台积电，今年招聘6000人

台积电美国新厂延后量产之际，全球半导体景气复苏状况不如预期，国际大厂陆续裁员或人事冻结以节约成本，法人昨（20）日关注台积电新人招募脚步是否同步放慢，台积电强调，今年底招募逾6,000名新进员工的方向不变。

2022年以来，国际大厂包括英特尔、美光、Google、亚马逊、微软、Meta等，纷纷进行裁员或人事冻结，进而降低营运成本。业界人士引用追踪就业人数网站「Layoffs.fyi」统计，今年以来，光是矽谷科技公司裁员总数就高达21.6万人，高于2022整年的裁员总人数（约16.4万人）。

全球科技产业爆发大量裁员潮之际，台积电仍持续增聘新人，今年第1季即宣布因应业务成长与技术开发需求，2023年预计将招募超过6,000名新进同仁，其中包括工程师及生产技术员，硕士毕业新进工程师平均整体薪酬上看新台币200万元。

面对依旧低迷的景气，台积电昨日指出，公司并没有裁员或人事冻结，且持续求才若渴，今年目标就是应征超过6,000名新进员工。

台积电曾说，员工是公司重要资产，承诺提供员工优质的工作机会，包括有竞争力的整体薪酬、优于法令的福利制度、开放与多元包容的工作环境，以期提升员工敬业度与对公司的归属感，确保能持续吸引与留任人才，支持长期成长需求。

台积电强调，在最近与美国、日本和欧洲政府的会议中，也就公司拓展全球制造足迹的计画进行了讨论。台积电在会中强调，责任是管理及最小化成本差距，以最大化股东回报。

台积电，下调今年营收预期，预警AI芯片

台湾积体电路制造股份有限公司周四表示，由于利润率和收入下滑，第二季度净利润同比下降23%。

在截至6月30日的第二季度，这家全球最大的芯片代工商净利润从上年同期的新台币2,370.3亿元降至新台币1,818.0亿元（合58.4亿美元）。这一数字超过了接受标普全球市场财智调查的分析师预计的新台币1,732.3亿元。净利润环比下降12%。

第二季度收入为新台币4,808.4亿元，同比下降10%，环比下降5.5%。当季营业利润率降至42.0%，同比下降7.1个百分点，环比下降3.5个百分点。

随着客户清理库存，台积电最近几个月一直面临销售下跌。在此之前，由于新冠疫情引发了对智能手机和数据中心等设备需求的增长，台积电曾有一段时间强劲扩张。

智能手机业务收入环比下降9%，高性能计算业务收入下降5%。不过，汽车业务收入环比增长了3%。台积电表示，来自北美客户的收入占总收入的66%，高于第一季度的63%，来自中国的收入占12%，上一季度为15%。

台积电首席财务官 Wendell Huang 表示：“进入 2023 年第三季度，我们预计我们的业务将得到 3 纳米技术强劲增长的支持，部分被客户持续的库存调整所抵消。”

台积电为苹果 iPhone 生产芯片。据传苹果为其 iPhone 推出的下一代处理器将基于 3 纳米工艺技术。苹果通常在 9 月发布最新款 iPhone，因此很可能在第三季度从台积电订购芯片。

然而，该公司对“库存调整”的反复警告可能会继续拖累营收。

由于通胀成本上升和全球经济前景不确定的挑战，这家全球最大的合约芯片制造商预计今年的投资支出为 320亿到360 亿美元，低于之前预测的下限。

据报道，台积电还意外下调 2023 年了营收预测，向投资者发出了警告，尽管人工智能发展蓬勃发展，但全球电子产品低迷可能会持续一段时间。尽管华盛顿坚持减少全球对亚洲设施的依赖，但美国的延迟——由于美国缺乏熟练工人和成本膨胀的结果——凸显了在美国生产芯片的困难。

台积电预计，公司今年的销售额将下降 10%，而之前的指导为个位数下降。高管们还警告投资者，要降低对训练人工智能模型芯片热潮的预期，并表示尚不确定 ChatGPT 带来的需求激增是长期的还是可持续的。包括台积电主要设备供应商之一 ——ASML Holding NV 在内的芯片公司股价在欧洲下跌。

该公司董事长刘德音在电话会议上对分析师表示：“人工智能需求的短期狂热绝对不能推断为长期的。” “我们也无法预测明年突然出现的需求将如何持续或趋于平缓。”

在谈到对未来走势的看法时，台积电总裁魏哲家直言，大趋势比我们先前预期弱（Macro is weaker then what we thought），比如中国大陆经济复苏比预期慢、终端需求不佳也持续，AI虽然是很强劲但大环境的趋势仍不能完全弥补这些，库存调整到什么时候是个好问题，一切都要看经济因素。

魏哲家说，经济前景比我们预期地来的疲弱，通膨因素也持续，这议题All about the macro，除了AI以外所有客户也全面更谨慎在管控下半年库存，IC设计库存今年会陆续更健康但他们仍持续管控，至于2024年也看大环境。

美国厂延期，日本长如期进行

台积电说，在美国亚利桑那州正在建造第一期晶圆厂，提供美国最先进的半导体技术进行量产，以支持对美国半导体基础设施的需求。在亚利桑那州的晶圆厂当时依据非常积极的时程规划，自2021年4月开始兴建，现在正进入处理和安装最先进及精密设备的关键阶段。然而，我们正遇到一些挑战，能在半导体设施中熟练地安装设备的专业人员数量不足。

刘德音也说，台积正在努力改善此一情况，包括从台湾调派经验丰富的相关专业人员，以在短时间内培训当地技术员工。我们预期N4制程技术的量产时间将推迟至2025年。

刘德音也说，在日本，我们正在兴建一座特殊制程技术的晶圆厂，该晶圆厂将采用12/16纳米和22/28纳米制程技术，并按照进度有望于2024年末进入量产。

此外，刘德音也说，在欧洲正在与客户和伙伴接洽，根据客户需求和政府的支持水准，评估在德国建立专注于车用技术的特殊制程晶圆厂的可能性。而在中国正依计划在南京扩展28纳米制程技术的产能，持续恪守所有规章制度支持当地客户。同时，台积公司继续在台湾投资并扩大产能，以支援客户成长。

从成本角度来看，刘德音也说，海外晶圆厂的起始成本高于台积公司在台湾的晶圆厂，包含供应链因素、劳工因素等，但公司争取最大补助并希望增进客户信赖，在地缘政治因素下来增加股东权益与客户信赖。

台积电也解释海外成本较高因素，包含1）晶圆厂规模较小；2）整体供应链的成本较高；3）与台湾成熟的半导体生态系相比，海外的半导体生态系尚处于早期阶段。

台积电强调，在最近与美国、日本和欧洲政府的会议中，我们就台积公司拓展全球制造足迹的计划进行了讨论。台积公司在会中也强调，我们的责任是管理及最小化成本差距，以最大化股东回报。这些讨论的进展顺利，各方都明白台积公司在半导体产业中扮演着重要且不可或缺的角色，我们感谢所有政府的持续支持，与台积公司通力合作，协助缩小成本差距。我们将继续与各国政府密切合作，以取得他们进一步的支持。

台积电法说会内容全文

台积电20 日举行第二季法说会，台媒《科技新报》透过AI 工具转录并由编辑稍做修饰，由台积电董事长刘德音、执行长魏哲家、财务长黄仁昭进行的台积电营运状况报告全文，第一时间为读者带来最全面的法说会讯息。

台积电财务长：黄仁昭Wendell Huang

My presentation will start with financial highlights for the second quarter 2023. After that, I will provide the guidance for the third quarter. Second quarter revenue decreased 5.5 percent sequentially in NT, or 6.2 percent in US dollars, as our second quarter business was impacted by the overall global economic conditions, which dampened the end market demand and led to customers' ongoing inventory adjustment. Growth margin decreased 2.2 percentage points sequentially to 54.1 percent, mainly reflecting lower capacity utilization and higher electricity costs, partially offset by more stringent cost control and a more favorable foreign exchange rate. Despite the industry's cyclical downturn, we continued to invest in R&D to support our N3 and N2 development. Thus, operating margin was 42 percent, down 3.5 percentage points sequentially.

我的演讲将以2023年第二季的财务亮点开始。之后，我将提供第三季的财务预测。第二季收入按新台币计算，较前一季下降了5.5%，按美元计算下降了6.2%。由于全球经济环境的影响，我们第二季的业务受到了影响，市场需求减弱，客户持续进行库存调整。成长率按季下降2.2个百分点至54.1%，主要原因是产能利用率下降和电费上升，部分下降则是被更严格的成本控制和更有利的外汇汇率所抵销。尽管产业处于周期性下滑，我们仍然持续投资于研发，以支持我们的N3和N2的发展。因此，营运利润率为42%，较上一季下降3.5个百分点。

Overall, our first quarter EPS was 7.01 NT, and ROE was 23.2 percent. Now let's move on to revenue by technology. 5 nanometer process technology contributed 30 percent of our wafer revenue in the second quarter, while 7 nanometer accounted for 23 percent. Advanced technologies, defined as 7 nanometer and below, accounted for 53 percent of wafer revenue. Moving on to revenue contribution by platform, HPC decreased 5 percent quarter over quarter to account for 44 percent of our second quarter revenue. Smartphone decreased 9 percent to account for 33 percent. IOT decreased 11 percent to account for 8 percent. Automotive increased 3 percent to account for 8 percent. And DCE increased 25 percent to account for 3 percent.

总体而言，我们第一季每股盈余为新台币7.01元，股东权益报酬率为23.2%。现在让我们来看看按技术分类的营收。在第二季，5奈米制程技术贡献我们晶圆收入的30％，而7奈米则占23％。先进制程定义为7奈米及以下，占晶圆收入的53％。就平台的收入贡献而言，高性能计算（HPC）在第二季的收入中下降了5％，占我们的总收入的44％。智慧型手机下降了9%，占比为33%。物联网下降了11%，占比为8%。汽车业增长3%，占比8%。而DCE增长25%，占比3%。

Moving on to the balance sheet, we ended the second quarter with cash and marketable securities of 1.5 trillion NT, or 48 billion US dollars. On the liability side, current liabilities decreased by 62 billion NT, mainly due to the net decrease of 87 billion in income tax payable as we pay 120 billion for 2022 income tax, offset by 33 billion accrued tax payables for the second quarter. Long-term interest bearing debt increased by 53 billion NT, mainly as we raised 41 billion in corporate bonds.

转向资产负债表，我们第二季结束时的现金和有价证券为新台币1.5兆元，相当于480亿美元。在负债方面，流动负债减少了台币620亿元，主要是由于应付所得税减少了870亿，因为我们支付了2022年所得税的1,200亿，以及来自第二季应计税款330亿的抵销。长期利息负债增加了台币530亿元，主要是因为我们发行了410亿的公司债券。

On financial ratios, accounts receivable turnover days decreased 2 days to 32 days, while days of inventory increased 3 days to 99 days, primarily due to entry ramp during the quarter.

在财务比率方面，应收帐款周转天数减少了2天，为32天，而存货天数增加了3天，为99天，主要是由于本季度的进货增加所致。

Regarding cash flow and KPACs, during the second quarter, we generated about 167 billion NT in cash from operations, spent 251 billion in KPACs, distributed 71 billion for third quarter 2022 cash dividend, and raised 41 billion from corporate bond issuances. Overall, our cash balance decreased by 109 billion to 1.3 trillion NT at the end of the quarter. Free cash flow was negative 83 billion NT during the quarter, as operating cash flow was more than offset by capital expenditures, partly due to the income tax payment of 120 billion. In US dollar terms, our second quarter capital expenditures totaled 8.17 billion.

关于现金流和固定资本支出，在第二季，我们从营运活动中产生了约台币1,670亿元的现金，用于固定资本支出的金额为台币2,510亿元，分配了台币710亿元做为2022年第三季现金股利，并透过企业债券发行筹集了台币410亿元。总体而言，我们的现金余额在本季结束时减少了1,090亿，降至台币1.3兆元。季度内的自由现金流为负台币830亿元，因营运现金流被资本支出所抵销，部分原因是支付了1,200亿的所得税。以美元计算，我们第二季的资本支出总额为81.7亿。

I have finished my financial summary. Now let's turn to our current quarter guidance. Based on the current business outlook, we expect our third quarter revenue to be between 16.7 billion and 17.5 billion US dollars, which represents a 9.1 percent sequential increase at the midpoint. Based on the exchange rate assumption of 1 US dollar to 30.8 NT, gross margin is expected to be between 51.5 percent and 53.5 percent, operating margin to be between 38 percent and 40 percent.

我已经完成了我的财务摘要。现在让我们转向我们目前季度的指引。根据目前的商业前景，我们预计第三季的收入将在167亿至175亿美元之间，这相当于中点处的9.1%的季度增长。根据1美元兑新台币30.8元的汇率假设，毛利率预计在51.5%至53.5%之间，营业利润率预计在38%至40%之间。

This concludes my financial presentation. Now, let me turn to our key messages. I will start by making some comments on our second quarter 23 and third quarter 23 profitability. Compared to first quarter, our second quarter gross margin decreased by 220 basis points sequentially to 54.1 percent, primarily due to the exchange rate sequentially to 54.1 percent, primarily due to a lower capacity utilization. Compared to our second quarter guidance, our actual gross margin slightly exceeded the high end of the range provided three months ago, mainly due to more stringent cost control efforts and a slightly more favorable foreign exchange rate.

这就是我财务报告的结束。现在，让我们谈谈我们的主要讯息。我将首先对我们第二季23和第三季23的盈利能力发表一些评论。相较于第一季，我们的第二季毛利率按季度计算下降了220个基点，至54.1％，主要是由于较低的产能利用率所致。相较于我们第二季的预测指引，我们实际的毛利率略微超过了三个月前所提供的范围上限，主要是由于更严格的成本控制努力和稍微更有利的外汇汇率。

We have just guided our third quarter gross margin to decline by 1.6 percentage points to 52.5 percent at the midpoint, primarily as a higher level of capacity utilization rate is offset by two to three percentage points margin dilution from the initial ramp up of our three nanometer technology. Looking ahead to the fourth quarter, we expect a continuous steep ramp up of our three nanometer to dilute our fourth quarter gross margin by about three to four percentage points.

我们刚刚将第三季毛利率指引下调了1.6个百分点，中点为52.5%，主要是由于较高的产能利用率被我们3奈米技术的初期推出所带来的2至3个百分点的利润稀释所抵消。展望第四季，我们预计我们的3奈米制程将持续大幅增长，进而使我们的第四季毛利率下降约三到四个百分点。

In 2023, our gross margin faces challenges from lower capacity utilization due to semiconductor cyclicality, the ramp up of N3, overseas fab expansion and inflationary costs, including higher utility costs in Taiwan.

在2023年，由于半导体周期性的影响、N3的推出、海外晶圆厂扩张以及通膨成本（包括台湾的公用事业成本上升），我们的毛利率面临着利用率下降的挑战。

To manage our profitability in 2023, we will work diligently on internal cost improvement efforts while continuing to sell our value. While we face near term challenges, we continue to forecast a long term gross margin of 53 percent and higher is achievable.

为了在2023年管理我们的盈利能力，我们将努力进行内部成本改善工作，同时继续销售我们的价值。尽管我们面临着近期的挑战，我们仍然预测长期毛利率可达53%或更高。

Next, let me talk about our 2023 capital budget and depreciation. Every year, our capex is spent in anticipation of the growth that will follow in future years. Given the near term uncertainties, we continue to manage our business prudently and tighten up our capital spending where appropriate. We now expect our 2023 capital budget to be towards the lower end of our range of between 32 and 36 billion US dollars.

接下来，让我们谈谈我们2023年的资本预算和折旧。每年，我们的资本支出都是为了预期未来几年的增长而进行的。鉴于近期的不确定性，我们将继续谨慎管理业务，并在适当的时候紧缩资本支出。我们现在预计我们2023年的资本预算将会在我们的范围下限，即320亿至360亿美元之间。

Our depreciation expense is now expected to increase by mid 20s percent year over year in 2023, mainly as we ramp our three nanometer technologies. Despite near term inventory cycle, our commitment to support customer structure growth remains unchanged and our discipline capex and capacity planning remains based on the long term market domain profile. We will continue to work closely with our customers to plan our long term capacity and invest in leading edge specialty and advanced packaging technologies to support their growth while delivering profitable growth to our shareholders.

我们预计在2023年，我们的折旧费用与同期相比将增加20%左右，主要是因为我们正在推进3奈米技术。尽管近期库存周期变动，我们仍然坚持支持客户结构增长的承诺，我们的资本支出和产能规划仍然基于长期市场领域的概况。我们将继续与客户密切合作，规划长期能力并投资于领先的特殊和先进封装技术，以支持他们的增长同时为股东实现盈利增长。

Now, let me make a few comments on our cash dividend distribution policy. The objectives of TSMC's capital management are to fund the company's growth organically, generate good profitability, preserve financial flexibility, and distribute a sustainable and steadily increasing cash dividend to shareholders. As a result of our rigorous capital management, in May, TSMC Board of Directors approved the distribution of a three NT per share cash dividend for the first quarter of 2023, up from 2.75 NT previously. This will become the new minimum quarterly dividend level going forward.

现在，让我对我们的现金股息分配政策做一些评论。台积电的资本管理目标是为了有机地支持公司的成长，获得良好的盈利能力，保持财务灵活性，并向股东分配可持续且稳定增长的现金股息。由于我们严谨的资本管理，TSMC董事会在2023年第一季度通过了每股现金股息三新台币的分配，比之前的2.75新台币有所增加。这将成为未来的最低季度股息水准。

First quarter 23 cash dividend will be distributed in October 2023. For 2023, TSMC shareholders will receive a total of 11.25 NT per share dividend and at least 12 NT per share cash dividend for 2024. Going forward, as our capital intensity begins to decline in the next several years, the focus of our cash dividend policy is expected to shift from a sustainable to a steadily increasing cash dividend per share in the next few years.

2023年第一季的现金股息将于2023年10月发放。对于2023年，台积电股东将获得每股新台币11.25元的股息，并至少获得每股新台币12元的现金股息，用于2024年。未来，随着我们的资本密集度在接下来的几年开始下降，我们的现金股息政策的重点预计将从可持续性转向在未来几年内每股现金股息稳步增加。

TSMC CEO CC Wei

Good afternoon, everyone. First, let me start with our near-term demand and inventory. We concluded our second quarter with revenue of 15.7 billion US dollars in line with our guidance in US dollar terms. Our business in the second quarter was impacted by the overall global economic conditions, which dampened the end market demand and customers' ongoing inventory adjustment.

台积电执行长魏哲家

大家好。首先，让我从我们的短期需求和库存开始谈起。按照我们的预测，我们第二季的收入达到了157亿美元，与美元计价的预测相符。第二季的业务受到整体全球经济环境的影响，这抑制了终端市场需求和客户持续进行的库存调整。

Moving into third quarter 2023, while we have recently observed an increase in AI-related demand, it is not enough to offset the overall cyclicality of our business. We expect our business in the third quarter to be supported by the strong ramp of our three nanometer technologies, partially offset by customers' continued inventory adjustment.

进入2023年第三季，虽然我们最近观察到人工智慧相关需求的增加，但这还不足以抵消我们业务受到的景气循环影响。我们预计第三季的业务将受到我们3奈米技术的强劲推动，部分抵销客户持续进行的库存调整影响。

In the last quarterly conference, we said we expect Fabless semiconductor inventory to rebalance to a healthier level exceeding the third quarter. This statement continues to hold true. However, due to persistent weaker overall macroeconomic conditions, slower than expected demand recovery in China, and overall softer end market demand conditions, customers are more cautious and intend to further control their inventory into 4Q23. Thus, while we maintain our forecast for the 2023 semiconductor market as crude in memory to decline mid-single digit year over year, we now expect the foundry industry to decline mid-teens in our four-year 2023 revenue to decline around 10% in US dollar terms. With such inventory control,we also forecast the Fabless semiconductor inventory to exit 4Q23 at a healthier and lower level as compared to our expectation three months ago.

在上一季的会议中，我们曾表示我们预计无厂半导体库存将重新平衡至超过第三季的健康水准。这个说法仍然成立。然而，由于持续疲弱的整体宏观经济环境、中国需求恢复速度低于预期以及整体市场需求环境较为疲软，客户更加谨慎，并打算在2023年第四季进一步控制库存。因此，虽然我们对2023年半导体市场的预测仍然是记忆体市场下滑中单位数位数，但我们现在预计晶圆代工行业将下滑中双位数，我们预计2023年的收入将以美元计算下降约10%。在进行库存控制的情况下，我们还预测无厂半导体的库存在2023年第四季的水准将比我们三个月前的预期更健康且更低。

Next, let me talk about HPC and TSMC's long-term growth outlook. As we have said before, the massive structural increase in demand for computation underpinned by the industry megatrend of 5G and HPC continues to drive greater need for performance and energy-efficient computing, which require use of leading-edge technologies. These megatrends are expected to fuel TSMC's long-term growth.

接下来，让我们谈谈HPC和TSMC的长期增长前景。正如我们之前所说的，由于5G和HPC这一行业巨大趋势所支撑，对计算需求的大规模结构性增长仍在推动对性能和节能计算的需求增加，这需要使用领先的技术。这些大趋势预计将推动台积电的长期增长。

Even with a more challenging 2023, our revenue remains well on track to grow between 15% and 20% CAGR over the next several years in US dollar terms, which is a target we communicated back in January 2022 investor conference.

即使面临更具挑战性的2023年，我们的收入仍然在美元计算下保持良好的增长轨道，预计在未来几年年复合成长率为15至20%。这是我们在2022年1月的投资者会议上提出的目标。

The recent increase in AI-related demand is directionally positive for TSMC. Generative AI requires higher computing power and interconnected bandwidth, which drive increasing semiconductor content. Whether using CPUs, GPUs, or AI-accelerated and related ASIC for AI and machine learning, the commonality is that it requires use of leading-edge technology and a strong foundry design ecosystem. These are all TSMC's strengths. Today, server AI processor demand, which we define as CPUs, GPUs, and AI-accelerators that are performing training and inference functions, accounts for approximately 6% of TSMC's total revenue. We forecast this to grow at close to 50% KG in the next five years and increase to low 10% of our revenue.

最近人工智慧相关需求的增加对台积电来说是正面的趋势。生成式人工智慧需要更高的运算能力和互连频宽，这推动了半导体内容的增加。无论是使用CPU、GPU还是AI加速和相关的AI专用积体电路（ASIC）进行人工智慧和机器学习，共同点在于需要先进的技术和强大的晶圆代工设计生态系统。这些都是台积电的优势。我们预测这将在未来五年内以接近50%的年增长率增长，并占我们收入的10%左右。

The accessible need for energy-efficient computation is starting from data centers, and we expect it will proliferate to edge and end devices of time, which will drive further long-term opportunities.

对于节能计算的需求从资料中心开始，我们预计这种需求将扩散到边缘和终端设备，进而带来更多长期的机会。

We have already embedded certain assumptions for AI demand into our long-term capex and growth forecast. Our HPC platform is expected to be the main engine and the largest incremental contributor to TSMC's long-term growth in the next several years.

我们已经将AI需求的某些假设纳入了我们的长期资本支出和增长预测中。我们的高性能计算平台预计将成为台积电未来几年长期增长的主要引擎和最大增量贡献者。

While the quantification of the total addressable opportunity is still ongoing, generative AI and large-language model only reinforce the already strong conviction we have in the structural mega-train to drive TSMC's long-term growth, and we will closely monitor the development for further potential upside.

虽然对于可开发机会的总量化仍在进行中，生成式人工智慧和大型语言模型只会加强我们对于TSMC长期增长的结构性巨大机遇的坚定信念，我们将密切关注发展情况，以寻求更多潜在的上行空间。

Now, let me talk about our N3 and N3E status. Our 3-nanometer technology is the most advanced semiconductor technology in both PPA and transistor technology. N3 is already in volume production with good yield. We are seeing robust demand for N3 and expect a strong ramp of N3 in the second half of this year, supported by both HPC and smartphone applications. N3 is expected to continue to contribute a single-digit percentage of our total wafer revenue in 2023. N3E further extends our N3 family with enhanced performance, power, and yield and provide complete platform support for both HPC and smartphone applications. N3E has passed the qualification and achieved performance and yield target and will start volume production in the fourth quarter of this year.

现在，让我来谈谈我们N3和N3E的进展状况。我们的3奈米技术是目前在性能功耗面和晶体管技术方面最先进的半导体技术。N3已经进入大量生产并且良率表现良好。我们看到N3的需求强劲，并预计在今年下半年N3将有强劲的增长，得到高性能计算和智慧手机应用的支持。预计N3在2023年将继续为我们的晶圆收入做出单位数百分比的贡献。N3E进一步扩展了我们的N3系列，具有增强的性能、功耗和良率，并为高性能计算和智慧手机应用提供完整的平台支援。N3E已通过资格审核，并达到了性能和产量目标，将于今年第四季开始量产。

With our continuous enhancement of 3-nanometer process technologies, we expect strong multi-year demand from our customers and are confident that our 3-nanometer family will be another large and long-lasting node for TSMC. Finally, I'll talk about our N2 status.

随着我们不断增强3奈米制程技术，我们预计客户对我们的需求将持续多年，并且我们对我们的3奈米系列将成为台积电另一个庞大且持久的节点充满信心。最后，我将谈谈我们的N2状态。

Our N2 technology development is progressing well and on track for volume production in 2025. Our N2 will adopt narrow-sheet transistor structure to provide our customers with the best performance, cost, and technology maturity.

我们的N2技术开发进展顺利，预计在2025年实现大规模生产。我们的N2将采用窄幅晶体管结构，为客户提供最佳性能、成本和技术成熟度。

Our narrow-sheet technology has demonstrated excellent power efficiency, and our N2 will deliver full node performance and power benefits to address the increasing need for energy-efficient computing. As part of N2 technology platform, we also developed N2 with backside power rail solution, which is best suited for HPC applications. Backside power rail will provide 10 to 12 percent additional speed gain and 10 to 15 percent logic density boost on top of the baseline technology.

我们的窄幅技术展示了出色的功率效率，而我们的N2将提供全节点性能和功耗优势，以满足对节能计算需求日益增长的需求。做为N2技术平台的一部分，我们还开发了具备背面电源轨解决方案的N2，这款产品非常适用于高性能计算应用。背面电源线将在基线技术的基础上提供10至12%的额外速度增长和10至15%的逻辑密度提升。

We are targeting backside power rail to be available in the second half of 2025 to customers with production in 2026. We are observing a high level of customer interest and engagement at N2 from both HPC and smartphone applications. Our 2-nanometer technology will be the most advanced semiconductor technology in the industry in both density and energy efficiency when it is introduced. N2 will further extend our technology leadership way into the future.

我们的目标是在2025年下半年向2026年生产的客户提供背面电源轨解决方案。我们在N2平台上观察到高度的客户兴趣和参与，无论是HPC还是智慧型手机应用。我们的2奈米技术将在密度和能源效率方面成为行业中最先进的半导体技术。当引入时，N2将进一步延伸我们的技术领先地位，远超过未来。

TSMC Chairman Mark Liu

TSMC's mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come. Our strategy is to expand our global manufacturing footprint, to increase customer trust, and to expand our future growth potential and to reach for more global talents. Our overseas decisions are based on our customers' needs and the necessary level of government support. That is to maximize the value of our shareholders and to fulfill our fiduciary duty.

台积电董事长刘德音

台积电的使命是成为全球逻辑IC行业未来多年的值得信赖的技术和产能提供者。我们的策略是扩大全球制造基地，增加客户信任，扩展未来的增长潜力，并吸引更多全球人才。我们的海外决策基于客户需求和必要的政府支持水准。这是为了最大化我们股东的价值，履行我们的受托责任。

In Arizona, we are building a first fab to provide US's most advanced semiconductor technology in mass production to support the needs for US semiconductor infrastructure. Our fab in Arizona started construction in April 2021 with an aggressive schedule. We are now entering a critical phase of handling and installing the most advanced and dedicated equipment. However, we are encountering certain challenges as there is an insufficient amount of skilled workers with those specialized expertise required for equipment installation in a semiconductor-grade facility. While we are working on to improve the situation, including sending experienced technicians from Taiwan to train the local skilled workers for a short period of time, we expect the production schedule of N4 process technology to be pushed out to 2025.

在亚利桑那州，我们正在建造第一座晶圆厂，以提供美国最先进的半导体技术进行大规模生产，以支持美国半导体基础设施的需求。我们在亚利桑那州的晶圆厂于2021年4月开始建设，时间表紧凑。我们现在正进入处理和安装最先进和专用设备的关键阶段。然而，由于在半导体级设施中所需的设备安装专业知识的熟练工人数量不足，我们面临着一些挑战。在我们努力改善情况的同时，包括派遣来自台湾的经验丰富技术人员来短期培训当地熟练工人，我们预计N4工艺技术的生产计划将延后至2025年。

In Japan, we are building a specialty technology factory, which will utilize 12, 16, and 22, 28 process technologies. Volume production is on track for late 2024.

在日本，我们正在建设一个专业技术工厂，将利用12、16、22和28制程技术。量产计划预计于2024年底完成。

In Europe, we are engaging with customers and partners to evaluate building a specialty fab in Germany, focusing on automotive-specific technologies based on the demand from our customers and the level of government support.

在欧洲，我们正在与客户和合作伙伴合作，评估在德国建立一个专业工厂，专注于汽车特定技术，以满足客户需求并获得政府支持。

In China, we are expanding 28nm in Nanjing as we planned to support our customers in China, and we continue to follow all rules and regulations fully. At the same time, we continue to invest in Taiwan and to expand our capacity to support our customers' growth.

在中国，我们正在按计划扩大南京的28奈米产能，以支持我们在中国的客户，并且我们将继续全面遵守所有规章制度。同时，我们也在台湾持续投资并扩大产能，以支持客户的成长。

From a cost perspective, the initial costs of overseas fabs are higher than TSMC's fabs in Taiwan, due to 1. the smaller fab scale, 2. higher costs throughout the supply chain, and 3. the early stage of semiconductor ecosystem on those overseas sites, as compared to a matured ecosystem in Taiwan.

从成本角度来看，海外晶圆厂的初始成本比台湾台积电的晶圆厂高，原因有三：1. 较小的晶圆厂规模，2. 供应链上的成本较高，以及3. 海外地点的半导体生态系统尚处于早期阶段，相较于台湾已成熟的生态系统。

In our recent meetings with senior government officials in the US, Japan, and Europe, we discussed our plans to expand our global manufacturing footprint to them. We also emphasized one of our major responsibilities is to manage and minimize the cost gap to maximize return for our shareholders. Those discussions went very well. All sides understand the critical and integral role TSMC plays in the semiconductor industry, and we appreciate all the government's ongoing support in working with TSMC to help narrow down the cost gap. We will continue to work closely with all the governments to secure the further support.

在我们最近与美国、日本和欧洲的高级政府官员的会议中，我们讨论了我们扩大全球制造基地的计划。我们还强调我们的主要责任之一是管理和减少成本差距，以最大化股东的回报。那些讨论进展得非常顺利。各方都明白台积电在半导体产业中扮演的关键和重要角色，我们也感谢政府一直以来在与台积电合作中提供的支持，以帮助缩小成本差距。我们将继续与所有政府密切合作，以确保获得进一步的支持。

Our pricing will also remain strategic to reflect our value, which includes the value of geographic flexibility. At the same time, we will leverage our fundamental competitive advantage of manufacturing technology leadership, large volume, and economies of scale to continuously drive our costs down. By taking such actions, TSMC will have the ability to absorb the higher costs of overseas fab, while remaining the most efficient and cost-effective manufacturer, no matter where we operate. Thus, even as we expand our capacity overseas, TSMC's long-term gross margin of 53% and higher and sustainable ROE of greater than 25% is achievable, and we will continue to maximize the value for our shareholders. This concludes our key messages. Thank you for your attention.

我们的价格策略也将保持不变，以反映我们的价值，其中包括地理灵活性的价值。同时，我们将利用我们在制造技术领先、大规模生产和规模经济方面的基本竞争优势，不断降低成本。透过采取这样的行动，台积电将能够吸收海外晶圆厂的较高成本，同时保持最高效率和成本效益的制造商地位，无论我们在哪里营运。因此，即使我们在海外扩大了我们的产能，台积电的长期毛利率可达53%以上，可持续的股东权益报酬率超过25%是可以实现的，我们将继续最大化股东的价值。这就是我们的主要讯息。谢谢您的关注。