Good morning, this is Taiyoung Kim, Head of IR and Planning Team at Samsung Electro-Mechanics. Thank you for joining our 2023 third quarter earnings conference call. On today's call, I am joined by our CFO, Sungjin Kim, EVP Won-Taek Kim, who is Head of Strategic Marketing; Kyu-taek Park, Head of Support Team, Component Division; Changwon Lee, Head of Support Team, Optics and Communication Solutions Division; and VP Chungwon An, Head of Support Team, Package Solution Division. We will start with a presentation on our third quarter company level and divisional business results, followed by market trends and outlook by product before taking your questions. First, our 2023 third quarter results. In third quarter, our revenue was KRW 2,360.9 billion, which is approximately 6% increase QoQ, but a roughly 1% decrease YoY. The details regarding revenue increase, decrease factors by division will be explained later on during the divisional results. Third quarter operating profit was KRW 184 billion, which is approximately 10% decrease QoQ and around a 41% decrease YoY. Pre-tax profit in Q3 was KRW 191.8 billion. Net profit, KRW 155.5 billion. Next, in terms of financial, as of end of September 2023, total asset was KRW 11,496.1 billion, which is roughly a 3% increase from end of Q2. For major financial indicators, liability to equity was 43%, similar QoQ. Debt to equity was 18%, which is a slight decrease QoQ, and equity ratio was 70%, similar to Q2. Next are the divisional results and future outlook. First, the Component Division. The Component Division's Q3 revenue was KRW 1,095.9 billion, which is roughly a 9% increase QoQ and an 18% increase YoY. Global new smartphone launches and other seasonality increased demand for IT MLCC, and solid demand continued for xEV, ADAS, and servers, leading to increase in industrial and automotive MLCC supply. Overall, we saw increase in revenue across all applications, including IT, industrial, and automotive. In Q4, component market demand is expected to slow down due to continued market uncertainties and year-end inventory adjustments. We will focus on capturing high-end opportunities, such as small size, high capacitance MLCCs for IT applications, and on increasing supply of high reliability MLCCs, including high temperature, high voltage products, particularly to xEV customers. Next is the Optics and Communication Solutions Division. The division's Q3 revenue was KRW 825.4 billion, a roughly 6% increase QoQ, but an 8% decrease YoY. In Q3, our supply of camera modules for foldable phones increased to the strategic customer and Chinese customers, and our supply of differentiating products, such as high spec triple camera modules to other overseas customers, increased scale, reached scale. This led to a QoQ increase in revenue. In Q4, while IT camera modules are expected to see softening due to seasonality, we will focus on offsetting this by adding supply of camera modules for flagship phones, such as high pixel folded zoom. Also, advances in autonomous driving technology is calling for higher pixel camera modules on automobiles, and we plan to increase supply of high pixel modules, such as the 5-meg, and diversify our automotive customer base. Lastly, for the Package Solution Division. Q3 revenue was KRW 439.6 billion, which is roughly a 1% increase QoQ, but a 20% decrease YoY. For BGA, supply of substrates for 5G antennas and mobile memory increased with the launch of new smartphones by major customers. For FC-BGA, while PC-related substrate revenue decreased due to continued weak PC demand, server substrate revenue increased. In Q4, BGA demand is expected to decrease slightly QoQ due to year-end seasonality, but we will focus on actively increasing supply around applications with strong demand growth, such as Arm processors. Also, for FC-BGA, while PC substrate demand is likely to remain stagnant, demand for high-end package substrates for servers and network equipment is expected to remain solid, and we will focus on developing differentiated products and increasing supply to new customers in this area. That completes the presentation on our third quarter results. Now the Head of Strategic Marketing, Won-Taek Kim, will talk about market trends and outlook by key product groups. Good morning. This is Won-Taek Kim, Head of Strategic Marketing. I would like to share the current update and outlook for our MLCC, camera module, and substrate markets, respectively. First, let's look at the MLCC market. In third quarter, demand slightly increased around applications where MLCC market inventory had been consumed more. By application, while IT MLCC demand increased QoQ due to seasonal demand increase around certain set products, such as smartphones and PCs, the size of demand increase was relatively modest. For automotive applications, even though xEV growth rate has slowed down somewhat versus the start of the year, demand still remains relatively solid, and MLCC demand continued its upward trend. In terms of fourth quarter MLCC market outlook, first, for IT MLCCs, even with the full effect of North American mobile customers' new model launch, it appears difficult to expect a QoQ demand increase for IT MLCCs due to weak consumer sentiment and year-end inventory adjustments. For automotive MLCC, while automotive set demand remains solid and the share of XEV is likely to grow, demand is expected to temporarily slow down as certain customers place priority on year-end inventory consumption. Given such market outlook, we will actively capture demand for the small size, high capacitance IT MLCC in connection with new smartphones launched by key customers. For automotive MLCCs, focus on winning new projects with U.S. and European customers, and increasing sales to Chinese XEV customers around large size, high ASP products. Also, we will focus on winning new contracts for next year, including ultra-high capacitance MLCC for ADAS. Furthermore, we will continue on, continue to focus on expanding supply to high-end products, such as high temperature, ultra-high capacitance products for new platforms targeting industrial power equipment and servers, while also continuing to develop new growth markets, including solar energy, AI servers, and satellite internet. Next, is the camera module market. In Q3, camera module demand increased slightly QoQ, thanks to the new flagship models launched by the strategic customer and global customers, and the increase of mass production models by Chinese customers in the second half. In Q4, while major customer smartphone demand is expected to decrease QoQ due to seasonality, some of the decrease is likely to be offset by the strategic customer's demand to produce its new smartphone, scheduled for launch in early 2024. Going forward, we will continue to concentrate on attacking the high-end market in line with the trend of spec upgrades, such as high pixel, big sensors and aperture for wide cameras, and the high power folded zoom for telescopic cameras. In automotive cameras, advances in ADAS has increased demand for high pixel sensing cameras, such as 5 meg or 8 meg, and we will focus on strengthening our high precision, high reliability camera development and manufacturing capabilities to be the first in next generation production and gain the upper hand in design in competition. Also, in addition to our existing global xEV customers, we will focus on diversifying our customer base by actively pursuing new projects from conventional auto OEMs. Lastly, is the substrates market. In Q3, BGA demand increased QoQ, mainly around the 5G antenna and mobile memory substrates, thanks to the launch of new models by major customers and seasonal increase in demand. For flip chip BGA, despite the seasonality of downstream markets such as PC and servers, substrate demand slightly decreased QoQ due to customers' inventory adjustment of the PC CPU substrates. Fourth quarter BGA demand is expected to slightly decrease QoQ due to year-end inventory adjustments of key customers, despite the launch of new smartphones and gradual recovery of the memory market. The flip chip BGA market is expected to maintain solid demand from servers and automotive applications. However, due to year-end inventory adjustments continuing by key customers, especially PCs, overall demand is expected to slightly decrease versus third quarter. Accordingly, we will focus on timely qualification and supply increase of BGA for smartphones and AP, smartphone APs and memory, and strengthen co-development to work with key customers based on technology leadership, such as IC and passive component embedded substrates, to continuously expand new applications and customer base. For FC-BGA, we will actively focus on winning new orders and diversifying customers around high-performance server and network substrates, expected to deliver mid- to long-term growth, as well as the automotive segment, where xEV and autonomous driving continues to grow. Also, we will continue to develop new applications, such as AI accelerators and new customers, to build the foundation for mid- to long-term growth of the substrate business. Thank you. The first question will be presented by Kangho Park from Daishin Securities. ... ASP 추이가 좀 어떻게 됐는지 좀 궁금하고요. 아까 말씀드린 것처럼 사분기에는 이제 전방 산업이 좀 불확실한 부분이 있는데요. 저희 삼성전기에는 MLCC 사분기 전망을 좀 어떻게 보고 있는지, 구체적으로 좀 코멘트를 좀 부탁드리겠습니다. 두 번째는 이제 FC-BGA인데요. 아까 말씀드린, 말씀하신 것처럼 좀 PC향 쪽은 상당히 약한데, 저희 쪽은 서버향 FC-BGA는 매출 확대가, 빠르게 진행 중으로 알고 있습니다. 현재 그 서버용 FC-BGA의 공급 현황이 어떤지 좀 궁금하고요. 2024년도에도 올해 대비 매출 성장을 얼마큼 보고 계시는지, 내년도 연간에 대해서 좀 코멘트 부탁드리겠습니다. 감사합니다. My first question is an MLCC question. Can you share with us some of the key data points for third quarter, such as your shipment, inventory, and ASP for Q3? Also, can you give us some guidance on key data points for MLCC fourth quarter, given the uncertainties that we are expecting in the downstream industry? Second question is a flip chip BGA question. As you know, the PC flip chip BGA is still quite soft, but you have been rapidly increasing your revenue for the server applications. Can you give us an update on your server flip chip BGA business? And also, how much of a revenue increase you're expecting next year on a year-over-year basis? 질문 주신 MLCC 삼분기 출하량, 재고, ASP 실적 및 사분기 전망에 대하여 답변 드리도록 하겠습니다. 삼분기는 글로벌 스마트폰 거래선 신제품 출시 등 계절적 수요 증가 요인과 더불어 시장 내 MLCC 재고 소진이 상당 부분 진행되면서 출하량이 전분기 대비 증가하였고, 이에 따라 재고 일수도 감소하였습니다. ASP는 산업 전장용 MLCC 매출 비중이 전분기 대비 소폭 증가되었으나, IT용 MLCC의 가격 경쟁이 심화되면서 blended ASP는 전분기 대비 감소하였습니다. 사분기는 연말 고객사 부품 재고 조정 등으로 출하량이 통상적으로 감소했던 시기로, 금년 사분기도 유사한 경향을 보일 것으로 예상됩니다. To answer your first question about the MLCC third quarter data points and fourth quarter outlook, in third quarter, there were some seasonal increase factors in demand, including the launch of the new smartphones by the global smartphone customers. Also, there was quite a lot of the MLCC market inventory being worked through. As a result, we saw MLCC shipments increase quarter-over-quarter, and as a result, our inventory days have decreased quarter-over-quarter. Regarding third quarter MLCC ASP, even though the share of industrial and automotive MLCC revenue within our total revenue slightly increased quarter-over-quarter, the price competition of IT MLCCs intensified in Q3, and as a result, on a blended basis, our ASP decreased quarter-over-quarter. Looking towards the fourth quarter, as you know, usually fourth quarter is when there is a decrease in shipments tied to customers going through year-end inventory adjustments, and we think that a similar trend will happen this year, fourth quarter as well. 네, 다음은 질문 주신 서버용 FC-BGA 사업 현황 및 전망에 관하여 답변드리겠습니다. 당사는 작년 말 국내 최초로 서버용 FC-BGA 양산을 시작하였으며, 금년에는 당초 물량 대비 확대된 공급 요청에 원활한 대응을 통해 고객사들로부터 안정적인 공급 능력을 인정받았습니다. 또한 3분기부터는 신규 거래선 대상 서버용 FC-BGA의 공급이 확대되면서 PC용 FC-BGA의 수요 부진을 일부 만회할 수 있었습니다. 2024년에도 AI, 클라우드 서비스의 확대 기조 유지로 서버 CPU, AI 가속기용 등 하이엔드 FC-BGA 시장은 지속 성장이 전망됩니다. 이에 당사는 제품 수율 향상, 안정적인 생산라인 운영을 통해 서버용 FC-BGA 매출을 지속 확대시켜 나가겠습니다. To answer your second question about the server flip chip BGA business, as you know, at the end of last year, we were the first in Korea to mass-produce server flip chip BGA. Throughout this year, we have been earning the recognition and trust from our customers as a stable supply partner by very smoothly responding to customers requesting for additional volume versus their original orders. Also, in third quarter this year, we increased our flip chip BGA, server flip chip BGA supply to new customers, and this has helped us somewhat make up for the relatively soft and weak demand on the PC flip chip BGA side. Looking towards next year, at the market level, we expect the high-end flip chip BGA market, such as for server CPUs or AI accelerators, to continue growth, given the increase of AI and cloud services. To capture this opportunity, we plan to continue to increase our server flip chip BGA revenue by enhancing, further enhancing our yield and also stably operating our production lines. 네, 다음 질문 받아주시기 바랍니다. 다음으로 질문해 주실 분은 하나증권의 김로코님입니다. The next question will be presented by Rok-ho Kim from Hana Securities. 네, 안녕하세요. 질문 기회 감사드립니다. 저는 MLCC 쪽이랑 카메라 모듈 쪽 질문드릴 거고요. MLCC는 앞서 말씀 주신 내용에 조금 연장선상에 있는 건데, 지금 저희 3분기까지 매 분기 MLCC 가동률 잘 상승한 것으로 알고 있는데요. 향후 추이가 어떨지 좀 궁금합니다. 4분기, 연말 재고 조정에 이런 것 때문에 좀 주춤하실 수 있겠지만, 내년 연간으로 봤을 때는 가동률 상승 기조 유지되는지 좀 말씀 주시면 감사하겠고요. 카메라 모듈 쪽은 지난 9월에 미국 자동차 업체랑, 공급 계약 체결 관련된 공시 하셨었는데요. 관련해서 향후 전장용 카메라 쪽 매출액이나 수익성 전망, 말씀 주실 수 있는 부분들 공유 부탁드리겠습니다. 감사합니다. My first question is an MLCC question. It sort of builds on the previous question that was just answered. It's about utilization. My information is that your utilization has continued to increase quarter-over-quarter until third quarter. Do you think this increasing utilization will continue, especially up till next year on a full year basis, even though there may be a slight decrease in fourth quarter due to year-end inventory adjustments? My second question is a camera module question. You announced in September the signing of a supply contract with an American OEM. Considering all of that, can you give us some guidance and outlook on your camera module, automotive camera module revenue and profitability? Turning to your first question about MLCC utilization, as you mentioned, our MLCC utilization has been increasing throughout the year on a quarter-over-quarter basis. Looking towards the fourth quarter, there is going to be impact by year-end in component inventory adjustments, and there is a possibility of our utilization being adjusted. You've also asked for next year outlook. Next year we think that the MLCC market inventory will complete, will be worked out, that consumption will be completed. Also, there will be solid growth expected from the industries that we focus on, such as automotive and AI server markets. And also, we will continue to diversify our applications to industries such as solar energy or satellite internet. Given all of that, we are looking forward to our utilization on a full year basis to improve next year. Your second question was about the automotive camera module outlook. The market itself for automotive cameras is expected to continue to increase in market size, as there will be greater need for higher spec, higher precision camera modules tied to the advances in automotive driving technology and autonomous driving technology and increase of EVs. Accordingly, we will continue to focus on increasing our volume by not only winning new models and increasing supply to existing EV customers, but also to diversify our customer base to the conventional OEMs. Also, we will leverage the optics-related technology we have accumulated from our supply of IT camera modules, apply that to automotive camera modules, and also develop differentiated technology focused on automotive applications such as water-repellent coated lenses and heating technology. At the same time, we will focus on further enhancing our profitability by building greater cost competitiveness by internalizing core processes and components. The next question will be presented by Cheol-hee Jo from Korea Investment & Securities. I have one question. It's related with how the automotive set demand, the growth rate of it is starting to slow down recently. Tied to that, can you give us your opinion regarding the automotive MLCC outlook, and also how you plan to diversify your applications to drive continuous growth? ... 질문 주신 전장용 MLCC 전망과 신규 응용처에 대한 답변 드리겠습니다. 전장용 MLCC의 경우, 전기차가 단기적으로 성장 둔화 요인은 있어 보이나, 레벨 투 이상의 ADAS 채용이 확대되고 내연기관 대비 세 배 수준의 MLCC가 채용되는 xEV의 판매량이 금년 대비 증가될 것으로 전망되고 있어, 전장용 MLCC 시장은 내년에도 견조한 성장이 예상됩니다. 당사는 고온, 고압품을 포함한 전장 라인업을 지속적으로 확대하고, 해외 전장 생산 거점 확대를 통한 공급 안정성 개선으로 금년과 마찬가지로 시장 성장률을 초과하는 매출을 지속하도록 하겠습니다. To answer your question, first of all, in the automotive MLCC side, we also do agree that there are, in the near term, some factors that may slow down the growth for EVs in general. However, for ADAS, Level 2 and plus ADAS adoption is continuing to increase. And also, when you look at the absolute sales volume of XEVs, XEVs, EVs, generally having around three times MLCC content versus, the ICE vehicles, the absolute XEV sales volume next year is expected to increase versus this year. And so overall, we expect solid growth from the automotive MLCC market to continue next year. Based on that, we will focus on continuing to expand our automotive MLCC lineup, including high temperature and high voltage products, and also further enhance our supply stability by increasing the overseas automotive production hub, so that like we did this year, our goal next year is to achieve revenue that outgrows the market growth rate. 또한 응용처 다변화로는 산업용 시장에서 AI용 서버, 로봇, 솔라 에너지, 그리고 위성 인터넷 등 현재 시장 규모가 크지는 않지만 향후 연평균 10% 이상의 높은 성장이 기대되는 응용처가 있습니다. 당사는 IT용 소형 고용량과 전장용 고신뢰성품 등 보유 중인 다양한 라인업을 통해 신규 거래선 개척 및 확산을 진행하고 있으며, 힘, 강도 및 노이즈에 특화된 제품과 같은 특수품 개발도 병행하여 고객 요구에 적극적으로 대응하고 있습니다. 2024년에 해당 산업용 응용처에서의 매출은 당사 전체 산업용 매출 성장폭을 상회하는 고성장이 기대되며, 지속적으로 성장 시장 분야에 대한 제품 경쟁력과 라인업을 강화해 신규 고객을 발굴해 나갈 계획입니다. You've also asked about some other applications that we're looking into diversify into. Within the industrial MLCC market, we're looking at applications such as AI servers, robots, and solar energy, as well as satellite internet. Even though right now these markets, in terms of size, are not large, they are expected to record high growth rates of CAGR of 10% or more. And so regarding these new applications, we are acquiring new customers and increasing our sales, sales by leveraging the very wide product lineup that we have, covering the small size, high capacitance that we have for IT applications, as well as the high reliability MLCCs that we offer for automotive applications. Also, we are developing specialty MLCCs that have special characteristics in terms of bending strength or noise, to actively meet the customer requirements in these applications. The revenue from these industrial applications next year is expected to be very high. That would be above our overall industrial MLCC revenue growth rate, and we will continue to develop new customers in this area by enhancing our product competitiveness and lineup. 네, 다음 질문 받아주시기 바랍니다. 다음으로 질문해 주실 분은 SK 증권의 박형우님입니다. The next question will be presented by Hyungwoo Park from SK Securities. 네, 또 한 개 분기 수고 많으셨습니다. SK 증권 박형우입니다. 두 가지 질문 저도 드리고 싶습니다. 첫 번째는 광학 통신 솔루션 사업 관련인데요. 자, 앞선 발표 내용에서 사 분기 계절성 때문에 모바일 수요 약세가 전망된다고 말씀 주셨는데, 우리 입장에서는 향후 카메라 모듈의 성장 동력 및 수익성 확보 방안을 어떻게 가지고 계신지 여쭤보고 싶습니다. 두 번째는 패키지 솔루션 사업 관련입니다. 최근에 치플렛이나 TSMC CoWoS 같은 차세대, advanced packaging 기술에 대해서 관심이 많습니다. 삼성 전기에서도 이에 대응할 수 있는 패키징 기판에 대해 준비하고 계신 부분이 있으시다면, 같이 또 공유 부탁드립니다. 감사합니다. My first question is about the Optics and Communication Solutions Division. I think during your presentation in Q&A, you mentioned that in the fourth quarter, given a weak mobile demand, there will be some soft demand for camera modules. Now, looking towards the mid- to long-term, what kind of growth driver do you expect to see in the camera module, and how do you plan to ensure profitability of your camera module business? Second question is about the packaging business. Recently, there has been growing interest in the industry about next-generation advanced packaging technologies, such as chiplets or the new TSMC technology. I'm wondering if SEM is preparing or has something similar or that can respond to this? What kind of advanced next-generation packaging technology are you preparing? Now, to answer your question about how we plan to drive growth and secure profitability of our mobile camera module business going forward. As you know, mobile demand has remained soft for quite some time, and this has caused competition between companies to intensify. However, the camera module still remains the core differentiating point for flagship smartphones, and this has continued the increase in the need for high quality slim upgraded camera modules. And so we are focusing, for example, on developing a new structure, folded zoom that will bring better image quality, and also developing even slimmer camera modules for foldable form factors to further strengthen the leadership that we already have in the folded zoom and foldable markets. We're also strengthening the performance of our camera module apertures that are necessary in the main camera to deliver even higher picture quality. These are examples of how we are focusing on increasing the supply of our high-end camera modules through technology differentiation. At the same time, we are focusing also on further enhancing our cost competitiveness by internalizing some key components to further improve our profitability. Your second question was about next generation packaging market and technology. As you've mentioned, there is a greater role and attention being placed on the back-end packaging technology as a way of enhancing semiconductor performance, as the semiconductor node migration is hitting somewhat of a limit. Also, there are changes in the industry paradigm around servers and networks, that's also increasing the demand for development of new and a wider variety of packaging platforms. As you know, over a long period of time, we have built up core substrate packaging technology, including micro patterning, high multilayer, large size, large area, and also embedded technology that would load components in the core itself. And so based on this, we are currently working with customers to develop some wide variety of next generation packaging substrates, including the 2.5D structure substrate, which is similar to the CoWoS, as well as substrates that use new core materials. Looking towards the mid to long term, we also agree that the role of package substrates will become more important as semiconductor performance also advances. And so we will be ready to actively capture the new market opportunities that emerge by developing next generation packaging substrates. The next question will be presented by Jisan Kim from Korea Investment & Securities. I have two questions regarding CapEx and your earnings outlook. I think in the last conference call, you mentioned that the company plans to adjust its CapEx plan for this year, considering the slowdown in market. Has there been any additional changes since? Also, can you give us some guidance on your next year CapEx plans? A second question is, I looked at your third quarter results, and even though there was increase on a top-line basis, your operating profits have decreased. This does seem to reflect the slowdown in overall markets. What kind of guidance can you give us for your fourth quarter and next year? Regarding our CapEx, as I mentioned previously, this year's company-level CapEx is expected to decrease somewhat versus last year. Now, in the remaining fourth quarter, we will execute the investment by continuing to take into account the market situation. Regarding next year CapEx, because our next year business plan has not yet been finalized, it's difficult for me to go into details. But if you consider how the large investment projects such as the packaged substrate business for servers that we've been investing in for the past recent 2 years will come to an end this year, we expect that overall, CapEx next year will probably be less than the CapEx this year. While we expect that to happen, we will continue to make necessary investments in key areas such as industrial, automotive, and specialty MLCCs and inductors. Going forward, we will continue to maintain our CapEx policy, as we have already done, always done, by focusing on high growth areas such as industrial, automotive, and network. Execute our investments by taking into account changes in market and customer demand, and focusing on achieving efficient investment, efficient investments. 질문하신 실적 전망에 대해 말씀드리도록 하겠습니다. 당사 3분기 실적은 일부 제품의 계절적 수요 회복 등에 힘입어 전사 매출이 전분기 대비 증가했습니다. 그러나 스마트폰 등 IT 세트의 본격적인 수요 회복은 아직 미진하고, 전장 등 그동안 견조한 성장을 보였던 세트도 3분기 들어 수요 성장세가 둔화되었습니다. 이에 계절적 수요 증가, 물량 확보를 위한 경쟁 및 엔화 약세 상황이 더해지면서 공급업체 간 경쟁이 심화된 영향으로 전분기 대비 영업이익이 감소하였습니다. 하반기에는 외부 환경 불확실성으로 인한 소비 심리 위축과 연말 계절성에 따른 부품 수요 감소 등의 영향으로 전사 매출은 전분기 대비 약세가 전망됩니다. Now, to answer your question about our next of our third fourth quarter earnings and next year's outlook. Well, looking at third quarter, as you mentioned, we did have a revenue increase quarter-over-quarter, thanks to seasonal demand recovery of certain products. That said, still, the recovery of demand for the IT set products, especially smartphones, are still below expectations. And even the demand, for example, the set growth for automotive, which has been growing solidly, the growth rate of that demand has been soft in the third quarter. Also on top of that, there was competition to secure the seasonal demand increase, and also the weaker yen was added, which intensified competition among suppliers, and this has led to a decreased quarter-over-quarter basis of our operating profit. Now, in the fourth quarter, we do expect that our company-level revenue will be soft on a quarter-over-quarter basis, taking into account the weak consumer sentiment due to uncertainties in the external environment, and also the seasonality of fourth quarter, where component demand decreases. 이어서 2024년 등 향후 실적 전망에 대해 말씀드리겠습니다. 중국발 글로벌 경기 둔화, 러시아, 우크라이나 및 중동 지역 분쟁 등 대외 경영 환경의 어려움이 지속되는 가운데, 현시점에서 구체적인 전망을 말씀드리기는 쉽지 않아 보입니다. 그러나 PC, 스마트폰 등 주요 세트의 수요가 2023년을 저점으로 2024년부터 점차 회복세로 전환될 것으로 전망되고, EV, 서버, 네트워크 등 당사가 그동안 역량을 집중했던 분야가 견조한 성장 추세를 지속할 것으로 보고 있어, 2024년 실적은 2023년 대비 성장세를 보일 것으로 예상됩니다. 앞으로도 당사는 실적 개선을 위해 전장, 서버, 네트워크 등 유망 분야 관련 사업 확대를 지속적으로 추진하여 고성장, 고부가 제품 중심으로 사업 구조를 혁신하는 한편 Looking towards next year, it expects to be another year where there is various challenges in the external environment, including the possibility of a slowdown in global economy, triggered from China, the Russia-Ukraine situation, as well as, for example, tension in the Middle East. Given all of that, it's difficult to give you a detailed, specific outlook for next year. On the other hand, the demand for key set products, such as PCs and smartphones, are expected to bottom out this year and gradually turn around to a growth trend from next year. Also, areas where we focus on, such as EV, servers, and networks, are expected to continue solid growth next year. And so based on that, we do expect that our next year's results would be a year-over-year growth versus this year. And so in order to deliver year-over-year improved results, we will focus on continuing to expand our business in the promising areas such as automotive and server and networks. Also continue our innovation of a business structure around high growth and high value-add products, and also internally continue to enhance our internal efficiencies through better productivity, better quality, and cost saving. That completes our third quarter earnings conference call. If you have any further questions, please forward them to our IR team. Thank you very much.