Inventory. Semco's basic direction for MLCC this year is to increase MLCC revenue by preemptively sensing shifts in the market demand and actively moving to capture revenue opportunities. Another focus is delivering greater customer satisfaction by expanding our high-end MLCC offering in both small size, high capacitance products for IT applications and high reliability products for industrial and automotive applications. Next, for camera modules. In 2021, we expect camera module demand to increase as smartphone market resumes growth, driven by pent-up demand and wider adoption of 5G technology. The outlook for the smartphone camera module market is that the mass-tier market will grow at a higher pace compared to the flagship tier. The overall market is expected to grow by around 10% versus 2020. The key trends that characterize the camera module for high-end smartphones are, one, the bigger sensors on main cameras for a better picture quality, higher power zoom such as 10x optical zoom and 100x digital zoom for telephoto cameras. Also, ultra wide-angle cameras have started to adopt higher pixel modules, such as 48 megapixel products, for better pairing with the main camera. In the case of camera modules for mass-tier smartphones, we are receiving more demand for solutions for near high-end flagship specifications, such as 64 megapixel modules and optical zoom functionality, which reflects the wider adoption of higher performance cameras even in the mass-tier. Our plan is to leverage the technology advantage we have in core components such as large aperture lenses needed for big sensors and the ball-guided actuators, and to launch a series of differentiating products such as 100 megapixel modules, 10x optical zoom, and slim modules that will capture demand for high-end camera modules while also expanding supply of camera modules for the higher end of the mass-tier. Lastly, for substrates. In Q4, BGA demand remains solid with the wider adoption of 5G smartphones. The supply disruption that happened in certain vendors appears to have worsened the supply shortage. As expected, the Flip Chip BGA continued to see tight supply with strong demand for high-end substrates from PC servers and network applications. In year 2021, the package substrate market is expected to grow by more than 10% versus year 2020 with positive semiconductor market conditions. The key drivers for the BGA market will be demand from APs, 5G antennas, and memory substrates as smartphone demand recovers and 5G rollout continues. For the Flip Chip BGAs, even though some vendors are expected to add capacity, the supply growth probably won't be able to keep up with demand growth as major applications such as servers and network equipment continue to grow and demand for high multilayer and larger substrates eat up Flip Chip BGA capacity. Our direction this year will be to maintain our leadership in the market by continuing to focus on both bottom line and top line growth around AP, 5G antenna, RF front end, and high-end memory substrates, and by delivering better customer satisfaction with our differentiated technology and customer support. For Flip Chip BGA, our focus will be on achieving growth around high-end products, such as the thin Flip Chip BGA, and diversifying our customer base and target applications. That completes my market outlook. Thank you. Now Q&A session will begin. Please press star one, that is star and one if you have any questions. Questions will be taken according to the order you have pressed star and number one. For cancellation, please press star two, that is star and two on your phone. The first question will be presented by Ji-san Kim from Kiwoom Securities. Please go ahead with your. I have two questions. The first question is about the camera module business. The Galaxy S, the new flagship model, was launched earlier than usual. What was the impact to the camera module business on your end for both the fourth quarter and first quarter? Second question is about MLCC. Can you share us the shipments, the utilization inventory and ASP, what you saw in fourth quarter, as well as what you expect in the first quarter this year? [Non-English content] To answer your first question about the impact from the earlier release of the flagship smartphone by our strategic customer. During fourth quarter, there was some revenue generated with the supply of the parts with the earlier release of the flagship. The size of this revenue generated during fourth quarter was limited and did not have a significant impact on our revenue in Q4. In Q1, the camera modules for the strategic customers flagships will go into full scale mass production, and we will be supplying more camera modules to the high specs, the mass-tier models. In Q1, our camera module revenue is expected to significantly increase versus the previous quarter and also grow on a year-on-year basis. [Non-English content] To answer your second question, which was about our MLCC shipments, utilization, inventory, and ASP for the fourth quarter last year and first quarter this year. Looking at fourth quarter, despite some year-end inventory adjustments, the recovery of automotive demand and also the upside demand from the Chinese mobile customers resulted in MLCC shipment in fourth quarter growing in mid-single digits versus the previous quarter. Utilization in fourth quarter remained at full utilization level, and inventory also remained flat versus the previous quarter. During fourth quarter, MLCC market price remained stable, but due to the stronger Korean won, the Korean won-based blended ASP decreased slightly quarter on quarter. [Non-English content] Looking towards the first quarter, even though first quarter usually is a slow season, we expect that this year first quarter will see continued MLCC demand growth as the so-called untact life related demand continues and smartphone and automotive demand recovers. We expect first quarter MLCC shipment to record mid-single digit QOQ growth, utilization in first quarter to remain at full levels, and inventory levels to remain sound, and ASP to remain similar to what we saw in the previous quarter. [Non-English content] The next question will be presented by Taew oo Lee from UBS. Please go ahead with your question. Hi, this is Taewoo Lee from UBS. Thanks for taking my question. My first question is on the substrates business. With 5G penetration increasing, it seems like strong demand for BGA will likely continue. Could you share how the business did in fourth quarter and how you see the outlook for this year? My second one is on MLCCs. For the new Tianjin fab, the company mentioned on pilot production having started in the last call. Could you update us on the current ramp-up status and its outlook? Thank you. [Non-English content] [Non-English content] To answer your first question about the BGA for last quarter as well as what we expect this year. In Q4, BGA demand remained strong, and we maintained full utilization levels and recorded high single-digit revenue growth on a quarter-on-quarter basis with increased supply of high multilayer SiPs and also substrates for APs. Looking forward to this year, 2021, we expect strong demand to continue, and our focus will be on adjusting our Product Mix towards the higher-end, higher value products, such as substrates for high-end APs, as well as 5G antenna substrates to further enhance our revenue and profitability. [Non-English content] You've asked about the Tianjin new plant update. To share with you the update, as we mentioned, we have already completed the equipment set up for the initial investment. Currently we are undergoing testing and verification for mass production stability by gradually increasing our pilot production volume. At the same time, we are also focusing on developing the product expertise and the product personnel, the experts, to build in the capabilities to flexibly respond to future increases in market demand. [Non-English content] [Non-English content] Korea Investment & Securities Cho Cheol-in [Non-English content]. The next question will be presented by Cho Cheol-hee from Korea Investment & Securities. Please go ahead with your question. [Non-English content] I have two questions. The first question is about the package substrates. It seems that this year the package substrate will have a good outlook. Can you share with us some details about your capacity expansion plan for package substrates this year? Second question is about the smartphone business. It seems that you are emphasizing the expansion of camera module supply to the mass-tier smartphones this year. Can you give us a bit more direction or color to your business outlook? [Non-English content] To answer your first question about the package substrates. As you mentioned this year, the package substrate demand is expected to increase with the IT industry outlook being positive and also smartphone demand expected to recover. In order to meet the increasing package substrate demand on a timely basis, we have been continuously increasing our productivity and production capabilities. This year in 2021, we plan to expand our capacity around the high-value products such as substrates for AP, 5G antennas, and the thin CPUs for laptops in order to continue to meet our customer demand. [Non-English content] To answer your second question about our plans regarding the camera module supply for the mass-tier smartphones. In line with the smartphone OEM demand for higher specification camera modules for their mass-tier smartphones. Starting from the supply of optical 3x zoom OIS in the second half of last year, we have been supplying camera modules for more models in the mass-tier and also increasing our camera module supply volume. This year we plan to continue our volume increase around the camera module supply for the higher end of the mass-tier and expect to see double-digit growth in the revenue of these products this year. [Non-English content] [Non-English content] The next question will be presented by Rokho Kim from Hana Financial Investment. Please go ahead with your question. [Non-English content] I have two questions. First is about the MLCC market. It seems that the supply in the MLCC side is still quite tight. Does the company see any possibilities of MLCC price increases? The second question is about your camera Module business. There have been some reports in the media of possibilities of you supplying folded-zoom modules to a North American OEM. Can you share with us within whatever is publicly disclosable, whether, for example, it's possible for the company to supply folded-zoom modules to the North American company? [Non-English content] To answer your first question about MLCC pricing, it seems recently, especially some security firms, have been raising the possibility of an MLCC price increase. Our basic posture regarding price increases is to maintain a flexible posture regarding price increase by considering various factors, including future supply and demand situation and industry trends, and also taking into account the mid to long-term business relationship that we have with our customers based on trust. [Non-English content] Regarding your second question about these media reports about us supplying folded-zoom to the North American company, I think that those media reports continue to surface because Semco does have its own technology related with the folded actuators and the D-cut lenses, but we are not able to comment on specific supply plans pertaining to any specific customers. [Non-English content] [Foreign language] The next question will be presented by Dong-ju Lee from SK Securities. Please go ahead with your question. [Non-English content] I have two questions. First question is about your capacity increase plans for the MLCC. Can you give us a bit more detail of your MLCC capacity increase plan for year 2021? Second question is about the outlook for the 5G mmWave antenna substrate, which would probably benefit from the increase in the 5G smartphone adoption. Can you give us your outlook? [Non-English content] Regarding the first question about our MLCC capacity increase plan for year 2021. Currently, our MLCC capacity is at full utilization. This year we will continue to increase more capacity by enhancing our productivity and also enhancing our manufacturing efficiency. We will also be very efficiently utilizing our new capacity in Tianjin. In line with the demand and supply situation that unfolds during this year in the market, our basic approach is to increase our capacity above market growth levels to be able to supply and satisfy our customer demand. [Non-English content] Regarding the 5G mmWave antenna substrates. The demand for these substrates is expected to continue growth in 2021 as the wider adoption of 5G handsets continue. We are aiming this year to continue revenue growth versus the previous year by winning more design wins in more models of the strategic customer, and also increasing supply by enhancing our production capabilities. [Non-English content] The next question will be presented by Kang-ho Park from Daishin Securities. Please go ahead with your question. [Non-English content] I have two questions. First question is about the CapEx plan. I recall that last year due to various uncertainties, the company maintained a conservative approach to its CapEx. This year, supply situations are tight on many of your products. It seems that CapEx increase or CapEx spending is likely. Can you share with us some details about your CapEx plan this year? Second question is, there is still a lot of uncertainty this year. Can you share with us your guidance for first quarter this year as well as full-year 2021? [Non-English content] To answer your first question about our CapEx plan this year. This year, we are planning to increase our CapEx versus last year to meet the recovery of downstream industries such as smartphone and automobiles. As well as to capture the demand growth that's happening in some of the upcoming promising sectors such as 5G and automotive. Based on the principle of achieving a revenue growth above market growth, we will focus first on improving the productivity and then to execute CapEx for the additional capacity needed to capture the customer demand. By doing this, we will be aiming to maximize our CapEx efficiency at the same time maintaining sound cash flow. [Non-English content] This is Bong-yong Kang, EVP at Semco. I would like to answer your question about first quarter and full-year guidance for year 2021. Looking towards the first quarter of this year, we do think that slight QOQ revenue growth would be possible. Revenue growth is expected on our Component division with the strong demand for MLCCs continuing. From the Module division, which will see the effects of the new flagship smartphone launch by our strategic customer. The Substrate division revenue is likely to decrease due to the seasonality of RF-PCBs. [Non-English content] Investment Banking Specialist. Looking towards this year for the full-year 2021. The global economic outlook seems to be expecting growth versus year 2020, despite various uncertainties such as the tension between U.S. and China and continued persistence of COVID-19. Looking towards the Component markets that are related to Semco, most of the Component markets are expected to record growth versus the previous year in areas such as 5G and automotive applications. [Non-English content] Given that global economic backdrop and market outlook, we will be focusing on recording revenue growth also in 2021 by strengthening our technology advantage, by securing core technologies and launching differentiated products, new products. Number two, by continuing to work on better productivity with enhanced equipment efficiencies and manufacturing engineering and knowhow. Third, by continuing to improve our product structure. Lastly, in terms of our investment approach, a key focus this year will be efficient investment in CapEx execution, so that we're able to increase the revenue and profit share versus the investments that we make in the industry. Another focus will be to effectively respond to any changes in the external environment, so that we're able to achieve positive cash flow and maintain business stability. [Non-English content] That completes our earnings conference call. If you have any further questions, please forward them to our IR team. Thank you very much for attending.