聯華電子 (UMC) 2015 Q2 法說會逐字稿

Welcome, everyone, to UMC's 2015 second-quarter earnings conference call. (Operator Instructions). Webcast replay will be available within an hour after the conference has finished. Please visit our website, www.umc.com, under the Investor Relations/Investor Events section.

歡迎大家參加聯華電子 2015 年第二季度財報電話會議。 （操作員說明）。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.

現在我要介紹的是聯電投資者關係負責人黃博文先生。黃先生，您可以開始了。

Thank you, and welcome to UMC's conference call for the third (sic - see slide 1 "second") quarter of 2015. I am joined by Mr. Po Wen Yen, CEO of UMC, and Mr. Chitung Liu, CFO of UMC.

謝謝大家，歡迎參加聯電 2015 年第三季度（見幻燈片 1“第二”）電話會議。聯電首席執行官 Po Wen Yen 先生和 UMC 首席財務官劉奇東先生加入了我的行列。

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 forecast and third-quarter guidance. Once our CEO and CFO complete their remarks, there will be a question and answer session. UMC's quarterly financial reports are available at our website.

稍後，我們將聽到我們的首席財務官介紹第二季度的財務業績，然後是我們的首席執行官關於聯電的預測和第三季度指導的關鍵信息。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上查閱。

During the 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 the Company's control. For these risks, please refer to UMC's filings with the SEC in the US and the ROC securities authority.

在會議期間，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可能導致實際結果出現重大差異的風險和不確定性的影響，包括可能超出公司控制範圍的風險。對於這些風險，請參閱聯電向美國 SEC 和中華民國證券管理局提交的文件。

I would now like to introduce UMC's CFO, Mr. Chitung Liu, to discuss UMC's second-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年第二季度的業績。

Thank you, Bowen. I would like to go through the 2Q 2015 investor conference presentation material, which can be downloaded from our website.

謝謝你，鮑文。我想瀏覽一下 2015 年第二季度投資者會議演示材料，可以從我們的網站下載。

Starting on page 3, in the second quarter of 2015, consolidated revenue was TWD38.01b, with gross margin at 22.9% and operating margin at 10.2%. The net income attributable to the stockholders of the parent was TWD4.6b, and earnings per ordinary share were TWD0.37.

從第 3 頁開始，2015 年第二季度的綜合收入為 TWD38.01b，毛利率為 22.9%，營業利潤率為 10.2%。歸屬於母公司股東的淨利潤為TWD4.6b，每股普通股收益為TWD0.37。

Now please turn to page 4 of the presentation. For the comprehensive income statement for second quarter, revenue was TWD38.01b, up about 1% from the previous quarter, which is mainly coming from shipment increase on the back of strengthening NT dollars.

現在請轉到演示文稿的第 4 頁。第二季綜合損益表，營收為TWD38.01b，較上季上升約1%，主要是新台幣走強帶動出貨量增加。

Gross profit was TWD8.7b or 22.9% gross margin. This is due to the swing of our new business from quarter 1 in profit and into quarter 2 in loss. Due to control of operating expenses, our operating income reached about TWD3.87b or 10.2% in operating income margin. And net income, as we reported earlier, is TWD4.5b or 12% of the net income margin. EPS was TWD0.37 per share.

毛利為TWD8.7b 或毛利率22.9%。這是由於我們的新業務從第一季度的利潤轉向第二季度的虧損。由於控制了營業費用，我們的營業收入達到了約TWD3.87b或營業利潤率的10.2%。正如我們之前報導的那樣，淨收入為 TWD4.5b 或淨收入利潤率的 12%。每股盈利 0.37 新台幣。

On page 5 you can see the first six month comparison year over year. Our revenue grew 12%, mainly due to strong wafer shipment as well as the weakening NT dollars. And gross profit shows significant growth of 26.7% to TWD17.87b or gross margin of 23.6%, an almost 3 percentage point increase from the previous year. And net income is around TWD8.45b, grew 90% year over year, compared to the same period of 2014. And the cumulative EPS for the first half of 2015 is TWD0.68 per share.

在第 5 頁上，您可以看到前六個月的年度比較。我們的收入增長了 12%，主要是由於強勁的晶圓出貨量以及新台幣的疲軟。毛利大幅增長26.7%至TWD17.87b或毛利率23.6%，較上年增加近3個百分點。淨利潤約為TWD8.45b，與2014年同期相比，同比增長90%。2015年上半年累計EPS為每股TWD0.68。

On page 6 is our balance sheet highlight. Our cash has increased to TWD64b. And our total stockholder equity is around TWD224b, with total assets of TWD331b.

第 6 頁是我們的資產負債表亮點。我們的現金已增加到TWD64b。我們的總股東權益約為TWD224b，總資產為TWD331b。

On page 7 there is the segment breakdown among our different operating division, mostly still coming from wafer fabrication, which represents a majority of our consolidated numbers. New business in the second quarter still report a segment loss of around TWD170m.

第 7 頁有我們不同運營部門的細分市場，大部分仍來自晶圓製造，占我們綜合數字的大部分。第二季新業務仍錄得約新台幣 1.7 億元的分部虧損。

On page 8, our ASP, blended ASP in the second quarter was somewhat flat compared to Q1 of 2015, which is increasing our expectation.

在第 8 頁，我們第二季度的 ASP 和混合 ASP 與 2015 年第一季度相比略有持平，這提高了我們的預期。

The revenue breakdown from page 9 onwards, we can see Asia edge up a little bit to 42% and North America stays somewhat unchanged around 46%.

從第 9 頁開始的收入細分，我們可以看到亞洲略微上升至 42%，而北美則保持在 46% 左右。

And IDM continues to represent around 11% of our total revenue on page 10.

在第 10 頁，IDM 繼續占我們總收入的 11% 左右。

And in terms of segment breakdown on page 11, communication stays around 55% and computer continued to show weakness and shrink to around 12%.

在第 11 頁的細分市場細分方面，通信保持在 55% 左右，而計算機繼續表現疲軟並縮小到 12% 左右。

On page 12, our revenue breakdown by technology, we are happy to see 28-nanometer continue to climb to 11% of our total revenue, while 40-nanometer stay around 22%. Our total revenue for 40-nanometer and below now represent around 33% of our total revenue.

在第 12 頁，我們按技術劃分的收入細分，我們很高興看到 28 納米繼續攀升至我們總收入的 11%，而 40 納米保持在 22% 左右。我們 40 納米及以下的總收入現在約佔總收入的 33%。

On page 13 we continue to see capacity growth, mainly coming from our 8-inch wafer fab in China as well as our leading-edge fab in China and Taiwan. For both 8N and 12A capacity increase, the trend will continue into third quarter of this year.

在第 13 頁，我們繼續看到產能增長，主要來自我們在中國的 8 英寸晶圓廠以及我們在中國大陸和台灣的領先晶圓廠。對於 8N 和 12A 容量的增加，這種趨勢將持續到今年第三季度。

And the last page, our CapEx up to date still remains around $1.8b as planned. There is no change so far for our planned CapEx.

最後一頁，我們最新的資本支出仍按計劃保持在 $1.8b 左右。到目前為止，我們計劃的資本支出沒有變化。

That concludes my 2015 second-quarter financial highlights. And more details are available in the report, which has been posted on our website.

我的 2015 年第二季度財務亮點到此結束。報告中提供了更多詳細信息，該報告已發佈在我們的網站上。

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

我現在將把電話轉給 UMC 首席執行官 Yen 先生。

Okay. Thank you, Chitung. Hello, everyone. I'd like to update to everyone UMC's second-quarter operating results. In the second quarter of 2015, our foundry business performed within expectations, posting TWD36.52b in revenues and gross margin of 25.1%.

好的。謝謝你，赤東。大家好。我想向大家更新聯電第二季度的經營業績。 2015 年第二季度，我們的代工業務表現符合預期，收入為 TWD36.52b，毛利率為 25.1%。

Wafer shipments reached an all-time high of 1.54m 8-inch equivalent wafers, leading to an overall capacity utilization rate of 94%.

晶圓出貨量達到 154 萬片 8 英寸等效晶圓的歷史新高，整體產能利用率達到 94%。

Our 28-nanometer wafer shipments increased, as 2Q 2015 contribution reached 11% of sales, primarily from the communication sector.

我們的 28 納米晶圓出貨量增加，因為 2015 年第二季度的貢獻達到銷售額的 11%，主要來自通信行業。

The new business segment recorded TWD1.83b in revenue, with a net loss of TWD170m.

新業務部門錄得收入新台幣1.83 億元，淨虧損1.7 億元。

Topcell Solar Inc. officially merged into Motech Industries Inc. on June 1, 2015. As a result, UMC now owns approximately 9% of Motech equity shares and we will no longer consolidate its operating performance into UMC's financial statement.

Topcell Solar Inc. 於 2015 年 6 月 1 日正式併入 Motech Industries Inc.。因此，UMC 現持有 Motech 約 9% 的股權，我們將不再將其經營業績併入 UMC 的財務報表。

Looking into the third quarter, the limited end-market visibility and inventory correction we mentioned during our 1Q conference call is expected to continue. Current weakness in overall demand, partly due to the uncertainties in economic outlook, will prolong the inventory adjustment through the second half of 2015.

展望第三季度，我們在第一季度電話會議中提到的有限的終端市場能見度和庫存修正預計將繼續存在。目前整體需求疲軟，部分原因是經濟前景的不確定性，將使庫存調整延長至 2015 年下半年。

However, we continue to enhance our foundry services such as our recently announced 14-nanometer FinFET IP collaborations with Synopsys and ARM to accelerate process verification on our 14-nanometer platform.

然而，我們將繼續增強我們的代工服務，例如我們最近宣布與 Synopsys 和 ARM 的 14 納米 FinFET IP 合作，以加速我們 14 納米平台上的工藝驗證。

UMC also announced the availability of a new 55-nanometer ultra-low-power process from ARM, aimed to maximize battery lifetime for IoT applications.

UMC 還宣布推出 ARM 的新 55 納米超低功耗工藝，旨在最大限度地延長物聯網應用的電池壽命。

For TSV, Through-Silicon-Via, we recently ramped into volume production our TSV and silicon interposer process used on AMD's flagship Radeon GPU. These engineering efforts will strengthen our advanced and mature node offering and enhance UMC's competitive edge in the foundry industry.

對於 TSV，Through-Silicon-Via，我們最近開始量產我們用於 AMD 旗艦 Radeon GPU 的 TSV 和矽中介層工藝。這些工程努力將加強我們先進和成熟的節點產品，並增強聯電在代工行業的競爭優勢。

In addition, shareholders have approved a dividend payout of TWD0.55 per share for fiscal 2014, balancing UMC's commitment to shareholders while maximizing the opportunities towards business growth.

此外，股東已批准派發 2014 財年每股 TWD0.55 的股息，以平衡聯華電子對股東的承諾，同時最大限度地提高業務增長機會。

UMC strives to provide enhanced corporate profitability by delivering the highest quality manufacturing services in order to ensure long-term shareholder value.

UMC 致力於通過提供最優質的製造服務來提高企業盈利能力，以確保長期股東價值。

Now 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've finished my remarks and now let me go over the third quarter 2015 guidance.

我已經完成了我的發言，現在讓我回顧一下 2015 年第三季度的指導。

The foundry segment wafer shipments to show a decrease of less than 5%. The foundry segment ASP in US dollars to decrease by approximately 3%. The UMC foundry segment gross profit margin will be in the high-teens percentage range. Capacity utilization rate for the foundry segment will be in high 80 percentage range. Since new business revenue will be approximately 1% of the foundry segment, in future earnings conference, UMC will no longer provide the new business guidance.

代工部門的晶圓出貨量下降不到 5%。以美元計算的代工部門平均售價下降約 3%。 UMC 代工部門的毛利率將在十幾歲的百分比範圍內。代工部門的產能利用率將保持在 80% 的高位。由於新業務收入將佔晶圓代工業務的1%左右，因此在未來的財報會議上，聯電將不再提供新業務指引。

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, yes, thank you. My first question, I wanted to ask on the guidance for third quarter for ASPs down 3%. If you could talk how much is from the technology mix, so the 28 and 40, if you expect that to decline? And how much is coming from pricing and if you're seeing any more aggressive pricing environment at this stage.

好的，是的，謝謝。我的第一個問題是，我想問第三季度 ASP 下降 3% 的指導。如果你能談談技術組合有多少，那麼 28 和 40，如果你預計會下降？還有多少來自定價，如果您在這個階段看到任何更激進的定價環境。

Yes, our third quarter guidance, as we just mentioned, yes, from the ASP side, we guided 3% decrease. And for wafer shipments, it will be less than 5% decrease than the previous quarter.

是的，正如我們剛剛提到的，我們的第三季度指導是的，是的，從 ASP 方面來看，我們指導了 3% 的下降。而對於晶圓出貨量，將比上一季度下降不到5%。

And the 3% ASP decrease mainly will come from mix deterioration rather than [like-to-like] price erosion.

而 3% 的平均售價下降主要來自組合惡化，而不是 [like-to-like] 價格侵蝕。

Okay. On that, could you give a flavor for the 28, the contribution, how you expect that to track?

好的。在這方面，您能否介紹一下 28 人的貢獻，您希望如何跟踪？

And I wanted to, I guess, clarify also the margin. In the press release, I think it said mid-teens and in the remarks you mentioned high-teens, but I wanted to understand I guess which one, whether it's mid or high teens. And also it seems like a relatively big magnitude to come from mid-twenties, downgrade gross margin to mid to high teens, so maybe the factor for why the margin is declining to that magnitude.

我想，我想澄清一下邊距。在新聞稿中，我認為它說的是青少年，而在你提到的高青少年的評論中，我想知道我猜是哪個，無論是中青少年還是高青少年。而且，從 20 年代中期開始，毛利率下降到中高水平似乎是一個相對較大的幅度，所以這可能是利潤率下降到那個幅度的因素。

Our 3Q 28-nanometer revenue contribution will be approximately around 10%. And you mentioned the high-teens forecast, it's actually, at the end of 2015, our original forecast.

我們第三季度 28 納米的收入貢獻將在 10% 左右。而你提到的高青少年預測，實際上是在 2015 年底，我們最初的預測。

Okay. To clarify, 28-nanometer -- do you have a forecast for fourth quarter for 28-nanometer?

好的。澄清一下，28 納米——你對第四季度的 28 納米有預測嗎？

And then the second question was on gross margin, the factor to guide down gross margin and whether that's to mid-teens or high-teens for third quarter gross margin.

然後第二個問題是毛利率，這是引導毛利率下降的因素，以及第三季度毛利率是在十幾歲還是十幾歲。

Yes, on the third quarter profitability was mainly impacted by the increase of depreciation. And secondly, the utility fee for the summer season and also the lower loading especially in the high-end technology nodes.

是的，第三季度盈利能力主要受到折舊增加的影響。其次，夏季的水電費以及較低的負荷，尤其是在高端技術節點。

Okay. The last question I wanted to ask, the CapEx is maintained despite lower shipments, so could you give an update if you're still expecting a little bit over 29,000 capacity early next year on 28?

好的。我想問的最後一個問題是，儘管出貨量較低，但資本支出仍然保持不變，所以如果您仍然預計明年初 28 日的產能會超過 29,000，您能否提供更新？

And if you can give a sense how much is loaded now and your view on adding customers or if you can fill that with 40? So I just want to understand the road map now on 28 and how you feel you can fill that over the next couple of quarters.

如果您可以了解現在加載了多少以及您對添加客戶的看法，或者您是否可以用 40 來填充？因此，我只想了解現在 28 日的路線圖，以及您認為在接下來的幾個季度中您可以如何填補它。

Yes, our 28-nanometer capacity, we will have around 20K by 3Q, third quarter 2015 and we expect to push out, due to the demand weakness and push out our original 30K per month originally in the end of this year or early next year, so push out two quarter. So that will be in 3Q, the 30K per month capacity will be in the third quarter of 2016.

是的，我們的 28 納米產能，到 2015 年第三季度第三季度，我們將擁有大約 2 萬個，由於需求疲軟，我們預計將在今年年底或明年初推出我們最初的每月 3 萬個，所以推出兩個季度。所以這將是在第三季度，每月 30K 的產能將在 2016 年第三季度。

Okay and just a quick follow-up, if you push out the depreciation, could you give a flavor now depreciation year over year and then an initial view on 2016 if maybe it doesn't increase as much.

好的，只是一個快速的跟進，如果你推出貶值，你能不能給現在的逐年貶值的味道，然後對 2016 年的初步看法，如果它可能沒有增加那麼多。

Yes, it mostly impacts beyond 2015, further than 2015. So this year we're still expecting depreciation to go up around 15% to 20% and all the cash-based CapEx won't be impacted that much. That's why our numbers still stay around $1.8b.

是的，它主要影響到 2015 年以後，比 2015 年更遠。所以今年我們仍然預計折舊率會上升 15% 到 20% 左右，所有以現金為基礎的資本支出不會受到太大影響。這就是為什麼我們的數字仍然保持在 $1.8b 左右的原因。

Okay thank you, I appreciate the color.

好的，謝謝，我欣賞顏色。

Thanks.

謝謝。

Thank you.

謝謝你。

Szeho Ng, BNP.

Szeho Ng，法國巴黎銀行。

Yes, good evening, gentlemen. For Q2 what's the foundry's business operating margin?

是的，晚上好，先生們。 Q2 代工廠的營業利潤率是多少？

25.1%.

25.1%。

That's the gross margin, but how about operating margin?

那是毛利率，但營業利潤率呢？

Gross margin, gross margin, yes. Operating margin we don't provide the numbers.

毛利率，毛利率，是的。營業利潤率我們不提供數字。

Okay, all right. And right now what percentage of your revenue is coming from driver IC?

好吧，好吧。現在，您的收入中有多少百分比來自驅動器 IC？

Driver IC is around 30% of our specialty revenue and specialty revenue is around 30% to 40% of our total revenue.

驅動 IC 約占我們專業收入的 30%，專業收入約占我們總收入的 30% 至 40%。

Okay, all right, thanks.

好的，好的，謝謝。

So 10% each.

所以每個10%。

Okay, all right, that's good. And for new business you are no longer offering the guidance because the revenue is kind of small, but how about the bottom line impact to the Group? Would that be still similar to what we have seen last reported?

好的，好的，這很好。對於新業務，您不再提供指導，因為收入有點小，但對集團的底線影響如何？這是否仍與我們上次報導的相似？

Half of the new business has already been merged into Motech so regardless if this profit or loss it will be halved. We'll still have some entity with meaningful numbers, most likely in loss in the near term, but it won't really make a big impact for our overall bottom line for UMC Group. That's why we have discontinued to provide guidance on new business.

一半的新業務已經併入茂泰，所以無論這個利潤或虧損都將減半。我們仍然會有一些具有有意義數字的實體，很可能在短期內虧損，但它不會真正對我們聯華電子的整體底線產生重大影響。這就是我們停止為新業務提供指導的原因。

I see, I see, all right thanks. And a last question on 28-nano, Q2 it accounted for 11% revenue, so any indication for the contribution by the end of the year?

我明白了，我明白了，好的，謝謝。最後一個關於 28-nano 的問題，Q2 它佔收入的 11%，那麼到年底有什麼貢獻嗎？

Yes, we just guided our 3Q 28-nanometer revenue contribution of around 10% and 4Q will be close to 3Q's contribution.

是的，我們剛剛指導我們第三季度 28 納米的收入貢獻約為 10%，第四季度將接近第三季度的貢獻。

Okay all right, okay. And the mix should be similar between Poly and High-K-Metal Gate for 28?

好的好的，好的。 Poly 和 High-K-Metal Gate for 28 之間的混合應該是相似的嗎？

It changes quarter over quarter so roughly it will be -- but in terms of revenue it will be 50 to 50.

它會隨著季度的變化而變化，因此大致如此 - 但就收入而言，它將是 50 到 50。

Okay, all right. Okay, thank you very much, yes.

好吧，好吧。好的，非常感謝，是的。

Michael Chou, Deutsche Bank.

德意志銀行的邁克爾·週。

Hi, good afternoon. Could you give some color for the outlook by applications, that's my first question. In Q3, I'm sorry.

你好，下午好。您能否通過應用程序為前景提供一些顏色，這是我的第一個問題。在第三季度，我很抱歉。

For Q3 is all segments, all applications are showing a decrease and for computer it's decreased the most, over 10%. And secondly it's followed by consumer products and then communications.

Q3 是所有細分市場，所有應用程序都出現下降，而計算機的下降幅度最大，超過 10%。其次是消費品，然後是通信。

So communications segment decline is the most modest in Q3, is that correct?

所以通信部門的下滑在第三季度是最溫和的，對嗎？

Yes, that's correct.

對，那是正確的。

Can we say the wireless will see more declining ROI in Q3?

我們可以說無線將在第三季度看到更多下降的投資回報率嗎？

In Q3 the (inaudible) of wireless is increased.

在第三季度，無線（聽不清）有所增加。

Q3 wireless will increase, okay, thank you so much. My second question is you mentioned you are going to do TSV for a client, would that see the very massive adoption next year or 2017 for your customers?

Q3無線會增加，好的，非常感謝。我的第二個問題是你提到你將為客戶做 TSV，明年或 2017 年你的客戶會看到非常大規模的採用嗎？

Yes, we'll continue to see the, yes -- to taking more opportunities on TSV with our silicon interposer technology.

是的，我們將繼續看到，是的——利用我們的矽中介層技術在 TSV 上獲得更多機會。

Okay, let me rephrase my question. I'm wondering if the yield rate of TSV is good for GPU, I know you made an announcement for AMD's high-performance GPU which will adopt your TSV process but is the yield rate good enough for really massive mass production?

好吧，讓我重新表述我的問題。我想知道TSV的良率是否適合GPU，我知道您宣布AMD的高性能GPU將採用您的TSV工藝，但良率是否足以真正大規模量產？

As I mentioned, we are phasing to the mass production but however that is only for flagship parts so it's --

正如我所提到的，我們正在逐步量產，但這僅適用於旗艦部件，所以它是——

Oh, I see, I see.

哦，我明白了，我明白了。

The demand will not, as we have said, will not be that big yet.

正如我們所說，需求不會那麼大。

Okay. My final question is, would you enter 14-nanometer FinFET mass production in late 2016 or 2017?

好的。我的最後一個問題是，你們會在 2016 年底還是 2017 年進入 14 納米 FinFET 量產？

Yes, we plan to, we are targeting to begin the 14 FinFET production in the first half of 2016 -- 2017 sorry.

是的，我們計劃，我們的目標是在 2016 年上半年開始 14 FinFET 的生產——對不起，2017 年。

That's mass production.

那就是量產。

Yes.

是的。

Oh mass production, okay, thank you so much, I'll go back to the queue. Thank you so much.

哦批量生產，好的，非常感謝你，我會回到隊列中。太感謝了。

Thank you.

謝謝你。

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通。

Yes hi, thanks for taking my question. My first question is on your 8-inch capacity and the demand that you're seeing. It looks like there has been some slackening of 8-inch demand. Could you talk about how your 8-inch capacity, what are the utilizations that you're expecting for the second half of the year? And do you think that the 8-inch is still likely to remain tight as we go into 2016 once this inventory correction ends, or are there a lot of applications migrating from 8-inch to 12-inch which could result in 8-inch not being in tight supply even in 2016. Thanks.

是的，您好，感謝您提出我的問題。我的第一個問題是關於您的 8 英寸容量和您所看到的需求。看起來 8 英寸的需求有所放緩。您能否談談您的 8 英寸產能如何，您預計下半年的利用率是多少？並且您認為一旦庫存修正結束，進入 2016 年，8 英寸仍有可能保持緊張，還是有很多應用程序從 8 英寸遷移到 12 英寸，這可能導致 8 英寸不即使在 2016 年也供應緊張。謝謝。

So our current forecast on 8-inch capacity utilization is around mid-90, so it remains very strong.

因此，我們目前對 8 英寸產能利用率的預測在 90 年左右，因此仍然非常強勁。

Okay, so your 8-inch is not seeing any degree of slackening. Are you still going ahead with some of the capacity addition planned for 8-inch or, I think it was primarily in China but are we still going ahead with that or is there any change in that plan?

好的，所以你的 8 英寸沒有看到任何程度的鬆弛。您是否仍在繼續計劃為 8 英寸增加一些容量，或者，我認為這主要是在中國，但我們是否仍在繼續進行，或者該計劃是否有任何變化？

It's very minimum, yes, but it's only conversion of some tools for various process applications, it's not for volume sales and in our China plant we are mainly focused on the [12-inch.]

是的，這是非常最低限度的，但它只是將一些工具轉換為各種工藝應用，而不是批量銷售，在我們的中國工廠，我們主要專注於 [12 英寸]。

Okay and on the 28-nanometer fab could you give us some color on when you would restart the investment again? Based on your guidance for 28-nanometer revenue in Q3 and Q4, it looked like it's going to be remaining at a slightly lower than optimal utilization level. So should we expect that it's going to be only maybe Q2 or Q3 of next year that you restart the 28-nanometer plan and does that have any impact in terms of your CapEx plans for next year? Is that going to come down from the $1.8b that we have for this year.

好的，關於 28 納米晶圓廠，您能否告訴我們何時重新開始投資？根據您在第三季度和第四季度對 28 納米收入的指導，看起來它將保持在略低於最佳利用率水平的水平。那麼，我們是否應該期望明年第二季度或第三季度重啟 28 納米計劃，這對明年的資本支出計劃有什麼影響嗎？這是否會低於我們今年的 1.8b 美元。

Yes, our 28-nanometer, we are going through a phase of bringing more 28-nanometer products into production; however, the transition will take some to realize. So we are still actively engaging with several second wave customers their product pickup and it will need a few quarters to regain momentum. And we are targeting to reach more than 15% 28 revenue share in the second quarter of 2016, next year.

是的，我們的 28 納米，我們正在經歷將更多 28 納米產品投入生產的階段；然而，這種轉變需要一些時間才能實現。因此，我們仍在積極與幾個第二波客戶接觸他們的產品，這需要幾個季度才能重新獲得動力。我們的目標是在明年 2016 年第二季度達到超過 15% 的 28 收入份額。

Okay, all right, got it. And any implications for the CapEx for next year? Should we expect significantly lower CapEx for next year compared to this year?

好的，好的，知道了。對明年的資本支出有何影響？與今年相比，我們是否應該預計明年的資本支出會顯著降低？

Well, we do have two projects ongoing simultaneously, the P5 basic in China as well as the Xiamen fab, in Xiamen of course. And it's unlikely to be very small CapEx, but our CapEx is really based upon the customer need as well as our sustainable cash flow so it will always be around the same forecast figure, it will be up and down a little bit but not far off.

嗯，我們確實有兩個項目同時進行，中國的 P5 basic 和廈門工廠，當然在廈門。資本支出不太可能非常小，但我們的資本支出實際上是基於客戶需求以及我們可持續的現金流量，因此它將始終保持在相同的預測數字附近，會上下波動，但相差不遠.

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝你。

Steven Pelayo, HSBC.

匯豐銀行的史蒂文·佩拉約。

Yes, on 28-nanometer, I'm trying to understand how much is your push-out here and it looks like you're guiding down maybe 10%, 15% quarter on quarter on revenues. How much of it is demand versus maybe market share issues and not getting the second wave of customers and tape-outs ramping sooner. The fact that you're kind of pushing out that 30K until mid next year really concerns me a bit here. So can you talk just a little bit about the broadening out of that customer base, the number of tape-outs that you have going on and it sounds to me like the ramp schedule is really not until maybe 2Q next year.

是的，在 28 納米上，我試圖了解你的推出量有多少，看起來你的收入可能會下降 10%、15% 的季度。其中有多少是需求與市場份額問題，以及沒有更快地吸引第二波客戶和流片。事實上，你有點把 30K 推遲到明年年中，這讓我有點擔心。所以你能談談擴大客戶群的情況嗎，你正在進行的流片數量，在我看來，斜坡時間表真的要到明年第二季度才能實現。

Yes, currently we have five customers and from 2Q to 3Q we are increasing from 10 to 13 products phased into production. And in the coming quarters we will still increase our customer engagement from five to eight and there will be more than 20 products 28-nanometer products tape-outs in early 2016.

是的，目前我們有五個客戶，從第二季度到第三季度，我們將分階段生產的產品從 10 個增加到 13 個。在接下來的幾個季度中，我們仍將客戶參與度從 5 個增加到 8 個，2016 年初將有 20 多種 28 納米產品流片。

Okay. It just doesn't seem like they're really transitioning to revenues much if you're talking about 28-nanometer remaining around 10% of revenue for the rest of this year, so it seems like we have to wait until next year.

好的。如果你說的是今年剩餘時間裡 28 納米仍佔收入的 10% 左右，那麼它們似乎並沒有真正轉變為收入，所以看起來我們必須等到明年。

Do you think some of the 28-nanometer issues, I'm curious if the slower ramp is just related to TSMC continuing to introduce new processes there with the Compact and the Compact Plus processes as well. Is that just keeping customers from moving to second sources or do you think it's just a weakened demand environment out there.

您是否認為一些 28 納米的問題，我很好奇較慢的斜坡是否只是與台積電繼續在那裡引入新工藝以及 Compact 和 Compact Plus 工藝有關。這只是阻止客戶轉向第二來源，還是您認為這只是需求環境減弱。

Yes, I would say it's mainly due to the inventory ration and the whole industry's economic situation is kind of weakening, demand is weakening. And we, at UMC with our 28-nanometer process portfolio it's pretty comprehensive, we also have a compact version coming in the coming quarters so we're pretty, still engaging a pretty -- broaden our customer base beginning more 28 tape-outs.

是的，我會說這主要是由於庫存率和整個行業的經濟形勢在減弱，需求在減弱。而且，我們在 UMC 的 28 納米工藝產品組合中非常全面，我們還將在未來幾個季度推出緊湊型版本，因此我們很漂亮，仍在參與漂亮的 - 擴大我們的客戶群，開始更多 28 個流片。

Okay, last question from me, I think you had said in the past that you really needed scale, I think 30K was considered kind of scale to really get corporate average gross margins in 28-nanometer. So should I just push that off until maybe, I guess some time a year from today? Or maybe we can start talking about 28-nanometer doing the mid-twenties gross margins that you had been doing in the last couple of years -- or the last couple quarters pardon me.

好的，我的最後一個問題，我想你過去說過你真的需要規模，我認為 30K 被認為是真正獲得 28 納米公司平均毛利率的規模。所以我應該把它推遲到也許，我猜從今天起一年的某個時候？或者，也許我們可以開始談論 28 納米的毛利率，就像你在過去幾年中所做的那樣——或者過去幾個季度，請原諒我。

Yes, at this moment, it's difficult to predict when our 28-nanometer can catch up the corporate [blended ASP] -- average margin.

是的，目前很難預測我們的 28 納米何時能趕上企業 [混合 ASP] - 平均利潤率。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝你。

Daniel Heyler, Merrill Lynch.

丹尼爾海勒，美林證券。

Thanks very much. Can you hear me okay?

非常感謝。你能聽到我的聲音嗎？

Yes.

是的。

Great, okay. Hey Chitung, I had a question, just a clarification. You've said 28-nanometer is holding about 10% contribution to revenue and the rest of the business is kind of soft, you've got a 3% unit decline. Why would the mix go down in your ASP, down in the third quarter when 28 is keeping its contribution at about the same level? Why would ASP be declining as a result of mix then?

太好了，好吧。嘿Chitung，我有一個問題，只是一個澄清。你說過 28 納米對收入的貢獻率約為 10%，而其他業務則有點疲軟，單位下降了 3%。為什麼你的 ASP 會下降，在第三季度下降，而 28 將其貢獻保持在大致相同的水平？那麼為什麼ASP會因為混合而下降呢？

There's a shift in between Poly and High-K for 28 for the coming quarter, and also we see some weakness in the more mature 12-inch demand such as the 65 and that has some impact on our blended ASP.

下一季度 28 英寸的 Poly 和 High-K 之間存在轉變，而且我們看到更成熟的 12 英寸需求（如 65）出現一些疲軟，這對我們的混合 ASP 產生了一些影響。

Okay, yes, so the 65 is an area of notable weakness relative to 8-inch and 28 then. That's the big area. Is there any particular, you said it's very broad-based, are there any areas within 65 that are notably weak? That's a pretty big part of your business, 20% of revenue, I was wondering where --?

好吧，是的，所以 65 相對於 8 英寸和 28 英寸來說是一個明顯的弱點。那是大面積。有沒有特別的，你說基礎很廣，65以內有沒有特別薄弱的地方？這是您業務的很大一部分，佔收入的 20%，我想知道在哪裡——？

Yes, for the third quarter we see in computer, the weakest for the computer segment is AOCD driver and touch panel controller are showing a decrease. And for the consumer it's DTV and set-top box going down. And for the communication we see the microcontroller and switch panel parts they are going down.

是的，在第三季度我們看到的計算機領域，計算機領域最弱的是 AOCD 驅動器和触摸屏控制器都出現了下降。而對於消費者來說，數字電視和機頂盒正在下降。對於通信，我們看到它們正在下降的微控制器和開關面板部件。

Okay, thanks. And then as you bring up some of the 28 business gradually, what are your areas within 65 that you can backfill that capacity? In other words, what end market can you fill 65 with, because that's going to be an area of plenty of capacity in the industry. So I'm wondering if that's going to be an excess there and how you go about filling 65.

好的謝謝。然後隨著您逐漸提出 28 個業務中的一些業務，您可以在 65 個業務中回填哪些領域？換句話說，你可以用什麼來填補 65 個終端市場，因為這將是該行業有大量產能的領域。所以我想知道這是否會是多餘的，以及如何填充 65。

Our 65 is -- originally we have planned to have some low-end nodes, legacy nodes migrate to 65; however, in some areas, it did not happen. For example, the AOCD driver is one of the example, and that's moving to the 12-inch 65-nanometer technology as we expected. So to fill our 65-nanometer is very difficult.

我們的65是——原本我們計劃有一些低端節點，遺留節點遷移到65；然而，在某些地區，這並沒有發生。例如，AOCD 驅動器就是其中之一，正如我們預期的那樣，它正在轉向 12 英寸 65 納米技術。所以要填滿我們的 65 納米是非常困難的。

Is the utilization on 40-nanometer going to be higher do you think because that's more specialty technology, 45?

你認為 40 納米的利用率會更高嗎，因為那是更專業的技術，45？

Yes, our 40-nanometer is very strong, yes, above average.

是的，我們的 40 納米非常強大，是的，高於平均水平。

Can you convert your 65, can you do 40 products on 65? How economical is that?

你能轉換你的 65，你能在 65 上做 40 個產品嗎？這有多經濟？

Yes, we are doing that.

是的，我們正在這樣做。

Okay. Are you migrating customers forward then?

好的。那你是在向前遷移客戶嗎？

Yes, we either do -- we are working with customers to upgrade their products to 40 or we are also consider to upgrade those 65 excess capacity to 40-nanometer to fulfill our 40-nanometer [chips].

是的，我們要么這樣做——我們正在與客戶合作將他們的產品升級到 40，或者我們也正在考慮將這 65 個過剩產能升級到 40 納米，以實現我們的 40 納米 [芯片]。

Okay, it makes sense. Then I guess, as you're trying to ramp 28, I presume is that, the target market there, still wireless is your target market? And with weakness in China and emerging markets it appears that that's going to be a big challenge for you right? So how do you go about ramping 28 when number one demand is pretty weak? And number two, a lot of the new products coming out that are more lower cost in emerging markets will be on 16-nanometer. So I just can't quite figure out how you're going to get the 28 up and running due to the demand dynamics and the competition from 16.

好吧，這是有道理的。那麼我想，當你試圖提升 28 時，我想，目標市場在那裡，無線仍然是你的目標市場嗎？隨著中國和新興市場的疲軟，這似乎對您來說將是一個巨大的挑戰，對吧？那麼，當第一需求非常疲軟時，您如何實現 28 的增長呢？第二，在新興市場推出的許多成本更低的新產品將採用 16 納米。因此，由於需求動態和來自 16 的競爭，我無法完全弄清楚如何讓 28 啟動並運行。

Yes and actually our 28, our technology offering is pretty comprehensive so our engagement with customers' applications is pretty broad. So we have not only wireless, we have many application engagements ongoing, for example, the set-top box, DTV, there are some second wave customers. Of course the wireless is still one of the end applications and they are actually, most of the second wave 28-nanometer customer they are actually taping out their product base, they've started taping out their 28-nanometer products.

是的，實際上我們 28 歲，我們的技術產品非常全面，因此我們與客戶應用程序的互動非常廣泛。所以我們不僅有無線，我們還有許多正在進行的應用程序，例如機頂盒、DTV，還有一些第二波客戶。當然，無線仍然是最終應用之一，實際上，他們實際上是第二波 28 納米客戶中的大多數，他們實際上正在流片他們的產品基礎，他們已經開始流片他們的 28 納米產品。

Okay what --

好吧什麼——

So we think it's looking pretty good from the perspective of the 28-nanometer demand in 2016.

所以我們認為從 2016 年 28 納米的需求來看，它看起來相當不錯。

Okay, so the 10% of the revenue, how much of that is mobile processor related right now and where would it be say in six months? Is it still predominately a mobile processor that's the majority portion of the 10%?

好的，那麼 10% 的收入，現在有多少與移動處理器相關，六個月後會在哪裡說？它是否仍然主要是移動處理器，佔 10% 的大部分？

That is the majority of application is mobile processor.

那就是大多數應用程序是移動處理器。

Right now, okay. So two quarters more before you diversify.

現在，還好。所以在你多樣化之前還有兩個季度。

Yes.

是的。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

Donald Lu, Goldman Sachs.

唐納德·盧，高盛。

I've got one short-term question and one long-term question. On the short-term side, I'm getting a little confused because some companies, like packaging companies, still specifically talking about communication is down in Q3, TSMC saying communication is down, but you commented wireless is up but computing and consumers are down. So maybe you can just give us some color about is this because of the market share of your customers are changing or is that something happened just in the last week or so unexpected which the whole things changed, or maybe some other color. So that's my short-term question.

我有一個短期問題和一個長期問題。在短期方面，我有點困惑，因為一些公司，比如封裝公司，仍然專門談論第三季度通信下降，台積電說通信下降，但你評論無線上升但計算和消費者下降.因此，也許您可以給我們一些顏色，這是因為您的客戶的市場份額正在發生變化，還是上週發生了一些事情，或者整個事情都發生了變化，或者可能是其他顏色。這是我的短期問題。

A more long-term question is I think that Steven and others have addressed some of it, is we look at your 28-nanometer effort and also look at your revenue on the current plan and also your 28 really isn't probably by one very large customer early on with some help with technology, is this something that you think the ROI can become positive for the 28-nanometer?

一個更長期的問題是，我認為 Steven 和其他人已經解決了其中的一些問題，我們是否會查看您的 28 納米技術並查看您在當前計劃中的收入，而且您的 28 納米真的可能不是很早期的大客戶在技術方面的幫助下，您認為 28 納米的投資回報率可以提高嗎？

So Donald, we're kind of losing you, there's like strong background noises from your side. We kind of got your questions but --

所以唐納德，我們有點失去你了，你身邊有強烈的背景噪音。我們有點收到你的問題，但是——

Oh I'm sorry.

哦，對不起。

That's okay, we'll try to answer, maybe you have follow-up later and we will start and answer your longer-term question first.

沒關係，我們會嘗試回答，也許您稍後會有跟進，我們將首先開始並回答您的長期問題。

So, if I understand you correctly your second question is regarding with the our 28-nanometer competitiveness, something like that.

所以，如果我理解正確，你的第二個問題是關於我們的 28 納米競爭力，類似的。

Returns.

返回。

Returns, okay. So far our 28-nanometer especially during the first few quarters of mass production, so its ROI is slightly higher than -- sorry, slightly lower than the 40-nanometer. And we expect that our 28-nanometer ROI will continuously improve through cost reduction measures and enhance our capacity scale and many other activities. For example, the yield enhancements and for the (inaudible) enhancements. So we believe in the long run our 28-nanometer ROI will be improved.

退貨，好吧。到目前為止，我們的 28 納米，尤其是在量產的前幾個季度，所以它的投資回報率略高於——抱歉，略低於 40 納米。我們預計我們的 28 納米 ROI 將通過降低成本的措施不斷提高，並提高我們的產能規模和許多其他活動。例如，產量增強和（聽不清）增強。所以我們相信從長遠來看，我們的 28 納米 ROI 將會得到改善。

And for your first question I think we are telling you what we are seeing for the third quarter and it could be all relative. And our wireless continues to show resilience in the third quarter but the others seem to fall at a bigger magnitude in the third quarter. So we cannot really compare ourselves to our competitors or our upstream/downstream providers, so, again, we are telling what we are seeing for the coming quarter.

對於您的第一個問題，我認為我們正在告訴您我們在第三季度看到的情況，這可能都是相對的。我們的無線在第三季度繼續表現出彈性，但其他無線在第三季度的下降幅度似乎更大。因此，我們無法真正將自己與競爭對手或上游/下游供應商進行比較，因此，我們再次說明下個季度的情況。

Can I just have a follow-up question. Have you seen things really getting weaker in the last week or so or is it more like stable?

我可以問一個後續問題嗎？你有沒有看到過去一周左右情況真的變得更弱了，還是更像穩定了？

This is a business dynamic and what we are providing today is the most up-to-date view according to our internal forecast. So I cannot really tell you what has happened on a weekly basis but this is pretty much what we predict for the third quarter.

這是一種業務動態，我們今天提供的是根據我們內部預測的最新視圖。所以我不能真正告訴你每週發生了什麼，但這幾乎是我們對第三季度的預測。

Okay, thank you.

好的謝謝你。

Roland Shu, Citigroup.

花旗集團的羅蘭舒。

Good morning, Po-Wen and Chitung. I think that maybe you already said that however I did not catch-up clearly. So can you repeat what your expectation for 28-nanometer revenue contribution in next year after you bring in all of this on your second wave application?

早上好，寶文和吉東。我想也許你已經說過了，但是我沒有清楚地趕上。那麼，在您將所有這些都引入您的第二波應用程序之後，您能否重複您對明年 28 納米收入貢獻的預期？

So we are targeting to reach over 15% 28 revenue share in 2Q 2016.

因此，我們的目標是在 2016 年第二季度達到超過 15% 的 28 收入份額。

Okay, 2Q 2016 to reach 15% of the total revenue for 28-nanometer.

好的，2016 年第二季度將達到 28 納米總收入的 15%。

Yes.

是的。

Okay and how about by the end of next year?

好的，明年年底怎麼樣？

Yes, we don't give that far.

是的，我們沒有那麼遠。

Okay, thank you.

好的謝謝你。

But you can get it with our capacity expansion in 3Q 2015 up to 30K per month and we will increase our revenue share of 28-nanometer.

但是您可以通過我們在 2015 年第三季度將產能擴大到每月 30K 來獲得它，我們將增加 28 納米的收入份額。

Yes, so (inaudible) revenue contribution in second quarter next year, what kind of utilization assumptions are there behind that? Is it fully loaded for 28-nanometer or is that just at a certain level of the utilization?

是的，所以（聽不清）明年第二季度的收入貢獻，背後有什麼樣的利用率假設？它是滿載 28 納米還是只是在一定的利用率水平上？

The level of utilization is around normal, normal levels for this.

利用率水平大約是正常的，正常的水平。

Okay, thank you.

好的謝謝你。

It's not fully loaded.

它沒有完全加載。

Okay, thank you, yes. A second question is for, last time you expect 14-nanometer FinFET process ready to tape out from the second quarter this year, and I think that you previously just said you expect 14-nanometer FinFET to mass production starting from first half 2017. Why it takes so long from product tape-out to mass production for FinFET.

好的，謝謝，是的。第二個問題是，上次您預計 14 納米 FinFET 工藝準備從今年第二季度開始流片，我認為您之前剛剛說過您預計 14 納米 FinFET 將從 2017 年上半年開始量產。為什麼FinFET 從產品流片到量產需要很長時間。

We are working with our partners to have their prototype test chips in the coming quarters and to validate UMC's 14 FinFET technology platform. Then we are expecting at the end of this year we have a standalone tape-out, real product tape-out, so it will take about one year to get the new product tape-out and qualified. So, we are expecting -- that's why we're expecting starting from first half 2017 phasing to the 14 FinFET production.

我們正在與我們的合作夥伴合作，在未來幾個季度擁有他們的原型測試芯片，並驗證 UMC 的 14 FinFET 技術平台。然後我們預計在今年年底我們有一個獨立的流片，真正的產品流片，因此大約需要一年的時間才能獲得新產品的流片和合格。所以，我們期待——這就是為什麼我們期待從 2017 年上半年開始逐步生產 14 個 FinFET。

Okay, so let me clarify. So 14-nanometer real product tape-out has not yet started. Am I right?

好的，讓我澄清一下。所以14納米真正的產品流片還沒有開始。我對嗎？

Not yet, yes.

還沒有，是的。

So that will be planning to start by the end of this year.

所以這將計劃在今年年底開始。

Yes.

是的。

Okay, thank you. And how many customers and also how many products, real products that will be by the end of this year?

好的謝謝你。到今年年底會有多少客戶和多少產品，真正的產品？

We have more than one partner but I cannot disclose the actual numbers right now.

我們有不止一個合作夥伴，但我現在不能透露實際數字。

Okay, thank you. And then my last question is on with your recent share price weakness, do you have any plans to buy back shares recently?

好的謝謝你。然後我的最後一個問題是關於你最近的股價疲軟，你最近有沒有回購股票的計劃？

Yes, we just actually proposed a buyback in today's Board meeting so all the details will be disclosed on our website.

是的，我們實際上只是在今天的董事會會議上提議回購，所以所有細節都將在我們的網站上披露。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。

(Operator Instructions). Mark Li. Nomura.

（操作員說明）。馬克李。野村。

(Spoken in Chinese). My first question is regarding to your gross margin guidance. In the past when utilization rate stayed at high 80 percentage point, the gross margin may still stay above 20%. So what is the reason behind the weaker gross margin guidance for third quarter?

（用中文講）。我的第一個問題是關於您的毛利率指導。過去在利用率保持在80%的高位時，毛利率仍可能保持在20%以上。那麼第三季度毛利率指引較弱的原因是什麼？

Yes, our third quarter profitability was mainly impacted by the increase in our depreciation and, as we just mentioned, there are some other factors including the utility fee and also our high-end technology nodes the loading is lower than our estimation.

是的，我們第三季度的盈利能力主要受到我們折舊增加的影響，正如我們剛才提到的，還有一些其他因素，包括水電費以及我們的高端技術節點的負載低於我們的估計。

So that means the main reason behind weaker gross margin may be from a low utilization from 28-nanometer.

因此，這意味著毛利率疲軟的主要原因可能是 28 納米的利用率低。

Yes, mainly, yes.

是的，主要是，是的。

Okay. So you mentioned about a utility fee. That is also related to 28-nanometer right?

好的。所以你提到了水電費。那也和28納米有關吧？

That is a whole company, it's a summer utility fee is higher than other seasons.

那是一個完整的公司，它的夏季水電費比其他季節要高。

Oh, I see.

我懂了。

High powers, it's utility fees policy.

高權力，這是水電費政策。

Could you remind me, you just mentioned there the eight-inch FAB utilization rate can still stay at mid-90% in the third quarter?

能否提醒一下，你剛才提到八英寸FAB的利用率在第三季度還能保持在90%左右嗎？

Yes, that's correct.

對，那是正確的。

Okay, so the utilization of 12-inch will be much lower than the corporate average, right?

好吧，所以 12 英寸的利用率會比企業平均水平低很多，對吧？

Yes, it's around 80%.

是的，大約是 80%。

Okay. And could you remind us the capacity of 28-nanometer in the second quarter and the third quarter?

好的。您能否提醒我們第二季度和第三季度的28納米容量？

Second quarter this year?

今年二季度？

Yes.

是的。

Yes, in 2Q we have 18,000 wafers per month and in 3Q we have 20,500 wafer per month for 28-nanometer capacity.

是的，第二季度我們每月有 18,000 片晶圓，第三季度我們每月有 20,500 片晶圓，用於 28 納米產能。

Okay and we will reach 30K wafers per month in the second quarter of next year.

好的，我們將在明年第二季度達到每月 3 萬片晶圓。

In the third quarter of next year.

明年第三季度。

The third quarter, okay.

第三季還行

Okay.

好的。

And what is the capacity allocation on High-K-Metal Gate and Poly-SiON? Is it still 70% to 30%?

High-K-Metal Gate 和 Poly-SiON 的產能分配如何？還是70%到30%嗎？

It's around 50% to 70% on High-K-Metal Gate version. It will vary quarter over quarter but on average it's around 60% to 70% is on High-K-Metal Gate version.

High-K-Metal Gate 版本大約是 50% 到 70%。它會隨著季度的變化而變化，但平均而言，High-K-Metal Gate 版本約為 60% 到 70%。

So in the third quarter the computer applications will see the largest decline, so you mentioned that the communication application will still decline but the wireless products will grow in the third quarter right?

那麼第三季度計算機應用會出現最大的跌幅，所以您提到通信應用仍然會下降，但無線產品在第三季度會增長對嗎？

Yes.

是的。

Okay, I see. Thank you so much.

好的，我明白了。太感謝了。

Thank you.

謝謝你。

Ladies and gentlemen, we are running out of time. That concludes today's Q&A session. We thank you for all your questions. I'll turn things over to UMC's Head of Investor Relations for closing remarks.

女士們，先生們，我們的時間不多了。今天的問答環節到此結束。我們感謝您提出的所有問題。我將把事情交給 UMC 的投資者關係負責人來做閉幕詞。

Thank you, everyone, for joining us today. We appreciate your questions. As always, if you have any additional 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，如果您有任何其他後續問題，請隨時通過 ir@UMC.com 聯繫 UMC。祝你有美好的一天。再見。

Ladies and gentlemen, that concludes our conference for the second 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 even section. You may now disconnect. Goodbye.

女士們，先生們，我們 2015 年第二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 下的投資者關係、投資者偶部分。您現在可以斷開連接。再見。