台積電 2023 第二季法說會內容全文

台積電 20 日舉行第二季法說會，《科技新報》透過 AI 工具轉錄並由編輯稍做修飾，由台積電董事長劉德音、執行長魏哲家、財務長黃仁昭進行的台積電營運狀況報告全文，第一時間為讀者帶來最全面的法說會訊息。

台積電財務長：黃仁昭 Wendell Huang

My presentation will start with financial highlights for the second quarter 2023. After that, I will provide the guidance for the third quarter. Second quarter revenue decreased 5.5 percent sequentially in NT, or 6.2 percent in U.S. dollars, as our second quarter business was impacted by the overall global economic conditions, which dampened the end market demand and led to customers’ ongoing inventory adjustment. Growth margin decreased 2.2 percentage points sequentially to 54.1 percent, mainly reflecting lower capacity utilization and higher electricity costs, partially offset by more stringent cost control and a more favorable foreign exchange rate. Despite the industry’s cyclical downturn, we continued to invest in R&D to support our N3 and N2 development. Thus, operating margin was 42 percent, down 3.5 percentage points sequentially. 

我的演講將以2023年第二季的財務亮點開始。之後，我將提供第三季的財務預測。第二季收入按新台幣計算，較前一季下降了5.5%，按美元計算下降了6.2%。由於全球經濟環境的影響，我們第二季的業務受到了影響，市場需求減弱，客戶持續進行庫存調整。成長率按季下降2.2個百分點至54.1%，主要原因是產能利用率下降和電費上升，部分下降則是被更嚴格的成本控制和更有利的外匯匯率所抵銷。儘管產業處於週期性下滑，我們仍然持續投資於研發，以支持我們的N3和N2的發展。因此，營運利潤率為42%，較上一季下降3.5個百分點。

Overall, our first quarter EPS was 7.01 NT, and ROE was 23.2 percent. Now let’s move on to revenue by technology. 5 nanometer process technology contributed 30 percent of our wafer revenue in the second quarter, while 7 nanometer accounted for 23 percent. Advanced technologies, defined as 7 nanometer and below, accounted for 53 percent of wafer revenue. Moving on to revenue contribution by platform, HPC decreased 5 percent quarter over quarter to account for 44 percent of our second quarter revenue. Smartphone decreased 9 percent to account for 33 percent. IOT decreased 11 percent to account for 8 percent. Automotive increased 3 percent to account for 8 percent. And DCE increased 25 percent to account for 3 percent.

總體而言，我們第一季每股盈餘為新台幣7.01元，股東權益報酬率為23.2%。現在讓我們來看看按技術分類的營收。在第二季，5奈米製程技術貢獻我們晶圓收入的30％，而7奈米則占23％。先進製程定義為7奈米及以下，占晶圓收入的53％。就平台的收入貢獻而言，高性能計算（HPC）在第二季的收入中下降了5％，占我們的總收入的44％。智慧型手機下降了9%，占比為33%。物聯網下降了11%，占比為8%。汽車業增長3%，占比8%。而DCE增長25%，占比3%。

Moving on to the balance sheet, we ended the second quarter with cash and marketable securities of 1.5 trillion NT, or 48 billion U.S. dollars. On the liability side, current liabilities decreased by 62 billion NT, mainly due to the net decrease of 87 billion in income tax payable as we pay 120 billion for 2022 income tax, offset by 33 billion accrued tax payables for the second quarter. Long-term interest bearing debt increased by 53 billion NT, mainly as we raised 41 billion in corporate bonds. 

轉向資產負債表，我們第二季結束時的現金和有價證券為新台幣1.5兆元，相當於480億美元。在負債方面，流動負債減少了台幣620億元，主要是由於應付所得稅減少了870億，因為我們支付了2022年所得稅的1,200億，以及來自第二季應計稅款330億的抵銷。長期利息負債增加了台幣530億元，主要是因為我們發行了410億的公司債券。

On financial ratios, accounts receivable turnover days decreased 2 days to 32 days, while days of inventory increased 3 days to 99 days, primarily due to entry ramp during the quarter. 

在財務比率方面，應收帳款週轉天數減少了2天，為32天，而存貨天數增加了3天，為99天，主要是由於本季度的進貨增加所致。

Regarding cash flow and KPACs, during the second quarter, we generated about 167 billion NT in cash from operations, spent 251 billion in KPACs, distributed 71 billion for third quarter 2022 cash dividend, and raised 41 billion from corporate bond issuances. Overall, our cash balance decreased by 109 billion to 1.3 trillion NT at the end of the quarter. Free cash flow was negative 83 billion NT during the quarter, as operating cash flow was more than offset by capital expenditures, partly due to the income tax payment of 120 billion. In U.S. dollar terms, our second quarter capital expenditures totaled 8.17 billion. 

關於現金流和固定資本支出，在第二季，我們從營運活動中產生了約台幣1,670億元的現金，用於固定資本支出的金額為台幣2,510億元，分配了台幣710億元做為2022年第三季現金股利，並透過企業債券發行籌集了台幣410億元。總體而言，我們的現金餘額在本季結束時減少了1,090億，降至台幣1.3兆元。季度內的自由現金流為負台幣830億元，因營運現金流被資本支出所抵銷，部分原因是支付了1,200億的所得稅。以美元計算，我們第二季的資本支出總額為81.7億。

I have finished my financial summary. Now let’s turn to our current quarter guidance. Based on the current business outlook, we expect our third quarter revenue to be between 16.7 billion and 17.5 billion U.S. dollars, which represents a 9.1 percent sequential increase at the midpoint. Based on the exchange rate assumption of 1 U.S. dollar to 30.8 NT, gross margin is expected to be between 51.5 percent and 53.5 percent, operating margin to be between 38 percent and 40 percent. 

我已經完成了我的財務摘要。現在讓我們轉向我們目前季度的指引。根據目前的商業前景，我們預計第三季的收入將在167億至175億美元之間，這相當於中點處的9.1%的季度增長。根據1美元兌新台幣30.8元的匯率假設，毛利率預計在51.5%至53.5%之間，營業利潤率預計在38%至40%之間。

This concludes my financial presentation. Now, let me turn to our key messages. I will start by making some comments on our second quarter 23 and third quarter 23 profitability. Compared to first quarter, our second quarter gross margin decreased by 220 basis points sequentially to 54.1 percent, primarily due to the exchange rate sequentially to 54.1 percent, primarily due to a lower capacity utilization. Compared to our second quarter guidance, our actual gross margin slightly exceeded the high end of the range provided three months ago, mainly due to more stringent cost control efforts and a slightly more favorable foreign exchange rate. 

這就是我財務報告的結束。現在，讓我們談談我們的主要訊息。我將首先對我們第二季23和第三季23的盈利能力發表一些評論。相較於第一季，我們的第二季毛利率按季度計算下降了220個基點，至54.1％，主要是由於較低的產能利用率所致。相較於我們第二季的預測指引，我們實際的毛利率略微超過了三個月前所提供的範圍上限，主要是由於更嚴格的成本控制努力和稍微更有利的外匯匯率。

We have just guided our third quarter gross margin to decline by 1.6 percentage points to 52.5 percent at the midpoint, primarily as a higher level of capacity utilization rate is offset by two to three percentage points margin dilution from the initial ramp up of our three nanometer technology. Looking ahead to the fourth quarter, we expect a continuous steep ramp up of our three nanometer to dilute our fourth quarter gross margin by about three to four percentage points. 

我們剛剛將第三季毛利率指引下調了1.6個百分點，中點為52.5%，主要是由於較高的產能利用率被我們3奈米技術的初期推出所帶來的2至3個百分點的利潤稀釋所抵消。展望第四季，我們預計我們的3奈米製程將持續大幅增長，進而使我們的第四季毛利率下降約三到四個百分點。

In 2023, our gross margin faces challenges from lower capacity utilization due to semiconductor cyclicality, the ramp up of N3, overseas fab expansion and inflationary costs, including higher utility costs in Taiwan. 

在2023年，由於半導體週期性的影響、N3的推出、海外晶圓廠擴張以及通膨成本（包括台灣的公用事業成本上升），我們的毛利率面臨著利用率下降的挑戰。

To manage our profitability in 2023, we will work diligently on internal cost improvement efforts while continuing to sell our value. While we face near term challenges, we continue to forecast a long term gross margin of 53 percent and higher is achievable. 

為了在2023年管理我們的盈利能力，我們將努力進行內部成本改善工作，同時繼續銷售我們的價值。儘管我們面臨著近期的挑戰，我們仍然預測長期毛利率可達53%或更高。

Next, let me talk about our 2023 capital budget and depreciation. Every year, our capex is spent in anticipation of the growth that will follow in future years. Given the near term uncertainties, we continue to manage our business prudently and tighten up our capital spending where appropriate. We now expect our 2023 capital budget to be towards the lower end of our range of between 32 and 36 billion U.S. dollars. 

接下來，讓我們談談我們2023年的資本預算和折舊。每年，我們的資本支出都是為了預期未來幾年的增長而進行的。鑒於近期的不確定性，我們將繼續謹慎管理業務，並在適當的時候緊縮資本支出。我們現在預計我們2023年的資本預算將會在我們的範圍下限，即320億至360億美元之間。

Our depreciation expense is now expected to increase by mid 20s percent year over year in 2023, mainly as we ramp our three nanometer technologies. Despite near term inventory cycle, our commitment to support customer structure growth remains unchanged and our discipline capex and capacity planning remains based on the long term market domain profile. We will continue to work closely with our customers to plan our long term capacity and invest in leading edge specialty and advanced packaging technologies to support their growth while delivering profitable growth to our shareholders. 

我們預計在2023年，我們的折舊費用與同期相比將增加20%左右，主要是因為我們正在推進3奈米技術。儘管近期庫存週期變動，我們仍然堅持支持客戶結構增長的承諾，我們的資本支出和產能規劃仍然基於長期市場領域的概況。我們將繼續與客戶密切合作，規劃長期能力並投資於領先的特殊和先進封裝技術，以支持他們的增長同時為股東實現盈利增長。

Now, let me make a few comments on our cash dividend distribution policy. The objectives of TSMC’s capital management are to fund the company’s growth organically, generate good profitability, preserve financial flexibility, and distribute a sustainable and steadily increasing cash dividend to shareholders. As a result of our rigorous capital management, in May, TSMC Board of Directors approved the distribution of a three NT per share cash dividend for the first quarter of 2023, up from 2.75 NT previously. This will become the new minimum quarterly dividend level going forward. 

現在，讓我對我們的現金股息分配政策做一些評論。台積電的資本管理目標是為了有機地支持公司的成長，獲得良好的盈利能力，保持財務靈活性，並向股東分配可持續且穩定增長的現金股息。由於我們嚴謹的資本管理，TSMC董事會在2023年第一季度通過了每股現金新台幣3元的股利分配，比之前的2.75新台幣有所增加。這將成為未來的最低季度股息水準。

First quarter 23 cash dividend will be distributed in October 2023. For 2023, TSMC shareholders will receive a total of 11.25 NT per share dividend and at least 12 NT per share cash dividend for 2024. Going forward, as our capital intensity begins to decline in the next several years, the focus of our cash dividend policy is expected to shift from a sustainable to a steadily increasing cash dividend per share in the next few years. 

2023年第一季的現金股息將於2023年10月發放。對於2023年，台積電股東將獲得每股新台幣11.25元的股息，並至少獲得每股新台幣12元的現金股息於2024年。未來，隨著我們的資本密集度在接下來的幾年開始下降，我們的現金股息政策的重點預計將從可持續性轉向在未來幾年內每股現金股息穩步增加。

TSMC CEO C.C. Wei

Good afternoon, everyone. First, let me start with our near-term demand and inventory. We concluded our second quarter with revenue of 15.7 billion US dollars in line with our guidance in US dollar terms. Our business in the second quarter was impacted by the overall global economic conditions, which dampened the end market demand and customers’ ongoing inventory adjustment. 

台積電執行長魏哲家

大家好。首先，讓我從我們的短期需求和庫存開始談起。按照我們的預測，我們第二季的收入達到了157億美元，與美元計價的預測相符。第二季的業務受到整體全球經濟環境的影響，這抑制了終端市場需求和客戶持續進行的庫存調整。

Moving into third quarter 2023, while we have recently observed an increase in AI-related demand, it is not enough to offset the overall cyclicality of our business. We expect our business in the third quarter to be supported by the strong ramp of our three nanometer technologies, partially offset by customers’ continued inventory adjustment. 

進入2023年第三季，雖然我們最近觀察到人工智慧相關需求的增加，但這還不足以抵消我們業務受到的景氣循環影響。我們預計第三季的業務將受到我們3奈米技術的強勁推動，部分抵銷客戶持續進行的庫存調整影響。

In the last quarterly conference, we said we expect Fabless semiconductor inventory to rebalance to a healthier level exceeding the third quarter. This statement continues to hold true. However, due to persistent weaker overall macroeconomic conditions, slower than expected demand recovery in China, and overall softer end market demand conditions, customers are more cautious and intend to further control their inventory into 4Q23. Thus, while we maintain our forecast for the 2023 semiconductor market as crude in memory to decline mid-single digit year over year, we now expect the foundry industry to decline mid-teens in our four-year 2023 revenue to decline around 10% in US dollar terms. With such inventory control, we also forecast the Fabless semiconductor inventory to exit 4Q23 at a healthier and lower level as compared to our expectation three months ago. 

在上一季的會議中，我們曾表示我們預計無廠半導體庫存將重新平衡至超過第三季的健康水準。這個說法仍然成立。然而，由於持續疲弱的整體宏觀經濟環境、中國需求恢復速度低於預期以及整體市場需求環境較為疲軟，客戶更加謹慎，並打算在2023年第四季進一步控制庫存。因此，雖然我們對2023年半導體市場的預測仍然是記憶體市場下滑幅度為中間的個位數，但我們現在預計晶圓代工行業將下滑中間十位數的幅度，我們預計2023年的收入將以美元計算下降約10%。在進行庫存控制的情況下，我們還預測無廠半導體的庫存在2023年第四季的水準將比我們三個月前的預期更健康且更低。

Next, let me talk about HPC and TSMC’s long-term growth outlook. As we have said before, the massive structural increase in demand for computation underpinned by the industry megatrend of 5G and HPC continues to drive greater need for performance and energy-efficient computing, which require use of leading-edge technologies. These megatrends are expected to fuel TSMC’s long-term growth. 

接下來，讓我們談談HPC和TSMC的長期增長前景。正如我們之前所說的，由於5G和HPC這一行業巨大趨勢所支撐，對計算需求的大規模結構性增長仍在推動對性能和節能計算的需求增加，這需要使用領先的技術。這些大趨勢預計將推動台積電的長期增長。

Even with a more challenging 2023, our revenue remains well on track to grow between 15% and 20% CAGR over the next several years in US dollar terms, which is a target we communicated back in January 2022 investor conference. 

即使面臨更具挑戰性的2023年，我們的收入仍然在美元計算下保持良好的增長軌道，預計在未來幾年年複合成長率為15至20%。這是我們在2022年1月的投資者會議上提出的目標。

The recent increase in AI-related demand is directionally positive for TSMC. Generative AI requires higher computing power and interconnected bandwidth, which drive increasing semiconductor content. Whether using CPUs, GPUs, or AI-accelerated and related ASIC for AI and machine learning, the commonality is that it requires use of leading-edge technology and a strong foundry design ecosystem. These are all TSMC’s strengths. Today, server AI processor demand, which we define as CPUs, GPUs, and AI-accelerators that are performing training and inference functions, accounts for approximately 6% of TSMC’s total revenue. We forecast this to grow at close to 50% CAGR in the next five years and increase to low 10% of our revenue. 

最近人工智慧相關需求的增加對台積電來說是正面的趨勢。生成式人工智慧需要更高的運算能力和互連頻寬，這推動了半導體內容的增加。無論是使用CPU、GPU還是AI加速和相關的AI專用積體電路（ASIC）進行人工智慧和機器學習，共同點在於需要先進的技術和強大的晶圓代工設計生態系統。這些都是台積電的優勢。我們預測這將在未來五年內有接近50%的年複合成長率，並占我們收入的10%左右。

The accessible need for energy-efficient computation is starting from data centers, and we expect it will proliferate to edge and end devices of time, which will drive further long-term opportunities. 

對於節能計算的需求從資料中心開始，我們預計這種需求將擴散到邊緣和終端設備，進而帶來更多長期的機會。

We have already embedded certain assumptions for AI demand into our long-term capex and growth forecast. Our HPC platform is expected to be the main engine and the largest incremental contributor to TSMC’s long-term growth in the next several years. 

我們已經將AI需求的某些假設納入了我們的長期資本支出和增長預測中。我們的高性能計算平台預計將成為台積電未來幾年長期增長的主要引擎和最大增量貢獻者。

While the quantification of the total addressable opportunity is still ongoing, generative AI and large-language model only reinforce the already strong conviction we have in the structural mega-train to drive TSMC’s long-term growth, and we will closely monitor the development for further potential upside. 

雖然對於可開發機會的總量化仍在進行中，生成式人工智慧和大型語言模型只會加強我們對於TSMC長期增長的結構性巨大機遇的堅定信念，我們將密切關注發展情況，以尋求更多潛在的上行空間。

Now, let me talk about our N3 and N3E status. Our 3-nanometer technology is the most advanced semiconductor technology in both PPA and transistor technology. N3 is already in volume production with good yield. We are seeing robust demand for N3 and expect a strong ramp of N3 in the second half of this year, supported by both HPC and smartphone applications. N3 is expected to continue to contribute a single-digit percentage of our total wafer revenue in 2023. N3E further extends our N3 family with enhanced performance, power, and yield and provide complete platform support for both HPC and smartphone applications. N3E has passed the qualification and achieved performance and yield target and will start volume production in the fourth quarter of this year. 

現在，讓我來談談我們N3和N3E的進展狀況。我們的3奈米技術是目前在性能功耗面和晶體管技術方面最先進的半導體技術。N3已經進入大量生產並且良率表現良好。我們看到N3的需求強勁，並預計在今年下半年N3將有強勁的增長，得到高性能計算和智慧手機應用的支持。預計N3在2023年將繼續為我們的晶圓收入做出單位數百分比的貢獻。N3E進一步擴展了我們的N3系列，具有增強的性能、功耗和良率，並為高性能計算和智慧手機應用提供完整的平台支援。N3E已通過資格審核，並達到了性能和產量目標，將於今年第四季開始量產。

With our continuous enhancement of 3-nanometer process technologies, we expect strong multi-year demand from our customers and are confident that our 3-nanometer family will be another large and long-lasting node for TSMC. Finally, I’ll talk about our N2 status. 

隨著我們不斷增強3奈米製程技術，我們預計客戶對我們的需求將持續多年，並且我們對我們的3奈米系列將成為台積電另一個龐大且持久的節點充滿信心。最後，我將談談我們的N2狀態。

Our N2 technology development is progressing well and on track for volume production in 2025. Our N2 will adopt nanosheet transistor structure to provide our customers with the best performance, cost, and technology maturity. 

我們的N2技術開發進展順利，預計在2025年實現大規模生產。我們的N2將採用奈米片(Nanosheet) 晶體管技術，為客戶提供最佳性能、成本和技術成熟度。

Our nanosheet technology has demonstrated excellent power efficiency, and our N2 will deliver full node performance and power benefits to address the increasing need for energy-efficient computing. As part of N2 technology platform, we also developed N2 with backside power rail solution, which is best suited for HPC applications. Backside power rail will provide 10 to 12 percent additional speed gain and 10 to 15 percent logic density boost on top of the baseline technology. 

我們的奈米片(Nanosheet) 晶體管技術展示了出色的功率效率，而我們的N2將提供全節點性能和功耗優勢，以滿足對節能計算需求日益增長的需求。做為N2技術平台的一部分，我們還開發了具備背面電源軌解決方案的N2，這款產品非常適用於高性能計算應用。背面電源線將在基線技術的基礎上提供10至12%的額外速度增長和10至15%的邏輯密度提升。

We are targeting backside power rail to be available in the second half of 2025 to customers with production in 2026. We are observing a high level of customer interest and engagement at N2 from both HPC and smartphone applications. Our 2-nanometer technology will be the most advanced semiconductor technology in the industry in both density and energy efficiency when it is introduced. N2 will further extend our technology leadership way into the future. 

我們的目標是在2025年下半年向2026年生產的客戶提供背面電源軌解決方案。我們在N2平台上觀察到高度的客戶興趣和參與，無論是HPC還是智慧型手機應用。我們的2奈米技術將在密度和能源效率方面成為行業中最先進的半導體技術。當引入時，N2將進一步延伸我們的技術領先地位，遠超過未來。

TSMC Chairman Mark Liu

TSMC’s mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come. Our strategy is to expand our global manufacturing footprint, to increase customer trust, and to expand our future growth potential and to reach for more global talents. Our overseas decisions are based on our customers’ needs and the necessary level of government support. That is to maximize the value of our shareholders and to fulfill our fiduciary duty. 

台積電董事長劉德音

台積電的使命是成為全球邏輯IC行業未來多年的值得信賴的技術和產能提供者。我們的策略是擴大全球製造基地，增加客戶信任，擴展未來的增長潛力，並吸引更多全球人才。我們的海外決策基於客戶需求和必要的政府支持水準。這是為了最大化我們股東的價值，履行我們的受託責任。

In Arizona, we are building a first fab to provide U.S.’s most advanced semiconductor technology in mass production to support the needs for U.S. semiconductor infrastructure. Our fab in Arizona started construction in April 2021 with an aggressive schedule. We are now entering a critical phase of handling and installing the most advanced and dedicated equipment. However, we are encountering certain challenges as there is an insufficient amount of skilled workers with those specialized expertise required for equipment installation in a semiconductor-grade facility. While we are working on to improve the situation, including sending experienced technicians from Taiwan to train the local skilled workers for a short period of time, we expect the production schedule of N4 process technology to be pushed out to 2025.

在亞利桑那州，我們正在建造第一座晶圓廠，以提供美國最先進的半導體技術進行大規模生產，以支持美國半導體基礎設施的需求。我們在亞利桑那州的晶圓廠於2021年4月開始建設，時間表緊湊。我們現在正進入處理和安裝最先進和專用設備的關鍵階段。然而，由於在半導體級設施中所需的設備安裝專業知識的熟練工人數量不足，我們面臨著一些挑戰。在我們努力改善情況的同時，包括派遣來自台灣的經驗豐富技術人員來短期培訓當地熟練工人，我們預計N4工藝技術的生產計劃將延後至2025年。

In Japan, we are building a specialty technology factory, which will utilize 12, 16, and 22, 28 process technologies. Volume production is on track for late 2024.

在日本，我們正在建設一個專業技術工廠，將利用12、16、22和28製程技術。量產計劃預計於2024年底完成。

In Europe, we are engaging with customers and partners to evaluate building a specialty fab in Germany, focusing on automotive-specific technologies based on the demand from our customers and the level of government support. 

在歐洲，我們正在與客戶和合作夥伴合作，評估在德國建立一個專業工廠，專注於汽車特定技術，以滿足客戶需求並獲得政府支持。

In China, we are expanding 28nm in Nanjing as we planned to support our customers in China, and we continue to follow all rules and regulations fully. At the same time, we continue to invest in Taiwan and to expand our capacity to support our customers’ growth. 

在中國，我們正在按計劃擴大南京的28奈米產能，以支持我們在中國的客戶，並且我們將繼續全面遵守所有規章制度。同時，我們也在台灣持續投資並擴大產能，以支持客戶的成長。

From a cost perspective, the initial costs of overseas fabs are higher than TSMC’s fabs in Taiwan, due to 1. the smaller fab scale, 2. higher costs throughout the supply chain, and 3. the early stage of semiconductor ecosystem on those overseas sites, as compared to a matured ecosystem in Taiwan. 

從成本角度來看，海外晶圓廠的初始成本比台灣台積電的晶圓廠高，原因有三：1. 較小的晶圓廠規模，2. 供應鏈上的成本較高，以及3. 海外地點的半導體生態系統尚處於早期階段，相較於台灣已成熟的生態系統。

In our recent meetings with senior government officials in the U.S., Japan, and Europe, we discussed our plans to expand our global manufacturing footprint to them. We also emphasized one of our major responsibilities is to manage and minimize the cost gap to maximize return for our shareholders. Those discussions went very well. All sides understand the critical and integral role TSMC plays in the semiconductor industry, and we appreciate all the government’s ongoing support in working with TSMC to help narrow down the cost gap. We will continue to work closely with all the governments to secure the further support.

在我們最近與美國、日本和歐洲的高級政府官員的會議中，我們討論了我們擴大全球製造基地的計劃。我們還強調我們的主要責任之一是管理和減少成本差距，以最大化股東的回報。那些討論進展得非常順利。各方都明白台積電在半導體產業中扮演的關鍵和重要角色，我們也感謝政府一直以來在與台積電合作中提供的支持，以幫助縮小成本差距。我們將繼續與所有政府密切合作，以確保獲得進一步的支持。

Our pricing will also remain strategic to reflect our value, which includes the value of geographic flexibility. At the same time, we will leverage our fundamental competitive advantage of manufacturing technology leadership, large volume, and economies of scale to continuously drive our costs down. By taking such actions, TSMC will have the ability to absorb the higher costs of overseas fab, while remaining the most efficient and cost-effective manufacturer, no matter where we operate. Thus, even as we expand our capacity overseas, TSMC’s long-term gross margin of 53% and higher and sustainable ROE of greater than 25% is achievable, and we will continue to maximize the value for our shareholders. This concludes our key messages. Thank you for your attention. 

我們的價格策略也將保持不變，以反映我們的價值，其中包括地理靈活性的價值。同時，我們將利用我們在製造技術領先、大規模生產和規模經濟方面的基本競爭優勢，不斷降低成本。透過採取這樣的行動，台積電將能夠吸收海外晶圓廠的較高成本，同時保持最高效率和成本效益的製造商地位，無論我們在哪裡營運。因此，即使我們在海外擴大了我們的產能，台積電的長期毛利率可達53%以上，可持續的股東權益報酬率超過25%是可以實現的，我們將繼續最大化股東的價值。這就是我們的主要訊息。謝謝您的關注。

（首圖來源：台積電）