聯華電子 (UMC) 2005 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the United Microelectronics Corporation third-quarter earnings conference call.

女士們、先生們，美好的一天，歡迎參加聯華電子公司第三季財報電話會議。

My name is Ann Marie and I will be your coordinator for today.

我叫安‧瑪麗，我將擔任你們今天的協調員。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

We will be conducting a question-and-answer session towards the end of today's conference. (OPERATOR INSTRUCTIONS)

我們將在今天會議結束時舉行問答會議。 （操作員說明）

I would now like to turn the presentation over to Mr. Chitung Liu, Chief Financial Officer.

現在我想把演講交給財務長劉啟東先生。

Thank you, and hello, everyone.

謝謝大家，大家好。

This is Chitung.

這是吉東。

We are happy you could join us on our call today.

我們很高興您今天能參加我們的電話會議。

If you will bear with me a moment, I need to go over the (indiscernible) Safe Harbor policy.

如果您能耐心聽一下，我需要回顧一下（難以辨認的）安全港政策。

Certain statements made during the course of our discussion today may constitute forward-looking statements that 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 Company's control.

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，包括可能超出預期的風險和不確定性。公司控制。

For this reason, please refer to UMC's filing with the securities authorities in the U.S. and the ROC.

因此，請參閱聯華電子向美國和中華民國證券監管機構提交的文件。

Now let me turn over the call to UMC's CEO, Dr. Jackson Hu.

現在讓我將電話轉給聯華電子執行長 Jackson Hu 博士。

Thank you, Chitung, and thanks to all of you for joining our conference call today.

謝謝 Chitung，也謝謝大家今天參加我們的電話會議。

First of all, UMC had an organization change recently.

首先，聯華電子最近發生了組織變動。

Mr. Chitung Liu has been promoted to the Chief Financial Officer.

劉啟東先生已晉升為財務長。

I believe you are all familiar with Chitung and many of you have worked with him in the past.

相信大家對吉東都很熟悉，很多人都曾與他合作過。

So please join me in congratulating Chitung to this new appointment.

因此，請與我一起祝賀 Chitung 獲得這項新任命。

I'm going to start with an overview of our third-quarter results, followed by an update on leading-edge technology progress and Q4 guidance.

我將首先概述我們第三季的業績，然後介紹前沿技術進展和第四季度指導的最新情況。

Then we will wrap up by taking your questions.

然後我們將回答您的問題來結束。

Due to strong demand across all applications, we successfully accomplished our operation goals for Q3.

由於所有應用程式的強勁需求，我們成功完成了第三季的營運目標。

Revenue increased 21.3% sequentially to 23.58 billion NT dollars, or 711 million U.S. dollars.

營收較上一季度增加21.3%至235.8億元新台幣，即7.11億美元。

This is reflected in the increases in both wafer shipment and ASP.

這反映在晶圓出貨量和平均售價的成長。

Utilization rate has improved to 78%.

利用率提高至78%。

Operating loss for the quarter has greatly reduced from NT3.34 billion in Q2 to NT560 million.

本季營業虧損由第二季的新台幣33.4億元大幅減少至新台幣5.6億元。

Actually, in September we have returned to profitability on a monthly basis.

事實上，9月份我們已經恢復了月度獲利。

This significant turnaround was mainly contributed by the 90-nanometer products.

這一顯著的轉變主要歸功於90奈米產品。

By the end of September, we had shipped accumulated 118,000 8-inch equivalent wafers. 90-nanometer shipments contributed to 14% of the quarterly revenue.

截至9月底，8吋等效晶圓累計出貨量11.8萬片。 90奈米出貨量貢獻了季度營收的14%。

Net income increased sequentially to 2.165 billion NT dollars or -- there could be a mistake, but we will come back.

淨利潤環比增至新台幣21.65億元——可能有錯誤，但我們會回來的。

The net income increased sequentially to US$55 million and our EPS was NT$0.12.

淨利環比增至5,500萬美元，每股收益為新台幣0.12元。

EPADS was US$0.018.

EPADS 為 0.018 美元。

During the quarter, new 90 nanometer customers continued to make good progress.

本季度，90奈米新客戶持續取得良好進展。

Some of them have achieved successful prototype and have started the qualification process.

其中一些已經取得了成功的原型並已開始資格認證程序。

We expect that these customers will start production in the next few months.

我們預計這些客戶將在未來幾個月內開始生產。

When this happens, it will greatly improve our technology mix.

當這種情況發生時，將極大地改善我們的技術組合。

In other words, the percentage of revenue contribution from advanced technology nodes will improve significantly.

也就是說，先進技術節點對營收的貢獻比例將大幅提升。

Furthermore, since these high-volume customers were not there in the 0.13 Micron generation days, they will improve our application mix and also enhance UMC's long-term business stability and profitability.

此外，由於這些大量客戶在0.13微米世代時代並不存在，因此他們將改善我們的應用組合，並增強聯華電子的長期業務穩定性和獲利能力。

So the net income was NT$2.165 billion.

故淨利為新台幣21.65億元。

On the new technology development front, we are continuously making good progress in new design wins.

在新技術開發方面，我們在新設計方面不斷取得良好進展。

To date, we have 4 customers, 4 large customers, doing prototype development on 65 nanometer.

到目前為止，我們有4個客戶，4個大客戶，在65奈米上進行原型開發。

Among them, TI, Texas Instruments, has announced that UMC was its first foundry partner on 65 nanometer.

其中，TI（德州儀器）已宣布聯華電子為其第一個65奈米代工合作夥伴。

It is my pleasure to report that we have successfully delivered working product to TI and we expect to pass the qualification and start small volume production in Q1 2006.

我很高興地向大家報告，我們已經成功向 TI 交付了工作產品，我們預計將在 2006 年第一季通過資格認證並開始小批量生產。

Within our visibility, Q4 will be another high-growth quarter.

在我們看來，第四季將是另一個高成長季度。

Some of the key parameters are as follows.

一些關鍵參數如下。

Wafer shipments to increase by lower teen percentage points.

晶圓出貨量將以較低的十幾個百分點成長。

Wafer ASP in U.S. dollars to increase by low single digit percentage points.

以美元計的晶圓平均售價將成長低個位數百分點。

Capacity utilization rates approximately 85%.

產能利用率約85%。

Profitability, gross profit margin to be in the high teen percentage points.

獲利能力、毛利率將在高十幾個百分點。

Percentage of 0.18 micron and below revenues to reach two-thirds of sales, while 90 nanometer is expected to be in the high teen percentage points.

0.18微米及以下的收入比例將達到銷售額的三分之二，而90奈米的收入預計將達到十幾個百分點。

The communications segment is expected to be the strongest, followed by the computer and the consumer segments.

預計通訊領域最為強勁，其次是電腦和消費領域。

The 2005 CapEx budget stays at US$1 billion.

2005 年資本支出預算維持在 10 億美元。

It is worthwhile to point out that Q4 revenue will peak in November.

值得指出的是，第四季營收將在11月份達到高峰。

We noticed that some customers become more conservative in December.

我們注意到一些客戶在 12 月變得更加保守。

It is likely that customers are watching for the holiday sell-through situation.

顧客可能正在關注假期的銷售情況。

This may present some inventory buildup and is considered as positive.

這可能會帶來一些庫存積累，被認為是積極的。

So this brings me to the end of our prepared comments.

我們準備好的評論到此結束。

Thank you again for joining us today and for your continued support.

再次感謝您今天加入我們並感謝您一如既往的支持。

We would be happy to take your questions now.

我們現在很樂意回答您的問題。

Thank you, operator.

謝謝你，接線生。

(OPERATOR INSTRUCTIONS) Mehdi Hosseini, FBR.

（操作員說明）Mehdi Hosseini，FBR。

I have a couple of questions.

我有一些問題。

First, in terms of the fourth quarter wafer shipment, it appears from your prepared remarks that the shipment of around 50% may be below seasonal, so if you could elaborate on it.

首先，就第四季晶圓出貨量而言，從你準備的發言來看，50%左右的出貨量可能低於季節性，所以你能否詳細說明一下。

And then in terms of 200 and 300 millimeter wafer starts, has there been any downtick, particularly for 200-millimeter 0.18 and 0.25?

那麼就 200 毫米和 300 毫米晶圓開工而言，是否有任何下降，特別是 200 毫米 0.18 和 0.25 晶圓？

And then on 45 nanometer development work, if you could elaborate on the lithography, what type of technology you are using.

然後在 45 奈米開發工作中，您能否詳細說明一下光刻技術，您正在使用哪種類型的技術。

Is that going to be dry or immersion?

是乾的還是浸泡的？

Thank you.

謝謝。

In terms of Q4, the loading percent of our wafer shipment gross items, we actually have a pretty high base in third quarter already, especially on the mature technologies.

就第四季而言，我們的晶圓出貨總量的裝載百分比，實際上我們在第三季已經有了相當高的基數，特別是在成熟的技術方面。

In fact, a lot of our mature technology wafer fabs are running at nearly 100% capacity utilization rate.

事實上，我們許多技術成熟的晶圓廠都以接近100%的產能利用率運作。

So the upside, some are capped for the mature ones.

因此，好的方面是，有些成熟的產品受到限制。

Most of the wafer increase in Q4 are coming from the leading-edge wafer fabs.

第四季的晶圓增量大部分來自領先的晶圓廠。

And besides, we are really not that typical seasonal in most of the recent years.

而且，近年來大部分的時間裡，我們確實不是那麼典型的季節性。

So we see a low teens percentage wafer number growth, mostly coming from high-end, rather positive.

因此，我們看到晶圓數量的成長百分比較低，主要來自高端，相當正面。

Yes.

是的。

And regarding the 45 nanometer technology development, definitely we will need to use the wet scanner, or the so-called immersion scanner.

而對於45奈米技術的發展，我們肯定會需要使用濕式掃描儀，或是所謂的浸入式掃描儀。

Great.

偉大的。

And then regarding the wafer (indiscernible) for Q4, you mentioned that you are fully utilized at the trailing edge.

然後關於第四季度的晶圓（難以辨認），您提到您在後緣得到了充分利用。

I imagine that is 0.25 and above.

我認為是 0.25 及以上。

How about the 0.18 and 0.25?

0.18和0.25怎麼樣？

They are all well utilized.

它們都得到了很好的利用。

So are you deferring additional orders for those nodes?

那麼您是否會推遲這些節點的額外訂單？

They are well utilized, but the demand has not exceeded the supply yet.

它們得到了充分利用，但需求尚未超過供應。

So I do not know what you are referring to as deferring the order.

所以我不知道你所說的推遲訂單是什麼意思。

They should be turning away the customer.

他們應該拒絕顧客。

No, no.

不，不。

The utilization is high, but we are not at a point of turning customers away.

利用率很高，但我們還沒到拒絕顧客的地步。

Great, thank you.

太好了謝謝。

Dan Heyler.

丹·海勒.

Jackson, I had a question on the 300 millimeter kind of utilization trends.

Jackson，我有一個關於 300 毫米的使用趨勢的問題。

Obviously, the Fab 12I has been a big drag on your margins and you're seeing some improvement there.

顯然，Fab 12I 嚴重拖累了您的利潤，但您已經看到了一些改進。

Are you producing currently any 90 nanometer at Fab 12I yet?

您目前在 Fab 12I 生產 90 奈米嗎？

Yes.

是的。

You missed the local report.

你錯過了當地的報道。

Sorry about that.

對於那個很抱歉。

As a matter of fact, in 12I, we have made very good progress recently, and the yield for both 90 nanometer and 130 nanometer have reached almost the same level or better than our 12A fab in Tainan.

事實上，在12I方面，我們最近取得了很好的進展，90奈米和130奈米的良率都幾乎達到或優於我們台南12A晶圓廠的水平。

And we have started the 90 nanometer production at 12I.

我們已經開始12I的90奈米生產。

Could you give us a sense of when you would expect a sweet spot from a profitability standpoint at 12I to kick in?

您能否告訴我們，從獲利角度來看，您預計 12I 何時會出現最佳點？

Does that happen in the fourth quarter or do you need to see a much higher level of utilization to start to see that facility become more margin accretive?

這種情況會在第四季度發生嗎？或者您是否需要看到更高的利用率才能開始看到該設施的利潤增加？

We expect when several 90 nanometer customers, start production, then it will significantly improve the 12I situation.

我們預計當幾家90奈米客戶開始生產時，那麼將會顯著改善12I的情況。

Because 12I is located in Singapore, and we have several customers that prefer to produce products in Singapore.

因為12I位於新加坡，我們有幾個客戶更喜歡在新加坡生產產品。

And therefore, when those customers start production in several months, it is going to help the situation there significantly.

因此，當這些客戶在幾個月後開始生產時，這將大大改善那裡的情況。

Got you.

明白你了。

And just to be clear, those are new customers, not (multiple speakers)?

需要澄清的是，這些是新客戶，而不是（多個發言者）？

That is correct.

那是對的。

As I stated earlier that those were all new customers and that they were not our 0.13 micron customers.

正如我之前所說，這些都是新客戶，而不是我們的 0.13 微米客戶。

Right, got you.

對了，明白你了。

And then my second question was on your capacity rollout plans.

我的第二個問題是關於你們的容量部署計畫。

Are you sticking to your initial plans or is some of the softness that customers are giving you causing you to possibly delay a little bit in terms of your first quarter capacity plans?

您是否堅持​​最初的計劃，或者客戶給您的一些軟弱態度導致您可能會稍微推遲第一季的產能計劃？

Actually, we are sticking to the current plan for this year, and there could be a 10% increase in 12-inch capacity in Q1 2006.

事實上，我們今年還是堅持目前的計劃，2006年第一季12吋產能可能會增加10%。

The reasons are, first of all, due to our manufacturing readiness for 90 nanometer and secondly due to customers' product readiness.

原因首先是由於我們對 90 奈米的製造準備情況，其次是由於客戶的產品準備情況。

We have several customers that have achieved the successful prototype and that they are in the qualification stage.

我們有幾個客戶已經成功實現了原型，並且正處於資格認證階段。

So that is why actually our confidence level of expanding capacity further is quite high.

所以這就是為什麼我們對進一步擴大產能的信心實際上是相當高的。

Okay, that's interesting.

好吧，這很有趣。

So from a prototyping standpoint, you've seen a lot of prototyping activity this quarter.

因此，從原型設計的角度來看，本季您已經看到了許多原型設計活動。

Is that one of the factors that is weighing down a little bit on margins and is that why you expect margins to improve as those companies come online?

這是稍微壓低利潤率的因素之一嗎？這也是您預期隨著這些公司上線而利潤率會提高的原因嗎？

That is, the prototyping activity has been pretty heavy this quarter, and does that drop off?

也就是說，本季的原型設計活動相當繁重，這種情況會下降嗎？

The amount of wafers, especially with prototyping, is actually not that high and therefore that does not play into the picture or it is not a factor.

晶圓的數量，尤其是原型製作，實際上並沒有那麼高，因此這並不重要，或者不是一個因素。

So the key is the volumes?

那麼關鍵是數量？

Right.

正確的。

Okay, and my final question would be on -- you had highlighted some customers playing it safe on inventories a bit going into November and December.

好的，我的最後一個問題是——您強調了一些客戶在進入 11 月和 12 月時會謹慎對待庫存。

Could you comment on some of the end markets that you're seeing that in?

您能否對您所看到的一些終端市場發表評論？

I think mainly for the communication applications, both wireline and wireless, the customers are more conservative in December.

我認為主要是對於通訊應用，無論是有線或無線，12月份客戶都比較保守。

As I mentioned, they are probably watching for the holiday sell-through.

正如我所提到的，他們可能正在關注假期的銷售情況。

Got you.

明白你了。

Thank you very much.

非常感謝。

William Dong, UBS.

威廉·董，瑞銀集團。

Thank you.

謝謝。

One question is on the ASP side, I noticed that we are still going to see a modest improvement in Q4.

一個問題是在 ASP 方面，我注意到我們仍然會在第四季看到適度的改善。

I was wondering in terms of going forward, obviously I think the (indiscernible) is set for further improvement in ASP.

我想知道未來的發展方向，顯然我認為（音訊不清晰）將進一步改善 ASP。

But I was wondering is that improvement -- would that come from a change from charging from gross die basis to a per wafer basis or how does that dynamic work?

但我想知道這種改進是否來自於從按總晶片收費改為按晶圓收費的變化，或者這種動態如何運作？

Currently, the pricing for legacy technology or trailing edge technologies is stabilized.

目前，傳統技術或後沿技術的定價已穩定。

And therefore, as the percentage of advanced node technology increases, ASP is going to go up.

因此，隨著先進節點技術比例的增加，平均售價將會上升。

So it has nothing to do with die buy versus wafer buy.

因此，它與晶片購買和晶圓購買無關。

Okay.

好的。

So is it correct to assume that most of your 90 nanometer at this point is wafer buy?

那麼，假設您目前的 90 奈米大部分是晶圓購買，是否正確？

I believe they are wafer buys.

我相信他們是購買晶圓。

Okay, great.

好的，太好了。

One other question is could you provide maybe some color on sort of progress on maybe some of your graphics business going forward?

另一個問題是，您能否提供一些有關您的圖形業務未來進展的資訊？

I cannot comment on any specific applications until customers are ready to talk about it.

在客戶準備好討論之前，我無法對任何特定應用程式發表評論。

Okay, thank you very much.

好的，非常感謝。

Michael McConnell, Pacific Crest Securities.

麥可麥康奈爾，太平洋頂峰證券公司。

Thank you.

謝謝。

Looking at the consumer comments, that particular end market for Q4, typically would we usually see a drop-off in wafer activity from your consumer based customers in Q4, given the fact that they build in Q3 and then most of those customers are selling through the end applications in Q4?

從消費者的評論來看，第四季度的特定終端市場，通常我們通常會看到第四季度消費者客戶的晶圓活動下降，因為他們是在第三季度生產的，然後大多數客戶都通過銷售第四季的最終應用程式是什麼？

Is that normal or is this something that is somewhat of a surprise to you?

這是正常現象還是讓您感到有些驚訝？

Actually for consumer applications, if I remember correctly, there is no consistent pattern.

實際上對於消費者應用程序，如果我沒記錯的話，沒有一致的模式。

Remember, after the Christmas season there is a new year -- lunar new year holiday season in Asia, especially in China.

請記住，聖誕節過後就是亞洲的新年——農曆新年假期，尤其是在中國。

That may trigger strong demand for consumer product as well.

這也可能引發對消費品的強勁需求。

Okay.

好的。

So than the only softness that you saw with respect to the month of December was coming from wireline and wireless customers, and they have been really probably the strongest end market for you for the last couple quarters.

因此，您在 12 月看到的唯一疲軟來自有線和無線客戶，他們確實可能是過去幾季中最強勁的終端市場。

So you believe at this point right now it is just more of a matter of them watching sell-through activity and then they could restart those wafers if they feel that sell-through is actually going according to plan?

因此，您認為目前更多的是他們關注銷售活動，然後如果他們認為銷售實際上按計劃進行，他們可以重新啟動這些晶圓？

Is that kind of the takeaway?

是這樣的外送嗎？

That is our assessment.

這是我們的評估。

Lastly, just looking at your mix, 0.13 micron and below, we have obviously seen a nice step-up -- almost now a third of your revenues are coming from those two nodes.

最後，只要看看您的組合（0.13 微米及以下），我們顯然看到了一個不錯的提升 - 現在幾乎三分之一的收入都來自這兩個節點。

When do we really start to see the inflection here with pricing?

我們什麼時候才能真正開始看到定價的改變？

I guess increases in low single digits, I guess at least myself, I was expecting a little bit more.

我猜成長是低個位數的，我猜至少我自己，我期待更多。

Is this just more still seeing some price pressure in some of the middle nodes?

這是否只是一些中間節點仍然存在一些價格壓力？

It sounds like you said the lagging nodes, which were problem with pricing for the earlier part of this year have stabilized.

聽起來你說的是今年早些時候定價問題的滯後節點已經穩定下來。

So I guess maybe can you talk about the pricing environment overall between the leading-edge, kind of the middle nodes, and the lagging edge?

所以我想也許你能談談領先優勢、中間節點和落後優勢之間的整體定價環境嗎？

Okay, I think the key is on advanced technology nodes.

好吧，我認為關鍵在於先進的技術節點。

As our yield continues to improve, then we will be in a position to keep our ASP high or avoid the ASP to drop quickly.

隨著我們的產量不斷提高，我們將能夠保持較高的平均售價或避免平均售價快速下降。

As you know, theoretically, the customers expect ASP to reduce over time.

如您所知，從理論上講，客戶期望 ASP 隨著時間的推移而降低。

And so again, if our yield is good, then we can slow down that process.

同樣，如果我們的產量良好，那麼我們可以放慢這個過程。

And actually, we are happy that our 90 nanometer yield is very, very good.

事實上，我們很高興我們的 90 奈米產量非常非常好。

And in a couple of cases this quarter, when we delivered the first wafer to customers, the yield sometimes reached 90%.

在本季的幾個案例中，當我們向客戶交付第一塊晶圓時，良率有時達到 90%。

So I think the yield factor or the yield advantage is there already.

所以我認為產量因素或產量優勢已經存在。

Also to customers, the die cost is what they are interested in, and that is what decides their product competitiveness, as you can understand.

同樣對客戶來說，模具成本是他們感興趣的，這也是決定他們產品競爭力的因素，你可以理解。

So again, as the yield improves, then we don't have to offer very low wafer price to attract customers.

同樣，隨著良率的提高，我們不必提供非常低的晶圓價格來吸引客戶。

Then just on the utilization rates looking forward, you said the revenues were likely going to be peaking at this point what you can see in Q4.

然後就未來的利用率而言，您說收入可能會在第四季度達到頂峰。

Should we also extrapolate that out to utilizations peaking and then maybe taking a step down in Q1 with your 12-inch capacity going up 10% in Q1?

我們是否也應該將其推斷為利用率達到峰值，然後可能會在第一季下降，而您的 12 吋產能在第一季成長 10%？

What we were saying was within the quarter, the revenue will peak in November.

我們所說的是本季度內，收入將在 11 月達到頂峰。

And then in December some customers became more conservative.

然後到了 12 月，一些客戶變得更加保守。

That's what we were saying.

這就是我們所說的。

Oh, November (multiple speakers).

哦，十一月（多名發言者）。

Yes.

是的。

And as far as Q1 is concerned, it is a little bit too early to say, or the visibility is not that far out.

就第一季而言，現在說還為時過早，或者說可見度並不遙遠。

Great, thank you.

太好了謝謝。

Matt Gable, Calypso Capital.

馬特蓋博，Calypso Capital。

On the comments you just made about the customers becoming more conservative for December, is this, in your opinion, normal and did this just recently happen?

關於您剛剛發表的關於 12 月客戶變得更加保守的評論，您認為這是正常的嗎？這是最近才發生的嗎？

And is it solely in the wireless sector?

只是在無線領域嗎？

Yes, if you have watched some of the large semiconductor companies, they claim that they overbuild for Q4 and or they (indiscernible) in some others into Q3.

是的，如果您觀察過一些大型半導體公司，他們聲稱他們在第四季度度過度建設，或者在其他一些公司進入第三季度（難以辨別）。

So there is that fact that makes us to draw that assessment.

因此，這個事實促使我們做出這樣的評估。

Okay.

好的。

And no color at all on what you think what might be in store for Q1 in terms of end demand patterns versus normal historical seasonality?

您認為第一季的最終需求模式與正常的歷史季節性相比可能會發生什麼，根本沒有任何顏色？

No, I think we have to just watch the market and customer sensitivity very closely.

不，我認為我們必須非常密切地關注市場和客戶的敏感度。

At this stage, there are too many factors that factor the demand.

現階段影響需求的因素太多。

We had two hurricanes in the U.S. and then these days people are talking about the bird flu.

美國經歷了兩次颶風，現在人們正在談論禽流感。

And all those things may affect the climate, the demand.

所有這些因素都可能影響氣候和需求。

Last question, regarding the conservativeness for December.

最後一個問題，關於 12 月的保守性。

Are you in turn seeing wafer order cancellations or push-outs at all right now?

現在您看到晶圓訂單被取消或取消？

Right now?

現在？

Right now, no.

現在，沒有。

Okay, thank you very much.

好的，非常感謝。

I appreciate it.

我很感激。

Robert Maire, Needham.

羅伯特‧梅爾，李約瑟。

Yes, you mentioned about TI in your prepared remarks.

是的，您在準備好的發言中提到了 TI。

TI on their conference call has suggested that they were concerned about shortage of some components.

TI 在電話會議上表示，他們擔心某些組件的短缺。

Could you elaborate on your business with TI?

能詳細介紹一下您與 TI 的業務嗎？

Would you say that it is going to be up more than other businesses or is TI looking to you to increase production to perhaps make up for some components that it is concerned about being short of?

您是否認為該公司的漲幅將超過其他業務，或者 TI 是否希望您增加產量以彌補其擔心的某些組件短缺？

Honestly, I don't know which components they are referring to.

老實說，我不知道他們指的是哪些組件。

And within UMC we are not limited from a capacity point of view to supply their demand.

在聯華電子內部，我們在滿足他們的需求方面從產能角度來看並不受限制。

And clearly, TI is one of our largest customers at this point of time.

顯然，TI 目前是我們最大的客戶之一。

However, once our other 90 nanometer customers start production in the next few months, the percentage of TI business overall may come down.

然而，一旦我們的其他90奈米客戶在未來幾個月開始生產，TI業務整體的百分比可能會下降。

And I think that will be a more healthy situation for UMC.

我認為這對聯電來說將是一個更健康的局面。

Okay.

好的。

So right now, TI is most of your 90 nanometer business, but there is not a limitation on the chips that you are sending to them, so it is probably some other devices from other sources that they are short on.

所以現在，TI 佔據了你大部分的 90 奈米業務，但你發送給他們的晶片沒有限制，所以他們可能缺少其他來源的一些其他設備。

Is that correct?

那是對的嗎？

The only things that we are a large supplier for 90 nanometer and the 0.13 micron technology for Texas Instruments, and there is no supply shortage from UMC.

唯一的是我們是德州儀器90奈米和0.13微米技術的大供應商，聯華電子不存在供應短缺的情況。

Got it.

知道了。

And one last question, if I can ask.

最後一個問題，如果我可以問的話。

In terms of capital spending in the second half of 2005, I would assume, given that you are running at 78% utilization this quarter and expect to get to 85, that capital spending expectations would be low for this second half of the year because we're not really short on capacity.

就 2005 年下半年的資本支出而言，我認為，考慮到本季的利用率為 78%，預計將達到 85%，今年下半年的資本支出預期將會很低，因為我們容量並不短缺。

But for next year, will you be front-end loading your spending or back-end loading?

但明年，您的支出是前端加載還是後端加載？

You had mentioned immersion lithography to get to 45 nanometers.

您曾提到浸沒式微影技術可達 45 奈米。

Will that be something that you will more aggressively ramp or maybe you could tell us about that.

您會更積極地推進這件事嗎？或者您可以告訴我們這一點。

Okay, first of all, the order of immersion scanner is for R&D, is for 45 nanometers, right?

好吧，首先，浸沒式掃描儀的訂單是用於研發的，是45奈米的，對吧？

So we're not going to buy many, many pieces, all right?

所以我們不會買很多很多件，好嗎？

And regarding the manufacturing needs, the capacity expansion pace and the timing are determined by the manufacturing readiness of our events across the technology node and also customers' product readiness.

至於製造需求，產能擴張的速度和時間取決於我們跨技術節點的製造準備以及客戶的產品準備。

If we look at it both, then we can have a clear picture.

如果我們兩個都看的話，我們就能有一個清晰的認知。

So therefore, from those angle point of view, that our 90 nanometer is doing well and once those customers finish the qualification starts of the production, then we will need additional capacity.

因此，從這些角度來看，我們的 90 奈米表現良好，一旦這些客戶完成生產資格認證，我們將需要額外的產能。

So I mentioned that we expected to have 10% more of capacity added to our 12-inch in Q1 next year.

所以我提到我們預計明年第一季我們的 12 吋產能將增加 10%。

Okay, thank you.

好的謝謝。

Pranab Sarmah, Daiwa.

普拉納布·薩爾瑪，大和。

I have a couple of short questions.

我有幾個簡短的問題。

First, could you elaborate how you have calculated 78% utilization rates on third quarter?

首先，您能詳細說明一下您是如何計算出第三季78%的使用率的嗎？

It is a wafer out number divided by our total available capacity.

它是晶圓產量除以我們的總可用產能。

We didn't really disclose the wafer out number.

我們並沒有真正透露晶圓數量。

We have provided you the wafer shipment.

我們已為您提供了晶圓運輸。

There's always a small difference in between wafer shipped and wafer out.

晶圓運輸和晶圓輸出之間總是存在微小差異。

Yes, that outnumber is basically -- those are (indiscernible) wafer in between or --? (multiple speakers)

是的，這個數量基本上是──那些（難以辨認的）介於兩者之間的晶圓或──？ （多個發言者）

(indiscernible) issue.

（聽不清楚）問題。

Sometimes customers may involve with the other packaging and testing companies, so it is rather complicated.

有時客戶可能會涉及其他封測公司，所以比較複雜。

Okay, got it.

好，知道了。

In last quarter, what was your non wafer revenue as a percentage of sales?

上個季度，您的非晶圓收入佔銷售額的百分比是多少？

In the third quarter, it should be always around 3 to 5% non wafer sales.

第三季非晶圓銷售額應始終保持在 3% 至 5% 左右。

And now, could you give us some idea on first-quarter '06 the 90 nanometer and 65 nanometer together, whether that percentage -- in dollar term revenues would be higher than the fourth quarter?

現在，您能否給我們一些關於 06 年第一季 90 奈米和 65 奈米合計的想法，以美元計算的收入百分比是否會高於第四季？

I guess for those products you have a longer production cycle as well, and you're getting a lot of 65 nanometer probably new customer (indiscernible).

我想對於這些產品，您的生產週期也較長，您可能會獲得很多 65 奈米的新客戶（聽不清楚）。

Actually, in Q1 next year there be only one customer starting small volume production for 65 nanometer, and the revenue contribution would be very insignificant, since they are in early stage.

事實上，明年第一季只有一家客戶開始小批量生產65奈米，由於還處於早期階段，因此對營收的貢獻微乎其微。

So the majority of the contribution will come from the 90 nanometer.

因此，大部分貢獻將來自 90 奈米。

In 90 nanometer, could we expect a sequential growth in the first quarter '06 over fourth quarter?

在90奈米方面，我們是否可以預期06年第一季比第四季會出現季比成長？

We expect yes, actually, the revenue to increase.

是的，我們實際上預計收入會增加。

Additional revenue will start in Q1 and will increase over quarters.

額外收入將從第一季開始，並將在幾個季度內增加。

The 65 nanometer probably was starting from TI.

65奈米可能是從TI開始的。

Can you transfer that technology for other customers or do you have some contractual agreement with TI?

您能否將該技術轉移給其他客戶，或者您是否與 TI 簽訂了合約協議？

We cannot transfer that technology to other customers.

我們無法將該技術轉移給其他客戶。

However, it will help drive the manufacturing readiness for our overall 65 nanometer technologies, or UMC's generic 65 nanometer technologies.

然而，它將有助於推動我們整體 65 奈米技術或 UMC 通用 65 奈米技術的製造準備。

And that probably -- when it will be ready for other customers?

大概什麼時候才能為其他客戶做好準備？

Other customers would be later, you know.

你知道，其他客戶會晚一點。

Could be second half of 2006.

可能是2006年下半年。

And last one is one the treasury stock buyback.

最後一項是庫存股回購。

How much treasury stocks you have bought so far and how much left behind basically?

到目前為止你買了多少庫存股，基本上還剩下多少？

We have completed about 56% of the current program.

我們已經完成了目前計劃的大約 56%。

Okay, thank you.

好的謝謝。

Shailesh Jaitly, Nomura.

沙伊萊什·賈特利，野村證券。

My first question refers to the CapEx outlay.

我的第一個問題涉及資本支出。

So far year-to-date, CapEx has been about 427 million.

今年迄今為止，資本支出約為 4.27 億美元。

And your full-year CapEx is still unchanged at about a billion.

您的全年資本支出仍維持在 10 億左右不變。

So this increase in capacity, is it primarily captured in 1Q, which you talked about, about the 10% increase in 12-inch wafer?

那麼這個產能的成長，主要是體現在你提到的第一季12吋晶圓成長10%嗎？

Or the major increases are going to come in 2Q?

或者說第二季會大幅成長？

427 million is the number you can see from our financial statement.

4.27億是你從我們的財務報表上可以看到的數字。

How, UMCI in the first quarter of this year was not really included, and it spent about 100 million plus -- maybe 100 to 150.

怎麼樣，今年第一季的UMCI並沒有真正包括在內，它花費了大約1億多——可能是100到150。

And there are also a couple of 20, 30 million spent by UMC Japan.

日本聯華電子也花了幾個20、3000萬。

So altogether, we are actually close to 600 million for the first three quarters in terms of cash outflows.

所以總共來說，我們前三季的現金流出其實已經接近6億了。

And as you point out, that we are ready to increase some more wafer equipment orders for the first-quarter delivery, so there will be downturn in payment for both equipment in fourth quarter of this year.

正如您所指出的，我們準備增加一些第一季交付的晶圓設備訂單，因此今年第四季這兩種設備的付款都會出現下滑。

Is it possible to just give some rough number as to where you expect your overall capacity to be by middle of next year?

是否可以給出一些粗略數字，說明您預計到明年年中的整體產能將達到什麼水平？

Rough estimate, since we prefer to wait, because we plan to give out the capacity spending and capacity estimate by next quarter.

粗略估計，因為我們寧願等待，因為我們計劃在下個季度之前給出容量支出和容量估計。

And so that is our position right now.

這就是我們現在的立場。

Okay.

好的。

Just to follow up on the previous answer you gave on the CapEx, the remaining 400 or so million CapEx that you're spending in 4Q, will all the capacity on this would come from 1Q?

只是為了跟進您之前給出的關於資本支出的答案，您在第四季度花費的剩餘 400 左右百萬資本支出，所有的產能都將來自第一季嗎？

What I am asking is will there be a step function increase in capacity in 1Q which is 10% you have talked about, or there is going to be some flowthrough effect given in 2Q of this CapEx?

我要問的是，第一季的產能是否會出現階躍函數增加（您談到的 10%），或者第二季的資本支出是否會出現一些流通效應？

It could be overrun into Q2.

它可能會超出第二季度。

That is certainly the case.

情況確實如此。

That is also pretty normal factors.

這也是很正常的因素。

So somehow we will not be able to control 100% of the equipment delivery schedule, so the payment terms will also vary because of that.

因此，我們無法100%控制設備交付進度，因此付款條件也會因此而改變。

Okay.

好的。

And with some of the customers in the communications space, you mentioned who have reduced or who have gotten cautious from December, are these primarily in IDM space?

您提到通訊領域的一些客戶從 12 月開始減少或變得謹慎，這些客戶主要是在 IDM 領域嗎？

IDM and also some fabless.

IDM 和一些無晶圓廠。

Given that your IDM proportion in 3Q saw almost a 46% increase, are you expecting that to be sequentially down quite a big number?

鑑於你們的IDM比例在第三季成長了近46%，你們是否預期這一比例會連續大幅下降？

Due to a seasonal effect, it could be adjusted down.

受季節影響，可能有所下調。

But visibility is not that far out at this point.

但目前可見度並不遙遠。

Okay.

好的。

One last question on your 12I fab.

關於您的 12I 晶圓廠的最後一個問題。

The utilizations of this fab, if you can give some color as compared to overall corporate average, are they closer to the corporate average or there is still a lot more room for improvement here?

該晶圓廠的利用率，如果您可以與整體公司平均水平相比，給出一些顏色，它們是否更接近公司平均水平，還是還有很大的改進空間？

Currently, it is still below corporate average, but as soon as some high-volume 90 nanometer customers start production, it will improve significantly.

目前仍低於企業平均水平，但一旦一些大批量的90奈米客戶開始生產，它將顯著改善。

As I mentioned earlier, some customers prefer to produce in Singapore.

正如我之前提到的，有些客戶更喜歡在新加坡生產。

Thank you very much.

非常感謝。

Mark FitzGerald, Banc of America.

馬克·菲茨杰拉德，美國銀行。

I was just curious if these transitions to 90 and 65 nanometer for your customers are that much more difficult that it is taking longer to get yields off it.

我只是很好奇，對於您的客戶來說，向 90 和 65 奈米的過渡是否會困難得多，以至於需要更長的時間才能獲得良率。

That is an issue here in terms of ASPs.

這是 ASP 方面的一個問題。

Would you state the question again?

能再陳述一下問題嗎？

Sure.

當然。

I'm just curious if design complexity is causing the yield ramp as you transition to 90 and 65 to be much longer than prior nodes here and if that is impacting your margins and your ASPs at this point.

我只是好奇，當您過渡到 90 和 65 時，設計複雜性是否會導致產量提升比之前的節點長得多，以及此時這是否會影響您的利潤和 ASP。

As a matter-of-fact, right now we have a better experience with the 65 nanometer ramp compared with 90 nanometer.

事實上，與 90 奈米相比，現在我們對 65 奈米斜坡的體驗更好。

That's a pretty small part of it.

這只是其中很小的一部分。

I mean, I'm trying to wrestle with this utilization rates being up for the 85 and your margins still being well below where they have historically been when you have been at this utilization level before.

我的意思是，我正在努力解決 85 的利用率上升的問題，而您的利潤率仍然遠低於以前處於該利用率水平時的歷史水平。

Yes, the reason was a lot of the demand was on low end, like 0.35 micron process technology.

是的，原因是很多需求都是低端的，例如 0.35 微米製程技術。

That brought the ASP down and hurt the profitability.

這導致平均售價下降並損害了獲利能力。

Okay, so basically then, what you're telling us is the shift happens to 90 nanometer here, the margins should expand pretty sharply then?

好吧，那麼基本上，你告訴我們的是這裡發生了 90 奈米的轉變，那麼利潤應該會急劇擴大？

We certainly hope so.

我們當然希望如此。

Can you achieve the mid-30s margins you had a year or so ago when utilization rates were up about 90% if you were to get back to 90%?

如果您要恢復到 90%，您能否達到大約一年前利用率上升到 90% 左右時的 30 多歲的利潤率？

We hope that the demand will also become stronger, and that would help.

我們希望需求也會變得更強勁，這會有所幫助。

But is 90% utilization rates and 35% gross margins achievable?

但90%的利用率和35%的毛利率可以實現嗎？

Probably not, not in the near-term, unless the demand becomes very strong, such as last year.

可能不會，短期內不會，除非需求變得非常強勁，例如去年。

If you recall, last year that the 90 nanometer revenue contribution was only 5% in Q4, but the margin was more than 30%.

如果你還記得，去年第四季90奈米的營收貢獻只有5%，但利潤率卻超過30%。

Okay, thank you.

好的謝謝。

Bhavin Shah, JPMorgan.

巴文·沙阿，摩根大通。

Yes, could you comment on the pricing environment at different nodes in third quarter and also what you're seeing in (technical difficulty)?

是的，您能否評論一下第三季不同節點的定價環境以及您所看到的（技術難度）？

Pricing environment?

定價環境？

What do you mean?

你是什​​麼意思？

What sort of pricing you're seeing at different technology nodes, percent of declines in third quarter and what do you see in fourth quarter?

您在不同技術節點看到什麼樣的定價，第三季的下降百分比以及您對第四季的看法？

As you can understand that we don't talk about the exact details for technology nodes.

如您所知，我們不會談論技術節點的具體細節。

However, I can mention that the full legacy technology or trailing edge technology, the price has stabilized.

然而，我可以提到的是，完整的傳統技術或後沿技術的價格已經穩定。

It does not go down any further, and has been in that situation for some time.

它並沒有進一步下降，而且這種情況已經有一段時間了。

And our yield of our 0.13 micron technology has become very, very good, and there is no need to drop the price their for accepting customers either.

而我們0.13微米技術的良率已經變得非常非常好，也不需要降價來接受客戶。

Right.

正確的。

I would like to -- some of the comments you made earlier about November being the peak.

我想——您早些時候發表的有關 11 月高峰的一些評論。

Still one of the (indiscernible) income you yesterday (ph) mentioned that they don't have any earning (indiscernible), and as a result, they have seen some customers lining up to have packaging (indiscernible).

還有一位（聽不清楚）收入的你昨天（ph）提到他們沒有任何收入（聽不清楚），結果看到一些顧客排隊拿包裝（聽不清楚）。

In other words, the wafer bank of (indiscernible) wafers is increasing.

換句話說，（難以辨認的）晶圓的晶圓庫正在增加。

Are you seeing any of the custom (ph) customers to hold wafers at this point, given strong outlook for fourth quarter you have?

鑑於您對第四季度的強勁前景，您是否看到任何定制（ph）客戶此時持有晶圓？

No, we have not heard about that among our customers.

不，我們還沒有在我們的客戶中聽說過這一點。

We do understand that there was a shortage for substrate, for flip chip customers.

我們確實了解倒裝晶片客戶的基板短缺。

And usually, our customers order the substrate themselves; they didn't go through UMC.

通常，我們的客戶會自己訂購基材；他們沒有通過UMC。

So depending on their purchasing power, then they decide how much they get.

因此，根據他們的購買力，他們決定獲得多少。

In the meantime, we also heard that by the end of this year, the substrate supply situation will be addressed.

同時，我們也聽說，到今年年底，基板供應的情況將會得到解決。

65 nanometer you mentioned small volume in (technical difficulty).

你提到的65奈米體積小（技術難度）。

Do you compare that product to the 90 nanometer products you are doing now in terms of complexity, let's say number of MOS layers and so on?

您是否將該產品與您現在正在做的 90 奈米產品進行複雜性比較，例如 MOS 層數等？

It has nothing to do with the number of master steps (ph) directly.

它與主步數（ph）沒有直接關係。

The 65 nanometer does have a couple of new processor steps or even one new material.

65 奈米確實有幾個新的處理器步驟，甚至是一種新材料。

And as far as the material is concerned, it is the nickel silicide that is relatively new, and then people start to use the string engineering to really increase the mobility or the performance for the transistor.

就材料而言，相對較新的是矽化鎳，然後人們開始使用串連工程來真正提高電晶體的遷移率或性能。

Those two things are considered new.

這兩件事被認為是新的。

But it seems the industry and also UMC have good handling on that.

但業界和聯電似乎對此處理得很好。

That is why I was mentioning earlier that for 65 nanometer generation we actually have a very good experience in driving the technology and driving the yield relatively to the 90 nanometer base.

這就是為什麼我之前提到，對於 65 奈米世代，我們實際上在推動技術和相對於 90 奈米基礎提高產量方面擁有非常好的經驗。

Thank you.

謝謝。

Tim Arcuri, Citigroup.

提姆‧阿庫裡，花旗集團。

Hi.

你好。

I had two things.

我有兩件事。

Number one, can you give us what the facilities equipment split in your CapEx is for 2005?

第一，您能否告訴我們 2005 年資本支出中設施設備的分配情況為何？

And maybe you can compare that, just to give us some historical perspective, you can tell us what that split was for 2004 as well.

也許你可以比較一下，只是為了給我們一些歷史視角，你也可以告訴我們 2004 年的分裂是什麼。

Thank you.

謝謝。

First of all, I think majority of our CapEx will be focused on 12-inch and very little on 8-inch from now on.

首先，我認為從現在開始我們的大部分資本支出將集中在 12 英寸上，而很少集中在 8 英寸上。

I think we provided a table which shows that the only investment in 8-inch will be to the UMCJ for about US$34 million this year.

我認為我們提供了一個表格，顯示今年對 8 英寸的唯一投資將是 UMCJ 約 3400 萬美元。

And the rest of them will be almost $1 billion for 12-inch.

其餘的12吋將接近10億美元。

Is that what you were asking for?

這就是你所要求的嗎？

No, what I am asking is out of the US$1 billion you're spending this year, how much of it is on buildings and other things versus actual equipment?

不，我要問的是，你們今年花費的 10 億美元中，有多少是用於建築物和其他事物，而不是實際設備？

Oh, actually there is no -- almost nothing for facilities.

哦，實際上沒有——幾乎沒有任何設施。

The facilities, the buildings were already there.

設施、建築物都已經在那裡了。

We are not building new buildings for expansion.

我們不會為了擴張而建造新建築。

Okay.

好的。

So somewhere around maybe 85, 90% of that $1 billion is on equipment?

那麼這 10 億美元中大約 85%、90% 都花在了設備上？

Almost all our for equipment.

幾乎都是我們的裝備。

Almost all for equipment.

幾乎都是為了裝備。

Okay.

好的。

And even though you don't want to talk about 2006 CapEx, can you give us some flavor of what that split might look like next year?

即使您不想談論 2006 年的資本支出，您能否為我們介紹明年的分割？

I would imagine, since there is no other buildings going up, that it is also going to be pretty heavily skewed toward equipment.

我想，由於沒有其他建築物拔地而起，它也會嚴重偏向設備。

Is that the right way to think about it?

這是正確的思考方式嗎？

It will be more skewed to equipment for our 12I fab when we needed to build additional cleanroom.

當我們需要建造額外的無塵室時，它將更偏向我們 12I 晶圓廠的設備。

Okay, so the percentage for facilities could actually go up next year?

好吧，那麼明年設施的百分比實際上可能會上升嗎？

It could be, based on the manufacturing readiness and the customer product readiness.

這可能是基於製造準備和客戶產品準備。

Okay.

好的。

And then the second question I had was can you kind of give us a historical perspective, now that you're successfully ramping 90, can you give us some historical perspective as to why it was more difficult for you and for other foundries to ramp that process than it was for some of the IDMs?

然後我遇到的第二個問題是，你能否給我們一個歷史視角，既然你已經成功地提升了90，你能給我們一些歷史視角來解釋為什麼你和其他代工廠要提升90 更困難嗎？流程比某些 IDM 的流程如何？

Actually, I don't know which IDMs you are referring to, by the way.

事實上，順便說一下，我不知道你指的是哪些IDM。

And so I don't know how to answer your question.

所以我不知道如何回答你的問題。

Well, if you look at Texas Instruments, who is a big customer of yours, for example, I don't think that their issues on 90 nanometer were as significant is yours were.

好吧，例如，如果您看看德州儀器（Texas Instruments），他是您的大客戶，我認為他們在 90 奈米方面的問題並不像您的問題那麼嚴重。

You look at Intel, they pretty much breezed right through the process.

你看看英特爾，他們幾乎輕鬆地完成了這個過程。

So I'm wondering what the difference is between what you're doing and what they are doing is.

所以我想知道你正在做的事情和他們正在做的事情之間有什麼區別。

As far as Texas Instruments is concerned, our understanding is that they have a very small capacity internally and they count on the outside foundries for the majority of (indiscernible) plus technology supply.

就德州儀器而言，我們的理解是，他們的內部產能非常小，他們依靠外部代工廠提供大部分（難以辨別的）技術供應。

And in the Intel case, because they have different ASP, different gross margin structure, it is hard for me to comment on, and definitely Intel is ahead of the rest of the industry.

在英特爾的案例中，因為他們有不同的平均售價、不同的毛利率結構，我很難發表評論，但英特爾肯定領先於該行業的其他公司。

So you would not say that your success and/or issues with 90 nanometer were any different than the industry at-large?

那麼您不會說您在 90 奈米方面的成功和/或問題與整個產業有什麼不同嗎？

No.

不。

As a matter-of-fact relatively to our 0.13 micron generation, 90 nanometer was better and 65 nanometer for the time being, as far as we can see, is even better than 90.

事實上，相對於我們的 0.13 微米世代，90 奈米更好，據我們所知，目前 65 奈米甚至比 90 更好。

Okay, and last thing for me.

好吧，對我來說最後一件事。

What do you think your 65 nanometer capacity will be by the end of next year?

您認為到明年年底您的 65 奈米產能將達到多少？

Right now, it is effectively zero, but what do you think it will be by the end of next year?

目前，它實際上為零，但您認為到明年年底會是多少？

We don't have that details on hand right now, and hopefully maybe by next quarter that we can provide you more detail.

我們目前手頭上沒有這些詳細信息，希望到下個季度我們可以為您提供更多詳細信息。

But I do have to point out that 65 nanometer volume next year will be relatively small. 65 nanometer technology development status is important in preparing for production in 2007.

但我確實必須指出，明年的65奈米體積將會相對較小。 65奈米技術發展狀況對於2007年量產準備工作很重要。

I think the industry, the foundry industry expected it to see significant volumes starting in 2007, not in 2006.

我認為鑄造業預計 2007 年（而不是 2006 年）會出現大量銷售。

Sure.

當然。

Okay, thanks.

好的謝謝。

(indiscernible), RBC Capital Markets.

（音訊不清楚），加拿大皇家銀行資本市場。

I was wondering if you can elaborate more on the wireless applications.

我想知道您是否可以詳細說明無線應用程式。

Is it based in handset or infrastructure or it is wireline infrastructure?

它是基於手機或基礎設施還是有線基礎設施？

Which segment is going down in December?

12月哪個板塊會下跌？

For the wireless communications sector, actually for October and November, the demands are very strong.

對於無線通訊領域來說，實際上在10月和11月，需求是非常強烈的。

And in December, I think our customers, both wireline and wireless, start to become more conservative.

到了 12 月，我認為我們的客戶，無論是有線還是無線，都開始變得更加保守。

Again, as we mentioned earlier, our assessment is they would like to watch for the holiday sell-through situation.

同樣，正如我們之前提到的，我們的評估是他們希望專注於假期銷售情況。

So other quick question, that you have 400 million more to spend.

那麼另一個簡單的問題是，你還有 4 億可以花。

How much 90-nanometer capacity do you get for 400 million?

4億顆能得到多少90奈米產能？

Or another way to put it is what is the cost of 10K 90 nanometer capacity and 10K 65 nanometer capacity right now?

或者換句話說，現在10K 90奈米容量和10K 65奈米容量的成本是多少？

I think all the capacity that we are adding will be for 90 nanometer.

我認為我們增加的所有容量都將針對 90 奈米。

And since this is 90 nanometer capacity equipment such as scanner have a better accuracy, they can be used for 0.13 micron production as well.

而且由於這是90奈米產能的設備，例如掃描儀，具有更好的精度，因此它們也可以用於0.13微米的生產。

And that is basically our approach.

這基本上就是我們的方法。

So my question was how much does it cost to add 10K of 90 nanometer?

那我的問題是加10K的90奈米需要多少錢？

Is it $800 million, $900 million or $700 million?

是8億美元、9億美元還是7億美元？

Different (indiscernible) has different incremental costs, but you can use a rule of thumb is that (indiscernible) or 40,000 wafers with the fab will cost us roughly 3.6 billion.

不同的（音訊不清晰）有不同的增量成本，但可以使用的經驗法則是（音訊不清晰）或 40,000 片晶圓廠將花費我們大約 36 億美元。

And divided by 4, that is 900 million including, some facility for every 10K out of 90 nanometer sequencing (ph).

除以 4，即 9 億，其中包括某些設施每 10K 進行 90 奈米定序 (ph)。

So it should be slightly less than 900 now, since we have already spent all the money on facilities.

所以現在應該略低於900，因為我們已經把所有的錢都花在設施上了。

Okay, thanks a lot.

好的，非常感謝。

Doug Reid, Thomas Weisel Partners.

道格·里德，托馬斯·韋塞爾合夥人。

Really trying to get a better sense of where you're seeing strength and weakness from the consumer segment on a product application basis, if you can.

如果可以的話，真的想在產品應用的基礎上更了解消費者細分市場的優勢和劣勢。

I have one more question.

我還有一個問題。

What is your definition of consumer?

你對消費者的定義是什麼？

Can you give several examples in your definition?

你能在你的定義中舉幾個例子嗎？

Actually, I'm looking at your definition here, as you break out the category, which would -- ICs for DVD players, game consoles, digital cameras, smart cards, toys, etc.

實際上，我在這裡查看您的定義，當您細分類別時，這將是——DVD 播放器、遊戲機、數位相機、智慧卡、玩具等的 IC。

Just wondering within that list that you provide where you're seeing strength and weakness.

只是想知道在該列表中您提供了您看到的優點和缺點。

Okay.

好的。

The DVD, MP3 products and digital video cameras, they were all very strong in Q3 and also in October and November.

DVD、MP3產品和數位攝影機在第三季以及10月和11月都非常強勁。

Okay, great.

好的，太好了。

Finally, did you mention -- forgive me if you did -- how many new 90 nanometer customers you obtained during the quarter and in what applications they may be?

最後，您是否提到（請原諒我）您在本季度獲得了多少新的 90 奈米客戶以及他們可能在哪些應用中？

Due to the sensitivity, we don't talk about the exact applications.

由於敏感性，我們不談論具體的應用。

In some areas, you can guess they are immediately.

在某些地區，您可以立即猜到它們。

We have disclosed that we have 25 customers engaged with over 60 product tape-outs. 43 products actually have functionality there -- 5, including 4 RF products. 21 products are in production.

我們透露，我們有 25 家客戶參與了 60 多個產品流片。 43 個產品實際上具有該功能——其中 5 個產品，其中包括 4 個 RF 產品。 21種產品正在生產中。

And we are providing all of them through 12A, 12I, and also our 8B (indiscernible) fab.

我們透過 12A、12I 以及我們的 8B（音訊不清晰）晶圓廠提供所有這些產品。

Great, thank you very much.

太好了，非常感謝。

Ajay Sharma, Citigroup.

阿賈伊·夏爾馬，花旗集團。

Just on your gross margin guidance for Q4, it seems like most of it is coming from depreciation dropping as a percentage, and I was wondering why is the mix not helping margins to a larger extent in (indiscernible)?

就第四季度的毛利率指引而言，似乎大部分來自折舊百分比下降，我想知道為什麼這種組合不能在更大程度上幫助提高利潤率（難以辨別）？

The depreciation expenses is actually going to be flattish compared to that in the third quarter.

與第三季相比，折舊費用實際上將持平。

We mentioned that during the afternoon call in the local market here today if we didn't expect any money at all from this point onward, then the depreciation expenses for year 2006 is likely to be 5% less than that in 2005; but that is very unlikely.

我們在今天下午的本地市場電話會議中提到，如果我們不期望從此時開始有任何資金，那麼 2006 年的折舊費用可能會比 2005 年減少 5%；但這是不太可能的。

So Q4, the margin improvement is largely coming from improvements in capacity utilization rates as well as the ASP increase.

因此，第四季度的利潤率改善主要來自產能利用率的改善以及平均售價的成長。

To answer your question, loading (ph) is most important for cost structure and especially for 12 inch.

為了回答你的問題，負載（ph）對於成本結構來說是最重要的，尤其是對於 12 英吋。

Yes, but it seems like most of the margin increase you are guiding for is coming from depreciation dropping as a percentage of sales.

是的，但您指導的大部分利潤成長似乎來自折舊佔銷售額百分比的下降。

And I was wondering why is the mix improvement more 90 nanometer and more high-end technology not helping margin more than what you have guided?

我想知道為什麼超過 90 奈米的混合改進和更高端的技術對利潤的幫助沒有超過您指導的水平？

The margin increase seems a lot lower than what (indiscernible) got in Q3 or Q2, where you're almost getting similar kind of revenue growth in Q4.

利潤率成長似乎比第三季或第二季（難以辨別）低得多，而第四季幾乎獲得了類似的收入成長。

I think the only thing I would say is that we need more 90 nanometer volume.

我想我唯一要說的是我們需要更多 90 奈米的體積。

Right.

正確的。

And any thought on what percent of your mix could be 90 nanometer next year?

你有想過明年你的產品中 90 奈米的比例會是多少嗎？

At this moment it is harder to estimate for the whole year.

目前很難估計全年的情況。

But once the 90 nanometer customers start up production, the contribution could exceed 0.13 micron very quickly.

但一旦 90 奈米客戶開始生產，貢獻可能很快就會超過 0.13 微米。

So that hopefully gives you some idea.

希望這能給你一些想法。

Okay, thank you very much.

好的，非常感謝。

Mehdi Husseini, FBR.

邁赫迪·侯賽尼，FBR。

Just had two follow-up questions.

只是有兩個後續問題。

When I look at your revenue mix, the 0.18 and 0.25 contribution declined by 12% in Q3.

當我查看你們的收入組合時，第三季 0.18 和 0.25 的貢獻下降了 12%。

Early on, you talked about ASP pressure and then ASPs stabilizing.

早些時候，您談到了 ASP 壓力，然後 ASP 穩定。

So if you could reconfirm it the fact that ASPs for those two nodes have stabilized.

因此，如果您可以再次確認這兩個節點的 ASP 已經穩定這一事實。

My second question has to do with your commentary regarding Q1 of next year capacity.

我的第二個問題與您對明年第一季產能的評論有關。

You mentioned that capacity could be up 10%, especially at the leading edge.

您提到容量可能會增加 10%，尤其是在前沿。

So would you expect demand or shipment to be improving by that much?

那麼您預計需求或出貨量會改善這麼多嗎？

Otherwise, utilization rate would drop.

否則，利用率就會下降。

If you add some more color on that.

如果你再添加一些顏色。

Okay.

好的。

First of all, regarding the mature technology nodes, such 0.25 and 0.35 micron, the prices indeed have stabilized.

首先，對於成熟的技術節點，例如0.25、0.35微米，價格確實已經穩定下來。

And as far as the leading-edge capacity is concerned, they are mainly the increase is for 12-inch only, okay?

而就前沿產能而言，主要是增加12吋的吧？

Not any for -- no more additional 8-inch.

沒有任何 - 不再有額外的 8 英寸。

And again, as we mentioned multiple times, that once the 90 nanometer customers start production, they will need a lot of wafers, especially for certain applications which we cannot mention right now.

再次，正如我們多次提到的，一旦 90 奈米客戶開始生產，他們將需要大量晶圓，特別是對於我們現在無法提及的某些應用。

Right.

正確的。

So those applications, are those new, and if existing applications --?

那麼這些應用程式是新的嗎？如果是現有的應用程式——？

They are new.

他們是新的。

Those customers were not our customers in 0.13 micron generation base.

這些客戶不是我們 0.13 微米世代的客戶。

Understood.

明白了。

So, in other words, some of your existing customers that are debating to what extent they would change wafers start depending on Christmas holiday sell-through, that is a factor, but the 10% capacity increase in Q1 could well be met with the new customers.

因此，換句話說，一些現有客戶正在爭論他們將在多大程度上更換晶圓，這取決於聖誕節假期的銷售量，這是一個因素，但第一季10% 的產能成長很可能會通過新的晶圓產能來滿足。顧客。

And if existing customers were to increase wafers starts, that could be additional increase or additional factor wafer start regarding the first quarter.

如果現有客戶要增加晶圓開工量，則第一季的晶圓開工量可能會進一步增加或增加。

Both cases have been considered.

這兩種情況都已被考慮。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Ivan Goh, Dresdner Kleinwort Wasserstein.

Ivan Goh，德累佳華。

I have a few short questions.

我有幾個簡短的問題。

Regarding the softening trend that you're seeing in December, would you characterize it as the start of a trend or would you characterize it as a blip?

關於您在 12 月看到的疲軟趨勢，您會將其視為趨勢的開始還是將其視為曇花一現？

I don't think that the industry has the visibility to conclude it is a trend.

我認為業界還沒有足夠的能力斷定這是一種趨勢。

Our assessment, again, is that they are watching.

我們的評估再次是他們正在觀看。

They are conservative.

他們很保守。

They are trying to avoid any inventory buildup.

他們正在努力避免任何庫存累積。

Okay.

好的。

And given the softening trend starting in December, would that mean then your wafer input level has started to peak off already and could be even going down in October and further down in November?

考慮到 12 月開始的疲軟趨勢，這是否意味著您的晶圓輸入水平已經開始見頂，甚至可能在 10 月下降，並在 11 月進一步下降？

Actually, October and November demands are very strong.

事實上，10月和11月的需求非常強勁。

Yes, but given that the lead time for -- the manufacturing time required for these advanced wafers is about two months, wouldn't your wafer inputs already start to soften or to fall?

是的，但考慮到這些先進晶圓所需的製造時間約為兩個月，您的晶圓投入是否已經開始軟化或下降？

Sure.

當然。

That is why we can see that the revenue would peak in November and it would become softer in December.

這就是為什麼我們可以看到收入在 11 月達到峰值，而在 12 月則變得疲軟。

And with the new customers at 90 nanometer that you were talking about, that you anticipate would start production -- that you would start delivery in Q1, have you started wafer inputs for those customers yet?

對於您所談論的 90 奈米新客戶，您預計將開始生產 - 您將在第一季開始交付，您是否已開始為這些客戶投入晶圓？

Those customers have achieved working prototypes and they have started the qualification process.

這些客戶已經獲得了工作原型，並且已經開始了資格認證過程。

And as soon as that process is completed, then they will start up production ramp.

一旦該過程完成，他們將開始生產。

And for certain applications, the ramp could be very steep.

對於某些應用，斜坡可能非常陡峭。

Okay.

好的。

Then given the answers to the questions so far, it does seem then that with 10% 12-inch additional capacity coming off in the first quarter next year, your utilization at the leading edge could fall temporarily before recovering again, and that could happen sometime in Q1 next year.

然後考慮到到目前為止問題的答案，看來隨著明年第一季10% 的12 英寸額外產能下降，您的前沿利用率可能會暫時下降，然後再次恢復，而且這種情況可能會在某個時候發生明年第一季。

Do you think that is a logical conclusion?

你認為這是一個合乎邏輯的結論嗎？

Not necessarily.

不必要。

When we view the capacity we have to make sure that customers' demand is factored in, right?

當我們查看容量時，我們必須確保考慮到客戶的需求，對嗎？

And you don't want to miss any business opportunity.

您不想錯過任何商機。

And again, certain applications can ramp very rapidly.

同樣，某些應用程式的成長速度可能非常快。

So then is it fair to say that your 90 nanometer business in the third quarter of next year would have a lower proportion of existing customers, meaning that existing customers' revenues would fall but then that will be replaced by new customers, and therefore the net result being your 90 nanometer revenues will be sequentially higher in Q1 compared to Q4?

那麼可以公平地說，明年第三季你們的90奈米業務現有客戶比例會降低，這意味著現有客戶的收入會下降，但隨後會被新客戶取代，因此淨收入會下降。結果是，與第四季相比，第一季你們的90 奈米收入會連續增加嗎？

We certainly hope that is the case.

我們當然希望情況是如此。

But again, we have to wait for customers' qualifications to complete.

但同樣，我們必須等待客戶的資格完成。

Okay, and I have a question regarding the net-net non-operating item.

好的，我有一個關於網路非營運項目的問題。

What is the forecast for the fourth quarter of 2005?

2005 年第四季的預測是什麼？

For the time being, we said that UMC Japan's performance to continue to recover; however, it still posted a loss.

暫時我們說聯華日本的業績繼續復甦；然而，它仍然出現虧損。

And the loss of UMC Japan will be offset by our positive contribution from subsidiaries such as Faraday, Unimicron, and Novatek.

而聯電日本的損失將被智原、欣興、聯詠等子公司的積極貢獻所抵銷。

So the current expectation is to be around 0 for the nonoperating income in Q4.

所以目前預計第四季營業外收入在0左右。

Okay.

好的。

And then my final question is regarding CapEx.

我的最後一個問題是關於資本支出的。

Back in July when you talked about CapEx budget for 2005 being 1 billion instead of 1.5 billion, you said that in actual fact you did say 1.5 billion was of orders this year, but cash outflow would be 1 billion.

早在7月，當您談到2005年的資本支出預算是10億而不是15億時，您說實際上您確實說今年15億是訂單，但現金流出將是10億。

Would that 500 million in orders that you placed this year be due for payment in the first half of 2006?

今年你們下的5億訂單，2006年上半年就該付款了嗎？

Basically, the number we provide is on a cash-out basis; that is how the 1 billion comes from.

基本上我們提供的數量都是以提現為基礎的；這就是10億的由來。

And all the dates CapEx were changed from time to time.

所有資本支出日期都會不時變更。

But I think at that time we gave a reference about roughly 1.5 billion of orders were outstanding.

但我認為當時我們給了大約 15 億未完成訂單的參考。

But it may have changed some, but not much.

但可能改變了一些，但改變不大。

So there are basically some orders will be carried over into 2006, but not necessarily 500 million.

所以基本上有一些訂單會結轉到2006年，但不一定是5億個。

Thank you very much for your answering my questions.

非常感謝您回答我的問題。

Kao Pao Ong (ph) with SG Asset Management.

Kao Pao Ong（博士），SG 資產管理公司。

Just a few short long technical questions.

只是一些簡短而長的技術問題。

I want to check with you, do you see pricing pressure on your 130 nanometer nodes, which partially probably explained the gross margin not being as high as we expect?

我想諮詢一下您，您是否認為 130 奈米節點面臨定價壓力，這可能部分解釋了毛利率沒有我們預期的那麼高？

Actually, there will always be pressure on price for every technology node.

事實上，每個技術節點都會面臨價格壓力。

However, it seems our yield for 0.13 micron now has been very high, very good according to our customers.

不過，現在看來我們0.13微米的良率已經非常高了，根據我們客戶的說法，非常好。

We are in a position to keep the pricing for 0.13 micron up there.

我們能夠將 0.13 微米的定價維持在這個水準。

So was it in line with what you expected back in July, pricing ASP down?

那麼，平均售價下調是否符合您 7 月的預期？

I do not have the date in July, but the gut feeling right now is recently that we were able to maintain our 0.13 micron price.

我沒有 7 月的日期，但現在的直覺是我們最近能夠維持 0.13 微米的價格。

Right.

正確的。

The other question I want to know is what are we trying to achieve on our capital management when we issue ADR and do share buyback?

我想知道的另一個問題是，當我們發行ADR和股票回購時，我們的資本管理想要實現什麼目標？

The ADR is (indiscernible) conversions to allow the long-term local shareholders to take advantage of their ADR premium.

美國存託憑證（ADR）是（難以辨認的）轉換，旨在讓長期本地股東能夠利用其美國存託憑證溢價。

There is no increase in the number of shares.

股份數量沒有增加。

Share buyback each time has different purpose, and this time is ready to prepare for the employee option we will issue then at a cost sometime tomorrow or the year after.

每次回購股票都有不同的目的，這次是為明天或後年的某個時候以成本價發行員工選擇權做準備。

So this is the ninth round of share buyback UMC has been conducting, and given that cash position we have, we are always very flexible in terms of share buyback program.

這是聯電正在進行的第九輪股票回購，鑑於我們擁有的現金狀況，我們在股票回購計畫方面始終非常靈活。

Right.

正確的。

There is also some increase in the inventory base.

庫存基礎也有增加。

Is there any specific reason, or it's just normal?

有什麼具體原因嗎，還是很正常？

I think it's normal, which moves along with our enlarged revenue base.

我認為這是正常的，這隨著我們擴大的收入基礎而變化。

Okay.

好的。

The last thing I just want to check is on the nonoperating loss, those activities.

我想檢查的最後一件事是非經營性損失，這些活動。

Hsun Chieh investment (indiscernible) of our 5.5 (ph) million, could you elaborate on that?

勳傑投資（聽不清楚）我們5.5（ph）百萬，您能詳細說明一下嗎？

Hsun Chieh is our 100% investment holding company.

迅捷是我們100%的投資控股公司。

I think they are in the process of cleaning up some of the noncore investments, and also they have some kind of capital needs.

我認為他們正在清理一些非核心投資，而且他們也有某種資本需求。

So they have been turning some assets into the Mega Financial and Unimicron.

所以他們一直在把一些資產轉入兆豐金融和欣興電子。

So that is where the loss comes from.

這就是損失的來源。

Okay, so by selling these shares they actually incurred loss?

好吧，那麼透過出售這些股票，他們實際上遭受了損失嗎？

Yes, compared to their cost, they actually recognized loss by their sales of Mega Financial, for example.

是的，與他們的成本相比，他們實際上透過出售兆豐金融（Mega Financial）確認了損失。

Okay, right.

好吧，對。

Okay, I understand.

好吧，我明白。

Thanks.

謝謝。

Andrew Bates (ph), Susquehanna.

安德魯貝茨（博士），薩斯奎哈納。

What was the LCD driver contribution to total revenues in Q3?

LCD 驅動器對第三季總營收的貢獻是多少？

About 15%.

大約15％。

15%, okay.

15%，好吧。

Was that up a bit sequentially then from Q2?

從第二季開始，這個數字是否連續上升了一點？

About the same.

差不多。

And one last question.

最後一個問題。

Could you comment on your anticipated tax rate in 2006?

您能否對2006年的預期稅率發表評論？

Well, the government is in the process of an imposed minimum tax rate, either 7.5% or 10%, which is still in the debate at the legislature consult, and without that, we do have enough tax credit to offset any foreseeable tax expenses.

嗯，政府正在徵收最低稅率，7.5%或10%，這仍在立法機關諮詢的辯論中，如果沒有這個，我們確實有足夠的稅收抵免來抵消任何可預見的稅收支出。

But the new tax system is something we cannot predict.

但新的稅制是我們無法預測的。

Do you have any idea of the resolution of that, the date timing-wise and when you may have an answer?

您是否知道該問題的解決方案、日期、時間以及何時可以得到答案？

This is Taiwan, just to remind you, but no, it's very difficult to predict.

這是台灣，只是提醒你一下，但不，這是很難預測的。

Okay.

好的。

Well, thank you very much.

好的，謝謝。

So that pretty much concludes our call.

我們的通話就到此結束了。

I will just finish up with a few housekeeping items.

我將完成一些家務用品。

A link to the replay of the call will be available until the end of September on the Investor Relations section of our website.

在九月底之前，我們網站的投資者關係部分將提供電話會議重播的連結。

A dial-in version of the replay can be heard at 888-286-8010 if you are in the U.S. or at 617-801-6888 for international calls.

如果您在美國，可以撥打 888-286-8010 收聽撥入版本的重播；如果撥打國際長途，請撥打 617-801-6888。

The dial-in replay can be available until midnight Eastern Standard Time on October 27, 2005.

撥入重播可在東部標準時間 2005 年 10 月 27 日午夜之前觀看。

The access code will be 28260861.

訪問代碼為 28260861。

If you have any additional questions, please feel free to contact us directly.

如果您還有任何其他問題，請隨時直接與我們聯絡。

Thank you all again, and good day.

再次感謝大家，祝你有美好的一天。

Ladies and gentlemen, thank you so much for your participation in today's conference.

女士們、先生們，非常感謝你們參加今天的會議。

This does conclude the presentation, and you may now disconnect.

簡報到此結束，您現在可以斷開連線。

Have a great day.

祝你有美好的一天。