，設備交貨時間正在延長。

Okay. And for the delivery, the 20 -- the first 27,500, has that pushed out at all? Or is that second half 2023 for the -- you mentioned the 5,000 would be in 2024. But when would the big capacity be available?

好的。對於交付，20 - 前 27,500，是否已經推出？或者是 2023 年下半年——你提到 2024 年將有 5,000 個。但是什麼時候可以提供大容量？

For both P5 and P6 -- just let me get back to P5 as well. So for the -- the P5 and P6 production ramp schedule is still on track. The P5, the 10,000 per month capacity, will come online by Q2 2022, these upcoming quarters in Q2. The -- for the P6, we have encountered some equipment delivery delays. At the same time, we are working with the suppliers right now, along with the internal engineering efforts. And we will be -- shorten the 2 installation schedules and so on. So right now, we still keep the schedule on track. And we -- the angle is to ensure our capacity commitment to our P6 customers.

對於 P5 和 P6——讓我也回到 P5。因此，對於 P5 和 P6 的生產斜坡計劃仍在按計劃進行。 P5 的月產能為 10,000，將於 2022 年第二季度上線，即將在第二季度推出。 - 對於 P6，我們遇到了一些設備交付延遲。與此同時，我們現在正與供應商合作，以及內部工程方面的努力。我們將 - 縮短 2 個安裝時間表等等。所以現在，我們仍然按計劃進行。我們 - 角度是確保我們對 P6 客戶的產能承諾。

Okay. And I think...

好的。而且我認為...

So that is the Q2 2023.

這就是 2023 年第二季度。

Okay, Q2. Okay. Yes.

好的，Q2。好的。是的。

Right.

正確的。

And then just one last question. The -- with some of the costs rising on labor, how should we take the view on OpEx now if more increase or -- you mentioned something about continuing on the cost reduction effort. So how would that trend? And also, some of the subsidy, if that would maintain a similar level.

然後是最後一個問題。 - 隨著勞動力成本的上升，如果進一步增加，我們現在應該如何看待 OpEx，或者 - 你提到了關於繼續降低成本的一些事情。那麼這種趨勢會如何呢？此外，如果能保持類似水平，還可以提供一些補貼。

Now for OpEx, as I mentioned, yes, we are seeing the trend for labor cost increase. This is really a function of improved profitability. So our goals still remain the same, we hope. OpEx will grow. As a percentage of revenue, it will continue to be under control, even trend down a little bit.

現在對於運營支出，正如我所提到的，是的，我們看到了勞動力成本增加的趨勢。這實際上是提高盈利能力的一個功能。因此，我們希望我們的目標仍然保持不變。運營支出將增長。作為收入的百分比，它將繼續受到控制，甚至會略有下降。

Okay. Even trend down, meaning in absolute dollars?

好的。甚至趨勢下降，以絕對美元計算？

No, no. I mean percentage of revenue.

不，不。我的意思是收入的百分比。

Oh, as a percent of revenue. Okay, I understand.

哦，作為收入的百分比。好吧，我明白。

Next question, Szeho Ng, China Renaissance.

下一個問題，Szeho Ng，China Renaissance。

Two question from my side. The first one, I just wanted to tap your brain on the FinFET market. Does the company have any plan to go back to the FinFET market or be happy to just stay at the 22 and 28?

我這邊有兩個問題。第一個，我只是想在 FinFET 市場上挖掘你的大腦。該公司是否有任何計劃重返 FinFET 市場或樂於留在 22 和 28 年？

Well, I mean, we never abandoned the 14 FinFET. The -- our plan is always keeping the 14 FinFET under the R&D activities. And we have believed at 14 technology, and we are engaging with a number of our customers for the FinFET -- in 14 FinFET.

好吧，我的意思是，我們從未放棄 14 FinFET。我們的計劃是始終將 14 FinFET 保留在研發活動之下。我們相信 14 技術，我們正在與我們的許多客戶進行 FinFET 的接觸——在 14 FinFET 中。

We do not have any plan to go beyond 14. And we do see that the -- there will be very high challenge for us to start addressing the FinFET beyond the 14. So we will stop at 14 at this point, yes.

我們沒有任何超越 14 的計劃。而且我們確實看到，在 14 之後開始解決 FinFET 將面臨非常高的挑戰。所以我們將在這一點上停止 14，是的。

I see. Great. And the other question, given the fact that we are looking at huge progress on gross margin expansion, and for this quarter, we are guiding for something around 40% for gross margin, what would be the steady-state gross margin for the company going forward?

我知道了。偉大的。另一個問題，鑑於我們正在考慮在毛利率擴張方面取得巨大進展，並且在本季度，我們指導毛利率約為 40%，公司的穩態毛利率將是多少？向前？

Well, first, I mean, I will start out with this. The -- we do see an increase to the CapEx. And -- but at the same time, we will manage and control depreciation through disciplined CapEx approach to maintain the gross margin based on our financial affordability and focus -- and instead then focus on our EBITDA margin, the expansion. We'll invest into the future. So that's the principle that we follow with.

好吧，首先，我的意思是，我將從這個開始。 - 我們確實看到資本支出有所增加。而且——但與此同時，我們將通過嚴格的資本支出方法管理和控制折舊，以根據我們的財務承受能力和重點來維持毛利率——然後專注於我們的 EBITDA 利潤率，即擴張。我們將投資於未來。這就是我們遵循的原則。

So if I may add on to that. Our comprehensive technology portfolio and our leading customer base, coupled with the -- our well-balanced 8-inch and 12-inch diversified offering, and we think we actually are currently having a higher than most of our competitors in terms of EBITDA margin. And the UMC EBITDA margin, we think there are still room for further enhancement due to mix improvement by specialty technology, expansion of 28-nanometer scale and also some cost reduction efforts, also productivity improvement and potential ASP increase.

所以，如果我可以補充一下。我們全面的技術組合和領先的客戶群，再加上我們均衡的 8 英寸和 12 英寸多元化產品，我們認為我們目前的 EBITDA 利潤率實際上高於大多數競爭對手。而聯電的 EBITDA 利潤率，我們認為仍有進一步提升的空間，原因是專業技術的組合改進、28 納米規模的擴展以及一些降低成本的努力，以及生產力的提高和潛在的平均售價增加。

But our company margin, especially gross margin, may vary along with the moving depreciation expenses, which derive from the investment for the future. So again, we will manage our gross margin through disciplined CapEx and balanced with our financial capability and our gross margin, which translate to absolute dollar dividend payout will be in line or higher than UMC's long-term foundry growth.

但是我們公司的利潤率，尤其是毛利率，可能會隨著對未來投資的移動折舊費用而變化。同樣，我們將通過嚴格的資本支出管理我們的毛利率，並與我們的財務能力和毛利率保持平衡，這意味著絕對美元股息支付將符合或高於聯華電子的長期代工增長。

I see. Okay. Maybe last question from my side, yes. For the net other operating income, is it still fair to assume a quarterly run rate around TWD 1 billion, plus or minus, for this year?

我知道了。好的。也許是我這邊的最後一個問題，是的。對於其他淨營業收入，假設今年的季度運行率為 10 億新台幣左右，是否仍然公平？

No, no. I mean this is very difficult to predict. And again, this is highly correlated to the share price performance of our...

不，不。我的意思是這很難預測。再一次，這與我們的股價表現高度相關......

Oh, no, no. I need the operating and other net operating income, not the nonoperating. The net other, yes.

哦，不，不。我需要營業收入和其他淨營業收入，而不是非營業收入。淨其他，是的。

Oh, okay. So that's relate -- mostly relate to the subsidy from our Xiamen operation. It still will be 85%, 90% there for 2022.

哦好的。所以這是相關的 - 主要與我們廈門業務的補貼有關。到 2022 年，仍將是 85%，90%。

Okay. And how long would that last? Would that go into 2023 and beyond?

好的。那會持續多久？這會持續到 2023 年及以後嗎？

It's mostly on a 6-year scheme. So I think they will last into 2023 and maybe decline in 2024.

它主要是一個6年的計劃。所以我認為它們將持續到 2023 年，並可能在 2024 年下降。

The next question, Bruce Lu, Goldman Sachs.

下一個問題，布魯斯·盧，高盛。

I mean a question is, what's your expected foundry growth rate for 2022? TSMC is guiding for 15% to 20%, but your $10 billion revenue guidance suggested like 10% compound growth for the next 2, 3 years. If TSMC is guiding for 15%, 20%, which means that it's either you are losing market share in 2022 or onward or you're expecting like flattish growth in the coming 2 years, so is there something I missed?

我的意思是一個問題，您預計 2022 年的代工增長率是多少？台積電的指導是 15% 到 20%，但你 100 億美元的收入指導建議未來 2、3 年的複合增長率為 10%。如果台積電的指導是 15%、20%，這意味著要么你在 2022 年或以後失去市場份額，要么你預計未來 2 年的增長會持平，那麼我錯過了什麼嗎？

No. I mean we have a long-term goal to bring the company over $10 billion by 2024. And -- but for 2022, despite a lower contribution in wafer demand associated with the work from home and home learning, we still expect structural demand such as 5G, EV and IoT will remain strong. So we estimate the foundry industry growth in 2022 will be around 20%. At the same time, the UMC is projected to grow in line or higher than the foundry industry for 2022.

不。我的意思是我們的長期目標是到 2024 年使公司超過 100 億美元。而且 - 但到 2022 年，儘管與在家工作和家庭學習相關的晶圓需求貢獻較低，但我們仍然預計結構性需求5G、電動汽車和物聯網等將保持強勁。因此，我們估計 2022 年的代工行業增長將在 20% 左右。同時，預計聯電在 2022 年的增長將與代工行業保持一致或更高。

I see. Okay. Then you can easily achieve the target by 2023?

我知道了。好的。那麼到2023年你能輕鬆實現目標嗎？

Well, so $10 billion is not really a numerical target. It's really a goal. So we want UMC to become a $10 billion-plus company.

嗯，所以 100 億美元並不是一個真正的數字目標。這真的是一個目標。所以我們希望聯電成為一家價值超過 100 億美元的公司。

Of course, I mean, for me, it's a -- I think it's an easier target for -- even in 2023. So that's why I was completely confused. Okay. .

當然，我的意思是，對我來說，這是一個——我認為這是一個更容易實現的目標——即使在 2023 年也是如此。所以這就是我完全困惑的原因。好的。 .

Right, which will (inaudible) -- so, I mean...

對，這將（聽不清）——所以，我的意思是......

So the next question is regarding...

所以下一個問題是關於...

Go ahead. Sorry, go ahead.

前進。對不起，繼續。

Okay, sorry about that. So the next question is more about the profitability. Your first quarter ASP expanded by 5%, blended basis, which supposed to be like wafer -- a high wafer price and better product mix. And you -- this depreciation in 2022 expanded only by 5%. So theoretically, you should see more gross margin impact because of this ASP -- higher ASP. So why the gross margin only increased by 1%?

好的，對此感到抱歉。所以下一個問題更多是關於盈利能力的。你的第一季度平均售價增加了 5%，混合基礎，這應該像晶圓 - 高晶圓價格和更好的產品組合。而你——2022 年的貶值僅擴大了 5%。所以理論上，你應該看到更多的毛利率影響，因為這個 ASP - 更高的 ASP。那麼為什麼毛利率只增加了1%呢？

It's approximately 40%. And also, for the 2022, as we discussed, there is some structural change in labor costs also associated with our improved capabilities. And for raw material costs, also there will be some kind of structure change with -- in our view, that -- just like the structure change take place in the foundry industry. So for 2022, we anticipate some raw material increase along the rest of the year.

大約是 40%。而且，正如我們所討論的，對於 2022 年，勞動力成本的一些結構性變化也與我們能力的提高有關。對於原材料成本，也會出現某種結構變化——在我們看來，這就像鑄造行業發生的結構變化一樣。因此，對於 2022 年，我們預計今年剩餘時間會出現一些原材料增長。

So you mean the non-depreciation cost increased a lot, which offset the impact -- offset the benefit from the higher wafer price, is that right?

所以你的意思是非折舊成本增加了很多，這抵消了影響——抵消了更高的晶圓價格帶來的好處，對嗎？

Yes. I mean -- yes. Basically, we project labor and raw material costs are increasing. And we believe this is not only just the inflation, right, I mean, because the demand outpaces supply. And we see this happening throughout the supply chain. But the labor cost increase is more structural, yes. .

是的。我的意思是——是的。基本上，我們預計勞動力和原材料成本正在增加。我們相信這不僅僅是通貨膨脹，對，我的意思是，因為需求超過了供應。我們看到這種情況發生在整個供應鏈中。但是勞動力成本的增加更具結構性，是的。 .

I see. I understand. Do you expect to further increase your wafer price to offset the impact because -- if the raw material costs continue to go up for the entire -- throughout the year?

我知道了。我明白。您是否希望進一步提高您的晶圓價格以抵消影響，因為 - 如果原材料成本全年繼續上漲 - 全年？

Well, I mean, the -- our ASP strategy is not exploiting short-term opportunistic profit, right? I mean so it should reflect our value and market price which is delivered to our customer. We -- at the same time, we want to strengthen our relationship with the customer in the long-term basis and mutually growing with our customer. And to -- for that, our ASP will reflect the market value. And we will collaborate with our customer in coping the rising input costs. And inflation is needed. So we'll continue monitoring that, yes.

好吧，我的意思是，我們的 ASP 策略不是利用短期機會主義利潤，對嗎？我的意思是它應該反映我們交付給客戶的價值和市場價格。我們——同時，我們希望在長期基礎上加強與客戶的關係，並與客戶共同成長。並且 - 為此，我們的 ASP 將反映市場價值。我們將與客戶合作應對不斷上升的投入成本。並且需要通貨膨脹。所以我們會繼續監測，是的。

But structurally, if the raw material cost is increasing, then -- because your value provided to a customer remain unchanged, you should be able to pass the incremental cost to your customers, right?

但在結構上，如果原材料成本在增加，那麼——因為你提供給客戶的價值保持不變，你應該能夠將增量成本轉嫁給客戶，對吧？

Yes. At the same time, we want to make sure that the customer can achieve their growth as well. So we're closely working with them on that, yes. .

是的。同時，我們希望確保客戶也能實現他們的成長。所以我們正在與他們密切合作，是的。 .

The next question, Roland Shu, Citigroup.

下一個問題，Roland Shu，花旗集團。

My first question is for your $500 million CapEx pushed out from last year to this year. You said there was due to the extended equipment lead time. So how about this $3 billion CapEx plan for this year? Will you worry about this extended equipment lead time to continue impact the equipment delivery and also continue impact your CapEx spending this year? .

我的第一個問題是關於從去年到今年推出的 5 億美元資本支出。你說這是由於設備交貨時間延長。那麼今年 30 億美元的資本支出計劃如何？您是否會擔心這種延長的設備交貨時間會繼續影響設備交付並繼續影響您今年的資本支出？ .

So the $3 billion is already incorporated in every possible scenario we have -- foresee today. So it is the current condition. .

因此，這 30 億美元已經包含在我們今天預見的每一種可能的情況中。所以這是目前的情況。 .

Okay. But your CapEx that is cash based means that you need to see all of the equipment delivered to your fab and then you pay to equipment vendors, then you'll recognize the CapEx, right? .

好的。但是您的基於現金的資本支出意味著您需要看到所有設備交付到您的工廠，然後您向設備供應商付款，然後您就會認識到資本支出，對嗎？ .

That's right.

這是正確的。

Yes. So...

是的。所以...

So we had factored in all the scenario we have seen so far, including part of the tool delays, yes.

所以我們已經考慮了到目前為止我們看到的所有情況，包括部分工具延遲，是的。

Yes. So yes, my question is then how confident you are you can receive all of this equipment you already ordered from the equipment vendors. Since there are now these like supply issues, the equipment lead times have been very long. So do you see any risk for you to fail to get most of this equipment this year? .

是的。所以，是的，我的問題是，你有多大信心能收到你已經從設備供應商那裡訂購的所有這些設備。由於現在存在這些類似的供應問題，因此設備的交貨時間非常長。那麼，您認為今年無法獲得大部分此類設備有什麼風險嗎？ .

Oh, given the latest update on our supplier, and this will be considered a high confidence. And -- but however, they -- we continue seeing some delivery interruption in the supply chain. So if there is a further delay, then we have to have a way to mitigate that to keep our original commitment to our customer. So right now, I mean, for the $3 billion question, I think that, that is -- already consider order delivery schedules that we have updated on our suppliers.

哦，鑑於我們供應商的最新更新，這將被視為高度信任。而且 - 但是，他們 - 我們繼續看到供應鏈中的一些交付中斷。因此，如果有進一步的延遲，那麼我們必須有辦法減輕這種情況，以保持我們對客戶的最初承諾。所以現在，我的意思是，對於 30 億美元的問題，我認為已經考慮到我們已經更新了供應商的訂單交付時間表。

Understood. And my second question now is on your -- for your blended ASP in 4Q. So you have about maybe 4% quarter-on-quarter blended ASP increase in 4Q. But I look at your product mix, I did not know -- you only had very -- only have a 1% higher revenue contribution from 28-nanometer. So I -- basically, I assume your blended ASP increase in 4Q was -- mainly come from this like-to-like wafer ASP increase. So how about for the first quarter? Now you guide your blended ASP to up about 5%. So how about the percentage from this mix improvement or the like-to-like improvement?

明白了。我現在的第二個問題是關於你的——關於你在第四季度的混合 ASP。因此，第四季度的混合 ASP 可能會出現 4% 的季度環比增長。但我看看你的產品組合，我不知道——你只有非常——只有 1% 的收入貢獻來自 28 納米。所以我 - 基本上，我假設你在第四季度的混合 ASP 增長是 - 主要來自這種類似晶圓 ASP 的增長。那麼第一季度呢？現在您將您的混合 ASP 引導至大約 5%。那麼這種混合改進或同類改進的百分比如何？

For the Q1 ASP 5% uptick, they basically reflect mostly pricing adjustment.

對於第一季度 ASP 5% 的上漲，它們基本上主要反映了價格調整。

Oh, it's a pricing adjustment, yes. So the product mix will be pretty much the same as 4Q, right?

哦，這是一個定價調整，是的。所以產品組合將與 4Q 幾乎相同，對吧？

That's right, yes.

沒錯，是的。

Okay. Then for you -- for this year, 2022, will you consider to further adjust the price like Bruce asked earlier?

好的。那麼對於你來說——對於今年，2022 年，你會考慮像布魯斯之前問的那樣進一步調整價格嗎？

I touched that the ASP will reflect our market value and our relevance in the supply chain. And it's our projection right now that there will be a -- the 2022 ASP dynamic will be similar to the 2021 based on the current view in the demand and supply. And our 2021 blended ASP increased by about mid-teens percentage, yes.

我觸及到 ASP 將反映我們的市場價值和我們在供應鏈中的相關性。我們現在的預測是，根據當前的供需觀點，2022 年的 ASP 動態將與 2021 年相似。是的，我們 2021 年的混合 ASP 增加了大約十幾歲的百分比。

Okay. So you said that 2022, you expect the blended ASP to increase similar as 2021 versus 2020?

好的。所以你說 2022 年，你預計混合 ASP 的增長與 2021 年與 2020 年相似嗎？

Right, right. Yes.

是的是的。是的。

The next question, Frank Lee, HSBC.

下一個問題，Frank Lee，匯豐銀行。

Okay. Just wanted to ask about, I guess, the -- this idea of the semi content growth. I think you've alluded to that previously in this call as well in the past analyst meetings. I just wanted to -- I guess if you guys can give us a bit more color in terms of the semi content growth potentially by node. Are we seeing semi content growth pickup across all nodes in terms of what you see? Or are there any nodes in particular where you see even more semi content growth than we expected?

好的。只是想問一下，我猜，半內容增長的這個想法。我認為您之前在本次電話會議以及過去的分析師會議中都提到了這一點。我只是想 - 我想你們是否可以在節點潛在的半內容增長方面給我們更多的色彩。就您所看到的而言，我們是否看到所有節點的半內容增長有所回升？或者有沒有特別的節點，你看到的半內容增長比我們預期的還要多？

Well...

好吧...

Frank, we don't really have the final numbers, but we are confident so-called the UMC addressable market, which is 14 and below, the mature node by many of the analysts, still will show very good growth and may not be as high as the bleeding edge but good enough to let UMC to enjoy the megatrend. So the simple answer is really across the board -- across most of the nodes for UMC focused -- UMC's addressable market.

弗蘭克，我們真的沒有最終數字，但我們有信心所謂的聯電可尋址市場，即 14 歲及以下，許多分析師認為的成熟節點，仍將顯示出非常好的增長，可能不會像高到最前沿，但足以讓 UMC 享受大趨勢。因此，簡單的答案實際上是全面的 - 在 UMC 關注的大多數節點上 - UMC 的可尋址市場。

Okay. So I guess if we're looking at semi content across the board, would you expect that the level of semi content growth that we've seen over the last year to continue to be at the same pace? Or do you think it would start to slow down a bit? I mean just generally, expectations of how you see the semi content continuing in the next 1 to 2 years.

好的。所以我想，如果我們全面關注半內容，你會期望我們在去年看到的半內容增長水平會繼續保持相同的速度嗎？或者你認為它會開始放緩一點？我的意思是一般來說，對你如何看待未來 1 到 2 年的半內容的期望。

Well, I mean, the market intelligence lead us to believe that the industry -- the megatrend will actually continue to drive positive growth. And it will spread on all nodes. We're just not ready to -- at this point to discuss on by-node basis. But the -- overall, we think the growth will continue, and -- because we see a number of area have a significant silicon content increase, from the 5G, real estate increases -- the second real estate increases because of more function -- increase of functionality. As well as automotive, you some of the components actually increased by unit count. So they -- there are many different areas and spread out in the different nodes. And I think that the megatrend is going to drive this industry, continue grow for quite some time, yes.

好吧，我的意思是，市場情報使我們相信該行業——大趨勢實際上將繼續推動正增長。它將傳播到所有節點。我們只是還沒準備好-- 在這一點上逐節點討論。但是 - 總體而言，我們認為增長將繼續，並且 - 因為我們看到許多區域的矽含量顯著增加，從 5G 開始，房地產增加 - 第二個房地產增加，因為更多功能 -增加功能。除了汽車，您的一些組件實際上增加了單位數量。所以它們——有許多不同的區域，分佈在不同的節點上。而且我認為大趨勢將推動這個行業，繼續增長相當長的一段時間，是的。

Okay. And then, sorry, just my last question is just, you touched a bit about the auto market as well. Currently, auto doesn't look like it's more than 10% of your revenue. But the way we should look at autos, should we think about it as a much bigger impact relative to what the revenue occupies of the future capacity going forward? I'm just trying to get a sense of, I guess, the new capacity going forward. How should we think about the auto space as part of the overall influence on the industry capacity? .

好的。然後，對不起，我的最後一個問題是，你也談到了汽車市場。目前，汽車似乎不超過您收入的 10%。但是我們應該看待汽車的方式，我們是否應該將其視為相對於未來產能的收入所佔比例更大的影響？我想，我只是想了解一下未來的新容量。我們應該如何看待汽車空間作為對行業產能的整體影響的一部分？ .

Well, from the absolute dollar standpoint, they -- they're relative small compared to the mobile space, the smartphone space. But they are important because they have a different characteristic. For instance, the auto component has a long life cycle. So they have a longer longevity. And so the -- so we all put into that as a consideration. So for that -- so for some of those consideration, our auto revenue portion will actually continue to increase. .

好吧，從絕對美元的角度來看，它們 - 與移動領域，智能手機領域相比，它們相對較小。但它們很重要，因為它們具有不同的特性。例如，汽車組件的生命週期很長。所以他們的壽命更長。所以 - 所以我們都把它作為一個考慮因素。因此，出於某些考慮，我們的汽車收入部分實際上將繼續增加。 .

And next, we have Sunny Lin, UBS, for questions.

接下來，我們請瑞銀的 Sunny Lin 提問。

Congrats on the very strong performance. My first question is for next couple of years. Clearly, there's constructive demand drivers for turning edge. But several foundries are expanding and China is also accelerating the investment. So I wanted to get your thought on how overall supply-demand dynamics could trend next couple of years.

恭喜非常強勁的表現。我的第一個問題是未來幾年。顯然，有建設性的需求驅動因素推動了轉機。但有幾家代工廠正在擴張，中國也在加速投資。因此，我想了解您對未來幾年整體供需動態的趨勢的看法。

We -- earlier, we kind of touched about the demand. So it's -- our market intelligence lead us to believe that the demand will continue to be strong because of those megatrends reason.

我們 - 早些時候，我們有點觸及需求。因此，我們的市場情報使我們相信，由於這些大趨勢的原因，需求將繼續強勁。

On the supply side, based on the announced capacity expansion plan, we do see the oversupply situation at 28-nanometer to happen beyond 2023, not before 2023. But we still also believe the oversupply situation will be mild and show that -- given the 28-nanometer will be a sweet spot for many applications, then expect the demand will continue to migrate to 28-nanometers and that 28-nanometer demand will continue to grow.

在供應方面，根據宣布的產能擴張計劃，我們確實認為 28 納米的供過於求情況將在 2023 年之後發生，而不是在 2023 年之前。但我們仍然認為，供過於求的情況將是溫和的，並表明——鑑於28 納米將成為許多應用的最佳選擇，那麼預計需求將繼續遷移到 28 納米，並且 28 納米的需求將繼續增長。

And with our strong 28-nanometer product pipeline, we have aligned it with our technology and -- based on the market megatrend and those by the global leading customer with the multiyear LTA commitments. Between the LTA coverage and single source, we have approximately 80% coverage capacity. So we are confident that our 80% -- I mean, our 28-nanometer capacity expansion is well protected. But at the same time, we have a pretty good expectation on the -- no, we have actually a high expectation on 28's growth. But that's give you a bit of a demand and supply overview, yes.

憑藉我們強大的 28 納米產品線，我們已將其與我們的技術保持一致，並且基於市場大趨勢以及全球領先客戶的多年 LTA 承諾。在 LTA 覆蓋和單一來源之間，我們有大約 80% 的覆蓋能力。所以我們有信心，我們的 80%——我的意思是，我們的 28 納米產能擴張得到了很好的保護。但與此同時，我們對 - 不，我們實際上對 28 的增長有很高的期望。但這給了你一些供需概況，是的。

All right. That's very helpful. So the 80% coverage, is that for 28 specifically or for your overall capacity? .

好的。這很有幫助。那麼 80% 的覆蓋率是專門針對 28 人還是針對您的整體容量？ .

It's for -- what I mentioned is actually for the 28 nanometers, yes. .

是的——我提到的實際上是 28 納米，是的。 .

Right. So would you be able to share with us, if we look at your total capacity across 8-and 12-inch, how many of the capacity is now covered by LTAs?

正確的。那麼您能否與我們分享一下，如果我們查看您的 8 英寸和 12 英寸總容量，LTA 現在覆蓋了多少容量？

They have a very similar -- I mean, so the UMC, the LTA and the single source business are actually endorsed by our customers' commitment and confidence in our technology. It's all designed into UMC platform. That's when we discussed LTA and single source. And many of them are single-source products with our differentiated technology. The total revenue contribution to now is around USD 18 billion, and they continue to pie up. Many of the product are -- relate to industry megatrends, fulfilled by our specialty technology know-how. And we expect those product will have a longer lifespan. .

他們有一個非常相似的——我的意思是，UMC、LTA 和單一來源業務實際上得到了客戶對我們技術的承諾和信心的認可。這一切都設計在UMC平台中。那時我們討論了 LTA 和單一來源。其中許多是採用我們差異化技術的單一來源產品。到現在的總收入貢獻在 180 億美元左右，而且還在繼續增加。許多產品都與行業大趨勢相關，由我們的專業技術知識實現。我們預計這些產品的使用壽命會更長。 .

Got it. My second question is on your gross margin. So after price adjustment, is there still a margin difference between 8-inch and 12-inch? And do you have a gross margin target for next couple of years? I think you mentioned a target for ROE that's above 20%. So I wonder if you also have a goal for gross margin as well. .

知道了。我的第二個問題是關於你的毛利率。那麼在調價之後，8寸和12寸之間還有差距嗎？你有未來幾年的毛利率目標嗎？我認為您提到了 ROE 超過 20% 的目標。所以我想知道你是否也有毛利率目標。 .

So above -- 20%-plus ROE should give you a sense about our gross margin target, which we cannot really give you the numbers. But again, we -- our real focus is EBITDA margin, which will continue to show further improvement.

所以上面——20% 以上的 ROE 應該讓你對我們的毛利率目標有所了解，我們無法真正給你數字。但同樣，我們 - 我們真正關注的是 EBITDA 利潤率，它將繼續顯示出進一步的改善。

Gross margin can vary along with this depreciation curve. And this year, it will be down slightly. Next year, it will be up slightly but a year after that maybe increase a little bit more. Now our base will also increase after 2 years of compound growth. So we do have a goal for internal purpose. But the key is really to let our shareholder to receive the dividends in line -- in terms of growth rate of the dividend to be in line or better than our foundry growth.

毛利率會隨著折舊曲線的變化而變化。而今年，它會略有下降。明年，它會略有上升，但一年後可能會增加一點。現在我們的基數也將在 2 年的複合增長後增加。所以我們確實有一個內部目的的目標。但關鍵是要真正讓我們的股東獲得符合預期的股息——就股息的增長率而言，要符合或優於我們的代工增長。

Next question, Charlie Chan, Morgan Stanley.

下一個問題，查理陳，摩根士丹利。

Sure. And again, congratulations for your great results. And I really want to consult you some kind of industry assumption you just shared with us. So you also quote that the foundry industry is going to grow 20% year-on-year. Can you break down the shipment grows versus the ASP increase? Do you think the -- is it similar to your company's trend, meaning the ASP increase account for maybe 15% of growth and shipment increases 5%?

當然。再次祝賀你取得了巨大的成果。我真的很想諮詢您剛剛與我們分享的某種行業假設。因此，您還引用了鑄造行業將同比增長 20% 的說法。你能分解出貨量增長與 ASP 增長嗎？您是否認為這與貴公司的趨勢相似，即平均售價增長可能佔增長的 15%，出貨量增長 5%？

Well, I mean, the -- our previous outlook based on the market data is we believe the foundry growth will be about 12% this year. And now we revised to about 20% and largely due to a higher utilization, some of the capacity expansion and also the ASP increase around the industry. So they're a combination, in our view, and that led us to believe that 20% will be the current projection.

嗯，我的意思是，我們之前基於市場數據的預測是，我們認為今年的代工增長率將達到 12% 左右。現在我們修正到 20% 左右，主要是由於更高的利用率、一些產能擴張以及整個行業的平均售價增加。因此，在我們看來，它們是一個組合，這使我們相信 20% 將是當前的預測。

Okay. Understood. And if I may, can I ask your -- based on your kind of calculation, what is the foundry -- the supply capacity, supply increase over the last year, I mean, 2021, and also this year? According to our calculation, it should be more than 10% last year and should be close to 10% in 2022. Just want to compare notes with your assumption.

好的。明白了。如果可以的話，我能問一下你的——根據你的計算，代工廠是什麼——供應能力，供應量比去年增加，我的意思是，2021 年，還有今年？根據我們的計算，去年應該在10%以上，2022年應該接近10%。只是想和你的假設比較一下。

Well, I mean, the -- we -- obviously, we have a -- some data internally, the intelligence. But the data may base on a different base. So -- and different numbers. So it's -- I don't want to mislead you. It's associated with a different base level and different end result. So I think we -- you're probably talking about between the 6% to 10% range, yes.

好吧，我的意思是——我們——顯然，我們有——一些內部數據，即情報。但數據可能基於不同的基礎。所以 - 和不同的數字。所以——我不想誤導你。它與不同的基礎級別和不同的最終結果相關聯。所以我認為我們 - 你可能在談論 6% 到 10% 的範圍，是的。

Okay. Okay. And then about -- your communication is more than half of your revenue, right? So can you break down into smartphone versus non-smartphone in that communications segment?

好的。好的。然後——你的溝通佔了你收入的一半以上，對吧？那麼，您能否在該通信領域細分為智能手機和非智能手機？

You mean within the communications segment?

你的意思是在通信領域？

Yes. How much is the smartphone?

是的。智能手機多少錢？

Oh, for the wireless, we project it's going to be about 85%. And for the wire, wire is probably going to be about 15%.

哦，對於無線，我們預計它將達到 85% 左右。而對於電線，電線可能會占到 15% 左右。

Oh, okay. I see. Yes. So I think I wanted to ask this. It's really to allude to this kind of tech supply chain inventory debate. So I guess first, I suppose it's just very, very near term, right, since you have a exposure to smartphone as well. Do you see any kind of a slowdown or inventory increase at your customers or channel for any of the segments, not just smartphone but also other consumer tech, PC, et cetera?

哦好的。我知道了。是的。所以我想我想問這個。這真的是在暗示這種技術供應鏈庫存辯論。所以我想首先，我想這只是非常非常近期的事情，對，因為你也接觸過智能手機。您是否看到任何細分市場的客戶或渠道出現任何形式的放緩或庫存增加，不僅是智能手機，還包括其他消費技術、PC 等？

We kind of touched that a little bit earlier. We do see some of the wafer demand associated with the work from home and home learning as the softness. And the -- on the smartphone side, we also see the -- some softness, but the overall smartphone probably are flattish, kind of the lower end side. But we do expect the 5G smartphone, the penetration, will still continue. The automotive will continue. And we see a lots of activity on IoT space, too. So those will easily offset the softness. So I think at this point, we believe the demand will remain robust.

我們稍微早一點觸及了這一點。我們確實將與在家工作和在家學習相關的一些晶圓需求視為疲軟。而且 - 在智能手機方面，我們也看到了 - 一些柔軟，但整體智能手機可能是平淡的，有點低端的一面。但我們確實預計 5G 智能手機的滲透率仍將繼續。汽車將繼續。我們在物聯網領域也看到了很多活動。所以這些很容易抵消柔軟度。所以我認為在這一點上，我們相信需求將保持強勁。

If we talk about the near term, I think that for us this year, there are a few challenges, such as Omicron's case, only for tools and equipment we talked about earlier and also innovation, right? So for this year, we'll be focused on working closely with our -- both upstream and downstream partners to ensure the supply, the loading and the managing the cost issue. So I'm less concerned about the demand for the year, but I'm more focused on the overall, the other factors, yes.

如果說近期的話，我覺得今年對我們來說有一些挑戰，比如Omicron的案例，只是我們之前講的工具和設備，還有創新，對吧？因此，今年，我們將專注於與我們的上游和下游合作夥伴密切合作，以確保供應、裝載和管理成本問題。所以我不太關心今年的需求，但我更關注整體，其他因素，是的。

Okay. Just one very quick follow-up, and I will be back to the queue. So regarding the kind of tech supply chain-inventory assumption, your -- in terms of peers, that the supply chain needs to keep a very, very high inventory probably given the logistics issue, right? But our concern is that for consumer tech, the inventory value could discount, I mean, the products or the kind of chip components. So in your kind of full year assumption, do you consider timing of inventory correction? Or you think this year -- through the year, we wouldn't see a kind of inventory rebalancing for the tech supply chain?

好的。只需一個非常快速的跟進，我就會回到隊列中。所以關於那種技術供應鏈庫存假設，你的 - 就同行而言，供應鏈需要保持非常非常高的庫存，可能考慮到物流問題，對吧？但我們擔心的是，對於消費科技，庫存價值可能會打折，我的意思是，產品或芯片組件的種類。因此，在您的全年假設中，您是否考慮庫存調整的時間？或者你認為今年 - 通過這一年，我們不會看到科技供應鏈的庫存再平衡？

Well, I mean, the -- for the inventory level, right, we -- our data shows it was still at a moderate level for -- the inventory level. And we do see some inventory pile up, whether it's for logistics reason or for the high expectation outlook. There are some inventory preparation reasons, but we couldn't judge that. But we think on a high level, they're still within the moderate level. And so as long as we -- or majority, our focus is on the megatrends. I think it is on a -- they're still on an uptrend mode. So we actually have -- we still feel comfortable about it right now.

好吧，我的意思是，對於庫存水平，對，我們 - 我們的數據顯示它仍然處於中等水平 - 庫存水平。而且我們確實看到一些庫存堆積，無論是出於物流原因還是出於高預期的前景。有一些庫存準備原因，但我們無法判斷。但是我們認為在高水平上，它們仍然處於中等水平。因此，只要我們 - 或大多數人，我們的重點是大趨勢。我認為它處於 - 他們仍處於上升趨勢模式。所以我們實際上有 - 我們現在仍然對此感到滿意。

However, we both know that foundry is a cyclical industry.

但是，我們都知道代工是一個週期性行業。

Indeed. Indeed, yes.

確實。確實對的。

And so I think for UMC, I think we're well positioned to weather through the cyclicality of the business. As we -- for the past few years, we've been prepared for this. We are ahead of our competition. Even now, we have a comprehensive technology portfolio that align to the megatrend. Like I mentioned earlier, we engage with all leading customer, coupled it with a well-balanced 8-inch and 12-inch diversified offering. Well, in addition, we did receive customers' endorsement through the increase of LTA for the future capacity expansion arrangement.

所以我認為對於聯電來說，我認為我們已經做好了應對業務週期性的準備。正如我們——在過去的幾年裡，我們已經為此做好了準備。我們領先於競爭對手。即使是現在，我們也擁有符合大趨勢的全面技術組合。就像我之前提到的，我們與所有主要客戶合作，並提供均衡的 8 英寸和 12 英寸多樣化產品。嗯，另外，我們確實通過增加LTA得到了客戶的認可，為未來的擴容安排。

And all the effort we have spent in this past few years, we believe the company has become more resilient in the event of micro uncertainty if that happens. But we haven't really seen any signs they were happening in 2022. But I think that it's more important that as a company, we need to get prepared for it, yes.

我們在過去幾年中付出的所有努力，我們相信如果發生這種情況，公司會在微觀不確定性的情況下變得更有彈性。但我們還沒有真正看到它們在 2022 年發生的任何跡象。但我認為，作為一家公司，更重要的是，我們需要為此做好準備，是的。

Your next question, Gokul Hariharan, JPMorgan.

您的下一個問題，摩根大通的 Gokul Hariharan。

I have a couple of questions on pricing. First of all, when you engaged in price negotiations with customers recently, what is the feedback you're getting from fabless companies in terms of potential for further price hikes, especially after the very big one-off price hike that has been seen from your larger competitor, which probably hits pretty much all the fabless companies across the board? Do you feel that there is more room to travel in terms of price increases from here on? I mean, Q1, obviously, you've seen a meaningful price hike. But beyond that, how much scope of price adjustment do we see?

我有幾個關於定價的問題。首先，當您最近與客戶進行價格談判時，您從無晶圓廠公司獲得的關於進一步提價潛力的反饋是什麼，尤其是在您從您看到的非常大的一次性提價之後更大的競爭對手，這可能會打擊幾乎所有無晶圓廠公司？您是否覺得從現在開始價格上漲還有更多的旅行空間？我的意思是，第一季度，很明顯，你已經看到了有意義的價格上漲。但除此之外，我們看到的價格調整幅度有多大？

Well, again, we don't take the pricing, the ASP as a short-term opportunistic tool. And so we are closely working with the customer to ensure we have a mutual growth and to capture the market opportunities. So I think right now, they understand our pricing adjustment for Q1, and we're going to be closely working with them. The -- for UMC, the 2022 ASP projection for the year, we project it's going to be similar to our 2021 number. So that already includes all the product mix as well the pricing adjustment that we have aligned with our customers. So far, I think that -- I think we do have the customers' understanding and alignment on those. But if the market does continue, that changes and we will work with our customer closely.

好吧，再一次，我們不把定價和 ASP 作為短期機會主義工具。因此，我們與客戶密切合作，以確保我們共同成長並抓住市場機會。所以我認為現在，他們了解我們對第一季度的定價調整，我們將與他們密切合作。 - 對於聯華電子，2022 年的 ASP 預測，我們預計它將與我們 2021 年的數字相似。因此，這已經包括所有產品組合以及我們與客戶保持一致的定價調整。到目前為止，我認為 - 我認為我們確實有客戶的理解和一致意見。但如果市場確實繼續下去，情況就會改變，我們將與客戶密切合作。

Got it. So I think it's probably the biggest level of price increases that we have seen in any of the past 4 or 5 cycles. Roughly, I think if I take your mid-teens price increase, blended basis, in '22, you're probably 30% higher than where 2020 was. Let's say there is a downturn sometime in the future. How do you think about pricing? Do you think this pricing can hold at generally this level? Or do you feel that there is going to be some level of accommodation needed, especially given the big magnitude of price increases you have seen in the up cycle?

知道了。所以我認為這可能是我們在過去 4 或 5 個週期中看到的最大價格上漲水平。粗略地說，我認為如果我在 22 年以混合價格計算，你可能比 2020 年高出 30%。假設未來某個時候會出現低迷。您如何看待定價？你認為這個定價可以保持在這個水平嗎？或者您是否認為需要一定程度的調整，特別是考慮到您在上漲週期中看到的價格大幅上漲？

Well, I mean, that's very good. I mean that's also the logic behind, that we don't go out there just raising price for raising price. The -- for the past couple of years, we tried to realign our ASP to the market price and also reflect our market value. And so I think we have done that in the past. And now that we -- we're basically at the market price level and that this ASP reflects our market relevance, and so I think the customer has that understanding going forward. The market dynamics, we definitely have to cook that with that in mind. But in general, I think this will stay fairly at what our market price will be, yes.

嗯，我的意思是，這非常好。我的意思是這也是背後的邏輯，我們不只是為了提高價格而提高價格。 - 在過去的幾年裡，我們試圖重新調整我們的 ASP 以適應市場價格並反映我們的市場價值。所以我認為我們過去已經這樣做了。現在我們 - 我們基本上處於市場價格水平，並且這個 ASP 反映了我們的市場相關性，所以我認為客戶對未來有這種理解。市場動態，我們絕對必須考慮到這一點。但總的來說，我認為這將保持在我們的市場價格水平，是的。

Okay. Maybe one more question on demand and what customers are doing. I think, Jason, you mentioned there is some weakness that you're seeing in some parts of smartphone as well as some parts of work from home, WiFi, et cetera. Are these customers actively reducing orders with you? Or they're still tending to keep higher inventory given the supply chain risk? End demand, obviously, I think you can see that as kind of weakening. But are you kind of seeing that translate to your orders as well? Or are they still tending to keep more inventory? .

好的。也許還有一個關於需求和客戶在做什麼的問題。我認為，傑森，您提到了智能手機的某些部分以及在家工作的某些部分、WiFi 等方面存在一些弱點。這些客戶是否在積極減少與您的訂單？還是考慮到供應鏈風險，他們仍傾向於保持較高的庫存？顯然，終端需求，我認為你可以將其視為一種減弱。但是你有沒有看到這也轉化為你的訂單？還是他們仍然傾向於保留更多庫存？ .

Well, right now, we continue experiencing customers' escalations so -- on a daily basis. So I actually have -- like I mentioned earlier, we do see some of the inventory increase on some components, but there are uneven supply situation. And the escalation situation is -- actually remains. It didn't change much. And we have been closely communicating with all the customer, whether it's auto or the communication or consumer customer. And we have been very transparent and provide a very high visibility for them to understand it. And so if there is a challenge, we will continue to alleviate the shortage situation. But we're still under that mode. I think we have not seen a sign or signal that we have gone into an inventory -- over-inventory situation, yes.

好吧，現在，我們每天都在繼續經歷客戶的升級。所以我實際上 - 就像我之前提到的那樣，我們確實看到某些組件的一些庫存增加，但供應情況不平衡。升級情況是 - 實際上仍然存在。它沒有太大變化。我們一直在與所有客戶密切溝通，無論是汽車客戶還是通信客戶或消費客戶。而且我們一直非常透明，並為他們提供了非常高的可見度來理解它。因此，如果有挑戰，我們將繼續緩解短缺情況。但我們仍處於這種模式下。我認為我們還沒有看到我們進入庫存的跡像或信號——是的，庫存過剩的情況。

Next question, Randy Abrams, Crédit Suisse.

下一個問題，Randy Abrams，瑞士信貸。

Yes. I wanted to ask just a follow-up on the LTA then. If you could discuss the -- in an inventory correction, the protection. Is it quantity based where they can defer the quantity? And then is the element also -- any degree of pricing or prepayment involved? Like if you could just update the structure of these LTA you've set up.

是的。那時我只想問 LTA 的後續情況。如果您可以討論 - 在庫存更正中，保護。數量是基於他們可以推遲數量的地方嗎？然後元素是否也 - 涉及任何程度的定價或預付款？就像您可以更新已設置的這些 LTA 的結構一樣。

Well, they -- well, the way I would say is well protected for both customer and us. They -- we have provided the capacity assurance while we -- while the LTA provides a loading protection in UMC in return. The -- such loading protection includes the volume and the ASP. And so...

好吧，他們——好吧，我想說的方式對客戶和我們都有很好的保護。他們 - 我們提供了容量保證，而我們 - 而 LTA 在 UMC 中提供了負載保護作為回報。 -- 這樣的加載保護包括捲和ASP。所以...

Deposit.

訂金。

Yes, and deposit. But I probably won't be able to go into detail with that, yes, because we do have a confidential clause with our customers, yes.

是的，還有押金。但我可能無法詳細說明，是的，因為我們確實與客戶有保密條款，是的。

Okay. And then the other question I wanted to ask, on 28, if you could go through how you see that. Is that -- the way we think about it, it's still about 20% year-on-year the next couple of years because now you have the overall company growing at that pace. Like if you could give an update how you see 28 growing.

好的。然後我想在 28 日問的另一個問題是，您能否了解一下您的看法。是這樣 - 我們認為它的方式，在接下來的幾年裡仍然會同比增長 20% 左右，因為現在整個公司都以這樣的速度增長。就像如果您可以更新您如何看待 28 的增長。

And back to your view of, say, oversupply 2 years from now in that node, is the plan by that time we go back to upgrading to FinFET where we upgrade? Or is it your view slow down capacity just knowing we might get to that oversupply situation? So beyond these current phases, making the plan to start slowing down, factoring what other players are doing.

回到你的觀點，比如說，從現在起 2 年後那個節點會出現供過於求的情況，到那時我們是否計劃回到升級到我們升級的 FinFET？還是您的觀點只是知道我們可能會出現供過於求的情況，從而降低了產能？因此，除了當前的這些階段之外，計劃開始放慢速度，同時考慮其他參與者正在做的事情。

Sure. So for the 2022, the 28-nanometer capacity will grow an additional 20% year-over-year, okay? And beyond the 2022, the -- we still have a very high confidence that 28 will be sweet spot, okay, and for many application. So I think the demand will continue. The growth will continue.

當然。所以到 2022 年，28 納米的產能將同比增長 20%，好嗎？在 2022 年之後，我們仍然非常有信心 28 年將是最佳時機，好吧，並且對於許多應用程序而言。所以我認為需求將繼續存在。增長將繼續。

And based on our alignment with the customer and the endorsement based on LTA, I think those 28 capacities will protect -- as a potential risk mitigation for the 28 to migrate into 14, that option is always there. There's a high commonality percentage of the 2 that actually we'd be able to convert to 14. And so I think that option will always be there, yes.

基於我們與客戶的一致以及基於 LTA 的認可，我認為這 28 個容量將保護 - 作為 28 個遷移到 14 個的潛在風險緩解，該選項始終存在。實際上我們能夠轉換為 14 的 2 的共性百分比很高。所以我認為這個選項將永遠存在，是的。

And just the last follow-up on the application. Has there been broadening? You've talked in the past things like the OLED driver WiFi 6, ISP. When you mentioned the additional surge of business, are there any new promising application sort of sweet spots?

並且只是對應用程序的最後一次跟進。有沒有變寬？您過去曾談過諸如 OLED 驅動程序 WiFi 6、ISP 之類的事情。當您提到業務的額外激增時，是否有任何新的有前途的應用程序類型的甜蜜點？

Well, we're starting the exploration of the 28 nonvolatile memory that is starting to get into a discussion. And the ISP will also be in 28 nanometers, which is for the sensor controller. And those -- it's all going to be a very strong application, yes.

好吧，我們開始探索 28 非易失性存儲器，它開始進入討論。 ISP 也將採用 28 納米，用於傳感器控制器。還有那些——這一切都將是一個非常強大的應用程序，是的。

Ladies and gentlemen, we are taking the last question, which is from Bruce Lu, Goldman Sachs.

女士們，先生們，我們正在回答最後一個問題，來自高盛的 Bruce Lu。

I have two questions. The first one is your 2021 CapEx ended up with $1.8 billion, which is like $500 million shortfall from the previous guidance. But you just mentioned that maybe some of the tools is pushed out to 2022. So -- which means that your $3 billion CapEx initiative include those $500 million pushout. Is that the right understanding?

我有兩個問題。第一個是您的 2021 年資本支出最終為 18 億美元，與之前的指導相比，這大約是 5 億美元的缺口。但你剛剛提到，可能其中一些工具會被推遲到 2022 年。所以——這意味著你 30 億美元的資本支出計劃包括那些 5 億美元的推出。這是正確的理解嗎？

Yes. Yes.

是的。是的。

So -- which means originally, we were expecting $3 billion CapEx, but effectively, it's $2.5 billion. Is that the right understanding from my side?

所以 - 這意味著最初，我們預計 30 億美元的資本支出，但實際上是 25 億美元。這是我的正確理解嗎？

That's based upon the current payment schedule. But still, this number is not really -- if you compare it to our larger competitor, it's actually a smaller number to maneuver. So, I mean, this number is -- dynamically adjusts according to our payment schedule. And this $3 billion is based upon our visibility right now.

這是基於當前的付款時間表。但是，這個數字並不是真的——如果你將它與我們更大的競爭對手進行比較，它實際上是一個更小的數字。所以，我的意思是，這個數字是 - 根據我們的付款計劃動態調整。而這 30 億美元是基於我們現在的知名度。

I see. Understand. The second thing is that when everyone is expecting like expanding 28-nanometer capacity industry-wide, which means that for other legacy 12-inch like 40 nanometers, which is like no one is expanding those type of capacity and which we also see some of the big shortage of it, do you have any plan to increase the 40 nanometers or other nodal capacity?

我知道了。理解。第二件事是，當每個人都期望在全行業範圍內擴展 28 納米的容量時，這意味著對於其他傳統的 12 英寸（如 40 納米）來說，就像沒有人在擴展這些類型的容量一樣，我們也看到了一些大缺吧，你們有計劃增加40納米或其他節點的容量嗎？

If there is, we will definitely report accordingly. We definitely see that as well. We are seeing the shortage across the -- all nodes. And so if there is any plan on that, we will definitely report that.

如果有，我們一定會做出相應的報告。我們肯定也看到了這一點。我們看到所有節點都出現短缺。因此，如果有任何計劃，我們一定會報告。

And ladies and gentlemen, we thank you for all your questions. That concludes today's Q&A session. I'll turn things over to UMC Head of IR for closing remarks.

女士們，先生們，我們感謝你們提出的所有問題。今天的問答環節到此結束。我將把事情交給 UMC IR 負責人結束髮言。

Thank you for attending this conference today. We appreciate your questions. As always, if you have any additional follow-up questions, please feel free to contact UMC at ir@umc.com. Have a good day and happy Chinese New Year.

感謝您參加今天的這次會議。我們感謝您的提問。與往常一樣，如果您有任何其他後續問題，請隨時通過 ir@umc.com 聯繫 UMC。祝你有美好的一天，快樂的中國新年。

Thank you. Ladies and gentlemen, that concludes our conference for 4Q '21. Thank you for your participation in UMC's conference. There will be a webcast replay within 2 hours. Please visit www.umc.com under the Investors/Events section. You may now disconnect. Goodbye.

謝謝你。女士們先生們，我們的 4Q '21 會議到此結束。感謝您參加聯電的會議。 2小時內將進行網絡直播重播。請訪問 www.umc.com 的“投資者/活動”部分。您現在可以斷開連接。再見。