聯華電子 (UMC) 2015 Q4 法說會逐字稿

Welcome, everyone, to the UMC's 2015 fourth-quarter earnings conference call.

歡迎大家參加聯華電子 2015 年第四季財報電話會議。

All lines have been placed on mute to prevent background noise.

所有線路均已靜音，以防止背景噪音。

And after the presentation, there will be a question-and-answer session.

演講結束後，將進行問答環節。

Please follow the instructions given at that time if you would like to ask a question.

如果您想提問，請按照當時給出的說明進行操作。

For your information, this conference call is now being broadcasted 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。

A 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 Investor Relations, investor events section.

請造訪我們的網站 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.

現在我想介紹一下聯華電子投資者關係主管黃博文先生。

Mr. Huang, you may begin.

黃先生，您可以開始了。

Thank you, and welcome to UMC's conference call for the fourth quarter of 2015.

謝謝，歡迎參加聯華電子 2015 年第四季的電話會議。

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

聯華電子執行長鮑文彥先生也出席了會議；以及聯華電子財務長劉啟東先生。

In a moment, we will hear our CFO present fourth-quarter financial results, followed by our CEO's key message to address UMC's focus and first quarter of 2016 guidance.

稍後，我們將聽到我們的財務長介紹第四季度的財務業績，然後是我們的執行長關於解決 UMC 的重點和 2016 年第一季指導的關鍵訊息。

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

一旦我們的執行長和財務長完成發言，就會有問答部分。

UMC's quarterly financial reports are available at our website, www.umc.com, under the Investors, financials section.

UMC 的季度財務報告可在我們的網站 www.umc.com 的投資者、財務部分查看。

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

在本次會議期間，我們可能會根據管理層目前的期望和信念做出前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including the risk 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 security authorities.

對於這些風險，請參閱聯華電子向美國 SEC 和中華民國安全機構提交的文件。

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

現在我想介紹聯華電子的財務長劉啟東先生，來討論聯華電子2015年第四季的表現。

Thank you, Bowen.

謝謝你，鮑文。

I would like to go through the fourth-quarter 2015 investor conference presentation material which can be downloaded from our website.

我想瀏覽一下 2015 年第四季投資者會議的簡報資料，該資料可以從我們的網站下載。

Starting on page 3, the fourth quarter of 2015, consolidated revenue was TWD33.85b, with gross margin at 20.6% and operating margin at 5.6%.

從第3頁開始，2015年第四季度，合併收入為新台幣33.85b，毛利率為20.6%，營業利益率為5.6%。

The net income attributable to the stockholders of the parent was TWD3.16b.

歸屬於母公司股東的淨利為新台幣3.16b。

And earnings per ordinary shares were TWD0.25.

每股普通股獲利為新台幣0.25。

And for page -- for fourth quarter of 2015, the utilization rate dropped from 89% in the previous quarter to 83%, and that also leads to a decline in revenue reported of TWD33.8b in Q4 2015.

對於頁面而言，2015 年第四季的使用率從上一季的 89% 下降至 83%，這也導致 2015 年第四季報告的收入下降了 TWD33.8b。

On page 4, revenue declined by 4.2%, mainly due to the decrease in shipments.

第4頁收入下降4.2%，主要是因為出貨量減少。

However, gross margin increased to 20.6% from 19.6% in the previous quarter.

然而，毛利率從上一季的19.6%上升至20.6%。

And operating income, as a result, also improved to 5.6% or equivalent of TWD1.88b.

營業收入也因此提高至 5.6%，相當於新台幣 1.88b。

And net income for fourth quarter of 2015 is TWD3.07b, with an EPS of TWD0.25 per share.

2015年第四季淨利為TWD3.07b，每股EPS為TWD0.25。

On page 5 is our full-year numbers.

第 5 頁是我們的全年數據。

For 2015, revenue increased by 3.4% on a consolidated basis to TWD144.8b.

2015年合併營收成長3.4%至新台幣144.8b。

Gross profit is in line with the number of 2014 at around TWD31.7b.

毛利與2014年的數字一致，約為TWD31.7b。

With lower operating expenses, operating income has improved 7.5% year over year to TWD10.8b or an EPS of TWD1.08 per share.

由於營業費用降低，營業收入年增 7.5% 至 TWD10.8b，即每股 EPS 1.08 新台幣。

For year 2015, our balance sheet has a cash or cash equivalent of TWD53.3b, with total assets of TWD337.3b.

2015年，我們的資產負債表中現金或現金等價物為TWD53.3b，總資產為TWD337.3b。

In terms of operating segments, we can see that the impact from our new business is getting smaller.

從業務板塊來看，我們看到新業務的影響越來越小。

Revenue in Q4 of 2015 is around TWD578m, with a loss of TWD310m, which -- and this performance will continue to be steady, with improvement in terms of operating income for new business.

2015年第四季營收約新台幣5.78億元，虧損為新台幣3.1億元，隨著新業務營業收入的改善，業績將持續維持穩定。

Our main contributions still coming from wafer fabrication, which account for more than 98% of our total revenues.

我們的主要貢獻仍來自晶圓製造，占我們總收入的 98% 以上。

For ASP in Q4 2015, we see somewhat neutralization from NT dollar weakness with our ASP decline.

對於 2015 年第四季的平均售價，我們認為新台幣疲軟與我們的平均售價下降有所抵銷。

So the impact in NT dollars is flat.

所以新台幣的影響是平的。

In terms of revenue breakdown in Q4, we see US market increased by around 2%, while Asia market declined by 4%.

從第四季的營收細分來看，我們看到美國市場成長了 2% 左右，而亞洲市場則下降了 4%。

And Japan continued to grow and now it represents about 10% of our total revenue.

日本市場持續成長，目前約占我們總收入的 10%。

For the full year it's a similar situation, with Japan improved to 7% of the whole pie, and Asia declined by 4% to around 40%.

全年情況也類似，日本佔整個市場的 7%，亞洲則下降 4%，至 40% 左右。

And IDM, at the same time, improved to 15% of our total revenue.

同時，IDM 占我們總收入的比例提高到了 15%。

And for the full year it's also in a similar situation, from 9% to 12%.

全年也處於類似的情況，從 9% 到 12%。

Communication still represents 52% of our total revenue, although it declined by 3 percentage points compared to the previous quarter.

通訊業務仍占我們總收入的 52%，儘管與上一季相比下降了 3 個百分點。

And consumer increased by around 2%.

消費者成長了約2%。

And for the full year, communication actually grew to 54% from 51% in the previous year.

就全年而言，溝通實際上從前一年的 51% 成長到了 54%。

And continue to see migration to the leading-edge node, especially for 28, which right now represents around 11% of our total revenue.

並繼續看到向領先節點的遷移，尤其是 28 個節點，目前約占我們總收入的 11%。

And for 40-nanometer, it stayed around 24%.

對於 40 奈米，這一比例保持在 24% 左右。

For the full year we see a significant improvement, from 3% in 2014 to 10%, for 28-nanometer technology.

全年來看，28 奈米技術取得了顯著的進步，從 2014 年的 3% 上升到 10%。

For 40-nanometer we also see 3-percentage-point improvement, from 21% to 24%.

對於 40 奈米，我們還看到了 3 個百分點的改進，從 21% 提高到 24%。

Due to annual maintenance, we won't see too much capacity increase in Q1 of 2016.

由於每年維護，2016年第一季產能不會有太大成長。

We will stay somewhat flat compared to Q4 of 2015, but we do expect to see steady growth in our capacity starting from quarter two of 2016.

與 2015 年第四季相比，我們的產能將保持平穩，但我們預計從 2016 年第二季開始，我們的產能將穩定成長。

For 2016 our estimated CapEx is around $2.2b, which is an increase from $1.9b in 2015.

我們預計 2016 年的資本支出約為 2.2 億美元，較 2015 年的 1.9 億美元增加。

This has included our Xiamen project.

這其中就包括我們的廈門項目。

So that concludes my presentation for 2015 Q4 performance.

我對 2015 年第四季業績的介紹就到此結束。

I would like now to turn the call to Mr. Yen, CEO of UMC.

我現在請聯華電子執行長顏先生來電。

Okay.

好的。

Thank you, Chitung.

謝謝你，吉東。

Hello, everyone.

大家好。

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

我想向大家介紹一下聯電第四季的經營業績。

In the fourth quarter of 2015, UMC's foundry revenue declined 4.2% sequentially to [TWD33.849b] due to the continued inventory correction within the semiconductor industry.

2015年第四季，由於半導體產業庫存持續調整，聯電代工營收季減4.2%至[TWD33.849b]。

Wafer shipments reached 1.38m 8-inch-equivalent wafers, bringing overall capacity utilization rate to 83%.

晶圓出貨量達138萬片8吋當量晶圓，整體產能利用率達83%。

Our 28-nanometer technology constituted 11% of fourth-quarter 2015 revenue.

我們的 28 奈米技術佔 2015 年第四季營收的 11%。

For full year 2015, our foundry revenue grew 9% over 2014, aided by a 5% increase in total manufacturing capacity and higher blended ASP due to increased advanced node contribution and overall loading of approximately 90%.

2015 年全年，我們的代工收入比2014 年增長了9%，這得益於總製造能力增加了5%，以及由於先進節點貢獻增加和總體負載約90% 導致的混合平均售價更高。

Our 28-nanometer business tripled in 2015, propelled by strong demand from the communications sector.

在通訊產業強勁需求的推動下，我們的 28 奈米業務在 2015 年成長了兩倍。

Furthermore, we have introduced refined 28-nanometer process variations on High-K Metal Gate and Poly-SiON called 28 HPCU and 28 LPU, targeted for communication ICs.

此外，我們還推出了針對通訊 IC 的高 K 金屬閘極和 Poly-SiON 的精緻 28 奈米製程變體，稱為 28 HPCU 和 28 LPU。

These two new processes operate at the same speed range as industry's 28 HPC and 28 LP, but at a lower power level to considerably extend the battery life of mobile devices.

這兩種新製程的運轉速度範圍與業界 28 HPC 和 28 LP 相同，但功耗水準較低，可顯著延長行動裝置的電池壽命。

UMC will continue to strengthen our 28-nanometer technology roadmap with enhanced processes that raise chip performance by lowering power consumption.

聯電將繼續強化我們的 28 奈米技術路線圖，透過增強的製程來降低功耗，從而提高晶片性能。

Besides our 28-nanometer technologies, we have also observed strong demand for chips used in the automotive industry on both 8-inch and 12-inch manufacturing processes.

除了我們的28奈米技術之外，我們還觀察到汽車產業對8吋和12吋製造製程晶片的強勁需求。

UMC customers are now migrating from consumer-grade products to more stringent grade 1 and grade 0 semiconductors designed for critical automotive safety functions.

UMC 客戶現在正在從消費級產品遷移到專為關鍵汽車安全功能而設計的更嚴格的 1 級和 0 級半導體。

These products include power management, display driver, imaging sensors, and microcontrollers.

這些產品包括電源管理、顯示器驅動器、影像感測器和微控制器。

As more products begin to rely on UMC's comprehensive automotive service package, our exposure in the automotive supply chain will help generate a new revenue stream for our foundry business.

隨著越來越多的產品開始依賴聯華電子全面的汽車服務包，我們在汽車供應鏈中的業務將有助於為我們的代工業務創造新的收入來源。

We are seeing signs of semico bottoming as most of our customers' inventory has returned to reasonable levels.

我們看到半導體觸底的跡象，因為我們大多數客戶的庫存已恢復到合理水平。

For the first quarter of 2016, we expect our foundry revenue to remain flat.

對於 2016 年第一季度，我們預計代工收入將保持穩定。

UMC is optimistic on growth outlook for the foundry industry, led by communication and consumer products.

聯電對以通訊和消費產品為首的代工產業的成長前景持樂觀態度。

We anticipate positive momentum for our 28-nanometer as a new product scheduled to enter production throughout the year, provide additional business traction.

我們預計 28 奈米作為計劃於全年投入生產的新產品將出現積極勢頭，從而提供額外的業務牽引力。

To meet increased demand, we plan to expand our 12-inch operations with Tainan fab 12A baseline coming on line and Xiamen 12X currently under construction.

為了滿足不斷增長的需求，我們計劃擴大我們的12英寸業務，台南晶圓廠12A基線已投產，廈門12X晶圓廠目前正在建設中。

UMC has budgeted 2016 CapEx at approximately $2.2b, which will mainly focus on adding 300-millimeter capacity.

UMC 的 2016 年資本支出預算約為 2.2b 美元，主要專注於增加 300 毫米產能。

As a key upstream supplier, we look forward to expanding our involvement in exciting new applications which will enable UMC to sustain our momentum across the industry.

作為主要的上游供應商，我們期待擴大對令人興奮的新應用的參與，這將使聯華電子能夠維持我們在整個行業中的發展勢頭。

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近期的亮點。

(Spoken in Chinese).

（用中文說）。

I have finished my remarks.

我的發言已經講完了。

And now, let me go over the first-quarter 2016 guidance.

現在，讓我回顧一下 2016 年第一季的指導。

Our wafer shipments to remain flat compared to previous quarters.

與前幾季相比，我們的晶圓出貨量保持持平。

Our ASP softness will offset by favorable US dollar to NT dollar exchange rate.

我們的平均售價疲軟將被有利的美元兌新台幣匯率所抵銷。

Our gross profit margin will be in the high-teens percentage range.

我們的毛利率將在高雙位數百分比範圍內。

Our foundry capacity utilization will be in low 80 percentage range.

我們的鑄造廠產能利用率將在 80% 的低水平範圍內。

Our foundry CapEx for 2016 will be approximately $2.2b.

我們 2016 年的代工資本支出約為 2.2b 美元。

That concludes my remarks.

我的發言到此結束。

We are now ready for questions.

我們現在準備好提問了。

Operator, please open the lines up.

接線員，請打開線路。

Thanks.

謝謝。

(Operator Instructions).

（操作員說明）。

Randy Abrams, Credit Suisse.

蘭迪·艾布拉姆斯，瑞士信貸。

Okay.

好的。

Thank you.

謝謝。

My first question may be more for Chitung.

我的第一個問題可能更多是針對吉東的。

About the guidance, where you're guiding for ASP softness offsetting the FX, if you could quantify the magnitude of ASP softness and what you're factoring in for the FX rate which would be the offsetting benefit.

關於指南，您正在指導 ASP 疲軟抵銷外匯，如果您可以量化 ASP 疲軟的程度以及您在外匯匯率中考慮的因素（這將是抵銷收益）。

And maybe if you could talk about the softness, whether that's coming from the annual price reset or there's a technology mix factor.

也許你可以談談疲軟的情況，無論是來自年度價格重置還是技術混合因素。

I think it's a conceptional guidance.

我認為這是一個概念指導。

Basically we are looking for a flattish ASP in NT dollars.

基本上我們正在尋找新台幣的平均平均售價。

The positive driving force is NT dollar depreciation.

積極的推動力是新台幣貶值。

However, the negative force is ASP decline.

然而，負面力量是平均售價下降。

And for your question, it's mainly due to the year -- beginning-of-the-year price reset and not so much for like-for-like price decline.

對於你的問題，這主要是由於今年年初的價格重置，而不是同比價格下降。

Okay.

好的。

And then the gross margin, you're guiding back to high teens given the currency benefit.

然後是毛利率，考慮到貨幣收益，您將回到高位。

I guess if you could give the FX assumption and if that's -- you guided last quarter high teens and did a little better, but if there's a factor for guiding it back to high teens with flat shipments and the FX benefit.

我想你是否可以給出外匯假設，如果是——你上個季度指導了高雙位數並且做得更好一點，但是是否有一個因素可以引導它回到高雙位數，出貨量持平，並且外匯收益。

It is mainly due to the increase in cost.

主要是成本增加所致。

Our depreciation expenses in Q1 alone will show around 10% sequential growth.

光是第一季我們的折舊費用就將較上季增加 10% 左右。

And for the full year we're actually looking for a 20% year-over-year depreciation increase.

對於全年，我們實際上希望折舊年增 20%。

So that's mainly coming from the cost side.

所以這主要來自成本方面。

And we do expect the ASP to catch up gradually.

我們確實預期 ASP 會逐漸迎頭趕上。

But for the first quarter, we see more increase in cost than the ASP.

但對於第一季度，我們看到成本的成長幅度大於平均售價的成長幅度。

Okay.

好的。

Thank you.

謝謝。

And I guess that poses a question where you're bearing more depreciation, but it looks like you're taking a more optimistic view on CapEx.

我想這提出了一個問題，即您要承受更多的折舊，但看起來您對資本支出持更樂觀的看法。

Could you discuss what's prompting the increase to go over to 2.2 versus -- the older range was closer to operating cash flow.

您能否討論一下是什麼促使這一增長達到 2.2，而較舊的範圍更接近營運現金流。

And then how much capacity -- like maybe give an update on how much capacity for 28 and how much capacity adds you're planning for China within that budget.

然後是多少容量——例如可能會提供有關 28 個容量的最新資訊以及您在該預算內計劃為中國增加多少容量的資訊。

Within that budget, a little more than 50% is for Taiwan.

在該預算中，略高於 50% 的資金用於台灣。

A little bit less than 50% is for Xiamen fab.

廈門晶圓廠的佔比略低於50%。

And the Xiamen fab won't be able to start production until the end of 2016.

而廈門工廠要到2016年底才能投產。

And so it won't have any capacity contribution until end of this year.

因此，直到今年年底，它才會有任何產能貢獻。

And for Taiwan, like-to-like CApEx is actually lower than the previous year.

對於台灣來說，同比 CApEx 實際上低於上一年。

Okay.

好的。

And the follow-up to that for Taiwan, is it still the plan to go to, I think it was, 29,000 or 30,000?

台灣的後續計劃是否仍然是，我認為是，29,000 或 30,000？

And if you could give your assumption on 28-nanometer contribution, say by end of the year, like percent of revenue from 28, so how much capacity on 28 and then how much contribution for that?

如果你能給出對 28 奈米貢獻的假設，例如到今年年底，例如來自 28 奈米的收入百分比，那麼 28 奈米的容量是多少，然後貢獻是多少？

Thank you.

謝謝。

By the end of this year our 28-nanometer capacity will increase to 29.5k per month from current 20.5k per month.

到今年年底，我們的 28 奈米產能將從目前的每月 2.05 萬個增加到每月 2.95 萬個。

And the revenue contribution from 28 for the second quarter, the next quarter will be around 15% to 20% digit range.

而28第二季的營收貢獻，下一季將在15%到20%左右的數字範圍內。

Okay.

好的。

So a pretty big pickup in the second quarter.

因此，第二季出現了相當大的回升。

And then do you see further, in second half, I guess it's early to say, but do you have a target yet for where that could reach by year end?

然後你會在下半年看到進一步的情況嗎？我想現在說還為時過早，但是你是否已經制定了到年底可以達到的目標？

We don't have a specific target, but we do see our 28-nanometer revenue contribution will be better quarter by quarter.

我們沒有具體的目標，但我們確實看到我們的 28 奈米收入貢獻將逐季度更好。

Okay.

好的。

All right.

好的。

Thanks a lot.

多謝。

Thanks.

謝謝。

Michael Chou, Deutsche Bank

麥可週，德意志銀行

Hi.

你好。

My first question is for Chitung.

我的第一個問題是問吉東的。

What is your FX assumption for Q1 and what was the FX in Q4 last year?

您對第一季的匯率假設是什麼？去年第四季的匯率是多少？

Yes.

是的。

Q4 last year, the conversion rate is at TWD32.81.

去年Q4，兌換率為TWD32.81。

And for -- forecast for Q1 currently stands around TWD33.5.

目前第一季的預測約為 TWD33.5。

But we do follow the major banks' forecast for the Q1 and adjust accordingly.

但我們確實遵循主要銀行對第一季的預測並進行相應調整。

Okay.

好的。

The second question is the CEO mentioned the new 28-nanometer product.

第二個問題是CEO提到了28奈米新產品。

When would the new 28-nanometer solution enter mass production this year?

新的28奈米解決方案今年什麼時候進入量產？

Sorry.

對不起。

Your question again?

你的問題又來了？

Sorry?

對不起？

You mentioned you have a new 28-nanometer solution.

您提到您有一個新的 28 奈米解決方案。

When would that enter mass production this year?

今年什麼時候進入量產？

It's already taking place starting from this quarter.

從本季開始，這種情況已經發生。

But we will gradually increase the new solution, new enhanced solution in the coming quarters.

但我們將在未來幾季逐步增加新的解決方案、新的增強型解決方案。

Coming quarters, okay.

接下來的季度，好吧。

In terms of High-K Metal Gate sales portion, what is the portion of High-K Metal Gate as a total 28-nanometer this Q1 or end of this year?

就High-K金屬閘極銷售比例而言，今年第一季或今年底，High-K金屬閘極佔28奈米總量的比例是多少？

Capacity?

容量？

Maybe capacity is fine.

也許容量還好。

Yes.

是的。

Capacity-wise is our 28-nanometer -- our High-K Metal Gate version will be, by the end of this year, will be reached 21.5k, mainly on High-K Metal Gate version, our capacity expansion.

產能方面就是我們28奈米－我們的High-K Metal Gate版本，到今年年底，會達到21.5k，主要是High-K Metal Gate版本，我們的產能擴充。

Capacity expansion.

產能擴張。

So -- and then what is the High-K Metal Gate portion now in terms of capacity?

那麼，現在高 K 金屬閘極部分的容量是多少？

Yes.

是的。

Right now it's 14 -- it's 12.5k.

現在是 14——12.5k。

12.5k.

12.5k。

12.5k per month.

每月 12.5k。

You will see our 28-nanometer capacity expansion is mainly on High-K Metal Gate version.

大家會看到我們的28奈米產能擴張主要是High-K Metal Gate版本。

Okay.

好的。

As a follow-up question for 28-nanometer sales portion, so you mentioned 28-nanometer sales portion will increase quarter by quarter.

作為28奈米銷售部分的後續問題，所以您提到28奈米銷售部分將逐季增加。

Am I right?

我對嗎？

Yes.

是的。

So that means in Q2 15% to 20% or so.

這意味著第二季將成長 15% 到 20% 左右。

So in Q2 we can expect it could be higher than this range, right?

所以在第二季我們可以預期它可能會高於這個範圍，對吧？

Yes.

是的。

That is the trend.

這就是趨勢。

That is according our demand forecast.

這是根據我們的需求預測。

Okay.

好的。

Given that SMIC is ramping their 28-nanometer as well, so do you think the 28-nanometer pricing environment will be quite tough this year?

鑑於中芯國際也在加大28奈米的生產力度，您認為今年28奈米的定價環境會相當艱難嗎？

And the follow-up question is when do you expect the 28-nanometer gross margin to reach its corporate average gross margin.

而後續的問題是，您預計28奈米的毛利率何時能達到其企業平均毛利率。

Yes.

是的。

Your first question is regarding our 28-nanometer competitiveness.

你的第一個問題是關於我們28奈米的競爭力。

Yes.

是的。

We believe that our High-K Metal Gate version, which UMC is the only -- one of the two suppliers on this high-performance technology.

我們相信我們的高 K 金屬閘極版本，聯華電子是唯一一家採用這種高性能技術的兩家供應商之一。

So we see less intense pressure on this technology node.

所以我們看到這個技術節點的壓力較小。

And that is UMC's focus, on High-K Metal Gate version.

這就是聯電的重點，高 K 金屬閘極版本。

And we believe the other competitors might have a gap to catch up this technology.

我們相信其他競爭對手可能在趕上這項技術方面存在差距。

So, yes.

所以，是的。

And so your second question is regarding the--?

所以你的第二個問題是關於──？

28-nanometer gross margin trend, because it should be below the corporate average gross margin now.

28納米毛利率趨勢，因為現在應該低於企業平均毛利率。

But when would I reach the corporate average gross margin?

但什麼時候才能達到企業平均毛利率呢？

Yes.

是的。

Our trajectory, we believe that by the end of this year our 28-nanometer gross margin will catch up with our 12-inch average gross margin.

我們的軌跡是，我們相信到今年年底我們的 28 納米毛利率將趕上我們 12 英寸的平均毛利率。

You mean end of Q4, right?

你的意思是第四季末，對吧？

Yes.

是的。

Okay.

好的。

So you factor in the [strict price condition] in 28-nanometer Poly-SiON.

因此，您需要考慮 28 奈米 Poly-SiON 的[嚴格價格條件]。

But given that your 28-nanometer High-K Metal Gate will be the only two alternatives in the market, so you think that your 28-nanometer gross margin should be able to reach the corporate average gross margin by the end of this year.

但考慮到你們的28奈米High-K Metal Gate將是市場上僅有的兩種替代方案，所以你們認為你們的28奈米毛利率應該能夠在今年年底達到企業平均毛利率。

Am I right?

我對嗎？

Yes, correct.

是，對的。

Not corporate.

不是公司。

It's 12.

12 點了。

12-inch average, yes.

平均12英寸，是的。

12-inch?

12吋？

I'm sorry.

對不起。

12-inch.

12吋。

And you can tell us what is your 12-inch gross margin now?

您能告訴我們您現在12吋的毛利率是多少嗎？

Yes, we don't have the -- we don't provide this kind of breakdown because [our range] is almost fully depreciated.

是的，我們沒有－我們不提供這種細分，因為[我們的範圍]幾乎完全折舊。

From a Company margin point of view, it's quite a difference.

從公司利潤率的角度來看，這是一個很大的差異。

I see.

我懂了。

So do you have a forecast for your 28-nanometer gross margin to reach the corporate average gross margin, or it's too early to say that?

那麼你們對28奈米毛利率達到企業平均毛利率有預測嗎，還是說現在說還太早？

No, we only compare it to our 12-inch operation.

不，我們只是將其與我們的 12 英寸操作進行比較。

I see.

我懂了。

Okay.

好的。

Thank you so much.

太感謝了。

I go back to the queue.

我回到隊列。

Thank you.

謝謝。

Steven Pelayo, HSBC.

史蒂文‧佩拉約，匯豐銀行。

Yes.

是的。

I'd like to explore your comment about 28-nanometer doing the 15% to 20% of revenues in the second quarter.

我想探討一下您對 28 奈米技術佔第二季營收 15% 至 20% 的評論。

If I assume a little bit of top-line revenue growth and I play around with an ASP, that really seems like you're going to be pretty much fully loaded, I would almost assume.

如果我假設頂線收入有一點成長，並且我嘗試使用 ASP，那麼我幾乎會假設您確實會滿載而歸。

It depends on what we assume for ASPs in here, but what kind of utilization rates of your 28-nanometer capacity, if you only have currently less than 21k, do you think you'll be at in the second quarter?

這取決於我們對ASP的假設，但你們28奈米產能的利用率是多少，如果你們目前只有不到21k，你們認為你們第二季會達到什麼樣的水平？

Yes.

是的。

Our 28-nanometer utilization rate in the second quarter will be in the -- it will be greater than 85% in the second quarter.

我們第二季的 28 奈米利用率將超過 85%。

And --.

和 - 。

Sorry.

對不起。

Go ahead.

前進。

Yes.

是的。

Our 28-nanometer capacity utilization rate in the second quarter will be greater than 85%.

我們第二季28奈米產能利用率將大於85%。

And what was it in the fourth quarter?

第四季的情況如何？

The second half of this year will be greater than 90%.

今年下半年將大於90%。

But what was it in the fourth quarter last year?

但去年第四季的情況又如何呢？

I'm just curious, what are we starting from?

我只是好奇，我們從什麼開始？

Was it only like 50% utilized in the fourth quarter last year?

去年第四季利用率只有50%嗎？

The fourth quarter 2015 is around 50%.

2015年第四季約為50%。

Yes.

是的。

That's great.

那太棒了。

That's what I thought.

我也這麼想。

So if you go from a 50% to an 85% on 28-nanometer, I have to believe the leverage is pretty good and the margins are pretty good.

因此，如果你在 28 奈米上從 50% 上升到 85%，我必須相信槓桿相當不錯，利潤率也相當不錯。

So what do we think about the incremental margin and the drop-through as you go into the second quarter if your mix richens up that much?

那麼，如果您的產品組合豐富了這麼多，我們對進入第二季的增量利潤和下降有何看法？

Well, again, we have two forces accelerating with each other.

好吧，再說一次，我們有兩種相互加速的力量。

One is our increasing depreciation.

一是我們的折舊不斷增加。

I mentioned Q-on-Q gross increase is around 10% in Q1.

我提到第一季環比毛成長約 10%。

Full year is around 20%.

全年約為20%。

So even though we are seeing pickup in our leading-edge node revenue, but the pace has to outgrow the depreciation increase in order to see improvement in profit margin.

因此，儘管我們看到我們的領先節點收入有所回升，但成長速度必須超過折舊的成長才能看到利潤率的改善。

Okay.

好的。

Fair enough.

很公平。

And just a last question from me.

這是我的最後一個問題。

You were highlighting some excitement maybe in the automotive supply chain.

您強調了汽車供應鏈中可能存在的一些令人興奮的事情。

I know your other revenues are, what, about 6% of revenues.

我知道你們的其他收入大約佔收入的 6%。

I don't know, what would you consider your percentage exposure to the auto segment today?

我不知道，您認為您今天在汽車領域的投資比例是多少？

I don't know if you're breaking out some of what display in a car might be on the consumer side.

我不知道你是否正在突破一些汽車中的顯示器可能屬於消費者的部分。

I don't know, what do you think your auto exposure is today?

不知道，你覺得你今天的自動曝光是多少？

Yes.

是的。

So far it's still very minimum numbers, let's say 5% contribution from automotive.

到目前為止，這仍然是一個非常小的數字，假設汽車產業貢獻了 5%。

Now we do see that the growth rate will be better in other segments.

現在我們確實看到其他細分市場的成長率會更好。

Do you want to take a guess on maybe exiting this year?

您想猜測今年是否可能退出嗎？

Do you think that could be as much as 10% revenues?

您認為這可能高達收入的 10% 嗎？

No, we don't have that number here.

不，我們這裡沒有這個號碼。

Okay.

好的。

I'll get back in the queue.

我會回到隊列中。

Thank you.

謝謝。

Gokul Hariharan, JPMorgan.

戈庫爾·哈里哈蘭，摩根大通。

Yes.

是的。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to dwell a little bit on your comments on the inventory depletion getting over and starting to see some signs of restocking.

我只是想詳細談談您對庫存消耗已經過去並開始看到一些補貨跡象的評論。

Could you give us some color in terms of which are the supply chains where you're seeing that happening the most?

您能否向我們介紹您最常看到這種情況發生在哪些供應鏈上？

Given that you're guiding for Q2 the 28-nanometer utilization also should start moving up, should we expect that we get back to a normal seasonality for the foundry space on the -- going into the second quarter?

鑑於您對第二季的指導，28 奈米利用率也應該開始上升，我們是否應該期望代工空間在進入第二季時恢復到正常的季節性？

Also, TSMC commented that inventory will -- inventory days were pretty low, but customers were still holding back on putting order in given the macro situation.

此外，台積電表示，庫存將--庫存天數相當低，但考慮到宏觀形勢，客戶仍不願下訂單。

Could you comment on what you're seeing on that front?

您能否評論一下您在這方面所看到的情況？

Yes.

是的。

For the -- yes, the semiconductor supply chain inventory correction was pretty intense in the -- since the second half last year.

是的，自去年下半年以來，半導體供應鏈庫存調整相當劇烈。

And after the inventory correction, based on the demand of our customers, now we are seeing our foundry business likely to begin recovery starting in the second quarter this year.

在庫存調整之後，根據客戶的需求，現在我們看到我們的代工業務可能會從今年第二季開始復甦。

However, due to the uncertainty of macroeconomics and the supply chain, will likely remain cautious in the inventory control.

不過，由於宏觀經濟和供應鏈的不確定性，庫存控制可能會保持謹慎。

And we would adjust our 2016 semiconductor and foundry outlook to 3% and 4% growth respectively.

我們將 2016 年半導體和晶圓代工前景分別調整為 3% 和 4% 的成長。

And we estimate our full-year foundry growth will be around 4%.

我們預計全年晶圓代工成長率將在 4% 左右。

And we target our growth will be in line or a bit outpace the foundry industry.

我們的目標是我們的成長將與代工行業保持一致或略高於代工行業。

Okay.

好的。

That's great color.

那顏色真棒。

So 4% based on US dollar terms, right, given the currency is swinging around quite a bit?

那麼，考慮到貨幣波動幅度很大，以美元計算的 4% 是吧？

Yes.

是的。

And that's for the whole industry.

這適用於整個行業。

UMC of course hope to outgrow that.

聯華電子當然希望能夠超越這一點。

Okay.

好的。

Just a follow-up question on the CapEx itself and the plants in China.

只是關於資本支出本身和中國工廠的後續問題。

It looks like, from a spend perspective, still more than 50% of the advanced geometry CapEx is going in Taiwan.

從支出角度來看，似乎仍有超過 50% 的先進幾何資本支出流向了台灣。

Could you update a little bit on the China plants?

能否介紹一下中國工廠的最新情況？

Are they pretty much on schedule?

他們基本上都按計劃進行嗎？

Are we likely to see some wafers out in Q4 or is it going to be in Q1?

我們是否可能在第四季或第一季看到一些晶圓？

And are we still starting with -- or which node are we going to start with in the first place?

我們仍然從——或者我們首先從哪個節點開始？

Yes.

是的。

Our China fab construction are on track.

我們中國的晶圓廠建設已步入正軌。

And we are target to move our tools to this new fab facility in second quarter this year and start to -- wafer start third quarter.

我們的目標是在今年第二季將我們的工具轉移到這個新的晶圓廠，並在第三季開始晶圓生產。

And we expect to see some wafer products out in Q4.

我們預計第四季會看到一些晶圓產品。

So we are expecting some revenue contribution by the end of this year.

因此，我們預計到今年年底會產生一些收入貢獻。

Okay.

好的。

And that is all 55 or 40?

那都是 55 或 40 嗎？

It's mainly on 40-nanometer.

主要是40奈米。

Okay.

好的。

Okay.

好的。

And the expansion in Taiwan is all 28, right?

而且台灣的資料片都是28對吧？

Yes.

是的。

Correct.

正確的。

Okay.

好的。

Thanks.

謝謝。

Szeho Ng, BNP Paribas.

吳思豪，法國巴黎銀行。

Hi.

你好。

Good afternoon, gentlemen.

下午好，先生們。

My first question is could you talk about the foundry gross margin for Q4?

我的第一個問題是您能談談第四季的代工毛利率嗎？

Foundry gross margin, I think the whole corporate is around 5%.

代工毛利率，我認為整個公司在5%左右。

And as I reported, our new business had a minor loss of around TWD300m, so pretty much you add back.

正如我所報道的，我們的新業務有大約 3 億新台幣的小損失，所以你可以加回來。

I mean at the gross level, not at the operating level.

我的意思是在整體層面，而不是在營運層面。

Our gross level was again similar, 20.8% margin.

我們的毛利率水準再次相似，為 20.8%。

Okay.

好的。

Got you.

明白你了。

Thanks.

謝謝。

And with regard to the China JV as of 12X, what will be the accounting treatment for that?

至於截至 12X 的中國合資企業，其會計處理將如何？

Is it going to be equity accounted?

是要採用權益法核算嗎？

Yes.

是的。

That's a little bit complicated.

這有點複雜。

Maybe you can spare me a few minutes.

也許你可以抽出我幾分鐘。

UMC has the control of the Board.

聯華電子擁有董事會的控制權。

So according to the IFRS, we have to consolidate the operation even though we're only holding 30% of the equity.

所以根據國際財務報告準則，即使我們只持有30%的股權，我們也必須整合業務。

And the remaining of the 70% interest we'll give back to the other investors at the bottom-line level or the EPS level.

剩下的70%的利息我們會按照底線或每股盈餘的水平返還給其他投資者。

And before the 12X go into mass production, all the costs will be put under the operating expenses item instead of allocating to each appropriate cost item.

並且在12X投入量產之前，所有成本都將納入營運費用項目，而不是分配到各個相應的成本項目。

So only until the end of 2016, when it starts mass production, then we will see all the costs being fully consolidated into each item.

因此，直到2016年底，當它開始批量生產時，我們才會看到所有成本都完全合併到每個項目中。

Before that, all the expenses will be under operating expenses.

在此之前，所有費用都將計入營運費用。

Okay.

好的。

All right.

好的。

And then -- yes.

然後——是的。

And for fab 12A, what is maximum capacity?

對於 fab 12A，最大產能是多少？

12A or 12X?

12A還是12X？

12A.

12A。

12A.

12A。

We are having a new phase 5 which can accommodate around 25k per month.

我們正在建造新的第 5 期，每月可容納約 25,000 人。

But we will only start with around 10k of 28-nanometer.

但我們只會從大約 10k 的 28 奈米開始。

Okay.

好的。

All right.

好的。

Thank you very much, Chitung.

非常感謝你，吉東。

Thanks.

謝謝。

Rick Hsu, Daiwa Securities.

Rick Hsu，大和證券。

Yes.

是的。

Hi.

你好。

Thank you very much for taking my questions.

非常感謝您回答我的問題。

My first question is probably for Chitung.

我的第一個問題可能是針對吉東的。

Why was your Q4 gross margin so high, because I remember you guided around high teens, right, high teens gross margin for Q4?

為什麼你們第四季的毛利率如此之高，因為我記得你們第四季的毛利率是在十幾歲左右，對吧，是十幾歲的毛利率？

Why it cannot be at 20-point-something percent?

為什麼不能達到 20% 左右？

Well it's mainly due to some impact or help from the NT dollar weakness.

那麼主要是受到新台幣走軟的一些影響或幫助。

But also there's quite an improvement from our yield production -- production yield.

而且我們的產量也有相當大的改善──生產良率。

So that helped the overall gross margin in Q4.

這有助於第四季的整體毛利率。

So can I refer to your yield improvement to your 28-nanometer?

那我可以參考一下你們對 28 奈米的良率改進嗎？

Well, some of the impact.

嗯，有一些影響。

It's really a combination of weak NT dollar and better production yield.

這實際上是新台幣疲軟和產量提高的結合。

Okay.

好的。

Great.

偉大的。

Thank you so much.

太感謝了。

Second question.

第二個問題。

I'm not sure if someone asked a question about this before, but could you give us some number about your 2016 capacity increase?

我不確定之前是否有人問過這個問題，但您能給我們一些 2016 年產能成長的數字嗎？

By how much the total capacity?

總容量是多少？

Yes.

是的。

The total capacity is, year on year, increased 6%.

總產能較去年同期成長6%。

Around 6%.

大約6%。

Okay.

好的。

So is it fair to assume that majority of the increase is coming from 12-inch, right?

那麼，假設大部分增長來自 12 英寸是否公平，對吧？

Yes.

是的。

12-inch is increased by 8% and 8-inch by 3%.

12吋增加8%，8吋增加3%。

Lovely.

迷人的。

Thank you so much.

太感謝了。

I've finished my questions.

我已經問完了我的問題。

Roland Shu, Citigroup.

羅蘭舒，花旗集團。

Hi.

你好。

Good afternoon, gentlemen.

下午好，先生們。

First question to me is looking at your 28-nanometer last year, actually revenue has been expanded by 3 times and overall revenue increased about 4% year on year.

第一個問題是看你們去年的28奈米，實際上營收擴大了3倍，整體營收年增了4%左右。

However, if I look at 28-nanometer revenue in absolute dollar amount actually have been declined.

然而，如果我看一下 28 奈米收入的絕對金額，實際上已經下降了。

And also with (inaudible) [now attain] for most of time for your 40-nanometer and even for your 8-inch your capacity actually has been loaded at very high utilization.

而且（聽不清楚）[現在達到]大部分時間對於 40 奈米，甚至對於 8 英寸，您的容量實際上已經以非常高的利用率加載。

So why are the absolute dollar amount for this 28-nanometer revenue still declined last year?

那麼為什麼去年 28 奈米收入的絕對美元金額仍然下降？

Was that due to the competition or was that due to this pricing pressure?

這是由於競爭還是由於價格壓力？

It's mainly due to the -- our 12-inch mature node utilization is the decline in last year, especially on 65-nanometer technology node.

這主要是由於——我們的12英寸成熟節點利用率去年有所下降，尤其是65奈米技術節點。

And this -- we see the customer is migrating from 65 to 40-nanometer faster cadence than our expectation.

我們看到客戶從 65 奈米遷移到 40 奈米的節奏比我們的預期更快。

So we can see our 40-nanometer momentum is very strong last year, up to now.

所以我們可以看到我們的 40 奈米勢頭從去年到現在都非常強勁。

And our 65 utilization rate since second half last year is coming more weakened -- weakening.

自去年下半年以來，我們的 65 利用率正在變得更加減弱——減弱。

Understood.

明白了。

So how about this year?

那麼今年呢？

This year we also have a very strong growth on 28-nanometer.

今年我們在 28 奈米方面也有非常強勁的成長。

How about the other non-28 revenue?

其他非28歲的收入怎麼樣？

Is this going to increase or it will be pretty much like last year, probably be still decline slightly?

這是會增加還是會和去年一樣，可能還會稍微下降？

We certainly are managing to improve our 12-inch mature nodes' capacity utilization rate, especially on 65.

我們當然正在設法提高 12 吋成熟節點的容量利用率，尤其是 65 吋。

And we are engaged to broaden our applications, especially on high voltage.

我們致力於擴大我們的應用，特別是在高電壓方面。

We do see there are some technology migrations from latency nodes to the 12-inch technology nodes.

我們確實看到有一些技術從延遲節點遷移到 12 吋技術節點。

For example, 55 and 40-nanometer high-voltage technology and some power management IC on 55, and also the embedded Flash on 55 technology node.

例如55和40奈米的高壓技術以及55上的一些電源管理IC，還有55技術節點上的嵌入式Flash。

So we see there's some improvement in the second half of this year on our 12-inch mature node technology.

所以我們看到今年下半年我們的12吋成熟節點技術有了一些改進。

Okay.

好的。

So that means that we are very likely to grow all this non-28-nanometer revenue this year.

因此，這意味著我們今年所有非 28 奈米收入很可能會成長。

Can I assume that?

我可以這樣假設嗎？

Yes.

是的。

Yes.

是的。

Understood.

明白了。

Okay.

好的。

Thanks.

謝謝。

And for your CapEx spending, TWD2.2b this year.

今年的資本支出為 TWD2.2b。

I think that is probably a record high.

我認為這可能是歷史新高。

So how are you going to fund this CapEx spending?

那麼您將如何為這筆資本支出提供資金呢？

Are you going to raise money on that?

你打算為此籌集資金嗎？

Well, first of all, it's not a record high.

嗯，首先，這不是歷史新高。

We had bigger spending before.

我們之前有更大的支出。

Okay.

好的。

So my mistake.

所以我的錯誤。

Yes.

是的。

Sorry.

對不起。

No problem.

沒問題。

And secondly, in reality we only spend a little bit more than 50% out of UMC's pocket.

其次，實際上我們只從聯華電子的口袋裡掏出了 50% 多一點的錢。

The other less than 50% is out of the Xiamen pocket, which is -- UMC owns 30% only.

另外不到50%的股份來自廈門，即聯華電子只擁有30%的股份。

And so if you calculate cash flow, it won't cost UMC that much money, or TWD2.2b.

所以如果你計算現金流的話，聯華電子不會花那麼多錢，或是TWD2.2b。

So basically we are like in a cash-positive position in 2016 due to the shareholding structure of the Xiamen fab.

所以基本上，由於廈門晶圓廠的股權結構，我們在 2016 年處於現金充裕的狀態。

However, eventually, of course, we are going to buy back the remaining shares.

然而，最終我們當然會回購剩餘的股票。

But that's about seven or eight years later.

但那是大約七、八年後的事了。

Okay.

好的。

Understood.

明白了。

And for this year the overall depreciation is going to increase about 20% year on year.

今年整體折舊將年增20%左右。

So that probably will impact the gross margin by 2 percentage points.

因此，這可能會影響毛利率 2 個百分點。

So are you going to see the overall gross margin this year to be continuing to increase or that probably will be on the downside because of this increased depreciation?

那麼，您會看到今年的整體毛利率會繼續增加，還是可能會因為折舊增加而下降？

All we know is on the cost side there's already a 20% increase from last year in depreciation.

我們所知道的是，在成本方面，折舊比去年增加了 20%。

Of course we will try our very best to offset that or even outpace that, as I mentioned earlier.

當然，正如我之前提到的，我們將盡最大努力抵消甚至超越這一點。

But for the time being we cannot give forecasts for profitability.

但目前我們無法給出獲利預測。

But the cost side is already almost determined because of the depreciation schedule.

但由於折舊計劃，成本方面已幾乎確定。

And the rest is really how much we can strive ourselves to enhance our ASP combination.

剩下的就是我們如何努力增強我們的 ASP 組合。

Understood.

明白了。

Thank you.

謝謝。

This is all my questions.

這就是我所有的問題。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Sebastian Hou, CLSA.

賽巴斯蒂安·侯，里昂證券。

Hi.

你好。

Good afternoon, gentlemen.

下午好，先生們。

Thanks for taking my questions.

感謝您回答我的問題。

The first one is a follow-up on the 28-nanometer utilization rate.

第一個是28奈米利用率的後續。

So earlier mentioned the second quarter will reach over 85%.

所以前面提到第二季會達到85%以上。

So I wonder, can you give the numbers for this quarter, first quarter 2016?

所以我想知道，你能給出本季（2016 年第一季）的數字嗎？

Yes.

是的。

This quarter is around -- it's 62%.

本季約為 62%。

[62%]?

[62%]？

Yes.

是的。

Okay.

好的。

Thank you.

謝謝。

And I think earlier you mentioned -- also mentioned about in second half you expect the utilization rate to reach over 90%.

我想您之前提到過——也提到過下半年您預計利用率將達到 90% 以上。

But I also remember that you're going to add 9k [incremental] capacity.

但我還記得您將添加 9k [增量] 容量。

So that will also include those incremental capacity.

因此，這也將包括那些增量容量。

Yes.

是的。

Correct.

正確的。

We already factor in this capacity incremental.

我們已經將這一容量增量考慮在內。

Yes.

是的。

Okay.

好的。

Okay.

好的。

Thank you.

謝謝。

And my third question is also on the 28-nanometer, on the pricing environment.

我的第三個問題也是關於28奈米，關於定價環境。

Earlier you made a comment that the High-K Metal Gate is not seeing the -- has not seen the competition from another person.

早些時候您曾評論說 High-K Metal Gate 沒有看到其他人的競爭。

So far pretty much you and TSMC.

到目前為止，你和台積電差不多。

So are you seeing any fierce pricing competition in High-K Metal Gate as well?

那麼您是否也看到 High-K Metal Gate 有激烈的價格競爭？

We cannot forecast that because the pricing is always intense -- pricing pressure is always intense.

我們無法預測這一點，因為定價總是很激烈——定價壓力總是很大。

But your question depends on our customers, their supply chain management strategy, and our competition, their pricing strategy.

但你的問題取決於我們的客戶、他們的供應鏈管理策略，以及我們的競爭對手、他們的定價策略。

So I cannot comment on this.

所以我無法對此發表評論。

Okay.

好的。

The reason I ask this question is because your competitors also see their 28-nanometer utilization rate up from 80% to 90% this quarter and your utilization rate also increased.

我之所以問這個問題，是因為你們的競爭對手本季也看到他們的28奈米利用率從80%上升到90%，你們的利用率也提高了。

So it seems like a lot of the 28-nanometer High-K Metal Gate capacity utilization rate is already running at a high level.

所以看起來很多28奈米High-K Metal Gate的產能利用率已經在很高的水準上運作。

So I just wonder if you might need to lower your price or -- to gain more orders, or actually this demand is very strong that automatically they just flow in?

所以我只是想知道你是否可能需要降低價格或——以獲得更多訂單，或者實際上這種需求非常強勁，以至於它們會自動流入？

Yes.

是的。

My observation is actually due to -- we see that more and more customers and products, they are moving from 28 low-power version to High-K Metal Gate version.

我的觀察實際上是由於——我們看到越來越多的客戶和產品，他們正在從 28 低功耗版本轉向高 K 金屬閘極版本。

So the demand on the High-K Metal Gate version is increasing.

因此對高K金屬閘極版本的需求正在增加。

And UMC, we continue to improve our yield and our performance.

而聯華電子，我們不斷提高我們的良率和性能。

So we are gaining traction on High-K Metal Gate demand.

因此，我們對高 K 金屬閘極的需求越來越有吸引力。

So that's why we still see -- even we expand our 28-nanometer capacity, but we still see that demand is coming there.

這就是為什麼我們仍然看到——即使我們擴大了 28 奈米產能，但我們仍然看到那裡的需求正在到來。

Okay.

好的。

Thank you.

謝謝。

Another question is on the margin of your 28-nanometer.

另一個問題是關於 28 奈米的餘裕。

So earlier you mentioned about you have the two new products, which is the 28 HPU and LPU.

剛才您提到您有兩個新產品，即28 HPU和LPU。

So I wonder, if you look at -- compare margin of these two new products versus the existing version, how is that in terms of margin?

所以我想知道，如果您比較一下這兩種新產品與現有版本的利潤率，那麼利潤率如何？

Is it better or still in line?

是更好了還是還在排隊？

We improved the version for our customers.

我們為客戶改進了版本。

So the main purpose is gaining the traction from our customers.

因此，主要目的是獲得客戶的注意。

It's not to defend our demand.

這不是為了捍衛我們的要求。

It's not prepare for improve the ASP.

還沒為改進ASP做好準備。

Okay.

好的。

So how about the cost?

那麼費用如何呢？

The same?

相同？

This cost is the same.

這個費用是一樣的。

Yes.

是的。

Okay.

好的。

Okay.

好的。

And my next question is on your yield rate.

我的下一個問題是關於你的收益率。

Can you update us on your yield rate for Poly SiON and High-K Metal Gate on 28 nanometers respectively?

您能否分別介紹一下 28 奈米多晶 SiON 和高 K 金屬柵的良率？

Yes, our -- actually both our Poly SiON version and High-K Metal Gate version are pioneer products.

是的，實際上我們的 Poly SiON 版本和 High-K 金屬閘極版本都是先驅產品。

The yield is around 90%.

產率約90%。

So both are 90%.

所以兩者都是90%。

Okay.

好的。

Yes, both are in 90% range.

是的，兩者都在 90% 範圍內。

Okay.

好的。

I remember the last quarter the High-K Metal Gate was still 88%.

我記得上個季度高K金屬門還是88%。

So improved by 2 percentage points, if I can say that?

那麼提高了 2 個百分點，我可以這麼說嗎？

Yes.

是的。

Okay.

好的。

Last questions from me.

我的最後一個問題。

Can you give us a detailed breakdown of your utilization rate for 8-inch wafer and 12-inch wafer for first quarter?

能否詳細介紹第一季8吋晶圓和12吋晶圓的利用率？

Yes.

是的。

For the first quarter our 8-inch utilization rate is in the high 80% range, high 80%, and 12-inch is mid to high 70 percentage range.

第一季度，我們的 8 吋利用率處於高 80% 範圍、高 80% 範圍內，12 吋利用率處於中高 70% 範圍內。

Okay.

好的。

And you expect these two will be higher in second quarter?

您預計第二季這兩項指標會更高？

In 12-inch, yes.

12吋的，是的。

How about 8-inch?

8寸的怎麼樣？

Yes.

是的。

8-inch also.

8吋的也可以。

Yes.

是的。

Okay.

好的。

Thank you very much, gentlemen.

非常感謝你們，先生們。

Randy Abrams, Credit Suisse.

蘭迪·艾布拉姆斯，瑞士信貸。

Okay.

好的。

Yes.

是的。

Thanks for squeezing me in.

謝謝你把我擠進去。

On the 28, I just wanted to clarify in first quarter, I think second quarter 15% to 20% of sales, the percent ramp you expect in first quarter.

28 日，我只是想澄清第一季的情況，我認為第二季銷售額的 15% 到 20%，即您預期第一季的百分比成長。

And then for the second stage of the ramp, if you could talk now how broad that customer base is for 28, if it's a few customers driving that or how it's broadening out, and then which applications, if it's mobile or any other applications?

然後，對於成長的第二階段，您現在是否可以談談28 的客戶群有多大，是否是少數客戶推動的，或者它是如何擴大的，然後是哪些應用程序，如果是行動應用程式或任何其他應用程式?

Yes.

是的。

We have more than 15 products in production in this and second quarter on the 28-nanometer technology.

今年和第二季度，我們有超過 15 款採用 28 奈米技術的產品投入生產。

And mostly are on the baseband and integrated AP and baseband, integrated, and also the DTV, digital TV and WiFi connectivity.

而且大多是在基帶上，整合AP和基頻，整合的，還有DTV、數位電視和WiFi連線。

Okay.

好的。

And then if you could say, I guess, number of customers tied to that 15 products, like how broad are the customers and percent of revenue, if it's going to start to jump up in first quarter or it's more second quarter?

然後，如果你可以說，我猜，與這 15 種產品相關的客戶數量，例如客戶的範圍和收入的百分比，如果它會在第一季開始跳躍，還是在第二季度更多？

Yes.

是的。

On first quarter, so far we have 20 customers engaged on 28-nanometer.

第一季到目前為止，我們有 20 個客戶採用 28 奈米。

More than 20.

超過20。

Okay.

好的。

Would the --

會——

Yes?

是的？

Okay.

好的。

And would the percent of revenue already start to increase in first quarter or it's holding about 10% now in fourth quarter?

收入百分比是否會在第一季開始增加，還是在第四季度保持在 10% 左右？

Yes.

是的。

First quarter, 28 will contribute actually around 10%.

第一季度，28 家實際上貢獻了 10% 左右。

It's flat compared to previous quarters.

與前幾季相比持平。

Okay.

好的。

Okay.

好的。

And then could you talk about the applications or end markets?

然後您能談談應用或終端市場嗎？

You're getting flat overall, but is there any relative strength or weakness or end market outperforming that overall flat guidance and anything declining in first quarter?

整體持平，但是否存在任何相對優勢或弱勢，或者終端市場的表現優於總體持平指導以及第一季的任何下降？

Yes.

是的。

On this quarter, in communication, we decline -- we have some decline.

在本季度，在溝通方面，我們有所下降——我們有一些下降。

However, the -- among the communication, the WiFi and [switch monitor], there's some increase.

然而，在通訊、WiFi 和[切換監視器]方面，有一些增加。

And only ISP, image signal processor and SDI, small display interface chips, they were going down.

只有 ISP、影像訊號處理器和 SDI、小型顯示介面晶片正在下降。

And for the computer segment, Flash and LCD ICs and [cabinet] were going up and the power IC is going down.

對於電腦領域，快閃記憶體和 LCD IC 以及[機櫃] 價格上漲，而電源 IC 價格下降。

Okay.

好的。

Great.

偉大的。

The last question I had on the ramp-up of China, if you could talk about the OpEx, if you'll be adding expense, how we should think about the expense growth through this year.

我關於中國業務成長的最後一個問題是，如果你能談談營運支出，如果你會增加開支，我們應該如何考慮今年的開支成長。

And then also on non-op, where you had some disposal gains.

然後在非操作方面，你也有一些處置收益。

What was the benefit in fourth quarter?

第四季的效益如何？

Like what drove that higher non-op and if we should expect that to continue?

例如是什麼推動了更高的非操作，我們是否應該期望這種情況繼續下去？

For Q4 it's really a one-off.

對於第四季來說，這確實是一次性的。

We recover our debt from a high-speed railway in Taiwan through a lawsuit.

我們透過訴訟追回了台灣高鐵的債務。

So that's really one-off.

所以這確實是一次性的。

For the Xiamen in the OpEx, we're talking about 1 percentage point in operating margin negative impact.

對於廈門的營運支出，我們談論的是營運利潤率 1 個百分點的負面影響。

And this number will go up to maybe around 4% or even 5% by the end of this year.

到今年年底，這個數字可能會上升到 4% 甚至 5% 左右。

Okay.

好的。

So that's at the operating level, a few more percent.

所以這是在營運層面，多了幾個百分點。

We should assume R&D then or SG&A grows a few percent as percent of sales, to factor that in?

我們應該假設研發或 SG&A 佔銷售額的百分比成長幾個百分點，以將其考慮在內？

The rest of the OpEx will be in line with our revenue.

其餘的營運支出將與我們的收入保持一致。

The ratio will remain the same.

該比率將保持不變。

Okay.

好的。

Thanks a lot.

多謝。

Thanks.

謝謝。

Thank you for all your questions.

感謝您提出的所有問題。

That concludes today's Q&A session.

今天的問答環節到此結束。

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

我將把事情交給聯華電子投資人關係主管做總結發言。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

We appreciate your questions.

我們感謝您的提問。

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。

Have a good day.

祝你有美好的一天。

Ladies and gentlemen, that concludes our conference for fourth quarter 2015.

女士們、先生們，我們 2015 年第四季的會議到此結束。

And thank you for your participation in UMC's conference.

並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 Investor Relations, Investors Event section.

請造訪 www.umc.com 的「投資者關係」、「投資者活動」部分。

You may now disconnect.

您現在可以斷開連線。

Goodbye.

再見。