Hello, everyone. Before we start, I would like to wish everyone have a very good Happy New Year. Now we are going to start the result conference today. Before we start reporting the financial results of Q4, I would like to share news and some accomplishment that we have done for the ESG. As you may know that we actually established a new role, which is the Chief Sustainability Officer, in the last year. We will have our CSO to report some efforts we have done for the ESG before we present the financial results. I would like to share a news that Delta has confirmed to join RE100, and we have set up a target to source 100% renewable energy by 2030, which is actually a quite aggressive target. Meanwhile, I would also like to share some good news with you. As we have long been concerned about climate change and actively participate in the international initiatives. Delta has been included by DJSI World Index for 10 consecutive years, and we have also been ranked as the industry leader for five years. In 2020, we are scored as the A-list company in both the climate change and water security categories of the Global Climate Change Report 2020 released by CDP. In addition, Delta is also recognized as a supplier engagement leader by CDP in 2020. Speaking of the ESG, I would also like to share my personal feelings about this topic. Actually, as you may know that the news in Texas, in the U.S., I actually went to post-graduate. I actually have done my degree in Texas. I always remember the weather there was really hot. It was actually really surprising to me to see the recent news in Texas. To me, I think the climate change is just not that far away to us anymore. We really need to do something about it. In response to the climate change, we have also established a system and internal price for our carbon price, which means that for each product we produce, how much energy it consumed, that we will turn that and translate that into the carbon price. As you can see, the climate change is happening in Texas right now. I think there is actually more to come. I think the environmental protection is not only the responsibility for someone, but for everyone, for every individual and corporation. It's actually really hard to believe for me to see the pictures of Texas right now. That's also one of the reasons why we are doing this RE100 project within Delta. Okay. Right now, we are going to report the Q4 financial numbers. As usual, those numbers, I mean the consolidated numbers, have been audited by the CPA. The Q4 revenue hit an all-time high, up 15% year-on-year, and 1% quarter-on-quarter. The Q4 revenue was actually a little bit better than our expectation because the normal seasonality, usually the Q4 might be slightly lower compared to the Q3. In terms of the GP, the gross profit in Q4, which was up 22% year-on-year, but down 2% quarter-on-quarter. The Q4 GP margin slightly contracted to 31.1% from 31.9% in Q3, but increased from 29.3% a year ago. Q4 expenses also remained stable compared to Q3 and a year ago, with only 2% sequential increase in both R&D and SGA. Therefore, the R&D expense as a percentage of sales increased by only 0.1 percentage point to 8.7% from 8.6% in Q3, but significantly decreased from 9.8% a year ago. Likewise, the SGA expense as a percentage of sales also slightly increased by 0.1 percentage point to 10% from 9.9% in Q3, but decreased from 11.6% a year ago. As a result, the OPEX ratio moderately increased by 0.2 percentage point to 18.7% in Q4 from 18.5% in Q3, but significantly declined from 21.4% a year ago. With the seasonal increase in OPEX and the inferior gross profit, OP in Q4 was down 7% QOQ, but up 81% year-on-year. Q4 OP margin also slightly decreased to 12.4% from 13.4% in Q3, but significantly improved from 7.9% a year ago. In terms of the performance by segment, sequentially, we saw a little pickup in IA and most divisions with the infrastructure, but found relatively softer demand for power electronics from a high base in Q3. Year-on-year, power electronics still remained as the fastest-growing segment versus a benign recovery in automation and infrastructure. Earning-wise, we had pretty strong year-on-year profit improvements from all segments, but modest sequential contraction in power electronics and infrastructure. The percentage of power electronics in Q4 was up to 56% in Q4 from 51% a year ago, but down from 58% in Q3. Automation in Q4 was up one percentage point from the previous quarter to 13%, but down one percentage point from a year ago. Infrastructure was also up one percentage point from the previous quarter to 31%, but down three percentage points from a year ago. The net operating profit was around NTD 150 million in Q4. The significant decline in orders was due to a write-down of investment in Loytec, roughly NTD 800 million. The pandemic of COVID-19 has significantly slowed Loytec's business and its ability to generate cash. To be conservative, we had this write-down. In Q4, we had NTD 9.9 billion profit before tax, up 58% year-on-year, but down 13% quarter-on-quarter. EBITDA in Q4 was NTD 14.0 billion, which was up 37% year-on-year, but down 10% quarter-on-quarter. Q4 tax expense was close to NTD 2 billion, representing a 20% effective tax rate. The net profit after tax in Q4 was NTD 7.4 billion, up 46% year-on-year, but down 11% quarter-on-quarter. The EPS in Q4 was 2.6. Now we have a look at the full year numbers of 2020. The 2020 revenue was NTD 282.6 billion, up 5% from a year ago. GP margin in 2020 increased to 30.9% from 27.8% a year ago, with a 17% increase in gross profit. With the lower SGA expenses during COVID-19 and the stable investment in R&D, SGA expense as a percentage of sales was down to 10.7% from 11.6% a year ago. While the R&D expense as a percentage of sales was slightly up to 9.0% from 8.9% a year ago. Thanks to the better scale and moderate expansion in OPEX, the OPEX ratio in 2020 was down to 19.7% from 20.5% a year ago. The OP margin in 2020 has significantly improved from 11.1%, from 7.2% a year ago. Year-on-year, we found significant profit improvements in all segments with the fastest revenue growth from power electronics, a moderate increase in automation, but a little contraction in infrastructure. The sales percentage of power electronics increased to 55% in 2020 from 50% a year ago. Infrastructure contracted to 31% from 36% a year ago, while automation remained the same at 14%. In 2020, we had about TWD 2.8 billion in operating profit. The significant decline in the gain on disposal of the investment, again, was related to the one-off disposal gain of DET in 2019. In total, we had TWD 34.3 billion pre-tax income. EBITDA in 2020 was TWD 15.5 billion, which was up 15% from a year ago. Tax expense in 2020 was around TWD 7 billion, representing a 20.1% effective rate. The net profit after tax was TWD 25 billion, up from TWD 23 billion a year ago. The EPS in 2020 was TWD 9.81, excluding the one-off disposal gains of the DET, which represents a 36% increase compared to a year ago. The proposed cash dividend per share this year was TWD 5.5. Now we can start this Q&A session. If you have any questions, you may just raise your questions online. The first question is, what is the impact of the supply shortage and price inflation of raw materials and components on the company's cost? How does the company respond to the current situation? I have to ask each business group, the head of each business group. So far, I think we are okay with this potential supply shortage and price inflation. I think in general that Delta, we are in a relatively better position because we are the bigger customer to most of the suppliers. I think that is also one of our competitive advantages. I think here I got a good example for your reference. Just like in last year, 2020, there were actually many rush orders for the IT equipment. Compared to many of our peers, the supply, our supply, the component supply were actually relatively stable compared to many of other competitors. Okay. The next question is which materials and parts you see obvious shortage or price inflations? When is it expected to relieve? As I said, currently, we are okay with this because I haven't seen really significant impact at this moment. Of course, we got to prepare for that. I think we are managing okay here. Can the increase in material cost be passed through to the customers? Of course, there might be some relations between the material price and the selling price to the customers. That is not necessary because sometimes it still very much depends on the demand and supply. Can you run the growth prospects of several major business units this year, for example, will EV business grow faster than automation, data center, and telecom power? I think it depends on which way you look at the growth rate. In terms of the rate, I mean, the percentage, I think the fastest-growing would be the EVs business, and then followed by the component business, and then followed by the data center business. What is the estimated growth of EV in 2021? When will there be a chance to see breakeven? Can you talk about the midterm goals, for example, the sales percentage of EV business and its gross margin? As I just answered, in terms of the growth rate, the EV business might be the fastest-growing business unit within the group. That is also largely related to its low base. Okay. I think the trend for going to this electric-driven is very clear now. Both the traditional OEMs and newly established car makers, they are also moving forward to this direction. We are also working on this. Hopefully, that we might be able to achieve the breakeven point in two years. It still depends because we are still doing the capacity expansion for this business. We actually saw some weakness in your networking business in last year. What was the reason, and what might drive the recovery of this business? For the networking business, we are actually doing some transition for this and some new changes for this business. In the past, we actually did more consumer products, but now we are trying to make some change on this business. After we have the new CEO and who has different thoughts on this business. I think that maybe going forward, we will see some differences. How long do you think the prosperity of PC market demand can last? I think, given there are more and more best things in the market right now, this kind of prosperity for the PC demand is not going to last very long. For the long run, I still believe that given the increasing data traffic, I still feel very positive for the data center, for the demand for the data center. What is the estimated CapEx for 2021? In 2020, we actually had about NTD 17.8 billion CapEx investment. As we are actually building up many new factories and doing some expansion for the factories and in different areas in China, in India, and in Taiwan. I think that our CapEx investment in 2021 might be over NTD 20 billion for 2021. Can you give us any idea for the dividend ratio this year? It seems to be lower than the previous years. Can you give us a guidance like how this dividend payout ratio is going to be in the next few years? I say that because we still have a lot of things to do, so we need to keep some cash for our investments, for the future growth. Any plans for the new M&A and in what areas? Yes, of course. We have decided and determined that M&A will be one of the growth engines for the next decade since 2016. We actually have many projects in the pipeline. We keep looking for the new targets. We have many new businesses and new areas. For example, in industrial automation, in order to be a solution provider with more With a more comprehensive portfolio, and also because we are doing this EV business, which requires a lot of investments. We always keep an eye in the market to see if there is any chance to find the right partner. Okay, what are the main growth drivers in this year? Does infrastructure see a recovery in demand? Is there a goal for GP or OP margin? Yes, I think I have answered some of the questions before. For the GP margin target, I think that hopefully, we can maintain the GP margin above 30%. How have the business units performed compared to the expectations since Q1? I think that currently we are doing okay and the demand is looking okay. Since Q1, especially compared to the history, I think this year the Q1 looks better in terms of its seasonality. Again, I think there are still many uncertainties and swing factors in the market. Something I always think which is very important is the way that you how do you cope with the challenges and new challenges. Do you think the strong demand can support a stable ASP? Can you talk about your opinion on the long-term price and shipping margin of the IT equipment and power supply? As I said, I think the demand for IT equipment in last year was unusually good. In that case, the customer might not come to us for the negotiation, the renegotiation of the prices. When things are getting more stable and when the market is getting back to normal, I think that there might be some discussion between the companies and the customers with the prices. Can you talk about how much contribution of your EV business to the company in 2020? Also how do Delta and DET share the orders for EV? Is it based on product or customer? I wouldn't use the word share. I think it's very much subject to the customer's willingness and the logistics issue as well. What is the outlook for IA this year, especially the Chinese market? Please talk about how to increase the market share and how to compete against the Chinese players. As we can see now, there is a strong recovery and a strong demand for industrial automation. For the IA business in China this year. I think to some degree, the pandemic of COVID-19 actually has accelerated the pace for those factories. They increased their factory automation levels. As I have been always keep sharing this idea that I always think that the upgrade and the transition, transformation of the factories is something that those factories, the manufacturers, have to do in order to survive in the longer run. I think that the situation right now and the trend right now somewhat confirms this concept, especially during the pandemic. Have you seen any synergy in your acquisition and integration with Trihedral? Yes, of course, because with the help from Trihedral, I think that software has not been the strength of Delta in history. That's why the reason we partner and integrate with Trihedral. Because of the pandemic of COVID-19, it was not easy for both parties to communicate in the last year. The only thing I can say is that we have started the discussion and the integration with them. Can you evaluate how much the factory automation of the company can contribute to your GP margin in the next one or two years? I think there are many variables in the calculation. For example, the depreciation of your equipment and the reduction of your direct labor costs and overheads as well. We actually adopt more aggressive accounting rules for our own factory automation. For example, in the old days, if we build some equipment from external parties, then we actually depreciated those equipment in the timeframe of five years. For our own factory automation equipment, we use three years as the timeframe. I think also the manufacturing, the process and concept is different from the old days because it is not like, okay, we decide or we install some sort of equipment and devices, and then we can calculate how much savings from that, because those kind of investment, which can actually be transferred to another product line. The flexibility of this kind of smart automation equipment is very high. Also, I think the efforts is not only on the manufacturing side, but also on the R&D side. For example, in order to increase the level of factory automation, we have to start from the product design, in order to make those products easier to be automatically produced. Speaking of the smart side, I think with the efforts we make on the smart side, actually, we have an internal target to save 50% of the product design cycle. For example, in the past, we may need 50 days for a new product design. Then with the help of smart side, we may only need 25 days to design a new product because we have saved a lot of time from the repeated and redundant work. Cyntec has just announced a further expansion on its capacity. Can you talk about the details? For example, the expansion is related to which product lines, the expectations for the future growth. I think that partially that we are building this capacity for the auto application, because in the past, Cyntec did not really have so much products and business from the auto market. Going forward, we will have more and more for this auto application. Can you talk about your energy storage system business? I think our energy storage system in general is still in an initial phase. When it comes to the energy storage system, I think many people, they may just picture that as a big battery, but actually that is not that simple. Because in order to have the system you need to enable your products and the solution and the system connected with the grid. That is actually not that easy. Again, it also reminds me of what is happening right now in Texas. One of the heads up I have learned from the news in Texas right now, is we got to be prepared for this extreme change from the climate. That is why I believe that our renewable energies and our energy storage system can be of some help for those upcoming situations like what is happening in Texas right now. What is the company's views on the data center market and the growth of this business? I think going forward, the data center will become a new type of the utility, just like water and power. Both the corporates and individuals cannot live without this. I never have a doubt on the trend and the growth for the data center. Please talk about the progress of your EV charger business. What is the outlook and how is the competition landscape there? As I have been talking about this for many times. The numbers of EV and EV chargers, they are actually the matter of chicken and eggs. Without the increasing number of EV chargers, there won't be enough EV cars on the road. As many countries in the world have already established and formulated very strict policies for carbon emission. The trend is very clear now. We are really positive about the long-term development of our EV charger business. What is the impact of the sharp appreciation of NT dollar since Q4 on the company's profitability? Of course, there was some impact, but I think currently we are managing the impact just fine. As I have answered this many times, that we always adopt the natural hedge policy for our foreign exchange. For example, we will calculate and we estimate how many revenues we will have, for example, in US dollars by month, and then we will try to do the procurement and pay for the cost in US dollars. For the rest position of the foreign currencies that we will do a little hedge for those positions. I think that's the reason why we are still managing okay here. Does Delta see any bottlenecks in the capacity and in which areas? Which are the focusing areas for the capacity expansions this year? As I said, the passive components will be one of them. Also we are doing some capacity expansion for our EV business. Because right now the trend is very clear, so we actually have many orders at hand, so that's why we got to be prepared for that. In addition, we are also preparing some capacity for the industrial automation. That's why we are building a new factory in India for the local market, IA market in India. Is there a target for the operating expense ratio this year? Any idea about the expenses control post the pandemic? I think that we need to continue to invest into the R&D. If you look at our portfolio, for many of our businesses, for example, the data center, the EV business, in terms of their market shares, we are still far behind our targets. That's why we still need to continue to invest into the R&D. On the other hand, in terms of the SG&A expenses, I think we are adopting a tighter control of the expenses. For 2020, the OPEX ratio was below 20%, but I think that after the pandemic is over, the ratio might be over 20%. What do you think are the major risks for this year for the company's operations? As I said, there are still many uncertainties in the market. Although it seems the pandemic is under control now. We actually, as human beings, we have very limited understanding and knowledge of the virus. You never know. Also, just like the news I just shared at the beginning of the meeting regarding the climate change, those are something that we never pictured and imagined in the past. We always need to be very cautious and careful in the way we lead in this company. I think we are just running out of time. Thank you for joining us today. Thank you. Thank you.