聯華電子 (UMC) 2026 Q3 法說會逐字稿

Welcome everyone to UMC’s 2026 third-quarter earnings conference call. (Operator Instructions) Please visit our website www.umc.com under the Investors Relations Investors Events section.

歡迎各位參加聯電（UMC）2026年第三季法說會。(接線員指示) 請造訪我們的網站 www.umc.com，於投資人關係（Investors Relations）之投資人活動（Investors Events）專區。

Now, I would like to introduce Mr. Michael Lin, Head of Investor Relations at UMC. Mr. Lin, please begin.

現在，我想介紹聯電投資人關係主管 Michael Lin 先生。Lin 先生，請開始。

Thank you, and welcome to UMC’s conference call for the third-quarter of 2026. I am joined by Mr. Jason Wang, CEO of UMC; and Mr. Chi-Tung Liu, the CFO of UMC. In a moment, we will hear our CFO present the third quarter financial results, followed by our CEO’s key message to address UMC’s focus and fourth quarter 2026 guidance. Once our CEO and CFO complete their remarks, there will be a Q&A session.

謝謝，並歡迎各位參加聯電2026年第三季法說會。今天與會者包括聯電執行長王石（Jason Wang）先生，以及聯電財務長劉啟東（Chi-Tung Liu）先生。稍後將由財務長說明第三季財務結果，接著由執行長發表重點訊息，說明聯電的營運重點與2026年第四季展望指引。在執行長與財務長完成致詞後，將進行問答環節。

UMC’s quarterly financial reports are available at our website www.umc.com under the Investors Financials section. 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 the company’s control.

聯電每季財務報告可於我們網站 www.umc.com 的投資人財務資訊（Investors Financials）專區取得。在本次會議中，我們可能會基於管理階層目前的預期與信念，提出前瞻性陳述。這些前瞻性陳述受到多項風險與不確定因素影響，可能導致實際結果與陳述內容有重大差異，其中包括可能超出公司控制範圍的風險。

For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC and the ROC security authorities. During this conference, you may view our financial presentation material, which is being broadcast live through the internet.

關於上述風險與不確定因素的更詳細說明，請參閱我們近期及後續向美國證券交易委員會（SEC）及中華民國證券主管機關所提交的文件。在本次會議期間，您可透過網路即時收看我們的財務簡報資料。

Now, I would like to introduce UMC’s CFO, Mr. Chi-Tung Liu, to discuss UMC’s third quarter 2026 financial results.

現在，我想介紹聯電財務長劉啟東先生，說明聯電2026年第三季財務結果。

Thank you, Michael. I'd like to go through the third quarter '26 investor conference presentation material, which can be downloaded or view in real time from our website. Starting on page 4, the third quarter of 2026. Consolidated revenue was TWD74.24 billion, with gross margin rate of 34%, net income attributable to the shareholder of the parent was TWD16.43 billion and earnings per ordinary shares were TWD1.32. Capacity utilization rate in the third quarter reached 92% compared to 85% in the previous quarter.

謝謝你，Michael。我將帶各位瀏覽2026年第三季投資人法說簡報資料，該資料可自我們網站下載或即時線上觀看。從第4頁開始，說明2026年第三季。合併營收為新台幣742.4億元，毛利率為34%；歸屬母公司業主淨利為新台幣164.3億元；每股盈餘為新台幣1.32元。第三季產能利用率達92%，相較前一季的85%提升。

And overall, EPS for the quarter was TWD1.32 to TWD1.20. And on page 5, revenue grew 8% sequentially to reach TWD74.2 billion. As we stated earlier, gross margin rate also improved from 32.5% in the previous quarter to 34% in this quarter for TWD25.2 billion, and EPS per US ADS is USD0.206.

整體而言，本季每股盈餘為新台幣1.32元，相較前一季的新台幣1.20元。第5頁顯示，營收季增8%，達新台幣742億元。如先前所述，毛利率亦由前一季的32.5%提升至本季的34%，毛利為新台幣252億元；每股美國存託憑證（ADS）盈餘為美元0.206元。

For the year-over-year comparison on page 6, revenue grew 16.1% to TWD204 billion and gross profit also grew 30.8% year-over-year to TWD65.3 billion or 32% of the gross margin rate.

第6頁為年對年比較，營收年增16.1%至新台幣2,040億元；毛利亦年增30.8%至新台幣653億元，毛利率為32%。

With the help of the nonoperating income overall, net income attributable to the shareholder of the parent grew 136.5% year-over-year to reach TWD74.86 billion for the first nine months of the year. EPS for the first three quarters reached $6 in NT dollar terms, USD0.945 per ADS in US terms.

在整體業外收入的挹注下，累計前三季歸屬母公司業主淨利年增136.5%，達新台幣748.6億元。前三季每股盈餘以新台幣計為6元；以美國市場口徑計，每股ADS為美元0.945元。

On page 7, our balance sheet at the end of third quarter total equity is TWD470 billion with cash account for about TWD142 billion on the September 30. For EPS, sorry, for blended ASP in the third quarter was relatively stable, remain firm compared to the previous quarter on page 8. For revenue breakdown on page 9, there are very little change for quarter two compared to quarter three of 2026 for revenue breakdown by geography.

第7頁顯示，截至第三季末資產負債表，股東權益總額為新台幣4,700億元；截至9月30日，現金約為新台幣1,420億元。至於第三季的綜合平均售價（blended ASP）相對穩定，與前一季相比維持穩健，詳見第8頁。第9頁的營收地區別分布顯示，2026年第二季與第三季之間變化不大。

On page 10, our revenue breakdown by customers have also remain virtually unchanged for IDM with about 14% of the total revenue and fabless account for the others. For revenue breakdown by application consumers stay unchanged at around 32% when communication and computer also stayed quarter-over-quarter unchanged.

第10頁顯示，客戶別營收分布亦幾乎沒有變化，IDM約占總營收14%，其餘主要由無晶圓廠（fabless）客戶貢獻。應用別營收分布方面，消費性維持約32%不變，通訊與電腦相關亦呈現季對季持平。

On page 12, our 22 and 28 nanometer revenue still account for more than one-third, bridge about 35% of the total pie chart and 40 nanometer is around 15% and 65 nanometers about 19%. Our quarterly capacity continued to increase slightly, mainly coming from our 12i facility in Singapore -- and for quarter four of 2026, we expect the capacity for overall UMC reached about 1.33 12 inch equivalent -- 1.33 million for 12 inch equivalent capacity by Q4 2026.

第12頁顯示，22與28奈米營收仍占比超過三分之一，約占整體圓餅圖的35%；40奈米約15%，65奈米約19%。我們的季度產能持續小幅增加，主要來自新加坡12i廠；展望2026年第四季，我們預期聯電整體產能將達約133萬片12吋約當產能（12-inch equivalent），於2026年第四季達到約133萬片。

And capacity compared to the last quarter's estimate still remain the around USD2 billion. So the above is the summary of UMC results for third quarter of 2026. More details are available in the report, which has been posted on our website.

而產能相關資本支出相較上一季的估計仍維持約20億美元左右。以上為聯電2026年第三季營運結果摘要。更多細節請參閱已公布於我們網站的報告。

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

接下來我將把電話會議交給聯電執行長王石先生。

Thank you, Chi-Tung. Good evening, everyone. Here, I would like to share UMC's third quarter results. In the third quarter, we saw a healthy demand across all market segments, driving a 7.2% growth in wafer shipments to more than 1.2 million 12-inch equivalent wafers, a record high. Our overall fab utilization rate reached 92% with several of our 12-inch fab operating at capacity while 8-inch operations also saw a strong recovery.

謝謝你，啟東。各位晚安。在此我想分享聯電第三季的營運成果。第三季我們看到各市場區隔需求健康，帶動晶圓出貨量成長7.2%，超過120萬片12吋約當晶圓，創下歷史新高。整體晶圓廠產能利用率達92%，其中多座12吋廠滿載運轉，而8吋產線亦呈現強勁復甦。

By technology nodes, our 22, 28-nanometer business had another record-breaking quarter. With 22-nanometer revenue now accounting for 18.3% of wafer sales as the customer continue to take out new products, including display drivers automotive radar and Wi-Fi ICs.

以製程節點來看，我們的22、28奈米業務再度創下破紀錄的一季。目前22奈米營收占晶圓銷售比重已達18.3%，隨著客戶持續導入新產品，包括顯示驅動IC、車用雷達以及Wi‑Fi IC等。

In new business area, active customer engagements for even packaging and silicon photonics remain robust. We expect this engagement to translate into accretive growth over the coming quarters as we ran existing projects and support new product tape-outs.

在新業務領域方面，先進封裝與矽光子（silicon photonics）的客戶合作與洽談仍相當熱絡。我們預期，隨著既有專案持續推進並支援新產品tape-out，這些合作將在未來幾季轉化為具增益的成長動能。

Looking ahead to the fourth quarter. we expect the positive demand momentum to sustain, supporting stable shipments and utilization rate. Revenue from our specialty technology portfolio will continue to grow sequentially driven in part by the ramp-up of our evidence packaging and Telecom Photonics businesses. We have seen a significant increase in demand for this new business areas and we are in the process of converting some decision capacity to address near-term unfulfilled demand.

展望第四季，我們預期正向的需求動能可望延續，支撐出貨量與產能利用率維持穩定。在部分來自先進封裝與電信光子（Telecom Photonics）業務放量的帶動下，我們的特殊製程技術組合（specialty technology portfolio）營收將持續季增成長。我們已看到這些新業務領域的需求顯著增加，目前正著手將部分既有產能轉換，以因應短期內尚未被滿足的需求。

In the longer run, our due track expansion plant in Singapore and Thailand will be crucial to ensure UMC's capacity growth and keep pace with our customers' needs. We are pleased to announce our Board of Directors today approved an additional capital expenditure budget of approximately USD3.2 billion, which will enable us to accelerate our expansion schedule as we continue to align with customers on their product roadmap and requirements.

從較長期來看，我們在新加坡與泰國按計畫推進的產能擴建將是確保聯電（UMC）產能成長、並跟上客戶需求的關鍵。我們很高興宣布，董事會今日核准新增約32億美元的資本支出預算，這將使我們得以加速擴產時程，並在持續與客戶就其產品路線圖與需求對齊的同時，推進相關規劃。

Now let's move on to fourth quarter 2026 guidance. Our Wafer shipment will increase by low single digits. ASP in US dollar will remain first. Gross margin will be comparable to the preceding quarter. Capacity utilization rate will be in the low 90% range. Our 2026 cash-based CapEx budget will be $2 billion.

接下來我們進入2026年第四季展望。晶圓出貨量將以低個位數成長。以美元計價的ASP將維持在第一。毛利率將與前一季相當。產能利用率將落在90%出頭的區間。我們2026年以現金基礎計算的資本支出預算為20億美元。

That concludes my comments. Thank you all for your attention. Now we are ready for questions.

以上是我的說明。感謝各位的聆聽。現在我們準備開始問答。

(Operator Instructions)

（接線員指示）

Sunny Lin, UBS.

Sunny Lin，瑞銀（UBS）。

Thank you very much for taking my questions. Several questions from my side. Number one, now that UMC will finish 2026 on a high note, any early view for 2027, based on current visibility?

非常感謝讓我提問。我這邊有幾個問題。第一，既然聯電將在2026年以強勁表現作收，基於目前能見度，對2027年是否有任何初步看法？

Yes. For 2027 early view, we expect the growth momentum established in 2026 will continue into the next year, supported by the healthy demand across our core business and growing opportunity in differentiated technology and high-value applications. If we look at this in 2026, we having driven primarily by high wafer shipments in growing utilization and customer share gains.

是的。就2027年的初步看法而言，我們預期2026年建立的成長動能將延續到明年，主要受惠於核心業務的健康需求，以及差異化技術與高價值應用帶來的成長機會。若回頭看2026年，成長主要由晶圓出貨量提升所帶動，並伴隨利用率上升與客戶市占提升。

Looking ahead to 2027, we expect further growth with utilization already above 90% and several technologies operating at our near pool capacity, our shipment growth will increasingly be constrained by available manufacturing capacity -- so as remain a key growth -- AI remains to a key growth driver, creating demand across power management, FPGA and connectivity application.

展望2027年，我們預期仍將進一步成長；目前利用率已超過90%，且多項技術的產能運作接近滿載，我們的出貨成長將愈來愈受到可用製造產能的限制——因此（產能）仍將是關鍵成長因素——AI仍是主要成長驅動力，帶動電源管理、FPGA與連線應用等領域的需求。

Meanwhile, the silicon photonics and advanced packaging are emerging as a new growth engine for UMC addressing the next-generation optics connectivity, power delivery and memory bandwidth requirement for infrastructure.

同時，矽光子與先進封裝正逐步成為聯電新的成長引擎，用以因應下一代光學連結、電力傳輸以及基礎設施所需的記憶體頻寬需求。

So beyond AI, we continue to see opportunity from customer market share gains and increasing fund share across premier smartphone, automotive, in veg and other specialty applications despite uneven recovery in some end markets with customer demand in selected technology already exceeding our available capacity, we see opportunity to capture greater value from our existing manufacturing footprint to improve pricing and richer product or technology mix in 2027 and along by continued shipment growth.

因此，除了AI之外，儘管部分終端市場復甦不均，我們仍持續看到來自客戶市占提升，以及在旗艦智慧型手機、車用、工業與其他特殊應用中提高份額的機會。由於部分技術節點的客戶需求已超過我們可用產能，我們看到在2027年有機會透過既有製造佈局捕捉更高價值，改善定價並提升產品或技術組合，同時帶動出貨持續成長。

So while 2026 growth was driven primarily by volume and utilization, we expect 2027 to become increasing value-driven with higher value per wafer and differentiated technology and contributing more to UMC revenue growth and long-term earnings potential.

因此，若2026年的成長主要由出貨量與利用率驅動，我們預期2027年將愈來愈轉為價值驅動：單片晶圓價值更高、差異化技術的貢獻提升，進而推動聯電營收成長與長期獲利潛力。

Thank you very much. Very helpful and encouraging. And so on the pricing side, how should we think about the ASP environment for UMC, especially going to 2027. How are the negotiations with key clients progressing for coming few quarters?

非常感謝。很有幫助，也令人鼓舞。接著在價格方面，我們應該如何看待聯電的ASP環境，特別是展望2027年？與主要客戶就未來幾季的談判進展如何？

Well, I mean we are engaging with customers right now for our 2027 pricing, and we've seen a significant shift in pricing environment heading into 2027. And supported by strengthening the customer demand and increasing high capacity in selected technologies. We see clear opportunity for pricing improvement across both our 8 inch and 12 inch business while maintaining our disciplined and value-based pricing approach. Importantly, we expect 2027 to mark a turning point in our blended as feature treasury.

我們目前正與客戶洽談2027年的價格，並且看到進入2027年時，定價環境出現顯著轉變。在客戶需求轉強、以及部分技術產能趨緊的支撐下，我們看到8吋與12吋業務在維持一貫紀律、以價值為基礎的定價策略下，皆有明確的價格改善機會。重要的是，我們預期2027年將成為我們整體（混合）ASP走勢的轉折點。

Moving from an environment of ASP erosion for to a meaningful positive uplift beginning in the first quarter. While we anticipate a branded ASP increase year-over-year. This is more than an incremental pricing improvement. It reflects both a more constructive pricing environment and our increasing ability to capture value through a richer product and technology mix.

將從ASP下滑的環境，轉為自第一季開始出現具意義的正向上調。雖然我們預期整體（混合）ASP將呈現年增，但這不只是小幅的價格改善。這反映出更具建設性的定價環境，以及我們透過更豐富的產品與技術組合來捕捉價值的能力正在提升。

Our record high 22-nanometer revenue contribution and continuous special technology momentum also provides a strong foundation while silicon photonics and advanced packaging creates additional higher value growth opportunity as they scale.

我們22奈米營收貢獻創新高，以及特殊製程技術動能持續，也提供了強勁基礎；同時，矽光子與先進封裝在規模化後，將帶來額外的高價值成長機會。

Also, maybe a quick follow-up. So you mentioned 10% year-over-year improvement. Is that initial view for your bone improvement going to Q1?

另外，快速追問一下。您提到年增10%的改善。這是您對於（ASP）改善在第一季的初步看法嗎？

No, that will be on a year-over-year basis.

不是，那是以年對年來看。

So 10% would be your target through 2027, not just for Q1.

所以10%會是您在2027年全年的目標，而不只是第一季。

As of a year-over-year as a 2026 year compared to 2027 year-over-year, yes.

是的，以年對年來看，也就是2026年相較於2027年的年增幅，是的。

And we will provide Q1 ASP guidance for the next quarter's earnings call.

至於第一季ASP指引，我們會在下一次法說會提供。

Got it. And then maybe on the CapEx. You just mentioned an additional $3 billion budget on top of the $5 billion budget announced a quarter ago, and so now, could you share a bit more color on how that translates into capacity expansion in the coming few years? And then on silicon photonics advanced packaging, how are you seeing the market demand overall in coming years? .

了解。接著可能想問資本支出（CapEx）。您剛提到在一季前宣布的50億美元預算之上，再追加約30億美元預算；那麼可否再多分享一些，這在未來幾年將如何轉化為產能擴充？另外在矽光子與先進封裝方面，您如何看待未來幾年的整體市場需求？.

I mean we are accelerating selective investment because of several of our new growth businesses are moving from technology development into commercial execution which faster than our original capacity road map anticipated. We are seeing three things happen at the same time. The market is expanding as the AI infrastructure drives higher requirement for bandwidth, power delivery, memory performance and system integration.

我們正在加速部分選擇性的投資，因為我們幾項新的成長業務正從技術開發階段進入商業化執行，其速度快於我們原先的產能路線圖預期。我們同時看到三件事正在發生。在AI基礎設施帶動下，市場正在擴大，對頻寬、電力傳輸、記憶體效能與系統整合的需求提高。

Our customer engagement are also progressing from gratification into production rents and capacity planning. And at the same time, our solution road map is moving forward with the product already in mass production and traditional products competing tape-outs, customer validation and new generation of products already under development.

我們與客戶的互動也正從概念驗證推進到量產導入與產能規劃。同時，我們的解決方案路線圖也在向前推進：產品已進入量產，傳統產品也在進行競爭性投片（tape-out）、客戶驗證，且新一代產品已在開發中。

And our focus now is shipping from whether this opportunity will materialize to how quickly can we expand capacity to meet the customer demand. Under our current expansion road map, we are targeting monthly capacity of approximately 18K wafer for silicon photonic, 22K or DTC and silicon capacitor and 20,000 for TFLN modulators.

我們目前的重點已從「這個機會是否會實現」轉為「我們能多快擴充產能以滿足客戶需求」。依照目前的擴產路線圖，我們目標月產能約為：矽光子18K片晶圓、DTC與矽電容22K片晶圓，以及TFLN調變器20,000片晶圓。

This next phase of the capacity will start its ramp in late 2028 and reach its plan of scale by 2030. This is not -- while this is not a broad-based capacity expansion, we are directing our capital to our customer-backed growth opportunity that will fill next phase of growth. So that will give you a bit of why we are accelerating and milestone that we plan to hold to CapEx.

這一階段的產能將於2028年下半年開始爬坡，並在2030年達到規劃的量產規模。這並不是——雖然這不是全面性的產能擴張，但我們正將資本導向由客戶需求支撐的成長機會，以支撐下一階段的成長。以上也說明了我們為何加速投資，以及我們在資本支出上計畫達成的里程碑。

For your question, in silicon photonics, our data indicate that our PIC technology outperform peers in key parameters such as propagation loss, supported by our manufacturing high production yield now. Our 12-inch PIC platform already support a 1.6T optical application, while our 8-inch TFLN platform has completed 1.6T system validation with an industry-leading yield.

針對您的問題，在矽光子方面，我們的數據顯示，我們的 PIC 技術在傳播損耗等關鍵參數上優於同業，並且目前也有我們製造端的高量產良率作為支撐。我們的 12 吋 PIC 平台已可支援 1.6T 光學應用，而我們的 8 吋 TFLN 平台已完成 1.6T 系統驗證，且良率達到業界領先水準。

Building on this achievement, our roadmap extend toward 300G per lane, and ultimately 400G per lane solution for next generation 3.2T applications, supported by hybrid bonding, TSV, and chip-to-wafer integrations. For the advanced packaging, we are making progress in two key solution areas. DTC for power delivery and customized memory stacking. Our discrete DTC solution for mobile will enter mass production this quarter. For AI and server application, our substrate embedded DTC solution has completed tape-out and functional verified.

在此成果基礎上，我們的技術路線圖將延伸至每通道 300G，並最終達到每通道 400G 的解決方案，以支援下一代 3.2T 應用，並由混合鍵合（hybrid bonding）、TSV 與晶片到晶圓（chip-to-wafer）整合等技術支撐。在先進封裝方面，我們在兩個關鍵解決方案領域取得進展。DTC 用於電力傳輸，以及客製化記憶體堆疊。我們用於行動裝置的離散式 DTC 解決方案將於本季進入量產。針對 AI 與伺服器應用，我們的基板內嵌式 DTC 解決方案已完成 tape-out 並通過功能驗證。

With our customized memory stacking solution has passed initial customer verification to address the growing bandwidth requirement of AI inference. All those achievements that demonstrate UMC’s ability to translate technology innovation into the commercial execution now.

我們的客製化記憶體堆疊解決方案已通過客戶初步驗證，以因應 AI 推論對頻寬日益成長的需求。上述成果展現了聯電將技術創新轉化為商業化落地執行的能力。

By combining the device performance, manufacturing expertise, and close customer cooperation, we are expanding our role in next generation AI infrastructure, helping the customer to address the three critical requirements, including faster optical connectivity, more efficient power delivery, and high memory bandwidth. So, that’s why we believe that we are in a great position to capture those opportunities.

透過結合元件效能、製造專業能力以及與客戶的緊密合作，我們正在擴大在下一代 AI 基礎設施中的角色，協助客戶滿足三項關鍵需求，包括更快的光學連結、更高效率的電力傳輸，以及更高的記憶體頻寬。因此，我們相信我們具備很好的條件來掌握這些機會。

So, it does sound like your capabilities are pretty competitive. But then for both Silicon photonics and also advanced packaging say, for DTC or silicon competitors, some of your peers are also building more supply. And so should we be concerned about maybe potential overview, say, if AI demand slow down at one point? How should we think about the overview risk? .

聽起來你們的能力確實相當有競爭力。但在矽光子以及先進封裝（例如 DTC 或矽相關競爭）方面，你們的一些同業也在擴增供給。因此，如果 AI 需求在某個時間點放緩，我們是否需要擔心潛在的供給過剩？我們應該如何看待供給過剩的風險？.

Well, we look at this on two fold, right? One is the demand side. Well, first, we are seeing a very strong demand driven by the AI-related application for silicon photonics and advanced packaging. In silicon photonics, we have been working with a leading customer. We recently achieved significant milestone with as a multiple hyperscaler have qualified our 1.6T optical transceiver platform. Our 12-inch PIC platform support the 1.6T application, and the 8-inch TFLN completed 1.6T validation and already demonstrated manufacturing yield, with the roadmap that is going to the next generation. With all this, the end of advanced packaging, our discrete solution, like you said, and our first interposer with discrete DTC solution and for the AI and server application has completed tape-out with a key customer. And the focus of the customer discussion already moved to that, from validation to customer demand planning.

我們從兩個面向來看，對吧？一個是需求端。首先，我們看到由 AI 相關應用所帶動的矽光子與先進封裝需求非常強勁。在矽光子方面，我們一直與一位領先客戶合作。我們近期達成重要里程碑：多家 hyperscaler 已完成對我們 1.6T 光收發器平台的資格認證（qualified）。我們的 12 吋 PIC 平台支援 1.6T 應用，而 8 吋 TFLN 已完成 1.6T 驗證並已展現製造良率，且路線圖正邁向下一代。在先進封裝方面，我們的離散式解決方案如您所提，以及我們第一個搭配離散式 DTC 的中介層（interposer）解決方案，針對 AI 與伺服器應用已與關鍵客戶完成 tape-out。而客戶討論的重點也已從驗證轉向客戶需求規劃。

Our current expansion plan are tied to those customer commitments, in terms of demand. How about the oversupply? Based on what we see today, we do not believe we are building ahead of the market. Demand for silicon photonics and related AI infrastructure are growing faster than qualified capacity is being add up. And we continue to monitor our peers expansion and timing of the new industry supply closely too.

我們目前的擴產計畫是與這些客戶在需求面的承諾相連結。那供給過剩呢？就我們目前所見，我們不認為我們是在市場之前超前建置。矽光子及相關 AI 基礎設施的需求成長速度，快於已通過認證的產能新增速度。我們也會持續密切關注同業的擴產與新增供給的時程。

Overcapacity is an industry question, not just a UMC question. We look at how quickly end demand is growing relative to the capacity being added by overall industry. Based on the customer demand and industry capacity plan we see today, we believe the market can support the expansion we are planning. Meanwhile, UMC has been building the capacity in phases to mitigate risks. At the same time, we remain cautious and disciplined in how we add capacity.

產能過剩是整個產業的問題，不只是聯電的問題。我們會觀察終端需求成長速度，相對於整體產業新增產能的速度。根據我們目前看到的客戶需求與產業產能規劃，我們相信市場可以支撐我們所規劃的擴產。同時，聯電也採取分階段建置產能，以降低風險。此外，我們在新增產能方面仍保持審慎與紀律。

Most importantly, our capacity expansion is guided by customer commitment, like I said earlier, and tied with the customer product roadmap, production ramp, and capacity requirement. Even with all this expansion, we expect customer demand to exceed our planned capacity according to the customer, underscoring the strength of the commercial opportunity ahead, and our decision to accelerate the selective investment.

最重要的是，我們的擴產是以客戶承諾為指引，如我先前所說，並與客戶的產品路線圖、量產爬坡（production ramp）以及產能需求相連結。即使在這些擴產之下，根據客戶的說法，我們預期客戶需求仍將超過我們規劃的產能，這凸顯了未來商業機會的強勁，也支持我們加速選擇性投資的決策。

Got it. Sounds good. Sorry, last question, if I may was to recall a quarter ago, you quantified the related sales to be about USD300 million for 2026. And you have a target to triple or more than triple to over $1 billion by 2029. And so now with the accelerated expansion for both silicon photonics and advanced packaging, how should we think about your AI revenue by 2029?

了解。聽起來不錯。抱歉，若我可以再問最後一個問題：回想大約一季前，你們量化相關銷售在 2026 年約為 3 億美元。而你們的目標是在 2029 年提升到三倍或超過三倍、達到 10 億美元以上。那麼，現在矽光子與先進封裝都加速擴產之下，我們應該如何看待你們到 2029 年的 AI 營收？

Okay. First of all, you remember. Now our AI-related business span a broad range of specialty semiconductor solution, support power management, connectivity, FPGA as well as our growing advanced packaging and silicon photonics. All these applications are becoming increasingly important contributor to our growth going forward. So we are expanding our capacity like we reported and investing in technology, manufacturing infrastructure to address all those scorings. Our AI-related revenue, it is close to $300 million in 2026. But looking at that in three years, we expect our AI exposure will probably exceed a quarter of our revenue.

好的。首先，你記得很清楚。目前我們的 AI 相關業務涵蓋廣泛的特殊半導體解決方案，支援電源管理、連結性、FPGA，以及我們持續成長的先進封裝與矽光子。所有這些應用在未來都將成為我們成長愈來愈重要的貢獻來源。因此，我們如同已揭露的那樣擴充產能，並投資於技術與製造基礎設施，以因應所有這些成長動能。我們 2026 年的 AI 相關營收接近 3 億美元。但往後看三年，我們預期 AI 相關曝險（占比）可能會超過我們營收的四分之一。

A quarter of UMC sales maybe by 2029.

到 2029 年，可能占聯電銷售額的四分之一？

Yes.

是的。

Laura Chen Citi.

花旗 Laura Chen。

Just a quick follow-up on the 10% increase on pricing, it's more like a blended ASP increasing or like-to-like increase into next year? .

針對明年定價上調 10% 的部分，我想快速追問一下：這比較像是整體（混合）ASP 的提升，還是同品項（like-to-like）的漲價延續到明年？.

Yeah. It is more an incremental pricing improvement. It reflects both the pricing environment improved and our increase captured the other products, richer product, and a different product mix. Yes.

是的。這比較偏向逐步的定價改善。它反映了定價環境的改善，以及我們在其他產品上取得的漲價成果、較高價值產品的增加，以及不同的產品組合。是的。

Okay. Got it. clear. And also, we think we have a various difference plans for AI-related applications. Can you give us more color about that? What the capacity how much the capacity we are planning for the silicon photonics, including in Taiwan and also mainly in Singapore. And, so on the TFLN, we are ahead of our peers. So just wondering, can you also give us update about the capacity buildup plan? And in maybe two years how big the capacity, so we are looking for?

好的，了解。很清楚。另外，我們也認為你們針對 AI 相關應用有多項不同的規劃。可以請你們提供更多細節嗎？例如矽光子方面，你們規劃的產能規模是多少，包括在台灣以及主要在新加坡的部分。另外，在 TFLN 方面，你們領先同業。所以也想請你們更新一下產能建置計畫。以及大概兩年後，我們應該期待的產能規模會有多大？

Given the current milestone and the facility and two schedules is we're doing order expansion in places, and we will continue updating you in terms of the progress. Meanwhile, we still working closely with our supplier offering accelerate and expedite those installations. Meanwhile, as I mentioned earlier, if I look at the overall CapEx plan and which approved by our Board, the capacity build up is approximately 18K for silicon photonics, 22K for DTC, which is silicon capacitor, and 20K for TFLN modulator. And, at this current stage, we project the initial install will happen in late 2028 and going into 2029 and reach the scale by 2030. For the location wise, we are focused on the silicon photonics in Singapore facility and the silicon capacitor in our Thailand facility, and the TFLN will be in our 8-inch operation.

鑑於目前的里程碑，以及廠區與兩個時程表，我們正在部分地點進行訂單擴產，並將持續就進度向各位更新。同時，我們仍與供應商緊密合作，推動加速並趕工這些安裝作業。另外，如我先前提到，若看整體由董事會核准的資本支出（CapEx）計畫，產能建置約為：矽光子 18K、DTC（即矽電容）22K，以及 TFLN 調變器 20K。以目前階段來看，我們預期初始安裝將在 2028 年底發生，並延續到 2029 年，於 2030 年達到規模化。就地點而言，我們將矽光子聚焦於新加坡廠、矽電容在泰國廠，而 TFLN 將在我們的 8 吋產線運作。

And just also very quickly on the -- I know probably we'll talk more next year. But I think given the high deterioration rate is already like 90% plus. And so pricing into next year is more favorable. So are we seeing that any structural gross margin upside based on current visibility?

另外也很快補充一下——我知道可能明年會再多談。但我認為，鑑於目前折舊率已經在 90% 以上。因此，明年的定價環境更有利。所以，基於目前能見度，我們是否會看到結構性毛利率上行的空間？

So certainly, the price increases likely to happen in the first quarter. So we are also seeing some headwinds from the increased raw material costs, which we need to work hard to offset the impact. So it's our view that the structural profitability remains intact. So EBITDA margin, certainly, we will see in good shape if we compare it to the previous cycle.

確實，價格上調很可能會在第一季發生。同時，我們也看到原物料成本上升帶來的一些逆風，我們需要努力抵銷其影響。我們的看法是，結構性獲利能力仍然維持不變。因此，若與上一個循環相比，EBITDA 利潤率肯定會維持在良好水準。

But due to the stronger than impacted CapEx led by stronger customer demand. So depreciation will be higher and gross margin as a result, it's unlikely to see near the previous high level. So we will maintain a disciplined spending and try to capture the megatrend of the AI growth opportunity.

但由於在更強勁的客戶需求帶動下，資本支出（CapEx）也更強、受到的影響更大。因此折舊會更高，毛利率也因此不太可能回到先前的高點。所以我們會維持紀律性的支出，並嘗試把握 AI 成長機會這一波大趨勢。

Haas Liu, Bank of America.

Haas Liu，美國銀行。

Thanks, Management Team, for taking my question. I think just starting from price hike by 10% year-on-year, you clarified it is going to be on blended basis. Would you be able to share, on a like-for-like basis, how much is it going to be hiking, and how much of the depth of the price hike is related to the cost pass-through, and how much of that is because of the tighter supply-demand landscape?

謝謝管理團隊讓我提問。我想先從年增 10% 的漲價開始，你們澄清這是以混合（blended）基礎來看。能否分享一下，若以同品項可比（like-for-like）基礎來看，實際會上調多少？另外，這次漲價幅度中，有多少是成本轉嫁（cost pass-through）所致，又有多少是因供需更趨緊所造成？

Well, first of all, if we look at on a very high level, like I said, we expect 2027 will mark a turning point. The ASP trajectory will move in from historically erosion to uplift. And so, we are talking to our customers and across the broad range of the applications. The conversation actually is more complicated. One is there are current contractual relationship, a portion of that. And secondly, a focus on different node and application and technology. So they are various. There is a mix of the pricing adjustment. Therefore, it is a lot easier to look at this from the blended basis. So, instead going to every specific area because they are quite complex in terms of the mix. Yeah.

嗯，首先，如果我們從很高層次來看，如我所說，我們預期 2027 年將成為一個轉折點。ASP 的走勢將從歷史上的侵蝕（下滑）轉為上行（提升）。因此，我們正與客戶就廣泛的應用範圍進行溝通。而這些討論其實更為複雜。其中一點是既有的合約關係，這占其中一部分。第二點則是聚焦於不同製程節點、應用與技術。所以情況很多元。定價調整也會是混合的組合。因此，以混合基礎來看會容易得多。所以我們不逐一深入到每個特定領域，因為在組合面向上相當複雜。是的。

Because the reason why I am asking this question is because your utilization has been improving by 16% from fourth quarter last year to fourth quarter this year based on your guidance, but your pricing has been relatively stable. Just wondering why your customers suddenly are deciding to accept this price hike by 10% into 2027. If in the past couple of quarters, you have been striving to improve your utilization by 16%, but the blended pricing has been relatively more stable, but now you are seeing an inflection of that. Is it because of the product mix or cost pass-through that your customers decided to share the burden with you?

我之所以問這個問題，是因為依你們的指引，你們的稼動率從去年第四季到今年第四季提升了 16%，但你們的價格相對穩定。想請教為什麼客戶會突然決定接受到 2027 年 10% 的漲價？如果過去幾季你們一直努力把稼動率提高 16%，混合價格卻相對更穩定，但現在你們看到它出現拐點。這是因為產品組合，或是成本轉嫁，讓客戶決定與你們分擔負擔嗎？

Well, both. The product mix is a part of it, and part of it is really reflecting the inflationary cost increase. As Chih-Do mentioned earlier, we are seeing some of the rising cost headwinds and also additional depreciation associated with our investment. So while we are anticipating that, the overall customer demand are increasing and increasingly tight capacity on selected technology.

嗯，兩者都有。產品組合是一部分，另一部分則確實反映通膨帶來的成本上升。如 Chih-Do 先前提到，我們看到一些成本上升的逆風，以及與我們投資相關的額外折舊。因此，在我們預期這些因素的同時，整體客戶需求也在增加，且在特定技術上產能日益吃緊。

So combination of those resulting in the conversation with the customer. And I think the customer understand the overall industry tightness in terms of capacity and also understand the rising cost. So in a variable space. That is why I think this is naturally a conversation that we will have at this current point with the customer. We usually do this on a yearly basis. So again, we started this conversation in Q3, and with the alignment going into Q4, we are at a very late stage of those conversations. So we have a fairly confidence with the guidance that we just provided.

上述因素的組合，促成了我們與客戶之間的討論。我認為客戶理解整體產業在產能方面的緊俏，也理解成本上升。所以在一個變動的環境下。這就是為什麼我認為在目前這個時間點，與客戶進行這樣的對話是很自然的。我們通常每年都會做一次。因此，我們在第三季就開始這些討論，並在第四季達成一致方向後，目前已進入這些討論的後期階段。所以我們對剛剛提供的指引相當有信心。

That is very helpful. And second question is probably just on your current expectation for the customer and market demand in 2027. Because the supply chain seems to be suggesting that the unit demand across smartphones, TVs, and PCs could be down from the unit demand perspective. And so if that negatively affect your utilization, keeping at around low 90 percentage levels instead of further hiking to close to full levels, will your customers be able to request for some price discounts or pushback on the price hike through 2027? And how would you deal with it?

這非常有幫助。第二個問題大概是關於你們目前對 2027 年客戶與市場需求的預期。因為供應鏈似乎指出，智慧型手機、電視與 PC 的出貨量需求可能會下滑。如果這對你們的稼動率造成負面影響，使其維持在 90% 出頭而非進一步提升到接近滿載，你們的客戶是否可能要求一些價格折扣，或對 2027 年的漲價提出反對？你們會如何因應？

First of all, let me explain about the utilization outlook. We are expecting the capacity utilization to remain at a very healthy level. In this year, we improved from 85% in Q2 to above 90% in the second half of 2026 already, with several of our 8-inch and 12-inch fabs operating at a full loading at this current point. And we are seeing the AI-driven upside demand, such as the power management and FPGA, which we cannot fulfill the demand today. The backlog PO is piling up. We will continue to optimize the production efficiency by debottlenecking the key steps and transferring the technology across different fabs to maximize the output. But operationally, there are minor mismatch between our demand and capacity configuration. So when you see less than 100%, that doesn’t mean the fab is not fully loaded.

首先，讓我先說明稼動率展望。我們預期產能稼動率將維持在非常健康的水準。今年我們已從第二季的 85% 提升到 2026 年下半年已超過 90%，目前我們有數座 8 吋與 12 吋晶圓廠正以滿載運轉。此外，我們也看到 AI 帶動的上行需求，例如電源管理與 FPGA，而我們目前仍無法滿足這些需求。積壓的採購訂單（PO）正在增加。我們將持續透過關鍵製程去瓶頸，以及在不同晶圓廠之間移轉技術，來最佳化生產效率並最大化產出。但在營運上，我們的需求與產能配置之間存在些微不匹配。因此當你看到低於 100% 時，並不代表晶圓廠沒有滿載。

It’s really more of the mismatch between the demand and capacity configuration. And so we are working diligently to address this capacity configuration mismatch. We are upgrading our manufacturing capability to support our long-term product mix optimization as well. For instance, we are converting one of our 8-inch fabs to expanding TFLN capacity. While we converting that, the loading will be lower.

這其實更像是需求與產能配置之間的不匹配。因此我們正積極努力解決這個產能配置不匹配的問題。我們也在升級製造能力，以支援我們長期的產品組合最佳化。例如，我們正在把其中一座 8 吋晶圓廠轉換，用於擴充 TFLN 產能。在轉換期間，稼動率會比較低。

But doesn’t mean that the facility is not being occupied and worked on. While we’re strengthening our silicon photonics role and positioning UMC’s future growth, all those are critical for our future growth. We are managing that through this activity. That said, the 90% some, it doesn’t translate to a vacancy in terms of capacity. It’s more of a mismatch situation.

但這不代表該設施沒有被使用或沒有在進行作業。在我們強化矽光子角色並為聯電未來成長定位的同時，這些都是我們未來成長的關鍵。我們透過這些活動來進行管理。也就是說，所謂 90% 左右，並不等同於產能出現空置。它更像是一種不匹配的情況。

Okay. Yeah. Just a quick question before jumping back to the queue is, it is very encouraging to see that you approved additional CapEx to support your new businesses, including silicon photonics, TFLN, and silicon capacitor. But, would you be able to provide the timeframe on your spending through the next few years? Because last time you guided 2027 CapEx could be up to like $3 billion. But now, with the incremental CapEx, would you be able to just provide an update on that?

好的。是的。在回到提問隊列之前我想快速問一下：看到你們核准額外資本支出以支持新業務（包括矽光子、TFLN 與矽電容）非常令人鼓舞。不過，你們能否提供未來幾年支出的時間表？因為上次你們指引 2027 年資本支出可能高達約 30 億美元。但現在加上增量資本支出後，能否更新一下？

And relatedly is, how should we think about the economies of scale of your new businesses, including TFLN, silicon capacitor, as well as silicon photonics, that by 2029, when these capacities start to ramp to a certain scale, would those business be, the gross margins for those business, would they be comparable to the corporate average or still going to be below because of the higher depreciation burden? Thanks.

另外相關的是：我們應該如何看待你們新業務（包括 TFLN、矽電容以及矽光子）的規模經濟？到 2029 年，當這些產能開始爬升到一定規模時，這些業務的毛利率是否會接近公司平均水準，還是因為折舊負擔較高而仍會低於平均？謝謝。

Well, first of all, we can provide you the updated when the update is more clear to us. Like you know, we have Board’s approval, and now we are closely working with the supplier to make sure that we can accelerate and expedite the schedule. So, once those information are concluded, we will be able to give you more concrete outlook in terms of milestone.

首先，等到我們這邊的更新更明確時，我們就能提供你最新資訊。如你所知，我們已取得董事會核准，現在正與供應商密切合作，確保能加速並趕工時程。因此，一旦相關資訊定案，我們就能就里程碑提供更具體的展望。

Meanwhile, we are phasing in these different tech capacity in a different timeframe. But since we are still in motion of that association, we are probably not at the right time to provide you that. But on a high level, we feel very comfortable with all those demand, and only things we worry about now is we can really get them fast enough to our facility.

同時，我們會在不同時間點分階段導入這些不同技術的產能。但由於目前仍在推進相關安排，我們可能還不是提供你細節的合適時點。不過從高層次來看，我們對這些需求都很有信心；目前唯一擔心的是，我們能否足夠快地把設備導入到廠內。

So let us work on that, and when going into Q1 next year, we should give you a more clear picture with the next phase. Now, in terms of each of the economics scale and the benefits to our business. The silicon photonics will ramp in 2027, while the advanced packaging in 2028 because of facility reason. I think all those will be accretive to our current model because right now they are above our current corporate average. They are higher than our corporate average compared to existing solutions.

所以讓我們先把這部分做好；等到明年第一季，我們應該能就下一階段給你更清楚的圖像。至於各項業務的規模經濟與對我們業務的效益：矽光子將在 2027 年放量，而先進封裝因為廠房因素會在 2028 年放量。我認為這些都會對我們現有模型帶來正向貢獻，因為就目前來看，它們的水準高於我們目前的公司平均。相較於既有解決方案，它們的表現高於公司平均。

So by the time these new business start to run in 2028, 2029, those business should be carrying higher than corporate average margins even with higher depreciation.

因此，等到這些新業務在 2028、2029 年開始運轉時，即使折舊較高，這些業務的利潤率也應該會高於公司平均。

That is what we have modeled right now at this point, yeah.

這是我們目前在這個時間點所建立的模型結果，是的。

Under the same circumstance for the same ramp, if you compare it to, say previously 22/28 nanometer, of course, the curve looks better.

在相同情況、相同爬坡條件下，如果你拿來跟先前例如 22/28 奈米相比，當然曲線看起來會更好。

(Operator Instructions) Charlie Chan, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Charlie Chan。

Thank you. Hi, Jason, Chih-Tung Liu. Again, congratulations for a very strong execution result. So my first question is probably to Jason that, I had previously asked you about some concern about the non-AI part of demand offsetting the AI side, right? But realistically, do you see any kind of cuts recently from non-AI segments, and do you have the preliminary assumption for next year’s PC, smartphone segment demand and your observation on those end markets and inventory? Thank you.

謝謝。嗨，Jason、Chih-Tung Liu。再次恭喜你們執行成果非常強勁。我第一個問題可能是問 Jason：我之前曾問過你，擔心非 AI 的需求會抵銷 AI 端的成長，對吧？但就現實而言，你最近是否看到非 AI 相關領域有任何砍單？以及你們對明年 PC、智慧型手機需求的初步假設是什麼？你們對這些終端市場與庫存的觀察如何？謝謝。

Well, right now we expect a positive demand momentum to sustain from 2026 into 2027, Q4 in 2027. So, on a high level, we are seeing the momentum will continue to sustain. And obviously, AI remains the key growth driver. So there is no worry on the AI side. Beyond AI, we continue to see opportunity from customer market share again as well, and increase the foundry share. That is for UMC, because we primarily serving the premier smartphone and automotive and industrial space, and we see healthy automotive industry recovery at this point.

目前我們預期正向的需求動能可從 2026 年延續到 2027 年，直到 2027 年第四季。所以從高層次來看，我們看到這股動能會持續。而且很明顯，AI 仍是主要成長驅動力。因此 AI 端沒有疑慮。在 AI 之外，我們也持續看到來自客戶市占提升的機會，以及晶圓代工市占的提升。這對聯電而言是如此，因為我們主要服務高階智慧型手機以及車用與工業領域，而我們目前也看到車用產業正健康復甦。

So I think we have less concern for automotive industry. However, on the smartphone, since we have less exposure in the mid and low-end smartphone, we think we have a less exposure in that space. While we do project the market outlook in that space is weaker than the others.

所以我認為我們對車用產業的擔憂比較少。不過在智慧型手機方面，由於我們在中低階手機的曝險較小，我們認為在那個領域的曝險也較低。但我們確實預期該領域的市場展望會比其他領域更弱。

Meanwhile, in near term, we also see some decline in computers because we see a soft demand in the computer AI, LCD controller, DDI, and Wi-Fi space. So, while the communication and automotive industrial and AI remains, not AI, the communication, the automotive industrial remains robust, we do see some weakness show up in the PC space. Yeah.

同時在短期內，我們也看到電腦相關有些下滑，因為我們看到電腦端 AI、LCD 控制器、DDI 與 Wi‑Fi 領域需求偏軟。因此，雖然通訊以及車用、工業（以及 AI——不是 AI，我是說通訊與車用、工業）仍然強勁，我們確實看到 PC 領域出現一些疲弱。是的。

Got it. So those kind of warnings are all being considered. Yeah. Thank you. I am sorry, but I hope to clarify a little bit about blended ASP of 10% because I show you the 8-inch 12-inch, blended ASP and 12-inch mix increase will bring up a lot of blended ASP, right? But I want to make sure, are you 8-inch that you have a different product line that typical -

了解。所以這些警訊你們都有納入考量。是的，謝謝。不好意思，我想再釐清一下關於綜合 ASP 上升 10%：因為我看你們 8 吋、12 吋的綜合 ASP，而 12 吋占比提高會把綜合 ASP 拉高很多，對吧？但我想確認的是，你們的 8 吋是否有不同於一般的產品線——

I am sorry --

不好意思——

-- Can you break down a little bit?

——你能否再拆解說明一下？

Okay. Blended ASP increased by 10%. Is that the 12-inch plus 8-inch blended ASP or a different product mix? You are referring to the 8-inch to be up 10%.

好的。綜合 ASP 上升 10%。這是指 12 吋加 8 吋的綜合 ASP，還是不同的產品組合？你指的是 8 吋上升 10% 嗎？

It is a company-wide, blended ASP as we reported. Although we did not disclose the number, but we do have an annual number for 2026. The 10% we are referring is for the whole company on the whole year, 2027. It is going to be about 10% year-over-year increase, including like for like price increase as well as the richer product mix.

如同我們所揭露的，這是全公司層級、混合後的ASP（平均銷售單價）。雖然我們沒有公布具體數字，但我們確實有2026年的年度數字。我們所提到的10%是指全公司在2027年全年的表現。預計將約有10%的年增幅，包含同品項（like-for-like）的價格上調以及更高階的產品組合。

Okay. -- But you do not want to further break it down to, for example, if you remove the 12-inch mix change, what would be kind of like look to like ASP increase? Would you, able to comment on that front?

了解。-- 但你們不想再進一步拆解，例如如果把12吋產品組合變化拿掉，類似同品項的ASP增幅大概會是什麼樣子？你們能否就這方面評論一下？

It is a very complicated process, and some of the technology are totally different for different products. So it is very difficult to give you a generalized idea. But the 10% is probably the best indication for now.

這是一個非常複雜的過程，而且不同產品所使用的技術也完全不同。因此很難給你一個概括性的看法。但就目前而言，10%大概是最好的指標。

Got it. Thanks. Last one is probably a kind of a very open question. Because we kind of think AI demand strength is no-brainer, right? I think Jason talked about we are not worried about AI demand. But the recent capital paid about AI processor demand, no matter year cloud financing, there is AR issue, right? So I'm not sure how visible is kind of UMC and this real kind of AI demand, especially for your product, if you have exposed to. How can you be sure is that still under supply? Just a kind of open question because capital market is a reaction, since do not believe that the AI demand will be so sustainable into next year.

了解。謝謝。最後一題可能是一個比較開放式的問題。因為我們認為AI需求強勁是毋庸置疑的，對吧？我想Jason也提到我們不擔心AI需求。但近期資本市場對AI處理器需求有所疑慮，不管是雲端融資的年度狀況，還有AR（應收帳款）問題，對吧？所以我不確定UMC對於這種真正的AI需求可見度有多高，尤其是對你們有曝險的產品而言。你們如何能確定目前仍然是供不應求？這只是個開放式問題，因為資本市場的反應是：不相信AI需求能在明年仍如此具可持續性。

I mean, the AI demand is not in general AI demand. So, when we talk about what we are serving, really in a selected technology and focus, for instance, on the optical space, I think the ramp-up just starting. So it could be a replacement mode. So to us, I think the silicon photonics is really a new space that we are entering, and as well as the industry is entering into. The PIC platform that we are offering, the TFLN, is all associated with that.

我的意思是，AI需求並不是泛指所有AI需求。所以，當我們談到我們所服務的內容時，實際上是在特定技術與重點領域，例如在光學領域，我認為放量才剛開始。因此它可能是一種替換（replacement）模式。對我們而言，我認為矽光子（silicon photonics）確實是一個我們正在進入的新領域，同時整個產業也正在進入。我們所提供的PIC平台、TFLN，都與此相關。

While the industry is moving from the 1.6T, moving into 1.6T, and for the future 3.2T, we actually think this demands will be continuing robust. The advanced packaging is really a solution that we talk about the DTC, deep trench capacitor solution. A capacity solution, right? And they are more of a device that can be implemented in multiple different areas. The power integration, all those power will continue driving the industry going forward. So I think with all those solutions, I think the market will be continuous. The demand will continue to be robust. Yeah.

當產業從1.6T邁向1.6T，並在未來走向3.2T時，我們其實認為這些需求將會持續強勁。先進封裝方面，我們談到的其實是一種解決方案，也就是DTC（deep trench capacitor，深溝槽電容）解決方案。一種容量（capacitance）解決方案，對吧？而且它更像是一種元件，可在多個不同領域中導入。電源整合，以及所有這些電源相關需求，未來都會持續推動產業前進。所以我認為有了這些解決方案，市場會是持續性的。需求也會持續強勁。是的。

Got you. So even, like AI processor slow down, there is a kind of a package migration, like 1.6T to 3.2T, et cetera. Those will continue. So you are not that worried about sort of overall AI demand expansion pace.

了解。所以即使AI處理器放緩，仍會有封裝的遷移，例如從1.6T到3.2T等等。這些都會持續。所以你們不太擔心整體AI需求擴張的速度。

Because if you just look at it, truly what drives that demand is the compute and also power and -- the speed, right? So really, I mean, the optical speed requirement and the power integration requirement is more of a forward-looking type of applications. We’re not talking about the AI demand in general. We’re talking about technology migration to support the future growth -- and meeting the system requirement.

因為如果你仔細看，真正驅動該需求的是運算能力，以及功耗和——速度，對吧？所以其實，光學速度的要求與電源整合的要求，更偏向前瞻型的應用。我們談的不是一般性的AI需求。我們談的是為了支援未來成長的技術遷移——以及滿足系統需求。

Understood. Very clear. Thank you. Yeah, I also agree that, DTC, the big change capacity is a very important notion trend. Thank you, Jason. Thank you, Chih-Gang. That’s super helpful. Thanks

明白。非常清楚。謝謝。是的，我也同意，DTC、這個大幅提升電容量的變化是一個非常重要的趨勢概念。謝謝你，Jason。謝謝你，Chih-Gang。這非常有幫助。謝謝

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通（JPMorgan）。

Hi. Thanks, Jason and Chih-Tung Liu, for taking my questions. First of all, just want to clarify, Jason, you mentioned long-term AI revenues can be 25%. Was it 25% of current revenue, roughly $9 billion, or you think it will grow to 25% of revenues, in 2030, which probably a much bigger number? Just wanted to clarify that.

嗨。謝謝Jason和Chih-Tung Liu回答我的問題。首先想確認一下，Jason，你提到長期AI營收可以達到25%。這是指約當於目前營收（約90億美元）的25%，還是你認為到2030年會成長到營收的25%（那可能會是更大的數字）？只是想釐清一下。

I’m referring to the revenue in next three years, the three years from today. Yeah.

我指的是未來三年的營收，也就是從今天起算的三年。是的。

Okay. So in three years it can be 25% of total revenue.

了解。所以三年後它可以占總營收的25%。

Yes. right.

是的，沒錯。

Okay. Understood. Thank you very much. Could you talk a little bit about any indication on revenue contribution from silicon photonics and the embedded deep trench capacitor for next year, given those seems to be ramping earlier? And also on silicon photonics, any aspirations you have, in terms of where you want your market positioning to be, given you are starting off later than competition, but you also have some unique advantages here?

好的，明白。非常感謝。鑑於矽光子與內嵌式深溝槽電容（embedded deep trench capacitor）看起來都在較早期開始放量，你能否談談明年這兩者對營收貢獻的任何指標？另外在矽光子方面，考量你們起步比競爭對手晚一些，但也有一些獨特優勢，你們對於市場定位有什麼目標或企圖心？

I mean, we are currently running at full capacity, so, we said this year will be somewhere at the $300 million range. For the new add, the mass majority of the capacity will start coming in line in late 2028. So 2027 is still going to be under the constraint. So, while we try to optimize, like I said, we try to reconfiguring some of our facility. Hopefully, we can optimize some to shorten, but we are under the constraint for 2027. So, we would probably be able to share some light in the next quarter. But again, it is not going to be significant, because the capacity is not available yet. So that is the revenue for 2027. What was your second question? I am sorry.

我的意思是，我們目前是滿載運轉，所以我們說今年大概會在3億美元左右。至於新增產能，絕大多數會在2028年下半年開始到位。因此2027年仍會受到產能限制。所以，雖然我們會嘗試最佳化，如我所說，我們正在重新配置部分廠房。希望能透過一些最佳化來縮短時程，但2027年我們仍受限於產能。因此我們可能會在下個季度分享一些進展。但再說一次，因為產能尚未到位，所以不會很顯著。所以這就是2027年的營收狀況。你的第二個問題是什麼？不好意思。

Secondly, I think, what is your aspiration from a silicon photonics market share perspective, given you are starting a little bit later than your competitors, but you also are migrating straight to 12-inch. You are already starting to see some at least test results which are comparable or better than your competition. Just wanted to highlight and think about where we could end up in silicon photonics market share.

第二個是，我想問從矽光子市占率的角度，你們的企圖心是什麼？考量你們起步比競爭對手晚一些，但你們也直接遷移到12吋。你們已經開始看到一些至少在測試結果上可與競爭對手相當甚至更好的表現。只是想請你們談談，我們在矽光子市占率方面最終可能會走到什麼位置。

Of course, yes. I mean, the aspirations are very high, and we have very high confidence in terms of decision and moving into a 12-inch directly, without going through the 8-inch. Right now, I think the decision actually did pay off. We have demonstrated with our 12-inch PIC technology. We already demonstrated better performance in many of the key parameters.

當然，是的。我的意思是，我們的目標非常高，而且我們對於做出決策並直接導入 12 吋、而不經過 8 吋這一步，抱持非常高的信心。就目前來看，我認為這個決策確實帶來了回報。我們已經用我們的 12 吋 PIC 技術證明了這一點。我們在許多關鍵參數上已經展現出更好的表現。

And our customer and their end customer. Right now the product is being validated and qualified by the end customer as well. And with the production yields get to the manufacturer level, we think our 12-inch PIC platform is ready to support the customer, for their current 1.6T optical application and going into the next generation as well.

以及我們的客戶與其終端客戶。目前產品也正在由終端客戶進行驗證與認證。而隨著量產良率達到製造端的水準，我們認為我們的 12 吋 PIC 平台已準備好支援客戶，滿足其目前的 1.6T 光學應用，並且也能延伸到下一代。

Now, the TFLN is a little bit different situation. I think we much ahead about anyone else in the TFLN development. And I think the customer also see a benefit between the integration of the putting TFLN modulator with our 12-inch PIC solution. And so because that, our advanced packaging preparation is also bear fruit now because with the hybrid bonding, the chip-to-wafer capability, I think those actually will help us to even become even more competitive because combination of the silicon photonics solution along with the packaging capability, and that is putting us in a unique position. We feel very competitive in those space. Yeah.

現在，TFLN 的情況稍微不同。我認為我們在 TFLN 的開發上領先其他任何人很多。而且我想客戶也看到了把 TFLN 調變器與我們 12 吋 PIC 解決方案整合所帶來的效益。因此，我們先進封裝的準備現在也開始開花結果；因為透過混合鍵合（hybrid bonding）與晶片到晶圓（chip-to-wafer）的能力，我認為這些都將幫助我們變得更具競爭力，因為矽光子解決方案再加上封裝能力的組合，使我們處於一個獨特的位置。我們覺得在這些領域我們非常有競爭力。是的。

Okay. Just to follow up on the TFLN engagement, Jason, is this mainly going to be HyperLight, whom you are going to be supporting, or are there a broader set of customers that you already have got beyond HyperLight, which I think you already invested in them and publicly announced as well?

好的。針對 TFLN 的合作再追問一下，Jason，這主要會是你們要支援的 HyperLight 嗎？還是說除了 HyperLight 之外，你們已經有更廣泛的一組客戶？我記得你們也已經投資他們並且對外公開宣布了。

Yes. I mean, we announced the HyperLight partnership because HyperLight was a very early adopter of the TFLN. I think we are very pleased with that program. Because we already demonstrated with HyperLight, we have seen a very strong interest in the TFLN solution now, not just from HyperLight, from many different customers in the space. Yeah.

是的。我們宣布與 HyperLight 的合作，是因為 HyperLight 是非常早期採用 TFLN 的客戶。我想我們對這個專案非常滿意。因為我們已經與 HyperLight 證明了成果，我們現在也看到市場對 TFLN 解決方案有非常強烈的興趣，不只是 HyperLight，而是來自這個領域許多不同的客戶。是的。

Maybe on 2027, given your capacity constraint, any read on how much capacity can you still squeeze out on an overall basis, let us say for 12-inch? Can we do mid-single digit capacity growth next year, or is it still low single digit potentially next year?

或許談談 2027 年，考量你們的產能限制，對於整體而言（例如 12 吋）你們還能再擠出多少產能，有沒有一些看法？明年我們能做到中個位數的產能成長嗎？還是明年可能仍然只有低個位數？

Well, I guess my reaction is just not enough. I think we want to improve that number any way we can. Right now, the best way to explain that is it is not enough.

嗯，我想我的反應就是：不夠。我認為我們希望用任何可能的方法把那個數字提高。目前最好的說法就是：不夠。

Okay. -- just wanted to also lastly examine the gross margin puts and takes. Obviously, price increase limit ASP of 10% or thereabout is quite positive. If you carry the utilization gains from Q4 into all of next year, that also is positive. Could you give us some indication on how depreciation is going to shape up?

好的。——最後也想檢視一下毛利率的利多與利空因素。顯然，價格上調使 ASP 提升約 10% 左右，這相當正面。如果把第 4 季的稼動率提升延續到明年全年，這也很正面。能否請你們提供一些折舊將如何變化的指引？

I think last quarter you mentioned depreciation will be moving higher, but it looks like the pace might be a little bit more. Are we saying that we are largely going to be in the similar gross margin range, or can we still squeeze out some gross margin expansion into next year, even with heavier investment coming through?

我記得上季你們提到折舊會走高，但看起來增速可能會更快一些。我們是否可以說毛利率大致會維持在相近區間？或者即使投資加重，明年仍有機會再擠出一些毛利率擴張？

So depreciation is going to be certainly higher and maybe a couple of years in a row. We are talking about low single digit depreciation growth, at least for 2027, if not more for 2028. So, for gross margin, this is going to be a big number to offset. On top of that, we also have rising raw material costs, et cetera. And like I mentioned earlier, we feel more confident to have a healthy EBITDA margin structure. But for gross margins for next two years at least, depreciation, along with the rising raw material cost, is going to put pressures on our overall financial gross margin.

所以折舊肯定會更高，而且可能會連續幾年都如此。我們談的是折舊低個位數成長，至少在 2027 年是這樣；2028 年可能還會更多。因此，就毛利率而言，這會是一個需要抵消的大數字。此外，我們也面臨原物料成本上升等等。如我先前提到的，我們對維持健康的 EBITDA 利潤率結構更有信心。但至少未來兩年，折舊加上原物料成本上升，將對我們整體財務毛利率造成壓力。

I also like to echo what Zhidong just said. We are expecting ASP improvement, and we are expecting higher utilization, and all those will provide support to our profitability for 2027. At the same time, we are anticipating a rising cost structure and additional depreciation, which associate with our investment decision. Our priority now is to maintain a healthy profitability profile while continue invest in different differentiated technology and support our long-term growth. So that will give you some color on how we view about this gross margin question.

我也想呼應智東剛才所說的。我們預期 ASP 會改善，也預期稼動率會更高，這些都將在 2027 年支撐我們的獲利能力。同時，我們也預期成本結構上升以及額外折舊，這些都與我們的投資決策相關。我們目前的優先事項是在持續投資於具差異化的技術並支援長期成長的同時，維持健康的獲利輪廓。以上提供一些我們如何看待這個毛利率問題的方向。

Got it. Thank you very much.

了解。非常感謝。

Thank you. And ladies and gentlemen, we thank you for all your questions. That concludes today's Q&A session. And now I'll turn things over to UMC Head of IR for closing remarks. Thank you.

謝謝。各位女士、先生，感謝大家提出的所有問題。今天的問答環節到此結束。接下來我把時間交給聯電投資人關係主管做結語。謝謝。

Thank you for attending this conference today. We appreciate your questions. As always, if you have any additional follow-up questions, please feel free to contact ir@umc.com. Have a good day.

感謝各位今天參加本次會議。我們很感謝各位的提問。一如往常，若您有任何後續問題，歡迎隨時聯絡 ir@umc.com。祝您有美好的一天。

Thank you. And ladies and gentlemen, that concludes our conference for 3Q '26. Thank you for your participation in UMC's conference. There will be a webcast replay within 2 hours. Please visit www.umc.com under the Investors Events section.

謝謝。各位女士、先生，本次 26 年第 3 季法說會到此結束。感謝各位參與聯電的法說會。兩小時內將提供網路重播。請至 www.umc.com 的投資人活動（Investors Events）專區瀏覽。

You may now disconnect. Thank you again. Goodbye.

您現在可以斷線。再次感謝。再見。