Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

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

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

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

Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

Silergy (6415.TT): Positive Optimistic Future Outlook

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

Equity Bottom-Up

<ul>
<li>In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  </li>
<li>The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. </li>
<li>Chinese current economic stimulus programs may impact demand in the Consumer segment.  </li>
</ul>


In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  
The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. 
Chinese current economic stimulus programs may impact demand in the Consumer segment.  


Silergy(6415.TT): 2024년 4분기에 성장할 것으로 예상되며, 자동차는 2025년 말까지 15% 성장할 것으로 예상됩니다.

Silergy Corp

Silergy(6415.TT): 2024년 4분기에 성장할 것으로 예상되며, 자동차는 2025년 말까지 15% 성장할 것으로 예상됩니다.