Good afternoon. Welcome to Novatek 2020 Third Quarter Online Investor Conference. This is David Chen, Vice President and Company Spokesperson. I'll be the host for today's conference. Hope everyone is doing well and remaining healthy despite the challenging pandemic outbreak. To avoid the spread of the coronavirus, we have switched our investor conference to live audio webcast. Please be reminded that you can still send your questions to us by text. The agenda for today's event will be as follows. First, I'll be reporting Novatek's Third Quarter results in English. After that, our Vice Chairman, Mr. Steve Wong, will provide more details on our Third Quarter results and Q4 guidance. Following that will be our Q&A sessions. As mentioned earlier, if you have questions, you can send them to us by text. Our IR Director, Mr. Tony, will be processing and reading out the investor questions one at a time, both in Chinese and English. Our Vice Chairman, our CFO, and myself will try to answer all your questions in Chinese and will be later translated into English. As usual, please take a look at our safe harbor notice. Let's start with our 2020 Q3 financial highlights. Our net sales in Q3 was $22 billion, up quarter-over-quarter 18.22% from $18.61 billion, year-over-year up 32.57% from $16.6 billion in Q3 2019. Net gross profit in Q3 was $7.58 billion, up 21.66% from last quarter $6.23 billion and up 47% from $5.16 billion in Q3 last year. Our gross margin in Q3 was 34.45%, up 0.97 percentage points quarter-over-quarter from 33.48%, year-over-year up 3.38 percentage points from 31.07%. Operating income was $4.26 billion, up quarter-over-quarter 34.64% from $3.17 billion, year-over-year up 74.14% from $2.45 billion. Q3 net income was $3.4 billion, up quarter-over-quarter 33.18% from $2.56 billion, year-over-year up 67.69% from $2.03 billion. Overall Q3 EPS was $5.6 versus last quarter $4.2 and last year $3.34. Let's look at our cash and cash equivalent. In Q3, it was $16.35 billion, decreased quarter-over-quarter by 26.2% from $22.15 billion, year-over-year decreased by 10.26% from $18.22 billion. Account receivable Q3 was $15.35 billion, up quarter-over-quarter 17.59% from $13.05 billion and year-over-year up 10.17% from $13.93 billion. Our inventory level Q3 was $7.67 billion, quarter-over-quarter down 18.85% from $9.46 billion, year-over-year up 15.14% from $6.67 billion. Short-term loans Q3 was zero. The overall Q3 $384 equivalent large display driver unit shipment was 851 million and it's down quarter-over-quarter 2.3% from 871 million and year-over-year up 6.78% from 797 million. Next, let's look at our two major product line sales breakdown. SOC in Q3 was $7.75 billion, up quarter-over-quarter 25.37% from $6.18 billion and up 46.66% from $5.28 billion in 2019. Display driver in Q3 was $14.27 billion, up quarter-over-quarter 15.61% from $12.4 billion and up 26.13% from $11.31 billion in 2019. Next is our October sales number. Our October net sales is $7.57 billion, month-on-month down 5.1% and year-over-year up 34.3%. Our SOC net sales is $2.39 billion, down month-on-month 13% but year-over-year up 36.73%. Driver IC is $5.38 billion, down month-on-month 2.89%, year-over-year up 31.22%. Next, let's look at our 2020 monthly sales number. Our monthly sales in 2020 has outperformed 2019. Year-to-date January to October net sales comes down to $65.07 billion, year-over-year up 22% from $53.48 billion in 2019. Next, let's look at our first three-quarter income statement. Looking at net sales for the first three quarter, it's $57.5 billion, up 20.18% from $47.85 billion. Gross profit, the first three quarter is $19.42 billion, up 27.04% from $15.29 billion. Operating expense, first three quarter is $9.39 billion, up 19.3% from $7.87 billion. Operating income, the first three quarter is $10 billion, up 35.25% from $7.4 billion. Non-operating, the first three quarter is a loss of $29.87 million, whereas last year same period there was a gain of $167.98 million. Looking at net income, first three quarter is $8.17 billion, up 33.43% from $6.13 billion. The EPS for the first three quarters comes down to $13.43 versus last year $10.07. Now let's look at our Q3 year-over-year numbers. Net sales Q3 this year $22 billion, up 32.57% from $16.6 billion last year. Gross profit $7.58 billion, up 47.01% from $5.16 billion. The operating expense third quarter is $3.3 billion, up 22.48% from $2.7 billion. Operating income third quarter is $4.26 billion, up 74.14% from $2.45 billion. The net non-operating Q3 there's a loss of $116.6 million compared to last year, a gain of $70.65 million. Net income Q3 $3.4 billion, up 67.69% from $2.03 billion. The overall EPS for Q3 $5.6 versus last year $3.34. Now let's look at the Q3 quarter-over-quarter numbers. Net sales Q3 $22 billion, up 18.22% from $18.6 billion. The operating expense $3.3 billion, up 8.24% from $3.06 billion. The operating income $4.26 billion, up 34.64% from $3.16 billion. The net non-operating in Q3 loss of $116.6 million versus last quarter, a loss of $43.83 million. The net income for Q3 of $3.4 billion, up 33.18% from $2.56 billion. Q3 EPS $5.6 versus last quarter $4.2. Now let's look at the sales breakdown by product. As you can see that our SOC accounts for 35% of our total sales, whereas the driver line accounts for 65%. You can see that for this year from Q1, Q2, Q3, we have the positive growth for each quarter. In Q1 there was 2%, Q2 quarter-over-quarter there was a 10%, and for Q3 there's an 18% growth. Finally, let's look at some of our key financial numbers. Cash and cash equivalent comes down to $16.35 billion. Since there's no short-term loans, our net cash position comes down to $16.35 billion, quarter-over-quarter change of $4.68 billion. Note that account receivable comes down to $15.35 billion, quarter-over-quarter change of $2.295 billion. Inventory level Q3 comes down to $7.67 billion, quarter-over-quarter down by $1.78 billion. Now I'll turn over the call to our Vice Chairman, Mr. Steve Wong, to provide us more details on Q3 results and Q4 guidance. 接下来我们请我们的王副董针对Q3的结果做进一步的说明，同时也报告Q4的展望。
各位投资界的朋友大家好，我是联咏科技的王守儿。现在由我来跟大家报告一下Q3的result跟Q4的outlook。有关Q3的result，刚刚建新已经跟大家报告了非常多的细节数字。简单讲就是在营收上，我们做到了NT$220亿，这是Novatek有史以来季营收的新高。净利也大概Q3做到了NT$34亿，这应该也是我们有史以来净利单季的新高。 Q3的营收成长主要的原因主要是有三个：一个是SOC的相关产品在Q3是一个旺季的需求；第二个由于新冠疫情的因素，所以IT产品的需求从Q2持续到Q3；第三部分主要是手机相关的产品，因为大陆有十一的假期，所以有提前拉货备货的情形。所以各位刚刚看到我们Q3的QoQ，相对Q2的成长有15%，这个增加主要是来自手机的部分，driver主要是来自手机的部分。 Q3的毛利率，我们做到了34.45%，这较Q2增加了大概0.97个百分点。这主要的原因是产品组合比较有利的情况下，毛利率也比原来预估的要好一些。 我们看一下Q4的outlook，现在看起来目前的COVID-19在全球仍然在延烧，居家上班、线上会议，或者是远距学习跟媒体娱乐这些宅经济的需求，看起来还是持续的，甚至现在看起来应该有可能会延续到明年的第一季。所以有关notebook、tablet还有gaming monitor这些跟宅经济相关的终端产品的出货，看起来Q4需求还是相当的畅旺。 第二个，接下来因为第四季接下来有一些欧洲、美国还有中国的一些重要节日的促销，像接下来的中国的双十一，还有美国接下来欧洲的感恩节跟Black Friday，另外接着就Christmas的shopping season，然后一直延续到明年的元旦跟春节，中国的销售。所以这些应该也可以刺激一些节日的需求。 所以在这种情况下，我们现在观察就是第四季的这种需求的动能，看起来是比传统的季节性需求要强，主要的原因是有这些季节性的刺激销售，还有一些宅经济的需求。 在这样的情况下，我们对第四季的营收，现在看起来应该可以会落在大概NT$218亿到NT$225亿之间，这是以汇率28.8来计算。因为最近汇率的变动是比较大一点，所以我们抓一个数字是28.8这样子。 毛利率，现在看起来Q4的毛利率，大概会落在33%到36%之间。这最主要是因为在有利的产品组合下，还有我们有一些产品因为旺季的需求，还有一些缺货的需求，ASP上面有一些调整，所以毛利率会比过去的guidance稍微会好一点。 盈利率，大概会落在17.5%到20.5%之间。 简单把我们第四季的一些营收跟毛利率还有盈利率的情形跟大家做一个报告。接下来如果各位有问题，我再跟大家做一个回答。
Okay, let me translate that into English. What Steve just mentioned to us is that the Q3 revenue was a record high, $22 billion, that was a record high for Novatek. The growth in Q3 was mainly driven by seasonality and strong SOC related demand, and the strong IT related demand brought by the pandemic also contributed to the growth in Q3. We also see that the early pooling for the October 1st holiday for the mobile related product also contributed to the growth in Q3 revenue. Overall, the overall revenue actually exceeded our earlier guidance because of the above three reasons. Let's look at the Q3 margin. Q3 margin was 34.45%, up 0.97 percentage point QOQ, and this is mainly due to better and favorable product mix. Of course, this is also better than our earlier guidance. Now looking at the Q4 outlook, the global pandemic is still far from over and is still spreading in various countries. Demand from work from home, learn from home, online entertainment, etc. is still strong. As we see, the demand for notebook, tablet, gaming monitor is maintaining its strength in Q4 and also expecting to maintain its momentum till Q1 next year. We also see that the various events or holiday season promotions in Q4, like Double Eleven in China, Thanksgiving, Black Friday, Christmas, New Year in Europe, North America, are expecting to boost for more demand. Based on the above outlook, we are expecting a better than seasonality demand. Our guidance for Q4 is as follows. The revenue for Q4 we are guiding for $21.8 billion to $22.5 billion, and this is based on the exchange rate of $1 to $28.8. The gross margin we're guiding for 33% to 36% range, and this is mainly due to the better product mix and also because of the price adjustment. Operating margins we're guiding for 17.5% to 20.5% range. Operating margins will be 17.5% to 20.5% range, and that will be the outlook and the guidance for Q4. Thank you, Steve, for the Q4 guidance, and next we'll move on to the Q&A session. Please be reminded to send in your questions, and Tony will receive them and process them and deliver those questions one by one. 好的，謝謝David，我這邊是Tony。那我們現在開始看到一些問題的進來。那我們先看到第三季的這個數字，也勾起聯詠在營收、毛利跟獲利上都創了這個歷史的新高。那請問一下這個毛利的這個超過guidance的上緣，是不是有什麼樣的產品有漲價？那也想請教一下第三季的這個NRE的金額跟前兩季的比較是怎麼樣？
有关第三季的毛利率呢，比原来的guidance要达到了这个上缘。最主要的原因是刚刚讲的这个product mix呢有比较好。第二个部分是因为有部分的产品呢，我们也有一些这个price adjustment呢，所以导致上来的。那NRE的部分呢，第三季的时候呢，大概是有NT$49百万，比第二季的NT$186百万呢是有减少的。 Okay, the question was, first question is about the congratulation to your very strong third quarter result in terms of both revenue, gross margin, and the net profit. Your gross margin of 34.5% continued to rise quarter over quarter and exceeded your guidance of 31.5% to 33.5%. Just wonder if you have raised any price for your product, as well as could you provide the NRE amount for quarter three versus the first two quarters? Okay, the better margin was mainly two reasons, as I mentioned earlier. First is the product mix, and the second is because some of the product we did make some pricing adjustments, and that has contributed to the margin. Regarding the NRE, the Q3 NRE is around NT$49 million, versus last quarter it was NT$186 million. 下一个问题是我们看到这个第三季的营收非常的亮丽，刚刚副董事长也提到SOC的成长是相当的强劲，可以把SOC里面几个主要产品的季对季的成长的情况可以再给我们一点比较细的解释吗？谢谢。 第三季的这个SOC的这个成长呢，各位刚刚看到的数字呢，大概有25%。那这个其实是各方面的这个产品呢都有不错的成长，当然主要还是主要的部分是来自TV SOC的这个chip，TV SOC的这个chip。那另外还有少部分是来自这个Surveillance的这个chip，有一些这个成长。那主要是来自这两方面。
The second question is about the strong growth of SOC in quarter three, which was 25% quarter over quarter. Could you provide more color in terms of individual product lines with the SOC in terms of quarter over quarter growth? The strong growth in the SOC lines actually contributed by various products, but the main product that contributed more is the TVSOC, and then also the Surveillance SOC that really contributed to the growth in the SOC line. 下一个问题是关于driver的，刚刚副董事长提到driver的成长主要是中小尺寸，那不知道可以给一下大尺寸跟中小尺寸第三季的季对季的成长的情况是怎么样？那加上您给的这个出货量的资料，似乎第三季的出货量有小幅的下滑，大尺寸，那可以告诉我们一下原因是什么吗？ 第三季的这个driver的部分呢，成长主要的部分是来自我刚刚提到的是中小尺寸的这个出货。那大尺寸呢，如果以QOQ来看，事实上第三季的出货呢，应该算是以revenue来看的话，应该算是只有很小部分的成长，这个是low single digit。但是呢，这个刚刚看到的这个大尺寸的这个unit shipment，这个是主要以这个unit shipment来看，因为最近的这个产品呢，gate的需求呢，事实上是越来越少。那大部分的出货现在的百分比呢，大部分是在这个source driver上面。那因为source driver的ASP事实上是比gate drivers要高，所以呢，各位看到这个刚刚的那个数字啊，事实上是including这个gate drivers跟source drivers，但是以source drivers来看的话呢，我们觉得那个数字应该是没有下来的，应该是没有减少的。 副董事长刚刚有提到这个small media手机这边第三季是成长的，那可以给一下关于这个TTDI和OLED driver的出货的情况在第三季跟第二季的比较是怎么样？ 以第三季来看的话呢，如果以这个手机来看，TTDI的drivers呢，QOQ呢，事实上是成长，而且还成长百分比也不小。但是以OLED来看的话呢，Q3这个QOQ的话呢，现在看起来是flat，就是说Q2跟Q3的OLED的出货的这个units呢，事实上是持平的。
The third question is about the driver business in third quarter. Just wonder if you can give the quarter over quarter growth for both large-size driver as well as the small medium-sized driver. Also, given your monthly data, also wonder why your large-size driver shipment were down quarter over quarter in quarter three. Okay, the Q3 driver IC line, we've seen that the small and medium-sized driver unit shipment has grown up QOQ, but for the large panel driver, it's kind of flattish. But if you look at the overall current large panel driver space, there is a more adoption of gate-less or gate-on-array, and that has reduced the demand for gate driver. But the source driver unit shipment actually is still maintaining its growth, but as you know, the source driver ASP is much higher than the gate driver, so that's why you see that kind of the revenue-wise and ASP-wise the difference in that area. Also, how about the OLED and the TTDI shipment quarter three versus quarter two? In Q3, we are seeing that the TTDI unit shipment actually sequentially from QOQ has gone up, but as for the OLED, Q3 it's kind of flat QOQ. 下一個問題是關於存貨，這個在過去幾季投資人都蠻關心的。我們注意到第三季的存貨金額大概下降了20%，季對季到達76.7億。想請教一下，這個為什麼會造成這個存貨金額的下降？
这个最主要那个两个原因，乃至两个原因。第一个就是因为刚刚提到的10月1号有一些这个中国的节日，所以有些这个客户事实上是提早把这个提早进货，提早备货，所以我们的库存也瞬间也下来比较多。第二部分，因为wafer的supply也稍微比较紧一点，所以在这里，这个要补上来也没有办法瞬间马上可以补上来，所以这个库存会下来。 The next question is about the inventory dollar for at the end of quarter three. The amount can down about 20% quarter over quarter. Just wonder what's the major reason for this sequential decline? Well, the decline in the inventory level is mainly due to two reasons. One is due to the holiday season pull-in in October first holiday, so there's a pull-in from our customer side. The second thing is, the second reason is that the wafer supply is relatively tight, and it takes a while for us to place order for the wafer to meet the demand. 这里最后一个还有一个关于第三季的财务的问题，就是看到第三季的业外收益是有亏损1亿多元，那比第二季的亏损的金额还要大。那想请教一下财务长，这个第三季造成业外亏损的主要原因是什么？第三季的业外支出是¥1.17亿，那最主要还是台币升值所造成的兑换损失。 The next question is about the non-operating loss in quarter three. Just wonder what's the major reason to cause the larger non-operating loss in quarter three versus second quarter? The main reason is basically due to the NT dollar appreciation in Q3. 谢谢，那我们看到大概Q3的题目问题已经结束了，那我们望望前的guidance。那刚刚副董事长有提到第四季这个财务的预测，那很多投资人都很关心，如果用几大产品线来看的话，想请教一下大尺寸、中小尺寸跟SOC第四季跟第三季的营收的这个区季对季的情况会是怎么样？
我们现在以背景上就是说依照刚刚的这个guidance来看的话，我们在三个不同的这个产品线，以SOC的产品线来讲，我们看到的就是这个第四季对第三季的QOQ，看起来会稍微减少，会slightly down。那这个最主要的原因，是这个目前看起来这个市场的需求蛮强的。那有一些急单进来，这个lead time，现在的wafer lead time又变得比较长，所以供货来不及。所以，有些短单急单在这里来讲来不及，可能必须要递延到明年的Q1去交货。所以，在这里变成是第四季的这个SOC相关的产品，有稍微下来一些。那以大尺寸的这个产品driver LCD driver来看的话，季对季看起来应该是会增加的，而且以第四季来看，这一部分的revenue增加的百分比会比较高一点。那以这个percentage来讲，增加的会比较高一点。那以中小尺寸的这个部分来看的话，以第四季来看，我们现在看起来这个营收应该会比第三季会稍微增加一些，等于是会有slightly increase对于这个中小尺寸的这个部分。三个产品线大概是这个样子。
副董事长，那关于Auler第二个问题是about the business sequential growth for the three major business lines for quarter four versus quarter three? Well, regarding the Q4 revenue of the guidance, we are seeing that the SOC for the Q4, the revenue will go down slightly, and it's basically because the demand is very strong, but we don't have enough time or the lead time is not enough for us to meet the strong demand in Q4. So basically the demand will be extended to Q1, we'll be able to supply them or ship those products in Q1. So some of those won't be able to meet the demand in Q4, so it will be extended to Q1. And as for the large panel driver QOQ, it will be a little bit higher compared to Q3. The growth will be among the three product lines, I think the large panel driver will grow stronger than the other two lines. And as for the small and medium-sized driver, Q4 will move up slightly, so it will increase slightly. 那刚刚这三条产品线的话，我们看到是以大尺寸这边第四季相对的强劲。那也大家很多问题想请教一下关于大尺寸的话，最近都提到是不是在晶圆这边第四季或明年第一季会不会还有涨价？那封测这边是不是也有一些涨价的情况呢？
以现在来讲，由于这个8寸的wafer supply确实是非常的紧，所以在这里来讲的话，为了要secure这个比较足够的wafer，所以我们在这里看的话是会有一些涨价的情形。这个even包括部分的back end也有这样的一个状况，这最主要是为了要secure比较足够的数量能够去fulfill这个customer的demand。 那接着投资人也想了解说，在成本上升的情况下，联咏本身也有计划在第四季或明年第一季会涨价吗？那在这些成本跟涨价的情况下，对毛利的影响会是怎么样子呢？ 由于这个目前supply是真的是比较tight，所以我们也跟客户做了一些沟通，希望在这上面针对这个成本的上涨能够在售价上有一些反应。那我想因为大部分的客户应该也都可以理解这样的一个情况，所以在这里来讲应该算是我们的方向应该都是一致的，希望能够在短期内先去fulfill这个market的demand，所以在这里售价上也会做一些调整。
In terms of Auler, the quarter four amount of shipment line, large-sized driver will outperform the rate. The first question is about the pricing and the margins. The first question is whether the 8-inch foundry will raise price again in quarter four or first quarter next year, and also how about on the packaging side? The overall foundry 8-inch is very tight at this moment. What we are doing is we are working with our customer and asking them for support to improve our competitiveness in securing the capacity from our foundry players or even the back end. In that case, there's a possibility that there will be some ASP adjustment in order to secure the capacity. I also wonder any impact to your margin in quarter four or first quarter next year on a large-sized driver on the back of all these costs at the price adjustment? We are working closely with our customer, and they also understand the situation. What we are doing is we try to pass on the cost to our customer, and the sole purpose is to secure more capacity. 下一个问题除了刚刚提到大家的价格成本毛利外，大家也很关心所谓的整个晶圆的供应。想请教一下目前看起来公司对大尺寸明年的产能的把握度的情况是怎么样？那也可以就几个这个您的主要供应商提一下您这边跟他的这个目前明年的规划吗？
就是刚刚提到的目前的这个8-inch，尤其大尺寸的这个使用的这个8-inch的这个wafer呢，事实上supply是very tight。那大概我们现在跟所有的vendor呢，主要的这个合作的partner呢，应该都已经把明年大致上的这个情况supply的情况呢都已经做了一个讨论。基本上应该是明年的supply看起来以目前看起来还是很紧，所以呢，我们在这里来讲的话应该明年在这上面除了现有的这个供应商，我们也会去想办法去找其他有没有这个其他的capacity能够来去增加这个我们的这个供应的这个能力。 过去两年您这边有提到陆续有在12寸这边，在大尺寸这边有一些在12寸生产，您可以提一下这边部件的一些进展吗？ 当然目前我们除了8寸也是希望说能够有一部分能够往12寸的方向来做这个增加的这个供应这样子。那现在目前看起来应该是有少部分可以开始交货了。 Okay, the second question on the large-sized driver is about the foundry supply. I just wonder the supply situation for next year as well as some comment on your individual foundry supply and also your dynamic or your diversification into the 12-inch band for your large-sized driver. As mentioned earlier, the 8-inch foundry capacity remains very tight, and basically the overall supply is pretty much settled for next year. But we are also working with new suppliers hopefully to increase more supply on the 8-inch side. As for the 12-inch, as you know, most of our large panel drivers are adopting the 8-inch; it's still basically still in 8-inch, but we have been working on the 12-inch, and there will be some contribution from the 12-inch also moving forward. 下一个问题在大尺寸这边主要是关于这个韩系的这个outsourcing。那最近的因为整个TV的需求比较好，韩国的这个三星似乎有决定保留部分的产能供内部的使用。那您看到这样对整个看到韩系客户outsourcing的这个趋势会有所改变吗？ 目前来看的话，他们的outsourcing呢还是持续在做。至于说是不是他们有保留这个我不是非常的清楚，不过从以前到现在，Samsung的这个outsourcing从去年到现在看起来那个outsourcing的percentage呢事实上是在增加的。 那另外一个大家很关心就是说我们看到这个整个产业进一步的整合，那联咏现在的市占率可能接近30%。我不知道中长期联咏还会有目标继续能够扩充他的市占率吗？ 我想这个还是看supply and demand啦。如果以现在来看，我们的这个market share可能大概不到30%，大概接近30%。我想往后要有很market share要有significantly的这个增加的话，我想我们如果在这市场上如果说有这样的需求，我们会往上增加。不过基本上也要看这个市场上的供应是怎么样。如果供应太激烈的话，你为了要增加market share，事实上你那个margin也会受到了一些影响。
Okay, the next question is about the outsourcing from the Korean. Recently we heard that Samsung has kind of reserved some of its panel capacity for internal usage. Just wonder if that will impact the outsourcing trend from the Korean customers. And also wonder if you already achieve a round market share of 30%. Do you have any long-term market share target to further expand your position? Regarding the Korean panel maker outsourcing trend, what we are seeing now is that the trend is still ongoing and it's maintaining that kind of direction. But whether there will be any further change in the future, it's hard for us to give comments on that. But what we are seeing is that, like for example, Samsung, their outsourcing percentage, I mean, continue to increase. That's what we see at this moment. As to the market share for the large-sized driver, currently we are pretty close to 30% global market share. But as to whether we need to increase that market share, it will depend on supply and demand. So we'll see how things turn out. But basically for us, we'll continue to try our best to gain more share as long as there is enough supply and also able to maintain our margins. 谢谢。那我们现在看到接下来题目是关于中小尺寸的部分。那想请教一下第三季这里的TDDI是否有涨价？那涨价是有特别是比如说HD为主的吗？然后在封测这边第四季目前也看到有涨价吗？
以TDDI来看的话，因为最近supply的wafer的supply还是很紧，所以在这里呢，如果有些这个wafer的这个成本的这个上涨呢，我们也是会跟客人呢做一些这个沟通来在这上面做一些价格的调整，为了要secure这个足够的这个数量这样子。至于封测的部分呢，现在看起来有部分有部分是也有这个上涨的这个情况。 那之前有提到大尺寸这边好像还有涨价的趋势，不知道在12寸TDDI这里的foundry在第四季或第一季还会涨价吗？那如果有涨价的话，公司也会调涨吗？ 如果在这里因为supply比较紧而使这个成本有上涨的话呢，我们是会持续的来跟客户这方面的这个沟通调整。 那如果现在看明年全年的话，请问TDDI这里foundry的供应的情况是怎么样呢？ 以现在来看的话呢，看起来还是至少上半年来看呢，看起来还是蛮紧张的，如果这个需求还是持续这样子的话。 那之前也有提到这里，您的制程也会开始有一些用比较advanced node在明年，这个会对售价跟毛利会有影响吗？ 这个主要用比较advanced的production node主要是因为有些产品因为这个performance的关系呢，我们必须要去这个往比较这个先进的这个制程方向来走。那如果说是往这上面走的话呢，那个margin我想跟原来的应该会接近，应该会一样，就尽量保持是一样。这上面不是以margin来看，是以产品的performance的需求来看。
Now we shift the gear to the small medium-sized driver. The first question is about the TDDI pricing. I just wonder if you have raised the price for TDDI in Q3? Is it for all product lines or mainly for HD? And also whether the packaging or testing costs also increase in Q4? Well, as mentioned earlier, the 12-inch for the small-sized driver capacity is also very tight. So basically if there is a price increase in the foundry side, we'll work very closely with our customer, and also we'll make a price adjustment accordingly. I think the main purpose, as mentioned earlier, is to co-work with our customer and try our best to secure the capacity. I think that's the most important thing. And the other thing is about the back end, the back end price has also gone up recently. And also wonder if there's another round of foundry costs increase in Q4 or next quarter or Q1 next year. If that's the case, will you also raise your TDDI pricing? Well, this is the same as I mentioned earlier, same question that you asked. Basically when the foundry supply is tight, we have to compete for the capacity. And in order to compete, we have to work very closely with our customer. And our customer also understands the situation. Basically based on the current situation, most of our customers are willing to work with us in order to increase the pricing to secure the capacity. So in the end, we will have to adjust our pricing also, which our customers definitely understand. Also wonder, can you also share some foundry supply outlook for next year and also any impact to margin if you move to some advanced node for your TDDI product next year? Well, the reason we are moving to more advanced nodes, basically the main reason is for the performance reason. So because there are some specifications that you need to go to more advanced nodes, otherwise you can't meet that kind of specification, for example, speed, power consumption, etc. So as we move to more advanced nodes, I think the margin will maintain similar margin because the main reason is not for margin improvement, it's more for the performance reason. 接下来一个问题还是关于这个TDDI的margin。那最近这些手机的状况，客户想了解，投资人想了解一下您这边感觉客户的库存状况。那您也可以分享一下这个去年大概您之前有提到TDDI的margin size大概是6亿颗。那不知道您现在预估今年或明年的市场的成长是大概怎么样？
以今年来看的话，我们的预估呢，有关这个TDDI的这个数字呢，可能大概是在7亿颗左右，大概在700个million。那以现在的这个以Q3的情况来讲，事实上客户对HD的需求事实上是比较强的。那持续进到这个今天11月12月看起来，客户对于Full HD 120Hz的需求又有开始比较上来的这个情形。所以也有可能是在第四季的时候呢，大部分是出货是比较好的，所以看起来这个HD的demand是比较强。但是到11月12月这样看起来，Full HD 120Hz high frame rate的这个需求呢，看起来是有比较有上来的这个情况，大概是这样子。 那您觉得这个市场明年的展望您可以也分享一下吗？还有觉得联咏的市占率的情况还可以继续扩展市占率吗？ 以TDDI来看的话，我想还是回来是在现在的情况下事实上是还是shortage。所以如果说我们还可以secure更多的这个wafer capacity的话，我想这个market share应该是还可以往上走的。那如果说以这个整个market demand来看，整个market trend来看的话呢，我想未来呢，这个5G的这个趋势应该是不会改变的。所以这个5G的这个deployment或者是未来的各种的applications应该也会陆续的增加。所以我们的看法是5G的手机未来对于这个所谓的high frame rate，这个high refresh rate的这个Full HD的这个demand应该还是会比今年要好。另外呢，在OLED的使用呢，尤其是flexible OLED的使用呢，应该在明年呢，应该也会比今年要好才对。
The second question on the small-sized driver is about the market TDDI market. Just wonder, you mentioned last year market size was about $600 million. Just wonder if you have any projection for this year and any also share the color about the trend on HD versus Full HD? Well, our projection for this year TDDI is around $700 million. Currently, if you look at Q3, we've seen that the HD, its demand is stronger than Full HD in Q3. But as we move towards November and December, we are seeing there is a demand pickup on the Full HD and even on the high frame rate 120Hz. So they're seeing a trend of moving higher up. 那可以分享一下公司對於市占率的看法嗎？Well, at this moment we are seeing there's still a pretty much shortage in the TDDI market. So if we are able to secure more capacity, of course we would love to increase our share. As for the trend for next year, we are seeing that the 5G, even though now it's kind of ex-China market, it's kind of slow, but basically we still believe that next year the 5G trend will continue to pick momentum. In that case, that will drive the Full HD and the high frame rate demand. The other thing we are also seeing that the flexible OLED next year will be better than this year. That's what we are expecting. Before we move into OLED, also wonder if you can give some color about the competitiveness, particularly given the recent MediaTek disposal of EDTech. We don't see much difference at this moment. I think the main thing is that we need to ensure that we can fulfill our customer needs and in turn maintain our competitiveness. I think that's the main thing we need to do. As for the rest, it's difficult for us to predict or comment on that. 剛剛有提到5G對OLED，那公司也可以提一下這個第四季的這個OLED的出貨的情況。那不知道往前看的話，覺得OLED的出貨量，季出貨量有什麼時候會有比較明顯的爬升呢？
以目前来看的话，第四季的OLED的出货呢，会比第三季呢，会稍微下来一些。那以现在来看的话，因为有一些新的这个手机的品牌呢，厂商呢，现在目前都在做一些这个design in的这个过程当中。那这些的design in呢，我们现在看到的应该在明年的Q1开始呢，有些会进入这个mass production。所以我们觉得这个明年的这个flexible OLED的这个需求应该在Q1左右呢，应该会再recover回来，Q1 Q2左右。 那您这边也可以提一下，这边最大的这个panel的provider是三星，公司有可能会跟他合作吗？然后之前您有提到OLED TDDI，也可以给我们更新一下时间进度表吗？ 这个所有的客户呢，只要是有需要使用到OLED的呢，我们都会想办法去跟他建立这个关系。我们也希望说能够去成为他的这个supplier，这个是我们的一个方向跟目标。至于说这个OLED TDDI，这个最重要的还是在这个面板厂商在这上面发展的这个技术的成熟度是怎么样。不过我们现在的IC呢，应该算是可以说是design已经快完成了。那这个重点还是要配合面板厂的这个技术的这个进度呢，才有办法去comment这个事情。
Also the next question is about the OLED driver. You mentioned wonder what's the trend for your quarter shipment, quarter four versus first quarter. Also wonder when you expect to see more meaningful quarter over quarter pickup for your OLED driver shipment. Regarding the OLED shipment, what we are expecting is that compared to Q3, Q4 will be down slightly. At this moment, we are seeing that a lot of design in activity is going on. We are expecting that in next year Q1, a lot of these new design in will go into mass production. Also we are seeing that the flexible OLED should have some recovery from Q1 next year. Also some follow-up questions about any possibility to potentially work with Samsung as the largest OLED panel supplier. Also could you provide an update for your OLED TDDI product? Well, you know for Novatech as the driver supplier, it's our job to try to penetrate all the customers, and that's our goal. There's always possibility to work with everyone and all of them. That's our goal. As to the OLED TDDI, we are working very closely with our panel maker and will depend on their progress. It's very difficult for us to comment as for the schedule. But so far for Novatech, we already have our related technology ready. We are just working closely with our customer and depend on the progress, we'll work along with them. 下一个问题是关于新产品。想请问一下关于这个平价OLED面板的fingerprint的量产的进度。关于其他像甚至是大面积或者是整合性的FPDI产品的情况是怎么样？
有关这个平价的这个FPR，由于我们的客户呢，在这个进入量产的过程当中呢，看起来是有一些这个延迟。所以我们现在是在design in在另外的其他的客户当中。所以这个比我们原来预期要量产的schedule呢，是有往后延了一些。现在看起来可能会到这个明年的第二季。那明年的第二季。另外有关那个大面积的FPDI，这个其实跟刚刚那个所谓的OLED TDDI啊，事实上是一样的情形，也要看这个面板在这上面的技术的突破是怎么样。尤其要把sensor长在这个面板上面呢，这可能在穿透率啊，或者在技术上呢，要有一些突破。不过我们的IC啊，在FPDI的这个chip上面呢，现在应该说是已经是ready了，就等于跟面板的这个配合呢，看什么时候可以这个完成。 这边关于这个产品，最后可以提一下跟其他两家这个竞争厂商的这个竞争的状况吗？像惠宁跟承德。 我们不知道其他厂商的情况是怎么样，不过我们在这上面的chip design呢，应该算是已经这个完成了。所以现在就是跟这个面板的厂商呢，正在co-work当中。
The next question is about the fingerprint. Just wonder the schedule, the mass production timetable for your under-display OLED fingerprint, as well as the large area and also the integrated product such as FPDI schedule. Our under-display fingerprint was supposed to go into mass production, but due to the delay on our customer side, so we basically need to design in to new customers. So that has been delayed. The new design in should be ready soon. So we are expecting the ramp up or the mass production will start from Q2 next year in the new customer side. As for the large area OLED fingerprint, as I mentioned earlier, this will depend on the panel maker side, depend on the progress. For example, for the large area, you need to build in the sensor dial onto the panel. So it will depend on the progress on the panel maker side. But as for our FPDI, it's basically already ready, and we are just waiting for our customer's progress. Lastly, could you also give some color about your competitiveness versus your major competitor on FPR, such as Goodix and Egis? It's hard for us to comment on our peers or competitors because the only thing we know is our product is ready. As to the others, it's hard for us to comment on them. 还有一些关于您的新产品，不知道关于OLED driver还有Mini LED driver的进度。不知道有没有可以给我们一些大概它的出货量或营收对明年的看法。
有关Wave的这个产品呢，目前我们有不少的产品都在design in当中。那这个要MP呢，可能要到明年的这个第二季。所以初步来讲，如果相对这个营收，可能这个contribution的百分比应该是初期应该是不会很高，初期应该不会很高。至于有关那个Mini LED方面呢，目前不管是在Mini LED的这个display或者是这个backlight，目前我们的产品都已经是完成了。客人呢，也陆续在进入这个mass production当中。但是初期来看的话呢，对营收的这个贡献的百分比呢，也是不是很大，不过都已经进入了这个mass production。
Also about some new product on this sector, could you also provide some update on your Wave OLED driver as well as the Mini LED driver? Could you also provide some color in terms of either shipment or revenue contribution for next year? Well, regarding our OLED variable driver IC, basically it's already launched, and we are now designing it to various customer sites. It's been very successful, and so far so good. We are expecting it to go into mass production Q2 next year. Initially the revenue contribution will not be that big, but the good news is that it is timing to get into mass production Q2. Everything is moving on very smoothly. As to the Mini LED, we have a product for both backlight and display, and both of them are also getting into mass production very soon. But again, the revenue contribution at this moment is not significant. 我们下一个问题会是关于这个SOC。第一个是关于这个TV SOC，可以请副董这边提一下大概第四季的这个趋势是怎么样。觉得客户今年的客户表现一直很好，您这边觉得会有库存的情况吗？
现在呢，有关TV SOC，事实上是客户的demand呢，还是相当的strong。那主要是我们的这个lead time不够呢，可能有些交货就变成是递延到明年的Q1去了。以现在的情况来看，我们现在所看到的应该是没有库存上的问题，应该是没有库存上的问题。看起来这个demand还相当好。那这个最主要的原因可能是我们的客户的这个market share，可能有一些market share gain这样子。 那不知道这边可以分享一下，好像上次有提到您对TV SOC这个business明年的展望还是蛮乐观的，想再跟您double confirm一下。那也想了解一下这边的foundry的供应的情况是不是也很紧，那会不会造成涨价。 以现在我们跟客户在谈这个明年的这些的guidance跟product design in的情况来看，对于明年的这个demand目前看起来应该还是蛮不错的，应该还是蛮不错的。那有关foundry方面，我们倒觉得这个只要有事先的这个planning，看起来虽然supply会比较tight，但是看起来应该是我们是可以被优先考虑的，因为都是一个long term的一个配合嘛。所以在这里来看，初步来看的话，虽然是比较紧，但是基本上大致上都可以拿到的。 那您这边可以提一下您在主要客户这边的市占率的情况，在韩国跟中国这边的情况。 目前看起来在韩国或者中国，甚至欧洲，看起来应该几个客户这里，这个design in的这个进度应该都是蛮不错的。
Okay, then we are shifting to the SOC product. The first question is about TVSOC. First is about the quarter over quarter growth in quarter four. Also, given the strong growth over the past couple of quarters, wonder if you have seen any inventory issues on the TVSOC? As mentioned earlier, the TVSOC demand is still very strong, but because of the short lead time, it's very difficult for us to fulfill those shipments in Q4. But it will be fulfilled in Q1. Currently, we don't think there is any inventory issues. I think the inventory is very healthy. We also think that some of our customers, they also gain share in the market. Basically, overall TVSOC, we do believe the current situation is pretty healthy. Could you also give some color about the outlook for next year? Last time, you seemed to mention about you are pretty positive for the outlook. Also wonder if there is a tight supply for your SOC foundry. Yeah, I mean, the foundry for the advanced nodes, it is tight. I mean, everybody knows that it's very tight. But we did plan on that. Currently, we've been working with our partner, and it's kind of a long-term relationship. Basically, what we see now is that we should be able to fulfill and able to get the supply we need to fulfill the supply to our customer. It shouldn't be a problem for us next year. Also, how about your market share among your major customers in Korea, China, or other regions? Our major customers are from Korea, China, and Europe. So far, a lot of the design activities that we are moving forward is pretty good. We do have some expectations for next year. 下一个问题SOC中是关于这个所谓的Camera SOC。刚刚副董事长也提到它的第三季表现相当的强劲。不知道第四季的情况是怎么样。那在新客户的进展怎么样？那尤其这边主要的这个竞争对手是海思，所以不知道是不是给我们可以提一下明年的展望是如何呢？
目前看起来这个有关安防surveillance方面的产品的需求demand是相当的不错。那以现在来看，第四季对第三季应该还是会有稍微的这个出货还是会稍微的增加。那最主要的原因因为这个需求是突然的上来，尤其现在这个比较lead time是比较长，longer lead time。所以呢，我们在出货上面也是来不及。所以这次上面我们尽量的在pull in这个wafer当中，那希望能够尽量能够去满足这个市场上的这个需要。那有关这个产品，目前我们看到的是明年看起来应该也需求应该也相当不错，而且最近呢，来这个inquiry的customers呢，应该是越来越多。所以在这里我们就是看明年如何能够在这上面去满足客户的这个需求。
The next question is about the Camera or Surveillance SOC. Management just mentioned about it being very strong in quarter three. Just wonder the sequential growth into the quarter four and also provide an update on new customers. And HiSilicon is the major player in this SOC market, and you might benefit. Could you also share some initial outlook for next year? Well, you know the surveillance SOC market, the demand is really good, and you're seeing strong demand in that market. We're expecting Q4 to be better than Q3 in terms of shipment. But because a lot of those orders are rush orders, basically, we don't have enough lead time to really fulfill the supply. We are trying our best to pull in at this moment, but basically we can't fulfill the demand 100%. We are working on it. And as to 2021, the overall demand also looks good. And recently, we are seeing a lot of inquiries from various customers asking for solutions. We do pretty positive on next year. 下一个关于SOC的产品是Power。那也不知道Power这个第四季的季对季的成长怎么样。那最近也看到很多报纸上提到这个关于foundry或者产品的涨价，不知道公司的计划是怎么样子呢？关于这个成本还有售价方面，那对毛利的影响是怎么样？
由于现在这个AvWafer的supply就刚刚提到了非常紧，所以这个影响到这个Power相关的这个产品的supply。所以在Wafer上面，事实上最近有一些可能有部分有一些有调整，这个售价上的调整。那这上面跟刚刚那个AvWafer事实上是一样的情况。我们在这上面有跟客户呢，做一些这个讨论。当然部分也有来自这个backend的这个成本的上涨，backend的这个成本的上涨。那以现在来看的话，最主要还是在Wafer的在第四季呢，看起来还是很紧。所以我们第四季的Power方面相关的跟对第三季来讲的话呢，大概几乎是持平，因为这个supply还是比较紧。所以现在的情况大概是这样。 那今年Power的成长相当的亮丽，您可以也分享一下明年有一些初步的想法吗？对于Power这个产品。 现在最主要要解决的还是这个supply的问题，就是明年来讲我们希望说能够secure比较多的这个Wafer，那看明年在这上面能够去满足这个客户的这个需求。
Next question is about Power Optimic. I wonder what's the sequential growth outlook for quarter four? And also whether there's another round of the foundry cost increase as well as the price adjustment for your Power product in quarter four or first quarter next year. As everybody knows that the PMIC or the Power IC basically mostly fabricated in 8-inch. So currently the 8-inch supply is very tight. We are seeing the pricing for the wafer price has also gone up. So we also did some ASP adjustment accordingly to reflect the cost. They're also on the backend side for the Power, the packaging and testing cost also went up. So that's the supply side. Due to the tightness in the supply, so we are expecting Q4 to be roughly flat compared to Q3. And also can you provide some outlook for your Power business next year given your strong performance this year? And would you also benefit from this rotation between the US, China for this business? The main effort that we have to do is to increase the wafer supply for our PMIC product line. If we're able to increase that, of course that will bring in more business. Currently we're working on it. I do believe there will be some progress. 最后关于这个SOC是T-COMP，那也可以提一下T-COMP第四季季对季的成长的趋势怎么样。那不知道关于T-COMP的foundry的供应的情况是怎么样？短期会有涨价的可能吗？在今年那如果涨价的话是不是公司也会反应？
T-COMP的部分呢，因为有用到12寸也有用到8寸的Wafer。那如果使用到8寸的Wafer，也有刚刚提到的这种排挤的这个效应，因为很多的产品都在8寸的Wafer上面。所以为了要能够满足客户的需求呢，我们也正在努力看是不是可以secure更多的8-inch的Wafer。如果说以shipment来看的话呢，我们看Q4对Q3呢，应该revenue可能会稍微增加一些，会稍微增加一些，不过不大。但是呢，在成本上面如果有任何increase的话呢，我们也是会跟客户来做商量，跟客户来商量。 您这边T-COMP已经是全球revenue最大的公司了，您觉得明年看起来这边的展望也可以分享一下吗？那我们也看到很多台湾的peer也对一些新的interface IC，新的规格有些琢磨，不知道公司这边的计划怎么样。 以明年来看的话，当然T-COMP主要是搭配Panel，所以如果说Panel的生意好，我想T-COMP的shipment也会增加。这是第一个。第二个来讲的话就是有关新interface的产品，我想这方面我们也正在做一些规划，应该在under planning。所以我们来看看新的interface上面的市场。
Next question on the SOC is about T-COMP. I wonder what's the sequential growth into quarter four? And also how about the foundry supply situation for the T-COMP? And also if there's a cost push-up on the foundry side, will you also increase your selling price on T-COMP? The T-COMP product basically is fabricated both in 8-inch and 12-inch. And as you can see that the 8-inch is much tighter than 12-inch. So basically we are trying our best to secure more capacity. But based on that, our Q4 revenue on the T-COMP side, we are expecting it to increase slightly. And as I mentioned, because of the tightness, the cost for the foundry or the packaging also going up. So we are also planning to pass on the cost to our customer. Could you also share some initial outlook for the next year as well as any plans for the new interface IC given the recent some plans we heard from your peers in Taiwan? As you know, the T-COMP actually is related to the Panel. As the Panel business increases, of course the demand for T-COMP will also increase. So basically we do see that the overall T-COMP should grow next year. And at this moment, there are a lot of new interface, and we have a lot of plans working on various different interface. 我们现在就产品这边问完了。那我们看到还有几个这个一些总括的一个题目。那第一个大家过去这段时间比较关心的就是一个中国的这个最大的手机客户这边。那想了解一下这边对公司的影响在第四季以后会是怎么样。那也想了解一下公司是有争取出货许可吗？那现在的进展是怎么样？
有关这个客户的状况，我们目前来看的话，对第四季，那以刚刚的guidance，各位可以看到事实上我们也从其他的这个客户或者其他的应用里面呢，也获得了一些recovery。那对NovaTech来讲，我们一定会遵守这个法律的这个情况，我们是没有在出货。那我们对我们针对这个事情呢，也跟美国的这个商务部BIS呢，有申请这个license能够去出口这样子。 Okay, there are some also other questions. The first one is about the impact from your one major customer in China. Just wonder what's the impact to your overall business from the quarter four? And have you filed the application and what's the status for your application? Well, the impact is relatively small because the reason is because we have other customers, because the demand actually redistributed. So basically the impact is not that big. And as for the license approval, we already submitted our license application to BIS, and we are now waiting for the final approval. 第二个问题是看到公司逐季不断的这个毛利率的新高，可以分享一下目前对明年上半年或全年公司对毛利率的趋势有一个初步的想法吗？那或者也含着对NRE的明年是不是有一个初步的趋势可以分享？ 我想这个持续的去提高的这个毛利率或者是维持我们让毛利率能够再往上，我想这是作为一个Design House我们非常重要的一个工作。所以呢，我们会持续的working on这个gross margin的这个improvement，尤其是在这个新产品的开发或者是新技术的研发，我想这是核心的一个地方。
The next question is about your gross margin trend. You have delivered sequential growth and also post-record gross margin over the past couple of quarters. Just wonder if you can maintain this trend into the next year and also can provide some color for your NRE for next year. Well, as a Design House, I mean our major goal is to continue to improve our margin to a reasonable level. Of course, the one thing that's more important than the margin is how to develop more value-added product to our customers so that in turn we can improve our margin. So that's our major goal. 那您这边第四季的数字也非常的亮丽，也比过去往年的这个季节衰退为强。那想请问一下目前您对第一季的营收有一个初步想法吗？会担心库存调整吗？ 由于现在刚刚提到的有一些我们从客户那里观察的情况，看起来以我们的产品这个sector来看的话，库存看起来应该是还好。那最主要的原因我想这样的一个状况至少应该会延续到明年的1月。那至于说这个春节以后的这个状况，可能我们那时候会密切观察这样的一个情形，尤其现在这个疫情看起来有这个又再回来的这个情况。所以到那时候我们可以再来看这个库存的这个情况是怎么样。不过以现在这个时间点来看应该还算是蛮健康的，我们感觉。
Okay, the next question is about some initial salt for first quarter given your strong momentum into the quarter four. Do you expect to see some inventory adjustment for the first quarter or what's your view on that? Well, we don't have a Q1 number at this point, but looking at the inventory level, we are not that worried about the inventory level. So far it's pretty healthy. But as you know, the pandemic is still not contained yet, and there's still a lot of variables. So I think it will be more appropriate; it will be easier for us to look at the outlook in January. I think that will be the best time to look at it. 下一个问题就是刚刚Senior Management提到各个别产品，也提了一下明年初步的一个想法。那似乎大部分的产品都是蛮正面的看法，也提到唯一担心的是产能。所以这样来说，是不是只有OLED这边会有一些挑战吗？那不知道您对OLED产品明年有一个初步的想法吗？出货量上。 刚刚我提到的就是OLED来看的话，我们现在expect的应该明年应该会Q2左右应该可以recover回来。应该就是说这个出货的数量应该可以回来。不过不管怎么样，在手机上来看，反正你一定要有一个display，就要有一个driver。Either是这个TDDI or是这个OLED。所以基本上只要这个demand在，我们认为只是使用什么technology而已。所以我觉得这个不会是一个问题。
Senior Management have mentioned some comments about your individual lines and outlook into the next year. Most of us are seeing pretty positive, and one of the key concerns has been on the foundry supply side. But could you also provide more color on the OLED driver? Can the shipment grow year over year in 2021 versus 2020? Well, we do expect OLED to recover in Q2 next year. But you know, no matter what, I mean as long as there's demand for mobile, for smartphones, it will need a display. So the display can be either TDDI or for LCD display or OLED; it doesn't matter. As long as there is a demand for display, we will supply the solution for them. But basically we do expect OLED to recover Q2 next year. 也有投资人提到说刚刚Management提到几项产品线的看法正面。不知道有没有办法稍微给一个顺序，就是说可能成长的情况，这几个的顺序是怎么样？对明年的话，明年。 明年，年对年，是的。 以顺序来看，现在现阶段，看起来是要先去解决wafer的supply的问题。我想这是优先要去解决的。所以我们觉得以各个产品线来看，现在是谈顺序，我想最重要的是要去解决，而且要去secure足够的wafer。
I must wonder if you have pretty positive outlook across your product line. Just wonder if you can provide the order in terms of year over year growth for next year. Well, I think the main job that we need to do for next year is to try to secure more capacity. That's our main job. But as to which line will grow faster, it's hard to tell at this moment. It's still too early. 这边有投资人问一下，今年获利看起来又是一个大好年。想问一下目前公司会继续维持在一个跟往年过去一样的稳定的配息率吗？我们这几年来我想我们的payout ratio应该都keep在80几%，85%，86%。所以我想我们还是会维持这样的一个基本上是会维持这样的一个方向。不过详细的状况我们也还是要等跟这个董事会在那边讨论以后才能够做这个决定。
Congratulations on your pretty strong momentum in 2020. Just wonder if you will maintain your payout ratio similar to your past few years. Well, as you can see that for the past many years, NovaTech has been maintaining our payout ratio as a relatively high payout ratio, more than 80%. I think so far there is no change in the policy. But as to exactly how much payout ratio, it will depend on the we have to wait for the board to decide for the precise number. But in general, the policy, there's no change in the policy. Only a few minutes left, so I don't know whether there's any more questions. Maybe one more question. If there's any question, do let us know. Okay, it seems there's no more questions. We pretty much covered most of them. Thank you so much for taking part in this Q3 Investor Conference. I wish you all the best. Thank you so much. 谢谢，谢谢大家。