Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  </li>
<li>Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  </li>
<li>In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.</li>
</ul>


Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  
Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  
In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.


Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

<ul>
<li>2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  </li>
<li>Silergy targets for auto sales contributed to reach 15% in 2025.  </li>
<li>Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  </li>
</ul>


2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  
Silergy targets for auto sales contributed to reach 15% in 2025.  
Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  


Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

<ul>
<li>We are surprised that <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a> is using <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> to trial-run products.</li>
<li>The outlook for 2024 remains unchanged at over 20% YoY, and we still see a path to recovery ahead.</li>
<li>We consider the recent drop from NTD$526 on June 14th to NTD$429 on July 5th as an opportunity to consider entering the stock.</li>
</ul>


We are surprised that Silergy Corp (6415 TT) is using Vanguard Intl Semiconductor (5347 TT) to trial-run products.
The outlook for 2024 remains unchanged at over 20% YoY, and we still see a path to recovery ahead.
We consider the recent drop from NTD$526 on June 14th to NTD$429 on July 5th as an opportunity to consider entering the stock.


Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

<ul>
<li>We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.</li>
<li>Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  </li>
<li>Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  </li>
</ul>


We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.
Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  
Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  


Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

<ul>
<li>The short-term recovery momentum observed in China and consumer markets.</li>
<li>The Gen 3 in 4Q23 accounts for about 50% of the production, expected to increase to around 60-70% in 4Q24F.</li>
<li>Expecting to improve quarter by quarter after reaching the bottom in 1Q24F, and the growth is expected to recover to around 20%+ YoY in 2024F.</li>
</ul>


The short-term recovery momentum observed in China and consumer markets.
The Gen 3 in 4Q23 accounts for about 50% of the production, expected to increase to around 60-70% in 4Q24F.
Expecting to improve quarter by quarter after reaching the bottom in 1Q24F, and the growth is expected to recover to around 20%+ YoY in 2024F.


Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Silergy Corp (6415 TT)

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Patrick Liao

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

The first annual profit was turnaround in 4Q23. It's recovery momentum in China and consumer markets now. The growth is expected to recover to 20%+...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

​Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

​2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

​Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Patrick Liao

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

​Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

The first annual profit was turnaround in 4Q23. It's recovery momentum in China and consumer markets now. The growth is expected to recover to 20%+...

Patrick Liao

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...