慧榮科技 (SIMO) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Silicon Motion Technology Corporation's first-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加慧榮科技2025年第一季財報電話會議。（操作員指示）

This conference call contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as amended. Such forward-looking statements include, without limitation, statements regarding trends in the semiconductor industry and our future results of operations, financial conditions and business prospects. Although such statements are based on our own information and information from other sources, we believe to be reliable, you should not place undue reliance on them.

本次電話會議包含經修訂的 1933 年證券法第 27A 節和 1934 年證券交易法第 21E 節所定義的前瞻性陳述。此類前瞻性陳述包括但不限於有關半導體產業趨勢以及我們未來營運績效、財務狀況和業務前景的陳述。儘管此類聲明基於我們自己的資訊以及我們認為可靠的其他來源的信息，但您不應過分依賴它們。

These statements involve risks and uncertainties and actual market trends and our results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, continued competitive pressure in the semiconductor industry and the effect of such pressures on prices, unpredictable changes in technology and consumer demand for multimedia consumer electronics, the state of and any change in our relationship with our major customers and changes in political, economic, legal and social conditions in Taiwan.

這些聲明涉及風險和不確定性以及實際的市場趨勢，由於各種原因，我們的結果可能與這些前瞻性聲明中表達或暗示的結果有重大差異。潛在風險和不確定因素包括但不限於半導體產業持續的競爭壓力及其對價格的影響、技術和消費者對多媒體消費電子產品的需求的不可預測的變化、我們與主要客戶的關係狀況和任何變化以及台灣的政治、經濟、法律和社會條件的變化。

For additional discussions of these risks and uncertainties and other factors, please see the documents we file from time-to-time with the Securities and Exchange Commission. We assume no obligations to update any forward-looking statements, which apply only as of the date of this conference call. Please be advised that today's conference is being recorded.

有關這些風險、不確定性和其他因素的更多討論，請參閱我們不時向美國證券交易委員會提交的文件。我們不承擔更新任何前瞻性陳述的義務，這些前瞻性陳述僅適用於本次電話會議之日。請注意，今天的會議正在錄音。

It is now my pleasure to hand you over to Mr. Tom Sepenzis, Senior Director of IR and Strategy. Please go ahead, sir.

現在我很高興將您交給投資者關係和策略高級總監 Tom Sepenzis 先生。先生，請繼續。

Good morning, everyone, and welcome to Silicon Motion's first-quarter 2025 financial results conference call and webcast. Joining me today is Wallace Kou, our President and CEO; and Jason Tsai, our CFO.

大家早安，歡迎參加 Silicon Motion 2025 年第一季財務業績電話會議和網路直播。今天與我一起出席的是我們的總裁兼執行長 Wallace Kou；以及我們的財務長 Jason Tsai。

Wallace will first provide a review of our key business developments, and then Jason will discuss our first quarter results and outlook. Following our prepared remarks, we will conclude with a Q&A session.

華萊士將首先回顧我們的主要業務發展，然後傑森將討論我們的第一季業績和展望。在我們準備好的發言之後，我們將以問答環節結束。

Before we get started, I would like to remind you of our Safe Harbor policy, which was read at the start of this call. For a comprehensive overview of the risks involved in investing in our securities, please refer to our filings with the US Securities and Exchange Commission. For more details on our financial results, please refer to our press release, which was filed on Form 6-K after the close of the market yesterday. This webcast will be available for replay in the Investor Relations section of our website for a limited time.

在我們開始之前，我想提醒大家注意我們的安全港政策，該政策已在本次電話會議開始時宣讀過。有關投資我們證券所涉及的風險的全面概述，請參閱我們向美國證券交易委員會提交的文件。有關我們財務業績的更多詳細信息，請參閱我們昨天收盤後以 6-K 表格形式提交的新聞稿。該網絡廣播將在我們網站的投資者關係部分限時重播。

To enhance investors' understanding of our ongoing economic performance, we will discuss non-GAAP information during this call. We use non-GAAP financial measures internally to evaluate and manage our operations. We have, therefore chosen to provide this information to enable you to perform comparisons of our operating results in a manner consistent with how we analyze our own operating results. The reconciliation of the GAAP to non-GAAP financial data can be found in our earnings release issued yesterday. We ask that you review it in conjunction with this call.

為了增強投資者對我們持續經濟表現的了解，我們將在本次電話會議中討論非公認會計準則資訊。我們在內部使用非公認會計準則財務指標來評估和管理我們的營運。因此，我們選擇提供這些信息，以便您以與我們分析自身經營業績一致的方式對我們的經營業績進行比較。在我們昨天發布的收益報告中可以找到 GAAP 與非 GAAP 財務數據的對帳。我們要求您結合本次通話對其進行審查。

With that, I will turn the call over to Wallace.

說完這些，我會把電話轉給華萊士。

Thank you, Tom. Hello, everyone, and thank you for joining us today. I'm pleased that we delivered revenue at the high end of our range of our first quarter, but the market of PC and smartphone began to rebound. Additionally, we delivered another quarter of gross margin expansion through the successful introduction of a new product and the mix shift toward higher end PCIe and UFS products.

謝謝你，湯姆。大家好，感謝大家今天加入我們。我很高興我們第一季的收入達到了預期的高位，但個人電腦和智慧型手機市場開始反彈。此外，透過成功推出新產品以及向更高端的 PCIe 和 UFS 產品組合轉變，我們實現了另一個季度的毛利率成長。

We continue to invest in the next-generation technologies that we expect will drive long-term sustainable top and bottom-line growth of our company. We are also benefiting from the increased controller outsourcing by our NAND flash maker customer, a trend that should continue as the controller capacity increase and the design cost continue to rise. Flash makers remain focused on profitability, while managing their investment to serve the increasingly diverse end market memory requirements.

我們將繼續投資於下一代技術，期望這些技術能推動公司長期可持續的收入和利潤成長。我們也受惠於 NAND 快閃記憶體製造商客戶增加的控制器外包，隨著控制器容量的增加和設計成本的持續上升，這一趨勢應該會持續下去。快閃記憶體製造商仍專注於獲利能力，同時管理其投資以滿足日益多樣化的終端市場記憶體需求。

Despite the macro uncertainties, we are excited by the progress we are making securing strong design win momentum and share gain across all our end markets as we launch several new products including exciting new win with NVIDIA's BlueField-3 DPU platform, that I will discuss in greater detail in a moment, as well as new solutions for the PC, smartphone, enterprise and automotive markets.

儘管存在宏觀不確定性，但我們對所取得的進展感到興奮，確保了強勁的設計勝利勢頭和所有終端市場的份額增長，因為我們推出了幾款新產品，包括與 NVIDIA 的 BlueField-3 DPU 平台一起取得的令人興奮的新勝利（我將在稍後詳細討論），以及針對 PC、智慧型手機、企業和汽車市場的新解決方案。

I would like to spend a moment discussing the current business environment. The current global economy picture is increasingly difficult to navigate, and they change day-to-day due to ongoing tariff and geopolitical challenges. Regarding current climate, we believe the impact to our business should be limited given that the US only accounts for 10% of the global smartphone market, about 25% of the PC market.

我想花一點時間討論當前的商業環境。當前的全球經濟狀況越來越難以駕馭，並且由於持續的關稅和地緣政治挑戰，情況每天都在變化。就當前情況而言，我們認為對我們業務的影響應該是有限的，因為美國僅佔全球智慧型手機市場的 10%，約佔個人電腦市場的 25%。

For smartphones, the US market is dominated by Apple and Samsung accounting for nearly 85% market where we have historically had little to no share. Our overall exposure to US consumer electronic sales is significantly lower than many other semiconductor companies in the PC and smartphone bootcamp.

對於智慧型手機而言，美國市場由蘋果和三星主導，佔據了近 85% 的市場份額，而我們歷史上幾乎沒有任何份額。我們在美國消費性電子產品銷售的整體曝光度明顯低於個人電腦和智慧型手機訓練營中的許多其他半導體公司。

While the escalating tariff environment creates uncertainty in demand in the near term, we are going to remain focused on what we can control, delivering market-leading products win, superior performance, expanding our market share with the flash makers that are increasingly resource constrained, supporting multiple memory technology and diversifying our business through the expansion into new and growing market including enterprise and AI storage, automotive, industrial and more.

雖然不斷升級的關稅環境在短期內造成了需求的不確定性，但我們將繼續專注於我們能夠控制的事情，提供市場領先的產品、卓越的性能，擴大我們在資源日益受限的閃存製造商中的市場份額，支持多種內存技術，並通過擴展到新興市場和不斷增長的市場（包括企業和人工智能存儲、汽車、工業等）來實現業務。

I would now like to discuss the broader NAND flash environment. The NAND industry experienced improvements throughout the first quarter as inventory level in consumer markets including smartphone and PC appear to have bottomed out and enterprise storage demand remains strong.

現在我想討論更廣泛的 NAND 快閃記憶體環境。由於智慧型手機和個人電腦等消費市場的庫存水準似乎已經觸底，且企業儲存需求依然強勁，NAND 產業在第一季經歷了改善。

NAND flash maker have begun to raise prices recently given scale back flash production and reduced inventory levels. We will continue to focus our resources on our flash maker partners as they will be the customer with the greatest asset to NAND in 2025 if prices continue to rise. Our business with module makers remain steady as they are starting to build inventory ahead of increasing NAND prices and restocking low channel inventory for aftermarket SSD.

由於快閃記憶體產量縮減和庫存水準降低，NAND 快閃記憶體製造商最近已開始提高價格。我們將繼續把資源集中在我們的快閃記憶體製造商合作夥伴身上，因為如果價格繼續上漲，到 2025 年，他們將成為 NAND 的最大資產客戶。我們與模組製造商的業務保持穩定，因為他們在 NAND 價格上漲之前開始建立庫存，並為售後 SSD 補充低通路庫存。

One area where we are benefiting from both increasing NAND costs and the potentially negative pricing impact of tariffs is a rapidly growing interest in QLC NAND. QLC allows server and device makers the ability to significantly increasing memory density in a cost-effective manner given OEM's opportunity to deliver higher density storage solutions at a more reasonable price.

我們從不斷上漲的 NAND 成本和關稅可能帶來的負面定價影響中受益的一個領域是對 QLC NAND 的興趣迅速增長。鑑於 OEM 有機會以更合理的價格提供更高密度的儲存解決方案，QLC 使伺服器和設備製造商能夠以經濟高效的方式顯著提高記憶體密度。

As we have discussed during the past few investor calls, we believe we are the best position to benefit from the increased adoption of QLC given that we have more experience managing QLCs than any other controller maker.

正如我們在過去幾次投資者電話會議中所討論的那樣，我們相信，鑑於我們在管理 QLC 方面的經驗比任何其他控制器製造商都豐富，我們最有可能從 QLC 的普及中受益。

We are experiencing significant inbound interest for developing QLC products across the enterprise market for MonTitan and the consumer market for both SSD and smartphones. And we expect to deliver multiple new products in the coming months that will capitalize on this interest and help us deliver long-term sustainable revenue and earnings growth for many years to come.

我們發現，對於為 MonTitan 的企業市場以及 SSD 和智慧型手機的消費市場開發 QLC 產品，人們有著濃厚的興趣。我們預計將在未來幾個月推出多款新產品，以滿足這一需求，並幫助我們在未來許多年實現長期可持續的收入和獲利成長。

Now, let me share some update for each of our business segments, beginning with client SSD controllers. While there has been much discussion around the 2025 outlook for PC given the current geopolitical uncertainties, as of today we believe the market is still expecting PC to grow in the low to mid-single digit range.

現在，讓我分享我們每個業務部門的一些更新，從客戶端 SSD 控制器開始。儘管鑑於當前的地緣政治不確定性，人們對 2025 年 PC 的前景進行了大量討論，但截至今天，我們認為市場仍然預計 PC 將以低至中等個位數的速度增長。

We have seen some motivation by customers to purchase ahead of the NAND price increases and any potential economic effect of tariff and potential supply disruption, but we believe inventory level remain healthy based on our current customer forecast and continued share gain in the mid-range and high-end PC market. We are increasingly confident in our client SSD business for this year and our pipeline of new program for next year to deliver long-term growth.

我們看到客戶在 NAND 價格上漲以及關稅和潛在供應中斷的任何潛在經濟影響之前有一定購買動機，但根據我們目前的客戶預測以及中端和高端 PC 市場的持續份額增長，我們認為庫存水準仍然保持健康。我們對今年的客戶 SSD 業務以及明年的新專案計畫實現長期成長越來越有信心。

We are seeing stronger than expected demand for our new PCIe 5 8-channel controller. As we have mentioned previously, this controller is the first 6 nanometer PCIe 5 chip in the world and we have design wins at four of six NAND flash makers and nearly all module makers, given its superior performance and lower power requirement. Introduced in December quarter, this controller already accounts for over 5% of client SSD business, and we expect they will continue to grow rapidly over the next several quarters as PC OEM, NAND flash maker and module maker customers ramp up their high-end PCIe 5 project to full scale.

我們發現對新款 PCIe 5 8 通道控制器的需求比預期強勁。正如我們之前提到的，該控制器是世界上第一款 6 奈米 PCIe 5 晶片，由於其卓越的性能和更低的功率要求，我們在六家 NAND 快閃記憶體製造商中的四家以及幾乎所有模組製造商中獲得了設計勝利。該控制器於 12 月季度推出，已佔客戶端 SSD 業務的 5% 以上，我們預計，隨著 PC OEM、NAND 閃存製造商和模組製造商客戶全面推進其高端 PCIe 5 項目，它們將在未來幾季繼續快速成長。

In addition to the success we are experiencing with our 8-channel controller, we have already secured four flash maker wins with our upcoming PCIe 5 4-channel DRAM-less controller, targeting the mainstream market. This 4-channel controller was tape-out in Q3 last year and expected to begin shipments later this year. We are also actively engaged with virtually every module maker for this new controller, and we anticipate that they will help us continue to drive share growth in the client SSD in 2026 and beyond.

除了我們的 8 通道控制器成功之外，我們即將推出的 PCIe 5 4 通道無 DRAM 控制器還贏得了四家快閃記憶體製造商的青睞，該控制器瞄準主流市場。這款 4 通道控制器於去年第三季流片，預計今年稍後開始出貨。我們也積極與幾乎所有模組製造商合作開發這種新型控制器，我們預計他們將幫助我們在 2026 年及以後繼續推動客戶端 SSD 的份額成長。

In the first quarter, we began to see demand for our new PCIe 5 8-channel controller increase as our flash maker partner secured additional PC OEM wins, and our module maker customer saw significant demand from the consumer aftermarket. Additionally, there is a new market developing for the controller as the white box server market, build a lower-cost hardware platform for AI inference that can leverage more mainstream components.

在第一季度，隨著我們的快閃記憶體製造商合作夥伴獲得了更多的 PC OEM 訂單，並且我們的模組製造商客戶看到了來自消費售後市場的巨大需求，我們開始看到對新的 PCIe 5 8 通道控制器的需求增加。此外，控制器正在出現一個新的市場，即白盒伺服器市場，為人工智慧推理建立一個可以利用更多主流組件的低成本硬體平台。

Given the early strength in our 8-channel PCIe 5 controllers in addition to the multiple wins with our upcoming 4-channel DRAM-less controller, and our strong competitive position in the mid-range PC market, we believe we are increasingly well-positioned for unit and revenue growth in client SSD over the next several years, barring significant headwind from the broader economic environment.

鑑於我們 8 通道 PCIe 5 控制器的早期優勢以及即將推出的 4 通道無 DRAM 控制器的多次勝利，以及我們在中端 PC 市場的強大競爭地位，我們相信，除非更廣泛的經濟環境出現重大阻力，否則我們將在未來幾年內在客戶端 SSD 的單位和收入增長方面處於越來越有利的地位。

Now, I would like to move on to our eMMC and UFS business. Like the PC market, the smartphone market showed signs of a bottoming and recovery in the March quarter. This was driven in part by increased smartphone subsidy in China post the Chinese New Year holiday and from the increased inventory restocking ahead of any disruption from geopolitical actions. While it is difficult to know how tariffs will impact smartphone sales in 2025, we have had a promising start of the year. During the March quarter, we experienced strong booking momentum from both flash maker and module maker customers for UFS 3.1 and UFS 2.2 controller as well as for our eMMC controllers.

現在，我想談談我們的 eMMC 和 UFS 業務。與個人電腦市場一樣，智慧型手機市場在3月季度顯示出觸底和復甦的跡象。部分原因是春節假期後中國增加了智慧型手機補貼，以及在地緣政治行動造成乾擾之前增加了庫存補充。雖然很難知道關稅將如何影響 2025 年的智慧型手機銷售，但今年的開局已經很有希望了。在三月季度，我們從快閃記憶體製造商和模組製造商客戶那裡獲得了對 UFS 3.1 和 UFS 2.2 控制器以及 eMMC 控制器的強勁預訂勢頭。

As we mentioned during our last conference call, the market is shifting away from eMMC and UMCP solution in the smartphone market, which have historically been dominated by flash makers. With the introduction of less expensive mobile DRAM solution, module makers are gaining share using our controller and selling UFS eMMC solution to smartphone OEMs. It is also leading to the adoption of 30-party controller -- third-party controller solution by the flash maker to compete in value line market to reduce development cost.

正如我們在上次電話會議中提到的那樣，智慧型手機市場正在從 eMMC 和 UMCP 解決方案轉向，而這兩個市場歷來由快閃記憶體製造商主導。隨著更便宜的行動 DRAM 解決方案的推出，模組製造商正在使用我們的控制器獲得市場份額，並向智慧型手機 OEM 銷售 UFS eMMC 解決方案。這也導致快閃記憶體製造商採用30方控制器－第三方控制器解決方案來競爭價值線市場，以降低開發成本。

With our new high-end eMMC 5.1 controller and our broad-based eMMC product portfolio, we are well-positioned with both flash makers and module makers to serve the automotive, IoT, smart TV, set-top box and other markets that account for more than 800 million units a year. Overall, we are delighted by the long-term opportunity we are seeing in the eMMC and UFS to further grow our share in the embedded smartphone memory market, as well as make a significant inroad into automotive, IoT and other high-volume markets.

憑藉我們全新的高階 eMMC 5.1 控制器和廣泛的 eMMC 產品組合，我們與快閃記憶體製造商和模組製造商均佔據優勢地位，可以服務於汽車、物聯網、智慧電視、機上盒和其他年銷量超過 8 億台的市場。總體而言，我們很高興看到 eMMC 和 UFS 的長期機遇，這將進一步擴大我們在嵌入式智慧型手機記憶體市場的份額，並在汽車、物聯網和其他大容量市場取得重大進展。

I will now provide an update to our MonTitan business. MonTitan is one of the most exciting opportunity for Silicon Motion given the large addressable multibillion-dollar market for enterprise class controllers. As we have discussed, this is a new opportunity for our company, and we continue to expand our product portfolio, customer engagement and technology as we enter the market for the data center, enterprise storage and AI solutions.

我現在將提供有關我們的 MonTitan 業務的最新情況。鑑於企業級控制器擁有巨大的數十億美元潛在市場，MonTitan 是 Silicon Motion 最令人興奮的機會之一。正如我們所討論的，這對我們公司來說是一個新的機遇，隨著我們進入資料中心、企業儲存和人工智慧解決方案市場，我們將繼續擴大我們的產品組合、客戶參與度和技術。

Interest in MonTitan is driven in part by emerging demand for QLC NAND solutions. With AI, given its ability to deliver high density at lower cost, we have more experience with any others and support more QLC NAND than anyone else in the industry. MonTitan also offer greater flexibility than competing solution given our wide range of firmware capability with which we can meet the unique needs of different customers' applications and use cases. Our flexibility is opening opportunity across multiple fronts in the enterprise and AI storage solution business.

人們對 MonTitan 的興趣部分源於對 QLC NAND 解決方案的新興需求。由於 AI 能夠以較低的成本提供高密度，因此我們擁有比其他任何產品都更豐富的經驗，並且比業內任何其他產品都支援更多的 QLC NAND。MonTitan 還提供了比競爭解決方案更大的靈活性，因為我們擁有廣泛的韌體功能，可滿足不同客戶應用程式和用例的獨特需求。我們的靈活性正在為企業和人工智慧儲存解決方案業務的多個方面帶來機會。

Many of our early customers are focused on delivering solution for storage system architectures, but we are now expanding our addressable market for MonTitan. We have been working with the NVIDIA team for over a year to qualify our new MonTitan server boot storage solution for use with the BlueField-3 data processing unit, or DPU architecture. And we have been designed into the platform. BlueField-3 is a network accelerating solution that help deliver peak AI workload effectively, end-to-end security and high-performance cloud networking use NVMe over fibers.

我們的許多早期客戶都專注於為儲存系統架構提供解決方案，但我們現在正在擴大 MonTitan 的潛在市場。我們與 NVIDIA 團隊合作了一年多，以確保我們的新 MonTitan 伺服器啟動儲存解決方案能夠與 BlueField-3 資料處理單元或 DPU 架構一起使用。而我們已經被設計到平台中。BlueField-3 是一種網路加速解決方案，可協助有效地提供尖峰 AI 工作負載、端對端安全性和高效能雲端網路使用 NVMe over fiber。

Our boot storage solution will be used to power BlueField-3 DPU beginning later this year, adding a significant new revenue and unit growth opportunity for Silicon Motion. Additionally, each BlueField-3 DPU will be paired with multiple high-density enterprise class QLC SSD through PCIe switches. Currently, Solidigm is the only company shipping a high-density 122-terabyte QLC enterprise SSD in the market. And we expect to be the second providing a 128-terabyte QLC MonTitan SSD turnkey solution to our customers later this year.

我們的啟動儲存解決方案將從今年稍後開始為 BlueField-3 DPU 供電，為 Silicon Motion 增加重要的新收入和單位成長機會。此外，每個 BlueField-3 DPU 將透過 PCIe 交換器與多個高密度企業級 QLC SSD 配對。目前，Solidigm 是市場上唯一推出高密度 122 TB QLC 企業級 SSD 的公司。我們預計今年稍後將第二次向客戶提供 128 TB QLC MonTitan SSD 交鑰匙解決方案。

We are thrilled to be growing part of NVIDIA storage ecosystem, providing enterprise boot storage and high-density 128-terabyte MonTitan enterprise data storage solution for AI. These solutions deliver ASP that are significantly above our current corporate average with accretive gross margins. As our MonTitan product portfolio evolves, we look forward to engaging with new customers to expand our addressable market in other areas as we are currently doing with BlueField.

我們很高興成為 NVIDIA 儲存生態系統的一部分，為 AI 提供企業啟動儲存和高密度 128 TB MonTitan 企業資料儲存解決方案。這些解決方案提供的平均售價遠高於我們目前的企業平均水平，並且能夠提高毛利率。隨著我們的 MonTitan 產品組合不斷發展，我們期待與新客戶合作，擴大我們在其他領域的潛在市場，就像我們目前與 BlueField 合作一樣。

To that end, we are currently focused on delivering a more complete family of MonTitan products, including controller for SATA and PCIe server boost drive, higher density and performance 8-channel and 16-channel controller for AI storage application. With MonTitan supporting the upcoming 2 terabit monolithic die QLC NAND, we will be able to deliver high-density, high-performance 128 terabyte SSD with a best-in-class brand reach of 3.5 million IOPS, putting us in a great position to rapidly expand our market share in the large and growing market for AI storage solution.

為此，我們目前專注於提供更完整的 MonTitan 產品系列，包括用於 SATA 和 PCIe 伺服器增強驅動器的控制器、用於 AI 儲存應用的更高密度和效能的 8 通道和 16 通道控制器。透過 MonTitan 支援即將推出的 2 太比特單片 QLC NAND，我們將能夠提供高密度、高效能的 128 太字節 SSD，其最佳品牌覆蓋率為 350 萬 IOPS，使我們處於有利地位，能夠在龐大且不斷增長的 AI 儲存解決方案市場中迅速擴大我們的市場份額。

And finally, we are also engaged with multiple partners with next-generation PCIe 6-controller targeting the NVIDIA Rubin GPU platform that is expected to begin ramping in 2027. We are confident that MonTitan will begin to ramp in the second half of this year and more meaningfully in 2026 as multiple customers enter production.

最後，我們也與多家合作夥伴合作，開發針對 NVIDIA Rubin GPU 平台的新一代 PCIe 6 控制器，預計該平台將於 2027 年開始量產。我們相信，隨著多家客戶投入生產，MonTitan 將在今年下半年開始增產，並在 2026 年實現更顯著的成長。

Finally, I would like to provide highlights on our automotive and other business. Our automotive market position continued to improve as we add new products to our growing portfolio, we continue to support automotive across all our product category, including SATA, PCIe SSD, eMMC, UFS and our ferrite embedded solutions across a wide variety of use cases.

最後，我想介紹我們的汽車和其他業務的亮點。隨著我們不斷增長的產品組合中添加新產品，我們的汽車市場地位持續提高，我們繼續為所有產品類別的汽車提供支持，包括 SATA、PCIe SSD、eMMC、UFS 和各種用例的鐵氧體嵌入式解決方案。

We are the first company to receive ASPICE Level 3 certification in PCIe 4-controller, and we are on track to deliver a PCIe 5-controller for automotive later this year. Vehicle capacity continued to increase along with the need for faster, more dense storage solution given the increase in processing capability, ADAS, sensors, cameras and other advanced systems. We continue to expand our presence in the automotive market and are increasing our market share with existing and new customers alike, including Samsung, which we have added recently.

我們是第一家獲得 PCIe 4 控制器 ASPICE 3 級認證的公司，並且預計在今年稍後推出用於汽車的 PCIe 5 控制器。隨著處理能力、ADAS、感測器、攝影機和其他先進系統的增加，車輛容量不斷增加，對更快、更密集的儲存解決方案的需求也不斷增加。我們繼續擴大在汽車市場的影響力，並透過現有客戶和新客戶（包括最近加入的三星）增加我們的市場份額。

We are currently shipping to many of the biggest names in the business, including Mercedes, Tesla, GM, BYD, Xiaomi, Toyota, Honda and many others and are well on our way to achieving our large target of 10% revenue contribution from automotive by 2026 to '27.

我們目前正在向業內許多知名公司供貨，包括梅賽德斯、特斯拉、通用、比亞迪、小米、豐田、本田等，並且正在順利實現到 2026 年至 2027 年汽車收入貢獻率達到 10% 的宏偉目標。

Additionally, we recently introduced our 2708 microSD Express controller and have already secured a major design win with a leading South Korea flash manufacturer, supporting one of the most anticipated next-generation handset gaming platform announced this year, the Nintendo Switch 2, by delivering PCIe SSD-like level performance in microSD form factor. The SM2708 is designed to meet high-density, high-speed needed for modern portable gaming and other demanding applications.

此外，我們最近推出了 2708 microSD Express 控制器，並已與韓國領先的閃存製造商達成了一項重大設計協議，透過在 microSD 外形尺寸中提供類似 PCIe SSD 級別的性能，支持今年發布的最受期待的下一代手機遊戲平台之一 Nintendo Switch 2。SM2708 旨在滿足現代便攜式遊戲和其他高要求應用的高密度、高速度需求。

In conclusion, the start of 2025 has been challenging given the geopolitical headwinds driven by the tariff crisis. Silicon Motion is well-positioned to expand its position across the market in 2025 as we continue to gain share with the flash makers. These partnership and partners increasingly look to outsource controller given their need for operation expense discipline, while managing significant investment in other technology, including DRAM and HBM memory.

總而言之，由於關稅危機引發的地緣政治逆風，2025 年的開局充滿挑戰。隨著我們繼續獲得快閃記憶體製造商的份額，Silicon Motion 將在 2025 年擴大其市場地位。這些合作夥伴和合作夥伴越來越多地尋求外包控制器，因為他們需要嚴格控制營運費用，同時管理對其他技術（包括 DRAM 和 HBM 記憶體）的大量投資。

Our position is also improving through the introduction of new products, including our PCIe 5 client SSD controller, which is experiencing strong demand. In addition to our new UFS and eMMC product as we progress through the year, we will also benefit from the introduction of our UFS 4.1 controller in the smartphone market as well as ramp of MonTitan for storage system solution and the boot storage in BlueField-3 DPU in the second half of the year.

透過推出新產品，我們的地位也在提高，其中包括需求強勁的 PCIe 5 用戶端 SSD 控制器。除了我們今年推出的全新 UFS 和 eMMC 產品外，我們還將受益於我們在智慧型手機市場推出的 UFS 4.1 控制器，以及用於儲存系統解決方案的 MonTitan 和下半年 BlueField-3 DPU 中的啟動儲存。

Additionally, we are well-positioned for continued share growth in each of our other markets, including automotive. Longer term, as our MonTitan automotive business continue to scale for the next several years and our broad portfolio of solutions for IoT, industrial, commercial and smart devices applications continue to gain share, I'm confident that our strategy to diversify beyond the maturing PC and smartphone market will be successful and continue to believe that we could generate more than 20% of our business in 2027 from these new opportunities.

此外，我們在包括汽車在內的其他各個市場中也處於有利地位，能夠持續提高市場份額。從長遠來看，隨著我們的 MonTitan 汽車業務在未來幾年繼續擴大規模，以及我們針對物聯網、工業、商業和智慧設備應用的廣泛解決方案組合繼續獲得份額，我相信我們在成熟的 PC 和智慧型手機市場之外的多元化戰略將會取得成功，並繼續相信我們可以從這些新機遇中在 2027 年創造超過 20% 的業務。

I look forward to sharing more about our successes with these products and new markets throughout this year.

我期待今年能與大家分享更多我們在這些產品和新市場的成功。

Now, let me turn the call over to Jason to go over our financial results and outlook.

現在，讓我將電話轉給傑森，讓他介紹我們的財務表現和前景。

Thank you, Wallace, and good morning to everyone joining us today. I will discuss additional details of our first quarter results and then provide our outlook. Please note that my comments today will focus primarily on our non-GAAP results unless otherwise specifically noted. A reconciliation of our GAAP to non-GAAP data is included with the earnings release issued yesterday.

謝謝你，華萊士，向今天參加我們節目的各位早安。我將討論我們第一季業績的更多細節，然後提供我們的展望。請注意，除非另有特別說明，我今天的評論將主要集中於我們的非公認會計準則結果。昨天發布的收益報告中包含了我們的 GAAP 數據與非 GAAP 數據的對帳。

In the March quarter, sales decreased 12.9% sequentially to $166.5 million, coming at the high-end of our guided range despite the weak end-user demand for PC and smartphones at the start of the quarter. Gross margins increased again in the quarter to 47.1% as we continue to benefit from improved product mix as we shift customers to newer products.

3 月當季銷售額環比下降 12.9% 至 1.665 億美元，儘管本季初終端用戶對個人電腦和智慧型手機的需求疲軟，但銷售額仍處於我們預期範圍的高端。隨著我們將客戶轉向新產品，我們繼續受益於改進的產品組合，本季毛利率再次上升至 47.1%。

Operating expenses increased sequentially to $63.6 million as we continue to invest in new enterprise storage products and given the timing of new product tape-outs. Operating margin increased sequentially to -- excuse me, operating margin decreased sequentially to 8.9% but was within our guided range. We had a one-time tax benefit due to the reversal of a risk accrual -- of a tax accrual that we had in the previous year, which resulted in a tax benefit of $2.5 million in the quarter.

由於我們繼續投資新的企業儲存產品，並考慮到新產品投產的時間，營運費用較上季增加至 6,360 萬美元。營業利潤率環比增長——抱歉，營業利潤率環比下降至 8.9%，但在我們的指導範圍內。由於風險應計的逆轉（即上一年的稅收應計），我們獲得了一次性稅收優惠，這導致本季度的稅收優惠為 250 萬美元。

Earnings per ADS was $0.60. Total stock compensation, which excluded -- which we exclude from non-GAAP results, was $4.8 million in 1Q '25. We had $31 million -- $331.7 million in cash, cash equivalents and restricted cash at the end of the first quarter compared to $334.3 million at the end of the fourth quarter of 2024. Cash declined slightly in the first quarter, primarily from the combination of dividend payment of $17 million and $24.3 million in stock repurchases. In the first quarter, we repurchased $24.3 million of the $50 million six-month repurchase program the Board authorized on February 6 with an average price of $56.96 per share.

每股美國存託憑證收益為 0.60 美元。 2025 年第一季的總股票薪酬（不包括非 GAAP 結果）為 480 萬美元。截至 2024 年第一季末，我們的現金、現金等價物和受限現金為 3,100 萬美元（3.317 億美元），而截至 2024 年第四季末，我們的現金、現金等價物和受限現金為 3.343 億美元。第一季現金略有下降，主要由於 1700 萬美元的股息支付和 2430 萬美元的股票回購。第一季度，我們回購了董事會於 2 月 6 日批准的 5,000 萬美元六個月回購計畫中的 2,430 萬美元，平均價格為每股 56.96 美元。

First quarter is challenging given the geopolitical impact of the US election and its effect on global trade. While market uncertainty remains high, our team executed well and delivered revenue at the high-end and operating margin within the upper half of the guidance range while investing heavily in advanced geometry products and our emerging MonTitan platform for enterprise and AI markets. We continue to build upon our strong foundation for long-term growth.

鑑於美國大選的地緣政治影響及其對全球貿易的影響，第一季充滿挑戰。儘管市場不確定性仍然很高，但我們的團隊表現良好，實現了高端收入和指導範圍上半部分的營業利潤率，同時大力投資先進的幾何產品和麵向企業和人工智慧市場的新興 MonTitan 平台。我們將繼續鞏固長期成長的堅實基礎。

Now, I will discuss our second quarter outlook. Revenue is expected to increase 5% to 10% to $175 million to $183 million, driven by the success of our PCIe Gen5 as well as continuing strong demand for our UFS 3.1 and 2.2 controllers. Gross margin is expected to expand to the range of 47% to 48% as we continue to transition customers to newer platforms.

現在，我將討論我們第二季的展望。受 PCIe Gen5 的成功以及對我們的 UFS 3.1 和 2.2 控制器的持續強勁需求的推動，預計收入將增長 5% 至 10%，達到 1.75 億美元至 1.83 億美元。隨著我們繼續將客戶轉向更新的平台，毛利率預計將擴大至 47% 至 48% 之間。

Operating margin is expected to be in the range of 8.9% to 10.9% as we benefit from higher revenue and gross margins. Our effective tax rate is expected to be approximately 16% to 17%. Stock-based compensation and dispute-related expenses are expected to be in the range of $3.1 million to $4.1 million.

由於我們受益於更高的收入和毛利率，預計營業利潤率將在 8.9% 至 10.9% 之間。我們的有效稅率預計約為16%至17%。股票薪酬和糾紛相關費用預計在 310 萬美元至 410 萬美元之間。

For the full year, PC and smartphone growth targets remain in the low to mid-single digit range with an above average second half weighting. We believe that our business will reflect the broader industry with significant growth expected in the second half, barring an overly negative impact from tariffs impacting end-user demand. As such, we are not changing our annual outlook currently and target revenue growth that is in line with our achieving a run rate of approximately $1 billion as we exit the year.

就全年而言，個人電腦和智慧型手機的成長目標仍維持在低至中等個位數範圍內，下半年的權重高於平均水準。我們相信，我們的業務將反映更廣泛的行業，預計下半年將顯著成長，除非關稅對最終用戶需求產生過度負面影響。因此，我們目前不會改變年度展望，目標收入成長與我們在今年年底實現約 10 億美元的運行率一致。

Additionally, we expect to continue to improve our gross margins as we transition customer new products and enter the enterprise market in the second half of the year. We remain confident that we can drive gross margins towards the higher end of our historical range of 48% to 50% by the end of this year.

此外，隨著我們在下半年轉變客戶新產品並進入企業市場，我們預計毛利率將繼續提高。我們仍然有信心，到今年年底，我們可以將毛利率推高至 48% 至 50% 的歷史最高水準。

We'll continue to invest in advanced geometry products that will allow us to grow our market share across our businesses long-term and help us diversify our product portfolio into new markets. Despite these higher investments, we are confident that we can return to our historical operating margin range of 25%-plus in the midterm as investments we have made over the past 18 months begin to scale and deliver stronger revenue growth, better gross profitability and improve our operating profitability.

我們將繼續投資先進的幾何產品，這將使我們能夠長期擴大我們的業務市場份額，並幫助我們將產品組合多樣化到新的市場。儘管投資額較高，但我們相信，隨著過去 18 個月內的投資開始擴大規模，帶來更強勁的收入增長、更好的毛利潤率並提高我們的營業盈利能力，我們可以在中期恢復到 25% 以上的歷史營業利潤率範圍。

Overall tax rate for this year is expected to be approximately 15%. Stock-based compensation and dispute-related expenses for this year is expected to be in the range of $27 million to $29 million.

預計今年整體稅率約15%。預計今年的股票薪酬和糾紛相關費用將在 2,700 萬美元至 2,900 萬美元之間。

As we enter the second quarter, we are experiencing increased design win activity and improved outlook from our customers. We see strong demand for our new PCIe Gen5 products, including 8-channel that's currently shipping as well as for our UFS 3.1 and our new UFS 2.2 and eMMC 5.1 controllers in the smartphone and automotive markets. For our upcoming 4-channel PCIe 5 controller and our UFS 4.1 controllers, our teams have been actively securing new wins and growing our backlog meaningfully as these advanced platforms expand into mainstream PC and smartphone markets next year.

進入第二季度，我們感受到設計贏利活動的增加和客戶前景的改善。我們看到智慧型手機和汽車市場對我們的新 PCIe Gen5 產品有著強勁的需求，包括目前正在出貨的 8 通道產品以及我們的 UFS 3.1 和新 UFS 2.2 和 eMMC 5.1 控制器。對於我們即將推出的 4 通道 PCIe 5 控制器和 UFS 4.1 控制器，隨著這些先進平台明年擴展到主流 PC 和智慧型手機市場，我們的團隊一直在積極爭取新的勝利並大幅增加我們的積壓訂單。

Lastly, the momentum behind our one-time family of enterprise controllers continues to grow as enterprises and CSPs around the world continue to invest in next-generation data centers that require high performance, low-cost QLC storage solutions in our -- that we are uniquely positioned to provide.

最後，隨著世界各地的企業和 CSP 繼續投資需要高效能、低成本 QLC 儲存解決方案的下一代資料中心，我們一次性企業控制器系列背後的勢頭持續成長——我們具有獨特的優勢來提供這些解決方案。

While we are seeing a small degree of pull-ins ahead of NAND price increases, we do not expect this to impact our ability to grow sequentially throughout the year. Our teams continue to execute well, are growing our product portfolio, winning new projects and customers and expanding our addressable markets, positioning Silicon Motion for sustainable long-term revenue and profitability growth.

儘管我們在 NAND 價格上漲之前看到了小幅的拉動，但我們預計這不會影響我們全年連續成長的能力。我們的團隊繼續表現良好，不斷擴大我們的產品組合，贏得新項目和客戶，擴大我們的潛在市場，使 Silicon Motion 實現可持續的長期收入和盈利增長。

This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead with the first question.

我們的準備好的演講到此結束。我們現在開始提問。接線員，請繼續回答第一個問題。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作員指示） Craig Ellis，B. Riley Securities。

Yeah. Thanks for taking the question. I wanted to start with an inquiry on the enterprise SSD MonTitan program. So first of all, Wallace, congratulations on breaking into NVIDIA. That seems like a very significant intermediate and long-term development.

是的。感謝您回答這個問題。我想先詢問一下企業 SSD MonTitan 計劃。首先，華萊士，恭喜你進入 NVIDIA。這似乎是一個非常重要的中期和長期發展。

The question is more longer term with that business line. It sounds like the business is strongly on track with the six customer wins you talked about last quarter to begin ramping up later this year. The question is, as we look out to 2026, if we've got six customers engaged now, where would you expect the business to exit '26 in terms of customer engagements? And how many of those might be in production? Not looking for specific guidance, but just color on the degree to which the pipeline is building out, especially as you get blue chip customers into the mix.

對於該業務線來說，問題更為長期。聽起來，業務進展順利，您在上個季度談到贏得了 6 個客戶，今年晚些時候業務將開始加速發展。問題是，當我們展望 2026 年時，如果我們現在已經有 6 位客戶參與，那麼就客戶參與度而言，您預計 26 年後業務將達到什麼水平？其中有多少可能投入生產？並不是尋求具體的指導，而只是專注於管道建設的程度，特別是當你將藍籌客戶納入其中時。

Okay. Craig, thank you for the question. Let me answer your question. First of all, our previous six major customer engagement, they are not related to current NVIDIA BlueField DPU platform engagement. So this is six customers we are on track. They're going to ramp from second half of 2025 gradually and 2026 will reach the more meaningful revenue growth. I think '27, you will see much more significant. We are on track to achieve 5% to 10% from '26, '27 our total revenue, doesn't change.

好的。克雷格，謝謝你的提問。讓我來回答你的問題。首先，我們先前的六個主要客戶合作與目前的 NVIDIA BlueField DPU 平台合作無關。因此，我們正在追蹤六位客戶。它們將從 2025 年下半年開始逐步成長，到 2026 年將實現更有意義的收入成長。我認為‘27’你會看到更重要的事情。我們預計在 26、27 年實現總收入 5% 至 10% 的成長，這一點不會改變。

But NVIDIA BlueField DPU design win gave us a better picture into the BlueField module for boot storage. In addition, because the BlueField module with the PCIe switches, which connect to many up to 30 PCIe enterprise SSD solution. So each of the storage server going to comply to maximum to 30 SSD. So this is a portion will be -- majority portion will be 128 terabyte high density. So gave a new opportunity. So we need to leverage the opportunity with the NVIDIA ecosystem provider such as VAST DDN, such as Dell, NetApp and also their end customer, right? And so, this gave them more opportunity to win in and qualify this ecosystem and not only grow our boost storage on NVIDIA platform, but also grow with NVIDIA ecosystem for storage.

但 NVIDIA BlueField DPU 設計的勝利讓我們對用於啟動儲存的 BlueField 模組有了更好的了解。此外，由於 BlueField 模組隨附 PCIe 交換機，可連接多達 30 個 PCIe 企業級 SSD 解決方案。因此每個儲存伺服器最多可以容納 30 個 SSD。因此這部分將是 - 大部分將是 128 TB 高密度。所以給了一個新的機會。因此，我們需要利用與 NVIDIA 生態系統供應商（例如 VAST DDN）、戴爾、NetApp 以及他們的最終客戶合作的機會，對嗎？因此，這為他們提供了更多機會贏得併獲得該生態系統的資格，不僅可以在 NVIDIA 平台上擴大我們的存儲，還可以與 NVIDIA 存儲生態系統一起成長。

So this is -- we work with many of our module maker and partner to deliver the high density 128 terabyte QLC SSD by end of this year. This gave additional momentum to grow our revenue in MonTitan family.

因此，我們與許多模組製造商和合作夥伴合作，在今年年底前推出高密度 128 兆位元 QLC SSD。這為 MonTitan 家族的收入成長提供了額外的動力。

That's really helpful, Wallace. Thank you. For my follow-up question, I wanted to turn one to Jason. So Jason, it's clear the trailing 18 months as the company has invested in 6-nanometer tape-outs. On the other side of that, the company has done extremely well, getting new design wins with NAND makers and module makers across the full range of products that the company offers.

這真的很有幫助，華萊士。謝謝。對於我的後續問題，我想問傑森。因此 Jason，很明顯，過去 18 個月該公司已在 6 奈米製程上進行了投資。另一方面，該公司表現非常出色，在該公司提供的全系列產品中贏得了 NAND 製造商和模組製造商的新設計。

The question is this, where are we in the journey of upgrading the portfolio to 6-nanometer from a mass set cost standpoint? How much of that is now behind us looking through the current 2Q? How much of that is ahead? And beyond 6-nanometer, can you talk about when we would see the next node transition for the company as we think about operating expense intensity over the next couple of years? Thank you.

問題是，從大規模設定成本的角度來看，我們在將產品組合升級到 6 奈米的過程中處於什麼位置？從目前的第二季來看，我們已經擺脫了多少這種困境？其中有多少是未來可期的？除了 6 奈米之外，考慮到未來幾年的營運費用強度，您能否談談何時我們會看到公司的下一個節點轉型？謝謝。

So in the near term -- let me answer you. In the near term, we're going to have two more 6-nanometer tape-out in the next three quarters and one 5-nanometer tape-out, which will be a cost reduction for mobile controller. And next year, in probably around middle of next year, we're going to have a 4-nanometer tape-out for PCIe Gen6 enterprise SSD because we have a customer waiting urgently, and we do not want to miss the schedule and deliver the results.

因此，在短期內——讓我來回答你。短期內，我們將在未來三個季度內再進行兩次 6 奈米流片，以及一次 5 奈米流片，這將降低移動控制器的成本。明年，大概在明年年中左右，我們將推出用於 PCIe Gen6 企業級 SSD 的 4 奈米流片，因為我們有一位客戶急切地等待，我們不想錯過時間表並交付成果。

Frankly speaking, we are really in the full design pipeline, and we have many, many customers, and then we don't have enough R&D resources to support many, many new designs. And we are very confident in our growth momentum in client SSD, mobile controller as well as enterprise SSD.

坦白說，我們的設計流程確實很完整，我們有很多客戶，但我們沒有足夠的研發資源來支援許多新設計。我們對客戶端SSD、行動控制器以及企業SSD的成長動能非常有信心。

I would also point out, Craig, that we do not anticipate moving beyond 6-nanometer for the foreseeable future for client applications, client PCs or clients -- or smartphone applications. The 4-nanometer product that Wallace is pointing towards is for PCIe 6 for the enterprise. So I think -- and historically, with the exception of very rare cases, we really don't retape-out an old controller into a new process geometry. We look at new designs supporting whether new generation of flash or new generation interfaces for new tape-outs.

克雷格，我還要指出的是，在可預見的未來，我們預計客戶端應用程式、客戶端 PC 或客戶端——或智慧型手機應用程式不會超越 6 奈米。Wallace 所指的 4 奈米產品是針對企業級 PCIe 6 的。所以我認為——從歷史上看，除了極少數情況外，我們確實不會將舊控制器重新封裝到新的製程幾何中。我們研究支援新一代快閃記憶體或新一代介面的新設計，以進行新的流片。

And so, to Wallace's point, we've got two 6-nanometer tape-outs coming up here throughout this year, which is pretty flat compared to last year. But we're also looking at utilizing other foundry partners as well potentially to see if we can certainly get better pricing longer term.

正如華萊士所說，我們今年有兩次 6 奈米製程的流片，與去年相比持平。但我們也在考慮利用其他代工合作夥伴，看看我們是否能在長期內獲得更好的定價。

That's really helpful color guys. Thank you.

這對色彩愛好者來說真的很有幫助。謝謝。

Suji Desilva, Roth Capital.

羅斯資本的蘇吉·德席爾瓦。

Hi, Wallace. Hi, Jason. So maybe following up on Craig's question about the NVIDIA product here. I appreciate the MonTitan guidance of 5% to 10% of revenues. How should we think about sizing the NVIDIA partnership with the ecosystem in terms of addressable market? Any framework or metrics there would be helpful.

你好，華萊士。你好，傑森。因此也許可以在此跟進 Craig 關於 NVIDIA 產品的問題。我很欣賞 MonTitan 給出的 5% 至 10% 的收入指導。就潛在市場而言，我們應該如何考慮 NVIDIA 與生態系統的合作關係？任何框架或指標都會有幫助。

Yeah. So look, I think, obviously, the opportunity for BlueField, we're very excited about. I think there are a number of factors regarding that kind of affect the TAM. We expect the BlueField-3 product to begin ramping late this year, and we see a meaningful ramp in '26 and beyond. With every successive win at MonTitan, it makes more -- it gives us more confidence around achieving our goals for 5% to 10% of revenue in '26. And the TAM really depends on several factors, the growth in the enterprise storage market, the global demand, tariff impacts, et cetera. We do anticipate this to be a meaningful part of our MonTitan business longer term.

是的。所以，我認為，顯然，我們對 BlueField 的機會感到非常興奮。我認為有很多因素都會影響 TAM。我們預計 BlueField-3 產品將在今年稍後開始量產，並且預計在 26 年及以後將出現顯著的成長。MonTitan 的每一場勝利都讓我們更有信心實現 26 年 5% 至 10% 的收入目標。TAM 實際上取決於幾個因素，企業儲存市場的成長、全球需求、關稅影響等等。我們確實預計這將成為我們 MonTitan 業務長期的重要組成部分。

So let me add a comment is we're very happy to see NVIDIA start to focus on storage. During the GTC 2025, they mentioned the storage next. So they really put a new spec and performance requirement to build the storage, especially there's compute storage and data storage. The BlueField DP3, the third generation is really for data storage, but much bigger density storage system. We're very happy to see the momentum and for the design win.

所以讓我補充一點，我們很高興看到 NVIDIA 開始關注儲存。在 GTC 2025 期間，他們接下來提到了儲存。因此，他們確實對構建存儲提出了新的規格和性能要求，尤其是計算存儲和數據存儲。BlueField DP3，第三代確實用於資料存儲，但儲存系統密度要大得多。我們很高興看到這種勢頭和設計的勝利。

And I think we cannot comment the total unit, but we're going to start to ramp from second half of this year, and there's a minimum quarterly revenue, and we do see the momentum moving to many, many storage systems integrator. And in addition, I think many, many hyperscaler CSP, they are also looking for high density QLC SSD. In the past, many, many CSP and service provider, they only need an 8 or 16 terabyte. Now, they really changed their mind and moving -- and we -- I think as you can see from last financial release, several players announced the major design win in the CSP. So that gave you the indication about the trend.

我認為我們無法評論整體單位，但我們將從今年下半年開始增加，並且有一個最低季度收入，我們確實看到這種勢頭轉向許多儲存系統整合商。此外，我認為許多超大規模 CSP 也在尋找高密度 QLC SSD。過去，許多 CSP 和服務提供者只需要 8 或 16 TB。現在，他們真的改變了主意並採取行動——而且我們——我想正如您從上次財務報告中看到的那樣，幾家公司宣佈在 CSP 中取得了重大設計勝利。這給了你關於趨勢的指示。

So I think we're exciting for our technology MonTitan, not just for NVIDIA BlueField-3 DPU design. And also, they're going to go many, many and for AI cloud service and storage -- server storage requirement.

因此，我認為我們對我們的技術 MonTitan 感到興奮，而不僅僅是對 NVIDIA BlueField-3 DPU 設計感到興奮。此外，他們還將大力推行人工智慧雲端服務和儲存——伺服器儲存需求。

Okay. That's very helpful color, Wallace. Thank you. And then maybe switching over to the notebook market. Understanding the mix here, where is your traction in the premium notebooks? And what's your outlook for the 8 versus 4-channel product here as the year progresses?

好的。這顏色很有幫助，華萊士。謝謝。然後也許會轉向筆記型電腦市場。了解了這裡的組合，您在高階筆記型電腦中的吸引力在哪裡？您對今年 8 通道和 4 通道產品的前景有何展望？

Okay. If you take a look for the PC OEM this year, they're going to ramp up the 8-channel PCIe 5 from July timeframe. I think all the PC OEM top five will align at the same time. And we're going to see 5% of the second half, 5% of total PC shipment. And the 4-channel DRAM-less controller designed for 2027, mean 2026 production. So I think we have a design win from four of six NAND makers and nearly all module makers for both 8-channel and the 4-channel DRAM controller. That's why we believe our 8-channel will have a minimum 30% market share through with the PC OEM. And for 4-channel, we're going to have a minimum 50% market share when PCIe 5 move to mainstream in full scale production.

好的。如果你關心今年的 PC OEM，你會發現他們將從 7 月開始增加 8 通道 PCIe 5。我認為所有 PC OEM 前五名將同時對齊。我們將看到下半年 PC 總出貨量的 5%。而 2027 年設計的 4 通道無 DRAM 控制器則意味著 2026 年投入生產。因此，我認為我們已經從六家 NAND 製造商中的四家以及幾乎所有模組製造商那裡獲得了 8 通道和 4 通道 DRAM 控制器的設計勝利。這就是為什麼我們相信我們的 8 通道將透過 PC OEM 佔據至少 30% 的市場份額。對於 4 個通道，當 PCIe 5 全面進入主流生產時，我們將擁有至少 50% 的市場份額。

That's why we believe we're going to continue to gain market share in client SSD, and we're going to grow from 30%, 33% today and moving towards 40% in the next few years.

這就是為什麼我們相信我們將繼續在客戶端 SSD 中獲得市場份額，並且我們將從今天的 30%、33% 成長到未來幾年的 40%。

Okay. Very helpful, Wallace. Thanks guys.

好的。非常有幫助，華萊士。謝謝大家。

Gokul Hariharan, JPMorgan.

摩根大通的 Gokul Hariharan。

Yeah. Hi. Thanks, Wallace and Jason. So first of all, on this BlueField-3 DPU engagement, can you talk a little bit about how this business engagement and product sale will work? So you are already qualified by NVIDIA. And then customers such as DDN or Wadata or Dell will basically embed your controller into their storage solutions. Is that typically how that's going to work?

是的。你好。謝謝，華萊士和傑森。那麼首先，關於這次 BlueField-3 DPU 合作，您能否談談這次業務合作和產品銷售將如何進行？所以您已經獲得 NVIDIA 的資格。然後，DDN、Wadata 或 Dell 等客戶基本上會將您的控制器嵌入到他們的儲存解決方案中。通常情況就是這樣嗎？

And secondly, how many vendors have been qualified? I think you mentioned only Solidigm has been qualified so far. You're kind of the second vendor. How long do you think you can kind of keep this kind of only two kind of vendor status in this?

其次，有多少供應商已獲得資格？我認為您提到到目前為止只有 Solidigm 獲得了資格。您算是第二個供應商。您認為這種僅有兩種供應商的狀態還能維持多久？

And maybe lastly, I think how do you size this market compared to the regular kind of enterprise and data center controller market in the enterprise that you've been targeting with the original MonTitan target market?

最後，我認為與您最初的 MonTitan 目標市場所針對的企業中的常規企業和資料中心控制器市場相比，您如何衡量這個市場的規模？

So let me expand maybe basically about business model and certain thing we cannot share with you. I think we start to engage with NVIDIA about a year ago. So in the beginning, we don't fully understand what's really the purpose for the application after three months query and everything. And I think -- and we understand this for NVIDIA BlueField-3 DPU platform. And in the past, the BlueField-3 used for really is a pass-through transfer the data between GPU to GPU and CPU to GPU.

因此，讓我詳細闡述一下商業模式以及我們不能與您分享的某些事情。我想我們大約一年前就開始與 NVIDIA 合作了。因此，一開始，經過三個月的詢問和一切，我們並不完全明白應用程式的真正目的是什麼。我認為－我們了解 NVIDIA BlueField-3 DPU 平台。而過去，BlueField-3 真正用於在 GPU 和 GPU 之間以及 CPU 和 GPU 之間進行直通傳輸資料。

I think this is selling for networking and really designed for the storage system. And I think the design win give us a great opportunity to fully understand NVIDIA, their plan for the storage application and give opportunity to approach it beyond through the ecosystem and go to the end system integrator one by one. And I think NVIDIA did not own the system storage product, but selling the BlueField-3 module to their system integrator and storage enabler.

我認為這是為網路而銷售的，並且真正為儲存系統而設計。我認為，設計的勝利為我們提供了一個很好的機會來充分了解 NVIDIA 及其儲存應用計劃，並讓我們有機會透過生態系統進一步接近它，並逐一接觸最終系統整合商。我認為 NVIDIA 並不擁有系統儲存產品，而是將 BlueField-3 模組出售給他們的系統整合商和儲存支援商。

So this is a business model. And so, we need to be qualified by NVIDIA. I think there's only two suppliers to support the boot storage. We are one of them, and it's in the final stage qualification because they're going to ramp in the second half of this year. So nearing the final stage. And we are in the process to qualify our high density QLC SSD through the ecosystem. So this is in process. We believe by end of the year, the customer will move into mass production. So this is just in the beginning range about the storage system growing momentum for AI storage. And we see there is more beyond this. And when -- this is a mature variable, we can share more data with our investors.

這是一種商業模式。因此，我們需要獲得 NVIDIA 的認證。我認為只有兩家供應商支援啟動儲存。我們是其中之一，目前正處於最後階段的資格審查，因為他們將在今年下半年加大力度。已經接近最後階段了。我們正在透過生態系統對我們的高密度 QLC SSD 進行認證。所以這正在進行中。我們相信到今年年底，客戶將進入大規模生產階段。因此，這只是 AI 儲存儲存系統成長勢頭的開始階段。我們也看到，事情遠不止於此。當這是一個成熟的變數時，我們可以與投資者分享更多數據。

And I would also point out, Gokul, that on the BlueField, when we talk about the opportunity there, and Solidigm isn't in the BlueField opportunity -- isn't in the boot drive opportunity there. Solidigm is on the high density 122 terabyte side that our high density QLC data storage opportunity is. So it's different than the boot drive opportunity that we're talking here specifically with NVIDIA on the BlueField-3.

而且我還要指出的是，Gokul，在 BlueField 上，當我們談論那裡的機會時，Solidigm 並不在 BlueField 機會中——也不在啟動驅動器機會中。Solidigm 處於高密度 122 TB 領域，這是我們的高密度 QLC 資料儲存機會。因此，它與我們在此專門與 NVIDIA 在 BlueField-3 上討論的啟動驅動器機會不同。

Got it. So for the boot drive opportunity, according to what you know, you are currently the only one qualified. Is that fair? Or are you only --

知道了。因此，對於啟動驅動器機會，根據你所知道的，你目前是唯一一個有資格的人。這樣公平嗎？或者你只是--

There's only two suppliers. We are one of the two suppliers.

只有兩家供應商。我們是兩家供應商之一。

Understood. Understood. Yeah. That's very clear. Second question, maybe for you, Jason, and also for Wallace. How should we think about -- I think you're still maintaining the exit rate of $1 billion by Q4 of this year, which is a pretty meaningful step-up from what your Q2 guidance is roughly a 30% or 40% kind of step-up from the Q2 guidance. And historically, we have never seen that kind of seasonality, at least in the last five or six years. Maybe in 2019, we saw that. I think beyond that, we've never seen that kind of step-up in revenues into Q4.

明白了。明白了。是的。這非常清楚。第二個問題，也許是你問的，傑森，也可能是華萊士問的。我們應該如何考慮——我認為您仍然會保持今年第四季度 10 億美元的退出率，這比您第二季度的指導方針有相當大的提升，大約比第二季度的指導方針高出 30% 或 40%。從歷史上看，我們從未見過這種季節性，至少在過去五、六年裡沒有。也許在 2019 年我們就會看到這一點。我認為除此之外，我們從未見過第四季營收出現如此大的成長。

So I just wanted to understand like, are there some specific kind of project wins, customer ramps that you're really kind of penciling in, which gives you the confidence to kind of still stick to that guidance, especially given the macro environment has changed?

所以我只是想要了解，是否有一些特定的專案勝利、客戶提升是您正在考慮的，這讓您有信心仍然堅持這一指導，特別是在宏觀環境變化的情況下？

I think we will see Q4 momentum building the $1 billion run rate, we did not count on the enterprise business of BlueField design revenue. It's really based on last year, our major design win from mobile phone, mobile controller as well as PC, PCIe Gen5. So because this design win pipeline will create enough momentum for us to bring to $1 billion run rate in Q4.

我認為我們將看到第四季度的勢頭，實現 10 億美元的運行率，我們沒有指望 BlueField 設計收入的企業業務。它確實基於去年我們在手機、行動控制器以及 PC、PCIe Gen5 方面取得的主要設計勝利。因此，由於這個設計勝利管道將為我們創造足夠的動力，使我們在第四季度實現 10 億美元的運行率。

And I would also point out that we do have a number of new programs that are scaling, right? The 8-channel PCIe 5, we expect the PC OEM channel to scale more meaningfully in the back half of the year as PC OEMs start ramping for the holiday season, ramping for enterprise replacement cycle, ramping for the Windows 10 replacement cycle. All those things are kicking-in in the back half of the year. And that's still the current expectation.

我還要指出的是，我們確實有許多正在擴展的新項目，對嗎？8 頻道 PCIe 5，我們預計，隨著 PC OEM 開始為假期、企業更換週期和 Windows 10 更換週期做準備，PC OEM 管道將在下半年實現更有意義的擴展。所有這些事情都將在今年下半年開始顯現。這仍然是目前的預期。

Obviously, the geopolitical is uncertain, but the numbers that we've seen, the forecast that we've seen today are still indicating a very back half-centric growth profile for PCs and for smartphones for this year as well. So we've got the new PCIe 8-channel ramping. We've got beginning late ramp of UFS 4.1. We've got, to Wallace's point, some of the MonTitan boot drives as well as the high density 128 terabyte SSD controllers ramping. So we do have a number of new programs that would be supplementing the expected market strength that we're seeing.

顯然，地緣政治存在不確定性，但我們今天看到的數字和預測仍然表明，今年個人電腦和智慧型手機的成長態勢將非常緩慢。因此，我們有了新的 PCIe 8 通道加速。我們已經開始 UFS 4.1 的後製升級。正如華萊士所說，我們已經擁有一些 MonTitan 啟動驅動器以及高密度 128 兆位元組 SSD 控制器。因此，我們確實有許多新計劃可以補充我們所看到的預期市場實力。

Got it. Yeah. That's very clear. Thank you.

知道了。是的。這非常清楚。謝謝。

Matt Bryson, Wedbush.

馬特布萊森，韋德布希。

Thanks for taking my question. I guess, first off, when I look at what was happening with some of your customers and peers in Q1, it seems like February and March picked up relatively significantly and that momentum is carrying into Q2. Obviously, you came in ahead of your guidance range, but didn't quite see the same magnitude of momentum. And if I look at Q2 seasonality or Q2 guidance, it looks relatively seasonal.

感謝您回答我的問題。我想，首先，當我觀察第一季一些客戶和同業的情況時，似乎二月和三月的業績回升相對較快，而且這種勢頭將延續到第二季​​度。顯然，你的表現超出了預期範圍，但並沒有看到同樣程度的動力。如果我看一下第二季的季節性或第二季的指導，它看起來相對季節性。

I guess, my question is -- first question is why are we seeing a bit more of a guide that's reflective of the pickup that seems to be happening across the industry?

我想，我的問題是——第一個問題是，為什麼我們看到的指南更多地反映了整個行業正在發生的回升？

Because the tariff is really created many uncertainty. I think we can -- based on where we are, although I believe we have almost no impact on tariff at the moment. We try to be cautious, but our design win pipeline is rock solid and we're gaining market share continually. And it's really -- as we said, we have enough design win pipeline and ramping in the second half of this year. That will bring the $2 billion run rate in Q4 timeframe, and we are very confident to achieve it. And we have many, many new projects ramping, including Toyota global model for ADAS and IVI.

因為關稅確實產生了許多不確定性。我認為我們可以——基於我們所處的情況，儘管我認為我們目前對關稅幾乎沒有影響。我們盡量保持謹慎，但我們的設計獲勝管道堅如磐石，而且我們的市場份額也在增加。正如我們所說，我們確實有足夠的設計獲勝管道，並且在今年下半年將實現量產。這將在第四季帶來 20 億美元的運行率，我們非常有信心實現這一目標。我們有許多新項目正在推進，包括豐田的 ADAS 和 IVI 全球模型。

So this is many new design wins and really bring a very broad range of product mix. And I think the NVIDIA and 128 terabyte enterprise MonTitan, that will bring more momentum in 2026 and beyond. But '25 Q4, I think the full year, current pipeline and design win is sufficient to carry our sales revenue growth. But we don't want to have a more aggressive guidance, because I think so far, we try to be cautious and make sure we meet all the investor expectation.

因此，這是許多新設計的勝利，並確實帶來了非常廣泛的產品組合。我認為 NVIDIA 和 128 TB 企業 MonTitan 將在 2026 年及以後帶來更多發展動力。但'25 年第四季度，我認為全年、當前的管道和設計勝利足以推動我們的銷售收入成長。但我們不想有更激進的指導，因為我認為到目前為止，我們試圖保持謹慎並確保滿足所有投資者的期望。

Great. So it sounds like you're just trying to embed some conservatism in your current outlook. And I guess, the second question is kind of following up on Gokul's last question.

偉大的。所以聽起來你只是想在你當前的觀點中嵌入一些保守主義。我想，第二個問題是對 Gokul 最後一個問題的延續。

In terms of how we should think about the ramp in Q3, Q4. It sounds like it's very project based. I tend to think about new PC designs, them starting to get built in June, July, new handset designs, particularly Chinese handset designs being more of a late Q3, Q4 timeframe type opportunity. And it sounds like a lot of the enterprise designs come in, in Q4. Is that kind of how we should think about those new programs layering into your revenue stream to get to that $250 million goal by Q4?

關於我們應該如何看待第三季、第四季的成長。聽起來它非常基於項目。我傾向於考慮新的 PC 設計，它們在 6 月、7 月開始製造，新的手機設計，特別是中國手機設計，更像是第三季末、第四季時間段內的機會。聽起來很多企業設計在第四季就已經出現了。我們是否應該這樣考慮將這些新項目融入您的收入流，以便在第四季度實現 2.5 億美元的目標？

Yeah. That's right, Matt. And just again, a little bit more commentary around Q1, Q2. Just given the broader economic environment and the potential impacts of the changing tariff policies, we believe it's prudent to err on the side of caution, right?

是的。沒錯，馬特。再次，我對第一季和第二季再做一點評論。考慮到更廣泛的經濟環境和不斷變化的關稅政策的潛在影響，我們認為謹慎行事是明智之舉，對嗎？

While we're seeing -- as we said, some mild customer pull-ins, the amount is not material enough to change our near-term outlook. And we're experiencing increased interest in all the new products that we talked about, right, PCIe 5, US+4, et cetera.

正如我們所說，雖然我們看到了一些溫和的客戶吸引，但數量還不足以改變我們的近期前景。我們對所討論的所有新產品的興趣日益濃厚，包括 PCIe 5、US+4 等等。

And our guide for the June quarter is pretty consistent with our peers and in line with really more importantly, with our customer forecast. And so those are kind of the key foundation of kind of what we see in the market today in the first half of this year. And then certainly, to your point, we do have some program specific, market specific things affecting growth in Q3, Q4 that are going to be pretty meaningful.

我們對 6 月季度的預期與同業相當一致，更重要的是，與我們的客戶預測一致。這些就是我們今年上半年看到的市場狀況的關鍵基礎。當然，正如您所說，我們確實有一些針對特定計劃和特定市場的因素會影響第三季和第四季的成長，這些因素將具有非常重大的意義。

Thanks.

謝謝。

(Operator Instructions) Nick Doyle, Needham.

（操作員指示）尼克·道爾，尼德姆。

Hi. Thanks for taking my questions. Asking about the Switch 2 opportunity, can you help size that at all what your market share attach rate is there? And maybe what kind of ASPs are those looking like? Thanks.

你好。感謝您回答我的問題。詢問有關 Switch 2 機會的問題，您能否協助估算您的市佔率附加率是多少？那麼這些 ASP 看起來是什麼樣的呢？謝謝。

This is designed for the microSD Express C7.0, they use for content card for the Nintendo. So I can only say we're about 80% of the share.

這是為 microSD Express C7.0 設計的，它們用作任天堂的內容卡。所以我只能說我們佔了大約 80% 的份額。

Okay. Helpful. The importance of the boot storage application, could you just talk more about that? Like what exactly are you providing there? And does that help you get closer to providing the data storage part? Thanks.

好的。很有幫助。啟動儲存應用程式的重要性，您能否詳細談談？例如，您在那裡具體提供什麼？這是否有助於您更接近提供資料儲存部分？謝謝。

I think what I can say is because through the collaboration with NVIDIA team, we definitely understand the full field module and the ecosystem. And through the ecosystem, we work with the star ecosystem together, and that's why we get an opportunity to get our product qualified in advance. And through that, I think because we see we -- because many companies announced their 128 terabyte QLC SSD. But no one can deliver the real product except Solidigm. And we believe we could be the second player to provide the turnkey solution to the market to fill the demand for storage system.

我認為我可以說的是，透過與 NVIDIA 團隊的合作，我們肯定了解了完整的領域模組和生態系統。透過生態系統，我們與明星生態系統合作，這就是為什麼我們有機會提前獲得產品資格的原因。透過這一點，我認為因為我們看到——因為許多公司宣布推出他們的 128 兆位元組 QLC SSD。但除了 Solidigm 之外沒有人能夠提供真正的產品。我們相信，我們可以成為第二家向市場提供交鑰匙解決方案以滿足儲存系統需求的公司。

So this is a great opportunity, but we have to execute very well, deliver the result. So we're very excited about the new opportunity and engage with NVIDIA. I think it go beyond just the BlueField DPU, believe me. But we cannot say too much, but we do want to work because the storage system is much bigger for AI cloud and AI server. And this is the opportunity we show QLC in demand when we do see, as I said, all the cloud storage provider and changing their direction and set higher density enterprise SSD drive. So this is a great opportunity for Silicon Motion to shine to grow.

所以這是一個很好的機會，但我們必須好好執行，並取得成果。因此，我們對與 NVIDIA 的新合作機會感到非常興奮。我認為它超越了 BlueField DPU，相信我。但我們不能說太多，但我們確實想工作，因為 AI 雲端和 AI 伺服器的儲存系統要大得多。正如我所說，當我們確實看到所有雲端儲存供應商都在改變方向並設定更高密度的企業 SSD 硬碟時，這就是我們展示 QLC 需求的機會。所以這對 Silicon Motion 來說是一個實現成長的絕佳機會。

Thank you.

謝謝。

Thank you. I'm showing no further questions. I'll now turn the conference back to Mr. Wallace Kou for his closing comments.

謝謝。我沒有其他問題。現在我將會議交還給 Wallace Kou 先生，請他作最後發言。

Thank you everyone for joining us today and for your continued interest in Silicon Motion. We will be attending several investor conferences over the next few months. The schedule of this event will be posted on the Investor Relations section of our corporate website and look forward to speaking with you at this event. Thank you everyone for joining today.

感謝大家今天的參與以及對 Silicon Motivation 的持續關注。我們將在接下來的幾個月裡參加幾次投資者會議。本次活動的日程安排將在我們公司網站的投資者關係部分公佈，並期待在本次活動中與您交談。感謝大家今天的參與。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。