聯華電子 (UMC) 2015 Q1 法說會逐字稿

Welcome, everyone, to UMC's 2015 first-quarter earnings conference call. (Operator Instructions). For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within an hour after the conference has finished. Please visit our website, www.umc.com, under the Investor Relations/Investors Events section.

歡迎大家參加聯華電子 2015 年第一季度財報電話會議。 （操作員說明）。供您參考，本次電話會議現在正在互聯網上進行現場直播。網絡直播重播將在會議結束後一小時內提供。請訪問我們的網站 www.umc.com，位於投資者關係/投資者活動部分。

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

現在，我想介紹聯電投資者關係主管黃博文先生。黃先生，您可以開始了。

Thank you, and welcome to UMC's conference call for the first quarter of 2015. I am joined by Mr. Po Wen Yen, the CEO of UMC, and Mr. Chitung Liu, the CFO of UMC.

謝謝大家，歡迎大家參加聯電2015年第一季度電話會議。聯電首席執行官樸文彥先生和聯電首席財務官劉奇東先生加入了我的行列。

In a moment, we will see our CFO present the first-quarter financial results, followed by our CEO's key message to address UMC's focus and the second-quarter guidance. Once our CEO and CFO complete their remarks, there will be a Q&A session. UMC's quarterly financial reports are available at our website, www.umc.com, under the investors' financial sections.

稍後，我們將看到我們的首席財務官展示第一季度的財務業績，然後是我們的首席執行官的關鍵信息，以解決聯華電子的重點和第二季度的指導。一旦我們的首席執行官和首席財務官完成他們的發言，就會有一個問答環節。 UMC 的季度財務報告可在我們的網站 www.umc.com 的投資者財務部分下獲得。

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

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

I would now like to introduce UMC's CFO, Mr. Chitung Liu, to discuss UMC's first-quarter 2015 business results.

我現在想介紹聯電的首席財務官劉奇東先生，討論聯電2015年第一季度的業績。

Thank you, Bowen. I would like to go through the first-quarter 2015 investor conference presentation material which can be downloaded from our website.

謝謝你，鮑文。我想瀏覽一下可以從我們的網站下載的 2015 年第一季度投資者會議演示材料。

Starting on page 3, the first quarter of 2015, consolidated revenue was TWD37.65b, with gross margin at 24.3% and operating margin at 10.9%. The net income attributable to the stockholders of parent was TWD3.98b and earnings per ordinary share were TWD0.32. And for first quarter, the capacity utilization rate was 93%, flat compared to the fourth quarter of 2014, and shipment grew to 1.481m 8-inch equivalent.

從第 3 頁開始，2015 年第一季度，綜合收入為 TWD37.65b，毛利率為 24.3%，營業利潤率為 10.9%。歸屬於母公司股東的淨利潤為TWD3.98b，每股普通股收益為TWD0.32。第一季度產能利用率為93%，與2014年第四季度持平，出貨量增長至148.1萬片8英寸當量。

And I will now turn to page 4 of our presentation. What you see is a statement of our comprehensive income, income statement. For first quarter, consolidated revenue grew 1.1% to TWD37.65b. Gross margin was TWD9.15b or 24.3% and operating income was TWD4.1b or 10.9%, and the EPS is TWD0.32. For our ADS, the earnings per ADS is $0.051.

現在我將轉到我們演示文稿的第 4 頁。你看到的是我們的綜合收益表，損益表。第一季度，綜合收入增長 1.1% 至 TWD37.65b。毛利率為TWD9.15b或24.3%，營業收入為TWD4.1b或10.9%，EPS為TWD0.32。對於我們的 ADS，每份 ADS 的收益為 0.051 美元。

On page 5, we can see the year-over-year comparison. The revenue growth was 18.8% and the gross profit growth rate was 55%, from TWD5.9b in 2014 to TWD9.1b in 2015. And net income also grew 237% to TWD3.98b.

在第 5 頁，我們可以看到年度比較。收入增長18.8%，毛利增長55%，從2014年的TWD5.9b到2015年的TWD9.1b。淨利潤也增長了237%到TWD3.98b。

So, on page 6, we can see our balance sheet, which is in similar condition compared to the previous quarter. Cash on hand is TWD53.6b and total stockholder equity is TWD229b.

因此，在第 6 頁，我們可以看到我們的資產負債表，與上一季度相比處於相似狀態。手頭現金為TWD53.6b，總股東權益為TWD229b。

On next page, we can see the operating segment breakdown. For UMC foundry main business, revenue was almost around TWD36b, with a segment net income around TWD4b. Our new business, which is mainly composed of solar and LED operations, revenue was TWD1.67b with a segment loss of TWD343m.

在下一頁，我們可以看到運營部門的細分。聯電代工主營業務收入幾乎在TWD36b左右，分部淨收入在TWD4b左右。我們的新業務主要由太陽能和 LED 業務組成，收入為 TWD1.67b，分部虧損為 TWD3.43 億。

On page 8, you can see our blended ASP in the first quarter of 2015, with up-tick due to the increased portion of 28-nanometer shipment.

在第 8 頁，您可以看到我們在 2015 年第一季度的混合 ASP，由於 28 納米出貨量的增加而上升。

On page 9, we offer here the sales breakdown by geography. Asia came down to 40%, compared to the 42% in the previous quarter, while North America increased 2% from 45% to 47%.

在第 9 頁，我們在此提供按地區劃分的銷售明細。亞洲從上一季度的 42% 下降到 40%，而北美從 45% 上升到 47%，上升了 2%。

So, on page 10, IDM remained around 10% of our total revenue breakdown.

因此，在第 10 頁，IDM 仍然占我們總收入細分的 10% 左右。

On page 11, we see further concentration in communication segment due to the increased leading edge wafer shipment, mainly in the communication sector. Consumers went down to 26% from 28% in the previous quarter.

在第 11 頁，由於前沿晶圓出貨量增加，我們看到通信領域進一步集中，主要是在通信領域。消費者從上一季度的 28% 下降到 26%。

On page 12, we can see 28 continued to grow as a percentage of revenue. In first quarter of 2015, we see 28 reached 9% from 7% in the previous quarter. Total revenue from below 40-nanometer is 33% in the first quarter.

在第 12 頁，我們可以看到 28 佔收入的百分比繼續增長。在 2015 年第一季度，我們看到 28 個從上一季度的 7% 達到 9%。第一季度來自 40 納米以下的總收入為 33%。

And on page 13, our capacity continued to grow, which mainly focused on 28-nanometer and also some 40-nanometer in Singapore. So, total available capacity in the second quarter is 1.659m 8-inch equivalent.

在第 13 頁，我們的產能繼續增長，主要集中在 28 納米，在新加坡也有一些 40 納米。因此，第二季度的總可用容量相當於 1.659m 8 英寸。

Our capacity expenditure will remain unchanged at around $1.8b for year 2015.

2015 年我們的產能支出將保持在 $1.8b 左右不變。

And now that pretty much concludes my financial overview. I would like to turn the call to our CEO, Mr. Po Wen Yen.

現在，我的財務概覽就差不多結束了。我想把電話轉給我們的首席執行官 Po Wen Yen 先生。

Thank you, Chitung. Hello, everyone. I would like to update to everyone UMC's first-quarter operating results.

謝謝你，赤東。大家好。我想向大家更新聯電第一季度的經營業績。

In the first quarter of 2015, our foundry revenue grew to TWD36b. Overall capacity utilization remained at 93%, bringing wafer shipments to 1.48m 8-inch equivalent wafers. While 8-inch fab continued to run at full capacity, 12-inch fab recorded higher wafer shipments during 1Q 2015. Revenue contribution from 28-nanometer and 40-nanometer increased to 9% and 24%, respectively, reflecting strong wafer demand for our leading edge technologies that helped enhance blended wafer ASP.

2015 年第一季度，我們的代工收入增長至 TWD36b。總體產能利用率保持在 93%，使晶圓出貨量達到 148 萬片 8 英寸等效晶圓。雖然 8 英寸晶圓廠繼續滿負荷運轉，但 12 英寸晶圓廠在 2015 年第一季度的晶圓出貨量錄得更高。28 納米和 40 納米的收入貢獻分別增加至 9% 和 24%，反映出我們對晶圓的強勁需求有助於提高混合晶圓 ASP 的領先技術。

For 2Q 2015, we anticipate wafer shipments to remain at similar levels as 1Q 2015, despite end-market uncertainties and customer inventory adjustments. We will pay close attention to market developments and adapt to any possible changes that may unfold.

儘管終端市場存在不確定性和客戶庫存調整，我們預計 2015 年第二季度的晶圓出貨量將保持與 2015 年第一季度相似的水平。我們將密切關注市場發展並適應可能發生的任何變化。

While progress continues on advanced logic, we have also qualified 55-nanometer low power embedded flash IP from SST and Faraday to target auto, general purpose MCU, SIM and smartcard and Internet Of Things IC designs. The proliferations of connected devices will help UMC to realize more growth opportunities as these products will adopt our comprehensive logic and mixed-mode and specialty technologies.

在高級邏輯方面繼續取得進展的同時，我們還獲得了來自 SST 和 Faraday 的 55 納米低功耗嵌入式閃存 IP，以針對汽車、通用 MCU、SIM 和智能卡以及物聯網 IC 設計。互聯設備的普及將有助於聯電實現更多增長機會，因為這些產品將採用我們的綜合邏輯和混合模式和專業技術。

With regards to UMC's global expansion progress, in March we held a groundbreaking ceremony in Xiamen, China to kick-off the construction of our new 12-inch fab project. When the building structure is completed, we expect the fab cleanroom to be ready for equipment move-in by 2Q 2016, with initial production scheduled for late 2016.

就聯華電子的全球擴張進程而言，3月份我們在中國廈門舉行了奠基儀式，啟動了我們新的12英寸晶圓廠項目的建設。當建築結構完成後，我們預計晶圓廠潔淨室將在 2016 年第二季度為設備搬入做好準備，初步生產計劃於 2016 年底進行。

Our flagship 12-inch Tainan fab, we recently held a public earth day event to promote environmental awareness to the community. As Taiwan experiences the west drought in 10 years, UMC has committed to adopt more stringent measures on water and energy conservation and step up our efforts on waste reduction. With UMC's effective conservation infrastructure in place, our fabs' water recycling efficiency has reached up to 88%, saving more than 20m tons of water in 2014. We have set higher goals to further reduce resource use by additional 10% over current levels by 2020.

我們的旗艦 12 英寸台南晶圓廠最近舉辦了一個公共地球日活動，以向社區宣傳環保意識。台灣經歷了10年的西部大旱，聯電承諾採取更嚴格的節水節能措施，加大減廢力度。憑藉聯華電子有效的節水基礎設施，我們的晶圓廠的水循環效率已達到 88%，2014 年節水超過 2000 萬噸。我們設定了更高的目標，到 2020 年將資源使用量進一步減少 10%。 .

In addition, UMC's Board of Directors proposed a dividend payout of TWD0.55 per share for fiscal 2014, which strikes a balance between business expansion and return on shareholder equity. We believe our commitment to manufacturing excellence with a focus in global expansion will secure UMC's long-term returns and enhance profitability to ensure shareholder value.

此外，聯華電子董事會提議2014財年派發每股新台幣0.55元的股息，在業務擴張和股東權益回報之間取得平衡。我們相信，我們致力於以全球擴張為重點的卓越製造將確保聯電的長期回報並提高盈利能力，以確保股東價值。

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

現在，請允許我用中文總結一下最近的亮點。

(Spoken in Chinese).

（用中文講）。

I have finished my remarks, and now let me go over the second-quarter 2015 guidance.

我已經完成了我的發言，現在讓我回顧一下 2015 年第二季度的指導。

Foundry segment wafer shipments to remain flat. Foundry segment ASP in US dollars to remain flat. The UMC foundry segment gross profit margin will be in mid-20 percent range. Capacity utilization rate for foundry segment will be approximately 90%. The guidance for new business segment's revenue to be approximately TWD1.75b and net loss attributable to UMC parent company to be approximately TWD280m.

代工部門晶圓出貨量保持平穩。以美元計的代工部門平均售價持平。 UMC 代工部門的毛利率將在 20% 左右。代工板塊的產能利用率約為90%。新業務部門的收入指引約為TWD1.75b，歸屬於聯電母公司的淨虧損約為TWD280m。

That concludes my comments. We are now ready for questions. Operator, please open the lines up. Thanks.

我的評論到此結束。我們現在準備好提問了。接線員，請打開線路。謝謝。

(Operator Instructions). Randy Abrams, Credit Suisse.

（操作員說明）。蘭迪艾布拉姆斯，瑞士信貸。

Okay. Thank you. Good afternoon. The first question, to follow up on the guidance for flat overall shipments and ASPs, could you talk about within that, the 28 and 40, how you expect those advanced nodes to perform versus the average, and also if any differences by end market?

好的。謝謝你。下午好。第一個問題，跟進整體出貨量和 ASP 的指導，您能否在其中談談 28 和 40，您希望這些先進節點與平均水平相比如何，以及終端市場是否存在差異？

And if you take the flat outlook, are you viewing it as a one-quarter slowdown, and if you have any initial view on how second half looks after the positive second quarter?

如果您持平展望，您是否將其視為四分之一的放緩，以及您對第二季度積極後的下半年如何看待有任何初步看法？

We did see the forecast adjustments from some customers due to the inventory adjustment and softer than expected demand in computer and communication segments, and UMC has reflected the changes in our 2Q guidance. So, due to the uncertainty end market and high volatility in forecast numbers, it is still too early to understand the total impact in second half 2015.

由於庫存調整以及計算機和通信領域的需求弱於預期，我們確實看到了一些客戶的預測調整，而聯電在我們的第二季度指導中反映了這些變化。因此，由於終端市場的不確定性和預測數字的高度波動，現在了解 2015 年下半年的總體影響還為時過早。

Okay. And if I could follow on for the advanced capacity, if you could give a view on the 28 ramp-up where it still moved up as a percent of sales, how you see 28 continuing the ramp through the year as a percent of revenue, how broad the customer base looks, and also how the 40 node is progressing as 28 ramps. Were you still adding capacity in Singapore? So, your view on both of those nodes in ramp up?

好的。如果我可以繼續關注先進的產能，如果您可以對 28 的產量增長給出一個看法，它仍然佔銷售額的百分比上升，您如何看待 28 在全年繼續增長佔收入的百分比，客戶群看起來有多廣泛，以及 40 個節點如何發展為 28 個坡道。你還在新加坡增加產能嗎？那麼，您對這兩個節點的看法都在增加嗎？

Yes. Our 28-nanometer production ramp will continue and the revenue contribution in 2Q will continue to increase. And our 40-nanometer will also maintain the revenue contribution in 2Q.

是的。我們的 28 納米產能將繼續增長，第二季度的收入貢獻將繼續增加。而我們的40納米也將保持第二季度的收入貢獻。

Okay. If you could maintain the revenue contribution so it stays similar levels for 40 and 28, could you give an idea of 28 by end of year, like where it could be on percent of revenue?

好的。如果您可以保持收入貢獻，使其在 40 和 28 時保持相似水平，您能否在年底給出 28 的想法，例如它可能佔收入的百分比？

Yes. Our 28 4Q revenue target, as I just explained, because the forecast adjustment has crossed several nodes and we are unable to predict the 4Q revenue target at this time.

是的。我們的 28 4Q 收入目標，正如我剛才解釋的那樣，因為預測調整已經跨越了幾個節點，我們目前無法預測 4Q 收入目標。

Okay.

好的。

However, the 2Q revenue -- 28 revenue contribution will continue to grow.

不過，2Q營收——28營收貢獻將繼續增長。

Okay. And could you talk on the 8-inch? Is that staying -- it's been tight or even in a bit of shortage. If you're expecting the tightness on 8-inch to continue, or you're also seeing adjustments there or some impact from applications moving to 12-inch?

好的。你能用8英寸說話嗎？那是留下來嗎？它一直很緊，甚至有點短缺。如果您預計 8 英寸的緊張度會繼續下去，或者您也看到那裡的調整或應用程序遷移到 12 英寸的一些影響？

For the demand size, we just see a very strong, very solid demand in 8-inch capacity, and certainly there's some application that the products will migrate to more on the base load. So we're expecting some will move from 8-inch to 12.

對於需求規模，我們只是看到了對 8 英寸容量的非常強勁、非常穩定的需求，並且肯定有一些應用程序會在基本負載上遷移到更多產品。所以我們預計有些將從 8 英寸變為 12 英寸。

Okay. But it sounds like even with the migration you expect 8-inch to be pretty full through the year.

好的。但聽起來即使進行遷移，您也希望 8 英寸在一年中相當滿。

I would say some are still very strong.

我會說有些仍然非常強大。

Okay. Great. All right. Thanks a lot.

好的。偉大的。好的。非常感謝。

Bill Lu, Morgan Stanley.

比爾·盧，摩根士丹利。

Yes. Hi. Good afternoon and thanks for taking my question. So, following up on 28-nanometers, I understand that visibility isn't great right now, but can you just give us a bit of an update on, number one, the customer diversification efforts, where you are in terms of getting additional customers on to 28, and then secondly can you give us an update on the profit levels for 28-nanometers?

是的。你好。下午好，感謝您提出我的問題。所以，跟進 28 納米，我知道現在能見度不是很好，但是你能不能給我們一些更新，第一，客戶多樣化的努力，你在哪裡獲得更多的客戶到 28 納米，然後你能告訴我們 28 納米的利潤水平的最新情況嗎？

Okay. Thank you for your question. And we have more than 20 customers engaged with UMC on 28-nanometer and more than 60 kick-offs in Q1 -- in 1Q continue.

好的。謝謝你的問題。我們有超過 20 家客戶與 UMC 進行 28 納米技術合作，第一季度有超過 60 次啟動 - 第一季度繼續。

And regarding our 28-nanometer process, we have a very comprehensive process revision of 28-nanometer, especially on low power version poly-SiON. Except the transition of poly-SiON version, we have UMC's proprietary high performance low power; we call it HLP, and this provides 10% better performance versus traditional poly-SiON low power version.

對於我們的 28 納米工藝，我們對 28 納米進行了非常全面的工藝修訂，尤其是在低功耗版本的多晶矽上。除了poly-SiON版本的過渡，我們擁有聯電專有的高性能低功耗；我們稱之為 HLP，與傳統的 poly-SiON 低功耗版本相比，它的性能提高了 10%。

And for the High-K/Metal Gate version, high performance version, we have an HPL which is a more compact version, and we also have HPM and HPM's evolving version, or cost saving version, HPC. So in our 28-nanometer process, we have a very comprehensive and also a good customer engagement on each version.

而對於 High-K/Metal Gate 版本，高性能版本，我們有一個更緊湊的 HPL 版本，我們還有 HPM 和 HPM 的演進版本，或節省成本的版本，HPC。因此，在我們的 28 納米工藝中，我們對每個版本都有非常全面且良好的客戶參與度。

Thank you for that. I guess just to see if I can get a little bit more details, out of those 20 customers that you're working with, again, I understand the volume is uncertain, but how many of those customers do you think will be in production by the end of the year?

謝謝你。我想只是想看看我能不能得到更多的細節，在你正在合作的那 20 個客戶中，我知道數量是不確定的，但你認為這些客戶中有多少將在生產中年底？

We expect there will be more than five products will race into the production by the end of this year.

我們預計到今年年底將有超過五種產品投入生產。

Five products from five different customers or --?

來自五個不同客戶的五種產品或--？

More than five.

超過五個。

Okay. And do you have a specific target in terms of profitability by the end of the year for 28?

好的。到今年年底，您是否對 28 家公司的盈利能力製定了具體目標？

Because -- for the past few quarters we have more product complete, our customers call. And, however, our 28-nanometer profitability quite depends on the loading and the product portfolio, so we don't have a clear target right now.

因為——在過去的幾個季度裡，我們有更多的產品完整，我們的客戶打電話。然而，我們 28 納米的盈利能力很大程度上取決於負載和產品組合，因此我們目前沒有明確的目標。

Understood. Question for Chitung. If you look at the first quarter, your OpEx came down pretty significantly and I think a lot of that came out of R&D. Can you just talk a little bit more about that and also how we should model it for the rest of the year?

明白了。奇東的問題。如果您查看第一季度，您的運營支出大幅下降，我認為其中很多來自研發。你能多談談這個，以及我們應該如何在今年剩下的時間裡建模嗎？

I think for the full year, the OpEx should be similar to that in 2014, because quarter one we've got a saving from IBM technology transfer expiration. By quarter two, we do expect the R&D activity to pick up, but the overall full year should be similar to 2014.

我認為全年的運營支出應該與 2014 年相似，因為第一季度我們從 IBM 技術轉讓到期中獲得了節省。到第二季度，我們確實預計研發活動會有所回升，但整體全年應該與 2014 年相似。

Okay. Got it. So that's where you got it from last time. So really no change, I guess. I just had the quarter-on-quarter progression wrong. That's fine. Thank you very much.

好的。知道了。這就是你上次得到它的地方。所以真的沒有變化，我猜。我只是把季度進展弄錯了。沒關係。非常感謝。

Thanks.

謝謝。

Thank you.

謝謝你。

Michael Chou, Deutsche Bank.

德意志銀行的邁克爾·週。

Hi, guys. Just some housekeeping question. What is your currency assumption for Q2?

嗨，大家好。只是一些家政問題。您對第二季度的貨幣假設是什麼？

Could you speak loudly?

你能大聲說話嗎？

Michael, you need to speak up, please.

邁克爾，請你說出來。

Okay. Sorry, guys. Just some housekeeping questions. What is your currency assumption for Q2?

好的。對不起大家。只是一些家政問題。您對第二季度的貨幣假設是什麼？

For quarter two, just take whatever the number from Bloomberg. So it's dynamic. We don't really have a forecast.

對於第二季度，只需從彭博社獲取任何數字。所以它是動態的。我們真的沒有預測。

Okay. Second question is -- sorry, I didn't really hear that clearly. You said more than five products from more than five customers, or should I say just more than five products from several customers but it's not more than five customers?

好的。第二個問題是——抱歉，我沒聽清楚。您說超過五個客戶的超過五個產品，或者我應該說來自多個客戶的超過五個產品但不超過五個客戶？

It's more than five products for several customers, not from five customers.

它是針對多個客戶的超過五種產品，而不是來自五個客戶。

For several, okay. So, does that imply you may have less than five customers?

幾個，好吧。那麼，這是否意味著您的客戶可能少於五個？

We have more than 20 customers engaged with UMC. If we talk about the potential scale, we have only five products in production.

我們有超過 20 位客戶與聯華電子合作。如果我們談論潛在的規模，我們只有五種產品在生產。

More than five products in production?

生產中的產品超過五種？

Yes.

是的。

Okay. Can we expect that you will have more product for mass production next year?

好的。我們可以期待你們明年會有更多的產品用於量產嗎？

Sure. Certainly, yes.

當然。當然，是的。

Okay. Given the demand uncertainty, since that you cannot predict the Q4 28-nanometer sales portion, when do you think you can have a better visibility, maybe end of Q2 or early Q3?

好的。鑑於需求的不確定性，由於您無法預測第四季度 28 納米的銷售部分，您認為何時可以有更好的知名度，可能是第二季度末或第三季度初？

We have no visibility for visibilities. It's very difficult to predict when we will have the visibility. But normally quarter three should be a strong quarter and so is quarter four. But right now, as our CEO just mentioned, it's quite volatile out there, so we'd rather wait until the next quarter.

我們沒有可見性。很難預測我們什麼時候能看到。但通常第三季度應該是一個強勁的季度，第四季度也是如此。但現在，正如我們的首席執行官剛剛提到的那樣，市場波動很大，所以我們寧願等到下個季度。

Okay. As a follow-up, can we say your second-half outlook should be better than the first-half outlook?

好的。作為後續，我們可以說您的下半年前景應該好於上半年前景嗎？

No comment on the second half.

下半場不予置評。

Okay. The final question is what will be your tax rate this year? Do you still maintain the same tax rate target?

好的。最後一個問題是你今年的稅率是多少？您是否仍保持相同的稅率目標？

Yes, roughly mid to low teens.

是的，大約是中低年級的青少年。

Thank you so much.

太感謝了。

Daniel Heyler, Bank of America Merrill Lynch.

美國銀行美林證券的丹尼爾·海勒。

Thank you. Yes. Good afternoon, gentlemen. I had a question. Looking at the wafer revenue, you did TWD34.7b in the fourth quarter and TWD35.9b, yet the 28-nanometer mix increased from 7% of sales to 9%. It doesn't look as though, if you factor in currency, that you're getting much of a mix lift in revenue from 28 and I'm wondering why that is. Are you still operating on a good die basis there as a wafer base? Maybe just elaborate on that dynamic there. Thanks.

謝謝你。是的。先生們，下午好。我有一個問題。看看晶圓收入，第四季度你做了 TWD34.7b 和 TWD35.9b，但 28 納米組合從銷售額的 7% 增加到 9%。如果考慮到貨幣因素，從 28 歲開始，您的收入似乎並沒有大幅提升，我想知道為什麼會這樣。您是否仍在以良好的芯片基礎作為晶圓基礎進行操作？也許只是詳細說明那裡的動態。謝謝。

Q4, we have a one-off license fee income from Fujitsu. I'm not sure if you deduct that from our wafer sales. So if you deduct that, it's JPY50b, and maybe you will work out for your formula.

第四季度，我們從富士通獲得了一次性許可費收入。我不確定你是否從我們的晶圓銷售中扣除了這一點。所以如果你扣除這個，那就是 JPY50b，也許你會為你的公式計算出來。

Okay. So then on -- as you look at -- you talked about five products, planned production, I assume you've got a couple in production now. Are those being built on wafer bases or are you still on a good die basis there?

好的。那麼然後 - 正如你所看到的 - 你談到了五種產品，計劃生產，我假設你現在有幾個在生產中。那些是在晶圓基礎上構建的，還是您仍然在良好的芯片基礎上？

We are based on good die base, yes.

我們基於良好的模具基礎，是的。

Okay. So I -- sorry?

好的。所以我——對不起？

It's on good die basis, mostly.

主要是在良好的模具基礎上。

Okay. Thank you, yes. So what I was trying to get a bit of a feel for is if you could explain for us more why the challenges have been so formidable in bringing up 28, because there is only effectively one supplier here, the second supplier of gate last. Most of the gate first nobody wants at Global Foundry, so you don't have competition from Global Foundries. Samsung is not there and SMIC is late, so you've been kind of in a spot there to take market share. What are the technology challenges and how can we be confident that these can be addressed over the next three to six months? Thank you.

好的。謝謝，是的。因此，我試圖了解的是，您能否為我們解釋一下為什麼在提出 28 時面臨如此艱鉅的挑戰，因為這裡實際上只有一個供應商，第二個供應商是最後一個。 Global Foundry 的大部分大門首先沒有人想要，所以你沒有來自 Global Foundries 的競爭。三星不在，而中芯國際遲到了，所以你已經在某種程度上佔據了市場份額。有哪些技術挑戰？我們如何有信心在未來三到六個月內解決這些挑戰？謝謝你。

As I explained, that our 28-nanometer process, we have comprehensive process versions and we want to cover every version, this technology. And each version we have a customer engaged with UMC, and even some of them are entered into production stage and some of them complete their process core, and each version we think is pretty much on track.

正如我解釋的那樣，我們的 28 納米工藝，我們有全面的工藝版本，我們希望涵蓋每個版本，這項技術。並且每個版本我們都有一個客戶與聯電合作，甚至其中一些進入生產階段，其中一些完成了他們的流程核心，我們認為每個版本都在軌道上。

And UMC also continue to evolve more cost over performance competitive versions, followed by HPM, and there are several and they continue to evolve. And this will maintain UMC's technological advantage in the field. So we're pretty confident on our 28-nanometer business engagement in the long run.

並且 UMC 也繼續發展成本高於性能的競爭版本，其次是 HPM，並且有幾個並且它們繼續發展。這將保持聯電在該領域的技術優勢。因此，從長遠來看，我們對 28 納米業務的參與非常有信心。

So what you're saying is you've needed to introduce -- to be competitive, you've needed to introduce more varieties to improve your competitiveness and that's taking longer than you anticipated, because of the effort in expanding your variety of 28; is that what you're alluding to?

所以你說的是你需要引進——為了具有競爭力，你需要引進更多的品種來提高你的競爭力，這比你預期的要花更長的時間，因為努力擴大你的品種 28;這就是你所暗示的嗎？

Yes, we have more variety providing UMC's best cost over performance value to our customers, because the various applications, they require different process performance. And meanwhile, UMC's -- if you follow UMC's track record, we had pretty good progress starting from 2Q 2014 last year, and you can see it from our 28-nanometer revenue growth quarterly over quarter, and also if we follow UMC's yield performance we think we are pretty on a good track. And for example, our 28 LP process, low power process, the figure is in 90% range, and for our High-K/Metal Gate high performance version, our figure is at around 88% range, so it's on a pretty good track.

是的，我們有更多的品種為我們的客戶提供 UMC 的最佳性價比，因為各種應用程序需要不同的工藝性能。同時，UMC 的——如果你關注 UMC 的業績記錄，我們從去年 2014 年第二季度開始取得了相當不錯的進展，你可以從我們的 28 納米收入季度環比增長中看到它，如果我們關注 UMC 的產量表現，我們認為我們在一個很好的軌道上。比如我們的28 LP工藝，低功耗工藝，這個數字在90%範圍內，而我們的High-K/Metal Gate高性能版本，我們的數字在88%左右，所以在一個很好的軌道上.

Well, sorry, but I have to kind of disagree, I guess, because in most cases one node would be three quarters to get to 28 contribution to revenue. So 20% of your revenue, a normal ramp would be three quarters, three to four quarters to get a contribution of 20% of revenue, and you've already been ramping four quarters and it's only 9% of revenue.

好吧，對不起，但我想我有點不同意，因為在大多數情況下，一個節點需要四分之三的時間才能達到 28 對收入的貢獻。因此，您的收入的 20%，正常的增長將是四分之三，三到四個季度才能獲得 20% 的收入的貢獻，而您已經增長了四個季度，而這只是收入的 9%。

So I guess it does look slow to me. Maybe you disagree and I'm just wondering if you could help us understand what's going to change to accelerate this. And even one customer helping you, working very closely with you, we just would like a little more clarity in where this is going to go in the next few quarters. Thank you.

所以我想這對我來說確實很慢。也許您不同意，我只是想知道您是否可以幫助我們了解將要發生的變化以加快這一進程。即使是一位幫助您的客戶，與您密切合作，我們也希望更清楚地了解未來幾個季度的發展方向。謝謝你。

Thank you for your comments and I guess there are some application need to go to the market for the -- to grow the market size, their response. So it will take some while to realize the customers' engagement. It will become a high volume product. So it will take a while. However, (multiple speakers)

感謝您的評論，我想有一些應用程序需要進入市場以擴大市場規模，他們的反應。因此，要實現客戶的參與還需要一些時間。它將成為大批量產品。所以需要一段時間。但是，（多位發言者）

Okay. Thank you.

好的。謝謝你。

We're still pretty confident on our 28-nanometer engagement.

我們仍然對我們的 28 納米技術充滿信心。

Okay. Thank you for that. That's it for me.

好的。謝謝你。對我來說就是這樣。

Szeho Ng, BNP.

Szeho Ng，法國巴黎銀行。

Good afternoon, gentlemen. I just want to know the Q1 gross margin and operating margin for the foundry business.

先生們，下午好。我只想知道代工業務的第一季度毛利率和營業利潤率。

Well, foundry business gross margin was 25.8% and operating margin was 12.1%.

那麼，代工業務毛利率為25.8%，營業利潤率為12.1%。

I see. So for Q2 you are guiding for a better product mix, I assume, more 28-nano shipment, but how come the blended ASP will still be kind of flattish on US dollar basis?

我懂了。因此，對於第二季度，您正在指導更好的產品組合，我認為，更多的 28 納米出貨量，但混合 ASP 以美元為基礎為什麼仍然會持平呢？

Well, the incremental impact is diminishing, for one. And our depreciation expenses, for the full year we will see 15% to 20% growth, 2015 over 2014. Every quarter we will see roughly 5%, 6% quarterly increase, so that kind of net/net impact.

一方面，增量影響正在減弱。我們的折舊費用，全年我們將看到 2015 年比 2014 年增長 15% 到 20%。每個季度我們將看到大約 5%、6% 的季度增長，這樣的淨/淨影響。

Okay. And the last question on the CapEx front. The full-year CapEx is $1.8b. Could you also give us update on the capacity growth for this year for both 8-inch and 12-inch?

好的。最後一個關於資本支出的問題。全年資本支出為 $1.8b。您能否介紹一下今年 8 英寸和 12 英寸的產能增長情況？

Capacity for this year for 12-inch is 8% -- 7%, and for the whole Company 3.5%.

今年12英寸的產能為8%——7%，整個公司為3.5%。

Okay. All right. Okay. Thank you very much indeed.

好的。好的。好的。非常感謝你。

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通。

Hi. Thanks for taking my question. My question is on the 28-nanometer capacity build out. So are you guys still on track for the 28k, 29k by end of the year?

你好。感謝您提出我的問題。我的問題是關於 28 納米的產能建設。那麼你們還在為今年年底的 28k 和 29k 做好準備嗎？

And given that your visibility on the demand seems to have been a little bit weaker now, if, for example, demand does weaken further in Q3 and the smartphone recovery doesn't really happen, is that capacity ramp on 28 going to be reconsidered, or do you have customers who are committed given that you have [submitted] productivity so you are still going to be building up to around 30k anyway?

鑑於您現在對需求的了解似乎有點弱，例如，如果第三季度需求確實進一步減弱並且智能手機沒有真正復甦，那麼是否會重新考慮 28 日的產能增長，或者你有沒有承諾的客戶，因為你已經 [提交] 生產力，所以無論如何你仍然要建立大約 30k？

We are building up to 30k anyway, but the additional 9K which will happen in our new factory P5, the target there is beginning of 2016. And we do have some leeway or room in terms of adjusting the schedule, but for the time being we keep the schedule unchanged.

無論如何，我們正在建造 30k，但額外的 9K 將發生在我們的新工廠 P5，目標是 2016 年初。而且我們在調整時間表方面確實有一些餘地或空間，但目前我們保持時間表不變。

Okay. And just to follow up on that, where do you think your 28-nanometer capacity eventually is going to settle? Are you going to build out to as much as what you had in 65? Is it going to be lower than that kind of scale? I think you don't have hard numbers at this point, but depending upon what you're seeing from customers and your evaluation of the length of the node.

好的。只是為了跟進，你認為你的 28 納米容量最終會在哪里安定下來？你要建立和你在 65 歲時一樣多嗎？它會低於那種規模嗎？我認為您目前沒有確切的數字，但取決於您從客戶那裡看到的內容以及您對節點長度的評估。

We think 28-nanometer is a long-lasting, long-life node. And given our variety and recipes, we are very confident in our 28-nanometer market share. So we think it's a big node and we will invest for it, but we will also follow a disciplined customer driven pace in terms of expanding our 28-nanometer capacity. We don't have a final target, but it's going to be a big node, a major node for us.

我們認為 28 納米是一個持久、長壽命的節點。鑑於我們的品種和配方，我們對 28 納米的市場份額非常有信心。因此，我們認為這是一個大節點，我們將為此進行投資，但我們也將遵循嚴格的客戶驅動步伐來擴展我們的 28 納米產能。我們沒有最終目標，但它將成為一個大節點，對我們來說是一個主要節點。

Okay. And also, since you plan to start moving in equipment for the Xiamen fab from middle of next year, does that have any impact on the UMC parent CapEx plans, or that is going to be completely funded out of the JV so that's slightly separate from what you spend on the Xiamen fab?

好的。此外，由於您計劃從明年年中開始為廈門工廠搬入設備，這是否會對聯電母公司的資本支出計劃產生任何影響，或者這將完全由合資企業提供資金，因此與你在廈門工廠花了多少錢？

We see Xiamen fab is a wholly owned subsidiary. Even though there is some outside investors, UMC will -- actually is controlling everything. So it's one of our own fabs and we are including all the Xiamen CapEx into UMC's CapEx from this point onward. So for all 2016 CapEx, that will include 100% of the Xiamen CapEx.

我們看到廈門晶圓廠是全資子公司。即使有一些外部投資者，聯電也將——實際上控制著一切。所以它是我們自己的晶圓廠之一，從現在開始，我們將所有廈門資本支出納入聯電的資本支出。因此，對於所有 2016 年的資本支出，這將包括 100% 的廈門資本支出。

Okay. Got it. Thank you very much. Thanks.

好的。知道了。非常感謝。謝謝。

Eric Chen, UBS.

埃里克·陳，瑞銀。

Gentlemen, good afternoon. The two quick follow-ups that you don't -- when you mentioned about your Xiamen fab, the CapEx, the only CapEx for this year or 1%, 2% of CapEx is mainly for the next year, the overall CapEx budget.

先生們，下午好。你沒有提到的兩個快速跟進——當你提到你的廈門工廠時，資本支出，今年唯一的資本支出或 1%，資本支出的 2% 主要是明年的總體資本支出預算。

This year, what we comment is only the share of construction, probably less than $200m in terms of cash payout. But it will be a little bit more next year. We will include it in our next year's CapEx.

今年，我們評論的只是建築業的份額，就現金支付而言可能不到 2 億美元。但明年會多一點。我們將把它包括在我們明年的資本支出中。

Okay. And how about a capacity schedule? [The list] by the end of next year, what kind of capacity we should expect for your Xiamen fab?

好的。那麼容量計劃呢？ 【榜單】明年底，廈門晶圓廠產能如何？

Capacity is -- initial ramp is 6,000 wafers in 40-nanometer or 55-nanometer in combination, and sometime in 2017, later 2017, we'll reach the first stage which is 20,000 wafer per month.

產能是——最初的產能是 6,000 片 40 納米或 55 納米組合的晶圓，在 2017 年的某個時候，2017 年晚些時候，我們將達到每月 20,000 片晶圓的第一階段。

Okay. So total 20,000 wafer in the year 2017?

好的。那麼2017年總共有20,000片晶圓嗎？

Without 2017. Late 2017.

沒有 2017 年。2017 年末。

Okay. And by the way, I probably missed, in terms of the 28-nanometer process capacity schedule, and how many at the end of this year and what kind of number we should expect at the mid of next year?

好的。順便說一句，我可能錯過了，就 28 納米工藝產能計劃而言，今年年底有多少，明年年中我們應該期待什麼樣的數字？

Capacity will reach 20,500 wafer per month by mid-2015. We are building additional 9,000 wafers, which should be completed sometime in early 2016.

到 2015 年年中，產能將達到每月 20,500 片晶圓。我們正在建造額外的 9,000 片晶圓，預計在 2016 年初的某個時間完成。

Okay. So, no additional capacity expansions in the second half this year, right?

好的。那麼，今年下半年不會有額外的產能擴張，對吧？

Well, we will continue to build the new fab, P5, and at the same time moving equipment. And it will be beginning of the next year to be effective to produce for those newly equipped 9,000 wafers.

好吧，我們將繼續建造新的晶圓廠，P5，同時移動設備。而那些新裝備的9000片晶圓將在明年年初生效。

Okay, just take time. Okay. And okay, how about ASP for the 28-nanometer process, blended ASP? Can we expect it will go up in the second quarter, given the revenue portion from High-K/Metal Gate increase?

好吧，只是花點時間。好的。好吧，對於 28 納米工藝的 ASP，混合 ASP 怎麼樣？鑑於 High-K/Metal Gate 的收入部分增加，我們能否預期它會在第二季度上升？

As I mentioned, we expect to be flattish in terms of blended ASP in quarter two, because the increased percentage is diminishing compared to the previous two quarters.

正如我所提到的，我們預計第二季度的混合平均售價將持平，因為與前兩個季度相比，增加的百分比正在減少。

I see. Okay. Got it. Thank you very much, gentlemen.

我懂了。好的。知道了。非常感謝，先生們。

Michael Gold, Thomson Reuters.

邁克爾·戈爾德，湯森路透。

Hi. Thank you for taking my question. I also want to ask about the Xiamen fab, and I'm just curious if there's any way that you can give some color on what kind of products, the chips that you're going to be making there will go into. Is it mostly going to be mobile devices, communication devices, whatnot? And are most of the clients going to be mainland Chinese IC design houses? And will the products mostly be destined for the Chinese consumer market? Thank you very much.

你好。謝謝你接受我的問題。我也想問一下廈門工廠的情況，我只是想知道你有沒有什麼辦法可以給什麼樣的產品一些顏色，你將在那裡製造的芯片將進入。主要是移動設備、通信設備等嗎？大部分客戶會是中國大陸的IC設計公司嗎？這些產品會主要面向中國消費市場嗎？非常感謝。

Yes. As Chitung mentioned, the initial stage, we'll build 55-nanometer and 40-nanometer [second launch]. And that is mainly for high voltage, embedded high voltage product and embedded Flash for MCU and security chips.

是的。正如Chitung所說，初始階段，我們將建造55納米和40納米[第二次發射]。主要是針對高壓、嵌入式高壓產品以及MCU和安全芯片的嵌入式Flash。

So mostly it will go into mobile devices, communication devices?

所以大部分會進入移動設備、通信設備？

Yes, yes. We certainly will consider to work with customers to deploy the mobile devices for IOT application.

是的是的。我們當然會考慮與客戶合作，為物聯網應用部署移動設備。

Right. And most of these are destined -- eventually destined for the Chinese market itself?

正確的。而其中大部分是注定的——最終是為了中國市場本身？

Yes, it's mainly for the Chinese market. We're really trying to achieve an add-on effect, not really tapping the existing customer base but rather enlarge our overall customer base by penetrating into exclusive domestic Chinese market. So that was the idea for the Xiamen operation.

是的，主要針對中國市場。我們真的在努力實現附加效應，不是真正挖掘現有客戶群，而是通過打入中國國內市場來擴大我們的整體客戶群。這就是廈門業務的想法。

Okay. Thank you.

好的。謝謝你。

Roland Shu, Citigroup.

花旗集團的羅蘭舒。

Hi, CEO and Chitung. First question is, is 20-nanometer still on your product roadmap?

嗨，CEO 和 Chitung。第一個問題是，20 納米還在你的產品路線圖上嗎？

No, 20-nanometer is not on UMC's product roadmap.

不，20 納米不在聯華電子的產品路線圖中。

Okay. So now you are doing for 28-nanometer mass production and ramping up 28-nanometer. So what's the next generation? So you will go directly to 14?

好的。所以現在你正在做 28 納米的大規模生產並加速 28 納米。那麼下一代是什麼？所以你會直接去14？

Yes (multiple speakers).

是（多位發言者）。

Or is there any node in between 28 and 14?

或者在 28 到 14 之間是否有任何節點？

Yes, we have a technology roadmap on our 14, 16 FinFET technology. And so far, in the past quarter, our 16, 14 FinFET technology, we have good progress and we met the high performance device target, and the [SOU] demonstrated and also the IP and customer's flagship verification is in progress. And our internal test vehicle for reliability test is also clean. So we are hoping the technology revenues will be -- it will be ready for customers to take on by the end of this 2Q 2015, so pretty much on track.

是的，我們有一個關於 14、16 FinFET 技術的技術路線圖。到目前為止，在過去的一個季度中，我們的 16、14 FinFET 技術取得了良好的進展，我們達到了高性能器件的目標，並且 [SOU] 展示了，IP 和客戶的旗艦驗證也在進行中。而且我們用於可靠性測試的內部測試工具也很乾淨。因此，我們希望技術收入能夠在 2015 年第二季度末準備好供客戶使用，因此幾乎步入正軌。

Okay. Okay. So, again, can you clarify, so when you talk about 14 and 16-nanometer, is this at the same node, or this -- and you are going to offer two different designs, 14-nanometer and 16-nanometer, specific to a customer?

好的。好的。所以，再一次，你能否澄清一下，當你談論 14 和 16 納米時，這是在同一個節點上，還是在這個——你將提供兩種不同的設計，14 納米和 16 納米，具體到一個客戶？

Thank you for your question. More specifically, UMC, we are talking about 16.

謝謝你的問題。更具體地說，UMC，我們談論的是 16。

16?

16？

Yes.

是的。

Okay. Thank you. Second question is regarding to your 8-inch fab utilization. Since you're always talking about 8-inch fab continues to run at full capacity. So I just try to understand, what do you mean full capacity? This means utilization 100% or more than 100%?

好的。謝謝你。第二個問題是關於您的 8 英寸晶圓廠利用率。由於您一直在談論 8 英寸晶圓廠，因此它會繼續滿負荷運行。所以我只是試著理解，你是什麼意思滿容量？這意味著利用率 100% 還是超過 100%？

Because I think if I ask the question, it's I just compared your 8-inch capacity and revenue last year with 2010, and I found since we include (inaudible) capacity since 2013, so the overall capacity -- 8-inch capacity actually in 2014 increased about 20% compared to 2010, but the revenue actually was still slightly below what you generated in 2010. So I just try to understand whether or not we are talking about the full capacity, but still there is still gap of the utilization, or we're already seeing a very big change on the product mix so because of this your revenue did not increase according to this capacity expansion?

因為我認為如果我問這個問題，我只是將你們去年的 8 英寸容量和收入與 2010 年進行了比較，我發現因為我們包括了自 2013 年以來的（聽不清）容量，所以總體容量——8 英寸容量實際上在2014 年比 2010 年增加了大約 20%，但實際上收入仍然略低於 2010 年的收入。所以我只是想了解我們是否在談論滿負荷，但仍然存在利用率差距，或者我們已經看到產品組合發生了很大的變化，因此您的收入沒有隨著產能擴張而增加？

Yes. We're actually running at around 97% utilization rate and 3% haven't fully utilized this because we are doing some process tool conversion that is for some special applications customers need. And also, in the meantime, we are also expanding our 8-inch capacity and some capacity may take some time to qualify to release the capacity. So in our calculation, the 97% utilization is a pretty full -- fully utilized condition.

是的。我們實際上以大約 97% 的利用率運行，而 3% 的利用率尚未完全利用，因為我們正在為客戶需要的一些特殊應用程序進行一些工藝工具轉換。同時，我們也在擴大我們的 8 英寸容量，部分容量可能需要一些時間才能有資格釋放容量。所以在我們的計算中，97% 的利用率是一個相當充分的——充分利用的條件。

So is there any further upside to -- for utilization to go above 100%, because for the other foundry I think from time to time they report utilization at 8-inch 110% or 120%. So, is there any possibility for UMC to see the same upside on the utilization for 8-inch?

那麼還有沒有進一步的上升空間——利用率超過 100%，因為我認為其他代工廠不時會報告 8 英寸的利用率為 110% 或 120%。那麼，聯電是否有可能在 8 英寸的利用率上看到同樣的上升空間？

In UMC's case, we think it's possible, but we believe we have different formulas to define that capacity utilization rate.

在聯電的案例中，我們認為這是可能的，但我們相信我們有不同的公式來定義產能利用率。

Okay. Understood. So, 97% actually was the utilization in first quarter. So, how about in second quarter, for 8-inch?

好的。明白了。因此，97% 實際上是第一季度的利用率。那麼，8 英寸的第二季度怎麼樣？

Yes, it's still around the same level as the first quarter.

是的，它仍然與第一季度處於同一水平。

Okay. Thank you very much. This is all my questions. Thank you.

好的。非常感謝。這是我所有的問題。謝謝你。

Donald Lu, Goldman Sachs.

唐納德·盧，高盛。

Hi. I have two questions. First is can you comment on which application is strong or weak in the second quarter this year?

你好。我有兩個問題。首先是您能否評論一下今年第二季度哪個應用程序強或弱？

The second question is one of your large customers has recently put down a near 1b dollar prepayment to one of your largest competitors, and would that affect your loading at 28-nanometer this year?

第二個問題是您的一位大客戶最近向您最大的競爭對手之一支付了近 1 美元的預付款，這會影響您今年在 28 納米上的負載嗎？

And also, going forward, looking at the customer concentration, would you see increasing customer concentration for your leading node technology? Thank you.

而且，展望未來，看看客戶集中度，您是否會看到您的領先節點技術的客戶集中度增加？謝謝你。

Thank you. I believe your first question is on 2Q, which application -- actually, we see that it's almost flat for all the three major applications, including communication, computer and consumer.

謝謝你。我相信你的第一個問題是關於 2Q，哪個應用程序——實際上，我們看到它對於所有三個主要應用程序幾乎是平的，包括通信、計算機和消費者。

And your second question is related to the -- yes. I'm not sure it's related to -- you mentioned our number one customer, their investment plan on our competition. We don't comment on our competition and we do see that the short-term inventory correction is -- we have some detected.

您的第二個問題與--是的有關。我不確定這與您提到我們的第一大客戶，他們對我們競爭的投資計劃有關。我們不對我們的競爭發表評論，我們確實看到短期庫存修正是——我們已經檢測到了一些。

And I believe you have another question is about -- what is your --?

我相信你還有一個問題是關於——你的——是什麼？

Sorry. Yes, my -- I guess related to that is what is the customer concentration today for 28 versus 40-nanometer, for example, at a similar stage? I checked your 40-nanometer revenue; it was exactly three years ago your 40-nanometer was 9% of total revenue in Q1 of 2012. So I just want to see whether the customer concentration has increased for the leading edge at the same stage for UMC.

對不起。是的，我想與此相關的是，例如，在類似階段，28 納米與 40 納米的客戶集中度是多少？我檢查了你的 40 納米收入；就在三年前，你們的 40 納米在 2012 年第一季度佔總收入的 9%。所以我只想看看聯電在同一階段的領先優勢的客戶集中度是否有所增加。

So, Donald, the 28-nanometer concentration rate is really high right now, given that we only have a little bit more than five products in production. But our CEO mentioned we have more than 20 customers engaged. I think eventually, by default, the concentration rate has to come down with the increased number of products in 28-nanometer production.

所以，唐納德，現在 28 納米的集中率真的很高，因為我們生產的產品只有五種多一點。但我們的首席執行官提到我們有 20 多個客戶參與其中。我認為最終，默認情況下，集中率必須隨著 28 納米生產中產品數量的增加而下降。

Okay.

好的。

It's not that high a level, but it should go down.

水平不是很高，但應該會下降。

Got it. Thank you, Chitung.

知道了。謝謝你，赤東。

Andrew Lu, Barclays.

安德魯·盧，巴克萊銀行。

Thank you for taking my question. Two quick ones. First one is, Chitung, can you remind us the depreciation cost year over year for this year?

謝謝你接受我的問題。兩個快的。第一個是，Chitung，你能提醒我們今年的折舊成本嗎？

Depreciation will be 15% to 20% higher than that of last year.

折舊將比去年增加15%至20%。

Is this the same as the last guidance or slightly lower? I remember last time you said about 20%.

這與上一個指導相同還是略低？我記得上次你說大約 20%。

Well, it's 15% to 20%, and it's moving in between these two boundaries given -- depends on the speed of our CapEx.

嗯，它是 15% 到 20%，它在這兩個邊界之間移動——取決於我們資本支出的速度。

Thank you. The second one is solar. The new business mostly is solar, right? I remember earlier you sold that business to someone else, so are we going to see one quarter start to have no revenue from new business?

謝謝你。第二個是太陽能。新業務主要是太陽能，對吧？我記得早些時候您將該業務賣給了其他人，那麼我們會看到一個季度開始沒有新業務的收入嗎？

No, we have a few members. One of the member, Topcell, will be merged into Motech mid of this year, but we will still have remaining solar operations such as NexPower.

不，我們有幾個成員。其中一個成員 Topcell 將在今年年中併入 Motech，但我們仍將擁有剩餘的太陽能業務，例如 NexPower。

So the revenue roughly will be this range based on the market situation, right?

那麼根據市場情況，收入大概會在這個範圍內吧？

Right.

正確的。

Thank you. That's it.

謝謝你。而已。

Randy Abrams, Credit Suisse.

蘭迪艾布拉姆斯，瑞士信貸。

Okay. I just actually want to follow up on the question on the new business. After the Topcell deconsolidates after second quarter, woul there be a change in the second half?

好的。我實際上只是想跟進有關新業務的問題。 Topcell在二季度後解體後，下半年會不會有變化？

And I guess just the target for that, if we should start to see the losses get closer to breakeven from second half, or there's not much material change with what happens to Topcell when it actually merges with Motech?

我想這只是目標，如果我們應該開始看到虧損從下半年開始接近盈虧平衡，或者當 Topcell 實際與 Motech 合併時會發生什麼重大變化？

We will no longer consolidate Topcell result into UMC's operation after the divestment, but we will still have the others such as NexPower consolidation financial statement, which is also in loss right now.

撤資後，我們將不再將 Topcell 的業績併入聯電的運營，但我們仍將擁有其他如 NexPower 的合併財務報表，該報表目前也處於虧損狀態。

Okay. But what's, I guess, the revenue and profit impact after that event?

好的。但是，我猜，那次事件之後對收入和利潤的影響是什麼？

The revenue and tax impact on Topcell will be discontinued.

將停止對 Topcell 的收入和稅收影響。

Okay. No, but what's -- is there a magnitude how much we should assume comes out of your revenue and losses?

好的。不，但是什麼——我們應該假設你的收入和損失有多少？

Actually, itself, new business itself is actually quite volatile; depends on the solar market. So it's hard to generalize, give you the numbers.

其實，新業務本身，其實是很不穩定的；取決於太陽能市場。所以很難一概而論，給你數字。

Okay. And if I could ask on the Xiamen where you're consolidating it now, what's the percent ownership? I would assume there's a minority interest. Like how much of the capital would UMC be putting up versus your partners now, and then what percent of the cost or like some of the costs would get shared? So, how does the accounting flow through your statements?

好的。如果我可以問一下你現在正在整合的廈門，所有權百分比是多少？我會假設有少數人的利益。比如現在 UMC 將與您的合作夥伴相比投入多少資金，然後將分攤多少百分比的成本或一些成本？那麼，會計如何在您的報表中流動？

Accounting-wise will be fully consolidated, because (multiple speakers).

因為（多位發言者），會計方面將得到充分整合。

Okay. And then how much of the -- how much would there be minority interest, because your ownership -- like what percent ownership will you have?

好的。然後有多少 - 會有多少少數股權，因為你的所有權 - 比如你將擁有多少百分比的所有權？

Financially, we own 33% in the beginning, but eventually we'll increase to 90%.

在財務上，我們一開始擁有 33%，但最終我們將增加到 90%。

Okay. And the last question, I wanted to ask on just business environment where it's a bit softer now for yourselves and your peers. Have you noticed or noted any change in pricing environment going after orders and projects? Some of these are multi-source customers or these specific applications for UMC where it's still pretty in line with your original pricing understanding, but just wondering if it's getting a bit more aggressive given the competition and mix outlook.

好的。最後一個問題，我想問一下現在對你自己和你的同行來說有點軟的商業環境。您是否注意到或註意到訂單和項目之後定價環境的任何變化？其中一些是多源客戶或 UMC 的這些特定應用程序，它們仍然非常符合您最初的定價理解，但只是想知道鑑於競爭和混合前景它是否變得更加激進。

Our guidance for ASP for the next quarter is still flattish. And so we do believe overall it's still quite firm out there. Especially 8-inch capacity remains poor. But the visibility for second half is rather limited right now.

我們對下一季度 ASP 的指導仍然持平。因此，我們確實相信總體而言它仍然相當穩固。尤其是 8 英寸的容量仍然很差。但目前下半年的能見度相當有限。

Okay. All right. Thanks a lot.

好的。好的。非常感謝。

Thanks.

謝謝。

Rick Hsu, Daiwa Capital Markets.

Rick Hsu，大和資本市場。

Yes. Hi. Yes, thank you so much for taking my final question. So just one question from me. If you look at the supply chain guidance, I look at the revenue guidance from the backend guys and compare with the front end, I think this time for second quarter the backend guys will likely outperform the front end in terms of revenue growth sequentially. So I think that should imply some wafer bank drawdown or inventory depletion. So, do you guys see the same situation right now? And do you actually agree with what TSMC said about inventory should be normalized by the end of the second quarter?

是的。你好。是的，非常感謝你回答我的最後一個問題。所以我只有一個問題。如果您查看供應鏈指導，我會查看後端人員的收入指導並與前端進行比較，我認為這次第二季度後端人員在收入增長方面可能會連續超過前端。所以我認為這應該意味著一些晶圓庫的縮減或庫存枯竭。那麼，你們現在看到同樣的情況了嗎？您是否真的同意台積電所說的關於在第二季度末實現庫存正常化的說法？

We cannot agree or disagree with our competitor, but we do see our customers are revising their forecasts, and some due to the inventory correction. I think that's what we see right now.

我們不能同意或不同意我們的競爭對手，但我們確實看到我們的客戶正在修改他們的預測，其中一些是由於庫存修正。我認為這就是我們現在所看到的。

So in your own view, when do you anticipate the industry inventory to normalize?

因此，在您自己看來，您預計行業庫存何時會正常化？

Quarter two is still okay. We're looking for a firm or flat wafer shipment in second quarter. Compared to the normal seasonal pattern, it's not that bad a result. What we are lacking or we don't have right now is the visibility or clear visibility for second half, which may take a few months. So wait until the next earnings call. We can provide a more comprehensive overview for the third quarter.

第二季還是可以的。我們正在尋找第二季度穩定或平坦的晶圓出貨量。與正常的季節性模式相比，結果還不錯。我們現在缺乏或沒有的是下半年的能見度或清晰的能見度，這可能需要幾個月的時間。所以等到下一次財報電話會議。我們可以為第三季度提供更全面的概述。

I see. All right. Thank you so much.

我懂了。好的。太感謝了。

Thank you.

謝謝你。

Thank you for all your questions. That concludes today's Q&A session. I'll turn things over to UMC Head of Investor Relations for closing remarks.

謝謝你的所有問題。今天的問答環節到此結束。我將把事情交給 UMC 投資者關係負責人來結束髮言。

Thank you, everyone, for joining us today. We appreciate your questions. As always, if you have any follow-up questions, please feel free to contact UMC at ir.umc.com. Have a good day. Bye-bye.

謝謝大家，今天加入我們。我們感謝您的提問。與往常一樣，如果您有任何後續問題，請隨時通過 ir.umc.com 聯繫 UMC。祝你有美好的一天。再見。

Thank you. Ladies and gentlemen, that concludes our conference for first quarter 2015. Thank you for your participation in UMC's conference. There will be a webcast replay within an hour. Please visit www.umc.com, under the Investor Relations/Investors Events section. You may now disconnect. Goodbye.

謝謝你。女士們，先生們，我們 2015 年第一季度的會議到此結束。感謝您參加聯電的會議。將在一小時內進行網絡直播重播。請訪問 www.umc.com，在投資者關係/投資者活動部分下。您現在可以斷開連接。再見。