Re: [心得] 從蘋果發表會看台積電三率三降

法說會解釋毛利下降的原因.
let me explain to you. The sequential decline is mainly due to mix as the
contribution from N5 will increase, but it still carries a dilutive effect. And secondly, we see a slower rate of cost improvement as our fabs continue to run at a very high level of utilization, leaving less time to do cost improvementactivities. And lastly, and more technical thing is the absence of a positiveinventory revaluation in the quarter.

法說會提到關於毛利還有這一段.他們會提高價格,降低成本,來維持毛利.
And therefore, we are taking actions to ensure that we earn a proper return byfirming up our price, working with the supplier to drive the cost improvement.We expect that the 50% gross margin remains our target and is achievable.

台積電的定價策略
C.C. Wei -- Chief Executive Officer

Sebastian, let me answer that. For more than 30 years, TSMC has provided stable and predictable pricing, and we have reframed from opportunistic -- from
opportunistic or short-term actions. But now as I said in my statement, the
core structures start to change. Structural change, because of -- we have to
invest on the leading edge technology which is more complex than ever and we
also increased the mature technology node capacity, which a lot of them already been fully depreciated. And now we have to invest in new tools. So we refrainfrom our opportunistic and short-term action, but we also have to share our
value. So we are working with our customer closely, and we want to firm up ourwafer pricing to a reasonable level. And we are also working with our supplierto deliver the cost reduction, and we want to earn a proper return that enableus to continue to invest to support our customers of course. And in today's
terms, capacity support is the most important one they are looking for. Okay.

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