Silergy Corp Successful price hike plus stronger server and auto outlook beat expectations; OW

研报英文原文证据摘录

Silergy Corp Successful price hike plus stronger server and auto outlook beat expectations; OW

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Silergy Corp Overweight

6415.TW, 6415 TT

Successful price hike plus stronger server and auto Price (15 May 26):NT$468.00

outlook beat expectations; OW ▲Price Target (Jun-27):NT$520.00 Prior (Dec-26):NT$440.00

Silergy’s share price was down 7% today (15 May), mainly given its reported 1Q26

results with a GM miss. We believe management’s positive tone on the company’s Technology

future growth drivers and GM improvement factors during today’s earnings call William Yang AC

should mitigate investors’ concerns on its margin and earnings outlook. First, the (886-2) 2725-9899

company confirmed its successful price hike negotiation with customers to pass william.yang@jpmorgan.com

through the increasing supply chain costs, which should be beneficial to its future Megan Hsueh

GM. We believe the recent price hike is a tone-up vs. the previous earnings call two (886-2) 2725-9249

megan.hsueh@jpmorgan.com

months ago, suggesting an actual demand-driven PMIC upcycle. Also, the J.P. Morgan Securities (Taiwan) Limited

datacenter business growth and contribution (already reaching 15% in 1Q26 vs.

single-digit in 2025) is better than expectations, driven by solid server

motherboard and optical module demand, which could extend into the coming Key Changes (FYE Dec)

quarters. Coupled with the on-track automotive product ramp in 2H26 and solid Prev Cur Δ

consumer product share gain, the company is confident of delivering 20-30% YoY Adj. EPS - 26E (NT$) 9.75 9.28 -4.8%

Adj. EPS - 27E (NT$) 15.22 14.37 -5.5%

revenue growth in 2026, while GM should gradually improve with better mix and

price hike, offsetting the inventory write-off impact.