Silergy* (6415 TT, NT$468) - GM expected to recover in 2Q26

研报英文原文证据摘录

Silergy* (6415 TT, NT$468) - GM expected to recover in 2Q26

Taiwan Equity | Semiconductor

Company Snapshot

Figure 3: Silergy’s sales mix since 1Q23

100%

6% 8% 9% 9% 10% 9% 12% 13% 13% 12% 14% 15% 13%

80%

60%

36%

30% 31% 39% 35% 31% 29% 29% 30% 30% 31% 30% 33%

40%

20%

0%

1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Consumer Indutrial Information Networking Auto electronics

Source: Company, Fubon Research

Analog IC market recovery accelerating, production costs expected to be passed on

The analog IC industry is showing clear signs of demand and price recovery, especially as

the shortage of 8” wafer capacity is helping Silergy’s 12” process ramp up ahead of

schedule. The management stated at the May 15 investor conference that since April, AI-

related demand and rush orders have increased. AI GPU power doubles every three years,

and the pace is accelerating. Silergy’s optical module and eSSD products are benefiting

from upgrades in transmission speed and capacity, driving rapid growth in demand for

Gen 4 PMIC products. Similarly, TI management noted at their late April investor

conference that power management ICs for data centers and industrial sectors are seeing

sales pick up; the auto market demand structure is improving, and markets outside China

are returning to growth, with auto IC content continuing to rise. In short, TI is responding

to rising production cost pressures and plans to raise prices for multiple products for the

second time starting July 1. Silergy is also negotiating price increases with customers,

which is expected to help GM return to normal levels.

Gen 4 deployment benefits emerging, growth targets for FY26-27 expected to be met

The management reiterated at the May 15 investor conference that consolidated sales in