Silicon Motion: Strong boot drive and Ferri sales drive near-term upside; PCIe Gen6 Enterprise controller promising future driver; Raise PT to $350

研报英文原文证据摘录

Silicon Motion: Strong boot drive and Ferri sales drive near-term upside; PCIe Gen6 Enterprise controller promising future driver; Raise PT to $350

us our J.P. Morgan Securities (Taiwan) Limited

prior estimate of $60mn+). NAND supply tightness is pushing smaller Subham Singhania

customers in the automotive segment toward SIMO, given its stronger (91-22) 6157-3801

procurement leverage, creating incremental upside to its SSD solutions subham.singhania@jpmorgan.com

business. We believe further upside could come from boot drives for BlueField J.P. Morgan India Private Limited

4 DPUs as Vera Rubin ramps in late 2026, supported by a meaningful ASP

uplift (on 4x+ density increases) and a higher DPU attach rate in Vera Rubin.

Key Changes (FYE Dec)

Overall, we expect SIMO’s boot storage TAM to grow at a 160%+ CAGR over

Prev Cur Δ

2026–2028 (see table 1), driving SIMO’s boot drive revenue growth to Adj. EPS - 26E ($) 8.82 10.67 20.9%

149%/55% in 2027/2028. Adj. EPS - 27E ($) 11.88 15.94 34.2%

• Enterprise SSD controller adoption slower near term but PCIe Gen 6 Quarterly Forecasts (FYE Dec)

should open up a much larger market: While SIMO’s QLC NAND

Adj. EPS ($)

enterprise SSD controller should see an initial ramp in 2H26, adoption of QLC- 2025A 2026E 2027E

based enterprise controllers appears slower than expected, constrained by Q1 0.60 1.58A 3.29

limited availability of 2Tb mono-die QLC (with current supply restricted to Q2 0.69 2.43A 3.36

SanDisk and Kioxia). Management now expects a more meaningful ramp for Q3 1.00 2.75 4.49

Q4 1.26 3.89 4.78

QLC only in late 2027 or 2028. That said, SIMO’s PCIe Gen 6 enterprise SSD FY 3.55 10.67 15.94

controller remains on track to tape out in August, and we expect PCIe Gen 6

to become a key growth driver once shipments begin in 2028.