Welcome to Semiconductor Manufacturing International Corporation's Q3 2021 webcast conference call. Today's call will be simultaneously streamed through the internet at SMIC's website. Webcast playback will also be available approximately 1 hour after the event. Please be advised your dial-ins are in listen only mode. However, after the conclusions of the management's presentations, you will have a question and answer session. At that time, you will receive instructions on how to participate. Today's conference call will proceed in both Chinese and English. Without further ado, I would like to introduce Ms. Guo Guangli, Board Secretary for the forward-looking statement. Greetings. Welcome to SMIC's Q3 2021 webcast conference call. Attending today's call are Dr. Gao Yonggang, Acting Chairman, Executive Director, and Chief Financial Officer, Dr. Zhao Haijun, Co-Chief Executive Officer, and Dr. Liang Mong-Song, Co-Chief Executive Officer. The call will last about 60 minutes. The management will provide their commentary in Chinese, and investor relations will provide English interpretation. During the subsequent Q&A session, we will accept questions in both Chinese and English. The earnings release and presentation are available at www.smics.com. Let me remind you that today's presentation includes forward-looking statements that do not guarantee future performances, but represent our estimates and are subject to risks and uncertainties. Please refer to the forward-looking statements in our earnings announcement. Please note that today's earnings statement uses international financial reporting standards, IFRS, and all currency figures are in US dollars unless otherwise stated. Please refer to the financial tables in our announcement for details. First of all, we invite Dr. Gao Yonggang, Acting Chairman, Executive Director, and Chief Financial Officer to speak. The year 2021 is not an ordinary year s ince SMIC was placed on the Entity List by the U.S. on December 18th, 2020. The company has faced tremendous challenges in production and operations. Since the beginning of the year, we have focused on the two main priorities of ensuring operation continuity and continuous capacity expansion, realigning the supply chain. Finding ways to optimize the procurement process, accelerate supplier qualification, and improve production planning and engineering management. At present, operation continuity has been basically stabilized. Expansion of mature technology is progressing in an orderly manner, and the advanced technology business is steadily improving. Starting from the second quarter, in response to the problem of capacity tightness, we have further defined our capacity allocation tactics. We orderly allocated capacity, optimized production scheduling, and look at actual end demand from the perspective of end user companies. In order to support the needs of the overall customers and try our best to solve the problem of customer chip shortage. Our approach to capacity allocation and price adjustment has received relatively good feedback from our customers. 今年以来，面对复杂的局面，我们始终坚持合规经营，以求真务实的精神，用强大的韧性、坚定的战略定力和精准的工作策略，不断克服困难。今年业绩较年初预计有了显著提升，公司季度销售收入持续攀升，全年销售收入目标进一步上调。感谢全体员工、客户、供应商、投资者以及社会各界的信任和支持。 Throughout this year, in the face of complex situations, we continue to adhere to compliant operations with a spirit of truthfulness and pragmatism, and continue to overcome difficulties with robust resilience, solid strategic focus, and precise work tactics. This year's performance is expected to be improved significantly compared to the expectations at the beginning of the year. The company's quarterly revenue continues to climb, and the annual revenue target is further revised upward. Thank you to all our employees, customers, suppliers, investors, and community for your trust and support. 在此还需要说明的是，正如我们公告的内容，我们有四位董事提出了辞任，我们尊重辞任董事的意见，在此感谢他们为中芯国际的发展做出的贡献。梁孟松博士将专注于公司的联合首席执行官职责，蒋尚义博士将担任公司顾问。目前，公司董事会有十一人组成，与行业内的其他公司董事会规模基本相当。短期内我们不会增加董事人数。上述变化对公司经营管理没有重大影响。 It should also be noted here that, as stated in our announcement, four of our directors have tendered their resignations, and we respect the decisions of these resigning directors. We would like to thank them for their contributions to the development of SMIC. Dr. Liang will focus on his duties as Co-Chief Executive Officer of the company, and Dr. Jiang will act as an Advisor to the company. Our current Board of Directors consists of 11 directors, which is basically comparable to the size of the Board of Directors of other companies in the industry. In the short term, we will not increase the number of directors. The above changes do not have any material impact on the company's operations. 接下来我向大家汇报2021年第三季度未经审核财务业绩，然后给出第四季度指引及全年展望。除非另有说明，以下财务数据根据国际财务报告准则表述。 Next, I will report audited financial results for Q3 of 2021, followed by Q4 guidance and the full- year outlook. Unless otherwise stated, the following financial data is presented in accordance with IFRS. 三季度销售收入和毛利率同创新高，销售收入为$14.15亿，环比增长5.3%，同比增长30.7%，毛利率为33.1%，环比增长3.0个百分点，同比增长8.9个百分点。三季度经营利润为$3.1亿，环比下降42.3%，同比增长69.7%。扣除二季度中芯厂店股权处置收益$2.31亿后，三季度经营利润环比略有增长。归属于本公司的应占利润为$3.21亿，归属于非控制性权益，应占利润为$0.51亿。 Both revenue and gross margin for Q3 reach record highs. Revenue was $1,415 million, up 5.3% sequentially and 30.7% year over year. Gross margin was 33.1%, up three percentage points sequentially and eight point nine percentage points year over year. Profit from operations for Q3 was $310 million, down 42.3% sequentially and up 69.7% year over year. Excluding the proceeds of $231 million from the disposal of SJ Semi in the second quarter, profit from operations for Q3 grew slightly sequentially. Profit attributable to the company was $321 million, and profit attributable to non-controlling interests was $51 million. 关于资产负债，在三季度末，公司总资产为$333亿，其中包含现金及现金等价物、相关受限制现金以及金融资产的库存现金，总计$157亿，总负债为$98亿，其中有息负债为$64亿，无息负债为$34亿，总权益为$234亿，总有息债务权益比为27.3%，净债务权益比为负的39.7%。 Moving to the balance sheet. At the end of Q3, the company had total assets of $33.3 billion, with total cash on hand of $15.7 billion, which includes cash and cash equivalents, related restricted cash and financial assets. Total liabilities were $9.8 billion, of which total interest-bearing debt was $6.4 billion. Non-interest-bearing debt was $3.4 billion, while total equity was $23.4 billion. Total debt to equity was 27.3%, and net debt to equity was -39.7%. 关于现金流量，在三季度经营活动所得现金净额为收入$559百万美元。投资活动使用现金净额为支出$816百万美元。融资活动所得现金净额为收入$586百万美元。 In terms of cash flow, in Q3, we generated $559 million in cash from operating activities. Net cash used in investing activities was $816 million. Net cash from financing activities was $586 million. 关于四季度和全年我们的指引和展望如下。四季度销售收入预计环比增长11%到13%，毛利率预计在33%到35%之间。非国际准则的营运开支预计环比上升。归属于非控制性权益，应占利润预计环比下降。基于前三个季度的业绩和四季度的指引，全年销售收入增长目标进一步上调到39%左右，毛利率目标维持在30%左右。资本开支方面，我们逐季加快执行速度和力度，虽面临准证审批、产业链紧缺、疫情引起的物流等不可控因素，但今年预计基本能够完成全年资本开支计划。以上是财务方面的情况，谢谢。 For the Q4 and whole year, our guidance and outlook are as follows: In the Q4, revenue is expected to grow 11%-13% sequentially, and gross margin is expected to be in the range of 33%-35%. Non-IFRS operating expenses are expected to increase sequentially, and profit attributable to non-controlling interest is expected to decline sequentially. Based on the results of the first three quarters and the guidance of Q4, the company's full- year revenue growth target is further revised upward to around 39%, and gross margin target is maintained at around 30%. As for capital expenditures, we accelerated the speed and intensity of execution quarter by quarter. Although facing uncontrollable factors such as license approvals, supply chain tightness, and logistical variables caused by the epidemic, we expect to basically complete our 4-year capital expenditure plan this year. This concludes the financial status. Thank you. 谢谢高博士。接下来有请联合首席执行官赵海军博士介绍市场运营和工艺平台的情况。 Thank you, Dr. Gao. Next, I will hand the call to Co-Chief Executive Officer Dr. Zhao Haijun, to comment on market, company operations and technology platform status. 感谢大家参加今天的业绩说明会。过去一年，半导体产业形态发生了很快的转变，本土在地制造的需求催生出高端模拟显示驱动、微控制单元、图像芯片等本土产品市场，但本土产能的缺口仍然巨大。公司花了大量的时间来对接整机终端和系统厂商，深入了解终端市场的需求，相应地调整了产能分配，尽可能在有限的产能上给予支持。 Thank you for attending today's webcast conference call. In the past year, the IC industry landscape has rapidly changed, with the demand for local indigenous manufacturing resulting in a thriving domestic chip market for mid to high- end analog display driver, MCU, CIS, and etc. However, the local capacity supply shortage is still huge. The company has spent a lot of time communicating with end- user companies and system companies to gain a deeper understanding of end- market demand, and has adjusted capacity allocation accordingly, and given support as much as possible with the limited production capacity. 在成熟制程方面，我们为主流应用市场打造的具有核心竞争力的产品平台，在市场上，特别是国内终端市场上始终供不应求，各节点增产产能一经释放即被迅速填满。同时，为了配合客户未来的产品迭代和迁移路线，成熟工艺应用的平台也在不同的工艺节点上，布局研发，展开紧锣密鼓的研发。 In terms of mature technology, our key competitive products built on mainstream application platforms still cannot fulfill the demand in the market, especially in the domestic end market. The incremental production capacity at each node is rapidly filled once released. At the same time, in order to match our customers future product migration path, the development of mature application platforms in different nodes is also deployed in full preparation. 在FinFET制程方面，客户拓展与多元化产品储备效应进一步显现。FinFET工艺部分流片项目陆续进入量产，产能利用率继续提高。长期来看，智能手机、家用短距互联、数据交互处理、工业电子等多方面应用都是对FinFET技术有巨大的需求。我们会在条件具备的情况下，根据客户的需求进行扩产。 For advanced technology, the effect of customer engagement and the build up of product diversification has become more apparent, and part of new tape-out projects have transitioned into mass production successively, and capacity utilization continues to improve. In the long run, smartphones, short- range home connectivity, interactive data processing, industrial electronics, and many other applications have a huge demand for FinFET technology. If the conditions permit, we will expand our production lines according to customer needs. 从公司整体来看，三季度销售收入超过$14亿，毛利率超过33%，双创历史新高。从季度环比来看，主要成长动力来自于产品组合的优化和价格的调整。晶圆销售收入按工艺制程来划分，FinFET和28纳米合计占比上升为18%，40纳米、55和65纳米、0.15和0.18微米的占比分别为14%、28%和28%。从晶圆销售收入按照应用领域来划分，智能手机、智能家居、消费电子及其他应用收入均有不同幅度的成长，占比分别为32%、12%、24%和32%。晶圆销售收入以产品平台来划分，大小屏高压驱动芯片延续了上半年的快速成长态势，三季度销售收入环比增长88%。另外，主流MCU、RF Wi-Fi等平台也表现亮眼。销售收入按照区域来看，中国内地及中国香港、北美洲、欧洲及亚洲的收入占比分别为67%、20%和13%。 For the company as a whole, Q3 revenue exceeded $1.4 billion and gross margin exceeded 33%, both record highs. Looking sequentially, the main growth drivers came from product mix optimization and price adjustments. In terms of wafer revenue by technology, the combined revenue of FinFET and 28 nm rose to 18%. Revenue contribution from 40, 45 nm, 55, 65 nm, and 0.15, 0.18 micron were 14%, 28% and 28% respectively. In terms of wafer revenue by application, smartphone, smart home, consumer electronics and other applications accounted for 32%, 12%, 24% and 32%, respectively. Looking at the wafer revenue by the product platform, high voltage driver chips for large and small screens continued a rapid growth trend in the first half of the year, and revenue in Q3 increased by 88% sequentially. In addition, mainstream MCU, RF Wi-Fi, and other platforms also performed well. By region, the Chinese Mainland and Hong Kong, China, North America and Eurasia accounted for 67, 20 and 13% of revenue, respectively. 今年由于准证审批时间、供应商交货、疫情对物流的影响等因素，设备到场时间有所延后。三季度末，公司整体折合八英寸产能扩充至59.4万片，较上个季度末增加了约3.2万片，四季度还将有1万片新产能释放。整体来看，今年公司扩产进度如期达成。四季度，我们将进一步加快资本开支执行速度和力度，不遗余力地优化采购、物流、设备安装等工作，力保明年的扩产增产如期推进。除已有的工厂十二寸、八英寸继续扩产以外，北京、深圳、上海临港三地设计产能为十二寸24万片的新项目也已陆续公告，其中深圳新项目有望在明年下半年进入量产。 This year, the equipment arrival time has been extended due to factors such as license approval time, the delivery time of vendors, the impact of the epidemic on logistics, etc. The company's overall 8-inch equivalent monthly capacity expanded to 594,000 wafers at the end of Q3, an increase of about 32,000 wafers from the end of the previous quarter. In the Q4, about another 10,000 wafers capacity will be released. Overall, the company's capacity expansion this year is as scheduled. In the Q4, we will further accelerate the speed and intensity of capital expenditure execution and spare no effort to optimize procurement, logistics and installation to ensure that next year's production expansion will proceed as scheduled. New projects with a total design capacity of 240,000 wafers of 12-inch mature production lines in Beijing, Shenzhen, and Shanghai have been announced already, with the Shenzhen new project expected to reach production in the second half of next year. With operation continuity basically stabilized, expansion continuing to progress, and sufficient electrical power assurance, the company will continue to maintain growth momentum in Q4, with revenue expected to grow 11%-13% sequentially and growth margin expected to range from 33%-35%. Full- year revenue is expected to exceed $5.4 billion, representing annual growth of around 39%. Looking ahead to next year, we believe the overall market prosperity remains positive, and the company's capacity shortage as compared to our customer demand is expected to continue through the end of next year. Building on this year's rapid growth, the company's revenue growth next year is expected to be no less than the industry average. Finally, many thanks again to our employees, customers, suppliers, investors, and the community for their trust and support. Thank you all. Thank you, Dr. Zhao. Next is our Q&A session. Questions will be answered by Dr. Gao and Dr. Zhao. Chinese questions will be answered in Chinese. English questions will be answered in English. Please limit your questions to two per person. I would now like to open up the call for Q&A. Operator, please assist. To ask a question, you will need to press star 1 on your telephone. To withdraw your question, please press the pound or # key. Please stand by while we compile the Q&A roster. The first question comes from the line of Randy Abrams of Credit Suisse. Please go ahead. Okay. Yes, thank you. Good morning and a good result. The first question on the Q4 guidance, if you could split out how you see the contribution from shipments and versus pricing and also if any product mix change, advanced node relative to mature node. If you could address also gross margin with a pretty big sales improvement, it's improving about 1 point. Is there a factor maybe moderating the expansion relative to the sales growth? Hi, Randy. Thank you for the question. Regarding your points on the question, the first one you'd like to see like us to give the breakdown of the revenue growth and how much comes from the capacity release and how much comes from the ASP change. At this moment, from our calculation side, we gave a similar forecast as last quarter. Definitely, the growth 11%-13% of revenue comes from both the capacity expansion and the better mix of the products, that we can get a better ASPs for the overall and more or less just continue the trend of last quarter. The second, you'd like to know the gross margin since we got 11%-13% of the revenue growth. The gross margin is flat or to 1% type of things. Basically, when we have more capacity released and get better revenue, we also have an increase of the depreciation from the new equipment. Okay, great. There's one quick follow-up on the first question, just in terms of the pricing environment. With capacity full, how you see like pricing, moving up, and then I'll ask a second question. Just now, I already said that currently our capacity is still in a very big shortage to our supplies. Definitely we support the strategic customers' needs first. In the meantime, we can adjust the capacity to a better ASP markets. At this moment, we really have more platforms to cater to this kind of adjustments. We move to not just for per layer type of high margin, but also move to the even shorter capacity area to support customers' needs, like a 20 nanometer, 40 nanometer FinFET. In this kind of area, the ASP is better, and the price per wafer is getting higher. Of course, our cost also getting higher. That's the mix of the results when we gave the forecast. Ian, the second question related, if you could give an initial view for 2022 capacity expansion for 12-inch and 8-inch. You mentioned Shenzhen, 40K. Would that be the full 40,000 capacity? If you could give a view. Within 12-inch is the focus more now. It sounds like if I read FinFET and 28, or will you still expand 40 to 90, the mature 12-inch? Randy. More or less, we already gave the announcements for different projects like Shenzhen, Shanghai, Lingang, and Beijing new factories. In the meantime, we also gave the forecast on the CapEx spending from last year to this year. We also gave the updates on the release of the capacities for our FinFET fabs. Put this kind of thing together, next year just now, and we gave the updates that we believe our growth will be above the industrial average. This year, we mainly released the new item 12-inch capacity, just about 10,000 wafers, we announced it before. We mainly make the full use of the capacity build up for FinFET this year for that 15,000 wafers. They converted the build capacity to revenue, to wafer running. We also make full use of the available 12-inch in the mature nodes. Next year, based on CapEx we already announced, based on the new projects announcements, we expect that the capacity growth will be larger than this year. We'll give the detailed breakdown and detailed numbers in February next year. Okay. The final clarification, that last word, you said capacity increase larger than this year. Just the other clarification, what's your view on the industry growth number? I think UMC put out 12% as their foundry view, but if you have a view kind of relative to industry. Randy, that's a very good question. We did a very thorough calculation with the available data. You know, our peers in the foundry industry more or less announced their CapEx spending in the next couple of years. I also gave a hint of what the price raising potential for next year. In the meantime, we also calculate what they already have this year and the last year and come out with the numbers that the capacity increase plus the potential ASP adjustments is around the low teens. That's the number we use- Okay. As the calculation when we say that our growth will be better than this. Okay. You said your capacity growth, just to clarify, will be higher than this year's capacity growth. This year. If that's- Yes. Okay, great. Okay. Thank you very much. Thanks, Randy. Thank you for the questions. Next question comes from the line of Zihong from China Renaissance. Please go ahead. Hi. 代工公司可能就没有被分配到它需要的未来的那些产能，它不得不找新的foundry，也把这些产品验证过，以期未来的时候能够得到额外的产能。由于这两个因素加在一起，我们看到今年中芯国际国内国外客户的量都增长得非常快。你要问我比例的话—— 我觉得差不太多，并没有明显地出现说哪个区域因为要走流程或者是有担忧而减少，都在增长。 好，这非常好。另外一个问题的话，就是请教一下这R&D的部分啊，其实我看过去好像是一到两年的话，每一个季度的这R&D的水平都大概是$1.5亿左右的美金的，这个可以看成为是一个new normal吧。 我们觉得是，就是中芯国际的revenue在成长，产能在释放，价格有在调整和优化。我们的R&D还是绝对值是跟原来差不多的，公司还是一直在加强这个R&D的投入。 如果我可以理解的话，就是未来我们这个收入成长比较加速的状况之下，R&D就是基本上就是持平，就是这个margin expansion应该会越来越明显，对吧？ 根据我们客户未来的路径，一个呢是它有迭代的要求，技术上要做不同的平台，建不同的产能的要求，还有一个它未来的这个产品路线，哪些要跟中芯国际做，那我们也会根据这个调整来做。这样呢就是这个季度、下个季度看起来这个R&D一直会很稳定地按照现在的这样一个规模做，但从长远我们要到来年二月份才能给出全年来年的这样的一个预测。 了解。不好意思，插最后一个问题，在这个automotive里面，现在我们没有拆分出来嘛，你觉得在未来两到三年之后，这个automotive这个平台会建我们的收入是会到一个什么水平呢？ 这个detail现在没办法做，因为我们也还是真的没有算出来，这个是我们长期的一个目标。我们业界的其他公司有宣布，就是因为automotive其实它用的量，它的周期非常长，但它用的量主要还是在IDM那边生产的。代工业宣布的大概只有总产能5%左右用于automotive。那中芯国际现在也有automotive，这个数字也很小。当然我们首先要达到这个，就是这个汽车行业对代工业的这个平均的要求，我们首先要达到。那现在我们也在积极地推进这件事。 了解，但是你个人 但是百分比，百分比不会非常的大，要慢慢来。 但是你个人判断的话，这个拐点会在哪一年会发生呢？可能会不会是2023、24年的时候了？ 拐点。那我听到别人讲，最近有去参加一次会议，就是在广州的会议，听别人讲这个拐点可能是在2023年或者2024年初，因为那个时候大家估计这个新能源汽车主要是电动车，它的量会上到五百万辆到六百万辆一年，那个就是中国的产量。然后每个电动车里面用到的IC，尤其是high power、high voltage的IC和分离器件，它的量比传统的烧油的车是四倍到五倍的量，那就说明这个时间点的时候，这个电动车需求的集成电路和器件的量已经超过原来全部加在一起油车的量，那个时候会是一个很大的点。然后现在大家在做的这个验证，也主要是为了这些新能源汽车，大家没有太多的人去来验证这些汽车产品，去给传统的烧油的车。 了解。好，感谢你。 谢谢志宏。 好，谢谢。 谢谢你的提问。Next question comes on the line of Leping Huang of Huatai Securities. Please go ahead. 我也有两个问题。第一个问题就是我刚才那个赵总也提了，就是未来的就现在在规划的几个厂，总产能是那个二十四万，因为我刚看了一下，但我们现在目前的产能如果折算成十二寸的话，也差不多在二十三万、二十四万左右，就基本上就我们公司应该在未来几年就等于是产能要翻倍了。那我想问一下，就是我们呢，如果是未来的布局，就考虑到现在的一个宏观的经济形势和就是未来是在哪些，比方说从工艺节点或从技术平台上会重点来布局，谢谢。 乐平，你好。刚才的数字我稍稍解释一下。我们刚才说二十四万片是新增工厂基地的生产。讲清楚一点就是北京的新场地十万片，上海临港十万片，深圳四万片，这是十二寸的二十四万片。但是这里面呢，不包括我们原来已经建好的工厂，像北京原来的厂区和上海厂区这个的增量，宣布的这三个新项目的增量是二十四万片，我们原来现在已经有的是十二万片多，所以实际上是增了两倍，增了两倍，是 triple the capacity，这是第一个解释。第二个就是十二寸的 capacity triple。那第二个您的问题呢，是说做哪些事情。基本上，我们现在中芯国际根据我们的客户来做，我们就是把我们现在客户未来几年的需求我们做了总结。那在成熟技术节点呢，就是从二十八纳米，包括二十二纳米一直到0.15微米，其实大家的需求量都有。我们面对的客户很复杂，虽然中芯国际在代工行业并不是非常大，但是我们的客户的总量和产品的种类是非常多的，所以我们才会用现在的这个战略方法来进行快速地扩展。刚才说产业的转移，很多人都希望能够在中芯国际做本处在地的生产，那我们要满足这种需求，但同时要研发出各种各样的平台来给他们做。还有一点呢，就是要这么快速的发展，那我们也不能把同样的客户、同样的产品放在同一个工厂里面做，我们也要区隔，也不能在同一个工厂里呢，有的是做金属层非常多的，比方说 MCU 的产品，同时呢又要做金属层很少的，比方说 LCD、CMOS image 这些产品，我们原来都是在一个工厂里做，长短脚非常的多，这个总的利用率不是最好。现在我们利用这样的一个机会，我们将来这些工厂在建立的时候，可以把它产能建设针对着某一种特殊的技术要求给它专门去做，比方说 LCD driver 可以在一个工厂里面做，CMOS image 可以在另外一个工厂里面做，这样呢，我们投资的效率和产能利用率也高。那这么大的规模在扩展呢，其实我们公司的财力和地方的财力也没办法一下子扩三倍，这也是为什么中芯国际要在不同的地点来进行扩展，这样我们可以充分地吸收当地的投资者的资源，使得我们同时可以做三个、四个。乐平，我这样回答你是不是。 Ah. 可以。 非常清楚。 Hey. 我第二个问题就是，因为您刚才也提了，就是说对那个2022年现在觉得行业是low，low teen嘛，然后公司增速会高于low teen。就是想问一下，从平台或者做终端市场来看，主要的需求或者说应用上增速会来自什么方面？因为现在整个行业的整个signal会比较mix，因为有一些比较消费啊，有一些在往下走，有一些像刚才您提的auto在往上走。我不知道从我们公司现在来看，就是2022年的growth主要得来自什么方面，谢谢。 乐平，就是我们现在尽可能地把产品平台多做一些，那我们现在是更看重终端市场、整机市场它未来的发展趋势。比方说第一个是手机的发展趋势，去做5G，它到5G和4G大概silicon要增加25%到30%，那它需要的中芯国际能做的，比方说Wi-Fi，比方说RF，快充，PMIC，CMOS image等等，那这些呢，我们就是看应该去占多大的一个比例。第二像现在有很大的刚才讲电动汽车的未来的两年的需求，然后家用电器，尤其是显示面板，大陆已经建的产能大概占全世界的三分之二以上，接近70%。那这么大的一个需求，我们要去做多少大屏、中屏、小屏。那现在还看到一个就是万物互联IoT，这里面呢，Wi-Fi啊、蓝牙呀、存储器啊，这个要求也是量非常的大。那我们都是把这些综合来考虑之后，在不同的平台上设定一个百分比，然后来看中芯国际未来的这个需求。那我们现在宣布的这些产能，基本上都是有具体的客户在里面做承诺，然后我们有商量未来的合作发展的。那如果到我们的产品这边，刚才我讲的是终端嘛，到产品这一端，那就是我们做逻辑电路的，那可能射频电路的，这可能就是跟Wi-Fi啊，万物互联IoT啊这些有关的。那如果是BCD，那就是analog、power、high voltage，就是显示的，CMOS image就是手机的等等。 好呀。好，谢谢。谢谢。 谢谢乐平。 非常清楚。谢谢。 Thank you for the questions. Next question comes from the line of Zhu Jinsong of Haitong Securities. Please go ahead. 喂，还听得见吗？喂。 听得见，晋松请讲。 祝贺管理层，高总和赵总以及各位管理层三季度取得非常好的优秀业绩。我这边有两个问题，一个是依然是关于产能相关的，我们看到三季度单季度的经营业绩增长速度还是不错的，那明年我们前面也谈到明年下半年深圳的产能可能要逐步投产，但这个可能是一个逐步爬坡的过程。所以整体来看，明年规划的产能，全年来看的话，based on今年的话大幅度增长情况，还有新建产能，明年的折旧转固情况，大致怎样的？这是第一个问题。 好，建松，那个刚才你提到说来年我们也讲说来年中芯国际的这个产能的净增长应该超过今年的净增长，就是建设产能的。从我们已经宣布的CapEx和我们已经宣布的这些新厂区的建设，你可以算出来一定是比今年高的。那您刚才只提到了说深圳的新城区十二寸来年底会进入量产。实际上呢，我们在已有的城区，像北京的十二寸厂，它来年也有很大的增量，加上深圳的这个十二寸的增量，我们天津、深圳的八英寸的城区来年也有增量，所以把这些增量都算在一起，它会形成来年总的增量。那你讲说这么多增量进来，它一定会产生折旧，然后来年折旧呢，营业额增长，但是折旧也会增长。对了，你讲的对了，那增长多少，我们会在二月份的时候对来年全年做一个精准的预测。如果你一定要知道说增长多少，那你不妨可以用我们已经宣布的CapEx，这个CapEx，然后我们已经宣布的这设备到达的时间，就是我们刚才也讲了，三季度我们增加了八英寸，折合成八英寸三万四千片，四季度还会增长一万片以上，这个增长的时候它就进入折旧了，那你可以用这个办法CapEx加上我们宣布到达的时间来算出来它的折合是多少。等到我们宣布来年整体的CapEx，来年整体的这个按照季度产能的增长的时候，也是一下子可以把它算出来。 明白。 Ah. 好，感谢。 现在还不能具，我们还没有太具体的，等来年二月就会把所有的具体的数字给大家，建松。 明白，明白。谢谢，感谢。第二个问题就是关于我们的明年预期的一个收入结构问题。从今年的话，像我们的这个其他项，在收入结构里面其他项，增长是非常快的，这一些的主要的这种应用场景，我们看明年的话，这个态势会延续，也就涉及到收入结构占比的问题，那就不如比如说今年的手机，可能下游以中低端的手机可能销量一般，明年实际上是预期以后会有回暖的。所以明年的话，包括像这个智能手机同步节目复刻的这个今年订单来看，就智能手机相关的一些这个晶圆的这个需求，把我们的28纳米的之前的占比，会不会有一个相应的一个提升，进一步的提升。 晋松，你看的是整个市场。我们现在在讲，就在讲的时候，你就会发现有两件事情没有完全吻合在一起。一件事情呢，就是你讲的手机和消费电子，现在市场上好像有点变缓，大家拿货不那么积极了。但同时呢，整个代工业的产能，每家都讲一直到年底都非常的吃紧。这两件事没有完全碰在一起，你发现没有？我觉得是这样，对于中芯国际来讲，我们有自己的客户源，自己的定位。我们一个是在行业里面还不是非常的大，像手机，我们宣告的就是说我们现在手机产品只占我们营业额的31%、32%，还不到三分之一。 Mm-hmm. 我们面对的手机客户确实非常大，大概占全世界市场60%以上。你知道那四大品牌加上传音，对吧？是非常大的，他们是希望有一定的量，是希望能够在中国在地生产，然后也能够中芯国际做一定的保障。从这个上面来看，就是说中芯国际应该把这个比例，现在我们的比例还远远不够，应该把这个比例去增强，这是对我们有这样的一个特殊性的。另外一个，就是大家可能现在建设的节点并不一样，我们跟大家公告的节点，比方说0.15、0.18，BCD analog power用作PMIC，用来做电源，用来做快充的这个地方，那应该是中芯国际差不多是在代工业里唯一一个还是按照客户的要求不断地扩展八英寸的，别人可能都没有这样做，所以这一块呢，它也不会出现刚才你讲的说这个整个行业供过于求，或者说突然就消失了。我们现在正在做的40纳米、28纳米的Wi-Fi，这些应该在来年还是有大量的需求，别人也没有在这些地方过多地建产能，我们在这方面就是答应客户的要求来把这个产能建起来，所以这些还会持续的。 明白。非常感谢，非常清楚。谢谢。 谢谢，谢谢听众。 Thank you for the question. Next question comes from the line of Andrew Lu from Sinolink Securities. Please go ahead. [Foreign language]. 谢谢高总，谢谢赵总。我这边两个问题，第一个就是说，我记得年初的时候，那时候赵总赵博士有讲说今年是这个八寸是扩充到四万五千片，然后十二寸是增加一万片。但是根据你们现在公布的三个季度的十二寸的这个营收，再加上这个四季度的指引，这样算一算的话，今年十二寸的营收大概有成长50%以上，这个明显优于台积电的1%，跟联电24%。所以我想知道说在只有增加一万片的产能、产能利用率都是保持在一百的状况之下，我们如何能够成长50%以上，那个单价的提升我们大概算了一下，大概是15%，所以这个出货量的提升至少也增加了将近35%，所以这是怎么造成的？谢谢。 安卓你好，这个你提了一个数学问题啊，这个数学问题是这样，那个非常好算，除了价位之后，那个出货量就是增长了那么多。原因呢，一个是您讲的就是我们给出的说我的产能的增长。第二件事情呢，是产能和revenue中间它有个时间的延迟，那我们今年的这个出货量的增长，这个跟我们的营业额，因为有些产能去年就已经建好了，比方说我们的FinFET去年年底就已经到货了一万五千片，但是它每个月出货，产品还在验证，客户还在转换，所以出货却远远低过这个产能的值。那今年呢，就把它做到满载了，所以是去年的产能，今年产生这个营业额。你刚才说50%多，里面有很大一块是这个。第二个呢是产能，我们是讲今年比去年增加一万片，但是去年它可能增加了两万片，可能绝大部分时间，比方说一个大工厂，它每个月是九万片，到了年底做到了十一万片，增加了两万片，但它一年的总出货，你得按照九万片乘以十二个月来算。那今年呢？今年我增长了一万片，那我今年上来就增长了一万片，所以每个月出货呢，是从九万片加两万片，再加一万片，是十二万片，整年你乘上十二个月，就是一百四十四万片，对吧？那这样总出货虽然看起来只是单月的能力，净增长只增加了一万片，但因为它增长的时间点不一样，所以一年的总出货量，它是增加相当多的。按照刚才这个九万片乘以十二个月，这才一百零八，对吧？那十二万片乘以十二个月，这是一百四十四，所以它一下子产量就增长了30%。 了解，谢谢。赵博第二个问题就是说我们前三季的资本开支，看起来是低于我们今年要投的四十四三亿左右，所以今年的整个资本开支是不是会做一个调整？ 安卓，是这样，因为今年这个资本开支是我们已经定下来的，也是宣告过的，也是对客户的产能分配是有承诺的，我们积极努力地去把这件事情实践，因为这个资本开支不花下去，来年我们就不会有那么多产能给客户去供应。那在供应商的配合下，我们现在的准证申请也在加速进行，那我们现在还在，刚才我在那个阐述里面也专门说第四季度我们全力以赴来跟供应商一起来加速这个采购的进度，装机的速度和这个海运的速度，空运的速度，争取能够按时完成我们这个开拍。但这个时间点你也知道，越接近这个圣诞节，十二月新年这个运输就更加的紧张，所以有微小的啊，这个误差是可能的，我们也不能算得那么精准，但我们的目标还是向着年初宣告的这个，宣布的这个开拍去努力。 了解。我最后加位一下，就是说，我们看到华虹今年大概就增加了将近四五万片的这个十二寸的产能，明年还要再加个三四万片，四万片的产能。所以华虹在这一方面看起来也是非常积极，然后他又没有在实体清单，那我们在实体清单。我想问一下赵博，你们怎么看华虹的竞争，还是觉得说，我们两家公司是，客户的这个属性很不一样，所以并没有看到他的直接的竞争，谢谢。 晋松：我们不好评价我们的同行，但是有一点就是我想大家面临的这个产业转移这样一个形势是一样的，大家都处在一个在来年供不应求的市场，一起努力啊。其实两家加一起也都还是很小，那对整个产业并没有太大的冲击。那我们还是努力地按照客户的要求，按照产业转变的这么一个需求去做我们该努力的事情。我觉得这个啊，并不形成刚才你说的，因为这产业，这个整个市场是供不应求的嘛，并没有说是因为我们啊增加了，另外一边就一定去少，并没有这种情况。 好，谢谢。 谢谢 Andrew Lu。 感谢您的提问。现在请郭光丽女士致结束语。I would now like to hand the call back to Ms. Guo Guangli for closing remarks. 谢谢今天参加会议的各界人士，感谢大家的信任和支持。 Thank you for participating in today's conference call. Thank you for your trust and support. 中芯国际第三季度业绩说明会到此结束，感谢您的参与。This concludes SMIC's Q3 webcast conference call. We thank you for joining us today.