Silergy Corp Data Center and Auto Segments Set to Fuel Next Earnings Upcycle

Goldman Sachs upgrades Silergy to Buy with a NT$650 price target, citing a structural earnings upcycle driven by data center and automotive demand. The report highlights significant dollar-content expansion and margin improvements from the transition to Gen 4 power management ICs.

Key Takeaways

• 1.Silergy is upgraded from Neutral to Buy with a target price increase to NT$650, implying ~39% upside potential.
• 2.Data center revenue is expected to surge to 15-20% of total revenue in 2026, up from less than 10% in 2025.
• 3.Automotive content expansion is doubling dollar content per vehicle from ~$120 in 2025 to ~$250 by end-2026.

Table of Contents

• Dual growth engines moving into focus
• Growth is now back on track
• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement
• Balance Sheet
• Cash Flow
• 1Q26 GM miss on inventory impairment
• Data center power IC entering a rapid growth phase
• Auto dollar content expansion supports a second structural leg
• Margin profile improving as Gen 4 penetration increase
• Earnings revisions, valuation and risks
• Upgrade to Buy; TP up to NT$650 from NT$310
• GSe vs consensus
• Key risks to our views
• Investment Thesis
• Price Target Risks and Methodology
• Disclosure Appendix

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