Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>4Q25 seasonal outlook? Silergy expects flat to slightly up QoQ, similar to past years.</li>
<li>Silergy does see consolidation, and given its stronger financials, product breadth, and R&amp;D capabilities, the company remains a top supplier and will continue to gain share.</li>
<li>Will 1H next year be better than 2H this year?Hard to say because of Chinese New Year seasonality.We expect YoY growth, but not strong yet.</li>
</ul>


4Q25 seasonal outlook? Silergy expects flat to slightly up QoQ, similar to past years.
Silergy does see consolidation, and given its stronger financials, product breadth, and R&amp;D capabilities, the company remains a top supplier and will continue to gain share.
Will 1H next year be better than 2H this year?Hard to say because of Chinese New Year seasonality.We expect YoY growth, but not strong yet.


Silergy (6415.TT): 4Q25 Flat or Slightly Upside; Early Gen4 Yields Remain Non-Comparable.

<ul>
<li>3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.</li>
<li>No evidence of significant market share loss; instead, delayed demand.  </li>
<li>Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.</li>
</ul>


3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.
No evidence of significant market share loss; instead, delayed demand.  
Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.


Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

<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

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Silergy Corp (6415 TT)

Silergy (6415.TT): 4Q25 Flat or Slightly Upside; Early Gen4 Yields Remain Non-Comparable.

Silergy anticipates flat to slightly up 4Q25, remains top supplier with strong financials and R&D capabilities, uncertain if 1H next year will...

Patrick Liao

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

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): 4Q25 Flat or Slightly Upside; Early Gen4 Yields Remain Non-Comparable.

​Silergy anticipates flat to slightly up 4Q25, remains top supplier with strong financials and R&D capabilities, uncertain if 1H next year will...

Patrick Liao

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

​Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

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 anticipates flat to slightly up 4Q25, remains top supplier with strong financials and R&D capabilities, uncertain if 1H next year will...

Revenue flat to slightly up in 3Q25 due to trade war and customer demand conservatism. Automotive trending up with new EV products despite intense...

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...