聯華電子 (UMC) 2014 Q2 法說會逐字稿

Welcome everyone to UMC's 2014 second quarter earnings conference call.

歡迎大家參加聯華電子 2014 年第二季財報電話會議。

(Operator Instructions).

（操作員說明）。

For your information, this conference call is now being broadcast live over the internet.

供您參考，本次電話會議現透過網路進行現場直播。

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

會議結束後一小時內將提供網路廣播重播。

Please visit our website, www.umc.com under the investors' events section.

請造訪我們的網站 www.umc.com 的投資者活動部分。

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 second quarter of 2014.

感謝並歡迎參加 UMC 2014 年第二季電話會議。

I am joined by Mr. Po Yen, the CEO of UMC, and Mr. Chi-Tung Liu, CFO of UMC.

與我一同出席的還有聯華電子執行長 Po Yen 先生與 UMC 財務長劉志東先生。

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

稍後我們將聽到我們的財務長介紹第二季度的財務業績，隨後我們的執行長將發表關於聯華電子主要關注領域的關鍵訊息以及聯華電子 2014 年第三季的指導意見。

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

一旦我們的執行長和財務長完成發言，就會舉行問答環節。

UMC's quarterly financial reports are available at our website, www.umc.com, under the investor relations, financial releases section.

UMC 的季度財務報告可在我們的網站 www.umc.com 的投資者關係、財務發布部分查閱。

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

在本次會議期間，我們可能會根據管理層目前的期望和觀點做出前瞻性陳述。

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

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

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

對於這些風險，請參閱聯華電子向美國 SEC 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. Chi-Tung Liu, to discuss UMC's second quarter 2014 business results.

現在我想請聯電財務長劉志東先生來討論聯電2014年第二季的業績。

Thank you Bowen.

謝謝鮑文。

I would like to go through the 2Q14 investor conference presentation material which can be downloaded from 2Q14 quarterly results from our website.

我想瀏覽一下 2014 年第 2 季投資者會議簡報資料，該資料可以從我們的網站上的 2014 年第 2 季季度業績下載。

Turning on page 3, for second quarter of 2014, revenue was TWD35.87b, with gross margin around 22.9% and operating margin at 8.1%.

翻至第3頁，2014年第二季營收為新台幣35.87b，毛利率約22.9%，營業利益率為8.1%。

The net income attributable to the stockholders of the parent was TWD3.48b and earnings per ordinary shares was TWD0.28.

歸屬於母公司股東的淨利為新台幣3.48b，每股普通股收益為新台幣0.28。

Closing in Q2 2014 was around 90% and wafer shipment is 1.42m 8 inch equivalent.

2014年第二季完成率約90%，晶圓出貨量為142萬片8吋相當。

Please turn to page 4 and here is our comprehensive or consolidated income statement.

請翻到第 4 頁，這是我們的綜合或合併損益表。

On a consolidated basis revenue grew 13.2% quarter over quarter to TWD35.8b.

綜合營收季增 13.2%，達到新台幣 35.8b。

Gross margin was 22.9% or TWD8.2b and operating income was TWD2.9b or 8.1% operating margin, and EPS was TWD0.28.

毛利率為22.9%，即新台幣8.2b，營業收入為新台幣2.9b，即營業利益率8.1%，每股盈餘為新台幣0.28。

One page 5 you can see our first six month year-over-year comparison.

在第 5 頁，您可以看到我們前六個月的同比比較。

Again, revenue grow 13.2% to TWD67.5 and gross margin grow by 32% to TWD14.1b, and operating income grow 167% to TWD3.85b or 5.7%.

同樣，營收成長 13.2% 至新台幣 67.5 元，毛利率成長 32% 至新台幣 14.1 元，營業收入成長 167% 至新台幣 3.85 元，即 5.7%。

And the total net income attributable to stockholder of the parent for first six months of the year is TWD4.6b or 6.9% and EPS in the first half is TWD0.37 per share.

今年前六個月歸屬於母公司股東的淨利總額為新台幣4.6b或6.9%，上半年每股盈餘為新台幣0.37元。

On page 6 is our abbreviated balance sheet.

第 6 頁是我們的簡短資產負債表。

Cash remains at a healthy level, around TWD50b or TWD49.6b and our total assets still around $10b, and stockholder equity is TWD215b.

現金仍保​​持在健康水平，約為 TWD50b 或 TWD49.6b，我們的總資產仍在 $10b 左右，股東權益為 TWD215b。

On next page our operating segment details.

下一頁是我們營運部門的詳細資訊。

Here we offer a breakdown between our foundry business and also new business which focus on solar.

在這裡，我們提供了我們的代工業務和專注於太陽能的新業務之間的細分。

In quarter two, as you can tell, among the TWD35.8b consolidated revenue, TWD32.5b coming from our foundry wafer business, with net income around TWD3.5b.

第二季度，大家可以看到，TWD35.8b 合併收入中，TWD32.5b 來自我們的代工晶圓業務，淨利潤約為 TWD3.5b。

And on the other hand our new business contribute around TWD3.3b in revenue and net loss was around TWD491m in second quarter of 2014.

另一方面，2014 年第二季我們的新業務貢獻了約新台幣 3.3 億的收入，淨虧損約為新台幣 4.91 億。

The following pages will focus on our foundry operations.

以下幾頁將重點介紹我們的鑄造業務。

And from a pricing point of view on page 8, in second quarter our ASP remains somewhat flattish, which was in line with our previous guidance.

從第 8 頁的定價角度來看，第二季我們的平均售價仍然持平，這與我們先前的指導一致。

On page 9, here we offer further revenue breakdown by countries or by geographic breakdown.

在第 9 頁，我們提供了按國家或地區劃分的進一步收入細分。

Europe was 5%, which slightly come down from 7% in the previous quarter, and Japan went up to 6% from 3% in Q1.

歐洲為 5%，較上一季的 7% 略有下降，日本則從第一季的 3% 上升至 6%。

And Asia and US remained somewhat unchanged, representing 46% and 43% respectively.

亞洲和美國則維持不變，分別為 46% 和 43%。

In quarter two IDMs go up to 10% from 8% in the previous quarter.

本季度，兩家 IDM 的份額從上一季的 8% 上升至 10%。

And on page 11 you can see the application breakdown and communication, as we indicated earlier, was the strongest segment, grows to 49% in quarter two of 2014, and computer remains somewhat unchanged.

在第 11 頁上，您可以看到應用程式細分和通信，正如我們之前指出的，是最強勁的部分，在 2014 年第二季度增長到 49%，而電腦則保持一定程度的不變。

On page 12 we are happy to provide a revenue breakdown to 28 nanometer which represent about 1% of our revenue in quarter two 2014.

在第 12 頁，我們很高興提供 28 奈米的收入細分，約占我們 2014 年第二季營收的 1%。

And the total revenue below 40 nanometers is around 22%, which continues to show further improvement.

而40奈米以下的總營收佔比在22%左右，持續呈現進一步提升。

On page 3 here -- 13, I'm sorry, we offer a quarterly capacity breakdown.

在第 3 頁 - 13，抱歉，我們提供了季度容量細分。

And in quarter two we continued to show a mild capacity growth.

第二季度，我們持續呈現溫和的產能成長。

However, in the third quarter we will do some capacity upgrades in Fab8D and that will cause some capacity loss in Fab8D in third quarter.

然而，在第三季度，我們將對Fab8D進行一些產能升級，這將導致Fab8D在第三季度出現一些產能損失。

So total net capacity in third quarter will show minor decrease in the third quarter compared to the quarter two.

因此，第三季的總淨產能將較第二季略有下降。

And the last page here we have kept our CapEx unchanged.

最後一頁我們保持資本支出不變。

However, somewhat moving towards the upper end of our previous range of $1.3b for 2014 CapEx.

然而，有點接近我們之前 2014 年資本支出 1.3b 美元區間的上限。

And that pretty much summarize my report and also UMC's results for quarter two 2014.

這幾乎概括了我的報告以及聯華電子 2014 年第二季的表現。

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

更多詳細資訊請參閱我們網站上發布的報告。

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

我現在將電話轉給聯華電子執行長顏先生。

Okay.

好的。

Thank you Chi-Tung.

謝謝志東。

Hello everyone.

大家好。

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

我想向大家更新聯華電子第二季的經營業績。

In the second quarter of 2014, UMC recorded TWD32.57b in revenue from the foundry segment, with operating margins from foundry operations of 10.2%.

2014年第二季度，聯華電子代工業務營收為TWD32.57b，代工業務利潤率為10.2%。

Wafer shipments reached 1.426m 8 inch equivalent wafers.

晶圓出貨量達到142.6萬片8吋等效晶圓。

Our 28 nanometer business represented 1% of revenue while 40 nanometer accounted for 21%.

我們的28奈米業務佔收入的1%，而40奈米業務佔收入的21%。

The second quarter foundry revenue grew 13.4% sequentially fueled by strong communication segment demand.

在通訊領域強勁需求的推動下，第二季代工營收季增 13.4%。

That lifted capacity utilization to 90%.

這將產能利用率提升至 90%。

The market conditions also reflected a turnaround, with rising demand for portable computing devices helping to drive UMC's 28 nanometer shipments.

市場狀況也反映出了好轉，對便攜式運算設備的需求不斷增長，有助於推動聯華電子的 28 奈米出貨量。

We project continued 28 nanometer revenue contribution growth in third quarter 2014 as a result of the sustained demand for mobile and tablet computing.

由於對行動和平板電腦運算的持續需求，我們預計 2014 年第三季 28 奈米收入貢獻將持續成長。

We are optimistic in the long term that our 28 nanometer production ramp will strengthen our overall product mix and generate abundant opportunities for UMC to win additional foundry market share.

從長遠來看，我們樂觀地認為，我們的 28 奈米產能提升將加強我們的整體產品組合，並為聯華電子贏得更多代工市場份額創造大量機會。

For the other technologies, we have strengthened the IP portfolio for our 55 nanometer low-power platform to address low-ower and wireless applications by offering Kilopass' Gusto and Cypress' SONOS embedded flash memories.

對於其他技術，我們透過提供 Kilopass 的 Gusto 和 Cypress 的 SONOS 嵌入式快閃記憶體，增強了 55 奈米低功耗平台的 IP 產品組合，以解決低功耗和無線應用的問題。

These enhanced IP solutions will further diversify our manufacturing offerings to fulfill a broader range of specialty technology products on our proven and versatile 55 low-power platform.

這些增強的 IP 解決方案將進一步豐富我們的製造產品，以便在我們經過驗證的多功能 55 低功耗平台上實現更廣泛的專業技術產品。

Designers in wearable and Internet of Things applications have already realized product tape-outs using UMC's 55 nanometer low-power technologies and IP.

穿戴式和物聯網應用領域的設計人員已經利用聯華電子的 55 奈米低功耗技術和 IP 實現了產品流片。

We expect the semiconductor demand strength to continue into the third quarter of 2014.

我們預計半導體需求強勁將持續至 2014 年第三季。

For 28 nanometer momentum, our activities have increased, including IP verifications, customer tape-outs on standalone products and product reliability qualifications.

為了實現 28 奈米的發展勢頭，我們的活動增加，包括 IP 驗證、獨立產品的客戶流片以及產品可靠性認證。

These 28 nanometer customer collaborations will provide further traction heading into the second quarter -- second half of 2014.

這些 28 奈米客戶合作將為 2014 年第二季（即下半年）提供進一步的推動力。

UMC will continue to broaden our customer base and penetrate additional high-growth areas to expand customer adoption.

聯華電子將繼續擴大我們的客戶群並滲透更多的高成長領域，以擴大客戶採用率。

We remain confident for the long term as our sound business strategies, solid engineering execution and strong commitment to customer service will help ensure UMC's future business growth and deliver enhanced profitability to raise shareholder value.

我們對長期充滿信心，因為我們穩健的業務策略、紮實的工程執行力和對客戶服務的堅定承諾將有助於確保聯華電子未來的業務成長並提高獲利能力，從而提高股東價值。

Now please allow me some time to summarize the recent highlights in Chinese.

現在請容許我用中文總結一下最近的亮點。

(Spoken in foreign language).

（用外語說）。

So I have finished my comments and now let me go over the third quarter 2014 guidance.

我的評論已經結束，現在讓我回顧一下 2014 年第三季的指導。

For the foundry segment wafer shipments it show an increase of low single digit percentage range.

對於代工領域的晶圓出貨量，顯示出低個位數百分比的成長。

For foundry segment ASP in US dollars will remain flat.

對於代工領域，以美元計算的平均售價將保持不變。

The UMC foundry segment gross profit margin will be in the mid-20 percentage range.

聯電代工部門的毛利率將在 20% 左右。

Capacity utilization rate for foundry segment will be in low 90 percentage range.

代工部門的產能利用率將在90%以下的範圍內。

2014 CapEx for foundry segment will be $1.3b.

2014 年代工領域的資本支出將為 1.3b 美元。

The guidance for new business segment revenue to be approximately TWD1.2b.

新業務部門收入指引約為TWD1.2b。

And net loss attributed to UMC parent company to be approximately TWD760m.

聯電母公司淨虧損約新台幣7.6億元。

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。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Betty Liu, Credit Suisse.

劉貝蒂，瑞士信貸。

Hi.

你好。

This is Randy Abrams from Credit Suisse.

我是瑞士信貸銀行的蘭迪·艾布拉姆斯。

The first question I had on just the outlook for second half and starting with third quarter for low single digit growth.

我的第一個問題是關於下半年和第三季開始的低個位數成長的前景。

I guess it's a little bit modest with 28 nanometer starting to ramp up so if you could talk about just what you're seeing for the environment, if any of the end markets are slowing down as you look in the third quarter or slow down between 8 inch versus 12 inch?

我想這有點溫和，28 奈米開始加速，所以如果你能談談你對環境的看法，如果任何終端市場在第三季或之間放緩8寸和12寸哪個好？

And following on that, fourth quarter the last few years has been down single digits.

接下來，過去幾年的第四季下降了個位數。

If you're expecting at least at this early stage a similar profile or anything to support above-seasonal fourth quarter.

如果您至少在早期階段預計會出現類似的情況或任何支持高於季節性的第四季度的情況。

Okay.

好的。

Yes, our guidance on the third quarter 2014 is a low single digit revenue growth.

是的，我們對 2014 年第三季的指引是較低的個位數收入成長。

It's mainly due to our 8 inch capacity constraints during the 2Q and 3Q 2014.

這主要是由於 2014 年第二季和第三季我們的 8 吋產能有限。

And we, even though our capacity is fully loaded, we cannot provide additional revenue and margin upwards from 8 inch operation and in the meantime the revenue increase is mostly from 28 nanometers which is currently in the initial ramp stage.

而我們，即使我們的產能已滿載，我們也無法從8吋業務提供額外的收入和利潤，同時收入的成長主要來自目前處於初始階段的28奈米。

So our 28 nanometer business is not able to contribute meaningful margins from sales for the moment.

因此，我們的 28 奈米業務目前無法從銷售中貢獻有意義的利潤。

Okay.

好的。

And on the, I guess the 40, 65, 90, the middle nodes, mature 12 inch, maybe what's driving the weakness at 8 inch and 28?

至於，我猜是 40、65、90，中間節點，成熟的 12 英寸，也許是什麼導致了 8 英寸和 28 英寸的弱點？

And if you expect a slower fourth quarter then or perhaps, if you're through capacity constraints, the 28 and 8 inch could help by fourth quarter.

如果您預計第四季度會放緩，或者如果您面臨產能限制，那麼 28 英寸和 8 英寸可能會在第四季度有所幫助。

So, yes, your question is repeat except --

所以，是的，你的問題是重複的，除了——

Yes, I guess the question -- yes, the question, it's more regarding to where the weakness is coming from on the mature 12 inch nodes, like the 40, 65, 90.

是的，我猜想這個問題——是的，這個問題更多的是關於成熟的 12 英寸節點的弱點來自哪裡，例如 40、65、90。

And whether you expect weakness I guess or normal decline into fourth quarter for the overall business.

我猜你是否預期整體業務會出現疲軟或正常下滑到第四季。

Yes.

是的。

What's strange, our 40 nanometers zone is still -- demand is still very strong.

奇怪的是，我們的 40 奈米區域仍然——需求仍然非常強勁。

And for the mid-technology nodes, for the 65 and 90, we have some percentage point of unutilized capacity mainly because we plan for the summer vacations of this European, especially the driver, high-end driver products.

而對於中階技術節點，對於65和90，我們有一定百分比的未利用產能，主要是因為我們規劃這個歐洲的暑假，特別是驅動器、高階硬碟產品。

Unfortunately, didn't realize for the moment.

可惜暫時沒有意識到。

So that's some percentage points (technical difficulty).

所以這是一些百分點（技術難度）。

Okay.

好的。

The other question, I want to ask about the Japan business which doubled in the quarter, if it's a one-time or it's start of a trend.

另一個問題，我想問本季翻倍的日本業務，這是一次性的還是趨勢的開始。

And maybe if you could talk about the press maybe leaked out a bit on potential to get more press within Japan.

也許如果你能談談媒體，也許會洩漏一些有關在日本國內獲得更多媒體報導的潛力。

I guess I'm curious your thought process on Japan, where you exited UMC Japan, but if the right opportunities come -- if you see some new opportunities in the Japan market.

我想我很好奇你對日本的思考過程，你退出了聯華電子日本公司，但如果合適的機會來了——如果你在日本市場看到了一些新的機會。

First of all, we don't comment on market speculation or media speculation but, having said that, Japan has always been an important market segment.

首先，我們不對市場猜測或媒體猜測發表評論，但話雖如此，日本一直是重要的細分市場。

We recently just host a large scale technology workshop in Japanese markets.

我們最近剛在日本市場舉辦了一次大型技術研討會。

Of course this quarter increase in Japanese market, it's a bit too early to call it as a trend, but definitely we are putting a lot more resources into the Japanese market, along with the outsourcing trend in Japan.

當然，本季日本市場的成長，現在將其稱為趨勢還為時過早，但我們肯定會在日本市場投入更多資源，以及日本的外包趨勢。

Okay.

好的。

Thanks.

謝謝。

And my final question, on the new business you're guiding a pretty significant drop in sales.

我的最後一個問題是，在新業務中，您的銷售額大幅下降。

If you could talk about what's happening in the new business.

您能談談新業務中發生的事情嗎？

Mostly due to the very recent event of the so-called double-anti or the anti-dumping and anti-trust ban by US and Indian markets, and happens it's a significant reversal of operations.

主要是由於最近美國和印度市場發生了所謂的雙重反或反傾銷和反壟斷禁令，並且發生了重大的經營逆轉。

One of our larger dollar business in quarter two actually post a profit.

我們第二季度規模較大的美元業務之一實際上實現了盈利。

And because of the so-called double anti-trust and anti-dumping we're going to see a quiet significant dry up in business in at least the third quarter.

由於所謂的雙重反壟斷和反傾銷，我們至少在第三季將看到業務大幅萎縮。

So that will cause a significant reversal of the operation.

因此，這將導致操作發生重大逆轉。

Okay.

好的。

No, thanks for the color.

不，謝謝你的顏色。

I hope that gets worked out okay.

我希望事情能順利解決。

Thank you.

謝謝。

Thanks.

謝謝。

Thank you.

謝謝。

Bill Lu, Morgan Stanley.

比爾‧盧，摩根士丹利。

Yes, hi.

是的，嗨。

Good afternoon.

午安.

My first question is on second quarter gross margins.

我的第一個問題是關於第二季的毛利率。

Apologies.

道歉。

I haven't had a chance to look through all the materials yet.

我還沒有機會查看所有材料。

But total gross margin was 22.9%.

但總毛利率為22.9%。

You had guided for foundry gross margin the mid-20% range.

你們曾指導代工毛利率在 20% 的中間範圍。

Can I assume that you hit that target and the overall was dragged down by the solar business?

我是否可以假設您達到了該目標並且整體受到太陽能業務的拖累？

Yes, yes definitely.

是的，絕對是的。

I will give you the breakdown.

我會給你細分。

Gross margin in second quarter was 25.4% -- 25.3%.

第二季毛利率為25.4% - 25.3%。

Great.

偉大的。

25.3%.

25.3%。

Perfect.

完美的。

Thank you.

謝謝。

And gross margin was 10.2% for foundry -- sorry, operating margin was 10.2% for foundry business.

代工業務的毛利率為 10.2%——抱歉，代工業務的營業利潤率為 10.2%。

Okay.

好的。

Great.

偉大的。

And the second question is, you talked about supply constraints for 8 inch wafers, is there anything you do about that?

第二個問題是，您談到了8吋晶圓的供應限制，您對此有何措施？

Yes.

是的。

We, actually we are extending our capacity into fabs.

實際上，我們正​​在將產能擴展到晶圓廠。

So we have -- for this year we are adding 5,000 wafers per month capacity in our fab in Suzhou, China, and we are planning to build more capacity in 2015, next year.

因此，今年我們在中國蘇州的晶圓廠每月增加 5,000 片晶圓產能，並計劃在 2015 年（即明年）建造更多產能。

Okay.

好的。

So the Suzhou capacity comes online in 4Q, I assume.

所以我認為蘇州的產能將在第四季上線。

It's actually 2Q.

實際上是2Q。

It's already done.

已經完成了。

I see.

我懂了。

I guess I meant is there more to come going forward?

我想我的意思是還有更多的事情要做嗎？

For the next move we also are planning to expand our percent, the Suzhou plant, from -- additional 11,000 wafer per month for next year.

下一步，我們也計劃擴大蘇州工廠的產能，明年每月增加 11,000 片晶圓。

Can you tell me about when next year?

你能告訴我明年什麼時候嗎？

It's the same, the middle next year.

明年年中也是如此。

Okay.

好的。

Got it.

知道了。

And then on 28 nanometers previously you had guided by 5% of revenues by the fourth quarter.

此前，在 28 奈米技術上，第四季的營收為 5%。

Can you give us an update there?

你能給我們更新一下嗎？

This will still remain that our target of 5% in the fourth quarter.

這仍然是我們第四季 5% 的目標。

What is the percentage in 3Q?

第三季的百分比是多少？

It's around 3%.

大約是3%。

3%.

3%。

So 1% in 2Q, 3% in 3Q.

所以第二季為 1%，第三季為 3%。

3% in 3Q, yes.

第三季 3%，是的。

Got it.

知道了。

Look, I guess the one thing I'm a little bit concerned about is there's been some press releases on Qualcomm going to SMIC for 28 nanometers.

聽著，我想我有點擔心的一件事是有一些新聞稿稱高通將向中芯國際開發 28 奈米技術。

Now I think you can compete fairly with somebody else and you're still ahead of SMIC and in your timing, but typically when SMIC comes in they tend to price pretty aggressively.

現在我認為你可以與其他人公平競爭，而且在你的時機上你仍然領先於中芯國際，但通常當中芯國際進來時，他們往往會定價​​相當激進。

How do you think about that competition?

您如何看待這場比賽？

Yes, thank you for your question snd let me start with our 28 LP Poly/SiON version.

是的，謝謝您的提問，讓我從我們的 28 LP Poly/SiON 版本開始。

We have a track record in yield enhancement and also the quality manufacturing capability.

我們在產量提高和品質製造能力方面擁有良好的記錄。

We always provide our customers the best cost to performance ratio so that can raise the level of UMC's competition.

我們始終為客戶提供最佳的性價比，從而提高聯華電子的競爭水平。

And we have very high confidence to surpass our competitors and gain market share for 28 nanometer Poly/SiON version in the next few quarters to come.

我們非常有信心在未來幾季超越競爭對手並獲得 28 奈米 Poly/SiON 版本的市場份額。

And for our 28 nanometer high-k metal gate HPM version UMC is in a unique position to provide our customers the most reliable and service-friendly 28 nanometer high-k metal gate technology.

對於我們的 28 奈米高 k 金屬閘極 HPM 版本，聯華電子處於獨特的地位，可以為我們的客戶提供最可靠和最友好的 28 奈米高 k 金屬閘極技術。

So we are pretty confident that we can garner more business and get more share on 28 nanometer technology.

因此，我們非常有信心在 28 奈米技術上獲得更多業務並獲得更多份額。

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Gokul Hariharan, JPMorgan.

戈庫爾·哈里哈蘭，摩根大通。

Yes, hi.

是的，嗨。

Thanks for taking my questions.

感謝您回答我的問題。

My first question, could you talk a little bit about 28 nanometer capacity plans by the end of this year as well as some early plans in terms of what you're expecting for next year as well in terms of 28 nanometer capacity?

我的第一個問題，您能否談談今年年底之前的 28 奈米產能計劃以及一些早期計劃，以及您對明年以及 28 奈米產能的預期？

And how should we think about 28 nanometer profitability as we go to 5%?

當 28 奈米盈利率達到 5% 時，我們該如何看待？

When do we get to that mid-20s profitability for 28 nanometer as well?

28 奈米技術什麼時候才能達到 20 年代中期的獲利水準？

Is it going to take until the end of next year or is it going to be a bit earlier?

是要等到明年年底還是會提早一點？

Yes, we will expand our 28 nanometer capacity from 10,000 wafers now to 12,000 wafers in 4Q this year.

是的，我們將在今年第四季將 28 奈米產能從現在的 10,000 片晶圓擴大到 12,000 片晶圓。

And we also have the plan to expand another 8,000, additional 8m000 wafers per month, totally up to 20,500 wafers per month in the mid of 2015.

我們也計劃在 2015 年中期再擴產 8,000 片，每月增加 8,000 片晶圓，總計達到每月 20,500 片晶圓。

Okay.

好的。

And on the profitability side, how should we think about the profitability?

而在獲利方面，我們該如何思考獲利能力？

When we get to 20k capacity and let's say reasonable utilization, are we still going to be at sub-20% gross margin or is it going to get better by then?

當我們達到 20,000 產能並假設合理利用率時，我們的毛利率是否仍將低於 20%，還是會變得更好？

Yes, we expect the gross margin of our 28 nanometer business will improve along with the year learning curve and also the productivity improvements and we believe 28 nanometer will be close to our 12 inch corporate gross margin average in a few quarters.

是的，我們預計 28 奈米業務的毛利率將隨著一年的學習曲線和生產力的提高而提高，我們相信 28 奈米將在幾個季度內接近我們 12 英寸企業毛利率的平均水平。

Okay.

好的。

I had one more question on the 8 inch capacity type.

我還有一個關於 8 英寸容量類型的問題。

Since you mentioned that you did prepare some capacity for drivers in 12 inch, 65 nanometer which did not pan out this year, so what is the thinking behind the 8 inch capacity tightness?

既然您提到確實為12英寸、65奈米驅動器準備了一些產能，但今年沒有成功，那麼8英寸產能緊張背後的考慮是什麼？

Do you expect a fair bit of conversion happening from 8 inch to 12 inch next year or is it still going to be that 8 inch capacity is going to be tight for most of next year as well, on an industry basis?

您是否預計明年會出現相當大的從 8 英寸到 12 英寸的轉換，或者從行業角度來看，明年大部分時間 8 英寸產能是否仍將緊張？

Yes.

是的。

In our case -- let me answer your second question first.

就我們而言——讓我先回答你的第二個問題。

Yes, our perspective is the 8 inch business demand is still very strong all through the year 2015.

是的，我們的觀點是 2015 年 8 吋業務需求仍然非常強勁。

So we also observed certain structural changes behind the high loading of 8 inch fab.

所以我們也觀察到8吋晶圓廠高負荷背後的一些結構變化。

And the long term demand is basically driven by the growth of high-speed content, which means that the number of chips per system is going up and also the file size getting larger.

長期需求基本上是由高速內容的成長所驅動的，這意味著每個系統的晶片數量不斷增加，檔案大小也越來越大。

The function integrated on a single die is getting more functions.

整合在單一晶片上的功能正在變得越來越多。

So that's why it drives our -- in terms of wafer number, our wafer demand, it's stay very strong.

這就是為什麼它推動我們——就晶圓數量而言，我們的晶圓需求保持非常強勁。

Are you not expecting a very big conversion from 8 inch to 12 inch for some of the high-volume 8 inch applications like, say, smartphone driver ICs or palm management ICs next year?

您是否預計明年一些大批量 8 吋應用（例如智慧型手機驅動器 IC 或掌上管理 IC）將出現從 8 吋到 12 吋的大幅轉變？

You don't expect that to happen.

你沒想到會發生這種事。

Yes, we do expect that will happen, but I cannot -- for the moment I don't have a clear picture of how much it will convert to the 12 inch, the high-end technology for the driver ICs.

是的，我們確實預計會發生這種情況，但我不能——目前我還不清楚它將在多大程度上轉換為 12 英寸驅動器 IC 的高端技術。

But we do have that plan.

但我們確實有這個計劃。

Okay.

好的。

Alright.

好吧。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Dan Heyler, Merrill Lynch.

丹·海勒，美林證券。

Yes, hi.

是的，嗨。

Thanks for taking the question.

感謝您提出問題。

So a couple of quick ones.

所以有幾個快速的。

On the 65, 90 fab that's somewhat underutilized, what's the prognosis for getting that business on the high performance driver business in the fourth quarter or is this now going to take more time than that?

對於未充分利用的 65,90 晶圓廠，在第四季度將該業務轉向高性能驅動器業務的預測是什麼，或者現在是否需要比這更多的時間？

I could say that it would take more time.

我可以說這需要更多時間。

It quite depends on the customers, their design and business engagement.

這很大程度上取決於客戶、他們的設計和業務參與。

Got you.

明白你了。

Okay.

好的。

Is there some other products that you think are in the pipeline or now you've got to now invest more time and find another application?

您認為是否還有其他產品正在開發中，或者現在您必須投入更多時間並尋找其他應用程式？

And so is the potential to fill that with other customers more likely towards the next year?

那麼明年是否更有可能用其他客戶來填補這一空缺？

Could you fill it with something else this year?

今年你能用別的東西來填補它嗎？

Yes, we do see a lot of opportunity there for those big nodes, 12 inch big node technology will be better utilized, especially for the high-end driver IC and power management IC and some micro-controllers.

是的，我們確實看到那些大節點有很多機會，12英寸大節點技術將得到更好的利用，特別是高階驅動IC和電源管理IC以及一些微控制器。

Yes, we do see there are many opportunities.

是的，我們確實看到有很多機會。

Okay.

好的。

But more of the 2015 story then.

但更多的是 2015 年的故事。

Okay.

好的。

And then on the 8 inch, you talked about a structural pick up there.

然後在 8 英寸上，您談到了結構性提升。

Frequently what you find when supply chain is going through a big restocking process that everything fills up including your 8 inch fabs.

當供應鏈經歷大規模補貨過程時，您經常會發現一切都已滿，包括您的 8 吋晶圓廠。

So I'm wondering what gives you confidence that the current high utilization on 8 inch is sustainable and it's not just merely cyclical pick-up?

所以我想知道是什麼讓您相信當前 8 英寸的高利用率是可持續的，而不僅僅是周期性的回升？

Yes, we see it's -- to me it's, to our case it's pretty clear that will be sustainable to come to the end of this year at least.

是的，我們認為，對我來說，對我們來說，很明顯，至少到今年年底，這種情況是可持續的。

Okay.

好的。

Because you said you wanted to expand capacity there next year, am I right?

因為你說明年要擴大那裡的產能，對嗎？

And how much capacity do you plan to add for 8 inch, do you know?

而8吋你打算增加多少容量，你知道嗎？

11,000 wafers per month.

每月 11,000 個晶圓。

Yes, next year.

是的，明年。

Yes, next year.

是的，明年。

Okay.

好的。

So what's driving that?

那麼是什麼推動了這一點呢？

The same, that the driver IC and power management IC.

同樣的，即驅動IC和電源管理IC。

Okay.

好的。

Got it.

知道了。

Makes sense.

說得通。

Okay.

好的。

And then finally on the, maybe just housekeeping on the depreciation side.

最後，也許只是折舊方面的內務管理。

What's the quarterly run rate on your depreciation?

您的折舊的季度運行率是多少？

Next quarter we are talking about less than 5% -- less than 3% increase.

下個季度我們談論的增幅將低於 5%——不到 3%。

And whole year 2014 will be less than 10% increase than 2013.

2014年全年增幅將比2013年不到10%。

Okay.

好的。

So you don't -- what's the fourth quarter number?

所以你不知道──第四季的數字是多少？

You have to work it out yourself.

你必須自己解決。

Basically

基本上

That's fine.

沒關係。

Yes, sure.

是的，當然。

So less than 10% you said, though?

那你說的比例還不到 10%？

Actually between 5% to 10%, yes.

實際上在 5% 到 10% 之間，是的。

Can you give a little more granularity on the full year number?

能否更詳細說明全年數字？

Is it --

是嗎 -

Closer to 5%.

接近5%。

So 5% year-on-year growth in depreciation?

那麼折舊年增5%？

Yes.

是的。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝。

Great.

偉大的。

Thank you guys.

感謝你們。

Thanks.

謝謝。

Thank you.

謝謝。

Roland Shu, Citigroup.

羅蘭舒，花旗集團。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

First question for the new business we have a higher -- a lower revenue and a higher loss.

對於新業務的第一個問題，我們有一個更高的收入——更低的收入和更高的損失。

Is this just a one-off or are you expecting this to continue going forward?

這只是一次性的還是您希望這種情況繼續下去？

So, Roland, we just highlighted this over the weekend.

所以，羅蘭，我們剛剛在周末強調了這一點。

A new penalty issued by US mainly and also Indian market for anti-dumping, anti-trust for including Taiwanese manufacturers.

主要是美國以及印度市場針對包括台灣廠商在內的反傾銷、反壟斷發布的新處罰。

Solar was doing better in quarter two but still pretty shallow in terms of their profit and basically this sanction just turned the whole picture around.

Solar 在第二季表現較好，但利潤仍然相當薄弱，基本上這次製裁只是扭轉了整個局面。

And quarter three, so now it's like a sudden death to all the solar makers in Taiwan, including our investment.

第三季度，現在台灣所有太陽能製造商，包括我們的投資，就像突然死亡一樣。

We don't know how the outlook's going to develop and we will continue to monitor, and hopefully we will have better news in the next quarterly conference call.

我們不知道前景將如何發展，我們將繼續關注，希望在下一個季度電話會議中有更好的消息。

Okay.

好的。

So this situation probably will be continued into the fourth quarter or even going forward if the situation does not improve?

那麼如果情況沒有好轉的話，這種情況很可能會持續到第四季甚至未來嗎？

So if the big picture remains the same of course we will continue to enhance our efficiency and try to find a way out, but so far visibility is rather limited to third quarter.

因此，如果大局保持不變，我們當然會繼續提高效率並努力尋找出路，但到目前為止，能見度僅限於第三季。

Okay.

好的。

Thank you.

謝謝。

Second question about, talk about 28 nanometer capacity that we are going to expand to 12k by end of this year and also add add another 8,000 wafers to 20k in mid of next year.

第二個問題，談談28奈米產能，今年底我們將擴大到12k，明年中期再增加8,000片晶圓到20k。

I remember last quarter Company said actually the money had been spent for 10k this year.

我記得上個季度公司說今年的錢其實已經花了10k了。

So just want to clarify whether this 8k additional capacity next year, actually the money has been spent in this year or there will be another CapEx in next year.

所以我想澄清一下明年的 8k 額外容量是否實際上已經在今年花掉了，或者明年還會有另一次資本支出。

You know better than most other people I assume that the lead time of the different equipment varies.

您比大多數其他人更了解我認為不同設備的交貨時間各不相同。

So some of the long lead time we probably have issued deals already this year, but the majority of the 8k the deal will be issued from this point onwards and payment will follow accordingly.

因此，我們今年可能已經發布了一些較長交貨期的交易，但大部分 8k 交易將從此時開始發布，付款也將相應進行。

So the payment schedule is always a few months behind, trailing the real schedule.

因此付款時間表總是晚幾個月，落後於實際時間表。

So actually there's an appeal base in this year but fresh base will be still next year.

所以實際上今年有一個上訴基礎，但明年仍然會有新的基礎。

Big part of it will flow into 2015.

其中很大一部分將流入2015年。

Okay.

好的。

Understood.

明白了。

And so do you have any rough idea for how much CapEx spending will be in next year?

那麼您對明年的資本支出有多少粗略的了解？

Because you have listed your 28 nanometer capacity expansion and also have the 11,000 wafers 8 inch expansion so how much will it be for the total CapEx next year?

因為你們已經列出了 28 奈米產能擴張，還有 11,000 片晶圓 8 吋擴張，那麼明年的總資本支出是多少？

Yes, for the 2015 CapEx we are now under discussion and we could potentially take an aggressive approach on 2015 CapEx in order to take advantage of our unique position on 28 nanometer.

是的，對於 2015 年資本支出，我們現在正在討論，我們可能會在 2015 年資本支出上採取積極的方法，以利用我們在 28 奈米領域的獨特地位。

So we believe that 28 nanometer is a strong and long life node with numerous [webs of expectations] and customers, and we haven't finalized the CapEx for 2015.

因此，我們相信 28 奈米是一個強大且長壽命的節點，擁有眾多的[期望網]和客戶，而且我們尚未最終確定 2015 年的資本支出。

But in addition to this 8,000 wafer 28 nanometer capacity and 11,000 wafer 8 inch capacity, is there any other capacity expansion plan other than that?

但除了這8000片晶圓28奈米產能和11000片晶圓8吋產能之外，還有其他產能擴張計畫嗎？

Yes, Roland, as you recall, we do have a new 12 inch wafer fab shell has been completed and we are installing the facility at the moment.

是的，Roland，正如您所記得的，我們確實有一個新的 12 吋晶圓廠外殼已經完工，目前我們正在安裝該設施。

So P5, if we start to equip and there will be another new beginning for a third large scale 12 inch wafer fab.

所以P5，如果我們開始裝備的話，第三個大型12吋晶圓廠將會是另一個新的開始。

Okay.

好的。

So the P5 schedule will be in second half of next year?

那麼P5的賽程會是在明年下半年嗎？

P5 we are equipping right now.

P5我們現在正在裝備。

In terms of installing equipment, that will be partially driven by the market events and that will be finalized in next year.

在安裝設備方面，這將部分受到市場事件的推動，並將於明年完成。

Okay.

好的。

Thank you.

謝謝。

Last question is, you talk about in 3Q you are doing some capacity upgrade in Fab8D and as a result your capacity loss.

最後一個問題是，您在第三季談到您正在 Fab8D 中進行一些產能升級，從而導致產能損失。

Can you give us some color what kind of upgrade are you doing at Fab8D now and what kind of a purpose?

您能為我們透露一下您現在在 Fab8D 進行什麼樣的升級嗎？目的是什麼？

Thank you.

謝謝。

Our 8D fab is mainly, as we said, conversion from copper lines to aluminum line that support the demand from the high-end driver IP.

正如我們所說，我們的8D晶圓廠主要是從銅線轉換為鋁線，以支援高端驅動IP的需求。

Okay.

好的。

So previous copper line actually, so you just add which to the 12 inch, I mean the application over there?

所以實際上是以前的銅線，所以你只需將其添加到 12 英寸，我的意思是那邊的應用程式？

Yes, that's correct.

對，那是正確的。

Okay.

好的。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Donald Lu, Goldman Sachs.

唐納德·盧，高盛。

(Spoken in foreign language).

（用外語說）。

The first question I want to ask is about the customer base for the 28 nanometer commercial product.

我想問的第一個問題是關於28奈米商業產品的客戶群。

Can you elaborate on how many real, like meaningful volume customers you have for the 28 nanometer?

您能否詳細說明您在 28 奈米技術方面擁有多少真正的、有意義的大量客戶？

That's number one.

這是第一名。

And number two is, can you give update on your progress with high-k metal gate because I think the latter seems like the unique opportunity you commented on?

第二個問題是，您能否介紹一下您在高 k 金屬閘極方面的最新進展，因為我認為後者似乎是您評論過的獨特機會？

Thank you.

謝謝。

Yes.

是的。

Our 28 nanometer, we have over 20 customers engaged and around 50 product tape-outs already.

我們的 28 奈米技術已經有 20 多家客戶參與，並且已經有大約 50 個產品流片。

And we have more than five products are now enter the pilot production stage.

目前我們有五個以上的產品正在進入中試生產階段。

And so your second question is regarding our 28 high-k metal gate version.

所以你的第二個問題是關於我們的 28 高 k 金屬閘極版本。

Yes, we are pretty confident that our 28 gate, high-k metal gate, the technology is going on track and with gaining the traction from many customers.

是的，我們非常有信心，我們的 28 閘極、高 k 金屬閘極技術正在走上正軌，並獲得了許多客戶的關注。

So we are pretty confident with this one, our 28 nanometer high-k metal gate.

因此，我們對 28 奈米高 k 金屬閘極非常有信心。

Just to follow up on that.

只是為了跟進此事。

For the five products in pilot production, is that from one single customer or from two, or three customers?

試生產的五種產品是來自一個客戶還是來自兩個、三個客戶？

And also --

並且 -

That's from more than three customers, yes.

是的，來自三個以上的客戶。

Two or three customers.

兩三個顧客。

Okay.

好的。

And --

和 -

No.

不。

More than three, more than three customers.

三個以上，三個以上的客戶。

More than three.

三個以上。

Okay.

好的。

And for the 28 nanometer high-k metal gate, when do you think it will represent, let's say, 1% or 2% of your total revenue?

對於28奈米高k金屬閘極，您認為它什麼時候會佔您總收入的1%或2%？

In Q4, fourth quarter this year.

Q4，今年第四季。

Okay.

好的。

Alright.

好吧。

Okay.

好的。

My second question is more on the 8 inch.

我的第二個問題更多的是關於8吋。

You're adding 11k in Suzhou so clearly you have a pretty positive outlook on the demand.

你們在蘇州增加了 11,000 人，顯然你們對需求前景非常樂觀。

Can you -- you commented that there's a driver and the power management IC are the key drivers there.

你能——你評論說有一個驅動器，而電源管理 IC 是那裡的關鍵驅動器。

Can you give us more color on why do you think this growth is sustainable into next year?

您能否給我們更多的解釋，為什麼您認為這種成長可持續到明年？

And, yes, and I have a follow-up on 8 inch.

是的，我還有 8 吋的後續作品。

Yes.

是的。

The mainly because of the growth of the ICs content.

這主要是因為IC含量的成長。

As I explained just now, the numbers of chips per system is going up obviously.

正如我剛才所解釋的，每個系統的晶片數量正在顯著增加。

And secondly, the functions integrated on a single die is also a driver.

其次，整合在單一晶片上的功能也是一個驅動因素。

The chip size becomes larger so that way you'll consume more wafers in order to support our customers.

晶片尺寸變得更大，因此您將消耗更多晶圓來支援我們的客戶。

So very clear that the demand, the wafer -- in terms of wafer the demand is actually very strong to answer that 2015.

非常清楚的是，晶圓的需求——就晶圓而言，2015 年的需求實際上非常強勁。

But is that -- do you mean the content, semi content on a smartphone or is that just in general has all increased?

但這是——你的意思是智慧型手機上的內容、半內容還是只是整體上都增加了？

Yes, mainly on the smartphone.

是的，主要是在智慧型手機上。

Yes.

是的。

Smartphones.

智慧型手機。

Yes.

是的。

Why can't you move the product to 12 inch?

為什麼不能把產品移到12吋？

Yes, we actually have in a very intensive work with our customers supporting those high-end drivers 12 inch wafer technologies.

是的，我們實際上與客戶進行了非常深入的合作，支援這些高階硬碟 12 吋晶圓技術。

[12 inch] fabs is the trend, yes.

[12吋]晶圓廠是趨勢，是的。

Right.

正確的。

Okay.

好的。

A follow-up question on that is the 55 nanometer SONOS embedded flash.

後續問題是 55 奈米 SONOS 嵌入式快閃記憶體。

That's a pretty big market in theory.

理論上這是一個相當大的市場。

I remember a few years back I think Cypress transferred a 65 nanometer SONOS to UMC.

我記得幾年前我認為 Cypress 將 65 奈米 SONOS 轉移給了 UMC。

How much is that is your revenue right now?

您現在的收入是多少？

Or how much is that, is your 65 nanometer revenue?

或者說是多少，你的65奈米收入是多少？

And also you want to take advantage about this 55 nanometer technology.

您還想利用 55 奈米技術。

How much?

多少？

What's the outlook for this technology?

這項技術的前景如何？

Yes.

是的。

So far we don't see a significant revenue contribution from this 55/65 technology.

到目前為止，我們還沒有看到這種 55/65 技術對收入做出重大貢獻。

So we, somehow we see the engineering progress is pretty good and we're operating for business for the year next year.

因此，不知何故，我們看到工程進展非常好，我們明年將開始營運。

Why isn't the 65 nanometer SONOS make -- contribute revenue because you've got the technology a few years back?

為什麼 65 奈米 SONOS 不貢獻收入，因為幾年前您就已經掌握了這項技術？

I probably cannot comment at this moment.

我現在可能無法發表評論。

You want to add something?

你想添加一些東西嗎？

I don't know.

我不知道。

I think we have a very good business opportunity on the embedded solution at 55, 65 nanometer.

我認為我們在55、65奈米的嵌入式解決方案上有很好的商機。

This is why our CEO made certain comments on our 55 nanometer LP platform.

這就是為什麼我們的執行長對我們的 55 奈米 LP 平台做出了某些評論。

And within the platform you will see some of the IP already to the [monotile] memories.

在平台內，您將看到一些 IP 已經存在於 [monotile] 記憶體中。

And I think for the 55 nanometers or 65 nanometer embedded solution will become mainstream in the next few years instead of some kind of standalone flash or [monotile] product in the future.

我認為 55 奈米或 65 奈米嵌入式解決方案將在未來幾年成為主流，而不是未來某種獨立快閃記憶體或 [monotile] 產品。

Right.

正確的。

So you think the opportunity is more like in the next few years?

那麼您認為機會更多是在未來幾年嗎？

Yes.

是的。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Ng, Paribas.

吳，巴黎人。

Hi.

你好。

It's Szeho from BNP.

我是法國巴黎銀行的 Szeho。

Two questions from my side.

我這邊有兩個問題。

With regard to FinFET, when should we expect the production to start?

至於FinFET，我們預計什麼時候開始生產？

Yes, our FinFET technology will �- our planes enter the process core the first quarter 2015 and ready for customers tape-out second quarter next year.

是的，我們的 FinFET 技術將在 2015 年第一季進入製程核心，並為客戶在明年第二季流片做好準備。

And our FinFET department it's, right now it's way on track.

我們的 FinFET 部門現在正步入正軌。

I see.

我懂了。

Alright.

好吧。

So revenue contributions should be something like in 2016, right?

那麼收入貢獻應該與 2016 年類似，對嗎？

Yes, we are talking in 2016.

是的，我們說的是 2016 年。

Okay.

好的。

Good.

好的。

And also for the R&D expenses, it has been sustaining around on TWD3.3b run rate on a quarterly basis.

研發費用也維持在每季TWD3.3b左右。

When should we expect the expense to come down, after the end of the joint development program with IBM?

在與 IBM 的共同開發計畫結束後，我們什麼時候可以預期費用會下降？

It will show some mild decrease.

它將顯示出一些輕微的下降。

At the same time the R&D cost for put in FinFET is also more expensive so we don't expect to see significant reduction in R&D in 2015.

同時，FinFET 的研發成本也更高，因此我們預期 2015 年研發不會大幅減少。

Okay.

好的。

Alright.

好吧。

Okay, yes.

好吧，是的。

And lastly, just an update.

最後，只是一個更新。

What percentage of the revenue is coming from the specialty products and what's your plan for next year for that particular market?

特色產品佔收入的百分比是多少？您明年針對該特定市場的計劃是什麼？

Yes, around 30% of our total revenue is coming from speculative technologies.

是的，我們總收入的 30% 左右來自投機技術。

Okay.

好的。

And the percentage for next year should be similar or we should expect it to spike up?

明年的百分比應該相似，或者我們應該預期它會飆升？

We expect it still be going up.

我們預計它仍然會上漲。

I'm not it spike up, but it's going up.

我沒有說它飆升，但它正在上升。

Okay.

好的。

Alright.

好吧。

Is it fair to say something like 35%, 40% this year?

今年說 35%、40% 公平嗎？

It also depends on the photo base.

它還取決於照片基礎。

So we don't have a bigger share, but the trend is definitely going up.

所以我們沒有更大的份額，但趨勢肯定是上升的。

Okay.

好的。

Alright.

好吧。

Thank you gentlemen.

謝謝先生們。

Thank you.

謝謝。

Julie Tsai, [UBC].

蔡朱莉，[UBC]。

Hi.

你好。

This is Julie from UBS.

這是瑞銀集團的朱莉。

A couple of questions to follow up.

有幾個問題需要跟進。

Can you give us a little color into Q3 outlook for all the segment or all the sectors?

您能為我們介紹一下所有細分市場或所有部門的第三季前景嗎？

Thank you.

謝謝。

Yes.

是的。

In the third quarter in terms of sector communication will be the strongest sector and secondly followed by computers, computer segment.

第三季通訊板塊將是最強的板塊，其次是電腦、電腦板塊。

And assuming consumer will be the weakest?

假設消費者是最弱的呢？

Yes, correct.

是，對的。

Okay.

好的。

And also two more questions.

還有兩個問題。

The second one would be you did mention about the fab upgrade at 8D, right?

第二個問題是您確實提到了 8D 的晶圓廠升級，對嗎？

And this is for the high-end driver IC.

這是針對高端驅動IC。

So will we see Q4's capacity coming back to normal for that specific fab?

那麼我們會看到該特定晶圓廠第四季的產能恢復正常嗎？

It will be a minor dip in quarter three, but I think the convergent and also the additional capacity will play out for the next few quarters so we don't expect to immediately reach the previous level in Q4.

第三季將出現小幅下降，但我認為收斂和額外產能將在接下來的幾季發揮作用，因此我們預計第四季不會立即達到先前的水平。

Okay.

好的。

So could we fairly assume that the ASP-wise for this particular product will be better than normal?

那麼我們是否可以公平地假設該特定產品的 ASP 會比正常情況更好？

No.

不。

No more the driver ASP will be lower than any product using copper line.

驅動器 ASP 不會比任何使用銅線的產品低。

Right.

正確的。

But I meant apple to apple comparison.

但我指的是蘋果與蘋果的比較。

If you are switching from copper to aluminum line and supporting your high-end driver IC, so wouldn't ASP be better or is this just a request by the client?

如果您要從銅線切換到鋁線並支援您的高端驅動IC，那麼ASP不是更好嗎？或者這只是客戶的要求？

It will be a better utilization really overall in the longer term, but not necessarily helping ASP.

從長遠來看，總體而言，這將是一個更好的利用率，但不一定有助於 ASP。

I see.

我懂了。

Okay.

好的。

And then in your presentation page 14 you did guide 2014's CapEx will be about $1.3b and you also separate them into 8 inch and 12 inch.

然後在簡報第 14 頁中，您確實指出 2014 年的資本支出約為 1.3b 美元，並且您還將它們分為 8 英寸和 12 英寸。

Could you also give us a bit of guidance in terms of technology node that you're going to spend?

您能否就您將要花費的技術節點給我們一些指導？

Most of the 12 inch is done 28.

12寸的大部分都是做28的。

And that's it?

就這樣嗎？

That's it, yes.

就是這樣，是的。

No 14, no anything?

沒有14，什麼都沒有嗎？

14 inch for the time being is R&D stage.

14寸暫時處於研發階段。

That is still R&D stage.

那還是研發階段。

Okay.

好的。

So my last question would be leading to can we talk about 2014 a little bit?

所以我的最後一個問題是我們可以談談 2014 年嗎？

How is the progress?

進展如何？

I know no significant revenue contribution this year or maybe even for next year, but just wondering your collaboration with IBM and how is it progressing?

我知道今年甚至明年不會有重大收入貢獻，但只是想知道您與 IBM 的合作進展如何？

Yes.

是的。

Again our target is, it will be the process core will be finished in the first quarter 2015 ready for customer tape-out in 2Q next year.

我們的目標是，製程核心將在 2015 年第一季完成，並為明年第二季的客戶流片做好準備。

And for our 14 nanometer node there are a few early adapters and the demand will eventually come as long as cost becomes constructive.

對於我們的 14 奈米節點，有一些早期的適配器，只要成本變得有建設性，需求最終就會到來。

So among those claims of the technology revenues, customers are also concerned on technology capacity and process mismatch, which could potentially limit their multiple storage and processing technology strategy.

因此，在這些技術收入的說法中，客戶也擔心技術能力和流程不匹配，這可能會限制他們的多種儲存和處理技術策略。

So in this regard UMC can provide distinct value of manufacturing capability and experience with customize process and design-in technology.

因此，在這方面，聯華電子可以透過客製化製程和設計技術提供獨特的製造能力和經驗價值。

So in general we will find the position of UMC.

所以一般來說我們會找到聯華電子的位置。

I see.

我懂了。

Thank you.

謝謝。

And maybe just one very last follow-up question.

也許只是最後一個後續問題。

Regarding to your Q2 operating margin and also gross margin, it seems to be slightly under street expectation or even my analysts' expectation.

關於第二季的營業利益率和毛利率，似乎略低於市場預期，甚至低於我分析師的預期。

Is this the similar case for you and why?

這對你來說是類似的情況嗎？為什麼？

No, we guided mid-20% and we achieved 25.4%, so right on top, right on the spot.

不，我們指導了 20% 中期，我們實現了 25.4%，所以就在上面，就在現場。

For Q2, right?

對於第二季度，對嗎？

Yes.

是的。

Okay.

好的。

Alright.

好吧。

Thank you.

謝謝。

Thank you.

謝謝。

Dan Heyler, Merrill Lynch.

丹·海勒，美林證券。

Yes, thank you.

是的，謝謝。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great.

偉大的。

Thanks.

謝謝。

So I had a quick follow-up on the 28 nanometer for the -- you've got five customers in pilot production and you're trying to bring those up to volume.

因此，我對 28 奈米進行了快速跟進——你們有五個客戶正在進行試點生產，你們正在努力將這些客戶量產。

Is there any demand risk that you're seeing in the forward quarter?

您在前一季是否看到任何需求風險？

Is there potential for -- there's been some softness here and there in LTE expectations so just wondering how confident you are that those orders will continue to ramp?

LTE 預期是否有可能出現一些疲軟的情況，所以想知道您對這些訂單將繼續增加的信心有多大？

I know it's early stages so I presume that they would be ramping up, but I just wondered if there's any demand risk to those fourth quarter targets.

我知道現在還處於早期階段，所以我認為它們會加速，但我只是想知道這些第四季目標是否有任何需求風險。

Yes, pretty confident.

是的，很有信心。

We don't see risk in our demand side on 28 nanometer.

我們認為 28 奈米的需求面沒有風險。

Okay.

好的。

And then did you have a contribution expectation for the fourth quarter revenue contribution there on 28?

那麼您對28日第四季的營收貢獻有貢獻預期嗎？

Did you have a target?

你有目標嗎？

Yes, we have 5%.

是的，我們有 5%。

Okay.

好的。

So that's on track.

所以一切都步入正軌了。

Yes.

是的。

Okay.

好的。

And I want to revisit this, since this question on 14 came up, I just wondered, one of the question, management, whether you think -- why it's necessary to pour a significant amount of money into 14 given the opportunity on 28, which is a fairly long node, and the limited competition in 28 nanometer, other than you and potentially SMIC; we'll have to see.

我想重新審視這一點，因為 14 號的這個問題出現了，我只是想知道，其中一個問題，管理層，您是否認為——鑑於 28 號的機會，為什麼有必要向 14 號投入大量資金，這是一個相當長的節點，28奈米的競爭有限，除了你和潛在的中芯國際；我們得看看。

But given the size of that opportunity and the desire for people to do a source from TSMC to somebody else, why not focus all your resources on executing 28 ad why are you diverting R&D dollars to something -- to 14 nanometer, which is a very new and very challenging technology?

但考慮到這個機會的大小以及人們希望從台積電向其他人提供源的願望，為什麼不將所有資源集中在執行28 奈米技術上，為什麼要將研發資金轉移到14 奈米技術上，這是一個非常重要的技術？新的且非常具有挑戰性的技術？

Actually we were working with our customers' needs.

事實上，我們正​​在滿足客戶的需求。

So we are -- yes, the 14 nanometer FinFET, since most of the customers are trying to complete this with 28 nanometers so we believe the 14 nanometer will still a strong node for us.

所以我們是——是的，14 奈米 FinFET，因為大多數客戶都試圖用 28 奈米來完成這個，所以我們相信 14 奈米對我們來說仍然是一個強大的節點。

So there are customers that have a high interest to engage with UMC on 14 nanometer FinFET.

因此，有些客戶對與聯電合作開發 14 奈米 FinFET 非常感興趣。

And as for 28 nanometer, as we just mentioned that we address a pretty good attraction from many customers so we feel that in the long term here our 28 nanometer will be a pretty good node and return for UMC.

至於28奈米，正如我們剛才提到的，我們對許多客戶具有相當大的吸引力，因此我們認為從長遠來看，我們的28奈米將是聯華電子的一個非常好的節點和回報。

Just to play a little bit devil's advocate, wouldn't you agree that the issue isn't really customer demand?

只是為了扮演一點反調的角色，你是否同意這個問題並不是真正的客戶需求？

The demand for 28 nanometer is there for a long time.

28奈米的需求由來已久。

Customers want it from a second source.

客戶希望從第二個來源獲得它。

The issue is more about execution, isn't it?

問題更多的是執行，不是嗎？

Yes, true.

是的。

We agree that execution is a critical part.

我們同意執行是關鍵部分。

It just seems to me it would be better off to put those valuable smart engineers working on 40 -- 14 to focus on bringing up 28.

在我看來，最好讓那些有價值的聰明工程師專注於 40-14 歲的工作，專注於培養 28 歲的工作。

And I just wonder why -- it's pretty expensive to spend on 14.

我只是想知道為什麼——14 的花費相當昂貴。

Yes.

是的。

We already joined IBM and iPhone on implementing technology development.

我們已經與 IBM 和 iPhone 一起實施技術開發。

So we try to leverage IBM advice on their technology to give us more cost-effective, also the cost to performance ratio, better cost/performance ratio to our customers.

因此，我們嘗試利用 IBM 對他們的技術的建議，為我們的客戶提供更高的成本效益、更高的性價比、更好的性價比。

Okay.

好的。

Alright.

好吧。

Thanks for that.

感謝那。

Appreciate the comments.

感謝您的評論。

Thank you.

謝謝。

Thank you.

謝謝。

Steven Pelayo, HSBC.

史蒂文‧佩拉約，匯豐銀行。

Yes, great.

對，很好。

A few questions here.

這裡有幾個問題。

TSMC enjoyed multiple quarters of blended average ASP increases with their 28 nanometer ramp.

台積電憑藉其 28 奈米工藝，實現了多個季度的綜合平均銷售價格增長。

I'm curious, with UMC seeing a rise to 5% in the fourth quarter, getting to 20,000 wafers [passed] by 2015, do you think you could see blended ASP increases over the next couple of quarters, over the next three to four quarters?

我很好奇，UMC 在第四季度增長了5%，到2015 年達到了20,000 片晶圓，您認為在接下來的幾個季度、未來三到四個季度裡，您是否會看到混合ASP 的增長宿舍？

ASP, we are looking for our gross margin improvement in a few quarters from 28 nanometer.

ASP，我們希望在幾個季度內從 28 奈米開始改善毛利率。

So I'm not sure if I answer your question?

所以我不確定我是否回答了你的問題？

I guess I'm just saying at 28 nanometer --

我想我只是說 28 奈米——

Steven, we do have the 28 nanometer to play a pricing enhancement, but again that largely depends on the other bigger part of our revenue as well.

史蒂文，我們確實有 28 奈米技術可以提高價格，但這在很大程度上也取決於我們收入的其他更大部分。

So we cannot guarantee the ASP increase in the next few quarters.

因此我們不能保證未來幾季的平均售價成長。

But if everything stays as it is of course the average ASP will be going up if 28 play more a portion of our revenue.

但如果一切保持原樣，如果 28 佔據我們收入的更多份額，那麼平均 ASP 當然會上漲。

Okay.

好的。

Let's dig in a little bit more to that.

讓我們進一步深入探討。

The ROEs that you're generating right now and 90% utilization rate and still kind of mid single digit and I guess we're all fearful of seasonal declines in fourth quarter or first quarter so we have to wait to see maybe a year from today what maybe you can do in the next seasonal peak.

你們現在產生的股本回報率和 90% 的利用率，但仍然處於中等個位數，我想我們都擔心第四季度或第一季的季節性下降，所以我們必須等到一年後才能看到在下一個季節高峰時也許可以做些什麼。

I'm curious, how much do you think 28 nanometers is holding back your margins then or do you have a targeted ROE?

我很好奇，您認為 28 奈米會在多大程度上阻礙您的利潤，或者您有目標 ROE 嗎？

Is there some way you can help us quantify that impact?

有什麼方法可以幫助我們量化這種影響嗎？

28 nanometer currently the margin is below 12 inch corporate average so it will take a few quarters to reach the 12 inch corporate average.

目前28奈米的利潤率低於12英寸企業平均水平，因此需要幾個季度才能達到12英寸企業平均水平。

And of course we have target ROE, but that put a lot of parameters together including loading ASP and overall cost reduction.

當然，我們有目標 ROE，但這將許多參數放在一起，包括載入 ASP 和總體成本降低。

And third quarter we do encounter some utility increase in Taiwan as well as higher depreciation cost.

第三季度，我們確實遇到了台灣公用事業的一些增長以及更高的折舊成本。

So that not necessarily reflect the true or the theoretical gross margin we should have because of the key cost item increase.

由於關鍵成本項目增加，這不一定反映我們應該擁有的真實或理論毛利率。

Okay.

好的。

Just two more quick questions for me.

還有兩個問題想問我。

Interesting the analysts are suggesting that maybe 28 nanometers is a little less competitive, making you a very good viable second source.

有趣的是，分析師表示，也許 28 奈米的競爭力稍差一些，這使您成為非常好的可行的第二來源。

I guess I was thinking Samsung maybe has it's excess capacity here, Globalfoundries and [Smith] coming in.

我想我在想三星可能在這裡產能過剩，格羅方德和[史密斯]進來了。

Do you feel the 28 nanometer is any more or less competitive than the four at prior node?

您認為 28 奈米比先前節點的 4 奈米更具競爭力還是更弱？

As I explained, we have a HKM version, so a high-k metal gate version, and we, UMC provide a (inaudible) high-k middle gate version which is -- we are very unique, in a unique position.

正如我所解釋的，我們有 HKM 版本，即高 k 金屬閘極版本，而我們 UMC 提供（聽不清楚）高 k 中間閘極版本，我們非常獨特，處於獨特的地位。

We are one of the only two manufacturers that can provide this version.

我們是僅有的兩家可以提供此版本的製造商之一。

So we are pretty confident our demand and growth of this 28 high-k metal gate version, which is that the competitors you mentioned just now are not competing in this area.

所以我們對這個28高k金屬柵版本的需求和成長非常有信心，也就是說你剛才提到的競爭對手在這個領域沒有競爭。

Understood.

明白了。

Last question from me is just on customer concentration.

我的最後一個問題是關於客戶集中度。

Do you have any 10%-of-revenue customers and how many that quarter, third quarter, something like that?

您是否有佔收入 10% 的客戶？該季度、第三季或類似的情況有多少？

Yes.

是的。

We have one to two customers, yes, accounting to more than 10% UMC's total revenue.

我們有一到兩位客戶，是的，佔聯電總收入的10%以上。

Okay.

好的。

Two customers over 10%.

兩個客戶超過10%。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

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 IR for closing remarks.

我會將事情轉交給 UMC IR 主管進行總結發言。

Thank you everyone for joining us today.

感謝大家今天加入我們。

We are pleased at your questions.

我們對您的問題感到高興。

As always, if you have any additional follow-up questions please feel free to contact UMC at ir@umc.com.

與往常一樣，如果您有任何其他後續問題，請隨時透過 ir@umc.com 聯絡 UMC。

Good day.

再會。

Thank you ladies and gentlemen.

謝謝女士們先生們。

That concludes our conference for second quarter 2014.

我們 2014 年第二季的會議到此結束。

Thank you for your participation in UMC's conference.

感謝您參加聯華電子的會議。

There will be a webcast replay within an hour.

一小時內將進行網路廣播重播。

Please visit www.umc.com under the investors' events section.

請造訪 www.umc.com 的投資者活動部分。

You may now disconnect.

您現在可以斷開連線。

Goodbye.

再見。