聯華電子 (UMC) 2013 Q4 法說會逐字稿

Welcome everyone to UMC's 2013 fourth quarter earnings conference call.

歡迎大家參加聯電2013年第四季度財報電話會議。

(Operator Instructions).

（操作員說明）。

For your information, this conference call is now being broadcast to you live over the Internet.

供您參考，此電話會議現在正在通過 Internet 向您直播。

Webcast replay will be available within an hour after the conference is finished.

會議結束後一小時內將提供網絡直播重播。

Please visit our website, www.umc.com, under the Investor Relations, Investor Events section.

請訪問我們的網站 www.umc.com，在“投資者關係”、“投資者活動”部分下。

And now I would like to introduce Mr. Bowen Huang, Head of Investor Relations at UMC.

現在我想介紹一下聯華電子投資者關係主管黃博文先生。

Mr. Huang, you may begin.

黃先生，您可以開始了。

Thank you and welcome to UMC's conference call for the fourth quarter of 2013.

謝謝並歡迎參加聯華電子 2013 年第四季度的電話會議。

I am joined today by Mr. Po Wen Yen, the CEO of UMC, and Mr. Chitung Liu, the CFO of UMC.

今天與我會面的有聯華電子 CEO Po Wen Yen 先生和聯華電子首席財務官 Chitung Liu 先生。

In a moment we will hear our CFO present the fourth quarter financial results followed by our CEO's key message to address UMC's main area of focus and the UMC's first quarter of 2014 guidance.

稍後我們將聽到我們的首席財務官介紹第四季度的財務業績，然後是我們的首席執行官針對 UMC 主要關注領域的關鍵信息以及 UMC 2014 年第一季度的指導。

Once our CEO and CFO complete their remarks there'll be a Q&A session.

一旦我們的 CEO 和 CFO 完成他們的發言，就會有一個問答環節。

UMC's quarterly financial results are available at our website, www.umc.com, under the Investor Relations Financial Release section.

UMC 的季度財務業績可在我們的網站 www.umc.com 的“投資者關係財務發布”部分找到。

During this conference we will make forward-looking statements based on management's current expectations and beliefs.

在這次會議期間，我們將根據管理層當前的預期和信念做出前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including the risks that may be beyond the Company's control.

這些前瞻性陳述受許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果出現重大差異，包括可能超出公司控制範圍的風險。

For those risks please refer to UMC's filings with the SEC in the US and with the ROC securities authorities.

對於這些風險，請參閱聯電向美國證券交易委員會和中華民國證券監管機構提交的文件。

I would now like to introduce UMC's CFO, Mr. Chitung Liu, to discuss UMC's fourth quarter 2013 business results.

現在我想介紹聯華電子的首席財務官劉啟東先生，討論聯華電子2013年第四季度的經營業績。

Thank you Bowen.

謝謝博文。

For the fourth quarter of 2013 revenue was TWD30.72b with the gross margin at around 18.1% and operating margin at 0.6%.

2013 年第四季度的收入為 TWD30.72b，毛利率約為 18.1%，營業利潤率為 0.6%。

The net income attributable to the stockholders of the parent was TWD0.75b and the earnings per ordinary shares was TWD0.06.

歸屬於母公司股東的淨利潤為TWD0.75b，每股普通股收益為TWD0.06。

And now I would like to go to our financial PowerPoint file to go through the Q4 last year's performance.

現在我想轉到我們的財務 PowerPoint 文件，了解去年第四季度的業績。

If you turn to page 3 I'll briefly mention all the key numbers.

如果你翻到第 3 頁，我將簡要提及所有關鍵數字。

As you can see there, TWD30.7b revenue in Q4 last year was around 8% decline on third quarter of 2013.

如您所見，去年第四季度 TWD30.7b 的收入比 2013 年第三季度下降了約 8%。

And cash on hand at the end of Q4 2013 is TWD50.8b.

2013 年第四季度末手頭現金為 TWD50.8b。

Utilization rate for foundry segment for Q4 was 79%.

第四季度代工部門的利用率為 79%。

And on page 4 you can see our income statement on a quarter-over-quarter comparison.

在第 4 頁，您可以看到我們的季度環比損益表。

With the 8% revenue decline, our gross margin rate also declined by approximately 4 percentage points to 18.1%, which is around TWD5.5b.

隨著收入下降 8%，我們的毛利率也下降了約 4 個百分點至 18.1%，約為 TWD5.5b。

Our operating expenses has shown some growth, around 8.6%, mainly due to increase in R&D activities.

我們的運營費用有所增長，約為 8.6%，主要是由於研發活動的增加。

And we also booked about TWD889m non-operating income in Q4 last year, mainly coming from our disposal of UMC Japan equity stakes.

去年第四季度我們還計入了約 8.89 億新台幣的營業外收入，主要來自我們出售聯電日本股權。

So the net income for Q4 last year was TWD588m and the net income attributable to parent is around TWD749m.

因此，去年第四季度的淨收入為 5.88 億元新台幣，歸屬於母公司的淨收入約為 7.49 億元新台幣。

On page 5 you can see the year-over-year comparison.

在第 5 頁，您可以看到同比比較。

Revenue grow 7% year over year to TWD123b.

收入同比增長 7% 至 TWD123b。

Gross margin also grow 22% to TWD23.5b.

毛利率也增長 22% 至 TWD23.5b。

With the consolidated basis, including Hejian starting from February of 2013 and also the increase in R&D activity, our operating expenses also grow 23.9% to TWD19.4b for the whole year of 2013.

在綜合基礎上，包括從 2013 年 2 月開始的和健以及研發活動的增加，我們的 2013 年全年運營費用也增長了 23.9% 至 TWD19.4b。

Total net income for 2013 was TWD12.6b and EPS is TWD1.01, and EPS per ADS is $0.169.

2013 年總淨收入為 TWD12.6b，EPS 為 TWD1.01，每股 ADS 每股收益為 0.169 美元。

On the next page, page 6, again our cash is slightly over TWD50b, with total assets in the range of around $10b.

在下一頁，第 6 頁，我們的現金再次略高於 TWD50b，總資產在 $10b 左右。

On page 7 you can see the breakdown between our foundry operation as well as the new business.

在第 7 頁，您可以看到我們的代工業務與新業務之間的細分。

New business in Q4 still caused a loss, around TWD670m, while foundry operation is in the profit around TWD778m.

第四季度新業務仍然虧損，約TWD6.7億元，而代工業務則盈利約TWD7.78億元。

And for CapEx in Q4 last year for foundry it's around TWD7.6b.

去年第四季度鑄造業的資本支出約為 TWD7.6b。

On page 8, the ASP trend was down around 2% in Q4 last year.

在第 8 頁，去年第四季度平均售價下降了約 2%。

On page nine, we have a further breakdown for our foundry segment sales.

在第九頁，我們進一步細分了代工部門的銷售額。

First of all it's a geographic breakdown.

首先，這是地理細分。

As you can see that Asia probably show the biggest shrink, from 44% last quarter to 41% in Q4, and US market on the contrary grow to 47% from 43% in the previous quarter.

正如您所看到的，亞洲可能出現最大的收縮，從上一季度的 44% 下降到第四季度的 41%，而美國市場則相反，從上一季度的 43% 增長到 47%。

On page 10 the whole year breakdown doesn't really show much difference, both Asia and US representing around 45% of our total revenue.

在第 10 頁上，全年細分並沒有真正顯示出太大差異，亞洲和美國都占我們總收入的 45% 左右。

On page 11, in Q4 we continued to see IDM represent less part of our total revenue, which declined to 11% in Q4 from 14% in Q3.

在第 11 頁，在第四季度，我們繼續看到 IDM 占我們總收入的比例有所下降，從第三季度的 14% 下降到第四季度的 11%。

And for the whole year it shows a similar trend, from 16% in 2012 to 11% in 2013.

全年也呈現出相似的趨勢，從 2012 年的 16% 上升到 2013 年的 11%。

On page 13 we can see the communication declined to 49% of our total revenue in 4Q 2013 from 52% in 3Q, and consumer grow from 28% to 31%.

在第 13 頁上，我們可以看到通訊占我們 2013 年第四季度總收入的比例從第三季度的 52% 下降到 49%，而消費者從 28% 增長到 31%。

For the whole year data on page 14 communication remained the same, around 50% of our total revenue both 2013 and 2012.

第 14 頁上的全年數據保持不變，在 2013 年和 2012 年均占我們總收入的 50% 左右。

On technology breakdown on page 15, we continue to see 40-nanometer representing a larger part of our revenue.

關於第 15 頁的技術細分，我們繼續看到 40 納米占我們收入的很大一部分。

In Q4 it continued to grow to 24% from 20% in the previous quarter.

在第四季度，它繼續從上一季度的 20% 增長到 24%。

65-nanometer or below now is representing around 53% of our total revenue in Q4 2013.

65 納米或以下工藝現在占我們 2013 年第四季度總收入的 53% 左右。

On page 16, the full-year figures, 40-nanometer also represents 20% of our total revenue, which is almost double from 11% in 2012, and 65-nanometer still remains our biggest portion, which is around 32%.

在第 16 頁的全年數據中，40 納米也占我們總收入的 20%，幾乎是 2012 年 11% 的兩倍，而 65 納米仍然是我們最大的部分，約為 32%。

On page 17 we can see our quarterly capacity increase.

在第 17 頁，我們可以看到我們的季度產能增長。

Use the table for your reference.

使用該表供您參考。

And quarter four we see some mild increase, around 1%, in total capacity.

在第四季度，我們看到總產能略有增長，約為 1%。

And for Q1 next year due to less working days so the increase is a lot smaller.

而對於明年第一季度，由於工作日較少，因此增幅要小得多。

So on page 18, our planned or budget CapEx for 2014 is currently stay around $1.1b to $1.3b with majority, around 90%, for 12-inch capacity expansion as well for some capacity upgrade.

因此，在第 18 頁上，我們 2014 年的計劃或預算資本支出目前保持在 1.1b 美元至 1.3b 美元左右，其中大部分（約 90%）用於 12 英寸容量擴展以及一些容量升級。

So the above is the summary of our results for Q4 2013.

以上是我們 2013 年第四季度的結果總結。

More details are available in the report which has been posted on our website.

已在我們網站上發布的報告中提供了更多詳細信息。

I will now turn the call over to Mr. Yen, CEO of UMC.

我現在將把電話轉給聯華電子首席執行官嚴先生。

Okay.

好的。

Thank you Chitung.

謝謝啟東。

Hello and happy new year to everyone.

大家好，新年快樂。

I would like to update UMC's fourth quarter operating results.

我想更新聯華電子第四季度的經營業績。

The foundry segment recorded TWD28.58b in revenues, with profit margin from foundry operations of 2.7%.

代工部門的收入為 TWD28.58b，代工業務的利潤率為 2.7%。

And wafer shipments reached 1.236m 8-inch equivalent wafers, bringing overall capacity utilization to 79%.

晶圓出貨量達到123.6萬片8英寸當量晶圓，整體產能利用率達到79%。

During the fourth quarter of 2013 our 40-nanometer and below business represented 24% of UMC sales.

2013 年第四季度，我們的 40 納米及以下業務佔聯電銷售額的 24%。

This continued growth demonstrates the strength of our 40-nanometer technology platform, which has been adopted by numerous customers from a wide range of diversified markets.

這種持續增長證明了我們 40 納米技術平台的實力，該平台已被來自廣泛多元化市場的眾多客戶採用。

We also continue to achieve new milestones for our specialty technologies, recently surpassing 15m IC shipments for our 55-nanometer embedded high-voltage process in just one year.

我們還繼續在我們的專業技術上取得新的里程碑，最近我們的 55 納米嵌入式高壓工藝的 IC 出貨量僅在一年內就超過了 1500 萬件。

Our engineering teams have further miniaturized the SRAM cell for this process to power today's highest resolution smartphones, continuously pushing the boundaries of specialty technologies in 55-nanometer and beyond.

我們的工程團隊進一步縮小了此工藝的 SRAM 單元，為當今最高分辨率的智能手機提供動力，不斷突破 55 納米及以上的專業技術界限。

For 28-nanometer we have made significant strides on our 28-nanometer status to become a competitive foundry supplier, boosted by yield enhancement and has helped us secure additional design wins.

對於 28 納米，我們在 28 納米的地位上取得了重大進展，成為具有競爭力的代工供應商，這得益於產量的提高，並幫助我們獲得了更多的設計勝利。

To further strengthen our 28-nanometer design platform we now offer ARM Artisan physical IP for our 28HLP, UMC's 28-nanometer high-performance, low-power process that optimally balances die size, speed and leakage performance to target low power applications.

為了進一步加強我們的 28 納米設計平台，我們現在為我們的 28HLP 提供 ARM Artisan 物理 IP，這是 UMC 的 28 納米高性能、低功耗工藝，可優化平衡芯片尺寸、速度和洩漏性能，以針對低功耗應用。

This collaboration adds ARM's POP IP core-hardening acceleration technology to shorten time-to-market through proven, rigorous silicon validation for our customers designing into 28HLP.

此次合作增加了 ARM 的 POP IP 內核強化加速技術，通過為我們的客戶設計 28HLP 提供經過驗證的嚴格矽驗證來縮短上市時間。

For the first quarter, we anticipate softer business due to normal early-year seasonality.

對於第一季度，我們預計由於年初正常的季節性因素，業務將會疲軟。

In 2014 we are optimistic that UMC will benefit from product design wins across a broad spectrum of the semiconductor industry.

2014 年，我們樂觀地認為 UMC 將受益於半導體行業廣泛的產品設計勝利。

We will leverage our manufacturing excellence and deploy capacity expansion not only for 28-nanometer high-K metal gate lines but also for upgrades at our 8-inch and 12-inch fabs to fulfill emerging requirements.

我們將利用我們的卓越製造能力並部署產能擴張，不僅針對 28 納米高 K 金屬柵極線，還針對我們的 8 英寸和 12 英寸晶圓廠的升級，以滿足新興需求。

As such, UMC's CapEx for 2014 will be approximately $1.1b to $1.3b.

因此，UMC 2014 年的資本支出約為 $1.1b 至 $1.3b。

This investment will help UMC to expand economies of scale to drive down manufacturing costs and achieve a prolonged structural increase in productivity.

這項投資將幫助聯電擴大規模經濟以降低製造成本並實現生產力的長期結構性增長。

These efforts will propel UMC's market share growth in leading-edge technologies and further expand our presence in the specialty segment, strengthening our position in the foundry industry.

這些努力將推動聯華電子在領先技術領域的市場份額增長，並進一步擴大我們在專業領域的影響力，鞏固我們在代工行業的地位。

And now I would like to translate these highlights in Mandarin.

現在我想把這些亮點翻譯成普通話。

(Spoken in Mandarin).

（普通話）。

Now I have finished my remarks and let me provide you with the first quarter of 2014 guidance.

現在我的發言結束了，讓我為您提供2014年第一季度的指導。

The foundry segment wafer shipments will show a marginal increase.

晶圓代工部門的晶圓出貨量將出現小幅增長。

The foundry segment ASP in US dollars will decrease by approximately 4%.

以美元計算的晶圓代工業務平均售價將下降約 4%。

UMC's foundry segment gross profit margin will be in the mid-teen percentage range.

聯電代工部門的毛利率將處於中等百分比範圍內。

Capacity utilization rate for foundry segment will be high 70% range.

鑄造部門的產能利用率將高達 70% 的範圍。

2014 CapEx for foundry segment will be in the range of $1.1b to $1.3b.

2014 年代工部門的資本支出將在 $1.1b 到 $1.3b 之間。

Guidance for new business segment's revenue to be TWD2.8b.

新業務分部的收入指引為 TWD2.8b。

And operating loss will be approximately TWD0.5b.

經營虧損約為 TWD0.5b。

That concludes my comments.

我的評論到此結束。

We are now ready for questions.

我們現在準備好提問了。

Operator, please open the lines up.

接線員，請打開線路。

Thanks.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin our question and answer session.

女士們，先生們，我們現在開始我們的問答環節。

(Operator Instructions).

（操作員說明）。

Randy Abrams, Credit Suisse.

蘭迪艾布拉姆斯，瑞士信貸。

Okay.

好的。

Thank you.

謝謝。

My first question on the CapEx, I think originally the range was $1.5b and it looks like you've spent $1.1b and guided $1.1b to $1.3b.

我關於資本支出的第一個問題，我認為最初的範圍是 1.5b 美元，看起來你已經花費了 1.1b 美元並將 1.1b 美元引導到 1.3b 美元。

If you could talk about the decision to take a more conservative view on CapEx and what it implies for amount of additional capacity versus specialty.

如果你能談談對資本支出採取更保守觀點的決定，以及它對額外能力與專業的數量意味著什麼。

And then the depreciation implication from the lower CapEx.

然後是較低資本支出的折舊影響。

Randy, our CapEx decision is based upon on our own sustainable cash flow as well as the customer need.

蘭迪，我們的資本支出決定是基於我們自己的可持續現金流以及客戶需求。

And with some of the CapEx using for upgrade, the total available capacity can be achieved with a smaller amount of budget.

通過將部分資本支出用於升級，可以用較少的預算實現總可用容量。

So that's one reason.

所以這是一個原因。

And second reason is of course you can probably notice that the 28-nanometer ramp is a little bit slower than what we expected.

第二個原因當然是你可能會注意到 28 納米的斜坡比我們預期的要慢一點。

So the immediate need for additional 28-nanometer capacity is less now, but still we will continue to follow the need for our customers.

因此，現在對額外 28 納米容量的迫切需求減少了，但我們仍將繼續關注客戶的需求。

And again, as I mentioned, some of the upgrade for the capacity actually costs a little bit less than brand new capacity.

而且，正如我提到的，一些容量升級實際上比全新容量的成本要低一點。

So I think altogether it caused the numbers to be probably smaller than what you expected.

所以我認為它導致數字可能比你預期的要小。

Okay.

好的。

And the depreciation implication for 2014, like how much it may be increased?

以及 2014 年的折舊影響，比如可能增加多少？

No, still the same, probably less than 10%.

不，還是一樣，大概不到10%。

Okay.

好的。

Thanks.

謝謝。

And I have a question on the ASP guidance for the down 4%.

我對下降 4% 的 ASP 指導有疑問。

If you could talk about how much is from the normal -- I think at the beginning of year there was a price reset.

如果你能談談正常情況下有多少——我認為在年初有一個價格重置。

But also if there is change in product mix say, how say, 28 and 40 may look relative to the 8-inch, I mean if it's a function of product mix.

但如果產品組合發生變化，那麼 28 和 40 可能看起來相對於 8 英寸，我的意思是如果它是產品組合的函數。

The blended ASP will decline approximately 4% in the first quarter due to the product mix.

由於產品組合，第一季度混合平均售價將下降約 4%。

Yes, for the first quarter our [3-inch] is below our product mix average.

是的，第一季度我們的 [3 英寸] 低於我們的產品組合平均水平。

So that's why.

所以這就是為什麼。

Okay.

好的。

Thanks.

謝謝。

And then the final question, the new business sales and your guidance continue to move up.

然後是最後一個問題，新業務銷售額和您的指導繼續上升。

It looks like doubling versus where it was a year ago.

與一年前相比，它看起來翻了一番。

If you could talk about the drivers of the revenue strength.

如果你能談談收入實力的驅動因素。

And for the profitability, maybe the source where the losses -- I guess they're staying pretty stable at TWD500m.

至於盈利能力，也許是虧損的來源——我猜他們在 5 億新台幣的水平上保持相當穩定。

Maybe a potential to narrow the losses or what needs to happen to improve profitability.

也許有可能縮小損失或需要採取什麼措施來提高盈利能力。

We do have several entities in our new business group.

我們的新業務組中確實有幾個實體。

The silicon-based solar business is definitely turning around in Q1 and that's the main reason behind this larger revenue and smaller loss.

矽基太陽能業務肯定在第一季度好轉，這是收入增加和虧損減少的主要原因。

The others including (inaudible), which show some minor improvement but still in a loss territory.

其他包括（聽不清），它們顯示出一些小的改進，但仍處於虧損狀態。

And for our thin-film--based based solar the status hasn't changed much.

而對於我們的基於薄膜的太陽能，情況並沒有太大變化。

Okay.

好的。

Is it expectation -- I guess toward second half we should expect continued growth and narrowing losses.

是預期——我想在下半年我們應該期待持續增長和縮小虧損。

That's how we expect the direction or is there a view on where this could go within a few quarters?

這就是我們預期的方向，或者是否有關於這可能在幾個季度內走向何方的觀點？

Well, that's certainly the hope.

嗯，這當然是希望。

We have been spending last few quarters on efficiency improvements for our new business operation.

過去幾個季度，我們一直在為新業務運營提高效率。

However, the solar business, which is the bulk of our new business, it largely depends upon the market price.

然而，太陽能業務是我們新業務的主體，它在很大程度上取決於市場價格。

So for the time being it's difficult for us to predict the outlook for our solar business, but we will definitely ensure the operating efficiency will continue to improve.

因此，目前我們很難預測太陽能業務的前景，但我們一定會確保運營效率繼續提高。

Okay.

好的。

Thanks a lot.

多謝。

Thanks.

謝謝。

Dan Heyler, Merrill Lynch.

丹海勒，美林證券。

Thanks.

謝謝。

Good morning gentlemen.

先生們早上好。

Good afternoon gentlemen.

先生們下午好。

I wanted to ask a couple of questions on the, looking at the growth rate of the industry overall, the projections are generally for fabless to grow about 10% in 2014 and I'm wondering if you think you could achieve that level of growth or do better than that.

我想問幾個問題，看看整個行業的增長率，預計無晶圓廠在 2014 年通常會增長 10% 左右，我想知道你是否認為你能達到這個增長水平或做得更好。

Yes, agree on that, this improved GDP outlook, we are optimistic that semiconductor industry will continue to grow in 2014.

是的，同意這一點，這種改善的 GDP 前景，我們樂觀地認為半導體行業將在 2014 年繼續增長。

Mainly it will be driven by continuous technology breakthrough on wireless devices as well as connected devices including the Internet of Things.

主要是受無線設備以及包括物聯網在內的連接設備的持續技術突破的推動。

We anticipate the foundry segment will also grow in 2014 and UMC will benefit from our broad-based service that includes wired and wireless communications, consumer and computing markets.

我們預計晶圓代工業務在 2014 年也將增長，聯電將受益於我們廣泛的服務，包括有線和無線通信、消費者和計算市場。

But, Dan, as you know, we cannot commit full-year revenue growth.

但是，丹，如你所知，我們不能承諾全年收入增長。

Yes, I'm wondering what you think the foundry growth rate, the industry growth rate will be.

是的，我想知道您如何看待代工增長率，行業增長率。

What's your projection?

你的預測是什麼？

Yes, from our intelligence, for foundry it will be around 10% to 12%.

是的，根據我們的情報，代工廠將在 10% 到 12% 左右。

Okay.

好的。

Thank you.

謝謝。

And from I guess the standpoint of revenue contribution from 28, could you update us on when that should be 5% of revenue, when you could first see 28-nanometer contribute to 5% of your revenue?

從我猜想 28 的收入貢獻的角度來看，你能告訴我們什麼時候應該是收入的 5%，什麼時候你可以第一次看到 28 納米貢獻你的收入的 5%？

Yes.

是的。

Our 28-nanometer activities continue, including small volume production for customers and pilot production for a couple of new tape-outs.

我們的 28 納米活動仍在繼續，包括為客戶提供小批量生產和為幾個新流片進行試生產。

And currently 28-nanometer, our yield has risen about 80% so hopefully we can start to disclose 28-nanometer revenue breakdown in several months.

目前 28 納米，我們的產量已經上升了大約 80%，所以希望我們可以在幾個月內開始披露 28 納米的收入細目。

So maybe we'd see maybe a few percentage points by the second quarter maybe.

所以也許到第二季度我們可能會看到幾個百分點。

Is that right?

是對的嗎？

I guess we hope to report the numbers breakdown hopefully in few months.

我想我們希望在幾個月內報告數字細分。

So, again, can't commit at the current level.

所以，再一次，不能在當前級別提交。

Okay.

好的。

Great.

偉大的。

And then I wanted to ask on the ASP side.

然後我想在 ASP 方面詢問。

What I was looking at, your 40-nanometer growth was pretty good this year, but the ASP doesn't seem to be really registering much so I'm wondering why your ASP isn't improving.

我看到的是，您今年 40 納米的增長非常好，但 ASP 似乎並沒有真正註冊太多，所以我想知道為什麼您的 ASP 沒有改善。

Foundry ASP generally has been going up quite a bit and competition is clearly limited so I'm wondering why you're not seeing a better lift to your ASP.

Foundry ASP 通常已經上漲了很多，而且競爭明顯有限，所以我想知道為什麼您沒有看到更好的 ASP 提升。

Dan, I think you are right.

丹，我認為你是對的。

Our mix in terms of 40-nanometer contribution has almost doubled, like we mentioned, on a year-over-year comparison basis.

正如我們提到的，在同比比較的基礎上，我們在 40 納米貢獻方面的組合幾乎翻了一番。

However, our loading for 12-inch facility didn't really meet our internal targets and for most of time of 2013 our 12-inch wafer capacity utilization rate is below Company average, and that's the case for Q1 for 2014 as well.

然而，我們的 12 英寸工廠裝載量並沒有真正達到我們的內部目標，在 2013 年的大部分時間裡，我們的 12 英寸晶圓產能利用率低於公司平均水平，2014 年第一季度也是如此。

So mix has improved.

所以混合得到了改善。

However, the 12-inch wafer loading actually still suffer from the 28-nanometer low utilization rate.

不過，12寸晶圓裝載實際仍受28納米利用率低的困擾。

Yes, I think that explains the margin side.

是的，我認為這解釋了保證金方面。

But I'm wondering from a pricing side, have you needed to be aggressive on pricing or is somebody else -- I'm just wondering is there competitive dynamics out there that -- basically SMIC has been focused a lot on the specialty technology growth, as you have.

但我想知道從定價的角度來看，你是否需要在定價方面採取積極的態度，或者是其他人——我只是想知道那裡是否存在競爭動態——基本上，中芯國際一直非常關注專業技術的增長，就像你一樣。

TSMC certainly is in specialty technologies as well.

台積電當然也在專業技術領域。

And then clearly the high-end, there's always only been one supplier of 28.

然後顯然是高端產品，28 家供應商始終只有一家。

So I'm wondering what the competitive dynamics in 2014 have been.

所以我想知道 2014 年的競爭動態是什麼。

Has pricing been there in line with your expectation or has 40 been a little bit more aggressive than you would have thought, say, six months ago?

定價是否符合您的預期，或者 40 比您想像的要激進一些，比方說，六個月前？

So for Q1 maybe to a certain degree we probably are a little bit more aggressive, but for most of 2013 we didn't really see much of pricing pressure.

因此，對於第一季度，我們可能在某種程度上更激進一些，但在 2013 年的大部分時間裡，我們並沒有真正看到太多定價壓力。

And, as I mentioned earlier, the main reason was really our lower utilization, lower average utilization rate for 12-inch facility.

而且，正如我之前提到的，主要原因實際上是我們較低的利用率，12 英寸設施的平均利用率較低。

Okay.

好的。

Could you give us, finally, some color on your R&D budget for this year because I know there's a lot of stuff going on in R&D right now?

最後，您能否給我們一些關於今年研發預算的顏色，因為我知道現在研發中有很多事情要做？

And if you did have some quarterly trends for R&D that would be great.

如果你確實有一些研發的季度趨勢，那就太好了。

Is it going to be fairly linear or will 28-nanometer be ratcheting up more towards the second half of the year?

它會是相當線性的還是 28 納米會在今年下半年逐漸增加？

So just how much R&D is budgeted for the year and how should we think about the quarterly trend?

那麼今年的研發預算到底有多少？我們應該如何看待季度趨勢？

Yes.

是的。

Our R&D outlook expense will remain similar to the fourth quarter last year and will be similar to the upcoming quarters.

我們的研發前景費用將與去年第四季度保持相似，並將與未來幾個季度相似。

Okay.

好的。

Okay.

好的。

That's it from me.

我就是這樣。

Thank you gentlemen.

謝謝先生們。

Thank you.

謝謝。

Donald Lu, Goldman Sachs.

唐納德盧，高盛。

Hi.

你好。

Good evening.

晚上好。

Can you give us some color on why the 28-nanometer ramp-up is behind schedule?

你能告訴我們為什麼 28 納米的生產進度落後於計劃嗎？

Is that demand or yield?

這是需求還是收益？

And also I think theoretically this high-k metal gate is a great opportunity for UMC and can you give us some color on how is the activities there going on?

而且我認為從理論上講，這種高 k 金屬門對 UMC 來說是一個很好的機會，你能給我們介紹一下那裡的活動是如何進行的嗎？

And also when would you think you can start volume production for high-k metal gate.

還有你認為什麼時候可以開始量產高 k 金屬柵極。

And I have a follow-up question.

我有一個後續問題。

Thank you.

謝謝。

So I think the major reason for our 28-nanometer ramp-up is slower than our expectation is because the demand situation, as we know, since the second half last year the high-end smartphone demand is going to the inventory adjustment.

所以我認為我們 28 納米的增長速度慢於我們的預期的主要原因是因為需求情況，正如我們所知，自去年下半年以來，高端智能手機需求將進行庫存調整。

So even though our engineering progress, for example our yielf enhancement is still on track, however the demand situation is become worse since last -- second half last year.

因此，儘管我們的工程進展，例如我們的產量提高仍在軌道上，但需求情況自去年下半年以來變得更糟。

So does that answer your question?

那麼這是否回答了您的問題？

Yes.

是的。

And for the high-k metal gate, when would you start tape-out for your customers and when do you think volume production can start?

對於高 k 金屬門，您什麼時候開始為您的客戶流片，您認為什麼時候可以開始量產？

Yes.

是的。

We already have the product on high-k metal gate and we expect -- we are assembling our products.

我們已經在高 k 金屬柵極上有了產品，我們預計——我們正在組裝我們的產品。

However, for the volume production I would say it would be in the second half this year.

但是，對於量產，我會說它會在今年下半年。

I see.

我懂了。

I see.

我懂了。

And also just to follow-up on this, Dan's question on R&D, so you think Q1 the R&D expense will be flat over Q4, but for the whole year should we see continued run rate to increase for R&D because high-k metal gate and all other stuff, or do you think it will be pretty flat every quarter?

還要跟進 Dan 關於研發的問題，所以你認為第一季度的研發費用將與第四季度持平，但對於全年，我們是否應該看到研發的持續運行率增加，因為高 k 金屬柵極和所有其他的東西，還是你認為每個季度都會很平穩？

I would say it would be pretty flat over the quarters, through the year, yes.

我會說，在整個季度中，它會非常平穩，是的。

Yes, okay.

是的，好的。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Andrew Lu, Barclay Capitals.

Andrew Lu，巴克萊資本。

Thank you.

謝謝。

Couple of questions from me.

我有幾個問題。

Regarding the Q1 guidance, you highlight will be mid-teens OP gross margin, but from the revenue guidance even ASP reduce by 4% mainly driven by mix and we are having some high revenue coming from the other, solar business, but the solar business loads are actually reduced.

關於第一季度的指導，您強調的是 15% 左右的 OP 毛利率，但從收入指導來看，平均售價也下降了 4%，主要是由於混合動力，我們從另一個太陽能業務中獲得了一些高收入，但太陽能業務負載實際上減少了。

So I wonder what drive the Q1 margin 3 percentage points lower.

所以我想知道是什麼導致第一季度利潤率下降了 3 個百分點。

Can we say OP margin Q1 will be slight low (inaudible)?

我們可以說 OP 利潤率 Q1 會略低（聽不清）嗎？

Yes.

是的。

The lower (inaudible) gross margin in Q1 2014 is because, as we addressed just now, the blended ASP decrease and, secondly, the (inaudible) caused by lower loading at 12-inch fab, the high-end technology, and thirdly the higher depreciation in the first quarter this year.

2014 年第一季度較低的（聽不清）毛利率是因為，正如我們剛才提到的，混合平均售價下降，其次，（聽不清）由 12 英寸晶圓廠、高端技術的較低負荷引起，第三，今年一季度貶值率較高。

So that can alter this result.

所以這可以改變這個結果。

Yes.

是的。

Is there any --

有沒有 -

Just to clarify, our guidance for volume marginal increase, ASP down 4%, does not include new business.

需要澄清的是，我們對銷量邊際增長的指導，平均售價下降 4%，不包括新業務。

So new business is excluded from this volume and price guidance and we give a very separate guidance on new business.

因此，新業務被排除在這個數量和價格指導之外，我們對新業務給出了非常單獨的指導。

Yes.

是的。

Earlier I mentioned because new business guidance on the (inaudible) has actually reduced compared to the previous quarter so -- and the mix change shouldn't have a much effect unless you have a low margin to -- the mix change to a lower margin product.

之前我提到過，因為與上一季度相比，關於（聽不清）的新業務指導實際上有所減少，所以 - 除非你的利潤率很低，否則混合變化應該不會產生太大影響 - 混合變化到較低的利潤率產品。

Otherwise the mix change shouldn't affect margin much.

否則，混合變化不會對利潤產生太大影響。

So I think the answer probably I got is more like depreciation causing the increase.

所以我認為我得到的答案可能更像是導致增加的折舊。

Is that correct?

那是對的嗎？

That's one part of the reason, yes.

是的，這是部分原因。

Yes.

是的。

Any other reason in Q1's margin lower?

Q1 利潤率下降還有其他原因嗎？

Is there some kind of one-off or one or two quarter start-up costs because 28-nanometer ramp up?

由於 28 納米的增加，是否有某種一次性或一兩個季度的啟動成本？

Yes.

是的。

With the improvement at 12-inch fab loading the profitability will return to previous levels.

隨著 12 英寸晶圓廠裝載的改善，盈利能力將恢復到以前的水平。

Okay.

好的。

Thank you,

謝謝你，

Thank you.

謝謝。

Steven Pelayo, HSBC.

史蒂文佩拉約，匯豐銀行。

Great.

偉大的。

Thank you.

謝謝。

So to clarify some of the questions here, you guys report consolidated gross margins, but you're guiding to foundry-only of a mid-teens gross margin.

因此，為了澄清這裡的一些問題，你們報告了綜合毛利率，但你們只指導了十幾歲中期毛利率的代工。

So I'm curious on an apples-to-apples basis what was the foundry-only gross margin in the fourth quarter?

所以我很好奇第四季度僅代工廠的毛利率是多少？

In the full report you still can see the separation or the breakdown rough figures.

在完整的報告中，您仍然可以看到分離或細分的粗略數字。

So I think for numbers we already highlighted in the attached financial statement.

所以我認為我們已經在所附的財務報表中強調了數字。

For quarter four our operating profit from foundry is TWD775m.

第四季度，我們來自鑄造廠的營業利潤為 7.75 億新台幣。

And the --

還有——

My question was on the gross margin right now.

我的問題是現在的毛利率。

I'm reporting the net numbers.

我正在報告淨值。

So it's a similar magnitude.

所以這是一個相似的幅度。

You can do a rough calculation.

你可以粗略計算一下。

Alright, I'll back into it.

好吧，我會回來的。

When you look to your first quarter --- sorry, say again?

當你回顧你的第一季度時——對不起，再說一遍？

I am at page 7, but that is the net profit for the foundry business.

我在第 7 頁，但這是代工業務的淨利潤。

I'm curious what the gross margin is because you are guiding the first quarter gross margin in foundry of mid-teens.

我很好奇毛利率是多少，因為你指導的是十幾歲的鑄造廠第一季度的毛利率。

So what is the comparable in the fourth quarter?

那麼第四季度的可比性是多少？

We're only allowed to disclose the equal base numbers.

我們只能披露相等的基數。

Okay.

好的。

And then if you look into the first quarter, you just reported a fourth quarter foundry-only operating margin of about 2.7%.

然後，如果您查看第一季度，您會發現第四季度純晶圓代工業務的營業利潤率約為 2.7%。

With the falling ASPs and I assume weaker utilization rates in third quarter, lower margin, do you think you can maintain breakeven in the foundry-only business in the first quarter?

隨著 ASP 下降，我假設第三季度的利用率較低，利潤率較低，您認為您可以在第一季度保持純代工業務的收支平衡嗎？

That is our target.

那是我們的目標。

That's the target but we didn't say that.

那是目標，但我們沒有這麼說。

So still it's very close and we can only see the gross margin in the mid-teen range with somewhat less -- somewhat similar operating terms as Q4.

所以它仍然非常接近，我們只能看到毛利率在中位數範圍內，但運營條款略低於第四季度。

Okay.

好的。

And then to try to understand the margin fall-off because of the mix, I'm curious if you could just talk about utilization rate for 200-millimeter versus 300-millimeter.

然後試圖了解由於混合而導致的利潤率下降，我很好奇你是否可以談談 200 毫米與 300 毫米的利用率。

You're guiding utilization rates in the first quarter in the high 70s, similar to the 79% you just reported.

您將第一季度的利用率指導在 70 年代的高位，類似於您剛剛報告的 79%。

So with ASPs going down, that seems to me that 300-millimeter utilization rates are falling quite a bit faster.

因此，隨著 ASP 的下降，在我看來，300 毫米的利用率下降得更快。

What's the absolute level of 300-millimeter versus 200-millimeter in Q1 versus Q4?

Q1 和 Q4 中 300 毫米和 200 毫米的絕對水平是多少？

Yes.

是的。

Yes, the 12-inch utilization rate is in Q4 last year is around [35%] and the first quarter this year is in the high 60 range.

是的，去年第四季度的12英寸利用率在[35%]左右，今年第一季度處於60的高位。

Right.

正確的。

High 60s, okay.

高 60 年代，好吧。

Last question from me is on 28-nanometer.

我的最後一個問題是關於 28 納米的。

You don't have a target for percentage of revenue just yet, but you are talking about a CapEx number and expanding more capacity there so could you just remind me how much wafer capacity you have in 28-nanometer today and where you think that might be at mid-year?

你還沒有收入百分比的目標，但你正在談論資本支出數字並在那裡擴大更多產能，所以你能不能提醒我你今天在 28 納米中有多少晶圓產能，以及你認為可能在哪裡在年中？

Yes.

是的。

Our 28-nanometer capacity is 10,000 wafers per month.

我們的 28 納米產能是每月 10,000 片晶圓。

And where do you think that will be mid-year or year-end?

您認為年中或年底會在哪裡？

That will be in the mid-year, yes.

那將是在年中，是的。

So you think it's unchanged in the first half of the year and then maybe you make additions into the second half.

所以你認為它在上半年沒有變化，然後你可能會在下半年增加。

Do I understand that correctly?

我理解正確嗎？

Second half the composition change.

下半場構圖發生變化。

We'll add the more in high-k metal gate capacity 28-nanometer.

我們將增加 28 納米的高 k 金屬柵極容量。

The total capacity will remain the same, but the high-k metal gate will increase.

總容量將保持不變，但高k金屬柵極會增加。

Okay.

好的。

So you keep 10,000 for the year, but you shift to more high-k.

所以你一年保留 10,000，但你轉向更高的 k。

Excellent.

出色的。

Okay, I think that's all my questions.

好的，我想這就是我所有的問題。

Thank you.

謝謝。

Thank you.

謝謝。

Szeho Ng, BNP Paribas.

Szeho Ng，法國巴黎銀行。

Hi.

你好。

Good evening.

晚上好。

Can you give us an update on the percentage of revenue coming from the specialty process in Q4 versus let's say Q3 last year?

你能告訴我們第四季度來自專業流程的收入百分比與去年第三季度相比的最新情況嗎？

Yes, our specialty technology revenue contribution is, in Q4 last year is around 30%.

是的，我們的專業技術收入貢獻在去年第四季度約為 30%。

The Q1 this year is also around the same, 30%.

今年Q1也差不多，30%。

Okay.

好的。

Alright.

好吧。

A little bit higher than Q4 last year.

略高於去年第四季度。

I see.

我懂了。

Alright.

好吧。

And any target for exiting 2014?

以及退出 2014 年的任何目標？

We don't guide that far.

我們不會指導那麼遠。

Okay.

好的。

No worry.

別擔心。

My second question on cash dividend.

我的第二個問題是現金分紅。

I'm not sure if you can -- of course you cannot give any quantitative number, but directionally should we expect cash dividend to be up this year compared with last year?

我不確定你是否可以——當然你不能給出任何數量的數字，但我們是否應該預期今年的現金股息會比去年有所增加？

We cannot say that.

我們不能這麼說。

We will try to maintain a stable dividend policy.

我們將努力維持穩定的股息政策。

Also we need to factor in that the big portion of the earnings from last year is on non-cash base so that will be taken into consideration.

此外，我們還需要考慮到去年的大部分收益是非現金基礎，因此將考慮到這一點。

Okay.

好的。

Alright.

好吧。

Okay.

好的。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Aaron Husock, ShearLink Capital.

ShearLink Capital 的 Aaron Husock。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I just wanted to start by following up on the last question, just thinking about the dividend policy.

我只想從最後一個問題開始，只是想一想股息政策。

Should we be thinking of it more as a 60% payout rate on the TWD1.01 EPS for the year or should we be thinking about it as a 60% payout rate on the cash EPS of around TWD0.45?

我們應該將其更多地視為當年 TWD1.01 EPS 的 60% 派息率，還是應該將其視為現金 EPS 約 TWD0.45 的 60% 派息率？

So is it more like a TWD0.60 dividend or more like a TWD0.27 dividend?

那麼它更像是 TWD0.60 股息還是更像是 TWD0.27 股息？

You're not giving the exact number, but which is the right way to think about it?

你沒有給出確切的數字，但這是正確的思考方式嗎？

Again, this will subject to the Board approval, but as the Financial Officer, I think I will put something in between.

同樣，這需要得到董事會的批准，但作為財務官，我想我會在兩者之間加入一些東西。

Okay.

好的。

Great.

偉大的。

And then, sorry, I'm a little confused on 28-nanometer.

然後，抱歉，我對 28 納米有點困惑。

On the call three months ago you seemed pretty confident that it was going to be a low single-digit percentage of revenue in Q4, 2013 and now you're talking about it like it was closer to zero revenue in Q4 and maybe saying it's closer to zero in Q1.

在三個月前的電話會議上，您似乎非常有信心它在 2013 年第四季度的收入中將佔收入的低個位數百分比，而現在您正在談論它，就像它在第四季度接近零收入並且可能說它更接近在第一季度為零。

Am I understanding that correctly and can you help me think a little bit more about what changed?

我的理解是否正確，你能幫我多想想發生了什麼變化嗎？

Mostly, as we mentioned earlier, it's on the demand side I think.

正如我們之前提到的，我認為主要是在需求方面。

We do have volume production and it reached certain targets by the end of 2013.

我們確實實現了量產，並在 2013 年底達到了某些目標。

However, the overall demand did not really ramp according to our forecast mainly due to the weakness in high-end smartphones.

然而，由於高端智能手機的疲軟，整體需求並沒有真正按照我們的預測增長。

But the number of customer-wise and number of (inaudible)-wise especially on the engineering achievement actually all hit our target.

但是客戶數量和（聽不清）數量，尤其是在工程成就方面，實際上都達到了我們的目標。

Our peak yield on our 28-nanometer production actually now is over 80% and we are quite actually happy with that.

我們 28 納米生產的峰值產量現在實際上超過 80%，我們對此非常滿意。

Unfortunately there is some short-term correction in high-end smartphone demand.

不幸的是，高端智能手機需求出現了一些短期修正。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And thinking about this year, you're talking about less CapEx spend than had been your prior expectation and you're talking about not extending 28-nanometer capacity.

想想今年，你談論的資本支出比你之前的預期要少，而且你談論的是不擴展 28 納米容量。

Is this -- are we at the point where -- the other people are already talking about 20-nanometer.

這是——我們是否正處在這個地步——其他人已經在談論 20 納米了。

Are you not giving up on 28, but you're not expecting it to be a major node for you anymore?

你不是放棄了 28，但你不希望它成為你的主要節點嗎？

Yes, we believe that 28-nanometer is a long-life node and therefore there will be many business opportunities arising from multiple waves of customers.

是的，我們認為28納米是一個長壽命的節點，因此會有很多商機來自多波客戶。

So our 28-nanometer solution provides an optimized balance in performance, chip size and (inaudible), plus our IP offering will enable UMC to capture more design wins in the coming quarters.

因此，我們的 28 納米解決方案在性能、芯片尺寸和（聽不清）方面提供了優化的平衡，加上我們的 IP 產品將使 UMC 能夠在未來幾個季度贏得更多設計。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Roland Shu, Citigroup.

Roland Shu，花旗集團。

Hi, good evening.

嗨，晚上好。

I think the first question to me is for the 28-nanometer capacity.

我想我的第一個問題是關於 28 納米的容量。

I understand you said throughout to the end of this year capacity will be about 10,000 wafer per month.

我了解到您說到今年年底產能將達到每月 10,000 片晶圓。

Question is, you think this too small and actually with this tiny capacity will it be economic to run the 28-nanometer operation?

問題是，你認為這太小了，實際上用這麼小的容量運行 28 納米操作是否經濟？

And what kind of the level of capacity you think would be reach the economy of scale for-28 nanometer and when will you reach this capacity?

您認為什麼樣的產能水平才能達到 28 納米的規模經濟？你們什麼時候能達到這個產能？

This is my first question.

這是我的第一個問題。

Thanks.

謝謝。

Yes.

是的。

Our internal simulation suggests that the higher loading at 28-nanometer capacity will bring adequate returns in the long run so we -- it quite depends on the ASP it will generate.

我們的內部模擬表明，從長遠來看，28 納米容量的更高負載將帶來足夠的回報，所以我們 - 這完全取決於它將產生的 ASP。

So we believe the (inaudible) 28-nanometer adequate capacity will be more than 25,000 per month.

因此，我們相信（聽不清）28 納米的足夠產能將超過每月 25,000 個。

Okay.

好的。

And when do you think you will reach this 25,000 per month capacity for 28-nanometer?

您認為什麼時候可以達到 28 納米的每月 25,000 個產能？

Roland, we do have shell almost ready, like P5, P6 shell ready, standing by and we are also upgrading certain of our 40-nanometer capacity.

羅蘭，我們確實已經準備好了外殼，比如 P5、P6 外殼準備就緒，我們也在升級我們的某些 40 納米產能。

It's capable or compatible to do a 28 upgrade if we need to do that.

如果我們需要這樣做，它能夠或兼容地進行 28 升級。

So again it's driven by the customers' demand, but we do have a goal to ultimately reach at least 25,000 per month, including both high-k metal gate capacity and the PolySiON capacity.

因此，它再次受到客戶需求的驅動，但我們的目標是最終達到每月至少 25,000 個，包括高 k 金屬柵極產能和 PolySiON 產能。

Okay.

好的。

Thanks.

謝謝。

And second question is for your 65-nanometer and 40-nanometer revenue.

第二個問題是關於你們 65 納米和 40 納米的收入。

I think we've continued decreasing 65-nanometer revenue and continued increasing our 40-nanometer revenue.

我認為我們繼續減少 65 納米的收入並繼續增加我們的 40 納米收入。

Are we going to see the revenue cross over, the revenue contribution cross over in this year?

我們是否會看到今年的收入交叉，收入貢獻交叉？

We think our 40-nanometer revenue contribution will be quite consistent.

我們認為我們的 40 納米收入貢獻將相當穩定。

Will be around 20% to 25% throughout this year.

今年將在 20% 到 25% 左右。

Okay, 20% to 25%.

好的，20% 到 25%。

So how about 65-nanometer revenue?

那麼 65 納米的收入如何？

Will it continue decrease?

還會繼續減少嗎？

Our -- the 65 will be also very consistent.

我們的 - 65 也將非常一致。

Will be roughly around 30%.

大概會在30%左右。

Yes.

是的。

That means --- okay, 30%.

這意味著 --- 好吧，30%。

So that means that in this year probably for the product mix improvement part of your agenda we probably will see very limited improvement on the product mix.

因此，這意味著今年可能會在您的議程中針對產品組合改進部分，我們可能會看到產品組合的改進非常有限。

Am I reading this right?

我讀對了嗎？

No, actually it largely depend upon the ramp-up speed for 28.

不，實際上這在很大程度上取決於 28 的加速速度。

28, this now is our key focus this year.

28、這就是我們今年的重點。

We're going to jump-start whenever we can.

我們將盡可能地啟動。

Yes, but you said probably the revenue contribution in first have would be limited and so you expect jump-start in second half.

是的，但您說第一季度的收入貢獻可能有限，因此您預計下半年會快速啟動。

So what's the expectation by end of this year the 28-nanometer contribution will be?

那麼到今年年底 28 納米的貢獻是什麼？

We don't have the figures, but again we do have most of the criteria ready and hopefully we shall, right in the end we will see a smooth ramp throughout the next few months.

我們沒有數據，但我們確實已經準備好大部分標準，希望我們能做到，最終我們將在接下來的幾個月中看到平穩的增長。

Okay, understood.

好的，明白了。

Okay.

好的。

And last question is about your specialty IC is about 30% of the total revenue.

最後一個問題是關於你們的專業 IC 大約佔總收入的 30%。

How about the contribution from 12-inch amidst the total specialty IC there?

12英寸在整個專業IC中的貢獻如何？

We don't have the data on hand.

我們手頭沒有數據。

Okay.

好的。

Yes, okay.

是的，好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Eric Chen, Daiwa.

Eric Chen，大和。

Good evening and very quickly two questions.

晚上好，很快有兩個問題。

And my first question regarding to the total capacity, the expansion, and how many percent year-on-year growth and based on the 8-inch equivalent?

我的第一個問題是關於總容量、擴展和同比增長多少百分比，並基於 8 英寸等效？

So just give us the idea how many percent year-on-year growth.

因此，請告訴我們同比增長多少百分比。

Thank you.

謝謝。

Yes.

是的。

Our capacity increase is, year on year is 3.7%.

我們的產能增長是，同比增長 3.7%。

Okay.

好的。

Okay.

好的。

The second question is regarding to the driver IC and could you give us an idea in terms of revenue contribution from the driver IC, the business?

第二個問題是關於驅動器 IC 的，您能給我們介紹一下驅動器 IC 業務的收入貢獻嗎？

And I also notice your geometry of the driver IC keep improve so could you give us the idea what kind of mainstream geometry you are going to use for the driver IC business?

而且我還注意到您的驅動器 IC 的幾何形狀不斷改進，那麼您能否告訴我們您將在驅動器 IC 業務中使用哪種主流幾何形狀？

On the revenue contribution side, our driver IC segment is around 40% of specialty segment.

在收入貢獻方面，我們的驅動 IC 部門約佔專業部門的 40%。

So specialty is 30% of total revenue and you can calculate the high-voltage driver IC's revenue contribution.

所以專業是總收入的30%，你可以計算出高壓驅動IC的收入貢獻。

And the mainstream technology, we are moving to 55-nanometer.

而主流技術，我們正在轉向 55 納米。

This is UMC's strength and leading position.

這是聯電的實力和領先地位。

Okay, 55 nanometer.

好的，55 納米。

Yes.

是的。

Okay.

好的。

So in that case, more like the 55-nanometer process business mainly from the driver IC business.

所以在那種情況下，更像是主要來自驅動IC業務的55納米製程業務。

Is that correct?

那是對的嗎？

It's not at this moment, yes.

不是現在，是的。

It's not.

它不是。

I mean for the 45-nanometer process, it would be the revenue in Q4 is probably below the 10% of the total -- I'm sorry, 55.

我的意思是對於 45 納米工藝，第四季度的收入可能低於總收入的 10%——對不起，55。

Okay.

好的。

My question -- I'm sorry.

我的問題——對不起。

Let me clarify.

讓我澄清一下。

For the 55-nanometer process, driver IC is the major revenue contribution product, right?

對於55納米製程，驅動IC是主要的收入貢獻產品，對吧？

It's not the case.

事實並非如此。

Yes.

是的。

Not the case.

不是這樣的。

For the driver IC it's still mainly from legacy nodes, legacy technologies.

對於驅動器 IC，它仍然主要來自遺留節點、遺留技術。

So most of the advanced products is going to by using the 55-nanometer process right?

那麼大多數先進產品都將採用 55 納米工藝，對嗎？

Yes, that's correct.

對，那是正確的。

Okay.

好的。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Chou, Deutsche Bank.

Michael Chou，德意志銀行。

Hi, good evening.

嗨，晚上好。

I have a couple of questions.

我有一些問題。

The first one is can we expect advanced node sales will decline quarter on quarter in Q1?

第一個是我們是否可以預期第一季度高級節點銷售額將環比下降？

Given 12-inch loading would be below the common average loading, can we say the 40-nanometer would decline quarter on quarter in Q1?

鑑於 12 英寸的負載將低於普通平均負載，我們是否可以說 40 納米將在第一季度環比下降？

Thank you.

謝謝。

Yes.

是的。

Well, it will be rather stable but the whole base is also declining so at the moment it's hard to tell it will stay the same or decline, but it will be relatively stay around the 20% range.

好吧，它會相當穩定，但整個基數也在下降，所以目前很難說它會保持不變還是下降，但它會相對保持在 20% 的範圍內。

Depends on how the other mix change.

取決於其他組合如何變化。

Okay.

好的。

Thank you.

謝謝。

Second question is could you give some color on outlook by application in Q1?

第二個問題是你能給第一季度的應用前景一些顏色嗎？

Yes, the Q1 by application would be, for consumer segment it will be up to 32% in the sub-sector in DTV and set-top box.

是的，按應用劃分的第一季度是，對於消費領域，數字電視和機頂盒的子行業將高達 32%。

And communication will be, it will be drop to 47%.

而通信將下降到 47%。

And the down sector, sub-sector is WiFi, WiFi products.

而向下部門，子部門是WiFi，WiFi產品。

Computer segment is a little bit up, 17%.

計算機部分略有上升，為 17%。

And the driver IC, audio codec is the sectors, sub-sectors are going up a little bit.

而驅動IC、音頻編解碼器是板塊，子板塊都在一點點上漲。

Okay.

好的。

My next question is what was the currency in Q4 last year and what's your assumption for Q1 this year?

我的下一個問題是去年第四季度的貨幣是什麼，你對今年第一季度的假設是什麼？

Thank you.

謝謝。

We don't have a forecast.

我們沒有預測。

We just follow the Bloomberg numbers.

我們只關注彭博社的數字。

So currently it depreciated a few percentage points, but we take our average in the Bloomberg page.

所以目前它貶值了幾個百分點，但我們在彭博頁面上取了我們的平均值。

Okay.

好的。

What was the currency in Q4 when you translated?

你們翻譯的Q4用的是什麼貨幣？

TWD25.65

TWD25.65

Okay.

好的。

Thank you.

謝謝。

Okay.

好的。

That was all my questions.

這就是我所有的問題。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Steven Pelayo, HSBC.

史蒂文佩拉約，匯豐銀行。

Yes, just a clarification on 40-nanometer.

是的，只是對 40 納米的澄清。

It grew I think 9% quarter on quarter and revenues were down 8% in the fourth quarter.

我認為它在第四季度環比增長了 9%，收入下降了 8%。

You were just talking about 40-nanometer as a percentage of revenue and I'm curious just on a dollar basis in the fourth quarter, can it grow on a dollar basis quarter on quarter?

你剛才說的是 40 納米佔收入的百分比，我很好奇第四季度以美元為基礎，它能以美元為基礎逐季增長嗎？

For Q1?

對於第一季度？

Correct.

正確的。

That would be unlikely, but it will be roughly 20% range, but given the down revenue quarter it's probably unlikely to see growth in 40-nanometer.

這不太可能，但大約在 20% 的範圍內，但考慮到收入下降的季度，它可能不太可能看到 40 納米的增長。

Okay.

好的。

And then just two more quick questions here.

然後這裡還有兩個快速問題。

I'm curious can you help us understand what was the gross margin in the first quarter on the new business?

我很好奇你能幫我們了解一下新業務第一季度的毛利率是多少嗎？

Because you guys always guide the operating level of that, I'm trying to understand what the mix is.

因為你們總是指導它的操作級別，所以我試圖了解組合是什麼。

How much of is it OpEx and how much is (multiple speakers).

OpEx 是多少，是多少（多個揚聲器）。

It's a mix of combination so it varies a lot.

它是組合的混合體，因此變化很大。

But bottom line is improving I guess; that's the only thing I can say.

但我想底線正在改善；這是我唯一能說的。

Okay.

好的。

Last question is if you have 10,000 wafer starts a month of 28-nanometer capacity and if you want to have a few percentage of revenues before you're divulging to us, I think that only comes out to maybe 1,000 or 2,000 per month in run rate over a quarter.

最後一個問題是，如果您每月有 10,000 個晶圓啟動 28 納米產能，並且如果您想在向我們透露之前獲得一定比例的收入，我認為每月只能運行 1,000 或 2,000 個率超過四分之一。

So should I assume today that you're running less than a 1,000 wafers per month at 28-nanometer?

那麼我今天是否應該假設您在 28 納米工藝下每月運行的晶圓少於 1,000 個？

Again we have multiple product in volume production although on a smaller scale, but it varies month-on-month basis.

同樣，我們有多種產品在量產，雖然規模較小，但每個月都有所不同。

And we haven't really seen the maximum amount we are hoping for yet, but it's actually coming in a few months.

我們還沒有真正看到我們希望的最大數量，但它實際上會在幾個月內出現。

So it's pretty radical if you -- up the line and it's not really a meaningful figure to quote yet.

因此，如果你 - 上線並且它還不是一個真正有意義的數字來引用，那將是非常激進的。

Okay.

好的。

Fair enough.

很公平。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you for all your questions.

謝謝你的所有問題。

That concludes today's Q&A session.

今天的問答環節到此結束。

I'll turn things over to UMC Head of Investor Relations for closing remarks.

我將把事情轉交給 UMC 投資者關係主管作結束語。

Thank you everyone for joining us today.

感謝大家今天加入我們。

We really appreciate your questions on the call.

我們非常感謝您在電話中提出的問題。

Thank you for joining into our fourth quarter conference call, as always.

感謝您一如既往地加入我們的第四季度電話會議。

If you have any additional follow-up questions please feel free to contact UMC IR at ir@umc.com.

如果您有任何其他後續問題，請隨時通過 ir@umc.com 聯繫 UMC IR。

Thanks again and have a good day.

再次感謝，祝你有美好的一天。

Ladies and gentlemen, that concludes our conference for fourth quarter 2013.

女士們，先生們，我們 2013 年第四季度的會議到此結束。

Thank you for your participation in UMC's conference.

感謝您參加 UMC 的會議。

There will be a webcast replay within an hour.

一個小時內將進行網絡廣播重播。

Please visit www.umc.com under the Investor Relations, Investor Events section.

請訪問 www.umc.com 的“投資者關係”、“投資者活動”部分。

You may now disconnect.

您現在可以斷開連接。

Goodbye.

再見。