聯華電子 (UMC) 2004 Q2 法說會逐字稿

Good day, everyone, and welcome to the UMC second-quarter 2004 earnings results conference call.

大家好，歡迎參加 UMC 2004 年第二季財報電話會議。

Please be aware that all participants are in a listen-only mode.

請注意，所有參與者都處於僅聽模式。

At the conclusion of the presentation, there will be a time for questions and answers.

演講結束後，將有提問和回答的時間。

At that time, instructions will be given about the procedure to follow if you would like to ask a question.

屆時，如果您想提出問題，將給予有關應遵循的程序的說明。

For your information, today's conference is being broadcast live over the Internet.

供您參考，今天的會議正在透過網路進行現場直播。

A replay for the call will be available at www.UMC.com under Investor Relations/Investor Events selection through Thursday, September 28, 2004.

電話會議的重播將於 2004 年 9 月 28 日星期四之前在 www.UMC.com 的“投資者關係/投資者活動”部分提供。

This call is being recorded and a telephone replay of the call will be available from 11 AM Eastern standard time on July 28 until midnight Eastern standard time July 29.

正在對此次通話進行錄音，並且從東部標準時間 7 月 28 日上午 11 點到東部標準時間 7 月 29 日午夜，可以進行電話重播。

To access the replay, please call 888-203-1112 or 719-457-0820 if you are unable to contact from outside the U.S.

若要觀看重播，如果您無法從美國境外聯繫，請致電 888-203-1112 或 719-457-0820。

The access code will be UMC any time during this period.

在此期間的任何時間，存取代碼均為 UMC。

At this time, for opening remarks, I'd like to turn the conference over to the Finance Director of UMC, Mr. Chitung Liu.

現在，我想請聯華電子財務長劉啟東先生致開幕詞。

Please go ahead, sir.

請繼續，先生。

Welcome, everyone.

歡迎大家。

Thank you, everyone, for attending our second-quarter earnings conference call.

感謝大家參加我們的第二季財報電話會議。

We are hosting this conference call from Taipei and here to help report our results are Mr. Jackson Hu, CEO and Mr. Bowen Huang, Senior IR Manager.

我們在台北主持本次電話會議，執行長 Jackson Hu 先生和高級 IR 經理 Bowen Huang 先生在這裡幫助報告我們的結果。

Before beginning this presentation, I would like to remind everyone of our Safe Harbor policy.

在開始本演講之前，我想提醒大家我們的安全港政策。

That is that certain statements made during the course of our discussion today may constitute forward-looking statements which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including risks that may be beyond the Company's control.

也就是說，我們今天討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果出現重大差異，包括以下風險：可能超出公司的控制範圍。

For this reason, please refer to UMC's filings with the SEC in the U.S. and ROC Security authorities.

因此，請參閱 UMC 向美國 SEC 和中華民國安全機構提交的文件。

I would now like to turn the conference over to today's speaker, Mr. Jackson Hu, CEO of UMC.

現在我想把會議交給今天的演講者，聯華電子執行長胡志明先生。

Hello, everyone.

大家好。

We thank you for joining us today and as usual, we appreciate your interest in UMC.

我們感謝您今天加入我們，並且像往常一樣，我們感謝您對 UMC 的興趣。

Our format will be the same as before.

我們的格式將與以前相同。

I will begin with a brief summary of our operating results for the second quarter of 2004, and I assume that you have already have a copy of our press release, so I will try to be very brief.

我將首先簡要概述 2004 年第二季的經營業績，我假設您已經收到了我們的新聞稿，所以我會盡量簡短。

Following the summary, I will provide an outlook and a guidance for the third quarter of 2004 and after that, we will open the time for your questions.

在總結之後，我將對 2004 年第三季進行展望和指導，之後我們將開放提問時間。

Overall speaking, we accomplished our Q2 objectives relatively smoothly and our quarter-over-quarter revenue increased by 15.2 percent to NT$29.2 billion or US$864 million.

整體來說，我們第二季的目標完成得比較順利，營收季增15.2%，達到新台幣292億元，即8.64億美元。

Our quarter-over-quarter operating income increased by 43.6 percent to NT$7.6 billion or US$225 million.

營業收入較上季成長 43.6%，達到新台幣 76 億元（2.25 億美元）。

Our quarter-over-quarter net income increased by 84.2 percent to NT$12.7 billion or US$379 million.

淨利潤季增 84.2%，達到新台幣 127 億元，即 3.79 億美元。

The blended average selling price per wafer rose by 6 percent, compared with Q1, and the quarter-over-quarter shipment of wafers, in terms of 8-inch equivalent, increased by 9.7 percent totaling 710,000 wafers.

與第一季相比，每片晶圓的綜合平均售價上漲了 6%，而以 8 吋換算的晶圓出貨量較上季成長了 9.7%，總計 71 萬片。

So as I mentioned earlier, in summary we had a very strong second quarter with increasing ASP, so all of the major indexes (ph) as we have forecasted have been met.

正如我之前提到的，總而言之，我們的第二季度表現非常強勁，平均售價不斷上升，因此我們預測的所有主要指數 (ph) 都已達到。

On the technology front, UMC continues to provide the best semiconductor foundry services to our customers, and we remain committed in bringing them the latest technology and remaining at the forefront of the cutting-edge geometry.

在技​​術方面，聯華電子持續為客戶提供最佳的半導體代工服務，並始終致力於為他們帶來最新技術，並保持在尖端幾何技術的最前沿。

Several of our customers, including major suppliers of programmable logic devices and wireless handsets (indiscernible) are already utilizing our world-class 90 nm process facility to fabricate some of the world's most advanced commercially available chips.

我們的一些客戶，包括可程式邏輯裝置和無線手機（聽不清楚）的主要供應商，已經在利用我們世界一流的 90 奈米製程設施來製造一些世界上最先進的商用晶片。

You may have (indiscernible) their press release -- (technical difficulty).

你可能有（聽不清楚）他們的新聞稿－（技術困難）。

We are currently working with several of our leading customers and suppliers -- (technical difficulty) -- and at the proper time, we will disclose more.

我們目前正在與幾家主要客戶和供應商合作（技術難度），在適當的時候，我們將揭露更多資訊。

To meet the rising demand for outsourced semiconductor fabrication, we are also on target to bring more manufacturing capacity online in the third quarter of 2004.

為了滿足外包半導體製造不斷增長的需求，我們也計劃在 2004 年第三季投產更多製造能力。

In the third quarter, our capacity will increase to 853,000 8-inch equivalents; that includes the two new 12-inch fabs, 12A UMCi and also the newly acquired (indiscernible) semiconductor fab now we call 8S.

第三季度，我們的產能將增加至8吋當量85.3萬片；其中包括兩個新的 12 吋晶圓廠、12A UMCi 以及新收購的（難以辨識的）半導體晶圓廠（現在我們稱為 8S）。

So UMC is committed to the (indiscernible) foundry model and we intend to remain to be a key leader, bringing the latest in manufacturing technology in the IP and the complete solutions to our customers.

因此，聯華電子致力於（難以辨別的）代工模式，我們打算繼續成為主要領導者，為我們的客戶帶來最新的 IP 製造技術和完整的解決方案。

So let me now turn to the guidance for the third quarter.

現在讓我談談第三季的指導。

Because of the increased capacity I just mentioned, expect the total wafer shipments to increase by approximately 15 to 16 percent in Q3.

由於我剛才提到的產能增加，預計第三季晶圓總出貨量將增加約15％至16％。

The average selling price for ASP is expected to increase by another 3 to 4 percent in U.S. dollar terms.

以美元計算，平均售價預計將再上漲 3% 至 4%。

The capacity utilization is expected to be close to 100 percent.

預計產能利用率接近100%。

Please notice that this includes the capacity -- the new capacity that I have just mentioned.

請注意，這包括容量——我剛才提到的新容量。

The gross margin in the third quarter is expected to improve due to higher ASP and increased wafer shipments.

由於平均售價上升和晶圓出貨量增加，預計第三季毛利率將有所改善。

The percentage of revenue from 0.18 micron and the smaller geometry technologies is expected to be in the high 50 percent range, and as a percentage of revenue from 0.13 micron and the DeLowe (ph) technology are expected to reach the high teens.

0.18 微米和較小幾何形狀技術的收入百分比預計將達到 50% 以上，而 0.13 微米和 DeLowe (ph) 技術的收入百分比預計將達到 11%。

So overall speaking, we expect that for the Q3 will be another strong quarter for us.

總的來說，我們預計第三季將是我們另一個強勁的季度。

As a matter of fact, the monthly revenue and the quarterly revenue may be a record high for UMC.

事實上，聯華電子的月營收和季度營收都可能創下歷史新高。

We are expecting that the communication market segment will remain to be the largest, followed by consumer and then the computer segments.

我們預期通訊細分市場仍將是最大的，其次是消費者細分市場，然後是電腦細分市場。

So I think that's a summary of the guidance, the financial guidance.

所以我認為這是指導意見和財務指導意見的摘要。

I also would like to use this opportunity to talk about the inventory issue.

我也想藉這個機會談談庫存問題。

There has been a lot of rumor in the industry, and I would like the use this opportunity to share with you what we have observed.

業界有很多傳聞，我想藉此機會與大家分享我們的觀察。

If everyone would recall, at the end of last year or early this year, when the economy just recovered (indiscernible) semiconductor industry just recovered, every customer that approached us believed that, in regards to capacity, they would increase their market share.

如果大家還記得，去年年底或今年年初，經濟剛復甦（聽不清楚）半導體產業剛剛復甦的時候，每一個來找我們的客戶都相信，在產能方面，他們會增加自己的市場份額。

Well, after about six months, the situation indicated that that's not the case.

嗯，大約六個月後，情況表明情況並非如此。

Each individual's product placed in (indiscernible) in the market share, so we have seen market share shift in certain application areas such as cellphones and DVD.

每個人的產品都佔據（難以辨別的）市場份額，因此我們看到某些應用領域（例如手機和DVD）的市場份額發生了變化。

So those that have stronger product gain market share, and those that have weaker product lose market share, and they are adjusting inventory accordingly.

因此，那些擁有較強產品的企業獲得了市場份額，而那些擁有較弱產品的企業則失去了市場份額，他們正在相應地調整庫存。

This is the first category of customer that we are seeing.

這是我們看到的第一類客戶。

The second category are customers that had low inventories in Q1, so they purposely tried to establish a higher inventory level.

第二類是第一季庫存較低的客戶，因此他們有意嘗試建立較高的庫存水準。

We have also seen a third customer category that is taking on very low inventory or 0 inventory and they are still asking for increasing wafer allocation, so the signal is mixed.

我們也看到第三類客戶的庫存非常低或為零，但他們仍然要求增加晶圓分配，因此訊號是混雜的。

I think what I just described today is probably a fair, very fair picture of what is happening in the industry regarding the inventory.

我認為我今天剛剛描述的可能是行業中有關庫存正在發生的情況的公平、非常公平的描述。

So, I will just stop my presentation here and start to take your questions.

那麼我的演講就到這裡就結束了，開始回答大家的問題。

Operator?

操作員？

Thank you, sir. (OPERATOR INSTRUCTIONS).

謝謝你，先生。 （操作員說明）。

Mark Fitzgerald at Banc of America.

美國銀行的馬克·菲茨杰拉德。

Just to follow up on your response to the inventor issues out there, are you adjusting at all your own wafer starts?

只是為了跟進您對發明家問題的回應，您是否在自己的晶圓開始時進行調整？

Because we've heard some of the fabless companies are pulling wafer starts back, so will you slow any CapEx spending or delay any investments?

因為我們聽說一些無晶圓廠公司正在推遲晶圓開工，所以您會減緩任何資本支出或推遲任何投資嗎？

We've done our wafers based on what the orders that we see, so for Q3, I think I indicated that we have still strong orders coming in.

我們是根據我們看到的訂單來生產晶圓的，所以對於第三季度，我認為我表明我們仍然有大量訂單進來。

We have, at this point, not modified or adjusted our CapEx spending.

目前，我們尚未修改或調整我們的資本支出。

The main purpose is that CapEx spending -- a majority of the spending is for advanced (indiscernible) technology which is highly needed or will be highly demanded next year.

主要目的是資本支出－大部分的支出用於先進（難以辨別的）技術，這些技術是明年非常需要或將會非常需要的。

So, we are still spending based on our plan that was disclosed earlier this year.

因此，我們仍在根據今年稍早披露的計劃進行支出。

Does that include UMCi?

這包括 UMCi 嗎？

That's correct.

這是正確的。

Matt Gabelle (ph) at (indiscernible) Capital.

馬特·加貝爾 (Matt Gabelle)（博士）在（音頻不清）資本公司。

As far as your expansion plans for 12A and UMCi still unchanged, fab 12A will be 20,000 wafers per month?

至於你們12A和UMCi的擴產計畫依然沒有改變，12A晶圓廠將是每月20,000片晶圓？

That is correct and the 10,000 for UMCi before the end of the year.

這是正確的，UMCi 年底前將達到 10,000 個。

In India, in the communication sector, specifically in handsets, what are you seeing in terms of order patterns?

在印度的通訊領域，特別是手機領域，您對訂單模式有何看法？

Are they currently constant with what they were in the second quarter?

目前與第二季的情況保持一致嗎？

In the second quarter?

第二季？

Definitely we saw high growth in the second quarter.

當然，我們在第二季度看到了高速成長。

What are those order patterns like right now in the third quarter?

第三季目前的訂單模式是什麼樣的？

Are they consistent with what you saw in the second quarter?

它們與您在第二季看到的一致嗎？

Fairly similar.

相當相似。

Michael McConnell at Crest Securities.

克萊斯特證券 (Crest Securities) 的 Michael McConnell。

Thank you.

謝謝。

Looking at the product strength in consumer, could you get a little more specific?

看看消費者的產品實力，您能說得更具體一點嗎？

You had kind of detailed that communications was driven by PLDs and that they span customers.

您已經詳細說明了通訊是由 PLD 驅動的並且跨越客戶。

But looking forward into Q3, the consumer is also going to be another driver.

但展望第三季度，消費者也將成為另一個驅動力。

What are some of the products that are driving the strength?

哪些產品正在推動力量？

The consumer products?

消費品？

Correct.

正確的。

In Q3, we don't see major changes on the consumer products, so you know, the consumer product is a broad category.

在第三季度，我們沒有看到消費品發生重大變化，所以你知道，消費品是一個廣泛的類別。

It includes the DVDs, the DSCs and other products, and the LCDs -- LCD drivers, all those products.

它包括 DVD、DSC 和其他產品，以及 LCD——LCD 驅動器，所有這些產品。

So, I think, in Q3, we don't see any significant change.

所以，我認為，在第三季度，我們沒有看到任何重大變化。

Are digital cameras still giving you some pretty good demands -- (Multiple Speakers) -- those customers?

數位相機是否仍然向您提出一些相當好的要求—（多位發言者）—那些客戶？

Yes, that's the case from the customers that we have in this category.

是的，我們這一類別的客戶就是這種情況。

I know it's a little bit looking forward but I've got to ask the question.

我知道這有點令人期待，但我必須問這個問題。

Any comments on forecast for Q4 at this point?

目前對第四季的預測有何評論？

Honestly, this is a little bit early to talk about Q4, and we have limited visibility from order standpoint.

老實說，現在談論第四季還為時過早，從訂單的角度來看，我們的能見度有限。

So, as time goes by, I think we will have more information but so far Q4, it is mixed pretty much similar to the situation of the inventory I talked about.

因此，隨著時間的推移，我認為我們將獲得更多信息，但到目前為止第四季度，它的混合情況與我談到的庫存情況非常相似。

So there are ups, downs and holds.

所以有起有落，有持之以恆。

When do you think you would probably have the best read on Q4?

您認為什麼時候可以閱讀第四季的最佳內容？

Would it take another month do you think, or what's kind of the timeframe, do you think, for visibility on your end?

您認為還需要一個月的時間，或者您認為需要多長的時間才能提高您的可見度？

Honestly, in this dynamically changing marketplace, I think we need to continue watching until we see the whole Q4.

老實說，在這個動態變化的市場中，我認為我們需要繼續觀察，直到我們看到整個第四季。

Pranab Sarmah at Daiwa.

大和的普拉納布‧薩爾瑪 (Pranab Sarmah)。

Are you on target with UMCi breaking even by fourth quarter '04 at (indiscernible) capacity?

您是否已實現 UMCi 在 04 年第四季以（難以辨認的）產能實現收支平衡的目標？

That is our target.

這就是我們的目標。

Okay.

好的。

To reach the sale or operating margin on that particular fab sale, your group level operating margin (indiscernible) 25 percent -- what should be the capacity to ramp up that fab?

為了達到該特定晶圓廠銷售的銷售或營運利潤率，您的集團層面的營運利潤率（難以辨別）為 25%——提高該晶圓廠的產能應該是多少？

Sorry, can you elaborate a little bit?

抱歉，您能詳細說明一下嗎？

I don't fully understand your question.

我不完全理解你的問題。

I said currently your group level operating margin is about 25 percent but if we assume -- like UMCi has to reach similar type of operating margins, what should be the minimum capacity you should have in that particular fab?

我說過，目前你們集團層面的營業利潤率約為25%，但如果我們假設——例如UMCi 必須達到類似的營業利潤率，那麼您在該特定晶圓廠中應擁有的最低產能應該是多少？

For this quarter actually, our gross margin is 34.5 percent.

實際上，本季我們的毛利率為 34.5%。

I'm talking operating margin is about 26 percent I guess, so -- (multiple speakers) -- if we assume like UMCi has to reach that type of operating margin maybe in 1 year time or 1.5 year time, what is the (indiscernible) on that fab?

我說的是，我猜營業利潤率約為26%，所以——（多個發言者）——如果我們假設UMCi 必須在1 年或1.5 年時間內達到這種類型的營業利潤率，那麼（難以辨別的） ）在那個工廠？

There are many variables.

有很多變數。

To give you an example, today it's around 15, 16,000 wafers at Taipei.

舉個例子，今天台北有大約 15、16,000 片晶圓。

It's actually already above the UMC average operating profit margin.

它實際上已經高於聯華電子的平均營業利潤率。

That's fair enough.

這很公平。

Could you give us the guidance about R&D expenses on the second half of '04?

您能給我們一下04年下半年研發費用的指導嗎？

I think your first (indiscernible) of R&D expenses has been quite small compared to last year.

我認為與去年相比，你們的第一筆（難以辨認的）研發費用相當小。

It's not going to be too different from the first half.

與上半場相比，不會有太大不同。

Okay, about 1.4 billion per quarter sort of range?

好吧，大約每季 14 億美元的範圍？

Yes.

是的。

Neil Pashnishra (ph) at Credit Suisse First Boston.

瑞士信貸第一波士頓公司的尼爾·帕什尼什拉（Neil Pashnishra）（博士）。

Yes, a bookkeeping question -- what should we model as the depreciation when (indiscernible) comes online?

是的，一個記帳問題－當（音訊不清晰）上線時，我們應該用什麼模型來模擬折舊？

When this (ph) comes online, there be about 10 percent more on a quarterly basis, so to give you numbers for the third quarter, it's close to NT10 billion as total depreciation for the whole quarter.

當這個(ph)上線時，每季大約會增加10%左右，所以給你第三季的數字，整個季度的總折舊額接近新台幣100億。

So around 1 billion per quarter is a safe estimate?

那麼每季 10 億左右是一個安全的估計嗎？

Yes.

是的。

A second question on the share count -- the share count that we -- I mean, after the stock dividend, the share count that you used is different from what we get after applying the stock dividend.

關於股票數量的第二個問題——我們的股票數量——我的意思是，在股票股利之後，你使用的股票數量與我們在應用股票股利後得到的股票數量不同。

Could you give some explanation of that, please?

您能對此做出一些解釋嗎？

The share count actually (indiscernible) in very details on our press release.

我們的新聞稿中實際上有非常詳細的份額計數（難以辨認）。

So, also including the fact of treasury stock repurchase, those (indiscernible) in the calculation of EPS.

因此，也包括庫存股回購的事實，這些（難以辨認）計算在每股收益中。

Shekhar Pramanick at Schwab Soundview.

Schwab Soundview 的 Shekhar Pramanick。

Just a quick question -- you know, thank you very much for explaining the inventory situation, but what do you see in the last four or five weeks in terms of wafer starts from your customers?

只是一個簡單的問題 - 您知道，非常感謝您解釋庫存情況，但是您在過去四五週內從客戶的晶圓開始方面看到了什麼？

Has that changed significantly, or is that also following very much your view of the inventory situation?

這種情況是否發生了重大變化，或者這也很大程度上符合您對庫存狀況的看法？

Thank you.

謝謝。

I think your second part of the question answered -- yes, that is the case.

我認為你的問題的第二部分已經回答了——是的，就是這樣。

Maybe one more -- what is the cycle time currently you have in terms of manufacturing cycle time?

也許還有一個問題——您目前的製造週期時間是多少？

That is always a difficult question because we have so many different process technologies and different products have very different number of (indiscernible).

這始終是一個難題，因為我們有很多不同的工藝技術，不同的產品有非常不同的數量（難以辨別）。

If we take lump sum of the average maybe it is around 1.6 days (ph). (multiple speakers).

如果我們一次計算平均值，可能約為 1.6 天（ph）。 （多個發言者）。

Yes, per mask layer.

是的，每個光罩層。

Is that -- (technical difficulty) -- today on average, or is it 2.5 months?

平均而言，（技術難度）是今天，還是 2.5 個月？

Again, that is hard because it varies.

同樣，這很困難，因為它各不相同。

I don't have the average number of (indiscernible) but -- (multiple speakers) -- the average cycle time is a good measure.

我沒有（聽不清楚）的平均數量，但是（多個發言者）平均週期時間是一個很好的衡量標準。

Maybe lastly, you know, once again, do you feel that in the last few weeks, you have seen a significant change in wafer starts (indiscernible) your customer viewpoint, given some of the inventory issues been talked about in the marketplace?

也許最後，你知道，再一次，考慮到市場上討論的一些庫存問題，你是否覺得在過去的幾周里，你已經看到你的客戶觀點在晶圓開始（難以辨別）方面發生了重大變化？

No significant change.

無重大變化。

Peti Holstieni (ph) at FBR Investment Banking.

Peti Holstiini（博士），FBR 投資銀行部。

I want to basically follow-up to Shekhar's question.

我想基本上跟進謝卡爾的問題。

As you look into Q4, wafer stock (indiscernible), would you expect the utilization rate to remain above 95 percent?

當您查看第四季度的晶圓庫存（聽不清楚）時，您預計利用率會保持在 95% 以上嗎？

My second question is, when you look into 2005, you talked about the spending for (indiscernible).

我的第二個問題是，當您回顧 2005 年時，您談到了（音訊不清楚）的支出。

What are some of the factors that go into determining CapEx for next year?

決定明年資本支出的因素有哪些？

How do you anticipate demand?

您如何預測需求？

To that extent, I just want to have you to add some color the things that help you making decisions in terms of intensity of CapEx and making sure that not too much CapEx is coming online before demand is there.

從這個意義上說，我只是想讓你添加一些顏色，幫助你在資本支出強度方面做出決策，並確保在需求出現之前不會有太多的資本支出。

To answer the first part of your questions, right now, we have limited visibility into Q4, okay?

為了回答您問題的第一部分，目前我們對第四季的了解有限，好嗎？

As I mentioned earlier, based on the limited information, we see ups, downs and holds.

正如我之前提到的，基於有限的信息，我們看到了上漲、下跌和持有。

For the CapEx ending next year for advanced process technology, and we basically make decisions based on customers' input.

對於明年結束的先進製程技術的資本支出，我們基本上根據客戶的意見做出決策。

Those customers need advanced process technology, otherwise they will lose competitiveness in the industry, so they must have for example 90 nm technology-based products into production.

這些客戶需要先進的製程技術，否則他們將失去產業競爭力，因此他們必須將基於例如90奈米技術的產品投入生產。

Of course, we also make our own assessments based on the market and application.

當然，我們也會根據市場和應用做出自己的評估。

So would it be fair to say that, in this kind of uncertain demand environment, you can't really put too much faith into customers' forecasts; you have more reliance on your own assessment?

所以可以公平地說，在這種不確定的需求環境下，你不能對客戶的預測抱持太大的信心；您更依賴自己的評估嗎？

So can you explore your own assessment -- what are the things that you are looking at?

那麼你能探索一下你自己的評估嗎——你正在關注什麼？

There are certain high-volume applications that you know will be there, right?

您知道會有某些大容量應用程式存在，對嗎？

Such as the programmable logic (ph) devices, the graphics publications, 3G baseband chips, and even consumer products, right?

例如可程式邏輯（ph）設備、圖形出版品、3G基頻晶片，甚至是消費性產品，對嗎？

So all those are, I think, well-known in the industry that, in order to maintain competitiveness, customers, or leading customers must embrace advanced process technology.

因此，我認為，所有這些都是業界眾所周知的，為了保持競爭力，客戶或領先客戶必須採用先進的製程技術。

Sure.

當然。

So would it be fair to say that, when you look at all these moving variables, you would be more cautious with adding too much capacity until we have better visibility?

那麼，公平地說，當您考慮所有這些移動變數時，在我們獲得更好的可見性之前，您會更加謹慎地增加過多的容量嗎？

Is that fair?

這樣公平嗎？

You know, in the foundry business, we have to make sure that we have enough capacity to prepare there for customers.

你知道，在代工業務中，我們必須確保我們有足夠的能力為客戶做好準備。

It's a sell-down; it's not a common practice that we wait until the market is clear.

這是一次拋售；我們通常不會等到市場出清時才採取行動。

Ashis Kumar at Credit Suisse First Boston.

瑞士信貸第一波士頓公司的阿希斯‧庫馬爾 (Ashis Kumar)。

Thank you, I had two questions.

謝謝，我有兩個問題。

One, just to follow-up to this earlier question.

一，只是為了跟進之前的問題。

Hearing what you said, it makes me wonder if (indiscernible) semiconductor industry downturn whenever it comes will be severe again because, you know, if you continue to wait for signals -- I don't understand how well this time you will be much more careful in adding capacity and (indiscernible) not only you but other semiconductor companies.

聽到你所說的，這讓我想知道（難以辨別的）半導體行業低迷何時到來是否會再次嚴重，因為，你知道，如果你繼續等待信號 - 我不明白這一次你會表現得如何在增加產能方面更加小心，（音頻不清）不僅是您，還有其他半導體公司。

On the presumption that most analysts who have become quite negative on semis have something right, how will you this time around differently add CapEx compared to previous downturns?

假設大多數對半成品持負面態度的分析師都有正確的看法，那麼與之前的低迷時期相比，您這次將如何以不同的方式增加資本支出？

How do you ensure that the boom/bust cycle is not severe in semis as it has always been?

您如何確保半決賽中的繁榮/蕭條週期不會像以往那麼嚴重？

That's always a $1 billion question.

這始終是一個價值 10 億美元的問題。

Every company can answer that very accurately and precisely, then you can expect that it will be the winner in the whole world.

每個公司都能非常準確、準確地回答這個問題，那麼你就可以期待它成為全世界的贏家。

So again, I think I wanted to emphasize the investment in CapEx for UMC for the advanced process technology, which will be needed sooner or later.

因此，我想再次強調聯華電子對先進製程技術的資本支出投資，這是遲早需要的。

We're not investing in .25 micron, for example, or mature the process technology.

例如，我們不會投資 0.25 微米，也不會成熟製程技術。

Secondly, you earlier said that R&D can be maintained at 1.4 billion.

第二，你剛才說研發可以維持在14億。

Previously, you (indiscernible) 6 percent of the revenue.

以前，你（聽不清楚）收入的 6%。

Is this a sustainable level or you might have to eventually increase R&D maybe into next year?

這是一個可持續的水平，還是您可能最終必須在明年增加研發？

I guess it will be the absolute number I just quoted, as a reference.

我想這將是我剛才引用的絕對數字，作為參考。

We can maintain the same level into next year?

我們能保持同樣的水平到明年嗎？

Probably slightly increase but as a percentage probably will continue to go down.

可能會略有增加，但百分比可能會繼續下降。

Shalish Jaysee (ph) at Nomura.

野村證券的 Shalish Jaysee（博士）。

Hello.

你好。

Firstly, IDMs (ph) as a proportion and IDMs as a business has increased quite nicely in the second quarter.

首先，IDM（ph）的比例和IDM業務在第二季都有了相當不錯的成長。

I was wondering this segment (indiscernible).

我想知道這一段（聽不清楚）。

Is this because of new customers or because of the increased outsourcing?

這是因為新客戶還是因為外包增加？

I think the increase in percentage is only like 2 or 3 percent -- 2 percent -- so I would say it's within the tolerance level, and most of the demand comes from the existing customers.

我認為百分比的增幅只有 2% 或 3%——2%——所以我想說這在容忍水平之內，而且大部分需求來自現有客戶。

Is that in the wireless space?

那是在無線領域嗎？

Can you identify which subsegment it is?

你能確定它是哪個子段嗎？

In wireless and also in other categories.

在無線和其他類別中。

Okay.

好的。

Can you help me understand the reasons for the ASP increase?

您能幫我了解一下 ASP 上漲的原因嗎？

Obviously there could be various variables like product mix improvement, perhaps improvement in yields and pricing power.

顯然，可能存在各種變量，例如產品組合的改進，也許是產量和定價能力的提高。

It would be helpful if you can help rank this what is more important for you in this quarter and going forward?

如果您能幫助對本季度和未來對您來說更重要的事情進行排名，將會很有幫助？

Mainly from product mix shift, maybe more than 80 percent of that is from the mix shift.

主要來自產品結構的轉變，可能80%以上是來自結構的轉變。

Have you been able to increase the pricing of certain products with certain customers on the like products?

您是否能夠提高某些產品對某些客戶的同類產品的定價？

Yes, we tried and have some achievement, so that's at 80 percent from mix.

是的，我們嘗試過並取得了一些成就，因此 80% 是來自混合。

Okay.

好的。

Also, could you help me understand linearity in this quarter?

另外，您能幫我了解本季的線性嗎？

Do you expect this quarter to be more back-end loaded?

您預計本季後端負載會增加嗎？

No, it will be pretty even.

不，會很均勻。

Across the board?

全面嗎？

Yes.

是的。

Also, I would want to further ask about the inventories, because what we are hearing from you compared to several of your customers who have already come and talked about the increase in buffer inventories is quite different.

另外，我想進一步詢問有關庫存的問題，因為我們從您那裡聽到的情況與已經來談論緩衝庫存增加的幾位客戶相比有很大不同。

You mentioned 0 inventories and low inventories.

您提到0庫存和低庫存。

Which segments is this happening where you see almost -- because CDMA is one segment where we have heard that inventories are pretty much in control, but besides that, we have not heard (indiscernible) segment.

您幾乎可以看到哪些細分市場正在發生這種情況- 因為CDMA 是我們聽說庫存幾乎受到控制的細分市場，但除此之外，我們還沒有聽說過（聽不清楚）細分市場。

In fact, more of your customers have come and openly said they are seeing inventory builds.

事實上，您的更多客戶已經公開表示他們看到庫存增加。

You know, instead of seeing which market segment, I think I should point out it has a lot to do with individual companies' competitiveness.

你知道，我想我不應該看哪個細分市場，而應該指出它與單一公司的競爭力有很大關係。

You know, you just mentioned about CDMA; that's, for example, an example, right?

你知道，你剛剛提到了 CDMA；舉個例子，對吧？

There could be, in the other market segments, that if a customer has a strong product, needing product, then they are less affected or they don't have much inventory.

在其他細分市場中，如果客戶擁有強大的產品、需要產品，那麼他們受到的影響較小，或者他們沒有太多庫存。

Looking at your capacity build, because you have pretty much committed for the capacity increases in the second half, which is likely to go up by 27 percent, based on your targets, are you at all concerned that the increasing inventories and in what level it change the way you are looking at capacity expansion in the first half of next year?

看看你的產能建設，因為你幾乎已經承諾下半年產能增加，根據你的目標，可能會增加 27%，你是否擔心庫存增加以及庫存增加到什麼程度？您對明年上半年產能擴張的看法會改變嗎？

The first half of next year is a little bit too early to say and of course, we will watch the market developments very closely and we will make decisions on a monthly basis.

明年上半年現在說還為時過早，當然我們會密切關注市場發展，並每月做出決定。

But again, I want to emphasize our CapEx spending or capacity expansion is focused on high-end, advanced process technologies which will be needed or highly demanded next year.

但我想再次強調，我們的資本支出或產能擴張主要集中在明年將需要或強烈需求的高端、先進製程技術。

One last question -- you mentioned that you would be doing it on a monthly basis.

最後一個問題—您提到您將每月進行一次。

Given the leadtimes and the equipment, when do you think you would need to make up your mind of the capacity increase?

考慮到交貨時間和設備，您認為您什麼時候需要決定增加產能？

Possibly in the first quarter?

可能是第一季？

Well, yes, as we said, we will watch that on a monthly basis.

嗯，是的，正如我們所說，我們將每月觀看一次。

You know, there are only a few equipments that have long leadtimes, right, and others have relatively shorter leadtimes.

要知道，只有少數設備的交貨期較長，對吧，其他設備的交貨期相對較短。

So once you make decisions for those longer lead-time items, then we would be under control.

因此，一旦您對那些交貨時間較長的項目做出決定，我們就會受到控制。

Donald Lu at Goldman Sachs.

高盛 (Goldman Sachs) 的唐納德·盧 (Donald Lu)。

I have a question.

我有個問題。

You just said your revenues by a month-over-month basis will be pretty flattish this quarter.

您剛剛表示，本季您的環比收入將相當持平。

Is that correct?

那是對的嗎？

No, as a matter of fact, I said that our monthly and quarterly revenue in Q3 will be a record high in UMC history.

不，事實上，我說我們第三季的月度和季度營收將創聯電歷史新高。

Okay, so the monthly revenues in Q3 will not be flat.

好吧，所以第三季的月收入不會持平。

It will trend up on a monthly basis.

它將按月呈上升趨勢。

Second question, can you just remind us again what is the depreciation for the SIS acquisition on a quarterly basis?

第二個問題，您能否再次提醒我們，SIS 收購的每季折舊是多少？

I just mentioned it's probably going to be 10 percent more, so totally, in the third quarter, including SIS, it's going to be about NT$10 billion of depreciation for the whole quarter.

我剛才提到可能多10%，所以第三季度，包括SIS在內，整個季度大概會貶值100億新台幣左右。

So that would be the same in Q4 and therefore for the next let's say 20 quarters?

那麼第四季也是如此，接下來的 20 季也是如此嗎？

Twenty quarters -- (LAUGHTER) -- I don't know about that.

二十刻鐘－－（笑聲）－－我不知道。

Next quarter, yes, likely.

是的，有可能是下個季度。

Dan Heyler at Merrill Lynch.

美林證券的丹·海勒。

I wanted to ask you a follow-up on first -- could you tell me what the utilization at SIS was at the end of the second quarter? (multiple speakers).

我想先問您一個後續問題——您能告訴我第二季末 SIS 的利用率是多少嗎？ （多個發言者）。

(Multiple Speakers) -- (technical difficulty) -- only single customer and we cannot disclose the -- (technical difficulty) -- customers or their related information, so we won't be able to disclose that.

（多位發言者） -- （技術難度） -- 只有單一客戶，我們無法透露 -- （技術難度） -- 客戶或其相關信息，因此我們無法透露。

I got you.

我接到你了。

In terms of your capacity plan here, it looks like you've got -- if you include the third quarter, it would be about a 19 percent increase, and if you exclude it, it looks like about 11 percent, so let's assume capacity growth is somewhere between those numbers I guess.

就您的容量計劃而言，如果您將第三季度包括在內，則增幅約為 19%，如果排除第三季度，則增幅約為 11%，所以讓我們假設容量我猜增長介於這些數字之間。

So based on that, what I'm wondering is it's close to what you've guided in terms of unit growth.

因此，基於此，我想知道它是否接近您在單位增長方面所指導的水平。

However, looking at the fourth quarter, it looks as though you have another 8 percent increase in capacity.

然而，從第四季來看，產能似乎又增加了 8%。

So, to what extent if in fact your customers decided that they didn't need wafers in the fourth quarter and perhaps even declined, how much of that capacity growth in the fourth quarter at this point could you, say, push out or is that pretty much set in cement?

因此，如果您的客戶實際上決定在第四季度不需要晶圓，甚至可能會下降，那麼您可以在多大程度上取消第四季度的產能成長，或者幾乎是用水泥固定的？

Yes, those capacities will be available.

是的，這些能力將可用。

So that 8 percent number for both quarters is pretty a done deal?

那麼兩季 8% 的數字就已經板上釘釘了嗎？

You can't really move that too much one way or the other?

你真的不能以一種或另一種方式移動太多嗎？

It will become available.

它將變得可用。

That will become available in the fourth quarter?

這將在第四季推出？

Yes.

是的。

I got you.

我接到你了。

Looking out I guess a little bit further on UMC, UMCi and UMC 12A, are you, at this point, seeing a more rapid cost progression at UMCi relative to 12A?

展望未來，我想進一步了解 UMC、UMCi 和 UMC 12A，此時您是否看到 UMCi 相對於 12A 的成本增長更快？

Obviously, you've had a pretty steep learning curve.

顯然，你的學習曲線相當陡峭。

So, how do the economics -- how would you think about the margins there?

那麼，經濟狀況如何—您如何看待那裡的利潤率？

Are you going to see kind of a higher margin at a lower run-rate?

您是否會以較低的運行率獲得較高的利潤？

If so, where should we start to see kind of accretive margin growth relative to 300 mm over 200 mm?

如果是這樣，我們應該從哪裡開始看到相對於 300 毫米超過 200 毫米的利潤成長？

Definitely, this UMCi is our second 12-inch fab.

當然，這台 UMCi 是我們的第二座 12 吋晶圓廠。

We have learned a lot from 12A, the fab in Tainan, so the learning curve is shorter and we expect that it will become, say, breakeven maybe around 7,000 wafers per month.

我們從台南晶圓廠 12A 學到了很多東西，因此學習曲線較短，我們預計每月產量可能會達到 7,000 片晶圓左右，達到盈虧平衡。

Okay.

好的。

Relative to 12A, is that sooner or is that about in line with (multiple speakers) --?

相對於 12A，是更快還是與（多個揚聲器）一致？

I think better than 12A. 12A, if I remember correctly, used to be like around 8000 wafers.

我覺得比12A好。 12A，沒記錯的話，過去大約有 8000 個晶圓。

Sunil Gupta, Morgan Stanley.

蘇尼爾古普塔，摩根士丹利。

I had a question on your fall-throughs in Q1 and Q2.

我有一個關於你在第一季和第二季失敗的問題。

Excluding depreciation in the first quarter, you had a fall-through of 64.4 percent and in Q2, you had 64.6 percent, so more or less flat despite a 6 percent ASP increase.

排除第一季的折舊，下降了 64.4%，第二季下降了 64.6%，因此儘管平均售價成長了 6%，但基本上持平。

I am just wondering why the fall-through didn't increase.

我只是想知道為什麼跌倒率沒有增加。

Is it because all the ASP increase came from technology mix?

是因為所有ASP的成長都來自於技術組合嗎？

Yes, we mentioned earlier the ASP increased due to 80 percent from the product mix and maybe 20 percent because of the price adjustment.

是的，我們之前提到平均售價上漲了 80%，因為產品組合，可能還有 20% 由於價格調整。

So even this 40 percent that came through price adjustment since the ASP increase was 6 percent for some reason didn't come through and fall through.

因此，即使由於某種原因平均售價上漲了 6%，透過價格調整實現的 40% 也沒有實現並落空。

Is that just (indiscernible) something particular for Q2 or should we be expecting something similar in Q3 with your 3 to 4 percent ASP increase?

這只是（難以辨別的）第二季度的特殊情況嗎？或者我們應該期待第三季度出現類似的情況，即 ASP 增長 3% 到 4%？

I don't have that data in front of me.

我面前沒有這些數據。

That's not the way we look at it but we believe, because other sales components, this should be within the tolerance range.

這不是我們看待它的方式，但我們相信，因為其他銷售組件，這應該在容忍範圍內。

Roxy Wong at Bear Stearns.

貝爾斯登的羅克西·黃 (Roxy Wong)。

My question is, based on your customers' six-month rolling forecast, do you see the order pattern in the last month or so going up or coming off?

我的問題是，根據客戶的六個月滾動預測，您認為上個月左右的訂單模式是上升還是下降？

As I mentioned earlier, I don’t know when you joined this conference that we've seen all kinds.

正如我之前提到的，我不知道你什麼時候加入這個我們見過各種各樣的會議的。

In other words, the signals are mixed.

換句話說，訊號是混合的。

What about the overall -- I mean, overall orders?

整體情況－我的意思是整體訂單狀況如何？

For Q3, as you can see, the order is very strong and for Q4 right now, we have limited visibility and we need more time to tell.

正如您所看到的，對於第三季度，訂單非常強勁，而對於第四季度，我們的可見度有限，我們需要更多時間來判斷。

Bhavin Shah, JP Morgan.

巴文·沙阿，摩根大通。

Yes, I want to talk about capacity expansion plans.

是的，我想談談產能擴張計畫。

Earlier, you mentioned that fab 12A will be 20k and UMCi will be 10k before the end of the year and then you probably have some orders for additional equipment, probably under 5000 wafers for UMCi.

早些時候，您提到年底前 fab 12A 將達到 20k，UMCi 將達到 10k，然後您可能有一些額外設備的訂單，UMCi 的晶圓數量可能低於 5000 片。

Does that meet your need for advanced technology, assuming that end demand is -- (indiscernible) require to expand capacity purely from a market-growth perspective but you are expanding capacity purely to meet advanced technology demand?

這是否滿足您對先進技術的需求，假設最終需求是－（無法辨別）需要純粹從市場成長的角度擴大產能，但您純粹是為了滿足先進技術的需求而擴大產能？

What is -- (multiple speakers)?

什麼是--（多位發言者）？

As a foundry, we have to make sure that we have enough capacity and before even -- while we talk to our customers or invite more customers in, we cannot wait until the market is absolutely clear and then we take orders.

作為一家鑄造廠，我們必須確保我們有足夠的產能，甚至在我們與客戶交談或邀請更多客戶加入之前，我們不能等到市場絕對清晰才能接受訂單。

So to answer your question, so we have to build enough capacity to anticipate for customer needs.

因此，為了回答你的問題，我們必須建立足夠的能力來預測客戶的需求。

I think there was similar questions earlier.

我想之前也有類似的問題。

We've talked to our strategical customers and we also collect the market information, and we will make our best judgment.

我們已經與我們的策略客戶進行了交談，我們也收集了市場信息，我們將做出最好的判斷。

So how much additional capacity, based on those discussions, do you think you need to build in the first half of '05 above and beyond 20,000 for 12A and 10,000 for UMCi?

那麼，根據這些討論，您認為您需要在 05 年上半年為 12A 建設 20,000 座、為 UMCi 建設 10,000 座以上的額外產能嗎？

At this moment, I think it's too early to talk about and I'm hoping, the late part of this year, we will discuss more information for you.

目前，我認為現在談論還為時過早，我希望在今年下半年，我們將為您討論更多。

Obviously, some of your capital spending this year is for capacity next year, so at least from that, you can tell us how much more capacity you already have planned for next year?

顯然，您今年的部分資本支出是用於明年的產能，因此至少您可以告訴我們明年您已經計劃增加多少產能？

As I said, it's too early to talk about it.

正如我所說，現在談論這個還為時過早。

Sorry.

對不起。

So it's too early to talk about capacity earlier next year based on a CapEx this year?

那麼現在根據今年的資本支出談論明年初的產能還為時過早嗎？

Sorry, I'm confused.

抱歉，我很困惑。

Yes, we have already informed the industry that our target capacity before the end of year is 20K for 12A and the 10k for UMCi.

是的，我們已經告知業界，我們年底前的目標產能是12A 20K，UMCi 10K。

So, that's what we are -- (Multiple Speakers) -- to.

這就是我們（多位發言者）要做的事。

Right but -- is any of the capital spending (indiscernible) about $2.1 billion in capital spending this year.

是的，但是──今年的資本支出（聽不清楚）約為 21 億美元。

Is any of that capital spending manned for new capacity in 2005?

2005 年這些資本支出是否用於新產能？

As I've said, for the capacity, there are only a few equipment that have long leadtimes, so once we plan for the long leadtime items, the majority of other equipment, we don't have to place an order too early. (multiple speakers) -- situation (indiscernible).

正如我所說，就產能而言，只有少數設備的交貨期較長，所以一旦我們計劃好交貨期較長的項目，大多數其他設備，我們就不必過早下訂單。 （多位發言者）－情境（聽不清楚）。

Right, so for equipment that has long leadtime, how much incremental capacity have you already planned for in this year's CapEx for this equipment that has long leadtimes?

對了，那麼對於交貨期長的設備，您在今年的資本支出中已經為這種交貨期長的設備計劃了多少增量產能？

I'm sorry to be dragging this but I think the question is quite important, in my view.

我很抱歉拖延這個問題，但我認為這個問題非常重要。

To answer your question, the minimum, of course, is you multiply Q4 capacity by 4, so that's going to be the capacity for 2005.

要回答您的問題，最低限度當然是將第四季的產能乘以 4，這就是 2005 年的產能。

Secondly, as Jackson mentioned, it's only a very small portion of this year's CapEx is used for deposits for the increment (ph) delivery in early next year, so it's actually you have a very small part.

其次，正如傑克森所提到的，今年的資本支出只有很小一部分用於明年初增量交付的存款，所以實際上你只有很小的一部分。

Kevin Vassily at Susquehanna Financial.

薩斯奎哈納金融公司的凱文·瓦西里。

Good evening.

晚安.

Can you comment on your current wafer cancellation policies for customers, and have they changed at all recently?

您能否評論一下目前針對客戶的晶圓取消政策？這些政策最近是否發生了變化？

We didn't internally talk about this recently.

我們最近沒有在內部討論過這個問題。

There is no way you can cancel that.

您無法取消該操作。

We basically try to build to order, so the customer has to put in either deposit or they have a credit line with us.

我們基本上嘗試按訂單生產，因此客戶必須存入押金，或者他們與我們有信用額度。

Once the wafer starts, there is no cancel.

一旦晶圓開始生產，就無法取消。

What's the level of deposit a typical customer would have to put down to start a wafer?

一般客戶需要多少存款才能開始生產晶圓？

It varies; it depends on the credibility of different customers.

它有所不同；這取決於不同客戶的信譽。

On average, say, 30 percent, 40 percent?

平均來說，30%、40%？

Sometimes more than that.

有時不止於此。

Sometimes more, okay.

有時候多一點，好吧。

There's been no change recently into the amount of deposit or what you're expecting from them?

最近存款金額或您對他們的期望沒有改變嗎？

No, as I mentioned earlier.

不，正如我之前提到的。

John Odon (ph) (indiscernible) at Dresdner Bank.

德累斯頓銀行的約翰·奧登（John Odon，ph）（音頻不清）。

Are you on allocation for any technology nodes at this point in time?

您目前正在指派任何技術節點嗎？

Were you on allocation in the second quarter and do see yourself being on allocation into the third quarter on any technology node?

您是否在第二季度進行了分配，並認為自己在任何技術節點上都進行了第三季的分配？

Yes, on certain technology nodes (indiscernible) especially more-advanced technology nodes that we were -- we are still on allocation.

是的，在某些技術節點（難以辨別）尤其是更先進的技術節點上——我們仍在分配。

Roughly what would be the percentage of demand of those nodes that you are able to meet right now?

現在您能夠滿足的這些節點的需求百分比大約是多少？

We would have to look at it by technology, so I don't really have that data.

我們必須透過科技來看待它，所以我真的沒有這些數據。

We don't have the data on hand.

我們手頭上沒有數據。

But given the kind of additional capacity you're bringing on board in the next few months, do you see that level of allocation decreasing in the next three to six months?

但考慮到您在未來幾個月內增加的額外產能，您認為未來三到六個月內分配水準是否會下降？

The allocation situation definitely would improve with the SIS capacity addition and also more 12-inch capacity available.

隨著 SIS 容量的增加以及更多 12 吋容量的可用，分配情況肯定會得到改善。

Normally when you -- you are forecasting an 8 percent growth in capacity into the fourth quarter and claiming that you're going to be close to 100 percent in the third quarter.

通常情況下，當您預測第四季產能將成長 8% 時，並聲稱第三季將接近 100%。

If I check your historical trends, normally you've got a 10-plus percent growth in wafer shipments into the fourth quarter, quarter-on-quarter, barring certain exceptional years.

如果我檢查你們的歷史趨勢，通常情況下，第四季度晶圓出貨量環比增長 10% 以上，除非某些特殊年份。

Given that you are adding only 8 percent of capacity, do you think there's a chance that you could be more on allocation in the fourth quarter?

鑑於您只增加了 8% 的產能，您認為第四季有可能增加更多的配置嗎？

Again, as I mentioned earlier, right now, we have a limited visibility on the order, so I cannot answer that question.

同樣，正如我之前提到的，目前我們對訂單的了解有限，所以我無法回答這個問題。

Again, with more capacity available, our allocation situation should be better.

同樣，隨著可用容量的增加，我們的分配情況應該會更好。

Do you have any idea what will be the percentage increase in wafer capacity into Q1 (indiscernible) from Q4?

您知道第一季（難以辨認）晶圓產能較第四季增加的百分比是多少嗎？

I don't have that number at this point.

我現在沒有那個號碼。

Warren Lau (ph) at ING Securities.

ING 證券的 Warren Lau（博士）。

Yes, I was just wondering if you, for your third quarter's unit shipments, if you stripped out the contribution from UMCi and the fabs that you acquired from SIS, what will be the sequential unit shipment growth look like?

是的，我只是想知道，對於第三季的單位出貨量，如果剔除 UMCi 和從 SIS 收購的晶圓廠的貢獻，單位出貨量的連續成長會是什麼樣子？

We now see UMCi as one of our fabs, so all of the test marketing has been centralized.

我們現在將 UMCi 視為我們的晶圓廠之一，因此所有測試行銷都已集中。

So it's very difficult to separate UMCi from our total.

因此，很難將 UMCi 從我們的總數中分離出來。

The acquisition of SIS will add about 8 percent of our total capacity, and the organic growth coming from all the UMC fabs, including UMCi, is about 11 percent.

收購 SIS 將增加我們總產能約 8%，而包括 UMCi 在內的所有 UMC 晶圓廠的有機成長約為 11%。

That 11 percent, of course customer can easily adopt that without requalification issue, but that 8 percent of SIS capacity other than its captive needs, when we deploy our customers to that fab, it will take time for our customer to requalify the production line to reach a full utilization rate.

當然，客戶可以輕鬆採用這11%，而無需重新鑑定問題，但除了其專屬需求之外，SIS 產能的8%，當我們將客戶部署到該晶圓廠時，我們的客戶需要時間來重新鑑定生產線，以便達到充分利用率。

Okay, so you mentioned about 11 percent from the -- exclude the fabs from 8X (ph), so if we take out -- if we adjust that 11 percent from -- against UMCi capacity, so we're talking somewhere between about 7 percent sequential growth.

好的，所以你提到了大約11% 的產能，將晶圓廠排除在8X (ph) 之外，所以如果我們從UMCi 產能中剔除——如果我們調整這11%，那麼我們談論的大約是7之間的產能連續成長百分比。

According to our capacity table, yes, that should be your case.

根據我們的容量表，是的，這應該是您的情況。

David Wu at Wedbush Morgan Securities.

韋德布希摩根證券公司的 David Wu。

I'm sorry, I was late getting on.

對不起，我來晚了。

Can you -- have you talked anything about the early indication for calendar '05 capital spending, one.

您能否談談 05 年資本支出的早期跡象？

Number two is that a number of fabless semiconductor companies in the communications area have too much inventory at the end of the June quarter.

第二是通訊領域的一些無晶圓廠半導體公司在六月季度末庫存過多。

I was wondering what is the outlook for wafer starts for the COM sector in the third quarter or if you can have visibility at this point, talk about Q4 as well.

我想知道第三季 COM 領域的晶圓開工前景如何，或者如果您現在可以了解這一點，您也可以談談第四季。

On the 2005 capacity question, you didn't miss anything.

關於 2005 年容量問題，您沒有遺漏任何內容。

It's too early for us to tell anything.

我們現在說什麼還為時過早。

Regarding the Q4 visibility, you know, we have a very limited visibility into the quarter, so I mentioned earlier that we have seen ups and downs and holds, so it's also too early to give you the entire picture.

關於第四季度的能見度，你知道，我們對該季度的能見度非​​常有限，所以我之前提到過，我們已經看到了起伏和持有，所以現在給你整個情況還為時過早。

What about the third quarter in the COM sector?

COM 領域第三季情況如何？

The COM sector, you mean for fourth quarter or third quarter?

COM 部門，你是指第四季還是第三季？

Third quarter.

第三季。

third quarter, we see ups and downs.

第三季度，我們看到了起伏。

Some customers are doing better than others.

有些客戶比其他客戶做得更好。

Would you say it would be flat for you for Q3?

您認為第三季的情況會持平嗎？

Q3 relative to Q2 is another strong growth quarter across the board.

相對於第二季度，第三季度是另一個全面強勁成長的季度。

Ivan Goh, Dresdner Kleinwort.

Ivan Goh，德累佳華。

Hi.

你好。

I've got a couple of questions.

我有幾個問題。

First of all, in the second quarter, you had quite a substantial net nonoperating income.

首先，第二季度，你們的非營業淨收入相當可觀。

I was just wondering what kind of level you would have in the third quarter.

我只是想知道第三季你會達到什麼樣的水平。

The third quarter, given today's share price, I would say -- (technical difficulty) -- the second quarter but it is more likely to be (indiscernible) first quarter.

第三季度，考慮到今天的股價，我想說——（技術難度）——第二季度，但更有可能是（難以辨別）第一季。

At first quarter's level?

是第一季的水平嗎？

Yes.

是的。

In the afternoon session today, you mentioned that some scanners for first quarter next year you have already placed orders.

今天下午的會議上，您提到明年第一季的一些掃描器您已經下了訂單。

So my question is, have you also placed orders for the second quarter of next year?

那我的問題是，你們也下了明年第二季的訂單嗎？

For the second quarter?

第二季？

I don't think so.

我不這麼認為。

My final question is, I think earlier on the call, you mentioned that you can see one month into the fourth quarter and that you've seen ups and downs and holds, but can you just perhaps help me out?

我的最後一個問題是，我想在電話會議的早些時候，您提到您可以看到第四季度的一個月，並且您已經看到了起伏和堅持，但您是否可以幫助我？

Is October -- how does October compare with September, given that you can see October already?

十月是－十月與九月相比怎麼樣，因為你已經可以看到十月了？

Basically, we will have more capacity coming on stream in October, that's for sure.

基本上，我們將在十月有更多產能投產，這是肯定的。

We also have a certain indication of other (indiscernible).

我們也有其他的某些指示（難以辨認）。

Of course, there's also a downside risk that customers may cancel orders at the last minute.

當然，也存在著客戶可能在最後一刻取消訂單的下行風險。

So we do not have really firm (ph) visibility, especially on the monthly intervals.

因此，我們沒有真正確定的（ph）可見性，特別是在每月的時間間隔上。

It's actually quite difficult to comment on that.

事實上對此發表評論是相當困難的。

So that's why we give a positive guidance instead of -- (multiple speakers) -- guidance.

這就是為什麼我們給予積極的指導，而不是──（多位發言者）──指導。

I think, as think you can understand, this is a dynamically changing marketplace, so giving you a monthly number could be misleading.

我認為，正如您所理解的，這是一個動態變化的市場，因此為您提供每月的數字可能會產生誤導。

So I think we need more time to see the bigger picture for the whole quarter.

所以我認為我們需要更多時間來了解整個季度的大局。

If I just make some assumptions that there are no order cancellations and your capacity continues to increase in October, can we say -- safely say that the orders are up into October versus September?

如果我只是做一些假設，即沒有訂單取消，並且你們的產能在 10 月份繼續增加，我們可以說——有把握地說訂單是在 10 月份與 9 月份之間進行的嗎？

The risk of order cancellations, according to the financial markets and all the analysts, seems (indiscernible) I don’t want to make that kind of commitment right now.

根據金融市場和所有分析師的說法，訂單取消的風險似乎（難以辨別）我現在不想做出這種承諾。

Johnny Chen, Deutsche Bank.

強尼陳，德意志銀行。

One quick question -- I was looking at some of the guidance from your customers for the most recent quarter.

一個簡單的問題 - 我正在查看您的客戶最近一個季度的一些指導。

TI was biting about 5 to 6 percent revenue increase for the current quarter and Xilinx about 2 percent to 4 percent.

TI 本季營收成長約 5% 至 6%，Xilinx 成長約 2% 至 4%。

Your guidance is about 18 to 20 percent, so I'm trying to reconcile the difference.

您的指導大約是 18% 到 20%，所以我正在努力協調差異。

I was thinking whether this is going to lead to more inventory build by some of your key customers or if this could be because of some structural ITM (ph) outsourcing from any one of your big customers.

我在想這是否會導致您的一些關鍵客戶增加庫存，或者這是否可能是因為您的任何一位大客戶進行了一些結構性 ITM (ph) 外包。

I don't know if you can help me understand this a little bit more.

我不知道你是否可以幫助我進一步理解這一點。

We have a large -- we have a customer portfolio that consists of many customers, right?

我們有一個龐大的客戶群，其中包含許多客戶，對吧？

So basically, we are telling you what we are seeing and so the Q3 shows the 15 to 16 percent wafer shipment increase.

基本上，我們正​​在告訴您我們所看到的情況，因此第三季晶圓出貨量增加了 15% 至 16%。

It's not possible for us to comment on any of our customers' forecasts as you described, because they may have multiple suppliers and we don't see their overall picture.

我們無法對您所描述的任何客戶的預測發表評論，因為他們可能有多個供應商，而我們看不到他們的整體情況。

Is it possible that one or two IBMs (ph) all of a sudden increase the portion of their production to the foundries, outsource to the foundries?

有沒有可能一兩家IBM（ph）突然增加代工廠的生產比例，外包給代工廠？

In Q3?

在第三季？

Yes, in Q3.

是的，在第三季。

Is that a possible scenario?

這是可能的情況嗎？

It's not a sudden increase.

並不是突然增加。

at JP Morgan Fleming.

在摩根大通弗萊明。

My question was, on your capacity ramp (indiscernible), are you still planning to ramp Fab 14 and UMCi together?

我的問題是，在產能提升方面（聽不清楚），你們是否仍計劃同時提升 Fab 14 和 UMCi 產能？

I think you are referring to Fab 12.

我想你指的是Fab 12。

We don't have a Fab 14.

我們沒有 Fab 14。

12B.

12B。

12A -- we have planned to ramp 12A and UMCi together.

12A—我們計劃一起提升 12A 和 UMCi。

I was talking about more the next stage.

我正在談論下一階段的更多內容。

Your full (indiscernible) for UMCi is 20,000 and then your next fab was, I think, 12B?

你的UMCi 的全部（難以辨認）是20,000，然後你的下一個晶圓廠是，我想，12B？

Which data are you referring to?

您指的是哪些數據？

The full capacity for both 12A and UMCi are 40,000 wafers per month, so we are still a bit away from that. 12B is still under evaluation right now.

12A 和 UMCi 的全部產能均為每月 40,000 片晶圓，所以我們距離這個目標還有一點距離。 12B目前仍在評估中。

Excuse me for the confusion.

請原諒我的困惑。

My question was, are you basically still thinking of ramping UMCi and 12A beyond 20,000 together, or will you (indiscernible) before you increase capacity in 12A further?

我的問題是，您基本上仍在考慮將 UMCi 和 12A 一起提升到 20,000 以上，還是會（音訊不清晰），然後再進一步增加 12A 的容量？

We are looking at the overall supply and the demand situation, of course, but our current plan is to ramp 12A and UMCi together and 12A definitely had an earlier start and had more experience and the UMCI is following it.

當然，我們正在關注整體供應和需求情況，但我們目前的計劃是同時提升 12A 和 UMCi，12A 肯定起步更早，經驗更豐富，UMCI 正在跟進。

So there will be a capacity difference between those two.

所以這兩者之間會有容量差異。

The second question was on equipment.

第二個問題是關於裝備。

Are you seeing easier equipment availability (ph) across the board?

您是否發現設備可用性 (ph) 全面提升？

Have you pushed out or cancelled any (indiscernible) for the next 12 months?

您是否已推遲或取消了未來 12 個月的任何計劃（無法辨認）？

No, we have not.

不，我們沒有。

But are you seeing easier (indiscernible) for the second half of this year?

但你認為今年下半年會變得更容易（難以辨別）嗎？

Yes.

是的。

According to the equipment suppliers, the availability is better in the second half of this year than first half.

據設備供應商透露，今年下半年的可用性比上半年好。

Christina Osmena (ph) at Jeffries Investments.

傑弗里斯投資公司的克里斯蒂娜·奧斯梅納（博士）。

Good evening to you over there.

那邊的你晚上好。

Just a few questions -- could you please let us know the number of customers that you expect to serve in Q3 versus Q2 and Q1?

只是幾個問題 - 您能否告訴我們您預計在第三季度與第二季度和第一季度服務的客戶數量？

I wanted to see if there was a broadening of the customer base.

我想看看客戶群是否擴大了。

Over time next year, we expect to have maybe more -- to have an increasing number of customers, and between Q2 and Q3, I think it stayed pretty much the same.

隨著明年的時間，我們預計可能會擁有更多的客戶，而在第二季和第三季之間，我認為它幾乎保持不變。

Could you remind us about your strategy to partner with your customers and where that strategy stands now?

您能否提醒我們您與客戶合作的策略以及該策略目前的狀況？

The strategy is to partner with the industry leaders -- what that means is both market-share leaders and the technology leaders.

該策略是與行業領導者合作——這意味著既是市場份額的領導者又是技術的領導者。

I think it is fair to say that we're making good progress towards that direction.

我認為可以公平地說，我們正在朝著這個方向取得良好進展。

Okay.

好的。

Also, when you look back at last year, this time last year when you reported your second-quarter results, what kind of visibility do you recall having into Q4?

另外，當你回顧去年，去年這個時候，當你報告第二季業績時，你記得對第四季有什麼樣的了解？

(indiscernible) I would say.

（聽不清楚）我會說。

It's very short.

它很短。

It's almost come down to the like average cycle time of less than two months.

平均週期時間幾乎降到了不到兩個月。

Okay, so is your visibility into Q4 better now or worse than it was last year?

好的，那麼您對第四季的了解現在比去年更好還是更差？

Compared to the same time last year, it's better.

與去年同期相比，情況有所改善。

Finally, what are your yields on the 12-inch capacity.

最後，12吋產能的產量是多少？

If you're not comfortable telling us exactly what your yields are, maybe you could tell us how they compare to 8-inch and what the schedule is to be able to ramp that to comparable eight-inch yields?

如果您不願意告訴我們您的產量到底是多少，也許您可以告訴我們它們與 8 英寸產量相比如何，以及如何將其提高到可比較的 8 英寸產量？

We have disclosed this in the previous meetings -- conferences -- that our 12-inch efficiency is better than the 80-inch (ph), and as far as the yield is concerned, we are using 12-inch to manufacture some advanced process technology products such as 0.13 micron.

我們在之前的會議上已經透露過，我們的12英寸效率比80英寸（ph）要好，就良率而言，我們正在使用12英寸來製造一些先進的工藝0.13微米等技術產品。

Based on customers' feedback, our yield is among the best in the industry.

根據客戶的回饋，我們的產量在業界名列前茅。

Fayad Abbasi, Prudential.

法耶德·阿巴西，保誠集團。

I had a quick question on Fab 8S (ph).

我有一個關於 Fab 8S (ph) 的簡短問題。

I was wondering, in terms of requalifying existing customers for 8F is that something that was happening in Q2 and going into Q3 or is that all going to happen in Q3, and kind of what sort of time frame you guys take to requalify -- to qualify a customer at 8F?

我想知道，就重新獲得8F 現有客戶資格而言，是第二季度發生並進入第三季度的事情，還是所有這些都將在第三季度發生，以及你們需要什麼樣的時間範圍來重新獲得資格 - 8樓的顧客有資格嗎？

There will be a few customers' products being ported to 8F (ph) and being qualified in this coming quarter, in Q3.

將會有一些客戶的產品移植到 8F (ph) 並在下個季度（即第三季）獲得資格。

Will those be wafer starts or wafer outs in Q3?

第三季將是晶圓投產還是晶圓淘汰？

They will be wafer outs.

他們將被淘汰。

We do have follow-up questions in the queue.

我們確實有後續問題在隊列中。

Our first follow-up will come from Mark Fitzgerald, Banc of America.

我們的第一個後續行動將來自美國銀行的馬克·菲茨杰拉德。

I was wondering if you could help us with some tax rate guidance for the balance of this year and into next year.

我想知道您是否可以幫助我們為今年剩餘時間和明年提供一些稅率指導。

For the balance of this year, there shouldn't be any major tax expenses for the third and fourth quarter.

就今年剩餘時間而言，第三季和第四季應該不會有任何重大稅收支出。

For 2005, it's actually largely dependent on the possibilities.

對於2005年來說，這實際上很大程度上取決於可能性。

So far, it's beyond our visibility.

到目前為止，它超出了我們的可見範圍。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Operator, we can take one last question.

接線員，我們可以回答最後一個問題。

Michael McConnell at Crest Securities.

克萊斯特證券 (Crest Securities) 的 Michael McConnell。

Thank you.

謝謝。

Looking at the guidance on the customer level, you had said that the communications customers were going to be the largest in terms of percentage of revenues.

從客戶層面的指導來看，您曾說過，就收入百分比而言，通訊客戶將是最大的。

Should we also assume that they're going to be growing the fastest as well in terms of percentage basis, quarter-over-quarter?

我們是否也應該假設它們在季度環比百分比方面也將增長最快？

In this quarter, the growth rate will probably remain the same as previous quarters, so in other words, you would see a similar percentage profile.

在本季度，成長率可能會與前幾季保持相同，因此換句話說，您會看到類似的百分比概況。

For all three COM consumer (indiscernible)?

對於所有三個 COM 消費者（音訊不清晰）？

Yes.

是的。

Okay, super.

好吧，超級。

Should we expect a spike for modeling purposes in R&D, considering the SIS acquisition in Q3 as well?

考慮到第三季 SIS 的收購，我們是否應該預期研發建模目的會激增？

Not for R&D but for depreciation, as I mentioned, for the third quarter, it's going to be 10 percent more.

不是研發，而是折舊，正如我所提到的，第三季的折舊將增加 10%。

Right, so with R&D just kind of grow it gradually at the same growth rate that you've had, Q2 over Q1?

是的，那麼研發只是以與第一季相同的成長率逐漸成長？

Yes.

是的。

That will conclude the question-and-answer session.

問答環節就此結束。

I will turn the call back to Mr. Liu for any additional and closing comments.

我會將電話轉回給劉先生，以徵求任何補充意見和結束意見。

Thank you very much for your interest in UMC.

非常感謝您對聯華電子的興趣。

Please feel free to contact us at the IR department if you have any additional questions.

如果您有任何其他問題，請隨時聯絡我們的 IR 部門。

We will see you next quarter and good day, everyone.

我們下個季度再見，大家好。

Yes, thanks to everyone.

是的，謝謝大家。

That will conclude today's conference.

今天的會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect.

您現在可以斷開連線。