TSMC 2023 Q1 Earnings Call
发布时间 2023-04-20 23:41:52 来源
Good afternoon everyone and welcome to TSMC's first quarter, 2023 Ernie's Conference Call. This is Jeff Su, TSMC's Director of Investor Relations and your host for today. TSMC is hosting our Ernie's Conference Call via live audio webcast through the company's website at www.tsmc.com where you can also download the Ernie's release materials. If you're joining us through the conference call your dial-in lines are in the listen-only mode.
大家下午好，欢迎参加台积电2023年第一季度Ernie电话会议。我是Jeff Su，台积电的投资关系总监，也是今天的主持人。我们通过公司网站www.tsmc.com提供Ernie电话会议的现场音频网络直播，您可以在该网站下载Ernie发布材料。如果您是通过电话会议参加的，您的拨入线路仅供听取。
The format for today's event will be as follows. First, TSMC's Vice President and CFO, Mr. Wendell Huang, will summarize our operations in the first quarter, 2023, followed by our guidance for the second quarter, 2023. Afterwards, Mr. Huang and TSMC's CEO, Dr. C.C. Wei, will jointly provide the company's key messages. Then we will open the line for questions and answers.
今天的活动安排如下：首先，台积电副总裁兼财务长黄仁昭先生将总结我们在2023年第一季度的运营，并提供我们在2023年第二季度的指导。接下来，黄先生和台积电CEO魏哲家博士将共同提出公司的关键信息。然后，我们将开放问题和回答环节。
As usual, I would like to remind everybody that today's discussions may contain forward looking statements that are subject to significant risks and uncertainties which could cause actual results to differ materially from those contained in the forward looking statements. Please refer to the Safe Harbor notice that appears in our press release.
像往常一样，我想提醒大家，今天的讨论可能包含前瞻性声明，这些声明存在重大风险和不确定性，可能导致实际结果与前瞻性声明中所包含的结果有很大不同。请查看我们新闻稿中的“安全港声明”。
And now I would like to turn the call over to TSMC's CFO, Mr. Wendell Huang, for the summary of operations and the current quarter guidance.
现在我想把电话转给台积电的首席财务官黄柏翔先生，他将对公司业务总结和本季度预测进行概述。
Thank you, Jeff. Good afternoon, everyone. Thank you for joining us today. My presentation will start with the financial highlights for the first quarter, 2023. After that, I will provide the guidance for the second quarter, 2023.
谢谢，Jeff。大家下午好，感谢你们今天的参加。我的报告将从2023年第一季度的财务亮点开始，然后我将提供2023年第二季度的指导。
First quarter revenue decreased 18.7% sequentially in NT or 16.1% in US dollar. As our first quarter business was impacted by weakening macro economic conditions and softening end market demand, which led customers to adjust their demand accordingly. First margin decreased 5.9% sequentially to 56.3%, mainly reflecting lower capacity utilization and less favorable foreign exchange rate, partially offset by more stringent cost controls.
第一季度收入环比下降了18.7%的新台币，或16.1%的美元。由于宏观经济状况变弱和市场需求减缓的影响，我们的第一季度业务受到了影响，导致客户相应地调整了其需求。第一季度毛利率环比下降了5.9%至56.3%，主要反映出较低的产能利用率和不利的外汇汇率，部分地抵消了更严格的成本控制。
Total operating expenses accounted for 10.8% of net revenue, which is lower than the 12% supply in our first quarter guidance, mainly due to stringent expense control and lower employee profissure. Operating margin was 45.5%, down 6.5% from the previous quarter. Overall our first quarter EPS was 7.98 NT and ROE was 27.5%.
总运营费用占净收入的10.8％，低于我们第一季度指引中的12％，主要是由于严格控制费用和工资支出降低。运营利润率为45.5％，比上一季度下降了6.5％。总体而言，我们第一季度的每股收益为7.98新台币，ROE为27.5％。
意思：公司的总运营费用低于预计，这是由于控制费用和降低员工薪资支出。公司的运营利润率下降了，但每股收益和ROE表现良好。
Now, let's move on to revenue by technology. 5 nanometer process technology contributed 31% of wafer revenue in the first quarter, while 7 nanometer accounted for 20%. Advanced technologies defined as 7 nanometer and below, accounted for 51% of wafer revenue.
现在，让我们来看看不同技术对营收的贡献。在第一季度，5纳米工艺技术贡献了31%的晶圆收入，而7纳米则为20%。高级技术，即7纳米及以下的技术，占晶圆收入的51%。
Moving on to revenue contribution by platform. HPC declined 14% quarter over quarter and accounted for 44% of our first quarter revenue. Smartphone declines 27% to account for 34%. IoT declined 19% to account for 9%. Automotive increased 5% to account for 7%, and DCE decreased 5% to account for 2%.
继续讲述不同平台对收入的贡献。高性能计算在第一季度环比下降14%，贡献了44% 的收入。智能手机下滑27%，贡献了34% 的收入。物联网下滑19%，贡献了9% 的收入。汽车增长了5%，贡献了7% 的收入，DCE 下降5%，贡献了2% 的收入。
Moving on to the balance sheet. We ended the first quarter with cash and marketable securities of 1.59 trillion NT or 52 billion US dollars. On the liability side, current liability decreased by 71 billion NT, mainly due to the decrease of 65 billion, 65 billion in accounts payable. On financial ratio, accounts receive a return over days decreased 2 days to 34 days, while days of inventory increased 3 days to 96 days. Regarding cash flow and K-PACS, during the first quarter, we generated about 385 billion NT in cash from operations. In 300 billion in K-PACS, and distributed 71 billion for second quarter 2022 cash dividend.
继续来看资产负债表。第一季度末，我们的现金和可变现证券为1.59万亿新台币或52亿美元。在负债方面，流动负债减少了710亿新台币，主要是由于应付账款减少了650亿新台币。在财务比率方面，应收账款周转天数减少了2天，为34天，而存货周转天数增加了3天，为96天。关于现金流和K-PACS，第一季度我们从营运活动中产生了大约3850亿新台币的现金。在3000亿的K-PACS中，我们分配了710亿新台币作为2022年第二季度的现金股息。
Overall, our cash balance increased 42 billion to 1.39 trillion at the end of the quarter. In US dollar terms, our first quarter capital expenditure total 9.94 billion.
总体而言，我们的现金余额在本季度末增加了420亿，达到了1.39万亿。以美元计算，我们第一季度的资本支出总额为99.4亿。
I have finished my financial summary. Now, let's turn to our current quarter guidance.
我已经完成了财务摘要。现在，让我们转向我们当前季度的指引。
We expect our business in the second quarter to continue to be impacted by customers' further inventory adjustment. Based on the current business outlook, we expect our second quarter revenue to be between 15.2 billion and 16 billion US dollars, which represents a 6.7 percent sequential decline at the midpoint. Based on the exchange rate assumption of 1 US dollar to 30.4 NT, gross margin is expected to be between 52 percent and 54 percent, operating margin between 39.5 percent and 41.5 percent.
我们预计我们的业务在第二季度将继续受到客户进一步的库存调整的影响。根据当前的业务前景，我们预计第二季度的收入将在152亿美元至160亿美元之间，这代表中点处的连续下降6.7%。基于1美元兑30.4新台币的汇率假设，毛利率预计为52%-54%，营业利润率为39.5%至41.5%。
This concludes my financial presentation. Now let me turn to our key messages.
这标志着我的财务汇报的结束。现在让我转向我们的核心信息。
I will start by making some comments on our first quarter 23 and second quarter 23 profitability. Compared to fourth quarter, our first quarter gross margin decreased by 590 basis points sequentially to 56.3 percent, primarily due to a lower capacity utilization. Compared to our first quarter guidance, our actual gross margin exceeded the high end of the range provided three months ago by 80 basis points, mainly due to more stringering cost control efforts.
我将首先对我们的2023年第一季度和第二季度的盈利做出一些评论。与第四季度相比，我们的第一季度毛利率顺序下降了590个基点，达到56.3％，主要是由于产能利用率降低。与我们的第一季度指导相比，我们的实际毛利率超过了三个月前提供的范围高端80个基点，主要由于更严格的成本控制措施。
We have just guided our second quarter gross margin to be 53 percent at the midpoint, mainly due to a lower capacity utilization rate and higher electricity cost in Taiwan.
我们刚刚将我们第二季度的毛利率指导中点设定在53％，主要是因为台湾的产能利用率较低，电费较高。
After last year's electricity price increase of 15 percent in the second half of 2022, TSMC's electricity price in Taiwan has increased by another 17 percent starting April 1 this year.
去年下半年电价上涨了15%，而今年4月1日起，台积电的电价在台湾又涨了17%。这意味着台积电要支付更高的用电费用了。
This is expected to take out 60 basis points from our second quarter gross margin.
这预计会从我们第二季度毛利率中扣除60个基点。该句话是在讲这样一个情况：我们的利润率将会受60个基点的影响而下降。其中，基点是一个金融上的度量单位，等于1/100个百分点。
We expect the impact from higher electricity cost to continue throughout the second half of this year and dilute our full year gross margin by about 50 basis points.
我们预计在今年下半年，电费的上涨将继续对我们产生影响，使得我们的全年毛利率将下降约50个基点。
In 2023, our gross margin faces challenges from lower capacity utilization due to semiconductor sickle quality, the ramp up of N3 oversees fab expansion and inflationary costs, including higher utility costs in Taiwan.
2023年，由于半导体镰刀质量问题、N3海外晶圆厂的扩建以及通货膨胀造成的成本上涨（包括台湾用电成本的增加），我们的毛利率将面临挑战，因为产能利用率降低。
To manage our profitability in 2023, we will work diligently on internal cost improvement efforts while continuing to sell our value.
为了在2023年管理我们的盈利能力，我们将努力进行内部成本改善工作，并继续销售我们的价值。
Excluding the impact of foreign exchange rate, which we have no control over, we continue to forecast a long-term gross margin of 53 percent and higher is achievable.
除外我们无法控制的外汇汇率影响，我们继续预测长期毛利率可达53%以上。
Next, let me talk about 2023 capital budget.
接下来，让我谈一下2023年的资本预算。意思是讲述即将到来的2023年财政预算。
Three years, our KPACs are spent in anticipation of the growth that will follow in future years.
三年来，我们的KPACs一直在期待未来几年的增长。
As I have stated before, given the near-term uncertainties, we continue to manage our business prudently and tighten up our capital spending where appropriate.
正如我之前所说的，鉴于近期的不确定性，我们将继续谨慎管理我们的业务，并在适当的地方 tighten up 我们的资本支出。
That set, our commitment to support customer structure of growth remains unchanged and our discipline KPACs and capacity planning remains based on the long-term market demand profile.
那个集合物代表着我们始终致力于支持客户的增长结构，我们对于关键流程绩效指标和产能规划的管控纪律也仍基于长期市场需求的轮廓。
Thus, we expect our 2023 capital budget to be between $32 billion and $36 billion.
因此，我们预计我们的2023年资本预算将在320亿美元至360亿美元之间。该预算用于投资公司计划、开发项目、设备购置等方面。这是我们的长期战略规划，旨在继续增强公司竞争力并提高股东价值。
With this level of KPAC spending in 2023, we reiterate that TSMC remains committed to a sustainable and steadily increasing cash dividend on both an annual and quarterly basis.
在2023年，KPAC支出达到这个水平，我们重申台积电致力于在年度和季度基础上持续地提高现金股息的可持续性。
We will continue to work closely with our customers to plan our long-term capacity and invest in leading edge and specialty technologies to support their growth while delivering profitable growth to our shareholders.
我们将继续与客户紧密合作，计划我们的长期产能，并投资领先和特色技术以支持他们的增长，同时为我们的股东带来盈利增长。
Now, let me turn the microphone over to CC.
现在，请允许我把麦克风交给CC。这句话的意思是让别人接管麦克风，可以在演讲、讨论或其他活动中使用。
Thank you, window.
谢谢你，窗户。
Good afternoon, everyone.
大家下午好。
First, let me start with our near-term demand and inventory.
首先，让我从我们的短期需求和库存开始谈起。意思是说，作者要介绍一下关于公司当前的需求和库存情况。
Three months ago, we said we expect five-destabilizing conduct inventory to start gradually reducing for Q 2022 and we forecast a sharper reduction throughout the first half of 2023.
三个月前，我们预计五个破坏性行为指标将逐渐开始减少，直到2022年第一季度，我们预计在2023年上半年将有更明显的减少。
However, due to weakening macroeconomic conditions and softening and market demand, fabric semiconductor inventory continued to increase in the fourth quarter and exceeded 2022 at a much higher level than we expected.
然而，由于宏观经济状况日益疲软以及市场需求下降，织物半导体库存在第四季度继续增加，并超过了我们预期的2022年水平。
In addition, the recovery in market demand from China's reopening is also lower than our expectation.
另外，中国市场复苏的需求比我们的预期要低。
Therefore, the five-destabilizing conduct inventory adjustment in first half of 2023 is taking longer than our prior expectation.
因此，2023年上半年进行的五种破坏性行为清单调整比我们以前预期的时间更长。意思是说，清单调整需要更多的时间，比预期的时间要长。
It may extend into third quarter this year before rebalancing to a higher level.
可能要到今年第三季度才能重新平衡到更高的水平。
For the full year of 2023, we lower our forecast for the semiconductor market's escoding memory to decline mid-single digit percent, while the FUNDRI industry is forecast to decline high-single digit percent.
2023年全年，我们预测半导体市场的编码存储器将下降中位数个百分点，而FUNDRI行业预计将下降高位数个百分点。
We now expect our four-year 2023 revenue to decline low-to-mid single digit percent in U.S. dollar terms and our business to do better than both semiconductor X memory and FUNDRI industries supported by our strong technology leadership and differentiation.
我们现在预计，到2023年为止，我们的营收将以美元计算，下降低至中低位数百分比，并且我们的业务将会比半导体X存储器和FUNDRI行业要好，这要归功于我们强大的技术领导地位和差异化。
We conclude our first quarter with revenue of U.S. dollar 6.7 billion, which is toward the lower end of our guidance range, provided in U.S. dollar terms.
我们以67亿美元的收入结束了第一季度，该收入处于我们以美元提供的指导范围的较低端。
Moving into second quarter 2023, we expect our business to continue to be impacted by customers of all the inventory adjustment.
预计到2023年第二季度，我们的业务仍将受到客户库存调整的影响。
We now expect our revenue in the first half of 2023 to decline by about 10 percent over the same period last year in U.S. dollar terms as compared to mid-to-high single digit percent decline previously.
我们现在预计，相比之前预计中高个位数的下降，2023年上半年我们的收入将以美元为单位下降约10%。
Heaven says that we believe we are passing through the button of the cycle of TSMC business in the second quarter.
天堂表示，我们相信我们正在经历TSMC业务周期的低谷期，在第二季度中度过这个阶段。
While we forecast only a great jewelry recovery for the semiconductor X memory industry in second half 2023, TSMC's business in the second half of this year is expected to be stronger than the first half, supported by customers and new product launches.
尽管我们只预测半导体X记忆产业在2023年下半年将有一个重大的珠宝恢复，但台湾积体电路制造公司（TSMC）在今年下半年的业务预计将比上半年更强，得到客户和新产品推出的支持。
Next, let me talk about our N3 and N3E status.
接下来，让我谈一谈我们的N3和N3E的状态。意思是介绍关于N3和N3E的最新情况。尽可能用简洁易读的语言表述。
Our 3-nana meter technology is the first in the semiconductor industry to high-volume production with good yield.
我们的3纳米技术在半导体行业是第一个有良好产量的高容量生产的。
As our customers demand for N3 exceeds our ability to supply, we expect N3 to be fully utilized in 2023, supported by both HPC and smartphone applications.
随着我们客户对N3的需求超过我们的供应能力，我们预计N3将在2023年被充分利用，同时支持高性能计算和智能手机应用。
As a result, N3 revenue contribution is expected to start in third quarter 23 and N3E will contribute mid-to-digit percentage of our total waiver revenue in 2023.
因此，预计N3的收益贡献将从2023年第三季度开始，而N3E将在2023年对我们的总减免收入贡献中贡献中等比例的百分比。
N3E will further extend our N3 family with enhanced performance, power, yield, and overcomplete platform support for both HPC and smartphone applications.
N3E将进一步扩展我们的N3系列，提供增强的性能、功率、产出以及完整的平台支持，可用于高性能计算和智能手机应用。
Paragraph 1: N3E has passed the qualification and achieved performance and yield targets, and voting production is scheduled for second half 23.
N3E已经通过了资格认证并实现了性能和产量目标，预计将在2023年下半年进入投产阶段。
Paragraph 2: Despite the ongoing inventory correction, we continue to observe a high level of customer engagement at both N3 and N3E with a number of tap outs more than 2x that are over N5 in the fourth year and second half year. Our 3-nana meter technology is the most advanced semiconductor technology in both PPA and transistor technology. Because we expect customers to strengthen multi-year demand for our N3 technologies and are confident that our 3-nana meter family will be another large and long-lasting known for THMC.
尽管我们正在进行库存调整，但我们仍然看到在N3和N3E两个项目上有非常高的客户参与度，其中一些产品的销售额是第四年和下半年超过N5的两倍以上。 我们3纳米技术是最先进的半导体技术，涉及PPA和晶体管技术。由于我们预计客户将加强对我们N3技术的多年需求，并且我们对我们的三纳米系列产品信心十足，我们相信它将成为另一个大型且长期存在的THMC品牌。
Paragraph 3: Now I will talk about our N2 stages. Our N2 technology development is progressing well and I'm track for voting production in 2025. Our N2 will adopt N2 transistor structure to provide our customers with the best performance, cost, and technological maturity. Our N2 technology has demonstrated excellent power efficiency and our N2 will deliver full-known performance and power benefits to address the increasingly meaningful energy efficient computing. N2 will be observing a high level of customer interest and engagement from both HPC and smartphone applications. Our 2-nana meter technology will be the most advanced semiconductor technology in the industry in both density and energy efficiency when it is introduced and well further extend our technology leadership will into the future.
现在我将介绍我们的N2阶段。我们的N2技术开发进展顺利，计划在2025年投入生产。我们的N2将采用N2晶体管结构，以为客户提供最佳性能、成本和技术成熟度。我们的N2技术已经展现出卓越的功率效率，将为满足日益重要的节能计算提供全面的性能和功率优势。N2将在高性能计算和智能手机应用领域受到广泛客户兴趣和参与。当引入时，我们的2纳米技术将成为行业中在密度和能效方面最先进的半导体技术，进一步扩展我们的技术领导力到未来。
Paragraph 4: Finally, our talk about THMC is global footprint and talent development stages. As we have said before, we are expanding our global manufacturing footprint to increase customer trust, expand our future growth potential, and reach for more global talents. In our zone, despite some challenges in obtaining permits, our first five is scheduled to begin production of N4 processing technology in late 2024. In Japan, we are building a specialty technology firm, the voting production is scheduled for late 2024. In Europe, we are engaging with customers and partners to evaluate the possibility of building a specialty firm, focusing on automotive specific technologies based on the demand from customers and level of government support. In China, we are expanding 28 nanometers in launching a spread to support our customer in China and we continue to follow all rules and regulations fully. At the same time, we continue to invest in Taiwan and expand our capacity to support our customers' goals. In Gao Shiong, our 5th construction continues, but we have adjusted our previous 28 nanometer expansion plan to now focus on capacity expansion for more advanced nodes and we will remain flexible going forward.
最后，我们谈到了THMC的全球足迹和人才发展阶段。正如我们之前所说，我们正在扩大全球制造足迹，以增加客户信任、扩大未来增长潜力并争取更多全球人才。在我们的区域内，尽管获得许可证存在一些挑战，但我们的前五个计划于2024年底开始生产N4处理技术。在日本，我们正在建造一家专业技术公司，投票生产计划于2024年底开始。在欧洲，我们正在与客户和合作伙伴合作，评估建造一家专业公司的可能性，重点关注汽车特定技术，基于客户需求和政府支持水平。在中国，我们正在扩大28纳米，在推出的传播中支持我们在中国的客户，并继续全面遵守所有规章制度。与此同时，我们继续投资于台湾，并扩大产能以支持我们客户的目标。在高雄，我们的第五个建设仍在继续，但我们已将之前的28纳米扩张计划调整为现在集中扩大更先进节点的产能，并将保持灵活性向前发展。
Paragraph 5: In terms of the development, a key to TSMC's success is adherence to our core value of integrity, commitment, innovation, and customer trust, and our discipline and spirit of working together as one team. In both the US and Japan, we are recruiting from the top local colleges and universities and our progress is well-entered. We have hired more than 900 US employees today in Arizona and more than 370 in Japan. We also plan to hire more than 6,000 employees in Taiwan in 2023. All of our hiring are to support our future goals potential. In addition to providing extensive training programs for new overseas employees, many of them are brought to Taiwan for hands-on experience in all aspects. So that they can further their technical skills, being emerging TSMCs, Operation Environment and Culture. As we expand our global footprint, our priority will continue to be identify, attract, and hire talent whose co-videos and principles are aligned with TSMCs. So as we can establish TSMC culture in all our employees, no matter where we operate.
TSMC的成功关键在于坚守核心价值：诚信、承诺、创新和客户信任，并保持团队忠诚、纪律和合作精神。我们在美国和日本都从顶尖本地大学招募人才，进展顺利。我们在亚利桑那州已雇用了超过900名美国员工，在日本也雇用了超过370名。我们还计划在2023年在台湾招聘超过6,000名员工，以支持未来的潜力目标。除了为新的海外员工提供广泛的培训计划外，许多员工还被带到台湾进行全方位的实践经验，以提高他们的技术技能和了解TSMC的经营环境与文化。随着我们全球业务的扩张，我们的首要任务仍然是识别、吸引和聘用那些与TSMC价值观和原则相符的人才，以确保在任何地方都能建立TSMC文化。
Paragraph 6: This concludes our key message. Thank you for your attention. Thank you, CC. This concludes our prepared statements.
这就是我们的重点信息，谢谢您的关注。还要感谢CC。我们的准备声明到此结束。
Paragraph 7: Before we begin the Q&A session, I would like to remind everybody to please limit your questions to two at a time to allow all the participants an opportunity to ask their questions. Should you wish to raise your question in Chinese, I will translate it to English before our management answers your question. For those of you on the call, if you would like to ask a question, please press the star then one on your telephone keypad now. If at any time you would like to remove yourself from the questioning queue, please press star then two.
在我们开始问答环节之前，我想提醒大家，请每次只提两个问题，以便所有参与者都有机会提问。如果您想用中文提问，我会在我们的管理层回答您的问题之前将其翻译成英文。对于电话会议的参与者，如果您想提问，请立即按下您电话键盘上的星号和数字键1。如果您随时想退出提问队列，请按下星号和数字键2。
Paragraph 8: Now let's begin the Q&A session. Operator, can we please proceed with the first caller on the line? Yes, Jeff. The first one to ask questions. Koku Harihalan from JAPY Morgan.
现在让我们开始问答环节。操作员，请问第一个来电者进入通话吗？是的，杰夫。第一个提问的人是来自JAPY Morgan的Koku Harihalan。
Paragraph 1: Good afternoon and thanks for taking my question.
下午好，感谢您回答我的问题。
Paragraph 2: First of all, can I ask a bit about the near term demand dynamics?
首先，我可以问一下近期需求动态的情况吗？
Paragraph 3: Would you talk a little bit about what you are seeing by segments?
你能稍微谈一下你对不同市场段目前的见解吗？
Paragraph 4: Is the inventory correction trend largely similar across HPC, smartphone, IoT and Auto?
HPC、智能手机、物联网和汽车的库存调整趋势是否大致相似？
Paragraph 5: Are you seeing any different dynamics in these segments?
你是否注意到这些领域的动态有任何不同？
Paragraph 6: Especially Auto, you saw some shortage still in the last quarter.
尤其是在汽车行业，你在上个季度仍然看到一些短缺。
Paragraph 7: And maybe also talk a little bit about 7 nanometer. Previously we had an expectation 7 nanometer will start recovering in second half of this year, do we think 7 nanometer will still be recovering in second half?
可能也要谈谈7纳米工艺。以前我们期望7纳米工艺将在今年下半年开始恢复，您认为7纳米工艺仍会在下半年恢复吗？
Paragraph 8: That's my first question. Thank you.
这是我的第一个问题。谢谢。
Paragraph 9: Thank you, Koku. Let me please allow me to summarize your first question.
谢谢，Koku。让我来总结一下你的第一个问题。
Paragraph 10: So Koku's first question is more focusing on the near term dynamics.
所以Koku的第一个问题更加关注近期的动态。
Paragraph 11: He wants to know basically about the inventory trend across different segments and also the end demand status across the different segments including Auto.
他基本上想了解不同细分市场的库存趋势，以及不同细分市场，包括汽车行业的最终需求状况。
Paragraph 12: And then also what about particularly for TSMC, the 7 nanometer status in terms of the utilization recovery?
那么就针对TSMC而言，7纳米利用率恢复的情况怎么样呢？
Paragraph 13: Okay, Koku, let me answer the question.
好的，科库，让我回答这个问题。
Paragraph 14: We observed the PC and smartphone market continue to be solved at present time.
我们观察到目前PC和智能手机市场的问题继续得到解决。
Paragraph 15: While automotive demand is holding steady for TSMC and it is showing signs of sovereignty into second half of 2023.
虽然汽车需求对TSMC保持稳定，且显示出在2023年下半年进一步增强的迹象。
Paragraph 16: I'm talking about automotive.
我说的是汽车。
Paragraph 17: On the other hand, we have recently observed incremental upside in AI related demand, which helps the ongoing inventory digestion.
另一方面，我们最近观察到人工智能相关需求的逐步增长，这有助于进行持续的库存消化。
Paragraph 18: What is the second question?
第二个问题是什么？
Paragraph 19: The second question is on 7 nanometer.
第二个问题是关于7纳米技术。
Paragraph 20: Previously, it says 7 nanometer utilization is lower. Do we expect this to pick up or recover in the second half?
第20段：此前提到7纳米芯片的利用率较低。我们是否预计在下半年会有所提升或恢复？
提示：该段主要在谈论7纳米芯片的利用率情况，并且提出疑问，询问是否会在下半年得到提升或恢复。
Paragraph 21: It will be recovered by slowly.
它将会慢慢地恢复。这句话意思是说某物的恢复将是缓慢而逐渐进行的。
Paragraph 22: As I said, most of the N6 and 7 technology are loading still in HPC and smartphone.
正如我所说的，大部分的N6和N7技术仍在高性能计算机和智能手机中使用。
Paragraph 23: However, looking into the future, the sum of the specialties such as RF, connectivity, Wi-Fi or those kinds of things, what start to build up the loading of demand.
然而，展望未来，像射频、连接性和Wi-Fi等特殊技能的总和开始构建需求负荷。
Paragraph 24: And we expect in the long term, 7 nanometers loading will become more here.
我们预计在长期内，7纳米的负载将变得更加普遍。
Paragraph 25: Here I answer the question.
在这里我回答这个问题。
Paragraph 26: Yes, that's very clear. Thank you.
是的，非常清晰明了。谢谢。
Paragraph 27: My second question, I just wanted to get TSMC's opinion on competitive landscape.
我的第二个问题，我只是想听听TSMC对竞争格局的看法。
Paragraph 28: Your IDM competitor is getting into foundry.
你的 IDM 竞争对手已经开始涉足铸造业了。这句话的意思是指你的竞争对手已经开始进入制造业的领域。
Paragraph 29: Intel has been claiming that they will be attaining process parity and then process leadership by 2025 and talking about engaging with several fabulous companies.
英特尔一直声称到2025年将实现工艺平价，然后成为工艺领袖，并谈论与几家优秀的公司合作。
Paragraph 30: How does TSMC see this competitive threat and how do you benchmark TSMC N3 and N2 which is coming in 2025 with Intel's offerings over the next two to three years?
TSMC怎么看待这个竞争威胁？TSMC将如何衡量N3和N2(预计将于2025年推出)与在未来2-3年里发布的英特尔产品的竞争优势？
Paragraph 31: And maybe I think TSMC has not commented about foundry market share for quite some time.
也许我认为台积电已经相当长时间没有评论代工市场份额了。意思是，作者认为台积电很长一段时间没有公开评论代工市场份额。
Paragraph 32: Could you talk a little bit about what you see N3 market share in the next couple of years for TSMC now that you are ramping up that node as well?
请谈一下您对TSMC在接下来的几年中N3市场份额的看法，现在您也在提升该节点的产量。
Paragraph 33: Thank you.
谢谢您。
Paragraph 34: Thank you, Goukou. Let me summarize your second question.
谢谢，高寇。让我总结一下你的第二个问题。
Paragraph 35: A lot of it is related to the competitive landscape.
这很大程度上与竞争环境相关。
Paragraph 36: I think Goukou's question is specifically in terms of an IDM that has been claiming it will achieve process parity in terms of technology with TSMC and absolute process leadership.
我认为Goukou问的问题是关于一家自称将在科技方面达到和TSMC相同的工艺平衡和绝对工艺领先的IDM公司。
Paragraph 37: So he wants to know and they are also talking about engaging with several large fabulous customers.
所以他想知道，他们也正在谈论与几个大的神奇客户接洽的事情。意思是，他想了解并且他们正在考虑与几个重要的客户合作。
Paragraph 38: So Goukou would like to know how do we see or comment on this competitive threat?
于是，Goukou想知道我们如何看待或评价这种竞争威胁？
Paragraph 39: How do we benchmark RN3 or RN2 process technologies versus these IDMs offerings for the next two to three years?
我们如何将RN3或RN2工艺技术与这些IDM公司的产品进行未来两到三年的基准测试？
Paragraph 40: And lastly, if we have any comment on what market share we believe we can achieve?
最后，我们有关于我们相信可以达到的市场份额的任何意见吗？
Paragraph 41: That's a long question.
那是一个很长的问题。
Paragraph 42: Goukou, this is CCWay again.
42段：高口（Goukou），我是CCWay，又来和您联系了。
Paragraph 43: Let me say that as usual we don't comment on our competitors as status.
让我说一下，像往常一样，我们不评论我们的竞争对手的地位。这句话的含义是，我们不会公开评论我们竞争对手的状态。
Paragraph 44: But then we emphasize again on our 3nm and 2nm.
但是我们再次强调我们的3纳米和2纳米技术。
Paragraph 45: Our 3nm is the first in the semiconductor industry to high volume production.
我们的3纳米芯片成为半导体业界首个已实现高产量生产的产品。
Paragraph 46: And I believe it is the most advanced semiconductor technology in both PPA and transistor technology.
我相信这是目前在 PPA 和晶体管技术方面最先进的半导体技术。
Paragraph 47: And for 2nm technology that was again to be the most advanced semiconductor technology in the industry and one we introduced into mass production.
第 47 段：而对于 2 纳米技术，这仍是业界中最先进的半导体技术之一，我们已将其引入了大规模生产。
这句话的意思是，2 纳米技术是业界目前最先进的半导体技术之一，并且该公司已经开始将其应用于大规模的生产中。
Paragraph 48: And this one we fully confident that we are further extend our leadership position well into the future.
第48段：我们完全有信心能够进一步扩展我们的领导地位，并在未来保持这种地位。
Paragraph 49: As for the market share, we are very confident that we continue to have a very high market share.
关于市场占有率，我们非常有信心继续保持非常高的市场占有率。
Paragraph 50: And I cannot tell you that we are number but very high percentage.
我不能告诉你我们排名第几，但我们的百分比非常高。
Paragraph 51: Okay, maybe if I ask, thanks is for that.
好的，也许我问一下，谢谢这个。
Paragraph 52: If I ask is N3 your expectation that N3 market share will be higher than N5 at the same time based on what you see today?
第52段：如果我问你，你是否期望在今天看到的情况下，N3的市场份额将同时高于N5？
Paragraph 53: Well, very hard to answer your question but let me say that it will be very similar in a very high percentage.
很难回答你的问题，但让我说一下，它将在非常高的百分比上非常相似。
Paragraph 54: Got it.
明白了。
Paragraph 55: Thank you.
谢谢。
Paragraph 56: Okay.
好的。
Paragraph 57: Thank you, Goukou.
谢谢你，Goukou。
Paragraph 58: Operator, can we move on to the next participant please?
操作员，请我们转到下一个参与者吗？
Paragraph 59: The next one to ask questions.
接下来轮到提问了。
Paragraph 60: Bruce Lewis from Goldman Sachs.
布鲁斯·刘易斯，来自高盛公司。
Paragraph 61: Hi.
嗨。这是简单明了、问候语。
Paragraph 62: Thank you for taking my question.
谢谢您回答我的问题。
Paragraph 63: I want to ask about the AI for the machine learning AI which management has been saying that that is a key course driver.
第63段：我想了解关于机器学习AI的人工智能方面的情况，管理层一直说这是课程的关键推动力。
意思：我想询问机器学习AI方面的人工智能情况，因为管理层一直表示这是课程的重要驱动力。
Paragraph 64: We have more quantitative implications to TSMC.
我们对台积电有更多的数量意义。
Paragraph 65: What is the dollar counter per server or how big a transfer market for TSMC in 2025?
2025年对于TSMC来说，每个服务器的美元计数器或转移市场会有多大？
Paragraph 66: Is there a reason new AI or chat GBT, the business already embedded in your long-term growth target which is 15 to 20 percent or can we see some equipment or abstracts?
第66段：AI或聊天GBT是不是已经包含在您的长期增长目标中，即15到20％的原因，还是我们可以看到一些设备或摘要？
意思是：您的长期增长目标为15至20％，是否已经包括新的人工智能或聊天GBT业务？还是我们能看到一些关于这方面的具体设备或简介呢？
Paragraph 1: Okay, Bruce, thank you. So Bruce's first question is around, I guess, AI machine learning. He wants to know if we have any quantitative numbers to give in terms of for example dollar content, sorry, semiconductor content per server, dollar value or in terms of the addressable TAM. How do we see this growth of this market and have we already embedded this into our forecast? Is that correct, Bruce? That's right. Thank you.
好的，布鲁斯，谢谢。布鲁斯的第一个问题大概是关于AI机器学习的。他想知道我们是否有任何量化的数据，比如每个服务器上的半导体内容、以美元计算的价值或可寻址的总市场规模（TAM）。我们如何看待这个市场的增长，并且我们已经把这个市场的增长嵌入到我们的预测中了吗？布鲁斯，这样说对吗？没错，谢谢。
Paragraph 2: Okay. Hi, Bruce. Let me answer this question. We certainly we have observed an incremental increasing AI related demand. It also helped the ongoing inventory digestion. The trend is very positive for TSMC, but today if you ask me to quantitatively to say that how much of the amount increase or what is the dollar content in the server, I is too early to say.
好的，你好，Bruce。让我来回答这个问题。我们确实注意到了与AI相关的需求逐渐增加。这也有助于进行库存消化。这一趋势对 TSMC 来说非常积极，但如果你现在要让我定量地说这种增长的数额有多少，或者服务器中有多少美元的内容，这还为时过早。
Paragraph 3: It's still continue to be developed and chat GBT right now reinforce the already strong conviction that we have in HPC and AI are structurally megatrend for TSMC's business growth growth in the future. Whether this one has been included in our previous announcement, say that we have 15% to 20% kegur.
本段意思为，TSMC仍在继续发展GBT，并且目前聊天GBT加强了我们在高性能计算和人工智能在未来是TSMC业务增长的结构性大趋势的坚定信念。无论这一点是否已经包含在我们之前的公告中，我们预计有15%至20%的年复合增长率。
Paragraph 4: The answer is probably partly yes because of for several we have accelerated into our consideration. But this chat GBT is a large language model is a new application and we haven't really have a kind of number that put into our kegur, but it's definitely as I said, it really and reinforce our already strong conviction that HPC and AI were given a much higher opportunity in the future.
第四段：答案可能部分是肯定的，因为我们加速了几个方面的考虑。但这个GBT聊天软件是一个新的语言模型应用，我们还没有真正输入到我们的“酒桶”里的数字，但肯定的是，正如我所说，它会加强我们已经非常坚定的信念，即在未来，高性能计算和人工智能将有更高的机会。
Paragraph 5: Okay Bruce does that answer your first question? Yes, thank you. I want to move on to the different topic which is the cash dividend. I mean, KSMC distributed like, the dividend policy was 70% of the free cash flow and we do see the free cash flow is getting stronger especially the care pass growth rate is slower or especially for next year.
好的，布鲁斯，这个回答你的第一个问题了吗？是的，谢谢。我想转而谈论不同的话题，即现金股利。我的意思是，KSMC分配的股利政策是自由现金流的70％，我们确实看到自由现金流越来越强大，尤其是护理经过增长率减缓，特别是明年。
Paragraph 6: Can we expect TSMC to maintain the dividend policy which is 70% of the free cash flow next year or we would like to improve our balance given the current rate high environment. Okay, thank you Bruce. So Bruce's second question is around our cash dividend policy.
第六段：我们能否期望台积电在明年保持70％的自由现金流分红政策，或者我们是否希望在当前高利率环境下改善我们的财务平衡。好的，谢谢布鲁斯。所以布鲁斯的第二个问题涉及我们的现金分红政策。
Paragraph 7: He notes that in the past we have said our cash dividend will be based on 70% of free cash flow distribution, but his question is, you know, as our capex is slowing our free cash flow is going stronger, do we still adhere to 70% of free cash flow or because of the environment are we more focused on, I think Bruce in terms of maintaining a improving our balance sheet strength.
他提到过去我们说过我们的现金股息将基于自由现金流分配的70％，但他的问题是，由于我们的资本支出正在减缓，我们的自由现金流正在增强，我们是否仍然坚持自由现金流的70％，还是因为环境因素使我们更关注于维护和提高我们的资产负债表实力，这方面布鲁斯更有经验。
Paragraph 8: Okay Bruce, this is one though. Let me make a few comments on the dividend. TSMC is committed to a sustainable and steadily increasing dividend. During the periods of high capital intensity or high capital investment, more of the focus is on sustainable.
好的布鲁斯，这一点有些难。让我对红利提出几点评论。台积电致力于提高可持续并稳定增长的红利。在资本需要高强度或资本投资高强度的时期，更加注重可持续性。
Paragraph 9: But when we start to capture and harvest the capital investments spent, the commitment is or the focus is more towards steadily increasing. Okay, 70% ratio is a guidelines.
但当我们开始捕捉和收获资本投资时，承诺或关注点更多地集中在稳步增加上。好的，70%的比例是一个指导方针。
Paragraph 10: Let me give you an example. If in the particular year the free cash flow is much lower because of higher capex or lower profits, then to maintain a sustainable dividend, the ratio of free cash flow to be dispersed could be higher.
让我举个例子。如果在某一年，由于更高的资本支出或更低的利润，自由现金流明显减少，为了维持可持续的股息，应该适当提高可分配自由现金流的比例。
Paragraph 11: And on the other hand, in the year where free cash flow is particularly high, the ratio can be 70% but it can be lower because we need to look forward into the year behind that specific year and to make sure it is sustainable. Okay. Does that answer your question? Yes, yes, but you know, but if we do see a comfortable range of all the free cash flow, we can still expect a reasonable high pay-off ratio.
在另一方面，在自由现金流特别高的那一年，这个比率可能达到70%，但它也可能更低，因为我们需要向前看到那一年的后面，并确认它是可持续的。好的。这回答了你的问题吗？是的，但是，如果我们看到所有自由现金流的舒适范围，我们仍然可以期望一个合理的高股息支付比率。
Paragraph 12: Yeah, yeah. As I said, the principle is 70%, but it has to be sustainable and steadily increasing. I see. Understand. Thank you.
第12段：是的，正如我所说的，原则是70％，但必须具有可持续性和稳步增长。我明白了。感谢您。
Paragraph 13: Okay, thank you, Bruce. Operator, can we move on to the next participant, please? Next one to ask question, Randy Iberam from Quetta's Weasen.
好的，谢谢你，布鲁斯。请管理员，我们可以转移到下一个参与者了吗？下一个要提问的人是来自奎达韦森（Quetta's Weasen）的兰迪·伊贝拉姆（Randy Iberam）。
Paragraph 14: Okay, yes. Thank you. I wanted to ask a question just on the capex. In two parts. First, as you look at the three nanometer where you mentioned supply still short of demand and have a lot of applications coming in, do you have plans for potential reuse of five nanometer in the next one to two years if you bring up more of the three nanometer?
第14段：好的，是的。谢谢。我想问一个关于资本开支的问题，包含两个方面。首先，当您看到三纳米工艺中，您提到供应仍然短缺，需求很高并且有很多应用正在兴起，如果您增加三纳米的生产，您是否计划在未来一到两年中重新利用五纳米工艺？
Paragraph 15: And then the second part of the question, I wanted to have more on that Gaushung fab shift. If you could go through why the plan to pull back on 28 and then with the intention for where you would shift that investment because I know you did cancel the seven nanometer for that line.
第二个问题，我想更多地了解高雄工厂的变化。您能否解释一下为什么计划收回28纳米的投资，并且有意将投资转移至何处，因为我知道您已经取消了该线的七纳米生产计划。
Paragraph 16: So if you could discuss the change you're making to Gaushung and does it affect the timing to ramp that fab? Okay, thank you, Randy. So Randy's first question is kind of related to our capex and capacity plan.
第16段：如果您能讨论一下您对高雄厂的更改，并说明这是否会影响生产计划的时间表？好的，谢谢你，兰迪。兰迪的第一个问题与我们的资本支出和产能计划有关。
Paragraph 17: His question partly is in terms of, you know, CC noted that the N3 demand exceeds our ability to supply. So he's asking will we consider to reuse or convert N5 tools to N3 in the next few years. So he wants to know related to our plans in Gaushung, what is the thinking or the reasoning for pulling back on the 28 nanometer expansion in Gaushung?
第17段：他的问题部分是基于，你知道，CC指出了N3的需求超过了我们的供给能力。他的问题是，我们是否会考虑在未来几年重新使用或转换N5工具以适应N3。因此，他想知道关于我们在高雄的计划，为什么要在28纳米扩张方面收缩的想法或推理是什么？
Paragraph 1: Okay, Randy, you got a very good question about whether we convert some of the N5s capacity to N3 because N3 today we are sure of support to our customer. Instead of saying that convert N5 the capacity to N3, let me say that we develop a strategy and a methodology to make some of the N3s tool can be supported by N5. And we take this kind of flexibility into our consideration so that we can fulfill our commitment to support our customer in Genshin, as much as possible, although still not enough but we are doing that. So that ends one of your first part of your question.
兰迪，你提出了一个非常好的问题，关于我们是否应该将一些N5的容量转换为N3，因为我们今天能确保支持我们的客户。不是说要将N5的容量转换为N3，让我们制定一种策略和方法，使一些N3的工具可以由N5支持。我们考虑这种灵活性，这样我们可以尽可能地履行我们对原神客户的支持承诺，虽然还不足够，但我们正在努力。这就结束了你第一个问题的答复。
Paragraph 2: You ask about Gaushung's plan. Let me say that we look at the market situation today and we are going to be all the initially the 28 nanometers that demand so high so that we have to put Gaushung into our consideration. However, you know, the market situation is so dynamic and we look at our plan. One of the plan is in Japan we build a new plan for 28 nanometers of specialty. By the way, TSMC explained the matureness of capacity for specialties. We don't increase capacity just for pure logic application. That one, no we don't do so in order to avoid some of the over capacity. So we build one in Japan. We also expanding our capacity, 28 nanometer capacity, Nanjing, that's the second one. And then we are considering of the euro that might be the third one for automotive application.
你问及高雄的计划。让我说一下，我们目前正在关注市场状况，最初的市场需求对28纳米芯片非常高，因此我们必须考虑高雄。然而，你知道，市场状况是非常动态的，我们需要审视我们的计划。其中一个计划是在日本建设一个新的28纳米专业工厂。顺便说一下，TSMC已经解释了专业能力的成熟度。我们不会仅仅为了纯逻辑应用而增加产能。这样做会避免产能过剩。因此我们在日本建了一个厂，同时还在南京扩大了我们的28纳米产能，这是第二个厂。接下来我们考虑在欧洲建第三个厂，主要用于汽车应用。
Paragraph 3: But also together we don't think today that Gaushung's if we build 28 nanometers probably, it won't be a kind of financially feasible. So we divert it now adjusted to become more advanced known, which we are still in shortage. And Gaushung is so close to a tyneon so that we can have more flexibility in between. Rente did that answer your question? Yeah, no that's helpful, it sounds like it will be very much advanced capacity than like the 5, 3 and below.
但是我们也认为，如果我们建造28纳米的高雄工厂，这可能不是一种财政上可行的选择。因此，我们现在将其转向更先进的制程，我们目前仍有短缺。高雄靠近台南，因此我们可以在两者之间拥有更多的灵活性。雷恩，这回答了你的问题吗？是的，这很有帮助，听起来它的产能将比5、3及以下的制程更加先进。
Paragraph 4: It just maybe have one follow up on the first question is on the CAPEX framework. With the expectation if your second half kind of rebound with the share gains comes through, considering the new notes more capo intensive, should we think of this CAPEX having an up direction as we look ahead to next year?
第四段：关于CAPEX框架的问题，可能只有一个跟进第一个问题。如果您的下半年反弹并且股份增长如期而至，考虑到新笔记更多的CAPEX需求，我们是否应该认为CAPEX会在明年有所增长？
Paragraph 5: Okay, so Rente allow this to be a follow up, but Rente's question is basically well considering the second half business will be stronger. I think Rente basically you're asking we have provided the guidance range of between 32 to 36 billion. Are you asking could that be upside or revised higher? Is that correct? Yeah, more of the framework into next year since it's more kind of prudent management a bit recessionary.
好的，所以Rente允许这个问题作为一个后续问题，但基本上考虑到下半年业务将更强大。我想Rente基本上是在问我们已经提供了32至36亿之间的指导范围。您是否在问这是否可以有上升的空间或是否可以进行修订？这样理解是否正确？是的，更多是关于下一年度的框架，因为它更倾向于谨慎管理，有些衰退的。
Paragraph 6: Rente let me answer that as we stated before every year our CAPEX is spent for the opportunities in the future years. So although there are short term seclusion in the industry, but we believe if the structure long term demand is there and the future opportunities is there and we will continue to invest. That would be the framework that we can provide to you. Okay, Rente. Do you have a quick second question?
Rente让我来回答这个问题。正如我们之前所说，我们每年的CAPEX都用于未来几年的机会。因此，尽管行业中存在短期的隔离现象，但我们相信如果长期需求结构存在，并且未来机会存在，我们将继续投资。这将是我们可以提供给您的框架。好的，Rente。你有没有一个快速的第二个问题？
Paragraph 7: Yeah, I'll do the quick second. So for two nanometer if you could clarify the ramp, do you expect this steep ramp to be in 2025 or is it more 2026? And do you also view that ramp being much more with the SOIC, the back end integration chiplet?
好的，我会回答这个迅速的问题。如果你可以澄清一下这个斜坡，那么你认为这个陡峭的斜坡会在2025年还是2026年实现？你是否认为这个斜坡还将更多地使用SOIC后端集成芯片？
Paragraph 8: Okay, so Rente's second question is on two nanometer. We have said volume production in 2025. Will the large volume be in 2025 or 26 as part of this question? And does this mean it will go hand in hand, I guess, with the SOIC and advanced packaging?
好的，Rente的第二个问题是关于二纳米技术的。我们已经说过，2025年会开始大规模生产。那么这个大规模生产是在2025年还是2026年进行的呢？这是否意味着它将与SOIC和先进封装技术同步进行？
Paragraph 9: Well, Rente, let me answer the question. Two nanometer technology definitely will start to ramp in 2025 and you ask about volume. The volume in 2026 certainly is much higher than 2025 because 2025 is the first year. But saying that, I mean that we are having HPC and smartphone customer now engaged with N2 and WB ramping now in 2025. Now whether it's related to chiplet or not, it depends on customer's product and their plan. And today I cannot show you all those kind of minor details because of the related to customer's product plan. Okay, great. Thank you, CCC.
好的，Rente，让我来回答这个问题。两纳米技术肯定会在2025年开始扩大规模生产，你问的是体积的问题。2026年的体积肯定比2025年高得多，因为2025年是第一年。但是，我要说的是，我们现在已经有高性能计算和智能手机客户正在使用N2和WB技术，2025年已经开始扩大规模生产。至于是否与芯片塊相关，这取决于客户的产品和计划。今天我无法向您展示所有这些细节，因为涉及到客户的产品计划。好的，谢谢CCC。
Paragraph 10: Okay, thank you, Rente. Operator, can we move on to the next participant, please? The next one to ask questions, Charlie, John, from Morgan Stanley. Go ahead, please.
好的，谢谢你，Rente。接线员，我们可以转到下一个参与者吗？下一个提问者是来自摩根士丹利的Charlie，John。请开始提问。
Paragraph 11: Thanks for taking my question. Good afternoon, CCC, Windel and Jeff. First of all, Congress for the first quarter course margin. In fact, here that N3E, ERA, continue to improve. So let me stay with the K-PET question for a little bit as my first question.
谢谢您回答我的问题，下午好，CCC、Windel和Jeff。首先，恭喜第一季度的课程利润。事实上，在这里，N3E、ERA仍在不断改进。所以，我的第一个问题是关于K-PET的，希望给我留一点时间。
Paragraph 12: So first of all, the major e-commerce supplier is ML. Yes, I suggest that EUV orders get pushed out a little bit. And we all know that your company is a major user of the EUV. So can management answer the question? First of all, whether the K-PET this year will be lower end of your guidance range. And also, for next year, whether your K-PETs intensity would decline in the year given that EUV push out. Thank you.
首先，主要的电子商务供应商是ML。我建议EU货单推迟一下。我们都知道贵公司是EU货的主要用户。因此，管理层能否回答以下问题：首先，今年的K-PET是否会低于您的指导范围的下限？此外，鉴于EU货被推迟，明年您的K-PET强度是否会降低？谢谢。
Paragraph 1: Okay, so Charlie's first question is related to K-PETs. He points out that newspaper talks about EUV orders being pushed out. So his question is really for our K-PETs in 2023. Do we think it will be towards the lower end of the range? And then also any indication for 2024 in terms of both K-PETs and capital intensity. Is that correct, Charlie? Yes, thank you.
第一段：好的，那么Charlie的第一个问题与K-PET有关。他指出报纸上谈到了EUV订单的推迟。因此，他真正的问题是关于我们在2023年K-PET的预期定位是否是处于低位区间？此外，是否有任何迹象表明2024年的K-PET和资本密集度情况？Charlie，这样理解是否正确？是的，谢谢。
Paragraph 2: Okay, maybe Wendell can answer. Hi, Charlie, this is Wendell. First of all, we don't comment on specific suppliers or customers or competitors. Regarding this year's K-PETs, when we gave all the K-PETs range 32 to 36 billion, we have already started or tightened up our 2023 capital budget. At this moment, we believe this range is appropriate and is prudent under today's economic environment. That range is still valid. Now, for next year, it's totally to talk about next year, but as I just stated, if the K-PETs spend this year will be for future years, and K-PETs spend next year will be for even future years. So if we see the growth opportunities is there, then we will continue to invest. That's the main policy, the principle that we have. Yeah, I think for the clarification. So I guess the question is if, whether those growth drivers still there, meaning big customers outsourcing for 2024, and whether your customers are aggressively adopting your N3 and N2. I guess that's why we are concerned about whether 2024 you're reducing some K-PETs. But anyway, let me shift to the next one.
好的，也许温德尔可以回答。嗨，查理，我是温德尔。首先，我们不会评论特定的供应商、客户或竞争对手。关于今年的K-PETs，当我们给出了所有K-PETs的32亿到36亿的范围时，我们已经开始或加紧了2023年的资本预算。此时此刻，我们认为这个范围是合适的，并且在今天的经济环境下是谨慎的。这个范围仍然有效。现在，谈论明年是完全可以的，但正如我刚才所说，如果今年的K-PETs支出是为了未来几年，明年的支出将是为了更远的未来。所以，如果我们看到了增长机会，那么我们将继续投资。这是我们的主要政策和原则。是的，我想这是澄清了。所以我想问题是，如果那些增长驱动因素仍然存在，意味着大客户外包到2024年，以及你的客户是否在积极采用你的N3和N2。我想这就是我们担心2024年是否会减少一些K-PETs的原因。但无论如何，让我转向下一个问题。
Paragraph 3: I think a lot of investors are also quite interested about the US Chiefs Act. So I remember Chairman shares some concern about those requirements. I'm not sure which one is a specifically concern. For example, I need to disclose customer information, a profiteering, some restriction for the future China-Fab investments. So my question is that how TESENC is going to reconcile your own interest versus the US government's requirements. And if it is hard to reconcile, whether TESENC would consider not to take US government's grant. Thank you.
第三段：我认为很多投资者也对美国首席法案非常感兴趣。因此，我记得主席对这些要求表达了一些担忧。我不确定具体有哪些问题令他担忧。例如，我需要披露客户信息、过度牟利、对未来中国Fab投资的一些限制等。因此，我的问题是，TESUNC将如何解决自己的利益与美国政府的要求之间的矛盾。如果很难达到调和，TESUNC是否会考虑不接受美国政府的津贴。谢谢。
Paragraph 4: Okay, so Charlie's second question is regarding the CHIPs Act. He notes we have recently said that some of the terms may be not acceptable. So he wants to understand how will TESENC reconcile its own interest versus some of the guidelines or Godrails around the CHIPs Act? And is there a possibility that we will not accept or participate in the CHIPs Act? Okay, Charlie, let me make a few comments on this one. We are currently in the application process and therefore we're not able to comment on specific details. However, we are in close and constant communication with the US government so that we fully understand all the details and provide our feedback and comments to them. At the end, all the decisions that we make will be based on the best interest of TESENC.
第四段：好的，现在Charlie的第二个问题关于CHIPs法案。他指出我们最近说过有些条款可能不可接受。所以他想了解TESENC将如何调和自己的利益和CHIPs法案周围的一些准则或规则？我们是否有可能不接受或参与CHIPs法案？好的Charlie，让我谈谈这个问题。我们目前正在申请过程中，因此我们无法对具体细节发表评论。但是我们正与美国政府进行密切且持续的沟通，以便我们充分了解所有详细信息并向他们提供反馈和意见。最终，我们所做出的所有决定都将基于TESENC的最大利益。
Paragraph 5: Okay, okay, send through that. Yeah, I will be back to a few. Okay, thank you, Charlie. Operator, can we move on to the next participant please?
好的，好的，请传送过来。是的，我会回来给你几个答复。好的，谢谢你，查理。操作员，请继续转接下一个参与者好吗？
Paragraph 6: Yes, the next one to ask questions, send them from AERATI research. Yes, thanks very much. Wendell, I wanted to just talk a bit about Arizona and now that you're scheduled to move into production next year and you've been hiring a lot of people. How do we think about the cost premium for TESENC operating in the US? And then when it comes to the pricing for the Wafers, would this be something that you charge a premium for for accessing US capacity? Or would you be sort of offering similar wafer pricing to what you offer in Taiwan? Thank you very much.
第六段：好的，下一个提问者，请由AERATI研究发送问题。非常感谢。Wendell，我想就亚利桑那州进行一些讨论，现在你们计划明年投产，并且已经雇佣了很多人。我们怎么考虑TESENC在美国运营的成本溢价？而且当涉及到晶圆的定价时，这是否会是一种为获取美国产能而收取溢价的东西？还是你会提供与在台湾提供的类似晶圆定价的服务？非常感谢。
Paragraph 7: Okay, thank you, Brett. So Brett's first question is regarding our Arizona FAV. The volume manufacturing schedule is on track and we've hired lots of people. So his first question is to Wendell around sort of what is the cost premium that we face in Arizona and how will we manage this, including our wafer pricing? Will we charge a different price for the different FAV or how do we intend to do it? Okay, Brett. The overseas FAV is indeed the cost is higher, at least in the first several years. And we stayed at last time that some of the components like the construction cost may be as high as five times. Now the way to mitigate that, first of all, it represents our global expansion, we present a value to the customers, then we will be selling that value as well. And secondly, because of our large base and volume, we'll be able to leverage that big base and volume to lower down the cost. At the same time, of course, we will need to secure the necessary level of government support. So putting all these efforts together, our job is to minimize the cost gap and make a proprietary return. For the whole company, on a combined basis, the 53% and higher growth margin remains our long term financial goal and is achievable.
好的，谢谢你，布雷特。布雷特的第一个问题是关于我们亚利桑那工厂的问题。生产进度在按计划进行，并且我们已经雇用了大量员工。他的第一个问题是针对温德尔，关于亚利桑那的成本溢价以及我们将如何管理此问题，包括我们的晶片定价？对于不同的晶片，我们会收取不同的价格，或者我们打算如何做？好的，布雷特。海外工厂的确存在成本上的溢价，至少在前几年。我们曾经说过，一些组件（如建筑成本）可能高达五倍。现在，为了缓解这种情况，首先，这代表了我们的全球扩张，我们为客户提供价值，然后我们也会销售这种价值。其次，由于我们有大量的基础和产量，我们可以利用这个巨大的基础和产量来降低成本。同时，当然，我们还需要确保获得必要的政府支持。因此，我们的工作是尽量减少成本差距并获得经济回报。对于整个公司来说，53%及以上的增长率仍然是我们的长期财务目标，并且可以实现。
Paragraph 1: Great. Thanks for that, Wendell. And maybe just a follow-up. I wanted to ask about the subsidies that TSMC are getting today, particularly in areas like Japan. How much is this going to be in 2023? And are you expecting a meaningful increase in support in the second half of the year? I'm just trying to understand what's embedded in guidance and how to think about accounting for the support that you're expecting over the medium term.
非常好，感谢您这样做，温德尔。或许我还想问一些后续问题。我想问一下TSMC今天正在获得的补贴，尤其是在日本这样的地区。到2023年这将有多少？您是否预计在下半年会有更有力的支持？我只是想了解指导方针中包含的支持以及如何考虑在中期内所期望的支持的会计问题。
Paragraph 2: Thank you. So Brett has a quick follow-up regarding Japan. His question in terms of the government support or incentives, we may receive, how will we account for it? How much will it be in 2023? And how significant is it most of it in the second half? Okay, Brett. Let me reply this matter. In Japan, we will total K-packs is about $8 billion and we expect about 50% to receive from the government. And we will be production, start production at the end of next year.
谢谢您。关于日本的问题，Brett有一个追问，就是我们可能获得的政府支持或激励措施，我们将如何计算这些成本？到2023年，这些成本将多少？其中大部分在下半年有多重要？好的，Brett。让我回答这个问题。在日本，我们的K包总价值约为80亿美元，我们预计约50％将来自政府。我们将于明年年底开始生产。
Paragraph 3: So the incentives from the government will be according, will be based on the progress that we are building our facts. So that gives you some idea of how much we can receive this year and next year. How do we account for it? Basically, that will be accounted for as an offset of depreciations.
第三段：因此，政府的激励措施将根据我们建立事实的进展而制定。这给了您一些关于我们今年和明年可以获得多少激励的想法。我们如何解释它？基本上，这将被视为抵消折旧的计算。
Paragraph 4: Okay. Great. Thanks very much. Very helpful. Okay. Thank you, Brett. Operator, can we move on to the next participant then? Next we have Sonny Lin from UBS. Thank you very much. Good afternoon.
好的，太好了，非常感谢，非常有帮助。好的，谢谢你，布雷特。操作员，我们可以转移到下一个参与者了吗？接下来是来自瑞银的Sonny Lin。非常感谢。下午好。
Paragraph 5: So my first question is on the pricing. So I think just now management, again, reiterated that your supply chain value is increasing and you look to sell that value. And so what's that? As you are about to start ramping over this capacity more significantly into next couple of years, how should we think about your ASP trend?
我的第一个问题是关于定价。我认为管理层刚刚再次重申，你们的供应链价值正在增加，你们希望出售这个价值。那是什么？随着你们即将在未来几年中大规模提高产能，我们应该如何看待你们的ASP趋势？
Paragraph 6: Okay. So Sonny's first question is also related to pricing. She notes that semiconductor industry value in the supply chain. And this is increasing. Her question is that Sonny, I believe as we expand our footprint and capacity beyond Taiwan and go overseas, what will be the ASP trend in the next few years? Is that correct? That's right. Thank you very much.
好的，Sonny的第一个问题也涉及定价。她指出半导体行业在供应链中的价值正在增加。她的问题是，我相信在我们将业务范围和产能扩展至台湾以外的海外时，未来几年ASP趋向将是什么？是这样吗？对的，非常感谢。
Paragraph 7: Sunny, I answer this question. First, actually, our pricing strategy actually is strategic and long term. We work with our customer. Yes, you are right. I mean that the inflation or all others, the cost is increasing, especially in the overseas fact. However, we already put all those kinds of things into consideration. And we have a lot of action item to work with internally and also with our partners, our supply partners and to lower down all the cost. And we also work on the supply chain management. So we hope that we are controlled. Even with today's very top situation.
阳光，我来回答这个问题。首先，我们的定价策略是策略性的和长期的。我们与客户合作。是的，你是对的。我的意思是通货膨胀或其他因素导致的成本增加，特别是在海外。然而，我们已经考虑了所有这些因素。我们有许多内部行动计划，还与我们的合作伙伴、供应商合作，降低所有成本。我们还在供应链管理方面进行努力。因此，即使面临今天的很棘手的情况，我们也希望能够掌握局面。
Paragraph 8: I'm sorry if I could have a very quick follow up. And so how should we think about the mechanism for you to reflect that supply chain value? We be an annual pricing negotiation. And I also wonder what the customer feedbacks under the current situations.
对不起，如果我可以迅速跟进一下，那我们应该如何考虑反映供应链价值的机制？这是否是一种年度定价谈判方式？我也很想知道在目前情况下客户的反馈如何。
Paragraph 9: And he wants to know how will we do the pricing is not an annual basis, how what's the feedback from customers? Sunny, this is a very specific, but let me let me emphasize again our pricing is strategic and we reflect our value. Our value includes the value of the quality of flexibility. That give you some hint. Thank you. That's very helpful.
第九段：他想知道我们如何定价，而不是按年计算，客户的反馈是什么？Sunny，这是一个非常具体的问题，但让我再次强调，我们的定价是战略性的，反映我们的价值。我们的价值包括质量和灵活性的价值。这给了你一些提示。谢谢。这非常有帮助。
Paragraph 10: My second question is on your K-Pax expansion. And so I wonder if we look at the equal money time. Are you seeing ongoing improvement? I'm trying to understand if you need to tighten up the K-Pax. But let's say if later on, demand start to recover or gathered get better into second half the year. How much flexibility you have to put in the equipment?
我的第二个问题是关于你们K-Pax的扩展计划。我想知道，如果我们观察等价钱时间，你们是否在持续改善中？我试图理解是否需要收紧K-Pax。但假设需求后来开始恢复或者在年底之后会变得更好。你们有多少灵活性可以增加设备？
Paragraph 1: Okay, so Sunny's second question is around capacity expansion and equipment D time. She notes that we have said we're tightening up our K-Pax this year and being prudent given the economic environment. But her question is if the demand recovers in the second half, how quickly can we adjust our equipment and capacity and would equipment D time then become a bottleneck?
好的，那么Sunny的第二个问题是关于生产能力扩张和设备D时间的。她注意到我们已经说过今年我们会严格控制K-Pax并会考虑眼下的经济环境。但她的问题是，如果在下半年需求恢复，我们会多快地调整我们的设备和产能，并且设备D时间是否会成为一个制约因素。
Paragraph 2: Is that correct, Sunny? That's right. Thank you, Jeff.
第二段：那正确吗，Sunny？没错。谢谢你，Jeff。
Paragraph 3: Okay, Sunny, this is a very, very good question. We are tightening up on the K-Pax. But at the same time, we also remain flexible that once the demand pick up quickly, we should be have prepared enough capacity for our customer to grow. And so both factors are very important and we are working with all the suppliers preparing for that. In fact, we are planning our long-term capacity expansion and then with some kind of adjustment in between. So we have flexibility to increase quickly. We also have flexibility to tighten the K-Pax. But the main trend stays the same because we believe AI, 5G, the mega trend, what continue to grow and TSMC's the business what continue to grow.
好的，桑尼，这是一个非常好的问题。我们正在加强对K-Pax的控制，但同时我们也保持灵活性，一旦需求迅速增长，我们应该为客户准备足够的容量来扩展。所以两个因素都非常重要，我们正在与所有供应商合作为此作准备。事实上，我们正在计划我们的长期容量扩张，然后进行一些调整。因此，我们可以灵活地快速增加。我们也可以灵活地加强对K-Pax的控制。但主要趋势仍然是相同的，因为我们相信人工智能、5G和大趋势将继续增长，而台积电的业务将继续增长。
Paragraph 4: Got it. Thank you very much. All right. Thank you, Sunny.
明白了，非常感谢。好的，谢谢你，Sunny。
Paragraph 5: Operator, can we move on to the next participant, please? Next one, we have Laura Chen from City.
接线员，我们能下一个参与者了吗？下一个我们有来自城市的Laura Chen。
Paragraph 6: Yes, hi. Good morning. Thank you very much for taking my question. My first question is about the data center service space. We know that in the high computing PC category that also include some of the PC CPU or consumer related applications. So that may show some weakness that we see the quote unquote declining Q1. But I'm just wondering that since we see quite promising AI server growth, what specifically if we look at the AI related contribution at current right now or what the growth outlook you may looking for.
您好，早上好。非常感谢您回答我的问题。我的第一个问题是关于数据中心服务空间的。我们知道，高性能计算机类别中也包括一些PC CPU或消费者相关应用程序。因此，我们看到所谓的Q1下降可能会显示出一些弱点。但我想知道的是，因为我们看到很有前途的AI服务器增长，具体来说，如果我们看看目前的AI相关贡献或您所期望的增长前景，会有什么样的情况。
Paragraph 7: OK, so Laura's question, she notes that our HPC platform includes certain, you know, more consumer facing things such as PC CPUs, but it also includes data and server data center and server sorry. So her question is really, I guess what is TSMC's view on the growth outlook for AI data centers and how significant this could be for HPC business.
好的，Laura的问题是她注意到我们的HPC平台包括某些更面向消费者的东西，比如PC CPU，但它也包括数据和服务器数据中心和服务器。那么她的问题是，我想知道TSMC对人工智能数据中心的增长前景持有何种看法，以及这对HPC业务的影响有多大。
Paragraph 8: Yes, so if we include in those like a demo in GPU or consumer PC CPU in this category. So what's the data center server and server business looks like now? Thank you.
是的，如果我们将GPU演示或消费级PC CPU类似的东西包括在这个范畴内。那么现在数据中心服务器和服务器业务的情况怎样呢？谢谢。
Paragraph 9: Laura, let me answer this question. We did see some some positive sign of the people get much more attention to AI application, especially the chat GPs area. However, as I said, quantitatively we have haven't have enough data to submit it up to see what is the contribution and what kind of percentage to TSMC's business. But we remain confident that this trend is definitely positive for TSMC. And we don't break down our HPC platform into those type of sub segments. Thank you.
说句实话，Laura，我来回答这个问题吧。我们确实看到了人们在人工智能应用中，尤其是聊天机器人领域开始关注的一些积极迹象。不过，我们目前还没有足够的数据去量化对TSMC业务的贡献和百分比。但是我们仍然相信这个趋势对TSMC来说非常积极。我们没有将我们的HPC平台分解成这些子细分领域。谢谢。
Paragraph 10: Thank you very much. And my second question is also related to the high computing PC angle. Just wondering that your expansion and trend in advanced packaging. We know that many of those like AI or server high computing PC CPU, they require the advanced packaging like a COA or 2.5D 3D packaging. So I'm just wondering that any more capacity you are required right now and what's the current capacity or revenue you can share with us and also the growth trend. Thank you.
非常感谢。我的第二个问题也与高计算机PC的角度相关。我想知道你们在先进封装方面的扩展和趋势。我们知道，像人工智能或服务器高计算机PC的CPU，需要先进的封装，例如COA或2.5D 3D封装。所以我想知道你们现在需要更多的产能吗？目前的产能或收入如何？以及增长趋势。谢谢。
Paragraph 11: Okay. So Laura's second question is on the events packaging she notes that applications like HPC PC CPUs, etc. require you know COA or 3D stacking 3D IC advanced packaging technology. So her question is what is the capacity expansion outlook or plan for our advanced packaging and also what is the revenue growth outlook I guess over the next few years. Is that correct Laura?
好的，Laura的第二个问题关于产品打包方面。她指出像HPC PC CPUs等应用需要COA或3D堆叠3D IC高级打包技术。她的问题是我们的高级打包扩展前景和计划是什么，以及在未来几年内收入增长的前景如何。这样讲对吗，Laura？
Paragraph 12: Yes. Thank you very much. Okay. Laura, let me start for the events packaging the backend services. We think that its growth in the next about five years will be slightly higher than the corporate average. However, for this year is the revenue will be lower than that of last year because of a customer demand. Last year the revenue accounted for about 7% of our total revenue this year is somewhere between 6 to 7. So that should give you an idea of the overall. So in terms of the capacity is there any change in the previous year versus last year. So her question is also part of the question is specific to the capacity for packaging.
好的，非常感谢。好的，Laura，让我从后端服务的活动包装开始。我们认为它在接下来的五年内的增长率将略高于公司平均水平。然而，由于顾客需求的原因，今年的收入将低于去年。去年的收入占我们总收入的约7％，今年在6到7之间。这应该能让你了解整体情况。所以在容量方面，去年与上年相比有没有变化。她的问题也包括针对包装容量的具体问题。
Paragraph 13: What is the year on year growth in the advanced packaging capacity? Well Laura, no, no, no, let me say that actually just recently in these two days I received a customer's phone call requesting a big increase on the backend capacity especially in the cold. We are still evaluating that.
这段话询问了高级封装容量的同比增长率，但回答者表示最近接到一位客户的电话，请求增加后端容量，尤其是在寒冷条件下。目前，公司正在评估这个请求。
Paragraph 14: Okay. Got it. Very clear. Very helpful. Thank you very much. Okay. Thank you. Operator, please move on to the next participant. Please.
好的，明白了。非常清晰，非常有帮助。非常感谢。好的，谢谢。接线员，请转到下一位参与者。请。
Paragraph 1: Yes. Next one to ask questions. Yes. Thank you for taking my question.
是的，接下来可以提问了。是的，谢谢您回答我的问题。
Paragraph 2: Your guide for June and also 2023 revenue suggests revenues in the second half of the year would be up by 25% versus the first half.
你在今年6月和2023年收入指南中提到，预测下半年的收入将比上半年增长25%。
Paragraph 3: And what I want to better understand is how will new product ramps drive this growth? Is there anything quantitative or qualitative that you can offer us to understand the mechanics or the drivers behind these 25% growth revenue from first half into the second half and I have a follow up.
我想更好地了解的是，新产品的推出如何推动这种增长？您是否能提供任何数量上的或质量上的东西让我们了解这25%的营收增长的机制或驱动力，从上半年的增长到下半年？我还有一个后续问题。
Paragraph 4: Okay. Thank you. So, I mean, these first question is in looking at our guidance. He is calculation is implies it's around, you know, mid 20s half on half growth in the second half. So he wants to know how much is new projects or new business driving that percentage of the growth?
好的，谢谢。我的意思是，在查看我们的指导方针时，他的计算意味着在下半年实现了大约20%到30%的增长。因此，他想知道这个增长的百分比中有多少是由新项目或新业务推动的。
Paragraph 5: Well, I can answer that question. I have to give you a hint. I mean, that's a we talk about customers, a new product launch and which uses three nanometer. So you can understand that we start to ramp up a three nanometer quickly because if we utilize and still not enough to meet customers demand. In addition to that, actually, all the platforms, their performance demand were increased in the second half.
好的，我可以回答那个问题。我要给你一个提示。我的意思是，当我们谈论客户、新产品发布以及使用三纳米时，我们就开始快速推广三纳米，因为如果我们利用不足还不能满足客户的需求。此外，实际上，所有平台的性能需求在下半年都有所增加。
Paragraph 6: So, as these new products drive way for shipping increase, we should assume that utilization rates with bottom and June and improving the second half, right? So, he wants to know can he assume utilization bottoms in two queue and improves in second half?
因此，随着这些新产品的推出，运输量将会增加，我们应该假设利用率在第二季度会触底，并在下半年有所改善，对吗？因此，他想知道是否可以假设利用率在第二季度触底并在下半年有所改善？
Paragraph 7: Yeah, Maddie, that's a reasonable view. CC has already said second half will be stronger than first half. Do you have a second question?
是的，Maddie，这是一个合理的观点。CC已经表示第二个半年度将比第一个半年度更强。你还有第二个问题吗？
Paragraph 8: Yes, I have one for window. This question comes up every early conference called capital intensity. Should we assume that as you tighten your capital exposure for this year, and especially in the context of decline revenues for the whole year, are we at the tail end of elevated capital intensity? Are should we assume that you over the past couple of years, there has been significant investment and starting next year, you're going to be able to scale your revenues? Is that the right way of thinking about all these investors that you have done?
是的，我有一个针对窗户的策略。每次召开早期投资大会，这个问题都会被提及，即我们应该假设您在今年紧缩资本支出，特别是在整个年份收入下降的情况下，我们是否处于资本密集度高峰的尾声？或者我们应该假设您在过去的几年中进行了大量投资，从明年开始，您将能够扩大收入规模？这是所有投资者正确的思考方式吗？
Paragraph 9: Okay, so, Maddie, second question is on around capital intensity. He wants to know given the guidance we have provided for 2023. Are we at the tail end of the higher capital intensity period or elevated capital intensity period? And then will we start to, I guess, harvest or see that capital intensity come down next year or into the next few years?
好的，Maddie，第二个问题是关于资本密集度。他想知道考虑到我们在2023年提供的指导，我们是否处于高资本密集度时期的尾声或高水平资本密集度时期？然后，我们是否会在明年或未来几年开始收获或看到资本密集度下降的趋势？
Paragraph 10: Maddie, I am not going to share with you the peak, where the peak is, but I can tell you from my current five year outlook. We are looking at about mid 30s percentage of capital intensity. Okay, great, thank you. Thank you, Maddie. Operator, let's move on to the next participant.
马迪，我不会告诉你峰值在哪里，但我可以告诉你我的未来五年计划。我们大约会有30%的资本密集度。好的，非常感谢。谢谢你，马迪。接下来，我们继续听下一位参与者的发言。
Paragraph 11: Yes, the next one to ask questions. Chris Sankar from TD Cohen.
下一个提问者是TD Cohen的克里斯·桑卡尔。
Paragraph 12: Hi, thanks for taking my question. My first one is on your comments that the entry capacity will be fully utilized this year. Is that capacity that will be online in the second half, same or higher or lower than what you planned a year ago? And also at this point, you see the entry, wastewater demand profile to be similar or better than N-Sci at the same point in the cycle.
大家好，感谢回答我的问题。我第一个问题是关于您对于入口能力将在今年被充分利用的评论。这个入口能力在下半年上线是与您一年前计划的相同、更高还是更低？此外，您现在看到的入口和废水需求情况与 N-Sci 在同一周期的情况相似或更好。
Paragraph 13: Okay, so Chris's first question is on N3 capacity. He notes we said it will be fully utilized this year. He wants to know the capacity that we build or plan for N3 this year and in the second half. How does that capacity amount compared to what we expected a year ago?
第13段：好的，克里斯的第一个问题是关于N3的产能。他指出我们说今年将充分利用它。他想知道我们今年和下半年要建造或计划N3的产能是多少。这种产能与我们一年前所预期的相比如何？
Paragraph 14: Well, I can answer the question. Actually, the demand is higher than we thought a year ago. And that's why that we need to work very hard to a big customer's demand. That answer your question, Chris. Yeah, that's it does. Thank you for that CC.
我可以回答这个问题。实际上，需求比一年前预计的要高。这就是为什么我们需要努力满足大客户的需求。这回答了你的问题，克里斯。是的，谢谢你的回答，CC。
Paragraph 15: And then just a quick follow up, you know, you spoke about AI being a positive and on the, you know, innovation happening in generative AI today. Just from a TSMC standpoint, is it fair to assume that what you're going through today is more on the training stage and therefore it's more semiconductor and day for intensive. But when you go into more influence that intensity has to decrease, is it a fair assumption or do you think that this level of intensity will discontinue growing from a TSMC standpoint for AI?
第15段：接下来只是一个简单的追问，你谈到了人工智能是一种积极的力量，并谈到了生成式人工智能的创新。从台积电的角度来看，是否可以认为你们现在所经历的更多是在训练阶段，因此更需要半导体和大量的日常工作。但当你进入更深入的领域时，这种强度必须减少，这个假设公平吗？你认为从台积电的角度来看，这种强度的持续增长是否会停止？
Paragraph 16: Okay, so Chris's second question is regards to a generative AI and these type of applications. He is observation is that, you know, the majority is training today, which seems to be beneficial, but as training moves to inference, would it be less semi intensive or semi content intensive? And then therefore, would that be IE lower benefit to TSMC?
好的，那么克里斯的第二个问题是关于生成型人工智能和这些应用程序的。他的观察是，目前主要是在训练方面投入，这似乎是有益的，但是随着训练的转向推理，它是否会 less content intensive 或 less benefit to TSMC？
Paragraph 1: Chris, I mean, that's a, you know, today your observation is right because right now most of the AI concentrate focus on training and in the future you will be inference.
克里斯，我的意思是，今天你的观察是正确的，因为现在大部分的人工智能都集中在训练方面，而在未来你将会是推断方面。
Paragraph 2: Let me say that, you know, no matter what, no matter what kind of application, they need to use a very high performance semiconductor component. And that actually is a TSMC advantage.
第二段：我想说的是，无论如何，无论使用什么种类的应用程序，都需要使用高性能的半导体元件。而这恰恰是台积电的优势。
Paragraph 3: So we expect that semi conducts a content starting from a data center for the case to device and the H device or those kinds of things put all together.
因此，我们预计半导体从数据中心开始，连接到电子设备和家庭设备等各种设备。
Paragraph 4: We need a very high speed computing with a very powerful efficient one. And so we expect it will add to TSMC's visit is a lot.
我们需要一种非常高速、非常强大有效的计算机。因此，我们希望这将大大增加台积电公司的价值。
Paragraph 5: Qualitatively, as I said, we didn't know yet. We hope that in the next few quarter can give more clear picture. Thanks, CC thanks Jeff.
第五段：就质量而言，我们目前还不清楚。我们希望在接下来的几个季度内能给出更清晰的图片。谢谢，CC感谢Jeff。
Paragraph 6: Okay, thank you operator in the interest of time will take the last two questions from the last two participants please so we can we proceed to the next participant?
好的，感谢接线员为了节约时间，我们将接受最后两个参与者的问题，以便我们可以继续进行下一位参与者的问题。
Paragraph 7: Yes, of course, next up is Kathleen from Bank of America, go ahead, please.
下一个发言人是来自美国银行的凯瑟琳，你可以开始发言了。
Paragraph 8: Thank you for taking my question. I have the two questions one on the internal organization change and the other on a recently announced strategic alliance.
谢谢您回答我的问题。我有两个问题，一个是关于内部组织变革，另一个是关于最近宣布的战略联盟。
Paragraph 9: So while the global expansion is a key focus of TSMC, I noticed that the TSMC set up a new unit code overseas operations office.
因此，全球扩张是台积电的重点关注对象，我注意到台积电成立了一个新的单位，代码为海外运营办公室。
Paragraph 10: What are the targets and impact that the TSMC management would look for from this new unit. Thank you. That's my first question.
这个问题是关于台积电管理层希望从这个新单位获得哪些目标和影响的。谢谢。
Paragraph 11: Okay, so Brad's first question is about our internal organization change we set up an overseas office. We call oh, oh, oh, so he wants to know what is the purpose of this organization or office? What is this targets and purpose?
第11段：好的，Brad的第一个问题是关于我们的内部组织变化，我们设置了一个海外办事处。我们称之为 oh, oh, oh，他想知道这个组织或办事处的目的是什么？它的目标和用途是什么？
Paragraph 12: Well, the purpose is very simple because we need to have all the organization now the fact is the overseas perhaps number and the amount will be more and more so we need to have a coherence or in the culture everything aligns to the heck quarter to TSMC's a core value.
第12段：好的，目的非常简单，因为我们现在需要拥有所有的组织。事实是，海外的数字和数量可能会越来越多，因此我们需要有一个连贯性，让所有文化都与台积电的核心价值观相一致。
Paragraph 13: So we established this overseas operation office to make sure that heck quarter support to each overseas fab what is sufficient and enough and so that the performance will be aligned or match with the TSMC's fab in Taiwan.
所以，我们建立了这个海外运营办公室，以确保给每个海外晶圆厂提供足够的总部支持，使其表现与位于台湾的台积电晶圆厂保持一致或匹配。
Paragraph 14: And but more importantly because of what we have this organization so we can help them to be succeed and the future can be more profitable. Thank you, CC. Brad, do you want to?
第14段：更重要的是，我们建立这个组织的原因在于我们可以帮助他们获得成功，未来可以更加有利可图。谢谢，CC。Brad，你想发言吗？
Paragraph 15: Yeah, your second question. Thank you, Jeff. So my second question will be on the recently announced strategic alliance.
好的，你的第二个问题。谢谢，杰夫。我的第二个问题将涉及最近宣布的战略合作伙伴关系。
Paragraph 16: The no migration is the fund risk competition focus and we know that the leadership in the leading edge.
第16段：无迁移是该基金的风险竞争重点，我们知道领导层处于领先地位。
本段主要表达该基金在竞争中关注的风险点是无移民的情况，并且他们意识到该基金在领导层方面处于领先地位。
Paragraph 17: We recently see the TSMC panel up with the media synopsis and sml on two nanometer production at the young and what is the target and how is the progress so far and TSMC is currently the only fund tree within that group.
最近，我们看到台积电公司发布了有关在年轻一代上进行2纳米生产的媒体概要和SML信息。他们的目标是什么？目前的进展情况如何？目前，台积电是该组内唯一的资金树。
Paragraph 18: Should we expect an even larger gap to peers with this or should we allow more companies or competitors to join this group. Thank you.
我们应该期望这一差距与同行之间更大，还是应该允许更多的公司或竞争对手加入这个群体？谢谢。
Paragraph 19: Brad, sorry, let me clarify. Make sure we understand your second question. So your second question is talking about you call it an alliance, but I think you refer to ASMR and in video.
布拉德，抱歉，让我澄清一下。确保我们理解你的第二个问题。所以你的第二个问题是关于你称之为联盟，但我认为你是指ASMR和视频。
Paragraph 20: So are you referring to this announcement recently of the what is called the CU lethal. Exactly. Yes, computational data. Yes.
第20段：那么你是指最近被称为「CU杀手」的宣告吗？完全正确。是的，计算数据。是的。
这段话的意思是，对方在问是否指的是近期所宣布的「CU杀手」，即针对计算数据的一种攻击手段。回答者确认是这样的。
Paragraph 21: Okay. So Brad really wants to know what is management's view towards this recently announced CU lethal. What is the implication and what does this mean for TSMC's competitive competitiveness? Sorry. Going forward.
好的，布拉德非常想知道管理层对最近宣布的CU制造技术的看法。这意味着什么，对TSMC的竞争力意味着什么？抱歉，这段话没有上下文。
Paragraph 22: That's a good question. It is an initial then invented by TSMC's customer and media and actually we are working with them and this particularly the software and hardware together will help speed up computational circuitry by moving expensive operation to GPU which was a lot of us deploy the message solution that a inverse naucity technology deep and learning more brought me or it's better and because of this one we get involved with that our customers and also prior and we expect that un give us some advantage over and also competition.
这是一个好问题。这个缩写是由TSMC的客户和媒体发明的。实际上，我们正在与他们合作，特别是软件和硬件的结合，将帮助加快计算电路速度，通过将昂贵的操作转移至GPU，这是我们许多人采用的消息解决方案。这种逆向技术深度学习更为好，正是由于这一点，我们与客户和之前互动，我们期望这将给我们带来一些优势，也让我们在竞争中处于领先地位。
Paragraph 23: Got it. That's very clear. Thank you very much for the insights. Thank you, C.C. Thank you, Jess. Sure. Thank you, Brad.
明白了，非常清晰明了。非常感谢你们的见解。谢谢，C.C.谢谢，Jess。当然。谢谢，Brad。
Paragraph 24: Operator, then can we move on to the last participant, please?
操作员，那么我们可以继续进行最后一个参与者了吗？
Paragraph 25: The last questions are from Charles Shee from Nguyen Company. Go ahead, please.
最后一个问题来自Nguyen公司的Charles Shee。请提问。
Paragraph 26: Thank you for squeezing me in. I have a question about your capex.
第26段：感谢你抽出时间来见我。我有一个有关你的资本支出的问题。
Paragraph 27: Maybe I want to start with one item you disclosed in your fileings on your balance sheet. You have an item called Equipment Under Installation and Construction Progress.
或许我想从你在资产负债表中披露的一个项目开始。你有一个名为设备安装和建设进展的项目。
Paragraph 28: That number has hit the record high. I think over $40 billion US dollars as of the end of fourth quarter, 22, which kind of means there are 40 billion investment. You put money in, but you are not harvesting that investment yet. There's no revenue dollars been generated.
这个数字达到了创纪录的高度。截至22年第四季度，我认为已经超过400亿美元，这意味着有400亿美元的投资。你把钱投进去了，但你还没有收获这些投资。目前没有产生任何营收美元。
Paragraph 29: But now I think you said you're tightening the capex score, 2023, but you're reiterating that 32 to 36 billion investments.
第29段：但是现在我认为你说你正在紧缩2023年的资本支出得分，但你重申了320至360亿美元的投资。
简单来说，该句话是在谈论一家公司的资本支出计划。其中，该公司表示正在紧缩某一特定年份的支出，但重申了未来将投资320至360亿美元的承诺。
Paragraph 1: That seems to be adding on top of that 40 billion.
似乎是在说这是在原来的 400 亿之上增加的额外数目。
Paragraph 2: A lot more investment is still expected in this year.
在今年，还有更多的投资预计会出现。
Paragraph 3: So my question really is about this.
所以我的问题实际上就是关于这个的。
Paragraph 4: Are you expecting significantly higher incremental revenue opportunity in 2024 and beyond to justify that 40 billion plus maybe another 32 billion investment?
您是否期望2024年及以后的显著增长的营收机会，以证明40多亿美元的投资以及可能再加320亿美元的投资是合理的？
Paragraph 5: Or is the cycle time between you put the money in, put the investment into the time you harvest the investment to generate revenues getting a little bit longer than usual?
您投入资金、进行投资到获得收益的周期是否比平常稍微变长了？
Paragraph 6: So hopefully you can clarify this.
所以希望您能澄清这一点。
Paragraph 7: Okay, Charles, that is a very long question.
好的，Charles，那是一个非常长的问题。
Paragraph 8: Please let me try to summarize it a little bit into two parts.
请允许我简要总结一下，分为两部分。
Paragraph 9: I think Charles's question.
我认为查尔斯的问题很有意思。
Paragraph 10: He does rightly note that on our balance sheet equipment under installation reached roughly about 40 billion at the end of 2022.
他确实指出我们的资产负债表上安装中设备在2022年底达到了约400亿美元。
Paragraph 11: He notes this is a very high level.
他指出这是一个非常高的水平。
Paragraph 12: His concern maybe window can address as we also guided for 32 to 36 billion capex this year.
他的担忧可能可以通过窗口解决，因为我们今年也指导了32亿到36亿的资本支出。
Paragraph 13: So is this number going to only increase and what is driving this?
这个数字仅仅会增加吗？是什么推动了这种增长？
Paragraph 14: Is this preparing for significant revenue opportunities in 2024 and beyond?
第14段：这是为2024年及以后的重要收入机会做准备吗？
Paragraph 15: So this is his first question.
所以这是他的第一个问题。
Paragraph 16: Okay, Charles.
好的，查尔斯。
Paragraph 17: The 40 billion dollar asset under construction at the end of last year primarily come from two notes, a N3 note and the N5 note.
去年年底正在建设中的价值400亿美元资产主要来自两种债券，即N3债券和N5债券。
Paragraph 18: N3 note that is because we're ramping up the N3 notes.
第18段：N3指出，这是因为我们正在加强N3笔记的力度。
Paragraph 19: And N5 we continue to increase our capacity.
在N5，我们将继续增加我们的生产能力。
Paragraph 20: Therefore these two add together you see a big, a bigger asset under construction at the end of last year.
因此，这两个加在一起，你可以看到去年年底一个更大的资产正在建设中。
Paragraph 21: From what I can see going forward this number will be will gradually come down in the next few years.
根据我所看到的情况，这个数字在未来几年内将会逐渐下降。
Paragraph 22: Okay, Charles.
好的，查尔斯。
Paragraph 23: Yeah, maybe the other part of this question is because you are proceeding with that 32 to 36 billion.
嗯，也许这个问题的另一个部分是因为您正在进行32到36亿的交易。意思是，也许这个问题的原因是因为您正在进行一笔价值32到36亿的交易。
Paragraph 24: It's hard for me to reconcile how this number comes down at least in the next one year or so over the next 12 month horizon.
第24段：对我来说，很难想象这个数字在接下来的一年左右的时间内怎么会下降。
Paragraph 25: How do I reconcile that?
我该如何调和这个问题呢？
Paragraph 26: Are you expecting like next year that's going to be a significant revenue incremental revenue coming to TSMC?
第26段：你是否期望明年TSMC会有显著的收入增长？
Paragraph 27: Charles as we said it's totally to talk about next year but we also said that if we continue to see the future growth opportunities is there we will continue to invest.
第27段：正如我们所说，Charles，谈论明年的事是完全可以的，但我们也说过，如果我们继续看到未来的增长机会，我们将会继续投资。
Paragraph 28: Thank you.
谢谢你。
Paragraph 29: Thank you.
谢谢。
Paragraph 30: May I ask the second question?
我可以问第二个问题吗？
Paragraph 31: Sure.
当然可以。
Paragraph 32: Thank you.
谢谢。
Paragraph 33: So the second question is about CHIPS Act.
第二个问题是关于CHIPS法案的。
Paragraph 34: I heard you provided some help to the question from another analyst about that.
我听说你对另一个分析师关于那个问题提供了一些帮助。
Paragraph 35: Can you quantify the potential benefits from the US CHIPS Act manufacturing incentives which are to my understanding including both grants and investment tax credit.
第35段：您能量化一下美国 CHIPS 法案制造业激励计划的潜在利益吗？据我所知，其中包括授予和投资税收抵免。
Paragraph 36: I know this is the kind of relevant to our modeling going forward.
我知道这与我们今后的建模有关。
Paragraph 37: And maybe if I may, can I ask one of your US peers seems to be favoring investment tax credit over grants.
也许我可以问一下，您美国的同行似乎更喜欢投资税收抵免而非补助金。
Paragraph 38: They seem to only want the investment tax credit not the grants.
他们似乎只想要投资税收减免，而不是资助。
Paragraph 39: What is the PSMC thinking between these two different funding opportunities?
这两种不同的资金机会对于PSMC来说，究竟是怎样考虑的呢？
Paragraph 40: Thank you.
谢谢你。
Paragraph 41: Okay, thank you, Charles.
好的，谢谢你，查尔斯。
Paragraph 42: So his second question is around the CHIPS Act.
因此，他的第二个问题围绕着“CHIPS法案”。该法案是什么意思呢？它实际上是指美国的半导体工业发展计划，在这个计划中，美国政府将分配数十亿美元来支持半导体产业的研发和创新。这个法案对于美国半导体产业和国家安全都具有重大意义。该提案已经在国会获得了广泛支持，并成为了一个热门话题。
Paragraph 43: He is asking if we can quantify the potential benefits both in terms of grants and also in terms of tax credits and also do we favor one over the other or preference for one over the other?
他正在询问我们能否量化潜在的利益，无论是以资助的形式还是以税收抵免的形式，并且我们是否更青睐其中一种或更倾向于其中一种？
Paragraph 44: Charles, as I said we are in the process of application so we are not in the position to disclose any details.
查尔斯，正如我所说，我们正在申请过程中，因此我们不能透露任何细节。
Paragraph 45: I will refrain from sharing more information at this moment.
此刻我会克制不再分享更多的信息。
Paragraph 46: Okay, thank you, Wendell.
好的，谢谢你，温德尔。这句话的意思是表示对温德尔的感谢，可能是温德尔提供了某些信息或帮助。
Paragraph 47: All right.
好的。
Paragraph 48: So thank you everyone.
因此，谢谢大家。
Paragraph 49: This concludes our Q&A session.
这结束了我们的问答环节。
Paragraph 50: Before we conclude today's conference please be advised that the replay of the conference will be accessible within 30 minutes from now and the transcript will become available 24 hours from now.
在结束今天的会议前，请注意：会议的回放将在30分钟内可访问，会议记录文本将在24小时内可用。
Paragraph 51: Both of these will be available through TSMC's website at www.tsmc.com.
这两种产品都可以通过台积电公司的网站www.tsmc.com进行购买。
Paragraph 52: So thank you everyone for joining us today.
感谢大家今天的参加。
Paragraph 53: We hope you all continue to stay well and we look forward to joining us again next quarter.
我们希望大家都能保持健康，并期待下个季度再次与我们一起加入。
Paragraph 54: Goodbye and have a great day.
道别并祝你度过愉快的一天。