Good afternoon, everyone. Thank you for joining Novatek 2024 first quarter online earnings call. This is David Chen, Vice President and Company Spokesperson. I'll be the host for today's conference. Joining me on the call today are our Vice Chairman, Steve Wang, our CFO, Mr. S.C. Chou, and our IR Director, Tony and Yvonne. The agenda for today's event will be as follows: First, our IR Director, Tony, will be reporting Novatek first quarter results in English. After that, our Vice Chairman, Mr. Steve Wang, will provide more details on our Q1 results and 2024 Q2 guidance. Following that will be our Q&A sessions. We have already received some questions from our investors, and if you have further questions, feel free to send it to us online. Our IR Director, Tony, will process and read out the questions one at a time, both in Chinese and English. And our Vice Chairman, Steve Wang, and our CFO and myself will answer all your questions in Chinese and will be translated into English later. Now, I'll hand over the time to Tony to report our Q1 results. Thank you, David. This is Tony. The first page, please take a look at our safe harbor notice. This page show our first quarter consolidated revenues. The first quarter revenue of TWD 24.4 billion is down about 10% quarter-over-quarter, but increased slightly year-over-year. But it sits at the mid-end of our guidance of TWD 24-25 billion. Next. Now, moving to our gross profit. Our first quarter gross profit of TWD 10 billion is also down slightly over 10% quarter-over-quarter, and roughly flattish year-over-year. Next. Now, looking at our gross margin. Our first quarter gross margin of 41.09%, is slightly down both quarter-over-quarter and year-over-year, but exceeded our guidance of 38.5%-40.5%. Next. Now, let's look at our operating expense. Operating expense of TWD 4.89 billion in the first quarter is roughly flattish quarter-over-quarter, but up slightly over 10%, year-over-year. Next. Now, let's look at our operating income for first quarter at TWD 5.1 billion. It's down 18% quarter-over-quarter and also around 9% year-over-year. Next page. Now, let's look at our operating margin for first quarter. First quarter operating margin, say, at 21%, slightly came down from about 23% level in both quarter four last year and the first quarter last year, but still in line with our guidance of a 19.5%-21.5% range. Next page. Now, let's look at our bottom line. For first quarter, our net income increased TWD 4.89 billion, which is down 8% quarter over quarter, but up slightly year over year by 3%. Next slide. For EPS, our first quarter EPS stay at 8.04 TWD per share, which is down quarter over quarter, but slightly up year over year. Next. Let's take a look at our income statement. We already go through those key items. You can take a look. Now, let's look at our revenue breakdown for the first quarter. SoC remained the largest our business group, with 39% revenue in first quarter, which is up from 35% in quarter four. The second largest one is small, medium-sized driver, which accounted for 36% revenue in first quarter, but down slightly from 37% quarter four. Lastly, our large-size driver accounting for 24% of first quarter revenues, down from 26% in quarter four last year. Next page. We also just reported our April revenues at 8.33 billion, which is down 16% year-over-year, but also slightly down around 3% month-over-month. In terms of revenue breakdown, SoC of TWD 3.6 billion, which accounts for 43% of our revenue, and the rest came from the driver business. Please take a look at our monthly revenue trend for 2023 and the year to date for 2024. Due to a little bit high base a year ago, so over the past couple of months, our year-over-year revenue, our monthly revenue has been down year-over-year. This is the key financial summary for some key items. Our cash still stays at a relatively high level, at the TWD 557 billion level, which is roughly up slightly quarter-over-quarter, but roughly flattish year-over-year. Accounts receivable has been pretty stable at TWD 17 billion, flattish quarter-over-quarter and also year-over-year. Then, lastly, on the inventory side, inventory of TWD 9.1 billion at the end of first quarter increased 6% quarter-over-quarter, but still down 14% year-over-year. Thank you. Now, let me pass the call back to David. Thank you, Tony. The following slide is a recap of our recent major events. Novatek Board of Directors has approved the schedule for our 2024 AGM, which will be held on May 31st, 2024. The Novatek Board of Directors also proposed a cash dividend of TWD 32 per common share, with total amount of TWD 19.47 billion, which is a payout ratio of 83.51%. Thirdly, the Taiwan 2024 corporate governance evaluation result has been announced, and we are proud to be ranked in the top 5%. The Sustainalytics newly released 2024 ESG ratings, Novatek rating has improved from 17.9 lower risk to 13.5 lower risk, which means that Novatek stands of seventh among the global 375 semiconductor companies. And Novatek, 2024 MSCI ESG rating has moved up to BB from B. We do believe with our recent effort, our ranking should move further up. And Novatek CDP score has also improved from C to B-, and we are working closely with CDP, and hopefully the score will improve further. And for more detailed information, please also visit our website for more information on our ESG achievement. And now I'll turn over the call to our Vice Chairman, Mr. Steve Wang, to provide us more details on Q1 results and Q2 guidance. [Foreign language] [Foreign language] As Tony already reported our Q1 results, the revenue for the first quarter decreased by 10.04% QOQ, but up 1.59%. This is mainly due to Q1 consumer low seasonality, plus our Lunar New Year with less working days. And this is- ... pretty in line with our guidance of TWD 24 billion-TWD 25 billion. And as for the Q1 margins, Q1 gross margin was 41.09%. QOQ declined by 0.39 percentage point, but better than our guidance of 38.5%-40.5%. And this is mainly due to product mix and better than expected NRE. And looking at 2024 Q2 outlook, the global economy and geopolitical situation are still unstable, and consumer recovery is still slow. But nevertheless, there are a few major sports event approaching, like Euro 2024 soccer, or the American soccer game, or Paris Olympics, or even the China 618 sales. So we are seeing some restocking, especially, for the TV, we are seeing some restocking demand picking up. And so based on the above, our 2024 Q2 guidance will be as follows: revenue will be around TWD 24.4 billion-TWD 25.5 billion, and this is at exchange rate of 1:32. And the gross margins will maintain around 38.5%-40.5% range, and operating margins will be 19%-21% range. Okay, thank you, Steve, for the Q2 guidance. Next, we'll move on to Q&A sessions. Please be reminded, if you have any further questions, do send it to us and we'll try to answer them one by one. So Tony, please. [Foreign language] [Foreign language] Could management share the view on the sequential trend across major applications in terms of demand into the second quarter 2024? Given the three international sports events just mentioned and the 618 promotion in China, the demand on TV is relatively better than the others. As for notebook, demand is flattish, but we are seeing some recovery in June. Demand on gaming monitor is good. That's what we see at this moment. As for the smartphone, some of the brand or ODM, given the inventory adjustment, the demand on smartphone is soft. As for automotive, the demand is kind of flattish. [Foreign language] [Foreign language] Therefore, could you also provide the quarter-over-quarter trend across your three business groups into second quarter? Based on the Q2 guidance that we just given to all of you, we are seeing the SoC will increase quarter on quarter, and the large DDIC will increase quarter on quarter to a lesser degree. And as for the small, medium DDIC, will decrease quarter on quarter. [Foreign language] [Foreign language] Given the weakness in your small- and medium-size business in second quarter, could you provide more color on your small- and medium-size drivers for smartphones for second quarter and even into the second half? As mentioned earlier, the second quarter smartphone demand is kind of weak, but we expect OLED DDIC for smartphone in the second half will increase or better than the first half of this year. And this is mainly due to the new customers ramp up. [Foreign language] [Foreign Language] You mentioned you are working with new customers, particularly on smartphone DDIC. Could you also give some comment if you have the opportunity to expand to other business lines? Well, for Novatek, our target is definitely to continue to broaden our customer base and also the applications, and we'll continue to cooperate with our customer to develop products to meet the market needs, whether on the PC or T-CON, all these areas. [Foreign language] [Foreign language] Given the rising penetration of AI PC and the smartphones, will Novatek benefit from this opportunity? Well, for AI notebook or smartphones, we are seeing that there will be new functions and features which will trigger the replacement demand for higher specification, especially on displays and particularly relate to power consumption, and that's what we, we see at this moment. [Foreign language] [Foreign language] Could you provide more color on your cooperation with ARM on Neoverse platform? Could you also provide some comments on the business model and the timetable for the potential revenue contribution? The cooperation with ARM on Neoverse platform, basically, it is just an extension of Novatek's ASIC business, and, and this is to prepare us for customers' demand in the future. However, this cooperation will not contribute any revenue in the near term. [Foreign language] [Foreign language] A follow-up question on your ASIC. Just wonder what percentage of revenue in 2003 came from the ASIC business, and also for which product line? Could you also provide some growth or revenue target for your ASIC business? And also, could you comment about the margin for your ASIC business? The demand on ASIC products basically comes from our customers' need for product differentiation. Currently, we have ASIC for both driver IC and SoC product lines. We do expect the revenue from ASIC business to grow year-over-year for 2024. [Foreign language] [Foreign language] Another follow-up on your ASIC business, just wonder how much revenue did you generate from NRE last year, and also from which product? Do you have any guidance for your growth or revenue for your NRE in 2024? Or even to provide some mid to long term target? The NRE income reached about TWD 880 million in 2023, last year, and most of which came from SoC products. Novatek expects our NRE to grow year-over-year in 2024. [Foreign language] [Foreign language] Could you provide some color on your deployment on the high speed interface IC? As you all know, I mean, for Novatek, interface IC is one of our core technology, and for our product development, we'll continue to move towards, you know, higher transmission speed rate. And we are working on a large new product that has a higher high speed interface. [Foreign language] [Foreing language] What is your most advanced node process for your major SoC lines? Could you also provide the timetable for your next step at the node process? Well, currently, our most advanced process node is 6 nanometers, and this is basically in accordance with our customers need and new product development and the new specifications, we have adopted this technology node. And the implementation of this advanced node is basically attributed to our long-term product development and ASIC business expansion. [Foreign language] [Foreign language] Market expects OLED DDIC for smartphones to be one of your future growth drivers. Could you give more comments on a few items? First, your foundry partners in Taiwan and China. Two, how about your packaging partners in China? Three, your timetable for your OLED TDDI and customer feedback. And lastly, also your next step for your node process for your OLED driver. Well, based on again, it's based on customer needs. Novatek will continue to look for and then evaluate competitive foundry partners, and that, that's a nonstop process. And as for the back end, OLED, we've already been working with Chinese supplier for a while now, and so far, pretty smooth. And Novatek will continue to develop value-added and differentiated product portfolio, you know, to meet our customer needs, not just you mentioned about OLED TDDI, including RAM, RAMless, and all these various product. We'll continue to develop new product for our customers. And whether are we going to move forward to more advanced nodes, like 22 nano or FinFET? Well, it will depends on customer needs, and there's no limitation to that. [Foreign] [Foreign language] A follow-up question about the OLED related product. Could you also give more color on other OLED related products? Well, in addition to smartphone OLED TDDI, Novatek actually has been working on various products, and we have also introduced, and some of them are in under development, and some of them are already in development, related to OLED product, like for TV applications, for IT applications, for automotive, or the related timing controller. Well, see if you have any further questions. [Foreign language] [Foreign language] The recovery pace of the semiconductor industry seems slower, and the TSMC has recently lowered the industry outlook. Does Novatek expect the revenue to still grow quarter-over-quarter in quarter three or invest into fourth quarter? After the inventory adjustment, the inventory levels basically are relatively healthy. And of course, the overall consumer electronics pretty much related to the macroeconomics. But based on the existing situation, we do expect the second half revenue to be better than the first half. [Foreign language] [Foreign language] Apple just released the supplier list for 2023, which Novatek was removed after the inclusion for 2022. Just wonder if you have any comments? We are not aware of the list, and so we don't have any comments on that. [Foreign language] [Foreign language] Your first quarter gross margin exceeded the upper end of your guidance. What's the reason behind that? And also, wondering if there's any contribution from NRE and the inventory reversal gain. Could you also provide the margin guidance for your three business groups, SoC, large driver and small-medium driver in the first quarter compared with quarter four? As mentioned, earlier, the gross margin came out better than expected. It's basically, it's a combination of better product mix and higher NRE. The NRE income was positive to gross margin by one percentage point, while there's no inventory and reversal gain in the first quarter. Gross margin QOQ change from Q4 to Q1 across all three product lines of three product groups, basically are limited. [Foreign language] [Foreign language] Why is your second quarter gross margin guidance is lower than what just you reported for first quarter? The Q2 margins are guided lower than Q1 is mainly due to three reasons. First of all, it's the there's some ASP erosions for certain products, and secondly, we have a lower NRE in Q2, and also the there's a change in the product mix. And as for the QOQ margins change, basically it's for all the three product groups, and the changes are very relatively stable, as similar to Q1. [Foreign language] [Foreign language] Which products are facing more pricing competition into second quarter? Looking at the Q2, due to the low seasonality for smartphone, we are seeing the small and medium DDIC are facing more pricing competition in Q2. However, we actually trying our best to maintain the gross margin by introducing cost down products and also new products, and some cost down efforts also. [Foreign language] [Foreign language] ...Would you also provide some comments on impact from competitors in China and your large, small, medium driver, particularly for OLED smartphone driver? Yes. We do see more competition at the entry segment, but at the same time, we are also seeing on the OLED panel side, there's a, there's a, you know, the demand for higher specification and also we need to upgrade our product for those OLED panels. For Novatek to maintain our competitiveness, the only way is to improve our design capability and also introduce a differentiated product, like, by introducing or improving our product portfolio and offer a competitive solution, such as, like on the low power consumption and also on the high picture quality side. [Foreign language] [Foreign language] What major reasons why UMC is not in your director list? Well, I've been asked this question many times by media a few weeks ago. The reason for the new board of director list is quite simple. Basically, we are striving to adhere to the corporate governance direction set by the regulatory authority, basically by increasing the proportion of independent directors, like also the female directors as well. Currently, vast majority of our shareholders are institutional investors, and they would like to see company continue to put in effort to enhance our corporate governance. So, based on this rationale, there shouldn't be any impact to our partnership with our suppliers. [Foreign language] [Foreign language] What are the factors about your improvement at MSCI ESG rating to BB from B? Also, what are your next step to further improve the score? Well, for Novatek, we have been trying our best to improve the communication with MSCI team. The purpose is to make sure the accuracy of the data that they collected. Even though Novatek has been ranked top 5% at corporate governance, based on the government standard. However, due to the MSCI different weighting, there will be some difference in the results. But we do see some improvement in our scores as corporate governance. I mean, one of the reasons, given the establishment of the nominee committee, which should add some points to our ranking. And we do believe that as we are trying our best to improve our ESG, including the board adjustment, we do expect that our score at corporate governance in MSCI should improve further as we move forward. [Foreign language] [Foreign language] What are the major reasons behind your recent announcement of the establishment of data center in Tongluo? The major purpose of this data center is to ensure mid to long term R&D computing capacity and capabilities. The another reason is for BCP, which means the business continuity plan. In other words, it's for risk management. [Foreign language] [Foreign language] What are major items for your non-operating income in first quarter? The non-operating income of TWD 756 million in the first quarter, and this is largely came from foreign gains, which is about TWD 440 million and interest income of TWD 331 million. [Foreign language] [Foreign language] What are your inventory days as of first quarter? Would you also provide some comments on inventory dollar or days into second quarter? The inventory days for first quarter were 67 days, with dollar amount of TWD 9.1 billion, up zero point five five billion from fourth quarter. Inventory dollars at the end of second quarter will be at the similar level as Q1, which should be at the healthy level. [Foreign language] [Foreign language] Will management maintain your previous guidance for OpEx ratio and the tax rate guidance for 2024? The OpEx ratio for 2023 was 17.7%. And looking into 2024, OpEx amount will increase year over year, mainly due to higher R&D, while OpEx ratio basically is subjected to the revenue size. And as for the tax rate in 2023, will be 17.4%. As for 2024, due to benefits of new tax act, the tax rate in 2024 will be slightly lower than 2023. [Foreign language] Foreign language Given the payout ratio of 83% for 2024, will this ratio further increase? Will also you consider to increase the payout frequency? The payout ratio has been about around 80%-85% over the past few years. Well, we are not expected to change significantly in the near future. But however, the actual payout ratio is still subjected to the board meeting. And as for the payout frequency, cash dividend distribution frequency, at this moment, we have no plan to increase the frequency. [Foreign language] [Foreign language] Given the popularity of high dividend ETF funds in Taiwan and the inclusion of NVT, Novatek into these funds, will this impact your dividend policy? No, there won't be any impact to our policy. Well, I think we have covered most of the questions here, and Tony, please check if there's any further questions, so we can take one or two. [Foreign language] [Foreign language] You mentioned about you are facing a bit more pricing competition for your small, medium, size driver in the second quarter. Just wonder if this trend will getting more stabilized in the latter of this year. Could you also provide some margin guidance for your business in the second half this year? Well, as mentioned earlier, second quarter, we are seeing the kind of slow and on the smartphone demand, and there are some ASP pressure. But we also mentioned that we are putting in a lot of cost down effort, also introducing new product to stabilize the margin. Okay, that's about it. So, thank you so much for joining in and wish you all the best. Thank you.