Good afternoon. Thank you very much for joining the conference call. We will now start the 2023 Q2 earnings conference call of Samsung Electro-Mechanics. The conference call will start by a presentation from the company, followed by a Q&A session. If you have a question, press star 1 on your phone. We will start the presentation by the company. Good afternoon. This is Taiyoung Kim, Head of IR and Planning Team at Samsung Electro-Mechanics. Thank you for joining our 2023 Q2 earnings conference call. On today's call, I am joined by our CFO, Sungjin Kim, EVP Won-Taek Kim, Head of Strategic Marketing, Kyutek Park, Head of Support Team, Component Division, Changwon Lee, Head of Support Team, Optics and Communication Solution Division, and VP Jung Won Han, Head of Support Team, Package Solution Division.
We will start with a presentation on our Q2 company level and divisional business results, followed by market trends and outlook by product before taking your questions. First, our Q2 results for 2023. In Q2, our revenue was KRW 2,220.5 billion, which is approximately 10% increase QOQ, but a roughly 10% decrease YOY. The details regarding revenue increase, decrease factors by division will be explained later on during the divisional results. Q2 operating profit was KRW 205.0 billion, which is an approximately 46% increase QOQ, but around a 43% decrease YOY. Pre-tax profit in Q1 was KRW 145.7 billion, and net profit was KRW 112.6 billion.
Next, in terms of financial, as of end of June 2023, total asset was KRW 11,186.6 billion, which is roughly 2% increase from the end of Q1. For the major financial indicators, liability to equity was 43%, a slight increase QOQ, and debt to equity was 19%, similar to Q1. Equity ratio was 70%, a slight decrease QOQ. Next are the divisional results and future outlook. First, the Component Division. The Component Division Q2 revenue was KRW 1,006.5 billion, which is roughly 22% increase QOQ, but a 12% decrease YOY.
IT application demand increased, tied to the increase in smartphone shipments, driven by launch of new Chinese smartphones and automotive industrial markets such as XEV and ADAS, as well as servers, remained solid, driving revenue growth for the company across all applications, including IT, automotive, and industrial. During Q3, the component market is expected to see a seasonal increase in IT market demand, supported by new smartphone launches, as well as continued growth in automotive demand. In response, SEMCO will focus on timely supply of ultra-small, ultra-high capacitance MLCC for flagship smartphones and high reliability MLCC for automotive applications. Next is the Optics and Communication Solution Division. The division's Q2 revenue was KRW 776.6 billion, which is roughly 3% decrease QOQ and a 0.3% decrease YOY.
In Q2, even though supply of new flagship camera modules increased, such as variable aperture and high-pixel folded zoom camera modules for the Chinese OEMs, the low seasonality of the main customer resulted in a slight decrease in overall revenue QOQ. On the other hand, automotive camera module revenue increased, driven by growing supply to overseas customers. In Q3, key camera module customers in Korea and overseas have been demanding more differentiating camera module technology for their new flagships preparing to launch in the second half. We will focus on continuing to lead the market by unveiling differentiated products, such as the newly designed variable aperture and folded zoom camera modules. For automotive camera modules, advances in ADAS as well as autonomous driving is expected to keep market growing.
Accordingly, we will focus on strengthening our growth potential by getting designed in more models and diversifying the customer base. Lastly, for the Package Solution Division. Q2 revenue was KRW 437.4 billion, which is a roughly 10% increase QOQ, but an 18% decrease YOY. For BGA, substrate demand improved as some key OEMs used up their existing BGA component inventory to launch new models, and overall impact of inventory adjustments eased. Supply of substrates for mobile AP, memory, and ARM processors increased. For flip chip BGA, even though the PC application sub-substrate revenue decreased, server and automotive high-end substrate revenue increased. In Q3, for the BGA market, the strategic customer and overseas OEMs are planning new model launches, and we will focus on increasing substrates for mobile memory and 5G antenna.
For flip chip BGA, while demand for PC substrate is expected to remain soft, demand for server and network high-end substrates is expected to continue growth. We will focus on increasing supply of large size, high multilayer substrates for server and network equipment, and also actively work on getting designed in for the next generation models. That completes the presentation on our Q2 results. Now our Head of Strategic Marketing, Wontaek Kim, will talk about market trends and outlook by key product group.
Good afternoon. This is Wontaek Kim, Head of Strategic Marketing at SEMCO. I would like to share the current update and outlook for MLCC, camera module, and substrate markets. First, MLCC. During Q2, the MLCC market, while overall set demand growth remained sluggish, MLCC purchasing demand increased QOQ, supported by lower component inventory levels. By application, automotive MLCC saw an increase in demand QOQ, driven by solid growth of XEVs. IT MLCC also saw demand growth around some Chinese smartphone and PC applications that had lower inventory levels.
In Q3, MLCC market demand is expected to recover around actual demand, given the seasonality of applications. By application, IT MLCC demand is expected to grow QOQs, driven by the launch of new smartphone models by major customers. Automotive MLCC demand is also expected to continue growth in Q3 around XEV demand. SEMCO will focus on increasing supply of small size, high capacitance MLCC for smartphones, and also actively responding to mass production projects of key automotive customers scheduled for second half, to aim on delivering higher than market revenue growth.
At the same time, we will focus on building mid to long-term revenue streams by breaking into future growth sectors such as factory automation, medical, robotics, and solar energy, and building our business capabilities to actively respond to newly emerging demands, such as high temperature, high voltage MLCCs for generative AI servers. Next, the camera modules. In Q2, overall set demand increased QOQ, driven by new smartphone models launched by global and Chinese OEMs. However, the effect of the main customer's flagship launch weakened in Q2, resulting in a slight decrease in camera module demand. In Q3, while camera module market is expected to remain soft, the strategic customer's new foldable phone launch and the new smartphone launches scheduled by the global and Chinese OEMs, combined with the solid automotive camera demand, are expected to keep overall camera module demand similar to last quarter.
SEMCO will focus on expanding supply of ultra-slim cameras for the strategic customer's foldable smartphone, and the foldable zoom cameras for the global and Chinese OEMs, to further strengthen our position in the high-end flagship smartphone camera market. For the automotive cameras, we will focus on growing demand for high-pixel sensing cameras needed by the latest ADAS to drive business growth and to provide new experiences to customers. Lastly, substrates. In Q2, BGA saw increase in component demand tied to launch of new smartphone models by Chinese OEMs, and also a partial rebound in demand after a round of customer inventory adjustments. In flip chip BGA, overall market demand is slow due to weak PC demand and customer inventory adjustments, but demand remains solid for server and automotive substrates, which underwent a significant switch in substrate form factors in terms of high multilayer and larger sizes.
In Q3, BGA demand is expected to increase QOQ, driven by seasonal increase in smartphone demand, recovery of the memory market, and in particular, launch of new models by key customers. Meanwhile, for flip chip BGA markets that are relevant to SEMCO, while the PC substrate demand is likely to remain weak, thanks to solid server and automotive demand, we expect overall flip chip BGA demand to be similar to Q2.
Accordingly, we will focus on timely supply of BGA for the customer's new smartphone launches and continue to increase substrates for the next generation ARM processors. For flip chip BGA, while thoroughly preparing for the mass production of our new Vietnam plant, we will focus on increasing the share of high-end flip chip BGA for growth applications such as high performance server and network, and also automotive applications. We will focus on developing new markets such as AI and ADAS, and developing new customers to support the mid to long-term growth of our substrate business. Thank you.
Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. The first question will be provided by Ji-San Kim from KIWOOM Securities. Please go ahead with your question.
I have two questions. The first question is about MLCC. Can you share with us the Q2 MLCC shipments, inventory levels, ASP trends, and also your outlook for these data points in the Q3 ? Second question is about the flip chip BGA. Even though there is overall soft demand from the PC side, SEMCO's flip chip BGA business seems to be faring better than expected. Can you give us some more color and background to your better than expected performance?
To answer your first question about Q2 MLCC shipment inventory, ASP, as well as Q3 outlook. In Q2, especially around the Chinese smartphone OEMs, there was an increase in set shipment. Also, the automotive and industrial market demand remained solid in Q2. Because of that, during Q2, our shipments for MLCC increased across all applications, that's IT, automotive, and industrial, on a quarter-on-quarter basis. As a result of increased shipments, our inventory levels in terms of number of days, decreased quarter-over-quarter. Our blended ASP decreased slightly, mainly due to product mix. In other words, due to the increase in the share of IT application. Our look for the Q3 is that given that, the major out of...
We are expecting our volume of new designs in MLCC supply to the key automotive customers to increase in Q3. Global smartphone OEMs are planning to launch flagships during Q3 . Based on that, we're expecting that our MLCC shipment in Q3 would increase continuously, quarter-over-quarter. Based on that, we expect our blended ASP to slightly improve based on better product mix in Q3 , and our inventory days is expected to decrease in Q3. To answer your second question about our flip chip BGA business. As you mentioned, we are also seeing soft demand on the PC set side, and also there are impact of the inventory adjustments at the PC side of the market.
On a full year basis, market demand for flip chip BGA for PC applications is expected to decline on a YOY basis. Despite that soft PC demand, as we have been communicating with the market, we have our high-end flip chip BGA for server applications, which completed customer certification 2nd half of last year. That has started supply and has been supplying at meaningful scale, starting this year, and this has helped minimize the impact of the weak PC market in terms of our flip chip BGA business. Going forward, our flip chip BGA business strategy is to strengthen our flip chip BGA promotion, as well as developing new customers around our high performance, high-end products in non-PC applications, such as server, network, and automotive, in order to actively drive the PC BGA revenue growth. 다음 질문 받아주시기 바랍니다.
다음으로 질문해 주실 분은 노무라 증권의 황어연 님입니다. The following question will be presented by Eoyeon Hwang from Nomura Securities. Please go ahead with your question.
네, 안녕하세요. 노무라의 황어연입니다. 질문 기회 주셔서 감사하고요. 저희 이 분기 MLCC 가동률 어떻게 됐는지 궁금하고, 지금 뭐 IT 업계 전반적으로 어, 연초 대비해서 비교해서 봤을 때는 하반기 어, 회복에 대한 기대감이 조금 빠진 것 같은데요. 하반기에 추가적으로 MLCC 가동률이 상승할 수 있을지가 어, 궁금하고. 어, 두 번째로는 하반기에 폴더블폰 등 국내외 스마트폰에 이제 신규 모델 출시가 이제 예정되어 있는데, 저희 삼성전기가 보는 카메라 모듈 하반기 사업 전망 궁금합니다.
I have 2 questions. The first question is about your MLCC utilization. Can you give us an update on your MLCC utilization in 2nd quarter? Also, do you expect some additional upside on your MLCC utilization in the 2nd half, given that overall outlook and expectations of an IT industry recovery in the 2nd half has weakened versus what was expected in the start of the year? Second question is about your outlook 2nd half of the camera module business. In the 2nd half, there are some new foldable phones that are planned to be launched and other domestic and overseas OEMs are planning new model launches for their smartphones. Given that, what is your outlook for the camera module business in the 2nd half?
질문 주신 MLCC 가동률 현황 및 전망에 대하여 답변 드리도록 하겠습니다. 이 분기에도 가동률은 지난 분기에 이어 출하량 증가와 함께 증가하였습니다. 연초 대비 스마트폰, PC를 포함한 주요 IT 기기에 대한 연간 수요 전망이 다소 하향 조정되는 등 불확실성은 여전히 상존하나, 상반기를 저점으로 하반기에 주요 IT 섹터가 증가된다는 시장 내 주요 기관들의 전망은 여전히 유효한 것으로 보입니다. 앞서 말씀드린 전장용 수요 증가와 더불어 서버 시장도 하반기에는 신규 프로세스 교체 및 DDR5 전환 수요로 섹터 수요가 증가할 것으로 예상됩니다. 하반기는 상반기 대비 응용처 전반적으로 MLCC 수요가 증가될 것으로 예상되어, 가동률은 점진적으로 상향될 것으로 전망하고 있습니다.
To answer your question about the MLCC utilization. In the Q2, our MLCC utilization increased quarter-over-quarter, as our shipments also increased QOQ. Regarding our Q3 utilization, as you mentioned, at least versus what the market expected in the start of the year, overall, annual demand expectations for key IT devices, such as smartphones and PCs, are being downward adjusted. Uncertainty still appears to remain. That said, we think that the projections that are made by key institutions, that the IT set, the major IT set markets will be bottoming out in the first half, and rebounding in the second half. That outlook still appears to remain valid.
In addition to the automotive demand that we described before, even in the server market, in the second half, there are expectations of a set demand growth in server market, given the switch over to the new processor and also demands moving over to DDR5. Based on those factors, we expect that across all applications, MLCC demand would be increasing in the second half versus first half, and based on that, we expect our utilization also to gradually increase during the second half.
하반기 카메라 모듈 사업 전망에 대해 답변 드리겠습니다. 스마트폰 시장의 양극화가 지속됨에 따라 플래그십폰 차별화의 핵심 포인트로서의 카메라 모듈 스펙 업그레이드에 대한 요구가 증대되고 있는 상황입니다. 당사는 하반기 출시가 예정되어 있는 신규 폴더블폰용 경박단소 카메라 모듈의 안정적 공급 확대와 더불어 핵심 부품인 렌즈, 액추에이터 내재 역량을 기반으로 고화질을 위한 빅 센서용 가변 조리개 기술 확보 및 고성능, 사이즈 축소를 위한 신구조 folded zoom 상품화를 통해 하반기 카메라 모듈 사업의 매출 성장을 지속 추진토록 하겠습니다.
Your second question was about the second half camera module business outlook. As you know, we're also noticing that there is a shift of the center of gravity in the smartphone market to the two extremes, the high end and the low end. As a result of that, we're actually seeing OEMs in the market have a stronger demand for camera modules, specification upgrades as a key point of differentiating their flagship phones. Our focus, number one, in the second half, would be to stably supply the light, thin, smaller camera modules for the new foldable smartphone that will be launched, scheduled for launch in the second half. Also to secure the variable aperture technology, which is for big sensors to implement higher picture quality based on our internal capabilities in key components, such as lens and actuators.
Also to commercialize the newly designed folded zoom camera modules that would deliver better performance and also smaller sizes in order to continue to drive the revenue growth of our camera module business in the second half.
The following question will be presented by Junhee Lee from Goldman Sachs. Please go ahead with your question.
Thank you for taking my questions. I have two, one on MLCC and another on camera module. First on MLCC, while the business used to have an outsized exposure to IT applications such as smartphones, now I believe the exposure to automotive has increased meaningfully. I would like to ask if you expect this trend to continue going forward, and would appreciate some more color on your MLCC end market diversification strategy. Second one is on camera module. Given the rapidly growing EV and autonomous driving markets, we'd like to know your strategy in automotive camera module business. Thank you.
Well, to answer your question about the MLCC breakdown by application, if you look back at 2021, automotive MLCC accounted for a high single-digit in terms of our revenue. Since then, we have continuously expanded our MLCC lineup, been able to win new customers, and also we have been increasing our share of wallet of the major Tier 1 and EV customers. Thanks to that, we have been able to deliver higher than market revenue growth each year. As of today, our share of automotive MLCC revenue in terms of our revenue share has increased by more than double versus 2021. In terms of application, we expect that automotive MLCC market will continue to record high growth, given the increases expected in XEV and ADAS penetration.
We will focus on further strengthening our high-end MLCC lineup, such as the high temperature and high voltage MLCC, to continue to drive our revenue. At the same time, we will be focusing on new growth opportunities, especially in the industrial side, such as AI servers, satellite internet, and robotics, as well as solar energy. Where our existing capabilities, such as our small size and high capacitance MLCC for IT applications, and the high reliability MLCC lineup that we have for automotive applications, could be leveraged to make us the to claim markets first, and also to increase our market share in these new growth areas.
At the same time, in terms of the IT application, our focus will be to strengthen our core and essential technology in materials and equipment, to continue to increase our competitive advantage in the high-end IT markets, where technology is key. No, your second question was about our automotive camera module strategy. In the automotive camera module side, with the increase of in scale of EVs and also the advances in automotive driving technology, we're noticing some key trends. One being the increase of number of cameras per vehicle. Before there used to be cameras for the front and the rear, now you have side as well as dash cameras inside the vehicle. There's, number one, an increase in camera numbers per vehicle.
We're seeing a continuous need for higher specification cameras, such as high-pixel cameras being used to enhance and improve the sensing precision on vehicles. Relevant to these two key trends, in terms of SEMCO, is that we have differentiated high reliability, automotive-specific camera technology that delivers consistent performance regardless of external environments. We have our module and lens technology that is necessary for implementing high-pixel and high-pixel quality that we have developed from our IT camera business. We will be actively leveraging these capabilities to capture new markets and customer needs, and also continue to build the scale of our camera module business by increasing supply of high-pixel camera modules to key customers and diversifying our customer base among the conventional OEMs.
The following question will be presented by Jongwook Lee from Samsung Securities. Please go ahead with your question.
I have two questions. The first question is about your CapEx plans. I think the IT industry demand is remaining sluggish. Considering that, does the company have any plans of changing its CapEx plans for this year? Second question is about your BGA revenue. It appears that your BGA revenue has bottomed out in Q1 and has been recovering. Do you think that this upward trend in your BGA revenue could continue in the second half?
To answer your first question about our CapEx plans this year, we're actually currently adjusting some investment plans to take into account some of the sluggish market situation. As we stand now, it appears that our CapEx plan would decrease versus what was originally planned at the start of this year.
In terms of our investment strategy, we will continue to focus on the high growth areas such as automotive, server, and AI, and also make our investment execution in line with the market situation, including changes in customer demand, in order to improve the efficiency of our investment. To answer your second question about whether our increase in BGA revenue would continue in the second half, as you mentioned, the BGA revenue was affected by the component inventory adjustments of the set OEMs, such as smartphone and PC OEMs, and so that resulted in the revenue bottom in first quarter this year. In Q2, the major customers launched, prepared to launch new models for scheduled for second half, and also the impact of component inventory adjustments somewhat eased in Q2.
Also, there was an improvement in substrate demand from ARM processor, AP, and memory applications. As a result of that, our BGA revenue increased in the 2nd quarter. Even though demand visibility is still limited, we do expect that in the 2nd half, BGA demand is likely to increase versus 1st half, driven by, number 1, the decreasing impact of the set inventory adjustments. Also given the new model launches that are scheduled by our key customers. We are currently focused on thoroughly checking our production capacity and manufacturing capabilities to capture customer demand if and when a rebound materializes in the 2nd half. We will remain focused on improving our BGA business performance by preparing thoroughly.
The following question will be presented by Song Kim from Daiwa Securities. Please go ahead with your question.
Yeah. 안녕하세요. 질문 기회도 감사합니다. 저 두 가지 질문이 있습니다. 첫 번째 질문은 지난 분기 실적 설명회에서 전자 소자의 성장성에 대해서 말씀을 해주셨고, 최근에 언론 보도를 통해서 그 전장용 power inductors 양산을 시작했다는 그 보도가 있었는데요. 하반기 사업 계획에 대해서 좀 그 알려주셨으면 감사하겠습니다. 두 번째 질문은 3분기 업황 시황에 대해서 지금 글로벌 경기 둔화로 인한 어떤 전망 산업 수요 둔화에 대해서 이 우려가 있고, 반면에 지금 상반기 저점 이후에 계절적 그 수요 회복에 대한 기회가 상존하는 것 같습니다. 오늘 뭐 제품별로도 지금 가이던스가 조금 다른 좀 느낌이 있는데요. 삼성전기 3분기 실적 전망은 어떻게 보고 계시는지 의견 부탁드리겠습니다. 감사합니다.
I have two questions. The first question is about your plans, business plans on the electronic components business. I recall that during the last earnings conference call, the company emphasized the growth potential of its electronic components business. Recently, I've read in the media that you've started the mass production of your automotive power inductors. Given that, can you give us a bit more detail and color on how you plan to increase and expand your electronics components business? Second question is about your Q3 guidance.
When we look at the business outlook for Q3 , there are mixed signals. On one side, there's still concern of a global economic slowdown and sluggish downstream demand, but on the other hand, many are looking forward to a seasonal upturn of the industry demand. Also, I think this reflects in the different guidance you have given by product group. Considering all of these factors, what is your outlook and guidance for Q3 ?
질문 주신 전자소자 하반기 사업 확대 계획에 대해 답변 드리도록 하겠습니다. 전자소자는 금번 분기에도 전분기에 이어 매출이 증가되었습니다. 하반기에도 매출 성장이 지속될 수 있도록 거래선 및 응용처 다변화를 추진할 계획입니다. 인덕터는 글로벌 IT 거래선의 다양한 제품군에 디자인인을 확대하여 하반기 매출 확대를 추진함과 동시에 질문하신 전장용 관련해서는 신뢰성 및 내열 특성을 개선한 라인업을 구축하여, 글로벌 전장 거래선을 대상으로 양산을 준비하고 있습니다. 탄탈륨 캐패시터는 고객이 요구하는 고용량과 고신뢰성 구현이 가능한 당사만의 특화된 공정 기술을 적용하여 PC 중심에서 모바일, 웨어러블 등으로 응용처 다변화를 추진하고, 하반기에는 고객사 공급을 시작할 계획입니다. 이를 통해 전자소자 매출은 하반기에도 상반기 대비 두 자릿수 이상 성장할 것으로 기대하고 있습니다.
To answer your question about our electronic components business. In Q2, our electronics component business recorded another quarter-over-quarter revenue increase. In the second half, we will focus on diversifying our customers and also applications to keep this revenue growth momentum going. In the case of inductors, the focus is to get designed in various product groups of global IT customers to drive revenue growth in the second half. In the case of automotive inductors, which is what you asked of, we have prepared an inductor lineup with better reliability and heat resistance characteristics. We're preparing mass production, targeting global automotive customers.
In the case of, tantalum capacitors, our focus is to use SEMCO's proprietary process technology that delivers higher capacitance and higher reliability to diversify applications by adding on, for example, mobile and wearable applications, in addition to the PC application, we plan to start supply to customers in the second half. Overall, we aim to achieve double digit top line growth in the second half versus first half in our electronic components business.
안녕하십니까? 질문하신 올해 3분기 실적 전망에 대해 말씀드리도록 하겠습니다. 3분기에도 미중 갈등, 글로벌 경기 둔화 등 해외 경영 환경의 불확실성이 지속되면서 일부 제품의 수요 회복이 지연될 것으로 보입니다. MLCC의 경우, 작년 하반기부터 이어온 중화 고객사의 재고 소진 영향과 계절적 요인 등으로 공급 확대가 예상되며, 기판과 카메라 모듈의 경우도 PC 등 일부 시장은 수요 약수 요인이 상존하고 있지만, 전분기 대비해서는 소폭 성장이 가능할 것으로 기대하고 있습니다.
... 전장, 서버 등 성장 분야에 대해서는 전장용 MLCC 및 파워 인덕터, 자율주행용 고화소 카메라 모듈, 서버 전장용 대면적 고다층 패키지 기판 등 고부가 제품 공급을 적극적으로 확대함으로써 매출뿐만이 아니라 수익성도 지속 확대하여 안정적인 중장기 성장 기반을 구축해 나가겠습니다. 당사는 앞으로도 요소 기술 확보, 차별화 신제품 출시 등 기술 경쟁력을 강화하고 생산성 향상, 품질 안정화, 원가 절감 등 내부 효율성 제고 활동을 지속하여 시장 기대에 부응하는 실적을 달성할 수 있도록 최선을 다하겠습니다. 감사합니다.
To your second question about Q3 guidance, looking into Q3 , as you mentioned, there is various external uncertainties continuing in the business environment, including U.S., China tension, and the concern over a global economic slowdown. Such uncertainty appears to be delaying the recovery of demand in certain product groups. However, when we look at MLCC, given that the Chinese customers have been working through their inventory since second half of last year, and also given some of the seasonal upside that's expected in the second half, we expect MLCC supply to increase. Also, for packaged substrates and camera modules, even though some markets like PCs still have some downside pressure, we actually see a possibility of slight quarter-on-quarter growth in the Q3 .
In the case of growth sectors, including automotive and servers, we will actively seek to increase supply of high-end products, including automotive MLCC, automotive power inductors, as well as autonomous driving, high-pixel camera modules, as well as the large area, high multilayer packaged substrates for server and automotive applications to drive not only top-line growth, but also profitability improvement and to secure a foundation for sustainable mid- and long-term growth for the company. Going forward, SEMCO will remain committed to strengthening its technology competitiveness by securing core and basic technologies and launching differentiating new products, and internally raising efficiency through productivity gains, consistent quality, and cost-saving, with the aim of delivering business performance that the market expects. Thank you.
이것으로 2023년 2Q 실적 설명회를 마치도록 하겠습니다. 참여해 주신 모든 분들께 감사의 말씀을 드리며, 혹시 추가 질문이 있으시면 저희 IR Team을 통해 별도로 문의해 주시기 바랍니다. 감사합니다.
That completes our Q2 earnings conference call. If you have any additional questions, please forward them to the IR team. Thank you.