Fusen Chen: So Charles, I think the company have a lot of compared to 2019. Actually, I think the same we have compared to our previous cycle is about 50% larger. So if we look at it, I think advanced display, advanced packaging taken together I think, compared to previous cycle is about $200 million, the ball bonder, compared to previous cycle I think our gross margin improved about 3% to 4%, right? So not only that, I think our perspective trend really proven, for example this auto evolution transmission to autonomous and EV, I think is beneficial to us. We believe that advanced display is and compared to previous cycle we don’t have it, but I think we have good traction to TCB, right? So in previous cycle, we actually — no actually in past two years we — our operation margin actually is higher than 30% with $1.5 billion, two years.
We generated probably; I think maybe about $700 million to $800 million free cash. Then we buy back stock. So I think to compare to previous cycle we have a much bigger market, and I think will be than previous cycle.
Charles Shi: Yes. Thank you. We can discuss more on this offline. I really want to ask the next question on TCB. I think last year, there are quite a couple of products released by Apple AMD, for example, they are already at your target interconnect pitch somewhere around 25 micron to 35 micron. I believe the Apple M1 Ultra is already been package by TSMC with a flip chip technology at 25-micron pitch. AMD RDNA 3 GPU I believe is already packaging out 35-micron pitch with technology and I know AFC is probably developing 20-micron wafer level fan out really with our bonds and they are working on hybrid bonding that’s their public technology roadmap? So where does the TCB technology fit in here. I worry, it’s not quite on the technology roadmap of the two leading companies, could that end up being a Intel only technology or what gives you the confidence that there will be more adoption outside of Intel. Thank you.
Fusen Chen: Okay, so I think our company you mentioned we actually in my script, I say we actually talk numerous famous company, all major player, I think we actually discuss it. So we actually are quite confident that TCB, I think is going to have a huge growth for the next couple of years. The company you mentioned, I think we also talked to them, and we should not have a surprise.
Charles Shi: Got it. So, maybe last question on micro-LED
Fusen Chen: So Charles let me, randomly answer with two more questions. We are not depending on one customer; I think there are numerous customers are very optimistic waiting to receive a system from us. I think we discussed in last quarter and I think we discussed since Q3 of €˜22, and we discussed in Q4, we discuss in Q1. I think our next couple quarters we think we’ll continue to discuss it.
Charles Shi: Thanks. Fusen. Really want to ask my last question on micro-LED. So can you kind of quantify to us what’s the TAM opportunity for project W, and when do you expect a volume ramp, because when I look at your mini-LED project PIXALUX, which is also a customer-specific project., The product came out in spring 2021, you saw the — actually saw the volume ramp in the fall of 2020, which is roughly two quarters, two to three quarters ahead of the product release. So project W, if I guess it right, what that product and product is, it’s probably a spring 2025 product release. You’re probably going to see the volume ramping in the fall of 2024, am I thinking the timeline correctly, that’s the question — the second part of the question. So two questions: one is, how do you quantify the TAM size for project W and is full 2024 ramp about right from your perspective? Thank you.
