IMOS 南茂科技 2021年第3季度财报电话会议文字稿中英文

Introduction

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Operator

00:00 [口译] 大家好，欢迎参加ChipMOS 2021年第三季度业绩电话会议。目前，所有参会者均处于只听模式。正式演讲后将进行问答环节。现在，我想将会议转交给ChipMOS Technologies战略与投资者关系团队的沈博士，由他介绍公司管理层。沈博士，您可以开始了。

G.S. Shen

0:30 [口译] 谢谢主持人。欢迎大家参加ChipMOS 2021年第三季度业绩电话会议。今天公司方面出席会议的有：董事长兼总裁S.J. Cheng先生；以及财务与会计管理中心副总裁Silvia Su女士。今天我们还邀请了发言人兼战略与投资者关系高级副总裁Jesse Huang先生参加电话会议。S.J.将主持会议，回顾业务亮点，并就运营环境提供说明。在Silvia回顾公司关键财务业绩后，S.J.将提供我们当前的业务展望。随后所有公司高管将参与公开问答环节。01:16 请注意，我们已在MOPS和ChipMOS网站www.chipmos.com上发布了演示文稿，以配合今天的电话会议。在开始准备好的发言之前，我们建议您查看我们的前瞻性声明免责声明，该声明在今日演示文稿第二页标注为安全港通知。提醒一下，今天的电话会议正在录音，重播将于今天晚些时候在公司网站上提供。1:46 现在，我想将电话转交给公司董事长兼总裁S.J. Cheng先生。请您开始，先生。

S. J. Cheng

01:57 [口译] 是的。谢谢，G.S.。感谢各位今天参加我们的电话会议。对我们来说，这又是一个强劲的季度，在2021年第三季度实现了连续第四个季度的创纪录营收。与2020年相比，我们在2021年前九个月实现了超过23.4%的营收增长，同时保持了强劲的盈利能力和现金流。我们与客户保持非常紧密的联系，在支持他们的需求和预测方面做得很好。02:28 整个行业仍然面临挑战，但我们正在掌控范围内应对一切。让我分享本季度的一些亮点。首先，我们实现了新的季度营收纪录，2021年第三季度营收同比增长25.9%。这比2021年第二季度增长了2.6%。2021年第三季度毛利率较2020年第三季度提高了800个基点，达到27.3%。成本上升导致与2021年第二季度相比下降了90个基点，我们在第三季度实现了每股收益NT$1.93，而2021年第二季度为NT$1.76，2021年前九个月同比增长117%，达到NT$5.01，而2020年同期为NT$2.31。我非常高兴我们的盈利能力扩张速度超过了营收增长。我们继续强调运营效率目标和利用率提升。我们在自动化方面的持续投资帮助我们维持安全的工作环境，并使运营费用保持在第三季度营收的6.5%。03:51 第三季度整体利用率为85%，而第二季度为87%，我们继续受益于客户需求。尽管在过去几个季度增加了产能。虽然我们的组装利用率水平略有下降，但在2021年第三季度仍保持在强劲的90%。测试利用率也保持在85%的强劲水平。最后，我们的高端DDIC测试平台利用率在第三季度保持高位，DDIC利用率保持在80%左右，尽管存在非线性晶圆供应限制。关于我们的制造业务，组装占第三季度营收的30%，测试约占22%，晶圆凸块约占第三季度营收的18.5%。按产品细分，我们的DDIC（包括COG和COF）约占第三季度营收的29.8%，金凸块约占第三季度营收的15.7%。DRAM和SRAM营收约占第三季度营收的18.6%。我们的闪存细分市场和混合信号细分市场分别约占第三季度营收的24.8%和11%。05:13 关于我们业务的更多细节，我们的内存产品受益于所有终端市场的健康需求，包括物联网和消费电子（含游戏）的增长。2021年第三季度营收较2021年第二季度增长约3.5%。按年同比计算，营收增长约32%。内存产品约占第三季度总营收的43.5%。DRAM营收较2021年第二季度增长5.3%，主要由消费电子和汽车电子需求推动，同比增长22%。整体闪存营收受益于应用多元化和客户持续补库存。Nor闪存在第三季度较第二季度增长4.3%，同比增长超过34%。我们的NAND闪存业务较第二季度增长约6%，同比增长47%。这占我们2021年第三季度总闪存营收的31%。06:24 接下来是驱动IC相关产品营收（包括金凸块），我很高兴地报告，由于客户优化产品组合，我们的测试平均售价有所提高。如果不是因为代工厂产能限制导致的持续晶圆供应瓶颈，这个数字还会更高。尽管供应受限，我们的驱动IC相关产品营收较2021年第二季度增长约2.6%，较2020年第三季度增长约15.5%。驱动IC相关营收约占第三季度总营收的45.4%。总DDIC营收（包括COG和COF）同比增长超过25.4%，较2021年第二季度增长3.3%。我们受益于一些关键客户的更高晶圆装载量。07:21 这帮助我们的COF营收较第二季度增长4%，占第三季度DDIC营收的45%。TDDI营收占第三季度DDIC营收的24.3%。OLED营收较第二季度显著增长11.2%，约占第三季度DDIC营收的4.5%。按终端市场划分，汽车和工业营收增至第三季度营收的15%。我们继续看到汽车和工业领域的长期增长。智能手机和电视作为终端市场分别约占2021年第三季度营收的33.5%和16.5%。08:12 计算约占第三季度营收的11%，消费电子占24%。现在让我把电话交给Silvia Su女士，回顾2021年第三季度的财务业绩。Sylvia，请开始。

S. J. Cheng

01:57 [Interpreted] Yes. Thank you, G.S. We appreciate everyone joining our call today. This was another strong quarter for us with record revenue for the fourth consecutive quarter in Q3 twenty twenty one. We have delivered over twenty three point four percent revenue growth in the first nine months of twenty twenty one compared to twenty twenty with strong profitability and cash flow. We remain very close with our customers and are doing a good job supporting their demand and forecasts. 02:28 Challenges remain across the broader industry, but we are covering everything within our control. Let me give you some highlights from the quarter. First, we achieved the new quarterly revenue record with a twenty five point nine percent increase in Q3 twenty twenty one revenue year-over-year. This is up two point six percent over Q2 twenty twenty one. Gross margin increased eight hundred basis points for Q3 twenty twenty one to twenty seven point three percent compared to Q3 twenty twenty. Higher costs led to a ninety basis point decline compared to Q2 twenty twenty one and we achieved NT$ one point nine three in Q3 EPS compared to NT$ one point seven six of Q2 twenty twenty one with a one hundred and seventeen percent increase in the first nine months of twenty twenty-one. NT$ five point zero one compared to the same period of twenty twenty NT$ two point three one. I am very pleased that our profitability expansion is higher than our revenue growth. We continue to stress operating efficiency targets and utilization improvement. Our ongoing investments in automation are helping us maintain a Safe Work environment and let us hold operating expense at six point five percent of Q3 three revenue. 03:51 The overall utilization was eighty five percent in Q3 compared to eighty seven percent in Q2 as we continue to benefit from customers demand. Even with added capacity in before several quarters. And while we had a slightly lower assembly utilization level, It remains strong at ninety percent in Q3 twenty twenty one. Testing also held strong at eighty five percent. Lastly, our high end DDIC test platform utilization remained high in Q3 and DDIC remained at around eighty percent, despite the non-linear wafer supply led. Regarding our manufacturing business, assembly represented thirty percent of Q3 revenue, testing represented around twenty two percent and wafer bumping represented about eighteen point five percent of Q3 revenue. On a product segment basis, our DDIC including COG and COF was about twenty nine point eight percent of Q3 revenue with gold bumping representing about fifteen point seven percent of Q3 revenue. Revenue from DRAM and SRAM represented about eighteen point six percent of Q3 revenue. Our flash segment and the mixed signal segment represented about twenty four point eight percent of Q3 revenue and eleven percent of Q3 revenue respectively. 05:13 In terms of adding color on our business, our memory product benefited from healthy demand across all end markets with growth in IoT and consumer electronics, including gaming. Revenue was up about three point five percent in Q3 twenty twenty one compared to Q2 twenty twenty one. On a year-over-year basis, revenue was up about thirty two percent. Memory products represented about forty three point five percent of total Q3 revenue. DRAM revenue increased five point three percent compared to Q2 twenty twenty one led by consumer and automotive electronics demand and twenty two percent year-over-year. Total flash revenue benefited from application diversified and customers continuing restocking. Nor grew four point three percent in Q3 compared to Q2 twenty twenty one and grew more than thirty four percent year-over-year. Our NAND flash business increased about six percent compared to Q2 twenty twenty one and increased forty seven percent year-over-year. This represented thirty one percent of our total Q3 twenty twenty one flash revenue. 06:24 Moving onto driver IC-related product revenue, including gold bumping, I am pleased to report that our test ASP increase driven by customers optimized their product mix. This would have been even higher, but we continue to work through ongoing wafer supply bottlenecks from foundry capacity constraints. Despite the supply limits, our driver IC-related product revenue increased about two point six percent compared to Q2 twenty twenty one and increased about fifteen point five percent compared to Q3 twenty twenty. Driver IC-related revenue was about forty five point four percent of total Q3 revenue. Total DDIC revenue, including COG and COF was up just over twenty five point four percent year-over-year and increased three point three percent compared to Q2 twenty twenty one. We are benefiting from higher wafer loading with some key customers. 07:21 This helped our COF revenue increased four percent compared to Q2 twenty twenty one and represented forty five percent in Q3 DDIC revenue. TDDI revenue represented twenty four point three percent of Q3 DDIC revenue. OLED significantly grew eleven point two percent compared to Q2 twenty twenty one and represented about four point five percent of Q3 DDIC revenue. On an end market basis, revenue from automotive and industrial increased to fifteen percent of Q3 revenue. We continue to see long-term growth in both automotive and industrial. Smartphones and TV as an end market accounted about thirty three point five percent and about sixteen point five percent of Q3 twenty twenty one revenue, respectively. 08:12 Computing represented about eleven percent and consumer represented twenty four percent of Q3 revenue. Now let me turn the call to Ms. Silvia Su to review the third quarter twenty twenty one financial results. Sylvia, please go ahead.

Silvia Su

08:30 [口译] 谢谢S.J.。我们演示文稿中引用的所有金额均为新台币。以下数字基于2021年9月新台币对美元27.84的汇率。所有数据均按照台湾国际财务报告准则编制。参考演示文稿第12页合并经营业绩摘要。2021年第三季度，总收入为新台币71.61亿元。归属于公司的净利润为第三季度新台币13.99亿元。2021年第三季度每股基本普通股净收益为新台币1.93元，或每份基本美国存托凭证1.38美元。09:24 2021年前九个月净收益较2020年前九个月的新台币2.31元增长116.9%，达到新台币5.01元。第三季度EBITDA为新台币27.24亿元，EBITDA通过将折旧和摊销与营业利润相加计算得出。09:51 第三季度股东权益报酬率为20.4%。参考演示文稿第13页合并综合收益表。与2021年第二季度相比。2021年第三季度总收入较2021年第二季度增长2.6%。2021年第三季度毛利润为新台币19.58亿元，毛利率为27.3%，而2021年第二季度为28.2%。这表示下降了0.9个百分点。10:28 2021年第三季度营业费用为新台币4.63亿元，占总收入的6.5%。2021年第三季度营业利润为新台币15.28亿元，营业利润率为21.3%，较2021年第二季度下降约0.8个百分点。2021年第三季度非营业净收入为新台币1.48亿元，而2021年第二季度为非营业净支出。差异主要由于采用权益法核算的联营公司收益份额增加新台币8500万元、汇兑损失减少新台币6200万元以及按公允价值计入损益的金融资产估值收益增加新台币1500万元。2021年第三季度归属于公司的利润较2021年第二季度增长9%。基本加权平均流通普通股为7.27亿股。11:37 与2020年第三季度相比。2021年第三季度总收入增长25.9%。毛利率上升8.0个百分点至27.3%。营业费用增长17.4%。营业利润率上升8.7个百分点至21.3%。2021年第三季度非营业净收入为新台币1.48亿元，而2020年第三季度为非营业净支出。差异主要由于采用权益法核算的联营公司收益份额增加新台币2.01亿元以及汇兑损失减少新台币1.12亿元。12:25 利润较2020年第三季度增长230.4%。差异主要由于营业利润增加新台币8.10亿元、非营业净收入增加新台币3.27亿元，部分被所得税费用增加新台币1.60亿元所抵消。12:48 参考演示文稿第14页合并财务状况表和关键指标。2021年第三季度末总资产为新台币393.34亿元。2021年第三季度末总负债为新台币164.92亿元。2021年第三季度末总权益为新台币228.42亿元。2021年第三季度应收账款周转天数为77天。2021年第三季度存货周转天数为45天。13:29 参考演示文稿第15页截至2021年9月30日的合并现金流量表，我们的现金及现金等价物余额为新台币51.89亿元，较第一季度初增加新台币1.75亿元。2021年前九个月自由现金流为新台币14.16亿元，而2020年同期为新台币13.29亿元。差异主要由于营业利润增加新台币18.20亿元、折旧费用增加新台币3.64亿元，部分被资本支出增加新台币14.94亿元、所得税费用增加新台币3.29亿元以及现金股利支付新台币2.91亿元所抵消。自由现金流通过将折旧、摊销、利息收入与营业利润相加，然后从总和减去资本支出、利息费用、所得税费用和股利计算得出。14:45 参考演示文稿第16页资本支出和折旧。我们在第三季度投资新台币11.71亿元用于资本支出。资本支出细分为：凸块4.4%、LCD驱动41.1%、组装30%、测试24.5%。15:09 第三季度折旧费用为新台币11.96亿元。截至2021年10月31日，公司流通的美国存托凭证数量约为400万单位，约占公司流通普通股的12.4%。财务回顾到此结束。15:33 现在我将电话交还给我们的董事长S.J. Cheng先生，请他分享我们的展望。请开始，先生。

Silvia Su

08:30 [Interpreted] Thank you, S.J. All dollar amounts cited in our presentation are in NT$. The following numbers are based on the exchange rates of NT$ twenty seven point eight four against one US$ as of September twenty twenty one. All the figures were prepared in accordance with Taiwan International Financial reporting standards. Referencing presentation page twelve consolidated operating results summary. For the third quarter of twenty twenty one, total revenue was NT$ seven thousand one hundred and sixty one million. Net profit attributable to the company was NT$ one three ninety nine million in Q3. Net earnings for the third quarter of twenty twenty one were NT$ one point nine three per basic common share or one US$ and zero point three eight dollars per basic ADS. 09:24 We achieved a one hundred and sixteen point nine percent increase in net earnings for the first nine months of twenty twenty one to NT$ five point zero one from NT$ two point three one in the first nine months of twenty twenty. EBITDA for Q3 was NT$ two thousand seven hundred and twenty four million, EBITDA was calculated by adding depreciation and amortization together with operating profit. 09:51 Return on equity of Q3 was twenty point four percent. Referencing presentation page thirteen consolidated statements of comprehensive income. Compared to 2Q twenty one. Total 3Q twenty one revenue increased two point six percent compared to 2Q twenty one. 3Q twenty one gross profit was NT$ one thousand nine hundred and fifty eight million with gross margin at twenty seven point three percent compared to twenty eight point two percent in 2Q twenty one. This represents a decrease of zero point nine ppts. 10:28 Our operating expenses in 3Q twenty were NT$ four hundred and sixty three million or six point five percent of total revenue. Operating profit for 3Q twenty was NT$ one five twenty eight million with operating profit margin at twenty one point three percent, which is a decline of about zero point eight ppts compared to 2Q twenty one. Net non-operating income in 3Q twenty was NT$ one hundred and forty eight million compared to net non-operating expenses in 2Q twenty one. The difference is mainly due to the increase of the share of gain of associates accounted for using equity method of NT$ eighty five million. The decrease of foreign exchange losses of NT$ sixty two million and the increase of gain on valuation of financial assets and fair value through profit or loss of NT$ fifteen million. Profit attributable to the company in 3Q twenty one expanded nine percent compared to 2Q twenty one. Basic weighted average outstanding common shares were seven twenty seven million shares. 11:37 Compared to 3Q twenty. Total revenue for 3Q twenty one was up twenty five point nine percent. Gross margin increased eight point zero ppts to twenty seven point three percent. Operating expenses increased seventeen point four percent. Operating profit margin increased eight point seven ppts to twenty one point three percent. Net non-operating income in 3Q twenty-one were NT$ one hundred forty eight million compared to net non-operating expenses in 3Q twenty. The difference is mainly due to the increase of the share of gain of associates accounted for using equity method of NT$ two hundred one million and the decrease of foreign exchange losses of NT$ one hundred and twelve million. 12:25 Profit was up two hundred and thirty point four percent compared to 3Q twenty. The difference is mainly due to the increase of the operating profit of NT$ eight hundred ten million. Net non-operating income of NT$ three hundred and twenty seven million and partially offset by the increase of income tax expense of NT$ one sixty million. 12:48 Referencing presentation page fourteen consolidated statements of financial position and key indices. Total assets at the end of 3Q twenty-one were NT$ thirty nine thousand three hundred and thirty four million. Total liabilities at the end of 3Q twenty one were NT$ sixteen thousand four hundred and ninety two million. Total equity at the end of 3Q twenty one was NT$ twenty two thousand eight hundred and forty two million. Accounts receivable turnover days in 3Q twenty one were seventy seven days. Inventory turnover days were forty five days in 3Q twenty one. 13:29 Referencing presentation page fifteen consolidated statements of cash flows as of September thirtieth twenty twenty one, our balance of cash and cash equivalents was NT$ five thousand one hundred and eighty nine million increased NT$ one seventy five million compared to the beginning of Q1. Free cash flow for the first nine months of twenty twenty one was NT$ one four sixteen million compared to NT$ one thousand three hundred and twenty nine million for the same period in twenty twenty. The difference is mainly due to the increase of operating profit of NT$ one eight twenty million and depreciation expenses of NT$ three hundred and six four million and partially offset by the increase of CapEx of NT$ one four hundred and ninety four million. Income tax expenses of NT$ three twenty nine million and cash dividend paid of NT$ two hundred ninety one million. Free cash flow was calculated by adding depreciation, amortization, interest income together with operating profit and then subtracting CapEx, interest expense, income tax expense and dividend from the sum. 14:45 Referencing presentation page sixteen capital expenditures and depreciation. We invested NT$ one one seventy one million in CapEx in Q3. The breakdown of CapEx was four point four percent for bumping forty one point one percent for LCD driver. Thirty percent for assembly and twenty four point five percent for testing. 15:09 Depreciation expenses were NT$ one one hundred ninety six million in Q3. As of October thirty one, twenty twenty one, the company's outstanding ADS number was approximately four million units, which represents around twelve point four percent of the company's outstanding common shares. That concludes the financial review. 15:33 I will now turn the call back to our Chairman, Mr. S. J. Cheng for our outlook. Please go ahead sir.

S. J. Cheng

15:40 [口译] 谢谢，Silvia。进入第四季度，我们预计将继续看到客户为消费电子产品发布进行补货、工作场所重启以及全球各地经济持续增长。15:56 预计产能仍将保持紧张，OSAT平均销售价格可能会因产品组合优化而上升。然而，这仍然是行业面临挑战的时期，我们都在共同努力消除供应链瓶颈。16:11 我们未直接受到近期中国电力短缺的影响，但在晶圆供应已经紧张的情况下，这并无帮助。总体而言，我们对第四季度持谨慎态度，并采取保守观点，考虑到更广泛的市场挑战以及2021年前九个月对我们来说表现强劲。例如，在存储器领域，尽管消费电子和汽车电子需求增长，但半导体供应失衡可能会影响该领域第四季度的整体需求。因此，我们对第四季度存储器持保守观点。在DDIC方面，晶圆供应紧张预计将在第四季度持续，这将导致DDIC产能利用率波动。然而，我们的平均销售价格继续上升，受客户优化产品组合推动，这一趋势将在第四季度延续。因此，我们对DDIC在第四季度继续增长持谨慎乐观态度。17:12 主持人，我们的正式发言到此结束。现在可以开始提问。

Operator

17:17 [口译] 主持人，谢谢。现在我们将进行问答环节。第一个问题来自瑞士信贷的Jerry Su。请开始提问。

Jerry Su

17:32 [口译] 为什么第三季度营收增长但毛利率下降？

Silvia Su

17:38 [口译] 第三季度我们折旧增加，电力成本上升，并且由于第三季度利润较高，我们确认了更高的奖金成本。与上一季度相比，黄金材料库存估值出现损失。

Jerry Su

17:53 [口译] 能否提供更多关于第四季度营收和毛利率的信息？

S. J. Cheng

17:59 [口译] 进入第四季度，在存储器领域，尽管消费电子和汽车电子需求增长，但半导体供应失衡可能会影响该领域第四季度的整体需求。因此，我们对第四季度存储器持保守观点。在DDIC方面，我们的平均销售价格继续上升，受客户优化产品组合以及OLED在第四季度增长推动。此外，ChipMOS确实从客户那里获得了一些紧急订单，这主要是由于中国电力短缺的不确定性。因此，我们对DDIC在第四季度保持平稳持谨慎乐观态度。总体而言，考虑到2021年前九个月的强劲表现，我们预计营收可能与上一季度持平或小幅下降个位数。毛利率将因营收下降和第四季度折旧增加而受到轻微影响。

Operator

18:58 [口译] 下一个问题来自永丰金证券的Stanley Wang。Stanley，请开始提问。

StanleyWang

19:04 [口译] 近期中国电力短缺对Unimos是否有任何影响？如果有，是否有任何应对措施？

S. J. Cheng

19:15 [口译] 没有影响，Unimos已经实现盈利。

StanleyWang

19:20 [口译] Stanley Wang，是否有客户反馈看到晶圆供应改善的迹象？芯片MOS如何抵消晶圆供应短缺对运营的影响？

S. J. Cheng

19:34 [口译] 到目前为止，在这种形势下我们还没有看到真正的晶圆供应缓解，但我们确实看到客户优化产品组合导致测试时间延长。目前，高端测试机的利用率较好，而其他测试机的利用率较差。

StanleyWang

19:52 [口译] 按排名来看，第四季度存储产品的业务势头，哪个更强，是NAND还是DRAM？

S. J. Cheng

20:03 [口译] Nor Flash由于汽车NTWS应用需求而表现更好。其次是[听不清] NAND，然后是利基型DRAM。

StanleyWang

20:12 [口译] 2021年的税率是多少？

Silvia Su

20:18 [口译] 通常约为18%。

Operator

20:22 [口译] 谢谢。我没有看到队列中有更多问题。我想把电话交还给G.S.

G.S. Shen

20:32 [口译] G.S. Shen。谢谢。我将口头宣读一些来自外国机构投资者的问题。问题是关于你们2022年的股息？

Jesse Huang

20:46 [口译] 我们不预期股息支付率会有重大变化，仍将维持在每股收益的百分之五十至六十。不过，最终股息将由我们的董事会讨论并提出，并需要在常规年度股东大会上获得批准。

G.S. Shen

21:00 [口译] 问答环节到此结束。感谢各位的参与。现在我将话筒交还给S J. Cheng先生进行结束致辞。

S. J. Cheng

21:13 [口译] 感谢各位参加我们的电话会议。如果您还有更多问题，请发送邮件至我们的投资者关系团队。我们感谢您的支持。再见。

Operator

21:27 [口译] 女士们、先生们，今天的电话会议到此结束。感谢各位的参与。您现在可以断开连接。